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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, 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: December 31, 2022

Item 1. Reports to Stockholders.

Annual

Report

December

31,

2022

TIAA

Separate

Account

VA-1

Stock

Index

Account

Contents

Understanding

this

report

3

About

the

Account’s

benchmark

4

Expense

example

5

Account

performance

Portfolio

managers’

comments

6

Stock

Index

Account

7

Portfolio

of

investments

9

Audited

financial

statements

Statement

of

assets

and

liabilities

57

Statement

of

operations

58

Statements

of

changes

in

net

assets

59

Notes

to

financial

statements

62

Report

of

independent

registered

public

accounting

firm

68

Additional

account

information

69

Trustees

and

officers

70

How

to

reach

us

Inside

back

cover

3

TIAA

Separate

Account

VA-1

2022

Annual

Report

Understanding

this

report

This

annual

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

Separate

Account’s

results

for

the

twelve

months

ended

December

31,

2022

.

The

report

contains

three

main

sections:

The

Separate

Account

performance

section

compares

the

Separate

Account’s

investment

returns

with

those

of

its

benchmark

index.

The

portfolio

of

investments

lists

the

industries

and

types

of

securities

in

which

the

Separate

Account

had

investments

as

of

December

31,

2022

.

The

financial

statements

provide

detailed

information

about

the

operations

and

financial

condition

of

the

Separate

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

Separate

Account,

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.

About

the

Account’s

benchmark

4

2022

Annual

Report

TIAA

Separate

Account

VA-1

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.

For

additional

details

about

the

benchmark

indexes,

please

read

the

Account’s

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

5

TIAA

Separate

Account

VA-1

2022

Annual

Report

Expense

example

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

only

(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

(

July

1,

2022

–

December

31,

2022

).

Actual

expenses

The

first

section

in

each

table

uses

the

Account’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Hypothetical

example

for

comparison

purposes

The

second

section

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

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

variable

annuity

accounts

and

mutual

funds.

Stock

Index

Account

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,020.58

Expenses

incurred

during

the

period*

$3.82

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.42

Expenses

incurred

during

the

period*

$3.82

*

"Expenses

incurred

during

the

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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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%.

Portfolio

managers’

comments

6

2022

Annual

Report

TIAA

Separate

Account

VA-1

Stock

Index

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Stock

Index

Account returned

-19.70% for

the

year,

compared

with

the

-19.21% return

of

its

benchmark,

the

Russell

3000®

Index.

For

the

twelve-month

period,

the

Account’s

return

underperformed

that

of

its

benchmark

index

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.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

declined

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

negative

returns

for

the

twelve

months.

Communication

services

(down

40.1%)

was

the

worst-performing

sector,

driven

by

steep

losses

in

a

number

of

large

media

and

entertainment

stocks.

Next

came

consumer

discretionary

(down

36.2%)

and

information

technology

(down

30.0%)—the

index’s

biggest

sector

and

the

largest

detractor

from

its

return.

Together,

these

three

sectors

accounted

for

more

than

45.0%

of

the

index’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

63.3%)

was

the

best

performer,

followed

by

the

defensive

utilities

(up

1.2%)

and

consumer

staples

(down

1.2%)

sectors.

For

the

twelve-month

period,

only

one

of

the

five

largest

stocks

in

the

Russell

3000

Index

produced

a

return

that

exceeded

the

overall

return

of

the

index.

That

stock

was

multinational

conglomerate

Berkshire

Hathaway,

which

generated

a

modest

gain

as

the

company’s

operating

profits

grew

and

its

investments

in

the

energy

sector

performed

well.

Among

the

remaining

four

stocks,

Amazon.com

was

weakest

amid

a

slowdown

in

online

shopping.

The

next-worst

performers

were

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

Stock

Index

Account

7

TIAA

Separate

Account

VA-1

2022

Annual

Report

Performance

as

of

December

31,

2022

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.

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.

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.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account’s

expense

ratios

as

of

the

end

of

the

reporting

period.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Inception

date

1

year

5

years

10

years

Stock

Index

Account

11/1/94

-

19

.70

%

8

.02

%

11

.33

%

Russell

3000®

Index

–

-

19

.21

8

.79

12

.13

Stock

Index

Account

8

2022

Annual

Report

TIAA

Separate

Account

VA-1

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

1.06

billion

Portfolio

turnover

rate

2%

Number

of

holdings

2,767

Weighted

median

market

capitalization

$112.18

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

21.8

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

24.2

Health

care

15.4

Financials

12.1

Consumer

discretionary

9.9

Industrials

9.6

Communication

services

6.7

Consumer

staples

6.4

Energy

5.2

Real

estate

3.3

Materials

3.0

Utilities

3.0

Short-term

investments,

other

assets

&

liabilities,

net

1.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

65.2

More

than

$15

billion-$50

billion

19.0

More

than

$2

billion-$15

billion

13.4

$2

billion

or

less

2.4

Total

100.0

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

9

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

VALUE

(000)

COMMON

STOCKS

-

98.8%

AUTOMOBILES

&

COMPONENTS

-

1.4%

2,741

*

Adient

plc

$

95

2,617

*

American

Axle

&

Manufacturing

Holdings,

Inc

20

7,410

*

Aptiv

plc

690

7,030

BorgWarner,

Inc

283

2,224

*,e

Canoo,

Inc

3

5,376

*

Cenntro

Electric

Group

Ltd

2

4,034

Dana

Inc

61

653

*

Dorman

Products,

Inc

53

4,705

*,e

Fisker,

Inc

34

110,046

Ford

Motor

Co

1,280

1,312

*

Fox

Factory

Holding

Corp

120

39,796

General

Motors

Co

1,339

6,435

Gentex

Corp

175

1,006

*

Gentherm,

Inc

66

7,162

*

Goodyear

Tire

&

Rubber

Co

73

3,241

Harley-Davidson,

Inc

135

962

*,e

Holley,

Inc

2

767

LCI

Industries,

Inc

71

1,758

Lear

Corp

218

3,298

*,e

Lordstown

Motors

Corp

4

14,895

*,e

Lucid

Group,

Inc

102

6,477

*,e

Luminar

Technologies,

Inc

32

1,945

*

Modine

Manufacturing

Co

39

670

*

Motorcar

Parts

of

America,

Inc

8

454

Patrick

Industries,

Inc

27

7,090

*,e

QuantumScape

Corp

40

14,419

*

Rivian

Automotive,

Inc

266

1,333

*

Solid

Power,

Inc

3

843

Standard

Motor

Products,

Inc

29

1,055

*

Stoneridge,

Inc

23

71,575

*

Tesla,

Inc

8,817

1,549

Thor

Industries,

Inc

117

759

*

Visteon

Corp

99

1,048

Winnebago

Industries,

Inc

55

3,711

*,e

Workhorse

Group,

Inc

6

518

*

XPEL,

Inc

31

TOTAL

AUTOMOBILES

&

COMPONENTS

14,418

BANKS

-

4.2%

625

1st

Source

Corp

33

667

Amerant

Bancorp

Inc

18

374

American

National

Bankshares,

Inc

14

2,080

Ameris

Bancorp

98

463

Arrow

Financial

Corp

16

2,827

Associated

Banc-Corp

65

2,758

Atlantic

Union

Bankshares

Corp

97

2,090

*

Axos

Financial,

Inc

80

1,598

Banc

of

California,

Inc

25

292

Bancfirst

Corp

26

178

e

Bank

First

Corp

17

194,099

Bank

of

America

Corp

6,429

1,195

Bank

of

Hawaii

Corp

93

468

Bank

of

Marin

Bancorp

15

548

Bank

of

NT

Butterfield

&

Son

Ltd

16

3,528

Bank

OZK

141

2,872

BankUnited

98

887

Banner

Corp

56

622

Bar

Harbor

Bankshares

20

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

10

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,245

Berkshire

Hills

Bancorp,

Inc

$

37

383

*

Blue

Foundry

Bancorp

5

1,053

BOK

Financial

Corp

109

882

*

Bridgewater

Bancshares,

Inc

16

231

Brookline

Bancorp,

Inc

3

313

Business

First

Bancshares,

Inc

7

241

Byline

Bancorp,

Inc

6

5,850

Cadence

BanCorp

144

135

Cambridge

Bancorp

11

613

Camden

National

Corp

26

447

Capital

City

Bank

Group,

Inc

15

2,335

Capitol

Federal

Financial

20

314

Capstar

Financial

Holdings,

Inc

6

550

*

Carter

Bankshares,

Inc

9

1,563

Cathay

General

Bancorp

64

1,125

Central

Pacific

Financial

Corp

23

54,287

Citigroup,

Inc

2,455

533

Citizens

&

Northern

Corp

12

13,463

Citizens

Financial

Group,

Inc

530

194

City

Holding

Co

18

377

Civista

Bancshares,

Inc

8

498

CNB

Financial

Corp

12

146

*

Coastal

Financial

Corp

7

2,723

Columbia

Banking

System,

Inc

82

1,738

*

Columbia

Financial,

Inc

38

3,602

Comerica,

Inc

241

3,109

Commerce

Bancshares,

Inc

212

1,646

Community

Bank

System,

Inc

104

651

Community

Trust

Bancorp,

Inc

30

1,146

ConnectOne

Bancorp,

Inc

28

1,466

*

CrossFirst

Bankshares,

Inc

18

1,650

Cullen/Frost

Bankers,

Inc

221

919

*

Customers

Bancorp,

Inc

26

2,723

CVB

Financial

Corp

70

422

Dime

Community

Bancshares,

Inc

13

1,035

Eagle

Bancorp,

Inc

46

4,040

East

West

Bancorp,

Inc

266

4,805

Eastern

Bankshares,

Inc

83

218

Enact

Holdings,

Inc

5

314

Enterprise

Bancorp,

Inc

11

828

Enterprise

Financial

Services

Corp

41

402

Equity

Bancshares,

Inc

13

2,494

Essent

Group

Ltd

97

218

Farmers

&

Merchants

Bancorp,

Inc

6

1,013

Farmers

National

Banc

Corp

14

621

FB

Financial

Corp

22

120

Federal

Agricultural

Mortgage

Corp

(FAMC)

14

18,960

Fifth

Third

Bancorp

622

527

Financial

Institutions,

Inc

13

6,201

First

Bancorp

79

1,088

First

Bancorp

47

498

First

Bancorp,

Inc

15

322

First

Bancshares,

Inc

10

603

First

Bank

8

1,476

First

Busey

Corp

36

323

First

Citizens

Bancshares,

Inc

(Class

A)

245

3,678

First

Commonwealth

Financial

Corp

51

680

First

Community

Bancshares,

Inc

23

2,544

First

Financial

Bancorp

62

3,602

First

Financial

Bankshares,

Inc

124

384

First

Financial

Corp

18

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

11

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,098

First

Foundation,

Inc

$

16

3,163

First

Hawaiian,

Inc

82

14,599

First

Horizon

National

Corp

358

228

First

Internet

Bancorp

6

2,090

First

Interstate

Bancsystem,

Inc

81

1,580

First

Merchants

Corp

65

380

First

Mid-Illinois

Bancshares,

Inc

12

862

First

of

Long

Island

Corp

15

5,111

First

Republic

Bank

623

1,083

Flushing

Financial

Corp

21

6,589

FNB

Corp

86

2,273

Fulton

Financial

Corp

38

903

German

American

Bancorp,

Inc

34

3,414

Glacier

Bancorp,

Inc

169

76

Great

Southern

Bancorp,

Inc

5

302

Guaranty

Bancshares,

Inc

10

2,028

Hancock

Whitney

Corp

98

824

Hanmi

Financial

Corp

20

728

HarborOne

Northeast

Bancorp,

Inc

10

715

HBT

Financial,

Inc

14

953

Heartland

Financial

USA,

Inc

44

1,355

Heritage

Commerce

Corp

18

1,150

Heritage

Financial

Corp

35

2,221

Hilltop

Holdings,

Inc

67

57

Hingham

Institution

for

Savings

16

238

Home

Bancorp,

Inc

10

4,557

Home

Bancshares,

Inc

104

698

HomeStreet,

Inc

19

667

HomeTrust

Bancshares,

Inc

16

2,725

Hope

Bancorp,

Inc

35

1,209

Horizon

Bancorp

18

40,067

Huntington

Bancshares,

Inc

565

1,393

Independent

Bank

Corp

118

863

Independent

Bank

Corp

21

1,089

Independent

Bank

Group,

Inc

65

1,089

International

Bancshares

Corp

50

80,704

JPMorgan

Chase

&

Co

10,822

1,623

Kearny

Financial

Corp

16

25,606

Keycorp

446

1,629

Lakeland

Bancorp,

Inc

29

499

Lakeland

Financial

Corp

36

833

Live

Oak

Bancshares,

Inc

25

4,825

M&T

Bank

Corp

700

1,072

Macatawa

Bank

Corp

12

640

Mercantile

Bank

Corp

21

77

Merchants

Bancorp

2

1,035

Meta

Financial

Group,

Inc

45

229

*

Metropolitan

Bank

Holding

Corp

13

7,150

MGIC

Investment

Corp

93

196

Mid

Penn

Bancorp,

Inc

6

582

Midland

States

Bancorp,

Inc

15

406

MidWestOne

Financial

Group,

Inc

13

1,916

*

Mr

Cooper

Group,

Inc

77

180

MVB

Financial

Corp

4

984

National

Bank

Holdings

Corp

41

521

NBT

Bancorp,

Inc

23

16,631

New

York

Community

Bancorp,

Inc

143

394

*

Nicolet

Bankshares,

Inc

31

2,265

*

NMI

Holdings,

Inc

47

1,643

Northfield

Bancorp,

Inc

26

2,083

Northwest

Bancshares,

Inc

29

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

12

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,583

OceanFirst

Financial

Corp

$

34

1,902

OFG

Bancorp

52

5,465

Old

National

Bancorp

98

1,237

Old

Second

Bancorp,

Inc

20

568

Origin

Bancorp,

Inc

21

297

Orrstown

Financial

Services,

Inc

7

2,232

Pacific

Premier

Bancorp,

Inc

70

3,679

PacWest

Bancorp

84

529

Park

National

Corp

74

696

PCSB

Financial

Corp

13

642

Peapack

Gladstone

Financial

Corp

24

750

PennyMac

Financial

Services,

Inc

42

868

Peoples

Bancorp,

Inc

25

333

Peoples

Financial

Services

Corp

17

2,403

Pinnacle

Financial

Partners,

Inc

176

11,490

PNC

Financial

Services

Group,

Inc

1,815

2,126

Popular,

Inc

141

510

Preferred

Bank

38

446

Premier

Financial

Corp

12

454

Primis

Financial

Corp

5

2,597

Prosperity

Bancshares,

Inc

189

339

Provident

Bancorp

Inc

2

1,243

Provident

Financial

Services,

Inc

27

472

QCR

Holdings,

Inc

23

4,226

Radian

Group,

Inc

81

475

RBB

Bancorp

10

192

Red

River

Bancshares

Inc

10

26,923

Regions

Financial

Corp

580

1,629

Renasant

Corp

61

364

Republic

Bancorp,

Inc

(Class

A)

15

1,873

*

Republic

First

Bancorp,

Inc

4

3,914

Rocket

Cos,

Inc

27

166

S&T

Bancorp,

Inc

6

1,200

Sandy

Spring

Bancorp,

Inc

42

1,542

Seacoast

Banking

Corp

of

Florida

48

1,315

ServisFirst

Bancshares,

Inc

91

370

Sierra

Bancorp

8

1,749

Signature

Bank

202

881

*,e

Silvergate

Capital

Corp

15

2,996

Simmons

First

National

Corp

(Class

A)

65

275

SmartFinancial,

Inc

8

2,353

South

State

Corp

180

228

*

Southern

First

Bancshares,

Inc

10

231

Southern

Missouri

Bancorp,

Inc

11

1,068

Southside

Bancshares,

Inc

38

1,283

Stellar

Bancorp,

Inc

38

922

Stock

Yards

Bancorp,

Inc

60

394

Summit

Financial

Group,

Inc

10

1,668

*

SVB

Financial

Group

384

4,436

Synovus

Financial

Corp

167

1,428

*

Texas

Capital

Bancshares,

Inc

86

2,205

TFS

Financial

Corp

32

1,514

*

The

Bancorp,

Inc

43

131

Tompkins

Financial

Corp

10

1,266

Towne

Bank

39

422

Trico

Bancshares

22

657

Triumph

Bancorp,

Inc

32

37,585

Truist

Financial

Corp

1,617

671

TrustCo

Bank

Corp

NY

25

2,619

Trustmark

Corp

91

1,098

UMB

Financial

Corp

92

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

13

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

5,312

Umpqua

Holdings

Corp

$

95

3,991

United

Bankshares,

Inc

162

2,960

United

Community

Banks,

Inc

100

1,012

Univest

Financial

Corp

26

37,690

US

Bancorp

1,644

2,181

e

UWM

Holdings

Corp

7

9,879

Valley

National

Bancorp

112

1,101

Veritex

Holdings,

Inc

31

771

Walker

&

Dunlop,

Inc

60

1,239

Washington

Federal,

Inc

42

581

Washington

Trust

Bancorp,

Inc

27

1,032

Waterstone

Financial,

Inc

18

5,310

Webster

Financial

Corp

251

104,935

Wells

Fargo

&

Co

4,333

720

WesBanco,

Inc

27

597

West

Bancorporation,

Inc

15

1,024

Westamerica

Bancorporation

60

3,061

Western

Alliance

Bancorp

182

1,577

Wintrust

Financial

Corp

133

2,294

WSFS

Financial

Corp

104

4,615

Zions

Bancorporation

227

TOTAL

BANKS

44,558

CAPITAL

GOODS

-

6.6%

15,534

3M

Co

1,863

3,495

A.O.

Smith

Corp

200

1,275

Aaon,

Inc

96

981

*

AAR

Corp

44

928

Acuity

Brands,

Inc

154

1,712

Advanced

Drainage

Systems,

Inc

140

3,710

Aecom

Technology

Corp

315

1,972

*

Aerojet

Rocketdyne

Holdings,

Inc

110

721

*

Aerovironment,

Inc

62

1,773

AGCO

Corp

246

2,509

Air

Lease

Corp

96

374

Alamo

Group,

Inc

53

1,111

Albany

International

Corp

(Class

A)

110

2,509

Allegion

plc

264

307

Allied

Motion

Technologies,

Inc

11

2,241

Allison

Transmission

Holdings,

Inc

93

1,535

Altra

Industrial

Motion

Corp

92

909

*

Ameresco,

Inc

52

568

*

American

Woodmark

Corp

28

6,201

Ametek,

Inc

866

5,093

*

API

Group

Corp

96

449

Apogee

Enterprises,

Inc

20

1,237

Applied

Industrial

Technologies,

Inc

156

3,399

*

Archer

Aviation,

Inc

6

1,220

Arcosa,

Inc

66

555

Argan,

Inc

20

1,331

Armstrong

World

Industries,

Inc

91

4,146

*

Array

Technologies,

Inc

80

823

Astec

Industries,

Inc

33

3,983

*

Astra

Space,

Inc

2

810

*

Astronics

Corp

8

931

*

Atkore

International

Group,

Inc

106

1,836

*

Axon

Enterprise,

Inc

305

2,980

*

AZEK

Co,

Inc

61

922

AZZ,

Inc

37

1,516

*

Babcock

&

Wilcox

Enterprises,

Inc

9

1,344

Barnes

Group,

Inc

55

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

14

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,298

*

Beacon

Roofing

Supply,

Inc

$

69

1,095

*,e

Blink

Charging

Co

12

4,522

*

Bloom

Energy

Corp

86

278

*

Blue

Bird

Corp

3

224

*

BlueLinx

Holdings,

Inc

16

15,078

*

Boeing

Co

2,872

937

Boise

Cascade

Co

64

534

Brookfield

Business

Corp

10

4,147

*

Builders

FirstSource,

Inc

269

2,196

BWX

Technologies,

Inc

128

383

Cadre

Holdings,

Inc

8

883

Caesarstone

Sdot-Yam

Ltd

5

1,417

Carlisle

Cos,

Inc

334

23,813

Carrier

Global

Corp

982

14,580

Caterpillar,

Inc

3,493

6,837

*,e

ChargePoint

Holdings,

Inc

65

1,052

*

Chart

Industries,

Inc

121

647

*

CIRCOR

International,

Inc

16

840

Columbus

McKinnon

Corp

27

929

Comfort

Systems

USA,

Inc

107

714

*

Construction

Partners

Inc

19

1,391

*

Core

&

Main,

Inc

27

1,416

Crane

Holdings

Co

142

302

CSW

Industrials,

Inc

35

3,896

Cummins,

Inc

944

965

Curtiss-Wright

Corp

161

1,008

*,e

Custom

Truck

One

Source,

Inc

6

2,190

*,e

Decarbonization

Plus

Acquisition

Corp

3

7,731

Deere

&

Co

3,315

8,259

*,e

Desktop

Metal,

Inc

11

3,335

Donaldson

Co,

Inc

196

932

Douglas

Dynamics,

Inc

34

3,894

Dover

Corp

527

290

*

Ducommun,

Inc

15

567

*

DXP

Enterprises,

Inc

16

561

*

Dycom

Industries,

Inc

53

11,011

Eaton

Corp

1,728

1,343

EMCOR

Group,

Inc

199

16,244

Emerson

Electric

Co

1,560

365

Encore

Wire

Corp

50

1,368

*

Energy

Recovery,

Inc

28

585

*,e

Energy

Vault

Holdings,

Inc

2

2,301

Enerpac

Tool

Group

Corp

59

1,385

EnerSys

102

2,981

*

Enovix

Corp

37

479

EnPro

Industries,

Inc

52

1,154

Esab

Corp

54

605

ESCO

Technologies,

Inc

53

2,241

*,e

ESS

Tech,

Inc

5

3,291

*

Evoqua

Water

Technologies

Corp

130

15,402

Fastenal

Co

729

2,079

Federal

Signal

Corp

97

3,453

Flowserve

Corp

106

786

*,e

Fluence

Energy,

Inc

13

4,273

*

Fluor

Corp

148

9,576

Fortive

Corp

615

3,497

Fortune

Brands

Home

&

Security,

Inc

200

1,207

Franklin

Electric

Co,

Inc

96

1,160

*,e

FTC

Solar,

Inc

3

5,461

*,e

FuelCell

Energy,

Inc

15

1,874

*

Gates

Industrial

Corp

plc

21

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

15

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

863

GATX

Corp

$

92

1,779

*

Generac

Holdings,

Inc

179

6,718

General

Dynamics

Corp

1,667

30,199

General

Electric

Co

2,530

1,066

*

Gibraltar

Industries,

Inc

49

461

Global

Industrial

Co

11

922

*

GMS,

Inc

46

678

Gorman-Rupp

Co

17

4,812

Graco,

Inc

324

5,120

GrafTech

International

Ltd

24

945

Granite

Construction,

Inc

33

2,253

*

Great

Lakes

Dredge

&

Dock

Corp

13

718

Greenbrier

Cos,

Inc

24

1,120

Griffon

Corp

40

1,293

H&E

Equipment

Services,

Inc

59

1,521

*,e

Hayward

Holdings,

Inc

14

1,082

HEICO

Corp

166

2,011

HEICO

Corp

(Class

A)

241

922

Helios

Technologies,

Inc

50

787

Herc

Holdings,

Inc

104

2,098

Hexcel

Corp

123

1,992

Hillenbrand,

Inc

85

3,242

*

Hillman

Solutions

Corp

23

18,491

Honeywell

International,

Inc

3,963

10,453

Howmet

Aerospace,

Inc

412

1,400

Hubbell,

Inc

329

1,076

*

Hudson

Technologies,

Inc

11

1,040

Huntington

Ingalls

240

1,014

*

Hydrofarm

Holdings

Group,

Inc

2

3,375

*,e

Hyliion

Holdings

Corp

8

404

Hyster-Yale

Materials

Handling,

Inc

10

2,110

IDEX

Corp

482

298

*

IES

Holdings,

Inc

11

8,514

Illinois

Tool

Works,

Inc

1,876

10,828

Ingersoll

Rand,

Inc

566

716

Insteel

Industries,

Inc

20

2,617

ITT,

Inc

212

1,876

*

Janus

International

Group,

Inc

18

2,384

*

JELD-WEN

Holding,

Inc

23

972

John

Bean

Technologies

Corp

89

19,216

Johnson

Controls

International

plc

1,230

242

Kadant,

Inc

43

1,040

Kaman

Corp

23

2,961

Kennametal,

Inc

71

3,783

*

Kratos

Defense

&

Security

Solutions,

Inc

39

5,345

L3Harris

Technologies,

Inc

1,113

246

*

Lawson

Products,

Inc

9

906

Lennox

International,

Inc

217

1,331

Lincoln

Electric

Holdings,

Inc

192

220

Lindsay

Corp

36

6,539

Lockheed

Martin

Corp

3,181

800

Luxfer

Holdings

plc

11

1,198

*

Manitowoc

Co,

Inc

11

2,660

*,e

Markforged

Holding

Corp

3

6,458

Masco

Corp

301

353

*

Masonite

International

Corp

28

1,677

*

Mastec,

Inc

143

3,497

*

Masterbrand,

Inc

26

2,076

Maxar

Technologies,

Inc

107

687

McGrath

RentCorp

68

5,356

MDU

Resources

Group,

Inc

163

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

16

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,473

*

Mercury

Systems,

Inc

$

66

4,622

*,e

Microvast

Holdings,

Inc

7

1,405

*

Middleby

Corp

188

446

Miller

Industries,

Inc

12

441

Moog,

Inc

(Class

A)

39

2,142

*

MRC

Global,

Inc

25

950

MSC

Industrial

Direct

Co

(Class

A)

78

1,274

Mueller

Industries,

Inc

75

4,045

Mueller

Water

Products,

Inc

(Class

A)

44

639

*

MYR

Group,

Inc

59

206

National

Presto

Industries,

Inc

14

8,104

*,e

Nikola

Corp

18

1,561

Nordson

Corp

371

4,118

Northrop

Grumman

Corp

2,247

371

*

Northwest

Pipe

Co

13

3,443

*

NOW,

Inc

44

291

*

NV5

Global

Inc

39

4,516

nVent

Electric

plc

174

117

Omega

Flex,

Inc

11

2,055

Oshkosh

Corp

181

11,713

Otis

Worldwide

Corp

917

2,390

Owens

Corning,

Inc

204

9,158

PACCAR,

Inc

906

766

Park

Aerospace

Corp

10

3,543

Parker-Hannifin

Corp

1,031

502

*

Parsons

Corp

23

4,695

Pentair

plc

211

1,847

*

PGT

Innovations,

Inc

33

13,876

*,e

Plug

Power,

Inc

172

416

Powell

Industries,

Inc

15

96

Preformed

Line

Products

Co

8

1,452

Primoris

Services

Corp

32

5,964

*

Proterra,

Inc

23

784

*

Proto

Labs,

Inc

20

905

Quanex

Building

Products

Corp

21

4,035

Quanta

Services,

Inc

575

41,227

Raytheon

Technologies

Corp

4,161

823

*

RBC

Bearings,

Inc

172

1,884

Regal-Beloit

Corp

226

4,524

*

Resideo

Technologies,

Inc

74

432

REV

Group,

Inc

5

6,127

*,e

Rocket

Lab

USA,

Inc

23

3,263

Rockwell

Automation,

Inc

840

878

Rush

Enterprises,

Inc

(Class

A)

46

385

Rush

Enterprises,

Inc

(Class

B)

22

1,976

*

Sarcos

Technology

and

Robotics

Corp

1

4,273

Sensata

Technologies

Holding

plc

173

3,098

*

Shoals

Technologies

Group,

Inc

76

1,169

Shyft

Group,

Inc

29

1,204

Simpson

Manufacturing

Co,

Inc

107

1,315

*

SiteOne

Landscape

Supply,

Inc

154

1,357

Snap-On,

Inc

310

3,290

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

97

1,497

*

SPX

Technologies,

Inc

98

472

Standex

International

Corp

48

4,204

Stanley

Black

&

Decker,

Inc

316

4,021

*,e

Stem,

Inc

36

1,004

*

Sterling

Construction

Co,

Inc

33

5,997

*

Sunrun,

Inc

144

647

Tennant

Co

40

1,186

Terex

Corp

51

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

17

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,109

Textainer

Group

Holdings

Ltd

$

34

5,699

Textron,

Inc

404

853

*

Thermon

Group

Holdings

17

2,010

Timken

Co

142

1,266

*

Titan

International,

Inc

19

491

*

Titan

Machinery,

Inc

20

2,967

Toro

Co

336

927

*

TPI

Composites,

Inc

9

6,555

Trane

Technologies

plc

1,102

100

*

Transcat

Inc

7

1,454

TransDigm

Group,

Inc

916

3,483

*

Trex

Co,

Inc

147

2,047

Trinity

Industries,

Inc

61

1,236

Triton

International

Ltd

85

1,451

*

Triumph

Group,

Inc

15

1,399

*

Tutor

Perini

Corp

11

1,736

UFP

Industries,

Inc

138

1,969

*

United

Rentals,

Inc

700

5,141

*

Univar

Solutions

Inc

163

582

Valmont

Industries,

Inc

192

455

*

Vectrus,

Inc

19

419

Veritiv

Corp

51

8,077

Vertiv

Holdings

Co

110

649

*

Vicor

Corp

35

3,837

*,e

View,

Inc

4

6,356

*,e

Virgin

Galactic

Holdings,

Inc

22

1,270

W.W.

Grainger,

Inc

706

1,281

Wabash

National

Corp

29

901

Watsco,

Inc

225

645

Watts

Water

Technologies,

Inc

(Class

A)

94

1,330

*

WESCO

International,

Inc

167

4,827

Westinghouse

Air

Brake

Technologies

Corp

482

5,681

*

WillScot

Mobile

Mini

Holdings

Corp

257

1,753

Woodward

Inc

169

5,094

Xylem,

Inc

563

3,642

Zurn

Water

Solutions

Corp

77

TOTAL

CAPITAL

GOODS

70,256

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

2,170

ABM

Industries,

Inc

96

3,257

ACCO

Brands

Corp

18

2,888

*

ACV

Auctions,

Inc

24

8,912

*

Alight,

Inc

74

452

e

Aris

Water

Solution,

Inc

7

1,481

*

ASGN

Inc

121

274

Barrett

Business

Services,

Inc

26

3,702

Booz

Allen

Hamilton

Holding

Co

387

1,283

Brady

Corp

(Class

A)

60

511

*

BrightView

Holdings,

Inc

4

1,108

Brink's

Co

59

678

*

CACI

International,

Inc

(Class

A)

204

1,375

*

Casella

Waste

Systems,

Inc

(Class

A)

109

1,147

*

CBIZ,

Inc

54

600

*

Cimpress

plc

17

2,330

Cintas

Corp

1,052

13,091

*

Clarivate

Analytics

plc

109

1,537

*

Clean

Harbors,

Inc

175

11,340

*

Copart,

Inc

690

3,089

*

CoreCivic,

Inc

36

11,049

*

CoStar

Group,

Inc

854

260

CRA

International,

Inc

32

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

18

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,062

Deluxe

Corp

$

18

1,159

*

Driven

Brands

Holdings,

Inc

32

6,346

Dun

&

Bradstreet

Holdings,

Inc

78

1,051

Ennis,

Inc

23

3,313

Equifax,

Inc

644

1,272

Exponent,

Inc

126

972

*

First

Advantage

Corp

13

381

*

Forrester

Research,

Inc

14

419

*

Franklin

Covey

Co

20

784

*

FTI

Consulting,

Inc

124

3,108

*,e

Geo

Group,

Inc

34

2,590

*

Harsco

Corp

16

2,398

Healthcare

Services

Group

29

711

Heidrick

&

Struggles

International,

Inc

20

555

*

Heritage-Crystal

Clean,

Inc

18

2,407

Herman

Miller,

Inc

51

392

*

HireRight

Holdings

Corp

5

1,526

HNI

Corp

43

669

*

Huron

Consulting

Group,

Inc

49

3,942

*

IAA,

Inc

158

637

ICF

International,

Inc

63

975

Insperity,

Inc

111

1,293

Interface,

Inc

13

3,496

Jacobs

Solutions,

Inc

420

3,912

*

KAR

Auction

Services,

Inc

51

4,068

KBR,

Inc

215

1,192

Kelly

Services,

Inc

(Class

A)

20

681

Kforce,

Inc

37

1,392

Kimball

International,

Inc

(Class

B)

9

1,748

Korn/Ferry

International

88

2,559

*

Legalzoom.com,

Inc

20

3,664

Leidos

Holdings,

Inc

385

3,403

*,e

Li-Cycle

Holdings

Corp

16

1,551

Manpower,

Inc

129

271

Matthews

International

Corp

(Class

A)

8

640

*

Montrose

Environmental

Group,

Inc

28

877

MSA

Safety,

Inc

126

563

NL

Industries,

Inc

4

5,559

Pitney

Bowes,

Inc

21

3,913

*,e

Planet

Labs

PBC

17

5,492

Republic

Services,

Inc

708

1,107

Resources

Connection,

Inc

20

3,044

Robert

Half

International,

Inc

225

6,805

Rollins,

Inc

249

1,668

Science

Applications

International

Corp

185

1,592

*,e

Skillsoft

Corp

2

672

*

SP

Plus

Corp

23

3,221

*

Spire

Global,

Inc

3

3,128

Steelcase,

Inc

(Class

A)

22

2,380

*

Stericycle,

Inc

119

422

*

Sterling

Check

Corp

7

1,567

Tetra

Tech,

Inc

227

5,435

TransUnion

308

839

*

TriNet

Group,

Inc

57

720

*

TrueBlue,

Inc

14

503

Unifirst

Corp

97

3,454

*

Upwork,

Inc

36

4,290

Verisk

Analytics,

Inc

757

679

*

Viad

Corp

17

340

VSE

Corp

16

11,502

Waste

Management,

Inc

1,804

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

19

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

279

*

Willdan

Group,

Inc

$

5

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

12,405

CONSUMER

DURABLES

&

APPAREL

-

1.2%

821

Acushnet

Holdings

Corp

35

2,624

*

Allbirds,

Inc

6

1,837

*

AMMO,

Inc

3

1,140

*

Beazer

Homes

USA,

Inc

15

1,841

Brunswick

Corp

133

3,596

*

Callaway

Golf

Co

71

3,592

*

Capri

Holdings

Ltd

206

1,022

Carter's,

Inc

76

237

*

Cavco

Industries,

Inc

54

629

Century

Communities,

Inc

31

729

Clarus

Corp

6

905

Columbia

Sportswear

Co

79

1,521

*

Crocs,

Inc

165

743

*

Deckers

Outdoor

Corp

297

8,880

DR

Horton,

Inc

792

1,525

Ermenegildo

Zegna

Holditalia

S.p.A

16

958

Ethan

Allen

Interiors,

Inc

25

1,713

*

Fossil

Group,

Inc

7

4,285

Garmin

Ltd

395

1,295

*

G-III

Apparel

Group

Ltd

18

4,066

*

GoPro,

Inc

20

992

*

Green

Brick

Partners,

Inc

24

8,742

Hanesbrands,

Inc

56

3,755

Hasbro,

Inc

229

712

*

Helen

of

Troy

Ltd

79

148

*

Hovnanian

Enterprises,

Inc

6

608

Installed

Building

Products,

Inc

52

883

*

iRobot

Corp

43

232

Johnson

Outdoors,

Inc

15

1,408

KB

Home

45

1,320

Kontoor

Brands,

Inc

53

412

*

Latham

Group,

Inc

1

935

La-Z-Boy,

Inc

21

4,140

Leggett

&

Platt,

Inc

133

7,421

Lennar

Corp

(Class

A)

672

349

Lennar

Corp

(Class

B)

26

624

*

LGI

Homes,

Inc

58

362

Lifetime

Brands,

Inc

3

336

*

Lovesac

Co

7

3,076

*

Lululemon

Athletica,

Inc

986

69

*

M/I

Homes,

Inc

3

688

*

Malibu

Boats,

Inc

37

441

Marine

Products

Corp

5

673

*

MasterCraft

Boat

Holdings,

Inc

17

8,884

*

Mattel,

Inc

159

1,166

MDC

Holdings,

Inc

37

679

*

Meritage

Homes

Corp

63

1,499

*

Mohawk

Industries,

Inc

153

638

Movado

Group,

Inc

21

10,479

Newell

Brands

Inc

137

33,813

Nike,

Inc

(Class

B)

3,956

84

*

NVR,

Inc

387

274

Oxford

Industries,

Inc

26

8,335

*

Peloton

Interactive,

Inc

66

533

*,e

PLBY

Group,

Inc

2

1,625

Polaris

Inc

164

6,384

Pulte

Homes,

Inc

291

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

20

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,386

*,e

Purple

Innovation,

Inc

$

7

2,029

PVH

Corp

143

1,110

Ralph

Lauren

Corp

117

110

Rocky

Brands,

Inc

3

3,296

*

Skechers

U.S.A.,

Inc

(Class

A)

138

1,408

*

Skyline

Champion

Corp

73

1,649

Smith

&

Wesson

Brands,

Inc

14

3,687

*

Sonos,

Inc

62

1,625

Steven

Madden

Ltd

52

311

Sturm

Ruger

&

Co,

Inc

16

295

Superior

Uniform

Group,

Inc

3

7,055

Tapestry,

Inc

269

2,049

*

Taylor

Morrison

Home

Corp

62

5,156

Tempur

Sealy

International,

Inc

177

2,789

Toll

Brothers,

Inc

139

918

*

TopBuild

Corp

144

1,338

*

TRI

Pointe

Homes,

Inc

25

1,520

*

Tupperware

Brands

Corp

6

5,744

*

Under

Armour,

Inc

(Class

A)

58

5,391

*

Under

Armour,

Inc

(Class

C)

48

700

*

Unifi,

Inc

6

428

*

Universal

Electronics,

Inc

9

9,697

VF

Corp

268

4,902

*

Vinco

Ventures,

Inc

2

997

*

Vista

Outdoor,

Inc

24

1,629

*

Vizio

Holding

Corp

12

1,740

*,e

Vuzix

Corp

6

1,386

Whirlpool

Corp

196

2,662

Wolverine

World

Wide,

Inc

29

2,480

*

YETI

Holdings,

Inc

102

TOTAL

CONSUMER

DURABLES

&

APPAREL

12,693

CONSUMER

SERVICES

-

2.2%

1,998

*

2U,

Inc

13

1,229

*

Accel

Entertainment,

Inc

9

4,141

e

ADT,

Inc

38

1,340

*

Adtalem

Global

Education,

Inc

48

10,418

*

Airbnb,

Inc

891

675

*

American

Public

Education,

Inc

8

6,092

ARAMARK

Holdings

Corp

252

925

*

Bally's

Corp

18

3,453

*

Beachbody

Co,

Inc

2

39

*

Biglari

Holdings,

Inc

(B

Shares)

5

817

*

BJ's

Restaurants,

Inc

22

1,337

Bloomin'

Brands,

Inc

27

476

Bluegreen

Vacations

Holding

Corp

12

1,078

*

Booking

Holdings,

Inc

2,172

590

*

Bowlero

Corp

8

1,802

Boyd

Gaming

Corp

98

1,598

*

Bright

Horizons

Family

Solutions

101

1,545

*

Brinker

International,

Inc

49

5,983

*

Caesars

Entertainment,

Inc

249

25,476

*

Carnival

Corp

205

318

Carriage

Services,

Inc

9

761

*

Century

Casinos,

Inc

5

1,085

e

Cheesecake

Factory

34

3,631

*

Chegg,

Inc

92

751

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

1,042

891

Choice

Hotels

International,

Inc

100

1,073

Churchill

Downs,

Inc

227

427

*

Chuy's

Holdings,

Inc

12

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

21

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

2,931

*

Coursera,

Inc

$

35

711

Cracker

Barrel

Old

Country

Store,

Inc

67

3,625

Darden

Restaurants,

Inc

501

1,228

*

Dave

&

Buster's

Entertainment,

Inc

44

1,296

*

Denny's

Corp

12

458

Dine

Brands

Global

Inc.

30

1,040

Domino's

Pizza,

Inc

360

9,124

*,e

DraftKings,

Inc

104

651

*

Duolingo,

Inc

46

809

El

Pollo

Loco

Holdings,

Inc

8

455

e

European

Wax

Center,

Inc

6

2,472

*

Everi

Holdings,

Inc

35

4,188

*

Expedia

Group,

Inc

367

2,305

*

frontdoor,

Inc

48

870

*

Full

House

Resorts,

Inc

7

412

*

Golden

Entertainment,

Inc

15

115

Graham

Holdings

Co

69

951

*

Grand

Canyon

Education,

Inc

100

4,434

H&R

Block,

Inc

162

2,683

*

Hilton

Grand

Vacations,

Inc

103

7,574

Hilton

Worldwide

Holdings,

Inc

957

1,223

*

Hyatt

Hotels

Corp

111

494

*

Inspired

Entertainment,

Inc

6

2,584

International

Game

Technology

plc

59

410

Jack

in

the

Box,

Inc

28

2,068

e

Krispy

Kreme,

Inc

21

9,535

*

Las

Vegas

Sands

Corp

458

3,222

Laureate

Education,

Inc

31

989

*,e

Life

Time

Group

Holdings,

Inc

12

608

*

Lindblad

Expeditions

Holdings,

Inc

5

7,425

Marriott

International,

Inc

(Class

A)

1,105

1,129

Marriott

Vacations

Worldwide

Corp

152

20,370

McDonald's

Corp

5,368

9,389

MGM

Resorts

International

315

1,527

*,e

Mister

Car

Wash,

Inc

14

388

*

Monarch

Casino

&

Resort,

Inc

30

149

*

NEOGAMES

S.A.

2

400

*

Noodles

&

Co

2

11,836

*

Norwegian

Cruise

Line

Holdings

Ltd

145

465

*

ONE

Group

Hospitality,

Inc

3

1,416

*

OneSpaWorld

Holdings

Ltd

13

1,035

Papa

John's

International,

Inc

85

3,518

*

Penn

National

Gaming,

Inc

104

2,656

*

Perdoceo

Education

Corp

37

2,512

*

Planet

Fitness,

Inc

198

417

*

Portillo's,

Inc

7

728

*

PowerSchool

Holdings,

Inc

17

330

RCI

Hospitality

Holdings,

Inc

31

1,677

Red

Rock

Resorts,

Inc

67

2,290

*

Rover

Group,

Inc

8

5,698

*

Royal

Caribbean

Cruises

Ltd

282

1,353

*

Rush

Street

Interactive,

Inc

5

1,174

Ruth's

Hospitality

Group

Inc

18

2,866

*

Scientific

Games

Corp

(Class

A)

168

1,376

*

SeaWorld

Entertainment,

Inc

74

3,849

Service

Corp

International

266

1,083

*

Shake

Shack,

Inc

45

2,486

*

Six

Flags

Entertainment

Corp

58

31,519

Starbucks

Corp

3,127

673

Strategic

Education,

Inc

53

407

*

Stride,

Inc

13

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

22

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

2,381

*,e

Sweetgreen,

Inc

$

20

2,056

Texas

Roadhouse,

Inc

(Class

A)

187

1,969

Travel

&

Leisure

Co

72

1,856

*

Udemy,

Inc

20

1,170

Vail

Resorts,

Inc

279

2,671

*

Vivint

Smart

Home,

Inc

32

4,018

Wendy's

91

930

Wingstop,

Inc

128

1,421

*

WW

International

Inc

5

2,646

Wyndham

Hotels

&

Resorts,

Inc

189

3,157

*

Wynn

Resorts

Ltd

260

371

*

Xponential

Fitness,

Inc

8

7,800

Yum!

Brands,

Inc

999

TOTAL

CONSUMER

SERVICES

23,657

DIVERSIFIED

FINANCIALS

-

5.4%

974

Affiliated

Managers

Group,

Inc

154

13,354

e

AGNC

Investment

Corp

138

315

Alerus

Financial

Corp

7

8,828

Ally

Financial,

Inc

216

406

A-Mark

Precious

Metals,

Inc

14

16,501

American

Express

Co

2,438

2,922

Ameriprise

Financial,

Inc

910

12,637

Annaly

Capital

Management,

Inc

266

3,041

Apollo

Commercial

Real

Estate

Finance,

Inc

33

13,271

Apollo

Global

Management,

Inc

847

3,729

Arbor

Realty

Trust,

Inc

49

1,014

e

Ares

Commercial

Real

Estate

Corp

10

4,393

Ares

Management

Corp

301

2,063

e

ARMOUR

Residential

REIT,

Inc

12

1,731

Artisan

Partners

Asset

Management,

Inc

51

802

*

Assetmark

Financial

Holdings,

Inc

18

269

Associated

Capital

Group,

Inc

11

603

B.

Riley

Financial,

Inc

21

1,284

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

21

20,568

Bank

of

New

York

Mellon

Corp

936

49,886

*

Berkshire

Hathaway,

Inc

(Class

B)

15,410

8,951

BGC

Partners,

Inc

(Class

A)

34

4,150

BlackRock,

Inc

2,941

4,265

Blackstone

Mortgage

Trust,

Inc

90

19,298

Blackstone,

Inc

1,432

1,242

*

Blucora,

Inc

32

11,576

e

Blue

Owl

Capital,

Inc

123

1,604

Brightsphere

Investment

Group,

Inc

33

3,033

BrightSpire

Capital,

Inc

19

4,897

e

Broadmark

Realty

Capital,

Inc

17

2,523

*

Cannae

Holdings,

Inc

52

10,697

Capital

One

Financial

Corp

994

5,682

Carlyle

Group,

Inc

170

2,995

CBOE

Global

Markets,

Inc

376

41,956

Charles

Schwab

Corp

3,493

5,843

e

Chimera

Investment

Corp

32

2,359

Claros

Mortgage

Trust,

Inc

35

9,925

CME

Group,

Inc

1,669

853

Cohen

&

Steers,

Inc

55

4,422

*,e

Coinbase

Global,

Inc

156

1,463

e

Compass

Diversified

Trust

27

906

Cowen

Group,

Inc

35

199

*

Credit

Acceptance

Corp

94

334

e

Curo

Group

Holdings

Corp

1

118

Diamond

Hill

Investment

Group,

Inc

22

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

23

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

7,366

Discover

Financial

Services

$

721

1,075

*

Donnelley

Financial

Solutions,

Inc

42

620

Dynex

Capital,

Inc

8

1,030

Ellington

Financial

Inc

13

553

*

Encore

Capital

Group,

Inc

26

1,226

*

Enova

International,

Inc

47

9,797

Equitable

Holdings,

Inc

281

904

Evercore

Inc

99

1,988

*

Ezcorp,

Inc

(Class

A)

16

993

Factset

Research

Systems,

Inc

398

2,841

Federated

Investors,

Inc

(Class

B)

103

1,192

FirstCash

Holdings,

Inc

104

1,366

*

Focus

Financial

Partners,

Inc

51

2,037

e

Franklin

BSP

Realty

Trust,

Inc

26

8,239

e

Franklin

Resources,

Inc

217

559

GCM

Grosvenor,

Inc

4

9,183

Goldman

Sachs

Group,

Inc

3,153

1,667

Granite

Point

Mortgage

Trust,

Inc

9

1,775

*

Green

Dot

Corp

28

904

Hamilton

Lane,

Inc

58

2,171

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

63

1,371

Houlihan

Lokey,

Inc

119

2,433

Interactive

Brokers

Group,

Inc

(Class

A)

176

15,214

Intercontinental

Exchange

Group,

Inc

1,561

10,471

Invesco

Ltd

188

645

e

Invesco

Mortgage

Capital,

Inc

8

2,026

Jackson

Financial,

Inc

70

4,371

Janus

Henderson

Group

plc

103

6,446

Jefferies

Financial

Group,

Inc

221

15,916

KKR

&

Co,

Inc

739

933

KKR

Real

Estate

Finance

Trust,

Inc

13

2,645

Ladder

Capital

Corp

27

2,463

Lazard

Ltd

(Class

A)

85

2,865

*

LendingClub

Corp

25

334

*

LendingTree,

Inc

7

2,200

LPL

Financial

Holdings,

Inc

476

1,069

MarketAxess

Holdings,

Inc

298

2,348

MFA

Financial,

Inc

23

1,603

Moelis

&

Co

61

3,839

*

Moneylion,

Inc

2

4,380

Moody's

Corp

1,220

34,671

Morgan

Stanley

2,948

671

Morningstar,

Inc

145

2,141

MSCI,

Inc

(Class

A)

996

9,273

Nasdaq

Inc

569

2,696

Navient

Corp

44

249

Nelnet,

Inc

(Class

A)

23

619

*

NerdWallet,

Inc

6

11,204

New

Residential

Investment

Corp

92

9,097

New

York

Mortgage

Trust,

Inc

23

5,699

Northern

Trust

Corp

504

2,990

OneMain

Holdings,

Inc

100

3,011

*

Open

Lending

Corp

20

563

*

Oportun

Financial

Corp

3

448

Oppenheimer

Holdings,

Inc

19

651

e

Orchid

Island

Capital,

Inc

7

2,603

e

PennyMac

Mortgage

Investment

Trust

32

745

Perella

Weinberg

Partners

7

553

Piper

Jaffray

Cos

72

727

PJT

Partners,

Inc

54

1,565

*

PRA

Group,

Inc

53

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

24

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,741

*

PROG

Holdings,

Inc

$

29

5,107

Raymond

James

Financial,

Inc

546

1,249

e

Ready

Capital

Corp

14

2,761

Redwood

Trust,

Inc

19

383

Regional

Management

Corp

11

15,885

*

Robinhood

Markets,

Inc

129

9,088

S&P

Global,

Inc

3,044

551

Sculptor

Capital

Management,

Inc

5

2,653

SEI

Investments

Co

155

6,060

SLM

Corp

101

22,427

*

SoFi

Technologies,

Inc

103

7,310

Starwood

Property

Trust,

Inc

134

9,972

State

Street

Corp

774

1,257

StepStone

Group,

Inc

32

2,962

Stifel

Financial

Corp

173

601

*

StoneX

Group,

Inc

57

12,719

Synchrony

Financial

418

6,251

T

Rowe

Price

Group,

Inc

682

1,884

TPG

RE

Finance

Trust,

Inc

13

2,955

Tradeweb

Markets,

Inc

192

2,103

Two

Harbors

Investment

Corp

33

2,095

*,e

Upstart

Holdings,

Inc

28

2,593

Virtu

Financial,

Inc

53

255

Virtus

Investment

Partners,

Inc

49

2,651

Voya

Financial,

Inc

163

4,611

WisdomTree

Investments,

Inc

25

160

*,e

World

Acceptance

Corp

11

TOTAL

DIVERSIFIED

FINANCIALS

57,394

ENERGY

-

5.2%

684

*,e

Aemetis,

Inc

3

1,963

*

Alto

Ingredients,

Inc

6

394

e

Altus

Midstream

Co

13

1,272

*

Amplify

Energy

Corp

11

9,807

Antero

Midstream

Corp

106

8,344

*

Antero

Resources

Corp

259

8,992

APA

Corp

420

402

Arch

Resources,

Inc

57

3,123

Archrock,

Inc

28

831

*

Ardmore

Shipping

Corp

12

25,822

Baker

Hughes

Co

763

1,669

Berry

Petroleum

Co

LLC

13

1,978

Bonanza

Creek

Energy,

Inc

115

3,778

*

Borr

Drilling

Ltd

19

510

*

Bristow

Group,

Inc

14

21,497

Cabot

Oil

&

Gas

Corp

528

1,403

Cactus,

Inc

71

2,028

California

Resources

Corp

88

1,322

*

Callon

Petroleum

Co

49

230

*

Centrus

Energy

Corp

7

5,414

ChampionX

Corp

157

6,864

Cheniere

Energy,

Inc

1,029

3,194

Chesapeake

Energy

Corp

301

53,694

Chevron

Corp

9,638

4,074

*

Clean

Energy

Fuels

Corp

21

5,835

*

CNX

Resources

Corp

98

2,351

Comstock

Resources

Inc

32

34,761

ConocoPhillips

4,102

912

CONSOL

Energy,

Inc

59

681

e

Crescent

Energy,

Inc

8

875

CVR

Energy,

Inc

27

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

25

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,947

Delek

US

Holdings,

Inc

$

53

1,483

*

Denbury,

Inc

129

18,402

Devon

Energy

Corp

1,132

3,794

DHT

Holdings,

Inc

34

3,680

*

Diamond

Offshore

Drilling,

Inc

38

4,977

Diamondback

Energy,

Inc

681

535

*

DMC

Global,

Inc

10

1,083

Dorian

LPG

Ltd

21

1,195

*

Dril-Quip,

Inc

32

2,913

DT

Midstream,

Inc

161

1,219

*

Earthstone

Energy,

Inc

17

4,018

*,e

Energy

Fuels,

Inc

25

800

e

Enviva,

Inc

42

16,158

EOG

Resources,

Inc

2,093

10,320

EQT

Corp

349

12,086

Equitrans

Midstream

Corp

81

428

Excelerate

Energy,

Inc

11

114,416

Exxon

Mobil

Corp

12,620

691

FLEX

LNG

Ltd

23

1,917

*

Frank's

International

NV

35

3,756

e

Frontline

Ltd

46

5,829

*,e

Gevo,

Inc

11

2,739

*

Golar

LNG

Ltd

62

1,490

*

Green

Plains

Inc

45

278

*

Gulfport

Energy

Operating

Corp

20

25,715

Halliburton

Co

1,012

5,378

*

Helix

Energy

Solutions

Group,

Inc

40

2,774

Helmerich

&

Payne,

Inc

137

7,937

Hess

Corp

1,126

4,114

HF

Sinclair

Corp

213

1,167

International

Seaways,

Inc

43

56,038

Kinder

Morgan,

Inc

1,013

12,210

*

Kosmos

Energy

Ltd

78

458

*

Laredo

Petroleum,

Inc

24

4,108

Liberty

Oilfield

Services,

Inc

66

4,177

Magnolia

Oil

&

Gas

Corp

98

17,870

Marathon

Oil

Corp

484

13,068

Marathon

Petroleum

Corp

1,521

2,911

Matador

Resources

Co

167

3,745

Murphy

Oil

Corp

161

238

*

Nabors

Industries

Ltd

37

639

*

National

Energy

Services

Reunited

Corp

4

1,311

New

Fortress

Energy,

Inc

56

3,366

*

Newpark

Resources,

Inc

14

4,954

*

NexTier

Oilfield

Solutions,

Inc

46

2,188

*

Noble

Corp

plc

82

3,925

Nordic

American

Tankers

Ltd

12

1,684

Northern

Oil

and

Gas,

Inc

52

10,664

NOV,

Inc

223

1,043

Oasis

Petroleum,

Inc

143

22,044

Occidental

Petroleum

Corp

1,389

2,352

*

Oceaneering

International,

Inc

41

2,073

*

Oil

States

International,

Inc

15

12,205

ONEOK,

Inc

802

7,048

Ovintiv,

Inc

357

1,291

*

Par

Pacific

Holdings,

Inc

30

5,742

Patterson-UTI

Energy,

Inc

97

2,663

PBF

Energy,

Inc

109

2,461

PDC

Energy,

Inc

156

3,255

*

Peabody

Energy

Corp

86

544

Penn

Virginia

Corp

22

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

26

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

5,026

Permian

Resources

Corp

$

47

13,150

Phillips

66

1,369

6,598

Pioneer

Natural

Resources

Co

1,507

2,609

*

ProPetro

Holding

Corp

27

7,142

Range

Resources

Corp

179

702

*

Rex

American

Resources

Corp

22

257

Riley

Exploration

Permian,

Inc

8

2,001

*

Ring

Energy,

Inc

5

2,256

RPC,

Inc

20

792

*

SandRidge

Energy,

Inc

13

39,549

Schlumberger

Ltd

2,114

981

Scorpio

Tankers,

Inc

53

1,587

Select

Energy

Services,

Inc

15

2,365

SFL

Corp

Ltd

22

258

*

SilverBow

Resources,

Inc

7

2,012

e

Sitio

Royalties

Corp

58

2,674

SM

Energy

Co

93

886

Solaris

Oilfield

Infrastructure,

Inc

9

26,298

*

Southwestern

Energy

Co

154

1,668

*

Talos

Energy,

Inc

31

6,202

Targa

Resources

Investments,

Inc

456

560

*

Teekay

Tankers

Ltd

17

14,573

*

Tellurian,

Inc

24

3,440

*

Tetra

Technologies,

Inc

12

152

Texas

Pacific

Land

Corp

356

1,174

*

Tidewater,

Inc

43

7,605

*

Uranium

Energy

Corp

29

3,976

*,e

Ur-Energy,

Inc

5

1,949

*

US

Silica

Holdings,

Inc

24

1,428

Vaalco

Energy,

Inc

6

1,772

*

Valaris

Ltd

120

10,696

Valero

Energy

Corp

1,357

1,548

*,e

Vertex

Energy,

Inc

10

3,587

*

W&T

Offshore,

Inc

20

1,948

*

Weatherford

International

Ltd

99

33,907

Williams

Cos,

Inc

1,116

1,789

World

Fuel

Services

Corp

49

TOTAL

ENERGY

55,277

FOOD

&

STAPLES

RETAILING

-

1.4%

4,646

Albertsons

Cos,

Inc

96

1,108

Andersons,

Inc

39

3,420

*

BJ's

Wholesale

Club

Holdings,

Inc

226

959

Casey's

General

Stores,

Inc

215

776

*

Chefs'

Warehouse

Holdings,

Inc

26

12,164

Costco

Wholesale

Corp

5,553

2,474

*

Grocery

Outlet

Holding

Corp

72

1,600

*

HF

Foods

Group

Inc

6

555

Ingles

Markets,

Inc

(Class

A)

54

18,033

Kroger

Co

804

345

Natural

Grocers

by

Vitamin

C

3

4,036

*

Performance

Food

Group

Co

236

820

Pricesmart,

Inc

50

1,730

*,e

Rite

Aid

Corp

6

957

SpartanNash

Co

29

3,412

*

Sprouts

Farmers

Market,

Inc

110

13,771

SYSCO

Corp

1,053

1,636

*

United

Natural

Foods,

Inc

63

5,895

*

US

Foods

Holding

Corp

201

292

Village

Super

Market

(Class

A)

7

20,210

Walgreens

Boots

Alliance,

Inc

755

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

27

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

39,597

Walmart,

Inc

$

5,614

313

Weis

Markets,

Inc

26

TOTAL

FOOD

&

STAPLES

RETAILING

15,244

FOOD,

BEVERAGE

&

TOBACCO

-

3.5%

4,487

*,e

22nd

Century

Group,

Inc

4

50,011

Altria

Group,

Inc

2,286

15,416

Archer-Daniels-Midland

Co

1,431

1,674

B&G

Foods,

Inc

(Class

A)

19

4,728

*,e

Benson

Hill,

Inc

12

1,699

*,e

Beyond

Meat,

Inc

21

285

*

Boston

Beer

Co,

Inc

(Class

A)

94

1,291

Brown-Forman

Corp

(Class

A)

85

4,794

Brown-Forman

Corp

(Class

B)

315

3,814

Bunge

Ltd

381

583

Calavo

Growers,

Inc

17

1,263

Cal-Maine

Foods,

Inc

69

5,433

Campbell

Soup

Co

308

1,529

*

Celsius

Holdings,

Inc

159

107,888

Coca-Cola

Co

6,863

126

Coca-Cola

Consolidated

Inc

65

13,074

ConAgra

Brands,

Inc

506

4,170

Constellation

Brands,

Inc

(Class

A)

966

4,594

*

Darling

International,

Inc

288

705

*

Duckhorn

Portfolio,

Inc

12

5,653

Flowers

Foods,

Inc

162

1,151

Fresh

Del

Monte

Produce,

Inc

30

1,239

*

Freshpet,

Inc

65

16,250

General

Mills,

Inc

1,363

2,641

*

Hain

Celestial

Group,

Inc

43

4,031

Hershey

Co

933

7,844

Hormel

Foods

Corp

357

3,112

*

Hostess

Brands,

Inc

70

1,536

Ingredion,

Inc

150

530

J&J

Snack

Foods

Corp

79

2,870

J.M.

Smucker

Co

455

368

John

B.

Sanfilippo

&

Son,

Inc

30

6,867

Kellogg

Co

489

23,053

Keurig

Dr

Pepper,

Inc

822

19,209

Kraft

Heinz

Co

782

3,732

Lamb

Weston

Holdings,

Inc

333

566

Lancaster

Colony

Corp

112

1,056

*

Landec

Corp

7

6,957

McCormick

&

Co,

Inc

577

476

MGP

Ingredients,

Inc

51

684

*

Mission

Produce,

Inc

8

5,174

Molson

Coors

Brewing

Co

(Class

B)

267

37,991

Mondelez

International,

Inc

2,532

10,175

*

Monster

Beverage

Corp

1,033

607

*

National

Beverage

Corp

28

38,073

PepsiCo,

Inc

6,878

42,886

Philip

Morris

International,

Inc

4,340

1,486

*

Pilgrim's

Pride

Corp

35

1,785

*

Post

Holdings,

Inc

161

4,873

Primo

Water

Corp

76

8

Seaboard

Corp

30

226

*

Seneca

Foods

Corp

14

2,221

*

Simply

Good

Foods

Co

84

537

*

Sovos

Brands,

Inc

8

2,448

*

SunOpta,

Inc

21

1,227

*,e

Tattooed

Chef,

Inc

1

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

28

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

364

Tootsie

Roll

Industries,

Inc

$

15

1,691

*

TreeHouse

Foods,

Inc

83

310

Turning

Point

Brands,

Inc

7

7,401

Tyson

Foods,

Inc

(Class

A)

461

627

Universal

Corp

33

1,426

Utz

Brands,

Inc

23

4,010

Vector

Group

Ltd

48

574

*,e

Vintage

Wine

Estates,

Inc

2

630

*

Vita

Coco

Co,

Inc

9

689

*

Vital

Farms,

Inc

10

451

*

Whole

Earth

Brands,

Inc

2

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

37,020

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.3%

4,943

*

1Life

Healthcare,

Inc

83

47,322

Abbott

Laboratories

5,195

2,626

*

Acadia

Healthcare

Co,

Inc

216

1,487

*

Accolade,

Inc

12

2,296

*

AdaptHealth

Corp

44

409

*

Addus

HomeCare

Corp

41

462

*

Agiliti,

Inc

8

5,106

*,e

agilon

health,

Inc

82

2,242

*

Align

Technology,

Inc

473

2,083

*

Alignment

Healthcare,

Inc

24

2,755

*

Allscripts

Healthcare

Solutions,

Inc

49

2,458

*

Alphatec

Holdings

Inc

30

872

*

Amedisys,

Inc

73

5,730

*

American

Well

Corp

16

4,259

AmerisourceBergen

Corp

706

1,306

*

AMN

Healthcare

Services,

Inc

134

1,310

*

Angiodynamics,

Inc

18

1,046

*

Apollo

Medical

Holdings,

Inc

31

1,229

*

AtriCure,

Inc

55

40

Atrion

Corp

22

1,650

*

Avanos

Medical,

Inc

45

920

*

Aveanna

Healthcare

Holdings,

Inc

1

1,009

*

AxoGen,

Inc

10

1,185

*

Axonics

Modulation

Technologies,

Inc

74

14,132

Baxter

International,

Inc

720

7,847

Becton

Dickinson

&

Co

1,995

681

*

BioLife

Solutions

Inc

12

39,262

*

Boston

Scientific

Corp

1,817

6,211

*

Brookdale

Senior

Living,

Inc

17

4,980

*,e

Butterfly

Network,

Inc

12

7,197

Cardinal

Health,

Inc

553

1,207

*

Cardiovascular

Systems,

Inc

16

1,536

*,e

CareMax,

Inc

6

627

*

Castle

Biosciences,

Inc

15

15,999

*

Centene

Corp

1,312

3,092

*

Certara,

Inc

50

4,212

*

Cerus

Corp

15

365

Chemed

Corp

186

8,267

Cigna

Corp

2,739

10,784

*,e

Clover

Health

Investments

Corp

10

3,702

*

Community

Health

Systems,

Inc

16

481

*

Computer

Programs

&

Systems,

Inc

13

671

Conmed

Corp

59

1,318

Cooper

Cos,

Inc

436

137

*

Corvel

Corp

20

1,273

*

Cross

Country

Healthcare,

Inc

34

1,250

*

CryoLife,

Inc

15

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

29

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

2,947

*

Cue

Health,

Inc

$

6

593

*

Cutera,

Inc

26

36,345

CVS

Health

Corp

3,387

1,340

*

DaVita,

Inc

100

792

*

Definitive

Healthcare

Corp

9

5,191

Dentsply

Sirona,

Inc

165

10,674

*

Dexcom,

Inc

1,209

2,001

*

DocGo,

Inc

14

2,649

*,e

Doximity,

Inc

89

16,909

*

Edwards

Lifesciences

Corp

1,262

6,674

Elevance

Health,

Inc

3,424

1,639

Embecta

Corp

41

2,399

Encompass

Health

Corp

143

1,534

*

Enhabit,

Inc

20

1,154

*

Enovis

Corp

62

1,488

Ensign

Group,

Inc

141

3,894

*

Envista

Holdings

Corp

131

2,165

*

Evolent

Health,

Inc

61

3,412

*

Figs,

Inc

23

604

*

Fulgent

Genetics,

Inc

18

1,276

*

Glaukos

Corp

56

2,038

*

Globus

Medical,

Inc

151

2,679

*

Guardant

Health,

Inc

73

1,374

*

Haemonetics

Corp

108

6,037

HCA

Healthcare,

Inc

1,449

1,262

*

Health

Catalyst,

Inc

13

2,384

*

HealthEquity,

Inc

147

1,071

*

HealthStream,

Inc

27

3,559

*

Henry

Schein,

Inc

284

236

*

Heska

Corp

15

3,283

*

Hims

&

Hers

Health,

Inc

21

6,729

*

Hologic,

Inc

503

3,504

Humana,

Inc

1,795

588

*

ICU

Medical,

Inc

93

2,305

*

IDEXX

Laboratories,

Inc

940

1,298

*

Inari

Medical,

Inc

82

316

*,e

Innovage

Holding

Corp

2

672

*

Inogen,

Inc

13

734

*

Inspire

Medical

Systems,

Inc

185

1,892

*

Insulet

Corp

557

935

*

Integer

Holding

Corp

64

1,812

*

Integra

LifeSciences

Holdings

Corp

102

9,808

*

Intuitive

Surgical,

Inc

2,603

5,991

*,e

Invitae

Corp

11

818

*

iRhythm

Technologies,

Inc

77

390

*

Joint

Corp

5

2,613

Laboratory

Corp

of

America

Holdings

615

1,899

*

Lantheus

Holdings,

Inc

97

562

LeMaitre

Vascular,

Inc

26

680

*

LHC

Group,

Inc

110

1,759

*

LifeStance

Health

Group,

Inc

9

1,549

*

LivaNova

plc

86

1,396

*

Masimo

Corp

207

3,991

McKesson

Corp

1,497

1,877

*

MEDNAX,

Inc

28

37,147

Medtronic

plc

2,887

1,071

*

Meridian

Bioscience,

Inc

36

1,636

*

Merit

Medical

Systems,

Inc

116

126

Mesa

Laboratories,

Inc

21

426

*

ModivCare,

Inc

38

1,532

*

Molina

Healthcare,

Inc

506

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

30

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

10,341

*,e

Multiplan

Corp

$

12

1,138

*

Nano-X

Imaging

Ltd

8

212

National

Healthcare

Corp

13

357

National

Research

Corp

13

5,732

*

Neogen

Corp

87

1,074

*

Nevro

Corp

43

1,960

*

NextGen

Healthcare,

Inc

37

2,637

*

Novocure

Ltd

193

1,307

*

NuVasive,

Inc

54

3,059

*

Oak

Street

Health,

Inc

66

1,291

*

Omnicell,

Inc

65

13,300

*

Opko

Health,

Inc

17

578

*

OptimizeRx

Corp

10

3,932

*

Option

Care

Health,

Inc

118

2,181

*

OraSure

Technologies,

Inc

11

679

*

Orthofix

Medical

Inc

14

357

*

OrthoPediatrics

Corp

14

1,325

*

Outset

Medical,

Inc

34

2,217

*

Owens

&

Minor,

Inc

43

1,177

*

Paragon

28,

Inc

22

1,971

Patterson

Cos,

Inc

55

942

*

Pennant

Group,

Inc

10

1,020

*

Penumbra,

Inc

227

619

*

PetIQ,

Inc

6

1,246

*

Phreesia,

Inc

40

3,275

Premier,

Inc

115

1,116

*

Privia

Health

Group,

Inc

25

670

*

PROCEPT

BioRobotics

Corp

28

1,851

*

Progyny,

Inc

58

3,887

*

Project

Roadrunner

Parent,

Inc

43

711

*

Pulmonx

Corp

6

3,134

Quest

Diagnostics,

Inc

490

1,394

*

QuidelOrtho

Corp

119

1,510

*

RadNet,

Inc

28

3,994

Resmed,

Inc

831

558

*

RxSight,

Inc

7

1,342

*

Schrodinger,

Inc

25

640

*

SeaSpine

Holdings

Corp

5

3,129

Select

Medical

Holdings

Corp

78

4,050

*

Sema4

Holdings

Corp

1

12,510

*

Senseonics

Holdings,

Inc

13

996

*

Shockwave

Medical

Inc

205

815

*

SI-BONE,

Inc

11

775

*

Sight

Sciences,

Inc

9

1,449

*

Signify

Health,

Inc

42

987

*

Silk

Road

Medical

Inc

52

414

Simulations

Plus,

Inc

15

1,339

*

Staar

Surgical

Co

65

2,725

STERIS

plc

503

9,659

Stryker

Corp

2,362

927

*

Surgery

Partners,

Inc

26

516

*

SurModics,

Inc

18

468

*

Tactile

Systems

Technology,

Inc

5

1,948

*

Tandem

Diabetes

Care,

Inc

88

4,752

*

Teladoc,

Inc

112

1,270

Teleflex,

Inc

317

3,172

*

Tenet

Healthcare

Corp

155

604

*

Transmedics

Group,

Inc

37

803

*

Treace

Medical

Concepts,

Inc

18

226

*

UFP

Technologies,

Inc

27

25,887

UnitedHealth

Group,

Inc

13,725

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

31

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,745

Universal

Health

Services,

Inc

(Class

B)

$

246

468

US

Physical

Therapy,

Inc

38

149

Utah

Medical

Products,

Inc

15

1,492

*

Varex

Imaging

Corp

30

3,838

*

Veeva

Systems,

Inc

619

5,433

*

VG

Acquisition

Corp

12

1,334

*

Vicarious

Surgical,

Inc

3

3,908

*

ViewRay,

Inc

17

5,739

Zimmer

Biomet

Holdings,

Inc

732

635

*

Zimvie,

Inc

6

1,048

e

Zynex

Inc

15

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

66,105

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.5%

2,708

*,e

Beauty

Health

Co

25

3,638

*

BellRing

Brands,

Inc

93

400

*

Central

Garden

&

Pet

Co

15

1,366

*

Central

Garden

and

Pet

Co

(Class

A)

49

6,646

Church

&

Dwight

Co,

Inc

536

3,351

Clorox

Co

470

22,560

Colgate-Palmolive

Co

1,778

9,161

*

Coty,

Inc

78

1,561

Edgewell

Personal

Care

Co

60

1,085

*

elf

Beauty,

Inc

60

2,086

Energizer

Holdings,

Inc

70

6,239

Estee

Lauder

Cos

(Class

A)

1,548

2,976

*

Herbalife

Nutrition

Ltd

44

2,022

*

Honest

Co,

Inc

6

625

Inter

Parfums,

Inc

60

9,169

Kimberly-Clark

Corp

1,245

366

Medifast,

Inc

42

537

*

Nature's

Sunshine

Products,

Inc

5

1,594

Nu

Skin

Enterprises,

Inc

(Class

A)

67

3,350

*

Olaplex

Holdings,

Inc

18

65,619

Procter

&

Gamble

Co

9,945

1,260

Reynolds

Consumer

Products,

Inc

38

1,088

Spectrum

Brands

Holdings,

Inc

66

426

*

USANA

Health

Sciences,

Inc

23

1,597

*

Veru,

Inc

8

443

WD-40

Co

71

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

16,420

INSURANCE

-

2.5%

17,302

Aflac,

Inc

1,245

7,423

Allstate

Corp

1,007

1,747

*

AMBAC

Financial

Group,

Inc

30

2,546

American

Equity

Investment

Life

Holding

Co

116

1,850

American

Financial

Group,

Inc

254

20,842

American

International

Group,

Inc

1,318

751

Amerisafe,

Inc

39

5,747

Aon

plc

1,725

9,860

*

Arch

Capital

Group

Ltd

619

1,084

Argo

Group

International

Holdings

Ltd

28

5,687

Arthur

J.

Gallagher

&

Co

1,072

1,574

Assurant,

Inc

197

1,602

Assured

Guaranty

Ltd

100

2,014

Axis

Capital

Holdings

Ltd

109

7,141

*

Bright

Health

Group,

Inc

5

1,542

*

Brighthouse

Financial,

Inc

79

6,379

Brown

&

Brown,

Inc

363

1,510

*

BRP

Group,

Inc

38

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

32

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

11,396

Chubb

Ltd

$

2,514

4,237

Cincinnati

Financial

Corp

434

864

CNA

Financial

Corp

37

2,368

Conseco,

Inc

54

1,399

Corebridge

Financial,

Inc

28

406

Donegal

Group,

Inc

(Class

A)

6

746

*

eHealth,

Inc

4

1,061

Employers

Holdings,

Inc

46

333

*

Enstar

Group

Ltd

77

689

Erie

Indemnity

Co

(Class

A)

171

1,038

Everest

Re

Group

Ltd

344

496

*

F&G

Annuities

&

Life,

Inc

10

7,302

Fidelity

National

Financial

Inc

275

2,961

First

American

Financial

Corp

155

9,101

*

Genworth

Financial,

Inc

(Class

A)

48

2,420

Globe

Life,

Inc

292

512

*

Goosehead

Insurance,

Inc

18

621

*

Greenlight

Capital

Re

Ltd

(Class

A)

5

923

Hanover

Insurance

Group,

Inc

125

9,134

Hartford

Financial

Services

Group,

Inc

693

290

e

HCI

Group,

Inc

11

348

*,e

Hippo

Holdings,

Inc

5

1,591

Horace

Mann

Educators

Corp

59

62

Investors

Title

Co

9

865

James

River

Group

Holdings

Ltd

18

1,556

Kemper

Corp

77

651

Kinsale

Capital

Group,

Inc

170

1,146

*

Lemonade,

Inc

16

4,396

Lincoln

National

Corp

135

5,410

Loews

Corp

316

362

*

Markel

Corp

477

13,822

Marsh

&

McLennan

Cos,

Inc

2,287

2,049

*

MBIA,

Inc

26

754

Mercury

General

Corp

26

18,455

Metlife,

Inc

1,336

92

National

Western

Life

Group,

Inc

26

394

*

NI

Holdings,

Inc

5

7,499

Old

Republic

International

Corp

181

3,765

*

Oscar

Health,

Inc

9

682

*

Palomar

Holdings,

Inc

31

1,013

Primerica,

Inc

144

6,857

Principal

Financial

Group

575

1,956

ProAssurance

Corp

34

16,162

Progressive

Corp

2,096

10,424

Prudential

Financial,

Inc

1,037

1,995

Reinsurance

Group

of

America,

Inc

(Class

A)

283

1,234

RenaissanceRe

Holdings

Ltd

227

1,226

RLI

Corp

161

231

*,e

Root,

Inc

1

2,077

*

Ryan

Specialty

Group

Holdings,

Inc

86

192

Safety

Insurance

Group,

Inc

16

1,549

Selective

Insurance

Group,

Inc

137

4,001

*

Selectquote,

Inc

3

2,745

*

SiriusPoint

Ltd

16

815

Stewart

Information

Services

Corp

35

1,255

Tiptree

Inc

17

6,490

Travelers

Cos,

Inc

1,217

1,119

*,e

Trupanion,

Inc

53

844

United

Fire

Group

Inc

23

1,340

Universal

Insurance

Holdings,

Inc

14

4,932

Unum

Group

202

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

33

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

5,570

W.R.

Berkley

Corp

$

404

77

White

Mountains

Insurance

Group

Ltd

109

2,905

Willis

Towers

Watson

plc

710

TOTAL

INSURANCE

26,500

MATERIALS

-

3.0%

675

*

5E

Advanced

Materials,

Inc

5

889

AdvanSix,

Inc

34

6,113

Air

Products

&

Chemicals,

Inc

1,884

3,242

Albemarle

Corp

703

5,296

Alcoa

Corp

241

3,295

*

Allegheny

Technologies,

Inc

98

300

Alpha

Metallurgical

Resources,

Inc

44

41,501

Amcor

plc

494

1,143

American

Vanguard

Corp

25

1,717

Aptargroup,

Inc

189

2,870

*

Arconic

Corp

61

716

*,†

Ardagh

Group

S.A.

9

4,201

Ardagh

Metal

Packaging

S.A.

20

1,363

Ashland

Global

Holdings,

Inc

147

562

*

Aspen

Aerogels,

Inc

7

2,163

Avery

Dennison

Corp

392

2,934

Avient

Corp

99

5,815

*

Axalta

Coating

Systems

Ltd

148

794

Balchem

Corp

97

8,742

Ball

Corp

447

3,438

Berry

Global

Group,

Inc

208

1,693

Cabot

Corp

113

1,242

Carpenter

Technology

Corp

46

3,001

Celanese

Corp

(Series

A)

307

1,274

*

Century

Aluminum

Co

10

5,564

CF

Industries

Holdings,

Inc

474

284

Chase

Corp

24

4,211

Chemours

Co

129

623

*

Clearwater

Paper

Corp

24

14,347

*

Cleveland-Cliffs,

Inc

231

6,825

*

Coeur

Mining,

Inc

23

2,958

Commercial

Metals

Co

143

1,021

Compass

Minerals

International,

Inc

42

3,240

*

Constellium

SE

38

19,994

Corteva,

Inc

1,175

3,202

Crown

Holdings,

Inc

263

1,980

*,e

Danimer

Scientific,

Inc

4

1,798

*

Diversey

Holdings

Ltd

8

20,317

Dow,

Inc

1,024

14,363

DuPont

de

Nemours,

Inc

986

983

Eagle

Materials,

Inc

131

3,506

Eastman

Chemical

Co

286

6,784

Ecolab,

Inc

987

6,085

Element

Solutions,

Inc

111

3,271

FMC

Corp

408

39,610

Freeport-McMoRan,

Inc

(Class

B)

1,505

954

FutureFuel

Corp

8

23,436

*

Ginkgo

Bioworks

Holdings,

Inc

40

1,827

Glatfelter

Corp

5

7,879

Graphic

Packaging

Holding

Co

175

985

Greif,

Inc

(Class

A)

66

203

Greif,

Inc

(Class

B)

16

1,239

H.B.

Fuller

Co

89

754

Hawkins,

Inc

29

501

Haynes

International,

Inc

23

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

34

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

16,414

Hecla

Mining

Co

$

91

4,964

Huntsman

Corp

136

4,044

*

Hycroft

Mining

Holding

Corp

2

1,288

*

Ingevity

Corp

91

872

Innospec,

Inc

90

6,858

International

Flavors

&

Fragrances,

Inc

719

9,279

International

Paper

Co

321

362

*

Intrepid

Potash,

Inc

10

443

Kaiser

Aluminum

Corp

34

850

Koppers

Holdings,

Inc

24

893

Kronos

Worldwide,

Inc

8

13,742

Linde

plc

4,482

4,445

*

Livent

Corp

88

2,293

Louisiana-Pacific

Corp

136

952

*

LSB

Industries,

Inc

13

6,951

LyondellBasell

Industries

NV

577

1,753

Martin

Marietta

Materials,

Inc

592

467

Materion

Corp

41

838

Minerals

Technologies,

Inc

51

9,641

Mosaic

Co

423

2,475

*

MP

Materials

Corp

60

871

Myers

Industries,

Inc

19

126

NewMarket

Corp

39

21,581

Newmont

Goldcorp

Corp

1,019

8,146

*

Novagold

Resources

Inc

49

7,149

Nucor

Corp

942

5,026

*

O-I

Glass,

Inc

83

3,486

Olin

Corp

185

395

Olympic

Steel,

Inc

13

2,691

*,e

Origin

Materials,

Inc

12

2,087

Orion

Engineered

Carbons

SA

37

2,401

Packaging

Corp

of

America

307

728

Pactiv

Evergreen,

Inc

8

3,762

*

Perimeter

Solutions

S.A.

34

464

*

Piedmont

Lithium,

Inc

20

6,459

PPG

Industries,

Inc

812

890

*

PQ

Group

Holdings,

Inc

8

2,909

*,e

PureCycle

Technologies,

Inc

20

452

Quaker

Chemical

Corp

75

646

Ramaco

Resources,

Inc

6

821

*

Ranpak

Holdings

Corp

5

1,744

*

Rayonier

Advanced

Materials,

Inc

17

1,666

Reliance

Steel

&

Aluminum

Co

337

887

*

Resolute

Forest

Products

19

1,819

Royal

Gold,

Inc

205

3,517

RPM

International,

Inc

343

592

Ryerson

Holding

Corp

18

941

Schnitzer

Steel

Industries,

Inc

(Class

A)

29

1,637

Schweitzer-Mauduit

International,

Inc

34

1,142

Scotts

Miracle-Gro

Co

(Class

A)

55

4,411

Sealed

Air

Corp

220

1,015

Sensient

Technologies

Corp

74

6,602

Sherwin-Williams

Co

1,567

2,434

Silgan

Holdings,

Inc

126

2,707

Sonoco

Products

Co

164

2,484

Southern

Copper

Corp

150

5,527

SSR

Mining,

Inc

87

4,820

Steel

Dynamics,

Inc

471

479

Stepan

Co

51

3,455

*

Summit

Materials,

Inc

98

2,524

SunCoke

Energy,

Inc

22

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

35

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

905

Sylvamo

Corp

$

44

1,535

*

TimkenSteel

Corp

28

1,164

Tredegar

Corp

12

1,789

Trimas

Corp

50

857

Trinseo

plc

19

3,174

Tronox

Holdings

plc

44

66

United

States

Lime

&

Minerals,

Inc

9

5,821

United

States

Steel

Corp

146

4,362

Valvoline,

Inc

142

3,732

Vulcan

Materials

Co

654

1,235

Warrior

Met

Coal,

Inc

43

886

Westlake

Chemical

Corp

91

6,940

WestRock

Co

244

858

Worthington

Industries,

Inc

43

TOTAL

MATERIALS

31,633

MEDIA

&

ENTERTAINMENT

-

5.6%

21,427

Activision

Blizzard,

Inc

1,640

1,783

*

Advantage

Solutions,

Inc

4

166,493

*

Alphabet,

Inc

(Class

A)

14,690

147,952

*

Alphabet,

Inc

(Class

C)

13,128

6,143

*

Altice

USA,

Inc

28

12,774

*,e

AMC

Entertainment

Holdings,

Inc

52

921

*

AMC

Networks,

Inc

14

353

*

Boston

Omaha

Corp

9

2,348

*

Bumble,

Inc

49

163

Cable

One,

Inc

116

941

*

Cardlytics,

Inc

5

2,709

*

Cargurus,

Inc

38

2,223

*

Cars.com,

Inc

31

3,004

*

Charter

Communications,

Inc

1,019

3,434

*

Cinemark

Holdings,

Inc

30

10,518

*

Clear

Channel

11

119,459

Comcast

Corp

(Class

A)

4,177

46

*

Daily

Journal

Corp

11

6,813

*

DISH

Network

Corp

(Class

A)

96

7,567

Electronic

Arts,

Inc

925

4,712

*

Entercom

Communications

Corp

1

2,637

Entravision

Communications

Corp

(Class

A)

13

2,165

*

Eventbrite

Inc

13

452

*

EverQuote

Inc

7

1,941

*

EW

Scripps

Co

(Class

A)

26

8,572

Fox

Corp

(Class

A)

260

3,832

Fox

Corp

(Class

B)

109

3,947

*,e

fuboTV,

Inc

7

4,050

*

Gannett

Co,

Inc

8

2,117

Gray

Television,

Inc

24

2,290

*

IAC

102

3,188

*

iHeartMedia,

Inc

20

1,677

*

Imax

Corp

25

1,209

*

Integral

Ad

Science

Holding

Corp

11

11,025

Interpublic

Group

of

Cos,

Inc

367

1,411

John

Wiley

&

Sons,

Inc

(Class

A)

56

428

*,e

Liberty

Braves

Group

(Class

A)

14

1,434

*

Liberty

Braves

Group

(Class

C)

46

661

Liberty

Broadband

Corp

(Class

A)

50

3,561

*

Liberty

Broadband

Corp

(Class

C)

272

300

*

Liberty

Media

Group

(Class

A)

16

5,333

*

Liberty

Media

Group

(Class

C)

319

1,910

Liberty

SiriusXM

Group

(Class

A)

75

4,032

*

Liberty

SiriusXM

Group

(Class

C)

158

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

36

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

2,000

*

Lions

Gate

Entertainment

Corp

(Class

A)

$

11

3,835

*

Lions

Gate

Entertainment

Corp

(Class

B)

21

4,246

*

Live

Nation,

Inc

296

627

Madison

Square

Garden

Co

115

832

*

Madison

Square

Garden

Entertainment

Corp

37

3,683

*

Magnite,

Inc

39

736

e

Marcus

Corp

11

8,083

*

Match

Group,

Inc

335

584

*

MediaAlpha,

Inc

6

62,328

*

Meta

Platforms,

Inc

7,501

12,078

*

Netflix,

Inc

3,562

4,377

New

York

Times

Co

(Class

A)

142

10,391

News

Corp

(Class

A)

189

3,112

News

Corp

(Class

B)

57

1,008

Nexstar

Media

Group

Inc

176

5,538

Omnicom

Group,

Inc

452

244

Paramount

Global

(Class

A)

5

16,396

Paramount

Global

(Class

B)

277

16,442

*

Pinterest,

Inc

399

2,020

*

Playstudios,

Inc

8

2,676

*

Playtika

Holding

Corp

23

1,094

*

PubMatic,

Inc

14

1,192

*

QuinStreet,

Inc

17

12,415

*

ROBLOX

Corp

353

3,467

*

Roku,

Inc

141

1,096

Scholastic

Corp

43

132

Sinclair

Broadcast

Group,

Inc

(Class

A)

2

16,700

e

Sirius

XM

Holdings,

Inc

98

8,841

*,e

Skillz,

Inc

4

3,941

*

Spotify

Technology

S.A.

311

1,585

*

Stagwell,

Inc

10

4,405

*

Take-Two

Interactive

Software,

Inc

459

708

*

TechTarget,

Inc

31

5,789

TEGNA,

Inc

123

612

*

Thryv

Holdings,

Inc

12

2,932

*

TripAdvisor,

Inc

53

2,406

*

TrueCar,

Inc

6

3,939

*

Vimeo,

Inc

13

50,244

*

Walt

Disney

Co

4,365

66,296

*

Warner

Bros

Discovery,

Inc

628

1,263

*

WideOpenWest,

Inc

11

901

World

Wrestling

Entertainment,

Inc

(Class

A)

62

2,109

*

Yelp,

Inc

58

1,245

*

Ziff

Davis

Inc

98

1,977

*

ZipRecruiter,

Inc

32

7,616

*

ZoomInfo

Technologies,

Inc

229

TOTAL

MEDIA

&

ENTERTAINMENT

58,907

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9.1%

2,501

*

10X

Genomics,

Inc

91

702

*

2seventy

bio,

Inc

7

524

*

4D

Molecular

Therapeutics,

Inc

12

382

*

Aadi

Bioscience,

Inc

5

48,841

AbbVie,

Inc

7,893

5,613

*,e

AbCellera

Biologics,

Inc

57

1,494

*

Absci

Corp

3

3,739

*

Acadia

Pharmaceuticals,

Inc

59

1,604

*

Aclaris

Therapeutics,

Inc

25

488

*

Adagio

Therapeutics,

Inc

1

3,224

*

Adaptive

Biotechnologies

Corp

25

546

*

Adicet

Bio,

Inc

5

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

37

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

4,828

*

ADMA

Biologics,

Inc

$

19

3,354

*

Affimed

NV

4

5,844

*

Agenus,

Inc

14

8,163

Agilent

Technologies,

Inc

1,222

1,876

*

Agios

Pharmaceuticals,

Inc

53

718

*

Akero

Therapeutics,

Inc

39

332

*

Albireo

Pharma,

Inc

7

1,504

*

Alector,

Inc

14

4,357

*

Alkermes

plc

114

2,417

*,e

Allogene

Therapeutics,

Inc

15

845

*

Allovir,

Inc

4

3,356

*

Alnylam

Pharmaceuticals,

Inc

798

515

*

ALX

Oncology

Holdings,

Inc

6

14,749

Amgen,

Inc

3,874

8,241

*

Amicus

Therapeutics,

Inc

101

2,888

*

Amneal

Pharmaceuticals,

Inc

6

1,331

*

Amphastar

Pharmaceuticals,

Inc

37

1,371

*

Amylyx

Pharmaceuticals,

Inc

51

679

*

AnaptysBio,

Inc

21

1,840

*,e

Anavex

Life

Sciences

Corp

17

292

*

ANI

Pharmaceuticals,

Inc

12

566

*

Anika

Therapeutics,

Inc

17

2,514

*

Apellis

Pharmaceuticals,

Inc

130

2,291

*,e

Arbutus

Biopharma

Corp

5

798

*

Arcellx,

Inc

25

625

*

Arcturus

Therapeutics

Holdings,

Inc

11

1,321

*

Arcus

Biosciences,

Inc

27

782

*

Arcutis

Biotherapeutics,

Inc

12

3,104

*

Arrowhead

Pharmaceuticals

Inc

126

1,292

*

Arvinas,

Inc

44

2,394

*

Atara

Biotherapeutics,

Inc

8

1,878

*

Atea

Pharmaceuticals,

Inc

9

866

*

Athira

Pharma,

Inc

3

478

*

Aura

Biosciences,

Inc

5

3,648

*

Aurinia

Pharmaceuticals,

Inc

16

17,155

*

Avantor,

Inc

362

1,798

*

Avid

Bioservices,

Inc

25

1,307

*

Avidity

Biosciences,

Inc

29

854

*,e

Axsome

Therapeutics,

Inc

66

1,758

*

Beam

Therapeutics,

Inc

69

1,405

*

Berkeley

Lights,

Inc

4

5,428

*

BioCryst

Pharmaceuticals,

Inc

62

4,025

*

Biogen,

Inc

1,115

867

*

Biohaven

Ltd

12

5,199

*

BioMarin

Pharmaceutical,

Inc

538

8,439

*,e

Bionano

Genomics,

Inc

12

626

*

Bio-Rad

Laboratories,

Inc

(Class

A)

263

4,452

Bio-Techne

Corp

369

343

*,e

Bioxcel

Therapeutics

Inc

7

2,108

*

Bluebird

Bio,

Inc

15

1,758

*

Blueprint

Medicines

Corp

77

3,248

*

Bridgebio

Pharma,

Inc

25

58,708

Bristol-Myers

Squibb

Co

4,224

2,116

*

Brooks

Automation,

Inc

123

3,225

Bruker

BioSciences

Corp

220

970

*

C4

Therapeutics,

Inc

6

1,052

*

Cara

Therapeutics,

Inc

11

1,462

*

CareDx,

Inc

17

1,471

*

Caribou

Biosciences,

Inc

9

1,147

*,e

Cassava

Sciences,

Inc

34

4,893

*

Catalent,

Inc

220

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

38

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,670

*

Catalyst

Pharmaceuticals,

Inc

$

31

1,296

*

Celldex

Therapeutics,

Inc

58

298

*

Century

Therapeutics,

Inc

2

1,443

*

Cerevel

Therapeutics

Holdings,

Inc

45

1,399

*

Charles

River

Laboratories

International,

Inc

305

1,747

*

Chimerix,

Inc

3

1,163

*

Chinook

Therapeutics,

Inc

30

341

*

CinCor

Pharma,

Inc

4

1,647

*

Codexis,

Inc

8

1,061

*

Cogent

Biosciences,

Inc

12

2,173

*

Coherus

Biosciences,

Inc

17

877

*

Collegium

Pharmaceutical,

Inc

20

2,558

*

Corcept

Therapeutics,

Inc

52

1,406

*

Crinetics

Pharmaceuticals,

Inc

26

1,192

*

CryoPort,

Inc

21

2,490

*

CTI

BioPharma

Corp

15

660

*

Cullinan

Oncology,

Inc

7

3,007

*

Cytek

Biosciences,

Inc

31

2,182

*

Cytokinetics,

Inc

100

17,859

Danaher

Corp

4,740

731

*

Day

One

Biopharmaceuticals,

Inc

16

1,209

*

Deciphera

Pharmaceuticals,

Inc

20

2,697

*

Denali

Therapeutics,

Inc

75

890

*

Design

Therapeutics,

Inc

9

755

*

DICE

Therapeutics,

Inc

24

3,515

*

Dynavax

Technologies

Corp

37

858

*

Dyne

Therapeutics,

Inc

10

323

*

Eagle

Pharmaceuticals,

Inc

9

262

*

Edgewise

Therapeutics,

Inc

2

2,042

*,e

Editas

Medicine,

Inc

18

12,879

*

Elanco

Animal

Health,

Inc

157

23,273

Eli

Lilly

&

Co

8,514

1,340

*

Emergent

Biosolutions,

Inc

16

648

*

Enanta

Pharmaceuticals,

Inc

30

3,632

*

EQRx,

Inc

9

2,249

*

Erasca,

Inc

10

1,721

*

Esperion

Thereapeutics,

Inc

11

702

*

Evolus,

Inc

5

5,124

*

Exact

Sciences

Corp

254

9,139

*

Exelixis,

Inc

147

602

*,e

EyePoint

Pharmaceuticals,

Inc

2

2,380

*

Fate

Therapeutics,

Inc

24

2,752

*

FibroGen,

Inc

44

505

*

Foghorn

Therapeutics,

Inc

3

597

*

Fulcrum

Therapeutics,

Inc

4

1,233

*

Generation

Bio

Co

5

12,566

*

Geron

Corp

30

34,732

Gilead

Sciences,

Inc

2,982

3,934

*

Halozyme

Therapeutics,

Inc

224

588

*

Harmony

Biosciences

Holdings,

Inc

32

2,785

*,e

Heron

Therapeutics,

Inc

7

6,213

*

Horizon

Therapeutics

Plc

707

278

*

Icosavax,

Inc

2

950

*

Ideaya

Biosciences,

Inc

17

229

*

IGM

Biosciences,

Inc

4

4,413

*

Illumina,

Inc

892

699

*

Imago

Biosciences,

Inc

25

1,987

*,e

ImmunityBio,

Inc

10

5,543

*

Immunogen,

Inc

27

1,107

*

Immunovant,

Inc

20

5,156

*

Incyte

Corp

414

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

39

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

813

*

Inhibrx,

Inc

$

20

2,407

*

Innoviva,

Inc

32

6,194

*,e

Inovio

Pharmaceuticals,

Inc

10

3,278

*

Insmed,

Inc

65

2,093

*

Intellia

Therapeutics,

Inc

73

836

*

Intercept

Pharmaceuticals,

Inc

10

2,522

*

Intra-Cellular

Therapies,

Inc

133

4,151

*

Ionis

Pharmaceuticals,

Inc

157

4,447

*

Iovance

Biotherapeutics,

Inc

28

5,130

*

IQVIA

Holdings,

Inc

1,051

4,209

*

Ironwood

Pharmaceuticals,

Inc

52

572

*

iTeos

Therapeutics,

Inc

11

2,922

*

IVERIC

bio,

Inc

63

258

*

Janux

Therapeutics,

Inc

3

1,671

*

Jazz

Pharmaceuticals

plc

266

72,840

Johnson

&

Johnson

12,867

724

*

Jounce

Therapeutics,

Inc

1

487

*

KalVista

Pharmaceuticals

Inc

3

815

*

Karuna

Therapeutics,

Inc

160

2,103

*

Karyopharm

Therapeutics,

Inc

7

400

*

Keros

Therapeutics,

Inc

19

1,311

*

Kezar

Life

Sciences,

Inc

9

706

*

Kiniksa

Pharmaceuticals

Ltd

11

383

*,e

Kinnate

Biopharma,

Inc

2

988

*

Kodiak

Sciences,

Inc

7

1,128

*

Kronos

Bio,

Inc

2

486

*

Krystal

Biotech

Inc

38

1,654

*

Kura

Oncology,

Inc

21

969

*

Kymera

Therapeutics,

Inc

24

1,763

*

Lexicon

Pharmaceuticals,

Inc

3

484

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

32

1,283

*,e

Liquidia

Corp

8

4,069

*

Lyell

Immunopharma,

Inc

14

1,721

*

MacroGenics,

Inc

12

275

*

Madrigal

Pharmaceuticals,

Inc

80

7,710

*,e

MannKind

Corp

41

3,088

*

Maravai

LifeSciences

Holdings,

Inc

44

2,546

*

MaxCyte,

Inc

14

647

*

Medpace

Holdings,

Inc

137

548

*

MeiraGTx

Holdings

plc

4

69,810

Merck

&

Co,

Inc

7,745

1,994

*

Mersana

Therapeutics,

Inc

12

625

*

Mettler-Toledo

International,

Inc

903

3,231

*

MiMedx

Group,

Inc

9

1,197

*

Mirati

Therapeutics,

Inc

54

392

*

Mirum

Pharmaceuticals,

Inc

8

9,208

*

Moderna,

Inc

1,654

213

*

Monte

Rosa

Therapeutics,

Inc

2

597

*

Morphic

Holding,

Inc

16

2,502

*

Myriad

Genetics,

Inc

36

1,328

*

NanoString

Technologies,

Inc

11

2,327

*

Natera,

Inc

93

5,467

*

Nektar

Therapeutics

12

3,250

*

NeoGenomics,

Inc

30

2,550

*

Neurocrine

Biosciences,

Inc

305

761

*

NGM

Biopharmaceuticals

Inc

4

881

*

Nkarta,

Inc

5

2,168

*,e

Novavax,

Inc

22

1,379

*

Nurix

Therapeutics,

Inc

15

214

*

Nuvalent,

Inc

6

4,458

*

Nuvation

Bio,

Inc

9

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

40

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

5,511

*

Ocugen,

Inc

$

7

2,221

*

Ocular

Therapeutix,

Inc

6

2,371

*

OmniAb,

Inc

9

1,103

*

Organogenesis

Holdings

Inc

3

6,992

Organon

&

Co

195

2,475

*,e

Outlook

Therapeutics,

Inc

3

5,816

*

Pacific

Biosciences

of

California,

Inc

48

1,343

*

Pacira

BioSciences

Inc

52

3,578

PerkinElmer,

Inc

502

4,000

Perrigo

Co

plc

136

156,456

Pfizer,

Inc

8,017

575

*,e

Phathom

Pharmaceuticals,

Inc

6

720

Phibro

Animal

Health

Corp

10

754

*

PMV

Pharmaceuticals,

Inc

7

2,006

*

Point

Biopharma

Global,

Inc

15

684

*

Praxis

Precision

Medicines,

Inc

2

2,435

*

Precigen,

Inc

4

1,585

*

Prestige

Consumer

Healthcare,

Inc.

99

792

*

Prometheus

Biosciences,

Inc

87

1,206

*

Protagonist

Therapeutics,

Inc

13

1,011

*

Prothena

Corp

plc

61

1,356

*,e

Provention

Bio,

Inc

14

2,011

*

PTC

Therapeutics,

Inc

77

6,175

*

QIAGEN

NV

308

914

*

Quanterix

Corp

13

2,497

*

Quantum-Si,

Inc

5

524

*

RAPT

Therapeutics,

Inc

10

815

*,e

Reata

Pharmaceuticals,

Inc

31

3,244

*

Recursion

Pharmaceuticals,

Inc

25

2,833

*

Regeneron

Pharmaceuticals,

Inc

2,044

1,062

*

REGENXBIO,

Inc

24

2,088

*

Relay

Therapeutics,

Inc

31

940

*

Relmada

Therapeutics,

Inc

3

1,598

*

Repligen

Corp

271

699

*

Replimune

Group,

Inc

19

2,003

*

Revance

Therapeutics,

Inc

37

1,744

*

REVOLUTION

Medicines,

Inc

42

4,657

*

Rigel

Pharmaceuticals,

Inc

7

1,412

*

Rocket

Pharmaceuticals,

Inc

28

10,105

Royalty

Pharma

plc

399

1,665

*

Sage

Therapeutics,

Inc

63

2,386

*,e

Sana

Biotechnology,

Inc

9

3,362

*

Sangamo

Therapeutics

Inc

11

2,419

*

Sarepta

Therapeutics,

Inc

313

1,626

*

Science

37

Holdings,

Inc

1

3,671

*

Seagen,

Inc

472

1,126

*

Seer,

Inc

7

2,061

*

Seres

Therapeutics,

Inc

12

1,913

SIGA

Technologies,

Inc

14

1,521

*,e

Singular

Genomics

Systems,

Inc

3

3,798

*

SomaLogic,

Inc

10

11,419

*

Sorrento

Therapeutics,

Inc

10

2,303

*

Sotera

Health

Co

19

843

*

SpringWorks

Therapeutics,

Inc

22

519

*

Stoke

Therapeutics,

Inc

5

1,648

*

Supernus

Pharmaceuticals,

Inc

59

1,211

*

Sutro

Biopharma,

Inc

10

1,544

*

Syndax

Pharmaceuticals,

Inc

39

3,059

*

Syneos

Health,

Inc

112

1,233

*

Tango

Therapeutics,

Inc

9

197

*

Tarsus

Pharmaceuticals,

Inc

3

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

41

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

285

*

Tenaya

Therapeutics,

Inc

$

1

3,788

*

TG

Therapeutics,

Inc

45

1,625

*,e

Theravance

Biopharma,

Inc

18

10,791

Thermo

Fisher

Scientific,

Inc

5,942

1,469

*

Travere

Therapeutics,

Inc

31

1,447

*

Twist

Bioscience

Corp

34

1,912

*

Ultragenyx

Pharmaceutical,

Inc

89

1,221

*

United

Therapeutics

Corp

340

1,691

*

Vanda

Pharmaceuticals,

Inc

12

3,587

*

Vaxart

Inc

3

1,940

*

Vaxcyte,

Inc

93

5,494

*,e

VBI

Vaccines,

Inc

2

578

*

Ventyx

Biosciences,

Inc

19

374

*

Vera

Therapeutics,

Inc

7

1,983

*

Veracyte,

Inc

47

1,345

*

Vericel

Corp

35

7,077

*

Vertex

Pharmaceuticals,

Inc

2,044

1,017

*

Verve

Therapeutics,

Inc

20

31,825

Viatris,

Inc

354

1,798

*

Vir

Biotechnology,

Inc

45

699

*

Viridian

Therapeutics,

Inc

20

5,638

*

VistaGen

Therapeutics,

Inc

1

1,621

*

Waters

Corp

555

2,065

West

Pharmaceutical

Services,

Inc

486

1,460

*

Xencor,

Inc

38

3,592

*

Xeris

Biopharma

Holdings,

Inc

5

959

*

Y-mAbs

Therapeutics,

Inc

5

975

*

Zentalis

Pharmaceuticals,

Inc

20

13,041

Zoetis,

Inc

1,911

1,752

*,†

Zogenix,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

95,919

REAL

ESTATE

-

3.3%

1,964

Acadia

Realty

Trust

28

2,147

Agree

Realty

Corp

152

1,433

Alexander

&

Baldwin,

Inc

27

113

Alexander's,

Inc

25

4,560

Alexandria

Real

Estate

Equities,

Inc

664

1,425

American

Assets

Trust,

Inc

38

3,752

American

Finance

Trust,

Inc

22

8,855

American

Homes

4

Rent

267

12,950

American

Tower

Corp

2,744

7,241

Americold

Realty

Trust

205

4,413

Apartment

Income

REIT

Corp

151

1,091

Apartment

Investment

and

Management

Co

8

4,526

Apple

Hospitality

REIT,

Inc

71

1,658

Armada

Hoffler

Properties,

Inc

19

1,308

*

Ashford

Hospitality

Trust,

Inc

6

4,095

AvalonBay

Communities,

Inc

661

118

*

Bluerock

Homes

Trust,

Inc

3

4,442

Boston

Properties,

Inc

300

1,188

BraeMar

Hotels

&

Resorts,

Inc

5

3,704

Brandywine

Realty

Trust

23

7,811

Brixmor

Property

Group,

Inc

177

4,091

Broadstone

Net

Lease,

Inc

66

552

Brt

Realty

Trust

11

3,063

Camden

Property

Trust

343

3,202

CareTrust

REIT,

Inc

59

1,043

CBL

&

Associates

Properties,

Inc

24

8,862

CBRE

Group,

Inc

682

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

42

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

460

Centerspace

$

27

1,449

Chatham

Lodging

Trust

18

1,087

City

Office

REIT,

Inc

9

544

Clipper

Realty,

Inc

3

753

Community

Healthcare

Trust,

Inc

27

7,243

*

Compass,

Inc

17

2,602

Corporate

Office

Properties

Trust

67

4,434

Cousins

Properties,

Inc

112

11,920

Crown

Castle

International

Corp

1,617

588

e

CTO

Realty

Growth,

Inc

11

5,793

CubeSmart

233

3,593

*

Cushman

&

Wakefield

plc

45

7,193

DiamondRock

Hospitality

Co

59

7,984

Digital

Realty

Trust,

Inc

801

7,300

Diversified

Healthcare

Trust

5

3,543

*

Doma

Holdings,

Inc

2

2,005

Douglas

Elliman,

Inc

8

4,303

Douglas

Emmett,

Inc

67

1,724

Easterly

Government

Properties,

Inc

25

1,286

EastGroup

Properties,

Inc

190

3,522

e

Empire

State

Realty

Trust,

Inc

24

2,015

EPR

Properties

76

2,543

Equinix,

Inc

1,666

2,060

Equity

Commonwealth

51

5,139

Equity

Lifestyle

Properties,

Inc

332

10,442

Equity

Residential

616

3,224

Essential

Properties

Realty

Trust,

Inc

76

1,872

Essex

Property

Trust,

Inc

397

1,858

e

eXp

World

Holdings

Inc

21

3,740

Extra

Space

Storage,

Inc

550

967

Farmland

Partners,

Inc

12

2,191

Federal

Realty

Investment

Trust

221

3,737

First

Industrial

Realty

Trust,

Inc

180

400

*

Forestar

Group,

Inc

6

1,561

Four

Corners

Property

Trust,

Inc

40

4,124

Franklin

Street

Properties

Corp

11

309

*

FRP

Holdings,

Inc

17

6,257

Gaming

and

Leisure

Properties,

Inc

326

1,064

Getty

Realty

Corp

36

881

Gladstone

Commercial

Corp

16

815

Gladstone

Land

Corp

15

1,479

Global

Medical

REIT,

Inc

14

2,475

Global

Net

Lease,

Inc

31

10,202

Healthcare

Realty

Trust,

Inc

197

15,467

Healthpeak

Properties

Inc

388

1,493

Hersha

Hospitality

Trust

13

2,907

Highwoods

Properties,

Inc

81

19,934

Host

Hotels

and

Resorts,

Inc

320

1,318

*

Howard

Hughes

Corp

101

3,600

Hudson

Pacific

Properties

35

5,802

Independence

Realty

Trust,

Inc

98

200

e

Indus

Realty

Trust,

Inc

13

1,510

Industrial

Logistics

Properties

Trust

5

821

Innovative

Industrial

Properties,

Inc

83

1,587

InvenTrust

Properties

Corp

38

17,129

Invitation

Homes,

Inc

508

8,118

Iron

Mountain,

Inc

405

1,536

iStar

Inc

12

3,149

JBG

SMITH

Properties

60

1,433

*

Jones

Lang

LaSalle,

Inc

228

2,815

Kennedy-Wilson

Holdings,

Inc

44

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

43

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

3,530

Kilroy

Realty

Corp

$

136

16,724

Kimco

Realty

Corp

354

6,010

Kite

Realty

Group

Trust

126

2,210

Lamar

Advertising

Co

209

8,135

Lexington

Realty

Trust

81

2,202

Life

Storage,

Inc

217

838

LTC

Properties,

Inc

30

6,081

Macerich

Co

68

3,269

*

Mack-Cali

Realty

Corp

52

569

Marcus

&

Millichap,

Inc

20

16,244

e

Medical

Properties

Trust,

Inc

181

3,416

Mid-America

Apartment

Communities,

Inc

536

1,067

National

Health

Investors,

Inc

56

4,545

National

Retail

Properties,

Inc

208

2,085

National

Storage

Affiliates

Trust

75

1,788

e

NETSTREIT

Corp

33

4,328

Newmark

Group,

Inc

34

662

NexPoint

Residential

Trust,

Inc

29

1,207

Office

Properties

Income

Trust

16

6,327

Omega

Healthcare

Investors,

Inc

177

574

One

Liberty

Properties,

Inc

13

7,747

*,e

Opendoor

Technologies,

Inc

9

1,597

Orion

Office

REIT,

Inc

14

2,970

Outfront

Media,

Inc

49

4,579

Paramount

Group,

Inc

27

7,470

Park

Hotels

&

Resorts,

Inc

88

4,334

Pebblebrook

Hotel

Trust

58

2,989

Phillips

Edison

&

Co,

Inc

95

5,940

Physicians

Realty

Trust

86

3,343

Piedmont

Office

Realty

Trust,

Inc

31

628

Plymouth

Industrial

REIT,

Inc

12

1,831

PotlatchDeltic

Corp

81

25,411

Prologis,

Inc

2,865

4,410

Public

Storage,

Inc

1,236

3,743

Rayonier,

Inc

123

732

Re/Max

Holdings,

Inc

14

3,279

*

Realogy

Holdings

Corp

21

17,100

Realty

Income

Corp

1,085

3,100

*,e

Redfin

Corp

13

4,776

Regency

Centers

Corp

298

4,204

Retail

Opportunities

Investment

Corp

63

4,744

Rexford

Industrial

Realty,

Inc

259

5,361

RLJ

Lodging

Trust

57

283

RMR

Group,

Inc

8

1,611

RPT

Realty

16

1,575

Ryman

Hospitality

Properties

129

4,837

Sabra

Healthcare

REIT,

Inc

60

585

e

Safehold,

Inc

17

392

Saul

Centers,

Inc

16

3,000

SBA

Communications

Corp

841

4,584

Service

Properties

Trust

33

9,196

Simon

Property

Group,

Inc

1,080

6,051

SITE

Centers

Corp

83

1,278

e

SL

Green

Realty

Corp

43

3,189

Spirit

Realty

Capital,

Inc

127

1,023

St.

Joe

Co

40

4,481

STAG

Industrial,

Inc

145

6,743

STORE

Capital

Corp

216

134

Stratus

Properties,

Inc

3

3,928

Summit

Hotel

Properties,

Inc

28

3,196

Sun

Communities,

Inc

457

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

44

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

7,507

Sunstone

Hotel

Investors,

Inc

$

73

2,916

Tanger

Factory

Outlet

Centers,

Inc

52

834

*

Tejon

Ranch

Co

16

1,821

Terreno

Realty

Corp

104

9,405

UDR,

Inc

364

994

UMH

Properties,

Inc

16

3,786

Uniti

Group,

Inc

21

294

Universal

Health

Realty

Income

Trust

14

3,855

Urban

Edge

Properties

54

1,188

Urstadt

Biddle

Properties,

Inc

(Class

A)

22

11,320

Ventas,

Inc

510

26,625

VICI

Properties,

Inc

863

4,805

Vornado

Realty

Trust

100

2,363

Washington

REIT

42

12,746

Welltower,

Inc

835

4,115

*,e

WeWork,

Inc

6

19,987

Weyerhaeuser

Co

620

1,293

Whitestone

REIT

12

5,527

WP

Carey,

Inc

432

3,934

Xenia

Hotels

&

Resorts,

Inc

52

1,844

*

Zillow

Group,

Inc

(Class

A)

58

3,952

*

Zillow

Group,

Inc

(Class

C)

127

TOTAL

REAL

ESTATE

34,457

RETAILING

-

5.1%

966

*

1-800-FLOWERS.COM,

Inc

(Class

A)

9

1,062

Aaron's

Co,

Inc

13

328

*

Abercrombie

&

Fitch

Co

(Class

A)

8

2,150

Academy

Sports

&

Outdoors,

Inc

113

1,580

Advance

Auto

Parts,

Inc

232

246,197

*

Amazon.com,

Inc

20,681

3,778

American

Eagle

Outfitters,

Inc

53

154

*

America's

Car-Mart,

Inc

11

2,460

Arko

Corp

21

588

*

Asbury

Automotive

Group,

Inc

105

1,051

*

Autonation,

Inc

113

531

*

AutoZone,

Inc

1,310

6,685

Bath

&

Body

Works,

Inc

282

2,880

*,e

Bed

Bath

&

Beyond,

Inc

7

5,799

Best

Buy

Co,

Inc

465

578

e

Big

5

Sporting

Goods

Corp

5

680

Big

Lots,

Inc

10

819

*

Boot

Barn

Holdings,

Inc

51

524

Buckle,

Inc

24

326

*

Build-A-Bear

Workshop,

Inc

8

1,836

*

Burlington

Stores,

Inc

372

1,001

Caleres,

Inc

22

895

Camping

World

Holdings,

Inc

20

4,514

*

CarMax,

Inc

275

1,412

*

CarParts.com,

Inc

9

966

Cato

Corp

(Class

A)

9

3,531

*

Chico's

FAS,

Inc

17

389

*

Children's

Place,

Inc

14

293

*

Citi

Trends,

Inc

8

708

*

Conn's,

Inc

5

764

*

Container

Store

Group,

Inc

3

17,189

*,e

ContextLogic,

Inc

8

1,606

Designer

Brands,

Inc

16

1,452

*

Destination

XL

Group,

Inc

10

1,659

Dick's

Sporting

Goods,

Inc

200

131

e

Dillard's,

Inc

(Class

A)

42

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

45

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

6,311

Dollar

General

Corp

$

1,554

5,833

*

Dollar

Tree,

Inc

825

7,038

*

DoorDash,

Inc

344

404

*

Duluth

Holdings,

Inc

3

15,009

eBay,

Inc

622

3,656

*

Etsy,

Inc

438

2,017

*,e

EVgo,

Inc

9

1,506

*

Five

Below,

Inc

266

2,980

*

Floor

&

Decor

Holdings,

Inc

208

1,965

Foot

Locker,

Inc

74

748

e

Franchise

Group,

Inc

18

576

*,e

Funko,

Inc

6

7,588

*,e

GameStop

Corp

(Class

A)

140

4,912

Gap,

Inc

55

365

*

Genesco,

Inc

17

3,800

Genuine

Parts

Co

659

311

Group

1

Automotive,

Inc

56

658

*,e

Groupon,

Inc

6

1,619

*

GrowGeneration

Corp

6

1,358

Guess?,

Inc

28

715

Haverty

Furniture

Cos,

Inc

21

547

Hibbett

Sports,

Inc

37

28,561

Home

Depot,

Inc

9,021

3,678

Kohl's

Corp

93

487

*

Lands'

End,

Inc

4

4,195

*

Leslie's,

Inc

51

664

*

Liquidity

Services,

Inc

9

845

Lithia

Motors,

Inc

(Class

A)

173

7,014

LKQ

Corp

375

17,322

Lowe's

Companies,

Inc

3,451

1,099

*

Lumber

Liquidators,

Inc

6

6,895

Macy's,

Inc

142

530

*

MarineMax,

Inc

17

759

Monro

Muffler,

Inc

34

522

Murphy

USA,

Inc

146

2,416

*

National

Vision

Holdings,

Inc

94

2,987

e

Nordstrom,

Inc

48

1,066

*

ODP

Corp

49

1,867

*

Ollie's

Bargain

Outlet

Holdings,

Inc

87

266

*

OneWater

Marine,

Inc

8

1,766

*

O'Reilly

Automotive,

Inc

1,491

1,209

*

Overstock.com,

Inc

23

633

Penske

Auto

Group,

Inc

73

1,980

*

Petco

Health

&

Wellness

Co,

Inc

19

765

e

PetMed

Express,

Inc

14

1,111

Pool

Corp

336

1,197

*

Poshmark,

Inc

21

2,851

*

Quotient

Technology,

Inc

10

8,276

*

Qurate

Retail

Group,

Inc

QVC

Group

14

1,396

*,e

Rent

the

Runway,

Inc

4

686

Rent-A-Center,

Inc

15

1,063

*,e

Revolve

Group,

Inc

24

507

*

RH

135

9,564

Ross

Stores,

Inc

1,110

2,402

*

Sally

Beauty

Holdings,

Inc

30

646

Shoe

Carnival,

Inc

15

719

Shutterstock,

Inc

38

1,368

Signet

Jewelers

Ltd

93

760

*

Sleep

Number

Corp

20

479

Sonic

Automotive,

Inc

(Class

A)

24

1,434

*

Sportsman's

Warehouse

Holdings,

Inc

14

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

46

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,770

*

Stitch

Fix

Inc

$

6

12,686

Target

Corp

1,891

1,616

*,e

ThredUp,

Inc

2

432

*

Tilly's,

Inc

4

32,381

TJX

Companies,

Inc

2,578

3,189

Tractor

Supply

Co

717

311

*

TravelCenters

of

America,

Inc

14

1,437

*

Ulta

Beauty,

Inc

674

1,483

*

Urban

Outfitters,

Inc

35

2,226

*

Victoria's

Secret

&

Co

80

3,415

*,e

Volta,

Inc

1

2,402

*

Warby

Parker,

Inc

32

2,236

*,e

Wayfair,

Inc

74

2,055

Williams-Sonoma,

Inc

236

94

Winmark

Corp

22

911

*

Xometry,

Inc

29

686

*

Zumiez,

Inc

15

TOTAL

RETAILING

53,684

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4.5%

1,170

*

ACM

Research,

Inc

9

44,386

*

Advanced

Micro

Devices,

Inc

2,875

1,144

*

Allegro

MicroSystems,

Inc

34

844

*

Alpha

&

Omega

Semiconductor

Ltd

24

1,114

*

Ambarella,

Inc

92

2,094

Amkor

Technology,

Inc

50

14,428

Analog

Devices,

Inc

2,367

23,809

Applied

Materials,

Inc

2,318

534

*,e

Atomera,

Inc

3

1,017

*

Axcelis

Technologies,

Inc

81

1,452

*

AXT,

Inc

6

10,915

Broadcom,

Inc

6,103

839

*

Ceva,

Inc

21

1,702

*

Cirrus

Logic,

Inc

127

3,492

*

Coherent

Corp

123

1,495

*

Cohu,

Inc

48

2,566

*,e

Credo

Technology

Group

Holding

Ltd

34

1,395

*

Diodes,

Inc

106

3,576

*

Enphase

Energy,

Inc

947

4,215

Entegris,

Inc

276

2,940

*

First

Solar,

Inc

440

2,364

*

Formfactor,

Inc

53

1,663

*,e

GLOBALFOUNDRIES,

Inc

90

660

*

Ichor

Holdings

Ltd

18

705

*

Impinj,

Inc

77

2,443

*

indie

Semiconductor,

Inc

14

112,627

Intel

Corp

2,977

3,867

KLA

Corp

1,458

1,679

Kulicke

&

Soffa

Industries,

Inc

74

3,738

Lam

Research

Corp

1,571

3,496

*

Lattice

Semiconductor

Corp

227

1,568

*

MACOM

Technology

Solutions

Holdings,

Inc

99

23,532

Marvell

Technology,

Inc

872

2,280

*

MaxLinear,

Inc

77

14,511

Microchip

Technology,

Inc

1,019

30,391

Micron

Technology,

Inc

1,519

1,516

MKS

Instruments,

Inc

128

1,190

Monolithic

Power

Systems,

Inc

421

1,345

*

Nanometrics,

Inc

92

66,673

NVIDIA

Corp

9,744

11,989

*

ON

Semiconductor

Corp

748

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

47

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,181

*

PDF

Solutions,

Inc

$

34

1,824

*

Photronics,

Inc

31

1,723

Power

Integrations,

Inc

124

3,026

*

Qorvo,

Inc

274

30,868

QUALCOMM,

Inc

3,394

2,675

*

Rambus,

Inc

96

1,942

*

Semtech

Corp

56

1,086

*

Silicon

Laboratories,

Inc

147

434

*

SiTime

Corp

44

4,313

Skyworks

Solutions,

Inc

393

988

*

SMART

Global

Holdings,

Inc

15

2,299

*

SunPower

Corp

41

1,111

*

Synaptics,

Inc

106

4,246

Teradyne,

Inc

371

25,321

Texas

Instruments,

Inc

4,183

1,266

*

Ultra

Clean

Holdings

42

1,281

Universal

Display

Corp

138

1,051

*

Veeco

Instruments,

Inc

19

3,166

*

Wolfspeed,

Inc

219

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

47,089

SOFTWARE

&

SERVICES

-

12.8%

3,462

*,e

8x8,

Inc

15

1,883

A10

Networks,

Inc

31

17,429

Accenture

plc

4,651

3,560

*

ACI

Worldwide,

Inc

82

2,653

Adeia,

Inc

25

12,904

*

Adobe,

Inc

4,343

4,905

*,e

Affirm

Holdings,

Inc

47

675

*

Agilysys,

Inc

53

4,169

*

Akamai

Technologies,

Inc

351

1,443

*

Alarm.com

Holdings,

Inc

71

785

*,e

Alkami

Technology,

Inc

11

1,317

*

Altair

Engineering,

Inc

60

1,733

*

Alteryx,

Inc

88

3,360

Amdocs

Ltd

305

1,091

American

Software,

Inc

(Class

A)

16

1,464

*,e

Amplitude,

Inc

18

2,361

*

Ansys,

Inc

570

538

*

Appfolio,

Inc

57

1,178

*

Appian

Corp

38

6,361

*,e

AppLovin

Corp

67

2,178

*

Asana,

Inc

30

744

*

Aspen

Technology,

Inc

153

3,959

*

Atlassian

Corp

509

6,003

*

Autodesk,

Inc

1,122

11,457

Automatic

Data

Processing,

Inc

2,737

2,977

*

AvePoint,

Inc

12

3,908

*

AvidXchange

Holdings,

Inc

39

1,139

*

Benefitfocus,

Inc

12

4,603

Bentley

Systems,

Inc

170

1,735

*

BigCommerce

Holdings,

Inc

15

2,787

*

Bill.Com

Holdings,

Inc

304

4,272

*

Black

Knight,

Inc

264

1,447

*

Blackbaud,

Inc

85

1,613

*

Blackline,

Inc

109

5,115

*

Blend

Labs,

Inc

7

14,547

*

Block,

Inc

914

3,187

*

Box,

Inc

99

1,461

Bread

Financial

Holdings,

Inc

55

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

48

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,247

*

Brightcove,

Inc

$

7

3,315

Broadridge

Financial

Solutions,

Inc

445

1,740

*

C3.ai,

Inc

19

7,388

*

Cadence

Design

Systems,

Inc

1,187

1,535

*

Cantaloupe,

Inc

7

576

Cass

Information

Systems,

Inc

26

5,023

*

CCC

Intelligent

Solutions

Holdings,

Inc

44

1,161

*

Cerberus

Cyber

Sentinel

Corp

3

1,164

*

Cerence

Inc

22

3,791

*

Ceridian

HCM

Holding,

Inc

243

1,162

*,e

Cleanspark,

Inc

2

1,700

Clear

Secure,

Inc

47

7,836

*

Cloudflare,

Inc

354

13,955

Cognizant

Technology

Solutions

Corp

(Class

A)

798

1,426

*

Commvault

Systems,

Inc

90

1,240

Concentrix

Corp

165

5,536

*

Conduent,

Inc

22

3,568

*

Confluent,

Inc

79

415

*

Consensus

Cloud

Solutions,

Inc

22

711

*

Couchbase,

Inc

9

2,169

*

Coupa

Software,

Inc

172

5,739

*

Crowdstrike

Holdings,

Inc

604

713

*

CS

Disco,

Inc

4

1,113

CSG

Systems

International,

Inc

64

2,581

*

Cvent

Holding

Corp

14

963

*

Cyxtera

Technologies,

Inc

2

7,266

*

Datadog,

Inc

534

574

*,e

Digimarc

Corp

11

2,598

*

Digital

Turbine,

Inc

40

2,085

*

DigitalOcean

Holdings,

Inc

53

5,594

*

DocuSign,

Inc

310

1,762

Dolby

Laboratories,

Inc

(Class

A)

124

816

*

Domo,

Inc

12

1,439

*

DoubleVerify

Holdings,

Inc

32

6,902

*

Dropbox,

Inc

154

2,214

*

Duck

Creek

Technologies,

Inc

27

6,709

*

DXC

Technology

Co

178

5,589

*

Dynatrace,

Inc

214

5,822

*,e

E2open

Parent

Holdings,

Inc

34

927

e

Ebix,

Inc

18

648

*

eGain

Corp

6

2,086

*

Elastic

NV

107

553

*

Enfusion,

Inc

5

742

*

EngageSmart,

Inc

13

1,657

*

Envestnet,

Inc

102

1,494

*

EPAM

Systems,

Inc

490

1,402

*

Euronet

Worldwide,

Inc

132

1,144

*

Everbridge,

Inc

34

918

*

EverCommerce,

Inc

7

1,923

EVERTEC,

Inc

62

1,204

*

Evo

Payments,

Inc

41

972

*

ExlService

Holdings,

Inc

165

657

*

Fair

Isaac

Corp

393

3,179

*

Fastly,

Inc

26

16,558

Fidelity

National

Information

Services,

Inc

1,123

16,036

*

Fiserv,

Inc

1,621

2,029

*

Five9,

Inc

138

1,978

*

FleetCor

Technologies,

Inc

363

1,731

*

Flywire

Corp

42

1,001

*

ForgeRock,

Inc

23

17,554

*

Fortinet,

Inc

858

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

49

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

2,114

*

Gartner,

Inc

$

711

5,012

Genpact

Ltd

232

7,500

Global

Payments,

Inc

745

1,180

*

Globant

S.A.

198

4,292

*

GoDaddy,

Inc

321

1,385

*

Grid

Dynamics

Holdings,

Inc

16

2,614

*

Guidewire

Software,

Inc

164

1,077

Hackett

Group,

Inc

22

1,283

*

HubSpot,

Inc

371

351

*

I3

Verticals,

Inc

9

845

*

Informatica,

Inc

14

559

*

Instructure

Holdings,

Inc

13

224

*

Intapp,

Inc

6

1,057

InterDigital,

Inc

52

24,832

International

Business

Machines

Corp

3,499

677

*

International

Money

Express

Inc

16

7,582

Intuit,

Inc

2,951

1,796

*

IronNet,

Inc

0

^

2,050

Jack

Henry

&

Associates,

Inc

360

1,710

*

Jamf

Holding

Corp

36

1,951

*

KnowBe4,

Inc

48

5,240

*

Kyndryl

Holdings,

Inc

58

3,363

*

Limelight

Networks,

Inc

4

2,024

*

Liveperson,

Inc

21

1,949

*

LiveRamp

Holdings,

Inc

46

1,818

*

Manhattan

Associates,

Inc

221

2,859

*

Marathon

Digital

Holdings,

Inc

10

11,987

*

Marqeta,

Inc

73

23,626

Mastercard,

Inc

(Class

A)

8,215

6,004

*

Matterport,

Inc

17

1,947

MAXIMUS,

Inc

143

423

*

MeridianLink,

Inc

6

207,271

Microsoft

Corp

49,708

235

*,e

MicroStrategy,

Inc

(Class

A)

33

1,253

*

Mitek

Systems,

Inc

12

844

*

Model

N,

Inc

34

2,446

*

MoneyGram

International,

Inc

27

1,823

*

MongoDB,

Inc

359

1,593

*

N-Able,

Inc

16

1,586

*

nCino

OpCo,

Inc

42

3,958

*

NCR

Corp

93

1,631

*

New

Relic,

Inc

92

15,719

NortonLifelock,

Inc

337

5,847

*

Nutanix,

Inc

152

4,097

*

Okta,

Inc

280

2,330

*

Olo,

Inc

15

678

*

ON24,

Inc

6

1,227

*

OneSpan,

Inc

14

42,294

Oracle

Corp

3,457

2,372

*

Pagerduty,

Inc

63

50,923

*

Palantir

Technologies,

Inc

327

8,157

*

Palo

Alto

Networks,

Inc

1,138

1,831

*

Paya

Holdings,

Inc

14

8,757

Paychex,

Inc

1,012

1,447

*

Paycom

Software,

Inc

449

1,163

*

Paycor

HCM,

Inc

28

1,125

*

Paylocity

Holding

Corp

219

5,249

*

Payoneer

Global,

Inc

29

31,709

*

PayPal

Holdings,

Inc

2,258

1,007

*,e

Paysafe

Ltd

14

1,232

Pegasystems,

Inc

42

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

50

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

814

*

Perficient,

Inc

$

57

568

PFSweb,

Inc

3

1,856

*

Procore

Technologies,

Inc

88

1,606

Progress

Software

Corp

81

1,099

*

PROS

Holdings,

Inc

27

2,773

*

PTC,

Inc

333

1,569

*

Q2

Holdings,

Inc

42

1,112

*

Qualys,

Inc

125

1,424

*

Rackspace

Technology,

Inc

4

1,695

*

Rapid7,

Inc

58

2,206

*

Remitly

Global,

Inc

25

2,014

*

Repay

Holdings

Corp

16

992

*

Rimini

Street,

Inc

4

2,462

*

RingCentral,

Inc

87

3,178

*,e

Riot

Blockchain,

Inc

11

2,865

Roper

Technologies,

Inc

1,238

10,188

*

Sabre

Corp

63

26,570

*

Salesforce,

Inc

3,523

766

Sapiens

International

Corp

NV

14

257

*

SecureWorks

Corp

2

4,923

*

SentinelOne,

Inc

72

5,550

*

ServiceNow,

Inc

2,155

1,262

*

Shift4

Payments,

Inc

71

356

*

ShotSpotter,

Inc

12

3,616

*

Smartsheet,

Inc

142

8,524

*

Snowflake,

Inc

1,224

1,484

*

SolarWinds

Corp

14

4,593

*

Splunk,

Inc

395

1,316

*

Sprout

Social,

Inc

74

1,093

*

SPS

Commerce,

Inc

140

907

*

Squarespace,

Inc

20

5,986

SS&C

Technologies

Holdings,

Inc

312

7,953

*

StoneCo

Ltd

75

2,378

*

Sumo

Logic,

Inc

19

3,818

*

SVMK,

Inc

27

4,195

*

Synopsys,

Inc

1,339

1,087

*

Telos

Corp

6

2,968

*

Tenable

Holdings,

Inc

113

2,794

*

Teradata

Corp

94

6,226

*

Toast,

Inc

112

11,978

*

Trade

Desk,

Inc

537

541

TTEC

Holdings,

Inc

24

349

*,e

Tucows,

Inc

12

2,008

*

Turing

Holding

Corp

20

4,865

*

Twilio,

Inc

238

1,105

*

Tyler

Technologies,

Inc

356

10,393

*

UiPath,

Inc

132

2,160

*

Unisys

Corp

11

6,804

*

Unity

Software,

Inc

195

660

*

Upland

Software,

Inc

5

1,211

*,e

UserTesting,

Inc

9

3,084

*

Varonis

Systems,

Inc

74

1,365

*

Verint

Systems,

Inc

50

2,578

*

VeriSign,

Inc

530

765

*

Veritone,

Inc

4

3,457

*

Verra

Mobility

Corp

48

305

*

Viant

Technology,

Inc

1

45,531

Visa,

Inc

(Class

A)

9,460

5,803

*

VMware,

Inc

(Class

A)

712

11,536

Western

Union

Co

159

1,301

*

WEX,

Inc

213

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

51

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,594

*

Wix.com

Ltd

$

122

1,720

*

WM

Technology,

Inc

2

5,472

*

Workday,

Inc

916

1,379

*

Workiva,

Inc

116

2,990

*

Yext,

Inc

20

2,910

*

Zeta

Global

Holdings

Corp

24

7,092

*

Zoom

Video

Communications,

Inc

480

2,300

*

Zscaler,

Inc

257

2,992

*

Zuora

Inc

19

TOTAL

SOFTWARE

&

SERVICES

135,309

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6.9%

3,738

*

3D

Systems

Corp

28

521

*

908

Devices,

Inc

4

1,592

ADTRAN

Holdings,

Inc

30

1,075

Advanced

Energy

Industries,

Inc

92

1,335

*

Aeva

Technologies,

Inc

2

899

*,e

Akoustis

Technologies,

Inc

3

15,982

Amphenol

Corp

(Class

A)

1,217

416,542

d

Apple,

Inc

54,121

6,772

*

Arista

Networks,

Inc

822

2,522

*

Arlo

Technologies,

Inc

9

1,580

*

Arrow

Electronics,

Inc

165

223

*

Aviat

Networks,

Inc

7

1,182

*

Avid

Technology,

Inc

31

2,923

Avnet,

Inc

122

997

Badger

Meter,

Inc

109

1,442

Belden

CDT,

Inc

104

1,361

Benchmark

Electronics,

Inc

36

1,720

*

Calix,

Inc

118

235

*

Cambium

Networks

Corp

5

176

*

Casa

Systems,

Inc

0

^

3,605

CDW

Corp

644

4,195

*

Ciena

Corp

214

114,426

Cisco

Systems,

Inc

5,451

365

*

Clearfield,

Inc

34

4,963

Cognex

Corp

234

6,058

*

CommScope

Holding

Co,

Inc

45

784

Comtech

Telecommunications

Corp

10

20,116

Corning,

Inc

642

716

*

Corsair

Gaming,

Inc

10

1,256

CTS

Corp

49

6,695

Dell

Technologies,

Inc

269

759

*

Digi

International,

Inc

28

369

*

DZS,

Inc

5

1,285

*,e

Eastman

Kodak

Co

4

863

*

ePlus,

Inc

38

2,211

*

Evolv

Technologies

Holdings,

Inc

6

4,038

*

Extreme

Networks,

Inc

74

1,540

*

F5

Networks,

Inc

221

1,106

*

Fabrinet

142

655

*

FARO

Technologies,

Inc

19

428

*

Focus

Universal,

Inc

3

3,142

*

Harmonic,

Inc

41

35,905

Hewlett

Packard

Enterprise

Co

573

27,946

HP,

Inc

751

447

*

Identiv,

Inc

3

5,792

*,e

Infinera

Corp

39

2,359

*,e

Inseego

Corp

2

967

*

Insight

Enterprises,

Inc

97

3,256

*,e

IonQ,

Inc

11

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

52

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,022

*

IPG

Photonics

Corp

$

97

1,329

*

Itron,

Inc

67

3,565

Jabil

Inc

243

8,971

Juniper

Networks,

Inc

287

4,963

*

Keysight

Technologies,

Inc

849

1,038

*

Kimball

Electronics,

Inc

23

3,025

*

Knowles

Corp

50

3,049

*,e

Lightwave

Logic,

Inc

13

741

Littelfuse,

Inc

163

1,893

*

Lumentum

Holdings,

Inc

99

1,398

Methode

Electronics,

Inc

62

4,688

*

Microvision,

Inc

11

3,110

*,e

Mirion

Technologies,

Inc

21

4,445

Motorola

Solutions,

Inc

1,146

856

*

Napco

Security

Technologies,

Inc

24

4,043

National

Instruments

Corp

149

5,900

NetApp,

Inc

354

962

*

Netgear,

Inc

17

2,211

*

Netscout

Systems,

Inc

72

1,072

*

nLight,

Inc

11

1,083

*

Novanta,

Inc

147

810

*,e

Ondas

Holdings,

Inc

1

673

*

OSI

Systems,

Inc

54

3,455

*,e

Ouster,

Inc

3

675

*,e

PAR

Technology

Corp

18

430

PC

Connection,

Inc

20

884

*

Plexus

Corp

91

7,668

*

Pure

Storage,

Inc

205

2,205

*

Ribbon

Communications,

Inc

6

512

*

Rogers

Corp

61

1,891

*

Sanmina

Corp

108

958

*

Scansource,

Inc

28

3,094

*

SmartRent,

Inc

8

1,358

*

Super

Micro

Computer,

Inc

111

1,240

SYNNEX

Corp

117

1,275

*

Teledyne

Technologies,

Inc

510

6,706

*

Trimble

Inc

339

3,576

*

TTM

Technologies,

Inc

54

379

*

Turtle

Beach

Corp

3

180

e

Ubiquiti,

Inc

49

1,943

*

Velodyne

Lidar,

Inc

1

1,951

*

Viasat,

Inc

62

7,253

*

Viavi

Solutions,

Inc

76

3,447

Vishay

Intertechnology,

Inc

74

398

*

Vishay

Precision

Group,

Inc

15

4,816

Vontier

Corp

93

8,745

*

Western

Digital

Corp

276

2,578

Xerox

Holdings

Corp

38

1,061

*

Xperi,

Inc

9

1,393

*

Zebra

Technologies

Corp

(Class

A)

357

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

73,376

TELECOMMUNICATION

SERVICES

-

1.1%

410

*

Anterix,

Inc

13

197,470

AT&T,

Inc

3,635

373

ATN

International,

Inc

17

669

*

Bandwidth

Inc

15

1,393

*

Charge

Enterprises,

Inc

2

1,375

Cogent

Communications

Group,

Inc

79

2,586

*

Consolidated

Communications

Holdings,

Inc

9

3,807

DigitalBridge

Group,

Inc

42

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

53

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,375

*

EchoStar

Corp

(Class

A)

$

23

6,554

*

Frontier

Communications

Parent,

Inc

167

18,045

*

Globalstar,

Inc

24

1,217

*

Gogo,

Inc

18

521

*

IDT

Corp

(Class

B)

15

3,657

*

Iridium

Communications,

Inc

188

1,581

*

Liberty

Latin

America

Ltd

(Class

A)

12

5,022

*

Liberty

Latin

America

Ltd

(Class

C)

38

28,983

Lumen

Technologies,

Inc

151

661

*

Ooma,

Inc

9

1,833

*

Radius

Global

Infrastructure,

Inc

22

1,561

Shenandoah

Telecom

Co

25

2,915

Telephone

&

Data

Systems,

Inc

31

16,517

*

T-Mobile

US,

Inc

2,312

444

*

US

Cellular

Corp

9

116,078

Verizon

Communications,

Inc

4,573

TOTAL

TELECOMMUNICATION

SERVICES

11,429

TRANSPORTATION

-

1.8%

2,138

*

Air

Transport

Services

Group,

Inc

56

3,317

*

Alaska

Air

Group,

Inc

142

393

*

Allegiant

Travel

Co

27

1,845

AMERCO

101

205

Amerco,

Inc

12

16,875

*

American

Airlines

Group,

Inc

215

719

ArcBest

Corp

50

597

*

Atlas

Air

Worldwide

Holdings,

Inc

60

713

*

Avis

Budget

Group,

Inc

117

1,241

*

Blade

Air

Mobility,

Inc

4

3,387

CH

Robinson

Worldwide,

Inc

310

693

*

Copa

Holdings

S.A.

(Class

A)

58

1,032

Costamare,

Inc

10

452

Covenant

Transportation

Group,

Inc

16

58,677

CSX

Corp

1,818

763

*

Daseke,

Inc

4

17,823

*

Delta

Air

Lines,

Inc

586

393

Eagle

Bulk

Shipping,

Inc

20

4,468

Expeditors

International

of

Washington,

Inc

464

6,624

FedEx

Corp

1,147

902

Forward

Air

Corp

95

349

*

Frontier

Group

Holdings,

Inc

4

791

Genco

Shipping

&

Trading

Ltd

12

3,539

Golden

Ocean

Group

Ltd

31

2,887

*

GXO

Logistics,

Inc

123

1,825

*

Hawaiian

Holdings,

Inc

19

1,188

Heartland

Express,

Inc

18

4,548

*

Hertz

Global

Holdings,

Inc

70

1,111

*

Hub

Group,

Inc

(Class

A)

88

2,263

JB

Hunt

Transport

Services,

Inc

395

5,116

*

JetBlue

Airways

Corp

33

7,073

*,e

Joby

Aviation,

Inc

24

1,943

*

Kirby

Corp

125

4,439

Knight-Swift

Transportation

Holdings,

Inc

233

990

Landstar

System,

Inc

161

8,428

*

Lyft,

Inc

(Class

A)

93

2,242

Marten

Transport

Ltd

44

1,000

Matson,

Inc

63

6,485

Norfolk

Southern

Corp

1,598

2,727

Old

Dominion

Freight

Line

774

1,449

*

Radiant

Logistics,

Inc

7

2,690

*

RXO,

Inc

46

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

54

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

1,259

Ryder

System,

Inc

$

105

1,798

Safe

Bulkers,

Inc

5

741

*

Saia,

Inc

155

1,714

Schneider

National,

Inc

40

1,416

*

Skywest,

Inc

23

17,192

*

Southwest

Airlines

Co

579

3,099

Spirit

Airlines,

Inc

60

295

*

Sun

Country

Airlines

Holdings,

Inc

5

3,773

*

TuSimple

Holdings,

Inc

6

52,142

*

Uber

Technologies,

Inc

1,289

17,137

Union

Pacific

Corp

3,549

8,627

*

United

Airlines

Holdings

Inc

325

20,224

United

Parcel

Service,

Inc

(Class

B)

3,516

200

Universal

Logistics

Holdings

Inc

7

1,875

Werner

Enterprises,

Inc

76

4,164

*

Wheels

Up

Experience,

Inc

4

2,690

*

XPO

Logistics,

Inc

90

TOTAL

TRANSPORTATION

19,107

UTILITIES

-

3.0%

18,450

AES

Corp

531

1,489

Allete,

Inc

96

7,056

Alliant

Energy

Corp

390

925

*

Altus

Power,

Inc

6

7,109

Ameren

Corp

632

14,600

American

Electric

Power

Co,

Inc

1,386

773

American

States

Water

Co

72

5,050

American

Water

Works

Co,

Inc

770

366

Artesian

Resources

Corp

21

3,550

Atmos

Energy

Corp

398

2,225

e

Avangrid,

Inc

96

1,516

Avista

Corp

67

1,598

Black

Hills

Corp

112

2,657

Brookfield

Infrastructure

Corp

103

3,901

Brookfield

Renewable

Corp

107

1,070

California

Water

Service

Group

65

16,876

Centerpoint

Energy,

Inc

506

640

Chesapeake

Utilities

Corp

76

1,290

Clearway

Energy,

Inc

(Class

A)

39

2,243

Clearway

Energy,

Inc

(Class

C)

71

8,112

CMS

Energy

Corp

514

10,001

Consolidated

Edison,

Inc

953

8,858

Constellation

Energy

Corp

764

22,932

Dominion

Energy,

Inc

1,406

5,120

DTE

Energy

Co

602

21,435

Duke

Energy

Corp

2,208

10,947

Edison

International

696

5,749

Entergy

Corp

647

6,227

Essential

Utilities

Inc

297

5,918

Evergy,

Inc

372

9,766

Eversource

Energy

819

28,246

Exelon

Corp

1,221

15,230

FirstEnergy

Corp

639

349

Global

Water

Resources,

Inc

5

2,788

Hawaiian

Electric

Industries,

Inc

117

1,138

Idacorp,

Inc

123

899

MGE

Energy,

Inc

63

644

Middlesex

Water

Co

51

1,899

*,e

Montauk

Renewables,

Inc

21

2,063

National

Fuel

Gas

Co

131

2,338

New

Jersey

Resources

Corp

116

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

55

TIAA

Separate

Account

VA-1

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000)

54,887

NextEra

Energy,

Inc

$

4,589

11,482

NiSource,

Inc

315

1,124

Northwest

Natural

Holding

Co

53

1,255

NorthWestern

Corp

74

6,138

NRG

Energy,

Inc

195

5,229

OGE

Energy

Corp

207

1,679

ONE

Gas,

Inc

127

1,235

e

Ormat

Technologies,

Inc

107

920

Otter

Tail

Corp

54

45,257

*,b

PG&E

Corp

736

2,918

Pinnacle

West

Capital

Corp

222

1,917

PNM

Resources,

Inc

94

2,243

Portland

General

Electric

Co

110

20,646

PPL

Corp

603

13,633

Public

Service

Enterprise

Group,

Inc

835

626

*

Pure

Cycle

Corp

7

8,671

Sempra

Energy

1,340

678

SJW

Corp

55

3,214

South

Jersey

Industries,

Inc

114

29,892

Southern

Co

2,135

1,744

Southwest

Gas

Holdings

Inc

108

1,343

Spire,

Inc

92

2,817

*,e

Sunnova

Energy

International,

Inc

51

5,691

UGI

Corp

211

534

Unitil

Corp

27

1,417

Via

Renewables,

Inc

7

11,265

Vistra

Energy

Corp

261

8,890

WEC

Energy

Group,

Inc

833

14,923

Xcel

Energy,

Inc

1,046

490

York

Water

Co

22

TOTAL

UTILITIES

31,939

TOTAL

COMMON

STOCKS

1,044,796

(Cost

$376,820)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

478

†

Chinook

Therapeutics,

Inc

0

390

†

Tobira

Therapeutics,

Inc

0

^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0

^

TOTAL

RIGHTS/WARRANTS

0

^

(Cost

$0)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.6%

GOVERNMENT

AGENCY

DEBT

-

1.2%

$

10,304,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/06/23

10,300

2,469,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.000

01/03/23

2,469

TOTAL

GOVERNMENT

AGENCY

DEBT

12,769

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

56

2022

Annual

Report

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

concluded

Cost

amounts

are

in

thousands.

SHARES

COMPANY

RATE

VALUE

(000)

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.4%

3,856,931

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

%

$

3,857

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

3,857

TOTAL

SHORT-TERM

INVESTMENTS

16,626

(Cost

$16,624)

TOTAL

INVESTMENTS

-

100.4%

1,061,422

(Cost

$393,444)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

4,704

)

NET

ASSETS

-

100.0%

$1,056,718

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

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

aggregate

value

of

securities

on

loan

is

$4,493,780.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

59‌

03/17/23

 $

11,703‌

$

11,390‌

$

(

313‌

)

57

TIAA

Separate

Account

VA-1

2022

Annual

Report

TIAA

Separate

Account

VA-1

December

31,

2022

Statement

of

assets

and

liabilities

See

notes

to

financial

statements

(amounts

in

thousands,

except

accumulation

unit

value)

24.1

Stock

Index

Account

ASSETS

Portfolio

investments,

at

value*†

$

1,061,422‌

Cash

281‌

Dividends

and

interest

receivable

986‌

Other

143‌

Total

assets

1,062,832‌

LIABILITIES

Investment

management

fees

payable

9‌

Service

agreement

fees

payable

12‌

Payable

for

collateral

for

securities

loaned

3,857‌

Due

to

affiliates

1,789‌

Payable

for

variation

margin

on

futures

contracts

313‌

Payable

for

trustee

compensation

111‌

Other

23‌

Total

liabilities

6,114‌

NET

ASSETS

Accumulation

Fund

$

1,056,718‌

Accumulation

units

outstanding

3,520‌

Accumulation

unit

value

$

300.173‌

*

Includes

securities

loaned

of

$

4,494‌

†

Portfolio

investments;

at

cost

$

393,444‌

58

2022

Annual

Report

TIAA

Separate

Account

VA-1

TIAA

Separate

Account

VA-1

For

the

year

ended

December

31,

2022

Statement

of

operations

See

notes

to

financial

statements

(amounts

in

thousands)

24.1

Stock

In

dex

Account

INVESTMENT

INCOME

Dividends:

Unaffiliated

issuers*

$

17,932‌

Income

from

securities

lending,

net

154‌

Interest

139‌

Total

income

18,225‌

EXPENSES

Investment

advisory

3,504‌

Administrative

services

2,336‌

Mortality

and

expense

risk

charges

4,672‌

Total

expenses

10,512‌

Less:

Expense

waiver

by

investment

adviser

(1,752‌)

Net

expenses

8,760‌

Net

investment

income

(loss)

9,465‌

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

ON

TOTAL

INVESTMENTS

Realized

gain

(loss):

Portfolio

investments

67,929‌

Futures

contracts

(2,436‌)

Net

realized

gain

(loss)

on

total

investments

65,493‌

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

(347,484‌)

Futures

contracts

(406‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(347,890‌)

Net

realized

and

unrealized

gain

(loss)

on

total

investments

(282,397‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(272,932‌)

*  

Net

of

foreign

withholding

taxes

of

unaffiliated

issuers

$

4‌

59

TIAA

Separate

Account

VA-1

2022

Annual

Report

TIAA

Separate

Account

VA-1

For

the

year

ended

Statements

of

changes

in

net

assets

See

notes

to

financial

statements

24.1

Stock

Index

Account

(amounts

in

thousands)

December

31,

20

22

December

31,

2021

OPERATIONS

Net

investment

income

(loss)

$

9,465‌

$

7,266‌

Net

realized

gain

(loss)

on

total

investments

65,493‌

93,250‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(347,890‌)

191,448‌

Net

increase

(decrease)

in

net

assets

from

operations

(272,932‌)

291,964‌

FROM

CONTRACTOWNER

TRANSACTIONS

Premiums

18,108‌

16,900‌

Withdrawals

and

death

benefits

(99,299‌)

(111,583‌)

Net

increase

(decrease)

from

contractowner

transactions

(81,191‌)

(94,683‌)

Net

increase

(decrease)

in

net

assets

(354,123‌)

197,281‌

NET

ASSETS

Beginning

of

period

1,410,841‌

1,213,560‌

End

of

period

$

1,056,718‌

$

1,410,841‌

ACCUMULATION

UNITS

Units

purchased

56‌

51‌

Units

sold

/

transferred

(310‌)

(328‌)

Outstanding:

Beginning

of

period

3,774‌

4,051‌

End

of

period

3,520‌

3,774‌

Financial

highlights

TIAA

Separate

Account

VA-1

See

notes

to

financial

statements

60

2022

Annual

Report

TIAA

Separate

Account

VA-1

Selected

per

accumulation

unit

data

Gain

(loss)

from

investment

operations

For

the

period

or

year

ended

Investment

income

a

Expenses

a

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

Accumulation

unit

value

end

of

period

24.1

STOCK

INDEX

ACCOUNT

12/31/22

$

5.003‌

$

2.405‌

$

2.598‌

$

(76.219‌)

$

(73.621‌)

$

373.790‌

$

300.173‌

12/31/21

4.405‌

2.549‌

1.856‌

72.394‌

74.250‌

299.540‌

373.790‌

12/31/20

4.350‌

1.873‌

2.477‌

47.363‌

49.840‌

249.700‌

299.540‌

12/31/19

4.722‌

1.684‌

3.038‌

54.564‌

57.602‌

192.098‌

249.700‌

12/31/18

4.501‌

1.580‌

2.921‌

(14.924‌)

(12.003‌)

204.101‌

192.098‌

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

See

notes

to

financial

statements

61

TIAA

Separate

Account

VA-1

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

b

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)

(19.70‌)

%

0.90‌

%

0.75‌

%

0.81‌

%

2‌

%

4

  $

1,057‌

24.79‌

0.90‌

0.75‌

0.55‌

3‌

4

1,411‌

19.96‌

0.90‌

0.75‌

0.99‌

3‌

4

1,214‌

29.99‌

0.90‌

0.75‌

1.35‌

2‌

4

1,104‌

(5.88‌)

0.90‌

0.75‌

1.39‌

3‌

5

922‌

TIAA

Separate

Account

VA-1

62

2022

Annual

Report

TIAA

Separate

Account

VA-1

Notes

to

financial

statements

Note

1—organization

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

("SEC")

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”).

Note

2—significant

accounting

policies

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.

Investments

and

investment

income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

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.

Securities

lending

income

is

made

up

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The Account

estimates

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Foreign

currency

transactions

and

translation:

The

books

and

records

of

the

Account is

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Account and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

on

total

investments”

on

the

Statement

of

operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Net

change

in

unrealized

appreciation

(depreciation)

of

investments”

on

the

Statement

of

operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments”

on

the

Statement

of

operations,

when

applicable.

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.

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.

An

Accounts'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Accounts

that

have

not

yet

occurred.

Also,

under

the

Accounts'

organizational

documents,

the

trustees

and

officers

of

the

Accounts

are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Accounts.

However,

based

on

experience,

the

Account

expect

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

63

TIAA

Separate

Account

VA-1

2022

Annual

Report

continued

New

accounting

pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Account's

financial

statements.

New

rule

issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations. The

Account

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Account.

Note

3—valuation

of

investments

The Account’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

Teachers

Advisors,

subject

to

the

review

and

oversight

of

the

Committee.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Account's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Debt

securities:

Prices

of

fixed-income

securities

are

provided

by

independent

pricing

services

(“pricing

services”)

approved

by

the

Adviser,

which

is

subject

to

review and

oversight

of

the Committee.

Pricing

services establish

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Exchange-traded

equity

securities,

common

and

preferred

stock:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

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

Adviser,

subject

to

the

oversight

of

the

Committee.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Investments

in

registered

investment

companies:

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Notes

to

financial

statements

64

2022

Annual

Report

TIAA

Separate

Account

VA-1

continued

Futures

contracts:

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price and

are

generally

classified

as

Level

1.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Committee.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

the

market

value

of

the Account’s

investments

as

of

December

31,

2022,

based

on

the

inputs

used

to

value

them

(dollar

amounts

are

in

thousands): 

Note

4—investments

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,

as

amended.

The

risk

of

investing

in

such

securities

is

generally

greater

than

the

risk

of

investing

in

securities

that

are

widely

held

and

publicly

traded.

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.

Non-cash

collateral

is

not

disclosed

in

the

Account’s Statement

of

assets

and

liabilities

as

it

is

held

by

the

Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party"

custodian

on

behalf

of

the

Account,

and

the

Account does

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

December

31,

2022,

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.

At

December

31,

2022,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows

(dollar

amounts

are

in

thousands):

Zero

coupon

securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Account

Level

1

Level

2

Level

3

Total

Stock

Index

Common

stocks

$1,044,786

$—

$10

$1,044,796

Short-term

investments

3,857

12,769

—

16,626

Futures

contracts*

(313)

—

—

(313)

Total

$1,048,330

$12,769

$10

$1,061,109

*

Derivative

instruments

are

not

reflected

in

the

market

value

of

portfolio

investments.

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Cash

collateral

received*

Non-cash

collateral

received

Total

collateral

received

24.1

Stock

Index

$

4,494

$

3,857

$

787

$

4,644

*May

include

cash

and

investment

of

cash

collateral

65

TIAA

Separate

Account

VA-1

2022

Annual

Report

continued

Purchases

and

sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments) for

the Account for

the year

ended

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

Note

5—derivative

investments

The Account is

authorized

to

invest

in

certain

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.

At

December

31,

2022,

the Account

has

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

assets

and

liabilities

as

follows

(dollar

amounts

are

in

thousands):

For

the year

ended

December

31,

2022,

the

effect

of

derivative

contracts

on

the Account's

Statement

of

operations

was

as

follows

(dollar

amounts

are

in

thousands):

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.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Account

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

assets

and

liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin” which are

recognized

on

the

Statement

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows

(dollar

amounts

are

in

thousands): 

Account

Non-U.S.

government

purchases

Non-U.S.

government

sales

24.1

Stock

Index

$

25,544

$

104,234

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Index

Account

Futures

contracts

Equity

-

$

–

Unrealized

depreciation

on

futures

contracts

*

$

(313)

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Account's

Portfolio

of

investments.

The

Statements

of

assets

and

liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

24.1

Stock

Index

Account

Futures

contracts

Equity

$

(2,436)

$

(406)

Account

Average

notional

amount

of

futures

contracts

outstanding*

24.1

Stock

Index

$

8,286

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Notes

to

financial

statements

66

2022

Annual

Report

TIAA

Separate

Account

VA-1

continued

Note

6—Income

Tax

Information

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,

as

a

component

of

the

TIAA

tax

return,

a

U.S.

Federal

income

tax

return.

The

Account

also

files

income

tax

returns

in

applicable

state

and

local

jurisdictions.

The

Account’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Account’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Account’s

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows

(dollar

amounts

are

in

thousands):

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

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

Note

7—investment

adviser

and

other

transactions

with

affiliates

The

Adviser,

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,

Advisers

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.

The

Adviser

has

agreed

to

voluntarily

waive

a

portion

of

such

fee,

so

that

the

daily

deduction

is

equivalent

to

an

annual

charge

of

0.15%

of

the

average

daily

net

assets

of

the

Account.

The

Administrative

Services

Agreement

sets

the

administrative

expense

charge

at

an

annual

rate

of

0.20%

of

the

average

daily

net

assets

of

the

Account.

TIAA

also

imposes

a

daily

charge

for

bearing

certain

mortality

and

expense

risks

in

connection

with

the

contracts,

equivalent

to

an

annual

rate

of

0.40%

of

the

average

daily

net

assets

of

the

Account.

Although

TIAA

reserves

the

right

to

increase

the

Account’s

mortality

and

expense

risk

charge

to

a

maximum

of

1.00%

per

year,

the

total

expense

ratio

will

never

exceed

1.50%

per

year.

TIAA

pays

death

benefits

to

beneficiaries

when

an

annuitant

dies

during

the

accumulation

period

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

year

ended

December

31,

2022,

these

transactions

did

not

materially

impact

the

Account.

Note

8—inter-fund

lending

program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Account

may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Account

to

lend

cash

to

and/or

borrow

cash

from

certain affiliated

registered

investment

companies

for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

the Account

may

not

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

the

Account

may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Account’s

investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During

the year

ended December

31,

2022,

there

were

no

inter-fund

borrowing

or

lending

transactions.

Account

Tax

cost

Gross

unrealized

appreciation

Gross

unrealized

(depreciation)

Net

unrealized

appreciation

(depreciation)

Stock

Index

$

393,131

$

714,336

$

(46,358)

$

667,978

67

TIAA

Separate

Account

VA-1

2022

Annual

Report

concluded

Note

9—line

of

credit

The Account

participates

in

a

$1

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

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous facility,

which

expired

June

2022.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, 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 year

ended

December

31,

2022,

there

were

no

borrowings

under

this

credit

facility

by

the

Account.

Report

of

independent

registered

public

accounting

firm

68

2022

Annual

Report

TIAA

Separate

Account

VA-1

To

the

Management

Committee

and

Contract

Owners

of

the

Stock

Index

Account

of

TIAA

Separate

Account

VA-1

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Stock

Index

Account

of

TIAA

Separate

Account

VA-1

(the

"Account")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Account

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Account’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Account’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Account

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

February

27,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

69

TIAA

Separate

Account

VA-1

2022

Annual

Report

Additional

account

information

Portfolio

holdings

The

complete

portfolio

of

investments

for

the

TIAA

Separate

Account

VA-1

begins

on

page

9

of

this

report.

You

can

obtain

a

complete

list

of

the

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,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA

Separate

Account

VA-1’s

portfolio

holdings

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-PORT

filings.

Form

N-CSR

filings

are

as

of

December

31

or

June

30;

Form

N-PORT

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

can

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

under

Get

Help

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-today

investment

management

of

the

Account.

TIAA

Separate

Account

VA-1

December

31,

2022

Trustees

and

officers

(unaudited)

70

2022

Annual

Report

TIAA

Separate

Account

VA-1

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

Account

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

manager

Othe

r

directorship(s)

and

positions

held

by

trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Manager

Indefinite

term.

Manager

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

88

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Manager

Indefinite

term.

Manager

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Manager

Indefinite

term.

Manager

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Manager

Indefinite

term.

Manager

since

2018.

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

88

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Manager

Indefinite

term.  Manager

since

2007.

Vice

President

(1990-2006),

American

Beacon

Advisors,

Inc.,

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

88

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.,

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A.

Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:   1967

Manager

Indefinite

term.  Manager

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E.

Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Manager

Indefinite

term.

Manager

since

2005.

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–

2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

88

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Manager

Indefinite

term.

Manager

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–

present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–

2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Audit

Committee

Member,

Strada

Education

Network.

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Management

Committee

and

Manager

Indefinite

term.

Manager

since

2011.

Chairman

for

term

ending

June

30,

2023.

Chairman

since

September

13,

2017.

Advisory

Director

(2010–2011),

Partner

(2004–

2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management.

88

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare;

Member,

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council.

71

TIAA

Separate

Account

VA-1

2022

Annual

Report

continued

Officers

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Manager

Indefinite

term.

Manager

since

2006.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

88

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Manager

Indefinite

term.

Manager

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

Account

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Richard

S.

Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

“TIAA-CREF

Fund

Complex”).

Derek

B.

Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020.

Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

President

and

Chief

Executive

Officer

One-year

term.

President

and

Chief

Executive

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G.

Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020.

Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

Micky

Onvural

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1974

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Marketing

and

Communications

Officer

of

TIAA.

Executive

Vice

President

of

CREF

and

TIAA

Separate

Account

VA-1.

Prior

to

joining

TIAA,

Ms.

Onvural

served

as

Chief

Executive

Officer

for

Bonobos.

Trustees

and

officers

(unaudited)

TIAA

Separate

Account

VA-1

December

31,

2022

72

2022

Annual

Report

TIAA

Separate

Account

VA-1

concluded

Please

note

that

the

Funds’

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

Funds’

trustees

and

is

available,

without

charge,

through

our

website,

tiaa.org,

or

by

calling

800

223-1200.

E.

Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

Sean

N.

Woodroffe

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.  Prior

to

joining

TIAA,

Mr.

Woodroffe

served

as

Chief

People

Officer

at

National

Life

Group.

How

to

reach

us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

TIAA

website

Account

performance,

personal

account

information

and

transactions,

product

descriptions,

and

information

about

investment

choices

and

income

options

TIAA.org

Automated

telephone

service

Check

account

performance

and

accumulation

balances,

change

allocations,

transfer

funds

and

verify

credited

premiums

800-842-2252

24

hours

a

day,

7

days

a

week

National

Contact

Center

Retirement

saving

and

planning,

income

options

and

payments,

beneficiary

services,

and

tax

reporting

800-842-2252

8

a.m.

to

10

p.m.

(ET),

Monday–Friday

Insurance

planning

center

After-tax

annuities

and

life

insurance

For

an

existing

policy

or

contract

800-223-1200

To

apply

for

a

new

policy

or

contract

877-825-0411

8

a.m.

to

8

p.m.

(ET),

Monday–Friday

For

the

hearing-

or

speech-impaired

800-842-2755

8

a.m.

to

10

p.m.

(ET),

Monday–Friday

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

800-223-1200.

Please

read

the

prospectus

carefully

before

investing.

Investment,

insurance

and

annuity

products

are

not

Federal

Deposit

Insurance

Corporation

(FDIC)

insured,

are

not

bank

guaranteed,

are

not

bank

deposits,

are

not

insured

by

any

federal

government

agency,

are

not

a

condition

to

any

banking

service

or

activity,

and

may

lose

value.

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

member

FINRA,

distributes

securities

products.

TIAA

Separate

Account

VA-1

is

issued

by

Teachers

Insurance

and

Annuity

Association

of

American

(TIAA),

New

York,

NY.

Each

of

the

foregoing

is

solely

responsible

for

its

own

financial

condition

and

contractual

obligations.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

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

own

objectives

and

circumstances.

2648158

We’re

fond

of

paper...in

its

original

form.

Switch

to

eDelivery

at

TIAA.org/eDelivery

or

check

with

your

financial

advisor

or

brokerage

account

for

eDelivery

options

A10845

(2/23)

Item 2. Code of Conduct.

2(a)    The Management Committee of TIAA Separate Account VA-1 (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b)    No response required.

2(c)    During the reporting period, there were no amendments to the code of conduct.

2(d)    During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

2(e)    Not applicable.

2(f)    The Registrant has posted the code of conduct on its website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Management Committee has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Thomas J. Kenny is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2021 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2021 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2021 Form N-CSR.

4(a)    Audit Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $72,266 and $55,375, respectively.

4(b)    Audit Related Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c)    Tax Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d)    All Other Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for all other services billed to the Registrant were $233 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f)    The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g)    Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2022 and December 31, 2021, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,010,340 and $1,067,853, respectively.

4(h)    The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no amendments during the period covered by this report.

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

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

13(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.

Dated: February 27, 2023	TIAA SEPARATE ACCOUNT VA-1
	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer

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

Dated: February 27, 2023	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer (principal executive officer)
Dated: February 27, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)