UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number    File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA SEPARATE ACCOUNT VA-1

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

Item 1. Reports to Stockholders.

        

         Semiannual Report ◾ June 30, 2019

    TIAA Separate Account VA-1

         The semiannual report contains the financial statements (unaudited).

Stock Index Account

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA Separate Account VA-1’s (the “Separate Account”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive these reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive reports and other communications from the Separate Account electronically anytime by updating your account settings at TIAA.org/eDelivery.

You may elect to receive all future reports in paper free of charge. To do so, you can update your account settings at TIAA.org/eDelivery or call 800-223-1200 during regular business hours to let the Separate Account know you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all funds held with the Separate Account and any other investment companies within the same group of related investment companies.

Contents

Understanding this report	3
Information for contractowners	4
Important information about expenses	5
About the account’s benchmark	6
Account performance
Stock Index Account	7
Summary portfolio of investments	10
Financial statements (unaudited)
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	18
Notes to financial statements	20
Approval of investment management agreement	28
How to reach us	Inside back cover

Understanding this report

This semiannual report contains information about the TIAA Separate Account VA-1 of Teachers Insurance and Annuity Association of America (TIAA) and made available through TIAA’s Teachers Personal Annuity variable annuity contract, and describes the Separate Account’s results for the six months ended June 30, 2019. 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 summary portfolio of investments lists the industries and types of securities in which the Separate Account had investments as of June 30, 2019.

• 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.

TIAA Separate Account VA-1 ◾ 2019 Semiannual Report    3

Information for contractowners

Portfolio holdings

The summary portfolio of investments for the TIAA Separate Account VA-1 begins on page 10 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 or Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:

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

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

Call 202-551-8090 for more information.

Proxy voting

The TIAA Separate Account VA-1’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You 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 at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-223-1200.

Account management

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

4    2019 Semiannual Report ◾ TIAA Separate Account VA-1

Important information about expenses

All contractowners in the TIAA Separate Account VA-1 incur ongoing costs, including management fees and other Account expenses.

The TIAA Separate Account VA-1 is the underlying investment vehicle for Teachers Personal Annuity contracts issued by Teachers Insurance and Annuity Association of America. Premium taxes may apply to certain contracts. Because of this additional charge, the cost to investors may be higher than the figures shown in the expense example. Information about this additional charge can be found in the prospectus.

The expense example that appears in this report is intended to help you understand your ongoing costs 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 (January 1, 2019–June 30, 2019).

Actual expenses

The first line in the table uses the Account’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period.

Hypothetical example for comparison purposes

The second line in the table shows hypothetical Account values and expenses based on the Account’s actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Account’s actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Account with the costs of other accounts. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other variable annuity accounts and mutual funds.

TIAA Separate Account VA-1 ◾ 2019 Semiannual Report    5

Important information about expenses

Expense example

Six months ended June 30, 2019

Stock Index Account	Beginning  account value  (1/1/19)		Ending  account value  (6/30/19)		Expenses paid  during period* (1/1/19–6/30/19)
Actual return		$1,000.00		$1,182.14		$4.06
5% annual hypothetical return		1,000.00		1,021.08		3.76

* “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratio for that period was 0.75%. The total annual expense ratio reflects a voluntary agreement by the Account’s investment adviser to waive a portion of its fee. Without such waiver, the Account’s total annual expense ratio would have been 0.90%. Although TIAA reserves the right to increase the Account’s mortality and expense risk charge to a maximum of 1.00% of average daily net assets per year, the total annual expense ratio will never exceed 1.50%.

About the account’s benchmark

The Account’s benchmark is the Russell 3000^® Index, which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Account’s latest prospectus.

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

6    2019 Semiannual Report ◾ TIAA Separate Account VA-1

Stock Index Account

Performance for the six months ended June 30, 2019

The Stock Index Account returned 18.21% for the period, compared with the 18.71% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2019, the Account returned 8.19%, versus 8.98% for the index.

For the six-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 continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The performance of the broad U.S. stock market, as measured by the Russell 3000 Index, was positive across investment styles and capitalization sizes. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark to a double-digit gain

All eleven sectors in the benchmark delivered positive performance for the six months. Information technology (up 27.6%)—the largest sector in the benchmark—and financials (up 17.2%) contributed most to the index’s return. Industrials (up 22.1%) and consumer discretionary (up 19.8%) also made strong contributions. Together, these four sectors represented more than one-half of the index’s total market capitalization on June 30, 2019. Consumer staples, real estate, energy, materials and utilities advanced but had less of an impact on returns due to their smaller weightings. Health care (up 9.8%) had the lowest return.

For the six-month period, four of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Facebook performed best with a sizable double-digit gain, followed by Microsoft. Apple was next, rising on strong revenue growth. Amazon.com also posted an impressive double-digit return. Alphabet, the parent company of Google, lagged amid slower advertising growth.

TIAA Separate Account VA-1 ◾ 2019 Semiannual Report    7

Stock Index Account

Performance as of June 30, 2019

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Stock Index Account		11/1/94		18.21	%		8.19	%		9.41	%		13.85	%
Russell 3000® Index		—		18.71			8.98			10.19			14.67

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.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

Portfolio composition

Sector	% of net assets as of 6/30/2019
Information technology	21.0
Health care	13.9
Financials	13.4
Consumer discretionary	10.3
Industrials	10.0
Communication services	9.2
Consumer staples	6.4
Energy	4.6
Real estate	4.0
Utilities	3.2
Materials	3.0
Short-term investments, other assets & liabilities, net	1.0
Total	100.0

8    2019 Semiannual Report ◾ TIAA Separate Account VA-1

Stock Index Account

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion	57.9
More than $15 billion–$50 billion	21.8
More than $2 billion–$15 billion	17.0
$2 billion or less	3.3
Total	100.0

TIAA Separate Account VA-1 ◾ 2019 Semiannual Report    9

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2019

Shares		Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	7,101		0.7	%
	BANKS
	304,577	Bank of America Corp		8,833		0.8
	81,847	Citigroup, Inc		5,732		0.6
	114,209	JPMorgan Chase & Co		12,769		1.2
	143,394	Wells Fargo & Co		6,785		0.7
		Other		25,582		2.4
				59,701		5.7
	CAPITAL GOODS
	18,741	Boeing Co		6,822		0.7
	25,722	Honeywell International, Inc		4,491		0.4
		Other		62,023		5.9
				73,336		7.0
	COMMERCIAL & PROFESSIONAL SERVICES			11,581		1.1
	CONSUMER DURABLES & APPAREL			13,936		1.3
	CONSUMER SERVICES
	27,172	McDonald’s Corp		5,643		0.6
		Other		19,181		1.8
				24,824		2.4
	DIVERSIFIED FINANCIALS			37,647		3.6
	ENERGY
	67,385	Chevron Corp		8,386		0.8
	149,879	Exxon Mobil Corp		11,485		1.1
		Other		28,867		2.7
				48,738		4.6
	FOOD & STAPLES RETAILING
	15,507	Costco Wholesale Corp		4,098		0.4
	49,693	Walmart, Inc		5,490		0.5
		Other		4,126		0.4
				13,714		1.3
	FOOD, BEVERAGE & TOBACCO
	135,228	Coca-Cola Co		6,886		0.7
	49,600	PepsiCo, Inc		6,504		0.6
	55,131	Philip Morris International, Inc		4,329		0.4
		Other		18,266		1.7
				35,985		3.4
	HEALTH CARE EQUIPMENT & SERVICES
	60,777	Abbott Laboratories		5,112		0.5
	47,758	Medtronic plc		4,651		0.4
	33,466	UnitedHealth Group, Inc		8,166		0.8

10 2019 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2019

Shares			Company	Value (000)		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES—continued
			Other	$	46,182		4.4	%
					64,111		6.1
	HOUSEHOLD & PERSONAL PRODUCTS
	87,524		Procter & Gamble Co		9,597		0.9
			Other		7,409		0.7
					17,006		1.6
	INSURANCE
	69,265	*	Berkshire Hathaway, Inc (Class B)		14,765		1.4
			Other		28,411		2.7
					43,176		4.1
	MATERIALS				31,061		3.0
	MEDIA & ENTERTAINMENT
	10,577	*	Alphabet, Inc (Class A)		11,453		1.1
	10,781	*	Alphabet, Inc (Class C)		11,653		1.1
	159,099		Comcast Corp (Class A)		6,726		0.6
	84,621	*	Facebook, Inc		16,332		1.6
	14,913	*	NetFlix, Inc		5,478		0.5
	61,781		Walt Disney Co		8,627		0.8
			Other		16,616		1.6
					76,885		7.3
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	21,590		Amgen, Inc		3,979		0.4
	94,060		Johnson & Johnson		13,101		1.3
	91,201		Merck & Co, Inc		7,647		0.7
	196,984		Pfizer, Inc		8,533		0.8
	14,213		Thermo Fisher Scientific, Inc		4,174		0.4
			Other		44,529		4.2
					81,963		7.8
	REAL ESTATE				41,502		4.0
	RETAILING
	14,645	*	Amazon.com, Inc		27,732		2.7
	39,030		Home Depot, Inc		8,117		0.8
			Other		26,576		2.5
					62,425		6.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	13,676		Broadcom, Inc		3,937		0.4
	159,251		Intel Corp		7,624		0.7
			Other		25,257		2.4
					36,818		3.5
	SOFTWARE & SERVICES
	22,731		Accenture plc		4,200		0.4
	17,242	*	Adobe, Inc		5,080		0.5

See notes to financial statements TIAA Separate Account VA-1   §   2019 Semiannual Report 11

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2019

Shares			Company		Value (000)		% of net assets
	SOFTWARE & SERVICES—continued
	31,405		International Business Machines Corp		$	4,331		0.4	%
	31,786		MasterCard, Inc (Class A)			8,408		0.8
	267,825		Microsoft Corp			35,878		3.4
	81,332		Oracle Corp			4,634		0.4
	41,638	*	PayPal Holdings, Inc			4,766		0.5
	26,062	*	salesforce.com, Inc			3,954		0.4
	61,603		Visa, Inc (Class A)			10,691		1.0
			Other			46,637		4.4
						128,579		12.2
	TECHNOLOGY HARDWARE & EQUIPMENT
	162,998	d	Apple, Inc			32,260		3.1
	155,985		Cisco Systems, Inc			8,537		0.8
			Other			15,288		1.4
						56,085		5.3
	TELECOMMUNICATION SERVICES
	258,499		AT&T, Inc			8,662		0.8
	146,567		Verizon Communications, Inc			8,374		0.8
			Other			2,324		0.2
						19,360		1.8
	TRANSPORTATION
	25,069		Union Pacific Corp			4,239		0.4
			Other			16,327		1.6
						20,566		2.0
	UTILITIES					33,606		3.2
			TOTAL COMMON STOCKS	(Cost $410,158)		1,039,706		99.0
	RIGHTS / WARRANTS
	MATERIALS					3		0.0
	TRANSPORTATION					4		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $39)		7		0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$12,400,000		Federal Home Loan Bank (FHLB)	2.100%, 07/01/19		12,400		1.2
						12,400		1.2

12 2019 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Account  §  June 30, 2019

Shares			Company		Value (000)			% of net assets
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,333,213	c	State Street Navigator Securities Lending Government Money Market Portfolio		$	5,333			0.5	%
						5,333			0.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $17,733)		17,733			1.7
			TOTAL PORTFOLIO	(Cost $427,930)		1,057,446			100.7
			OTHER ASSETS & LIABILITIES, NET			(7,198	)		(0.7	)
			NET ASSETS		$	1,050,248			100.0	%

* Non-income producing

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

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

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

At 6/30/19, the aggregate value of securities on loan is $7,396,129. See Note 5 in the Notes to Financial Statements for additional information about securities lending collateral.

Cost amounts are in thousands.

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

Futures contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands) (see Note 3):

Description	Number of long (short) contracts		Expiration date		Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		78		09/20/19	$	11,251	$	11,482	$	231

See notes to financial statements TIAA Separate Account VA-1   §   2019 Semiannual Report 13

Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1  §  June 30, 2019

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*†	$	1,057,446
Dividends and interest receivable		916
Receivable from securities transactions		10,358
Receivable for variation margin on open futures contracts		231
Other		156
Total assets		1,069,107
LIABILITIES
Investment management fees payable		13
Service agreement fees payable		17
Payable for collateral for securities loaned		5,333
Payable for securities transactions		9,855
Due to affiliates		3,178
Overdraft payable		272
Payable for manager compensation		156
Other		35
Total liabilities		18,859
NET ASSETS
Accumulation Fund	$	1,050,248
Accumulation units outstanding		4,625
Accumulation unit value	$	227.09
*   Portfolio investments, at cost	$	427,930
† Includes securities loaned of	$	7,396

14 2019 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Statement of operations (unaudited)

TIAA Separate Account VA-1  §  For the period ended June 30, 2019

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	11,071
Interest		128
Income from securities lending		59
Total income		11,258
EXPENSES
Administrative services		1,011
Investment advisory		1,516
Mortality and expense risk charges		2,021
Total expenses		4,548
Less: Expense waiver by investment adviser		(758	)
Net expenses		3,790
Net investment income (loss)		7,468
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		28,567
Futures contracts		487
Net realized gain (loss) on total investments		29,054
Change in unrealized appreciation (depreciation) on:
Portfolio investments		129,195
Futures contracts		503
Net change in unrealized appreciation (depreciation) on total investments		129,698
Net realized and unrealized gain (loss) on total investments		158,752
Net increase (decrease) in net assets from operations	$	166,220
*   Net of foreign withholding taxes	$	1

See notes to financial statements TIAA Separate Account VA-1   §   2019 Semiannual Report 15

Statements of changes in net assets

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

	Stock Index Account
(amounts in thousands)	June 30, 2019			December 31, 2018
	(unaudited)
OPERATIONS
Net investment income (loss)	$	7,468		$	14,570
Net realized gain (loss) on total investments		29,054			54,870
Net change in unrealized appreciation (depreciation) on total investments		129,698			(124,890	)
Net increase (decrease) in net assets from operations		166,220			(55,450	)
FROM CONTRACTOWNER TRANSACTIONS
Premiums		7,586			20,268
Withdrawals and death benefits		(45,516	)		(103,299	)
Net increase (decrease) from contractowner transactions		(37,930	)		(83,031	)
Net increase (decrease) in net assets		128,290			(138,481	)
NET ASSETS
Beginning of period		921,958			1,060,439
End of period	$	1,050,248		$	921,958
ACCUMULATION UNITS
Units purchased		36			96
Units sold / transferred		(210	)		(493	)
Outstanding
Beginning of period		4,799			5,196
End of period		4,625			4,799

16 2019 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

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TIAA Separate Account VA-1   §   2019 Semiannual Report 17

Financial highlights

TIAA Separate Account VA-1

				Selected per accumulation unit data
				Gain (loss) from investment operations
	For the period or year ended			Investment incomea		Expensesa		Net investment income (loss)a		Net realized & unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of period
STOCK INDEX ACCOUNT
		6/30/19	#	$	2.385	$	0.803	$	1.582	$	33.410		$	34.992		$	192.098
		12/31/18			4.501		1.580		2.921		(14.924	)		(12.003	)		204.101
		12/31/17			3.613		1.395		2.218		32.114			34.332			169.769
		12/31/16			3.387		1.173		2.214		15.947			18.161			151.608
		12/31/15			3.175		1.150		2.025		(2.347	)		(0.322	)		151.930
		12/31/14			2.761		1.067		1.694		14.236			15.930			136.000

^#  Unaudited

a Based on average units outstanding.

b Based on per accumulation unit data.

c The percentages shown for this period are not annualized.

d The percentages shown for this period are annualized.

18 2019 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

					Ratios and supplemental data
					Ratios to average net assets
Accumulation unit value end of period		Total returnb			Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate			Accumulation units outstanding end of period (in millions)		Net assets at the end of period (in millions)
	$227.090		18.21	%c		0.90	%d		0.75	%d		1.48	%d		1	%c		5	$	1,050
	192.098		(5.88	)		0.90			0.75			1.39			3			5		922
	204.101		20.22			0.90			0.75			1.19			5			5		1,060
	169.769		11.98			0.90			0.75			1.42			7			6		952
	151.608		(0.21	)		0.90			0.75			1.32			7			6		925
	151.930		11.71			0.90			0.75			1.19			7			7		989

See notes to financial statements TIAA Separate Account VA-1   §   2019 Semiannual Report 19

Notes to financial statements (unaudited)

TIAA Separate Account VA-1

Note 1—organization and significant accounting policies

TIAA Separate Account VA-1 (“VA-1”) is a segregated investment account of Teachers Insurance and Annuity Association of America (“TIAA”) and is organized under the insurance laws of the State of New York for the purpose of issuing and funding individual variable annuity contracts. The variable annuity contracts were issued by TIAA. VA-1 is registered with the U.S. Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940, as amended (“1940 Act”). VA-1 consists of a single investment portfolio, the Stock Index Account (“Account”).

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Account is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and contractowner transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Account.

Security valuation: The Account’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Account determines the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Account estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

20 2019 Semiannual Report   §   TIAA Separate Account VA-1

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 income tax years and has concluded that no provision for income tax is required in the Account’s financial statements.

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

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires accounts to establish a liquidity risk management program and enhances disclosures regarding account’s liquidity. The requirements of this final rule have been implemented and did not have a material impact on the Account’s financial statements and various filings.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Committee. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

• Level 3 – significant unobservable inputs (including the Account’s own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

TIAA Separate Account VA-1   §   2019 Semiannual Report 21

Notes to financial statements (unaudited)

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

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

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

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as Level 1 of the fair value hierarchy.

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

22 2019 Semiannual Report   §   TIAA Separate Account VA-1

continued

The following table summarizes the market value of the Account’s investments as of June 30, 2019, based on the inputs used to value them (dollar amounts are in thousands):

	Level 1		Level 2		Level 3		Total
Equity Investments:
Materials	$	31,061	$	—	$	3	$	31,064
All other equity investments*		1,008,649		—		—		1,008,649
Short-term investments		5,333		12,400		—		17,733
Futures contracts**		231		—		—		231
Total	$	1,045,274	$	12,400	$	3	$	1,057,677

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

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

Note 3—derivative instruments

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

At June 30, 2019, the Account has invested in derivative contracts which are reflected in the Statement of assets and liabilities as follows (dollar amounts are in thousands):

	Asset derivatives
Derivative contracts	Location			Fair value amount
Equity contracts		Futures contracts	*	$	231

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

For the period ended June 30, 2019, the effect of derivative contracts on the Account’s Statement of operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location		Realized gain (loss)		Change in unrealized appreciation (depreciation)
Equity contracts		Futures contracts	$	487	$	503

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

TIAA Separate Account VA-1   §   2019 Semiannual Report 23

Notes to financial statements (unaudited)

invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Account since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2019, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 2% of net assets. The futures contracts outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full schedule of investments.

Note 4—investment adviser and affiliates

Teachers Advisors, LLC (“Advisors”), a wholly owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for VA-1 pursuant to an Investment Management Agreement among TIAA, Advisors and VA-1. TIAA provides all administrative services for VA-1 pursuant to an Administrative Services Agreement with VA-1. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC (“Services”). Services is a wholly owned subsidiary of TIAA. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the average daily net assets of the Account. Advisors has agreed to voluntarily waive a portion of such fee, so that the daily deduction is equivalent to an annual charge of 0.15% of the average daily net assets of the Account.

The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the average daily net assets of the Account. TIAA also imposes a daily charge for bearing certain mortality and expense risks in connection with the contracts, equivalent to an annual rate of 0.40% of the average daily net assets of the Account. Although TIAA reserves the right to increase the Account’s mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio will never exceed 1.50% per year. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period or during the annuity period while payments are still due for the remainder of a guaranteed period, if any.

The Account may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Committee, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended June 30, 2019, these transactions did not materially impact the Account.

24 2019 Semiannual Report   §   TIAA Separate Account VA-1

continued

Note 5—investments

Securities lending: The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and Liabilities. Non-cash collateral is not disclosed in the Account’s Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Account, and the Account does not have the ability to sell or re-hypothecate those securities. As of June 30, 2019, 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 June 30, 2019, the total value of securities on loan and the total value of collateral received were as follows (dollar amounts in thousands):

Aggregate value of securities on loan		Cash collateral received*		Non-cash collateral received		Total collateral received
	$7,396	$	5,323	$	2,272	$	7,595

* May include cash and investment of cash collateral.

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

Net unrealized appreciation (depreciation): At June 30, 2019, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts in thousands):

Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
	$427,930	$	664,934	$	(35,187	)	$	629,747

TIAA Separate Account VA-1   §   2019 Semiannual Report 25

Notes to financial statements (unaudited)

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

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Account for the period ended June 30, 2019 were as follows (dollar amounts are in thousands):

Non-U.S. government purchases	Non-U.S. government sales
$13,323		$50,055

Note 6—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, 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 period ended June 30, 2019, there were no inter-fund borrowing or lending transactions.

Note 7—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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2019, there were no borrowings under this credit facility by the Account.

26 2019 Semiannual Report   §   TIAA Separate Account VA-1

concluded

Note 8—indemnification

In the normal course of business, the Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Account’s organizational documents, the managers and officers of the Account are indemnified against certain liabilities that may arise out of their duties to the Account. However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.

Note 9—legal proceedings

The Account was named as defendant and a putative member of the proposed defendant class of shareholders, or could be added as a defendant, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Account’s exposure related to this matter is estimated to be 0.06% of net assets as of June 30, 2019.

TIAA Separate Account VA-1   §   2019 Semiannual Report 27

Approval of investment
management agreement (unaudited)

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

The Management Committee (the “Committee” or the “Managers”) of the TIAA Separate Account VA-1 (the “Separate Account”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Separate Account. Under the Agreement, Advisors is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Separate Account. Below is a summary of the process the Committee undertook related to its most recent renewal of the Agreement.

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for the Separate Account will remain in effect only if the Committee, including a majority of those Managers who have no direct or indirect interest in the Agreement, and who are independent Managers because they are not “interested persons” of the Separate Account, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Managers are interested persons of the Separate Account under the 1940 Act. Rather, they are all deemed to be independent Managers.

Overview of the renewal process

The Committee held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement using the process established by the Committee. As part of this process, the Committee delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Managers and legal counsel to the Managers to develop guidance and specific requests relating to the types of information to be provided to the Committee in connection with the proposed contract renewal.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Managers, legal counsel to the Managers and legal counsel to Advisors and the Separate Account, confirmed or established certain guidance regarding the preparation of reports to be provided to the Committee with respect to the Separate Account by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Committee, Broadridge produced, among other information, comparative performance and expense data regarding the

28 2019 Semiannual Report   §   TIAA Separate Account VA-1

Separate Account, including data relating to the Separate Account’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data for the Separate Account against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge, and also compared the performance of the Separate Account against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Committee reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Committee that its reports were designed specifically to provide the Committee with the fee, expense and performance information that is necessary to help the Committee satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of the Separate Account’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Committee).

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

In advance of the Committee meeting held on March 28, 2019, legal counsel for the Managers requested on behalf of the Committee, and Advisors provided, information that was designed to assist the Committee in its consideration of whether to renew the Agreement. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Separate Account’s investment performance; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Separate Account’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Separate Account in addition to the Separate Account’s direct payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Separate Account at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Separate Account; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Separate Account and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange

TIAA Separate Account VA-1   §   2019 Semiannual Report 29

Approval of investment
management agreement (unaudited)

Commission (which was presented only to legal counsel for the Managers); and (9) proposed narrative explanations of reasons why the Committee should renew the Agreement. The Managers were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

Prior to the March 28, 2019 meeting, the Committee met informally to review and discuss Advisors’ materials, which led to the Managers providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 2019 meeting, the Managers were given the opportunity to and did ask additional questions, and they reviewed responses from Advisors to the Committee’s follow-up questions and requests presented by the Committee after its initial review of the information described above.

In considering whether to renew the Agreement, the Committee reviewed various factors with respect to the Separate Account, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Separate Account; (2) the Separate Account’s investment performance; (3) the costs of the services provided to the Separate Account and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Separate Account; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Separate Account grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Separate Account investors; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Separate Account to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Separate Account. As a general matter, the Committee viewed these factors, and any other factors deemed relevant by the Managers, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to general session meetings that included Advisors’ personnel, the Managers met in private sessions, at which no Advisors’ representatives were present, to discuss the proposed renewal of the Agreement. The Committee also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Separate Account by the Committee and its Committees is ongoing. The Committee, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Commitee or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Committee, the Committee and the Investment Committee receive and review, among other matters, information regarding the performance of the Separate

30 2019 Semiannual Report   §   TIAA Separate Account VA-1

continued

Account. Thus, in reaching its decisions regarding the renewal of the Agreement, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

In deciding whether to renew the Agreement, each Manager may have accorded different weight to different factors and, thus, each Manager may have had a different basis for his or her ultimate decision to vote to renew the Agreement. At its meeting on March 28, 2019, all Committee members in attendance voted unanimously to renew the Agreement for the Separate Account. Set forth below is a summary of the primary factors the Board considered with respect to the Separate Account.

The nature, extent and quality of services

The Committee considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Committee also considered that Advisors is an experienced investment adviser that has managed the Separate Account since its operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Funds and the TIAA-CREF Life Funds, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Separate Account, including conducting research, identifying investments and placing orders to buy and sell securities for the Separate Account’s investment portfolio; active daily monitoring of the Separate Account’s investment portfolio; and reporting on the investment performance of the Separate Account to the Committee on a regular basis. The Committee considered that Advisors has carried out these responsibilities in a competent and professional manner. The Committee also considered that Advisors has committed significant resources to supporting the Separate Account. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Separate Account.

The Committee also considered, among other factors, the performance of the Separate Account, as discussed below. In addition, the Committee considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Committee considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Committee noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Separate Account, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

TIAA Separate Account VA-1   §   2019 Semiannual Report 31

Approval of investment
management agreement (unaudited)

Investment performance

The Committee considered the investment performance of the Separate Account over the one-, three-, five- and ten-year periods ended December 31, 2018. The Committee considered the Separate Account’s performance as compared to its peer universe of mutual funds that underlie variable insurance products (as applicable) and its benchmark index. The Committee also reviewed the performance of the Separate Account before any reductions for fees and expenses. In this analysis, the Committee considered the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on the Separate Account’s performance as compared to the performance of its benchmark index. For details regarding the Separate Account’s performance, see the synopsis below. The Committee concluded that, under the totality of circumstances considered, the investment performance of the Separate Account was reasonable.

Cost and profitability

The Committee considered financial and profitability data relating to Advisors’ services to the Separate Account for the calendar year 2018. The Committee considered Advisors’ profit calculations with respect to its services to the Separate Account. The Committee acknowledged the reasonableness of having a management fee rate which permits Advisors to maintain and improve the quality of services provided to the Separate Account and recognized the entrepreneurial and other risks assumed by Advisors in managing the Separate Account. The Committee considered that Advisors had earned a net profit with respect to the Separate Account under the Agreement for the one-year period ended December 31, 2018. The Committee concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

The Committee considered comparative information regarding the Separate Account’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the synopsis below. In this connection, the Committee also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Separate Account and comparable mutual funds that underlie variable insurance products. For example, most similar mutual funds are offered only through other investment vehicles that also carry additional fees and expenses, whereas the Separate Account bears certain of these expenses itself. Another limitation noted by the Committee was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Separate Account’s actual management fee rate compares to those of peer mutual funds that underlie variable insurance products. Additionally, the Committee

32 2019 Semiannual Report   §   TIAA Separate Account VA-1

continued

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

Economies of scale

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

Fee and performance comparisons with other Advisors clients

The Committee considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as the Separate Account. The Committee considered the management fee rates and the performance of such companies and accounts. The Committee considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Committee also considered Advisors’ representation that, while the management fee rate charged to the Separate Account may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Committee also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Separate Account to the extent that this relationship

TIAA Separate Account VA-1   §   2019 Semiannual Report 33

Approval of investment
management agreement (unaudited) concluded

results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel.

Synopsis of factors

The Committee considered the following specific factors (among others) in connection with its determination to renew the Agreement. If the Separate Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Committee in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to the Separate Account during 2018 under the Agreement.

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

• The Separate Account’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were in the 5th, 1st and 1st quintiles of both the group of comparable funds selected by Broadridge for expense comparison purposes and the universe of comparable funds selected by Broadridge for expense comparison purposes.

• For the three-year period, the Separate Account’s adjusted relative gross performance (meaning the Separate Account’s performance without any reductions for fees or expenses and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, differed by +2 basis points. For reference, one basis point equals 0.01%.

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

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

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

34 2019 Semiannual Report   §   TIAA Separate Account VA-1

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How to reach us

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

9 a.m. to 6 p.m. (ET), Saturday

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

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For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any account 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. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. TIAA-CREF Individual & Institutional Services, LLC and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAA Separate Account VA-1 is issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.

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

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

730 Third Avenue New York, NY 10017-3206

 Printed on paper containing recycled fiber  

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881060 A10938 (8/19)

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881060 A10938 (8/19)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.0%
AUTOMOBILES & COMPONENTS - 0.7%
2,457		Adient plc	$	60
3,248	*	American Axle & Manufacturing Holdings, Inc		41
9,462		Aptiv plc		765
7,322		BorgWarner, Inc		307
1,678		Cooper Tire & Rubber Co		53
138	*	Cooper-Standard Holding, Inc		6
4,034		Dana Holding Corp		80
1,044	*	Dorman Products, Inc		91
140,555		Ford Motor Co		1,438
1,363	*	Fox Factory Holding Corp		113
43,910		General Motors Co		1,692
8,820		Gentex Corp		217
1,424	*	Gentherm, Inc		60
8,172		Goodyear Tire & Rubber Co		125
5,507		Harley-Davidson, Inc		197
938		LCI Industries, Inc		84
2,291		Lear Corp		319
1,945	*	Modine Manufacturing Co		28
670	*	Motorcar Parts of America, Inc		14
1,379		Spartan Motors, Inc		15
843		Standard Motor Products, Inc		38
1,055	*	Stoneridge, Inc		33
928		Tenneco, Inc		10
4,891	*,e	Tesla, Inc		1,093
1,931		Thor Industries, Inc		113
897		Tower International, Inc		18
759	*	Visteon Corp		45
1,185		Winnebago Industries, Inc		46
		TOTAL AUTOMOBILES & COMPONENTS		7,101
BANKS - 5.7%
625		1st Source Corp		29
255		ACNB Corp		10
444	*	Allegiance Bancshares, Inc		15
374		American National Bankshares, Inc		15
1,390		Ameris Bancorp		54
387	*	Ames National Corp		10
413		Arrow Financial Corp		14
6,603		Associated Banc-Corp		140
706	*	Atlantic Capital Bancshares, Inc		12
2,758		Atlantic Union Bankshares Corp		97
2,322	*	Axos Financial, Inc		63
1,598		Banc of California, Inc		22
666		Bancfirst Corp		37
3,345		BancorpSouth Bank		97
304,577		Bank of America Corp		8,833
601		Bank of Commerce Holdings		6
1,195		Bank of Hawaii Corp		99
468		Bank of Marin Bancorp		19
2,093		Bank of NT Butterfield & Son Ltd		71
4,451		Bank OZK		134
457		BankFinancial Corp		6
4,119		BankUnited		139
217		Bankwell Financial Group, Inc		6
1,278		Banner Corp		69

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
622		Bar Harbor Bankshares	$	17
385	*	Baycom Corp		8
27,030		BB&T Corp		1,328
361		BCB Bancorp, Inc		5
1,542		Berkshire Hills Bancorp, Inc		48
1,053		BOK Financial Corp		79
3,231		Boston Private Financial Holdings, Inc		39
683		Bridge Bancorp, Inc		20
2,984		Brookline Bancorp, Inc		46
630		Bryn Mawr Bank Corp		24
313		Business First Bancshares, Inc		8
241	*	Byline Bancorp, Inc		5
131		C&F Financial Corp		7
3,579		Cadence BanCorp		74
135	e	Cambridge Bancorp		11
613		Camden National Corp		28
447		Capital City Bank Group, Inc		11
4,687		Capitol Federal Financial		65
314		Capstar Financial Holdings, Inc		5
555		Carolina Financial Corp		19
2,040		Cathay General Bancorp		73
654		CBTX, Inc		18
4,102		Centerstate Banks of Florida, Inc		94
1,125		Central Pacific Financial Corp		34
383		Central Valley Community Bancorp		8
152		Century Bancorp, Inc		13
2,638		Chemical Financial Corp		108
122		Chemung Financial Corp		6
3,424		CIT Group, Inc		180
81,847		Citigroup, Inc		5,732
533		Citizens & Northern Corp		14
16,885		Citizens Financial Group, Inc		597
597		City Holding Co		46
377		Civista Bancshares, Inc		8
498		CNB Financial Corp		14
359		Codorus Valley Bancorp, Inc		8
2,875		Columbia Banking System, Inc		104
1,738	*	Columbia Financial, Inc		26
5,413		Comerica, Inc		393
3,550		Commerce Bancshares, Inc		212
254		Commerce Union Bancshares, Inc		6
1,925		Community Bank System, Inc		127
837		Community Bankers Trust Corp		7
153		Community Financial Corp		5
651		Community Trust Bancorp, Inc		28
1,146		ConnectOne Bancorp, Inc		26
2,189		Cullen/Frost Bankers, Inc		205
1,005	*	Customers Bancorp, Inc		21
4,043		CVB Financial Corp		85
1,325		Dime Community Bancshares		25
1,035		Eagle Bancorp, Inc		56
5,381		East West Bancorp, Inc		252
192	*	Entegra Financial Corp		6
314		Enterprise Bancorp, Inc		10
828		Enterprise Financial Services Corp		34
402	*	Equity Bancshares, Inc		11
342		ESSA Bancorp, Inc		5
2,855	*	Essent Group Ltd		134
171		Evans Bancorp, Inc		6
356	e	Farmers & Merchants Bancorp, Inc		10
1,013		Farmers National Banc Corp		15
246		FB Financial Corp		9
384		Federal Agricultural Mortgage Corp (Class C)		28
863		Fidelity Southern Corp		27

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
25,884		Fifth Third Bancorp	$	722
527		Financial Institutions, Inc		15
1,088		First Bancorp (NC)		40
6,201		First Bancorp (Puerto Rico)		68
498		First Bancorp, Inc		13
322		First Bancshares, Inc		10
603		First Bank		7
1,476		First Busey Corp		39
360		First Business Financial Services, Inc		8
226		First Citizens Bancshares, Inc (Class A)		102
3,678		First Commonwealth Financial Corp		50
680		First Community Bancshares, Inc		23
736		First Defiance Financial Corp		21
3,697		First Financial Bancorp		90
4,932		First Financial Bankshares, Inc		152
384		First Financial Corp		15
175		First Financial Northwest, Inc		2
1,098		First Foundation, Inc		15
162		First Guaranty Bancshares, Inc		3
4,467		First Hawaiian, Inc		116
11,602		First Horizon National Corp		173
228		First Internet Bancorp		5
951		First Interstate Bancsystem, Inc		38
1,580		First Merchants Corp		60
380		First Mid-Illinois Bancshares, Inc		13
3,920		First Midwest Bancorp, Inc		80
327		First Northwest Bancorp		5
862		First of Long Island Corp		17
5,668		First Republic Bank		553
890		Flagstar Bancorp, Inc		30
1,083		Flushing Financial Corp		24
9,554		FNB Corp		112
389		Franklin Financial Network, Inc		11
6,701		Fulton Financial Corp		110
903		German American Bancorp, Inc		27
2,999		Glacier Bancorp, Inc		122
412		Great Southern Bancorp, Inc		25
2,200		Great Western Bancorp, Inc		79
113		Greene County Bancorp, Inc		3
275		Guaranty Bancshares, Inc		9
3,286		Hancock Holding Co		132
1,297		Hanmi Financial Corp		29
406	*	HarborOne Bancorp, Inc		8
953		Heartland Financial USA, Inc		43
1,355		Heritage Commerce Corp		17
1,150		Heritage Financial Corp		34
2,919		Hilltop Holdings, Inc		62
57		Hingham Institution for Savings		11
238		Home Bancorp, Inc		9
6,066		Home Bancshares, Inc		117
698	*	HomeStreet, Inc		21
667		HomeTrust Bancshares, Inc		17
2,725		Hope Bancorp, Inc		38
1,209		Horizon Bancorp		20
323	*	Howard Bancorp, Inc		5
36,709		Huntington Bancshares, Inc		507
1,963		IBERIABANK Corp		149
1,238		Independent Bank Corp (MA)		94
863		Independent Bank Corp (MI)		19
1,089		Independent Bank Group, Inc		60
2,138		International Bancshares Corp		81
299		Investar Holding Corp		7
10,225		Investors Bancorp, Inc		114
114,209		JPMorgan Chase & Co		12,769

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,372		Kearny Financial Corp	$	58
36,059		Keycorp		640
1,629		Lakeland Bancorp, Inc		26
976		Lakeland Financial Corp		46
378		LCNB Corp		7
1,826		LegacyTexas Financial Group, Inc		74
287	*,e	LendingTree, Inc		121
833		Live Oak Bancshares, Inc		14
4,798		M&T Bank Corp		816
1,072		Macatawa Bank Corp		11
236	*	Malvern Bancorp, Inc		5
640		Mercantile Bank Corp		21
573		Merchants Bancorp		10
1,997		Meridian Bancorp, Inc		36
1,035		Meta Financial Group, Inc		29
229	*	Metropolitan Bank Holding Corp		10
10,835	*	MGIC Investment Corp		142
582		Midland States Bancorp, Inc		16
334		Midsouth Bancorp, Inc		4
406		MidWestOne Financial Group, Inc		11
280	*	Mr Cooper Group, Inc		2
213		MutualFirst Financial, Inc		7
984		National Bank Holdings Corp		36
257		National Bankshares, Inc		10
1,661		NBT Bancorp, Inc		62
17,474		New York Community Bancorp, Inc		174
301	*	Nicolet Bankshares, Inc		19
2,265	*	NMI Holdings, Inc		64
256		Northeast Bank		7
1,643		Northfield Bancorp, Inc		26
280		Northrim BanCorp, Inc		10
3,683		Northwest Bancshares, Inc		65
223		Norwood Financial Corp		8
1,583		OceanFirst Financial Corp		39
1,902		OFG Bancorp		45
160	e	Ohio Valley Banc Corp		6
361		Old Line Bancshares, Inc		10
4,858		Old National Bancorp		81
1,237		Old Second Bancorp, Inc		16
796		Opus Bank		17
568		Origin Bancorp, Inc		19
1,420		Oritani Financial Corp		25
297		Orrstown Financial Services, Inc		7
589	*	Pacific Mercantile Bancorp		5
1,516		Pacific Premier Bancorp, Inc		47
4,486		PacWest Bancorp		174
529		Park National Corp		53
198		Parke Bancorp, Inc		5
696		PCSB Financial Corp		14
642		Peapack Gladstone Financial Corp		18
221		Penns Woods Bancorp, Inc		10
575		PennyMac Financial Services, Inc		13
174		Peoples Bancorp of North Carolina, Inc		5
595		Peoples Bancorp, Inc		19
333		Peoples Financial Services Corp		15
12,117		People’s United Financial, Inc		203
521		People’s Utah Bancorp		15
2,763		Pinnacle Financial Partners, Inc		159
16,145		PNC Financial Services Group, Inc		2,216
3,359		Popular, Inc		182
510		Preferred Bank		24
471		Premier Financial Bancorp, Inc		7
2,586		Prosperity Bancshares, Inc		171
168	*	Provident Bancorp, Inc		5

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,502		Provident Financial Services, Inc	$	61
279		Prudential Bancorp, Inc		5
472		QCR Holdings, Inc		16
6,822		Radian Group, Inc		156
475		RBB Bancorp		9
37,362		Regions Financial Corp		558
1,629		Renasant Corp		59
364		Republic Bancorp, Inc (Class A)		18
1,873	*	Republic First Bancorp, Inc		9
671		Riverview Bancorp, Inc		6
1,349		S&T Bancorp, Inc		51
1,200		Sandy Spring Bancorp, Inc		42
1,542	*	Seacoast Banking Corp of Florida		39
1,876		ServisFirst Bancshares, Inc		64
497		Shore Bancshares, Inc		8
370		Sierra Bancorp		10
1,852		Signature Bank		224
2,996		Simmons First National Corp (Class A)		70
275	*	SmartFinancial, Inc		6
1,240		South State Corp		91
228	*	Southern First Bancshares, Inc		9
231		Southern Missouri Bancorp, Inc		8
454		Southern National Bancorp of Virginia, Inc		7
1,068		Southside Bancshares, Inc		35
7,815		Sterling Bancorp/DE		166
922		Stock Yards Bancorp, Inc		33
394		Summit Financial Group, Inc		11
16,115		SunTrust Banks, Inc		1,013
1,944	*	SVB Financial Group		437
5,935		Synovus Financial Corp		208
6,199		TCF Financial Corp		129
286		Territorial Bancorp, Inc		9
1,428	*	Texas Capital Bancshares, Inc		88
1,044		TFS Financial Corp		19
1,514	*	The Bancorp, Inc		14
232		Timberland Bancorp, Inc		7
573		Tompkins Trustco, Inc		47
2,493		TowneBank		68
968		Trico Bancshares		37
943	*	Tristate Capital Holdings, Inc		20
657	*	Triumph Bancorp, Inc		19
3,358		Trustco Bank Corp NY		27
2,619		Trustmark Corp		87
1,796		UMB Financial Corp		118
8,613		Umpqua Holdings Corp		143
161		Union Bankshares, Inc		6
3,861		United Bankshares, Inc		143
2,711		United Community Banks, Inc		77
1,829		United Community Financial Corp		18
2,065		United Financial Bancorp, Inc (New)		29
510		United Security Bancshares		6
266		Unity Bancorp, Inc		6
1,012		Univest Corp of Pennsylvania		27
51,181		US Bancorp		2,682
11,790		Valley National Bancorp		127
1,101		Veritex Holdings, Inc		29
1,098		Walker & Dunlop, Inc		58
2,531		Washington Federal, Inc		88
581		Washington Trust Bancorp, Inc		30
1,032		Waterstone Financial, Inc		18
3,586		Webster Financial Corp		171
143,394		Wells Fargo & Co		6,785
1,949		WesBanco, Inc		75
597		West Bancorporation, Inc		13

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,024		Westamerica Bancorporation	$	63
3,666	*	Western Alliance Bancorp		164
1,021		Western New England Bancorp, Inc		10
2,157		Wintrust Financial Corp		158
1,991		WSFS Financial Corp		82
7,024		Zions Bancorporation		323
		TOTAL BANKS		59,701
CAPITAL GOODS - 7.0%
19,781		3M Co		3,429
5,419		A.O. Smith Corp		256
1,275		Aaon, Inc		64
1,251		AAR Corp		46
2,301		Actuant Corp (Class A)		57
1,438		Acuity Brands, Inc		198
1,431		Advanced Drainage Systems, Inc		47
5,026	*	Aecom Technology Corp		190
1,316	*	Aegion Corp		24
2,671	*	Aerojet Rocketdyne Holdings, Inc		120
831	*	Aerovironment, Inc		47
2,151		AGCO Corp		167
3,064		Air Lease Corp		127
1,259		Aircastle Ltd		27
374		Alamo Group, Inc		37
1,111		Albany International Corp (Class A)		92
3,351		Allegion plc		370
205		Allied Motion Technologies, Inc		8
3,855		Allison Transmission Holdings, Inc		179
2,253		Altra Holdings, Inc		81
909	*	Ameresco, Inc		13
568	*	American Woodmark Corp		48
8,003		Ametek, Inc		727
1,095		Apogee Enterprises, Inc		48
1,503		Applied Industrial Technologies, Inc		92
15,274		Arconic, Inc		394
1,955		Arcosa, Inc		74
555		Argan, Inc		23
822	*	Armstrong Flooring, Inc		8
1,735		Armstrong World Industries, Inc		169
823		Astec Industries, Inc		27
810	*	Astronics Corp		33
1,239	*	Atkore International Group, Inc		32
2,036	*	Axon Enterprise, Inc		131
1,059		AZZ, Inc		49
1,953		Barnes Group, Inc		110
2,363	*	Beacon Roofing Supply, Inc		87
1,933	*	Bloom Energy Corp		24
278	*	Blue Bird Corp		5
325	*,e	BlueLinx Holdings, Inc		6
2,534	*	BMC Stock Holdings, Inc		54
18,741		Boeing Co		6,822
1,640		Briggs & Stratton Corp		17
3,625	*	Builders FirstSource, Inc		61
3,398		BWX Technologies, Inc		177
883	e	Caesarstone Sdot-Yam Ltd		13
520	*	CAI International, Inc		13
2,023		Carlisle Cos, Inc		284
19,636		Caterpillar, Inc		2,676
1,264	*	Chart Industries, Inc		97
647	*	CIRCOR International, Inc		30
3,463	*	Colfax Corp		97
840		Columbus McKinnon Corp		35
1,470		Comfort Systems USA, Inc		75
945	*	Commercial Vehicle Group, Inc		8

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,524	*	Continental Building Products, Inc	$	40
1,570	*	Cornerstone Building Brands, Inc		9
1,769		Crane Co		148
554		CSW Industrials, Inc		38
1,041		Cubic Corp		67
5,439		Cummins, Inc		932
1,720		Curtiss-Wright Corp		219
11,370		Deere & Co		1,884
4,162		Donaldson Co, Inc		212
932		Douglas Dynamics, Inc		37
5,086		Dover Corp		510
485	*	Ducommun, Inc		22
567	*	DXP Enterprises, Inc		21
1,047	*	Dycom Industries, Inc		62
174		Eastern Co		5
14,927		Eaton Corp		1,243
1,960		EMCOR Group, Inc		173
21,674		Emerson Electric Co		1,446
840		Encore Wire Corp		49
648	*,e	Energous Corp		3
1,368	*	Energy Recovery, Inc		14
1,701		EnerSys		117
3,169	*	Enphase Energy, Inc		58
830		EnPro Industries, Inc		53
995		ESCO Technologies, Inc		82
137		EVI Industries, Inc		5
2,773	*	Evoqua Water Technologies Corp		39
21,028		Fastenal Co		685
2,292		Federal Signal Corp		61
4,459		Flowserve Corp		235
4,949		Fluor Corp		167
10,244		Fortive Corp		835
5,005		Fortune Brands Home & Security, Inc		286
499	*	Foundation Building Materials, Inc		9
1,724		Franklin Electric Co, Inc		82
3,933	*	Gardner Denver Holdings, Inc		136
1,403	*	Gates Industrial Corp plc		16
1,474		GATX Corp		117
277	*	Gencor Industries, Inc		4
1,814	*	Generac Holdings, Inc		126
8,877		General Dynamics Corp		1,614
305,788		General Electric Co		3,211
1,244	*	Gibraltar Industries, Inc		50
870		Global Brass & Copper Holdings, Inc		38
922	*	GMS, Inc		20
678		Gorman-Rupp Co		22
5,750		Graco, Inc		289
1,261		GrafTech International Ltd		15
470		Graham Corp		9
1,755		Granite Construction, Inc		85
2,253	*	Great Lakes Dredge & Dock Corp		25
1,065		Greenbrier Cos, Inc		32
1,120		Griffon Corp		19
1,293		H&E Equipment Services, Inc		38
3,062	*	Harsco Corp		84
6,068	*	HD Supply Holdings, Inc		244
1,220		HEICO Corp		163
2,602		HEICO Corp (Class A)		269
922	*	Helios Technologies, Inc		43
981	*	Herc Holdings, Inc		45
3,102		Hexcel Corp		251
2,415		Hillenbrand, Inc		96
25,722		Honeywell International, Inc		4,491
1,854		Hubbell, Inc		242

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,435		Huntington Ingalls	$	323
316		Hurco Cos, Inc		11
404		Hyster-Yale Materials Handling, Inc		22
2,662		IDEX Corp		458
298	*	IES Holdings, Inc		6
11,621		Illinois Tool Works, Inc		1,753
8,465		Ingersoll-Rand plc		1,072
716		Insteel Industries, Inc		15
2,978		ITT, Inc		195
4,430		Jacobs Engineering Group, Inc		374
2,384	*	JELD-WEN Holding, Inc		51
1,200		John Bean Technologies Corp		145
32,204		Johnson Controls International plc		1,330
433		Kadant, Inc		39
1,040		Kaman Corp		66
3,108		Kennametal, Inc		115
2,746	*	Kratos Defense & Security Solutions, Inc		63
2,804		L3 Technologies, Inc		687
4,259		L3Harris Technologies, Inc		806
246	*	Lawson Products, Inc		9
306	*	LB Foster Co (Class A)		8
1,228		Lennox International, Inc		338
1,943		Lincoln Electric Holdings, Inc		160
408		Lindsay Corp		34
8,675		Lockheed Martin Corp		3,154
674	*	Lydall, Inc		14
1,198	*	Manitowoc Co, Inc		21
10,437		Masco Corp		410
798	*	Masonite International Corp		42
2,577	*	Mastec, Inc		133
2,076	e	Maxar Technologies, Inc		16
1,815	*	Mercury Systems, Inc		128
1,998	*	Meritor, Inc		48
1,823	*	Middleby Corp		247
1,678	*	Milacron Holdings Corp		23
446		Miller Industries, Inc		14
1,239		Moog, Inc (Class A)		116
3,470	*	MRC Global, Inc		59
1,382		MSC Industrial Direct Co (Class A)		103
2,210		Mueller Industries, Inc		65
6,011		Mueller Water Products, Inc (Class A)		59
639	*	MYR Group, Inc		24
206		National Presto Industries, Inc		19
1,911	*	Navistar International Corp		66
1,020		NN, Inc		10
1,902		Nordson Corp		269
5,584		Northrop Grumman Corp		1,804
371	*	Northwest Pipe Co		10
4,328	*	NOW, Inc		64
291	*	NV5 Holdings, Inc		24
6,241		nVent Electric plc		155
117		Omega Flex, Inc		9
2,481		Oshkosh Truck Corp		207
3,800		Owens Corning, Inc		221
11,964		PACCAR, Inc		857
4,456		Parker-Hannifin Corp		758
334	*	Patrick Industries, Inc		16
5,547		Pentair plc		206
1,847	*	PGT, Inc		31
7,340	*,e	Plug Power, Inc		17
416		Powell Industries, Inc		16
96		Preformed Line Products Co		5
1,452		Primoris Services Corp		30
1,003	*	Proto Labs, Inc		116

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,340		Quanex Building Products Corp	$	25
4,869		Quanta Services, Inc		186
1,477		Raven Industries, Inc		53
9,904		Raytheon Co		1,722
899	*	RBC Bearings, Inc		150
1,737		Regal-Beloit Corp		142
4,524	*	Resideo Technologies, Inc		99
432		REV Group, Inc		6
4,030	*	Rexnord Corp		122
4,258		Rockwell Automation, Inc		698
3,603		Roper Industries, Inc		1,320
1,200		Rush Enterprises, Inc (Class A)		44
257		Rush Enterprises, Inc (Class B)		9
5,726	*	Sensata Technologies Holding plc		281
1,581		Simpson Manufacturing Co, Inc		105
1,315	*,e	SiteOne Landscape Supply, Inc		91
1,987		Snap-On, Inc		329
3,569		Spirit Aerosystems Holdings, Inc (Class A)		290
1,707	*	SPX Corp		56
1,563	*	SPX FLOW, Inc		65
472		Standex International Corp		35
5,419		Stanley Black & Decker, Inc		784
1,004	*	Sterling Construction Co, Inc		13
3,212	*	Sunrun, Inc		60
1,233	*	Teledyne Technologies, Inc		338
647		Tennant Co		40
2,533		Terex Corp		80
967	*	Textainer Group Holdings Ltd		10
8,483		Textron, Inc		450
1,276	*	Thermon Group Holdings		33
2,010		Timken Co		103
1,841		Titan International, Inc		9
784	*	Titan Machinery, Inc		16
3,741		Toro Co		250
400	*	TPI Composites, Inc		10
1,681	*	TransDigm Group, Inc		813
2,304	*	Trex Co, Inc		165
1,789	*	Trimas Corp		55
3,773		Trinity Industries, Inc		78
1,667		Triton International Ltd		55
1,896		Triumph Group, Inc		43
1,399	*	Tutor Perini Corp		19
343	*	Twin Disc, Inc		5
2,718	*	United Rentals, Inc		360
28,652		United Technologies Corp		3,730
4,315	*	Univar, Inc		95
1,326		Universal Forest Products, Inc		50
582		Valmont Industries, Inc		74
455	*	Vectrus, Inc		18
419	*	Veritiv Corp		8
649	*	Vicor Corp		20
876	*,e	Vivint Solar, Inc		6
1,584		W.W. Grainger, Inc		425
2,295		Wabash National Corp		37
1,869	*	WABCO Holdings, Inc		248
5,546	e	Wabtec Corp		398
1,090		Watsco, Inc		178
880		Watts Water Technologies, Inc (Class A)		82
5,066	*	Welbilt, Inc		85
2,328	*	Wesco Aircraft Holdings, Inc		26
1,310	*	WESCO International, Inc		66
67	*	Willis Lease Finance Corp		4
1,151	*	Willscot Corp		17
1,753		Woodward Governor Co		198

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,229		Xylem, Inc	$	521
		TOTAL CAPITAL GOODS		73,336
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
2,170		ABM Industries, Inc		87
2,247	*	Acacia Research (Acacia Technologies)		7
4,335		ACCO Brands Corp		34
3,263	e	ADT, Inc		20
2,702	*	Advanced Disposal Services, Inc		86
274		Barrett Business Services, Inc		23
198		BG Staffing, Inc		4
1,868		Brady Corp (Class A)		92
511	*	BrightView Holdings, Inc		10
1,790		Brink’s Co		145
1,375	*	Casella Waste Systems, Inc (Class A)		54
2,160	*	CBIZ, Inc		42
948	*	Ceco Environmental Corp		9
814	*	Cimpress NV		74
2,977		Cintas Corp		706
2,053	*	Clean Harbors, Inc		146
6,856	*	Copart, Inc		512
1,260	*	CoStar Group, Inc		698
4,607		Covanta Holding Corp		83
364		CRA International, Inc		14
1,839		Deluxe Corp		75
1,051		Ennis, Inc		22
4,026		Equifax, Inc		544
1,994		Exponent, Inc		117
381		Forrester Research, Inc		18
419	*	Franklin Covey Co		14
1,597	*	FTI Consulting, Inc		134
494	*	GP Strategies Corp		7
2,765	e	Healthcare Services Group		84
711		Heidrick & Struggles International, Inc		21
555	*	Heritage-Crystal Clean, Inc		15
2,222		Herman Miller, Inc		99
1,783		HNI Corp		63
896	*	Huron Consulting Group, Inc		45
707		ICF International, Inc		51
14,008	*	IHS Markit Ltd		893
1,756	*	Innerworkings, Inc		7
1,374		Insperity, Inc		168
2,401		Interface, Inc		37
5,073		KAR Auction Services, Inc		127
1,192		Kelly Services, Inc (Class A)		31
1,045		Kforce, Inc		37
1,392		Kimball International, Inc (Class B)		24
1,970		Knoll, Inc		45
1,994		Korn/Ferry International		80
1,270		LSC Communications, Inc		5
2,161		Manpower, Inc		209
1,217		Matthews International Corp (Class A)		42
919		McGrath RentCorp		57
757	*	Mistras Group, Inc		11
1,705		Mobile Mini, Inc		52
1,290		MSA Safety, Inc		136
514		Multi-Color Corp		26
1,969		Navigant Consulting, Inc		46
12,951		Nielsen NV		293
563	*	NL Industries, Inc		2
1,977	*	On Assignment, Inc		120
7,274		Pitney Bowes, Inc		31
1,198	e	Quad Graphics, Inc		9
7,529		Republic Services, Inc		652

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,107		Resources Connection, Inc	$	18
3,920		Robert Half International, Inc		223
4,660		Rollins, Inc		167
2,868		RR Donnelley & Sons Co		6
672	*	SP Plus Corp		21
3,128		Steelcase, Inc (Class A)		53
2,666	*	Stericycle, Inc		127
461		Systemax, Inc		10
1,231	*	Team, Inc		19
2,101		Tetra Tech, Inc		165
6,346		TransUnion		467
1,603	*	TriNet Group, Inc		109
1,626	*	TrueBlue, Inc		36
592		Unifirst Corp		112
844		US Ecology, Inc		50
5,683		Verisk Analytics, Inc		832
795		Viad Corp		53
340		VSE Corp		10
1,451	*	WageWorks, Inc		74
14,944		Waste Management, Inc		1,724
279	*	Willdan Group, Inc		10
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,581
CONSUMER DURABLES & APPAREL - 1.3%
821		Acushnet Holdings Corp		22
2,238	*	American Outdoor Brands Corp		20
383		Bassett Furniture Industries, Inc		6
1,140	*	Beazer Homes USA, Inc		11
2,639		Brunswick Corp		121
3,598		Callaway Golf Co		62
5,047	*	Capri Holdings Ltd		175
1,735		Carter’s, Inc		169
237	*	Cavco Industries, Inc		37
707	*	Century Communities, Inc		19
727		Clarus Corp		11
1,106		Columbia Sportswear Co		111
2,849	*	CROCS, Inc		56
447		Culp, Inc		9
1,015	*	Deckers Outdoor Corp		179
11,998		DR Horton, Inc		518
458		Escalade, Inc		5
958		Ethan Allen Interiors, Inc		20
273		Flexsteel Industries, Inc		5
1,713	*,e	Fossil Group, Inc		20
5,134		Garmin Ltd		410
1,666	*	G-III Apparel Group Ltd		49
4,066	*,e	GoPro, Inc		22
992	*	Green Brick Partners, Inc		8
364		Hamilton Beach Brands Holding Co		7
12,390		Hanesbrands, Inc		213
3,939		Hasbro, Inc		416
789	*	Helen of Troy Ltd		103
438		Hooker Furniture Corp		9
845	*	Installed Building Products, Inc		50
1,024	*,e	iRobot Corp		94
232		Johnson Outdoors, Inc		17
3,347		KB Home		86
1,623	*	Kontoor Brands, Inc		46
1,887		La-Z-Boy, Inc		58
4,915		Leggett & Platt, Inc		189
631		Lennar Corp (B Shares)		24
10,479		Lennar Corp (Class A)		508
624	*,e	LGI Homes, Inc		45
362		Lifetime Brands, Inc		3

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
336	*	Lovesac Co	$	10
4,174	*	Lululemon Athletica, Inc		752
862	*	M/I Homes, Inc		25
776	*	Malibu Boats, Inc		30
441		Marine Products Corp		7
673	*	MasterCraft Boat Holdings, Inc		13
12,611	*,e	Mattel, Inc		141
1,794		MDC Holdings, Inc		59
1,156	*	Meritage Homes Corp		59
2,102	*	Mohawk Industries, Inc		310
638		Movado Group, Inc		17
182		Nacco Industries, Inc (Class A)		9
15,075		Newell Rubbermaid, Inc		232
43,476		Nike, Inc (Class B)		3,650
117	*	NVR, Inc		394
621		Oxford Industries, Inc		47
2,203		Polaris Industries, Inc		201
8,920		Pulte Homes, Inc		282
1,433	*	Purple Innovation, Inc		10
2,715		PVH Corp		257
1,797		Ralph Lauren Corp		204
2,895	*	Roku, Inc		262
4,672	*	Skechers U.S.A., Inc (Class A)		147
1,768		Skyline Corp		48
3,457		Steven Madden Ltd		117
652		Sturm Ruger & Co, Inc		36
295		Superior Uniform Group, Inc		5
10,357		Tapestry, Inc		329
2,707	*	Taylor Morrison Home Corp		57
1,812	*	Tempur Sealy International, Inc		133
4,401		Toll Brothers, Inc		161
1,426	*	TopBuild Corp		118
3,938	*	TRI Pointe Homes, Inc		47
1,753		Tupperware Corp		33
7,201	*	Under Armour, Inc (Class A)		183
7,306	*	Under Armour, Inc (Class C)		162
700	*	Unifi, Inc		13
585	*	Universal Electronics, Inc		24
1,001	*	Vera Bradley, Inc		12
10,868		VF Corp		949
2,174	*	Vista Outdoor, Inc		19
2,108		Whirlpool Corp		300
889	*	William Lyon Homes, Inc		16
3,662		Wolverine World Wide, Inc		101
466	*,e	YETI Holdings, Inc		14
1,093	*	Zagg, Inc		8
		TOTAL CONSUMER DURABLES & APPAREL		13,936
CONSUMER SERVICES - 2.4%
1,758	*	Adtalem Global Education, Inc		79
675	*	American Public Education, Inc		20
8,281		ARAMARK Holdings Corp		299
2,383		BBX Capital Corp		12
39	*	Biglari Holdings, Inc (B Shares)		4
817		BJ’s Restaurants, Inc		36
3,148		Bloomin’ Brands, Inc		60
3,239		Boyd Gaming Corp		87
1,976	*	Bright Horizons Family Solutions		298
1,545	e	Brinker International, Inc		61
22,033	*	Caesars Entertainment Corp		260
2,656	*	Career Education Corp		51
13,939		Carnival Corp		649
591		Carriage Services, Inc		11
1,345	*	Carrols Restaurant Group, Inc		12

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
761	*	Century Casinos, Inc	$	7
1,085	e	Cheesecake Factory		47
3,925	*	Chegg, Inc		151
904	*	Chipotle Mexican Grill, Inc (Class A)		662
891		Choice Hotels International, Inc		78
1,305		Churchill Downs, Inc		150
751	*	Chuy’s Holdings, Inc		17
521	e	Cracker Barrel Old Country Store, Inc		89
4,390		Darden Restaurants, Inc		534
1,638		Dave & Buster’s Entertainment, Inc		66
1,033	*,e	Del Frisco’s Restaurant Group, Inc		8
1,227	*	Del Taco Restaurants, Inc		16
2,646	*	Denny’s Corp		54
664		DineEquity, Inc		63
1,538		Domino’s Pizza, Inc		428
2,096	*	Drive Shack, Inc		10
2,930		Dunkin Brands Group, Inc		233
809	*	El Pollo Loco Holdings, Inc		9
2,425	*,e	Eldorado Resorts, Inc		112
125	*,e	Empire Resorts, Inc		1
6,386		Extended Stay America, Inc		108
1,005	*	Fiesta Restaurant Group, Inc		13
2,998	*	frontdoor, Inc		131
412	*	Golden Entertainment, Inc		6
115		Graham Holdings Co		79
1,750	*	Grand Canyon Education, Inc		205
6,952		H&R Block, Inc		204
768	*	Habit Restaurants, Inc		8
3,588	*	Hilton Grand Vacations, Inc		114
10,150		Hilton Worldwide Holdings, Inc		992
4,089	*	Houghton Mifflin Harcourt Co		24
1,223		Hyatt Hotels Corp		93
4,144	e	International Game Technology plc		54
972		International Speedway Corp (Class A)		44
596	*	J Alexander’s Holdings, Inc		7
713		Jack in the Box, Inc		58
1,321	*	K12, Inc		40
12,052		Las Vegas Sands Corp		712
1,409	*	Laureate Education, Inc		22
608	*	Lindblad Expeditions Holdings, Inc		11
9,819		Marriott International, Inc (Class A)		1,377
1,536		Marriott Vacations Worldwide Corp		148
27,172		McDonald’s Corp		5,643
17,782		MGM Resorts International		508
388	*	Monarch Casino & Resort, Inc		17
133		Nathan’s Famous, Inc		10
400	*,e	Noodles & Co		3
7,366	*	Norwegian Cruise Line Holdings Ltd		395
1,063	e	Papa John’s International, Inc		48
4,241	*	Penn National Gaming, Inc		82
3,264	*	Planet Fitness, Inc		236
322	*	PlayAGS, Inc		6
946	*	Potbelly Corp		5
330		RCI Hospitality Holdings, Inc		6
638	*	Red Lion Hotels Corp		5
500	*	Red Robin Gourmet Burgers, Inc		15
2,623		Red Rock Resorts, Inc		56
1,367	*	Regis Corp		23
5,811		Royal Caribbean Cruises Ltd		704
1,174		Ruth’s Chris Steak House, Inc		27
1,968	*	Scientific Games Corp (Class A)		39
1,710	*	SeaWorld Entertainment, Inc		53
5,752		Service Corp International		269
4,718	*	ServiceMaster Global Holdings, Inc		246

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
841	*	Shake Shack, Inc	$	61
2,790		Six Flags Entertainment Corp		139
1,487	*	Sotheby’s (Class A)		86
581		Speedway Motorsports, Inc		11
42,798		Starbucks Corp		3,588
791		Strategic Education, Inc		141
2,599		Texas Roadhouse, Inc (Class A)		139
1,434		Vail Resorts, Inc		320
1,421	*	Weight Watchers International, Inc		27
7,240		Wendy’s		142
1,127		Wingstop, Inc		107
3,769		Wyndham Destinations, Inc		165
3,184		Wyndham Hotels & Resorts, Inc		177
3,458		Wynn Resorts Ltd		429
12,807		Yum China Holdings, Inc		592
10,660		Yum! Brands, Inc		1,180
		TOTAL CONSUMER SERVICES		24,824
DIVERSIFIED FINANCIALS - 3.6%
1,964		Affiliated Managers Group, Inc		181
1,028		AG Mortgage Investment Trust		16
17,298		AGNC Investment Corp		291
13,932		Ally Financial, Inc		432
24,222		American Express Co		2,990
4,816		Ameriprise Financial, Inc		699
51,486		Annaly Capital Management, Inc		470
3,633		Anworth Mortgage Asset Corp		14
5,261		Apollo Commercial Real Estate Finance, Inc		97
1,014		Ares Commercial Real Estate Corp		15
2,272		Ares Management Corp		60
727	e	Arlington Asset Investment Corp (Class A)		5
2,063	*	ARMOUR Residential REIT, Inc		38
1,731		Artisan Partners Asset Management, Inc		48
269	e	Associated Capital Group, Inc		10
10,252		AXA Equitable Holdings, Inc		214
382		B. Riley Financial, Inc		8
1,284		Banco Latinoamericano de Exportaciones S.A. (Class E)		27
30,149		Bank of New York Mellon Corp		1,331
8,951		BGC Partners, Inc (Class A)		47
4,194		BlackRock, Inc		1,968
3,698		Blackstone Mortgage Trust, Inc		132
1,604	*	Blucora, Inc		49
2,523	*	Cannae Holdings, Inc		73
16,373		Capital One Financial Corp		1,486
3,681		Capstead Mortgage Corp		31
3,879		CBOE Holdings, Inc		402
42,649		Charles Schwab Corp		1,714
412		Cherry Hill Mortgage Investment Corp		7
5,258		Chimera Investment Corp		99
12,574		CME Group, Inc		2,441
853		Cohen & Steers, Inc		44
3,033		Colony Credit Real Estate, Inc		47
1,050	*	Cowen Group, Inc		18
369	*	Credit Acceptance Corp		179
334	*	Curo Group Holdings Corp		4
118		Diamond Hill Investment Group, Inc		17
11,684		Discover Financial Services		907
1,075	*	Donnelley Financial Solutions, Inc		14
620		Dynex Capital, Inc		10
9,222		E*TRADE Financial Corp		411
4,044		Eaton Vance Corp		174
588	*	Elevate Credit, Inc		2
978	*	Encore Capital Group, Inc		33
1,226	*	Enova International, Inc		28

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,565		Evercore Partners, Inc (Class A)	$	139
1,443		Exantas Capital Corp		16
1,988	*	Ezcorp, Inc (Class A)		19
1,286		Factset Research Systems, Inc		369
3,795		Federated Investors, Inc (Class B)		123
5,062		FGL Holdings		43
1,501		FirstCash, Inc		150
570	*	Focus Financial Partners, Inc		16
10,833		Franklin Resources, Inc		377
1,532	e	Gain Capital Holdings, Inc		6
181		GAMCO Investors, Inc (Class A)		4
11,654		Goldman Sachs Group, Inc		2,384
1,667		Granite Point Mortgage Trust, Inc		32
416		Great Ajax Corp		6
1,775	*	Green Dot Corp		87
1,124		Greenhill & Co, Inc		15
1,284		GWG Holdings Inc		9
544		Hamilton Lane, Inc		31
836		Houlihan Lokey, Inc		37
2,624		Interactive Brokers Group, Inc (Class A)		142
19,961		IntercontinentalExchange Group, Inc		1,715
601	*	INTL FCStone, Inc		24
15,288		Invesco Ltd		313
4,487		Invesco Mortgage Capital, Inc		72
5,766		Janus Henderson Group plc		145
9,122		Jefferies Financial Group, Inc		175
419		KKR Real Estate Finance Trust, Inc		8
2,645		Ladder Capital Corp		44
5,033		Ladenburg Thalmann Financial Services, Inc		17
4,392		Lazard Ltd (Class A)		151
3,386		Legg Mason, Inc		130
12,454	*	LendingClub Corp		41
3,091		LPL Financial Holdings, Inc		252
1,365		MarketAxess Holdings, Inc		439
418		Marlin Business Services Corp		10
14,764		MFA Mortgage Investments, Inc		106
1,429		Moelis & Co		50
5,935		Moody’s Corp		1,159
43,266		Morgan Stanley		1,896
745		Morningstar, Inc		108
2,983		MSCI, Inc (Class A)		712
4,078		NASDAQ OMX Group, Inc		392
9,280		Navient Corp		127
763		Nelnet, Inc (Class A)		45
14,660		New Residential Investment Corp		226
4,058		New York Mortgage Trust, Inc		25
959	*	NewStar Financial, Inc		0	^
7,076		Northern Trust Corp		637
2,164		OM Asset Management plc		25
2,011	*	On Deck Capital, Inc		8
2,827		OneMain Holdings, Inc		96
448		Oppenheimer Holdings, Inc		12
1,276	e	Orchid Island Capital, Inc		8
2,603		PennyMac Mortgage Investment Trust		57
896		Pico Holdings, Inc		10
553		Piper Jaffray Cos		41
727		PJT Partners, Inc		29
1,801	*	PRA Group, Inc		51
527		Pzena Investment Management, Inc (Class A)		5
4,512		Raymond James Financial, Inc		382
607		Ready Capital Corp		9
3,329		Redwood Trust, Inc		55
383	*	Regional Management Corp		10
8,820		S&P Global, Inc		2,009

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
808	*	Safeguard Scientifics, Inc	$	10
4,273		Santander Consumer USA Holdings, Inc		102
4,960		SEI Investments Co		278
298		Silvercrest Asset Management Group, Inc		4
16,893		SLM Corp		164
9,293		Starwood Property Trust, Inc		211
13,446		State Street Corp		754
2,581		Stifel Financial Corp		152
24,816		Synchrony Financial		860
8,226		T Rowe Price Group, Inc		903
9,828		TD Ameritrade Holding Corp		491
427		TPG RE Finance Trust, Inc		8
9,511		Two Harbors Investment Corp		121
1,024		Virtu Financial, Inc		22
255		Virtus Investment Partners, Inc		27
5,048		Voya Financial, Inc		279
3,248		Waddell & Reed Financial, Inc (Class A)		54
1,589		Western Asset Mortgage Capital Corp		16
322		Westwood Holdings Group, Inc		11
4,611		WisdomTree Investments, Inc		28
229	*	World Acceptance Corp		38
		TOTAL DIVERSIFIED FINANCIALS		37,647
ENERGY - 4.6%
5,830	*	Abraxas Petroleum Corp		6
17,773		Anadarko Petroleum Corp		1,254
7,981		Antero Midstream Corp		91
7,333	*	Antero Resources Corp		41
14,158		Apache Corp		410
2,927	*	Apergy Corp		98
550		Arch Coal, Inc		52
4,687		Archrock, Inc		50
985	*	Ardmore Shipping Corp		8
18,455		Baker Hughes a GE Co		455
1,669		Berry Petroleum Co LLC		18
784	*	Bonanza Creek Energy, Inc		16
1,777	*	C&J Energy Services, Inc		21
14,060		Cabot Oil & Gas Corp		323
812	*	Cactus, Inc		27
1,677	*,e	California Resources Corp		33
7,833	*	Callon Petroleum Co		52
2,286	*	Carrizo Oil & Gas, Inc		23
6,772	*	Centennial Resource Development, Inc		51
8,023	*	Cheniere Energy, Inc		549
35,989	*,e	Chesapeake Energy Corp		70
67,385		Chevron Corp		8,386
3,405		Cimarex Energy Co		202
5,167	*	Clean Energy Fuels Corp		14
6,042	*	CNX Resources Corp		44
7,124		Concho Resources, Inc		735
40,189		ConocoPhillips		2,452
1,096	*	CONSOL Energy, Inc		29
3,475	*	Continental Resources, Inc		146
665	*	Contura Energy Inc		35
1,185	*,e	Covia Holdings Corp		2
612		CVR Energy, Inc		31
3,058		Delek US Holdings, Inc		124
15,050	*,e	Denbury Resources, Inc		19
14,642		Devon Energy Corp		418
2,870		DHT Holdings, Inc		17
2,618	*,e	Diamond Offshore Drilling, Inc		23
5,810		Diamondback Energy, Inc		633
535		DMC Global, Inc		34
1,163	*	Dorian LPG Ltd		10

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,470	*	Dril-Quip, Inc	$	71
384	*	Earthstone Energy, Inc		2
2,812	*	Energy Fuels, Inc		9
20,728		EOG Resources, Inc		1,931
9,818		EQT Corp		155
7,854		Equitrans Midstream Corp		155
891	*	Era Group, Inc		7
668		Evolution Petroleum Corp		5
1,256	*	Exterran Corp		18
4,719	*,e	Extraction Oil & Gas, Inc		20
149,879		Exxon Mobil Corp		11,485
2,612	*	Forum Energy Technologies, Inc		9
1,937	*	Frank’s International NV		11
744	*	FTS International, Inc		4
1,757		GasLog Ltd		25
3,789		Golar LNG Ltd		70
1,490		Green Plains Renewable Energy, Inc		16
1,746	*	Gulfport Energy Corp		9
557		Hallador Energy Co		3
31,721		Halliburton Co		721
5,378	*	Helix Energy Solutions Group, Inc		46
3,775		Helmerich & Payne, Inc		191
9,277		Hess Corp		590
2,221	*	HighPoint Resources Corp		4
5,996		HollyFrontier Corp		278
1,312	*	Independence Contract Drilling, Inc		2
1,110	*	International Seaways, Inc		21
30	*	Isramco, Inc		4
1,195	*	Jagged Peak Energy, Inc		10
1,187	*	Keane Group, Inc		8
69,464		Kinder Morgan, Inc		1,450
641	*	KLX Energy Services Holdings, Inc		13
12,787		Kosmos Energy Ltd		80
6,373	*	Laredo Petroleum Holdings, Inc		18
394	e	Liberty Oilfield Services, Inc		6
3,546	*	Magnolia Oil & Gas Corp		41
275		Mammoth Energy Services, Inc		2
29,487		Marathon Oil Corp		419
23,241		Marathon Petroleum Corp		1,299
3,403	*	Matador Resources Co		68
1,193	*	Matrix Service Co		24
3,642	*	McDermott International, Inc		35
357	*	Midstates Petroleum Co, Inc		2
219	*	Montage Resources Corp		1
6,404		Murphy Oil Corp		158
11,900		Nabors Industries Ltd		35
14,486		National Oilwell Varco, Inc		322
561	*	Natural Gas Services Group, Inc		9
410	*	NCS Multistage Holdings, Inc		1
3,366	*	Newpark Resources, Inc		25
250	*	Nine Energy Service, Inc		4
9,079	*	Noble Corp plc		17
17,812		Noble Energy, Inc		399
3,925	e	Nordic American Tanker Shipping		9
3,920	*	Northern Oil And Gas, Inc		8
9,279	*	Oasis Petroleum, Inc		53
26,740		Occidental Petroleum Corp		1,344
3,828	*	Oceaneering International, Inc		78
2,073	*	Oil States International, Inc		38
14,562		ONEOK, Inc		1,002
836	*	Overseas Shipholding Group, Inc		2
1,047	*	Pacific Drilling SA		13
648		Panhandle Oil and Gas, Inc (Class A)		8
1,291	*	Par Pacific Holdings, Inc		27

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
9,019	*	Parsley Energy, Inc	$	171
8,122		Patterson-UTI Energy, Inc		93
4,259		PBF Energy, Inc		133
2,579	*	PDC Energy, Inc		93
2,971		Peabody Energy Corp		72
544	*	Penn Virginia Corp		17
16,061		Phillips 66		1,502
5,975		Pioneer Natural Resources Co		919
76	*	PrimeEnergy Corp		10
2,609	*	ProPetro Holding Corp		54
5,495	*	Questar Market Resources, Inc		40
7,038	e	Range Resources Corp		49
1,467	*	Renewable Energy Group, Inc		23
234	*	Rex American Resources Corp		17
611	*	RigNet, Inc		6
1,749	*	Ring Energy, Inc		6
2,256	e	RPC, Inc		16
1,269	*	SandRidge Energy, Inc		9
49,115		Schlumberger Ltd		1,952
679		Scorpio Tankers, Inc		20
617	*	SEACOR Holdings, Inc		29
629	*	SEACOR Marine Holdings, Inc		9
351	*	Select Energy Services, Inc		4
2,570		SemGroup Corp		31
2,365	e	Ship Finance International Ltd		30
253	*	SilverBow Resources, Inc		4
4,345		SM Energy Co		54
801	*,e	Smart Sand, Inc		2
369		Solaris Oilfield Infrastructure, Inc		6
19,699	*	Southwestern Energy Co		62
7,633	*	SRC Energy, Inc		38
5,923	*	Superior Energy Services		8
749	*	Talos Energy, Inc		18
7,616		Targa Resources Investments, Inc		299
2,010	e	Teekay Corp		7
3,273		Teekay Tankers Ltd (Class A)		4
2,116	*,e	Tellurian, Inc		17
3,896	*	Tetra Technologies, Inc		6
878	*	Tidewater, Inc		21
18,540	*,e	Transocean Ltd		119
1,986	*	Unit Corp		18
5,127	*,e	Uranium Energy Corp		7
3,143	e	US Silica Holdings, Inc		40
14,743		Valero Energy Corp		1,262
3,587	*	W&T Offshore, Inc		18
3,512	*,e	Whiting Petroleum Corp		66
42,552		Williams Cos, Inc		1,193
2,651		World Fuel Services Corp		95
15,377	*	WPX Energy, Inc		177
		TOTAL ENERGY		48,738
FOOD & STAPLES RETAILING - 1.3%
1,108		Andersons, Inc		30
1,203		Casey’s General Stores, Inc		188
776	*	Chefs’ Warehouse Holdings, Inc		27
15,507		Costco Wholesale Corp		4,098
555		Ingles Markets, Inc (Class A)		17
28,104		Kroger Co		610
345	*	Natural Grocers by Vitamin C		4
2,973	*	Performance Food Group Co		119
820		Pricesmart, Inc		42
1,730	*,e	Rite Aid Corp		14
957		Spartan Stores, Inc		11
4,309	*	Sprouts Farmers Market, Inc		81

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
16,709		Sysco Corp	$	1,182
2,032	*	United Natural Foods, Inc		18
7,566	*	US Foods Holding Corp		271
292		Village Super Market (Class A)		8
27,305		Walgreens Boots Alliance, Inc		1,493
49,693		Walmart, Inc		5,490
313		Weis Markets, Inc		11
		TOTAL FOOD & STAPLES RETAILING		13,714
FOOD, BEVERAGE & TOBACCO - 3.4%
4,215	*,e	22nd Century Group, Inc		9
135		Alico, Inc		4
66,243		Altria Group, Inc		3,137
19,605		Archer Daniels Midland Co		800
2,508	e	B&G Foods, Inc (Class A)		52
344	*	Beyond Meat, Inc		55
344	*	Boston Beer Co, Inc (Class A)		130
347	*	Bridgford Foods Corp		10
1,865		Brown-Forman Corp (Class A)		103
6,069		Brown-Forman Corp (Class B)		336
4,825		Bunge Ltd		269
583		Calavo Growers, Inc		56
1,263		Cal-Maine Foods, Inc		53
6,056	e	Campbell Soup Co		243
185		Coca-Cola Bottling Co Consolidated		55
135,228		Coca-Cola Co		6,886
16,363		ConAgra Brands, Inc		434
5,499		Constellation Brands, Inc (Class A)		1,083
418	*	Craft Brewers Alliance, Inc		6
6,364	*	Darling International, Inc		127
3,513		Dean Foods Co		3
288	*	Farmer Bros Co		5
6,911		Flowers Foods, Inc		161
1,315		Fresh Del Monte Produce, Inc		35
901	*	Freshpet, Inc		41
20,983		General Mills, Inc		1,102
3,970	*	Hain Celestial Group, Inc		87
5,111		Hershey Co		685
9,328		Hormel Foods Corp		378
3,112	*	Hostess Brands, Inc		45
2,304		Ingredion, Inc		190
585		J&J Snack Foods Corp		94
3,719		J.M. Smucker Co		428
368		John B. Sanfilippo & Son, Inc		29
8,945		Kellogg Co		479
7,218		Keurig Dr Pepper, Inc		209
21,333		Kraft Heinz Co		662
5,006		Lamb Weston Holdings, Inc		317
621		Lancaster Colony Corp		92
1,056	*	Landec Corp		10
443		Limoneira Co		9
4,446		McCormick & Co, Inc		689
476	e	MGP Ingredients, Inc		32
6,197		Molson Coors Brewing Co (Class B)		347
50,340		Mondelez International, Inc		2,713
13,664	*	Monster Beverage Corp		872
457	e	National Beverage Corp		20
49,600		PepsiCo, Inc		6,504
55,131		Philip Morris International, Inc		4,329
2,078	*	Pilgrim’s Pride Corp		53
2,255	*	Post Holdings, Inc		235
845	*	Primo Water Corp		10
787		Sanderson Farms, Inc		108
10		Seaboard Corp		41

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
365	*	Seneca Foods Corp	$	10
2,221	*	Simply Good Foods Co		54
335	e	Tootsie Roll Industries, Inc		12
2,158	*	TreeHouse Foods, Inc		117
183		Turning Point Brands, Inc		9
10,319		Tyson Foods, Inc (Class A)		833
917		Universal Corp		56
3,235		Vector Group Ltd		32
		TOTAL FOOD, BEVERAGE & TOBACCO		35,985
HEALTH CARE EQUIPMENT & SERVICES - 6.1%
60,777		Abbott Laboratories		5,112
1,565	*	Abiomed, Inc		408
3,023	*,e	Acadia Healthcare Co, Inc		106
3,073	*	Accuray, Inc		12
255	*	Addus HomeCare Corp		19
2,799	*	Align Technology, Inc		766
7,075	*	Allscripts Healthcare Solutions, Inc		82
2,458	*	Alphatec Holdings Inc		11
1,103	*	Amedisys, Inc		134
368	*	American Renal Associates Holdings, Inc		3
5,567		AmerisourceBergen Corp		475
1,159	*	AMN Healthcare Services, Inc		63
1,310	*	Angiodynamics, Inc		26
5,621	*	Antares Pharma, Inc		19
9,109		Anthem, Inc		2,571
912	*,e	Apollo Medical Holdings, Inc		15
1,701	*	Apyx Medical Corp		11
1,229	*	AtriCure, Inc		37
55		Atrion Corp		47
1,812	*	Avanos Medical, Inc		79
1,009	*	AxoGen, Inc		20
542	*	Axonics Modulation Technologies, Inc		22
17,054		Baxter International, Inc		1,397
9,399		Becton Dickinson & Co		2,369
4,529	*	BioScrip, Inc		12
1,145	*	BioSig Technologies Inc		11
1,148	*	BioTelemetry, Inc		55
48,630	*	Boston Scientific Corp		2,090
7,134	*	Brookdale Senior Living, Inc		51
1,418		Cantel Medical Corp		114
10,808		Cardinal Health, Inc		509
1,207	*	Cardiovascular Systems, Inc		52
2,441	*	Castlight Health, Inc		8
539	*	Catasys Inc		10
14,606	*	Centene Corp		766
11,437	*	Cerner Corp		838
4,212	*	Cerus Corp		24
511		Chemed Corp		184
13,362		Cigna Corp		2,105
481		Computer Programs & Systems, Inc		13
2,605	*	ConforMIS, Inc		11
1,071		Conmed Corp		92
1,710		Cooper Cos, Inc		576
3,268	*	Corindus Vascular Robotics, Inc		10
368	*	Corvel Corp		32
2,274	*	Covetrus, Inc		56
1,273	*	Cross Country Healthcare, Inc		12
1,250	*	CryoLife, Inc		37
917	*,e	CryoPort, Inc		17
593	*	Cutera, Inc		12
46,003		CVS Health Corp		2,507
1,039	*,e	CytoSorbents Corp		7
22,384		Danaher Corp		3,199

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,837	*	DaVita, Inc	$	272
7,876		Dentsply Sirona, Inc		460
3,127	*	DexCom, Inc		469
1,886	*	Diplomat Pharmacy, Inc		12
7,490	*	Edwards Lifesciences Corp		1,384
3,477		Encompass Health Corp		220
1,885		Ensign Group, Inc		107
1,556	*	Enzo Biochem, Inc		5
2,484	*	Evolent Health, Inc		20
1,393	*	Genesis Health Care, Inc		2
1,865	*	GenMark Diagnostics, Inc		12
1,112	*	Glaukos Corp		84
2,762	*	Globus Medical, Inc		117
1,211	*	Guardant Health, Inc		105
1,656	*	Haemonetics Corp		199
9,694		HCA Holdings, Inc		1,310
1,932	*	HealthEquity, Inc		126
1,071		HealthStream, Inc		28
5,175	*	Henry Schein, Inc		362
236	*	Heska Corp		20
2,532		Hill-Rom Holdings, Inc		265
3,262	*	HMS Holdings Corp		106
9,576	*	Hologic, Inc		460
4,792		Humana, Inc		1,271
588	*	ICU Medical, Inc		148
3,029	*	IDEXX Laboratories, Inc		834
672	*	Inogen, Inc		45
2,425	*,e	Inovalon Holdings, Inc		35
468	*	Inspire Medical Systems, Inc		28
2,272	*	Insulet Corp		271
935	*	Integer Holding Corp		78
2,413	*	Integra LifeSciences Holdings Corp		135
222	*	IntriCon Corp		5
4,031	*	Intuitive Surgical, Inc		2,114
1,260		Invacare Corp		7
878	*	iRhythm Technologies, Inc		69
574	*	Joint Corp		10
3,540	*	Laboratory Corp of America Holdings		612
982	*	Lantheus Holdings, Inc		28
562		LeMaitre Vascular, Inc		16
1,045	*	LHC Group, Inc		125
1,646	*	LivaNova plc		118
735	*	Magellan Health Services, Inc		55
1,746	*	Masimo Corp		260
6,781		McKesson Corp		911
2,192	*	Medidata Solutions, Inc		198
2,494	*	MEDNAX, Inc		63
47,758		Medtronic plc		4,651
1,637		Meridian Bioscience, Inc		19
1,836	*	Merit Medical Systems, Inc		109
126		Mesa Laboratories, Inc		31
402	*	Misonix Inc		10
2,279	*	Molina Healthcare, Inc		326
212		National Healthcare Corp		17
357		National Research Corp		21
1,257	*	Natus Medical, Inc		32
1,932	*	Neogen Corp		120
839	*	Neuronetics, Inc		11
1,074	*	Nevro Corp		70
1,960	*	NextGen Healthcare, Inc		39
2,979	*	Novocure Ltd		188
1,937	*	NuVasive, Inc		113
1,384	*	Omnicell, Inc		119
681	*	OptimizeRx Corp		11

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,181	*	OraSure Technologies, Inc	$	20
679	*	Orthofix International NV		36
225	*	OrthoPediatrics Corp		9
2,343		Owens & Minor, Inc		8
3,229		Patterson Cos, Inc		74
1,140	*	Penumbra, Inc		182
275	*	PetIQ, Inc		9
1,594	*	Premier, Inc		62
495	*	Providence Service Corp		28
356	*,e	Pulse Biosciences, Inc		5
4,567		Quest Diagnostics, Inc		465
1,084	*	Quidel Corp		64
3,887	*	R1 RCM, Inc		49
1,510	*	RadNet, Inc		21
5,009		Resmed, Inc		611
1,891	*	Rockwell Medical, Inc		6
2,673	*	RTI Biologics, Inc		11
640	*	SeaSpine Holdings Corp		9
4,065	*	Select Medical Holdings Corp		65
2,436	*,e	Senseonics Holdings, Inc		5
278	*	SI-BONE, Inc		6
549	*,e	Sientra, Inc		3
414		Simulations Plus, Inc		12
1,741	*	Staar Surgical Co		51
2,985		STERIS plc		444
12,184		Stryker Corp		2,505
643	*	Surgery Partners, Inc		5
516	*	SurModics, Inc		22
350	*,e	Tabula Rasa HealthCare, Inc		17
357	*	Tactile Systems Technology, Inc		20
1,948	*	Tandem Diabetes Care, Inc		126
2,089	*	Teladoc, Inc		139
1,575		Teleflex, Inc		522
3,172	*	Tenet Healthcare Corp		66
1,669	*	Tivity Health, Inc		27
5,738	*,e	TransEnterix, Inc		8
948	*	Triple-S Management Corp (Class B)		23
33,466		UnitedHealth Group, Inc		8,166
3,028		Universal Health Services, Inc (Class B)		395
468		US Physical Therapy, Inc		57
149		Utah Medical Products, Inc		14
1,492	*	Varex Imaging Corp		46
3,205	*	Varian Medical Systems, Inc		436
4,450	*	Veeva Systems, Inc		721
2,437	*,e	ViewRay, Inc		21
1,082	*	Vocera Communications, Inc		35
1,792	*	WellCare Health Plans, Inc		511
2,428		West Pharmaceutical Services, Inc		304
4,098	*	Wright Medical Group NV		122
7,276		Zimmer Biomet Holdings, Inc		857
953		Zynex Inc		9
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		64,111
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
400	*	Central Garden & Pet Co		11
1,366	*	Central Garden and Pet Co (Class A)		34
9,043		Church & Dwight Co, Inc		661
4,461		Clorox Co		683
29,910		Colgate-Palmolive Co		2,144
10,208		Coty, Inc		137
1,561	*	Edgewell Personal Care Co		42
812	*	elf Beauty, Inc		11
2,362		Energizer Holdings, Inc		91
7,521		Estee Lauder Cos (Class A)		1,377

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,725	*	Herbalife Ltd	$	159
735		Inter Parfums, Inc		49
12,205		Kimberly-Clark Corp		1,627
385		Medifast, Inc		49
537	*	Nature’s Sunshine Products, Inc		5
2,034		Nu Skin Enterprises, Inc (Class A)		100
255		Oil-Dri Corp of America		9
87,524		Procter & Gamble Co		9,597
480	*,e	Revlon, Inc (Class A)		9
1,707		Spectrum Brands Holdings, Inc		92
426	*	USANA Health Sciences, Inc		34
538		WD-40 Co		85
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		17,006
INSURANCE - 4.1%
26,451		Aflac, Inc		1,450
479		Alleghany Corp		326
11,657		Allstate Corp		1,185
1,747	*	AMBAC Financial Group, Inc		29
3,330		American Equity Investment Life Holding Co		90
2,360		American Financial Group, Inc		242
30,801		American International Group, Inc		1,641
41		American National Insurance Co		5
751		Amerisafe, Inc		48
8,554		Aon plc		1,651
13,267	*	Arch Capital Group Ltd		492
1,294		Argo Group International Holdings Ltd		96
6,208		Arthur J. Gallagher & Co		544
2,172		Assurant, Inc		231
4,096		Assured Guaranty Ltd		172
5,275	*	Athene Holding Ltd		227
2,754		Axis Capital Holdings Ltd		164
69,265	*	Berkshire Hathaway, Inc (Class B)		14,765
3,589	*	Brighthouse Financial, Inc		132
7,851		Brown & Brown, Inc		263
16,260		Chubb Ltd		2,395
5,432		Cincinnati Financial Corp		563
2,162	*,e	Citizens, Inc (Class A)		16
758		CNA Financial Corp		36
6,647		Conseco, Inc		111
406		Donegal Group, Inc (Class A)		6
746	*	eHealth, Inc		64
252		EMC Insurance Group, Inc		9
1,239		Employers Holdings, Inc		52
437	*	Enstar Group Ltd		76
983		Erie Indemnity Co (Class A)		250
1,321		Everest Re Group Ltd		327
371		FBL Financial Group, Inc (Class A)		24
485		FedNat Holding Co		7
3,673		First American Financial Corp		197
9,345		FNF Group		377
19,503	*	Genworth Financial, Inc (Class A)		72
328		Global Indemnity Ltd		10
345	e	Goosehead Insurance, Inc		17
621	*	Greenlight Capital Re Ltd (Class A)		5
368	*	Hallmark Financial Services		5
1,392		Hanover Insurance Group, Inc		179
12,715		Hartford Financial Services Group, Inc		709
290		HCI Group, Inc		12
443	*	Health Insurance Innovations, Inc		12
1,074		Heritage Insurance Holdings, Inc		17
1,591		Horace Mann Educators Corp		64
345		Independence Holding Co		13
62		Investors Title Co		10

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
646		James River Group Holdings Ltd	$	30
2,010		Kemper Corp		173
566		Kinsale Capital Group, Inc		52
7,267		Lincoln National Corp		468
9,332		Loews Corp		510
480	*	Markel Corp		523
18,060		Marsh & McLennan Cos, Inc		1,802
4,904	*	MBIA, Inc		46
1,072		Mercury General Corp		67
28,837		Metlife, Inc		1,432
1,991		National General Holdings Corp		46
92		National Western Life Group, Inc		24
394	*	NI Holdings, Inc		7
10,495		Old Republic International Corp		235
1,513		Primerica, Inc		182
9,794		Principal Financial Group		567
1,956		ProAssurance Corp		71
20,682		Progressive Corp		1,653
422		Protective Insurance Corp		7
14,555		Prudential Financial, Inc		1,470
2,140		Reinsurance Group of America, Inc (Class A)		334
1,379		RenaissanceRe Holdings Ltd		245
1,544		RLI Corp		132
591		Safety Insurance Group, Inc		56
2,223		Selective Insurance Group, Inc		167
630		State Auto Financial Corp		22
815		Stewart Information Services Corp		33
2,745	*	Third Point Reinsurance Ltd		28
1,255		Tiptree Financial, Inc		8
3,529		Torchmark Corp		316
9,385		Travelers Cos, Inc		1,403
855	*,e	Trupanion, Inc		31
844		United Fire & Casualty Co		41
739		United Insurance Holdings Corp		11
1,340		Universal Insurance Holdings, Inc		37
7,450		UnumProvident Corp		250
4,811		W.R. Berkley Corp		317
124		White Mountains Insurance Group Ltd		127
4,518		Willis Towers Watson plc		865
		TOTAL INSURANCE		43,176
MATERIALS - 3.0%
788		Advanced Emissions Solutions, Inc		10
1,237	*	AdvanSix, Inc		30
7,775		Air Products & Chemicals, Inc		1,760
12,220	*,e	AK Steel Holding Corp		29
3,894		Albemarle Corp		274
6,581	*	Alcoa Corp		154
4,202	*	Allegheny Technologies, Inc		106
1,143		American Vanguard Corp		18
1,996		Aptargroup, Inc		248
716		Ardagh Group S.A.		13
2,222		Ashland Global Holdings, Inc		178
2,946		Avery Dennison Corp		341
7,111	*	Axalta Coating Systems Ltd		212
1,227		Balchem Corp		123
11,793		Ball Corp		825
4,805	*	Berry Plastics Group, Inc		253
1,581		Boise Cascade Co		44
1,693		Cabot Corp		81
1,812		Carpenter Technology Corp		87
4,477		Celanese Corp (Series A)		483
1,952	*	Century Aluminum Co		13
7,779		CF Industries Holdings, Inc		363

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
284		Chase Corp	$	31
6,233		Chemours Co		150
623	*	Clearwater Paper Corp		12
9,437	e	Cleveland-Cliffs, Inc		101
6,825	*	Coeur Mining, Inc		30
4,501		Commercial Metals Co		80
1,251		Compass Minerals International, Inc		69
26,802	*	Corteva, Inc		793
4,304	*	Crown Holdings, Inc		263
2,440		Domtar Corp		109
26,925		Dow, Inc		1,328
26,802		DuPont de Nemours, Inc		2,012
1,609		Eagle Materials, Inc		149
4,801		Eastman Chemical Co		374
8,940		Ecolab, Inc		1,765
8,571	*	Element Solutions, Inc		89
3,191	*	Ferro Corp		50
2,943	*	Ferroglobe plc		0
2,151	*,e	Flotek Industries, Inc		7
4,704		FMC Corp		390
657	*,e	Forterra, Inc		3
51,409		Freeport-McMoRan Copper & Gold, Inc (Class B)		597
954	*	FutureFuel Corp		11
2,797	*	GCP Applied Technologies, Inc		63
2,189	*	Gold Resource Corp		7
12,219		Graphic Packaging Holding Co		171
985		Greif, Inc (Class A)		32
203		Greif, Inc (Class B)		9
1,961		H.B. Fuller Co		91
377		Hawkins, Inc		16
501		Haynes International, Inc		16
17,634		Hecla Mining Co		32
8,070		Huntsman Corp		165
1,659	*	Ingevity Corp		174
803		Innophos Holdings, Inc		23
974		Innospec, Inc		89
3,776	e	International Flavors & Fragrances, Inc		548
14,145		International Paper Co		613
3,628	*	Intrepid Potash, Inc		12
656		Kaiser Aluminum Corp		64
850	*	Koppers Holdings, Inc		25
1,207	*	Kraton Polymers LLC		38
893		Kronos Worldwide, Inc		14
19,213		Linde plc		3,858
830	*	Livent Corp		6
4,359		Louisiana-Pacific Corp		114
901	*	LSB Industries, Inc		4
10,670		LyondellBasell Industries AF S.C.A		919
2,142		Martin Marietta Materials, Inc		493
774		Materion Corp		52
1,370		Minerals Technologies, Inc		73
12,629		Mosaic Co		316
871		Myers Industries, Inc		17
642		Neenah Paper, Inc		43
278		NewMarket Corp		111
28,648		Newmont Mining Corp		1,102
8,146	*	Novagold Resources Inc		63
10,740		Nucor Corp		592
6,399		Olin Corp		140
395		Olympic Steel, Inc		5
1,779	*	Omnova Solutions, Inc		11
2,087	*	Orion Engineered Carbons SA		45
5,702		Owens-Illinois, Inc		98
3,472		Packaging Corp of America		331

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,827		PH Glatfelter Co	$	31
3,172		PolyOne Corp		100
8,330		PPG Industries, Inc		972
890	*	PQ Group Holdings, Inc		14
510		Quaker Chemical Corp		103
1,744		Rayonier Advanced Materials, Inc		11
2,210		Reliance Steel & Aluminum Co		209
2,154		Royal Gold, Inc		221
4,331		RPM International, Inc		265
592	*	Ryerson Holding Corp		5
1,051		Schnitzer Steel Industries, Inc (Class A)		28
1,182		Schweitzer-Mauduit International, Inc		39
1,569		Scotts Miracle-Gro Co (Class A)		155
5,274		Sealed Air Corp		226
1,576		Sensient Technologies Corp		116
2,936		Sherwin-Williams Co		1,346
2,434		Silgan Holdings, Inc		74
3,066		Sonoco Products Co		200
3,201		Southern Copper Corp		124
7,498		Steel Dynamics, Inc		226
775		Stepan Co		71
4,288	*	Summit Materials, Inc		83
2,524	*	SunCoke Energy, Inc		22
1,535	*	TimkenSteel Corp		12
970	*	Trecora Resources		9
1,164		Tredegar Corp		19
1,292		Trinseo S.A.		55
2,505		Tronox Holdings plc		32
226	*	UFP Technologies, Inc		9
66		United States Lime & Minerals, Inc		5
5,177	e	United States Steel Corp		79
577	*	US Concrete, Inc		29
882		Valhi, Inc		3
7,329		Valvoline, Inc		143
1,233	*	Verso Corp		23
4,645		Vulcan Materials Co		638
1,812		Warrior Met Coal, Inc		47
1,396		Westlake Chemical Corp		97
9,287		WestRock Co		339
1,742	*	Worthington Industries, Inc		70
2,080		WR Grace and Co		158
		TOTAL MATERIALS		31,061
MEDIA & ENTERTAINMENT - 7.3%
26,723		Activision Blizzard, Inc		1,261
10,577	*	Alphabet, Inc (Class A)		11,453
10,781	*	Alphabet, Inc (Class C)		11,653
11,632	*	Altice USA, Inc		283
2,111	e	AMC Entertainment Holdings, Inc		20
1,592	*	AMC Networks, Inc		87
154		Cable One, Inc		180
477	*	Cardlytics, Inc		12
534	*	Care.com, Inc		6
1,803	*	Cargurus, Inc		65
2,801	*	Cars.com, Inc		55
11,700		CBS Corp (Class B)		584
3,461	*	Central European Media Enterprises Ltd (Class A)		15
5,650	*	Charter Communications, Inc		2,233
4,142		Cinemark Holdings, Inc		150
1,723	*	Clear Channel		8
159,099		Comcast Corp (Class A)		6,726
46	*,e	Daily Journal Corp		11
4,788	*,e	Discovery, Inc (Class A)		147
12,786	*	Discovery, Inc (Class C)		364

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,718	*	DISH Network Corp (Class A)	$	296
10,652	*	Electronic Arts, Inc		1,079
568		Emerald Expositions Events, Inc		6
4,712		Entercom Communications Corp (Class A)		27
2,637		Entravision Communications Corp (Class A)		8
798	*,e	Eros International plc		1
1,282	*	Eventbrite Inc		21
826	*	EverQuote Inc		11
2,274		EW Scripps Co (Class A)		35
84,621	*	Facebook, Inc		16,332
2,575	*	Fluent, Inc		14
11,751		Fox Corp (Class A)		431
4,988		Fox Corp (Class B)		182
4,415		Gannett Co, Inc		36
3,746	*	GCI Liberty, Inc		230
4,064	*	Glu Mobile, Inc		29
2,680	*	Gray Television, Inc		44
408	*	Hemisphere Media Group, Inc		5
5,073	*	IAA, Inc		197
2,708	*	IAC/InterActiveCorp		589
2,264	*	Imax Corp		46
13,511		Interpublic Group of Cos, Inc		305
1,634		John Wiley & Sons, Inc (Class A)		75
428	*	Liberty Braves Group (Class A)		12
1,434	*	Liberty Braves Group (Class C)		40
977	*	Liberty Broadband Corp (Class A)		101
3,671	*	Liberty Broadband Corp (Class C)		383
1,581	*	Liberty Latin America Ltd (Class A)		27
4,170	*	Liberty Latin America Ltd (Class C)		72
998	*	Liberty Media Group (Class A)		36
7,316	*	Liberty Media Group (Class C)		274
2,847	*	Liberty SiriusXM Group (Class A)		108
5,784	*	Liberty SiriusXM Group (Class C)		220
3,006	*	Liberty TripAdvisor Holdings, Inc		37
2,000	e	Lions Gate Entertainment Corp (Class A)		25
3,835		Lions Gate Entertainment Corp (Class B)		45
4,824	*	Live Nation, Inc		320
1,013	*,e	LiveXLive Media, Inc		4
190	*	Loral Space & Communications, Inc		7
627	*	Madison Square Garden Co		176
2,359	*	Marchex, Inc (Class B)		11
736		Marcus Corp		24
1,918	e	Match Group, Inc		129
2,109	*	MDC Partners, Inc		5
2,453	*	Meet Group, Inc		9
1,545		Meredith Corp		85
2,361	*	MSG Networks, Inc		49
2,714		National CineMedia, Inc		18
14,913	*	NetFlix, Inc		5,478
1,956		New Media Investment Group, Inc		18
4,795		New York Times Co (Class A)		156
13,730		News Corp (Class A)		185
4,708		News Corp (Class B)		66
1,776		Nexstar Broadcasting Group, Inc (Class A)		179
7,656		Omnicom Group, Inc		627
1,192	*	QuinStreet, Inc		19
787	*	Reading International, Inc		10
750	*	Rosetta Stone, Inc		17
175		Saga Communications, Inc		6
1,096		Scholastic Corp		36
2,122		Sinclair Broadcast Group, Inc (Class A)		114
54,201		Sirius XM Holdings, Inc		302
4,174	*	Spotify Technology S.A.		574
4,187	*	Take-Two Interactive Software, Inc		475

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
708	*	TechTarget, Inc	$	15
8,405		TEGNA, Inc		127
639	*	Travelzoo, Inc		10
2,837		Tribune Co		131
780		Tribune Publishing Co		6
3,654	*	TripAdvisor, Inc		169
2,406	*	TrueCar, Inc		13
26,631	*	Twitter, Inc		929
411	e	Viacom, Inc (Class A)		14
12,186		Viacom, Inc (Class B)		364
61,781		Walt Disney Co		8,627
806	*	WideOpenWest, Inc		6
1,509		World Wrestling Entertainment, Inc (Class A)		109
3,020	*	Yelp, Inc		103
2,077	*	Zillow Group, Inc (Class A)		95
4,117	*,e	Zillow Group, Inc (Class C)		191
30,167	*	Zynga, Inc		185
		TOTAL MEDIA & ENTERTAINMENT		76,885
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
52,356		AbbVie, Inc		3,807
3,171	*	Abeona Therapeutics, Inc		15
3,739	*	Acadia Pharmaceuticals, Inc		100
987	*,e	Accelerate Diagnostics, Inc		23
1,231	*	Acceleron Pharma, Inc		51
4,567	*	AcelRx Pharmaceuticals, Inc		12
4,855	*	Achillion Pharmaceuticals, Inc		13
797	*	Aclaris Therapeutics, Inc		2
1,689	*	Acorda Therapeutics, Inc		13
711	*,e	Adamas Pharmaceuticals, Inc		4
2,755	*	ADMA Biologics, Inc		11
1,984	*	Adverum Biotechnologies, Inc		24
1,175	*	Aerie Pharmaceuticals, Inc		35
2,830	*	Agenus, Inc		8
264	*,e	AgeX Therapeutics, Inc		1
11,303		Agilent Technologies, Inc		844
1,876	*	Agios Pharmaceuticals, Inc		94
1,385	*	Aimmune Therapeutics, Inc		29
574	*,e	Akcea Therapeutics, Inc		13
2,676	*	Akebia Therapeutics, Inc		13
3,444	*	Akorn, Inc		18
332	*	Albireo Pharma, Inc		11
2,198	*	Alder Biopharmaceuticals, Inc		26
7,633	*	Alexion Pharmaceuticals, Inc		1,000
5,962	*	Alkermes plc		134
609	*,e	Allakos, Inc		26
11,610		Allergan plc		1,944
1,361	*,e	Allogene Therapeutics, Inc		37
3,747	*	Alnylam Pharmaceuticals, Inc		272
1,423	*	AMAG Pharmaceuticals, Inc		14
21,590		Amgen, Inc		3,979
6,968	*	Amicus Therapeutics, Inc		87
2,888	*	Amneal Pharmaceuticals, Inc		21
1,331	*	Amphastar Pharmaceuticals, Inc		28
679	*	AnaptysBio, Inc		38
292	*	ANI Pharmaceuticals, Inc		24
566	*	Anika Therapeutics, Inc		23
1,330	*	Apellis Pharmaceuticals, Inc		34
1,565	*	Aratana Therapeutics, Inc		8
1,066	*,e	Arcus Biosciences, Inc		8
4,879	*	Ardelyx, Inc		13
1,827	*	Arena Pharmaceuticals, Inc		107
3,173	*	Arqule, Inc		35
7,827	*	Array Biopharma, Inc		363

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,193	*,e	Arrowhead Research Corp	$	85
445	*	Arvinas, Inc		10
541	*	Assembly Biosciences, Inc		7
2,241	*	Assertio Therapeutics, Inc		8
1,497	*	Atara Biotherapeutics, Inc		30
1,535	*	Athenex, Inc		30
2,944	*	Athersys, Inc		5
1,540	*	Audentes Therapeutics, Inc		58
1,798	*	Avid Bioservices, Inc		10
645	*	Avrobio, Inc		10
854	*	Axsome Therapeutics, Inc		22
3,132	*	BioCryst Pharmaceuticals, Inc		12
2,860	*	BioDelivery Sciences International, Inc		13
6,846	*	Biogen Idec, Inc		1,601
1,007	*	Biohaven Pharmaceutical Holding Co Ltd		44
6,544	*	BioMarin Pharmaceutical, Inc		560
826	*	Bio-Rad Laboratories, Inc (Class A)		258
213	*	Biospecifics Technologies Corp		13
1,318		Bio-Techne Corp		275
12,084	*	BioTime, Inc		13
954	*	Bioxcel Therapeutics Inc		10
1,782	*	Bluebird Bio, Inc		227
1,516	*	Blueprint Medicines Corp		143
58,109		Bristol-Myers Squibb Co		2,635
4,110		Bruker BioSciences Corp		205
1,175	*	Calithera Biosciences, Inc		5
311	*,e	Calyxt, Inc		4
1,265	*	Cambrex Corp		59
1,052	*	Cara Therapeutics, Inc		23
1,462	*	CareDx, Inc		53
1,814	*,e	CASI Pharmaceuticals, Inc		6
4,893	*	Catalent, Inc		265
5,490	*,e	Catalyst Pharmaceuticals, Inc		21
24,947	*	Celgene Corp		2,306
442	*,e	Cellular Biomedicine Group, Inc		7
1,391	*	CEL-SCI Corp		12
2,050	*	Cerecor Inc		11
1,846	*	Charles River Laboratories International, Inc		262
2,817	*	Checkpoint Therapeutics Inc		9
2,250	*	ChemoCentryx, Inc		21
1,315	*	Chiasma, Inc		10
1,747	*	Chimerix, Inc		8
1,527	*	Clovis Oncology, Inc		23
1,314	*	Codexis, Inc		24
2,173	*	Coherus Biosciences, Inc		48
877	*	Collegium Pharmaceutical, Inc		12
642	*	Concert Pharmaceuticals, Inc		8
1,107	*	Constellation Pharmaceuticals, Inc		14
1,738	*,e	Corbus Pharmaceuticals Holdings, Inc		12
3,522	*	Corcept Therapeutics, Inc		39
820	*,e	Corium International, Inc		0	^
1,298	*	CorMedix Inc		12
406	*	Crinetics Pharmaceuticals, Inc		10
1,555	*,e	Cue Biopharma, Inc		14
528	*	Cyclerion Therapeutics, Inc		6
2,162	*	Cymabay Therapeutics, Inc		15
2,547	*	Cytokinetics, Inc		29
1,148	*	CytomX Therapeutics, Inc		13
286	*,e	Deciphera Pharmaceuticals, Inc		6
2,175	*,e	Denali Therapeutics, Inc		45
1,468	*,e	Dermira, Inc		14
1,627	*	Dicerna Pharmaceuticals, Inc		26
195	*,e	Dova Pharmaceuticals, Inc		3
1,590	*,e	Dynavax Technologies Corp		6

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
323	*	Eagle Pharmaceuticals, Inc	$	18
1,310	*	Editas Medicine, Inc		32
396	*	Eidos Therapeutics, Inc		12
933	*	Eiger BioPharmaceuticals, Inc		10
12,949	*	Elanco Animal Health, Inc		438
30,451		Eli Lilly & Co		3,374
792	*,e	Eloxx Pharmaceuticals, Inc		8
1,340	*	Emergent Biosolutions, Inc		65
648	*	Enanta Pharmaceuticals, Inc		55
8,687	*	Endo International plc		36
2,041	*	Enochian Biosciences Inc		9
2,725	*	Epizyme, Inc		34
876	*,e	Esperion Thereapeutics, Inc		41
503	*,e	Evelo Biosciences, Inc		4
1,662	*	Evofem Biosciences Inc		11
702	*	Evolus, Inc		10
4,274	*	Exact Sciences Corp		504
11,271	*	Exelixis, Inc		241
2,054	*	Fate Therapeutics, Inc		42
2,752	*	FibroGen, Inc		124
979	*	Five Prime Therapeutics, Inc		6
1,094	*,e	Flexion Therapeutics, Inc		13
2,426	*	Fluidigm Corp		30
926	*	Forty Seven, Inc		10
1,187	*	G1 Therapeutics, Inc		36
810	*	Genomic Health, Inc		47
6,445	*,e	Geron Corp		9
45,156		Gilead Sciences, Inc		3,051
1,912	*	Global Blood Therapeutics, Inc		101
1,226	*	GlycoMimetics, Inc		15
702	*	Gossamer Bio, Inc		16
1,019	*	Gritstone Oncology, Inc		11
4,274	*	Halozyme Therapeutics, Inc		73
1,743	*	Heron Therapeutics, Inc		32
542	*	Homology Medicines, Inc		11
6,384	*	Horizon Pharma plc		154
5,202	*	Illumina, Inc		1,915
8,844	*	Immunogen, Inc		19
4,854	*	Immunomedics, Inc		67
6,468	*	Incyte Corp		549
2,960	*	Innoviva, Inc		43
2,690	*,e	Inovio Pharmaceuticals, Inc		8
2,469	*	Insmed, Inc		63
1,277	*,e	Intellia Therapeutics, Inc		21
696	*,e	Intercept Pharmaceuticals, Inc		55
1,040	*	Intersect ENT, Inc		24
1,415	*	Intra-Cellular Therapies, Inc		18
2,121	*,e	Intrexon Corp		16
3,175	*	Invitae Corp		75
4,403	*	Ionis Pharmaceuticals, Inc		283
4,024	*	Iovance Biotherapeutics, Inc		99
6,351	*	IQVIA Holdings, Inc		1,022
5,284	*	Ironwood Pharmaceuticals, Inc		58
2,166	*	Jazz Pharmaceuticals plc		309
94,060		Johnson & Johnson		13,101
2,499	*	Jounce Therapeutics, Inc		12
2,507	*	Kadmon Holdings, Inc		5
312	*	Kala Pharmaceuticals, Inc		2
487	*	KalVista Pharmaceuticals Inc		11
2,971	*,e	Karyopharm Therapeutics, Inc		18
1,311	*	Kezar Life Sciences, Inc		10
841	*	Kindred Biosciences, Inc		7
706	*	Kiniksa Pharmaceuticals Ltd		10
878	*	Kodiak Sciences, Inc		10

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
308	*	Krystal Biotech Inc	$	12
772	*	Kura Oncology, Inc		15
669	*,e	La Jolla Pharmaceutical Co		6
1,137	*,e	Lannett Co, Inc		7
1,763	*,e	Lexicon Pharmaceuticals, Inc		11
773	*,e	Ligand Pharmaceuticals, Inc (Class B)		88
1,194	*	Liquidia Technologies, Inc		10
842	*	LogicBio Therapeutics, Inc		11
1,582		Luminex Corp		33
1,309	*	MacroGenics, Inc		22
153	*,e	Madrigal Pharmaceuticals, Inc		16
683	*	Magenta Therapeutics, Inc		10
2,997	*,e	Mallinckrodt plc		27
14,007	*,e	MannKind Corp		16
4,041	*	Marinus Pharmaceuticals, Inc		17
1,309	*	Marker Therapeutics Inc		10
2,689	*,e	Medicines Co		98
1,230	*,e	MediciNova, Inc		12
971	*	Medpace Holdings, Inc		64
3,862	*	MEI Pharma, Inc		10
548	*	MeiraGTx Holdings plc		15
1,875	*	Menlo Therapeutics, Inc		11
91,201		Merck & Co, Inc		7,647
2,738	*	Mersana Therapeutics, Inc		11
864	*	Mettler-Toledo International, Inc		726
854	*	Millendo Therapeutics Inc		10
992	*	Minerva Neurosciences, Inc		6
877	*	Mirati Therapeutics, Inc		90
599	*,e	Moderna, Inc		9
1,274	*	Molecular Templates, Inc		11
2,874	*	Momenta Pharmaceuticals, Inc		36
2,916	*	Mustang Bio, Inc		11
18,725	*	Mylan NV		357
1,123	*	MyoKardia, Inc		56
2,502	*	Myriad Genetics, Inc		69
1,160	*	NanoString Technologies, Inc		35
1,964	*	Natera, Inc		54
5,467	*	Nektar Therapeutics		194
3,073	*	NeoGenomics, Inc		67
2,156	*	Neon Therapeutics, Inc		10
3,420	*	Neurocrine Biosciences, Inc		289
564	*,e	Novavax, Inc		3
894	*	Ocular Therapeutix, Inc		4
216	*,e	Odonate Therapeutics, Inc		8
1,629	*,e	Omeros Corp		26
2,507	*	Oncocyte Corp		6
13,300	*,e	Opko Health, Inc		32
1,987	*,e	Optinose, Inc		14
4,997	*	Pacific Biosciences of California, Inc		30
1,521	*	Pacira Pharmaceuticals, Inc		66
9,091	*	Palatin Technologies, Inc		11
934	*,e	Paratek Pharmaceuticals, Inc		4
1,731	*	PDL BioPharma, Inc		5
3,900		PerkinElmer, Inc		376
4,834		Perrigo Co plc		230
1,619	*	Pfenex, Inc		11
196,984		Pfizer, Inc		8,533
806	*	PhaseBio Pharmaceuticals Inc		11
720		Phibro Animal Health Corp		23
3,495	*	Pieris Pharmaceuticals, Inc		16
2,817	*,e	PolarityTE, Inc		16
1,961	*,e	Portola Pharmaceuticals, Inc		53
1,865	*	PRA Health Sciences, Inc		185
2,080	*	Prestige Brands Holdings, Inc		66

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
470	*	Principia Biopharma, Inc	$	16
2,427	*	Progenics Pharmaceuticals, Inc		15
866	*	Protagonist Therapeutics, Inc		10
1,437	*	Prothena Corp plc		15
2,011	*	PTC Therapeutics, Inc		90
1,119	*	Puma Biotechnology, Inc		14
8,215	*	QIAGEN NV		333
334	*	Quanterix Corp		11
1,099	*	Ra Pharmaceuticals, Inc		33
1,455	*	Radius Health, Inc		35
708	*	Reata Pharmaceuticals, Inc		67
1,657	*	Recro Pharma, Inc		17
2,955	*	Regeneron Pharmaceuticals, Inc		925
1,062	*	REGENXBIO, Inc		55
1,344	*	Repligen Corp		115
699	*	Replimune Group, Inc		10
1,469	*	Retrophin, Inc		29
879	*	Revance Therapeutics, Inc		11
280	*	Rhythm Pharmaceuticals, Inc		6
4,657	*	Rigel Pharmaceuticals, Inc		12
1,412	*	Rocket Pharmaceuticals, Inc		21
1,226	*,e	Rubius Therapeutics, Inc		19
1,782	*	Sage Therapeutics, Inc		326
2,773	*	Sangamo Biosciences, Inc		30
2,492	*	Sarepta Therapeutics, Inc		379
669	*	Scholar Rock Holding Corp		11
3,768	*	Seattle Genetics, Inc		261
4,330	*,e	Seres Therapeutics, Inc		14
1,913	*	SIGA Technologies, Inc		11
2,399	*,e	Solid Biosciences, Inc		14
3,173	*,e	Sorrento Therapeutics, Inc		8
1,158	*	Spark Therapeutics, Inc		119
2,652	*	Spectrum Pharmaceuticals, Inc		23
741	*	Spero Therapeutics, Inc		9
1,509	*	Stemline Therapeutics, Inc		23
1,839	*	Supernus Pharmaceuticals, Inc		61
1,544	*	Syndax Pharmaceuticals, Inc		14
2,126	*	Syneos Health, Inc		109
1,124	*	Synlogic, Inc		10
2,140	*	Syros Pharmaceuticals, Inc		20
3,335	*	TG Therapeutics, Inc		29
5,906	*,e	TherapeuticsMD, Inc		15
1,625	*,e	Theravance Biopharma, Inc		27
14,213		Thermo Fisher Scientific, Inc		4,174
1,905	*	Tocagen, Inc		13
1,030	*	Translate Bio, Inc		13
767	*	Tricida, Inc		30
746	*	Twist Bioscience Corp		22
3,764	*,e	Tyme Technologies, Inc		5
1,517	*	Ultragenyx Pharmaceutical, Inc		96
1,741	*	United Therapeutics Corp		136
1,868	*,e	UNITY Biotechnology, Inc		18
657	*	UroGen Pharma Ltd		24
1,691	*	Vanda Pharmaceuticals, Inc		24
8,929	*	VBI Vaccines, Inc		10
1,634	*	Veracyte, Inc		47
1,345	*	Vericel Corp		25
9,159	*	Vertex Pharmaceuticals, Inc		1,680
1,592	*,e	Viking Therapeutics, Inc		13
872	*	Voyager Therapeutics, Inc		24
2,435	*	Waters Corp		524
475	*	WaVe Life Sciences Pte Ltd		12
684	*	X4 Pharmaceuticals, Inc		10
1,334	*	XBiotech, Inc		10

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,460	*	Xencor, Inc	$	60
935	*	Xeris Pharmaceuticals, Inc		11
6,592	*,e	ZIOPHARM Oncology, Inc		38
17,210		Zoetis, Inc		1,953
1,053	*	Zogenix, Inc		50
797	*	Zynerba Pharmaceuticals, Inc		11
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		81,963
REAL ESTATE - 4.0%
3,250		Acadia Realty Trust		89
943		Agree Realty Corp		60
2,540		Alexander & Baldwin, Inc		59
51		Alexander’s, Inc		19
3,763		Alexandria Real Estate Equities, Inc		531
466	*,e	Altisource Portfolio Solutions S.A.		9
1,599		American Assets Trust, Inc		75
4,582		American Campus Communities, Inc		211
3,752		American Finance Trust, Inc		41
8,855		American Homes 4 Rent		215
15,523		American Tower Corp		3,174
6,774		Americold Realty Trust		220
5,173		Apartment Investment & Management Co		259
7,310	*	Apple Hospitality REIT, Inc		116
1,658		Armada Hoffler Properties, Inc		27
3,090		Ashford Hospitality Trust, Inc		9
4,882		AvalonBay Communities, Inc		992
769		Bluerock Residential Growth REIT, Inc		9
5,435		Boston Properties, Inc		701
1,249		BraeMar Hotels & Resorts, Inc		12
6,772		Brandywine Realty Trust		97
11,939		Brixmor Property Group, Inc		213
3,653		Brookfield Property REIT, Inc		69
552		Brt Realty Trust		8
3,063		Camden Property Trust		320
2,763		CareTrust REIT, Inc		66
1,667		CatchMark Timber Trust, Inc		17
6,537	e	CBL & Associates Properties, Inc		7
11,845	*	CBRE Group, Inc		608
3,595		Cedar Realty Trust, Inc		10
1,449		Chatham Lodging Trust		27
2,308		Chesapeake Lodging Trust		66
1,087		City Office REIT, Inc		13
544		Clipper Realty, Inc		6
20,026		Colony Capital, Inc		100
4,776		Columbia Property Trust, Inc		99
753		Community Healthcare Trust, Inc		30
159		Consolidated-Tomoka Land Co		9
3,089		CoreCivic, Inc		64
419	e	CorEnergy Infrastructure Trust, Inc		17
473		CorePoint Lodging, Inc		6
1,335		Coresite Realty		154
3,896		Corporate Office Properties Trust		103
5,462	*	Cousins Properties, Inc		198
14,565		Crown Castle International Corp		1,899
6,597		CubeSmart		221
3,593	*	Cushman & Wakefield plc		64
3,950		CyrusOne, Inc		228
7,801		DiamondRock Hospitality Co		81
7,304		Digital Realty Trust, Inc		860
5,662		Douglas Emmett, Inc		226
12,847		Duke Realty Corp		406
1,340		Easterly Government Properties, Inc		24
1,286		EastGroup Properties, Inc		149
5,016		Empire State Realty Trust, Inc		74

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,455		Entertainment Properties Trust	$	183
2,965		Equinix, Inc		1,495
3,801		Equity Commonwealth		124
2,834		Equity Lifestyle Properties, Inc		344
12,680		Equity Residential		963
1,740		Essential Properties Realty Trust, Inc		35
2,377		Essex Property Trust, Inc		694
929	*	eXp World Holdings Inc		10
4,258		Extra Space Storage, Inc		452
967	e	Farmland Partners, Inc		7
2,581		Federal Realty Investment Trust		332
4,527		First Industrial Realty Trust, Inc		166
400	*	Forestar Group, Inc		8
2,420		Four Corners Property Trust, Inc		66
4,124		Franklin Street Properties Corp		30
1,944		Front Yard Residential Corp		24
309	*	FRP Holdings, Inc		17
6,862		Gaming and Leisure Properties, Inc		267
3,108		Geo Group, Inc		65
1,064		Getty Realty Corp		33
881		Gladstone Commercial Corp		19
1,479		Global Medical REIT, Inc		16
2,475		Global Net Lease, Inc		49
272		Griffin Land & Nurseries, Inc (Class A)		10
1,871		Hannon Armstrong Sustainable Infrastructure Capital, Inc		53
17,510		HCP, Inc		560
4,494		Healthcare Realty Trust, Inc		141
7,668		Healthcare Trust of America, Inc		210
1,493		Hersha Hospitality Trust		25
1,412		HFF, Inc (Class A)		64
3,908		Highwoods Properties, Inc		161
5,289		Hospitality Properties Trust		132
26,196		Host Marriott Corp		477
1,318	*	Howard Hughes Corp		163
6,080		Hudson Pacific Properties		202
2,619		Independence Realty Trust, Inc		30
1,510		Industrial Logistics Properties Trust		31
330	e	Innovative Industrial Properties, Inc		41
460		Investors Real Estate Trust		27
13,447		Invitation Homes, Inc		359
10,280		Iron Mountain, Inc		322
2,674	e	iStar Financial, Inc		33
4,340		JBG SMITH Properties		171
322		Jernigan Capital, Inc		7
1,588		Jones Lang LaSalle, Inc		223
5,205		Kennedy-Wilson Holdings, Inc		107
3,350		Kilroy Realty Corp		247
14,283		Kimco Realty Corp		264
3,243		Kite Realty Group Trust		49
3,092		Lamar Advertising Co		250
8,135		Lexington Realty Trust		77
5,077		Liberty Property Trust		254
1,468		Life Storage, Inc		140
1,530		LTC Properties, Inc		70
5,384		Macerich Co		180
3,534		Mack-Cali Realty Corp		82
569	*	Marcus & Millichap, Inc		18
231	*	Maui Land & Pineapple Co, Inc		2
12,964		Medical Properties Trust, Inc		226
4,212		Mid-America Apartment Communities, Inc		496
2,597		Monmouth Real Estate Investment Corp (Class A)		35
1,356		National Health Investors, Inc		106
5,402		National Retail Properties, Inc		286
1,700		National Storage Affiliates Trust		49

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,164		New Senior Investment Group, Inc	$	21
4,651		Newmark Group, Inc		42
662		NexPoint Residential Trust, Inc		27
2,094		NorthStar Realty Europe Corp		34
1,207		Office Properties Income Trust		32
7,830		Omega Healthcare Investors, Inc		288
567		One Liberty Properties, Inc		16
5,152		Outfront Media, Inc		133
7,621		Paramount Group, Inc		107
7,462		Park Hotels & Resorts, Inc		206
5,135		Pebblebrook Hotel Trust		145
2,702	e	Pennsylvania REIT		18
5,940		Physicians Realty Trust		104
4,321		Piedmont Office Realty Trust, Inc		86
2,502		Potlatch Corp		98
2,737		Preferred Apartment Communities, Inc		41
21,993		Prologis, Inc		1,762
762		PS Business Parks, Inc		128
5,245		Public Storage, Inc		1,249
1,829		QTS Realty Trust, Inc		84
377	*	Rafael Holdings, Inc		11
4,462		Rayonier, Inc		135
732		Re/Max Holdings, Inc		23
4,163		Realogy Holdings Corp		30
11,112		Realty Income Corp		766
3,100	*	Redfin Corp		56
5,855		Regency Centers Corp		391
4,204		Retail Opportunities Investment Corp		72
6,690		Retail Properties of America, Inc		79
621		Retail Value, Inc		22
3,671		Rexford Industrial Realty, Inc		148
4,896		RLJ Lodging Trust		87
283		RMR Group, Inc		13
3,057		RPT Realty		37
1,712		Ryman Hospitality Properties		139
6,162		Sabra Healthcare REIT, Inc		121
401		Safehold, Inc		12
392		Saul Centers, Inc		22
3,864	*	SBA Communications Corp		869
9,263		Senior Housing Properties Trust		77
990	e	Seritage Growth Properties		43
10,877		Simon Property Group, Inc		1,738
6,051		SITE Centers Corp		80
3,174		SL Green Realty Corp		255
1,885		Spirit MTA REIT		16
3,189		Spirit Realty Capital, Inc		136
1,876	*	St. Joe Co		32
4,481		STAG Industrial, Inc		135
6,501		STORE Capital Corp		216
218	*	Stratus Properties, Inc		7
3,928		Summit Hotel Properties, Inc		45
2,801		Sun Communities, Inc		359
8,527		Sunstone Hotel Investors, Inc		117
3,676	e	Tanger Factory Outlet Centers, Inc		60
2,340		Taubman Centers, Inc		96
834	*	Tejon Ranch Co		14
1,821		Terreno Realty Corp		89
10,089		UDR, Inc		453
994		UMH Properties, Inc		12
6,462		Uniti Group, Inc		61
294		Universal Health Realty Income Trust		25
3,855		Urban Edge Properties		67
1,188		Urstadt Biddle Properties, Inc (Class A)		25
12,826		Ventas, Inc		877

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
34,460		VEREIT, Inc	$	310
13,187		VICI Properties, Inc		291
5,932		Vornado Realty Trust		380
7,181	e	Washington Prime Group, Inc		27
3,060		Washington REIT		82
4,685		Weingarten Realty Investors		128
14,318		Welltower, Inc		1,167
26,359		Weyerhaeuser Co		694
1,293	*	Whitestone REIT		16
5,952		WP Carey, Inc		483
4,278		Xenia Hotels & Resorts, Inc		89
		TOTAL REAL ESTATE		41,502
RETAILING - 6.0%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		24
2,429		Aaron’s, Inc		149
1,704		Abercrombie & Fitch Co (Class A)		27
2,427		Advance Auto Parts, Inc		374
14,645	*	Amazon.com, Inc		27,732
6,015		American Eagle Outfitters, Inc		102
367	*	America’s Car-Mart, Inc		32
727	*	Asbury Automotive Group, Inc		61
5,932	*	Ascena Retail Group, Inc		4
978	*,e	At Home Group, Inc		7
1,281	*	Autonation, Inc		54
877	*	AutoZone, Inc		964
1,364	*	Barnes & Noble Education, Inc		5
2,159		Barnes & Noble, Inc		14
4,627	e	Bed Bath & Beyond, Inc		54
8,489		Best Buy Co, Inc		592
1,547		Big Lots, Inc		44
4,634	*	BJ’s Wholesale Club Holdings, Inc		122
1,529	*	Booking Holdings, Inc		2,866
517	*	Boot Barn Holdings, Inc		18
1,023	e	Buckle, Inc		18
2,479	*	Burlington Stores, Inc		422
377		Caleres, Inc		7
437	e	Camping World Holdings, Inc		5
6,038	*	CarMax, Inc		524
1,399	*,e	Carvana Co		88
966		Cato Corp (Class A)		12
4,716		Chico’s FAS, Inc		16
389		Children’s Place Retail Stores, Inc		37
619		Citi Trends, Inc		9
708	*	Conn’s, Inc		13
764	*	Container Store Group, Inc		6
1,444		Core-Mark Holding Co, Inc		57
2,565		Designer Brands, Inc		49
2,403		Dick’s Sporting Goods, Inc		83
165	e	Dillard’s, Inc (Class A)		10
9,174		Dollar General Corp		1,240
8,448	*	Dollar Tree, Inc		907
404	*,e	Duluth Holdings, Inc		5
29,182		eBay, Inc		1,153
4,286	*	Etsy, Inc		263
4,109		Expedia, Inc		547
3,087	*	Express Parent LLC		8
2,096	*	Five Below, Inc		252
2,352	*	Floor & Decor Holdings, Inc		99
3,891		Foot Locker, Inc		163
322	*,e	Gaia, Inc		2
3,029	e	GameStop Corp (Class A)		17
6,980		Gap, Inc		125
254	*	Genesco, Inc		11

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,838		Genuine Parts Co	$	501
2,663	*,e	GNC Holdings, Inc		4
228		Group 1 Automotive, Inc		19
13,160	*	Groupon, Inc		47
3,346	*	GrubHub, Inc		261
2,487		Guess?, Inc		40
715		Haverty Furniture Cos, Inc		12
948	*	Hibbett Sports, Inc		17
39,030		Home Depot, Inc		8,117
1,422	*	Hudson Ltd		20
12,004	*,e	JC Penney Co, Inc		14
6,314		Kohl’s Corp		300
7,726		L Brands, Inc		202
487	*	Lands’ End, Inc		6
487	*	Leaf Group Ltd		4
2,114	*	Liberty Expedia Holdings, Inc		101
1,143	*	Liquidity Services, Inc		7
527		Lithia Motors, Inc (Class A)		63
10,704	*	LKQ Corp		285
28,223		Lowe’s Companies, Inc		2,848
1,099	*,e	Lumber Liquidators, Inc		13
11,147		Macy’s, Inc		239
1,129	*	MarineMax, Inc		19
1,333	*	Michaels Cos, Inc		12
1,185		Monro Muffler, Inc		101
924	*	Murphy USA, Inc		78
2,416	*	National Vision Holdings, Inc		74
4,562		Nordstrom, Inc		145
20,474		Office Depot, Inc		42
1,846	*	Ollie’s Bargain Outlet Holdings, Inc		161
2,754	*	O’Reilly Automotive, Inc		1,017
567	*,e	Overstock.com, Inc		8
1,066	*,e	Party City Holdco, Inc		8
633		Penske Auto Group, Inc		30
765	e	PetMed Express, Inc		12
1,369		Pool Corp		261
2,851	*	Quotient Technology, Inc		31
14,260	*	Qurate Retail Group, Inc QVC Group		177
1,673	*	Rent-A-Center, Inc		45
476	*,e	RH		55
12,715		Ross Stores, Inc		1,260
1,681	*	Rubicon Project, Inc		11
3,687	*	Sally Beauty Holdings, Inc		49
576	e	Shoe Carnival, Inc		16
1,315	*	Shutterfly, Inc		66
719		Shutterstock, Inc		28
817		Signet Jewelers Ltd		15
1,596	*	Sleep Number Corp		64
1,157		Sonic Automotive, Inc (Class A)		27
1,434	*	Sportsman’s Warehouse Holdings, Inc		5
618	*	Stamps.com, Inc		28
1,475	*	Stitch Fix Inc		47
1,859	e	Tailored Brands, Inc		11
17,643		Target Corp		1,528
4,270		Tiffany & Co		400
1,314		Tile Shop Holdings, Inc		5
432		Tilly’s, Inc		3
42,983		TJX Companies, Inc		2,273
4,523		Tractor Supply Co		492
2,073	*	Ulta Beauty, Inc		719
2,603	*	Urban Outfitters, Inc		59
2,078	*	Wayfair, Inc		303
252		Weyco Group, Inc		7
2,858	e	Williams-Sonoma, Inc		186

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
94		Winmark Corp	$	16
686	*	Zumiez, Inc		18
		TOTAL RETAILING		62,425
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
716	*	Acacia Communications, Inc		34
1,546	*	Advanced Energy Industries, Inc		87
35,429	*	Advanced Micro Devices, Inc		1,076
844	*	Alpha & Omega Semiconductor Ltd		8
1,266	*	Ambarella, Inc		56
3,751	*	Amkor Technology, Inc		28
13,084		Analog Devices, Inc		1,477
33,669		Applied Materials, Inc		1,512
766	*	Aquantia Corp		10
1,183	*	Axcelis Technologies, Inc		18
1,452	*	AXT, Inc		6
13,676		Broadcom, Inc		3,937
2,689		Brooks Automation, Inc		104
1,007		Cabot Microelectronics Corp		111
839	*	Ceva, Inc		20
2,507	*	Cirrus Logic, Inc		110
1,495		Cohu, Inc		23
3,781	*	Cree, Inc		212
12,862		Cypress Semiconductor Corp		286
1,498	*	Diodes, Inc		54
5,537		Entegris, Inc		207
2,741	*	First Solar, Inc		180
2,989	*	Formfactor, Inc		47
445	*	Ichor Holdings Ltd		10
705	*,e	Impinj, Inc		20
1,603	*	Inphi Corp		80
159,251		Intel Corp		7,624
5,664		Kla-Tencor Corp		669
5,298		Lam Research Corp		995
2,616	*	Lattice Semiconductor Corp		38
1,568	*	MA-COM Technology Solutions		24
23,160		Marvell Technology Group Ltd		553
9,274		Maxim Integrated Products, Inc		555
2,280	*	MaxLinear, Inc		53
8,299	e	Microchip Technology, Inc		720
39,835	*	Micron Technology, Inc		1,537
1,742		MKS Instruments, Inc		136
1,367		Monolithic Power Systems, Inc		186
1,014	*	Nanometrics, Inc		35
1,216	*	NeoPhotonics Corp Ltd		5
192		NVE Corp		13
20,691		NVIDIA Corp		3,398
15,220	*	ON Semiconductor Corp		308
1,181	*	PDF Solutions, Inc		15
2,703	*	Photronics, Inc		22
1,113		Power Integrations, Inc		89
4,356	*	Qorvo, Inc		290
43,065		Qualcomm, Inc		3,276
4,243	*	Rambus, Inc		51
1,221	*	Rudolph Technologies, Inc		34
2,520	*	Semtech Corp		121
1,625	*	Silicon Laboratories, Inc		168
6,144		Skyworks Solutions, Inc		475
51	*,e	SMART Global Holdings, Inc		1
2,299	*,e	SunPower Corp		25
6,337		Teradyne, Inc		304
33,198		Texas Instruments, Inc		3,810
1,266	*	Ultra Clean Holdings		18
1,389	e	Universal Display Corp		261

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,833	*	Veeco Instruments, Inc	$	22
3,582		Versum Materials, Inc		185
8,914		Xilinx, Inc		1,051
1,849		Xperi Corp		38
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		36,818
SOFTWARE & SERVICES - 12.2%
1,998	*	2U, Inc		75
3,462	*	8x8, Inc		83
1,883	*	A10 Networks, Inc		13
22,731		Accenture plc		4,200
4,522	*	ACI Worldwide, Inc		155
17,242	*	Adobe, Inc		5,080
5,728	*	Akamai Technologies, Inc		459
792	*	Alarm.com Holdings, Inc		42
1,710		Alliance Data Systems Corp		240
906	*	Altair Engineering, Inc		37
1,605	*,e	Alteryx, Inc		175
781	*	Amber Road, Inc		10
5,013		Amdocs Ltd		311
1,091	*	American Software, Inc (Class A)		14
2,896	*	Anaplan, Inc		146
2,922	*	Ansys, Inc		598
538	*	Appfolio, Inc		55
1,096	*	Appian Corp		40
2,441	*	Aspen Technology, Inc		303
3,721	*	Atlassian Corp plc		487
7,939	*	Autodesk, Inc		1,293
15,377		Automatic Data Processing, Inc		2,542
1,505	*	Avalara, Inc		109
3,817	*	Avaya Holdings Corp		45
1,498	*	Benefitfocus, Inc		41
5,264	*	Black Knight, Inc		317
1,852		Blackbaud, Inc		155
1,191	*	Blackline, Inc		64
5,256		Booz Allen Hamilton Holding Co		348
1,563	*	Bottomline Technologies, Inc		69
4,699	*	Box, Inc		83
1,247	*	Brightcove, Inc		13
4,137		Broadridge Financial Solutions, Inc		528
946	*	CACI International, Inc (Class A)		194
9,861	*	Cadence Design Systems, Inc		698
1,957	*	Carbon Black, Inc		33
960	*	Carbonite, Inc		25
1,770	*	Cardtronics plc		48
576		Cass Information Systems, Inc		28
4,696		CDK Global, Inc		232
2,197	*	Ceridian HCM Holding, Inc		110
921	*	ChannelAdvisor Corp		8
1,430	*	Cision Ltd		17
4,735		Citrix Systems, Inc		465
5,802	*,e	Cloudera, Inc		31
20,271		Cognizant Technology Solutions Corp (Class A)		1,285
1,509	*	Commvault Systems, Inc		75
7,418	*	Conduent, Inc		71
2,077	*	Cornerstone OnDemand, Inc		120
1,958	*	Coupa Software, Inc		248
1,299		CSG Systems International, Inc		63
574	*,e	Digimarc Corp		25
2,714	*	Digital Turbine, Inc		14
5,396	*	DocuSign, Inc		268
643	*	Domo, Inc		18
7,483	*	Dropbox, Inc		187
9,523		DXC Technology Co		525

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
927	e	Ebix, Inc	$	47
648	*	eGain Corp		5
1,317	*	Elastic NV		98
2,483	*	Endurance International Group Holdings, Inc		12
1,657	*	Envestnet, Inc		113
1,908	*	EPAM Systems, Inc		330
1,684	*	Euronet Worldwide, Inc		283
1,144	*	Everbridge, Inc		102
2,472	*	Everi Holdings, Inc		29
2,375		EVERTEC, Inc		78
503	*	Evo Payments, Inc		16
1,735	*	Exela Technologies, Inc		4
1,241	*	ExlService Holdings, Inc		82
1,096	*	Fair Isaac Corp		344
11,403		Fidelity National Information Services, Inc		1,399
6,880	*	FireEye, Inc		102
3,306	*	First American Corp		138
20,157	*	First Data Corp		546
14,053	*	Fiserv, Inc		1,281
2,029	*	Five9, Inc		104
2,968	*	FleetCor Technologies, Inc		834
1,062	*	ForeScout Technologies, Inc		36
5,020	*	Fortinet, Inc		386
3,100	*	Gartner, Inc		499
5,261		Genpact Ltd		200
5,551		Global Payments, Inc		889
6,208	*	GoDaddy, Inc		435
1,166	*,e	GTT Communications, Inc		21
2,905	*	Guidewire Software, Inc		295
1,077		Hackett Group, Inc		18
1,304	*	HubSpot, Inc		222
351	*	I3 Verticals, Inc		10
1,377	*	Information Services Group, Inc		4
1,210	*	Inspired Entertainment, Inc		10
825	*	Instructure, Inc		35
385	*	Intelligent Systems Corp		11
31,405		International Business Machines Corp		4,331
8,745		Intuit, Inc		2,285
1,794		j2 Global, Inc		159
2,676		Jack Henry & Associates, Inc		358
5,716		KBR, Inc		143
4,837		Leidos Holdings, Inc		386
3,363	*	Limelight Networks, Inc		9
2,140	*	Liveperson, Inc		60
2,391	*	LiveRamp Holdings, Inc		116
1,820		LogMeIn, Inc		134
869	*	Majesco		8
2,696	*	Manhattan Associates, Inc		187
1,025		Mantech International Corp (Class A)		68
31,786		MasterCard, Inc (Class A)		8,408
2,490		MAXIMUS, Inc		181
267,825		Microsoft Corp		35,878
367	*	MicroStrategy, Inc (Class A)		53
1,253	*	Mitek Systems, Inc		12
1,693	*	MobileIron, Inc		11
844	*	Model N, Inc		16
845	*	MongoDB, Inc		129
1,609		Monotype Imaging Holdings, Inc		27
1,631	*	New Relic, Inc		141
2,596		NIC, Inc		42
9,317	*	Nuance Communications, Inc		149
4,944	*	Nutanix, Inc		128
3,609	*	Okta, Inc		446
1,227	*	OneSpan, Inc		17

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
81,332		Oracle Corp	$	4,634
3,213	*	Palo Alto Networks, Inc		655
11,310		Paychex, Inc		931
1,706	*	Paycom Software, Inc		387
1,003	*	Paylocity Holding Corp		94
41,638	*	PayPal Holdings, Inc		4,766
1,045	*	Paysign Inc		14
1,438		Pegasystems, Inc		102
1,320	*	Perficient, Inc		45
5,214		Perspecta, Inc		122
2,202	*	Pluralsight, Inc		67
707		Presidio, Inc		10
621	*	PRGX Global, Inc		4
1,791		Progress Software Corp		78
1,867	*	Proofpoint, Inc		225
1,099	*	PROS Holdings, Inc		70
3,677	*	PTC, Inc		330
1,206	*	Q2 Holdings, Inc		92
400		QAD, Inc (Class A)		16
1,213	*	Qualys, Inc		106
1,695	*	Rapid7, Inc		98
2,285	*	RealPage, Inc		134
6,226	*	Red Hat, Inc		1,169
2,430	*	RingCentral, Inc		279
10,188		Sabre Corp		226
1,841	*	SailPoint Technologies Holding, Inc		37
26,062	*	salesforce.com, Inc		3,954
2,092		Science Applications International Corp		181
257	*,e	SecureWorks Corp		3
6,396	*	ServiceNow, Inc		1,756
779	*	SharpSpring Inc		10
502	*,e	ShotSpotter, Inc		22
3,012	*	Smartsheet, Inc		146
5,371	*	Splunk, Inc		675
690	*	SPS Commerce, Inc		71
11,771	*	Square, Inc		854
7,627		SS&C Technologies Holdings, Inc		439
2,959	*	SVMK, Inc		49
1,325		Switch, Inc		17
1,511	*	Sykes Enterprises, Inc		41
21,158		Symantec Corp		460
1,342	*	Synchronoss Technologies, Inc		11
5,041	*	Synopsys, Inc		649
2,681	*	Tableau Software, Inc		445
2,099	*	Telaria, Inc		16
2,092	*	TeleNav, Inc		17
303	*	Tenable Holdings, Inc		9
4,419	*	Teradata Corp		158
4,572		TiVo Corp		34
6,233		Total System Services, Inc		800
1,339	*	Trade Desk, Inc		305
541		TTEC Holdings, Inc		25
349	*,e	Tucows, Inc		21
4,079	*	Twilio, Inc		556
1,396	*	Tyler Technologies, Inc		302
2,160	*	Unisys Corp		21
265	*	Upland Software, Inc		12
1,586	*,e	USA Technologies, Inc		12
1,028	*	Varonis Systems, Inc		64
2,429	*	Verint Systems, Inc		131
3,641	*	VeriSign, Inc		762
3,457	*	Verra Mobility Corp		45
2,063	*,e	VirnetX Holding Corp		13
1,072	*	Virtusa Corp		48

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
61,603		Visa, Inc (Class A)	$	10,691
2,748		VMware, Inc (Class A)		459
14,555		Western Union Co		290
1,532	*	WEX, Inc		319
5,643	*	Workday, Inc		1,160
912	*	Workiva, Inc		53
10,936	*	Worldpay, Inc		1,340
2,990	*	Yext, Inc		60
3,760	*	Zendesk, Inc		335
2,044	*	Zix Corp		19
2,136	*	Zscaler, Inc		164
2,992	*	Zuora Inc		46
		TOTAL SOFTWARE & SERVICES		128,579
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
4,245	*,e	3D Systems Corp		39
1,869		Adtran, Inc		29
932	*	Aerohive Networks, Inc		4
1,071	*	Agilysys, Inc		23
10,316		Amphenol Corp (Class A)		990
1,131	*	Anixter International, Inc		68
162,998	d	Apple, Inc		32,260
712	*,e	Applied Optoelectronics, Inc		7
2,011	*	Arista Networks, Inc		522
2,522	*	Arlo Technologies, Inc		10
2,894	*	Arrow Electronics, Inc		206
1,363	*	Avid Technology, Inc		12
3,554		Avnet, Inc		161
1,630		AVX Corp		27
1,096		Badger Meter, Inc		65
429		Bel Fuse, Inc (Class B)		7
1,632		Belden CDT, Inc		97
1,932		Benchmark Electronics, Inc		49
1,369	*	CalAmp Corp		16
1,907	*	Calix, Inc		13
176	*	Casa Systems, Inc		1
5,080		CDW Corp		564
5,012	*	Ciena Corp		206
155,985		Cisco Systems, Inc		8,537
522	*	Clearfield, Inc		7
6,048		Cognex Corp		290
954	*	Coherent, Inc		130
6,754	*	CommScope Holding Co, Inc		106
784		Comtech Telecommunications Corp		22
938	*	Control4 Corp		22
27,563		Corning, Inc		916
1,568	*	Cray, Inc		55
1,256		CTS Corp		35
48		Daktronics, Inc		0	^
5,361	*	Dell Technologies, Inc		272
2,906	*	Diebold, Inc		27
1,019	*	Digi International, Inc		13
2,138		Dolby Laboratories, Inc (Class A)		138
1,847	*	EchoStar Corp (Class A)		82
1,788	*	Electronics for Imaging, Inc		66
518	*	ePlus, Inc		36
4,537	*	Extreme Networks, Inc		29
2,012	*	F5 Networks, Inc		293
1,440	*	Fabrinet		72
655	*	FARO Technologies, Inc		34
4,415	*	Finisar Corp		101
6,696	*	Fitbit, Inc		29
4,988		Flir Systems, Inc		270
3,142	*	Harmonic, Inc		17

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
49,208		Hewlett Packard Enterprise Co	$	736
54,196		HP, Inc		1,127
2,439	*	II-VI, Inc		89
1,305	*	Immersion Corp		10
5,792	*	Infinera Corp		17
2,359	*	Inseego Corp		11
1,383	*	Insight Enterprises, Inc		81
1,347		InterDigital, Inc		87
1,406	*	IPG Photonics Corp		217
944	*	Iteris, Inc		5
1,329	*	Itron, Inc		83
4,847		Jabil Circuit, Inc		153
11,699		Juniper Networks, Inc		312
1,750		Kemet Corp		33
6,356	*	Keysight Technologies, Inc		571
1,038	*	Kimball Electronics, Inc		17
3,427	*	Knowles Corp		63
758	*	KVH Industries, Inc		8
939		Littelfuse, Inc		166
2,759	*	Lumentum Holdings, Inc		147
1,398		Methode Electronics, Inc		40
5,680		Motorola Solutions, Inc		947
632		MTS Systems Corp		37
428	*	Napco Security Technologies, Inc		13
4,043		National Instruments Corp		170
4,702	*	NCR Corp		146
8,966		NetApp, Inc		553
1,274	*	Netgear, Inc		32
3,375	*	Netscout Systems, Inc		86
236	*	nLight, Inc		5
1,269	*	Novanta, Inc		120
673	*	OSI Systems, Inc		76
406	*	PAR Technology Corp		11
766		Park Electrochemical Corp		13
430		PC Connection, Inc		15
1,300		Plantronics, Inc		48
1,309	*	Plexus Corp		76
8,066	*	Pure Storage, Inc		123
2,205	*	Ribbon Communications, Inc		11
701	*	Rogers Corp		121
2,856	*	Sanmina Corp		87
958	*	Scansource, Inc		31
1,939	*	Stratasys Ltd		57
1,338	*	Synaptics, Inc		39
1,480		Synnex Corp		146
1,361	*	Tech Data Corp		142
8,652	*	Trimble Navigation Ltd		390
3,576	*	TTM Technologies, Inc		36
563		Ubiquiti Networks, Inc		74
2,057	*	Viasat, Inc		166
8,882	*	Viavi Solutions, Inc		118
5,245		Vishay Intertechnology, Inc		87
398	*	Vishay Precision Group, Inc		16
10,553		Western Digital Corp		502
7,295		Xerox Corp		258
1,840	*	Zebra Technologies Corp (Class A)		385
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		56,085
TELECOMMUNICATION SERVICES - 1.8%
258,499		AT&T, Inc		8,662
373		ATN International, Inc		22
565	*	Bandwidth Inc		42
1,565	*	Boingo Wireless, Inc		28
38,502		CenturyLink, Inc		453

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,877	*	Cincinnati Bell, Inc	$	9
1,599		Cogent Communications Group, Inc		95
2,586	e	Consolidated Communications Holdings, Inc		13
3,091	*,e	Frontier Communications Corp		5
2,248	*,e	Gogo, Inc		9
2,353	*	Intelsat S.A.		46
2,990	*	Iridium Communications, Inc		70
661	*	Ooma, Inc		7
2,552	*	Orbcomm, Inc		18
3,985	*	Pareteum Corp		10
410	*	pdvWireless, Inc		19
1,811		Shenandoah Telecom Co		70
859		Spok Holdings, Inc		13
19,979	*	Sprint Corp		131
3,834		Telephone & Data Systems, Inc		117
10,941	*	T-Mobile US, Inc		811
176	*	US Cellular Corp		8
146,567		Verizon Communications, Inc		8,374
7,849	*	Vonage Holdings Corp		89
7,262	*	Zayo Group Holdings, Inc		239
		TOTAL TELECOMMUNICATION SERVICES		19,360
TRANSPORTATION - 2.0%
2,138	*	Air Transport Services Group, Inc		52
4,469		Alaska Air Group, Inc		286
502		Allegiant Travel Co		72
313		Amerco, Inc		118
14,697		American Airlines Group, Inc		479
1,131		Arkansas Best Corp		32
285	*	Atlas Air Worldwide Holdings, Inc		13
2,527	*	Avis Budget Group, Inc		89
4,786		CH Robinson Worldwide, Inc		404
1,092		Copa Holdings S.A. (Class A)		107
1,032		Costamare, Inc		5
452	*	Covenant Transportation Group, Inc		7
27,466		CSX Corp		2,125
763	*	Daseke, Inc		3
20,588		Delta Air Lines, Inc		1,168
1,536	*	Eagle Bulk Shipping, Inc		8
1,070	*	Echo Global Logistics, Inc		22
5,950		Expeditors International of Washington, Inc		451
8,632		FedEx Corp		1,417
902		Forward Air Corp		53
2,185	*	Genesee & Wyoming, Inc (Class A)		219
715		Hawaiian Holdings, Inc		20
1,188		Heartland Express, Inc		21
2,016	*,e	Hertz Global Holdings, Inc		32
1,279	*	Hub Group, Inc (Class A)		54
3,200		JB Hunt Transport Services, Inc		293
10,338	*	JetBlue Airways Corp		191
3,398		Kansas City Southern Industries, Inc		414
2,088	*	Kirby Corp		165
4,783		Knight-Swift Transportation Holdings, Inc		157
1,543		Landstar System, Inc		167
1,160	*	Lyft, Inc (Class A)		76
3,019		Macquarie Infrastructure Co LLC		122
1,495		Marten Transport Ltd		27
1,675		Matson, Inc		65
9,501		Norfolk Southern Corp		1,894
2,413		Old Dominion Freight Line		360
334		Park-Ohio Holdings Corp		11
1,449	*	Radiant Logistics, Inc		9
1,666		Ryder System, Inc		97
1,798	*	Safe Bulkers, Inc		3

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
945	*	Saia, Inc	$	61
1,179		Schneider National, Inc		22
2,180		Scorpio Bulkers, Inc		10
1,961		Skywest, Inc		119
17,269		Southwest Airlines Co		877
2,177	*	Spirit Airlines, Inc		104
6,396	*	Uber Technologies, Inc		297
25,069		Union Pacific Corp		4,239
8,513	*	United Continental Holdings, Inc		745
24,539		United Parcel Service, Inc (Class B)		2,534
200		Universal Truckload Services, Inc		4
1,875		Werner Enterprises, Inc		58
3,234	*	XPO Logistics, Inc		187
147	*	YRC Worldwide, Inc		1
		TOTAL TRANSPORTATION		20,566
UTILITIES - 3.2%
24,589		AES Corp		412
1,901		Allete, Inc		158
7,893		Alliant Energy Corp		387
8,765		Ameren Corp		658
17,235		American Electric Power Co, Inc		1,517
1,409		American States Water Co		106
6,446		American Water Works Co, Inc		748
7,640		Aqua America, Inc		316
443	*	AquaVenture Holdings Ltd		9
366		Artesian Resources Corp		14
5,498	*,e	Atlantic Power Corp		13
3,854		Atmos Energy Corp		407
2,130		Avangrid, Inc		108
2,203		Avista Corp		98
2,128		Black Hills Corp		166
812	*,e	Cadiz, Inc		9
1,860		California Water Service Group		94
17,247		Centerpoint Energy, Inc		494
640		Chesapeake Utilities Corp		61
1,290		Clearway Energy, Inc (Class A)		21
2,243		Clearway Energy, Inc (Class C)		38
9,924		CMS Energy Corp		575
438		Connecticut Water Service, Inc		31
11,556		Consolidated Edison, Inc		1,013
626		Consolidated Water Co, Inc		9
28,341		Dominion Resources, Inc		2,191
6,370		DTE Energy Co		815
25,791		Duke Energy Corp		2,276
11,609		Edison International		783
1,320		El Paso Electric Co		86
6,725		Entergy Corp		692
8,631		Evergy, Inc		519
11,262		Eversource Energy		853
33,843		Exelon Corp		1,622
18,797		FirstEnergy Corp		805
919		Genie Energy Ltd		10
349		Global Water Resources, Inc		4
3,788		Hawaiian Electric Industries, Inc		165
1,806		Idacorp, Inc		181
6,373		MDU Resources Group, Inc		164
1,395		MGE Energy, Inc		102
644		Middlesex Water Co		38
2,568		National Fuel Gas Co		135
3,351		New Jersey Resources Corp		167
16,903		NextEra Energy, Inc		3,463
12,354		NiSource, Inc		356
1,124		Northwest Natural Holding Co		78

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY						VALUE (000)
1,853		NorthWestern Corp						$	134
9,414		NRG Energy, Inc							331
7,090		OGE Energy Corp							302
2,027		ONE Gas, Inc							183
1,582		Ormat Technologies, Inc							100
1,523		Otter Tail Corp							80
2,658		Pattern Energy Group, Inc							61
18,731	*,b	PG&E Corp							429
3,779		Pinnacle West Capital Corp							356
3,215		PNM Resources, Inc							164
3,158		Portland General Electric Co							171
25,287		PPL Corp							784
17,607		Public Service Enterprise Group, Inc							1,036
626	*	Pure Cycle Corp							7
263		RGC Resources, Inc							8
9,564		Sempra Energy							1,314
678		SJW Corp							41
3,054		South Jersey Industries, Inc							103
36,507		Southern Co							2,018
1,840		Southwest Gas Corp							165
431	e	Spark Energy, Inc							5
1,831		Spire, Inc							154
1,698		TerraForm Power, Inc							24
6,086		UGI Corp							325
534		Unitil Corp							32
13,883		Vistra Energy Corp							314
10,897		WEC Energy Group, Inc							908
18,024		Xcel Energy, Inc							1,072
490		York Water Co							18
		TOTAL UTILITIES							33,606
		TOTAL COMMON STOCKS							1,039,706
		(Cost $410,158)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
4,469	†	Media General, Inc							0
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							0
MATERIALS - 0.0%
1,126	†	A Schulman, Inc							0	^
11,807	†	Pan American Silver Corp							3
		TOTAL MATERIALS							3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
244	†	Omthera Pharmaceuticals, Inc							0	^
390		Tobira Therapeutics, Inc							0	^
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							0	^
TRANSPORTATION - 0.0%
2,016	e	Hertz Global Holdings, Inc							4
		TOTAL TRANSPORTATION							4
		TOTAL RIGHTS / WARRANTS							7
		(Cost $39)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.7%
GOVERNMENT AGENCY DEBT - 1.2%
$  12,400,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		12,400
		TOTAL GOVERNMENT AGENCY DEBT							12,400

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
5,333,213	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,333
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		5,333
		TOTAL SHORT-TERM INVESTMENTS		17,733
		(Cost $17,733)
		TOTAL INVESTMENTS - 100.7%		1,057,446
		(Cost $427,930)
		OTHER ASSETS & LIABILITIES, NET - (0.7)%		(7,198	)
		NET ASSETS - 100.0%	$	1,050,248

Abbreviation(s):

REIT Real Estate Investment Trust

^ Amount represents less than $1,000.

* Non-income producing

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

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 value of securities on loan is $7,396,129.

Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		78	09/20/19	$	11,251	$	11,482	$	231

47

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9.    Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10.    Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Management Committee.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

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

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

SIGNATURES

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

	TIAA SEPARATE ACCOUNT VA-1
Dated: August 15, 2019	By: /s/ Carol W. Deckbar
		Carol W. Deckbar
		Principal Executive Officer and Executive
		Vice President

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

Dated: August 15, 2019	By: /s/ Carol W. Deckbar
		Carol W. Deckbar
		Principal Executive Officer and Executive
		Vice President
		(principal executive officer)
Dated: August 15, 2019	By: /s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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