N-CSRS

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
(Address of principal executive offices) (Zip code)

Lisa Snow, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2004

Item 1. Reports to Stockholders.

2004 semiannual report TIAA Separate Account VA-1 Financial statements (unaudited) including top holdings June 30, 2004 stock index

Performance Overview as of 6/30/2004

			Average Annual Compound Rates
			of Total Return
	Inception								Since
	Date		1 year			5 years			Inception
Equities
Stock Index Account		11/1/1994		19.57	%		–1.42	%		10.88	%

The returns quoted represent 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 above, 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 www.tiaa-cref.org or call 800 223-1200.

A new way to look at your investments

To make it easier for investors to get meaningful information about their investments, the Securities and Exchange Commission (SEC) has issued new rules regarding financial reporting. The SEC has also required additional information about expenses and their effect on investment returns and about proxy voting policies and procedures. This is our first report to follow these new rules.

     Beginning with this performance period, annual and semiannual reports will list a portfolio’s 50 largest holdings, as well as any other holding that constitutes 1% or more of the portfolio. These are the holdings most likely to affect your investment results. We will continue to file a complete list of holdings with the SEC, and this will now be done on a quarterly basis, rather than semiannually, as in the past. To access this information easily, please see page 4.

     This semiannual report also contains a more detailed explanation of the Stock Index Account’s expense charges, including examples that enable you to compare our expenses with those of any other U.S. variable annuities and mutual funds. Long before expenses made headlines, TIAA-CREF urged investors to consider the effect of expenses, particularly over long periods of time. Please see page 6 for details.

     As always, you should carefully consider the investment objectives, risks, and charges and expenses of any mutual fund or variable annuity before investing. Please visit the Web Center at www.tiaa-cref.org or call 800 223-1200 for a prospectus that contains this and other important information. Read it carefully before investing.

     Please remember that, by signing up for e-delivery of these reports at our Web Center, you can get your financial information more quickly—and in an electronic format that can be easily archived for future reference.

Contents

Report to Policyholders		2
More Information for Policyholders		4
Special Terms		5
Important Information about Expenses		6
Account Performance
Stock Index Account		8
Top Holdings		11
Financial Statements
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Notes to Financial Statements		19
Management		24
For More Information	Inside Back Cover

Report to Policyholders

The Stock Index Account’s 3.27% return was well ahead of the 2.54% average return of similar variable annuities.

During the first six months of 2004, rising stock prices lost momentum after a period of extraordinary gains. In 2003 the Russell 3000® Index, which tracks the broad U.S. stock market, was up 31.06%. The MSCI World Index^SM, which tracks stocks in 23 nations, soared 33.11%.

     Stock prices became more volatile during the first three months of 2004, as persistently high unemployment numbers slowed the advance. In March the market was further jolted by the Madrid bombing, and the quarter ended with a gain of 2.23%. In the second quarter, the Russell 3000 added just 1.33%, despite some promising economic data, which included strong corporate profits, record home sales, and a sudden jump in employment numbers.

     Higher valuations had made some stocks less attractive to investors. At the same time, higher interest rates and more expensive petroleum posed a threat to the U.S. recovery and, in turn, to world trade. In fact, during June consumer spending dropped 0.7%. The utilization rate of the nation’s productive capacity also declined to 77.2%, from 77.6% in May—levels substantially below the average level of 81.1% for the years 1972–2003.

     Initial data from the Department of Commerce indicated that the nation’s real Gross Domestic Product had increased at an annual rate of 3.0% in the second quarter, versus a revised figure of 4.5% for the first. At the end of the six-month period, the growth of personal income was running at an annualized rate of 2.4%, trailing the 3.3% inflation rate.

     Against this backdrop of slowing growth and shrinking personal income, it is not surprising that the stock market cooled during the period. As of June 30, the Russell 3000’s return for 2004 was 3.59%, while the World Index posted a gain of 3.52%. Both six-month returns, while a far cry from last year’s advances, are the equivalent of an annual gain of more than 7%.

     Both stock indexes, however, fared better than the domestic bond market. Rising interest rates drove down the price of bonds. The 10-year U.S. Treasury note, which serves as a benchmark for the fixed-income market,

2     2004 Semiannual Report     TIAA Separate Account VA-1

Scott C. Evans
Executive Vice President and
Chief Investment Officer

slipped 4.93% during the second quarter, its largest quarterly drop in a decade. The Lehman Brothers U.S. Aggregate Index, which tracks the performance of the investment-grade fixed-rate bond market in the United States, returned just 0.15% for the six-month period.

     U.S. stock funds posted a net inflow of more than $118 billion during the first half of the year, while taxable bond funds and municipal bond funds each posted net outflows of more than $11 billion, according to data from the Investment Company Institute.

     In tightening markets such as the one we have just experienced, it becomes harder than ever to find stocks that will outperform the market. The Stock Index Account, the underlying investment of the Separate Account VA-1, uses an indexed approach, and this helps explain why its 3.27% return was well ahead of the 2.54% average return of similar variable annuities, as measured by Morningstar’s Large Blend (VA) category.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice
President and Chief
Investment Officer

TIAA Separate Account VA-1     2004 Semiannual Report     3

More Information for Policyholders

Portfolio Listings

The SEC recently approved new rules intended to provide investors with more meaningful information about account performance. Investment companies can now provide listings of the top holdings for each account in their annual and semi-annual reports instead of the complete portfolio listings they provided previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

For the periods ending June 30 and December 31, you can obtain a complete listing of the TIAA Separate Account VA-1’s holdings on Form N-CSR:

• through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s Web site at www.sec.gov;

• at the SEC’s Public Reference Room by calling 800 SEC-0330;

• from TIAA-CREF’s Web Center at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 223-1200 to request a copy, which will be provided free of charge.

     For the periods ending March 31 and September 30, you can obtain a complete listing of the TIAA Separate Account VA-1’s holdings on Form N-Q.

Proxy voting

The Separate Account’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 at our Web Center at www.tiaa-cref.org, by calling us at 800 223-1200 to request a free copy, or on the SEC Web site at www.sec.gov. A report of how the account voted during the 12 months ended June 30, 2004, can be found at our Web Center or at www.sec.gov.

Contacting TIAA-CREF

Three easy ways to contact us are by e-mail, using the Contact/Help link at the top of our home page, by mail at TIAA-CREF, 730 Third Avenue, New York NY 10017–3206, or by phone at 800 223-1200.

Account management

TIAA Separate Account VA-1 is managed by Teachers Advisors, Inc.’s portfolio management teams, whose members are responsible for the day-to-day operations of the account.

4     2004 Semiannual Report     TIAA Separate Account VA-1

Special Terms

Annuity An annuity is designed for retirement savings or for other long-term goals. It offers several payment options, including lifetime income. Payments from variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns.

Benchmark (benchmark index) an index of securities, such as the Russell 3000® Index, used to compare the performance of an investment.

Expense ratio the amount that investors pay for the operation of a variable annuity. The amount is expressed as a percentage of the account’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”

Market capitalization the total value of a company’s outstanding stock. It is calculated by multiplying the total number of a company’s outstanding shares by the current market price per share.

Peer group a group of variable annuities with a similar objective whose performance is compared with the performance of a single mutual fund or variable annuity.

Relative performance the return of a variable mutual fund annuity in relationship to the return of its benchmark index.

Securities a general name for stocks (also known as “equities”), bonds (also known as “fixed income”), or other investment.

Separate account An account established by a life insurance company, separate from its general account, for the investments in nonguaranteed insurance and annuity products. In contrast, a life insurer’s general account supports products with principal and interest guarantees. Separate accounts are registered with the SEC as investment companies.

Total return the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the account’s holdings.

TIAA Separate Account VA-1     2004 Semiannual Report     5

Important Information about Expenses

TIAA Separate Account VA-1 contractowners incur only one of two potential types of costs.

• Contractowners incur no transaction costs, including sales charges (loads) on contributions, on reinvested dividends, or on other distributions. There are also no redemption fees or exchange fees.

• However, they do incur ongoing costs, including investment advisory fees, administrative expenses, distribution (12b-1) fees, and mortality and expense risk charges.

     The example that appears on this page is intended to help you understand your ongoing costs (in dollars) of investing in the account. It is also designed to help you compare these costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts using the TIAA Separate Account VA-1. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004.

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 at the beginning of the period, to estimate the expenses that you paid over the period.

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

	Stock Index Account Expense Example
	Starting Account Value		Ending Account Value			Expenses Paid†
	(12/31/03)		(6/30/04)			(1/1/04–6/30/04)
Actual return	$	1,000.00	$	1,032.70		$	3.35
5% annual hypothetical return	$	1,000.00	$	1,021.66	‡	$	3.34

†	Expenses Paid is based on the account’s actual expense ratio of 0.33% for the period. This was converted into dollars and cents by the following process: The ratio was annualized, multiplied by the average account value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Account Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Account Value shown for the account’s actual return.

6          2004 Semiannual Report     TIAA Separate Account VA-1

DISCLOSURE

Hypothetical example for comparison purposes

The second line in the table shows hypothetical account values and hypothetical expenses based on the account’s actual expense ratio and an assumed rate of return of 5% per year before expenses—which is not the account’s actual return.

     Do not use the hypothetical account values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual account with ongoing costs of other variable annuity accounts and mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other accounts or funds.

TIAA Separate Account VA-1     2004 Semiannual Report          7

Stock Index Account     U.S. Stocks

DISCUSSION

Performance in the six months ended June 30, 2004

The Stock Index Account gained 3.27% for the period, trailing the 3.59% return of its benchmark, the Russell 3000® Index, and topping the 2.54% average return of similar variable annuities, as measured by the Morningstar Large Blend (VA) category, which tracked 3,125 variable annuities as of June 30, 2004.

Stocks slow down

After delivering double-digit returns in the fourth quarter of 2003, stocks began to moderate. During the first quarter of 2004, the Russell 3000 gained 2.23%, a modest appreciation that masked a highly volatile trading period. In the second quarter, the Russell 3000 added only 1.33%. The benchmark’s six-month return of 3.59% trailed the 4.56% advance of foreign stocks, as measured by the Morgan Stanley EAFE® Index. Foreign stocks were helped by the strengthening of the pound, euro, and yen against the dollar.

Value stocks and small caps performed best

For the six-month period, value stocks outperformed growth stocks. The Russell 3000 Value Index, which tracks value stocks of all sizes, gained 4.23%, while its growth counterpart, the Russell 3000 Growth Index, returned 2.96%.

     Across companies of various sizes, the small-cap stocks of the Russell 2000® Index increased 6.76%, edging out the Russell Midcap® Index, up 6.67%, and more than doubling the return of the predominantly large-cap Russell 1000® Index, up 3.33%.

     Within the benchmark Russell 3000, industry segment returns ranged from 19.8% for non-petroleum energy companies to –1.7% for the technology sector.

     Among the benchmark’s five largest companies, in terms of market capitalization, the largest gains were by ExxonMobil, General Electric, and Microsoft, which were up 8.3%, 4.6%, and 4.3%, respectively. The largest losses in the group were by Citigroup, which dropped 4.2%, and Pfizer, down 3.0%.

     Although the Stock Index Account attempts to track closely the investment performance of its benchmark index, it does not duplicate the composition of that index. Also, the account’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the account will match that of its index for any period of time.

8          2004 Semiannual Report     TIAA Separate Account VA-1

PERFORMANCE

Investment Objective

Seeks a favorable long-term return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index

The Account’s Benchmark

The Russell 3000® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents about 98% of the publicly traded U.S. equity market. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in this index.

Performance as of 6/30/2004

	Average Annual Compound									Cumulative Rates
	Rates of Total Return*									of Total Return*
							since									since
	1 year			5 years			inception1			6 months			5 years			inception1
Stock Index Account		19.57	%		–1.42	%		10.88	%		3.27	%		–6.91	%		171.45	%
Benchmark:
Russell 3000 Index2		20.46			–1.07			11.30			3.59			–5.24			181.51

*	The returns quoted represent 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 above, 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 www.tiaa-cref.org or call 800 223-1200.
1	Inception date: 11/1/1994
2	Russell 3000 is a trademark and service mark of the Frank Russell Company.

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		80.26
Middle: $1 billion–$5 billion		14.72
Small: Under $1 billion		5.02
Total		100.00

Account Facts

Inception Date	11/1/1994
Net Assets (6/30/2004)	$860.73 million

TIAA Separate Account VA-1     2004 Semiannual Report          9

Stock Index Account     U.S. Stocks

PERFORMANCE

$10,000 Since 11/1/94 Inception

An investment of $10,000 in this account on November 1, 1994, would have grown to $27,145 as of June 30, 2004. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar Year Total Returns

Best quarter: 21.46%, for the quarter ended December 31, 1998.
Worst quarter: –17.24%, for the quarter ended September 30, 2002.

* Partial year

10          2004 Semiannual Report     TIAA Separate Account VA-1

Stock Index Account  Top Holdings as of June 30, 2004 (Unaudited)

			VALUE		% of NET
ISSUER	SHARES		(000)		ASSETS
CORPORATE BONDS
HOLDING AND OTHER INVESTMENT OFFICES			$	39		0.01	%
REAL ESTATE				1		0.00
TOTAL CORPORATE BONDS		(Cost $11)		40		0.01

COMPANY
PREFERRED STOCKS
ELECTRIC, GAS, AND SANITARY SERVICES		7	0.00
PRIMARY METAL INDUSTRIES		0	0.00
TOTAL PREFERRED STOCKS	(Cost $25)	7	0.00
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS		64	0.01
AGRICULTURAL PRODUCTION-LIVESTOCK		13	0.00
AMUSEMENT AND RECREATION SERVICES		1,579	0.18
APPAREL AND ACCESSORY STORES		5,382	0.63
APPAREL AND OTHER TEXTILE PRODUCTS		1,651	0.19
AUTO REPAIR, SERVICES AND PARKING		334	0.04
AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,507	0.18
BUILDING MATERIALS AND GARDEN SUPPLIES
HomeDepot, Inc	155,833	5,485	0.64
Other Securities		3,301	0.38
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		8,786	1.02
BUSINESS SERVICES
Microsoft Corp	636,274	18,172	2.11
*  Oracle Corp	262,518	3,132	0.36
Other Securities		39,583	4.60
TOTAL BUSINESS SERVICES		60,887	7.07
CHEMICALS AND ALLIED PRODUCTS
Abbott Laboratories	108,411	4,419	0.51
*  Amgen, Inc	89,192	4,867	0.57
Bristol-Myers Squibb Co	135,150	3,311	0.38
Du Pont (E.I.) de Nemours & Co	69,526	3,088	0.36
Lilly (Eli) & Co	67,753	4,737	0.55
Merck & Co, Inc	154,456	7,337	0.85
Pfizer, Inc	530,390	18,182	2.11
Procter & Gamble Co	178,679	9,727	1.13
Wyeth	92,689	3,352	0.39
Other Securities		36,018	4.19
TOTAL CHEMICALS AND ALLIED PRODUCTS		95,038	11.04
COAL MINING		762	0.09

TIAA Separate Account VA-1 2004 Semiannual Report    11

SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Account  Top Holdings as of June 30, 2004 (Unaudited) continued

			VALUE		% of NET
COMPANY	SHARES		(000)		ASSETS
COMMUNICATIONS
BellSouth Corp		127,504	$	3,343		0.39	%
SBC Communications, Inc		230,205		5,582		0.65
Verizon Communications, Inc		192,561		6,969		0.81
Viacom, Inc (Class B)		98,978		3,535		0.41
Other Securities				24,068		2.79
TOTAL COMMUNICATIONS				43,497		5.05
DEPOSITORY INSTITUTIONS
Bank Of America Corp		141,714		11,992		1.39
Bank One Corp		78,852		4,021		0.47
Citigroup, Inc		359,403		16,712		1.94
*  Citigroup, Inc (Litigation Wts)		3,400		3		0.00
J.P. Morgan Chase & Co		143,596		5,567		0.65
U.S. Bancorp		133,233		3,672		0.43
Wachovia Corp		90,556		4,030		0.47
Wells Fargo & Co		117,300		6,713		0.78
Other Securities				34,426		3.99
TOTAL DEPOSITORY INSTITUTIONS				87,136		10.12
EATING AND DRINKING PLACES				5,630		0.65
EDUCATIONAL SERVICES				2,038		0.24
ELECTRIC, GAS, AND SANITARY SERVICES				29,295		3.40
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
General Electric Co		732,326		23,727		2.76
Intel Corp		449,584		12,409		1.44
Qualcomm, Inc		55,859		4,077		0.47
Other Securities				30,317		3.52
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				70,530		8.19
ENGINEERING AND MANAGEMENT SERVICES				7,469		0.87
FABRICATED METAL PRODUCTS				6,079		0.71
FOOD AND KINDRED PRODUCTS
Coca-Cola Co		146,615		7,401		0.86
PepsiCo, Inc		118,653		6,393		0.74
Other Securities				14,885		1.73
TOTAL FOOD AND KINDRED PRODUCTS				28,679		3.33
FOOD STORES				4,268		0.50
FORESTRY
Weyerhaeuser Co		15,586		984		0.11
TOTAL FORESTRY				984		0.11
FURNITURE AND FIXTURES				2,774		0.32
FURNITURE AND HOMEFURNISHINGS STORES				2,902		0.34
GENERAL BUILDING CONTRACTORS				2,980		0.35

12    2004 Semiannual Report TIAA Separate Account VA-1

SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Account  Top Holdings as of June 30, 2004 (Unaudited) continued

			VALUE		% of NET
COMPANY	SHARES		(000)		ASSETS
GENERAL MERCHANDISE STORES
Wal-Mart Stores, Inc		178,268	$	9,405		1.09	%
Other Securities				9,522		1.11
TOTAL GENERAL MERCHANDISE STORES				18,927		2.20
HEALTH SERVICES				7,347		0.85
HEAVY CONSTRUCTION, EXCEPT BUILDING				69		0.01
HOLDING AND OTHER INVESTMENT OFFICES				22,382		2.60
HOTELS AND OTHER LODGING PLACES				2,733		0.32
INDUSTRIAL MACHINERY AND EQUIPMENT
3M Co		54,364		4,893		0.57
*  Cisco Systems, Inc		469,984		11,139		1.29
*  Dell, Inc		174,759		6,260		0.73
Hewlett-Packard Co		214,146		4,518		0.52
International Business Machines Corp		116,676		10,285		1.19
Other Securities				24,607		2.87
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				61,702		7.17
INSTRUMENTS AND RELATED PRODUCTS
Medtronic, Inc		84,259		4,105		0.48
Other Securities				23,049		2.67
TOTAL INSTRUMENTS AND RELATED PRODUCTS				27,154		3.15
INSURANCE AGENTS, BROKERS AND SERVICE				3,566		0.41
INSURANCE CARRIERS
American International Group, Inc		159,721		11,385		1.32
Other Securities				30,647		3.56
TOTAL INSURANCE CARRIERS				42,032		4.88
JUSTICE, PUBLIC ORDER AND SAFETY				12		0.00
LEATHER AND LEATHER PRODUCTS				877		0.10
LEGAL SERVICES				22		0.00
LOCAL AND INTERURBAN PASSENGER TRANSIT				94		0.01
LUMBER AND WOOD PRODUCTS				955		0.11
METAL MINING				2,197		0.26
MISCELLANEOUS MANUFACTURING INDUSTRIES				1,354		0.16
MISCELLANEOUS RETAIL
*  eBay, Inc		35,609		3,274		0.38
Other Securities				9,169		1.07
TOTAL MISCELLANEOUS RETAIL				12,443		1.45

TIAA Separate Account VA-1 2004 Semiannual Report    13

SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Account  Top Holdings as of June 30, 2004 (Unaudited) continued

			VALUE		% of NET
COMPANY	SHARES		(000)		ASSETS
MOTION PICTURES
*  Time Warner, Inc		305,477	$	5,370		0.62	%
Walt Disney Co		144,333		3,679		0.43
Other Securities				2,216		0.26
TOTAL MOTION PICTURES				11,265		1.31
NONDEPOSITORY INSTITUTIONS
American Express Co		78,431		4,030		0.47
Fannie Mae		67,559		4,821		0.56
Freddie Mac		48,547		3,073		0.36
Other Securities				7,770		0.90
TOTAL NONDEPOSITORY INSTITUTIONS				19,694		2.29
NONMETALLIC MINERALS, EXCEPT FUELS				356		0.04
OIL AND GAS EXTRACTION				14,074		1.64
PAPER AND ALLIED PRODUCTS				6,426		0.75
PERSONAL SERVICES				1,577		0.18
PETROLEUM AND COAL PRODUCTS
ChevronTexaco Corp		74,378		7,000		0.81
ConocoPhillips		48,223		3,679		0.43
ExxonMobil Corp		454,591		20,188		2.35
Other Securities				2,802		0.32
TOTAL PETROLEUM AND COAL PRODUCTS				33,669		3.91
PRIMARY METAL INDUSTRIES				4,792		0.56
PRINTING AND PUBLISHING				7,213		0.84
RAILROAD TRANSPORTATION				3,375		0.39
REAL ESTATE				644		0.07
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS				2,052		0.24
SECURITY AND COMMODITY BROKERS
Merrill Lynch & Co, Inc		65,812		3,553		0.41
Morgan Stanley		75,589		3,989		0.46
Other Securities				9,057		1.06
TOTAL SECURITY AND COMMODITY BROKERS				16,599		1.93
SOCIAL SERVICES				64		0.01
SPECIAL TRADE CONTRACTORS				280		0.03
STONE, CLAY, AND GLASS PRODUCTS				1,886		0.22
TOBACCO PRODUCTS
Altria Group, Inc		142,549		7,135		0.83
Other Securities				1,059		0.12
TOTAL TOBACCO PRODUCTS				8,194		0.95

14    2004 Semiannual Report TIAA Separate Account VA-1

SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Account  Top Holdings as of June 30, 2004 (Unaudited) concluded

			VALUE		% of NET
COMPANY	SHARES		(000)		ASSETS
TRANSPORTATION BY AIR			$	3,508		0.41	%
TRANSPORTATION EQUIPMENT
United Technologies Corp		36,209		3,312		0.38
Other Securities				19,175		2.23
TOTAL TRANSPORTATION EQUIPMENT				22,487		2.61
TRANSPORTATION SERVICES				1,114		0.13
TRUCKING AND WAREHOUSING				3,963		0.46
WATER TRANSPORTATION				263		0.03
WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		206,344		11,493		1.34
Other Securities				3,888		0.45
TOTAL WHOLESALE TRADE-DURABLE GOODS				15,381		1.79
WHOLESALE TRADE-NONDURABLE GOODS				6,868		0.80
TOTAL COMMON STOCKS	(Cost $716,293)			859,874		99.90
TOTAL PORTFOLIO	(Cost $716,329)			859,921		99.91
OTHER ASSETS & LIABILITIES, NET				814		0.09
NET ASSETS			$	860,735		100.00	%

* Non-income producing

Restricted securities held by the Account are as follows:

	ACQUISITION		ACQUISITION
SECURITY	DATE		COST
National Health Investors, Inc.		01/01/01	$	10,000
Priority Healthcare Corp (Class A)		01/04/99		1,148
Wiltel Communication Group, Inc.		12/04/03		0
			$	11,148

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Account uses more specific industry categories in following its investment limitations on industry concentration.

TIAA Separate Account VA-1 2004 Semiannual Report    15

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Assets and Liabilities (Unaudited)

Stock Index Account

June 30, 2004

(amounts in thousands, except amount per accumulation unit)

ASSETS
Portfolio investments, at cost		$	716,329
Portfolio investments, at value (including securities loaned of $6)			859,921
Cash			66
Dividends and interest receivable			849
Receivable from securities transactions			2,495
	Total assets		863,331
LIABILITIES
Deposits for securities loaned—Note 3			6
Amount due to banks			21
Payable for securities transactions			2,365
Amounts due to TIAA and related entities			204
	Total liabilities		2,596
NET ASSETS
Accumulation Fund		$	860,735
Accumulation units outstanding—Notes 4 and 5			12,275
Net asset value per accumulation unit—Note 4		$	70.12

16    2004 Semiannual Report TIAA Separate Account VA-1

SEE NOTES TO FINANCIAL STATEMENTS

Statement of Operations (Unaudited)

Stock Index Account

Six Months Ended June 30, 2004

(amounts in thousands)

INVESTMENT INCOME
Income:
	Interest	$	137
	Dividends		6,891
	Total income		7,028
Expenses—Note 2:
	Investment advisory charges		1,274
	Administrative expenses		850
	Mortality and expense risk charges		1,699
	Total expenses before waiver		3,823
	Investment advisory charges waived		(977	)
	Net expenses		2,846
	Investment income—net		4,182
REALIZED AND UNREALIZED GAIN ON INVESTMENTS—Note 3
	Net realized gain on investments		203
	Net change in unrealized appreciation on investments		22,584
	Net realized and unrealized gain on investments		22,787
Net increase in net assets resulting from operations		$	26,969

TIAA Separate Account VA-1 2004 Semiannual Report    17

SEE NOTES TO FINANCIAL STATEMENTS

Statements of Changes in Net Assets

Stock Index Account

		Six Months			Year Ended
		Ended			December 31,
(amounts in thousands)		June 30, 2004			2003
		(Unaudited)
FROM OPERATIONS
Investment income—net		$	4,182		$	8,638
Net realized gain (loss) on investments			203			(5,659	)
Net change in unrealized appreciation on investments			22,584			183,380
	Net increase in net assets resulting from operations		26,969			186,359
FROM CONTRACTOWNER TRANSACTIONS
Premiums			19,139			33,152
Net contractowner transfers from fixed account			7,030			15,657
Withdrawals and death benefits			(19,150	)		(23,274	)
	Net increase in net assets resulting from contractowner transactions		7,019			25,535
	Net increase in net assets		33,988			211,894
NET ASSETS
	Beginning of year		826,747			614,853
	End of period	$	860,735		$	826,747

18    2004 Semiannual Report TIAA Separate Account VA-1

SEE NOTES TO FINANCIAL STATEMENTS

Notes to Financial Statements

Note 1—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 was organized on February 16, 1994 under the insurance laws of the State of New York for the purpose of issuing and funding variable annuity contracts. VA-1 is registered with the Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940. VA-1 consists of a single investment portfolio, the Stock Index Account (“Account”), which invests in a diversified portfolio of equity securities selected to track the overall United States stock market. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States, which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Account.

Valuation of Investments. Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the official closing price. All other over-the-counter securities are valued at the mean of the last bid and asked prices. Money market instruments are valued based on the most recent bid price or the equivalent quoted yield for such securities, or are derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of and in accordance with the responsibilities of the Management Committee. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Management Committee if events that have a significant effect on their value occur between the time their price is determined and the time the Account’s net asset value is calculated.

Accounting for Investments. Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are accounted for on the specific identification method.

Securities Lending. The Account may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned. The Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any

TIAA Separate Account VA-1 2004 Semiannual Report    19

Notes to Financial Statements (continued)

change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

Federal Income Taxes. Based on provisions of the Internal Revenue Code, no federal income taxes are attributable to the net investment experience of the Account.

Note 2—Management Agreements

Teachers Advisors, Inc. (“Advisors”), a wholly-owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for VA-1 pursuant to an Investment Management Agreement among TIAA, Advisors and VA-1. TIAA provides all administrative services for VA-1 pursuant to an Administrative Services Agreement with VA-1. The contracts are distributed primarily by Teachers Personal Investors Services, Inc. (“TPIS”), also a wholly-owned subsidiary of TIAA, which is a registered broker-dealer and a member of the National Association of Securities Dealers, Inc. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the net assets of the Account. Advisors has agreed to waive a portion of such fee, so that the daily deduction is equivalent to an annual charge of 0.07% of the net assets of the Account. The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the 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 net assets of the Account (prior to July 1, 2003, this daily charge was 0.10%).

Note 3—Investments

At June 30, 2004, the net unrealized appreciation on investments was $143,591,888, consisting of gross unrealized appreciation of $241,122,532 and gross unrealized depreciation of $97,530,644.

At June 30, 2004, the market value of securities loaned was $5,946 and cash collateral received was $6,380.

Purchases and sales of securities, other than short-term money market instruments, for the six months ended June 30, 2004, were $38,474,505 and $25,837,412, respectively.

20    2004 Semiannual Report TIAA Separate Account VA-1

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

Selected condensed financial information for an Accumulation Unit of the Account is presented below.

		Six Months		Years Ended December 31,
		Ended
		June 30, 2004(a)		2003		2002			2001			2000			1999
		(Unaudited)
Per Accumulation Unit data:
	Investment income	$	.570	$	1.041	$	.965		$	.916		$	.966		$	.961
	Expenses		.231		.310		.218			.253			.301			.270
	Investment income—net		.339		.731		.747			.663			.665			.691
	Net realized and unrealized gain (loss) on investments		1.882		15.066		(15.200	)		(9.499	)		(7.024	)		13.051
	Net increase (decrease) in Accumulation Unit Value		2.221		15.797		(14.453	)		(8.836	)		(6.359	)		13.742
Accumulation Unit Value:
	Beginning of year		67.900		52.103		66.556			75.392			81.751			68.009
	End of period	$	70.121	$	67.900	$	52.103		$	66.556		$	75.392		$	81.751
Total return			3.27%		30.32%		(21.72%	)		(11.72%	)		(7.78%	)		20.21%
Ratio of expense to average net assets before expense waiver			0.45%		0.76%		0.60%			0.60%			0.60%			0.60%
Ratio of expenses to average net assets after expense waiver			0.33%		0.53%		0.37%			0.37%			0.37%			0.37%
Ratio of net investment income to average net assets			0.49%		1.26%		1.27%			0.97%			0.82%			0.95%
Portfolio turnover rate			3.05%		4.14%		5.33%			9.86%			20.68%			37.93%
Thousands of Accumulation Units outstanding at end of period			12,275		12,176		11,801			12,517			13,147			12,630

(a)  The percentages shown for this period are not annualized.

TIAA Separate Account VA-1 2004 Semiannual Report    21

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding were as follows:

		Six Months			Year Ended
		Ended			December 31,
		June 30, 2004			2003
		(Unaudited)
Accumulation Units:
	Credited for premiums		276,511			559,438
	Cancelled for transfers and disbursements		(177,429	)		(184,337	)
Outstanding:
	Beginning of year		12,175,875			11,800,774
	End of period		12,274,957			12,175,875

Note 6—Line of Credit

The Account participates in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of contractowner withdrawals. 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. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the six months ended June 30, 2004, the Account did not borrow under this facility.

22    2004 Semiannual Report TIAA Separate Account VA-1

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TIAA Separate Account VA-1 2004 Semiannual Report    23

Management

Current TIAA Separate Account VA-1 Management Committee Members and Executive Officers

Disinterested Members

			Position(s) Held		Term of Office and
Name and Address	Age		with Account		Length of Time Served
WILLARD T. CARLETON 4915 Camino Antonio Tucson, AZ 85718-6005		70		Member	Indefinite term. Member since 2001.
MARTIN J. GRUBER New York University Stern School of Business Henry Kaufman Management Education Center 44 West 4th Street, Suite 988 New York, NY 10012		66	Chairman of the Management Committee		Indefinite term. Member since 2001.
NANCY L. JACOB Windermere Investment Associates 121 S.W. Morrison Street Suite 925 Portland, OR 97204		61		Member	Indefinite term. Member since 2001.
BEVIS LONGSTRETH Debevoise & Plimpton 919 Third Avenue New York, NY 10022-6225		70		Member	Indefinite term. Member since 2001.
BRIDGET A. MACASKILL 160 East 81st Street New York, NY 10028		55		Member	Indefinite term. Member since 2003.

24    2004 Semiannual Report TIAA Separate Account VA-1

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by	Other Directorships
During Past 5 Years	Member	Held by Member
Donald R. Diamond Professor of Finance Emeritus, University of Arizona, College of Business and Public Administration. Formerly, Donald R. Diamond Professor of Finance, University of Arizona, 1999- 2001, and Karl L. Eller Professor of Finance, University of Arizona, 1984-1999. Trustee of TIAA, 1984-2003.	53	None
Nomura Professor of Finance, New York University, Stern School of Business. Formerly, Chairman, Department of Finance, New York University, Stern School of Business, and Trustee of TIAA, 1996- 2000.	53	Director, Scudder Investments (New York) Funds, Japan Equity Fund, Inc., Singapore Fund, Inc., and the Thai Capital Fund, Inc.
President and Managing Principal, Windermere Investment Associates. Formerly, Chairman and Chief Executive Officer, CTC Consulting, Inc., and Executive Vice President, U.S. Trust of the Pacific Northwest.	53	None
Retired Partner, Debevoise & Plimpton. Formerly, Partner and Of Counsel of Debevoise & Plimpton, Adjunct Professor at Columbia University School of Law and Commissioner of the U.S. Securities and Exchange Commission.	53	Member of the Board of Directors of AMVESCAP, PLC and Chairman of the Finance Committee of the Rockefeller Family Fund.
Formerly, Chairman, Oppenheimer Funds, Inc., 2000- 2001. Chief Executive Officer, 1995-2001; President, 1991-2000; and Chief Operating Officer, 1989-1995 of that firm.	53	Director, J Sainsbury plc and Prudential plc. International Advisory Board, British-American Business Council.

TIAA Separate Account VA-1 2004 Semiannual Report    25

Disinterested Members (continued)

			Position(s) Held		Term of Office and
Name and Address	Age		with Account		Length of Time Served
STEPHEN A. ROSS Sloan School of Management Massachusetts Institute of Technology 77 Massachusetts Avenue Cambridge, MA 02139		60		Member	Indefinite term. Member since 2001.
MACEO K. SLOAN NCM Capital Management Group, Inc. 103 West Main Street, Suite 400 Durham, NC 27701-3638		54		Member	Indefinite term. Member since 2001.
AHMED H. ZEWAIL California Institute of Technology Arthur Amos Noyes Laboratory of Chemical Physics Mail Code 127-72 1200 East California Boulevard Pasadena, CA 91125		58		Trustee	Indefinite Trustee since 2004.

A disinterested member is one who is independent, generally with no relationship to TIAA-CREF, the funds, or the accounts they oversee, apart from personal investments they have made as private individuals.

Executive Officers

			Position(s) Held	Term of Office and
Name and Address	Age		with Account	Length of Time Served
HERBERT M. ALLISON, JR. TIAA-CREF 730 Third Avenue New York, NY 10017-3206		60	President and Chief Executive Officer	Indefinite term. President and Chief Executive Officer since 2002.
GARY CHINERY TIAA-CREF 730 Third Avenue New York, NY 10017-3206		54	Vice President and Treasurer	Indefinite term. Vice President and Treasurer since 2004.

26    2004 Semiannual Report TIAA Separate Account VA-1

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by	Other Directorships
During Past 5 Years	Member	Held by Member
Franco Modigliani Professor of Finance and Economics, Sloan School of Management, Massachusetts Institute of Technology, Co-Chairman, Roll & Ross Asset Management Corp. Formerly, Sterling Professor of Economics and Finance, Yale School of Management, Yale University.	53	Director, Freddie Mac; Co-Chairman, Roll & Ross Asset Management Corp.; and Principal, IV Capital, Ltd.
Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc., and Chairman and Chief Executive Officer, NCM Capital Management Group, Inc., since 1991.	53	Director, SCANA Corporation and M&F Bancorp, Inc.
Linus Pauling Professor of Chemistry and Professor of Physics, Caltech; and Director, NSF Laboratory for Molecular Sciences (LMS), Caltech	53	None

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by
During Past 5 Years	Officer
Chairman, President and Chief Executive Officer of TIAA. President and Chief Executive Officer of CREF, TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA- CREF Life Funds and TIAA Separate Account VA-1 (these funds are collectively referred to as the “TIAA-CREF Funds”). Formerly, President and Chief Executive Officer of Alliance for LifeLong Learning, Inc., 2000-2002. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997-1999.	N/A
Vice President of TIAA and Treasurer of TIAA and the TIAA-CREF Funds.	N/A

TIAA Separate Account VA-1 2004 Semiannual Report    27

Executive Officers (continued)

			Position(s) Held		Term of Office and
Name and Address	Age		with Account		Length of Time Served
SCOTT C. EVANS TIAA-CREF 730 Third Avenue New York, NY 10017-3206		45		Executive Vice President	Indefinite term. Executive Vice President since 1998. Chief Investment Officer 2004.
I. STEVEN GOLDSTEIN TIAA-CREF 730 Third Avenue New York, NY 10017-3206		51		Executive Vice President	Indefinite term. Executive Vice President since 2003.
E. LAVERNE JONES TIAA-CREF 730 Third Avenue New York, NY 10017-3206		55	Vice President and Corporate Secretary		Indefinite term. Vice  President and Corporate Secretary since 2001.
SUSAN S. KOZIK TIAA-CREF 730 Third Avenue New York, NY 10017-3206		46		Executive Vice President	Indefinite term. Executive Vice President since 2003.
GEORGE W. MADISON TIAA-CREF 730 Third Avenue New York, NY 10017-3206		50		Executive Vice President	Indefinite term. Executive Vice President since 2003.
ERWIN W. MARTENS TIAA-CREF 730 Third Avenue New York, NY 10017-3206		48		Executive Vice President	Indefinite term. Executive Vice President since 2003.

28    2004 Semiannual Report TIAA Separate Account VA-1

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by
During Past 5 Years	Officer
Executive Vice President of TIAA and the TIAA-CREF Funds. Executive Vice President of TIAA-CREF Investment Management, LLC (“Investment Management”) and Teachers Advisors, Inc. (“Advisors”) and Director of TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).	N/A
Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds. Formerly, Advisor for McKinsey & Company, 2003; Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal, 2001-2002; and Senior Vice President and Chief Communications Officer for Insurance Information Institute, 1993-2001.	N/A
Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds.	N/A
Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds. Formerly, Vice President of IT Operations and Services, Lucent Technologies, 2000- 2003; and Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company, 1997-2000.	N/A
Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds. Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated.	N/A
Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds. Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1999-2003; and Head and Deputy Head of Global Market Risk Management, 1997-1999.	N/A

TIAA Separate Account VA-1 2004 Semiannual Report    29

Executive Officers (continued)

			Position(s) Held		Term of Office and
Name and Address	Age		with Account		Length of Time Served
ELIZABETH A. MONRAD TIAA-CREF 730 Third Avenue New York, NY 10017-3206		49		Executive Vice President	Indefinite term. Executive Vice President since 2003.
FRANCES NOLAN TIAA-CREF 730 Third Avenue New York, NY 10017-3206		46		Executive Vice President	Indefinite term. Executive Vice President since 2001.
DERMOT J. O’BRIEN TIAA-CREF 730 Third Avenue New York, NY 10017-3206		38		Executive Vice President	Indefinite term. Executive Vice President since 2003.
BERTRAM L. SCOTT TIAA-CREF 730 Third Avenue New York, NY 10017-3206		52		Executive Vice President	Indefinite term. Executive Vice President since 2001.
JOHN A. SOMERS TIAA-CREF 730 Third Avenue New York, NY 10017-3206		60		Executive Vice President	Indefinite term. Executive Vice President since 1998.

The aggregate member fees paid by TIAA Separate Account VA-1 for the year ended December 31, 2003 were $6,388.

The account’s Statement of Additional Information (SAI) includes additional information about the fund’s directors and is available, without charge, upon request, by calling toll free 877 518-9161.

30    2004 Semiannual Report TIAA Separate Account VA-1

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by
During Past 5 Years	Officer
Executive Vice President and Chief Financial Officer of TIAA and the TIAA-CREF Funds. Formerly, Chief Financial Officer and Senior Vice President of General Cologne Re (2000-2003), Chief Financial Officer of its North American Reinsurance Operations (1997-2000) and Corporate Treasurer.	N/A
Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds. Formerly, Executive Vice President, Retirement Services, CREF and TIAA, 2000-2003; Vice President, Eastern Division, 1994-2000.	N/A
Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds. Formerly, First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co., 1999-Feb. 2003; and Vice President and Head of Human Resources—Japan Morgan Stanley, 1998-1999.	N/A
Executive Vice President, Product Management, of TIAA and the TIAA-CREF Funds. Chairman of the Board, President and Chief Executive Officer of TIAA-CREF Life. Formerly, President and Chief Executive Officer, Horizon Mercy, 1996-2000.	N/A
Executive Vice President of TIAA and the TIAA-CREF Funds. Executive Vice President of Investment Management and Advisors and Director of TIAA-CREF Life.	N/A

TIAA Separate Account VA-1 2004 Semiannual Report    31

Information

TIAA-CREF Web Center

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

TIAA-CREF.org
24 hours a day, 7 days a week

Telephone Counseling Center

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

Planning and Service Center

TIAA-CREF Mutual Funds, after-tax annuities, and life insurance

800 223-1200
8 a.m. to 10 p.m. ET, Monday–Friday

Automated Telephone Service

Account performance, personal account information and transactions, and product information

800 842-2252
24 hours a day, 7 days a week

For Hearing- or Speech-Impaired Participants

800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF Trust Company, FSB

Asset management, trust administration, estate planning, planned giving, and endowment management

888 842-9001
8 a.m. to 5 p.m. CT, Monday–Friday

TIAA-CREF Tuition Financing, Inc.

Tuition financing programs

888 381-8283
8 a.m. to 11 p.m. ET, Monday–Friday

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. This report must be accompanied or preceded by a current prospectus. You should consider the investment objectives, risks, charges, and expenses carefully before investing. Please call 800 223-1200 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

©2004 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

730 Third Avenue
New York NY 10017-3206

Sign up for electronic delivery at
tiaa-cref.org/howto/edelivery.html

Printed on recycled paper

C32108 A10938
08/04

Item 2. Code of Ethics.

     During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

Item 6. Statement of Investments.

TIAA Stock Index Account

TIAA STOCK INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

	PRINCIPAL/SHARES				VALUE (000)
CORPORATE BONDS - 0.01%
	HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
	$	10,000	f*	National Health Investors, Inc 9.000%, 01/01/06	$	39
				TOTAL HOLDING AND OTHER INVESTMENT OFFICES		39
	REAL ESTATE - 0.00%
		1,000	*	Brookfield Homes Corp 12.000%, 06/30/20		1
				TOTAL REAL ESTATE		1
				TOTAL CORPORATE BONDS (Cost $11)		40
PREFERRED STOCKS - 0.00%
	ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%
		2,809	*	NiSource, Inc (Sails)		7
				TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7
	PRIMARY METAL INDUSTRIES - 0.00%
		25,150	*	SUPERIOR TRUST I		0
				TOTAL PRIMARY METAL INDUSTRIES		0
				TOTAL PREFERRED STOCKS (Cost $25)		7
COMMON STOCKS - 99.90%
	AGRICULTURAL PRODUCTION-CROPS - 0.01%
		246		Alico, Inc		10
		2,443		Delta & Pine Land Co		54
				TOTAL AGRICULTURAL PRODUCTION-CROPS		64
	AGRICULTURAL PRODUCTION-LIVESTOCK - 0.00%
		26		Seaboard Corp		13
				TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		13
	AMUSEMENT AND RECREATION SERVICES - 0.18%
		3,321	*	Alliance Gaming Corp		57
		1,792	*	Argosy Gaming Co		67
		2,464	*	Aztar Corp		69
		20,455	*	Caesars Entertainment, Inc		307
		433		Churchill Downs, Inc		18
		700		Dover Downs Gaming & Entertainment, Inc		8
		1,000		Dover Motorsport, Inc		4
		2,119	*	Gaylord Entertainment Co		67
		7,708		Harrah’s Entertainment, Inc		417
		2,182		International Speedway Corp (Class A)		106
		1,142	*	Isle Of Capri Casinos, Inc		20
		1,065	*	Lakes Entertainment, Inc		12
		3,185	*	Magna Entertainment Corp (Class A)		19
		1,437	*	MTR Gaming Group, Inc		16
		1,472	*	Multimedia Games, Inc		39
		519	*	Nevada Gold & Casinos, Inc		7
		2,071	*	Penn National Gaming, Inc		69
		6,211	*	Six Flags, Inc		45
		1,000		Speedway Motorsports, Inc		33
		2,946		Station Casinos, Inc		143
		1,562	*	WMS Industries, Inc		47
		717		World Wrestling Federation Entertainment, Inc		9
				TOTAL AMUSEMENT AND RECREATION SERVICES		1,579

1

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
APPAREL AND ACCESSORY STORES - 0.63%
	6,633		Abercrombie & Fitch Co (Class A)		257
	3,853	*	Aeropostale, Inc		104
	3,634	*	American Eagle Outfitters, Inc		105
	4,599	*	AnnTaylor Stores Corp		133
	450	*	Bebe Stores, Inc		9
	500		Buckle, Inc		14
	1,286		Burlington Coat Factory Warehouse Corp		25
	664	*	Cache, Inc		9
	457	*	Carter’s, Inc		13
	2,400	*	Casual Male Retail Group, Inc		18
	1,052		Cato Corp (Class A)		24
	806	*	Charlotte Russe Holding, Inc		17
	7,700	*	Charming Shoppes, Inc		69
	6,171	*	Chico’s FAS, Inc		279
	1,177	*	Children’s Place Retail Stores, Inc		28
	2,494		Christopher & Banks Corp		44
	6,119		Claire’s Stores, Inc		133
	1,500	*	Dress Barn, Inc		26
	1,352	*	Finish Line, Inc (Class A)		41
	10,006		Foot Locker, Inc		244
	1,400	b*	Footstar, Inc		8
	44,894		Gap, Inc		1,089
	1,554	*	Genesco, Inc		37
	1,138		Goody’s Family Clothing, Inc		12
	2,122	*	Gymboree Corp		33
	3,354	*	Hot Topic, Inc		69
	1,184	*	Jo-Ann Stores, Inc		35
	448	*	JOS A. Bank Clothiers, Inc		14
	31,216		Limited Brands, Inc		584
	6,514		Nordstrom, Inc		278
	739		Oshkosh B’gosh, Inc (Class A)		18
	5,329	*	Pacific Sunwear Of California, Inc		104
	4,638	*	Payless Shoesource, Inc		69
	10,792		Ross Stores, Inc		289
	517	*	Shoe Carnival, Inc		8
	1,437	*	Stage Stores, Inc		54
	1,800		Talbots, Inc		70
	36,263		TJX Cos, Inc		875
	2,439	*	Too, Inc		41
	1,691	*	Urban Outfitters, Inc		103
			TOTAL APPAREL AND ACCESSORY STORES		5,382
APPAREL AND OTHER TEXTILE PRODUCTS - 0.19%
	2,663	*	Collins & Aikman Corp		15
	904	*	Columbia Sportswear Co		49
	1,418	*	DHB Industries, Inc		22
	1,036	*	Guess?, Inc		17
	1,589	*	Hartmarx Corp		10
	8,460		Jones Apparel Group, Inc		334
	2,000		Kellwood Co		87
	7,265		Liz Claiborne, Inc		261
	3,500	*	Mohawk Industries, Inc		257
	874		Oxford Industries, Inc		38
	1,700		Phillips-Van Heusen Corp		33
	2,909		Polo Ralph Lauren Corp		100
	3,806	*	Quiksilver, Inc		91
	5,532		VF Corp		269
	3,191	*	Warnaco Group, Inc		68
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,651

2

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
AUTO REPAIR, SERVICES AND PARKING - 0.04%
	646	*	Amerco, Inc		15
	1,250		Central Parking Corp		23
	1,736	*	Dollar Thrifty Automotive Group, Inc		48
	1,626	*	Exide Technologies		33
	1,073	*	Midas, Inc		19
	582	*	Monro Muffler Brake, Inc		14
	4,547		Ryder System, Inc		182
			TOTAL AUTO REPAIR, SERVICES AND PARKING		334
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
	5,154	*	Advance Auto Parts		228
	273	*	America’s Car Mart, Inc		8
	1,053	*	Asbury Automotive Group, Inc		16
	12,420	*	Autonation, Inc		212
	4,556	*	Autozone, Inc		365
	7,418	*	Carmax, Inc		162
	4,822	*	Copart, Inc		129
	3,233	*	CSK Auto Corp		55
	1,297	*	Group 1 Automotive, Inc		43
	1,061		Lithia Motors, Inc (Class A)		26
	809	*	MarineMax, Inc		23
	3,061	*	O’Reilly Automotive, Inc		138
	405	*	Rush Enterprises, Inc		5
	1,793		Sonic Automotive, Inc		40
	1,214		United Auto Group, Inc		37
	744	*	West Marine, Inc		20
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,507
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.02%
	878		Building Materials Holding Corp		17
	1,029	*	Central Garden & Pet Co		37
	4,181		Fastenal Co		238
	155,833		Home Depot, Inc		5,485
	7,563		Louisiana-Pacific Corp		179
	53,849		Lowe’s Cos		2,830
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		8,786
BUSINESS SERVICES - 7.07%
	1,510	*	24/7 Real Media, Inc		8
	27,132	*	3Com Corp		170
	1,757		Aaron Rents, Inc		58
	2,600		ABM Industries, Inc		51
	2,500	*	ActivCard Corp		18
	9,084	*	Activision, Inc		144
	3,595	*	Actuate Corp		14
	5,409		Acxiom Corp		134
	1,377	*	Administaff, Inc		23
	16,467		Adobe Systems, Inc		766
	2,172	*	Advent Software, Inc		39
	2,039		Advo, Inc		67
	7,880	*	Affiliated Computer Services, Inc (Class A)		417
	3,625	*	Agile Software Corp		32
	7,418	*	Akamai Technologies, Inc		133
	3,113	*	Alliance Data Systems Corp		132
	1,445	*	Altiris, Inc		40
	1,337	*	AMN Healthcare Services, Inc		20
	436	*	Ansoft Corp		7
	1,047	*	Ansys, Inc		49

3

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,874	*	Anteon International Corp		61
	3,300	*	Aquantive, Inc		33
	2,100	*	Arbitron, Inc		77
	19,021	*	Ariba, Inc		38
	1,984	*	Armor Holdings, Inc		67
	4,096	*	Ascential Software Corp		65
	2,453	*	Asiainfo Holdings, Inc		13
	3,322	*	Ask Jeeves, Inc		130
	4,000	*	Aspect Communications Corp		57
	2,555	*	Aspen Technology, Inc		19
	546	*	Asset Acceptance Capital Corp		9
	2,373	*	At Road, Inc		18
	403	*	Atari, Inc		1
	2,886	*	Autobytel, Inc		26
	8,167		Autodesk, Inc		350
	42,019		Automatic Data Processing, Inc		1,760
	25,646	*	BEA Systems, Inc		211
	8,366	*	Bisys Group, Inc		118
	623	*	Blue Coat Systems, Inc		21
	16,380	*	BMC Software, Inc		303
	5,613	*	Borland Software Corp		48
	1,224		Brady Corp (Class A)		56
	3,945		Brink’s Co		135
	18,512	*	Brocade Communications Systems, Inc		111
	2,196	*	CACI International, Inc (Class A)		89
	19,038	*	Cadence Design Systems, Inc		279
	2,233	*	Captaris, Inc		14
	1,406	*	Carreker Corp		14
	3,624	*	Catalina Marketing Corp		66
	882	*	CCC Information Services Group, Inc		15
	900		CDI Corp		31
	71,673		Cendant Corp		1,755
	10,128	*	Ceridian Corp		228
	1,892	*	Cerner Corp		84
	4,279		Certegy, Inc		166
	5,652	*	Checkfree Corp		170
	5,808	*	ChoicePoint, Inc		265
	4,981	*	Chordiant Software, Inc		23
	3,700	*	Ciber, Inc		30
	11,523	*	Citrix Systems, Inc		235
	920	*	Clarus Corp		11
	26,192	*	CMGI, Inc		51
	8,863	*	CNET Networks, Inc		98
	10,080	*	Cognizant Technology Solutions Corp		256
	32,833		Computer Associates International, Inc		921
	416		Computer Programs & Systems, Inc		8
	12,477	*	Computer Sciences Corp		579
	26,775	*	Compuware Corp		177
	1,145	*	Concord Communications, Inc		13
	1,542	*	Concur Technologies, Inc		16
	11,750	*	Convergys Corp		181
	2,255	*	Corillian Corp		11
	1,115	*	CoStar Group, Inc		51
	1,394	*	Covansys Corp		14
	3,793	*	CSG Systems International, Inc		79
	687	*	Cyberguard Corp		6
	1,899	*	Cybersource Corp		16
	4,324		Deluxe Corp		188
	2,509	*	Dendrite International, Inc		47
	703	*	Digimarc Corp		9

4

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	2,438	*	Digital Insight Corp		51
	2,215	*	Digital River, Inc		72
	426	*	DigitalNet Holdings, Inc		9
	8,500	*	DoubleClick, Inc		66
	5,522	*	DST Systems, Inc		266
	5,244	*	Dun & Bradstreet Corp		283
	5,279	*	E.piphany, Inc		25
	9,627	*	Earthlink, Inc		100
	1,800	*	Echelon Corp		20
	2,488	*	Eclipsys Corp		38
	1,105	*	eCollege.com, Inc		18
	869	*	Education Lending Group, Inc		15
	3,401	*	eFunds Corp		60
	1,000		Electro Rent Corp		10
	19,942	*	Electronic Arts, Inc		1,088
	31,960		Electronic Data Systems Corp		612
	1,475	*	Embarcadero Technologies, Inc		18
	14,227	*	Enterasys Networks, Inc		30
	4,419	*	Entrust, Inc		20
	2,600	*	Epicor Software Corp		37
	857	*	EPIQ Systems, Inc		12
	9,789		Equifax, Inc		242
	675	*	Equinix, Inc		23
	1,565	*	eSpeed, Inc (Class A)		28
	7,347	*	Extreme Networks, Inc		41
	2,395	*	F5 Networks, Inc		63
	1,500		Factset Research Systems, Inc		71
	4,904		Fair Isaac Corp		164
	2,707	*	Filenet Corp		85
	1,351	*	FindWhat.com		31
	61,611		First Data Corp		2,743
	12,787	*	Fiserv, Inc		497
	2,724	*	Freemarkets, Inc		18
	2,998	*	Getty Images, Inc		180
	1,647		Gevity HR, Inc		43
	351	*	Greg Manning Auctions, Inc		5
	52		Grey Global Group, Inc		51
	606	*	Group 1 Software, Inc		14
	1,332	*	GSI Commerce, Inc		13
	4,124		GTECH Holdings Corp		191
	3,404	*	Harris Interactive, Inc		23
	1,000		Healthcare Services Group		15
	1,400	*	Heidrick & Struggles International, Inc		42
	4,697		Henry (Jack) & Associates, Inc		94
	6,619	*	Homestore, Inc		26
	692	*	Hudson Highland Group, Inc		21
	2,853	*	Hyperion Solutions Corp		125
	1,441	*	IDX Systems Corp		46
	1,449	*	iGate Corp		6
	2,423		Imation Corp		103
	17,181		IMS Health, Inc		403
	1,090	*	Infocrossing, Inc		15
	5,959	*	Informatica Corp		45
	2,218	*	Infospace, Inc		84
	1,967	*	infoUSA, Inc		20
	485	*	Innovative Solutions & Support, Inc		9
	2,541	*	Interactive Data Corp		44
	230	*	InterActiveCorp Wts 02/04/09		8
	3,359	*	Intergraph Corp		87
	2,646	*	Internet Capital Group, Inc		20

5

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	2,744	*	Internet Security Systems, Inc		42
	404		Interpool, Inc		7
	27,452	*	Interpublic Group Of Cos, Inc		377
	492	*	Intersections, Inc		12
	596	*	Intervideo, Inc		8
	3,184	*	Interwoven, Inc		32
	1,058	*	Intrado, Inc		17
	13,097	*	Intuit, Inc		505
	3,071	*	Ipass, Inc		33
	729	*	iPayment, Inc		30
	4,559	*	Iron Mountain, Inc		220
	1,849	*	iVillage, Inc		12
	1,953	*	JDA Software Group, Inc		26
	36,836	*	Juniper Networks, Inc		905
	1,087	*	Jupitermedia Corp		15
	3,727	*	Keane, Inc		51
	1,200		Kelly Services, Inc (Class A)		36
	1,631	*	Keynote Systems, Inc		22
	1,774	*	Kforce, Inc		17
	2,918	*	KFX ,Inc		22
	1,718	*	Kinetic Concepts, Inc		86
	2,700	*	Korn/Ferry International		52
	2,551	*	Kroll, Inc		94
	2,052	*	Kronos, Inc		85
	2,950	*	Labor Ready, Inc		46
	5,772	*	Lamar Advertising Co		250
	3,863	*	Lawson Software, Inc		27
	3,238	*	Lionbridge Technologies		25
	6,635	*	Looksmart Ltd		14
	4,803	*	Macromedia, Inc		118
	3,427	*	Macrovision Corp		86
	1,711	*	Magma Design Automation, Inc		33
	2,098	*	Manhattan Associates, Inc		65
	5,823		Manpower, Inc		296
	919	*	Mantech International Corp (Class A)		17
	4,273	*	Manugistics Group, Inc		14
	1,033	*	MAPICS, Inc		11
	1,404	*	Mapinfo Corp		15
	1,336	*	Marimba, Inc		11
	402	*	Marketwatch.com, Inc		5
	412	*	Marlin Business Services, Inc		6
	3,375	*	Matrixone, Inc		23
	658		McGrath RentCorp		24
	562	*	Medical Staffing Network Holdings, Inc		4
	753	*	MedQuist, Inc		9
	667	*	Memberworks, Inc		20
	4,700	*	Mentor Graphics Corp		73
	6,409	*	Mercury Interactive Corp		319
	5,400	*	Micromuse, Inc		36
	636,274		Microsoft Corp		18,172
	939	*	MicroStrategy, Inc		40
	2,598	*	Midway Games, Inc		30
	6,915	*	Mindspeed Technologies, Inc		34
	7,014	*	Monster Worldwide, Inc		180
	7,306	*	MPS Group, Inc		89
	1,100	*	MRO Software, Inc		15
	1,833	*	MSC.Software Corp		16
	3,262		National Instruments Corp		100
	500	*	National Processing, Inc		14
	1,879	*	NCO Group, Inc		50

6

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	5,970	*	NCR Corp		296
	2,331		NDCHealth Corp		54
	538	*	Neoforma, Inc		7
	2,282	*	Netegrity, Inc		19
	3,593	*	NETIQ Corp		47
	679	*	Netratings, Inc		11
	1,000	*	Netscout Systems, Inc		7
	11,492	*	Network Associates, Inc		208
	1,700	*	Network Equipment Technologies, Inc		14
	1,732	*	NIC, Inc		12
	26,305	*	Novell, Inc		221
	13,472		Omnicom Group, Inc		1,022
	827	*	Open Solutions, Inc		21
	600	*	Opnet Technologies, Inc		8
	3,218	*	Opsware, Inc		25
	262,518	*	Oracle Corp		3,132
	2,281	*	Packeteer, Inc		37
	1,017	*	PalmSource, Inc		17
	18,633	*	Parametric Technology Corp		93
	1,347	*	PC-Tel, Inc		16
	860	*	PDF Solutions, Inc		7
	552	*	PDI, Inc		17
	603	*	PEC Solutions, Inc		7
	1,800	*	Pegasus Solutions, Inc		24
	438	*	Pegasystems, Inc		4
	24,367	*	Peoplesoft, Inc		451
	4,935	*	Perot Systems Corp (Class A)		65
	1,658	*	Pixar		115
	1,598	*	PLATO Learning, Inc		16
	2,060	*	Portal Software, Inc		7
	800	*	Portfolio Recovery Associates, Inc		22
	6,300	*	ProcureNet, Inc		1
	2,052	*	Progress Software Corp		44
	417	*	Proxymed, Inc		7
	1,000		QAD, Inc		11
	221	*	Quality Systems, Inc		11
	3,456	*	Quest Software, Inc		45
	1,871	*	R.H. Donnelley Corp		82
	1,200	*	Radisys Corp		22
	7,819	*	RealNetworks, Inc		53
	11,250	*	Red Hat, Inc		258
	2,170	*	Redback Networks, Inc		14
	781		Renaissance Learning, Inc		18
	4,908	*	Rent-A-Center, Inc		147
	1,839	*	Rent-Way, Inc		17
	3,716	*	Retek, Inc		23
	1,608	*	Rewards Network, Inc		14
	4,760		Reynolds & Reynolds Co (Class A)		110
	10,282		Robert Half International, Inc		306
	1,421		Rollins, Inc		33
	4,293	*	RSA Security, Inc		88
	5,099	*	S1 Corp		51
	1,510	*	SafeNet, Inc		42
	5,900	*	Sapient Corp		35
	5,264	*	Scansoft, Inc		26
	2,100	*	Secure Computing Corp		24
	3,749	*	Seebeyond Technology Corp		14
	1,706	*	Serena Software, Inc		33
	349	*	SI International, Inc		7
	29,162	*	Siebel Systems, Inc		311

7

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	4,049	*	Sitel Corp		17
	588	*	SoftBrands, Inc		1
	1,534	*	Sohu.com, Inc		30
	4,132	*	SonicWALL, Inc		36
	3,230	*	Sotheby’s Holdings, Inc (Class A)		52
	1,366	*	Source Interlink Cos, Inc		15
	4,207	*	Spherion Corp		43
	900	*	SPSS, Inc		16
	905	*	SRA International, Inc (Class A)		38
	849		SS&C Technologies, Inc		16
	746		Startek, Inc		27
	1,182	*	Stellent, Inc		10
	466	*	Stratasys, Inc		12
	227,353	*	Sun Microsystems, Inc		987
	19,970	*	SunGard Data Systems, Inc		519
	2,522	*	SupportSoft, Inc		22
	6,736	*	Sybase, Inc		121
	1,700	*	Sykes Enterprises, Inc		13
	21,582	*	Symantec Corp		945
	455	*	SYNNEX Corp		7
	10,114	*	Synopsys, Inc		288
	403		Syntel, Inc		7
	3,100	*	Take-Two Interactive Software, Inc		95
	835		Talx Corp		20
	2,768	*	TeleTech Holdings, Inc		24
	2,833	*	THQ, Inc		65
	13,792	*	TIBCO Software, Inc		117
	1,039	*	Tier Technologies, Inc (Class B)		10
	227	*	TippingPoint Technologies, Inc		6
	5,832	*	Titan Corp		76
	309	*	TNS, Inc		7
	2,517		Total System Services, Inc		55
	1,168	*	TradeStation Group, Inc		8
	2,585	*	Transaction Systems Architects, Inc (Class A)		56
	2,119	*	Trizetto Group, Inc		14
	3,314	*	Tumbleweed Communications Corp		14
	3,517	*	Tyler Technologies, Inc		33
	1,063	*	Ultimate Software Group, Inc		11
	21,677	*	Unisys Corp		301
	3,701	*	United Online, Inc		65
	3,755	*	United Rentals, Inc		67
	1,098	*	Universal Compression Holdings, Inc		34
	5,496	*	Valueclick, Inc		66
	812	*	Verint Systems, Inc		28
	17,237	*	VeriSign, Inc		343
	29,446	*	Veritas Software Corp		816
	2,069	*	Verity, Inc		28
	6,076	*	Viad Corp		164
	16,948	*	Vignette Corp		28
	572	*	Volt Information Sciences, Inc		18
	2,210	*	WatchGuard Technologies, Inc		16
	2,094	*	WebEx Communications, Inc		46
	21,702	*	WebMD Corp		202
	3,244	*	webMethods, Inc		28
	1,479	*	Websense, Inc		55
	6,001	*	Westwood One, Inc		143
	4,910	*	Wind River Systems, Inc		58
	1,427	*	Witness Systems, Inc		17
	78,261	*	Yahoo!, Inc		2,843
	1,449	*	Zix Corp		12
			TOTAL BUSINESS SERVICES		60,887

8

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
CHEMICALS AND ALLIED PRODUCTS - 11.04%
	108,411		Abbott Laboratories		4,419
	5,917	*	Abgenix, Inc		69
	1,183	*	Able Laboratories, Inc		24
	897		Aceto Corp		16
	2,849	*	Adolor Corp		36
	656	*	Advancis Pharmaceutical Corp		4
	15,826		Air Products & Chemicals, Inc		830
	1,600	*	Albany Molecular Research, Inc		21
	1,874		Albemarle Corp		59
	4,371		Alberto-Culver Co		219
	1,305	*	Alexion Pharmaceuticals, Inc		24
	6,230	*	Alkermes, Inc		85
	9,267		Allergan, Inc		830
	2,624		Alpharma, Inc (Class A)		54
	1,431	*	American Pharmaceutical Partners, Inc		43
	348		American Vanguard Corp		12
	89,192	*	Amgen, Inc		4,867
	6,644	*	Amylin Pharmaceuticals, Inc		151
	5,037	*	Andrx Corp		141
	1,500		Arch Chemicals, Inc		43
	1,660	*	Array Biopharma, Inc		13
	2,452	*	Atherogenics, Inc		47
	1,405	*	Atrix Laboratories, Inc		48
	4,070	*	Avant Immunotherapeutics, Inc		11
	7,783		Avery Dennison Corp		498
	33,204		Avon Products, Inc		1,532
	6,129	*	Barr Pharmaceuticals, Inc		207
	454	*	Barrier Therapeutics, Inc		6
	872	*	Benthley Pharmaceuticals, Inc		12
	1,137	*	BioCryst Pharmaceuticals, Inc		8
	1,348	*	Bioenvision, Inc		12
	22,886	*	Biogen Idec, Inc		1,448
	4,266	*	BioMarin Pharmaceutical, Inc		26
	842	*	Biosite, Inc		38
	1,087	*	Bone Care International, Inc		25
	940	*	Bradley Pharmaceuticals, Inc		26
	135,150		Bristol-Myers Squibb Co		3,311
	4,244		Cabot Corp		173
	2,400		Calgon Carbon Corp		16
	1,815		Cambrex Corp		46
	1,149	*	CancerVax Corp		9
	631	*	Caraco Pharm Labs, Inc		6
	3,105	*	Cell Genesys, Inc		32
	3,499	*	Cell Therapeutics, Inc		26
	3,899	*	Cephalon, Inc		211
	3,206	*	Charles River Laboratories International, Inc		157
	1,163	*	Chattem, Inc		34
	6,618	*	Chiron Corp		295
	2,853		Church & Dwight Co, Inc		131
	1,020	*	Cima Labs, Inc		34
	10,642		Clorox Co		572
	37,710		Colgate-Palmolive Co		2,204
	2,200	*	Connetics Corp		44
	428	*	Corgentech, Inc		7
	3,871	*	Corixa Corp		18
	7,909		Crompton Corp		50
	2,851	*	Cubist Pharmaceuticals, Inc		32

9

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	2,881	*	Curis, Inc		13
	2,041	*	Cypress Bioscience, Inc		28
	2,754		Cytec Industries, Inc		125
	1,078	*	Cytogen Corp		17
	525	*	Cytokinetics, Inc		8
	2,958	*	Dade Behring Holdings, Inc		141
	315	*	DEL Laboratories, Inc		10
	4,015	*	Dendreon Corp		49
	1,474		Diagnostic Products Corp		65
	900	*	Digene Corp		33
	3,249	*	Discovery Laboratories, Inc		31
	700	*	Dov Pharmaceutical, Inc		10
	65,653		Dow Chemical Co		2,672
	69,526		Du Pont (E.I.) de Nemours & Co		3,088
	1,775	*	Durect Corp		6
	1,041	*	Dusa Pharmaceuticals, Inc		10
	5,382		Eastman Chemical Co		249
	13,776		Ecolab, Inc		437
	1,399	*	Elizabeth Arden, Inc		29
	3,200	*	Encysive Pharmaceuticals, Inc		27
	3,094	*	Enzon, Inc		39
	1,950	*	Eon Labs, Inc		80
	1,584	*	EPIX Medical, Inc		33
	7,158		Estee Lauder Cos (Class A)		349
	474	*	Eyetech Pharmaceuticals, Inc		20
	2,913		Ferro Corp		78
	1,824	*	First Horizon Pharmaceutical		34
	2,528	*	FMC Corp		109
	24,815	*	Forest Laboratories, Inc		1,405
	3,645	*	Genaera Corp		15
	6,116	*	Genelabs Technologies		14
	30,022	*	Genentech, Inc		1,687
	4,216	*	Genta, Inc		11
	14,789	*	Genzyme Corp		700
	1,978		Georgia Gulf Corp		71
	3,135	*	Geron Corp		25
	14,220	*	Gilead Sciences, Inc		953
	70,745		Gillette Co		3,000
	3,527		Great Lakes Chemical Corp		95
	2,360	*	Guilford Pharmaceuticals, Inc		11
	1,980		H.B. Fuller Co		56
	956	*	Hollis-Eden Pharmaceuticals		12
	11,025	*	Hospira, Inc		304
	8,974	*	Human Genome Sciences, Inc		104
	3,632	*	ICOS Corp		108
	2,414	*	Idexx Laboratories, Inc		152
	2,700	*	Ilex Oncology, Inc		67
	8,050	*	IMC Global, Inc		108
	4,293	*	ImClone Systems, Inc		368
	1,288	*	Immucor, Inc		42
	2,900	*	Immunogen, Inc		18
	2,700	*	Immunomedics, Inc		13
	3,380	*	Impax Laboratories, Inc		66
	2,819	*	Indevus Pharmaceuticals, Inc		17
	3,383	*	Inkine Pharmaceutical Co		13
	2,221	*	Inspire Pharmaceuticals, Inc		37
	236		Inter Parfums, Inc		5
	1,694	*	InterMune, Inc		26
	4,926		International Flavors & Fragrances, Inc		184
	933	*	Inverness Medical Innovations, Inc		20

10

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,641	*	Invitrogen Corp		262
	3,357	*	Isis Pharmaceuticals, Inc		19
	1,537	*	Isolagen, Inc		16
	10,434	*	IVAX Corp		250
	16,832	*	King Pharmaceuticals, Inc		193
	1,301	*	Kos Pharmaceuticals, Inc		43
	344		Kronos Worldwide, Inc		12
	2,481	*	KV Pharmaceutical Co (Class A)		57
	400	*	Lannett Co, Inc		6
	5,135	*	Ligand Pharmaceuticals, Inc (Class B)		89
	67,753		Lilly (Eli) & Co		4,737
	1,876		MacDermid, Inc		64
	987		Mannatech, Inc		9
	1,805	*	Martek Biosciences Corp		101
	5,013	*	Medarex, Inc		37
	3,315	*	Medicines Co		101
	4,254		Medicis Pharmaceutical Corp (Class A)		170
	17,962	*	MedImmune, Inc		420
	154,456		Merck & Co, Inc		7,337
	4,800	*	MGI Pharma, Inc		130
	4,530	*	Millennium Chemicals, Inc		78
	21,183	*	Millennium Pharmaceuticals, Inc		292
	1,370		Minerals Technologies, Inc		79
	19,174		Mylan Laboratories, Inc		388
	970	*	Myogen, Inc		8
	4,000	*	Nabi Biopharmaceuticals		57
	847		Nature’s Sunshine Products, Inc		12
	3,790	*	NBTY, Inc		111
	5,807	*	Nektar Therapeutics		116
	800	*	Neose Technologies, Inc		7
	2,526	*	Neurocrine Biosciences, Inc		131
	1,736	*	Neurogen Corp		13
	954	*	NewMarket Corp		20
	685	*	NitroMed, Inc		4
	964		NL Industries, Inc		14
	1,322	*	Northfield Laboratories, Inc		19
	1,495	*	Noven Pharmaceuticals, Inc		33
	2,588	*	NPS Pharmaceuticals, Inc		54
	547	*	Nutraceutical International Corp		12
	1,969	*	Nuvelo, Inc		19
	730		Octel Corp		19
	4,620		Olin Corp		81
	1,900	*	OM Group, Inc		63
	2,700	*	Omnova Solutions, Inc		16
	2,409	*	Onyx Pharmaceuticals, Inc		102
	2,301	*	OraSure Technologies, Inc		22
	2,832	*	OSI Pharmaceuticals, Inc		199
	1,792	*	Pain Therapeutics, Inc		14
	3,661	*	Palatin Technologies, Inc		15
	2,340	*	Par Pharmaceutical Cos, Inc		82
	1,019	*	Penwest Pharmaceuticals Co		13
	8,739	*	Peregrine Pharmaceuticals, Inc		13
	650	*	PetMed Express, Inc		5
	530,390		Pfizer, Inc		18,182
	1,363	*	Pharmacyclics, Inc		14
	854	*	Pharmion Corp		42
	1,825		PolyMedica Corp		57
	6,365	*	PolyOne Corp		47
	1,425	*	Pozen, Inc		10
	12,260		PPG Industries, Inc		766

11

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,663	*	Praecis Pharmaceuticals, Inc		14
	23,126		Praxair, Inc		923
	178,679		Procter & Gamble Co		9,727
	583	*	Progenics Pharmaceuticals		10
	6,891	*	Protein Design Labs, Inc		132
	564		Quaker Chemical Corp		16
	1,846	*	Quidel Corp		11
	10,143	*	Revlon, Inc (Class A)		30
	11,196		Rohm & Haas Co		466
	8,531		RPM International, Inc		130
	1,668	*	Salix Pharmaceuticals Ltd		55
	482	*	Santarus, Inc		7
	103,361		Schering-Plough Corp		1,910
	3,627	*	Sciclone Pharmaceuticals, Inc		19
	1,491	*	Scotts Co (Class A)		95
	5,949	*	Sepracor, Inc		315
	1,524	*	Serologicals Corp		30
	8,310		Sherwin-Williams Co		345
	4,902		Sigma-Aldrich Corp		292
	7,559	b*	Solutia, Inc		2
	500		Stepan Co		13
	3,078	*	SuperGen, Inc		20
	900	*	SurModics, Inc		22
	1,732	*	Tanox, Inc		33
	2,712	*	Terra Industries, Inc		15
	1,614	*	Third Wave Technologies, Inc		7
	1,125	*	United Therapeutics Corp		29
	594	*	USANA Health Sciences, Inc		18
	5,847		USEC, Inc		51
	5,951		Valeant Pharmaceuticals International		119
	3,402		Valspar Corp		171
	1,638	*	Vaxgen, Inc		23
	2,240	*	VCA Antech, Inc		100
	5,476	*	Vertex Pharmaceuticals, Inc		59
	3,097	*	Vicuron Pharmaceuticals, Inc		39
	3,847	*	Vion Pharmaceuticals, Inc		16
	624	*	Virbac Corp		2
	7,448	*	Watson Pharmaceuticals, Inc		200
	2,293		Wellman, Inc		19
	942		West Pharmaceutical Services, Inc		40
	4,714	*	WR Grace & Co		29
	92,689		Wyeth		3,352
	3,151	*	Zila, Inc		15
	1,349	*	Zymogenetics, Inc		26
			TOTAL CHEMICALS AND ALLIED PRODUCTS		95,038
COAL MINING - 0.09%
	3,797		Arch Coal, Inc		139
	6,258		Consol Energy, Inc		225
	5,274		Massey Energy Co		149
	4,445		Peabody Energy Corp		249
			TOTAL COAL MINING		762
COMMUNICATIONS - 5.05%
	821	*	AirGate PCS, Inc		15
	2,139	*	Airspan Networks, Inc		12
	4,420	*	Alamosa Holdings, Inc		32
	683	*	Alaska Communications Systems Group, Inc		4
	21,931		Alltel Corp		1,110
	14,842	*	American Tower Corp (Class A)		226
	1,232	*	Arch Wireless, Inc		35

12

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	55,400		AT&T Corp		811
	158,639	*	AT&T Wireless Services, Inc		2,272
	30,016	*	Avaya, Inc		474
	465	*	Beasley Broadcast Group, Inc (Class A)		7
	127,504		BellSouth Corp		3,343
	1,076	*	Boston Communications Group		11
	11,967	*	Cablevision Systems Corp (Class A)		235
	600	*	Centennial Communications Corp		4
	10,223		CenturyTel, Inc		307
	18,720	*	Charter Communications, Inc (Class A)		73
	13,787	*	Cincinnati Bell, Inc		61
	3,758	*	Citadel Broadcasting Corp		55
	36,993		Clear Channel Communications, Inc		1,367
	87,774	*	Comcast Corp (Class A)		2,460
	63,897	*	Comcast Corp (Special Class A)		1,764
	1,582	*	Commonwealth Telephone Enterprises, Inc		71
	16,123	*	Cox Communications, Inc (Class A)		448
	2,400	*	Cox Radio, Inc (Class A)		42
	13,275	*	Crown Castle International Corp		196
	1,802	*	Crown Media Holdings, Inc (Class A)		15
	1,200		CT Communications, Inc		18
	3,424	*	Cumulus Media, Inc (Class A)		58
	866		D&E Communications, Inc		12
	47,125	*	DIRECTV Group, Inc		806
	7,652	*	Dobson Communications Corp (Class A)		25
	16,099	*	EchoStar Communications Corp (Class A)		495
	3,406	*	Emmis Communications Corp (Class A)		71
	2,805	*	Entercom Communications Corp		105
	3,129	*	Entravision Communications Corp (Class A)		24
	354	*	Fisher Communications, Inc		18
	8,259	*	Foundry Networks, Inc		116
	12,196	*	Fox Entertainment Group, Inc (Class A)		326
	3,022	*	General Communication, Inc (Class A)		24
	2,524		Global Payments, Inc		114
	824		Golden Telecom, Inc		23
	3,118		Gray Television, Inc		43
	2,141		Hearst-Argyle Television, Inc		55
	2,397	*	IDT Corp		43
	1,600	*	IDT Corp (Class B)		30
	4,516	*	Infonet Services Corp (Class B)		8
	2,972	*	Insight Communications Co, Inc		28
	24,646	*	InterActiveCorp		743
	16,435	*	Internap Network Services Corp		20
	872	*	ITC Deltacom, Inc		5
	1,116	*	j2 Global Communications, Inc		31
	47,202	*	Level 3 Communications, Inc		168
	1,093		Liberty Corp		51
	9,669	*	Liberty Media International, Inc		359
	1,798	*	Lin TV Corp (Class A)		38
	791	*	Lodgenet Entertainment Corp		13
	291,241	*	Lucent Technologies, Inc		1,101
	1,446	*	Mastec, Inc		8
	4,583	*	Mediacom Communications Corp		36
	380	*	Metrocall Holdings, Inc		25
	4,200	b*	NCP Litigation Trust		0
	2,479	*	Net2Phone, Inc		11
	700	*	Nexstar Broadcasting Group, Inc		8
	69,717	*	Nextel Communications, Inc (Class A)		1,859
	8,520	*	Nextel Partners, Inc (Class A)		136
	3,959	*	NII Holdings, Inc (Class B)		133

13

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,200		North Pittsburgh Systems, Inc		24
	1,281	*	Novatel Wireless, Inc		34
	5,162	*	NTL, Inc		297
	2,069	*	PanAmSat Corp		48
	2,900	*	Paxson Communications Corp		9
	3,675	*	Price Communications Corp		54
	5,905	*	Primus Telecommunications Group		30
	3,398	*	PTEK Holdings, Inc		39
	97,298	*	Qwest Communications International, Inc		349
	3,960	*	Radio One, Inc (Class A)		64
	1,831	*	Radio One, Inc (Class D)		29
	4,225	b*	RCN Corp		1
	2,346	*	Regent Communications, Inc		15
	1,057	*	Saga Communications, Inc (Class A)		19
	695	*	Salem Communications Corp (Class A)		19
	230,205		SBC Communications, Inc		5,582
	468		Shenandoah Telecom Co		13
	3,111		Sinclair Broadcast Group, Inc (Class A)		32
	2,599	*	Spanish Broadcasting System, Inc (Class A)		24
	2,718	*	Spectrasite, Inc		117
	96,642		Sprint Corp (FON Group)		1,701
	956		SureWest Communications		30
	1,652	*	Talk America Holdings, Inc		13
	3,640		Telephone & Data Systems, Inc		259
	20,864	*	Terremark Worldwide, Inc		18
	3,067	*	Time Warner Telecom, Inc (Class A)		13
	3,172	*	Tivo, Inc		22
	2,652	*	Triton PCS Holdings, Inc (Class A)		12
	1,032	*	U.S. Cellular Corp		40
	4,890	*	Ubiquitel, Inc		21
	24,150	*	UnitedGlobalcom, Inc (Class A)		175
	14,670	*	Univision Communications, Inc (Class A)		468
	192,561		Verizon Communications, Inc		6,969
	7,400		Viacom, Inc (Class A)		269
	98,978		Viacom, Inc (Class B)		3,535
	1,307	*	West Corp		34
	5,266	*	Western Wireless Corp (Class A)		152
	1,900	f*	Wiltel Communication Group, Inc Escrow Rights		0
	3,292	*	Wireless Facilities, Inc		32
	10,451	*	XM Satellite Radio Holdings, Inc		285
	1,003	*	Young Broadcasting, Inc (Class A)		13
			TOTAL COMMUNICATIONS		43,497
DEPOSITORY INSTITUTIONS - 10.12%
	1,016		1st Source Corp		25
	711		ABC Bancorp		14
	626	*	ACE Cash Express, Inc		16
	59	*	AmericanWest Bancorp		1
	24,854		AmSouth Bancorp		633
	1,467		Anchor Bancorp Wisconsin, Inc		39
	610		Arrow Financial Corp		19
	7,759		Associated Banc-Corp		230
	5,726		Astoria Financial Corp		209
	283		Bancfirst Corp		17
	5,600		Bancorpsouth, Inc		126
	500		BancTrust Financial Group, Inc		9
	5,476		Bank Mutual Corp		60
	141,714		Bank Of America Corp		11,992
	1,000		Bank Of Granite Corp		21
	4,703		Bank Of Hawaii Corp		213
	54,422		Bank Of New York Co, Inc		1,604

14

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	638		Bank Of The Ozarks, Inc		15
	78,852		Bank One Corp		4,021
	2,977		BankAtlantic Bancorp, Inc (Class A)		55
	12,200		Banknorth Group, Inc		396
	2,181	*	BankUnited Financial Corp (Class A)		56
	777		Banner Corp		23
	39,479		BB&T Corp		1,460
	449		Berkshire Hills Bancorp, Inc		17
	480	*	BFC Financial Corp		6
	1,341	*	BOK Financial Corp		53
	1,898		Boston Private Financial Holdings, Inc		44
	534		Bryn Mawr Bank Corp		12
	700		BSB Bancorp, Inc		25
	580		Camden National Corp		19
	500		Capital City Bank Group, Inc		20
	333		Capital Corp of the West		13
	147	*	Capital Crossing Bank		8
	1,624		Capitol Federal Financial		49
	1,121		Cascade Bancorp		21
	1,523		Cathay General Bancorp		102
	262		CB Bancshares, Inc		24
	622		Center Financial Corp		9
	650	*	Central Coast Bancorp		12
	1,000		Central Pacific Financial Corp		28
	229		Century Bancorp, Inc (Class A)		8
	285		Charter Financial Corp		10
	15,883		Charter One Financial, Inc		702
	1,640		Chemical Financial Corp		60
	2,558		Chittenden Corp		90
	359,403		Citigroup, Inc		16,712
	3,400	*	Citigroup, Inc (Litigation Wts)		3
	3,061		Citizens Banking Corp		95
	651		Citizens First Bancorp, Inc		16
	550		City Bank		18
	1,237		City Holding Co		39
	2,882		City National Corp		189
	794		Coastal Financial Corp		12
	675		CoBiz, Inc		9
	8,530		Colonial Bancgroup, Inc		155
	416		Columbia Bancorp		12
	1,059		Columbia Banking System, Inc		24
	12,537		Comerica, Inc		688
	4,793		Commerce Bancorp, Inc		264
	4,379		Commerce Bancshares, Inc		201
	2,474	*	Commercial Capital Bancorp, Inc		43
	3,124		Commercial Federal Corp		85
	1,636		Community Bank System, Inc		37
	995		Community Trust Bancorp, Inc		30
	8,852		Compass Bancshares, Inc		381
	1,170		Corus Bankshares, Inc		48
	3,532		Cullen/Frost Bankers, Inc		158
	2,577		CVB Financial Corp		56
	2,409		Dime Community Bancshares		42
	1,439		Downey Financial Corp		77
	3,493		East West Bancorp, Inc		107
	1,563	*	Euronet Worldwide, Inc		36
	447		Farmers Capital Bank Corp		16
	1,153		Fidelity Bankshares, Inc		41
	34,189		Fifth Third Bancorp		1,839
	559		Financial Institutions, Inc		14

15

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	480		First Bancorp (North Carolina)		16
	2,338		First Bancorp (Puerto Rico)		95
	600		First Busey Corp (Class A)		18
	2,100		First Charter Corp		46
	436		First Citizens Bancshares, Inc (Class A)		53
	4,204		First Commonwealth Financial Corp		55
	831		First Community Bancorp		32
	710		First Community Bancshares, Inc		24
	1,238		First Federal Capital Corp		34
	2,593		First Financial Bancorp		46
	1,093		First Financial Bankshares, Inc		46
	1,000		First Financial Corp (Indiana)		32
	1,000		First Financial Holdings, Inc		29
	9,046		First Horizon National Corp		411
	1,295		First Merchants Corp		34
	3,362		First Midwest Bancorp, Inc		118
	3,189		First National Bankshares of Florida, Inc		60
	465		First Oak Brook Bancshares, Inc		14
	200		First Of Long Island Corp		9
	904		First Republic Bank		39
	1,744		First Sentinel Bancorp, Inc		36
	499		First State Bancorp		15
	1,200	*	FirstFed Financial Corp		50
	5,818		FirstMerit Corp		153
	1,967		Flagstar Bancorp, Inc		39
	1,105		Flushing Financial Corp		20
	154		FMS Financial Corp		3
	3,097		FNB Corp		63
	419		FNB Corp (Virginia)		12
	739	*	Franklin Bank Corp		12
	1,064		Frontier Financial Corp		37
	8,101		Fulton Financial Corp		163
	375		GB&T Bancshares, Inc		9
	1,530		Glacier Bancorp, Inc		43
	2,600		Gold Banc Corp, Inc		40
	8,860		Golden West Financial Corp		942
	832		Great Southern Bancorp, Inc		24
	8,667		Greenpoint Financial Corp		344
	1,914		Hancock Holding Co		56
	1,510		Hanmi Financial Corp		45
	1,557		Harbor Florida Bancshares, Inc		43
	1,652		Harleysville National Corp		42
	928		Heartland Financial U.S.A., Inc		17
	11,265		Hibernia Corp (Class A)		274
	707		Horizon Financial Corp		14
	5,161		Hudson City Bancorp, Inc		173
	2,240		Hudson River Bancorp, Inc		38
	3,093		Hudson United Bancorp		115
	1,062		Humboldt Bancorp		22
	16,187		Huntington Bancshares, Inc		371
	409		IberiaBank Corp		24
	922		Independent Bank Corp (Massachusetts)		27
	1,527		Independent Bank Corp (Michigan)		39
	3,878		IndyMac Bancorp, Inc		123
	1,112		Integra Bank Corp		24
	900	*	Intercept, Inc		15
	616		Interchange Financial Services Corp		15
	2,441		International Bancshares Corp		99
	1,234		Irwin Financial Corp		33
	332	*	Itla Capital Corp		13

16

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	143,596		J.P. Morgan Chase & Co		5,567
	29,870		KeyCorp		893
	2,123		KNBT Bancorp, Inc		35
	887		Lakeland Bancorp, Inc		14
	367		Lakeland Financial Corp		12
	4,803		M & T Bank Corp		419
	529		Macatawa Bank Corp		15
	1,974		MAF Bancorp, Inc		84
	944		Main Street Banks, Inc		27
	664		MainSource Financial Group, Inc		13
	16,106		Marshall & Ilsley Corp		630
	1,219		MB Financial, Inc		45
	1,138		MBT Financial Corp		21
	30,438		Mellon Financial Corp		893
	498		Mercantile Bank Corp		18
	5,608		Mercantile Bankshares Corp		263
	1,600		Mid-State Bancshares		38
	600		Midwest Banc Holdings, Inc		13
	1,144		Nara Bancorp, Inc		20
	219		NASB Financial, Inc		9
	39,156		National City Corp		1,371
	14,292		National Commerce Financial Corp		464
	1,665		National Penn Bancshares, Inc		50
	514		NBC Capital Corp		14
	2,152		NBT Bancorp, Inc		48
	3,228		NetBank, Inc		35
	18,040		New York Community Bancorp, Inc		354
	3,283	*	NewAlliance Bancshares, Inc		46
	12,399		North Fork Bancorp, Inc		472
	13,854		Northern Trust Corp		586
	792		Northwest Bancorp, Inc		18
	221		Oak Hill Financial, Inc		7
	786		OceanFirst Financial Corp		19
	2,600	*	Ocwen Financial Corp		31
	4,887		Old National Bancorp		121
	532		Old Second Bancorp, Inc		28
	593		Omega Financial Corp		20
	3,244		Pacific Capital Bancorp		91
	768		Park National Corp		98
	474		Partners Trust Financial Group, Inc		9
	473		Peapack Gladstone Financial Corp		15
	381		Pennfed Financial Services, Inc		13
	550		Pennrock Financial Services Corp		17
	795		Peoples Bancorp, Inc		21
	2,611		People’s Bank		81
	513		Peoples Holding Co		18
	1,085		PFF Bancorp, Inc		40
	20,422		PNC Financial Services Group, Inc		1,084
	2,753		Provident Bancorp, Inc		31
	2,140		Provident Bankshares Corp		62
	2,926		Provident Financial Group, Inc		115
	349		Provident Financial Holdings		8
	4,181		Provident Financial Services, Inc		73
	1,974		R & G Financial Corp (Class B)		65
	15,798		Regions Financial Corp		577
	531		Republic Bancorp, Inc (Class A) (Kentucky)		11
	4,449		Republic Bancorp, Inc (Michigan)		62
	997		Riggs National Corp		21
	293		Royal Bancshares Of Pennsylvania (Class A)		7
	1,811		S & T Bancorp, Inc		58

17

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	806		S.Y. Bancorp, Inc		19
	325		Santander Bancorp		8
	550		SCBT Financial Corp		17
	940		Seacoast Banking Corp Of Florida		20
	2,100		Seacoast Financial Services Corp		73
	637		Second Bancorp, Inc		20
	253		Security Bank Corp		9
	388	*	Signature Bank		9
	2,887	*	Silicon Valley Bancshares		114
	1,066		Simmons First National Corp (Class A)		28
	6,474		Sky Financial Group, Inc		160
	362		Smithtown Bancorp, Inc		15
	4,243		South Financial Group, Inc		120
	595		Southside Bancshares, Inc		12
	24,009		SouthTrust Corp		932
	2,385		Southwest Bancorp Of Texas, Inc		105
	740		Southwest Bancorp, Inc		14
	21,270		Sovereign Bancorp, Inc		470
	580		State Bancorp, Inc		14
	345		State Financial Services Corp (Class A)		10
	23,503		State Street Corp		1,153
	952		Sterling Bancorp		26
	2,600		Sterling Bancshares, Inc		37
	1,423		Sterling Financial Corp (Pennsylvania)		37
	1,570	*	Sterling Financial Corp (Spokane)		50
	507	*	Sun Bancorp, Inc (New Jersey)		11
	17,533		SunTrust Banks, Inc		1,139
	21,261		Synovus Financial Corp		538
	300		Taylor Capital Group, Inc		7
	5,193		TCF Financial Corp		301
	1,482	*	Texas Capital Bancshares, Inc		25
	1,736		Texas Regional Bancshares, Inc (Class A)		80
	1,572		TierOne Corp		34
	726		Trico Bancshares		14
	5,202		Trustco Bank Corp NY		68
	3,402		Trustmark Corp		98
	133,233		U.S. Bancorp		3,672
	1,008		U.S.B. Holding Co, Inc		23
	3,139		UCBH Holdings, Inc		124
	1,144		UMB Financial Corp		59
	1,978		Umpqua Holdings Corp		42
	543		Union Bankshares Corp		17
	14,140		Union Planters Corp		422
	3,688		UnionBanCal Corp		208
	2,534		United Bankshares, Inc		82
	1,791		United Community Banks, Inc		45
	1,981		United Community Financial Corp		26
	528		Univest Corp of Pennsylvania		27
	1,587		Unizan Financial Corp		41
	7,192		Valley National Bancorp		182
	322	*	Virginia Commerce Bancorp		10
	524		Virginia Financial Group, Inc		18
	5,189		W Holding Co, Inc		89
	90,556		Wachovia Corp		4,030
	5,341		Washington Federal, Inc		128
	881		Washington Trust Bancorp, Inc		23
	3,532		Webster Financial Corp		166
	117,300		Wells Fargo & Co		6,713
	1,533		Wesbanco, Inc		45
	1,200		West Bancorporation		21

18

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,194		West Coast Bancorp		26
	2,316		Westamerica Bancorp		121
	354	*	Western Sierra Bancorp		11
	2,764		Whitney Holding Corp		123
	4,525		Wilmington Trust Corp		168
	919		Wilshire Financial Services Group		9
	490	*	Wilshire State Bank		12
	1,371		Wintrust Financial Corp		69
	620		WSFS Financial Corp		30
	558		Yardville National Bancorp		14
	6,385		Zions Bancorp		392
			TOTAL DEPOSITORY INSTITUTIONS		87,136
EATING AND DRINKING PLACES - 0.65%
	6,027		Applebee’s International, Inc		139
	5,554		Aramark Corp (Class B)		160
	2,400		Bob Evans Farms, Inc		66
	6,702	*	Brinker International, Inc		229
	395	*	Buffalo Wild Wings, Inc		11
	1,020	*	California Pizza Kitchen, Inc		20
	3,340		CBRL Group, Inc		103
	2,674	*	CEC Entertainment, Inc		79
	758	*	Chicago Pizza & Brewery, Inc		12
	3,658	*	CKE Restaurants, Inc		49
	1,430	*	Cosi, Inc		9
	11,718		Darden Restaurants, Inc		241
	790	*	Dave & Buster’s, Inc		15
	1,384		IHOP Corp		49
	2,536	*	Jack In The Box, Inc		75
	4,363	*	Krispy Kreme Doughnuts, Inc		83
	1,378		Landry’s Restaurants, Inc		41
	1,175		Lone Star Steakhouse & Saloon, Inc		32
	89,122		McDonald’s Corp		2,317
	1,720	*	O’Charley’s, Inc		30
	4,319		Outback Steakhouse, Inc		179
	1,702	*	P.F. Chang’s China Bistro, Inc		70
	875	*	Papa John’s International, Inc		26
	2,362	*	Rare Hospitality International, Inc		59
	832	*	Red Robin Gourmet Burgers, Inc		23
	4,500		Ruby Tuesday, Inc		124
	3,096	*	Ryan’s Restaurant Group, Inc		49
	4,074	*	Sonic Corp		93
	3,601	*	The Cheesecake Factory, Inc		143
	1,689	*	The Steak N Shake Co		31
	955		Triarc Cos (Class A)		10
	1,910		Triarc Cos (Class B)		19
	7,905		Wendy’s International, Inc		275
	20,653		Yum! Brands, Inc		769
			TOTAL EATING AND DRINKING PLACES		5,630
EDUCATIONAL SERVICES - 0.24%
	9,237	*	Apollo Group, Inc (Class A)		816
	1,112	*	Apollo Group, Inc (University Of Phoenix Online)		97
	7,039	*	Career Education Corp		321
	6,096	*	Corinthian Colleges, Inc		151
	4,016	*	DeVry, Inc		110
	4,955	*	Education Management Corp		163
	3,070	*	ITT Educational Services, Inc		117
	2,500	*	Laureate Education, Inc		96
	753	*	Learning Tree International, Inc		11
	1,157	*	Princeton Review, Inc		9
	968		Strayer Education, Inc		108

19

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	982	*	Universal Technical Institute, Inc		39
			TOTAL EDUCATIONAL SERVICES		2,038
ELECTRIC, GAS, AND SANITARY SERVICES - 3.40%
	40,022	*	AES Corp		397
	4,464		AGL Resources, Inc		130
	8,638	*	Allegheny Energy, Inc		133
	5,979		Allete, Inc		199
	7,401		Alliant Energy Corp		193
	16,153	*	Allied Waste Industries, Inc		213
	13,093		Ameren Corp		562
	28,407		American Electric Power Co, Inc		909
	1,100		American States Water Co		26
	6,480		Aqua America, Inc		130
	13,555	*	Aquila, Inc		48
	3,559		Atmos Energy Corp		91
	3,500		Avista Corp		64
	2,253		Black Hills Corp		71
	1,000		California Water Service Group		28
	28,919	*	Calpine Corp		125
	800		Cascade Natural Gas Corp		18
	1,195	*	Casella Waste Systems, Inc (Class A)		16
	19,443		Centerpoint Energy, Inc		224
	846		Central Vermont Public Service Corp		17
	1,183		CH Energy Group, Inc		55
	12,513		Cinergy Corp		475
	19,601	*	Citizens Communications Co		237
	3,305		Cleco Corp		59
	11,368	*	CMS Energy Corp		104
	556		Connecticut Water Service, Inc		14
	15,657		Consolidated Edison, Inc		623
	11,749		Constellation Energy Group, Inc		445
	165		Crosstex Energy, Inc		7
	22,667		Dominion Resources, Inc		1,430
	8,774		DPL, Inc		170
	11,808		DTE Energy Co		479
	64,647		Duke Energy Corp		1,312
	5,400		Duquesne Light Holdings, Inc		104
	513	*	Duratek, Inc		8
	19,348	*	Dynegy, Inc (Class A)		82
	20,819		Edison International		532
	44,364		El Paso Corp		350
	3,388	*	El Paso Electric Co		52
	1,602		Empire District Electric Co		32
	2,526		Energen Corp		121
	10,424		Energy East Corp		253
	302		EnergySouth, Inc		12
	16,050		Entergy Corp		899
	4,306		Equitable Resources, Inc		223
	45,770		Exelon Corp		1,524
	21,807		FirstEnergy Corp		816
	12,927		FPL Group, Inc		827
	4,858		Great Plains Energy, Inc		144
	5,200		Hawaiian Electric Industries, Inc		136
	2,558		Idacorp, Inc		69
	11,533		KeySpan Corp		423
	6,443		Kinder Morgan, Inc		382
	1,400		Laclede Group, Inc		38
	7,850		MDU Resources Group, Inc		189
	1,224	*	Metal Management, Inc		24
	1,200		MGE Energy, Inc		39

20

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	740		Middlesex Water Co		14
	4,958		National Fuel Gas Co		124
	1,850		New Jersey Resources Corp		77
	3,050		Nicor, Inc		104
	17,728		NiSource, Inc		366
	8,777		Northeast Utilities		171
	1,750		Northwest Natural Gas Co		53
	5,450	*	NRG Energy, Inc		135
	3,639		NSTAR		174
	1,000	*	NUI Corp		15
	6,121		OGE Energy Corp		156
	6,261		Oneok, Inc		138
	1,700		Otter Tail Corp		46
	2,462		Peoples Energy Corp		104
	10,872		Pepco Holdings, Inc		199
	28,864	*	PG&E Corp		806
	2,329		Piedmont Natural Gas Co, Inc		99
	5,818		Pinnacle West Capital Corp		235
	4,199		PNM Resources, Inc		87
	12,049		PPL Corp		553
	16,108		Progress Energy, Inc		710
	5,000	*	Progress Energy, Inc (Cvo)		0
	16,050		Public Service Enterprise Group, Inc		642
	6,554		Puget Energy, Inc		144
	5,255		Questar Corp		203
	20,600	*	Reliant Resources, Inc		223
	10,488		Republic Services, Inc		304
	1,126		Resource America, Inc (Class A)		27
	7,241		SCANA Corp		263
	14,197		Sempra Energy		489
	8,800	*	Sierra Pacific Resources		68
	447		SJW Corp		15
	954		South Jersey Industries, Inc		42
	50,834		Southern Co		1,482
	4,113	*	Southern Union Co		87
	2,332		Southwest Gas Corp		56
	931		Southwest Water Co		12
	3,019	*	Stericycle, Inc		156
	13,093		TECO Energy, Inc		157
	1,057		Texas Genco Holdings, Inc		48
	22,590		TXU Corp		915
	2,868		UGI Corp		92
	892		UIL Holdings Corp		43
	2,373		Unisource Energy Corp		59
	5,260		Vectren Corp		132
	3,033	*	Waste Connections, Inc		90
	41,709		Waste Management, Inc		1,278
	5,944		Westar Energy, Inc		118
	3,691		Western Gas Resources, Inc		120
	3,300		WGL Holdings, Inc		95
	36,056		Williams Cos, Inc		429
	8,100		Wisconsin Energy Corp		264
	2,680		WPS Resources Corp		124
	28,092		Xcel Energy, Inc		469
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		29,295
ELECTRONIC & OTHER ELECTRIC EQUIPMENT - 8.19%
	1,556	*	Actel Corp		29
	56,113	*	ADC Telecommunications, Inc		159
	4,420		Adtran, Inc		147
	1,193	*	Advanced Energy Industries, Inc		19

21

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	6,041	*	Advanced Fibre Communications, Inc		122
	24,577	*	Advanced Micro Devices, Inc		391
	4,300	*	Aeroflex, Inc		62
	46,506	*	Agere Systems, Inc (Class A)		107
	70,211	*	Agere Systems, Inc (Class B)		151
	1,895	*	Alliance Semiconductor Corp		11
	26,842	*	Altera Corp		596
	11,805		American Power Conversion Corp		232
	1,695	*	American Superconductor Corp		22
	4,556		Ametek, Inc		141
	2,169	*	AMIS Holdings, Inc		37
	6,298	*	Amkor Technology, Inc		52
	4,718	*	Amphenol Corp (Class A)		157
	25,778		Analog Devices, Inc		1,214
	1,600	*	Anaren Microwave, Inc		26
	1,164	*	Applica, Inc		10
	21,599	*	Applied Micro Circuits Corp		115
	589		Applied Signal Technology, Inc		21
	6,045	*	Arris Group, Inc		36
	2,137	*	Artesyn Technologies, Inc		19
	1,599	*	Artisan Components, Inc		41
	645	*	Atheros Communications, Inc		7
	29,484	*	Atmel Corp		175
	2,169	*	ATMI, Inc		59
	5,536	*	Avanex Corp		22
	3,547		AVX Corp		51
	2,164		Baldor Electric Co		51
	674		Bel Fuse, Inc (Class B)		28
	2,853	*	Benchmark Electronics, Inc		83
	16,321	*	Broadcom Corp (Class A)		763
	1,800		C&D Technologies, Inc		32
	1,465	*	California Micro Devices Corp		17
	5,785	*	Capstone Turbine Corp		13
	1,390	*	Carrier Access Corp		17
	300	*	Catapult Communications Corp		7
	2,989	*	C-COR.net Corp		31
	1,109	*	Ceradyne, Inc		40
	2,612	*	Checkpoint Systems, Inc		47
	493	*	Cherokee International Corp		6
	4,193	*	ChipPAC, Inc		26
	39,460	*	CIENA Corp		147
	1,163	*	Comtech Telecommunications		26
	13,590	*	Comverse Technology, Inc		271
	32,205	*	Conexant Systems, Inc		139
	27,053	*	Corvis Corp		38
	5,399	*	Cree, Inc		126
	2,100		CTS Corp		25
	1,000		Cubic Corp		21
	8,434	*	Cypress Semiconductor Corp		120
	1,813	*	DDi Corp		15
	1,168	*	Digital Theater Systems, Inc		31
	417	*	Diodes, Inc		10
	1,976	*	Ditech Communications Corp		46
	607	*	Drexler Technology Corp		8
	1,939	*	DSP Group, Inc		53
	859	*	Dupont Photomasks, Inc		17
	13,311	*	Eagle Broadband, Inc		13
	2,000	*	Electro Scientific Industries, Inc		57
	30,030		Emerson Electric Co		1,908
	756	*	EMS Technologies, Inc		15

22

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	6,202	*	Energizer Holdings, Inc		279
	934	*	Energy Conversion Devices, Inc		11
	4,002	*	Entegris, Inc		46
	2,200	*	ESS Technology, Inc		24
	2,800	*	Exar Corp		41
	8,286	*	Fairchild Semiconductor International, Inc		136
	11,493	*	Finisar Corp		23
	924		Franklin Electric Co, Inc		35
	2,934	*	FuelCell Energy, Inc		34
	15,290	*	Gemstar-TV Guide International, Inc		73
	732,326		General Electric Co		23,727
	2,198	*	Genesis Microchip, Inc		30
	870	*	Genlyte Group, Inc		55
	6,759	*	GrafTech International Ltd		71
	4,090		Harman International Industries, Inc		372
	5,636	*	Harmonic, Inc		48
	4,775		Harris Corp		242
	1,700		Helix Technology Corp		36
	1,700	*	Hexcel Corp		20
	3,520		Hubbell, Inc (Class B)		164
	1,800	*	Hutchinson Technology, Inc		44
	900	*	Inet Technologies, Inc		11
	5,045	*	Integrated Circuit Systems, Inc		137
	7,233	*	Integrated Device Technology, Inc		100
	2,100	*	Integrated Silicon Solution, Inc		26
	449,584		Intel Corp		12,409
	3,915	*	Interdigital Communications Corp		74
	4,594	*	International Rectifier Corp		190
	9,742		Intersil Corp (Class A)		211
	1,400		Inter-Tel, Inc		35
	2,296	*	InterVoice, Inc		26
	1,160	*	IXYS Corp		9
	10,780	*	Jabil Circuit, Inc		271
	93,458	*	JDS Uniphase Corp		354
	6,007	*	Kemet Corp		73
	4,991	*	Kopin Corp		26
	6,353		L-3 Communications Holdings, Inc		424
	7,863	*	Lattice Semiconductor Corp		55
	574	*	Lifeline Systems, Inc		14
	22,260		Linear Technology Corp		879
	1,534	*	Littelfuse, Inc		65
	1,293		LSI Industries, Inc		15
	26,560	*	LSI Logic Corp		202
	1,646	*	Magnetek, Inc		14
	3,108	*	Mattson Technology, Inc		37
	23,050		Maxim Integrated Products, Inc		1,208
	5,338		Maytag Corp		131
	8,165	*	McData Corp (Class A)		44
	943	*	Medis Technologies Ltd		15
	2,262	*	MEMC Electronic Materials, Inc		22
	1,540	*	Mercury Computer Systems, Inc		38
	1,251	*	Merix Corp		14
	2,500		Methode Electronics, Inc		32
	400	*	Metrologic Instruments, Inc		8
	4,755	*	Micrel, Inc		58
	14,149		Microchip Technology, Inc		446
	39,886	*	Micron Technology, Inc		611
	4,228	*	Microsemi Corp		60
	1,295	*	Microvision, Inc		11
	2,847	*	MIPS Technologies, Inc		17

23

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,718	*	Mobility Electronics, Inc		14
	8,643		Molex, Inc		277
	1,515	*	Monolithic System Technology, Inc		11
	1,809	*	Moog, Inc (Class A)		67
	163,563		Motorola, Inc		2,985
	7,339	*	MRV Communications, Inc		20
	2,855	*	Mykrolis Corp		50
	300		National Presto Industries, Inc		12
	25,542	*	National Semiconductor Corp		562
	3,233	*	NMS Communications Corp		24
	10,695	*	Novellus Systems, Inc		336
	11,534	*	Nvidia Corp		236
	3,866	*	Omnivision Technologies, Inc		62
	8,363	*	ON Semiconductor Corp		42
	4,212	*	Openwave Systems, Inc		53
	8,470	*	Oplink Communications, Inc		16
	1,276	*	Optical Communication Products, Inc		3
	869	*	OSI Systems, Inc		17
	2,737	*	Paradyne Networks, Inc		15
	1,250		Park Electrochemical Corp		32
	1,447	*	Pericom Semiconductor Corp		15
	2,260	*	Photronics, Inc		43
	2,814	*	Pixelworks, Inc		43
	3,309	*	Plantronics, Inc		139
	3,100	*	Plexus Corp		42
	3,483	*	Plug Power, Inc		26
	1,374	*	PLX Technology, Inc		24
	11,897	*	PMC-Sierra, Inc		171
	7,006	*	Polycom, Inc		157
	458	*	Powell Industries, Inc		8
	1,813	*	Power Integrations, Inc		45
	4,438	*	Power-One, Inc		49
	4,709	*	Powerwave Technologies, Inc		36
	6,815	*	QLogic Corp		181
	55,859		Qualcomm, Inc		4,077
	6,100	*	Rambus, Inc		108
	2,306	*	Rayovac Corp		65
	1,663		Regal-Beloit Corp		37
	4,091	*	Remec, Inc		26
	12,915	*	RF Micro Devices, Inc		97
	12,762		Rockwell Collins, Inc		425
	1,100	*	Rogers Corp		77
	36,135	*	Sanmina-SCI Corp		329
	2,915	*	SBA Communications Corp		13
	1,000	*	SBS Technologies, Inc		16
	10,570		Scientific-Atlanta, Inc		365
	1,500	*	Seachange International, Inc		25
	16,448	b*	Seagate Technology, Inc		0
	5,166	*	Semtech Corp		122
	1,709	*	Sigmatel, Inc		50
	5,145	*	Silicon Image, Inc		68
	2,561	*	Silicon Laboratories, Inc		119
	5,900	*	Silicon Storage Technology, Inc		61
	500	*	Siliconix, Inc		25
	1,800	*	Sipex Corp		10
	85,893	*	Sirius Satellite Radio, Inc		265
	10,341	*	Skyworks Solutions, Inc		90
	1,197		Smith (A.O.) Corp		38
	15,365	*	Sonus Networks, Inc		73
	1,632	*	Spatialight, Inc		10

24

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,100		Spectralink Corp		16
	710	*	Staktek Holdings, Inc		4
	1,279	*	Standard Microsystems Corp		30
	700	*	Stoneridge, Inc		12
	6,000	*	Stratex Networks, Inc		18
	745	*	Supertex, Inc		12
	12,134	*	Sycamore Networks, Inc		51
	2,907	*	Symmetricom, Inc		26
	1,530	*	Synaptics, Inc		29
	2,804	*	Technitrol, Inc		61
	3,400	*	Tekelec		62
	29,464	*	Tellabs, Inc		258
	4,400	*	Terayon Communication Systems, Inc		10
	1,675	*	Tessera Technologies, Inc		30
	122,177		Texas Instruments, Inc		2,954
	4,084		Thomas & Betts Corp		111
	10,352	*	Transmeta Corp		23
	1,302	*	Trident Microsystems, Inc		15
	2,378	*	Tripath Technology, Inc		8
	9,492	*	Triquint Semiconductor, Inc		52
	2,833	*	TTM Technologies, Inc		34
	640	*	Ulticom, Inc		7
	976	*	Ultralife Batteries, Inc		19
	1,200	*	Universal Display Corp		13
	1,000	*	Universal Electronics, Inc		18
	6,265	*	Utstarcom, Inc		190
	3,331	*	Valence Technology, Inc		11
	2,523	*	Varian Semiconductor Equipment Associates, Inc		97
	9,239	*	Verso Technologies, Inc		16
	1,399	*	Viasat, Inc		35
	1,471	*	Vicor Corp		27
	11,380	*	Vishay Intertechnology, Inc		211
	14,636	*	Vitesse Semiconductor Corp		71
	2,980	*	Westell Technologies, Inc		15
	4,823		Whirlpool Corp		331
	1,507	*	Wilson Greatbatch Technologies, Inc		42
	800		Woodhead Industries, Inc		12
	2,045	*	Xicor, Inc		31
	23,957		Xilinx, Inc		798
	1,399	*	Zhone Technologies, Inc		5
			TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT		70,530
ENGINEERING AND MANAGEMENT SERVICES - 0.87%
	1,600	*	Accelrys, Inc		16
	1,230	*	Advisory Board Co		44
	4,200	*	Affymetrix, Inc		137
	3,126	*	Answerthink, Inc		18
	1,368	*	Antigenics, Inc		12
	4,841	*	Applera Corp (Celera Genomics Group)		56
	3,600	*	Ariad Pharmaceuticals, Inc		27
	3,562	*	Axonyx, Inc		19
	10,858	*	BearingPoint, Inc		96
	5,636	*	Celgene Corp		323
	5,421	*	Century Business Services, Inc		24
	706	*	Charles River Associates, Inc		22
	1,445	*	Ciphergen Biosystems, Inc		11
	942	*	Cornell Cos, Inc		13
	2,561		Corporate Executive Board Co		148
	2,443	*	Corrections Corp Of America		96
	4,280	*	Covance, Inc		165
	2,974	*	CuraGen Corp		18

25

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,903	*	CV Therapeutics, Inc		32
	3,808	*	Decode Genetics, Inc		32
	1,618	*	DiamondCluster International, Inc		14
	3,731	*	Digitas, Inc		41
	1,742	*	Diversa Corp		18
	1,820	*	Dyax Corp		21
	3,090	*	eResearch Technology, Inc		87
	4,377	*	Exelixis, Inc		44
	3,466	*	Exult, Inc		19
	5,722		Fluor Corp		273
	1,000	*	Forrester Research, Inc		19
	2,772	*	FTI Consulting, Inc		46
	2,986	*	Gartner, Inc (Class A)		39
	2,624	*	Gartner, Inc (Class B)		34
	724	*	Genencor International, Inc		12
	3,419	*	Gen-Probe, Inc		162
	30,479		Halliburton Co		922
	2,109	*	Hewitt Associates, Inc		58
	4,807	*	Incyte Corp		37
	599	*	Infrasource Services, Inc		7
	3,395	*	Jacobs Engineering Group, Inc		134
	1,504	*	Keryx Biopharmaceuticals, Inc		19
	1,236	*	Kosan Biosciences, Inc		10
	584		Landauer, Inc		26
	907	*	LECG Corp		16
	4,403	*	Lexicon Genetics, Inc		35
	1,975	*	Lifecell Corp		22
	1,864	*	Luminex Corp		19
	1,968	*	Maxim Pharmaceuticals, Inc		19
	1,221	*	MAXIMUS, Inc		43
	2,143	*	Maxygen, Inc		23
	18,593		Monsanto Co		716
	8,767		Moody’s Corp		567
	400	*	MTC Technologies, Inc		10
	1,780	*	Myriad Genetics, Inc		27
	3,190	*	Navigant Consulting, Inc		68
	951	*	Neopharm, Inc		10
	4,219	*	Oscient Pharmaceuticals Corp		22
	1,703	*	Parexel International Corp		34
	23,418		Paychex, Inc		793
	2,266	*	Per-Se Technologies, Inc		33
	3,516	*	Pharmaceutical Product Development, Inc		112
	6,113	*	Pharmos Corp		25
	2,566	*	PRG-Schultz International, Inc		14
	5,338		Quest Diagnostics, Inc		453
	1,565	*	Regeneration Technologies, Inc		17
	2,361	*	Regeneron Pharmaceuticals, Inc		25
	1,607	*	Resources Connection, Inc		63
	695	*	Rigel Pharmaceuticals, Inc		10
	3,182	*	Seattle Genetics, Inc		22
	20,732		Servicemaster Co		255
	867	*	SFBC International, Inc		27
	1,062	*	Sourcecorp		29
	1,956	*	Symyx Technologies, Inc		47
	500	*	Tejon Ranch Co		17
	2,861	*	Telik, Inc		68
	3,591	*	Tetra Tech, Inc		59
	2,015	*	Transkaryotic Therapies, Inc		30
	791	*	TRC Cos, Inc		13
	953	*	Trimeris, Inc		14

26

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,553	*	Tularik, Inc		88
	4,973	*	U.S. Oncology, Inc		73
	2,180	*	URS Corp		60
	1,284	*	Ventiv Health, Inc		20
	1,753	*	Washington Group International, Inc		63
	2,145		Watson Wyatt & Co Holdings		57
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,469
FABRICATED METAL PRODUCTS - 0.71%
	2,586	*	Alliant Techsystems, Inc		164
	3,956		Ball Corp		285
	714		CIRCOR International, Inc		15
	3,558		Crane Co		112
	11,261	*	Crown Holdings, Inc		112
	16,086		Danaher Corp		834
	376	*	Drew Industries, Inc		15
	10,213		Fortune Brands, Inc		770
	1,746	*	Griffon Corp		39
	546		Gulf Island Fabrication, Inc		12
	2,800		Harsco Corp		132
	18,296		Illinois Tool Works, Inc		1,754
	1,170	*	Intermagnetics General Corp		40
	5,881	*	Jacuzzi Brands, Inc		47
	496		Lifetime Hoan Corp		11
	31,853		Masco Corp		993
	933	*	Mobile Mini, Inc		27
	1,321	*	NCI Building Systems, Inc		43
	4,275	*	Shaw Group, Inc		43
	711		Silgan Holdings, Inc		29
	1,276		Simpson Manufacturing Co, Inc		72
	4,037		Snap-On, Inc		135
	4,636		Stanley Works		211
	1,400		Sturm Ruger & Co, Inc		17
	1,674	*	Taser International, Inc		73
	4,033	*	Tower Automotive, Inc		15
	1,000		Valmont Industries, Inc		23
	690	*	Water Pik Technologies, Inc		11
	1,666		Watts Water Technologies, Inc (Class A)		45
			TOTAL FABRICATED METAL PRODUCTS		6,079
FOOD AND KINDRED PRODUCTS - 3.33%
	1,106		American Italian Pasta Co (Class A)		34
	55,900		Anheuser-Busch Cos, Inc		3,019
	37,913		Archer Daniels Midland Co		636
	700	*	Boston Beer Co, Inc (Class A)		14
	1,041		Cal-Maine Foods, Inc		15
	15,985		Campbell Soup Co		430
	263		Coca-Cola Bottling Co Consolidated		15
	146,615		Coca-Cola Co		7,401
	15,688		Coca-Cola Enterprises, Inc		455
	37,888		Conagra Foods, Inc		1,026
	6,233	*	Constellation Brands, Inc (Class A)		231
	1,894		Coors (Adolph) Co (Class B)		137
	2,534		Corn Products International, Inc		118
	4,436	*	Darling International, Inc		19
	10,783	*	Dean Foods Co		402
	12,588	*	Del Monte Foods Co		128
	650		Farmer Brothers Co		17
	2,383		Flowers Foods, Inc		62
	21,077		General Mills, Inc		1,002
	24,878		H.J. Heinz Co		975
	417	*	Hansen Natural Corp		11

27

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	5,544	*	Hercules, Inc		68
	12,744		Hershey Foods Corp		590
	5,077		Hormel Foods Corp		158
	2,936	*	Interstate Bakeries Corp		32
	400	*	J & J Snack Foods Corp		16
	3,989		J.M. Smucker Co		183
	17,499		Kellogg Co		732
	19,337		Kraft Foods, Inc (Class A)		613
	1,829		Lancaster Colony Corp		76
	1,746		Lance, Inc		27
	686	*	M&F Worldwide Corp		9
	9,489		McCormick & Co, Inc (Non-Vote)		323
	275		MGP Ingredients, Inc		11
	518		National Beverage Corp		5
	624	*	Peets Coffee & Tea, Inc		16
	11,947		Pepsi Bottling Group, Inc		365
	3,934		PepsiAmericas Inc		84
	118,653		PepsiCo, Inc		6,393
	1,099		Pilgrim’s Pride Corp		32
	2,056	*	Ralcorp Holdings, Inc		72
	430		Riviana Foods, Inc		11
	669	*	Robert Mondavi Corp (Class A)		25
	716		Sanderson Farms, Inc		38
	54,701		Sara Lee Corp		1,258
	3,076		Sensient Technologies Corp		66
	6,771	*	Smithfield Foods, Inc		199
	1,735		Tootsie Roll Industries, Inc		56
	2,585		Topps Co, Inc		25
	15,485		Tyson Foods, Inc (Class A)		324
	11,505		Wrigley (Wm.) Jr Co		725
			TOTAL FOOD AND KINDRED PRODUCTS		28,679
FOOD STORES - 0.50%
	1,696	*	7-Eleven, Inc		30
	23,819		Albertson’s, Inc		632
	97		Arden Group, Inc (Class A)		9
	1,203	*	Great Atlantic & Pacific Tea Co, Inc		9
	700		Ingles Markets, Inc (Class A)		8
	53,429	*	Kroger Co		972
	2,088	*	Panera Bread Co (Class A)		75
	806	*	Pantry, Inc		18
	2,206	*	Pathmark Stores, Inc		17
	2,200		Ruddick Corp		49
	31,297	*	Safeway, Inc		793
	27,620	*	Starbucks Corp		1,201
	779		Weis Markets, Inc		27
	3,830		Whole Foods Market, Inc		366
	2,108	*	Wild Oats Markets, Inc		30
	4,470	*	Winn-Dixie Stores, Inc		32
			TOTAL FOOD STORES		4,268
FORESTRY - 0.11%
	15,586		Weyerhaeuser Co		984
			TOTAL FORESTRY		984
FURNITURE AND FIXTURES - 0.32%
	845		Bassett Furniture Industries, Inc		18
	2,243		Ethan Allen Interiors, Inc		81
	3,459		Furniture Brands International, Inc		87
	5,200		Herman Miller, Inc		150
	3,609		Hillenbrand Industries, Inc		218
	4,114		HNI Corp		174
	380		Hooker Furniture Corp		8

28

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,257	*	Interface, Inc (Class A)		28
	12,860		Johnson Controls, Inc		686
	2,436		Kimball International, Inc (Class B)		36
	3,952		La-Z-Boy, Inc		71
	4,399		Lear Corp		259
	13,681		Leggett & Platt, Inc		365
	19,520		Newell Rubbermaid, Inc		459
	2,530	*	Select Comfort Corp		72
	389		Stanley Furniture Co, Inc		16
	3,267		Steelcase, Inc (Class A)		46
			TOTAL FURNITURE AND FIXTURES		2,774
FURNITURE AND HOMEFURNISHINGS STORES - 0.34%
	20,930	*	Bed Bath & Beyond, Inc		805
	18,471		Best Buy Co, Inc		937
	13,817		Circuit City Stores, Inc (Circuit City Group)		179
	1,370	*	Cost Plus, Inc		44
	1,100	*	Electronics Boutique Holdings Corp		29
	1,300	*	Gamestop Corp (Class A)		20
	1,692	*	Guitar Center, Inc		75
	1,232		Haverty Furniture Cos, Inc		22
	700	*	Kirkland’s, Inc		8
	3,107	*	Linens ‘n Things, Inc		91
	6,500		Pier 1 Imports, Inc		115
	11,717		RadioShack Corp		335
	1,828	*	Restoration Hardware, Inc		13
	2,382	*	The Bombay Co, Inc		15
	1,215	*	Trans World Entertainment Corp		12
	6,132	*	Williams-Sonoma, Inc		202
			TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,902
GENERAL BUILDING CONTRACTORS - 0.35%
	952		Beazer Homes U.S.A., Inc		95
	997		Brookfield Homes Corp		26
	8,698		Centex Corp		398
	16,198		D.R. Horton, Inc		460
	147	*	Dominion Homes, Inc		3
	2,166	*	Hovnanian Enterprises, Inc (Class A)		75
	2,824		KB Home		194
	7,518		Lennar Corp (Class A)		336
	720		Lennar Corp (Class B)		30
	1,065	*	Levitt Corp (Class A)		27
	862		M/I Homes, Inc		35
	1,563		MDC Holdings, Inc		99
	736	*	Meritage Corp		51
	420	*	NVR, Inc		203
	1,250	*	Palm Harbor Homes, Inc		22
	900	*	Perini Corp		10
	7,323		Pulte Homes, Inc		381
	1,960		Ryland Group, Inc		153
	2,279		Standard-Pacific Corp		112
	639		Technical Olympic U.S.A., Inc		14
	3,407	*	Toll Brothers, Inc		144
	2,013		Walter Industries, Inc		27
	2,352	*	WCI Communities, Inc		52
	356	*	William Lyon Homes, Inc		33
			TOTAL GENERAL BUILDING CONTRACTORS		2,980
GENERAL MERCHANDISE STORES - 2.20%
	2,874	*	99 Cents Only Stores		44
	8,000	*	Big Lots, Inc		116
	4,983	*	BJ’s Wholesale Club, Inc		125
	360		Bon-Ton Stores, Inc		5

29

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,372	*	Brookstone, Inc		28
	2,822		Casey’s General Stores, Inc		52
	481	*	Conn’s, Inc		8
	32,294		Costco Wholesale Corp		1,326
	4,851		Dillard’s, Inc (Class A)		108
	20,065		Dollar General Corp		392
	8,180	*	Dollar Tree Stores, Inc		224
	10,790		Family Dollar Stores, Inc		328
	13,181		Federated Department Stores, Inc		647
	2,720		Fred’s, Inc		60
	398	*	Gander Mountain Co		9
	18,043		J.C. Penney Co, Inc		681
	3,283	*	Kmart Holding Corp		236
	20,377	*	Kohl’s Corp		862
	20,021		May Department Stores Co		550
	1,723		Neiman Marcus Group, Inc (Class A)		96
	723		Neiman Marcus Group, Inc (Class B)		38
	919	*	Retail Ventures, Inc		7
	9,017		Saks, Inc		135
	15,893		Sears Roebuck & Co		600
	2,069	*	ShopKo Stores, Inc		29
	1,757	*	Stein Mart, Inc		29
	64,387		Target Corp		2,735
	1,789	*	Tuesday Morning Corp		52
	178,268		Wal-Mart Stores, Inc		9,405
			TOTAL GENERAL MERCHANDISE STORES		18,927
HEALTH SERVICES - 0.85%
	3,370	*	Accredo Health, Inc		131
	757	*	Amedisys, Inc		25
	493	*	America Service Group, Inc		17
	2,010	*	American Healthways, Inc		54
	2,139	*	Amsurg Corp		54
	3,761	*	Apria Healthcare Group, Inc		108
	7,127	*	Beverly Enterprises, Inc		61
	535	*	Bio-Reference Labs, Inc		7
	30,911	*	Caremark Rx, Inc		1,018
	3,492	*	Community Health Systems, Inc		93
	500	*	Corvel Corp		14
	6,161	*	Coventry Health Care, Inc		301
	2,321	*	Cross Country Healthcare, Inc		42
	6,902	*	DaVita, Inc		213
	400	e*	Dynacq Healthcare, Inc		2
	1,776	*	Enzo Biochem, Inc		27
	4,446	*	Express Scripts, Inc		352
	6,878	*	First Health Group Corp		107
	1,379	*	Genesis HealthCare Corp		40
	1,525	*	Gentiva Health Services, Inc		25
	33,376		HCA, Inc		1,388
	16,770		Health Management Associates, Inc (Class A)		376
	3,932		Hooper Holmes, Inc		23
	2,161	*	Inveresk Research Group, Inc		67
	1,831	*	Kindred Healthcare, Inc		48
	1,185	*	LabOne, Inc		38
	10,565	*	Laboratory Corp Of America Holdings		419
	715	*	LCA-Vision, Inc		21
	2,695	*	LifePoint Hospitals, Inc		100
	7,330	*	Lincare Holdings, Inc		241
	1,871	*	Magellan Health Services, Inc		63
	6,895		Manor Care, Inc		225
	624	*	Matria Healthcare, Inc		16

30

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	419	*	Medcath Corp		8
	600		National Healthcare Corp		17
	2,611	*	NeighborCare, Inc		82
	2,544	*	Odyssey HealthCare, Inc		48
	859		Option Care, Inc		13
	3,260	*	Orthodontic Centers Of America, Inc		27
	1,764	*	Pediatrix Medical Group, Inc		123
	6,600	b*	Physicians Resource Group, Inc		0
	3,350	*	Province Healthcare Co		57
	689	*	Psychiatric Solutions, Inc		17
	1,200	*	RehabCare Group, Inc		32
	5,098	*	Renal Care Group, Inc		169
	6,397		Select Medical Corp		86
	366	*	Specialty Laboratories, Inc		3
	1,300	*	Sunrise Senior Living, Inc		51
	575	*	Symbion, Inc		10
	33,103	*	Tenet Healthcare Corp		444
	5,249	*	Triad Hospitals, Inc		195
	1,954	*	United Surgical Partners International, Inc		77
	3,448		Universal Health Services, Inc (Class B)		158
	774	*	VistaCare, Inc (Class A)		14
			TOTAL HEALTH SERVICES		7,347
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
	2,325		Granite Construction, Inc		42
	1,632	*	Insituform Technologies, Inc (Class A)		27
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		69
HOLDING AND OTHER INVESTMENT OFFICES - 2.60%
	816	*	4Kids Entertainment, Inc		20
	1,704		Acadia Realty Trust		23
	1,716		Affordable Residential Communities		28
	700		Alabama National Bancorp		39
	142	*	Alexander’s, Inc		24
	1,279		Alexandria Real Estate Equities, Inc		73
	7,895		Allied Capital Corp		193
	5,726		AMB Property Corp		198
	1,700		Amcore Financial, Inc		51
	7,622		American Financial Realty Trust		109
	2,412		American Home Mortgage Investment Corp		63
	1,759		AMLI Residential Properties Trust		52
	8,195		Annaly Mortgage Management, Inc		139
	3,218		Anthracite Capital, Inc		39
	3,102		Anworth Mortgage Asset Corp		37
	6,524		Apartment Investment & Management Co (Class A)		203
	4,309	*	Apollo Investment Corp		59
	487		Arbor Realty Trust, Inc		10
	12,972		Archstone-Smith Trust		380
	4,553		Arden Realty, Inc		134
	1,391		Ashford Hospitality Trust, Inc		12
	4,303		AvalonBay Communities, Inc		243
	996		Bedford Property Investors		29
	5,058		Boston Properties, Inc		253
	2,844		Brandywine Realty Trust		77
	3,459		BRE Properties, Inc (Class A)		120
	3,927		Brookline Bancorp, Inc		58
	2,767		Camden Property Trust		127
	2,163		Capital Automotive REIT		63
	1,573	*	Capital Lease Funding, Inc		16
	190		Capital Southwest Corp		15
	554		Capitol Bancorp Ltd		14
	1,032		Capstead Mortgage Corp		14

31

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,778		CarrAmerica Realty Corp		114
	1,601		CBL & Associates Properties, Inc		88
	1,144		Cedar Shopping Centers, Inc		13
	1,600		Centerpoint Properties Trust		123
	2,589		Chelsea Property Group, Inc		169
	342		Cherokee, Inc		9
	1,222		Colonial Properties Trust		47
	3,590		Commercial Net Lease Realty, Inc		62
	706		Community Banks, Inc		21
	2,770		Community First Bankshares, Inc		89
	3,454		Cornerstone Realty Income Trust, Inc		30
	2,361		Corporate Office Properties Trust		59
	916		Correctional Properties Trust		27
	2,543		Cousins Properties, Inc		84
	5,712		Crescent Real Estate Equities Co		92
	6,195		Developers Diversified Realty Corp		219
	10,311		Duke Realty Corp		328
	1,377		Eastgroup Properties, Inc		46
	1,500		Entertainment Properties Trust		54
	2,800		Equity Inns, Inc		26
	28,532		Equity Office Properties Trust		776
	2,360		Equity One, Inc		43
	19,383		Equity Residential		576
	1,591		Essex Property Trust, Inc		109
	3,584		Federal Realty Investment Trust		149
	3,200	*	FelCor Lodging Trust, Inc		39
	800		First Indiana Corp		15
	2,865		First Industrial Realty Trust, Inc		106
	5,807		First Niagara Financial Group, Inc		70
	987		First Place Financial Corp		18
	4,200		Fremont General Corp		74
	9,588		Friedman Billings Ramsey Group, Inc		190
	2,100		Gables Residential Trust		71
	15,328		General Growth Properties, Inc		453
	760		German American Bancorp		13
	638		Gladstone Capital Corp		13
	1,935		Glenborough Realty Trust, Inc		36
	2,871		Glimcher Realty Trust		64
	1,341		Government Properties Trust, Inc		14
	3,669		Greater Bay Bancorp		106
	863	*	Harris & Harris Group, Inc		11
	9,378		Health Care Property Investors, Inc		225
	3,639		Health Care REIT, Inc		118
	2,992		Healthcare Realty Trust, Inc		112
	1,887		Heritage Property Investment Trust		51
	2,403		Highland Hospitality Corp		24
	3,647		Highwoods Properties, Inc		86
	2,361		Home Properties, Inc		92
	4,670		Hospitality Properties Trust		198
	19,213	*	Host Marriott Corp		237
	12,322		HRPT Properties Trust		123
	4,356		IMPAC Mortgage Holdings, Inc		98
	4,582		Independence Community Bank Corp		167
	1,794		Innkeepers U.S.A. Trust		18
	2,415		Investors Real Estate Trust		25
	6,200		iShares Russell 2000 Index Fund		732
	6,923		iStar Financial, Inc		277
	1,942		Keystone Property Trust		47
	1,973		Kilroy Realty Corp		67
	6,825		Kimco Realty Corp		311

32

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,865	*	Koger Equity, Inc		43
	1,672		Kramont Realty Trust		27
	13,056	*	La Quinta Corp		110
	1,927		LaSalle Hotel Properties		47
	3,346		Lexington Corporate Properties Trust		67
	5,400		Liberty Property Trust		217
	1,014		LTC Properties, Inc		17
	2,536		Luminent Mortgage Capital, Inc		30
	4,337		Macerich Co		208
	4,122		Mack-Cali Realty Corp		171
	2,360		Maguire Properties, Inc		58
	1,295		Manufactured Home Communities, Inc		43
	6,043	*	Meristar Hospitality Corp		41
	5,284		MFA Mortgage Investments, Inc		47
	1,237		Mid-America Apartment Communities, Inc		47
	3,728		Mills Corp		174
	1,041		Mission West Properties, Inc		13
	800		National Health Investors, Inc		22
	4,621		Nationwide Health Properties, Inc		87
	7,437		New Plan Excel Realty Trust		174
	2,361		Newcastle Investment Corp		71
	1,737		Novastar Financial, Inc		66
	3,221		Omega Healthcare Investors, Inc		32
	1,178		Oriental Financial Group, Inc		32
	573		Origen Financial, Inc		5
	2,862		Pan Pacific Retail Properties, Inc		145
	764		Parkway Properties, Inc		34
	2,046		Pennsylvania Real Estate Investment Trust		70
	13,020		Plum Creek Timber Co, Inc		424
	9,461		Popular, Inc		405
	2,764		Post Properties, Inc		81
	3,092		Prentiss Properties Trust		104
	1,525		Price Legacy Corp		28
	1,141		PrivateBancorp, Inc		31
	11,632		Prologis		383
	1,084		Prosperity Bancshares, Inc		26
	1,073		PS Business Parks, Inc		43
	6,600		Public Storage, Inc		304
	425		Quaker City Bancorp, Inc		23
	1,730		RAIT Investment Trust		43
	992		Ramco-Gershenson Properties		24
	2,700		Realty Income Corp		113
	4,644		Reckson Associates Realty Corp		128
	1,111		Redwood Trust, Inc		62
	3,218		Regency Centers Corp		138
	6,268		Rouse Co		298
	1,000		Sandy Spring Bancorp, Inc		35
	800		Saul Centers, Inc		26
	3,728		Senior Housing Properties Trust		63
	3,170		Shurgard Storage Centers, Inc (Class A)		119
	10,042		Simon Property Group, Inc		516
	2,684		SL Green Realty Corp		126
	902		Sovran Self Storage, Inc		34
	18,418		SPDR Trust Series 1		2,109
	868		Suffolk Bancorp		28
	1,970		Summit Properties, Inc		51
	1,069		Sun Communities, Inc		40
	3,131		Susquehanna Bancshares, Inc		79
	945		Tanger Factory Outlet Centers, Inc		37
	3,455		Taubman Centers, Inc		79

33

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	5,639		Thornburg Mortgage, Inc		152
	587		Tompkins Trustco, Inc		28
	1,037		Town & Country Trust		26
	5,482		Trizec Properties, Inc		89
	1,311		U.S. Restaurant Properties, Inc		20
	8,889		United Dominion Realty Trust, Inc		176
	795		Universal Health Realty Income Trust		23
	1,407		Urstadt Biddle Properties, Inc (Class A)		21
	5,831		Ventas, Inc		136
	5,860		Vornado Realty Trust		335
	61,591		Washington Mutual, Inc		2,380
	2,550		Washington Real Estate Investment Trust		75
	2,859		Waypoint Financial Corp		79
	4,941		Weingarten Realty Investors		155
	358		Westfield Financial, Inc		7
	1,215		Winston Hotels, Inc		13
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		22,382
HOTELS AND OTHER LODGING PLACES - 0.32%
	709		Ameristar Casinos, Inc		24
	1,131	*	Bluegreen Corp		16
	2,130	*	Boca Resorts, Inc (Class A)		42
	2,248		Boyd Gaming Corp		60
	1,590		Choice Hotels International, Inc		80
	596	*	Empire Resorts, Inc		8
	24,303		Hilton Hotels Corp		453
	4,689		Mandalay Resort Group		322
	1,242		Marcus Corp		21
	14,035		Marriott International, Inc (Class A)		700
	4,788	*	MGM Mirage		225
	2,469	*	Pinnacle Entertainment, Inc		31
	2,481	*	Prime Hospitality Corp		26
	13,596		Starwood Hotels & Resorts Worldwide, Inc		610
	1,382	*	Vail Resorts, Inc		26
	2,299	*	Wynn Resorts Ltd		89
			TOTAL HOTELS AND OTHER LODGING PLACES		2,733
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.17%
	54,364		3M Co		4,893
	676	*	Aaon, Inc		14
	1,648	*	Actuant Corp		64
	7,209	*	Adaptec, Inc		61
	4,600	*	Advanced Digital Information Corp		45
	6,268	*	AGCO Corp		128
	1,703		Albany International Corp (Class A)		57
	13,350	*	American Standard Cos, Inc		538
	25,631	*	Apple Computer, Inc		834
	116,966	*	Applied Materials, Inc		2,295
	1,200	*	Astec Industries, Inc		23
	444	*	ASV, Inc		14
	3,264	*	Asyst Technologies, Inc		34
	2,010	*	Authentidate Holding Corp		22
	3,409	*	Avocent Corp		125
	7,081	*	Axcelis Technologies, Inc		88
	24,375		Baker Hughes, Inc		918
	300		BHA Group Holdings, Inc		11
	5,538		Black & Decker Corp		344
	1,400		Black Box Corp		66
	1,560		Briggs & Stratton Corp		138
	3,284	*	Brooks Automation, Inc		66
	674		Cascade Corp		21
	24,320		Caterpillar, Inc		1,932

34

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	5,864	*	Cirrus Logic, Inc		35
	469,984	*	Cisco Systems, Inc		11,139
	3,734	*	Cooper Cameron Corp		182
	5,956	*	Cray, Inc		39
	2,669		Cummins, Inc		167
	1,000	*	Cuno, Inc		53
	2,481	*	Cymer, Inc		93
	17,052		Deere & Co		1,196
	174,759	*	Dell, Inc		6,260
	5,272		Diebold, Inc		279
	5,426		Donaldson Co, Inc		159
	3,015	*	Dot Hill Systems Corp		34
	14,330		Dover Corp		603
	463	*	Dril-Quip, Inc		9
	9,902		Eaton Corp		641
	3,700	*	Electronics For Imaging, Inc		105
	166,395	*	EMC Corp		1,897
	5,823	*	Emulex Corp		83
	1,548		Engineered Support Systems, Inc		91
	1,375	*	EnPro Industries, Inc		32
	1,492	*	Esterline Technologies Corp		44
	2,479	*	FalconStor Software, Inc		19
	909	*	Flanders Corp		8
	3,771	*	Flowserve Corp		94
	3,959	*	FMC Technologies, Inc		114
	2,076	*	FSI International, Inc		16
	1,373	*	Gardner Denver, Inc		38
	15,479	*	Gateway, Inc		70
	428	*	General Binding Corp		7
	1,604	*	Global Power Equipment Group, Inc		13
	539		Gorman-Rupp Co		15
	4,828		Graco, Inc		150
	8,494	*	Grant Prideco, Inc		157
	214,146		Hewlett-Packard Co		4,518
	835	*	Hydril		26
	3,542	*	Hypercom Corp		30
	2,839		IDEX Corp		98
	2,671	*	InFocus Corp		23
	116,676		International Business Machines Corp		10,285
	24,248		International Game Technology		936
	1,163	*	Intevac, Inc		10
	3,555		Iomega Corp		20
	6,433		ITT Industries, Inc		534
	3,200		JLG Industries, Inc		44
	3,534		Joy Global, Inc		106
	993	*	Kadant, Inc		23
	1,979		Kaydon Corp		61
	2,535		Kennametal, Inc		116
	1,583	*	Komag, Inc		22
	3,600	*	Kulicke & Soffa Industries, Inc		39
	9,315	*	Lam Research Corp		250
	3,073		Lennox International, Inc		56
	8,576	*	Lexmark International, Inc		828
	2,211		Lincoln Electric Holdings, Inc		75
	700		Lindsay Manufacturing Co		17
	400		Lufkin Industries, Inc		13
	1,857		Manitowoc Co, Inc		63
	17,191	*	Maxtor Corp		114
	1,115	*	Micros Systems, Inc		53
	310		Middleby Corp		17

35

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,150	*	Milacron, Inc		5
	2,000		Modine Manufacturing Co		64
	413		Nacco Industries, Inc (Class A)		39
	5,964	*	National-Oilwell, Inc		188
	1,504	*	Netgear, Inc		16
	21,173	*	Network Appliance, Inc		456
	1,903		Nordson Corp		83
	2,019	*	Oil States International, Inc		31
	1,512	*	Omnicell, Inc		22
	547	*	Overland Storage, Inc		7
	8,166		Pall Corp		214
	2,905	*	PalmOne, Inc		101
	8,479		Parker Hannifin Corp		504
	2,314	*	Paxar Corp		45
	6,972		Pentair, Inc		235
	16,663		Pitney Bowes, Inc		737
	904	*	Planar Systems, Inc		12
	2,200	*	Presstek, Inc		23
	1,773	*	ProQuest Co		48
	12,525	*	Quantum Corp		39
	600		Robbins & Myers, Inc		13
	11,224	*	Sandisk Corp		243
	744		Sauer-Danfoss, Inc		13
	600		Schawk, Inc		8
	3,855	*	Scientific Games Corp (Class A)		74
	1,100	*	Semitool, Inc		12
	18,144	*	Silicon Graphics, Inc		40
	517	*	Simpletech, Inc		2
	7,256	*	Smith International, Inc		405
	58,297	*	Solectron Corp		377
	5,466		SPX Corp		254
	800		Standex International Corp		22
	2,032		Stewart & Stevenson Services, Inc		36
	7,539	*	Storage Technology Corp		219
	16,219		Symbol Technologies, Inc		239
	1,000		Tecumseh Products Co (Class A)		41
	600		Tennant Co		25
	3,427	*	Terex Corp		117
	1,000		Thomas Industries, Inc		33
	4,711		Timken Co		125
	1,683		Toro Co		118
	594	*	Transact Technologies, Inc		19
	1,608	*	Ultratech, Inc		26
	3,395	*	UNOVA, Inc		69
	1,820	*	Veeco Instruments, Inc		47
	14,492	*	Western Digital Corp		126
	675		Woodward Governor Co		49
	52,726	*	Xerox Corp		765
	12,291	*	Xybernaut Corp		21
	2,873		York International Corp		118
	2,605	*	Zebra Technologies Corp (Class A)		227
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		61,702
INSTRUMENTS AND RELATED PRODUCTS - 3.15%
	1,214	*	Abaxis, Inc		23
	1,059	*	Abiomed, Inc		13
	657	*	ADE Corp		14
	2,148	*	Advanced Medical Optics, Inc		91
	1,396	*	Advanced Neuromodulation Systems, Inc		46
	33,422	*	Agilent Technologies, Inc		979
	1,853	e*	Aksys Ltd		11

36

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,618	*	Align Technology, Inc		69
	1,754	*	American Medical Systems Holdings, Inc		59
	477		Analogic Corp		20
	295	*	Animas Corp		6
	15,663		Applera Corp (Applied Biosystems Group)		341
	1,344		Arrow International, Inc		40
	1,500	*	Arthrocare Corp		44
	624	*	Aspect Medical Systems, Inc		12
	1,234	*	August Technology Corp		15
	7,568		Bard (C.R.), Inc		429
	3,695		Bausch & Lomb, Inc		240
	42,079		Baxter International, Inc		1,452
	4,485		Beckman Coulter, Inc		274
	18,042		Becton Dickinson & Co		935
	786		BEI Technologies, Inc		22
	1,268	*	Biolase Technology, Inc		17
	18,144		Biomet, Inc		806
	1,200	*	Bio-Rad Laboratories, Inc (Class A)		71
	45,388	*	Boston Scientific Corp		1,943
	1,542	*	Bruker BioSciences Corp		8
	1,038	*	Candela Corp		10
	4,771	*	Cardiac Science, Inc		12
	2,300	*	Cardiodynamics International Corp		12
	2,899	*	Cepheid, Inc		33
	400	*	Closure Medical Corp		10
	2,776		Cognex Corp		107
	2,100	*	Coherent, Inc		63
	1,500		Cohu, Inc		29
	939	*	Cole National Corp		22
	1,773	*	Conceptus, Inc		20
	1,940	*	Conmed Corp		53
	2,252		Cooper Cos, Inc		142
	6,689	*	Credence Systems Corp		92
	2,061	*	CTI Molecular Imaging, Inc		29
	1,543	*	Cyberonics, Inc		51
	515	*	Cyberoptics Corp		13
	8,521	*	Cytyc Corp		216
	800		Datascope Corp		32
	5,500		Dentsply International, Inc		287
	1,465	*	Depomed, Inc		7
	1,255	*	Dionex Corp		69
	1,242	*	DJ Orthopedics, Inc		29
	1,645	*	DRS Technologies, Inc		52
	20,264		Eastman Kodak Co		547
	1,002		EDO Corp		24
	4,390	*	Edwards Lifesciences Corp		153
	2,138	*	Encore Medical Corp		13
	1,525	*	Endocardial Solutions, Inc		16
	859	*	ESCO Technologies, Inc		46
	399	*	Exactech, Inc		9
	833	*	Excel Technology, Inc		28
	458		E-Z-Em-Inc		8
	735	*	Faro Technologies, Inc		19
	1,709	*	FEI Co		41
	4,450	*	Fisher Scientific International, Inc		257
	2,442	*	Flir Systems, Inc		134
	1,927	*	Formfactor, Inc		43
	2,767	*	Fossil, Inc		75
	21,910		Guidant Corp		1,224
	1,357	*	Haemonetics Corp		40

37

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,390	*	Hanger Orthopedic Group, Inc		16
	859	*	Herley Industries, Inc		17
	1,387	*	Hologic, Inc		32
	701	*	ICU Medical, Inc		24
	1,260	*	I-Flow Corp		15
	700		II-VI, Inc		21
	2,022	*	Illumina, Inc		13
	2,466	*	Inamed Corp		155
	3,300	*	Input/Output, Inc		27
	1,332	*	Integra LifeSciences Holding		47
	2,329	*	Intuitive Surgical, Inc		44
	1,790		Invacare Corp		80
	1,155	*	Invision Technologies, Inc		58
	1,262	*	Ionics, Inc		36
	512	*	Ista Pharmaceuticals, Inc		5
	1,441	*	Itron, Inc		33
	1,548	*	Ixia		15
	900		Keithley Instruments, Inc		20
	520	*	Kensey Nash Corp		18
	13,534	*	KLA-Tencor Corp		668
	653	*	KVH Industries, Inc		8
	1,433	*	Kyphon, Inc		40
	1,257	*	Laserscope		35
	542	*	LeCroy Corp		10
	4,789	*	Lexar Media, Inc		32
	4,233	*	LTX Corp		46
	742	*	Measurement Specialties, Inc		16
	522	*	Medical Action Industries, Inc		10
	1,485	*	MedSource Technologies, Inc		11
	84,259		Medtronic, Inc		4,105
	3,043		Mentor Corp		104
	1,469	*	Merit Medical Systems, Inc		23
	2,475	*	Mettler-Toledo International, Inc		122
	670	*	Micro Therapeutics, Inc		3
	3,429	*	Millipore Corp		193
	1,695		Mine Safety Appliances Co		57
	2,254	*	MKS Instruments, Inc		51
	1,101	*	Molecular Devices Corp		20
	1,178		Movado Group, Inc		20
	1,508		MTS Systems Corp		35
	2,364	*	Nanogen, Inc		16
	2,716	*	Newport Corp		44
	451	*	NuVasive, Inc		5
	1,667		Oakley, Inc		22
	1,353	*	Ocular Sciences, Inc		51
	3,100	*	Orbital Sciences Corp		43
	2,298	*	Orthologic Corp		20
	2,820	*	Orthovita, Inc		14
	834	*	Palomar Medical Technologies, Inc		14
	8,877		PerkinElmer, Inc		178
	1,200	*	Photon Dynamics, Inc		42
	4,783	*	Pinnacle Systems, Inc		34
	1,227	*	Possis Medical, Inc		42
	2,399	*	RAE Systems, Inc		13
	28,970		Raytheon Co		1,036
	2,350	*	Resmed, Inc		120
	2,421	*	Respironics, Inc		142
	11,858		Rockwell Automation, Inc		445
	1,037	*	Rofin-Sinar Technologies, Inc		26
	2,558		Roper Industries, Inc		146

38

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	688	*	Rudolph Technologies, Inc		13
	762	*	Sirf Technology Holdings, Inc		10
	2,167	*	Sola International, Inc		37
	1,281	*	Sonic Innovations, Inc		7
	1,305	*	Sonic Solutions, Inc		28
	957	*	SonoSite, Inc		23
	12,532	*	St. Jude Medical, Inc		948
	1,647	*	Star Scientific, Inc		7
	4,798	*	Steris Corp		108
	19,736		Stryker Corp		1,085
	2,566	*	Sybron Dental Specialties, Inc		77
	358		Sypris Solutions, Inc		7
	2,800	*	Techne Corp		122
	5,828		Tektronix, Inc		198
	2,389		Teleflex, Inc		120
	13,483	*	Teradyne, Inc		306
	11,386	*	Thermo Electron Corp		350
	3,100	*	Thermogenesis		15
	3,489	*	Thoratec Corp		37
	3,521	*	Trimble Navigation Ltd		98
	1,583	*	TriPath Imaging, Inc		15
	688		United Industrial Corp		16
	977	*	Urologix, Inc		15
	4,606	*	Varian Medical Systems, Inc		365
	2,410	*	Varian, Inc		102
	951	*	Ventana Medical Systems, Inc		45
	1,897	*	Viasys Healthcare, Inc		40
	1,589	*	Viisage Technology, Inc		14
	3,466	*	Visx, Inc		93
	400		Vital Signs, Inc		12
	8,959	*	Waters Corp		428
	1,846	*	Wright Medical Group, Inc		66
	1,200		X-Rite, Inc		17
	311		Young Innovations, Inc		8
	17,036	*	Zimmer Holdings, Inc		1,503
	600	*	Zoll Medical Corp		21
	1,200	*	Zygo Corp		13
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		27,154
INSURANCE AGENTS, BROKERS AND SERVICE - 0.41%
	20,397		AON Corp		581
	3,654		Brown & Brown, Inc		157
	1,019	*	Clark, Inc		19
	2,076		Crawford & Co (Class B)		10
	6,200		Gallagher (Arthur J.) & Co		189
	2,140		Hilb, Rogal & Hamilton Co		76
	37,347		Marsh & McLennan Cos, Inc		1,695
	19,156	*	Medco Health Solutions, Inc		718
	2,320		National Financial Partners Corp		82
	2,450	*	USI Holdings Corp		39
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,566
INSURANCE CARRIERS - 4.88%
	1,552		21st Century Insurance Group		20
	10,081		Aetna, Inc		857
	36,249		Aflac, Inc		1,479
	2,273		Alfa Corp		32
	291	*	Alleghany Corp		84
	3,675	*	Allmerica Financial Corp		124
	49,574		Allstate Corp		2,308
	6,939		Ambac Financial Group, Inc		510
	845		American Equity Investment Life Holding Co		8

39

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	2,572		American Financial Group, Inc		79
	159,721		American International Group, Inc		11,385
	644	*	American Medical Security Group, Inc		18
	693		American National Insurance Co		64
	652	*	American Physicians Capital, Inc		15
	1,720	*	AMERIGROUP Corp		85
	2,774		AmerUs Group Co		115
	9,726	*	Anthem, Inc		871
	1,958	*	Argonaut Group, Inc		36
	3,874		Assurant, Inc		102
	625		Baldwin & Lyons, Inc (Class B)		17
	4,524		Berkley (W.R.) Corp		194
	1,052		Bristol West Holdings, Inc		19
	1,285	*	Centene Corp		50
	2,096	*	Ceres Group, Inc		13
	13,197		Chubb Corp		900
	9,861		Cigna Corp		679
	9,946		Cincinnati Financial Corp		433
	1,846	*	Citizens, Inc		15
	1,505	*	CNA Financial Corp		45
	1,100	*	CNA Surety Corp		12
	1,558		Commerce Group, Inc		77
	10,017	*	Conseco, Inc		199
	3,187	*	Danielson Holdings Corp		22
	1,728		Delphi Financial Group, Inc (Class A)		77
	220		Donegal Group, Inc		4
	168		EMC Insurance Group, Inc		4
	204	*	Enstar Group, Inc		11
	1,854		Erie Indemnity Co (Class A)		87
	881		FBL Financial Group, Inc (Class A)		25
	10,788		Fidelity National Financial, Inc		403
	4,830		First American Corp		125
	558	*	FPIC Insurance Group, Inc		14
	8,092	*	Genworth Financial, Inc		186
	500		Great American Financial Resources, Inc		8
	2,039		Harleysville Group, Inc		38
	20,015		Hartford Financial Services Group, Inc		1,376
	4,539		HCC Insurance Holdings, Inc		152
	7,373	*	Health Net, Inc		195
	900	*	HealthExtras, Inc		15
	2,970		Horace Mann Educators Corp		52
	11,571	*	Humana, Inc		196
	235		Independence Holding Co		8
	1,436		Infinity Property & Casualty Corp		47
	10,164		Jefferson-Pilot Corp		516
	314		Kansas City Life Insurance Co		13
	1,329		Landamerica Financial Group, Inc		52
	3,293		Leucadia National Corp		164
	12,485		Lincoln National Corp		590
	9,608		Loews Corp		576
	600	*	Markel Corp		167
	10,256		MBIA, Inc		586
	1,767		Mercury General Corp		88
	26,751		MetLife, Inc		959
	6,300		MGIC Investment Corp		478
	578		Midland Co		17
	720	*	Molina Healthcare, Inc		27
	3,484		MONY Group, Inc		109
	154	*	National Western Life Insurance Co (Class A)		24
	3,921		Nationwide Financial Services, Inc (Class A)		147

40

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	290	*	Navigators Group, Inc		8
	103		NYMAGIC, Inc		3
	1,205		Odyssey Re Holdings Corp		29
	4,060	*	Ohio Casualty Corp		82
	12,799		Old Republic International Corp		304
	6,037		Oxford Health Plans, Inc		332
	5,987	*	Pacificare Health Systems, Inc		231
	700		Penn-America Group, Inc		10
	1,212	*	Philadelphia Consolidated Holding Corp		73
	6,516		Phoenix Cos, Inc		80
	591	*	Pico Holdings, Inc		11
	1,846	*	PMA Capital Corp (Class A)		17
	6,589		PMI Group, Inc		287
	1,502		Presidential Life Corp		27
	20,955		Principal Financial Group		729
	1,820	*	ProAssurance Corp		62
	14,615		Progressive Corp		1,247
	4,643		Protective Life Corp		180
	37,631		Prudential Financial, Inc		1,749
	6,568		Radian Group, Inc		315
	1,878		Reinsurance Group Of America, Inc		76
	1,557		RLI Corp		57
	9,116		Safeco Corp		401
	530		Safety Insurance Group, Inc		11
	1,800		Selective Insurance Group, Inc		72
	1,748	*	Sierra Health Services, Inc		78
	45,330		St. Paul Travelers Cos, Inc		1,838
	2,065		Stancorp Financial Group, Inc		138
	913		State Auto Financial Corp		28
	1,214		Stewart Information Services Corp		41
	8,212		Torchmark Corp		442
	1,424		Transatlantic Holdings, Inc		115
	648	*	Triad Guaranty, Inc		38
	2,600	*	UICI		62
	518		United Fire & Casualty Co		30
	42,112		UnitedHealth Group, Inc		2,621
	3,350		Unitrin, Inc		143
	1,679	*	Universal American Financial Corp		18
	19,988		UnumProvident Corp		318
	2,507	*	Vesta Insurance Group, Inc		16
	1,564	*	WellChoice, Inc		65
	10,530	*	Wellpoint Health Networks, Inc		1,179
	95		Wesco Financial Corp		34
	655		Zenith National Insurance Corp		32
			TOTAL INSURANCE CARRIERS		42,032
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%
	600	*	Geo Group, Inc		12
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		12
LEATHER AND LEATHER PRODUCTS - 0.10%
	1,264		Brown Shoe Co, Inc		52
	12,856	*	Coach, Inc		581
	1,830		K-Swiss, Inc (Class A)		37
	986	*	Maxwell Shoe Co, Inc (Class A)		23
	600	*	Steven Madden Ltd		12
	1,396	*	Timberland Co (Class A)		90
	189		Weyco Group, Inc		6
	2,882		Wolverine World Wide, Inc		76
			TOTAL LEATHER AND LEATHER PRODUCTS		877
LEGAL SERVICES - 0.00%
	911	*	Pre-Paid Legal Services, Inc		22
			TOTAL LEGAL SERVICES		22

41

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
	7,215	*	Laidlaw International, Inc		94
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		94
LUMBER AND WOOD PRODUCTS - 0.11%
	330		American Woodmark Corp		20
	4,900	*	Champion Enterprises, Inc		45
	742		Deltic Timber Corp		28
	17,910		Georgia-Pacific Corp		662
	3,382		Rayonier, Inc		150
	442		Skyline Corp		18
	979		Universal Forest Products, Inc		32
			TOTAL LUMBER AND WOOD PRODUCTS		955
METAL MINING - 0.26%
	741	*	Cleveland-Cliffs, Inc		42
	15,276	*	Coeur D’alene Mines Corp		62
	10,694		Freeport-McMoRan Copper & Gold, Inc (Class A)		355
	8,220	*	Hecla Mining Co		47
	4,500	b*	MascoTech, Inc		0
	27,443		Newmont Mining Corp		1,064
	6,499		Phelps Dodge Corp		504
	1,076		Royal Gold, Inc		15
	1,033		Southern Peru Copper Corp		43
	4,305	*	Stillwater Mining Co		65
			TOTAL METAL MINING		2,197
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
	2,239		Blyth, Inc		77
	4,691		Callaway Golf Co		53
	1,000	*	Daktronics, Inc		25
	546		Escalade, Inc		13
	9,648		Hasbro, Inc		183
	5,789	*	Identix, Inc		43
	1,657	*	Jakks Pacific, Inc		34
	1,914	*	K2, Inc		30
	1,909	*	Leapfrog Enterprises, Inc		38
	30,831		Mattel, Inc		563
	2,137		Nautilus Group, Inc		42
	1,039	*	Oneida Ltd		2
	800		Penn Engineering & Manufacturing Corp		17
	1,010	*	RC2 Corp		36
	700		Russ Berrie & Co, Inc		14
	1,845	*	Shuffle Master, Inc		67
	467	*	Steinway Musical Instruments, Inc		16
	3,455	*	Yankee Candle Co, Inc		101
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,354
MISCELLANEOUS RETAIL - 1.45%
	1,264	*	1-800-Flowers.com, Inc (Class A)		10
	872	*	AC Moore Arts & Crafts, Inc		24
	2,156	*	Alloy, Inc		13
	19,768	*	Amazon.com, Inc		1,075
	3,696	*	Barnes & Noble, Inc		126
	1,412	*	Big 5 Sporting Goods Corp		37
	574		Blair Corp		17
	260	*	Blue Nile, Inc		10
	5,623		Borders Group, Inc		132
	2,000		Cash America International, Inc		46
	1,017	*	Coldwater Creek, Inc		27
	27,868		CVS Corp		1,171
	2,094	*	Dick’s Sporting Goods, Inc		70
	3,077	*	Drugstore.com, Inc		11

42

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,510	*	Duane Reade, Inc		25
	35,609	*	eBay, Inc		3,274
	1,193		Friedman’s, Inc (Class A)		4
	1,144		Hancock Fabrics, Inc		15
	1,626	*	Hibbett Sporting Goods, Inc		44
	1,216	*	Jill (J.) Group, Inc		29
	2,200		Longs Drug Stores Corp		53
	4,946	*	Marvel Enterprises, Inc		97
	4,777		Michaels Stores, Inc		263
	2,246		MSC Industrial Direct Co (Class A)		74
	21,801	*	Office Depot, Inc		390
	7,218		Omnicare, Inc		309
	1,001	*	Overstock.com, Inc		39
	425	*	Party City Corp		5
	400	*	PC Connection, Inc		3
	541	*	PC Mall, Inc		10
	2,833	*	Petco Animal Supplies, Inc		91
	10,034		Petsmart, Inc		326
	1,516	*	Priceline.com, Inc		41
	30,040	*	Rite Aid Corp		157
	814	*	Sharper Image Corp		26
	1,548	*	Sports Authority, Inc		56
	1,250		Stamps.com, Inc		13
	33,469		Staples, Inc		981
	9,058		Tiffany & Co		334
	14,715	*	Toys ‘R’ Us, Inc		234
	1,504	*	Valuevision International, Inc (Class A)		20
	72,476		Walgreen Co		2,624
	779		World Fuel Services Corp		35
	3,748	*	Zale Corp		102
			TOTAL MISCELLANEOUS RETAIL		12,443
MOTION PICTURES - 1.31%
	2,062	*	AMC Entertainment, Inc		32
	2,197	*	Avid Technology, Inc		120
	2,543		Blockbuster, Inc (Class A)		39
	533		Carmike Cinemas, Inc		21
	3,398	*	Hollywood Entertainment Corp		45
	192,193	*	Liberty Media Corp (Class A)		1,728
	3,935		Metro-Goldwyn-Mayer, Inc		48
	1,849		Movie Gallery, Inc		36
	2,427	*	NetFlix, Inc		87
	929	*	Reading International, Inc		8
	2,864		Regal Entertainment Group (Class A)		52
	305,477	*	Time Warner, Inc		5,370
	144,333		Walt Disney Co		3,679
			TOTAL MOTION PICTURES		11,265
NONDEPOSITORY INSTITUTIONS - 2.29%
	1,136	*	Accredited Home Lenders Holding Co		32
	1,625		Advanta Corp (Class A)		36
	4,692		American Capital Strategies Ltd		131
	78,431		American Express Co		4,030
	10,952	*	AmeriCredit Corp		214
	645		Asta Funding, Inc		11
	16,064		Capital One Financial Corp		1,098
	4,471	*	CapitalSource, Inc		109
	2,774		CharterMac		55
	13,962		CIT Group, Inc		535
	1,233	*	CompuCredit Corp		21
	18,822		Countrywide Financial Corp		1,322
	962	*	Credit Acceptance Corp		14

43

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	5,925		Doral Financial Corp		204
	843	*	Encore Capital Group, Inc		11
	67,559		Fannie Mae		4,821
	591	*	Federal Agricultural Mortgage Corp (Class C)		14
	1,081	*	Financial Federal Corp		38
	815	*	First Cash Financial Services, Inc		17
	1,222	*	First Marblehead Corp		49
	48,547		Freddie Mac		3,073
	77,256		MBNA Corp		1,992
	1,954		MCG Capital Corp		30
	2,453	*	Metris Cos, Inc		21
	563	*	Nelnet, Inc		10
	1,903		New Century Financial Corp		89
	20,239	*	Providian Financial Corp		297
	2,022	*	Saxon Capital, Inc		46
	29,446		SLM Corp		1,191
	300		Student Loan Corp		41
	265	*	United PanAm Financial Corp		5
	1,585		Westcorp		72
	825	*	WFS Financial, Inc		41
	1,332	*	World Acceptance Corp		24
			TOTAL NONDEPOSITORY INSTITUTIONS		19,694
NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
	1,482		Amcol International Corp		28
	1,049		Compass Minerals International, Inc		20
	6,476		Vulcan Materials Co		308
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		356
OIL AND GAS EXTRACTION - 1.64%
	17,689		Anadarko Petroleum Corp		1,037
	22,928		Apache Corp		999
	673	*	Atwood Oceanics, Inc		28
	1,300		Berry Petroleum Co (Class A)		38
	10,560	*	BJ Services Co		484
	1,542	*	Brigham Exploration Co		14
	28,520		Burlington Resources, Inc		1,032
	2,286		Cabot Oil & Gas Corp (Class A)		97
	2,656	*	Cal Dive International, Inc		81
	871	*	Callon Petroleum Co		12
	1,312	*	Cheniere Energy, Inc		26
	16,835		Chesapeake Energy Corp		248
	2,899	*	Cimarex Energy Co		88
	232	*	Clayton Williams Energy, Inc		6
	2,411	*	Comstock Resources, Inc		47
	1,103	*	Delta Petroleum Corp		15
	3,800	*	Denbury Resources, Inc		80
	16,132		Devon Energy Corp		1,065
	3,430		Diamond Offshore Drilling, Inc		82
	900	*	Edge Petroleum Corp		15
	1,558	*	Encore Acquisition Co		43
	1,380	*	Energy Partners Ltd		21
	10,449		ENSCO International, Inc		304
	7,854		EOG Resources, Inc		469
	2,996	*	Evergreen Resources, Inc		121
	3,190	*	Forest Oil Corp		87
	14	*	Forest Oil Corp Wts 02/15/05		0
	1,858	*	FX Energy, Inc		17
	4,627	*	Global Industries Ltd		26
	12,950	*	Grey Wolf, Inc		55
	5,339	*	Hanover Compressor Co		64
	2,496	*	Harvest Natural Resources, Inc		37

44

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,449		Helmerich & Payne, Inc		90
	997	*	Houston Exploration Co		52
	3,398	*	KCS Energy, Inc		45
	9,284		Kerr-McGee Corp		499
	8,798	*	Key Energy Services, Inc		83
	4,499	*	Magnum Hunter Resources, Inc		47
	422	*	Magnum Hunter Resources, Inc Wts 03/21/05		0
	22,845		Marathon Oil Corp		864
	792	*	McMoRan Exploration Co		12
	3,641	*	Meridian Resource Corp		25
	2,820	*	Mission Resources Corp		16
	3,919	*	Newfield Exploration Co		218
	5,171	*	Newpark Resources, Inc		32
	4,239		Noble Energy, Inc		216
	27,296		Occidental Petroleum Corp		1,321
	1,600	*	Oceaneering International, Inc		55
	6,555	*	Parker Drilling Co		25
	4,903		Patina Oil & Gas Corp		146
	5,874		Patterson-UTI Energy, Inc		196
	1,148		Penn Virginia Corp		41
	1,100	*	Petroleum Development Corp		30
	7,782		Pioneer Natural Resources Co		273
	5,352	*	Plains Exploration & Production Co		98
	4,439		Pogo Producing Co		219
	7,574	*	Pride International, Inc		130
	650	*	Prima Energy Corp		26
	1,150	*	Quicksilver Resources, Inc		77
	4,695		Range Resources Corp		69
	1,410	*	Remington Oil & Gas Corp		33
	7,354	*	Rowan Cos, Inc		179
	700		RPC, Inc		11
	1,290	*	Seacor Smit, Inc		57
	2,600	*	Southwestern Energy Co		75
	1,665	*	Spinnaker Exploration Co		66
	1,900		St. Mary Land & Exploration Co		68
	1,545	*	Stone Energy Corp		71
	3,300	*	Superior Energy Services, Inc		33
	1,700	*	Swift Energy Co		38
	1,951	*	Syntroleum Corp		13
	1,410	*	Tetra Technologies, Inc		38
	4,219		Tidewater, Inc		126
	838	*	Todco		13
	1,143	*	Transmontaigne, Inc		6
	2,600	*	Unit Corp		82
	18,879		Unocal Corp		717
	6,742	*	Varco International, Inc		148
	2,260	*	Veritas DGC, Inc		52
	3,500		Vintage Petroleum, Inc		59
	1,475	*	W-H Energy Services, Inc		29
	1,235	*	Whiting Petroleum Corp		31
	16,306		XTO Energy, Inc		486
			TOTAL OIL AND GAS EXTRACTION		14,074
PAPER AND ALLIED PRODUCTS - 0.75%
	6,800		Bemis Co		192
	6,093		Boise Cascade Corp		229
	3,865		Bowater, Inc		161
	1,676	*	Buckeye Technologies, Inc		19
	1,977	*	Caraustar Industries, Inc		28
	1,356		Chesapeake Corp		36
	1,270		Glatfelter		18

45

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	4,634	*	Graphic Packaging Corp		40
	900		Greif, Inc (Class A)		38
	33,895		International Paper Co		1,515
	35,489		Kimberly-Clark Corp		2,338
	3,700	*	Longview Fibre Co		55
	14,155		MeadWestvaco Corp		416
	3,866		Packaging Corp Of America		92
	10,687	*	Pactiv Corp		267
	1,900	*	Playtex Products, Inc		15
	1,124		Pope & Talbot, Inc		22
	1,966		Potlatch Corp		82
	1,110		Rock-Tenn Co (Class A)		19
	1,040		Schweitzer-Mauduit International, Inc		32
	16,753	*	Smurfit-Stone Container Corp		334
	6,175		Sonoco Products Co		157
	3,848		Temple-Inland, Inc		266
	3,174		Wausau-Mosinee Paper Corp		55
			TOTAL PAPER AND ALLIED PRODUCTS		6,426
PERSONAL SERVICES - 0.18%
	2,872	*	Alderwoods Group, Inc		35
	620		Angelica Corp		16
	8,436		Cintas Corp		402
	1,567	*	Coinstar, Inc		34
	1,405		G & K Services, Inc (Class A)		56
	12,791		H & R Block, Inc		610
	3,015		Regis Corp		134
	22,000	*	Service Corp International		162
	587		Unifirst Corp		17
	2,838	*	Weight Watchers International, Inc		111
			TOTAL PERSONAL SERVICES		1,577
PETROLEUM AND COAL PRODUCTS - 3.91%
	5,381		Amerada Hess Corp		426
	4,892		Ashland, Inc		258
	74,378		ChevronTexaco Corp		7,000
	48,223		ConocoPhillips		3,679
	1,450		ElkCorp		35
	454,591		ExxonMobil Corp		20,188
	1,879		Frontier Oil Corp		40
	738	*	Giant Industries, Inc		16
	2,333	*	Headwaters, Inc		60
	689		Holly Corp		26
	3,500		Lubrizol Corp		128
	9,764		Lyondell Chemical Co		170
	5,282		Murphy Oil Corp		389
	2,701	*	Premcor, Inc		101
	5,253		Sunoco, Inc		334
	4,554	*	Tesoro Petroleum Corp		126
	8,948		Valero Energy Corp		660
	1,100		WD-40 Co		33
			TOTAL PETROLEUM AND COAL PRODUCTS		33,669
PRIMARY METAL INDUSTRIES - 0.56%
	7,555	*	AK Steel Holding Corp		40
	60,359		Alcoa, Inc		1,994
	5,801		Allegheny Technologies, Inc		105
	11,167	*	Andrew Corp		223
	1,712		Belden, Inc		37
	1,200	*	Brush Engineered Materials, Inc		23
	3,175	*	Cable Design Technologies Corp		34
	1,463		Carpenter Technology Corp		50
	1,235	*	Century Aluminum Co		31

46

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	3,800	*	CommScope, Inc		82
	978		Curtiss-Wright Corp		55
	960	*	Encore Wire Corp		26
	7,713		Engelhard Corp		249
	2,400	*	General Cable Corp		21
	1,089		Gibraltar Steel Corp		36
	948	*	Imco Recycling, Inc		13
	1,183	*	International Steel Group, Inc		35
	2,054	*	Lone Star Technologies, Inc		57
	1,977		Matthews International Corp (Class A)		65
	2,942	*	Maverick Tube Corp		77
	2,431		Mueller Industries, Inc		87
	1,000		NN, Inc		13
	1,100	*	NS Group, Inc		18
	5,609		Nucor Corp		431
	1,845	*	Oregon Steel Mills, Inc		27
	4,370		Precision Castparts Corp		239
	1,142		Quanex Corp		56
	1,496	*	RTI International Metals, Inc		24
	1,661		Ryerson Tull, Inc		26
	1,362		Schnitzer Steel Industries, Inc (Class A)		46
	2,601	*	Steel Dynamics, Inc		74
	697		Steel Technologies, Inc		15
	1,500		Texas Industries, Inc		62
	91	*	Titanium Metals Corp		8
	1,864		Tredegar Corp		30
	7,875		United States Steel Corp		277
	417	*	Wheeling-Pittsburgh Corp		9
	4,742		Worthington Industries, Inc		97
			TOTAL PRIMARY METAL INDUSTRIES		4,792
PRINTING AND PUBLISHING - 0.84%
	4,531	*	American Greetings Corp (Class A)		105
	1,700		Banta Corp		75
	5,892		Belo (A.H.) Corp Series A		158
	2,400		Bowne & Co, Inc		38
	734	*	Consolidated Graphics, Inc		32
	396		Courier Corp		17
	300		CSS Industries, Inc		11
	3,382		Dow Jones & Co, Inc		153
	1,171		Ennis Business Forms, Inc		23
	19,115		Gannett Co, Inc		1,622
	2,000		Harland (John H.) Co		59
	3,853		Harte-Hanks, Inc		94
	3,730		Hollinger International, Inc		63
	734	*	Information Holdings, Inc		20
	1,403		Journal Communications, Inc		26
	1,919	*	Journal Register Co		38
	5,619		Knight Ridder, Inc		405
	3,200		Lee Enterprises, Inc		154
	600	*	Martha Stewart Living Omnimedia, Inc (Class A)		5
	1,222		McClatchy Co (Class A)		86
	13,349		McGraw-Hill Cos, Inc		1,022
	39,967	b*	McLeodUSA Publishing Co		0
	1,648		Media General, Inc (Class A)		106
	2,746		Meredith Corp		151
	10,201		New York Times Co (Class A)		456
	945	*	Playboy Enterprises, Inc (Class B)		11
	9,402	*	Primedia, Inc		26
	639		Pulitzer, Inc		31
	13,789		R.R. Donnelley & Sons Co		455

47

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	6,850		Reader’s Digest Association, Inc (Class A)		110
	2,073	*	Scholastic Corp		62
	2,302		Scripps (E.W.) Co (Class A)		242
	1,179		Standard Register Co		14
	576		Thomas Nelson, Inc		13
	16,370		Tribune Co		745
	3,622	*	Valassis Communications, Inc		110
	397		Washington Post Co (Class B)		369
	3,300		Wiley (John) & Sons, Inc (Class A)		106
			TOTAL PRINTING AND PUBLISHING		7,213
RAILROAD TRANSPORTATION - 0.39%
	26,279		Burlington Northern Santa Fe Corp		922
	14,970		CSX Corp		491
	1,594		Florida East Coast Industries		62
	1,252	*	Genesee & Wyoming, Inc (Class A)		30
	4,150	*	Kansas City Southern Industries, Inc		64
	27,643		Norfolk Southern Corp		733
	18,043		Union Pacific Corp		1,073
			TOTAL RAILROAD TRANSPORTATION		3,375
REAL ESTATE - 0.07%
	310	*	Avatar Holdings, Inc		13
	6,147		Catellus Development Corp		152
	378		Consolidated-Tomoka Land Co		14
	400	b*	Crescent Operating, Inc		0
	2,193		Forest City Enterprises, Inc (Class A)		116
	2,179	*	Jones Lang LaSalle, Inc		59
	1,600		LNR Property Corp		87
	2,754		St. Joe Co		109
	7,000	*	Stewart Enterprises, Inc (Class A)		57
	458	*	Tarragon Realty Investors, Inc		7
	2,118	*	Trammell Crow Co		30
			TOTAL REAL ESTATE		644
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS - 0.24%
	1,193	*	Applied Films Corp		35
	2,487		Aptargroup, Inc		109
	700		Bandag, Inc		31
	4,500		Cooper Tire & Rubber Co		104
	623	*	Deckers Outdoor Corp		18
	10,579	*	Goodyear Tire & Rubber Co		96
	1,946	*	Jarden Corp		70
	1,428		Myers Industries, Inc		20
	11,774		Nike, Inc (Class B)		892
	449		Quixote Corp		9
	3,656		Reebok International Ltd		132
	2,068		Schulman (A.), Inc		44
	5,876	*	Sealed Air Corp		313
	1,100	*	Skechers U.S.A., Inc (Class A)		14
	1,743		Spartech Corp		45
	714	*	Trex Co, Inc		27
	3,650		Tupperware Corp		71
	1,056	*	Vans, Inc		22
			TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS		2,052
SECURITY AND COMMODITY BROKERS - 1.93%
	5,277		A.G. Edwards, Inc		180
	2,250	*	Affiliated Managers Group, Inc		113
	15,965	*	Ameritrade Holding Corp		181
	7,093		Bear Stearns Cos, Inc		598
	1,430		Blackrock, Inc		91
	73,755		Charles Schwab Corp		709
	2,296		Chicago Mercantile Exchange		331

48

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	25,401	*	E*Trade Financial Corp		283
	4,854		Eaton Vance Corp		185
	5,631		Federated Investors, Inc (Class B)		171
	11,554		Franklin Resources, Inc		579
	448		Gabelli Asset Management, Inc (Class A)		19
	22,273		Goldman Sachs Group, Inc		2,097
	8,390	*	Instinet Group, Inc		44
	3,414	*	Investment Technology Group, Inc		44
	4,737		Investors Financial Services Corp		206
	16,547		Janus Capital Group, Inc		273
	3,529		Jefferies Group, Inc		109
	8,064	*	Knight Trading Group, Inc		81
	3,465	*	LaBranche & Co, Inc		29
	4,542		Legg Mason, Inc		413
	19,038		Lehman Brothers Holdings, Inc		1,433
	65,812		Merrill Lynch & Co, Inc		3,553
	75,589		Morgan Stanley		3,989
	1,526		Nuveen Investments, Inc		41
	1,356	*	Piper Jaffray Cos		61
	3,996		Raymond James Financial, Inc		106
	5,241		SEI Investments Co		152
	376	*	Stifel Financial Corp		10
	1,151		SWS Group, Inc		18
	7,482		T Rowe Price Group, Inc		377
	98		Value Line, Inc		3
	5,415		Waddell & Reed Financial, Inc (Class A)		120
			TOTAL SECURITY AND COMMODITY BROKERS		16,599
SOCIAL SERVICES - 0.01%
	917	*	Bright Horizons Family Solutions, Inc		49
	1,211	*	Res-Care, Inc		15
			TOTAL SOCIAL SERVICES		64
SPECIAL TRADE CONTRACTORS - 0.03%
	843		Chemed Corp		41
	2,673	*	Comfort Systems U.S.A., Inc		17
	3,450	*	Dycom Industries, Inc		97
	1,050	*	EMCOR Group, Inc		46
	2,100	*	Integrated Electrical Services, Inc		17
	360	*	John B. Sanfilippo & Son		10
	685	*	Layne Christensen Co		11
	1,074	*	Matrix Service Co		10
	4,926	*	Quanta Services, Inc		31
			TOTAL SPECIAL TRADE CONTRACTORS		280
STONE, CLAY, AND GLASS PRODUCTS - 0.22%
	532		Ameron International Corp		18
	684		Anchor Glass Container Corp		9
	2,068		Apogee Enterprises, Inc		22
	1,725	*	Cabot Microelectronics Corp		53
	962		CARBO Ceramics, Inc		66
	93,696	*	Corning, Inc		1,224
	679		Eagle Materials, Inc		48
	648		Eagle Materials, Inc (Class B)		45
	2,125		Florida Rock Industries, Inc		90
	2,263		Lafarge North America, Inc		98
	1,000		Libbey, Inc		28
	7,657	*	Owens-Illinois, Inc		128
	1,470	*	U.S. Concrete, Inc		10
	2,700	b*	USG Corp		47
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,886
TOBACCO PRODUCTS - 0.95%
	142,549		Altria Group, Inc		7,135

49

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	4,025		Loews Corp (Carolina Group)		99
	6,290		R.J. Reynolds Tobacco Holdings, Inc		425
	1,760		Universal Corp (Virginia)		90
	11,669		UST, Inc		420
	1,567		Vector Group Ltd		25
			TOTAL TOBACCO PRODUCTS		8,194
TRANSPORTATION BY AIR - 0.41%
	5,873	*	Airtran Holdings, Inc		83
	1,734	*	Alaska Air Group, Inc		41
	2,003	*	America West Holdings Corp (Class B)		18
	10,953	*	AMR Corp		133
	2,900	*	Atlantic Coast Airlines Holdings, Inc		17
	4,581	*	Continental Airlines, Inc (Class B)		52
	8,490	*	Delta Air Lines, Inc		60
	2,603	*	ExpressJet Holdings, Inc		32
	21,136		FedEx Corp		1,727
	1,495	*	Forward Air Corp		56
	2,150	*	Frontier Airlines, Inc		23
	6,297	*	JetBlue Airways Corp		185
	2,151	*	Mesa Air Group, Inc		17
	5,197	*	Northwest Airlines Corp		58
	1,365	*	Offshore Logistics, Inc		38
	347	*	Republic Airways Holdings, Inc		5
	4,035		Skywest, Inc		70
	53,247		Southwest Airlines Co		893
			TOTAL TRANSPORTATION BY AIR		3,508
TRANSPORTATION EQUIPMENT - 2.61%
	2,761	*	AAR Corp		31
	545	*	Aftermarket Technology Corp		9
	2,936		American Axle & Manufacturing Holdings, Inc		107
	1,100		Arctic Cat, Inc		30
	4,699		ArvinMeritor, Inc		92
	6,789		Autoliv, Inc		286
	2,573	*	BE Aerospace, Inc		20
	57,749		Boeing Co		2,950
	6,584		Brunswick Corp		269
	1,687		Clarcor, Inc		77
	1,035		Coachmen Industries, Inc		17
	440		Curtiss-Wright Corp (Class B)		24
	10,224		Dana Corp		200
	35,314		Delphi Corp		377
	496	*	Ducommun, Inc		11
	3,359		Federal Signal Corp		63
	3,728	*	Fleetwood Enterprises, Inc		54
	123,796		Ford Motor Co		1,937
	2,751		GenCorp, Inc		37
	13,407		General Dynamics Corp		1,331
	32,768		General Motors Corp		1,527
	5,539		Gentex Corp		220
	12,200		Genuine Parts Co		484
	8,131		Goodrich Corp		263
	394	*	Greenbrier Cos, Inc		8
	21,206		Harley-Davidson, Inc		1,313
	2,622	*	Hayes Lemmerz International, Inc		40
	785		Heico Corp		14
	78		Heico Corp (Class A)		1
	58,968		Honeywell International, Inc		2,160
	1,612		Kaman Corp (Class A)		23
	26,153		Lockheed Martin Corp		1,362
	711		Marine Products Corp		13

50

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	1,720		Monaco Coach Corp		48
	4,275	*	Navistar International Corp		166
	441		Noble International Ltd		11
	24,744		Northrop Grumman Corp		1,329
	2,450		Oshkosh Truck Corp		140
	11,908		Paccar, Inc		691
	3,200		Polaris Industries, Inc		154
	433	*	Sequa Corp (Class A)		25
	1,755	*	Sports Resorts International, Inc		7
	500		Standard Motor Products, Inc		7
	255	*	Strattec Security Corp		17
	1,631		Superior Industries International, Inc		55
	2,183	*	Teledyne Technologies, Inc		44
	2,719	*	Tenneco Automotive, Inc		36
	8,002		Textron, Inc		475
	2,800		Thor Industries, Inc		94
	2,420		Trinity Industries, Inc		77
	952	*	Triumph Group, Inc		30
	1,678	*	TRW Automotive Holdings Corp		32
	3,244	*	United Defense Industries, Inc		114
	36,209		United Technologies Corp		3,312
	9,045		Visteon Corp		106
	1,883	*	Wabash National Corp		52
	2,761		Wabtec Corp		50
	1,734		Winnebago Industries, Inc		65
			TOTAL TRANSPORTATION EQUIPMENT		22,487
TRANSPORTATION SERVICES - 0.13%
	400		Ambassadors Group, Inc		9
	4,924		C.H. Robinson Worldwide, Inc		226
	2,500	*	EGL, Inc		67
	6,794		Expeditors International Of Washington, Inc		336
	3,426		GATX Corp		93
	405	*	HUB Group, Inc		14
	872	*	Navigant International, Inc		16
	850	*	Orbitz, Inc (Class A)		18
	1,700	*	Pacer International, Inc		31
	2,021	*	RailAmerica, Inc		30
	9,902		Sabre Holdings Corp		274
			TOTAL TRANSPORTATION SERVICES		1,114
TRUCKING AND WAREHOUSING - 0.46%
	1,500		Arkansas Best Corp		49
	3,458		CNF, Inc		144
	424	*	Covenant Transport, Inc (Class A)		7
	2,145		Heartland Express, Inc		59
	4,000		Hunt (J.B.) Transport Services, Inc		154
	2,128	*	Landstar System, Inc		113
	635	*	Marten Transport Ltd		12
	1,145	*	Old Dominion Freight Line		34
	1,947		Overnite Corp		57
	421	*	P.A.M. Transportation Services		8
	579	*	Quality Distribution, Inc		6
	900	*	SCS Transportation, Inc		24
	4,341	*	Swift Transportation Co, Inc		78
	400	*	U.S. Xpress Enterprises, Inc (Class A)		6
	39,148		United Parcel Service, Inc (Class B)		2,943
	1,835		USF Corp		64
	3,416		Werner Enterprises, Inc		72
	3,338	*	Yellow Roadway Corp		133
			TOTAL TRUCKING AND WAREHOUSING		3,963

51

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
WATER TRANSPORTATION - 0.03%
	2,785		Alexander & Baldwin, Inc		93
	844	*	Gulfmark Offshore, Inc		13
	421	*	Hornbeck Offshore Services, Inc		6
	1,507	*	Kirby Corp		59
	1,962		Overseas Shipholding Group, Inc		87
	600	*	Seabulk International, Inc		5
			TOTAL WATER TRANSPORTATION		263
WHOLESALE TRADE-DURABLE GOODS - 1.79%
	384	*	1-800 Contacts, Inc		6
	1,100		Action Performance Cos, Inc		17
	2,158		Agilysys, Inc		30
	839	*	Alliance Imaging, Inc		4
	2,198		Anixter International, Inc		75
	6,925	*	Apogent Technologies, Inc		222
	1,381		Applied Industrial Technologies, Inc		42
	8,011	*	Arrow Electronics, Inc		215
	1,206	*	Audiovox Corp (Class A)		20
	2,154	*	Aviall, Inc		41
	8,446	*	Avnet, Inc		192
	1,038		Barnes Group, Inc		30
	1,208	*	BioVeris Corp		10
	3,872		BorgWarner, Inc		169
	1,342	*	Brightpoint, Inc		18
	2,100		Carlisle Cos, Inc		131
	4,002		CDW Corp		255
	2,018		Commercial Metals Co		65
	1,641	*	Compucom Systems, Inc		7
	794	*	Department 56, Inc		12
	1,490	*	Digi International, Inc		16
	1,525	*	Global Imaging Systems, Inc		56
	1,800		Handleman Co		42
	2,129		Hughes Supply, Inc		125
	9,909		IKON Office Solutions, Inc		114
	1,091	*	Imagistics International, Inc		39
	8,393	*	Ingram Micro, Inc (Class A)		121
	3,362	*	Insight Enterprises, Inc		60
	715	*	Insurance Auto Auctions, Inc		12
	547	*	INTAC International		7
	206,344		Johnson & Johnson		11,493
	739	*	Keystone Automotive Industries, Inc		21
	1,689	*	Knight Transportation, Inc		49
	300		Lawson Products, Inc		11
	1,014	*	LKQ Corp		19
	3,352		Martin Marietta Materials, Inc		149
	763	*	Merge Technologies, Inc		11
	2,986	*	Microtek Medical Holdings, Inc		15
	1,454	*	Navarre Corp		21
	2,729		Owens & Minor, Inc		71
	4,475	*	Patterson Dental Co		342
	4,013		Pep Boys-Manny Moe & Jack		102
	4,800	*	PSS World Medical, Inc		54
	1,959		Reliance Steel & Aluminum Co		79
	9,000	*	Safeguard Scientifics, Inc		21
	871	*	Scansource, Inc		52
	2,471		SCP Pool Corp		111
	1,219	*	TBC Corp		29
	4,029	*	Tech Data Corp		158
	5,318		W.W. Grainger, Inc		306
	1,547		Watsco, Inc		43
	1,000	*	WESCO International, Inc		18

52

TIAA Stock Index Account

PRINCIPAL/SHARES				VALUE (000)
	2,884	*	Zoran Corp		53
			TOTAL WHOLESALE TRADE-DURABLE GOODS		15,381
WHOLESALE TRADE-NONDURABLE GOODS - 0.80%
	3,000		Acuity Brands, Inc		81
	833		Advanced Marketing Services, Inc		11
	4,181		Airgas, Inc		100
	1,800	*	Allscripts Healthcare Solutions, Inc		14
	7,751		AmerisourceBergen Corp		463
	4,795		Brown-Forman Corp (Class B)		231
	30,538		Cardinal Health, Inc		2,139
	702	*	Central European Distribution Corp		18
	2,584	*	Chiquita Brands International, Inc		54
	3,045		DIMON, Inc		17
	3,261	*	Endo Pharmaceuticals Holdings, Inc		76
	493		Getty Realty Corp		12
	1,696	*	Hain Celestial Group, Inc		31
	3,050	*	Henry Schein, Inc		193
	500		Kenneth Cole Productions, Inc (Class A)		17
	19,200		McKesson Corp		659
	2,069	*	Men’s Wearhouse, Inc		55
	1,402	*	Metals USA, Inc		25
	785		Nash Finch Co		20
	3,652		Nu Skin Enterprises, Inc (Class A)		92
	438	*	Nuco2, Inc		9
	3,222	*	Performance Food Group Co		86
	4,300		Perrigo Co		82
	193	*	Perry Ellis International, Inc		5
	1,700	*	Plains Resources, Inc		29
	84	f*	Priority Healthcare Corp (Class A)		2
	2,341	*	Priority Healthcare Corp (Class B)		54
	303	*	Provide Commerce, Inc		6
	1,702		Russell Corp		31
	1,320	*	School Specialty, Inc		48
	900	*	Smart & Final, Inc		11
	803		Standard Commercial Corp		14
	2,696		Stride Rite Corp		30
	9,074		Supervalu, Inc		278
	45,584		Sysco Corp		1,607
	2,162	*	Tractor Supply Co		90
	2,582	*	United Natural Foods, Inc		75
	2,061	*	United Stationers, Inc		82
	1,821		Valhi, Inc		21
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		6,868
			TOTAL COMMON STOCKS (Cost $716,293)		859,874
			TOTAL PORTFOLIO - 99.91% (Cost $716,329)		859,921
			OTHER ASSETS & LIABILITIES, NET - 0.09%		814
			NET ASSETS - 100.00%	$	860,735

*	Non-income producing
b	In bankruptcy
e	All or a portion of these securities are out on loan.
f	Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At June 30, 2004, the value of these securities amounted to $ 40,771 or 0.05% of net assets.

53

TIAA Stock Index Account

Additional information on each restricted security is as follows:

SECURITY	ACQUISTION DATE		ACQUISITION COST
National Health Investors, Inc.		01/01/01	$	10,000
Priority Healthcare Corp (Class A).		01/04/99		1,148
Wiltel Communication Group, Inc		12/04/03		0
			$	11,148

For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Account uses more specific industry categories in following their investment limitations on industry concentration.

54

Item 10. Controls and Procedures.

     (a) Evaluation of disclosure controls and procedures. An evaluation was performed within 90 days from the date hereof 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) Changes in internal controls. There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal half-year that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 11. Exhibits.

11(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

11(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

11(b) Section 906 certification.(EX-99.906CERT)

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
Date: August 30, 2004	By:	/s/ Bertram L. Scott
		Bertram L. Scott 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.

Date: August 30, 2004	By:	/s/ Bertram L. Scott
		Bertram L. Scott Executive Vice President (principal executive officer)
Date: August 30, 2004	By:	/s/ Elizabeth A. Monrad
		Elizabeth A. Monrad Executive Vice President (principal financial officer)

EXHIBIT LIST

Item 11. Exhibits.

11(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

11(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

11(b) Section 906 certification (EX-99.906CERT)

EX-99.CERT

EX-99.CERT

CERTIFICATION

I, Bertram L. Scott, certify that:

1. I have reviewed this report on Form N-CSR of TIAA Separate Account VA-1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 30, 2004	/s/ Bertram L. Scott
	Bertram L. Scott (principal executive officer)

EX-99.CERT

CERTIFICATION

I, Elizabeth A. Monrad, certify that:

1. I have reviewed this report on Form N-CSR of TIAA Separate Account VA-1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 30, 2004	/s/ Elizabeth A. Monrad
	Elizabeth A. Monrad (principal financial officer)

EX-99.906CERT

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA Separate Account VA-1, do hereby certify, to such officer’s knowledge, that:

The semi-annual report on Form N-CSR of TIAA Separate Account VA-1 (the “Separate Account”) for the six month period ended June 30, 2004 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Accounts.

Dated: August 30, 2004	/s/ Bertram L. Scott
	Bertram L. Scott Executive Vice President (Principal Executive Officer) TIAA Separate Account VA-1
Dated: August 30, 2004	/s/ Elizabeth A. Monrad
	Elizabeth A. Monrad Executive Vice President (Principal Financial Officer) TIAA Separate Account VA-1