UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number   File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Terry H. Lin, Esq.

TIAA SEPARATE ACCOUNT VA-1

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: December 31, 2016

Item 1. Reports to Stockholders.

Annual Report
December 31, 2016
TIAA
GLOBAL ASSET MANAGEMENT
TIAA Separate Account VA-1
Audited financial statements
Stock Index Account
BUILT TO PERFORM.
CREATED TO SERVE.

Understanding this report

This annual report contains information about the TIAA Separate Account VA-1 and describes the account’s results for the twelve months ended December 31, 2016. The report contains three main sections:

• The account performance section compares the account’s investment returns with those of its benchmark index.

• The summary portfolio of investments lists the industries and types of securities in which the account had investments as of December 31, 2016.

• The financial statements provide detailed information about the operations and financial condition of the account.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in the TIAA Separate Account VA-1, please refer to the latest prospectus.

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

Contents
Information for contractowners		1
Important information about expenses		2
About the account’s benchmark		3
Account performance
Stock Index Account		4
Summary portfolio of investments		7
Audited financial statements
Statement of assets and liabilities		11
Statement of operations		12
Statements of changes in net assets		13
Financial highlights		14
Notes to financial statements		16
Report of independent registered public accounting firm		24
Management committee members and officers		25
How to reach us	Inside back cover

Information for contractowners

Portfolio holdings

The TIAA Separate Account VA-1’s summary portfolio of investments begins on page 7 of this report.

You can obtain a complete list of the portfolio holdings of the TIAA Separate Account VA-1 (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy free of charge.

You can also obtain a complete list of the portfolio holdings of the account as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:

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

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

(Call 202-551-8090 for more information.)

Proxy voting

The TIAA Separate Account VA-1’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at www.sec.gov. You may also call us at 800-223-1200 to request a free copy. A report of how the account voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-223-1200.

Account management

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

TIAA Separate Account VA-1  ∎  2016 Annual Report    1

Important information about expenses

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

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

The expense example that appears in the table on page 3 is intended to help you understand your ongoing costs (in U.S. dollars) and does not reflect transactional costs incurred by the account for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Contractowners in the TIAA Separate Account VA-1 do not incur a sales charge for purchases or other distributions.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2016–December 31, 2016).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

2    2016 Annual Report  ∎TIAA Separate Account VA-1

Important information about expenses

Expense example

Six months ended December 31, 2016

Stock Index Account	Beginning  account value               (7/1/16)		Ending  account value           (12/31/16)		Expenses paid         during period* (7/1/16–12/31/16)
Actual return		$1,000.00		$1,083.79		$3.93
5% annual hypothetical return		1,000.00		1,021.37		3.81

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2016. The account’s annualized six-month expense ratio for that period was 0.75%. The total annual expense ratio reflects a voluntary agreement by the account’s investment adviser to waive a portion of its fee. Without such waiver, the account’s total annual expense ratio would have been 0.90%. Although TIAA reserves the right to increase the account’s mortality and expense risk charge to a maximum of 1.00% of average daily net assets per year, the total annual expense ratio will never exceed 1.50%.

About the account’s benchmark

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

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

The Russell 3000 Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The account is not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the account nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular account or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANT ABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

TIAA Separate Account VA-1  ∎  2016 Annual Report    3

Stock Index Account

Performance for the twelve months ended December 31, 2016

The Stock Index Account returned 11.98% for the year, compared with the 12.74% return of its benchmark, the Russell 3000^® Index.

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

The U.S. economy continued to grow during 2016, prompting the Federal Reserve to raise its federal funds target rate to 0.50%–0.75% in mid-December. In the third quarter, the economy grew at an annualized rate of 3.5%, according to the government’s third estimate of gross domestic product (GDP), which measures the value of all goods and services produced in the nation. The jobless rate was 4.7% in December after remaining below 5.0% for most of the year.

Domestic equity markets gained ground during 2016. Early in the year, plunging oil prices caused concern among investors. Stocks were muted in June, after citizens of the United Kingdom voted to exit the European Union, but prices recovered in July. The run-up to the U.S. presidential election saw continued volatility, but domestic stocks proved resilient, surging in the remaining six weeks of the year. Small-cap stocks performed best, followed by mid caps and then large caps. Value stocks topped their growth counterparts in 2016. (Returns by investment style and capitalization size are based on the Russell Indexes.)

Ten of eleven sectors post positive returns

Ten of the eleven industry sectors in the account’s benchmark index delivered positive performance for the twelve months. Energy (up 26.9%) performed best as oil prices rebounded over the course of the year. Financials (up 22.7%) and information technology (up 13.8%) contributed the most to the index’s total return given their substantial weights. Together, these three sectors represented more than two-fifths of the total market capitalization of the index on December 31, 2016. Telecommunication services (up 23.9%) and materials (up 21.8%) also produced sizable gains, but they had minimal impact on the benchmark’s performance given their low weight. Health care (down 3.1%) was the sole decliner in the index amid an uncertain regulatory outlook for drug makers and service providers.

Four of the benchmark’s five largest stocks outperformed the benchmark for the twelve months—JPMorgan Chase, Exxon Mobil, Johnson & Johnson and Microsoft all generated substantial gains. In contrast, Apple, the benchmark’s largest stock, modestly underperformed the broad market, as measured by the index.

4    2016 Annual Report  ∎TIAA Separate Account VA-1

Stock Index Account

Performance as of December 31, 2016

			Total     return		Average annual     total return
	Inception date		1 year		5 years		10 years
Stock Index Account		11/1/1994		11.98%		13.85%		6.38%
Russell 3000 Index		—		12.74		14.67		7.07

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. The account’s performance reflects a fee waiver, which is currently in place. Without such waiver, the expenses of the account would have been higher and its performance lower. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

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

$10,000 over 10 years

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

TIAA Separate Account VA-1  ∎  2016 Annual Report    5

Stock Index Account

Portfolio composition

Sector	% of net assets as of 12/31/2016
Information technology		19.6
Financials		15.9
Health care		12.7
Consumer discretionary		12.4
Industrials		11.0
Consumer staples		8.2
Energy		6.9
Real estate		4.0
Materials		3.3
Utilities		3.1
Telecommunication services		2.4
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 12/31/2016
More than $50 billion		52.1
More than $15 billion–$50 billion		22.4
More than $2 billion–$15 billion		21.1
$2 billion or less		4.4
Total		100.0

6    2016 Annual Report  ∎  TIAA Separate Account VA-1

Summary portfolio of investments

Stock Index Account  §  December 31, 2016

Shares			Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	8,743		0.9	%
	BANKS
	413,240		Bank of America Corp		9,133		1.0
	118,518		Citigroup, Inc		7,043		0.7
	146,319		JPMorgan Chase & Co		12,626		1.3
	183,778		Wells Fargo & Co		10,128		1.1
			Other		28,973		3.0
					67,903		7.1
	CAPITAL GOODS
	23,711		3M Co		4,234		0.4
	24,026		Boeing Co		3,740		0.4
	369,942		General Electric Co		11,690		1.2
	30,622		Honeywell International, Inc		3,548		0.4
			Other		51,881		5.5
					75,093		7.9
	COMMERCIAL & PROFESSIONAL SERVICES				8,195		0.9
	CONSUMER DURABLES & APPAREL				13,470		1.4
	CONSUMER SERVICES
	33,561		McDonald’s Corp		4,085		0.4
			Other		16,298		1.7
					20,383		2.1
	DIVERSIFIED FINANCIALS
	15,524		Goldman Sachs Group, Inc		3,717		0.4
			Other		38,832		4.1
					42,549		4.5
	ENERGY
	75,704		Chevron Corp		8,910		0.9
	167,773	d	Exxon Mobil Corp		15,143		1.6
	56,028		Schlumberger Ltd		4,704		0.5
			Other		37,158		3.9
					65,915		6.9
	FOOD & STAPLES RETAILING
	61,014		Wal-Mart Stores, Inc		4,217		0.4
			Other		13,058		1.4
					17,275		1.8
	FOOD, BEVERAGE & TOBACCO
	78,791		Altria Group, Inc		5,328		0.5
	156,468		Coca-Cola Co		6,487		0.7
	58,026		PepsiCo, Inc		6,071		0.6

See notes to financial statements TIAA Separate Account VA-1   §   2016 Annual Report 7

Summary portfolio of investments continued

Stock Index Account  §  December 31, 2016

Shares			Company	Value (000)		% of net assets
	FOOD, BEVERAGE & TOBACCO—continued
	62,448		Philip Morris International, Inc	$	5,714		0.6	%
			Other		21,576		2.3
					45,176		4.7
	HEALTH CARE EQUIPMENT & SERVICES
	56,502		Medtronic plc		4,025		0.4
	37,786		UnitedHealth Group, Inc		6,047		0.6
			Other		35,973		3.8
					46,045		4.8
	HOUSEHOLD & PERSONAL PRODUCTS
	102,979		Procter & Gamble Co		8,658		0.9
			Other		7,104		0.8
					15,762		1.7
	INSURANCE
	76,136	*	Berkshire Hathaway, Inc (Class B)		12,409		1.3
			Other		28,224		3.0
					40,633		4.3
	MATERIALS				31,632		3.3
	MEDIA
	96,855		Comcast Corp (Class A)		6,688		0.7
	65,460		Walt Disney Co		6,822		0.7
			Other		15,263		1.6
					28,773		3.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	65,276		AbbVie, Inc		4,088		0.4
	30,292		Amgen, Inc		4,429		0.5
	67,274		Bristol-Myers Squibb Co		3,931		0.4
	30,897	*	Celgene Corp		3,576		0.4
	53,464		Gilead Sciences, Inc		3,829		0.4
	110,469		Johnson & Johnson		12,727		1.3
	111,637		Merck & Co, Inc		6,572		0.7
	242,075		Pfizer, Inc		7,863		0.8
			Other		27,485		2.9
					74,500		7.8
	REAL ESTATE				37,716		4.0
	RETAILING
	15,638	*	Amazon.com, Inc		11,727		1.2
	50,098		Home Depot, Inc		6,717		0.7
			Other		28,195		3.0
					46,639		4.9

8 2016 Annual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments continued

Stock Index Account  §  December 31, 2016

Shares			Company		Value (000)			% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	189,873		Intel Corp		$	6,886			0.8	%
	59,172		Qualcomm, Inc			3,858			0.4
			Other			19,264			2.0
						30,008			3.2
	SOFTWARE & SERVICES
	11,798	*	Alphabet, Inc (Class A)			9,349			1.0
	11,926	*	Alphabet, Inc (Class C)			9,205			1.0
	90,237	*	Facebook, Inc			10,382			1.1
	35,343		International Business Machines Corp			5,867			0.6
	38,817		MasterCard, Inc (Class A)			4,008			0.4
	304,576		Microsoft Corp			18,926			2.0
	118,806		Oracle Corp			4,568			0.5
	76,484		Visa, Inc (Class A)			5,967			0.6
			Other			41,992			4.4
						110,264			11.6
	TECHNOLOGY HARDWARE & EQUIPMENT
	220,413		Apple, Inc			25,528			2.7
	202,101		Cisco Systems, Inc			6,108			0.6
			Other			15,554			1.7
						47,190			5.0
	TELECOMMUNICATION SERVICES
	247,438		AT&T, Inc			10,523			1.1
	164,117		Verizon Communications, Inc			8,761			0.9
			Other			3,735			0.4
						23,019			2.4
	TRANSPORTATION
	33,920		Union Pacific Corp			3,517			0.4
			Other			17,504			1.8
						21,021			2.2
	UTILITIES					29,669			3.1
			TOTAL COMMON STOCKS	(Cost $448,809)		947,573			99.5
	RIGHTS / WARRANTS
	DIVERSIFIED FINANCIALS					0	^		0.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1			0.0
	SOFTWARE & SERVICES					0	^		0.0
	TELECOMMUNICATION SERVICES					6			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $6)		7			0.0

See notes to financial statements TIAA Separate Account VA-1   §   2016 Annual Report 9

Summary portfolio of investments concluded

Stock Index Account  §  December 31, 2016

Shares			Company		Value (000)			% of net assets
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT				$	2,900			0.3	%
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	11,329,456	c	State Street Navigator Securities Lending Government Money Market Portfolio			11,329			1.2
						11,329			1.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $14,229)		14,229			1.5
			TOTAL PORTFOLIO	(Cost $463,044)		961,809			101.0
			OTHER ASSETS & LIABILITIES, NET			(9,890	)		(1.0	)
			NET ASSETS		$	951,919			100.0	%

* Non-income producing.

^ Amount represents less than $1,000.

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

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.

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

At 12/31/16, the aggregate value of securities on loan is $10,943,000

Cost amounts are in thousands.

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

10 2016 Annual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Statement of assets and liabilities

TIAA Separate Account VA-1  §  December 31, 2016

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*†	$	961,809
Cash		92
Dividends and interest receivable		1,261
Due from affiliates		133
Other		129
Total assets		963,424
LIABILITIES
Investment management fees payable		8
Service agreement fees payable		11
Payable for collateral for securities loaned		11,329
Payable for variation margin on futures contracts		7
Payable for manager compensation		129
Other		21
Total liabilities		11,505
NET ASSETS
Accumulation Fund	$	951,919
Accumulation units outstanding		5,607
Accumulation unit value	$	169.77
*    Portfolio investments, at cost	$	463,044
†       Includes securities loaned of	$	10,943

See notes to financial statements TIAA Separate Account VA-1   §   2016 Annual Report 11

Statement of operations

TIAA Separate Account VA-1  §  For the year ended December 31, 2016

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	19,387
Income from securities lending		384
Total income		19,771
EXPENSES
Administrative services		1,826
Investment advisory		2,738
Mortality and expense risk charges		3,651
Total expenses		8,215
Less: Expense waiver by investment adviser		(1,369	)
Net expenses		6,846
Net investment income (loss)		12,925
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments†		44,623
Futures transactions		(58	)
Net realized gain (loss) on total investments		44,565
Change in unrealized appreciation (depreciation) on:
Portfolio investments		46,585
Futures transactions		(3	)
Net change in unrealized appreciation (depreciation) on total investments		46,582
Net realized and unrealized gain (loss) on total investments		91,147
Net increase (decrease) in net assets from operations	$	104,072
*    Net of foreign withholding taxes	$	4

^†  Includes net gain (loss) from securities sold to affiliates of $649.

12 2016 Annual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Statements of changes in net assets

TIAA Separate Account VA-1  §  For the year ended

	Stock Index Account
(amounts in thousands)	December 31, 2016			December 31, 2015
OPERATIONS
Net investment income (loss)	$	12,925		$	12,940
Net realized gain (loss) on total investments		44,565			46,021
Net change in unrealized appreciation (depreciation) on total investments		46,582			(60,690	)
Net increase (decrease) in net assets from operations		104,072			(1,729	)
FROM CONTRACTOWNER TRANSACTIONS
Premiums		16,314			26,607
Withdrawals and death benefits		(93,529	)		(88,394	)
Net increase (decrease) from contractowner transactions		(77,215	)		(61,787	)
Net increase (decrease) in net assets		26,857			(63,516	)
NET ASSETS
Beginning of period		925,062			988,578
End of period	$	951,919		$	925,062
ACCUMULATION UNITS
Units purchased		104			173
Units sold / transferred		(599	)		(578	)
Outstanding
Beginning of period		6,102			6,507
End of period		5,607			6,102

See notes to financial statements TIAA Separate Account VA-1   §   2016 Annual Report 13

Financial highlights

TIAA Separate Account VA-1

			Selected per accumulation unit data
			Gain (loss) from investment operations
	For the year ended		Investment incomea		Expensesa		Net investment income (loss)a		Net realized & unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of year		Accumulation unit value end of year
STOCK INDEX ACCOUNT
		12/31/16	$	3.387	$	1.173	$	2.214	$	15.947		$	18.161		$	151.608	$	169.769
		12/31/15		3.175		1.150		2.025		(2.347	)		(0.322	)		151.930		151.608
		12/31/14		2.761		1.067		1.694		14.236			15.930			136.000		151.930
		12/31/13		2.402		0.896		1.506		31.870			33.376			102.624		136.000
		12/31/12		2.256		0.735		1.521		12.334			13.855			88.769		102.624

a Based on average units outstanding.

b Based on per accumulation unit data.

14 2016 Annual Report   §   TIAA Separate Account VA-1 See notes to financial statements

			Ratios and supplemental data
			Ratios to average net assets
Total returnb			Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate			Accumulation units outstanding end of year (in millions)		Net assets at the end of year (in millions)
	11.98	%		0.90	%		0.75	%		1.42	%		7	%		6	$	952
	(0.21	)		0.90			0.75			1.32			7			6		925
	11.71			0.90			0.75			1.19			7			7		989
	32.53			0.90			0.75			1.26			7			7		935
	15.60			0.90			0.75			1.55			7			7		752

See notes to financial statements TIAA Separate Account VA-1   §   2016 Annual Report 15

Notes to financial statements

TIAA Separate Account VA-1

Note 1—organization and significant accounting policies

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

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

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

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

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

16 2016 Annual Report   §   TIAA Separate Account VA-1

state and local jurisdictions. The Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account’s financial statements.

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

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Account’s financial statements and other filings.

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

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This final rule permits certain accounts to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Account’s financial statements and other filings.

TIAA Separate Account VA-1   §   2016 Annual Report 17

Notes to financial statements

Note 2—valuation of investments

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

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

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

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

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

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statement of Assets and Liabilities. As of December 31, 2016, no investments were valued utilizing the practical expedient.

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

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

Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited

18 2016 Annual Report   §   TIAA Separate Account VA-1

continued

to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2016, there were no material transfers between levels by the Account.

The following table summarizes the market value of the Account’s investments as of December 31, 2016, based on the inputs used to value them (dollar amounts are in thousands):

	Level 1			Level 2		Level 3		Total
Equity Investments:
Health care	$	120,539		$	—	$	7	$	120,546
Industrials		104,302			—		7		104,309
Telecommunication services		23,019			—		6		23,025
All other equity investments*		699,700			—		—		699,700
Short-term investments		11,329			2,900		—		14,229
Futures**		(6	)		—		—		(6	)
Total	$	958,883		$	2,900	$	20	$	961,803

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

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

Note 3—derivative instruments

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

TIAA Separate Account VA-1   §   2016 Annual Report 19

Notes to financial statements

At December 31, 2016, the Account has invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows (dollar amounts are in thousands):

	Liabilities derivatives
Derivative contracts	Location			Fair value amount
Equity contracts		Futures	*	$	(6	)

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

For the year ended December 31, 2016, the effect of derivative contracts on the Account’s Statement of Operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location		Realized gain (loss)			Change in unrealized appreciation (depreciation)
Equity contracts		Futures transactions	$	(58	)	$	(3	)

Futures contracts: The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account uses futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Account since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended December 31, 2016, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At December 31, 2016, the Account held the following open futures contracts (dollar amounts are in thousands):

Futures contracts	Number of contracts	Settlement value		Expiration date	Unrealized gain (loss)
S&P 500 E Mini Index	15	$	1,677	March 2017	$	(6	)

20 2016 Annual Report   §   TIAA Separate Account VA-1

continued

Note 4—investment adviser and affiliates

Teachers Advisors, LLC (“Advisors”), a wholly owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for VA-1 pursuant to an Investment Management Agreement among TIAA, Advisors and VA-1. Prior to October 1, 2016, Teachers Advisors, LLC was named Teachers Advisors, Inc. TIAA provides all administrative services for VA-1 pursuant to an Administrative Services Agreement with VA-1. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC (“Services”). Services is a wholly owned subsidiary of TIAA. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the average daily net assets of the Account. Advisors has agreed to voluntarily waive a portion of such fee, so that the daily deduction is equivalent to an annual charge of 0.15% of the average daily net assets of the Account.

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

The Account may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Committee, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended December 31, 2016, the Account engaged with affiliated entities in securities purchases of $7,159,000 and sales of $8,338,000, which resulted in net realized gains of $649,000.

Note 5—investments

Securities lending: The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and Liabilities. As of December 31, 2016, securities lending transactions are for equity securities, and the resulting loans are

TIAA Separate Account VA-1   §   2016 Annual Report 21

Notes to financial statements

continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statement of Operations. In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

Net unrealized appreciation (depreciation): At December 31, 2016, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $498,765,000, consisting of gross unrealized appreciation of $529,877,000 and gross unrealized depreciation of $(31,112,000).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the year ended December 31, 2016 were $62,677,000 and $130,337,000, respectively.

Note 6—line of credit

The Account participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of contractowner withdrawals. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2016, there were no borrowings under this credit facility by the Account.

22 2016 Annual Report   §   TIAA Separate Account VA-1

concluded

Note 7—indemnification

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

TIAA Separate Account VA-1   §   2016 Annual Report 23

Report of independent registered
public accounting firm

To the Management Committee and Contract owners of the TIAA Separate Account VA-1:

In our opinion, the accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Index Account of TIAA Separate Account VA-1 (hereafter referred to as the “Account”) as of December 31, 2016, the results of its operations, the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 17, 2017

24 2016 Annual Report   §   TIAA Separate Account VA-1

Management committee members and officers (unaudited)

TIAA Separate Account VA-1  §  December 31, 2016

Members

Name, address and year of birth (“YOB”)	Position(s) held with account	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by member	Other directorship(s) held by member
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Member	Indefinite term. Member since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Member	Indefinite term. Member since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Member	Indefinite term. Member since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Director of Copper Rock Capital Partners, LLC (investment adviser).

TIAA Separate Account VA-1   §   2016 Annual Report 25

Management committee members and officers (unaudited) continued

TIAA Separate Account VA-1  §  December 31, 2016

Members—concluded

Name, address and year of birth (“YOB”)	Position(s) held with account	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by member	Other directorship(s) held by member
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Management Committee and Member	Indefinite term. Member since 2005; Chairman for term ending December 31, 2018. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Commonwealth.
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Member	Indefinite term. Member since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	88	Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; Investment Committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Member	Indefinite term. Member since 2003.	Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	88	Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance; and Prep for Prep.

26 2016 Annual Report   §   TIAA Separate Account VA-1

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Member	Indefinite term. Member since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	88	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Member	Indefinite term. Member since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	Director, SCANA Corporation (energy holding company).
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Member	Indefinite term. Member since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	88	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

TIAA Separate Account VA-1   §   2016 Annual Report 27

Management committee members and officers (unaudited) continued

TIAA Separate Account VA-1  §  December 31, 2016

Officers

Name, address and year of birth (“YOB”)	Position(s) held with account	Term of office and length of time served	Principal occupation(s) during past 5 years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Managing Director, Senior Compliance Officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Glenn Brightman TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1972	Principal Financial Officer, Principal Accounting Officer and Treasurer since 2016	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2016.	Senior Vice President, Chief Financial Officer of TIAA Global Asset Management. Treasurer of CREF; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1, the TIAA-CREF Funds and TIAA-CREF Life Funds.
Roger W. Ferguson, Jr. TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1.
Stephen Gruppo TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.

28 2016 Annual Report   §   TIAA Separate Account VA-1

Robert G. Leary TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1961	Executive Vice President	One-year term. Executive Vice President since 2013.	Senior Executive Vice President, Chief Executive Officer of TIAA Global Asset Management. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
J. Keith Morgan TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2015	Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
Ronald R. Pressman TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and Senior Managing Director and Corporate Secretary of the TIAA-CREF Fund Complex.

TIAA Separate Account VA-1   §   2016 Annual Report 29

Management committee members and officers (unaudited) concluded

TIAA Separate Account VA-1  §  December 31, 2016

Officers—concluded

Name, address and year of birth (“YOB”)	Position(s) held with account	Term of office and length of time served	Principal occupation(s) during past 5 years
Otha T. Spriggs, III TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Senior Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Constance K. Weaver TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Senior Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex.

Please note that the Account’s Statement of Additional Information (SAI) includes additional information about the Account’s members and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

30 2016 Annual Report   §   TIAA Separate Account VA-1

[This page intentionally left blank.]

[This page intentionally left blank.]

How to reach us

TIAA website

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

TIAA.org

24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800-842-2252

24 hours a day, 7 days a week

National contact center

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

800-842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday

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

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800-223-1200

To apply for a new policy or contract

877-825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit TIAA.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. After-tax annuities and life insurance are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

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

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

730 Third Avenue, New York, NY 10017-3206

730 Third Avenue New York, NY 10017-3206

Printed on paper containing recycled fiber

  We’re fond of paper…in its original form. Switch to eDelivery at TIAA.org/eDelivery

97400 A10845 (2/17)

730 Third Avenue New York, NY 10017-3206

97400 A10845 (2/17)

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2016 and December 31, 2015, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $53,250 and $51,900, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2016 and December 31, 2015, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2016 and December 31, 2015, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2016 and December 31, 2015, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2016 and December 31, 2015, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2016 and December 31, 2015, PwC’s aggregate fees for all other services billed to the Registrant were $3,000 and $3,500, respectively.

For the fiscal years ended December 31, 2016 and December 31, 2015, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s

independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2016 and December 31, 2015 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2016 and December 31, 2015 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2016 and December 31, 2015 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2016 and December 31, 2015 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2016 and December 31, 2015 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2016 and December 31, 2015 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2016 and December 31, 2015, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $305,800 and $399,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2016

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.9%
3,706	*	Adient plc	$	217
2,808	*	American Axle & Manufacturing Holdings, Inc		54
8,860		BorgWarner, Inc		350
2,269		Cooper Tire & Rubber Co		88
605	*	Cooper-Standard Holding, Inc		63
5,286		Dana Holding Corp		100
10,985		Delphi Automotive plc		740
1,044	*	Dorman Products, Inc		76
1,256	*	Federal Mogul Corp (Class A)		13
156,127		Ford Motor Co		1,894
744	*	Fox Factory Holding Corp		21
56,291		General Motors Co		1,961
10,618		Gentex Corp		209
1,535	*	Gentherm, Inc		52
10,982		Goodyear Tire & Rubber Co		339
7,420		Harley-Davidson, Inc		433
799	*	Horizon Global Corp		19
3,018		Lear Corp		400
428		Metaldyne Performance Group, Inc		10
1,945	*	Modine Manufacturing Co		29
670	*	Motorcar Parts of America, Inc		18
1,379		Spartan Motors, Inc		13
909		Standard Motor Products, Inc		48
1,336	*	Stoneridge, Inc		24
157		Strattec Security Corp		6
1,027		Superior Industries International, Inc		27
2,018	*	Tenneco, Inc		126
5,007	*,e	Tesla Motors, Inc		1,070
1,931		Thor Industries, Inc		193
897		Tower International, Inc		25
1,410		Visteon Corp		113
257		Winnebago Industries, Inc		8
526	*,e	Workhorse Group, Inc		4
		TOTAL AUTOMOBILES & COMPONENTS		8,743
BANKS - 7.1%
125		1st Source Corp		6
295	e	Access National Corp		8
255		ACNB Corp		8
444	*	Allegiance Bancshares, Inc		16
374		American National Bankshares, Inc		13
1,390		Ameris Bancorp		61
387		Ames National Corp		13
21		Arrow Financial Corp		1
6,191		Associated Banc-Corp		153
3,765		Astoria Financial Corp		70
706	*	Atlantic Capital Bancshares, Inc		13
1,598		Banc of California, Inc		28
333		Bancfirst Corp		31
1,284		Banco Latinoamericano de Exportaciones S.A. (Class E)		38
3,559		Bancorpsouth, Inc		111
2,688		Bank Mutual Corp		25
413,240		Bank of America Corp		9,133
1,630		Bank of Hawaii Corp		145

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
288		Bank of Marin Bancorp	$	20
252		Bank of NT Butterfield & Son Ltd		8
3,616		Bank of the Ozarks, Inc		190
1,044		BankFinancial Corp		15
4,119		BankUnited		155
217		Bankwell Financial Group, Inc		7
1,166		Banner Corp		65
261		Bar Harbor Bankshares		12
32,696		BB&T Corp		1,537
573		Bear State Financial, Inc		6
2,895		Beneficial Bancorp, Inc		53
1,257		Berkshire Hills Bancorp, Inc		46
1,165		Blue Hills Bancorp, Inc		22
1,553		BNC Bancorp		50
2,584	*,e	BofI Holding, Inc		74
1,068		BOK Financial Corp		89
3,543		Boston Private Financial Holdings, Inc		59
683		Bridge Bancorp, Inc		26
2,984		Brookline Bancorp, Inc		49
630		Bryn Mawr Bank Corp		27
334	*	BSB Bancorp, Inc		10
131		C&F Financial Corp		7
613		Camden National Corp		27
950		Capital Bank Financial Corp		37
659		Capital City Bank Group, Inc		14
5,269		Capitol Federal Financial		87
1,503		Cardinal Financial Corp		49
421		Carolina Financial Corp		13
1,376	*	Cascade Bancorp		11
3,051		Cathay General Bancorp		116
1,935		Centerstate Banks of Florida, Inc		49
987		Central Pacific Financial Corp		31
152		Century Bancorp, Inc		9
1,050		Charter Financial Corp		18
1,631		Chemical Financial Corp		88
122		Chemung Financial Corp		4
7,763		CIT Group, Inc		331
118,518		Citigroup, Inc		7,043
533		Citizens & Northern Corp		14
21,231		Citizens Financial Group, Inc		756
597		City Holding Co		40
856		Clifton Bancorp, Inc		14
498		CNB Financial Corp		13
1,740		CoBiz, Inc		29
326		Codorus Valley Bancorp, Inc		9
2,323		Columbia Banking System, Inc		104
7,230		Comerica, Inc		492
3,489		Commerce Bancshares, Inc		202
1,740		Community Bank System, Inc		108
651		Community Trust Bancorp, Inc		32
1,146		ConnectOne Bancorp, Inc		30
206		County Bancorp, Inc		6
673	*	CU Bancorp		24
2,204		Cullen/Frost Bankers, Inc		194
1,005	*	Customers Bancorp, Inc		36
4,428		CVB Financial Corp		102
1,325		Dime Community Bancshares		27
1,262	*	Eagle Bancorp, Inc		77
5,936		East West Bancorp, Inc		302
314		Enterprise Bancorp, Inc		12
828		Enterprise Financial Services Corp		36
202	*	Equity Bancshares, Inc		7
342		ESSA Bancorp, Inc		5

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,087	*	Essent Group Ltd	$	100
3,701		EverBank Financial Corp		72
298		Farmers Capital Bank Corp		13
1,013		Farmers National Banc Corp		14
1,196	*	FCB Financial Holdings, Inc		57
384		Federal Agricultural Mortgage Corp (Class C)		22
863		Fidelity Southern Corp		20
30,717		Fifth Third Bancorp		828
664		Financial Institutions, Inc		23
720		First Bancorp (NC)		20
4,520	*	First Bancorp (Puerto Rico)		30
498		First Bancorp, Inc		16
1,277		First Busey Corp		39
360		First Business Financial Services, Inc		9
295		First Citizens Bancshares, Inc (Class A)		105
3,678		First Commonwealth Financial Corp		52
680		First Community Bancshares, Inc		21
758		First Connecticut Bancorp		17
53		First Defiance Financial Corp		3
2,653		First Financial Bancorp		75
2,781	e	First Financial Bankshares, Inc		126
46		First Financial Corp		2
175		First Financial Northwest, Inc		3
549	*	First Foundation, Inc		16
798		First Hawaiian, Inc		28
9,563		First Horizon National Corp		191
228	e	First Internet Bancorp		7
747		First Interstate Bancsystem, Inc		32
1,580		First Merchants Corp		59
249		First Mid-Illinois Bancshares, Inc		8
3,289		First Midwest Bancorp, Inc		83
670	*,e	First NBC Bank Holding Co		5
862		First of Long Island Corp		25
5,761		First Republic Bank		531
890	*	Flagstar Bancorp, Inc		24
1,327		Flushing Financial Corp		39
8,646		FNB Corp		139
389	*	Franklin Financial Network, Inc		16
7,161		Fulton Financial Corp		135
602		German American Bancorp, Inc		32
2,629		Glacier Bancorp, Inc		95
500		Great Southern Bancorp, Inc		27
1,739		Great Western Bancorp, Inc		76
688	*	Green Bancorp, Inc		10
710		Guaranty Bancorp		17
3,286		Hancock Holding Co		142
1,297		Hanmi Financial Corp		45
406	*	HarborOne Bancorp, Inc		8
879		Heartland Financial USA, Inc		42
1,007		Heritage Commerce Corp		15
1,277		Heritage Financial Corp		33
917		Heritage Oaks Bancorp		11
3,068		Hilltop Holdings, Inc		91
57		Hingham Institution for Savings		11
238		Home Bancorp, Inc		9
4,991		Home Bancshares, Inc		139
698	*	HomeStreet, Inc		22
667	*	HomeTrust Bancshares, Inc		17
5,560		Hope Bancorp, Inc		122
670		Horizon Bancorp		19
44,528		Huntington Bancshares, Inc		589
1,574		IBERIABANK Corp		132
350	*,e	Impac Mortgage Holdings, Inc		5
1,031		Independent Bank Corp (MA)		73

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
863		Independent Bank Corp (MI)	$	19
406		Independent Bank Group, Inc		25
2,385		International Bancshares Corp		97
12,271		Investors Bancorp, Inc		171
146,319		JPMorgan Chase & Co		12,626
3,956		Kearny Financial Corp		62
41,226		Keycorp		753
311		Lake Sunapee Bank Group		7
1,629		Lakeland Bancorp, Inc		32
976		Lakeland Financial Corp		46
378		LCNB Corp		9
1,826		LegacyTexas Financial Group, Inc		79
263	*,e	LendingTree, Inc		27
833	e	Live Oak Bancshares, Inc		15
5,920		M&T Bank Corp		926
1,072		Macatawa Bank Corp		11
946		MainSource Financial Group, Inc		33
2,934		MB Financial, Inc		139
540		MBT Financial Corp		6
724		Mercantile Bank Corp		27
273		Merchants Bancshares, Inc		15
1,997		Meridian Bancorp, Inc		38
241		Meta Financial Group, Inc		25
12,335	*	MGIC Investment Corp		126
144		Middleburg Financial Corp		5
152		Midland States Bancorp, Inc		6
334		MidWestOne Financial Group, Inc		13
213		MutualFirst Financial, Inc		7
1,078		National Bank Holdings Corp		34
357	e	National Bankshares, Inc		16
248	*	National Commerce Corp		9
1,624	*	Nationstar Mortgage Holdings, Inc		29
1,396		NBT Bancorp, Inc		58
18,627		New York Community Bancorp, Inc		296
301	*	Nicolet Bankshares, Inc		14
2,265	*	NMI Holdings, Inc		24
428		Northfield Bancorp, Inc		9
280		Northrim BanCorp, Inc		9
3,966		Northwest Bancshares, Inc		72
741		OceanFirst Financial Corp		22
1,902		OFG Bancorp		25
361		Old Line Bancshares, Inc		9
4,858		Old National Bancorp		88
1,237		Old Second Bancorp, Inc		14
441		Opus Bank		13
1,974		Oritani Financial Corp		37
297		Orrstown Financial Services, Inc		7
991		Pacific Continental Corp		22
589	*	Pacific Mercantile Bancorp		4
1,114	*	Pacific Premier Bancorp, Inc		39
4,871		PacWest Bancorp		265
529		Park National Corp		63
2,151		Park Sterling Bank		23
534		Peapack Gladstone Financial Corp		17
221		Penns Woods Bancorp, Inc		11
575	*	PennyMac Financial Services, Inc		10
595		Peoples Bancorp, Inc		19
333		Peoples Financial Services Corp		16
11,107		People’s United Financial, Inc		215
521		People’s Utah Bancorp		14
2,087	*	PHH Corp		32
1,758		Pinnacle Financial Partners, Inc		122
20,025		PNC Financial Services Group, Inc		2,342
3,587		Popular, Inc		157

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
564		Preferred Bank	$	30
377		Premier Financial Bancorp, Inc		8
2,997		PrivateBancorp, Inc		162
2,744		Prosperity Bancshares, Inc		197
251		Provident Financial Holdings, Inc		5
2,502		Provident Financial Services, Inc		71
472		QCR Holdings, Inc		20
8,211		Radian Group, Inc		148
51,938		Regions Financial Corp		746
1,629		Renasant Corp		69
612		Republic Bancorp, Inc (Class A)		24
1,330	*,e	Republic First Bancorp, Inc		11
1,466		S&T Bancorp, Inc		57
1,134		Sandy Spring Bancorp, Inc		45
1,194	*	Seacoast Banking Corp of Florida		26
1,876	e	ServisFirst Bancshares, Inc		70
497		Shore Bancshares, Inc		8
475		SI Financial Group, Inc		7
370		Sierra Bancorp		10
2,187	*	Signature Bank		328
1,210		Simmons First National Corp (Class A)		75
1,021		South State Corp		89
228	*	Southern First Bancshares, Inc		8
231		Southern Missouri Bancorp, Inc		8
454		Southern National Bancorp of Virginia, Inc		7
876		Southside Bancshares, Inc		33
740		Southwest Bancorp, Inc		21
1,614		State Bank & Trust Co		43
5,200		Sterling Bancorp/DE		122
922		Stock Yards Bancorp, Inc		43
443		Stonegate Bank		18
513		Suffolk Bancorp		22
244	e	Summit Financial Group, Inc		7
385		Sun Bancorp, Inc		10
20,032		SunTrust Banks, Inc		1,099
2,164	*	SVB Financial Group		371
5,140		Synovus Financial Corp		211
6,509		TCF Financial Corp		128
565		Territorial Bancorp, Inc		19
1,877	*	Texas Capital Bancshares, Inc		147
2,387		TFS Financial Corp		45
1,514	*	The Bancorp, Inc		12
664		Tompkins Trustco, Inc		63
2,594		TowneBank		86
968		Trico Bancshares		33
943	*	Tristate Capital Holdings, Inc		21
657	*	Triumph Bancorp, Inc		17
2,046		Trustco Bank Corp NY		18
2,849		Trustmark Corp		102
1,796		UMB Financial Corp		139
9,062		Umpqua Holdings Corp		170
1,777		Union Bankshares Corp		64
161	e	Union Bankshares, Inc		7
2,794		United Bankshares, Inc		129
2,012		United Community Banks, Inc		60
1,829		United Community Financial Corp		16
2,065		United Financial Bancorp, Inc (New)		38
1,127		Univest Corp of Pennsylvania		35
65,388		US Bancorp		3,359
10,196		Valley National Bancorp		119
345	*	Veritex Holdings, Inc		9
1,098	*	Walker & Dunlop, Inc		34
821	*,e	Walter Investment Management Corp		4
3,738		Washington Federal, Inc		128
718		Washington Trust Bancorp, Inc		40

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
334		WashingtonFirst Bankshares, Inc	$	10
1,032		Waterstone Financial, Inc		19
3,763		Webster Financial Corp		204
183,778		Wells Fargo & Co		10,128
1,636		WesBanco, Inc		70
746		West Bancorporation, Inc		18
1,024	e	Westamerica Bancorporation		64
3,836	*	Western Alliance Bancorp		187
597		Western New England Bancorp, Inc		6
1,947		Wintrust Financial Corp		141
8,517	*	WMIH Corp		13
1,176		WSFS Financial Corp		55
225	*	Xenith Bankshares, Inc		6
1,817		Yadkin Financial Corp		62
8,430		Zions Bancorporation		363
		TOTAL BANKS		67,903
CAPITAL GOODS - 7.9%
23,711		3M Co		4,234
5,848		A.O. Smith Corp		277
1,675		Aaon, Inc		55
1,501		AAR Corp		50
2,508		Actuant Corp (Class A)		65
1,732		Acuity Brands, Inc		400
1,431		Advanced Drainage Systems, Inc		29
5,513	*	Aecom Technology Corp		200
1,460	*	Aegion Corp		35
2,743	*	Aerojet Rocketdyne Holdings, Inc		49
831	*	Aerovironment, Inc		22
2,620		AGCO Corp		152
3,984		Air Lease Corp		137
1,949		Aircastle Ltd		41
374		Alamo Group, Inc		28
1,204		Albany International Corp (Class A)		56
3,696		Allegion plc		237
205		Allied Motion Technologies, Inc		4
5,851		Allison Transmission Holdings, Inc		197
1,234		Altra Holdings, Inc		46
909	*	Ameresco, Inc		5
324	e	American Railcar Industries, Inc		15
510	*,e	American Superconductor Corp		4
568	*	American Woodmark Corp		43
9,238		Ametek, Inc		449
1,174		Apogee Enterprises, Inc		63
1,503		Applied Industrial Technologies, Inc		89
17,975		Arconic, Inc		333
555		Argan, Inc		39
822	*	Armstrong Flooring, Inc		16
1,923	*	Armstrong World Industries, Inc		80
729		Astec Industries, Inc		49
810	*	Astronics Corp		27
360	*	Atkore International Group, Inc		9
1,059		AZZ, Inc		68
1,864	*	Babcock & Wilcox Enterprises, Inc		31
2,064		Barnes Group, Inc		98
3,972		BE Aerospace, Inc		239
2,438	*	Beacon Roofing Supply, Inc		112
1,428	*	BMC Stock Holdings, Inc		28
24,026		Boeing Co		3,740
2,014		Briggs & Stratton Corp		45
3,043	*	Builders FirstSource, Inc		33
3,729		BWX Technologies, Inc		148
988	*	Caesarstone Sdot-Yam Ltd		28

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
520	*	CAI International, Inc	$	5
2,591		Carlisle Cos, Inc		286
22,428		Caterpillar, Inc		2,080
1,264	*	Chart Industries, Inc		46
4,310		Chicago Bridge & Iron Co NV		137
706		CIRCOR International, Inc		46
1,794		Clarcor, Inc		148
4,058	*	Colfax Corp		146
840		Columbus McKinnon Corp		23
1,568		Comfort Systems USA, Inc		52
1,330	*	Continental Building Products Inc		31
1,704		Crane Co		123
366	*	CSW Industrials, Inc		13
1,041		Cubic Corp		50
6,385		Cummins, Inc		873
1,822		Curtiss-Wright Corp		179
24,291		Danaher Corp		1,891
12,652		Deere & Co		1,304
2,609	*	DigitalGlobe, Inc		75
535		DMC Global, Inc		8
5,224		Donaldson Co, Inc		220
932		Douglas Dynamics, Inc		31
6,156		Dover Corp		461
485	*	Ducommun, Inc		12
567	*	DXP Enterprises, Inc		20
1,212	*	Dycom Industries, Inc		97
18,376		Eaton Corp		1,233
2,145		EMCOR Group, Inc		152
25,584		Emerson Electric Co		1,426
840		Encore Wire Corp		36
648	*,e	Energous Corp		11
979	*	Energy Recovery, Inc		10
1,774		EnerSys		139
788	*	Engility Holdings, Inc		27
882		EnPro Industries, Inc		59
4,763		Equifax, Inc		563
1,174		ESCO Technologies, Inc		66
1,198	*	Esterline Technologies Corp		107
11,535		Fastenal Co		542
2,645		Federal Signal Corp		41
5,526		Flowserve Corp		266
5,770		Fluor Corp		303
11,983		Fortive Corp		643
6,328		Fortune Brands Home & Security, Inc		338
1,399		Franklin Electric Co, Inc		54
635		Freightcar America, Inc		9
633	*,e	FuelCell Energy, Inc		1
1,317	e	GATX Corp		81
277	*	Gencor Industries, Inc		4
2,688	*	Generac Holdings, Inc		110
2,068		General Cable Corp		39
9,775		General Dynamics Corp		1,688
369,942		General Electric Co		11,690
1,331	*	Gibraltar Industries, Inc		55
870		Global Brass & Copper Holdings, Inc		30
288	*	GMS, Inc		8
903		Gorman-Rupp Co		28
2,290		Graco, Inc		190
470		Graham Corp		10
1,667		Granite Construction, Inc		92
3,079	*	Great Lakes Dredge & Dock Corp		13
1,206	e	Greenbrier Cos, Inc		50
1,574		Griffon Corp		41
1,293		H&E Equipment Services, Inc		30

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,556		Harsco Corp	$	48
797	*	HC2 Holdings, Inc		5
7,822	*	HD Supply Holdings, Inc		333
816		HEICO Corp		63
1,610		HEICO Corp (Class A)		109
981	*	Herc Holdings, Inc		39
3,542		Hexcel Corp		182
2,415		Hillenbrand, Inc		93
30,622		Honeywell International, Inc		3,548
2,088		Hubbell, Inc		244
1,806		Huntington Ingalls		333
316		Hurco Cos, Inc		10
404		Hyster-Yale Materials Handling, Inc		26
3,071		IDEX Corp		277
298	*	IES Holdings, Inc		6
11,816		Illinois Tool Works, Inc		1,447
10,173		Ingersoll-Rand plc		763
716		Insteel Industries, Inc		26
3,749		ITT, Inc		145
4,960	*	Jacobs Engineering Group, Inc		283
1,200		John Bean Technologies Corp		103
36,727		Johnson Controls International plc		1,513
3,945		Joy Global, Inc		110
433		Kadant, Inc		26
1,238		Kaman Corp		61
6,104		KBR, Inc		102
3,241		Kennametal, Inc		101
1,479	*	KEYW Holding Corp		17
2,122	*	KLX, Inc		96
1,860	*	Kratos Defense & Security Solutions, Inc		14
3,022		L3 Technologies, Inc		460
246	*	Lawson Products, Inc		6
763	*,e	Layne Christensen Co		8
1,542		Lennox International, Inc		236
2,461		Lincoln Electric Holdings, Inc		189
495	e	Lindsay Corp		37
10,229		Lockheed Martin Corp		2,557
1,293		LSI Industries, Inc		13
674	*	Lydall, Inc		42
5,733	*	Manitowoc Co, Inc		34
5,214	*	Manitowoc Foodservice, Inc		101
13,761		Masco Corp		435
1,317	*	Masonite International Corp		87
2,813	*	Mastec, Inc		108
1,540	*	Mercury Systems, Inc		47
3,592	*	Meritor, Inc		45
2,342	*	Middleby Corp		302
623	*	Milacron Holdings Corp		12
446		Miller Industries, Inc		12
1,285	*	Moog, Inc (Class A)		84
4,196	*	MRC Global, Inc		85
1,960		MSC Industrial Direct Co (Class A)		181
2,210		Mueller Industries, Inc		88
6,380		Mueller Water Products, Inc (Class A)		85
881	*	MYR Group, Inc		33
206		National Presto Industries, Inc		22
2,058	*	Navistar International Corp		65
1,244	*	NCI Building Systems, Inc		19
210	*	Neff Corp		3
822		NN, Inc		16
2,239		Nordson Corp		251
6,705		Northrop Grumman Corp		1,559
4,328	*	NOW, Inc		89
291	*	NV5 Holdings, Inc		10

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
117		Omega Flex, Inc	$	7
2,156		Orbital ATK, Inc		189
1,499	*	Orion Marine Group, Inc		15
2,888		Oshkosh Truck Corp		187
4,750		Owens Corning, Inc		245
13,860		Paccar, Inc		886
5,378		Parker Hannifin Corp		753
603	*	Patrick Industries, Inc		46
6,885		Pentair plc		386
1,847	*	PGT, Inc		21
7,340	*,e	Plug Power, Inc		9
738	*	Ply Gem Holdings, Inc		12
416		Powell Industries, Inc		16
193	*	Power Solutions International, Inc		1
96		Preformed Line Products Co		6
1,452		Primoris Services Corp		33
1,003	*	Proto Labs, Inc		51
1,522		Quanex Building Products Corp		31
5,705	*	Quanta Services, Inc		199
1,477		Raven Industries, Inc		37
11,898		Raytheon Co		1,690
670	*	RBC Bearings, Inc		62
1,842		Regal-Beloit Corp		128
3,742	*	Rexnord Corp		73
5,215		Rockwell Automation, Inc		701
5,153		Rockwell Collins, Inc		478
3,945		Roper Industries, Inc		722
257	*	Rush Enterprises, Inc		8
1,200	*	Rush Enterprises, Inc (Class A)		38
1,291		Simpson Manufacturing Co, Inc		56
471	*	SiteOne Landscape Supply, Inc		16
2,268		Snap-On, Inc		388
460	*	Sparton Corp		11
5,435	*	Spirit Aerosystems Holdings, Inc (Class A)		317
1,707	*	SPX Corp		40
1,454	*	SPX FLOW, Inc		47
537		Standex International Corp		47
5,914		Stanley Works		678
1,027		Sun Hydraulics Corp		41
2,625	*,e	Sunrun, Inc		14
150		Supreme Industries, Inc		2
2,195	*	Taser International, Inc		53
1,266	*	Teledyne Technologies, Inc		156
421		Tennant Co		30
4,378		Terex Corp		138
967		Textainer Group Holdings Ltd		7
10,686		Textron, Inc		519
431	*,e	The ExOne Company		4
1,423	*	Thermon Group Holdings		27
2,921		Timken Co		116
1,841		Titan International, Inc		21
784	*	Titan Machinery, Inc		11
4,000		Toro Co		224
2,012		TransDigm Group, Inc		501
1,211	*	Trex Co, Inc		78
1,999	*	Trimas Corp		47
6,168		Trinity Industries, Inc		171
1,507		Triton International Ltd		24
2,084		Triumph Group, Inc		55
1,399	*	Tutor Perini Corp		39
3,677	*	United Rentals, Inc		388
31,299		United Technologies Corp		3,431
1,705	*	Univar, Inc		48
818		Universal Forest Products, Inc		84

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,746	*	USG Corp	$	108
874		Valmont Industries, Inc		123
455	*	Vectrus, Inc		11
365	*	Veritiv Corp		20
1,023	*	Vicor Corp		15
2,196		W.W. Grainger, Inc		510
2,666	*	Wabash National Corp		42
2,016	*	WABCO Holdings, Inc		214
1,001		Watsco, Inc		148
1,120		Watts Water Technologies, Inc (Class A)		73
1,764	*	WESCO International, Inc		117
3,424		Westinghouse Air Brake Technologies Corp		284
67	*	Willis Lease Finance Corp		2
1,858		Woodward Governor Co		128
7,022		Xylem, Inc		348
		TOTAL CAPITAL GOODS		75,093
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
2,371		ABM Industries, Inc		97
2,247	*	Acacia Research (Acacia Technologies)		15
4,335	*	ACCO Brands Corp		57
726	*	Advanced Disposal Services, Inc		16
1,730	*	Advisory Board Co		58
407	*,e	Aqua Metals, Inc		5
2,166	*	ARC Document Solutions, Inc		11
383		Barrett Business Services, Inc		25
1,868		Brady Corp (Class A)		70
1,853		Brink’s Co		76
1,375	*	Casella Waste Systems, Inc (Class A)		17
2,160	*	CBIZ, Inc		30
1,407		CEB, Inc		85
948		Ceco Environmental Corp		13
3,532		Cintas Corp		408
2,163	*	Clean Harbors, Inc		120
586	*,e	Cogint, Inc		2
4,068	*	Copart, Inc		225
4,991		Covanta Holding Corp		78
364		CRA International, Inc		13
1,720		Deluxe Corp		123
1,372		Dun & Bradstreet Corp		167
6,139	*,m	Dyax Corp		7
1,051		Ennis, Inc		18
1,364		Essendant, Inc		29
1,051		Exponent, Inc		63
419	*	Franklin Covey Co		8
1,716	*	FTI Consulting, Inc		77
841		G & K Services, Inc (Class A)		81
645	*	GP Strategies Corp		18
2,955		Healthcare Services Group		116
858		Heidrick & Struggles International, Inc		21
555	*	Heritage-Crystal Clean, Inc		9
1,891		Herman Miller, Inc		65
1,049	*	Hill International, Inc		5
1,783		HNI Corp		100
896	*	Huron Consulting Group, Inc		45
892	*	ICF International, Inc		49
1,756	*	Innerworkings, Inc		17
649		Insperity, Inc		46
2,666		Interface, Inc		50
5,704		KAR Auction Services, Inc		243
1,192		Kelly Services, Inc (Class A)		27
1,045		Kforce, Inc		24
139		Kimball International, Inc (Class B)		2

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,970		Knoll, Inc	$	55
2,239		Korn/Ferry International		66
1,075		LSC Communications, Inc		32
2,932		Manpower, Inc		261
1,317		Matthews International Corp (Class A)		101
1,113		McGrath RentCorp		44
757	*	Mistras Group, Inc		19
1,928		Mobile Mini, Inc		58
1,290		MSA Safety, Inc		89
514		Multi-Color Corp		40
1,969	*	Navigant Consulting, Inc		52
14,557		Nielsen NV		611
563	*	NL Industries, Inc		5
2,194	*	On Assignment, Inc		97
7,788		Pitney Bowes, Inc		118
1,198		Quad Graphics, Inc		32
9,364		Republic Services, Inc		534
1,664		Resources Connection, Inc		32
4,841		Robert Half International, Inc		236
3,281		Rollins, Inc		111
2,316	*	RPX Corp		25
2,868		RR Donnelley & Sons Co		47
672	*	SP Plus Corp		19
2,666		Steelcase, Inc (Class A)		48
3,188	*	Stericycle, Inc		246
1,231	*	Team, Inc		48
2,022		Tetra Tech, Inc		87
2,191	*	TransUnion		68
689	*	TRC Cos, Inc		7
1,734	*	TriNet Group, Inc		44
1,757	*	TrueBlue, Inc		43
624		Unifirst Corp		90
928		US Ecology, Inc		46
6,094	*	Verisk Analytics, Inc		495
871		Viad Corp		38
410		VSE Corp		16
1,558	*	WageWorks, Inc		113
17,852		Waste Management, Inc		1,266
1,000		West Corp		25
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		8,195
CONSUMER DURABLES & APPAREL - 1.4%
821	*	Acushnet Holdings Corp		16
2,238	*	American Outdoor Brands Corp		47
653	*,e	Arctic Cat, Inc		10
383		Bassett Furniture Industries, Inc		12
970	*	Beazer Homes USA, Inc		13
3,502		Brunswick Corp		191
3,105		CalAtlantic Group, Inc		106
3,897		Callaway Golf Co		43
2,076		Carter’s, Inc		179
352	*	Cavco Industries, Inc		35
649	*	Century Communities, Inc		14
11,143		Coach, Inc		390
798		Columbia Sportswear Co		46
1,700	*	CROCS, Inc		12
269		CSS Industries, Inc		7
447		Culp, Inc		17
1,333	*	Deckers Outdoor Corp		74
13,218		DR Horton, Inc		361
458		Escalade, Inc		6
1,079		Ethan Allen Interiors, Inc		40
131		Flexsteel Industries, Inc		8

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,713	*	Fossil Group, Inc	$	44
4,328		Garmin Ltd		210
1,666	*	G-III Apparel Group Ltd		49
4,066	*,e	GoPro, Inc		35
992	*	Green Brick Partners, Inc		10
14,979		Hanesbrands, Inc		323
2,760		Harman International Industries, Inc		307
4,413		Hasbro, Inc		343
1,152	*	Helen of Troy Ltd		97
359		Hooker Furniture Corp		14
4,761	*	Hovnanian Enterprises, Inc (Class A)		13
2,023	*	Iconix Brand Group, Inc		19
844	*	Installed Building Products Inc		35
1,204	*	iRobot Corp		70
816	*,e	Jakks Pacific, Inc		4
232		Johnson Outdoors, Inc		9
5,284	*	Kate Spade & Co		99
3,463		KB Home		55
2,017		La-Z-Boy, Inc		63
5,497		Leggett & Platt, Inc		269
420		Lennar Corp (B Shares)		14
7,356		Lennar Corp (Class A)		316
624	*,e	LGI Homes, Inc		18
847		Libbey, Inc		16
362		Lifetime Brands, Inc		6
4,017	*	Lululemon Athletica, Inc		261
862	*	M/I Homes, Inc		22
776	*	Malibu Boats Inc		15
441		Marine Products Corp		6
13,559		Mattel, Inc		374
302		MCBC Holdings, Inc		4
1,720		MDC Holdings, Inc		44
1,569	*	Meritage Homes Corp		55
6,578	*	Michael Kors Holdings Ltd		283
2,398	*	Mohawk Industries, Inc		479
638		Movado Group, Inc		18
182		Nacco Industries, Inc (Class A)		16
1,389	*	Nautilus, Inc		26
556	*	New Home Co Inc		6
18,816		Newell Rubbermaid, Inc		840
53,182		Nike, Inc (Class B)		2,703
133	*	NVR, Inc		222
621		Oxford Industries, Inc		37
546	*	Perry Ellis International, Inc		14
3,160		Phillips-Van Heusen Corp		285
2,458	e	Polaris Industries, Inc		202
1,632		Pool Corp		170
14,030		Pulte Homes, Inc		258
2,365		Ralph Lauren Corp		214
1,607	*,e	Sequential Brands Group, Inc		7
5,202	*	Skechers U.S.A., Inc (Class A)		128
–	*,e	Smith & Wesson Holding Corp		0	^
2,386	*	Steven Madden Ltd		85
794	e	Sturm Ruger & Co, Inc		42
295		Superior Uniform Group, Inc		6
1,381	*	Taylor Morrison Home Corp		27
2,208	*,e	Tempur-Pedic International, Inc		151
6,395	*	Toll Brothers, Inc		198
1,636	*	TopBuild Corp		58
6,138	*	TRI Pointe Homes, Inc		70
1,991		Tupperware Corp		105
7,517	*	Under Armour, Inc		189
7,579	e	Under Armour, Inc (Class A)		220
700	*	Unifi, Inc		23

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
585	*	Universal Electronics, Inc	$	38
1,001	*	Vera Bradley, Inc		12
13,663		VF Corp		729
649	*,e	Vince Holding Corp		3
2,174	*	Vista Outdoor, Inc		80
896	*	WCI Communities, Inc		21
378		Weyco Group, Inc		12
2,964		Whirlpool Corp		539
638	*,e	William Lyon Homes, Inc		12
3,989		Wolverine World Wide, Inc		88
1,093	*	Zagg, Inc		8
		TOTAL CONSUMER DURABLES & APPAREL		13,470
CONSUMER SERVICES - 2.1%
675	*	American Public Education, Inc		17
3,556	*	Apollo Group, Inc (Class A)		35
8,896		ARAMARK Holdings Corp		318
650	*	Ascent Media Corp (Series A)		11
2,607	*	Belmond Ltd.		35
915	*	BJ’s Restaurants, Inc		36
4,131		Bloomin’ Brands, Inc		74
538		Bob Evans Farms, Inc		29
353	*	Bojangles’, Inc		7
3,388	*	Boyd Gaming Corp		68
877	*	Bridgepoint Education, Inc		9
1,504	*	Bright Horizons Family Solutions		105
2,294		Brinker International, Inc		114
711	*	Buffalo Wild Wings, Inc		110
2,101	*	Caesars Acquisition Co		28
1,990	*,e	Caesars Entertainment Corp		17
428		Capella Education Co		38
3,103	*	Career Education Corp		31
16,343		Carnival Corp		851
741		Carriage Services, Inc		21
1,619	*	Carrols Restaurant Group, Inc		25
1,867		Cheesecake Factory		112
3,194	*,e	Chegg, Inc		24
1,147	*	Chipotle Mexican Grill, Inc (Class A)		433
1,471		Choice Hotels International, Inc		82
595		Churchill Downs, Inc		89
751	*	Chuy’s Holdings, Inc		24
2,643		ClubCorp Holdings, Inc		38
328		Collectors Universe		7
789	e	Cracker Barrel Old Country Store, Inc		132
4,577		Darden Restaurants, Inc		333
1,563	*	Dave & Buster’s Entertainment, Inc		88
1,033	*	Del Frisco’s Restaurant Group, Inc		18
317	*	Del Taco Restaurants, Inc		4
3,544	*	Denny’s Corp		45
2,577	e	DeVry Education Group, Inc		80
740		DineEquity, Inc		57
1,949		Domino’s Pizza, Inc		310
3,806		Dunkin Brands Group, Inc		200
809	*	El Pollo Loco Holdings, Inc		10
1,192	*,e	Eldorado Resorts, Inc		20
2,534		Extended Stay America, Inc		41
1,193	*	Fiesta Restaurant Group, Inc		36
217	*	Fogo De Chao, Inc		3
412		Golden Entertainment, Inc		5
179		Graham Holdings Co		92
1,857	*	Grand Canyon Education, Inc		108
8,637		H&R Block, Inc		199
480	*,e	Habit Restaurants, Inc		8

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
21,071		Hilton Worldwide Holdings, Inc	$	573
5,091	*	Houghton Mifflin Harcourt Co		55
900	*	Hyatt Hotels Corp		50
4,720		ILG, Inc		86
3,625		International Game Technology plc		92
1,188		International Speedway Corp (Class A)		44
634	*	Intrawest Resorts Holdings Inc		11
1,142	*	Isle of Capri Casinos, Inc		28
596	*	J Alexander’s Holdings, Inc		6
1,344		Jack in the Box, Inc		150
649	*,e	Jamba, Inc		7
1,518	*	K12, Inc		26
343	*,e	Kona Grill, Inc		4
3,967	*	La Quinta Holdings, Inc		56
14,568		Las Vegas Sands Corp		778
203		Liberty Tax, Inc		3
3,463	*	LifeLock, Inc		83
608	*	Lindblad Expeditions Holdings, Inc		6
754	*	Luby’s, Inc		3
840		Marcus Corp		26
12,920		Marriott International, Inc (Class A)		1,068
924		Marriott Vacations Worldwide Corp		78
33,561		McDonald’s Corp		4,085
18,855	*	MGM Resorts International		544
388	*	Monarch Casino & Resort, Inc		10
133	*	Nathan’s Famous, Inc		9
400	*	Noodles & Co		2
6,600	*	Norwegian Cruise Line Holdings Ltd		281
939	*	Panera Bread Co (Class A)		193
1,121		Papa John’s International, Inc		96
3,355	*	Penn National Gaming, Inc		46
2,455	*	Pinnacle Entertainment, Inc		36
661		Planet Fitness, Inc		13
894	*	Popeyes Louisiana Kitchen, Inc		54
946	*	Potbelly Corp		12
638	*	Red Lion Hotels Corp		5
600	*	Red Robin Gourmet Burgers, Inc		34
618		Red Rock Resorts, Inc		14
282	*	Regis Corp		4
6,692		Royal Caribbean Cruises Ltd		549
3,070	*	Ruby Tuesday, Inc		10
1,588		Ruth’s Chris Steak House, Inc		29
1,968	*	Scientific Games Corp (Class A)		27
2,991		SeaWorld Entertainment, Inc		57
7,755		Service Corp International		220
5,597	*	ServiceMaster Global Holdings, Inc		211
645	*	Shake Shack, Inc		23
2,963		Six Flags Entertainment Corp		178
1,512		Sonic Corp		40
2,146	*	Sotheby’s (Class A)		85
581		Speedway Motorsports, Inc		13
57,525		Starbucks Corp		3,194
57	*	Steak N Shake Co		27
491	*	Strayer Education, Inc		40
3,813		Summit Hotel Properties, Inc		61
2,438		Texas Roadhouse, Inc (Class A)		118
1,428		Vail Resorts, Inc		230
1,142	*,e	Weight Watchers International, Inc		13
8,703		Wendy’s		118
657	e	Wingstop, Inc		19
4,383		Wyndham Worldwide Corp		335
3,163		Wynn Resorts Ltd		274
14,056	*	Yum China Holdings, Inc		367
13,864		Yum! Brands, Inc		878

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
805	*	Zoe’s Kitchen, Inc	$	19
		TOTAL CONSUMER SERVICES		20,383
DIVERSIFIED FINANCIALS - 4.5%
2,230	*	Affiliated Managers Group, Inc		324
755		AG Mortgage Investment Trust		13
13,655		AGNC Investment Corp		248
17,373		Ally Financial, Inc		330
2,339		Altisource Residential Corp		26
32,077		American Express Co		2,376
6,314		Ameriprise Financial, Inc		700
41,157		Annaly Capital Management, Inc		410
4,519		Anworth Mortgage Asset Corp		23
2,842		Apollo Commercial Real Estate Finance, Inc		47
1,288		Ares Commercial Real Estate Corp		18
727	e	Arlington Asset Investment Corp (Class A)		11
1,518	e	ARMOUR Residential REIT, Inc		33
1,509		Artisan Partners Asset Management, Inc		45
269		Associated Capital Group, Inc		9
382		B. Riley Financial, Inc		7
42,096		Bank of New York Mellon Corp		1,995
6,642		BGC Partners, Inc (Class A)		68
5,020		BlackRock, Inc		1,910
953		Calamos Asset Management, Inc (Class A)		8
19,463		Capital One Financial Corp		1,698
1,519		Capstead Mortgage Corp		15
3,057		CBOE Holdings, Inc		226
46,895		Charles Schwab Corp		1,851
6,703		Chimera Investment Corp		114
13,629		CME Group, Inc		1,572
853		Cohen & Steers, Inc		29
4,557		Colony Financial, Inc		92
1,050	*,e	Cowen Group, Inc		16
358	*,e	Credit Acceptance Corp		78
6,273		CYS Investments, Inc		48
118		Diamond Hill Investment Group, Inc		25
16,457		Discover Financial Services		1,186
1,075	*	Donnelley Financial Solutions, Inc		25
1,860		Dynex Capital, Inc		13
11,575	*	E*TRADE Financial Corp		401
4,168		Eaton Vance Corp		175
978	*	Encore Capital Group, Inc		28
1,226	*	Enova International, Inc		15
1,452		Evercore Partners, Inc (Class A)		100
2,322	*	Ezcorp, Inc (Class A)		25
1,535		Factset Research Systems, Inc		251
3,877		Federated Investors, Inc (Class B)		110
2,248		Financial Engines, Inc		83
1,945		FirstCash, Inc		91
3,451	*	FNFV Group		47
14,449		Franklin Resources, Inc		572
1,532		Gain Capital Holdings, Inc		10
181		GAMCO Investors, Inc (Class A)		6
15,524		Goldman Sachs Group, Inc		3,717
416		Great Ajax Corp		6
1,775	*	Green Dot Corp		42
1,124		Greenhill & Co, Inc		31
1,379		Hannon Armstrong Sustainable Infrastructure Capital, Inc		26
517		Houlihan Lokey, Inc		16
2,624		Interactive Brokers Group, Inc (Class A)		96
23,692		IntercontinentalExchange Group, Inc		1,337
675	*	INTL FCStone, Inc		27
16,540		Invesco Ltd		502
4,617		Invesco Mortgage Capital, Inc		67

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,434		Investment Technology Group, Inc	$	28
22,926	e	iShares Russell 3000 Index Fund		3,049
2,991	*	iStar Financial, Inc		37
6,087		Janus Capital Group, Inc		81
1,997	*	KCG Holdings, Inc		26
1,570		Ladder Capital Corp		22
5,033	*	Ladenburg Thalmann Financial Services, Inc		12
4,983		Lazard Ltd (Class A)		205
4,116		Legg Mason, Inc		123
13,480	*	LendingClub Corp		71
13,604		Leucadia National Corp		316
3,491		LPL Financial Holdings, Inc		123
1,519		MarketAxess Holdings, Inc		223
418		Marlin Business Services Corp		9
15,586		MFA Mortgage Investments, Inc		119
731		Moelis & Co		25
6,708		Moody’s Corp		632
57,674		Morgan Stanley		2,437
562		Morningstar, Inc		41
3,587		MSCI, Inc (Class A)		283
1,755		MTGE Investment Corp		28
4,411		NASDAQ OMX Group, Inc		296
13,657		Navient Corp		224
686		Nelnet, Inc (Class A)		35
8,336		New Residential Investment Corp		131
4,058		New York Mortgage Trust, Inc		27
959	*	NewStar Financial, Inc		9
8,220		Northern Trust Corp		732
6,989		NorthStar Asset Management Group, Inc		104
1,634		OM Asset Management plc		24
2,011	*	On Deck Capital, Inc		9
2,198	*	OneMain Holdings, Inc		49
448		Oppenheimer Holdings, Inc		8
387	e	Orchid Island Capital, Inc		4
2,603		PennyMac Mortgage Investment Trust		43
1,198	*	Pico Holdings, Inc		18
669	*	Piper Jaffray Cos		48
727		PJT Partners, Inc		22
1,888	*	PRA Group, Inc		74
527		Pzena Investment Management, Inc (Class A)		6
5,269		Raymond James Financial, Inc		365
3,160		Redwood Trust, Inc		48
231	*	Regional Management Corp		6
1,443	e	Resource Capital Corp		12
10,612		S&P Global, Inc		1,141
808	*	Safeguard Scientifics, Inc		11
3,870	*	Santander Consumer USA Holdings, Inc		52
5,102		SEI Investments Co		252
298		Silvercrest Asset Management Group, Inc		4
17,941	*	SLM Corp		198
12,289		SPDR Trust Series 1		2,747
9,612		Starwood Property Trust, Inc		211
15,874		State Street Corp		1,234
2,659	*	Stifel Financial Corp		133
33,543		Synchrony Financial		1,217
9,759		T Rowe Price Group, Inc		734
9,980		TD Ameritrade Holding Corp		435
1,255		Tiptree Financial, Inc		8
8,777		Two Harbors Investment Corp		77
1,024		Virtu Financial, Inc		16
255		Virtus Investment Partners, Inc		30
8,295		Voya Financial, Inc		325
3,248		Waddell & Reed Financial, Inc (Class A)		63
1,871		Western Asset Mortgage Capital Corp		19

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
322		Westwood Holdings Group, Inc	$	19
4,611	e	WisdomTree Investments, Inc		51
276	*	World Acceptance Corp		18
		TOTAL DIVERSIFIED FINANCIALS		42,549
ENERGY - 6.9%
4,200	*	Abraxas Petroleum Corp		11
99		Adams Resources & Energy, Inc		4
1,327		Alon USA Energy, Inc		15
22,684		Anadarko Petroleum Corp		1,582
6,765	*	Antero Resources Corp		160
15,738		Apache Corp		999
2,935		Archrock, Inc		39
624	e	Ardmore Shipping Corp		5
2,529	e	Atwood Oceanics, Inc		33
17,711		Baker Hughes, Inc		1,151
2,221	*	Bill Barrett Corp		16
1,469		Bristow Group, Inc		30
18,400		Cabot Oil & Gas Corp		430
1,309	*	California Resources Corp		28
4,954	*	Callon Petroleum Co		76
905	*	CARBO Ceramics, Inc		9
2,286	*	Carrizo Oil & Gas, Inc		85
8,023	*	Cheniere Energy, Inc		332
25,171	*	Chesapeake Energy Corp		177
75,704		Chevron Corp		8,910
3,804		Cimarex Energy Co		517
251	*	Clayton Williams Energy, Inc		30
3,211	*	Clean Energy Fuels Corp		9
5,406	*	Concho Resources, Inc		717
49,982		ConocoPhillips		2,506
9,664		Consol Energy, Inc		176
670	*	Contango Oil & Gas Co		6
3,512	*	Continental Resources, Inc		181
762	e	CVR Energy, Inc		19
852	*	Dawson Geophysical Co		7
2,390		Delek US Holdings, Inc		58
14,522	*	Denbury Resources, Inc		53
21,672		Devon Energy Corp		990
3,880		DHT Holdings, Inc		16
2,618	*,e	Diamond Offshore Drilling, Inc		46
2,958	*	Diamondback Energy, Inc		299
1,027	*,e	Dorian LPG Ltd		8
1,561	*	Dril-Quip, Inc		94
4,022	*	Energen Corp		232
11,576		Ensco plc		113
22,210		EOG Resources, Inc		2,245
1,448	*,e	EP Energy Corp		10
7,136		EQT Corp		467
891	*	Era Group, Inc		15
668		Evolution Petroleum Corp		7
1,467	*	Exterran Corp		35
1,417	*	Extraction Oil & Gas, Inc		28
167,773	d	Exxon Mobil Corp		15,143
2,595	*	Fairmount Santrol Holdings, Inc		31
9,000	*	FMC Technologies, Inc		320
2,423	*	Forum Energy Technologies, Inc		53
1,468	e	Frank’s International NV		18
1,176	e	Frontline Ltd		8
1,757		GasLog Ltd		28
877	*	Gener8 Maritime, Inc		4
626	*	Geospace Technologies Corp		13
3,789	e	Golar LNG Ltd		87

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,490		Green Plains Renewable Energy, Inc	$	42
5,190	*	Gulfport Energy Corp		112
34,396		Halliburton Co		1,860
4,809	*	Helix Energy Solutions Group, Inc		42
4,028		Helmerich & Payne, Inc		312
11,685		Hess Corp		728
6,919		HollyFrontier Corp		227
1,338	*,e	Hornbeck Offshore Services, Inc		10
1,312	*	Independence Contract Drilling, Inc		9
278	*	International Seaways, Inc		4
61	*	Isramco, Inc		8
1,048	*,e	Jones Energy, Inc (Class A)		5
77,233		Kinder Morgan, Inc		1,600
6,492	*	Kosmos Energy LLC		46
5,583	*	Laredo Petroleum Holdings, Inc		79
35,161		Marathon Oil Corp		609
21,229		Marathon Petroleum Corp		1,069
3,403	*	Matador Resources Co		88
1,193	*	Matrix Service Co		27
9,887	*	McDermott International, Inc		73
7,011		Murphy Oil Corp		218
11,421		Nabors Industries Ltd		187
15,151		National Oilwell Varco, Inc		567
561	*	Natural Gas Services Group, Inc		18
3,582		Navios Maritime Acq Corp		6
8,207	*	Newfield Exploration Co		332
3,910	*	Newpark Resources, Inc		29
9,860		Noble Corp plc		58
17,585		Noble Energy, Inc		669
3,925	e	Nordic American Tanker Shipping		33
3,091		*,e Northern Oil And Gas, Inc		9
9,279	*	Oasis Petroleum, Inc		140
30,831	*	Occidental Petroleum Corp		2,196
4,264		Oceaneering International, Inc		120
2,073	*	Oil States International, Inc		81
8,715		Oneok, Inc		500
836		Overseas Shipholding Group, Inc		3
656	*	Pacific Ethanol, Inc		6
648		Panhandle Oil and Gas, Inc (Class A)		15
1,291	*	Par Pacific Holdings, Inc		19
5,410	*	Parker Drilling Co		14
5,614	*	Parsley Energy, Inc		198
5,358		Patterson-UTI Energy, Inc		144
4,046		PBF Energy, Inc		113
1,898	*	PDC Energy, Inc		138
620	*	PHI, Inc		11
18,159		Phillips 66		1,569
2,681	*	Pioneer Energy Services Corp		18
6,619		Pioneer Natural Resources Co		1,192
8,935	*	Questar Market Resources, Inc		165
8,003		Range Resources Corp		275
1,773	*	Renewable Energy Group, Inc		17
234	*	Rex American Resources Corp		23
6,178	*	Rice Energy, Inc		132
611	*	RigNet, Inc		14
843	*	Ring Energy, Inc		11
5,316	*	Rowan Cos plc		100
2,428	e	RPC, Inc		48
3,102	*	RSP Permian, Inc		138
2,020	*,e	Sanchez Energy Corp		18
56,028		Schlumberger Ltd		4,704
6,794		Scorpio Tankers, Inc		31
825	*	SEACOR Holdings, Inc		59
15,354	*,e	Seadrill Ltd		52

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,826		SemGroup Corp	$	76
2,365	e	Ship Finance International Ltd		35
3,872		SM Energy Co		134
412	*	Smart Sand, Inc		7
20,086	*	Southwestern Energy Co		217
28,111		Spectra Energy Corp		1,155
6,374		Superior Energy Services		108
7,633	*	Synergy Resources Corp		68
6,143		Targa Resources Investments, Inc		344
2,010	e	Teekay Corp		16
3,273		Teekay Tankers Ltd (Class A)		7
1,519	*	Tesco Corp		13
4,846		Tesoro Corp		424
3,896	*	Tetra Technologies, Inc		20
1,810	*,e	Tidewater, Inc		6
12,872	*	Transocean Ltd (NYSE)		190
2,246	*	Unit Corp		60
2,430		US Silica Holdings Inc		138
18,891		Valero Energy Corp		1,291
1,693	*,e	W&T Offshore, Inc		5
37,057	*	Weatherford International Ltd		185
2,997		Western Refining, Inc		113
783	*	Westmoreland Coal Co		14
8,077	*	Whiting Petroleum Corp		97
1,880	*	Willbros Group, Inc		6
27,853		Williams Cos, Inc		867
2,866		World Fuel Services Corp		132
11,391	*	WPX Energy, Inc		166
		TOTAL ENERGY		65,915
FOOD & STAPLES RETAILING - 1.8%
1,108		Andersons, Inc		50
1,611		Casey’s General Stores, Inc		192
776	*	Chefs’ Warehouse Holdings, Inc		12
17,576		Costco Wholesale Corp		2,814
43,216		CVS Health Corp		3,410
555		Ingles Markets, Inc (Class A)		27
38,321		Kroger Co		1,322
345	*	Natural Grocers by Vitamin C		4
1,392	*	Performance Food Group Co		33
821		Pricesmart, Inc		69
39,904	*	Rite Aid Corp		329
1,024	*	Smart & Final Stores, Inc		14
1,537		Spartan Stores, Inc		61
5,409	*	Sprouts Farmers Market, Inc		102
10,836	*	Supervalu, Inc		51
21,104		Sysco Corp		1,169
2,032	*	United Natural Foods, Inc		97
1,110	*	US Foods Holding Corp		30
292		Village Super Market (Class A)		9
34,649		Walgreens Boots Alliance, Inc		2,868
61,014		Wal-Mart Stores, Inc		4,217
145		Weis Markets, Inc		10
12,526		Whole Foods Market, Inc		385
		TOTAL FOOD & STAPLES RETAILING		17,275
FOOD, BEVERAGE & TOBACCO - 4.7%
827		AdvancePierre Foods Holdings, Inc		25
136		Alico, Inc		4
298	*	Alliance One International, Inc		6
78,791		Altria Group, Inc		5,328
1,205	*,e	Amplify Snack Brands, Inc		11
22,954		Archer Daniels Midland Co		1,048

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,348		B&G Foods, Inc (Class A)	$	103
2,484	*	Blue Buffalo Pet Products, Inc		60
269	*	Boston Beer Co, Inc (Class A)		46
1,940		Brown-Forman Corp		90
7,882		Brown-Forman Corp (Class B)		354
5,491		Bunge Ltd		397
583		Calavo Growers, Inc		36
1,263	e	Cal-Maine Foods, Inc		56
7,438		Campbell Soup Co		450
199		Coca-Cola Bottling Co Consolidated		36
156,468		Coca-Cola Co		6,487
17,373		ConAgra Foods, Inc		687
6,748		Constellation Brands, Inc (Class A)		1,035
418	*	Craft Brewers Alliance, Inc		7
6,734	*	Darling International, Inc		87
3,987		Dean Foods Co		87
7,474		Dr Pepper Snapple Group, Inc		678
288	*	Farmer Bros Co		11
7,167		Flowers Foods, Inc		143
1,315		Fresh Del Monte Produce, Inc		80
901	*	Freshpet, Inc		9
23,786		General Mills, Inc		1,469
3,864	*	Hain Celestial Group, Inc		151
5,637		Hershey Co		583
10,672	*	Hormel Foods Corp		371
2,973		Ingredion, Inc		371
649	*,e	Inventure Foods, Inc		6
614		J&J Snack Foods Corp		82
4,566		J.M. Smucker Co		585
368		John B. Sanfilippo & Son, Inc		26
9,971		Kellogg Co		735
23,901		Kraft Heinz Co		2,087
5,927	*	Lamb Weston Holdings, Inc		224
744		Lancaster Colony Corp		105
1,289	*	Landec Corp		18
179	*	Lifeway Foods, Inc		2
443		Limoneira Co		10
4,597		McCormick & Co, Inc		429
7,467		Mead Johnson Nutrition Co		528
476		Mgp Ingredients, Inc		24
6,880		Molson Coors Brewing Co (Class B)		669
60,257		Mondelez International, Inc		2,671
16,740	*	Monster Beverage Corp		742
505	*,e	National Beverage Corp		26
996	*	Omega Protein Corp		25
58,026		PepsiCo, Inc		6,071
62,448		Philip Morris International, Inc		5,714
2,436		Pilgrim’s Pride Corp		46
4,776		Pinnacle Foods, Inc		255
2,482	*	Post Holdings, Inc		199
845	*	Primo Water Corp		10
33,235		Reynolds American, Inc		1,862
822	e	Sanderson Farms, Inc		77
11	*	Seaboard Corp		43
365	*	Seneca Foods Corp		15
3,317		Snyder’s-Lance, Inc		127
889	*,e	Synutra International, Inc		5
716	e	Tootsie Roll Industries, Inc		28
2,265	*	TreeHouse Foods, Inc		163
11,699		Tyson Foods, Inc (Class A)		722
821		Universal Corp		52
3,811	e	Vector Group Ltd		87
7,197	*	WhiteWave Foods Co (Class A)		400
		TOTAL FOOD, BEVERAGE & TOBACCO		45,176

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 4.8%
338	*,e	AAC Holdings, Inc	$	2
1,018		Abaxis, Inc		54
59,134		Abbott Laboratories		2,271
1,560	*	Abiomed, Inc		176
3,023	*	Acadia Healthcare Co, Inc		100
3,073	*	Accuray, Inc		14
1,212		Aceto Corp		27
255	*	Addus HomeCare Corp		9
500	*,e	Adeptus Health, Inc		4
13,594		Aetna Inc		1,686
1,468	*	Air Methods Corp		47
3,570	*	Alere, Inc		139
2,827	*	Align Technology, Inc		272
7,667	*	Allscripts Healthcare Solutions, Inc		78
380	*	Almost Family, Inc		17
1,243	*	Amedisys, Inc		53
368	*,e	American Renal Associates Holdings, Inc		8
7,145		AmerisourceBergen Corp		559
2,008	*	AMN Healthcare Services, Inc		77
558		Analogic Corp		46
1,310	*	Angiodynamics, Inc		22
566	*	Anika Therapeutics, Inc		28
10,618		Anthem, Inc		1,527
1,615	*	athenahealth, Inc		170
1,229	*	AtriCure, Inc		24
64		Atrion Corp		32
480	*,e	Avinger, Inc		2
1,009	*	AxoGen, Inc		9
2,955		Bard (C.R.), Inc		664
19,938		Baxter International, Inc		884
8,402		Becton Dickinson & Co		1,391
2,663	*,e	BioScrip, Inc		3
1,148	*	BioTelemetry, Inc		26
53,804	*	Boston Scientific Corp		1,164
7,774	*	Brookdale Senior Living, Inc		97
1,496		Cantel Medical Corp		118
1,396	*	Capital Senior Living Corp		22
13,170		Cardinal Health, Inc		948
1,207	*	Cardiovascular Systems, Inc		29
1,380	*	Castlight Health, Inc		7
6,793	*	Centene Corp		384
11,877	*	Cerner Corp		563
4,212	*	Cerus Corp		18
584		Chemed Corp		94
10,240		Cigna Corp		1,366
504	*	Civitas Solutions, Inc		10
3,787	*	Community Health Systems, Inc		21
481	e	Computer Programs & Systems, Inc		11
1,529	*,e	ConforMIS, Inc		12
1,202		Conmed Corp		53
1,970		Cooper Cos, Inc		345
514	*	Corvel Corp		19
215	*	Cotiviti Holdings, Inc		7
1,273	*	Cross Country Healthcare, Inc		20
1,413	*	CryoLife, Inc		27
593	*	Cutera, Inc		10
943	*	Cynosure, Inc (Class A)		43
6,941	*	DaVita, Inc		446
9,201		DENTSPLY SIRONA, Inc		531
3,382	*	DexCom, Inc		202
1,886	*	Diplomat Pharmacy, Inc		24
8,431	*	Edwards Lifesciences Corp		790

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,300	*	Endologix, Inc	$	19
2,136		Ensign Group, Inc		47
221	*	Entellus Medical, Inc		4
4,833	*	Envision Healthcare Corp		306
560	*	Evolent Health, Inc		8
408	*	Exactech, Inc		11
25,461	*	Express Scripts Holding Co		1,751
1,393	*	Genesis Health Care, Inc		6
1,865	*	GenMark Diagnostics, Inc		23
683	*	Glaukos Corp		23
2,899	*	Globus Medical, Inc		72
2,236	*	Haemonetics Corp		90
2,049	*	Halyard Health, Inc		76
12,362	*	HCA Holdings, Inc		915
1,772	*	HealthEquity, Inc		72
3,639		Healthsouth Corp		150
1,071	*	HealthStream, Inc		27
1,449	*	Healthways, Inc		33
3,257	*	Henry Schein, Inc		494
2,407		Hill-Rom Holdings, Inc		135
2,713	*	HMS Holdings Corp		49
11,048	*	Hologic, Inc		443
5,959		Humana, Inc		1,216
604	*	ICU Medical, Inc		89
3,501	*	Idexx Laboratories, Inc		411
672	*	Inogen Inc		45
2,425	*	Inovalon Holdings, Inc		25
2,452	*	Insulet Corp		92
1,266	*	Integer Holding Corp		37
1,248	*	Integra LifeSciences Holdings Corp		107
1,511	*	Intuitive Surgical, Inc		958
1,548		Invacare Corp		20
1,103	*,e	InVivo Therapeutics Holdings Corp		5
169	*,e	iRadimed Corp		2
245	*,e	iRhythm Technologies, Inc		7
312	*	IRIDEX Corp		4
1,032	*	K2M Group Holdings, Inc		21
3,505		Kindred Healthcare, Inc		27
4,098	*	Laboratory Corp of America Holdings		526
498		Landauer, Inc		24
562		LeMaitre Vascular, Inc		14
593	*	LHC Group, Inc		27
1,324	*	LifePoint Hospitals, Inc		75
1,019	*	Magellan Health Services, Inc		77
1,687	*	Masimo Corp		114
9,018		McKesson Corp		1,267
1,990	*	Medidata Solutions, Inc		99
3,789	*	MEDNAX, Inc		253
56,502		Medtronic plc		4,025
1,883		Meridian Bioscience, Inc		33
1,836	*	Merit Medical Systems, Inc		49
1,772	*	Molina Healthcare, Inc		96
447		National Healthcare Corp		34
357		National Research Corp		7
1,466	*	Natus Medical, Inc		51
1,566	*	Neogen Corp		103
984	*	Nevro Corp		71
1,348	*,e	Nobilis Health Corp		3
2,085	*	Novocure Ltd		16
2,136	*	NuVasive, Inc		144
2,725	*	NxStage Medical, Inc		71
1,030	*	Omnicell, Inc		35
1,121	*	OraSure Technologies, Inc		10
861	*	Orthofix International NV		31

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,252		Owens & Minor, Inc	$	79
919	*	Oxford Immunotec Global plc		14
3,229		Patterson Cos, Inc		132
1,046	*	Penumbra, Inc		67
1,217	*	PharMerica Corp		31
1,297	*	Premier, Inc		39
495	*	Providence Service Corp		19
1,960		Quality Systems, Inc		26
5,631		Quest Diagnostics, Inc		517
1,220	*	Quidel Corp		26
1,200	*	Quorum Health Corp		9
1,510	*	RadNet, Inc		10
5,454		Resmed, Inc		338
1,891	*,e	Rockwell Medical, Inc		12
2,673	*	RTI Biologics, Inc		9
569	*,e	Second Sight Medical Products, Inc		1
4,065	*	Select Medical Holdings Corp		54
1,177	*	Senseonics Holdings, Inc		3
1,958	*	Spectranetics Corp		48
11,159		St. Jude Medical, Inc		895
1,741	*,e	Staar Surgical Co		19
13,489		Stryker Corp		1,616
643	*	Surgery Partners, Inc		10
955	*	Surgical Care Affiliates, Inc		44
723	*	SurModics, Inc		18
480	*,e	Tandem Diabetes Care, Inc		1
2,827	*	Team Health Holdings, Inc		123
846	*	Teladoc, Inc		14
1,809		Teleflex, Inc		291
3,638	*	Tenet Healthcare Corp		54
1,189	*,e	TransEnterix, Inc		1
948	*	Triple-S Management Corp (Class B)		20
37,786		UnitedHealth Group, Inc		6,047
2,394	*	Universal American Corp		24
3,547		Universal Health Services, Inc (Class B)		377
209		US Physical Therapy, Inc		15
149		Utah Medical Products, Inc		11
3,732	*	Varian Medical Systems, Inc		335
441	*	Vascular Solutions, Inc		25
3,169	*	VCA Antech, Inc		218
3,977	*	Veeva Systems, Inc		162
594	*	Veracyte, Inc		5
960	*	Vocera Communications, Inc		18
1,686	*	WellCare Health Plans, Inc		231
2,759		West Pharmaceutical Services, Inc		234
4,246	*	Wright Medical Group NV		98
1,444	*	Zeltiq Aesthetics, Inc		63
7,412		Zimmer Holdings, Inc		765
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		46,045
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
18,515	*	Avon Products, Inc		93
237	*	Central Garden & Pet Co		8
1,366	*	Central Garden and Pet Co (Class A)		42
10,460		Church & Dwight Co, Inc		462
5,141		Clorox Co		617
34,978		Colgate-Palmolive Co		2,289
18,480		Coty, Inc		338
2,330	*	Edgewell Personal Care Co		170
289	*	elf Beauty, Inc		8
2,560		Energizer Holdings, Inc		114
8,638		Estee Lauder Cos (Class A)		661
3,010	*,e	Herbalife Ltd		145

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,123	*	HRG Group, Inc	$	64
735		Inter Parfums, Inc		24
14,482		Kimberly-Clark Corp		1,653
352	*	Lifevantage Corp		3
571		Medifast, Inc		24
325		Natural Health Trends Corp		8
537		Nature’s Sunshine Products, Inc		8
2,285		Nu Skin Enterprises, Inc (Class A)		109
364	*	Nutraceutical International Corp		13
255		Oil-Dri Corp of America		10
289	e	Orchids Paper Products Co		8
102,979		Procter & Gamble Co		8,658
480	*	Revlon, Inc (Class A)		14
1,021		Spectrum Brands, Inc		125
426	*	USANA Health Sciences, Inc		26
577		WD-40 Co		68
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,762
INSURANCE - 4.3%
16,145		Aflac, Inc		1,124
599	*	Alleghany Corp		364
3,629		Allied World Assurance Co Holdings Ltd		195
14,894		Allstate Corp		1,104
1,490	*	AMBAC Financial Group, Inc		33
2,947		American Equity Investment Life Holding Co		66
2,826		American Financial Group, Inc		249
41,160		American International Group, Inc		2,688
284		American National Insurance Co		35
810		Amerisafe, Inc		50
3,256	*	Amtrust Financial Services, Inc		89
10,555		Aon plc		1,177
4,579	*	Arch Capital Group Ltd		395
1,301		Argo Group International Holdings Ltd		86
7,108		Arthur J. Gallagher & Co		369
2,585		Aspen Insurance Holdings Ltd		142
2,350		Assurant, Inc		218
5,264		Assured Guaranty Ltd		199
493	*	Atlas Financial Holdings, Inc		9
3,814		Axis Capital Holdings Ltd		249
422		Baldwin & Lyons, Inc (Class B)		11
76,136	*	Berkshire Hathaway, Inc (Class B)		12,409
265		Blue Capital Reinsurance Holdings Ltd		5
4,884		Brown & Brown, Inc		219
18,612		Chubb Ltd		2,459
5,924		Cincinnati Financial Corp		449
2,162	*,e	Citizens, Inc (Class A)		21
1,136		CNA Financial Corp		47
7,386		Conseco, Inc		141
723	e	Crawford & Co (Class B)		9
406		Donegal Group, Inc (Class A)		7
746	*	eHealth, Inc		8
252		EMC Insurance Group, Inc		8
1,381		Employers Holdings, Inc		55
2,491		Endurance Specialty Holdings Ltd		230
469	*	Enstar Group Ltd		93
983		Erie Indemnity Co (Class A)		111
1,629		Everest Re Group Ltd		352
125		FBL Financial Group, Inc (Class A)		10
485		Federated National Holding Co		9
471		Fidelity & Guaranty Life		11
4,423		First American Financial Corp		162
10,872		FNF Group		369
21,064	*	Genworth Financial, Inc (Class A)		80

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
417	*	Global Indemnity Ltd	$	16
1,299	*	Greenlight Capital Re Ltd (Class A)		30
368	*	Hallmark Financial Services		4
1,754		Hanover Insurance Group, Inc		160
15,739		Hartford Financial Services Group, Inc		750
290		HCI Group, Inc		11
1,074		Heritage Insurance Holdings, Inc		17
1,816		Horace Mann Educators Corp		78
392		Independence Holding Co		8
439		Infinity Property & Casualty Corp		39
62		Investors Title Co		10
597		James River Group Holdings Ltd		25
1,401		Kemper Corp		62
9,834		Lincoln National Corp		652
10,894		Loews Corp		510
2,294		Maiden Holdings Ltd		40
544	*	Markel Corp		492
20,906		Marsh & McLennan Cos, Inc		1,413
3,498	*	MBIA, Inc		37
1,146		Mercury General Corp		69
37,472		Metlife, Inc		2,019
1,991		National General Holdings Corp		50
92		National Western Life Group, Inc		29
460		Navigators Group, Inc		54
10,025		Old Republic International Corp		190
823		OneBeacon Insurance Group Ltd (Class A)		13
378	*,e	Patriot National, Inc		2
1,934		Primerica, Inc		134
10,681		Principal Financial Group		618
1,787		ProAssurance Corp		100
23,091		Progressive Corp		820
17,676		Prudential Financial, Inc		1,839
2,540		Reinsurance Group of America, Inc (Class A)		320
1,702		RenaissanceRe Holdings Ltd		232
1,544		RLI Corp		97
591		Safety Insurance Group, Inc		44
2,545		Selective Insurance Group, Inc		110
630		State Auto Financial Corp		17
1,279		State National Cos, Inc		18
1,090		Stewart Information Services Corp		50
2,745	*	Third Point Reinsurance Ltd		32
4,709		Torchmark Corp		347
11,710		Travelers Cos, Inc		1,433
703	*,e	Trupanion, Inc		11
1,001		United Fire & Casualty Co		49
739		United Insurance Holdings Corp		11
1,340		Universal Insurance Holdings, Inc		38
9,851		UnumProvident Corp		433
3,104		Validus Holdings Ltd		171
3,784		W.R. Berkley Corp		252
177		White Mountains Insurance Group Ltd		148
11,073		XL Group Ltd		413
		TOTAL INSURANCE		40,633
MATERIALS - 3.3%
1,236		A. Schulman, Inc		41
1,237	*	AdvanSix, Inc		27
185	e	AEP Industries, Inc		21
7,861		Air Products & Chemicals, Inc		1,131
12,405	*	AK Steel Holding Corp		127
4,468		Albemarle Corp		385
5,991		Alcoa Corp		168
4,614	e	Allegheny Technologies, Inc		73
1,339		American Vanguard Corp		26

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,561		Aptargroup, Inc	$	188
2,572		Ashland Global Holdings, Inc		281
3,690		Avery Dennison Corp		259
6,300	*	Axalta Coating Systems Ltd		171
1,365		Balchem Corp		115
6,862		Ball Corp		515
3,500		Bemis Co, Inc		167
4,981	*	Berry Plastics Group, Inc		243
1,581	*	Boise Cascade Co		36
2,534		Cabot Corp		128
2,460		Calgon Carbon Corp		42
1,911		Carpenter Technology Corp		69
5,780		Celanese Corp (Series A)		455
2,103	*	Century Aluminum Co		18
9,471		CF Industries Holdings, Inc		298
284		Chase Corp		24
7,294		Chemours Co		161
2,635	*	Chemtura		87
724	*	Clearwater Paper Corp		47
8,776	*,e	Cliffs Natural Resources, Inc		74
1,314	*	Codexis, Inc		6
5,932	*	Coeur Mining, Inc		54
4,728		Commercial Metals Co		103
1,427		Compass Minerals International, Inc		112
5,210*		Crown Holdings, Inc		274
439		Deltic Timber Corp		34
2,575		Domtar Corp		100
45,173		Dow Chemical Co		2,585
1,937		Eagle Materials, Inc		191
5,990		Eastman Chemical Co		451
10,468		Ecolab, Inc		1,227
35,215		EI du Pont de Nemours & Co		2,585
3,191	*	Ferro Corp		46
2,943		Ferroglobe plc		32
2,943	*,m	Ferroglobe plc + Warranty		0	^
1,776	*,e	Flotek Industries, Inc		17
5,270		FMC Corp		298
596	*	Forterra, Inc		13
53,242	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		702
954		FutureFuel Corp		13
3,109	*	GCP Applied Technologies, Inc		83
2,189		Gold Resource Corp		10
13,219		Graphic Packaging Holding Co		165
203		Greif, Inc		14
1,060		Greif, Inc (Class A)		54
2,060		H.B. Fuller Co		100
137	*	Handy & Harman Ltd		3
459		Hawkins, Inc		25
501		Haynes International, Inc		22
3,320	*	Headwaters, Inc		78
14,849		Hecla Mining Co		78
8,201		Huntsman Corp		156
1,764	*	Ingevity Corp		97
803		Innophos Holdings, Inc		42
974		Innospec, Inc		67
3,168		International Flavors & Fragrances, Inc		373
16,296		International Paper Co		865
722		Kaiser Aluminum Corp		56
3,552		Kapstone Paper and Packaging Corp		78
329		KMG Chemicals, Inc		13
850	*	Koppers Holdings, Inc		34
1,207	*	Kraton Polymers LLC		34
1,114		Kronos Worldwide, Inc		13

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,138	*	Louisiana-Pacific Corp	$	97
901	*,e	LSB Industries, Inc		8
13,899		LyondellBasell Industries AF S.C.A		1,192
2,614		Martin Marietta Materials, Inc		579
864		Materion Corp		34
1,470		Minerals Technologies, Inc		114
17,521		Monsanto Co		1,843
13,995		Mosaic Co		410
710	*	Multi Packaging Solutions International Ltd		10
871		Myers Industries, Inc		12
685		Neenah Paper, Inc		58
302		NewMarket Corp		128
21,568		Newmont Mining Corp		735
13,088		Nucor Corp		779
6,869		Olin Corp		176
395		Olympic Steel, Inc		10
1,779	*	Omnova Solutions, Inc		18
6,677	*	Owens-Illinois, Inc		116
3,875		Packaging Corp of America		329
1,827		PH Glatfelter Co		44
5,829	*	Platform Specialty Products Corp		57
3,457		PolyOne Corp		111
10,623		PPG Industries, Inc		1,007
11,429		Praxair, Inc		1,339
529		Quaker Chemical Corp		68
1,744		Rayonier Advanced Materials, Inc		27
1,041	*	Real Industry, Inc		6
2,599		Reliance Steel & Aluminum Co		207
2,719		Royal Gold, Inc		172
5,399		RPM International, Inc		291
153	*	Ryerson Holding Corp		2
1,183		Schnitzer Steel Industries, Inc (Class A)		30
1,285		Schweitzer-Mauduit International, Inc		59
1,899		Scotts Miracle-Gro Co (Class A)		181
7,868		Sealed Air Corp		357
1,682		Sensient Technologies Corp		132
3,235		Sherwin-Williams Co		869
1,724		Silgan Holdings, Inc		88
4,152		Sonoco Products Co		219
2,884		Southern Copper Corp (NY)		92
9,711		Steel Dynamics, Inc		346
834		Stepan Co		68
5,038	*	Stillwater Mining Co		81
1,872	*	Summit Materials, Inc		45
2,967	*	SunCoke Energy, Inc		34
11,807		Tahoe Resources, Inc		111
1,733	*	TimkenSteel Corp		27
970	*	Trecora Resources		13
1,164		Tredegar Corp		28
819		Trinseo S.A.		49
2,723		Tronox Ltd		28
66		United States Lime & Minerals, Inc		5
5,639		United States Steel Corp		186
545	*,e	US Concrete, Inc		36
3,064		Valspar Corp		317
1,212		Valvoline, Inc		26
5,309		Vulcan Materials Co		664
1,567		Westlake Chemical Corp		88
10,072		WestRock Co		511
1,910		Worthington Industries, Inc		91
2,838		WR Grace & Co		192
		TOTAL MATERIALS		31,632

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
MEDIA - 3.0%
1,283	e	AMC Entertainment Holdings, Inc	$	43
2,276	*	AMC Networks, Inc		119
165		Cable One, Inc		103
15,386		CBS Corp (Class B)		979
3,461	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		9
8,080	*	Charter Communications, Inc		2,326
4,394		Cinemark Holdings, Inc		169
1,723		Clear Channel Outdoor Holdings, Inc (Class A)		9
96,855		Comcast Corp (Class A)		6,688
46	*,e	Daily Journal Corp		11
6,207	*	Discovery Communications, Inc (Class A)		170
9,025	*	Discovery Communications, Inc (Class C)		242
8,842	*	DISH Network Corp (Class A)		512
1,252		Entercom Communications Corp (Class A)		19
2,637		Entravision Communications Corp (Class A)		18
798	*,e	Eros International plc		10
2,606	*	EW Scripps Co (Class A)		50
4,815		Gannett Co, Inc		47
1,656	*	Global Eagle Entertainment, Inc		11
2,680	*	Gray Television, Inc		29
408	*,e	Hemisphere Media Group, Inc		5
2,551	*	Imax Corp		80
15,824		Interpublic Group of Cos, Inc		370
1,843		John Wiley & Sons, Inc (Class A)		100
428	*	Liberty Braves Group (Class A)		9
1,434	*	Liberty Braves Group (Class C)		29
1,046	*	Liberty Broadband Corp (Class A)		76
3,782	*	Liberty Broadband Corp (Class C)		280
1,072	*	Liberty Media Group (Class A)		34
2,092	*	Liberty Media Group (Class C)		66
3,755	*	Liberty SiriusXM Group (Class A)		130
7,166	*	Liberty SiriusXM Group (Class C)		243
4,371	*,e	Lions Gate Entertainment Corp		107
2,000	*,e	Lions Gate Entertainment Corp		54
5,383	*	Live Nation, Inc		143
546	*	Loral Space & Communications, Inc		22
751	*	Madison Square Garden Co		129
2,109		MDC Partners, Inc		14
4,469	*	Media General, Inc		84
1,545		Meredith Corp		91
2,602	*	MSG Networks, Inc		56
2,714		National CineMedia, Inc		40
1,709		New Media Investment Group, Inc		27
3,590		New York Times Co (Class A)		48
14,434		News Corp		165
4,202		News Corp (Class B)		50
1,218	e	Nexstar Broadcasting Group, Inc (Class A)		77
9,450		Omnicom Group, Inc		804
888	*,e	Radio One, Inc		3
787	*	Reading International, Inc		13
3,573		Regal Entertainment Group (Class A)		74
175		Saga Communications, Inc		9
1,212		Scholastic Corp		58
3,406		Scripps Networks Interactive (Class A)		243
2,721		Sinclair Broadcast Group, Inc (Class A)		91
70,448	e	Sirius XM Holdings, Inc		313
9,000		TEGNA, Inc		192
11,882		Thomson Corp		520
31,654		Time Warner, Inc		3,056
4,296		Time, Inc		77
322	*	Townsquare Media, Inc		3
3,225		Tribune Co		113

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,096		tronc, Inc	$	15
43,546		Twenty-First Century Fox, Inc		1,221
19,364		Twenty-First Century Fox, Inc (Class B)		528
411	e	Viacom, Inc		16
13,700		Viacom, Inc (Class B)		481
65,460		Walt Disney Co		6,822
1,509		World Wrestling Entertainment, Inc (Class A)		28
		TOTAL MEDIA		28,773
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
65,276		AbbVie, Inc		4,088
3,739	*,e	Acadia Pharmaceuticals, Inc		108
987	*,e	Accelerate Diagnostics, Inc		20
1,131	*	Acceleron Pharma, Inc		29
1,583	*	AcelRx Pharmaceuticals, Inc		4
4,855	*	Achillion Pharmaceuticals, Inc		20
357	*	Aclaris Therapeutics, Inc		10
1,860	*	Acorda Therapeutics, Inc		35
711	*	Adamas Pharmaceuticals, Inc		12
1,933	*,e	Aduro Biotech, Inc		22
1,291	*,e	Advaxis, Inc		9
853	*	Adverum Biotechnologies, Inc		2
1,350	*	Aerie Pharmaceuticals, Inc		51
712	*	Aevi Genomic Medicine, Inc		4
2,830	*,e	Agenus, Inc		12
527	*	Agile Therapeutics, Inc		3
13,032		Agilent Technologies, Inc		594
1,171	*,e	Agios Pharmaceuticals, Inc		49
1,095	*	Aimmune Therapeutics, Inc		22
1,027	*	Akebia Therapeutics, Inc		11
3,444	*	Akorn, Inc		75
1,060	*,e	Albany Molecular Research, Inc		20
1,914	*	Alder Biopharmaceuticals, Inc		40
8,726	*	Alexion Pharmaceuticals, Inc		1,068
5,962	*	Alkermes plc		331
13,484	*	Allergan plc		2,832
3,137	*	Alnylam Pharmaceuticals, Inc		117
1,423	*	AMAG Pharmaceuticals, Inc		49
30,292		Amgen, Inc		4,429
5,205	*	Amicus Therapeutics, Inc		26
1,331	*	Amphastar Pharmaceuticals, Inc		24
1,910	*,e	Ampio Pharmaceuticals, Inc		2
1,289	*,e	Anavex Life Sciences Corp		5
292	*,e	ANI Pharmaceuticals, Inc		18
1,485	*,e	Anthera Pharmaceuticals, Inc		1
506	*	Applied Genetic Technologies Corp		5
670	*	Aptevo Therapeutics, Inc		2
1,104	*	Aratana Therapeutics, Inc		8
894	*	Ardelyx, Inc		13
9,609	*	Arena Pharmaceuticals, Inc		14
7,383	*	Ariad Pharmaceuticals, Inc		92
5,359	*	Array Biopharma, Inc		47
2,299	*,e	Arrowhead Research Corp		4
969	*	Atara Biotherapeutics, Inc		14
2,944	*,e	Athersys, Inc		4
189	*	Avexis, Inc		9
1,017	*	Axovant Sciences Ltd		13
408	*	Axsome Therapeutics, Inc		3
873	*,e	Bellicum Pharmaceuticals, Inc		12
3,132	*	BioCryst Pharmaceuticals, Inc		20
8,796	*	Biogen Idec, Inc		2,494
6,545	*	BioMarin Pharmaceutical, Inc		542
3,334	*,e	Bio-Path Holdings, Inc		4

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
843	*	Bio-Rad Laboratories, Inc (Class A)	$	154
213	*	Biospecifics Technologies Corp		12
1,525		Bio-Techne Corp		157
2,650	*,e	BioTime, Inc		10
1,530	*,e	Bluebird Bio, Inc		94
828	*	Blueprint Medicines Corp		23
67,274		Bristol-Myers Squibb Co		3,931
4,348		Bruker BioSciences Corp		92
1,084	*	Cambrex Corp		58
704	*,e	Cara Therapeutics Inc		7
3,683	*	Catalent, Inc		99
30,897	*	Celgene Corp		3,576
4,172	*	Celldex Therapeutics, Inc		15
412	*	Cellular Biomedicine Group, Inc		5
1,716	*,e	Cempra, Inc		5
1,993	*	Charles River Laboratories International, Inc		152
1,103	*	ChemoCentryx, Inc		8
1,747	*	Chimerix, Inc		8
1,180	*,e	ChromaDex Corp		4
448	*	Cidara Therapeutics, Inc		5
1,310*,e		Clovis Oncology, Inc		58
1,216	*	Coherus Biosciences, Inc		34
551	*,e	Collegium Pharmaceutical, Inc		9
642	*	Concert Pharmaceuticals Inc		7
2,638	*	Corcept Therapeutics, Inc		19
4,829	*	Curis, Inc		15
1,140	*,e	Cytokinetics, Inc		14
849	*	CytomX Therapeutics, Inc		9
2,438	*,e	CytRx Corp		1
2,577	*	Depomed, Inc		46
851	*	Dermira, Inc		26
476	*	Dimension Therapeutics, Inc		2
4,800	*	Durect Corp		6
1,590	*,e	Dynavax Technologies Corp		6
364	*,e	Eagle Pharmaceuticals, Inc		29
681	*,e	Edge Therapeutics, Inc		8
296	*	Editas Medicine, Inc		5
977	*,e	Egalet Corp		7
135	*	Eiger BioPharmaceuticals, Inc		2
39,252		Eli Lilly & Co		2,887
1,340	*	Emergent Biosolutions, Inc		44
648	*	Enanta Pharmaceuticals, Inc		22
8,355	*	Endo International plc		138
1,449	*,e	Endocyte, Inc		4
1,275	*	Enzo Biochem, Inc		9
1,664	*	Epizyme, Inc		20
554	*	Esperion Thereapeutics, Inc		7
4,001	*,e	Exact Sciences Corp		53
9,358	*	Exelixis, Inc		140
2,028	*	FibroGen, Inc		43
979	*	Five Prime Therapeutics, Inc		49
405	*	Flex Pharma, Inc		2
587	*	Flexion Therapeutics Inc		11
1,247	*	Fluidigm Corp		9
1,392	*,e	Fortress Biotech, Inc		4
507	*,e	Foundation Medicine, Inc		9
333	*,e	Galena Biopharma, Inc		1
810	*	Genomic Health, Inc		24
6,445	*,e	Geron Corp		13
53,464		Gilead Sciences, Inc		3,829
561	*,e	Global Blood Therapeutics, Inc		8
4,607	*,e	Halozyme Therapeutics, Inc		45
1,306	*,e	Heron Therapeutics, Inc		17
236	*	Heska Corp		17

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,621	*	Horizon Pharma plc	$	107
2,542	*,e	Idera Pharmaceuticals, Inc		4
1,240	*	Ignyta, Inc		7
5,842	*	Illumina, Inc		748
484	*	Immune Design Corp		3
3,866	*,e	Immunogen, Inc		8
3,543	*,e	Immunomedics, Inc		13
3,085	*	Impax Laboratories, Inc		41
1,711	*	INC Research Holdings, Inc		90
6,532	*	Incyte Corp		655
2,197	*	Infinity Pharmaceuticals, Inc		3
2,197	*,e	Innoviva, Inc		23
767	*,e	Inotek Pharmaceuticals Corp		5
2,690	*,e	Inovio Pharmaceuticals, Inc		19
2,595	*	Insmed, Inc		34
998	*,e	Insys Therapeutics, Inc		9
276	*,e	Intellia Therapeutics, Inc		4
673	*,e	Intercept Pharmaceuticals, Inc		73
1,040	*	Intersect ENT, Inc		13
1,415	*,e	Intra-Cellular Therapies, Inc		21
2,310	*,e	Intrexon Corp		56
889	*	Invitae Corp		7
4,453	*	Ionis Pharmaceuticals, Inc		213
5,284	*	Ironwood Pharmaceuticals, Inc		81
110,469		Johnson & Johnson		12,727
2,598	*,e	Juno Therapeutics, Inc		49
988	*	Karyopharm Therapeutics, Inc		9
3,304	*,e	Keryx Biopharmaceuticals, Inc		19
1,606	*,e	Kite Pharma, Inc		72
486	*	La Jolla Pharmaceutical Co		8
1,137	*,e	Lannett Co, Inc		25
1,763	*,e	Lexicon Pharmaceuticals, Inc		24
773	*,e	Ligand Pharmaceuticals, Inc (Class B)		79
1,951	*,e	Lion Biotechnologies, Inc		14
653	*,e	Lipocine, Inc		2
550	*,e	Loxo Oncology, Inc		18
1,733	*	Luminex Corp		35
1,309	*	MacroGenics, Inc		27
4,483	*	Mallinckrodt plc		223
11,905	*,e	MannKind Corp		8
2,880	*	Medicines Co		98
1,230	*,e	MediciNova, Inc		7
289	*	Medpace Holdings, Inc		10
111,637		Merck & Co, Inc		6,572
4,612	*,e	Merrimack Pharmaceuticals, Inc		19
1,054	*	Mettler-Toledo International, Inc		441
4,566	*,e	MiMedx Group, Inc		40
684	*,e	Minerva Neurosciences, Inc		8
332	*	Mirati Therapeutics, Inc		2
2,562	*	Momenta Pharmaceuticals, Inc		39
18,027	*	Mylan NV		688
480	*	MyoKardia, Inc		6
2,876	*	Myriad Genetics, Inc		48
460	*	NanoString Technologies, Inc		10
280	*,e	NantKwest, Inc		2
1,110	*	Natera, Inc		13
5,532	*	Nektar Therapeutics		68
2,201	*	NeoGenomics, Inc		19
564	*,e	Neos Therapeutics, Inc		3
3,617	*	Neurocrine Biosciences, Inc		140
866	*	NewLink Genetics Corp		9
11,296	*,e	Novavax, Inc		14
543	*,e	Ocular Therapeutix, Inc		5
1,496	*,e	Omeros Corp		15

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
542	*	OncoMed Pharmaceuticals, Inc	$	4
1,250	*	Ophthotech Corp		6
13,300	*,e	Opko Health, Inc		124
2,776	*,e	Organovo Holdings, Inc		9
807	*,e	Osiris Therapeutics, Inc		4
1,016	*	Otonomy, Inc		16
1,035	*	OvaScience, Inc		2
3,094	*,e	Pacific Biosciences of California, Inc		12
1,106	*,e	Pacira Pharmaceuticals, Inc		36
529	*	Paratek Pharmaceuticals, Inc		8
1,994	*,e	Parexel International Corp		131
1,295	*	Patheon NV		37
7,108		PDL BioPharma, Inc		15
4,184		PerkinElmer, Inc		218
5,506		Perrigo Co plc		458
694	*	Pfenex, Inc		6
242,075		Pfizer, Inc		7,863
2,423	*	PharmAthene, Inc		8
638		Phibro Animal Health Corp		19
1,961	*	Portola Pharmaceuticals, Inc		44
926	*	PRA Health Sciences, Inc		51
2,249	*	Prestige Brands Holdings, Inc		117
2,427	*	Progenics Pharmaceuticals, Inc		21
282	*	Protagonist Therapeutics, Inc		6
282	*	Proteostasis Therapeutics, Inc		3
1,437	*,e	Prothena Corp plc		71
1,436	*	PTC Therapeutics, Inc		16
1,018	*	Puma Biotechnology, Inc		31
8,922	*	Qiagen NV (NASDAQ)		250
5,701	*	Quintiles Transnational Holdings, Inc		434
1,230	*,e	Radius Health, Inc		47
227	*,e	Reata Pharmaceuticals, Inc		5
3,164	*	Regeneron Pharmaceuticals, Inc		1,161
869	*	REGENXBIO, Inc		16
1,210	*	Regulus Therapeutics, Inc		3
1,493	*	Repligen Corp		46
1,469	*	Retrophin, Inc		28
670	*	Revance Therapeutics, Inc		14
3,471	*	Rigel Pharmaceuticals, Inc		8
1,100	*	Sage Therapeutics, Inc		56
3,004	*	Sangamo Biosciences, Inc		9
1,786	*	Sarepta Therapeutics, Inc		49
2,282	*	Sciclone Pharmaceuticals, Inc		25
4,085	*	Seattle Genetics, Inc		216
745	*,e	Seres Therapeutics, Inc		7
1,189	*,e	Sorrento Therapeutics, Inc		6
702	*	Spark Therapeutics, Inc		35
2,652	*	Spectrum Pharmaceuticals, Inc		12
414	*	Stemline Therapeutics, Inc		4
1,048	*	Sucampo Pharmaceuticals, Inc (Class A)		14
1,932	*	Supernus Pharmaceuticals, Inc		49
7,382	*	Synergy Pharmaceuticals, Inc		45
3,062	*,e	Synthetic Biologics, Inc		2
383	*,e	T2 Biosystems, Inc		2
1,333	*	Teligent, Inc		9
1,139	*	TESARO, Inc		153
1,526	*	Tetraphase Pharmaceuticals, Inc		6
1,516	*	TG Therapeutics, Inc		7
5,906	*,e	TherapeuticsMD, Inc		34
1,491	*,e	Theravance Biopharma, Inc		48
15,751		Thermo Fisher Scientific, Inc		2,222
770	*,e	Titan Pharmaceuticals, Inc		3

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
390	*,m	Tobira Therapeutics, Inc	$	5
430	*,e	Tokai Pharmaceuticals, Inc		0	^
1,790	*	Trevena, Inc		11
1,190	*,e	Trovagene, Inc		2
1,517	*	Ultragenyx Pharmaceutical, Inc		107
1,741	*	United Therapeutics Corp		250
1,501	*	Vanda Pharmaceuticals, Inc		24
946	*	Versartis, Inc		14
10,008	*	Vertex Pharmaceuticals, Inc		737
702	*,e	Vital Therapies, Inc		3
484	*,e	Voyager Therapeutics, Inc		6
3,221	*	VWR Corp		81
3,162	*	Waters Corp		425
314	*,e	WaVe Life Sciences Pte Ltd		8
663	*,e	XBiotech, Inc		7
1,194	*	Xencor Inc		31
704	*	Zafgen, Inc		2
4,815	*,e	ZIOPHARM Oncology, Inc		26
18,179		Zoetis, Inc		973
845	*	Zogenix, Inc		10
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		74,500
REAL ESTATE - 4.0%
2,898		Acadia Realty Trust		95
943		Agree Realty Corp		43
1,613		Alexander & Baldwin, Inc		72
87		Alexander’s, Inc		37
3,080		Alexandria Real Estate Equities, Inc		342
466	*	Altisource Portfolio Solutions S.A.		12
1,599		American Assets Trust,Inc		69
5,404		American Campus Communities, Inc		269
7,178		American Homes 4 Rent		151
16,968		American Tower Corp		1,793
6,168		Apartment Investment & Management Co (Class A)		280
7,320		Apple Hospitality REIT, Inc		146
1,267		Armada Hoffler Properties, Inc		18
1,249		Ashford Hospitality Prime, Inc		17
3,090		Ashford Hospitality Trust, Inc		24
454	*	AV Homes, Inc		7
5,487		AvalonBay Communities, Inc		972
769		Bluerock Residential Growth REIT, Inc		11
6,073		Boston Properties, Inc		764
7,108		Brandywine Realty Trust		117
7,928		Brixmor Property Group, Inc		194
3,565		Camden Property Trust		300
3,493		Care Capital Properties, Inc		87
2,243		CareTrust REIT, Inc		34
1,667		CatchMark Timber Trust Inc		19
7,059		CBL & Associates Properties, Inc		81
11,909	*	CBRE Group, Inc		375
3,595		Cedar Realty Trust, Inc		23
1,627		Chatham Lodging Trust		33
2,532		Chesapeake Lodging Trust		65
556		City Office REIT, Inc		7
2,678		Colony Starwood Homes		77
5,267		Columbia Property Trust, Inc		114
4,486		Communications Sales & Leasing, Inc		114
1,060		Community Healthcare Trust, Inc		24
267		Consolidated-Tomoka Land Co		14
4,821		CoreCivic, Inc		118
419		CorEnergy Infrastructure Trust, Inc		15
1,384		Coresite Realty		110
3,989		Corporate Office Properties Trust		125

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
14,104		Cousins Properties, Inc	$	120
14,401		Crown Castle International Corp		1,250
7,343		CubeSmart		197
2,920		CyrusOne, Inc		131
3,638		DCT Industrial Trust, Inc		174
12,989		DDR Corp		198
8,448		DiamondRock Hospitality Co		97
6,088		Digital Realty Trust, Inc		598
5,417		Douglas Emmett, Inc		198
13,997		Duke Realty Corp		372
3,070		DuPont Fabros Technology, Inc		135
964		Easterly Government Properties, Inc		19
1,377		EastGroup Properties, Inc		102
2,519		Education Realty Trust, Inc		107
5,016		Empire State Realty Trust, Inc		101
2,617		Entertainment Properties Trust		188
2,770		Equinix, Inc		990
4,669	*	Equity Commonwealth		141
3,010		Equity Lifestyle Properties, Inc		217
3,785		Equity One, Inc		116
14,232		Equity Residential		916
2,623		Essex Property Trust, Inc		610
4,978		Extra Space Storage, Inc		384
420	e	Farmland Partners, Inc		5
2,807		Federal Realty Investment Trust		399
5,675		FelCor Lodging Trust, Inc		45
4,766		First Industrial Realty Trust, Inc		134
2,547		First Potomac Realty Trust		28
9,480		Forest City Realty Trust, Inc		198
1,413	*	Forestar Group, Inc		19
2,420		Four Corners Property Trust, Inc		50
4,124		Franklin Street Properties Corp		53
309*		FRP Holdings, Inc		12
7,673		Gaming and Leisure Properties, Inc		235
23,177		General Growth Properties, Inc		579
3,158		Geo Group, Inc		113
1,199		Getty Realty Corp		31
881		Gladstone Commercial Corp		18
5,364	e	Global Net Lease, Inc		42
2,836		Government Properties Income Trust		54
17,334		Gramercy Property Trust		159
18,976		HCP, Inc		564
4,293		Healthcare Realty Trust, Inc		130
5,602		Healthcare Trust of America, Inc		163
1,884		Hersha Hospitality Trust		40
741		HFF, Inc (Class A)		22
3,988		Highwoods Properties, Inc		203
6,332		Hospitality Properties Trust		201
29,386		Host Marriott Corp		554
1,318	*	Howard Hughes Corp		150
3,138		Hudson Pacific Properties		109
1,375		Independence Realty Trust, Inc		12
4,600		Investors Real Estate Trust		33
10,789		Iron Mountain, Inc		350
1,718		Jones Lang LaSalle, Inc		174
3,408		Kennedy-Wilson Holdings, Inc		70
3,723		Kilroy Realty Corp		273
16,000		Kimco Realty Corp		403
3,499		Kite Realty Group Trust		82
3,137		Lamar Advertising Co		211
3,864		LaSalle Hotel Properties		118
9,500		Lexington Realty Trust		103
6,172		Liberty Property Trust		244
1,889		Life Storage, Inc		161

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,589		LTC Properties, Inc	$	75
5,673		Macerich Co		402
3,534		Mack-Cali Realty Corp		103
569	*	Marcus & Millichap, Inc		15
627		MedEquities Realty Trust, Inc		7
8,614		Medical Properties Trust, Inc		106
4,337		Mid-America Apartment Communities, Inc		425
2,597		Monmouth Real Estate Investment Corp (Class A)		40
6,986		Monogram Residential Trust, Inc		76
1,549		National Health Investors, Inc		115
6,044		National Retail Properties, Inc		267
1,004		National Storage Affiliates Trust		22
2,762		New Senior Investment Group, Inc		27
6,777		New York REIT, Inc		69
822		NexPoint Residential Trust, Inc		18
2,437		NorthStar Realty Europe Corp		31
7,311		NorthStar Realty Finance Corp		111
7,718		Omega Healthcare Investors, Inc		241
567		One Liberty Properties, Inc		14
5,803		Outfront Media, Inc		144
7,444		Paramount Group, Inc		119
1,763	*	Parkway, Inc		39
3,039		Pebblebrook Hotel Trust		90
3,002		Pennsylvania REIT		57
5,550		Physicians Realty Trust		105
5,978		Piedmont Office Realty Trust, Inc		125
1,205		Potlatch Corp		50
971		Preferred Apartment Communities, Inc		14
21,058		Prologis, Inc		1,112
636		PS Business Parks, Inc		74
5,950		Public Storage, Inc		1,330
1,928		QTS Realty Trust, Inc		96
3,795	*	Quality Care Properties, Inc		59
3,606		RAIT Investment Trust		12
3,360		Ramco-Gershenson Properties		56
4,539		Rayonier, Inc		121
732		Re/Max Holdings, Inc		41
5,983		Realogy Holdings Corp		154
10,691		Realty Income Corp		615
3,786		Regency Centers Corp		261
3,984		Retail Opportunities Investment Corp		84
10,028		Retail Properties of America, Inc		154
2,685		Rexford Industrial Realty, Inc		62
5,071		RLJ Lodging Trust		124
283		RMR Group, Inc		11
1,467		Ryman Hospitality Properties		92
2,666		Sabra Healthcare REIT, Inc		65
392		Saul Centers, Inc		26
2,564		Select Income REIT		65
9,747		Senior Housing Properties Trust		184
990	e	Seritage Growth Properties		42
1,385		Silver Bay Realty Trust Corp		24
12,408		Simon Property Group, Inc		2,205
3,923		SL Green Realty Corp		422
18,856		Spirit Realty Capital, Inc		205
2,290	*	St. Joe Co		43
2,739		STAG Industrial, Inc		65
6,255		STORE Capital Corp		155
99	*	Stratus Properties, Inc		3
2,587		Sun Communities, Inc		198
7,531		Sunstone Hotel Investors, Inc		115
3,910		Tanger Factory Outlet Centers, Inc		140
2,428		Taubman Centers, Inc		179
695	*	Tejon Ranch Co		18

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,821		Terreno Realty Corp	$	52
1,934		Tier REIT, Inc		34
761	*	Trinity Place Holdings, Inc		7
10,915		UDR, Inc		398
994		UMH Properties, Inc		15
575		Universal Health Realty Income Trust		38
3,855		Urban Edge Properties		106
1,188		Urstadt Biddle Properties, Inc (Class A)		29
13,746		Ventas, Inc		859
37,616		VEREIT, Inc		318
6,868		Vornado Realty Trust		717
7,659		Washington Prime Group, Inc		80
3,060		Washington REIT		100
4,685		Weingarten Realty Investors		168
14,566		Welltower, Inc		975
29,618		Weyerhaeuser Co		891
976		Whitestone REIT		14
4,055		WP Carey, Inc		240
4,278		Xenia Hotels & Resorts, Inc		83
		TOTAL REAL ESTATE		37,716
RETAILING - 4.9%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		13
2,730		Aaron’s, Inc		87
2,820		Abercrombie & Fitch Co (Class A)		34
2,842		Advance Auto Parts, Inc		481
15,638	*	Amazon.com, Inc		11,727
6,834		American Eagle Outfitters, Inc		104
367	*	America’s Car-Mart, Inc		16
829	*	Asbury Automotive Group, Inc		51
7,267	*	Ascena Retail Group, Inc		45
2,694	*	Autonation, Inc		131
1,195	*	AutoZone, Inc		944
1,364	*	Barnes & Noble Education, Inc		16
2,159		Barnes & Noble, Inc		24
5,730		Bed Bath & Beyond, Inc		233
11,024		Best Buy Co, Inc		470
824		Big 5 Sporting Goods Corp		14
1,715		Big Lots, Inc		86
272		Blue Nile, Inc		11
517	*	Boot Barn Holdings, Inc		6
1,023	e	Buckle, Inc		23
512	*	Build-A-Bear Workshop, Inc		7
2,905	*	Burlington Stores, Inc		246
2,077	*	Cabela’s, Inc		122
1,284		Caleres, Inc		42
437		Camping World Holdings, Inc		14
7,934	*	Carmax, Inc		511
966		Cato Corp (Class A)		29
4,716		Chico’s FAS, Inc		68
552		Children’s Place Retail Stores, Inc		56
619		Citi Trends, Inc		12
764	*,e	Container Store Group, Inc		5
1,858		Core-Mark Holding Co, Inc		80
2,760		CST Brands, Inc		133
2,260	*	Destination XL Group, Inc		10
3,623		Dick’s Sporting Goods, Inc		192
779	e	Dillard’s, Inc (Class A)		49
11,444		Dollar General Corp		848
9,166	*	Dollar Tree, Inc		707
2,767		DSW, Inc (Class A)		63
404	*,e	Duluth Holdings, Inc		10
4,286	*	Etsy, Inc		50

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,730		Expedia, Inc	$	536
3,087	*	Express Parent LLC		33
1,930		Finish Line, Inc (Class A)		36
2,292	*	Five Below, Inc		92
5,534		Foot Locker, Inc		392
1,652	*	Francesca’s Holdings Corp		30
1,409	e	Fred’s, Inc (Class A)		26
724	*	FTD Cos, Inc		17
4,219		GameStop Corp (Class A)		107
9,205		Gap, Inc		207
840	*	Genesco, Inc		52
5,859		Genuine Parts Co		560
1,841		GNC Holdings, Inc		20
861		Group 1 Automotive, Inc		67
15,187	*	Groupon, Inc		50
2,487		Guess?, Inc		30
983		Haverty Furniture Cos, Inc		23
948	*,e	Hibbett Sports, Inc		35
50,098		Home Depot, Inc		6,717
1,388		HSN, Inc		48
12,859	*,e	JC Penney Co, Inc		107
705	*	Kirkland’s, Inc		11
7,447		Kohl’s Corp		368
9,734		L Brands, Inc		641
733	*,e	Lands’ End, Inc		11
770	*	LCI Industries, Inc		83
2,202	*	Liberty Expedia Holdings, Inc		87
17,498	*	Liberty Interactive Corp		350
3,006	*	Liberty TripAdvisor Holdings, Inc		45
2,918	*	Liberty Ventures		108
960		Lithia Motors, Inc (Class A)		93
12,079	*	LKQ Corp		370
36,060		Lowe’s Companies, Inc		2,565
1,262	*,e	Lumber Liquidators, Inc		20
12,456		Macy’s, Inc		446
1,129	*	MarineMax, Inc		22
3,432	*	Michaels Cos, Inc		70
1,098		Monro Muffler, Inc		63
1,529	*	Murphy USA, Inc		94
16,385	*	NetFlix, Inc		2,028
4,712		Nordstrom, Inc		226
1,216		Nutri/System, Inc		42
22,026		Office Depot, Inc		100
848	*	Ollie’s Bargain Outlet Holdings, Inc		24
3,847	*	O’Reilly Automotive, Inc		1,071
567	*	Overstock.com, Inc		10
1,066	*,e	Party City Holdco, Inc		15
1,600		Penske Auto Group, Inc		83
848		PetMed Express, Inc		20
3,298		Pier 1 Imports, Inc		28
1,996	*	Priceline.com, Inc		2,926
2,196		Rent-A-Center, Inc		25
1,378	*	Restoration Hardware Holdings, Inc		42
—	*,e	Restoration Hardware Holdings, Inc		0	^
15,704		Ross Stores, Inc		1,030
5,321	*	Sally Beauty Holdings, Inc		141
691	*,e	Sears Holdings Corp		6
1,357	*	Select Comfort Corp		31
576		Shoe Carnival, Inc		16
1,427	*	Shutterfly, Inc		72
3,063		Signet Jewelers Ltd		289
1,157		Sonic Automotive, Inc (Class A)		26
758	*	Sportsman’s Warehouse Holdings, Inc		7
1,474	e	Stage Stores, Inc		6

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
24,736		Staples, Inc	$	224
1,440		Stein Mart, Inc		8
1,945		Tailored Brands, Inc		50
23,751		Target Corp		1,716
4,358		Tiffany & Co		337
884	*	Tile Shop Holdings, Inc		17
432	*	Tilly’s, Inc		6
26,680		TJX Companies, Inc		2,004
5,467		Tractor Supply Co		414
4,718	*	TripAdvisor, Inc		219
1,789	*	Tuesday Morning Corp		10
2,348	*	Ulta Salon Cosmetics & Fragrance, Inc		599
3,362	*	Urban Outfitters, Inc		96
990	*	Vitamin Shoppe, Inc		23
1,299	*,e	Wayfair, Inc		45
640	*	West Marine, Inc		7
3,535		Williams-Sonoma, Inc		171
133		Winmark Corp		17
457	*	Zumiez, Inc		10
		TOTAL RETAILING		46,639
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
210	*,e	Acacia Communications, Inc		13
1,628	*	Advanced Energy Industries, Inc		89
29,948	*	Advanced Micro Devices, Inc		340
844	*	Alpha & Omega Semiconductor Ltd		18
1,324	*,e	Ambarella, Inc		72
3,751	*	Amkor Technology, Inc		40
12,173		Analog Devices, Inc		884
43,802		Applied Materials, Inc		1,414
3,483	*	Applied Micro Circuits Corp		29
1,339	*	Axcelis Technologies, Inc		19
15,173		Broadcom Ltd		2,682
2,909		Brooks Automation, Inc		50
639		Cabot Microelectronics Corp		40
2,715	*	Cavium, Inc		170
910	*	Ceva, Inc		31
2,293	*	Cirrus Logic, Inc		130
1,302		Cohu, Inc		18
4,110	*	Cree, Inc		108
12,862		Cypress Semiconductor Corp		147
1,646	*	Diodes, Inc		42
1,224	*	DSP Group, Inc		16
5,882	*	Entegris, Inc		105
1,921	*	Exar Corp		21
2,662	*,e	First Solar, Inc		85
2,989	*	Formfactor, Inc		33
1,722	*	GigOptix, Inc		4
229	*,e	Impinj, Inc		8
1,603	*	Inphi Corp		72
5,139	*	Integrated Device Technology, Inc		121
189,873		Intel Corp		6,886
5,704		Intersil Corp (Class A)		127
1,231		IXYS Corp		15
6,195		Kla-Tencor Corp		487
3,559	*	Kopin Corp		10
6,331		Lam Research Corp		669
5,097	*	Lattice Semiconductor Corp		38
9,553		Linear Technology Corp		596
987	*	MA-COM Technology Solutions		46
15,563		Marvell Technology Group Ltd		216
11,292		Maxim Integrated Products, Inc		436
2,280	*	MaxLinear, Inc		50

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
8,396		Microchip Technology, Inc	$	539
41,627	*	Micron Technology, Inc		912
4,670	*	Microsemi Corp		252
2,245		MKS Instruments, Inc		133
1,598		Monolithic Power Systems, Inc		131
1,014	*	Nanometrics, Inc		25
1,216	*	NeoPhotonics Corp Ltd		13
258		NVE Corp		18
20,467		Nvidia Corp		2,185
17,093	*	ON Semiconductor Corp		218
1,181	*	PDF Solutions, Inc		27
2,703	*	Photronics, Inc		31
1,292		Power Integrations, Inc		88
5,230	*	Qorvo, Inc		276
59,172		Qualcomm, Inc		3,858
4,954	*	Rambus, Inc		68
1,464	*	Rudolph Technologies, Inc		34
2,813	*	Semtech Corp		89
1,460	*	Sigma Designs, Inc		9
1,452	*	Silicon Laboratories, Inc		94
7,550		Skyworks Solutions, Inc		564
2,299	*,e	SunPower Corp		15
8,427		Teradyne, Inc		214
1,570		Tessera Holding Corp		69
40,375		Texas Instruments, Inc		2,946
928	*	Ultra Clean Holdings		9
1,078	*	Ultratech, Inc		26
1,796	*	Veeco Instruments, Inc		52
3,930	*	Versum Materials, Inc		110
2,408	*	Xcerra Corp		18
10,076		Xilinx, Inc		608
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		30,008
SOFTWARE & SERVICES - 11.6%
1,524	*	2U, Inc		46
1,417	*	A10 Networks, Inc		12
25,091		Accenture plc		2,939
4,872	*	ACI Worldwide, Inc		88
22,233		Activision Blizzard, Inc		803
1,761	*	Actua Corp		25
3,190	*	Acxiom Corp		86
19,664	*	Adobe Systems, Inc		2,024
6,783	*	Akamai Technologies, Inc		452
351	*	Alarm.com Holdings, Inc		10
780	*	ALJ Regional Holdings, Inc		3
2,308		Alliance Data Systems Corp		527
11,798	*	Alphabet, Inc (Class A)		9,349
11,926	*	Alphabet, Inc (Class C)		9,205
384	*	Amber Road, Inc		4
5,832		Amdocs Ltd		340
1,091		American Software, Inc (Class A)		11
1,936	*	Angie’s List, Inc		16
3,431	*	Ansys, Inc		317
244	*,e	Appfolio, Inc		6
3,399	*	Aspen Technology, Inc		186
1,048	*	Atlassian Corp plc		25
389	*	Autobytel, Inc		5
8,550	*	Autodesk, Inc		633
18,331		Automatic Data Processing, Inc		1,884
1,988	*	Bankrate, Inc		22
898	*	Barracuda Networks, Inc		19
3,330	*	Bazaarvoice, Inc		16
521	*,e	Benefitfocus, Inc		15

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
880	*	Black Knight Financial Services, Inc	$	33
1,736		Blackbaud, Inc		111
2,216	*	Blackhawk Network Holdings, Inc		84
331	*	Blackline, Inc		9
1,604	*	Blucora, Inc		24
4,719		Booz Allen Hamilton Holding Co		170
1,713	*	Bottomline Technologies, Inc		43
1,972	*	Box, Inc		27
1,247	*	Brightcove, Inc		10
4,636		Broadridge Financial Solutions, Inc		307
1,302	*	BroadSoft, Inc		54
11,733		CA, Inc		373
1,033	*	CACI International, Inc (Class A)		128
12,369	*	Cadence Design Systems, Inc		312
2,264	*	Callidus Software, Inc		38
540	*	Carbonite, Inc		9
1,869	*	Cardtronics plc		102
797	*	Care.com, Inc		7
437		Cass Information Systems, Inc		32
6,061		CDK Global, Inc		362
921	*	ChannelAdvisor Corp		13
1,034	*	Cimpress NV		95
6,229	*	Citrix Systems, Inc		556
24,134	*	Cognizant Technology Solutions Corp (Class A)		1,352
1,101	*	CommerceHub, Inc		17
550	*	CommerceHub, Inc (Series A)		8
1,305	*	Commvault Systems, Inc		67
5,517		Computer Sciences Corp		328
2,024	*	comScore, Inc		64
3,726		Convergys Corp		92
2,077	*	Cornerstone OnDemand, Inc		88
1,279	*	CoStar Group, Inc		241
290	*	Coupa Software, Inc		7
1,464		CSG Systems International, Inc		71
6,785		CSRA, Inc		216
708	*	Datalink Corp		8
8,803	*	Dell Technologies, Inc-VMware Inc		484
1,843	*	DHI Group, Inc		12
335	*,e	Digimarc Corp		10
1,357		DST Systems, Inc		145
4,694		EarthLink Holdings Corp		26
42,660	*	eBay, Inc		1,267
797	e	Ebix, Inc		45
11,617	*	Electronic Arts, Inc		915
1,241	*	Ellie Mae, Inc		104
2,483	*,e	Endurance International Group Holdings, Inc		23
1,037	*	EnerNOC, Inc		6
1,657	*	Envestnet, Inc		58
1,840	*	EPAM Systems, Inc		118
2,094	*	Euronet Worldwide, Inc		152
292	*,e	Everbridge, Inc		5
2,796		EVERTEC, Inc		50
544	*	EXA Corp		8
1,092	*	ExlService Holdings, Inc		55
90,237	*	Facebook, Inc		10,382
1,150		Fair Isaac Corp		137
13,017		Fidelity National Information Services, Inc		985
6,281	*	FireEye, Inc		75
3,306	*	First American Corp		122
12,638	*	First Data Corp		179
8,876	*	Fiserv, Inc		943
1,340	*	Five9, Inc		19
3,652	*	FleetCor Technologies, Inc		517
514		Forrester Research, Inc		22

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,035	*	Fortinet, Inc	$	182
3,206	*	Gartner, Inc		324
6,383	*	Genpact Ltd		155
1,325	*	Gigamon, Inc		60
6,099		Global Payments, Inc		423
315	*	Global Sources Ltd		3
1,240	*,e	Globant S.A.		41
5,108	*,e	Glu Mobile, Inc		10
1,933	*	GoDaddy, Inc		68
2,479	*,e	Gogo, Inc		23
3,325	*	GrubHub, Inc		125
1,039	*	GTT Communications, Inc		30
680	*	Guidance Software, Inc		5
2,990	*	Guidewire Software, Inc		148
1,077		Hackett Group, Inc		19
1,639	*	Hortonworks, Inc		14
1,189	*	HubSpot, Inc		56
2,910	*	IAC/InterActiveCorp		189
1,120	*	Imperva, Inc		43
1,377	*	Information Services Group, Inc		5
445	*	Instructure, Inc		9
35,343		International Business Machines Corp		5,867
1,633	*	Intralinks Holdings, Inc		22
9,726		Intuit, Inc		1,115
1,737		j2 Global, Inc		142
3,038		Jack Henry & Associates, Inc		270
1,823	*	Jive Software, Inc		8
5,355		Leidos Holdings, Inc		274
3,363	*	Limelight Networks, Inc		8
3,304	*	Lionbridge Technologies		19
1,143	*	Liquidity Services, Inc		11
2,686	*	Liveperson, Inc		20
1,024	e	LogMeIn, Inc		99
2,780	*	Manhattan Associates, Inc		147
1,025		Mantech International Corp (Class A)		43
1,311	*	Marchex, Inc (Class B)		3
38,817		MasterCard, Inc (Class A)		4,008
1,373	*,e	Match Group, Inc		23
2,445		MAXIMUS, Inc		136
1,521	*	MeetMe, Inc		8
4,411		Mentor Graphics Corp		163
304,576		Microsoft Corp		18,926
391	*	MicroStrategy, Inc (Class A)		77
613	*,e	MINDBODY, Inc		13
1,253	*,e	Mitek Systems, Inc		8
1,693	*	MobileIron, Inc		6
844	*	Model N, Inc		7
1,065	*	MoneyGram International, Inc		13
1,800		Monotype Imaging Holdings, Inc		36
216		NCI, Inc (Class A)		3
2,229	*	NeuStar, Inc (Class A)		74
909	*	New Relic, Inc		26
2,596		NIC, Inc		62
9,231	*	Nuance Communications, Inc		138
599	*	Numerex Corp		4
556	*,e	Nutanix, Inc		15
118,806		Oracle Corp		4,568
9,063	*,e	Pandora Media, Inc		118
444	*	Park City Group, Inc		6
12,790		Paychex, Inc		779
1,813	*	Paycom Software, Inc		82
880	*	Paylocity Holding Corp		26
45,415	*	PayPal Holdings, Inc		1,793
1,584		Pegasystems, Inc		57

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,536	*	Perficient, Inc	$	27
496	*	PFSweb, Inc		4
1,710	*	Planet Payment, Inc		7
2,115		Progress Software Corp		68
1,685	*	Proofpoint, Inc		119
1,099	*	PROS Holdings, Inc		24
4,427	*	PTC, Inc		205
1,059	*	Q2 Holdings, Inc		31
400		QAD, Inc (Class A)		12
1,041	*	Qualys, Inc		33
1,192	*	QuinStreet, Inc		4
2,538	*	Quotient Technology, Inc		27
809	*	Rapid7, Inc		10
1,085	*	RealNetworks, Inc		5
2,115	*	RealPage, Inc		63
7,233	*	Red Hat, Inc		504
393		Reis, Inc		9
1,375	*	RetailMeNot, Inc		13
390	*	Rightside Group Ltd		3
2,430	*	RingCentral, Inc		50
750	*	Rosetta Stone, Inc		7
1,562	*	Rubicon Project, Inc		12
8,252		Sabre Corp		206
25,723	*	salesforce.com, Inc		1,761
594		Sapiens International Corp NV		9
1,738		Science Applications International Corp		147
257	*	SecureWorks Corp		3
6,319	*	ServiceNow, Inc		470
2,827	*	ServiceSource International LLC		16
831	*	Shutterstock, Inc		40
1,525	*	Silver Spring Networks, Inc		20
5,430	*	Splunk, Inc		278
690	*	SPS Commerce, Inc		48
2,138	*	Square, Inc		29
5,992		SS&C Technologies Holdings, Inc		171
661	*	Stamps.com, Inc		76
1,663	*	Sykes Enterprises, Inc		48
24,561		Symantec Corp		587
1,690	*	Synchronoss Technologies, Inc		65
6,137	*	Synopsys, Inc		361
1,329		Syntel, Inc		26
2,282	*	Tableau Software, Inc		96
3,433	*	Take-Two Interactive Software, Inc		169
1,464	*	Tangoe, Inc		12
708	*	TechTarget, Inc		6
834	*	TeleNav, Inc		6
730		TeleTech Holdings, Inc		22
5,345	*	Teradata Corp		145
4,964	*	TiVo Corp		104
6,571		Total System Services, Inc		322
200	*,e	Trade Desk, Inc		6
4,455		Travelport Worldwide Ltd		63
2,080	*,e	TrueCar, Inc		26
1,137	*,e	Twilio, Inc		33
25,252	*	Twitter, Inc		412
1,273	*	Tyler Technologies, Inc		182
1,115	*	Ultimate Software Group, Inc		203
2,160	*,e	Unisys Corp		32
6,404	*	Vantiv, Inc		382
425	*	Varonis Systems, Inc		11
1,227	*	Vasco Data Security International		17
2,567	*	Verint Systems, Inc		91
3,749	*,e	VeriSign, Inc		285
2,063	*,e	VirnetX Holding Corp		5

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,253	*	Virtusa Corp	$	31
76,484		Visa, Inc (Class A)		5,967
3,182	*,e	VMware, Inc (Class A)		251
1,457	*	WebMD Health Corp (Class A)		72
1,869	*	Website Pros, Inc		40
19,772		Western Union Co		429
1,599	*	WEX, Inc		178
4,650	*	Workday, Inc		307
912	*,e	Workiva, Inc		12
929	*	Xactly Corp		10
39,807		Xerox Corp		348
269	*	XO Group, Inc		5
34,679	*	Yahoo!, Inc		1,341
2,740	*	Yelp, Inc		104
3,351	*	Zendesk, Inc		71
2,077	*,e	Zillow Group, Inc		76
4,246	*	Zillow Group, Inc (Class C)		155
3,311	*	Zix Corp		16
30,167	*	Zynga, Inc		78
		TOTAL SOFTWARE & SERVICES		110,264
TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
4,409	*,e	3D Systems Corp		59
2,222		Adtran, Inc		50
932	*	Aerohive Networks, Inc		5
1,059	*	Agilysys, Inc		11
11,881		Amphenol Corp (Class A)		798
1,193	*	Anixter International, Inc		97
220,413		Apple, Inc		25,528
654	*	Applied Optoelectronics, Inc		15
1,614	*	Arista Networks, Inc		156
7,489	*	ARRIS International plc		226
3,591	*	Arrow Electronics, Inc		256
1,363	*	Avid Technology, Inc		6
5,010		Avnet, Inc		238
627		AVX Corp		10
1,306		Badger Meter, Inc		48
429		Bel Fuse, Inc (Class B)		13
1,728		Belden CDT, Inc		129
2,361	*	Benchmark Electronics, Inc		72
755		Black Box Corp		11
16,191		Brocade Communications Systems, Inc		202
1,369	*	CalAmp Corp		20
1,907	*	Calix, Inc		15
6,215		CDW Corp		324
5,590	*	Ciena Corp		136
202,101		Cisco Systems, Inc		6,108
522	*,e	Clearfield, Inc		11
3,203		Cognex Corp		204
1,000	*	Coherent, Inc		137
4,943	*	CommScope Holding Co, Inc		184
784		Comtech Telecommunications Corp		9
490	*	Control4 Corp		5
38,526		Corning, Inc		935
1,729	*	Cray, Inc		36
1,425		CTS Corp		32
1,609		Daktronics, Inc		17
2,709		Diebold, Inc		68
1,490	*	Digi International, Inc		20
2,076		Dolby Laboratories, Inc (Class A)		94
789	*	Eastman Kodak Co		12
1,847	*	EchoStar Corp (Class A)		95
1,199	*	Electro Scientific Industries, Inc		7

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,985	*	Electronics for Imaging, Inc	$	87
1,103		EMCORE Corp		10
259	*	ePlus, Inc		30
4,537	*	Extreme Networks, Inc		23
2,618	*	F5 Networks, Inc		379
1,440	*	Fabrinet		58
739	*	FARO Technologies, Inc		27
4,415	*	Finisar Corp		134
3,889	*,e	Fitbit, Inc		28
5,222		Flir Systems, Inc		189
3,947	*	Harmonic, Inc		20
4,886		Harris Corp		501
69,471		Hewlett Packard Enterprise Co		1,608
68,947		HP, Inc		1,023
2,439	*	II-VI, Inc		72
1,305	*	Immersion Corp		14
5,792	*	Infinera Corp		49
1,504	*	Insight Enterprises, Inc		61
1,431		InterDigital, Inc		131
3,133	*	InvenSense, Inc		40
1,459	*	IPG Photonics Corp		144
1,461	*	Itron, Inc		92
2,593	*	Ixia		42
7,308		Jabil Circuit, Inc		173
14,858		Juniper Networks, Inc		420
6,856	*	Keysight Technologies, Inc		251
1,302	*	Kimball Electronics, Inc		24
3,773	*	Knowles Corp		63
758	*	KVH Industries, Inc		9
911		Littelfuse, Inc		138
2,081	*	Lumentum Holdings, Inc		80
1,366	*,e	Maxwell Technologies, Inc		7
126		Mesa Laboratories, Inc		15
1,501		Methode Electronics, Inc		62
6,974		Motorola, Inc		578
632		MTS Systems Corp		36
4,015		National Instruments Corp		124
4,843	*	NCR Corp		196
11,609		NetApp, Inc		409
1,274	*	Netgear, Inc		69
3,375	*	Netscout Systems, Inc		106
2,556	*	Nimble Storage, Inc		20
1,328	*	Novanta, Inc		28
4,246	*	Oclaro, Inc		38
494	*	OSI Systems, Inc		38
3,476	*	Palo Alto Networks, Inc		435
929		Park Electrochemical Corp		17
430		PC Connection, Inc		12
1,367		Plantronics, Inc		75
1,413	*	Plexus Corp		76
2,483	*	Pure Storage, Inc		28
1,483	*	Radisys Corp		7
790	*	Rogers Corp		61
2,376	*	Sanmina Corp		87
1,187	*	Scansource, Inc		48
2,605	*	ShoreTel, Inc		19
216		Silicom Ltd		9
2,205	*	Sonus Networks, Inc		14
2,178	*	Stratasys Ltd		36
1,554	*	Super Micro Computer, Inc		44
1,279	*	Synaptics, Inc		69
1,198		SYNNEX Corp		145
461		Systemax, Inc		4
1,442	*	Tech Data Corp		122

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
9,911	*	Trimble Navigation Ltd	$	299
2,698	*	TTM Technologies, Inc		37
1,073	*	Ubiquiti Networks, Inc		62
1,692	*	Universal Display Corp		95
1,586	*,e	USA Technologies, Inc		7
4,800	*	VeriFone Systems, Inc		85
1,815	*	Viasat, Inc		120
9,794	*	Viavi Solutions, Inc		80
5,632		Vishay Intertechnology, Inc		91
654	*	Vishay Precision Group, Inc		12
11,294		Western Digital Corp		767
2,122	*	Zebra Technologies Corp (Class A)		182
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		47,190
TELECOMMUNICATION SERVICES - 2.4%
3,853	*	8x8, Inc		55
247,438		AT&T, Inc		10,523
244		ATN International, Inc		20
1,565	*	Boingo Wireless, Inc		19
21,624		CenturyTel, Inc		514
1,724	*	Cincinnati Bell, Inc		39
1,955		Cogent Communications Group, Inc		81
2,274		Consolidated Communications Holdings, Inc		61
1,092	*	Fairpoint Communications, Inc		20
48,411	e	Frontier Communications Corp		164
1,464	*	General Communication, Inc (Class A)		29
3,253	*,e	Globalstar, Inc		5
460	*	Hawaiian Telcom Holdco, Inc		11
609		IDT Corp (Class B)		11
1,405		Inteliquent, Inc		32
2,990	*,e	Iridium Communications, Inc		29
11,694	*	Level 3 Communications, Inc		659
757	*	Lumos Networks Corp		12
1,262	*,e	NII Holdings, Inc		3
2,552	*	Orbcomm, Inc		21
410	*,e	pdvWireless, Inc		9
5,006	*	SBA Communications Corp (Class A)		517
1,910		Shenandoah Telecom Co		52
859		Spok Holdings, Inc		18
31,717	*	Sprint Corp		267
384	*,e	Straight Path Communications, Inc		13
3,834		Telephone & Data Systems, Inc		111
11,407	*	T-Mobile US, Inc		656
580	*	US Cellular Corp		25
164,117		Verizon Communications, Inc		8,761
7,849	*	Vonage Holdings Corp		54
3,984	e	Windstream Holdings, Inc		29
6,062	*	Zayo Group Holdings, Inc		199
		TOTAL TELECOMMUNICATION SERVICES		23,019
TRANSPORTATION - 2.2%
2,138	*	Air Transport Services Group, Inc		34
4,661		Alaska Air Group, Inc		414
391		Allegiant Travel Co		65
227		Amerco, Inc		84
21,610		American Airlines Group, Inc		1,009
1,131		Arkansas Best Corp		31
1,047	*	Atlas Air Worldwide Holdings, Inc		55
3,471	*	Avis Budget Group, Inc		127
988	e	Celadon Group, Inc		7
5,697		CH Robinson Worldwide, Inc		417
1,178		Copa Holdings S.A. (Class A)		107
1,032		Costamare, Inc		6

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
452	*	Covenant Transportation Group, Inc	$	9
38,511		CSX Corp		1,384
31,325		Delta Air Lines, Inc		1,541
1,254	*	Echo Global Logistics, Inc		31
7,177		Expeditors International of Washington, Inc		380
10,037		FedEx Corp		1,869
944		Forward Air Corp		45
2,296	*	Genesee & Wyoming, Inc (Class A)		159
1,777	*	Hawaiian Holdings, Inc		101
2,244		Heartland Express, Inc		46
2,943	*	Hertz Global Holdings, Inc		63
1,570	*	Hub Group, Inc (Class A)		69
3,516		J.B. Hunt Transport Services, Inc		341
12,159	*	JetBlue Airways Corp		273
4,468		Kansas City Southern Industries, Inc		379
2,204	*	Kirby Corp		147
2,760		Knight Transportation, Inc		91
1,742		Landstar System, Inc		149
2,913		Macquarie Infrastructure Co LLC		238
110		Marten Transport Ltd		3
1,786		Matson, Inc		63
11,825		Norfolk Southern Corp		1,278
2,655	*	Old Dominion Freight Line		228
99	*	PAM Transportation Services, Inc		3
421		Park-Ohio Holdings Corp		18
759	*	Radiant Logistics, Inc		3
1,220	*	Roadrunner Transportation Services Holdings, Inc		13
2,221		Ryder System, Inc		165
1,140	*	Saia, Inc		50
2,180	*	Scorpio Bulkers, Inc		11
2,080		Skywest, Inc		76
26,013		Southwest Airlines Co		1,296
3,015	*	Spirit Airlines, Inc		174
2,655	*,e	Swift Transportation Co, Inc		65
33,920		Union Pacific Corp		3,517
12,814	*	United Continental Holdings, Inc		934
27,802		United Parcel Service, Inc (Class B)		3,187
200		Universal Truckload Services, Inc		3
407	*	USA Truck, Inc		3
1,875		Werner Enterprises, Inc		50
2,328	*	Wesco Aircraft Holdings, Inc		35
3,629	*	XPO Logistics, Inc		157
1,384	*	YRC Worldwide, Inc		18
		TOTAL TRANSPORTATION		21,021
UTILITIES - 3.1%
27,308		AES Corp		317
2,057		Allete, Inc		132
9,155		Alliant Energy Corp		347
9,746		Ameren Corp		511
19,766		American Electric Power Co, Inc		1,244
1,493		American States Water Co		68
7,124		American Water Works Co, Inc		516
6,956		Aqua America, Inc		209
366		Artesian Resources Corp		12
5,498	*	Atlantic Power Corp		14
2,435		Atlantica Yield plc		47
3,941		Atmos Energy Corp		292
2,315		Avangrid, Inc		88
2,597		Avista Corp		104
2,123		Black Hills Corp		130
2,026		California Water Service Group		69
14,721	*	Calpine Corp		168

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
18,179		Centerpoint Energy, Inc	$	448
670		Chesapeake Utilities Corp		45
11,263		CMS Energy Corp		469
518		Connecticut Water Service, Inc		29
12,284		Consolidated Edison, Inc		905
626		Consolidated Water Co, Inc		7
275		Delta Natural Gas Co, Inc		8
24,655		Dominion Resources, Inc		1,888
7,200		DTE Energy Co		709
27,710		Duke Energy Corp		2,151
5,091	*	Dynegy, Inc		43
12,645		Edison International		910
1,646		El Paso Electric Co		77
1,914		Empire District Electric Co		65
7,172		Entergy Corp		527
12,788		Eversource Energy		706
35,732		Exelon Corp		1,268
17,014		FirstEnergy Corp		527
535		Genie Energy Ltd		3
8,417		Great Plains Energy, Inc		230
4,472		Hawaiian Electric Industries, Inc		148
1,914		Idacorp, Inc		154
8,034		MDU Resources Group, Inc		231
1,437		MGE Energy, Inc		94
644		Middlesex Water Co		28
3,042		National Fuel Gas Co		172
3,600		New Jersey Resources Corp		128
18,521		NextEra Energy, Inc		2,213
13,439		NiSource, Inc		298
1,124		Northwest Natural Gas Co		67
1,790		NorthWestern Corp		102
13,378		NRG Energy, Inc		164
1,290		NRG Yield, Inc (Class A)		20
2,626		NRG Yield, Inc (Class C)		42
8,254		OGE Energy Corp		276
2,141		ONE Gas, Inc		137
1,582		Ormat Technologies, Inc		85
1,620		Otter Tail Corp		66
2,385		Pattern Energy Group, Inc		45
19,976		PG&E Corp		1,214
4,420		Pinnacle West Capital Corp		345
3,355		PNM Resources, Inc		115
3,322		Portland General Electric Co		144
27,078		PPL Corp		922
20,355		Public Service Enterprise Group, Inc		893
5,186		SCANA Corp		380
10,000		Sempra Energy		1,006
678		SJW Corp		38
2,886		South Jersey Industries, Inc		97
37,798		Southern Co		1,859
1,975		Southwest Gas Corp		151
123	e	Spark Energy, Inc		4
1,831		Spire, Inc		118
3,671		TerraForm Global, Inc		15
3,549	*	TerraForm Power, Inc		45
7,127		UGI Corp		328
114		Unitil Corp		5
3,477		Vectren Corp		181
876	*,e	Vivint Solar, Inc		2
12,603		WEC Energy Group, Inc		739
5,936		Westar Energy, Inc		335
2,078		WGL Holdings, Inc		159
20,150		Xcel Energy, Inc		820

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
23		York Water Co	$	1
		TOTAL UTILITIES		29,669
		TOTAL COMMON STOCKS
		(Cost $448,809)		947,573
RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
92	m	Emergent Capital, Inc		0	^
		TOTAL DIVERSIFIED FINANCIALS		0	^
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
643	m	Forest Laboratories, Inc CVR		1
244	m	Omthera Pharmaceuticals, Inc		0	^
1,733	m	Trius Therapeutics, Inc		0	^
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1
SOFTWARE & SERVICES - 0.0%
1,221	m	Gerber Scientific, Inc		0	^
		TOTAL SOFTWARE & SERVICES		0	^
TELECOMMUNICATION SERVICES - 0.0%
2,267	m	Leap Wireless International, Inc		6
		TOTAL TELECOMMUNICATION SERVICES		6
		TOTAL RIGHTS / WARRANTS
		(Cost $6)		7

PRINCIPAL	ISSUER	Rate			Maturity       Date
SHORT-TERM INVESTMENTS - 1.5%
GOVERNMENT AGENCY DEBT - 0.3%
	Federal Home Loan Bank (FHLB)
$2,900,000	FHLB		0.350	%		01/04/13	2,900
	TOTAL GOVERNMENT AGENCY DEBT						2,900

48

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%
11,329,456	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	11,329
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		11,329
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $14,229)		14,229
		TOTAL INVESTMENTS - 101.0%
		(Cost $463,044)		961,809
		OTHER ASSETS & LIABILITIES, NET - (1.0)%		(9,890	)
		NET ASSETS - 100.0%	$	951,919

Abbreviation(s):
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depositary Receipts
*	Non-income producing
^	Amount represents less than $1,000.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $10,943,000.
m	Indicates a security that has been deemed illiquid.

Cost amounts are in thousands.

49

Report of Independent Registered Public Accounting Firm

To the Management Committee and Contract owners of the TIAA Separate Account VA-1:

In our opinion, the accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Stock Index Account of the TIAA Separate Account VA-1 (hereafter referred to as the “Account”) as of December 31, 2016, the results of its operations, the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedule of investments (hereafter referred to as “financial statements”) are the responsibility of the Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 17, 2017

50

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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

SIGNATURES

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

	TIAA SEPARATE ACCOUNT VA-1
Dated: February 17, 2017	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and Executive
		Vice President

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

Dated: February 17, 2017	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and Executive
		Vice President
		(principal executive officer)
Dated: February 17, 2017	By:	/s/ Glenn E. Brightman
		Glenn E. Brightman
		Chief Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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