N-CSR 1 d240809dncsr.htm VA-1 ANNUAL REPORT VA-1 Annual Report

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)

Rachael M. Zufall, Esq.

TIAA SEPARATE ACCOUNT VA-1

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021


Item 1. Reports to Stockholders.


LOGO

 

Annual Report ◾ December 31, 2021

 

TIAA Separate Account VA-1

 

The annual report contains the audited financial statements.

  

Stock Index Account

 

 

 

LOGO


Contents

 

   
      
   

Understanding this report

     3  
   

Information for contractowners

     4  
   

Important information about expenses

     5  
   

About the Account’s benchmark

     6  
   

Account performance

    
   

Stock Index Account

     7  
   

Summary portfolio of investments

     10  
   

Audited financial statements

    
   

Statement of assets and liabilities

     14  
   

Statement of operations

     15  
   

Statements of changes in net assets

     16  
   

Financial highlights

     18  
   

Notes to financial statements

     20  
   

Report of independent registered public accounting firm

     30  
   

Management committee members and officers

     32  
   

How to reach us

     Inside back cover  
   
          


Understanding this report

 

This annual report contains information about the TIAA Separate Account VA-1 of Teachers Insurance and Annuity Association of America (TIAA) and made available through TIAA’s Teachers Personal Annuity variable annuity contract, and describes the Separate Account’s results for the twelve months ended December 31, 2021. The report contains three main sections:

 

   

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

   

The summary portfolio of investments lists the industries and types of securities in which the Separate Account had investments as of December 31, 2021.

   

The financial statements provide detailed information about the operations and financial condition of the Separate Account.

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

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

 

TIAA Separate Account VA-1    2021 Annual Report     3


Information for contractowners

 

Portfolio holdings

The summary portfolio of investments for the TIAA Separate Account VA-1 begins on page 10 of this report. You can obtain a complete list of the holdings of the TIAA Separate Account VA-1 (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:

 

   

By visiting our website at TIAA.org; or

   

By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA Separate Account VA-1’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT filings are as of March 31 or September 30. Copies of these forms are available:

 

   

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

   

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

Call 202-551-8090 for more information.

Proxy voting

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

Contacting TIAA

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

Account management

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

 

4     2021 Annual Report    TIAA Separate Account VA-1


Important information about expenses

 

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2021–December 31, 2021).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

 

TIAA Separate Account VA-1   2021 Annual Report     5


Important information about expenses

 

Expense example

Six months ended December 31, 2021

 

       
Stock Index Account   

Beginning

account value
(7/1/21)

    

Ending

account value

(12/31/21)

    

Expenses paid

during period*

(7/1/21–12/31/21)

 

Actual return

   $  1,000.00      $   1,087.87      $ 3.95  

5% annual hypothetical return

     1,000.00        1,021.42        3.82  

 

*

“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 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratio for that period was 0.75%. The total annual expense ratio reflects a voluntary agreement by the Account’s investment adviser to waive a portion of its fee. Without such waiver, the Account’s total annual expense ratio would have been 0.90%. Although TIAA reserves the right to increase the Account’s mortality and expense risk charge to a maximum of 1.00% of average daily net assets per year, the total annual expense ratio will never exceed 1.50%.

About the Account’s benchmark

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

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

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

 

6     2021 Annual Report    TIAA Separate Account VA-1


Stock Index Account

 

Performance for the twelve months ended December 31, 2021

The Stock Index Account returned 24.79% for the year, compared with the 25.66% return of its benchmark, the Russell 3000® Index.

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

The U.S. economy grew at a solid pace during the period, despite ongoing supply-chain bottlenecks and the impact of new COVID-19 variants. The unemployment rate fell from 6.3% in January 2021 to 3.9% in December. Core inflation, which includes all items except food and energy, rose 5.5% over the twelve months ended December 31, 2021. The Federal Reserve held the federal funds target rate unchanged at 0.00%–0.25%. In November, however, the Fed began reducing the pace of its bond-buying program, which was designed to support the economy and credit markets, and indicated it would continue tapering into 2022. Crude oil prices rose sharply over the twelve months.

The broad U.S. stock market, as measured by the Russell 3000 Index, advanced 25.66% for the period. Large-cap stocks surpassed smaller shares, while mid- and small-cap value equities had the best performance overall. (Returns by investment style and capitalization size are based on the Russell indexes.)

All benchmark sectors posted double-digit gains

All eleven industry sectors in the Russell 3000 Index delivered substantial gains for the twelve months. Energy (up 56.1%) produced the strongest return, helped by rising oil prices. Information technology (up 29.9%)—the benchmark’s largest sector—was the top contributor to the index’s return. The next-largest contributors were financials (up 34.8%) and consumer discretionary (up 22.4%). Together, these four sectors represented over one-half of the benchmark’s total market capitalization on December 31, 2021. The worst performer was utilities (up 17.1%), a defensive sector that tends to lag when the economy is strong, followed by communication services (up 17.9%).

For the twelve-month period, four of the five largest stocks in the Russell 3000 Index generated impressive gains that surpassed the overall return of the benchmark. Alphabet (the parent company of Google) performed best amid robust growth in spending on digital advertising. Next came Microsoft, which benefited from strong demand for its cloud-computing services. Electric car maker Tesla and Apple also outperformed, while Amazon.com advanced modestly but trailed the benchmark. Amazon was hurt by rising labor and shipping costs.

 

TIAA Separate Account VA-1    2021 Annual Report     7


Stock Index Account

 

Performance as of December 31, 2021

 

       
            Total return    

Average annual

total return

 
      Inception
date
     1 year     5 years     10 years  

Stock Index Account

     11/1/94        24.79     17.10     15.46

Russell 3000® Index

            25.66       17.97       16.30  

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

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

 

LOGO

Ending amounts are as of December 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period.

 

8     2021 Annual Report    TIAA Separate Account VA-1


Stock Index Account

 

Portfolio composition

 

   
Sector   

% of net assets

as of 12/31/2021

 

Information technology

     28.1  

Health care

     13.3  

Consumer discretionary

     12.3  

Financials

     11.3  

Communication services

     9.1  

Industrials

     8.9  

Consumer staples

     5.4  

Real estate

     3.6  

Energy

     2.7  

Utilities

     2.4  

Materials

     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 12/31/2021

 

More than $50 billion

     68.4  

More than $15 billion–$50 billion

     17.8  

More than $2 billion–$15 billion

     11.9  

$2 billion or less

     1.9  

Total

     100.0  

 

TIAA Separate Account VA-1    2021 Annual Report     9


Summary portfolio of investments     

Stock Index Account  §  December 31, 2021

 

Shares          Company        Value
(000)
    % of net
assets
 
  COMMON STOCKS      
  AUTOMOBILES & COMPONENTS    
  23,745     *   Tesla, Inc     $ 25,093       1.8
    Other       9,309       0.6
       

 

 

 
          34,402       2.4
       

 

 

 
  BANKS    
  212,299       Bank of America Corp       9,445       0.7
  86,499       JPMorgan Chase & Co       13,697       1.0
  117,671       Wells Fargo & Co       5,646       0.4
    Other       30,898       2.2
       

 

 

 
          59,686       4.3
       

 

 

 
  CAPITAL GOODS       81,356       5.8
   

 

 

 
  COMMERCIAL & PROFESSIONAL SERVICES       17,044       1.2
       

 

 

 
  CONSUMER DURABLES & APPAREL    
  36,252       Nike, Inc (Class B)       6,042       0.4
    Other       14,032       1.0  
       

 

 

 
          20,074       1.4
       

 

 

 
  CONSUMER SERVICES    
  21,820       McDonald’s Corp       5,849       0.4
    Other       24,377       1.8
       

 

 

 
          30,226       2.2
       

 

 

 
  DIVERSIFIED FINANCIALS    
  54,000     *   Berkshire Hathaway, Inc (Class B)       16,146       1.1
    Other       54,745       3.9
       

 

 

 
          70,891       5.0
       

 

 

 
  ENERGY    
  56,754       Chevron Corp       6,660       0.5
  124,486       Exxon Mobil Corp       7,617       0.5
    Other       23,199       1.7
       

 

 

 
          37,476       2.7
       

 

 

 
  FOOD & STAPLES RETAILING    
  12,916       Costco Wholesale Corp       7,332       0.5
  42,002       Walmart, Inc       6,077       0.5
    Other       4,914       0.3
       

 

 

 
          18,323       1.3
       

 

 

 
  FOOD, BEVERAGE & TOBACCO    
  113,622       Coca-Cola Co       6,728       0.5
  40,468       PepsiCo, Inc       7,030       0.5
    Other       24,061       1.7
       

 

 

 
          37,819       2.7
       

 

 

 

 

10   2021 Annual Report   §   TIAA Separate Account VA-1   See notes to financial statements


Summary portfolio of investments    continued

Stock Index Account  §  December 31, 2021

 

Shares          Company        Value
(000)
    % of net
assets
 
  HEALTH CARE EQUIPMENT & SERVICES    
  50,994       Abbott Laboratories     $ 7,177       0.5 %  
  27,593       UnitedHealth Group, Inc       13,856       1.0
    Other       60,075       4.3
       

 

 

 
          81,108       5.8
       

 

 

 
  HOUSEHOLD & PERSONAL PRODUCTS    
  71,256       Procter & Gamble Co       11,656       0.8
    Other       8,493       0.6
       

 

 

 
          20,149       1.4
       

 

 

 
  INSURANCE       28,254       2.0
   

 

 

 
  MATERIALS       34,225       2.4
   

 

 

 
  MEDIA & ENTERTAINMENT    
  8,815     *   Alphabet, Inc (Class A)       25,537       1.8
  8,225     *   Alphabet, Inc (Class C)       23,800       1.7
  133,588       Comcast Corp (Class A)       6,724       0.5
  69,474     *   Meta Platforms, Inc       23,368       1.7  
  12,657     *   Netflix, Inc       7,625       0.5
  53,204     *   Walt Disney Co       8,241       0.6
    Other       18,884       1.3
       

 

 

 
          114,179       8.1
       

 

 

 
  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES      
  51,910       AbbVie, Inc       7,029       0.5
  18,638       Danaher Corp       6,132       0.4
  24,927       Eli Lilly & Co       6,885       0.5
  77,209       Johnson & Johnson       13,208       0.9  
  74,429       Merck & Co, Inc       5,704       0.4
  163,832       Pfizer, Inc       9,674       0.7
  11,548       Thermo Fisher Scientific, Inc       7,705       0.5
    Other       50,492       3.6
       

 

 

 
          106,829       7.5
       

 

 

 
  REAL ESTATE     50,353       3.6
 

 

 

 
  RETAILING      
  12,730     *   Amazon.com, Inc       42,446       3.0
  31,209       Home Depot, Inc       12,952       0.9
  20,432       Lowe’s Companies, Inc       5,281       0.4
    Other       28,337       2.0
       

 

 

 
          89,016       6.3
       

 

 

 
  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT      
  35,458     *   Advanced Micro Devices, Inc       5,102       0.4
  11,698       Broadcom, Inc       7,784       0.6
  118,487       Intel Corp       6,102       0.4
  70,177       NVIDIA Corp       20,640       1.5

 

See notes to financial statements   TIAA Separate Account VA-1   §   2021 Annual Report     11  


Summary portfolio of investments    continued

Stock Index Account  §  December 31, 2021

 

Shares          Company        Value
(000)
    % of net
assets
 
  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—continued      
  33,051       QUALCOMM, Inc     $ 6,044       0.4 %  
    Other       36,546       2.5
       

 

 

 
          82,218       5.8
       

 

 

 
  SOFTWARE & SERVICES      
  18,598       Accenture plc       7,710       0.5  
  14,007     *   Adobe, Inc       7,943       0.5
  25,680       Mastercard, Inc (Class A)       9,227       0.7
  221,222       Microsoft Corp       74,401       5.3
  34,454     *   PayPal Holdings, Inc       6,497       0.5
  27,395     *   salesforce.com, Inc       6,962       0.5
  49,620       Visa, Inc (Class A)       10,753       0.8
    Other       83,187       5.9
       

 

 

 
          206,680       14.7
       

 

 

 
  TECHNOLOGY HARDWARE & EQUIPMENT      
  453,393     d   Apple, Inc       80,509       5.7
  123,441       Cisco Systems, Inc       7,822       0.6
    Other       19,452       1.3
       

 

 

 
          107,783       7.6
       

 

 

 
  TELECOMMUNICATION SERVICES      
  208,877       AT&T, Inc       5,138       0.4
  120,939       Verizon Communications, Inc       6,284       0.4
    Other       3,119       0.2
       

 

 

 
          14,541       1.0
       

 

 

 
  TRANSPORTATION     26,492       1.9
 

 

 

 
  UTILITIES      
  57,551       NextEra Energy, Inc       5,373       0.4
    Other       28,880       2.0
       

 

 

 
          34,253       2.4
       

 

 

 
    TOTAL COMMON STOCKS   (Cost $387,915)     1,403,377       99.5  
       

 

 

 
  RIGHTS / WARRANTS      
  ENERGY     0     0.0  
       

 

 

 
  MEDIA & ENTERTAINMENT     0       0.0  
       

 

 

 
  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES     0     0.0  
       

 

 

 
    TOTAL RIGHTS / WARRANTS   (Cost $0)     0     0.0  
       

 

 

 

 

12   2021 Annual Report   §   TIAA Separate Account VA-1   See notes to financial statements


Summary portfolio of investments    concluded

Stock Index Account  §  December 31, 2021

 

Principal          Issuer   Rate Maturity
date
  Value
(000)
    % of net
assets
 
  SHORT-TERM INVESTMENTS    
  GOVERNMENT AGENCY DEBT    
  $7,395,000       Federal Home Loan Bank (FHLB)   0.000%, 01/07/22   $ 7,395       0.5 %  
    Other       583       0.1  
       

 

 

 
          7,978       0.6  
       

 

 

 
Shares    

 

 

Company          

               
  INVESTMENTS IN REGISTERED INVESTMENT COMPANIES      
  3,708,017     c   State Street Navigator Securities Lending Government
Money Market Portfolio
  0.030     3,708       0.2  
       

 

 

 
    TOTAL SHORT-TERM INVESTMENTS   (Cost$11,686)     11,686       0.8  
       

 

 

 
    TOTAL PORTFOLIO   (Cost$399,601)     1,415,063       100.3  
    OTHER ASSETS & LIABILITIES, NET       (4,222     (0.3
       

 

 

 
    NET ASSETS     $ 1,410,841       100.0
     

 

 

 

 

 

^   Amount represents less than $1,000.
*   Non-income producing
c   Investments made with cash collateral received from securities on loan.
d   All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

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

At 12/31/21, the aggregate value of securities on loan is $6,515,253. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

Cost amounts are in thousands.

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

 

 

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

 

Description   

Number of
long (short)

contracts

    Expiration
date
    Notional
amount
    Value     Unrealized
appreciation
(depreciation)
 

 

 

S&P 500 E Mini Index

     27       03/18/22     $ 6,331     $ 6,424     $ 93  

 

 

 

See notes to financial statements   TIAA Separate Account VA-1   §   2021 Annual Report     13  


Statement of assets and liabilities     

TIAA Separate Account VA-1  §  December 31, 2021

 

(amounts in thousands, except accumulation unit value)    Stock Index
Account
 

 

 

ASSETS

  

Portfolio investments, at value*

   $ 1,415,063  

Dividends and interest receivable

     879  

Receivable for delayed delivery securities

     5  

Receivable for variation margin on open futures contracts

     93  

Other

     161  

 

 

Total assets

     1,416,201  

 

 

LIABILITIES

  

Investment management fees payable

     6  

Service agreement fees payable

     8  

Payable for collateral for securities loaned

     3,708  

Due to affiliates

     1,346  

Overdraft payable

     117  

Payable for manager compensation

     161  

Other

     14  

 

 

Total liabilities

     5,360  

 

 

NET ASSETS

  

Accumulation Fund

   $ 1,410,841  

 

 

Accumulation units outstanding

     3,774  

 

 

Accumulation unit value

   $ 373.79  

 

 

*   Portfolio investments, at cost

   $ 399,601  

 Includes securities loaned of

   $ 6,515  

 

14   2021 Annual Report   §   TIAA Separate Account VA-1   See notes to financial statements


Statement of operations     

TIAA Separate Account VA-1  §  For the year ended December 31, 2021

 

(amounts in thousands)    Stock Index
Account
 

 

 

INVESTMENT INCOME

  

Dividends*

   $ 17,182  

Income from securities lending, net

     64  

Other

     1  

 

 

Total income

     17,247  

 

 

EXPENSES

  

Administrative services

     2,662  

Investment advisory

     3,992  

Mortality and expense risk charges

     5,323  

 

 

Total expenses

     11,977  

Less: Expense waiver by investment adviser

     (1,996

 

 

Net expenses

     9,981  

 

 

Net investment income (loss)

     7,266  

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS

  

Realized gain (loss):

  

Portfolio investments

     91,404  

Futures contracts

     1,846  

 

 

Net realized gain (loss) on total investments

     93,250  

 

 

Change in unrealized appreciation (depreciation) on:

  

Portfolio investments

     191,439  

Futures contracts

     9  

 

 

Net change in unrealized appreciation (depreciation) on total investments

     191,448  

 

 

Net realized and unrealized gain (loss) on total investments

     284,698  

 

 

Net increase (decrease) in net assets from operations

   $ 291,964  

 

 

*   Net of foreign withholding taxes

   $ 4  

 

See notes to financial statements   TIAA Separate Account VA-1   §   2021 Annual Report     15  


Statements of changes in net assets     

TIAA Separate Account VA-1  §  For the year ended

 

     Stock Index Account  
(amounts in thousands)    December 31, 2021      December 31, 2020  

 

 

OPERATIONS

     

Net investment income (loss)

   $ 7,266      $ 10,490  

Net realized gain (loss) on total investments

     93,250        65,222  

Net change in unrealized appreciation (depreciation) on total investments

     191,448        126,413  

 

 

Net increase (decrease) in net assets from operations

     291,964        202,125  

 

 

FROM CONTRACTOWNER TRANSACTIONS

     

Premiums

     16,900        21,386  

Withdrawals and death benefits

     (111,583      (113,693

 

 

Net increase (decrease) from contractowner transactions

     (94,683      (92,307

 

 

Net increase (decrease) in net assets

     197,281        109,818  

NET ASSETS

     

Beginning of period

     1,213,560        1,103,742  

 

 

End of period

   $ 1,410,841      $ 1,213,560  

 

 

ACCUMULATION UNITS

     

Units purchased

     51        92  

Units sold / transferred

     (328      (461

Outstanding

     

Beginning of period

     4,051        4,420  

 

 

End of period

   $ 3,774      $ 4,051  

 

 

 

16   2021 Annual Report   §   TIAA Separate Account VA-1   See notes to financial statements


[This page intentionally left blank.]

 

TIAA Separate Account VA-1   §   2021 Annual Report     17  


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
period
        

STOCK INDEX ACCOUNT

 

        
    12/31/21     $ 4.405     $ 2.549     $ 1.856     $ 72.394     $ 74.250      $ 299.540    
    12/31/20       4.350       1.873       2.477       47.363       49.840        249.700    
    12/31/19       4.722       1.684       3.038       54.564       57.602        192.098    
    12/31/18       4.501       1.580       2.921       (14.924     (12.003      204.101    
      12/31/17       3.613       1.395       2.218       32.114       34.332        169.769          

 

a   Based on average units outstanding.
b   Based on per accumulation unit data.

 

18   2021 Annual Report   §   TIAA Separate Account VA-1   See notes to financial statements


      

 

 

   

 

          Ratios and supplemental data  
                  Ratios to average net assets                    
       Accumulation
unit value
end of
period
    Total
returnb
    Gross
expenses
    Net
expenses
    Net
investment
income
(loss)
    Portfolio
turnover
rate
    Accumulation
units
outstanding
end of period
(in millions)
    Net
assets
at the end
of period
(in millions)
 
               
    $373.790       24.79     0.90     0.75     0.55     3     4     $ 1,411  
    299.540       19.96       0.90       0.75       0.99       3       4       1,214  
    249.700       29.99       0.90       0.75       1.35       2       4       1,104  
    192.098       (5.88     0.90       0.75       1.39       3       5       922  
          204.101       20.22       0.90       0.75       1.19       5       5       1,060  

 

See notes to financial statements   TIAA Separate Account VA-1   §   2021 Annual Report     19  


Notes to financial statements     

TIAA Separate Account VA-1

 

Note 1—organization

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

Note 2—significant accounting policies

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

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

Foreign currency transactions and translation: The books and records of the Account are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

 

 

20   2021 Annual Report   §   TIAA Separate Account VA-1


     continued

 

 

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Account and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statement of operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation) on total investments” on the Statement of operations, when applicable.

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

Indemnification: In the normal course of business, the Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. 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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Account’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

 

TIAA Separate Account VA-1   §   2021 Annual Report     21  


Notes to financial statements     

 

 

New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the record keeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. The Account may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Account’s financial statements.

Note 3—valuation of investments

The Account’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

 

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

 

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

 

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

22   2021 Annual Report   §   TIAA Separate Account VA-1


     continued

 

 

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

Debt securities: Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by Teachers Advisors, LLC (“Advisors”). These securities are generally classified as Level 2.

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. 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. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and the securities are generally classified as Level 2.

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 Board. These foreign securities are generally classified as Level 2.

Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.

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. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of

 

TIAA Separate Account VA-1   §   2021 Annual Report     23  


Notes to financial statements     

 

 

investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Account’s investments as of December 31, 2021, based on the inputs used to value them (dollar amounts are in thousands):

 

    Level 1     Level 2     Level 3      Total  

 

 

Equity investments:

        

Health care

  $ 187,935     $     $ 2      $ 187,937  

Materials

    34,209       16              34,225  

All other equity investments*

    1,181,215                    1,181,215  

Short-term investments

    3,708       7,978              11,686  

Futures contracts**

    93                 —        93  

 

 

Total

  $ 1,407,160     $ 7,994     $ 2      $ 1,415,156  

 

 

 

*   For detailed categories, see the accompanying Summary portfolio of investments.
**   Derivative instruments are not reflected in the market value of portfolio investments.

Note 4—investments

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

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

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of assets and liabilities. Non-cash collateral is not disclosed in the Account’s Statement of assets and liabilities as it is held by the Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Account, and the Account does not have the ability to sell or re-hypothecate those securities. As of December 31, 2021, securities lending

 

24   2021 Annual Report   §   TIAA Separate Account VA-1


     continued

 

 

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

At December 31, 2021, the total value of securities on loan and the total value of collateral received were as follows (dollar amounts are in thousands):

 

Aggregate value of
securities on loan
    Cash collateral
received*
    Non-cash collateral
received
    Total collateral
received
 

 

 
  $6,515     $ 3,708     $ 3,156     $ 6,864  

 

 

 

 

*   May include cash and investment of cash collateral.

Securities purchased on a when-issued or delayed-delivery basis: The Account may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Account have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

Zero coupon securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Account for the year ended December 31, 2021 were as follows (dollar amounts are in thousands):

 

Non-U.S.

government

purchases

    

Non-U.S.

government

sales

 

$41,526

     $ 128,495  

 

TIAA Separate Account VA-1   §   2021 Annual Report     25  


Notes to financial statements     

 

 

Note 5—derivative investments

The Account is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Account records derivative instruments at fair value, with changes in fair value recognized on the Statement of operations.

At December 31, 2021, the Account has invested in derivative contracts which are reflected in the Statement of assets and liabilities as follows (dollar amounts are in thousands):

 

       Asset derivatives  
Derivative contracts      Location        Fair value amount  

 

 

Equity contracts

       Futures contracts      $ 93  

 

 

 

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

For the year ended December 31, 2021, the effect of derivative contracts on the Account’s Statement of operations was as follows (dollar amounts are in thousands):

 

Derivative contracts      Location       

Realized

gain (loss)

       Change in
unrealized
appreciation
(depreciation)
 

 

 

Equity contracts

       Futures contracts        $ 1,846        $ 9  

 

 

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, 2021, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0%

 

26   2021 Annual Report   §   TIAA Separate Account VA-1


     continued

 

 

and 1% of net assets. The futures contracts outstanding as of December 31, 2021 are disclosed in the Summary portfolio of investments and the full Schedule of investments.

Note 6—Income tax and other tax matters

Income taxes: VA-1 is a separate account of TIAA, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. VA-1 should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, VA-1’s Accumulation Account for contractowners will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. The Account files, as a component of the TIAA tax return, a U.S. Federal income tax return. The Account also files income tax returns in applicable state and local jurisdictions. The Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open income tax years and has concluded that no provision for income tax is required in the Account’s financial statements.

Foreign taxes: The Account may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Account will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Account invests.

Net unrealized appreciation (depreciation): At December 31, 2021, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):

 

Account    Tax cost        Gross
unrealized
appreciation
       Gross
unrealized
(depreciation)
     Net unrealized
appreciation
(depreciation)
 

 

 

Stock Index

   $ 399,694        $ 1,044,067        $ (28,605    $ 1,015,462  

 

 

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

Note 7—investment adviser and affiliates

Teachers Advisors, LLC (“Advisors”), a wholly owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for VA-1 pursuant to an Investment Management Agreement among TIAA, Advisors and VA-1. TIAA provides all administrative services for VA-1 pursuant to an Administrative

 

TIAA Separate Account VA-1   §   2021 Annual Report     27  


Notes to financial statements     

 

 

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, 2021, these transactions did not materially impact the Account

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Account may participate in an inter-fund lending program. This program allows the Account to lend cash to and/or borrow cash from certain affiliated registered investment companies for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that the Account may not borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, the Account may participate in the program only if its participation is consistent with the Account’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended December 31, 2021, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

The Account participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of contractowner withdrawals. The current facility was entered into on June 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021.

 

28   2021 Annual Report   §   TIAA Separate Account VA-1


     concluded

 

 

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, 2021, there were no borrowings under this credit facility by the Account.

 

TIAA Separate Account VA-1   §   2021 Annual Report     29  


Report of Independent Registered

Public Accounting Firm

    

 

To the Management Committee and Contractowners of the Stock Index Account of TIAA Separate Account VA-1

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the summary portfolio of investments, of Stock Index Account of TIAA Separate Account VA-1 (the “Account”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Account as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Account’s management. Our responsibility is to express an opinion on the Account’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we

 

30   2021 Annual Report   §   TIAA Separate Account VA-1


      

 

 

performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 23, 2022

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

 

TIAA Separate Account VA-1   §   2021 Annual Report     31  


Management committee members and officers (unaudited)     

TIAA Separate Account VA-1  §  February 15, 2022

 

Members

 

Name, address
and year of birth (“YOB”)
  Position(s)
held with
registrant
  Term of office
and length of
time served
  Principal occupation(s) during past 5 years and
other relevant experience and qualifications
 

Number of
portfolios

in fund
complex
overseen by
manager

  Other directorships
and positions held by manager
Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954
  Manager   Indefinite term. Manager 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, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963
  Manager   Indefinite term. Manager since 2019.  

Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans, Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).

  88   Board member, Lumina Foundation and Waterside School; Emeritus Board Member, Year-Up Puget Sound Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962
  Manager   Indefinite term. Manager since 2018.  

James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020–2021), Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).

  88   Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC.

 

32   2021 Annual Report   §   TIAA Separate Account VA-1


Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1962
  Manager   Indefinite term. Manager since 2007.  

Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc.

  88   Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1967
  Manager   Indefinite term. Manager since 2007.  

Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).

  88   Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1954
  Manager   Indefinite term. Manager since 2005.  

James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.

  88   Director, Build Commonwealth (non-profit organization).
Thomas J. Kenny
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1963
  Chairman of the Management Committee and Manager   Indefinite term. Manager since 2011. Chairman for term ending June 30, 2023. Chairman since September 13, 2017.  

Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.

  88   Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

 

TIAA Separate Account VA-1   §   2021 Annual Report     33  


Management committee members and officers (unaudited)    continued

TIAA Separate Account VA-1  §  February 15, 2022

 

Members—concluded

 

Name, address

and year of birth (“YOB”)

  Position(s)
held with
registrant
  Term of office
and length of
time served
  Principal occupation(s) during past 5 years and
other relevant experience and qualifications
 

Number of
portfolios

in fund
complex
overseen by
manager

  Other directorships
and positions held by manager
James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1958
  Manager   Indefinite term. Manager since 2006.  

President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.

  88   Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1949
  Manager   Indefinite term. Manager since 2001.  

Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), 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, TheraTrue Inc.

 

34   2021 Annual Report   §   TIAA Separate Account VA-1


Officers

 

Name, address and
year of birth (“YOB”)
  Position(s)
held with
registrant
  Term of office
and length of
time served
  Principal occupation(s) during past 5 years
Richard S. Biegen
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1962
  Chief Compliance Officer   One-year term. Chief Compliance Officer since 2008.   Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Derek B. Dorn
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1976
  Senior Managing Director and Corporate Secretary   One-year term. Senior Managing Director and Corporate Secretary since 2020.   Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.

John L. Douglas

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1950

  Executive Vice President and Chief Legal, Risk and Compliance Officer   One-year term. Executive Vice President since 2021.   Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President, Chief Legal, Risk and Compliance Officer of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer, TIAA. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.

W. Dave Dowrich

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1967

  Executive Vice President   One-year term. Executive Vice President since 2022.   Senior Executive Vice President and Chief Financial Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Dowrich served as Chief Financial Officer, International Businesses at Prudential Financial, Inc.
Jose Minaya
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1971
  Executive Vice President   One-year term. Executive Vice President since 2018.   Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.

 

TIAA Separate Account VA-1   §   2021 Annual Report     35  


Management committee members and officers (unaudited)    concluded

TIAA Separate Account VA-1  §  February 15, 2022

 

Officers—concluded

 

Name, address and
year of birth (“YOB”)
  Position(s)
held with
registrant
  Term of office
and length of
time served
  Principal occupation(s) during past 5 years

Colbert Narcisse

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1965

  President and Chief Executive Officer   One-year term. President and Chief Executive Officer since 2022.   Senior Executive Vice President, Chief Product and Business Development Officer of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley.
David G. Nason
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1970
  Executive Vice President   One-year term. Executive Vice President since 2020.   Senior Executive Vice President, Chief Operating Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer, TIAA. Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.

Micky Onvural

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1974

  Executive Vice President   One-year term. Executive Vice President since 2022.   Senior Executive Vice President, Chief Marketing and Communications Officer of TIAA. Executive Vice President of CREF and TIAA Separate Account VA-1. Prior to joining TIAA, Ms. Onvural served as Chief Executive Officer for Bonobos.
E. Scott Wickerham
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973
  Principal Financial Officer, Principal Accounting Officer and Treasurer   One-year term.
Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.
  Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.

 

36   2021 Annual Report   §   TIAA Separate Account VA-1


Name, address and
year of birth (“YOB”)
  Position(s)
held with
registrant
  Term of office
and length of
time served
  Principal occupation(s) during past 5 years
Sean N. Woodroffe
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1963
  Executive Vice President   One-year term. Executive Vice President since 2018.   Senior Executive Vice President, Chief People Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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 telephone at 800-223-1200.

 

TIAA Separate Account VA-1   §   2021 Annual Report     37  


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How to reach us

 

TIAA website

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

TIAA.org

Automated telephone service

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

800-842-2252

24 hours a day, 7 days a week

National Contact Center

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

800-842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800-223-1200

To apply for a new policy or contract

877-825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

 

 

 

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

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

 

 

©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206


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Item 2. Code of Conduct.

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

2(b)  No response required.

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

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

2(e)  Not applicable.

2(f)  A copy of the current code of conduct 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) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.


Item 4. Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal years ended December 31, 2021 and December 31, 2020 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-08520) because the fees disclosed in this statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant periods.

4(a)  Audit Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $55,375 and $55,375, respectively.

4(b)  Audit Related Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2021 and December 31, 2020, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.    

4(d)  All Other Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $1,994, respectively.

For the fiscal years ended December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020 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, 2021 and December 31, 2020, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,058,073 and $1,364,000, 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, 2021

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       

COMMON STOCKS - 99.5%

  

AUTOMOBILES & COMPONENTS - 2.4%

  
2,741   *    Adient plc    $ 131  
3,248   *    American Axle & Manufacturing Holdings, Inc      30  
7,734   *    Aptiv plc      1,276  
801   *    Arcimoto, Inc      6  
7,491      BorgWarner, Inc      338  
2,224   *,e    Canoo, Inc      17  
444   *    Cooper-Standard Holding, Inc      10  
4,034      Dana Inc      92  
653   *    Dorman Products, Inc      74  
4,705   *    Fisker, Inc      74  
114,901      Ford Motor Co      2,387  
1,312   *    Fox Factory Holding Corp      223  
40,590   *    General Motors Co      2,380  
7,649      Gentex Corp      267  
1,199   *    Gentherm, Inc      104  
6,756   *    Goodyear Tire & Rubber Co      144  
4,645      Harley-Davidson, Inc      175  
851      LCI Industries, Inc      133  
1,758      Lear Corp      322  
3,298   *,e    Lordstown Motors Corp      11  
1,945   *    Modine Manufacturing Co      20  
670   *    Motorcar Parts of America, Inc      11  
687      Patrick Industries, Inc      55  
7,090   *    QuantumScape Corp      157  
3,924   *    Rivian Automotive, Inc      407  
843      Standard Motor Products, Inc      44  
1,055   *    Stoneridge, Inc      21  
1,943   *    Tenneco, Inc      22  
23,745   *    Tesla, Inc      25,093  
1,549      Thor Industries, Inc      161  
759   *    Visteon Corp      84  
1,048      Winnebago Industries, Inc      79  
3,711   *,e    Workhorse Group, Inc      16  
970   *,e    XL Fleet Corp      3  
518   *    XPEL, Inc      35  
       

 

 

 
     TOTAL AUTOMOBILES & COMPONENTS      34,402  
       

 

 

 

BANKS - 4.3%

  
625      1st Source Corp      31  
444      Allegiance Bancshares, Inc      19  
667      Amerant Bancorp Inc      23  
374      American National Bankshares, Inc      14  
2,080      Ameris Bancorp      103  
450      Arrow Financial Corp      16  
4,158      Associated Banc-Corp      94  
706   *    Atlantic Capital Bancshares, Inc      20  
2,758      Atlantic Union Bankshares Corp      103  
2,090   *    Axos Financial, Inc      117  
1,598      Banc of California, Inc      31  
666      Bancfirst Corp      47  
178      Bank First Corp      13  
212,299      Bank of America Corp      9,445  
1,195      Bank of Hawaii Corp      100  
468      Bank of Marin Bancorp      17  
1,429      Bank of NT Butterfield & Son Ltd      54  
3,528      Bank OZK      164  
3,175      BankUnited      134  
887      Banner Corp      54  
622      Bar Harbor Bankshares      18  
1,245      Berkshire Hills Bancorp, Inc      35  
1,053      BOK Financial Corp      111  
231      Brookline Bancorp, Inc      4  
630      Bryn Mawr Bank Corp      28  

 

 

1


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
313      Business First Bancshares, Inc    $ 9  
241      Byline Bancorp, Inc      7  
5,850      Cadence BanCorp      174  
135      Cambridge Bancorp      13  
613      Camden National Corp      30  
447      Capital City Bank Group, Inc      12  
3,828      Capitol Federal Financial      43  
314      Capstar Financial Holdings, Inc      7  
550   *    Carter Bankshares, Inc      8  
2,040      Cathay General Bancorp      88  
654      CBTX, Inc      19  
1,125      Central Pacific Financial Corp      32  
2,767      CIT Group, Inc      142  
58,506      Citigroup, Inc      3,533  
533      Citizens & Northern Corp      14  
13,262      Citizens Financial Group, Inc      627  
194      City Holding Co      16  
377      Civista Bancshares, Inc      9  
498      CNB Financial Corp      13  
2,723      Columbia Banking System, Inc      89  
1,738   *    Columbia Financial, Inc      36  
3,928      Comerica, Inc      342  
2,961      Commerce Bancshares, Inc      204  
1,925      Community Bank System, Inc      143  
651      Community Trust Bancorp, Inc      28  
1,146      ConnectOne Bancorp, Inc      37  
1,466   *    CrossFirst Bankshares, Inc      23  
1,926      Cullen/Frost Bankers, Inc      243  
513   *    Customers Bancorp, Inc      34  
4,043      CVB Financial Corp      87  
1,541      Dime Community Bancshares, Inc      54  
1,035      Eagle Bancorp, Inc      60  
4,494      East West Bancorp, Inc      354  
4,805      Eastern Bankshares, Inc      97  
314      Enterprise Bancorp, Inc      14  
828      Enterprise Financial Services Corp      39  
402      Equity Bancshares, Inc      14  
3,325      Essent Group Ltd      151  
1,013      Farmers National Banc Corp      19  
621      FB Financial Corp      27  
120      Federal Agricultural Mortgage Corp (FAMC)      15  
20,759      Fifth Third Bancorp      904  
527      Financial Institutions, Inc      17  
6,201      First Bancorp      85  
1,088      First Bancorp      50  
498      First Bancorp, Inc      16  
322      First Bancshares, Inc      12  
603      First Bank      9  
1,476      First Busey Corp      40  
195      First Citizens Bancshares, Inc (Class A)      162  
3,678      First Commonwealth Financial Corp      59  
680      First Community Bancshares, Inc      23  
2,544      First Financial Bancorp      62  
4,390      First Financial Bankshares, Inc      223  
384      First Financial Corp      17  
1,098      First Foundation, Inc      27  
4,467      First Hawaiian, Inc      122  
17,936      First Horizon National Corp      293  
228      First Internet Bancorp      11  
951      First Interstate Bancsystem, Inc      39  
1,580      First Merchants Corp      66  
380      First Mid-Illinois Bancshares, Inc      16  
2,629      First Midwest Bancorp, Inc      54  
862      First of Long Island Corp      19  
5,189      First Republic Bank      1,072  
1,199      Flagstar Bancorp, Inc      57  
1,083      Flushing Financial Corp      26  
6,008      FNB Corp      73  
2,273      Fulton Financial Corp      39  
903      German American Bancorp, Inc      35  
3,414      Glacier Bancorp, Inc      194  
412      Great Southern Bancorp, Inc      24  
1,353      Great Western Bancorp, Inc         46  

 

 

2


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
302      Guaranty Bancshares, Inc    $   11  
2,028      Hancock Whitney Corp      101  
1,297      Hanmi Financial Corp      31  
728      HarborOne Northeast Bancorp, Inc      11  
953      Heartland Financial USA, Inc      48  
1,355      Heritage Commerce Corp      16  
1,150      Heritage Financial Corp      28  
2,221      Hilltop Holdings, Inc      78  
57      Hingham Institution for Savings      24  
238      Home Bancorp, Inc      10  
4,557      Home Bancshares, Inc      111  
698      HomeStreet, Inc      36  
667      HomeTrust Bancshares, Inc      21  
2,725      Hope Bancorp, Inc      40  
1,209      Horizon Bancorp      25  
323   *    Howard Bancorp, Inc      7  
44,137      Huntington Bancshares, Inc      681  
1,787      Independent Bank Corp (MA)      146  
863      Independent Bank Corp (MI)      21  
1,089      Independent Bank Group, Inc      79  
1,089      International Bancshares Corp      46  
6,650      Investors Bancorp, Inc      101  
86,499      JPMorgan Chase & Co      13,697  
1,623      Kearny Financial Corp      22  
29,277      Keycorp      677  
1,629      Lakeland Bancorp, Inc      31  
976      Lakeland Financial Corp      78  
833      Live Oak Bancshares, Inc      73  
4,010      M&T Bank Corp      616  
1,072      Macatawa Bank Corp      9  
640      Mercantile Bank Corp      22  
573      Merchants Bancorp      27  
1,035      Meta Financial Group, Inc      62  
229   *    Metropolitan Bank Holding Corp      24  
9,342      MGIC Investment Corp      135  
582      Midland States Bancorp, Inc      14  
406      MidWestOne Financial Group, Inc      13  
1,931   *    Mr Cooper Group, Inc      80  
180      MVB Financial Corp      7  
984      National Bank Holdings Corp      43  
521      NBT Bancorp, Inc      20  
10,848      New York Community Bancorp, Inc      132  
301   *    Nicolet Bankshares, Inc      26  
2,265   *    NMI Holdings, Inc      49  
1,643      Northfield Bancorp, Inc      27  
280      Northrim BanCorp, Inc      12  
2,083      Northwest Bancshares, Inc      29  
1,583      OceanFirst Financial Corp      35  
214   *    Ocwen Financial Corp      9  
1,902      OFG Bancorp      51  
2,485      Old National Bancorp      45  
1,237      Old Second Bancorp, Inc      16  
568      Origin Bancorp, Inc      24  
297      Orrstown Financial Services, Inc      7  
2,232      Pacific Premier Bancorp, Inc      89  
3,679      PacWest Bancorp      166  
529      Park National Corp      73  
696      PCSB Financial Corp      13  
642      Peapack Gladstone Financial Corp      23  
750      PennyMac Financial Services, Inc      52  
868      Peoples Bancorp, Inc      28  
333      Peoples Financial Services Corp      18  
12,816      People’s United Financial, Inc      228  
2,403      Pinnacle Financial Partners, Inc      229  
12,470      PNC Financial Services Group, Inc      2,500  
2,126      Popular, Inc      174  
510      Preferred Bank      37  
52      Premier Financial Corp      2  
454      Primis Financial Corp      7  
2,597      Prosperity Bancshares, Inc      188  
339      Provident Bancorp Inc      6  
1,243      Provident Financial Services, Inc      30  
472      QCR Holdings, Inc      26  

 

 

3


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
4,226      Radian Group, Inc    $ 89  
475      RBB Bancorp      12  
28,951      Regions Financial Corp      631  
254      Reliant Bancorp Inc      9  
1,629      Renasant Corp      62  
364      Republic Bancorp, Inc (Class A)      19  
1,873   *    Republic First Bancorp, Inc      7  
3,914      Rocket Cos, Inc      55  
166      S&T Bancorp, Inc      5  
1,200      Sandy Spring Bancorp, Inc      58  
1,542      Seacoast Banking Corp of Florida      55  
1,315      ServisFirst Bancshares, Inc      112  
370      Sierra Bancorp      10  
1,749      Signature Bank      566  
683   *    Silvergate Capital Corp      101  
2,996      Simmons First National Corp (Class A)      89  
275      SmartFinancial, Inc      8  
2,293      South State Corp      184  
228   *    Southern First Bancshares, Inc      14  
231      Southern Missouri Bancorp, Inc      12  
1,068      Southside Bancshares, Inc      45  
5,659      Sterling Bancorp      146  
922      Stock Yards Bancorp, Inc      59  
394      Summit Financial Group, Inc      11  
1,676   *    SVB Financial Group      1,137  
4,436      Synovus Financial Corp      212  
1,428   *    Texas Capital Bancshares, Inc      86  
1,044      TFS Financial Corp      19  
1,514   *    The Bancorp, Inc      38  
131      Tompkins Financial Corp      11  
1,266      Towne Bank      40  
240      Trico Bancshares      10  
943   *    Tristate Capital Holdings, Inc      29  
657   *    Triumph Bancorp, Inc      78  
39,122      Truist Financial Corp      2,291  
671      TrustCo Bank Corp NY      22  
2,619      Trustmark Corp      85  
1,468      UMB Financial Corp      156  
6,954      Umpqua Holdings Corp      134  
3,198      United Bankshares, Inc      116  
2,711      United Community Banks, Inc      97  
1,012      Univest Financial Corp      30  
39,382      US Bancorp      2,212  
706   e    UWM Holdings Corp      4  
9,879      Valley National Bancorp      136  
1,101      Veritex Holdings, Inc      44  
936      Walker & Dunlop, Inc      141  
1,239      Washington Federal, Inc      41  
581      Washington Trust Bancorp, Inc      33  
1,032      Waterstone Financial, Inc      23  
2,690      Webster Financial Corp      150  
117,671      Wells Fargo & Co      5,646  
1,747      WesBanco, Inc      61  
597      West Bancorporation, Inc      19  
1,024      Westamerica Bancorporation      59  
3,061      Western Alliance Bancorp      330  
1,926      Wintrust Financial Corp      175  
1,727      WSFS Financial Corp      87  
4,886      Zions Bancorporation      309  
       

 

 

 
     TOTAL BANKS      59,686  
       

 

 

 

CAPITAL GOODS - 5.8%

  
17,082      3M Co      3,034  
3,495      A.O. Smith Corp      300  
1,275      Aaon, Inc      101  
981   *    AAR Corp      38  
869      Acuity Brands, Inc      184  
1,712      Advanced Drainage Systems, Inc      233  
3,710   *    Aecom Technology Corp      287  
2,167      Aerojet Rocketdyne Holdings, Inc      101  
721   *    Aerovironment, Inc      45  
1,773      AGCO Corp      206  
13,421   *,e    AgEagle Aerial Systems, Inc      21  

 

 

4


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
3,064      Air Lease Corp    $ 136  
374      Alamo Group, Inc      55  
1,111      Albany International Corp (Class A)      98  
2,509      Allegion plc      332  
307      Allied Motion Technologies, Inc      11  
3,239      Allison Transmission Holdings, Inc      118  
2,097      Altra Industrial Motion Corp      108  
909   *    Ameresco, Inc      74  
706   *    American Superconductor Corp      8  
568   *    American Woodmark Corp      37  
6,732      Ametek, Inc      990  
5,093   *    API Group Corp      131  
449      Apogee Enterprises, Inc      22  
1,410      Applied Industrial Technologies, Inc      145  
1,220      Arcosa, Inc      64  
555      Argan, Inc      22  
1,331      Armstrong World Industries, Inc      155  
3,616   *    Array Technologies, Inc      57  
823      Astec Industries, Inc      57  
810   *    Astronics Corp      10  
1,320   *    Atkore International Group, Inc      147  
1,836   *    Axon Enterprise, Inc      288  
2,980   *    AZEK Co, Inc      138  
922      AZZ, Inc      51  
1,516   *    Babcock & Wilcox Enterprises, Inc      14  
1,344      Barnes Group, Inc      63  
1,298   *    Beacon Roofing Supply, Inc      74  
247   *,e    Beam Global      5  
1,095   *,e    Blink Charging Co      29  
4,152   *    Bloom Energy Corp      91  
278   *    Blue Bird Corp      4  
224   *    BlueLinx Holdings, Inc      21  
15,716   *    Boeing Co      3,164  
1,276      Boise Cascade Co      91  
5,596   *    Builders FirstSource, Inc      480  
2,196      BWX Technologies, Inc      105  
276   *    Byrna Technologies, Inc      4  
883      Caesarstone Sdot-Yam Ltd      10  
1,555      Carlisle Cos, Inc      386  
25,500      Carrier Global Corp      1,383  
16,041      Caterpillar, Inc      3,316  
6,313   *    ChargePoint Holdings, Inc      120  
1,052   *    Chart Industries, Inc      168  
647   *    CIRCOR International, Inc      18  
3,463   *    Colfax Corp      159  
840      Columbus McKinnon Corp      39  
929      Comfort Systems USA, Inc      92  
723   *    Commercial Vehicle Group, Inc      6  
714   *    Construction Partners Inc      21  
563   *    Core & Main, Inc      17  
1,570   *    Cornerstone Building Brands, Inc      27  
1,416      Crane Co      144  
302      CSW Industrials, Inc      37  
4,163      Cummins, Inc      908  
1,242      Curtiss-Wright Corp      172  
1,008   *,e    Custom Truck One Source, Inc      8  
8,327      Deere & Co      2,855  
4,894   *,e    Desktop Metal, Inc      24  
3,888      Donaldson Co, Inc      230  
932      Douglas Dynamics, Inc      36  
4,220      Dover Corp      766  
485   *    Ducommun, Inc      23  
567   *    DXP Enterprises, Inc      15  
952   *    Dycom Industries, Inc      89  
11,637      Eaton Corp      2,011  
1,559      EMCOR Group, Inc      199  
17,701      Emerson Electric Co      1,646  
703      Encore Wire Corp      101  
1,368   *    Energy Recovery, Inc      29  
2,301      Enerpac Tool Group Corp      47  
1,385      EnerSys      110  
830      EnPro Industries, Inc      91  
1,158   *    Eos Energy Enterprises, Inc      9  

 

 

5


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
605      ESCO Technologies, Inc    $ 54  
137   *    EVI Industries, Inc      4  
3,291   *    Evoqua Water Technologies Corp      154  
16,800      Fastenal Co      1,076  
2,079      Federal Signal Corp      90  
3,453      Flowserve Corp      106  
4,273   *    Fluor Corp      106  
9,377      Fortive Corp      715  
4,259      Fortune Brands Home & Security, Inc      455  
1,207      Franklin Electric Co, Inc      114  
12,516   *,e    FuelCell Energy, Inc      65  
1,403   *    Gates Industrial Corp plc      22  
1,053      GATX Corp      110  
1,828   *    Generac Holdings, Inc      643  
7,321      General Dynamics Corp      1,526  
32,080      General Electric Co      3,031  
1,066   *    Gibraltar Industries, Inc      71  
461      Global Industrial Co      19  
922   *    GMS, Inc      55  
678      Gorman-Rupp Co      30  
4,526      Graco, Inc      365  
5,120      GrafTech International Ltd      61  
639      Granite Construction, Inc      25  
2,253   *    Great Lakes Dredge & Dock Corp      35  
464      Greenbrier Cos, Inc      21  
1,120      Griffon Corp      32  
1,293      H&E Equipment Services, Inc      57  
1,082      HEICO Corp      156  
2,279      HEICO Corp (Class A)      293  
922      Helios Technologies, Inc      97  
866      Herc Holdings, Inc      136  
2,664   *    Hexcel Corp      138  
1,992      Hillenbrand, Inc      104  
20,327      Honeywell International, Inc      4,238  
12,101      Howmet Aerospace, Inc      385  
1,612      Hubbell, Inc      336  
1,040      Huntington Ingalls      194  
1,014   *    Hydrofarm Holdings Group, Inc      29  
3,375   *    Hyliion Holdings Corp      21  
404      Hyster-Yale Materials Handling, Inc      17  
12,162   *,e    Ideanomics Inc      15  
2,293      IDEX Corp      542  
298   *    IES Holdings, Inc      15  
9,252      Illinois Tool Works, Inc      2,283  
574   *    Infrastructure and Energy Alternatives, Inc      5  
10,828      Ingersoll Rand, Inc      670  
716      Insteel Industries, Inc      29  
2,617      ITT, Inc      267  
2,384   *    JELD-WEN Holding, Inc      63  
1,054      John Bean Technologies Corp      162  
20,930      Johnson Controls International plc      1,702  
242      Kadant, Inc      56  
1,040      Kaman Corp      45  
2,961      Kennametal, Inc      106  
3,783   *    Kratos Defense & Security Solutions, Inc      73  
5,861      L3Harris Technologies, Inc      1,250  
246   *    Lawson Products, Inc      14  
1,051      Lennox International, Inc      341  
1,591      Lincoln Electric Holdings, Inc      222  
408      Lindsay Corp      62  
7,293      Lockheed Martin Corp      2,592  
800      Luxfer Holdings plc      15  
1,198   *    Manitowoc Co, Inc      22  
7,697      Masco Corp      541  
798   *    Masonite International Corp      94  
1,650   *    Mastec, Inc      152  
1,193   *    Matrix Service Co      9  
2,076      Maxar Technologies, Inc      61  
687      McGrath RentCorp      55  
1,200   *    Mercury Systems, Inc      66  
352   *    Meritor, Inc      9  
1,635   *    Middleby Corp      322  
446      Miller Industries, Inc      15  

 

 

6


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
863      Moog, Inc (Class A)    $ 70  
2,142   *    MRC Global, Inc      15  
1,382      MSC Industrial Direct Co (Class A)      116  
1,100      Mueller Industries, Inc      65  
4,045      Mueller Water Products, Inc (Class A)      58  
639   *    MYR Group, Inc      71  
206      National Presto Industries, Inc      17  
5,998   *,e    Nikola Corp      59  
1,020   *    NN, Inc      4  
1,723      Nordson Corp      440  
4,400      Northrop Grumman Corp      1,703  
371   *    Northwest Pipe Co      12  
4,328   *    NOW, Inc      37  
291   *    NV5 Global Inc      40  
4,516      nVent Electric plc      172  
117      Omega Flex, Inc      15  
2,055      Oshkosh Corp      232  
12,674      Otis Worldwide Corp      1,104  
2,755      Owens Corning, Inc      249  
9,836      PACCAR, Inc      868  
1,797   *    PAE, Inc      18  
766      Park Aerospace Corp      10  
3,824      Parker-Hannifin Corp      1,217  
334      Park-Ohio Holdings Corp      7  
502   *    Parsons Corp      17  
4,695      Pentair plc      343  
1,847   *    PGT Innovations, Inc      42  
15,097   *    Plug Power, Inc      426  
416      Powell Industries, Inc      12  
96      Preformed Line Products Co      6  
1,452      Primoris Services Corp      35  
784   *    Proto Labs, Inc      40  
1,340      Quanex Building Products Corp      33  
4,219      Quanta Services, Inc      484  
44,355      Raytheon Technologies Corp      3,817  
823   *    RBC Bearings, Inc      166  
1,884      Regal-Beloit Corp      321  
4,524   *    Resideo Technologies, Inc      118  
432      REV Group, Inc      6  
3,398      Rockwell Automation, Inc      1,185  
3,041   *,e    Romeo Power, Inc      11  
3,020      Roper Technologies Inc      1,485  
1,543      Rush Enterprises, Inc (Class A)      86  
385      Rush Enterprises, Inc (Class B)      21  
4,864   *    Sensata Technologies Holding plc      300  
2,675   *    Shoals Technologies Group, Inc      65  
1,169      Shyft Group, Inc      57  
1,204      Simpson Manufacturing Co, Inc      167  
1,315   *    SiteOne Landscape Supply, Inc      319  
1,692      Snap-On, Inc      364  
3,290      Spirit Aerosystems Holdings, Inc (Class A)      142  
1,497   *    SPX Corp      89  
964      SPX FLOW, Inc      83  
472      Standex International Corp      52  
4,769      Stanley Black & Decker, Inc      900  
3,078   *,e    Stem, Inc      58  
1,004   *    Sterling Construction Co, Inc      26  
5,997   *    Sunrun, Inc      206  
647      Tennant Co      52  
1,919      Terex Corp      84  
1,353      Textainer Group Holdings Ltd      48  
6,778      Textron, Inc      523  
1,276   *    Thermon Group Holdings      22  
2,010      Timken Co      139  
1,266   *    Titan International, Inc      14  
784   *    Titan Machinery, Inc      26  
2,967      Toro Co      296  
927   *    TPI Composites, Inc      14  
7,163      Trane Technologies plc      1,447  
100   *    Transcat Inc      9  
1,508   *    TransDigm Group, Inc      960  
3,483   *    Trex Co, Inc      470  
1,489      Trinity Industries, Inc      45  

 

 

7


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,772      Triton International Ltd    $ 107  
1,451   *    Triumph Group, Inc      27  
1,399   *    Tutor Perini Corp      17  
1,736      UFP Industries, Inc      160  
2,102   *    United Rentals, Inc      699  
5,141   *    Univar Solutions Inc      146  
582      Valmont Industries, Inc      146  
455   *    Vectrus, Inc      21  
419   *    Veritiv Corp      51  
8,077      Vertiv Holdings Co      202  
649   *    Vicor Corp      82  
1,550   *,e    View, Inc      6  
5,189   *    Virgin Galactic Holdings, Inc      69  
1,330      W.W. Grainger, Inc      689  
1,790      Wabash National Corp      35  
901      Watsco, Inc      282  
645      Watts Water Technologies, Inc (Class A)      125  
3,967   *    Welbilt, Inc      94  
1,406   *    WESCO International, Inc      185  
5,055      Westinghouse Air Brake Technologies Corp      466  
67   *    Willis Lease Finance Corp      3  
5,251   *    WillScot Mobile Mini Holdings Corp      214  
1,753      Woodward Inc      192  
5,446      Xylem, Inc      653  
3,642      Zurn Water Solutions Corp      133  
       

 

 

 
     TOTAL CAPITAL GOODS      81,356  
       

 

 

 

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%

  
2,170      ABM Industries, Inc      89  
2,247   *    Acacia Research (Acacia Technologies)      11  
3,257      ACCO Brands Corp      27  
4,141      ADT, Inc      35  
1,481   *    ASGN Inc      183  
274      Barrett Business Services, Inc      19  
3,702      Booz Allen Hamilton Holding Co      314  
1,283      Brady Corp (Class A)      69  
511   *    BrightView Holdings, Inc      7  
1,522      Brink’s Co      100  
739   *    CACI International, Inc (Class A)      199  
1,375   *    Casella Waste Systems, Inc (Class A)      117  
1,147   *    CBIZ, Inc      45  
948   *    Ceco Environmental Corp      6  
600   *    Cimpress plc      43  
2,527      Cintas Corp      1,120  
12,143   *    Clarivate Analytics plc      286  
1,666   *    Clean Harbors, Inc      166  
5,924   *    Copart, Inc      898  
3,089   *    CoreCivic, Inc      31  
11,441   *    CoStar Group, Inc      904  
260      CRA International, Inc      24  
1,062      Deluxe Corp      34  
972   *    Driven Brands Holdings, Inc      33  
4,177   *    Dun & Bradstreet Holdings, Inc      86  
1,051      Ennis, Inc      20  
3,652      Equifax, Inc      1,069  
1,599      Exponent, Inc      187  
972   *    First Advantage Corp      18  
381   *    Forrester Research, Inc      22  
419   *    Franklin Covey Co      19  
1,004   *    FTI Consulting, Inc      154  
2,590   *    Harsco Corp      43  
2,398      Healthcare Services Group      43  
711      Heidrick & Struggles International, Inc      31  
555   *    Heritage-Crystal Clean, Inc      18  
2,407      Herman Miller, Inc      94  
1,526      HNI Corp      64  
794   *    Huron Consulting Group, Inc      40  
4,202   *    IAA, Inc      213  
637      ICF International, Inc      65  
10,992      IHS Markit Ltd      1,461  
975      Insperity, Inc      115  
1,994      Interface, Inc      32  
3,820      Jacobs Engineering Group, Inc      532  

 

 

8


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
3,912   *    KAR Auction Services, Inc    $ 61  
4,426      KBR, Inc      211  
1,192      Kelly Services, Inc (Class A)      20  
781      Kforce, Inc      59  
1,392      Kimball International, Inc (Class B)      14  
1,748      Korn/Ferry International      132  
3,966      Leidos Holdings, Inc      353  
1,722      Manpower, Inc      168  
924      Mantech International Corp (Class A)      67  
1,217      Matthews International Corp (Class A)      45  
757   *    Mistras Group, Inc      6  
640   *    Montrose Environmental Group, Inc      45  
877      MSA Safety, Inc      132  
10,957      Nielsen NV      225  
563      NL Industries, Inc      4  
5,559      Pitney Bowes, Inc      37  
6,267      Republic Services, Inc      874  
1,107      Resources Connection, Inc      20  
3,044      Robert Half International, Inc      339  
6,990      Rollins, Inc      239  
1,897   *    RR Donnelley & Sons Co      21  
1,831      Science Applications International Corp      153  
672   *    SP Plus Corp      19  
3,128      Steelcase, Inc (Class A)      37  
2,380   *    Stericycle, Inc      142  
1,694      Tetra Tech, Inc      288  
5,855      TransUnion      694  
839   *    TriNet Group, Inc      80  
1,226   *    TrueBlue, Inc      34  
503      Unifirst Corp      106  
3,454   *    Upwork, Inc      118  
844   *    US Ecology, Inc      27  
4,636      Verisk Analytics, Inc      1,060  
679   *    Viad Corp      29  
340      VSE Corp      21  
12,388      Waste Management, Inc      2,068  
279   *    Willdan Group, Inc      10  
       

 

 

 
     TOTAL COMMERCIAL & PROFESSIONAL SERVICES      17,044  
       

 

 

 

CONSUMER DURABLES & APPAREL - 1.4%

  
821      Acushnet Holdings Corp      44  
559   *    American Outdoor Brands, Inc      11  
1,837   *    AMMO, Inc      10  
1,140   *    Beazer Homes USA, Inc      26  
2,321      Brunswick Corp      234  
3,303   *    Callaway Golf Co      91  
4,325   *    Capri Holdings Ltd      281  
1,418      Carter’s, Inc      144  
700   *,e    Casper Sleep, Inc      5  
237   *    Cavco Industries, Inc      75  
707      Century Communities, Inc      58  
729      Clarus Corp      20  
905      Columbia Sportswear Co      88  
1,856   *    Crocs, Inc      238  
767   *    Deckers Outdoor Corp      281  
10,107      DR Horton, Inc      1,096  
458      Escalade, Inc      7  
958      Ethan Allen Interiors, Inc      25  
1,713   *    Fossil Group, Inc      18  
4,285      Garmin Ltd      583  
8,097   *,e    Genius Brands International, Inc      8  
1,295   *    G-III Apparel Group Ltd      36  
4,066   *    GoPro, Inc      42  
992   *    Green Brick Partners, Inc      30  
364      Hamilton Beach Brands Holding Co      5  
10,312      Hanesbrands, Inc      172  
3,755      Hasbro, Inc      382  
617   *    Hayward Holdings, Inc      16  
763   *    Helen of Troy Ltd      187  
438      Hooker Furniture Corp      10  
148   *    Hovnanian Enterprises, Inc      19  
608      Installed Building Products, Inc      85  
883   *    iRobot Corp      58  

 

 

9


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
232      Johnson Outdoors, Inc    $ 22  
2,318      KB Home      104  
1,320      Kontoor Brands, Inc      68  
412   *    Latham Group, Inc      10  
1,619      La-Z-Boy, Inc      59  
4,140      Leggett & Platt, Inc      170  
8,442      Lennar Corp (Class A)      981  
349      Lennar Corp (Class B)      33  
624   *    LGI Homes, Inc      96  
362      Lifetime Brands, Inc      6  
336   *    Lovesac Co      22  
3,364   *    Lululemon Athletica, Inc      1,317  
604   *    M/I Homes, Inc      38  
688   *    Malibu Boats, Inc      47  
441      Marine Products Corp      5  
673   *    MasterCraft Boat Holdings, Inc      19  
10,286   *    Mattel, Inc      222  
1,166      MDC Holdings, Inc      65  
729   *    Meritage Homes Corp      89  
1,740   *    Mohawk Industries, Inc      317  
638      Movado Group, Inc      27  
909   *    Nautilus, Inc      6  
11,340      Newell Brands Inc      248  
36,252      Nike, Inc (Class B)      6,042  
99   *    NVR, Inc      585  
569      Oxford Industries, Inc      58  
7,509   *    Peloton Interactive, Inc      269  
533   *,e    PLBY Group, Inc      14  
1,625      Polaris Inc      179  
7,361      Pulte Homes, Inc      421  
1,386   *    Purple Innovation, Inc      18  
2,213      PVH Corp      236  
1,511      Ralph Lauren Corp      180  
110      Rocky Brands, Inc      4  
4,193   *    Skechers U.S.A., Inc (Class A)      182  
1,768   *    Skyline Champion Corp      140  
1,649      Smith & Wesson Brands, Inc      29  
3,687   *    Sonos, Inc      110  
2,695      Steven Madden Ltd      125  
311      Sturm Ruger & Co, Inc      21  
295      Superior Uniform Group, Inc      6  
8,612      Tapestry, Inc      350  
3,418   *    Taylor Morrison Home Corp      119  
5,607      Tempur Sealy International, Inc      264  
2,789      Toll Brothers, Inc      202  
1,066   *    TopBuild Corp      294  
2,090   *    TRI Pointe Homes, Inc      58  
1,520   *    Tupperware Brands Corp      23  
5,744   *    Under Armour, Inc (Class A)      122  
5,391   *    Under Armour, Inc (Class C)      97  
700   *    Unifi, Inc      16  
428   *    Universal Electronics, Inc      17  
1,001   *    Vera Bradley, Inc      9  
9,697      VF Corp      710  
1,707   *    Vista Outdoor, Inc      79  
576   *    VOXX International Corp (Class A)      6  
1,740   *,e    Vuzix Corp      15  
1,858      Whirlpool Corp      436  
2,662      Wolverine World Wide, Inc      77  
2,480   *    YETI Holdings, Inc      205  
       

 

 

 
     TOTAL CONSUMER DURABLES & APPAREL      20,074  
       

 

 

 

CONSUMER SERVICES - 2.2%

  
1,998   *    2U, Inc      40  
1,229   *    Accel Entertainment, Inc      16  
1,615   *    Adtalem Global Education, Inc      48  
675   *    American Public Education, Inc      15  
7,080      ARAMARK Holdings Corp      261  
925   *    Bally’s Corp      35  
39   *    Biglari Holdings, Inc (B Shares)      6  
817   *    BJ’s Restaurants, Inc      28  
2,832   *    Bloomin’ Brands, Inc      59  
476   *    Bluegreen Vacations Holding Corp      17  

 

 

10


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,193   *    Booking Holdings, Inc    $ 2,862  
2,347   *    Boyd Gaming Corp      154  
1,917   *    Bright Horizons Family Solutions      241  
1,545   *    Brinker International, Inc      57  
5,983   *    Caesars Entertainment, Inc      560  
25,476   *,e    Carnival Corp      513  
591      Carriage Services, Inc      38  
1,345      Carrols Restaurant Group, Inc      4  
761   *    Century Casinos, Inc      9  
1,085   *    Cheesecake Factory      42  
4,170   *    Chegg, Inc      128  
806   *    Chipotle Mexican Grill, Inc (Class A)      1,409  
891      Choice Hotels International, Inc      139  
1,130      Churchill Downs, Inc      272  
751   *    Chuy’s Holdings, Inc      23  
1,405   *    Coursera, Inc      34  
711      Cracker Barrel Old Country Store, Inc      91  
3,871      Darden Restaurants, Inc      583  
1,228   *    Dave & Buster’s Entertainment, Inc      47  
1,227      Del Taco Restaurants, Inc      15  
2,177   *    Denny’s Corp      35  
458      Dine Brands Global Inc.      35  
1,040      Domino’s Pizza, Inc      587  
9,129   *    DraftKings, Inc      251  
2,372   *    Drive Shack, Inc      3  
809   *    El Pollo Loco Holdings, Inc      12  
258   *    Esports Technologies, Inc      5  
2,472   *    Everi Holdings, Inc      53  
4,217   *    Expedia Group, Inc      762  
1,005   *    Fiesta Restaurant Group, Inc      11  
2,305   *    frontdoor, Inc      84  
870   *    Full House Resorts, Inc      11  
1,144   *    GAN Ltd      11  
412   *    Golden Entertainment, Inc      21  
800   *    Golden Nugget Online Gaming, Inc      8  
115      Graham Holdings Co      72  
1,248   *    Grand Canyon Education, Inc      107  
5,101      H&R Block, Inc      120  
1,453   *,e    Hall of Fame Resort & Entertainment Co      2  
2,683   *    Hilton Grand Vacations, Inc      140  
8,220   *    Hilton Worldwide Holdings, Inc      1,282  
4,089   *    Houghton Mifflin Harcourt Co      66  
1,223   *    Hyatt Hotels Corp      117  
2,584      International Game Technology plc      75  
713      Jack in the Box, Inc      62  
10,145   *    Las Vegas Sands Corp      382  
3,222      Laureate Education, Inc      39  
532   *    Life Time Group Holdings, Inc      9  
608   *    Lindblad Expeditions Holdings, Inc      10  
8,014   *    Marriott International, Inc (Class A)      1,324  
1,302      Marriott Vacations Worldwide Corp      220  
21,820      McDonald’s Corp      5,849  
11,721      MGM Resorts International      526  
1,527   *    Mister Car Wash, Inc      28  
388   *    Monarch Casino & Resort, Inc      29  
133      Nathan’s Famous, Inc      8  
149   *    NEOGAMES S.A.      4  
400   *    Noodles & Co      4  
10,617   *    Norwegian Cruise Line Holdings Ltd      220  
465   *    ONE Group Hospitality, Inc      6  
1,416   *    OneSpaWorld Holdings Ltd      14  
1,035      Papa John’s International, Inc      138  
4,478   *    Penn National Gaming, Inc      232  
2,656   *    Perdoceo Education Corp      31  
2,622   *    Planet Fitness, Inc      238  
322   *    PlayAGS, Inc      2  
417   *    Portillo’s, Inc      16  
728   *    PowerSchool Holdings, Inc      12  
330      RCI Hospitality Holdings, Inc      26  
500   *    Red Robin Gourmet Burgers, Inc      8  
1,923      Red Rock Resorts, Inc      106  
6,549   *    Royal Caribbean Cruises Ltd      504  
1,353   *    Rush Street Interactive, Inc      22  

 

 

11


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,174   *    Ruth’s Hospitality Group Inc    $ 23  
2,866   *    Scientific Games Corp (Class A)      192  
1,710   *    SeaWorld Entertainment, Inc      111  
4,385      Service Corp International      311  
1,083   *    Shake Shack, Inc      78  
2,486   *    Six Flags Entertainment Corp      106  
34,524      Starbucks Corp      4,038  
673      Strategic Education, Inc      39  
1,321   *    Stride, Inc      44  
3,982   *    Terminix Global Holdings, Inc      180  
2,226      Texas Roadhouse, Inc (Class A)      199  
2,639      Travel & Leisure Co      146  
1,170      Vail Resorts, Inc      384  
2,671   *    Vivint Smart Home, Inc      26  
5,847      Wendy’s      139  
930      Wingstop, Inc      161  
1,421   *    WW International Inc      23  
2,646      Wyndham Hotels & Resorts, Inc      237  
3,269   *    Wynn Resorts Ltd      278  
12,355      Yum China Holdings, Inc      616  
8,717      Yum! Brands, Inc      1,210  
       

 

 

 
     TOTAL CONSUMER SERVICES      30,226  
       

 

 

 

DIVERSIFIED FINANCIALS - 5.0%

  
1,316      Affiliated Managers Group, Inc      216  
13,354      AGNC Investment Corp      201  
315      Alerus Financial Corp      9  
10,775      Ally Financial, Inc      513  
203      A-Mark Precious Metals, Inc      12  
18,580      American Express Co      3,040  
3,264      Ameriprise Financial, Inc      985  
36,798      Annaly Capital Management, Inc      288  
4,140      Apollo Commercial Real Estate Finance, Inc      54  
6,699      Apollo Global Management, Inc      485  
3,143      Arbor Realty Trust, Inc      58  
1,014      Ares Commercial Real Estate Corp      15  
3,903      Ares Management Corp      317  
2,063   e    ARMOUR Residential REIT, Inc      20  
1,731      Artisan Partners Asset Management, Inc      82  
427   *    Assetmark Financial Holdings, Inc      11  
269      Associated Capital Group, Inc      12  
494      B. Riley Financial, Inc      44  
1,284      Banco Latinoamericano de Exportaciones S.A. (Class E)      21  
22,734      Bank of New York Mellon Corp      1,320  
54,000   *    Berkshire Hathaway, Inc (Class B)      16,146  
8,951      BGC Partners, Inc (Class A)      42  
4,193      BlackRock, Inc      3,839  
19,977      Blackstone Group, Inc      2,585  
4,265      Blackstone Mortgage Trust, Inc      131  
1,604   *    Blucora, Inc      28  
1,604      Brightsphere Investment Group, Inc      41  
3,033      BrightSpire Capital, Inc      31  
3,848      Broadmark Realty Capital, Inc      36  
2,523   *    Cannae Holdings, Inc      89  
12,502      Capital One Financial Corp      1,814  
4,356      Carlyle Group, Inc      239  
3,322      CBOE Global Markets, Inc      433  
44,122      Charles Schwab Corp      3,711  
5,843      Chimera Investment Corp      88  
10,426      CME Group, Inc      2,382  
853      Cohen & Steers, Inc      79  
906      Cowen Group, Inc      33  
268   *    Credit Acceptance Corp      184  
334      Curo Group Holdings Corp      5  
118      Diamond Hill Investment Group, Inc      23  
8,686      Discover Financial Services      1,004  
1,075   *    Donnelley Financial Solutions, Inc      51  
620   e    Dynex Capital, Inc      10  
630      Ellington Financial Inc      11  
978   *    Encore Capital Group, Inc      61  
1,226   *    Enova International, Inc      50  
11,268      Equitable Holdings, Inc      369  
1,311      Evercore Inc      178  

 

 

12


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,988   *    Ezcorp, Inc (Class A)    $ 15  
1,075      Factset Research Systems, Inc      522  
3,119      Federated Investors, Inc (Class B)      117  
1,370      FirstCash Holdings, Inc      102  
1,366   *    Focus Financial Partners, Inc      82  
1,210      Franklin BSP Realty Trust, Inc      18  
8,239      Franklin Resources, Inc      276  
181      GAMCO Investors, Inc (Class A)      4  
559      GCM Grosvenor, Inc      6  
9,667      Goldman Sachs Group, Inc      3,698  
1,667      Granite Point Mortgage Trust, Inc      19  
430      Great Ajax Corp      6  
1,775   *    Green Dot Corp      64  
679      Greenhill & Co, Inc      12  
904      Hamilton Lane, Inc      94  
2,171      Hannon Armstrong Sustainable Infrastructure Capital, Inc      115  
1,371      Houlihan Lokey, Inc      142  
2,227      Interactive Brokers Group, Inc (Class A)      177  
16,250      Intercontinental Exchange Group, Inc      2,222  
10,471      Invesco Ltd      241  
6,463      Invesco Mortgage Capital, Inc      18  
4,780      Janus Henderson Group plc      200  
6,446      Jefferies Financial Group, Inc      250  
16,544      KKR & Co, Inc      1,232  
419      KKR Real Estate Finance Trust, Inc      9  
2,645      Ladder Capital Corp      32  
3,360      Lazard Ltd (Class A)      147  
2,865   *    LendingClub Corp      69  
334   *    LendingTree, Inc      41  
2,318      LPL Financial Holdings, Inc      371  
1,069      MarketAxess Holdings, Inc      440  
418      Marlin Business Services Corp      10  
9,394      MFA Financial Inc      43  
1,603      Moelis & Co      100  
4,730      Moody’s Corp      1,847  
39,584      Morgan Stanley      3,886  
671      Morningstar, Inc      229  
2,361      MSCI, Inc (Class A)      1,447  
3,301      Nasdaq Inc      693  
3,611      Navient Corp      77  
637      Nelnet, Inc (Class A)      62  
12,681      New Residential Investment Corp      136  
6,676      New York Mortgage Trust, Inc      25  
6,037      Northern Trust Corp      722  
2,456      OneMain Holdings, Inc      123  
3,011   *    Open Lending Corp      68  
563   *    Oportun Financial Corp      11  
448      Oppenheimer Holdings, Inc      21  
1,276   e    Orchid Island Capital, Inc      6  
2,603      PennyMac Mortgage Investment Trust      45  
553      Piper Jaffray Cos      99  
727      PJT Partners, Inc      54  
1,565   *    PRA Group, Inc      79  
2,124   *    PROG Holdings, Inc      96  
527      Pzena Investment Management, Inc (Class A)      5  
5,202      Raymond James Financial, Inc      522  
1,249      Ready Capital Corp      19  
2,761      Redwood Trust, Inc      36  
383      Regional Management Corp      22  
7,011      S&P Global, Inc      3,309  
1,337      Santander Consumer USA Holdings, Inc      56  
551      Sculptor Capital Management, Inc      12  
3,251      SEI Investments Co      198  
10,253      SLM Corp      202  
7,073      Starwood Property Trust, Inc      172  
10,415      State Street Corp      969  
968      StepStone Group, Inc      40  
2,962      Stifel Financial Corp      209  
601   *    StoneX Group, Inc      37  
16,298      Synchrony Financial      756  
6,632      T Rowe Price Group, Inc      1,304  
1,884      TPG RE Finance Trust, Inc      23  
2,955      Tradeweb Markets, Inc      296  

 

 

13


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
8,413      Two Harbors Investment Corp    $ 49  
1,321   *    Upstart Holdings, Inc      200  
2,593      Virtu Financial, Inc      75  
255      Virtus Investment Partners, Inc      76  
3,327      Voya Financial, Inc      221  
4,611      WisdomTree Investments, Inc      28  
160   *    World Acceptance Corp      39  
       

 

 

 
     TOTAL DIVERSIFIED FINANCIALS      70,891  
       

 

 

 

ENERGY - 2.7%

  
684   *    Aemetis, Inc      8  
1,963   *    Alto Ingredients, Inc      9  
9,807      Antero Midstream Corp      95  
8,501   *    Antero Resources Corp      149  
9,623      APA Corp      259  
101      Arch Resources, Inc      9  
3,123      Archrock, Inc      23  
562   *    Aspen Aerogels, Inc      28  
21,748      Baker Hughes Co      523  
1,669      Berry Petroleum Co LLC      14  
1,265      Bonanza Creek Energy, Inc      62  
938      Brigham Minerals, Inc      20  
510   *    Bristow Group, Inc      16  
22,755      Cabot Oil & Gas Corp      432  
1,403      Cactus, Inc      53  
2,498      California Resources Corp      107  
1,322   *,e    Callon Petroleum Co      62  
5,384   *    Centennial Resource Development, Inc      32  
230   *    Centrus Energy Corp      11  
5,977   *    ChampionX Corp      121  
7,197      Cheniere Energy, Inc      730  
2,953      Chesapeake Energy Corp      191  
56,754      Chevron Corp      6,660  
4,074   *    Clean Energy Fuels Corp      25  
6,453   *    CNX Resources Corp      89  
2,351   *    Comstock Resources Inc      19  
39,056      ConocoPhillips      2,819  
1,096   *    CONSOL Energy, Inc      25  
2,158      Continental Resources, Inc      97  
681   *,e    Crescent Energy, Inc      9  
612      CVR Energy, Inc      10  
1,947   *    Delek US Holdings, Inc      29  
1,483   *    Denbury, Inc      114  
19,890      Devon Energy Corp      876  
3,794      DHT Holdings, Inc      20  
5,395      Diamondback Energy, Inc      582  
535   *    DMC Global, Inc      21  
1,083      Dorian LPG Ltd      14  
1,195   *    Dril-Quip, Inc      24  
2,913      DT Midstream, Inc      140  
384   *    Earthstone Energy, Inc      4  
4,018   *,e    Energy Fuels, Inc      31  
17,302      EOG Resources, Inc      1,537  
8,585   *    EQT Corp      187  
11,874      Equitrans Midstream Corp      123  
124,486      Exxon Mobil Corp      7,617  
756   *    Frank’s International NV      11  
3,756   *,e    Frontline Ltd      27  
244   *    FTS International, Inc      6  
5,829   *,e    Gevo, Inc      25  
3,300   *    Golar LNG Ltd      41  
1,490   *    Green Plains Inc      52  
26,698      Halliburton Co      611  
5,378   *    Helix Energy Solutions Group, Inc      17  
3,077      Helmerich & Payne, Inc      73  
8,569      Hess Corp      634  
3,290      HollyFrontier Corp      108  
1,167      International Seaways, Inc      17  
59,023      Kinder Morgan, Inc      936  
9,313   *    Kosmos Energy Ltd      32  
367   *    Laredo Petroleum, Inc      22  
2,341   *    Liberty Oilfield Services, Inc      23  
3,546      Magnolia Oil & Gas Corp      67  

 

 

14


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
21,322      Marathon Oil Corp    $ 350  
18,206      Marathon Petroleum Corp      1,165  
3,253      Matador Resources Co      120  
3,745      Murphy Oil Corp      98  
238   *    Nabors Industries Ltd      19  
639   *    National Energy Services Reunited Corp      6  
740   e    New Fortress Energy, Inc      18  
3,366   *    Newpark Resources, Inc      10  
4,954   *    NexTier Oilfield Solutions, Inc      18  
3,925      Nordic American Tankers Ltd      7  
1,332      Northern Oil and Gas, Inc      27  
12,582      NOV, Inc      170  
553      Oasis Petroleum, Inc      70  
25,310      Occidental Petroleum Corp      734  
2,352   *    Oceaneering International, Inc      27  
2,073   *    Oil States International, Inc      10  
13,246      ONEOK, Inc      778  
7,741      Ovintiv, Inc      261  
1,291   *    Par Pacific Holdings, Inc      21  
5,355      Patterson-UTI Energy, Inc      45  
2,663   *    PBF Energy, Inc      35  
2,885      PDC Energy, Inc      141  
2,049   *    Peabody Energy Corp      21  
544   *    Penn Virginia Corp      15  
13,333      Phillips 66      966  
6,414      Pioneer Natural Resources Co      1,167  
2,609   *    ProPetro Holding Corp      21  
7,142   *    Range Resources Corp      127  
1,305   *    Renewable Energy Group, Inc      55  
234   *    Rex American Resources Corp      22  
257      Riley Exploration Permian, Inc      5  
2,256   *    RPC, Inc      10  
41,824      Schlumberger Ltd      1,253  
1,622      Scorpio Tankers, Inc      21  
1,587   *    Select Energy Services, Inc      10  
2,365      SFL Corp Ltd      19  
3,447      SM Energy Co      102  
369      Solaris Oilfield Infrastructure, Inc      2  
28,436   *    Southwestern Energy Co      132  
1,067   *    Talos Energy, Inc      10  
6,803      Targa Resources Investments, Inc      355  
560   *,e    Teekay Tankers Ltd      6  
9,587   *    Tellurian, Inc      30  
3,440   *    Tetra Technologies, Inc      10  
175      Texas Pacific Land Corp      219  
878   *    Tidewater, Inc      9  
5,127   *    Uranium Energy Corp      17  
3,976   *    Ur-Energy, Inc      5  
2,427   *    US Silica Holdings, Inc      23  
12,441      Valero Energy Corp      934  
3,587   *    W&T Offshore, Inc      12  
1,095   *    Whiting Petroleum Corp      71  
35,419      Williams Cos, Inc      922  
1,789      World Fuel Services Corp      47  
       

 

 

 
     TOTAL ENERGY      37,476  
       

 

 

 

FOOD & STAPLES RETAILING - 1.3%

  
4,646      Albertsons Cos, Inc      140  
1,108      Andersons, Inc      43  
4,231   *    BJ’s Wholesale Club Holdings, Inc      283  
1,175      Casey’s General Stores, Inc      232  
776   *    Chefs’ Warehouse Holdings, Inc      26  
12,916      Costco Wholesale Corp      7,332  
2,474   *    Grocery Outlet Holding Corp      70  
555      Ingles Markets, Inc (Class A)      48  
22,449      Kroger Co      1,016  
345      Natural Grocers by Vitamin C      5  
4,713   *    Performance Food Group Co      216  
820      Pricesmart, Inc      60  
1,730   *    Rite Aid Corp      26  
957      SpartanNash Co      25  
3,683   *    Sprouts Farmers Market, Inc      109  
14,740      SYSCO Corp      1,158  

 

 

15


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,636   *    United Natural Foods, Inc    $ 80  
6,745   *    US Foods Holding Corp      235  
292      Village Super Market (Class A)      7  
21,358      Walgreens Boots Alliance, Inc      1,114  
42,002      Walmart, Inc      6,077  
313      Weis Markets, Inc      21  
       

 

 

 
     TOTAL FOOD & STAPLES RETAILING      18,323  
       

 

 

 

FOOD, BEVERAGE & TOBACCO - 2.7%

  
4,487   *,e    22nd Century Group, Inc      14  
55,195      Altria Group, Inc      2,616  
1,201   *,e    AppHarvest, Inc      5  
16,242      Archer-Daniels-Midland Co      1,098  
2,065      B&G Foods, Inc (Class A)      63  
1,699   *,e    Beyond Meat, Inc      111  
285   *    Boston Beer Co, Inc (Class A)      144  
1,291      Brown-Forman Corp (Class A)      87  
5,268      Brown-Forman Corp (Class B)      384  
4,179      Bunge Ltd      390  
583      Calavo Growers, Inc      25  
1,263      Cal-Maine Foods, Inc      47  
5,433      Campbell Soup Co      236  
1,529   *    Celsius Holdings, Inc      114  
113,622      Coca-Cola Co      6,728  
126      Coca-Cola Consolidated Inc      78  
14,460      ConAgra Brands, Inc      494  
4,735      Constellation Brands, Inc (Class A)      1,188  
4,729   *    Darling International, Inc      328  
258   *    Duckhorn Portfolio, Inc      6  
5,653      Flowers Foods, Inc      155  
1,151      Fresh Del Monte Produce, Inc      32  
1,239   *    Freshpet, Inc      118  
17,950      General Mills, Inc      1,209  
2,641   *    Hain Celestial Group, Inc      112  
4,263      Hershey Co      825  
7,844      Hormel Foods Corp      383  
3,112   *    Hostess Brands, Inc      63  
1,875      Ingredion, Inc      181  
530      J&J Snack Foods Corp      84  
3,297      J.M. Smucker Co      448  
368      John B. Sanfilippo & Son, Inc      33  
7,478      Kellogg Co      482  
20,480      Keurig Dr Pepper, Inc      755  
20,047      Kraft Heinz Co      720  
4,431      Lamb Weston Holdings, Inc      281  
411      Lancaster Colony Corp      68  
1,056   *    Landec Corp      12  
443      Limoneira Co      7  
7,291      McCormick & Co, Inc      704  
476      MGP Ingredients, Inc      40  
684   *    Mission Produce, Inc      11  
5,596      Molson Coors Brewing Co (Class B)      259  
40,658      Mondelez International, Inc      2,696  
10,526   *    Monster Beverage Corp      1,011  
794      National Beverage Corp      36  
3,685   *    NewAge, Inc      4  
40,468      PepsiCo, Inc      7,030  
45,881      Philip Morris International, Inc      4,359  
1,486   *    Pilgrim’s Pride Corp      42  
1,888   *    Post Holdings, Inc      213  
4,873      Primo Water Corp      86  
642      Sanderson Farms, Inc      123  
8      Seaboard Corp      31  
226   *    Seneca Foods Corp      11  
2,221   *    Simply Good Foods Co      92  
1,227   *,e    Tattooed Chef, Inc      19  
354      Tootsie Roll Industries, Inc      13  
1,691   *    TreeHouse Foods, Inc      68  
310      Turning Point Brands, Inc      12  
8,209      Tyson Foods, Inc (Class A)      715  
627      Universal Corp      34  
1,426      Utz Brands, Inc      23  
4,010      Vector Group Ltd      46  

 

 

16


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
689   *    Vital Farms, Inc    $ 12  
451   *    Whole Earth Brands, Inc      5  
       

 

 

 
     TOTAL FOOD, BEVERAGE & TOBACCO      37,819  
       

 

 

 

HEALTH CARE EQUIPMENT & SERVICES - 5.8%

  
3,431   *    1Life Healthcare, Inc      60  
50,994      Abbott Laboratories      7,177  
1,342   *    Abiomed, Inc      482  
2,786   *    Acadia Healthcare Co, Inc      169  
987   *    Accelerate Diagnostics, Inc      5  
1,487   *    Accolade, Inc      39  
3,073   *    Accuray, Inc      15  
385   *,e    Acutus Medical, Inc      1  
2,296   *    AdaptHealth Corp      56  
409   *    Addus HomeCare Corp      38  
462   *    Agiliti, Inc      11  
4,497   *    agilon health, Inc      121  
2,321   *    Align Technology, Inc      1,525  
2,083   *    Alignment Healthcare, Inc      29  
4,504   *    Allscripts Healthcare Solutions, Inc      83  
2,458   *    Alphatec Holdings Inc      28  
956   *    Amedisys, Inc      155  
5,730   *    American Well Corp      35  
4,561      AmerisourceBergen Corp      606  
1,306   *    AMN Healthcare Services, Inc      160  
1,310   *    Angiodynamics, Inc      36  
7,220      Anthem, Inc      3,347  
1,046   *,e    Apollo Medical Holdings, Inc      77  
218   *    Apria, Inc      7  
1,701   *    Apyx Medical Corp      22  
7,064   *,e    Asensus Surgical, Inc      8  
2,590   *    Aspira Women’s Health, Inc      5  
1,229   *    AtriCure, Inc      85  
40      Atrion Corp      28  
1,650   *    Avanos Medical, Inc      57  
920   *    Aveanna Healthcare Holdings, Inc      7  
1,009   *    AxoGen, Inc      9  
1,185   *    Axonics Modulation Technologies, Inc      66  
15,076      Baxter International, Inc      1,294  
8,336      Becton Dickinson & Co      2,096  
681   *    BioLife Solutions Inc      25  
262   *    Bioventus, Inc      4  
42,146   *    Boston Scientific Corp      1,790  
6,211   *    Brookdale Senior Living, Inc      32  
4,980   *,e    Butterfly Network, Inc      33  
7,800      Cardinal Health, Inc      402  
1,207   *    Cardiovascular Systems, Inc      23  
627   *    Castle Biosciences, Inc      27  
2,942   *    Castlight Health, Inc      5  
17,342   *    Centene Corp      1,429  
8,700      Cerner Corp      808  
2,427   *    Certara, Inc      69  
4,212   *    Cerus Corp      29  
7,587   *    Change Healthcare, Inc      162  
436      Chemed Corp      231  
9,659      Cigna Corp      2,218  
511   *    ClearPoint Neuro, Inc      6  
3,702   *    Community Health Systems, Inc      49  
481   *    Computer Programs & Systems, Inc      14  
930      Conmed Corp      132  
1,412      Cooper Cos, Inc      592  
137   *    Corvel Corp      28  
3,149   *    Covetrus, Inc      63  
1,273   *    Cross Country Healthcare, Inc      35  
1,250   *    CryoLife, Inc      25  
1,192   *    CryoPort, Inc      71  
593   *    Cutera, Inc      25  
38,597      CVS Health Corp      3,982  
1,039   *    CytoSorbents Corp      4  
400   *,e    DarioHealth Corp      5  
2,064   *    DaVita, Inc      235  
6,149      Dentsply Sirona, Inc      343  
2,808   *    DexCom, Inc      1,508  

 

 

17


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
18,067   *    Edwards Lifesciences Corp    $ 2,341  
3,069      Encompass Health Corp      200  
1,488      Ensign Group, Inc      125  
4,763   *    Envista Holdings Corp      215  
2,165   *    Evolent Health, Inc      60  
2,721   *    Figs, Inc      75  
526   *,e    Forian, Inc      5  
604   *,e    Fulgent Genetics, Inc      61  
1,276   *    Glaukos Corp      57  
2,038   *    Globus Medical, Inc      147  
2,679   *    Guardant Health, Inc      268  
1,656   *    Haemonetics Corp      88  
1,155   *    Hanger Inc      21  
7,240      HCA Healthcare, Inc      1,860  
1,262   *    Health Catalyst, Inc      50  
2,384   *    HealthEquity, Inc      105  
1,071   *    HealthStream, Inc      28  
4,404   *    Henry Schein, Inc      341  
236   *    Heska Corp      43  
7,219   *    Hologic, Inc      553  
3,831      Humana, Inc      1,777  
551   *    iCAD, Inc      4  
588   *    ICU Medical, Inc      140  
2,505   *    IDEXX Laboratories, Inc      1,649  
996   *    Inari Medical, Inc      91  
359   *    InfuSystem Holdings, Inc      6  
316   *    Innovage Holding Corp      2  
672   *    Inogen, Inc      23  
841   *    Inspire Medical Systems, Inc      193  
1,892   *    Insulet Corp      503  
935   *    Integer Holding Corp      80  
2,413   *    Integra LifeSciences Holdings Corp      162  
1,040   *    Intersect ENT, Inc      28  
10,370   *    Intuitive Surgical, Inc      3,726  
1,260   *    Invacare Corp      3  
878   *    iRhythm Technologies, Inc      103  
390   *    Joint Corp      26  
2,760   *    Laboratory Corp of America Holdings      867  
1,734   *    Lantheus Holdings, Inc      50  
562      LeMaitre Vascular, Inc      28  
970   *    LHC Group, Inc      133  
421   *    LifeStance Health Group, Inc      4  
1,549   *    LivaNova plc      135  
304   *    Magellan Health Services, Inc      29  
1,396   *    Masimo Corp      409  
4,615      McKesson Corp      1,147  
1,877   *    MEDNAX, Inc      51  
39,420      Medtronic plc      4,078  
1,637   *    Meridian Bioscience, Inc      33  
1,636   *    Merit Medical Systems, Inc      102  
126      Mesa Laboratories, Inc      41  
426   *    ModivCare, Inc      63  
1,641   *    Molina Healthcare, Inc      522  
7,614   *,e    Multiplan Corp      34  
212      National Healthcare Corp      14  
357      National Research Corp      15  
1,257   *    Natus Medical, Inc      30  
2,862   *    Neogen Corp      130  
720   *    Neuronetics, Inc      3  
1,074   *    Nevro Corp      87  
1,960   *    NextGen Healthcare, Inc      35  
3,057   *    Novocure Ltd      230  
1,132   *    NuVasive, Inc      59  
3,059   *    Oak Street Health, Inc      101  
1,384   *    Omnicell, Inc      250  
3,741   *    Ontrak, Inc      24  
578   *    OptimizeRx Corp      36  
3,932   *    Option Care Health, Inc      112  
2,181   *    OraSure Technologies, Inc      19  
2,612   *    Ortho Clinical Diagnostics Holdings plc      56  
679   *    Orthofix Medical Inc      21  
357   *    OrthoPediatrics Corp      21  
1,325   *    Outset Medical, Inc      61  

 

 

18


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
2,217      Owens & Minor, Inc    $ 96  
1,971      Patterson Cos, Inc      58  
8,965   *    PAVmed, Inc      22  
942   *    Pennant Group, Inc      22  
949   *    Penumbra, Inc      273  
619   *,e    PetIQ, Inc      14  
1,246   *    Phreesia, Inc      52  
2,811      Premier, Inc      116  
468   *    Privia Health Group, Inc      12  
1,851   *    Progyny, Inc      93  
711   *,e    Pulmonx Corp      23  
438   *,e    Pulse Biosciences, Inc      6  
3,464      Quest Diagnostics, Inc      599  
1,171   *    Quidel Corp      158  
1,933   *    Quotient Ltd      5  
3,887   *    R1 RCM, Inc      99  
1,510   *    RadNet, Inc      45  
4,241      Resmed, Inc      1,105  
1,342   *    Schrodinger, Inc      47  
640   *    SeaSpine Holdings Corp      9  
3,129      Select Medical Holdings Corp      92  
12,510   *,e    Senseonics Holdings, Inc      33  
996   *    Shockwave Medical Inc      178  
815   *    SI-BONE, Inc      18  
1,584   *    Sientra, Inc      6  
1,449   *,e    Signify Health, Inc      21  
987   *    Silk Road Medical Inc      42  
414   e    Simulations Plus, Inc      20  
1,009   *,e    SOC Telemed, Inc      1  
1,339   *    Staar Surgical Co      122  
1,333   *    Stereotaxis, Inc      8  
2,632      STERIS plc      641  
10,265      Stryker Corp      2,745  
927   *    Surgery Partners, Inc      50  
516   *    SurModics, Inc      25  
641   *    Tabula Rasa HealthCare, Inc      10  
468   *    Tactile Systems Technology, Inc      9  
1,948   *    Tandem Diabetes Care, Inc      293  
4,399   *    Teladoc, Inc      404  
1,398      Teleflex, Inc      459  
3,172   *    Tenet Healthcare Corp      259  
1,218   *    Tivity Health, Inc      32  
604   *    Transmedics Group, Inc      12  
175   *    Treace Medical Concepts, Inc      3  
996   *    Triple-S Management Corp (Class B)      36  
27,593      UnitedHealth Group, Inc      13,856  
2,170      Universal Health Services, Inc (Class B)      281  
468      US Physical Therapy, Inc      45  
149      Utah Medical Products, Inc      15  
627   *    Vapotherm, Inc      13  
1,492   *    Varex Imaging Corp      47  
4,037   *    Veeva Systems, Inc      1,031  
1,066   *    Viemed Healthcare, Inc      6  
3,908   *    ViewRay, Inc      22  
1,082   *    Vocera Communications, Inc      70  
6,355      Zimmer Biomet Holdings, Inc      807  
953   *,e    Zynex Inc      10  
       

 

 

 
     TOTAL HEALTH CARE EQUIPMENT & SERVICES      81,108  
       

 

 

 

HOUSEHOLD & PERSONAL PRODUCTS - 1.4%

  
1,785   *,e    Beauty Health Co      43  
1,245   *,e    BellRing Brands, Inc      36  
400   *    Central Garden & Pet Co      21  
1,366   *    Central Garden and Pet Co (Class A)      65  
6,904      Church & Dwight Co, Inc      708  
3,573      Clorox Co      623  
24,250      Colgate-Palmolive Co      2,070  
9,161   *    Coty, Inc      96  
1,561      Edgewell Personal Care Co      71  
1,085   *    elf Beauty, Inc      36  
2,086      Energizer Holdings, Inc      84  
6,646      Estee Lauder Cos (Class A)      2,460  
2,976   *    Herbalife Nutrition Ltd      122  

 

 

19


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
2,022   *,e    Honest Co, Inc    $ 16  
735      Inter Parfums, Inc      79  
9,971      Kimberly-Clark Corp      1,425  
366      Medifast, Inc      77  
537      Nature’s Sunshine Products, Inc      10  
1,594      Nu Skin Enterprises, Inc (Class A)      81  
255      Oil-Dri Corp of America      8  
820   *    Olaplex Holdings, Inc      24  
71,256      Procter & Gamble Co      11,656  
480   *    Revlon, Inc (Class A)      5  
1,260      Reynolds Consumer Products, Inc      40  
1,309      Spectrum Brands Holdings, Inc      133  
426   *    USANA Health Sciences, Inc      43  
1,597   *    Veru, Inc      9  
443      WD-40 Co      108  
       

 

 

 
     TOTAL HOUSEHOLD & PERSONAL PRODUCTS      20,149  
       

 

 

 

INSURANCE - 2.0%

  
19,765      Aflac, Inc      1,154  
421   *    Alleghany Corp      281  
8,482      Allstate Corp      998  
1,747   *    AMBAC Financial Group, Inc      28  
2,546      American Equity Investment Life Holding Co      99  
1,850      American Financial Group, Inc      254  
24,548      American International Group, Inc      1,396  
80      American National Group, Inc      15  
751      Amerisafe, Inc      40  
6,477      Aon plc      1,947  
11,535   *    Arch Capital Group Ltd      513  
1,084      Argo Group International Holdings Ltd      63  
5,903      Arthur J. Gallagher & Co      1,002  
1,802      Assurant, Inc      281  
2,339      Assured Guaranty Ltd      117  
3,443   *    Athene Holding Ltd      287  
2,014      Axis Capital Holdings Ltd      110  
2,527   *    Brighthouse Financial, Inc      131  
6,379      Brown & Brown, Inc      448  
1,025   *    BRP Group, Inc      37  
12,696      Chubb Ltd      2,454  
4,580      Cincinnati Financial Corp      522  
2,162   *    Citizens, Inc (Class A)      12  
758      CNA Financial Corp      33  
2,368      Conseco, Inc      56  
406      Donegal Group, Inc (Class A)      6  
746   *    eHealth, Inc      19  
1,061      Employers Holdings, Inc      44  
294   *    Enstar Group Ltd      73  
689      Erie Indemnity Co (Class A)      133  
1,169      Everest Re Group Ltd      320  
8,198      Fidelity National Financial Inc      428  
2,961      First American Financial Corp      232  
14,243   *    Genworth Financial, Inc (Class A)      58  
2,729      Globe Life, Inc      256  
1,121   *    GoHealth, Inc      4  
512      Goosehead Insurance, Inc      67  
621   *    Greenlight Capital Re Ltd (Class A)      5  
1,148      Hanover Insurance Group, Inc      150  
10,392      Hartford Financial Services Group, Inc      718  
290      HCI Group, Inc      24  
1,074      Heritage Insurance Holdings, Inc      6  
1,591      Horace Mann Educators Corp      62  
345      Independence Holding Co      20  
62      Investors Title Co      12  
646      James River Group Holdings Ltd      19  
1,556      Kemper Corp      92  
651      Kinsale Capital Group, Inc      155  
1,146   *,e    Lemonade, Inc      48  
5,511      Lincoln National Corp      376  
6,093      Loews Corp      352  
388   *    Markel Corp      479  
14,820      Marsh & McLennan Cos, Inc      2,576  
2,049   *    MBIA, Inc      32  
754      Mercury General Corp      40  

 

 

20


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
21,461      Metlife, Inc    $ 1,341  
648   *    MetroMile, Inc      1  
92      National Western Life Group, Inc      20  
394   *    NI Holdings, Inc      7  
7,499      Old Republic International Corp      184  
682   *    Palomar Holdings, Inc      44  
1,239      Primerica, Inc      190  
8,201      Principal Financial Group      593  
1,956      ProAssurance Corp      50  
17,277      Progressive Corp      1,774  
11,656      Prudential Financial, Inc      1,262  
2,140      Reinsurance Group of America, Inc (Class A)      234  
1,484      RenaissanceRe Holdings Ltd      251  
1,226      RLI Corp      137  
192      Safety Insurance Group, Inc      16  
1,895      Selective Insurance Group, Inc      155  
4,001   *    Selectquote, Inc      36  
2,745   *    SiriusPoint Ltd      22  
630      State Auto Financial Corp      33  
815      Stewart Information Services Corp      65  
1,255      Tiptree Inc      17  
7,238      Travelers Cos, Inc      1,132  
1,119   *    Trupanion, Inc      148  
844      United Fire Group Inc      20  
739      United Insurance Holdings Corp      3  
1,340      Universal Insurance Holdings, Inc      23  
4,932      Unum Group      121  
3,799      W.R. Berkley Corp      313  
105      White Mountains Insurance Group Ltd      106  
3,672      Willis Towers Watson plc      872  
       

 

 

 
     TOTAL INSURANCE      28,254  
       

 

 

 

MATERIALS - 2.4%

  
889      AdvanSix, Inc      42  
6,407      Air Products & Chemicals, Inc      1,949  
3,412      Albemarle Corp      798  
5,455      Alcoa Corp      325  
4,202   *    Allegheny Technologies, Inc      67  
44,173      Amcor plc      531  
1,143      American Vanguard Corp      19  
4,987   *,e    Amyris, Inc      27  
1,717      Aptargroup, Inc      210  
3,221   *    Arconic Corp      106  
716      Ardagh Group S.A.      16  
1,771      Ashland Global Holdings, Inc      191  
2,337      Avery Dennison Corp      506  
2,934      Avient Corp      164  
5,815   *    Axalta Coating Systems Ltd      193  
794      Balchem Corp      134  
9,645      Ball Corp      929  
3,811   *    Berry Global Group, Inc      281  
1,693      Cabot Corp      95  
1,812      Carpenter Technology Corp      53  
3,246      Celanese Corp (Series A)      546  
1,952   *    Century Aluminum Co      32  
5,918      CF Industries Holdings, Inc      419  
284      Chase Corp      28  
4,024      Chemours Co      135  
623   *    Clearwater Paper Corp      23  
13,430   *    Cleveland-Cliffs, Inc      292  
6,825   *    Coeur Mining, Inc      34  
2,958      Commercial Metals Co      107  
1,021      Compass Minerals International, Inc      52  
3,240   *    Constellium SE      58  
21,448      Corteva, Inc      1,014  
3,733      Crown Holdings, Inc      413  
1,980   *,e    Danimer Scientific, Inc      17  
297   *    Diversey Holdings Ltd      4  
22,281      Dow, Inc      1,264  
15,603      DuPont de Nemours, Inc      1,260  
983      Eagle Materials, Inc      164  
4,180      Eastman Chemical Co      505  
7,208      Ecolab, Inc      1,691  

 

 

21


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
6,085      Element Solutions, Inc    $ 148  
2,253   *    Ferro Corp      49  
2,943   *,†    Ferroglobe plc      0  
3,799      FMC Corp      418  
657   *    Forterra, Inc      16  
43,374      Freeport-McMoRan, Inc (Class B)      1,810  
954      FutureFuel Corp      7  
916   *    Gatos Silver, Inc      10  
1,276   *    GCP Applied Technologies, Inc      40  
1,827      Glatfelter Corp      31  
7,879      Graphic Packaging Holding Co      154  
985      Greif, Inc (Class A)      60  
203      Greif, Inc (Class B)      12  
1,761      H.B. Fuller Co      143  
754      Hawkins, Inc      30  
501      Haynes International, Inc      20  
16,414      Hecla Mining Co      86  
6,401      Huntsman Corp      223  
1,288   *    Ingevity Corp      92  
872      Innospec, Inc      79  
7,312      International Flavors & Fragrances, Inc      1,102  
11,720      International Paper Co      551  
362   *    Intrepid Potash, Inc      16  
443      Kaiser Aluminum Corp      42  
850   *    Koppers Holdings, Inc      27  
929   *    Kraton Corp      43  
893      Kronos Worldwide, Inc      13  
4,227   *    Livent Corp      103  
2,584      Louisiana-Pacific Corp      202  
7,809      LyondellBasell Industries NV      720  
1,916      Martin Marietta Materials, Inc      844  
679      Materion Corp      62  
838      Minerals Technologies, Inc      61  
10,359      Mosaic Co      407  
2,135   *,e    MP Materials Corp      97  
871      Myers Industries, Inc      17  
642      Neenah Inc      30  
80      NewMarket Corp      27  
23,671      Newmont Goldcorp Corp      1,468  
8,146   *    Novagold Resources Inc      56  
8,520      Nucor Corp      973  
5,026   *    O-I Glass, Inc      60  
4,186      Olin Corp      241  
395      Olympic Steel, Inc      9  
2,087   *    Orion Engineered Carbons SA      38  
2,908      Packaging Corp of America      396  
728      Pactiv Evergreen, Inc      9  
659   *    Perpetua Resources Corp      3  
6,931      PPG Industries, Inc      1,195  
890      PQ Group Holdings, Inc      9  
673   *,e    PureCycle Technologies, Inc      6  
452      Quaker Chemical Corp      104  
821   *    Ranpak Holdings Corp      31  
1,744   *    Rayonier Advanced Materials, Inc      10  
1,624      Reliance Steel & Aluminum Co      263  
1,819      Royal Gold, Inc      191  
3,925      RPM International, Inc      396  
592      Ryerson Holding Corp      15  
941      Schnitzer Steel Industries, Inc (Class A)      49  
766      Schweitzer-Mauduit International, Inc      23  
1,142      Scotts Miracle-Gro Co (Class A)      184  
4,592      Sealed Air Corp      310  
1,015      Sensient Technologies Corp      102  
7,154      Sherwin-Williams Co      2,519  
2,434      Silgan Holdings, Inc      104  
3,066      Sonoco Products Co      178  
2,484      Southern Copper Corp      153  
5,557      Steel Dynamics, Inc      345  
479      Stepan Co      60  
3,397   *    Summit Materials, Inc      136  
2,524      SunCoke Energy, Inc      17  
1,065   *    Sylvamo Corp      30  
1,535   *    TimkenSteel Corp      25  

 

 

22


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,164      Tredegar Corp    $ 14  
1,789      Trimas Corp      66  
1,292      Trinseo plc      68  
3,174      Tronox Holdings plc      76  
226   *    UFP Technologies, Inc      16  
66      United States Lime & Minerals, Inc      9  
7,852      United States Steel Corp      187  
4,362      Valvoline, Inc      163  
1,233      Verso Corp      33  
4,078      Vulcan Materials Co      847  
1,235      Warrior Met Coal, Inc      32  
1,167      Westlake Chemical Corp      113  
8,064      WestRock Co      358  
858      Worthington Industries, Inc      47  
333   *    Zymergen, Inc      2  
       

 

 

 
     TOTAL MATERIALS      34,225  
       

 

 

 

MEDIA & ENTERTAINMENT - 8.1%

  
22,826      Activision Blizzard, Inc      1,519  
1,783   *    Advantage Solutions, Inc      14  
8,815   *    Alphabet, Inc (Class A)      25,537  
8,225   *    Alphabet, Inc (Class C)      23,800  
6,143   *    Altice USA, Inc      99  
15,113   *,e    AMC Entertainment Holdings, Inc      411  
921   *    AMC Networks, Inc      32  
353   *    Boston Omaha Corp      10  
163      Cable One, Inc      287  
941   *    Cardlytics, Inc      62  
2,709   *    Cargurus, Inc      91  
2,223   *    Cars.com, Inc      36  
3,724   *    Charter Communications, Inc      2,428  
296   *    Chicken Soup For The Soul Entertainment, Inc      4  
3,434   *    Cinemark Holdings, Inc      55  
10,518   *    Clear Channel      35  
133,588      Comcast Corp (Class A)      6,724  
1,824   *    comScore, Inc      6  
690   *    CuriosityStream, Inc      4  
46   *    Daily Journal Corp      16  
4,788   *    Discovery, Inc (Class A)      113  
9,197   *    Discovery, Inc (Class C)      211  
6,813   *    DISH Network Corp (Class A)      221  
8,437      Electronic Arts, Inc      1,113  
568   *    Emerald Holding, Inc      2  
4,712   *    Entercom Communications Corp      12  
2,637      Entravision Communications Corp (Class A)      18  
2,165   *    Eventbrite Inc      38  
452   *    EverQuote Inc      7  
1,941   *    EW Scripps Co (Class A)      38  
2,575   *    Fluent, Inc      5  
9,927      Fox Corp (Class A)      366  
4,763      Fox Corp (Class B)      163  
3,947   *,e    fuboTV, Inc      61  
4,050   *    Gannett Co, Inc      22  
2,680      Gray Television, Inc      54  
408   *    Hemisphere Media Group, Inc      3  
2,290   *    IAC      299  
3,188   *    iHeartMedia, Inc      67  
1,677   *    Imax Corp      30  
11,025      Interpublic Group of Cos, Inc      413  
1,411      John Wiley & Sons, Inc (Class A)      81  
428   *    Liberty Braves Group (Class A)      12  
1,434   *    Liberty Braves Group (Class C)      40  
661   *    Liberty Broadband Corp (Class A)      106  
4,119   *    Liberty Broadband Corp (Class C)      664  
300   *    Liberty Media Group (Class A)      18  
5,944   *    Liberty Media Group (Class C)      376  
2,524   *    Liberty SiriusXM Group (Class A)      128  
4,971   *    Liberty SiriusXM Group (Class C)      253  
3,006   *    Liberty TripAdvisor Holdings, Inc      7  
2,000   *    Lions Gate Entertainment Corp (Class A)      33  
3,835   *    Lions Gate Entertainment Corp (Class B)      59  
4,097   *    Live Nation, Inc       490  

 

 

23


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                             

COMPANY                 

   VALUE
(000)
 
       
1,013   *    LiveOne, Inc    $ 1  
584   *    Loyalty Ventures, Inc      18  
627   *    Madison Square Garden Co      109  
832   *    Madison Square Garden Entertainment Corp      59  
3,683   *    Magnite, Inc      64  
736   *,e    Marcus Corp      13  
8,083   *    Match Group, Inc      1,069  
584   *    MediaAlpha, Inc      9  
69,474   *    Meta Platforms, Inc      23,368  
2,714      National CineMedia, Inc      8  
12,657   *    Netflix, Inc      7,625  
4,377      New York Times Co (Class A)      211  
11,739      News Corp (Class A)      262  
3,112      News Corp (Class B)      70  
1,183      Nexstar Media Group Inc      179  
6,563      Omnicom Group, Inc      481  
16,442   *    Pinterest, Inc      598  
2,676   *    Playtika Holding Corp      46  
1,192   *    QuinStreet, Inc      22  
3,467   *    Roku, Inc      791  
1,096      Scholastic Corp      44  
1,688      Sinclair Broadcast Group, Inc (Class A)      45  
28,000   e    Sirius XM Holdings, Inc      178  
8,841   *,e    Skillz, Inc      66  
4,001   *    Spotify Technology S.A.      936  
1,585   *    Stagwell, Inc      14  
3,231   *    Take-Two Interactive Software, Inc      574  
708   *    TechTarget, Inc      68  
6,883      TEGNA, Inc      128  
2,932   *    TripAdvisor, Inc      80  
2,406   *    TrueCar, Inc      8  
23,098   *    Twitter, Inc      998  
244      ViacomCBS, Inc (Class A)      8  
17,510      ViacomCBS, Inc (Class B)      528  
3,939   *    Vimeo, Inc      71  
53,204   *    Walt Disney Co      8,241  
1,263   *    WideOpenWest, Inc      27  
1,422   e    World Wrestling Entertainment, Inc (Class A)      70  
2,109   *    Yelp, Inc      76  
1,245   *    Ziff Davis Inc      138  
28,917   *    Zynga, Inc      185  
       

 

 

 
     TOTAL MEDIA & ENTERTAINMENT      114,179  
       

 

 

 

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%

  
2,501   *    10X Genomics, Inc      373  
702   *    2seventy bio, Inc      18  
524   *    4D Molecular Therapeutics, Inc      11  
6,325   *    9 Meters Biopharma, Inc      6  
51,910      AbbVie, Inc      7,029  
3,739   *    Acadia Pharmaceuticals, Inc      87  
1,289   *    Aclaris Therapeutics, Inc      19  
488   *    Adagio Therapeutics, Inc      4  
3,224   *    Adaptive Biotechnologies Corp      90  
546   *,e    Adicet Bio, Inc      10  
2,388   *    Adverum Biotechnologies, Inc      4  
1,277   *    Aeglea BioTherapeutics, Inc      6  
1,175   *    Aerie Pharmaceuticals, Inc      8  
3,354   *    Affimed NV      19  
5,844   *    Agenus, Inc      19  
9,009      Agilent Technologies, Inc      1,438  
1,876   *    Agios Pharmaceuticals, Inc      62  
3,952   *    Akebia Therapeutics, Inc      9  
718   *    Akero Therapeutics, Inc      15  
708   *    Akouos, Inc      6  
332   *    Albireo Pharma, Inc      8  
2,198   *,†    Alder Biopharmaceuticals Inc      2  
1,373   *,e    Aldeyra Therapeutics, Inc      5  
1,504   *    Alector, Inc      31  
535   *    Aligos Therapeutics, Inc      6  
3,835   *    Alkermes plc      89  
1,018   *    Allakos, Inc      10  
1,951   *    Allogene Therapeutics, Inc      29  
845   *    Allovir, Inc      11  
3,604   *    Alnylam Pharmaceuticals, Inc      611  

 

 

24


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                             

COMPANY                 

   VALUE
(000)
 
       
971   *    Altimmune, Inc    $ 9  
515   *    ALX Oncology Holdings, Inc      11  
16,838      Amgen, Inc      3,788  
8,241   *    Amicus Therapeutics, Inc      95  
2,888   *    Amneal Pharmaceuticals, Inc      14  
1,331   *    Amphastar Pharmaceuticals, Inc      31  
5,455   *    Ampio Pharmaceuticals, Inc      3  
679   *    AnaptysBio, Inc      24  
1,840   *    Anavex Life Sciences Corp      32  
685   *    Angion Biomedica Corp      2  
292   *    ANI Pharmaceuticals, Inc      13  
566   *    Anika Therapeutics, Inc      20  
897   *    Annexon, Inc      10  
5,621   *    Antares Pharma, Inc      20  
1,954   *    Apellis Pharmaceuticals, Inc      92  
728   *    Applied Molecular Transport, Inc      10  
2,701   *    Applied Therapeutics, Inc      24  
1,429   *    AquaBounty Technologies, Inc      3  
2,291   *    Arbutus Biopharma Corp      9  
625   *    Arcturus Therapeutics Holdings, Inc      23  
1,321   *    Arcus Biosciences, Inc      53  
782   *    Arcutis Biotherapeutics, Inc      16  
2,302   *    Ardelyx, Inc      3  
1,827   *    Arena Pharmaceuticals, Inc      170  
3,104   *    Arrowhead Pharmaceuticals Inc      206  
1,292   *    Arvinas, Inc      106  
2,394   *    Atara Biotherapeutics, Inc      38  
1,878   *    Atea Pharmaceuticals, Inc      17  
2,321   *    Athenex, Inc      3  
11,419   *,e    Athersys, Inc      10  
866   *    Athira Pharma, Inc      11  
3,540   *    Atossa Therapeutics, Inc      6  
684   *,e    Atreca, Inc      2  
2,050   *    Avalo Therapeutics, Inc      3  
17,155   *    Avantor, Inc      723  
1,798   *    Avid Bioservices, Inc      52  
875   *    Avidity Biosciences, Inc      21  
611   *    Avita Medical, Inc      7  
645   *    Avrobio, Inc      2  
854   *,e    Axsome Therapeutics, Inc      32  
1,401   *    Beam Therapeutics, Inc      112  
1,405   *    Berkeley Lights, Inc      26  
611   *,e    Beyondspring Inc      3  
340   *    BioAtla, Inc      7  
5,428   *    BioCryst Pharmaceuticals, Inc      75  
2,860   *    BioDelivery Sciences International, Inc      9  
4,311   *    Biogen, Inc      1,034  
1,538   *    Biohaven Pharmaceutical Holding Co Ltd      212  
5,654   *    BioMarin Pharmaceutical, Inc      500  
8,439   *,e    Bionano Genomics, Inc      25  
660   *    Bio-Rad Laboratories, Inc (Class A)      499  
1,113      Bio-Techne Corp      576  
343   *    Bioxcel Therapeutics Inc      7  
377   *    Black Diamond Therapeutics, Inc      2  
2,108   *    Bluebird Bio, Inc      21  
1,758   *    Blueprint Medicines Corp      188  
362   *,e    Bolt Biotherapeutics, Inc      2  
3,248   *    Bridgebio Pharma, Inc      54  
65,282      Bristol-Myers Squibb Co      4,070  
4,859   *,e    Brooklyn ImmunoTherapeutics, Inc      20  
3,225      Bruker BioSciences Corp      271  
970   *    C4 Therapeutics, Inc      31  
1,052   *    Cara Therapeutics, Inc      13  
1,067   *    Cardiff Oncology, Inc      6  
1,462   *    CareDx, Inc      66  
393   *    Caribou Biosciences, Inc      6  
1,147   *,e    Cassava Sciences, Inc      50  
4,893   *    Catalent, Inc      626  
3,681   *    Catalyst Pharmaceuticals, Inc      25  
222   *    Celcuity, Inc      3  
1,296   *    Celldex Therapeutics, Inc      50  
1,391   *,e    CEL-SCI Corp      10  
298   *    Century Therapeutics, Inc      5  

 

 

25


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
939   *    Cerevel Therapeutics Holdings, Inc    $ 30  
1,443   *    Charles River Laboratories International, Inc      544  
1,390   *    ChemoCentryx, Inc      51  
1,747   *    Chimerix, Inc      11  
887   *    Chinook Therapeutics, Inc      14  
1,198   *    ChromaDex Corp      4  
3,254   *,e    Citius Pharmaceuticals, Inc      5  
587   *,e    Clene, Inc      2  
10,251   *,e    Clovis Oncology, Inc      28  
1,647   *    Codexis, Inc      52  
453   *    Codiak Biosciences, Inc      5  
1,061   *    Cogent Biosciences, Inc      9  
2,173   *    Coherus Biosciences, Inc      35  
877   *    Collegium Pharmaceutical, Inc      16  
3,236   *    Corcept Therapeutics, Inc      64  
1,298   *    CorMedix Inc      6  
590   *,e    Cortexyme Inc      7  
938   *    Crinetics Pharmaceuticals, Inc      27  
669   *    Cue Biopharma, Inc      8  
660   *,e    Cullinan Oncology, Inc      10  
1,574   *,e    CureVac NV      54  
2,513   *    Curis, Inc      12  
2,162   *    Cymabay Therapeutics, Inc      7  
243   *    Cytek Biosciences, Inc      4  
2,182   *    Cytokinetics, Inc      99  
1,148   *    CytomX Therapeutics, Inc      5  
18,638      Danaher Corp      6,132  
1,209   *    Deciphera Pharmaceuticals, Inc      12  
2,697   *    Denali Therapeutics, Inc      120  
702   *,e    DermTech, Inc      11  
313   *    Design Therapeutics, Inc      7  
6,351   *    Durect Corp      6  
3,515   *,e    Dynavax Technologies Corp      49  
858   *    Dyne Therapeutics, Inc      10  
323   *    Eagle Pharmaceuticals, Inc      16  
262   *    Edgewise Therapeutics, Inc      4  
2,042   *    Editas Medicine, Inc      54  
933   *    Eiger BioPharmaceuticals, Inc      5  
13,180   *    Elanco Animal Health, Inc      374  
24,927      Eli Lilly & Co      6,885  
1,340   *    Emergent Biosolutions, Inc      58  
648   *    Enanta Pharmaceuticals, Inc      48  
2,725   *    Epizyme, Inc      7  
462   *    Erasca, Inc      7  
876   *,e    Esperion Thereapeutics, Inc      4  
887   *,e    Evelo Biosciences, Inc      5  
702   *    Evolus, Inc      5  
5,124   *    Exact Sciences Corp      399  
9,779   *    Exelixis, Inc      179  
602   *    EyePoint Pharmaceuticals, Inc      7  
2,380   *    Fate Therapeutics, Inc      139  
2,752   *    FibroGen, Inc      39  
2,426   *    Fluidigm Corp      10  
505   *,e    Foghorn Therapeutics, Inc      12  
937   *    Forma Therapeutics Holdings, Inc      13  
331   *,e    Forte Biosciences, Inc      1  
1,841   *    Fortress Biotech, Inc      5  
893   *    Frequency Therapeutics, Inc      5  
597   *    Fulcrum Therapeutics, Inc      11  
1,187   *,e    G1 Therapeutics, Inc      12  
564   *,e    Gemini Therapeutics, Inc      2  
1,233   *    Generation Bio Co      9  
6,445   *,e    Geron Corp      8  
37,345      Gilead Sciences, Inc      2,712  
1,912   *    Global Blood Therapeutics, Inc      56  
1,575   *    Gossamer Bio, Inc      18  
310   *    Graphite Bio, Inc      4  
1,019   *    Gritstone Oncology, Inc      13  
701   *    GT Biopharma, Inc      2  
4,274   *    Halozyme Therapeutics, Inc      172  
588   *    Harmony Biosciences Holdings, Inc      25  
507   *    Harpoon Therapeutics, Inc      4  
783   *    Harvard Bioscience, Inc      6  

 

 

26


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
2,785   *,e    Heron Therapeutics, Inc    $ 25  
542   *    Homology Medicines, Inc      2  
6,476   *    Horizon Therapeutics Plc      698  
6,132   *,e    Humanigen, Inc      23  
6,449   *,e    iBio, Inc      4  
278   *    Icosavax, Inc      6  
950   *    Ideaya Biosciences, Inc      22  
229   *    IGM Biosciences, Inc      7  
794   *    Ikena Oncology, Inc      10  
4,235   *    Illumina, Inc      1,611  
435   *    Immunic, Inc      4  
1,987   *    ImmunityBio, Inc      12  
5,543   *    Immunogen, Inc      41  
1,107   *    Immunovant, Inc      9  
5,716   *    Incyte Corp      420  
2,454   *    Infinity Pharmaceuticals, Inc      6  
813   *    Inhibrx, Inc      36  
2,407   *    Innoviva, Inc      42  
357   *    Inotiv, Inc      15  
6,194   *,e    Inovio Pharmaceuticals, Inc      31  
368   *    Inozyme Pharma, Inc      3  
3,278   *    Insmed, Inc      89  
400   *,e    Instil Bio, Inc      7  
1,988   *    Intellia Therapeutics, Inc      235  
836   *,e    Intercept Pharmaceuticals, Inc      14  
2,067   *    Intra-Cellular Therapies, Inc      108  
5,991   *    Invitae Corp      91  
4,403   *    Ionis Pharmaceuticals, Inc      134  
4,447   *    Iovance Biotherapeutics, Inc      85  
5,643   *    IQVIA Holdings, Inc      1,592  
5,284   *    Ironwood Pharmaceuticals, Inc      62  
572   *    iTeos Therapeutics, Inc      27  
2,922   *    IVERIC bio, Inc      49  
258   *,e    Janux Therapeutics, Inc      5  
1,671   *    Jazz Pharmaceuticals plc      213  
77,209      Johnson & Johnson      13,208  
724   *    Jounce Therapeutics, Inc      6  
1,318   *,e    Kala Pharmaceuticals, Inc      2  
487   *    KalVista Pharmaceuticals Inc      6  
646   *    Karuna Therapeutics, Inc      85  
5,335   *    Karyopharm Therapeutics, Inc      34  
844     *,e    KemPharm, Inc      7  
400   *    Keros Therapeutics, Inc      23  
1,311   *    Kezar Life Sciences, Inc      22  
706   *    Kiniksa Pharmaceuticals Ltd      8  
383     *,e    Kinnate Biopharma, Inc      7  
988   *    Kodiak Sciences, Inc      84  
1,128   *,e    Kronos Bio, Inc      15  
486   *    Krystal Biotech Inc      34  
1,654   *    Kura Oncology, Inc      23  
969   *    Kymera Therapeutics, Inc      62  
1,763   *    Lexicon Pharmaceuticals, Inc      7  
484   *    Ligand Pharmaceuticals, Inc (Class B)      75  
3,301     *,e    Lineage Cell Therapeutics, Inc      8  
1,721   *    MacroGenics, Inc      28  
275   *    Madrigal Pharmaceuticals, Inc      23  
683   *    Magenta Therapeutics, Inc      3  
7,710     *,e    MannKind Corp      34  
3,088   *    Maravai LifeSciences Holdings, Inc      129  
1,010     *,e    Marinus Pharmaceuticals, Inc      12  
2,546   *    MaxCyte, Inc      26  
805   *    Medpace Holdings, Inc      175  
3,862   *    MEI Pharma, Inc      10  
548   *    MeiraGTx Holdings plc      13  
74,429      Merck & Co, Inc      5,704  
1,994   *    Mersana Therapeutics, Inc      12  
673   *    Mettler-Toledo International, Inc      1,142  
3,231   *    MiMedx Group, Inc      20  
9,611   *    Mind Medicine MindMed, Inc      13  
1,197   *    Mirati Therapeutics, Inc      176  
9,933   *    Moderna, Inc      2,523  
1,274   *    Molecular Templates, Inc      5  
213   *    Monte Rosa Therapeutics, Inc      4  

 

 

27


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
597   *    Morphic Holding, Inc    $ 28  
2,916   *    Mustang Bio, Inc      5  
2,502   *    Myriad Genetics, Inc      69  
1,328   *    NanoString Technologies, Inc      56  
2,327   *    Natera, Inc      217  
5,467   *    Nektar Therapeutics      74  
3,250   *    NeoGenomics, Inc      111  
1,362   *    Neoleukin Therapeutics, Inc      7  
2,942   *    Neurocrine Biosciences, Inc      251  
464   *    NexImmune, Inc      2  
761   *    NGM Biopharmaceuticals Inc      13  
496   *    Nkarta, Inc      8  
2,168     *,e    Novavax, Inc      310  
935   *    Nurix Therapeutics, Inc      27  
214   *    Nuvalent, Inc      4  
4,458     *,e    Nuvation Bio, Inc      38  
5,511     *,e    Ocugen, Inc      25  
2,221   *    Ocular Therapeutix, Inc      15  
649   *    Olema Pharmaceuticals, Inc      6  
1,629     *,e    Omeros Corp      10  
2,507   *    Oncocyte Corp      5  
551     *,e    Oncorus, Inc      3  
1,312   *    Oncternal Therapeutics, Inc      3  
13,300     *,e    Opko Health, Inc      64  
752   *    Oramed Pharmaceuticals, Inc      11  
1,103   *    Organogenesis Holdings Inc      10  
6,806      Organon & Co      207  
672   *    ORIC Pharmaceuticals, Inc      10  
2,475     *,e    Outlook Therapeutics, Inc      3  
268     *,e    Oyster Point Pharma, Inc      5  
5,816   *    Pacific Biosciences of California, Inc      119  
1,521   *    Pacira BioSciences Inc      92  
934     *,e    Paratek Pharmaceuticals, Inc      4  
1,084   *    Passage Bio, Inc      7  
3,578      PerkinElmer, Inc      719  
4,241      Perrigo Co plc      165  
1,024   *    Personalis, Inc      15  
163,832      Pfizer, Inc      9,674  
575   *    Phathom Pharmaceuticals, Inc      11  
720      Phibro Animal Health Corp      15  
722     *,e    Pliant Therapeutics, Inc      10  
754   *    PMV Pharmaceuticals, Inc      17  
972   *    Poseida Therapeutics, Inc      7  
684   *    Praxis Precision Medicines, Inc      13  
2,435   *    Precigen, Inc      9  
1,170   *    Precision BioSciences Inc      9  
251     *,e    Prelude Therapeutics, Inc      3  
1,758   *    Prestige Consumer Healthcare, Inc.      107  
2,427     *,†    Progenics Pharmaceuticals, Inc      0  
280   *    Prometheus Biosciences, Inc      11  
1,206   *    Protagonist Therapeutics, Inc      41  
1,011   *    Prothena Corp plc      50  
1,356     *,e    Provention Bio, Inc      8  
2,011   *    PTC Therapeutics, Inc      80  
1,119   *    Puma Biotechnology, Inc      3  
6,175   *    QIAGEN NV      343  
914   *    Quanterix Corp      39  
1,455   *    Radius Health, Inc      10  
524   *    RAPT Therapeutics, Inc      19  
815   *    Reata Pharmaceuticals, Inc      21  
3,244   *    Recursion Pharmaceuticals, Inc      56  
2,975   *    Regeneron Pharmaceuticals, Inc      1,879  
1,062   *    REGENXBIO, Inc      35  
1,723   *    Relay Therapeutics, Inc      53  
450   *    Relmada Therapeutics, Inc      10  
1,652   *    Repligen Corp      438  
699   *    Replimune Group, Inc      19  
2,003   *    Revance Therapeutics, Inc      33  
1,744   *    REVOLUTION Medicines, Inc      44  
1,025   *    Rhythm Pharmaceuticals, Inc      10  
4,657   *    Rigel Pharmaceuticals, Inc      12  
1,412   *    Rocket Pharmaceuticals, Inc      31  
9,910      Royalty Pharma plc      395  

 

 

28


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,226   *    Rubius Therapeutics, Inc    $ 12  
1,665   *    Sage Therapeutics, Inc      71  
2,386   *    Sana Biotechnology, Inc      37  
3,362   *    Sangamo Therapeutics Inc      25  
2,419   *    Sarepta Therapeutics, Inc      218  
826   *    Scholar Rock Holding Corp      21  
3,999   *    Seagen, Inc      618  
14,503   *    Seelos Therapeutics, Inc      24  
1,126     *,e    Seer, Inc      26  
3,235   *    Selecta Biosciences, Inc      11  
2,061   *    Seres Therapeutics, Inc      17  
4,951     *,e    Sesen Bio, Inc      4  
769   *    Shattuck Labs, Inc      7  
1,913   *    SIGA Technologies, Inc      14  
373   *    Silverback Therapeutics, Inc      2  
2,399   *    Solid Biosciences, Inc      4  
8,083     *,e    Sorrento Therapeutics, Inc      38  
2,030   *    Sotera Health Co      48  
4,176   *    Spectrum Pharmaceuticals, Inc      5  
853   *    Spero Therapeutics, Inc      14  
843   *    SpringWorks Therapeutics, Inc      52  
658   *    SQZ Biotechnologies Co      6  
519   *    Stoke Therapeutics, Inc      12  
1,648   *    Supernus Pharmaceuticals, Inc      48  
956   *    Surface Oncology, Inc      5  
1,211   *    Sutro Biopharma, Inc      18  
1,544   *    Syndax Pharmaceuticals, Inc      34  
3,059   *    Syneos Health, Inc      314  
2,140   *    Syros Pharmaceuticals, Inc      7  
197   *    Tarsus Pharmaceuticals, Inc      4  
624     *,e    Taysha Gene Therapies, Inc      7  
785   *    TCR2 Therapeutics Inc      4  
285   *    Tenaya Therapeutics, Inc      5  
3,788   *    TG Therapeutics, Inc      72  
10,557     *,e    TherapeuticsMD, Inc      4  
1,625   *    Theravance Biopharma, Inc      18  
11,548      Thermo Fisher Scientific, Inc      7,705  
9,877   *    Tonix Pharmaceuticals Holding Corp      4  
1,469   *    Travere Therapeutics, Inc      46  
4,741   *    Trevena, Inc      3  
1,339   *    Turning Point Therapeutics Inc      64  
1,447   *    Twist Bioscience Corp      112  
1,912   *    Ultragenyx Pharmaceutical, Inc      161  
1,359   *    United Therapeutics Corp      294  
657     *,e    UroGen Pharma Ltd      6  
1,691   *    Vanda Pharmaceuticals, Inc      27  
3,587     *,e    Vaxart Inc      22  
1,156   *    Vaxcyte, Inc      28  
5,494   *    VBI Vaccines, Inc      13  
1,983   *    Veracyte, Inc      82  
4,988   *    Verastem, Inc      10  
1,345   *    Vericel Corp      53  
7,513   *    Vertex Pharmaceuticals, Inc      1,650  
376     *,e    Verve Therapeutics, Inc      14  
33,920      Viatris, Inc      459  
1,592   *    Viking Therapeutics, Inc      7  
390   *    Vincerx Pharma, Inc      4  
1,798   *    Vir Biotechnology, Inc      75  
1,063   *    Viracta Therapeutics, Inc      4  
5,638   *    VistaGen Therapeutics, Inc      11  
324   *    Vor BioPharma, Inc      4  
1,772   *    Waters Corp      660  
776   *    WaVe Life Sciences Ltd      2  
748   *    Werewolf Therapeutics, Inc      9  
2,186      West Pharmaceutical Services, Inc      1,025  
533      XBiotech, Inc      6  
1,460   *    Xencor, Inc      59  
959   *    Y-mAbs Therapeutics, Inc      16  
975   *    Zentalis Pharmaceuticals, Inc      82  
6,592     *,e    ZIOPHARM Oncology, Inc      7  
13,800      Zoetis, Inc      3,368  
1,752   *    Zogenix, Inc      28  
       

 

 

 
     TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES      106,829  
       

 

 

 

 

 

29


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       

REAL ESTATE - 3.6%

  
1,964      Acadia Realty Trust    $ 43  
1,537      Agree Realty Corp      110  
1,433      Alexander & Baldwin, Inc      36  
51      Alexander’s, Inc      13  
4,340      Alexandria Real Estate Equities, Inc      968  
1,425      American Assets Trust, Inc      53  
3,732      American Campus Communities, Inc      214  
3,752      American Finance Trust, Inc      34  
8,855      American Homes 4 Rent      386  
13,258      American Tower Corp      3,878  
7,241      Americold Realty Trust      237  
5,144      Apartment Income REIT Corp      281  
5,144   *    Apartment Investment and Management Co      40  
6,471      Apple Hospitality REIT, Inc      105  
1,658      Armada Hoffler Properties, Inc      25  
2,370     *,e    Ashford Hospitality Trust, Inc      23  
4,095      AvalonBay Communities, Inc      1,034  
4,931      Boston Properties, Inc      568  
1,188   *    BraeMar Hotels & Resorts, Inc      6  
3,704      Brandywine Realty Trust      50  
7,811      Brixmor Property Group, Inc      198  
3,715      Broadstone Net Lease, Inc      92  
552      Brt Realty Trust      13  
3,063      Camden Property Trust      547  
2,763      CareTrust REIT, Inc      63  
1,667      CatchMark Timber Trust, Inc      15  
9,709   *    CBRE Group, Inc      1,054  
460      Centerspace      51  
1,449   *    Chatham Lodging Trust      20  
1,087      City Office REIT, Inc      21  
544      Clipper Realty, Inc      5  
753      Community Healthcare Trust, Inc      36  
1,085   *    CorePoint Lodging, Inc      17  
2,602      Corporate Office Properties Trust      73  
4,434      Cousins Properties, Inc      179  
12,836      Crown Castle International Corp      2,679  
196      CTO Realty Growth, Inc      12  
5,793      CubeSmart      330  
3,593   *    Cushman & Wakefield plc      80  
3,732      CyrusOne, Inc      335  
7,193   *    DiamondRock Hospitality Co      69  
8,276      Digital Realty Trust, Inc      1,464  
15,230   *    DigitalBridge Group, Inc      127  
7,300      Diversified Healthcare Trust      23  
2,005   *    Douglas Elliman, Inc      23  
4,303      Douglas Emmett, Inc      144  
11,536      Duke Realty Corp      757  
2,230      Easterly Government Properties, Inc      51  
1,286      EastGroup Properties, Inc      293  
3,522      Empire State Realty Trust, Inc      31  
2,015      EPR Properties      96  
2,672      Equinix, Inc      2,260  
1,927   *    Equity Commonwealth      50  
5,139      Equity Lifestyle Properties, Inc      450  
11,384      Equity Residential      1,030  
3,224      Essential Properties Realty Trust, Inc      93  
2,024      Essex Property Trust, Inc      713  
1,858      eXp World Holdings Inc      63  
3,972      Extra Space Storage, Inc      901  
967      Farmland Partners, Inc      12  
2,521      Federal Realty Investment Trust      344  
3,737      First Industrial Realty Trust, Inc      247  
400   *    Forestar Group, Inc      9  
2,420      Four Corners Property Trust, Inc      71  
4,124      Franklin Street Properties Corp      25  
309   *    FRP Holdings, Inc      18  
6,257      Gaming and Leisure Properties, Inc      304  
3,108   e    Geo Group, Inc      24  
1,064      Getty Realty Corp      34  
881      Gladstone Commercial Corp      23  
315      Gladstone Land Corp      11  
1,479      Global Medical REIT, Inc      26  

 

 

30


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
2,475      Global Net Lease, Inc    $ 38  
3,243      Healthcare Realty Trust, Inc      103  
6,289      Healthcare Trust of America, Inc      210  
17,079      Healthpeak Properties Inc      616  
1,493   *    Hersha Hospitality Trust      14  
2,907      Highwoods Properties, Inc      130  
21,709   *    Host Hotels and Resorts, Inc      378  
1,318   *    Howard Hughes Corp      134  
3,600      Hudson Pacific Properties      89  
2,619      Independence Realty Trust, Inc      68  
200      Indus Realty Trust, Inc      16  
1,510      Industrial Logistics Properties Trust      38  
671   e    Innovative Industrial Properties, Inc      176  
17,416      Invitation Homes, Inc      790  
8,118      Iron Mountain, Inc      425  
1,536   e    iStar Inc      40  
3,149      JBG SMITH Properties      90  
1,433   *    Jones Lang LaSalle, Inc      386  
2,547      Kennedy-Wilson Holdings, Inc      61  
3,530      Kilroy Realty Corp      235  
18,293      Kimco Realty Corp      451  
6,010      Kite Realty Group Trust      131  
2,341      Lamar Advertising Co      284  
8,135      Lexington Realty Trust      127  
2,202      Life Storage, Inc      337  
570      LTC Properties, Inc      19  
6,081      Macerich Co      105  
1,695   *    Mack-Cali Realty Corp      31  
569   *    Marcus & Millichap, Inc      29  
16,244      Medical Properties Trust, Inc      384  
3,416      Mid-America Apartment Communities, Inc      784  
2,597      Monmouth Real Estate Investment Corp (Class A)      55  
880      National Health Investors, Inc      51  
4,984      National Retail Properties, Inc      240  
1,913      National Storage Affiliates Trust      132  
765      NETSTREIT Corp      18  
4,328      Newmark Group, Inc      81  
662      NexPoint Residential Trust, Inc      56  
1,207      Office Properties Income Trust      30  
7,357      Omega Healthcare Investors, Inc      218  
574      One Liberty Properties, Inc      20  
12,099   *    Opendoor Technologies, Inc      177  
1,597   *    Orion Office REIT, Inc      30  
4,782      Outfront Media, Inc      128  
4,579      Paramount Group, Inc      38  
7,470   *    Park Hotels & Resorts, Inc      141  
4,334      Pebblebrook Hotel Trust      97  
5,940      Physicians Realty Trust      112  
3,343      Piedmont Office Realty Trust, Inc      61  
628      Plymouth Industrial REIT, Inc      20  
2,176      PotlatchDeltic Corp      131  
2,737      Preferred Apartment Communities, Inc      49  
21,743      Prologis, Inc      3,661  
488      PS Business Parks, Inc      90  
4,410      Public Storage, Inc      1,652  
3,743      Rayonier, Inc      151  
732      Re/Max Holdings, Inc      22  
3,279   *    Realogy Holdings Corp      55  
15,970      Realty Income Corp      1,143  
3,100   *    Redfin Corp      119  
5,446      Regency Centers Corp      410  
4,204      Retail Opportunities Investment Corp      82  
685      Retail Value, Inc      4  
4,002      Rexford Industrial Realty, Inc      325  
4,896      RLJ Lodging Trust      68  
283      RMR Group, Inc      10  
3,057      RPT Realty      41  
1,575   *    Ryman Hospitality Properties      145  
6,162      Sabra Healthcare REIT, Inc      83  
468      Safehold, Inc      37  
392      Saul Centers, Inc      21  
3,217      SBA Communications Corp      1,251  
990   *,e    Seritage Growth Properties      13  

 

 

31


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
4,584      Service Properties Trust    $ 40  
9,782      Simon Property Group, Inc      1,563  
6,051      SITE Centers Corp      96  
1,992      SL Green Realty Corp      143  
3,189      Spirit Realty Capital, Inc      154  
1,023      St. Joe Co      53  
4,481      STAG Industrial, Inc      215  
7,137      STORE Capital Corp      246  
3,928   *    Summit Hotel Properties, Inc      38  
3,082      Sun Communities, Inc      647  
7,507   *    Sunstone Hotel Investors, Inc      88  
2,916      Tanger Factory Outlet Centers, Inc      56  
834   *    Tejon Ranch Co      16  
1,821      Terreno Realty Corp      155  
9,405      UDR, Inc      564  
994      UMH Properties, Inc      27  
5,296      Uniti Group, Inc      74  
294      Universal Health Realty Income Trust      17  
3,855      Urban Edge Properties      73  
1,188      Urstadt Biddle Properties, Inc (Class A)      25  
12,009      Ventas, Inc      614  
17,708   e    VICI Properties, Inc      533  
5,748      Vornado Realty Trust      241  
2,363      Washington REIT      61  
12,746      Welltower, Inc      1,093  
21,670      Weyerhaeuser Co      892  
1,293      Whitestone REIT      13  
5,105      WP Carey, Inc      419  
3,934   *    Xenia Hotels & Resorts, Inc      71  
1,844   *    Zillow Group, Inc (Class A)      115  
4,924   *    Zillow Group, Inc (Class C)      314  
       

 

 

 
     TOTAL REAL ESTATE      50,353  
       

 

 

 

RETAILING - 6.3%

  
966   *    1-800-FLOWERS.COM, Inc (Class A)      23  
1,062      Aaron’s Co, Inc      26  
1,704   *    Abercrombie & Fitch Co (Class A)      59  
1,681   *    Academy Sports & Outdoors, Inc      74  
1,905      Advance Auto Parts, Inc      457  
12,730   *    Amazon.com, Inc      42,446  
4,274   e    American Eagle Outfitters, Inc      108  
221   *    America’s Car-Mart, Inc      23  
2,460   *    Arko Corp      22  
555   *    Asbury Automotive Group, Inc      96  
1,425   *    Autonation, Inc      167  
629   *    AutoZone, Inc      1,319  
1,018   *    Barnes & Noble Education, Inc      7  
7,018      Bath & Body Works, Inc      490  
2,880   *,e    Bed Bath & Beyond, Inc      42  
7,333      Best Buy Co, Inc      745  
578   e    Big 5 Sporting Goods Corp      11  
1,092      Big Lots, Inc      49  
819   *    Boot Barn Holdings, Inc      101  
524      Buckle, Inc      22  
2,005   *    Burlington Stores, Inc      584  
1,001      Caleres, Inc      23  
1,212   e    Camping World Holdings, Inc      49  
1,078   *,e    CarLotz, Inc      2  
4,909   *    CarMax, Inc      639  
1,412   *    CarParts.com, Inc      16  
2,181   *    Carvana Co      506  
966      Cato Corp (Class A)      17  
3,531   *    Chico’s FAS, Inc      19  
389   *    Children’s Place, Inc      31  
293   *    Citi Trends, Inc      28  
708   *    Conn’s, Inc      17  
764   *    Container Store Group, Inc      8  
1,606   *    Designer Brands, Inc      23  
1,961   e    Dick’s Sporting Goods, Inc      225  
165   e    Dillard’s, Inc (Class A)      40  
7,055      Dollar General Corp      1,664  
6,651   *    Dollar Tree, Inc      935  
4,199   *    DoorDash, Inc      625  

 

 

32


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                             

COMPANY                 

   VALUE
(000)
 
       
404   *    Duluth Holdings, Inc    $ 6  
18,702      eBay, Inc      1,244  
3,799   *    Etsy, Inc      832  
1,723   *    Five Below, Inc      356  
2,980   *    Floor & Decor Holdings, Inc      387  
1,965      Foot Locker, Inc      86  
748      Franchise Group, Inc      39  
576   *    Funko, Inc      11  
1,889   *,e    GameStop Corp (Class A)      280  
5,772      Gap, Inc      102  
365   *    Genesco, Inc      23  
4,217      Genuine Parts Co      591  
437      Group 1 Automotive, Inc      85  
658   *    Groupon, Inc      15  
1,619   *    GrowGeneration Corp      21  
1,358      Guess?, Inc      32  
715      Haverty Furniture Cos, Inc      22  
547      Hibbett Sports, Inc      39  
31,209      Home Depot, Inc      12,952  
378   *,e    Kirkland’s, Inc      6  
4,818      Kohl’s Corp      238  
487   *    Lands’ End, Inc      10  
3,129   *    Leslie’s, Inc      74  
1,143   *    Liquidity Services, Inc      25  
845      Lithia Motors, Inc (Class A)      251  
7,712      LKQ Corp      463  
20,432      Lowe’s Companies, Inc      5,281  
1,099   *    Lumber Liquidators, Inc      19  
9,238      Macy’s, Inc      242  
530   *    MarineMax, Inc      31  
556      Monro Muffler, Inc      32  
660      Murphy USA, Inc      132  
2,416   *    National Vision Holdings, Inc      116  
3,550   *,e    Nordstrom, Inc      80  
550   *    ODP Corp      22  
1,867   *    Ollie’s Bargain Outlet Holdings, Inc      96  
266      OneWater Marine, Inc      16  
1,999   *    O’Reilly Automotive, Inc      1,412  
1,209   *    Overstock.com, Inc      71  
3,210   *    Party City Holdco, Inc      18  
633      Penske Auto Group, Inc      68  
1,980   *    Petco Health & Wellness Co, Inc      39  
765   e    PetMed Express, Inc      19  
1,111      Pool Corp      629  
2,148   *    Porch Group, Inc      33  
2,851   *    Quotient Technology, Inc      21  
11,732      Qurate Retail Group, Inc QVC Group      89  
2,401   *    RealReal, Inc      28  
1,859      Rent-A-Center, Inc      89  
1,063   *    Revolve Group, Inc      60  
507   *    RH      272  
10,330      Ross Stores, Inc      1,181  
2,402   *    Sally Beauty Holdings, Inc      44  
1,741   *,e    Shift Technologies, Inc      6  
646      Shoe Carnival, Inc      25  
719      Shutterstock, Inc      80  
1,526      Signet Jewelers Ltd      133  
760   *    Sleep Number Corp      58  
479      Sonic Automotive, Inc (Class A)      24  
1,434   *    Sportsman’s Warehouse Holdings, Inc      17  
1,770   *    Stitch Fix Inc      33  
14,385      Target Corp      3,329  
432      Tilly’s, Inc      7  
35,417      TJX Companies, Inc      2,689  
3,398      Tractor Supply Co      811  
311   *    TravelCenters of America, Inc      16  
1,587   *    Ulta Beauty, Inc      654  
1,483   *    Urban Outfitters, Inc      44  
2,339   *    Victoria’s Secret & Co      130  
3,453   *,e    Vroom, Inc      37  
2,108   *,e    Wayfair, Inc      400  
2,320      Williams-Sonoma, Inc      392  
94      Winmark Corp      23  

 

 

33


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                             

COMPANY                 

   VALUE
(000)
 
       
143   *    Xometry, Inc    $ 7  
686   *    Zumiez, Inc      33  
       

 

 

 
     TOTAL RETAILING      89,016  
       

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8%

  
35,458   *    Advanced Micro Devices, Inc      5,102  
1,144   *    Allegro MicroSystems, Inc      41  
844   *    Alpha & Omega Semiconductor Ltd      51  
1,114   *    Ambarella, Inc      226  
3,306      Amkor Technology, Inc      82  
15,751      Analog Devices, Inc      2,769  
26,747      Applied Materials, Inc      4,209  
534   *,e    Atomera, Inc      11  
1,183   *    Axcelis Technologies, Inc      88  
1,452   *    AXT, Inc      13  
11,698      Broadcom, Inc      7,784  
1,968      Brooks Automation, Inc      203  
839   *    Ceva, Inc      36  
1,810   *    Cirrus Logic, Inc      167  
904      CMC Materials, Inc      173  
1,495   *    Cohu, Inc      57  
1,498   *    Diodes, Inc      164  
3,799   *    Enphase Energy, Inc      695  
3,887      Entegris, Inc      539  
3,071   *    First Solar, Inc      268  
2,731   *    Formfactor, Inc      125  
1,289   *    GLOBALFOUNDRIES, Inc      84  
660   *    Ichor Holdings Ltd      30  
705   *    Impinj, Inc      63  
118,487      Intel Corp      6,102  
4,544      KLA Corp      1,954  
2,261   *,e    Kopin Corp      9  
1,679      Kulicke & Soffa Industries, Inc      102  
4,137      Lam Research Corp      2,975  
3,496   *    Lattice Semiconductor Corp      269  
1,568   *    MACOM Technology Solutions Holdings, Inc      123  
23,704      Marvell Technology, Inc      2,074  
2,280   *    MaxLinear, Inc      172  
6,233   *,e    Meta Materials, Inc      15  
15,540      Microchip Technology, Inc      1,353  
32,854      Micron Technology, Inc      3,060  
1,516      MKS Instruments, Inc      264  
1,283      Monolithic Power Systems, Inc      633  
1,215   *    Nanometrics, Inc      123  
1,216   *    NeoPhotonics Corp Ltd      19  
192      NVE Corp      13  
70,177      NVIDIA Corp      20,640  
7,681      NXP Semiconductors NV      1,750  
12,593   *    ON Semiconductor Corp      855  
1,181   *    PDF Solutions, Inc      38  
2,139   *    Photronics, Inc      40  
2,006      Power Integrations, Inc      186  
3,026   *    Qorvo, Inc      473  
33,051      QUALCOMM, Inc      6,044  
3,556   *    Rambus, Inc      105  
2,180   *    Semtech Corp      194  
1,285   *    Silicon Laboratories, Inc      265  
363   *    SiTime Corp      106  
4,788      Skyworks Solutions, Inc      743  
252   *    SMART Global Holdings, Inc      18  
2,299   *    SunPower Corp      48  
1,111   *    Synaptics, Inc      322  
4,834      Teradyne, Inc      790  
27,071      Texas Instruments, Inc      5,102  
1,266   *    Ultra Clean Holdings      73  
1,348      Universal Display Corp      222  
1,833   *    Veeco Instruments, Inc      52  
3,545   *    Wolfspeed Inc      396  
7,148      Xilinx, Inc      1,516  
       

 

 

 
     TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT      82,218  
       

 

 

 

 

 

34


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       

SOFTWARE & SERVICES - 14.7%

  
3,462   *    8x8, Inc    $ 58  
1,883      A10 Networks, Inc      31  
18,598      Accenture plc      7,710  
3,799   *    ACI Worldwide, Inc      132  
14,007   *    Adobe, Inc      7,943  
675   *    Agilysys, Inc      30  
4,545   *    Akamai Technologies, Inc      532  
1,443   *    Alarm.com Holdings, Inc      122  
785   *    Alkami Technology, Inc      16  
1,461      Alliance Data Systems Corp      97  
1,317   *    Altair Engineering, Inc      102  
1,733   *    Alteryx, Inc      105  
3,812      Amdocs Ltd      285  
1,091      American Software, Inc (Class A)      29  
4,257   *    Anaplan, Inc      195  
2,493   *    Ansys, Inc      1,000  
538   *    Appfolio, Inc      65  
1,178   *    Appian Corp      77  
2,178   *    Asana, Inc      162  
2,036   *    Aspen Technology, Inc      310  
4,068   *    Atlassian Corp plc      1,551  
6,367   *    Autodesk, Inc      1,790  
12,486      Automatic Data Processing, Inc      3,079  
2,529   *    Avalara, Inc      327  
2,583   *    Avaya Holdings Corp      51  
627   *    AvidXchange Holdings, Inc      9  
1,139   *    Benefitfocus, Inc      12  
4,002      Bentley Systems, Inc      193  
1,347   *    BigCommerce Holdings, Inc      48  
2,689   *    Bill.Com Holdings, Inc      670  
4,272   *    Black Knight, Inc      354  
1,603   *    Blackbaud, Inc      127  
1,613   *    Blackline, Inc      167  
11,613   *    Block, Inc      1,876  
1,563   *    Bottomline Technologies, Inc      88  
4,699   *    Box, Inc      123  
1,247   *    Brightcove, Inc      13  
3,315      Broadridge Financial Solutions, Inc      606  
1,203   *    BTRS Holdings, Inc      9  
1,740   *,e    C3.ai, Inc      54  
8,057   *    Cadence Design Systems, Inc      1,501  
1,535   *    Cantaloupe, Inc      14  
576      Cass Information Systems, Inc      23  
4,074      CDK Global, Inc      170  
1,164   *    Cerence Inc      89  
3,791   *    Ceridian HCM Holding, Inc      396  
921   *    ChannelAdvisor Corp      23  
3,724      Citrix Systems, Inc      352  
2,700   *,e    Cleanspark, Inc      26  
7,554   *    Cloudflare, Inc      993  
15,448      Cognizant Technology Solutions Corp (Class A)      1,371  
1,426   *    Commvault Systems, Inc      98  
1,240      Concentrix Corp      221  
5,536   *    Conduent, Inc      30  
415   *    Consensus Cloud Solutions, Inc      24  
236   *    Couchbase, Inc      6  
2,169   *    Coupa Software, Inc      343  
5,787   *    Crowdstrike Holdings, Inc      1,185  
303   *    CS Disco, Inc      11  
1,299      CSG Systems International, Inc      75  
7,444   *    Datadog, Inc      1,326  
659   *,e    Datto Holding Corp      17  
574   *,e    Digimarc Corp      23  
2,598   *    Digital Turbine, Inc      158  
1,318   *    DigitalOcean Holdings, Inc      106  
5,594   *    DocuSign, Inc      852  
1,762      Dolby Laboratories, Inc (Class A)      168  
816   *    Domo, Inc      40  
1,439   *    DoubleVerify Holdings, Inc      48  
8,905   *    Dropbox, Inc      219  
2,214   *    Duck Creek Technologies, Inc      67  
7,787   *    DXC Technology Co      251  
5,589   *    Dynatrace, Inc      337  

 

 

35


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
4,211   *,e    E2open Parent Holdings, Inc    $ 47  
927      Ebix, Inc      28  
648   *    eGain Corp      6  
2,086   *    Elastic NV      257  
553   *    Enfusion, Inc      12  
1,657   *    Envestnet, Inc      131  
1,576   *    EPAM Systems, Inc      1,053  
1,608   *    Euronet Worldwide, Inc      192  
1,144   *    Everbridge, Inc      77  
2,107      EVERTEC, Inc      105  
1,204   *    Evo Payments, Inc      31  
1,084   *    ExlService Holdings, Inc      157  
773   *    Fair Isaac Corp      335  
3,179   *    Fastly, Inc      113  
18,235      Fidelity National Information Services, Inc      1,990  
6,880   *    FireEye, Inc      121  
17,576   *    Fiserv, Inc      1,824  
2,029   *    Five9, Inc      279  
2,347   *    FleetCor Technologies, Inc      525  
1,731   *    Flywire Corp      66  
3,875   *    Fortinet, Inc      1,393  
2,310   *    Gartner, Inc      772  
5,012      Genpact Ltd      266  
8,707      Global Payments, Inc      1,177  
1,180   *    Globant S.A.      371  
5,196   *    GoDaddy, Inc      441  
500   *,e    GreenBox POS      2  
1,865   *    GreenSky, Inc      21  
1,087   *    Grid Dynamics Holdings, Inc      41  
898   *    GTY Technology Holdings Inc      6  
2,614   *    Guidewire Software, Inc      297  
1,077      Hackett Group, Inc      22  
1,283   *    HubSpot, Inc      846  
351   *    I3 Verticals, Inc      8  
845   *    Informatica, Inc      31  
224   *    Intapp, Inc      6  
385   *    Intelligent Systems Corp      15  
1,057      InterDigital, Inc      76  
26,203      International Business Machines Corp      3,502  
677   *    International Money Express Inc      11  
7,764      Intuit, Inc      4,994  
2,268      Jack Henry & Associates, Inc      379  
1,514     *,e    Jamf Holding Corp      58  
1,486   *    JFrog Ltd      44  
5,240   *    Kyndryl Holdings, Inc      95  
3,363   *    Limelight Networks, Inc      12  
2,024   *    Liveperson, Inc      72  
1,949   *    LiveRamp Holdings, Inc      93  
1,818   *    Manhattan Associates, Inc      283  
2,859     *,e    Marathon Digital Holdings, Inc      94  
25,680      Mastercard, Inc (Class A)      9,227  
2,080      MAXIMUS, Inc      166  
2,317      McAfee Corp      60  
221,222      Microsoft Corp      74,401  
235     *,e    MicroStrategy, Inc (Class A)      128  
1,779   *    Mimecast Ltd      142  
1,253   *    Mitek Systems, Inc      22  
844   *    Model N, Inc      25  
1,840   *    MoneyGram International, Inc      15  
1,807   *    MongoDB, Inc      957  
829   *    N-Able, Inc      9  
1,586   *    nCino, Inc      87  
3,958   *    NCR Corp      159  
1,631   *    New Relic, Inc      179  
15,719      NortonLifelock, Inc      408  
7,924   *    Nuance Communications, Inc      438  
5,847   *    Nutanix, Inc      186  
3,715   *    Okta, Inc      833  
678   *    ON24, Inc      12  
1,227   *    OneSpan, Inc      21  
48,750      Oracle Corp      4,251  
2,372   *    Pagerduty, Inc      82  
47,856   *    Palantir Technologies, Inc      871  

 

 

36


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
2,824   *    Palo Alto Networks, Inc    $ 1,572  
1,831   *    Paya Holdings, Inc      12  
9,303      Paychex, Inc      1,270  
1,447   *    Paycom Software, Inc      601  
366     *,e    Paycor HCM, Inc      11  
1,125   *    Paylocity Holding Corp      266  
34,454   *    PayPal Holdings, Inc      6,497  
19,121   *    Paysafe Ltd      75  
1,117      Pegasystems, Inc      125  
742   *    Perficient, Inc      96  
1,099   *    Ping Identity Holding Corp      25  
1,687   *    Procore Technologies, Inc      135  
1,606      Progress Software Corp      78  
1,099   *    PROS Holdings, Inc      38  
3,193   *    PTC, Inc      387  
1,569   *    Q2 Holdings, Inc      125  
1,112   *    Qualys, Inc      153  
1,424   *    Rackspace Technology, Inc      19  
1,695   *    Rapid7, Inc      199  
871     *,e    Rekor Systems, Inc      6  
2,014   *    Repay Holdings Corp      37  
992   *    Rimini Street, Inc      6  
2,462   *    RingCentral, Inc      461  
3,373     *,e    Riot Blockchain, Inc      75  
10,188   *    Sabre Corp      87  
2,791   *    SailPoint Technologies Holding, Inc      135  
27,395   *    salesforce.com, Inc      6,962  
766      Sapiens International Corp NV      26  
257   *    SecureWorks Corp      4  
5,776   *    ServiceNow, Inc      3,749  
1,262   *    Shift4 Payments, Inc      73  
356   *    ShotSpotter, Inc      10  
3,616   *    Smartsheet, Inc      280  
991   *    Smith Micro Software, Inc      5  
5,817   *    Snowflake, Inc      1,970  
829      SolarWinds Corp      12  
4,789   *    Splunk, Inc      554  
1,316   *    Sprout Social, Inc      119  
1,231   *    SPS Commerce, Inc      175  
6,533      SS&C Technologies Holdings, Inc      536  
6,560   *    StoneCo Ltd      111  
2,378   *    Sumo Logic, Inc      32  
3,818   *    SVMK, Inc      81  
2,934      Switch, Inc      84  
4,413   *    Synopsys, Inc      1,626  
1,087   *    Telos Corp      17  
2,588   *    Tenable Holdings, Inc      143  
3,393   *    Teradata Corp      144  
12,462   *    Trade Desk, Inc      1,142  
541      TTEC Holdings, Inc      49  
349   *    Tucows, Inc      29  
926   *    Turing Holding Corp      25  
4,865   *    Twilio, Inc      1,281  
1,206   *    Tyler Technologies, Inc      649  
2,160   *    Unisys Corp      44  
4,411   *    Unity Software, Inc      631  
660   *    Upland Software, Inc      12  
3,084   *    Varonis Systems, Inc      150  
1,365   *    Verint Systems, Inc      72  
2,985   *    VeriSign, Inc      758  
765     *,e    Veritone, Inc      17  
3,457   *    Verra Mobility Corp      53  
305   *    Viant Technology, Inc      3  
2,063     *,e    VirnetX Holding Corp      5  
49,620      Visa, Inc (Class A)      10,753  
6,402      VMware, Inc (Class A)      742  
7,849   *    Vonage Holdings Corp      163  
12,300      Western Union Co      219  
1,409   *    WEX, Inc      198  
1,594   *    Wix.com Ltd      252  
5,472   *    Workday, Inc      1,495  
1,221   *    Workiva, Inc      159  

 

 

37


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
3,338      Xperi Holding Corp    $ 63  
2,990   *    Yext, Inc      30  
3,363   *    Zendesk, Inc      351  
6,358   *    Zoom Video Communications, Inc      1,169  
2,300   *    Zscaler, Inc      739  
2,992   *    Zuora Inc      56  
       

 

 

 
     TOTAL SOFTWARE & SERVICES      206,680  
       

 

 

 

TECHNOLOGY HARDWARE & EQUIPMENT - 7.6%

  
3,738   *    3D Systems Corp      81  
168   *    908 Devices, Inc      4  
1,592      Adtran, Inc      36  
1,075      Advanced Energy Industries, Inc      98  
1,335     *,e    Aeva Technologies, Inc      10  
899     *,e    Akoustis Technologies, Inc      6  
16,935      Amphenol Corp (Class A)      1,481  
453,393   d    Apple, Inc      80,509  
6,772   *    Arista Networks, Inc      973  
2,522   *    Arlo Technologies, Inc      26  
2,165   *    Arrow Electronics, Inc      291  
223   *    Aviat Networks, Inc      7  
1,182   *    Avid Technology, Inc      38  
3,237      Avnet, Inc      133  
997      Badger Meter, Inc      106  
1,442      Belden CDT, Inc      95  
1,361      Benchmark Electronics, Inc      37  
1,369   *    CalAmp Corp      10  
1,720   *    Calix, Inc      138  
235   *    Cambium Networks Corp      6  
176   *    Casa Systems, Inc      1  
4,023      CDW Corp      824  
4,770   *    Ciena Corp      367  
123,441      Cisco Systems, Inc      7,822  
522   *    Clearfield, Inc      44  
4,963      Cognex Corp      386  
759   *    Coherent, Inc      202  
6,058   *    CommScope Holding Co, Inc      67  
784      Comtech Telecommunications Corp      19  
22,718      Corning, Inc      846  
716   *    Corsair Gaming, Inc      15  
1,256      CTS Corp      46  
48   *    Daktronics, Inc      0
7,655   *    Dell Technologies, Inc      430  
2,310   *    Diebold, Inc      21  
1,019   *    Digi International, Inc      25  
369   *    DZS, Inc      6  
1,285     *,e    Eastman Kodak Co      6  
728   *    EMCORE Corp      5  
1,036   *    ePlus, Inc      56  
4,038   *    Extreme Networks, Inc      63  
1,751   *    F5 Networks, Inc      428  
1,106   *    Fabrinet      131  
655   *    FARO Technologies, Inc      46  
3,142   *    Harmonic, Inc      37  
39,969      Hewlett Packard Enterprise Co      630  
34,001      HP, Inc      1,281  
447   *    Identiv, Inc      13  
2,990   *    II-VI, Inc      204  
5,792   *    Infinera Corp      56  
2,359     *,e    Inseego Corp      14  
1,044   *    Insight Enterprises, Inc      111  
1,022   *    IPG Photonics Corp      176  
944   *    Iteris, Inc      4  
1,329   *    Itron, Inc      91  
4,143      Jabil Inc      291  
10,087      Juniper Networks, Inc      360  
5,395   *    Keysight Technologies, Inc      1,114  
1,038   *    Kimball Electronics, Inc      23  
3,025   *    Knowles Corp      71  
758   *    KVH Industries, Inc      7  
774      Littelfuse, Inc      244  
1,893   *    Lumentum Holdings, Inc      200  
1,398      Methode Electronics, Inc      69  

 

 

38


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
4,688     *,e    Microvision, Inc    $ 23  
4,842      Motorola Solutions, Inc      1,316  
428   *    Napco Security Technologies, Inc      21  
4,043      National Instruments Corp      177  
6,356      NetApp, Inc      585  
962   *    Netgear, Inc      28  
2,211   *    Netscout Systems, Inc      73  
1,072   *    nLight, Inc      26  
1,149   *    Novanta, Inc      203  
673   *    OSI Systems, Inc      63  
387     *,e    Ouster, Inc      2  
675   *    PAR Technology Corp      36  
430      PC Connection, Inc      19  
1,066   *    Plantronics, Inc      31  
884   *    Plexus Corp      85  
8,066   *    Pure Storage, Inc      263  
1,278   *    Quantum Corp      7  
2,205   *    Ribbon Communications, Inc      13  
596   *    Rogers Corp      163  
2,051   *    Sanmina Corp      85  
958   *    Scansource, Inc      34  
1,358   *    Super Micro Computer, Inc      60  
1,240      SYNNEX Corp      142  
1,324   *    Teledyne Technologies, Inc      578  
7,384   *    Trimble Inc      644  
3,576   *    TTM Technologies, Inc      53  
379   *    Turtle Beach Corp      8  
210      Ubiquiti, Inc      64  
1,943     *,e    Velodyne Lidar, Inc      9  
1,951   *    Viasat, Inc      87  
7,253   *    Viavi Solutions, Inc      128  
4,516      Vishay Intertechnology, Inc      99  
398   *    Vishay Precision Group, Inc      15  
4,816      Vontier Corp      148  
9,024   *    Western Digital Corp      588  
2,578      Xerox Holdings Corp      58  
1,533   *    Zebra Technologies Corp (Class A)      912  
       

 

 

 
     TOTAL TECHNOLOGY HARDWARE & EQUIPMENT      107,783  
       

 

 

 

TELECOMMUNICATION SERVICES - 1.0%

  
410   *    Anterix, Inc      24  
208,877      AT&T, Inc      5,138  
373      ATN International, Inc      15  
669   *    Bandwidth Inc      48  
1,375      Cogent Communications Group, Inc      101  
2,586   *    Consolidated Communications Holdings, Inc      19  
1,375   *    EchoStar Corp (Class A)      36  
18,045     *,e    Globalstar, Inc      21  
2,248     *,e    Gogo, Inc      30  
521   *    IDT Corp (Class B)      23  
3,657   *    Iridium Communications, Inc      151  
1,581   *    Liberty Latin America Ltd (Class A)      19  
5,022   *    Liberty Latin America Ltd (Class C)      57  
30,679      Lumen Technologies, Inc      385  
661   *    Ooma, Inc      14  
1,013   *    Radius Global Infrastructure, Inc      16  
1,811      Shenandoah Telecom Co      46  
2,915      Telephone & Data Systems, Inc      59  
190     *,e    Telesat Corp      6  
17,545   *    T-Mobile US, Inc      2,035  
444   *    US Cellular Corp      14  
120,939      Verizon Communications, Inc      6,284  
       

 

 

 
     TOTAL TELECOMMUNICATION SERVICES      14,541  
       

 

 

 

TRANSPORTATION - 1.9%

  
2,138   *    Air Transport Services Group, Inc      63  
3,317   *    Alaska Air Group, Inc      173  
393   *    Allegiant Travel Co      74  
269      Amerco, Inc      195  
19,189   *    American Airlines Group, Inc      345  
719      ArcBest Corp      86  
798   *    Atlas Air Worldwide Holdings, Inc      75  

 

 

39


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                 

COMPANY                 

   VALUE
(000)
 
       
1,305   *    Avis Budget Group, Inc    $ 271  
4,081      CH Robinson Worldwide, Inc      439  
1,029   *    Copa Holdings S.A. (Class A)      85  
1,032      Costamare, Inc      13  
452   *    Covenant Transportation Group, Inc      12  
65,606      CSX Corp      2,467  
763   *    Daseke, Inc      8  
19,931   *    Delta Air Lines, Inc      779  
219      Eagle Bulk Shipping, Inc      10  
4,797      Expeditors International of Washington, Inc      644  
7,044      FedEx Corp      1,822  
902      Forward Air Corp      109  
349   *    Frontier Group Holdings, Inc      5  
791      Genco Shipping & Trading Ltd      13  
2,690   *    GXO Logistics, Inc      244  
1,420   *    Hawaiian Holdings, Inc      26  
1,188      Heartland Express, Inc      20  
1,111   *    Hub Group, Inc (Class A)      94  
526   *    HyreCar, Inc      2  
2,448      JB Hunt Transport Services, Inc      500  
9,060   *    JetBlue Airways Corp      129  
1,943   *    Kirby Corp      115  
4,439      Knight-Swift Transportation Holdings, Inc      271  
990      Landstar System, Inc      177  
8,428   *    Lyft, Inc (Class A)      360  
2,242      Marten Transport Ltd      38  
1,352      Matson, Inc      122  
982   *    Mesa Air Group, Inc      5  
7,221      Norfolk Southern Corp      2,150  
2,984      Old Dominion Freight Line      1,069  
1,449   *    Radiant Logistics, Inc      11  
1,181      Ryder System, Inc      97  
1,798   *    Safe Bulkers, Inc      7  
741   *    Saia, Inc      250  
1,714      Schneider National, Inc      46  
1,416   *    Skywest, Inc      56  
17,192   *    Southwest Airlines Co      736  
2,785   *    Spirit Airlines, Inc      61  
295   *    Sun Country Airlines Holdings, Inc      8  
3,773   *    TuSimple Holdings, Inc      135  
47,618   *    Uber Technologies, Inc      1,997  
18,992      Union Pacific Corp      4,785  
9,516   *    United Airlines Holdings Inc      417  
21,242      United Parcel Service, Inc (Class B)      4,553  
200      Universal Logistics Holdings Inc      4  
550   *    US Xpress Enterprises, Inc      3  
1,875      Werner Enterprises, Inc      89  
2,690   *    XPO Logistics, Inc      208  
1,505   *    Yellow Corp      19  
       

 

 

 
     TOTAL TRANSPORTATION      26,492  
       

 

 

 

UTILITIES - 2.4%

  
20,249      AES Corp      492  
1,489      Allete, Inc      99  
7,174      Alliant Energy Corp      441  
7,555      Ameren Corp      672  
15,013      American Electric Power Co, Inc      1,336  
773      American States Water Co      80  
5,330      American Water Works Co, Inc      1,007  
366      Artesian Resources Corp      17  
3,472      Atmos Energy Corp      364  
1,521   e    Avangrid, Inc      76  
1,250      Avista Corp      53  
1,598      Black Hills Corp      113  
1,421      Brookfield Infrastructure Corp      97  
3,901      Brookfield Renewable Corp      144  
812   *    Cadiz, Inc      3  
1,070      California Water Service Group      77  
16,687      Centerpoint Energy, Inc      466  
640      Chesapeake Utilities Corp      93  
1,290      Clearway Energy, Inc (Class A)      43  
2,243      Clearway Energy, Inc (Class C)      81  
8,591      CMS Energy Corp      559  

 

 

40


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                             

COMPANY                 

   VALUE
(000)
 
       
10,404      Consolidated Edison, Inc    $ 888  
23,971      Dominion Energy, Inc      1,883  
5,826      DTE Energy Co      696  
22,607      Duke Energy Corp      2,371  
10,947      Edison International      747  
6,196      Entergy Corp      698  
6,923      Essential Utilities Inc      372  
6,427      Evergy, Inc      441  
10,064      Eversource Energy      916  
28,975      Exelon Corp      1,674  
16,097      FirstEnergy Corp      669  
786   *    Fluence Energy, Inc      28  
349      Global Water Resources, Inc      6  
2,788      Hawaiian Electric Industries, Inc      116  
1,455      Idacorp, Inc      165  
5,356      MDU Resources Group, Inc      165  
899      MGE Energy, Inc      74  
644      Middlesex Water Co      77  
2,568      National Fuel Gas Co      164  
2,338      New Jersey Resources Corp      96  
57,551      NextEra Energy, Inc      5,373  
12,354      NiSource, Inc      341  
1,124      Northwest Natural Holding Co      55  
1,255      NorthWestern Corp      72  
6,994      NRG Energy, Inc      301  
5,229      OGE Energy Corp      201  
1,679      ONE Gas, Inc      130  
1,235      Ormat Technologies, Inc      98  
920      Otter Tail Corp      66  
45,208   *    PG&E Corp      549  
2,714      Pinnacle West Capital Corp      192  
2,485      PNM Resources, Inc      113  
2,243      Portland General Electric Co      119  
22,135      PPL Corp      665  
14,678      Public Service Enterprise Group, Inc      979  
626   *    Pure Cycle Corp      9  
9,233      Sempra Energy      1,221  
678      SJW Corp      50  
3,054   e    South Jersey Industries, Inc      80  
31,059      Southern Co      2,130  
1,379      Southwest Gas Holdings Inc      97  
1,343      Spire, Inc      88  
2,548   *    Sunnova Energy International, Inc      71  
6,929      UGI Corp      318  
534      Unitil Corp      24  
431      Via Renewables, Inc      5  
15,127      Vistra Energy Corp      344  
9,249      WEC Energy Group, Inc      898  
15,969      Xcel Energy, Inc      1,081  
490      York Water Co      24  
       

 

 

 
     TOTAL UTILITIES      34,253    
       

 

 

 
     TOTAL COMMON STOCKS
       1,403,377  
       

 

 

 
     (Cost $387,915)   

 

                                                           EXPIRATION
DATE
        

RIGHTS/WARRANTS - 0.0%

        

ENERGY - 0.0%

           

95

      Nabors Industries Ltd         06/11/26        0
             

 

 

 
      TOTAL ENERGY            0
       

 

 

 

MEDIA & ENTERTAINMENT - 0.0%

        
4,469       Media General, Inc                            0  
             

 

 

 
      TOTAL MEDIA & ENTERTAINMENT

 

     0  
       

 

 

 

 

 

41


TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

 

SHARES                 

                                     

COMPANY                 

                VALUE
(000)
 
                 

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

       
478      Chinook Therapeutics, Inc         $ 0  
1,565      Elanco Animal Health, Inc CVR           0
390      Tobira Therapeutics, Inc           0
            

 

 

 
     TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

 

     0
       

 

 

 
     TOTAL RIGHTS/WARRANTS

 

     0 ^ 
       

 

 

 
     (Cost $0)        

PRINCIPAL            

                             

ISSUER                 

   RATE     MATURITY
DATE
        

SHORT-TERM INVESTMENTS - 0.8%

       

GOVERNMENT AGENCY DEBT - 0.6%

       
$  7,395,000      Federal Home Loan Bank (FHLB)      0.000     01/07/22        7,395  
583,000      Tennessee Valley Authority (TVA)      0.000     01/12/22        583  
            

 

 

 
     TOTAL GOVERNMENT AGENCY DEBT

 

       7,978  
         

 

 

 

SHARES                 

                         

COMPANY                 

                   

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.2%

       
3,708,017   c    State Street Navigator Securities Lending Government Money Market Portfolio      0.030        3,708  
            

 

 

 
     TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

       3,708  
         

 

 

 
     TOTAL SHORT-TERM INVESTMENTS           11,686  
            

 

 

 
     (Cost $11,686)        
     TOTAL INVESTMENTS - 100.3%           1,415,063  
     (Cost $399,601)        
     OTHER ASSETS & LIABILITIES, NET - (0.3)%           (4,222
            

 

 

 
     NET ASSETS - 100.0%         $ 1,410,841  
            

 

 

 

 

CVR

Contingent Value Right

REIT

Real Estate Investment Trust

 

^

Amount represents less than $1,000.

*

Non-income producing

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

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 $6,515,253.

Cost amounts are in thousands.

Principal denominated in U.S. Dollars, unless otherwise noted.

 

 

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

 

Description    Number of
long (short)
contracts
     Expiration
date
   Notional
amount
     Value      Unrealized
appreciation
(depreciation)
 

S&P 500 E Mini Index

     27      03/18/22    $ 6,331      $ 6,424      $ 93  

 

 

42


Report of Independent Registered Public Accounting Firm

To the Management Committee and Contractowners of the Stock Index Account of TIAA Separate Account VA-1

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the summary portfolio of investments, of Stock Index Account of TIAA Separate Account VA-1 (the “Account”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Account as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Account’s management. Our responsibility is to express an opinion on the Account’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 23, 2022

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

A10943-A (2/22)

 

43


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

Not Applicable.


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

Not Applicable.


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

Not Applicable.


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

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


Item 11. Controls and Procedures.

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

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


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.


Item 13. Exhibits.

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

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

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

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


SIGNATURES

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

 

    TIAA SEPARATE ACCOUNT VA-1  
Dated: February 23, 2022     By:  

/s/ Colbert Narcisse

 
      Colbert Narcisse  
      Principal Executive Officer and  
      President and Chief Executive Officer  

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

 

Dated: February 23, 2022     By:  

/s/ Colbert Narcisse

 
      Colbert Narcisse  
      Principal Executive Officer and  
      President and Chief Executive Officer  
      (principal executive officer)  
Dated: February 23, 2022     By:  

/s/ E. Scott Wickerham

 
      E. Scott Wickerham  
      Principal Financial Officer, Principal Accounting  
      Officer and Treasurer  
      (principal financial officer)