Tiaa Separate Account Va 1 NCSRS Certified semi-annual shareholder report (management investment company)

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: June 30, 2022

Item 1. Reports to Stockholders.

LOGO

Semiannual Report ◾ June 30, 2022

TIAA Separate Account VA-1

The semiannual report contains the financial statements (unaudited).

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

Financial statements (unaudited)

Statement of assets and liabilities			14

Statement of operations			15

Statements of changes in net assets			16

Financial highlights			18

Notes to financial statements			20

Approval of investment management agreement			30

Liquidity risk management program			38

How to reach us			Inside back cover

Understanding this report

This semiannual report contains information about the TIAA Separate Account VA-1 of Teachers Insurance and Annuity Association of America (TIAA) and made available through TIAA’s Teachers Personal Annuity variable annuity contract, and describes the Separate Account’s results for the six months ended June 30, 2022. The report contains three main sections:

•

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

•

The summary portfolio of investments lists the industries and types of securities in which the Separate Account had investments as of June 30, 2022.

•

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

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

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

TIAA Separate Account VA-1 ◾ 2022 Semiannual Report 3

Information for contractowners

Portfolio holdings

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

•

By visiting our website at TIAA.org; or

•

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

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

•

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

•

From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

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

Contacting TIAA

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

Account management

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

4 2022 Semiannual Report ◾ TIAA Separate Account VA-1

Important information about expenses

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2022–June 30, 2022).

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 ◾ 2022 Semiannual Report 5

Important information about expenses

Expense example

Six months ended June 30, 2022



Stock Index Account	Beginning account value (1/1/22)		Ending account value (6/30/22)		Expenses paid during period* (1/1/22–6/30/22)
Actual return	$	1,000.00	$	786.85	$	3.32
5% annual hypothetical return		1,000.00		1,021.08		3.76

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2022. The Account’s annualized six-month expense ratio for that period was 0.75%. The total annual expense ratio reflects a voluntary agreement by the Account’s investment adviser to waive a portion of its fee. Without such waiver, the Account’s total annual expense ratio would have been 0.90%. Although TIAA reserves the right to increase the Account’s mortality and expense risk charge to a maximum of 1.00% of average daily net assets per year, the total annual expense ratio will never exceed 1.50%.

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 2022 Semiannual Report ∎ TIAA Separate Account VA-1

Stock Index Account

Performance for the six months ended June 30, 2022

The Stock Index Account returned -21.31% for the period, compared with the -21.10% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2022, the Account returned -14.40% versus -13.87% for the index.

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

The U.S. economy contracted during the period, although spending by consumers and businesses remained positive. The unemployment rate declined from 4.0% in January 2022 to 3.6% in June. Core inflation, which includes all items except food and energy, rose 5.9% over the twelve months ended June 30, 2022. The Federal Reserve, responding to elevated inflation, increased the federal funds target rate—a key measure of short-term interest rates—three times during the period. The third increase in June brought the rate to 1.50%–1.75%. Oil prices rose sharply.

The broad U.S. stock market, as measured by the Russell 3000 Index, returned -21.10% for the period. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)

Nearly all benchmark sectors declined

Ten of the eleven industry sectors in the Russell 3000 Index posted losses for the six months. Consumer discretionary (down 33.3%) was the worst performer amid a shift in household spending away from goods and toward in-person services. Next in line were communication services (down 30.6%) and information technology (down 28.5%)—the index’s largest sector and also the biggest detractor from its return. Together, these three sectors represented more than 45.0% of the index’s total market capitalization on June 30, 2022. Energy (up 30.7%) was the only sector to advance, benefiting from high oil prices. The next-best performers were the defensive utilities (down 1.1%) and consumer staples (down 6.1%) sectors.

For the six-month period, none of the five largest stocks in the Russell 3000 Index produced a return that exceeded the overall return of the index. The stocks with the steepest declines were Amazon.com, which reported tepid revenue growth as online shopping slowed, and Tesla, which was hurt by its CEO’s plans to buy Twitter. Next came Alphabet (the parent company of Google), followed by Microsoft and Apple.

TIAA Separate Account VA-1 ◾ 2021 Semiannual Report 7

Stock Index Account

Performance as of June 30, 2022

Total return

Average annual
total return

Inception
date

6 months

1 year

5 years

10 years

Stock Index Account

11/1/94

–21.31

–14.40

9.81

11.77

Russell 3000^® Index

—

–21.10

–13.87

10.60

12.57

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.

Portfolio composition



Sector	% of net assets as of 6/30/2022
Information technology		25.2
Health care		14.7
Financials		11.4
Consumer discretionary		10.5
Industrials		8.8
Communication services		8.0
Consumer staples		6.3
Energy		4.4
Real estate		3.6
Utilities		3.0
Materials		2.9
Short-term investments, other assets & liabilities, net		1.2
Total		100.0

8 2022 Semiannual Report ∎ TIAA Separate Account VA-1

Stock Index Account

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2022
More than $50 billion		64.9
More than $15 billion–$50 billion		18.8
More than $2 billion–$15 billion		13.7
$2 billion or less		2.6
Total		100.0

TIAA Separate Account VA-1 ◾ 2022 Semiannual Report 9


Summary portfolio of investments (unaudited)

Stock Index Account § June 30, 2022


Shares			Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	23,839	*	Tesla, Inc	$	16,054		1.5	%
			Other		5,515		0.5

					21,569		2.0

	BANKS
	197,559		Bank of America Corp		6,150		0.6
	82,117		JPMorgan Chase & Co		9,247		0.9
	106,910		Wells Fargo & Co		4,188		0.4
			Other		23,718		2.1

					43,303		4.0

	CAPITAL GOODS
	41,637		Raytheon Technologies Corp		4,002		0.4
			Other		57,679		5.4

					61,681		5.8

	COMMERCIAL & PROFESSIONAL SERVICES				12,527		1.2

	CONSUMER DURABLES & APPAREL				12,006		1.1

	CONSUMER SERVICES
	20,746		McDonald’s Corp		5,122		0.5
			Other		16,741		1.6

					21,863		2.1

	DIVERSIFIED FINANCIALS
	50,665	*	Berkshire Hathaway, Inc (Class B)		13,833		1.3
			Other		40,389		3.8

					54,222		5.1

	ENERGY
	55,284		Chevron Corp		8,004		0.8
	118,671		Exxon Mobil Corp		10,163		1.0
			Other		28,637		2.6

					46,804		4.4

	FOOD & STAPLES RETAILING
	12,430		Costco Wholesale Corp		5,957		0.6
	40,522		Walmart, Inc		4,927		0.5
			Other		4,313		0.3

					15,197		1.4

	FOOD, BEVERAGE & TOBACCO
	109,720		Coca-Cola Co		6,902		0.7
	38,819		PepsiCo, Inc		6,470		0.6
	43,732		Philip Morris International, Inc		4,318		0.4
			Other		18,354		1.7

					36,044		3.4


10		2022 Semiannual Report § TIAA Separate Account VA-1		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Stock Index Account § June 30, 2022


Shares			Company	Value (000)		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	48,162		Abbott Laboratories	$	5,233		0.5	%
	26,281		UnitedHealth Group, Inc		13,499		1.3
			Other		45,708		4.2

					64,440		6.0

	HOUSEHOLD & PERSONAL PRODUCTS
	67,098		Procter & Gamble Co		9,648		0.9
			Other		6,850		0.6

					16,498		1.5

	INSURANCE				24,896		2.3

	MATERIALS
	14,130		Linde plc		4,063		0.4
			Other		26,464		2.5

					30,527		2.9

	MEDIA & ENTERTAINMENT
	8,451	*	Alphabet, Inc (Class A)		18,417		1.7
	7,718	*	Alphabet, Inc (Class C)		16,883		1.6
	125,090		Comcast Corp (Class A)		4,908		0.5
	64,457	*	Meta Platforms, Inc		10,394		1.0
	51,235	*	Walt Disney Co		4,837		0.5
			Other		16,494		1.4

					71,933		6.7

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	49,786		AbbVie, Inc		7,625		0.7
	59,757		Bristol-Myers Squibb Co		4,601		0.5
	18,217		Danaher Corp		4,618		0.5
	23,704		Eli Lilly & Co		7,686		0.7
	73,960		Johnson & Johnson		13,129		1.2
	71,169		Merck & Co, Inc		6,488		0.6
	158,974		Pfizer, Inc		8,335		0.8
	11,020		Thermo Fisher Scientific, Inc		5,987		0.6
			Other		34,599		3.1

					93,068		8.7

	REAL ESTATE				38,795		3.6

	RETAILING
	249,910	*	Amazon.com, Inc		26,543		2.5
	29,066		Home Depot, Inc		7,972		0.8
			Other		21,871		2.0

					56,386		5.3

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	11,225		Broadcom, Inc		5,453		0.5
	114,966		Intel Corp		4,301		0.4
	67,663		NVIDIA Corp		10,257		1.0
	31,492		QUALCOMM, Inc		4,023		0.4
			Other		24,660		2.3

					48,694		4.6


See notes to financial statements		TIAA Separate Account VA-1 § 2022 Semiannual Report			11


Summary portfolio of investments (unaudited)		continued

Stock Index Account § June 30, 2022


Shares			Company		Value (000)		% of net assets
	SOFTWARE & SERVICES
	17,803		Accenture plc		$	4,943		0.5	%
	13,265	*	Adobe, Inc			4,856		0.5
	24,196		Mastercard, Inc (Class A)			7,633		0.7
	210,299		Microsoft Corp			54,011		5.0
	27,030	*	salesforce.com, Inc			4,461		0.4
	46,257		Visa, Inc (Class A)			9,108		0.9
			Other			58,849		5.4

						143,861		13.4

	TECHNOLOGY HARDWARE & EQUIPMENT
	429,819	d	Apple, Inc			58,765		5.5
	117,384		Cisco Systems, Inc			5,005		0.5
			Other			13,601		1.2

						77,371		7.2

	TELECOMMUNICATION SERVICES
	202,002		AT&T, Inc			4,234		0.4
	118,255		Verizon Communications, Inc			6,001		0.6
			Other			3,281		0.3

						13,516		1.3

	TRANSPORTATION					19,674		1.8

	UTILITIES
	55,332		NextEra Energy, Inc			4,286		0.4
			Other			27,759		2.6

						32,045		3.0

			TOTAL COMMON STOCKS	(Cost $384,650)		1,056,920		98.8


	RIGHTS / WARRANTS
	ENERGY					3		0.0

			TOTAL RIGHTS / WARRANTS	(Cost $0^)		3		0.0


12		2022 Semiannual Report § TIAA Separate Account VA-1		See notes to financial statements


Summary portfolio of investments (unaudited)		concluded

Stock Index Account § June 30, 2022


Principal			Issuer	Rate		Maturity Date		Value (000)			% of net assets
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$12,050,000		Federal Home Loan Bank (FHLB)		0.000%,		07/01/22	$	12,050			1.1	%

									12,050			1.1


Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	5,287,984	c	State Street Navigator Securities Lending Government Money Market Portfolio		1.540%				5,288			0.5

									5,288			0.5

			TOTAL SHORT-TERM INVESTMENTS		(Cost $17,338)				17,338			1.6


			TOTAL PORTFOLIO		(Cost $401,988)				1,074,261			100.4
			OTHER ASSETS & LIABILITIES, NET						(4,553	)		(0.4	)

			NET ASSETS					$	1,069,708			100.0	%

Amount represents less than $1,000.

Non-income producing

Investments made with cash collateral received from securities on loan.

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

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

At 6/30/22, the aggregate value of securities on loan is $ 6,207,405. 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 June 30, 2022 were as follows (dollar amounts are in thousands):


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

S&P 500 E Mini Index		56	09/16/22	$	10,734	$	10,610	$	(124	)


See notes to financial statements		TIAA Separate Account VA-1 § 2022 Semiannual Report			13


Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1 § June 30, 2022


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


ASSETS
Portfolio investments, at value*^†	$	1,074,261
Cash		8
Dividends and interest receivable		883
Other		144

Total assets		1,075,296


LIABILITIES
Investment management fees payable		4
Service agreement fees payable		6
Payable for collateral for securities loaned		5,288
Payable for Fund shares redeemed		10
Payable for variation margin on futures contracts		124
Payable for manager compensation		144
Other		12

Total liabilities		5,588


NET ASSETS
Accumulation Fund	$	1,069,708


Accumulation units outstanding		3,637


Accumulation unit value	$	294.12



* Portfolio investments, at cost	$	401,988
^† Includes securities loaned of	$	6,207


14		2022 Semiannual Report § TIAA Separate Account VA-1		See notes to financial statements


Statement of operations (unaudited)

TIAA Separate Account VA-1 § For the period ended June 30, 2022


(amounts in thousands)	Stock Index Account


INVESTMENT INCOME
Dividends*	$	8,547
Income from securities lending, net		49
Interest		13

Total income		8,609


EXPENSES
Administrative services		1,233
Investment advisory		1,850
Mortality and expense risk charges		2,467

Total expenses		5,550
Less: Expense waiver by investment adviser		(925	)

Net expenses		4,625


Net investment income (loss)		3,984


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		45,207
Futures contracts		(1,657	)

Net realized gain (loss) on total investments		43,550


Change in unrealized appreciation (depreciation) on:
Portfolio investments		(343,189	)
Futures contracts		(217	)

Net change in unrealized appreciation (depreciation) on total investments		(343,406	)

Net realized and unrealized gain (loss) on total investments		(299,856	)

Net increase (decrease) in net assets from operations	$	(295,872	)



* Net of foreign withholding taxes	$	3


See notes to financial statements		TIAA Separate Account VA-1 § 2022 Semiannual Report			15


Statement of changes in net assets

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


	Stock Index Account
(amounts in thousands)	June 30, 2022			December 31, 2021

	(unaudited)
OPERATIONS
Net investment income (loss)	$	3,984		$	7,266
Net realized gain (loss) on total investments		43,550			93,250
Net change in unrealized appreciation (depreciation) on total investments		(343,406	)		191,448

Net increase (decrease) in net assets from operations		(295,872	)		291,964
						��

FROM CONTRACTOWNER TRANSACTIONS
Premiums		9,157			16,900
Withdrawals and death benefits		(54,418	)		(111,583	)

Net increase (decrease) from contractowner transactions		(45,261	)		(94,683	)


Net increase (decrease) in net assets		(341,133	)		197,281

NET ASSETS
Beginning of period		1,410,841			1,213,560

End of period	$	1,069,708		$	1,410,841



ACCUMULATION UNITS
Units purchased		27			51
Units sold / transferred		(164	)		(328	)

Outstanding
Beginning of period		3,774			4,051

End of period		3,637			3,774


16		2022 Semiannual Report § TIAA Separate Account VA-1		See notes to financial statements

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TIAA Separate Account VA-1 § 2022 Semiannual Report			17


Financial highlights

TIAA Separate Account VA-1


				Selected per accumulation unit data
				Gain (loss) from investment operations
	For the period or year ended			Investment income^a		Expenses^a		Net investment income (loss)^a		Net realized & unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of period

STOCK INDEX ACCOUNT
		6/30/22	^#	$	2.319	$	1.246	$	1.073	$	(80.743	)	$	(79.670	)	$	373.790
		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

Unaudited.

Based on average units outstanding.

Based on per accumulation unit data.

The percentages shown for this period are not annualized.

The percentages shown for this period are annualized.


18		2022 Semiannual Report § TIAA Separate Account VA-1		See notes to financial statements


					Ratios and supplemental data
					Ratios to average net assets
Accumulation unit value end of period		Total return^b			Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate			Accumulation units outstanding end of period (in millions)		Net assets at the end of period (in millions)


	$294.120		(21.31	)%^c		0.90	%^d		0.75	%^d		0.65	%^d		2	%^c	$	4	$	1,070
	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 § 2022 Semiannual Report			19


Notes to financial statements (unaudited)

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


20		2022 Semiannual Report § TIAA Separate Account VA-1

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 unrealized appreciation (depreciation) on total investments and foreign currency” 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 § 2022 Semiannual Report			21


Notes to financial statements (unaudited)

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

•

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

•

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

•

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

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

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


22		2022 Semiannual Report § TIAA Separate Account VA-1


		continued

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

Debt securities: Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Committee. 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.

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 or derivative 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 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


TIAA Separate Account VA-1 § 2022 Semiannual Report			23


Notes to financial statements (unaudited)

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 June 30, 2022, based on the inputs used to value them (dollar amounts are in thousands):


	Level 1			Level 2		Level 3		Total

Common stocks	$	1,056,908		$	—	$	12	$	1,056,920
Rights / warrants		3			—		—		3
Short-term investments		5,288			12,050		—		17,338
Futures contracts*		(124	)		—		—		(124	)

Total	$	1,062,075		$	12,050	$	12	$	1,074,137

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 lending agent on behalf of the Account, and the Account does not have the ability to sell or re-hypothecate those securities.

As of June 30, 2022, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statement of operations. In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its


24		2022 Semiannual Report § TIAA Separate Account VA-1


		continued

contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

At June 30, 2022, 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

	$6,207	$	5,288	$	1,237	$	6,525

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 period ended June 30, 2022 were as follows (dollar amounts in thousands):


Non-U.S. government purchases	Non-U.S. government sales

$ 21,587	$	69,768

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.


TIAA Separate Account VA-1 § 2022 Semiannual Report			25


Notes to financial statements (unaudited)

At June 30, 2022, the Account has invested in derivative contracts which are reflected in the Statement of assets and liabilities as follows (dollar amounts are in thousands):


	Asset derivatives
Derivative contracts	Location		Fair value amount

Equity contracts		Futures contracts	$	124

For the period ended June 30, 2022, 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	$	(1,657	)	$	(217	)

Futures contracts: The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account uses futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Account is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Summary Portfolio of investments and cash deposited for initial margin, if any, is reflected on the Statement of assets and liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis. The Account and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin,” and are recognized on the Statement of assets and liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Account records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change


26		2022 Semiannual Report § TIAA Separate Account VA-1


		continued

in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period ended June 30, 2022 was as follows (dollar amounts are in thousands):


Account	Average notional amount of futures contracts outstanding*

Stock Index	$	8,321

The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

Note 6—Income tax information

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

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

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows (dollar amounts are in thousands):


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

Stock Index	$	401,864	$	716,810	$	(44,537	)	$	672,273

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


TIAA Separate Account VA-1 § 2022 Semiannual Report			27


Notes to financial statements (unaudited)

Note 7—investment adviser and affiliates

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

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

The Account may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Committee, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended June 30, 2022, these transactions did not materially impact the Account.

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Account may participate in an inter-fund lending program. This program allows the Account to lend cash to and/or borrow cash from certain affiliated registered investment companies for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that the Account may not borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, the Account may participate in the program only if its participation is consistent with the Account’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended June 30, 2022, there were no inter-fund borrowing or lending transactions.


28		2022 Semiannual Report § TIAA Separate Account VA-1


		concluded

Note 9—line of credit

The Account participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of contractowner withdrawals. The current facility was entered into on June 14, 2022 expiring on June 13, 2023, replacing the previous facility, which expired June 2022. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2022, there were no borrowings under this credit facility by the Account.


TIAA Separate Account VA-1 § 2022 Semiannual Report			29


Approval of investment

management agreement (unaudited)

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

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

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

Under normal circumstances, Section 15(c) requires any initial approval or annual renewal of an investment management agreement to be made at an in-person meeting of the Committee. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued and extended a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Committee held a virtual meeting via videoconference on March 11, 2022, in order to consider the annual renewal of the Agreement with respect to the Separate Account using the process established by the Committee described further below. At the outset of the meeting, the Committee considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related public health protocols imposed for health and safety reasons. The Committee noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

As part of the Committee’s established process, the Committee delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Managers and


30		2022 Semiannual Report § TIAA Separate Account VA-1


		continued

legal counsel to the Managers to develop guidance and specific requests relating to the types of information to be provided to the Committee in connection with the proposed contract renewal.

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

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

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

Legal counsel for the Managers also requested on behalf of the Committee, and Advisors provided, information that was designed to assist the Committee in its consideration of whether to renew the Agreement for the Separate Account. In


TIAA Separate Account VA-1 § 2022 Semiannual Report			31


Approval of investment

management agreement (unaudited)

addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Separate Account’s investment performance, together with an explanation of any events that had a material impact on the Separate Account’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Separate Account’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Separate Account in addition to the Separate Account’s direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Separate Account at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Separate Account; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Separate Account and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Managers); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Committee should renew the Agreement. The Managers were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Separate Account’s operations and performance.

On March 3, 2022, the Committee held a virtual meeting via videoconference with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Managers providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 11, 2022 meeting, the Managers were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Committee’s follow-up questions and requests presented by the Committee after its initial review of the information described above.

In considering whether to renew the Agreement with respect to the Separate Account, the Committee considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Separate Account; (2) the Separate Account’s investment performance; (3) the costs of the services provided to the Separate Account and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with


32		2022 Semiannual Report § TIAA Separate Account VA-1


		continued

the Separate Account; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Separate Account grows; (6) how such economies of scale are shared with the Separate Account for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Separate Account to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Separate Account. As a general matter, the Committee considered these factors, and any other factors deemed relevant by the Managers, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 11, 2022 meeting that included Advisors’ personnel, the Managers met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for the Separate Account. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 11, 2022 meeting, the oversight and evaluation of Advisors’ services to the Separate Account by the Management Committee and its Committees is an ongoing process. The Management Committee, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Management Committee or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Committee and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Separate Account. Thus, in reaching its decisions regarding the renewal of the Agreement for the Separate Account, the Committee took into account the information described herein and other information provided to the Management Committee and its Committees throughout the year.

In deciding whether to renew the Agreement, each Manager may have accorded different weight to different factors and, thus, each Manager may have had a different basis for his or her ultimate decision to vote to renew the Agreement. At its meeting on March 11, 2022, all Committee members voted unanimously to renew the Agreement for the Separate Account. Set forth below is a summary of the primary factors the Board considered with respect to the Separate Account.

The nature, extent and quality of services

The Committee considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Committee also considered that Advisors is an experienced investment adviser that has managed


TIAA Separate Account VA-1 § 2022 Semiannual Report			33


Approval of investment

management agreement (unaudited)

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

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

During its review, the Committee noted its ongoing review of the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Separate Account, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on all factors considered, the Committee concluded that the nature, extent, and quality of services provided by Advisors to the Separate Account under the Agreement was reasonable.

Investment performance

The Committee considered the investment performance of the Separate Account over the one-, three-, five- and ten-year periods ended December 31, 2021. The Committee considered the Separate Account’s performance as compared to its peer universe of mutual funds that underlie variable insurance products (as applicable) and its benchmark index. The Committee also discussed the performance of the Separate Account before any reductions for fees and expenses. In this analysis, the Committee considered the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on the Separate Account’s performance as compared to the performance of its benchmark index. For details regarding the Separate Account’s performance, see the synopsis below. The Committee concluded that, under the totality of circumstances considered, the investment performance of the Separate Account was reasonable.


34		2022 Semiannual Report § TIAA Separate Account VA-1


		continued

Cost and profitability

The Committee considered financial and profitability data relating to Advisors’ services to the Separate Account for the calendar year 2021. The Committee considered Advisors’ profit calculations with respect to its services to the Separate Account. The Committee acknowledged the reasonableness of having a management fee rate which permits Advisors to maintain and improve the quality of services provided to the Separate Account and recognized the entrepreneurial and other risks assumed by Advisors in managing the Separate Account. The Committee considered that Advisors had earned a net profit with respect to the Separate Account under the Agreement for the one-year period ended December 31, 2021. The Committee concluded that the profits were reasonable in light of various relevant factors.

Fees charged by other advisers

The Committee considered comparative information regarding the Separate Account’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the synopsis below. In this regard, the Committee also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Separate Account and comparable mutual funds that underlie variable insurance products. For example, most similar mutual funds are offered only through other investment vehicles that also carry additional fees and expenses, whereas the Separate Account bears certain of these expenses itself. Another limitation noted by the Committee was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Separate Account’s actual management fee rate compares to those of similar mutual funds that underlie variable insurance products. Additionally, the Committee considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Separate Account’s data were derived. Based on all factors considered, the Committee concluded that the management fee rate under the Agreement was reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

Economies of scale

The Committee considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of the Separate Account. The Committee also considered that, because Advisors represented that its profit was relatively small and the Separate Account was unlikely to grow because it is no longer actively sold, there was little opportunity to pass economies


TIAA Separate Account VA-1 § 2022 Semiannual Report			35


Approval of investment

management agreement (unaudited)

of scale on to Separate Account shareholders. Based on all factors considered, the Committee concluded that the Separate Account’s management fee rate schedule was reasonable in light of current economies of scale considerations and current asset level.

Fee and performance comparisons with other Advisors clients

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

Other benefits

The Committee also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Separate Account to Advisors or its affiliates for other services, such as administration, and investment-related benefits, such as economies of scale, to the extent the Separate Account shares investment resources and/or personnel with other clients of Advisors. Advisors and its affiliates may also benefit from the level of business and relationships the Separate Account has with certain service providers. Also, Advisors and its affiliates may benefit from their relationship with the Separate Account to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs. The Committee concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.


36		2022 Semiannual Report § TIAA Separate Account VA-1


		concluded

Synopsis of factors

The Committee considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Separate Account. If the Separate Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Committee in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. The statement below regarding “net profit” refers to Advisors’ calculation that it earned a profit for the services that it rendered to the Separate Account during 2021 under the Agreement.

•

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

•

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

•

For the three-year period, the Separate Account’s adjusted relative gross performance (meaning the Separate Account’s performance without any reductions for fees or expenses and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, differed by –1 basis point. For reference, one basis point equals 0.01%.

•

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

•

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

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


TIAA Separate Account VA-1 § 2022 Semiannual Report			37


Liquidity risk management program (unaudited)

Discussion of the operation and effectiveness of the separate account’s liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the separate account covered by this Report (the “separate account”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the separate account’s liquidity risk. The Program consists of various provisions relating to assessing and managing the separate account’s liquidity risk, as discussed further below. The separate account’s Management Committee (the “Management Committee”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 15, 2022 Management Committee meeting, the Administrator provided the Management Committee with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the separate account’s liquidity developments.

In accordance with the Program, the LMAT assesses the separate account’s liquidity risk no less frequently than annually based on various factors, such as (i) the separate account’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Separate account portfolio investments are classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

If the separate account does not primarily hold highly liquid investments it must, among other things, determine a minimum percentage of separate account net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, the separate account primarily held highly liquid investments and therefore was exempt from the requirement to


38		2022 Semiannual Report § TIAA Separate Account VA-1

adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits the separate account’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the separate account holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime the separate account’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, the separate account did not exceed the 15% limit on illiquid investments.


TIAA Separate Account VA-1 § 2022 Semiannual Report			39

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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.

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Item 2. Code of Conduct.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2022


SHARES		COMPANY	VALUE (000)

COMMON STOCKS - 98.8%

AUTOMOBILES & COMPONENTS - 2.0%
2,741	*	Adient plc	$	81
3,248	*	American Axle & Manufacturing Holdings, Inc		24
7,734	*	Aptiv plc		689
7,030		BorgWarner, Inc		235
2,224	*,e	Canoo, Inc		4
5,376	*,e	Cenntro Electric Group Ltd		8
4,034		Dana Inc		57
653	*	Dorman Products, Inc		72
2,626	*	Faraday Future Intelligent Electric, Inc		7
4,705	*,e	Fisker, Inc		40
110,046		Ford Motor Co		1,225
1,312	*	Fox Factory Holding Corp		106
40,619	*	General Motors Co		1,290
6,435		Gentex Corp		180
1,006	*	Gentherm, Inc		63
7,162	*	Goodyear Tire & Rubber Co		77
3,952		Harley-Davidson, Inc		125
962	*,e	Holley, Inc		10
767		LCI Industries, Inc		86
1,758		Lear Corp		221
3,298	*	Lordstown Motors Corp		5
14,895	*,e	Lucid Group, Inc		256
6,477	*	Luminar Technologies, Inc		38
1,945	*	Modine Manufacturing Co		20
670	*	Motorcar Parts of America, Inc		9
454		Patrick Industries, Inc		23
7,090	*,e	QuantumScape Corp		61
4,953	*,e	Rivian Automotive, Inc		127
1,333	*	Solid Power, Inc		7
843		Standard Motor Products, Inc		38
1,055	*	Stoneridge, Inc		18
1,943	*	Tenneco, Inc		33
23,839	*	Tesla, Inc		16,054
1,549		Thor Industries, Inc		116
759	*	Visteon Corp		79
1,048	e	Winnebago Industries, Inc		51
3,711	*,e	Workhorse Group, Inc		10
518	*	XPEL, Inc		24

		TOTAL AUTOMOBILES & COMPONENTS		21,569


BANKS - 4.0%
625		1st Source Corp		28
444		Allegiance Bancshares, Inc		17
667		Amerant Bancorp Inc		19
374		American National Bankshares, Inc		13
2,080		Ameris Bancorp		84
450		Arrow Financial Corp		14
4,158		Associated Banc-Corp		76
2,758		Atlantic Union Bankshares Corp		94
2,090	*	Axos Financial, Inc		75
1,598		Banc of California, Inc		28
292		Bancfirst Corp		28
178	e	Bank First Corp		14
197,559		Bank of America Corp		6,150
1,195		Bank of Hawaii Corp		89
468		Bank of Marin Bancorp		15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

548		Bank of NT Butterfield & Son Ltd	$	17
3,528		Bank OZK		132
2,872		BankUnited		102
887		Banner Corp		50
622		Bar Harbor Bankshares		16
1,245		Berkshire Hills Bancorp, Inc		31
383	*	Blue Foundry Bancorp		5
1,053		BOK Financial Corp		80
882	*	Bridgewater Bancshares, Inc		14
231		Brookline Bancorp, Inc		3
313		Business First Bancshares, Inc		7
241		Byline Bancorp, Inc		6
5,850		Cadence BanCorp		137
135		Cambridge Bancorp		11
613		Camden National Corp		27
447		Capital City Bank Group, Inc		12
2,335		Capitol Federal Financial		21
314		Capstar Financial Holdings, Inc		6
550	*	Carter Bankshares, Inc		7
2,040		Cathay General Bancorp		80
654		CBTX, Inc		17
1,125		Central Pacific Financial Corp		24
56,395		Citigroup, Inc		2,594
533		Citizens & Northern Corp		13
14,564		Citizens Financial Group, Inc		520
194		City Holding Co		16
377		Civista Bancshares, Inc		8
498		CNB Financial Corp		12
146	*	Coastal Financial Corp		6
2,723		Columbia Banking System, Inc		78
1,738	*	Columbia Financial, Inc		38
3,602		Comerica, Inc		264
2,961		Commerce Bancshares, Inc		194
1,646		Community Bank System, Inc		104
651		Community Trust Bancorp, Inc		26
1,146		ConnectOne Bancorp, Inc		28
1,466	*	CrossFirst Bankshares, Inc		19
1,650		Cullen/Frost Bankers, Inc		192
919	*	Customers Bancorp, Inc		31
2,723		CVB Financial Corp		68
422		Dime Community Bancshares, Inc		13
1,035		Eagle Bancorp, Inc		49
4,040		East West Bancorp, Inc		262
4,805		Eastern Bankshares, Inc		89
218		Enact Holdings, Inc		5
314		Enterprise Bancorp, Inc		10
828		Enterprise Financial Services Corp		34
402		Equity Bancshares, Inc		12
2,494		Essent Group Ltd		97
218	*	Farmers & Merchants Bancorp, Inc		7
1,013		Farmers National Banc Corp		15
621		FB Financial Corp		24
120		Federal Agricultural Mortgage Corp		12
18,960		Fifth Third Bancorp		637
527		Financial Institutions, Inc		14
6,201		First Bancorp		80
1,088		First Bancorp		38
498		First Bancorp, Inc		15
322		First Bancshares, Inc		9
603		First Bank		8
1,476		First Busey Corp		34
366		First Citizens Bancshares, Inc (Class A)		239
3,678		First Commonwealth Financial Corp		49
680		First Community Bancshares, Inc		20
2,544		First Financial Bancorp		49

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

4,390		First Financial Bankshares, Inc	$	172
384		First Financial Corp		17
1,098		First Foundation, Inc		22
4,467		First Hawaiian, Inc		101
14,599		First Horizon National Corp		319
228		First Internet Bancorp		8
2,090		First Interstate Bancsystem, Inc		80
1,580		First Merchants Corp		56
380		First Mid-Illinois Bancshares, Inc		14
862		First of Long Island Corp		15
5,111		First Republic Bank		737
1,199		Flagstar Bancorp, Inc		43
1,083		Flushing Financial Corp		23
6,589		FNB Corp		72
2,273		Fulton Financial Corp		33
903		German American Bancorp, Inc		31
3,414		Glacier Bancorp, Inc		162
412		Great Southern Bancorp, Inc		24
302		Guaranty Bancshares, Inc		11
2,028		Hancock Whitney Corp		90
824		Hanmi Financial Corp		18
728		HarborOne Northeast Bancorp, Inc		10
715		HBT Financial, Inc		13
953		Heartland Financial USA, Inc		40
1,355		Heritage Commerce Corp		14
1,150		Heritage Financial Corp		29
2,221		Hilltop Holdings, Inc		59
57		Hingham Institution for Savings		16
238		Home Bancorp, Inc		8
4,557		Home Bancshares, Inc		95
698		HomeStreet, Inc		24
667		HomeTrust Bancshares, Inc		17
2,725		Hope Bancorp, Inc		38
1,209		Horizon Bancorp		21
40,067		Huntington Bancshares, Inc		482
863		Independent Bank Corp		17
1,393		Independent Bank Corp		111
1,089		Independent Bank Group, Inc		74
1,089		International Bancshares Corp		44
82,117		JPMorgan Chase & Co		9,247
1,623		Kearny Financial Corp		18
25,606		Keycorp		441
1,629		Lakeland Bancorp, Inc		24
499		Lakeland Financial Corp		33
833		Live Oak Bancshares, Inc		28
5,017		M&T Bank Corp		800
1,072		Macatawa Bank Corp		9
640		Mercantile Bank Corp		20
859		Merchants Bancorp		19
1,035		Meta Financial Group, Inc		40
229	*	Metropolitan Bank Holding Corp		16
7,150		MGIC Investment Corp		90
196		Mid Penn Bancorp, Inc		5
582		Midland States Bancorp, Inc		14
406		MidWestOne Financial Group, Inc		12
1,916	*	Mr Cooper Group, Inc		70
180		MVB Financial Corp		6
984		National Bank Holdings Corp		38
521		NBT Bancorp, Inc		20
11,817		New York Community Bancorp, Inc		108
394	*	Nicolet Bankshares, Inc		29
2,265	*	NMI Holdings, Inc		38
1,643		Northfield Bancorp, Inc		21
2,083		Northwest Bancshares, Inc		27
1,583		OceanFirst Financial Corp		30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,902		OFG Bancorp	$	48
5,465		Old National Bancorp		81
1,237		Old Second Bancorp, Inc		17
568		Origin Bancorp, Inc		22
297		Orrstown Financial Services, Inc		7
2,232		Pacific Premier Bancorp, Inc		65
3,679		PacWest Bancorp		98
529		Park National Corp		64
696		PCSB Financial Corp		13
642		Peapack Gladstone Financial Corp		19
750		PennyMac Financial Services, Inc		33
868		Peoples Bancorp, Inc		23
333		Peoples Financial Services Corp		19
2,403		Pinnacle Financial Partners, Inc		174
11,703		PNC Financial Services Group, Inc		1,846
2,126		Popular, Inc		164
510		Preferred Bank		35
446		Premier Financial Corp		11
454		Primis Financial Corp		6
2,597		Prosperity Bancshares, Inc		177
339		Provident Bancorp Inc		5
1,243		Provident Financial Services, Inc		28
472		QCR Holdings, Inc		25
4,226		Radian Group, Inc		83
475		RBB Bancorp		10
192		Red River Bancshares Inc		10
28,074		Regions Financial Corp		526
1,629		Renasant Corp		47
364		Republic Bancorp, Inc (Class A)		18
1,873	*,e	Republic First Bancorp, Inc		7
3,914		Rocket Cos, Inc		29
166		S&T Bancorp, Inc		5
1,200		Sandy Spring Bancorp, Inc		47
1,542		Seacoast Banking Corp of Florida		51
1,315		ServisFirst Bancshares, Inc		104
370		Sierra Bancorp		8
1,749		Signature Bank		313
881	*	Silvergate Capital Corp		47
2,996		Simmons First National Corp (Class A)		64
275		SmartFinancial, Inc		7
2,353		South State Corp		182
228	*	Southern First Bancshares, Inc		10
231		Southern Missouri Bancorp, Inc		10
1,068		Southside Bancshares, Inc		40
922		Stock Yards Bancorp, Inc		55
394		Summit Financial Group, Inc		11
1,668	*	SVB Financial Group		659
4,436		Synovus Financial Corp		160
1,428	*	Texas Capital Bancshares, Inc		75
2,205		TFS Financial Corp		30
1,514	*	The Bancorp, Inc		30
131		Tompkins Financial Corp		9
1,266		Towne Bank		34
422		Trico Bancshares		19
657	*	Triumph Bancorp, Inc		41
38,615		Truist Financial Corp		1,832
671		TrustCo Bank Corp NY		21
2,619		Trustmark Corp		76
1,468		UMB Financial Corp		126
6,954		Umpqua Holdings Corp		117
3,991		United Bankshares, Inc		140
2,960		United Community Banks, Inc		89
1,012		Univest Financial Corp		26
37,690		US Bancorp		1,735
2,181	e	UWM Holdings Corp		8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

9,879		Valley National Bancorp	$	103
1,101		Veritex Holdings, Inc		32
771		Walker & Dunlop, Inc		74
1,239		Washington Federal, Inc		37
581		Washington Trust Bancorp, Inc		28
1,032		Waterstone Financial, Inc		18
5,310		Webster Financial Corp		224
106,910		Wells Fargo & Co		4,188
720		WesBanco, Inc		23
597		West Bancorporation, Inc		15
1,024		Westamerica Bancorporation		57
3,061		Western Alliance Bancorp		216
1,577		Wintrust Financial Corp		126
2,294		WSFS Financial Corp		92
4,615		Zions Bancorporation		235

		TOTAL BANKS		43,303


CAPITAL GOODS - 5.8%
16,031		3M Co		2,075
3,495		A.O. Smith Corp		191
1,275		Aaon, Inc		70
981	*	AAR Corp		41
928		Acuity Brands, Inc		143
1,712		Advanced Drainage Systems, Inc		154
3,710		Aecom Technology Corp		242
2,263	*	Aerojet Rocketdyne Holdings, Inc		92
721	*	Aerovironment, Inc		59
1,773		AGCO Corp		175
3,064		Air Lease Corp		102
374		Alamo Group, Inc		44
1,111		Albany International Corp (Class A)		88
2,509		Allegion plc		246
307		Allied Motion Technologies, Inc		7
2,241		Allison Transmission Holdings, Inc		86
2,097		Altra Industrial Motion Corp		74
909	*	Ameresco, Inc		41
568	*	American Woodmark Corp		26
6,437		Ametek, Inc		707
5,093	*	API Group Corp		76
449		Apogee Enterprises, Inc		18
1,237		Applied Industrial Technologies, Inc		119
3,399	*	Archer Aviation, Inc		10
1,220		Arcosa, Inc		57
555		Argan, Inc		21
1,331		Armstrong World Industries, Inc		100
4,146	*	Array Technologies, Inc		46
823		Astec Industries, Inc		34
3,983	*	Astra Space, Inc		5
810	*	Astronics Corp		8
931	*	Atkore International Group, Inc		77
1,836	*	Axon Enterprise, Inc		171
2,980	*	AZEK Co, Inc		50
922		AZZ, Inc		38
1,516	*	Babcock & Wilcox Enterprises, Inc		9
1,344		Barnes Group, Inc		42
1,298	*	Beacon Roofing Supply, Inc		67
1,095	*,e	Blink Charging Co		18
4,522	*,e	Bloom Energy Corp		75
278	*	Blue Bird Corp		3
224	*	BlueLinx Holdings, Inc		15
15,478	*	Boeing Co		2,116
1,276		Boise Cascade Co		76
534	e	Brookfield Business Corp		12
5,019	*	Builders FirstSource, Inc		270

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

2,196		BWX Technologies, Inc	$	121
383		Cadre Holdings, Inc		8
883		Caesarstone Sdot-Yam Ltd		8
1,417		Carlisle Cos, Inc		338
23,813		Carrier Global Corp		849
14,922		Caterpillar, Inc		2,667
6,313	*,e	ChargePoint Holdings, Inc		86
1,052	*	Chart Industries, Inc		176
647	*	CIRCOR International, Inc		11
840		Columbus McKinnon Corp		24
929		Comfort Systems USA, Inc		77
714	*	Construction Partners Inc		15
1,391	*	Core & Main, Inc		31
475	*	Cornerstone Building Brands, Inc		12
1,416		Crane Holdings Co		124
302		CSW Industrials, Inc		31
3,896		Cummins, Inc		754
965		Curtiss-Wright Corp		127
1,008	*,e	Custom Truck One Source, Inc		6
2,190	*,e	Decarbonization Plus Acquisition Corp		6
7,930		Deere & Co		2,375
8,259	*,e	Desktop Metal, Inc		18
3,888		Donaldson Co, Inc		187
932		Douglas Dynamics, Inc		27
3,894		Dover Corp		472
290	*	Ducommun, Inc		12
567	*	DXP Enterprises, Inc		17
884	*	Dycom Industries, Inc		82
11,247		Eaton Corp		1,417
1,559		EMCOR Group, Inc		161
16,647		Emerson Electric Co		1,324
591		Encore Wire Corp		61
1,368	*	Energy Recovery, Inc		27
585	*,e	Energy Vault Holdings, Inc		6
2,301		Enerpac Tool Group Corp		44
1,385		EnerSys		82
2,981	*	Enovix Corp		27
479		EnPro Industries, Inc		39
1,154		Esab Corp		50
605		ESCO Technologies, Inc		41
2,241	*	ESS Tech, Inc		6
3,291	*	Evoqua Water Technologies Corp		107
16,053		Fastenal Co		801
2,079		Federal Signal Corp		74
3,453		Flowserve Corp		99
786	*,e	Fluence Energy, Inc		7
4,273	*	Fluor Corp		104
9,576		Fortive Corp		521
3,497		Fortune Brands Home & Security, Inc		209
1,207		Franklin Electric Co, Inc		88
1,160	*	FTC Solar, Inc		4
12,516	*,e	FuelCell Energy, Inc		47
1,874	*	Gates Industrial Corp plc		20
863		GATX Corp		81
1,779	*	Generac Holdings, Inc		375
6,869		General Dynamics Corp		1,520
31,045		General Electric Co		1,977
1,066	*	Gibraltar Industries, Inc		41
461		Global Industrial Co		16
922	*	GMS, Inc		41
678		Gorman-Rupp Co		19
4,812		Graco, Inc		286
5,120		GrafTech International Ltd		36
945		Granite Construction, Inc		28
2,253	*	Great Lakes Dredge & Dock Corp		30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

718		Greenbrier Cos, Inc	$	26
1,120		Griffon Corp		31
1,293		H&E Equipment Services, Inc		37
1,521	*,e	Hayward Holdings, Inc		22
1,082		HEICO Corp		142
2,279		HEICO Corp (Class A)		240
922		Helios Technologies, Inc		61
787		Herc Holdings, Inc		71
2,664		Hexcel Corp		139
1,992		Hillenbrand, Inc		82
3,242	*	Hillman Solutions Corp		28
19,053		Honeywell International, Inc		3,312
10,453		Howmet Aerospace, Inc		329
1,400		Hubbell, Inc		250
1,076	*	Hudson Technologies, Inc		8
1,040		Huntington Ingalls		227
1,014	*	Hydrofarm Holdings Group, Inc		4
3,375	*,e	Hyliion Holdings Corp		11
404		Hyster-Yale Materials Handling, Inc		13
2,293		IDEX Corp		416
298	*	IES Holdings, Inc		9
8,660		Illinois Tool Works, Inc		1,578
574	*,e	Infrastructure and Energy Alternatives, Inc		5
10,828		Ingersoll Rand, Inc		456
716		Insteel Industries, Inc		24
2,617		ITT, Inc		176
1,876	*	Janus International Group, Inc		17
2,384	*	JELD-WEN Holding, Inc		35
972		John Bean Technologies Corp		107
19,597		Johnson Controls International plc		938
242		Kadant, Inc		44
1,040		Kaman Corp		32
2,961		Kennametal, Inc		69
3,783	*	Kratos Defense & Security Solutions, Inc		53
5,483		L3Harris Technologies, Inc		1,325
246	*	Lawson Products, Inc		13
906		Lennox International, Inc		187
1,331		Lincoln Electric Holdings, Inc		164
408		Lindsay Corp		54
6,710		Lockheed Martin Corp		2,885
800		Luxfer Holdings plc		12
1,198	*	Manitowoc Co, Inc		13
2,660	*	Markforged Holding Corp		5
6,458		Masco Corp		327
798	*	Masonite International Corp		61
1,650	*	Mastec, Inc		118
2,076		Maxar Technologies, Inc		54
687		McGrath RentCorp		52
5,356		MDU Resources Group, Inc		145
1,473	*	Mercury Systems, Inc		95
1,925	*	Meritor, Inc		70
4,622	*	Microvast Holdings, Inc		10
1,405	*	Middleby Corp		176
446		Miller Industries, Inc		10
441		Moog, Inc (Class A)		35
2,142	*	MRC Global, Inc		21
950		MSC Industrial Direct Co (Class A)		71
1,274		Mueller Industries, Inc		68
4,045		Mueller Water Products, Inc (Class A)		47
639	*	MYR Group, Inc		56
206		National Presto Industries, Inc		14
8,104	*,e	Nikola Corp		39
1,561		Nordson Corp		316
4,200		Northrop Grumman Corp		2,010
371	*	Northwest Pipe Co		11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

3,443	*	NOW, Inc	$	34
291	*	NV5 Global Inc		34
4,516		nVent Electric plc		141
117		Omega Flex, Inc		13
2,055		Oshkosh Corp		169
11,713		Otis Worldwide Corp		828
2,755		Owens Corning, Inc		205
9,543		PACCAR, Inc		786
766		Park Aerospace Corp		10
3,695		Parker-Hannifin Corp		909
502	*	Parsons Corp		20
4,695		Pentair plc		215
1,847	*	PGT Innovations, Inc		31
15,097	*,e	Plug Power, Inc		250
416		Powell Industries, Inc		10
96		Preformed Line Products Co		6
1,452		Primoris Services Corp		32
5,964	*	Proterra, Inc		28
784	*	Proto Labs, Inc		37
905		Quanex Building Products Corp		21
4,219		Quanta Services, Inc		529
41,637		Raytheon Technologies Corp		4,002
823	*	RBC Bearings, Inc		152
1,884		Regal-Beloit Corp		214
4,524	*	Resideo Technologies, Inc		88
432		REV Group, Inc		5
6,127	*	Rocket Lab USA, Inc		23
3,263		Rockwell Automation, Inc		650
878		Rush Enterprises, Inc (Class A)		42
385		Rush Enterprises, Inc (Class B)		19
1,976	*	Sarcos Technology and Robotics Corp		5
4,273		Sensata Technologies Holding plc		177
3,098	*	Shoals Technologies Group, Inc		51
1,169		Shyft Group, Inc		22
1,204		Simpson Manufacturing Co, Inc		121
1,315	*	SiteOne Landscape Supply, Inc		156
1,513		Snap-On, Inc		298
3,290		Spirit Aerosystems Holdings, Inc (Class A)		96
1,497	*	SPX Corp		79
472		Standex International Corp		40
4,204		Stanley Black & Decker, Inc		441
4,021	*	Stem, Inc		29
1,004	*	Sterling Construction Co, Inc		22
5,997	*	Sunrun, Inc		140
647		Tennant Co		38
1,919		Terex Corp		53
1,109		Textainer Group Holdings Ltd		30
5,699		Textron, Inc		348
853	*	Thermon Group Holdings		12
2,010		Timken Co		107
1,266	*	Titan International, Inc		19
491	*	Titan Machinery, Inc		11
2,967		Toro Co		225
927	*	TPI Composites, Inc		12
6,555		Trane Technologies plc		851
100	*	Transcat Inc		6
1,508	*	TransDigm Group, Inc		809
3,483	*	Trex Co, Inc		190
2,047		Trinity Industries, Inc		50
1,772		Triton International Ltd		93
1,451	*	Triumph Group, Inc		19
1,399	*	Tutor Perini Corp		12
1,736		UFP Industries, Inc		118
2,077	*	United Rentals, Inc		505
5,141	*	Univar Solutions Inc		128

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

582		Valmont Industries, Inc	$	131
455	*	Vectrus, Inc		15
419	*	Veritiv Corp		45
8,077		Vertiv Holdings Co		66
649	*	Vicor Corp		36
3,837	*,e	View, Inc		6
6,356	*,e	Virgin Galactic Holdings, Inc		38
1,330		W.W. Grainger, Inc		604
1,281		Wabash National Corp		17
901		Watsco, Inc		215
645		Watts Water Technologies, Inc (Class A)		79
2,343	*	Welbilt, Inc		56
1,330	*	WESCO International, Inc		142
5,055		Westinghouse Air Brake Technologies Corp		415
5,681	*	WillScot Mobile Mini Holdings Corp		184
1,753		Woodward Inc		162
5,446		Xylem, Inc		426
3,642		Zurn Water Solutions Corp		99

		TOTAL CAPITAL GOODS		61,681


COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
2,170		ABM Industries, Inc		94
3,257		ACCO Brands Corp		21
2,888	*	ACV Auctions, Inc		19
8,912	*	Alight, Inc		60
452		Aris Water Solution, Inc		8
1,481	*	ASGN Inc		134
274		Barrett Business Services, Inc		20
3,702		Booz Allen Hamilton Holding Co		334
1,283		Brady Corp (Class A)		61
511	*	BrightView Holdings, Inc		6
1,108		Brink’s Co		67
678	*	CACI International, Inc (Class A)		191
1,375	*	Casella Waste Systems, Inc (Class A)		100
1,147	*	CBIZ, Inc		46
600	*	Cimpress plc		23
2,403		Cintas Corp		898
13,091	*	Clarivate Analytics plc		181
1,537	*	Clean Harbors, Inc		135
5,924	*	Copart, Inc		644
3,089	*	CoreCivic, Inc		34
11,242	*	CoStar Group, Inc		679
260		CRA International, Inc		23
1,062		Deluxe Corp		23
1,159	*	Driven Brands Holdings, Inc		32
6,346	*	Dun & Bradstreet Holdings, Inc		95
1,051		Ennis, Inc		21
3,487		Equifax, Inc		637
1,599		Exponent, Inc		146
972	*	First Advantage Corp		12
381	*	Forrester Research, Inc		18
419	*	Franklin Covey Co		19
1,004	*	FTI Consulting, Inc		182
3,108	*,e	Geo Group, Inc		21
2,590	*	Harsco Corp		18
2,398		Healthcare Services Group		42
711		Heidrick & Struggles International, Inc		23
555	*	Heritage-Crystal Clean, Inc		15
2,407		Herman Miller, Inc		63
392	*	HireRight Holdings Corp		6
1,526		HNI Corp		53
669	*	Huron Consulting Group, Inc		43
3,942	*	IAA, Inc		129
637		ICF International, Inc		61
975		Insperity, Inc		97
1,293		Interface, Inc		16
3,496		Jacobs Engineering Group, Inc		444
3,912	*	KAR Auction Services, Inc		58
4,068		KBR, Inc		197

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES			COMPANY	VALUE (000)

1,192			Kelly Services, Inc (Class A)	$	24
681			Kforce, Inc		42
1,392			Kimball International, Inc (Class B)		11
1,748			Korn/Ferry International		101
2,559	*,e		Legalzoom.com, Inc		28
3,966			Leidos Holdings, Inc		399
3,403	*		Li-Cycle Holdings Corp		23
1,551			Manpower, Inc		118
924			Mantech International Corp (Class A)		88
271			Matthews International Corp (Class A)		8
640	*		Montrose Environmental Group, Inc		22
877			MSA Safety, Inc		106
10,382			Nielsen NV		241
563			NL Industries, Inc		6
5,559			Pitney Bowes, Inc		20
3,913	*		Planet Labs PBC		17
5,732			Republic Services, Inc		750
1,107			Resources Connection, Inc		23
3,044			Robert Half International, Inc		228
6,805			Rollins, Inc		238
1,668			Science Applications International Corp		155
672	*		SP Plus Corp		21
3,221	*		Spire Global, Inc		4
3,128			Steelcase, Inc (Class A)		34
2,380	*		Stericycle, Inc		104
422	*,e		Sterling Check Corp		7
1,567			Tetra Tech, Inc		214
5,435			TransUnion		435
839	*		TriNet Group, Inc		65
720	*		TrueBlue, Inc		13
503			Unifirst Corp		87
3,454	*		Upwork, Inc		71
4,290			Verisk Analytics, Inc		743
679	*		Viad Corp		19
340			VSE Corp		13
11,712			Waste Management, Inc		1,792
279	*		Willdan Group, Inc		8

			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		12,527


CONSUMER DURABLES & APPAREL - 1.1%
821		��	Acushnet Holdings Corp		34
2,624	*		Allbirds, Inc		10
1,837	*,e		AMMO, Inc		7
1,140	*		Beazer Homes USA, Inc		14
1,841			Brunswick Corp		120
3,596	*		Callaway Golf Co		73
4,178	*		Capri Holdings Ltd		171
1,022			Carter’s, Inc		72
237	*		Cavco Industries, Inc		46
917			Century Communities, Inc		41
729			Clarus Corp		14
905			Columbia Sportswear Co		65
1,521	*		Crocs, Inc		74
743	*		Deckers Outdoor Corp		190
8,880			DR Horton, Inc		588
1,525	*,e		Ermenegildo Zegna Holditalia S.p.A		16
958			Ethan Allen Interiors, Inc		19
1,713	*		Fossil Group, Inc		9
4,285			Garmin Ltd		421
1,295	*		G-III Apparel Group Ltd		26
4,066	*		GoPro, Inc		23
992	*		Green Brick Partners, Inc		19
8,742			Hanesbrands, Inc		90
3,755			Hasbro, Inc		308
712	*		Helen of Troy Ltd		116
148	*		Hovnanian Enterprises, Inc		6
608			Installed Building Products, Inc		51
883	*		iRobot Corp		32
232			Johnson Outdoors, Inc		14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

2,486		KB Home	$	71
1,320		Kontoor Brands, Inc		44
412	*	Latham Group, Inc		3
935		La-Z-Boy, Inc		22
4,140		Leggett & Platt, Inc		143
7,854		Lennar Corp (Class A)		554
349		Lennar Corp (Class B)		21
624	*	LGI Homes, Inc		54
362		Lifetime Brands, Inc		4
336	*	Lovesac Co		9
3,076	*	Lululemon Athletica, Inc		839
69	*	M/I Homes, Inc		3
688	*	Malibu Boats, Inc		36
441		Marine Products Corp		4
673	*	MasterCraft Boat Holdings, Inc		14
8,884	*	Mattel, Inc		198
1,166		MDC Holdings, Inc		38
1,066	*	Meritage Homes Corp		77
1,499	*	Mohawk Industries, Inc		186
638		Movado Group, Inc		20
10,479		Newell Brands Inc		200
34,456		Nike, Inc (Class B)		3,521
84	*	NVR, Inc		336
569		Oxford Industries, Inc		51
8,335	*	Peloton Interactive, Inc		77
533	*,e	PLBY Group, Inc		3
1,625		Polaris Inc		161
6,384		Pulte Homes, Inc		253
1,386	*,e	Purple Innovation, Inc		4
2,029		PVH Corp		115
1,401		Ralph Lauren Corp		126
110		Rocky Brands, Inc		4
4,193	*	Skechers U.S.A., Inc (Class A)		149
1,408	*	Skyline Champion Corp		67
1,649		Smith & Wesson Brands, Inc		22
3,687	*	Sonos, Inc		67
2,695		Steven Madden Ltd		87
311		Sturm Ruger & Co, Inc		20
295		Superior Uniform Group, Inc		5
7,672		Tapestry, Inc		234
2,049	*	Taylor Morrison Home Corp		48
5,156		Tempur Sealy International, Inc		110
2,789		Toll Brothers, Inc		124
918	*	TopBuild Corp		153
1,338	*	TRI Pointe Homes, Inc		23
1,520	*	Tupperware Brands Corp		10
5,744	*	Under Armour, Inc (Class A)		48
5,391	*	Under Armour, Inc (Class C)		41
700	*	Unifi, Inc		10
428	*	Universal Electronics, Inc		11
9,697		VF Corp		428
4,902	*,e	Vinco Ventures, Inc		7
1,707	*	Vista Outdoor, Inc		48
1,629	*	Vizio Holding Corp		11
1,740	*,e	Vuzix Corp		12
1,611		Whirlpool Corp		250
2,662		Wolverine World Wide, Inc		54
2,480	*	YETI Holdings, Inc		107

		TOTAL CONSUMER DURABLES & APPAREL		12,006


CONSUMER SERVICES - 2.1%
1,998	*	2U, Inc		21
1,229	*	Accel Entertainment, Inc		13
4,141		ADT, Inc		25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,340	*	Adtalem Global Education, Inc	$	48
10,535	*	Airbnb, Inc		938
675	*	American Public Education, Inc		11
6,092		ARAMARK Holdings Corp		187
925	*	Bally’s Corp		18
3,453	*	Beachbody Co, Inc		4
39	*	Biglari Holdings, Inc (B Shares)		5
817	*	BJ’s Restaurants, Inc		18
2,832		Bloomin’ Brands, Inc		47
476		Bluegreen Vacations Holding Corp		12
1,137	*	Booking Holdings, Inc		1,989
590	*	Bowlero Corp		6
2,347		Boyd Gaming Corp		117
1,598	*	Bright Horizons Family Solutions		135
1,545	*	Brinker International, Inc		34
5,983	*	Caesars Entertainment, Inc		229
25,476	*,e	Carnival Corp		220
318		Carriage Services, Inc		13
761	*	Century Casinos, Inc		5
1,085		Cheesecake Factory		29
3,631	*	Chegg, Inc		68
795	*	Chipotle Mexican Grill, Inc (Class A)		1,039
891		Choice Hotels International, Inc		99
1,073		Churchill Downs, Inc		206
427	*	Chuy’s Holdings, Inc		9
2,931	*	Coursera, Inc		42
711		Cracker Barrel Old Country Store, Inc		59
3,625		Darden Restaurants, Inc		410
1,228	*	Dave & Buster’s Entertainment, Inc		40
1,296	*	Denny’s Corp		11
458		Dine Brands Global Inc.		30
1,040		Domino’s Pizza, Inc		405
10,917	*	DraftKings, Inc		127
651	*	Duolingo, Inc		57
809	*	El Pollo Loco Holdings, Inc		8
455		European Wax Center, Inc		8
2,472	*	Everi Holdings, Inc		40
4,188	*	Expedia Group, Inc		397
2,305	*	frontdoor, Inc		56
870	*	Full House Resorts, Inc		5
412	*	Golden Entertainment, Inc		16
115		Graham Holdings Co		65
951	*	Grand Canyon Education, Inc		90
4,434		H&R Block, Inc		157
2,683	*	Hilton Grand Vacations, Inc		96
7,574		Hilton Worldwide Holdings, Inc		844
1,223	*	Hyatt Hotels Corp		90
494	*	Inspired Entertainment, Inc		4
2,584		International Game Technology plc		48
410		Jack in the Box, Inc		23
2,068		Krispy Kreme, Inc		28
9,535	*	Las Vegas Sands Corp		320
3,222		Laureate Education, Inc		37
989	*	Life Time Group Holdings, Inc		13
608	*	Lindblad Expeditions Holdings, Inc		5
7,666		Marriott International, Inc (Class A)		1,043
1,302		Marriott Vacations Worldwide Corp		151
20,746		McDonald’s Corp		5,122
10,569		MGM Resorts International		306
1,527	*	Mister Car Wash, Inc		17
388	*	Monarch Casino & Resort, Inc		23
149	*	NEOGAMES S.A.		2
400	*	Noodles & Co		2
11,836	*,e	Norwegian Cruise Line Holdings Ltd		132
465	*	ONE Group Hospitality, Inc		3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,416	*	OneSpaWorld Holdings Ltd	$	10
1,035		Papa John’s International, Inc		86
4,478	*	Penn National Gaming, Inc		136
2,656	*	Perdoceo Education Corp		31
2,512	*	Planet Fitness, Inc		171
417	*,e	Portillo’s, Inc		7
728	*	PowerSchool Holdings, Inc		9
330		RCI Hospitality Holdings, Inc		16
1,677		Red Rock Resorts, Inc		56
2,290	*	Rover Group, Inc		9
6,549	*	Royal Caribbean Cruises Ltd		229
1,353	*	Rush Street Interactive, Inc		6
1,174		Ruth’s Hospitality Group Inc		19
2,866	*	Scientific Games Corp (Class A)		135
1,376	*	SeaWorld Entertainment, Inc		61
4,385		Service Corp International		303
1,083	*	Shake Shack, Inc		43
2,486	*	Six Flags Entertainment Corp		54
32,260		Starbucks Corp		2,464
673		Strategic Education, Inc		48
1,321	*	Stride, Inc		54
3,205	*	Terminix Global Holdings, Inc		130
2,056		Texas Roadhouse, Inc (Class A)		151
1,969		Travel & Leisure Co		76
1,856	*	Udemy, Inc		19
1,170		Vail Resorts, Inc		255
2,671	*	Vivint Smart Home, Inc		9
4,018		Wendy’s		76
930		Wingstop, Inc		70
1,421	*	WW International Inc		9
2,646		Wyndham Hotels & Resorts, Inc		174
3,157	*	Wynn Resorts Ltd		180
371	*	Xponential Fitness, Inc		5
7,800		Yum! Brands, Inc		885

		TOTAL CONSUMER SERVICES		21,863


DIVERSIFIED FINANCIALS - 5.1%
1,181		Affiliated Managers Group, Inc		138
13,354		AGNC Investment Corp		148
315		Alerus Financial Corp		7
9,574		Ally Financial, Inc		321
406		A-Mark Precious Metals, Inc		13
16,931		American Express Co		2,347
3,046		Ameriprise Financial, Inc		724
41,368		Annaly Capital Management, Inc		244
3,041		Apollo Commercial Real Estate Finance, Inc		32
12,781		Apollo Global Management, Inc		620
3,729		Arbor Realty Trust, Inc		49
1,014		Ares Commercial Real Estate Corp		12
4,393		Ares Management Corp		250
2,063	e	ARMOUR Residential REIT, Inc		15
1,731		Artisan Partners Asset Management, Inc		62
802	*	Assetmark Financial Holdings, Inc		15
269		Associated Capital Group, Inc		10
603		B. Riley Financial, Inc		25
1,284		Banco Latinoamericano de Exportaciones S.A. (Class E)		17
20,568		Bank of New York Mellon Corp		858
50,665	*	Berkshire Hathaway, Inc (Class B)		13,833
8,951		BGC Partners, Inc (Class A)		30
4,198		BlackRock, Inc		2,557
4,265	e	Blackstone Mortgage Trust, Inc		118
19,630		Blackstone, Inc		1,791
1,242	*	Blucora, Inc		23
11,576		Blue Owl Capital, Inc		116

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,604		Brightsphere Investment Group, Inc	$	29
3,033		BrightSpire Capital, Inc		23
4,897		Broadmark Realty Capital, Inc		33
2,523	*	Cannae Holdings, Inc		49
11,166		Capital One Financial Corp		1,163
5,682		Carlyle Group, Inc		180
2,995		CBOE Global Markets, Inc		339
42,908		Charles Schwab Corp		2,711
5,843	e	Chimera Investment Corp		52
2,359		Claros Mortgage Trust, Inc		39
10,103		CME Group, Inc		2,068
853		Cohen & Steers, Inc		54
4,422	*	Coinbase Global, Inc		208
1,463		Compass Diversified Trust		31
906		Cowen Group, Inc		21
199	*,e	Credit Acceptance Corp		94
490	*	Cryptyde, Inc		1
334		Curo Group Holdings Corp		2
118		Diamond Hill Investment Group, Inc		20
7,899		Discover Financial Services		747
1,075	*	Donnelley Financial Solutions, Inc		31
620		Dynex Capital, Inc		10
1,030	e	Ellington Financial Inc		15
553	*,e	Encore Capital Group, Inc		32
1,226	*	Enova International, Inc		35
10,475		Equitable Holdings, Inc		273
1,195		Evercore Inc		112
1,988	*	Ezcorp, Inc (Class A)		15
1,075		Factset Research Systems, Inc		413
2,841		Federated Investors, Inc (Class B)		90
1,192		FirstCash Holdings, Inc		83
1,366	*	Focus Financial Partners, Inc		47
2,037		Franklin BSP Realty Trust, Inc		27
8,239		Franklin Resources, Inc		192
181		GAMCO Investors, Inc (Class A)		4	��
559	e	GCM Grosvenor, Inc		4
9,382		Goldman Sachs Group, Inc		2,787
1,667		Granite Point Mortgage Trust, Inc		16
1,775	*	Green Dot Corp		45
904		Hamilton Lane, Inc		61
2,171	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		82
1,371		Houlihan Lokey, Inc		108
2,433		Interactive Brokers Group, Inc (Class A)		134
15,547		Intercontinental Exchange Group, Inc		1,462
10,471		Invesco Ltd		169
645	e	Invesco Mortgage Capital, Inc		9
926		Jackson Financial, Inc		25
4,371		Janus Henderson Group plc		103
6,446		Jefferies Financial Group, Inc		178
15,916		KKR & Co, Inc		737
933		KKR Real Estate Finance Trust, Inc		16
2,645		Ladder Capital Corp		28
3,360		Lazard Ltd (Class A)		109
2,865	*	LendingClub Corp		33
334	*	LendingTree, Inc		15
2,200		LPL Financial Holdings, Inc		406
1,069		MarketAxess Holdings, Inc		274
2,348		MFA Financial, Inc		25
1,603		Moelis & Co		63
3,839	*	Moneylion, Inc		5
4,492		Moody’s Corp		1,222
35,993		Morgan Stanley		2,738
671		Morningstar, Inc		162
2,209		MSCI, Inc (Class A)		910
3,091		Nasdaq Inc		471

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,318		Navient Corp	$	18
249		Nelnet, Inc (Class A)		21
11,204		New Residential Investment Corp		104
9,097		New York Mortgage Trust, Inc		25
5,699		Northern Trust Corp		550
2,990		OneMain Holdings, Inc		112
3,011	*	Open Lending Corp		31
563	*	Oportun Financial Corp		5
448		Oppenheimer Holdings, Inc		15
3,258	e	Orchid Island Capital, Inc		9
2,603		PennyMac Mortgage Investment Trust		36
745		Perella Weinberg Partners		4
553		Piper Jaffray Cos		63
727		PJT Partners, Inc		51
1,565	*	PRA Group, Inc		57
1,741	*	PROG Holdings, Inc		29
527		Pzena Investment Management, Inc (Class A)		3
5,437		Raymond James Financial, Inc		486
1,249		Ready Capital Corp		15
2,761		Redwood Trust, Inc		21
383		Regional Management Corp		14
15,885	*	Robinhood Markets, Inc		131
9,492		S&P Global, Inc		3,199
551		Sculptor Capital Management, Inc		5
2,653		SEI Investments Co		143
7,973		SLM Corp		127
22,427	*	SoFi Technologies, Inc		118
7,310		Starwood Property Trust, Inc		153
10,415		State Street Corp		642
1,257		StepStone Group, Inc		33
2,962		Stifel Financial Corp		166
601	*	StoneX Group, Inc		47
14,473		Synchrony Financial		400
6,251		T Rowe Price Group, Inc		710
1,884		TPG RE Finance Trust, Inc		17
2,955		Tradeweb Markets, Inc		202
8,413		Two Harbors Investment Corp		42
2,095	*,e	Upstart Holdings, Inc		66
2,593		Virtu Financial, Inc		61
255		Virtus Investment Partners, Inc		44
3,207		Voya Financial, Inc		191
4,611		WisdomTree Investments, Inc		23
160	*	World Acceptance Corp		18

		TOTAL DIVERSIFIED FINANCIALS		54,222


ENERGY - 4.4%
684	*,e	Aemetis, Inc		3
1,963	*	Alto Ingredients, Inc		7
394	e	Altus Midstream Co		13
1,272	*	Amplify Energy Corp		8
9,807		Antero Midstream Corp		89
8,344	*	Antero Resources Corp		256
9,623		APA Corp		336
402		Arch Resources, Inc		58
1,476	*	Archaea Energy, Inc		23
3,123		Archrock, Inc		26
831	*	Ardmore Shipping Corp		6
25,822		Baker Hughes Co		745
1,669		Berry Petroleum Co LLC		13
1,978		Bonanza Creek Energy, Inc		103
3,778	*,e	Borr Drilling Ltd		17
1,547		Brigham Minerals, Inc		38
510	*	Bristow Group, Inc		12
22,755		Cabot Oil & Gas Corp		587

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,403		Cactus, Inc	$	57
2,283		California Resources Corp		88
1,322	*	Callon Petroleum Co		52
5,026	*	Centennial Resource Development, Inc		30
230	*	Centrus Energy Corp		6
4,389		ChampionX Corp		87
7,073		Cheniere Energy, Inc		941
3,524	e	Chesapeake Energy Corp		286
55,284		Chevron Corp		8,004
4,074	*	Clean Energy Fuels Corp		18
5,835	*	CNX Resources Corp		96
2,351	*	Comstock Resources Inc		28
36,505		ConocoPhillips		3,279
493	*	CONSOL Energy, Inc		24
637		Continental Resources, Inc		42
681	e	Crescent Energy, Inc		9
875		CVR Energy, Inc		29
1,947	*	Delek US Holdings, Inc		50
1,483	*	Denbury, Inc		89
18,831		Devon Energy Corp		1,038
3,794		DHT Holdings, Inc		23
3,680	*	Diamond Offshore Drilling, Inc		22
4,977		Diamondback Energy, Inc		603
535	*	DMC Global, Inc		10
1,083		Dorian LPG Ltd		16
1,195	*	Dril-Quip, Inc		31
2,913		DT Midstream, Inc		143
1,219	*,e	Earthstone Energy, Inc		17
4,018	*,e	Energy Fuels, Inc		20
800		Enviva, Inc		46
16,456		EOG Resources, Inc		1,817
10,320		EQT Corp		355
12,086		Equitrans Midstream Corp		77
428	*	Excelerate Energy, Inc		9
118,671		Exxon Mobil Corp		10,163
691	e	FLEX LNG Ltd		19
1,917	*	Frank’s International NV		22
3,756	*,e	Frontline Ltd		33
5,829	*,e	Gevo, Inc		14
2,739	*	Golar LNG Ltd		62
1,490	*	Green Plains Inc		40
278	*	Gulfport Energy Operating Corp		22
25,715		Halliburton Co		806
5,378	*	Helix Energy Solutions Group, Inc		17
2,774		Helmerich & Payne, Inc		119
7,937		Hess Corp		841
4,114		HF Sinclair Corp		186
1,167		International Seaways, Inc		25
56,038		Kinder Morgan, Inc		939
12,210	*	Kosmos Energy Ltd		76
458	*	Laredo Petroleum, Inc		32
4,108	*	Liberty Oilfield Services, Inc		52
4,177		Magnolia Oil & Gas Corp		88
20,533		Marathon Oil Corp		462
15,566		Marathon Petroleum Corp		1,280
3,253		Matador Resources Co		152
3,745		Murphy Oil Corp		113
238	*	Nabors Industries Ltd		32
639	*	National Energy Services Reunited Corp		4
1,311	e	New Fortress Energy, Inc		52
3,366	*	Newpark Resources, Inc		10
4,954	*	NexTier Oilfield Solutions, Inc		47
920	*	Noble Corp		23
3,925		Nordic American Tankers Ltd		8
1,684		Northern Oil and Gas, Inc		43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

10,664		NOV, Inc	$	180
553		Oasis Petroleum, Inc		67
22,739		Occidental Petroleum Corp		1,339
2,352	*	Oceaneering International, Inc		25
2,073	*	Oil States International, Inc		11
12,709		ONEOK, Inc		705
7,438		Ovintiv, Inc		329
1,291	*	Par Pacific Holdings, Inc		20
5,742		Patterson-UTI Energy, Inc		91
2,663	*	PBF Energy, Inc		77
2,772		PDC Energy, Inc		171
3,255	*	Peabody Energy Corp		69
544	*	Penn Virginia Corp		18
13,451		Phillips 66		1,103
6,753		Pioneer Natural Resources Co		1,506
2,609	*	ProPetro Holding Corp		26
7,142	*	Range Resources Corp		177
234	*	Rex American Resources Corp		20
257		Riley Exploration Permian, Inc		6
2,001	*	Ring Energy, Inc		5
2,256	*	RPC, Inc		16
792	*	SandRidge Energy, Inc		12
40,309		Schlumberger Ltd		1,441
1,622		Scorpio Tankers, Inc		56
1,587	*	Select Energy Services, Inc		11
2,365		SFL Corp Ltd		22
258	*	SilverBow Resources, Inc		7
259		Sitio Royalties Corp		6
3,447		SM Energy Co		118
886		Solaris Oilfield Infrastructure, Inc		10
31,038	*	Southwestern Energy Co		194
1,668	*	Talos Energy, Inc		26
6,202		Targa Resources Investments, Inc		370
560	*	Teekay Tankers Ltd		10
14,573	*	Tellurian, Inc		43
3,440	*	Tetra Technologies, Inc		14
166		Texas Pacific Land Corp		247
1,174	*	Tidewater, Inc		25
7,605	*,e	Uranium Energy Corp		23
3,976	*,e	Ur-Energy, Inc		4
2,427	*	US Silica Holdings, Inc		28
1,428		Vaalco Energy, Inc		10
1,772	*	Valaris Ltd		75
11,644		Valero Energy Corp		1,238
1,548	*,e	Vertex Energy, Inc		16
3,587	*	W&T Offshore, Inc		16
1,948	*	Weatherford International Ltd		41
1,095		Whiting Petroleum Corp		74
35,419		Williams Cos, Inc		1,105
1,789		World Fuel Services Corp		37

		TOTAL ENERGY		46,804


FOOD & STAPLES RETAILING - 1.4%
4,646		Albertsons Cos, Inc		124
1,108		Andersons, Inc		37
3,948	*	BJ’s Wholesale Club Holdings, Inc		246
959		Casey’s General Stores, Inc		177
776	*	Chefs’ Warehouse Holdings, Inc		30
12,430		Costco Wholesale Corp		5,957
2,474	*	Grocery Outlet Holding Corp		105
1,600	*	HF Foods Group Inc		8
555		Ingles Markets, Inc (Class A)		48
18,797		Kroger Co		890
345		Natural Grocers by Vitamin C		6
4,036	*	Performance Food Group Co		186
820		Pricesmart, Inc		59
1,730	*	Rite Aid Corp		12
957		SpartanNash Co		29
3,412	*	Sprouts Farmers Market, Inc		86

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

14,197		SYSCO Corp	$	1,203
1,636	*	United Natural Foods, Inc		64
6,745	*	US Foods Holding Corp		207
292		Village Super Market (Class A)		7
20,210		Walgreens Boots Alliance, Inc		766
40,522		Walmart, Inc		4,927
313		Weis Markets, Inc		23

		TOTAL FOOD & STAPLES RETAILING		15,197


FOOD, BEVERAGE & TOBACCO - 3.4%
4,487	*,e	22nd Century Group, Inc		10
51,760		Altria Group, Inc		2,162
1,201	*,e	AppHarvest, Inc		4
15,756		Archer-Daniels-Midland Co		1,223
1,674		B&G Foods, Inc (Class A)		40
4,728	*	Benson Hill, Inc		13
1,699	*,e	Beyond Meat, Inc		41
285	*	Boston Beer Co, Inc (Class A)		86
1,291		Brown-Forman Corp (Class A)		87
5,268		Brown-Forman Corp (Class B)		370
3,814		Bunge Ltd		346
583		Calavo Growers, Inc		24
1,263		Cal-Maine Foods, Inc		62
5,433		Campbell Soup Co		261
1,529	*	Celsius Holdings, Inc		100
109,720		Coca-Cola Co		6,902
126		Coca-Cola Consolidated Inc		71
14,123		ConAgra Brands, Inc		484
4,334		Constellation Brands, Inc (Class A)		1,010
4,594	*	Darling International, Inc		275
705	*	Duckhorn Portfolio, Inc		15
5,653		Flowers Foods, Inc		149
1,151		Fresh Del Monte Produce, Inc		34
1,239	*	Freshpet, Inc		64
16,645		General Mills, Inc		1,256
2,641	*	Hain Celestial Group, Inc		63
4,031		Hershey Co		867
7,844		Hormel Foods Corp		371
3,112	*	Hostess Brands, Inc		66
1,875		Ingredion, Inc		165
530		J&J Snack Foods Corp		74
3,132		J.M. Smucker Co		401
368		John B. Sanfilippo & Son, Inc		27
6,867		Kellogg Co		490
23,053		Keurig Dr Pepper, Inc		816
20,047		Kraft Heinz Co		765
3,732		Lamb Weston Holdings, Inc		267
566		Lancaster Colony Corp		73
1,056	*	Landec Corp		10
6,957		McCormick & Co, Inc		579
476		MGP Ingredients, Inc		48
684	*	Mission Produce, Inc		10
5,174		Molson Coors Brewing Co (Class B)		282
38,753		Mondelez International, Inc		2,406
10,175	*	Monster Beverage Corp		943
118		National Beverage Corp		6
38,819		PepsiCo, Inc		6,470
43,732		Philip Morris International, Inc		4,318
1,486	*	Pilgrim’s Pride Corp		46
1,785	*	Post Holdings, Inc		147
4,873		Primo Water Corp		65
592		Sanderson Farms, Inc		128
8		Seaboard Corp		31
226	*	Seneca Foods Corp		12
2,221	*	Simply Good Foods Co		84
537	*	Sovos Brands, Inc		8
2,448	*	SunOpta, Inc		19
1,227	*,e	Tattooed Chef, Inc		8
364		Tootsie Roll Industries, Inc		13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,691	*	TreeHouse Foods, Inc	$	71
310		Turning Point Brands, Inc		8
7,894		Tyson Foods, Inc (Class A)		679
627		Universal Corp		38
1,426		Utz Brands, Inc		20
4,010		Vector Group Ltd		42
574	*	Vintage Wine Estates, Inc		4
630	*	Vita Coco Co, Inc		6
689	*	Vital Farms, Inc		6
451	*	Whole Earth Brands, Inc		3

		TOTAL FOOD, BEVERAGE & TOBACCO		36,044


HEALTH CARE EQUIPMENT & SERVICES - 6.0%
4,943	*	1Life Healthcare, Inc		39
48,162		Abbott Laboratories		5,233
1,308	*	Abiomed, Inc		324
2,626	*	Acadia Healthcare Co, Inc		178
1,487	*	Accolade, Inc		11
2,296	*	AdaptHealth Corp		41
409	*	Addus HomeCare Corp		34
462	*	Agiliti, Inc		10
5,106	*	agilon health, Inc		111
2,242	*	Align Technology, Inc		531
2,083	*	Alignment Healthcare, Inc		24
2,755	*	Allscripts Healthcare Solutions, Inc		41
2,458	*	Alphatec Holdings Inc		16
872	*	Amedisys, Inc		92
5,730	*	American Well Corp		25
4,259		AmerisourceBergen Corp		603
1,306	*	AMN Healthcare Services, Inc		143
1,310	*	Angiodynamics, Inc		25
1,046	*,e	Apollo Medical Holdings, Inc		40
1,229	*	AtriCure, Inc		50
40		Atrion Corp		25
1,650	*	Avanos Medical, Inc		45
920	*	Aveanna Healthcare Holdings, Inc		2
1,009	*	AxoGen, Inc		8
1,185	*	Axonics Modulation Technologies, Inc		67
4,117	*	Babylon Holdings Ltd		4
14,132		Baxter International, Inc		908
7,983		Becton Dickinson & Co		1,968
681	*	BioLife Solutions Inc		9
262	*,e	Bioventus, Inc		2
40,114	*	Boston Scientific Corp		1,495
6,211	*	Brookdale Senior Living, Inc		28
4,980	*,e	Butterfly Network, Inc		15
4,274	*	Cano Health, Inc		19
7,197		Cardinal Health, Inc		376
1,207	*	Cardiovascular Systems, Inc		17
1,536	*	CareMax, Inc		6
627	*	Castle Biosciences, Inc		14
16,635	*	Centene Corp		1,408
3,092	*	Certara, Inc		66
4,212	*	Cerus Corp		22
6,191	*	Change Healthcare, Inc		143
365		Chemed Corp		171
8,817		Cigna Corp		2,323
10,784	*	Clover Health Investments Corp		23
3,702	*	Community Health Systems, Inc		14
481	*	Computer Programs & Systems, Inc		15
671		Conmed Corp		64
504	*	Convey Holding Parent, Inc		5
1,318		Cooper Cos, Inc		413
137	*	Corvel Corp		20
3,149	*	Covetrus, Inc		65
1,273	*	Cross Country Healthcare, Inc		27
1,250	*	CryoLife, Inc		24
1,192	*	CryoPort, Inc		37
2,947	*	Cue Health, Inc		9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

593	*	Cutera, Inc	$	22
36,874		CVS Health Corp		3,417
1,730	*	DaVita, Inc		138
792	*,e	Definitive Healthcare Corp		18
6,149		Dentsply Sirona, Inc		220
10,971	*	Dexcom, Inc		818
2,001	*	DocGo, Inc		14
2,649	*,e	Doximity, Inc		92
17,346	*	Edwards Lifesciences Corp		1,649
6,750		Elevance Health, Inc		3,257
1,639	*	Embecta Corp		42
3,069		Encompass Health Corp		172
1,154	*	Enovis Corp		64
1,488		Ensign Group, Inc		109
4,763	*	Envista Holdings Corp		184
2,165	*	Evolent Health, Inc		67
3,412	*	Figs, Inc		31
604	*	Fulgent Genetics, Inc		33
1,276	*	Glaukos Corp		58
2,038	*	Globus Medical, Inc		114
2,679	*	Guardant Health, Inc		108
1,492	*	Haemonetics Corp		97
1,155	*	Hanger Inc		17
6,338		HCA Healthcare, Inc		1,065
1,262	*	Health Catalyst, Inc		18
2,384	*	HealthEquity, Inc		146
1,071	*	HealthStream, Inc		23
3,965	*	Henry Schein, Inc		304
236	*	Heska Corp		22
3,283	*	Hims & Hers Health, Inc		15
6,729	*	Hologic, Inc		466
3,504		Humana, Inc		1,640
588	*	ICU Medical, Inc		97
2,399	*	IDEXX Laboratories, Inc		841
1,298	*	Inari Medical, Inc		88
316	*,e	Innovage Holding Corp		1
672	*	Inogen, Inc		16
734	*	Inspire Medical Systems, Inc		134
1,892	*	Insulet Corp		412
935	*	Integer Holding Corp		66
1,812	*	Integra LifeSciences Holdings Corp		98
10,087	*	Intuitive Surgical, Inc		2,025
5,991	*,e	Invitae Corp		15
878	*	iRhythm Technologies, Inc		95
390	*	Joint Corp		6
2,613		Laboratory Corp of America Holdings		612
1,899	*	Lantheus Holdings, Inc		125
562		LeMaitre Vascular, Inc		26
879	*	LHC Group, Inc		137
1,759	*,e	LifeStance Health Group, Inc		10
1,549	*	LivaNova plc		97
1,396	*	Masimo Corp		182
4,053		McKesson Corp		1,322
1,877	*	MEDNAX, Inc		39
37,592		Medtronic plc		3,374
1,071	*	Meridian Bioscience, Inc		33
1,636	*	Merit Medical Systems, Inc		89
126		Mesa Laboratories, Inc		26
426	*	ModivCare, Inc		36
1,641	*	Molina Healthcare, Inc		459
10,341	*,e	Multiplan Corp		57
1,138	*,e	Nano-X Imaging Ltd		13
212		National Healthcare Corp		15
357		National Research Corp		14
1,257	*	Natus Medical, Inc		41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

2,862	*	Neogen Corp	$	69
1,074	*	Nevro Corp		47
1,960	*	NextGen Healthcare, Inc		34
3,057	*	Novocure Ltd		212
1,307	*	NuVasive, Inc		64
3,059	*,e	Oak Street Health, Inc		50
1,291	*	Omnicell, Inc		147
13,300	*,e	Opko Health, Inc		34
578	*	OptimizeRx Corp		16
3,932	*	Option Care Health, Inc		109
2,181	*	OraSure Technologies, Inc		6
679	*	Orthofix Medical Inc		16
357	*,e	OrthoPediatrics Corp		15
1,325	*	Outset Medical, Inc		20
2,217		Owens & Minor, Inc		70
1,177	*,e	Paragon 28, Inc		19
1,971		Patterson Cos, Inc		60
942	*	Pennant Group, Inc		12
1,020	*	Penumbra, Inc		127
619	*	PetIQ, Inc		10
1,246	*	Phreesia, Inc		31
3,275		Premier, Inc		117
1,116	*	Privia Health Group, Inc		33
670	*,e	PROCEPT BioRobotics Corp		22
1,851	*	Progyny, Inc		54
3,887	*	Project Roadrunner Parent, Inc		82
711	*,e	Pulmonx Corp		11
3,391		Quest Diagnostics, Inc		451
1,394	*	QuidelOrtho Corp		136
1,510	*	RadNet, Inc		26
3,994		Resmed, Inc		837
558	*	RxSight, Inc		8
1,342	*	Schrodinger, Inc		35
640	*	SeaSpine Holdings Corp		4
3,129		Select Medical Holdings Corp		74
4,050	*	Sema4 Holdings Corp		5
12,510	*,e	Senseonics Holdings, Inc		13
996	*	Shockwave Medical Inc		190
815	*	SI-BONE, Inc		11
775	*,e	Sight Sciences, Inc		7
1,449	*,e	Signify Health, Inc		20
987	*	Silk Road Medical Inc		36
414		Simulations Plus, Inc		20
1,339	*	Staar Surgical Co		95
2,355		STERIS plc		486
9,803		Stryker Corp		1,950
927	*	Surgery Partners, Inc		27
516	*	SurModics, Inc		19
468	*	Tactile Systems Technology, Inc		3
1,948	*	Tandem Diabetes Care, Inc		115
4,752	*	Teladoc, Inc		158
1,270		Teleflex, Inc		312
3,172	*	Tenet Healthcare Corp		167
604	*	Transmedics Group, Inc		19
803	*	Treace Medical Concepts, Inc		12
226	*	UFP Technologies, Inc		18
26,281		UnitedHealth Group, Inc		13,499
1,745		Universal Health Services, Inc (Class B)		176
468		US Physical Therapy, Inc		51
149		Utah Medical Products, Inc		13
1,492	*	Varex Imaging Corp		32
3,998	*	Veeva Systems, Inc		792
1,334	*	Vicarious Surgical, Inc		4
3,908	*	ViewRay, Inc		10
6,047		Zimmer Biomet Holdings, Inc		635

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

635	*	Zimvie, Inc	$	10
1,048		Zynex Inc		8

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		64,440


HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
2,708	*	Beauty Health Co		35
3,638	*	BellRing Brands, Inc		90
400	*	Central Garden & Pet Co		17
1,366	*	Central Garden and Pet Co (Class A)		55
6,646		Church & Dwight Co, Inc		616
3,573		Clorox Co		504
23,071		Colgate-Palmolive Co		1,849
9,161	*	Coty, Inc		73
1,561		Edgewell Personal Care Co		54
1,085	*	elf Beauty, Inc		33
2,086		Energizer Holdings, Inc		59
6,392		Estee Lauder Cos (Class A)		1,628
2,976	*	Herbalife Nutrition Ltd		61
2,022	*	Honest Co, Inc		6
625		Inter Parfums, Inc		46
9,436		Kimberly-Clark Corp		1,275
366		Medifast, Inc		66
537	*	Nature’s Sunshine Products, Inc		6
1,594		Nu Skin Enterprises, Inc (Class A)		69
3,350	*	Olaplex Holdings, Inc		47
67,098		Procter & Gamble Co		9,648
1,260		Reynolds Consumer Products, Inc		34
1,088		Spectrum Brands Holdings, Inc		89
426	*	USANA Health Sciences, Inc		31
1,597	*,e	Veru, Inc		18
443		WD-40 Co		89

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		16,498


INSURANCE - 2.3%
18,263		Aflac, Inc		1,010
337	*	Alleghany Corp		281
7,669		Allstate Corp		972
1,747	*	AMBAC Financial Group, Inc		20
2,546		American Equity Investment Life Holding Co		93
1,850		American Financial Group, Inc		257
22,623		American International Group, Inc		1,157
751		Amerisafe, Inc		39
5,856		Aon plc		1,579
9,860	*	Arch Capital Group Ltd		449
1,084		Argo Group International Holdings Ltd		40
5,687		Arthur J. Gallagher & Co		927
1,574		Assurant, Inc		272
1,602		Assured Guaranty Ltd		89
2,014		Axis Capital Holdings Ltd		115
7,141	*	Bright Health Group, Inc		13
1,542	*	Brighthouse Financial, Inc		63
6,379		Brown & Brown, Inc		372
1,510	*	BRP Group, Inc		36
11,852		Chubb Ltd		2,330
4,237		Cincinnati Financial Corp		504
864		CNA Financial Corp		39
2,368		Conseco, Inc		43
406		Donegal Group, Inc (Class A)		7
746	*	eHealth, Inc		7
1,061		Employers Holdings, Inc		44
333	*	Enstar Group Ltd		71
689		Erie Indemnity Co (Class A)		132
1,169		Everest Re Group Ltd		328
7,302		Fidelity National Financial Inc		270

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

2,961		First American Financial Corp	$	157
14,243	*	Genworth Financial, Inc (Class A)		50
2,420		Globe Life, Inc		236
512		Goosehead Insurance, Inc		23
621	*	Greenlight Capital Re Ltd (Class A)		5
1,148		Hanover Insurance Group, Inc		168
9,134		Hartford Financial Services Group, Inc		598
290	e	HCI Group, Inc		20
8,723	*	Hippo Holdings, Inc		8
1,591		Horace Mann Educators Corp		61
62		Investors Title Co		10
865		James River Group Holdings Ltd		21
1,556		Kemper Corp		75
651		Kinsale Capital Group, Inc		150
1,146	*,e	Lemonade, Inc		21
5,255		Lincoln National Corp		246
5,410		Loews Corp		321
362	*	Markel Corp		468
14,031		Marsh & McLennan Cos, Inc		2,178
2,049	*	MBIA, Inc		25
754		Mercury General Corp		33
19,896		Metlife, Inc		1,249
92		National Western Life Group, Inc		19
394	*	NI Holdings, Inc		6
7,499		Old Republic International Corp		168
3,765	*	Oscar Health, Inc		16
682	*	Palomar Holdings, Inc		44
1,013		Primerica, Inc		121
6,857		Principal Financial Group		458
1,956		ProAssurance Corp		46
16,459		Progressive Corp		1,914
10,424		Prudential Financial, Inc		997
1,995		Reinsurance Group of America, Inc (Class A)		234
1,234		RenaissanceRe Holdings Ltd		193
1,226		RLI Corp		143
4,163	*	Root, Inc		5
2,077	*	Ryan Specialty Group Holdings, Inc		81
192		Safety Insurance Group, Inc		19
1,895		Selective Insurance Group, Inc		165
4,001	*	Selectquote, Inc		10
2,745	*	SiriusPoint Ltd		15
815		Stewart Information Services Corp		41
1,255		Tiptree Inc		13
6,665		Travelers Cos, Inc		1,127
1,119	*	Trupanion, Inc		67
844		United Fire Group Inc		29
1,340		Universal Insurance Holdings, Inc		17
4,932		Unum Group		168
5,570		W.R. Berkley Corp		380
94		White Mountains Insurance Group Ltd		117
3,043		Willis Towers Watson plc		601

		TOTAL INSURANCE		24,896


MATERIALS - 2.9%
675	*	5E Advanced Materials, Inc		8
889		AdvanSix, Inc		30
6,247		Air Products & Chemicals, Inc		1,502
3,285		Albemarle Corp		686
5,296		Alcoa Corp		241
2,428	*	Allegheny Technologies, Inc		55
491		Alpha Metallurgical Resources, Inc		63
41,501		Amcor plc		516
1,143		American Vanguard Corp		26
1,717		Aptargroup, Inc		177

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

2,870	*	Arconic Corp	$	81
716	†	Ardagh Group S.A.		11
4,201		Ardagh Metal Packaging S.A.		26
1,363		Ashland Global Holdings, Inc		140
562	*	Aspen Aerogels, Inc		6
2,337		Avery Dennison Corp		378
2,934		Avient Corp		118
5,815	*	Axalta Coating Systems Ltd		129
794		Balchem Corp		103
8,742		Ball Corp		601
3,811	*	Berry Global Group, Inc		208
1,693		Cabot Corp		108
1,242		Carpenter Technology Corp		35
3,001		Celanese Corp (Series A)		353
1,274	*	Century Aluminum Co		9
5,918		CF Industries Holdings, Inc		507
284		Chase Corp		22
4,211		Chemours Co		135
623	*	Clearwater Paper Corp		21
14,347	*	Cleveland-Cliffs, Inc		221
6,825	*	Coeur Mining, Inc		21
2,958		Commercial Metals Co		98
1,021		Compass Minerals International, Inc		36
3,240	*	Constellium SE		43
19,994		Corteva, Inc		1,082
3,202		Crown Holdings, Inc		295
1,980	*,e	Danimer Scientific, Inc		9
1,798	*	Diversey Holdings Ltd		12
20,317		Dow, Inc		1,049
14,363		DuPont de Nemours, Inc		798
983		Eagle Materials, Inc		108
3,863		Eastman Chemical Co		347
6,992		Ecolab, Inc		1,075
6,085		Element Solutions, Inc		108
2,943	*,†	Ferroglobe plc		0
3,528		FMC Corp		378
40,751		Freeport-McMoRan, Inc (Class B)		1,192
954		FutureFuel Corp		7
1,466	*	GCP Applied Technologies, Inc		46
23,436	*	Ginkgo Bioworks Holdings, Inc		56
1,827		Glatfelter Corp		13
7,879		Graphic Packaging Holding Co		162
985		Greif, Inc (Class A)		61
203		Greif, Inc (Class B)		13
1,761		H.B. Fuller Co		106
754		Hawkins, Inc		27
501		Haynes International, Inc		16
16,414		Hecla Mining Co		64
4,964		Huntsman Corp		141
4,044	*	Hycroft Mining Holding Corp		4
1,288	*	Ingevity Corp		81
872		Innospec, Inc		84
7,178		International Flavors & Fragrances, Inc		855
10,180		International Paper Co		426
362	*	Intrepid Potash, Inc		16
443		Kaiser Aluminum Corp		35
850		Koppers Holdings, Inc		19
893		Kronos Worldwide, Inc		16
14,130		Linde plc		4,063
4,445	*	Livent Corp		101
2,293		Louisiana-Pacific Corp		120
952	*	LSB Industries, Inc		13
7,206		LyondellBasell Industries NV		630
1,753		Martin Marietta Materials, Inc		525
467		Materion Corp		34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

838		Minerals Technologies, Inc	$	51
10,359		Mosaic Co		489
2,475	*	MP Materials Corp		79
871		Myers Industries, Inc		20
642		Neenah Inc		22
126		NewMarket Corp		38
22,296		Newmont Goldcorp Corp		1,330
8,146	*	Novagold Resources Inc		39
7,664		Nucor Corp		800
5,026	*	O-I Glass, Inc		70
3,486		Olin Corp		161
395		Olympic Steel, Inc		10
2,691	*	Origin Materials, Inc		14
2,087		Orion Engineered Carbons SA		32
2,652		Packaging Corp of America		365
728		Pactiv Evergreen, Inc		7
3,762	*	Perimeter Solutions S.A.		41
464	*	Piedmont Lithium, Inc		17
6,733		PPG Industries, Inc		770
890		PQ Group Holdings, Inc		9
2,909	*,e	PureCycle Technologies, Inc		22
452		Quaker Chemical Corp		68
646		Ramaco Resources, Inc		8
821	*	Ranpak Holdings Corp		6
1,744	*	Rayonier Advanced Materials, Inc		5
1,666		Reliance Steel & Aluminum Co		283
887	*	Resolute Forest Products		11
1,819		Royal Gold, Inc		194
3,517		RPM International, Inc		277
592		Ryerson Holding Corp		13
941		Schnitzer Steel Industries, Inc (Class A)		31
766		Schweitzer-Mauduit International, Inc		19
1,142		Scotts Miracle-Gro Co (Class A)		90
4,411		Sealed Air Corp		255
1,015		Sensient Technologies Corp		82
6,745		Sherwin-Williams Co		1,510
2,434		Silgan Holdings, Inc		101
3,066		Sonoco Products Co		175
2,484		Southern Copper Corp		124
5,527		SSR Mining, Inc		92
5,141		Steel Dynamics, Inc		340
479		Stepan Co		49
3,397	*	Summit Materials, Inc		79
2,524		SunCoke Energy, Inc		17
59		Sylvamo Corp		2
1,535	*	TimkenSteel Corp		29
1,164		Tredegar Corp		12
1,789		Trimas Corp		50
857		Trinseo plc		33
3,174		Tronox Holdings plc		53
66		United States Lime & Minerals, Inc		7
7,249		United States Steel Corp		130
4,362		Valvoline, Inc		126
3,732		Vulcan Materials Co		530
1,235		Warrior Met Coal, Inc		38
886		Westlake Chemical Corp		87
6,940		WestRock Co		276
858		Worthington Industries, Inc		38

		TOTAL MATERIALS		30,527


MEDIA & ENTERTAINMENT - 6.7%
21,874		Activision Blizzard, Inc		1,703
1,783	*	Advantage Solutions, Inc		7
8,451	*	Alphabet, Inc (Class A)		18,417

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

7,718	*	Alphabet, Inc (Class C)	$	16,883
6,143	*	Altice USA, Inc		57
12,774	*,e	AMC Entertainment Holdings, Inc		173
921	*	AMC Networks, Inc		27
353	*	Boston Omaha Corp		7
163		Cable One, Inc		210
941	*	Cardlytics, Inc		21
2,709	*	Cargurus, Inc		58
2,223	*	Cars.com, Inc		21
3,309	*	Charter Communications, Inc		1,550
3,434	*	Cinemark Holdings, Inc		51
10,518	*	Clear Channel		11
125,090		Comcast Corp (Class A)		4,908
46	*	Daily Journal Corp		12
6,813	*	DISH Network Corp (Class A)		122
7,824		Electronic Arts, Inc		952
4,712	*	Entercom Communications Corp		4
2,637		Entravision Communications Corp (Class A)		12
2,165	*	Eventbrite Inc		22
452	*	EverQuote Inc		4
1,941	*	EW Scripps Co (Class A)		24
8,572		Fox Corp (Class A)		276
3,832		Fox Corp (Class B)		114
3,947	*,e	fuboTV, Inc		10
4,050	*	Gannett Co, Inc		12
2,117		Gray Television, Inc		36
2,290	*	IAC		174
3,188	*	iHeartMedia, Inc		25
1,677	*	Imax Corp		28
1,209	*	Integral Ad Science Holding Corp		12
11,025		Interpublic Group of Cos, Inc		303
1,411		John Wiley & Sons, Inc (Class A)		67
428	*,e	Liberty Braves Group (Class A)		11
1,434	*	Liberty Braves Group (Class C)		34
661		Liberty Broadband Corp (Class A)		75
3,561	*	Liberty Broadband Corp (Class C)		412
300	*	Liberty Media Group (Class A)		17
5,333	*	Liberty Media Group (Class C)		338
1,910		Liberty SiriusXM Group (Class A)		69
4,795	*	Liberty SiriusXM Group (Class C)		173
2,000	*	Lions Gate Entertainment Corp (Class A)		19
3,835	*	Lions Gate Entertainment Corp (Class B)		34
4,246	*	Live Nation, Inc		351
627	*	Madison Square Garden Co		95
832	*	Madison Square Garden Entertainment Corp		44
3,683	*	Magnite, Inc		33
736	*,e	Marcus Corp		11
8,083	*	Match Group, Inc		563
584	*	MediaAlpha, Inc		6
64,457	*	Meta Platforms, Inc		10,394
619	*	NerdWallet, Inc		5
12,345	*	Netflix, Inc		2,159
4,377		New York Times Co (Class A)		122
10,391		News Corp (Class A)		162
3,112		News Corp (Class B)		49
1,183		Nexstar Media Group Inc		193
5,954		Omnicom Group, Inc		379
16,442	*	Pinterest, Inc		299
2,020	*	Playstudios, Inc		9
2,676	*	Playtika Holding Corp		35
1,094	*	PubMatic, Inc		17
1,192	*	QuinStreet, Inc		12
12,415	*	ROBLOX Corp		408
3,467	*	Roku, Inc		285
1,096		Scholastic Corp		39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

132		Sinclair Broadcast Group, Inc (Class A)	$	3
16,700	e	Sirius XM Holdings, Inc		102
8,841	*,e	Skillz, Inc		11
3,941	*	Spotify Technology S.A.		370
1,585	*	Stagwell, Inc		9
4,405	*	Take-Two Interactive Software, Inc		540
708	*	TechTarget, Inc		46
5,789		TEGNA, Inc		121
612	*	Thryv Holdings, Inc		14
2,932	*	TripAdvisor, Inc		52
2,406	*	TrueCar, Inc		6
21,214	*	Twitter, Inc		793
244		ViacomCBS, Inc (Class A)		7
16,396		ViacomCBS, Inc (Class B)		405
3,939	*	Vimeo, Inc		24
51,235	*	Walt Disney Co		4,837
66,296	*	Warner Bros Discovery, Inc		890
1,263	*	WideOpenWest, Inc		23
1,313		World Wrestling Entertainment, Inc (Class A)		82
2,109	*	Yelp, Inc		58
1,245	*	Ziff Davis Inc		93
1,977	*	ZipRecruiter, Inc		29
7,616	*	ZoomInfo Technologies, Inc		253

		TOTAL MEDIA & ENTERTAINMENT		71,933


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
2,501	*	10X Genomics, Inc		113
702	*	2seventy bio, Inc		9
524	*	4D Molecular Therapeutics, Inc		4
382	*	Aadi Bioscience, Inc		5
49,786		AbbVie, Inc		7,625
5,613	*	AbCellera Biologics, Inc		60
1,494	*	Absci Corp		5
3,739	*	Acadia Pharmaceuticals, Inc		53
1,604	*	Aclaris Therapeutics, Inc		22
488	*	Adagio Therapeutics, Inc		2
3,224	*	Adaptive Biotechnologies Corp		26
546	*,e	Adicet Bio, Inc		8
4,828	*	ADMA Biologics, Inc		10
1,175	*	Aerie Pharmaceuticals, Inc		9
3,354	*	Affimed NV		9
5,844	*	Agenus, Inc		11
8,380		Agilent Technologies, Inc		995
1,876	*	Agios Pharmaceuticals, Inc		42
718	*	Akero Therapeutics, Inc		7
332	*	Albireo Pharma, Inc		7
1,504	*	Alector, Inc		15
4,357	*	Alkermes plc		130
2,417	*	Allogene Therapeutics, Inc		28
845	*,e	Allovir, Inc		3
3,356	*	Alnylam Pharmaceuticals, Inc		489
515	*	ALX Oncology Holdings, Inc		4
15,051		Amgen, Inc		3,662
8,241	*	Amicus Therapeutics, Inc		88
2,888	*	Amneal Pharmaceuticals, Inc		9
1,331	*	Amphastar Pharmaceuticals, Inc		46
285	*	Amylyx Pharmaceuticals, Inc		5
679	*	AnaptysBio, Inc		14
1,840	*,e	Anavex Life Sciences Corp		18
292	*	ANI Pharmaceuticals, Inc		9
566	*	Anika Therapeutics, Inc		13
2,514	*	Apellis Pharmaceuticals, Inc		114
2,291	*,e	Arbutus Biopharma Corp		6
625	*,e	Arcturus Therapeutics Holdings, Inc		10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,321	*	Arcus Biosciences, Inc	$	33
782	*	Arcutis Biotherapeutics, Inc		17
3,104	*	Arrowhead Pharmaceuticals Inc		109
1,292	*	Arvinas, Inc		54
2,394	*	Atara Biotherapeutics, Inc		19
1,878	*	Atea Pharmaceuticals, Inc		13
866	*	Athira Pharma, Inc		3
478	*	Aura Biosciences, Inc		7
3,648	*	Aurinia Pharmaceuticals, Inc		37
17,155	*	Avantor, Inc		534
1,798	*	Avid Bioservices, Inc		27
1,307	*,e	Avidity Biosciences, Inc		19
854	*,e	Axsome Therapeutics, Inc		33
1,758	*,e	Beam Therapeutics, Inc		68
1,405	*	Berkeley Lights, Inc		7
5,428	*	BioCryst Pharmaceuticals, Inc		57
4,138	*	Biogen, Inc		844
1,734	*	Biohaven Pharmaceutical Holding Co Ltd		253
5,199	*	BioMarin Pharmaceutical, Inc		431
8,439	*,e	Bionano Genomics, Inc		12
626	*	Bio-Rad Laboratories, Inc (Class A)		310
1,113		Bio-Techne Corp		386
343	*,e	Bioxcel Therapeutics Inc		5
2,108	*	Bluebird Bio, Inc		9
1,758	*	Blueprint Medicines Corp		89
3,248	*	Bridgebio Pharma, Inc		29
59,757		Bristol-Myers Squibb Co		4,601
2,116		Brooks Automation, Inc		153
3,225		Bruker BioSciences Corp		202
970	*	C4 Therapeutics, Inc		7
1,052	*	Cara Therapeutics, Inc		10
1,462	*	CareDx, Inc		31
1,471	*	Caribou Biosciences, Inc		8
1,147	*	Cassava Sciences, Inc		32
4,893	*	Catalent, Inc		525
3,681	*	Catalyst Pharmaceuticals, Inc		26
1,296	*	Celldex Therapeutics, Inc		35
298	*	Century Therapeutics, Inc		2
1,443	*	Cerevel Therapeutics Holdings, Inc		38
1,399	*	Charles River Laboratories International, Inc		299
1,707	*	ChemoCentryx, Inc		42
1,747	*	Chimerix, Inc		4
1,163	*	Chinook Therapeutics, Inc		20
341	*	CinCor Pharma, Inc		6
1,647	*	Codexis, Inc		17
1,061	*,e	Cogent Biosciences, Inc		10
2,173	*	Coherus Biosciences, Inc		16
877	*	Collegium Pharmaceutical, Inc		16
2,558	*	Corcept Therapeutics, Inc		61
1,406	*	Crinetics Pharmaceuticals, Inc		26
2,490	*	CTI BioPharma Corp		15
660	*,e	Cullinan Oncology, Inc		8
3,007	*	Cytek Biosciences, Inc		32
2,182	*	Cytokinetics, Inc		86
18,217		Danaher Corp		4,618
731	*	Day One Biopharmaceuticals, Inc		13
1,209	*	Deciphera Pharmaceuticals, Inc		16
2,697	*	Denali Therapeutics, Inc		79
890	*	Design Therapeutics, Inc		12
755	*	DICE Therapeutics, Inc		12
3,515	*,e	Dynavax Technologies Corp		44
858	*,e	Dyne Therapeutics, Inc		6
323	*	Eagle Pharmaceuticals, Inc		14
262	*	Edgewise Therapeutics, Inc		2
2,042	*,e	Editas Medicine, Inc		24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

933	*	Eiger BioPharmaceuticals, Inc	$	6
12,879	*	Elanco Animal Health, Inc		253
23,704		Eli Lilly & Co		7,686
1,340	*	Emergent Biosolutions, Inc		42
648	*	Enanta Pharmaceuticals, Inc		31
3,632	*	EQRx, Inc		17
2,249	*,e	Erasca, Inc		13
1,721	*,e	Esperion Thereapeutics, Inc		11
702	*	Evolus, Inc		8
5,124	*	Exact Sciences Corp		202
9,139	*	Exelixis, Inc		190
602	*	EyePoint Pharmaceuticals, Inc		5
2,380	*	Fate Therapeutics, Inc		59
2,752	*	FibroGen, Inc		29
505	*	Foghorn Therapeutics, Inc		7
937	*	Forma Therapeutics Holdings, Inc		6
597	*	Fulcrum Therapeutics, Inc		3
1,233	*	Generation Bio Co		8
12,566	*,e	Geron Corp		19
35,305		Gilead Sciences, Inc		2,182
1,912	*	Global Blood Therapeutics, Inc		61
1,575	*	Gossamer Bio, Inc		13
3,934	*	Halozyme Therapeutics, Inc		173
588	*	Harmony Biosciences Holdings, Inc		29
2,785	*,e	Heron Therapeutics, Inc		8
6,213	*	Horizon Therapeutics Plc		496
278	*	Icosavax, Inc		2
950	*	Ideaya Biosciences, Inc		13
229	*	IGM Biosciences, Inc		4
4,413	*	Illumina, Inc		814
699	*	Imago Biosciences, Inc		9
1,987	*,e	ImmunityBio, Inc		7
5,543	*	Immunogen, Inc		25
1,107	*	Immunovant, Inc		4
5,156	*	Incyte Corp		392
813	*	Inhibrx, Inc		9
2,407	*	Innoviva, Inc		36
357	*	Inotiv, Inc		3
6,194	*,e	Inovio Pharmaceuticals, Inc		11
3,278	*	Insmed, Inc		65
1,867	*	Instil Bio, Inc		9
2,093	*	Intellia Therapeutics, Inc		108
836	*,e	Intercept Pharmaceuticals, Inc		12
2,522	*	Intra-Cellular Therapies, Inc		144
4,151	*	Ionis Pharmaceuticals, Inc		154
4,447	*	Iovance Biotherapeutics, Inc		49
5,277	*	IQVIA Holdings, Inc		1,145
4,209	*	Ironwood Pharmaceuticals, Inc		49
572	*	iTeos Therapeutics, Inc		12
2,922	*	IVERIC bio, Inc		28
258	*	Janux Therapeutics, Inc		3
1,671	*	Jazz Pharmaceuticals plc		261
73,960		Johnson & Johnson		13,129
724	*	Jounce Therapeutics, Inc		2
487	*	KalVista Pharmaceuticals Inc		5
694	*	Karuna Therapeutics, Inc		88
2,103	*	Karyopharm Therapeutics, Inc		9
400	*	Keros Therapeutics, Inc		11
1,311	*	Kezar Life Sciences, Inc		11
706	*	Kiniksa Pharmaceuticals Ltd		7
383	*,e	Kinnate Biopharma, Inc		5
988	*	Kodiak Sciences, Inc		8
1,128	*	Kronos Bio, Inc		4
486	*	Krystal Biotech Inc		32
1,654	*	Kura Oncology, Inc		30
969	*	Kymera Therapeutics, Inc		19
1,763	*	Lexicon Pharmaceuticals, Inc		3
484	*	Ligand Pharmaceuticals, Inc (Class B)		43
1,283	*	Liquidia Corp		6
4,069	*,e	Lyell Immunopharma, Inc		27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,721	*	MacroGenics, Inc	$	5
275	*	Madrigal Pharmaceuticals, Inc		20
7,710	*,e	MannKind Corp		29
3,088	*	Maravai LifeSciences Holdings, Inc		88
2,546	*	MaxCyte, Inc		12
805	*	Medpace Holdings, Inc		120
548	*	MeiraGTx Holdings plc		4
71,169		Merck & Co, Inc		6,488
1,994	*	Mersana Therapeutics, Inc		9
625	*	Mettler-Toledo International, Inc		718
3,231	*	MiMedx Group, Inc		11
1,197	*	Mirati Therapeutics, Inc		80
392	*	Mirum Pharmaceuticals, Inc		8
9,504	*	Moderna, Inc		1,358
213	*	Monte Rosa Therapeutics, Inc		2
597	*	Morphic Holding, Inc		13
2,502	*	Myriad Genetics, Inc		45
1,328	*	NanoString Technologies, Inc		17
2,327	*	Natera, Inc		82
5,467	*	Nektar Therapeutics		21
3,250	*	NeoGenomics, Inc		26
2,550	*	Neurocrine Biosciences, Inc		249
761	*	NGM Biopharmaceuticals Inc		10
881	*	Nkarta, Inc		11
2,168	*,e	Novavax, Inc		111
1,379	*	Nurix Therapeutics, Inc		17
214	*,e	Nuvalent, Inc		3
4,458	*	Nuvation Bio, Inc		14
5,511	*,e	Ocugen, Inc		12
2,221	*	Ocular Therapeutix, Inc		9
1,103	*	Organogenesis Holdings Inc		5
6,992		Organon & Co		236
2,475	*,e	Outlook Therapeutics, Inc		3
5,816	*,e	Pacific Biosciences of California, Inc		26
1,343	*	Pacira BioSciences Inc		78
3,578		PerkinElmer, Inc		509
4,000		Perrigo Co plc		162
158,974		Pfizer, Inc		8,335
575	*,e	Phathom Pharmaceuticals, Inc		5
720		Phibro Animal Health Corp		14
754	*,e	PMV Pharmaceuticals, Inc		11
2,006	*	Point Biopharma Global, Inc		14
684	*	Praxis Precision Medicines, Inc		2
2,435	*	Precigen, Inc		3
1,585	*	Prestige Consumer Healthcare, Inc.		93
2,427	*,†	Progenics Pharmaceuticals, Inc		0
792	*	Prometheus Biosciences, Inc		22
1,206	*	Protagonist Therapeutics, Inc		10
1,011	*	Prothena Corp plc		27
1,356	*,e	Provention Bio, Inc		5
2,011	*	PTC Therapeutics, Inc		81
6,175	*	QIAGEN NV		291
914	*	Quanterix Corp		15
2,497	*	Quantum-Si, Inc		6
1,455	*	Radius Health, Inc		15
524	*	RAPT Therapeutics, Inc		10
815	*	Reata Pharmaceuticals, Inc		25
3,244	*	Recursion Pharmaceuticals, Inc		26
2,878	*	Regeneron Pharmaceuticals, Inc		1,701
1,062	*	REGENXBIO, Inc		26
2,088	*	Relay Therapeutics, Inc		35
940	*	Relmada Therapeutics, Inc		18
1,598	*	Repligen Corp		259
699	*	Replimune Group, Inc		12
2,003	*	Revance Therapeutics, Inc		28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,744	*	REVOLUTION Medicines, Inc	$	34
4,657	*	Rigel Pharmaceuticals, Inc		5
1,412	*	Rocket Pharmaceuticals, Inc		19
10,105		Royalty Pharma plc		425
1,665	*	Sage Therapeutics, Inc		54
2,386	*,e	Sana Biotechnology, Inc		15
3,362	*	Sangamo Therapeutics Inc		14
2,419	*	Sarepta Therapeutics, Inc		181
1,626	*	Science 37 Holdings, Inc		3
3,883	*	Seagen, Inc		687
1,126	*	Seer, Inc		10
2,061	*	Seres Therapeutics, Inc		7
386	*	Sierra Oncology, Inc		21
1,913	e	SIGA Technologies, Inc		22
1,521	*,e	Singular Genomics Systems, Inc		6
3,798	*	SomaLogic, Inc		17
11,419	*,e	Sorrento Therapeutics, Inc		23
2,303	*	Sotera Health Co		45
843	*,e	SpringWorks Therapeutics, Inc		21
519	*	Stoke Therapeutics, Inc		7
1,648	*	Supernus Pharmaceuticals, Inc		48
1,211	*	Sutro Biopharma, Inc		6
1,544	*	Syndax Pharmaceuticals, Inc		30
3,059	*	Syneos Health, Inc		219
593	*	Talaris Therapeutics, Inc		3
1,233	*	Tango Therapeutics, Inc		6
197	*	Tarsus Pharmaceuticals, Inc		3
285	*	Tenaya Therapeutics, Inc		2
3,788	*	TG Therapeutics, Inc		16
1,625	*	Theravance Biopharma, Inc		15
11,020		Thermo Fisher Scientific, Inc		5,987
1,469	*	Travere Therapeutics, Inc		36
901	*	Tricida, Inc		9
1,339	*	Turning Point Therapeutics Inc		101
1,447	*	Twist Bioscience Corp		51
1,912	*	Ultragenyx Pharmaceutical, Inc		114
1,281	*	United Therapeutics Corp		302
1,691	*	Vanda Pharmaceuticals, Inc		18
3,587	*,e	Vaxart Inc		13
1,408	*	Vaxcyte, Inc		31
5,494	*	VBI Vaccines, Inc		4
578	*,e	Ventyx Biosciences, Inc		7
374	*	Vera Therapeutics, Inc		5
1,983	*	Veracyte, Inc		39
1,345	*	Vericel Corp		34
7,200	*	Vertex Pharmaceuticals, Inc		2,029
1,017	*,e	Verve Therapeutics, Inc		16
5,433	*,e	VG Acquisition Corp		13
33,920		Viatris, Inc		355
1,798	*	Vir Biotechnology, Inc		46
699	*	Viridian Therapeutics, Inc		8
5,638	*	VistaGen Therapeutics, Inc		5
1,721	*	Waters Corp		570
2,065		West Pharmaceutical Services, Inc		624
1,460	*	Xencor, Inc		40
3,592	*	Xeris Biopharma Holdings, Inc		6
959	*	Y-mAbs Therapeutics, Inc		14
975	*	Zentalis Pharmaceuticals, Inc		27
13,247		Zoetis, Inc		2,277
1,752	*,†	Zogenix, Inc		1

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		93,068


REAL ESTATE - 3.6%
1,964		Acadia Realty Trust		31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,757	e	Agree Realty Corp	$	127
1,433		Alexander & Baldwin, Inc		26
113		Alexander’s, Inc		25
4,560		Alexandria Real Estate Equities, Inc		661
1,425		American Assets Trust, Inc		42
3,732		American Campus Communities, Inc		241
3,752		American Finance Trust, Inc		27
8,855		American Homes 4 Rent		314
13,097		American Tower Corp		3,347
7,241		Americold Realty Trust		218
4,413		Apartment Income REIT Corp		184
5,144	*	Apartment Investment and Management Co		33
6,471		Apple Hospitality REIT, Inc		95
1,658		Armada Hoffler Properties, Inc		21
1,308	*,e	Ashford Hospitality Trust, Inc		8
4,095		AvalonBay Communities, Inc		795
951		Bluerock Residential Growth REIT, Inc		25
4,442		Boston Properties, Inc		395
1,188		BraeMar Hotels & Resorts, Inc		5
3,704		Brandywine Realty Trust		36
7,811		Brixmor Property Group, Inc		158
4,091		Broadstone Net Lease, Inc		84
552		Brt Realty Trust		12
3,063		Camden Property Trust		412
3,202		CareTrust REIT, Inc		59
1,667		CatchMark Timber Trust, Inc		17
1,043	*	CBL & Associates Properties, Inc		25
9,275		CBRE Group, Inc		683
283		Cedar Realty Trust, Inc		8
460		Centerspace		38
1,449	*	Chatham Lodging Trust		15
1,087		City Office REIT, Inc		14
544		Clipper Realty, Inc		4
753		Community Healthcare Trust, Inc		27
7,243	*	Compass, Inc		26
2,602		Corporate Office Properties Trust		68
4,434		Cousins Properties, Inc		130
12,229		Crown Castle International Corp		2,059
196		CTO Realty Growth, Inc		12
5,793		CubeSmart		247
3,593	*	Cushman & Wakefield plc		55
7,193	*	DiamondRock Hospitality Co		59
7,984		Digital Realty Trust, Inc		1,037
15,230	*	DigitalBridge Group, Inc		74
7,300		Diversified Healthcare Trust		13
3,543	*	Doma Holdings, Inc		4
2,005		Douglas Elliman, Inc		10
4,303		Douglas Emmett, Inc		96
11,336		Duke Realty Corp		623
1,724		Easterly Government Properties, Inc		33
1,286		EastGroup Properties, Inc		198
3,522		Empire State Realty Trust, Inc		25
2,015		EPR Properties		95
2,571		Equinix, Inc		1,689
3,285	*	Equity Commonwealth		90
5,139		Equity Lifestyle Properties, Inc		362
10,442		Equity Residential		754
3,224		Essential Properties Realty Trust, Inc		69
1,872		Essex Property Trust, Inc		490
1,858	e	eXp World Holdings Inc		22
3,972		Extra Space Storage, Inc		676
967		Farmland Partners, Inc		13
2,191		Federal Realty Investment Trust		210
3,737		First Industrial Realty Trust, Inc		177
400	*	Forestar Group, Inc		5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,561		Four Corners Property Trust, Inc	$	42
4,124		Franklin Street Properties Corp		17
309	*	FRP Holdings, Inc		19
6,257		Gaming and Leisure Properties, Inc		287
1,064		Getty Realty Corp		28
881		Gladstone Commercial Corp		17
815		Gladstone Land Corp		18
1,479		Global Medical REIT, Inc		17
2,475		Global Net Lease, Inc		35
3,913		Healthcare Realty Trust, Inc		106
6,289		Healthcare Trust of America, Inc		176
15,467		Healthpeak Properties Inc		401
1,493	*	Hersha Hospitality Trust		15
2,907		Highwoods Properties, Inc		99
19,934		Host Hotels and Resorts, Inc		313
1,318	*	Howard Hughes Corp		90
3,600		Hudson Pacific Properties		53
5,802		Independence Realty Trust, Inc		120
200		Indus Realty Trust, Inc		12
1,510		Industrial Logistics Properties Trust		21
821		Innovative Industrial Properties, Inc		90
1,587		InvenTrust Properties Corp		41
17,129		Invitation Homes, Inc		609
8,118		Iron Mountain, Inc		395
1,536		iStar Inc		21
3,149		JBG SMITH Properties		74
1,433	*	Jones Lang LaSalle, Inc		251
2,815		Kennedy-Wilson Holdings, Inc		53
3,530		Kilroy Realty Corp		185
16,724		Kimco Realty Corp		331
6,010		Kite Realty Group Trust		104
2,540		Lamar Advertising Co		223
8,135		Lexington Realty Trust		87
2,202		Life Storage, Inc		246
838		LTC Properties, Inc		32
6,081		Macerich Co		53
3,269	*	Mack-Cali Realty Corp		43
569		Marcus & Millichap, Inc		21
16,244		Medical Properties Trust, Inc		248
3,416		Mid-America Apartment Communities, Inc		597
1,067		National Health Investors, Inc		65
5,179		National Retail Properties, Inc		223
2,085		National Storage Affiliates Trust		104
1,788		NETSTREIT Corp		34
4,328		Newmark Group, Inc		42
662		NexPoint Residential Trust, Inc		41
1,714	*	Offerpad Solutions, Inc		4
1,207		Office Properties Income Trust		24
6,327		Omega Healthcare Investors, Inc		178
574		One Liberty Properties, Inc		15
13,469	*,e	Opendoor Technologies, Inc		63
1,597		Orion Office REIT, Inc		18
4,782		Outfront Media, Inc		81
4,579		Paramount Group, Inc		33
7,470		Park Hotels & Resorts, Inc		101
4,334		Pebblebrook Hotel Trust		72
2,989		Phillips Edison & Co, Inc		100
5,940		Physicians Realty Trust		104
3,343		Piedmont Office Realty Trust, Inc		44
628		Plymouth Industrial REIT, Inc		11
1,448		PotlatchDeltic Corp		64
20,650		Prologis, Inc		2,429
529		PS Business Parks, Inc		99
4,410		Public Storage, Inc		1,379
3,743		Rayonier, Inc		140

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

732		Re/Max Holdings, Inc	$	18
3,279	*	Realogy Holdings Corp		32
16,554		Realty Income Corp		1,130
3,100	*,e	Redfin Corp		26
5,446		Regency Centers Corp		323
4,204		Retail Opportunities Investment Corp		66
4,303		Rexford Industrial Realty, Inc		248
5,361		RLJ Lodging Trust		59
283		RMR Group, Inc		8
1,611		RPT Realty		16
1,575	*	Ryman Hospitality Properties		120
7,016		Sabra Healthcare REIT, Inc		98
468		Safehold, Inc		17
392		Saul Centers, Inc		18
3,000		SBA Communications Corp		960
990	*	Seritage Growth Properties		5
4,584		Service Properties Trust		24
9,517		Simon Property Group, Inc		903
6,051		SITE Centers Corp		82
1,989	e	SL Green Realty Corp		92
3,189		Spirit Realty Capital, Inc		120
1,023		St. Joe Co		40
4,481		STAG Industrial, Inc		138
7,772		STORE Capital Corp		203
134	*	Stratus Properties, Inc		4
3,928	*	Summit Hotel Properties, Inc		29
3,196		Sun Communities, Inc		509
7,507	*	Sunstone Hotel Investors, Inc		74
2,916		Tanger Factory Outlet Centers, Inc		41
834	*	Tejon Ranch Co		13
1,821		Terreno Realty Corp		102
9,405		UDR, Inc		433
994		UMH Properties, Inc		18
3,786		Uniti Group, Inc		36
294		Universal Health Realty Income Trust		16
3,855		Urban Edge Properties		59
1,188		Urstadt Biddle Properties, Inc (Class A)		19
11,320		Ventas, Inc		582
26,625		VICI Properties, Inc		793
4,805		Vornado Realty Trust		137
2,363		Washington REIT		50
12,746		Welltower, Inc		1,050
4,115	*,e	WeWork, Inc		21
20,965		Weyerhaeuser Co		694
1,293		Whitestone REIT		14
5,105		WP Carey, Inc		423
3,934	*	Xenia Hotels & Resorts, Inc		57
1,844	*	Zillow Group, Inc (Class A)		59
3,952	*,e	Zillow Group, Inc (Class C)		125

		TOTAL REAL ESTATE		38,795


RETAILING - 5.3%
966	*	1-800-FLOWERS.COM, Inc (Class A)		9
1,062		Aaron’s Co, Inc		15
1,704	*	Abercrombie & Fitch Co (Class A)		29
2,150		Academy Sports & Outdoors, Inc		76
1,802		Advance Auto Parts, Inc		312
249,910	*	Amazon.com, Inc		26,543
4,274		American Eagle Outfitters, Inc		48
154	*	America’s Car-Mart, Inc		16
2,460		Arko Corp		20
588	*	Asbury Automotive Group, Inc		100
1,051	*	Autonation, Inc		117
558	*	AutoZone, Inc		1,199

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

6,685		Bath & Body Works, Inc	$	180
2,880	*,e	Bed Bath & Beyond, Inc		14
5,799		Best Buy Co, Inc		378
578		Big 5 Sporting Goods Corp		6
680	e	Big Lots, Inc		14
819	*	Boot Barn Holdings, Inc		56
524		Buckle, Inc		15
326		Build-A-Bear Workshop, Inc		5
1,836	*	Burlington Stores, Inc		250
1,001		Caleres, Inc		26
895	e	Camping World Holdings, Inc		19
4,514	*	CarMax, Inc		408
1,412	*	CarParts.com, Inc		10
3,042	*,e	Carvana Co		69
966		Cato Corp (Class A)		11
3,531	*	Chico’s FAS, Inc		18
389	*	Children’s Place, Inc		15
293	*	Citi Trends, Inc		7
708	*	Conn’s, Inc		6
764	*	Container Store Group, Inc		5
17,189	*	ContextLogic, Inc		28
1,606		Designer Brands, Inc		21
1,452	*	Destination XL Group, Inc		5
1,659	e	Dick’s Sporting Goods, Inc		125
131	e	Dillard’s, Inc (Class A)		29
6,454		Dollar General Corp		1,584
5,833	*	Dollar Tree, Inc		909
7,038	*	DoorDash, Inc		452
404	*	Duluth Holdings, Inc		4
15,757		eBay, Inc		657
3,656	*	Etsy, Inc		268
2,017	*,e	EVgo, Inc		12
1,506	*	Five Below, Inc		171
2,980	*	Floor & Decor Holdings, Inc		188
1,965		Foot Locker, Inc		50
748		Franchise Group, Inc		26
576	*	Funko, Inc		13
1,897	*,e	GameStop Corp (Class A)		232
2,211		Gap, Inc		18
365	*	Genesco, Inc		18
3,885		Genuine Parts Co		517
437		Group 1 Automotive, Inc		74
658	*,e	Groupon, Inc		7
1,619	*,e	GrowGeneration Corp		6
1,358		Guess?, Inc		23
715		Haverty Furniture Cos, Inc		17
547		Hibbett Sports, Inc		24
29,066		Home Depot, Inc		7,972
3,678		Kohl’s Corp		131
487	*	Lands’ End, Inc		5
4,195	*,e	Leslie’s, Inc		64
664	*	Liquidity Services, Inc		9
845		Lithia Motors, Inc (Class A)		232
7,424		LKQ Corp		364
18,684		Lowe’s Companies, Inc		3,264
1,099	*	Lumber Liquidators, Inc		10
8,288		Macy’s, Inc		152
530	*	MarineMax, Inc		19
759		Monro Muffler, Inc		33
522		Murphy USA, Inc		122
2,416	*	National Vision Holdings, Inc		66
2,987		Nordstrom, Inc		63
1,066	*	ODP Corp		32
1,867	*	Ollie’s Bargain Outlet Holdings, Inc		110
266	*	OneWater Marine, Inc		9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,879	*	O’Reilly Automotive, Inc	$	1,187
1,209	*,e	Overstock.com, Inc		30
633		Penske Auto Group, Inc		66
1,980	*	Petco Health & Wellness Co, Inc		29
765	e	PetMed Express, Inc		15
1,111		Pool Corp		390
2,148	*,e	Porch Group, Inc		6
1,197	*	Poshmark, Inc		12
2,851	*	Quotient Technology, Inc		8
8,276		Qurate Retail Group, Inc QVC Group		24
2,401	*,e	RealReal, Inc		6
1,396	*	Rent the Runway, Inc		4
1,859		Rent-A-Center, Inc		36
1,063	*	Revolve Group, Inc		28
507	*	RH		108
9,996		Ross Stores, Inc		702
2,402	*	Sally Beauty Holdings, Inc		29
646		Shoe Carnival, Inc		14
719		Shutterstock, Inc		41
1,368		Signet Jewelers Ltd		73
760	*	Sleep Number Corp		24
479		Sonic Automotive, Inc (Class A)		18
1,434	*	Sportsman’s Warehouse Holdings, Inc		14
1,770	*	Stitch Fix Inc		9
12,883		Target Corp		1,819
1,616	*	ThredUp, Inc		4
432		Tilly’s, Inc		3
33,310		TJX Companies, Inc		1,860
3,189		Tractor Supply Co		618
311	*	TravelCenters of America, Inc		11
1,437	*	Ulta Beauty, Inc		554
1,483	*	Urban Outfitters, Inc		28
2,226	*	Victoria’s Secret & Co		62
3,415	*,e	Volta, Inc		4
2,402	*	Warby Parker, Inc		27
2,236	*,e	Wayfair, Inc		97
2,055		Williams-Sonoma, Inc		228
94		Winmark Corp		18
911	*,e	Xometry, Inc		31
686	*	Zumiez, Inc		18

		TOTAL RETAILING		56,386


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6%
1,170	*	ACM Research, Inc		20
45,362	*	Advanced Micro Devices, Inc		3,469
1,144	*	Allegro MicroSystems, Inc		24
844	*	Alpha & Omega Semiconductor Ltd		28
1,114	*	Ambarella, Inc		73
3,306		Amkor Technology, Inc		56
14,665		Analog Devices, Inc		2,142
24,750		Applied Materials, Inc		2,252
534	*,e	Atomera, Inc		5
1,017	*	Axcelis Technologies, Inc		56
1,452	*	AXT, Inc		9
11,225		Broadcom, Inc		5,453
839	*	Ceva, Inc		28
1,702	*	Cirrus Logic, Inc		124
728		CMC Materials, Inc		127
1,495	*	Cohu, Inc		42
1,395	*	Diodes, Inc		90
3,684	*	Enphase Energy, Inc		719
3,887		Entegris, Inc		358
3,071	*	First Solar, Inc		209
2,364	*	Formfactor, Inc		92

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

1,663	*	GLOBALFOUNDRIES, Inc	$	67
660	*	Ichor Holdings Ltd		17
705	*	Impinj, Inc		41
2,443	*	indie Semiconductor, Inc		14
114,966		Intel Corp		4,301
4,172		KLA Corp		1,331
1,679		Kulicke & Soffa Industries, Inc		72
3,882		Lam Research Corp		1,654
3,496	*	Lattice Semiconductor Corp		170
1,568	*	MACOM Technology Solutions Holdings, Inc		72
23,532		Marvell Technology, Inc		1,024
2,280	*	MaxLinear, Inc		78
14,952		Microchip Technology, Inc		868
31,128		Micron Technology, Inc		1,721
1,516		MKS Instruments, Inc		156
1,283		Monolithic Power Systems, Inc		493
1,345	*	Nanometrics, Inc		94
1,216	*	NeoPhotonics Corp Ltd		19
67,663		NVIDIA Corp		10,257
11,989	*	ON Semiconductor Corp		603
1,181	*	PDF Solutions, Inc		25
1,824	*	Photronics, Inc		36
1,723		Power Integrations, Inc		129
3,026	*	Qorvo, Inc		285
31,492		QUALCOMM, Inc		4,023
3,556	*	Rambus, Inc		76
2,728	*,e	Rockley Photonics Holdings Ltd		6
1,942	*	Semtech Corp		107
1,086	*	Silicon Laboratories, Inc		152
434	*	SiTime Corp		71
4,631		Skyworks Solutions, Inc		429
988	*	SMART Global Holdings, Inc		16
2,299	*,e	SunPower Corp		36
1,111	*	Synaptics, Inc		131
4,246		Teradyne, Inc		380
25,873		Texas Instruments, Inc		3,975
1,266	*	Ultra Clean Holdings		38
1,281		Universal Display Corp		130
1,051	*	Veeco Instruments, Inc		20
3,166	*	Wolfspeed Inc		201

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		48,694


SOFTWARE & SERVICES - 13.4%
3,462	*	8x8, Inc		18
1,883		A10 Networks, Inc		27
17,803		Accenture plc		4,943
3,560	*	ACI Worldwide, Inc		92
13,265	*	Adobe, Inc		4,856
4,905	*	Affirm Holdings, Inc		89
675	*	Agilysys, Inc		32
4,545	*	Akamai Technologies, Inc		415
1,443	*	Alarm.com Holdings, Inc		89
785	*,e	Alkami Technology, Inc		11
1,317	*	Altair Engineering, Inc		69
1,733	*	Alteryx, Inc		84
3,360		Amdocs Ltd		280
1,091		American Software, Inc (Class A)		18
1,464	*	Amplitude, Inc		21
2,361	*	Ansys, Inc		565
538	*	Appfolio, Inc		49
1,178	*,e	Appian Corp		56
6,361	*,e	AppLovin Corp		219
2,178	*,e	Asana, Inc		38
744	*	Aspen Technology, Inc		137

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

3,778	*	Atlassian Corp plc	$	708
6,003	*	Autodesk, Inc		1,032
11,754		Automatic Data Processing, Inc		2,469
2,529	*	Avalara, Inc		179
2,583	*	Avaya Holdings Corp		6
2,977	*	AvePoint, Inc		13
3,908	*	AvidXchange Holdings, Inc		24
1,139	*	Benefitfocus, Inc		9
4,603		Bentley Systems, Inc		153
1,735	*	BigCommerce Holdings, Inc		28
2,787	*	Bill.Com Holdings, Inc		306
4,272	*	Black Knight, Inc		279
1,447	*	Blackbaud, Inc		84
1,613	*	Blackline, Inc		107
5,115	*	Blend Labs, Inc		12
14,547	*	Block, Inc		894
3,187	*	Box, Inc		80
1,461		Bread Financial Holdings, Inc		54
1,247	*	Brightcove, Inc		8
3,315		Broadridge Financial Solutions, Inc		473
2,391	*	BTRS Holdings, Inc		12
2,348	*	Bumble, Inc		66
1,740	*	C3.ai, Inc		32
7,589	*	Cadence Design Systems, Inc		1,139
1,535	*	Cantaloupe, Inc		9
576		Cass Information Systems, Inc		19
5,023	*	CCC Intelligent Solutions Holdings, Inc		46
3,349		CDK Global, Inc		183
1,161	*	Cerberus Cyber Sentinel Corp		4
1,164	*	Cerence Inc		29
3,791	*	Ceridian HCM Holding, Inc		178
921	*	ChannelAdvisor Corp		13
3,641		Citrix Systems, Inc		354
1,162	*,e	Cleanspark, Inc		5
1,700	*	Clear Secure, Inc		34
7,836	*	Cloudflare, Inc		343
14,504		Cognizant Technology Solutions Corp (Class A)		979
1,426	*	Commvault Systems, Inc		90
1,240		Concentrix Corp		168
5,536	*	Conduent, Inc		24
3,568	*	Confluent, Inc		83
415	*	Consensus Cloud Solutions, Inc		18
5,446	*	Core Scientific, Inc		8
711	*	Couchbase, Inc		12
2,169	*	Coupa Software, Inc		124
5,919	*	Crowdstrike Holdings, Inc		998
713	*,e	CS Disco, Inc		13
1,113		CSG Systems International, Inc		66
2,581	*,e	Cvent Holding Corp		12
963	*	Cyxtera Technologies, Inc		11
7,266	*	Datadog, Inc		692
574	*,e	Digimarc Corp		8
2,598	*	Digital Turbine, Inc		45
2,085	*	DigitalOcean Holdings, Inc		86
5,594	*	DocuSign, Inc		321
1,762		Dolby Laboratories, Inc (Class A)		126
816	*	Domo, Inc		23
1,439	*	DoubleVerify Holdings, Inc		33
8,354	*	Dropbox, Inc		175
2,214	*	Duck Creek Technologies, Inc		33
6,709	*	DXC Technology Co		203
5,589	*	Dynatrace, Inc		220
5,822	*,e	E2open Parent Holdings, Inc		45
927		Ebix, Inc		16
648	*	eGain Corp		6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

2,086	*	Elastic NV	$	141
553	*	Enfusion, Inc		6
742	*	EngageSmart, Inc		12
1,657	*	Envestnet, Inc		87
1,576	*	EPAM Systems, Inc		465
1,402	*	Euronet Worldwide, Inc		141
1,144	*	Everbridge, Inc		32
918	*	EverCommerce, Inc		8
1,923		EVERTEC, Inc		71
1,204	*	Evo Payments, Inc		28
972	*	ExlService Holdings, Inc		143
731	*	Fair Isaac Corp		293
3,179	*	Fastly, Inc		37
17,292		Fidelity National Information Services, Inc		1,585
6,880	*	FireEye, Inc		150
16,689	*	Fiserv, Inc		1,485
2,029	*	Five9, Inc		185
2,168	*	FleetCor Technologies, Inc		455
1,731	*	Flywire Corp		30
18,188	*	Fortinet, Inc		1,029
2,114	*	Gartner, Inc		511
5,012		Genpact Ltd		212
7,828		Global Payments, Inc		866
1,180	*	Globant S.A.		205
4,736	*	GoDaddy, Inc		329
1,385	*	Grid Dynamics Holdings, Inc		23
898	*	GTY Technology Holdings Inc		6
2,614	*	Guidewire Software, Inc		186
1,077		Hackett Group, Inc		20
1,283	*	HubSpot, Inc		386
351	*	I3 Verticals, Inc		9
845	*	Informatica, Inc		18
559	*	Instructure Holdings, Inc		13
224	*,e	Intapp, Inc		3
1,057		InterDigital, Inc		64
25,332		International Business Machines Corp		3,577
677	*	International Money Express Inc		14
7,766		Intuit, Inc		2,993
1,796	*,e	IronNet, Inc		4
2,050		Jack Henry & Associates, Inc		369
1,710	*	Jamf Holding Corp		42
1,951	*	KnowBe4, Inc		30
5,240	*	Kyndryl Holdings, Inc		51
3,363	*,e	Limelight Networks, Inc		8
2,024	*	Liveperson, Inc		29
1,949	*	LiveRamp Holdings, Inc		50
1,818	*	Manhattan Associates, Inc		208
2,859	*,e	Marathon Digital Holdings, Inc		15
11,987	*	Marqeta, Inc		97
24,196		Mastercard, Inc (Class A)		7,633
6,004	*	Matterport, Inc		22
1,947		MAXIMUS, Inc		122
423	*	MeridianLink, Inc		7
210,299		Microsoft Corp		54,011
235	*,e	MicroStrategy, Inc (Class A)		39
1,253	*	Mitek Systems, Inc		12
844	*	Model N, Inc		22
2,446	*	MoneyGram International, Inc		24
1,807	*	MongoDB, Inc		469
1,593	*	N-Able, Inc		14
1,586	*,e	nCino OpCo, Inc		49
3,958	*	NCR Corp		123
1,631	*	New Relic, Inc		82
15,719		NortonLifelock, Inc		345
5,847	*	Nutanix, Inc		86

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

3,579	*	Okta, Inc	$	324
2,330	*	Olo, Inc		23
678	*	ON24, Inc		6
1,227	*	OneSpan, Inc		15
42,531		Oracle Corp		2,972
2,372	*	Pagerduty, Inc		59
50,923	*	Palantir Technologies, Inc		462
2,675	*	Palo Alto Networks, Inc		1,321
1,831	*	Paya Holdings, Inc		12
9,023		Paychex, Inc		1,027
1,447	*	Paycom Software, Inc		405
1,163	*,e	Paycor HCM, Inc		30
1,125	*	Paylocity Holding Corp		196
5,249	*	Payoneer Global, Inc		21
32,488	*	PayPal Holdings, Inc		2,269
12,074	*,e	Paysafe Ltd		24
1,232		Pegasystems, Inc		59
814	*	Perficient, Inc		75
568	*	PFSweb, Inc		7
2,304	*	Ping Identity Holding Corp		42
1,856	*	Procore Technologies, Inc		84
1,606		Progress Software Corp		73
1,099	*	PROS Holdings, Inc		29
2,773	*	PTC, Inc		295
1,569	*	Q2 Holdings, Inc		60
1,112	*	Qualys, Inc		140
1,424	*,e	Rackspace Technology, Inc		10
1,695	*	Rapid7, Inc		113
2,206	*	Remitly Global, Inc		17
2,014	*	Repay Holdings Corp		26
992	*	Rimini Street, Inc		6
2,462	*	RingCentral, Inc		129
3,178	*,e	Riot Blockchain, Inc		13
2,942		Roper Technologies, Inc		1,161
10,188	*	Sabre Corp		59
2,265	*	SailPoint Technologies Holding, Inc		142
27,030	*	salesforce.com, Inc		4,461
766		Sapiens International Corp NV		19
257	*	SecureWorks Corp		3
4,923	*	SentinelOne, Inc		115
5,622	*	ServiceNow, Inc		2,673
1,262	*	Shift4 Payments, Inc		42
356	*	ShotSpotter, Inc		10
1,592	*	Skillsoft Corp		6
3,616	*	Smartsheet, Inc		114
5,368	*	Snowflake, Inc		746
1,484		SolarWinds Corp		15
4,593	*	Splunk, Inc		406
1,316	*	Sprout Social, Inc		76
1,093	*	SPS Commerce, Inc		124
907	*,e	Squarespace, Inc		19
5,986		SS&C Technologies Holdings, Inc		348
7,953	*	StoneCo Ltd		61
2,378	*	Sumo Logic, Inc		18
3,818	*	SVMK, Inc		34
3,787		Switch, Inc		127
4,289	*	Synopsys, Inc		1,303
1,087	*	Telos Corp		9
2,968	*	Tenable Holdings, Inc		135
2,794	*	Teradata Corp		103
6,226	*	Toast, Inc		81
12,462	*	Trade Desk, Inc		522
541		TTEC Holdings, Inc		37
349	*,e	Tucows, Inc		16
2,008	*	Turing Holding Corp		28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

4,865	*	Twilio, Inc	$	408
1,206	*	Tyler Technologies, Inc		401
10,393	*	UiPath, Inc		189
2,160	*	Unisys Corp		26
5,846	*	Unity Software, Inc		215
660	*	Upland Software, Inc		10
1,211	*,e	UserTesting, Inc		6
3,084	*	Varonis Systems, Inc		90
1,365	*	Verint Systems, Inc		58
2,578	*	VeriSign, Inc		431
765	*,e	Veritone, Inc		5
3,457	*	Verra Mobility Corp		54
305	*	Viant Technology, Inc		2
46,257		Visa, Inc (Class A)		9,108
5,880		VMware, Inc (Class A)		670
6,632	*	Vonage Holdings Corp		125
11,536		Western Union Co		190
1,301	*	WEX, Inc		202
1,594	*	Wix.com Ltd		104
1,720	*	WM Technology, Inc		6
5,472	*	Workday, Inc		764
1,379	*	Workiva, Inc		91
2,653		Xperi Holding Corp		38
2,990	*	Yext, Inc		14
3,363	*	Zendesk, Inc		249
7,092	*	Zoom Video Communications, Inc		766
2,300	*	Zscaler, Inc		344
2,992	*	Zuora Inc		27

		TOTAL SOFTWARE & SERVICES		143,861


TECHNOLOGY HARDWARE & EQUIPMENT - 7.2%
3,738	*	3D Systems Corp		36
521	*	908 Devices, Inc		11
1,592		Adtran, Inc		28
1,075		Advanced Energy Industries, Inc		78
1,335	*	Aeva Technologies, Inc		4
899	*,e	Akoustis Technologies, Inc		3
16,436		Amphenol Corp (Class A)		1,058
429,819	d	Apple, Inc		58,765
6,772	*	Arista Networks, Inc		635
2,522	*	Arlo Technologies, Inc		16
1,781	*	Arrow Electronics, Inc		200
223	*	Aviat Networks, Inc		6
1,182	*	Avid Technology, Inc		31
2,923		Avnet, Inc		125
997		Badger Meter, Inc		81
1,442		Belden CDT, Inc		77
1,361		Benchmark Electronics, Inc		31
1,720	*	Calix, Inc		59
235	*	Cambium Networks Corp		3
176	*	Casa Systems, Inc		1
3,805		CDW Corp		600
4,195	*	Ciena Corp		192
117,384		Cisco Systems, Inc		5,005
365	*	Clearfield, Inc		23
4,963		Cognex Corp		211
682	*	Coherent, Inc		182
6,058	*	CommScope Holding Co, Inc		37
784		Comtech Telecommunications Corp		7
21,095		Corning, Inc		665
716	*,e	Corsair Gaming, Inc		9
1,256		CTS Corp		43
7,447		Dell Technologies, Inc		344
759	*	Digi International, Inc		18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

369	*	DZS, Inc	$	6
1,285	*,e	Eastman Kodak Co		6
863	*	ePlus, Inc		46
2,211	*	Evolv Technologies Holdings, Inc		6
4,038	*	Extreme Networks, Inc		36
1,540	*	F5 Networks, Inc		236
1,106	*	Fabrinet		90
655	*	FARO Technologies, Inc		20
428	*,e	Focus Universal, Inc		5
3,142	*	Harmonic, Inc		27
35,905		Hewlett Packard Enterprise Co		476
29,079		HP, Inc		953
447	*	Identiv, Inc		5
2,872	*,e	II-VI, Inc		146
5,792	*	Infinera Corp		31
2,359	*,e	Inseego Corp		4
967	*	Insight Enterprises, Inc		83
3,256	*	IonQ, Inc		14
1,022	*	IPG Photonics Corp		96
1,329	*	Itron, Inc		66
4,143		Jabil Inc		212
8,971		Juniper Networks, Inc		256
4,963	*	Keysight Technologies, Inc		684
1,038	*	Kimball Electronics, Inc		21
3,025	*	Knowles Corp		52
3,049	*,e	Lightwave Logic, Inc		20
741		Littelfuse, Inc		188
1,893	*	Lumentum Holdings, Inc		150
1,398		Methode Electronics, Inc		52
4,688	*,e	Microvision, Inc		18
3,110	*	Mirion Technologies, Inc		18
4,569		Motorola Solutions, Inc		958
856	*	Napco Security Technologies, Inc		18
4,043		National Instruments Corp		126
6,356		NetApp, Inc		415
962	*	Netgear, Inc		18
2,211	*	Netscout Systems, Inc		75
1,072	*	nLight, Inc		11
1,083	*	Novanta, Inc		131
810	*	Ondas Holdings, Inc		4
673	*	OSI Systems, Inc		57
3,455	*,e	Ouster, Inc		6
675	*,e	PAR Technology Corp		25
430		PC Connection, Inc		19
1,066	*	Plantronics, Inc		42
884	*	Plexus Corp		69
7,668	*	Pure Storage, Inc		197
2,205	*	Ribbon Communications, Inc		7
512	*	Rogers Corp		134
1,891	*	Sanmina Corp		77
958	*	Scansource, Inc		30
3,094	*,e	SmartRent, Inc		14
1,358	*	Super Micro Computer, Inc		55
1,240		SYNNEX Corp		113
1,275	*	Teledyne Technologies, Inc		478
6,706	*	Trimble Inc		390
3,576	*	TTM Technologies, Inc		45
379	*	Turtle Beach Corp		5
180	e	Ubiquiti, Inc		45
1,943	*	Velodyne Lidar, Inc		2
1,951	*	Viasat, Inc		60
7,253	*	Viavi Solutions, Inc		96
4,516		Vishay Intertechnology, Inc		80
398	*	Vishay Precision Group, Inc		12
4,816		Vontier Corp		111

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

8,745	*	Western Digital Corp	$	392
2,578		Xerox Holdings Corp		38
1,393	*	Zebra Technologies Corp (Class A)		409

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		77,371


TELECOMMUNICATION SERVICES - 1.3%
410	*	Anterix, Inc		17
202,002		AT&T, Inc		4,234
373		ATN International, Inc		17
669	*	Bandwidth Inc		13
1,393	*	Charge Enterprises, Inc		7
1,375		Cogent Communications Group, Inc		84
2,586	*	Consolidated Communications Holdings, Inc		18
1,375	*	EchoStar Corp (Class A)		27
6,554	*	Frontier Communications Parent, Inc		154
18,045	*,e	Globalstar, Inc		22
1,217	*	Gogo, Inc		20
521	*	IDT Corp (Class B)		13
3,657	*	Iridium Communications, Inc		137
1,581	*	Liberty Latin America Ltd (Class A)		12
5,022	*	Liberty Latin America Ltd (Class C)		39
28,983		Lumen Technologies, Inc		316
661	*	Ooma, Inc		8
1,833	*	Radius Global Infrastructure, Inc		28
1,561		Shenandoah Telecom Co		35
2,915		Telephone & Data Systems, Inc		46
16,764	*	T-Mobile US, Inc		2,255
444	*	US Cellular Corp		13
118,255		Verizon Communications, Inc		6,001

		TOTAL TELECOMMUNICATION SERVICES		13,516


TRANSPORTATION - 1.8%
2,138	*	Air Transport Services Group, Inc		61
3,317	*	Alaska Air Group, Inc		133
393	*	Allegiant Travel Co		44
269		Amerco, Inc		129
19,189	*	American Airlines Group, Inc		243
719		ArcBest Corp		51
798	*	Atlas Air Worldwide Holdings, Inc		49
856	*	Avis Budget Group, Inc		126
1,241	*	Blade Air Mobility, Inc		6
3,387		CH Robinson Worldwide, Inc		343
693	*	Copa Holdings S.A. (Class A)		44
1,032		Costamare, Inc		13
452		Covenant Transportation Group, Inc		11
60,600		CSX Corp		1,761
763	*	Daseke, Inc		5
18,828	*	Delta Air Lines, Inc		545
393		Eagle Bulk Shipping, Inc		20
4,468		Expeditors International of Washington, Inc		435
6,781		FedEx Corp		1,537
902		Forward Air Corp		83
349	*,e	Frontier Group Holdings, Inc		3
791		Genco Shipping & Trading Ltd		15
3,539		Golden Ocean Group Ltd		41
2,887	*	GXO Logistics, Inc		125
1,825	*	Hawaiian Holdings, Inc		26
1,188		Heartland Express, Inc		17
6,486	*	Hertz Global Holdings, Inc		103
1,111	*	Hub Group, Inc (Class A)		79
2,448		JB Hunt Transport Services, Inc		386
9,060	*	JetBlue Airways Corp		76
7,073	*	Joby Aviation, Inc		35
1,943	*	Kirby Corp		118

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

4,439		Knight-Swift Transportation Holdings, Inc	$	206
990		Landstar System, Inc		144
8,428	*	Lyft, Inc (Class A)		112
2,242		Marten Transport Ltd		38
1,000		Matson, Inc		73
6,657		Norfolk Southern Corp		1,513
2,839		Old Dominion Freight Line		728
1,449	*	Radiant Logistics, Inc		11
1,259		Ryder System, Inc		89
1,798		Safe Bulkers, Inc		7
741	*	Saia, Inc		139
1,714		Schneider National, Inc		38
1,416	*	Skywest, Inc		30
17,192	*	Southwest Airlines Co		621
3,099	*	Spirit Airlines, Inc		74
295	*	Sun Country Airlines Holdings, Inc		5
3,773	*,e	TuSimple Holdings, Inc		27
53,321	*	Uber Technologies, Inc		1,091
17,680		Union Pacific Corp		3,771
8,627	*	United Airlines Holdings Inc		306
20,670		United Parcel Service, Inc (Class B)		3,773
200		Universal Logistics Holdings Inc		5
1,875		Werner Enterprises, Inc		72
4,164	*	Wheels Up Experience, Inc		8
2,690	*	XPO Logistics, Inc		130

		TOTAL TRANSPORTATION		19,674


UTILITIES - 3.0%
19,708		AES Corp		414
1,489		Allete, Inc		87
7,056		Alliant Energy Corp		413
925	*,e	Altus Power, Inc		6
7,109		Ameren Corp		642
14,600		American Electric Power Co, Inc		1,401
773		American States Water Co		63
5,050		American Water Works Co, Inc		751
366		Artesian Resources Corp		18
3,550		Atmos Energy Corp		398
2,225		Avangrid, Inc		103
1,516		Avista Corp		66
1,598		Black Hills Corp		116
2,918	e	Brookfield Infrastructure Corp		124
3,901		Brookfield Renewable Corp		139
1,070		California Water Service Group		59
16,876		Centerpoint Energy, Inc		499
640		Chesapeake Utilities Corp		83
1,290		Clearway Energy, Inc (Class A)		41
2,243		Clearway Energy, Inc (Class C)		78
8,112		CMS Energy Corp		548
10,001		Consolidated Edison, Inc		951
8,858		Constellation Energy Corp		507
22,485		Dominion Energy, Inc		1,794
5,388		DTE Energy Co		683
21,844		Duke Energy Corp		2,342
10,947		Edison International		692
5,749		Entergy Corp		648
6,923		Essential Utilities Inc		317
6,427		Evergy, Inc		419
9,766		Eversource Energy		825
28,246		Exelon Corp		1,280
15,230		FirstEnergy Corp		585
349		Global Water Resources, Inc		5
2,788		Hawaiian Electric Industries, Inc		114
1,455		Idacorp, Inc		154

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account


SHARES		COMPANY	VALUE (000)

899		MGE Energy, Inc	$	70
644		Middlesex Water Co		56
1,899	*	Montauk Renewables, Inc		19
2,568		National Fuel Gas Co		170
2,338		New Jersey Resources Corp		104
55,332		NextEra Energy, Inc		4,286
11,482		NiSource, Inc		339
1,124		Northwest Natural Holding Co		60
1,255		NorthWestern Corp		74
6,138		NRG Energy, Inc		234
5,229		OGE Energy Corp		202
1,679		ONE Gas, Inc		136
1,235		Ormat Technologies, Inc		97
920		Otter Tail Corp		62
45,263	*,b	PG&E Corp		452
2,918		Pinnacle West Capital Corp		213
1,917		PNM Resources, Inc		92
2,243		Portland General Electric Co		108
20,646		PPL Corp		560
13,633		Public Service Enterprise Group, Inc		863
626	*	Pure Cycle Corp		7
8,888		Sempra Energy		1,336
678		SJW Corp		42
3,214		South Jersey Industries, Inc		110
29,855		Southern Co		2,129
1,744		Southwest Gas Holdings Inc		152
1,343		Spire, Inc		100
2,817	*	Sunnova Energy International, Inc		52
5,691		UGI Corp		220
534		Unitil Corp		31
1,417		Via Renewables, Inc		11
12,615		Vistra Energy Corp		288
8,890		WEC Energy Group, Inc		895
15,399		Xcel Energy, Inc		1,090
490		York Water Co		20

		TOTAL UTILITIES		32,045

		TOTAL COMMON STOCKS		1,056,920

		(Cost $384,650)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
95	e	Nabors Industries Ltd		3

		TOTAL ENERGY		3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES

COMPANY

VALUE
(000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

478

†

Chinook Therapeutics, Inc

390

†

Tobira Therapeutics, Inc

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

TOTAL RIGHTS / WARRANTS

(Cost $0^)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 1.6%

GOVERNMENT AGENCY DEBT - 1.1%

$ 12,050,000

Federal Home Loan Bank (FHLB)

0.000

07/01/22

12,050

TOTAL GOVERNMENT AGENCY DEBT

12,050

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%

5,287,984

State Street Navigator Securities Lending Government Money Market Portfolio

1.540

5,288

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

5,288

TOTAL SHORT-TERM INVESTMENTS

17,338

(Cost $17,338)

TOTAL INVESTMENTS - 100.4%

1,074,261

(Cost $401,988)

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(4,553

)

NET ASSETS - 100.0%

1,069,708

REIT	Real Estate Investment Trust

^	Amount represents less than $1,000.

*	Non-income producing

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

b	In bankruptcy

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

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

e	All or a portion of these securities are out on loan. The value of securities on loan is $6,207,405.

Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2022 were as follows (dollar amounts are in thousands):

Description

Number of
long (short)
contracts

Expiration

date

Notional
amount

Value

Unrealized
appreciation
(depreciation)

S&P 500 E Mini Index

09/16/22

10,734

10,610

(124

)

A10943-C 8/22

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not Applicable

Item 13. Exhibits.

13(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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: August 16, 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: August 16, 2022	By:	/s/Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and
		President and Chief Executive Officer
		(principal executive officer)

Dated: August 16, 2022	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

Tiaa Separate Account Va 1 N-CSRSCertified semi-annual shareholder report (management investment company)