# EDGAR Filing Document

**Accession Number:** 0000923524
**File Stem:** 0001193125-23-062591
**Filing Date:** 2023-3
**Character Count:** 198627
**Document Hash:** 2f03781f417138f95b725f1b55dd51fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-062591.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001193125-23-062591

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA SEPARATE ACCOUNT VA 1
- **CENTRAL INDEX KEY:** 0000923524
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08520
- **FILM NUMBER:** 23711482

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129164905

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Stock Index Account (Series ID: S000005098)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000013885 | Teachers Personal Annuity Individual Deferred Variable Annuity |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number <u>File No.</u> <u>811-08520</u>

<u>TIAA SEPARATE ACCOUNT VA-1</u> 

(Exact Name of Registrant as specified in charter)

<u>730 Third Avenue, New York, New York 10017-3206</u> 

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA SEPARATE ACCOUNT VA-1

8500 Andrew Carnegie Blvd.

<u>Charlotte, North Carolina 28262-8500</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>704-595-1000</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>December</u> <u>31, 2022</u>

------

**Item 1. Reports to Stockholders**.

------

Annual

Report

December

31,

2022

TIAA

Separate

Account

Stock

Index

Account

Contents

Understanding

this

report

About

the

Account's

benchmark

Expense

example

Account

performance

Portfolio

managers'

comments

Stock

Index

Account

Portfolio

of

investments

Audited

financial

statements

Statement

of

assets

and

liabilities

Statement

of

operations

Statements

of

changes

in

net

assets

Notes

to

financial

statements

Report

of

independent

registered

public

accounting

firm

Additional

account

information

Trustees

and

officers

How

to

reach

us

Inside

back

cover

TIAA

Separate

Account

2022

Annual

Report

Understanding

this

report

This

annual

report

contains

information

about

the

TIAA

Separate

Account

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA)

and

made

available

through

TIAA's

Teachers

Personal

Annuity

variable

annuity

contract,

and

describes

the

Separate

Account's

results

for

the

twelve

months

ended

December

31,

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

portfolio

of

investments

lists

the

industries

and

types

of

securities

in

which

the

Separate

Account

had

investments

as

of

December

31,

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.

About

the

Account's

benchmark

2022

Annual

Report

TIAA

Separate

Account

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

indexes,

please

read

the

Account's

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

"LSE

Group").©

LSE

Group

2023. 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.

TIAA

Separate

Account

2022

Annual

Report

Expense

example

All

contractowners

in

the

TIAA

Separate

Account

incur

ongoing

costs,

including

management

fees

and

other

Account

expenses.

The

TIAA

Separate

Account

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

do

not

incur

a

sales

charge

for

purchases

or

other

distributions.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(July

1,

2022

–

December

31,

2022).

Actual

expenses

The

first

section

in

each

table

uses

the

Account's

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

period"

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Hypothetical

example

for

comparison

purposes

The

second

section

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.

Stock

Index

Account

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,020.58

Expenses

incurred

during

the

period\*

$3.82

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.42

Expenses

incurred

during

the

period\*

$3.82

\*

"Expenses

incurred

during

the

period"

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

184/365.

There

were

days

in

the

six

months

ended

December

31,

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%.

Portfolio

managers'

comments

2022

Annual

Report

TIAA

Separate

Account

Stock

Index

Account

Performance

for

the

twelve

months

ended

December

31,

2022

The

Stock

Index

Account returned

-19.70% for

the

year,

compared

with

the

-19.21% return

of

its

benchmark,

the

Russell

3000®

Index.

For

the

twelve-month

period,

the

Account's

return

underperformed

that

of

its

benchmark

index

due

to

the

effect

of

expenses.

The

Account's

return

includes

a

deduction

for

expenses,

while

the

benchmark's

does

not.

The

Account

had

a

risk

profile

similar

to

that

of

its

benchmark.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022. The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

-19.21%

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

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

negative

returns

for

the

twelve

months.

Communication

services

(down

40.1%)

was

the

worst-performing

sector,

driven

by

steep

losses

in

a

number

of

large

media

and

entertainment

stocks.

Next

came

consumer

discretionary

(down

36.2%)

and

information

technology

(down

30.0%)—the

index's

biggest

sector

and

the

largest

detractor

from

its

return.

Together,

these

three

sectors

accounted

for

more

than

45.0%

of

the

index's

total

market

capitalization

on

December

31,

2022. Energy

(up

63.3%)

was

the

best

performer,

followed

by

the

defensive

utilities

(up

1.2%)

and

consumer

staples

(down

1.2%)

sectors.

For

the

twelve-month

period,

only

one

of

the

five

largest

stocks

in

the

Russell

3000

Index

produced

a

return

that

exceeded

the

overall

return

of

the

index.

That

stock

was

multinational

conglomerate

Berkshire

Hathaway,

which

generated

a

modest

gain

as

the

company's

operating

profits

grew

and

its

investments

in

the

energy

sector

performed

well.

Among

the

remaining

four

stocks,

Amazon.com

was

weakest

amid

a

slowdown

in

online

shopping.

The

next-worst

performers

were

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

Stock

Index

Account

TIAA

Separate

Account

2022

Annual

Report

Performance

as

of

December

31,

2022

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.

$10,000

over

years

Ending

amounts

are

as

of

December

31,

2022. For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Inception

date

year

years

years

Stock

Index

Account

11/1/94

-

.70

%

.02

%

.33

%

Russell

3000®

Index

–

-

.21

.79

.13

Stock

Index

Account

2022

Annual

Report

TIAA

Separate

Account

concluded

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

1.06 billion

Portfolio

turnover

rate

2%

Number

of

holdings

2,767

Weighted

median

market

capitalization

$112.18

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

21.8 †

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

24.2 Health

care

15.4 Financials

12.1 Consumer

discretionary

9.9 Industrials

9.6 Communication

services

6.7 Consumer

staples

6.4 Energy

5.2 Real

estate

3.3 Materials

3.0 Utilities

3.0 Short-term

investments,

other

assets

&

liabilities,

net

1.2 Total

100.0 Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

65.2 More

than

$15

billion-$50

billion

19.0 More

than

$2

billion-$15

billion

13.4 $2

billion

or

less

2.4 Total

100.0 Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

VALUE

(000) COMMON

STOCKS

-

98.8%

AUTOMOBILES

&

COMPONENTS

-

1.4%

2,741

\*

Adient

plc

$

2,617

\*

American

Axle

&

Manufacturing

Holdings,

Inc

7,410

\*

Aptiv

plc

690

7,030

BorgWarner,

Inc

2,224

\*,e

Canoo,

Inc

5,376

\*

Cenntro

Electric

Group

Ltd

4,034

Dana

Inc

653

\*

Dorman

Products,

Inc

4,705

\*,e

Fisker,

Inc

110,046

Ford

Motor

Co

1,280

1,312

\*

Fox

Factory

Holding

Corp

39,796

General

Motors

Co

1,339

6,435

Gentex

Corp

1,006

\*

Gentherm,

Inc

7,162

\*

Goodyear

Tire

&

Rubber

Co

3,241

Harley-Davidson,

Inc

962

\*,e

Holley,

Inc

767

LCI

Industries,

Inc

1,758

Lear

Corp

3,298

\*,e

Lordstown

Motors

Corp

14,895

\*,e

Lucid

Group,

Inc

6,477

\*,e

Luminar

Technologies,

Inc

1,945

\*

Modine

Manufacturing

Co

670

\*

Motorcar

Parts

of

America,

Inc

Patrick

Industries,

Inc

7,090

\*,e

QuantumScape

Corp

14,419

\*

Rivian

Automotive,

Inc

1,333

\*

Solid

Power,

Inc

843

Standard

Motor

Products,

Inc

1,055

\*

Stoneridge,

Inc

71,575

\*

Tesla,

Inc

8,817

1,549

Thor

Industries,

Inc

759

\*

Visteon

Corp

1,048

Winnebago

Industries,

Inc

3,711

\*,e

Workhorse

Group,

Inc

518

\*

XPEL,

Inc

TOTAL

AUTOMOBILES

&

COMPONENTS

14,418

BANKS

-

4.2%

625

1st

Source

Corp

667

Amerant

Bancorp

Inc

American

National

Bankshares,

Inc

2,080

Ameris

Bancorp

Arrow

Financial

Corp

2,827

Associated

Banc-Corp

2,758

Atlantic

Union

Bankshares

Corp

2,090

\*

Axos

Financial,

Inc

1,598

Banc

of

California,

Inc

Bancfirst

Corp

e

Bank

First

Corp

194,099

Bank

of

America

Corp

6,429

1,195

Bank

of

Hawaii

Corp

Bank

of

Marin

Bancorp

548

Bank

of

NT

Butterfield

&

Son

Ltd

3,528

Bank

OZK

2,872

BankUnited

887

Banner

Corp

622

Bar

Harbor

Bankshares

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,245

Berkshire

Hills

Bancorp,

Inc

$

\*

Blue

Foundry

Bancorp

1,053

BOK

Financial

Corp

882

\*

Bridgewater

Bancshares,

Inc

Brookline

Bancorp,

Inc

Business

First

Bancshares,

Inc

Byline

Bancorp,

Inc

5,850

Cadence

BanCorp

Cambridge

Bancorp

613

Camden

National

Corp

Capital

City

Bank

Group,

Inc

2,335

Capitol

Federal

Financial

Capstar

Financial

Holdings,

Inc

550

\*

Carter

Bankshares,

Inc

1,563

Cathay

General

Bancorp

1,125

Central

Pacific

Financial

Corp

54,287

Citigroup,

Inc

2,455

533

Citizens

&

Northern

Corp

13,463

Citizens

Financial

Group,

Inc

530

City

Holding

Co

Civista

Bancshares,

Inc

CNB

Financial

Corp

\*

Coastal

Financial

Corp

2,723

Columbia

Banking

System,

Inc

1,738

\*

Columbia

Financial,

Inc

3,602

Comerica,

Inc

3,109

Commerce

Bancshares,

Inc

1,646

Community

Bank

System,

Inc

651

Community

Trust

Bancorp,

Inc

1,146

ConnectOne

Bancorp,

Inc

1,466

\*

CrossFirst

Bankshares,

Inc

1,650

Cullen/Frost

Bankers,

Inc

919

\*

Customers

Bancorp,

Inc

2,723

CVB

Financial

Corp

Dime

Community

Bancshares,

Inc

1,035

Eagle

Bancorp,

Inc

4,040

East

West

Bancorp,

Inc

4,805

Eastern

Bankshares,

Inc

Enact

Holdings,

Inc

Enterprise

Bancorp,

Inc

828

Enterprise

Financial

Services

Corp

Equity

Bancshares,

Inc

2,494

Essent

Group

Ltd

Farmers

&

Merchants

Bancorp,

Inc

1,013

Farmers

National

Banc

Corp

621

FB

Financial

Corp

Federal

Agricultural

Mortgage

Corp

(FAMC)

18,960

Fifth

Third

Bancorp

622

527

Financial

Institutions,

Inc

6,201

First

Bancorp

1,088

First

Bancorp

First

Bancorp,

Inc

First

Bancshares,

Inc

603

First

Bank

1,476

First

Busey

Corp

First

Citizens

Bancshares,

Inc

(Class

A)

3,678

First

Commonwealth

Financial

Corp

680

First

Community

Bancshares,

Inc

2,544

First

Financial

Bancorp

3,602

First

Financial

Bankshares,

Inc

First

Financial

Corp

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,098

First

Foundation,

Inc

$

3,163

First

Hawaiian,

Inc

14,599

First

Horizon

National

Corp

First

Internet

Bancorp

2,090

First

Interstate

Bancsystem,

Inc

1,580

First

Merchants

Corp

First

Mid-Illinois

Bancshares,

Inc

862

First

of

Long

Island

Corp

5,111

First

Republic

Bank

623

1,083

Flushing

Financial

Corp

6,589

FNB

Corp

2,273

Fulton

Financial

Corp

903

German

American

Bancorp,

Inc

3,414

Glacier

Bancorp,

Inc

Great

Southern

Bancorp,

Inc

Guaranty

Bancshares,

Inc

2,028

Hancock

Whitney

Corp

824

Hanmi

Financial

Corp

728

HarborOne

Northeast

Bancorp,

Inc

715

HBT

Financial,

Inc

953

Heartland

Financial

USA,

Inc

1,355

Heritage

Commerce

Corp

1,150

Heritage

Financial

Corp

2,221

Hilltop

Holdings,

Inc

Hingham

Institution

for

Savings

Home

Bancorp,

Inc

4,557

Home

Bancshares,

Inc

698

HomeStreet,

Inc

667

HomeTrust

Bancshares,

Inc

2,725

Hope

Bancorp,

Inc

1,209

Horizon

Bancorp

40,067

Huntington

Bancshares,

Inc

565

1,393

Independent

Bank

Corp

863

Independent

Bank

Corp

1,089

Independent

Bank

Group,

Inc

1,089

International

Bancshares

Corp

80,704

JPMorgan

Chase

&

Co

10,822

1,623

Kearny

Financial

Corp

25,606

Keycorp

1,629

Lakeland

Bancorp,

Inc

Lakeland

Financial

Corp

833

Live

Oak

Bancshares,

Inc

4,825

M&T

Bank

Corp

700

1,072

Macatawa

Bank

Corp

640

Mercantile

Bank

Corp

Merchants

Bancorp

1,035

Meta

Financial

Group,

Inc

\*

Metropolitan

Bank

Holding

Corp

7,150

MGIC

Investment

Corp

Mid

Penn

Bancorp,

Inc

582

Midland

States

Bancorp,

Inc

MidWestOne

Financial

Group,

Inc

1,916

\*

Mr

Cooper

Group,

Inc

MVB

Financial

Corp

984

National

Bank

Holdings

Corp

521

NBT

Bancorp,

Inc

16,631

New

York

Community

Bancorp,

Inc

\*

Nicolet

Bankshares,

Inc

2,265

\*

NMI

Holdings,

Inc

1,643

Northfield

Bancorp,

Inc

2,083

Northwest

Bancshares,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,583

OceanFirst

Financial

Corp

$

1,902

OFG

Bancorp

5,465

Old

National

Bancorp

1,237

Old

Second

Bancorp,

Inc

568

Origin

Bancorp,

Inc

Orrstown

Financial

Services,

Inc

2,232

Pacific

Premier

Bancorp,

Inc

3,679

PacWest

Bancorp

529

Park

National

Corp

696

PCSB

Financial

Corp

642

Peapack

Gladstone

Financial

Corp

750

PennyMac

Financial

Services,

Inc

868

Peoples

Bancorp,

Inc

Peoples

Financial

Services

Corp

2,403

Pinnacle

Financial

Partners,

Inc

11,490

PNC

Financial

Services

Group,

Inc

1,815

2,126

Popular,

Inc

510

Preferred

Bank

Premier

Financial

Corp

Primis

Financial

Corp

2,597

Prosperity

Bancshares,

Inc

Provident

Bancorp

Inc

1,243

Provident

Financial

Services,

Inc

QCR

Holdings,

Inc

4,226

Radian

Group,

Inc

RBB

Bancorp

Red

River

Bancshares

Inc

26,923

Regions

Financial

Corp

580

1,629

Renasant

Corp

Republic

Bancorp,

Inc

(Class

A)

1,873

\*

Republic

First

Bancorp,

Inc

3,914

Rocket

Cos,

Inc

S&T

Bancorp,

Inc

1,200

Sandy

Spring

Bancorp,

Inc

1,542

Seacoast

Banking

Corp

of

Florida

1,315

ServisFirst

Bancshares,

Inc

Sierra

Bancorp

1,749

Signature

Bank

881

\*,e

Silvergate

Capital

Corp

2,996

Simmons

First

National

Corp

(Class

A)

SmartFinancial,

Inc

2,353

South

State

Corp

\*

Southern

First

Bancshares,

Inc

Southern

Missouri

Bancorp,

Inc

1,068

Southside

Bancshares,

Inc

1,283

Stellar

Bancorp,

Inc

922

Stock

Yards

Bancorp,

Inc

Summit

Financial

Group,

Inc

1,668

\*

SVB

Financial

Group

4,436

Synovus

Financial

Corp

1,428

\*

Texas

Capital

Bancshares,

Inc

2,205

TFS

Financial

Corp

1,514

\*

The

Bancorp,

Inc

Tompkins

Financial

Corp

1,266

Towne

Bank

Trico

Bancshares

657

Triumph

Bancorp,

Inc

37,585

Truist

Financial

Corp

1,617

671

TrustCo

Bank

Corp

NY

2,619

Trustmark

Corp

1,098

UMB

Financial

Corp

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 5,312

Umpqua

Holdings

Corp

$

3,991

United

Bankshares,

Inc

2,960

United

Community

Banks,

Inc

1,012

Univest

Financial

Corp

37,690

US

Bancorp

1,644

2,181

e

UWM

Holdings

Corp

9,879

Valley

National

Bancorp

1,101

Veritex

Holdings,

Inc

771

Walker

&

Dunlop,

Inc

1,239

Washington

Federal,

Inc

581

Washington

Trust

Bancorp,

Inc

1,032

Waterstone

Financial,

Inc

5,310

Webster

Financial

Corp

104,935

Wells

Fargo

&

Co

4,333

720

WesBanco,

Inc

597

West

Bancorporation,

Inc

1,024

Westamerica

Bancorporation

3,061

Western

Alliance

Bancorp

1,577

Wintrust

Financial

Corp

2,294

WSFS

Financial

Corp

4,615

Zions

Bancorporation

TOTAL

BANKS

44,558

CAPITAL

GOODS

-

6.6%

15,534

3M

Co

1,863

3,495

A.O.

Smith

Corp

1,275

Aaon,

Inc

981

\*

AAR

Corp

928

Acuity

Brands,

Inc

1,712

Advanced

Drainage

Systems,

Inc

3,710

Aecom

Technology

Corp

1,972

\*

Aerojet

Rocketdyne

Holdings,

Inc

721

\*

Aerovironment,

Inc

1,773

AGCO

Corp

2,509

Air

Lease

Corp

Alamo

Group,

Inc

1,111

Albany

International

Corp

(Class

A)

2,509

Allegion

plc

Allied

Motion

Technologies,

Inc

2,241

Allison

Transmission

Holdings,

Inc

1,535

Altra

Industrial

Motion

Corp

909

\*

Ameresco,

Inc

568

\*

American

Woodmark

Corp

6,201

Ametek,

Inc

866

5,093

\*

API

Group

Corp

Apogee

Enterprises,

Inc

1,237

Applied

Industrial

Technologies,

Inc

3,399

\*

Archer

Aviation,

Inc

1,220

Arcosa,

Inc

555

Argan,

Inc

1,331

Armstrong

World

Industries,

Inc

4,146

\*

Array

Technologies,

Inc

823

Astec

Industries,

Inc

3,983

\*

Astra

Space,

Inc

810

\*

Astronics

Corp

931

\*

Atkore

International

Group,

Inc

1,836

\*

Axon

Enterprise,

Inc

2,980

\*

AZEK

Co,

Inc

922

AZZ,

Inc

1,516

\*

Babcock

&

Wilcox

Enterprises,

Inc

1,344

Barnes

Group,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,298

\*

Beacon

Roofing

Supply,

Inc

$

1,095

\*,e

Blink

Charging

Co

4,522

\*

Bloom

Energy

Corp

\*

Blue

Bird

Corp

\*

BlueLinx

Holdings,

Inc

15,078

\*

Boeing

Co

2,872

937

Boise

Cascade

Co

534

Brookfield

Business

Corp

4,147

\*

Builders

FirstSource,

Inc

2,196

BWX

Technologies,

Inc

Cadre

Holdings,

Inc

883

Caesarstone

Sdot-Yam

Ltd

1,417

Carlisle

Cos,

Inc

23,813

Carrier

Global

Corp

982

14,580

Caterpillar,

Inc

3,493

6,837

\*,e

ChargePoint

Holdings,

Inc

1,052

\*

Chart

Industries,

Inc

647

\*

CIRCOR

International,

Inc

840

Columbus

McKinnon

Corp

929

Comfort

Systems

USA,

Inc

714

\*

Construction

Partners

Inc

1,391

\*

Core

&

Main,

Inc

1,416

Crane

Holdings

Co

CSW

Industrials,

Inc

3,896

Cummins,

Inc

944

965

Curtiss-Wright

Corp

1,008

\*,e

Custom

Truck

One

Source,

Inc

2,190

\*,e

Decarbonization

Plus

Acquisition

Corp

7,731

Deere

&

Co

3,315

8,259

\*,e

Desktop

Metal,

Inc

3,335

Donaldson

Co,

Inc

932

Douglas

Dynamics,

Inc

3,894

Dover

Corp

527

\*

Ducommun,

Inc

567

\*

DXP

Enterprises,

Inc

561

\*

Dycom

Industries,

Inc

11,011

Eaton

Corp

1,728

1,343

EMCOR

Group,

Inc

16,244

Emerson

Electric

Co

1,560

Encore

Wire

Corp

1,368

\*

Energy

Recovery,

Inc

585

\*,e

Energy

Vault

Holdings,

Inc

2,301

Enerpac

Tool

Group

Corp

1,385

EnerSys

2,981

\*

Enovix

Corp

EnPro

Industries,

Inc

1,154

Esab

Corp

605

ESCO

Technologies,

Inc

2,241

\*,e

ESS

Tech,

Inc

3,291

\*

Evoqua

Water

Technologies

Corp

15,402

Fastenal

Co

729

2,079

Federal

Signal

Corp

3,453

Flowserve

Corp

786

\*,e

Fluence

Energy,

Inc

4,273

\*

Fluor

Corp

9,576

Fortive

Corp

615

3,497

Fortune

Brands

Home

&

Security,

Inc

1,207

Franklin

Electric

Co,

Inc

1,160

\*,e

FTC

Solar,

Inc

5,461

\*,e

FuelCell

Energy,

Inc

1,874

\*

Gates

Industrial

Corp

plc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 863

GATX

Corp

$

1,779

\*

Generac

Holdings,

Inc

6,718

General

Dynamics

Corp

1,667

30,199

General

Electric

Co

2,530

1,066

\*

Gibraltar

Industries,

Inc

Global

Industrial

Co

922

\*

GMS,

Inc

678

Gorman-Rupp

Co

4,812

Graco,

Inc

5,120

GrafTech

International

Ltd

945

Granite

Construction,

Inc

2,253

\*

Great

Lakes

Dredge

&

Dock

Corp

718

Greenbrier

Cos,

Inc

1,120

Griffon

Corp

1,293

H&E

Equipment

Services,

Inc

1,521

\*,e

Hayward

Holdings,

Inc

1,082

HEICO

Corp

2,011

HEICO

Corp

(Class

A)

922

Helios

Technologies,

Inc

787

Herc

Holdings,

Inc

2,098

Hexcel

Corp

1,992

Hillenbrand,

Inc

3,242

\*

Hillman

Solutions

Corp

18,491

Honeywell

International,

Inc

3,963

10,453

Howmet

Aerospace,

Inc

1,400

Hubbell,

Inc

1,076

\*

Hudson

Technologies,

Inc

1,040

Huntington

Ingalls

1,014

\*

Hydrofarm

Holdings

Group,

Inc

3,375

\*,e

Hyliion

Holdings

Corp

Hyster-Yale

Materials

Handling,

Inc

2,110

IDEX

Corp

\*

IES

Holdings,

Inc

8,514

Illinois

Tool

Works,

Inc

1,876

10,828

Ingersoll

Rand,

Inc

566

716

Insteel

Industries,

Inc

2,617

ITT,

Inc

1,876

\*

Janus

International

Group,

Inc

2,384

\*

JELD-WEN

Holding,

Inc

972

John

Bean

Technologies

Corp

19,216

Johnson

Controls

International

plc

1,230

Kadant,

Inc

1,040

Kaman

Corp

2,961

Kennametal,

Inc

3,783

\*

Kratos

Defense

&

Security

Solutions,

Inc

5,345

L3Harris

Technologies,

Inc

1,113

\*

Lawson

Products,

Inc

906

Lennox

International,

Inc

1,331

Lincoln

Electric

Holdings,

Inc

Lindsay

Corp

6,539

Lockheed

Martin

Corp

3,181

800

Luxfer

Holdings

plc

1,198

\*

Manitowoc

Co,

Inc

2,660

\*,e

Markforged

Holding

Corp

6,458

Masco

Corp

\*

Masonite

International

Corp

1,677

\*

Mastec,

Inc

3,497

\*

Masterbrand,

Inc

2,076

Maxar

Technologies,

Inc

687

McGrath

RentCorp

5,356

MDU

Resources

Group,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,473

\*

Mercury

Systems,

Inc

$

4,622

\*,e

Microvast

Holdings,

Inc

1,405

\*

Middleby

Corp

Miller

Industries,

Inc

Moog,

Inc

(Class

A)

2,142

\*

MRC

Global,

Inc

950

MSC

Industrial

Direct

Co

(Class

A)

1,274

Mueller

Industries,

Inc

4,045

Mueller

Water

Products,

Inc

(Class

A)

639

\*

MYR

Group,

Inc

National

Presto

Industries,

Inc

8,104

\*,e

Nikola

Corp

1,561

Nordson

Corp

4,118

Northrop

Grumman

Corp

2,247

\*

Northwest

Pipe

Co

3,443

\*

NOW,

Inc

\*

NV5

Global

Inc

4,516

nVent

Electric

plc

Omega

Flex,

Inc

2,055

Oshkosh

Corp

11,713

Otis

Worldwide

Corp

917

2,390

Owens

Corning,

Inc

9,158

PACCAR,

Inc

906

766

Park

Aerospace

Corp

3,543

Parker-Hannifin

Corp

1,031

502

\*

Parsons

Corp

4,695

Pentair

plc

1,847

\*

PGT

Innovations,

Inc

13,876

\*,e

Plug

Power,

Inc

Powell

Industries,

Inc

Preformed

Line

Products

Co

1,452

Primoris

Services

Corp

5,964

\*

Proterra,

Inc

784

\*

Proto

Labs,

Inc

905

Quanex

Building

Products

Corp

4,035

Quanta

Services,

Inc

575

41,227

Raytheon

Technologies

Corp

4,161

823

\*

RBC

Bearings,

Inc

1,884

Regal-Beloit

Corp

4,524

\*

Resideo

Technologies,

Inc

REV

Group,

Inc

6,127

\*,e

Rocket

Lab

USA,

Inc

3,263

Rockwell

Automation,

Inc

840

878

Rush

Enterprises,

Inc

(Class

A)

Rush

Enterprises,

Inc

(Class

B)

1,976

\*

Sarcos

Technology

and

Robotics

Corp

4,273

Sensata

Technologies

Holding

plc

3,098

\*

Shoals

Technologies

Group,

Inc

1,169

Shyft

Group,

Inc

1,204

Simpson

Manufacturing

Co,

Inc

1,315

\*

SiteOne

Landscape

Supply,

Inc

1,357

Snap-On,

Inc

3,290

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,497

\*

SPX

Technologies,

Inc

Standex

International

Corp

4,204

Stanley

Black

&

Decker,

Inc

4,021

\*,e

Stem,

Inc

1,004

\*

Sterling

Construction

Co,

Inc

5,997

\*

Sunrun,

Inc

647

Tennant

Co

1,186

Terex

Corp

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,109

Textainer

Group

Holdings

Ltd

$

5,699

Textron,

Inc

853

\*

Thermon

Group

Holdings

2,010

Timken

Co

1,266

\*

Titan

International,

Inc

\*

Titan

Machinery,

Inc

2,967

Toro

Co

927

\*

TPI

Composites,

Inc

6,555

Trane

Technologies

plc

1,102

\*

Transcat

Inc

1,454

TransDigm

Group,

Inc

916

3,483

\*

Trex

Co,

Inc

2,047

Trinity

Industries,

Inc

1,236

Triton

International

Ltd

1,451

\*

Triumph

Group,

Inc

1,399

\*

Tutor

Perini

Corp

1,736

UFP

Industries,

Inc

1,969

\*

United

Rentals,

Inc

700

5,141

\*

Univar

Solutions

Inc

582

Valmont

Industries,

Inc

\*

Vectrus,

Inc

Veritiv

Corp

8,077

Vertiv

Holdings

Co

649

\*

Vicor

Corp

3,837

\*,e

View,

Inc

6,356

\*,e

Virgin

Galactic

Holdings,

Inc

1,270

W.W.

Grainger,

Inc

706

1,281

Wabash

National

Corp

901

Watsco,

Inc

645

Watts

Water

Technologies,

Inc

(Class

A)

1,330

\*

WESCO

International,

Inc

4,827

Westinghouse

Air

Brake

Technologies

Corp

5,681

\*

WillScot

Mobile

Mini

Holdings

Corp

1,753

Woodward

Inc

5,094

Xylem,

Inc

563

3,642

Zurn

Water

Solutions

Corp

TOTAL

CAPITAL

GOODS

70,256

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.2%

2,170

ABM

Industries,

Inc

3,257

ACCO

Brands

Corp

2,888

\*

ACV

Auctions,

Inc

8,912

\*

Alight,

Inc

e

Aris

Water

Solution,

Inc

1,481

\*

ASGN

Inc

Barrett

Business

Services,

Inc

3,702

Booz

Allen

Hamilton

Holding

Co

1,283

Brady

Corp

(Class

A)

511

\*

BrightView

Holdings,

Inc

1,108

Brink's

Co

678

\*

CACI

International,

Inc

(Class

A)

1,375

\*

Casella

Waste

Systems,

Inc

(Class

A)

1,147

\*

CBIZ,

Inc

600

\*

Cimpress

plc

2,330

Cintas

Corp

1,052

13,091

\*

Clarivate

Analytics

plc

1,537

\*

Clean

Harbors,

Inc

11,340

\*

Copart,

Inc

690

3,089

\*

CoreCivic,

Inc

11,049

\*

CoStar

Group,

Inc

854

CRA

International,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,062

Deluxe

Corp

$

1,159

\*

Driven

Brands

Holdings,

Inc

6,346

Dun

&

Bradstreet

Holdings,

Inc

1,051

Ennis,

Inc

3,313

Equifax,

Inc

644

1,272

Exponent,

Inc

972

\*

First

Advantage

Corp

\*

Forrester

Research,

Inc

\*

Franklin

Covey

Co

784

\*

FTI

Consulting,

Inc

3,108

\*,e

Geo

Group,

Inc

2,590

\*

Harsco

Corp

2,398

Healthcare

Services

Group

711

Heidrick

&

Struggles

International,

Inc

555

\*

Heritage-Crystal

Clean,

Inc

2,407

Herman

Miller,

Inc

\*

HireRight

Holdings

Corp

1,526

HNI

Corp

669

\*

Huron

Consulting

Group,

Inc

3,942

\*

IAA,

Inc

637

ICF

International,

Inc

975

Insperity,

Inc

1,293

Interface,

Inc

3,496

Jacobs

Solutions,

Inc

3,912

\*

KAR

Auction

Services,

Inc

4,068

KBR,

Inc

1,192

Kelly

Services,

Inc

(Class

A)

681

Kforce,

Inc

1,392

Kimball

International,

Inc

(Class

B)

1,748

Korn/Ferry

International

2,559

\*

Legalzoom.com,

Inc

3,664

Leidos

Holdings,

Inc

3,403

\*,e

Li-Cycle

Holdings

Corp

1,551

Manpower,

Inc

Matthews

International

Corp

(Class

A)

640

\*

Montrose

Environmental

Group,

Inc

877

MSA

Safety,

Inc

563

NL

Industries,

Inc

5,559

Pitney

Bowes,

Inc

3,913

\*,e

Planet

Labs

PBC

5,492

Republic

Services,

Inc

708

1,107

Resources

Connection,

Inc

3,044

Robert

Half

International,

Inc

6,805

Rollins,

Inc

1,668

Science

Applications

International

Corp

1,592

\*,e

Skillsoft

Corp

672

\*

SP

Plus

Corp

3,221

\*

Spire

Global,

Inc

3,128

Steelcase,

Inc

(Class

A)

2,380

\*

Stericycle,

Inc

\*

Sterling

Check

Corp

1,567

Tetra

Tech,

Inc

5,435

TransUnion

839

\*

TriNet

Group,

Inc

720

\*

TrueBlue,

Inc

503

Unifirst

Corp

3,454

\*

Upwork,

Inc

4,290

Verisk

Analytics,

Inc

757

679

\*

Viad

Corp

VSE

Corp

11,502

Waste

Management,

Inc

1,804

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 279

\*

Willdan

Group,

Inc

$

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

12,405

CONSUMER

DURABLES

&

APPAREL

-

1.2%

821

Acushnet

Holdings

Corp

2,624

\*

Allbirds,

Inc

1,837

\*

AMMO,

Inc

1,140

\*

Beazer

Homes

USA,

Inc

1,841

Brunswick

Corp

3,596

\*

Callaway

Golf

Co

3,592

\*

Capri

Holdings

Ltd

1,022

Carter's,

Inc

\*

Cavco

Industries,

Inc

629

Century

Communities,

Inc

729

Clarus

Corp

905

Columbia

Sportswear

Co

1,521

\*

Crocs,

Inc

743

\*

Deckers

Outdoor

Corp

8,880

DR

Horton,

Inc

792

1,525

Ermenegildo

Zegna

Holditalia

S.p.A

958

Ethan

Allen

Interiors,

Inc

1,713

\*

Fossil

Group,

Inc

4,285

Garmin

Ltd

1,295

\*

G-III

Apparel

Group

Ltd

4,066

\*

GoPro,

Inc

992

\*

Green

Brick

Partners,

Inc

8,742

Hanesbrands,

Inc

3,755

Hasbro,

Inc

712

\*

Helen

of

Troy

Ltd

\*

Hovnanian

Enterprises,

Inc

608

Installed

Building

Products,

Inc

883

\*

iRobot

Corp

Johnson

Outdoors,

Inc

1,408

KB

Home

1,320

Kontoor

Brands,

Inc

\*

Latham

Group,

Inc

935

La-Z-Boy,

Inc

4,140

Leggett

&

Platt,

Inc

7,421

Lennar

Corp

(Class

A)

672

Lennar

Corp

(Class

B)

624

\*

LGI

Homes,

Inc

Lifetime

Brands,

Inc

\*

Lovesac

Co

3,076

\*

Lululemon

Athletica,

Inc

986

\*

M/I

Homes,

Inc

688

\*

Malibu

Boats,

Inc

Marine

Products

Corp

673

\*

MasterCraft

Boat

Holdings,

Inc

8,884

\*

Mattel,

Inc

1,166

MDC

Holdings,

Inc

679

\*

Meritage

Homes

Corp

1,499

\*

Mohawk

Industries,

Inc

638

Movado

Group,

Inc

10,479

Newell

Brands

Inc

33,813

Nike,

Inc

(Class

B)

3,956

\*

NVR,

Inc

Oxford

Industries,

Inc

8,335

\*

Peloton

Interactive,

Inc

533

\*,e

PLBY

Group,

Inc

1,625

Polaris

Inc

6,384

Pulte

Homes,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,386

\*,e

Purple

Innovation,

Inc

$

2,029

PVH

Corp

1,110

Ralph

Lauren

Corp

Rocky

Brands,

Inc

3,296

\*

Skechers

U.S.A.,

Inc

(Class

A)

1,408

\*

Skyline

Champion

Corp

1,649

Smith

&

Wesson

Brands,

Inc

3,687

\*

Sonos,

Inc

1,625

Steven

Madden

Ltd

Sturm

Ruger

&

Co,

Inc

Superior

Uniform

Group,

Inc

7,055

Tapestry,

Inc

2,049

\*

Taylor

Morrison

Home

Corp

5,156

Tempur

Sealy

International,

Inc

2,789

Toll

Brothers,

Inc

918

\*

TopBuild

Corp

1,338

\*

TRI

Pointe

Homes,

Inc

1,520

\*

Tupperware

Brands

Corp

5,744

\*

Under

Armour,

Inc

(Class

A)

5,391

\*

Under

Armour,

Inc

(Class

C)

700

\*

Unifi,

Inc

\*

Universal

Electronics,

Inc

9,697

VF

Corp

4,902

\*

Vinco

Ventures,

Inc

997

\*

Vista

Outdoor,

Inc

1,629

\*

Vizio

Holding

Corp

1,740

\*,e

Vuzix

Corp

1,386

Whirlpool

Corp

2,662

Wolverine

World

Wide,

Inc

2,480

\*

YETI

Holdings,

Inc

TOTAL

CONSUMER

DURABLES

&

APPAREL

12,693

CONSUMER

SERVICES

-

2.2%

1,998

\*

2U,

Inc

1,229

\*

Accel

Entertainment,

Inc

4,141

e

ADT,

Inc

1,340

\*

Adtalem

Global

Education,

Inc

10,418

\*

Airbnb,

Inc

891

675

\*

American

Public

Education,

Inc

6,092

ARAMARK

Holdings

Corp

925

\*

Bally's

Corp

3,453

\*

Beachbody

Co,

Inc

\*

Biglari

Holdings,

Inc

(B

Shares)

817

\*

BJ's

Restaurants,

Inc

1,337

Bloomin'

Brands,

Inc

Bluegreen

Vacations

Holding

Corp

1,078

\*

Booking

Holdings,

Inc

2,172

590

\*

Bowlero

Corp

1,802

Boyd

Gaming

Corp

1,598

\*

Bright

Horizons

Family

Solutions

1,545

\*

Brinker

International,

Inc

5,983

\*

Caesars

Entertainment,

Inc

25,476

\*

Carnival

Corp

Carriage

Services,

Inc

761

\*

Century

Casinos,

Inc

1,085

e

Cheesecake

Factory

3,631

\*

Chegg,

Inc

751

\*

Chipotle

Mexican

Grill,

Inc

(Class

A)

1,042

891

Choice

Hotels

International,

Inc

1,073

Churchill

Downs,

Inc

\*

Chuy's

Holdings,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 2,931

\*

Coursera,

Inc

$

711

Cracker

Barrel

Old

Country

Store,

Inc

3,625

Darden

Restaurants,

Inc

501

1,228

\*

Dave

&

Buster's

Entertainment,

Inc

1,296

\*

Denny's

Corp

Dine

Brands

Global

Inc.

1,040

Domino's

Pizza,

Inc

9,124

\*,e

DraftKings,

Inc

651

\*

Duolingo,

Inc

809

El

Pollo

Loco

Holdings,

Inc

e

European

Wax

Center,

Inc

2,472

\*

Everi

Holdings,

Inc

4,188

\*

Expedia

Group,

Inc

2,305

\*

frontdoor,

Inc

870

\*

Full

House

Resorts,

Inc

\*

Golden

Entertainment,

Inc

Graham

Holdings

Co

951

\*

Grand

Canyon

Education,

Inc

4,434

H&R

Block,

Inc

2,683

\*

Hilton

Grand

Vacations,

Inc

7,574

Hilton

Worldwide

Holdings,

Inc

957

1,223

\*

Hyatt

Hotels

Corp

\*

Inspired

Entertainment,

Inc

2,584

International

Game

Technology

plc

Jack

in

the

Box,

Inc

2,068

e

Krispy

Kreme,

Inc

9,535

\*

Las

Vegas

Sands

Corp

3,222

Laureate

Education,

Inc

989

\*,e

Life

Time

Group

Holdings,

Inc

608

\*

Lindblad

Expeditions

Holdings,

Inc

7,425

Marriott

International,

Inc

(Class

A)

1,105

1,129

Marriott

Vacations

Worldwide

Corp

20,370

McDonald's

Corp

5,368

9,389

MGM

Resorts

International

1,527

\*,e

Mister

Car

Wash,

Inc

\*

Monarch

Casino

&

Resort,

Inc

\*

NEOGAMES

S.A.

\*

Noodles

&

Co

11,836

\*

Norwegian

Cruise

Line

Holdings

Ltd

\*

ONE

Group

Hospitality,

Inc

1,416

\*

OneSpaWorld

Holdings

Ltd

1,035

Papa

John's

International,

Inc

3,518

\*

Penn

National

Gaming,

Inc

2,656

\*

Perdoceo

Education

Corp

2,512

\*

Planet

Fitness,

Inc

\*

Portillo's,

Inc

728

\*

PowerSchool

Holdings,

Inc

RCI

Hospitality

Holdings,

Inc

1,677

Red

Rock

Resorts,

Inc

2,290

\*

Rover

Group,

Inc

5,698

\*

Royal

Caribbean

Cruises

Ltd

1,353

\*

Rush

Street

Interactive,

Inc

1,174

Ruth's

Hospitality

Group

Inc

2,866

\*

Scientific

Games

Corp

(Class

A)

1,376

\*

SeaWorld

Entertainment,

Inc

3,849

Service

Corp

International

1,083

\*

Shake

Shack,

Inc

2,486

\*

Six

Flags

Entertainment

Corp

31,519

Starbucks

Corp

3,127

673

Strategic

Education,

Inc

\*

Stride,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 2,381

\*,e

Sweetgreen,

Inc

$

2,056

Texas

Roadhouse,

Inc

(Class

A)

1,969

Travel

&

Leisure

Co

1,856

\*

Udemy,

Inc

1,170

Vail

Resorts,

Inc

2,671

\*

Vivint

Smart

Home,

Inc

4,018

Wendy's

930

Wingstop,

Inc

1,421

\*

WW

International

Inc

2,646

Wyndham

Hotels

&

Resorts,

Inc

3,157

\*

Wynn

Resorts

Ltd

\*

Xponential

Fitness,

Inc

7,800

Yum!

Brands,

Inc

999

TOTAL

CONSUMER

SERVICES

23,657

DIVERSIFIED

FINANCIALS

-

5.4%

974

Affiliated

Managers

Group,

Inc

13,354

e

AGNC

Investment

Corp

Alerus

Financial

Corp

8,828

Ally

Financial,

Inc

A-Mark

Precious

Metals,

Inc

16,501

American

Express

Co

2,438

2,922

Ameriprise

Financial,

Inc

910

12,637

Annaly

Capital

Management,

Inc

3,041

Apollo

Commercial

Real

Estate

Finance,

Inc

13,271

Apollo

Global

Management,

Inc

847

3,729

Arbor

Realty

Trust,

Inc

1,014

e

Ares

Commercial

Real

Estate

Corp

4,393

Ares

Management

Corp

2,063

e

ARMOUR

Residential

REIT,

Inc

1,731

Artisan

Partners

Asset

Management,

Inc

802

\*

Assetmark

Financial

Holdings,

Inc

Associated

Capital

Group,

Inc

603

B. Riley

Financial,

Inc

1,284

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

20,568

Bank

of

New

York

Mellon

Corp

936

49,886

\*

Berkshire

Hathaway,

Inc

(Class

B)

15,410

8,951

BGC

Partners,

Inc

(Class

A)

4,150

BlackRock,

Inc

2,941

4,265

Blackstone

Mortgage

Trust,

Inc

19,298

Blackstone,

Inc

1,432

1,242

\*

Blucora,

Inc

11,576

e

Blue

Owl

Capital,

Inc

1,604

Brightsphere

Investment

Group,

Inc

3,033

BrightSpire

Capital,

Inc

4,897

e

Broadmark

Realty

Capital,

Inc

2,523

\*

Cannae

Holdings,

Inc

10,697

Capital

One

Financial

Corp

994

5,682

Carlyle

Group,

Inc

2,995

CBOE

Global

Markets,

Inc

41,956

Charles

Schwab

Corp

3,493

5,843

e

Chimera

Investment

Corp

2,359

Claros

Mortgage

Trust,

Inc

9,925

CME

Group,

Inc

1,669

853

Cohen

&

Steers,

Inc

4,422

\*,e

Coinbase

Global,

Inc

1,463

e

Compass

Diversified

Trust

906

Cowen

Group,

Inc

\*

Credit

Acceptance

Corp

e

Curo

Group

Holdings

Corp

Diamond

Hill

Investment

Group,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 7,366

Discover

Financial

Services

$

721

1,075

\*

Donnelley

Financial

Solutions,

Inc

620

Dynex

Capital,

Inc

1,030

Ellington

Financial

Inc

553

\*

Encore

Capital

Group,

Inc

1,226

\*

Enova

International,

Inc

9,797

Equitable

Holdings,

Inc

904

Evercore

Inc

1,988

\*

Ezcorp,

Inc

(Class

A)

993

Factset

Research

Systems,

Inc

2,841

Federated

Investors,

Inc

(Class

B)

1,192

FirstCash

Holdings,

Inc

1,366

\*

Focus

Financial

Partners,

Inc

2,037

e

Franklin

BSP

Realty

Trust,

Inc

8,239

e

Franklin

Resources,

Inc

559

GCM

Grosvenor,

Inc

9,183

Goldman

Sachs

Group,

Inc

3,153

1,667

Granite

Point

Mortgage

Trust,

Inc

1,775

\*

Green

Dot

Corp

904

Hamilton

Lane,

Inc

2,171

e

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,371

Houlihan

Lokey,

Inc

2,433

Interactive

Brokers

Group,

Inc

(Class

A)

15,214

Intercontinental

Exchange

Group,

Inc

1,561

10,471

Invesco

Ltd

645

e

Invesco

Mortgage

Capital,

Inc

2,026

Jackson

Financial,

Inc

4,371

Janus

Henderson

Group

plc

6,446

Jefferies

Financial

Group,

Inc

15,916

KKR

&

Co,

Inc

739

933

KKR

Real

Estate

Finance

Trust,

Inc

2,645

Ladder

Capital

Corp

2,463

Lazard

Ltd

(Class

A)

2,865

\*

LendingClub

Corp

\*

LendingTree,

Inc

2,200

LPL

Financial

Holdings,

Inc

1,069

MarketAxess

Holdings,

Inc

2,348

MFA

Financial,

Inc

1,603

Moelis

&

Co

3,839

\*

Moneylion,

Inc

4,380

Moody's

Corp

1,220

34,671

Morgan

Stanley

2,948

671

Morningstar,

Inc

2,141

MSCI,

Inc

(Class

A)

996

9,273

Nasdaq

Inc

569

2,696

Navient

Corp

Nelnet,

Inc

(Class

A)

619

\*

NerdWallet,

Inc

11,204

New

Residential

Investment

Corp

9,097

New

York

Mortgage

Trust,

Inc

5,699

Northern

Trust

Corp

504

2,990

OneMain

Holdings,

Inc

3,011

\*

Open

Lending

Corp

563

\*

Oportun

Financial

Corp

Oppenheimer

Holdings,

Inc

651

e

Orchid

Island

Capital,

Inc

2,603

e

PennyMac

Mortgage

Investment

Trust

745

Perella

Weinberg

Partners

553

Piper

Jaffray

Cos

727

PJT

Partners,

Inc

1,565

\*

PRA

Group,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,741

\*

PROG

Holdings,

Inc

$

5,107

Raymond

James

Financial,

Inc

546

1,249

e

Ready

Capital

Corp

2,761

Redwood

Trust,

Inc

Regional

Management

Corp

15,885

\*

Robinhood

Markets,

Inc

9,088

S&P

Global,

Inc

3,044

551

Sculptor

Capital

Management,

Inc

2,653

SEI

Investments

Co

6,060

SLM

Corp

22,427

\*

SoFi

Technologies,

Inc

7,310

Starwood

Property

Trust,

Inc

9,972

State

Street

Corp

774

1,257

StepStone

Group,

Inc

2,962

Stifel

Financial

Corp

601

\*

StoneX

Group,

Inc

12,719

Synchrony

Financial

6,251

T

Rowe

Price

Group,

Inc

682

1,884

TPG

RE

Finance

Trust,

Inc

2,955

Tradeweb

Markets,

Inc

2,103

Two

Harbors

Investment

Corp

2,095

\*,e

Upstart

Holdings,

Inc

2,593

Virtu

Financial,

Inc

Virtus

Investment

Partners,

Inc

2,651

Voya

Financial,

Inc

4,611

WisdomTree

Investments,

Inc

\*,e

World

Acceptance

Corp

TOTAL

DIVERSIFIED

FINANCIALS

57,394

ENERGY

-

5.2%

684

\*,e

Aemetis,

Inc

1,963

\*

Alto

Ingredients,

Inc

e

Altus

Midstream

Co

1,272

\*

Amplify

Energy

Corp

9,807

Antero

Midstream

Corp

8,344

\*

Antero

Resources

Corp

8,992

APA

Corp

Arch

Resources,

Inc

3,123

Archrock,

Inc

831

\*

Ardmore

Shipping

Corp

25,822

Baker

Hughes

Co

763

1,669

Berry

Petroleum

Co

LLC

1,978

Bonanza

Creek

Energy,

Inc

3,778

\*

Borr

Drilling

Ltd

510

\*

Bristow

Group,

Inc

21,497

Cabot

Oil

&

Gas

Corp

528

1,403

Cactus,

Inc

2,028

California

Resources

Corp

1,322

\*

Callon

Petroleum

Co

\*

Centrus

Energy

Corp

5,414

ChampionX

Corp

6,864

Cheniere

Energy,

Inc

1,029

3,194

Chesapeake

Energy

Corp

53,694

Chevron

Corp

9,638

4,074

\*

Clean

Energy

Fuels

Corp

5,835

\*

CNX

Resources

Corp

2,351

Comstock

Resources

Inc

34,761

ConocoPhillips

4,102

912

CONSOL

Energy,

Inc

681

e

Crescent

Energy,

Inc

875

CVR

Energy,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,947

Delek

US

Holdings,

Inc

$

1,483

\*

Denbury,

Inc

18,402

Devon

Energy

Corp

1,132

3,794

DHT

Holdings,

Inc

3,680

\*

Diamond

Offshore

Drilling,

Inc

4,977

Diamondback

Energy,

Inc

681

535

\*

DMC

Global,

Inc

1,083

Dorian

LPG

Ltd

1,195

\*

Dril-Quip,

Inc

2,913

DT

Midstream,

Inc

1,219

\*

Earthstone

Energy,

Inc

4,018

\*,e

Energy

Fuels,

Inc

800

e

Enviva,

Inc

16,158

EOG

Resources,

Inc

2,093

10,320

EQT

Corp

12,086

Equitrans

Midstream

Corp

Excelerate

Energy,

Inc

114,416

Exxon

Mobil

Corp

12,620

691

FLEX

LNG

Ltd

1,917

\*

Frank's

International

NV

3,756

e

Frontline

Ltd

5,829

\*,e

Gevo,

Inc

2,739

\*

Golar

LNG

Ltd

1,490

\*

Green

Plains

Inc

\*

Gulfport

Energy

Operating

Corp

25,715

Halliburton

Co

1,012

5,378

\*

Helix

Energy

Solutions

Group,

Inc

2,774

Helmerich

&

Payne,

Inc

7,937

Hess

Corp

1,126

4,114

HF

Sinclair

Corp

1,167

International

Seaways,

Inc

56,038

Kinder

Morgan,

Inc

1,013

12,210

\*

Kosmos

Energy

Ltd

\*

Laredo

Petroleum,

Inc

4,108

Liberty

Oilfield

Services,

Inc

4,177

Magnolia

Oil

&

Gas

Corp

17,870

Marathon

Oil

Corp

13,068

Marathon

Petroleum

Corp

1,521

2,911

Matador

Resources

Co

3,745

Murphy

Oil

Corp

\*

Nabors

Industries

Ltd

639

\*

National

Energy

Services

Reunited

Corp

1,311

New

Fortress

Energy,

Inc

3,366

\*

Newpark

Resources,

Inc

4,954

\*

NexTier

Oilfield

Solutions,

Inc

2,188

\*

Noble

Corp

plc

3,925

Nordic

American

Tankers

Ltd

1,684

Northern

Oil

and

Gas,

Inc

10,664

NOV,

Inc

1,043

Oasis

Petroleum,

Inc

22,044

Occidental

Petroleum

Corp

1,389

2,352

\*

Oceaneering

International,

Inc

2,073

\*

Oil

States

International,

Inc

12,205

ONEOK,

Inc

802

7,048

Ovintiv,

Inc

1,291

\*

Par

Pacific

Holdings,

Inc

5,742

Patterson-UTI

Energy,

Inc

2,663

PBF

Energy,

Inc

2,461

PDC

Energy,

Inc

3,255

\*

Peabody

Energy

Corp

544

Penn

Virginia

Corp

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 5,026

Permian

Resources

Corp

$

13,150

Phillips

1,369

6,598

Pioneer

Natural

Resources

Co

1,507

2,609

\*

ProPetro

Holding

Corp

7,142

Range

Resources

Corp

702

\*

Rex

American

Resources

Corp

Riley

Exploration

Permian,

Inc

2,001

\*

Ring

Energy,

Inc

2,256

RPC,

Inc

792

\*

SandRidge

Energy,

Inc

39,549

Schlumberger

Ltd

2,114

981

Scorpio

Tankers,

Inc

1,587

Select

Energy

Services,

Inc

2,365

SFL

Corp

Ltd

\*

SilverBow

Resources,

Inc

2,012

e

Sitio

Royalties

Corp

2,674

SM

Energy

Co

886

Solaris

Oilfield

Infrastructure,

Inc

26,298

\*

Southwestern

Energy

Co

1,668

\*

Talos

Energy,

Inc

6,202

Targa

Resources

Investments,

Inc

560

\*

Teekay

Tankers

Ltd

14,573

\*

Tellurian,

Inc

3,440

\*

Tetra

Technologies,

Inc

Texas

Pacific

Land

Corp

1,174

\*

Tidewater,

Inc

7,605

\*

Uranium

Energy

Corp

3,976

\*,e

Ur-Energy,

Inc

1,949

\*

US

Silica

Holdings,

Inc

1,428

Vaalco

Energy,

Inc

1,772

\*

Valaris

Ltd

10,696

Valero

Energy

Corp

1,357

1,548

\*,e

Vertex

Energy,

Inc

3,587

\*

W&T

Offshore,

Inc

1,948

\*

Weatherford

International

Ltd

33,907

Williams

Cos,

Inc

1,116

1,789

World

Fuel

Services

Corp

TOTAL

ENERGY

55,277

FOOD

&

STAPLES

RETAILING

-

1.4%

4,646

Albertsons

Cos,

Inc

1,108

Andersons,

Inc

3,420

\*

BJ's

Wholesale

Club

Holdings,

Inc

959

Casey's

General

Stores,

Inc

776

\*

Chefs'

Warehouse

Holdings,

Inc

12,164

Costco

Wholesale

Corp

5,553

2,474

\*

Grocery

Outlet

Holding

Corp

1,600

\*

HF

Foods

Group

Inc

555

Ingles

Markets,

Inc

(Class

A)

18,033

Kroger

Co

804

Natural

Grocers

by

Vitamin

C

4,036

\*

Performance

Food

Group

Co

820

Pricesmart,

Inc

1,730

\*,e

Rite

Aid

Corp

957

SpartanNash

Co

3,412

\*

Sprouts

Farmers

Market,

Inc

13,771

SYSCO

Corp

1,053

1,636

\*

United

Natural

Foods,

Inc

5,895

\*

US

Foods

Holding

Corp

Village

Super

Market

(Class

A)

20,210

Walgreens

Boots

Alliance,

Inc

755

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 39,597

Walmart,

Inc

$

5,614

Weis

Markets,

Inc

TOTAL

FOOD

&

STAPLES

RETAILING

15,244

FOOD,

BEVERAGE

&

TOBACCO

-

3.5%

4,487

\*,e

22nd

Century

Group,

Inc

50,011

Altria

Group,

Inc

2,286

15,416

Archer-Daniels-Midland

Co

1,431

1,674

B&G

Foods,

Inc

(Class

A)

4,728

\*,e

Benson

Hill,

Inc

1,699

\*,e

Beyond

Meat,

Inc

\*

Boston

Beer

Co,

Inc

(Class

A)

1,291

Brown-Forman

Corp

(Class

A)

4,794

Brown-Forman

Corp

(Class

B)

3,814

Bunge

Ltd

583

Calavo

Growers,

Inc

1,263

Cal-Maine

Foods,

Inc

5,433

Campbell

Soup

Co

1,529

\*

Celsius

Holdings,

Inc

107,888

Coca-Cola

Co

6,863

Coca-Cola

Consolidated

Inc

13,074

ConAgra

Brands,

Inc

506

4,170

Constellation

Brands,

Inc

(Class

A)

966

4,594

\*

Darling

International,

Inc

705

\*

Duckhorn

Portfolio,

Inc

5,653

Flowers

Foods,

Inc

1,151

Fresh

Del

Monte

Produce,

Inc

1,239

\*

Freshpet,

Inc

16,250

General

Mills,

Inc

1,363

2,641

\*

Hain

Celestial

Group,

Inc

4,031

Hershey

Co

933

7,844

Hormel

Foods

Corp

3,112

\*

Hostess

Brands,

Inc

1,536

Ingredion,

Inc

530

J&J

Snack

Foods

Corp

2,870

J.M.

Smucker

Co

John

B. Sanfilippo

&

Son,

Inc

6,867

Kellogg

Co

23,053

Keurig

Dr

Pepper,

Inc

822

19,209

Kraft

Heinz

Co

782

3,732

Lamb

Weston

Holdings,

Inc

566

Lancaster

Colony

Corp

1,056

\*

Landec

Corp

6,957

McCormick

&

Co,

Inc

577

MGP

Ingredients,

Inc

684

\*

Mission

Produce,

Inc

5,174

Molson

Coors

Brewing

Co

(Class

B)

37,991

Mondelez

International,

Inc

2,532

10,175

\*

Monster

Beverage

Corp

1,033

607

\*

National

Beverage

Corp

38,073

PepsiCo,

Inc

6,878

42,886

Philip

Morris

International,

Inc

4,340

1,486

\*

Pilgrim's

Pride

Corp

1,785

\*

Post

Holdings,

Inc

4,873

Primo

Water

Corp

Seaboard

Corp

\*

Seneca

Foods

Corp

2,221

\*

Simply

Good

Foods

Co

537

\*

Sovos

Brands,

Inc

2,448

\*

SunOpta,

Inc

1,227

\*,e

Tattooed

Chef,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 364

Tootsie

Roll

Industries,

Inc

$

1,691

\*

TreeHouse

Foods,

Inc

Turning

Point

Brands,

Inc

7,401

Tyson

Foods,

Inc

(Class

A)

627

Universal

Corp

1,426

Utz

Brands,

Inc

4,010

Vector

Group

Ltd

574

\*,e

Vintage

Wine

Estates,

Inc

630

\*

Vita

Coco

Co,

Inc

689

\*

Vital

Farms,

Inc

\*

Whole

Earth

Brands,

Inc

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

37,020

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6.3%

4,943

\*

1Life

Healthcare,

Inc

47,322

Abbott

Laboratories

5,195

2,626

\*

Acadia

Healthcare

Co,

Inc

1,487

\*

Accolade,

Inc

2,296

\*

AdaptHealth

Corp

\*

Addus

HomeCare

Corp

\*

Agiliti,

Inc

5,106

\*,e

agilon

health,

Inc

2,242

\*

Align

Technology,

Inc

2,083

\*

Alignment

Healthcare,

Inc

2,755

\*

Allscripts

Healthcare

Solutions,

Inc

2,458

\*

Alphatec

Holdings

Inc

872

\*

Amedisys,

Inc

5,730

\*

American

Well

Corp

4,259

AmerisourceBergen

Corp

706

1,306

\*

AMN

Healthcare

Services,

Inc

1,310

\*

Angiodynamics,

Inc

1,046

\*

Apollo

Medical

Holdings,

Inc

1,229

\*

AtriCure,

Inc

Atrion

Corp

1,650

\*

Avanos

Medical,

Inc

920

\*

Aveanna

Healthcare

Holdings,

Inc

1,009

\*

AxoGen,

Inc

1,185

\*

Axonics

Modulation

Technologies,

Inc

14,132

Baxter

International,

Inc

720

7,847

Becton

Dickinson

&

Co

1,995

681

\*

BioLife

Solutions

Inc

39,262

\*

Boston

Scientific

Corp

1,817

6,211

\*

Brookdale

Senior

Living,

Inc

4,980

\*,e

Butterfly

Network,

Inc

7,197

Cardinal

Health,

Inc

553

1,207

\*

Cardiovascular

Systems,

Inc

1,536

\*,e

CareMax,

Inc

627

\*

Castle

Biosciences,

Inc

15,999

\*

Centene

Corp

1,312

3,092

\*

Certara,

Inc

4,212

\*

Cerus

Corp

Chemed

Corp

8,267

Cigna

Corp

2,739

10,784

\*,e

Clover

Health

Investments

Corp

3,702

\*

Community

Health

Systems,

Inc

\*

Computer

Programs

&

Systems,

Inc

671

Conmed

Corp

1,318

Cooper

Cos,

Inc

\*

Corvel

Corp

1,273

\*

Cross

Country

Healthcare,

Inc

1,250

\*

CryoLife,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 2,947

\*

Cue

Health,

Inc

$

593

\*

Cutera,

Inc

36,345

CVS

Health

Corp

3,387

1,340

\*

DaVita,

Inc

792

\*

Definitive

Healthcare

Corp

5,191

Dentsply

Sirona,

Inc

10,674

\*

Dexcom,

Inc

1,209

2,001

\*

DocGo,

Inc

2,649

\*,e

Doximity,

Inc

16,909

\*

Edwards

Lifesciences

Corp

1,262

6,674

Elevance

Health,

Inc

3,424

1,639

Embecta

Corp

2,399

Encompass

Health

Corp

1,534

\*

Enhabit,

Inc

1,154

\*

Enovis

Corp

1,488

Ensign

Group,

Inc

3,894

\*

Envista

Holdings

Corp

2,165

\*

Evolent

Health,

Inc

3,412

\*

Figs,

Inc

604

\*

Fulgent

Genetics,

Inc

1,276

\*

Glaukos

Corp

2,038

\*

Globus

Medical,

Inc

2,679

\*

Guardant

Health,

Inc

1,374

\*

Haemonetics

Corp

6,037

HCA

Healthcare,

Inc

1,449

1,262

\*

Health

Catalyst,

Inc

2,384

\*

HealthEquity,

Inc

1,071

\*

HealthStream,

Inc

3,559

\*

Henry

Schein,

Inc

\*

Heska

Corp

3,283

\*

Hims

&

Hers

Health,

Inc

6,729

\*

Hologic,

Inc

503

3,504

Humana,

Inc

1,795

588

\*

ICU

Medical,

Inc

2,305

\*

IDEXX

Laboratories,

Inc

940

1,298

\*

Inari

Medical,

Inc

\*,e

Innovage

Holding

Corp

672

\*

Inogen,

Inc

734

\*

Inspire

Medical

Systems,

Inc

1,892

\*

Insulet

Corp

557

935

\*

Integer

Holding

Corp

1,812

\*

Integra

LifeSciences

Holdings

Corp

9,808

\*

Intuitive

Surgical,

Inc

2,603

5,991

\*,e

Invitae

Corp

818

\*

iRhythm

Technologies,

Inc

\*

Joint

Corp

2,613

Laboratory

Corp

of

America

Holdings

615

1,899

\*

Lantheus

Holdings,

Inc

562

LeMaitre

Vascular,

Inc

680

\*

LHC

Group,

Inc

1,759

\*

LifeStance

Health

Group,

Inc

1,549

\*

LivaNova

plc

1,396

\*

Masimo

Corp

3,991

McKesson

Corp

1,497

1,877

\*

MEDNAX,

Inc

37,147

Medtronic

plc

2,887

1,071

\*

Meridian

Bioscience,

Inc

1,636

\*

Merit

Medical

Systems,

Inc

Mesa

Laboratories,

Inc

\*

ModivCare,

Inc

1,532

\*

Molina

Healthcare,

Inc

506

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 10,341

\*,e

Multiplan

Corp

$

1,138

\*

Nano-X

Imaging

Ltd

National

Healthcare

Corp

National

Research

Corp

5,732

\*

Neogen

Corp

1,074

\*

Nevro

Corp

1,960

\*

NextGen

Healthcare,

Inc

2,637

\*

Novocure

Ltd

1,307

\*

NuVasive,

Inc

3,059

\*

Oak

Street

Health,

Inc

1,291

\*

Omnicell,

Inc

13,300

\*

Opko

Health,

Inc

578

\*

OptimizeRx

Corp

3,932

\*

Option

Care

Health,

Inc

2,181

\*

OraSure

Technologies,

Inc

679

\*

Orthofix

Medical

Inc

\*

OrthoPediatrics

Corp

1,325

\*

Outset

Medical,

Inc

2,217

\*

Owens

&

Minor,

Inc

1,177

\*

Paragon

28,

Inc

1,971

Patterson

Cos,

Inc

942

\*

Pennant

Group,

Inc

1,020

\*

Penumbra,

Inc

619

\*

PetIQ,

Inc

1,246

\*

Phreesia,

Inc

3,275

Premier,

Inc

1,116

\*

Privia

Health

Group,

Inc

670

\*

PROCEPT

BioRobotics

Corp

1,851

\*

Progyny,

Inc

3,887

\*

Project

Roadrunner

Parent,

Inc

711

\*

Pulmonx

Corp

3,134

Quest

Diagnostics,

Inc

1,394

\*

QuidelOrtho

Corp

1,510

\*

RadNet,

Inc

3,994

Resmed,

Inc

831

558

\*

RxSight,

Inc

1,342

\*

Schrodinger,

Inc

640

\*

SeaSpine

Holdings

Corp

3,129

Select

Medical

Holdings

Corp

4,050

\*

Sema4

Holdings

Corp

12,510

\*

Senseonics

Holdings,

Inc

996

\*

Shockwave

Medical

Inc

815

\*

SI-BONE,

Inc

775

\*

Sight

Sciences,

Inc

1,449

\*

Signify

Health,

Inc

987

\*

Silk

Road

Medical

Inc

Simulations

Plus,

Inc

1,339

\*

Staar

Surgical

Co

2,725

STERIS

plc

503

9,659

Stryker

Corp

2,362

927

\*

Surgery

Partners,

Inc

516

\*

SurModics,

Inc

\*

Tactile

Systems

Technology,

Inc

1,948

\*

Tandem

Diabetes

Care,

Inc

4,752

\*

Teladoc,

Inc

1,270

Teleflex,

Inc

3,172

\*

Tenet

Healthcare

Corp

604

\*

Transmedics

Group,

Inc

803

\*

Treace

Medical

Concepts,

Inc

\*

UFP

Technologies,

Inc

25,887

UnitedHealth

Group,

Inc

13,725

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,745

Universal

Health

Services,

Inc

(Class

B)

$

US

Physical

Therapy,

Inc

Utah

Medical

Products,

Inc

1,492

\*

Varex

Imaging

Corp

3,838

\*

Veeva

Systems,

Inc

619

5,433

\*

VG

Acquisition

Corp

1,334

\*

Vicarious

Surgical,

Inc

3,908

\*

ViewRay,

Inc

5,739

Zimmer

Biomet

Holdings,

Inc

732

635

\*

Zimvie,

Inc

1,048

e

Zynex

Inc

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

66,105

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.5%

2,708

\*,e

Beauty

Health

Co

3,638

\*

BellRing

Brands,

Inc

\*

Central

Garden

&

Pet

Co

1,366

\*

Central

Garden

and

Pet

Co

(Class

A)

6,646

Church

&

Dwight

Co,

Inc

536

3,351

Clorox

Co

22,560

Colgate-Palmolive

Co

1,778

9,161

\*

Coty,

Inc

1,561

Edgewell

Personal

Care

Co

1,085

\*

elf

Beauty,

Inc

2,086

Energizer

Holdings,

Inc

6,239

Estee

Lauder

Cos

(Class

A)

1,548

2,976

\*

Herbalife

Nutrition

Ltd

2,022

\*

Honest

Co,

Inc

625

Inter

Parfums,

Inc

9,169

Kimberly-Clark

Corp

1,245

Medifast,

Inc

537

\*

Nature's

Sunshine

Products,

Inc

1,594

Nu

Skin

Enterprises,

Inc

(Class

A)

3,350

\*

Olaplex

Holdings,

Inc

65,619

Procter

&

Gamble

Co

9,945

1,260

Reynolds

Consumer

Products,

Inc

1,088

Spectrum

Brands

Holdings,

Inc

\*

USANA

Health

Sciences,

Inc

1,597

\*

Veru,

Inc

Co

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

16,420

INSURANCE

-

2.5%

17,302

Aflac,

Inc

1,245

7,423

Allstate

Corp

1,007

1,747

\*

AMBAC

Financial

Group,

Inc

2,546

American

Equity

Investment

Life

Holding

Co

1,850

American

Financial

Group,

Inc

20,842

American

International

Group,

Inc

1,318

751

Amerisafe,

Inc

5,747

Aon

plc

1,725

9,860

\*

Arch

Capital

Group

Ltd

619

1,084

Argo

Group

International

Holdings

Ltd

5,687

Arthur

J. Gallagher

&

Co

1,072

1,574

Assurant,

Inc

1,602

Assured

Guaranty

Ltd

2,014

Axis

Capital

Holdings

Ltd

7,141

\*

Bright

Health

Group,

Inc

1,542

\*

Brighthouse

Financial,

Inc

6,379

Brown

&

Brown,

Inc

1,510

\*

BRP

Group,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 11,396

Chubb

Ltd

$

2,514

4,237

Cincinnati

Financial

Corp

864

CNA

Financial

Corp

2,368

Conseco,

Inc

1,399

Corebridge

Financial,

Inc

Donegal

Group,

Inc

(Class

A)

746

\*

eHealth,

Inc

1,061

Employers

Holdings,

Inc

\*

Enstar

Group

Ltd

689

Erie

Indemnity

Co

(Class

A)

1,038

Everest

Re

Group

Ltd

\*

F&G

Annuities

&

Life,

Inc

7,302

Fidelity

National

Financial

Inc

2,961

First

American

Financial

Corp

9,101

\*

Genworth

Financial,

Inc

(Class

A)

2,420

Globe

Life,

Inc

512

\*

Goosehead

Insurance,

Inc

621

\*

Greenlight

Capital

Re

Ltd

(Class

A)

923

Hanover

Insurance

Group,

Inc

9,134

Hartford

Financial

Services

Group,

Inc

693

e

HCI

Group,

Inc

\*,e

Hippo

Holdings,

Inc

1,591

Horace

Mann

Educators

Corp

Investors

Title

Co

865

James

River

Group

Holdings

Ltd

1,556

Kemper

Corp

651

Kinsale

Capital

Group,

Inc

1,146

\*

Lemonade,

Inc

4,396

Lincoln

National

Corp

5,410

Loews

Corp

\*

Markel

Corp

13,822

Marsh

&

McLennan

Cos,

Inc

2,287

2,049

\*

MBIA,

Inc

754

Mercury

General

Corp

18,455

Metlife,

Inc

1,336

National

Western

Life

Group,

Inc

\*

NI

Holdings,

Inc

7,499

Old

Republic

International

Corp

3,765

\*

Oscar

Health,

Inc

682

\*

Palomar

Holdings,

Inc

1,013

Primerica,

Inc

6,857

Principal

Financial

Group

575

1,956

ProAssurance

Corp

16,162

Progressive

Corp

2,096

10,424

Prudential

Financial,

Inc

1,037

1,995

Reinsurance

Group

of

America,

Inc

(Class

A)

1,234

RenaissanceRe

Holdings

Ltd

1,226

RLI

Corp

\*,e

Root,

Inc

2,077

\*

Ryan

Specialty

Group

Holdings,

Inc

Safety

Insurance

Group,

Inc

1,549

Selective

Insurance

Group,

Inc

4,001

\*

Selectquote,

Inc

2,745

\*

SiriusPoint

Ltd

815

Stewart

Information

Services

Corp

1,255

Tiptree

Inc

6,490

Travelers

Cos,

Inc

1,217

1,119

\*,e

Trupanion,

Inc

844

United

Fire

Group

Inc

1,340

Universal

Insurance

Holdings,

Inc

4,932

Unum

Group

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 5,570

W.R.

Berkley

Corp

$

White

Mountains

Insurance

Group

Ltd

2,905

Willis

Towers

Watson

plc

710

TOTAL

INSURANCE

26,500

MATERIALS

-

3.0%

675

\*

5E

Advanced

Materials,

Inc

889

AdvanSix,

Inc

6,113

Air

Products

&

Chemicals,

Inc

1,884

3,242

Albemarle

Corp

703

5,296

Alcoa

Corp

3,295

\*

Allegheny

Technologies,

Inc

Alpha

Metallurgical

Resources,

Inc

41,501

Amcor

plc

1,143

American

Vanguard

Corp

1,717

Aptargroup,

Inc

2,870

\*

Arconic

Corp

716

\*,†

Ardagh

Group

S.A.

4,201

Ardagh

Metal

Packaging

S.A.

1,363

Ashland

Global

Holdings,

Inc

562

\*

Aspen

Aerogels,

Inc

2,163

Avery

Dennison

Corp

2,934

Avient

Corp

5,815

\*

Axalta

Coating

Systems

Ltd

794

Balchem

Corp

8,742

Ball

Corp

3,438

Berry

Global

Group,

Inc

1,693

Cabot

Corp

1,242

Carpenter

Technology

Corp

3,001

Celanese

Corp

(Series

A)

1,274

\*

Century

Aluminum

Co

5,564

CF

Industries

Holdings,

Inc

Chase

Corp

4,211

Chemours

Co

623

\*

Clearwater

Paper

Corp

14,347

\*

Cleveland-Cliffs,

Inc

6,825

\*

Coeur

Mining,

Inc

2,958

Commercial

Metals

Co

1,021

Compass

Minerals

International,

Inc

3,240

\*

Constellium

SE

19,994

Corteva,

Inc

1,175

3,202

Crown

Holdings,

Inc

1,980

\*,e

Danimer

Scientific,

Inc

1,798

\*

Diversey

Holdings

Ltd

20,317

Dow,

Inc

1,024

14,363

DuPont

de

Nemours,

Inc

986

983

Eagle

Materials,

Inc

3,506

Eastman

Chemical

Co

6,784

Ecolab,

Inc

987

6,085

Element

Solutions,

Inc

3,271

FMC

Corp

39,610

Freeport-McMoRan,

Inc

(Class

B)

1,505

954

FutureFuel

Corp

23,436

\*

Ginkgo

Bioworks

Holdings,

Inc

1,827

Glatfelter

Corp

7,879

Graphic

Packaging

Holding

Co

985

Greif,

Inc

(Class

A)

Greif,

Inc

(Class

B)

1,239

H.B.

Fuller

Co

754

Hawkins,

Inc

501

Haynes

International,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 16,414

Hecla

Mining

Co

$

4,964

Huntsman

Corp

4,044

\*

Hycroft

Mining

Holding

Corp

1,288

\*

Ingevity

Corp

872

Innospec,

Inc

6,858

International

Flavors

&

Fragrances,

Inc

719

9,279

International

Paper

Co

\*

Intrepid

Potash,

Inc

Kaiser

Aluminum

Corp

850

Koppers

Holdings,

Inc

893

Kronos

Worldwide,

Inc

13,742

Linde

plc

4,482

4,445

\*

Livent

Corp

2,293

Louisiana-Pacific

Corp

952

\*

LSB

Industries,

Inc

6,951

LyondellBasell

Industries

NV

577

1,753

Martin

Marietta

Materials,

Inc

592

Materion

Corp

838

Minerals

Technologies,

Inc

9,641

Mosaic

Co

2,475

\*

MP

Materials

Corp

871

Myers

Industries,

Inc

NewMarket

Corp

21,581

Newmont

Goldcorp

Corp

1,019

8,146

\*

Novagold

Resources

Inc

7,149

Nucor

Corp

942

5,026

\*

O-I

Glass,

Inc

3,486

Olin

Corp

Olympic

Steel,

Inc

2,691

\*,e

Origin

Materials,

Inc

2,087

Orion

Engineered

Carbons

SA

2,401

Packaging

Corp

of

America

728

Pactiv

Evergreen,

Inc

3,762

\*

Perimeter

Solutions

S.A.

\*

Piedmont

Lithium,

Inc

6,459

PPG

Industries,

Inc

812

890

\*

PQ

Group

Holdings,

Inc

2,909

\*,e

PureCycle

Technologies,

Inc

Quaker

Chemical

Corp

646

Ramaco

Resources,

Inc

821

\*

Ranpak

Holdings

Corp

1,744

\*

Rayonier

Advanced

Materials,

Inc

1,666

Reliance

Steel

&

Aluminum

Co

887

\*

Resolute

Forest

Products

1,819

Royal

Gold,

Inc

3,517

RPM

International,

Inc

592

Ryerson

Holding

Corp

941

Schnitzer

Steel

Industries,

Inc

(Class

A)

1,637

Schweitzer-Mauduit

International,

Inc

1,142

Scotts

Miracle-Gro

Co

(Class

A)

4,411

Sealed

Air

Corp

1,015

Sensient

Technologies

Corp

6,602

Sherwin-Williams

Co

1,567

2,434

Silgan

Holdings,

Inc

2,707

Sonoco

Products

Co

2,484

Southern

Copper

Corp

5,527

SSR

Mining,

Inc

4,820

Steel

Dynamics,

Inc

Stepan

Co

3,455

\*

Summit

Materials,

Inc

2,524

SunCoke

Energy,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 905

Sylvamo

Corp

$

1,535

\*

TimkenSteel

Corp

1,164

Tredegar

Corp

1,789

Trimas

Corp

857

Trinseo

plc

3,174

Tronox

Holdings

plc

United

States

Lime

&

Minerals,

Inc

5,821

United

States

Steel

Corp

4,362

Valvoline,

Inc

3,732

Vulcan

Materials

Co

654

1,235

Warrior

Met

Coal,

Inc

886

Westlake

Chemical

Corp

6,940

WestRock

Co

858

Worthington

Industries,

Inc

TOTAL

MATERIALS

31,633

MEDIA

&

ENTERTAINMENT

-

5.6%

21,427

Activision

Blizzard,

Inc

1,640

1,783

\*

Advantage

Solutions,

Inc

166,493

\*

Alphabet,

Inc

(Class

A)

14,690

147,952

\*

Alphabet,

Inc

(Class

C)

13,128

6,143

\*

Altice

USA,

Inc

12,774

\*,e

AMC

Entertainment

Holdings,

Inc

921

\*

AMC

Networks,

Inc

\*

Boston

Omaha

Corp

2,348

\*

Bumble,

Inc

Cable

One,

Inc

941

\*

Cardlytics,

Inc

2,709

\*

Cargurus,

Inc

2,223

\*

Cars.com,

Inc

3,004

\*

Charter

Communications,

Inc

1,019

3,434

\*

Cinemark

Holdings,

Inc

10,518

\*

Clear

Channel

119,459

Comcast

Corp

(Class

A)

4,177

\*

Daily

Journal

Corp

6,813

\*

DISH

Network

Corp

(Class

A)

7,567

Electronic

Arts,

Inc

925

4,712

\*

Entercom

Communications

Corp

2,637

Entravision

Communications

Corp

(Class

A)

2,165

\*

Eventbrite

Inc

\*

EverQuote

Inc

1,941

\*

EW

Scripps

Co

(Class

A)

8,572

Fox

Corp

(Class

A)

3,832

Fox

Corp

(Class

B)

3,947

\*,e

fuboTV,

Inc

4,050

\*

Gannett

Co,

Inc

2,117

Gray

Television,

Inc

2,290

\*

IAC

3,188

\*

iHeartMedia,

Inc

1,677

\*

Imax

Corp

1,209

\*

Integral

Ad

Science

Holding

Corp

11,025

Interpublic

Group

of

Cos,

Inc

1,411

John

Wiley

&

Sons,

Inc

(Class

A)

\*,e

Liberty

Braves

Group

(Class

A)

1,434

\*

Liberty

Braves

Group

(Class

C)

661

Liberty

Broadband

Corp

(Class

A)

3,561

\*

Liberty

Broadband

Corp

(Class

C)

\*

Liberty

Media

Group

(Class

A)

5,333

\*

Liberty

Media

Group

(Class

C)

1,910

Liberty

SiriusXM

Group

(Class

A)

4,032

\*

Liberty

SiriusXM

Group

(Class

C)

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 2,000

\*

Lions

Gate

Entertainment

Corp

(Class

A)

$

3,835

\*

Lions

Gate

Entertainment

Corp

(Class

B)

4,246

\*

Live

Nation,

Inc

627

Madison

Square

Garden

Co

832

\*

Madison

Square

Garden

Entertainment

Corp

3,683

\*

Magnite,

Inc

736

e

Marcus

Corp

8,083

\*

Match

Group,

Inc

584

\*

MediaAlpha,

Inc

62,328

\*

Meta

Platforms,

Inc

7,501

12,078

\*

Netflix,

Inc

3,562

4,377

New

York

Times

Co

(Class

A)

10,391

News

Corp

(Class

A)

3,112

News

Corp

(Class

B)

1,008

Nexstar

Media

Group

Inc

5,538

Omnicom

Group,

Inc

Paramount

Global

(Class

A)

16,396

Paramount

Global

(Class

B)

16,442

\*

Pinterest,

Inc

2,020

\*

Playstudios,

Inc

2,676

\*

Playtika

Holding

Corp

1,094

\*

PubMatic,

Inc

1,192

\*

QuinStreet,

Inc

12,415

\*

ROBLOX

Corp

3,467

\*

Roku,

Inc

1,096

Scholastic

Corp

Sinclair

Broadcast

Group,

Inc

(Class

A)

16,700

e

Sirius

XM

Holdings,

Inc

8,841

\*,e

Skillz,

Inc

3,941

\*

Spotify

Technology

S.A.

1,585

\*

Stagwell,

Inc

4,405

\*

Take-Two

Interactive

Software,

Inc

708

\*

TechTarget,

Inc

5,789

TEGNA,

Inc

612

\*

Thryv

Holdings,

Inc

2,932

\*

TripAdvisor,

Inc

2,406

\*

TrueCar,

Inc

3,939

\*

Vimeo,

Inc

50,244

\*

Walt

Disney

Co

4,365

66,296

\*

Warner

Bros

Discovery,

Inc

628

1,263

\*

WideOpenWest,

Inc

901

World

Wrestling

Entertainment,

Inc

(Class

A)

2,109

\*

Yelp,

Inc

1,245

\*

Ziff

Davis

Inc

1,977

\*

ZipRecruiter,

Inc

7,616

\*

ZoomInfo

Technologies,

Inc

TOTAL

MEDIA

&

ENTERTAINMENT

58,907

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9.1%

2,501

\*

10X

Genomics,

Inc

702

\*

2seventy

bio,

Inc

524

\*

4D

Molecular

Therapeutics,

Inc

\*

Aadi

Bioscience,

Inc

48,841

AbbVie,

Inc

7,893

5,613

\*,e

AbCellera

Biologics,

Inc

1,494

\*

Absci

Corp

3,739

\*

Acadia

Pharmaceuticals,

Inc

1,604

\*

Aclaris

Therapeutics,

Inc

\*

Adagio

Therapeutics,

Inc

3,224

\*

Adaptive

Biotechnologies

Corp

546

\*

Adicet

Bio,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 4,828

\*

ADMA

Biologics,

Inc

$

3,354

\*

Affimed

NV

5,844

\*

Agenus,

Inc

8,163

Agilent

Technologies,

Inc

1,222

1,876

\*

Agios

Pharmaceuticals,

Inc

718

\*

Akero

Therapeutics,

Inc

\*

Albireo

Pharma,

Inc

1,504

\*

Alector,

Inc

4,357

\*

Alkermes

plc

2,417

\*,e

Allogene

Therapeutics,

Inc

845

\*

Allovir,

Inc

3,356

\*

Alnylam

Pharmaceuticals,

Inc

798

515

\*

ALX

Oncology

Holdings,

Inc

14,749

Amgen,

Inc

3,874

8,241

\*

Amicus

Therapeutics,

Inc

2,888

\*

Amneal

Pharmaceuticals,

Inc

1,331

\*

Amphastar

Pharmaceuticals,

Inc

1,371

\*

Amylyx

Pharmaceuticals,

Inc

679

\*

AnaptysBio,

Inc

1,840

\*,e

Anavex

Life

Sciences

Corp

\*

ANI

Pharmaceuticals,

Inc

566

\*

Anika

Therapeutics,

Inc

2,514

\*

Apellis

Pharmaceuticals,

Inc

2,291

\*,e

Arbutus

Biopharma

Corp

798

\*

Arcellx,

Inc

625

\*

Arcturus

Therapeutics

Holdings,

Inc

1,321

\*

Arcus

Biosciences,

Inc

782

\*

Arcutis

Biotherapeutics,

Inc

3,104

\*

Arrowhead

Pharmaceuticals

Inc

1,292

\*

Arvinas,

Inc

2,394

\*

Atara

Biotherapeutics,

Inc

1,878

\*

Atea

Pharmaceuticals,

Inc

866

\*

Athira

Pharma,

Inc

\*

Aura

Biosciences,

Inc

3,648

\*

Aurinia

Pharmaceuticals,

Inc

17,155

\*

Avantor,

Inc

1,798

\*

Avid

Bioservices,

Inc

1,307

\*

Avidity

Biosciences,

Inc

854

\*,e

Axsome

Therapeutics,

Inc

1,758

\*

Beam

Therapeutics,

Inc

1,405

\*

Berkeley

Lights,

Inc

5,428

\*

BioCryst

Pharmaceuticals,

Inc

4,025

\*

Biogen,

Inc

1,115

867

\*

Biohaven

Ltd

5,199

\*

BioMarin

Pharmaceutical,

Inc

538

8,439

\*,e

Bionano

Genomics,

Inc

626

\*

Bio-Rad

Laboratories,

Inc

(Class

A)

4,452

Bio-Techne

Corp

\*,e

Bioxcel

Therapeutics

Inc

2,108

\*

Bluebird

Bio,

Inc

1,758

\*

Blueprint

Medicines

Corp

3,248

\*

Bridgebio

Pharma,

Inc

58,708

Bristol-Myers

Squibb

Co

4,224

2,116

\*

Brooks

Automation,

Inc

3,225

Bruker

BioSciences

Corp

970

\*

C4

Therapeutics,

Inc

1,052

\*

Cara

Therapeutics,

Inc

1,462

\*

CareDx,

Inc

1,471

\*

Caribou

Biosciences,

Inc

1,147

\*,e

Cassava

Sciences,

Inc

4,893

\*

Catalent,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,670

\*

Catalyst

Pharmaceuticals,

Inc

$

1,296

\*

Celldex

Therapeutics,

Inc

\*

Century

Therapeutics,

Inc

1,443

\*

Cerevel

Therapeutics

Holdings,

Inc

1,399

\*

Charles

River

Laboratories

International,

Inc

1,747

\*

Chimerix,

Inc

1,163

\*

Chinook

Therapeutics,

Inc

\*

CinCor

Pharma,

Inc

1,647

\*

Codexis,

Inc

1,061

\*

Cogent

Biosciences,

Inc

2,173

\*

Coherus

Biosciences,

Inc

877

\*

Collegium

Pharmaceutical,

Inc

2,558

\*

Corcept

Therapeutics,

Inc

1,406

\*

Crinetics

Pharmaceuticals,

Inc

1,192

\*

CryoPort,

Inc

2,490

\*

CTI

BioPharma

Corp

660

\*

Cullinan

Oncology,

Inc

3,007

\*

Cytek

Biosciences,

Inc

2,182

\*

Cytokinetics,

Inc

17,859

Danaher

Corp

4,740

731

\*

Day

One

Biopharmaceuticals,

Inc

1,209

\*

Deciphera

Pharmaceuticals,

Inc

2,697

\*

Denali

Therapeutics,

Inc

890

\*

Design

Therapeutics,

Inc

755

\*

DICE

Therapeutics,

Inc

3,515

\*

Dynavax

Technologies

Corp

858

\*

Dyne

Therapeutics,

Inc

\*

Eagle

Pharmaceuticals,

Inc

\*

Edgewise

Therapeutics,

Inc

2,042

\*,e

Editas

Medicine,

Inc

12,879

\*

Elanco

Animal

Health,

Inc

23,273

Eli

Lilly

&

Co

8,514

1,340

\*

Emergent

Biosolutions,

Inc

648

\*

Enanta

Pharmaceuticals,

Inc

3,632

\*

EQRx,

Inc

2,249

\*

Erasca,

Inc

1,721

\*

Esperion

Thereapeutics,

Inc

702

\*

Evolus,

Inc

5,124

\*

Exact

Sciences

Corp

9,139

\*

Exelixis,

Inc

602

\*,e

EyePoint

Pharmaceuticals,

Inc

2,380

\*

Fate

Therapeutics,

Inc

2,752

\*

FibroGen,

Inc

505

\*

Foghorn

Therapeutics,

Inc

597

\*

Fulcrum

Therapeutics,

Inc

1,233

\*

Generation

Bio

Co

12,566

\*

Geron

Corp

34,732

Gilead

Sciences,

Inc

2,982

3,934

\*

Halozyme

Therapeutics,

Inc

588

\*

Harmony

Biosciences

Holdings,

Inc

2,785

\*,e

Heron

Therapeutics,

Inc

6,213

\*

Horizon

Therapeutics

Plc

707

\*

Icosavax,

Inc

950

\*

Ideaya

Biosciences,

Inc

\*

IGM

Biosciences,

Inc

4,413

\*

Illumina,

Inc

892

699

\*

Imago

Biosciences,

Inc

1,987

\*,e

ImmunityBio,

Inc

5,543

\*

Immunogen,

Inc

1,107

\*

Immunovant,

Inc

5,156

\*

Incyte

Corp

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 813

\*

Inhibrx,

Inc

$

2,407

\*

Innoviva,

Inc

6,194

\*,e

Inovio

Pharmaceuticals,

Inc

3,278

\*

Insmed,

Inc

2,093

\*

Intellia

Therapeutics,

Inc

836

\*

Intercept

Pharmaceuticals,

Inc

2,522

\*

Intra-Cellular

Therapies,

Inc

4,151

\*

Ionis

Pharmaceuticals,

Inc

4,447

\*

Iovance

Biotherapeutics,

Inc

5,130

\*

IQVIA

Holdings,

Inc

1,051

4,209

\*

Ironwood

Pharmaceuticals,

Inc

572

\*

iTeos

Therapeutics,

Inc

2,922

\*

IVERIC

bio,

Inc

\*

Janux

Therapeutics,

Inc

1,671

\*

Jazz

Pharmaceuticals

plc

72,840

Johnson

&

Johnson

12,867

724

\*

Jounce

Therapeutics,

Inc

\*

KalVista

Pharmaceuticals

Inc

815

\*

Karuna

Therapeutics,

Inc

2,103

\*

Karyopharm

Therapeutics,

Inc

\*

Keros

Therapeutics,

Inc

1,311

\*

Kezar

Life

Sciences,

Inc

706

\*

Kiniksa

Pharmaceuticals

Ltd

\*,e

Kinnate

Biopharma,

Inc

988

\*

Kodiak

Sciences,

Inc

1,128

\*

Kronos

Bio,

Inc

\*

Krystal

Biotech

Inc

1,654

\*

Kura

Oncology,

Inc

969

\*

Kymera

Therapeutics,

Inc

1,763

\*

Lexicon

Pharmaceuticals,

Inc

\*

Ligand

Pharmaceuticals,

Inc

(Class

B)

1,283

\*,e

Liquidia

Corp

4,069

\*

Lyell

Immunopharma,

Inc

1,721

\*

MacroGenics,

Inc

\*

Madrigal

Pharmaceuticals,

Inc

7,710

\*,e

MannKind

Corp

3,088

\*

Maravai

LifeSciences

Holdings,

Inc

2,546

\*

MaxCyte,

Inc

647

\*

Medpace

Holdings,

Inc

548

\*

MeiraGTx

Holdings

plc

69,810

Merck

&

Co,

Inc

7,745

1,994

\*

Mersana

Therapeutics,

Inc

625

\*

Mettler-Toledo

International,

Inc

903

3,231

\*

MiMedx

Group,

Inc

1,197

\*

Mirati

Therapeutics,

Inc

\*

Mirum

Pharmaceuticals,

Inc

9,208

\*

Moderna,

Inc

1,654

\*

Monte

Rosa

Therapeutics,

Inc

597

\*

Morphic

Holding,

Inc

2,502

\*

Myriad

Genetics,

Inc

1,328

\*

NanoString

Technologies,

Inc

2,327

\*

Natera,

Inc

5,467

\*

Nektar

Therapeutics

3,250

\*

NeoGenomics,

Inc

2,550

\*

Neurocrine

Biosciences,

Inc

761

\*

NGM

Biopharmaceuticals

Inc

881

\*

Nkarta,

Inc

2,168

\*,e

Novavax,

Inc

1,379

\*

Nurix

Therapeutics,

Inc

\*

Nuvalent,

Inc

4,458

\*

Nuvation

Bio,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 5,511

\*

Ocugen,

Inc

$

2,221

\*

Ocular

Therapeutix,

Inc

2,371

\*

OmniAb,

Inc

1,103

\*

Organogenesis

Holdings

Inc

6,992

Organon

&

Co

2,475

\*,e

Outlook

Therapeutics,

Inc

5,816

\*

Pacific

Biosciences

of

California,

Inc

1,343

\*

Pacira

BioSciences

Inc

3,578

PerkinElmer,

Inc

502

4,000

Perrigo

Co

plc

156,456

Pfizer,

Inc

8,017

575

\*,e

Phathom

Pharmaceuticals,

Inc

720

Phibro

Animal

Health

Corp

754

\*

PMV

Pharmaceuticals,

Inc

2,006

\*

Point

Biopharma

Global,

Inc

684

\*

Praxis

Precision

Medicines,

Inc

2,435

\*

Precigen,

Inc

1,585

\*

Prestige

Consumer

Healthcare,

Inc.

792

\*

Prometheus

Biosciences,

Inc

1,206

\*

Protagonist

Therapeutics,

Inc

1,011

\*

Prothena

Corp

plc

1,356

\*,e

Provention

Bio,

Inc

2,011

\*

PTC

Therapeutics,

Inc

6,175

\*

QIAGEN

NV

914

\*

Quanterix

Corp

2,497

\*

Quantum-Si,

Inc

524

\*

RAPT

Therapeutics,

Inc

815

\*,e

Reata

Pharmaceuticals,

Inc

3,244

\*

Recursion

Pharmaceuticals,

Inc

2,833

\*

Regeneron

Pharmaceuticals,

Inc

2,044

1,062

\*

REGENXBIO,

Inc

2,088

\*

Relay

Therapeutics,

Inc

940

\*

Relmada

Therapeutics,

Inc

1,598

\*

Repligen

Corp

699

\*

Replimune

Group,

Inc

2,003

\*

Revance

Therapeutics,

Inc

1,744

\*

REVOLUTION

Medicines,

Inc

4,657

\*

Rigel

Pharmaceuticals,

Inc

1,412

\*

Rocket

Pharmaceuticals,

Inc

10,105

Royalty

Pharma

plc

1,665

\*

Sage

Therapeutics,

Inc

2,386

\*,e

Sana

Biotechnology,

Inc

3,362

\*

Sangamo

Therapeutics

Inc

2,419

\*

Sarepta

Therapeutics,

Inc

1,626

\*

Science

Holdings,

Inc

3,671

\*

Seagen,

Inc

1,126

\*

Seer,

Inc

2,061

\*

Seres

Therapeutics,

Inc

1,913

SIGA

Technologies,

Inc

1,521

\*,e

Singular

Genomics

Systems,

Inc

3,798

\*

SomaLogic,

Inc

11,419

\*

Sorrento

Therapeutics,

Inc

2,303

\*

Sotera

Health

Co

843

\*

SpringWorks

Therapeutics,

Inc

519

\*

Stoke

Therapeutics,

Inc

1,648

\*

Supernus

Pharmaceuticals,

Inc

1,211

\*

Sutro

Biopharma,

Inc

1,544

\*

Syndax

Pharmaceuticals,

Inc

3,059

\*

Syneos

Health,

Inc

1,233

\*

Tango

Therapeutics,

Inc

\*

Tarsus

Pharmaceuticals,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 285

\*

Tenaya

Therapeutics,

Inc

$

3,788

\*

TG

Therapeutics,

Inc

1,625

\*,e

Theravance

Biopharma,

Inc

10,791

Thermo

Fisher

Scientific,

Inc

5,942

1,469

\*

Travere

Therapeutics,

Inc

1,447

\*

Twist

Bioscience

Corp

1,912

\*

Ultragenyx

Pharmaceutical,

Inc

1,221

\*

United

Therapeutics

Corp

1,691

\*

Vanda

Pharmaceuticals,

Inc

3,587

\*

Vaxart

Inc

1,940

\*

Vaxcyte,

Inc

5,494

\*,e

VBI

Vaccines,

Inc

578

\*

Ventyx

Biosciences,

Inc

\*

Vera

Therapeutics,

Inc

1,983

\*

Veracyte,

Inc

1,345

\*

Vericel

Corp

7,077

\*

Vertex

Pharmaceuticals,

Inc

2,044

1,017

\*

Verve

Therapeutics,

Inc

31,825

Viatris,

Inc

1,798

\*

Vir

Biotechnology,

Inc

699

\*

Viridian

Therapeutics,

Inc

5,638

\*

VistaGen

Therapeutics,

Inc

1,621

\*

Waters

Corp

555

2,065

West

Pharmaceutical

Services,

Inc

1,460

\*

Xencor,

Inc

3,592

\*

Xeris

Biopharma

Holdings,

Inc

959

\*

Y-mAbs

Therapeutics,

Inc

975

\*

Zentalis

Pharmaceuticals,

Inc

13,041

Zoetis,

Inc

1,911

1,752

\*,†

Zogenix,

Inc

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

95,919

REAL

ESTATE

-

3.3%

1,964

Acadia

Realty

Trust

2,147

Agree

Realty

Corp

1,433

Alexander

&

Baldwin,

Inc

Alexander's,

Inc

4,560

Alexandria

Real

Estate

Equities,

Inc

664

1,425

American

Assets

Trust,

Inc

3,752

American

Finance

Trust,

Inc

8,855

American

Homes

Rent

12,950

American

Tower

Corp

2,744

7,241

Americold

Realty

Trust

4,413

Apartment

Income

REIT

Corp

1,091

Apartment

Investment

and

Management

Co

4,526

Apple

Hospitality

REIT,

Inc

1,658

Armada

Hoffler

Properties,

Inc

1,308

\*

Ashford

Hospitality

Trust,

Inc

4,095

AvalonBay

Communities,

Inc

661

\*

Bluerock

Homes

Trust,

Inc

4,442

Boston

Properties,

Inc

1,188

BraeMar

Hotels

&

Resorts,

Inc

3,704

Brandywine

Realty

Trust

7,811

Brixmor

Property

Group,

Inc

4,091

Broadstone

Net

Lease,

Inc

552

Brt

Realty

Trust

3,063

Camden

Property

Trust

3,202

CareTrust

REIT,

Inc

1,043

CBL

&

Associates

Properties,

Inc

8,862

CBRE

Group,

Inc

682

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 460

Centerspace

$

1,449

Chatham

Lodging

Trust

1,087

City

Office

REIT,

Inc

544

Clipper

Realty,

Inc

753

Community

Healthcare

Trust,

Inc

7,243

\*

Compass,

Inc

2,602

Corporate

Office

Properties

Trust

4,434

Cousins

Properties,

Inc

11,920

Crown

Castle

International

Corp

1,617

588

e

CTO

Realty

Growth,

Inc

5,793

CubeSmart

3,593

\*

Cushman

&

Wakefield

plc

7,193

DiamondRock

Hospitality

Co

7,984

Digital

Realty

Trust,

Inc

801

7,300

Diversified

Healthcare

Trust

3,543

\*

Doma

Holdings,

Inc

2,005

Douglas

Elliman,

Inc

4,303

Douglas

Emmett,

Inc

1,724

Easterly

Government

Properties,

Inc

1,286

EastGroup

Properties,

Inc

3,522

e

Empire

State

Realty

Trust,

Inc

2,015

EPR

Properties

2,543

Equinix,

Inc

1,666

2,060

Equity

Commonwealth

5,139

Equity

Lifestyle

Properties,

Inc

10,442

Equity

Residential

616

3,224

Essential

Properties

Realty

Trust,

Inc

1,872

Essex

Property

Trust,

Inc

1,858

e

eXp

World

Holdings

Inc

3,740

Extra

Space

Storage,

Inc

550

967

Farmland

Partners,

Inc

2,191

Federal

Realty

Investment

Trust

3,737

First

Industrial

Realty

Trust,

Inc

\*

Forestar

Group,

Inc

1,561

Four

Corners

Property

Trust,

Inc

4,124

Franklin

Street

Properties

Corp

\*

FRP

Holdings,

Inc

6,257

Gaming

and

Leisure

Properties,

Inc

1,064

Getty

Realty

Corp

881

Gladstone

Commercial

Corp

815

Gladstone

Land

Corp

1,479

Global

Medical

REIT,

Inc

2,475

Global

Net

Lease,

Inc

10,202

Healthcare

Realty

Trust,

Inc

15,467

Healthpeak

Properties

Inc

1,493

Hersha

Hospitality

Trust

2,907

Highwoods

Properties,

Inc

19,934

Host

Hotels

and

Resorts,

Inc

1,318

\*

Howard

Hughes

Corp

3,600

Hudson

Pacific

Properties

5,802

Independence

Realty

Trust,

Inc

e

Indus

Realty

Trust,

Inc

1,510

Industrial

Logistics

Properties

Trust

821

Innovative

Industrial

Properties,

Inc

1,587

InvenTrust

Properties

Corp

17,129

Invitation

Homes,

Inc

508

8,118

Iron

Mountain,

Inc

1,536

iStar

Inc

3,149

JBG

SMITH

Properties

1,433

\*

Jones

Lang

LaSalle,

Inc

2,815

Kennedy-Wilson

Holdings,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 3,530

Kilroy

Realty

Corp

$

16,724

Kimco

Realty

Corp

6,010

Kite

Realty

Group

Trust

2,210

Lamar

Advertising

Co

8,135

Lexington

Realty

Trust

2,202

Life

Storage,

Inc

838

LTC

Properties,

Inc

6,081

Macerich

Co

3,269

\*

Mack-Cali

Realty

Corp

569

Marcus

&

Millichap,

Inc

16,244

e

Medical

Properties

Trust,

Inc

3,416

Mid-America

Apartment

Communities,

Inc

536

1,067

National

Health

Investors,

Inc

4,545

National

Retail

Properties,

Inc

2,085

National

Storage

Affiliates

Trust

1,788

e

NETSTREIT

Corp

4,328

Newmark

Group,

Inc

662

NexPoint

Residential

Trust,

Inc

1,207

Office

Properties

Income

Trust

6,327

Omega

Healthcare

Investors,

Inc

574

One

Liberty

Properties,

Inc

7,747

\*,e

Opendoor

Technologies,

Inc

1,597

Orion

Office

REIT,

Inc

2,970

Outfront

Media,

Inc

4,579

Paramount

Group,

Inc

7,470

Park

Hotels

&

Resorts,

Inc

4,334

Pebblebrook

Hotel

Trust

2,989

Phillips

Edison

&

Co,

Inc

5,940

Physicians

Realty

Trust

3,343

Piedmont

Office

Realty

Trust,

Inc

628

Plymouth

Industrial

REIT,

Inc

1,831

PotlatchDeltic

Corp

25,411

Prologis,

Inc

2,865

4,410

Public

Storage,

Inc

1,236

3,743

Rayonier,

Inc

732

Re/Max

Holdings,

Inc

3,279

\*

Realogy

Holdings

Corp

17,100

Realty

Income

Corp

1,085

3,100

\*,e

Redfin

Corp

4,776

Regency

Centers

Corp

4,204

Retail

Opportunities

Investment

Corp

4,744

Rexford

Industrial

Realty,

Inc

5,361

RLJ

Lodging

Trust

RMR

Group,

Inc

1,611

RPT

Realty

1,575

Ryman

Hospitality

Properties

4,837

Sabra

Healthcare

REIT,

Inc

585

e

Safehold,

Inc

Saul

Centers,

Inc

3,000

SBA

Communications

Corp

841

4,584

Service

Properties

Trust

9,196

Simon

Property

Group,

Inc

1,080

6,051

SITE

Centers

Corp

1,278

e

SL

Green

Realty

Corp

3,189

Spirit

Realty

Capital,

Inc

1,023

St.

Joe

Co

4,481

STAG

Industrial,

Inc

6,743

STORE

Capital

Corp

Stratus

Properties,

Inc

3,928

Summit

Hotel

Properties,

Inc

3,196

Sun

Communities,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 7,507

Sunstone

Hotel

Investors,

Inc

$

2,916

Tanger

Factory

Outlet

Centers,

Inc

834

\*

Tejon

Ranch

Co

1,821

Terreno

Realty

Corp

9,405

UDR,

Inc

994

UMH

Properties,

Inc

3,786

Uniti

Group,

Inc

Universal

Health

Realty

Income

Trust

3,855

Urban

Edge

Properties

1,188

Urstadt

Biddle

Properties,

Inc

(Class

A)

11,320

Ventas,

Inc

510

26,625

VICI

Properties,

Inc

863

4,805

Vornado

Realty

Trust

2,363

Washington

REIT

12,746

Welltower,

Inc

835

4,115

\*,e

WeWork,

Inc

19,987

Weyerhaeuser

Co

620

1,293

Whitestone

REIT

5,527

WP

Carey,

Inc

3,934

Xenia

Hotels

&

Resorts,

Inc

1,844

\*

Zillow

Group,

Inc

(Class

A)

3,952

\*

Zillow

Group,

Inc

(Class

C)

TOTAL

REAL

ESTATE

34,457

RETAILING

-

5.1%

966

\*

1-800-FLOWERS.COM,

Inc

(Class

A)

1,062

Aaron's

Co,

Inc

\*

Abercrombie

&

Fitch

Co

(Class

A)

2,150

Academy

Sports

&

Outdoors,

Inc

1,580

Advance

Auto

Parts,

Inc

246,197

\*

Amazon.com,

Inc

20,681

3,778

American

Eagle

Outfitters,

Inc

\*

America's

Car-Mart,

Inc

2,460

Arko

Corp

588

\*

Asbury

Automotive

Group,

Inc

1,051

\*

Autonation,

Inc

531

\*

AutoZone,

Inc

1,310

6,685

Bath

&

Body

Works,

Inc

2,880

\*,e

Bed

Bath

&

Beyond,

Inc

5,799

Best

Buy

Co,

Inc

578

e

Big

Sporting

Goods

Corp

680

Big

Lots,

Inc

819

\*

Boot

Barn

Holdings,

Inc

524

Buckle,

Inc

\*

Build-A-Bear

Workshop,

Inc

1,836

\*

Burlington

Stores,

Inc

1,001

Caleres,

Inc

895

Camping

World

Holdings,

Inc

4,514

\*

CarMax,

Inc

1,412

\*

CarParts.com,

Inc

966

Cato

Corp

(Class

A)

3,531

\*

Chico's

FAS,

Inc

\*

Children's

Place,

Inc

\*

Citi

Trends,

Inc

708

\*

Conn's,

Inc

764

\*

Container

Store

Group,

Inc

17,189

\*,e

ContextLogic,

Inc

1,606

Designer

Brands,

Inc

1,452

\*

Destination

XL

Group,

Inc

1,659

Dick's

Sporting

Goods,

Inc

e

Dillard's,

Inc

(Class

A)

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 6,311

Dollar

General

Corp

$

1,554

5,833

\*

Dollar

Tree,

Inc

825

7,038

\*

DoorDash,

Inc

\*

Duluth

Holdings,

Inc

15,009

eBay,

Inc

622

3,656

\*

Etsy,

Inc

2,017

\*,e

EVgo,

Inc

1,506

\*

Five

Below,

Inc

2,980

\*

Floor

&

Decor

Holdings,

Inc

1,965

Foot

Locker,

Inc

748

e

Franchise

Group,

Inc

576

\*,e

Funko,

Inc

7,588

\*,e

GameStop

Corp

(Class

A)

4,912

Gap,

Inc

\*

Genesco,

Inc

3,800

Genuine

Parts

Co

659

Group

Automotive,

Inc

658

\*,e

Groupon,

Inc

1,619

\*

GrowGeneration

Corp

1,358

Guess?,

Inc

715

Haverty

Furniture

Cos,

Inc

547

Hibbett

Sports,

Inc

28,561

Home

Depot,

Inc

9,021

3,678

Kohl's

Corp

\*

Lands'

End,

Inc

4,195

\*

Leslie's,

Inc

664

\*

Liquidity

Services,

Inc

845

Lithia

Motors,

Inc

(Class

A)

7,014

LKQ

Corp

17,322

Lowe's

Companies,

Inc

3,451

1,099

\*

Lumber

Liquidators,

Inc

6,895

Macy's,

Inc

530

\*

MarineMax,

Inc

759

Monro

Muffler,

Inc

522

Murphy

USA,

Inc

2,416

\*

National

Vision

Holdings,

Inc

2,987

e

Nordstrom,

Inc

1,066

\*

ODP

Corp

1,867

\*

Ollie's

Bargain

Outlet

Holdings,

Inc

\*

OneWater

Marine,

Inc

1,766

\*

O'Reilly

Automotive,

Inc

1,491

1,209

\*

Overstock.com,

Inc

633

Penske

Auto

Group,

Inc

1,980

\*

Petco

Health

&

Wellness

Co,

Inc

765

e

PetMed

Express,

Inc

1,111

Pool

Corp

1,197

\*

Poshmark,

Inc

2,851

\*

Quotient

Technology,

Inc

8,276

\*

Qurate

Retail

Group,

Inc

QVC

Group

1,396

\*,e

Rent

the

Runway,

Inc

686

Rent-A-Center,

Inc

1,063

\*,e

Revolve

Group,

Inc

507

\*

RH

9,564

Ross

Stores,

Inc

1,110

2,402

\*

Sally

Beauty

Holdings,

Inc

646

Shoe

Carnival,

Inc

719

Shutterstock,

Inc

1,368

Signet

Jewelers

Ltd

760

\*

Sleep

Number

Corp

Sonic

Automotive,

Inc

(Class

A)

1,434

\*

Sportsman's

Warehouse

Holdings,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,770

\*

Stitch

Fix

Inc

$

12,686

Target

Corp

1,891

1,616

\*,e

ThredUp,

Inc

\*

Tilly's,

Inc

32,381

TJX

Companies,

Inc

2,578

3,189

Tractor

Supply

Co

717

\*

TravelCenters

of

America,

Inc

1,437

\*

Ulta

Beauty,

Inc

674

1,483

\*

Urban

Outfitters,

Inc

2,226

\*

Victoria's

Secret

&

Co

3,415

\*,e

Volta,

Inc

2,402

\*

Warby

Parker,

Inc

2,236

\*,e

Wayfair,

Inc

2,055

Williams-Sonoma,

Inc

Winmark

Corp

911

\*

Xometry,

Inc

686

\*

Zumiez,

Inc

TOTAL

RETAILING

53,684

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4.5%

1,170

\*

ACM

Research,

Inc

44,386

\*

Advanced

Micro

Devices,

Inc

2,875

1,144

\*

Allegro

MicroSystems,

Inc

844

\*

Alpha

&

Omega

Semiconductor

Ltd

1,114

\*

Ambarella,

Inc

2,094

Amkor

Technology,

Inc

14,428

Analog

Devices,

Inc

2,367

23,809

Applied

Materials,

Inc

2,318

534

\*,e

Atomera,

Inc

1,017

\*

Axcelis

Technologies,

Inc

1,452

\*

AXT,

Inc

10,915

Broadcom,

Inc

6,103

839

\*

Ceva,

Inc

1,702

\*

Cirrus

Logic,

Inc

3,492

\*

Coherent

Corp

1,495

\*

Cohu,

Inc

2,566

\*,e

Credo

Technology

Group

Holding

Ltd

1,395

\*

Diodes,

Inc

3,576

\*

Enphase

Energy,

Inc

947

4,215

Entegris,

Inc

2,940

\*

First

Solar,

Inc

2,364

\*

Formfactor,

Inc

1,663

\*,e

GLOBALFOUNDRIES,

Inc

660

\*

Ichor

Holdings

Ltd

705

\*

Impinj,

Inc

2,443

\*

indie

Semiconductor,

Inc

112,627

Intel

Corp

2,977

3,867

KLA

Corp

1,458

1,679

Kulicke

&

Soffa

Industries,

Inc

3,738

Lam

Research

Corp

1,571

3,496

\*

Lattice

Semiconductor

Corp

1,568

\*

MACOM

Technology

Solutions

Holdings,

Inc

23,532

Marvell

Technology,

Inc

872

2,280

\*

MaxLinear,

Inc

14,511

Microchip

Technology,

Inc

1,019

30,391

Micron

Technology,

Inc

1,519

1,516

MKS

Instruments,

Inc

1,190

Monolithic

Power

Systems,

Inc

1,345

\*

Nanometrics,

Inc

66,673

NVIDIA

Corp

9,744

11,989

\*

ON

Semiconductor

Corp

748

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,181

\*

PDF

Solutions,

Inc

$

1,824

\*

Photronics,

Inc

1,723

Power

Integrations,

Inc

3,026

\*

Qorvo,

Inc

30,868

QUALCOMM,

Inc

3,394

2,675

\*

Rambus,

Inc

1,942

\*

Semtech

Corp

1,086

\*

Silicon

Laboratories,

Inc

\*

SiTime

Corp

4,313

Skyworks

Solutions,

Inc

988

\*

SMART

Global

Holdings,

Inc

2,299

\*

SunPower

Corp

1,111

\*

Synaptics,

Inc

4,246

Teradyne,

Inc

25,321

Texas

Instruments,

Inc

4,183

1,266

\*

Ultra

Clean

Holdings

1,281

Universal

Display

Corp

1,051

\*

Veeco

Instruments,

Inc

3,166

\*

Wolfspeed,

Inc

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

47,089

SOFTWARE

&

SERVICES

-

12.8%

3,462

\*,e

8x8,

Inc

1,883

A10

Networks,

Inc

17,429

Accenture

plc

4,651

3,560

\*

ACI

Worldwide,

Inc

2,653

Adeia,

Inc

12,904

\*

Adobe,

Inc

4,343

4,905

\*,e

Affirm

Holdings,

Inc

675

\*

Agilysys,

Inc

4,169

\*

Akamai

Technologies,

Inc

1,443

\*

Alarm.com

Holdings,

Inc

785

\*,e

Alkami

Technology,

Inc

1,317

\*

Altair

Engineering,

Inc

1,733

\*

Alteryx,

Inc

3,360

Amdocs

Ltd

1,091

American

Software,

Inc

(Class

A)

1,464

\*,e

Amplitude,

Inc

2,361

\*

Ansys,

Inc

570

538

\*

Appfolio,

Inc

1,178

\*

Appian

Corp

6,361

\*,e

AppLovin

Corp

2,178

\*

Asana,

Inc

744

\*

Aspen

Technology,

Inc

3,959

\*

Atlassian

Corp

509

6,003

\*

Autodesk,

Inc

1,122

11,457

Automatic

Data

Processing,

Inc

2,737

2,977

\*

AvePoint,

Inc

3,908

\*

AvidXchange

Holdings,

Inc

1,139

\*

Benefitfocus,

Inc

4,603

Bentley

Systems,

Inc

1,735

\*

BigCommerce

Holdings,

Inc

2,787

\*

Bill.Com

Holdings,

Inc

4,272

\*

Black

Knight,

Inc

1,447

\*

Blackbaud,

Inc

1,613

\*

Blackline,

Inc

5,115

\*

Blend

Labs,

Inc

14,547

\*

Block,

Inc

914

3,187

\*

Box,

Inc

1,461

Bread

Financial

Holdings,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,247

\*

Brightcove,

Inc

$

3,315

Broadridge

Financial

Solutions,

Inc

1,740

\*

C3.ai,

Inc

7,388

\*

Cadence

Design

Systems,

Inc

1,187

1,535

\*

Cantaloupe,

Inc

576

Cass

Information

Systems,

Inc

5,023

\*

CCC

Intelligent

Solutions

Holdings,

Inc

1,161

\*

Cerberus

Cyber

Sentinel

Corp

1,164

\*

Cerence

Inc

3,791

\*

Ceridian

HCM

Holding,

Inc

1,162

\*,e

Cleanspark,

Inc

1,700

Clear

Secure,

Inc

7,836

\*

Cloudflare,

Inc

13,955

Cognizant

Technology

Solutions

Corp

(Class

A)

798

1,426

\*

Commvault

Systems,

Inc

1,240

Concentrix

Corp

5,536

\*

Conduent,

Inc

3,568

\*

Confluent,

Inc

\*

Consensus

Cloud

Solutions,

Inc

711

\*

Couchbase,

Inc

2,169

\*

Coupa

Software,

Inc

5,739

\*

Crowdstrike

Holdings,

Inc

604

713

\*

CS

Disco,

Inc

1,113

CSG

Systems

International,

Inc

2,581

\*

Cvent

Holding

Corp

963

\*

Cyxtera

Technologies,

Inc

7,266

\*

Datadog,

Inc

534

574

\*,e

Digimarc

Corp

2,598

\*

Digital

Turbine,

Inc

2,085

\*

DigitalOcean

Holdings,

Inc

5,594

\*

DocuSign,

Inc

1,762

Dolby

Laboratories,

Inc

(Class

A)

816

\*

Domo,

Inc

1,439

\*

DoubleVerify

Holdings,

Inc

6,902

\*

Dropbox,

Inc

2,214

\*

Duck

Creek

Technologies,

Inc

6,709

\*

DXC

Technology

Co

5,589

\*

Dynatrace,

Inc

5,822

\*,e

E2open

Parent

Holdings,

Inc

927

e

Ebix,

Inc

648

\*

eGain

Corp

2,086

\*

Elastic

NV

553

\*

Enfusion,

Inc

742

\*

EngageSmart,

Inc

1,657

\*

Envestnet,

Inc

1,494

\*

EPAM

Systems,

Inc

1,402

\*

Euronet

Worldwide,

Inc

1,144

\*

Everbridge,

Inc

918

\*

EverCommerce,

Inc

1,923

EVERTEC,

Inc

1,204

\*

Evo

Payments,

Inc

972

\*

ExlService

Holdings,

Inc

657

\*

Fair

Isaac

Corp

3,179

\*

Fastly,

Inc

16,558

Fidelity

National

Information

Services,

Inc

1,123

16,036

\*

Fiserv,

Inc

1,621

2,029

\*

Five9,

Inc

1,978

\*

FleetCor

Technologies,

Inc

1,731

\*

Flywire

Corp

1,001

\*

ForgeRock,

Inc

17,554

\*

Fortinet,

Inc

858

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 2,114

\*

Gartner,

Inc

$

711

5,012

Genpact

Ltd

7,500

Global

Payments,

Inc

745

1,180

\*

Globant

S.A.

4,292

\*

GoDaddy,

Inc

1,385

\*

Grid

Dynamics

Holdings,

Inc

2,614

\*

Guidewire

Software,

Inc

1,077

Hackett

Group,

Inc

1,283

\*

HubSpot,

Inc

\*

I3

Verticals,

Inc

845

\*

Informatica,

Inc

559

\*

Instructure

Holdings,

Inc

\*

Intapp,

Inc

1,057

InterDigital,

Inc

24,832

International

Business

Machines

Corp

3,499

677

\*

International

Money

Express

Inc

7,582

Intuit,

Inc

2,951

1,796

\*

IronNet,

Inc

^

2,050

Jack

Henry

&

Associates,

Inc

1,710

\*

Jamf

Holding

Corp

1,951

\*

KnowBe4,

Inc

5,240

\*

Kyndryl

Holdings,

Inc

3,363

\*

Limelight

Networks,

Inc

2,024

\*

Liveperson,

Inc

1,949

\*

LiveRamp

Holdings,

Inc

1,818

\*

Manhattan

Associates,

Inc

2,859

\*

Marathon

Digital

Holdings,

Inc

11,987

\*

Marqeta,

Inc

23,626

Mastercard,

Inc

(Class

A)

8,215

6,004

\*

Matterport,

Inc

1,947

MAXIMUS,

Inc

\*

MeridianLink,

Inc

207,271

Microsoft

Corp

49,708

\*,e

MicroStrategy,

Inc

(Class

A)

1,253

\*

Mitek

Systems,

Inc

844

\*

Model

N,

Inc

2,446

\*

MoneyGram

International,

Inc

1,823

\*

MongoDB,

Inc

1,593

\*

N-Able,

Inc

1,586

\*

nCino

OpCo,

Inc

3,958

\*

NCR

Corp

1,631

\*

New

Relic,

Inc

15,719

NortonLifelock,

Inc

5,847

\*

Nutanix,

Inc

4,097

\*

Okta,

Inc

2,330

\*

Olo,

Inc

678

\*

ON24,

Inc

1,227

\*

OneSpan,

Inc

42,294

Oracle

Corp

3,457

2,372

\*

Pagerduty,

Inc

50,923

\*

Palantir

Technologies,

Inc

8,157

\*

Palo

Alto

Networks,

Inc

1,138

1,831

\*

Paya

Holdings,

Inc

8,757

Paychex,

Inc

1,012

1,447

\*

Paycom

Software,

Inc

1,163

\*

Paycor

HCM,

Inc

1,125

\*

Paylocity

Holding

Corp

5,249

\*

Payoneer

Global,

Inc

31,709

\*

PayPal

Holdings,

Inc

2,258

1,007

\*,e

Paysafe

Ltd

1,232

Pegasystems,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 814

\*

Perficient,

Inc

$

568

PFSweb,

Inc

1,856

\*

Procore

Technologies,

Inc

1,606

Progress

Software

Corp

1,099

\*

PROS

Holdings,

Inc

2,773

\*

PTC,

Inc

1,569

\*

Q2

Holdings,

Inc

1,112

\*

Qualys,

Inc

1,424

\*

Rackspace

Technology,

Inc

1,695

\*

Rapid7,

Inc

2,206

\*

Remitly

Global,

Inc

2,014

\*

Repay

Holdings

Corp

992

\*

Rimini

Street,

Inc

2,462

\*

RingCentral,

Inc

3,178

\*,e

Riot

Blockchain,

Inc

2,865

Roper

Technologies,

Inc

1,238

10,188

\*

Sabre

Corp

26,570

\*

Salesforce,

Inc

3,523

766

Sapiens

International

Corp

NV

\*

SecureWorks

Corp

4,923

\*

SentinelOne,

Inc

5,550

\*

ServiceNow,

Inc

2,155

1,262

\*

Shift4

Payments,

Inc

\*

ShotSpotter,

Inc

3,616

\*

Smartsheet,

Inc

8,524

\*

Snowflake,

Inc

1,224

1,484

\*

SolarWinds

Corp

4,593

\*

Splunk,

Inc

1,316

\*

Sprout

Social,

Inc

1,093

\*

SPS

Commerce,

Inc

907

\*

Squarespace,

Inc

5,986

SS&C

Technologies

Holdings,

Inc

7,953

\*

StoneCo

Ltd

2,378

\*

Sumo

Logic,

Inc

3,818

\*

SVMK,

Inc

4,195

\*

Synopsys,

Inc

1,339

1,087

\*

Telos

Corp

2,968

\*

Tenable

Holdings,

Inc

2,794

\*

Teradata

Corp

6,226

\*

Toast,

Inc

11,978

\*

Trade

Desk,

Inc

537

541

TTEC

Holdings,

Inc

\*,e

Tucows,

Inc

2,008

\*

Turing

Holding

Corp

4,865

\*

Twilio,

Inc

1,105

\*

Tyler

Technologies,

Inc

10,393

\*

UiPath,

Inc

2,160

\*

Unisys

Corp

6,804

\*

Unity

Software,

Inc

660

\*

Upland

Software,

Inc

1,211

\*,e

UserTesting,

Inc

3,084

\*

Varonis

Systems,

Inc

1,365

\*

Verint

Systems,

Inc

2,578

\*

VeriSign,

Inc

530

765

\*

Veritone,

Inc

3,457

\*

Verra

Mobility

Corp

\*

Viant

Technology,

Inc

45,531

Visa,

Inc

(Class

A)

9,460

5,803

\*

VMware,

Inc

(Class

A)

712

11,536

Western

Union

Co

1,301

\*

WEX,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,594

\*

Wix.com

Ltd

$

1,720

\*

WM

Technology,

Inc

5,472

\*

Workday,

Inc

916

1,379

\*

Workiva,

Inc

2,990

\*

Yext,

Inc

2,910

\*

Zeta

Global

Holdings

Corp

7,092

\*

Zoom

Video

Communications,

Inc

2,300

\*

Zscaler,

Inc

2,992

\*

Zuora

Inc

TOTAL

SOFTWARE

&

SERVICES

135,309

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6.9%

3,738

\*

3D

Systems

Corp

521

\*

908

Devices,

Inc

1,592

ADTRAN

Holdings,

Inc

1,075

Advanced

Energy

Industries,

Inc

1,335

\*

Aeva

Technologies,

Inc

899

\*,e

Akoustis

Technologies,

Inc

15,982

Amphenol

Corp

(Class

A)

1,217

416,542

d

Apple,

Inc

54,121

6,772

\*

Arista

Networks,

Inc

822

2,522

\*

Arlo

Technologies,

Inc

1,580

\*

Arrow

Electronics,

Inc

\*

Aviat

Networks,

Inc

1,182

\*

Avid

Technology,

Inc

2,923

Avnet,

Inc

997

Badger

Meter,

Inc

1,442

Belden

CDT,

Inc

1,361

Benchmark

Electronics,

Inc

1,720

\*

Calix,

Inc

\*

Cambium

Networks

Corp

\*

Casa

Systems,

Inc

^

3,605

CDW

Corp

644

4,195

\*

Ciena

Corp

114,426

Cisco

Systems,

Inc

5,451

\*

Clearfield,

Inc

4,963

Cognex

Corp

6,058

\*

CommScope

Holding

Co,

Inc

784

Comtech

Telecommunications

Corp

20,116

Corning,

Inc

642

716

\*

Corsair

Gaming,

Inc

1,256

CTS

Corp

6,695

Dell

Technologies,

Inc

759

\*

Digi

International,

Inc

\*

DZS,

Inc

1,285

\*,e

Eastman

Kodak

Co

863

\*

ePlus,

Inc

2,211

\*

Evolv

Technologies

Holdings,

Inc

4,038

\*

Extreme

Networks,

Inc

1,540

\*

F5

Networks,

Inc

1,106

\*

Fabrinet

655

\*

FARO

Technologies,

Inc

\*

Focus

Universal,

Inc

3,142

\*

Harmonic,

Inc

35,905

Hewlett

Packard

Enterprise

Co

573

27,946

HP,

Inc

751

\*

Identiv,

Inc

5,792

\*,e

Infinera

Corp

2,359

\*,e

Inseego

Corp

967

\*

Insight

Enterprises,

Inc

3,256

\*,e

IonQ,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,022

\*

IPG

Photonics

Corp

$

1,329

\*

Itron,

Inc

3,565

Jabil

Inc

8,971

Juniper

Networks,

Inc

4,963

\*

Keysight

Technologies,

Inc

849

1,038

\*

Kimball

Electronics,

Inc

3,025

\*

Knowles

Corp

3,049

\*,e

Lightwave

Logic,

Inc

741

Littelfuse,

Inc

1,893

\*

Lumentum

Holdings,

Inc

1,398

Methode

Electronics,

Inc

4,688

\*

Microvision,

Inc

3,110

\*,e

Mirion

Technologies,

Inc

4,445

Motorola

Solutions,

Inc

1,146

856

\*

Napco

Security

Technologies,

Inc

4,043

National

Instruments

Corp

5,900

NetApp,

Inc

962

\*

Netgear,

Inc

2,211

\*

Netscout

Systems,

Inc

1,072

\*

nLight,

Inc

1,083

\*

Novanta,

Inc

810

\*,e

Ondas

Holdings,

Inc

673

\*

OSI

Systems,

Inc

3,455

\*,e

Ouster,

Inc

675

\*,e

PAR

Technology

Corp

PC

Connection,

Inc

884

\*

Plexus

Corp

7,668

\*

Pure

Storage,

Inc

2,205

\*

Ribbon

Communications,

Inc

512

\*

Rogers

Corp

1,891

\*

Sanmina

Corp

958

\*

Scansource,

Inc

3,094

\*

SmartRent,

Inc

1,358

\*

Super

Micro

Computer,

Inc

1,240

SYNNEX

Corp

1,275

\*

Teledyne

Technologies,

Inc

510

6,706

\*

Trimble

Inc

3,576

\*

TTM

Technologies,

Inc

\*

Turtle

Beach

Corp

e

Ubiquiti,

Inc

1,943

\*

Velodyne

Lidar,

Inc

1,951

\*

Viasat,

Inc

7,253

\*

Viavi

Solutions,

Inc

3,447

Vishay

Intertechnology,

Inc

\*

Vishay

Precision

Group,

Inc

4,816

Vontier

Corp

8,745

\*

Western

Digital

Corp

2,578

Xerox

Holdings

Corp

1,061

\*

Xperi,

Inc

1,393

\*

Zebra

Technologies

Corp

(Class

A)

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

73,376

TELECOMMUNICATION

SERVICES

-

1.1%

\*

Anterix,

Inc

197,470

AT&T,

Inc

3,635

ATN

International,

Inc

669

\*

Bandwidth

Inc

1,393

\*

Charge

Enterprises,

Inc

1,375

Cogent

Communications

Group,

Inc

2,586

\*

Consolidated

Communications

Holdings,

Inc

3,807

DigitalBridge

Group,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,375

\*

EchoStar

Corp

(Class

A)

$

6,554

\*

Frontier

Communications

Parent,

Inc

18,045

\*

Globalstar,

Inc

1,217

\*

Gogo,

Inc

521

\*

IDT

Corp

(Class

B)

3,657

\*

Iridium

Communications,

Inc

1,581

\*

Liberty

Latin

America

Ltd

(Class

A)

5,022

\*

Liberty

Latin

America

Ltd

(Class

C)

28,983

Lumen

Technologies,

Inc

661

\*

Ooma,

Inc

1,833

\*

Radius

Global

Infrastructure,

Inc

1,561

Shenandoah

Telecom

Co

2,915

Telephone

&

Data

Systems,

Inc

16,517

\*

T-Mobile

US,

Inc

2,312

\*

US

Cellular

Corp

116,078

Verizon

Communications,

Inc

4,573

TOTAL

TELECOMMUNICATION

SERVICES

11,429

TRANSPORTATION

-

1.8%

2,138

\*

Air

Transport

Services

Group,

Inc

3,317

\*

Alaska

Air

Group,

Inc

\*

Allegiant

Travel

Co

1,845

AMERCO

Amerco,

Inc

16,875

\*

American

Airlines

Group,

Inc

719

ArcBest

Corp

597

\*

Atlas

Air

Worldwide

Holdings,

Inc

713

\*

Avis

Budget

Group,

Inc

1,241

\*

Blade

Air

Mobility,

Inc

3,387

CH

Robinson

Worldwide,

Inc

693

\*

Copa

Holdings

S.A.

(Class

A)

1,032

Costamare,

Inc

Covenant

Transportation

Group,

Inc

58,677

CSX

Corp

1,818

763

\*

Daseke,

Inc

17,823

\*

Delta

Air

Lines,

Inc

586

Eagle

Bulk

Shipping,

Inc

4,468

Expeditors

International

of

Washington,

Inc

6,624

FedEx

Corp

1,147

902

Forward

Air

Corp

\*

Frontier

Group

Holdings,

Inc

791

Genco

Shipping

&

Trading

Ltd

3,539

Golden

Ocean

Group

Ltd

2,887

\*

GXO

Logistics,

Inc

1,825

\*

Hawaiian

Holdings,

Inc

1,188

Heartland

Express,

Inc

4,548

\*

Hertz

Global

Holdings,

Inc

1,111

\*

Hub

Group,

Inc

(Class

A)

2,263

JB

Hunt

Transport

Services,

Inc

5,116

\*

JetBlue

Airways

Corp

7,073

\*,e

Joby

Aviation,

Inc

1,943

\*

Kirby

Corp

4,439

Knight-Swift

Transportation

Holdings,

Inc

990

Landstar

System,

Inc

8,428

\*

Lyft,

Inc

(Class

A)

2,242

Marten

Transport

Ltd

1,000

Matson,

Inc

6,485

Norfolk

Southern

Corp

1,598

2,727

Old

Dominion

Freight

Line

774

1,449

\*

Radiant

Logistics,

Inc

2,690

\*

RXO,

Inc

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 1,259

Ryder

System,

Inc

$

1,798

Safe

Bulkers,

Inc

741

\*

Saia,

Inc

1,714

Schneider

National,

Inc

1,416

\*

Skywest,

Inc

17,192

\*

Southwest

Airlines

Co

579

3,099

Spirit

Airlines,

Inc

\*

Sun

Country

Airlines

Holdings,

Inc

3,773

\*

TuSimple

Holdings,

Inc

52,142

\*

Uber

Technologies,

Inc

1,289

17,137

Union

Pacific

Corp

3,549

8,627

\*

United

Airlines

Holdings

Inc

20,224

United

Parcel

Service,

Inc

(Class

B)

3,516

Universal

Logistics

Holdings

Inc

1,875

Werner

Enterprises,

Inc

4,164

\*

Wheels

Up

Experience,

Inc

2,690

\*

XPO

Logistics,

Inc

TOTAL

TRANSPORTATION

19,107

UTILITIES

-

3.0%

18,450

AES

Corp

531

1,489

Allete,

Inc

7,056

Alliant

Energy

Corp

925

\*

Altus

Power,

Inc

7,109

Ameren

Corp

632

14,600

American

Electric

Power

Co,

Inc

1,386

773

American

States

Water

Co

5,050

American

Water

Works

Co,

Inc

770

Artesian

Resources

Corp

3,550

Atmos

Energy

Corp

2,225

e

Avangrid,

Inc

1,516

Avista

Corp

1,598

Black

Hills

Corp

2,657

Brookfield

Infrastructure

Corp

3,901

Brookfield

Renewable

Corp

1,070

California

Water

Service

Group

16,876

Centerpoint

Energy,

Inc

506

640

Chesapeake

Utilities

Corp

1,290

Clearway

Energy,

Inc

(Class

A)

2,243

Clearway

Energy,

Inc

(Class

C)

8,112

CMS

Energy

Corp

514

10,001

Consolidated

Edison,

Inc

953

8,858

Constellation

Energy

Corp

764

22,932

Dominion

Energy,

Inc

1,406

5,120

DTE

Energy

Co

602

21,435

Duke

Energy

Corp

2,208

10,947

Edison

International

696

5,749

Entergy

Corp

647

6,227

Essential

Utilities

Inc

5,918

Evergy,

Inc

9,766

Eversource

Energy

819

28,246

Exelon

Corp

1,221

15,230

FirstEnergy

Corp

639

Global

Water

Resources,

Inc

2,788

Hawaiian

Electric

Industries,

Inc

1,138

Idacorp,

Inc

899

MGE

Energy,

Inc

644

Middlesex

Water

Co

1,899

\*,e

Montauk

Renewables,

Inc

2,063

National

Fuel

Gas

Co

2,338

New

Jersey

Resources

Corp

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

TIAA

Separate

Account

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

(000) 54,887

NextEra

Energy,

Inc

$

4,589

11,482

NiSource,

Inc

1,124

Northwest

Natural

Holding

Co

1,255

NorthWestern

Corp

6,138

NRG

Energy,

Inc

5,229

OGE

Energy

Corp

1,679

ONE

Gas,

Inc

1,235

e

Ormat

Technologies,

Inc

920

Otter

Tail

Corp

45,257

\*,b

PG&E

Corp

736

2,918

Pinnacle

West

Capital

Corp

1,917

PNM

Resources,

Inc

2,243

Portland

General

Electric

Co

20,646

PPL

Corp

603

13,633

Public

Service

Enterprise

Group,

Inc

835

626

\*

Pure

Cycle

Corp

8,671

Sempra

Energy

1,340

678

SJW

Corp

3,214

South

Jersey

Industries,

Inc

29,892

Southern

Co

2,135

1,744

Southwest

Gas

Holdings

Inc

1,343

Spire,

Inc

2,817

\*,e

Sunnova

Energy

International,

Inc

5,691

UGI

Corp

534

Unitil

Corp

1,417

Via

Renewables,

Inc

11,265

Vistra

Energy

Corp

8,890

WEC

Energy

Group,

Inc

833

14,923

Xcel

Energy,

Inc

1,046

York

Water

Co

TOTAL

UTILITIES

31,939

TOTAL

COMMON

STOCKS

1,044,796

(Cost

$376,820)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

†

Chinook

Therapeutics,

Inc

†

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

-

1.2%

$

10,304,000

Federal

Home

Loan

Bank

(FHLB)

.000

%

01/06/23

10,300

2,469,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

.000

01/03/23

2,469

TOTAL

GOVERNMENT

AGENCY

DEBT

12,769

Portfolio

of

investments

Stock

Index

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

See

notes

to

financial

statements

concluded

Cost

amounts

are

in

thousands.

SHARES

COMPANY

RATE

VALUE

(000) INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.4%

3,856,931

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

.340

%

$

3,857

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

3,857

TOTAL

SHORT-TERM

INVESTMENTS

16,626

(Cost

$16,624)

TOTAL

INVESTMENTS

-

100.4%

1,061,422

(Cost

$393,444)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(4,704)

NET

ASSETS

-

100.0%

$1,056,718

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

\*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3. 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

aggregate

value

of

securities

on

loan

is

$4,493,780.

Futures

contracts

outstanding

as

of

December

31,

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

03/17/23

$

11,703

$

11,390

$

(313)

TIAA

Separate

Account

2022

Annual

Report

TIAA

Separate

Account

December

31,

2022

Statement

of

assets

and

liabilities

See

notes

to

financial

statements

(amounts

in

thousands,

except

accumulation

unit

value)

24.1 Stock

Index

Account

ASSETS

Portfolio

investments,

at

value\*†

$

1,061,422

Cash

Dividends

and

interest

receivable

986

Other

Total

assets

1,062,832

LIABILITIES

Investment

management

fees

payable

Service

agreement

fees

payable

Payable

for

collateral

for

securities

loaned

3,857

Due

to

affiliates

1,789

Payable

for

variation

margin

on

futures

contracts

Payable

for

trustee

compensation

Other

Total

liabilities

6,114

NET

ASSETS

Accumulation

Fund

$

1,056,718

Accumulation

units

outstanding

3,520

Accumulation

unit

value

$

300.173 \*

Includes

securities

loaned

of

$

4,494

†

Portfolio

investments;

at

cost

$

393,444

2022

Annual

Report

TIAA

Separate

Account

TIAA

Separate

Account

For

the

year

ended

December

31,

2022

Statement

of

operations

See

notes

to

financial

statements

(amounts

in

thousands)

24.1 Stock

In

dex

Account

INVESTMENT

INCOME

Dividends:

Unaffiliated

issuers\*

$

17,932

Income

from

securities

lending,

net

Interest

Total

income

18,225

EXPENSES

Investment

advisory

3,504

Administrative

services

2,336

Mortality

and

expense

risk

charges

4,672

Total

expenses

10,512

Less:

Expense

waiver

by

investment

adviser

(1,752)

Net

expenses

8,760

Net

investment

income

(loss)

9,465

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

ON

TOTAL

INVESTMENTS

Realized

gain

(loss):

Portfolio

investments

67,929

Futures

contracts

(2,436)

Net

realized

gain

(loss)

on

total

investments

65,493

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

(347,484)

Futures

contracts

(406) Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(347,890)

Net

realized

and

unrealized

gain

(loss)

on

total

investments

(282,397)

Net

increase

(decrease)

in

net

assets

from

operations

$

(272,932)

\*

Net

of

foreign

withholding

taxes

of

unaffiliated

issuers

$

TIAA

Separate

Account

2022

Annual

Report

TIAA

Separate

Account

For

the

year

ended

Statements

of

changes

in

net

assets

See

notes

to

financial

statements

24.1 Stock

Index

Account

(amounts

in

thousands)

December

31,

December

31,

2021

OPERATIONS

Net

investment

income

(loss)

$

9,465

$

7,266

Net

realized

gain

(loss)

on

total

investments

65,493

93,250

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(347,890)

191,448

Net

increase

(decrease)

in

net

assets

from

operations

(272,932)

291,964

FROM

CONTRACTOWNER

TRANSACTIONS

Premiums

18,108

16,900

Withdrawals

and

death

benefits

(99,299)

(111,583)

Net

increase

(decrease)

from

contractowner

transactions

(81,191)

(94,683)

Net

increase

(decrease)

in

net

assets

(354,123)

197,281

NET

ASSETS

Beginning

of

period

1,410,841

1,213,560

End

of

period

$

1,056,718

$

1,410,841

ACCUMULATION

UNITS

Units

purchased

Units

sold

/

transferred

(310) (328) Outstanding:

Beginning

of

period

3,774

4,051

End

of

period

3,520

3,774

Financial

highlights

TIAA

Separate

Account

See

notes

to

financial

statements

2022

Annual

Report

TIAA

Separate

Account

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

Accumulation

unit

value

end

of

period

24.1 STOCK

INDEX

ACCOUNT

12/31/22

$

5.003 $

2.405 $

2.598 $

(76.219)

$

(73.621)

$

373.790 $

300.173 12/31/21

4.405 2.549 1.856 72.394 74.250 299.540 373.790 12/31/20

4.350 1.873 2.477 47.363 49.840 249.700 299.540 12/31/19

4.722 1.684 3.038 54.564 57.602 192.098 249.700 12/31/18

4.501 1.580 2.921 (14.924)

(12.003)

204.101 192.098 a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

See

notes

to

financial

statements

TIAA

Separate

Account

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

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)

(19.70)

%

0.90 %

0.75 %

0.81 %

%

$

1,057

24.79 0.90 0.75 0.55 3

1,411

19.96 0.90 0.75 0.99 3

1,214

29.99 0.90 0.75 1.35 2

1,104

(5.88)

0.90 0.75 1.39 3

922

TIAA

Separate

Account

2022

Annual

Report

TIAA

Separate

Account

Notes

to

financial

statements

Note

1—organization

TIAA

Separate

Account

("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.

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").

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

made

up

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.

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

"Net

change

in

unrealized

appreciation

(depreciation)

of

investments"

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

"Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments"

on

the

Statement

of

operations,

when

applicable.

Management

committee

compensation:

The

members

of

the

Management

Committee

("Committee"),

all

of

whom

are

independent,

receive

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Managers

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

managers

participate

in

a

long-term

compensation

plan.

Amounts

deferred

are

retained

by

the

Account

until

paid.

Amounts

payable

to

the

managers

for

compensation

are

included

in

the

accompanying

Statement

of

assets

and

liabilities.

Managers'

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

operations.

Indemnification:

In

the

normal

course

of

business, the

Account enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities.

An

Accounts'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Accounts

that

have

not

yet

occurred.

Also,

under

the

Accounts'

organizational

documents,

the

trustees

and

officers

of

the

Accounts

are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Accounts.

However,

based

on

experience,

the

Account

expect

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

TIAA

Separate

Account

2022

Annual

Report

continued

New

accounting

pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1) clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2) amends

a

related

illustrative

example,

and

(3) introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820. For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Account's

financial

statements.

New

rule

issuance:

A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

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.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations. The

Account

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Account.

Note

3—valuation

of

investments

The Account's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

Teachers

Advisors,

subject

to

the

review

and

oversight

of

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

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

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:

Debt

securities:

Prices

of

fixed-income

securities

are

provided

by

independent

pricing

services

("pricing

services")

approved

by

the

Adviser,

which

is

subject

to

review and

oversight

of

the Committee.

Pricing

services establish

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,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2. Exchange-traded

equity

securities,

common

and

preferred

stock:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

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

Adviser,

subject

to

the

oversight

of

the

Committee.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. Investments

in

registered

investment

companies:

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1. Notes

to

financial

statements

2022

Annual

Report

TIAA

Separate

Account

continued

Futures

contracts:

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price and

are

generally

classified

as

Level

1. For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Committee.

As

a

general

principle,

the

fair

value

of

a

security

is

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

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. The

following

table

summarizes

the

market

value

of

the Account's

investments

as

of

December

31,

2022,

based

on

the

inputs

used

to

value

them

(dollar

amounts

are

in

thousands):

Note

4—investments

Restricted

securities:

Restricted

securities

held

by

the

Account,

if

any,

may

not

be

sold

except

in

exempt

transactions

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933,

as

amended.

The

risk

of

investing

in

such

securities

is

generally

greater

than

the

risk

of

investing

in

securities

that

are

widely

held

and

publicly

traded.

Securities

lending:

The

Account may

lend

its

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

The Account

receives

collateral

(in

the

form

of

cash,

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Account

the

next

business

day.

Cash

collateral

received

by the

Account will

generally

be

invested

in

high-quality

short-term

instruments

or

in

one

or

more

funds

maintained

by

the

securities

lending

agent

("Agent") for

the

purpose

of

investing

cash

collateral.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statement

of

assets

and

liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Account's Statement

of

assets

and

liabilities

as

it

is

held

by

the

Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party"

custodian

on

behalf

of

the

Account,

and

the

Account does

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

December

31,

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

contractual

obligations

to

the Account.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify the

Account if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

At

December

31,

2022,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows

(dollar

amounts

are

in

thousands):

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.

Account

Level

Level

Level

Total

Stock

Index

Common

stocks

$1,044,786

$—

$10

$1,044,796

Short-term

investments

3,857

12,769

—

16,626

Futures

contracts\*

(313) —

—

(313) Total

$1,048,330

$12,769

$10

$1,061,109

\*

Derivative

instruments

are

not

reflected

in

the

market

value

of

portfolio

investments.

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Cash

collateral

received\*

Non-cash

collateral

received

Total

collateral

received

24.1 Stock

Index

$

4,494

$

3,857

$

787

$

4,644

\*May

include

cash

and

investment

of

cash

collateral

TIAA

Separate

Account

2022

Annual

Report

continued

Purchases

and

sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments) for

the Account for

the year

ended

December

31,

2022

were

as

follows

(dollar

amounts

are

in

thousands):

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.

At

December

31,

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):

For

the year

ended

December

31,

2022,

the

effect

of

derivative

contracts

on

the Account's

Statement

of

operations

was

as

follows

(dollar

amounts

are

in

thousands):

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

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

Fund

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" which 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

Fund

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

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 December

31,

2022

was

as

follows

(dollar

amounts

are

in

thousands):

Account

Non-U.S.

government

purchases

Non-U.S.

government

sales

24.1 Stock

Index

$

25,544

$

104,234

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Index

Account

Futures

contracts

Equity

-

$

–

Unrealized

depreciation

on

futures

contracts

\*

$

(313) 1

\*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Account's

Portfolio

of

investments.

The

Statements

of

assets

and

liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

24.1 Stock

Index

Account

Futures

contracts

Equity

$

(2,436)

$

(406) Account

Average

notional

amount

of

futures

contracts

outstanding\*

24.1 Stock

Index

$

8,286

\*

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.

Notes

to

financial

statements

2022

Annual

Report

TIAA

Separate

Account

continued

Note

6—Income

Tax

Information

is

a

separate

account

of

TIAA,

which

is

taxed

as

a

life

insurance

company

under

Subchapter

L

of

the

Internal

Revenue

Code.

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):

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.

Note

7—investment

adviser

and

other

transactions

with

affiliates

The

Adviser,

a

wholly

owned

subsidiary

of

TIAA

and

a

registered

investment

adviser,

provides

investment

advisory

services

for

pursuant

to

an

Investment

Management

Agreement

among

TIAA,

Advisers

and

TIAA

provides

all

administrative

services

for

pursuant

to

an

Administrative

Services

Agreement

with

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.

The

Adviser

has

agreed

to

voluntarily

waive

a

portion

of

such

fee,

so

that

the

daily

deduction

is

equivalent

to

an

annual

charge

of

0.15%

of

the

average

daily

net

assets

of

the

Account.

The

Administrative

Services

Agreement

sets

the

administrative

expense

charge

at

an

annual

rate

of

0.20%

of

the

average

daily

net

assets

of

the

Account.

TIAA

also

imposes

a

daily

charge

for

bearing

certain

mortality

and

expense

risks

in

connection

with

the

contracts,

equivalent

to

an

annual

rate

of

0.40%

of

the

average

daily

net

assets

of

the

Account.

Although

TIAA

reserves

the

right

to

increase

the

Account's

mortality

and

expense

risk

charge

to

a

maximum

of

1.00%

per

year,

the

total

expense

ratio

will

never

exceed

1.50%

per

year.

TIAA

pays

death

benefits

to

beneficiaries

when

an

annuitant

dies

during

the

accumulation

period

or

during

the

annuity

period

while

payments

are

still

due

for

the

remainder

of

a

guaranteed

period,

if

any.

The

Account may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Committee,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

For

the

year

ended

December

31,

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 year

ended December

31,

2022,

there

were

no

inter-fund

borrowing

or

lending

transactions.

Account

Tax

cost

Gross

unrealized

appreciation

Gross

unrealized

(depreciation)

Net

unrealized

appreciation

(depreciation)

Stock

Index

$

393,131

$

714,336

$

(46,358)

$

667,978

TIAA

Separate

Account

2022

Annual

Report

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 the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Account is

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

For

the year

ended

December

31,

2022,

there

were

no

borrowings

under

this

credit

facility

by

the

Account.

Report

of

independent

registered

public

accounting

firm

2022

Annual

Report

TIAA

Separate

Account

To

the

Management

Committee

and

Contract

Owners

of

the

Stock

Index

Account

of

TIAA

Separate

Account

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Stock

Index

Account

of

TIAA

Separate

Account

(the

"Account")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Account

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Account's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Account's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Account

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

February

27,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds'

investment

company

group

since

2005. 69

TIAA

Separate

Account

2022

Annual

Report

Additional

account

information

Portfolio

holdings

The

complete

portfolio

of

investments

for

the

TIAA

Separate

Account

begins

on

of

this

report.

You

can

obtain

a

complete

list

of

the

holdings

of

the

TIAA

Separate

Account

(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

or

June

30;

Form

N-PORT

filings

are

as

of

March

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

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

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.

TIAA

Separate

Account

December

31,

2022

Trustees

and

officers

(unaudited)

2022

Annual

Report

TIAA

Separate

Account

Trustees

Name,

address

and

year

of

birth

("YOB")

Position(s)

held

with

Account

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

manager

Othe

r

directorship(s)

and

positions

held

by

trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Manager

Indefinite

term.

Manager

since

2006. Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A. Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Manager

Indefinite

term.

Manager

since

2019. Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006).

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees'

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A. Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Manager

Indefinite

term.

Manager

since

2023. Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C. Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Manager

Indefinite

term.

Manager

since

2018. James

R. and

Helen

D. Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC. Nancy

A. Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Manager

Indefinite

term. Manager

since

2007. Vice

President

(1990-2006),

American

Beacon

Advisors,

Inc.,

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.,

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A. Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB: 1967

Manager

Indefinite

term. Manager

since

2007. Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC. 88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E. Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Manager

Indefinite

term.

Manager

since

2005. James

S. Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–

2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Manager

Indefinite

term.

Manager

since

2023. John

A. Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–

present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–

2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

Trustee

and

Audit

Committee

Member,

Strada

Education

Network.

Thomas

J. Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Management

Committee

and

Manager

Indefinite

term.

Manager

since

2011. Chairman

for

term

ending

June

30,

2023. Chairman

since

September

13,

2017. Advisory

Director

(2010–2011),

Partner

(2004–

2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management.

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare;

Member,

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council.

TIAA

Separate

Account

2022

Annual

Report

continued

Officers

James

M. Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Manager

Indefinite

term.

Manager

since

2006. President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

("MIT")

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P. Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M. Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Manager

Indefinite

term.

Manager

since

2022. Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.

None

currently.

Name,

address

and

year

of

birth

("YOB")

Position(s)

held

with

Account

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

years

Richard

S. Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB: 1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008. Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

("CREF"),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

"TIAA-CREF

Fund

Complex").

Derek

B. Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB: 1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020. Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

("TIAA")

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L. Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022. Senior

Executive

Vice

President,

Chief

Legal

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W. Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022. Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018. Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

President

and

Chief

Executive

Officer

One-year

term.

President

and

Chief

Executive

Officer

since

2022. Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G. Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020. Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

Micky

Onvural

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1974

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022. Senior

Executive

Vice

President,

Chief

Marketing

and

Communications

Officer

of

TIAA.

Executive

Vice

President

of

CREF

and

TIAA

Separate

Account

Prior

to

joining

TIAA,

Ms.

Onvural

served

as

Chief

Executive

Officer

for

Bonobos.

Trustees

and

officers

(unaudited)

TIAA

Separate

Account

December

31,

2022

2022

Annual

Report

TIAA

Separate

Account

concluded

Please

note

that

the

Funds'

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

Funds'

trustees

and

is

available,

without

charge,

through

our

website,

tiaa.org,

or

by

calling

800

223-1200.

E. Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017. Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

Sean

N. Woodroffe

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018. Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex. Prior

to

joining

TIAA,

Mr.

Woodroffe

served

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Chief

People

Officer

at

National

Life

Group.

How

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reach

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Retirement

Equities

Fund,

730

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TIAA

website

Account

performance,

personal

account

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and

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information

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investment

choices

and

income

options

TIAA.org

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For

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and

other

information,

please

visit

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or

call

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Please

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activity,

and

may

lose

value.

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

member

FINRA,

distributes

securities

products.

TIAA

Separate

Account

is

issued

by

Teachers

Insurance

and

Annuity

Association

of

American

(TIAA),

New

York,

NY.

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Investment

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A10845

(2/23)

------

**Item 2. Code of Conduct**.

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

**2(b)** No response required.

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

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

**2(e)** Not applicable.

**2(f)** The Registrant has posted the code of conduct on its website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

------

**Item 3. Audit Committee Financial Expert**.

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

**3(a)(2)** Thomas J. Kenny is the Registrant's audit committee financial expert and is "independent" for purposes of Item 3 of Form N-CSR.

------

**Item 4. Principal Accountant Fees and Services**.

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

The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2021 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2021 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2021 Form N-CSR.

**4(a)** <u>Audit Fees</u>.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC's aggregate fees for the audit of the Registrant's annual financial statements were $72,266 and $55,375, respectively.

**4(b)** <u>Audit Related Fees</u>.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC's aggregate fees for services related to the performance of the audit of the Registrant's annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC ("Advisors") or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, "Fund Service Providers") were $0 and $0, respectively.

**4(c)** <u>Tax Fees</u>.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC's aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

**4(d)** <u>All Other Fees</u>.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC's aggregate fees for all other services billed to the Registrant were $233 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC's aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

------

**4(e)(1)** <u>Preapproval Policy</u>.

The Registrant's audit and compliance committee ("Audit Committee") has adopted a Preapproval Policy for External Audit Firm Services (the "Policy"). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor's independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant's independent auditor in order to ensure that such services do not impair the auditor's independence.

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

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

<u>Audit-Related Fees:</u> 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

<u>Tax Fees:</u> 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

<u>All Other Fees:</u> 

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

------

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

**4(g)** <u>Non-Audit Fees for Related Entities</u>.

For the fiscal years ended December 31, 2022 and December 31, 2021, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,010,340 and $1,067,853, respectively.

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

------

**Item 5. Audit Committee of Listed Registrants**.

Not Applicable.

------

**Item 6. Schedule of Investments.** 

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

------

**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**.

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

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

------

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

Not Applicable.

------

**Item 13. Exhibits**.

13(a)(1) 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 because the code is posted on registrant's website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no amendments during the period covered by this report.

[13(a)(2)(i) Section 302 certification of the principal executive officer](d423192dex9913a2i.htm)

[13(a)(2)(ii) Section 302 certification of the principal financial officer](d423192dex9913a2ii.htm)

[13(b) Section 906 certification of principal executive officer and principal financial officer](d423192dex9913b.htm)

------

**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.

---

| | | |
|:---|:---|:---|
| Dated: February 27, 2023 | TIAA SEPARATE ACCOUNT VA-1 | TIAA SEPARATE ACCOUNT VA-1 |
|  | By: | /s/ Colbert Narcisse |
|  |  | Colbert Narcisse<br> Principal Executive Officer and<br> President and Chief Executive Officer |

---

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

---

| | | |
|:---|:---|:---|
| Dated: February 27, 2023 | By: | /s/ Colbert Narcisse |
|  |  | Colbert Narcisse<br> Principal Executive Officer and<br> President and Chief Executive Officer<br> (principal executive officer) |
| Dated: February 27, 2023 | By: | /s/ E. Scott Wickerham |
|  |  | E. Scott Wickerham<br> Principal Financial Officer, Principal<br> Accounting Officer and Treasurer<br> (principal financial officer) |

---

## Exhibit 99.13

Exhibit 13(a)(2)(i)

**<u>CERTIFICATION</u>**

I, Colbert Narcisse, certify that:

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

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

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

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

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

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

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

---

| | | |
|:---|:---|:---|
| Dated: February 27, 2023 |  |  |
|  | By: | /s/ Colbert Narcisse |
|  |  | Colbert Narcisse<br> Principal Executive Officer and<br> President and Chief Executive Officer<br> (principal executive officer) |

---

## Exhibit 99.13

Exhibit 13(a)(2)(ii)

**<u>CERTIFICATION</u>**

I, E. Scott Wickerham, certify that:

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

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

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

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

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

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

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

---

| | | |
|:---|:---|:---|
| Dated: February 27, 2023 |  |  |
|  | By: | /s/ E. Scott Wickerham |
|  |  | E. Scott Wickerham<br> Principal Financial Officer, Principal<br> Accounting Officer and Treasurer<br> (principal financial officer) |

---

## Exhibit 99.13

Exhibit 13(b)

**CERTIFICATION** 

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

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

This report on Form N-CSR of the TIAA Separate Account VA-1 (the "Separate Account") (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Separate Account.

---

| | | |
|:---|:---|:---|
| Dated: February 27, 2023 |  |  |
|  | By: | /s/ Colbert Narcisse |
|  |  | Colbert Narcisse<br> Principal Executive Officer and<br> President and Chief Executive Officer<br> (principal executive officer) |
| Dated: February 27, 2023 |  |  |
|  | By: | /s/ E. Scott Wickerham |
|  |  | E. Scott Wickerham<br> Principal Financial Officer, Principal<br> Accounting Officer and Treasurer<br> (principal financial officer) |

---