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ANNUAL STATEMENT FOR THE YEAR 2011 OF THE TEACHERS INSURANCE and ANNUITY ASSOCIATION of AMERICAExhibit ANOTES TO FINANCIAL STATEMENTSNote 5 D (5) – Securities with a recognized other-than-temporary impairment disclosureThe following table represents loan-backed and structured securities with a recognized other-than-temporaryimpairment and currently held at December 31, 2011, where the present value of cash flows expected to be collected isless than the amortized cost.CUSIPBook/AdjCarrying ValueAmortized CostBefore FinancialReporting PeriodProjected CashFlowsRecognizedOther-Than-TemporaryImpairmentAmortized CostAfter Other-Than-TemporaryImpairmentFair Value as ofImpairmentDateFinancialReportingPeriod ofImpairmentG63255AA4 $ 30,843,930 $ - ² $ (408,870) $ 30,469,230 $ 30,469,230 12/31/2011004421MW0 22,591,560 22,415,344 (176,216) 22,415,344 16,999,971 12/31/201112668ASQ9 15,553,893 15,403,907 (149,986) 15,403,907 13,365,858 12/31/201112668ASR7 6,286,385 6,153,807 (132,578) 6,153,807 4,577,427 12/31/2011152314DT4 163,343 152,991 (10,352) 152,991 156,536 12/31/2011161546FJ0 2,543,448 2,503,870 (39,578) 2,503,870 1,341,142 12/31/201121075WBA2 1,428,491 1,374,301 (54,190) 1,374,301 1,347,187 12/31/201121075WCJ2 742,471 723,050 (19,421) 723,050 706,888 12/31/201122541S5T1 4,997,995 4,717,562 (280,433) 4,717,562 2,578,420 12/31/2011251511AC5 13,001,316 12,456,530 (544,786) 12,456,530 11,115,631 12/31/2011294751BQ4 1,400,662 1,130,716 (269,946) 1,130,716 596,090 12/31/2011294751BY7 2,303,908 2,083,863 (220,045) 2,083,863 1,362,934 12/31/2011294751FC1 424,059 245,031 (179,028) 245,031 481,165 12/31/20113622ELAD8 34,344,829 32,885,188 (1,459,641) 32,885,188 26,326,768 12/31/201161749EAE7 15,855,707 15,621,821 (233,886) 15,621,821 11,248,225 12/31/201175971EAF3 353,565 337,595 (15,970) 337,595 198,481 12/31/2011760985YY1 260,203 217,084 (43,119) 217,084 99,483 12/31/201103762CAE5 19,030,571 15,365,581 (3,664,990) 15,365,581 4,324,000 12/31/2011059500AG3 25,048,068 24,002,215 (1,045,853) 24,002,215 13,928,185 12/31/201105950WAP3 17,080,256 11,361,761 (5,718,495) 11,361,761 10,205,143 12/31/201105950XAJ5 19,827,696 19,777,781 (49,915) 19,777,781 11,880,270 12/31/201107388YAY8 5,637,345 3,777,667 (1,859,678) 3,777,667 2,174,987 12/31/201107388YBA9 2,111,151 - * (2,111,151) - 1,489,308 12/31/201107401DAL5 5,422,242 4,332,442 (1,089,800) 4,332,442 2,849,643 12/31/201107401DAM3 2,052,629 694,611 (1,358,018) 694,611 1,570,166 12/31/2011173067HK8 3,002,255 1,462,217 (1,540,038) 1,462,217 1,696,693 12/31/201117310MAL4 2,234,420 872,009 (1,362,411) 872,009 1,573,349 12/31/201117310MAS9 162,759 139,556 (23,203) 139,556 720,000 12/31/201120047QAM7 2,058,527 2,001,047 (57,480) 2,001,047 8,316,304 12/31/2011225458VV7 10,008,698 9,869,824 (138,874) 9,869,824 6,488,972 12/31/2011225458VY1 1,871,162 931,334 (939,828) 931,334 838,537 12/31/201122545XAG8 20,411 10,369 (10,042) 10,369 40,301 12/31/201122545YAG6 41,904,200 41,034,006 (870,194) 41,034,006 19,637,280 12/31/201136159XAJ9 18,258,715 18,091,151 (167,564) 18,091,151 8,454,269 12/31/201136228CWB5 25,278,369 22,690,676 (2,587,693) 22,690,676 14,480,243 12/31/2011396789KF5 2,814,647 2,770,038 (44,609) 2,770,038 1,782,400 12/31/201146625M2Y4 90,542 - * (90,542) - 325,809 12/31/201146625M7A1 6,030,156 4,030,987 (1,999,169) 4,030,987 917,897 12/31/201146625MQ77 115,005 - * (115,005) - 183,273 12/31/201146625YA60 269,520 266,222 (3,298) 266,222 1,204,869 12/31/201146625YQ63 2,800,664 2,687,595 (113,069) 2,687,595 2,736,562 12/31/201146625YQ89 127,508 108,641 (18,867) 108,641 924,030 12/31/201146627QBD9 36,735,484 32,052,120 (4,683,364) 32,052,120 23,226,596 12/31/201146630VAP7 786,932 538,761 (248,171) 538,761 1,208,319 12/31/201150180JAG0 31,643,343 29,504,194 (2,139,149) 29,504,194 17,105,627 12/31/201152108MDQ3 3,493,744 1,707,825 (1,785,919) 1,707,825 1,752,772 12/31/201152108MDS9 1,283,629 1,129,534 (154,095) 1,129,534 1,050,000 12/31/201152108MGA5 8,066,076 7,908,198 (157,878) 7,908,198 3,804,132 12/31/201155313KAH4 6,668,659 5,922,881 (745,778) 5,922,881 3,182,752 12/31/201160687UAL1 19,129,917 18,630,476 (499,441) 18,630,476 9,338,153 12/31/201160687UAM9 1,995,422 1,274,639 (720,783) 1,274,639 1,860,876 12/31/2011617451FW4 2,639,755 1,852,906 (786,849) 1,852,906 1,213,964 12/31/2011617453AC9 1,127,583 945,963 (181,620) 945,963 1,764,200 12/31/2011617453AY1 4,973,207 4,759,823 (213,384) 4,759,823 2,756,419 12/31/201169348HBT4 11,973,543 11,186,588 (786,955) 11,186,588 5,836,449 12/31/201174438WAN6 305,442 258,839 (46,603) 258,839 187,853 12/31/201192976BFZ0 8,536,283 2,040,473 (6,495,810) 2,040,473 4,295,675 12/31/201192976BGE6 653,988 544,541 (109,447) 544,541 1,444,195 12/31/201192976VAT5 9,903,330 9,618,391 (284,939) 9,618,391 5,811,388 12/31/201119.30