UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-8520
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TIAA SEPARATE ACCOUNT VA-1
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(Exact name of registrant as specified in charter)
730 Third Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip code)
Lisa Snow, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-490-9000
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Date of fiscal year end: December 31
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Date of reporting period: December 31, 2002
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ITEM 1. REPORTS TO STOCKHOLDERS.
DECEMBER 31, 2002 [TIAA CREF LOGO]
Audited financial statements
including statement of investments
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
ANNUAL REPORT|2002
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
INDEX
DECEMBER 31, 2002
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<Table>
<Caption>
PAGE
----
Statement of Investments.................................... 2
Report of Management Responsibility......................... 27
Report of the Audit Committee............................... 28
Statement of Assets and Liabilities......................... 29
Statement of Operations..................................... 30
Statements of Changes in Net Assets......................... 31
Notes to Financial Statements............................... 32
Report of Independent Auditors.............................. 34
Management Committee Members and Officers................... 35
</Table>
Statement of Investments - STOCK INDEX FUND - December 31, 2002
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<Table>
<Caption>
PRINCIPAL VALUE (000)
--------- -----------
CORPORATE BONDS--0.00%
CONSUMER CYCLICAL--0.00%
Ugly Duckling Corp (Sub Corp)
$ 1,950 12.000%, 10/23/03...................... $ 2
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TOTAL CONSUMER CYCLICAL 2
--------
FINANCIAL SERVICES--0.00%
National Health Investors, Inc
10,000 9.000%, 01/01/06....................... 10
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TOTAL FINANCIAL SERVICES 10
--------
TOTAL CORPORATE BONDS
(Cost $13) 12
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<Caption>
SHARES
------
PREFERRED STOCK--0.02%
BASIC INDUSTRIES--0.02%
2,280 Sealed Air Corp........................ 97
--------
TOTAL BASIC INDUSTRIES 97
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TECHNOLOGY--0.00%
503 * Superior Trust I Series A............ 0
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TOTAL TECHNOLOGY 0
--------
TOTAL PREFERRED STOCK
(Cost $123) 97
--------
COMMON STOCK--99.35%
AEROSPACE AND DEFENSE--1.20%
1,761 AAR Corp............................... 9
2,221 * Alliant Techsystems, Inc............. 138
1,802 * Armor Holdings, Inc.................. 25
1,354 * Aviall, Inc.......................... 11
53,930 Boeing Co.............................. 1,779
1,158 * DRS Technologies, Inc................ 36
496 * Ducommun, Inc........................ 8
482 * Dynamics Research Corp............... 7
825 Engineered Support Systems, Inc........ 30
12,216 General Dynamics Corp.................. 970
6,531 Goodrich Corp.......................... 120
785 Heico Corp............................. 8
859 * Herley Industries, Inc............... 15
1,700 * Hexcel Corp.......................... 5
504 * Integrated Defense Technology, Inc... 7
1,612 Kaman Corp (Class A)................... 18
4,192 * L-3 Communications Holdings, Inc..... 188
700 * Ladish Co, Inc....................... 6
25,226 Lockheed Martin Corp................... 1,457
1,100 * Moog, Inc (Class A).................. 34
10,476 Northrop Grumman Corp.................. 1,016
3,100 e* Orbital Sciences Corp............... 13
8,057 PerkinElmer, Inc....................... 66
3,544 Precision Castparts Corp............... 86
26,870 Raytheon Co............................ 826
4,091 e* Remec, Inc.......................... 16
12,362 Rockwell Collins, Inc.................. 288
333 * Sequa Corp (Class A)................. 13
2,183 * Teledyne Technologies, Inc........... 34
4,849 * Titan Corp........................... 50
952 * Triumph Group, Inc................... 30
1,518 * United Defense Industries, Inc....... 35
1,256 * Viasat, Inc.......................... 14
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TOTAL AEROSPACE AND DEFENSE 7,358
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</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
BASIC INDUSTRIES--4.07%
676 * Aaon, Inc............................ $ 12
175 * AEP Industries, Inc.................. 2
15,426 Air Products & Chemicals, Inc.......... 659
3,953 * Airgas, Inc.......................... 68
6,870 * AK Steel Holding Corp................ 55
1,703 Albany International Corp (Class A).... 35
1,874 Albemarle Corp......................... 53
57,159 Alcoa, Inc............................. 1,302
246 Alico, Inc............................. 7
5,801 Allegheny Technologies, Inc............ 36
1,482 Amcol International Corp............... 9
4,150 * American Standard Cos, Inc........... 295
330 American Woodmark Corp................. 16
266 Ameron International Corp.............. 15
793 * Applied Films Corp................... 16
2,487 Aptargroup, Inc........................ 78
1,500 Arch Chemicals, Inc.................... 27
3,254 Arch Coal, Inc......................... 70
310 * Avatar Holdings, Inc................. 7
6,649 Avery Dennison Corp.................... 406
3,904 Ball Corp.............................. 200
3,400 Bemis Co............................... 169
5,538 Black & Decker Corp.................... 238
3,441 Boise Cascade Corp..................... 87
3,583 Bowater, Inc........................... 150
1,200 * Brush Engineered Materials, Inc...... 7
1,676 * Buckeye Technologies, Inc............ 10
878 Building Materials Holding Corp........ 13
302 * BWAY Corp............................ 6
4,244 Cabot Corp............................. 113
1,600 e* Cabot Microelectronics Corp......... 76
2,400 Calgon Carbon Corp..................... 12
1,518 Cambrex Corp........................... 46
1,600 * Caraustar Industries, Inc............ 15
2,100 Carlisle Cos, Inc...................... 87
1,463 Carpenter Technology Corp.............. 18
400 Centex Construction Products, Inc...... 14
4,249 Centex Corp............................ 213
851 Century Aluminum Co.................... 6
3,600 * Champion Enterprises, Inc............ 10
700 Chemed Corp............................ 25
1,008 Chesapeake Corp........................ 18
1,687 Clarcor, Inc........................... 54
6,349 e* Clayton Homes, Inc.................. 77
741 * Cleveland-Cliffs, Inc................ 15
1,421 * Collins & Aikman Corp................ 6
2,724 * Comfort Systems U.S.A., Inc.......... 9
1,736 Commercial Metals Co................... 28
1,518 Consol Energy, Inc..................... 26
7,909 Crompton Corp.......................... 47
9,061 * Crown Cork & Seal Co, Inc............ 72
2,754 * Cytec Industries, Inc................ 75
7,911 D.R. Horton, Inc....................... 137
742 Deltic Timber Corp..................... 20
1,255 * Dionex Corp.......................... 37
147 * Dominion Homes, Inc.................. 2
61,253 Dow Chemical Co........................ 1,819
376 * Drew Industries, Inc................. 6
67,411 Du Pont (E.I.) de Nemours & Co......... 2,858
3,300 e* Earthshell Corp..................... 2
5,265 Eastman Chemical Co.................... 194
8,788 Ecolab, Inc............................ 435
1,450 ElkCorp................................ 25
</Table>
2 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
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<Table>
<Caption>
SHARES VALUE (000)
------ -----------
BASIC INDUSTRIES--(CONTINUED)
1,050 * EMCOR Group, Inc..................... $ 56
960 * Encore Wire Corp..................... 9
934 * Energy Conversion Devices, Inc....... 9
8,835 Engelhard Corp......................... 197
2,332 Ferro Corp............................. 57
2,500 e* Fleetwood Enterprises, Inc.......... 20
1,417 Florida Rock Industries, Inc........... 54
5,522 Fluor Corp............................. 155
1,933 * FMC Corp............................. 53
1,550 * Foamex International, Inc............ 5
5,068 e* Freeport-McMoran Copper & Gold, Inc
(Class A)............................ 85
1,978 Georgia Gulf Corp...................... 46
15,610 Georgia-Pacific Corp................... 252
558 Gibraltar Steel Corp................... 11
770 Glatfelter............................. 10
2,325 Granite Construction, Inc.............. 36
2,618 Great Lakes Chemical Corp.............. 63
900 Greif Brothers Corp (Class A).......... 21
1,937 H.B. Fuller Co......................... 50
5,382 * Hecla Mining Co...................... 27
5,544 * Hercules, Inc........................ 49
977 * Hovnanian Enterprises, Inc (Class
A)................................... 31
7,495 IMC Global, Inc........................ 80
856 * Imco Recycling, Inc.................. 7
1,632 * Insituform Technologies, Inc (Class
A)................................... 28
2,100 * Integrated Electrical Services,
Inc.................................. 8
32,595 International Paper Co................. 1,140
932 * International Specialty Products,
Inc.................................. 10
404 Interpool, Inc......................... 6
3,295 * Jacobs Engineering Group, Inc........ 117
828 * Jarden Corp.......................... 20
3,024 KB Home................................ 130
35,202 Kimberly-Clark Corp.................... 1,671
3,600 Lennar Corp............................ 186
3,073 Lennox International, Inc.............. 39
361 e* Liquidmetal Technologies............ 4
2,054 * Lone Star Technologies, Inc.......... 31
3,700 * Longview Fibre Co.................... 27
7,100 * Louisiana-Pacific Corp............... 57
1,035 LSI Industries, Inc.................... 14
3,500 Lubrizol Corp.......................... 107
1,091 * Lydall, Inc.......................... 12
8,064 Lyondell Chemical Co................... 102
862 M/I Schottenstein Homes, Inc........... 24
1,604 MacDermid, Inc......................... 37
31,730 Masco Corp............................. 668
4,517 Massey Energy Co....................... 44
734 * Material Sciences Corp............... 9
1,508 * Mattson Technology, Inc.............. 4
1,392 MDC Holdings, Inc...................... 53
13,555 MeadWestvaco Corp...................... 335
4,530 Millennium Chemicals, Inc.............. 43
1,370 Minerals Technologies, Inc............. 59
933 * Mobile Mini, Inc..................... 15
640 * Modtech Holdings, Inc................ 6
17,729 Monsanto Co............................ 341
1,924 * Mueller Industries, Inc.............. 52
1,321 * NCI Building Systems, Inc............ 29
23,091 Newmont Mining Corp.................... 670
664 NL Industries, Inc..................... 11
600 * Nortek Holdings, Inc................. 27
414 * Northwest Pipe Co.................... 7
1,100 * NS Group, Inc........................ 7
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
5,309 Nucor Corp............................. $ 219
320 e* NVR, Inc............................ 104
730 Octel Corp............................. 12
3,420 Olin Corp.............................. 53
1,900 e OM Group, Inc........................ 13
2,700 * Omnova Solutions, Inc................ 11
1,889 * Oregon Steel Mills, Inc.............. 8
772 * Osmonics, Inc........................ 13
7,603 * Owens-Illinois, Inc.................. 111
3,866 * Packaging Corp Of America............ 71
10,887 * Pactiv Corp.......................... 238
1,250 * Palm Harbor Homes, Inc............... 22
1,582 Peabody Energy Corp.................... 46
549 Penford Corp........................... 8
800 Penn Engineering & Manufacturing
Corp................................. 9
574 Penn Virginia Corp..................... 21
1,019 * Penwest Pharmaceuticals Co........... 11
5,322 e* Phelps Dodge Corp................... 168
12,620 Plum Creek Timber Co, Inc.............. 298
5,611 PolyOne Corp........................... 22
1,124 Pope & Talbot, Inc..................... 16
1,966 Potlatch Corp.......................... 47
11,460 PPG Industries, Inc.................... 575
11,063 Praxair, Inc........................... 639
3,425 Pulte Homes, Inc....................... 164
564 Quaker Chemical Corp................... 13
1,000 Quanex Corp............................ 34
1,900 Rayonier, Inc.......................... 86
1,717 Reliance Steel & Aluminum Co........... 36
708 Roanoke Electric Steel Corp............ 7
810 Rock-Tenn Co (Class A)................. 11
10,696 Rohm & Haas Co......................... 347
900 Royal Gold, Inc........................ 22
7,331 RPM International, Inc................. 112
1,496 * RTI International Metals, Inc........ 15
1,661 Ryerson Tull, Inc...................... 10
1,960 Ryland Group, Inc...................... 65
293 Schnitzer Steel Industries, Inc (Class
A)................................... 6
2,068 Schulman (A.), Inc..................... 38
2,576 * Sealed Air Corp...................... 96
2,975 e* Shaw Group, Inc..................... 49
8,869 Sherwin-Williams Co.................... 251
5,002 e Sigma-Aldrich Corp................... 244
711 * Silgan Holdings, Inc................. 18
852 * Simpson Manufacturing Co, Inc........ 28
442 Skyline Corp........................... 13
11,838 e* Smurfit-Stone Container Corp........ 182
4,037 Snap-On, Inc........................... 113
7,559 Solutia, Inc........................... 27
6,587 Sonoco Products Co..................... 151
1,033 Southern Peru Copper Corp.............. 15
1,060 Spartech Corp.......................... 22
2,279 Standard-Pacific Corp.................. 56
4,636 Stanley Works.......................... 160
2,295 * Steel Dynamics, Inc.................. 28
3,103 * Stillwater Mining Co................. 17
3,005 Temple-Inland, Inc..................... 135
2,806 * Terra Industries, Inc................ 4
1,500 Texas Industries, Inc.................. 36
3,215 e* Toll Brothers, Inc.................. 65
1,864 Tredegar Corp.......................... 28
91 Tremont Corp........................... 3
400 * Trex Co, Inc......................... 14
1,227 * U.S. Concrete, Inc................... 7
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 3
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
BASIC INDUSTRIES--(CONTINUED)
6,885 United States Steel Corp............... $ 90
979 Universal Forest Products, Inc......... 21
1,027 * URS Corp............................. 15
5,847 USEC, Inc.............................. 35
2,700 b,e* USG Corp.......................... 23
3,402 Valspar Corp........................... 150
1,229 Watsco, Inc............................ 20
2,670 Wausau-Mosinee Paper Corp.............. 30
497 * WCI Communities, Inc................. 5
1,100 WD-40 Co............................... 29
2,293 Wellman, Inc........................... 31
942 West Pharmaceutical Services, Inc...... 23
14,786 Weyerhaeuser Co........................ 728
356 * William Lyon Homes, Inc.............. 8
4,742 e Worthington Industries, Inc.......... 72
4,714 * WR Grace & Co........................ 9
2,700 York International Corp................ 69
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............ TOTAL BASIC INDUSTRIES................. 24,999
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CONSUMER CYCLICAL--10.85%
384 e* 1-800 Contacts, Inc................. 11
2,874 * 99 Cents Only Stores................. 77
1,037 Aaron Rents, Inc....................... 23
5,833 * Abercrombie & Fitch Co (Class A)..... 119
1,430 * Acacia Research-Acacia
Technologies......................... 3
4,414 e* Acclaim Entertainment, Inc.......... 3
664 * Acme Communication, Inc.............. 5
1,100 Action Performance Cos, Inc............ 21
1,014 * Advance Auto Parts................... 50
833 Advanced Marketing Services, Inc....... 12
899 * Aeropostale, Inc..................... 10
1,013 * AFC Enterprises, Inc................. 21
545 * Aftermarket Technology Corp.......... 8
142 * Alexander's, Inc..................... 9
2,825 * Alliance Gaming Corp................. 48
1,362 * AMC Entertainment, Inc............... 12
715 e* Amerco, Inc......................... 3
1,900 * American Axle & Manufacturing
Holdings, Inc........................ 44
3,834 * American Eagle Outfitters, Inc....... 53
709 * Ameristar Casinos, Inc............... 10
620 Angelica Corp.......................... 13
3,066 * AnnTaylor Stores Corp................ 63
290,613 * AOL Time Warner, Inc................. 3,807
2,068 Apogee Enterprises, Inc................ 19
3,918 Applebee's International, Inc.......... 91
1,100 Arctic Cat, Inc........................ 18
97 * Arden Group, Inc (Class A)........... 6
1,792 * Argosy Gaming Co..................... 34
4,699 ArvinMeritor, Inc...................... 78
300 * Ascent Media Group, Inc.............. 0
6,789 Autoliv, Inc........................... 142
2,464 * Aztar Corp........................... 35
2,000 e* Bally Total Fitness Holding Corp.... 14
700 Bandag, Inc............................ 27
751 Barnes Group, Inc...................... 15
745 Bassett Furniture Industries, Inc...... 11
465 * Beasley Broadcast Group, Inc (Class
A)................................... 6
300 * Bebe Stores, Inc..................... 4
19,830 * Bed Bath & Beyond, Inc............... 685
6,092 Belo Corp (Class A).................... 130
338 * Benihana, Inc (Class A).............. 5
8,000 * Big Lots, Inc........................ 106
574 Blair Corp............................. 13
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
2,126 Blockbuster, Inc (Class A)............. $ 26
2,400 Bob Evans Farms, Inc................... 56
2,130 * Boca Resorts, Inc (Class A).......... 23
1,800 BorgWarner, Inc........................ 91
2,400 Bowne & Co, Inc........................ 29
2,248 * Boyd Gaming Corp..................... 32
1,291 * Boyds Collection Ltd................. 9
6,702 * Brinker International, Inc........... 216
610 * Brookstone, Inc...................... 9
1,264 Brown Shoe Co, Inc..................... 30
6,082 Brunswick Corp......................... 121
1,092 e* Buca, Inc........................... 9
500 * Buckle, Inc.......................... 9
1,286 Burlington Coat Factory Warehouse
Corp................................. 23
610 Bush Industries, Inc (Class A)......... 3
9,381 e* Cablevision Systems Corp (Class
A)................................... 157
186 * Cache, Inc........................... 3
1,020 * California Pizza Kitchen, Inc........ 26
4,691 Callaway Golf Co....................... 62
159 * Carmike Cinemas, Inc................. 3
674 Cascade Corp........................... 11
2,656 * Catalina Marketing Corp.............. 49
1,052 Cato Corp (Class A).................... 23
3,640 CBRL Group, Inc........................ 110
1,783 * CEC Entertainment, Inc............... 55
1,029 * Central Garden & Pet Co.............. 19
900 * Championship Auto Racing Teams,
Inc.................................. 3
596 * Champps Entertainment, Inc........... 6
542 * Charlotte Russe Holding, Inc......... 6
7,700 * Charming Shoppes, Inc................ 32
9,073 e* Charter Communications, Inc (Class
A)................................... 11
532 * Checkers Drive-In Restaurant......... 3
342 * Cherokee, Inc........................ 5
758 e* Chicago Pizza & Brewery, Inc........ 5
4,804 * Chico's FAS, Inc..................... 91
824 e* Children's Place Retail Stores,
Inc.................................. 9
1,590 * Choice Hotels International, Inc..... 36
1,662 * Christopher & Banks Corp............. 34
433 Churchill Downs, Inc................... 17
3,658 * CKE Restaurants, Inc................. 16
2,858 Claire's Stores, Inc................... 63
34,893 * Clear Channel Communications, Inc.... 1,301
6,078 * Coach, Inc........................... 200
1,035 Coachmen Industries, Inc............... 16
300 * Coldwater Creek, Inc................. 6
720 * Cole National Corp................... 8
904 * Columbia Sportswear Co............... 40
86,501 * Comcast Corp......................... 2,039
63,897 * Comcast Corp Special................. 1,443
4,500 Cooper Tire & Rubber Co................ 69
4,822 * Copart, Inc.......................... 57
14,022 * Cox Communications, Inc (Class A).... 398
2,400 * Cox Radio, Inc (Class A)............. 55
500 CPI Corp............................... 7
601 e* Cross Media Marketing Corp.......... 0
1,802 * Crown Media Holdings, Inc (Class
A)................................... 4
200 * CSS Industries, Inc.................. 7
434 * Culp, Inc............................ 4
2,129 * Cumulus Media, Inc (Class A)......... 32
10,224 Dana Corp.............................. 120
11,718 Darden Restaurants, Inc................ 240
790 * Dave & Buster's, Inc................. 7
38,061 Delphi Corp............................ 306
794 * Department 56, Inc................... 10
</Table>
4 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
CONSUMER CYCLICAL--(CONTINUED)
963 e* DHB Industries, Inc................. $ 2
4,851 Dillard's, Inc (Class A)............... 77
19,165 Dollar General Corp.................... 229
1,736 * Dollar Thrifty Automotive Group,
Inc.................................. 37
7,780 * Dollar Tree Stores, Inc.............. 191
2,613 Donaldson Co, Inc...................... 94
700 Dover Downs Gaming & Entertainment,
Inc.................................. 6
1,000 Dover Motorsport, Inc.................. 5
3,382 Dow Jones & Co, Inc.................... 146
2,000 * Dress Barn, Inc...................... 27
1,000 * Dura Automotive Systems, Inc......... 10
19,764 Eastman Kodak Co....................... 693
16,586 * EchoStar Communications Corp (Class
A)................................... 369
908 * Elizabeth Arden, Inc................. 13
2,497 * Emmis Communications Corp (Class
A)................................... 52
2,405 * Entercom Communications Corp......... 113
3,129 * Entravision Communications Corp
(Class A)............................ 31
2,800 Equity Inns, Inc....................... 17
258 * Escalade, Inc........................ 5
860 e* EUniverse, Inc...................... 5
4,994 * Extended Stay America, Inc........... 74
1,500 e Factset Research Systems, Inc........ 42
10,890 Family Dollar Stores, Inc.............. 340
13,681 * Federated Department Stores, Inc..... 393
1,352 * Finish Line, Inc (Class A)........... 14
354 Fisher Communications, Inc............. 19
554 Florida East Coast Industries, Inc
(Class B)............................ 12
9,506 * Foot Locker, Inc..................... 100
1,400 e* Footstar, Inc....................... 10
122,517 e Ford Motor Co........................ 1,139
1,593 Forest City Enterprises, Inc (Class
A)................................... 53
1,445 * Fossil, Inc.......................... 29
8,785 * Fox Entertainment Group, Inc (Class
A)................................... 228
1,557 Fred's, Inc............................ 40
1,193 Friedman's, Inc (Class A).............. 10
1,405 G & K Services, Inc (Class A).......... 50
18,015 Gannett Co, Inc........................ 1,293
41,809 Gap, Inc............................... 649
1,554 * Gaylord Entertainment Co............. 32
16,190 * Gemstar-TV Guide International,
Inc.................................. 53
2,274 GenCorp, Inc........................... 18
37,909 General Motors Corp.................... 1,397
62,788 * General Motors Corp (Class H)........ 672
1,554 * Genesco, Inc......................... 29
5,139 * Gentex Corp.......................... 163
11,846 Genuine Parts Co....................... 365
9,852 Goodyear Tire & Rubber Co.............. 67
1,138 * Goody's Family Clothing, Inc......... 5
3,219 Graco, Inc............................. 92
674 Gray Television, Inc (Class A)......... 8
52 Grey Global Group, Inc................. 32
1,297 * Group 1 Automotive, Inc.............. 31
1,332 e* GSI Commerce, Inc................... 5
540 * Guess?, Inc.......................... 2
982 * Guitar Center, Inc................... 16
844 * Gulfmark Offshore, Inc............... 12
1,721 * Gymboree Corp........................ 27
1,144 Hancock Fabrics, Inc................... 17
1,800 * Handleman Co......................... 21
20,433 Harley-Davidson, Inc................... 944
1,773 Harman International Industries, Inc... 105
7,808 * Harrah's Entertainment, Inc.......... 309
2,663 * Harris Interactive, Inc.............. 8
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
4,122 Harte-Hanks, Inc....................... $ 77
1,232 Haverty Furniture Cos, Inc............. 17
1,228 * Hearst-Argyle Television, Inc........ 30
498 * Hibbett Sporting Goods, Inc.......... 12
22,518 Hilton Hotels Corp..................... 286
4,081 * Hispanic Broadcasting Corp........... 84
3,730 Hollinger International, Inc........... 38
700 * Hollywood Casino Corp (Class A)...... 9
3,398 * Hollywood Entertainment Corp......... 51
2,236 e* Hot Topic, Inc...................... 51
1,008 * iDine Rewards Network, Inc........... 11
1,384 * IHOP Corp............................ 33
700 * IMPCO Technologies, Inc.............. 3
734 * Information Holdings, Inc............ 11
2,972 * Insight Communications Co, Inc....... 37
2,541 * Interactive Data Corp................ 35
1,548 Intermet Corp.......................... 7
6,087 * International Game Technology........ 462
1,882 International Speedway Corp (Class
A)................................... 70
25,852 Interpublic Group Of Cos, Inc.......... 364
1,786 * Intertan, Inc........................ 13
1,142 * Isle Of Capri Casinos, Inc........... 15
18,144 J.C. Penney Co, Inc.................... 417
2,556 * Jack In The Box, Inc................. 44
1,657 * Jakks Pacific, Inc................... 22
1,030 e* Jo-Ann Stores, Inc (Class A)........ 24
5,980 Johnson Controls, Inc.................. 479
264 * Johnson Outdoors, Inc (Class A)...... 3
8,160 * Jones Apparel Group, Inc............. 289
1,919 * Journal Register Co.................. 34
1,314 * K2, Inc.............................. 12
1,700 Kellwood Co............................ 44
500 * Kenneth Cole Productions, Inc (Class
A)................................... 10
739 * Keystone Automotive Industries,
Inc.................................. 11
2,436 Kimball International, Inc (Class B)... 35
1,369 * Kirby Corp........................... 37
5,719 Knight Ridder, Inc..................... 362
19,677 * Kohl's Corp.......................... 1,101
2,801 * Krispy Kreme Doughnuts, Inc.......... 95
1,551 * Kroll, Inc........................... 30
915 K-Swiss, Inc (Class A)................. 20
5,102 * Lamar Advertising Co................. 172
1,378 Landry's Restaurants, Inc.............. 29
1,208 LaSalle Hotel Properties............... 17
3,552 La-Z-Boy, Inc.......................... 85
4,499 * Lear Corp............................ 150
3,000 Lee Enterprises, Inc................... 101
13,371 Leggett & Platt, Inc................... 300
1,100 Libbey, Inc............................ 29
182,324 * Liberty Media Corp (Class A)......... 1,630
28,816 Limited Brands, Inc.................... 401
1,227 * Lin TV Corp (Class A)................ 30
2,407 * Linens 'n Things, Inc................ 54
7,265 Liz Claiborne, Inc..................... 215
791 * Lodgenet Entertainment Corp.......... 8
1,175 Lone Star Steakhouse & Saloon, Inc..... 23
1,800 * Luby's, Inc.......................... 5
2,817 * Mandalay Resort Group................ 86
1,242 Marcus Corp............................ 18
474 Marine Products Corp................... 5
13,035 Marriott International, Inc (Class
A)................................... 428
600 e* Martha Stewart Living Omnimedia, Inc
(Class A)............................ 6
4,500 * Mascotech, Inc (Escrow).............. 0
986 * Maxwell Shoe Co, Inc (Class A)....... 11
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 5
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
CONSUMER CYCLICAL--(CONTINUED)
19,421 e May Department Stores Co............. $ 446
5,338 Maytag Corp............................ 152
1,222 McClatchy Co (Class A)................. 69
85,871 McDonald's Corp........................ 1,381
13,149 McGraw-Hill Cos, Inc................... 795
918 Media General, Inc (Class A)........... 55
3,855 * Mediacom Communications Corp......... 34
778 e* Medis Technologies Ltd.............. 4
2,269 * Men's Wearhouse, Inc................. 39
2,846 Meredith Corp.......................... 117
1,315 * Metro One Telecommunications, Inc.... 8
3,154 * Metro-Goldwyn-Mayer, Inc............. 41
4,588 * MGM Mirage........................... 151
4,573 * Michaels Stores, Inc................. 143
1,115 * Micros Systems, Inc.................. 25
643 * Midas, Inc........................... 4
1,980 e* Midway Games, Inc................... 8
2,000 Modine Manufacturing Co................ 35
3,500 * Mohawk Industries, Inc............... 199
1,720 * Monaco Coach Corp.................... 28
230 * Monarch Casino & Resort, Inc......... 3
388 * Monro Muffler Brake, Inc............. 7
352 * Mossimo, Inc......................... 2
145 * Mothers Work, Inc.................... 5
1,042 * Movie Gallery, Inc................... 14
2,007 * MSC Industrial Direct Co (Class A)... 36
1,437 * MTR Gaming Group, Inc................ 11
736 e* Multimedia Games, Inc............... 20
1,428 Myers Industries, Inc.................. 15
300 National Presto Industries, Inc........ 9
1,819 * Nautica Enterprises, Inc............. 20
2,137 e* Nautilus Group, Inc................. 29
1,830 e* Neiman Marcus Group, Inc (Class
A)................................... 56
723 * Neiman Marcus Group, Inc (Class B)... 20
100 * Netratings, Inc...................... 1
9,201 New York Times Co (Class A)............ 421
4,958 Nike, Inc (Class B).................... 220
6,514 Nordstrom, Inc......................... 124
1,900 * Oakley, Inc.......................... 20
1,120 * O'Charley's, Inc..................... 23
12,672 Omnicom Group, Inc..................... 819
2,761 * O'Reilly Automotive, Inc............. 70
739 Oshkosh B'gosh, Inc (Class A).......... 21
1,007 Oshkosh Truck Corp..................... 62
4,119 Outback Steakhouse, Inc................ 142
437 Oxford Industries, Inc................. 11
1,119 e* P.F. Chang's China Bistro, Inc...... 41
3,166 * Pacific Sunwear Of California, Inc... 56
2,069 * PanAmSat Corp........................ 30
1,488 * Panera Bread Co (Class A)............ 52
875 e* Papa John's International, Inc...... 24
18,755 * Park Place Entertainment Corp........ 158
600 e* Parkervision, Inc................... 5
1,546 * Payless Shoesource, Inc.............. 80
1,866 * Penn National Gaming, Inc............ 30
1,074 * Penton Media, Inc.................... 1
2,973 * Performance Food Group Co............ 101
1,700 Phillips-Van Heusen Corp............... 20
6,500 Pier 1 Imports, Inc.................... 123
1,730 * Pinnacle Entertainment, Inc.......... 12
4,100 * Pinnacle Systems, Inc................ 56
1,258 * Pixar, Inc........................... 67
1,112 * PLATO Learning, Inc.................. 7
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
945 e* Playboy Enterprises, Inc (Class
B)................................... $ 10
1,600 e Polaris Industries, Inc.............. 94
2,209 * Polo Ralph Lauren Corp............... 48
2,200 * Presstek, Inc........................ 10
300 * Pricesmart, Inc...................... 7
3,200 * Prime Hospitality Corp............... 26
9,402 * Primedia, Inc........................ 19
1,000 * Private Media Group, Inc............. 3
639 Pulitzer, Inc.......................... 29
860 * Quaker Fabric Corp................... 6
1,403 * Quiksilver, Inc...................... 37
610 * Racing Champions Ertl Corp........... 8
3,960 * Radio One, Inc (Class A)............. 58
820 * Radio One, Inc (Class D)............. 12
1,420 * Rare Hospitality International,
Inc.................................. 39
2,992 * Raytech Corp......................... 17
6,850 Reader's Digest Association, Inc (Class
A)................................... 103
3,360 * Reebok International Ltd............. 99
1,299 Regal Entertainment Group (Class A).... 28
1,300 * Regent Communications, Inc........... 8
3,015 Regis Corp............................. 78
1,863 * Rent-A-Center, Inc................... 93
1,353 * Resources Connection, Inc............ 31
605 * Rex Stores Corp...................... 6
430 Riviana Foods, Inc..................... 12
5,396 Ross Stores, Inc....................... 229
4,500 Ruby Tuesday, Inc...................... 78
1,702 Russell Corp........................... 28
3,096 * Ryan's Family Steak Houses, Inc...... 35
1,057 * Saga Communications, Inc (Class A)... 20
8,317 * Saks, Inc............................ 98
695 * Salem Communications Corp (Class
A)................................... 17
460 e* Salton, Inc......................... 4
600 Schawk, Inc............................ 6
2,073 * Scholastic Corp...................... 75
2,308 * Scientific Games Corp (Class A)...... 17
1,306 * Scotts Co (Class A).................. 64
1,238 e* SCP Pool Corp....................... 36
2,002 Scripps (E.W.) Co (Class A)............ 154
19,192 Sears Roebuck & Co..................... 460
517 * Shoe Carnival, Inc................... 7
2,069 * ShopKo Stores, Inc................... 26
1,230 e* Shuffle Master, Inc................. 24
2,214 * Sinclair Broadcast Group, Inc (Class
A)................................... 26
4,700 e* Sirius Satellite Radio, Inc......... 3
6,211 * Six Flags, Inc....................... 35
1,197 Smith (A.O.) Corp...................... 32
1,793 * Sonic Automotive, Inc................ 27
2,516 * Sonic Corp........................... 52
3,230 * Sotheby's Holdings, Inc (Class A).... 29
2,599 * Spanish Broadcasting System, Inc
(Class A)............................ 19
649 Spartan Motors, Inc.................... 7
1,000 Speedway Motorsports, Inc.............. 26
1,755 e* Sports Resorts International, Inc... 10
1,437 * Stage Stores, Inc.................... 30
500 Standard Motor Products, Inc........... 7
389 * Stanley Furniture Co, Inc............ 9
26,220 e* Starbucks Corp...................... 534
13,596 Starwood Hotels & Resorts Worldwide,
Inc.................................. 323
2,498 * Station Casinos, Inc................. 44
2,167 Steelcase, Inc (Class A)............... 24
1,757 * Stein Mart, Inc...................... 11
600 * Steven Madden Ltd.................... 11
700 * Stoneridge, Inc...................... 8
</Table>
6 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
CONSUMER CYCLICAL--(CONTINUED)
2,696 Stride Rite Corp....................... $ 19
1,400 Sturm Ruger & Co, Inc.................. 13
1,431 Superior Industries International,
Inc.................................. 59
2,200 * Sylvan Learning Systems, Inc......... 36
1,800 Talbots, Inc........................... 50
400 Tanger Factory Outlet Centers, Inc..... 12
61,487 Target Corp............................ 1,845
1,219 * TBC Corp............................. 15
2,719 * Tenneco Automotive, Inc.............. 11
3,430 * The Cheesecake Factory, Inc.......... 124
2,355 * The Sports Authority, Inc............ 16
1,400 * The Steak n Shake Co................. 14
576 * Thomas Nelson, Inc................... 6
1,100 Thor Industries, Inc................... 38
2,833 e* THQ, Inc............................ 38
7,623 Tiffany & Co........................... 182
1,268 * Timberland Co (Class A).............. 45
36,478 TJX Cos, Inc........................... 712
2,439 * Too, Inc............................. 57
2,585 * Topps Co, Inc........................ 22
3,113 * Tower Automotive, Inc................ 14
13,166 Tribune Co............................. 599
269 * Tropical Sportswear International
Corp................................. 2
12,046 * U.S.A. Interactive, Inc.............. 275
3,511 * Unifi, Inc........................... 18
5,408 * UnitedGlobalcom, Inc (Class A)....... 13
1,000 * Universal Electronics, Inc........... 10
10,478 e* Univision Communications, Inc (Class
A)................................... 257
533 * Urban Outfitters, Inc................ 13
582 * Vail Resorts, Inc.................... 9
3,432 * Valassis Communications, Inc......... 101
1,056 * Vans, Inc............................ 6
2,249 * Vastera, Inc......................... 13
5,742 VF Corp................................ 207
7,400 * Viacom, Inc (Class A)................ 302
98,378 * Viacom, Inc (Class B)................ 4,010
9,045 Visteon Corp........................... 63
1,600 * Wabash National Corp................. 13
184,840 Wal-Mart Stores, Inc................... 9,336
138,333 Walt Disney Co......................... 2,256
176 Washington Post Co (Class B)........... 130
7,405 Wendy's International, Inc............. 200
744 * West Marine, Inc..................... 10
2,600 e* Westpoint Stevens, Inc.............. 2
5,301 * Westwood One, Inc.................... 198
1,813 * Wet Seal, Inc (Class A).............. 20
4,323 Whirlpool Corp......................... 226
3,300 Wiley (John) & Sons, Inc (Class A)..... 79
6,132 * Williams-Sonoma, Inc................. 166
700 * Wilsons The Leather Experts, Inc..... 4
867 Winnebago Industries, Inc.............. 34
1,562 * WMS Industries, Inc.................. 23
2,882 Wolverine World Wide, Inc.............. 44
600 Woodward Governor Co................... 26
717 * World Wrestling Federation
Entertainment, Inc................... 6
3,608 e* XM Satellite Radio Holdings, Inc.... 10
26,510 * Yahoo!, Inc.......................... 433
1,003 * Young Broadcasting, Inc (Class A).... 13
20,153 * Yum! Brands, Inc..................... 488
2,294 * Zale Corp............................ 73
1,300 * Zenith Electronics Corp.............. 0
2,400 * Zomax, Inc........................... 10
--------
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
TOTAL CONSUMER CYCLICAL................ $ 66,739
--------
CONSUMER NON-CYCLICAL--10.39%
877 * 1-800-Flowers.com, Inc (Class A)..... 5
1,696 * 7-Eleven, Inc........................ 13
872 * AC Moore Arts & Crafts, Inc.......... 11
2,414 Alberto-Culver Co (Class B)............ 122
25,719 Albertson's, Inc....................... 573
12,914 e* Amazon.Com, Inc..................... 244
4,531 * American Greetings Corp (Class A).... 72
1,106 e* American Italian Pasta Co (Class
A)................................... 40
59,471 Anheuser-Busch Cos, Inc................ 2,878
1,164 * Applica, Inc......................... 6
2,166 * Aramark Corp (Class B)............... 51
38,704 Archer Daniels Midland Co.............. 480
553 * Asbury Automotive Group, Inc......... 5
900 * Aurora Foods, Inc.................... 1
13,682 * Autonation, Inc...................... 172
4,854 * Autozone, Inc........................ 343
16,002 Avon Products, Inc..................... 862
3,004 * Barnes & Noble, Inc.................. 54
17,471 * Best Buy Co, Inc..................... 422
4,983 * BJ's Wholesale Club, Inc............. 91
2,239 Blyth, Inc............................. 60
5,623 * Borders Group, Inc................... 91
700 * Boston Beer Co, Inc (Class A)........ 10
208 Bridgford Foods Corp................... 2
2,314 Brown-Forman Corp (Class B)............ 151
39 * Bruno's Supermarkets, Inc............ 0
2,500 e* Cadiz, Inc.......................... 1
15,285 Campbell Soup Co....................... 359
7,018 * Carmax, Inc.......................... 125
2,822 Casey's General Stores, Inc............ 34
4,002 * CDW Computer Centers, Inc............ 175
2,584 * Chiquita Brands International, Inc... 34
2,493 Church & Dwight Co, Inc................ 76
14,461 Circuit City Stores, Inc (Circuit City
Group)............................... 107
11,442 Clorox Co.............................. 472
63 Coca-Cola Bottling Co Consolidated..... 4
137,703 Coca-Cola Co........................... 6,034
15,888 Coca-Cola Enterprises, Inc............. 345
37,093 Colgate-Palmolive Co................... 1,945
36,288 e Conagra Foods, Inc................... 908
5,033 * Constellation Brands, Inc (Class
A)................................... 119
1,894 Coors (Adolph) Co (Class B)............ 116
2,328 Corn Products International, Inc....... 70
1,370 e* Cost Plus, Inc...................... 39
30,694 * Costco Wholesale Corp................ 861
26,568 CVS Corp............................... 663
6,122 * Dean Foods Co........................ 227
299 * DEL Laboratories, Inc................ 6
12,588 * Del Monte Foods Co................... 97
2,443 Delta & Pine Land Co................... 50
6,530 Dial Corp.............................. 133
3,045 DIMON, Inc............................. 18
2,921 Dole Food Co........................... 95
1,240 Dreyer's Grand Ice Cream, Inc.......... 88
1,873 * Drugstore.Com, Inc................... 4
1,510 * Duane Reade, Inc..................... 26
10,163 * eBay, Inc............................ 689
700 * Electronics Boutique Holdings Corp... 11
6,302 * Energizer Holdings, Inc.............. 176
7,158 Estee Lauder Cos (Class A)............. 189
2,243 Ethan Allen Interiors, Inc............. 77
544 e* Expedia, Inc (Class A).............. 36
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 7
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
CONSUMER NON-CYCLICAL--(CONTINUED)
115 * Expedia, Inc Wts 02/04/09............ $ 4
900 * Factory 2-U Stores, Inc.............. 3
1,198 * FAO, Inc............................. 1
65 Farmer Brothers Co..................... 20
3,981 Fastenal Co............................ 149
383 * Finlay Enterprises, Inc.............. 5
2,762 e Fleming Cos, Inc..................... 18
1,589 Flowers Foods, Inc..................... 31
1,297 * FTI Consulting, Inc.................. 52
3,459 * Furniture Brands International,
Inc.................................. 82
394 * Gaiam, Inc........................... 4
747 * Galyans Trading Co, Inc.............. 7
1,300 e* Gamestop Corp....................... 13
452 * Gart Sports Co....................... 9
24,741 General Mills, Inc..................... 1,162
71,716 e Gillette Co.......................... 2,177
1,203 * Great Atlantic & Pacific Tea Co,
Inc.................................. 10
226 * Green Mountain Coffee, Inc........... 3
23,778 H.J. Heinz Co.......................... 782
1,696 * Hain Celestial Group, Inc............ 26
9,648 Hasbro, Inc............................ 111
5,200 Herman Miller, Inc..................... 96
6,372 Hershey Foods Corp..................... 430
159,404 Home Depot, Inc........................ 3,819
469 * Horizon Organic Holding Corp......... 8
5,077 Hormel Foods Corp...................... 118
1,700 Hughes Supply, Inc..................... 46
700 Ingles Markets, Inc (Class A).......... 8
2,951 * Insight Enterprises, Inc............. 25
236 Inter Parfums, Inc..................... 2
3,257 Interface, Inc (Class A)............... 10
4,926 International Flavors & Fragrances,
Inc.................................. 173
1,137 * International Multifoods Corp........ 24
2,936 Interstate Bakeries Corp............... 45
400 * J & J Snack Foods Corp............... 14
3,016 J.M. Smucker Co........................ 120
1,216 * Jill (J.) Group, Inc................. 17
16,699 Kellogg Co............................. 572
19,037 Kraft Foods, Inc (Class A)............. 741
53,902 * Kroger Co............................ 833
1,933 Lancaster Colony Corp.................. 76
1,746 Lance, Inc............................. 21
561 * Lithia Motors, Inc (Class A)......... 9
1,876 Loews Corp (Carolina Group)............ 38
2,200 Longs Drug Stores Corp................. 46
52,728 Lowe's Cos............................. 1,977
525 * MarineMax, Inc....................... 6
1,224 * Marvel Enterprises, Inc.............. 11
29,631 Mattel, Inc............................ 567
9,489 McCormick & Co, Inc (Non-Vote)......... 220
1,011 * Monterey Pasta Co.................... 4
589 Movado Group, Inc...................... 11
785 Nash Finch Co.......................... 6
259 * National Beverage Corp............... 4
847 Nature's Sunshine Products, Inc........ 8
2,946 * NBTY, Inc............................ 52
397 e* NetFlix, Inc........................ 4
18,120 Newell Rubbermaid, Inc................. 550
3,183 Nu Skin Enterprises, Inc (Class A)..... 38
20,901 * Office Depot, Inc.................... 308
8,289 * OfficeMax, Inc....................... 41
1,039 Oneida Ltd............................. 11
216 * Overstock.com, Inc................... 3
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
425 * Party City Corp...................... $ 5
2,206 * Pathmark Stores, Inc................. 11
400 * PC Connection, Inc................... 2
624 * Peets Coffee & Tea, Inc.............. 9
768 * Penn Traffic Co...................... 3
3,435 Pep Boys-Manny Moe & Jack.............. 40
11,947 Pepsi Bottling Group, Inc.............. 307
5,901 PepsiAmericas Inc...................... 79
120,002 PepsiCo, Inc........................... 5,066
4,300 * Perrigo Co........................... 52
1,043 * Petco Animal Supplies, Inc........... 24
8,132 * Petsmart, Inc........................ 139
145,149 Philip Morris Cos, Inc................. 5,883
1,099 Pilgrim's Pride Corp (Class B)......... 9
1,900 * Playtex Products, Inc................ 19
9,098 e* Priceline.com, Inc.................. 15
1,157 * Princeton Review, Inc................ 6
88,173 Procter & Gamble Co.................... 7,578
6,290 R.J. Reynolds Tobacco Holdings, Inc.... 265
11,917 RadioShack Corp........................ 223
2,156 * Ralcorp Holdings, Inc................ 54
1,285 * Restoration Hardware, Inc............ 6
615 e* Revlon, Inc (Class A)............... 2
27,940 * Rite Aid Corp........................ 68
669 * Robert Mondavi Corp (Class A)........ 21
2,200 Ruddick Corp........................... 30
700 Russ Berrie & Co, Inc.................. 24
31,097 * Safeway, Inc......................... 726
52,984 Sara Lee Corp.......................... 1,193
1,040 Schweitzer-Mauduit International,
Inc.................................. 25
26 Seaboard Corp.......................... 6
993 * Seminis, Inc (Class A)............... 3
3,076 Sensient Technologies Corp............. 69
508 * Sharper Image Corp................... 9
1,100 * Skechers U.S.A., Inc (Class A)....... 9
900 * Smart & Final, Inc................... 5
7,580 * Smithfield Foods, Inc................ 150
2,500 * Stamps.com, Inc...................... 12
803 Standard Commercial Corp............... 15
31,769 * Staples, Inc......................... 581
298 * Steinway Musical Instruments, Inc.... 5
500 Stepan Co.............................. 13
2,382 * The Bombay Co, Inc................... 12
1,000 Thomas Industries, Inc................. 26
2,331 * Ticketmaster (Class B)............... 49
1,726 Tootsie Roll Industries, Inc........... 53
13,415 * Toys "R" Us, Inc..................... 134
980 * Tractor Supply Co.................... 37
1,215 * Trans World Entertainment Corp....... 4
955 * Triarc Cos, Inc...................... 25
700 * Tuesday Morning Corp................. 12
3,650 Tupperware Corp........................ 55
1,389 * Tweeter Home Entertainment Group,
Inc.................................. 8
15,485 Tyson Foods, Inc (Class A)............. 174
1,214 * United Auto Group, Inc............... 15
1,291 * United Natural Foods, Inc............ 33
1,760 Universal Corp......................... 65
11,469 UST, Inc............................... 383
1,504 * Valuevision International, Inc (Class
A)................................... 23
1,357 Vector Group Ltd....................... 16
624 * Virbac Corp.......................... 4
69,086 Walgreen Co............................ 2,017
765 * Water Pik Technologies, Inc.......... 6
1,705 * Weight Watchers International, Inc... 78
</Table>
8 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
CONSUMER NON-CYCLICAL--(CONTINUED)
779 Weis Markets, Inc...................... $ 24
805 * Whitehall Jewellers, Inc............. 8
3,539 * Whole Foods Market, Inc.............. 187
1,385 * Wild Oats Markets, Inc............... 14
4,470 Winn-Dixie Stores, Inc................. 68
10,965 Wrigley (Wm.) Jr Co.................... 602
1,948 * Yankee Candle Co, Inc................ 31
--------
TOTAL CONSUMER NON-CYCLICAL............ 63,873
--------
ENERGY--5.65%
997 * 3TEC Energy Corp..................... 14
4,764 Amerada Hess Corp...................... 262
16,823 Anadarko Petroleum Corp................ 806
9,360 Apache Corp............................ 533
4,796 Ashland, Inc........................... 137
673 * Atwood Oceanics, Inc................. 20
22,875 Baker Hughes, Inc...................... 736
1,300 Berry Petroleum Co (Class A)........... 22
10,660 * BJ Services Co....................... 344
13,660 Burlington Resources, Inc.............. 583
2,023 Cabot Oil & Gas Corp (Class A)......... 50
2,644 * Cal Dive International, Inc.......... 62
662 CARBO Ceramics, Inc.................... 22
9,900 Chesapeake Energy Corp................. 77
72,458 ChevronTexaco Corp..................... 4,817
2,899 * Cimarex Energy Co.................... 52
1,600 * Comstock Resources, Inc.............. 15
45,664 ConocoPhillips......................... 2,210
3,197 * Cooper Cameron Corp.................. 159
1,411 * Denbury Resources, Inc............... 16
9,789 Devon Energy Corp...................... 449
3,682 Diamond Offshore Drilling, Inc......... 80
463 * Dril-Quip, Inc....................... 8
111 * Encore Acquisition Co................ 2
1,380 * Energy Partners Ltd.................. 15
9,849 ENSCO International, Inc............... 290
7,954 EOG Resources, Inc..................... 318
1,332 * Evergreen Resources, Inc............. 60
1,120 e* Exploration Co Of Delaware, Inc..... 3
460,107 Exxon Mobil Corp....................... 16,076
2,084 * Forest Oil Corp...................... 57
14 * Forest Oil Corp Wts 02/15/04......... 0
14 * Forest Oil Corp Wts 02/15/05......... 0
1,879 Frontier Oil Corp...................... 32
293 Getty Realty Corp...................... 6
4,627 * Global Industries Ltd................ 19
6,404 * Grant Prideco, Inc................... 75
12,038 * Grey Wolf, Inc....................... 48
546 * Gulf Island Fabrication, Inc......... 9
29,579 Halliburton Co......................... 553
3,495 * Hanover Compressor Co................ 32
2,496 * Harvest Natural Resources, Inc....... 16
3,449 Helmerich & Payne, Inc................. 96
689 Holly Corp............................. 15
1,000 * Horizon Offshore, Inc................ 5
700 * Houston Exploration Co............... 21
835 * Hydril Co............................ 20
3,300 * Input/Output, Inc.................... 14
6,840 Kerr-McGee Corp........................ 303
6,598 * Key Energy Services, Inc............. 59
400 Lufkin Industries, Inc................. 9
3,412 * Magnum Hunter Resources, Inc......... 20
572 * Magnum Hunter Resources, Inc Wts
03/21/05............................. 0
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
20,900 Marathon Oil Corp...................... $ 445
2,707 * Maverick Tube Corp................... 35
3,066 e* Meridian Resource Corp.............. 3
4,882 Murphy Oil Corp........................ 209
5,494 * National-Oilwell, Inc................ 120
3,059 * Newfield Exploration Co.............. 110
3,939 Noble Energy, Inc...................... 148
1,100 * Nuevo Energy Co...................... 12
25,496 Occidental Petroleum Corp.............. 725
12,100 Ocean Energy, Inc...................... 242
1,600 * Oceaneering International, Inc....... 40
5,591 * Parker Drilling Co................... 12
1,750 Patina Oil & Gas Corp.................. 55
4,874 * Patterson-UTI Energy, Inc............ 147
181 * Petroleum Helicopters (Vote)......... 5
7,882 * Pioneer Natural Resources Co......... 199
1,700 * Plains Exploration & Production Co... 17
1,700 * Plains Resources, Inc................ 20
3,508 Pogo Producing Co...................... 131
1,296 * Premcor, Inc......................... 29
7,574 * Pride International, Inc............. 113
650 * Prima Energy Corp.................... 15
3,492 * Range Resources Corp................. 19
1,242 * Remington Oil & Gas Corp............. 20
6,462 Rowan Cos, Inc......................... 147
700 RPC, Inc............................... 8
1,146 * Seacor Smit, Inc..................... 51
6,952 * Smith International, Inc............. 227
1,366 * Spinnaker Exploration Co............. 30
2,000 St. Mary Land & Exploration Co......... 50
1,545 * Stone Energy Corp.................... 52
4,632 Sunoco, Inc............................ 154
3,300 * Superior Energy Services, Inc........ 27
1,700 * Swift Energy Co...................... 16
4,106 * Tesoro Petroleum Corp................ 19
3,563 Tidewater, Inc......................... 111
2,400 * Tom Brown, Inc....................... 60
486 * Total Fina Elf S.A. Wts 08/05/03..... 12
1,143 * Transmontaigne, Inc.................. 5
1,583 * Trico Marine Services, Inc........... 5
2,600 * Unit Corp............................ 48
1,098 * Universal Compression Holdings,
Inc.................................. 21
17,697 e Unocal Corp.......................... 541
6,895 Valero Energy Corp..................... 255
5,420 * Varco International, Inc............. 94
2,260 * Veritas DGC, Inc..................... 18
3,500 Vintage Petroleum, Inc................. 37
1,153 * Westport Resources Corp.............. 24
1,475 * W-H Energy Services, Inc............. 22
637 World Fuel Services Corp............... 13
8,036 XTO Energy, Inc........................ 198
--------
TOTAL ENERGY........................... 34,763
--------
FINANCIAL SERVICES--21.37%
1,016 1st Source Corp........................ 17
2,299 21st Century Insurance Group........... 29
5,529 A.G. Edwards, Inc...................... 182
711 ABC Bancorp............................ 9
1,151 Acadia Realty Trust.................... 9
1,625 Advanta Corp (Class A)................. 15
1,500 * Affiliated Managers Group, Inc....... 75
35,040 Aflac, Inc............................. 1,055
700 Alabama National Bancorp............... 30
1,137 Alexandria Real Estate Equities, Inc... 48
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 9
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
FINANCIAL SERVICES--(CONTINUED)
2,573 Alfa Corp.............................. $ 31
407 * Alleghany Corp....................... 72
850 Allegiant Bancorp, Inc................. 15
7,495 e Allied Capital Corp.................. 164
3,675 * Allmerica Financial Corp............. 37
47,879 Allstate Corp.......................... 1,771
5,726 AMB Property Corp...................... 157
5,665 Ambac Financial Group, Inc............. 319
1,700 Amcore Financial, Inc.................. 37
2,583 e American Capital Strategies Ltd...... 56
80,035 e American Express Co.................. 2,829
2,172 American Financial Group, Inc.......... 50
1,675 American Financial Holdings, Inc....... 50
470 American Home Mortgage Holdings, Inc... 5
155,854 American International Group, Inc...... 9,016
419 American National Bankshares, Inc...... 11
693 American National Insurance Co......... 57
652 * American Physicians Capital, Inc..... 12
7,450 e* AmeriCredit Corp.................... 58
6,620 * Ameritrade Holding Corp.............. 37
2,774 e AmerUs Group Co...................... 78
1,041 AMLI Residential Properties Trust...... 22
24,654 AmSouth Bancorp........................ 473
1,467 Anchor Bancorp Wisconsin, Inc.......... 30
5,903 Annaly Mortgage Management, Inc........ 111
2,904 e Anthracite Capital, Inc.............. 32
878 Anworth Mortgage Asset Corp............ 11
17,057 AON Corp............................... 322
5,261 Apartment Investment & Management Co
(Class A)............................ 197
2,102 Apex Mortgage Capital, Inc............. 14
11,972 Archstone-Smith Trust.................. 282
4,002 Arden Realty, Inc...................... 89
1,552 e Argonaut Group, Inc.................. 23
488 Arrow Financial Corp................... 15
5,173 Associated Banc-Corp................... 176
1,181 Associated Estates Realty Corp......... 8
5,826 Astoria Financial Corp................. 158
4,103 AvalonBay Communities, Inc............. 161
500 Baldwin & Lyons, Inc (Class B)......... 12
939 Banc Corp.............................. 7
283 Bancfirst Corp......................... 13
5,600 Bancorpsouth, Inc...................... 109
817 Bank Mutual Corp....................... 19
104,432 Bank Of America Corp................... 7,265
1,000 Bank Of Granite Corp................... 18
4,703 Bank Of Hawaii Corp.................... 143
49,222 Bank Of New York Co, Inc............... 1,179
319 Bank Of The Ozarks, Inc................ 7
79,683 Bank One Corp.......................... 2,912
2,677 BankAtlantic Bancorp, Inc (Class A).... 25
10,078 Banknorth Group, Inc................... 228
1,281 * Bankunited Financial Corp (Class
A)................................... 21
777 Banner Corp............................ 15
4,537 * Bay View Capital Corp................ 26
32,316 BB&T Corp.............................. 1,195
6,393 Bear Stearns Cos, Inc.................. 380
828 * Beazer Homes U.S.A., Inc............. 50
996 Bedford Property Investors, Inc........ 26
2,616 Berkley (W.R.) Corp.................... 104
449 Berkshire Hills Bancorp, Inc........... 11
420 * BKF Capital Group, Inc............... 7
1,130 * Blackrock, Inc....................... 45
779 * BOK Financial Corp................... 25
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
1,020 Boston Private Financial Holdings,
Inc.................................. $ 20
4,558 Boston Properties, Inc................. 168
283 Bostonfed Bancorp, Inc................. 8
1,400 Boykin Lodging Co...................... 13
1,933 Brandywine Realty Trust................ 42
3,159 BRE Properties, Inc (Class A).......... 99
1,727 Brookline Bancorp, Inc................. 21
3,354 Brown & Brown, Inc..................... 108
267 Bryn Mawr Bank Corp.................... 10
700 BSB Bancorp, Inc....................... 15
249 California First National Bancorp...... 3
580 Camden National Corp................... 14
2,491 Camden Property Trust.................. 82
1,459 Capital Automotive REIT................ 35
400 Capital City Bank Group, Inc........... 16
14,053 Capital One Financial Corp............. 418
554 Capitol Bancorp Ltd.................... 13
1,624 Capitol Federal Financial.............. 47
650 Capstead Mortgage Corp................. 16
3,615 CarrAmerica Realty Corp................ 91
897 Cascade Bancorp........................ 12
1,600 Cash America International, Inc........ 15
5,643 * Catellus Development Corp............ 112
1,069 Cathay Bancorp, Inc.................... 41
239 CB Bancshares, Inc..................... 10
1,507 CBL & Associates Properties, Inc....... 60
630 CCBT Financial Cos, Inc................ 16
882 * CCC Information Services Group,
Inc.................................. 16
758 Center Trust, Inc...................... 6
1,600 Centerpoint Properties Corp............ 91
538 * Central Coast Bancorp................ 11
229 Century Bancorp, Inc (Class A)......... 6
1,366 * Ceres Group, Inc..................... 3
1,044 CFS Bancorp, Inc....................... 15
73,913 Charles Schwab Corp.................... 802
285 Charter Financial Corp................. 9
2,500 Charter Municipal Mortgage Acceptance
Co................................... 43
15,783 Charter One Financial, Inc............. 453
1,594 Chateau Communities, Inc............... 37
1,889 Chelsea Property Group, Inc............ 63
1,562 Chemical Financial Corp................ 50
2,066 Chittenden Corp........................ 53
5,808 * ChoicePoint, Inc..................... 229
11,003 Chubb Corp............................. 574
9,390 Cincinnati Financial Corp.............. 353
354,069 Citigroup, Inc......................... 12,460
3,400 * Citigroup, Inc (Litigation
Warrants)............................ 4
3,061 Citizens Banking Corp.................. 76
651 Citizens First Bancorp, Inc............ 14
1,725 * Citizens, Inc........................ 13
550 City Bank.............................. 14
1,237 City Holding Co........................ 35
2,782 City National Corp..................... 122
1,019 * Clark/Bardes, Inc.................... 20
1,704 * CNA Financial Corp................... 44
1,100 CNA Surety Corp........................ 9
300 Coastal Bancorp, Inc................... 10
598 Coastal Financial Corp................. 8
450 CoBiz, Inc............................. 7
8,230 Colonial Bancgroup, Inc................ 98
1,022 Colonial Properties Trust.............. 35
416 Columbia Bancorp....................... 9
1,009 * Columbia Banking System, Inc......... 13
12,137 e Comerica, Inc........................ 525
</Table>
10 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
FINANCIAL SERVICES--(CONTINUED)
4,000 Commerce Bancorp, Inc.................. $ 173
4,230 Commerce Bancshares, Inc............... 166
1,766 Commerce Group, Inc.................... 66
3,124 Commercial Federal Corp................ 73
2,721 Commercial Net Lease Realty, Inc....... 42
605 Commonwealth Bancorp, Inc.............. 28
818 Community Bank System, Inc............. 26
535 Community Banks, Inc................... 15
2,770 Community First Bankshares, Inc........ 73
905 Community Trust Bancorp, Inc........... 23
8,752 Compass Bancshares, Inc................ 274
1,233 * CompuCredit Corp..................... 9
823 Connecticut Bancshares, Inc............ 32
3,454 Cornerstone Realty Income Trust, Inc... 27
1,105 Corporate Office Properties Trust...... 16
516 Correctional Properties Trust.......... 11
2,017 * Corrections Corp Of America.......... 35
585 Corus Bankshares, Inc.................. 26
7,094 Countrywide Financial Corp............. 366
2,543 Cousins Properties, Inc................ 63
1,000 CPB, Inc............................... 27
2,076 Crawford & Co (Class B)................ 10
962 * Credit Acceptance Corp............... 6
400 * Crescent Operating, Inc.............. 0
5,712 Crescent Real Estate Equities Co....... 95
1,548 Crown American Realty Trust............ 14
1,500 * CSK Auto Corp........................ 17
3,532 Cullen/Frost Bankers, Inc.............. 115
220 Curtiss-Wright Corp (Class B).......... 14
1,875 CVB Financial Corp..................... 48
952 Delphi Financial Group, Inc (Class
A)................................... 36
3,835 Developers Diversified Realty Corp..... 84
1,606 Dime Community Bancshares.............. 31
3,950 Doral Financial Corp................... 113
1,439 Downey Financial Corp.................. 56
9,396 Duke Realty Corp....................... 239
19,479 * E*trade Group, Inc................... 95
1,700 East West Bancorp, Inc................. 61
1,077 Eastgroup Properties, Inc.............. 27
4,054 Eaton Vance Corp....................... 115
1,000 * Electro Rent Corp.................... 12
168 EMC Insurance Group, Inc............... 3
1,200 Entertainment Properties Trust......... 28
28,132 Equity Office Properties Trust......... 703
411 e Equity One, Inc...................... 5
18,683 Equity Residential..................... 459
1,554 Erie Indemnity Co (Class A)............ 56
1,037 Essex Property Trust, Inc.............. 53
1,026 * Euronet Worldwide, Inc............... 8
700 F & M Bancorp.......................... 22
67,598 Fannie Mae............................. 4,349
447 Farmers Capital Bank Corp.............. 15
881 FBL Financial Group, Inc (Class A)..... 17
1,117 FBR Asset Investment Corp.............. 38
591 e* Federal Agricultural Mortgage Corp
(Class C)............................ 18
2,521 Federal Realty Investment Trust........ 71
5,631 Federated Investors, Inc (Class B)..... 143
3,200 FelCor Lodging Trust, Inc.............. 37
1,153 Fidelity Bankshares, Inc............... 21
6,603 Fidelity National Financial, Inc....... 217
34,622 Fifth Third Bancorp.................... 2,027
781 * Financial Federal Corp............... 20
563 Financial Industries Corp.............. 8
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
559 Financial Institutions, Inc............ $ 16
4,830 First American Corp.................... 107
480 First Bancorp (North Carolina)......... 11
2,338 First Bancorp (Puerto Rico)............ 53
56 * First Banks America, Inc............. 2
600 First Busey Corp (Class A)............. 14
2,100 First Charter Corp..................... 38
436 First Citizens Bancshares, Inc (Class
A)................................... 42
4,100 First Commonwealth Financial Corp...... 47
351 First Community Bancorp................ 12
646 First Community Bancshares, Inc........ 20
382 First Defiance Financial Corp.......... 7
468 First Essex Bancorp, Inc............... 16
1,238 First Federal Capital Corp............. 24
2,593 First Financial Bancorp................ 43
875 First Financial Bankshares, Inc........ 33
500 First Financial Corp (Indiana)......... 24
1,000 First Financial Holdings, Inc.......... 25
800 First Indiana Corp..................... 15
1,043 First Merchants Corp................... 24
3,362 First Midwest Bancorp, Inc............. 90
550 First National Corp.................... 13
672 First Niagara Financial Group, Inc..... 18
310 First Oak Brook Bancshares, Inc........ 10
987 First Place Financial Corp............. 16
743 * First Republic Bank.................. 15
1,744 First Sentinel Bancorp, Inc............ 25
203 First South Bancorp, Inc............... 7
297 First State Bancorp.................... 7
8,646 First Tennessee National Corp.......... 311
4,923 First Virginia Banks, Inc.............. 183
399 Firstfed America Bancorp, Inc.......... 10
1,200 * FirstFed Financial Corp.............. 35
5,818 FirstMerit Corp........................ 126
665 Flagstar Bancorp, Inc.................. 14
70,684 FleetBoston Financial Corp............. 1,718
737 Flushing Financial Corp................ 12
2,950 FNB Corp............................... 81
419 FNB Corp (Virginia).................... 10
632 e* FPIC Insurance Group, Inc........... 4
195 Franklin Financial Corp................ 4
11,557 Franklin Resources, Inc................ 394
46,963 Freddie Mac............................ 2,773
4,200 e Fremont General Corp................. 19
1,142 * Friedman, Billings, Ramsey Group,
Inc.................................. 11
1,064 Frontier Financial Corp................ 27
7,128 Fulton Financial Corp.................. 126
448 * Gabelli Asset Management, Inc (Class
A)................................... 13
1,800 Gables Residential Trust............... 45
5,900 Gallagher (Arthur J.) & Co............. 173
3,386 * Gartner, Inc (Class A)............... 31
2,624 * Gartner, Inc (Class B)............... 25
582 GBC Bancorp............................ 11
4,276 e General Growth Properties, Inc....... 222
724 German American Bancorp................ 11
1,113 Glacier Bancorp, Inc................... 26
638 Gladstone Capital Corp................. 11
1,119 Glenborough Realty Trust, Inc.......... 20
1,900 Glimcher Realty Trust.................. 34
2,100 Gold Banc Corp, Inc.................... 21
8,460 Golden West Financial Corp............. 608
16,268 Goldman Sachs Group, Inc............... 1,108
372 Granite State Bankshares, Inc.......... 16
500 Great American Financial Resources,
Inc.................................. 9
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 11
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
FINANCIAL SERVICES--(CONTINUED)
946 Great Lakes REIT, Inc.................. $ 16
416 Great Southern Bancorp, Inc............ 15
3,269 e Greater Bay Bancorp.................. 57
5,778 Greenpoint Financial Corp.............. 261
957 Hancock Holding Co..................... 43
628 * Hanmi Financial Corp................. 11
1,557 Harbor Florida Bancshares, Inc......... 35
2,039 Harleysville Group, Inc................ 54
1,322 Harleysville National Corp............. 35
16,715 Hartford Financial Services Group,
Inc.................................. 759
422 * Hawthorne Financial Corp............. 12
4,239 HCC Insurance Holdings, Inc............ 104
3,889 Health Care Property Investors, Inc.... 149
2,773 Health Care REIT, Inc.................. 75
2,800 Healthcare Realty Trust, Inc........... 82
1,295 Heritage Property Investment Trust..... 32
11,048 Hibernia Corp (Class A)................ 213
3,647 Highwoods Properties, Inc.............. 81
2,000 Hilb, Rogal & Hamilton Co.............. 82
1,856 Home Properties Of New York, Inc....... 64
5,561 e* Homestore, Inc...................... 5
3,932 Hooper Holmes, Inc..................... 24
2,579 Horace Mann Educators Corp............. 40
4,303 Hospitality Properties Trust........... 151
16,213 * Host Marriott Corp................... 143
30,814 e Household International, Inc......... 857
8,761 HRPT Properties Trust.................. 72
5,161 Hudson City Bancorp, Inc............... 96
1,120 Hudson River Bancorp, Inc.............. 28
3,093 Hudson United Bancorp.................. 96
772 Humboldt Bancorp....................... 8
16,776 Huntington Bancshares, Inc............. 314
409 IberiaBank Corp........................ 16
2,838 IMPAC Mortgage Holdings, Inc........... 33
3,530 Independence Community Bank Corp....... 90
235 * Independence Holding Co.............. 5
896 Independent Bank Corp
(Massachusetts)...................... 20
926 * Independent Bank Corp (Michigan)..... 28
3,878 * IndyMac Bancorp, Inc................. 72
1,794 Innkeepers U.S.A. Trust................ 14
1,401 * Insignia Financial Group, Inc........ 10
2,990 e Instinet Group, Inc.................. 13
715 * Insurance Auto Auctions, Inc......... 12
1,112 Integra Bank Corp...................... 20
616 Interchange Financial Services Corp.... 10
1,533 International Bancshares Corp.......... 60
3,414 * Investment Technology Group, Inc..... 76
4,437 e Investors Financial Services Corp.... 122
1,711 Investors Real Estate Trust............ 17
2,416 IRT Property Co........................ 29
934 Irwin Financial Corp................... 15
3,168 iStar Financial, Inc................... 89
332 * Itla Capital Corp.................... 11
3,070 * ITT Educational Services, Inc........ 72
135,051 JP Morgan Chase & Co................... 3,241
2,559 JDN Realty Corp........................ 28
1,265 Jefferies Group, Inc................... 53
10,174 Jefferson-Pilot Corp................... 388
19,954 John Hancock Financial Services, Inc... 557
1,526 John Nuveen Co (Class A)............... 39
2,179 * Jones Lang LaSalle, Inc.............. 34
314 Kansas City Life Insurance Co.......... 12
28,770 KeyCorp................................ 723
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
842 Keystone Property Trust................ $ 14
1,702 Kilroy Realty Corp..................... 39
6,225 Kimco Realty Corp...................... 191
6,166 * Knight Trading Group, Inc............ 30
1,322 Koger Equity, Inc...................... 21
1,326 Kramont Realty Trust................... 19
9,899 * La Quinta Corp....................... 44
3,265 e* LaBranche & Co, Inc................. 87
845 Lakeland Bancorp, Inc.................. 15
367 Lakeland Financial Corp................ 9
1,329 Landamerica Financial Group, Inc....... 47
89 Leeds Federal Bankshares, Inc.......... 3
4,342 e Legg Mason, Inc...................... 211
16,572 Lehman Brothers Holdings, Inc.......... 883
473 e* LendingTree, Inc.................... 6
2,488 Leucadia National Corp................. 93
1,681 Lexington Corporate Properties Trust... 27
1,200 Liberty Corp........................... 47
12,585 Lincoln National Corp.................. 397
1,600 LNR Property Corp...................... 57
1,388 * Local Financial Corp................. 20
608 LSB Bancshares, Inc.................... 10
1,014 LTC Properties, Inc.................... 7
5,343 M & T Bank Corp........................ 424
480 Macatawa Bank Corp..................... 10
2,347 Macerich Co............................ 72
2,868 Mack-Cali Realty Corp.................. 87
1,342 MAF Bancorp, Inc....................... 46
700 Main Street Banks, Inc................. 13
422 MainSource Financial Group, Inc........ 10
925 Manufactured Home Communities, Inc..... 27
600 * Markel Corp.......................... 123
36,994 Marsh & McLennan Cos, Inc.............. 1,709
14,906 Marshall & Ilsley Corp................. 408
274 MASSBANK Corp.......................... 8
813 MB Financial, Inc...................... 28
10,056 e MBIA, Inc............................ 441
71,697 MBNA Corp.............................. 1,364
1,454 MCG Capital Corp....................... 16
76 * MEEMIC Holdings, Inc................. 2
29,788 Mellon Financial Corp.................. 778
4,786 Mercantile Bankshares Corp............. 185
287 Merchants Bancshares, Inc.............. 6
1,767 Mercury General Corp................... 66
2,874 Meristar Hospitality Corp.............. 19
522 * Meritage Corp........................ 18
58,286 Merrill Lynch & Co, Inc................ 2,212
20,064 MetLife, Inc........................... 543
2,453 e Metris Cos, Inc...................... 6
2,501 MFA Mortgage Investments, Inc.......... 21
22 * MFN Financial Corp Series B Wts
03/23/03............................. 0
22 * MFN Financial Corp Series C Wts
03/23/04............................. 0
6,240 MGIC Investment Corp................... 258
1,066 Mid Atlantic Realty Trust.............. 19
1,033 Mid-America Apartment Communities,
Inc.................................. 25
578 Midland Co............................. 11
1,600 Mid-State Bancshares................... 26
600 Midwest Banc Holdings, Inc............. 11
1,573 Mills Corp............................. 46
1,041 Mission West Properties, Inc........... 10
3,063 MONY Group, Inc........................ 73
74,717 Morgan Stanley......................... 2,983
286 Nara Bancorp, Inc...................... 6
219 NASB Financial, Inc.................... 5
</Table>
12 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
FINANCIAL SERVICES--(CONTINUED)
41,535 National City Corp..................... $ 1,135
13,992 National Commerce Financial Corp....... 334
800 National Health Investors, Inc......... 13
426 National Health Realty, Inc............ 6
1,300 National Penn Bancshares, Inc.......... 35
154 * National Western Life Insurance Co
(Class A)............................ 15
1,425 Nationwide Financial Services, Inc
(Class A)............................ 41
3,536 Nationwide Health Properties, Inc...... 53
290 * Navigators Group, Inc................ 7
514 NBC Capital Corp....................... 13
2,152 NBT Bancorp, Inc....................... 37
2,450 * NetBank, Inc......................... 24
3,825 Neuberger Berman, Inc.................. 128
1,008 e New Century Financial Corp........... 26
6,656 New Plan Excel Realty Trust............ 127
7,324 New York Community Bancorp, Inc........ 212
11,199 North Fork Bancorp, Inc................ 378
13,327 Northern Trust Corp.................... 467
792 Northwest Bancorp, Inc................. 12
749 e Novastar Financial, Inc.............. 23
103 * NYMAGIC, Inc......................... 2
786 OceanFirst Financial Corp.............. 18
2,600 * Ocwen Financial Corp................. 7
1,205 Odyssey Re Holdings Corp............... 21
3,460 * Ohio Casualty Corp................... 45
4,222 Old National Bancorp................... 103
8,133 Old Republic International Corp........ 228
532 Old Second Bancorp, Inc................ 20
593 Omega Financial Corp................... 21
880 Oriental Financial Group, Inc.......... 22
2,433 Pacific Capital Bancorp................ 62
1,500 * Pacific Gulf Properties Liquid
Trust................................ 3
1,050 Pacific Northwest Bancorp.............. 26
763 * Pacific Union Bank................... 9
2,297 Pan Pacific Retail Properties, Inc..... 84
768 Park National Corp..................... 76
344 Parkvale Financial Corp................ 8
556 Parkway Properties, Inc................ 20
474 Partners Trust Financial Group, Inc.... 8
430 Peapack Gladstone Financial Corp....... 15
381 Pennfed Financial Services, Inc........ 10
500 Pennrock Financial Services Corp....... 14
1,015 Pennsylvania Real Estate Investment
Trust................................ 26
1,741 People's Bank.......................... 44
567 Peoples Bancorp, Inc................... 15
342 Peoples Holding Co..................... 14
775 PFF Bancorp, Inc....................... 24
1,212 * Philadelphia Consolidated Holding
Corp................................. 43
6,916 e* Phoenix Cos, Inc.................... 53
591 * Pico Holdings, Inc................... 8
1,146 e PMA Capital Corp (Class A)........... 16
6,100 PMI Group, Inc......................... 183
19,204 PNC Financial Services Group, Inc...... 805
9,322 Popular, Inc........................... 315
394 Port Financial Corp.................... 18
2,418 Post Properties, Inc................... 58
2,166 Prentiss Properties Trust.............. 61
1,502 Presidential Life Corp................. 15
1,328 * Price Legacy Corp.................... 4
20,441 Principal Financial Group.............. 616
263 PrivateBancorp, Inc.................... 10
1,540 * ProAssurance Corp.................... 32
13,045 Progressive Corp....................... 647
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
10,532 Prologis............................... $ 265
800 Prosperity Bancshares, Inc............. 15
4,643 Protective Life Corp................... 128
200 Provident Bancorp, Inc................. 6
1,701 Provident Bankshares Corp.............. 39
2,926 e Provident Financial Group, Inc....... 76
18,118 * Providian Financial Corp............. 118
39,565 Prudential Financial, Inc.............. 1,256
673 PS Business Parks, Inc................. 21
6,747 Public Storage, Inc.................... 218
125 * Quaker City Bancorp, Inc............. 4
1,016 R & G Financial Corp (Class B)......... 24
6,168 Radian Group, Inc...................... 229
1,127 RAIT Investment Trust.................. 24
585 Ramco-Gershenson Properties............ 12
2,664 Raymond James Financial, Inc........... 79
2,300 Realty Income Corp..................... 81
3,829 e Reckson Associates Realty Corp....... 81
719 Redwood Trust, Inc..................... 20
1,699 Regency Centers Corp................... 55
15,598 Regions Financial Corp................. 520
1,178 Reinsurance Group Of America, Inc...... 32
3,705 Republic Bancorp, Inc.................. 44
506 Republic Bancorp, Inc (Class A)
(Kentucky)........................... 6
1,126 Resource America, Inc (Class A)........ 10
1,900 RFS Hotel Investors, Inc............... 21
997 Riggs National Corp.................... 15
910 RLI Corp............................... 25
5,020 Roslyn Bancorp, Inc.................... 91
4,394 Rouse Co............................... 139
87 Royal Bancshares Of Pennsylvania (Class
A)................................... 2
1,811 S & T Bancorp, Inc..................... 45
403 S.Y. Bancorp, Inc...................... 15
8,716 Safeco Corp............................ 302
1,000 Sandy Spring Bancorp, Inc.............. 32
550 Santander Bancorp...................... 7
800 Saul Centers, Inc...................... 19
2,022 * Saxon Capital, Inc................... 25
855 Seacoast Banking Corp Of Florida....... 16
1,744 Seacoast Financial Services Corp....... 35
637 Second Bancorp, Inc.................... 17
5,241 SEI Investments Co..................... 142
1,800 Selective Insurance Group, Inc......... 45
2,683 Senior Housing Properties Trust........ 28
3,287 * Silicon Valley Bancshares............ 60
533 Simmons First National Corp (Class
A)................................... 20
8,887 Simon Property Group, Inc.............. 303
829 Sizeler Property Investors............. 8
5,174 Sky Financial Group, Inc............... 103
1,800 SL Green Realty Corp................... 57
10,003 SLM Corp............................... 1,039
5,340 * SoundView Technology Group, Inc...... 8
2,781 South Financial Group, Inc............. 57
23,563 SouthTrust Corp........................ 586
370 Southwest Bancorp, Inc................. 10
1,929 * Southwest Bancorp Of Texas, Inc...... 56
17,951 Sovereign Bancorp, Inc................. 252
902 Sovran Self Storage, Inc............... 26
548 St. Francis Capital Corp............... 13
2,155 St. Joe Co............................. 65
14,311 St. Paul Cos, Inc...................... 487
1,965 Stancorp Financial Group, Inc.......... 96
913 State Auto Financial Corp.............. 14
527 State Bancorp, Inc..................... 9
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 13
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
FINANCIAL SERVICES--(CONTINUED)
22,003 State Street Corp...................... $ 858
3,870 Staten Island Bancorp, Inc............. 78
762 Sterling Bancorp....................... 20
2,600 Sterling Bancshares, Inc............... 32
1,139 Sterling Financial Corp
(Pennsylvania)....................... 27
837 * Sterling Financial Corp (Spokane).... 16
1,214 * Stewart Information Services Corp.... 26
15,347 e* Stilwell Financial, Inc............. 201
200 Student Loan Corp...................... 20
868 Suffolk Bancorp........................ 27
378 Summit Bancshares, Inc................. 7
1,547 Summit Properties, Inc................. 28
460 * Sun Bancorp, Inc (New Jersey)........ 6
355 Sun Bancorp, Inc (Pennsylvania)........ 6
1,069 Sun Communities, Inc................... 39
16,833 SunTrust Banks, Inc.................... 958
502 Superior Financial Corp................ 9
2,750 Susquehanna Bancshares, Inc............ 57
1,151 SWS Group, Inc......................... 16
20,061 Synovus Financial Corp................. 389
1,597 * Syntroleum Corp...................... 3
7,182 T Rowe Price Group, Inc................ 196
2,112 Taubman Centers, Inc................... 34
5,193 TCF Financial Corp..................... 227
1,579 Texas Regional Bancshares, Inc (Class
A)................................... 56
2,795 Thornburg Mortgage, Inc................ 56
534 Tompkins Trustco, Inc.................. 24
8,243 Torchmark Corp......................... 301
1,037 Town & Country Trust................... 22
2,118 * Trammell Crow Co..................... 19
1,424 Transatlantic Holdings, Inc............ 95
205 * Transcontinental Realty Investors,
Inc.................................. 4
33,731 * Travelers Property Casualty Corp
(Class A)............................ 494
31,359 * Travelers Property Casualty Corp
(Class B)............................ 459
558 * Triad Guaranty, Inc.................. 21
363 Trico Bancshares....................... 9
6,274 Trizec Properties, Inc................. 59
630 Troy Financial Corp.................... 17
1,300 Trust Co Of New Jersey................. 36
5,202 Trustco Bank Corp NY................... 56
3,002 Trustmark Corp......................... 71
129,744 U.S. Bancorp........................... 2,753
1,311 e U.S. Restaurant Properties, Inc...... 18
960 U.S.B. Holding Co, Inc................. 17
1,306 UCBH Holdings, Inc..................... 55
2,600 * UICI................................. 40
1,144 UMB Financial Corp..................... 44
1,661 Umpqua Holdings Corp................... 30
543 Union Bankshares Corp.................. 15
13,740 Union Planters Corp.................... 387
3,451 UnionBanCal Corp....................... 136
2,534 United Bankshares, Inc................. 74
1,194 United Community Banks, Inc............ 29
2,251 United Community Financial Corp........ 19
7,525 United Dominion Realty Trust, Inc...... 123
518 United Fire & Casualty Co.............. 17
1,123 United National Bancorp................ 26
3,755 * United Rentals, Inc.................. 40
3,133 Unitrin, Inc........................... 92
1,679 * Universal American Financial Corp.... 10
795 Universal Health Realty Income Trust... 21
1,587 Unizan Financial Corp.................. 31
16,474 UnumProvident Corp..................... 289
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
891 Urstadt Biddle Properties, Inc (Class
A)................................... $ 10
6,524 Valley National Bancorp................ 172
98 Value Line, Inc........................ 4
2,590 Vesta Insurance Group, Inc............. 7
524 Virginia Financial Group, Inc.......... 16
4,860 Vornado Realty Trust................... 181
2,893 W Holding Co, Inc...................... 47
92,842 Wachovia Corp.......................... 3,383
5,015 Waddell & Reed Financial, Inc (Class
A)................................... 99
263 Warwick Community Bancorp.............. 7
4,415 Washington Federal, Inc................ 110
66,147 Washington Mutual, Inc................. 2,284
2,550 Washington Real Estate Investment
Trust................................ 65
881 Washington Trust Bancorp, Inc.......... 17
2,723 e Waypoint Financial Corp.............. 48
3,348 Webster Financial Corp................. 117
3,094 Weingarten Realty Investors............ 114
116,069 e Wells Fargo & Co..................... 5,440
383 * Wellsford Real Properties, Inc....... 6
1,533 Wesbanco, Inc.......................... 36
110 Wesco Financial Corp................... 34
1,194 West Coast Bancorp..................... 18
2,316 Westamerica Bancorp.................... 93
845 Westcorp............................... 18
358 Westfield Financial, Inc............... 6
497 * WFS Financial, Inc................... 10
2,764 Whitney Holding Corp................... 92
349 Willow Grove Bancorp, Inc.............. 5
4,525 Wilmington Trust Corp.................. 143
1,215 Winston Hotels, Inc.................... 9
971 Wintrust Financial Corp................ 30
832 * World Acceptance Corp................ 6
620 WSFS Financial Corp.................... 20
10,971 * Wyndham International, Inc (Class
A)................................... 3
425 Yardville National Bancorp............. 7
655 Zenith National Insurance Corp......... 15
6,285 Zions Bancorp.......................... 247
--------
TOTAL FINANCIAL SERVICES............... 131,372
--------
HEALTH CARE--15.23%
790 * aaiPharma, Inc....................... 11
105,874 Abbott Laboratories.................... 4,235
5,644 * Abgenix, Inc......................... 42
934 e* Abiomed, Inc........................ 3
798 e* Acacia Research-CombiMatrix......... 3
3,033 * Accredo Health, Inc.................. 107
2,249 * Adolor Corp.......................... 31
2,148 * Advanced Medical Optics, Inc......... 26
490 * Advanced Neuromodulation Systems,
Inc.................................. 17
5,103 * AdvancePCS........................... 113
333 * Advisory Board Co/The................ 10
9,881 Aetna, Inc............................. 406
3,426 e* Affymetrix, Inc..................... 78
1,464 e* Aksys Ltd........................... 8
1,019 * Alaris Medical, Inc.................. 6
1,500 * Albany Molecular Research, Inc....... 22
2,872 * Alderwoods Group Inc................. 14
1,305 * Alexion Pharmaceuticals, Inc......... 18
2,347 e* Align Technology, Inc............... 6
4,010 * Alkermes, Inc........................ 25
9,067 Allergan, Inc.......................... 522
839 * Alliance Imaging, Inc................ 4
1,653 e* Allos Therapeutics, Inc............. 12
1,800 * Allscripts Healthcare Solutions,
Inc.................................. 4
</Table>
14 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
HEALTH CARE--(CONTINUED)
2,124 Alpharma, Inc (Class A)................ $ 25
770 e* American Healthways, Inc............ 13
444 * American Medical Security Group,
Inc.................................. 6
1,417 * American Medical Systems Holdings,
Inc.................................. 23
648 e* American Pharmaceutical Partners,
Inc.................................. 12
692 * AMERIGROUP Corp...................... 21
2,013 * Ameripath, Inc....................... 43
7,051 AmerisourceBergen Corp................. 383
80,177 * Amgen, Inc........................... 3,876
1,006 * AMN Healthcare Services, Inc......... 17
1,426 * Amsurg Corp.......................... 29
4,216 e* Amylin Pharmaceuticals, Inc......... 68
4,337 * Andrx Corp........................... 64
9,626 * Anthem, Inc.......................... 605
1,368 e* Antigenics, Inc..................... 14
1,100 e* Aphton Corp......................... 4
6,925 * Apogent Technologies, Inc............ 144
14,452 Applera Corp (Applied Biosystems
Group)............................... 253
4,841 * Applera Corp (Celera Genomics
Group)............................... 46
1,186 * Applied Molecular Evolution.......... 2
2,861 * Apria Healthcare Group, Inc.......... 64
1,293 * Arena Pharmaceuticals, Inc........... 8
2,100 * Ariad Pharmaceuticals, Inc........... 5
1,404 * Arqule, Inc.......................... 4
1,345 * Array Biopharma, Inc................. 7
672 Arrow International, Inc............... 27
1,500 * Arthrocare Corp...................... 15
1,793 * Atherogenics, Inc.................... 13
1,405 * Atrix Laboratories, Inc.............. 22
1,400 e* Avigen, Inc......................... 8
3,584 Bard (C.R.), Inc....................... 208
1,892 * Barr Laboratories, Inc............... 123
3,395 e Bausch & Lomb, Inc................... 122
40,579 Baxter International, Inc.............. 1,136
3,985 Beckman Coulter, Inc................... 118
17,400 Becton Dickinson & Co.................. 534
872 * Benthley Pharmaceuticals, Inc........ 7
7,127 * Beverly Enterprises, Inc............. 20
10,070 * Biogen, Inc.......................... 403
2,608 * BioMarin Pharmaceutical, Inc......... 18
18,144 Biomet, Inc............................ 520
1,100 e* Biopure Corp........................ 4
1,200 * Bio-Rad Laboratories, Inc (Class
A)................................... 46
246 * Bioreliance Corp..................... 6
842 e* Biosite, Inc........................ 29
4,200 * Bio-Technology General Corp.......... 13
600 * Bone Care International, Inc......... 6
21,344 * Boston Scientific Corp............... 908
595 * Bradley Pharmaceuticals, Inc......... 8
131,475 Bristol-Myers Squibb Co................ 3,044
1,024 e* Britesmile, Inc..................... 0
810 * Bruker Daltonics, Inc................ 4
1,580 * Caliper Technologies Corp............ 5
479 * Cantel Medical Corp.................. 6
3,947 * Cardiac Science, Inc................. 9
30,675 Cardinal Health, Inc................... 1,816
2,300 * Cardiodynamics International Corp.... 7
15,256 * Caremark Rx, Inc..................... 248
5,250 e* Celgene Corp........................ 113
2,366 * Cell Genesys, Inc.................... 26
2,500 e* Cell Therapeutics, Inc.............. 18
360 * Centene Corp......................... 12
3,123 * Cephalon, Inc........................ 152
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
1,643 * Cepheid, Inc......................... $ 8
1,892 e* Cerner Corp......................... 59
938 * Cerus Corp........................... 20
3,001 * Charles River Laboratories
International, Inc................... 115
744 * Chattem, Inc......................... 15
6,303 e* Chiron Corp......................... 237
844 * Cholestech Corp...................... 6
8,756 Cigna Corp............................. 360
1,020 * Cima Labs, Inc....................... 25
383 * Ciphergen Biosystems, Inc............ 1
400 * Closure Medical Corp................. 4
600 * Cobalt Corp.......................... 8
2,100 * Coherent, Inc........................ 42
1,800 * Columbia Laboratories, Inc........... 6
3,492 * Community Health Systems, Inc........ 72
216 * Computer Programs & Systems, Inc..... 5
928 * Conceptus, Inc....................... 11
1,940 * Conmed Corp.......................... 38
2,200 * Connetics Corp....................... 26
2,130 Cooper Cos, Inc........................ 53
2,816 e* Corixa Corp......................... 18
500 * Corvel Corp.......................... 18
4,280 * Covance, Inc......................... 105
2,539 * Coventry Health Care, Inc............ 74
2,321 e* Cross County, Inc................... 32
1,100 e* CryoLife, Inc....................... 8
1,951 * Cubist Pharmaceuticals, Inc.......... 16
2,974 * CuraGen Corp......................... 14
740 * Curative Health Services, Inc........ 13
1,836 * CV Therapeutics, Inc................. 33
1,543 * Cyberonics, Inc...................... 28
8,521 * Cytyc Corp........................... 87
924 D&K Healthcare Resources, Inc.......... 9
800 Datascope Corp......................... 20
3,980 * DaVita, Inc.......................... 98
2,608 * Decode Genetics, Inc................. 5
491 * Deltagen, Inc........................ 0
2,400 * Dendrite International, Inc.......... 18
4,700 Dentsply International, Inc............ 175
1,474 Diagnostic Products Corp............... 57
611 * Dianon Systems, Inc.................. 29
900 * Digene Corp.......................... 10
1,218 * Discovery Partners International,
Inc.................................. 3
1,742 * Diversa Corp......................... 16
527 * DJ Orthopedics, Inc.................. 2
1,775 * Durect Corp.......................... 4
897 * DVI, Inc............................. 7
400 e* Dynacq International, Inc........... 6
2,488 * Eclipsys Corp........................ 13
4,090 * Edwards Lifesciences Corp............ 104
518 * Embrex, Inc.......................... 6
1,307 * Endo Pharmaceuticals Holdings, Inc... 10
991 * Endocardial Solutions, Inc........... 3
1,301 e* Endocare, Inc....................... 4
1,692 * Enzo Biochem, Inc.................... 24
3,094 * Enzon, Inc........................... 52
707 * Eon Labs, Inc........................ 13
899 * EPIX Medical, Inc.................... 6
583 e* eResearch Technology, Inc........... 10
2,105 * Esperion Therapeutics, Inc........... 15
821 * Exact Sciences Corp.................. 9
3,246 * Exelixis, Inc........................ 26
4,246 e* Express Scripts, Inc (Class A)...... 204
6,878 * First Health Group Corp.............. 167
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 15
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
HEALTH CARE--(CONTINUED)
1,433 * First Horizon Pharmaceutical......... $ 11
3,770 * Fisher Scientific International,
Inc.................................. 113
10,908 * Forest Laboratories, Inc............. 1,071
1,900 * Gene Logic, Inc...................... 12
724 * Genencor International, Inc.......... 7
14,974 * Genentech, Inc....................... 497
2,013 * Genesis Health Ventures, Inc......... 31
2,758 e* Genta, Inc.......................... 21
2,514 * Genzyme Corp (Biosurgery Division)... 6
13,261 * Genzyme Corp (General Division)...... 392
1,600 * Geron Corp........................... 6
11,705 * Gilead Sciences, Inc................. 398
20,710 * Guidant Corp......................... 639
1,753 * Guilford Pharmaceuticals, Inc........ 7
1,342 * Haemonetics Corp..................... 29
1,390 * Hanger Orthopedic Group, Inc......... 18
1,155 * Harvard Bioscience, Inc.............. 4
33,293 HCA, Inc............................... 1,382
16,370 Health Management Associates, Inc
(Class A)............................ 293
7,373 * Health Net, Inc...................... 195
667 * Healthcare Services Group............ 9
900 * HealthExtras, Inc.................... 4
27,033 * Healthsouth Corp..................... 114
571 * HealthTronics Surgical Services,
Inc.................................. 5
2,750 * Henry Schein, Inc.................... 124
3,517 Hillenbrand Industries, Inc............ 170
1,387 * Hologic, Inc......................... 17
8,274 * Human Genome Sciences, Inc........... 73
11,485 * Humana, Inc.......................... 115
5,951 ICN Pharmaceuticals, Inc............... 65
3,632 * ICOS Corp............................ 85
701 * ICU Medical, Inc..................... 26
7,649 e* IDEC Pharmaceuticals Corp........... 254
2,212 * Idexx Laboratories, Inc.............. 74
1,200 * IDX Systems Corp..................... 20
1,060 e* Igen International, Inc............. 45
2,300 * Ilex Oncology, Inc................... 16
1,706 * Illumina, Inc........................ 6
2,736 * I-many, Inc.......................... 4
3,514 e* ImClone Systems, Inc................ 37
675 * Immucor, Inc......................... 14
2,900 * Immunogen, Inc....................... 9
2,700 * Immunomedics, Inc.................... 12
1,114 * Impath, Inc.......................... 22
1,855 * Impax Laboratories, Inc.............. 7
19,625 IMS Health, Inc........................ 314
859 * Inamed Corp.......................... 26
4,807 * Incyte Genomics, Inc................. 22
2,819 * Indevus Pharmaceuticals, Inc......... 6
3,974 * Inhale Therapeutic Systems, Inc...... 32
1,332 * Integra LifeSciences Holding......... 24
2,100 * Integrated Silicon Solution, Inc..... 9
1,694 e* InterMune, Inc...................... 43
1,240 * Interpore International.............. 8
2,235 * Intuitive Surgical, Inc.............. 14
1,790 Invacare Corp.......................... 60
478 e* Inverness Medical Innovations,
Inc.................................. 6
3,641 * Invitrogen Corp...................... 114
3,357 e* Isis Pharmaceuticals, Inc........... 22
10,434 * IVAX Corp............................ 127
204,307 Johnson & Johnson...................... 10,973
709 * Kendle International, Inc............ 6
520 * Kensey Nash Corp..................... 10
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
813 * Kindred Healthcare, Inc.............. $ 15
16,832 * King Pharmaceuticals, Inc............ 289
400 * Kos Pharmaceuticals, Inc............. 8
1,236 * Kosan Biosciences, Inc............... 8
1,478 * KV Pharmaceutical Co (Class A)....... 34
433 * Kyphon, Inc.......................... 4
2,580 * La Jolla Pharmaceutical Co........... 17
381 * LabOne, Inc.......................... 7
9,765 * Laboratory Corp Of America
Holdings............................. 227
584 Landauer, Inc.......................... 20
267 * Lannett Co, Inc...................... 4
2,441 * Lexicon Genetics, Inc................ 12
718 * Lifecore Biomedical, Inc............. 6
2,695 * LifePoint Hospitals, Inc............. 81
3,138 e* Ligand Pharmaceuticals, Inc (Class
B)................................... 17
65,369 Lilly (Eli) & Co....................... 4,151
7,330 * Lincare Holdings, Inc................ 232
1,206 e* Luminex Corp........................ 5
6,895 * Manor Care, Inc...................... 128
1,217 e* Martek Biosciences Corp............. 31
445 * Matria Healthcare, Inc............... 4
1,221 * MAXIMUS, Inc......................... 32
2,143 * Maxygen, Inc......................... 16
18,500 McKesson Corp.......................... 500
5,013 * Medarex, Inc......................... 20
457 * Medcath Corp......................... 5
534 e* Med-Design Corp..................... 4
562 * Medical Staffing Network Holdings,
Inc.................................. 9
1,529 e* Medicines Co........................ 24
2,127 * Medicis Pharmaceutical Corp (Class
A)................................... 106
16,962 * Medimmune, Inc....................... 461
753 * MedQuist, Inc........................ 15
599 * MedSource Technologies, Inc.......... 4
82,413 Medtronic, Inc......................... 3,758
1,319 Mentor Corp............................ 51
153,693 Merck & Co, Inc........................ 8,701
243 * Meridian Medical Technologies, Inc... 11
826 * Merit Medical Systems, Inc........... 16
1,800 * MGI Pharma, Inc...................... 13
3,231 * Mid Atlantic Medical Services, Inc... 105
19,396 * Millennium Pharmaceuticals, Inc...... 154
3,300 * Millipore Corp....................... 112
1,650 * MIM Corp............................. 10
1,101 * Molecular Devices Corp............... 18
1,125 * Mright Medical Group, Inc............ 20
2,855 * Mykrolis Corp........................ 21
8,522 Mylan Laboratories, Inc................ 297
1,780 * Myriad Genetics, Inc................. 26
2,800 * Nabi Biopharmaceuticals.............. 17
1,723 * Napro Biotherapeutics, Inc........... 1
568 e* Nastech Pharmaceutical Co........... 5
600 * National Healthcare Corp............. 11
538 e* Neoforma, Inc....................... 6
827 e* Neopharm, Inc....................... 8
800 * Neose Technologies, Inc.............. 7
1,900 * Neurocrine Biosciences, Inc.......... 87
932 * Neurogen Corp........................ 3
17,000 b* Neuromedical Systems, Inc........... 2
1,495 * Noven Pharmaceuticals, Inc........... 14
1,858 * NPS Pharmaceuticals, Inc............. 47
1,200 * Ocular Sciences, Inc................. 19
854 * Odyssey HealthCare, Inc.............. 30
1,157 * Omega Healthcare Investors, Inc...... 4
5,566 Omnicare, Inc.......................... 133
</Table>
16 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
HEALTH CARE--(CONTINUED)
1,045 * Omnicell, Inc........................ $ 3
1,520 * On Assignment, Inc................... 13
854 * Onyx Pharmaceuticals, Inc............ 5
859 * Option Care, Inc..................... 7
1,876 * OraSure Technologies, Inc............ 10
3,260 e* Orthodontic Centers Of America,
Inc.................................. 36
2,298 * Orthologic Corp...................... 8
2,512 * OSI Pharmaceuticals, Inc............. 41
2,300 Owens & Minor, Inc..................... 38
6,037 * Oxford Health Plans, Inc............. 220
2,427 * Pacificare Health Systems, Inc....... 68
1,200 * Pain Therapeutics, Inc............... 3
7,766 Pall Corp.............................. 130
1,703 * Parexel International Corp........... 19
3,400 * Patterson Dental Co.................. 149
552 * PDI, Inc............................. 6
1,564 * Pediatrix Medical Group, Inc......... 63
6,873 e* Peregrine Pharmaceuticals, Inc...... 5
2,266 * Per-Se Technologies, Inc............. 20
423,720 Pfizer, Inc............................ 12,953
3,216 * Pharmaceutical Product Development,
Inc.................................. 94
1,304 * Pharmaceutical Resources, Inc........ 39
87,705 Pharmacia Corp......................... 3,666
1,600 * Pharmacopeia, Inc.................... 14
6,600 b* Physicians Resource Group, Inc...... 0
669 e* PolyMedica Corp..................... 21
1,227 * Possis Medical, Inc.................. 22
1,425 * Pozen, Inc........................... 7
752 * PracticeWorks, Inc................... 6
3,663 * Praecis Pharmaceuticals, Inc......... 12
905 * Prime Medical Services, Inc.......... 8
84 f* Priority Healthcare Corp (Class
A)................................... 2
1,641 * Priority Healthcare Corp (Class B)... 38
6,300 * ProcureNet, Inc...................... 1
583 * Progenics Pharmaceuticals............ 4
6,191 * Protein Design Labs, Inc............. 53
3,350 * Province Healthcare Co............... 33
329 * Proxymed, Inc........................ 3
4,800 * PSS World Medical, Inc............... 33
553 * QMed, Inc............................ 3
1,954 * Quadramed Corp....................... 5
5,085 e* Quest Diagnostics, Inc.............. 289
1,846 * Quidel Corp.......................... 6
8,246 * Quintiles Transnational Corp......... 100
1,505 * Quovadx, Inc......................... 4
1,373 * Radiologix, Inc...................... 3
2,361 e* Regeneron Pharmaceuticals, Inc...... 44
1,200 * RehabCare Group, Inc................. 23
3,399 * Renal Care Group, Inc................ 108
1,110 * Res-Care, Inc........................ 4
2,139 * Resmed, Inc.......................... 65
2,100 * Respironics, Inc..................... 64
1,868 * Ribapharm, Inc....................... 12
1,896 * Rigel Pharmaceuticals, Inc........... 2
719 * Rita Medical Systems, Inc............ 4
1,282 * Salix Pharmaceuticals Ltd............ 9
1,158 * Sangamo Biosciences, Inc............. 3
1,792 * Sangstat Medical Corp................ 20
99,461 Schering-Plough Corp................... 2,208
3,197 e* Scios, Inc.......................... 104
1,282 * Seattle Genetics, Inc................ 4
1,248 e* Select Medical Corp................. 17
4,980 * Sepracor, Inc........................ 48
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
2,670 * Sequenom, Inc........................ $ 5
1,524 * Serologicals Corp.................... 17
20,100 * Service Corp International........... 67
5,277 * SICOR, Inc........................... 84
1,748 * Sierra Health Services, Inc.......... 21
1,567 * Sola International, Inc.............. 20
781 * Sonic Innovations, Inc............... 3
733 * SonoSite, Inc........................ 10
366 e* Specialty Laboratories, Inc......... 4
11,932 * St. Jude Medical, Inc................ 474
2,308 * Stericycle, Inc...................... 75
4,798 * Steris Corp.......................... 116
7,000 * Stewart Enterprises, Inc (Class A)... 39
9,068 e Stryker Corp......................... 609
1,300 e* Sunrise Assisted Living, Inc........ 32
2,113 e* SuperGen, Inc....................... 8
900 * SurModics, Inc....................... 26
2,566 * Sybron Dental Specialties, Inc....... 38
1,235 * Syncor International Corp............ 34
1,732 * Tanox, Inc........................... 16
2,800 * Techne Corp.......................... 80
1,856 * Telik, Inc........................... 22
32,994 * Tenet Healthcare Corp................ 541
3,200 * Texas Biotechnology Corp............. 4
2,000 * Theragenics Corp..................... 8
1,595 * Therasense, Inc...................... 13
3,489 * Thoratec Corp........................ 27
2,015 * Transkaryotic Therapies, Inc......... 20
4,949 * Triad Hospitals, Inc................. 148
2,318 * Triangle Pharmaceuticals, Inc........ 14
953 e* Trimeris, Inc....................... 41
1,583 * TriPath Imaging, Inc................. 4
2,753 * Tularik, Inc......................... 21
4,973 * U.S. Oncology, Inc................... 43
623 * U.S. Physical Therapy, Inc........... 7
1,341 * Unilab Corp.......................... 25
1,089 * United Surgical Partners
International, Inc................... 17
1,125 e* United Therapeutics Corp............ 19
18,435 UnitedHealth Group, Inc................ 1,539
3,348 * Universal Health Services, Inc (Class
B)................................... 151
959 * Urologix, Inc........................ 3
4,606 * Varian Medical Systems, Inc.......... 228
2,033 * Varian, Inc.......................... 58
1,285 * VCA Antech, Inc...................... 19
800 * Ventana Medical Systems, Inc......... 18
4,287 Ventas, Inc............................ 49
1,397 e* Versicor, Inc....................... 15
4,981 * Vertex Pharmaceuticals, Inc.......... 79
1,897 * Viasys Healthcare, Inc............... 28
1,500 * Vical, Inc........................... 5
3,466 * Visx, Inc............................ 33
400 Vital Signs, Inc....................... 12
2,569 * VitalWorks, Inc...................... 10
2,366 * Vivus, Inc........................... 9
8,959 * Waters Corp.......................... 195
6,848 * Watson Pharmaceuticals, Inc.......... 194
1,445 * Watson Wyatt & Co Holdings........... 31
19,602 * WebMD Corp........................... 168
9,857 * Wellpoint Health Networks, Inc....... 701
1,118 * Women First Healthcare, Inc.......... 5
89,992 Wyeth.................................. 3,366
1,200 X-Rite, Inc............................ 8
311 * Young Innovations, Inc............... 7
13,136 * Zimmer Holdings, Inc................. 545
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 17
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
HEALTH CARE--(CONTINUED)
600 * Zoll Medical Corp.................... $ 21
718 * Zymogenetics, Inc.................... 7
--------
TOTAL HEALTH CARE...................... 93,651
--------
OTHER--2.17%
684 * 4Kids Entertainment, Inc............. 15
2,600 ABM Industries, Inc.................... 40
591 b,e* Actrade Financial Technologies
Ltd.................................. 0
3,000 Acuity Brands, Inc..................... 41
1,377 e* Administaff, Inc.................... 8
1,359 * Advo, Inc............................ 45
2,871 Alexander & Baldwin, Inc............... 74
400 * Ambassadors Group, Inc............... 5
8,085 * Apollo Group, Inc (Class A).......... 356
1,040 * Apollo Group, Inc (University Of
Phoenix Online)...................... 37
1,700 Banta Corp............................. 53
1,110 * Bell Microproducts, Inc.............. 6
1,224 Brady Corp (Class A)................... 41
785 * Bright Horizons Family Solutions,
Inc.................................. 22
3,132 * Career Education Corp................ 125
900 * CDI Corp............................. 24
73,484 * Cendant Corp......................... 770
1,250 Central Parking Corp................... 24
5,700 * Century Business Services, Inc....... 15
529 * Charles River Associates, Inc........ 7
8,036 Cintas Corp............................ 368
2,624 * Corinthian Colleges, Inc............. 99
942 * Cornell Cos, Inc..................... 8
2,561 * Corporate Executive Board Co......... 82
938 * CoStar Group, Inc.................... 17
264 Courier Corp........................... 12
3,558 Crane Co............................... 71
489 Curtiss-Wright Corp.................... 31
1,294 * Daisytek International Corp.......... 10
4,016 * DeVry, Inc........................... 67
13,800 e Dover Corp........................... 402
5,144 * Dun & Bradstreet Corp................ 177
1,668 * Education Management Corp............ 63
1,171 Ennis Business Forms, Inc.............. 14
859 * ESCO Technologies, Inc............... 32
3,466 * Exult, Inc........................... 11
912 * Fidelity National Information
Solutions, Inc....................... 16
1,307 * First Consulting Group, Inc.......... 8
2,700 First Industrial Realty Trust, Inc..... 76
1,000 * Forrester Research, Inc.............. 16
10,213 Fortune Brands, Inc.................... 475
428 * General Binding Corp................. 4
1,525 Gentiva Health Services, Inc........... 13
2,138 * Getty Images, Inc.................... 65
3,923 * GTECH Holdings Corp.................. 109
12,491 H & R Block, Inc....................... 502
726 * Hall Kinion & Associates, Inc........ 4
2,000 Harland (John H.) Co................... 44
1,400 * Heidrick & Struggles International,
Inc.................................. 21
4,042 HON Industries, Inc.................... 114
55,168 Honeywell International, Inc........... 1,324
675 * Hotels.Com (Class A)................. 37
200 * ICT Group, Inc....................... 2
1,967 * infoUSA, Inc......................... 10
832 e* Invision Technologies, Inc.......... 22
1,141 * Itron, Inc........................... 22
6,133 ITT Industries, Inc.................... 372
1,200 Kelly Services, Inc (Class A).......... 30
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
2,700 * Korn/Ferry International............. $ 20
2,950 * Labor Ready, Inc..................... 19
5,200 Liberty Property Trust................. 166
287 * Lifeline Systems, Inc................ 6
9,060 Loews Corp............................. 403
5,174 Manpower, Inc.......................... 165
1,977 Matthews International Corp (Class
A)................................... 44
658 McGrath RentCorp....................... 15
667 * Memberworks, Inc..................... 12
8,867 Moody's Corp........................... 366
6,683 * MPS Group, Inc....................... 37
1,833 * MSC.Software Corp.................... 14
2,900 * Navigant Consulting, Inc............. 17
1,346 * NCO Group, Inc....................... 21
800 New England Business Services, Inc..... 20
1,365 * Offshore Logistics, Inc.............. 30
3,340 Pentair, Inc........................... 115
3,721 Pittston Brink's Group................. 69
911 e* Pre-Paid Legal Services, Inc........ 24
973 * ProQuest Co.......................... 19
853 e* Protection One, Inc................. 2
1,871 * R.H. Donnelley Corp.................. 55
7,167 R.R. Donnelley & Sons Co............... 156
394 * Remedytemp, Inc (Class A)............ 6
1,839 * Rent-Way, Inc........................ 6
1,160 * Right Management Consultants, Inc.... 15
840 * RMH Teleservices, Inc................ 9
10,615 * Robert Half International, Inc....... 171
1,081 Rollins, Inc........................... 28
1,104 * School Specialty, Inc................ 22
20,732 Servicemaster Co....................... 230
4,207 * Spherion Corp........................ 28
5,366 e* SPX Corp............................ 201
1,179 Standard Register Co................... 21
800 Standex International Corp............. 19
746 * Startek, Inc......................... 21
529 Strayer Education, Inc................. 30
9,074 Supervalu, Inc......................... 150
1,600 * Symyx Technologies, Inc.............. 20
44,779 Sysco Corp............................. 1,334
835 Talx Corp.............................. 11
500 * Tejon Ranch Co....................... 15
2,389 Teleflex, Inc.......................... 102
2,768 * TeleTech Holdings, Inc............... 20
8,002 Textron, Inc........................... 344
5,657 * TMP Worldwide, Inc................... 64
5,281 * U.S. Industries, Inc................. 14
587 Unifirst Corp.......................... 12
2,061 * United Stationers, Inc............... 59
32,096 United Technologies Corp............... 1,988
6,076 Viad Corp.............................. 136
600 * Wackenhut Corrections Corp........... 7
2,013 Walter Industries, Inc................. 22
--------
TOTAL OTHER............................ 13,358
--------
PRODUCER DURABLES--5.15%
26,406 3M Co.................................. 3,256
2,289 * Active Power, Inc.................... 4
659 * Actuant Corp......................... 31
5,183 * AGCO Corp............................ 115
446 Alamo Group, Inc....................... 5
9,158 * Allied Waste Industries, Inc......... 92
1,100 American States Water Co............... 25
3,483 American Water Works Co, Inc........... 158
</Table>
18 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
PRODUCER DURABLES--(CONTINUED)
2,278 Ametek, Inc............................ $ 88
1,381 Applied Industrial Technologies, Inc... 26
1,200 * Astec Industries, Inc................ 12
400 * August Technology Corp............... 2
2,164 Baldor Electric Co..................... 43
1,478 Briggs & Stratton Corp................. 63
2,384 * Brooks-PRI Automation, Inc........... 27
1,000 California Water Service Group......... 24
5,543 * Capstone Turbine Corp................ 5
1,195 * Casella Waste Systems, Inc (Class
A)................................... 11
23,320 Caterpillar, Inc....................... 1,066
714 CIRCOR International, Inc.............. 11
1,567 * Coinstar, Inc........................ 35
881 * Columbus Mckinnon Corp............... 3
734 * Consolidated Graphics, Inc........... 16
2,403 Cummins, Inc........................... 68
1,000 * Cuno, Inc............................ 33
7,543 e Danaher Corp......................... 496
16,152 Deere & Co............................. 741
3,450 * Dycom Industries, Inc................ 46
4,751 Eaton Corp............................. 371
28,412 Emerson Electric Co.................... 1,445
3,059 Federal Signal Corp.................... 59
956 * Flow International Corp.............. 2
3,277 * Flowserve Corp....................... 48
3,959 * FMC Technologies, Inc................ 81
462 Franklin Electric Co, Inc.............. 22
2,400 e* FuelCell Energy, Inc................ 16
1,072 * Gardner Denver, Inc.................. 22
2,986 GATX Corp.............................. 68
674,361 General Electric Co.................... 16,421
870 * Genlyte Group, Inc................... 27
1,604 * Global Power Equipment Group, Inc.... 8
539 Gorman-Rupp Co......................... 13
1,629 * Graphic Packaging International
Corp................................. 9
2,800 Harsco Corp............................ 89
1,781 * Headwaters, Inc...................... 28
3,320 Hubbell, Inc (Class B)................. 117
1,893 IDEX Corp.............................. 62
14,937 Illinois Tool Works, Inc............... 969
1,291 * Imagistics International, Inc........ 26
1,262 * Ionics, Inc.......................... 29
3,200 JLG Industries, Inc.................... 24
3,106 * Joy Global, Inc...................... 35
993 * Kadant, Inc.......................... 15
1,979 Kaydon Corp............................ 42
2,312 Kennametal, Inc........................ 80
2,194 Lafarge North America, Inc............. 72
300 Lawson Products, Inc................... 9
2,211 Lincoln Electric Holdings, Inc......... 51
700 Lindsay Manufacturing Co............... 15
1,409 * Littelfuse, Inc...................... 24
3,185 e* Magna Entertainment Corp (Class
A)................................... 20
1,400 * Magnetek, Inc........................ 6
1,635 Manitowoc Co, Inc...................... 42
3,352 Martin Marietta Materials, Inc......... 103
1,150 Milacron, Inc.......................... 7
565 Mine Safety Appliances Co.............. 18
413 Nacco Industries, Inc (Class A)........ 18
1,975 * National Instruments Corp............ 64
3,724 * Navistar International Corp.......... 91
5,171 * Newpark Resources, Inc............... 22
1,000 NN, Inc................................ 10
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
1,603 Nordson Corp........................... $ 40
7,439 Paccar, Inc............................ 343
7,979 Parker Hannifin Corp................... 368
4,039 Philadelphia Suburban Corp............. 83
1,200 e* Photon Dynamics, Inc................ 27
16,289 Pitney Bowes, Inc...................... 532
1,182 e* Plug Power, Inc..................... 5
3,890 * Power-One, Inc....................... 22
2,028 * Quanta Services, Inc................. 7
2,306 * Rayovac Corp......................... 31
1,663 Regal-Beloit Corp...................... 34
10,488 * Republic Services, Inc............... 220
400 Richardson Electronics Ltd............. 3
600 Robbins & Myers, Inc................... 11
11,258 Rockwell Automation, Inc............... 233
1,996 Roper Industries, Inc.................. 73
744 Sauer-Danfoss, Inc..................... 6
149 SJW Corp............................... 12
884 * SPS Technologies, Inc................ 21
469 Starrett (L.S.) Co (Class A)........... 8
2,032 Stewart & Stevenson Services, Inc...... 29
255 * Strattec Security Corp............... 12
1,000 Tecumseh Products Co (Class A)......... 44
600 Tennant Co............................. 20
2,860 * Terex Corp........................... 32
3,591 * Tetra Tech, Inc...................... 44
940 * Tetra Technologies, Inc.............. 20
2,968 * Thomas & Betts Corp.................. 50
3,453 Timken Co.............................. 66
800 Toro Co................................ 51
571 e* TRC Cos, Inc........................ 7
800 * Trikon Technologies, Inc............. 4
2,420 Trinity Industries, Inc................ 46
2,995 * UNOVA, Inc........................... 18
1,512 Valhi, Inc............................. 13
1,000 Valmont Industries, Inc................ 19
6,476 Vulcan Materials Co.................... 243
5,309 W.W. Grainger, Inc..................... 274
2,466 Wabtec Corp............................ 35
1,892 * Waste Connections, Inc............... 73
39,009 Waste Management, Inc.................. 894
1,100 Watts Industries, Inc (Class A)........ 17
48,942 e* Xerox Corp.......................... 394
--------
............ TOTAL PRODUCER DURABLES................ 31,686
--------
TECHNOLOGY--14.99%
24,542 * 3Com Corp............................ 114
900 * 3D Systems Corp...................... 7
1,556 * Actel Corp........................... 25
1,924 e* Acterna Corp........................ 0
2,904 * Activision, Inc...................... 42
3,042 * Actuate Corp......................... 5
5,409 * Acxiom Corp.......................... 83
7,709 * Adaptec, Inc......................... 44
54,729 * ADC Telecommunications, Inc.......... 114
700 * ADE Corp............................. 4
16,167 Adobe Systems, Inc..................... 403
1,423 * Adtran, Inc.......................... 47
4,600 * Advanced Digital Information Corp.... 31
1,193 * Advanced Energy Industries, Inc...... 15
5,641 * Advanced Fibre Communications, Inc... 94
23,508 * Advanced Micro Devices, Inc.......... 152
395 * Advanced Power Technology, Inc....... 1
2,172 * Advent Software, Inc................. 30
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 19
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
TECHNOLOGY--(CONTINUED)
4,300 * Aeroflex, Inc........................ $ 30
2,600 * Aether Systems, Inc.................. 10
6,576 * Affiliated Computer Services, Inc
(Class A)............................ 346
46,506 * Agere Systems, Inc (Class A)......... 67
67,048 * Agere Systems, Inc (Class B)......... 94
2,666 * Agile Software Corp.................. 21
31,522 * Agilent Technologies, Inc............ 566
6,963 e* Akamai Technologies, Inc............ 12
4,208 * Alliance Data Systems Corp........... 75
1,895 * Alliance Semiconductor Corp.......... 7
2,156 * Alloy, Inc........................... 24
26,142 * Altera Corp.......................... 323
360 * Altiris, Inc......................... 6
2,722 * American Management Systems, Inc..... 33
11,405 * American Power Conversion Corp....... 173
1,600 * American Superconductor Corp......... 5
6,298 e* Amkor Technology, Inc............... 30
1,398 * Amphenol Corp (Class A).............. 53
2,400 * Anadigics, Inc....................... 6
24,778 * Analog Devices, Inc.................. 591
477 Analogic Corp.......................... 24
1,600 * Anaren Microwave, Inc................ 14
5,887 * Andrew Corp.......................... 61
2,198 * Anixter International, Inc........... 51
3,349 * Answerthink, Inc..................... 8
1,047 * Ansys, Inc........................... 21
1,079 * Anteon International Corp............ 26
1,700 * APAC Customer Services, Inc.......... 4
24,131 * Apple Computer, Inc.................. 346
110,766 * Applied Materials, Inc............... 1,443
20,650 * Applied Micro Circuits Corp.......... 76
2,100 * Arbitron, Inc........................ 70
19,021 * Ariba, Inc........................... 47
4,429 * Arris Group, Inc..................... 16
6,892 * Arrow Electronics, Inc............... 88
2,137 * Artesyn Technologies, Inc............ 8
900 * Artisan Components, Inc.............. 14
18,184 * Ascential Software Corp.............. 44
1,946 e* Asiainfo Holdings, Inc.............. 12
4,000 * Aspect Communications Corp........... 11
2,555 e* Aspen Technology, Inc............... 7
1,322 e* AstroPower, Inc..................... 11
2,600 * Asyst Technologies, Inc.............. 19
1,509 * At Road, Inc......................... 6
27,984 * Atmel Corp........................... 62
1,950 * ATMI, Inc............................ 36
1,206 * Audiovox Corp (Class A).............. 12
7,958 Autodesk, Inc.......................... 114
41,851 Automatic Data Processing, Inc......... 1,643
4,177 * Avanex Corp.......................... 4
26,003 e* Avaya, Inc.......................... 64
2,497 * Avenue A, Inc........................ 7
1,792 * Avid Technology, Inc................. 41
7,746 * Avnet, Inc........................... 84
2,798 * Avocent Corp......................... 62
3,822 AVX Corp............................... 37
7,081 * Axcelis Technologies, Inc............ 40
1,500 * AXT, Inc............................. 3
1,052 * Barra, Inc........................... 32
24,846 * BEA Systems, Inc..................... 285
9,758 * BearingPoint, Inc.................... 67
786 BEI Technologies, Inc.................. 9
674 Bel Fuse, Inc (Class B)................ 14
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
1,712 Belden, Inc............................ $ 26
1,637 * Benchmark Electronics, Inc........... 47
7,662 * Bisys Group, Inc..................... 122
1,400 Black Box Corp......................... 63
16,680 * BMC Software, Inc.................... 285
4,105 * Borland Software Corp................ 50
924 * Boston Communications Group.......... 12
13,313 * Broadcom Corp (Class A).............. 200
16,002 * Brocade Communications Systems,
Inc.................................. 66
1,800 C&D Technologies, Inc.................. 32
3,175 * Cable Design Technologies Corp....... 19
1,796 * CACI International, Inc (Class A).... 64
18,038 * Cadence Design Systems, Inc.......... 213
700 * Caminus Corp......................... 2
1,340 * Carreker Corp........................ 6
300 * Catapult Communications Corp......... 4
2,266 * C-COR.net Corp....................... 8
1,843 * Centillium Communications, Inc....... 4
10,128 e* Ceridian Corp....................... 146
4,279 * Certegy, Inc......................... 105
4,200 * Checkfree Corp....................... 67
2,315 * Checkpoint Systems, Inc.............. 24
3,036 * ChipPAC, Inc......................... 11
2,100 * Chordiant Software, Inc.............. 3
3,700 * Ciber, Inc........................... 19
27,122 * CIENA Corp........................... 139
5,224 * Cirrus Logic, Inc.................... 15
496,394 * Cisco Systems, Inc................... 6,503
12,523 * Citrix Systems, Inc.................. 154
524 * ClearOne Communications, Inc......... 2
8,299 * CNET Networks, Inc................... 22
2,394 * Cognex Corp.......................... 44
500 e* Cognizant Technology Solutions
Corp................................. 36
1,500 Cohu, Inc.............................. 22
3,800 * CommScope, Inc....................... 30
1,641 * Compucom Systems, Inc................ 9
30,933 Computer Associates International,
Inc.................................. 418
2,259 * Computer Horizons Corp............... 7
2,075 * Computer Network Technology Corp..... 15
10,977 * Computer Sciences Corp............... 378
22,875 * Compuware Corp....................... 110
200 Compx International, Inc............... 2
12,818 * Comverse Technology, Inc............. 128
1,700 * Concord Camera Corp.................. 9
1,145 * Concord Communications, Inc.......... 10
34,705 * Concord EFS, Inc..................... 546
4,500 * Concurrent Computer Corp............. 13
18,598 * Conexant Systems, Inc................ 30
11,750 * Convergys Corp....................... 178
573 * CoorsTek, Inc........................ 15
72,733 e* Corning, Inc........................ 241
1,384 * Covansys Corp........................ 5
2,947 e* Cray, Inc........................... 23
4,346 * Credence Systems Corp................ 41
5,099 e* Cree, Inc........................... 83
3,793 * CSG Systems International, Inc....... 52
2,100 CTS Corp............................... 16
1,000 Cubic Corp............................. 18
2,443 e* Cymer, Inc.......................... 79
8,434 * Cypress Semiconductor Corp........... 48
1,000 * Daktronics, Inc...................... 13
1,300 * Datastream Systems, Inc.............. 8
3,000 e* DDI Corp............................ 1
2,278 * dELiA*s Corp (Class A)............... 1
</Table>
20 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
TECHNOLOGY--(CONTINUED)
153,383 * Dell Computer Corp................... $ 4,101
4,378 Deluxe Corp............................ 184
1,448 * DiamondCluster International, Inc
(Class A)............................ 5
4,872 Diebold, Inc........................... 201
703 * Digimarc Corp........................ 8
2,000 * Digital Insight Corp................. 17
1,928 * Digital River, Inc................... 23
600 * Digitas, Inc......................... 2
567 * DocuCorp International, Inc.......... 4
2,800 * Documentum, Inc...................... 44
8,500 * DoubleClick, Inc..................... 48
607 * Drexler Technology Corp.............. 8
1,939 * DSP Group, Inc....................... 31
8,119 * DST Systems, Inc..................... 289
859 * Dupont Photomasks, Inc............... 20
4,538 * E.piphany, Inc....................... 19
8,828 * Earthlink, Inc....................... 48
1,800 e* Echelon Corp........................ 20
1,002 EDO Corp............................... 21
3,401 * eFunds Corp.......................... 31
2,000 * Electro Scientific Industries, Inc... 40
1,600 * Electroglas, Inc..................... 2
8,181 * Electronic Arts, Inc................. 407
32,527 Electronic Data Systems Corp........... 599
3,700 * Electronics For Imaging, Inc......... 60
900 * Embarcadero Technologies, Inc........ 5
150,200 * EMC Corp............................. 922
1,702 * Emcore Corp.......................... 4
756 * EMS Technologies, Inc................ 12
5,723 * Emulex Corp.......................... 106
3,302 * Entegris, Inc........................ 34
11,627 * Enterasys Networks, Inc.............. 18
3,500 * Entrust, Inc......................... 12
737 * EPIQ Systems, Inc.................... 11
9,810 Equifax, Inc........................... 227
1,565 * eSpeed, Inc (Class A)................ 27
2,200 * ESS Technology, Inc.................. 14
1,492 * Esterline Technologies Corp.......... 26
2,800 * Exar Corp............................ 35
600 * Excel Technology, Inc................ 11
7,347 * Extreme Networks, Inc................ 24
1,594 e* F5 Networks, Inc.................... 17
3,504 Fair, Isaac & Co, Inc.................. 150
7,879 * Fairchild Semiconductor
International, Inc (Class A)......... 84
2,479 e* FalconStor Software, Inc............ 10
1,709 * FEI Co............................... 26
2,523 * Filenet Corp......................... 31
9,210 e* Finisar Corp........................ 9
51,655 First Data Corp........................ 1,829
13,012 * Fiserv, Inc.......................... 442
1,071 * Flir Systems, Inc.................... 52
6,278 * Foundry Networks, Inc................ 44
2,724 e* Freemarkets, Inc.................... 18
2,000 * FSI International, Inc............... 9
12,739 * Gateway, Inc......................... 40
2,400 General Cable Corp..................... 9
2,198 e* Genesis Microchip, Inc.............. 29
500 * Global Imaging Systems, Inc.......... 9
2,524 Global Payments, Inc................... 81
8,569 * GlobespanVirata, Inc................. 38
4,100 * GrafTech International Ltd........... 24
2,046 * Griffon Corp......................... 28
3,033 e* Handspring, Inc..................... 3
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
4,036 * Harmonic, Inc........................ $ 9
4,175 Harris Corp............................ 110
1,700 Helix Technology Corp.................. 19
4,697 Henry (Jack) & Associates, Inc......... 57
183,561 Hewlett-Packard Co..................... 3,187
1,800 * Hutchinson Technology, Inc........... 37
2,432 * Hypercom Corp........................ 9
2,230 * Hyperion Solutions Corp.............. 57
20,390 e* i2 Technologies, Inc................ 23
3,289 * Identix, Inc......................... 17
1,449 * iGate Corp........................... 4
700 * Ii-Vi, Inc........................... 11
9,909 IKON Office Solutions, Inc............. 71
2,423 * Imation Corp......................... 85
900 * Inet Technologies, Inc............... 5
2,671 * InFocus Corp......................... 16
403 * Infogrames, Inc...................... 1
4,516 * Infonet Services Corp (Class B)...... 9
4,284 * Informatica Corp..................... 25
1,989 * Information Resources, Inc........... 3
461 * Inforte Corp......................... 4
5,682 * Ingram Micro, Inc (Class A).......... 70
9,219 * Inktomi Corp......................... 15
600 * Inrange Technologies Corp (Class
B)................................... 1
692 * Integral Systems, Inc................ 14
3,402 * Integrated Circuit Systems, Inc...... 62
7,233 * Integrated Device Technology, Inc.... 61
453,593 Intel Corp............................. 7,062
900 * Intercept, Inc....................... 15
3,915 * Interdigital Communications Corp..... 57
3,200 * Intergraph Corp...................... 57
8,760 * Interland, Inc....................... 11
991 * Intermagnetics General Corp.......... 19
116,157 International Business Machines Corp... 9,002
4,451 * International Rectifier Corp......... 82
2,744 e* Internet Security Systems, Inc...... 50
8,141 * Intersil Corp (Class A).............. 113
1,400 Inter-Tel, Inc......................... 29
5,317 * Intertrust Technologies Corp......... 22
7,538 * Interwoven, Inc...................... 20
1,058 * Intrado, Inc......................... 11
12,897 * Intuit, Inc.......................... 605
3,555 * Iomega Corp.......................... 28
4,245 * Iron Mountain, Inc................... 140
1,367 * ITXC Corp............................ 3
1,548 * Ixia................................. 6
700 * IXYS Corp............................ 5
6,865 * J.D. Edwards & Co.................... 77
359 e* j2 Global Communications, Inc....... 7
10,680 * Jabil Circuit, Inc................... 191
1,953 * JDA Software Group, Inc.............. 19
83,158 e* JDS Uniphase Corp................... 205
19,963 * Juniper Networks, Inc................ 136
4,227 * Keane, Inc........................... 38
600 Keithley Instruments, Inc.............. 8
6,007 * Kemet Corp........................... 53
1,731 * Keynote Systems, Inc................. 13
1,396 * Kforce, Inc.......................... 6
12,834 e* KLA-Tencor Corp..................... 454
4,991 * Kopin Corp........................... 20
1,368 * Kronos, Inc.......................... 51
3,600 * Kulicke & Soffa Industries, Inc...... 21
8,892 * Lam Research Corp.................... 96
6,194 * Lattice Semiconductor Corp........... 54
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 21
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
TECHNOLOGY--(CONTINUED)
1,010 * Lawson Software, Inc................. $ 6
753 * Learning Tree International, Inc..... 10
517 * LeCroy Corp.......................... 6
6,268 * Legato Systems, Inc.................. 32
2,300 * Lexar Media, Inc..................... 14
8,794 e* Lexmark International, Inc.......... 532
7,622 * Liberate Technologies................ 11
2,034 * Lightbridge, Inc..................... 13
21,460 Linear Technology Corp................. 552
4,921 * Looksmart Ltd........................ 12
25,435 * LSI Logic Corp....................... 147
3,416 * LTX Corp............................. 21
235,713 e* Lucent Technologies, Inc............ 297
4,000 * Macromedia, Inc...................... 43
3,052 * Macrovision Corp..................... 49
1,332 * Magma Design Automation, Inc......... 13
2,621 * Mail-Well, Inc....................... 7
1,369 e* Manhattan Associates, Inc........... 32
519 * Mantech International Corp (Class
A)................................... 10
1,100 e* Manufacturers Services Ltd.......... 6
4,273 e* Manugistics Group, Inc.............. 10
1,033 * MAPICS, Inc.......................... 7
1,100 * Mapinfo Corp......................... 6
1,446 * Mastec, Inc.......................... 4
3,375 * Matrixone, Inc....................... 15
21,950 Maxim Integrated Products, Inc......... 725
14,340 * Maxtor Corp.......................... 73
4,553 * McData Corp (Class A)................ 32
1,400 * MCSi, Inc............................ 7
1,462 * MEMC Electronic Materials, Inc....... 11
4,700 * Mentor Graphics Corp................. 37
1,540 * Mercury Computer Systems, Inc........ 47
5,343 * Mercury Interactive Corp............. 158
940 * Merix Corp........................... 8
1,900 * MetaSolv, Inc........................ 3
2,500 Methode Electronics, Inc (Class A)..... 27
2,475 * Mettler-Toledo International, Inc.... 79
4,564 * Micrel, Inc.......................... 41
13,549 Microchip Technology, Inc.............. 331
5,400 * Micromuse, Inc....................... 21
37,075 e* Micron Technology, Inc.............. 361
2,114 * Microsemi Corp....................... 13
303,824 * Microsoft Corp....................... 15,708
3,137 e* Microtune, Inc...................... 10
2,110 e* MIPS Technologies, Inc (Class A).... 6
582 * MIPS Technologies, Inc (Class B)..... 2
1,655 e* MKS Instruments, Inc................ 27
8,875 Molex, Inc............................. 204
1,289 * Monolithic System Technology, Inc.... 16
153,363 Motorola, Inc.......................... 1,327
1,100 * MRO Software, Inc.................... 13
5,858 * MRV Communications, Inc.............. 6
1,508 MTS Systems Corp....................... 15
500 * Nanometrics, Inc..................... 2
360 * Nassda Corp.......................... 4
500 * National Processing, Inc............. 8
12,371 * National Semiconductor Corp.......... 186
872 * Navigant International, Inc.......... 11
4,200 * NCP Litigation Trust................. 0
5,670 * NCR Corp............................. 135
2,331 NDCHealth Corp......................... 46
1,200 * Net2Phone, Inc....................... 5
1,742 e* Netegrity, Inc...................... 6
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
2,845 * NETIQ Corp........................... $ 35
746 * Netro Corp........................... 2
1,000 * Netscout Systems, Inc................ 4
722 * NetScreen Technologies, Inc.......... 12
20,473 e* Network Appliance, Inc.............. 205
10,639 * Network Associates, Inc.............. 171
4,791 * New Focus, Inc....................... 18
2,716 * Newport Corp......................... 34
1,500 e* Next Level Communications, Inc...... 1
1,732 * NIC, Inc............................. 2
1,000 * Novadigm, Inc........................ 2
24,705 * Novell, Inc.......................... 83
10,195 * Novellus Systems, Inc................ 286
1,400 * Nu Horizons Electronics Corp......... 8
1,939 * Nuance Communications, Inc........... 5
1,360 * Numerical Technologies, Inc.......... 5
9,004 e* Nvidia Corp......................... 104
1,700 e* NYFIX, Inc.......................... 8
4,021 * Oak Technology, Inc.................. 11
1,426 * Omnivision Technologies, Inc......... 19
2,400 * ON Semiconductor Corp................ 3
2,900 * Onyx Software Corp................... 4
12,637 * Openwave Systems, Inc................ 25
8,470 * Oplink Communications, Inc........... 7
600 * Opnet Technologies, Inc.............. 5
279,387 * Oracle Corp.......................... 3,017
482 * OSI Systems, Inc..................... 8
547 * Overland Storage, Inc................ 8
3,572 * Overture Services, Inc............... 98
1,600 * Packeteer, Inc....................... 11
2,088 * Palm, Inc............................ 33
1,975 * Paradyne Networks, Inc............... 3
17,964 * Parametric Technology Corp........... 45
1,250 Park Electrochemical Corp.............. 24
2,314 * Paxar Corp........................... 34
2,900 * Paxson Communications Corp........... 6
22,077 Paychex, Inc........................... 616
1,347 * PC-Tel, Inc.......................... 9
860 * PDF Solutions, Inc................... 6
603 * PEC Solutions, Inc................... 18
1,800 * Pegasus Solutions, Inc............... 18
438 * Pegasystems, Inc..................... 2
18,709 * Peoplesoft, Inc...................... 342
1,447 * Pericom Semiconductor Corp........... 12
4,935 * Perot Systems Corp (Class A)......... 53
1,700 * Phoenix Technologies Ltd............. 10
1,900 * Photronics, Inc...................... 26
2,158 Pioneer-Standard Electronics, Inc...... 20
2,318 * Pixelworks, Inc...................... 13
904 * Planar Systems, Inc.................. 19
2,717 * Plantronics, Inc..................... 41
3,100 * Plexus Corp.......................... 27
1,200 * PLX Technology, Inc.................. 5
11,397 e* PMC-Sierra, Inc..................... 63
7,006 * Polycom, Inc......................... 67
700 * Pomeroy Computer Resources, Inc...... 8
7,300 * Portal Software, Inc................. 6
458 * Powell Industries, Inc............... 8
1,813 * Power Integrations, Inc.............. 31
4,709 * Powerwave Technologies, Inc.......... 25
2,566 e* PRG-Schultz International, Inc...... 23
1,500 * Probusiness Services, Inc............ 15
2,252 * Progress Software Corp............... 29
1,742 * Proton Energy Systems................ 5
</Table>
22 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
TECHNOLOGY--(CONTINUED)
8,578 e* Proxim Corp (Class A)............... $ 7
3,398 * PTEK Holdings, Inc................... 15
6,107 * QLogic Corp.......................... 211
1,050 * QRS Corp............................. 7
52,017 * Qualcomm, Inc........................ 1,893
9,635 * Quantum Corp......................... 26
2,634 * Quest Software, Inc.................. 27
449 Quixote Corp........................... 8
1,238 * Radiant Systems, Inc................. 12
1,200 * Radisys Corp......................... 10
1,700 * Rainbow Technologies, Inc............ 12
3,114 * Raindance Communications, Inc........ 10
6,100 * Rambus, Inc.......................... 41
12,375 * Rational Software Corp............... 129
8,725 * Read-Rite Corp....................... 3
6,483 * RealNetworks, Inc.................... 25
8,148 * Red Hat, Inc......................... 48
9,518 e* Redback Networks, Inc............... 8
2,049 * Register.com, Inc.................... 9
781 e* Renaissance Learning, Inc........... 15
700 e* Research Frontiers, Inc............. 6
3,716 * Retek, Inc........................... 10
4,460 Reynolds & Reynolds Co (Class A)....... 114
9,806 * RF Micro Devices, Inc................ 72
8,816 * Riverstone Networks, Inc............. 19
1,100 * Rogers Corp.......................... 24
1,418 * Roxio, Inc........................... 7
3,307 * RSA Security, Inc.................... 20
688 * Rudolph Technologies, Inc............ 13
5,099 * S1 Corp.............................. 23
9,000 * Safeguard Scientifics, Inc........... 12
982 * Sanchez Computer Associates, Inc..... 3
4,157 e* Sandisk Corp........................ 84
36,035 * Sanmina-SCI Corp..................... 162
5,900 * Sapient Corp......................... 12
1,000 * SBS Technologies, Inc................ 9
3,746 e* Scansoft, Inc....................... 19
349 * Scansource, Inc...................... 17
10,710 Scientific-Atlanta, Inc................ 127
1,124 * SCM Microsystems, Inc................ 5
1,500 * Seachange International, Inc......... 9
16,448 * Seagate Technology -Escrow........... 0
2,100 * Secure Computing Corp................ 13
3,749 * Seebeyond Technology Corp............ 9
1,100 * Semitool, Inc........................ 7
4,307 * Semtech Corp......................... 47
1,206 * Serena Software, Inc................. 19
26,862 * Siebel Systems, Inc.................. 201
13,958 * Silicon Graphics, Inc................ 16
4,000 * Silicon Image, Inc................... 24
1,654 e* Silicon Laboratories, Inc........... 32
5,900 * Silicon Storage Technology, Inc...... 24
500 * Siliconix, Inc....................... 12
517 * Simpletech, Inc...................... 2
1,800 * Sipex Corp........................... 7
3,700 * Sitel Corp........................... 4
56,649 e* Solectron Corp...................... 201
2,000 * Somera Communications, Inc........... 5
6,172 e* SONICblue, Inc...................... 3
3,546 * SonicWALL, Inc....................... 13
12,965 * Sonus Networks, Inc.................. 13
1,062 * Sourcecorp........................... 20
1,100 * Spectralink Corp..................... 8
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
1,766 * SpeechWorks International, Inc....... $ 5
900 * SPSS, Inc............................ 13
362 * SRA International, Inc (Class A)..... 10
566 * SS&C Technologies, Inc............... 6
1,100 * Standard Microsystems Corp........... 21
7,239 * Storage Technology Corp.............. 155
4,277 * StorageNetworks, Inc................. 5
6,000 * Stratex Networks, Inc................ 13
462 * Stratos Lightwave, Inc............... 2
220,432 * Sun Microsystems, Inc................ 686
19,170 * Sungard Data Systems, Inc............ 452
179 * Suntron Corp......................... 1
745 * Supertex, Inc........................ 11
4,191 e* Surebeam Corp (Class A)............. 17
6,382 * Sybase, Inc.......................... 86
11,448 * Sycamore Networks, Inc............... 33
1,700 * Sykes Enterprises, Inc............... 6
9,846 e* Symantec Corp....................... 398
15,819 Symbol Technologies, Inc............... 130
360 * Synaptics, Inc....................... 3
5,120 * Synopsys, Inc........................ 236
1,200 * Synplicity, Inc...................... 5
403 * Syntel, Inc.......................... 8
358 Sypris Solutions, Inc.................. 4
2,200 * Systems & Computer Technology Corp... 19
2,600 e* Take-Two Interactive Software,
Inc.................................. 61
3,456 * Tech Data Corp....................... 93
2,506 Technitrol, Inc........................ 40
3,400 * Tekelec.............................. 36
5,828 * Tektronix, Inc....................... 106
28,264 * Tellabs, Inc......................... 205
5,597 e* Tellium, Inc........................ 4
12,633 e* Teradyne, Inc....................... 164
4,400 e* Terayon Communication Systems,
Inc.................................. 9
117,677 e Texas Instruments, Inc............... 1,766
1,558 * Therma-Wave, Inc..................... 2
11,709 * Thermo Electron Corp................. 236
1,600 * Three-Five Systems, Inc.............. 10
5,754 * TIBCO Software, Inc.................. 36
1,039 * Tier Technologies, Inc (Class B)..... 17
1,300 e* Tivo, Inc........................... 7
1,000 * Tollgrade Communications, Inc........ 12
2,517 e Total System Services, Inc........... 34
7,500 * Touch America Holdings, Inc.......... 3
2,287 * Transaction Systems Architects, Inc
(Class A)............................ 15
7,764 * Transmeta Corp....................... 9
1,800 * Trimble Navigation Ltd............... 22
526 * Tripos, Inc.......................... 4
9,492 * Triquint Semiconductor, Inc.......... 40
2,119 * Trizetto Group, Inc.................. 13
1,025 * TTM Technologies, Inc................ 3
2,000 * Turnstone Systems, Inc............... 5
2,317 * Tyler Technologies, Inc.............. 10
640 * Ulticom, Inc......................... 5
791 * Ultimate Electronics, Inc............ 8
1,608 * Ultratech Stepper, Inc............... 16
22,177 * Unisys Corp.......................... 220
688 United Industrial Corp................. 11
1,496 * United Online, Inc................... 24
1,200 e* Universal Display Corp.............. 9
4,272 * Utstarcom, Inc....................... 85
4,946 * Valueclick, Inc...................... 14
2,211 * Varian Semiconductor Equipment
Associates, Inc...................... 53
1,820 * Veeco Instruments, Inc............... 21
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 23
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
TECHNOLOGY--(CONTINUED)
325 * Verint Systems, Inc.................. $ 7
15,283 * VeriSign, Inc........................ 123
27,846 * Veritas Software Corp................ 435
1,614 * Verity, Inc.......................... 22
1,471 * Vicor Corp........................... 12
2,700 e* Viewpoint Corp...................... 5
16,948 * Vignette Corp........................ 21
739 * Virage Logic Corp.................... 7
382 Virco Manufacturing Corp............... 4
10,980 * Vishay Intertechnology, Inc.......... 123
14,636 e* Vitesse Semiconductor Corp.......... 32
5,100 * Vitria Technology, Inc............... 4
572 * Volt Information Sciences, Inc....... 10
2,566 Wallace Computer Services, Inc......... 55
1,600 * WatchGuard Technologies, Inc......... 10
1,666 e* WebEx Communications, Inc........... 25
3,244 * webMethods, Inc...................... 27
1,479 * Websense, Inc........................ 32
1,000 * WESCO International, Inc............. 5
13,200 e* Western Digital Corp................ 84
1,260 * White Electronic Designs Corp........ 10
1,507 * Wilson Greatbatch Technologies,
Inc.................................. 44
4,910 * Wind River Systems, Inc.............. 20
1,700 * Wireless Facilities, Inc............. 10
1,000 * Witness Systems, Inc................. 3
800 Woodhead Industries, Inc............... 9
1,429 * Xicor, Inc........................... 5
22,757 * Xilinx, Inc.......................... 469
1,570 * Zebra Technologies Corp (Class A).... 90
1,950 * Zoran Corp........................... 27
1,200 * Zygo Corp............................ 8
--------
TOTAL TECHNOLOGY 92,141
--------
TRANSPORTATION--1.32%
3,500 Airborne, Inc.......................... 52
4,500 * Airtran Holdings, Inc................ 18
1,734 * Alaska Air Group, Inc................ 38
10,953 * AMR Corp............................. 72
1,500 * Arkansas Best Corp................... 39
2,900 * Atlantic Coast Airlines Holdings,
Inc.................................. 35
1,200 * Atlas Air Worldwide Holdings, Inc.... 2
2,566 * BE Aerospace, Inc.................... 9
25,978 Burlington Northern Santa Fe Corp...... 676
4,624 C.H. Robinson Worldwide, Inc........... 144
3,058 CNF, Inc............................... 102
4,581 e* Continental Airlines, Inc (Class
B)................................... 33
424 * Covenant Transport, Inc (Class A).... 8
14,370 CSX Corp............................... 407
8,490 Delta Air Lines, Inc................... 103
2,500 * EGL, Inc............................. 36
6,494 Expeditors International Of Washington,
Inc.................................. 212
2,161 * ExpressJet Holdings, Inc............. 22
20,236 FedEx Corp............................. 1,097
1,040 Florida East Coast Industries, Inc
(Class A)............................ 24
826 * Forward Air Corp..................... 16
2,150 * Frontier Airlines, Inc............... 15
835 * Genesee & Wyoming, Inc (Class A)..... 17
2,145 * Heartland Express, Inc............... 49
1,500 e* Hunt (J.B.) Transport Services,
Inc.................................. 44
631 e* JetBlue Airways Corp................ 17
4,150 * Kansas City Southern Industries,
Inc.................................. 50
1,689 * Knight Transportation, Inc........... 35
914 * Landstar System, Inc................. 53
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
2,151 * Mesa Air Group, Inc.................. $ 9
600 * Mesaba Holdings, Inc................. 4
841 * Midwest Express Holdings, Inc........ 4
26,343 Norfolk Southern Corp.................. 527
3,871 * Northwest Airlines Corp.............. 28
1,962 Overseas Shipholding Group, Inc........ 35
221 * P.A.M. Transportation Services....... 6
2,021 * RailAmerica, Inc..................... 14
777 Roadway Corp........................... 29
3,884 Ryder System, Inc...................... 87
9,902 * Sabre Holdings Corp.................. 179
900 * SCS Transportation, Inc.............. 9
2,270 Shurgard Storage Centers, Inc (Class
A)................................... 71
3,616 Skywest, Inc........................... 47
52,362 Southwest Airlines Co.................. 728
4,341 * Swift Transportation Co, Inc......... 87
400 * U.S. Xpress Enterprises, Inc (Class
A)................................... 4
4,000 b,e* UAL Corp.......................... 6
17,043 Union Pacific Corp..................... 1,020
26,366 United Parcel Service, Inc (Class B)... 1,663
1,835 USFreightways Corp..................... 53
2,733 Werner Enterprises, Inc................ 59
1,800 * Yellow Corp.......................... 45
--------
TOTAL TRANSPORTATION 8,139
--------
UTILITIES--6.96%
29,552 * AES Corp............................. 89
3,864 AGL Resources, Inc..................... 94
1,700 * AirGate PCS, Inc..................... 1
5,002 * Alamosa Holdings, Inc................ 3
473 * Alaska Communications Systems Group,
Inc.................................. 1
8,638 Allegheny Energy, Inc.................. 65
7,370 e* Allegiance Telecom, Inc............. 5
1,866 * Allen Telecom, Inc................... 18
5,279 Allete, Inc............................ 120
6,301 Alliant Energy Corp.................... 104
21,031 Alltel Corp............................ 1,073
9,893 Ameren Corp............................ 411
21,907 American Electric Power Co, Inc........ 599
11,629 e* American Tower Corp (Class A)....... 41
10,655 Aquila, Inc............................ 19
51,500 AT&T Corp.............................. 1,345
151,239 e* AT&T Wireless Services, Inc......... 855
2,945 Atmos Energy Corp...................... 69
3,500 Avista Corp............................ 40
127,161 BellSouth Corp......................... 3,290
1,900 Black Hills Corp....................... 50
13,787 * Broadwing, Inc....................... 49
24,314 e* Calpine Corp........................ 79
800 Cascade Natural Gas Corp............... 16
600 * Centennial Communications Corp....... 2
18,443 Centerpoint Energy, Inc................ 157
846 Central Vermont Public Service Corp.... 15
9,623 CenturyTel, Inc........................ 283
1,183 CH Energy Group, Inc................... 55
11,513 Cinergy Corp........................... 388
19,501 * Citizens Communications Co........... 206
2,970 Cleco Corp............................. 42
8,642 CMS Energy Corp........................ 82
782 * Commonwealth Telephone Enterprises,
Inc.................................. 28
556 Connecticut Water Service, Inc......... 14
14,457 Consolidated Edison, Inc............... 619
11,249 e Constellation Energy Group, Inc...... 313
14,725 * Crown Castle International Corp...... 55
</Table>
24 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
UTILITIES--(CONTINUED)
1,200 CT Communications, Inc................. $ 14
20,713 Dominion Resources, Inc................ 1,137
8,774 DPL, Inc............................... 135
4,100 DQE, Inc............................... 62
11,008 DTE Energy Co.......................... 511
60,347 Duke Energy Corp....................... 1,179
19,348 e Dynegy, Inc (Class A)................ 23
22,377 * Edison International................. 265
36,664 El Paso Corp........................... 255
3,388 * El Paso Electric Co.................. 37
1,602 Empire District Electric Co............ 29
2,318 Energen Corp........................... 67
10,024 Energy East Corp....................... 221
302 EnergySouth, Inc....................... 9
15,150 Entergy Corp........................... 691
4,406 Equitable Resources, Inc............... 154
21,885 Exelon Corp............................ 1,155
18,879 FirstEnergy Corp....................... 622
11,968 e FPL Group, Inc....................... 720
3,022 * General Communication, Inc (Class
A)................................... 20
17,200 b* Geotek Communications, Inc.......... 0
824 * Golden Telecom, Inc.................. 10
4,358 Great Plains Energy, Inc............... 100
2,600 Hawaiian Electric Industries, Inc...... 114
1,000 Hickory Tech Corp...................... 10
2,558 Idacorp, Inc........................... 64
1,797 * IDT Corp............................. 31
1,600 * IDT Corp (Class B)................... 25
9,633 KeySpan Corp........................... 339
6,243 Kinder Morgan, Inc..................... 264
1,400 Laclede Group, Inc..................... 34
22,157 e* Level 3 Communications, Inc......... 109
2,341 e* McLeod USA, Inc (Class A)........... 2
39,967 e* McLeod USA, Inc (Escrow)............ 0
4,900 MDU Resources Group, Inc............... 126
1,200 MGE Energy, Inc........................ 32
555 Middlesex Water Co..................... 12
27,643 e* Mirant Corp......................... 52
659 * NATCO Group, Inc (Class A)........... 4
4,958 National Fuel Gas Co................... 103
1,850 New Jersey Resources Corp.............. 58
45,483 e* Nextel Communications, Inc (Class
A)................................... 525
4,867 * Nextel Partners, Inc (Class A)....... 30
3,050 Nicor, Inc............................. 104
14,928 NiSource, Inc.......................... 299
2,809 * NiSource, Inc (Sails)................ 6
1,100 North Pittsburgh Systems, Inc.......... 15
8,977 Northeast Utilities.................... 136
1,750 Northwest Natural Gas Co............... 47
2,000 e Northwestern Corp.................... 10
3,639 NSTAR.................................. 162
1,000 NUI Corp............................... 17
5,321 OGE Energy Corp........................ 94
494 * Oil States International, Inc........ 6
3,790 Oneok, Inc............................. 73
1,700 Otter Tail Corp........................ 46
2,462 Peoples Energy Corp.................... 95
6,881 Pepco Holdings, Inc.................... 133
1,637 * Petroquest Energy, Inc............... 7
26,464 * PG&E Corp............................ 368
2,182 Piedmont Natural Gas Co, Inc........... 77
</Table>
<Table>
<Caption>
SHARES VALUE (000)
------ -----------
5,318 Pinnacle West Capital Corp............. $ 181
2,620 PNM Resources, Inc..................... 62
10,070 PPL Corp............................... 349
3,500 * Price Communications Corp............ 48
15,362 Progress Energy, Inc................... 666
5,000 * Progress Energy, Inc (Cvo)........... 2
14,150 Public Service Enterprise Group, Inc... 454
6,054 Puget Energy, Inc...................... 133
5,255 Questar Corp........................... 146
650 * Quicksilver Resources, Inc........... 15
91,798 * Qwest Communications International,
Inc.................................. 459
4,225 e* RCN Corp............................ 2
18,132 e* Reliant Resources, Inc.............. 58
226,593 SBC Communications, Inc................ 6,143
7,241 SCANA Corp............................. 224
1,200 SEMCO Energy, Inc...................... 7
12,297 Sempra Energy.......................... 291
234 Shenandoah Telecom Co.................. 11
7,400 Sierra Pacific Resources............... 48
9,741 e* Skyworks Solutions, Inc............. 84
800 South Jersey Industries, Inc........... 26
47,634 Southern Co............................ 1,352
2,899 * Southern Union Co.................... 48
2,332 Southwest Gas Corp..................... 55
699 Southwest Water Co..................... 9
1,900 * Southwestern Energy Co............... 22
60,225 Sprint Corp (FON Group)................ 872
48,982 * Sprint Corp (PCS Group).............. 215
956 SureWest Communications................ 36
1,652 * Talk America Holdings, Inc........... 9
10,202 e TECO Energy, Inc..................... 158
3,587 Telephone & Data Systems, Inc.......... 169
3,067 * Time Warner Telecom, Inc (Class A)... 6
1,400 * Triton PCS Holdings, Inc (Class A)... 6
18,311 TXU Corp............................... 342
1,194 * U.S. Cellular Corp................... 30
5,231 * U.S. Unwired, Inc (Class A).......... 3
3,977 e* Ubiquitel, Inc...................... 2
1,912 UGI Corp............................... 71
892 UIL Holdings Corp...................... 31
2,061 Unisource Energy Corp.................. 36
341 Unitil Corp............................ 8
4,660 Vectren Corp........................... 107
184,758 Verizon Communications, Inc............ 7,159
1,307 *West Corp............................. 22
4,029 Westar Energy, Inc..................... 40
1,277 Western Gas Resources, Inc............. 47
3,838 e* Western Wireless Corp (Class A)..... 20
3,300 WGL Holdings, Inc...................... 79
32,856 Williams Cos, Inc...................... 89
8,000 Wisconsin Energy Corp.................. 202
2,180 WPS Resources Corp..................... 85
26,792 b,e* Xcel Energy, Inc.................. 295
--------
TOTAL UTILITIES 42,774
--------
TOTAL COMMON STOCK
(Cost $673,193) 610,853
--------
TIAA-CREF MUTUAL FUND--0.08%
72,144 TIAA-CREF Institutional Equity Index
Fund................................. 500
--------
TOTAL TIAA-CREF MUTUAL FUND
(Cost $505).......................... 500
--------
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 25
Statement of Investments - STOCK INDEX FUND - December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL VALUE (000)
--------- -----------
SHORT TERM INVESTMENTS--4.52%
U.S. GOVERNMENT AND AGENCY DISCOUNT NOTES--4.52%
Federal National Mortgage Association
(FNMA)
$ 8,300,000 1.260%, 01/07/03..................... $ 8,298
9,100,000 1.275%, 01/15/03..................... 9,095
10,400,000 1.250%, 02/19/03..................... 10,382
--------
TOTAL U.S. GOVERNMENT AND AGENCY
DISCOUNT NOTES 27,775
--------
TOTAL SHORT TERM INVESTMENTS
(Cost $27,775) 27,775
--------
TOTAL PORTFOLIO--103.97%
(Cost $701,609) 639,237
OTHER ASSETS & LIABILITIES,
NET--(3.97)% (24,384)
--------
NET ASSETS--100% $614,853
========
</Table>
- ------------
* Non-income producing
b In bankruptcy
e All or a portion of these securities are out on loan.
f Restricted securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At December
31, 2002, the value of these securities amounted to $1,949 or 0.00% of net
assets.
ADDITIONAL INFORMATION ON EACH RESTRICTED SECURITY IS AS FOLLOWS:
<Table>
<Caption>
SECURITY ACQUISITION DATE ACQUISITION COST
-------- ---------------- ----------------
Priority Healthcare Corp (Class
A) 01/04/99 $1,148
</Table>
For ease of presentation, we have grouped a number of industry classification
categories together in the Statement of Investments. Note that the Account uses
more specific industry categories in following its investment limitations on
industry concentration.
26 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
REPORT OF MANAGEMENT RESPONSIBILITY
To the Contractowners of
TIAA Separate Account VA-1:
The accompanying financial statements of the Stock Index Account of TIAA
Separate Account VA-1 ("VA-1") are the responsibility of management. They have
been prepared in accordance with accounting principles generally accepted in the
United States and have been presented fairly and objectively in accordance with
such principles.
Teachers Insurance and Annuity Association of America ("TIAA") has established
and maintains a strong system of internal controls and disclosure controls
designed to provide reasonable assurance that assets are properly safeguarded
and transactions are properly executed in accordance with management's
authorization, and to carry out the ongoing responsibilities of management for
reliable financial statements. In addition, TIAA's internal audit personnel
provide a continuing review of the internal controls and operations of VA-1, and
the chief audit executive regularly reports to the Audit Committee of VA-1's
Management Committee.
The accompanying financial statements have been audited by the independent
auditing firm of Ernst & Young LLP. To maintain auditor independence and avoid
even the appearance of conflict of interest, it continues to be VA-1's policy
that any management advisory or consulting services be obtained from a firm
other than the external financial audit firm. The independent auditors' report,
which follows the notes to financial statements, expresses an independent
opinion on the fairness of presentation of these financial statements.
The Audit Committee of VA-1's Management Committee, consisting entirely of
members who are not officers of VA-1, meets regularly with management,
representatives of Ernst & Young LLP and internal audit personnel to review
matters relating to financial reporting, internal controls and auditing. In
addition to the annual audit of the financial statements of VA-1 by the
independent auditing firm, the New York State Insurance Department, other state
insurance departments and the Securities and Exchange Commission perform
periodic examinations of VA-1's operations.
MARTIN E. GALT, III
-----------------------------------------
Chairman, President and
Chief Executive Officer
RGibb
-----------------------------------------
Executive Vice President and
Principal Accounting Officer
2002 ANNUAL REPORT TIAA Separate Account VA-1 27
REPORT OF THE AUDIT COMMITTEE
To the Contractowners of
TIAA Separate Account VA-1:
The Audit Committee oversees the financial reporting process of the Stock Index
Account of TIAA Separate Account VA-1 ("VA-1") on behalf of VA-1's Management
Committee. The Audit Committee operates in accordance with a formal written
charter (copies are available upon request) which describes the Audit
Committee's responsibilities. All members of the Audit Committee ("Committee")
are independent, as defined under the listing standards of the New York Stock
Exchange.
Management has the primary responsibility for VA-1's financial statements,
development and maintenance of a strong system of internal controls and
disclosure controls, and compliance with applicable laws and regulations. In
fulfilling its oversight responsibilities, the Committee reviewed and approved
the audit plans of the internal auditing group and the independent auditing firm
in connection with their respective audits of VA-1. The Committee also meets
regularly with the internal and independent auditors, both with and without
management present, to discuss the results of their examinations, their
evaluation of internal controls, and the overall quality of financial reporting.
As required by its charter, the Committee will evaluate rotation of the external
financial audit firm whenever circumstances warrant, but in no event will the
evaluation be later than between their fifth and tenth years of service.
The Committee reviewed and discussed the accompanying audited financial
statements with management, including a discussion of the quality and
appropriateness of the accounting principles and financial reporting practices
followed, the reasonableness of significant judgments, and the clarity and
completeness of disclosures in the financial statements. The Committee has also
discussed the audited financial statements with Ernst & Young LLP, the
independent auditing firm responsible for expressing an opinion on the
conformity of these audited financial statements with generally accepted
accounting principles.
The discussion with Ernst & Young LLP focused on their judgments concerning the
quality and appropriateness of the accounting principles and financial reporting
practices followed by VA-1, the clarity and completeness of the financial
statements and related disclosures, and other significant matters, such as any
significant changes in accounting policies, internal controls, management
judgments and estimates, and the nature of any uncertainties or unusual
transactions. In addition, the Committee discussed with Ernst & Young LLP the
auditors' independence from management and VA-1, and has received a written
disclosure regarding such independence, as required by the Independence
Standards Board.
Based on the review and discussions referred to above, the Committee has
approved the release of the accompanying audited financial statements for
publication and filing with appropriate regulatory authorities.
Maceo K. Sloan, Audit Committee Chair
Martin J. Gruber, Audit Committee Member
Nestor V. Santiago, Audit Committee Member
February 19, 2003
28 TIAA Separate Account VA-1 2002 ANNUAL REPORT
TIAA SEPARATE ACCOUNT VA-1 STATEMENT OF ASSETS AND LIABILITIES
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
December 31, 2002
(amounts in thousands, except amount per accumulation unit)
<Table>
ASSETS
Investments, at cost $701,609
Net unrealized depreciation of investments (62,372)
- ----------------------------------------------------------------------
Investments, at value (including securities loaned of
$25,930) 639,237
Cash 1,781
Dividends and interest receivable 1,185
Receivable from securities transactions 12
Amounts due from TIAA General Account 92
- ----------------------------------------------------------------------
TOTAL ASSETS 642,307
- ----------------------------------------------------------------------
LIABILITIES
Deposits for securities loaned -- Note 3 27,420
Payable for securities transactions 34
- ----------------------------------------------------------------------
TOTAL LIABILITIES 27,454
- ----------------------------------------------------------------------
NET ASSETS
Accumulation Fund $614,853
======================================================================
ACCUMULATION UNITS OUTSTANDING-Notes 4 and 5 11,801
======================================================================
NET ASSET VALUE PER ACCUMULATION UNIT-Note 4 $52.10
======================================================================
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 29
TIAA SEPARATE ACCOUNT VA-1 STATEMENT OF OPERATIONS
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
Year Ended December 31, 2002
(amounts in thousands)
<Table>
INVESTMENT INCOME
Income:
Interest $ 310
Dividends 11,497
- -----------------------------------------------------------------------
Total income 11,807
- -----------------------------------------------------------------------
Expenses-Note 2:
Investment advisory charges 2,157
Administrative expenses 1,438
Mortality and expense risk charges 719
Interest 4
- -----------------------------------------------------------------------
Total expenses before waiver 4,318
Investment advisory charges waived (1,653)
- -----------------------------------------------------------------------
Net expenses 2,665
- -----------------------------------------------------------------------
Investment income-net 9,142
- -----------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS-Note 3
Net realized loss on investments (17,955)
Net change in unrealized depreciation on investments (173,393)
- -----------------------------------------------------------------------
Net realized and unrealized loss on investments (191,348)
- -----------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(182,206)
=======================================================================
</Table>
30 TIAA Separate Account VA-1 2002 ANNUAL REPORT
See Notes to Financial Statements
TIAA SEPARATE ACCOUNT VA-1 STATEMENTS OF CHANGES IN NET ASSETS
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
(amounts in thousands)
<Table>
<Caption>
YEARS ENDED DECEMBER 31,
2002 2001
- --------------------------------------------------------------------------------------
FROM OPERATIONS
Investment income-net $ 9,142 $ 8,407
Net realized gain (loss) on investments (17,955) 3,651
Net change in unrealized depreciation on investments (173,393) (128,617)
- --------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (182,206) (116,559)
- --------------------------------------------------------------------------------------
FROM CONTRACTOWNER TRANSACTIONS
Premiums 39,404 52,327
Net contractowner transfers to fixed account (53,439) (60,700)
Withdrawals and death benefits (22,005) (33,157)
- --------------------------------------------------------------------------------------
Net decrease in net assets resulting from contractowner
transactions (36,040) (41,530)
- --------------------------------------------------------------------------------------
Net decrease in net assets (218,246) (158,089)
NET ASSETS
Beginning of year 833,099 991,188
- --------------------------------------------------------------------------------------
End of year $ 614,853 $ 833,099
======================================================================================
</Table>
See Notes to Financial Statements
2002 ANNUAL REPORT TIAA Separate Account VA-1 31
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
Notes to Financial Statements
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
TIAA Separate Account VA-1 ("VA-1") is a segregated investment account of
Teachers Insurance and Annuity Association of America ("TIAA") and was organized
on February 16, 1994 under the insurance laws of the State of New York for the
purpose of issuing and funding variable annuity contracts. VA-1 is registered
with the Securities and Exchange Commission as an open-end, diversified
management investment company under the Investment Company Act of 1940. VA-1
consists of a single investment portfolio, the Stock Index Account ("Account"),
which invests in a diversified portfolio of equity securities selected to track
the overall United States stock market. The accompanying financial statements
were prepared in accordance with accounting principles generally accepted in the
United States which may require the use of estimates made by management. Actual
results may differ from those estimates. The following is a summary of the
significant accounting policies consistently followed by the Account.
VALUATION OF INVESTMENTS: Securities listed or traded on any United States
national securities exchange are valued at the last sale price as of the close
of the principal securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the over-the-counter market and quoted in the NASDAQ
National Market System are valued at the last sale price, or at the mean of the
last bid and asked prices if no sale is reported. All other over-the-counter
securities are valued at the mean of the last bid and asked prices. Short-term
money market instruments are stated at market value. Portfolio securities for
which market quotations are not readily available are valued at fair value as
determined in good faith under the direction of and in accordance with the
responsibilities of the Management Committee. Portfolio securities may also be
valued at fair value as determined in good faith under the direction of the
Management Committee if events that have a significant effect on their value
occur between the time their price is determined and the time the Account's net
asset value is calculated.
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
trade date. Interest income is recorded as earned and includes amortization of
discounts and premiums. Dividend income is recorded on the ex-dividend date.
Realized gains and losses on securities transactions are accounted for on the
average cost basis.
SECURITIES LENDING: The Account may lend portfolio securities to qualified
institutions. Such loans are secured by collateral at least equal to 102% of the
market value of the securities loaned. The Account continues to receive income
on the securities loaned and receives additional income from the lending
transaction. Additionally, any change in the market value of the securities
loaned is recognized by the Account. Although each transaction is
collateralized, the Account would bear the risk of delay in recovery of, or loss
of rights in, the securities loaned should a borrower fail to return the
securities in a timely manner.
FEDERAL INCOME TAXES: Based on provisions of the Internal Revenue Code, no
federal taxes are attributable to the net investment experience of the Account.
NOTE 2. MANAGEMENT AGREEMENTS
Teachers Advisors, Inc. ("Advisors"), a wholly-owned subsidiary of TIAA and a
registered investment adviser, provides investment advisory services for VA-1
pursuant to an Investment Management Agreement between TIAA, Advisors and VA-1.
TIAA provides all administrative services for VA-1 pursuant to an Administrative
Services Agreement with VA-1. The contracts are distributed primarily by
Teachers Personal Investors Services, Inc. ("TPIS"), also a wholly-owned
subsidiary of TIAA, which is a registered broker-dealer and a member of the
National Association of Securities Dealers, Inc. The Investment Management
Agreement sets the investment advisory charge at an annual rate of 0.30% of the
net assets of the Account. Advisors has agreed to waive a portion of such fee,
so that the daily deduction is equivalent to an annual charge of 0.07% of the
net assets of the Account. The Administrative Services Agreement sets the
administrative expense charge at an annual rate of 0.20% of the 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
0.10% of the net assets of the Account.
NOTE 3. INVESTMENTS
At December 31, 2002, the market value of securities loaned was $25,930,123 and
cash collateral received was $27,419,653.
At December 31, 2002, the net unrealized depreciation on investments was
$62,371,807, consisting of gross unrealized appreciation of $100,900,896 and
gross unrealized depreciation of $163,272,703.
32 TIAA Separate Account VA-1 2002 ANNUAL REPORT
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Concluded)
Purchases and sales of securities, other than short-term money market
instruments, for the year ended December 31, 2002, were $38,411,185 and
$65,094,523, respectively.
NOTE 4. CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<Table>
<Caption>
Years Ended December 31,
----------------------------------------------------
2002 2001 2000 1999 1998
-------- -------- -------- -------- --------
Per Accumulation Unit data:
Investment income $ .965 $ .916 $ .966 $ .961 $ .908
Expenses .218 .253 .301 .270 .223
-------- -------- -------- -------- --------
Investment income-net .747 .663 .665 .691 .685
Net realized and unrealized gain (loss)
on investments (15.200) (9.499) (7.024) 13.051 12.407
-------- -------- -------- -------- --------
Net increase (decrease) in
Accumulation Unit Value (14.453) (8.836) (6.359) 13.742 13.092
Accumulation Unit Value:
Beginning of year 66.556 75.392 81.751 68.009 54.917
-------- -------- -------- -------- --------
End of year $ 52.103 $ 66.556 $ 75.392 $ 81.751 $ 68.009
======== ======== ======== ======== ========
Total return (21.72)% (11.72)% (7.78)% 20.21% 23.84%
Ratio to Average Net Assets:
Expenses (1) 0.37% 0.37% 0.37% 0.37% 0.37%
Investment income-net 1.27% 0.97% 0.82% 0.95% 1.14%
Portfolio turnover rate 5.33% 9.86% 20.68% 37.93% 45.93%
Thousands of Accumulation Units
outstanding at end of year 11,801 12,517 13,147 12,630 11,145
</Table>
(1) Advisors has agreed to waive a portion of its investment advisory fee.
Without this waiver, the Account's expense ratio for the periods listed
would have been higher (see Note 2).
NOTE 5. ACCUMULATION UNITS
Changes in the number of Accumulation Units outstanding were as follows:
<Table>
<Caption>
Years Ended December 31,
-------------------------
2002 2001
----------- -----------
Accumulation Units:
Credited for premiums 664,769 769,448
Cancelled for transfers and disbursements (1,381,252) (1,399,262)
Outstanding:
Beginning of year 12,517,257 13,147,071
---------- ----------
End of year 11,800,774 12,517,257
========== ==========
</Table>
NOTE 6. LINE OF CREDIT
The Account participates in a $2.25 billion unsecured revolving credit facility
to be used for temporary purposes, including the funding of contractowner
withdrawals. Certain affiliated accounts and mutual funds, each of which is
managed by Advisors, or an affiliate of Advisors, also participate in this
facility. An annual commitment fee for the credit facility is borne by the
participating accounts and mutual funds. Interest associated with any borrowing
under the facility is charged to the borrowing accounts and mutual funds at
rates which are based on the Federal Funds Rate in effect during the time of the
borrowing. During the year ended December 31, 2002, the Account borrowed under
this facility. The average daily loan balance during the eleven day period for
which the loan was outstanding amounted to $6.4 million and the weighted average
interest rate was 2.13%. The related interest expense was $4,153.
2002 ANNUAL REPORT TIAA Separate Account VA-1 33
<Table>
[ERNST & YOUNG LOGO] ERNST & YOUNG LLP Phone: (212) 773-3000
5 Times Square www.ey.com
New York, NY 10036
</Table>
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Contractowners and Management Committee of
TIAA Separate Account VA-1:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of the Stock Index Account of TIAA Separate
Account VA-1 ("VA-1") as of December 31, 2002, and the related statement of
operations for the year then ended, and the statement of changes in net assets
for each of the two years in the period then ended. These financial statements
are the responsibility of VA-1's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of December 31, 2002 by
correspondence with the custodian and brokers. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Stock Index Account of VA-1
at December 31, 2002, the results of its operations for the year then ended, and
the changes in its net assets for each of the two years in the period then
ended, in conformity with accounting principles generally accepted in the United
States.
[/s/ ERNST & YOUNG LLP]
February 7, 2003
34 TIAA Separate Account VA-1 2002 ANNUAL REPORT
MANAGEMENT COMMITTEE MEMBERS AND OFFICERS--
DISINTERESTED MANAGEMENT COMMITTEE MEMBERS
<Table>
<Caption>
NAME, ADDRESS AND AGE POSITION(S) HELD WITH TIAA TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF
SEPARATE ACCOUNT VA-1. LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
MANAGEMENT
COMMITTEE
MEMBER
MARTIN J. GRUBER Management Committee Indefinite term. Nomura Professor of Finance, New 51
New York University Member Management Committee York University, Stern School of
Stern School of Member since 2001. Business. Formerly, Chairman,
Business Department of Finance, New York
Henry Kaufman University, Stern School of
Management Business, and Trustee of TIAA,
Education Center 1996-2000.
44 West 4th Street,
Suite 988
New York, NY 10012
Age: 65
NANCY L. JACOB Management Committee Indefinite term. President and Managing Principal, 51
Windermere Investment Member Management Committee Windermere Investment Associates.
Associates Member since 2001. Formerly, Chairman and Chief
121 S.W. Morrison Executive Officer, CTC Consulting,
Street, Suite 925 Inc., and Executive Vice President,
Portland, OR 97204 U.S. Trust of the Pacific Northwest.
Age: 60
STEPHEN A. ROSS Management Committee Indefinite term. Franco Modigliani Professor of 51
Sloan School of Member Management Committee Finance and Economics, Sloan School
Management Member since 2001. of Management, Massachusetts
Massachusetts Institute of Technology. Co-
Institute of chairman, Roll & Ross Asset
Technology Management Corp. Formerly, Sterling
77 Massachusetts Professor of Economics and Finance,
Avenue Yale School of Management, Yale
Cambridge, MA 02139 University.
Age: 58
NESTOR V. SANTIAGO Management Committee Indefinite term. Vice President and Chief Investment 51
Howard Hughes Medical Member Management Committee Officer, Howard Hughes Medical
Institute Member since 2001. Institute. Formerly, Investment
4000 Jones Bridge Road Advisor/Head of Investment Office,
Chevy Chase, MD 20815 International Monetary Fund.
Age: 53
MACEO K. SLOAN Management Committee Indefinite term. Chairman and Chief Executive 51
NCM Capital Management Member Management Committee Officer, Sloan Financial Group, Inc.
Group, Inc. Member since 2001. and NCM Capital Management Group,
103 West Main Street, Inc., since 1991.
Suite 400
Durham, NC 27701-3638
Age: 53
ROBERT W. VISHNY Management Committee Indefinite term. Eric J. Gleacher Distinguished 51
University of Chicago Member Management Committee Service Professor of Finance,
Graduate School of Member since 2001. University of Chicago, Graduate
Business School of Business. Founding
1101 East 58th Street Partner, LSV Asset Management.
Chicago, IL 60627
Age: 43
<Caption>
NAME, ADDRESS AND AGE OTHER DIRECTORSHIPS
HELD BY MANAGEMENT
COMMITTEE
MEMBER
MARTIN J. GRUBER Director, Deutsche
New York University Asset Management
Stern School of B.T. Funds, Japan
Business Equity Fund, Inc.,
Henry Kaufman Singapore Equity
Management Fund, Inc., the Thai
Education Center Equity Fund, Inc.
44 West 4th Street, and the DB Hedge
Suite 988 Securities Fund,
New York, NY 10012 L.L.C.
Age: 65
NANCY L. JACOB None
Windermere Investment
Associates
121 S.W. Morrison
Street, Suite 925
Portland, OR 97204
Age: 60
STEPHEN A. ROSS Director, Freddie
Sloan School of Mac; Co- Chairman,
Management Roll & Ross Asset
Massachusetts Management Corp.;
Institute of and Principal, IV
Technology Capital, Ltd.
77 Massachusetts
Avenue
Cambridge, MA 02139
Age: 58
NESTOR V. SANTIAGO Director, Bank-Fund
Howard Hughes Medical Credit Union and
Institute Emerging Markets
4000 Jones Bridge Road Growth Fund, Inc.
Chevy Chase, MD 20815
Age: 53
MACEO K. SLOAN Director, SCANA
NCM Capital Management Corporation and M&F
Group, Inc. Bancorp, Inc.
103 West Main Street,
Suite 400
Durham, NC 27701-3638
Age: 53
ROBERT W. VISHNY None
University of Chicago
Graduate School of
Business
1101 East 58th Street
Chicago, IL 60627
Age: 43
</Table>
2002 ANNUAL REPORT TIAA Separate Account VA-1 35
INTERESTED MANAGEMENT COMMITTEE MEMBERS AND OFFICERS
<Table>
<Caption>
NAME, ADDRESS AND AGE POSITION(S) HELD WITH TIAA TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF
SEPARATE ACCOUNT VA-1 LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
MANAGEMENT
COMMITTEE
MEMBER
HERBERT M. ALLISON, President and Chief Indefinite term. President and Chief Executive 51
JR.(1) Executive Officer President and Chief Officer of TIAA Separate Account
TIAA-CREF Executive Officer VA-1, CREF, TIAA-CREF Mutual Funds,
730 Third Avenue since 2002. TIAA-CREF Institutional Mutual Funds
New York, NY and TIAA-CREF Life Funds (these
10017-3206 funds are collectively referred to
Age: 59 as the "TIAA-CREF Funds") and TIAA.
Chairman of TIAA. Formerly,
President and Chief Executive
Officer of University Alliance for
Life-Long Learning, Inc.,
2000 - October 2002. National
Finance Chairman, Presidential
Campaign of Senator John McCain,
1999-2000. President, Chief
Operating Officer and Member of the
Board of Directors of Merrill Lynch
& Co., Inc., 1997-1999.
MARTIN L. LEIBOWITZ(1) Vice Chairman of Board of Term as Management Vice Chairman and Chief Investment 51
TIAA-CREF Trustees Committee Member is Officer of the TIAA-CREF Funds and
730 Third Avenue and Chief Investment indefinite. TIAA. Member of Board of Managers
New York, NY Officer Management Committee and President of TIAA-CREF
10017-3206 Member since 2001. Investment Management, LLC
Age: 66 Vice Chairman and ("Investment Management"). Director
Chief Investment and President of Teachers Advisors,
Officer since 2001. Inc. ("Advisors"). Director of
Chief Investment TIAA-CREF Life Insurance Company
Officer since 1998. ("TIAA-CREF Life").
Indefinite term as
officer.
BEVIS LONGSTRETH(2) Management Committee Indefinite term. Retired Partner, Debevoise & 51
Debevoise & Plimpton Member Management Committee Plimpton. Formerly, Partner and Of
919 Third Avenue Member since 2001. Counsel of Debevoise & Plimpton,
New York, NY Adjunct Professor at Columbia
10022-6225 University School of Law and
Age: 69 Commissioner of the U.S. Securities
and Exchange Commission.
RICHARD J. ADAMSKI(1) Vice President and Indefinite term. Vice Vice President and Treasurer of the N/A
TIAA-CREF Treasurer President and TIAA-CREF Funds and TIAA. Vice
730 Third Avenue Treasurer since 1994. President and Treasurer of
New York, NY Investment Management, Services,
10017-3206 TPIS, Advisors, TIAA-CREF Life, and
Age: 61 TIAA-CREF Tuition Financing, Inc.
("Tuition Financing").
C. VICTORIA APTER(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Formerly,
730 Third Avenue President since Vice President, Retirement Services,
New York, NY January 2001. CREF and TIAA.
10017-3206
Age: 60
SCOTT C. EVANS(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Executive
730 Third Avenue President since 1998. Vice President of Investment
New York, NY Management and Advisors and Director
10017-3206 of TIAA-CREF Life.
Age: 43
MARTIN E. GALT, III(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Service since 2000. TIAA-CREF Funds and TIAA and
730 Third Avenue President, TIAA-CREF Investment
New York, NY Products. Formerly, Executive Vice
10017-3206 President and President,
Age: 61 Institutional Investments, Bank of
America, and Principal Investment
Officer, NationsBank. Director and
President of Tuition Financing and
TPIS and Director of TIAA-CREF Life
and TIAA-CREF Trust Company.
RICHARD L. GIBBS(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Executive
730 Third Avenue President since 1994. Vice President, Investment
New York, NY Management, Advisors and Tuition
10017-3206 Financing and Director of TIAA-CREF
Age: 55 Life and Tuition Financing.
DON W. HARRELL(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Director
730 Third Avenue President since 1998. of TIAA-CREF Life.
New York, NY
10017-3206
Age: 65
IRA J. HOCH(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Formerly,
730 Third Avenue President since 2001. Vice President, Retirement Services,
New York, NY CREF and TIAA.
10017-3206
Age: 52
<Caption>
NAME, ADDRESS AND AGE OTHER DIRECTORSHIPS
HELD BY MANAGEMENT
COMMITTEE MEMBER
HERBERT M. ALLISON, Board Member,
JR.(1) Forbes.com, Inc.
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 59
MARTIN L. LEIBOWITZ(1) None
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 66
BEVIS LONGSTRETH(2) Member of the Board
Debevoise & Plimpton of Directors of
919 Third Avenue AMVESCAP, PLC and
New York, NY Chairman of the
10022-6225 Finance Committee of
Age: 69 the Rockefeller
Family Fund
RICHARD J. ADAMSKI(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 61
C. VICTORIA APTER(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 60
SCOTT C. EVANS(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 43
MARTIN E. GALT, III(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 61
RICHARD L. GIBBS(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 55
DON W. HARRELL(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 65
IRA J. HOCH(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 52
</Table>
36 TIAA Separate Account VA-1 2002 ANNUAL REPORT
INTERESTED MANAGEMENT COMMITTEE MEMBERS AND OFFICERS -- (CONCLUDED)
<Table>
<Caption>
NAME, ADDRESS AND AGE POSITION(S) HELD WITH TIAA TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF
SEPARATE ACCOUNT VA-1 LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
MANAGEMENT
COMMITTEE
MEMBER
MATINA S. HORNER(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Director
730 Third Avenue President since 1998. of TIAA-CREF Life.
New York, NY
10017-3206
Age: 63
E. LAVERNE JONES(1) Vice President and Indefinite term. Vice Vice President and Corporate N/A
TIAA-CREF Corporate Secretary President and Secretary of the TIAA- CREF Funds
730 Third Avenue Corporate Secretary and TIAA.
New York, NY since 2001.
10017-3206
Age: 53
HARRY I. Executive Vice President Indefinite term. Executive Vice President and Chief N/A
KLARISTENFELD(1) and Chief Actuary Executive Vice Actuary of the TIAA-CREF Funds and
TIAA-CREF President and Chief TIAA. Formerly, Vice President and
730 Third Avenue Actuary since 2001. Chief Actuary, Retirement Services,
New York, NY CREF and TIAA. Executive Vice
10017-3206 President and Chief Actuary of
Age: 52 Services.
FRANCES NOLAN(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Formerly,
730 Third Avenue President since 2001. Vice President, Retirement Services,
New York, NY CREF and TIAA.
10017-3206
Age: 45
BERTRAM L. SCOTT(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA and
730 Third Avenue President since 2001. Chairman of the Board, President and
New York, NY Chief Executive Officer of TIAA-CREF
10017-3206 Life. Formerly, President and Chief
Age: 51 Executive Officer, Horizon Mercy.
DEANNE J. Executive Vice President Indefinite term. Executive Vice President of the N/A
SHALLCROSS(1) Executive Vice TIAA-CREF Funds and TIAA. Formerly,
TIAA-CREF President since 2001. Vice President, Marketing, CREF and
730 Third Avenue TIAA. Executive Vice President of
New York, NY Services.
10017-3206
Age: 53
DAVID A. SHUNK(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Formerly,
730 Third Avenue President since 2001. Vice President, Institutional &
New York, NY Individual Consulting Services, CREF
10017-3206 and TIAA. President and Chief
Age: 56 Executive Officer of Services and
Director of TIAA-CREF Trust Company.
JOHN A. SOMERS(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA. Executive
730 Third Avenue President since 1998. Vice President of Investment
New York, NY Management and Advisors and Director
10017-3206 of TIAA-CREF Life.
Age: 58
CHARLES H. STAMM(1) Executive Vice President Indefinite term. Executive Vice President and General N/A
TIAA-CREF Executive Vice Counsel of the TIAA-CREF Funds and
730 Third Avenue President since 1994. TIAA. Trustee of Services. Director
New York, NY of TPIS, Advisors, TIAA-CREF Trust
10017-3206 Company, Tuition Financing and
Age: 64 TIAA-CREF Life. Member of Board of
Managers of Investment Management.
MARY ANN WERNER(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA and
730 Third Avenue President since 2001. President, TIAA Shared Services.
New York, NY Formerly, Vice President, CREF and
10017-3206 TIAA. Executive Vice President of
Age: 57 Services and Director of TIAA-CREF
Life.
JAMES A. WOLF(1) Executive Vice President Indefinite term. Executive Vice President of the N/A
TIAA-CREF Executive Vice TIAA-CREF Funds and TIAA and
730 Third Avenue President since 2001. President, TIAA Retirement Services.
New York, NY Formerly, Vice President, Retirement
10017-3206 Services, CREF and TIAA. Trustee of
Age: 57 Services and Director of TIAA- CREF
Life.
<Caption>
NAME, ADDRESS AND AGE OTHER DIRECTORSHIPS
HELD BY MANAGEMENT
COMMITTEE MEMBER
MATINA S. HORNER(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 63
E. LAVERNE JONES(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 53
HARRY I. N/A
KLARISTENFELD(1)
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 52
FRANCES NOLAN(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 45
BERTRAM L. SCOTT(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 51
DEANNE J. N/A
SHALLCROSS(1)
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 53
DAVID A. SHUNK(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 56
JOHN A. SOMERS(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 58
CHARLES H. STAMM(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 64
MARY ANN WERNER(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 57
JAMES A. WOLF(1) N/A
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
Age: 57
</Table>
1 The following individuals are "interested persons" under the Investment
Company Act (the "Act") because they are officers of TIAA Separate Account
VA-1: Mses. Apter, Horner, Jones, Nolan, Shallcross and Werner; and Messrs.
Adamski, Allison, Evans, Galt, Gibbs, Harrell, Hoch, Klaristenfeld, Leibowitz,
Scott, Shunk, Somers, Stamm and Wolf.
2 Mr. Longstreth may be considered an "interested person" under the Act because
he is associated with a law firm that has acted as counsel to TIAA Separate
Account VA-1 or its affiliates.
The Statement of Additional Information ("SAI") of TIAA Separate Account VA-1
contains additional information about Management Committee Members. You can
request a copy of the SAI without charge by calling 800-478-2966.
2002 ANNUAL REPORT TIAA Separate Account VA-1 37
[TIAA CREF LOGO] 730 THIRD AVENUE
NEW YORK NY 10017-3206
ITEM 9. CONTROLS AND PROCEDURES.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
ITEM 10. EXHIBITS.
(b) Section 302 and Section 906 certifications of the principal executive
officer and principal financial officer of registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
TIAA SEPARATE ACCOUNT VA-1
Date: February 28, 2003 By: /s/ Martin E. Galt, III
----------------------------------
Martin E. Galt, III
President
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Date: February 28, 2003 By: /s/ Martin E. Galt, III
----------------------------------
Martin E. Galt, III
President
(principal executive officer)
Date: February 28, 2003 By: /s/ Richard L. Gibbs
----------------------------------
Richard L. Gibbs
Executive Vice President
(principal financial officer)
EXHIBIT LIST
------------
(b) Certifications
99.CERT Section 302 certification of principal executive officer
and principal financial officer
99.1350CERT Section 906 certification of principal executive officer and
principal financial officer