UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-08520
TIAA SEPARATE ACCOUNT VA-1
(Exact name of registrant as specified in charter)
730 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip code)
Lisa Snow, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-490-9000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
June 30, 2003
Financial statements (unaudited)
including statement of investments
TIAA Separate Account VA-1
Stock Index Account
Semiannual Report | 2003
[TIAA CREF
LOGO]
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
INDEX
JUNE 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
PAGE
----
Statement of Investments.................................... 2
Statement of Assets and Liabilities......................... 29
Statement of Operations..................................... 30
Statements of Changes in Net Assets......................... 31
Notes to Financial Statements............................... 32
</Table>
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary By Industry
VALUE
(000) %
-----------------
CORPORATE BONDS
Holding and Other Investment Offices............. $ 10 0.00%
Nondepository Institutions....................... 2 0.00
-------- ------
TOTAL CORPORATE BONDS
(Cost $12)..................................... 12 0.00
-------- ------
PREFERRED STOCK:
Health Services.................................. 8 0.00
Primary Metal Industries......................... 0 0.00
Rubber And Miscellaneous Plastic Products........ 116 0.02
-------- ------
TOTAL PREFERRED STOCK
(Cost $123).................................... 124 0.02
-------- ------
COMMON STOCK:
Agricultural Production-Crops.................... 64 0.01
Agricultural Production-Livestock................ 5 0.00
Agricultural Services............................ 25 0.00
Amusement and Recreation Services................ 870 0.13
Apparel and Accessory Stores..................... 3,652 0.53
Apparel and Other Textile Products............... 970 0.14
Auto Repair, Services and Parking................ 171 0.02
Automotive Dealers and Service Stations.......... 1,117 0.16
Building Materials and Garden Supplies........... 7,588 1.10
Business Services................................ 51,723 7.53
Chemicals and Allied Products.................... 87,112 12.68
Coal Mining...................................... 281 0.04
Communications................................... 38,818 5.65
Depository Institutions.......................... 73,630 10.72
Eating and Drinking Places....................... 4,728 0.69
Educational Services............................. 1,312 0.19
Electric, Gas, and Sanitary Services............. 24,326 3.54
Electronic and Other Electric Equipment.......... 50,824 7.40
Engineering and Management Services.............. 5,238 0.76
Environmental Quality and Housing................ 0 0.00
Fabricated Metal Products........................ 4,007 0.58
Food and Kindred Products........................ 24,379 3.55
Food Stores...................................... 2,997 0.44
Forestry......................................... 798 0.12
Furniture and Fixtures........................... 2,234 0.33
Furniture and Homefurnishings Stores............. 2,535 0.37
General Building Contractors..................... 2,057 0.30
General Merchandise Stores....................... 17,611 2.56
Health Services.................................. 4,869 0.71
Heavy Construction, Except Building.............. 74 0.01
Holding and Other Investment Offices............. 15,081 2.20
Hotels and Other Lodging Places.................. 1,840 0.27
Industrial Machinery and Equipment............... 46,524 6.77
Instruments and Related Products................. 19,195 2.79
Insurance Agents, Brokers and Services........... 2,612 0.38
Insurance Carriers............................... 30,922 4.50
Justice, Public Order and Safety................. 8 0.00
Leather and Leather Products..................... 522 0.08
Legal Services................................... 22 0.00
Lumber and Wood Products......................... 488 0.07
Metal Mining..................................... 1,232 0.18
Miscellaneous Manufacturing Industries........... 1,113 0.16
Miscellaneous Retail............................. 7,771 1.13
Motion Pictures.................................. 5,003 0.73
Nondepository Institutions....................... 14,846 2.16
Nonmetallic Minerals, Except Fuels............... 252 0.04
Oil and Gas Extraction........................... 9,583 1.39
Paper and Allied Products........................ 4,667 0.68
</Table>
<Table>
<Caption>
VALUE
(000) %
-----------------
Personal Services................................ 1,214 0.18%
Petroleum and Coal Products...................... 25,319 3.69
Primary Metal Industries......................... 2,893 0.42
Printing and Publishing.......................... 5,782 0.84
Railroad Transportation.......................... 2,738 0.40
Real Estate...................................... 436 0.06
Rubber and Miscellaneous Plastic Products........ 1,276 0.19
Security and Commodity Brokers................... 13,272 1.93
Special Trade Contractors........................ 170 0.02
Stone, Clay, and Glass Products.................. 1,056 0.15
Textile Mill Products............................ 256 0.04
Tobacco Products................................. 7,016 1.02
Transportation by Air............................ 3,025 0.44
Transportation Equipment......................... 15,929 2.32
Transportation Services.......................... 926 0.13
Trucking and Warehousing......................... 2,727 0.40
Water Transportation............................. 170 0.02
Wholesale Trade-Durable Goods.................... 12,622 1.85
Wholesale Trade-Nondurable Goods................. 5,863 0.85
-------- ------
TOTAL COMMON STOCK
(Cost $667,070)................................ 678,386 98.74
-------- ------
TIAA-CREF MUTUAL FUND
(Cost $6,032).................................. 6,133 0.89
-------- ------
SHORT TERM INVESTMENTS
U.S. Government and Agencies Discount Notes...... 24,092 3.51
-------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $24,093)................................. 24,092 3.51
-------- ------
TOTAL PORTFOLIO
(Cost $697,330)................................ 708,747 103.16
OTHER ASSETS & LIABILITIES, NET.................. (21,736) (3.16)
-------- ------
NET ASSETS....................................... $687,011 100.00%
======== ======
</Table>
<Table>
<Caption>
VALUE
PRINCIPAL (000)
--------- -----
CORPORATE BONDS--0.00%
HOLDING AND OTHER INVESTMENT OFFICES--0.00%
$ 10,000 National Health Investors, Inc (Sr Sub
Deb)
f 9.000%, 01/01/06..................... $ 10
--------
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 10
--------
NONDEPOSITORY INSTITUTIONS--0.00%
1,950 Ugly Duckling Corp (Sub Deb)
12.000%, 10/23/03....................... 2
--------
TOTAL NONDEPOSITORY INSTITUTIONS 2
--------
TOTAL CORPORATE BONDS
(Cost $12) 12
--------
</Table>
<Table>
<Caption>
SHARES
------
PREFERRED STOCK--0.02%
HEALTH SERVICES--0.00%
842 *Chronimed, Inc. ......................... $ 8
4 *Dynacq International, Inc. .............. 0
--------
TOTAL HEALTH SERVICES 8
--------
PRIMARY METAL INDUSTRIES--0.00%
25,150 *Superior Trust I......................... 0
--------
TOTAL PRIMARY METAL INDUSTRIES 0
--------
</Table>
2 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.02%
2,280 *Sealed Air Corp (New).................... $ 116
--------
TOTAL RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS 116
--------
TOTAL PREFERRED STOCK
(Cost $123) 124
--------
COMMON STOCK--98.74%
AGRICULTURAL PRODUCTION-CROPS--0.01%
246 Alico, Inc................................ 6
2,443 Delta & Pine Land Co...................... 54
993 *Seminis, Inc (Class A)................... 4
--------
TOTAL AGRICULTURAL PRODUCTION-CROPS 64
--------
AGRICULTURAL PRODUCTION-LIVESTOCK -- 0.00%
26 Seaboard Corp............................. 5
--------
TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK 5
--------
AGRICULTURAL SERVICES -- 0.00%
1,285 *VCA Antech, Inc.......................... 25
--------
TOTAL AGRICULTURAL SERVICES 25
--------
AMUSEMENT AND RECREATION SERVICES--0.13%
3,321 *Alliance Gaming Corp..................... 63
273 *America's Car Mart, Inc.................. 5
1,792 *Argosy Gaming Co......................... 37
2,464 *Aztar Corp............................... 40
2,000 e*Bally Total Fitness Holding Corp........ 18
433 Churchill Downs, Inc...................... 17
700 Dover Downs Gaming & Entertainment, Inc... 6
1,000 Dover Motorsport, Inc..................... 4
1,554 *Gaylord Entertainment Co................. 30
7,708 Harrah's Entertainment, Inc............... 310
1,882 International Speedway Corp (Class A)..... 74
1,142 *Isle of Capri Casinos, Inc............... 19
3,185 *Magna Entertainment Corp (Class A)....... 16
1,437 *MTR Gaming Group, Inc.................... 11
736 e*Multimedia Games, Inc................... 19
2,071 *Penn National Gaming, Inc................ 43
6,211 *Six Flags, Inc........................... 42
1,000 Speedway Motorsports, Inc................. 27
2,298 *Station Casinos, Inc..................... 58
1,562 *WMS Industries, Inc...................... 24
717 World Wrestling Federation Entertainment,
Inc..................................... 7
--------
TOTAL AMUSEMENT AND RECREATION SERVICES 870
--------
APPAREL AND ACCESSORY STORES--0.53%
5,833 *Abercrombie & Fitch Co (Class A)......... 166
899 *Aeropostale, Inc......................... 19
3,634 *American Eagle Outfitters, Inc........... 66
3,066 *AnnTaylor Stores Corp.................... 89
300 *Bebe Stores, Inc......................... 6
500 *Buckle, Inc.............................. 10
1,286 Burlington Coat Factory Warehouse Corp.... 23
1,052 Cato Corp (Class A)....................... 22
542 *Charlotte Russe Holding, Inc............. 6
7,700 *Charming Shoppes, Inc.................... 38
5,771 *Chico's FAS, Inc......................... 121
824 *Children's Place Retail Stores, Inc...... 16
1,662 *Christopher & Banks Corp................. 61
2,858 Claire's Stores, Inc...................... 72
1,500 *Dress Barn, Inc.......................... 19
1,352 *Finish Line, Inc (Class A)............... 30
9,506 Foot Locker, Inc.......................... 126
1,400 e*Footstar, Inc........................... 18
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
42,823 e Gap, Inc................................ $ 803
1,554 *Genesco, Inc............................. 28
1,138 Goody's Family Clothing, Inc.............. 10
1,721 *Gymboree Corp............................ 29
2,236 *Hot Topic, Inc........................... 60
299 *JOS A. Bank Clothiers, Inc............... 10
28,816 Limited Brands, Inc....................... 447
277 *Mothers Work, Inc........................ 7
6,514 Nordstrom, Inc............................ 127
739 Oshkosh B'gosh, Inc (Class A)............. 20
3,166 *Pacific Sunwear of California, Inc....... 76
4,638 *Payless Shoesource, Inc.................. 58
5,396 Ross Stores, Inc.......................... 231
517 *Shoe Carnival, Inc....................... 8
1,437 *Stage Stores, Inc........................ 34
1,800 Talbots, Inc.............................. 53
34,563 TJX Cos, Inc.............................. 651
2,439 *Too, Inc................................. 49
533 *Urban Outfitters, Inc.................... 19
1,813 *Wet Seal, Inc (Class A).................. 19
700 *Wilsons The Leather Experts, Inc......... 5
--------
TOTAL APPAREL AND ACCESSORY STORES 3,652
--------
APPAREL AND OTHER TEXTILE PRODUCTS--0.14%
1,421 *Collins & Aikman Corp.................... 4
904 *Columbia Sportswear Co................... 46
963 *DHB Industries, Inc...................... 4
540 *Guess?, Inc.............................. 3
8,160 *Jones Apparel Group, Inc................. 239
1,700 Kellwood Co............................... 54
7,265 Liz Claiborne, Inc........................ 256
1,819 *Nautica Enterprises, Inc................. 23
437 Oxford Industries, Inc.................... 18
193 *Perry Ellis International, Inc........... 4
1,700 Phillips-Van Heusen Corp.................. 23
2,209 Polo Ralph Lauren Corp.................... 57
2,806 *Quiksilver, Inc.......................... 46
5,532 VF Corp................................... 188
348 *Warnaco Group, Inc....................... 5
2,600 b*Westpoint Stevens, Inc.................. 0
--------
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 970
--------
AUTO REPAIR, SERVICES AND PARKING--0.02%
715 b,e*Amerco, Inc........................... 5
1,250 Central Parking Corp...................... 15
1,736 *Dollar Thrifty Automotive Group, Inc..... 32
643 *Midas, Inc............................... 8
388 *Monro Muffler Brake, Inc................. 11
3,884 Ryder System, Inc......................... 100
--------
TOTAL AUTO REPAIR, SERVICES AND PARKING 171
--------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.16%
1,176 *Advance Auto Parts....................... 72
553 *Asbury Automotive Group, Inc............. 7
11,720 *Autonation, Inc.......................... 184
4,554 *Autozone, Inc............................ 346
7,018 *Carmax, Inc.............................. 212
4,822 *Copart, Inc.............................. 46
1,500 *CSK Auto Corp............................ 22
1,297 *Group 1 Automotive, Inc.................. 42
561 *Lithia Motors, Inc (Class A)............. 9
525 *MarineMax, Inc........................... 7
2,761 *O'Reilly Automotive, Inc................. 92
1,793 *Sonic Automotive, Inc.................... 39
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 3
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
AUTOMOTIVE DEALERS AND SERVICE STATIONS--(CONTINUED)
1,214 *United Auto Group, Inc................... $ 26
744 *West Marine, Inc......................... 13
--------
TOTAL AUTOMOTIVE DEALERS AND SERVICE
STATIONS 1,117
--------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.10%
878 Building Materials Holding Corp........... 13
1,029 *Central Garden & Pet Co.................. 25
3,981 e Fastenal Co............................. 135
154,370 Home Depot, Inc........................... 5,113
7,100 *Louisiana-Pacific Corp................... 77
51,793 Lowe's Cos................................ 2,225
--------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 7,588
--------
BUSINESS SERVICES--7.53%
24,542 *3Com Corp................................ 115
1,037 Aaron Rents, Inc.......................... 27
2,600 ABM Industries, Inc....................... 40
4,356 *Activision, Inc.......................... 56
5,409 *Acxiom Corp.............................. 82
1,377 e*Administaff, Inc........................ 14
16,067 Adobe Systems, Inc........................ 515
2,172 e*Advent Software, Inc.................... 37
1,359 *Advo, Inc................................ 60
2,600 *Aether Systems, Inc...................... 13
6,880 *Affiliated Computer Services, Inc (Class
A)...................................... 315
2,909 *Agile Software Corp...................... 28
6,963 e*Akamai Technologies, Inc................ 34
2,135 *Alliance Data Systems Corp............... 50
573 e*Altiris, Inc............................ 11
2,722 *American Management Systems, Inc......... 39
1,006 *AMN Healthcare Services, Inc............. 13
436 *Ansoft Corp.............................. 5
1,047 *Ansys, Inc............................... 33
1,079 *Anteon International Corp................ 30
289,377 *AOL Time Warner, Inc..................... 4,656
1,700 *APAC Customer Services, Inc.............. 4
2,497 *Aquantive, Inc........................... 26
2,100 *Arbitron, Inc............................ 75
19,021 *Ariba, Inc............................... 56
1,802 *Armor Holdings, Inc...................... 24
4,096 *Ascential Software Corp.................. 67
1,946 *Asiainfo Holdings, Inc................... 16
2,328 *Ask Jeeves, Inc.......................... 32
4,000 *Aspect Communications Corp............... 15
2,555 e*Aspen Technology, Inc................... 12
1,750 e*At Road, Inc............................ 19
403 *Atari, Inc............................... 2
1,880 *Autobytel, Inc........................... 12
7,958 e Autodesk, Inc........................... 129
40,247 Automatic Data Processing, Inc............ 1,363
379 *Bankrate, Inc............................ 5
1,052 *Barra, Inc............................... 38
24,846 *BEA Systems, Inc......................... 270
7,462 *Bisys Group, Inc......................... 137
16,380 *BMC Software, Inc........................ 267
4,105 *Borland Software Corp.................... 40
1,224 Brady Corp (Class A)...................... 41
1,726 *Broadvision, Inc......................... 10
17,212 *Brocade Communications Systems, Inc...... 101
1,796 *CACI International, Inc (Class A)........ 62
18,038 *Cadence Design Systems, Inc.............. 218
2,656 *Catalina Marketing Corp.................. 47
882 *CCC Information Services Group, Inc...... 13
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
900 *CDI Corp................................. $ 23
70,073 *Cendant Corp............................. 1,284
10,128 *Ceridian Corp............................ 172
1,892 *Cerner Corp.............................. 43
4,279 *Certegy, Inc............................. 119
4,360 e*Checkfree Corp.......................... 121
5,808 *ChoicePoint, Inc......................... 200
3,700 *Ciber, Inc............................... 26
11,523 *Citrix Systems, Inc...................... 235
24,838 *CMGI, Inc................................ 41
8,299 e*CNET Networks, Inc...................... 52
5,040 *Cognizant Technology Solutions Corp...... 123
30,733 Computer Associates International, Inc.... 685
2,259 *Computer Horizons Corp................... 10
216 Computer Programs & Systems, Inc.......... 4
11,277 *Computer Sciences Corp................... 430
22,875 *Compuware Corp........................... 132
1,145 *Concord Communications, Inc.............. 16
1,542 *Concur Technologies, Inc................. 16
746 *Convera Corp............................. 3
11,750 *Convergys Corp........................... 188
938 *CoStar Group, Inc........................ 28
2,321 *Cross Country Healthcare, Inc............ 31
601 b,e*Cross Media Marketing Corp............ 0
3,793 *CSG Systems International, Inc........... 54
687 *Cyberguard Corp.......................... 5
5,044 *D&B Corp................................. 207
1,300 *Datastream Systems, Inc.................. 14
4,324 Deluxe Corp............................... 194
2,100 *Dendrite International, Inc.............. 27
703 *Digimarc Corp............................ 11
2,000 *Digital Insight Corp..................... 38
1,928 e*Digital River, Inc...................... 37
2,366 *Digitalthink, Inc........................ 7
2,961 *Documentum, Inc.......................... 58
8,500 *DoubleClick, Inc......................... 79
5,322 *DST Systems, Inc......................... 202
513 *Duratek, Inc............................. 4
4,538 *E.piphany, Inc........................... 23
8,828 *Earthlink, Inc........................... 70
1,800 e*Echelon Corp............................ 25
2,488 *Eclipsys Corp............................ 26
783 *eCollege.com, Inc........................ 9
3,401 *eFunds Corp.............................. 39
1,000 *Electro Rent Corp........................ 11
7,924 *Electronic Arts, Inc..................... 586
30,360 Electronic Data Systems Corp.............. 651
900 *Embarcadero Technologies, Inc............ 6
11,627 *Enterasys Networks, Inc.................. 35
3,500 *Entrust, Inc............................. 10
857 *EPIQ Systems, Inc........................ 15
9,489 Equifax, Inc.............................. 247
1,565 *eSpeed, Inc (Class A).................... 31
230 *Expedia, Inc Wts 02/04/09................ 13
7,347 *Extreme Networks, Inc.................... 39
1,594 *F5 Networks, Inc......................... 27
1,500 Factset Research Systems, Inc............. 66
3,104 Fair Isaac Corp........................... 160
912 *Fidelity National Information Solutions,
Inc..................................... 24
2,223 *Filenet Corp............................. 40
748 *FindWhat.com............................. 14
50,984 First Data Corp........................... 2,113
12,287 *Fiserv, Inc.............................. 438
</Table>
4 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
BUSINESS SERVICES--(CONTINUED)
2,724 *Freemarkets, Inc......................... $ 19
2,038 *Getty Images, Inc........................ 84
923 Gevity HR, Inc............................ 11
52 Grey Global Group, Inc.................... 40
606 *Group 1 Software, Inc.................... 11
1,332 *GSI Commerce, Inc........................ 9
3,923 GTECH Holdings Corp....................... 148
2,663 *Harris Interactive, Inc.................. 18
667 *Healthcare Services Group................ 10
1,400 *Heidrick & Struggles International,
Inc..................................... 18
4,697 Henry (Jack) & Associates, Inc............ 84
5,561 *Homestore, Inc........................... 10
424 e*Hudson Highland Group, Inc.............. 8
2,453 *Hyperion Solutions Corp.................. 83
20,390 *i2 Technologies, Inc..................... 21
200 *ICT Group, Inc........................... 2
1,008 *iDine Rewards Network, Inc............... 14
1,200 *IDX Systems Corp......................... 19
1,449 *iGate Corp............................... 5
2,423 Imation Corp.............................. 92
15,481 IMS Health, Inc........................... 279
4,284 *Informatica Corp......................... 30
1,707 *Infospace, Inc........................... 23
1,967 *infoUSA, Inc............................. 16
692 *Integral Systems, Inc.................... 14
3,296 *Intelidata Technologies Corp............. 10
2,541 *Interactive Data Corp.................... 43
3,200 *Intergraph Corp.......................... 69
8,760 e*Interland, Inc.......................... 9
2,744 e*Internet Security Systems, Inc.......... 40
404 Interpool, Inc............................ 7
25,852 e*Interpublic Group of Cos, Inc........... 346
7,538 *Interwoven, Inc.......................... 17
1,058 *Intrado, Inc............................. 17
12,797 *Intuit, Inc.............................. 570
370 *iPayment, Inc............................ 9
4,359 *Iron Mountain, Inc....................... 162
6,865 *J.D. Edwards & Co........................ 98
1,953 *JDA Software Group, Inc.................. 22
22,486 e*Juniper Networks, Inc................... 278
1,552 *Kana Software, Inc....................... 5
3,727 *Keane, Inc............................... 51
1,200 Kelly Services, Inc (Class A)............. 28
1,631 *Keynote Systems, Inc..................... 17
1,689 *KFX ,Inc................................. 7
2,700 *Korn/Ferry International................. 22
1,551 *Kroll, Inc............................... 42
1,368 *Kronos, Inc.............................. 70
2,950 *Labor Ready, Inc......................... 21
5,002 *Lamar Advertising Co..................... 176
1,010 *Lawson Software, Inc..................... 8
6,268 *Legato Systems, Inc...................... 53
1,128 *LendingTree, Inc......................... 28
7,622 *Liberate Technologies.................... 23
1,518 *Lionbridge Technologies.................. 8
4,921 *Looksmart Ltd............................ 14
4,186 *Macromedia, Inc.......................... 88
2,752 *Macrovision Corp......................... 55
1,332 *Magma Design Automation, Inc............. 23
1,369 e*Manhattan Associates, Inc............... 36
5,174 Manpower, Inc............................. 192
519 *Mantech International Corp (Class A)..... 10
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
4,273 e*Manugistics Group, Inc.................. $ 18
1,033 *MAPICS, Inc.............................. 8
402 *Marketwatch.com, Inc..................... 3
3,375 *Matrixone, Inc........................... 19
658 McGrath RentCorp.......................... 18
562 *Medical Staffing Network Holdings, Inc... 4
753 *MedQuist, Inc............................ 15
667 *Memberworks, Inc......................... 13
4,700 *Mentor Graphics Corp..................... 68
5,143 *Mercury Interactive Corp................. 199
5,400 *Micromuse, Inc........................... 43
601,879 Microsoft Corp............................ 15,414
639 *MicroStrategy, Inc....................... 23
1,980 e*Midway Games, Inc....................... 7
5,657 *Monster Worldwide, Inc................... 112
6,683 *MPS Group, Inc........................... 46
1,100 *MRO Software, Inc........................ 9
1,833 e*MSC.Software Corp....................... 12
910 *Nassda Corp.............................. 7
1,975 *National Instruments Corp................ 75
500 *National Processing, Inc................. 8
1,346 *NCO Group, Inc........................... 24
4,200 *NCP Litigation Trust..................... 0
5,670 *NCR Corp................................. 145
2,331 NDCHealth Corp............................ 43
538 e*Neoforma, Inc........................... 6
1,742 *Netegrity, Inc........................... 10
3,593 *NETIQ Corp............................... 56
679 *Netratings, Inc.......................... 6
1,000 *Netscout Systems, Inc.................... 5
3,649 *NetScreen Technologies, Inc.............. 82
10,439 *Network Associates, Inc.................. 132
1,732 *NIC, Inc................................. 5
24,705 *Novell, Inc.............................. 76
1,939 *Nuance Communications, Inc............... 10
1,700 e*NYFIX, Inc.............................. 11
12,672 Omnicom Group, Inc........................ 909
12,637 *Openwave Systems, Inc.................... 25
600 *Opnet Technologies, Inc.................. 7
3,218 *Opsware, Inc............................. 13
260,757 *Oracle Corp.............................. 3,134
4,288 *Overture Services, Inc................... 78
1,600 *Packeteer, Inc........................... 25
14,397 *Parametric Technology Corp............... 44
1,347 *PC-Tel, Inc.............................. 16
860 *PDF Solutions, Inc....................... 10
552 *PDI, Inc................................. 6
603 *PEC Solutions, Inc....................... 10
1,800 *Pegasus Solutions, Inc................... 29
438 *Pegasystems, Inc......................... 3
1,074 *Penton Media, Inc........................ 1
18,709 *Peoplesoft, Inc.......................... 329
4,935 *Perot Systems Corp (Class A)............. 56
1,158 *Pixar, Inc............................... 70
7,300 *Portal Software, Inc..................... 15
1,516 *Priceline.com, Inc....................... 34
6,300 *ProcureNet, Inc.......................... 1
2,052 *Progress Software Corp................... 43
2,495 *Pumatech, Inc............................ 8
1,954 *Quadramed Corp........................... 3
221 *Quality Systems, Inc..................... 6
2,634 e*Quest Software, Inc..................... 31
1,871 *R.H. Donnelley Corp...................... 68
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 5
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
BUSINESS SERVICES--(CONTINUED)
1,238 *Radiant Systems, Inc..................... $ 8
1,200 *Radisys Corp............................. 16
3,114 *Raindance Communications, Inc............ 8
6,483 *RealNetworks, Inc........................ 44
8,457 *Red Hat, Inc............................. 64
9,518 e*Redback Networks, Inc................... 9
2,049 *Register.com, Inc........................ 12
781 e*Renaissance Learning, Inc............... 17
1,843 *Rent-A-Center, Inc....................... 140
1,839 *Rent-Way, Inc............................ 9
3,716 *Retek, Inc............................... 24
4,460 Reynolds & Reynolds Co (Class A).......... 127
9,882 *Robert Half International, Inc........... 187
1,421 Rollins, Inc.............................. 27
1,418 *Roxio, Inc............................... 9
3,307 *RSA Security, Inc........................ 36
5,099 *S1 Corp.................................. 21
1,743 *SAFLINK Corp............................. 11
982 *Sanchez Computer Associates, Inc......... 5
5,900 *Sapient Corp............................. 16
3,746 e*Scansoft, Inc........................... 20
2,100 *Secure Computing Corp.................... 18
3,749 *Seebeyond Technology Corp................ 9
1,206 *Serena Software, Inc..................... 25
26,862 *Siebel Systems, Inc...................... 256
1,137 *Sohu.com, Inc............................ 39
805 *Sonic Solutions, Inc..................... 7
6,172 b,e*SONICblue, Inc........................ 0
3,546 *SonicWALL, Inc........................... 17
3,230 *Sotheby's Holdings, Inc (Class A)........ 24
1,766 e*SpeechWorks International, Inc.......... 8
4,207 e*Spherion Corp........................... 29
900 *SPSS, Inc................................ 15
571 *SRA International, Inc (Class A)......... 18
566 *SS&C Technologies, Inc................... 9
746 *Startek, Inc............................. 20
1,182 *Stellent, Inc............................ 6
6,690 *StorageNetworks, Inc..................... 9
217,353 *Sun Microsystems, Inc.................... 1,000
19,170 *SunGard Data Systems, Inc................ 497
1,665 *SupportSoft, Inc......................... 11
6,382 *Sybase, Inc.............................. 89
1,700 *Sykes Enterprises, Inc................... 8
9,941 *Symantec Corp............................ 436
5,057 *Synopsys, Inc............................ 313
1,200 *Synplicity, Inc.......................... 6
403 *Syntel, Inc.............................. 6
2,200 *Systems & Computer Technology Corp....... 20
2,600 *Take-Two Interactive Software, Inc....... 74
835 Talx Corp................................. 19
2,768 *TeleTech Holdings, Inc................... 12
854 *TheStreet.com, Inc....................... 4
2,833 *THQ, Inc................................. 51
5,754 *TIBCO Software, Inc...................... 29
1,039 *Tier Technologies, Inc (Class B)......... 8
4,849 *Titan Corp............................... 50
2,517 e Total System Services, Inc.............. 56
1,168 *TradeStation Group, Inc.................. 12
2,287 *Transaction Systems Architects, Inc
(Class A)............................... 20
2,119 *Trizetto Group, Inc...................... 13
2,317 *Tyler Technologies, Inc.................. 10
21,677 *Unisys Corp.............................. 266
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
1,916 e*United Online, Inc...................... $ 49
3,755 *United Rentals, Inc...................... 52
1,098 *Universal Compression Holdings, Inc...... 23
4,946 *Valueclick, Inc.......................... 30
2,249 *Vastera, Inc............................. 13
712 *Veridian Corp............................ 25
417 *Verint Systems, Inc...................... 11
15,283 *VeriSign, Inc............................ 211
27,546 *Veritas Software Corp.................... 790
1,614 *Verity, Inc.............................. 20
6,037 *Verso Technologies, Inc.................. 11
6,076 Viad Corp................................. 136
16,948 *Vignette Corp............................ 35
602 *Vital Images, Inc........................ 11
2,569 *VitalWorks, Inc.......................... 10
1,275 e*Vitria Technology, Inc.................. 7
572 *Volt Information Sciences, Inc........... 8
2,210 *WatchGuard Technologies, Inc............. 10
1,666 e*WebEx Communications, Inc............... 23
19,602 e*WebMD Corp.............................. 212
3,244 e*webMethods, Inc......................... 26
1,479 *Websense, Inc............................ 23
5,201 *Westwood One, Inc........................ 176
4,910 *Wind River Systems, Inc.................. 19
282 *Wynn Resorts Ltd......................... 5
33,533 *Yahoo!, Inc.............................. 1,099
--------
TOTAL BUSINESS SERVICES 51,723
--------
CHEMICALS AND ALLIED PRODUCTS--12.68%
105,052 Abbott Laboratories....................... 4,597
5,917 *Abgenix, Inc............................. 62
887 *Able Laboratories, Inc................... 18
2,249 *Adolor Corp.............................. 28
15,326 Air Products & Chemicals, Inc............. 638
1,500 *Albany Molecular Research, Inc........... 23
1,874 Albemarle Corp............................ 52
2,414 Alberto-Culver Co (Class B)............... 123
1,305 e*Alexion Pharmaceuticals, Inc............ 22
4,010 *Alkermes, Inc............................ 43
9,067 Allergan, Inc............................. 699
2,124 Alpharma, Inc (Class A)................... 46
2,267 *Alteon, Inc.............................. 11
754 e*American Pharmaceutical Partners, Inc... 26
86,364 *Amgen, Inc............................... 5,785
6,244 *Amylin Pharmaceuticals, Inc.............. 137
4,337 *Andrx Corp............................... 86
1,447 e*Aphton Corp............................. 12
1,500 Arch Chemicals, Inc....................... 29
1,293 *Arena Pharmaceuticals, Inc............... 9
2,452 *Atherogenics, Inc........................ 37
1,405 *Atrix Laboratories, Inc.................. 31
4,070 *Avant Immunotherapeutics, Inc............ 12
6,883 Avery Dennison Corp....................... 346
1,394 *AVI BioPharma, Inc....................... 9
15,902 Avon Products, Inc........................ 989
2,838 *Barr Laboratories, Inc................... 186
872 *Benthley Pharmaceuticals, Inc............ 11
10,070 *Biogen, Inc.............................. 383
4,266 *BioMarin Pharmaceutical, Inc............. 42
2,055 e*Biopure Corp............................ 13
842 e*Biosite, Inc............................ 41
600 *Bone Care International, Inc............. 8
595 e*Bradley Pharmaceuticals, Inc............ 10
130,448 Bristol-Myers Squibb Co................... 3,542
</Table>
6 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
CHEMICALS AND ALLIED PRODUCTS--(CONTINUED)
4,244 Cabot Corp................................ $ 122
2,400 Calgon Carbon Corp........................ 14
1,518 Cambrex Corp.............................. 35
2,366 *Cell Genesys, Inc........................ 20
2,500 e*Cell Therapeutics, Inc.................. 24
3,399 e*Cephalon, Inc........................... 140
3,001 *Charles River Laboratories International,
Inc..................................... 97
744 *Chattem, Inc............................. 14
6,303 *Chiron Corp.............................. 276
2,493 Church & Dwight Co, Inc................... 82
1,020 *Cima Labs, Inc........................... 27
10,642 Clorox Co................................. 454
36,209 Colgate-Palmolive Co...................... 2,098
516 *Collagenex Pharmaceuticals, Inc.......... 7
2,028 *Columbia Laboratories, Inc............... 23
2,200 *Connetics Corp........................... 33
2,816 e*Corixa Corp............................. 22
7,909 Crompton Corp............................. 56
1,951 *Cubist Pharmaceuticals, Inc.............. 21
2,754 *Cytec Industries, Inc.................... 93
1,559 *Dade Behring Holdings, Inc............... 36
300 *DEL Laboratories, Inc.................... 7
531 *Dendreon Corp............................ 3
1,474 Diagnostic Products Corp.................. 61
6,530 Dial Corp................................. 127
900 *Digene Corp.............................. 25
1,900 *Discovery Laboratories, Inc.............. 12
700 *Dov Pharmaceutical, Inc.................. 8
61,253 Dow Chemical Co........................... 1,896
67,011 Du Pont (E.I.) de Nemours & Co............ 2,790
1,775 e*Durect Corp............................. 4
5,265 Eastman Chemical Co....................... 167
13,776 Ecolab, Inc............................... 353
908 *Elizabeth Arden, Inc..................... 12
3,200 *Encysive Pharmaceuticals, Inc............ 15
3,094 *Enzon, Inc............................... 39
707 *Eon Labs, Inc............................ 25
899 *EPIX Medical, Inc........................ 13
2,105 e*Esperion Therapeutics, Inc.............. 41
7,158 Estee Lauder Cos (Class A)................ 240
2,332 Ferro Corp................................ 53
1,433 *First Horizon Pharmaceutical............. 6
1,933 *FMC Corp................................. 44
22,476 *Forest Laboratories, Inc................. 1,231
14,180 *Genentech, Inc........................... 1,023
3,160 e*Genta, Inc.............................. 42
13,261 *Genzyme Corp (General Division).......... 554
1,978 Georgia Gulf Corp......................... 39
1,992 e*Geron Corp.............................. 15
12,956 *Gilead Sciences, Inc..................... 720
68,724 Gillette Co............................... 2,190
2,618 Great Lakes Chemical Corp................. 53
1,555 *GTC Biotherapeutics, Inc................. 5
1,753 e*Guilford Pharmaceuticals, Inc........... 8
1,955 H.B. Fuller Co............................ 43
295 *Hi-Tech Pharmacal Co, Inc................ 12
454 *Hollis-Eden Pharmaceuticals.............. 6
8,274 *Human Genome Sciences, Inc............... 105
5,951 ICN Pharmaceuticals, Inc.................. 100
3,632 e*ICOS Corp............................... 133
8,224 e*IDEC Pharmaceuticals Corp............... 280
2,212 *Idexx Laboratories, Inc.................. 75
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
2,300 *Ilex Oncology, Inc....................... $ 45
7,495 IMC Global, Inc........................... 50
3,514 e*ImClone Systems, Inc.................... 111
859 *Immucor, Inc............................. 19
2,900 *Immunogen, Inc........................... 12
2,700 *Immunomedics, Inc........................ 17
1,855 e*Impax Laboratories, Inc................. 22
2,819 *Indevus Pharmaceuticals, Inc............. 18
1,886 *Inspire Pharmaceuticals, Inc............. 20
236 Inter Parfums, Inc........................ 2
1,694 *InterMune, Inc........................... 27
4,926 International Flavors & Fragrances, Inc... 157
685 e*Inverness Medical Innovations, Inc...... 13
3,641 e*Invitrogen Corp......................... 140
3,357 e*Isis Pharmaceuticals, Inc............... 18
10,434 *IVAX Corp................................ 186
16,832 *King Pharmaceuticals, Inc................ 248
701 e*Kos Pharmaceuticals, Inc................ 16
1,478 *KV Pharmaceutical Co (Class A)........... 41
2,580 *La Jolla Pharmaceutical Co............... 8
400 e*Lannett Co, Inc......................... 9
3,138 e*Ligand Pharmaceuticals, Inc (Class B)... 43
64,969 Lilly (Eli) & Co.......................... 4,481
1,604 MacDermid, Inc............................ 42
1,217 *Martek Biosciences Corp.................. 52
5,013 *Medarex, Inc............................. 33
2,806 *Medicines Co............................. 56
2,127 Medicis Pharmaceutical Corp (Class A)..... 121
16,962 *MedImmune, Inc........................... 617
150,907 Merck & Co, Inc........................... 9,137
661 Meridian Bioscience, Inc.................. 6
1,800 *MGI Pharma, Inc.......................... 46
4,530 Millennium Chemicals, Inc................. 43
19,396 *Millennium Pharmaceuticals, Inc.......... 305
1,370 Minerals Technologies, Inc................ 67
12,783 Mylan Laboratories, Inc................... 444
2,800 *Nabi Biopharmaceuticals.................. 19
847 Nature's Sunshine Products, Inc........... 7
2,746 *NBTY, Inc................................ 58
3,974 *Nektar Therapeutics...................... 37
800 e*Neose Technologies, Inc................. 8
1,900 *Neurocrine Biosciences, Inc.............. 95
664 NL Industries, Inc........................ 11
1,495 *Noven Pharmaceuticals, Inc............... 15
1,979 e*NPS Pharmaceuticals, Inc................ 48
2,749 *Nuvelo, Inc.............................. 5
730 Octel Corp................................ 10
3,420 Olin Corp................................. 58
1,900 *OM Group, Inc............................ 28
2,700 *Omnova Solutions, Inc.................... 11
1,601 *Onyx Pharmaceuticals, Inc................ 20
2,301 *OraSure Technologies, Inc................ 17
2,607 *OSI Pharmaceuticals, Inc................. 84
1,200 *Pain Therapeutics, Inc................... 8
1,019 *Penwest Pharmaceuticals Co............... 25
6,873 e*Peregrine Pharmaceuticals, Inc.......... 10
531,514 Pfizer, Inc............................... 18,151
2,240 *Pharmaceutical Resources, Inc............ 109
669 e PolyMedica Corp......................... 31
5,611 *PolyOne Corp............................. 25
1,425 *Pozen, Inc............................... 16
11,360 PPG Industries, Inc....................... 576
3,663 *Praecis Pharmaceuticals, Inc............. 18
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 7
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
CHEMICALS AND ALLIED PRODUCTS--(CONTINUED)
11,063 Praxair, Inc.............................. $ 665
87,133 Procter & Gamble Co....................... 7,771
583 *Progenics Pharmaceuticals................ 9
6,191 *Protein Design Labs, Inc................. 87
564 Quaker Chemical Corp...................... 14
1,846 *Quidel Corp.............................. 11
824 e*Revlon, Inc (Class A)................... 2
1,868 *Ribapharm, Inc........................... 12
10,596 Rohm & Haas Co............................ 329
7,331 RPM International, Inc.................... 101
1,282 *Salix Pharmaceuticals Ltd................ 13
1,792 *Sangstat Medical Corp.................... 23
4,200 *Savient Pharmaceuticals, Inc............. 19
98,861 Schering-Plough Corp...................... 1,839
2,527 *Sciclone Pharmaceuticals, Inc............ 22
1,306 *Scotts Co (Class A)...................... 65
5,274 *Sepracor, Inc............................ 95
1,524 *Serologicals Corp........................ 21
8,310 Sherwin-Williams Co....................... 223
5,277 *SICOR, Inc............................... 107
4,902 Sigma-Aldrich Corp........................ 266
433 *Sirna Therapeutics, Inc.................. 4
7,559 Solutia, Inc.............................. 16
500 Stepan Co................................. 11
2,113 e*SuperGen, Inc........................... 11
900 e*SurModics, Inc.......................... 27
1,732 e*Tanox, Inc.............................. 28
1,614 *Third Wave Technologies, Inc............. 7
3,511 *Unifi, Inc............................... 22
1,125 *United Therapeutics Corp................. 25
297 *USANA Health Sciences, Inc............... 13
5,847 USEC, Inc................................. 41
3,402 Valspar Corp.............................. 144
4,981 *Vertex Pharmaceuticals, Inc.............. 73
1,397 *Vicuron Pharmaceuticals, Inc............. 20
624 *Virbac Corp.............................. 4
6,848 *Watson Pharmaceuticals, Inc.............. 276
2,293 Wellman, Inc.............................. 26
942 West Pharmaceutical Services, Inc......... 23
4,714 *WR Grace & Co............................ 21
89,371 Wyeth..................................... 4,071
718 e*Zymogenetics, Inc....................... 8
--------
TOTAL CHEMICALS AND ALLIED PRODUCTS 87,112
--------
COAL MINING--0.04%
3,254 Arch Coal, Inc............................ 75
3,721 Brink's Co................................ 54
1,394 e Consol Energy, Inc...................... 32
4,517 Massey Energy Co.......................... 59
1,582 Peabody Energy Corp....................... 53
421 *Westmoreland Coal Co..................... 8
--------
TOTAL COAL MINING 281
--------
COMMUNICATIONS--5.65%
664 *Acme Communication, Inc.................. 5
1,700 e*AirGate PCS, Inc........................ 2
5,002 *Alamosa Holdings, Inc.................... 8
7,370 b,e*Allegiance Telecom, Inc............... 0
21,031 Alltel Corp............................... 1,014
12,942 *American Tower Corp (Class A)............ 115
51,500 AT&T Corp................................. 991
151,239 *AT&T Wireless Services, Inc.............. 1,242
26,003 *Avaya, Inc............................... 168
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
465 *Beasley Broadcast Group, Inc (Class A)... $ 6
124,291 BellSouth Corp............................ 3,310
1,076 e*Boston Communications Group............. 18
6,859 e*Cablevision Systems Corp (Class A)...... 142
600 *Centennial Communications Corp........... 2
9,623 CenturyTel, Inc........................... 335
17,446 e*Charter Communications, Inc (Class A)... 69
13,787 *Cincinnati Bell, Inc..................... 92
34,793 *Clear Channel Communications, Inc........ 1,475
83,711 *Comcast Corp............................. 2,526
63,897 e*Comcast Corp Special.................... 1,842
782 *Commonwealth Telephone Enterprises,
Inc..................................... 34
14,423 *Cox Communications, Inc (Class A)........ 460
2,400 *Cox Radio, Inc (Class A)................. 55
9,017 *Crown Castle International Corp.......... 70
1,802 *Crown Media Holdings, Inc (Class A)...... 7
1,200 CT Communications, Inc.................... 13
2,893 *Cumulus Media, Inc (Class A)............. 55
866 D&E Communications, Inc................... 10
1,933 *Digital Generation Systems............... 4
1,293 *Dobson Communications Corp (Class A)..... 7
16,099 *EchoStar Communications Corp (Class A)... 557
2,497 *Emmis Communications Corp (Class A)...... 57
2,405 *Entercom Communications Corp............. 118
3,129 *Entravision Communications Corp (Class
A)...................................... 36
354 *Fisher Communications, Inc............... 17
6,845 *Foundry Networks, Inc.................... 99
10,796 *Fox Entertainment Group, Inc (Class A)... 311
3,022 *General Communication, Inc (Class A)..... 26
2,524 Global Payments, Inc...................... 90
824 *Golden Telecom, Inc...................... 18
2,685 Gray Television, Inc...................... 33
1,228 *Hearst-Argyle Television, Inc............ 32
1,000 Hickory Tech Corp......................... 11
4,081 *Hispanic Broadcasting Corp............... 104
1,797 *IDT Corp................................. 32
1,600 e*IDT Corp (Class B)...................... 28
4,516 *Infonet Services Corp (Class B).......... 7
2,972 *Insight Communications Co, Inc........... 39
20,518 e*InterActiveCorp......................... 812
558 *j2 Global Communications, Inc............ 26
24,457 e*Level 3 Communications, Inc............. 162
1,093 Liberty Corp.............................. 46
2,034 *Lightbridge, Inc......................... 18
1,798 *Lin TV Corp (Class A).................... 42
791 *Lodgenet Entertainment Corp.............. 9
264,441 e*Lucent Technologies, Inc................ 537
1,446 *Mastec, Inc.............................. 8
4,107 e*McLeodUSA, Inc (Class A)................ 6
39,967 e*McLeodUSA, Inc (Class A) Escrow......... 0
3,855 *Mediacom Communications Corp............. 38
1,315 e*Metro One Telecommunications, Inc....... 7
1,670 *Net2Phone, Inc........................... 7
53,645 *Nextel Communications, Inc (Class A)..... 970
5,206 *Nextel Partners, Inc (Class A)........... 38
1,100 North Pittsburgh Systems, Inc............. 17
2,106 *NTL, Inc................................. 72
2,069 *PanAmSat Corp............................ 38
2,900 *Paxson Communications Corp............... 17
211 *Pegasus Communications Corp.............. 6
3,500 *Price Communications Corp................ 45
3,305 *Primus Telecommunications Group.......... 17
3,398 *PTEK Holdings, Inc....................... 16
</Table>
8 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
COMMUNICATIONS--(CONTINUED)
91,798 *Qwest Communications International,
Inc..................................... $ 439
3,960 *Radio One, Inc (Class A)................. 71
1,331 *Radio One, Inc (Class D)................. 24
4,225 e*RCN Corp................................ 8
2,346 *Regent Communications, Inc............... 14
1,057 *Saga Communications, Inc (Class A)....... 21
695 *Salem Communications Corp (Class A)...... 14
223,596 SBC Communications, Inc................... 5,713
234 Shenandoah Telecom Co..................... 11
2,558 *Sinclair Broadcast Group, Inc (Class
A)...................................... 30
2,599 *Spanish Broadcasting System, Inc (Class
A)...................................... 21
60,225 Sprint Corp (FON Group)................... 867
52,621 *Sprint Corp (PCS Group).................. 303
956 SureWest Communications................... 29
1,652 *Talk America Holdings, Inc............... 18
3,612 Telephone & Data Systems, Inc............. 180
3,067 *Time Warner Telecom, Inc (Class A)....... 20
2,123 e*Tivo, Inc............................... 26
7,500 b*Touch America Holdings, Inc............. 0
1,400 *Triton PCS Holdings, Inc (Class A)....... 7
1,032 *U.S. Cellular Corp....................... 26
5,231 e*U.S. Unwired, Inc (Class A)............. 2
5,408 e*UnitedGlobalcom, Inc (Class A).......... 28
8,082 e*Univision Communications, Inc (Class
A)...................................... 246
184,410 Verizon Communications, Inc............... 7,275
7,400 *Viacom, Inc (Class A).................... 323
97,413 *Viacom, Inc (Class B).................... 4,253
121 Warwick Valley Telephone Co............... 10
1,307 *West Corp................................ 35
3,838 e*Western Wireless Corp (Class A)......... 44
1,700 *Wireless Facilities, Inc................. 20
6,599 e*XM Satellite Radio Holdings, Inc........ 73
1,003 *Young Broadcasting, Inc (Class A)........ 21
--------
TOTAL COMMUNICATIONS 38,818
--------
DEPOSITORY INSTITUTIONS--10.72%
1,016 1st Source Corp........................... 19
711 ABC Bancorp............................... 10
419 American National Bankshares, Inc......... 11
24,354 AmSouth Bancorp........................... 532
1,467 Anchor Bancorp Wisconsin, Inc............. 35
488 Arrow Financial Corp...................... 16
5,173 Associated Banc-Corp...................... 192
5,726 Astoria Financial Corp.................... 160
283 Bancfirst Corp............................ 15
5,600 Bancorpsouth, Inc......................... 117
817 Bank Mutual Corp.......................... 27
101,162 Bank of America Corp...................... 7,995
1,000 Bank of Granite Corp...................... 17
4,703 Bank of Hawaii Corp....................... 156
49,222 Bank of New York Co, Inc.................. 1,415
319 Bank of The Ozarks, Inc................... 12
77,611 Bank One Corp............................. 2,886
2,677 BankAtlantic Bancorp, Inc (Class A)....... 32
10,918 Banknorth Group, Inc...................... 279
1,281 *BankUnited Financial Corp (Class A)...... 26
777 Banner Corp............................... 16
4,537 *Bay View Capital Corp.................... 26
32,316 BB&T Corp................................. 1,108
449 Berkshire Hills Bancorp, Inc.............. 13
1,268 *Biolase Technology, Inc.................. 14
802 *BOK Financial Corp....................... 31
1,020 Boston Private Financial Holdings, Inc.... 22
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
267 Bryn Mawr Bank Corp....................... $ 10
700 BSB Bancorp, Inc.......................... 17
225 C&F Financial Corp........................ 9
580 Camden National Corp...................... 16
500 Capital City Bank Group, Inc.............. 18
1,624 Capitol Federal Financial................. 46
897 Cascade Bancorp........................... 16
1,069 e Cathay Bancorp, Inc..................... 48
262 CB Bancshares, Inc........................ 16
630 CCBT Financial Cos, Inc................... 15
506 Center Bancorp, Inc....................... 8
311 *Center Financial Corp.................... 5
591 *Central Coast Bancorp.................... 10
1,000 Central Pacific Financial Corp............ 28
229 Century Bancorp, Inc (Class A)............ 7
285 Charter Financial Corp.................... 8
15,583 Charter One Financial, Inc................ 486
1,640 Chemical Financial Corp................... 49
2,169 Chittenden Corp........................... 59
346,382 Citigroup, Inc............................ 14,825
3,400 *Citigroup, Inc (Litigation Wts).......... 3
3,061 Citizens Banking Corp..................... 82
651 Citizens First Bancorp, Inc............... 14
600 Citizens South Banking Corp............... 8
550 City Bank................................. 15
1,237 City Holding Co........................... 36
2,682 City National Corp........................ 120
245 CNB Financial Corp........................ 11
300 Coastal Bancorp, Inc...................... 9
657 Coastal Financial Corp.................... 8
450 CoBiz, Inc................................ 6
8,230 Colonial Bancgroup, Inc................... 114
416 Columbia Bancorp.......................... 10
508 Columbia Bancorp (Oregon)................. 7
1,009 Columbia Banking System, Inc.............. 18
12,037 Comerica, Inc............................. 560
3,932 Commerce Bancorp, Inc..................... 146
3,971 Commerce Bancshares, Inc.................. 155
228 Commercial Bankshares, Inc................ 7
3,124 Commercial Federal Corp................... 66
277 Community Bank of North Virginia.......... 3
818 Community Bank System, Inc................ 31
905 Community Trust Bancorp, Inc.............. 24
8,652 Compass Bancshares, Inc................... 302
34,705 *Concord EFS, Inc......................... 511
585 Corus Bankshares, Inc..................... 28
3,532 Cullen/Frost Bankers, Inc................. 113
2,343 CVB Financial Corp........................ 46
1,606 Dime Community Bancshares................. 41
1,439 Downey Financial Corp..................... 59
1,600 East West Bancorp, Inc.................... 58
327 Eastern Virginia Bankshares, Inc.......... 7
481 ESB Financial Corp........................ 6
1,026 *Euronet Worldwide, Inc................... 11
283 EverTrust Financial Group, Inc............ 7
187 Exchange National Bancshares, Inc......... 10
447 Farmers Capital Bank Corp................. 14
1,153 Fidelity Bankshares, Inc.................. 26
34,205 Fifth Third Bancorp....................... 1,961
559 Financial Institutions, Inc............... 13
480 First Bancorp (North Carolina)............ 12
2,338 First Bancorp (Puerto Rico)............... 64
210 First Bell Bancorp, Inc................... 5
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 9
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
600 First Busey Corp (Class A)................ $ 15
2,100 First Charter Corp........................ 37
281 First Citizens Banc Corp.................. 7
436 First Citizens Bancshares, Inc (Class
A)...................................... 44
4,100 First Commonwealth Financial Corp......... 53
831 First Community Bancorp................... 26
646 First Community Bancshares, Inc........... 23
468 First Essex Bancorp, Inc.................. 22
1,238 First Federal Capital Corp................ 25
213 First Federal Financial of Kentucky....... 7
2,593 First Financial Bancorp................... 41
1,093 First Financial Bankshares, Inc........... 37
500 First Financial Corp (Indiana)............ 26
1,000 First Financial Holdings, Inc............. 27
1,043 First Merchants Corp...................... 25
3,362 First Midwest Bancorp, Inc................ 97
550 First National Corp....................... 14
310 First Oak Brook Bancshares, Inc........... 10
743 *First Republic Bank...................... 20
1,744 First Sentinel Bancorp, Inc............... 28
203 First South Bancorp, Inc.................. 7
499 First State Bancorp....................... 14
8,546 First Tennessee National Corp............. 375
410 First United Corp......................... 9
4,823 *First Virginia Banks, Inc................ 208
494 Firstfed America Bancorp, Inc............. 17
1,200 *FirstFed Financial Corp.................. 42
5,818 FirstMerit Corp........................... 133
442 Flag Financial Corp....................... 6
1,967 Flagstar Bancorp, Inc..................... 48
70,684 FleetBoston Financial Corp................ 2,100
362 FloridaFirst Bancorp, Inc................. 9
737 Flushing Financial Corp................... 16
254 FMS Financial Corp........................ 4
3,097 FNB Corp.................................. 94
419 FNB Corp (Virginia)....................... 11
333 FNB Corp, Inc............................. 8
309 Foothill Independent Bancorp.............. 6
195 Franklin Financial Corp................... 6
1,064 Frontier Financial Corp................... 30
7,274 Fulton Financial Corp..................... 145
282 GA Financial, Inc......................... 7
300 GB&T Bancshares, Inc...................... 7
582 GBC Bancorp............................... 22
1,224 Glacier Bancorp, Inc...................... 30
2,100 Gold Banc Corp, Inc....................... 22
8,460 Golden West Financial Corp................ 677
416 Great Southern Bancorp, Inc............... 16
339 Greater Community Bancorp................. 5
5,778 e Greenpoint Financial Corp............... 294
957 Hancock Holding Co........................ 45
628 Hanmi Financial Corp...................... 11
1,557 Harbor Florida Bancshares, Inc............ 37
1,322 Harleysville National Corp................ 36
756 *Heritage Commerce Corp................... 9
363 Heritage Financial Corp................... 8
10,928 Hibernia Corp (Class A)................... 198
5,161 Hudson City Bancorp, Inc.................. 132
1,120 Hudson River Bancorp, Inc................. 31
3,093 Hudson United Bancorp..................... 106
772 Humboldt Bancorp.......................... 12
15,387 Huntington Bancshares, Inc................ 300
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
409 IberiaBank Corp........................... $ 20
175 IBT Bancorp, Inc.......................... 9
906 Independent Bank Corp (Massachusetts)..... 20
1,389 Independent Bank Corp (Michigan).......... 36
3,878 IndyMac Bancorp, Inc...................... 99
1,112 Integra Bank Corp......................... 19
900 *Intercept, Inc........................... 8
616 Interchange Financial Services Corp....... 12
1,916 International Bancshares Corp............. 68
934 Irwin Financial Corp...................... 24
332 *Itla Capital Corp........................ 13
135,903 J.P. Morgan Chase & Co.................... 4,645
28,770 KeyCorp................................... 727
412 Klamath First Bancorp, Inc................ 7
845 e Lakeland Bancorp, Inc................... 14
367 Lakeland Financial Corp................... 11
315 LNB Bancorp, Inc.......................... 7
608 LSB Bancshares, Inc....................... 11
4,803 M & T Bank Corp........................... 405
504 Macatawa Bank Corp........................ 12
1,342 MAF Bancorp, Inc.......................... 50
700 Main Street Banks, Inc.................... 18
422 MainSource Financial Group, Inc........... 10
14,906 Marshall & Ilsley Corp.................... 456
813 MB Financial, Inc......................... 33
29,038 Mellon Financial Corp..................... 806
324 Mercantile Bank Corp...................... 9
4,786 Mercantile Bankshares Corp................ 188
287 Merchants Bancshares, Inc................. 7
1,600 Mid-State Bancshares...................... 32
600 e Midwest Banc Holdings, Inc.............. 12
297 MutualFirst Financial, Inc................ 7
572 Nara Bancorp, Inc......................... 11
219 NASB Financial, Inc....................... 6
236 National Bankshares, Inc.................. 9
38,021 National City Corp........................ 1,244
13,992 National Commerce Financial Corp.......... 310
1,300 National Penn Bancshares, Inc............. 37
514 NBC Capital Corp.......................... 13
2,152 NBT Bancorp, Inc.......................... 42
3,228 NetBank, Inc.............................. 42
9,765 New York Community Bancorp, Inc........... 284
11,099 North Fork Bancorp, Inc................... 378
13,054 Northern Trust Corp....................... 546
792 Northwest Bancorp, Inc.................... 13
221 Oak Hill Financial, Inc................... 6
786 OceanFirst Financial Corp................. 20
2,600 *Ocwen Financial Corp..................... 12
4,507 Old National Bancorp...................... 104
155 Old Point Financial Corp.................. 5
532 Old Second Bancorp, Inc................... 23
593 Omega Financial Corp...................... 20
113 Oneida Financial Corp..................... 3
475 PAB Bankshares, Inc....................... 6
2,433 Pacific Capital Bancorp................... 85
763 Pacific Union Bank........................ 10
768 Park National Corp........................ 88
344 Parkvale Financial Corp................... 8
474 Partners Trust Financial Group, Inc....... 9
449 Patriot Bank Corp......................... 8
430 Peapack Gladstone Financial Corp.......... 14
381 Pennfed Financial Services, Inc........... 11
500 Pennrock Financial Services Corp.......... 14
</Table>
10 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
204 Penns Woods Bancorp, Inc.................. $ 9
567 Peoples Bancorp, Inc...................... 14
1,741 People's Bank............................. 50
342 Peoples Holding Co........................ 15
775 PFF Bancorp, Inc.......................... 30
19,104 PNC Financial Services Group, Inc......... 932
1,701 Provident Bankshares Corp................. 43
2,926 e Provident Financial Group, Inc.......... 75
1,760 Provident Financial Services, Inc......... 34
1,016 R & G Financial Corp (Class B)............ 30
15,498 Regions Financial Corp.................... 524
3,705 Republic Bancorp, Inc..................... 50
506 Republic Bancorp, Inc (Class A)
(Kentucky).............................. 8
201 Resource Bankshares Corp.................. 7
997 Riggs National Corp....................... 15
5,020 Roslyn Bancorp, Inc....................... 108
288 Royal Bancshares of Pennsylvania (Class
A)...................................... 6
1,811 S & T Bancorp, Inc........................ 50
403 S.Y. Bancorp, Inc......................... 14
325 Santander Bancorp......................... 5
855 Seacoast Banking Corp of Florida.......... 15
1,744 Seacoast Financial Services Corp.......... 35
637 Second Bancorp, Inc....................... 16
253 Security Bank Corp........................ 9
362 Shore Bancshares, Inc..................... 11
2,887 e*Silicon Valley Bancshares............... 69
1,066 Simmons First National Corp (Class A)..... 21
5,174 Sky Financial Group, Inc.................. 112
890 Sound Federal Bancorp, Inc................ 12
2,781 South Financial Group, Inc................ 65
368 Southern Financial Bancorp, Inc........... 11
566 Southside Bancshares, Inc................. 10
23,363 SouthTrust Corp........................... 635
1,929 *Southwest Bancorp of Texas, Inc.......... 63
370 Southwest Bancorp, Inc.................... 10
17,551 Sovereign Bancorp, Inc.................... 275
548 St. Francis Capital Corp.................. 16
553 State Bancorp, Inc........................ 11
345 State Financial Services Corp (Class A)... 8
22,003 State Street Corp......................... 867
3,870 Staten Island Bancorp, Inc................ 75
762 Sterling Bancorp.......................... 21
2,600 Sterling Bancshares, Inc.................. 34
1,139 Sterling Financial Corp (Pennsylvania).... 26
920 *Sterling Financial Corp (Spokane)........ 22
378 Summit Bancshares, Inc.................... 9
483 *Sun Bancorp, Inc (New Jersey)............ 10
355 Sun Bancorp, Inc (Pennsylvania)........... 7
16,833 SunTrust Banks, Inc....................... 999
20,061 e Synovus Financial Corp.................. 431
5,193 TCF Financial Corp........................ 207
1,736 Texas Regional Bancshares, Inc (Class
A)...................................... 60
172 *TierOne Corp............................. 3
363 Trico Bancshares.......................... 9
630 Troy Financial Corp....................... 17
1,300 Trust Co of New Jersey.................... 39
5,202 Trustco Bank Corp NY...................... 58
3,002 Trustmark Corp............................ 76
128,944 U.S. Bancorp.............................. 3,159
960 U.S.B. Holding Co, Inc.................... 17
2,612 UCBH Holdings, Inc........................ 75
1,144 UMB Financial Corp........................ 49
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
1,661 Umpqua Holdings Corp...................... $ 32
543 Union Bankshares Corp..................... 15
13,740 Union Planters Corp....................... 426
3,500 UnionBanCal Corp.......................... 145
2,534 United Bankshares, Inc.................... 73
1,194 United Community Banks, Inc............... 30
2,251 United Community Financial Corp........... 21
265 *United PanAm Financial Corp.............. 3
216 United Securities Bancshares.............. 10
230 United Security Bancshares................ 5
1,587 Unizan Financial Corp..................... 28
6,850 Valley National Bancorp................... 180
322 *Virginia Commerce Bancorp................ 6
524 Virginia Financial Group, Inc............. 15
2,893 W Holding Co, Inc......................... 49
86,856 Wachovia Corp............................. 3,471
263 Warwick Community Bancorp................. 8
4,856 Washington Federal, Inc................... 112
881 Washington Trust Bancorp, Inc............. 20
3,148 Webster Financial Corp.................... 119
113,269 Wells Fargo & Co.......................... 5,709
1,533 Wesbanco, Inc............................. 37
1,194 West Coast Bancorp........................ 22
131 West Essex Bancorp, Inc................... 5
2,316 Westamerica Bancorp....................... 100
225 *Western Sierra Bancorp................... 7
2,764 Whitney Holding Corp...................... 88
747 Willow Grove Bancorp, Inc................. 13
4,525 Wilmington Trust Corp..................... 133
971 Wintrust Financial Corp................... 29
620 WSFS Financial Corp....................... 24
558 Yardville National Bancorp................ 11
6,185 Zions Bancorp............................. 313
--------
TOTAL DEPOSITORY INSTITUTIONS 73,630
--------
EATING AND DRINKING PLACES--0.69%
1,013 *AFC Enterprises, Inc..................... 16
3,718 Applebee's International, Inc............. 117
3,540 *Aramark Corp (Class B)................... 79
2,400 Bob Evans Farms, Inc...................... 66
6,702 *Brinker International, Inc............... 241
1,020 *California Pizza Kitchen, Inc............ 22
3,340 CBRL Group, Inc........................... 130
1,783 *CEC Entertainment, Inc................... 66
758 e*Chicago Pizza & Brewery, Inc............ 8
3,658 *CKE Restaurants, Inc..................... 20
11,718 Darden Restaurants, Inc................... 222
790 *Dave & Buster's, Inc..................... 9
1,384 IHOP Corp................................. 44
2,356 *Jack In The Box, Inc..................... 53
3,663 e*Krispy Kreme Doughnuts, Inc............. 151
1,378 Landry's Restaurants, Inc................. 33
1,175 Lone Star Steakhouse & Saloon, Inc........ 26
85,626 McDonald's Corp........................... 1,889
1,120 *O'Charley's, Inc......................... 24
4,119 Outback Steakhouse, Inc................... 161
1,702 e*P.F. Chang's China Bistro, Inc.......... 84
875 *Papa John's International, Inc........... 25
1,420 *Rare Hospitality International, Inc...... 46
4,500 Ruby Tuesday, Inc......................... 111
3,096 *Ryan's Family Steak Houses, Inc.......... 43
2,516 *Sonic Corp............................... 64
3,430 e*The Cheesecake Factory, Inc............. 123
1,400 *The Steak n Shake Co..................... 21
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 11
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
EATING AND DRINKING PLACES--(CONTINUED)
955 *Triarc Cos, Inc.......................... $ 29
7,405 Wendy's International, Inc................ 215
19,953 *Yum! Brands, Inc......................... 590
--------
TOTAL EATING AND DRINKING PLACES 4,728
--------
EDUCATIONAL SERVICES--0.19%
8,237 *Apollo Group, Inc (Class A).............. 509
1,040 *Apollo Group, Inc (University of Phoenix
Online)................................. 53
3,135 *Career Education Corp.................... 214
2,948 *Corinthian Colleges, Inc................. 143
4,016 *DeVry, Inc............................... 94
1,668 *Education Management Corp................ 89
3,070 *ITT Educational Services, Inc............ 90
753 *Learning Tree International, Inc......... 12
1,157 *Princeton Review, Inc.................... 7
529 Strayer Education, Inc.................... 42
2,200 *Sylvan Learning Systems, Inc............. 50
607 *Whitman Education Group.................. 9
--------
TOTAL EDUCATIONAL SERVICES 1,312
--------
ELECTRIC, GAS, AND SANITARY SERVICES--3.54%
27,852 *AES Corp................................. 177
3,864 AGL Resources, Inc........................ 98
8,638 e*Allegheny Energy, Inc................... 73
5,279 Allete, Inc............................... 140
6,301 Alliant Energy Corp....................... 120
9,595 *Allied Waste Industries, Inc............. 96
10,193 Ameren Corp............................... 450
26,707 American Electric Power Co, Inc........... 797
1,100 American States Water Co.................. 30
10,655 *Aquila, Inc.............................. 27
3,023 Atmos Energy Corp......................... 75
3,500 Avista Corp............................... 50
1,900 Black Hills Corp.......................... 58
1,000 California Water Service Group............ 28
24,314 e*Calpine Corp............................ 160
800 Cascade Natural Gas Corp.................. 15
1,195 *Casella Waste Systems, Inc (Class A)..... 11
18,443 e Centerpoint Energy, Inc................. 150
846 Central Vermont Public Service Corp....... 17
1,183 CH Energy Group, Inc...................... 53
375 Chesapeake Utilities Corp................. 8
11,513 Cinergy Corp.............................. 424
19,001 *Citizens Communications Co............... 245
526 *Clean Harbors, Inc....................... 5
2,970 Cleco Corp................................ 51
8,642 e*CMS Energy Corp......................... 70
556 Connecticut Water Service, Inc............ 14
14,457 e Consolidated Edison, Inc................ 626
11,049 Constellation Energy Group, Inc........... 379
21,167 Dominion Resources, Inc................... 1,360
8,774 DPL, Inc.................................. 140
4,100 DQE, Inc.................................. 62
11,008 DTE Energy Co............................. 425
60,347 Duke Energy Corp.......................... 1,204
19,348 *Dynegy, Inc (Class A).................... 81
20,819 *Edison International..................... 342
36,664 El Paso Corp.............................. 296
3,388 *El Paso Electric Co...................... 42
1,602 Empire District Electric Co............... 35
2,318 Energen Corp.............................. 77
10,024 Energy East Corp.......................... 208
302 EnergySouth, Inc.......................... 10
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
15,050 Entergy Corp.............................. $ 794
4,306 Equitable Resources, Inc.................. 175
21,685 Exelon Corp............................... 1,297
18,879 FirstEnergy Corp.......................... 726
11,927 FPL Group, Inc............................ 797
4,358 Great Plains Energy, Inc.................. 126
2,600 Hawaiian Electric Industries, Inc......... 119
2,558 Idacorp, Inc.............................. 67
9,933 KeySpan Corp.............................. 352
6,143 Kinder Morgan, Inc........................ 336
1,400 Laclede Group, Inc........................ 38
4,900 MDU Resources Group, Inc.................. 164
1,200 MGE Energy, Inc........................... 38
555 Middlesex Water Co........................ 14
27,643 e*Mirant Corp............................. 80
4,958 National Fuel Gas Co...................... 129
1,850 New Jersey Resources Corp................. 66
3,050 Nicor, Inc................................ 113
16,028 NiSource, Inc............................. 305
2,809 *NiSource, Inc (Sails).................... 6
8,777 Northeast Utilities....................... 147
1,750 Northwest Natural Gas Co.................. 48
3,639 NSTAR..................................... 166
1,000 NUI Corp.................................. 16
5,321 OGE Energy Corp........................... 114
4,661 Oneok, Inc................................ 91
1,700 Otter Tail Corp........................... 46
2,462 Peoples Energy Corp....................... 106
9,172 Pepco Holdings, Inc....................... 176
26,464 *PG&E Corp................................ 560
4,054 Philadelphia Suburban Corp................ 99
2,234 Piedmont Natural Gas Co, Inc.............. 87
5,318 Pinnacle West Capital Corp................ 199
2,620 PNM Resources, Inc........................ 70
11,149 PPL Corp.................................. 479
14,987 Progress Energy, Inc...................... 658
5,000 *Progress Energy, Inc (Cvo)............... 2
15,050 Public Service Enterprise Group, Inc...... 636
6,054 Puget Energy, Inc......................... 145
5,255 Questar Corp.............................. 176
18,132 *Reliant Resources, Inc................... 111
10,488 *Republic Services, Inc................... 238
1,126 Resource America, Inc (Class A)........... 12
700 Roto-Rooter, Inc.......................... 27
7,241 SCANA Corp................................ 248
1,200 e SEMCO Energy, Inc....................... 7
12,297 Sempra Energy............................. 351
7,400 e*Sierra Pacific Resources................ 44
149 SJW Corp.................................. 13
800 South Jersey Industries, Inc.............. 29
47,634 Southern Co............................... 1,484
2,899 *Southern Union Co........................ 49
2,332 Southwest Gas Corp........................ 49
699 Southwest Water Co........................ 10
2,308 *Stericycle, Inc.......................... 89
10,202 e TECO Energy, Inc........................ 122
922 Texas Genco Holdings, Inc................. 21
20,490 TXU Corp.................................. 460
2,868 UGI Corp.................................. 91
892 e UIL Holdings Corp....................... 36
2,061 Unisource Energy Corp..................... 39
4,660 Vectren Corp.............................. 117
1,892 *Waste Connections, Inc................... 66
</Table>
12 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED)
39,009 Waste Management, Inc..................... $ 940
4,029 Westar Energy, Inc........................ 65
1,277 Western Gas Resources, Inc................ 51
3,300 WGL Holdings, Inc......................... 88
32,856 Williams Cos, Inc......................... 260
7,800 Wisconsin Energy Corp..................... 226
2,180 WPS Resources Corp........................ 88
26,792 Xcel Energy, Inc.......................... 403
--------
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 24,326
--------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--7.40%
1,556 *Actel Corp............................... 32
1,924 b,e*Acterna Corp.......................... 0
54,729 *ADC Telecommunications, Inc.............. 127
1,423 e*Adtran, Inc............................. 73
1,193 *Advanced Energy Industries, Inc.......... 17
5,641 *Advanced Fibre Communications, Inc....... 92
23,508 *Advanced Micro Devices, Inc.............. 151
4,300 *Aeroflex, Inc............................ 33
46,506 e*Agere Systems, Inc (Class A)............ 108
61,048 *Agere Systems, Inc (Class B)............. 140
1,866 *Allen Telecom, Inc....................... 31
1,895 *Alliance Semiconductor Corp.............. 9
25,942 *Altera Corp.............................. 425
11,105 American Power Conversion Corp............ 173
2,278 Ametek, Inc............................... 83
6,298 *Amkor Technology, Inc.................... 83
1,298 *Amphenol Corp (Class A).................. 61
24,578 *Analog Devices, Inc...................... 856
1,600 *Anaren Microwave, Inc.................... 15
1,164 Applica, Inc.............................. 10
20,650 *Applied Micro Circuits Corp.............. 125
589 Applied Signal Technology, Inc............ 10
4,429 e*Arris Group, Inc........................ 22
2,137 *Artesyn Technologies, Inc................ 12
900 *Artisan Components, Inc.................. 20
27,984 *Atmel Corp............................... 71
1,950 *ATMI, Inc................................ 49
4,177 *Avanex Corp.............................. 17
3,547 AVX Corp.................................. 39
2,164 Baldor Electric Co........................ 45
674 Bel Fuse, Inc (Class B)................... 15
1,537 *Benchmark Electronics, Inc............... 47
13,817 e*Broadcom Corp (Class A)................. 344
1,800 C&D Technologies, Inc..................... 26
300 *Catapult Communications Corp............. 3
2,266 *C-COR.net Corp........................... 11
1,843 *Centillium Communications, Inc........... 18
474 *Ceradyne, Inc............................ 9
2,315 *Checkpoint Systems, Inc.................. 33
3,036 *ChipPAC, Inc............................. 23
29,281 *CIENA Corp............................... 152
524 e*ClearOne Communications, Inc............ 1
509 *Comtech Telecommunications............... 14
12,265 e*Comverse Technology, Inc................ 184
18,598 *Conexant Systems, Inc.................... 76
4,899 e*Cree, Inc............................... 80
2,100 CTS Corp.................................. 22
1,000 Cubic Corp................................ 22
8,434 *Cypress Semiconductor Corp............... 101
3,000 e*DDI Corp................................ 0
278 *Diodes, Inc.............................. 5
1,743 *Ditech Communications Corp............... 9
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
607 e*Drexler Technology Corp................. $ 9
1,939 *DSP Group, Inc........................... 42
859 *Dupont Photomasks, Inc................... 16
2,000 *Electro Scientific Industries, Inc....... 30
28,330 Emerson Electric Co....................... 1,448
1,110 *Emerson Radio Corp....................... 7
756 *EMS Technologies, Inc.................... 10
6,202 *Energizer Holdings, Inc.................. 195
934 *Energy Conversion Devices, Inc........... 8
3,302 *Entegris, Inc............................ 44
2,200 *ESS Technology, Inc...................... 21
2,800 *Exar Corp................................ 44
754 *Fairchild Corp (Class A)................. 3
7,879 *Fairchild Semiconductor International,
Inc..................................... 101
9,210 e*Finisar Corp............................ 14
462 Franklin Electric Co, Inc................. 26
2,400 e*FuelCell Energy, Inc.................... 20
15,290 *Gemstar-TV Guide International, Inc...... 78
672,333 General Electric Co....................... 19,283
2,198 e*Genesis Microchip, Inc.................. 30
870 *Genlyte Group, Inc....................... 30
17,200 b,e*Geotek Communications, Inc............ 0
7,469 *GlobespanVirata, Inc..................... 62
4,100 *GrafTech International Ltd............... 22
1,773 Harman International Industries, Inc...... 140
4,036 *Harmonic, Inc............................ 16
4,175 e Harris Corp............................. 125
1,700 Helix Technology Corp..................... 22
1,700 *Hexcel Corp.............................. 5
3,320 Hubbell, Inc (Class B).................... 110
1,800 *Hutchinson Technology, Inc............... 59
900 *Inet Technologies, Inc................... 9
4,117 *Integrated Circuit Systems, Inc.......... 129
7,233 *Integrated Device Technology, Inc........ 80
2,100 *Integrated Silicon Solution, Inc......... 15
439,734 Intel Corp................................ 9,139
3,915 *Interdigital Communications Corp......... 91
4,251 *International Rectifier Corp............. 114
8,141 *Intersil Corp (Class A).................. 217
1,400 Inter-Tel, Inc............................ 30
2,296 *InterVoice, Inc.......................... 11
1,160 *IXYS Corp................................ 9
10,480 *Jabil Circuit, Inc....................... 232
4,481 *Jacuzzi Brands, Inc...................... 24
83,158 *JDS Uniphase Corp........................ 292
1,547 *JNI Corp................................. 8
6,007 *Kemet Corp............................... 61
1,583 *Komag, Inc............................... 19
4,991 *Kopin Corp............................... 31
653 *KVH Industries, Inc...................... 16
4,370 *L-3 Communications Holdings, Inc......... 190
5,794 *Lattice Semiconductor Corp............... 48
287 *Lifeline Systems, Inc.................... 8
21,460 Linear Technology Corp.................... 691
1,409 *Littelfuse, Inc.......................... 32
1,035 LSI Industries, Inc....................... 11
25,435 *LSI Logic Corp........................... 180
1,100 e*Manufacturers Services Ltd.............. 5
1,508 *Mattson Technology, Inc.................. 5
21,750 Maxim Integrated Products, Inc............ 744
5,338 Maytag Corp............................... 130
6,926 *McData Corp (Class A).................... 102
943 e*Medis Technologies Ltd.................. 7
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 13
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED)
2,262 *MEMC Electronic Materials, Inc........... $ 22
1,540 *Mercury Computer Systems, Inc............ 28
2,500 Methode Electronics, Inc (Class A)........ 27
4,264 *Micrel, Inc.............................. 44
13,549 Microchip Technology, Inc................. 332
37,075 e*Micron Technology, Inc.................. 431
2,114 *Microsemi Corp........................... 34
3,137 *Microtune, Inc........................... 10
6,199 *Mindspeed Technologies, Inc.............. 17
582 *MIPS Technologies, Inc (Class B)......... 1
8,643 Molex, Inc................................ 233
1,515 *Monolithic System Technology, Inc........ 14
1,100 *Moog, Inc (Class A)...................... 38
153,363 Motorola, Inc............................. 1,446
5,858 *MRV Communications, Inc.................. 12
2,855 *Mykrolis Corp............................ 29
300 National Presto Industries, Inc........... 9
12,371 *National Semiconductor Corp.............. 244
4,791 *New Focus, Inc........................... 18
10,195 e*Novellus Systems, Inc................... 373
8,935 *Nvidia Corp.............................. 206
4,021 *Oak Technology, Inc...................... 25
1,426 e*Omnivision Technologies, Inc............ 44
2,400 *ON Semiconductor Corp.................... 6
8,470 *Oplink Communications, Inc............... 16
869 *OSI Systems, Inc......................... 14
1,250 Park Electrochemical Corp................. 25
1,022 *Parthusceva, Inc......................... 8
1,673 *Pemstar, Inc............................. 7
1,447 *Pericom Semiconductor Corp............... 13
1,900 *Photronics, Inc.......................... 33
2,318 e*Pixelworks, Inc......................... 14
2,717 *Plantronics, Inc......................... 59
3,100 *Plexus Corp.............................. 36
1,182 e*Plug Power, Inc......................... 6
11,397 *PMC-Sierra, Inc.......................... 134
7,006 *Polycom, Inc............................. 97
458 *Powell Industries, Inc................... 7
1,813 *Power Integrations, Inc.................. 44
3,890 *Power-One, Inc........................... 28
4,709 *Powerwave Technologies, Inc.............. 30
8,578 e*Proxim Corp (Class A)................... 13
6,315 *QLogic Corp.............................. 305
52,359 Qualcomm, Inc............................. 1,872
6,100 *Rambus, Inc.............................. 101
2,306 *Rayovac Corp............................. 30
1,745 b*Read-Rite Corp.......................... 0
1,663 Regal-Beloit Corp......................... 32
4,091 *Remec, Inc............................... 28
9,806 *RF Micro Devices, Inc.................... 59
400 Richardson Electronics Ltd................ 3
12,362 Rockwell Collins, Inc..................... 304
1,100 *Rogers Corp.............................. 37
575 *SafeNet, Inc............................. 16
35,335 *Sanmina-SCI Corp......................... 223
2,915 *SBA Communications Corp.................. 9
1,000 *SBS Technologies, Inc.................... 10
10,570 Scientific-Atlanta, Inc................... 252
1,500 *Seachange International, Inc............. 14
4,307 *Semtech Corp............................. 61
4,000 *Silicon Image, Inc....................... 22
1,960 *Silicon Laboratories, Inc................ 52
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
5,900 *Silicon Storage Technology, Inc.......... $ 25
500 *Siliconix, Inc........................... 18
1,800 *Sipex Corp............................... 9
43,307 e*Sirius Satellite Radio, Inc............. 73
9,141 e*Skyworks Solutions, Inc................. 62
1,197 Smith (A.O.) Corp......................... 34
12,965 *Sonus Networks, Inc...................... 65
1,100 *Spectralink Corp......................... 11
808 *Standard Microsystems Corp............... 12
700 *Stoneridge, Inc.......................... 10
6,000 *Stratex Networks, Inc.................... 19
3,324 *Superconductor Technologies.............. 8
745 *Supertex, Inc............................ 14
11,448 *Sycamore Networks, Inc................... 44
360 *Synaptics, Inc........................... 5
2,506 *Technitrol, Inc.......................... 38
3,400 *Tekelec.................................. 38
28,264 *Tellabs, Inc............................. 186
5,597 e*Tellium, Inc............................ 5
4,400 *Terayon Communication Systems, Inc....... 12
116,977 Texas Instruments, Inc.................... 2,059
2,968 *Thomas & Betts Corp...................... 43
1,600 *Three-Five Systems, Inc.................. 11
1,000 *Tollgrade Communications, Inc............ 19
7,764 *Transmeta Corp........................... 12
9,492 *Triquint Semiconductor, Inc.............. 39
1,025 *TTM Technologies, Inc.................... 5
2,000 *Turnstone Systems, Inc................... 5
640 *Ulticom, Inc............................. 6
1,200 e*Universal Display Corp.................. 11
1,000 *Universal Electronics, Inc............... 13
4,272 *Utstarcom, Inc........................... 152
3,331 *Valence Technology, Inc.................. 10
2,111 *Varian Semiconductor Equipment
Associates, Inc......................... 63
1,399 *Viasat, Inc.............................. 20
1,471 *Vicor Corp............................... 14
739 *Virage Logic Corp........................ 5
10,980 *Vishay Intertechnology, Inc.............. 145
14,636 *Vitesse Semiconductor Corp............... 72
2,980 *Westell Technologies, Inc................ 26
4,323 e Whirlpool Corp.......................... 275
1,260 *White Electronic Designs Corp............ 13
1,507 *Wilson Greatbatch Technologies, Inc...... 54
800 Woodhead Industries, Inc.................. 10
22,657 *Xilinx, Inc.............................. 573
1,300 *Zenith Electronics Corp.................. 0
--------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 50,824
--------
ENGINEERING AND MANAGEMENT SERVICES--0.76%
1,185 e*aaiPharma, Inc.......................... 24
333 *Advisory Board Co........................ 13
3,957 *Affymetrix, Inc.......................... 78
1,368 e*Antigenics, Inc......................... 16
4,841 *Applera Corp (Celera Genomics Group)..... 50
2,100 *Ariad Pharmaceuticals, Inc............... 9
9,758 *BearingPoint, Inc........................ 94
246 *Bioreliance Corp......................... 5
5,436 e*Celgene Corp............................ 165
5,700 *Century Business Services, Inc........... 19
529 *Charles River Associates, Inc............ 15
1,445 *Ciphergen Biosystems, Inc................ 15
942 *Cornell Cos, Inc......................... 14
2,561 *Corporate Executive Board Co............. 105
2,017 *Corrections Corp of America.............. 51
</Table>
14 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
ENGINEERING AND MANAGEMENT SERVICES--(CONTINUED)
4,280 *Covance, Inc............................. $ 77
2,974 *CuraGen Corp............................. 17
1,903 e*CV Therapeutics, Inc.................... 56
2,608 *Decode Genetics, Inc..................... 8
520 e*Digitas, Inc............................ 3
1,742 *Diversa Corp............................. 17
1,166 e*eResearch Technology, Inc............... 26
821 *Exact Sciences Corp...................... 9
3,246 *Exelixis, Inc............................ 23
3,466 *Exult, Inc............................... 30
1,307 *First Consulting Group, Inc.............. 6
5,522 Fluor Corp................................ 186
1,000 *Forrester Research, Inc.................. 16
2,772 *FTI Consulting, Inc...................... 69
2,986 *Gartner, Inc (Class A)................... 23
2,624 *Gartner, Inc (Class B)................... 20
1,900 *Gene Logic, Inc.......................... 11
724 *Genencor International, Inc.............. 12
1,602 *Gen-Probe, Inc........................... 65
29,379 Halliburton Co............................ 676
4,807 *Incyte Corp.............................. 22
461 *Inveresk Research Group, Inc............. 8
3,195 *Jacobs Engineering Group, Inc............ 135
1,236 *Kosan Biosciences, Inc................... 7
584 Landauer, Inc............................. 24
2,441 *Lexicon Genetics, Inc.................... 16
1,206 e*Luminex Corp............................ 6
1,221 *MAXIMUS, Inc............................. 34
2,143 *Maxygen, Inc............................. 24
17,593 Monsanto Co............................... 381
8,767 Moody's Corp.............................. 462
1,780 *Myriad Genetics, Inc..................... 24
2,900 *Navigant Consulting, Inc................. 34
951 e*Neopharm, Inc........................... 13
1,703 *Parexel International Corp............... 24
22,077 Paychex, Inc.............................. 647
2,266 *Per-Se Technologies, Inc................. 25
3,216 *Pharmaceutical Product Development,
Inc..................................... 92
1,600 *Pharmacopeia, Inc........................ 13
1,197 *PracticeWorks, Inc....................... 23
2,566 *PRG-Schultz International, Inc........... 15
5,338 *Quest Diagnostics, Inc................... 341
8,246 *Quintiles Transnational Corp............. 117
1,565 *Regeneration Technologies, Inc........... 21
2,361 *Regeneron Pharmaceuticals, Inc........... 37
1,840 *Repligen Corp............................ 10
700 e*Research Frontiers, Inc................. 10
1,353 *Resources Connection, Inc................ 32
210 *Rigel Pharmaceuticals, Inc............... 2
1,160 *Right Management Consultants, Inc........ 15
1,282 *Seattle Genetics, Inc.................... 7
20,732 Servicemaster Co.......................... 222
350 *SFBC International, Inc.................. 6
819 *SM&A..................................... 9
1,062 *Sourcecorp............................... 23
1,600 *Symyx Technologies, Inc.................. 26
500 *Tejon Ranch Co........................... 15
2,161 *Telik, Inc............................... 35
3,591 *Tetra Tech, Inc.......................... 62
2,015 *Transkaryotic Therapies, Inc............. 23
791 e*TRC Cos, Inc............................ 12
953 e*Trimeris, Inc........................... 44
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
2,753 *Tularik, Inc............................. $ 27
4,973 *U.S. Oncology, Inc....................... 37
1,027 *URS Corp................................. 20
1,445 *Watson Wyatt & Co Holdings............... 33
--------
TOTAL ENGINEERING AND MANAGEMENT SERVICES 5,238
--------
ENVIRONMENTAL QUALITY AND HOUSING--0.00%
2,500 *Cadiz, Inc............................... 0
--------
TOTAL ENVIRONMENTAL QUALITY AND HOUSING 0
--------
FABRICATED METAL PRODUCTS--0.58%
2,221 *Alliant Techsystems, Inc................. 115
3,918 Ball Corp................................. 178
714 CIRCOR International, Inc................. 13
3,558 Crane Co.................................. 81
9,061 *Crown Holdings, Inc...................... 65
7,543 e Danaher Corp............................ 513
376 *Drew Industries, Inc..................... 7
10,213 Fortune Brands, Inc....................... 533
1,746 *Griffon Corp............................. 28
546 *Gulf Island Fabrication, Inc............. 9
2,800 Harsco Corp............................... 101
16,896 Illinois Tool Works, Inc.................. 1,113
991 *Intermagnetics General Corp.............. 20
31,730 Masco Corp................................ 757
734 Material Sciences Corp.................... 7
933 *Mobile Mini, Inc......................... 15
1,321 *NCI Building Systems, Inc................ 22
2,992 e*Raytech Corp............................ 13
2,575 *Shaw Group, Inc.......................... 31
711 *Silgan Holdings, Inc..................... 22
852 *Simpson Manufacturing Co, Inc............ 31
4,037 Snap-On, Inc.............................. 117
884 *SPS Technologies, Inc.................... 24
4,636 Stanley Works............................. 128
1,400 Sturm Ruger & Co, Inc..................... 14
3,113 *Tower Automotive, Inc.................... 11
1,000 Valmont Industries, Inc................... 19
1,100 Watts Industries, Inc (Class A)........... 20
--------
TOTAL FABRICATED METAL PRODUCTS 4,007
--------
FOOD AND KINDRED PRODUCTS--3.55%
1,106 *American Italian Pasta Co (Class A)...... 46
56,151 Anheuser-Busch Cos, Inc................... 2,867
34,913 Archer Daniels Midland Co................. 449
700 *Boston Beer Co, Inc (Class A)............ 10
15,285 Campbell Soup Co.......................... 374
63 Coca-Cola Bottling Co Consolidated........ 3
143,644 Coca-Cola Co.............................. 6,667
15,688 Coca-Cola Enterprises, Inc................ 285
36,288 Conagra Foods, Inc........................ 856
5,033 *Constellation Brands, Inc (Class A)...... 158
1,894 Coors (Adolph) Co (Class B)............... 93
2,328 Corn Products International, Inc.......... 70
3,761 *Darling International, Inc............... 9
9,183 *Dean Foods Co............................ 289
12,588 *Del Monte Foods Co....................... 111
1,240 e Dreyer's Grand Ice Cream Holdings,
Inc..................................... 97
65 Farmer Brothers Co........................ 22
2,383 Flowers Foods, Inc........................ 47
24,741 General Mills, Inc........................ 1,173
23,578 H.J. Heinz Co............................. 778
5,544 *Hercules, Inc............................ 55
6,372 Hershey Foods Corp........................ 444
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 15
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
FOOD AND KINDRED PRODUCTS--(CONTINUED)
469 e*Horizon Organic Holding Corp............ $ 11
5,077 Hormel Foods Corp......................... 120
1,137 *International Multifoods Corp............ 26
2,936 Interstate Bakeries Corp.................. 37
400 *J & J Snack Foods Corp................... 13
3,016 J.M. Smucker Co........................... 120
360 *John B. Sanfilippo & Son................. 6
16,699 Kellogg Co................................ 574
19,037 Kraft Foods, Inc (Class A)................ 620
1,829 Lancaster Colony Corp..................... 71
1,746 Lance, Inc................................ 16
686 *M&F Worldwide Corp....................... 5
9,489 McCormick & Co, Inc (Non-Vote)............ 258
259 *National Beverage Corp................... 4
624 *Peets Coffee & Tea, Inc.................. 11
11,947 Pepsi Bottling Group, Inc................. 239
3,934 PepsiAmericas Inc......................... 49
115,628 PepsiCo, Inc.............................. 5,145
1,099 Pilgrim's Pride Corp (Class B)............ 11
2,056 *Ralcorp Holdings, Inc.................... 51
430 Riviana Foods, Inc........................ 12
669 *Robert Mondavi Corp (Class A)............ 17
52,301 Sara Lee Corp............................. 984
3,076 Sensient Technologies Corp................ 71
6,771 *Smithfield Foods, Inc.................... 155
1,685 Tootsie Roll Industries, Inc.............. 51
2,585 Topps Co, Inc............................. 22
15,485 Tyson Foods, Inc (Class A)................ 164
10,905 Wrigley (Wm.) Jr Co....................... 613
--------
TOTAL FOOD AND KINDRED PRODUCTS 24,379
--------
FOOD STORES--0.44%
1,696 *7-Eleven, Inc............................ 18
23,819 Albertson's, Inc.......................... 457
97 *Arden Group, Inc (Class A)............... 6
39 *Bruno's Supermarkets, Inc................ 0
1,203 *Great Atlantic & Pacific Tea Co, Inc..... 11
700 Ingles Markets, Inc (Class A)............. 7
52,429 *Kroger Co................................ 875
1,488 e*Panera Bread Co (Class A)............... 60
357 *Pantry, Inc.............................. 3
2,206 *Pathmark Stores, Inc..................... 17
768 b,e*Penn Traffic Co....................... 0
2,200 Ruddick Corp.............................. 35
29,697 e*Safeway, Inc............................ 608
26,020 e*Starbucks Corp.......................... 638
779 Weis Markets, Inc......................... 24
3,539 *Whole Foods Market, Inc.................. 168
1,385 *Wild Oats Markets, Inc................... 15
4,470 Winn-Dixie Stores, Inc.................... 55
--------
TOTAL FOOD STORES 2,997
--------
FORESTRY--0.12%
14,786 Weyerhaeuser Co........................... 798
--------
TOTAL FORESTRY 798
--------
FURNITURE AND FIXTURES--0.33%
745 Bassett Furniture Industries, Inc......... 10
2,243 Ethan Allen Interiors, Inc................ 79
3,459 *Furniture Brands International, Inc...... 90
5,200 Herman Miller, Inc........................ 105
3,409 Hillenbrand Industries, Inc............... 172
3,914 HON Industries, Inc....................... 119
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
190 Hooker Furniture Corp..................... $ 5
5,980 Johnson Controls, Inc..................... 512
2,436 Kimball International, Inc (Class B)...... 38
3,252 La-Z-Boy, Inc............................. 73
4,399 *Lear Corp................................ 202
12,981 Leggett & Platt, Inc...................... 266
18,020 Newell Rubbermaid, Inc.................... 505
1,320 *Select Comfort Corp...................... 22
389 Stanley Furniture Co, Inc................. 11
2,167 Steelcase, Inc (Class A).................. 25
--------
TOTAL FURNITURE AND FIXTURES 2,234
--------
FURNITURE AND HOMEFURNISHINGS STORES--0.37%
19,730 *Bed Bath & Beyond, Inc................... 766
17,271 *Best Buy Co, Inc......................... 759
13,312 Circuit City Stores, Inc (Circuit City
Group).................................. 117
1,370 *Cost Plus, Inc........................... 49
700 *Electronics Boutique Holdings Corp....... 16
860 e*EUniverse, Inc.......................... 3
1,300 *Gamestop Corp............................ 17
982 *Guitar Center, Inc....................... 28
1,232 Haverty Furniture Cos, Inc................ 22
1,786 *Intertan, Inc............................ 15
2,407 *Linens 'n Things, Inc.................... 57
6,500 Pier 1 Imports, Inc....................... 133
11,717 RadioShack Corp........................... 308
1,285 *Restoration Hardware, Inc................ 6
605 *Rex Stores Corp.......................... 7
2,382 *The Bombay Co, Inc....................... 25
1,215 *Trans World Entertainment Corp........... 6
1,389 *Tweeter Home Entertainment Group, Inc.... 12
791 *Ultimate Electronics, Inc................ 10
6,132 *Williams-Sonoma, Inc..................... 179
--------
TOTAL FURNITURE AND HOMEFURNISHINGS STORES 2,535
--------
GENERAL BUILDING CONTRACTORS--0.30%
881 e*Beazer Homes U.S.A., Inc................ 74
4,249 Centex Corp............................... 331
5,528 Clayton Homes, Inc........................ 69
7,911 D.R. Horton, Inc.......................... 222
147 *Dominion Homes, Inc...................... 4
1,083 *Hovnanian Enterprises, Inc (Class A)..... 64
2,724 KB Home................................... 169
360 Lennar Corp............................... 25
3,559 e Lennar Corp (Class A)................... 254
862 M/I Schottenstein Homes, Inc.............. 37
1,421 MDC Holdings, Inc......................... 69
609 *Meritage Corp............................ 30
320 *NVR, Inc................................. 132
1,250 *Palm Harbor Homes, Inc................... 24
3,325 Pulte Homes, Inc.......................... 205
1,960 Ryland Group, Inc......................... 136
2,279 Standard-Pacific Corp..................... 76
3,215 *Toll Brothers, Inc....................... 91
2,013 Walter Industries, Inc.................... 24
497 *WCI Communities, Inc..................... 10
356 *William Lyon Homes, Inc.................. 11
--------
TOTAL GENERAL BUILDING CONTRACTORS 2,057
--------
GENERAL MERCHANDISE STORES--2.56%
2,874 *99 Cents Only Stores..................... 99
8,000 *Big Lots, Inc............................ 120
4,983 *BJ's Wholesale Club, Inc................. 75
610 *Brookstone, Inc.......................... 12
</Table>
16 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
GENERAL MERCHANDISE STORES--(CONTINUED)
2,822 Casey's General Stores, Inc............... $ 40
30,694 *Costco Wholesale Corp.................... 1,123
4,851 Dillard's, Inc (Class A).................. 65
19,165 e Dollar General Corp..................... 350
7,780 *Dollar Tree Stores, Inc.................. 247
10,790 Family Dollar Stores, Inc................. 412
12,781 Federated Department Stores, Inc.......... 471
1,557 Fred's, Inc............................... 58
18,144 e J.C. Penney Co, Inc..................... 306
19,677 *Kohl's Corp.............................. 1,011
19,421 May Department Stores Co.................. 432
1,723 *Neiman Marcus Group, Inc (Class A)....... 63
723 *Neiman Marcus Group, Inc (Class B)....... 25
8,317 *Saks, Inc................................ 81
19,315 Sears Roebuck & Co........................ 650
2,069 e*ShopKo Stores, Inc...................... 27
1,757 *Stein Mart, Inc.......................... 11
61,187 Target Corp............................... 2,315
700 *Tuesday Morning Corp..................... 18
178,864 Wal-Mart Stores, Inc...................... 9,600
--------
TOTAL GENERAL MERCHANDISE STORES 17,611
--------
HEALTH SERVICES--0.71%
3,215 *Accredo Health, Inc...................... 70
881 e*American Healthways, Inc................ 32
1,426 *Amsurg Corp.............................. 43
2,861 *Apria Healthcare Group, Inc.............. 71
7,127 *Beverly Enterprises, Inc................. 25
16,486 *Caremark Rx, Inc......................... 423
3,492 *Community Health Systems, Inc............ 67
500 *Corvel Corp.............................. 18
2,539 *Coventry Health Care, Inc................ 117
1,100 e*CryoLife, Inc........................... 11
740 e*Curative Health Services, Inc........... 13
3,980 *DaVita, Inc.............................. 107
400 e*Dynacq International, Inc............... 7
1,776 *Enzo Biochem, Inc........................ 38
4,246 *Express Scripts, Inc..................... 290
6,878 *First Health Group Corp.................. 190
2,013 *Genesis Health Ventures, Inc............. 36
1,525 *Gentiva Health Services, Inc............. 14
33,019 HCA, Inc.................................. 1,058
16,370 Health Management Associates, Inc (Class
A)...................................... 302
27,033 e*Healthsouth Corp........................ 14
3,932 Hooper Holmes, Inc........................ 25
414 *IMPAC Medical Systems, Inc............... 9
1,114 e*Impath, Inc............................. 16
813 *Kindred Healthcare, Inc.................. 15
381 *LabOne, Inc.............................. 8
9,565 *Laboratory Corp of America Holdings...... 288
2,695 e*LifePoint Hospitals, Inc................ 56
7,330 *Lincare Holdings, Inc.................... 231
6,895 *Manor Care, Inc.......................... 172
624 *Matria Healthcare, Inc................... 11
1,650 *MIM Corp................................. 11
600 *National Healthcare Corp................. 12
1,435 *Odyssey HealthCare, Inc.................. 53
859 *Option Care, Inc......................... 10
3,260 e*Orthodontic Centers of America, Inc..... 26
1,564 *Pediatrix Medical Group, Inc............. 56
6,600 b,e*Physicians Resource Group, Inc........ 0
3,350 *Province Healthcare Co................... 37
1,200 *RehabCare Group, Inc..................... 18
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
3,399 *Renal Care Group, Inc.................... $ 120
1,248 *Select Medical Corp...................... 31
366 *Specialty Laboratories, Inc.............. 4
1,300 e*Sunrise Senior Living, Inc.............. 29
31,403 *Tenet Healthcare Corp.................... 366
4,949 *Triad Hospitals, Inc..................... 123
623 *U.S. Physical Therapy, Inc............... 8
1,089 e*United Surgical Partners International,
Inc..................................... 25
979 Universal Forest Products, Inc............ 21
3,348 *Universal Health Services, Inc (Class
B)...................................... 133
1,429 *Xicor, Inc............................... 9
--------
TOTAL HEALTH SERVICES 4,869
--------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.01%
2,325 Granite Construction, Inc................. 45
1,632 *Insituform Technologies, Inc (Class A)... 29
--------
TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING 74
--------
HOLDING AND OTHER INVESTMENT OFFICES--2.20%
816 *4Kids Entertainment, Inc................. 15
1,151 Acadia Realty Trust....................... 11
650 *Accredited Home Lenders Holding Co....... 13
700 Alabama National Bancorp.................. 34
142 *Alexander's, Inc......................... 12
1,279 Alexandria Real Estate Equities, Inc...... 58
850 Allegiant Bancorp, Inc.................... 17
7,495 e Allied Capital Corp..................... 173
5,726 AMB Property Corp......................... 161
1,700 Amcore Financial, Inc..................... 40
345 American Land Lease, Inc.................. 6
1,041 AMLI Residential Properties Trust......... 25
6,326 Annaly Mortgage Management, Inc........... 126
3,218 e Anthracite Capital, Inc................. 39
2,135 Anworth Mortgage Asset Corp............... 33
5,524 Apartment Investment & Management Co
(Class A)............................... 191
2,102 Apex Mortgage Capital, Inc................ 11
11,972 Archstone-Smith Trust..................... 287
4,002 Arden Realty, Inc......................... 104
1,181 Associated Estates Realty Corp............ 8
4,103 AvalonBay Communities, Inc................ 175
996 Bedford Property Investors, Inc........... 28
4,558 Boston Properties, Inc.................... 200
1,400 *Boykin Lodging Co........................ 11
1,933 Brandywine Realty Trust................... 48
3,159 BRE Properties, Inc (Class A)............. 105
2,427 Brookline Bancorp, Inc.................... 34
235 BRT Realty Trust.......................... 4
507 Camco Financial Corp...................... 8
2,491 Camden Property Trust..................... 87
1,660 Capital Automotive REIT................... 46
333 *Capital Corp of the West................. 8
554 Capitol Bancorp Ltd....................... 15
650 e Capstead Mortgage Corp.................. 7
3,615 CarrAmerica Realty Corp................... 101
345 Cavalry Bancorp, Inc...................... 6
1,559 CBL & Associates Properties, Inc.......... 67
1,600 Centerpoint Properties Trust.............. 98
1,594 Chateau Communities, Inc.................. 47
1,889 Chelsea Property Group, Inc............... 76
342 *Cherokee, Inc............................ 7
1,022 Colonial Properties Trust................. 36
2,834 Commercial Net Lease Realty, Inc.......... 49
561 Community Banks, Inc...................... 17
2,770 Community First Bankshares, Inc........... 76
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 17
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED)
823 Connecticut Bancshares, Inc............... $ 32
3,454 Cornerstone Realty Income Trust, Inc...... 25
1,955 Corporate Office Properties Trust......... 33
516 Correctional Properties Trust............. 14
2,543 Cousins Properties, Inc................... 71
5,712 Crescent Real Estate Equities Co.......... 95
1,759 Crown American Realty Trust............... 19
5,160 Developers Diversified Realty Corp........ 147
9,715 Duke Realty Corp.......................... 268
1,077 Eastgroup Properties, Inc................. 29
204 *Enstar Group, Inc........................ 8
1,200 Entertainment Properties Trust............ 35
2,800 Equity Inns, Inc.......................... 19
28,132 Equity Office Properties Trust............ 760
1,850 Equity One, Inc........................... 30
18,683 Equity Residential........................ 485
1,037 Essex Property Trust, Inc................. 59
700 F & M Bancorp............................. 35
2,521 Federal Realty Investment Trust........... 81
3,200 *FelCor Lodging Trust, Inc................ 25
275 FFLC Bancorp, Inc......................... 7
382 First Defiance Financial Corp............. 8
800 First Indiana Corp........................ 14
2,700 First Industrial Realty Trust, Inc........ 85
2,766 First Niagara Financial Group, Inc........ 39
987 First Place Financial Corp................ 17
4,200 Fremont General Corp...................... 58
5,219 Friedman Billings Ramsey Group, Inc....... 70
1,800 Gables Residential Trust.................. 54
4,276 General Growth Properties, Inc............ 267
724 German American Bancorp................... 13
638 Gladstone Capital Corp.................... 13
1,119 Glenborough Realty Trust, Inc............. 21
2,071 Glimcher Realty Trust..................... 46
946 Great Lakes REIT.......................... 15
3,269 e Greater Bay Bancorp..................... 67
422 *Hawthorne Financial Corp................. 15
3,889 Health Care Property Investors, Inc....... 165
2,898 Health Care REIT, Inc..................... 88
2,800 Healthcare Realty Trust, Inc.............. 82
1,295 Heritage Property Investment Trust........ 35
3,647 Highwoods Properties, Inc................. 81
1,924 Home Properties of New York, Inc.......... 68
4,303 Hospitality Properties Trust.............. 134
16,213 *Host Marriott Corp....................... 148
8,761 HRPT Properties Trust..................... 81
3,311 IMPAC Mortgage Holdings, Inc.............. 55
3,530 Independence Community Bank Corp.......... 100
1,794 Innkeepers U.S.A. Trust................... 12
2,415 Investors Real Estate Trust............... 26
5,923 iStar Financial, Inc...................... 216
842 Keystone Property Trust................... 16
1,702 Kilroy Realty Corp........................ 47
6,225 Kimco Realty Corp......................... 236
1,322 Koger Equity, Inc......................... 23
1,326 Kramont Realty Trust...................... 22
9,308 *La Quinta Corp........................... 40
1,208 LaSalle Hotel Properties.................. 18
2,105 Lexington Corporate Properties Trust...... 37
5,200 Liberty Property Trust.................... 180
1,388 *Local Financial Corp..................... 20
1,014 LTC Properties, Inc....................... 10
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
2,737 Macerich Co............................... $ 96
3,122 Mack-Cali Realty Corp..................... 114
925 Manufactured Home Communities, Inc........ 32
274 MASSBANK Corp............................. 10
2,874 *Meristar Hospitality Corp................ 15
3,120 MFA Mortgage Investments, Inc............. 31
1,217 Mid Atlantic Realty Trust................. 25
1,033 Mid-America Apartment Communities, Inc.... 28
1,707 Mills Corp................................ 57
1,041 Mission West Properties, Inc.............. 12
800 National Health Investors, Inc............ 15
426 National Health Realty, Inc............... 7
3,536 Nationwide Health Properties, Inc......... 56
6,937 New Plan Excel Realty Trust............... 148
1,382 Newcastle Investment Corp................. 27
749 e Novastar Financial, Inc................. 45
1,157 *Omega Healthcare Investors, Inc.......... 6
900 Oriental Financial Group, Inc............. 23
1,050 Pacific Northwest Bancorp................. 36
2,462 Pan Pacific Retail Properties, Inc........ 97
629 Parkway Properties, Inc................... 26
1,015 Pennsylvania Real Estate Investment
Trust................................... 30
12,620 Plum Creek Timber Co, Inc................. 327
9,226 Popular, Inc.............................. 356
394 Port Financial Corp....................... 21
2,418 Post Properties, Inc...................... 64
2,166 Prentiss Properties Trust................. 65
1,328 *Price Legacy Corp........................ 5
394 PrivateBancorp, Inc....................... 11
10,532 Prologis.................................. 288
800 Prosperity Bancshares, Inc................ 15
200 Provident Bancorp, Inc.................... 6
233 Provident Financial Holdings.............. 7
673 PS Business Parks, Inc.................... 24
6,747 Public Storage, Inc....................... 229
125 *Quaker City Bancorp, Inc................. 5
1,330 RAIT Investment Trust..................... 35
720 Ramco-Gershenson Properties............... 17
2,300 Realty Income Corp........................ 88
3,829 Reckson Associates Realty Corp............ 80
850 Redwood Trust, Inc........................ 34
1,699 e Regency Centers Corp.................... 59
1,900 RFS Hotel Investors, Inc.................. 23
4,497 Rouse Co.................................. 171
1,000 Sandy Spring Bancorp, Inc................. 32
800 Saul Centers, Inc......................... 20
2,683 Senior Housing Properties Trust........... 36
2,270 Shurgard Storage Centers, Inc (Class A)... 75
9,487 Simon Property Group, Inc................. 370
829 Sizeler Property Investors................ 8
1,800 SL Green Realty Corp...................... 63
902 Sovran Self Storage, Inc.................. 28
868 Suffolk Bancorp........................... 28
1,547 Summit Properties, Inc.................... 32
1,069 Sun Communities, Inc...................... 42
502 Superior Financial Corp................... 12
2,750 Susquehanna Bancshares, Inc............... 64
400 Tanger Factory Outlet Centers, Inc........ 13
367 *Tarragon Realty Investors, Inc........... 5
2,112 Taubman Centers, Inc...................... 40
4,009 Thornburg Mortgage, Inc................... 99
534 Tompkins Trustco, Inc..................... 24
1,037 Town & Country Trust...................... 24
</Table>
18 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED)
5,482 Trizec Properties, Inc.................... $ 62
1,311 U.S. Restaurant Properties, Inc........... 21
7,525 United Dominion Realty Trust, Inc......... 130
374 United Mobile Homes, Inc.................. 6
1,123 United National Bancorp................... 31
795 Universal Health Realty Income Trust...... 21
1,407 Urstadt Biddle Properties, Inc (Class
A)...................................... 18
4,287 Ventas, Inc............................... 65
4,860 Vornado Realty Trust...................... 212
428 *Washington Group International, Inc...... 9
63,267 Washington Mutual, Inc.................... 2,613
2,550 Washington Real Estate Investment Trust... 69
2,723 e Waypoint Financial Corp................. 49
3,094 Weingarten Realty Investors............... 130
358 Westfield Financial, Inc.................. 7
1,215 Winston Hotels, Inc....................... 10
527 Yadkin Valley Bank and Trust Co........... 8
--------
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 15,081
--------
HOTELS AND OTHER LODGING PLACES--0.27%
709 *Ameristar Casinos, Inc................... 15
2,130 *Boca Resorts, Inc (Class A).............. 28
2,248 *Boyd Gaming Corp......................... 39
1,590 *Choice Hotels International, Inc......... 43
4,994 *Extended Stay America, Inc............... 67
22,518 Hilton Hotels Corp........................ 288
2,817 Mandalay Resort Group..................... 90
1,242 Marcus Corp............................... 19
13,035 Marriott International, Inc (Class A)..... 501
4,588 *MGM Mirage............................... 157
18,355 *Park Place Entertainment Corp............ 167
1,730 *Pinnacle Entertainment, Inc.............. 12
2,481 *Prime Hospitality Corp................... 17
13,596 Starwood Hotels & Resorts Worldwide,
Inc..................................... 389
582 *Vail Resorts, Inc........................ 8
--------
TOTAL HOTELS AND OTHER LODGING PLACES 1,840
--------
INDUSTRIAL MACHINERY AND EQUIPMENT--6.77%
26,306 3M Co..................................... 3,393
676 *Aaon, Inc................................ 13
711 *Actuant Corp............................. 34
7,209 *Adaptec, Inc............................. 56
4,600 *Advanced Digital Information Corp........ 46
5,183 *AGCO Corp................................ 89
446 Alamo Group, Inc.......................... 5
4,050 *American Standard Cos, Inc............... 299
24,131 *Apple Computer, Inc...................... 461
110,766 *Applied Materials, Inc................... 1,757
1,200 *Astec Industries, Inc.................... 10
444 *ASV, Inc................................. 6
2,600 *Asyst Technologies, Inc.................. 17
2,798 *Avocent Corp............................. 84
7,081 *Axcelis Technologies, Inc................ 43
22,775 Baker Hughes, Inc......................... 765
5,538 Black & Decker Corp....................... 241
1,400 Black Box Corp............................ 51
1,478 Briggs & Stratton Corp.................... 75
2,384 *Brooks Automation, Inc................... 27
674 Cascade Corp.............................. 12
23,220 Caterpillar, Inc.......................... 1,292
5,224 *Cirrus Logic, Inc........................ 21
473,964 *Cisco Systems, Inc....................... 7,863
2,075 e*Computer Network Technology Corp........ 17
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
4,500 *Concurrent Computer Corp................. $ 13
3,197 *Cooper Cameron Corp...................... 161
4,397 *Cray, Inc................................ 35
2,403 e Cummins, Inc............................ 86
1,000 *Cuno, Inc................................ 36
2,281 e*Cymer, Inc.............................. 73
16,052 Deere & Co................................ 734
152,783 *Dell Computer Corp....................... 4,883
4,872 Diebold, Inc.............................. 211
2,613 Donaldson Co, Inc......................... 116
1,794 *Dot Hill Systems Corp.................... 24
13,630 Dover Corp................................ 408
463 *Dril-Quip, Inc........................... 8
4,751 e Eaton Corp.............................. 373
3,700 *Electronics For Imaging, Inc............. 75
149,914 *EMC Corp................................. 1,570
5,523 *Emulex Corp.............................. 126
825 Engineered Support Systems, Inc........... 35
1,375 *EnPro Industries, Inc.................... 15
1,492 *Esterline Technologies Corp.............. 26
2,479 *FalconStor Software, Inc................. 17
3,277 *Flowserve Corp........................... 64
3,959 *FMC Technologies, Inc.................... 83
1,072 *Gardner Denver, Inc...................... 22
12,739 *Gateway, Inc............................. 46
428 *General Binding Corp..................... 5
1,604 *Global Power Equipment Group, Inc........ 7
539 Gorman-Rupp Co............................ 13
3,219 Graco, Inc................................ 103
6,004 *Grant Prideco, Inc....................... 71
3,033 e*Handspring, Inc......................... 3
204,126 Hewlett-Packard Co........................ 4,348
835 *Hydril Co................................ 23
2,432 *Hypercom Corp............................ 10
1,893 IDEX Corp................................. 69
2,671 *InFocus Corp............................. 13
108,967 International Business Machines Corp...... 8,990
5,987 International Game Technology............. 613
3,555 *Iomega Corp.............................. 38
6,133 ITT Industries, Inc....................... 401
3,200 JLG Industries, Inc....................... 22
3,106 *Joy Global, Inc.......................... 46
993 *Kadant, Inc.............................. 19
1,979 Kaydon Corp............................... 41
2,337 Kennametal, Inc........................... 79
3,600 *Kulicke & Soffa Industries, Inc.......... 23
8,892 e*Lam Research Corp....................... 162
3,073 Lennox International, Inc................. 40
8,290 e*Lexmark International, Inc.............. 587
2,211 Lincoln Electric Holdings, Inc............ 45
700 Lindsay Manufacturing Co.................. 16
400 Lufkin Industries, Inc.................... 10
1,635 Manitowoc Co, Inc......................... 36
13,440 *Maxtor Corp.............................. 101
133 *Metrologic Instruments, Inc.............. 4
1,115 *Micros Systems, Inc...................... 37
1,150 Milacron, Inc............................. 6
2,000 Modine Manufacturing Co................... 39
413 Nacco Industries, Inc (Class A)........... 24
5,494 *National-Oilwell, Inc.................... 121
936 *Neoware Systems, Inc..................... 14
20,473 e*Network Appliance, Inc.................. 332
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 19
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED)
1,603 Nordson Corp.............................. $ 38
494 *Oil States International, Inc............ 6
1,045 *Omnicell, Inc............................ 11
547 *Overland Storage, Inc.................... 11
7,766 Pall Corp................................. 175
2,088 e*Palm, Inc............................... 34
7,979 Parker Hannifin Corp...................... 335
2,314 *Paxar Corp............................... 25
3,340 Pentair, Inc.............................. 130
15,763 Pitney Bowes, Inc......................... 605
904 *Planar Systems, Inc...................... 18
2,200 *Presstek, Inc............................ 14
973 *ProQuest Co.............................. 25
9,635 *Quantum Corp............................. 39
1,700 *Rainbow Technologies, Inc................ 14
8,816 *Riverstone Networks, Inc................. 10
600 Robbins & Myers, Inc...................... 11
4,157 *Sandisk Corp............................. 168
744 Sauer-Danfoss, Inc........................ 8
600 Schawk, Inc............................... 6
3,316 *Scientific Games Corp (Class A).......... 31
16,448 *Seagate Technology, Inc.................. 0
1,100 *Semitool, Inc............................ 5
1,077 *Sigma Designs, Inc....................... 12
13,958 *Silicon Graphics, Inc.................... 16
517 *Simpletech, Inc.......................... 2
6,412 *Smith International, Inc................. 236
55,449 *Solectron Corp........................... 207
5,166 *SPX Corp................................. 228
800 Standex International Corp................ 17
2,032 Stewart & Stevenson Services, Inc......... 32
7,239 *Storage Technology Corp.................. 186
311 *Stratasys, Inc........................... 11
4,191 e*Surebeam Corp (Class A)................. 11
15,419 Symbol Technologies, Inc.................. 201
1,000 Tecumseh Products Co (Class A)............ 38
600 Tennant Co................................ 22
2,860 *Terex Corp............................... 56
1,000 Thomas Industries, Inc.................... 27
3,453 Timken Co................................. 60
1,600 Toro Co................................... 64
1,608 *Ultratech, Inc........................... 30
2,995 *UNOVA, Inc............................... 33
1,820 e*Veeco Instruments, Inc.................. 31
13,200 *Western Digital Corp..................... 136
600 Woodward Governor Co...................... 26
48,542 e*Xerox Corp.............................. 514
2,700 York International Corp................... 63
1,570 *Zebra Technologies Corp (Class A)........ 118
--------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 46,524
--------
INSTRUMENTS AND RELATED PRODUCTS--2.79%
1,633 *Aclara BioSciences, Inc.................. 7
2,148 *Advanced Medical Optics, Inc............. 37
814 *Advanced Neuromodulation Systems, Inc.... 42
31,522 *Agilent Technologies, Inc................ 616
1,853 e*Aksys Ltd............................... 24
1,019 *Alaris Medical Systems, Inc.............. 13
2,974 e*Align Technology, Inc................... 37
1,417 *American Medical Systems Holdings, Inc... 24
477 Analogic Corp............................. 23
14,063 Applera Corp (Applied Biosystems Group)... 268
672 Arrow International, Inc.................. 30
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
1,500 *Arthrocare Corp.......................... $ 25
624 *Aspect Medical Systems, Inc.............. 5
3,584 Bard (C.R.), Inc.......................... 256
3,395 Bausch & Lomb, Inc........................ 127
40,579 Baxter International, Inc................. 1,055
3,985 Beckman Coulter, Inc...................... 162
17,142 Becton Dickinson & Co..................... 666
786 BEI Technologies, Inc..................... 9
18,144 Biomet, Inc............................... 520
1,200 *Bio-Rad Laboratories, Inc (Class A)...... 66
21,344 *Boston Scientific Corp................... 1,304
1,162 *Bruker AXS, Inc.......................... 4
810 *Bruker Daltonics, Inc.................... 4
519 *Candela Corp............................. 6
479 *Cantel Medical Corp...................... 6
3,947 *Cardiac Science, Inc..................... 11
2,300 *Cardiodynamics International Corp........ 8
1,643 *Cepheid, Inc............................. 8
938 *Cerus Corp............................... 7
844 *Cholestech Corp.......................... 8
400 *Closure Medical Corp..................... 8
2,294 *Cognex Corp.............................. 51
2,100 *Coherent, Inc............................ 50
1,500 Cohu, Inc................................. 23
720 *Cole National Corp....................... 9
1,165 e*Conceptus, Inc.......................... 16
1,700 *Concord Camera Corp...................... 12
1,940 *Conmed Corp.............................. 35
2,130 Cooper Cos, Inc........................... 74
4,346 *Credence Systems Corp.................... 37
144 *CTI Molecular Imaging, Inc............... 3
1,543 *Cyberonics, Inc.......................... 33
8,521 *Cytyc Corp............................... 90
800 Datascope Corp............................ 24
4,700 Dentsply International, Inc............... 192
1,255 *Dionex Corp.............................. 50
527 *DJ Orthopedics, Inc...................... 6
1,158 *DRS Technologies, Inc.................... 32
19,764 Eastman Kodak Co.......................... 541
1,002 EDO Corp.................................. 18
4,090 *Edwards Lifesciences Corp................ 131
1,301 e*Endocare, Inc........................... 5
859 *ESCO Technologies, Inc................... 38
399 *Exactech, Inc............................ 6
600 *Excel Technology, Inc.................... 14
1,709 *FEI Co................................... 32
3,613 *Fisher Scientific International, Inc..... 126
2,142 *Flir Systems, Inc........................ 65
1,445 *Fossil, Inc.............................. 34
20,710 Guidant Corp.............................. 919
1,142 *Haemonetics Corp......................... 21
1,390 *Hanger Orthopedic Group, Inc............. 16
859 *Herley Industries, Inc................... 15
1,387 *Hologic, Inc............................. 18
701 e*ICU Medical, Inc........................ 22
1,208 e*Igen International, Inc................. 38
700 *Ii-Vi, Inc............................... 16
1,197 *Inamed Corp.............................. 64
3,300 *Input/Output, Inc........................ 18
1,332 e*Integra LifeSciences Holding............ 35
504 *Integrated Defense Technology, Inc....... 8
1,240 *Interpore International.................. 16
2,235 e*Intuitive Surgical, Inc................. 17
</Table>
20 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED)
1,790 Invacare Corp............................. $ 59
1,155 e*Invision Technologies, Inc.............. 29
1,262 e*Ionics, Inc............................. 28
1,037 *I-Stat Corp.............................. 9
1,141 *Itron, Inc............................... 25
1,548 *Ixia..................................... 10
600 Keithley Instruments, Inc................. 9
520 *Kensey Nash Corp......................... 14
12,834 *KLA-Tencor Corp.......................... 597
433 *Kyphon, Inc.............................. 7
879 *Laserscope............................... 7
3,589 *Lexar Media, Inc......................... 34
3,416 *LTX Corp................................. 29
522 *Medical Action Industries, Inc........... 9
81,913 Medtronic, Inc............................ 3,929
2,638 Mentor Corp............................... 51
826 *Merit Medical Systems, Inc............... 17
2,475 *Mettler-Toledo International, Inc........ 91
670 *Micro Therapeutics, Inc.................. 3
3,300 *Millipore Corp........................... 146
565 Mine Safety Appliances Co................. 25
1,655 *MKS Instruments, Inc..................... 30
1,101 *Molecular Devices Corp................... 18
589 Movado Group, Inc......................... 13
1,508 MTS Systems Corp.......................... 22
2,716 *Newport Corp............................. 40
1,099 *Novoste Corp............................. 7
1,667 *Oakley, Inc.............................. 20
1,200 *Ocular Sciences, Inc..................... 24
3,100 e*Orbital Sciences Corp................... 23
2,298 *Orthologic Corp.......................... 11
1,029 *Osteotech, Inc........................... 14
2,814 *Palatin Technologies, Inc................ 9
8,057 PerkinElmer, Inc.......................... 111
1,200 e*Photon Dynamics, Inc.................... 33
4,100 *Pinnacle Systems, Inc.................... 44
1,227 *Possis Medical, Inc...................... 17
26,870 Raytheon Co............................... 882
2,236 *Resmed, Inc.............................. 88
2,100 *Respironics, Inc......................... 79
416 *Retractable Technologies, Inc............ 4
11,058 Rockwell Automation, Inc.................. 264
1,996 Roper Industries, Inc..................... 74
688 *Rudolph Technologies, Inc................ 11
1,567 *Sola International, Inc.................. 27
957 *SonoSite, Inc............................ 19
11,932 *St. Jude Medical, Inc.................... 686
1,151 *Staar Surgical Co........................ 13
1,647 *Star Scientific, Inc..................... 6
4,798 *Steris Corp.............................. 111
9,068 e Stryker Corp............................ 629
2,566 *Sybron Dental Specialties, Inc........... 61
568 *Synovis Life Technologies, Inc........... 11
358 Sypris Solutions, Inc..................... 4
2,800 *Techne Corp.............................. 85
5,828 *Tektronix, Inc........................... 126
2,389 Teleflex, Inc............................. 102
12,333 *Teradyne, Inc............................ 213
2,000 *Theragenics Corp......................... 9
1,595 e*Therasense, Inc......................... 16
10,886 *Thermo Electron Corp..................... 229
3,489 *Thoratec Corp............................ 52
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
2,130 *Trimble Navigation Ltd................... $ 49
1,583 *TriPath Imaging, Inc..................... 11
688 United Industrial Corp.................... 11
4,606 *Varian Medical Systems, Inc.............. 265
2,033 *Varian, Inc.............................. 70
800 *Ventana Medical Systems, Inc............. 22
1,897 *Viasys Healthcare, Inc................... 39
3,466 *Visx, Inc................................ 60
400 Vital Signs, Inc.......................... 10
2,366 e*Vivus, Inc.............................. 12
8,959 *Waters Corp.............................. 261
1,125 *Wright Medical Group, Inc................ 21
1,200 X-Rite, Inc............................... 12
311 *Young Innovations, Inc................... 9
13,136 *Zimmer Holdings, Inc..................... 592
600 *Zoll Medical Corp........................ 20
1,200 *Zygo Corp................................ 10
--------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 19,195
--------
INSURANCE AGENTS, BROKERS AND SERVICES--0.38%
17,144 AON Corp.................................. 413
3,354 Brown & Brown, Inc........................ 109
1,019 *Clark, Inc............................... 12
2,076 Crawford & Co (Class B)................... 10
5,900 Gallagher (Arthur J.) & Co................ 160
2,000 Hilb, Rogal & Hamilton Co................. 68
36,033 Marsh & McLennan Cos, Inc................. 1,840
--------
TOTAL INSURANCE AGENTS, BROKERS AND
SERVICES 2,612
--------
INSURANCE CARRIERS--4.50%
1,552 21st Century Insurance Group.............. 22
9,881 Aetna, Inc................................ 595
34,549 Aflac, Inc................................ 1,062
2,273 Alfa Corp................................. 29
286 *Alleghany Corp........................... 55
3,675 *Allmerica Financial Corp................. 66
47,374 Allstate Corp............................. 1,689
5,665 Ambac Financial Group, Inc................ 375
2,172 American Financial Group, Inc............. 50
154,478 American International Group, Inc......... 8,524
444 *American Medical Security Group, Inc..... 8
693 American National Insurance Co............ 60
652 *American Physicians Capital, Inc......... 16
1,390 *AMERIGROUP Corp.......................... 52
2,774 AmerUs Group Co........................... 78
9,526 *Anthem, Inc.............................. 735
1,358 *Argonaut Group, Inc...................... 17
625 Baldwin & Lyons, Inc (Class B)............ 15
2,616 Berkley (W.R.) Corp....................... 138
657 *Centene Corp............................. 26
11,097 Chubb Corp................................ 666
8,861 Cigna Corp................................ 416
9,173 Cincinnati Financial Corp................. 340
1,725 *Citizens, Inc............................ 13
1,505 *CNA Financial Corp....................... 37
1,100 *CNA Surety Corp.......................... 11
600 *Cobalt Corp.............................. 12
1,558 Commerce Group, Inc....................... 56
952 Delphi Financial Group, Inc (Class A)..... 45
220 Donegal Group, Inc........................ 3
168 EMC Insurance Group, Inc.................. 3
1,554 Erie Indemnity Co (Class A)............... 64
881 FBL Financial Group, Inc (Class A)........ 18
8,003 Fidelity National Financial, Inc.......... 246
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 21
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
INSURANCE CARRIERS--(CONTINUED)
563 Financial Industries Corp................. $ 8
4,830 First American Corp....................... 127
500 Great American Financial Resources, Inc... 7
2,039 Harleysville Group, Inc................... 47
16,715 e Hartford Financial Services Group,
Inc..................................... 842
4,239 HCC Insurance Holdings, Inc............... 125
7,373 *Health Net, Inc.......................... 243
900 *HealthExtras, Inc........................ 7
2,579 Horace Mann Educators Corp................ 42
10,871 *Humana, Inc.............................. 164
235 Independence Holding Co................... 5
9,564 Jefferson-Pilot Corp...................... 397
19,448 John Hancock Financial Services, Inc...... 598
314 Kansas City Life Insurance Co............. 13
1,329 Landamerica Financial Group, Inc.......... 63
2,488 Leucadia National Corp.................... 92
11,985 Lincoln National Corp..................... 427
9,060 Loews Corp................................ 428
600 *Markel Corp.............................. 154
9,956 e MBIA, Inc............................... 485
1,767 Mercury General Corp...................... 81
20,064 MetLife, Inc.............................. 568
5,426 MGIC Investment Corp...................... 253
3,231 *Mid Atlantic Medical Services, Inc....... 169
578 Midland Co................................ 13
2,936 MONY Group, Inc........................... 79
154 *National Western Life Insurance Co (Class
A)...................................... 17
2,916 Nationwide Financial Services, Inc (Class
A)...................................... 95
290 *Navigators Group, Inc.................... 9
103 NYMAGIC, Inc.............................. 2
1,205 e Odyssey Re Holdings Corp................ 25
3,460 *Ohio Casualty Corp....................... 46
8,133 Old Republic International Corp........... 279
6,037 *Oxford Health Plans, Inc................. 254
2,427 *Pacificare Health Systems, Inc........... 120
1,212 *Philadelphia Consolidated Holding Corp... 49
6,516 e Phoenix Cos, Inc........................ 59
591 *Pico Holdings, Inc....................... 8
1,146 PMA Capital Corp (Class A)................ 14
6,100 PMI Group, Inc............................ 164
1,502 Presidential Life Corp.................... 21
19,441 Principal Financial Group................. 627
1,540 *ProAssurance Corp........................ 42
12,945 Progressive Corp.......................... 946
4,643 Protective Life Corp...................... 124
37,129 Prudential Financial, Inc................. 1,249
6,068 Radian Group, Inc......................... 222
1,178 Reinsurance Group of America, Inc......... 38
910 RLI Corp.................................. 30
8,716 Safeco Corp............................... 308
1,800 Selective Insurance Group, Inc............ 45
1,748 e*Sierra Health Services, Inc............. 35
14,511 St. Paul Cos, Inc......................... 530
1,965 Stancorp Financial Group, Inc............. 103
913 State Auto Financial Corp................. 20
1,214 *Stewart Information Services Corp........ 34
7,812 Torchmark Corp............................ 291
1,424 Transatlantic Holdings, Inc............... 98
33,731 Travelers Property Casualty Corp (Class
A)...................................... 536
22,849 Travelers Property Casualty Corp (Class
B)...................................... 360
558 *Triad Guaranty, Inc...................... 21
2,600 *UICI..................................... 39
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
518 United Fire & Casualty Co................. $ 17
36,827 UnitedHealth Group, Inc................... 1,851
3,050 Unitrin, Inc.............................. 83
1,679 *Universal American Financial Corp........ 11
17,288 UnumProvident Corp........................ 232
564 *WellChoice, Inc.......................... 17
9,757 *Wellpoint Health Networks, Inc........... 823
95 Wesco Financial Corp...................... 30
655 Zenith National Insurance Corp............ 19
--------
TOTAL INSURANCE CARRIERS 30,922
--------
JUSTICE, PUBLIC ORDER AND SAFETY--0.00%
600 *Wackenhut Corrections Corp............... 8
--------
TOTAL JUSTICE, PUBLIC ORDER AND SAFETY 8
--------
LEATHER AND LEATHER PRODUCTS--0.08%
1,264 Brown Shoe Co, Inc........................ 38
6,078 *Coach, Inc............................... 302
915 K-Swiss, Inc (Class A).................... 32
986 *Maxwell Shoe Co, Inc (Class A)........... 14
600 *Steven Madden Ltd........................ 13
1,268 *Timberland Co (Class A).................. 67
2,882 Wolverine World Wide, Inc................. 56
--------
TOTAL LEATHER AND LEATHER PRODUCTS 522
--------
LEGAL SERVICES--0.00%
911 e*Pre-Paid Legal Services, Inc............ 22
--------
TOTAL LEGAL SERVICES 22
--------
LUMBER AND WOOD PRODUCTS--0.07%
330 American Woodmark Corp.................... 15
3,600 *Champion Enterprises, Inc................ 19
742 Deltic Timber Corp........................ 21
16,910 Georgia-Pacific Corp...................... 320
640 *Modtech Holdings, Inc.................... 6
2,850 Rayonier, Inc............................. 94
442 Skyline Corp.............................. 13
--------
TOTAL LUMBER AND WOOD PRODUCTS 488
--------
METAL MINING--0.18%
741 *Cleveland-Cliffs, Inc.................... 13
9,976 *Coeur D'alene Mines Corp................. 14
6,407 e Freeport-McMoRan Copper & Gold, Inc
(Class A)............................... 157
7,363 e*Hecla Mining Co......................... 31
23,343 Newmont Mining Corp....................... 758
5,322 *Phelps Dodge Corp........................ 204
1,076 e Royal Gold, Inc......................... 23
1,033 Southern Peru Copper Corp................. 16
3,103 *Stillwater Mining Co..................... 16
--------
TOTAL METAL MINING........................ 1,232
--------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.16%
2,239 Blyth, Inc................................ 61
4,691 Callaway Golf Co.......................... 62
1,000 *Daktronics, Inc.......................... 16
9,648 Hasbro, Inc............................... 169
3,289 *Identix, Inc............................. 21
1,657 *Jakks Pacific, Inc....................... 22
1,314 *K2, Inc.................................. 16
356 *Leapfrog Enterprises, Inc................ 11
1,091 *Lydall, Inc.............................. 12
29,431 Mattel, Inc............................... 557
2,137 e Nautilus Group, Inc..................... 26
1,039 Oneida Ltd................................ 7
800 Penn Engineering & Manufacturing Corp..... 11
</Table>
22 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
MISCELLANEOUS MANUFACTURING INDUSTRIES--(CONTINUED)
610 *RC2 Corp................................. $ 10
700 Russ Berrie & Co, Inc..................... 26
1,230 e*Shuffle Master, Inc..................... 36
298 *Steinway Musical Instruments, Inc........ 5
1,948 *Yankee Candle Co, Inc.................... 45
--------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 1,113
--------
MISCELLANEOUS RETAIL--1.13%
1,264 *1-800-Flowers.com, Inc (Class A)......... 10
872 e*AC Moore Arts & Crafts, Inc............. 17
5,103 *AdvancePCS............................... 195
2,156 *Alloy, Inc............................... 14
14,816 *Amazon.Com, Inc.......................... 541
3,004 *Barnes & Noble, Inc...................... 69
574 Blair Corp................................ 13
738 *Blue Rhino Corp.......................... 9
5,623 *Borders Group, Inc....................... 99
1,600 Cash America International, Inc........... 21
450 *Coldwater Creek, Inc..................... 6
26,468 CVS Corp.................................. 742
126 *Dick's Sporting Goods, Inc............... 5
1,873 *Drugstore.Com, Inc....................... 11
1,510 *Duane Reade, Inc......................... 22
14,103 *eBay, Inc................................ 1,469
383 *Finlay Enterprises, Inc.................. 6
1,193 Friedman's, Inc (Class A)................. 14
747 e*Galyans Trading Co, Inc................. 11
452 e*Gart Sports Co.......................... 13
1,144 Hancock Fabrics, Inc...................... 18
498 *Hibbett Sporting Goods, Inc.............. 16
1,216 *Jill (J.) Group, Inc..................... 20
1,030 *Jo-Ann Stores, Inc (Class A)............. 26
2,200 Longs Drug Stores Corp.................... 37
1,996 *Marvel Enterprises, Inc.................. 38
4,573 Michaels Stores, Inc...................... 174
1,807 *MSC Industrial Direct Co (Class A)....... 32
20,901 *Office Depot, Inc........................ 303
8,289 *OfficeMax, Inc........................... 54
5,566 Omnicare, Inc............................. 188
401 *Overstock.com, Inc....................... 6
425 *Party City Corp.......................... 4
400 *PC Connection, Inc....................... 3
2,410 *Petco Animal Supplies, Inc............... 52
8,132 Petsmart, Inc............................. 136
27,940 e*Rite Aid Corp........................... 124
630 e*Sharper Image Corp...................... 17
2,500 *Stamps.com, Inc.......................... 12
31,469 *Staples, Inc............................. 577
2,400 *Summit America Television, Inc........... 7
2,355 *The Sports Authority, Inc................ 25
7,623 Tiffany & Co.............................. 249
13,415 *Toys 'R' Us, Inc......................... 163
1,504 *Valuevision International, Inc (Class
A)...................................... 20
68,976 Walgreen Co............................... 2,076
805 e*Whitehall Jewellers, Inc................ 7
637 World Fuel Services Corp.................. 16
2,094 *Zale Corp................................ 84
--------
TOTAL MISCELLANEOUS RETAIL 7,771
--------
MOTION PICTURES--0.73%
1,362 *AMC Entertainment, Inc................... 16
1,792 *Avid Technology, Inc..................... 63
2,126 Blockbuster, Inc (Class A)................ 36
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
159 *Carmike Cinemas, Inc..................... $ 4
3,398 *Hollywood Entertainment Corp............. 58
173,289 *Liberty Media Corp (Class A)............. 2,003
3,154 *Metro-Goldwyn-Mayer, Inc................. 39
1,042 *Movie Gallery, Inc....................... 19
714 e*NetFlix, Inc............................ 18
1,299 Regal Entertainment Group (Class A)....... 31
137,533 Walt Disney Co............................ 2,716
--------
TOTAL MOTION PICTURES 5,003
--------
NONDEPOSITORY INSTITUTIONS--2.16%
591 b,e*Actrade Financial Technologies Ltd.... 0
1,625 Advanta Corp (Class A).................... 16
3,692 e American Capital Strategies Ltd......... 92
77,334 American Express Co....................... 3,233
766 American Home Mortgage Holdings, Inc...... 15
543 American Mortgage Acceptance Co........... 9
7,450 e*AmeriCredit Corp........................ 64
14,053 e Capital One Financial Corp.............. 691
2,774 Charter Municipal Mortgage Acceptance
Co...................................... 53
1,233 *CompuCredit Corp......................... 15
8,277 Countrywide Financial Corp................ 576
962 *Credit Acceptance Corp................... 10
3,950 Doral Financial Corp...................... 176
897 *DVI, Inc................................. 4
3,009 *E-Loan, Inc.............................. 18
66,341 Fannie Mae................................ 4,474
591 *Federal Agricultural Mortgage Corp (Class
C)...................................... 13
781 *Financial Federal Corp................... 19
46,963 Freddie Mac............................... 2,384
71,697 MBNA Corp................................. 1,494
1,454 MCG Capital Corp.......................... 21
2,453 e Metris Cos, Inc......................... 14
22 *Mfn Financial Corp Series C Wts.......... 0
1,269 New Century Financial Corp................ 55
18,118 *Providian Financial Corp................. 168
2,022 *Saxon Capital, Inc....................... 35
28,405 e SLM Corp................................ 1,113
200 Student Loan Corp......................... 25
845 Westcorp.................................. 24
625 *WFS Financial, Inc....................... 21
832 *World Acceptance Corp.................... 14
--------
TOTAL NONDEPOSITORY INSTITUTIONS 14,846
--------
NONMETALLIC MINERALS, EXCEPT FUELS--0.04%
1,482 Amcol International Corp.................. 12
6,476 Vulcan Materials Co....................... 240
--------
TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 252
--------
OIL AND GAS EXTRACTION--1.39%
16,789 Anadarko Petroleum Corp................... 747
10,464 Apache Corp............................... 681
673 *Atwood Oceanics, Inc..................... 18
1,300 Berry Petroleum Co (Class A).............. 23
10,560 *BJ Services Co........................... 395
13,560 Burlington Resources, Inc................. 733
1,823 Cabot Oil & Gas Corp (Class A)............ 50
2,444 *Cal Dive International, Inc.............. 53
12,503 Chesapeake Energy Corp.................... 126
2,899 *Cimarex Energy Co........................ 69
232 *Clayton Williams Energy, Inc............. 4
1,917 *Comstock Resources, Inc.................. 26
1,411 *Denbury Resources, Inc................... 19
15,532 e Devon Energy Corp....................... 829
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 23
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
OIL AND GAS EXTRACTION--(CONTINUED)
3,430 Diamond Offshore Drilling, Inc............ $ 72
111 *Encore Acquisition Co.................... 2
1,380 *Energy Partners Ltd...................... 16
9,849 ENSCO International, Inc.................. 265
7,854 EOG Resources, Inc........................ 329
1,332 *Evergreen Resources, Inc................. 72
344 *Exco Resources, Inc...................... 6
2,084 *Forest Oil Corp.......................... 52
14 *Forest Oil Corp Wts 02/15/04............. 0
14 *Forest Oil Corp Wts 02/15/05............. 0
4,627 *Global Industries Ltd.................... 22
12,038 *Grey Wolf, Inc........................... 49
3,495 *Hanover Compressor Co.................... 39
2,496 *Harvest Natural Resources, Inc........... 16
3,449 Helmerich & Payne, Inc.................... 101
1,000 *Horizon Offshore, Inc.................... 5
700 *Houston Exploration Co................... 24
2,289 *KCS Energy, Inc.......................... 12
6,840 Kerr-McGee Corp........................... 306
6,598 *Key Energy Services, Inc................. 71
4,499 *Magnum Hunter Resources, Inc............. 36
572 *Magnum Hunter Resources, Inc Wts
03/21/05................................ 0
20,900 Marathon Oil Corp......................... 551
792 *McMoRan Exploration Co................... 9
3,066 e*Meridian Resource Corp.................. 15
3,059 *Newfield Exploration Co.................. 115
5,171 *Newpark Resources, Inc................... 28
3,839 Noble Energy, Inc......................... 145
1,100 *Nuevo Energy Co.......................... 19
25,296 Occidental Petroleum Corp................. 849
1,600 *Oceaneering International, Inc........... 41
5,591 *Parker Drilling Co....................... 16
2,187 Patina Oil & Gas Corp..................... 70
4,774 *Patterson-UTI Energy, Inc................ 155
574 Penn Virginia Corp........................ 25
361 *Petrocorp, Inc........................... 4
7,782 *Pioneer Natural Resources Co............. 203
2,547 *Plains Exploration & Production Co....... 28
3,508 Pogo Producing Co......................... 150
7,574 *Pride International, Inc................. 143
650 *Prima Energy Corp........................ 14
650 *Quicksilver Resources, Inc............... 16
3,492 *Range Resources Corp..................... 22
1,410 *Remington Oil & Gas Corp................. 26
6,462 *Rowan Cos, Inc........................... 145
700 RPC, Inc.................................. 8
1,146 *Seacor Smit, Inc......................... 42
1,900 *Southwestern Energy Co................... 29
1,665 *Spinnaker Exploration Co................. 44
1,900 St. Mary Land & Exploration Co............ 52
1,545 *Stone Energy Corp........................ 65
3,300 *Superior Energy Services, Inc............ 31
1,700 *Swift Energy Co.......................... 19
940 *Tetra Technologies, Inc.................. 28
3,563 Tidewater, Inc............................ 105
2,300 *Tom Brown, Inc........................... 64
486 *Total S.A. Wts 08/05/03.................. 14
1,143 *Transmontaigne, Inc...................... 7
2,600 *Unit Corp................................ 54
17,448 Unocal Corp............................... 501
5,420 *Varco International, Inc................. 106
2,260 *Veritas DGC, Inc......................... 26
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
3,500 Vintage Petroleum, Inc.................... $ 39
2,091 *Westport Resources Corp.................. 48
1,475 *W-H Energy Services, Inc................. 29
10,714 XTO Energy, Inc........................... 215
--------
TOTAL OIL AND GAS EXTRACTION 9,583
--------
PAPER AND ALLIED PRODUCTS--0.68%
3,400 Bemis Co.................................. 159
3,441 Boise Cascade Corp........................ 82
3,583 Bowater, Inc.............................. 134
1,676 *Buckeye Technologies, Inc................ 11
1,600 *Caraustar Industries, Inc................ 13
1,008 Chesapeake Corp........................... 22
770 Glatfelter................................ 11
1,629 *Graphic Packaging International Corp..... 7
900 Greif, Inc (Class A)...................... 21
32,595 International Paper Co.................... 1,165
34,237 Kimberly-Clark Corp....................... 1,785
3,700 Longview Fibre Co......................... 30
13,555 MeadWestvaco Corp......................... 335
3,866 *Packaging Corp of America................ 71
10,687 *Pactiv Corp.............................. 211
1,900 *Playtex Products, Inc.................... 12
1,124 Pope & Talbot, Inc........................ 12
1,966 Potlatch Corp............................. 51
810 Rock-Tenn Co (Class A).................... 14
1,040 Schweitzer-Mauduit International, Inc..... 25
14,515 e*Smurfit-Stone Container Corp............ 189
6,175 Sonoco Products Co........................ 148
3,005 Temple-Inland, Inc........................ 129
2,670 Wausau-Mosinee Paper Corp................. 30
--------
TOTAL PAPER AND ALLIED PRODUCTS........... 4,667
--------
PERSONAL SERVICES--0.18%
2,872 *Alderwoods Group, Inc.................... 16
620 Angelica Corp............................. 11
8,036 Cintas Corp............................... 285
1,567 *Coinstar, Inc............................ 30
500 CPI Corp.................................. 9
1,405 G & K Services, Inc (Class A)............. 42
12,491 H & R Block, Inc.......................... 540
3,015 Regis Corp................................ 88
20,100 *Service Corp International............... 78
587 Unifirst Corp............................. 13
2,238 *Weight Watchers International, Inc....... 102
--------
TOTAL PERSONAL SERVICES 1,214
--------
PETROLEUM AND COAL PRODUCTS--3.69%
4,764 Amerada Hess Corp......................... 234
4,696 Ashland, Inc.............................. 144
72,158 ChevronTexaco Corp........................ 5,210
45,564 ConocoPhillips............................ 2,497
1,450 ElkCorp................................... 33
449,519 Exxon Mobil Corp.......................... 16,142
1,879 Frontier Oil Corp......................... 29
1,781 *Headwaters, Inc.......................... 26
689 Holly Corp................................ 19
3,500 Lubrizol Corp............................. 108
8,064 Lyondell Chemical Co...................... 109
4,882 Murphy Oil Corp........................... 257
1,296 *Premcor, Inc............................. 28
4,532 Sunoco, Inc............................... 171
4,106 *Tesoro Petroleum Corp.................... 28
</Table>
24 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
PETROLEUM AND COAL PRODUCTS--(CONTINUED)
6,957 Valero Energy Corp........................ $ 253
1,100 WD-40 Co.................................. 31
--------
TOTAL PETROLEUM AND COAL PRODUCTS 25,319
--------
PRIMARY METAL INDUSTRIES--0.42%
6,870 *AK Steel Holding Corp.................... 25
57,159 Alcoa, Inc................................ 1,458
5,801 Allegheny Technologies, Inc............... 38
5,887 *Andrew Corp.............................. 54
1,712 Belden, Inc............................... 27
1,200 *Brush Engineered Materials, Inc.......... 10
3,175 *Cable Design Technologies Corp........... 23
1,463 Carpenter Technology Corp................. 23
851 *Century Aluminum Co...................... 6
3,800 *CommScope, Inc........................... 36
489 Curtiss-Wright Corp....................... 31
960 *Encore Wire Corp......................... 9
7,713 Engelhard Corp............................ 191
2,400 *General Cable Corp....................... 13
558 Gibraltar Steel Corp...................... 11
361 e*Liquidmetal Technologies, Inc........... 2
2,054 *Lone Star Technologies, Inc.............. 44
1,977 Matthews International Corp (Class A)..... 49
2,707 *Maverick Tube Corp....................... 52
1,924 *Mueller Industries, Inc.................. 52
1,000 NN, Inc................................... 13
1,100 *NS Group, Inc............................ 11
5,309 Nucor Corp................................ 259
3,544 Precision Castparts Corp.................. 110
1,000 Quanex Corp............................... 30
1,496 *RTI International Metals, Inc............ 16
1,661 Ryerson Tull, Inc......................... 15
293 Schnitzer Steel Industries, Inc (Class
A)...................................... 13
2,295 *Steel Dynamics, Inc...................... 31
1,500 Texas Industries, Inc..................... 36
1,864 Tredegar Corp............................. 28
6,885 United States Steel Corp.................. 113
4,742 Worthington Industries, Inc............... 64
--------
TOTAL PRIMARY METAL INDUSTRIES............ 2,893
--------
PRINTING AND PUBLISHING--0.84%
4,531 *American Greetings Corp (Class A)........ 89
1,700 Banta Corp................................ 55
5,892 Belo Corp (Class A)....................... 132
2,400 Bowne & Co, Inc........................... 31
785 *Bright Horizons Family Solutions, Inc.... 26
734 *Consolidated Graphics, Inc............... 17
264 Courier Corp.............................. 14
200 CSS Industries, Inc....................... 8
3,382 Dow Jones & Co, Inc....................... 146
1,171 Ennis Business Forms, Inc................. 17
18,015 Gannett Co, Inc........................... 1,384
2,000 Harland (John H.) Co...................... 52
3,853 Harte-Hanks, Inc.......................... 73
3,730 Hollinger International, Inc.............. 40
734 *Information Holdings, Inc................ 13
1,919 *Journal Register Co...................... 35
5,619 Knight Ridder, Inc........................ 387
3,000 Lee Enterprises, Inc...................... 113
2,621 *Mail-Well, Inc........................... 7
600 e*Martha Stewart Living Omnimedia, Inc
(Class A)............................... 6
1,222 McClatchy Co (Class A).................... 70
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
13,149 McGraw-Hill Cos, Inc...................... $ 815
823 Media General, Inc (Class A).............. 47
2,746 Meredith Corp............................. 121
800 New England Business Services, Inc........ 24
9,101 New York Times Co (Class A)............... 414
945 e*Playboy Enterprises, Inc (Class B)...... 13
9,402 *Primedia, Inc............................ 29
639 Pulitzer, Inc............................. 32
7,167 R.R. Donnelley & Sons Co.................. 187
6,850 Reader's Digest Association, Inc (Class
A)...................................... 92
2,073 *Scholastic Corp.......................... 62
2,002 Scripps (E.W.) Co (Class A)............... 178
1,179 Standard Register Co...................... 19
576 *Thomas Nelson, Inc....................... 7
13,147 Tribune Co................................ 635
3,432 *Valassis Communications, Inc............. 88
297 Washington Post Co (Class B).............. 218
3,300 Wiley (John) & Sons, Inc (Class A)........ 86
--------
TOTAL PRINTING AND PUBLISHING 5,782
--------
RAILROAD TRANSPORTATION--0.40%
25,079 Burlington Northern Santa Fe Corp......... 713
14,370 CSX Corp.................................. 432
1,040 Florida East Coast Industries, Inc (Class
A)...................................... 27
554 Florida East Coast Industries, Inc (Class
B)...................................... 14
835 *Genesee & Wyoming, Inc (Class A)......... 17
4,150 *Kansas City Southern Industries, Inc..... 50
26,143 Norfolk Southern Corp..................... 502
16,943 Union Pacific Corp........................ 983
--------
TOTAL RAILROAD TRANSPORTATION 2,738
--------
REAL ESTATE--0.06%
310 *Avatar Holdings, Inc..................... 9
5,643 *Catellus Development Corp................ 124
378 Consolidated-Tomoka Land Co............... 9
400 b*Crescent Operating, Inc................. 0
1,593 Forest City Enterprises, Inc (Class A).... 66
1,401 *Insignia Financial Group, Inc............ 16
2,179 *Jones Lang LaSalle, Inc.................. 34
1,600 e LNR Property Corp....................... 60
929 *Reading International, Inc............... 5
1,955 St. Joe Co................................ 61
7,000 *Stewart Enterprises, Inc (Class A)....... 30
2,118 *Trammell Crow Co......................... 22
--------
TOTAL REAL ESTATE 436
--------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.19%
793 *Applied Films Corp....................... 21
2,487 Aptargroup, Inc........................... 90
700 Bandag, Inc............................... 26
744 CFS Bancorp, Inc.......................... 10
4,500 Cooper Tire & Rubber Co................... 79
9,852 e*Goodyear Tire & Rubber Co............... 52
964 *Jarden Corp.............................. 27
1,428 Myers Industries, Inc..................... 14
10,574 Nike, Inc (Class B)....................... 566
449 Quixote Corp.............................. 11
3,360 *Reebok International Ltd................. 113
2,068 Schulman (A.), Inc........................ 33
2,576 e*Sealed Air Corp......................... 123
1,100 *Skechers U.S.A., Inc (Class A)........... 8
1,060 Spartech Corp............................. 22
502 *Trex Co, Inc............................. 20
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 25
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--(CONTINUED)
3,650 Tupperware Corp........................... $ 52
1,056 *Vans, Inc................................ 9
--------
TOTAL RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS................................ 1,276
--------
SECURITY AND COMMODITY BROKERS--1.93%
5,077 A.G. Edwards, Inc......................... 174
1,500 *Affiliated Managers Group, Inc........... 91
11,865 *Ameritrade Holding Corp.................. 88
6,393 Bear Stearns Cos, Inc..................... 463
1,130 e*Blackrock, Inc.......................... 51
71,069 Charles Schwab Corp....................... 717
12,162 CIT Group, Inc............................ 300
336 *Commercial Capital Bancorp, Inc.......... 5
22,624 *E*trade Group, Inc....................... 192
4,054 Eaton Vance Corp.......................... 128
5,631 Federated Investors, Inc (Class B)........ 154
471 First Albany Cos, Inc..................... 6
11,054 Franklin Resources, Inc................... 432
448 *Gabelli Asset Management, Inc (Class
A)...................................... 16
18,831 Goldman Sachs Group, Inc.................. 1,577
2,990 e Instinet Group, Inc..................... 14
3,414 *Investment Technology Group, Inc......... 64
4,437 Investors Financial Services Corp......... 129
15,347 Janus Capital Group, Inc.................. 252
1,265 Jefferies Group, Inc...................... 63
6,166 e*Knight Trading Group, Inc............... 38
3,265 e LaBranche & Co, Inc..................... 68
4,342 Legg Mason, Inc........................... 282
16,572 Lehman Brothers Holdings, Inc............. 1,102
62,386 Merrill Lynch & Co, Inc................... 2,912
71,964 Morgan Stanley............................ 3,076
3,528 Neuberger Berman, Inc..................... 141
1,526 Nuveen Investments, Inc................... 42
2,664 Raymond James Financial, Inc.............. 88
5,241 SEI Investments Co........................ 168
1,068 *SoundView Technology Group, Inc.......... 11
1,151 SWS Group, Inc............................ 23
7,182 T Rowe Price Group, Inc................... 271
98 Value Line, Inc........................... 5
5,015 Waddell & Reed Financial, Inc (Class A)... 129
--------
TOTAL SECURITY AND COMMODITY BROKERS 13,272
--------
SPECIAL TRADE CONTRACTORS--0.02%
3,450 *Dycom Industries, Inc.................... 56
1,050 *EMCOR Group, Inc......................... 52
2,100 *Integrated Electrical Services, Inc...... 15
537 *Matrix Service Co........................ 9
569 *Newtek Business Services, Inc............ 3
4,926 *Quanta Services, Inc..................... 35
--------
TOTAL SPECIAL TRADE CONTRACTORS 170
--------
STONE, CLAY, AND GLASS PRODUCTS--0.15%
532 Ameron International Corp................. 18
2,068 Apogee Enterprises, Inc................... 19
1,500 e*Cabot Microelectronics Corp............. 76
662 CARBO Ceramics, Inc....................... 25
400 Centex Construction Products, Inc......... 16
81,496 *Corning, Inc............................. 602
1,417 Florida Rock Industries, Inc.............. 58
2,217 Lafarge North America, Inc................ 69
1,000 Libbey, Inc............................... 23
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
7,199 *Owens-Illinois, Inc...................... $ 99
2,700 b,e*USG Corp.............................. 51
--------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 1,056
--------
TEXTILE MILL PRODUCTS--0.04%
1,703 Albany International Corp (Class A)....... 47
3,257 *Interface, Inc (Class A)................. 15
3,500 *Mohawk Industries, Inc................... 194
--------
TOTAL TEXTILE MILL PRODUCTS 256
--------
TOBACCO PRODUCTS--1.02%
136,601 Altria Group, Inc......................... 6,207
2,690 Loews Corp (Carolina Group)............... 73
6,290 R.J. Reynolds Tobacco Holdings, Inc....... 234
1,760 Universal Corp............................ 74
11,469 UST, Inc.................................. 402
1,493 Vector Group Ltd.......................... 26
--------
TOTAL TOBACCO PRODUCTS 7,016
--------
TRANSPORTATION BY AIR--0.44%
3,500 Airborne, Inc............................. 73
4,500 *Airtran Holdings, Inc.................... 47
1,734 *Alaska Air Group, Inc.................... 37
2,003 *America West Holdings Corp (Class B)..... 14
10,953 e* AMR Corp............................... 120
2,900 *Atlantic Coast Airlines Holdings, Inc.... 39
4,581 e*Continental Airlines, Inc (Class B)..... 69
8,490 e Delta Air Lines, Inc.................... 125
2,161 *ExpressJet Holdings, Inc................. 33
20,136 FedEx Corp................................ 1,249
826 *Forward Air Corp......................... 21
2,150 *Frontier Airlines, Inc................... 20
3,098 *JetBlue Airways Corp..................... 131
2,151 *Mesa Air Group, Inc...................... 17
600 *Mesaba Holdings, Inc..................... 4
4,090 e*Northwest Airlines Corp................. 46
1,365 *Offshore Logistics, Inc.................. 30
181 *Petroleum Helicopters (Vote)............. 6
3,616 Skywest, Inc.............................. 69
50,847 Southwest Airlines Co..................... 875
--------
TOTAL TRANSPORTATION BY AIR 3,025
--------
TRANSPORTATION EQUIPMENT--2.32%
1,761 *AAR Corp................................. 12
545 *Aftermarket Technology Corp.............. 6
1,900 *American Axle & Manufacturing Holdings,
Inc..................................... 45
1,100 Arctic Cat, Inc........................... 21
4,699 ArvinMeritor, Inc......................... 95
6,789 Autoliv, Inc.............................. 184
49,272 Boeing Co................................. 1,691
6,082 Brunswick Corp............................ 152
1,687 Clarcor, Inc.............................. 65
1,035 Coachmen Industries, Inc.................. 12
220 Curtiss-Wright Corp (Class B)............. 14
10,224 Dana Corp................................. 118
32,314 Delphi Corp............................... 279
496 *Ducommun, Inc............................ 7
1,000 *Dura Automotive Systems, Inc............. 9
3,059 Federal Signal Corp....................... 54
2,500 e*Fleetwood Enterprises, Inc.............. 19
120,796 Ford Motor Co............................. 1,328
2,274 GenCorp, Inc.............................. 20
12,216 General Dynamics Corp..................... 886
31,868 General Motors Corp....................... 1,147
</Table>
26 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
TRANSPORTATION EQUIPMENT--(CONTINUED)
60,992 *General Motors Corp-Hughes Electronics
Corp.................................... $ 781
5,139 e*Gentex Corp............................. 157
11,700 Genuine Parts Co.......................... 375
6,531 Goodrich Corp............................. 137
20,433 Harley-Davidson, Inc...................... 814
785 Heico Corp................................ 10
55,168 Honeywell International, Inc.............. 1,481
1,612 Kaman Corp (Class A)...................... 19
24,953 Lockheed Martin Corp...................... 1,187
474 Marine Products Corp...................... 5
4,500 *Mascotech, Inc (Escrow).................. 0
1,720 *Monaco Coach Corp........................ 26
3,724 *Navistar International Corp.............. 122
11,372 Northrop Grumman Corp..................... 981
1,007 Oshkosh Truck Corp........................ 60
7,339 Paccar, Inc............................... 495
1,600 e Polaris Industries, Inc................. 98
333 *Sequa Corp (Class A)..................... 11
1,755 e*Sports Resorts International, Inc....... 9
500 Standard Motor Products, Inc.............. 6
255 *Strattec Security Corp................... 14
1,431 Superior Industries International, Inc.... 60
2,183 *Teledyne Technologies, Inc............... 29
2,719 *Tenneco Automotive, Inc.................. 10
8,002 Textron, Inc.............................. 312
1,100 Thor Industries, Inc...................... 45
2,420 e Trinity Industries, Inc................. 45
952 *Triumph Group, Inc....................... 27
1,518 *United Defense Industries, Inc........... 39
31,896 United Technologies Corp.................. 2,259
9,045 Visteon Corp.............................. 62
1,600 *Wabash National Corp..................... 22
2,466 Wabtec Corp............................... 34
867 Winnebago Industries, Inc................. 33
--------
TOTAL TRANSPORTATION EQUIPMENT 15,929
--------
TRANSPORTATION SERVICES--0.13%
400 *Ambassadors Group, Inc................... 6
4,524 C.H. Robinson Worldwide, Inc.............. 161
2,500 *EGL, Inc................................. 38
2,335 *Expedia, Inc............................. 179
6,394 Expeditors International of Washington,
Inc..................................... 221
2,986 e GATX Corp............................... 49
872 *Navigant International, Inc.............. 11
2,021 *RailAmerica, Inc......................... 17
9,902 Sabre Holdings Corp....................... 244
--------
TOTAL TRANSPORTATION SERVICES 926
--------
TRUCKING AND WAREHOUSING--0.40%
1,500 Arkansas Best Corp........................ 36
3,058 CNF, Inc.................................. 78
424 *Covenant Transport, Inc (Class A)........ 7
2,145 *Heartland Express, Inc................... 48
1,500 *Hunt (J.B.) Transport Services, Inc...... 57
914 *Landstar System, Inc..................... 57
221 *P.A.M. Transportation Services........... 5
777 Roadway Corp.............................. 22
900 *SCS Transportation, Inc.................. 11
4,341 *Swift Transportation Co, Inc............. 81
400 *U.S. Xpress Enterprises, Inc (Class A)... 4
34,102 United Parcel Service, Inc (Class B)...... 2,172
1,835 USF Corp.................................. 49
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
2,733 Werner Enterprises, Inc................... $ 58
1,800 *Yellow Corp.............................. 42
--------
TOTAL TRUCKING AND WAREHOUSING 2,727
--------
WATER TRANSPORTATION--0.02%
2,785 Alexander & Baldwin, Inc.................. 74
844 *Gulfmark Offshore, Inc................... 14
1,369 *Kirby Corp............................... 39
1,962 Overseas Shipholding Group, Inc........... 43
--------
TOTAL WATER TRANSPORTATION 170
--------
WHOLESALE TRADE-DURABLE GOODS--1.85%
384 e*1-800 Contacts, Inc..................... 9
1,100 Action Performance Cos, Inc............... 21
839 *Alliance Imaging, Inc.................... 4
2,198 *Anixter International, Inc............... 51
6,925 *Apogent Technologies, Inc................ 139
1,381 Applied Industrial Technologies, Inc...... 29
6,892 *Arrow Electronics, Inc................... 105
1,206 *Audiovox Corp (Class A).................. 13
1,354 *Aviall, Inc.............................. 15
7,746 *Avnet, Inc............................... 98
751 Barnes Group, Inc......................... 16
1,800 BorgWarner, Inc........................... 116
1,291 *Boyds Collection Ltd..................... 6
2,100 Carlisle Cos, Inc......................... 89
4,002 *CDW Corp................................. 183
1,736 Commercial Metals Co...................... 31
1,641 *Compucom Systems, Inc.................... 7
794 *Department 56, Inc....................... 12
500 *Global Imaging Systems, Inc.............. 12
1,800 *Handleman Co............................. 29
1,700 Hughes Supply, Inc........................ 59
9,909 e IKON Office Solutions, Inc.............. 88
1,091 *Imagistics International, Inc............ 28
5,682 *Ingram Micro, Inc (Class A).............. 63
2,951 *Insight Enterprises, Inc................. 30
715 *Insurance Auto Auctions, Inc............. 9
199,800 Johnson & Johnson......................... 10,330
739 *Keystone Automotive Industries, Inc...... 13
1,689 *Knight Transportation, Inc............... 42
300 Lawson Products, Inc...................... 8
3,352 Martin Marietta Materials, Inc............ 113
1,400 b,e*MCSi, Inc............................. 0
17,000 b*Neuromedical Systems, Inc............... 2
96 *NII Holdings, Inc (Class B).............. 4
2,300 Owens & Minor, Inc........................ 51
3,475 *Patterson Dental Co...................... 158
3,435 Pep Boys-Manny Moe & Jack................. 46
2,158 Pioneer-Standard Electronics, Inc......... 18
700 *Pomeroy IT Solutions, Inc................ 8
4,800 *PSS World Medical, Inc................... 28
1,717 Reliance Steel & Aluminum Co.............. 36
9,000 *Safeguard Scientifics, Inc............... 24
698 *Scansource, Inc.......................... 19
1,238 e*SCP Pool Corp........................... 43
1,219 *TBC Corp................................. 23
3,456 *Tech Data Corp........................... 92
5,118 W.W. Grainger, Inc........................ 239
1,229 Watsco, Inc............................... 20
1,000 *WESCO International, Inc................. 6
1,950 e*Zoran Corp.............................. 37
--------
TOTAL WHOLESALE TRADE-DURABLE GOODS 12,622
--------
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 27
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
WHOLESALE TRADE-NONDURABLE GOODS--0.85%
598 Aceto Corp................................ $ 11
3,000 e Acuity Brands, Inc...................... 55
833 Advanced Marketing Services, Inc.......... 11
3,953 Airgas, Inc............................... 66
1,800 *Allscripts Healthcare Solutions, Inc..... 7
7,051 AmerisourceBergen Corp.................... 489
2,183 Brown-Forman Corp (Class B)............... 172
30,465 Cardinal Health, Inc...................... 1,937
468 *Central European Distribution Corp....... 9
2,584 *Chiquita Brands International, Inc....... 37
924 D&K Healthcare Resources, Inc............. 15
1,294 b,e*Daisytek International Corp........... 0
3,045 DIMON, Inc................................ 22
2,199 *Endo Pharmaceuticals Holdings, Inc....... 37
2,762 b,e*Fleming Cos, Inc...................... 0
293 Getty Realty Corp......................... 7
226 *Green Mountain Coffee, Inc............... 4
1,696 *Hain Celestial Group, Inc................ 27
2,750 *Henry Schein, Inc........................ 144
500 *Kenneth Cole Productions, Inc (Class
A)...................................... 10
18,400 McKesson Corp............................. 658
2,069 *Men's Wearhouse, Inc..................... 45
785 Nash Finch Co............................. 13
3,183 Nu Skin Enterprises, Inc (Class A)........ 33
2,973 *Performance Food Group Co................ 110
4,300 Perrigo Co................................ 67
1,700 *Plains Resources, Inc.................... 24
84 f*Priority Healthcare Corp (Class A)...... 2
1,641 *Priority Healthcare Corp (Class B)....... 30
1,702 Russell Corp.............................. 32
1,104 e*School Specialty, Inc................... 31
900 *Smart & Final, Inc....................... 4
779 *Source Interlink Cos, Inc................ 6
803 Standard Commercial Corp.................. 14
2,696 Stride Rite Corp.......................... 27
9,074 Supervalu, Inc............................ 193
43,720 Sysco Corp................................ 1,313
980 *Tractor Supply Co........................ 47
1,291 *United Natural Foods, Inc................ 36
2,061 *United Stationers, Inc................... 75
1,821 Valhi, Inc................................ 18
</Table>
<Table>
<Caption>
VALUE
SHARES (000)
------ -----
774 *VistaCare, Inc (Class A)................. $ 19
126 Weyco Group, Inc.......................... 6
--------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 5,863
--------
TOTAL COMMON STOCK
(Cost $667,070) 678,386
--------
TIAA CREF MUTUAL FUND--0.89%
785,313 TIAA-CREF Institutional Equity Index
Fund.................................... 6,133
--------
TOTAL TIAA-CREF MUTUAL FUND
(Cost $6,032)........................... 6,133
--------
<Caption>
PRINCIPAL
---------
SHORT TERM INVESTMENTS--3.51%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--3.51%
Federal Home Loan Bank (FHLB)
$ 5,100,000 0.910%, 07/09/03........................ $ 5,099
Federal Home Loan Mortgage Corp (FHLMC)
9,000,000 1.130%, 07/08/03........................ 8,998
10,000,000 0.880%, 07/17/03........................ 9,995
--------
TOTAL U.S. GOVERNMENT AND AGENCIES
DISCOUNT NOTES 24,092
--------
TOTAL SHORT TERM INVESTMENTS
(Cost $24,093) 24,092
--------
TOTAL PORTFOLIO--103.16%
(Cost $697,330) 708,747
OTHER ASSETS & LIABILITIES--(3.16)% (21,736)
--------
NET ASSETS--100.00% $687,011
========
</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 June 30,
2003, the value of these securities amounted to $12.00 or 0.00% of net
assets.
ADDITIONAL INFORMATION ON EACH RESTRICTED SECURITY IS AS FOLLOWS:
<Table>
<Caption>
ACQUISITION ACQUISITION
SECURITY DATE COST
- -------- ----------- -----------
National Health Investors, Inc (Sr Sub
Deb)...................................... 01/01/01 $10,000
Priority Healthcare Corp (Class A).......... 01/04/99 1,148
</Table>
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
28 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
See Notes to Financial Statements
TIAA SEPARATE ACCOUNT VA-1 STATEMENT OF ASSETS AND LIABILITIES
STOCK INDEX ACCOUNT (UNAUDITED)
- --------------------------------------------------------------------------------
June 30, 2003
(amounts in thousands, except amount per accumulation unit)
<Table>
ASSETS
Investments, at cost $697,330
Net unrealized appreciation of investments 11,417
- ----------------------------------------------------------------------
Investments, at value (including securities loaned of
$23,211) 708,747
Cash 1,041
Dividends and interest receivable 1,208
Receivable from securities transactions 9,790
- ----------------------------------------------------------------------
TOTAL ASSETS 720,786
- ----------------------------------------------------------------------
LIABILITIES
Deposits for securities loaned-Note 3 24,295
Payable for securities transactions 9,007
Amounts due to TIAA General Account 473
- ----------------------------------------------------------------------
TOTAL LIABILITIES 33,775
- ----------------------------------------------------------------------
NET ASSETS
Accumulation Fund $687,011
======================================================================
ACCUMULATION UNITS OUTSTANDING-Notes 4 and 5 11,715
======================================================================
NET ASSET VALUE PER ACCUMULATION UNIT-Note 4 $58.65
======================================================================
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 29
TIAA SEPARATE ACCOUNT VA-1 STATEMENT OF OPERATIONS
STOCK INDEX ACCOUNT (UNAUDITED)
- --------------------------------------------------------------------------------
Six Months Ended June 30, 2003
(amounts in thousands)
<Table>
INVESTMENT INCOME
Income:
Interest $ 176
Dividends 5,811
- ---------------------------------------------------------------------
Total income 5,987
- ---------------------------------------------------------------------
Expenses-Note 2:
Investment advisory charges 934
Administrative expenses 623
Mortality and expense risk charges 311
- ---------------------------------------------------------------------
Total expenses before waiver 1,868
Investment advisory charges waived (716)
- ---------------------------------------------------------------------
Net expenses 1,152
- ---------------------------------------------------------------------
Investment income-net 4,835
- ---------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 3
Net realized loss on investments (2,737)
Net change in unrealized appreciation on investments 73,789
- ---------------------------------------------------------------------
Net realized and unrealized gain on investments 71,052
- ---------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $75,887
=====================================================================
</Table>
30 TIAA Separate Account VA-1 2003 SEMIANNUAL 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>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2003 2002
- ----------------------------------------------------------------------------------------------
(UNAUDITED)
FROM OPERATIONS
Investment income-net $ 4,835 $ 9,142
Net realized loss on investments (2,737) (17,955)
Net change in unrealized appreciation (depreciation) on
investments 73,789 (173,393)
- ----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 75,887 (182,206)
- ----------------------------------------------------------------------------------------------
FROM CONTRACTOWNER TRANSACTIONS
Premiums 11,833 39,404
Net contractowner transfers to fixed account (5,199) (53,439)
Withdrawals and death benefits (10,363) (22,005)
- ----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from contractowner
transactions (3,729) (36,040)
- ----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 72,158 (218,246)
NET ASSETS
Beginning of year 614,853 833,099
- ----------------------------------------------------------------------------------------------
End of period $687,011 $ 614,853
==============================================================================================
</Table>
See Notes to Financial Statements
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 31
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
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 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. Money market
instruments are valued based on the most recent bid price or the equivalent
quoted yield for such securities, or are derived from a pricing matrix that has
various types of money market instruments along one axis and various maturities
along the other. 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 income 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 June 30, 2003, the market value of securities loaned was $23,211,488 and cash
collateral received was $24,295,422.
At June 30, 2003, the net unrealized appreciation on investments was
$11,417,068, consisting of gross unrealized appreciation of $140,765,264 and
gross unrealized depreciation of $129,348,196.
32 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Continued)
Purchases and sales of securities, other than short-term money market
instruments, for the six months ended June 30, 2003, were $17,240,155 and
$15,098,544, respectively.
NOTE 4. CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<Table>
<Caption>
Six Months Ended Years Ended December 31,
June 30, ----------------------------------------------------
2003(2) 2002 2001 2000 1999 1998
---------------- -------- -------- -------- -------- --------
(Unaudited)
Per Accumulation Unit data:
Investment income $ .511 $ .965 $ .916 $ .966 $ .961 $ .908
Expenses .098 .218 .253 .301 .270 .223
-------- -------- -------- -------- -------- --------
Investment income-net .413 .747 .663 .665 .691 .685
Net realized and
unrealized gain (loss)
on investments 6.130 (15.200) (9.499) (7.024) 13.051 12.407
-------- -------- -------- -------- -------- --------
Net increase (decrease) in
Accumulation Unit Value 6.543 (14.453) (8.836) (6.359) 13.742 13.092
Accumulation Unit Value:
Beginning of year 52.103 66.556 75.392 81.751 68.009 54.917
-------- -------- -------- -------- -------- --------
End of period $ 58.646 $ 52.103 $ 66.556 $ 75.392 $ 81.751 $ 68.009
======== ======== ======== ======== ======== ========
Total return 12.56% (21.72)% (11.72)% (7.78)% 20.21% 23.84%
Ratio to Average Net Assets:
Expenses (1) 0.18% 0.37% 0.37% 0.37% 0.37% 0.37%
Investment income-net 0.77% 1.27% 0.97% 0.82% 0.95% 1.14%
Portfolio turnover rate 2.42% 5.33% 9.86% 20.68% 37.93% 45.93%
Thousands of Accumulation
Units outstanding at end
of period 11,715 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).
(2) The percentages shown for this period are not annualized.
NOTE 5. ACCUMULATION UNITS
Changes in the number of Accumulation Units outstanding were as follows:
<Table>
<Caption>
Six Months Ended Year Ended
June 30, December 31,
2003 2002
---------------- ------------
Accumulation Units:
Credited for premiums 220,618 664,769
Cancelled for transfers and disbursements (306,766) (1,381,252)
Outstanding:
Beginning of year 11,800,774 12,517,257
---------- ----------
End of period 11,714,626 11,800,774
========== ==========
</Table>
2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 33
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Concluded)
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 six months ended June 30, 2003, the Account did not borrow
under this facility.
34 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT
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[TIAA CREF 730 Third Avenue
LOGO] New York NY 10017-3206
AF 30031
[RECYCLING LOGO] Printed on recycled paper 08/03
ITEM 9. CONTROLS AND PROCEDURES.
(a) Evaluation of disclosure controls and procedures. An evaluation was
performed within 90 days from the date hereof under the supervision of the
registrant's management, including the principal executive officer and principal
financial officer, of the effectiveness of the design and operation of the
registrant's disclosure controls and procedures. Based on that evaluation, the
registrant's management, including the principal executive officer and principal
financial officer, concluded that the registrant's disclosure controls and
procedures were effective for this semi-annual reporting period.
(b) Changes in internal controls. There were no changes in the
registrant's internal controls over financial reporting that occurred during the
registrant's last fiscal half-year that materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 10. EXHIBITS.
10(a)(2)(i) Section 302 certification of the principal executive officer
(EX-99.CERT)
10(a)(2)(ii) Section 302 certification of the principal financial officer
(EX-99.CERT)
10(b) Section 906 certification.(EX-99.906CERT)
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: August 21, 2003 By: /s/ Bertram L. Scott
----------------------------------
Bertram L. Scott
Executive Vice 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: August 21, 2003 By: /s/ Bertram L. Scott
----------------------------------
Bertram L. Scott
Executive Vice President
(principal executive officer)
Date: August 21, 2003 By: /s/ Richard L. Gibbs
----------------------------------
Richard L. Gibbs
Executive Vice President
(principal financial officer)
EXHIBIT LIST
ITEM 10. EXHIBITS.
10(a)(2)(i) Section 302 certification of the principal executive officer
(EX-99.CERT)
10(a)(2)(ii) Section 302 certification of the principal financial officer
(EX-99.CERT)
10(b) Section 906 certification.(EX-99.906CERT)