-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T2NsdiOKxDyOyx5ewpJaszgKFutNYZ+AEXR052a0uMi5F68QTLyONy20yZ2imnoD K7zX29WymTI4AXrjZoPP2Q== 0000950123-03-009664.txt : 20030821 0000950123-03-009664.hdr.sgml : 20030821 20030821171611 ACCESSION NUMBER: 0000950123-03-009664 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030821 EFFECTIVENESS DATE: 20030821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIAA SEPARATE ACCOUNT VA 1 CENTRAL INDEX KEY: 0000923524 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08520 FILM NUMBER: 03860764 BUSINESS ADDRESS: STREET 1: 730 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 MAIL ADDRESS: STREET 2: 730 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 N-CSRS 1 y88148snvcsrs.txt TIAA SEPARATE ACCOUNT VA-1 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 - --------------------------------------------------------------------------------
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
Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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% ======== ======
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 --------
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 --------
2 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 3 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
4 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 5 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
6 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 7 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
8 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 9 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
10 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 11 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
12 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 13 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
14 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 15 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
16 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 17 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
18 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 19 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
20 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 21 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
22 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 23 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
24 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 25 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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
26 TIAA Separate Account VA-1 2003 SEMIANNUAL REPORT See Notes to Financial Statements Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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 --------
See Notes to Financial Statements 2003 SEMIANNUAL REPORT TIAA Separate Account VA-1 27 Statement of Investments (unaudited) - STOCK INDEX ACCOUNT - June 30, 2003 - --------------------------------------------------------------------------------
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
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 -------- 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 ========
- ------------ * 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:
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
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) 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 ======================================================================
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) 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 =====================================================================
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)
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 ==============================================================================================
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.
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
(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:
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 ========== ==========
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 (This page intentionally left blank) (This page intentionally left blank) [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) EX-99.CERT 3 y88148sexv99wcert.txt 302 CERTIFICATION EX-99.CERT CERTIFICATION I, Bertram L. Scott, certify that: 1. I have reviewed this report on Form N-CSR of the TIAA Separate Account VA-1; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 21, 2003 /s/ Bertram L. Scott ---------------------------------- Bertram L. Scott (principal executive officer) EX-99.CERT CERTIFICATION I, Richard L. Gibbs, certify that: 1. I have reviewed this report on Form N-CSR of the TIAA Separate Account VA-1; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 21, 2003 /s/ Richard L. Gibbs ----------------------------------- Richard L. Gibbs (principal financial officer) EX-99.906CERT 4 y88148sexv99w906cert.txt 906 CERTIFICATION EX-99.906CERT CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Life Funds, do hereby certify, to such officer's knowledge, that: The semi-annual report on Form N-CSR of the TIAA Separate Account VA-1 (the "Account") for the six month period ended June 30, 2003 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Account. /s/ Bertram L. Scott Dated: August 21, 2003 -------------------------------- Bertram L. Scott Executive Vice President (Principal Executive Officer) TIAA Separate Account VA-1 /s/ Richard L. Gibbs Dated: August 21, 2003 -------------------------------- Richard L. Gibbs Executive Vice President (Principal Financial Officer), TIAA Separate Account VA-1 -----END PRIVACY-ENHANCED MESSAGE-----