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. 811-08961

TIAA-CREF LIFE FUNDS

(Exact name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Stewart P. Greene, 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: December 31, 2009

Item 1. Reports to Stockholders.

2009 ANNUAL REPORT

TIAA-CREF LIFE FUNDS

DECEMBER 31, 2009

Audited financial statements

CONTENTS

Understanding your TIAA-CREF Life Funds report	2
Information on the TIAA-CREF Life Funds	3
About the funds’ benchmarks	4
Important information about expenses	6
Fund performance
Growth Equity Fund	7
Growth & Income Fund	10
International Equity Fund	13
Large-Cap Value Fund	16
Small-Cap Equity Fund	19
Stock Index Fund	22
Social Choice Equity Fund	25
Real Estate Securities Fund	28
Bond Fund	31
Money Market Fund	34
Summary portfolios of investments	37
Financial statements
Statements of assets and liabilities	76
Statements of operations	80
Statements of changes in net assets	84
Financial highlights	91
Notes to financial statements	102
Report of independent registered public accounting firm	113
Management	114
Board approval of investment management agreement	122
Important tax information	132
How to reach us	Inside back cover

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 223-1200. We urge you to read the prospectus carefully before investing.

UNDERSTANDING YOUR TIAA-CREF LIFE FUNDS REPORT

This report contains information about the ten TIAA-CREF Life Funds and describes the funds’ results for the twelve months ended December 31, 2009. The report contains three main sections:

• The fund performance section compares each fund’s return with the return of that fund’s benchmark index.

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of December 31, 2009. It also lists the fund’s largest individual holdings and any holding that made up more than one percent of the fund’s net assets on that date.

• The financial statements contain detailed information about the operations and financial condition of each fund.

2 2009 Annual Report ¡ TIAA-CREF Life Funds

INFORMATION ON THE TIAA-CREF LIFE FUNDS

Portfolio holdings

Securities and Exchange Commission (SEC) rules intended to provide investors with more meaningful information about fund performance allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings. The funds file complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings (called “TIAA-CREF Life Funds Schedules of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2009) in the following ways:

• By visiting our website at tiaa-cref.org; or

• By calling us at 800 842-2776 to request a copy, which is free of charge.

You can also obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of December 31 or June 30; Form N-Q lists holdings as of March 31 or September 30.) Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

TIAA-CREF Life Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC web-site at www.sec.gov. You can also call us at 800 223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by e-mail, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 223-1200.

Fund management

TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.

TIAA-CREF Life Funds ¡ 2009 Annual Report 3

ABOUT THE FUNDS’ BENCHMARKS

EQUITY INDEXES

BROAD-MARKET INDEX

The Russell 3000^® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

LARGE-CAP INDEXES

The S&P 500^® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.

The MSCI EAFE (Europe, Australasia, Far East) Index measures the performance of the leading stocks in 21 developed countries outside North America.

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.

The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.

SMALL-CAP INDEX

The Russell 2000^® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.

SPECIALTY EQUITY INDEX

The FTSE NAREIT Equity REITs Index measures the performance of publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.

4 2009 Annual Report ¡ TIAA-CREF Life Funds

FIXED-INCOME INDEX

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

TIAA-CREF Life Funds ¡ 2009 Annual Report 5

IMPORTANT INFORMATION ABOUT EXPENSES

Shareholders in the TIAA-CREF Life Funds incur only one of two potential types of costs.

• Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

• However, they do incur ongoing costs, including management fees.

The TIAA-CREF Life Funds are the underlying investment vehicles for certain variable life insurance and variable annuity contracts issued by TIAA-CREF Life Insurance Company. These contracts have additional administrative expense fees and mortality and expense risk charges. Because of these additional deductions, the costs to investors will be higher than the figures shown in the expense examples.

The examples that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other funds.

The examples assume $1,000 was invested on July 1, 2009, and held for six months until December 31, 2009.

Actual expenses

The first line in each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.

Simply divide your fund value by $1,000 (for example, an $8,600 fund value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

Hypothetical example for comparison purposes

The second line in the table shows hypothetical fund values and expenses based on the fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the fund’s actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in this fund with the costs of other funds. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

6 2009 Annual Report ¡ TIAA-CREF Life Funds

GROWTH EQUITY FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Growth Equity Fund returned 35.47% for the year, compared with the 37.21% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth outpaces large-cap value

In 2009, large-cap growth stocks posted their largest calendar-year gain since 1998, strongly outperforming large-cap value issues, which returned 19.69%, as measured by the Russell 1000 Value Index. This reverses a protracted trend. During the decade that ended on December 31, 2009, large-cap value surpassed large-cap growth in eight out of ten years. For the ten years ended December 31, 2009, the Russell 1000 Growth Index posted an average annual return of –3.99%—almost six-and-a-half percentage points behind the 2.47% average annual return of the Russell 1000 Value Index.

Technology propels the index

In July 2009, Russell reorganized the sectors of the Russell indexes, reducing the number of sectors from twelve to nine. For the year, all nine sectors of the Russell 1000 Growth Index recorded double-digit gains. The index’s advance was chiefly fueled by the 64.1% surge in technology, which made up more than one quarter of the benchmark’s total market capitalization as of December 31, 2009. The benchmark’s next two largest sectors, health care (up 21.1%) and consumer discretionary (up 33.3%), also contributed significantly to its splendid showing.

The benchmark’s lowest-performing sector, utilities, climbed a more than respectable 13.1%.

Stock choices trim returns

The fund lagged its benchmark primarily because of several unfavorable stock selections. Among the largest detractors from relative performance were overweight positions in educational provider Apollo Group, biotechnology company Gilead Sciences and General Mills. An underweight in Wells Fargo also detracted from the fund’s returns.

These results were partially offset by several positive contributors to relative performance. They included overweight positions in Goldman Sachs and Google. Underweighting Wal-Mart and Exxon Mobil and avoiding Procter & Gamble, which was a component of the benchmark during the period, also aided returns.

TIAA-CREF Life Funds ¡ 2009 Annual Report 7

GROWTH EQUITY FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Growth Equity Fund (inception: 4/3/2000)	35.47	%	1.71	%	–5.15	%
Russell 1000®Growth Index	37.21		1.63		–4.60

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE APRIL 3, 2000 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

8 2009 Annual Report ¡ TIAA-CREF Life Funds

GROWTH EQUITY FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Growth Equity Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,229.90	$	1.41
5% annual hypothetical return		1,000.00		1,023.93		1.28

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.25%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Technology	35.9
Consumer products & services	25.5
Manufacturing & materials	15.8
Financial	9.0
Health care	8.2
Energy	5.4
Other assets & liabilities, net	0.2
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	72.65
$4 billion–$15 billion	25.83
Under $4 billion	1.52
Total	100.00

TIAA-CREF Life Funds ¡ 2009 Annual Report 9

GROWTH & INCOME FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Growth & Income Fund returned 27.76% for the year, compared with the 26.46% return of its benchmark, the S&P 500^® Index.

Large caps trail the broad market

In 2009, the S&P 500 Index under-performed the broad-based Russell 3000^® Index, which returned 28.34%. This reflected the fact that, unlike the S&P 500, the Russell 3000 includes a considerable number of mid-cap stocks. The mid-cap segment of the Russell 3000 rose 40.48% and made up more than one quarter of that index, in terms of market capitalization on December 31, 2009.

Information technology leads the way

During the period, nine of the benchmark’s ten industry sectors produced double-digit gains. Returns were driven mainly by the information technology sector, which returned 61.7%. This sector made up almost one-fifth of the benchmark’s market capitalization at year-end. Two of the benchmark’s smaller sectors also generated outsized returns. The materials and consumer discretionary sectors returned 48.6% and 41.3%, respectively.

Telecommunications services, one of the benchmark’s poorest performing sectors over the past few years, posted an 8.9% return for 2009.

Stock choices lift the fund’s return

The fund’s return outpaced that of its benchmark by more than a percentage point as a result of successful security selections that included several nonbenchmark stocks. Among these were British mining giant Rio Tinto and educational media distributor Discovery Communications. Overweight positions in data storage provider SanDisk and energy supplier Weatherford International also aided returns.

Positive contributions like these were partially offset by several detractors from relative performance. These included an overweight position in biotechnology company Gilead Sciences and an out-of-benchmark holding in insurance giant ACE. Avoiding American Express, which was a component of the benchmark during the period, also trimmed relative returns.

10 2009 Annual Report ¡ TIAA-CREF Life Funds

GROWTH & INCOME FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Growth & Income Fund (inception: 4/3/2000)	27.76	%	4.25	%	0.02	%
S&P 500 Index	26.46		0.42		–1.25

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE APRIL 3, 2000 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2009 Annual Report 11

GROWTH & INCOME FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Growth & Income Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,211.40	$	1.28
5% annual hypothetical return		1,000.00		1,024.05		1.17

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.23%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Technology	23.7
Consumer products & services	22.7
Manufacturing & materials	15.8
Financial	13.6
Energy	10.6
Health care	10.4
Utilities	2.7
Other assets & liabilities, net	0.5
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	75.36
$4 billion–$15 billion	15.70
Under $4 billion	8.94
Total	100.00

12 2009 Annual Report ¡ TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The International Equity Fund returned 31.74% for the year, compared with the 31.78% return of its benchmark, the MSCI EAFE Index.

Foreign stocks rebound

After plummeting in 2008 and the beginning of 2009, foreign stocks staged a dramatic comeback. Beginning in early March, the MSCI EAFE Index, which measures stock performance in 21 developed foreign countries, climbed steadily as investors grew more optimistic about the global economy and the outlook for corporate profits.

For the year, the EAFE’s return was higher than the 28.34% gain of the Russell 3000^® Index, which measures the broad U.S. stock market. The euro and the pound strengthened relative to the dollar, magnifying foreign stock gains for U.S. investors. In terms of local currencies, the EAFE advanced 24.72%.

European stocks gain the most

The EAFE’s European segment surged 35.8% in dollar terms. British, French and German stocks gained 43.3%, 31.8% and 25.2%, respectively. The Pacific segment rose 24.2% in dollars. Japanese stocks returned just 6.3%, partly due to a weaker yen versus the dollar. Other Pacific stocks soared 72.8%.

The fund keeps pace with its benchmark

The fund’s return was close to the impressive rise in its benchmark. Among the largest contributors to relative performance were positions in two nonbenchmark stocks, Taiwanese electronics company Hon Hai Precision Industry and German chemicals producer Lanxess. Overweights, including Swiss banking giant Credit Suisse, stock market operator Hong Kong Exchanges and Clearing and U.K.-based software firm Autonomy, also helped, as did an underweight in Swiss pharmaceutical company Novartis.

Detractors from relative performance included a nonbenchmark holding—Wells Fargo—and overweights in Finnish mobile phone manufacturer Nokia and British defense contractor BAE Systems. Lack of exposure to Spanish financial services company Banco Santander and the Commonwealth Bank of Australia, and an underweight in Australian mining giant BHP Billiton, also trimmed results.

As of December 31, 2009, stocks of companies in emerging markets, which are not in the benchmark, made up about 11.4% of the fund’s total portfolio investments.

TIAA-CREF Life Funds ¡ 2009 Annual Report 13

INTERNATIONAL EQUITY FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
International Equity Fund (inception: 4/3/2000)	31.74	%	3.27	%	–0.02	%
MSCI EAFE Index	31.78		3.54		1.24

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE APRIL 3, 2000 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

14 2009 Annual Report ¡ TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

International Equity Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,241.40	$	1.69
5% annual hypothetical return		1,000.00		1,023.69		1.53

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.30%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Manufacturing & materials	36.1
Consumer products & services	32.3
Financial	16.6
Energy	7.7
Utilities	4.3
Technology	3.9
Other assets & liabilities, net	–0.9
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	57.23
$4 billion–$15 billion	27.11
Under $4 billion	15.66
Total	100.00

HOLDINGS BY COUNTRY

Country	% of portfolio investments as of 12/31/2009
Germany	22.3
United Kingdom	19.4
Switzerland	18.3
Japan	13.3
China	5.0
Taiwan	3.4
Sweden	3.0
Belgium	2.4
Hong Kong	2.2
10 other nations	10.7
Total	100.0

TIAA-CREF Life Funds ¡ 2009 Annual Report 15

LARGE-CAP VALUE FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Large-Cap Value Fund returned 31.45% for the year, compared with the 19.69% return of its benchmark, the Russell 1000^® Value Index.

Large-cap investors favor growth

Although large-cap value issues in 2009 posted their third-largest calendar-year gain in the past ten years, they failed to keep pace with large-cap growth issues, which returned 37.21%, as measured by the Russell 1000 Growth Index. This reverses a protracted trend. During the decade that ended on December 31, 2009, large-cap value surpassed large-cap growth in eight out of ten years.

Consumer discretionary and financial services drive benchmark’s return

In July 2009, Russell reorganized the sectors of the Russell indexes, reducing the number of sectors from twelve to nine. For the year, eight of the nine industry sectors of the Russell 1000 Value Index recorded double-digit gains. The benchmark’s result was driven chiefly by advances in the consumer discretionary (up 47.5%) and the financial services (up 14.3%) sectors, which together made up almost a third of the index in terms of market capitalization at year-end. The benchmark’s two smallest sectors in terms of market capitalization, technology (up 67.7%) and materials and processing (up 58.4%), also played major roles in driving the benchmark’s solid performance.

Fund surpasses its benchmark

The fund outperformed its benchmark by more than ten percentage points on the strength of superior stock selections. Among these were overweight positions in Bermuda-based insurer XL Capital, data storage device maker Brocade Communications and generic drug manufacturer Mylan. A nonbench-mark holding, British mining giant Rio Tinto, also aided returns.

Positive contributions like these were partially offset by several detractors from relative performance. These included an underweight position in Wells Fargo and overweights in financial services provider State Street and medical device maker Boston Scientific.

16 2009 Annual Report ¡ TIAA-CREF Life Funds

LARGE-CAP VALUE FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Large-Cap Value Fund (inception: 10/28/2002)	31.45	%	0.06	%	7.18	%
Russell 1000 Value Index	19.69		–0.25		5.96

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2009 Annual Report 17

LARGE-CAP VALUE FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Large-Cap Value Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,221.60	$	1.34
5% annual hypothetical return		1,000.00		1,024.00		1.22

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.24%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Financial	22.7
Consumer products & services	19.6
Manufacturing & materials	17.7
Energy	15.3
Technology	12.2
Health care	7.9
Utilities	5.0
Other assets & liabilities, net	–0.4
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	60.26
$4 billion–$15 billion	20.11
Under $4 billion	19.63
Total	100.00

18 2009 Annual Report ¡ TIAA-CREF Life Funds

SMALL-CAP EQUITY FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Small-Cap Equity Fund returned 27.75% for the year, compared with the 27.17% return of its benchmark, the Russell 2000^® Index.

Small caps rebound with the market

After falling 33.79% in 2008, small-cap stocks posted an impressive gain in 2009 but nevertheless lagged the broader market, which rose 28.34%, as measured by the Russell 3000^® Index.

During the first quarter of 2009, stocks continued to struggle amid uncertain economic conditions. Small-cap issues fell 14.95%, a larger decline than that of the broader market, which dropped 10.80%. During the last three quarters of the year, however, stocks of all capitalization sizes rebounded sharply on signs of a stabilizing global economy and improving corporate profits. Small-cap issues jumped 49.53%, outpacing the 43.89% return of the broader market.

Rally is broad-based

In July 2009, Russell reorganized the sectors of the Russell indexes, reducing the number of sectors from twelve to nine. For the year, eight of the benchmark’s nine industry sectors posted double-digit gains. The strongest performance came from the consumer discretionary and technology sectors, which returned 62.7% and 61.0%, respectively. Together, they made up more than 30% of the benchmark’s total market capitalization at year-end. Robust gains from the materials and processing (up 39.2%) and the health care (up 22.1%) sectors also helped drive the index higher.

The only sector that did not post a gain was financial services, the largest sector in the index; its return was flat for the period.

Stock choices lift the fund

The fund outperformed its benchmark due in large part to several favorable overweight stock selections. These included positions in four technology companies: 3Com, Global Cash Access Holdings, Unisys and Multi-Fineline Electronix.

These positive contributions were partly offset by overweight holdings in Crawford & Company, an insurance services provider; SWS Group, a regional investment brokerage firm; and Vaalco Energy.

The fund continued to use proprietary quantitative models to select small-cap stocks that appeared to be attractively priced.

TIAA-CREF Life Funds ¡ 2009 Annual Report 19

SMALL-CAP EQUITY FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Small-Cap Equity Fund (inception: 10/28/2002)	27.75	%	0.08	%	9.13	%
Russell 2000®Index	27.17		0.51		9.05

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

20 2009 Annual Report ¡ TIAA-CREF Life Funds

SMALL-CAP EQUITY FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Small-Cap Equity Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,245.00	$	0.57
5% annual hypothetical return		1,000.00		1,024.70		0.51

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.10%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Manufacturing & materials	23.2
Consumer products & services	20.4
Financial	18.6
Technology	18.1
Health care	11.7
Energy	4.3
Utilities	3.5
Other assets & liabilities, net	0.2
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
$4 billion–$15 billion	0.76
Under $4 billion	99.24
Total	100.00

TIAA-CREF Life Funds ¡ 2009 Annual Report 21

STOCK INDEX FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Stock Index Fund returned 28.36% for the year, compared with the 28.34% return of its benchmark, the Russell 3000^® Index.

Rebounding market eases long-term losses

After declining 10.80% from January 1 through March 31, 2009, the broad-based Russell 3000 Index surged nearly 44%, ending the twelve months with its largest calendar-year gain since 2003.

The period opened with a sharply contracting U.S. economy, steep monthly job losses and continuing problems in the financial sector. As the year progressed, however, the federal stimulus package plus a number of Federal Reserve initiatives began to have a positive effect. Job losses eased, economic activity picked up and corporate profits were better than expected. With renewed confidence, investors left the safety of U.S. Treasury securities to seek higher returns in stocks, fueling the year’s powerful rally.

For the ten years ended December 31, 2009, the average annual return of the Russell 3000 Index was –0.20%.

Tech stocks fuel the index’s rise

In July 2009, Russell reorganized the sectors of the Russell indexes, reducing the number of sectors from twelve to nine. For the year, all nine sectors of the Russell 3000 Index posted double-digit gains. The index’s advance was driven by the 64.2% surge in technology, its largest sector in terms of market capitalization on December 31, 2009. The consumer discretionary and health care sectors, which together made up more than one-quarter of the index, gained 41.0% and 21.4%, respectively. Financial services, the benchmark’s second-largest sector, rose 17.6%.

Returns of largest stocks vary widely

Although the Russell 3000 Index scored impressive gains for the period, its five largest stocks produced mixed results. Apple rose a stunning 146.9%, as better-than-expected consumer spending boosted iPhone sales, and Microsoft soared 60.5%. In contrast, Johnson & Johnson and Procter & Gamble rose 11.3% and 1.2%, respectively, while Exxon Mobil fell 12.6%.

For the period, the fund slightly outperformed its benchmark, despite the effects of expenses and of some cash holdings for liquidity. The fund had a risk profile similar to that of its benchmark.

22 2009 Annual Report ¡ TIAA-CREF Life Funds

STOCK INDEX FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		10 years
Stock Index Fund (inception: 1/4/1999)	28.36	%	0.81	%	–0.17	%
Russell 3000 Index	28.34		0.76		–0.20

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2009 Annual Report 23

STOCK INDEX FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Stock Index Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,230.90	$	0.34
5% annual hypothetical return		1,000.00		1,024.90		0.31

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.06%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Consumer products & services	23.3
Technology	20.6
Financial	16.7
Manufacturing & materials	15.5
Energy	9.9
Health care	8.7
Utilities	4.1
Other assets & liabilities, net	1.2
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	62.98
$4 billion–$15 billion	18.90
Under $4 billion	18.12
Total	100.00

24 2009 Annual Report ¡ TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Social Choice Equity Fund returned 32.51% for the year, compared with the 28.34% return of its benchmark, the Russell 3000^® Index. The fund screens investments according to social criteria, while the benchmark does not.

Stock exclusions boost returns

Because of its social screens, the fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these stocks had both positive and negative effects during the period, but the net result was to lift the fund’s return above that of its benchmark.

The fund outpaced its benchmark by more than four percentage points, in part because it benefited from the exclusion of several of the index’s largest stocks, in terms of market capitalization as of December 31, 2009. These included Exxon Mobil (down 12.6%), General Electric (down 1.7%), AT&T (up 4.8%) and Chevron (up 8.1%), all of which considerably underperformed the Russell 3000 Index over the twelve-month period. The avoidance of Wal-Mart, which fell 2.6%, and Citigroup, which tumbled 50.5%, also aided relative results.

In contrast, the exclusion of Apple, which rose 146.9%, was the largest detractor from the fund’s relative performance. Apple rallied on the strength of a series of better-than-expected earnings reports. The absence of JPMorgan Chase; Freeport-McMoRan, a copper and gold producer; and Schlumberger Limited, an oil field service provider, also hindered returns.

Statistical strategies help mitigate risks

Because the fund’s social screens prevent it from investing in some of the stocks within the Russell 3000, the fund’s managers use statistical techniques to help ensure that the risk characteristics of the portfolio resemble those of the index. One such method is to overweight or underweight specific stocks relative to each one’s percentage of capitalization within the benchmark.

The fund’s relative return in 2009 was enhanced by underweight positions in telecommunications firm Qualcomm, Abbott Laboratories and Goldman Sachs. Overweight holdings in American Express and chemical firm Rohm and Haas also helped the fund’s relative performance.

These positive effects were partly offset by some overweight positions, including Procter & Gamble, biotechnology companies Gilead Sciences and Amgen, and Aflac, a health and life insurance provider.

TIAA-CREF Life Funds ¡ 2009 Annual Report 25

SOCIAL CHOICE EQUITY FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Social Choice Equity Fund (inception: 4/3/2000)	32.51	%	1.63	%	–0.08	%
Russell 3000®Index	28.34		0.76		–0.62

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE APRIL 3, 2000 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

26 2009 Annual Report ¡ TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Social Choice Equity Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,253.90	$	0.40
5% annual hypothetical return		1,000.00		1,024.85		0.36

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.07%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Consumer products & services	27.7
Technology	20.0
Manufacturing & materials	14.4
Financial	13.9
Energy	8.5
Health care	8.2
Utilities	6.8
Other assets & liabilities, net	0.5
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	63.25
$4 billion–$15 billion	23.83
Under $4 billion	12.92
Total	100.00

TIAA-CREF Life Funds ¡ 2009 Annual Report 27

REAL ESTATE SECURITIES FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Real Estate Securities Fund returned 25.11% for the year, compared with the 27.99% return of its benchmark, the FTSE NAREIT Equity REITs Index.

REITs rally with the broad market

After falling 37.73% in 2008, the FTSE NAREIT Equity REITs Index staged an impressive rally in 2009 but failed to keep pace with the broad market, which rose 28.34%, as measured by the Russell 3000^® Index.

During the first quarter of 2009, the index continued to languish, falling 31.87% as a result of ongoing weakness in the credit markets and steep monthly job losses. During the last three quarters of the year, however, the index stormed back as the positive effects of the federal stimulus package started to take hold, and signs of a stabilizing global economy and better-than-expected corporate profits led to renewed investor confidence in stocks. From March 31 through December 31, the index gained 87.86%—almost double the 45.83% return of the broader market.

REITs continue to underperform broad markets over the long term

During the twelve-month period, the index easily outpaced the 5.93% advance of the U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

For the five years ended December 31, 2009, however, the 0.36% average annual gain of the index lagged both the 0.76% average gain of the Russell 3000 Index and the 4.97% average gain of the Barclays Capital index.

Stock selections trim return

Despite its double-digit absolute gain, the fund lagged its benchmark, in part because of underweight positions in HRPT Properties Trust, a REIT that owns and leases office buildings, and DuPont Fabros Technology, a data center owner. Overweight holdings in Regency Centers, a retail shopping center developer, and Mission West Properties, a manager of research and development properties, also detracted from relative results.

These negative effects were partly offset by overweight positions in SL Green Realty, an office REIT; Simon Property Group, a retail property owner; and Macerich, a shopping mall operator. Underweight holdings in Cedar Shopping Centers and Inland Real Estate, a retail property REIT, also aided the fund’s relative return.

28 2009 Annual Report ¡ TIAA-CREF Life Funds

REAL ESTATE SECURITIES FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Real Estate Securities Fund (inception: 10/28/2002)	25.11	%	–1.42	%	8.79	%
FTSE NAREIT Equity REITs Index (new)*	27.99		0.36		9.63
Dow Jones Wilshire Real Estate Securities Index (old)†	29.01		–0.24		9.70

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

* Please note that effective April 1, 2009, the Real Estate Securities Fund’s benchmark changed to the FTSE NAREIT Equity REITs Index. This change was made in order to be more representative of the marketplace.

† This was the fund’s benchmark through March 31, 2009.

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period. As of December 31, 2009, the value of the Dow Jones Wilshire Real Estate Securities Index (old) would have been $19,432.

TIAA-CREF Life Funds ¡ 2009 Annual Report 29

REAL ESTATE SECURITIES FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Real Estate Securities Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,445.50	$	1.54
5% annual hypothetical return		1,000.00		1,023.95		1.28

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.25%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Specialized	27.4
Retail	26.2
Residential	16.2
Office	13.6
Diversified	7.6
Industrial	4.4
Office electronics	2.0
Futures	0.5
Paper & forest products	0.4
Mortgage	0.1
Other assets & liabilities, net	1.6
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	10.75
$4 billion–$15 billion	46.57
Under $4 billion	42.68
Total	100.00

30 2009 Annual Report ¡ TIAA-CREF Life Funds

BOND FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Bond Fund returned 7.40% for the year, compared with the 5.93% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index.

Bonds rally as the economy improves

The period opened with a sharply contracting U.S. economy, steep monthly job losses and continuing problems in the financial sector. In response, the Federal Reserve kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% throughout the period. As the year progressed, low interest rates, other Fed initiatives and a massive federal stimulus package began to have a positive effect. Job losses eased, the nation’s gross domestic product turned positive in the third quarter and stability returned to the financial sector.

The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, returned 1.90% for the first half of 2009, when investor worries about the increased issuance of U.S. Treasury securities to fund the government’s recovery efforts depressed their prices. As the economy improved, the index gained 3.95% in the year’s second half.

Corporate bonds shine

As investors’ appetite for risk increased, the returns of corporate bonds rose; they returned 18.7% in 2009. The riskier asset-backed and commercial mortgage-backed sectors posted returns of 24.7% and 28.5%, respectively. Conversely, agency securities returned just 2.0%, while U.S. Treasuries lost 3.6% for the year. During the period, the yield on 2-year Treasury notes rose from 0.76% at year-end 2008 to 1.14% on December 31, 2009. The yield on 10-year Treasury notes soared from 2.25% to 3.85%.

The fund tops its benchmark

The fund outperformed the Barclays Capital index for the year primarily because of advantageous sector weightings, relative to the index. Underweight positions in U.S. Treasury securities and overweight holdings in agency securities contributed to the fund’s outperformance. Overweight investments in corporate securities, particularly in the well-performing banking and insurance sectors, also aided returns, as did an overweight position in asset-backed securities and a small holding in out-of-benchmark, higher-yielding debt securities. However, an underweight in commercial mortgage-backed securities reduced returns.

TIAA-CREF Life Funds ¡ 2009 Annual Report 31

BOND FUND

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Bond Fund (inception: 7/8/2003)	7.40	%	4.09	%	3.91	%
Barclays Capital U.S. Aggregate Bond Index	5.93		4.97		4.62

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

$10,000 SINCE JULY 8, 2003 INCEPTION

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

32 2009 Annual Report ¡ TIAA-CREF Life Funds

BOND FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Bond Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,048.90	$	0.52
5% annual hypothetical return		1,000.00		1,024.70		0.51

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.10%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Mortgage-backed securities & commercial mortgage-backed securities‡	35.3
Corporate bonds	22.4
U.S. Treasury securities	18.1
Foreign government & corporate bonds denominated in U.S. dollars	10.7
U.S. agency securities	6.0
Asset-backed securities	3.0
Other assets & liabilities, net	4.5
Total	100.0

‡ Includes mortgage pass-through securities and collateralized mortgage obligations

TIAA-CREF Life Funds ¡ 2009 Annual Report 33

MONEY MARKET FUND

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The Money Market Fund returned 0.54% for the year, compared with the 0.17% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

The credit market revives after a rocky start

The year began with soaring job losses, depressed home values, tepid consumer spending and turmoil within the financial sector that nearly froze the flow of credit. Against this backdrop, gross domestic product (GDP) retreated in the first two quarters of 2009.

In response, the Federal Reserve kept its target for the federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0% throughout the twelve-month period. At the same time, the Fed made short-term loans to banks and guaranteed the purchase of hard-to-sell securities. Meanwhile, federal stimulus legislation pumped money into communities around the country. By mid-year, credit conditions had eased and the rate of job loss had declined. GDP finally turned positive in the third quarter.

LIBOR falls sharply during the year

LIBOR began the period at elevated levels but steadily declined as credit conditions improved. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) Although lending activity remained sluggish, businesses were nevertheless able to borrow cash at a smaller premium. For the year, the three-month LIBOR dropped from 1.43% to 0.25%; the twelve-month LIBOR fell from 2.00% to 0.98%.

The fund benefits by being flexible

In 2009, the fund produced a higher return than that of the average iMoneyNet fund. Early in the year, the fund purchased longer-term, floating-rate securities issued by U.S. government agencies to benefit from higher yields. As rates fell and to mitigate credit risk, the fund purchased high-quality corporate and bank debt with relatively short maturities. Later in the year, with these securities in limited supply, the fund invested in U.S. Treasuries and agency debt for relative value and liquidity. On December 29, 2009, the fund’s weighted average maturity was 67 days, versus 47 days for the average iMoneyNet fund.

34 2009 Annual Report ¡ TIAA-CREF Life Funds

MONEY MARKET FUND

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED DECEMBER 29, 2009*

	Current yield		Effective yield
Money Market Fund	0.21	%	0.21	%
iMoneyNet Money Fund Report Averages—All Taxable†	0.03		0.03

The current yield more closely reflects current earnings than does the total return.

* iMoneyNet reports its 7-day yields as of Tuesday of each week.

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years		since inception
Money Market Fund (inception: 7/8/2003)	0.54	%	3.40	%	2.90	%
iMoneyNet Money Fund Report Averages— All Taxable†	0.17		2.80		2.34	‡

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund will attempt to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in the fund.

† The iMoneyNet Money Fund Report Averages—All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly.

‡ The performance above is computed from August 2003 because the iMoneyNet return is calculated only on a monthly basis.

TIAA-CREF Life Funds ¡ 2009 Annual Report 35

MONEY MARKET FUND

EXPENSE EXAMPLE

Six months ended December 31, 2009

Money Market Fund	Starting fund value (7/1/09)		Ending fund value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return	$	1,000.00	$	1,001.60	$	0.40
5% annual hypothetical return		1,000.00		1,024.80		0.41

* “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the six-months ended December 31, 2009. The fund’s annualized six-month expense ratio for the period was 0.08%.

For more information about this expense example, please see page 6.

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Agencies	45.4
Commercial paper	44.8
Certificates of deposit	6.6
Bankers acceptance	3.6
Other assets & liabilities, net	–0.4
Total	100.0

36 2009 Annual Report ¡ TIAA-CREF Life Funds

SUMMARY PORTFOLIO OF INVESTMENTS

GROWTH EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
17,427		Walt Disney Co	$	562,020	1.55	%
		Other		233,697	0.65
				795,717	2.20
APPAREL AND ACCESSORY STORES
13,258	*	Kohl’s Corp		715,004	1.97
10,885		Nordstrom, Inc		409,058	1.13
				1,124,062	3.10
BUILDING MATERIALS AND GARDEN SUPPLIES
29,976		Lowe’s Cos, Inc		701,139	1.94
BUSINESS SERVICES
14,196	*	Adobe Systems, Inc		522,129	1.44
5,738	*	Alliance Data Systems Corp		370,617	1.02
3,055	*	Google, Inc (Class A)		1,894,040	5.24
29,869	*	Intuit, Inc		917,277	2.53
4,449		Mastercard, Inc (Class A)		1,138,855	3.14
40,774		Microsoft Corp		1,243,199	3.44
15,893		Omnicom Group, Inc		622,211	1.72
5,524	*	Salesforce.com, Inc		407,505	1.12
8,671		Visa, Inc (Class A)		758,366	2.09
		Other		292,261	0.81
				8,166,460	22.55
CHEMICALS AND ALLIED PRODUCTS
16,730	*	Celgene Corp		931,526	2.57
10,512	*	Gilead Sciences, Inc		454,959	1.26
11,730		Monsanto Co		958,928	2.64
16,761		Novartis AG. (ADR)		912,301	2.52
4,949		Praxair, Inc		397,454	1.10
16,492		Teva Pharmaceutical Industries Ltd (ADR)		926,521	2.56
		Other		673,143	1.85
				5,254,832	14.50
COMMUNICATIONS
26,242		CBS Corp (Class B)		368,700	1.02
DEPOSITORY INSTITUTIONS
32,920		Western Union Co		620,542	1.71
		Other		260,750	0.72
				881,292	2.43
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
11,568		Analog Devices, Inc		365,317	1.01
7,823	*	Apple Computer, Inc		1,649,558	4.55
42,779	*	Cisco Systems, Inc		1,024,129	2.83
18,427		Intel Corp		375,911	1.04
38,898	*	Marvell Technology Group Ltd		807,134	2.23
22,179	*	NetApp, Inc		762,736	2.11
25,107		Qualcomm, Inc		1,161,450	3.20

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 37

SUMMARY PORTFOLIO OF INVESTMENTS continued

GROWTH EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT — continued
		Other	$	410,328	1.13	%
				6,556,563	18.10
FABRICATED METAL PRODUCTS
7,024		Illinois Tool Works, Inc		337,082	0.93
FOOD AND KINDRED PRODUCTS
12,342		Coca-Cola Co		703,494	1.94
7,790		PepsiCo, Inc		473,632	1.31
		Other		276,271	0.76
				1,453,397	4.01
FURNITURE AND HOME FURNISHINGS STORES
9,040	*	Bed Bath & Beyond, Inc		349,215	0.96
HEALTH SERVICES				255,287	0.70
HOTELS AND OTHER LODGING PLACES
11,139		Starwood Hotels & Resorts Worldwide, Inc		407,353	1.12
INDUSTRIAL MACHINERY AND EQUIPMENT				256,320	0.71
INSTRUMENTS AND RELATED PRODUCTS
10,559	*	Agilent Technologies, Inc		328,068	0.91
2,384		Alcon, Inc		391,810	1.08
5,193		Danaher Corp		390,514	1.08
6,494		Rockwell Collins, Inc		359,508	0.99
6,599		Roper Industries, Inc		345,590	0.95
				1,815,490	5.01
INSURANCE CARRIERS
7,837		Aflac, Inc		362,461	1.00
METAL MINING
12,662		Vale SA (ADR)		367,578	1.01
MISCELLANEOUS RETAIL
7,826	*	Amazon.com, Inc		1,052,754	2.91
1,740	*	Priceline.com, Inc		380,190	1.05
				1,432,944	3.96
MOTION PICTURES				273,974	0.76
OIL AND GAS EXTRACTION
6,172		Anadarko Petroleum Corp		385,256	1.06
15,610		National Oilwell Varco, Inc		688,245	1.90
8,641		Occidental Petroleum Corp		702,945	1.95
		Other		178,298	0.49
				1,954,744	5.40
PRIMARY METAL INDUSTRIES
3,427		Precision Castparts Corp		378,169	1.04
SECURITY AND COMMODITY BROKERS
18,878		Charles Schwab Corp		355,284	0.98
5,408		Goldman Sachs Group, Inc		913,087	2.52
				1,268,371	3.50

38 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

GROWTH EQUITY FUND  n  DECEMBER 31, 2009

Shares	Company		Value		% of net assets
TRANSPORTATION BY AIR			$	264,453	0.73	%
TRANSPORTATION EQUIPMENT
13,788	Boeing Co			746,344	2.06
5,448	United Technologies Corp			378,146	1.04
				1,124,490	3.10
	TOTAL COMMON STOCKS	(Cost $32,243,697)		36,150,093	99.78
	TOTAL PORTFOLIO	(Cost $32,243,697)		36,150,093	99.78
	OTHER ASSETS & LIABILITIES, NET			79,955	0.22
	NET ASSETS		$	36,230,048	100.00	%

The following abbreviation is used in portfolio description:

ADR    American Depositary Receipt

* Non-income producing

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 39

SUMMARY PORTFOLIO OF INVESTMENTS

GROWTH & INCOME FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
16,052		Walt Disney Co	$	517,676	0.79	%
		Other		195,959	0.30
				713,635	1.09
APPAREL AND ACCESSORY STORES				474,528	0.72
APPAREL AND OTHER TEXTILE PRODUCTS				481,926	0.73
BUILDING MATERIALS AND GARDEN SUPPLIES
18,609		Home Depot, Inc		538,358	0.82
BUSINESS SERVICES
1,987	*	Google, Inc (Class A)		1,231,900	1.87
57,019		Microsoft Corp		1,738,509	2.65
26,356		Oracle Corp		646,776	0.98
6,110		Visa, Inc (Class A)		534,381	0.81
		Other		1,805,978	2.76
				5,957,544	9.07
CHEMICALS AND ALLIED PRODUCTS
20,945		Bristol-Myers Squibb Co		528,861	0.80
20,363		Dow Chemical Co		562,630	0.86
12,373	*	Gilead Sciences, Inc		535,503	0.81
15,693		Johnson & Johnson		1,010,786	1.54
8,471		Novartis AG. (ADR)		461,077	0.70
57,171		Pfizer, Inc		1,039,940	1.58
18,007		Procter & Gamble Co		1,091,765	1.66
		Other		3,939,413	5.99
				9,169,975	13.94
COMMUNICATIONS
28,427		AT&T, Inc		796,809	1.21
27,337		Verizon Communications, Inc		905,675	1.38
		Other		697,218	1.06
				2,399,702	3.65
DEPOSITORY INSTITUTIONS
83,296		Bank of America Corp		1,254,438	1.91
209,016		Citigroup, Inc		691,843	1.05
33,085		JPMorgan Chase & Co		1,378,651	2.10
24,741		US Bancorp		556,920	0.85
37,001		Wells Fargo & Co		998,657	1.52
		Other		481,049	0.73
				5,361,558	8.16
EATING AND DRINKING PLACES				367,022	0.56
ELECTRIC, GAS, AND SANITARY SERVICES
11,220		PG&E Corp		500,972	0.77
		Other		1,296,749	1.97
				1,797,721	2.74

40 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

GROWTH & INCOME FUND  n   DECEMBER 31, 2009

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
7,137	*	Apple Computer, Inc	$	1,504,908	2.28	%
46,840	*	Cisco Systems, Inc		1,121,350	1.71
56,906		General Electric Co		860,988	1.31
37,076		Intel Corp		756,350	1.15
15,213		Qualcomm, Inc		703,753	1.07
		Other		1,754,359	2.67
				6,701,708	10.19
ENGINEERING AND MANAGEMENT SERVICES				311,448	0.47
FABRICATED METAL PRODUCTS				193,420	0.29
FOOD AND KINDRED PRODUCTS
12,169		Coca-Cola Co		693,632	1.06
6,506		General Mills, Inc		460,690	0.70
9,189		PepsiCo, Inc		558,691	0.85
		Other		1,225,037	1.86
				2,938,050	4.47
FURNITURE AND HOME FURNISHINGS STORES				191,026	0.29
GENERAL MERCHANDISE STORES
14,861		Wal-Mart Stores, Inc		794,321	1.21
		Other		602,417	0.92
				1,396,738	2.13
HEALTH SERVICES
7,707		McKesson Corp		481,688	0.73
10,948	*	Medco Health Solutions, Inc		699,686	1.07
				1,181,374	1.80
HOLDING AND OTHER INVESTMENT OFFICES				180,879	0.28
INDUSTRIAL MACHINERY AND EQUIPMENT
18,683		Hewlett-Packard Co		962,362	1.46
7,538		International Business Machines Corp		986,725	1.51
		Other		2,526,213	3.84
				4,475,300	6.81
INSTRUMENTS AND RELATED PRODUCTS
10,692		Baxter International, Inc		627,406	0.96
57,956	*	Boston Scientific Corp		521,604	0.79
		Other		477,562	0.73
				1,626,572	2.48
INSURANCE CARRIERS
14,402		Cigna Corp		507,959	0.77
12,205		Prudential Financial, Inc		607,321	0.92
		Other		859,271	1.31
				1,974,551	3.00
LEGAL SERVICES				170,342	0.26
METAL MINING				758,010	1.15

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 41

SUMMARY PORTFOLIO OF INVESTMENTS continued

GROWTH & INCOME FUND  n   DECEMBER 31, 2009

Shares		Company	Value		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES			$	423,372	0.64	%
MISCELLANEOUS RETAIL
3,815	*	Amazon.com, Inc		513,194	0.78
		Other		32,715	0.05
				545,909	0.83
MOTION PICTURES				1,502,418	2.29
NONDEPOSITORY INSTITUTIONS				290,728	0.44
OIL AND GAS EXTRACTION
10,840		Anadarko Petroleum Corp		676,633	1.03
28,446		Halliburton Co		855,941	1.30
5,648		Occidental Petroleum Corp		459,465	0.70
		Other		1,719,132	2.62
				3,711,171	5.65
PAPER AND ALLIED PRODUCTS				404,431	0.62
PETROLEUM AND COAL PRODUCTS
13,291		Chevron Corp		1,023,274	1.56
32,371		Exxon Mobil Corp		2,207,379	3.36
		Other		336,303	0.51
				3,566,956	5.43
PRIMARY METAL INDUSTRIES				306,442	0.47
RAILROAD TRANSPORTATION
9,171		Union Pacific Corp		586,027	0.89
SECURITY AND COMMODITY BROKERS
5,688		Goldman Sachs Group, Inc		960,362	1.46
		Other		131,261	0.20
				1,091,623	1.66
STONE, CLAY, AND GLASS PRODUCTS				369,501	0.56
TOBACCO PRODUCTS
12,200		Philip Morris International, Inc		587,918	0.89
TRANSPORTATION BY AIR
6,036		FedEx Corp		503,705	0.77
		Other		145,725	0.22
				649,430	0.99
TRANSPORTATION EQUIPMENT
8,038		Goodrich Corp		516,442	0.79
7,884		United Technologies Corp		547,228	0.83
		Other		521,864	0.79
				1,585,534	2.41
TRUCKING AND WAREHOUSING				260,288	0.40

42 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

GROWTH & INCOME FUND  n   DECEMBER 31, 2009

Shares	Company		Value		% of net assets
WHOLESALE TRADE-NONDURABLE GOODS			$	130,627	0.20	%
	TOTAL COMMON STOCKS	(Cost $61,415,823)		65,373,762	99.47
	TOTAL PORTFOLIO	(Cost $61,415,823)		65,373,762	99.47
	OTHER ASSETS & LIABILITIES, NET			345,304	0.53
	NET ASSETS		$	65,719,066	100.00	%

The following abbreviation is used in portfolio description:

ADR    American Depositary Receipt

* Non-income producing

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 43

SUMMARY PORTFOLIO OF INVESTMENTS

INTERNATIONAL EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
BUSINESS SERVICES
77,909		Adecco S.A.	$	4,297,848	4.57	%
36,794	*	Autonomy Corp plc		893,522	0.95
		Other		75,844	0.08
				5,267,214	5.60
CHEMICALS AND ALLIED PRODUCTS
75,358		Henkel KGaA (Preference)		3,957,280	4.21
89,014		Lanxess AG.		3,365,068	3.58
33,446		Novartis AG.		1,826,460	1.94
40,891		Reckitt Benckiser Group plc		2,213,436	2.35
10,600		Shin-Etsu Chemical Co Ltd		598,458	0.64
15,246		Syngenta AG.		4,305,587	4.58
		Other		891,433	0.95
				17,157,722	18.25
COMMUNICATIONS				417,265	0.44
DEPOSITORY INSTITUTIONS
45,286		HDFC Bank Ltd		1,650,105	1.76
113,637		HSBC Holdings plc		1,296,411	1.38
182,500		Mitsubishi UFJ Financial Group, Inc		898,955	0.96
15,800		Sumitomo Mitsui Financial Group, Inc		453,387	0.48
105,057	*	UBS A.G. (Switzerland)		1,635,970	1.74
		Other		521,025	0.55
				6,455,853	6.87
EDUCATIONAL SERVICES				4,181	0.00	**
ELECTRIC, GAS, AND SANITARY SERVICES
328,706		Energias de Portugal S.A.		1,463,424	1.56
51,737		Fortum Oyj		1,403,598	1.49
		Other		1,185,780	1.26
				4,052,802	4.31
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
484,150		Hon Hai Precision Industry Co, Ltd		2,264,202	2.41
63,000		Mitsubishi Electric Corp		468,005	0.50
38,385		Nokia Oyj		496,318	0.53
294,750		Powertech Technology, Inc		998,536	1.06
198,501		Smiths Group plc		3,235,949	3.44
		Other		411,291	0.44
				7,874,301	8.38
ENGINEERING AND MANAGEMENT SERVICES
15,975		Tecan Group AG.		1,200,012	1.28
FOOD AND KINDRED PRODUCTS
43,907		InBev NV		2,272,939	2.41
		Other		380,903	0.41
				2,653,842	2.82

44 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

INTERNATIONAL EQUITY FUND  n   DECEMBER 31, 2009

Shares	Company	Value		% of net assets
GENERAL MERCHANDISE STORES
1,808	Shinsegae Co Ltd	$	835,094	0.89	%
HEAVY CONSTRUCTION, EXCEPT BUILDING
26,247	Saipem S.p.A.		905,796	0.96
HOLDING AND OTHER INVESTMENT OFFICES
135,965	iShares MSCI Japan Index Fund		1,324,300	1.41
53,060	Westfield Group		593,844	0.63
	Other		517,744	0.55
			2,435,888	2.59
INDUSTRIAL MACHINERY AND EQUIPMENT
2,444,000	Lenovo Group Ltd		1,514,601	1.61
37,374	Rheinmetall AG.		2,372,833	2.53
	Other		951,359	1.01
			4,838,793	5.15
INSTRUMENTS AND RELATED PRODUCTS
15,270	Phonak Holding AG.		1,849,961	1.96
	Other		72,324	0.08
			1,922,285	2.04
INSURANCE AGENTS, BROKERS AND SERVICE			46,392	0.05
INSURANCE CARRIERS			186,872	0.20
METAL MINING
35,926	Anglo American plc		1,555,869	1.66
6,347	Rio Tinto Ltd		423,693	0.45
11,377	Rio Tinto plc		614,322	0.65
	Other		87,822	0.09
			2,681,706	2.85
MISCELLANEOUS RETAIL			208,268	0.22
NONDEPOSITORY INSTITUTIONS
6,591	ORIX Corp		448,743	0.48
OIL AND GAS EXTRACTION
95,694	BG Group plc		1,727,879	1.84
799,000	CNOOC Ltd		1,244,795	1.32
104,366	Tullow Oil plc		2,189,645	2.33
	Other		128,539	0.14
			5,290,858	5.63
PAPER AND ALLIED PRODUCTS
1,246,600	Nine Dragons Paper Holdings Ltd		1,988,412	2.11
	Other		23,775	0.03
			2,012,187	2.14
PETROLEUM AND COAL PRODUCTS
85,209	BP plc		822,793	0.87
	Other		158,679	0.17
			981,472	1.04
PRIMARY METAL INDUSTRIES			171,432	0.18

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 45

SUMMARY PORTFOLIO OF INVESTMENTS concluded

INTERNATIONAL EQUITY FUND  n   DECEMBER 31, 2009

Shares		Company		Value			% of net assets
RAILROAD TRANSPORTATION
6,800		East Japan Railway Co		$	430,309		0.46	%
		Other			308,215		0.33
					738,524		0.79
REAL ESTATE					141,411		0.15
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
53,449		Bayer AG.			4,277,180		4.55
151,669		SSL International plc			1,915,770		2.04
		Other			104,825		0.11
					6,297,775		6.70
SECURITY AND COMMODITY BROKERS
46,065		Credit Suisse Group			2,282,121		2.43
41,327		Deutsche Boerse AG.			3,422,275		3.64
		Other			126,423		0.13
					5,830,819		6.20
TEXTILE MILL PRODUCTS
431,000		Teijin Ltd			1,392,508		1.48
TRANSPORTATION BY AIR
606,638	*	British Airways plc			1,824,551		1.94
TRANSPORTATION EQUIPMENT
15,500	*	Honda Motor Co Ltd			525,894		0.56
14,020		Toyota Motor Corp			591,096		0.63
		Other			149,196		0.16
					1,266,186		1.35
WATER TRANSPORTATION					52,827		0.06
WHOLESALE TRADE-DURABLE GOODS
145,456		Assa Abloy AB (Class B)			2,802,209		2.98
506,000		Li & Fung Ltd			2,092,024		2.23
100,662		ThyssenKrupp AG.			3,784,112		4.02
		Other			562,673		0.60
					9,241,018		9.83
WHOLESALE TRADE-NONDURABLE GOODS					46,361		0.05
		TOTAL COMMON STOCKS	(Cost $90,011,286)		94,880,958		100.92
		TOTAL PORTFOLIO	(Cost $90,011,286)		94,880,958		100.92
		OTHER ASSETS & LIABILITIES, NET			(865,726	)	(0.92	)
		NET ASSETS		$	94,015,232		100.00	%

The following abbreviation is used in portfolio descriptions:

plc    Public Limited Company

* Non-income producing

** Percentage represents less than 0.01%.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

46 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY

INTERNATIONAL EQUITY FUND  n  DECEMBER 31, 2009

Country	Value		% of total portfolio
DOMESTIC
UNITED STATES	$	1,609,429	1.70	%
TOTAL DOMESTIC		1,609,429	1.70
FOREIGN
AUSTRALIA		1,106,704	1.17
BELGIUM		2,272,939	2.40
CHINA		4,747,808	5.00
FINLAND		1,899,916	2.00
FRANCE		91,341	0.10
GERMANY		21,178,748	22.32
HONG KONG		2,092,024	2.20
INDIA		1,650,105	1.74
INDONESIA		390,855	0.41
ITALY		905,796	0.95
JAPAN		12,612,890	13.29
KOREA, REPUBLIC OF		835,094	0.88
NETHERLANDS		143,071	0.15
PORTUGAL		1,463,424	1.54
SWEDEN		2,864,303	3.02
SWITZERLAND		17,397,959	18.34
TAIWAN		3,262,738	3.44
UNITED KINGDOM		18,355,814	19.35
TOTAL FOREIGN		93,271,529	98.30
TOTAL PORTFOLIO	$	94,880,958	100.00	%

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 47

SUMMARY PORTFOLIO OF INVESTMENTS

LARGE-CAP VALUE FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
12,124		Walt Disney Co	$	390,999	0.72	%
		Other		353,149	0.65
				744,148	1.37
APPAREL AND ACCESSORY STORES				287,707	0.53
APPAREL AND OTHER TEXTILE PRODUCTS				1,081	0.00	**
BUILDING MATERIALS AND GARDEN SUPPLIES
27,676		Lowe’s Cos, Inc		647,342	1.19
BUSINESS SERVICES
25,848	*	eBay, Inc		608,461	1.11
		Other		655,609	1.21
				1,264,070	2.32
CHEMICALS AND ALLIED PRODUCTS
6,299		Johnson & Johnson		405,719	0.75
18,598		Merck & Co, Inc		679,571	1.25
79,913		Pfizer, Inc		1,453,616	2.66
9,190		Procter & Gamble Co		557,190	1.02
9,359		Teva Pharmaceutical Industries Ltd (ADR)		525,789	0.97
8,830		UCB S.A.		368,561	0.68
		Other		2,188,176	4.02
				6,178,622	11.35
COMMUNICATIONS
46,323		AT&T, Inc		1,298,433	2.38
27,312		Comcast Corp (Class A)		460,480	0.85
32,021		Verizon Communications, Inc		1,060,855	1.95
		Other		1,019,261	1.87
				3,839,029	7.05
DEPOSITORY INSTITUTIONS
80,491		Bank of America Corp		1,212,195	2.23
355,256		Citigroup, Inc		1,175,897	2.16
125,805		Huntington Bancshares, Inc		459,188	0.84
27,498		JPMorgan Chase & Co		1,145,842	2.10
13,797		State Street Corp		600,721	1.10
26,652		TCF Financial Corp		363,000	0.67
24,118		US Bancorp		542,896	1.00
46,293		Wells Fargo & Co		1,249,449	2.29
		Other		540,822	0.99
				7,290,010	13.38
EATING AND DRINKING PLACES				451,935	0.83
ELECTRIC, GAS, AND SANITARY SERVICES
9,135		Exelon Corp		446,428	0.82
		Other		2,404,992	4.42
				2,851,420	5.24

48 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

LARGE-CAP VALUE FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
103,882		General Electric Co	$	1,571,736	2.89	%
24,191		Intel Corp		493,496	0.90
8,570		Qualcomm, Inc		396,448	0.73
		Other		1,143,233	2.10
				3,604,913	6.62
ENGINEERING AND MANAGEMENT SERVICES				178,432	0.33
FABRICATED METAL PRODUCTS				290,151	0.53
FOOD AND KINDRED PRODUCTS
6,873		General Mills, Inc		486,676	0.89
17,522		Kraft Foods, Inc (Class A)		476,248	0.88
10,900		Unilever plc (ADR)		347,710	0.64
		Other		827,364	1.52
				2,137,998	3.93
FOOD STORES				32,602	0.06
FORESTRY
15,892		Weyerhaeuser Co		685,581	1.26
		Other		142,206	0.26
				827,787	1.52
FURNITURE AND FIXTURES				90,273	0.17
GENERAL BUILDING CONTRACTORS				75,510	0.14
GENERAL MERCHANDISE STORES
11,841		Target Corp		572,749	1.05
HOLDING AND OTHER INVESTMENT OFFICES				730,155	1.34
HOTELS AND OTHER LODGING PLACES				349,176	0.64
INDUSTRIAL MACHINERY AND EQUIPMENT
18,482	*	AGCO Corp		597,708	1.10
7,528		Hewlett-Packard Co		387,767	0.71
6,244		Northrop Grumman Corp		348,727	0.64
		Other		1,209,994	2.22
				2,544,196	4.67
INSTRUMENTS AND RELATED PRODUCTS
78,926	*	Boston Scientific Corp		710,334	1.30
6,039		Danaher Corp		454,133	0.83
		Other		264,231	0.49
				1,428,698	2.62
INSURANCE CARRIERS
7,720		Prudential Financial, Inc		384,147	0.70
7,389		Travelers Cos, Inc		368,416	0.68
		Other		1,806,350	3.32
				2,558,913	4.70
METAL MINING				299,429	0.55
MISCELLANEOUS MANUFACTURING INDUSTRIES				120,129	0.22

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 49

SUMMARY PORTFOLIO OF INVESTMENTS continued

LARGE-CAP VALUE FUND  n  DECEMBER 31, 2009

Shares		Company		Value		% of net assets
MISCELLANEOUS RETAIL				$	247,487	0.45	%
MOTION PICTURES
11,902		Time Warner, Inc			346,824	0.63
		Other			237,563	0.44
					584,387	1.07
NONDEPOSITORY INSTITUTIONS					453,232	0.83
OIL AND GAS EXTRACTION
3,599		Apache Corp			371,309	0.68
3,997		EOG Resources, Inc			388,908	0.71
8,436		Occidental Petroleum Corp			686,268	1.27
14,853		Smith International, Inc			403,555	0.74
		Other			2,644,592	4.86
					4,494,632	8.26
PAPER AND ALLIED PRODUCTS					260,699	0.48
PETROLEUM AND COAL PRODUCTS
16,591		Chevron Corp			1,277,341	2.35
25,035		Exxon Mobil Corp			1,707,137	3.13
12,621		Marathon Oil Corp			394,028	0.72
		Other			613,861	1.13
					3,992,367	7.33
PIPELINES, EXCEPT NATURAL GAS					9,927	0.02
PRINTING AND PUBLISHING					223,243	0.41
RAILROAD TRANSPORTATION					80,067	0.15
REAL ESTATE					26,508	0.05
SECURITY AND COMMODITY BROKERS
198,766	*	E*Trade Financial Corp			347,841	0.64
3,718		Goldman Sachs Group, Inc			627,747	1.15
12,663		Legg Mason, Inc			381,916	0.70
		Other			182,647	0.34
					1,540,151	2.83
TRANSPORTATION BY AIR					414,931	0.76
TRANSPORTATION EQUIPMENT
50,729		American Axle & Manufacturing Holdings, Inc			406,846	0.75
5,442		Goodrich Corp			349,649	0.64
6,970		Magna International, Inc-Class A			352,543	0.65
		Other			816,376	1.50
					1,925,414	3.54
TRANSPORTATION SERVICES					286,400	0.53
TRUCKING AND WAREHOUSING					172,211	0.32
WHOLESALE TRADE-DURABLE GOODS					120,124	0.22
WHOLESALE TRADE-NONDURABLE GOODS					141,926	0.26
		TOTAL COMMON STOCKS	(Cost $54,112,126)		54,370,181	99.86

50 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

LARGE-CAP VALUE FUND  n  DECEMBER 31, 2009

Shares	Company		Value			% of net assets
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS			$	287,628		0.53	%
	TOTAL PREFERRED STOCKS	(Cost $289,170)		287,628		0.53
	TOTAL PORTFOLIO	(Cost $54,401,296)		54,657,809		100.39
	OTHER ASSETS & LIABILITIES, NET			(211,109	)	(0.39	)
	NET ASSETS		$	54,446,700		100.00	%

The following abbreviations are used in portfolio description:

ADR    American Depositary Receipt

plc    Public Limited Company

* Non-income producing

** Percentage represents less than 0.01%.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 51

SUMMARY PORTFOLIO OF INVESTMENTS

SMALL-CAP EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS			$	57,728	0.13	%
AGRICULTURAL PRODUCTION-LIVESTOCK				48,564	0.11
AMUSEMENT AND RECREATION SERVICES				323,209	0.75
APPAREL AND ACCESSORY STORES
9,046		Cato Corp (Class A)		181,463	0.42
9,181	*	Dress Barn, Inc		212,080	0.49
		Other		565,416	1.32
				958,959	2.23
APPAREL AND OTHER TEXTILE PRODUCTS				309,517	0.72
AUTO REPAIR, SERVICES AND PARKING				177,647	0.41
AUTOMOTIVE DEALERS AND SERVICE STATIONS				120,524	0.28
BUSINESS SERVICES
24,854	*	3Com Corp		186,404	0.43
1,606	*	MicroStrategy, Inc (Class A)		150,996	0.35
7,791	*	TeleTech Holdings, Inc		156,053	0.36
6,887	*	Unisys Corp		265,562	0.62
		Other		3,499,927	8.16
				4,258,942	9.92
CHEMICALS AND ALLIED PRODUCTS
6,509	*	Human Genome Sciences, Inc		199,175	0.45
8,381	*	Immucor, Inc		169,631	0.40
21,860	*	PolyOne Corp		163,294	0.38
		Other		2,570,990	6.00
				3,103,090	7.23
COAL MINING				43,361	0.10
COMMUNICATIONS				849,438	1.98
DEPOSITORY INSTITUTIONS
8,562		Community Bank System, Inc		165,331	0.39
6,622		Prosperity Bancshares, Inc		267,991	0.63
4,385		UMB Financial Corp		172,549	0.40
		Other		2,160,641	5.03
				2,766,512	6.45
EATING AND DRINKING PLACES
8,340	*	Cheesecake Factory		180,061	0.43
4,697	*	PF Chang’s China Bistro, Inc		178,063	0.41
		Other		391,797	0.91
				749,921	1.75
EDUCATIONAL SERVICES
14,619	*	Corinthian Colleges, Inc		201,303	0.47
		Other		108,209	0.25
				309,512	0.72

52 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

SMALL-CAP EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
7,530		Avista Corp	$	162,573	0.38	%
5,810		Idacorp, Inc		185,631	0.43
5,368		Laclede Group, Inc		181,277	0.42
5,704		WGL Holdings, Inc		191,313	0.45
		Other		797,499	1.86
				1,518,293	3.54
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
14,554	*	Arris Group, Inc		166,352	0.39
6,000	*	Atheros Communications, Inc		205,441	0.48
10,508	*	Benchmark Electronics, Inc		198,706	0.45
8,477	*	EnerSys		185,392	0.43
5,870		Plantronics, Inc		152,503	0.36
34,644	*	RF Micro Devices, Inc		165,252	0.39
10,810	*	Skyworks Solutions, Inc		153,394	0.36
		Other		2,737,141	6.38
				3,964,181	9.24
ENGINEERING AND MANAGEMENT SERVICES
4,632		Watson Wyatt & Co Holdings (Class A)		220,112	0.51
		Other		747,074	1.74
				967,186	2.25
FABRICATED METAL PRODUCTS				457,016	1.06
FISHERIES				15,727	0.04
FOOD AND KINDRED PRODUCTS				470,810	1.10
FOOD STORES				203,743	0.47
FURNITURE AND FIXTURES				130,822	0.30
FURNITURE AND HOME FURNISHINGS STORES				54,565	0.13
GENERAL BUILDING CONTRACTORS				284,516	0.66
GENERAL MERCHANDISE STORES				199,470	0.46
HEALTH SERVICES
4,050	*	Amedisys, Inc		196,668	0.46
12,800	*	Healthsouth Corp		240,255	0.56
		Other		359,649	0.84
				796,572	1.86
HEAVY CONSTRUCTION, EXCEPT BUILDING				158,406	0.37
HOLDING AND OTHER INVESTMENT OFFICES
4,600		Equity Lifestyle Properties, Inc		232,162	0.54
3,362		PS Business Parks, Inc		168,268	0.39
		Other		2,355,993	5.49
				2,756,423	6.42
INDUSTRIAL MACHINERY AND EQUIPMENT
6,171	*	EnPro Industries, Inc		162,975	0.38
		Other		1,243,786	2.90
				1,406,761	3.28

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 53

SUMMARY PORTFOLIO OF INVESTMENTS continued

SMALL-CAP EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
INSTRUMENTS AND RELATED PRODUCTS
5,114	*	Fossil, Inc	$	171,625	0.40	%
6,666		Invacare Corp		166,250	0.39
		Other		1,742,055	4.06
				2,079,930	4.85
INSURANCE AGENTS, BROKERS AND SERVICE				25,846	0.06
INSURANCE CARRIERS
6,600	*	Molina Healthcare, Inc		150,941	0.35
		Other		1,522,539	3.55
				1,673,480	3.90
LEATHER AND LEATHER PRODUCTS				207,685	0.48
LEGAL SERVICES				38,780	0.09
LOCAL AND INTERURBAN PASSENGER TRANSIT				85,016	0.20
METAL MINING				258,064	0.60
MISCELLANEOUS MANUFACTURING INDUSTRIES				88,532	0.21
MISCELLANEOUS RETAIL
4,768	*	Jo-Ann Stores, Inc		172,793	0.40
		Other		742,459	1.73
				915,252	2.13
MOTION PICTURES				82,097	0.19
NONDEPOSITORY INSTITUTIONS
5,270	*	World Acceptance Corp		188,825	0.44
		Other		403,385	0.94
				592,210	1.38
OIL AND GAS EXTRACTION
11,507	*	Willbros Group, Inc		194,124	0.46
		Other		1,452,379	3.38
				1,646,503	3.84
PAPER AND ALLIED PRODUCTS
3,060	*	Domtar Corporation		169,555	0.40
3,057		Rock-Tenn Co (Class A)		154,103	0.36
		Other		219,721	0.51
				543,379	1.27
PERSONAL SERVICES				127,331	0.30
PETROLEUM AND COAL PRODUCTS				74,675	0.17
PRIMARY METAL INDUSTRIES				476,349	1.11
PRINTING AND PUBLISHING				341,131	0.79
REAL ESTATE				64,655	0.15
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
9,710		Cooper Tire & Rubber Co		194,686	0.45
4,650		Tupperware Corp		216,550	0.51
		Other		132,063	0.31
				543,299	1.27

54 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SMALL-CAP EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company		Value		% of net assets
SECURITY AND COMMODITY BROKERS
148,339	*	E*Trade Financial Corp		$	259,593	0.60	%
10,993	*	Knight Capital Group, Inc (Class A)			169,292	0.39
		Other			324,859	0.77
					753,744	1.76
SOCIAL SERVICES					2,117	0.00	**
SPECIAL TRADE CONTRACTORS
9,560	*	EMCOR Group, Inc			257,164	0.60
		Other			316,074	0.74
					573,238	1.34
STONE, CLAY, AND GLASS PRODUCTS					153,228	0.36
TEXTILE MILL PRODUCTS					66,176	0.15
TOBACCO PRODUCTS					23,033	0.05
TRANSPORTATION BY AIR
14,700	*	UAL Corp			189,777	0.44
		Other			558,005	1.30
					747,782	1.74
TRANSPORTATION EQUIPMENT
4,790		A.O. Smith Corp			207,837	0.49
13,064	*	Orbital Sciences Corp			199,356	0.46
		Other			1,041,483	2.43
					1,448,676	3.38
TRANSPORTATION SERVICES					123,506	0.29
TRUCKING AND WAREHOUSING					234,123	0.55
WATER TRANSPORTATION					24,026	0.06
WHOLESALE TRADE-DURABLE GOODS
9,381	*	PSS World Medical, Inc			211,729	0.49
		Other			444,380	1.04
					656,109	1.53
WHOLESALE TRADE-NONDURABLE GOODS
3,498	*	United Stationers, Inc			198,860	0.46
		Other			521,649	1.22
					720,509	1.68
		TOTAL COMMON STOCKS	(Cost $39,941,574)		42,851,896	99.84
		TOTAL PORTFOLIO	(Cost $39,941,574)		42,851,896	99.84
		OTHER ASSETS & LIABILITIES, NET			68,945	0.16
		NET ASSETS		$	42,920,841	100.00	%

* Non-income producing

** Percentage represents less than 0.01%.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 55

SUMMARY PORTFOLIO OF INVESTMENTS

STOCK INDEX FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS			$	10,776	0.01	%
AGRICULTURAL PRODUCTION-LIVESTOCK				12,212	0.01
AGRICULTURAL SERVICES				29,050	0.02
AMUSEMENT AND RECREATION SERVICES
23,002		Walt Disney Co		741,814	0.49
		Other		211,552	0.14
				953,366	0.63
APPAREL AND ACCESSORY STORES				962,945	0.63
APPAREL AND OTHER TEXTILE PRODUCTS				604,996	0.40
AUTO REPAIR, SERVICES AND PARKING				102,881	0.07
AUTOMOTIVE DEALERS AND SERVICE STATIONS				303,558	0.20
BUILDING MATERIALS AND GARDEN SUPPLIES
21,018		Home Depot, Inc		608,050	0.40
		Other		504,041	0.33
				1,112,091	0.73
BUSINESS SERVICES
2,951	*	Google, Inc (Class A)		1,829,560	1.20
95,196		Microsoft Corp		2,902,525	1.91
47,290		Oracle Corp		1,160,496	0.76
		Other		6,417,952	4.21
				12,310,533	8.08
CHEMICALS AND ALLIED PRODUCTS
19,132		Abbott Laboratories		1,032,937	0.68
12,538	*	Amgen, Inc		709,275	0.47
21,151		Bristol-Myers Squibb Co		534,063	0.35
6,192		Colgate-Palmolive Co		508,673	0.33
33,992		Johnson & Johnson		2,189,424	1.44
37,616		Merck & Co, Inc		1,374,489	0.90
6,760		Monsanto Co		552,630	0.37
99,533		Pfizer, Inc		1,810,504	1.19
35,952		Procter & Gamble Co		2,179,769	1.43
		Other		6,292,903	4.13
				17,184,667	11.29
COAL MINING				425,345	0.28
COMMUNICATIONS
72,855		AT&T, Inc		2,042,126	1.34
35,614		Comcast Corp (Class A)		600,452	0.39
35,064		Verizon Communications, Inc		1,161,670	0.76
		Other		2,676,059	1.76
				6,480,307	4.25

56 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
DEPOSITORY INSTITUTIONS
106,933		Bank of America Corp	$	1,610,411	1.06	%
186,708		Citigroup, Inc		618,003	0.40
46,463		JPMorgan Chase & Co		1,936,112	1.27
23,522		US Bancorp		529,480	0.35
58,828		Wells Fargo & Co		1,587,768	1.04
		Other		3,498,868	2.30
				9,780,642	6.42
EATING AND DRINKING PLACES
13,660		McDonald’s Corp		852,931	0.56
		Other		724,371	0.48
				1,577,302	1.04
EDUCATIONAL SERVICES				302,926	0.20
ELECTRIC, GAS, AND SANITARY SERVICES				6,438,082	4.23
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
11,021	*	Apple Computer, Inc		2,323,887	1.53
71,356	*	Cisco Systems, Inc		1,708,262	1.12
130,640		General Electric Co		1,976,582	1.30
69,123		Intel Corp		1,410,108	0.93
20,485		Qualcomm, Inc		947,636	0.62
		Other		4,378,600	2.88
				12,745,075	8.38
ENGINEERING AND MANAGEMENT SERVICES				995,447	0.65
FABRICATED METAL PRODUCTS				845,768	0.56
FISHERIES				774	0.00	**
FOOD AND KINDRED PRODUCTS
28,642		Coca-Cola Co		1,632,593	1.07
18,261		Kraft Foods, Inc (Class A)		496,334	0.32
19,267		PepsiCo, Inc		1,171,433	0.77
		Other		2,479,721	1.63
				5,780,081	3.79
FOOD STORES				417,936	0.27
FORESTRY				150,392	0.10
FURNITURE AND FIXTURES				223,411	0.15
FURNITURE AND HOME FURNISHINGS STORES				397,303	0.26
GENERAL BUILDING CONTRACTORS				264,591	0.17
GENERAL MERCHANDISE STORES
27,354		Wal-Mart Stores, Inc		1,462,071	0.96
		Other		1,340,657	0.88
				2,802,728	1.84
HEALTH SERVICES				1,965,501	1.29
HEAVY CONSTRUCTION, EXCEPT BUILDING				52,831	0.03

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 57

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
HOLDING AND OTHER INVESTMENT OFFICES
41,049		iShares Russell 3000 Index Fund	$	2,679,678	1.76	%
		Other		3,213,648	2.11
				5,893,326	3.87
HOTELS AND OTHER LODGING PLACES				439,511	0.29
INDUSTRIAL MACHINERY AND EQUIPMENT
8,596		3M Co		710,632	0.47
29,594		Hewlett-Packard Co		1,524,387	1.00
16,338		International Business Machines Corp		2,138,643	1.40
		Other		5,235,537	3.44
				9,609,199	6.31
INSTRUMENTS AND RELATED PRODUCTS
13,866		Medtronic, Inc		609,826	0.40
		Other		4,329,958	2.84
				4,939,784	3.24
INSURANCE AGENTS, BROKERS AND SERVICE				523,335	0.34
INSURANCE CARRIERS				4,991,155	3.28
JUSTICE, PUBLIC ORDER AND SAFETY				50,370	0.03
LEATHER AND LEATHER PRODUCTS				207,556	0.14
LEGAL SERVICES				35,613	0.02
LOCAL AND INTERURBAN PASSENGER TRANSIT				19,386	0.01
LUMBER AND WOOD PRODUCTS				35,682	0.02
METAL MINING				949,562	0.62
MISCELLANEOUS MANUFACTURING INDUSTRIES				216,165	0.14
MISCELLANEOUS RETAIL
4,057	*	Amazon.com, Inc		545,748	0.36
18,034		CVS Corp		580,876	0.38
		Other		1,265,917	0.83
				2,392,541	1.57
MOTION PICTURES				1,098,105	0.72
NONDEPOSITORY INSTITUTIONS
12,581		American Express Co		509,783	0.33
		Other		635,207	0.42
				1,144,990	0.75
NONMETALLIC MINERALS, EXCEPT FUELS				117,438	0.08
OIL AND GAS EXTRACTION
10,037		Occidental Petroleum Corp		816,509	0.54
14,806		Schlumberger Ltd		963,722	0.63
		Other		5,150,650	3.38
				6,930,881	4.55
PAPER AND ALLIED PRODUCTS				781,986	0.51
PERSONAL SERVICES				231,661	0.15

58 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX FUND  n  DECEMBER 31, 2009

Shares	Company		Value		% of net assets
PETROLEUM AND COAL PRODUCTS
24,727	Chevron Corp		$	1,903,732	1.25	%
18,339	ConocoPhillips			936,573	0.61
60,200	Exxon Mobil Corp			4,105,037	2.70
	Other			969,721	0.64
				7,915,063	5.20
PIPELINES, EXCEPT NATURAL GAS				165,700	0.11
PRIMARY METAL INDUSTRIES				1,040,898	0.68
PRINTING AND PUBLISHING				480,259	0.32
RAILROAD TRANSPORTATION				1,246,042	0.82
REAL ESTATE				147,842	0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				249,792	0.16
SECURITY AND COMMODITY BROKERS
6,208	Goldman Sachs Group, Inc			1,048,158	0.69
16,777	Morgan Stanley			496,598	0.33
	Other			2,059,807	1.35
				3,604,563	2.37
SOCIAL SERVICES				6,290	0.00	**
SPECIAL TRADE CONTRACTORS				123,777	0.08
STONE, CLAY, AND GLASS PRODUCTS				601,488	0.39
TEXTILE MILL PRODUCTS				47,464	0.03
TOBACCO PRODUCTS
25,494	Altria Group, Inc			500,447	0.33
24,205	Philip Morris International, Inc			1,166,439	0.77
	Other			266,623	0.17
				1,933,509	1.27
TRANSPORTATION BY AIR				770,129	0.51
TRANSPORTATION EQUIPMENT
10,360	United Technologies Corp			719,087	0.48
	Other			2,779,318	1.82
				3,498,405	2.30
TRANSPORTATION SERVICES				278,253	0.18
TRUCKING AND WAREHOUSING				630,033	0.41
WATER TRANSPORTATION				374,756	0.25
WHOLESALE TRADE-DURABLE GOODS				568,561	0.37
WHOLESALE TRADE-NONDURABLE GOODS				913,896	0.60
	TOTAL COMMON STOCKS	(Cost $152,687,794)		150,438,483	98.77

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 59

SUMMARY PORTFOLIO OF INVESTMENTS concluded

STOCK INDEX FUND  n  DECEMBER 31, 2009

Shares	Company		Value		% of net assets
RIGHTS/WARRANTS
BUILDING MATERIALS AND GARDEN SUPPLIES			$	345	0.00	%**
COMMUNICATIONS				306	0.00	**
	TOTAL RIGHTS/WARRANTS	(Cost $0)		651	0.00	**
	TOTAL PORTFOLIO	(Cost $152,687,794)		150,439,134	98.77
	OTHER ASSETS & LIABILITIES, NET			1,874,700	1.23
	NET ASSETS		$	152,313,834	100.00	%

* Non-income producing

** Percentage represents less than 0.01%.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

60 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

SOCIAL CHOICE EQUITY FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL SERVICES			$	7,551	0.02	%
AMUSEMENT AND RECREATION SERVICES
9,814		Walt Disney Co		316,502	1.02
		Other		3,550	0.01
				320,052	1.03
APPAREL AND ACCESSORY STORES				216,671	0.70
APPAREL AND OTHER TEXTILE PRODUCTS
2,848		Nike, Inc (Class B)		188,167	0.60
		Other		38,357	0.13
				226,524	0.73
AUTO REPAIR, SERVICES AND PARKING				14,445	0.05
AUTOMOTIVE DEALERS AND SERVICE STATIONS				45,493	0.15
BUILDING MATERIALS AND GARDEN SUPPLIES
8,469		Home Depot, Inc		245,008	0.79
		Other		125,809	0.41
				370,817	1.20
BUSINESS SERVICES
4,526		Automatic Data Processing, Inc		193,803	0.63
853	*	Google, Inc (Class A)		528,843	1.71
25,876		Microsoft Corp		788,958	2.55
		Other		867,960	2.81
				2,379,564	7.70
CHEMICALS AND ALLIED PRODUCTS
2,059		Air Products & Chemicals, Inc		166,903	0.54
4,928	*	Amgen, Inc		278,777	0.91
10,211		Bristol-Myers Squibb Co		257,828	0.83
2,899		Colgate-Palmolive Co		238,153	0.77
4,844	*	Gilead Sciences, Inc		209,648	0.68
9,452		Johnson & Johnson		608,802	1.97
12,926		Merck & Co, Inc		472,316	1.53
2,539		Praxair, Inc		203,907	0.66
10,014		Procter & Gamble Co		607,148	1.96
		Other		803,369	2.60
				3,846,851	12.45
COMMUNICATIONS
7,973	*	DIRECTV		265,899	0.86
10,550		Verizon Communications, Inc		349,521	1.13
		Other		763,353	2.47
				1,378,773	4.46
DEPOSITORY INSTITUTIONS
8,529		US Bancorp		191,989	0.62
16,481		Wells Fargo & Co		444,823	1.43
		Other		819,601	2.66
				1,456,413	4.71

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 61

SUMMARY PORTFOLIO OF INVESTMENTS continued

SOCIAL CHOICE EQUITY FUND  n   DECEMBER 31, 2009

Shares		Company	Value		% of net assets
EATING AND DRINKING PLACES
4,678		McDonald’s Corp	$	292,095	0.95	%
		Other		131,816	0.42
				423,911	1.37
EDUCATIONAL SERVICES				4,126	0.01
ELECTRIC, GAS, AND SANITARY SERVICES				2,023,959	6.54
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
20,753	*	Cisco Systems, Inc		496,828	1.61
21,550		Intel Corp		439,620	1.41
7,497		Texas Instruments, Inc		195,372	0.64
		Other		588,931	1.90
				1,720,751	5.56
ENGINEERING AND MANAGEMENT SERVICES
4,100		Accenture plc		170,151	0.56
		Other		128,384	0.41
				298,535	0.97
FABRICATED METAL PRODUCTS
4,371		Illinois Tool Works, Inc		209,763	0.67
		Other		78,120	0.26
				287,883	0.93
FOOD AND KINDRED PRODUCTS
2,543		General Mills, Inc		180,070	0.58
7,819		Kraft Foods, Inc (Class A)		212,520	0.69
6,328		PepsiCo, Inc		384,741	1.24
		Other		389,519	1.26
				1,166,850	3.77
FOOD STORES				72,815	0.24
FORESTRY				46,936	0.15
FURNITURE AND FIXTURES				68,643	0.22
FURNITURE AND HOME FURNISHINGS STORES				90,600	0.29
GENERAL BUILDING CONTRACTORS				11,886	0.04
GENERAL MERCHANDISE STORES
3,152		Costco Wholesale Corp		186,504	0.60
4,306		Target Corp		208,281	0.68
		Other		119,197	0.38
				513,982	1.66
HEALTH SERVICES				165,787	0.54
HEAVY CONSTRUCTION, EXCEPT BUILDING				10,666	0.03
HOLDING AND OTHER INVESTMENT OFFICES				520,792	1.68
HOTELS AND OTHER LODGING PLACES				86,570	0.28
INDUSTRIAL MACHINERY AND EQUIPMENT
3,690		3M Co		305,052	0.99
5,478		Emerson Electric Co		233,363	0.75
9,165		Hewlett-Packard Co		472,089	1.53

62 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

SOCIAL CHOICE EQUITY FUND  n   DECEMBER 31, 2009

Shares		Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT — continued
4,531		International Business Machines Corp	$	593,107	1.92	%
		Other		977,729	3.17
				2,581,340	8.36
INSTRUMENTS AND RELATED PRODUCTS
3,788		Baxter International, Inc		222,280	0.72
2,310		Danaher Corp		173,712	0.56
6,150		Medtronic, Inc		270,478	0.87
		Other		787,603	2.55
				1,454,073	4.70
INSURANCE AGENTS, BROKERS AND SERVICE				118,113	0.38
INSURANCE CARRIERS
4,120		Travelers Cos, Inc		205,422	0.67
3,413	*	WellPoint, Inc		198,943	0.65
		Other		906,653	2.92
				1,311,018	4.24
LEATHER AND LEATHER PRODUCTS				45,970	0.15
LEGAL SERVICES				4,480	0.01
METAL MINING				45,875	0.15
MISCELLANEOUS MANUFACTURING INDUSTRIES				82,619	0.27
MISCELLANEOUS RETAIL
1,275	*	Amazon.com, Inc		171,513	0.55
5,906		CVS Corp		190,233	0.61
4,606		Walgreen Co		169,132	0.55
		Other		142,326	0.47
				673,204	2.18
MOTION PICTURES				85,968	0.28
NONDEPOSITORY INSTITUTIONS
5,740		American Express Co		232,585	0.75
		Other		167,794	0.54
				400,379	1.29
NONMETALLIC MINERALS, EXCEPT FUELS				68,227	0.22
OIL AND GAS EXTRACTION
2,407		Apache Corp		248,330	0.81
2,988		Devon Energy Corp		219,618	0.72
4,290		XTO Energy, Inc		199,614	0.65
		Other		1,425,347	4.60
				2,092,909	6.78
PAPER AND ALLIED PRODUCTS				318,618	1.03
PERSONAL SERVICES				6,414	0.02
PETROLEUM AND COAL PRODUCTS
2,750		Hess Corp		166,375	0.54

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 63

SUMMARY PORTFOLIO OF INVESTMENTS concluded

SOCIAL CHOICE EQUITY FUND  n   DECEMBER 31, 2009

Shares	Company		Value		% of net assets
PETROLEUM AND COAL PRODUCTS — continued
5,440	Marathon Oil Corp		$	169,837	0.55	%
	Other			3,962	0.01
				340,174	1.10
PIPELINES, EXCEPT NATURAL GAS
9,075	Spectra Energy Corp			186,128	0.60
PRIMARY METAL INDUSTRIES				333,067	1.08
PRINTING AND PUBLISHING				150,613	0.49
RAILROAD TRANSPORTATION				348,839	1.13
REAL ESTATE				10,677	0.03
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				15,768	0.05
SECURITY AND COMMODITY BROKERS				839,309	2.71
SOCIAL SERVICES				3,454	0.01
SPECIAL TRADE CONTRACTORS				16,690	0.05
STONE, CLAY, AND GLASS PRODUCTS				139,937	0.45
TEXTILE MILL PRODUCTS				4,136	0.01
TRANSPORTATION BY AIR				285,712	0.92
TRANSPORTATION EQUIPMENT				408,829	1.32
TRANSPORTATION SERVICES				19,695	0.06
TRUCKING AND WAREHOUSING
3,769	United Parcel Service, Inc (Class B)			216,228	0.70
WATER TRANSPORTATION				22,279	0.07
WHOLESALE TRADE-DURABLE GOODS				177,395	0.57
WHOLESALE TRADE-NONDURABLE GOODS				180,412	0.58
	TOTAL COMMON STOCKS	(Cost $31,517,097)		30,766,395	99.47
	TOTAL PORTFOLIO	(Cost $31,517,097)		30,766,395	99.47
	OTHER ASSETS & LIABILITIES, NET			162,629	0.53
	NET ASSETS		$	30,929,024	100.00	%

The following abbreviation is used in portfolio description:

plc    Public Limited Company

* Non-income producing

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

64 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

REAL ESTATE SECURITIES FUND  n  DECEMBER 31, 2009

Shares	Company	Value		% of net assets
COMMON STOCKS
APARTMENT REITS
28,000	American Campus Communities, Inc	$	786,800	1.47	%
30,800	AvalonBay Communities, Inc		2,528,988	4.72
75,500	Equity Residential		2,550,390	4.76
3,200	Essex Property Trust, Inc		267,680	0.50
24,800	Post Properties, Inc		486,080	0.91
72,000	UDR, Inc		1,183,680	2.21
	Other		175,146	0.33
			7,978,764	14.90
DIVERSIFIED REITS
30,000	Cousins Properties, Inc		228,900	0.43
21,600	Digital Realty Trust, Inc		1,086,048	2.03
21,300	Entertainment Properties Trust		751,251	1.40
45,000	Mission West Properties, Inc		323,550	0.60
47,000	Vornado Realty Trust		3,287,180	6.15
	Other		129,030	0.24
			5,805,959	10.85
FORESTRY
22,000	Plum Creek Timber Co, Inc		830,720	1.55
5,400	Rayonier, Inc		227,664	0.43
			1,058,384	1.98
GENERAL BUILDING CONTRACTORS			135,179	0.25
HEALTHCARE REITS
65,500	HCP, Inc		2,000,370	3.73
25,900	Health Care REIT, Inc		1,147,888	2.14
13,000	Healthcare Realty Trust, Inc		278,980	0.52
26,500	Nationwide Health Properties, Inc		932,270	1.74
14,500	Omega Healthcare Investors, Inc		282,025	0.53
26,000	Senior Housing Properties Trust		568,620	1.06
29,000	Ventas, Inc		1,268,460	2.37
			6,478,613	12.09
HOLDING AND OTHER INVESTMENT OFFICES
6,000	iShares Dow Jones US Real Estate Index Fund		275,520	0.51
HOTEL REITS
36,500	DiamondRock Hospitality Co		309,155	0.58
184,000	Host Marriott Corp		2,147,280	4.01
14,000	LaSalle Hotel Properties		297,220	0.55
81,000	Sunstone Hotel Investors, Inc		719,280	1.34
	Other		216,000	0.40
			3,688,935	6.88
INDUSTRIAL REITS
17,000	AMB Property Corp		434,350	0.81
11,500	EastGroup Properties, Inc		440,220	0.82

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 65

SUMMARY PORTFOLIO OF INVESTMENTS continued

REAL ESTATE SECURITIES FUND  n  DECEMBER 31, 2009

Shares		Company	Value		% of net assets
95,000		Prologis	$	1,300,550	2.43	%
		Other		174,456	0.33
				2,349,576	4.39
MANUFACTURED HOMES REITS
8,400		Equity Lifestyle Properties, Inc		423,948	0.79
MORTGAGE REITS				38,850	0.07
NONDEPOSITORY INSTITUTIONS				0	0.00	**
OFFICE PROPERTY REITS
18,500		Alexandria Real Estate Equities, Inc		1,189,365	2.22
45,700		Boston Properties, Inc		3,065,099	5.72
14,000		Corporate Office Properties Trust		512,820	0.96
31,800		SL Green Realty Corp		1,597,632	2.98
		Other		364,713	0.68
				6,729,629	12.56
REAL ESTATE
17,500	*	CB Richard Ellis Group, Inc (Class A)		237,475	0.44
5,000		Jones Lang LaSalle, Inc		302,000	0.57
74,000		Thomas Properties Group, Inc		219,040	0.41
				758,515	1.42
REGIONAL MALL REITS
46,000		CBL & Associates Properties, Inc		444,820	0.83
120,000		Glimcher Realty Trust		324,000	0.60
45,000		Macerich Co		1,617,750	3.02
71,000		Simon Property Group, Inc		5,665,800	10.59
9,000		Taubman Centers, Inc		323,190	0.60
				8,375,560	15.64
SHOPPING CENTER REITS
41,000		Developers Diversified Realty Corp		379,660	0.71
8,900		Federal Realty Investment Trust		602,708	1.13
122,000		Kimco Realty Corp		1,650,660	3.08
36,300		Regency Centers Corp		1,272,678	2.38
		Other		150,143	0.28
				4,055,849	7.58
SINGLE TENANT REITS
17,000		National Retail Properties, Inc		360,740	0.67
43,000		Realty Income Corp		1,114,130	2.08
		Other		152,210	0.28
				1,627,080	3.03
STORAGE REITS
19,400		Extra Space Storage, Inc		224,070	0.42
26,700		Public Storage, Inc		2,174,715	4.06
45,500		U-Store-It Trust		333,060	0.62
		Other		214,380	0.40
				2,946,225	5.50

66 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

REAL ESTATE SECURITIES FUND  n  DECEMBER 31, 2009

Shares	Company		Value		% of net assets
	TOTAL COMMON STOCKS	(Cost $56,638,901)	$	52,726,586	98.44	%
	TOTAL PORTFOLIO	(Cost $56,638,901)		52,726,586	98.44
	OTHER ASSETS AND LIABILITIES, NET			838,271	1.56
	NET ASSETS		$	53,564,857	100.00	%

The following abbreviation is used in portfolio description:

REIT    Real Estate Investment Trust

* Non-income producing

** Percentage represents less than 0.01%.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 67

SUMMARY PORTFOLIO OF INVESTMENTS

BOND FUND  n  DECEMBER 31, 2009

Principal		Issuer		Rating†	Value		% of net assets
BONDS
CORPORATE BONDS
AGENCY SECURITIES
$1,000,000		Bank of America Corp	2.380%, 06/22/12	Aaa	$	1,018,943	0.88	%
1,000,000		Citigroup Funding, Inc	1.880%, 10/22/12	Aaa		996,222	0.86
1,000,000		Citigroup, Inc	2.130%, 04/30/12	Aaa		1,010,708	0.87
700,000		GMAC, Inc	2.200%, 12/19/12	Aaa		704,292	0.61
500,000		KeyBank NA	3.200%, 06/15/12	Aaa		518,993	0.45
500,000		Regions Bank	3.250%, 12/09/11	Aaa		518,844	0.45
500,000		Sovereign Bank	2.750%, 01/17/12	Aaa		513,227	0.44
		Other				1,359,756	1.18
						6,640,985	5.74
AMUSEMENT AND RECREATION SERVICES						106,225	0.09
BUILDING MATERIALS AND GARDEN SUPPLIES						26,764	0.02
BUSINESS SERVICES						234,746	0.20
CHEMICALS AND ALLIED PRODUCTS						1,138,085	1.00
COMMUNICATIONS						3,011,618	2.60
DEPOSITORY INSTITUTIONS
900,000	g	Depfa ACS Bank	5.130%, 03/16/37	Aa2		661,481	0.57
		Other				3,424,210	2.96
						4,085,691	3.53
ELECTRIC, GAS, AND SANITARY SERVICES						2,285,265	1.97
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						663,844	0.59
EXECUTIVE, LEGISLATIVE AND GENERAL						103,643	0.09
FABRICATED METAL PRODUCTS						27,080	0.02
FOOD AND KINDRED PRODUCTS						697,648	0.60
FOOD STORES						132,794	0.11
GENERAL MERCHANDISE STORES						160,772	0.14
HEALTH SERVICES						109,734	0.09
HOLDING AND OTHER INVESTMENT OFFICES						377,890	0.33
INDUSTRIAL MACHINERY AND EQUIPMENT						268,213	0.23
INSTRUMENTS AND RELATED PRODUCTS						395,753	0.33
INSURANCE CARRIERS						884,530	0.76
METAL MINING						213,686	0.18
MISCELLANEOUS RETAIL						30,461	0.03
MOTION PICTURES						52,207	0.05
NONDEPOSITORY INSTITUTIONS
500,000		General Electric Capital Corp	2.250%, 03/12/12	Aaa		507,244	0.44
		Other				2,915,653	2.51
						3,422,897	2.95
OIL AND GAS EXTRACTION						1,874,009	1.62

68 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

BOND FUND  n  DECEMBER 31, 2009

Principal		Issuer		Rating†	Value		% of net assets
PAPER AND ALLIED PRODUCTS					$	91,076	0.08	%
PETROLEUM AND COAL PRODUCTS						717,722	0.62
PIPELINES, EXCEPT NATURAL GAS						209,685	0.18
PRIMARY METAL INDUSTRIES						360,029	0.31
PRINTING AND PUBLISHING						247,317	0.21
RAILROAD TRANSPORTATION						339,484	0.29
SECURITY AND COMMODITY BROKERS						2,541,136	2.19
STONE, CLAY, AND GLASS PRODUCTS						130,448	0.11
TOBACCO PRODUCTS						113,312	0.10
TRANSPORTATION EQUIPMENT						243,535	0.21
WHOLESALE TRADE-DURABLE GOODS						156,838	0.14
WHOLESALE TRADE-NONDURABLE GOODS						344,235	0.30
		TOTAL CORPORATE BONDS	(Cost $31,264,665)			32,439,357	28.01
GOVERNMENT BONDS
AGENCY SECURITIES
$   600,000		Federal Farm Credit Bank (FFCB)	2.630%, 04/21/11	Aaa		613,874	0.53
550,000		Federal Home Loan Mortgage Corp (FHLMC)	3.250%, 07/16/10	Aaa		559,092	0.48
2,000,000		FHLMC	2.130%, 09/21/12	Aaa		2,021,271	1.74
1,500,000		FHLMC	5.130%, 10/18/16	Aaa		1,642,719	1.42
500,000		FHLMC	3.750%, 03/27/19			490,211	0.42
1,000,000		Federal National Mortgage Association (FNMA)	3.000%, 09/16/14	Aaa		1,012,677	0.87
		Other				649,939	0.56
						6,989,783	6.02
FOREIGN GOVERNMENT BONDS
500,000	g	Belgium Government International Bond	2.880%, 09/15/14	Aa1		496,467	0.43
1,000,000		Province of Ontario Canada	2.630%, 01/20/12	Aa1		1,020,538	0.88
1,000,000		Province of Ontario Canada	4.000%, 10/07/19	Aa1		957,543	0.83
		Other				3,394,040	2.93
						5,868,588	5.07
MORTGAGE BACKED
		Federal National Mortgage Association (FNMA)
1,574,217		FNMA	4.570%, 01/01/15			1,642,247	1.42
476,672		FNMA	4.500%, 04/01/24			490,877	0.42
733,388		FNMA	5.500%, 07/01/33			770,821	0.67
542,661		FNMA	6.000%, 10/01/33			579,630	0.50
1,013,247		FNMA	5.500%, 11/01/33			1,064,964	0.92
519,842		FNMA	5.000%, 03/01/34			535,627	0.46
927,118		FNMA	5.000%, 03/01/34			955,269	0.82
2,005,276		FNMA	5.000%, 09/01/34			2,064,287	1.79
588,295		FNMA	6.000%, 04/01/36			624,879	0.54
1,451,199		FNMA	5.500%, 02/01/38			1,520,736	1.31
954,929		FNMA	4.500%, 02/01/39			954,229	0.82
1,950,843		FNMA	4.500%, 04/01/39			1,949,219	1.69
645,914		FNMA	6.500%, 07/01/39			692,339	0.60
564,251		FNMA	4.500%, 08/01/39			563,781	0.49

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 69

SUMMARY PORTFOLIO OF INVESTMENTS continued

BOND FUND  n  DECEMBER 31, 2009

Principal		Issuer		Rating†	Value		% of net assets
MORTGAGE BACKED — continued
$   932,638		FNMA	6.000%, 09/01/39		$	988,596	0.85	%
9,952,956	i	FNMA	4.000%–7.500%, 06/01/13–04/01/39			10,441,381	9.03
2,136,571	h	FNMA	4.000%–6.000%, 11/01/34–11/01/39			2,159,337	1.86
1,485,504	i	Federal Home Loan Mortgage Corp (FHLMC)	2.910%–6.060%, 02/01/36–05/01/37			1,566,985	1.35
541,406		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500%, 05/01/37			567,771	0.49
3,651,813		FGLMC	4.000%–6.500%, 02/01/19–07/01/39			3,810,713	3.29
1,359,333		Government National Mortgage Association (GNMA)	5.000%–6.000%, 07/20/33–08/20/38			1,418,419	1.22
600,544		GNMA	5.500%, 07/15/39			629,942	0.54
		Other				1,311,866	1.12
						37,303,915	32.20
U.S. TREASURY SECURITIES
500,000		United States Treasury Bond	5.250%, 02/15/29			541,719	0.46
1,415,000		United States Treasury Note	1.000%, 09/30/11			1,414,614	1.22
555,000		United States Treasury Note	1.380%, 11/15/12			551,011	0.48
635,000		United States Treasury Note	2.000%, 11/30/13			631,627	0.55
4,477,000		United States Treasury Note	1.880%, 04/30/14			4,385,010	3.79
1,613,000		United States Treasury Note	2.250%, 05/31/14			1,602,036	1.38
799,000		United States Treasury Note	2.380%, 08/31/14			793,132	0.68
2,255,000		United States Treasury Note	2.380%, 10/31/14			2,230,511	1.93
860,000		United States Treasury Note	2.630%, 02/29/16			836,618	0.72
1,100,000		United States Treasury Note	2.380%, 03/31/16			1,052,391	0.91
1,100,000		United States Treasury Note	3.250%, 07/31/16			1,101,977	0.95
2,454,100		United States Treasury Note	3.380%, 11/15/19			2,360,550	2.04
2,065,000		United States Treasury Note	4.500%, 08/15/39			2,018,214	1.74
1,088,000		United States Treasury Note	0.880%–4.380%, 05/31/11–11/15/39			1,079,835	0.93
		Other				368,454	0.31
						20,967,699	18.09
		TOTAL GOVERNMENT BONDS	(Cost $70,206,643)			71,129,985	61.38
STRUCTURED ASSETS
ASSET BACKED
550,000		Chase Issuance Trust Series 2008-A9 (Class A9)	4.260%, 05/15/13	Aaa		571,798	0.49
1,000,000		Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.780%, 01/25/35	B3		667,687	0.57
		Other				2,177,621	1.88
						3,417,106	2.94
OTHER MORTGAGE BACKED						3,610,184	3.12
		TOTAL STRUCTURED ASSETS	(Cost $8,295,049)			7,027,290	6.06
		TOTAL BONDS	(Cost $109,766,357)			110,596,632	95.45

70 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

BOND FUND  n  DECEMBER 31, 2009

Shares	Company		Value		% of net assets
PREFERRED STOCKS
MORTGAGE BACKED			$	24,784	0.02	%
	TOTAL PREFERRED STOCKS	(Cost $569,550)		24,784	0.02
	TOTAL PORTFOLIO	(Cost $110,335,907)		110,621,416	95.47
	OTHER ASSETS & LIABILITIES, NET			5,243,649	4.53
	NET ASSETS		$	115,865,065	100.00	%

^† As provided by Moody’s Investors Service (unaudited).

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2009, the value of these securities amounted to $1,157,948 or 1.00% of net assets.

h These securities are purchased on a delayed delivery basis.

i Floating or variable rate security. Coupon rate reflects the rate at period end.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 71

SUMMARY PORTFOLIO OF INVESTMENTS

MONEY MARKET FUND  n  DECEMBER 31, 2009

Principal	Issuer		Value		% net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$1,000,000	United States Treasury Note	2.880%, 06/30/10	$	1,011,683	1.37	%
	Other			506,824	0.68
				1,518,507	2.05
	TOTAL GOVERNMENT BONDS	(Cost $1,518,507)		1,518,507	2.05
SHORT-TERM INVESTMENTS
BANKER’S ACCEPTANCES
605,000	Bank of America NA	03/01/10		604,573	0.82
1,280,000	Bank of America NA	01/05/10–03/02/10		1,279,725	1.72
816,000	JPMorgan Chase Bank NA	01/14/10–02/01/10		815,909	1.10
				2,700,207	3.64
CERTIFICATE OF DEPOSIT
900,000	Abbey National North America LLC	0.210% 02/05/10		900,009	1.21
815,000	Bank of Montreal	0.140% 01/08/10		815,002	1.10
2,000,000	Barclays Bank plc	0.500%–0.780%, 01/11/10–08/18/10		1,999,999	2.70
	Other			1,200,004	1.62
				4,915,014	6.63
COMMERCIAL PAPER
630,000	American Honda Finance Corp	01/22/10		629,941	0.85
1,115,000	American Honda Finance Corp	01/26/10		1,114,874	1.50
1,000,000	BNP Paribas Finance, Inc	01/27/10		999,838	1.35
600,000	BNP Paribas Finance, Inc	01/29/10		599,925	0.81
880,000	Calyon North America, Inc	04/06/10		879,535	1.19
595,000	Coca-Cola Co	01/19/10		594,952	0.81
835,000	Coca-Cola Co	01/13/10–03/15/10		834,794	1.12
1,000,000	Fairway Finance LLC	03/10/10		999,566	1.34
2,515,000	Govco LLC	02/23/10		2,514,222	3.39
535,000	Johnson & Johnson	04/19/10		534,743	0.72
810,000	Johnson & Johnson	04/05/10–04/20/10		809,637	1.09
550,000	Lloyds TSB Bank plc	02/26/10		549,794	0.74
1,320,000	Lloyds TSB Bank plc	01/07/10–03/19/10		1,319,462	1.78
2,200,000	Nestle Capital Corp	02/22/10		2,199,460	2.97
580,000	Old Line Funding LLC	01/11/10		579,971	0.78
1,000,000	Old Line Funding LLC	01/14/10		999,937	1.36
680,000	Private Export Funding Corp	01/27/10		679,863	0.92
550,000	Private Export Funding Corp	04/07/10		549,237	0.74
1,345,000	Province of Ontario Canada	01/07/10		1,344,960	1.82
1,000,000	Ranger Funding Co LLC	01/20/10		999,879	1.35
1,000,000	Sheffield Receivables Corp	01/06/10		999,971	1.35
930,000	Svensk Exportkredit AB	03/19/10		929,647	1.26
1,000,000	Toronto-Dominion Holdings USA, Inc	01/11/10		999,939	1.35
930,000	Toyota Motor Credit Corp	01/05/10–02/19/10		929,880	1.25
1,500,000	Variable Funding Capital Co LLC	01/04/10–02/24/10		1,499,800	2.02
815,000	Yorktown Capital LLC	01/12/10		814,938	1.10

72 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

MONEY MARKET FUND  n  DECEMBER 31, 2009

Principal		Issuer		Value		% net assets
COMMERCIAL PAPER — continued
$1,345,000		Yorktown Capital LLC	01/21/10	$	1,344,813	1.82	%
		Other			5,903,794	7.97
					33,157,372	44.75
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
		Federal National Mortgage Association (FNMA)
940,000		FNMA	02/22/10		939,491	1.27
740,000		FNMA	04/01/10		738,994	1.00
590,000		FNMA	04/28/10		589,712	0.80
		Federal Home Loan Mortgage Corporation (FHLMC)
600,000		FHLMC	02/08/10		599,740	0.81
795,000		FHLMC	02/12/10		794,852	1.07
1,000,000		FHLMC	02/22/10		999,639	1.35
1,275,000		FHLMC	03/02/10–03/31/10		1,274,582	1.72
800,000		FHLMC	03/08/10		799,853	1.08
1,522,000		FHLMC	03/22/10		1,521,484	2.06
1,055,000		FHLMC	03/29/10		1,054,605	1.42
738,000		FHLMC	04/01/10		737,723	1.00
635,000		FHLMC	04/20/10		634,673	0.86
1,000,000		FHLMC	05/03/10		999,492	1.35
780,000		FHLMC	05/04/10		779,565	1.05
1,768,000		FHLMC	05/10/10		1,766,968	2.38
1,100,000		FHLMC	05/17/10		1,099,294	1.48
		Other			6,604,251	8.90
					21,934,918	29.60
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
		Federal Home Loan Banks (FHLB)
1,000,000	i	FHLB	0.740% 02/26/10		1,000,000	1.35
		Federal Home Loan Mortgage Corp (FHLMC)
1,000,000	i,j	FHLMC	0.140% 02/04/10		1,000,000	1.35
1,000,000	i,j	FHLMC	0.140% 02/09/10		1,000,076	1.35
		Federal National Mortgage Association (FNMA)
615,000	i,j	FNMA	0.200% 01/28/10		615,199	0.83
					3,615,275	4.88
U.S. TREASURY BILLS
1,000,000		United States Treasury Bill	02/11/10		999,727	1.35
1,251,000		United States Treasury Bill	02/18/10–05/27/10		1,250,437	1.68
1,000,000		United States Treasury Bill	04/15/10		999,552	1.35
883,000		United States Treasury Bill	04/08/10		882,646	1.19
1,142,000		United States Treasury Bill	05/20/10		1,141,427	1.55
798,000		United States Treasury Bill	06/10/10		796,704	1.08
		Other			499,617	0.67
					6,570,110	8.87
		TOTAL SHORT-TERM INVESTMENTS	(Cost $72,892,896)		72,892,896	98.37

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 73

SUMMARY PORTFOLIO OF INVESTMENTS concluded

MONEY MARKET FUND  n  DECEMBER 31, 2009

		Value			% net assets
TOTAL PORTFOLIO	(Cost $74,411,403)	$	74,411,403		100.42	%
OTHER ASSETS & LIABILITIES, NET			(309,852	)	0.42
NET ASSETS		$	74,101,551		100.00	%

The following abbreviation is used in portfolio description:

LLC    Limited Liability Company

i Floating or variable rate security. Coupon rate reflects the rate at period end.

j Zero coupon

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the funds use more specific industry categories in following their investment limitations in industry concentrations.

74 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Life Funds   n   2009 Annual Report 75

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF LIFE FUNDS  n  DECEMBER 31, 2009

	Growth Equity Fund
ASSETS
Portfolio investments, at cost	$	32,243,697
Net unrealized appreciation (depreciation) of portfolio investments		3,906,396
Portfolio investments, at value		36,150,093
Cash		—
Cash – foreign*		1
Receivable from securities transactions		78,598
Receivable from Fund shares sold		38,876
Dividends and interest receivable		25,125
Other		1,470
Total assets		36,294,163
LIABILITIES
Management fees payable		7,508
Overdraft payable		23,823
Payable for securities transactions		29,784
Payable for Fund shares redeemed		968
Accrued expenses & other payables		2,032
Total liabilities		64,115
NET ASSETS	$	36,230,048
NET ASSETS CONSIST OF:
Paid-in-capital	$	66,028,924
Undistributed net investment income (loss)		7,390
Accumulated net realized gain (loss) on total investments		(33,712,662	)
Net unrealized appreciation (depreciation) on total investments		3,906,396
NET ASSETS	$	36,230,048
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,554,129
Net asset value per share		$14.18
*Cost:	$	1

76 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund
$	61,415,823		$	90,011,286		$	54,401,296		$	39,941,574
	3,957,939			4,869,672			256,513			2,910,322
	65,373,762			94,880,958			54,657,809			42,851,896
	160,816			—			—			—
	—			1,814,331			—			—
	697,351			616,769			—			280,331
	2,002			10,129			47,070			39,241
	85,313			50,028			72,812			54,506
	1,667			1,784			1,566			1,511
	66,320,911			97,373,999			54,779,257			43,227,485
	12,791			22,986			11,061			3,567
	—			2,515,959			245,901			284,724
	567,258			635,531			73,244			16,193
	19,477			115,970			165			62
	2,319			68,321			2,186			2,098
	601,845			3,358,767			332,557			306,644
$	65,719,066		$	94,015,232		$	54,446,700		$	42,920,841
$	76,576,191		$	144,125,904		$	70,771,399		$	54,440,272
	72,373			1,089,293			542,611			(23,725	)
	(14,887,380	)		(56,127,863	)		(17,123,832	)		(14,406,027	)
	3,957,882			4,927,898			256,522			2,910,321
$	65,719,066		$	94,015,232		$	54,446,700		$	42,920,841
	2,824,060			6,449,930			2,356,365			1,890,757
	$23.27			$14.58			$23.11			$22.70
$	—		$	1,756,890		$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 77

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF LIFE FUNDS  n  DECEMBER 31, 2009

	Stock Index Fund
ASSETS
Portfolio investments, at cost	$	152,687,794
Net unrealized appreciation (depreciation) of portfolio investments		(2,248,660	)
Portfolio investments, at value		150,439,134
Cash		1,726,297
Receivable from securities transactions		8,613
Receivable from Fund shares sold		1,363
Dividends and interest receivable		197,512
Other		2,130
Total assets		152,375,049
LIABILITIES
Management fees payable		7,714
Payable for securities transactions		—
Payable for Fund shares redeemed		33,937
Payable for variation margin on open futures contracts		16,546
Accrued expenses & other payables		3,018
Total liabilities		61,215
NET ASSETS	$	152,313,834
NET ASSETS CONSIST OF:
Paid-in-capital	$	163,900,707
Undistributed net investment income (loss)		568,880
Accumulated net realized gain (loss) on total investments		(9,922,934	)
Accumulated net unrealized appreciation (depreciation) on total investments		(2,232,819	)
NET ASSETS	$	152,313,834
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,227,781
Net asset value per share		$24.46

78 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

concluded

Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund			Money Market Fund
$	31,517,097		$	56,638,901		$	110,335,907		$	74,411,403
	(750,702	)		(3,912,315	)		285,509			—
	30,766,395			52,726,586			110,621,416			74,411,403
	159,790			830,366			4,569,298			6,446
	2,321			34,734			—			—
	166			20,701			55,030			—
	49,458			199,724			880,216			14,323
	1,461			1,531			1,929			1,909
	30,979,591			53,813,642			116,127,889			74,434,081
	1,820			11,063			9,738			3,891
	—			235,417			250,168			—
	46,735			175			183			325,923
	—			—			—			—
	2,012			2,130			2,735			2,716
	50,567			248,785			262,824			332,530
$	30,929,024		$	53,564,857		$	115,865,065		$	74,101,551
$	34,284,514		$	82,752,971		$	118,794,474		$	74,101,142
	199,581			(59,171	)		18,471			71
	(2,804,369	)		(25,216,595	)		(3,233,389	)		338
	(750,702	)		(3,912,348	)		285,509			—
$	30,929,024		$	53,564,857		$	115,865,065		$	74,101,551
	1,406,797			2,906,971			4,801,058			74,101,143
	$21.99			$18.43			$24.13			$1.00

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 79

STATEMENTS OF OPERATIONS

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED DECEMBER 31, 2009

	Growth Equity Fund
INVESTMENT INCOME
Dividends	$	353,535
Foreign taxes withheld		(3,633	)
Interest		20
Total income		349,922
EXPENSES
Investment management fees		71,010
Trustee fees and expenses		250
Interest expense		495
Other expenses		1,112
Total expenses		72,867
Net investment income (loss)		277,055
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(976,992	)
Futures transactions		—
Foreign currency transactions		(3,585	)
Net realized gain (loss) on total investments		(980,577	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		9,719,199
Futures transactions		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(84	)
Net change in unrealized appreciation (depreciation) on total investments		9,719,115
Net realized and unrealized gain (loss) on total investments		8,738,538
Net increase (decrease) in net assets resulting from operations	$	9,015,593

80 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund
$	1,135,530		$	1,774,046		$	1,074,570		$	514,724
	(3,105	)		(213,193	)		(3,949	)		—
	—			1,131			26			—
	1,132,425			1,561,984			1,070,647			514,724
	129,764			217,208			108,396			35,852
	536			723			427			330
	82			6,336			888			289
	1,502			973			1,512			1,912
	131,884			225,240			111,223			38,383
	1,000,541			1,336,744			959,424			476,341
	(2,189,370	)		(9,934,481	)		2,469,327			(4,279,467	)
	—			—			—			—
	(2,594	)		(186,202	)		2,764			1
	(2,191,964	)		(10,120,683	)		2,472,091			(4,279,466	)
	15,372,788			30,375,759			9,297,350			13,023,616
	—			—			—			—
	(32	)		81,045			83			—
	15,372,756			30,456,804			9,297,433			13,023,616
	13,180,792			20,336,121			11,769,524			8,744,150
$	14,181,333		$	21,672,865		$	12,728,948		$	9,220,491

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 81

STATEMENTS OF OPERATIONS

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED DECEMBER 31, 2009

	Stock Index Fund
INVESTMENT INCOME
Dividends	$	2,739,786
Foreign taxes withheld		(31	)
Interest		823
Total income		2,740,578
EXPENSES
Investment management fees		75,775
Trustee fees and expenses		1,255
Interest expense		133
Other expenses		1,712
Total expenses		78,875
Net investment income (loss)		2,661,703
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(2,840,826	)
Futures transactions		735,008
Foreign currency transactions		(6	)
Net realized gain (loss) on total investments		(2,105,824	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		32,914,400
Futures transactions		15,841
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—
Net change in unrealized appreciation (depreciation) on total investments		32,930,241
Net realized and unrealized gain (loss) on total investments		30,824,417
Net increase (decrease) in net assets resulting from operations	$	33,486,120

82 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

concluded

Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund		Money Market Fund
$	576,524		$	1,466,206		$	1,551	$	—
	(1	)		(1,245	)		—		—
	—			89			4,635,825		676,043
	576,523			1,465,050			4,637,376		676,043
	17,773			100,973			102,687		60,235
	220			367			1,003		1,006
	86			185			394		9
	1,112			912			912		32,506
	19,191			102,437			104,996		93,756
	557,332			1,362,613			4,532,380		582,287
	(1,685,461	)		(2,146,638	)		673,755		1,301
	—			—			—		—
	(1	)		—			—		—
	(1,685,462	)		(2,146,638	)		673,755		1,301
	8,615,710			11,435,566			2,202,359		—
	—			—			—		—
	—			16			—		—
	8,615,710			11,435,582			2,202,359		—
	6,930,248			9,288,944			2,876,114		1,301
$	7,487,580		$	10,651,557		$	7,408,494	$	583,588

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 83

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED DECEMBER 31

	Growth Equity Fund
	2009			2008
OPERATIONS
Net investment income (loss)	$	277,055		$	333,908
Net realized gain (loss) on total investments		(980,577	)		(6,411,532	)
Net change in unrealized appreciation (depreciation) on total investments		9,719,115			(10,867,961	)
Net increase (decrease) from operations		9,015,593			(16,945,585	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income		(276,980	)		(304,213	)
From realized gains		—			—
Total distributions		(276,980	)		(304,213	)
SHAREHOLDER TRANSACTIONS
Subscriptions		9,511,525			10,863,483
Reinvestments of distributions		276,980			304,213
Redemptions		(6,797,786	)		(11,792,821	)
Net increase (decrease) from shareholder transactions		2,990,719			(625,125	)
Net increase (decrease) in net assets		11,729,332			(17,874,923	)
NET ASSETS
Beginning of year		24,500,716			42,375,639
End of year	$	36,230,048		$	24,500,716
Undistributed net investment income (loss) included in net assets	$	7,390		$	10,914
CHANGE IN FUND SHARES
Shares sold		809,825			716,552
Shares reinvested		19,898			29,167
Shares redeemed		(597,486	)		(775,599	)
Net increase (decrease) from shareholder transactions		232,237			(29,880	)

84 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund						International Equity Fund
2009			2008			2009			2008
$	1,000,541		$	1,298,033		$	1,336,744		$	3,138,416
	(2,191,964	)		(2,342,325	)		(10,120,683	)		(46,314,506	)
	15,372,756			(27,465,069	)		30,456,804			(31,054,510	)
	14,181,333			(28,509,361	)		21,672,865			(74,230,600	)
	(1,005,255	)		(1,232,315	)		(2,924,055	)		(44,925	)
	—			—			—			(3,175,432	)
	(1,005,255	)		(1,232,315	)		(2,924,055	)		(3,220,357	)
	5,732,470			9,747,804			12,923,095			16,007,106
	1,005,255			1,232,315			2,924,055			3,220,357
	(7,429,832	)		(11,837,675	)		(8,820,527	)		(33,581,374	)
	(692,107	)		(857,556	)		7,026,623			(14,353,911	)
	12,483,971			(30,599,232	)		25,775,433			(91,804,868	)
	53,235,095			83,834,327			68,239,799			160,044,667
$	65,719,066		$	53,235,095		$	94,015,232		$	68,239,799
$	72,373		$	61,228		$	1,089,293		$	2,852,390
	282,903			402,583			1,040,957			859,460
	43,764			67,896			205,341			287,789
	(380,005	)		(477,520	)		(766,561	)		(1,840,264	)
	(53,338	)		(7,041	)		479,737			(693,015	)

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 85

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED DECEMBER 31

	Large-Cap Value Fund
	2009			2008
OPERATIONS
Net investment income (loss)	$	959,424		$	1,454,094
Net realized gain (loss) on total investments		2,472,091			(19,006,046	)
Net change in unrealized appreciation (depreciation) on total investments		9,297,433			(10,944,979	)
Net increase (decrease) from operations		12,728,948			(28,496,931	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income		(879,669	)		(924,132	)
From realized gains		—			(519,566	)
Total distributions		(879,669	)		(1,443,698	)
SHAREHOLDER TRANSACTIONS
Subscriptions		9,279,319			8,638,893
Reinvestments of distributions		879,669			1,443,698
Redemptions		(7,863,888	)		(11,190,107	)
Net increase (decrease) from shareholder transactions		2,295,100			(1,107,516	)
Net increase (decrease) in net assets		14,144,379			(31,048,145	)
NET ASSETS
Beginning of year		40,302,321			71,350,466
End of year	$	54,446,700		$	40,302,321
Undistributed net investment income (loss) included in net assets	$	542,611		$	465,581
CHANGE IN FUND SHARES
Shares sold		471,071			331,687
Shares reinvested		38,447			82,403
Shares redeemed		(408,075	)		(438,532	)
Net increase (decrease) from shareholder transactions		101,443			(24,442	)

86 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

continued

Small-Cap Equity Fund						Stock Index Fund
2009			2008			2009			2008
$	476,341		$	650,144		$	2,661,703		$	3,341,112
	(4,279,466	)		(8,796,829	)		(2,105,824	)		(4,973,662	)
	13,023,616			(8,818,950	)		32,930,241			(65,630,093	)
	9,220,491			(16,965,635	)		33,486,120			(67,262,643	)
	(516,207	)		(679,349	)		(2,599,545	)		(2,868,460	)
	—			—			—			(221,501	)
	(516,207	)		(679,349	)		(2,599,545	)		(3,089,961	)
	3,720,679			7,958,161			20,777,504			15,384,081
	516,207			679,349			2,599,545			3,089,961
	(4,629,229	)		(8,251,873	)		(14,888,237	)		(19,522,105	)
	(392,343	)		385,637			8,488,812			(1,048,063	)
	8,311,941			(17,259,347	)		39,375,387			(71,400,667	)
	34,608,900			51,868,247			112,938,447			184,339,114
$	42,920,841		$	34,608,900		$	152,313,834		$	112,938,447
$	(23,725	)	$	(15,443	)	$	568,880		$	516,522
	199,788			328,495			1,060,212			588,717
	23,284			38,998			107,731			162,629
	(255,684	)		(353,235	)		(763,487	)		(742,654	)
	(32,612	)		14,258			404,456			8,692

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 87

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED DECEMBER 31

	Social Choice Equity Fund
	2009			2008
OPERATIONS
Net investment income (loss)	$	557,332		$	659,040
Net realized gain (loss) on total investments		(1,685,462	)		(931,677	)
Net change in unrealized appreciation (depreciation) on total investments		8,615,710			(13,322,154	)
Net increase (decrease) from operations		7,487,580			(13,594,791	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income		(569,669	)		(446,427	)
From realized gains		—			(124,901	)
Total distributions		(569,669	)		(571,328	)
SHAREHOLDER TRANSACTIONS
Subscriptions		1,839,152			2,558,061
Reinvestments of distributions		569,669			571,328
Redemptions		(2,335,259	)		(2,908,341	)
Net increase (decrease) from shareholder transactions		73,562			221,048
Net increase (decrease) in net assets		6,991,473			(13,945,071	)
NET ASSETS
Beginning of year		23,937,551			37,882,622
End of year	$	30,929,024		$	23,937,551
Undistributed net investment income (loss) included in net assets	$	199,581		$	213,737
CHANGE IN FUND SHARES
Shares sold		99,713			110,247
Shares reinvested		26,252			34,480
Shares redeemed		(135,063	)		(125,467	)
Net increase (decrease) from shareholder transactions		(9,098	)		19,260

88 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

continued

Real Estate Securities Fund						Bond Fund
2009			2008			2009			2008
$	1,362,613		$	1,903,435		$	4,532,380		$	4,741,292
	(2,146,638	)		(21,122,885	)		673,755			(2,732,912	)
	11,435,582			(8,451,792	)		2,202,359			(1,723,747	)
	10,651,557			(27,671,242	)		7,408,494			284,633
	(1,742,222	)		(2,911,239	)		(4,516,061	)		(4,741,808	)
	—			—			—			—
	(1,742,222	)		(2,911,239	)		(4,516,061	)		(4,741,808	)
	4,350,296			8,623,675			25,171,346			15,005,262
	1,742,222			2,911,239			4,516,061			4,741,808
	(5,082,859	)		(12,057,843	)		(8,667,599	)		(9,998,479	)
	1,009,659			(522,929	)		21,019,808			9,748,591
	9,918,994			(31,105,410	)		23,912,241			5,291,416
	43,645,863			74,751,273			91,952,824			86,661,408
$	53,564,857		$	43,645,863		$	115,865,065		$	91,952,824
$	(59,171	)	$	(740,211	)	$	18,471		$	2,152
	325,249			341,472			1,042,646			611,040
	96,683			195,648			185,388			201,865
	(377,937	)		(495,414	)		(360,265	)		(409,226	)
	43,995			41,706			867,769			403,679

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 89

STATEMENTS OF CHANGES IN NET ASSETS concluded

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED DECEMBER 31

	Money Market Fund
	2009			2008
OPERATIONS
Net investment income (loss)	$	582,287		$	3,014,576
Net realized gain (loss) on total investments		1,301			567
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) from operations		583,588			3,015,143
DISTRIBUTION TO SHAREHOLDERS
From net investment income		(583,331	)		(3,014,576	)
From realized gains		–			–
Total distributions		(583,331	)		(3,014,576	)
SHAREHOLDER TRANSACTIONS
Subscriptions		73,630,960			75,913,003
Reinvestments of distributions		583,334			3,014,605
Redemptions		(117,434,730	)		(62,050,733	)
Net increase (decrease) from shareholder transactions		(43,220,436	)		16,876,875
Net increase (decrease) in net assets		(43,220,179	)		16,877,442
NET ASSETS
Beginning of year		117,321,730			100,444,288
End of year	$	74,101,551		$	117,321,730
Undistributed net investment income (loss) included in net assets	$	71		$	71
CHANGE IN FUND SHARES
Shares sold		73,630,960			75,913,004
Shares reinvested		583,334			3,014,605
Shares redeemed		(117,434,730	)		(62,050,733	)
Net increase (decrease) from shareholder transactions		(43,220,436	)		16,876,876

90 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS

TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED

	Growth Equity Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	10.55		$	18.02		$	14.91		$	14.23		$	13.58
Gain (loss) from investment operations:
Net investment income (a)		0.11			0.14			0.13			0.11			0.09
Net realized and unrealized gain (loss) on total investments		3.63			(7.48	)		3.10			0.69			0.65
Total gain (loss) from investment operations		3.74			(7.34	)		3.23			0.80			0.74
Less distributions from:
Net investment income		(0.11	)		(0.13	)		(0.12	)		(0.12	)		(0.09	)
Total distributions		(0.11	)		(0.13	)		(0.12	)		(0.12	)		(0.09	)
Net asset value, end of year	$	14.18		$	10.55		$	18.02		$	14.91		$	14.23
TOTAL RETURN		35.47%			(40.71%	)		21.68%			5.62%			5.43%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	36,230		$	24,501		$	42,376		$	28,180		$	29,517
Ratio of expenses to average net assets		0.26%			0.28%			0.26%			0.25%			0.26%
Ratio of net investment income to average net assets		0.98%			0.98%			0.81%			0.79%			0.66%
Portfolio turnover rate		257%			253%			154%			98%			106%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 91

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Growth & Income Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	18.50		$	29.06		$	24.82		$	21.56		$	20.49
Gain (loss) from investment operations:
Net investment income (a)		0.36			0.46			0.43			0.37			0.29
Net realized and unrealized gain (loss) on total investments		4.77			(10.58	)		4.21			3.26			1.06
Total gain (loss) from investment operations		5.13			(10.12	)		4.64			3.63			1.35
Less distributions from:
Net investment income		(0.36	)		(0.44	)		(0.40	)		(0.37	)		(0.28	)
Total distributions		(0.36	)		(0.44	)		(0.40	)		(0.37	)		(0.28	)
Net asset value, end of year	$	23.27		$	18.50		$	29.06		$	24.82		$	21.56
TOTAL RETURN		27.76%			(34.80%	)		18.68%			16.85%			6.57%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	65,719		$	53,235		$	83,834		$	59,798		$	51,627
Ratio of expenses to average net assets		0.23%			0.23%			0.24%			0.23%			0.23%
Ratio of net investment income to average net assets		1.77%			1.87%			1.56%			1.63%			1.41%
Portfolio turnover rate		141%			135%			88%			119%			205%

See notes to financial highlights.

92 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	International Equity Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	11.43		$	24.02		$	25.01		$	19.54		$	17.25
Gain (loss) from investment operations:
Net investment income (a)		0.22			0.51			0.42			0.35			0.31
Net realized and unrealized gain (loss) on total investments		3.40			(12.53	)		4.26			5.50			2.28
Total gain (loss) from investment operations		3.62			(12.02	)		4.68			5.85			2.59
Less distributions from:
Net investment income		(0.47	)		(0.01	)		(0.53	)		(0.38	)		(0.30	)
Net realized gains		—			(0.56	)		(5.14	)		—			—
Total distributions		(0.47	)		(0.57	)		(5.67	)		(0.38	)		(0.30	)
Net asset value, end of year	$	14.58		$	11.43		$	24.02		$	25.01		$	19.54
TOTAL RETURN		31.74%			(50.00%	)		19.34%			29.95%			15.01%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	94,015		$	68,240		$	160,045		$	111,142		$	72,597
Ratio of expenses to average net assets		0.30%			0.32%			0.33%			0.29%			0.31%
Ratio of net investment income to average net assets		1.78%			2.79%			1.51%			1.59%			1.75%
Portfolio turnover rate		116%			185%			190%			146%			153%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 93

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Large-Cap Value Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	17.87		$	31.30		$	36.02		$	32.04		$	33.07
Gain (loss) from investment operations:
Net investment income (a)		0.42			0.66			0.71			0.64			0.72
Net realized and unrealized gain (loss) on total investments		5.20			(13.42	)		(0.34	)		6.26			0.95
Total gain (loss) from investment operations		5.62			(12.76	)		0.37			6.90			1.67
Less distributions from:
Net investment income		(0.38	)		(0.43	)		(0.76	)		(0.61	)		(0.70	)
Net realized gains		—			(0.24	)		(4.33	)		(2.31	)		(2.00	)
Total distributions		(0.38	)		(0.67	)		(5.09	)		(2.92	)		(2.70	)
Net asset value, end of year	$	23.11		$	17.87		$	31.30		$	36.02		$	32.04
TOTAL RETURN		31.45%			(40.74%	)		0.91%			21.58%			4.94%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	54,447		$	40,302		$	71,350		$	66,917		$	49,028
Ratio of expenses to average net assets		0.25%			0.26%			0.27%			0.24%			0.25%
Ratio of net investment income to average net assets		2.12%			2.60%			1.88%			1.83%			2.17%
Portfolio turnover rate		149%			172%			133%			102%			112%

See notes to financial highlights.

94 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Small-Cap Equity Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	17.99		$	27.17		$	32.12		$	30.02		$	33.43
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.34			0.37			0.37			0.33
Net realized and unrealized gain (loss) on total investments		4.74			(9.16	)		(2.10	)		4.95			1.30
Total gain (loss) from investment operations		4.99			(8.82	)		(1.73	)		5.32			1.63
Less distributions from:
Net investment income		(0.28	)		(0.36	)		(0.44	)		(0.38	)		(0.37	)
Net realized gains		—			—			(2.69	)		(2.84	)		(4.67	)
Return of Capital		—			—			(0.09	)		—			—
Total distributions		(0.28	)		(0.36	)		(3.22	)		(3.22	)		(5.04	)
Net asset value, end of year	$	22.70		$	17.99		$	27.17		$	32.12		$	30.02
TOTAL RETURN		27.75%			(32.42%	)		(5.62%	)		17.84%			4.58%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	42,921		$	34,609		$	51,868		$	57,190		$	45,332
Ratio of expenses to average net assets		0.11%			0.11%			0.11%			0.10%			0.12%
Ratio of net investment income to average net assets		1.33%			1.45%			1.13%			1.12%			1.01%
Portfolio turnover rate		107%			123%			135%			246%			400%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 95

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Stock Index Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	19.39		$	31.70		$	30.94		$	27.45		$	26.31
Gain (loss) from investment operations:
Net investment income (a)		0.44			0.58			0.59			0.51			0.46
Net realized and unrealized gain (loss) on total investments		5.05			(12.34	)		1.02			3.77			1.14
Total gain (loss) from investment operations		5.49			(11.76	)		1.61			4.28			1.60
Less distributions from:
Net investment income		(0.42	)		(0.51	)		(0.60	)		(0.52	)		(0.46	)
Net realized gains		—			(0.04	)		(0.25	)		(0.27	)		—
Total distributions		(0.42	)		(0.55	)		(0.85	)		(0.79	)		(0.46	)
Net asset value, end of year	$	24.46		$	19.39		$	31.70		$	30.94		$	27.45
TOTAL RETURN		28.36%			(37.08%	)		5.16%			15.62%			6.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	152,314		$	112,938		$	184,339		$	171,015		$	152,936
Ratio of expenses to average net assets		0.06%			0.06%			0.06%			0.06%			0.06%
Ratio of net investment income to average net assets		2.11%			2.19%			1.82%			1.75%			1.73%
Portfolio turnover rate		7%			7%			13%			14%			8%

See notes to financial highlights.

96 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Social Choice Equity Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	16.91		$	27.12		$	26.94		$	24.02		$	22.75
Gain (loss) from investment operations:
Net investment income (a)		0.40			0.48			0.51			0.43			0.38
Net realized and unrealized gain (loss) on total investments		5.09			(10.28	)		0.64			3.08			1.24
Total gain (loss) from investment operations		5.49			(9.80	)		1.15			3.51			1.62
Less distributions from:
Net investment income		(0.41	)		(0.32	)		(0.51	)		(0.43	)		(0.35	)
Net realized gains		—			(0.09	)		(0.46	)		(0.16	)		—
Total distributions		(0.41	)		(0.41	)		(0.97	)		(0.59	)		(0.35	)
Net asset value, end of year	$	21.99		$	16.91		$	27.12		$	26.94		$	24.02
TOTAL RETURN		32.51%			(36.09%	)		4.25%			14.64%			7.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	30,929		$	23,938		$	37,883		$	35,931		$	32,557
Ratio of expenses to average net assets		0.08%			0.07%			0.07%			0.07%			0.07%
Ratio of net investment income to average net assets		2.20%			2.06%			1.81%			1.69%			1.63%
Portfolio turnover rate		15%			17%			12%			19%			8%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 97

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Real Estate Securities Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	15.24		$	26.50		$	38.04		$	30.98		$	33.89
Gain (loss) from investment operations:
Net investment income (a)		0.49			0.70			0.60			0.82			0.96
Net realized and unrealized gain (loss) on total investments		3.32			(10.87	)		(6.68	)		9.63			1.51
Total gain (loss) from investment operations		3.81			(10.17	)		(6.08	)		10.45			2.47
Less distributions from:
Net investment income		(0.62	)		(1.09	)		(1.31	)		(1.09	)		(1.38	)
Net realized gains		—			—			(4.15	)		(2.30	)		(4.00	)
Total distributions		(0.62	)		(1.09	)		(5.46	)		(3.39	)		(5.38	)
Net asset value, end of year	$	18.43		$	15.24		$	26.50		$	38.04		$	30.98
TOTAL RETURN		25.11%			(38.27%	)		(16.12%	)		34.05%			7.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	53,565		$	43,646		$	74,751		$	104,705		$	70,659
Ratio of expenses to average net assets		0.25%			0.26%			0.27%			0.25%			0.29%
Ratio of net investment income to average net assets		3.37%			2.94%			1.62%			2.30%			2.80%
Portfolio turnover rate		65%			97%			111%			117%			239%

See notes to financial highlights.

98 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Bond Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of year	$	23.38		$	24.55		$	24.41		$	24.44		$	24.88
Gain (loss) from investment operations:
Net investment income (a)		1.06			1.29			1.29			1.21			1.10
Net realized and unrealized gain (loss) on total investments		0.68			(1.19	)		0.07			(0.06	)		(0.48	)
Total gain from investment operations		1.74			0.10			1.36			1.15			0.62
Less distributions from:
Net investment income		(0.99	)		(1.27	)		(1.22	)		(1.18	)		(1.06	)
Total distributions		(0.99	)		(1.27	)		(1.22	)		(1.18	)		(1.06	)
Net asset value, end of year	$	24.13		$	23.38		$	24.55		$	24.41		$	24.44
TOTAL RETURN		7.40%			0.39%			5.60%			4.70%			2.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	115,865		$	91,953		$	86,661		$	71,761		$	66,434
Ratio of expenses to average net assets		0.10%			0.10%			0.10%			0.10%			0.10%
Ratio of net investment income to average net assets		4.41%			5.27%			5.18%			4.88%			4.35%
Portfolio turnover rate		147%			92%			97%			76%			78%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 99

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE YEAR ENDED continued

	Money Market Fund
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain (loss) from investment operations:
Net investment income (a)		0.01			0.03			0.05			0.05			0.03
Net realized and unrealized gain on total investments		0.00	(b)		—			—			—			—
Total gain from investment operations		0.01			0.03			0.05			0.05			0.03
Less distributions from:
Net investment income		(0.01	)		(0.03	)		(0.05	)		(0.05	)		(0.03	)
Total distributions		(0.01	)		(0.03	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.54%			2.86%			5.34%			5.10%			3.25%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	74,102		$	117,322		$	100,444		$	53,894		$	37,185
Ratio of expenses to average net assets		0.09%			0.07%			0.06%			0.06%			0.06%
Ratio of net investment income to average net assets		0.58%			2.80%			5.19%			4.99%			3.24%

See notes to financial highlights.

100 2009 Annual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS (NOTES)   TIAA-CREF LIFE FUNDS concluded

(a) Based on average shares outstanding.

(b) Amount represents less than $0.01 per share.

See notes to financial statements TIAA-CREF Life Funds   n   2009 Annual Report 101

NOTES TO FINANCIAL STATEMENTS

TIAA-CREF LIFE FUNDS

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that was organized on August 13, 1998, and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. The Trust currently consists of ten series (the “Funds” or individually, the “Fund”).

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events through February 22, 2010. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions.

Security valuation: For all Funds (other than the Money Market Fund), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Fund are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity.

Accounting for investments and investment income: Securities transactions are accounted for as of the trade date for financial statement purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Funds are informed of the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method.

Distributions received from Real Estate Investment Trusts (“REITs”) are recorded on the ex-dividend date. Each REIT reports annually the tax character of its distributions. Dividend income, realized gains and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by each REIT, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported.

Dollar rolls transactions: The Funds may enter into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by

102 2009 Annual Report   n   TIAA-CREF Life Funds

the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

Cash: The Funds hold cash with the custodian. The Funds are charged a fee for overdrafts.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

Securities lending: The Funds (other than the Money Market Fund) may lend their security to qualified institutional borrowers to earn additional income. Security loans are required to be collateralized by an amount that is at least equal to the market value of the outstanding securities on loan. The Funds invest cash collateral received in the State Street Navigator Securities Lending Prime Portfolio and record a liability for the return of the collateral during the period the securities are on loan. Securities lending income represents the income earned on investing cash collateral, less expenses associated with the loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of December 31, 2009, the Funds did not have any securities out on loan.

Futures contracts: The Funds are subject to equity price risk and interest rate risk in the normal course of pursuing their investment objectives. The Funds (other than the Money Market Fund) may use futures contracts to manage exposure to the equity and credit markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default.

TIAA-CREF Life Funds   n   2009 Annual Report 103

NOTES TO FINANCIAL STATEMENTS

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Treasury Inflation-Protected Securities: The Funds (other than the Money Market Fund) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income or loss due to inflation or deflation are reflected in interest income in the Statements of Operations.

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Undistributed net investment income (loss) and accumulated net realized gain (loss) on investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including post-October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REIT adjustments, foreign currency transactions, distribution reclassification, and gains on certain equity securities designated and issued by “passive foreign investment companies”.

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2005-2009) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended December 31, 2009, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions,

104 2009 Annual Report   n   TIAA-CREF Life Funds

continued

dividend reclassifications, expiration of capital loss carryovers and gains and losses from the sale of stock and passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Trustee compensation: The Funds pay the Board of Trustees (“Trustees”), all of whom are independent, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, Trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation, incurred for the period ended December 31, 2009, are reflected in the Statements of Operations.

Indemnification: In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Guarantee program: On October 7, 2008, the Board of Trustees of the TIAA-CREF Life Funds approved the participation of the TIAA-CREF Life Money Market Fund in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds (the “Program”). The Program expired on September 18, 2009. The Fund paid a total of $31,407 to the Program during the year ended December 31, 2009, which is included in Other expenses on the Statement of Operations.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board of Trustees. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

TIAA-CREF Life Funds   n   2009 Annual Report 105

NOTES TO FINANCIAL STATEMENTS

• Level 3—significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Short-term investments: Prior to May 1, 2009, all short-term investments (other than those in the Money Market Fund), with maturities of one year or less, were valued in the same manner as debt securities. Effective May 1, 2009, short-term investments with maturities of 60 days or less are valued at amortized cost. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy;

106 2009 Annual Report   n   TIAA-CREF Life Funds

continued

otherwise they would be categorized as Level 3. Short-term investments in the Money Market Fund are all valued at amortized cost. Money Market Fund investments are categorized as Level 2 in the fair value hierarchy.

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

The portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith using procedures approved by the Board of Trustees. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

As of December 31, 2009, 100% of the investments in the Growth Equity Fund, Small-Cap Equity Fund, Stock Index Fund, Social Choice Equity Fund, and the Real Estate Securities Fund were valued based on Level 1 inputs.

As of December 31, 2009, 100% of the investments in the Money Market Fund were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of December 31 , 2009:

Fund	Level 1		Level 2		Level 3		Total
Growth & Income
Domestic Common Stocks	$	62,513,006	$	—	$	—	$	62,513,006
Foreign Common Stocks
Business Services		195,459		—		—		195,459
Chemicals and Allied Products		625,516		185,806		—		811,322
Food and Kindred Products		127,923		703,119		—		831,042
Metal Mining		218,741		410,773		—		629,514
Oil and Gas Extraction		287,510		105,909		—		393,419
Total	$	63,968,155	$	1,405,607	$	—	$	65,373,762
International Equity
Domestic Common Stocks
Holdings and Other Investment Offices	$	1,324,300	$	—	$	—	$	1,324,300
Industrial Machinery and Equipment		285,129		—		—		285,129
Foreign Common Stocks		—		93,271,529		—		93,271,529
Total	$	1,609,429	$	93,271,529	$	—	$	94,880,958

TIAA-CREF Life Funds   n   2009 Annual Report 107

NOTES TO FINANCIAL STATEMENTS

Fund	Level 1		Level 2		Level 3		Total
Large-Cap Value
Domestic Common Stocks	$	51,400,753	$	—	$	—	$	51,400,753
Foreign Common Stocks
Amusement and Recreation Services		39,365		—		—		39,365
Chemicals and Allied Products		690,921		368,561		—		1,059,482
Communications		—		103,036		—		103,036
Depository Institutions		—		60,356		—		60,356
Electronic and Other Electric Equipment		—		367,148		—		367,148
Food and Kindred Products		573,154		—		—		573,154
Hotels and Other Lodging Places		—		349,177		—		349,177
Metal Mining		—		299,429		—		299,429
Oil and Gas Extraction		—		89,148		—		89,148
Paper and Allied Products		—		2,626		—		2,626
Real Estate		—		26,507		—		26,507
Preferred Stock		287,628		—		—		287,628
Total	$	52,991,821	$	1,665,988	$	—	$	54,657,809
Bond
Corporate Bonds	$	—	$	32,439,357	$	—	$	32,439,357
Government Bonds		—		71,129,985		—		71,129,985
Structured Assets		—		7,027,290		—		7,027,290
Preferred Stocks		24,784		—		—		24,784
Total	$	24,784	$	110,596,632	$	—	$	110,621,416

Please see the Summary Portfolios of Investments for a detailed breakout by industry.

Note 3—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Management Agreement between Advisors and the Funds. Under the terms of the Investment Management Agreement, each Fund pays a fee for investment management services, based on the average daily net assets of each Fund. For the period ended December 31, 2009, Advisors received the following annualized percentage of each Fund’s average daily net assets:

Fund	Investment Management Fee
Growth Equity	0.25%
Growth & Income	0.23%
International Equity	0.29%
Large-Cap Value	0.24%
Small-Cap Equity	0.10%
Stock Index	0.06%
Social Choice Equity	0.07%
Real Estate Securities	0.25%
Bond	0.10%
Money Market	0.06%

108 2009 Annual Report   n   TIAA-CREF Life Funds

continued

Total investment management fees incurred for each Fund for the period ended December 31, 2009, are reflected in the Statements of Operations.

At a meeting held on December 8, 2009, the Trustees unanimously approved the adoption of a New Investment Advisory agreement (“New Advisory Agreement”) for all of the Funds in the Trust. The New Advisory Agreement is subject to shareholder approval. A special shareholder meeting to vote on the New Advisory Agreement is scheduled for March 23, 2010.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the Investment Company Act of 1940. These transactions are effected at market rates without incurring broker commissions.

Certain registered separate accounts (the “Account”) of TIAA-CREF Life Insurance Company (“TIAA-CREF Life”), which is a wholly owned subsidiary of TIAA, have various sub-accounts which invest in the Funds. Additionally, at the commencement of operations of each of these Funds, TIAA, an affiliate, invested in each Fund.

The following is the percentage of the Funds’ shares owned by affiliates as of December 31, 2009:

Underlying Fund	TIAA		TIAA-CREF Life		Total
Growth Equity	—		100	%	100	%
Growth & Income	17	%	83	%	100	%
International Equity	24	%	76	%	100	%
Large-Cap Value	38	%	62	%	100	%
Small-Cap Equity	46	%	54	%	100	%
Stock Index	—		100	%	100	%
Social Choice Equity	34	%	66	%	100	%
Real Estate Securities	48	%	52	%	100	%
Bond	54	%	46	%	100	%
Money Market	—		100	%	100	%

Note 4—investments

At December 31, 2009, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (excludes the Money Market Fund):

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Growth Equity	$	32,519,888	$	4,176,431	$	(546,226	)	$	3,630,205
Growth & Income		62,196,505		6,594,278		(3,417,021	)		3,177,257
International Equity		91,791,260		9,097,788		(6,008,090	)		3,089,698
Large-Cap Value		56,178,161		2,692,489		(4,212,841	)		(1,520,352	)
Small-Cap Equity		40,175,166		5,927,936		(3,251,206	)		2,676,730
Stock Index		156,177,513		28,800,898		(34,539,277	)		(5,738,379	)
Social Choice Equity		31,728,308		5,758,823		(6,720,736	)		(961,913	)
Real Estate Securities		60,255,697		2,822,492		(10,351,603	)		(7,529,111	)
Bond		110,351,915		3,275,449		(3,005,948	)		269,501

TIAA-CREF Life Funds   n   2009 Annual Report 109

NOTES TO FINANCIAL STATEMENTS

At December 31, 2009, the Funds held the following open futures contracts:

Fund	Future	Number of Contracts	Market Value		Expiration Date	Unrealized Gain
Stock Index	E-mini S&P Mid Cap 400	2	$	144,980	March 2010	$	4,286
	E-mini S&P 500	23		1,277,305	March 2010		6,937
	Russell 2000 Mini Index	3		187,170	March 2010		4,618
			$	1,609,455		$	15,841

The Stock Index Fund purchased 292 equity futures contracts with a notional cost of $14,189,643 and sold 264 equity futures contracts with a notional value of $13,331,037 during the period ended December 31, 2009. For the Stock Index Fund, realized gain (loss) and change in unrealized appreciation (depreciation) on futures transactions is reported separately on the Statement of Operations.

Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended December 31, 2009, were as follows:

Fund	Non-U.S. Government Purchases		U.S. Government Purchases		Non-U.S. Government Sales		U.S. Government Sales
Growth Equity	$	75,672,297	$	—	$	72,610,812	$	—
Growth & Income		79,148,512		—		79,705,671		—
International Equity		93,956,290		—		85,046,962		—
Large-Cap Value		69,565,611		—		66,805,978		—
Small-Cap Equity		38,318,753		—		38,706,900		—
Stock Index		16,552,795		—		8,568,959		—
Social Choice Equity		4,038,755		—		3,783,373		—
Real Estate Securities		27,605,077		—		26,198,361		—
Bond		38,213,655		140,027,470		27,264,471		120,262,386

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended December 31, 2009 and 2008 were as follows:

	2009						2008
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Growth Equity	$	276,980	$	—	$	276,980	$	304,213	$	—	$	304,213
Growth & Income		1,005,255		—		1,005,255		1,232,315		—		1,232,315
International Equity		2,924,055		—		2,924,055		1,034,921		2,185,436		3,220,357
Large-Cap Value		879,669		—		879,669		924,126		519,572		1,443,698
Small-Cap Equity		516,207		—		516,207		679,349		—		679,349
Stock Index		2,599,545		—		2,599,545		2,868,444		221,517		3,089,961
Social Choice Equity		569,669		—		569,669		447,703		123,625		571,328
Real Estate Securities		1,742,222		—		1,742,222		2,911,239		—		2,911,239
Bond		4,516,061		—		4,516,061		4,741,808		—		4,741,808
Money Market		583,331		—		583,331		3,014,576		—		3,014,576

110 2009 Annual Report   n   TIAA-CREF Life Funds

continued

As of December 31, 2009, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed / Accumulated Long-Term Capital Gain (Loss)		Unrealized Appreciation (Depreciation)			Capital Loss Carryover			Post- October Losses			Total
Growth Equity	$	8,693	$	—	$	3,630,206		$	(33,425,252	)	$	(10,816	)	$	(29,797,169	)
Growth & Income		53,674		—		3,177,197			(14,078,814	)		(7,475	)		(10,855,418	)
International Equity		1,302,200		—		3,147,927			(53,966,814	)		(592,278	)		(50,108,965	)
Large-Cap Value		561,488		—		(1,520,343	)		(15,324,219	)		(39,938	)		(16,323,012	)
Small-Cap Equity		7,054		—		2,676,725			(14,201,523	)		—			(11,517,744	)
Stock Index		572,441		—		(5,738,380	)		(6,413,359	)		(5,858	)		(11,585,156	)
Social Choice Equity		205,003		—		(961,912	)		(2,594,698	)		(2,176	)		(3,353,783	)
Real Estate Securities		531,791		—		(7,529,147	)		(21,694,241	)		(494,830	)		(29,186,427	)
Bond		20,138		—		269,501			(3,217,381	)		—			(2,927,742	)
Money Market		2,076		—		—			—			—			2,076

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies and the expiration of capital loss carryovers.

As of December 31, 2009, the following Funds had capital loss carryovers, which will expire as follows:

	Growth Equity		Growth & Income		International Equity		Large-Cap Value		Small-Cap Equity
12/31/10	$	12,297,132	$	4,105,601	$	—	$	—	$	—
12/31/11		10,153,999		5,101,579		—		—		—
12/31/12		3,010,278		—		—		—		—
12/31/13		761,688		—		—		—		—
12/31/14		—		—		—		—		—
12/31/15		—		—		—		—		—
12/31/16		3,425,349		—		31,802,921		11,619,381		6,676,126
12/31/17		3,776,806		4,871,634		22,163,893		3,704,838		7,525,397
Total	$	33,425,252	$	14,078,814	$	53,966,814	$	15,324,219	$	14,201,523

TIAA-CREF Life Funds   n   2009 Annual Report 111

NOTES TO FINANCIAL STATEMENTS concluded

	Stock Index		Social Choice Equity		Real Estate Securities		Bond
12/31/10	$	—	$	—	$	—	$	—
12/31/11		—		—		—		—
12/31/12		—		—		—		115,865
12/31/13		—		—		—		272,542
12/31/14		—		—		—		395,981
12/31/15		—		—		—		375,145
12/31/16		3,793,046		825,564		11,607,115		1,792,249
12/31/17		2,620,313		1,769,134		10,087,126		265,599
Total	$	6,413,359	$	2,594,698	$	21,694,241	$	3,217,381

On December 31, 2009, capital loss carryforwards of $8,688,532 expired for the Growth Equity Fund.

Note 6—line of credit

Each of the Funds, except the Money Market Fund, participates in a $750 million unsecured revolving credit facility dated June 30, 2009 that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. 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 Funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended December 31, 2009, there were no borrowings under this credit facility by the Funds.

Note 7—accounting pronouncement

In January 2010, the Financial Accounting Standards Board issued authoritative guidance that improves disclosures about fair value measurements thereby increasing transparency in financial reporting. Some of the new disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2009. The remaining disclosure requirements are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact the adoption of the new disclosure requirements will have on the financial statements.

112 2009 Annual Report   n   TIAA-CREF Life Funds

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of

TIAA-CREF Life Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Growth Equity Fund, Growth & Income Fund, International Equity Fund, Large-Cap Value Fund, Small-Cap Equity Fund, Stock Index Fund, Social Choice Equity Fund, Real Estate Securities Fund, Bond Fund and Money Market Fund (constituting TIAA-CREF Life Funds, hereafter referred to as the “Funds”) at December 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

February 22, 2010

TIAA-CREF Life Funds   n   2009 Annual Report 113

MANAGEMENT (UNAUDITED)

TRUSTEES AND OFFICERS OF THE TIAA-CREF LIFE FUNDS  n  DECEMBER 31, 2009

Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	66	Director and member of the Investment Committee, the Maine Coast Heritage Trust, Investment Committee member, Gulf of Maine Research Institute, Maine Community Foundation and Carnegie Endowment for International Peace; and Director, Appalachian Mountain Club and the Butler Conservation Fund, Inc.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990-2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.	66	Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/1955	Trustee	Indefinite term. Trustee since 2005.	President and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment adviser).	66	None

114 2009 Annual Report   n   TIAA-CREF Life Funds

Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/1967	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007). Chief Operating Officer, DDJ Capital Management (2003–2006); and Executive Vice President (2000–2002), Senior Vice President (1995–2000) and Vice President (1992–1995), Fidelity Investments.	66	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004); Acting Dean (2009); Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	66	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/1943	Trustee	Indefinite term. Trustee since 2001.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser). President and Managing Principal, Windermere Investment Associates (1997–2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994–1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993–1997).	66	None

TIAA-CREF Life Funds   n   2009 Annual Report 115

MANAGEMENT (UNAUDITED) continued

TRUSTEES AND OFFICERS OF THE TIAA-CREF LIFE FUNDS  n  DECEMBER 31, 2009

Disinterested trustees—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/1948	Trustee	Indefinite term. Trustee since 2003.	President and Chief Operating Officer, First Eagle Investment Management LLC (since 2009); Principal, BAM Consulting LLC (2003–2009). Independent Consultant for Merrill Lynch (2003–2009); Chairman, Oppenheimer Funds, Inc. (2000–2001), Chief Executive Officer (1995–2001), President (1991–2000), and Chief Operating Officer (1989–1995) of that firm.	66	Director, Prudential plc, Arnhold and S. Bleichroeder Holdings, and First Eagle Investment Management.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/1958	Trustee	Indefinite term. Trustee since 2006.	President and CEO, National Bureau of Economic Research (since 2008); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996–present). Program Director, National Bureau of Economic Research (1990–2008).	66	The Jeffrey Company and Jeflion Company (unregistered investment companies), the Alfred P. Sloan Foundation and National Bureau of Economic Research.

116 2009 Annual Report   n   TIAA-CREF Life Funds

Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/1949	Chairman and Trustee	Indefinite term. Trustee since 2001, Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); Chairman and CEO and CIO, NCM Capital Advisers Inc. (since 2003), and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	66	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/1950	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987); Fellow, Financial Management Association (since 2002). Associate Dean for Research (2001–2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002–2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001–2002).	66	None

TIAA-CREF Life Funds   n   2009 Annual Report 117

MANAGEMENT (UNAUDITED) continued

TRUSTEES AND OFFICERS OF THE TIAA-CREF LIFE FUNDS  n  DECEMBER 31, 2009

Officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Mary (Maliz) E. Beams TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/29/1956	Executive Vice President	One year term. Executive Vice President since 2007.	Executive Vice President (EVP), Individual & Institutional Client Services (since 2009), EVP, Individual Client Services (2007–2009) of Teachers Insurance and Annuity Association (“TIAA”) and EVP of TIAA-CREF Funds, College Retirement Equities Fund (“CREF”), TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since 2008); EVP of Individual Client Services of TIAA and the TIAA-CREF Fund Complex (2007–2008); Manager, President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) (since 2007); and Senior Managing Director and Head of Wealth Management Group, TIAA (2004–2007). Partner, Spyglass Investments (2002–2003); Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997–2003).
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/1954	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	EVP and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009), Special Advisor to the Chairman for International Derivatives (1995–1996), U.S. Securities and Exchange Commission; and Director, Division of Market Regulation (1993–1995), U.S. Securities and Exchange Commission.

118 2009 Annual Report   n   TIAA-CREF Life Funds

Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/1962	Vice President and Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President, Senior Compliance Officer Asset Management Compliance of TIAA and Teachers Advisors, Inc. (“Advisors”), Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“TCIM”) (since 2008) and Chief Compliance Officer of TIAA Separate Account VA-3 (since 2008). Chief Compliance Officer of Advisors (2008). Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998–2000); Chief Compliance Officer/Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997–1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994–1997); Staff Attorney, Division of Enforcement, U.S. Securities and Exchange Commission (1988-1994), and Staff Attorney, New York Office of Special Prosecutor (Howard Beach Case) (1987-1988).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/1959	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2007.	President and Principal Executive Officer of the TIAA-CREF Funds and the TIAA-CREF Life Funds (since 2007); EVP (since 1997) of CREF and TIAA Separate Account VA-1; EVP, Investments, Research, Institute & Strategy (since 2009) and EVP, Head of Asset Management (2006–2009), and EVP and Chief Investment Officer (2005) of TIAA. Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of TCIM (since 2004). Manager of TIAA Realty Capital Management, LLC (2004–2006), and Chief Investment Officer of TIAA (2004–2006) and the TIAA-CREF Fund Complex (2003–2006). Director of TIAA Global Markets, Inc. (2004–2005); Director of TIAA-CREF Life Insurance Company (1997–2006), and Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009). Treasurer of CREF (since 2008). Director (since 2008) and Funds Treasurer (since 2007) of Advisors; Manager and Funds Treasurer of TCIM (since 2008); Director of TIAA-CREF Trust Company, FSB (since 2008). Chief Financial Officer, Van Kampen Funds (2005–2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995–2005).

TIAA-CREF Life Funds   n   2009 Annual Report 119

MANAGEMENT (UNAUDITED) concluded

TRUSTEES AND OFFICERS OF THE TIAA-CREF LIFE FUNDS  n  DECEMBER 31, 2009

Officers—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/1952	Executive Vice President	One-year term. Executive Vice President since 2003.	EVP Chief Communications Officer of TIAA (since 2009) and EVP of the TIAA-CREF Fund Complex (since 2003). EVP, Public Affairs of TIAA (2005–2009); Director of TIAA-CREF Life Insurance Company (2003–2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001–2002); and Senior Vice President and Chief Communications Officer for Insurance Information Institute (1993–2001).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/1959	Executive Vice President	One-year term. Executive Vice President since 2009.	EVP, Head of Risk Management of TIAA and EVP of the TIAA-CREF Fund Complex (since 2009). EVP, Risk Management of Advisors and Investment Management (since 2009). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Senior Managing Director of Advisors and Investment Management (2006–2009); Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Director, TIAA-CREF Life Insurance Company (2006–2008), Director, TPIS, Advisors and Investment Management (2008), Head of Risk Management of Advisors and Investment Management (2005–2006). Senior Vice President, Risk Management Department, Lehman Brothers (1996–2004).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/1/1948	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 2008.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2008). Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008); and Deputy General Counsel, Secretary and Chief Governance Officer, The Gillette Company (2000–2005).

120 2009 Annual Report   n   TIAA-CREF Life Funds

Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/1966	Executive Vice President	One year term. Executive Vice President since 2003.	EVP, Human Resources & Corporate Services (since 2007), and EVP, Human Resources (2005–2007) of TIAA and EVP of the TIAA-CREF Fund Complex (since 2003) and Head of Corporate Services of TIAA (since 2006). Director, TIAA-CREF Life Insurance Company (2003–2006); First Vice President and Head of Human Resources (1999–2001), International Private Client Division and Global Debt Markets (2002–2003), Merrill Lynch & Co.; and Vice President and Head of Human Resources, Japan Morgan Stanley (1998–1999).
Cara L. Schnaper TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/13/1954	Executive Vice President	One-year term. Executive Vice President since 2008.	EVP, Technology and Operations of TIAA (since 2008), and EVP of the TIAA-CREF Fund Complex (since 2008). Principal, Market Resolve, LLC (2006–2008); and Head, Middle Office, Investment Banking (2000–2002), Head, Technology and Operations, Equities (1999–2000) and Chief Operating Officer, Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997–1999), JP Morgan Chase & Co.
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/1951	Executive Vice President	One year term. Executive Vice President since 2001.	EVP and Chief Institutional Development and Sales Officer (since 2008); EVP, Strategy, Integration and Policy (2007–2008); EVP, Strategy, Implementation and Policy (2006–2007), EVP, Product Management (2005–2006) of TIAA and EVP of the TIAA-CREF Fund Complex (since 2008); EVP, Strategy Implementation and Policy of TIAA (2006–2008); Manager of TIAA-CREF Redwood, LLC (since 2007); Director of TCT Holdings, Inc. (since 2007); and Director and President of TIAA-CREF Enterprises, Inc. (since 2000). EVP, Product Management of TIAA (2000–2005); and President and Chief Executive Officer, Horizon Mercy (1996–2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/1958	Executive Vice President	One year term. Executive Vice President since 2006.	EVP, Product Development and Management (since 2009), EVP, Institutional Client Services (2006–2009), and EVP, Product Management (2005–2006) of TIAA, and EVP of the TIAA Fund Complex (since 2008); EVP, Institutional Client Services (2006–2008); Director of TCT Holdings, Inc. (since 2007); EVP of TIAA-CREF Life Insurance Company (since 2009); Director (since 2007) and EVP (since 2008) of TIAA-CREF Enterprises, Inc. and Manager, President and CEO, TIAA-CREF Redwood, LLC (since 2006). Director of Tuition Financing (2006–2009); Senior Vice President, Pension Products (2003–2006) and Vice President, Support Services (1998–2003) of TIAA and the TIAA-CREF Fund Complex.

The Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by telephone at 800 223-1200.

TIAA-CREF Life Funds   n   2009 Annual Report 121

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) is responsible for determining whether to initially approve the proposed new investment advisory agreement (the “New Advisory Agreement”) between Teachers Advisors, Inc. (the “Advisor”) and the Trust on behalf of each of its series (the “Funds”). Under the New Advisory Agreement, the Advisor would be responsible for providing investment advisory services to each Fund. Please note that because the New Advisory Agreement must be approved by Fund shareholders, as well as the Board, a special meeting of the Trust’s shareholders has been scheduled for March 23, 2010 for the consideration of the New Advisory Agreement. If approved by shareholders for a Fund, the New Advisory Agreement is expected to be implemented on May 1, 2010 for that Fund.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that the New Advisory Agreement for each Fund can be initially implemented only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, approves the New Advisory Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE APPROVAL PROCESS

The proposal to approve the New Advisory Agreement and present it to shareholders for their approval was carefully considered by the Board (with the assistance of its Operations Committee) at meetings held on September 15, 2009 and December 8, 2009. At each of these meetings, the Trustees, who were advised by independent legal counsel, deliberated over the Advisor’s proposal for each Fund. Before and at these meetings, the Board received information relating to the New Advisory Agreement and the related new administrative services agreement (the “New Administrative Agreement”), which covers certain non-advisory, operational oversight services previously provided under the Trust’s existing investment management agreement (the “Current Agreement”), and was given the opportunity to ask questions and request additional information from the Advisor. After consideration that included, among other aspects, the relative costs and benefits to shareholders, on December 8, 2009, the Board determined that the arrangements under the New Advisory Agreement for each Fund were reasonable and fair to the Fund and its shareholders. Therefore, the Board voted unanimously to approve the New Advisory Agreement (and the New Administrative Agreement) for each Fund and to submit the New Advisory Agreement to each Fund’s shareholders for approval.

The Board considered that, over time, it has become increasingly expensive to operate mutual funds due to the intensified competition for talented portfolio managers and other key investment advisory and administrative personnel and higher compliance and regulatory costs. The Board also considered that, despite ongoing losses to the Advisor, the Advisor had not previously asked for a fee increase.

122 2009 Annual Report   n   TIAA-CREF Life Funds

continued

The Board considered that the restructuring of the Funds’ fee rates and service arrangements, including the proposed increase in the Funds’ advisory fee rates, is anticipated to: enhance the Advisor’s ability to manage the day-to-day advisory affairs of the Funds; cover the increasing costs of providing advisory-related services to the Funds and provide an eventual profit to the Advisor; take advantage of potential opportunities to enhance investment processes and personnel; and maintain the quality of services to shareholders.

The Board also considered that, while the magnitude of the fee increase requested by the Advisor was large: (i) the Board would continue to review each Fund’s advisory fee rates annually under the New Advisory Agreement; (ii) the Advisor has agreed to cap each Fund’s total expenses for at least one year; and (iii) the Funds are anticipated to continue to be competitive with other similar low-cost mutual funds that serve as underlying investment options for insurance company separate accounts.

Additionally, the Board considered the Advisor’s statement that, if the New Advisory Agreement was not approved by the Board for a Fund, the Advisor would likely propose other options for the future of that Fund, including potentially closing the Fund to new investments and/or liquidating the Fund.

As part of its deliberations, the Board reviewed detailed information provided by the Advisor relating to the nature, extent and quality of the services currently provided by the Advisor and to be provided by the Advisor under the New Advisory Agreement. For example, the Board reviewed detailed independent analysis of comparative net expenses and performance data for each Fund prepared by Lipper, Inc., a Reuters company, that is an independent provider of investment company data (“Lipper”). In addition, the Board received financial information about the Advisor, including an analysis of the profitability of the Advisor’s operations, and the effect the proposed new arrangements would have on the short-term and long-term financial condition of the Advisor.

In determining whether, among other things, to approve the New Advisory Agreement for each Fund, the Board reviewed the following specific factors:

THE NATURE AND QUALITY OF SERVICES

The Board considered that the Advisor is an experienced investment advisor that has managed the Funds since 1998 and the TIAA-CREF Funds since 1999, and that the investment professionals of the Advisor also manage the CREF accounts. The Board considered that the Advisor has carried out its responsibilities for managing the assets of the Funds in a professional manner. In the course of its review of the quality of the Advisor’s services, the Board examined the long-term performance of the Funds in general, and concluded that each Fund’s performance was within an acceptable range when compared with Fund benchmarks and peers, or that, in the case of underperforming Funds, the Advisor was taking affirmative steps to improve the performance of each such Fund.

TIAA-CREF Life Funds   n   2009 Annual Report 123

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, three- and five-year periods ended September 30, 2009. The Board also considered each Fund’s performance as compared to its peer group and benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented decreases and volatility during the previous year that had adversely impacted the Funds’ performance. However, despite these circumstances, the majority of the Funds’ performance generally compared favorably to their respective benchmark indices (after considering the effect of expenses incurred to provide services to the Funds) and, with some exceptions, the Funds ranked in the top three performance quintiles versus their peer groups of mutual funds that underlie insurance company separate accounts. The Board considered that, in those cases in which a Fund’s annualized performance had consistently underperformed its benchmark or peer group of mutual funds that underlie insurance company separate accounts for an extended period of time, the Advisor had taken reasonable remedial actions or represented that it was in the process of taking such actions. Such actions included changes in the Real Estate Securities Fund’s portfolio management team and revisions to the investment process utilized by the International Equity Fund’s portfolio management team. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. For details about the factors the Board considered for each Fund, see the Fund-by-Fund synopsis below.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds that underlie insurance company separate accounts, as analyzed by Lipper. The Board considered that the proposed advisory fee rate to be charged to a Fund under the New Advisory Agreement typically was lower or significantly lower than the contractual advisory fee rates charged by most comparable mutual funds that serve as underlying investment options for insurance company separate accounts (as reported by such funds for their most recently completed fiscal periods), and that even with the proposed increase in its advisory fee rate and total net expense ratio, each Fund would continue to be very competitively priced and below the pricing of the average fund within the universe of mutual funds in its competitive peer group of funds that serve as underlying investment options for insurance company separate accounts (based on the pro forma fees calculated using data from the Funds’ 2008 fiscal year). The Board considered that the new advisory fee rates for the Funds would continue to be in the lowest quintile as compared with funds in the competitive peer group of funds that underlie insurance company separate accounts identified by Lipper. (The lowest quintile means that a fund is in the best of five groups, i.e., the group with the lowest expenses.) Additionally, the Board considered that, under the New Advisory Agreement, each Fund’s total net expense ratio would be less than the

124 2009 Annual Report   n   TIAA-CREF Life Funds

continued

median total net expense ratio for its peer group of mutual funds that serve as underlying investment options for insurance company separate accounts and, in some cases, significantly less. Based on all factors considered, the Board determined that the advisory fee rate under the New Advisory Agreement and the new total expense structure with respect to each Fund were comparable to or more favorable than those of other similar mutual funds that serve as underlying investment options for insurance company separate accounts. The table below compares the estimated total net expense ratio of each Fund under the new expense structure, including the New Advisory Agreement, if approved, with the Lipper median total net expense ratio for the Fund’s category. (Note that these are net expense ratios, meaning that they reflect the effect of any waiver or reimbursement arrangements, like the Advisor’s commitment to cap each Fund’s total annual expenses through at least April 30, 2011).

Fund	Proposed Total Net Expense Ratio	Median Peer Total Net Expense Ratio	Difference
Growth Equity	0.52%	0.77%	-0.25%
Growth & Income	0.52%	0.82%	-0.30%
International Equity	0.60%	1.07%	-0.47%
Large-Cap Value	0.52%	0.73%	-0.21%
Small-Cap Equity	0.55%	0.93%	-0.38%
Stock Index	0.09%	0.48%	-0.39%
Social Choice Equity	0.22%	0.86%	-0.64%
Real Estate Securities	0.58%	0.95%	-0.37%
Bond	0.35%	0.69%	-0.34%
Money Market	0.15%	0.55%	-0.40%

COST AND PROFITABILITY

The Board considered that the Advisor has consistently lost money providing services to the Funds. The Board reviewed profitability data for 2009 and profitability on a pro forma basis assuming the proposed fee increases had been in effect—showing data for both before and after distribution expenditures. The Board considered that all of the Funds currently are unprofitable to the Advisor and have been unprofitable for many years. The Board also considered that, even after implementing these new arrangements, most Funds would not be profitable for the Advisor for a few years (if projected asset flows are attained), especially after the Advisor’s agreed-upon expense reimbursements. The Board also considered that it would continue to review the Funds’ advisory fees annually during its required yearly review of the Funds’ advisory arrangements.

The Board further considered that the costs and anticipated costs of providing services to mutual funds generally have increased since the adoption of the Funds’ original unitary fee arrangement with the Advisor. These costs include additional disclosure and compliance requirements, such as the USA PATRIOT Act requirements, Sarbanes-Oxley requirements and the requirement that mutual funds have a chief compliance officer and compliance program. The Board

TIAA-CREF Life Funds   n   2009 Annual Report 125

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

considered the Advisor’s representation that the proposed advisory fee rate increases would enhance the Advisor’s ability to attract and retain highly qualified investment professionals in a competitive investment advisory environment. Heightened competition from traditional asset managers, banks, insurance companies and hedge funds generally has driven up the costs of attracting and retaining key personnel and the cost of technology to update and maintain necessary systems for effective investment advisory operations continues to grow.

ECONOMIES OF SCALE

The Board considered whether the Advisor is anticipated to experience economies of scale in connection with providing services to each Fund. In this regard, the Board considered that each Fund historically has been unprofitable to the Advisor and that it likely would take some years under the New Advisory Agreement for the Advisor to attain profitability (unless Fund assets increase significantly over projected levels). The Board also considered that the Funds had generally lost assets during the past year due to the decline in the financial markets. The Board also noted the Advisor’s commitment to consider whether a Fund’s advisory fee rate should be subject to breakpoints based on asset levels once the Advisor attains profitability with respect to that Fund. The Board considered that the proposed advisory fee rates at current assets were low compared to peer groups of mutual funds that underlie variable insurance products.

COMPARISONS WITH OTHER CLIENTS OF THE ADVISOR

The Board considered that the Advisor provides similar investment advisory services to each of the Funds, the TIAA-CREF Funds, and TIAA Separate Account VA-1, although services provided by the Advisor and the investor base for such other products differ. In addition, the Advisor manages assets of large institutional clients through separate accounts with similar investment strategies and investment staff (although services provided by the Advisor and the investor base differ).

The Board considered the schedule of fees for each of the comparable funds, and also considered that the proposed advisory fee rates were the same for the Funds and their corresponding TIAA-CREF Fund series with the same investment strategies, except that the proposed advisory fee rates for the Life Funds: (i) do not cover the Funds’ operational oversight expenses (which are instead covered by the New Administrative Agreement); (ii) do not offer any asset-based breakpoints; and (iii) the annual advisory fee rate for the Life Stock Index Fund is proposed to be 0.06% of average annual net assets, while the annual advisory fee rate for the comparable TIAA-CREF Equity Index Fund is 0.04% of average annual net assets.

OTHER BENEFITS

At the Board’s request, the Advisor agreed to limit the total operating expenses of each Fund for at least one year. The Board also considered that, with the New Advisory Agreement, the Advisor would have the flexibility to support multiple

126 2009 Annual Report   n   TIAA-CREF Life Funds

continued

opportunities to expand the channels through which the Funds are distributed, thereby increasing the potential for asset growth and enabling expenses to be spread over a wider asset base.

Based on its evaluation of all material factors and with the assistance of independent legal counsel, the Board determined to approve the proposed advisory fee rate under the New Advisory Agreement for each Fund.

FUND-BY-FUND FACTORS

The Board considered the following specific factors during its determination to approve the New Advisory Agreement for each Fund listed below. Note that for purposes of this discussion, if a Fund is in the “first” quintile, it is in the best of five groups (i.e., the group has the best performance, or the lowest expenses, as the case may be). Additionally, performance information is for the period ended September 30, 2009, which reflects the Funds’ current unitary fee structure under the Current Agreement as opposed to under the proposed New Advisory Agreement and the expense and fee structure.

GROWTH EQUITY FUND

• The Fund’s current contractual management fee is 0.25% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.45% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the group of comparable funds that underlie variable products selected by Lipper for expense comparison purposes (“Expense Group”).

• For the one-, three- and five-year periods, the Fund was in the third, second and third quintiles, respectively, of the group of comparable funds that underlie variable products selected by Lipper for performance comparison purposes (“Performance Group”).

• For the one-, three- and five-year periods, the Fund was in the fourth, second and third quintiles, respectively, of the universe of comparable funds that underlie variable products identified by Lipper for expense comparison purposes (“Performance Universe”).

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

GROWTH & INCOME FUND

• The Fund’s current contractual management fee is 0.23% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.45% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

TIAA-CREF Life Funds   n   2009 Annual Report 127

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

• For the one-, three- and five-year periods, the Fund was in the second, first and first quintiles, respectively, of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the first quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

INTERNATIONAL EQUITY FUND

• The Fund’s current contractual management fee is 0.29% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.50% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the fourth, fifth and fifth quintiles, respectively, of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the fifth quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

• To address the underperformance of the Fund, the portfolio management team has recently been reorganized from a team approach, under which each team member was responsible for certain sectors or regions, to a new structure with a lead manager and more junior managers. In addition, certain other operational and risk management parameters were enhanced to provide the managers with greater information and flexibility in making investment decisions. Since implementing these changes, the Fund’s performance versus its peers and benchmark index has improved.

LARGE-CAP VALUE FUND

• The Fund’s current contractual management fee is 0.24% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.45% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the second quintile of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the second quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

128 2009 Annual Report   n   TIAA-CREF Life Funds

continued

SMALL-CAP EQUITY FUND

• The Fund’s current contractual management fee is 0.10% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.48% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the second, fourth and third quintiles, respectively, of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the third, fourth and fourth quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

STOCK INDEX FUND

• The Fund’s current contractual management fee is 0.06% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.06% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the third quintile of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the fourth, third and fourth quintiles, respectively, of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

SOCIAL CHOICE EQUITY FUND

• The Fund’s current contractual management fee is 0.07% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.15% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the fourth, fifth and fifth quintiles, respectively, of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the fourth, third and third quintiles, respectively, of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

TIAA-CREF Life Funds   n   2009 Annual Report 129

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

REAL ESTATE SECURITIES FUND

• The Fund’s current contractual management fee is 0.25% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.50% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the fifth quintile of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the fifth quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

• In 2007 the Fund’s portfolio management team was changed to address the Fund’s underperformance. Since assuming responsibility for the Fund, the new portfolio management team has delivered positive excess returns when compared to its benchmark index. The Fund’s benchmark index was also changed in the first quarter of 2009 to one more widely utilized by peers and with a wider inclusion of real estate securities. For most of the period, the team managed to a narrower, more restrictive benchmark index than most peer funds, which underperformed during this time. The increased number of benchmark securities in the new index, when coupled with the portfolio management team’s utilization of the Fund’s benchmark characteristics, weightings and securities as key elements of their research, portfolio construction and risk management processes, expanded the investments typically considered for the portfolio, while not negatively impacting the Fund’s risk profile relative to its benchmark. This, in part, contributed to the Fund’s poor performance comparison versus its peer funds prior to the benchmark change.

BOND FUND

• The Fund’s current contractual management fee is 0.10% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.30% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the third, third and second quintiles of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the fourth quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

130 2009 Annual Report   n   TIAA-CREF Life Funds

concluded

MONEY MARKET FUND

• The Fund’s current contractual management fee is 0.06% of average daily net assets, which is a unitary fee.

• The Fund’s proposed non-unitary advisory fee is proposed to be 0.10% of average daily net assets under the New Advisory Agreement.

• The Fund’s pro forma advisory fees and total net expenses were in the first quintile of the Fund’s Expense Group.

• For the one-, three- and five-year periods, the Fund was in the second, first and first quintiles, respectively, of the Fund’s Performance Group.

• For the one-, three- and five-year periods, the Fund was in the first quintile of the Fund’s Performance Universe.

• The Advisor has incurred a net loss with respect to its services to the Fund since at least fiscal year 2005.

Based primarily on the foregoing factors and considerations, the Board approved the New Advisory Agreement for each Fund.

TIAA-CREF Life Funds   n   2009 Annual Report 131

IMPORTANT TAX INFORMATION (UNAUDITED)

For the fiscal year ended December 31, 2009, the TIAA-CREF Life Funds designate the following percentages (or maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Growth Equity	98.51	%
Growth & Income	97.31
International Equity	0.30
Large-Cap Value	80.06
Small-Cap Equity	68.51
Stock Index	90.27
Social Choice Equity	97.41
Real Estate Securities	0.10

The Life International Equity Fund received income from foreign sources during the year ended December 31, 2009 of $1,743,098 ($0.270251 per share), and paid taxes to foreign countries during the year ended December 31, 2009 of $122,030 ($0.018920 per share).

132 2009 Annual Report   n   TIAA-CREF Life Funds

HOW TO REACH US

TIAA-CREF WEBSITE

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

877 825-0411

8 a.m. to 6 p.m. ET, Monday–Friday

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF BROKERAGE SERVICES

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Co., New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

^©2010 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

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C#46755 A10847 (2/10)

Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

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

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

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert for the reporting period and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $290,000 and $242,245, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2009 and December 31, 2008, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for tax services billed to the Registrant were $105,675 and $90,675, respectively.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2009 and December 31, 2008, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $0 and $0, respectively.

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

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.78%
AMUSEMENT AND RECREATION SERVICES - 2.20%
13,166	*	Electronic Arts, Inc	$	233,697
17,427		Walt Disney Co		562,020
		TOTAL AMUSEMENT AND RECREATION SERVICES		795,717
APPAREL AND ACCESSORY STORES - 3.10%
13,258	*	Kohl’s Corp		715,004
10,885		Nordstrom, Inc		409,058
		TOTAL APPAREL AND ACCESSORY STORES		1,124,062
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.94%
29,976		Lowe’s Cos, Inc		701,139
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		701,139
BUSINESS SERVICES - 22.55%
14,196	*	Adobe Systems, Inc		522,129
5,738	*	Alliance Data Systems Corp		370,617
3,055	*	Google, Inc (Class A)		1,894,040
29,869	*	Intuit, Inc		917,277
4,449		Mastercard, Inc (Class A)		1,138,855
40,774		Microsoft Corp		1,243,199
18,807	*	Nuance Communications, Inc		292,261
15,893		Omnicom Group, Inc		622,211
5,524	*	Salesforce.com, Inc		407,505
8,671		Visa, Inc (Class A)		758,366
		TOTAL BUSINESS SERVICES		8,166,460
CHEMICALS AND ALLIED PRODUCTS - 14.50%
16,730	*	Celgene Corp		931,526
4,738	*	Forest Laboratories, Inc		152,137
10,512	*	Gilead Sciences, Inc		454,959
5,437	*	Invitrogen Corp		283,975
11,730		Monsanto Co		958,928
16,761		Novartis AG. (ADR)		912,301
4,949		Praxair, Inc		397,454
4,038		Shire plc (ADR)		237,031
16,492		Teva Pharmaceutical Industries Ltd (ADR)		926,521
		TOTAL CHEMICALS AND ALLIED PRODUCTS		5,254,832
COMMUNICATIONS - 1.02%
26,242		CBS Corp (Class B)		368,700
		TOTAL COMMUNICATIONS		368,700
DEPOSITORY INSTITUTIONS - 2.43%
9,661		Wells Fargo & Co		260,750
32,920		Western Union Co		620,542
		TOTAL DEPOSITORY INSTITUTIONS		881,292
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 18.10%
11,568		Analog Devices, Inc		365,317
7,823	*	Apple Computer, Inc		1,649,558
5,487	*	Broadcom Corp (Class A)		172,566

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
42,779	*	Cisco Systems, Inc	$	1,024,129
1,756	*	First Solar, Inc		237,762
18,427		Intel Corp		375,911
38,898	*	Marvell Technology Group Ltd		807,134
22,179	*	NetApp, Inc		762,736
25,107		Qualcomm, Inc		1,161,450
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,556,563
FABRICATED METAL PRODUCTS - 0.93%
7,024		Illinois Tool Works, Inc		337,082
		TOTAL FABRICATED METAL PRODUCTS		337,082
FOOD AND KINDRED PRODUCTS - 4.01%
12,342		Coca-Cola Co		703,494
6,322		Mead Johnson Nutrition Co		276,271
7,790		PepsiCo, Inc		473,632
		TOTAL FOOD AND KINDRED PRODUCTS		1,453,397
FURNITURE AND HOME FURNISHINGS STORES - 0.96%
9,040	*	Bed Bath & Beyond, Inc		349,215
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		349,215
HEALTH SERVICES - 0.70%
2,953	*	Express Scripts, Inc		255,287
		TOTAL HEALTH SERVICES		255,287
HOTELS AND OTHER LODGING PLACES - 1.12%
11,139		Starwood Hotels & Resorts Worldwide, Inc		407,353
		TOTAL HOTELS AND OTHER LODGING PLACES		407,353
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.71%
14,672	*	EMC Corp		256,320
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		256,320
INSTRUMENTS AND RELATED PRODUCTS - 5.01%
10,559	*	Agilent Technologies, Inc		328,068
2,384		Alcon, Inc		391,810
5,193		Danaher Corp		390,514
6,494		Rockwell Collins, Inc		359,508
6,599		Roper Industries, Inc		345,590
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,815,490
INSURANCE CARRIERS - 1.00%
7,837		Aflac, Inc		362,461
		TOTAL INSURANCE CARRIERS		362,461
METAL MINING - 1.01%
12,662		Vale SA (ADR)		367,578
		TOTAL METAL MINING		367,578

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
MISCELLANEOUS RETAIL - 3.96%
7,826	*	Amazon.com, Inc	$	1,052,754
1,740	*	Priceline.com, Inc		380,190
		TOTAL MISCELLANEOUS RETAIL		1,432,944
MOTION PICTURES - 0.76%
9,402		Time Warner, Inc		273,974
		TOTAL MOTION PICTURES		273,974
OIL AND GAS EXTRACTION - 5.40%
6,172		Anadarko Petroleum Corp		385,256
3,971	*	Concho Resources, Inc		178,298
15,610		National Oilwell Varco, Inc		688,245
8,641		Occidental Petroleum Corp		702,945
		TOTAL OIL AND GAS EXTRACTION		1,954,744
PRIMARY METAL INDUSTRIES - 1.04%
3,427		Precision Castparts Corp		378,169
		TOTAL PRIMARY METAL INDUSTRIES		378,169
SECURITY AND COMMODITY BROKERS - 3.50%
18,878		Charles Schwab Corp		355,284
5,408		Goldman Sachs Group, Inc		913,087
		TOTAL SECURITY AND COMMODITY BROKERS		1,268,371
TRANSPORTATION BY AIR - 0.73%
3,169		FedEx Corp		264,453
		TOTAL TRANSPORTATION BY AIR		264,453
TRANSPORTATION EQUIPMENT - 3.10%
13,788		Boeing Co		746,344
5,448		United Technologies Corp		378,146
		TOTAL TRANSPORTATION EQUIPMENT		1,124,490
		TOTAL COMMON STOCKS (Cost $32,243,697)		36,150,093
		TOTAL PORTFOLIO - 99.78% (Cost $32,243,697)		36,150,093
		OTHER ASSETS AND LIABILITIES, NET - 0.22%		79,955
		NET ASSETS - 100.00%	$	36,230,048

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

plc Public Limited Company

* Non-income producing

3

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

December 31, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.47%
AMUSEMENT AND RECREATION SERVICES - 1.09%
3,864	*	Bally Technologies, Inc	$	159,545
4,055	*	Pinnacle Entertainment, Inc		36,414
16,052		Walt Disney Co		517,676
		TOTAL AMUSEMENT AND RECREATION SERVICES		713,635
APPAREL AND ACCESSORY STORES - 0.72%
11,776		American Eagle Outfitters, Inc		199,957
7,378	*	AnnTaylor Stores Corp		100,636
4,971	*	Urban Outfitters, Inc		173,935
		TOTAL APPAREL AND ACCESSORY STORES		474,528
APPAREL AND OTHER TEXTILE PRODUCTS - 0.73%
7,882		Guess ?, Inc		333,408
6,160	*	Hanesbrands, Inc		148,518
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		481,926
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.82%
18,609		Home Depot, Inc		538,358
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		538,358
BUSINESS SERVICES - 9.07%
9,332	*	Amdocs Ltd		266,242
2,720		Ctrip.com International Ltd (ADR)		195,459
8,046	*	eBay, Inc		189,403
1,987	*	Google, Inc (Class A)		1,231,900
7,167	*	Informatica Corp		185,339
57,019		Microsoft Corp		1,738,509
18,582	*	Nuance Communications, Inc		288,764
26,356		Oracle Corp		646,776
2,263	*	Sohu.com, Inc		129,625
6,857	*	SolarWinds, Inc		157,780
10,923	*	Symantec Corp		195,412
6,110		Visa, Inc (Class A)		534,381
11,797	*	Yahoo!, Inc		197,954
		TOTAL BUSINESS SERVICES		5,957,544
CHEMICALS AND ALLIED PRODUCTS - 13.94%
7,037		Abbott Laboratories		379,928
2,671		Agrium, Inc		164,267
6,898	*	Amgen, Inc		390,220
20,945		Bristol-Myers Squibb Co		528,861
2,584		Colgate-Palmolive Co		212,276
20,363		Dow Chemical Co		562,630
5,826		Du Pont (E.I.) de Nemours & Co		196,161
18,217		Ferro Corp		150,108
6,236	*	Forest Laboratories, Inc		200,238
12,373	*	Gilead Sciences, Inc		535,503
8,762		GlaxoSmithKline plc		185,806
15,693		Johnson & Johnson		1,010,786
20,727	*	King Pharmaceuticals, Inc		254,320
10,600		Merck & Co, Inc		387,324
4,244		Monsanto Co		346,947
22,821	*	Mylan Laboratories, Inc		420,591

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
8,471		Novartis AG. (ADR)	$	461,077
57,171		Pfizer, Inc		1,039,940
3,519		Praxair, Inc		282,611
18,007		Procter & Gamble Co		1,091,765
2,927		Teva Pharmaceutical Industries Ltd (ADR)		164,439
3,878	*	United Therapeutics Corp		204,177
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,169,975
COMMUNICATIONS - 3.65%
28,427		AT&T, Inc		796,809
5,023		Cablevision Systems Corp (Class A)		129,694
11,104	*	DIRECTV		370,318
5,773	*	SBA Communications Corp (Class A)		197,206
27,337		Verizon Communications, Inc		905,675
		TOTAL COMMUNICATIONS		2,399,702
DEPOSITORY INSTITUTIONS - 8.16%
83,296		Bank of America Corp		1,254,438
209,016		Citigroup, Inc		691,843
33,085		JPMorgan Chase & Co		1,378,651
7,940		People’s United Financial, Inc		132,598
8,003		State Street Corp		348,451
24,741		US Bancorp		556,920
37,001		Wells Fargo & Co		998,657
		TOTAL DEPOSITORY INSTITUTIONS		5,361,558
EATING AND DRINKING PLACES - 0.56%
5,878		McDonald’s Corp		367,022
		TOTAL EATING AND DRINKING PLACES		367,022
ELECTRIC, GAS, AND SANITARY SERVICES - 2.74%
19,815	*	AES Corp		263,738
11,567		Allegheny Energy, Inc		271,593
2,362		Entergy Corp		193,306
22,210		NV Energy, Inc		274,960
11,220		PG&E Corp		500,972
7,052		Questar Corp		293,152
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,797,721
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.19%
5,259		Analog Devices, Inc		166,079
7,137	*	Apple Computer, Inc		1,504,908
46,840	*	Cisco Systems, Inc		1,121,350
8,589		Cooper Industries plc		366,235
3,518		Eaton Corp		223,815
56,906		General Electric Co		860,988
37,076		Intel Corp		756,350
19,876	*	Marvell Technology Group Ltd		412,427
34,740	*	Micron Technology, Inc		366,854
11,603	*	QLogic Corp		218,949
15,213		Qualcomm, Inc		703,753
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,701,708
ENGINEERING AND MANAGEMENT SERVICES - 0.47%
16,392		KBR, Inc		311,448
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		311,448

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
FABRICATED METAL PRODUCTS - 0.29%
3,755		Stanley Works	$	193,420
		TOTAL FABRICATED METAL PRODUCTS		193,420
FOOD AND KINDRED PRODUCTS - 4.47%
12,169		Coca-Cola Co		693,632
1,843		Diageo plc (ADR)		127,923
6,506		General Mills, Inc		460,690
7,227	*	Hansen Natural Corp		277,517
4,764		InBev NV		246,619
9,189		PepsiCo, Inc		558,691
7,668	*	Smithfield Foods, Inc		116,477
14,241		Unilever plc		456,501
		TOTAL FOOD AND KINDRED PRODUCTS		2,938,050
FURNITURE AND HOME FURNISHINGS STORES - 0.29%
4,841		Best Buy Co, Inc		191,026
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		191,026
GENERAL MERCHANDISE STORES - 2.13%
3,107		Costco Wholesale Corp		183,841
3,841		Target Corp		185,789
6,369		TJX Companies, Inc		232,787
14,861		Wal-Mart Stores, Inc		794,321
		TOTAL GENERAL MERCHANDISE STORES		1,396,738
HEALTH SERVICES - 1.80%
7,707		McKesson Corp		481,688
10,948	*	Medco Health Solutions, Inc		699,686
		TOTAL HEALTH SERVICES		1,181,374
HOLDING AND OTHER INVESTMENT OFFICES - 0.28%
924		Simon Property Group, Inc		73,735
5,672		Starwood Property Trust, Inc		107,144
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		180,879
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.81%
15,453	*	Brocade Communications Systems, Inc		117,906
18,518	*	EMC Corp		323,509
7,565		Emerson Electric Co		322,269
18,683		Hewlett-Packard Co		962,362
8,495		Ingersoll-Rand PLC		303,611
7,538		International Business Machines Corp		986,725
13,348	*	Palm, Inc		134,014
8,024		Raytheon Co		413,396
11,366	*	SanDisk Corp		329,500
12,060		Textron, Inc		226,849
9,954		Tyco International Ltd		355,159
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,475,300
INSTRUMENTS AND RELATED PRODUCTS - 2.48%
10,692		Baxter International, Inc		627,406
57,956	*	Boston Scientific Corp		521,604
10,813		PerkinElmer, Inc		222,640
6,931	*	St. Jude Medical, Inc		254,922
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,626,572

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
INSURANCE CARRIERS - 3.00%
9,056		ACE Ltd	$	456,422
14,402		Cigna Corp		507,959
3,531		PartnerRe Ltd		263,624
7,739	*	Progressive Corp		139,225
12,205		Prudential Financial, Inc		607,321
		TOTAL INSURANCE CARRIERS		1,974,551
LEGAL SERVICES - 0.26%
3,612	*	FTI Consulting, Inc		170,342
		TOTAL LEGAL SERVICES		170,342
METAL MINING - 1.15%
7,323		Anglo American plc		317,141
3,263		Barrick Gold Corp		128,497
7,535		Companhia Vale do Rio Doce (ADR)		218,741
1,734		Rio Tinto plc		93,631
		TOTAL METAL MINING		758,010
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.64%
8,487		Jarden Corp		262,333
8,060		Mattel, Inc		161,039
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		423,372
MISCELLANEOUS RETAIL - 0.83%
3,815	*	Amazon.com, Inc		513,194
1,471	*	Vitamin Shoppe, Inc		32,715
		TOTAL MISCELLANEOUS RETAIL		545,909
MOTION PICTURES - 2.29%
14,859	*	Discovery Communications, Inc (Class A)		455,725
4,784	*	DreamWorks Animation SKG, Inc (Class A)		191,121
9,642		Scripps Networks Interactive (Class A)		400,143
15,629		Time Warner, Inc		455,429
		TOTAL MOTION PICTURES		1,502,418
NONDEPOSITORY INSTITUTIONS - 0.44%
19,764		Discover Financial Services		290,728
		TOTAL NONDEPOSITORY INSTITUTIONS		290,728
OIL AND GAS EXTRACTION - 5.65%
10,840		Anadarko Petroleum Corp		676,633
2,760		Apache Corp		284,749
9,814	*	Cameron International Corp		410,225
13,116	*	Cobalt International Energy, Inc		181,525
28,446		Halliburton Co		855,941
9,314	*	Newfield Exploration Co		449,214
5,648		Occidental Petroleum Corp		459,465
6,030		Petroleo Brasileiro S.A. (ADR)		287,510
5,048		Tullow Oil plc		105,909
		TOTAL OIL AND GAS EXTRACTION		3,711,171
PAPER AND ALLIED PRODUCTS - 0.62%
6,348		Kimberly-Clark Corp		404,431
		TOTAL PAPER AND ALLIED PRODUCTS		404,431

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
PETROLEUM AND COAL PRODUCTS - 5.43%
13,291		Chevron Corp	$	1,023,274
2,037		Enterprise Products Partners LP		63,982
32,371		Exxon Mobil Corp		2,207,379
3,616		Walter Industries, Inc		272,321
		TOTAL PETROLEUM AND COAL PRODUCTS		3,566,956
PRIMARY METAL INDUSTRIES - 0.47%
2,777		Precision Castparts Corp		306,442
		TOTAL PRIMARY METAL INDUSTRIES		306,442
RAILROAD TRANSPORTATION - 0.89%
9,171		Union Pacific Corp		586,027
		TOTAL RAILROAD TRANSPORTATION		586,027
SECURITY AND COMMODITY BROKERS - 1.66%
5,688		Goldman Sachs Group, Inc		960,362
2,465		T Rowe Price Group, Inc		131,261
		TOTAL SECURITY AND COMMODITY BROKERS		1,091,623
STONE, CLAY, AND GLASS PRODUCTS - 0.56%
5,148		Corning, Inc		99,408
8,217	*	Owens-Illinois, Inc		270,093
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		369,501
TOBACCO PRODUCTS - 0.89%
12,200		Philip Morris International, Inc		587,918
		TOTAL TOBACCO PRODUCTS		587,918
TRANSPORTATION BY AIR - 0.99%
8,132	*	Continental Airlines, Inc (Class B)		145,725
6,036		FedEx Corp		503,705
		TOTAL TRANSPORTATION BY AIR		649,430
TRANSPORTATION EQUIPMENT - 2.41%
7,556	*	Autoliv, Inc		327,628
8,038		Goodrich Corp		516,442
4,955		Honeywell International, Inc		194,236
7,884		United Technologies Corp		547,228
		TOTAL TRANSPORTATION EQUIPMENT		1,585,534
TRUCKING AND WAREHOUSING - 0.40%
4,537		United Parcel Service, Inc (Class B)		260,288
		TOTAL TRUCKING AND WAREHOUSING		260,288
WHOLESALE TRADE-NONDURABLE GOODS - 0.20%
4,058		Terra Industries, Inc		130,627
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		130,627
		TOTAL COMMON STOCKS (Cost $61,415,823)		65,373,762

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES	COMPANY	VALUE
	TOTAL PORTFOLIO - 99.47% (Cost $61,415,823)	$	65,373,762
	OTHER ASSETS AND LIABILITIES, NET - 0.53%		345,304
	NET ASSETS - 100.00%	$	65,719,066

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

LP Limited Partnership

plc Public Limited Company

* Non-income producing

9

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.92%
BUSINESS SERVICES - 5.60%
77,909		Adecco S.A.	$	4,297,848
36,794	*	Autonomy Corp plc		893,522
1,900		Mitsubishi UFJ Lease & Finance Co Ltd		57,239
6		NTT Data Corp		18,605
		TOTAL BUSINESS SERVICES		5,267,214
CHEMICALS AND ALLIED PRODUCTS - 18.25%
3,800		Astellas Pharma, Inc		141,774
2,800		Eisai Co Ltd		102,945
75,358		Henkel KGaA (Preference)		3,957,280
1,900		Hisamitsu Pharmaceutical Co, Inc		61,361
9,500		Kao Corp		222,649
4,000		Kissei Pharmaceutical Co Ltd		78,801
1,000		Kyowa Hakko Kogyo Co Ltd		10,575
89,014		Lanxess AG.		3,365,068
33,446		Novartis AG.		1,826,460
40,891		Reckitt Benckiser Group plc		2,213,436
10,600		Shin-Etsu Chemical Co Ltd		598,458
15,246		Syngenta AG.		4,305,587
3,300		Takeda Pharmaceutical Co Ltd		135,964
2,000		Tanabe Seiyaku Co Ltd		24,956
2,800		Tsumura & Co		90,520
8,000		UBE Industries Ltd		21,888
		TOTAL CHEMICALS AND ALLIED PRODUCTS		17,157,722
COMMUNICATIONS - 0.44%
8,300		Nippon Telegraph & Telephone Corp		327,875
17		NTT DoCoMo, Inc		23,723
28,357		Vodafone Group plc		65,667
		TOTAL COMMUNICATIONS		417,265
DEPOSITORY INSTITUTIONS - 6.87%
66		Australia & New Zealand Banking Group Ltd		1,345
486,300		Bank Rakyat Indonesia		390,855
45,286		HDFC Bank Ltd		1,650,105
113,637		HSBC Holdings plc		1,296,411
182,500		Mitsubishi UFJ Financial Group, Inc		898,955
8,000		Mitsui Trust Holdings, Inc		26,949
1,090		Societe Generale		75,733
15,800		Sumitomo Mitsui Financial Group, Inc		453,387
3,000		Suruga Bank Ltd		26,143
105,057	*	UBS A.G. (Switzerland)		1,635,970
		TOTAL DEPOSITORY INSTITUTIONS		6,455,853
EDUCATIONAL SERVICES - 0.00%**
100		Benesse Corp		4,181
		TOTAL EDUCATIONAL SERVICES		4,181

10

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 4.31%
9,800		Chubu Electric Power Co, Inc	$	233,784
328,706		Energias de Portugal S.A.		1,463,424
51,737		Fortum Oyj		1,403,598
1,800		Hokkaido Electric Power Co, Inc		32,653
1,800		Hokuriku Electric Power Co		39,301
5,900		Kansai Electric Power Co, Inc		133,143
5,400		Kyushu Electric Power Co, Inc		111,223
5,700		Tohoku Electric Power Co, Inc		112,959
12,000		Tokyo Electric Power Co, Inc		301,181
55,500		Tokyo Gas Co Ltd		221,536
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,052,802
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.38%
484,150		Hon Hai Precision Industry Co, Ltd		2,264,202
90		Kyocera Corp		7,926
4,800		Matsushita Electric Industrial Co Ltd		69,103
63,000		Mitsubishi Electric Corp		468,005
100		Murata Manufacturing Co Ltd		4,991
800		Nidec Corp		73,938
1,200		Nitto Denko Corp		43,109
38,385		Nokia Oyj		496,318
294,750		Powertech Technology, Inc		998,536
198,501		Smiths Group plc		3,235,949
7,300		Sony Corp		212,224
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,874,301
ENGINEERING AND MANAGEMENT SERVICES - 1.28%
15,975		Tecan Group AG.		1,200,012
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,200,012
FOOD AND KINDRED PRODUCTS - 2.82%
1,900		Asahi Breweries Ltd		34,993
43,907		InBev NV		2,272,939
15,000		Toyo Suisan Kaisha Ltd		345,910
		TOTAL FOOD AND KINDRED PRODUCTS		2,653,842
GENERAL MERCHANDISE STORES - 0.89%
1,808		Shinsegae Co Ltd		835,094
		TOTAL GENERAL MERCHANDISE STORES		835,094
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.96%
26,247		Saipem S.p.A.		905,796
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		905,796
HOLDING AND OTHER INVESTMENT OFFICES - 2.59%
19		DA Office Investment Corp		40,362
135,965		iShares MSCI Japan Index Fund		1,324,300
19		Japan Excellent, Inc		84,682
10	*	Japan Retail Fund Investment Corp		44,972
15	*	Kenedix Realty Investment Corp		41,068
10		Nippon Accommodations Fund, Inc		52,305
1		Nomura Real Estate Office Fund, Inc		5,439
10		Nomura Real Estate Residential Fund, Inc		36,352
23		Premier Investment Co		75,315
19		Top REIT Inc		84,386
10		United Urban Investment Corp		52,863
53,060		Westfield Group		593,844
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,435,888

11

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.15%
5,870		Canon, Inc	$	249,701
500		Daikin Industries Ltd		19,749
1,400		Fanuc Ltd		130,483
1,040		FUJIFILM Holdings Corp		31,409
23,741	*	Hollysys Automation Technologies Ltd		285,129
8,230		Komatsu Ltd		172,288
2,444,000		Lenovo Group Ltd		1,514,601
37,374		Rheinmetall AG.		2,372,833
3,601		SKF AB (B Shares)		62,094
100	*	Sumitomo Heavy Industries Ltd		506
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,838,793
INSTRUMENTS AND RELATED PRODUCTS - 2.04%
15,270		Phonak Holding AG.		1,849,961
1,200		Terumo Corp		72,324
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,922,285
INSURANCE AGENTS, BROKERS AND SERVICE - 0.05%
1,700		Millea Holdings, Inc		46,392
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		46,392
INSURANCE CARRIERS - 0.20%
2,999		Mitsui Sumitomo Insurance Group Holdings, Inc		76,598
12,000		Sompo Japan Insurance, Inc		77,369
1,600		T&D Holdings, Inc		32,905
		TOTAL INSURANCE CARRIERS		186,872
METAL MINING - 2.85%
35,926		Anglo American plc		1,555,869
2,295		BHP Billiton Ltd		87,822
6,347		Rio Tinto Ltd		423,693
11,377		Rio Tinto plc		614,322
		TOTAL METAL MINING		2,681,706
MISCELLANEOUS RETAIL - 0.22%
10,200		Seven & I Holdings Co Ltd		208,268
		TOTAL MISCELLANEOUS RETAIL		208,268
NONDEPOSITORY INSTITUTIONS - 0.48%
6,591		ORIX Corp		448,743
		TOTAL NONDEPOSITORY INSTITUTIONS		448,743
OIL AND GAS EXTRACTION - 5.63%
95,694		BG Group plc		1,727,879
799,000		CNOOC Ltd		1,244,795
17		Inpex Holdings, Inc		128,539
104,366		Tullow Oil plc		2,189,645
		TOTAL OIL AND GAS EXTRACTION		5,290,858
PAPER AND ALLIED PRODUCTS - 2.14%
1,246,600		Nine Dragons Paper Holdings Ltd		1,988,412
4,000		Rengo Co Ltd		23,775
		TOTAL PAPER AND ALLIED PRODUCTS		2,012,187

12

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
PETROLEUM AND COAL PRODUCTS - 1.04%
85,209		BP plc	$	822,793
4,728		Royal Dutch Shell plc (A Shares)		143,071
243		Total S.A.		15,608
		TOTAL PETROLEUM AND COAL PRODUCTS		981,472
PRIMARY METAL INDUSTRIES - 0.18%
9,100		Nippon Steel Corp		36,873
27,000		Sumitomo Metal Industries Ltd		72,577
4,200		Sumitomo Metal Mining Co Ltd		61,982
		TOTAL PRIMARY METAL INDUSTRIES		171,432
RAILROAD TRANSPORTATION - 0.79%
19		Central Japan Railway Co		127,172
6,800		East Japan Railway Co		430,309
54		West Japan Railway Co		181,043
		TOTAL RAILROAD TRANSPORTATION		738,524
REAL ESTATE - 0.15%
5,050		Goldcrest Co Ltd		141,411
		TOTAL REAL ESTATE		141,411
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 6.70%
53,449		Bayer AG.		4,277,180
7,600	*	NOK Corp		104,825
151,669		SSL International plc		1,915,770
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		6,297,775
SECURITY AND COMMODITY BROKERS - 6.20%
46,065		Credit Suisse Group		2,282,121
41,327		Deutsche Boerse AG.		3,422,275
17,000		Nomura Holdings, Inc		126,423
		TOTAL SECURITY AND COMMODITY BROKERS		5,830,819
TEXTILE MILL PRODUCTS - 1.48%
431,000		Teijin Ltd		1,392,508
		TOTAL TEXTILE MILL PRODUCTS		1,392,508
TRANSPORTATION BY AIR - 1.94%
606,638	*	British Airways plc		1,824,551
		TOTAL TRANSPORTATION BY AIR		1,824,551
TRANSPORTATION EQUIPMENT - 1.35%
3,320	*	Denso Corp		100,321
15,500	*	Honda Motor Co Ltd		525,894
3,800		JTEKT Corp		48,875
14,020		Toyota Motor Corp		591,096
		TOTAL TRANSPORTATION EQUIPMENT		1,266,186
WATER TRANSPORTATION - 0.06%
10,000		Mitsui OSK Lines Ltd		52,827
		TOTAL WATER TRANSPORTATION		52,827

13

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES	COMPANY	VALUE
WHOLESALE TRADE-DURABLE GOODS - 9.83%
145,456	Assa Abloy AB (Class B)	$	2,802,209
506,000	Li & Fung Ltd		2,092,024
8,740	Mitsubishi Corp		217,701
10,500	Mitsui & Co Ltd		148,954
19,250	Sumitomo Corp		196,018
100,662	ThyssenKrupp AG.		3,784,112
	TOTAL WHOLESALE TRADE-DURABLE GOODS		9,241,018
WHOLESALE TRADE-NONDURABLE GOODS - 0.05%
10,000	Nippon Oil Corp		46,361
	TOTAL WHOLESALE TRADE-NONDURABLE GOODS		46,361
	TOTAL COMMON STOCKS (Cost $90,011,286)		94,880,958
	TOTAL PORTFOLIO - 100.92% (Cost $90,011,286)		94,880,958
	OTHER ASSETS AND LIABILITIES, NET - (0.92)%		(865,726	)
	NET ASSETS - 100.00%	$	94,015,232

The following abbreviations are used in portfolio descriptions:

plc Public Limited Company

REIT Real Estate Investment Trust

* Non-income producing

** Percentage represents less than 0.01%

14

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

December 31, 2009

SHARES		COMPANY	VALUE
PREFERRED STOCKS - 0.53%
DEPOSITORY INSTITUTIONS - 0.53%
19,278	*	Bank of America Corp	$	287,628
		TOTAL DEPOSITORY INSTITUTIONS		287,628
		TOTAL PREFERRED STOCKS (Cost $289,170)		287,628
COMMON STOCKS - 99.86%
AMUSEMENT AND RECREATION SERVICES - 1.37%
11,681	*	Melco PBL Entertainment Macau Ltd (ADR)		39,365
9,112	*	Penn National Gaming, Inc		247,664
7,363	*	Pinnacle Entertainment, Inc		66,120
12,124		Walt Disney Co		390,999
		TOTAL AMUSEMENT AND RECREATION SERVICES		744,148
APPAREL AND ACCESSORY STORES - 0.53%
8,121		American Eagle Outfitters, Inc		137,895
16,814		Talbots, Inc		149,812
		TOTAL APPAREL AND ACCESSORY STORES		287,707
APPAREL AND OTHER TEXTILE PRODUCTS - 0.00%**
192	*	Liz Claiborne, Inc		1,081
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,081
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.19%
27,676		Lowe’s Cos, Inc		647,342
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		647,342
BUSINESS SERVICES - 2.32%
5,914	*	Autodesk, Inc		150,275
4,745	*	DST Systems, Inc		206,645
25,848	*	eBay, Inc		608,461
4,458	*	Interpublic Group of Cos, Inc		32,900
220	*	Medidata Solutions, Inc		3,432
14,665	*	Symantec Corp		262,357
		TOTAL BUSINESS SERVICES		1,264,070
CHEMICALS AND ALLIED PRODUCTS - 11.35%
9,439		Alberto-Culver Co		276,468
2,029		Clorox Co		123,769
3,144		Cytec Industries, Inc		114,504
10,145		Dow Chemical Co		280,306
3,489		Du Pont (E.I.) de Nemours & Co		117,475
25,327	*	Elan Corp plc (ADR)		165,132
30,437		Ferro Corp		250,801
6,914	*	Forest Laboratories, Inc		222,009
19,348		Huntsman Corp		218,439
6,299		Johnson & Johnson		405,719
18,598		Merck & Co, Inc		679,571
13,938	*	Mylan Laboratories, Inc		256,877
79,913		Pfizer, Inc		1,453,616

15

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
9,190		Procter & Gamble Co	$	557,190
9,359		Teva Pharmaceutical Industries Ltd (ADR)		525,789
8,830		UCB S.A.		368,561
14,448	*	Vanda Pharmaceuticals, Inc		162,396
		TOTAL CHEMICALS AND ALLIED PRODUCTS		6,178,622
COMMUNICATIONS - 7.05%
10,586	*,m	AOL, Inc		246,442
46,323		AT&T, Inc		1,298,433
13,192		CBS Corp (Class B)		185,348
27,312		Comcast Corp (Class A)		460,480
5,471		DISH Network Corp (Class A)		113,633
7,020		Hellenic Telecommunications Organization S.A.		103,036
17,117	*	MetroPCS Communications, Inc		130,603
21,250		Qwest Communications International, Inc		89,463
34,196	*	Sprint Nextel Corp		125,157
618		Time Warner Cable, Inc		25,579
32,021		Verizon Communications, Inc		1,060,855
		TOTAL COMMUNICATIONS		3,839,029
DEPOSITORY INSTITUTIONS - 13.38%
26,547		AMMB Holdings Berhad		38,626
80,491		Bank of America Corp		1,212,195
7,851		Bank of New York Mellon Corp		219,592
1,900		Bank of the Ryukyus Ltd		21,730
4,827		BB&T Corp		122,461
355,256		Citigroup, Inc		1,175,897
125,805		Huntington Bancshares, Inc		459,188
27,498		JPMorgan Chase & Co		1,145,842
26,165		Regions Financial Corp		138,413
13,797		State Street Corp		600,721
26,652		TCF Financial Corp		363,000
24,118		US Bancorp		542,896
46,293		Wells Fargo & Co		1,249,449
		TOTAL DEPOSITORY INSTITUTIONS		7,290,010
EATING AND DRINKING PLACES - 0.83%
19,617		Brinker International, Inc		292,686
33,955		Wendy’s/Arby’s Group, Inc (Class A)		159,249
		TOTAL EATING AND DRINKING PLACES		451,935
ELECTRIC, GAS, AND SANITARY SERVICES - 5.24%
8,334		Allegheny Energy, Inc		195,683
5,236		American Electric Power Co, Inc		182,160
17,317		Centerpoint Energy, Inc		251,271
1,529		Consolidated Edison, Inc		69,462
3,272		Constellation Energy Group, Inc		115,076
670		Dominion Resources, Inc		26,076
6,936		Duke Energy Corp		119,369
1,042		Entergy Corp		85,277
9,135		Exelon Corp		446,428
1,849		FirstEnergy Corp		85,886
2,623		FPL Group, Inc		138,547
255		MDU Resources Group, Inc		6,018
3,369	*	Mirant Corp		51,445
7,077	*	NRG Energy, Inc		167,088
12,919		NV Energy, Inc		159,937
3,809		PG&E Corp		170,072

16

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
3,021		PPL Corp	$	97,609
1,741		Progress Energy, Inc		71,398
41		Public Service Enterprise Group, Inc		1,363
2,655		Questar Corp		110,368
13,309	*	Reliant Energy, Inc		76,127
169		Southern Union Co		3,836
7,559		Williams Cos, Inc		159,344
2,902		Xcel Energy, Inc		61,580
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,851,420
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.62%
4,785	*	Broadcom Corp (Class A)		150,488
5,538		Cooper Industries plc		236,140
103,882		General Electric Co		1,571,736
43,472		Hitachi Ltd		133,638
29,565	*	Infineon Technologies AG.		164,481
9,805	*	Integrated Device Technology, Inc		63,438
24,191		Intel Corp		493,496
5,000	*	International Rectifier Corp		110,600
12,506	*	LSI Logic Corp		75,161
5,458	*	Marvell Technology Group Ltd		113,254
3,480		Motorola, Inc		27,005
8,570		Qualcomm, Inc		396,448
678,266		Solomon Systech International Ltd		69,028
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,604,913
ENGINEERING AND MANAGEMENT SERVICES - 0.33%
22	*	Affymax, Inc		544
2,264	*	Jacobs Engineering Group, Inc		85,149
4,881		KBR, Inc		92,739
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		178,432
FABRICATED METAL PRODUCTS - 0.53%
8,983		Pentair, Inc		290,151
		TOTAL FABRICATED METAL PRODUCTS		290,151
FOOD AND KINDRED PRODUCTS - 3.93%
12,446	*	Constellation Brands, Inc (Class A)		198,265
9,694		Del Monte Foods Co		109,930
3,248		Diageo plc (ADR)		225,444
6,873		General Mills, Inc		486,676
17,522		Kraft Foods, Inc (Class A)		476,248
4,831		PepsiCo, Inc		293,725
10,900		Unilever plc (ADR)		347,710
		TOTAL FOOD AND KINDRED PRODUCTS		2,137,998
FOOD STORES - 0.06%
1,588		Kroger Co		32,602
		TOTAL FOOD STORES		32,602
FORESTRY - 1.52%
3,373		Rayonier, Inc		142,206
15,892		Weyerhaeuser Co		685,581
		TOTAL FORESTRY		827,787

17

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
FURNITURE AND FIXTURES - 0.17%
374	*	Lear Corp	$	25,297
4,705		Masco Corp		64,976
		TOTAL FURNITURE AND FIXTURES		90,273
GENERAL BUILDING CONTRACTORS - 0.14%
3,833		Ryland Group, Inc		75,510
		TOTAL GENERAL BUILDING CONTRACTORS		75,510
GENERAL MERCHANDISE STORES - 1.05%
11,841		Target Corp		572,749
		TOTAL GENERAL MERCHANDISE STORES		572,749
HOLDING AND OTHER INVESTMENT OFFICES - 1.34%
472		Boston Properties, Inc		31,657
17,571		Glimcher Realty Trust		47,442
10,713		Kimco Realty Corp		144,947
1,517		Plum Creek Timber Co, Inc		57,282
939		Regency Centers Corp		32,921
431		Simon Property Group, Inc		34,394
3,214		SL Green Realty Corp		161,471
8,146		Starwood Property Trust, Inc		153,878
946		Vornado Realty Trust		66,163
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		730,155
HOTELS AND OTHER LODGING PLACES - 0.64%
4,022		Accor S.A.		220,092
104,800	*	Wynn Macau Ltd		129,084
		TOTAL HOTELS AND OTHER LODGING PLACES		349,176
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.67%
18,482	*	AGCO Corp		597,708
305	*	Fortinet, Inc		5,359
7,528		Hewlett-Packard Co		387,767
2,311		ITT Industries, Inc		114,949
6,244		Northrop Grumman Corp		348,727
21,622	*	Palm, Inc		217,085
5,958		SPX Corp		325,903
16,446		Textron, Inc		309,349
18,442	*	Verigy Ltd		237,349
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,544,196
INSTRUMENTS AND RELATED PRODUCTS - 2.62%
78,926	*	Boston Scientific Corp		710,334
5,617	*	Bruker BioSciences Corp		67,741
6,039		Danaher Corp		454,133
9,543		PerkinElmer, Inc		196,490
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,428,698
INSURANCE CARRIERS - 4.70%
5,320		ACE Ltd		268,128
58		Aegon NV		372
1,626		Aetna, Inc		51,544
1,958		Allstate Corp		58,818
7,191		Axis Capital Holdings Ltd		204,296
3,007		Max Re Capital Ltd		67,056
7,341		Metlife, Inc		259,504
2,831		PartnerRe Ltd		211,362
7,720		Prudential Financial, Inc		384,147

18

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
3,257		RenaissanceRe Holdings Ltd	$	173,110
1,032		Transatlantic Holdings, Inc		53,778
7,389		Travelers Cos, Inc		368,416
7,393		UnitedHealth Group, Inc		225,339
3,998	*	WellPoint, Inc		233,043
		TOTAL INSURANCE CARRIERS		2,558,913
METAL MINING - 0.55%
6,914		Anglo American plc		299,429
		TOTAL METAL MINING		299,429
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
3,747		Hasbro, Inc		120,129
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		120,129
MISCELLANEOUS RETAIL - 0.45%
6,875		CVS Corp		221,444
1,171	*	Vitamin Shoppe, Inc		26,043
		TOTAL MISCELLANEOUS RETAIL		247,487
MOTION PICTURES - 1.07%
17,353		News Corp (Class A)		237,563
11,902		Time Warner, Inc		346,824
		TOTAL MOTION PICTURES		584,387
NONDEPOSITORY INSTITUTIONS - 0.83%
59,614		Chimera Investment Corp		231,302
15,087		Discover Financial Services		221,930
		TOTAL NONDEPOSITORY INSTITUTIONS		453,232
OIL AND GAS EXTRACTION - 8.26%
4,413		Anadarko Petroleum Corp		275,459
3,599		Apache Corp		371,309
7,099		Baker Hughes, Inc		287,368
4,124		Cabot Oil & Gas Corp		179,765
1,186		Chesapeake Energy Corp		30,694
24,484	*	Cobalt International Energy, Inc		338,859
3,342	*	Concho Resources, Inc		150,056
2,361	*,m	Crescent Point Energy Corp		89,148
2,081		Devon Energy Corp		152,954
3,997		EOG Resources, Inc		388,908
12,499	*	Nabors Industries Ltd		273,603
4,515		National Oilwell Varco, Inc		199,066
8,436		Occidental Petroleum Corp		686,268
93	*	Plains Exploration & Production Co		2,572
9,179		Rowan Cos, Inc		207,813
1,554		Schlumberger Ltd		101,150
14,853		Smith International, Inc		403,555
10,659	*	Weatherford International Ltd		190,903
3,550		XTO Energy, Inc		165,182
		TOTAL OIL AND GAS EXTRACTION		4,494,632
PAPER AND ALLIED PRODUCTS - 0.48%
542		Mondi Ltd		2,626
8,823		Sonoco Products Co		258,073
		TOTAL PAPER AND ALLIED PRODUCTS		260,699

19

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
PETROLEUM AND COAL PRODUCTS - 7.33%
16,591		Chevron Corp	$	1,277,341
5,429		ConocoPhillips		277,259
25,035		Exxon Mobil Corp		1,707,137
12,621		Marathon Oil Corp		394,028
3,913		Walter Industries, Inc		294,688
8,899	*	Western Refining, Inc		41,914
		TOTAL PETROLEUM AND COAL PRODUCTS		3,992,367
PIPELINES, EXCEPT NATURAL GAS - 0.02%
484		Spectra Energy Corp		9,927
		TOTAL PIPELINES, EXCEPT NATURAL GAS		9,927
PRINTING AND PUBLISHING - 0.41%
2,646		Dun & Bradstreet Corp		223,243
		TOTAL PRINTING AND PUBLISHING		223,243
RAILROAD TRANSPORTATION - 0.15%
1,253		Union Pacific Corp		80,067
		TOTAL RAILROAD TRANSPORTATION		80,067
REAL ESTATE - 0.05%
68,099	*	Unitech Corporate Parks plc		26,508
		TOTAL REAL ESTATE		26,508
SECURITY AND COMMODITY BROKERS - 2.83%
5,504		Charles Schwab Corp		103,585
198,766	*	E*Trade Financial Corp		347,841
3,718		Goldman Sachs Group, Inc		627,747
12,663		Legg Mason, Inc		381,916
3,989	*	Nasdaq Stock Market, Inc		79,062
		TOTAL SECURITY AND COMMODITY BROKERS		1,540,151
TRANSPORTATION BY AIR - 0.76%
9,491	*	Continental Airlines, Inc (Class B)		170,079
21,516	*	Delta Air Lines, Inc		244,852
		TOTAL TRANSPORTATION BY AIR		414,931
TRANSPORTATION EQUIPMENT - 3.54%
50,729		American Axle & Manufacturing Holdings, Inc		406,846
5,980		Boeing Co		323,697
14,670	*	Ford Motor Co		146,700
5,442		Goodrich Corp		349,649
8,826		Honeywell International, Inc		345,979
6,970		Magna International, Inc - Class A		352,543
		TOTAL TRANSPORTATION EQUIPMENT		1,925,414
TRANSPORTATION SERVICES - 0.53%
20,000		UTI Worldwide, Inc		286,400
		TOTAL TRANSPORTATION SERVICES		286,400

20

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
TRUCKING AND WAREHOUSING - 0.32%
4,933		Con-way, Inc	$	172,211
		TOTAL TRUCKING AND WAREHOUSING		172,211
WHOLESALE TRADE-DURABLE GOODS - 0.22%
5,394	*	Talecris Biotherapeutics Holdings Corp		120,124
		TOTAL WHOLESALE TRADE-DURABLE GOODS		120,124
WHOLESALE TRADE-NONDURABLE GOODS - 0.26%
4,409		Terra Industries, Inc		141,926
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		141,926
		TOTAL COMMON STOCKS (Cost $54,112,126)		54,370,181
		TOTAL PORTFOLIO - 100.39% (Cost $54,401,296)		54,657,809
		OTHER ASSETS AND LIABILITIES, NET - (0.39)%		(211,109	)
		NET ASSETS - 100.00%	$	54,446,700

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

plc Public Limited Company

* Non-income producing

m Indicates a security that has been deemed illiquid.

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.84%
AGRICULTURAL PRODUCTION-CROPS - 0.13%
3,200	*	Chiquita Brands International, Inc	$	57,728
		TOTAL AGRICULTURAL PRODUCTION-CROPS		57,728
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.11%
36		Seaboard Corp		48,564
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		48,564
AMUSEMENT AND RECREATION SERVICES - 0.75%
1,282	*	Bally Technologies, Inc		52,934
536		Dover Downs Gaming & Entertainment, Inc		2,026
7,865	*	Live Nation, Inc		66,931
3,590	*	Pinnacle Entertainment, Inc		32,238
6,702	*	Ticketmaster		81,898
5,687		World Wrestling Entertainment, Inc (Class A)		87,182
		TOTAL AMUSEMENT AND RECREATION SERVICES		323,209
APPAREL AND ACCESSORY STORES - 2.23%
4,135	*	Carter’s, Inc		108,544
9,046		Cato Corp (Class A)		181,463
400	*	Children’s Place Retail Stores, Inc		13,204
2,674	*	Citi Trends, Inc		73,856
1,100	*	Collective Brands, Inc		25,047
9,181	*	Dress Barn, Inc		212,080
3,100	*	DSW, Inc (Class A)		80,228
3,343	*	J Crew Group, Inc		149,566
1,550	*	JOS A Bank Clothiers, Inc		65,395
4,011		Stage Stores, Inc		49,576
		TOTAL APPAREL AND ACCESSORY STORES		958,959
APPAREL AND OTHER TEXTILE PRODUCTS - 0.72%
1,000	*	Gymboree Corp		43,490
8,545		Jones Apparel Group, Inc		137,232
2,682	*	Liz Claiborne, Inc		15,100
2,037	*	Maidenform Brands, Inc		33,998
1,889	*	Warnaco Group, Inc		79,697
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		309,517
AUTO REPAIR, SERVICES AND PARKING - 0.41%
4,140	*	Dollar Thrifty Automotive Group, Inc		106,026
2,248	*	Wright Express Corp		71,621
		TOTAL AUTO REPAIR, SERVICES AND PARKING		177,647
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.28%
11,600		Sonic Automotive, Inc (Class A)		120,524
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		120,524
BUSINESS SERVICES - 9.92%
24,854	*	3Com Corp		186,404
307	*	ACI Worldwide, Inc		5,265
8,778	*	Actuate Corp		37,570
6,335	*	Acxiom Corp		85,016

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
2,666		Administaff, Inc	$	62,891
8,740	*	AMN Healthcare Services, Inc		79,184
684	*	APAC Customer Services, Inc		4,077
2,770	*	ArcSight, Inc		70,857
1,380	*	Ariba, Inc		17,278
18,648	*	Art Technology Group, Inc		84,102
4,100	*	Avis Budget Group, Inc		53,792
6,167		BGC Partners, Inc (Class A)		28,492
900		Blackbaud, Inc		21,267
2,010	*	Bottomline Technologies, Inc		35,316
1,830	*	CACI International, Inc (Class A)		89,396
560	*	Capella Education Co		42,168
6,199	*	Ciber, Inc		21,387
4,269	*	Cogent, Inc		44,355
4,900	*	Commvault Systems, Inc		116,081
4,197		Compass Diversified Trust		53,554
4,571	*	CSG Systems International, Inc		87,260
3,919	*	Dice Holdings, Inc		25,669
2,500	*	Digital River, Inc		67,475
1,250	*	Dynamics Research Corp		13,263
3,524	*	DynCorp International, Inc (Class A)		50,569
9,855		Earthlink, Inc		81,895
3,685	*	FalconStor Software, Inc		14,961
1,760	*	Forrester Research, Inc		45,672
6,280	*	Gartner, Inc		113,291
3,745	*	Global Sources Ltd		23,406
3,153	*	Hackett Group, Inc		8,765
900		Heartland Payment Systems, Inc		11,817
3,086	*	i2 Technologies, Inc		59,004
2,130		iGate Corp		21,300
3,800	*	Informatica Corp		98,268
187	*	Integral Systems, Inc		1,619
2,190	*	Interactive Intelligence, Inc		40,384
539	*	inVentiv Health, Inc		8,716
1,800	*	JDA Software Group, Inc		45,846
2,080	*	Kenexa Corp		27,144
700		Keynote Systems, Inc		7,637
7,880	*	Lawson Software, Inc		52,402
1,200	*	Limelight Networks, Inc		4,716
1,210	*	Liquidity Services, Inc		12,185
4,720	*	Liveperson, Inc		32,898
1,000	*	Mantech International Corp (Class A)		48,280
1,606	*	MicroStrategy, Inc (Class A)		150,996
4,714	*	ModusLink Global Solutions, Inc		44,359
13,440	*	MoneyGram International, Inc		38,707
1,281	*	NCI, Inc (Class A)		35,420
5,587	*	Netscout Systems, Inc		81,794
1,000		NIC, Inc		9,140
3,007	*	On Assignment, Inc		21,500
3,419		Pegasystems, Inc		116,246
686	*	Perfect World Co Ltd (ADR)		27,056
481	*	Perficient, Inc		4,055
2,260	*	Pervasive Software, Inc		10,893
2,460	*	PROS Holdings, Inc		25,461
7,016	*	Quest Software, Inc		129,094
1,869	*	Rent-A-Center, Inc		33,119
1,468	*	RightNow Technologies, Inc		25,499
1,100		Rollins, Inc		21,208
10,286	*	S1 Corp		67,065
2,683	*	Saba Software, Inc		11,108
15,746	*	Sapient Corp		130,219
3,659	*	SolarWinds, Inc		84,194
7,006	*	SonicWALL, Inc		53,316
800	*	Sonus Networks, Inc		1,688
775	*	Sourcefire, Inc		20,731
2,640	*	StarTek, Inc		19,747
2,784	*	SuccessFactors, Inc		46,159

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
4,790	*	SYKES Enterprises, Inc	$	122,001
4,279	*	SYNNEX Corp		131,194
144		Take-Two Interactive Software, Inc		1,447
7,791	*	TeleTech Holdings, Inc		156,053
2,762	*	TIBCO Software, Inc		26,598
6,887	*	Unisys Corp		265,562
11,200	*	Valueclick, Inc		113,344
428	*	Vasco Data Security International		2,684
2,142	*	Virtusa Corp		19,407
3,951	*	Websense, Inc		68,984
		TOTAL BUSINESS SERVICES		4,258,942
CHEMICALS AND ALLIED PRODUCTS - 7.23%
1,480	*	Acorda Therapeutics, Inc		37,326
6,700	*	Adolor Corp		9,782
3,183	*	Allos Therapeutics, Inc		20,912
1,945	*	Alnylam Pharmaceuticals, Inc		34,271
600	*	AMAG Pharmaceuticals, Inc		22,818
519	*	Arqule, Inc		1,915
3,671	*	Auxilium Pharmaceuticals, Inc		110,057
8,000	*	AVANIR Pharmaceuticals, Inc		15,200
3,207	*	Cambrex Corp		17,895
1,160	*	Caraco Pharmaceutical Laboratories Ltd		7,006
2,600	*	Chelsea Therapeutics International, Inc		7,020
1,340	*	China-Biotics, Inc		20,730
2,200	*	Cornerstone Therapeutics, Inc		13,420
1,406	*	Cubist Pharmaceuticals, Inc		26,672
2,884	*	Emergent Biosolutions, Inc		39,194
789	*	Enzon Pharmaceuticals, Inc		8,308
3,143	*	Facet Biotech Corp		55,254
3,144		Ferro Corp		25,907
4,325	*	Geron Corp		24,004
5,520	*	Halozyme Therapeutics, Inc		32,402
1,100	*	Hi-Tech Pharmacal Co, Inc		30,855
6,509	*	Human Genome Sciences, Inc		199,175
2,727	*	Idenix Pharmaceuticals, Inc		5,863
700	*	Idera Pharmaceuticals, Inc		3,619
8,381	*	Immucor, Inc		169,631
396	*	Immunogen, Inc		3,113
5,000	*	Impax Laboratories, Inc		68,000
4,215		Innophos Holdings, Inc		96,903
4,061		Innospec, Inc		40,975
5,533	*	Inspire Pharmaceuticals, Inc		30,542
580		Inter Parfums, Inc		7,059
1,587		Koppers Holdings, Inc		48,308
600	*	Landec Corp		3,744
1,920	*	Lannett Co, Inc		11,347
4,739	*	Ligand Pharmaceuticals, Inc (Class B)		10,284
2,353	*	MAP Pharmaceuticals, Inc		22,424
3,180		Medicis Pharmaceutical Corp (Class A)		86,019
1,536	*	Medivation, Inc		57,830
4,030	*	Micromet, Inc		26,840
2,710		Minerals Technologies, Inc		147,614
2,100	*	Momenta Pharmaceuticals, Inc		26,481
2,900	*	Neurocrine Biosciences, Inc		7,888
617		NewMarket Corp		70,813
10,234	*	NPS Pharmaceuticals, Inc		34,796
4,130	*	Obagi Medical Products, Inc		49,560
553	*	OM Group, Inc		17,359
10,634	*	Omnova Solutions, Inc		65,186
4,321	*	Onyx Pharmaceuticals, Inc		126,778
3,714	*	Orexigen Therapeutics, Inc		27,632
6,100	*	OXiGENE, Inc		6,954
4,975	*	Par Pharmaceutical Cos, Inc		134,624
16,373		PDL BioPharma, Inc		112,319
129		PetMed Express, Inc		2,274
21,860	*	PolyOne Corp		163,294

24

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,238	*	Pozen, Inc	$	7,416
5,805	*	Prestige Brands Holdings, Inc		45,627
8,912	*	Questcor Pharmaceuticals, Inc		42,332
2,900	*	Quidel Corp		39,962
5,247	*	Revlon, Inc (Class A)		89,251
5,660	*	Santarus, Inc		26,149
6,400	*	Sciclone Pharmaceuticals, Inc		14,912
3,298	*	Solutia, Inc		41,885
3,400	*	Spectrum Pharmaceuticals, Inc		15,096
1,866		Stepan Co		120,935
1,766	*	Sucampo Pharmaceuticals, Inc (Class A)		7,135
6,970	*	SuperGen, Inc		18,261
725	*	Theravance, Inc		9,476
300	*	USANA Health Sciences, Inc		9,570
558	*	Vanda Pharmaceuticals, Inc		6,272
2,985	*	Viropharma, Inc		25,044
5,200	*	WR Grace & Co		131,820
900	*	Zymogenetics, Inc		5,751
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,103,090
COAL MINING - 0.10%
1,940	*	James River Coal Co		35,948
832	*	Westmoreland Coal Co		7,413
		TOTAL COAL MINING		43,361
COMMUNICATIONS - 1.98%
2,414		Adtran, Inc		54,436
2,900	*	Anixter International, Inc		136,589
9,868	*	Aruba Networks, Inc		105,192
1,781		Atlantic Tele-Network, Inc		97,972
6,290	*	Brightpoint, Inc		46,232
24,110	*	Cincinnati Bell, Inc		83,180
4,107	*	Global Crossing Ltd		58,525
3,790	*	j2 Global Communications, Inc		77,127
3,833	*	Mediacom Communications Corp (Class A)		17,134
900	*	Neutral Tandem, Inc		20,475
11,372	*	PAETEC Holding Corp		47,194
4,746	*	Sprint Nextel Corp		17,370
2,096	*	TeleCommunication Systems, Inc (Class A)		20,289
6,151		USA Mobility, Inc		67,723
		TOTAL COMMUNICATIONS		849,438
DEPOSITORY INSTITUTIONS - 6.45%
1,210		1st Source Corp		19,469
603		Ameris Bancorp		4,322
822		Bancfirst Corp		30,447
890		Banner Corp		2,385
2,020		Berkshire Hills Bancorp, Inc		41,774
11,491		Boston Private Financial Holdings, Inc		66,303
4,724		Brookline Bancorp, Inc		46,815
700		Century Bancorp, Inc		15,421
15,648	*	Citizens Republic Bancorp, Inc		10,797
8,562		Community Bank System, Inc		165,331
4,964		CVB Financial Corp		42,889
4,680		Dime Community Bancshares		54,850
6,872		East West Bancorp, Inc		108,578
238		First Bancorp		3,325
1,110		First Defiance Financial Corp		12,532
5,290		First Financial Bancorp		77,022
650		First Financial Bankshares, Inc		35,250
700		First Financial Holdings, Inc		9,093
1,570		First Merchants Corp		9,326
2,833		FirstMerit Corp		57,057
3,300	*	Flagstar Bancorp, Inc		1,980
100		Flushing Financial Corp		1,126
1,498		Hancock Holding Co		65,597
612		Independent Bank Corp		12,785
5,620		International Bancshares Corp		106,387

25

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,710		Lakeland Bancorp, Inc	$	10,927
400		Lakeland Financial Corp		6,900
2,123		MainSource Financial Group, Inc		10,148
1,480		Nara Bancorp, Inc		16,783
9,163		National Penn Bancshares, Inc		53,054
3,252		NBT Bancorp, Inc		66,243
3,681	*	Net 1 UEPS Technologies, Inc		71,485
8,578		NewAlliance Bancshares, Inc		103,022
1,755		Northwest Bancshares, Inc		19,867
2,700		Pacific Capital Bancorp		2,592
6,622		Prosperity Bancshares, Inc		267,991
5,272		Provident Financial Services, Inc		56,147
672		Provident New York Bancorp		5,672
1,900		Qc Holdings, Inc		9,139
249		Renasant Corp		3,386
1,121		Republic Bancorp, Inc (Class A)		23,093
646		S.Y. Bancorp, Inc		13,792
991		SCBT Financial Corp		27,441
1,969	*	Signature Bank		62,811
1,920		Simmons First National Corp (Class A)		53,376
4,465		South Financial Group, Inc		2,879
441		Southside Bancshares, Inc		8,652
1,451		Southwest Bancorp, Inc		10,070
3,306		Sterling Bancorp		23,605
822		Suffolk Bancorp		24,413
4,660	*	Sun Bancorp, Inc		17,475
10,509		Susquehanna Bancshares, Inc		61,898
2,000	*	The Bancorp, Inc		13,720
568		Tompkins Trustco, Inc		23,004
1,840		Trico Bancshares		30,636
8,197		Trustco Bank Corp NY		51,641
3,283		Trustmark Corp		73,999
4,385		UMB Financial Corp		172,549
9,631		Umpqua Holdings Corp		129,151
610		Union Bankshares Corp		7,558
636		United Community Banks, Inc		2,156
2,672		United Financial Bancorp, Inc		35,030
400		Washington Trust Bancorp, Inc		6,232
910		WesBanco, Inc		11,229
3,700	*	Western Alliance Bancorp		13,986
2,760		Westfield Financial, Inc		22,770
4,525		Wilshire Bancorp, Inc		37,060
3,315		Wintrust Financial Corp		102,069
		TOTAL DEPOSITORY INSTITUTIONS		2,766,512
EATING AND DRINKING PLACES - 1.75%
2,100	*	AFC Enterprises		17,136
1,763		Bob Evans Farms, Inc		51,039
3,370	*	California Pizza Kitchen, Inc		45,327
2,200		CBRL Group, Inc		83,578
8,340	*	Cheesecake Factory		180,061
13,985	*	Denny’s Corp		30,627
10,600	*	Domino’s Pizza, Inc		88,828
1,533	*	O’Charleys, Inc		10,041
2,792	*	Papa John’s International, Inc		65,221
4,697	*	PF Chang’s China Bistro, Inc		178,063
		TOTAL EATING AND DRINKING PLACES		749,921
EDUCATIONAL SERVICES - 0.72%
1,663	*	American Public Education, Inc		57,141
3,400	*	Bridgepoint Education, Inc		51,068
14,619	*	Corinthian Colleges, Inc		201,303
		TOTAL EDUCATIONAL SERVICES		309,512
ELECTRIC, GAS, AND SANITARY SERVICES - 3.54%
7,530		Avista Corp		162,573
3,037		Black Hills Corp		80,875
1,320		California Water Service Group		48,602

26

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
927		Chesapeake Utilities Corp	$	29,710
3,969	*	El Paso Electric Co		80,491
132		Empire District Electric Co		2,472
1,100	*	Heritage-Crystal Clean, Inc		11,506
5,810		Idacorp, Inc		185,631
5,368		Laclede Group, Inc		181,277
350		MGE Energy, Inc		12,509
3,388		New Jersey Resources Corp		126,711
3,300		Nicor, Inc		138,930
740		South Jersey Industries, Inc		28,253
4,380		Southwest Gas Corp		124,961
3,811		UIL Holdings Corp		107,013
600	*	Waste Services, Inc		5,466
5,704		WGL Holdings, Inc		191,313
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,518,293
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.24%
3,500	*	Acme Packet, Inc		38,500
12,800	*	ADC Telecommunications, Inc		79,488
2,400	*	American Superconductor Corp		98,160
2,911		Applied Signal Technology, Inc		56,153
14,554	*	Arris Group, Inc		166,352
6,000	*	Atheros Communications, Inc		205,441
1,987	*	AZZ, Inc		64,975
10,508	*	Benchmark Electronics, Inc		198,706
5,300	*	BigBand Networks, Inc		18,232
604	*	Checkpoint Systems, Inc		9,211
5,093		CTS Corp		48,995
2,660		Cubic Corp		99,218
2,900	*	DDi Corp		14,181
4,400	*	Diodes, Inc		89,980
8,477	*	EnerSys		185,392
4,477	*	Exar Corp		31,831
7,930	*	Exide Technologies		56,382
2,800	*	GrafTech International Ltd		43,540
3,420	*	GSI Technology, Inc		15,322
11,586	*	GT Solar International, Inc		64,418
12,110	*	Harris Stratex Networks, Inc (Class A)		83,680
4,100	*	InterDigital, Inc		108,814
1,820		IXYS Corp		13,504
20,730	*	Lattice Semiconductor Corp		55,971
3,600	*	MEMSIC, Inc		11,808
1,366		Methode Electronics, Inc		11,857
6,182	*	Microtune, Inc		13,971
1,200	*	MIPS Technologies, Inc		5,244
2,828	*	Monolithic Power Systems, Inc		67,787
3,588	*	Multi-Fineline Electronix, Inc		101,792
557		National Presto Industries, Inc		60,841
300	*	NVE Corp		12,393
1,846	*	Omnivision Technologies, Inc		26,822
8,052	*	Openwave Systems, Inc		18,359
2,819	*	Oplink Communications, Inc		46,203
3,269	*	OSI Systems, Inc		89,178
2,500	*	Pericom Semiconductor Corp		28,825
5,870		Plantronics, Inc		152,503
3,862	*	Plexus Corp		110,067
4,085	*	Polycom, Inc		102,002
1,621	*	Powell Industries, Inc		51,110
6,300	*	Powerwave Technologies, Inc		7,938
840		Raven Industries, Inc		26,687
1,959		Regal-Beloit Corp		101,750
34,644	*	RF Micro Devices, Inc		165,252
4,429	*	Seachange International, Inc		29,099
3,890	*	Semtech Corp		66,169
11,707	*	Silicon Storage Technology, Inc		29,970
10,810	*	Skyworks Solutions, Inc		153,394
4,600	*	Smart Modular Technologies WWH, Inc		28,934
851	*	Stoneridge, Inc		7,668

27

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,863	*	Symmetricom, Inc	$	30,488
3,574	*	Synaptics, Inc		109,543
3,812	*	Tekelec		58,247
5,548	*	Tessera Technologies, Inc		129,102
4,903	*	TTM Technologies, Inc		56,532
1,390	*	Universal Electronics, Inc		32,276
5,200	*	Utstarcom, Inc		11,388
5,426	*	Volterra Semiconductor Corp		103,745
2,772	*	White Electronic Designs Corp		12,945
4,149	*	Zoran Corp		45,846
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,964,181
ENGINEERING AND MANAGEMENT SERVICES - 2.25%
1,117	*	Affymax, Inc		27,635
14,852	*	Ariad Pharmaceuticals, Inc		33,863
2,603	*	Celera Corp		17,987
7,950	*	Exelixis, Inc		58,592
1,388	*	Exponent, Inc		38,642
200	*	Furmanite Corp		762
659	*	Incyte Corp		6,003
2,700	*	Infinity Pharmaceuticals, Inc		16,686
9,900	*	Insmed, Inc		7,623
5,137	*	Isis Pharmaceuticals, Inc		57,021
490	*	Luminex Corp		7,316
966		MAXIMUS, Inc		48,300
5,250	*	Maxygen, Inc		31,973
2,140		MedQuist, Inc		14,317
1,548	*	Michael Baker Corp		64,087
2,750	*	Regeneron Pharmaceuticals, Inc		66,494
4,278	*	Repligen Corp		17,583
4,302	*	Savient Pharmaceuticals, Inc		58,550
5,483	*	Seattle Genetics, Inc		55,707
3,063	*	Tetra Tech, Inc		83,221
770		VSE Corp		34,712
4,632		Watson Wyatt & Co Holdings (Class A)		220,112
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		967,186
FABRICATED METAL PRODUCTS - 1.06%
4,795	*	Bway Holding Co		92,160
4,604	*	Chart Industries, Inc		76,196
4,723		CIRCOR International, Inc		118,925
1,000	*	Hawk Corp		17,610
900		Insteel Industries, Inc		11,700
978		Silgan Holdings, Inc		56,607
8,641		Sturm Ruger & Co, Inc		83,818
		TOTAL FABRICATED METAL PRODUCTS		457,016
FISHERIES - 0.04%
2,234	*	HQ Sustainable Maritime Industries, Inc		15,727
		TOTAL FISHERIES		15,727
FOOD AND KINDRED PRODUCTS - 1.10%
4,448	*	Central Garden and Pet Co (Class A)		44,213
482		Coca-Cola Bottling Co Consolidated		26,038
424	*	Darling International, Inc		3,553
161		Imperial Sugar Co		2,808
1,719		J&J Snack Foods Corp		68,691
2,470		Lancaster Colony Corp		122,759
628		Lance, Inc		16,516
2,400	*	Matrixx Initiatives, Inc		10,128

28

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,080	*	National Beverage Corp	$	14,969
1,103	*	Peet’s Coffee & Tea, Inc		36,763
2,950		Sanderson Farms, Inc		124,372
		TOTAL FOOD AND KINDRED PRODUCTS		470,810
FOOD STORES - 0.47%
420		Ingles Markets, Inc (Class A)		6,355
4,629	*	Pantry, Inc		62,908
510		Village Super Market (Class A)		13,933
2,738		Weis Markets, Inc		99,553
2,091	*	Winn-Dixie Stores, Inc		20,994
		TOTAL FOOD STORES		203,743
FURNITURE AND FIXTURES - 0.30%
1,993		Kimball International, Inc (Class B)		16,980
1,700		La-Z-Boy, Inc		16,201
5,800		Steelcase, Inc (Class A)		36,888
2,571	*	Tempur-Pedic International, Inc		60,753
		TOTAL FURNITURE AND FIXTURES		130,822
FURNITURE AND HOME FURNISHINGS STORES - 0.13%
10,720	*	Pier 1 Imports, Inc		54,565
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		54,565
GENERAL BUILDING CONTRACTORS - 0.66%
960		Brookfield Homes Corp		7,680
4,730	*	Hovnanian Enterprises, Inc (Class A)		18,163
3,790	*	Meritage Homes Corp		73,261
2,470	*	Perini Corp		44,658
2,711		Ryland Group, Inc		53,407
23,355	*	Standard-Pacific Corp		87,347
		TOTAL GENERAL BUILDING CONTRACTORS		284,516
GENERAL MERCHANDISE STORES - 0.46%
8,815	*	99 Cents Only Stores		115,213
1,544		Casey’s General Stores, Inc		49,284
3,934	*	Retail Ventures, Inc		34,973
		TOTAL GENERAL MERCHANDISE STORES		199,470
HEALTH SERVICES - 1.86%
4,050	*	Amedisys, Inc		196,668
980		America Service Group, Inc		15,553
3,334	*	China Sky One Medical, Inc		75,849
4,730	*	Continucare Corp		20,670
1,000	*	Genomic Health, Inc		19,560
12,800	*	Healthsouth Corp		240,255
7,965	*	Immunomedics, Inc		25,568
2,330	*	Nighthawk Radiology Holdings, Inc		10,555
4,133	*	Odyssey HealthCare, Inc		64,392
4,190	*	RehabCare Group, Inc		127,502
		TOTAL HEALTH SERVICES		796,572
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.37%
661		Granite Construction, Inc		22,249
1,560	*	LB Foster Co (Class A)		46,504
6,257	*	Matrix Service Co		66,637
1,200	*	Sterling Construction Co, Inc		23,016
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		158,406

29

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 6.42%
2,500		Acadia Realty Trust	$	42,175
3,640		Agree Realty Corp		84,776
8,153		Allied Capital Corp		29,432
11,237		Anworth Mortgage Asset Corp		78,659
7,643	*	Ashford Hospitality Trust, Inc		35,464
4,415		Associated Estates Realty Corp		49,757
4,200		BioMed Realty Trust, Inc		66,276
4,690		Capstead Mortgage Corp		64,019
12,992		CBL & Associates Properties, Inc		125,633
1,600		Cedar Shopping Centers, Inc		10,880
2,170		Danvers Bancorp, Inc		28,188
4,300		Developers Diversified Realty Corp		39,818
1,000		EastGroup Properties, Inc		38,280
4,314		Education Realty Trust, Inc		20,880
4,600		Equity Lifestyle Properties, Inc		232,162
6,500	*	FelCor Lodging Trust, Inc		23,400
3,747		Getty Realty Corp		88,167
1,350		Gladstone Commercial Corp		18,104
16,479		Glimcher Realty Trust		44,493
1,700		Hatteras Financial Corp		47,532
1,120		Hersha Hospitality Trust		3,517
1,738		Highwoods Properties, Inc		57,962
177		Investors Real Estate Trust		1,593
600		Kilroy Realty Corp		18,402
5,200		LaSalle Hotel Properties		110,396
1,407		Lexington Corporate Properties Trust		8,555
4,627		LTC Properties, Inc		123,772
20,409		MFA Mortgage Investments, Inc		150,006
1,880		Mid-America Apartment Communities, Inc		90,766
3,194		Mission West Properties, Inc		22,965
3,453		National Health Investors, Inc		127,726
2,388		National Retail Properties, Inc		50,673
5,307		Omega Healthcare Investors, Inc		103,221
3,240		Parkway Properties, Inc		67,457
4,300		Pennsylvania Real Estate Investment Trust		36,378
1,743		Potlatch Corp		55,567
3,362		PS Business Parks, Inc		168,268
10,384		Redwood Trust, Inc		150,153
885		Resource Capital Corp		4,354
1,237		Saul Centers, Inc		40,524
5,282		Sunstone Hotel Investors, Inc		46,904
2,600		Tanger Factory Outlet Centers, Inc		101,374
3,130		Urstadt Biddle Properties, Inc (Class A)		47,795
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,756,423
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.28%
498		Aaon, Inc		9,706
780		Alamo Group, Inc		13,377
8,114	*	Allis-Chalmers Energy, Inc		30,590
2,072	*	Altra Holdings, Inc		25,589
2,263		Ampco-Pittsburgh Corp		71,352
800	*	Bolt Technology Corp		8,816
7,195	*	Cirrus Logic, Inc		49,070
5,704	*	Colfax Corp		68,676
2,708	*	Columbus McKinnon Corp		36,991
7,431	*	Cray, Inc		47,707
124	*	Dril-Quip, Inc		7,004
1,890	*	Emulex Corp		20,601
3,208	*	ENGlobal Corp		10,041
6,171	*	EnPro Industries, Inc		162,975
12,773	*	Extreme Networks, Inc		36,659
900		Graham Corp		18,630
1,570		John Bean Technologies Corp		26,706
910		Nacco Industries, Inc (Class A)		45,318
2,652	*	Netgear, Inc		57,522
1,062		Nordson Corp		64,973
24,315	*	Quantum Corp		71,243
4,470	*	Riverbed Technology, Inc		102,676
4,479		Sauer-Danfoss, Inc		53,793

30

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
4,574	*	Sigma Designs, Inc	$	48,942
2,352		Standex International Corp		47,252
4,200	*	STEC, Inc		68,628
3,550	*	Super Micro Computer, Inc		39,476
2,325		Tennant Co		60,892
6,200	*	VeriFone Holdings, Inc		101,556
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,406,761
INSTRUMENTS AND RELATED PRODUCTS - 4.85%
700	*	Accuray, Inc		3,927
8,500	*	Affymetrix, Inc		49,640
1,000	*	Align Technology, Inc		17,820
5,740	*	American Medical Systems Holdings, Inc		110,725
1,503		American Science & Engineering, Inc		113,988
7,241	*	Bruker BioSciences Corp		87,326
5,179	*	Cantel Medical Corp		104,512
84	*	Conmed Corp		1,915
3,160	*	Cyberonics, Inc		64,590
429	*	Cynosure, Inc (Class A)		4,929
4,254	*	Depomed, Inc		14,251
246	*	Dionex Corp		18,172
2,000	*	DXP Enterprises, Inc		26,140
21,280		Eastman Kodak Co		89,802
6,000	*	ev3, Inc		80,040
5,114	*	Fossil, Inc		171,625
1,640	*	Haemonetics Corp		90,446
5,356	*	Hanger Orthopedic Group, Inc		74,073
1,454	*	ICU Medical, Inc		52,984
6,666		Invacare Corp		166,250
600	*	IRIS International, Inc		7,416
4,100	*	ISTA Pharmaceuticals, Inc		18,696
2,568	*	Kensey Nash Corp		65,484
6,108	*	Kopin Corp		25,531
750	*	LaBarge, Inc		9,038
916	*	Masimo Corp		27,865
2,000	*	Merit Medical Systems, Inc		38,580
1,205		Mine Safety Appliances Co		31,969
2,533		MTS Systems Corp		72,798
800	*	NuVasive, Inc		25,584
1,849	*	Orthofix International NV		57,264
10,000	*	RAE Systems, Inc		11,000
1,175	*	SonoSite, Inc		27,765
5,280		STERIS Corp		147,682
1,483	*	Synovis Life Technologies, Inc		19,146
572	*	Teledyne Technologies, Inc		21,942
1,700	*	Thoratec Corp		45,764
2,481	*	Veeco Instruments, Inc		81,972
190	*	Zygo Corp		1,279
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,079,930
INSURANCE AGENTS, BROKERS AND SERVICE - 0.06%
6,560	*	Crawford & Co (Class B)		25,846
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		25,846
INSURANCE CARRIERS - 3.90%
14,951	*	Ambac Financial Group, Inc		12,409
200	*	American Safety Insurance Holdings Ltd		2,890
4,857	*	Argo Group International Holdings Ltd		141,533
2,867		Assured Guaranty Ltd		62,386
2,620	*	Catalyst Health Solutions, Inc		95,551
6,773	*	Centene Corp		143,384
4,549	*	CNA Surety Corp		67,735
18,489	*	Conseco, Inc		92,445
2,000		Delphi Financial Group, Inc (Class A)		44,740
3,130	*	Hallmark Financial Services		24,915
202	*	Healthspring, Inc		3,557
7,595		Horace Mann Educators Corp		94,938

31

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,990		Maiden Holdings Ltd	$	14,567
5,014		Max Re Capital Ltd		111,812
12,281		Meadowbrook Insurance Group, Inc		90,879
6,240	*	Metropolitan Health Networks, Inc		12,418
9,220	*	MGIC Investment Corp		53,292
6,600	*	Molina Healthcare, Inc		150,941
2,800		Montpelier Re Holdings Ltd		48,496
200		National Interstate Corp		3,392
2,610		Platinum Underwriters Holdings Ltd		99,937
3,058	*	PMA Capital Corp (Class A)		19,265
9,430		PMI Group, Inc		23,764
2,710	*	SeaBright Insurance Holdings, Inc		31,138
465		State Auto Financial Corp		8,603
2,910		Tower Group, Inc		68,123
3,531	*	Triple-S Management Corp (Class B)		62,146
2,400	*	WellCare Health Plans, Inc		88,224
		TOTAL INSURANCE CARRIERS		1,673,480
LEATHER AND LEATHER PRODUCTS - 0.48%
2,248	*	Steven Madden Ltd		92,707
1,673	*	Timberland Co (Class A)		29,997
3,122		Wolverine World Wide, Inc		84,981
		TOTAL LEATHER AND LEATHER PRODUCTS		207,685
LEGAL SERVICES - 0.09%
944	*	Pre-Paid Legal Services, Inc		38,780
		TOTAL LEGAL SERVICES		38,780
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.20%
1,570	*	Emergency Medical Services Corp (Class A)		85,016
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		85,016
METAL MINING - 0.60%
3,729	*	Coeur d’Alene Mines Corp		67,346
8,950	*	Hecla Mining Co		55,311
7,200	*	Patriot Coal Corp		111,312
1,209	*	Rosetta Resources, Inc		24,095
		TOTAL METAL MINING		258,064
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
1,582		Blyth, Inc		53,345
2,173	*	Jakks Pacific, Inc		26,337
600	*	RC2 Corp		8,850
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		88,532
MISCELLANEOUS RETAIL - 2.13%
6,645	*	1-800-FLOWERS.COM, Inc (Class A)		17,609
2,520	*	Allion Healthcare, Inc		16,531
1,620		Books-A-Million, Inc		10,886
2,655	*	Cabela’s, Inc		37,860
2,923		Cash America International, Inc		102,188
668	*	CKX, Inc		3,520
7,149	*	Ezcorp, Inc (Class A)		123,034
6,079	*	HSN, Inc		122,735
4,768	*	Jo-Ann Stores, Inc		172,793
2,758	*	Kirkland’s, Inc		47,906
2,100	*	PC Connection, Inc		14,175
3,580	*	Shutterfly, Inc		63,760
2,263		Systemax, Inc		35,552

32

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,476		World Fuel Services Corp	$	146,703
		TOTAL MISCELLANEOUS RETAIL		915,252
MOTION PICTURES - 0.19%
200	*	Ascent Media Corp (Series A)		5,106
1,800	*	Carmike Cinemas, Inc		13,608
3,215		Cinemark Holdings, Inc		46,200
1,037		National CineMedia, Inc		17,183
		TOTAL MOTION PICTURES		82,097
NONDEPOSITORY INSTITUTIONS - 1.38%
6,800		Advance America Cash Advance Centers, Inc		37,808
10,942		Apollo Investment Corp		104,277
5,377		Ares Capital Corp		66,944
498		BlackRock Kelso Capital Corp		4,243
11,256	*	Boise, Inc		59,769
675	*	Doral Financial Corp		2,450
200	*,b	DVI, Inc		0
900		Hercules Technology Growth Capital, Inc		9,351
1,800		Kohlberg Capital Corp		8,208
509		NGP Capital Resources Co		4,138
6,592	*	PHH Corp		106,197
5,270	*	World Acceptance Corp		188,825
		TOTAL NONDEPOSITORY INSTITUTIONS		592,210
OIL AND GAS EXTRACTION - 3.84%
1,600	*	Approach Resources, Inc		12,352
1,550	*	Arena Resources, Inc		66,836
1,400		Atlas America, Inc		42,238
4,486	*	Basic Energy Services, Inc		39,925
2,700		Berry Petroleum Co (Class A)		78,705
2,377	*	Bill Barrett Corp		73,948
13,133	*	Cal Dive International, Inc		99,285
1,307	*	Clayton Williams Energy, Inc		45,797
3,395	*	Cobalt International Energy, Inc		46,987
9,984	*	Complete Production Services, Inc		129,792
1,982	*	Contango Oil & Gas Co		93,174
2,245	*	Dawson Geophysical Co		51,882
17,442	*	Endeavour International Corp		18,837
1,110	*	Georesources, Inc		15,163
400	*	Gulfport Energy Corp		4,580
10,200	*	Hercules Offshore, Inc		48,756
4,800	*	Key Energy Services, Inc		42,192
12,537	*	McMoRan Exploration Co		100,547
870		Panhandle Oil and Gas, Inc (Class A)		22,533
818		Penn Virginia Corp		17,415
2,090	*	Petroleum Development Corp		38,059
9,762	*	Pioneer Drilling Co		77,120
5,137	*	Stone Energy Corp		92,723
2,800	*	TGC Industries, Inc		10,948
1,600	*	Union Drilling, Inc		10,000
15,204		Vaalco Energy, Inc		69,178
7,930	*	Venoco, Inc		103,407
11,507	*	Willbros Group, Inc		194,124
		TOTAL OIL AND GAS EXTRACTION		1,646,503
PAPER AND ALLIED PRODUCTS - 1.27%
6,173	*	Buckeye Technologies, Inc		60,248
3,060	*	Domtar Corporation		169,555
9,106		Glatfelter		110,638
2,200	*	Kapstone Paper and Packaging Corp		21,670
700		Neenah Paper, Inc		9,765
3,057		Rock-Tenn Co (Class A)		154,103

33

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,500		Wausau Paper Corp	$	17,400
		TOTAL PAPER AND ALLIED PRODUCTS		543,379
PERSONAL SERVICES - 0.30%
4,671	*	Sally Beauty Holdings, Inc		35,733
1,510	*	Steiner Leisure Ltd		60,038
656		Unifirst Corp		31,560
		TOTAL PERSONAL SERVICES		127,331
PETROLEUM AND COAL PRODUCTS - 0.17%
4,996	*	CVR Energy, Inc		34,273
7,051	*	Gran Tierra Energy, Inc		40,402
		TOTAL PETROLEUM AND COAL PRODUCTS		74,675
PRIMARY METAL INDUSTRIES - 1.11%
6,685		Belden CDT, Inc		146,536
4,515		Encore Wire Corp		95,131
363	*	Horsehead Holding Corp		4,628
5,891		Mueller Industries, Inc		146,332
2,004		Tredegar Corp		31,703
3,980		Worthington Industries, Inc		52,019
		TOTAL PRIMARY METAL INDUSTRIES		476,349
PRINTING AND PUBLISHING - 0.79%
1,940		American Greetings Corp (Class A)		42,273
8,194	*	EW Scripps Co (Class A)		57,030
7,467		Journal Communications, Inc (Class A)		29,047
3,398		Scholastic Corp		101,361
3,945		Standard Register Co		20,120
5,000	*	Valassis Communications, Inc		91,300
		TOTAL PRINTING AND PUBLISHING		341,131
REAL ESTATE - 0.15%
3,083		DuPont Fabros Technology, Inc		55,463
400		Government Properties Income Trust		9,192
		TOTAL REAL ESTATE		64,655
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.27%
5,110		A. Schulman, Inc		103,120
9,710		Cooper Tire & Rubber Co		194,686
2,821		Spartech Corp		28,943
4,650		Tupperware Corp		216,550
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		543,299
SECURITY AND COMMODITY BROKERS - 1.76%
13,300	*	Broadpoint Securities Group, Inc		59,318
2,100		Calamos Asset Management, Inc (Class A)		24,213
2,120		Duff & Phelps Corp		38,711
148,339	*	E*Trade Financial Corp		259,593
710		Evercore Partners, Inc (Class A)		21,584
324		Fifth Street Finance Corp		3,480
1,200		GAMCO Investors, Inc (Class A)		57,948
10,993	*	Knight Capital Group, Inc (Class A)		169,292
540		Oppenheimer Holdings, Inc		17,939
690	*	Stifel Financial Corp		40,876
5,024		SWS Group, Inc		60,790
		TOTAL SECURITY AND COMMODITY BROKERS		753,744

34

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
SOCIAL SERVICES - 0.00%**
189	*	Res-Care, Inc	$	2,117
		TOTAL SOCIAL SERVICES		2,117
SPECIAL TRADE CONTRACTORS - 1.34%
4,912	*	AsiaInfo Holdings, Inc		149,669
9,757		Comfort Systems USA, Inc		120,401
5,729	*	Dycom Industries, Inc		46,004
9,560	*	EMCOR Group, Inc		257,164
		TOTAL SPECIAL TRADE CONTRACTORS		573,238
STONE, CLAY, AND GLASS PRODUCTS - 0.36%
4,420		Apogee Enterprises, Inc		61,880
1,340		CARBO Ceramics, Inc		91,348
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		153,228
TEXTILE MILL PRODUCTS - 0.15%
3,200		Oxford Industries, Inc		66,176
		TOTAL TEXTILE MILL PRODUCTS		66,176
TOBACCO PRODUCTS - 0.05%
505		Universal Corp		23,033
		TOTAL TOBACCO PRODUCTS		23,033
TRANSPORTATION BY AIR - 1.74%
7,800	*	Air Transport Services Group, Inc		20,592
7,600	*	Airtran Holdings, Inc		39,672
3,056	*	Alaska Air Group, Inc		105,615
3,060	*	Allegiant Travel Co		144,340
2,560	*	Atlas Air Worldwide Holdings, Inc		95,360
926	*	Bristow Group, Inc		35,605
16,393	*	Hawaiian Holdings, Inc		114,751
100	*	PHI, Inc		2,070
14,700	*	UAL Corp		189,777
		TOTAL TRANSPORTATION BY AIR		747,782
TRANSPORTATION EQUIPMENT - 3.38%
4,790		A.O. Smith Corp		207,837
1,180		American Railcar Industries, Inc		13,004
6,633		ArvinMeritor, Inc		74,157
3,564	*	ATC Technology Corp		85,001
6,973		Brunswick Corp		88,627
1,939	*	Cogo Group, Inc		14,290
11,642	*	Dana Holding Corp		126,199
2,021		Ducommun, Inc		37,813
19,395	*	Force Protection, Inc		101,048
1,620		Freightcar America, Inc		32,125
12,666	*	GenCorp, Inc		88,662
800		Group 1 Automotive, Inc		22,680
3,006		Kaman Corp		69,409
850	*	LMI Aerospace, Inc		11,305
13,064	*	Orbital Sciences Corp		199,356
1,450		Polaris Industries, Inc		63,264
594		Spartan Motors, Inc		3,344
4,609	*	Standard Motor Products, Inc		39,269
5,410	*	Tenneco, Inc		95,919
1,562		Triumph Group, Inc		75,367
		TOTAL TRANSPORTATION EQUIPMENT		1,448,676

35

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
TRANSPORTATION SERVICES - 0.29%
1,001	*	Dynamex, Inc	$	18,118
3,928	*	Hub Group, Inc (Class A)		105,388
		TOTAL TRANSPORTATION SERVICES		123,506
TRUCKING AND WAREHOUSING - 0.55%
4,100		Heartland Express, Inc		62,607
3,068	*	Marten Transport Ltd		55,071
1,676	*	Saia, Inc		24,838
1,010	*	USA Truck, Inc		12,645
3,990		Werner Enterprises, Inc		78,962
		TOTAL TRUCKING AND WAREHOUSING		234,123
WATER TRANSPORTATION - 0.06%
190	*	American Commercial Lines, Inc		3,483
508		International Shipholding Corp		15,783
1,000	*	Ultrapetrol Bahamas Ltd		4,760
		TOTAL WATER TRANSPORTATION		24,026
WHOLESALE TRADE-DURABLE GOODS - 1.53%
3,000		Agilysys, Inc		27,300
3,000		Applied Industrial Technologies, Inc		66,210
1,028	*	Beacon Roofing Supply, Inc		16,448
707		Castle (A.M.) & Co		9,679
4,434	*	Insight Enterprises, Inc		50,636
3,565		Knight Transportation, Inc		68,769
1,444	*	MWI Veterinary Supply, Inc		54,439
3,515		Owens & Minor, Inc		150,899
9,381	*	PSS World Medical, Inc		211,729
		TOTAL WHOLESALE TRADE-DURABLE GOODS		656,109
WHOLESALE TRADE-NONDURABLE GOODS - 1.68%
1,913		Aceto Corp		9,852
1,384		Andersons, Inc		35,735
3,750	*	BioScrip, Inc		31,350
2,483	*	Clearwater Paper Corp		136,491
1,306	*	Core-Mark Holding Co, Inc		43,046
1,913	*	LSB Industries, Inc		26,973
1,200		Men’s Wearhouse, Inc		25,272
4,364		Nu Skin Enterprises, Inc (Class A)		117,261
728		Spartan Stores, Inc		10,403
1,610	*	Tractor Supply Co		85,266
3,498	*	United Stationers, Inc		198,860
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		720,509
		TOTAL COMMON STOCKS (Cost $39,941,574)		42,851,896
		TOTAL PORTFOLIO - 99.84% (Cost $39,941,574)		42,851,896
		OTHER ASSETS AND LIABILITIES, NET - 0.16%		68,945
		NET ASSETS - 100.00%	$	42,920,841

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

* Non-income producing

b In bankruptcy

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.77%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
536	*	Chiquita Brands International, Inc	$	9,669
38		Griffin Land & Nurseries, Inc (Class A)		1,107
		TOTAL AGRICULTURAL PRODUCTION-CROPS		10,776
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
200		Cal-Maine Foods, Inc		6,816
4		Seaboard Corp		5,396
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		12,212
AGRICULTURAL SERVICES - 0.02%
130	*	Cadiz, Inc		1,556
125		Calavo Growers, Inc		2,125
1,018	*	VCA Antech, Inc		25,369
		TOTAL AGRICULTURAL SERVICES		29,050
AMUSEMENT AND RECREATION SERVICES - 0.63%
656	*	Bally Technologies, Inc		27,086
134		Churchill Downs, Inc		5,005
267		Dover Downs Gaming & Entertainment, Inc		1,009
4,204	*	Electronic Arts, Inc		74,621
338		International Speedway Corp (Class A)		9,616
484	*	Life Time Fitness, Inc		12,066
1,012	*	Live Nation, Inc		8,612
322	*	Multimedia Games, Inc		1,935
807	*	Penn National Gaming, Inc		21,934
793	*	Pinnacle Entertainment, Inc		7,121
164		Speedway Motorsports, Inc		2,890
382	*	Ticketmaster		4,668
178	*	Town Sports International Holdings, Inc		415
23,002		Walt Disney Co		741,814
675	*	Warner Music Group Corp		3,821
647	*	WMS Industries, Inc		25,880
251		World Wrestling Entertainment, Inc (Class A)		3,848
357	*	Youbet.com, Inc		1,025
		TOTAL AMUSEMENT AND RECREATION SERVICES		953,366
APPAREL AND ACCESSORY STORES - 0.63%
1,092		Abercrombie & Fitch Co (Class A)		38,056
813	*	Aeropostale, Inc		27,683
1,884	*	American Apparel, Inc		5,840
2,306		American Eagle Outfitters, Inc		39,156
671	*	AnnTaylor Stores Corp		9,152
380		Bebe Stores, Inc		2,383
482		Brown Shoe Co, Inc		4,757
310		Buckle, Inc		9,077
638	*	Carter’s, Inc		16,748
325		Cato Corp (Class A)		6,520
1,400	*	Charming Shoppes, Inc		9,058
2,122	*	Chico’s FAS, Inc		29,814
271	*	Children’s Place Retail Stores, Inc		8,946
390		Christopher & Banks Corp		2,972
243	*	Citi Trends, Inc		6,712
733	*	Collective Brands, Inc		16,690
59	*	Destination Maternity Corp		1,121
768	*	Dress Barn, Inc		17,741
200	*	DSW, Inc (Class A)		5,176

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
681		Finish Line, Inc (Class A)	$	8,547
1,799		Foot Locker, Inc		20,041
5,819		Gap, Inc		121,907
450	*	Hot Topic, Inc		2,862
578	*	J Crew Group, Inc		25,860
350	*	JOS A Bank Clothiers, Inc		14,767
3,779	*	Kohl’s Corp		203,800
3,240		Limited Brands, Inc		62,338
490	*	Lululemon Athletica, Inc		14,749
512	*	New York & Co, Inc		2,196
1,992		Nordstrom, Inc		74,859
3,008	*	Pacific Sunwear Of California, Inc		11,972
1,530		Ross Stores, Inc		65,346
66	*	Shoe Carnival, Inc		1,351
411		Stage Stores, Inc		5,080
232		Talbots, Inc		2,067
399	*	Under Armour, Inc (Class A)		10,881
1,518	*	Urban Outfitters, Inc		53,115
1,045	*	Wet Seal, Inc (Class A)		3,605
		TOTAL APPAREL AND ACCESSORY STORES		962,945
APPAREL AND OTHER TEXTILE PRODUCTS - 0.40%
165		Columbia Sportswear Co		6,442
340	*	G-III Apparel Group Ltd		7,368
686		Guess ?, Inc		29,018
353	*	Gymboree Corp		15,352
1,141	*	Hanesbrands, Inc		27,510
1,084		Jones Apparel Group, Inc		17,409
1,595	*	Liz Claiborne, Inc		8,980
300	*	Maidenform Brands, Inc		5,007
4,486		Nike, Inc (Class B)		296,389
624		Phillips-Van Heusen Corp		25,384
663		Polo Ralph Lauren Corp (Class A)		53,690
3,405	*	Quiksilver, Inc		6,878
304	*	True Religion Apparel, Inc		5,621
1,068		VF Corp		78,220
515	*	Warnaco Group, Inc		21,728
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		604,996
AUTO REPAIR, SERVICES AND PARKING - 0.07%
100	*	Amerco, Inc		4,972
604	*	Dollar Thrifty Automotive Group, Inc		15,468
2,251	*	Hertz Global Holdings, Inc		26,832
251	*	Midas, Inc		2,121
304		Monro Muffler, Inc		10,166
655		Ryder System, Inc		26,967
97	*	Standard Parking Corp		1,540
465	*	Wright Express Corp		14,815
		TOTAL AUTO REPAIR, SERVICES AND PARKING		102,881
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.20%
1,149		Advance Auto Parts		46,512
122	*	America’s Car-Mart, Inc		3,212
359	*	Asbury Automotive Group, Inc		4,139
877	*	Autonation, Inc		16,795
387	*	Autozone, Inc		61,173
2,687	*	Carmax, Inc		65,160
763	*	Copart, Inc		27,949
205	*	Lithia Motors, Inc (Class A)		1,685
1,637	*	O’Reilly Automotive, Inc		62,402
500		Penske Auto Group, Inc		7,590
333	*	Rush Enterprises, Inc (Class A)		3,959
287		Sonic Automotive, Inc (Class A)		2,982
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		303,558

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.73%
876	*	Builders FirstSource, Inc	$	3,373
1,576		Fastenal Co		65,625
21,018		Home Depot, Inc		608,050
18,281		Lowe’s Cos, Inc		427,593
278	*	Lumber Liquidators, Inc		7,450
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,112,091
BUSINESS SERVICES - 8.08%
4,638	*	3Com Corp		34,785
128	*	3D Systems Corp		1,446
766		Aaron Rents, Inc		21,241
549		ABM Industries, Inc		11,342
392	*	Acacia Research (Acacia Technologies)		3,571
400	*	ACI Worldwide, Inc		6,860
551	*	ActivIdentity Corp		1,295
6,743	*	Activision Blizzard, Inc		74,915
620	*	Actuate Corp		2,654
820	*	Acxiom Corp		11,004
335		Administaff, Inc		7,903
6,482	*	Adobe Systems, Inc		238,408
187	*	Advent Software, Inc		7,617
1,125	*	Affiliated Computer Services, Inc (Class A)		67,151
532		Aircastle Ltd		5,240
2,097	*	Akamai Technologies, Inc		53,117
702	*	Alliance Data Systems Corp		45,342
2,552	*	Amdocs Ltd		72,809
412	*	American Reprographics Co		2,888
276	*	American Software, Inc (Class A)		1,656
407	*	AMICAS, Inc		2,214
357	*	AMN Healthcare Services, Inc		3,234
1,083	*	Ansys, Inc		47,067
318	*	APAC Customer Services, Inc		1,895
410		Arbitron, Inc		9,602
223	*	ArcSight, Inc		5,704
968	*	Ariba, Inc		12,119
1,522	*	Art Technology Group, Inc		6,864
96	*	Asset Acceptance Capital Corp		651
404	*	athenahealth, Inc		18,277
2,757	*	Autodesk, Inc		70,055
6,165		Automatic Data Processing, Inc		263,985
1,259	*	Avis Budget Group, Inc		16,518
97		Barrett Business Services, Inc		1,192
574		BGC Partners, Inc (Class A)		2,652
479		Blackbaud, Inc		11,319
353	*	Blackboard, Inc		16,023
479	*	Blue Coat Systems, Inc		13,671
2,278	*	BMC Software, Inc		91,348
300	*	Bottomline Technologies, Inc		5,271
1,557	*	BPZ Energy, Inc		14,792
549		Brady Corp (Class A)		16,475
550		Brink’s Co		13,387
539	*	Brink’s Home Security Holdings, Inc		17,593
5,005		CA, Inc		112,412
372	*	CACI International, Inc (Class A)		18,172
3,072	*	Cadence Design Systems, Inc		18,401
333	*	Callidus Software, Inc		1,006
180	*	Capella Education Co		13,554
439	*	Cavium Networks, Inc		10,461
854	*	CBIZ, Inc		6,576
829	*	Cerner Corp		68,343
338	*	Chordiant Software, Inc		930
834	*	Ciber, Inc		2,877
2,343	*	Citrix Systems, Inc		97,492
400	*	Clear Channel Outdoor Holdings, Inc (Class A)		4,156
118	*	Clinical Data, Inc		2,155
706	*	Cogent Communications Group, Inc		6,961
473	*	Cogent, Inc		4,914
459		Cognex Corp		8,133
3,527	*	Cognizant Technology Solutions Corp (Class A)		159,773
487	*	Commvault Systems, Inc		11,537

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
227		Compass Diversified Trust	$	2,897
165	*	Compellent Technologies, Inc		3,742
185		Computer Programs & Systems, Inc		8,519
1,848	*	Computer Sciences Corp		106,315
174	*	Computer Task Group, Inc		1,394
3,298	*	Compuware Corp		23,845
100	*	COMSYS IT Partners, Inc		889
491	*	Concur Technologies, Inc		20,990
290	*	Constant Contact, Inc		4,640
1,260	*	Convergys Corp		13,545
222	*	CoStar Group, Inc		9,273
485	*	CSG Systems International, Inc		9,259
843	*	Cybersource Corp		16,953
485	*	DealerTrack Holdings, Inc		9,113
567		Deluxe Corp		8,386
187	*	Dice Holdings, Inc		1,225
453	*	Digital River, Inc		12,226
259	*	DivX, Inc		1,461
202	*	Double-Take Software, Inc		2,018
490	*	DST Systems, Inc		21,340
106	*	Dynamics Research Corp		1,125
299	*	DynCorp International, Inc (Class A)		4,291
1,405		Earthlink, Inc		11,676
13,882	*	eBay, Inc		326,782
72	*	Ebix, Inc		3,516
330	*	Echelon Corp		3,815
673	*	Eclipsys Corp		12,464
248		Electro Rent Corp		2,862
630	*	Electronics for Imaging, Inc		8,196
698	*	Epicor Software Corp		5,319
405	*	EPIQ Systems, Inc		5,666
1,500		Equifax, Inc		46,335
1,464	*	Evergreen Energy, Inc		502
250	*	ExlService Holdings, Inc		4,540
2,251	*	Expedia, Inc		57,873
920	*	F5 Networks, Inc		48,742
586		Factset Research Systems, Inc		38,600
659		Fair Isaac Corp		14,043
313	*	FalconStor Software, Inc		1,271
4,068		Fidelity National Information Services, Inc		95,354
1,882	*	Fiserv, Inc		91,239
178	*	Forrester Research, Inc		4,619
739	*	Gartner, Inc		13,332
483	*	Global Cash Access, Inc		3,618
192	*	Global Sources Ltd		1,200
2,951	*	Google, Inc (Class A)		1,829,560
194	*	GSE Systems, Inc		1,063
334	*	H&E Equipment Services, Inc		3,504
476	*	Hackett Group, Inc		1,323
550		Healthcare Services Group		11,803
451		Heartland Payment Systems, Inc		5,922
55	*	HeartWare International, Inc		1,951
200		Heidrick & Struggles International, Inc		6,248
335	*	HMS Holdings Corp		16,311
400	*	i2 Technologies, Inc		7,648
117	*	ICT Group, Inc		1,911
213		iGate Corp		2,130
571	*	IHS, Inc (Class A)		31,297
2,198		IMS Health, Inc		46,290
311		infoGROUP, Inc		2,494
974	*	Informatica Corp		25,188
367	*	Infospace, Inc		3,145
259	*	Innerworkings, Inc		1,528
268	*	Innodata Isogen, Inc		1,485
174	*	Integral Systems, Inc		1,507
439		Interactive Data Corp		11,107
144	*	Interactive Intelligence, Inc		2,655
538	*	Internap Network Services Corp		2,529
333	*	Internet Brands, Inc (Class A)		2,607
405	*	Internet Capital Group, Inc		2,693
5,779	*	Interpublic Group of Cos, Inc		42,649
4,060	*	Intuit, Inc		124,683

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
377	*	inVentiv Health, Inc	$	6,096
581		Ipass, Inc		604
2,177	*	Iron Mountain, Inc		49,549
1,014		Jack Henry & Associates, Inc		23,444
316	*	JDA Software Group, Inc		8,049
6,478	*	Juniper Networks, Inc		172,768
300		Kelly Services, Inc (Class A)		3,579
276	*	Kenexa Corp		3,602
168		Keynote Systems, Inc		1,833
271	*	Kforce, Inc		3,388
298	*	Knot, Inc		3,001
500	*	Korn/Ferry International		8,250
772	*	Lamar Advertising Co (Class A)		24,001
1,649	*	Lawson Software, Inc		10,966
884	*	Limelight Networks, Inc		3,474
704	*	Lionbridge Technologies		1,619
163	*	Liquidity Services, Inc		1,641
493	*	Liveperson, Inc		3,436
311	*	Manhattan Associates, Inc		7,473
925		Manpower, Inc		50,487
292	*	Mantech International Corp (Class A)		14,098
206		Marchex, Inc (Class B)		1,046
1,058		Mastercard, Inc (Class A)		270,827
2,016	*	McAfee, Inc		81,789
1,031	*	Mentor Graphics Corp		9,104
95,196		Microsoft Corp		2,902,525
100	*	MicroStrategy, Inc (Class A)		9,402
529	*	ModusLink Global Solutions, Inc		4,978
991	*	MoneyGram International, Inc		2,854
165	*	Monotype Imaging Holdings, Inc		1,490
1,517	*	Monster Worldwide, Inc		26,396
2,243		Moody’s Corp		60,112
2,786	*	Move, Inc		4,625
1,117	*	MPS Group, Inc		15,348
74	*	NCI, Inc (Class A)		2,046
2,098	*	NCR Corp		23,351
400	*	Ness Technologies, Inc		1,960
510	*	NetFlix, Inc		28,121
341	*	Netscout Systems, Inc		4,992
201	*	NetSuite, Inc		3,212
357	*	Network Equipment Technologies, Inc		1,446
612		NIC, Inc		5,594
4,067	*	Novell, Inc		16,878
2,506	*	Nuance Communications, Inc		38,943
3,931		Omnicom Group, Inc		153,899
282	*	On Assignment, Inc		2,016
222	*	Online Resources Corp		1,168
38	*	OpenTable, Inc		967
155		Opnet Technologies, Inc		1,889
47,290		Oracle Corp		1,160,496
1,404	*	Parametric Technology Corp		22,941
237		PC-Tel, Inc		1,403
162		Pegasystems, Inc		5,508
320	*	Perficient, Inc		2,698
191	*	Pervasive Software, Inc		921
640	*	Phase Forward, Inc		9,824
306	*	Phoenix Technologies Ltd		842
176	*	Portfolio Recovery Associates, Inc		7,899
762	*	Premiere Global Services, Inc		6,287
476	*	Progress Software Corp		13,904
147	*	PROS Holdings, Inc		1,521
108		QAD, Inc		660
274		Quality Systems, Inc		17,204
829	*	Quest Software, Inc		15,254
803	*	Rackspace Hosting, Inc		16,743
237	*	Radiant Systems, Inc		2,465
187	*	Radisys Corp		1,786
754	*	Raser Technologies, Inc		935
1,196	*	RealNetworks, Inc		4,437
2,323	*	Red Hat, Inc		71,781
100		Renaissance Learning, Inc		1,136
1,070	*	Rent-A-Center, Inc		18,960
80		Rewards Network, Inc		1,011

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
200	*	RightNow Technologies, Inc	$	3,474
230	*	Riskmetrics Group Inc		3,659
1,798		Robert Half International, Inc		48,061
466		Rollins, Inc		8,984
76	*	Rosetta Stone, Inc		1,364
820	*	RSC Holdings, Inc		5,773
792	*	S1 Corp		5,164
286	*	Saba Software, Inc		1,184
1,309	*	Salesforce.com, Inc		96,565
996	*	Sapient Corp		8,237
527	*	Smith Micro Software, Inc		4,817
441	*	Sohu.com, Inc		25,260
143	*	SolarWinds, Inc		3,290
542	*	SonicWALL, Inc		4,125
3,028	*	Sonus Networks, Inc		6,389
810		Sotheby’s (Class A)		18,209
235	*	Sourcefire, Inc		6,286
624	*	Spherion Corp		3,507
501	*	SRA International, Inc (Class A)		9,569
152	*	StarTek, Inc		1,137
234	*	Stratasys, Inc		4,044
445	*	SuccessFactors, Inc		7,378
9,585	*	Sun Microsystems, Inc		89,811
513	*	SupportSoft, Inc		1,354
1,024	*	Sybase, Inc		44,442
420	*	SYKES Enterprises, Inc		10,697
10,259	*	Symantec Corp		183,534
203	*	Synchronoss Technologies, Inc		3,209
233	*	SYNNEX Corp		7,144
1,849	*	Synopsys, Inc		41,196
140		Syntel, Inc		5,324
925		Take-Two Interactive Software, Inc		9,296
200		TAL International Group, Inc		2,646
377	*	Taleo Corp (Class A)		8,867
455	*	TeleTech Holdings, Inc		9,114
112		Textainer Group Holdings Ltd		1,893
787	*	THQ, Inc		3,966
2,110	*	TIBCO Software, Inc		20,319
207	*	Tier Technologies, Inc		1,656
303	*	TNS, Inc		7,784
1,957		Total System Services, Inc		33,797
359	*	TradeStation Group, Inc		2,833
550	*	TrueBlue, Inc		8,146
295	*	Ultimate Software Group, Inc		8,664
181	*	Unica Corp		1,403
446	*	Unisys Corp		17,198
872		United Online, Inc		6,270
1,054	*	United Rentals, Inc		10,340
1,094	*	Valueclick, Inc		11,071
248	*	Vasco Data Security International		1,555
2,328	*	VeriSign, Inc		56,431
263		Viad Corp		5,426
156	*	Virtusa Corp		1,413
5,552		Visa, Inc (Class A)		485,578
619	*	VMware, Inc (Class A)		26,233
202	*	Vocus, Inc		3,636
150	*	Volt Information Sciences, Inc		1,500
480	*	WebMD Health Corp (Class A)		18,475
564	*	Websense, Inc		9,847
309	*	Website Pros, Inc		2,018
14,766	*	Yahoo!, Inc		247,773
		TOTAL BUSINESS SERVICES		12,310,533
CHEMICALS AND ALLIED PRODUCTS - 11.29%
19,132		Abbott Laboratories		1,032,937
75	*	Abraxis Bioscience, Inc		3,041
457	*	Acorda Therapeutics, Inc		11,526
524	*	Adolor Corp		765
2,597		Air Products & Chemicals, Inc		210,513
276	*	Albany Molecular Research, Inc		2,506

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,104		Albemarle Corp	$	40,152
1,007		Alberto-Culver Co		29,495
1,126	*	Alexion Pharmaceuticals, Inc		54,971
1,288	*	Alkermes, Inc		12,120
752	*	Allos Therapeutics, Inc		4,941
434	*	Alnylam Pharmaceuticals, Inc		7,647
205	*	AMAG Pharmaceuticals, Inc		7,796
702	*	American Oriental Bioengineering, Inc		3,264
241		American Vanguard Corp		2,000
12,538	*	Amgen, Inc		709,275
182	*	Amicus Therapeutics, Inc		723
340		Arch Chemicals, Inc		10,499
341	*	Ardea Biosciences, Inc		4,774
955	*	Arena Pharmaceuticals, Inc		3,390
364	*	Arqule, Inc		1,343
600	*	Array Biopharma, Inc		1,686
244	*	ARYx Therapeutics, Inc		783
567	*	Auxilium Pharmaceuticals, Inc		16,999
745	*	AVANIR Pharmaceuticals, Inc		1,416
1,360		Avery Dennison Corp		49,626
937	*	AVI BioPharma, Inc		1,368
5,157		Avon Products, Inc		162,446
221		Balchem Corp		7,406
572	*	BioCryst Pharmaceuticals, Inc		3,695
125	*	Biodel, Inc		543
3,594	*	Biogen Idec, Inc		192,279
1,203	*	BioMarin Pharmaceuticals, Inc		22,628
528	*	BioMimetic Therapeutics, Inc		6,299
45	*	Biospecifics Technologies Corp		1,321
21,151		Bristol-Myers Squibb Co		534,063
793		Cabot Corp		20,800
480	*	Cadence Pharmaceuticals, Inc		4,642
730	*	Calgon Carbon Corp		10,147
206	*	Cambrex Corp		1,149
1,762		Celanese Corp (Series A)		56,560
5,714	*	Celgene Corp		318,156
5,618	*	Cell Therapeutics, Inc		6,405
175	*	Celldex Therapeutics, Inc		819
971	*	Cephalon, Inc		60,600
641		CF Industries Holdings, Inc		58,190
799	*	Charles River Laboratories International, Inc		26,918
259	*	Chattem, Inc		24,165
325	*	Chelsea Therapeutics International, Inc		878
1,643	*	China Precision Steel, Inc		3,368
90	*	China-Biotics, Inc		1,392
948		Church & Dwight Co, Inc		57,307
1,768		Clorox Co		107,848
6,192		Colgate-Palmolive Co		508,673
711	*	Cubist Pharmaceuticals, Inc		13,488
754	*	Curis, Inc		2,451
565	*	Cypress Bioscience, Inc		3,254
525		Cytec Industries, Inc		19,121
530	*	Cytokinetics, Inc		1,542
335	*	Cytori Therapeutics, Inc		2,044
1,374	*	Dendreon Corp		36,109
3,461	*	Discovery Laboratories, Inc		2,175
13,696		Dow Chemical Co		378,420
11,158		Du Pont (E.I.) de Nemours & Co		375,690
698	*	Durect Corp		1,724
868		Eastman Chemical Co		52,288
2,985		Ecolab, Inc		133,071
12,566		Eli Lilly & Co		448,732
350	*	Elizabeth Arden, Inc		5,054
220	*	Emergent Biosolutions, Inc		2,990
551	*	Enzon Pharmaceuticals, Inc		5,802
1,307		Estee Lauder Cos (Class A)		63,207
254	*	Facet Biotech Corp		4,465
494		Ferro Corp		4,071
986		FMC Corp		54,979
3,713	*	Forest Laboratories, Inc		119,224
3,352	*	Genzyme Corp		164,282
1,012	*	Geron Corp		5,617

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
11,232	*	Gilead Sciences, Inc	$	486,121
400	*	GTx, Inc		1,680
605		H.B. Fuller Co		13,764
705	*	Halozyme Therapeutics, Inc		4,138
107		Hawkins, Inc		2,336
1,361	*	Hemispherx Biopharma, Inc		762
1,953	*	Hospira, Inc		99,603
2,255	*	Human Genome Sciences, Inc		69,003
1,847		Huntsman Corp		20,853
325		ICO, Inc		2,376
135	*	Idenix Pharmaceuticals, Inc		290
237	*	Idera Pharmaceuticals, Inc		1,225
720	*	Idexx Laboratories, Inc		38,477
866	*	Immucor, Inc		17,528
580	*	Immunogen, Inc		4,559
738	*	Impax Laboratories, Inc		10,037
229		Innophos Holdings, Inc		5,265
262		Innospec, Inc		2,644
472	*	Inspire Pharmaceuticals, Inc		2,605
140		Inter Parfums, Inc		1,704
464	*	InterMune, Inc		6,051
952		International Flavors & Fragrances, Inc		39,165
1,041	*	Inverness Medical Innovations, Inc		43,212
2,108	*	Invitrogen Corp		110,101
453	*	Javelin Pharmaceuticals, Inc		589
33,992		Johnson & Johnson		2,189,424
162		Kaiser Aluminum Corp		6,742
2,997	*	King Pharmaceuticals, Inc		36,773
239		Koppers Holdings, Inc		7,275
360	*	KV Pharmaceutical Co (Class A)		1,321
230	*	Landec Corp		1,435
1,382	*	Ligand Pharmaceuticals, Inc (Class B)		2,999
866		Lubrizol Corp		63,175
342		Mannatech, Inc		1,067
641	*	MannKind Corp		5,615
94	*	MAP Pharmaceuticals, Inc		896
400		Martek Biosciences Corp		7,576
547	*	Medicines Co		4,562
709		Medicis Pharmaceutical Corp (Class A)		19,178
152	*	Medifast, Inc		4,648
358	*	Medivation, Inc		13,479
37,616		Merck & Co, Inc		1,374,488
489		Meridian Bioscience, Inc		10,538
519	*	Micromet, Inc		3,457
246		Minerals Technologies, Inc		13,400
213	*	Molecular Insight Pharmaceuticals, Inc		479
571	*	Momenta Pharmaceuticals, Inc		7,200
6,760		Monsanto Co		552,630
1,911		Mosaic Co		114,144
3,666	*	Mylan Laboratories, Inc		67,564
283	*	Myriad Pharmaceuticals, Inc		1,423
612	*	Nabi Biopharmaceuticals		2,999
1,671		Nalco Holding Co		42,627
650	*	NBTY, Inc		28,301
559	*	Neurocrine Biosciences, Inc		1,520
528	*	NeurogesX, Inc		4,071
138		NewMarket Corp		15,838
113		NL Industries, Inc		784
765	*	Novavax, Inc		2,035
544	*	NPS Pharmaceuticals, Inc		1,850
127	*	Nutraceutical International Corp		1,571
203	*	Obagi Medical Products, Inc		2,436
943		Olin Corp		16,521
346	*	OM Group, Inc		10,861
511	*	Omnova Solutions, Inc		3,132
47	*	OncoGenex Pharmaceutical, Inc		1,047
847	*	Onyx Pharmaceuticals, Inc		24,851
348	*	Optimer Pharmaceuticals, Inc		3,925
360	*	OraSure Technologies, Inc		1,829
224	*	Orexigen Therapeutics, Inc		1,667
682	*	OSI Pharmaceuticals, Inc		21,162
170	*	Osiris Therapeutics, Inc		1,214

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,543	*	Pactiv Corp	$	37,248
300	*	Pain Therapeutics, Inc		1,608
364	*	Par Pharmaceutical Cos, Inc		9,850
647	*	Parexel International Corp		9,123
1,443		PDL BioPharma, Inc		9,899
960		Perrigo Co		38,246
278		PetMed Express, Inc		4,901
99,533		Pfizer, Inc		1,810,504
176	*	Pharmasset, Inc		3,643
370	*	PharMerica Corp		5,876
965	*	PolyOne Corp		7,209
4,346	*	Poniard Pharmaceuticals, Inc		7,953
322	*	Pozen, Inc		1,929
1,986		PPG Industries, Inc		116,260
3,792		Praxair, Inc		304,536
400	*	Prestige Brands Holdings, Inc		3,144
35,952		Procter & Gamble Co		2,179,769
300	*	Progenics Pharmaceuticals, Inc		1,332
431	*	Protalix BioTherapeutics, Inc		2,853
622	*	Questcor Pharmaceuticals, Inc		2,955
333	*	Quidel Corp		4,589
238	*	Revlon, Inc (Class A)		4,048
577	*	Rockwood Holdings, Inc		13,594
1,552		RPM International, Inc		31,552
581	*	Salix Pharmaceuticals Ltd		14,757
630	*	Santarus, Inc		2,911
450	*	Sciclone Pharmaceuticals, Inc		1,049
597		Scotts Miracle-Gro Co (Class A)		23,468
600		Sensient Technologies Corp		15,780
1,215		Sherwin-Williams Co		74,905
310	*	SIGA Technologies, Inc		1,798
1,529		Sigma-Aldrich Corp		77,260
1,698	*	Solutia, Inc		21,565
394	*	Spectrum Pharmaceuticals, Inc		1,749
1,224	*	StemCells, Inc		1,542
100		Stepan Co		6,481
703	*	SuperGen, Inc		1,842
147	*	SurModics, Inc		3,331
584	*	Theravance, Inc		7,633
332	*	Ulta Salon Cosmetics & Fragrance, Inc		6,029
1,020	*	Unifi, Inc		3,958
564	*	United Therapeutics Corp		29,695
92	*	USANA Health Sciences, Inc		2,935
1,324	*	USEC, Inc		5,097
822	*	Valeant Pharmaceuticals International		26,131
1,208		Valspar Corp		32,785
317	*	Vanda Pharmaceuticals, Inc		3,563
2,392	*	Vertex Pharmaceuticals, Inc		102,497
423	*	Vical, Inc		1,392
931	*	Viropharma, Inc		7,811
1,274	*	Watson Pharmaceuticals, Inc		50,463
220		Westlake Chemical Corp		5,485
802	*	WR Grace & Co		20,331
288	*	Xenoport, Inc		5,345
405	*	Zymogenetics, Inc		2,588
		TOTAL CHEMICALS AND ALLIED PRODUCTS		17,184,667
COAL MINING - 0.28%
1,446	*	Alpha Natural Resources, Inc		62,727
2,037		Arch Coal, Inc		45,323
377	*	Cloud Peak Energy, Inc		5,489
2,180		Consol Energy, Inc		108,564
1,314	*	International Coal Group, Inc		5,072
420	*	James River Coal Co		7,783
1,033		Massey Energy Co		43,396
3,230		Peabody Energy Corp		146,029
108	*	Westmoreland Coal Co		962
		TOTAL COAL MINING		425,345

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
COMMUNICATIONS - 4.25%
150	*	AboveNet, Inc	$	9,756
743		Adtran, Inc		16,755
463		Alaska Communications Systems Group, Inc		3,695
4,939	*	American Tower Corp (Class A)		213,414
356	*	Anixter International, Inc		16,768
1,348	*,m	AOL, Inc		31,381
711	*	Aruba Networks, Inc		7,579
72,855		AT&T, Inc		2,042,127
105		Atlantic Tele-Network, Inc		5,776
200	*	Audiovox Corp (Class A)		1,418
552	*	Brightpoint, Inc		4,057
2,863		Cablevision Systems Corp (Class A)		73,923
277	*	Cbeyond Communications, Inc		4,363
7,337		CBS Corp (Class B)		103,085
463	*	Central European Media Enterprises Ltd (Class A)		10,931
3,769		CenturyTel, Inc		136,475
3,005	*	Cincinnati Bell, Inc		10,367
765	*	Clearwire Corp (Class A)		5,171
35,614		Comcast Corp (Class A)		600,452
305		Consolidated Communications Holdings, Inc		5,338
3,507	*	Crown Castle International Corp		136,913
200	*	Crown Media Holdings, Inc (Class A)		290
454	*	CTC Media, Inc		6,765
217	*	DG FastChannel, Inc		6,061
178	*	DigitalGlobe, Inc		4,308
12,184	*	DIRECTV		406,336
2,386		DISH Network Corp (Class A)		49,557
435	*	Equinix, Inc		46,175
52		Fisher Communications, Inc		845
3,935		Frontier Communications Corp		30,732
464	*	General Communication, Inc (Class A)		2,960
193	*	GeoEye, Inc		5,381
267	*	Global Crossing Ltd		3,805
998		Global Payments, Inc		53,752
158		HickoryTech Corp		1,395
71	*	Hughes Communications, Inc		1,848
1,298	*	IAC/InterActiveCorp		26,583
400		Iowa Telecommunications Services, Inc		6,704
592	*	j2 Global Communications, Inc		12,047
284	*	Knology, Inc		3,110
710	*	Leap Wireless International, Inc		12,461
19,656	*	Level 3 Communications, Inc		30,074
3,215	*	Liberty Global, Inc (Class A)		70,441
968	*	Liberty Media Corp - Capital (Series A)		23,116
638	*	Liberty Media Corp-Starz		29,444
7,481	*	Liberty Media Holding Corp (Interactive A)		81,094
341	*	Lin TV Corp (Class A)		1,521
562	*	Lodgenet Entertainment Corp		3,108
573	*	Mastec, Inc		7,163
493	*	Mediacom Communications Corp (Class A)		2,204
3,026	*	MetroPCS Communications, Inc		23,088
874	*	NeuStar, Inc (Class A)		20,137
391	*	Neutral Tandem, Inc		8,895
2,198	*	NII Holdings, Inc (Class B)		73,809
435	*	Novatel Wireless, Inc		3,467
363		NTELOS Holdings Corp		6,469
1,409	*	PAETEC Holding Corp		5,847
28		Preformed Line Products Co		1,226
19,273		Qwest Communications International, Inc		81,139
429	*	RCN Corp		4,655
423	*	SAVVIS, Inc		5,943
1,392	*	SBA Communications Corp (Class A)		47,551
364		Shenandoah Telecom Co		7,407
383		Sinclair Broadcast Group, Inc (Class A)		1,543
35,947	*	Sprint Nextel Corp		131,566
172	*	SureWest Communications		1,713
244	*	Switch & Data Facilities Co, Inc		4,931
823	*	Syniverse Holdings, Inc		14,386
370	*	TeleCommunication Systems, Inc (Class A)		3,582
1,095		Telephone & Data Systems, Inc		37,142
500	*	Terremark Worldwide, Inc		3,420

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,277		Time Warner Cable, Inc	$	177,025
1,259	*	TiVo, Inc		12,817
200	*	US Cellular Corp		8,482
250		USA Mobility, Inc		2,753
35,064		Verizon Communications, Inc		1,161,670
6,776	*	Viacom, Inc (Class B)		201,450
5,384		Windstream Corp		59,170
		TOTAL COMMUNICATIONS		6,480,307
DEPOSITORY INSTITUTIONS - 6.42%
180		1st Source Corp		2,896
278		Abington Bancorp, Inc		1,915
51		Alliance Financial Corp		1,385
71		American National Bankshares, Inc		1,555
109		Ameris Bancorp		779
77		Ames National Corp		1,625
103		Arrow Financial Corp		2,575
1,626		Associated Banc-Corp		17,902
951		Astoria Financial Corp		11,821
130		Bancfirst Corp		4,815
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		4,142
46		Bancorp Rhode Island, Inc		1,181
1,007		Bancorpsouth, Inc		23,624
838		Bank Mutual Corp		5,799
106,933		Bank of America Corp		1,610,411
645		Bank of Hawaii Corp		30,354
37		Bank of Kentucky Financial Corp		695
61		Bank of Marin Bancorp		1,986
14,824		Bank of New York Mellon Corp		414,627
322		Bank of the Ozarks, Inc		9,425
300		BankFinancial Corp		2,970
79		Banner Corp		212
36		Bar Harbor Bankshares		988
8,541		BB&T Corp		216,685
392	*	Beneficial Mutual Bancorp, Inc		3,857
165		Berkshire Hills Bancorp, Inc		3,412
290		BOK Financial Corp		13,781
826		Boston Private Financial Holdings, Inc		4,766
75		Bridge Bancorp, Inc		1,803
668		Brookline Bancorp, Inc		6,620
86		Bryn Mawr Bank Corp		1,298
87		Camden National Corp		2,845
101		Capital City Bank Group, Inc		1,398
276		Capitol Federal Financial		8,683
286		Cardinal Financial Corp		2,500
75		Cass Information Systems, Inc		2,280
518		Cathay General Bancorp		3,911
142		Center Bancorp, Inc		1,267
113		Centerstate Banks of Florida, Inc		1,140
1,658	*	Central Pacific Financial Corp		2,172
168		Century Bancorp, Inc		3,701
234		Chemical Financial Corp		5,518
80	*	Chicopee Bancorp, Inc		998
186,708		Citigroup, Inc		618,003
101		Citizens & Northern Corp		964
48		Citizens Holding Co		1,075
955	*	Citizens Republic Bancorp, Inc		659
335		City Holding Co		10,831
554		City National Corp		25,262
112		Clifton Savings Bancorp, Inc		1,049
105		CNB Financial Corp		1,679
150		CoBiz, Inc		713
170		Columbia Banking System, Inc		2,751
1,772		Comerica, Inc		52,398
827		Commerce Bancshares, Inc		32,021
400		Community Bank System, Inc		7,724
182		Community Trust Bancorp, Inc		4,450
638		Cullen/Frost Bankers, Inc		31,900
799		CVB Financial Corp		6,903
309		Dime Community Bancshares		3,621

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
300	*	Dollar Financial Corp	$	7,098
118	*	Eagle Bancorp, Inc		1,235
1,255		East West Bancorp, Inc		19,829
90		Enterprise Financial Services Corp		694
110		ESB Financial Corp		1,454
197		ESSA Bancorp, Inc		2,305
589	*	Euronet Worldwide, Inc		12,929
78		Farmers Capital Bank Corp		797
10,120		Fifth Third Bancorp		98,670
126		Financial Institutions, Inc		1,484
174		First Bancorp		2,431
1,292		First Bancorp (Puerto Rico)		2,972
107		First Bancorp, Inc		1,650
291		First Busey Corp		1,132
70		First Citizens Bancshares, Inc (Class A)		11,481
1,229		First Commonwealth Financial Corp		5,715
72		First Community Bancshares, Inc		868
101		First Defiance Financial Corp		1,140
447		First Financial Bancorp		6,508
321		First Financial Bankshares, Inc		17,408
188		First Financial Corp		5,738
133		First Financial Holdings, Inc		1,728
261		First Financial Northwest, Inc		1,710
46		First Financial Service Corp		417
2,626	*	First Horizon National Corp		35,185
315		First Merchants Corp		1,871
545		First Midwest Bancorp, Inc		5,935
2,151		First Niagara Financial Group, Inc		29,920
66		First of Long Island Corp		1,667
88		First South Bancorp, Inc		906
966		FirstMerit Corp		19,455
485	*	Flagstar Bancorp, Inc		291
243		Flushing Financial Corp		2,736
979		FNB Corp		6,647
1,944		Fulton Financial Corp		16,952
133		German American Bancorp, Inc		2,161
860		Glacier Bancorp, Inc		11,799
503		Great Southern Bancorp, Inc		10,744
600	*	Guaranty Bancorp		792
218		Hampton Roads Bankshares, Inc		377
294		Hancock Holding Co		12,874
524		Harleysville National Corp		3,375
158		Heartland Financial USA, Inc		2,267
106	*	Home Bancorp, Inc		1,292
137		Home Bancshares, Inc		3,298
199		Home Federal Bancorp, Inc		2,649
5,646		Hudson City Bancorp, Inc		77,520
8,705		Huntington Bancshares, Inc		31,773
256		IBERIABANK Corp		13,775
252		Independent Bank Corp		5,264
674		International Bancshares Corp		12,759
579	*	Investors Bancorp, Inc		6,334
46,463		JPMorgan Chase & Co		1,936,112
227		Kearny Financial Corp		2,288
10,596		Keycorp		58,808
249		Lakeland Bancorp, Inc		1,591
147		Lakeland Financial Corp		2,536
94		Legacy Bancorp, Inc		927
966		M&T Bank Corp		64,616
216		MainSource Financial Group, Inc		1,032
6,483		Marshall & Ilsley Corp		35,332
400		MB Financial, Inc		7,888
60		Merchants Bancshares, Inc		1,358
119	*	Meridian Interstate Bancorp, Inc		1,034
56		Midsouth Bancorp, Inc		778
186		Nara Bancorp, Inc		2,109
100		NASB Financial, Inc		2,329
84		National Bankshares, Inc		2,376
842		National Penn Bancshares, Inc		4,875
374		NBT Bancorp, Inc		7,618
523	*	Net 1 UEPS Technologies, Inc		10,157

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,208		New York Community Bancorp, Inc	$	75,568
1,211		NewAlliance Bancshares, Inc		14,544
3,010		Northern Trust Corp		157,724
227		Northfield Bancorp, Inc		3,069
74		Northrim BanCorp, Inc		1,249
450		Northwest Bancshares, Inc		5,094
97		OceanFirst Financial Corp		1,096
48		Ohio Valley Banc Corp		1,057
869		Old National Bancorp		10,802
350		Old Second Bancorp, Inc		2,412
566		Oriental Financial Group, Inc		6,113
152		Oritani Financial Corp		2,087
60		Orrstown Financial Services, Inc		2,093
528		Pacific Capital Bancorp		507
154		Pacific Continental Corp		1,762
270		PacWest Bancorp		5,441
165		Park National Corp		9,715
99		Peapack Gladstone Financial Corp		1,255
47		Penns Woods Bancorp, Inc		1,525
58	*	Pennsylvania Commerce Bancorp, Inc		729
75		Peoples Bancorp, Inc		726
46		Peoples Financial Corp		935
4,522		People’s United Financial, Inc		75,517
400	*	Pinnacle Financial Partners, Inc		5,688
5,720		PNC Financial Services Group, Inc		301,959
8,034		Popular, Inc		18,157
274		Premierwest Bancorp		389
423		PrivateBancorp, Inc		3,794
555		Prosperity Bancshares, Inc		22,461
753		Provident Financial Services, Inc		8,019
421		Provident New York Bancorp		3,553
13,971		Regions Financial Corp		73,907
195		Renasant Corp		2,652
120		Republic Bancorp, Inc (Class A)		2,472
97		Rockville Financial, Inc		1,019
100		Roma Financial Corp		1,236
300		S&T Bancorp, Inc		5,103
210		S.Y. Bancorp, Inc		4,484
250		Sandy Spring Bancorp, Inc		2,223
121	*	Santander BanCorp		1,486
151		SCBT Financial Corp		4,181
98		Shore Bancshares, Inc		1,417
87		Sierra Bancorp		664
756	*	Signature Bank		24,116
169		Simmons First National Corp (Class A)		4,698
110		Smithtown Bancorp, Inc		655
800		South Financial Group, Inc		516
127		Southside Bancshares, Inc		2,492
94		Southwest Bancorp, Inc		652
163		State Bancorp, Inc		1,159
6,108		State Street Corp		265,942
256		StellarOne Corp		2,550
119		Sterling Bancorp		850
994		Sterling Bancshares, Inc		5,099
561		Sterling Financial Corp		348
88		Suffolk Bancorp		2,614
147	*	Sun Bancorp, Inc		551
6,281		SunTrust Banks, Inc		127,441
979		Susquehanna Bancshares, Inc		5,766
400	*	SVB Financial Group		16,676
7,333		Synovus Financial Corp		15,033
1,554		TCF Financial Corp		21,165
429	*	Texas Capital Bancshares, Inc		5,989
1,470		TFS Financial Corp		17,846
126	*	The Bancorp, Inc		864
119		Tompkins Trustco, Inc		4,820
42		Tower Bancorp, Inc		960
232		TowneBank		2,710
171		Trico Bancshares		2,847
852		Trustco Bank Corp NY		5,368
711		Trustmark Corp		16,026
372		UMB Financial Corp		14,638

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
733		Umpqua Holdings Corp	$	9,830
167		Union Bankshares Corp		2,069
437		United Bankshares, Inc		8,727
520		United Community Banks, Inc		1,763
201		United Financial Bancorp, Inc		2,635
75		United Security Bancshares		1,286
121		Univest Corp of Pennsylvania		2,121
23,522		US Bancorp		529,480
1,660		Valley National Bancorp		23,456
124		ViewPoint Financial Group		1,787
113		Washington Banking Co		1,349
1,416		Washington Federal, Inc		27,385
138		Washington Trust Bancorp, Inc		2,150
770		Webster Financial Corp		9,140
58,828		Wells Fargo & Co		1,587,768
301		WesBanco, Inc		3,714
189		West Bancorporation, Inc		932
390		Westamerica Bancorporation		21,594
554	*	Western Alliance Bancorp		2,094
8,469		Western Union Co		159,641
366		Westfield Financial, Inc		3,020
750		Whitney Holding Corp		6,833
772		Wilmington Trust Corp		9,526
167		Wilshire Bancorp, Inc		1,368
248		Wintrust Financial Corp		7,636
100		WSFS Financial Corp		2,563
135		Yadkin Valley Financial Corp		494
1,396		Zions Bancorporation		17,911
		TOTAL DEPOSITORY INSTITUTIONS		9,780,642
EATING AND DRINKING PLACES - 1.04%
208	*	AFC Enterprises		1,697
167	*	Benihana, Inc		633
239	*	BJ’s Restaurants, Inc		4,498
379		Bob Evans Farms, Inc		10,972
1,150		Brinker International, Inc		17,158
218	*	Buffalo Wild Wings, Inc		8,779
1,182		Burger King Holdings, Inc		22,245
262	*	California Pizza Kitchen, Inc		3,524
332		CBRL Group, Inc		12,613
343	*	CEC Entertainment, Inc		10,949
844	*	Cheesecake Factory		18,222
385	*	Chipotle Mexican Grill, Inc (Class A)		33,942
622		CKE Restaurants, Inc		5,262
1,656		Darden Restaurants, Inc		58,076
949	*	Denny’s Corp		2,078
402	*	DineEquity, Inc		9,765
1,090	*	Domino’s Pizza, Inc		9,134
678	*	Jack in the Box, Inc		13,336
587	*	Krispy Kreme Doughnuts, Inc		1,732
273	*	Landry’s Restaurants, Inc		5,812
253	*	Luby’s, Inc		931
188	*	McCormick & Schmick’s Seafood Restaurants, Inc		1,308
13,660		McDonald’s Corp		852,931
300	*	O’Charleys, Inc		1,965
263	*	Papa John’s International, Inc		6,144
277	*	PF Chang’s China Bistro, Inc		10,501
150	*	Red Robin Gourmet Burgers, Inc		2,685
661	*	Ruby Tuesday, Inc		4,759
200	*	Ruth’s Chris Steak House, Inc		418
729	*	Sonic Corp		7,341
9,095	*	Starbucks Corp		209,731
20	*	Steak N Shake Co		6,482
602	*	Texas Roadhouse, Inc (Class A)		6,760
4,271		Wendy’s/Arby’s Group, Inc (Class A)		20,031
5,573		Yum! Brands, Inc		194,888
		TOTAL EATING AND DRINKING PLACES		1,577,302

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
EDUCATIONAL SERVICES - 0.20%
224	*	American Public Education, Inc	$	7,697
1,691	*	Apollo Group, Inc (Class A)		102,442
170	*	Bridgepoint Education, Inc		2,553
881	*	Career Education Corp		20,536
363	*	ChinaCast Education Corp		2,744
942	*	Corinthian Colleges, Inc		12,971
751		DeVry, Inc		42,604
277	*	Education Management Corp		6,097
228	*	Grand Canyon Education, Inc		4,334
518	*	ITT Educational Services, Inc		49,707
310	*	K12, Inc		6,284
92	*	Learning Tree International, Inc		1,098
115	*	Lincoln Educational Services Corp		2,492
173		Strayer Education, Inc		36,761
228	*	Universal Technical Institute, Inc		4,606
		TOTAL EDUCATIONAL SERVICES		302,926
ELECTRIC, GAS, AND SANITARY SERVICES - 4.23%
8,046	*	AES Corp		107,092
931		AGL Resources, Inc		33,954
2,021		Allegheny Energy, Inc		47,453
338		Allete, Inc		11,046
1,335		Alliant Energy Corp		40,397
2,777		Ameren Corp		77,617
200		American Ecology Corp		3,408
5,930		American Electric Power Co, Inc		206,305
225		American States Water Co		7,967
720		American Water Works Co, Inc		16,135
1,753		Aqua America, Inc		30,695
77		Artesian Resources Corp		1,410
1,066		Atmos Energy Corp		31,340
658		Avista Corp		14,206
446		Black Hills Corp		11,877
225		California Water Service Group		8,285
4,146	*	Calpine Corp		45,606
4,582		Centerpoint Energy, Inc		66,485
110		Central Vermont Public Service Corp		2,288
250		CH Energy Group, Inc		10,630
107		Chesapeake Utilities Corp		3,429
355	*	Clean Energy Fuels Corp		5,471
345	*	Clean Harbors, Inc		20,565
757		Cleco Corp		20,689
2,460		CMS Energy Corp		38,524
98		Connecticut Water Service, Inc		2,427
3,410		Consolidated Edison, Inc		154,916
160		Consolidated Water Co, Inc		2,286
2,326		Constellation Energy Group, Inc		81,805
1,527	*	Covanta Holding Corp		27,623
456		Crosstex Energy, Inc		2,759
7,328		Dominion Resources, Inc		285,207
1,497		DPL, Inc		41,317
1,977		DTE Energy Co		86,177
16,001		Duke Energy Corp		275,377
5,637	*	Dynegy, Inc (Class A)		10,203
3,874		Edison International		134,738
8,722		El Paso Corp		85,737
600	*	El Paso Electric Co		12,168
388		Empire District Electric Co		7,267
866		Energen Corp		40,529
904		EnergySolutions, Inc		7,675
174	*	EnerNOC, Inc		5,288
2,448		Entergy Corp		200,344
8,154		Exelon Corp		398,487
3,794		FirstEnergy Corp		176,231
5,100		FPL Group, Inc		269,382
1,633		Great Plains Energy, Inc		31,664
1,196		Hawaiian Electric Industries, Inc		24,996
695		Idacorp, Inc		22,205
971		Integrys Energy Group, Inc		40,772
600		ITC Holdings Corp		31,254

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
250		Laclede Group, Inc	$	8,443
2,209		MDU Resources Group, Inc		52,132
287		MGE Energy, Inc		10,257
155		Middlesex Water Co		2,733
1,738	*	Mirant Corp		26,539
864		National Fuel Gas Co		43,200
528		New Jersey Resources Corp		19,747
545		Nicor, Inc		22,945
3,108		NiSource, Inc		47,801
2,126		Northeast Utilities		54,830
333		Northwest Natural Gas Co		14,998
435		NorthWestern Corp		11,319
3,121	*	NRG Energy, Inc		73,687
1,328		NSTAR		48,870
2,662		NV Energy, Inc		32,956
1,121		OGE Energy Corp		41,354
1,273		Oneok, Inc		56,738
240		Ormat Technologies, Inc		9,082
540		Otter Tail Corp		13,392
52		Pennichuck Corp		1,099
2,652		Pepco Holdings, Inc		44,686
629	*	Perma-Fix Environmental Services		1,428
4,586		PG&E Corp		204,765
228	*	Pico Holdings, Inc		7,462
973		Piedmont Natural Gas Co, Inc		26,028
200	*	Pike Electric Corp		1,856
1,246		Pinnacle West Capital Corp		45,579
1,049		PNM Resources, Inc		13,270
906		Portland General Electric Co		18,491
4,695		PPL Corp		151,695
3,431		Progress Energy, Inc		140,705
6,300		Public Service Enterprise Group, Inc		209,475
2,092		Questar Corp		86,964
4,240	*	Reliant Energy, Inc		24,253
3,886		Republic Services, Inc		110,013
115		Resource America, Inc (Class A)		465
1,576		SCANA Corp		59,384
2,950		Sempra Energy		165,141
138		SJW Corp		3,115
510		South Jersey Industries, Inc		19,472
9,713		Southern Co		323,638
1,278		Southern Union Co		29,011
542		Southwest Gas Corp		15,463
303		Southwest Water Co		1,785
1,047	*	Stericycle, Inc		57,763
2,445		TECO Energy, Inc		39,658
1,529		UGI Corp		36,987
353		UIL Holdings Corp		9,912
432		Unisource Energy Corp		13,906
126		Unitil Corp		2,895
977		Vectren Corp		24,112
986	*	Waste Connections, Inc		32,873
6,103		Waste Management, Inc		206,342
229	*	Waste Services, Inc		2,086
1,310		Westar Energy, Inc		28,453
625		WGL Holdings, Inc		20,963
6,979		Williams Cos, Inc		147,117
1,446		Wisconsin Energy Corp		72,054
5,793		Xcel Energy, Inc		122,927
142		York Water Co		2,060
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		6,438,082
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.38%
348	*	A123 Systems, Inc		7,809
475	*	Acme Packet, Inc		5,225
313	*	Actel Corp		3,718
638		Acuity Brands, Inc		22,738
1,457	*	Adaptec, Inc		4,881
1,296	*	ADC Telecommunications, Inc		8,048
395	*	Advanced Analogic Technologies, Inc		1,556
1,882	*	Advanced Battery Technologies, Inc		7,528

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
504	*	Advanced Energy Industries, Inc	$	7,600
6,784	*	Advanced Micro Devices, Inc		65,669
298	*	Airvana, Inc		2,265
3,544		Altera Corp		80,201
544	*	American Superconductor Corp		22,250
1,295		Ametek, Inc		49,521
1,245	*	Amkor Technology, Inc		8,914
2,144		Amphenol Corp (Class A)		99,010
891	*	Anadigics, Inc		3,760
3,722		Analog Devices, Inc		117,541
11,021	*	Apple Computer, Inc		2,323,887
891	*	Applied Micro Circuits Corp		6,656
144		Applied Signal Technology, Inc		2,778
1,549	*	Arris Group, Inc		17,705
525	*	Ascent Solar Technologies, Inc		2,783
841	*	Atheros Communications, Inc		28,796
5,300	*	Atmel Corp		24,433
395	*	ATMI, Inc		7,355
1,731	*	Avnet, Inc		52,207
583		AVX Corp		7,387
129	*	AZZ, Inc		4,218
542		Baldor Electric Co		15,225
100		Bel Fuse, Inc (Class B)		2,149
750	*	Benchmark Electronics, Inc		14,183
386	*	BigBand Networks, Inc		1,328
6,124	*	Broadcom Corp (Class A)		192,600
321	*	Ceradyne, Inc		6,166
234	*	Ceva, Inc		3,009
500	*	Checkpoint Systems, Inc		7,625
2,742	*	China BAK Battery, Inc		7,623
311	*	China Security & Surveillance Technology, Inc		2,376
1,099	*	Ciena Corp		11,913
71,356	*	Cisco Systems, Inc		1,708,262
330	*	Comtech Telecommunications Corp		11,567
1,286	*	Cree, Inc		72,492
300		CTS Corp		2,886
170		Cubic Corp		6,341
1,711	*	Cypress Semiconductor Corp		18,068
332	*	Diodes, Inc		6,789
633	*	Dolby Laboratories, Inc (Class A)		30,213
289	*	DSP Group, Inc		1,627
179	*	DTS, Inc		6,124
2,000		Eaton Corp		127,240
485	*	EchoStar Corp (Class A)		9,768
300	*	Electro Scientific Industries, Inc		3,246
834	*	EMCORE Corp		892
161	*	EMS Technologies, Inc		2,335
809	*	Energizer Holdings, Inc		49,576
585	*	Energy Conversion Devices, Inc		6,183
481	*	EnerSys		10,519
655	*	Entropic Communications, Inc		2,011
2,598	*	Evergreen Solar, Inc		3,923
520	*	Exar Corp		3,697
816	*	Exide Technologies		5,802
1,414	*	Fairchild Semiconductor International, Inc		14,126
618	*	First Solar, Inc		83,677
277		Franklin Electric Co, Inc		8,055
1,210	*	FuelCell Energy, Inc		4,550
130,640		General Electric Co		1,976,582
228	*	Globecomm Systems, Inc		1,783
191	*	GP Strategies Corp		1,438
1,560	*	GrafTech International Ltd		24,258
269	*	Greatbatch, Inc		5,173
474	*	GT Solar International, Inc		2,635
852		Harman International Industries, Inc		30,059
1,150	*	Harmonic, Inc		7,280
1,630		Harris Corp		77,507
670	*	Harris Stratex Networks, Inc (Class A)		4,630
334	*	Helen of Troy Ltd		8,170
1,161	*	Hexcel Corp		15,070
267	*	Hittite Microwave Corp		10,880
400		Imation Corp		3,488
1,220	*	Infinera Corp		10,821

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,945	*	Integrated Device Technology, Inc	$	12,584
69,123		Intel Corp		1,410,108
564	*	InterDigital, Inc		14,969
915	*	International Rectifier Corp		20,240
1,411		Intersil Corp (Class A)		21,645
217	*	IPG Photonics Corp		3,633
231	*	iRobot Corp		4,066
257		IXYS Corp		1,907
2,562	*	JDS Uniphase Corp		21,137
1,407		L-3 Communications Holdings, Inc		122,339
1,300	*	Lattice Semiconductor Corp		3,510
513		Lincoln Electric Holdings, Inc		27,425
2,683		Linear Technology Corp		81,939
261	*	Littelfuse, Inc		8,391
124	*	Loral Space & Communications, Inc		3,920
131		LSI Industries, Inc		1,032
7,838	*	LSI Logic Corp		47,106
6,174	*	Marvell Technology Group Ltd		128,111
3,678		Maxim Integrated Products, Inc		74,663
211	*	Maxwell Technologies, Inc		3,764
3,021	*	MEMC Electronic Materials, Inc		41,146
223	*	Mercury Computer Systems, Inc		2,455
447		Methode Electronics, Inc		3,880
797		Micrel, Inc		6,535
2,347		Microchip Technology, Inc		68,204
10,253	*	Micron Technology, Inc		108,272
1,063	*	Microsemi Corp		18,868
1,000	*	Microtune, Inc		2,260
625	*	Microvision, Inc		1,981
436	*	MIPS Technologies, Inc		1,905
1,592		Molex, Inc		34,308
407	*	Monolithic Power Systems, Inc		9,756
510	*	Moog, Inc (Class A)		14,907
28,500		Motorola, Inc		221,160
160	*	Multi-Fineline Electronix, Inc		4,539
58		National Presto Industries, Inc		6,335
2,758		National Semiconductor Corp		42,363
4,020	*	NetApp, Inc		138,248
330	*	Netlogic Microsystems, Inc		15,266
1,139	*	Novellus Systems, Inc		26,584
55	*	NVE Corp		2,272
6,683	*	Nvidia Corp		124,838
634	*	Omnivision Technologies, Inc		9,212
4,849	*	ON Semiconductor Corp		42,720
1,006	*	Openwave Systems, Inc		2,294
252	*	Oplink Communications, Inc		4,130
205	*	OpNext, Inc		390
185	*	OSI Systems, Inc		5,047
232		Park Electrochemical Corp		6,412
265	*	Parkervision, Inc		485
304	*	Pericom Semiconductor Corp		3,505
500	*	Photronics, Inc		2,225
554		Plantronics, Inc		14,393
548	*	Plexus Corp		15,618
410	*	PLX Technology, Inc		1,324
2,504	*	PMC - Sierra, Inc		21,685
1,022	*	Polycom, Inc		25,519
314	*	Polypore International, Inc		3,737
94	*	Powell Industries, Inc		2,964
343		Power Integrations, Inc		12,471
1,100	*	Power-One, Inc		4,785
1,294	*	Powerwave Technologies, Inc		1,630
1,437	*	QLogic Corp		27,116
20,485		Qualcomm, Inc		947,636
1,317	*	Rambus, Inc		32,135
192		Raven Industries, Inc		6,100
420		Regal-Beloit Corp		21,815
3,137	*	RF Micro Devices, Inc		14,963
200	*	Rogers Corp		6,062
149	*	Rubicon Technology, Inc		3,026
611	*	SatCon Technology Corp		1,723
334	*	Seachange International, Inc		2,194
1,033	*	Semtech Corp		17,571

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
495	*	ShoreTel, Inc	$	2,861
1,131	*	Silicon Image, Inc		2,918
583	*	Silicon Laboratories, Inc		28,182
1,350	*	Silicon Storage Technology, Inc		3,456
1,872	*	Skyworks Solutions, Inc		26,564
549	*	Smart Modular Technologies WWH, Inc		3,453
153	*	Spectrum Control, Inc		1,449
300	*	Standard Microsystems Corp		6,234
173	*	Stoneridge, Inc		1,559
1,166	*	Sunpower Corp (Class A)		27,611
100	*	Supertex, Inc		2,980
234		Sycamore Networks, Inc		4,893
396	*	Symmetricom, Inc		2,059
424	*	Synaptics, Inc		12,996
2,327		Technitrol, Inc		10,192
163	*	Techwell, Inc		2,152
806	*	Tekelec		12,316
557		Teleflex, Inc		30,017
4,811	*	Tellabs, Inc		27,326
770	*	Tessera Technologies, Inc		17,918
15,799		Texas Instruments, Inc		411,722
645	*	Thomas & Betts Corp		23,085
598	*	Trident Microsystems, Inc		1,112
1,986	*	Triquint Semiconductor, Inc		11,916
433	*	TTM Technologies, Inc		4,992
60	*	Ultralife Corp		259
269	*	Universal Display Corp		3,325
166	*	Universal Electronics, Inc		3,855
771	*	US Geothermal, Inc		1,180
1,960	*	Utstarcom, Inc		4,292
581	*	Valence Technology, Inc		529
881	*	Varian Semiconductor Equipment Associates, Inc		31,610
315	*	Viasat, Inc		10,011
200		Vicor Corp		1,860
2,260	*	Vishay Intertechnology, Inc		18,871
288	*	Volterra Semiconductor Corp		5,507
958		Whirlpool Corp		77,272
223	*	White Electronic Designs Corp		1,041
3,361		Xilinx, Inc		84,227
743	*	Zix Corp		1,271
350	*	Zoltek Cos, Inc		3,325
619	*	Zoran Corp		6,840
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		12,745,075
ENGINEERING AND MANAGEMENT SERVICES - 0.65%
319	*	Accelrys, Inc		1,828
188	*	Advisory Board Co		5,764
1,142	*	Aecom Technology Corp		31,405
166	*	Affymax, Inc		4,107
1,697	*	Amylin Pharmaceuticals, Inc		24,080
556	*	Ariad Pharmaceuticals, Inc		1,268
100		CDI Corp		1,295
906	*	Celera Corp		6,260
205	*	comScore, Inc		3,598
117	*	Cornell Cos, Inc		2,656
387		Corporate Executive Board Co		8,831
167	*	CRA International, Inc		4,451
303		Diamond Management & Technology Consultants, Inc		2,233
641	*	Dyax Corp		2,173
723	*	eResearch Technology, Inc		4,345
1,296	*	Exelixis, Inc		9,552
172	*	Exponent, Inc		4,788
2,265		Fluor Corp		102,015
148	*	Franklin Covey Co		932
408	*	Furmanite Corp		1,554
692	*	Genpact Ltd		10,311
668	*	Gen-Probe, Inc		28,657
1,008	*	Hewitt Associates, Inc (Class A)		42,598
270	*	Hill International, Inc		1,685
279	*	Huron Consulting Group, Inc		6,428

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
106	*	ICF International, Inc	$	2,841
1,305	*	Incyte Corp		11,889
224	*	Infinity Pharmaceuticals, Inc		1,384
1,497	*	Insmed, Inc		1,153
1,170	*	Isis Pharmaceuticals, Inc		12,987
1,484	*	Jacobs Engineering Group, Inc		55,813
1,971		KBR, Inc		37,449
135	*	Kendle International, Inc		2,472
174		Landauer, Inc		10,684
954	*	Lexicon Pharmaceuticals, Inc		1,622
588	*	Luminex Corp		8,779
241		MAXIMUS, Inc		12,050
317	*	Maxygen, Inc		1,931
2,762	*	McDermott International, Inc		66,316
80	*	Michael Baker Corp		3,312
1,132	*	Myriad Genetics, Inc		29,545
631	*	Navigant Consulting, Inc		9,377
387	*	Omnicell, Inc		4,524
3,989		Paychex, Inc		122,222
764	*	Regeneron Pharmaceuticals, Inc		18,474
367	*	Repligen Corp		1,508
514	*	Resources Connection, Inc		10,907
517	*	Rigel Pharmaceuticals, Inc		4,917
611	*	RTI Biologics, Inc		2,346
4,884	*	SAIC, Inc		92,502
410	*	Sangamo Biosciences, Inc		2,427
739	*	Savient Pharmaceuticals, Inc		10,058
866	*	Seattle Genetics, Inc		8,799
805	*	Sequenom, Inc		3,333
1,022	*	Shaw Group, Inc		29,383
137	*	Stanley, Inc		3,755
299	*	Symyx Technologies, Inc		1,645
100	*	Tejon Ranch Co		2,922
728	*	Tetra Tech, Inc		19,780
76	*	Transcend Services, Inc		1,623
1,020	*	URS Corp		45,410
48		VSE Corp		2,164
512		Watson Wyatt & Co Holdings (Class A)		24,330
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		995,447
FABRICATED METAL PRODUCTS - 0.56%
434	*	Alliant Techsystems, Inc		38,309
105		Ameron International Corp		6,663
816		Aptargroup, Inc		29,164
1,136		Ball Corp		58,731
93	*	Bway Holding Co		1,787
603	*	Chart Industries, Inc		9,980
170		CIRCOR International, Inc		4,281
1,329		Commercial Metals Co		20,799
593		Crane Co		18,158
1,900	*	Crown Holdings, Inc		48,602
270		Dynamic Materials Corp		5,414
686	*	Griffon Corp		8,383
190		Gulf Island Fabrication, Inc		3,996
69	*	Hawk Corp		1,215
5,554		Illinois Tool Works, Inc		266,535
155		Insteel Industries, Inc		2,015
153	*	Ladish Co, Inc		2,307
400	*	Mobile Mini, Inc		5,636
2,364		Mueller Water Products, Inc (Class A)		12,293
1,114	*	NCI Building Systems, Inc		2,016
1,937		Parker Hannifin Corp		104,365
1,158		Pentair, Inc		37,403
450		Quanex Building Products Corp		7,637
323		Silgan Holdings, Inc		18,695
459		Simpson Manufacturing Co, Inc		12,343
635	*	Smith & Wesson Holding Corp		2,597
694		Snap-On, Inc		29,328
924		Stanley Works		47,595

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
228		Sturm Ruger & Co, Inc	$	2,212
122		Sun Hydraulics Corp		3,203
812	*	Taser International, Inc		3,557
255		Valmont Industries, Inc		20,005
341		Watts Water Technologies, Inc (Class A)		10,544
		TOTAL FABRICATED METAL PRODUCTS		845,768
FISHERIES - 0.00%**
110	*	HQ Sustainable Maritime Industries, Inc		774
		TOTAL FISHERIES		774
FOOD AND KINDRED PRODUCTS - 3.79%
228	*	AgFeed Industries, Inc		1,140
97	*	American Dairy, Inc		2,103
255	*	American Italian Pasta Co		8,871
7,914		Archer Daniels Midland Co		247,787
226		B&G Foods, Inc (Class A)		2,075
100	*	Boston Beer Co, Inc (Class A)		4,660
1,617		Bunge Ltd		103,213
2,474		Campbell Soup Co		83,621
798	*	Central Garden and Pet Co (Class A)		7,932
77		Coca-Cola Bottling Co Consolidated		4,160
28,642		Coca-Cola Co		1,632,593
3,681		Coca-Cola Enterprises, Inc		78,037
5,397		ConAgra Foods, Inc		124,401
2,181	*	Constellation Brands, Inc (Class A)		34,743
902		Corn Products International, Inc		26,365
878	*	Darling International, Inc		7,358
2,385		Del Monte Foods Co		27,046
182		Diamond Foods, Inc		6,468
3,080		Dr Pepper Snapple Group, Inc		87,164
200		Farmer Bros Co		3,948
952		Flowers Foods, Inc		22,620
4,081		General Mills, Inc		288,976
3,917		H.J. Heinz Co		167,491
826	*	Hansen Natural Corp		31,718
1,986		Hershey Co		71,079
888		Hormel Foods Corp		34,144
125		Imperial Sugar Co		2,180
192		J&J Snack Foods Corp		7,672
1,442		J.M. Smucker Co		89,044
3,174		Kellogg Co		168,857
18,261		Kraft Foods, Inc (Class A)		496,334
293		Lancaster Colony Corp		14,562
400		Lance, Inc		10,520
107	*	M&F Worldwide Corp		4,227
1,744		McCormick & Co, Inc		63,011
2,510		Mead Johnson Nutrition Co		109,687
1,654		Molson Coors Brewing Co (Class B)		74,695
129	*	National Beverage Corp		1,788
211	*	Omega Protein Corp		920
195	*	Overhill Farms, Inc		948
149	*	Peet’s Coffee & Tea, Inc		4,966
1,697		Pepsi Bottling Group, Inc		63,638
710		PepsiAmericas, Inc		20,775
19,267		PepsiCo, Inc		1,171,433
670	*	Ralcorp Holdings, Inc		40,006
2,156		Reynolds American, Inc		114,203
246		Sanderson Farms, Inc		10,371
8,405		Sara Lee Corp		102,373
77	*	Seneca Foods Corp		1,838
718	*	Smart Balance, Inc		4,308
1,470	*	Smithfield Foods, Inc		22,329
368		Tootsie Roll Industries, Inc		10,076
383	*	TreeHouse Foods, Inc		14,883
3,645		Tyson Foods, Inc (Class A)		44,724
		TOTAL FOOD AND KINDRED PRODUCTS		5,780,081

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
FOOD STORES - 0.27%
15		Arden Group, Inc (Class A)	$	1,434
433	*	Dole Food Co, Inc		5,374
403	*	Great Atlantic & Pacific Tea Co, Inc		4,751
100		Ingles Markets, Inc (Class A)		1,513
8,137		Kroger Co		167,053
327	*	Panera Bread Co (Class A)		21,899
248	*	Pantry, Inc		3,370
520		Ruddick Corp		13,380
5,424		Safeway, Inc		115,477
2,644		Supervalu, Inc		33,605
91	*	Susser Holdings Corp		782
77		Village Super Market (Class A)		2,104
133		Weis Markets, Inc		4,836
1,320	*	Whole Foods Market, Inc		36,234
610	*	Winn-Dixie Stores, Inc		6,124
		TOTAL FOOD STORES		417,936
FORESTRY - 0.10%
962		Rayonier, Inc		40,558
2,546		Weyerhaeuser Co		109,834
		TOTAL FORESTRY		150,392
FURNITURE AND FIXTURES - 0.15%
111	*	Astronics Corp		949
279		Ethan Allen Interiors, Inc		3,744
642	*	Furniture Brands International, Inc		3,505
700		Herman Miller, Inc		11,186
759		Hill-Rom Holdings, Inc		18,208
567		HNI Corp		15,666
64		Hooker Furniture Corp		792
300		Kimball International, Inc (Class B)		2,556
744	*	Kinetic Concepts, Inc		28,012
500		La-Z-Boy, Inc		4,765
1,893		Leggett & Platt, Inc		38,617
4,339		Masco Corp		59,922
2,218	*	Sealy Corp		7,009
125	*	Stanley Furniture Co, Inc		1,269
838		Steelcase, Inc (Class A)		5,330
926	*	Tempur-Pedic International, Inc		21,881
		TOTAL FURNITURE AND FIXTURES		223,411
FURNITURE AND HOME FURNISHINGS STORES - 0.26%
3,155	*	Bed Bath & Beyond, Inc		121,878
4,066		Best Buy Co, Inc		160,444
1,973	*	GameStop Corp (Class A)		43,288
166		Haverty Furniture Cos, Inc		2,279
176	*	hhgregg, Inc		3,877
546		Knoll, Inc		5,640
1,075	*	Pier 1 Imports, Inc		5,472
1,485		RadioShack Corp		28,958
92	*	Rex Stores Corp		1,294
228	*	Tuesday Morning Corp		588
1,135		Williams-Sonoma, Inc		23,585
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		397,303
GENERAL BUILDING CONTRACTORS - 0.17%
100	*	Amrep Corp		1,370
39	*	Avatar Holdings, Inc		663
917	*	Beazer Homes USA, Inc		4,438
139		Brookfield Homes Corp		1,112
72	*	Cavco Industries, Inc		2,586
3,350		DR Horton, Inc		36,415
1,819	*	Hovnanian Enterprises, Inc (Class A)		6,985
919		KB Home		12,572
1,611		Lennar Corp (Class A)		20,572

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
385	*	M/I Homes, Inc	$	4,000
274		McGrath RentCorp		6,127
441		MDC Holdings, Inc		13,689
377	*	Meritage Homes Corp		7,287
69	*	NVR, Inc		49,039
313	*	Perini Corp		5,659
4,066	*	Pulte Homes, Inc		40,660
506		Ryland Group, Inc		9,968
1,250	*	Standard-Pacific Corp		4,675
390	*	Team, Inc		7,336
1,565	*	Toll Brothers, Inc		29,438
		TOTAL GENERAL BUILDING CONTRACTORS		264,591
GENERAL MERCHANDISE STORES - 1.84%
521	*	99 Cents Only Stores		6,809
961	*	Big Lots, Inc		27,850
687	*	BJ’s Wholesale Club, Inc		22,472
627		Casey’s General Stores, Inc		20,014
100	*	Conn’s, Inc		584
5,389		Costco Wholesale Corp		318,867
670		Dillard’s, Inc (Class A)		12,362
410	*	Dollar General Corp		9,196
1,890		Family Dollar Stores, Inc		52,599
480		Fred’s, Inc (Class A)		4,896
2,824		JC Penney Co, Inc		75,147
5,081		Macy’s, Inc		85,158
298	*	Retail Ventures, Inc		2,649
1,641	*	Saks, Inc		10,765
601	*	Sears Holdings Corp		50,153
200	*	Stein Mart, Inc		2,132
9,320		Target Corp		450,808
5,149		TJX Companies, Inc		188,196
27,354		Wal-Mart Stores, Inc		1,462,071
		TOTAL GENERAL MERCHANDISE STORES		2,802,728
HEALTH SERVICES - 1.29%
312	*	Alliance Imaging, Inc		1,782
544	*	Allied Healthcare International, Inc		1,583
72	*	Almost Family, Inc		2,846
341	*	Amedisys, Inc		16,559
101		America Service Group, Inc		1,603
155	*	American Dental Partners, Inc		2,000
3,726		AmerisourceBergen Corp		97,137
451	*	Amsurg Corp		9,931
132	*	Assisted Living Concepts, Inc (A Shares)		3,481
273	*	Bio-Reference Labs, Inc		10,699
384		Brookdale Senior Living, Inc		6,985
123	*	China Sky One Medical, Inc		2,798
1,047	*	Community Health Systems, Inc		37,273
370	*	Continucare Corp		1,617
90	*	Corvel Corp		3,019
772	*	Covance, Inc		42,128
1,774	*	Coventry Health Care, Inc		43,090
296	*	Cross Country Healthcare, Inc		2,933
253	*	CryoLife, Inc		1,624
1,249	*	DaVita, Inc		73,366
693	*	Edwards Lifesciences Corp		60,187
280	*	eHealth, Inc		4,600
280	*	Emeritus Corp		5,250
270		Ensign Group, Inc		4,150
242	*	Enzo Biochem, Inc		1,302
3,410	*	Express Scripts, Inc		294,795
270	*	Genomic Health, Inc		5,281
245	*	Genoptix, Inc		8,705
349	*	Gentiva Health Services, Inc		9,426
295	*	Health Grades, Inc		1,266
2,818	*	Health Management Associates, Inc (Class A)		20,487
1,191	*	Healthsouth Corp		22,355

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
402	*	Healthways, Inc	$	7,373
1,809	*	Immunomedics, Inc		5,807
220	*	IPC The Hospitalist Co, Inc		7,315
402	*	Kindred Healthcare, Inc		7,421
1,388	*	Laboratory Corp of America Holdings		103,878
267	*	LHC Group, Inc		8,974
634	*	LifePoint Hospitals, Inc		20,611
853	*	Lincare Holdings, Inc		31,663
462	*	Magellan Health Services, Inc		18,817
3,395		McKesson Corp		212,188
164	*	Medcath Corp		1,297
5,965	*	Medco Health Solutions, Inc		381,222
100		National Healthcare Corp		3,611
1,110	*	Nektar Therapeutics		10,345
235	*	Nighthawk Radiology Holdings, Inc		1,065
252	*	NovaMed, Inc		978
336	*	Odyssey HealthCare, Inc		5,235
1,451		Omnicare, Inc		35,085
538	*	Pediatrix Medical Group, Inc		32,339
1,248		Pharmaceutical Product Development, Inc		29,253
678	*	Psychiatric Solutions, Inc		14,333
1,986		Quest Diagnostics, Inc		119,915
300	*	RehabCare Group, Inc		9,129
798	*	Select Medical Holdings Corp		8,475
246	*	Skilled Healthcare Group, Inc (Class A)		1,833
597	*	Sun Healthcare Group, Inc		5,474
3,064	*	Sunrise Senior Living, Inc		9,866
5,785	*	Tenet Healthcare Corp		31,181
1,256		Universal Health Services, Inc (Class B)		38,308
133	*	US Physical Therapy, Inc		2,252
		TOTAL HEALTH SERVICES		1,965,501
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.03%
391	*	Broadwind Energy, Inc		3,163
250	*	Comverge, Inc		2,810
566		Granite Construction, Inc		19,051
670		Great Lakes Dredge & Dock Corp		4,342
111	*	LB Foster Co (Class A)		3,309
440	*	Matrix Service Co		4,686
209	*	MYR Group, Inc		3,779
434	*	Orion Marine Group, Inc		9,140
133	*	Sterling Construction Co, Inc		2,551
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		52,831
HOLDING AND OTHER INVESTMENT OFFICES - 3.87%
415		Acadia Realty Trust		7,001
497	*	Affiliated Managers Group, Inc		33,473
79		Agree Realty Corp		1,840
24		Alexander’s, Inc		7,306
476		Alexandria Real Estate Equities, Inc		30,602
3,502		Allied Capital Corp		12,642
1,780		AMB Property Corp		45,479
628		American Campus Communities, Inc		17,647
269		American Capital Agency Corp		7,139
6,862		Annaly Mortgage Management, Inc		119,056
1,383		Anworth Mortgage Asset Corp		9,681
1,529		Apartment Investment & Management Co (Class A)		24,342
1,067	*	Ashford Hospitality Trust, Inc		4,951
167		Associated Estates Realty Corp		1,882
957		AvalonBay Communities, Inc		78,579
1,095		BioMed Realty Trust, Inc		17,279
1,674		Boston Properties, Inc		112,275
1,550		Brandywine Realty Trust		17,670
617		BRE Properties, Inc (Class A)		20,410
806		Camden Property Trust		34,150
137	*	Cape Bancorp, Inc		921
2,136		Capital Lease Funding, Inc		9,356
47		Capital Southwest Corp		3,704
1,156		Capstead Mortgage Corp		15,779

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,705		CBL & Associates Properties, Inc	$	16,487
1,691		Cedar Shopping Centers, Inc		11,499
65		Cherokee, Inc		1,158
328		Cogdell Spencer, Inc		1,856
657		Colonial Properties Trust		7,707
691		Corporate Office Properties Trust		25,311
547		Cousins Properties, Inc		4,174
829		Danvers Bancorp, Inc		10,769
2,129		DCT Industrial Trust, Inc		10,688
2,671		Developers Diversified Realty Corp		24,733
1,309		DiamondRock Hospitality Co		11,087
919		Digital Realty Trust, Inc		46,207
1,381		Douglas Emmett, Inc		19,679
2,789		Duke Realty Corp		33,942
142		Dynex Capital, Inc		1,240
305		EastGroup Properties, Inc		11,675
231		Education Realty Trust, Inc		1,118
420		Entertainment Properties Trust		14,813
368		Equity Lifestyle Properties, Inc		18,573
415		Equity One, Inc		6,711
3,309		Equity Residential		111,778
331		Essex Property Trust, Inc		27,688
1,040		Extra Space Storage, Inc		12,012
697		Federal Realty Investment Trust		47,201
1,798	*	FelCor Lodging Trust, Inc		6,473
1,135		First Industrial Realty Trust, Inc		5,936
328		First Potomac Realty Trust		4,123
665		Franklin Street Properties Corp		9,716
164		Getty Realty Corp		3,859
239		Gladstone Capital Corp		1,840
105		Gladstone Commercial Corp		1,408
3,474		Glimcher Realty Trust		9,380
574	*	Gramercy Capital Corp		1,487
322	*	Harris & Harris Group, Inc		1,472
558		Hatteras Financial Corp		15,602
3,535		HCP, Inc		107,959
1,461		Health Care REIT, Inc		64,752
716		Healthcare Realty Trust, Inc		15,365
3,166		Hersha Hospitality Trust		9,941
856		Highwoods Properties, Inc		28,548
525	*	Hilltop Holdings, Inc		6,111
429		Home Properties, Inc		20,468
1,473		Hospitality Properties Trust		34,925
7,476		Host Marriott Corp		87,245
2,713		HRPT Properties Trust		17,553
843		Inland Real Estate Corp		6,870
352		Invesco Mortgage Capital, Inc		8,012
678		Investors Real Estate Trust		6,102
41,049		iShares Russell 3000 Index Fund		2,679,678
1,595	*	iStar Financial, Inc		4,083
438		Kilroy Realty Corp		13,433
4,548		Kimco Realty Corp		61,534
715		Kite Realty Group Trust		2,910
1,040		LaSalle Hotel Properties		22,079
1,198		Lexington Corporate Properties Trust		7,284
1,259		Liberty Property Trust		40,301
249		LTC Properties, Inc		6,661
1,253		Macerich Co		45,045
947		Mack-Cali Realty Corp		32,738
85		Main Street Capital Corp		1,370
950		Medical Properties Trust, Inc		9,500
3,378		MFA Mortgage Investments, Inc		24,828
339		Mid-America Apartment Communities, Inc		16,367
220		Mission West Properties, Inc		1,582
237		Monmouth Real Estate Investment Corp (Class A)		1,763
520		MVC Capital, Inc		6,136
314		National Health Investors, Inc		11,615
949		National Retail Properties, Inc		20,138
1,404		Nationwide Health Properties, Inc		49,393
835		NorthStar Realty Finance Corp		2,864
1,045		Omega Healthcare Investors, Inc		20,325
259		Parkway Properties, Inc		5,392

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
759		Pennsylvania Real Estate Investment Trust	$	6,421
2,013		Plum Creek Timber Co, Inc		76,011
500		Post Properties, Inc		9,800
449		Potlatch Corp		14,314
6,374		Prologis		87,260
519		Prospect Capital Corp		6,129
235		PS Business Parks, Inc		11,762
1,617		Public Storage, Inc		131,705
1,238		RAIT Investment Trust		1,622
201		Ramco-Gershenson Properties		1,918
1,234		Realty Income Corp		31,973
936		Redwood Trust, Inc		13,535
975		Regency Centers Corp		34,184
500		Resource Capital Corp		2,460
173		Saul Centers, Inc		5,667
1,422		Senior Housing Properties Trust		31,099
2,917		Simon Property Group, Inc		232,776
929		SL Green Realty Corp		46,673
249		Sovran Self Storage, Inc		8,897
132	*	SRS Labs, Inc		968
470		Starwood Property Trust, Inc		8,878
924	*	Strategic Hotels & Resorts, Inc		1,719
236		Sun Communities, Inc		4,661
1,224		Sunstone Hotel Investors, Inc		10,869
594		Tanger Factory Outlet Centers, Inc		23,160
694		Taubman Centers, Inc		24,922
1,811		UDR, Inc		29,773
200		Universal Health Realty Income Trust		6,406
213		Urstadt Biddle Properties, Inc (Class A)		3,253
1,389		U-Store-It Trust		10,167
1,860		Ventas, Inc		81,356
3,480		Virgin Media, Inc		58,568
56	*	Virtus Investment Partners, Inc		890
1,856		Vornado Realty Trust		129,809
745		WABCO Holdings, Inc		19,214
287		Walter Investment Management Corp		4,113
704		Washington Real Estate Investment Trust		19,395
1,260		Weingarten Realty Investors		24,935
242		Winthrop Realty Trust		2,628
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,893,326
HOTELS AND OTHER LODGING PLACES - 0.29%