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
(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: June 30, 2007

Item 1. Reports to Stockholders.

2007 SEMIANNUAL REPORT

TIAA-CREF
LIFE FUNDS


JUNE 30, 2007
Financial statements (unaudited)
including summary portfolios of investments

Growth Equity                              Stock Index

Growth & Income                         Social Choice Equity

International Equity                      Real Estate Securities

Large-Cap Value                         Bond

Small-Cap Equity                         Money Market

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FINANCIAL SERVICES
FOR THE GREATER GOOD®

PERFORMANCE OVERVIEW AS OF JUNE 30, 2007

The TIAA-CREF Life Funds serve as investment vehicles for the TIAA-CREF Life Separate Account VA-1 (which offers Personal Annuity Select, Lifetime Variable Select and Single Premium Immediate Annuity contracts) and TIAA-CREF Life Separate Account VLI-1 (which offers the Variable Universal Life and Intelligent Life contracts). The returns of the TIAA-CREF Life Funds shown here do not reflect the administrative expense and the mortality and expense risk charges deducted by the products mentioned above. Because of these additional deductions, the returns on the investment subaccounts offered through the contracts that invest in these funds are lower, for the same periods, than the figures shown here.

			Average annual compound rates of total return
	Inception date		1 year			5 years			since inception
EQUITIES
Growth Equity Fund		4/3/2000		18.43	%		8.48	%		–5.75	%
Growth & Income Fund		4/3/2000		26.18			11.43			1.66
International Equity Fund		4/3/2000		34.26			19.65			4.83
Large-Cap Value Fund		10/28/2002		24.88			—			19.27
Small-Cap Equity Fund		10/28/2002		15.32			—			20.84
Stock Index Fund		1/4/1999		19.99			11.48			4.91
Social Choice Equity Fund		4/3/2000		18.82			11.59			2.58
Real Estate Securities Fund		10/28/2002		12.85			—			23.10
FIXED INCOME
Bond Fund		7/8/2003		6.12			—			3.23
Money Market Fund*		7/8/2003		5.41			—			3.21

NET ANNUALIZED YIELD		NET ANNUALIZED YIELD
(30-day period ended 6/30/2007)		(7-day period ended 6/26/2007)
	Effective		Current	Effective
Bond Fund	5.69%	Money Market Fund*	5.29%	5.43%

*

Investments in the TIAA-CREF Life Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.

The returns quoted represent 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 above, 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 www.tiaa-cref.org, or call 800 223-1200.

UNDERSTANDING YOUR TIAA-CREF LIFE FUNDS REPORT

This report contains information about the TIAA-CREF Life Funds and describes the funds’ results for the six-month period that ended on June 30, 2007.

          It includes a letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, that explains how returns among various types of investments differed during the period.

          We have revised the report to give you additional information:

• Fund profiles provide key fund statistics at a glance, including the number of holdings and the portfolio turnover rate. For funds that invest in stocks, you will also see price-to-earnings ratios and dividend yields. For the Bond Fund, you will see information about credit quality, yields and maturities.

• Portfolio composition tables show breakdowns of each fund’s holdings by industry or security type.

          We hope these enhancements will help you find the information you need more quickly so you can manage your investments more easily.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. Please visit our website at www.tiaa-cref.org, or call 800 223-1200, for contract and fund prospectuses that contain this and other important information. We urge you to read them carefully before investing.

CONTENTS

Report on the TIAA-CREF Life Funds	2	Bond Fund		39
		Money Market Fund		43
More information on the TIAA-CREF Life Funds	4
		Summary portfolios of investments		47
Special terms	5
		Financial statements
Important information about expenses	6	Statements of assets and liabilities		88
		Statements of operations		92
Fund performance		Statements of changes in net assets		96
Growth Equity Fund	7	Financial highlights		104
Growth & Income Fund	11	Notes to financial statements		124
International Equity Fund	15
Large-Cap Value Fund	19	Board approval of investment management agreement		133
Small-Cap Equity Fund	23
Stock Index Fund	27	How to reach us	Inside back cover
Social Choice Equity Fund	31
Real Estate Securities Fund	35

REPORT ON THE TIAA-CREF LIFE FUNDS

In the first half of 2007, both U.S. and foreign stocks scored strong gains, but share prices became more volatile. Global markets were jolted in late February by a sudden drop in Chinese stocks. Prices soon rebounded, but heightened volatility returned during the second quarter, as investors worried about the downturn in U.S. home sales and about problems in the credit markets.

          During the six-month period, the Russell 3000^® Index, one of the broadest measures of the U.S. stock market, rose 7.1%—just under the 7.6% average annual return of the index over the ten years that ended June 30, 2007. U.S. stocks continued to benefit from gains in corporate profits and moderate economic growth.

Because stocks recently outperformed fixed-income investments, you may want to review your portfolio to check your asset allocation.

          The MSCI EAFE^® Index, which tracks 21 stock markets in developed nations outside North America, rose 10.7% in dollar terms. This robust return owed much to the increased value of the euro and pound versus the dollar, as well as to higher corporate profits in Europe. German stocks returned 24.1% in terms of dollars, while French stocks were up 13.0%. The average annual return for the index over the ten-year period was 8.0% in dollar terms.

Bond prices drop as expectations change

The Federal Reserve held short-term interest rates at 5.25% throughout the first half of 2007, keeping the bond market guessing about the future direction of rates. During the first quarter, many investors believed the Fed would cut rates later in the year, and yields on 10-year Treasury notes fell.

          The Lehman Brothers U.S. Aggregate Index, which measures the return of investment-grade bonds, rose 1.5% in the first quarter.

          When hopes of a rate cut faded during the second quarter, 10-year Treasury yields climbed, and the Lehman index posted a 0.5% loss. For the six-month period, the Lehman index returned 1.0%.

2          2007 Semiannual Report § TIAA-CREF Life Funds

Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.

Seven funds outperform

During the six-month period, six of the eight TIAA-CREF Life Funds that invest in stocks outperformed their benchmarks. In addition, the Money Market Fund outpaced the industry average.

          Returns ranged from –5.7% for the Real Estate Securities Fund to 14.8% for the International Equity Fund.

          Disappointing returns in the bond market had an adverse effect on the Bond Fund, which returned 0.8%.

          With short-term interest rates on hold since June of 2006, there was little change in the performance of the Money Market Fund. It returned 2.7% for the six-month period, higher than the prevailing money market average, as measured by iMoneyNet.

Have the markets unbalanced your portfolio?

Because stocks recently outperformed fixed-income investments, you may want to review your portfolio’s asset allocation to ensure that your investment strategy stays on track. Many investors rebalance their portfolios once or twice each year, restoring their allocations in each asset class (stocks, bonds and cash) to the levels they originally intended.

          Of course, your objectives may change over time. The right mix of investments depends on your financial needs and time horizon, as well as your attitude toward risk. If you would like help finding the mix that’s best for you, we invite you to visit our website or to call us.

/s/ Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.

TIAA-CREF Life Funds § 2007 Semiannual Report          3

MORE INFORMATION ON THE TIAA-CREF LIFE FUNDS

Portfolio listings

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, which are available to investors.

          You can obtain a complete list of the TIAA-CREF Life Funds’ holdings (called “TIAA-CREF Life Funds Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended June 30, 2007) in the following ways:

• by visiting the TIAA-CREF website at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Life Funds’ 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

• at the SEC’s Public Reference Room. (Call 800 SEC-0330 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 at our website at www.tiaa-cref.org or on the SEC website at www.sec.gov. You may 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 at our website or at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our homepage; 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 operations of the funds.

4 2007 Semiannual Report § TIAA-CREF Life Funds

SPECIAL TERMS

Agency securities are bonds issued by U.S. government entities such as Fannie Mae.

Asset-backed securities are bonds backed by loans or by the outstanding amounts owed to a bank, credit card company or other lender.

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, whose performance can be used as a standard by which to judge the performance of a fund.*

Commercial paper refers to short-term debt obligations issued to investors by banks, corporations and other borrowers. Maturities range from 1 to 270 days.

Emerging markets are nations with relatively low per capita income levels and above-average economic growth rates or prospects for growth.

Expense ratio is the amount that investors pay for the management of a fund. The amount is expressed as a percentage of the fund’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”

Market capitalization is the total value of a company’s outstanding stock. It is calculated by multiplying the total number of a company’s outstanding shares by the current market price per share.

Maturity date is the date on which the principal amount of a note, bond or other debt instrument becomes due or payable.

Mortgage-backed securities are bonds that represent an interest in a pool of mortgages usually issued by Ginnie Mae, Fannie Mae or other federal entities.

Overweight holding is a security held by a fund. In terms of market capitalization, its percentage of the fund is larger than that same security’s percentage of the benchmark. See also “Underweight holding.”

Peer groups are groupings of mutual funds with similar objectives whose performance can be compared with that of an individual mutual fund with a similar objective.

Price/earnings ratio (P/E) is calculated by dividing the market value of a portfolio’s assets by its earnings per share over a twelve-month period.

Portfolio turnover rate is calculated by dividing the market value of securities bought and sold during a given period by the average value of the fund’s assets during that period.

Relative performance is the return of a fund in relation to the return of its benchmark index.

Securities is a general name for stocks (also known as “equities”), bonds (also known as “fixed-income securities”) or other investments.

Total return is the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the investment.

Underweight holding is a security held by a fund. In terms of market capitalization, its percentage of the fund is smaller than that same security’s percentage of the benchmark. See also “Overweight holding.”

* Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

TIAA-CREF Life Funds § 2007 Semiannual 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 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 January 1, 2007, and held for six months until June 30, 2007.

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 hypothetical expenses based on the fund’s actual expense ratio for the six-month period and an assumed annual rate of return of 5% before expenses—which is not the fund’s actual return.

          Do not use the hypothetical fund values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual fund with the ongoing costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

6 2007 Semiannual Report § TIAA-CREF Life Funds

GROWTH EQUITY FUND LARGE-CAP GROWTH STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Growth Equity Fund returned 9.05% for the period, compared with the 8.13% gain of its benchmark, the Russell 1000^® Growth Index, and the 8.13% average return of the fund’s peer group, the Morningstar Large Growth category.

Large-cap growth overtakes large-cap value

For the six-month period, large-cap growth stocks recorded robust results and outpaced large-cap value issues, which rose 6.23%, as measured by the Russell 1000 Value Index. All of the outperformance occurred during the second quarter, when large-cap growth stocks advanced 6.86%, versus 4.93% for large-cap value stocks.

          This marked the first time in the past six quarters that the Russell 1000 Growth Index had outperformed the Russell 1000 Value Index.

          For the ten years ended June 30, 2007, large-cap growth produced an average annual return of 4.39%—less than half the 9.87% average annual return of large-cap value.

Broad-based advance lifts the index

All twelve sectors of the Russell 1000 Growth Index posted positive returns, including five that registered double-digit gains. The benchmark was boosted by strong performance from its largest sector, technology, which made up more than one-fifth of the benchmark’s market capitalization as of June 30, 2007, and rose 10.0%. Strong contributions from the health care and consumer discretionary sectors also drove the benchmark higher.

          In contrast, the consumer staples and financial sectors posted lackluster returns.

Stock selections push the fund above the benchmark

For the period, the fund topped its benchmark on the strength of numerous successful stock selections. Among the chief contributors were overweight holdings, relative to the benchmark, in Apple and agricultural giant Monsanto. Two positions in nonbenchmark stocks also helped returns: electrical products maker Cooper Industries and Australia’s BHP Billiton, one of the world’s largest mining companies.

          Positions that did not perform as anticipated and adversely affected returns included overweights in semiconductor maker Marvell Technology and International Game Technology.

          On June 30, 2007, foreign securities made up 6.42% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Life Funds § 2007 Semiannual Report 7

GROWTH EQUITY FUND LARGE-CAP GROWTH STOCKS

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, style risk, large-cap risk, reorganization risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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 price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			5 years			since inception
Growth Equity Fund (inception: 4/3/2000)		9.05	%		18.43	%		8.48	%		–5.75	%
Russell 1000 Growth Index		8.13			19.04			9.28			–4.58
Morningstar Large Growth		8.13			17.17			8.96			–2.82

*

The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

1

Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

8 2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would be worth $6,511 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from April 3, 2000, through December 31, 2000
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report     9

GROWTH EQUITY FUND LARGE-CAP GROWTH STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007
Growth Equity Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,090.50		$	1.35
5% annual hypothetical return		1,000.00		1,023.50	†		1.30

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.26%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE
Net assets	$30.66 million
Number of holdings		80
Portfolio turnover rate		111%
Weighted median market capitalization	$43.9 billion
P/E ratio (weighted 12-month trailing average)		25.8
Dividend yield		0.87%
2007 expense ratio‡		0.26%

‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

% of portfolio investments
Manufacturing & materials	31.3
Consumer products & services	29.5
Technology	22.4
Financial	10.3
Energy	5.1
Utilities	0.9
Transportation	0.5
Total	100.0

HOLDINGS BY COMPANY SIZE

% of portfolio investments
Over $15 billion	85.3
$4 billion–$15 billion	13.4
Under $4 billion	1.3
Total	100.0

10     2007 Semiannual Report § TIAA-CREF Life Funds

GROWTH & INCOME FUND LARGE-CAP, DIVIDEND-PAYING STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Growth & Income Fund returned 10.84% for the period, compared with the 6.96% gain of its benchmark, the S&P 500^® Index, and the 7.34% average return of the fund’s peer group, the Morningstar Large Blend category.

Large-caps lag the broad market

During the six-month period, the large-cap stocks of the S&P 500 registered strong results but fell short of the 7.11% gain of the broad-based Russell 3000^® Index. The returns of the Russell 3000 were helped by the continued strength of mid-cap stocks, which constituted more than 15% of the Russell index during the period. The S&P 500 included few mid-cap stocks.

          For the ten years ended June 30, 2007, the S&P 500 produced an average annual return of 7.12%—below the 7.61% average annual return of the Russell 3000 over the same period.

Three sectors drive the index

During the six-month period, nine of the ten sectors of the S&P 500 advanced, and four scored double-digit gains. The energy, industrials and information technology sectors, which together made up more than one-third of the benchmark’s total market capitalization on June 30, 2007, led the way, rising 17.2%, 11.0% and 9.3%, respectively.

          The weakest results came from the benchmark’s largest sector, financials, which made up more than one-fifth of the benchmark and fell 0.8% during the period.

Successful stock picks propel the fund above the benchmark

During the period, the fund outpaced its benchmark by nearly four percentage points, largely because several nonbenchmark holdings posted strong returns. These included First Solar, a maker of grid-connected solar power plants; Cameron International, which provides equipment for gas and oil drilling; and Mosaic, one of the leading fertilizer producers. An overweight position in Medco Health Solutions also contributed to the fund’s stellar showing.

          These positive effects on relative performance more than offset the negative impact of other holdings that included an underweight position in student loan provider SLM Corporation (Sallie Mae). Overweight positions in Liz Claiborne and semiconductor maker LSI also reduced the fund’s return slightly.

          On June 30, 2007, foreign securities made up 7.72% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Life Funds § 2007 Semiannual Report     11

GROWTH & INCOME FUND LARGE-CAP, DIVIDEND-PAYING STOCKS

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term total return through both capital appreciation and investment income, primarily from income-producing equity securities.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, style risk, large-cap risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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. You cannot invest directly in this index.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			5 years			since inception
Growth & Income Fund (inception: 4/3/2000)		10.84	%		26.18	%		11.43	%		1.66	%
S&P 500 Index		6.96			20.59			10.70			1.71
Morningstar Large Blend		7.34			19.50			10.29			2.57

*

The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

1

S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies.

12     2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would have grown to $11,272 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from April 3, 2000, through December 31, 2000
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report     13

GROWTH & INCOME FUND LARGE-CAP, DIVIDEND-PAYING STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007

Growth & Income Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,108.40		$	1.20
5% annual hypothetical return		1,000.00		1,023.65	†		1.15

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.23%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.
For more information about this expense example, please see page 6.

FUND PROFILE

Net assets	$69.98 million
Number of holdings	133
Portfolio turnover rate	90%
Weighted median market capitalization	$64.1 billion
P/E ratio (weighted 12-month trailing average)	19.7
Dividend yield	1.59%
2007 expense ratio‡	0.23%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

	% of portfolio investments
Manufacturing & materials		25.1
Consumer products & services		24.8
Financial		19.5
Technology		18.9
Energy		9.1
Utilities		2.6
Total		100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion		80.4
$4 billion–$15 billion		13.9
Under $4 billion		5.7
Total		100.0

14 2007 Semiannual Report § TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUNDFOREIGN STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The International Equity Fund returned 14.79% for the period, compared with the 10.74% gain of the fund’s benchmark, the MSCI EAFE^® Index, and the 10.72% average return of the fund’s peer group, the Morningstar Foreign Large Blend category.

Foreign stocks outpace U.S. shares

For the six-month period, the return of the EAFE index, which measures stocks in developed foreign markets, was more than three and one-half percentage points higher than the 7.11% advance of the Russell 3000^® Index, which measures the broad U.S. stock market. A weaker dollar contributed to this strong outperformance: in terms of local currencies, the EAFE advanced 9.46% for the six months, but the rising value of the euro and pound versus the dollar boosted this gain to 10.74% in dollar terms. For the ten years ended June 30, 2007, foreign and domestic stocks had nearly identical performance: the average annual return of the EAFE was 7.66% in dollars, compared with 7.61% for the Russell 3000.

European stocks lead the way

The benchmark’s European segment rose 12.49% in dollars, fueled by German, French and British stocks, which climbed 24.08%, 12.95% and 10.83%, respectively. Together these three components made up more than 40% of the EAFE’s market capitalization at the end of the period. The Pacific segment returned 6.89% in dollars, restrained by modest results in Japan. Japanese stocks were up 6.59% in yen terms, but a decline in the yen’s value versus the dollar reduced this gain to 2.85% in dollar terms.

Stock selections propel the fund above the benchmark

The fund surpassed its benchmark by a wide margin because of numerous favorable stock selections. Among the holdings that contributed the most to the fund’s outperformance were overweight positions in German drug maker Bayer and Italian car maker Fiat. Also boosting returns were nonbenchmark holdings that included China Coal Energy and two German stocks, steel company Kloeckner and engineering firm GEA Group.

          The positive effects of these holdings were partly offset by overweights that did not perform as well as anticipated, including French retailing giant Carrefour and three Japanese companies—Sumitomo Osaka Cement, Nippon Sheet Glass and banking group Resona Holdings.

          As of June 30, 2007, stocks of companies in emerging markets, which are not included in the benchmark, made up approximately 2.8% of the fund’s total portfolio investments.

TIAA-CREF Life Funds § 2007 Semiannual Report 15

INTERNATIONAL EQUITY FUND FOREIGN STOCKS

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including foreign investment risks and small-cap risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The MSCI EAFE^® (Europe, Australasia, Far East) Index measures the performance of the leading stocks in 21 developed countries outside North America. You cannot invest directly in this index.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			5 years			since inception
International Equity Fund (inception: 4/3/2000)		14.79	%		34.26	%		19.65	%		4.83	%
MSCI EAFE Index		10.74			27.00			17.72			5.80
Morningstar Foreign Large Blend		10.72			26.76			16.02			4.06

*

The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

1

From May 31, 2001, through May 31, 2002, MSCI published both a “standard” and a “provisional” version of this index while its composition was being revised. The fund used the provisional version from July 1, 2001, through May 31, 2002, and the returns shown reflect this. EAFE is a trademark of Morgan Stanley Capital International, Inc.

16 2007 Semiannual Report  §  TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would have grown to $14,076 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from April 3, 2000, through December 31, 2000
†	Partial year

TIAA-CREF Life Funds  §  2007 Semiannual Report 17

INTERNATIONAL EQUITY FUNDFOREIGN STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007

International Equity Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,147.90		$	1.65
5% annual hypothetical return		1,000.00		1,023.25	†		1.55

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.31%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.
For more information about this expense example, please see page 6.

FUND PROFILE
Net assets	$143.15 million
Number of holdings	116
Portfolio turnover rate	142%
Weighted median market capitalization	$27.9 billion
P/E ratio (weighted 12-month trailing average)	19.7
Dividend yield	1.66%
2007 expense ratio‡	0.31%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	62.5
$4 billion–$15 billion	19.0
Under $4 billion	18.5
Total	100.0

HOLDINGS BY COUNTRY

Country	% of portfolio investments
Germany		29.7
Japan		20.2
France		15.3
Switzerland		8.4
United Kingdom		5.7
Italy		4.2
Hong Kong		3.1
Finland		2.7
Russia		2.5
Australia		1.4
8 other nations		6.8
Total		100.0

PORTFOLIO COMPOSITION

	% of portfolio investments
Manufacturing & materials		36.2
Financial		24.1
Consumer products & services		23.1
Transportation		5.4
Energy		4.3
Technology		3.8
Utilities		3.1
Total		100.0

18 2007 Semiannual Report § TIAA-CREF Life Funds

LARGE-CAP VALUE FUNDVALUE STOCKS OF LARGER COMPANIES

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Large-Cap Value Fund returned 9.41% for the period, compared with the 6.23% gain of its benchmark, the Russell 1000^® Value Index, and the 7.31% average return of the fund’s peer group, the Morningstar Large Value category.

Large-cap value trails large-cap growth

For the six-month period, large-cap value stocks posted a solid gain, but failed to match the 8.13% return of large-cap growth stocks, as measured by the Russell 1000 Growth Index. All of the underperformance occurred during the second quarter, when large-cap growth stocks advanced 6.86%, versus 4.93% for large-cap value stocks.

          This marked the first time in the past six quarters that the Russell 1000 Growth Index had outperformed the Russell 1000 Value Index.

          For the ten years ended June 30, 2007, however, large-cap value produced an average annual return of 9.87%—nearly five and one-half percentage points higher than the 4.39% average annual gain registered by large-cap growth.

Six sectors post double-digit gains

For the six-month period, eleven of the twelve benchmark sectors posted positive returns, including six with double-digit gains. The “other energy,” integrated oils and utilities sectors, which together made up more than 25% of the benchmark’s total market capitalization on June 30, 2007, climbed 28.5%, 13.1% and 10.3%, respectively.

          The biggest detractor from performance came from financials, the largest sector of the index, which constituted more than one-third of the benchmark’s total market capitalization and fell 1.7% during the period.

Stock selections lift the fund above the benchmark

The fund outpaced its benchmark by more than three percentage points because of overweight positions in several stocks that posted strong gains. These included RadioShack, industrial conglomerate Honeywell International and Ford. An underweight position in Bank of America also aided returns.

          Detractors from relative performance included out-of-benchmark holdings in HealthSouth, Accredited Home Lenders and Canadian paper manufacturer Abitibi-Consolidated.

          On June 30, 2007, foreign securities made up 9.63% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Life Funds § 2007 Semiannual Report 19

LARGE-CAP VALUE FUNDVALUE STOCKS OF LARGER COMPANIES

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk, value investing risks, style risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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 price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			since inception
Large-Cap Value Fund (inception: 10/28/2002)		9.41	%		24.88	%		19.27	%
Russell 1000 Value Index		6.23			21.87			17.47
Morningstar Large Value		7.31			20.98			15.71

*	The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
20	2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

An investment of $10,000 in this fund on October 28, 2002, would have grown to $22,825 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from October 28, 2002, through December 31, 2002
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report 21

LARGE-CAP VALUE FUNDVALUE STOCKS OF LARGER COMPANIES

EXPENSE EXAMPLE

Six months ended June 30, 2007

Large-Cap Value Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,094.10		$	1.30
5% annual hypothetical return		1,000.00		1,023.55	†		1.25

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.25%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.
For more information about this expense example, please see page 6.

FUND PROFILE

Net assets	$80.18 million
Number of holdings		164
Portfolio turnover rate		110%
Weighted median market capitalization		$30.2 billion
P/E ratio (weighted 12-month trailing average)		16.4
Dividend yield		1.95%
2007 expense ratio‡		0.25%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

	% of portfolio investments
Financial	33.1
Consumer products & services	18.7
Manufacturing & materials	14.6
Technology	13.2
Energy	10.0
Utilities	3.9
Transportation	1.5
Short-term investments§	5.0
Total	100.0

^§ Excludes $11.02 million of securities lending collateral

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	66.9
$4 billion–$15 billion	20.4
Under $4 billion	12.7
Total	100.0

22 2007 Semiannual Report § TIAA-CREF Life Funds

SMALL-CAP EQUITY FUNDSTOCKS OF SMALLER COMPANIES

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Small-Cap Equity Fund returned 6.69% for the period, compared with the 6.45% gain of its benchmark, the Russell 2000^® Index, and the 8.55% average return of the fund’s peer group, the Morningstar Small Blend category.

Small-caps trail the broad market

For the six-month period, small-cap stocks scored solid gains but failed to match the 7.11% return of the broader U.S. stock market, as measured by the Russell 3000^® Index. The under-performance occurred early in the second quarter, when investors sought the relative safety of larger-cap, blue-chip stocks over their more aggressive small-cap counterparts in response to increasing volatility in the stock market. Large-cap stocks constituted approximately 60% of the Russell 3000 Index during the period.

          For the ten-year period ended June 30, 2007, small caps produced an average annual return of 9.06%, well ahead of the 7.61% average annual return of the Russell 3000 Index.

Double-digit gains in key sectors drive the benchmark

For the six-month period, nine of the twelve benchmark sectors reported positive results, including six with double-digit gains. Returns were largely fueled by the materials and processing and consumer discretionary sectors, which climbed 19.4% and 7.8%, respectively; these constituted more than one-quarter of the index in terms of market capitalization as of June 30, 2007.

          The weakest results came from the benchmark’s largest sector, financials, which fell 4.4% during the period.

Stock choices lift the fund above the benchmark

The fund topped its benchmark because of a number of successful stock selections. Among the largest contributors were overweight holdings, relative to the benchmark, in communications equipment provider CommScope, agricultural chemicals firm CF Industries Holdings and construction contractor Perini. Avoiding homebuilder Hovnanian Enterprises also boosted returns.

          Several overweight holdings did not perform as well as anticipated and hindered results. These included drug maker The Medicines Company and managed health care provider Amerigroup. An underweight position in digital marketing firm aQuantive also reduced returns slightly.

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

TIAA-CREF Life Funds § 2007 Semiannual Report 23

SMALL-CAP EQUITY FUNDSTOCKS OF SMALLER COMPANIES

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to small-cap risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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. You cannot invest directly in these indexes.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			since inception
Small-Cap Equity Fund (inception: 10/28/2002)		6.69	%		15.32	%		20.84	%
Russell 2000 Index		6.45			16.43			20.21
Morningstar Small Blend		8.55			17.02			19.87

*	The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
24	2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

An investment of $10,000 in this fund on October 28, 2002, would have grown to $24,267 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from October 28, 2002, through December 31, 2002
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report 25

SMALL-CAP EQUITY FUNDSTOCKS OF SMALLER COMPANIES

EXPENSE EXAMPLE

Six months ended June 30, 2007

Small-Cap Equity Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,066.90		$	0.56
5% annual hypothetical return		1,000.00		1,024.25	†		0.55

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.11%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.
For more information about this expense example, please see page 6.

FUND PROFILE

Net assets	$61.77 million
Number of holdings	546
Portfolio turnover rate	122%
Weighted median market capitalization	$1.09 billion
P/E ratio (weighted 12-month trailing average)	19.1
Dividend yield	0.91%
2007 expense ratio‡	0.11%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

% of portfolio investments
Consumer products & services	33.5
Manufacturing & materials	26.6
Financial	19.3
Technology	11.3
Utilities	4.8
Energy	2.9
Transportation	1.6
Total	100.0

HOLDINGS BY COMPANY SIZE

% of portfolio investments
Over $15 billion	22.4
$4 billion–$15 billion	0.5
Under $4 billion	77.1
Total	100.0

26 2007 Semiannual Report § TIAA-CREF Life Funds

STOCK INDEX FUNDU.S. STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Stock Index Fund returned 7.11% for the period, compared with the 7.11% gain of its benchmark, the Russell 3000^® Index, and the 7.34% average return of the fund’s peer group, the Morningstar Large Blend category.

Second quarter propels stocks

Despite a volatile six months, the broad U.S. stock market, as represented by the Russell 3000 Index, delivered solid performance. A global sell-off in February, subprime lending woes in March and rising bond yields provided hurdles for equities, but the benchmark still rose 1.28% in the first quarter and 5.77% in the second.

          Both growth and value stocks generated strong returns across all three capitalization sizes, as defined by the Russell indexes; mid-cap stocks gained 9.90% to lead the way. Within the cap categories, mid-cap growth stocks were the top producers, rising 10.97%, while small-cap value issues lagged other categories, increasing 3.80%.

          Although domestic equities did well, foreign stocks performed even better. The MSCI EAFE^® Index, which measures stocks in developed foreign markets, gained 10.74% in dollar terms. For the five years ended June 30, 2007, the average annual return of the EAFE index was 17.72% in dollar terms versus 11.52% for the Russell 3000.

A broad advance drives returns

Of the benchmark’s twelve industry sectors, eleven posted positive returns—six of them double digit gains. The largest sector, financial stocks, which made up nearly a quarter of the benchmark in terms of market capitalization as of June 30, dipped 0.6%. The next-largest sector, consumer discretionary, gained 5.8%, while the third-largest, technology, rose 9.8%.

          The best-performing sectors, “other energy” and materials and processing, jumped 24.2% and 19.2%, respectively. Although these two sectors together constituted only about 8% of the benchmark’s market capitalization, they contributed more than one-fifth of the benchmark’s return.

Largest stocks deliver mixed results

In descending order according to cap size, the benchmark’s five largest holdings performed as follows: ExxonMobil, 10.4%; General Electric, 4.4%; AT&T, 18.4%; Citigroup, –6.1%; and Microsoft, –0.7%.

          For the period, the fund’s return matched that of the benchmark, in spite of the effects of expenses and of some cash holdings for liquidity. The fund had a risk profile similar to that of the benchmark.

TIAA-CREF Life Funds § 2007 Semiannual Report 27

STOCK INDEX FUNDU.S. STOCKS

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term total return, mainly from capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including index risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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. You cannot invest directly in this index.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*		Average annual compound rates of total return*
	6 months		1 year		5 years		since inception
Stock Index Fund (inception: 1/4/1999)	7.11	%	19.99	%	11.48	%	4.91	%
Russell 3000 Index	7.11		20.07		11.52		4.88
Morningstar Large Blend	7.34		19.50		10.29		4.65

*

The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

1

Russell 3000 is a trademark and a service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

28 2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE JANUARY 4, 1999 INCEPTION

An investment of $10,000 in this fund on January 4, 1999, would have grown to $15,026 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS

^† Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report 29

STOCK INDEX FUNDU.S. STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007

Stock Index Fund		Starting fund value (1/1/07)		Ending fund value (6/30/07)	Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,071.10		$	0.31
5% annual hypothetical return		1,000.00		1,024.50	†		0.30

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.06%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.
For more information about this expense example, please see page 6.

FUND PROFILE

Net assets	$186.83 million
Number of holdings	2,847
Portfolio turnover rate	16%
Weighted median market capitalization	$33.1 billion
P/E ratio (weighted 12-month trailing average)	18.1
Dividend yield	1.61%
2007 expense ratio‡	0.06%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

% of portfolio investments
Consumer products & services	23.7
Financial	22.8
Manufacturing & materials	22.2
Technology	16.0
Energy	9.1
Utilities	4.1
Transportation	2.1
Total	100.0

HOLDINGS BY COMPANY SIZE

% of portfolio investments
Over $15 billion	69.5
$4 billion–$15 billion	16.6
Under $4 billion	13.9
Total	100.0

30 2007 Semiannual Report § TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUNDSOCIALLY SCREENED STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Social Choice Equity Fund returned 6.46% for the period, compared with the 7.11% gain of its benchmark, the Russell 3000^® Index, and the 7.34% average return of the fund’s peer group, the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the fund does.

Exclusion of energy stocks hurts returns

Because of its social screens, the fund did not invest in several stocks that were sizable components of the Russell 3000 Index in terms of market capitalization. The exclusion of these stocks produced both positive and negative results, but the net effect was to lower the fund’s return compared with the return of its benchmark.

          Steadily climbing oil prices boosted energy stocks during the six-month period. As a result, the absence of ExxonMobil and Chevron significantly detracted from the fund’s relative performance. ExxonMobil, the largest component of the benchmark on June 30, 2007, advanced 10.4%, while Chevron, another large component, rose 16.2%. The fund also suffered by excluding Caterpillar and copper and gold producer Freeport-McMoRan.

          The financial sector, which lost 0.6% during the period, was the weakest performing sector of the Russell 3000. Performance versus the index benefited most from the exclusion of Citigroup, which fell 6.1%. Avoiding JPMorgan Chase, General Electric, insurer American International Group and drug maker Pfizer also contributed to returns.

Statistical techniques help limit the fund’s risks

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

          The fund’s relative performance was helped in the period by overweight positions in AT&T and in two energy companies, Valero Energy and Apache. Other overweight holdings failed to perform as anticipated and detracted from return. These included Johnson & Johnson, financial giants Wachovia and Merrill Lynch, and home mortgage provider Freddie Mac. This last holding was adversely affected by the accelerating default rate among U.S. homeowners.

TIAA-CREF Life Funds § 2007 Semiannual Report 31

SOCIAL CHOICE EQUITY FUNDSOCIALLY SCREENED STOCKS

INVESTMENT OBJECTIVE

The fund seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain social criteria.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including the risk of socially screened investing, index risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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. You cannot invest directly in this index.¹

PERFORMANCE AS OF JUNE 30, 2007

	Total return*		Average annual compound rates of total return*
	6 months		1 year		5 years		since inception
Social Choice Equity Fund (inception: 4/3/2000)	6.46	%	18.82	%	11.59	%	2.58	%
Russell 3000 Index	7.11		20.07		11.52		2.39
Morningstar Large Blend	7.34		19.50		10.29		2.57

*

The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

1

Russell 3000 is a trademark and a service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

32 2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would have grown to $12,032 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from April 3, 2000, through December 31, 2000
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report 33

SOCIAL CHOICE EQUITY FUND SOCIALLY SCREENED STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007

Social Choice Equity Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,064.60		$	0.36
5% annual hypothetical return		1,000.00		1,024.45	†		0.35

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.07%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$38.90 million
Number of holdings	860
Portfolio turnover rate	7%
Weighted median market capitalization	$26.1 billion
P/E ratio (weighted 12-month trailing average)	18.2
Dividend yield	1.66%
2007 expense ratio‡	0.07%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

% of portfolio investments
Manufacturing & materials	24.3
Consumer products & services	22.6
Financial	22.1
Technology	14.8
Energy	6.6
Utilities	5.1
Transportation	2.3
Short-term investments§	2.2
Total	100.0

^§ Approximately $0.87 million of short-term investments are serving as collateral for the S&P 500 and Russell futures and are restricted from being sold.

HOLDINGS BY COMPANY SIZE

% of portfolio investments
Over $15 billion	66.6
$4 billion–$15 billion	20.7
Under $4 billion	12.7
Total	100.0

34 2007 Semiannual Report § TIAA-CREF Life Funds

REAL ESTATE SECURITIES FUND  REAL ESTATE SECURITIES

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Real Estate Securities Fund returned –5.70% for the period, compared with the –6.19% return of its benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the –4.54% average return of the fund’s peer group, the Morningstar Specialty Real Estate category.

REITs surge briefly before staggering

After advancing 9.12% in January, the benchmark dropped 2.30% in February and 2.83% in March, for a 3.59% first-quarter return. Dips in April and May combined with a 9.37% plunge in June to produce the benchmark’s worst quarter in nearly five years.

          The retreat of real estate investment trusts (REITs) could be attributed to several factors, including profit-taking by investors and the acquisition of Equity Office Properties by private equity firm Blackstone Group. Some interpreted this purchase as a market top.

          The sell-off could also be traced to rising Treasury yields. The 10-year note, a common benchmark for mortgage rates, hit a five-year high of 5.29% on June 12. Increasing borrowing costs have historically led to a drop in commercial real estate property values and acted as a drag on REITs’ future profits.

REITs trail stocks and bonds

After gaining just 1.28% in the first quarter, the broad U.S. stock market, as measured by the Russell 3000® Index, added 5.77% in the second. Meanwhile, investment-grade bonds, as represented by the Lehman Brothers U.S. Aggregate Index, also topped REITs, despite a meager 0.98% six-month gain.

          Over the five years ended June 30, 2007, however, REITs generated an average annual return of 19.52%, compared with 11.52% for the Russell index and 4.48% for the Lehman index.

Stock selections trim losses

Despite its negative return, the fund topped the benchmark for the period. Key contributors included out-of-benchmark holdings in resort operator Sunterra, Starwood Hotels and Mission West Properties, a manager of research and development properties. Relative performance was also helped by underweight positions, such as Kimco Holdings, a firm that develops and owns shopping centers.

          These positive contributions were partly offset by underperformance from overweight selections that included Corporate Office Properties and EastGroup Properties, an industrial developer. Returns were also reduced by stocks such as asset management firm GSC Capital, an out-of-benchmark holding, and Equity Office Properties, an underweight position.

TIAA-CREF Life Funds § 2007 Semiannual Report 35

REAL ESTATE SECURITIES FUND REAL ESTATE SECURITIES

INVESTMENT OBJECTIVE

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including real estate investing risks, real estate securities risk, small-cap risk, foreign investment risks, interest-rate risk and income volatility risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Dow Jones Wilshire Real Estate Securities Index measures the performance of publicly traded real estate securities, such as real estate investment trusts and real estate operating companies. You cannot invest directly in this index.

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			since inception
Real Estate Securities Fund
(inception: 10/28/2002)		–5.70	%		12.85	%		23.10	%
Dow Jones Wilshire Real Estate Securities Index		–6.19			11.73			24.96
Morningstar Specialty Real Estate		–4.54			13.15			23.61

* The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

36 2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

An investment of $10,000 in this fund on October 28, 2002, would have grown to $26,463 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from October 28, 2002, through December 31, 2002
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report 37

REAL ESTATE SECURITIES FUNDREAL ESTATE SECURITIES

EXPENSE EXAMPLE

Six months ended June 30, 2007

Real Estate Securities Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	943.00		$	1.30
5% annual hypothetical return		1,000.00		1,023.45	†		1.35

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.27%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$94.85 million
Number of holdings	46
Portfolio turnover rate	105%
Weighted median market capitalization	$9.5 billion
P/E ratio (weighted 12-month trailing average)	34.7
Dividend yield	3.13%
2007 expense ratio‡	0.27%

^‡ This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION

% of portfolio investments
Retail	28.8
Office	20.8
Residential	18.5
Specialized	8.1
Hotels, restaurants & leisure	7.0
Industrial	6.2
Diversified	5.3
Real estate management & development	4.8
Office electronics	0.5
Total	100.0

HOLDINGS BY COMPANY SIZE

% of portfolio investments
Over $15 billion	15.6
$4 billion–$15 billion	53.0
Under $4 billion	31.4
Total	100.0

38 2007 Semiannual Report § TIAA-CREF Life Funds

BOND FUND  INTERMEDIATE-TERM BONDS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Bond Fund returned 0.82%, compared with the 0.98% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 0.73% average return of the fund’s peer group, the Morningstar Intermediate-Term Bond category.

A sagging second quarter lowers bond returns

Although the Federal Reserve kept the federal funds rate steady at 5.25% in its first four meetings of 2007, the Lehman Brothers U.S. Aggregate Index, which tracks the investment-grade U.S. bond market, endured a bumpy six months. It posted a solid 1.50% return for the first quarter, but then lost 0.52% in the second quarter. Bond prices fell (and yields rose) as expectations for a rate cut by the Federal Reserve dried up amid inflation fears and renewed vigor in the U.S. economy.

Longer-dated maturities regain lead

When the period began, the 2-year Treasury note, at 4.81%, yielded slightly more than the 10-year, an unusual relation because bondholders willing to invest for longer periods normally earn higher rates. By the end of March, though, the 10-year security provided a 4.65% to 4.58% advantage, and by the end of June the 10-year yield stood at 5.03%, versus 4.86% for the 2-year note.

The fund stays close to the benchmark

Narrow spreads among different types of securities made it difficult to add value during the period. In the first quarter, the fund’s 1.43% return lagged its benchmark’s by 0.07 of a percentage point.

          Individual security selections in the agency and mortgage-backed security sectors made positive contributions to relative returns, but an overweight position, versus the benchmark, in asset-backed securities reduced performance slightly. In addition, maintaining a duration that was shorter than the benchmark’s trimmed returns in the first quarter when bond prices rose.

          In the second quarter, the fund lost 0.61%, trailing the benchmark by 0.09 of a percentage point. This time the fund’s shorter duration helped performance when bond prices fell. Returns were again helped by security selections in agencies, but underweighting that sector hurt relative performance. Individual bond selections in the mortgage-backed security sector also trimmed returns.

TIAA-CREF Life Funds § 2007 Semiannual Report 39

BOND FUND  INTERMEDIATE-TERM BONDS

INVESTMENT OBJECTIVE

The fund seeks as favorable a long-term total return through income as is consistent with preserving capital, primarily from investment-grade, fixed-income securities.

INVESTMENT RISKS

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including index risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Lehman Brothers U.S. Aggregate 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 this index.

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
	6 months			1 year			since inception
Bond Fund (inception: 7/8/2003)		0.82	%		6.12	%		3.23	%
Lehman Brothers U.S. Aggregate Index		0.98			6.12			3.20
Morningstar Intermediate-Term Bond		0.73			5.68			2.99

* The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

40 2007 Semiannual Report § TIAA-CREF Life Funds

$10,000 SINCE JULY 8, 2003 INCEPTION

An investment of $10,000 in this fund on July 8, 2003, would have grown to $11,351 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from July 8, 2003, through December 31, 2003
†	Partial year

TIAA-CREF Life Funds § 2007 Semiannual Report 41

BOND FUND INTERMEDIATE-TERM BONDS

EXPENSE EXAMPLE

Six months ended June 30, 2007

Bond Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,008.20		$	0.50
5% annual hypothetical return		1,000.00		1,024.30	†		0.50

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.10%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE
Net assets		$77.30 million
Number of issues		236
Portfolio turnover rate		91%
Average quality		AA1
Option-adjusted duration		4.07 years
Average coupon		5.58%
Average yield to maturity		5.75%
Average maturity		6.01 years
2007 expense ratio‡		0.10%
‡	This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION
% of portfolio investments
Mortgage-backed securities and commercial mortgage-backed securities		35.1
Asset-backed securities		22.7
Corporate bonds		19.8
U.S. Treasury securities		9.1
U.S. agency securities		7.9
Foreign government and corporate bonds denominated in U.S. dollars		4.0
Short-term investments§		1.4
Total		100.0
§	Excludes $5.80 million of securities lending collateral

42 2007 Semiannual Report  §  TIAA-CREF Life Funds 

MONEY MARKET FUNDCASH EQUIVALENTS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The Money Market Fund returned 2.65% for the period, compared with the 2.37% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed holds the short-term rate steady

In the first half of 2007, the Federal Reserve declined to change the federal funds rate at each of its four meetings. (The federal funds rate is the interest rate commercial U.S. banks charge one another for overnight loans.) The rate has remained at 5.25% since June 2006.

          Economic growth continued the moderating trend begun in the second half of 2006. Solid gains in job creation and strong consumer spending partly offset the effects of a cooling housing market. As oil prices crept steadily upward, the Fed cautioned that inflation remained a concern and pointed out that the high percentage of the nation’s productive capacity currently in use could keep prices elevated.

LIBOR sees little change

The LIBOR remained fairly flat throughout the six months, reflecting the market’s strengthening conviction that the Fed would leave the short-term rate unchanged at least through the end of the year. (The LIBOR, the interest rate that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) Yields on securities with one-month maturities hovered around 5.32%; those on twelve-month issues fluctuated slightly, ending the period at 5.43%.

The fund takes advantage of longer-term rates

The fund increased its investments in securities with longer maturities to benefit from the higher yields they provided. As a result, on June 26, 2007, the fund’s weighted average maturity was 49 days, versus 43 days for the average iMoneyNet fund. During the period, the fund’s weighted average maturity fluctuated between 44 and 53 days.

          Despite the limited supply of commercial paper, its portion of the portfolio rose to 86.6% from 80.2% six months earlier. (Commercial paper offers higher returns without significant additional risk.) U.S. agency securities declined to 4.8% from 9.1%, while certificates of deposit fell from 6.5% to 4.3%. Floating rate securities increased slightly to 4.3% from 4.2%.

          On June 30, 2007, foreign securities made up 17.4% of the fund’s total portfolio investments.

TIAA-CREF Life Funds  §   2007 Semiannual Report 43

MONEY MARKET FUND CASH EQUIVALENTS

INVESTMENT OBJECTIVE

The fund seeks high current income consistent with maintaining liquidity and preserving capital.

INVESTMENT RISKS

The fund is subject to income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk, extension risk and foreign investment risks. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.

YIELD AND AVERAGE MATURITY

	Net annualized yield (for the 7 days ended 6/26/2007)						Average maturity (as of 6/26/2007)
	Current yield			Effective yield			Days
Money Market Fund		5.29	%		5.43	%	49
iMoneyNet Money Fund Report AveragesTM—All Taxable		4.70			4.81		43

PERFORMANCE AS OF JUNE 30, 2007

	Total return*			Average annual compound rates of total return*
		6 months			1 year		since inception
Money Market Fund (inception: 7/8/2003)		2.65	%		5.41	%	3.21	%
iMoneyNet Money Fund Report Averages—All Taxable		2.37			4.83		2.65

* The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.

44 2007 Semiannual Report  §  TIAA-CREF Life Funds

$10,000 SINCE JULY 8, 2003 INCEPTION

An investment of $10,000 in this fund on July 8, 2003, would have grown to $11,343 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period.

CALENDAR YEAR TOTAL RETURNS*

*	Does not include returns from July 8, 2003, through December 31, 2003
†	Partial year

TIAA-CREF Life Funds  §  2007 Semiannual Report 45

MONEY MARKET FUND CASH EQUIVALENTS

EXPENSE EXAMPLE

Six months ended June 30, 2007

Money Market Fund	Starting fund value (1/1/07)		Ending fund value (6/30/07)			Expenses paid* (1/1/07– 6/30/07)
Actual return	$	1,000.00	$	1,026.50		$	0.30
5% annual hypothetical return		1,000.00		1,024.50	†		0.30

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.06%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007.
†	Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.
For more information about this expense example, please see page 6.

FUND PROFILE
Net assets		$75.73 million
2007 expense ratio‡		0.06%
‡	This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus.

PORTFOLIO COMPOSITION
	% of portfolio investments
Commercial paper	86.6
U.S. agency securities	4.8
Certificates of deposit	4.3
Floating-rate securities	4.3
Total	100.0

46 2007 Semiannual Report  §  TIAA-CREF Life Funds

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH EQUITY FUND  §  JUNE 30, 2007

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	14,573	e*	Activision, Inc	$	272,078	0.89	%
			Other		218,906	0.71
					490,984	1.60
APPAREL AND OTHER TEXTILE PRODUCTS					254,792	0.83
BUILDING MATERIALS AND GARDEN SUPPLIES
	13,159		Lowe’s Cos, Inc		403,850	1.32
					403,850	1.32
BUSINESS SERVICES
	14,443	*	Adobe Systems, Inc		579,886	1.89
	11,054	*	eBay, Inc		355,718	1.16
	6,962	*	Electronic Arts, Inc		329,442	1.07
	1,901	*	Google, Inc (Class A)		994,945	3.25
	15,975		Microsoft Corp		470,783	1.54
	8,376	e	Omnicom Group, Inc		443,258	1.45
	15,781	*	Oracle Corp		311,043	1.01
	14,309	*	Yahoo!, Inc		388,203	1.27
			Other		211,953	0.69
					4,085,231	13.33
CHEMICALS AND ALLIED PRODUCTS
	12,442		Abbott Laboratories		666,269	2.17
	8,911		Colgate-Palmolive Co		577,878	1.89
	4,009	*	Genentech, Inc		303,321	0.99
	14,976	e*	Gilead Sciences, Inc		580,619	1.89
	11,237		Merck & Co, Inc		559,603	1.83
	9,004	e	Monsanto Co		608,130	1.98
	19,513		Schering-Plough Corp		593,976	1.94
	12,279		Teva Pharmaceutical Industries Ltd (ADR)		506,509	1.65
			Other		171,396	0.56
					4,567,701	14.90
COMMUNICATIONS
	5,651		America Movil S.A. de C.V. (ADR) (Series L)		349,966	1.14
			Other		305,033	1.00
					654,999	2.14
DEPOSITORY INSTITUTIONS					208,664	0.68
ELECTRIC, GAS, AND SANITARY SERVICES					261,385	0.85
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	6,928	*	Apple Computer, Inc		845,493	2.76
	35,902	*	Cisco Systems, Inc		999,871	3.26
	9,343	e	Cooper Industries Ltd (Class A)		533,392	1.74
	16,102		Intel Corp		382,583	1.25
	8,539	e	Maxim Integrated Products, Inc		285,288	0.93

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 47

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH EQUITY FUND  §  JUNE 30, 2007

Shares			Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT – continued
	7,215	e*	Nvidia Corp	$	298,052	0.97	%
	7,875	e*	Polycom, Inc		264,600	0.86
	18,443		Qualcomm, Inc		800,242	2.61
			Other		606,194	1.98
					5,015,715	16.36
ENGINEERING AND MANAGEMENT SERVICES
	7,831	e*	Celgene Corp		448,951	1.46
			Other		400,428	1.31
					849,379	2.77
FOOD AND KINDRED PRODUCTS
	12,591		PepsiCo, Inc		816,526	2.66
					816,526	2.66
FURNITURE AND HOME FURNISHINGS STORES
	7,657	*	GameStop Corp (Class A)		299,389	0.98
					299,389	0.98
GENERAL MERCHANDISE STORES
	9,281	e	Target Corp		590,272	1.93
					590,272	1.93
HEALTH SERVICES					237,168	0.77
HOLDING AND OTHER INVESTMENT OFFICES					47,931	0.16
HOTELS AND OTHER LODGING PLACES
	13,154		Hilton Hotels Corp		440,264	1.44
			Other		246,415	0.80
					686,679	2.24
INDUSTRIAL MACHINERY AND EQUIPMENT
	2,191		Alstom		365,355	1.19
	14,795		Hewlett-Packard Co		660,153	2.15
	9,403		International Game Technology		373,299	1.22
			Other		514,129	1.68
					1,912,936	6.24
INSTRUMENTS AND RELATED PRODUCTS
	14,367		Emerson Electric Co		672,376	2.19
	4,549	*	Zimmer Holdings, Inc		386,165	1.26
			Other		328,195	1.07
					1,386,736	4.52
INSURANCE CARRIERS					252,632	0.82
LEATHER AND LEATHER PRODUCTS
	8,332	*	Coach, Inc		394,853	1.29
					394,853	1.29

48 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH EQUITY FUND § JUNE 30, 2007

Shares			Company			Value	% of net assets
MISCELLANEOUS RETAIL
	14,318		CVS Corp		$	521,891	1.70	%
						521,891	1.70
NONDEPOSITORY INSTITUTIONS
	10,558		American Express Co			645,938	2.11
						645,938	2.11
OIL AND GAS EXTRACTION
	6,468	e	Schlumberger Ltd			549,392	1.79
	9,183	e	XTO Energy, Inc			551,898	1.80
			Other			197,014	0.64
						1,298,304	4.23
PAPER AND ALLIED PRODUCTS
	6,523	*	Anglo American PLC			382,977	1.25
						382,977	1.25
PETROLEUM AND COAL PRODUCTS
	3,705		Apache Corp			302,291	0.99
			Other			170,039	0.55
						472,330	1.54
PRIMARY METAL INDUSTRIES						252,371	0.82
RAILROAD TRANSPORTATION						155,210	0.51
SECURITY AND COMMODITY BROKERS
	29,996		Charles Schwab Corp			615,518	2.01
	716	e	Chicago Mercantile Exchange Holdings, Inc			382,602	1.25
	2,932		Goldman Sachs Group, Inc			635,511	2.07
						1,633,631	5.33
TRANSPORTATION EQUIPMENT
	7,613		Boeing Co			732,066	2.39
	5,609	e	ITT Industries, Inc			382,982	1.25
	9,819	e	United Technologies Corp			696,462	2.27
						1,811,510	5.91
			TOTAL COMMON STOCKS	(Cost $26,686,946)		30,591,984	99.79

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 49

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH EQUITY FUND  §  JUNE 30, 2007

Shares		Company			Value		% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	7,451,409	State Street Navigator Securities Lending Prime Portfolio		$	7,451,409		24.31	%
		TOTAL SHORT-TERM INVESTMENTS	(Cost $7,451,409)		7,451,409		24.31
		TOTAL PORTFOLIO	(Cost $34,138,355)		38,043,393		124.10
		OTHER ASSETS & LIABILITIES, NET			(7,387,230	)	(24.10	)
		NET ASSETS		$	30,656,163		100.00	%

ABBREVIATION:
ADR	American Depositary Receipt
*	Non-income producing
e	All or a portion of these securities are out on loan.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

50 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH & INCOME FUND   §  JUNE 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				$	1,660,470	2.37	%
APPAREL AND ACCESSORY STORES					366,460	0.52
BUILDING MATERIALS AND GARDEN SUPPLIES					492,859	0.70
BUSINESS SERVICES
	1,197	*	Google, Inc (Class A)		626,486	0.89
	46,935		Microsoft Corp		1,383,174	1.98
			Other		2,008,706	2.87
					4,018,366	5.74
CHEMICALS AND ALLIED PRODUCTS
	18,145		Abbott Laboratories		971,665	1.39
	7,999		Air Products & Chemicals, Inc		642,880	0.92
	8,809		Colgate-Palmolive Co		571,264	0.82
	17,204	*	Gilead Sciences, Inc		666,999	0.95
	22,999		Merck & Co, Inc		1,145,350	1.64
	11,475		Procter & Gamble Co		702,155	1.00
	19,529		Schering-Plough Corp		594,463	0.85
	13,403		Wyeth		768,528	1.10
			Other		3,241,286	4.63
					9,304,590	13.30
COMMUNICATIONS
	13,225		AT&T, Inc		548,838	0.78
	21,423		Verizon Communications, Inc		881,985	1.26
			Other		1,143,995	1.64
					2,574,818	3.68
DEPOSITORY INSTITUTIONS
	14,256		Bank of America Corp		696,976	1.00
	27,434		Citigroup, Inc		1,407,090	2.01
	25,642		JPMorgan Chase & Co		1,242,355	1.78
	10,661		Northern Trust Corp		684,863	0.98
	7,767		SunTrust Banks, Inc		665,943	0.95
	34,279	e	Wells Fargo & Co		1,205,592	1.72
					5,902,819	8.44
EATING AND DRINKING PLACES
	11,538		McDonald’s Corp		585,669	0.83
			Other		576,781	0.83
					1,162,450	1.66
EDUCATIONAL SERVICES					438,167	0.63
ELECTRIC, GAS, AND SANITARY SERVICES
	6,976		Constellation Energy Group, Inc		608,098	0.87
			Other		1,240,663	1.77
					1,848,761	2.64

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 51

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH & INCOME FUND § JUNE 30, 2007

	Shares		Company		Value	% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	7,181	*	Apple Computer, Inc	$	876,369	1.25	%
	55,349	*	Cisco Systems, Inc		1,541,470	2.20
	17,187		Emerson Electric Co		804,352	1.15
	12,360		Honeywell International, Inc		695,621	0.99
	34,617		Intel Corp		822,500	1.18
	15,781		Qualcomm, Inc		684,738	0.98
			Other		1,935,986	2.77
					7,361,036	10.52
FOOD AND KINDRED PRODUCTS
	10,100		Coca-Cola Co		528,331	0.76
	11,518		Kellogg Co		596,517	0.85
	15,571		PepsiCo, Inc		1,009,779	1.44
			Other		666,059	0.95
					2,800,686	4.00
GENERAL MERCHANDISE STORES
	9,022		Target Corp		573,799	0.82
			Other		904,789	1.29
					1,478,588	2.11
HEALTH SERVICES
	6,960	*	Medco Health Solutions, Inc		542,810	0.78
			Other		155,978	0.22
					698,788	1.00
HOLDING AND OTHER INVESTMENT OFFICES					600,079	0.86
HOTELS AND OTHER LODGING PLACES					971,433	1.39
INDUSTRIAL MACHINERY AND EQUIPMENT
	3,610	*	Alstom		601,977	0.86
	4,654		Deere & Co		561,924	0.80
	47,629		General Electric Co		1,823,238	2.61
	28,719		Hewlett-Packard Co		1,281,442	1.83
	7,106		International Business Machines Corp		747,906	1.07
			Other		686,428	0.98
					5,702,915	8.15
INSTRUMENTS AND RELATED PRODUCTS					1,228,449	1.75
INSURANCE AGENTS, BROKERS AND SERVICE
	5,906		Hartford Financial Services Group, Inc		581,800	0.83
					581,800	0.83

52 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
GROWTH & INCOME FUND § JUNE 30, 2007

Shares		Company	Value		% of net assets
INSURANCE CARRIERS
	14,017	ACE Ltd	$	876,343		1.25	%
	16,747	American International Group, Inc		1,172,792		1.68
		Other		336,721		0.48
				2,385,856		3.41
MISCELLANEOUS RETAIL				338,959		0.48
MOTION PICTURES				939,988		1.34
NONDEPOSITORY INSTITUTIONS
	11,849	American Express Co		724,922		1.04
	10,926	Fannie Mae		713,796		1.02
	11,386	Morgan Stanley & Co		792,807		1.13
		Other		162,250		0.23
				2,393,775		3.42
OIL AND GAS EXTRACTION
	11,920	Schlumberger Ltd		1,012,485		1.45
		Other		1,456,578		2.08
				2,469,063		3.53
PAPER AND ALLIED PRODUCTS
	9,370	Anglo American PLC		550,130		0.79
				550,130		0.79
PETROLEUM AND COAL PRODUCTS
	10,508	Devon Energy Corp		822,671		1.18
	32,890	Exxon Mobil Corp		2,758,813		3.94
	11,164	Marathon Oil Corp		669,393		0.96
		Other		420,129		0.60
				4,671,006		6.68
PRIMARY METAL INDUSTRIES				105,459		0.15
REAL ESTATE				154,393		0.22
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				482,164		0.69
SECURITY AND COMMODITY BROKERS				920,436		1.32
STONE, CLAY, AND GLASS PRODUCTS				200,658		0.29
TOBACCO PRODUCTS
	26,724	Altria Group, Inc		1,874,421		2.68
		Other		224,418		0.32
				2,098,839		3.00
TRANSPORTATION EQUIPMENT
	10,967	Boeing Co		1,054,587		1.51
	8,667	ITT Industries, Inc		591,783		0.85
		Other		876,954		1.25
				2,523,324		3.61

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 53

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
GROWTH & INCOME FUND § JUNE 30, 2007

Shares		Company		Value			% of net assets
WHOLESALE TRADE-NONDURABLE GOODS				$	169,028		0.24	%
		TOTAL COMMON STOCKS	(Cost $56,618,316)		69,596,612		99.46
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	6,705,968	State Street Navigator Securities Lending Prime Portfolio			6,705,968		9.58
		TOTAL SHORT-TERM INVESTMENTS	(Cost $6,705,968)		6,705,968		9.58
		TOTAL PORTFOLIO	(Cost $63,324,284)		76,302,580		109.04
		OTHER ASSETS & LIABILITIES, NET			(6,324,077	)	(9.04	)
		NET ASSETS		$	69,978,503		100.00	%

*	Non-income producing
e	All or a portion of these securities are out on loan.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

54 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

INTERNATIONAL EQUITY FUND § JUNE 30, 2007

Shares			Company		Value	% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				$	182,422	0.13	%
BUSINESS SERVICES
	56,302		Adecco S.A.		4,355,642	3.04
	860,000		Huabao International Holdings Ltd		830,412	0.58
			Other		407,512	0.29
					5,593,566	3.91
CHEMICALS AND ALLIED PRODUCTS
	61,100		Daiichi Sankyo Co Ltd		1,621,143	1.13
	14,214		Reckitt Benckiser plc		778,153	0.55
			Other		287,576	0.20
					2,686,872	1.88
COAL MINING
	1,394,700	*	China Coal Energy Co		2,093,918	1.46
					2,093,918	1.46
COMMUNICATIONS
	34,168		Royal KPN NV		566,874	0.40
			Other		317,135	0.22
					884,009	0.62
DEPOSITORY INSTITUTIONS
	34,212		Fortis		1,450,035	1.01
	20,496		Julius Baer Holding AG.		1,466,484	1.03
	60,728		Nordea Bank AB		948,504	0.66
	7,291		Societe Generale		1,350,865	0.94
	50	e	Sumitomo Mitsui Financial Group, Inc		466,120	0.33
			Other		1,143,656	0.80
					6,825,664	4.77
ELECTRIC, GAS, AND SANITARY SERVICES
	129,793	e	Fortum Oyj		4,055,705	2.83
			Other		302,284	0.21
					4,357,989	3.04
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	42,600		Hoya Corp		1,413,175	0.99
	16,400		TDK Corp		1,587,244	1.11
			Other		839,191	0.58
					3,839,610	2.68
FOOD AND KINDRED PRODUCTS
	30,950		Groupe Danone		2,499,713	1.75
			Other		93,802	0.06
					2,593,515	1.81

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 55

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
INTERNATIONAL EQUITY FUND § JUNE 30, 2007

Shares			Company		Value	% of net assets
FOOD STORES
	140,214		Carrefour S.A.	$	9,847,762		6.88	%
			Other		606,431		0.42
					10,454,193		7.30
GENERAL BUILDING CONTRACTORS					469,228		0.33
HEAVY CONSTRUCTION, EXCEPT BUILDING
	48,220	e	Vinci S.A.		3,599,000		2.51
					3,599,000		2.51
HOLDING AND OTHER INVESTMENT OFFICES
	340,419		Ashmore Group plc		1,834,253		1.28
	65,011		GEA Group AG.		2,247,172		1.57
	136,379		Man Group plc		1,658,904		1.16
			Other		325,967		0.23
					6,066,296		4.24
HOTELS AND OTHER LODGING PLACES
	47,371		Accor S.A.		4,187,633		2.93
					4,187,633		2.93
INDUSTRIAL MACHINERY AND EQUIPMENT
	8,870		Canon, Inc		520,164		0.36
	47,835	*	Deutz AG.		620,466		0.43
	11,949		Krones AG.		2,769,337		1.94
	24,944		Rheinmetall AG.		2,313,341		1.62
			Other		1,208,412		0.84
					7,431,720		5.19
INSTRUMENTS AND RELATED PRODUCTS
	27,425		Phonak Holding AG.		2,458,359		1.71
	14,663		Tecan Group AG.		984,663		0.69
					3,443,022		2.40
INSURANCE AGENTS, BROKERS AND SERVICE					87,413		0.06
INSURANCE CARRIERS
	3,589		Zurich Financial Services AG.		1,109,469		0.78
			Other		464,240		0.32
					1,573,709		1.10
	METAL MINING
	14,100		BHP Billiton Ltd		421,318		0.30
	16,517		MMC Norilsk Nickel (ADR)		3,666,774		2.56
			Other		147,399		0.10
					4,235,491		2.96
MISCELLANEOUS RETAIL					97,380		0.07
NONDEPOSITORY INSTITUTIONS
	36,517	e	Deutsche Postbank AG.		3,201,818		2.24

56 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
INTERNATIONAL EQUITY FUND § JUNE 30, 2007

Shares			Company		Value	% of net assets
NONDEPOSITORY INSTITUTIONS – continued
	26,270		Hypo Real Estate Holding AG.	$	1,697,846		1.18	%
	103,742		Tullett Prebon plc		926,816		0.65
			Other		418,676		0.29
					6,245,156		4.36
OIL AND GAS EXTRACTION
	3,591	*	Compagnie Generale de Geophysique S.A.		896,140		0.63
			Other		499,548		0.35
					1,395,688		0.98
PETROLEUM AND COAL PRODUCTS
	167,570		BP plc		2,016,255		1.41
	18,222		ENI S.p.A.		660,683		0.46
					2,676,938		1.87
PRIMARY METAL INDUSTRIES					585,859		0.41
RAILROAD TRANSPORTATION					246,567		0.17
REAL ESTATE
	33,000		Atrium Co Ltd		894,878		0.63
	430		Risa Partners, Inc		1,171,232		0.82
	331,900		Urban Corp		6,028,574		4.21
			Other		188,082		0.13
					8,282,766		5.79
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	175,284		Bayer AG.		13,203,494		9.22
					13,203,494		9.22
SECURITY AND COMMODITY BROKERS					210,811		0.15
SPECIAL TRADE CONTRACTORS					90,654		0.06
STONE, CLAY, AND GLASS PRODUCTS
	19,035		Holcim Ltd		2,055,735		1.44
	1,060,000		Nippon Sheet Glass Co Ltd		4,838,945		3.38
	1,016,000		Sumitomo Osaka Cement Co Ltd		2,691,361		1.88
					9,586,041		6.70
TOBACCO PRODUCTS
	453		Japan Tobacco, Inc		2,232,949		1.56
					2,232,949		1.56
TRANSPORTATION EQUIPMENT
	187,140		Fiat S.p.A.		5,558,597		3.88
	33,765		Siemens AG.		4,835,205		3.38
	15,820		Toyota Motor Corp		997,710		0.70
			Other		106,381		0.07
					11,497,893		8.03

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 57

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
INTERNATIONAL EQUITY FUND § JUNE 30, 2007

Shares		Company			Value		% of net assets
TRUCKING AND WAREHOUSING
	227,244	Deutsche Post AG.		$	7,356,122		5.14	%
					7,356,122		5.14
WHOLESALE TRADE-DURABLE GOODS
	79,738	Kloeckner & Co AG.			5,745,817		4.01
		Other			194,963		0.14
					5,940,780		4.15
WHOLESALE TRADE-NONDURABLE GOODS
	1,962,000	Sinochem Hong Kong Holding Ltd			1,388,281		0.97
		Other			142,539		0.10
					1,530,820		1.07
		TOTAL COMMON STOCKS	(Cost $123,869,762)		141,785,188		99.05
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	6,351,906	State Street Navigator Securities Lending Prime Portfolio			6,351,906		4.44
		TOTAL SHORT-TERM INVESTMENTS	(Cost $6,351,906)		6,351,906		4.44
		TOTAL PORTFOLIO	(Cost $130,221,668)		148,137,094		103.49
		OTHER ASSETS & LIABILITIES, NET			(4,991,274	)	(3.49	)
		NET ASSETS		$	143,145,820		100.00	%

ABBREVIATION:

ADR American Depositary Receipt

*        Non-income producing

e        All or a portion of these securities are out on loan.

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

58 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

INTERNATIONAL EQUITY FUND § JUNE 30, 2007

Country	Value		% of market value
DOMESTIC
UNITED STATES	$	6,351,906		4.29	%
TOTAL DOMESTIC		6,351,906		4.29
FOREIGN
AUSTRALIA		2,041,736		1.38
BELGIUM		1,450,035		0.98
CAYMAN ISLANDS		156,593		0.11
FINLAND		4,055,705		2.74
FRANCE		22,587,905		15.25
GERMANY		43,990,617		29.70
HONG KONG		4,611,399		3.11
INDIA		133,591		0.09
ITALY		6,219,279		4.20
JAPAN		29,985,038		20.24
NETHERLANDS		566,874		0.38
NEW ZEALAND		170,441		0.11
RUSSIA		3,666,774		2.47
SINGAPORE		364,031		0.25
SWEDEN		948,504		0.64
SWITZERLAND		12,430,351		8.39
UNITED KINGDOM		8,406,315		5.67
TOTAL FOREIGN		141,785,188		95.71
TOTAL PORTFOLIO	$	148,137,094		100.00	%

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 59

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

LARGE-CAP VALUE FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
COMMON STOCKS
APPAREL AND ACCESSORY STORES
	94,824		Gap, Inc	$	1,811,138		2.26	%
					1,811,138		2.26
APPAREL AND OTHER TEXTILE PRODUCTS					58,873		0.07
BUILDING MATERIALS AND GARDEN SUPPLIES
	14,501		Home Depot, Inc		570,614		0.71
					570,614		0.71
BUSINESS SERVICES
	9,532		Fidelity National Information Services, Inc		517,397		0.65
	25,263	*	Yahoo!, Inc		685,385		0.85
			Other		834,964		1.04
					2,037,746		2.54
CHEMICALS AND ALLIED PRODUCTS
	16,302		Bristol-Myers Squibb Co		514,491		0.64
	43,872		Pfizer, Inc		1,121,807		1.40
	7,692		PPG Industries, Inc		585,438		0.73
			Other		2,390,001		2.98
					4,611,737		5.75
COAL MINING
	10,536		Peabody Energy Corp		509,732		0.63
			Other		149,500		0.19
					659,232		0.82
COMMUNICATIONS
	36,259		AT&T, Inc		1,504,749		1.88
	94,927		Sprint Nextel Corp		1,965,938		2.45
			Other		1,122,734		1.40
					4,593,421		5.73
DEPOSITORY INSTITUTIONS
	45,679		Bank of New York Co, Inc		1,892,938		2.36
	61,144		Citigroup, Inc		3,136,076		3.91
	19,100	e	First Horizon National Corp		744,900		0.93
	45,345		JPMorgan Chase & Co		2,196,965		2.74
	23,473		SunTrust Banks, Inc		2,012,575		2.51
	27,179	e	TCF Financial Corp		755,576		0.94
	56,848		Wells Fargo & Co		1,999,344		2.50
			Other		978,432		1.22
					13,716,806		17.11
EATING AND DRINKING PLACES
	22,042	e	Darden Restaurants, Inc		969,628		1.21
			Other		433,512		0.54
					1,403,140		1.75

60 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS  (UNAUDITED) continued

LARGE-CAP VALUE FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES
	13,262		American Electric Power Co, Inc	$	597,320		0.74	%
	23,932	e	DPL, Inc		678,233		0.85
			Other		2,055,010		2.56
					3,330,563		4.15
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					3,716,128		4.63
ENGINEERING AND MANAGEMENT SERVICES					7,163		0.01
FABRICATED METAL PRODUCTS
	18,937		Illinois Tool Works, Inc		1,026,196		1.28
					1,026,196		1.28
FOOD AND KINDRED PRODUCTS
	39,784		ConAgra Foods, Inc		1,068,598		1.33
	25,196		Kraft Foods, Inc (Class A)		888,159		1.11
	11,917		PepsiCo, Inc		772,817		0.96
			Other		140,348		0.18
					2,869,922		3.58
FORESTRY					225,700		0.28
FURNITURE AND HOME FURNISHINGS STORES					330,146		0.41
GENERAL BUILDING CONTRACTORS					511,135		0.64
HEALTH SERVICES
	29,020	e*	Healthsouth Corp		525,552		0.66
					525,552		0.66
HOLDING AND OTHER INVESTMENT OFFICES
	31,259		iShares Russell 1000 Value Index Fund		2,711,406		3.38
			Other		364,033		0.46
					3,075,439		3.84
HOTELS AND OTHER LODGING PLACES
	14,183		Accor S.A.		1,253,788		1.56
	5,743	e*	MGM Mirage		473,683		0.59
	11,188	e	Orient-Express Hotels Ltd (Class A)		597,439		0.75
					2,324,910		2.90
INDUSTRIAL MACHINERY AND EQUIPMENT
	45,492		General Electric Co		1,741,434		2.17
			Other		651,516		0.81
					2,392,950		2.98
INSTRUMENTS AND RELATED PRODUCTS
	9,711	e	Cooper Cos, Inc		517,791		0.65
	18,981	*	St. Jude Medical, Inc		787,522		0.98
	18,584	*	Thermo Electron Corp		961,164		1.20
			Other		299,069		0.37
					2,565,546		3.20

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report   61

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

LARGE-CAP VALUE FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE
	8,267		Hartford Financial Services Group, Inc	$	814,382		1.02	%
			Other		251,484		0.31
					1,065,866		1.33
INSURANCE CARRIERS
	15,715		Aetna, Inc		776,321		0.97
	24,055		Radian Group, Inc		1,298,970		1.62
			Other		2,229,321		2.78
					4,304,612		5.37
METAL MINING					43,431		0.05
MISCELLANEOUS RETAIL
	78,857	e*	Rite Aid Corp		503,108		0.63
					503,108		0.63
NONDEPOSITORY INSTITUTIONS
	19,882		Countrywide Financial Corp		722,711		0.90
			Other		1,064,359		1.33
					1,787,070		2.23
OIL AND GAS EXTRACTION
	10,279		Anadarko Petroleum Corp		534,405		0.67
	14,904		Halliburton Co		514,188		0.64
	16,636	e*	Pride International, Inc		623,185		0.78
			Other		395,777		0.49
					2,067,555		2.58
PAPER AND ALLIED PRODUCTS					852,862		1.06
PETROLEUM AND COAL PRODUCTS
	20,406		Chevron Corp		1,719,001		2.14
	11,208		Devon Energy Corp		877,474		1.10
	18,601		Occidental Petroleum Corp		1,076,626		1.34
	5,022		Petroleo Brasileiro S.A. (ADR)		609,018		0.76
			Other		913,383		1.14
					5,195,502		6.48
PIPELINES, EXCEPT NATURAL GAS					39,329		0.05
PRIMARY METAL INDUSTRIES					309,014		0.39
REAL ESTATE					555,367		0.69
SECURITY AND COMMODITY BROKERS
	5,890		Bear Stearns Cos, Inc		824,600		1.03
	8,218		Morgan Stanley		689,326		0.86
					1,513,926		1.89
STONE, CLAY, AND GLASS PRODUCTS					109,802		0.14
TEXTILE MILL PRODUCTS					257,482		0.32

62 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

LARGE-CAP VALUE FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
TOBACCO PRODUCTS
	27,739		Altria Group, Inc	$	1,945,613		2.43	%
					1,945,613		2.43
TRANSPORTATION BY AIR					696,313		0.87
TRANSPORTATION EQUIPMENT
	115,927	e*	Ford Motor Co		1,092,032		1.36
			Other		233,878		0.29
					1,325,910		1.65
TRANSPORTATION SERVICES					464,378		0.58
WHOLESALE TRADE-DURABLE GOODS					9,302		0.01
WHOLESALE TRADE-NONDURABLE GOODS					5,723		0.01
			TOTAL COMMON STOCKS (Cost $66,691,670)		75,416,222		94.06

SHORT-TERM INVESTMENTS

Principal		Issuer
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES
$	4,000,000	Federal Home Loan Bank                                                 0.000%, 07/02/2007		4,000,000		4.99
	Shares	Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	11,024,860	State Street Navigator Securities Lending Prime Portfolio		11,024,860		13.75
		TOTAL SHORT-TERM INVESTMENTS (Cost $15,024,327)		15,024,860		18.74
		TOTAL PORTFOLIO (Cost $81,715,997)		90,441,082		112.80
		OTHER ASSETS & LIABILITIES, NET		(10,265,791	)	(12.80	)
		NET ASSETS	$	80,175,291		100.00	%

ABBREVIATION:

ADR American Depositary Receipt

* Non-income producing

e All or a portion of these securities are out on loan.

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 63

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SMALL-CAP EQUITY FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				$	400,287		0.65	%
APPAREL AND ACCESSORY STORES
	11,900	e	Brown Shoe Co, Inc		289,408		0.47
	10,700	e*	Charlotte Russe Holding, Inc		287,509		0.47
	9,700	d,e*	Payless Shoesource, Inc		306,035		0.49
			Other		342,714		0.55
					1,225,666		1.98
APPAREL AND OTHER TEXTILE PRODUCTS
	7,849	*	Gymboree Corp		309,329		0.50
			Other		244,773		0.40
					554,102		0.90
AUTO REPAIR, SERVICES AND PARKING					3,427		0.01
AUTOMOTIVE DEALERS AND SERVICE STATIONS					232,035		0.38
BUILDING MATERIALS AND GARDEN SUPPLIES					1,226		0.00	**
BUSINESS SERVICES
	70,600	*	3Com Corp		291,578		0.47
	11,089	e*	CSG Systems International, Inc		293,969		0.48
	14,200	*	Sybase, Inc		339,238		0.55
	9,542	e*	THQ, Inc		291,222		0.47
	7,200	e	Viad Corp		303,624		0.49
			Other		5,956,810		9.64
					7,476,441		12.10
CHEMICALS AND ALLIED PRODUCTS
	7,205		CF Industries Holdings, Inc		431,507		0.70
	9,134	e*	OSI Pharmaceuticals, Inc		330,742		0.53
			Other		3,258,979		5.28
					4,021,228		6.51
COAL MINING					187,110		0.30
COMMUNICATIONS
	5,100	e*	Anixter International, Inc		383,571		0.62
	21,422	e*	Brightpoint, Inc		295,409		0.48
	55,800	e*	Cincinnati Bell, Inc		322,524		0.52
			Other		1,435,637		2.33
					2,437,141		3.95
DEPOSITORY INSTITUTIONS
	4,500	e	Downey Financial Corp		296,910		0.48
	11,550		Trustmark Corp		298,683		0.48
			Other		3,710,062		6.01
					4,305,655		6.97

64 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SMALL-CAP EQUITY FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
EATING AND DRINKING PLACES
	4,700	e*	Jack in the Box, Inc	$	333,418		0.54	%
			Other		953,059		1.54
					1,286,477		2.08
EDUCATIONAL SERVICES					129,276		0.21
ELECTRIC, GAS, AND SANITARY SERVICES
	5,900	e*	Clean Harbors, Inc		291,578		0.47
	5,900	e	New Jersey Resources Corp		301,018		0.49
	10,343	e	Portland General Electric Co		283,812		0.46
			Other		2,078,426		3.36
					2,954,834		4.78
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	22,000	e*	Amkor Technology, Inc		346,500		0.56
	18,513	e*	Arris Group, Inc		325,644		0.53
	6,441	e*	Comtech Telecommunications Corp		298,991		0.48
	47,000	e*	RF Micro Devices, Inc		293,280		0.47
			Other		2,609,651		4.23
					3,874,066		6.27
ENGINEERING AND MANAGEMENT SERVICES					1,490,775		2.41
FABRICATED METAL PRODUCTS					535,709		0.87
FOOD AND KINDRED PRODUCTS					560,461		0.91
FOOD STORES					533,127		0.86
FURNITURE AND FIXTURES					490,052		0.79
FURNITURE AND HOME FURNISHINGS STORES					259,840		0.42
GENERAL BUILDING CONTRACTORS
	5,700	e*	Perini Corp		350,721		0.57
					350,721		0.57
GENERAL MERCHANDISE STORES					193,226		0.31
HEALTH SERVICES					314,415		0.51
HEAVY CONSTRUCTION,EXCEPT BUILDING
	5,000	e	Granite Construction, Inc		320,900		0.52
			Other		265,920		0.43
					586,820		0.95
HOLDING AND OTHER INVESTMENT OFFICES
	24,800	e	Ashford Hospitality Trust, Inc		291,648		0.47
	16,300	e	DiamondRock Hospitality Co		311,004		0.50
	13,200	e	FelCor Lodging Trust, Inc		343,596		0.56
	6,127		Home Properties, Inc		318,175		0.52
	7,000	e	LaSalle Hotel Properties		303,940		0.49
	7,361		Potlatch Corp		316,891		0.51
	7,900	e	Tanger Factory Outlet Centers, Inc		295,855		0.48

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 65

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SMALL-CAP EQUITY FUND  §  JUNE 30, 2007

	Shares		Company	Value		% of net assets
HOLDING AND OTHER INVESTMENT OFFICES — continued
			Other	$	1,889,765		3.06	%
					4,070,874		6.59
HOTELS AND OTHER LODGING PLACES					77,865		0.13
INDUSTRIAL MACHINERY AND EQUIPMENT
	16,902	*	Brooks Automation, Inc		306,771		0.50
	6,600	*	NATCO Group, Inc (Class A)		303,864		0.49
	6,036		Nordson Corp		302,766		0.49
			Other		1,979,964		3.20
					2,893,365		4.68
INSTRUMENTS AND RELATED PRODUCTS
	10,100	e	STERIS Corp		309,060		0.50
	13,057	e*	Zoll Medical Corp		291,302		0.47
			Other		2,557,004		4.14
					3,157,366		5.11
INSURANCE AGENTS, BROKERS AND SERVICE					125,030		0.20
INSURANCE CARRIERS
	12,300	*	AMERIGROUP Corp		292,740		0.48
	6,900		Odyssey Re Holdings Corp		295,941		0.48
	9,600	e	Platinum Underwriters Holdings Ltd		333,600		0.54
			Other		1,428,658		2.31
					2,350,939		3.81
LEATHER AND LEATHER PRODUCTS
	8,600	e	Steven Madden Ltd		281,736		0.46
			Other		45,342		0.07
					327,078		0.53
LEGAL SERVICES					173,251		0.28
LUMBER AND WOOD PRODUCTS					41,520		0.07
METAL MINING					117,322		0.19
MISCELLANEOUS MANUFACTURING INDUSTRIES					482,257		0.78
MISCELLANEOUS RETAIL					1,142,174		1.85
MOTION PICTURES					6,643		0.01
NONDEPOSITORY INSTITUTIONS					405,121		0.66
OIL AND GAS EXTRACTION					1,606,344		2.60
PAPER AND ALLIED PRODUCTS					292,292		0.47
PERSONAL SERVICES					182,372		0.30
PETROLEUM AND COAL PRODUCTS					188,979		0.31
PRIMARY METAL INDUSTRIES					1,098,071		1.78
PRINTING AND PUBLISHING					513,509		0.83

66 2007 Semiannual Report  §  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SMALL-CAP EQUITY FUND  §  JUNE 30, 2007

	Shares		Company		Value		% of net assets
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	11,300		Tupperware Corp		$	324,762		0.53	%
	6,600	e	West Pharmaceutical Services, Inc			311,190		0.50
			Other			440,752		0.71
						1,076,704		1.74
SECURITY AND COMMODITY BROKERS						661,133		1.07
SOCIAL SERVICES						57,118		0.09
SPECIAL TRADE CONTRACTORS
	4,600	*	EMCOR Group, Inc			335,340		0.54
			Other			41,974		0.07
						377,314		0.61
TEXTILE MILL PRODUCTS						48,774		0.08
TRANSPORTATION BY AIR						449,650		0.73
TRANSPORTATION EQUIPMENT						1,719,492		2.78
TRANSPORTATION SERVICES						492,367		0.80
TRUCKING AND WAREHOUSING						8,614		0.01
WATER TRANSPORTATION						160,524		0.26
WHOLESALE TRADE-DURABLE GOODS
	11,100	e	Applied Industrial Technologies, Inc			327,450		0.53
	30,700	e*	Genesis Microchip, Inc			287,352		0.47
			Other			1,013,066		1.64
						1,627,868		2.64
WHOLESALE TRADE-NONDURABLE GOODS
	30,800	*	Alliance One International, Inc			309,540		0.50
	9,313		Spartan Stores, Inc			306,491		0.50
	5,470	*	United Stationers, Inc			364,521		0.59
			Other			435,279		0.70
						1,415,831		2.29
			TOTAL COMMON STOCKS	(Cost $57,249,878)		61,751,878		99.97

See notes to financial statements TIAA-CREF Life Funds  §  2007 Semiannual Report 67

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SMALL-CAP EQUITY FUND  §  JUNE 30, 2007

	Shares	Company		Value			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	17,862,209	State Street Navigator Securities Lending Prime Portfolio		$	17,862,209			28.92	%
		TOTAL SHORT-TERM INVESTMENTS	(Cost $17,862,209)		17,862,209			28.92
		TOTAL PORTFOLIO	(Cost $75,112,087)		79,614,087			128.89
		OTHER ASSETS & LIABILITIES, NET			(17,847,028	)		(28.89	)
		NET ASSETS		$	61,767,059			100.00	%

*	Non-income producing
**	Percentage is less than 0.01%
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $6,625.
e	All or a portion of these securities are out on loan.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

68 2007 Semiannual Report  §  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS(UNAUDITED)

STOCK INDEX FUND  §  JUNE 30, 2007

	Shares		Company		Value	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS				$	8,323	0.00	%**
AGRICULTURAL PRODUCTION-LIVESTOCK					26,137	0.01
AGRICULTURAL SERVICES					2,921	0.00	**
AMUSEMENT AND RECREATION SERVICES
	21,683		Walt Disney Co		740,258	0.40
			Other		456,583	0.24
					1,196,841	0.64
APPAREL AND ACCESSORY STORES					1,244,165	0.67
APPAREL AND OTHER TEXTILE PRODUCTS					372,263	0.20
AUTO REPAIR, SERVICES AND PARKING					170,508	0.09
AUTOMOTIVE DEALERS AND SERVICE STATIONS					334,477	0.18
BUILDING MATERIALS AND GARDEN SUPPLIES
	21,548		Home Depot, Inc		847,914	0.45
			Other		576,904	0.31
					1,424,818	0.76
BUSINESS SERVICES
	2,503	*	Google, Inc (Class A)		1,310,020	0.70
	90,109		Microsoft Corp		2,655,512	1.42
	42,180	*	Oracle Corp		831,368	0.45
			Other		8,152,674	4.36
					12,949,574	6.93
CHEMICALS AND ALLIED PRODUCTS
	16,853		Abbott Laboratories		902,478	0.48
	12,728	*	Amgen, Inc		703,731	0.38
	21,531		Bristol-Myers Squibb Co		679,518	0.36
	23,712		Merck & Co, Inc		1,180,858	0.63
	76,786		Pfizer, Inc		1,963,418	1.05
	34,451		Procter & Gamble Co		2,108,057	1.13
	14,716		Wyeth		843,815	0.45
			Other		8,011,297	4.29
					16,393,172	8.77
COAL MINING					329,343	0.18
COMMUNICATIONS
	67,458		AT&T, Inc		2,799,507	1.50
	32,312	*	Comcast Corp (Class A)		908,613	0.49
	31,892		Verizon Communications, Inc		1,312,994	0.70
			Other		3,982,444	2.13
					9,003,558	4.82

See notes to financial statements TIAA-CREF Life Funds  §  2007 Semiannual Report 69

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  §  JUNE 30, 2007

	Shares		Company		Value	% of net assets
DEPOSITORY INSTITUTIONS
	48,552		Bank of America Corp	$	2,373,707	1.27	%
	54,119		Citigroup, Inc		2,775,764	1.49
	37,377		JPMorgan Chase & Co		1,810,916	0.97
	20,933		Wachovia Corp		1,072,816	0.57
	36,734		Wells Fargo & Co		1,291,935	0.69
			Other		6,846,071	3.67
					16,171,209	8.66
EATING AND DRINKING PLACES					1,590,443	0.85
EDUCATIONAL SERVICES					268,217	0.14
ELECTRIC, GAS, AND SANITARY SERVICES					7,369,556	3.94
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	9,463	*	Apple Computer, Inc		1,154,865	0.62
	66,616	*	Cisco Systems, Inc		1,855,256	0.99
	63,570		Intel Corp		1,510,423	0.81
	18,237		Qualcomm, Inc		791,303	0.42
			Other		6,218,898	3.33
					11,530,745	6.17
ENGINEERING AND MANAGEMENT SERVICES					1,552,131	0.83
ENVIRONMENTAL QUALITY AND HOUSING					5,896	0.00	**
FABRICATED METAL PRODUCTS					976,789	0.52
FOOD AND KINDRED PRODUCTS
	25,130		Coca-Cola Co		1,314,550	0.70
	17,822		PepsiCo, Inc		1,155,757	0.62
			Other		3,281,294	1.76
					5,751,601	3.08
FOOD STORES					629,047	0.34
FORESTRY					224,791	0.12
FURNITURE AND FIXTURES					590,708	0.32
FURNITURE AND HOME FURNISHINGS STORES					353,273	0.19
GENERAL BUILDING CONTRACTORS					474,199	0.25
GENERAL MERCHANDISE STORES
	26,381		Wal-Mart Stores, Inc		1,269,190	0.68
			Other		1,698,254	0.91
					2,967,444	1.59
HEALTH SERVICES					2,457,562	1.32
HEAVY CONSTRUCTION, EXCEPT BUILDING					118,838	0.06
HOLDING AND OTHER INVESTMENT OFFICES
	25,200		iShares Russell 3000 Index Fund		2,193,156	1.18
			Other		4,152,121	2.22
					6,345,277	3.40

70 2007 Semiannual Report  §  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  §  JUNE 30, 2007

	Shares		Company	Value		% of net assets
HOTELS AND OTHER LODGING PLACES				$	982,666		0.53	%
INDUSTRIAL MACHINERY AND EQUIPMENT
	25,010	*	Dell, Inc		714,036		0.38
	112,559		General Electric Co		4,308,759		2.31
	29,283		Hewlett-Packard Co		1,306,607		0.70
	16,246		International Business Machines Corp		1,709,891		0.91
			Other		4,763,526		2.55
					12,802,819		6.85
INSTRUMENTS AND RELATED PRODUCTS
	31,868		Johnson & Johnson		1,963,706		1.05
			Other		5,858,025		3.14
					7,821,731		4.19
INSURANCE AGENTS, BROKERS AND SERVICE					841,548		0.45
INSURANCE CARRIERS
	24,522		American International Group, Inc		1,717,276		0.92
	14,662		UnitedHealth Group, Inc		749,815		0.40
			Other		6,477,435		3.47
					8,944,526		4.79
JUSTICE, PUBLIC ORDER AND SAFETY					54,793		0.03
LEATHER AND LEATHER PRODUCTS					298,520		0.16
LEGAL SERVICES					27,094		0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT					34,045		0.02
LUMBER AND WOOD PRODUCTS					51,973		0.03
METAL MINING					732,049		0.39
MISCELLANEOUS MANUFACTURING INDUSTRIES
	21,346	*	Tyco International Ltd		721,281		0.39
			Other		381,546		0.20
					1,102,827		0.59
MISCELLANEOUS RETAIL					2,502,500		1.34
MOTION PICTURES
	41,460		Time Warner, Inc		872,318		0.47
			Other		1,244,780		0.66
					2,117,098		1.13
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS					5,059		0.00	**
NONDEPOSITORY INSTITUTIONS
	11,330		American Express Co		693,169		0.37
	10,645		Fannie Mae		695,438		0.37
			Other		1,931,729		1.04
					3,320,336		1.78
NONMETALLIC MINERALS, EXCEPT FUELS					171,272		0.09

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 71

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
STOCK INDEX FUND § JUNE 30, 2007

Shares		Company	Value		% of net assets
OIL AND GAS EXTRACTION
	12,894	Schlumberger Ltd	$	1,095,216		0.58	%
		Other		4,553,358		2.44
				5,648,574		3.02
PAPER AND ALLIED PRODUCTS				971,704		0.52
PERSONAL SERVICES				288,390		0.15
PETROLEUM AND COAL PRODUCTS
	23,515	Chevron Corp		1,980,904		1.06
	17,881	ConocoPhillips		1,403,658		0.75
	61,647	Exxon Mobil Corp		5,170,950		2.77
		Other		3,168,616		1.70
				11,724,128		6.28
PIPELINES, EXCEPT NATURAL GAS				179,384		0.10
PRIMARY METAL INDUSTRIES				1,991,496		1.07
PRINTING AND PUBLISHING				1,092,863		0.58
RAILROAD TRANSPORTATION				1,189,599		0.64
REAL ESTATE				238,140		0.13
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				561,549		0.30
SECURITY AND COMMODITY BROKERS
	4,442	Goldman Sachs Group, Inc		962,803		0.52
	9,499	Merrill Lynch & Co, Inc		793,926		0.42
	11,531	Morgan Stanley		967,220		0.52
		Other		3,265,162		1.75
				5,989,111		3.21
SOCIAL SERVICES				21,287		0.01
SPECIAL TRADE CONTRACTORS				136,650		0.07
STONE, CLAY, AND GLASS PRODUCTS
	7,979	3M Co		692,497		0.37
		Other		234,841		0.13
				927,338		0.50
TEXTILE MILL PRODUCTS				11,154		0.01
TOBACCO PRODUCTS
	23,012	Altria Group, Inc		1,614,062		0.86
		Other		337,073		0.18
				1,951,135		1.04
TRANSPORTATION BY AIR				951,646		0.51
TRANSPORTATION EQUIPMENT
	8,615	Boeing Co		828,418		0.45
	10,879	United Technologies Corp		771,647		0.41

72 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
STOCK INDEX FUND § JUNE 30, 2007

Shares		Company		Value			% of net assets
TRANSPORTATION EQUIPMENT — continued
		Other		$	3,069,905			1.64	%
					4,669,970			2.50
TRANSPORTATION SERVICES					330,436			0.18
TRUCKING AND WAREHOUSING					709,107			0.38
WATER TRANSPORTATION					522,699			0.28
WHOLESALE TRADE-DURABLE GOODS					740,980			0.40
WHOLESALE TRADE-NONDURABLE GOODS					1,146,129			0.61
		TOTAL COMMON STOCKS	(Cost $149,955,544)		186,638,151			99.90
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	17,437,186	State Street Navigator Securities Lending Prime Portfolio			17,437,186			9.33
		TOTAL SHORT-TERM INVESTMENTS	(Cost $17,437,186)		17,437,186			9.33
		TOTAL PORTFOLIO	(Cost $167,392,730)		204,075,337			109.23
		OTHER ASSETS & LIABILITIES, NET			(17,243,075	)		(9.23	)
		NET ASSETS		$	186,832,262			100.00	%

*	Non-income producing
**	Percentage is less than 0.01%

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 73

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS				$	4,854		0.01	%
AMUSEMENT AND RECREATION SERVICES
	9,827		Walt Disney Co		335,494		0.86
			Other		23,169		0.06
					358,663		0.92
APPAREL AND ACCESSORY STORES					284,987		0.73
APPAREL AND OTHER TEXTILE PRODUCTS					60,589		0.16
AUTO REPAIR, SERVICES AND PARKING					17,022		0.04
AUTOMOTIVE DEALERS AND SERVICE STATIONS					38,952		0.10
BUILDING MATERIALS AND GARDEN SUPPLIES
	8,128		Home Depot, Inc		319,837		0.82
	4,800		Lowe’s Cos, Inc		147,312		0.38
					467,149		1.20
BUSINESS SERVICES
	3,583		Automatic Data Processing, Inc		173,668		0.45
	496	*	Google, Inc (Class A)		259,596		0.67
	27,174	d	Microsoft Corp		800,818		2.06
			Other		1,288,557		3.31
					2,522,639		6.49
CHEMICALS AND ALLIED PRODUCTS
	3,911	*	Amgen, Inc		216,239		0.56
	7,609		Bristol-Myers Squibb Co		240,140		0.62
	2,803		Colgate-Palmolive Co		181,775		0.47
	8,394		Merck & Co, Inc		418,021		1.07
	10,656		Procter & Gamble Co		652,041		1.68
			Other		1,842,242		4.73
					3,550,458		9.13
COMMUNICATIONS
	20,058		AT&T, Inc		832,407		2.14
	9,776		Verizon Communications, Inc		402,478		1.04
			Other		820,906		2.11
					2,055,791		5.29
DEPOSITORY INSTITUTIONS
	14,050		Bank of America Corp		686,905		1.77
	5,260		Regions Financial Corp		174,106		0.45
	2,300		SunTrust Banks, Inc		197,202		0.51
	8,800		US Bancorp		289,960		0.74
	7,761		Wachovia Corp		397,751		1.02
	4,890		Washington Mutual, Inc		208,510		0.54
	13,300		Wells Fargo & Co		467,761		1.20
			Other		1,186,814		3.05
					3,609,009		9.28

74 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
EATING AND DRINKING PLACES
	7,066		McDonald’s Corp	$	358,670		0.92	%
			Other		169,818		0.44
					528,488		1.36
ELECTRIC, GAS, AND SANITARY SERVICES					1,979,816		5.09
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,142	*	Apple Computer, Inc		261,410		0.67
	17,400	*	Cisco Systems, Inc		484,590		1.25
	19,109		Intel Corp		454,030		1.17
	5,500		Qualcomm, Inc		238,645		0.61
	5,674		Texas Instruments, Inc		213,513		0.55
			Other		568,534		1.46
					2,220,722		5.71
ENGINEERING AND MANAGEMENT SERVICES					274,274		0.71
FABRICATED METAL PRODUCTS
	3,402		Illinois Tool Works, Inc		184,354		0.47
			Other		126,678		0.33
					311,032		0.80
FOOD AND KINDRED PRODUCTS
	7,021		PepsiCo, Inc		455,312		1.17
			Other		671,116		1.73
					1,126,428		2.90
FOOD STORES					102,347		0.26
FORESTRY					75,220		0.19
FURNITURE AND FIXTURES					231,132		0.59
FURNITURE AND HOME FURNISHINGS STORES					51,908		0.13
GENERAL BUILDING CONTRACTORS					117,514		0.30
GENERAL MERCHANDISE STORES
	3,100		Target Corp		197,160		0.51
			Other		297,460		0.76
					494,620		1.27
HEALTH SERVICES
	2,512	*	WellPoint, Inc		200,533		0.51
			Other		306,028		0.79
					506,561		1.30
HEAVY CONSTRUCTION, EXCEPT BUILDING					3,951		0.01
HOLDING AND OTHER INVESTMENT OFFICES					854,207		2.20
HOTELS AND OTHER LODGING PLACES					163,257		0.42
INDUSTRIAL MACHINERY AND EQUIPMENT
	1,500		Deere & Co		181,110		0.47

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report     75

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007

Shares			Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT — continued
	6,700	*	Dell, Inc	$	191,285		0.49	%
	8,619		Hewlett-Packard Co		384,580		0.99
	5,600		International Business Machines Corp		589,400		1.52
			Other		713,756		1.83
					2,060,131		5.30
INSTRUMENTS AND RELATED PRODUCTS
	3,100		Baxter International, Inc		174,654		0.45
	6,356		Emerson Electric Co		297,461		0.76
	10,936		Johnson & Johnson		673,876		1.73
	4,266		Medtronic, Inc		221,235		0.57
			Other		818,833		2.11
					2,186,059		5.62
INSURANCE AGENTS, BROKERS AND SERVICE					195,518		0.50
INSURANCE CARRIERS
	3,300		Chubb Corp		178,662		0.46
	3,716		Travelers Cos, Inc		198,806		0.51
			Other		1,138,676		2.93
					1,516,144		3.90
LEATHER AND LEATHER PRODUCTS					42,841		0.11
LUMBER AND WOOD PRODUCTS					3,932		0.01
METAL MINING					36,098		0.09
MISCELLANEOUS MANUFACTURING INDUSTRIES					180,480		0.46
MISCELLANEOUS RETAIL					370,710		0.95
MOTION PICTURES
	17,264		Time Warner, Inc		363,235		0.93
			Other		171,211		0.44
					534,446		1.37
NONDEPOSITORY INSTITUTIONS
	5,653		American Express Co		345,851		0.89
	3,700		Freddie Mac		224,590		0.58
			Other		263,981		0.68
					834,422		2.15
NONMETALLIC MINERALS, EXCEPT FUELS					118,257		0.30
OIL AND GAS EXTRACTION					1,603,454		4.12
PAPER AND ALLIED PRODUCTS					330,019		0.85
PETROLEUM AND COAL PRODUCTS
	2,702		Apache Corp		220,456		0.57
	2,934		Devon Energy Corp		229,703		0.59
	2,600		Valero Energy Corp		192,036		0.49
			Other		644,616		1.66
					1,286,811		3.31

76 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007

Shares		Company		Value	% of net assets
PIPELINES, EXCEPT NATURAL GAS			$	71,935	0.19	%
PRIMARY METAL INDUSTRIES				619,086	1.59
PRINTING AND PUBLISHING				363,611	0.94
RAILROAD TRANSPORTATION				288,121	0.74
REAL ESTATE				18,299	0.05
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				150,443	0.39
SECURITY AND COMMODITY BROKERS
	1,610	Goldman Sachs Group, Inc		348,967	0.89
	4,036	Merrill Lynch & Co, Inc		337,329	0.87
		Other		649,691	1.67
				1,335,987	3.43
SOCIAL SERVICES				6,481	0.02
SPECIAL TRADE CONTRACTORS				20,859	0.05
STONE, CLAY, AND GLASS PRODUCTS
	3,766	3M Co		326,851	0.84
		Other		32,943	0.09
				359,794	0.93
TEXTILE MILL PRODUCTS				8,868	0.02
TRANSPORTATION BY AIR				248,820	0.64
TRANSPORTATION EQUIPMENT				429,244	1.10
TRANSPORTATION SERVICES				5,741	0.01
TRUCKING AND WAREHOUSING
	3,344	United Parcel Service, Inc (Class B)		244,112	0.63
				244,112	0.63
WATER TRANSPORTATION				32,116	0.08
WHOLESALE TRADE-DURABLE GOODS				235,090	0.60
WHOLESALE TRADE-NONDURABLE GOODS				171,994	0.44
TOTAL COMMON STOCKS   (Cost $32,564,552)				37,921,513	97.48

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 77

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007

Principal			Issuer			Value	% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	870,000	d	Federal Home Loan Bank	0.000%, 07/02/07	$	870,000	2.24	%
			TOTAL SHORT-TERM INVESTMENTS	(Cost $869,883)		870,000	2.24
			TOTAL PORTFOLIO	(Cost $33,434,435)		38,791,513	99.72
			OTHER ASSETS & LIABILITIES, NET			108,745	0.28
			NET ASSETS		$	38,900,258	100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $928,592.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

78 2007 Semiannual Report §TIAA-CREF Life Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

REAL ESTATE SECURITIES FUND § JUNE 30, 2007

Shares					Company		Value	% of net assets
COMMON STOCKS
EATING AND DRINKING PLACES
	6,300				Darden Restaurants, Inc	$	277,137	0.29	%
							277,137	0.29
HOLDING AND OTHER INVESTMENT OFFICES
	39,400		e		Acadia Realty Trust		1,022,430	1.08
	33,300		e		Archstone-Smith Trust		1,968,363	2.08
	14,148				Associated Estates Realty Corp		220,567	0.23
	50,700				AvalonBay Communities, Inc		6,027,216	6.35
	44,600				BioMed Realty Trust, Inc		1,120,352	1.18
	56,600				Boston Properties, Inc		5,780,558	6.09
	42,200		e		Camden Property Trust		2,826,134	2.98
	30,000		e		CBL & Associates Properties, Inc		1,081,500	1.14
	52,077		e		Corporate Office Properties Trust		2,135,678	2.25
	6,900				Developers Diversified Realty Corp		363,699	0.38
	13,900				Digital Realty Trust, Inc		523,752	0.55
	38,300		e		Douglas Emmett, Inc		947,542	1.00
	52,900				EastGroup Properties, Inc		2,318,078	2.44
	74,400		e		Equity Residential		3,394,872	3.58
	13,600		e		Essex Property Trust, Inc		1,581,680	1.67
	39,000				Federal Realty Investment Trust		3,013,140	3.18
	61,560		e		General Growth Properties, Inc		3,259,602	3.44
	23,300		e		Glimcher Realty Trust		582,500	0.61
	20,000	g,	m,	v*	GSC Capital Corp		165,400	0.17
	99,500		e		Host Marriott Corp		2,300,440	2.43
	24,300		e		Kilroy Realty Corp		1,721,412	1.82
	20,000		e		Kimco Realty Corp		761,400	0.80
	32,700		e		Macerich Co		2,695,134	2.84
	33,400				Maguire Properties, Inc		1,146,622	1.21
	148,930		e		Mission West Properties, Inc		2,076,084	2.19
	15,300				Pennsylvania Real Estate Investment Trust		678,249	0.72
	28,400				Post Properties, Inc		1,480,492	1.56
	63,200				Prologis		3,596,080	3.79
	6,600		e		PS Business Parks, Inc		418,242	0.44
	57,900				Public Storage, Inc		4,447,878	4.69
	17,000				Ramco-Gershenson Properties		610,810	0.64
	44,900				Regency Centers Corp		3,165,450	3.34
	79,000		e		Simon Property Group, Inc		7,350,160	7.75
	36,300				SL Green Realty Corp		4,497,207	4.74
	34,100				Strategic Hotels & Resorts, Inc		766,909	0.81
	54,400		e		Taubman Centers, Inc		2,698,784	2.85
	41,800				Vornado Realty Trust		4,591,312	4.84
							83,335,728	87.86
HOTELS AND OTHER LODGING PLACES
	37,900				Hilton Hotels Corp		1,268,513	1.34
	3,700		*		MGM Mirage		305,176	0.32
	34,800		e		Orient-Express Hotels Ltd (Class A)		1,858,320	1.96
	32,600		e		Starwood Hotels & Resorts Worldwide, Inc		2,186,482	2.30

See notes to financial statements TIAA-CREF Life Funds §2007 Semiannual Report 79

PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

REAL ESTATE SECURITIES FUND § JUNE 30, 2007

Shares					Company			Value		% of net assets
HOTELS AND OTHER LODGING PLACES — continued
	11,500			e*	Vail Resorts, Inc		$	700,005		0.74	%
								6,318,496		6.66
JUSTICE, PUBLIC ORDER AND SAFETY
	8,000			*	Corrections Corp of America			504,880		0.53
								504,880		0.53
REAL ESTATE
	40,000	g,	m,	v*	Asset Capital Corp, Inc			245,600		0.26
	83,300			*	Brookfield Properties Corp			2,025,023		2.14
	20,600			*	CB Richard Ellis Group, Inc (Class A)			751,900		0.79
	76,800			e	Thomas Properties Group, Inc			1,227,264		1.29
								4,249,787		4.48
					TOTAL COMMON STOCKS	(Cost $92,851,794)		94,686,028		99.82
SHORT-TERM INVESTMENTS
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	2,954,201				State Street Navigator Securities Lending Prime Portfolio			2,954,201		3.12
					TOTAL SHORT-TERM INVESTMENTS	(Cost $2,954,201)		2,954,201		3.12
					TOTAL PORTFOLIO	(Cost $95,805,995)		97,640,229		102.94
					OTHER ASSETS & LIABILITIES, NET			(2,789,599	)	(2.94	)
					NET ASSETS		$	94,850,630		100.00	%

*	Non-income producing
e	All or a portion of these securities are out on loan.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transaction exempt from registration to qualified institutional buyers.
	At June 30, 2007, the value of these securities amounted to $411,000 or 0.43% of net assets.
m	Indicates a security has been deemed illiquid
v	Security valued at fair value.
For ease of presentation, we have grouped a number of industry classification categories together in the Portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

80 2007 Semiannual Report §TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

BOND FUND  § JUNE 30, 2007

	Principal		Issuer		Rating†	Value		% of net assets
BONDS
CORPORATE BONDS
ASSET BACKED
$	500,000		AmeriCredit Automobile Receivables Trust
			Series 2007-BF (Class A3A)	5.160%, 04/06/12	Aaa	$	498,083		0.64	%
	481,481		Bank of America Alternative Loan Trust
			Series 2004-7 (Class 2A1)	6.000%, 08/25/34	Aaa		472,980		0.61
	753,920		Centex Home Equity Series 2002-A (Class AF6)	5.540%, 01/25/32	Aaa		749,880		0.97
	500,532		Chase Funding Loan Acquisition Trust
			Series 2001-C2 (Class IA5)	6.468%, 02/25/13	Aaa		500,281		0.65
	500,000	i	Citicorp Mortgage Securities, Inc
			Series 2006-1 (Class A3)	5.706%, 07/25/36	Aaa		496,903		0.64
	1,000,000	i	Flagstar Home Equity Loan Trust
			Series 2007-1A (Class AF3)	5.781%, 01/25/35	Aaa		985,854		1.28
	1,000,000	d	Hertz Vehicle Financing LLC
			Series 2005-1A (Class A3)	5.010%, 02/25/11	Aaa		989,030		1.28
	500,000		Honda Auto Receivables Owner Trust
			Series 2007-1 (Class A4)	5.090%, 07/18/13	NR		496,010		0.64
	1,000,000		Household Automotive Trust
			Series 2006-3 (Class A4)	5.340%, 09/17/13	Aaa		999,437		1.29
	698,844		Marriott Vacation Club Owner Trust
			Series 2006-2A (Class A)	5.362%, 10/20/28	Aaa		689,966		0.89
	1,000,000	i	Residential Funding Mortgage Securities II, Inc
			Series 2006-HSA2 (Class AI3)	5.550%, 03/25/36	Aaa		992,717		1.28
	993,672	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096%, 12/20/31	Aaa		970,655		1.26
	2,660,000	g,p	TRAINS Trust Series 10-2002	6.962%, 01/15/12	A3		2,765,469		3.58
	500,000		Wachovia Auto Loan Owner Trust
			Series 2006-2A (Class A3)	5.230%, 08/22/11	Aaa		499,201		0.65
			Other				4,578,332		5.92
							16,684,798		21.58
BUILDING MATERIALS AND GARDEN SUPPLIES							93,729		0.12
CHEMICALS AND ALLIED PRODUCTS							248,984		0.32
COMMUNICATIONS							1,993,657		2.58
DEPOSITORY INSTITUTIONS							2,573,696		3.33
ELECTRIC, GAS, AND SANITARY SERVICES							989,309		1.28
FOOD AND KINDRED PRODUCTS							351,413		0.45
GENERAL MERCHANDISE STORES							414,182		0.54
HEALTH SERVICES							100,946		0.13
HOLDING AND OTHER INVESTMENT OFFICES							240,825		0.31
INSTRUMENTS AND RELATED PRODUCTS							92,654		0.12
INSURANCE CARRIERS							734,817		0.95
METAL MINING							187,113		0.24

See notes to financial statements TIAA-CREF Life Funds   §  2007 Semiannual Report 81

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  § JUNE 30, 2007

	Principal		Issuer		Rating†	Value		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES						$	100,250		0.13	%
MISCELLANEOUS RETAIL							96,476		0.12
MOTION PICTURES							294,478		0.38
NONDEPOSITORY INSTITUTIONS
$	600,000	g	BA Covered Bond Issuer	5.500%, 06/14/12	Aaa		602,033		0.78
	500,000	e	General Electric Capital Corp	5.500%, 06/04/14	Aaa		494,230		0.64
			Other				1,716,509		2.22
							2,812,772		3.64
OIL AND GAS EXTRACTION							645,978		0.84
OTHER MORTGAGE BACKED SECURITIES
	912,854	i	HFC Home Equity Loan Asset Backed Certificates
			Series 2007-1 (Class A1F)	5.910%, 03/20/36	Aaa		912,075		1.18
	750,000		JP Morgan Chase Commercial Mortgage Securities
			Corp Series 2002-C1 (Class A3)	5.376%, 07/12/37	Aaa		741,614		0.96
	500,000	i	Merrill Lynch Mortgage Trust
			Series 2004-BPC1 (Class AJ)	4.922%, 10/12/41	A		472,660		0.61
	721,170		Wells Fargo Mortgage Backed Securities Trust
			Series 2005-1 (Class 2A1)	5.000%, 01/25/20	Aaa		705,676		0.92
			Other				2,900,673		3.75
							5,732,698		7.42
PAPER AND ALLIED PRODUCTS							184,484		0.24
PETROLEUM AND COAL PRODUCTS							147,377		0.19
PIPELINES, EXCEPT NATURAL GAS							194,303		0.25
PRINTING AND PUBLISHING							207,750		0.27
RAILROAD TRANSPORTATION							237,124		0.31
SECURITY AND COMMODITY BROKERS							1,366,823		1.77
TRANSPORTATION BY AIR							49,924		0.06
TRANSPORTATION EQUIPMENT							537,448		0.70
WHOLESALE TRADE-DURABLE GOODS							100,338		0.13
WHOLESALE TRADE-NONDURABLE GOODS							190,608		0.25
			TOTAL CORPORATE BONDS  (Cost $38,539,756)				37,604,954		48.65
GOVERNMENT BONDS
AGENCY SECURITIES
	550,000		Federal Farm Credit Bank (FFCB)	3.375%, 07/15/08	Aaa		539,691		0.70
	550,000		FFCB	4.125%, 04/15/09	Aaa		540,327		0.70
	1,500,000		Federal Home Loan Mortgage Corp (FHLMC)	5.125%, 10/18/16	Aaa		1,463,557		1.89
	1,750,000		Federal National Mortgage Association (FNMA)	5.000%, 09/15/08	Aaa		1,745,740		2.26
			Other				836,900		1.08
							5,126,215		6.63

82 2007 Semiannual Report   §  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  § JUNE 30, 2007

	Principal		Issuer		Rating†	Value		% of net assets
FOREIGN GOVERNMENT BONDS
$	1,000,000	e	Province of Manitoba Canada	4.450%, 04/12/10	Aa1	$	979,652		1.27	%
	500,000		Province of Saskatchewan Canada	8.000%, 02/01/13	Aa1		562,410		0.73
			Other				1,704,373		2.20
							3,246,435		4.20
MORTGAGE BACKED SECURITIES
	500,000		Federal Home Loan Mortgage Corp (FHLMC)	5.500%, 08/20/12			503,923		0.65
	1,545,032	i	FHLMC	5.009%–6.146%, 02/01/36–04/01/37			1,550,472		2.01
			Federal Home Loan Mortgage Corp Gold
	1,675,566		(FGLMC)	4.500%–6.500%, 02/01/19–12/01/36			1,604,807		2.08
	594,889		FGLMC	6.000%, 11/01/33			592,368		0.77
	695,363		FGLMC	5.500%, 04/01/37			670,671		0.87
	793,809		FGLMC	5.500%, 05/01/37			765,621		0.99
			Federal National Mortgage Association
	5,729,662		(FNMA)	4.000%–7.500%, 12/01/08–04/01/37			5,544,460		7.17
	1,750,576		FNMA	4.558%, 01/01/15			1,656,993		2.14
	500,000		FNMA	5.375%, 06/12/17			495,967		0.64
	617,126		FNMA	5.500%, 07/01/24			602,973		0.78
	953,837		FNMA	5.500%, 07/01/33			924,166		1.19
	585,551		FNMA	5.500%, 07/01/33			567,336		0.73
	730,171		FNMA	6.000%, 10/01/33			725,891		0.94
	1,644,492		FNMA	5.500%, 11/01/33			1,593,336		2.06
	713,941		FNMA	5.000%, 03/01/34			672,508		0.87
	1,279,953		FNMA	5.000%, 03/01/34			1,205,671		1.56
	1,348,911		FNMA	5.000%, 02/25/35			1,310,156		1.69
	483,916		FNMA	5.500%, 09/01/35			468,863		0.61
	459,215	i	FNMA	5.949%, 07/01/36			461,594		0.60
	665,614		FNMA	6.500%, 03/01/37			671,932		0.87
			Other				802,685		1.04
							23,392,393		30.26
U.S. TREASURY SECURITIES
	550,000		United States Treasury Bond	5.250%, 02/15/29			554,356		0.72
	1,349,000		United States Treasury Bond	4.750%, 02/15/37			1,272,701		1.65
	500,000		United States Treasury Note	2.625%, 05/15/08			489,770		0.63
	1,279,000		United States Treasury Note	4.500%–4.875%, 02/29/12–06/30/12			1,264,691		1.64
	650,000		United States Treasury Note	4.500%, 03/31/12			638,040		0.82
	600,000		United States Treasury Note	3.625%, 05/15/13			560,976		0.73
	2,000,000		United States Treasury Note	4.500%, 05/15/17			1,918,120		2.48
			Other				386,624		0.50
							7,085,278		9.17
		TOTAL GOVERNMENT BONDS  (Cost $39,905,401)					38,850,321		50.26
		TOTAL BONDS  (Cost $78,445,157)					76,455,275		98.91

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 83

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

BOND FUND § JUNE 30, 2007

Shares	Company		Value			% of net assets
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS			$	103,040		0.13	%
	TOTAL PREFERRED STOCKS	(Cost $100,000)		103,040		0.13
Principal	Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$  1,060,000	Federal Home Loan Bank (FHLB) 0.000%, 07/02/07			1,060,000		1.37
Shares	Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
6,037,410	State Street Navigator Securities Lending Prime Portfolio			6,037,410		7.81
	TOTAL SHORT-TERM INVESTMENTS	(Cost $7,097,269)		7,097,410		9.18
	TOTAL PORTFOLIO	(Cost $85,642,426)		83,655,725		108.22
	OTHER ASSETS & LIABILITIES, NET			(6,356,921	)	(8.22	)
	NET ASSETS		$	77,298,804		100.00	%

ABBREVIATION:
NR	Not Rated
†	As provided by Moody’s Investors Service (unaudited).
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan.
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 June 30, 2007, the value of these securities amounted to $3,367,502 or 4.36% of net assets.
i	Floating rate or variable rate securities reflects the rate at June 30, 2007.
p	“TRAINS” are a service mark of Lehman Brothers, Inc.
v	Security valued at fair value.

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

84 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

MONEY MARKET FUND § JUNE 30, 2007

Principal		Issuer		Value		% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATES OF DEPOSIT
$	700,000	American Express Bank FSB	5.280%, 07/18/07	$	700,003		0.92	%
	710,000	American Express Centurion Bank	5.280%, 07/12/07		710,002		0.94
		Other			1,780,035		2.35
					3,190,040		4.21
COMMERCIAL PAPER
	1,200,000	Abbey National North America LLC	0.000%, 10/04/07		1,183,438		1.56
	800,000	Alcon Capital Corp	0.000%, 08/24/07		793,748		1.05
	1,770,000	American Honda Finance Corp	0.000%, 07/12/07–09/05/07		1,759,778		2.32
	800,000	Barclays U.S. Funding Corp	0.000%, 11/05/07		785,324		1.04
	1,800,000	Beta Finance, Inc	0.000%, 07/17/07–09/24/07		1,785,780		2.36
	1,747,000	BMW US Capital Corp	0.000%, 08/17/07–08/23/07		1,734,028		2.29
	1,015,000	Canadian Imperial Holding, Inc	0.000%, 08/22/07		1,007,347		1.33
	1,800,000	CC (USA), Inc	0.000%, 07/11/07–09/04/07		1,789,368		2.36
	1,800,000	Ciesco LLC	0.000%, 07/03/07–08/08/07		1,795,292		2.37
	1,800,000	Citigroup Funding, Inc	0.000%, 07/19/07–09/10/07		1,787,607		2.36
	1,770,000	Coca-Cola Co	0.000%, 08/21/07–09/11/07		1,753,547		2.32
	1,800,000	Danske Corp	0.000%, 08/01/07–10/12/07		1,784,941		2.36
	1,195,000	Dorada Finance, Inc	0.000%, 08/28/07–09/12/07		1,183,419		1.56
	715,000	Edison Asset Securitization LLC	0.000%, 07/06/07		714,481		0.94
	1,554,000	Fairway Finance Corp	0.000%, 07/20/07		1,549,706		2.05
	1,615,000	General Electric Capital Corp	0.000%, 07/09/07–08/06/07		1,609,575		2.13
	1,780,000	Govco LLC	0.000%, 07/11/07–08/21/07		1,770,759		2.34
	1,540,000	Grampian Funding LLC	0.000%, 09/12/07–09/25/07		1,521,741		2.01
	1,550,000	Greyhawk Funding LLC	0.000%, 08/13/07		1,540,327		2.03
	650,000	Harley-Davidson Funding Corp	0.000%, 08/03/07		646,896		0.85
	1,570,000	HBOS Treasury Services plc	0.000%, 08/09/07		1,561,122		2.06
	1,770,000	HSBC Finance Corp	0.000%, 08/17/07–09/14/07		1,755,476		2.32
	1,000,000	ING US Funding LLC	0.000%, 09/13/07		989,249		1.31
	1,560,000	Johnson & Johnson, Inc	0.000%, 07/24/07–09/07/07		1,547,937		2.04
	1,700,000	JPMorgan Chase & Co	0.000%, 08/20/07–09/19/07		1,682,845		2.22
	1,705,000	Links Finance LLC	0.000%, 08/28/07–09/18/07		1,686,933		2.23
	1,115,000	McGraw-Hill, Inc	0.000%, 07/13/07		1,113,056		1.47
	770,000	Paccar Financial Corp	0.000%, 09/26/07		760,268		1.00
	1,770,000	Park Avenue Receivables Corp	0.000%, 07/17/07–08/24/07		1,761,912		2.33
	900,000	Private Export Funding Corp	0.000%, 09/06/07–09/25/07		889,868		1.17
	1,540,000	Procter & Gamble International	0.000%, 07/24/07–09/20/07		1,526,432		2.02
	1,750,000	Rabobank USA Financial Corp	0.000%, 07/02/07–09/28/07		1,733,302		2.29
	1,000,000	Ranger Funding Co LLC	0.000%, 07/26/07		996,365		1.32
	1,460,000	Scaldis Capital LLC	0.000%, 07/16/07–08/14/07		1,452,724		1.92
	1,500,000	Sedna Finance, Inc	0.000%, 07/05/07–07/25/07		1,497,716		1.98
	1,100,000	Sigma Finance, Inc	0.000%, 09/19/07–11/29/07		1,082,157		1.43
	1,765,000	Societe Generale North America, Inc	0.000%, 08/08/07–10/09/07		1,743,666		2.30
	1,630,000	Toronto-Dominion Holdings USA, Inc	0.000%, 08/07/07		1,621,255		2.14
	1,795,000	Toyota Motor Credit Corp	0.000%, 07/05/07–09/21/07		1,787,006		2.36
	1,800,000	UBS Finance, (Delaware), Inc	0.000%, 07/16/07–08/06/07		1,793,005		2.37
	695,000	Variable Funding Capital Corp	0.000%, 07/02/07		694,898		0.92

See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 85

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

MONEY MARKET FUND § JUNE 30, 2007

Principal			Issuer		Value		% of net assets
COMMERCIAL PAPER — continued
$	985,000		Wal-Mart Stores, Inc	0.000%, 07/31/07	$	980,748		1.29	%
	1,742,000		Yorktown Capital LLC 0.000%, 07/10/07–09/05/07			1,731,360		2.29
			Other			4,213,626		5.56
						65,100,028		85.97
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES
	1,305,000		Federal Home Loan Mortgage Corp. (FHLMC)	0.000%, 09/24/07		1,289,147		1.70
	975,000		FHLMC	0.000%, 11/26/07		954,457		1.26
			Other			1,377,318		1.82
						3,620,922		4.78
VARIABLE NOTES
	1,200,000	i	PNC Bank NA	5.265%, 01/02/08		1,199,848		1.59
	1,000,000	i	Suntrust Bank	5.310%, 01/28/08		1,000,164		1.32
	1,000,000	i	US Bank NA	5.290%, 11/30/07		1,000,019		1.32
						3,200,031		4.23
			TOTAL SHORT-TERM INVESTMENTS	(Cost $75,111,021)		75,111,021		99.19
			TOTAL PORTFOLIO	(Cost $75,111,021)		75,111,021		99.19
			OTHER ASSETS & LIABILITIES, NET			614,732		0.81
			NET ASSETS		$	75,725,753		100.00	%

i Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007.

86 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

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TIAA-CREF Life Funds   §  2007 Semiannual Report 87

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS § JUNE 30, 2007

	Growth Equity Fund			Growth & Income Fund			International Equity Fund		Large-Cap Value Fund		Small-Cap Equity Fund
ASSETS
Portfolio investments, at cost	$	34,138,355		$	63,324,284		$	130,221,668	$	81,715,997	$	75,112,087
Net unrealized appreciation of portfolio investments		3,905,038			12,978,296			17,915,426		8,725,085		4,502,000
Portfolio investments, at value (including securities loaned of $7,270,821, $6,626,053, $6,140,664, $10,700,577, and $17,336,681, respectively)		38,043,393			76,302,580			148,137,094		90,441,082		79,614,087
Cash		—			70,160			—		277,134		—
Cash – foreign (cost of $87,010, $179,657, $642,454, $521,437, and $—, respectively)		86,993			181,266			659,831		522,913		—
Receivable from securities transactions		793,440			124,491			13,429,122		854,987		2,698,397
Receivable for Fund shares sold		2,371			48,847			187,306		1,186		15,745
Dividends and interest receivable		12,166			80,399			284,680		147,005		141,204
Reclaims receivable		1,527			3,740			69,930		1,421		25
Total assets		38,939,890			76,811,483			162,767,963		92,245,728		82,469,458
LIABILITIES
Management fees payable		6,330			13,133			33,511		15,877		5,132
Due to custodian		127,414			—			4,755,190		—		131,455
Payable for collateral for securities loaned – Note 1		7,451,409			6,705,968			6,351,906		11,024,860		17,862,209
Payable for securities transactions		693,475			113,805			8,480,750		966,538		2,646,181
Payable for Fund shares redeemed		5,099			74			786		63,162		57,422
Total liabilities		8,283,727			6,832,980			19,622,143		12,070,437		20,702,399
NET ASSETS	$	30,656,163		$	69,978,503		$	143,145,820	$	80,175,291	$	61,767,059
NET ASSETS CONSIST OF:
Paid-in-capital	$	64,195,489		$	68,355,443		$	109,838,857	$	62,220,870	$	52,267,607
Accumulated undistributed net investment income		127,401			530,995			1,622,294		746,322		606,724
Accumulated undistributed net realized gain (loss) on total investments		(37,572,631	)		(11,887,994	)		13,745,604		8,481,150		4,390,728
Net unrealized appreciation on total investments		3,905,904			12,980,059			17,939,065		8,726,949		4,502,000
NET ASSETS	$	30,656,163		$	69,978,503		$	143,145,820	$	80,175,291	$	61,767,059
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		1,885,441			2,544,020			4,985,902		2,034,556		1,802,158
Net asset value per share	$	16.26		$	27.51		$	28.71	$	39.41	$	34.27

88  2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements  TIAA-CREF Life Funds § 2007 Semiannual Report  89

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) concluded

TIAA-CREF LIFE FUNDS § JUNE 30, 2007

	Stock Index Fund			Social Choice Equity Fund		Real Estate Securities Fund		Bond Fund			Money Market Fund
ASSETS
Portfolio investments, at cost	$	167,392,730		$	33,434,435	$	95,805,995	$	85,642,426		$	75,111,021
Net unrealized appreciation (depreciation) of portfolio investments		36,682,607			5,357,078		1,834,234		(1,986,701	)		—
Portfolio investments, at value (including securities loaned of $16,929,686, $—, $2,876,720, and $5,945,823, respectively)		204,075,337			38,791,513		97,640,229		83,655,725			75,111,021
Cash		—			9,382		—		—			—
Receivable from securities transactions		121,081			—		865,483		125,024			—
Receivable for Fund shares sold		87,327			78,074		—		30,982			635,643
Dividends and interest receivable		237,614			33,548		411,646		603,336			5,255,448
Reclaims receivable		—			—		1,802		—			—
Total assets		204,521,359			38,912,517		98,919,160		84,415,067			81,002,112
LIABILITIES
Management fees payable		9,310			2,252		20,531		6,321			3,630
Due to custodian		117,806			—		760,453		13,258			5,223,366
Payable for collateral for securities loaned – Note 1		17,437,186			—		2,954,201		6,037,410			—
Payable for securities transactions		37,102			3,875		331,446		1,059,185			—
Payable for Fund shares redeemed		87,693			5,002		1,899		89			49,363
Payable for variation margin on open futures contracts		—			1,130		—		—			—
Total liabilities		17,689,097			12,259		4,068,530		7,116,263			5,276,359
NET ASSETS	$	186,832,262		$	38,900,258	$	94,850,630	$	77,298,804		$	75,725,753
NET ASSETS CONSIST OF:
Paid-in-capital	$	150,896,514		$	32,892,590	$	81,748,659	$	78,382,812		$	75,726,191
Accumulated undistributed net investment income		1,710,209			329,174		2,468,887		1,969,945			71
Accumulated undistributed net realized gain (loss) on total investments		(2,457,068	)		318,836		8,798,850		(1,067,252	)		(509	)
Net unrealized appreciation (depreciation) on total investments		36,682,607			5,359,658		1,834,234		(1,986,701	)		—
NET ASSETS	$	186,832,262		$	38,900,258	$	94,850,630	$	77,298,804		$	75,725,753
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		5,637,056			1,356,168		2,644,543		3,141,066			75,726,191
Net asset value per share	$	33.14		$	28.68	$	35.87	$	24.61		$	1.00

90  2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements  TIAA-CREF Life Funds § 2007 Semiannual Report  91

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS § FOR THE SIX MONTHS ENDED JUNE 30, 2007

	Growth Equity Fund			Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund
INVESTMENT INCOME
Interest	$	5,595		$	12,895		$	95,397		$	39,336		$	31,129
Dividends		158,699			592,925			2,211,647			823,245			634,583
Foreign taxes withheld		(5,110	)		(11,544	)		(284,995	)		(16,476	)		(425	)
Total income		159,184			594,276			2,022,049			846,105			665,287
EXPENSES
Management fees		36,422			72,830			180,970			86,595			29,829
Interest		994			980			12,165			2,159			1,608
Net expenses		37,416			73,810			193,135			88,754			31,437
Net investment income		121,768			520,466			1,828,914			757,351			633,850
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		1,134,920			2,512,450			12,166,094			6,933,783			3,531,072
Futures transactions		—			—			—			—			16,774
Foreign currency transactions		(763	)		(1,829	)		121,583			(10,181	)		—
Net realized gain on total investments		1,134,157			2,510,621			12,287,677			6,923,602			3,547,846
Change in unrealized appreciation (depreciation) on:
Portfolio investments		1,276,914			3,523,066			2,997,427			(1,210,271	)		(281,508	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		1,928			1,763			23,639			1,864			—
Net change in unrealized appreciation (depreciation) on total investments		1,278,842			3,524,829			3,021,066			(1,208,407	)		(281,508	)
Net realized and unrealized gain on total investments		2,412,999			6,035,450			15,308,743			5,715,195			3,266,338
Net increase in net assets resulting from operations	$	2,534,767		$	6,555,916		$	17,137,657		$	6,472,546		$	3,900,188

92 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 93

STATEMENTS OF OPERATIONS (UNAUDITED) concluded

TIAA-CREF LIFE FUNDS § FOR THE SIX MONTHS ENDED JUNE 30, 2007

	Stock Index Fund			Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund			Money Market Fund
INVESTMENT INCOME
Interest	$	71,063		$	19,069		$	16,627		$	1,978,218		$	1,679,244
Dividends		1,690,142			334,414			3,283,879			3,102			—
Foreign taxes withheld		(30	)		(17	)		(2,916	)		—			—
Total income		1,761,175			353,466			3,297,590			1,981,320			1,679,244
EXPENSES
Management fees		53,467			13,090			137,946			37,225			18,832
Interest		81			26			9,677			—			—
Net expenses		53,548			13,116			147,623			37,225			18,832
Net investment income		1,707,627			340,350			3,149,967			1,944,095			1,660,412
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		69,543			802,007			8,094,604			(227,789	)		6
Futures transactions		4,329			37,975			—			—			—
Net realized gain (loss) on total investments		73,872			839,982			8,094,604			(227,789	)		6
Change in unrealized appreciation (depreciation) on:
Portfolio investments		10,504,804			1,157,907			(17,358,991	)		(1,148,174	)		—
Futures transactions		281			2,580			—			—			—
Net change in unrealized appreciation (depreciation) on total investments		10,505,085			1,160,487			(17,358,991	)		(1,148,174	)		—
Net realized and unrealized gain (loss) on total investments		10,578,957			2,000,469			(9,264,387	)		(1,375,963	)		6
Net increase (decrease) in net assets resulting from operations	$	12,286,584		$	2,340,819		$	(6,114,420	)	$	568,132		$	1,660,418

94 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 95

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS

	Growth Equity Fund						Growth & Income Fund						International Equity Fund
	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006
	(unaudited)						(unaudited)						(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	121,768		$	225,805		$	520,466		$	891,132		$	1,828,914		$	1,455,045
Net realized gain on total investments		1,134,157			679,126			2,510,621			2,009,776			12,287,677			15,436,266
Net change in unrealized appreciation on total investments		1,278,842			616,831			3,524,829			5,717,440			3,021,066			6,625,077
Net increase from operations		2,534,767			1,521,762			6,555,916			8,618,348			17,137,657			23,516,388
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(223,438	)		—			(884,077	)		—			(1,638,883	)
Total distributions		—			(223,438	)		—			(884,077	)		—			(1,638,883	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		3,277,340			3,207,188			5,618,640			5,408,723			22,083,040			26,885,170
Reinvestment of distributions		—			223,438			—			884,077			—			1,638,883
Redemptions		(3,335,459	)		(6,066,409	)		(1,993,637	)		(5,856,260	)		(7,216,753	)		(11,856,511	)
Net increase (decrease) from shareholder transactions		(58,119	)		(2,635,783	)		3,625,003			436,540			14,866,287			16,667,542
Net increase (decrease) in net assets		2,476,648			(1,337,459	)		10,180,919			8,170,811			32,003,944			38,545,047
NET ASSETS
Beginning of period		28,179,515			29,516,974			59,797,584			51,626,773			111,141,876			72,596,829
End of period	$	30,656,163		$	28,179,515		$	69,978,503		$	59,797,584		$	143,145,820		$	111,141,876
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	127,401		$	6,842		$	530,995		$	16,379		$	1,622,294		$	(196,818	)
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		1,889,545			2,074,716			2,408,900			2,394,121			4,443,877			3,716,157
Shares sold		212,451			224,967			212,877			235,343			814,943			1,206,983
Shares issued in reinvestment of distributions		—			15,046			—			35,865			—			66,459
Shares redeemed		(216,555	)		(425,184	)		(77,757	)		(256,429	)		(272,918	)		(545,722	)
Total net increase (decrease) in shares outstanding		(4,104	)		(185,171	)		135,120			14,779			542,025			727,720
Shares outstanding, end of period		1,885,441			1,889,545			2,544,020			2,408,900			4,985,902			4,443,877

96  2007 Semiannual Report §TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report  97

STATEMENTS OF CHANGES IN NET ASSETS continued

TIAA-CREF LIFE FUNDS

	Large-Cap Value Fund						Small-Cap Equity Fund						Stock Index Fund
	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006
	(unaudited)						(unaudited)						(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	757,351		$	1,019,904		$	633,850		$	589,430		$	1,707,627		$	2,779,126
Net realized gain on total investments		6,923,602			5,132,965			3,547,846			5,556,775			73,872			1,734,610
Net change in unrealized appreciation on total investments		(1,208,407	)		5,016,410			(281,508	)		2,181,316			10,505,085			18,722,252
Net increase from operations		6,472,546			11,169,279			3,900,188			8,327,521			12,286,584			23,235,988
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(1,043,167	)		—			(622,582	)		—			(2,787,474	)
From net realized gain on total investments		—			(3,948,741	)		—			(4,589,193	)		—			(1,485,780	)
Total distributions		—			(4,991,908	)		—			(5,211,775	)		—			(4,273,254	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		12,280,373			17,832,473			5,683,164			15,270,679			11,312,758			18,645,937
Reinvestment of distributions		—			4,991,908			—			5,211,776			—			4,273,223
Redemptions		(5,494,375	)		(11,112,731	)		(5,006,515	)		(11,740,344	)		(7,782,389	)		(23,802,361	)
Net increase (decrease) from shareholder transactions		6,785,998			11,711,650			676,649			8,742,111			3,530,369			(883,201	)
Net increase (decrease) in net assets		13,258,544			17,889,021			4,576,837			11,857,857			15,816,953			18,079,533
NET ASSETS
Beginning of period		66,916,747			49,027,726			57,190,222			45,332,365			171,015,309			152,935,776
End of period	$	80,175,291		$	66,916,747		$	61,767,059		$	57,190,222		$	186,832,262		$	171,015,309
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	746,322		$	(8,749	)	$	606,724		$	(20,214	)	$	1,710,209		$	29,059
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		1,857,587			1,530,189			1,780,575			1,510,143			5,527,062			5,571,382
Shares sold		323,584			505,797			171,434			461,331			352,529			640,679
Shares issued in reinvestment of distributions		—			139,361			—			163,892			—			138,967
Shares redeemed		(146,615	)		(317,760	)		(149,851	)		(354,791	)		(242,535	)		(823,966	)
Total net increase (decrease) in shares outstanding		176,969			327,398			21,583			270,432			109,994			(44,320	)
Shares outstanding, end of period		2,034,556			1,857,587			1,802,158			1,780,575			5,637,056			5,527,062

98  2007 Semiannual Report §TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report  99

STATEMENTS OF CHANGES IN NET ASSETS continued

TIAA-CREF LIFE FUNDS

	Social Choice Equity Fund						Real Estate Securities Fund						Bond Fund
	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006
	(unaudited)						(unaudited)						(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	340,350		$	568,991		$	3,149,967		$	1,955,398		$	1,944,095		$	3,342,563
Net realized gain on total investments		839,982			134,304			8,094,604			6,395,774			(227,789	)		(349,576	)
Net change in unrealized appreciation on total investments		1,160,487			3,954,011			(17,358,991	)		16,835,996			(1,148,174	)		196,049
Net increase from operations		2,340,819			4,657,306			(6,114,420	)		25,187,168			568,132			3,189,036
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(572,655	)		—			(2,744,180	)		—			(3,316,713	)
From net realized gain on total investments		—			(209,262	)		—			(5,795,419	)		—			—
Total distributions		—			(781,917	)		—			(8,539,599	)		—			(3,316,713	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		2,389,751			3,214,490			12,868,258			22,483,173			6,671,418			6,519,790
Reinvestment of distributions		—			781,918			—			8,539,599			—			3,316,713
Redemptions		(1,761,333	)		(4,498,072	)		(16,608,385	)		(13,624,438	)		(1,701,599	)		(4,382,023	)
Net increase (decrease) from shareholder transactions		628,418			(501,664	)		(3,740,127	)		17,398,334			4,969,819			5,454,480
Net increase (decrease) in net assets		2,969,237			3,373,725			(9,854,547	)		34,045,903			5,537,951			5,326,803
NET ASSETS
Beginning of period		35,931,021			32,557,296			104,705,177			70,659,274			71,760,853			66,434,050
End of period	$	38,900,258		$	35,931,021		$	94,850,630		$	104,705,177		$	77,298,804		$	71,760,853
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	329,174		$	4,327		$	2,468,887		$	(911,739	)	$	1,969,945		$	25,850
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		1,333,916			1,355,681			2,752,773			2,280,802			2,939,711			2,717,951
Shares sold		85,673			127,354			322,025			623,922			270,362			263,841
Shares issued in reinvestment of distributions		—			29,165			—			231,175			—			135,542
Shares redeemed		(63,421	)		(178,284	)		(430,255	)		(383,126	)		(69,007	)		(177,623	)
Total net increase (decrease) in shares outstanding		22,252			(21,765	)		(108,230	)		471,971			201,355			221,760
Shares outstanding, end of period		1,356,168			1,333,916			2,644,543			2,752,773			3,141,066			2,939,711

100  2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds  §  2007 Semiannual Report  101

STATEMENTS OF CHANGES IN NET ASSETS concluded

TIAA-CREF LIFE FUNDS

	Money Market Fund
	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006
	(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	1,660,412		$	2,135,839
Net realized gain on total investments		6			(515	)
Net increase from operations		1,660,418			2,135,324
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,660,412	)		(2,135,839	)
Total distributions		(1,660,412	)		(2,135,839	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		36,031,669			62,394,641
Reinvestment of distributions		1,660,412			1,590,518
Redemptions		(15,860,095	)		(47,276,256	)
Net increase from shareholder transactions		21,831,986			16,708,903
Net increase in net assets		21,831,992			16,708,388
NET ASSETS
Beginning of period		53,893,761			37,185,373
End of period	$	75,725,753		$	53,893,761
Accumulated undistributed net investment income included in net assets	$	71		$	71
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		53,894,205			37,185,302
Shares sold		36,031,669			62,394,641
Shares issued in reinvestment of distributions		1,660,412			1,590,518
Shares redeemed		(15,860,095	)		(47,276,256	)
Total net increase in shares outstanding		21,831,986			16,708,903
Shares outstanding, end of period		75,726,191			53,894,205

102 2007 Semiannual Report § TIAA-CREF Life Funds See notes to financial statements

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TIAA-CREF Life Funds § 2007 Semiannual Report 103

FINANCIAL HIGHLIGHTS

TIAA-CREF LIFE FUNDS

	Growth Equity Fund
	For the Six Months Ended June 30, 2007			For the Years Ended December 31,
				2006			2005			2004			2003			2002
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	14.91		$	14.23		$	13.58		$	12.88		$	10.15		$	14.60
Gain (loss) from investment operations:
Net investment income (a)		0.06			0.11			0.09			0.12			0.09			0.07
Net realized and unrealized gain (loss) on total investments		1.29			0.69			0.65			0.70			2.78			(4.45	)
Total gain (loss) from investment operations		1.35			0.80			0.74			0.82			2.87			(4.38	)
Less distributions from:
Net investment income		—			(0.12	)		(0.09	)		(0.12	)		(0.14	)		(0.07	)
In excess of net investment income		—			—			—			—			—			—
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.12	)		(0.09	)		(0.12	)		(0.14	)		(0.07	)
Net asset value, end of period	$	16.26		$	14.91		$	14.23		$	13.58		$	12.88		$	10.15
TOTAL RETURN		9.05	%(d)		5.62	%		5.43	%		6.39	%		28.30	%		(30.01	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	30,656		$	28,180		$	29,517		$	28,282		$	28,319		$	40,537
Ratio of expenses to average net assets before expense waiver		0.26	%(c)(e)		0.25	%		0.26	%(c)		0.25	%		0.25	%		0.43	%(b)
Ratio of expenses to average net assets after expense waiver		0.26	%(c)(e)		0.25	%		0.26	%(c)		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets		0.84	%(e)		0.79	%		0.66	%		0.95	%		0.82	%		0.61	%
Portfolio turnover rate		111	%		98	%		106	%		79	%		78	%		54	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.
(d)	Not annualized.
(e)	Annualized.

104  2007 Semiannual Report §TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 105

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Growth & Income Fund
	For the Six Months Ended June 30, 2007			For the Years Ended December 31,
				2006			2005			2004			2003			2002
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	24.82		$	21.56		$	20.49		$	18.93		$	15.22		$	20.28
Gain (loss) from investment operations:
Net investment income (a)		0.21			0.37			0.29			0.32			0.23			0.21
Net realized and unrealized gain (loss) on total investments		2.48			3.26			1.06			1.56			3.79			(5.07	)
Total gain (loss) from investment operations		2.69			3.63			1.35			1.88			4.02			(4.86	)
Less distributions from:
Net investment income		—			(0.37	)		(0.28	)		(0.32	)		(0.31	)		(0.20	)
In excess of net investment income		—			—			—			—			—			—
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.37	)		(0.28	)		(0.32	)		(0.31	)		(0.20	)
Net asset value, end of period	$	27.51		$	24.82		$	21.56		$	20.49		$	18.93		$	15.22
TOTAL RETURN		10.84	%(c)		16.85	%		6.57	%		9.94	%		26.39	%		(23.95	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	69,979		$	59,798		$	51,627		$	47,748		$	44,403		$	51,553
Ratio of expenses to average net assets before expense waiver		0.23	%(d)		0.23	%		0.23	%		0.23	%		0.23	%		0.41	%(b)
Ratio of expenses to average net assets after expense waiver		0.23	%(d)		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		1.64	%(d)		1.63	%		1.41	%		1.66	%		1.41	%		1.18	%
Portfolio turnover rate		90	%		119	%		205	%		85	%		137	%		112	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Not annualized.
(d)	Annualized.

106  2007 Semiannual Report §TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 107

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	International Equity Fund
	For the Six Months Ended June 30, 2007			For the Years Ended December 31,
				2006			2005			2004			2003			2002
		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	25.01		$	19.54		$	17.25		$	14.93		$	10.76		$	12.88
Gain (loss) from investment operations:
Net investment income (a)		0.39			0.35			0.31			0.29			0.26			0.20
Net realized and unrealized gain (loss) on total investments		3.31			5.50			2.28			2.35			4.15			(2.06	)
Total gain (loss) from investment operations		3.70			5.85			2.59			2.64			4.41			(1.86	)
Less distributions from:
Net investment income		—			(0.38	)		(0.30	)		(0.32	)		(0.24	)		(0.19	)
In excess of net investment income		—			—			—			—			—			(0.07	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.38	)		(0.30	)		(0.32	)		(0.24	)		(0.26	)
Net asset value, end of period	$	28.71		$	25.01		$	19.54		$	17.25		$	14.93		$	10.76
TOTAL RETURN		14.79	%(d)		29.95	%		15.01	%		17.72	%		41.06	%		(14.40	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	143,146		$	111,142		$	72,597		$	52,151		$	47,879		$	33,738
Ratio of expenses to average net assets before expense waiver		0.31	%(c)(e)		0.29	%		0.31	%(c)		0.29	%		0.29	%		0.49	%(b)
Ratio of expenses to average net assets after expense waiver		0.31	%(c)(e)		0.29	%		0.31	%(c)		0.29	%		0.29	%		0.29	%
Ratio of net investment income to average net assets		2.93	%(e)		1.59	%		1.75	%		1.87	%		2.15	%		1.68	%
Portfolio turnover rate		142	%		149	%		153	%		158	%		139	%		53	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Includes 0.02% of overdraft charges included in interest expense.
(d)	Not annualized.
(e)	Annualized.

108 2007 Semiannual Report §TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 109

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Large-Cap Value Fund
	For the Six Months Ended June 30, 2007															For the Period October 28, 2002 (effective date of SEC Registration) to December 31, 2002(e)			September 4, 2002 (commencement of operations) to December 31, 2002(e)
				For the Years Ended December 31,
				2006			2005			2004			2003
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	36.02		$	32.04		$	33.07		$	31.62		$	24.84		$	24.60		$	25.00
Gain (loss) from investment operations:
Net investment income (a)		0.39			0.64			0.72			0.74			0.60			0.12			0.17
Net realized and unrealized gain (loss) on total investments		3.00			6.26			0.95			5.82			7.65			0.28			(0.17	)
Total gain (loss) from investment operations		3.39			6.90			1.67			6.56			8.25			0.40			—
Less distributions from:
Net investment income		—			(0.61	)		(0.70	)		(0.67	)		(0.57	)		(0.16	)		(0.16	)
In excess of net investment income		—			—			—			—			—			—			—
Net realized gains		—			(2.31	)		(2.00	)		(4.44	)		(0.90	)		—			—
Total distributions		—			(2.92	)		(2.70	)		(5.11	)		(1.47	)		(0.16	)		(0.16	)
Net asset value, end of period	$	39.41		$	36.02		$	32.04		$	33.07		$	31.62		$	24.84		$	24.84
TOTAL RETURN		9.41	%(d)		21.58	%		4.94	%		20.76	%		33.23	%		1.63	%		0.01	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	80,175		$	66,917		$	49,028		$	42,428		$	29,760		$	20,178		$	20,178
Ratio of expenses to average net assets before expense waiver		0.25	%(c)(e)		0.24	%		0.25	%(c)		0.24	%		0.24	%		0.04	%		0.08	%
Ratio of expenses to average net assets after expense waiver		0.25	%(c)(e)		0.24	%		0.25	%(c)		0.24	%		0.24	%		0.04	%		0.08	%
Ratio of net investment income to average net assets		2.10	%(e)		1.83	%		2.17	%		2.23	%		2.19	%		0.46	%		0.69	%
Portfolio turnover rate		110	%		102	%		112	%		149	%		159	%		70	%		94	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.
(d)	Not annualized.
(e)	Annualized.

110 2007 Semiannual Report §TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 111

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Small-Cap Equity Fund
																For the Period October 28, 2002 (effective date of SEC registration) to December 31, 2002(e)			For the Period September 4, 2002 (commencement of operations) to December 31, 2002(e)
	For the Six Months Ended June 30, 2007
				For the Years Ended December 31,
				2006			2005			2004			2003
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	32.12		$	30.02		$	33.43		$	32.98		$	24.63		$	23.94		$	25.00
Gain (loss) from investment operations:
Net investment income (a)		0.35			0.37			0.33			0.39			0.39			0.08			0.13
Net realized and unrealized gain (loss) on total investments		1.80			4.95			1.30			6.17			11.71			0.73			(0.38	)
Total gain (loss) from investment operations		2.15			5.32			1.63			6.56			12.10			0.81			(0.25	)
Less distributions from:
Net investment income		—			(0.38	)		(0.37	)		(0.39	)		(0.36	)		(0.12	)		(0.12	)
In excess of net investment income		—			—			—			—			—			—			—
Net realized gains		—			(2.84	)		(4.67	)		(5.72	)		(3.39	)		—			—
Total distributions		—			(3.22	)		(5.04	)		(6.11	)		(3.75	)		(0.12	)		(0.12	)
Net asset value, end of period	$	34.27		$	32.12		$	30.02		$	33.43		$	32.98		$	24.63		$	24.63
TOTAL RETURN		6.69	%(e)		17.84	%		4.58	%		19.83	%		48.95	%		3.40	%		(0.98	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	61,767		$	57,190		$	45,332		$	42,194		$	34,459		$	20,044		$	20,044
Ratio of expenses to average net assets before expense waiver		0.11	%(c)(f)		0.10	%		0.12	%(d)		0.10	%		0.10	%		0.02	%		0.03	%
Ratio of expenses to average net assets after expense waiver		0.11	%(c)(f)		0.10	%		0.12	%(d)		0.10	%		0.10	%		0.02	%		0.03	%
Ratio of net investment income to average net assets		2.12	%(f)		1.12	%		1.01	%		1.13	%		1.32	%		0.32	%		0.55	%
Portfolio turnover rate		122	%		246	%		400	%		221	%		237	%		43	%		57	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.
(d)	Includes 0.02% of overdraft charges included in interest expense.
(e)	Not annualized.
(f)	Annualized.

112 2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements  TIAA-CREF Life Funds § 2007 Semiannual Report 113

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Stock Index Fund
	For the Six Months Ended June 30, 2007			For the Years Ended December 31,
				2006			2005			2004			2003			2002
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	30.94		$	27.45		$	26.31		$	23.93		$	18.86		$	24.45
Gain (loss) from investment operations:
Net investment income (a)		0.31			0.51			0.46			0.46			0.35			0.33
Net realized and unrealized gain (loss) on total investments		1.89			3.78			1.14			2.38			5.47			(5.56	)
Total gain (loss) from investment operations		2.20			4.29			1.60			2.84			5.82			(5.23	)
Less distributions from:
Net investment income		—			(0.52	)		(0.46	)		(0.45	)		(0.36	)		(0.36	)
In excess of net investment income		—			—			—			—			—			—
Net realized gains		—			(0.28	)		—			(0.01	)		(0.39	)		—
Total distributions		—			(0.80	)		(0.46	)		(0.46	)		(0.75	)		(0.36	)
Net asset value, end of period	$	33.14		$	30.94		$	27.45		$	26.31		$	23.93		$	18.86
TOTAL RETURN		7.11	%(c)		15.62	%		6.04	%		11.89	%		30.85	%		(21.38	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	186,832		$	171,015		$	152,936		$	143,222		$	118,320		$	88,779
Ratio of expenses to average net assets before expense waiver		0.06	%(d)		0.06	%		0.06	%		0.06	%		0.06	%		0.26	%(b)
Ratio of expenses to average net assets after expense waiver		0.06	%(d)		0.06	%		0.06	%		0.06	%		0.06	%		0.07	%
Ratio of net investment income to average net assets		1.92	%(d)		1.75	%		1.73	%		1.88	%		1.68	%		1.56	%
Portfolio turnover rate		16	%		14	%		8	%		12	%		26	%		9	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Not annualized.
(d)	Annualized.

114 2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report  115

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Social Choice Equity Fund
	For the Six			For the Years Ended December 31,
	Months Ended
	June 30, 2007			2006			2005			2004			2003			2002
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	26.94		$	24.02		$	22.75		$	20.60		$	16.09		$	20.61
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.43			0.38			0.39			0.29			0.26
Net realized and unrealized gain (loss) on total investments		1.49			3.08			1.24			2.16			4.54			(4.52	)
Total gain (loss) from investment operations		1.74			3.51			1.62			2.55			4.83			(4.26	)
Less distributions from:
Net investment income		—			(0.43	)		(0.35	)		(0.40	)		(0.32	)		(0.26	)
In excess of net investment income		—			—			—			—			—			—
Net realized gains		—			(0.16	)		—			—			—			—
Total distributions		—			(0.59	)		(0.35	)		(0.40	)		(0.32	)		(0.26	)
Net asset value, end of period	$	28.68		$	26.94		$	24.02		$	22.75		$	20.60		$	16.09
TOTAL RETURN		6.46	%(c)		14.64	%		7.11	%		12.39	%		30.03	%		(20.68	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	38,900		$	35,931		$	32,557		$	27,605		$	26,510		$	22,683
Ratio of expenses to average net assets before expense waiver		0.07	%(d)		0.07	%		0.07	%		0.07	%		0.07	%		0.34	%(b)
Ratio of expenses to average net assets after expense waiver		0.07	%(d)		0.07	%		0.07	%		0.07	%		0.07	%		0.17	%
Ratio of net investment income to average net assets		1.82	%(d)		1.69	%		1.63	%		1.82	%		1.64	%		1.43	%
Portfolio turnover rate		7	%		19	%		8	%		5	%		15	%		27	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 28, 2002.
(c)	Not annualized.
(d)	Annualized.

116 2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 117

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Real Estate Securities Fund
																For the Period			For the Period
																October 28, 2002			September 4, 2002
																(effective date of			(commencement of
	For the Six			For the Years Ended December 31,												SEC registration)			operations) to
	Months Ended															to December 31,			December 31,
	June 30, 2007			2006			2005			2004			2003			2002(e)			2002(e)
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	38.04		$	30.98		$	33.89		$	30.00		$	24.48		$	23.67		$	25.00
Gain (loss) from investment operations:
Net investment income (a)		1.11			0.82			0.96			1.45			1.54			0.25			0.44
Net realized and unrealized gain (loss) on total investments		(3.28	)		9.63			1.51			8.40			8.24			0.91			(0.61	)
Total gain (loss) from investment operations		(2.17	)		10.45			2.47			9.85			9.78			1.16			(0.17	)
Less distributions from:
Net investment income		—			(1.09	)		(1.38	)		(1.26	)		(1.39	)		(0.31	)		(0.31	)
In excess of net investment income		—			—			—			—			—			—			—
Net realized gains		—			(2.30	)		(4.00	)		(4.70	)		(2.87	)		(0.04	)		(0.04	)
Total distributions		—			(3.39	)		(5.38	)		(5.96	)		(4.26	)		(0.35	)		(0.35	)
Net asset value, end of period	$	35.87		$	38.04		$	30.98		$	33.89		$	30.00		$	24.48		$	24.48
TOTAL RETURN		(5.70	)%(e)		34.05	%		7.19	%		32.98	%		39.96	%		4.94	%		(0.65	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	94,851		$	104,705		$	70,659		$	63,899		$	35,311		$	20,194		$	20,194
Ratio of expenses to average net assets before expense waiver		0.27	%(c)(f)		0.25	%		0.29	%(d)		0.25	%		0.25	%		0.04	%		0.08	%
Ratio of expenses to average net assets after expense waiver		0.27	%(c)(f)		0.25	%		0.29	%(d)		0.25	%		0.25	%		0.04	%		0.08	%
Ratio of net investment income to average net assets		5.71	%(f)		2.30	%		2.80	%		4.41	%		5.32	%		1.03	%		1.80	%
Portfolio turnover rate		105	%		117	%		239	%		315	%		189	%		100	%		117	%

(a)	Based on average shares outstanding.
(c)	Includes 0.02% of overdraft charges included in interest expense.
(d)	Includes 0.04% of overdraft charges included in interest expense.
(e)	Not annualized.
(f)	Annualized.

118 2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report 119

FINANCIAL HIGHLIGHTS	continued
TIAA-CREF LIFE FUNDS

	Bond Fund
													For the PeriodJuly 8, 2003(commencement ofoperations/effectivedate of SECregistration) toDecember 31,2003(b)
	For the SixMonths EndedJune 30, 2007			For the Years Ended December 31,
				2006			2005			2004
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	24.41		$	24.44		$	24.88		$	24.74		$	25.00
Gain (loss) from investment operations:
Net investment income (a)		0.64			1.21			1.10			0.95			0.40
Net realized and unrealized gain (loss) on total investments		(0.44	)		(0.06	)		(0.48	)		0.09			(0.24	)
Total gain (loss) from investment operations		0.20			1.15			0.62			1.04			0.16
Less distributions from:
Net investment income		—			(1.18	)		(1.06	)		(0.90	)		(0.40	)
In excess of net investment income		—			—			—			—			—
Net realized gains		—			—			—			—			(0.02	)
Total distributions		—			(1.18	)		(1.06	)		(0.90	)		(0.42	)
Net asset value, end of period	$	24.61		$	24.41		$	24.44		$	24.88		$	24.74
TOTAL RETURN		0.82	%(b)		4.70	%		2.51	%		4.21	%		0.67	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	77,299		$	71,761		$	66,434		$	58,375		$	50,018
Ratio of expenses to average net assets		0.10	%(c)		0.10	%		0.10	%		0.10	%		0.05	%
Ratio of net investment income to average net assets		5.22	%(c)		4.88	%		4.35	%		3.78	%		1.63	%
Portfolio turnover rate		91	%		76	%		78	%		103	%		272	%

(a)	Based on average shares outstanding.
(b)	Not annualized.
(c)	Annualized.

120  2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report  121

FINANCIAL HIGHLIGHTS	concluded
TIAA-CREF LIFE FUNDS

	Money Market Fund
													For the Period July 8, 2003 (commencement of operations/effective date of SEC registration) to December 31, 2003(b)
	For the Six Months Ended June 30, 2007			For the Years Ended December 31,
				2006			2005			2004
	(Unaudited)
SELECTED PER SHARE DATA
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)		0.03			0.05			0.03			0.01			0.00	(c)
Net realized and unrealized gain (loss) on total investments		—			—			—			—			—
Total gain (loss) from investment operations		0.03			0.05			0.03			0.01			0.00	(c)
Less distributions from:
Net investment income		(0.03	)		(0.05	)		(0.03	)		(0.01	)		0.00	(c)
In excess of net investment income		—			—			—			—			—
Net realized gains		—			—			—			—			—
Total distributions		(0.03	)		(0.05	)		(0.03	)		(0.01	)		0.00	(c)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		2.65	%(b)		5.10	%		3.25	%		1.34	%		0.49	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	75,726		$	53,894		$	37,185		$	26,371		$	20,824
Ratio of expenses to average net assets		0.06	%(d)		0.06	%		0.06	%		0.06	%		0.03	%
Ratio of net investment income to average net assets		5.29	%(d)		4.99	%		3.24	%		1.35	%		0.46	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A

(a)	Based on average shares outstanding.
(b)	Not annualized.
(c)	Amount represents less than $0.01 per share.
(d)	Annualized.
N/A–Not applicable.

122  2007 Semiannual Report § TIAA-CREF Life Funds  See notes to financial statements TIAA-CREF Life Funds § 2007 Semiannual Report  123

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

TIAA-CREF LIFE FUNDS

Note 1—significant accounting policies

TIAA-CREF Life Funds (the “Funds” or individually, the “Fund”) 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 Funds consist of ten series (each referred to as a “Fund”). Certain registered separate accounts (“the Account”) of TIAA-CREF Life Insurance Company (“TIAA-CREF Life”), which is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), have various sub-accounts which correspond to and invest in the Funds. TIAA invested in each of the Funds at its commencement of operations. At June 30, 2007, TIAA held the following amounts in the Funds:

Fund	Investments in Funds Held By TIAA		Percentage of Net Assets
Growth Equity	$	—		—	%
Growth & Income		12,759,514		18.23
International Equity		32,484,322		22.69
Large-Cap Value		28,647,253		35.73
Small-Cap Equity		25,627,931		41.49
Stock Index		—		—
Social Choice Equity		12,692,739		32.63
Real Estate Securities		36,998,634		39.01
Bond		55,794,776		72.18
Money Market		—		—

The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Valuation of investments: 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. 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). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, all of its investments are valued using the amortized cost, or market value if market value is materially different from amortized cost. Investments in other registered investment companies are valued at their net asset value. Foreign investments are

124 2007 Semiannual Report § TIAA-CREF Life Funds

valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. Dollars at the prevailing rates of exchange on the date of valuation. Stock and bond index futures and options, are valued at the last sale price as of the close of business on the board of trade or exchange on which they are traded.

Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time a Fund’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as American Depositary Receipts and futures contracts. Other factors may also be considered in determining fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.

Trading in securities on most foreign exchanges and over the counter markets is normally completed before the close of the domestic stock market and may also take place on days when the domestic market is closed. 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 Fund’s net asset value is calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. The Funds have retained an independent fair value pricing service to assist in the fair valuation process for Funds that primarily invest in international securities.

Accounting for investments: Securities transactions and investments in underlying funds are accounted for as of the trade date. 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 for both financial statement and federal income tax purposes.

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.

TIAA-CREF Life Funds § 2007 Semiannual Report 125

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Mortgage dollar roll transactions:  The Funds may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery and 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 Funds’ policy is to record the dollar rolls using “to be announced” mortgage-backed securities as purchase and sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the trade date of the sale transaction. 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 dollar roll commitments. In addition, the Funds may receive compensation that is recorded as deferred income and amortized to income over the roll period. The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such a contract while it is the holder. Dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing their yields.

Cash: The Funds may hold cash in its account with the custodian. The Funds, throughout the year, may have a cash overdraft balance. A fee is incurred on this overdraft.

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. Dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward foreign currency contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty non-performance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.

Forward foreign currency contracts will be used primarily to protect the Funds from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund’s investment securities; however, it does establish a rate of exchange that can be achieved in

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the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. There were no open forward foreign currency contracts for the six months ended June 30, 2007.

Securities lending: The Funds may lend portfolio securities to qualified borrowers, consisting of financial institutions and brokers. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest on collateral (after rebates and fees). Such income is included in interest income on the Statement of Operations. The value of loaned securities and the liability related to the cash collateral received are reflected on the Statements of Assets and Liabilities. The loans are secured by collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of securities loaned for foreign securities. All cash collateral (except for the Social Choice Equity Fund) is invested in the State Street Navigator Securities Lending Prime Portfolio. The market value of the loaned securities is determined at the close of each business day, and any additional required collateral is delivered to the Funds before the end of the following business day. The Funds continue to receive income (dividends and interest) paid on the securities loaned via payments “in lieu” received from the borrowers. The Funds have the right under the lending agreement to recover securities from the borrower on demand. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. However, the Funds are indemnified by their lending agent against any losses related to borrower defaults.

Futures contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity 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 sales 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.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts, that a change in the value of the

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

contract may not correlate with a change in the value of the underlying securities, or that the counterparty to a contract may default on its obligation to perform.

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. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.

Treasury Inflation-Protected Securities (“TIPS”): The Bond Fund may invest in TIPS, which are specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation are reflected in interest income in the Statements of Operations. TIPS are backed by the full faith and credit of the U.S. Government. TIPS are subject to interest rate risk. However, because TIPS have better price protection through inflation adjustments, they tend to perform well in a rising rate environment if rates increase due to inflation.

Targeted Return Index Securities (“TRAINs”): The Funds may invest in TRAINs, which are investment vehicles structured as trusts. Each trust represents an undivided investment interest in the pool of securities (generally high yield securities) underlying the trust without the brokerage and other expenses associated with holding small positions in individual securities. The Funds carry on their books the current face value of the TRAIN which represents the current face value of the underlying securities. If a security is removed from the TRAIN the current face value will be reduced equal to the face value of the security. The holder will have the option of receiving their portion of the bond or cash. These securities accrual payments are based upon the underlying securities so that the payment dates coincide with the individual securities in the TRAIN.

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 which are widely held and publicly traded.

Distributions to shareholders: Distributions from net investment income, if any, are declared and paid annually for each of the Funds, except for the Money Market

128 2007 Semiannual Report § TIAA-CREF Life Funds

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Fund, in which case distributions are declared daily and paid monthly.Distributions from realized gains, if any, are declared and paid annually for each of the Funds to the extent they exceed capital loss carryovers.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. 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.

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.

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.

Transactions with affiliates: 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.

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.

Note 2—management agreement

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of 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 unitary fee for all services, including investment management services, based on the average daily net assets of each Fund. During the six months ended

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NOTES TO FINANCIAL STATEMENTS   (UNAUDITED)

June 30, 2007, Advisors received the following annualized percentage of each Fund’s average daily net assets:

Fund	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%

Total management fees incurred for each Fund for the six months ended June 30, 2007, are reflected in the Statements of operations.

The Trustees of the Funds, all of whom are independent, receive 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. TIAA oversees the administration and recordkeeping of these deferred compensation plans on behalf of the Funds.

Note 3—investments

At June 30, 2007, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Growth Equity	$	4,506,907	$	(601,869	)	$	3,905,038
Growth & Income		13,218,406		(240,110	)		12,978,296
International Equity		20,982,085		(3,066,659	)		17,915,426
Large-Cap Value		9,841,729		(1,116,644	)		8,725,085
Small-Cap Equity		6,677,101		(2,175,101	)		4,502,000
Stock Index		49,874,525		(13,191,918	)		36,682,607
Social Choice Equity		9,517,363		(4,160,285	)		5,357,078
Real Estate Securities		5,148,757		(3,314,523	)		1,834,234
Bond		81,704		(2,068,405	)		(1,986,701	)

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At June 30, 2007, the following Fund held open futures contracts:

Fund	Futures Contracts	Number of Contracts		Market Value		Expiration Date	Unrealized Appreciation/ (Depreciation)
Social Choice Equity	E-mini S&P 500 Index		9	$	681,930	September 2007	$	2,557
	Mini Russell		1		84,210	September 2007		23
				$	766,140		$	2,580

For the six months ended June 30, 2007, purchases and sales proceeds of investments, other than short-term investments, were as follows:

Fund	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
Growth Equity	$	17,434,677	$	—	$	17,332,954	$	—
Growth & Income		34,800,732		—		30,993,805		—
International Equity		111,996,631		—		94,860,335		—
Large-Cap Value		45,013,333		—		42,173,186		—
Small-Cap Equity		41,000,886		—		39,262,190		—
Stock Index		22,726,853		—		15,229,331		—
Social Choice Equity		2,771,268		—		2,735,441		—
Real Estate Securities		61,933,491		—		62,996,379		—
Bond		10,021,548		20,546,089		6,789,825		26,224,721

Note 4—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended December 31, 2006 were as follows:

	2006
Fund	Ordinary Income		Long-Term Capital Gain		Total
Growth Equity	$	223,438	$	—	$	223,438
Growth & Income		884,077		—		884,077
International Equity		1,638,883		—		1,638,883
Large-Cap Value		2,218,638		2,773,270		4,991,908
Small-Cap Equity		3,103,838		2,107,937		5,211,775
Stock Index		2,787,474		1,485,780		4,273,254
Social Choice Equity		617,646		164,271		781,917
Real Estate Securities		4,354,380		4,185,219		8,539,599
Bond		3,316,713		—		3,316,713
Money Market		2,135,839		—		2,135,839

The tax character of the fiscal year 2007 distributions will be determined at the end of the fiscal year.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) concluded

Note 5—line of credit

Each of the Funds, except the Bond and Money Market Funds, participate in a $1.5 billion committed revolving credit facility dated August 7, 2006 that can be used for temporary purposes, including 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 Advisors. Interest associated with any borrowing under the facility is charged to Advisors at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June 30, 2007, there were no borrowings under this credit facility by the Funds.

Note 6—new accounting pronouncements

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for financial statements dated after June 29, 2007, and is to be applied to all open tax years as of the date of effectiveness. Management has evaluated the application of FIN 48 to the Funds’ financial statements for the period ended June 30, 2007 and has determined, under guidelines established by FIN 48 that no adjustments should be made to these financial statements.

In September 2006, FASB issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). This new standard applies to all entities that follow U.S. GAAP and their valuation techniques for assets and liabilities. SFAS 157 defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds’ financial statements.

132 2007 Semiannual Report § TIAA-CREF Life Funds

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Funds”) is responsible for overseeing the Funds’ corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940, as amended (the “1940 Act”), and other applicable laws. Among its duties, the Board is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between the Funds and Teachers Advisors, Inc. (“TAI”). Under the Agreement, TAI is responsible for providing to (or obtaining for) each Fund all of the services necessary for its ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.

Section 15(c) of the 1940 Act provides that, after an initial period, the Agreement for each Fund will remain in effect 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 Fund, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 3, 2007, at which it considered the annual renewal of the Agreement. Prior to that meeting, the Board had implemented an enhanced process by which it determined to review and consider the renewal of the Agreement. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee was asked to work with management and legal counsel to the Trustees to develop more refined guidelines relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 3, 2007, the Operations Committee helped to develop such guidelines in consultation with management representatives and input from other Trustees and legal counsel to the Trustees, and then evaluated the information produced in accordance with those guidelines.

Among other matters, the Operations Committee helped to develop guidelines regarding reports to be provided to all Trustees with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their annual advisory contract renewal processes.

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Fund against a suitable

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MANAGEMENT AGREEMENT

universe of comparable investment companies and, in the case of the investment performance data, against a more selective peer group of mutual funds and against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act.

Among other matters, the Operations Committee also developed a framework of factors that could be considered by the Trustees in order to evaluate the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.

In advance of the Board meeting held on April 3, 2007, independent legal counsel for the Trustees requested, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew each Fund’s Agreement. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Fund’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fees under the Agreement as compared to any other comparable accounts managed by the TAI; (4) any “fall-out” benefits that accrued to TAI due to its relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interests confronted by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement; and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

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In considering whether to renew the Agreement, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided by TAI to each Fund; (2) the investment performance of each Fund; (3) the costs of the services provided to each Fund and the profits (if any) realized by TAI and its affiliates from their relationship with the Funds; (4) the extent to which economies of scale have been realized as each Fund grows; (5) whether the fee schedules set forth in the Agreement reflect any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI from its relationship with the Funds. As a general matter, the Trustees viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of each Fund’s Agreement, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from Kirkpatrick & Lockhart Preston Gates Ellis LLP, its independent legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement for all Funds at the same meeting on April 3, 2007, the Board received and considered Fund-specific information on a Fund-by-Fund basis and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew each Agreement, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew each Fund’s Agreement.

At its meeting on April 3, 2007, the Board voted unanimously to renew the particular Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by an outline of the specific factors the Board considered for each particular Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. The investment professionals at TAI also have managed various accounts of the College Retirement Equities Fund (“CREF”) since their inception. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the

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BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

particular types of investments in question; and reporting on the investment performance of the Funds to the Boards on a regular basis. The Board considered that TAI has carried out these responsibilities in a professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In the course of its review of the quality of TAI’s services, the Board examined the investment performance of each Fund and concluded that it was reasonable when compared with Fund benchmarks and peer groups of mutual funds, and that, in the case of underperforming Funds, TAI represented that it had taken or was planning to implement affirmative steps to enhance the investment performance.

In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this connection, the Board considered that it intends to work with management during the next year in an effort to develop enhanced metrics for measuring the ongoing performance of certain affiliated and unaffiliated service providers. The Board also considered that, through these metrics and other actions, it intends to monitor progress with respect to ongoing improvements in services provided by those firms or through outsourcing to other firms, including, as appropriate, further enhancements to administrative and compliance services.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each class of shares of each Fund, as applicable, over one-, two-, three-, four- and five-year periods and since inception of the Fund’s operations. The Board also considered each Fund’s performance as compared to its peer groups and benchmark indices. In this regard, the Board considered that most of the Funds achieved performance that compares favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that in those cases in which Funds had underperformed their benchmarks or peer groups of mutual funds, TAI had taken reasonable remedial actions or represented that it was in the process of taking such actions. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. In addition, the Board considered that it intends to work with management during the coming year to review further the best execution and portfolio turnover practices of TAI with respect to certain Funds to assess whether those practices continue to be in the best interests of shareholders.

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COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2006. In this connection, the Board considered each Fund’s unitary fee structure under which TAI is obligated to provide (or arrange and pay for) all of the services necessary for each Fund’s ordinary operations, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI has consistently incurred losses based on its services to each of the Funds under the Agreement. Among other considerations, the Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources continue to be devoted to these functions. The Board also considered that it would continue to review the profitability levels of TAI annually during its yearly review of the Funds’ management arrangements to ensure that TAI’s fees remain fair and reasonable and that its profits (if any) for managing the Funds were not excessive.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the fee rates charged to the Funds under the Agreement typically were lower or significantly lower than the fee rates charged by many or most comparable mutual funds. Based on all factors considered, the Board determined that the fee rates under the Agreement were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

ECONOMIES OF SCALE

The Board considered whether TAI has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses in 2006 with respect to its services provided to each of the Funds. The Board determined that current fee rates at current asset levels were low compared to peer groups of mutual funds. Thus, the Board determined that the Funds’ fee schedules were reasonable in light of current economies of scale considerations and current asset levels. In addition, the Board considered that it intends to work with management during the coming year to evaluate whether any material asset growth by the Funds has created or would create economies of scale for TAI and, if so, to determine whether any

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BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

portion of savings from such economies of scale could be passed on to Fund shareholders through the addition of fee schedule breakpoints.

FEE COMPARISON WITH OTHER TAI CLIENTS

The Board considered that TAI provides similar investment management services to other affiliated investment companies. In addition, TAI, through its TIAA-CREF Asset Management division, manages large institutional client assets through unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Board considered the schedule of fees for each of the comparable funds. The Board also considered TAI’s representation that, while management fee rates may differ for comparable funds, this is due in part to the unitary nature of each Fund’s fees and to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. In this connection, the Board considered TAI’s representation that because the comparable funds target different types of investors and use different distribution channels, these factors justify different pricing schedules.

OTHER BENEFITS

The Board also considered additional benefits to the Funds and to TAI arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Funds managed by TAI are managed in the same manner and by the same personnel as certain of the CREF Accounts, resulting in the possibility for benefits associated with economies of scale.

FUND-BY FUND FACTORS

The Funds’ Trustees considered the following specific factors (among others) during their determination to renew the Agreement for each Fund described in this Report. If a Fund is described in the following discussions as being in the “first” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All periods referenced below end as of December 31, 2006. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

GROWTH EQUITY FUND

•	The Fund’s annual contractual management fee is 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of the group of comparable funds hand selected by Lipper for expense comparison
138	2007 Semiannual Report § TIAA-CREF Life Funds

continued

	purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	For the one-year period, the Fund was in the 3rd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”) and in the 4th quintile of its Performance Universe for the two-, three-, four- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 2 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.
GROWTH & INCOME FUND
•	The Fund’s annual contractual management fee is 0.23% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe; while, for the four- and five-year periods, the Fund was in the 2nd and 3rd quintile of its Performance Universe, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.
•	In March 2005, TAI added a new portfolio manager to the Fund. The Fund’s performance track record has continued to improve steadily since this change.
•	TAI incurred a net loss on the Fund for the one-year period.
INTERNATIONAL EQUITY FUND
•	The Fund’s annual contractual management fee is 0.29% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	For the three-year period, the Fund produced positive alpha relative to the Lipper category index.
•	The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.
LARGE-CAP VALUE FUND
•	The Fund’s annual contractual management fee is 0.24% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe.

TIAA-CREF Life Funds § 2007 Semiannual Report 139

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

•	For the one-, three- and four-year periods, the Fund was in the 1st quintile of its Performance Universe, and was in the 2nd quintile of its Performance Universe for the two-year period.
•	The Fund received an Overall Morningstar Rating of 5 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.
SMALL-CAP EQUITY FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expense are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe. For the four-year period, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.
STOCK INDEX FUND
•	The Fund’s annual contractual management fee is 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expense are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one- and two-year periods, the Fund was in the 2nd quintile of its Performance Universe, an improvement from its 3rd quintile ranking for these same periods ended December 31, 2005. For the three-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.
SOCIAL CHOICE EQUITY FUND
•	The Fund’s annual contractual management fee is 0.07% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe. For the two- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.

140 2007 Semiannual Report § TIAA-CREF Life Funds

concluded

REAL ESTATE SECURITIES FUND
•	The Fund’s annual contractual management fee is 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe.
•	For the two-, three- and four-year periods, the Fund was in the 5th quintile of its Performance Universe. For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 2 stars for the one-year period.
•	To enhance the Fund’s performance, TAI changed the portfolio management team and added new analysts. These changes began to show positive short-term results in the 4th quarter of 2006.
•	TAI incurred a net loss on the Fund for the one-year period.
BOND FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expense are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.
•	TAI incurred a net loss on the Fund for the one-year period.
MONEY MARKET FUND
•	The Fund’s annual contractual management fee is 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure.
•	The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe.
•	Money market funds are not rated by Morningstar.
•	TAI incurred a net loss on the Fund for the one-year period.
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement.

TIAA-CREF Life Funds § 2007 Semiannual Report 141

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TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members NASD, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800 223-1200 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuity products. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC, member NASD/SIPC. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2007 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

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Item 3. Audit Committee Financial Expert.

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Item 4. Principal Accountant Fees and Services.

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Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund
TIAA-CREF LIFE FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.79%
AMUSEMENT AND RECREATION SERVICES - 1.60%
14,573	e*	Activision, Inc	$	272,078
600		Nintendo Co Ltd		218,906
		TOTAL AMUSEMENT AND RECREATION SERVICES		490,984
APPAREL AND OTHER TEXTILE PRODUCTS - 0.83%
2,597	e	Polo Ralph Lauren Corp		254,792
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		254,792
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.32%
13,159		Lowe's Cos, Inc		403,850
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		403,850
BUSINESS SERVICES - 13.33%
14,443	*	Adobe Systems, Inc		579,886
6,962	*	Electronic Arts, Inc		329,442
1,901	*	Google, Inc (Class A)		994,945
8,226	e*	Juniper Networks, Inc		207,048
248	e*	Limelight Networks, Inc		4,905
15,975		Microsoft Corp		470,783
8,376	e	Omnicom Group, Inc		443,258
15,781	*	Oracle Corp		311,043
14,309	*	Yahoo!, Inc		388,203
11,054	*	eBay, Inc		355,718
		TOTAL BUSINESS SERVICES		4,085,231
CHEMICALS AND ALLIED PRODUCTS - 14.90%
12,442		Abbott Laboratories		666,269
8,911		Colgate-Palmolive Co		577,878
4,009	*	Genentech, Inc		303,321
14,976	e*	Gilead Sciences, Inc		580,619
3,878	*	Keryx Biopharmaceuticals, Inc		37,888
11,237		Merck & Co, Inc		559,603
9,004	e	Monsanto Co		608,130
19,513		Schering-Plough Corp		593,976
1,801		Shire plc (ADR)		133,508
12,279		Teva Pharmaceutical Industries Ltd (ADR)		506,509
		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,567,701
COMMUNICATIONS - 2.14%
5,932		AT&T, Inc		246,178
5,651		America Movil S.A. de C.V. (ADR) (Series L)		349,966
2,093	*	Comcast Corp (Class A)		58,855
		TOTAL COMMUNICATIONS		654,999

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
DEPOSITORY INSTITUTIONS - 0.68%
5,933	e	Wells Fargo & Co	$	208,664
		TOTAL DEPOSITORY INSTITUTIONS		208,664
ELECTRIC, GAS, AND SANITARY SERVICES - 0.85%
8,365	e	Fortum Oyj		261,385
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		261,385
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 16.36%
6,928	*	Apple Computer, Inc		845,493
35,902	*	Cisco Systems, Inc		999,871
9,343	e	Cooper Industries Ltd (Class A)		533,392
16,102		Intel Corp		382,583
3,273	e*	MEMC Electronic Materials, Inc		200,046
8,539	e	Maxim Integrated Products, Inc		285,288
4,865	e	National Semiconductor Corp		137,534
5,882	e*	Network Appliance, Inc		171,754
7,215	e*	Nvidia Corp		298,052
7,875	e*	Polycom, Inc		264,600
18,443		Qualcomm, Inc		800,242
2,574		Texas Instruments, Inc		96,860
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		5,015,715
ENGINEERING AND MANAGEMENT SERVICES - 2.77%
7,831	e*	Celgene Corp		448,951
2,161	e	Fluor Corp		240,671
1,922	*	McDermott International, Inc		159,757
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		849,379
FOOD AND KINDRED PRODUCTS - 2.66%
12,591		PepsiCo, Inc		816,526
		TOTAL FOOD AND KINDRED PRODUCTS		816,526
FURNITURE AND HOME FURNISHINGS STORES - 0.98%
7,657	*	GameStop Corp (Class A)		299,389
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		299,389
GENERAL MERCHANDISE STORES - 1.93%
9,281	e	Target Corp		590,272
		TOTAL GENERAL MERCHANDISE STORES		590,272
HEALTH SERVICES - 0.77%
3,041	*	Medco Health Solutions, Inc		237,168
		TOTAL HEALTH SERVICES		237,168
HOLDING AND OTHER INVESTMENT OFFICES - 0.16%
1,566	*	Blackstone Group LP/The		45,837
83	e	Hugoton Royalty Trust		2,094
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		47,931
HOTELS AND OTHER LODGING PLACES - 2.24%
13,154		Hilton Hotels Corp		440,264
3,674	e	Starwood Hotels & Resorts Worldwide, Inc		246,415
		TOTAL HOTELS AND OTHER LODGING PLACES		686,679

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.24%
2,191		Alstom	$	365,355
2,020	e	Caterpillar, Inc		158,166
4,751	*	Dell, Inc		135,641
14,795		Hewlett-Packard Co		660,153
9,403		International Game Technology		373,299
2,741		Manitowoc Co, Inc		220,322
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,912,936
INSTRUMENTS AND RELATED PRODUCTS - 4.52%
1,311		Alcon, Inc		176,867
14,367		Emerson Electric Co		672,376
2,736	e*	Hologic, Inc		151,328
4,549	*	Zimmer Holdings, Inc		386,165
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,386,736
INSURANCE CARRIERS - 0.82%
5,114	e	Aetna, Inc		252,632
		TOTAL INSURANCE CARRIERS		252,632
LEATHER AND LEATHER PRODUCTS - 1.29%
8,332	*	Coach, Inc		394,853
		TOTAL LEATHER AND LEATHER PRODUCTS		394,853
MISCELLANEOUS RETAIL - 1.70%
14,318		CVS Corp		521,891
		TOTAL MISCELLANEOUS RETAIL		521,891
NONDEPOSITORY INSTITUTIONS - 2.11%
10,558		American Express Co		645,938
		TOTAL NONDEPOSITORY INSTITUTIONS		645,938
OIL AND GAS EXTRACTION - 4.23%
1,890	e*	National Oilwell Varco, Inc		197,014
6,468	e	Schlumberger Ltd		549,392
9,183	e	XTO Energy, Inc		551,898
		TOTAL OIL AND GAS EXTRACTION		1,298,304
PAPER AND ALLIED PRODUCTS - 1.25%
6,523	*	Anglo American PLC		382,977
		TOTAL PAPER AND ALLIED PRODUCTS		382,977
PETROLEUM AND COAL PRODUCTS - 1.54%
3,705		Apache Corp		302,291
1,891	*	Suncor Energy, Inc		170,039
		TOTAL PETROLEUM AND COAL PRODUCTS		472,330
PRIMARY METAL INDUSTRIES - 0.82%
9,085		BHP Billiton plc		252,371
		TOTAL PRIMARY METAL INDUSTRIES		252,371
RAILROAD TRANSPORTATION - 0.51%
3,443		CSX Corp		155,210
		TOTAL RAILROAD TRANSPORTATION		155,210

3

TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 5.33%
29,996		Charles Schwab Corp	$	615,518
716	e	Chicago Mercantile Exchange Holdings, Inc		382,602
2,932		Goldman Sachs Group, Inc		635,511
		TOTAL SECURITY AND COMMODITY BROKERS		1,633,631
TRANSPORTATION EQUIPMENT - 5.91%
7,613		Boeing Co		732,066
5,609	e	ITT Industries, Inc		382,982
9,819	e	United Technologies Corp		696,462
		TOTAL TRANSPORTATION EQUIPMENT		1,811,510
		TOTAL COMMON STOCKS		30,591,984
		(Cost $26,686,946)
SHORT-TERM INVESTMENTS - 24.31%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 24.31%
7,451,409		State Street Navigator Securities Lending Prime Portfolio		7,451,409
		TOTAL SHORT-TERM INVESTMENTS		7,451,409
		(Cost $7,451,409)
		TOTAL PORTFOLIO - 124.10%		38,043,393
		(Cost $34,138,355)
		OTHER ASSETS & LIABILITIES, NET - (24.10%)		(7,387,230	)
		NET ASSETS - 100.00%	$	30,656,163
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing
	e	All or a portion of these securities are out on loan.

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund
TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.46%
AMUSEMENT AND RECREATION SERVICES - 2.37%
19,213	*	Activision, Inc	$	358,707
1,000		Nintendo Co Ltd		364,843
8,014	e*	Penn National Gaming, Inc		481,561
13,338		Walt Disney Co		455,359
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,660,470
APPAREL AND ACCESSORY STORES - 0.52%
6,775	e*	J Crew Group, Inc		366,460
		TOTAL APPAREL AND ACCESSORY STORES		366,460
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.70%
12,525		Home Depot, Inc		492,859
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		492,859
BUSINESS SERVICES - 5.74%
11,372	*	Adobe Systems, Inc		456,586
7,885	*	Autodesk, Inc		371,226
14,591	*	BEA Systems, Inc		199,751
2,990	e	Ctrip.com International Ltd (ADR)		235,104
1,197	*	Google, Inc (Class A)		626,486
46,935		Microsoft Corp		1,383,174
2,518	*	Salesforce.com, Inc		107,921
21,540		WPP Group plc		322,162
11,646	*	Yahoo!, Inc		315,956
		TOTAL BUSINESS SERVICES		4,018,366
CHEMICALS AND ALLIED PRODUCTS - 13.30%
18,145		Abbott Laboratories		971,665
7,999		Air Products & Chemicals, Inc		642,880
4,648	*	Amgen, Inc		256,988
6,858	e*	Chattem, Inc		434,660
8,809		Colgate-Palmolive Co		571,264
5,256		Du Pont (E.I.) de Nemours & Co		267,215
11,215	*	Elan Corp plc (ADR)		245,945
2,585	*	Genentech, Inc		195,581
6,650	*	Genzyme Corp		428,260
17,204	*	Gilead Sciences, Inc		666,999
4,060		DSM NV		199,956
22,999		Merck & Co, Inc		1,145,350
7,549		Monsanto Co		509,859
11,380	*	Mosaic Co		444,048
3,400		PPG Industries, Inc		258,774
11,475		Procter & Gamble Co		702,155
19,529		Schering-Plough Corp		594,463

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
13,403		Wyeth	$	768,528
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,304,590
COMMUNICATIONS - 3.68%
13,225		AT&T, Inc		548,838
5,643		America Movil S.A. de C.V. (ADR) (Series L)		349,471
9,698	*	Comcast Corp (Class A)		272,708
4,420	e	Manitoba Telecom Services, Inc		194,559
4,965	e	MetroPCS Communications, Inc		164,044
6,554		Telekom Austria AG.		163,213
21,423		Verizon Communications, Inc		881,985
		TOTAL COMMUNICATIONS		2,574,818
DEPOSITORY INSTITUTIONS - 8.44%
14,256		Bank of America Corp		696,976
27,434		Citigroup, Inc		1,407,090
25,642		JPMorgan Chase & Co		1,242,355
10,661		Northern Trust Corp		684,863
7,767		SunTrust Banks, Inc		665,943
34,279	e	Wells Fargo & Co		1,205,592
		TOTAL DEPOSITORY INSTITUTIONS		5,902,819
EATING AND DRINKING PLACES - 1.66%
2,857	e*	Chipotle Mexican Grill, Inc (Class A)		243,645
7,573	e	Darden Restaurants, Inc		333,136
11,538		McDonald's Corp		585,669
		TOTAL EATING AND DRINKING PLACES		1,162,450
EDUCATIONAL SERVICES - 0.63%
7,499	e*	Apollo Group, Inc (Class A)		438,167
		TOTAL EDUCATIONAL SERVICES		438,167
ELECTRIC, GAS, AND SANITARY SERVICES - 2.64%
11,175	*	AES Corp		244,509
8,710		American Electric Power Co, Inc		392,298
6,976		Constellation Energy Group, Inc		608,098
13,350	e	DPL, Inc		378,339
5,425	e*	NRG Energy, Inc		225,517
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,848,761
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.52%
7,181	*	Apple Computer, Inc		876,369
55,349	*	Cisco Systems, Inc		1,541,470
17,187		Emerson Electric Co		804,352
5,458	e*	First Solar, Inc		487,345
7,669		Gamesa Corp Tecnologica S.A.		277,433
12,360		Honeywell International, Inc		695,621
34,617		Intel Corp		822,500
4,264		L-3 Communications Holdings, Inc		415,271
1	*	LSI Logic Corp		8
5,963	*	Marvell Technology Group Ltd		108,586
10,200		Motorola, Inc		180,540
11,300	*	Nvidia Corp		466,803
15,781		Qualcomm, Inc		684,738
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,361,036

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
FOOD AND KINDRED PRODUCTS - 4.00%
10,100		Coca-Cola Co	$	528,331
4,264		Groupe Danone		344,387
11,518		Kellogg Co		596,517
15,571		PepsiCo, Inc		1,009,779
9,962		Unilever plc		321,672
		TOTAL FOOD AND KINDRED PRODUCTS		2,800,686
GENERAL MERCHANDISE STORES - 2.11%
13,746	e	Saks, Inc		293,477
14,308		TJX Cos, Inc		393,470
9,022		Target Corp		573,799
4,528		Wal-Mart Stores, Inc		217,842
		TOTAL GENERAL MERCHANDISE STORES		1,478,588
HEALTH SERVICES - 1.00%
6,960	*	Medco Health Solutions, Inc		542,810
5,109	e	Mindray Medical International Ltd (ADR)		155,978
		TOTAL HEALTH SERVICES		698,788
HOLDING AND OTHER INVESTMENT OFFICES - 0.86%
1,051		AvalonBay Communities, Inc		124,943
5,224	e	Digital Realty Trust, Inc		196,840
1,850		SPDR Trust Series 1		278,296
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		600,079
HOTELS AND OTHER LODGING PLACES - 1.39%
4,648		Accor S.A.		410,887
2,639	e*	MGM Mirage		217,665
6,421	e	Orient-Express Hotels Ltd (Class A)		342,881
		TOTAL HOTELS AND OTHER LODGING PLACES		971,433
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.15%
3,610	*	Alstom		601,977
4,654		Deere & Co		561,924
47,629		General Electric Co		1,823,238
28,719		Hewlett-Packard Co		1,281,442
7,106		International Business Machines Corp		747,906
10,288		International Game Technology		408,434
6,344	*	Riverbed Technology, Inc		277,994
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,702,915
INSTRUMENTS AND RELATED PRODUCTS - 1.75%
6,964		Medtronic, Inc		361,153
5,555	e*	Millipore Corp		417,125
8,704	*	Thermo Electron Corp		450,171
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,228,449
INSURANCE AGENTS, BROKERS AND SERVICE - 0.83%
5,906		Hartford Financial Services Group, Inc		581,800
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		581,800

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 3.41%
14,017		ACE Ltd	$	876,343
6,551		Aflac, Inc		336,721
16,747		American International Group, Inc		1,172,792
		TOTAL INSURANCE CARRIERS		2,385,856
MISCELLANEOUS RETAIL - 0.48%
2,913	e*	Nutri/System, Inc		203,444
2,554		Tiffany & Co		135,515
		TOTAL MISCELLANEOUS RETAIL		338,959
MOTION PICTURES - 1.34%
9,069	*	Discovery Holding Co (Class A)		208,496
8,605	*	DreamWorks Animation SKG, Inc (Class A)		248,168
11,610	*	Viacom, Inc (Class B)		483,324
		TOTAL MOTION PICTURES		939,988
NONDEPOSITORY INSTITUTIONS - 3.42%
11,386		Morgan Stanley & Co		792,807
11,849		American Express Co		724,922
5,693		Discover Financial Services		162,250
10,926		Fannie Mae		713,796
		TOTAL NONDEPOSITORY INSTITUTIONS		2,393,775
OIL AND GAS EXTRACTION - 3.53%
3,320		Baker Hughes, Inc		279,312
6,471	*	Cameron International Corp		462,482
10,315	*	Pride International, Inc		386,400
11,920		Schlumberger Ltd		1,012,485
5,600		Smith International, Inc		328,384
		TOTAL OIL AND GAS EXTRACTION		2,469,063
PAPER AND ALLIED PRODUCTS - 0.79%
9,370		Anglo American PLC		550,130
		TOTAL PAPER AND ALLIED PRODUCTS		550,130
PETROLEUM AND COAL PRODUCTS - 6.68%
7,173	e	Cabot Oil & Gas Corp		264,540
10,508		Devon Energy Corp		822,671
32,890		Exxon Mobil Corp		2,758,813
11,164		Marathon Oil Corp		669,393
1,283		Petroleo Brasileiro S.A. (ADR)		155,589
		TOTAL PETROLEUM AND COAL PRODUCTS		4,671,006
PRIMARY METAL INDUSTRIES - 0.15%
2,602		Alcoa, Inc		105,459
		TOTAL PRIMARY METAL INDUSTRIES		105,459
REAL ESTATE - 0.22%
8,500		Urban Corp		154,393
		TOTAL REAL ESTATE		154,393
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.69%
6,401		Bayer AG.		482,164
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		482,164

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 1.32%
4,337	e	AllianceBernstein Holding LP	$	377,709
7,230	e	Lazard Ltd (Class A)		325,567
2,689		Lehman Brothers Holdings, Inc		200,384
200		Morgan Stanley		16,776
		TOTAL SECURITY AND COMMODITY BROKERS		920,436
STONE, CLAY, AND GLASS PRODUCTS - 0.29%
2,312		3M Co		200,658
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		200,658
TOBACCO PRODUCTS - 3.00%
26,724		Altria Group, Inc		1,874,421
3,442	e	Reynolds American, Inc		224,418
		TOTAL TOBACCO PRODUCTS		2,098,839
TRANSPORTATION EQUIPMENT - 3.61%
10,967		Boeing Co		1,054,587
4,046		Harsco Corp		210,392
8,667		ITT Industries, Inc		591,783
6,013		Raytheon Co		324,041
4,829		United Technologies Corp		342,521
		TOTAL TRANSPORTATION EQUIPMENT		2,523,324
WHOLESALE TRADE-NONDURABLE GOODS - 0.24%
4,263	e	Herbalife Ltd		169,028
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		169,028
		TOTAL COMMON STOCKS		69,596,612
		(Cost $56,618,316)
SHORT-TERM INVESTMENTS - 9.58%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.58%
6,705,968		State Street Navigator Securities Lending Prime Portfolio		6,705,968
		TOTAL SHORT-TERM INVESTMENTS		6,705,968
		(Cost $6,705,968)
		TOTAL PORTFOLIO - 109.04%		76,302,580
		(Cost $63,324,284)
		OTHER ASSETS & LIABILITIES, NET - (9.04%)		(6,324,077	)
		NET ASSETS - 100.00%	$	69,978,503
		ABBREVIATION:
		ADR - American Depositary Receipt
	*	Non-income producing
	e	All or a portion of these securities are out on loan.

9

TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.05%
AMUSEMENT AND RECREATION SERVICES - 0.13%
500		Nintendo Co Ltd	$	182,422
		TOTAL AMUSEMENT AND RECREATION SERVICES		182,422
BUSINESS SERVICES - 3.91%
56,302		Adecco S.A.		4,355,642
860,000		Huabao International Holdings Ltd		830,412
25		NTT Data Corp		118,613
19,316		WPP Group plc		288,899
		TOTAL BUSINESS SERVICES		5,593,566
CHEMICALS AND ALLIED PRODUCTS - 1.88%
85	*	Arkema		5,556
61,100		Daiichi Sankyo Co Ltd		1,621,143
14,214		Reckitt Benckiser plc		778,153
3,950		Shin-Etsu Chemical Co Ltd		282,020
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,686,872
COAL MINING - 1.46%
1,394,700	*	China Coal Energy Co		2,093,918
		TOTAL COAL MINING		2,093,918
COMMUNICATIONS - 0.62%
29		Nippon Telegraph & Telephone Corp		128,334
80		NTT DoCoMo, Inc		126,528
34,168		Royal KPN NV		566,874
28,000		Singapore Telecommunications Ltd		62,273
		TOTAL COMMUNICATIONS		884,009
DEPOSITORY INSTITUTIONS - 4.77%
7,472		Australia & New Zealand Banking Group Ltd		183,521
5,137		Commonwealth Bank of Australia		240,322
5,017		DBS Group Holdings Ltd		74,751
34,212		Fortis		1,450,035
20,496		Julius Baer Holding AG.		1,466,484
6,491		National Australia Bank Ltd		225,579
60,728		Nordea Bank AB		948,504
9,000		Oversea-Chinese Banking Corp		53,802
7,291		Societe Generale		1,350,865
50	e	Sumitomo Mitsui Financial Group, Inc		466,120
5,000		United Overseas Bank Ltd		71,878
7,378		Westpac Banking Corp		160,212
30,181	*	Yes Bank Ltd		133,591
		TOTAL DEPOSITORY INSTITUTIONS		6,825,664

10

TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 3.04%
2,600		Chubu Electric Power Co, Inc	$	68,986
129,793	e	Fortum Oyj		4,055,705
3,200		Kansai Electric Power Co, Inc		75,680
4,900		Tokyo Electric Power Co, Inc		157,618
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,357,989
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.68%
1,050		Fanuc Ltd		108,374
42,600		Hoya Corp		1,413,175
1,890		Kyocera Corp		200,788
7,000		Matsushita Electric Industrial Co Ltd		138,720
100		Murata Manufacturing Co Ltd		7,524
5,000		Sharp Corp		94,787
5,630		Sony Corp		288,998
16,400		TDK Corp		1,587,244
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,839,610
FOOD AND KINDRED PRODUCTS - 1.81%
30,950		Groupe Danone		2,499,713
46,500		Olam International Ltd		93,802
		TOTAL FOOD AND KINDRED PRODUCTS		2,593,515
FOOD STORES - 7.30%
140,214		Carrefour S.A.		9,847,762
3,300		Seven & I Holdings Co Ltd		94,332
39,451		Tesco plc		330,075
7,965		Woolworths Ltd		182,024
		TOTAL FOOD STORES		10,454,193
GENERAL BUILDING CONTRACTORS - 0.33%
17,895		Fletcher Building Ltd		170,441
530,000		Shanghai Forte Land Co		298,787
		TOTAL GENERAL BUILDING CONTRACTORS		469,228
HEAVY CONSTRUCTION, EXCEPT BUILDING - 2.51%
48,220	e	Vinci S.A.		3,599,000
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		3,599,000
HOLDING AND OTHER INVESTMENT OFFICES - 4.24%
340,419		Ashmore Group plc		1,834,253
65,011		GEA Group AG.		2,247,172
113		GPT Group		445
29,000		Japan Asia Investment Co Ltd		181,253
2,200		JFE Holdings, Inc		136,744
136,379		Man Group plc		1,658,904
6,680		Noble Group Ltd		7,525
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,066,296
HOTELS AND OTHER LODGING PLACES - 2.93%
47,371		Accor S.A.		4,187,633
		TOTAL HOTELS AND OTHER LODGING PLACES		4,187,633
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.19%
8,870		Canon, Inc		520,164

11

TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
47,835	*	Deutz AG.	$	620,466
4,740		FUJIFILM Holdings Corp		211,857
10,230		Komatsu Ltd		296,497
11,949		Krones AG.		2,769,337
13,000		Mitsubishi Heavy Industries Ltd		83,259
6,000		Mitsui & Co Ltd		119,742
8,200	e	Modec, Inc		320,948
24,944		Rheinmetall AG.		2,313,341
7,100		Sumitomo Heavy Industries Ltd		80,268
11,000	e	Toshiba Corp		95,841
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		7,431,720
INSTRUMENTS AND RELATED PRODUCTS - 2.40%
27,425		Phonak Holding AG.		2,458,359
14,663		Tecan Group AG.		984,663
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,443,022
INSURANCE AGENTS, BROKERS AND SERVICE - 0.06%
3,313		QBE Insurance Group Ltd		87,413
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		87,413
INSURANCE CARRIERS - 1.10%
8,696		Admiral Group plc		154,284
3,285		Millea Holdings, Inc		135,054
6,000		Mitsui Sumitomo Insurance Co Ltd		76,978
1,450		T&D Holdings, Inc		97,924
3,589		Zurich Financial Services AG.		1,109,469
		TOTAL INSURANCE CARRIERS		1,573,709
METAL MINING - 2.96%
14,100		BHP Billiton Ltd		421,318
16,517		MMC Norilsk Nickel (ADR)		3,666,774
1,767		Rio Tinto Ltd		147,399
		TOTAL METAL MINING		4,235,491
MISCELLANEOUS RETAIL - 0.07%
11,581		Origin Energy Ltd		97,380
		TOTAL MISCELLANEOUS RETAIL		97,380
NONDEPOSITORY INSTITUTIONS - 4.36%
95,154		Collins Stewart plc		418,676
36,517	e	Deutsche Postbank AG.		3,201,818
26,270		Hypo Real Estate Holding AG.		1,697,846
103,742		Tullett Prebon plc		926,816
		TOTAL NONDEPOSITORY INSTITUTIONS		6,245,156
OIL AND GAS EXTRACTION - 0.98%
3,591	*	Compagnie Generale de Geophysique S.A.		896,140
8,604	*	Integra Group Holdings (GDR)		156,593
2,482		Total S.A.		201,236
3,666		Woodside Petroleum Ltd		141,719
		TOTAL OIL AND GAS EXTRACTION		1,395,688

12

TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES	COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 1.87%
167,570	BP plc	$	2,016,255
18,222	ENI S.p.A.		660,683
	TOTAL PETROLEUM AND COAL PRODUCTS		2,676,938
PRIMARY METAL INDUSTRIES - 0.41%
43,100	Nippon Steel Corp		303,187
16,000	Sumitomo Metal Industries Ltd		94,067
8,700	Sumitomo Metal Mining Co Ltd		188,605
	TOTAL PRIMARY METAL INDUSTRIES		585,859
RAILROAD TRANSPORTATION - 0.17%
32	East Japan Railway Co		246,567
	TOTAL RAILROAD TRANSPORTATION		246,567
REAL ESTATE - 5.79%
33,000	Atrium Co Ltd		894,878
397	ORIX Corp		104,644
430	Risa Partners, Inc		1,171,232
331,900	Urban Corp		6,028,574
4,945	Westfield Group		83,438
	TOTAL REAL ESTATE		8,282,766
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 9.22%
175,284	Bayer AG.		13,203,494
	TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		13,203,494
SECURITY AND COMMODITY BROKERS - 0.15%
988	Macquarie Bank Ltd		70,963
7,200	Nomura Holdings, Inc		139,848
	TOTAL SECURITY AND COMMODITY BROKERS		210,811
SPECIAL TRADE CONTRACTORS - 0.06%
9,600	Takasago Thermal Engineering Co Ltd		90,654
	TOTAL SPECIAL TRADE CONTRACTORS		90,654
STONE, CLAY, AND GLASS PRODUCTS - 6.70%
19,035	Holcim Ltd		2,055,735
1,060,000	Nippon Sheet Glass Co Ltd		4,838,945
1,016,000	Sumitomo Osaka Cement Co Ltd		2,691,361
	TOTAL STONE, CLAY, AND GLASS PRODUCTS		9,586,041
TOBACCO PRODUCTS - 1.56%
453	Japan Tobacco, Inc		2,232,949
	TOTAL TOBACCO PRODUCTS		2,232,949
TRANSPORTATION EQUIPMENT - 8.03%
2,720	Denso Corp		106,381
187,140	Fiat S.p.A.		5,558,597
33,765	Siemens AG.		4,835,205
15,820	Toyota Motor Corp		997,710
	TOTAL TRANSPORTATION EQUIPMENT		11,497,893
TRUCKING AND WAREHOUSING - 5.14%
227,244	Deutsche Post AG.		7,356,122
	TOTAL TRUCKING AND WAREHOUSING		7,356,122

13

TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-DURABLE GOODS - 4.15%
79,738		Kloeckner & Co AG.	$	5,745,817
9,100		Nissan Motor Co Ltd		97,424
5,350		Sumitomo Corp		97,539
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,940,780
WHOLESALE TRADE-NONDURABLE GOODS - 1.07%
5,440		Mitsubishi Corp		142,539
1,962,000		Sinochem Hong Kong Holding Ltd		1,388,281
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,530,820
		TOTAL COMMON STOCKS		141,785,188
		(Cost $123,869,762)
SHORT-TERM INVESTMENTS - 4.44%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.44%
6,351,906		State Street Navigator Securities Lending Prime Portfolio		6,351,906
		TOTAL SHORT-TERM INVESTMENTS		6,351,906
		(Cost $6,351,906)
		TOTAL PORTFOLIO - 103.49%		148,137,094
		(Cost $130,221,668)
		OTHER ASSETS & LIABILITIES, NET - (3.49%)		(4,991,274	)
		NET ASSETS - 100.00%	$	143,145,820
		ABBREVIATION:
		ADR - American Depositary Receipt
		GDR - Global Depositary Receipt
	*	Non-income producing
	e	All or a portion of these securities are out on loan.

14

TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2007
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES	$	6,351,906	4.29	%
TOTAL DOMESTIC		6,351,906	4.29	%
FOREIGN
AUSTRALIA		2,041,736	1.38
BELGIUM		1,450,035	0.98
CAYMAN ISLANDS		156,593	0.11
FINLAND		4,055,705	2.74
FRANCE		22,587,905	15.25
GERMANY		43,990,617	29.70
HONG KONG		4,611,399	3.11
INDIA		133,591	0.09
ITALY		6,219,279	4.20
JAPAN		29,985,038	20.24
NETHERLANDS		566,874	0.38
NEW ZEALAND		170,441	0.11
RUSSIA		3,666,774	2.47
SINGAPORE		364,031	0.25
SWEDEN		948,504	0.64
SWITZERLAND		12,430,351	8.39
UNITED KINGDOM		8,406,315	5.67
TOTAL FOREIGN		141,785,188	95.71
TOTAL PORTFOLIO	$	148,137,094	100.00	%

15

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
TIAA-CREF LIFE FUNDS
LARGE-CAP VALUE FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 94.06%
APPAREL AND ACCESSORY STORES - 2.26%
94,824		Gap, Inc	$	1,811,138
		TOTAL APPAREL AND ACCESSORY STORES		1,811,138
APPAREL AND OTHER TEXTILE PRODUCTS - 0.07%
584		Liz Claiborne, Inc		21,783
405		VF Corp		37,090
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		58,873
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.71%
14,501		Home Depot, Inc		570,614
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		570,614
BUSINESS SERVICES - 2.54%
4,000	*	Computer Sciences Corp		236,600
9,532		Fidelity National Information Services, Inc		517,397
613	e	Limelight Networks, Inc		12,125
46,730	*	Novell, Inc		364,027
1,553,556		Solomon Systech International Ltd		222,212
25,263	*	Yahoo!, Inc		685,385
		TOTAL BUSINESS SERVICES		2,037,746
CHEMICALS AND ALLIED PRODUCTS - 5.75%
6,001	*	Amgen, Inc		331,795
16,302		Bristol-Myers Squibb Co		514,491
6,754		Colgate-Palmolive Co		437,997
4,534	e*	Invitrogen Corp		334,383
8,511		Methanex Corp		211,247
7,692		PPG Industries, Inc		585,438
43,872		Pfizer, Inc		1,121,807
5,066		Procter & Gamble Co		309,989
9		Tronox, Inc (Class B)		126
6,768	e*	Vertex Pharmaceuticals, Inc		193,294
18,242	e*	Warner Chilcott Ltd (Class A)		329,998
4,206		Wyeth		241,172
		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,611,737
COAL MINING - 0.82%
25,000	e*	International Coal Group, Inc		149,500
10,536		Peabody Energy Corp		509,732
		TOTAL COAL MINING		659,232
COMMUNICATIONS - 5.73%
36,259		AT&T, Inc		1,504,749
1,970	*	Liberty Media Holding Corp (Interactive A)		43,990
394	*	Liberty Media Corp - Capital (Series A)		46,366

16

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
6,400	e	Manitoba Telecom Services, Inc	$	281,714
94,927		Sprint Nextel Corp		1,965,938
17,500		Telekom Austria AG.		435,799
1,411,900	*	True Corp PCL		314,865
		TOTAL COMMUNICATIONS		4,593,421
DEPOSITORY INSTITUTIONS - 17.11%
50,700		AMMB Holdings BHD		63,474
7,166		Astoria Financial Corp		179,437
4,811		Bank of America Corp		235,210
45,679		Bank of New York Co, Inc		1,892,938
61,144		Citigroup, Inc		3,136,076
10,169	e	Colonial Bancgroup, Inc		253,920
19,100	e	First Horizon National Corp		744,900
45,345		JPMorgan Chase & Co		2,196,965
86		National City Corp		2,866
23,473		SunTrust Banks, Inc		2,012,575
27,179	e	TCF Financial Corp		755,576
4,997		US Bancorp		164,651
1,539		Wachovia Corp		78,874
56,848		Wells Fargo & Co		1,999,344
		TOTAL DEPOSITORY INSTITUTIONS		13,716,806
EATING AND DRINKING PLACES - 1.75%
62,782		Compass Group plc		433,512
22,042	e	Darden Restaurants, Inc		969,628
		TOTAL EATING AND DRINKING PLACES		1,403,140
ELECTRIC, GAS, AND SANITARY SERVICES - 4.15%
30,000	*	Allied Waste Industries, Inc		403,800
13,262		American Electric Power Co, Inc		597,320
2,897		Constellation Energy Group, Inc		252,531
23,932	e	DPL, Inc		678,233
973		Dominion Resources, Inc		83,980
3,030		Duke Energy Corp		55,449
5,224		FPL Group, Inc		296,410
2,138		FirstEnergy Corp		138,393
774		MDU Resources Group, Inc		21,703
4,306	e*	Mirant Corp		183,651
3,839		PPL Corp		179,627
49,500	*	Sojitz Holdings Corp		221,247
3,390		Southern Co		116,243
4,200		Westar Energy, Inc		101,976
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,330,563
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.63%
9,000		Advantest Corp		391,860
44,747	*	Celestica Inc		279,669
9,206	*	Ciena Corp		332,613
9,574	e*	Cree, Inc		247,488
4,000	*	Fairchild Semiconductor International, Inc		77,280
51,486	e*	Finisar Corp		194,617
850	e*	First Solar, Inc		75,897
8,614	e*	Infineon Technologies AG. (ADR)		142,389

17

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
1	*	LSI Logic Corp	$	8
15,574	*	Marvell Technology Group Ltd		283,603
13,914		Maxim Integrated Products, Inc		464,867
19,500	e*	Qimonda AG. (ADR)		301,275
8,232		Qualcomm, Inc		357,186
1,200		Samsung Electronics Co Ltd (GDR)		369,919
17,741		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		197,457
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,716,128
ENGINEERING AND MANAGEMENT SERVICES - 0.01%
40	*	Affymax, Inc		1,078
232	*	KBR, Inc		6,085
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,163
FABRICATED METAL PRODUCTS - 1.28%
18,937		Illinois Tool Works, Inc		1,026,196
		TOTAL FABRICATED METAL PRODUCTS		1,026,196
FOOD AND KINDRED PRODUCTS - 3.58%
2,683		Coca-Cola Co		140,348
39,784		ConAgra Foods, Inc		1,068,598
25,196		Kraft Foods, Inc (Class A)		888,159
11,917		PepsiCo, Inc		772,817
		TOTAL FOOD AND KINDRED PRODUCTS		2,869,922
FORESTRY - 0.28%
5,000		Rayonier, Inc		225,700
		TOTAL FORESTRY		225,700
FURNITURE AND HOME FURNISHINGS STORES - 0.41%
21,893	e	Circuit City Stores, Inc		330,146
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		330,146
GENERAL BUILDING CONTRACTORS - 0.64%
42,000		Daikyo, Inc		190,324
4,665	e	Standard-Pacific Corp		81,777
9,569	e*	Toll Brothers, Inc		239,034
		TOTAL GENERAL BUILDING CONTRACTORS		511,135
HEALTH SERVICES - 0.66%
29,020	e*	Healthsouth Corp		525,552
		TOTAL HEALTH SERVICES		525,552
HOLDING AND OTHER INVESTMENT OFFICES - 3.84%
3,752		Blackstone Group LP		109,821
2	e	Cross Timbers Royalty Trust		85
411	*	HFF, Inc (Class A)		6,375
5,947	e	Plum Creek Timber Co, Inc		247,752
31,259		iShares Russell 1000 Value Index Fund		2,711,406
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,075,439
HOTELS AND OTHER LODGING PLACES - 2.90%
14,183		Accor S.A.		1,253,788
5,743	e*	MGM Mirage		473,683

18

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
11,188	e	Orient-Express Hotels Ltd (Class A)	$	597,439
		TOTAL HOTELS AND OTHER LODGING PLACES		2,324,910
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.98%
1,433	*	Alstom		238,957
45,492		General Electric Co		1,741,434
6,600		International Game Technology		262,020
3,076	*	SanDisk Corp		150,539
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,392,950
INSTRUMENTS AND RELATED PRODUCTS - 3.20%
9,711	e	Cooper Cos, Inc		517,791
7,312	e*	Eagle Test Systems, Inc		117,431
3,284	*	Hologic, Inc		181,638
18,981	*	St. Jude Medical, Inc		787,522
18,584	*	Thermo Electron Corp		961,164
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,565,546
INSURANCE AGENTS, BROKERS AND SERVICE - 1.33%
5,902		AON Corp		251,484
8,267		Hartford Financial Services Group, Inc		814,382
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,065,866
INSURANCE CARRIERS - 5.37%
3		Aegon NV		59
15,715		Aetna, Inc		776,321
6,954		Aspen Insurance Holdings Ltd		195,199
1,565		Everest Re Group Ltd		170,022
8,001	e	Max Re Capital Ltd		226,428
17,247	e	Montpelier Re Holdings Ltd		319,759
5,931	e	PartnerRe Ltd		459,653
8,677		Platinum Underwriters Holdings Ltd		301,526
24,055		Radian Group, Inc		1,298,970
2,526		Travelers Cos, Inc/The		135,141
5,001		XL Capital Ltd (Class A)		421,534
		TOTAL INSURANCE CARRIERS		4,304,612
METAL MINING - 0.05%
1,494	*	Barrick Gold Corp		43,431
		TOTAL METAL MINING		43,431
MISCELLANEOUS RETAIL - 0.63%
78,857	e*	Rite Aid Corp		503,108
		TOTAL MISCELLANEOUS RETAIL		503,108
NONDEPOSITORY INSTITUTIONS - 2.23%
3,384		Capital One Financial Corp		265,441
19,882		Countrywide Financial Corp		722,711
8,426		Discover Financial Services		240,141
6,510		Fannie Mae		425,298
2,199		Freddie Mac		133,479
		TOTAL NONDEPOSITORY INSTITUTIONS		1,787,070

19

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 2.58%
10,279		Anadarko Petroleum Corp	$	534,405
440		Equitable Resources, Inc		21,806
14,904		Halliburton Co		514,188
12,000	*	Integra Group Holdings (GDR)		218,400
5,800	*	KazMunaiGas Exploration Production (GDR)		126,672
418	e	Pogo Producing Co		21,230
16,636	e*	Pride International, Inc		623,185
274		W&T Offshore, Inc		7,669
		TOTAL OIL AND GAS EXTRACTION		2,067,555
PAPER AND ALLIED PRODUCTS - 1.06%
6,950		Anglo American PLC		408,047
1,143	*	Smurfit-Stone Container Corp		15,213
6,982		Temple-Inland, Inc		429,602
		TOTAL PAPER AND ALLIED PRODUCTS		852,862
PETROLEUM AND COAL PRODUCTS - 6.48%
3,189		Apache Corp		260,191
20,406		Chevron Corp		1,719,001
3,343		ConocoPhillips		262,426
11,208		Devon Energy Corp		877,474
1,813		EOG Resources, Inc		132,458
4,308		Marathon Oil Corp		258,308
18,601		Occidental Petroleum Corp		1,076,626
5,022		Petroleo Brasileiro S.A. (ADR)		609,018
		TOTAL PETROLEUM AND COAL PRODUCTS		5,195,502
PIPELINES, EXCEPT NATURAL GAS - 0.05%
1,515		Spectra Energy Corp		39,329
		TOTAL PIPELINES, EXCEPT NATURAL GAS		39,329
PRIMARY METAL INDUSTRIES - 0.39%
3,788	*	Alcan, Inc		309,014
		TOTAL PRIMARY METAL INDUSTRIES		309,014
REAL ESTATE - 0.69%
135,467	*	Unitech Corporate Parks plc		246,582
17,000		Urban Corp		308,785
		TOTAL REAL ESTATE		555,367
SECURITY AND COMMODITY BROKERS - 1.89%
5,890		Bear Stearns Cos, Inc		824,600
8,218		Morgan Stanley		689,326
		TOTAL SECURITY AND COMMODITY BROKERS		1,513,926
STONE, CLAY, AND GLASS PRODUCTS - 0.14%
3,265	e	Owens Corning, Inc		109,802
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		109,802
TEXTILE MILL PRODUCTS - 0.32%
5,807		Oxford Industries, Inc		257,482
		TOTAL TEXTILE MILL PRODUCTS		257,482

20

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
TOBACCO PRODUCTS - 2.43%
27,739		Altria Group, Inc	$	1,945,613
		TOTAL TOBACCO PRODUCTS		1,945,613
TRANSPORTATION BY AIR - 0.87%
7,722	*	AMR Corp		203,475
23,217	e*	JetBlue Airways Corp		272,800
5,421	e*	UAL Corp		220,038
		TOTAL TRANSPORTATION BY AIR		696,313
TRANSPORTATION EQUIPMENT - 1.65%
115,927	e*	Ford Motor Co		1,092,032
4,380	e	General Motors Corp		165,564
67		Genuine Parts Co		3,323
1,206		Raytheon Co		64,991
		TOTAL TRANSPORTATION EQUIPMENT		1,325,910
TRANSPORTATION SERVICES - 0.58%
17,334	e	UTI Worldwide, Inc		464,378
		TOTAL TRANSPORTATION SERVICES		464,378
WHOLESALE TRADE-DURABLE GOODS - 0.01%
480	e	Solera Holdings, Inc		9,302
		TOTAL WHOLESALE TRADE-DURABLE GOODS		9,302
WHOLESALE TRADE-NONDURABLE GOODS - 0.01%
162	e	Idearc, Inc		5,723
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,723
		TOTAL COMMON STOCKS		75,416,222
		(Cost $66,691,670)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 18.74%
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES - 4.99%
$ 4,000,000		Federal Home Loan Bank, 0.00%, 07/02/2007		4,000,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 13.75%
11,024,860		State Street Navigator Securities Lending Prime Portfolio		11,024,860
		TOTAL SHORT-TERM INVESTMENTS		15,024,860
		(Cost $15,024,327)
		TOTAL PORTFOLIO - 112.80%		90,441,082
		(Cost $81,715,997)
		OTHER ASSETS & LIABILITIES, NET - (12.80%)		(10,265,791	)
		NET ASSETS - 100.00%	$	80,175,291
		ABBREVIATION:
		ADR - American Depositary Receipt
		GDR - Global Depositary Receipt

21

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
	*	Non-income producing
	e	All or a portion of these securities are out on loan.
	m	Indicates a security has been deemed illiquid
	v	Security valued at fair value.

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
TIAA-CREF LIFE FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.97%
AMUSEMENT AND RECREATION SERVICES - 0.65%
136	e	Dover Downs Gaming & Entertainment, Inc	$	2,041
15,600	e*	Leapfrog Enterprises, Inc		159,900
4,300	e*	Live Nation, Inc		96,234
8,800	*	Magna Entertainment Corp		25,696
1,635	e	Speedway Motorsports, Inc		65,367
7,100	e*	Westwood One, Inc		51,049
		TOTAL AMUSEMENT AND RECREATION SERVICES		400,287
APPAREL AND ACCESSORY STORES - 1.98%
11,900	e	Brown Shoe Co, Inc		289,408
5,426		Cato Corp (Class A)		119,046
10,700	e*	Charlotte Russe Holding, Inc		287,509
10,900	e*	Dress Barn, Inc		223,668
9,700	d,e*	Payless Shoesource, Inc		306,035
		TOTAL APPAREL AND ACCESSORY STORES		1,225,666
APPAREL AND OTHER TEXTILE PRODUCTS - 0.90%
7,849	*	Gymboree Corp		309,329
10,800	*	Maidenform Brands, Inc		214,488
500		Phillips-Van Heusen Corp		30,285
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		554,102
AUTO REPAIR, SERVICES AND PARKING - 0.01%
100	e*	Wright Express Corp		3,427
		TOTAL AUTO REPAIR, SERVICES AND PARKING		3,427
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.38%
9,300		Asbury Automotive Group, Inc		232,035
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		232,035
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00%**
100	e*	Central Garden & Pet Co		1,226
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,226
BUSINESS SERVICES - 12.10%
70,600	*	3Com Corp		291,578
10,700	e	ABM Industries, Inc		276,167
12,500	e*	AMN Healthcare Services, Inc		275,000
16,193	e*	Actuate Corp		109,950
7,800		Administaff, Inc		261,222
2,522		Asset Acceptance Capital Corp		44,639
2,700	e*	BISYS Group, Inc		31,941
3,000	e*	CACI International, Inc (Class A)		146,550
9,582	e*	CBIZ, Inc		70,428
125,500	e*	CMGI, Inc		244,725

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
1,390	e*	Commvault Systems, Inc	$	24,005
11,763	*	COMSYS IT Partners, Inc		268,314
11,089	e*	CSG Systems International, Inc		293,969
1,700		Catalina Marketing Corp		53,550
6,032	*	Covansys Corp		204,666
3,717		Deluxe Corp		150,947
800	e*	Digital River, Inc		36,200
17,500	e*	Earthlink, Inc		130,725
4,900	e*	Gerber Scientific, Inc		56,938
2,600	e*	Heidrick & Struggles International, Inc		133,224
1,900	e*	ICT Group, Inc		35,549
7,500	e*	Informatica Corp		110,775
105	e	Infospace, Inc		2,437
100	e	Integral Systems, Inc		2,431
2,861	*	Interactive Intelligence, Inc		58,937
1,500	e*	Internap Network Services Corp		21,630
1,316	e	Kelly Services, Inc (Class A)		36,137
4,165	*	Kforce, Inc		66,557
900	e*	Korn/Ferry International		23,634
11,400	e*	Labor Ready, Inc		263,454
14,500	e*	MPS Group, Inc		193,865
1,760	*	Manhattan Associates, Inc		49,122
5,813	*	Mantech International Corp (Class A)		179,215
2,400	e*	Mentor Graphics Corp		31,608
1,717	e*	MicroStrategy, Inc (Class A)		162,239
2,700	e*	Ness Technologies, Inc		35,127
2,000	e*	NetFlix, Inc		38,780
7,400	e*	PRA International		187,220
3,024	*	Parametric Technology Corp		65,349
1,400	*	Progress Software Corp		44,506
3,500	e*	RealNetworks, Inc		28,595
14,000	*	S1 Corp		111,860
3,000	e*	SPSS, Inc		132,420
1,400	e*	SRA International, Inc (Class A)		35,364
8,000	*	SYNNEX Corp		164,880
1,550	e	Sotheby's		71,331
12,500	e*	Spherion Corp		117,375
14,200	*	Sybase, Inc		339,238
10,000	*	SYKES Enterprises, Inc		189,900
9,542	e*	THQ, Inc		291,222
19,600	e*	TIBCO Software, Inc		177,380
1,800	*	Take-Two Interactive Software, Inc		35,946
1,900	*	TeleTech Holdings, Inc		61,712
2,639	e	TheStreet.com, Inc		28,712
202	e*	Transaction Systems Architects, Inc		6,799
6,700	e*	Travelzoo, Inc		178,153
8,500	e*	Valueclick, Inc		250,410
7,200	e	Viad Corp		303,624
2,314	e*	Vignette Corp		44,336
2,600	*	Volt Information Sciences, Inc		47,944
3,500	e*	Wind River Systems, Inc		38,500
12,434	e*	eSpeed, Inc (Class A)		107,430
		TOTAL BUSINESS SERVICES		7,476,441

24

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
CHEMICALS AND ALLIED PRODUCTS - 6.51%
1,500	e*	Acorda Therapeutics, Inc	$	25,590
900	e*	Adams Respiratory Therapeutics, Inc		35,451
9,700	e*	Alkermes, Inc		141,620
1,000	e*	American Oriental Bioengineering, Inc		8,900
1,570		Arch Chemicals, Inc		55,170
3,600	e*	Aventine Renewable Energy Holdings, Inc		61,092
200	e*	Bentley Pharmaceuticals, Inc		2,428
7,205		CF Industries Holdings, Inc		431,507
13,000	e	Cambrex Corp		172,510
200	e*	Cell Genesys, Inc		670
3,500	e*	Dendreon Corp		24,780
1,600	e*	Digene Corp		96,080
1,833	*	Elizabeth Arden, Inc		44,469
2,500	e*	Enzon Pharmaceuticals, Inc		19,625
4,200		H.B. Fuller Co		125,538
100	*	Hercules, Inc		1,965
2,700	e*	Immucor, Inc		75,519
5,190	e*	Indevus Pharmaceuticals, Inc		34,929
10,300	e*	InterMune, Inc		267,182
3,600	e*	KV Pharmaceutical Co (Class A)		98,064
2,300		Koppers Holdings, Inc		77,464
3,400	e*	MGI Pharma, Inc		76,058
262	*	Martek Biosciences Corp		6,804
5,904	e*	Medicines Co		104,028
5,200	*	NBTY, Inc		224,640
5,600	e*	Nabi Biopharmaceuticals		25,760
1,400		NewMarket Corp		67,718
3,500	*	OM Group, Inc		185,220
9,134	e*	OSI Pharmaceuticals, Inc		330,742
1,946	e*	OraSure Technologies, Inc		15,918
333	e*	Pain Therapeutics, Inc		2,900
193	*	Par Pharmaceutical Cos, Inc		5,448
6,623		Perrigo Co		129,678
3,800	e*	Pharmion Corp		110,010
3,301	e*	Pioneer Cos, Inc		113,455
23,900	e*	PolyOne Corp		171,841
4,238	e*	Sciele Pharma, Inc		99,847
1,100	e	Stepan Co		33,308
38,813	e*	SuperGen, Inc		215,800
1,800	e*	USANA Health Sciences, Inc		80,532
8,400	e*	USEC, Inc		184,632
1,800		Valeant Pharmaceuticals International		30,042
257	e*	WR Grace & Co		6,294
		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,021,228
COAL MINING - 0.30%
9,000	e*	Alpha Natural Resources, Inc		187,110
		TOTAL COAL MINING		187,110
COMMUNICATIONS - 3.95%
5,100	e*	Anixter International, Inc		383,571
6,891	e	Atlantic Tele-Network, Inc		197,358
5,006	e*	Authorize.Net Holdings, Inc		89,557

25

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
21,422	e*	Brightpoint, Inc	$	295,409
1,034		CT Communications, Inc		31,547
55,800	e*	Cincinnati Bell, Inc		322,524
100		Citadel Broadcasting Corp		645
3,300	e	Entercom Communications Corp (Class A)		82,137
772	*	Eschelon Telecom, Inc		22,851
7,175	*	Foundry Networks, Inc		119,536
11,700	e*	General Communication, Inc (Class A)		149,877
9,800	*	Mastec, Inc		155,036
2,600	*	Nexstar Broadcasting Group, Inc (Class A)		34,164
13,461		RCN Corp		252,932
200	*	Rural Cellular Corp (Class A)		8,762
8,014		USA Mobility, Inc		214,455
2,200	e*	j2 Global Communications, Inc		76,780
		TOTAL COMMUNICATIONS		2,437,141
DEPOSITORY INSTITUTIONS - 6.97%
400	e	1st Source Corp		9,968
1,979	e	Ameris Bancorp		44,468
1,750	e	Anchor Bancorp Wisconsin, Inc		45,833
2,742	e	Bancfirst Corp		117,412
2,980	*	Bancorp, Inc		66,633
100		Bank Mutual Corp		1,153
2,200	e	BankAtlantic Bancorp, Inc (Class A)		18,942
22	e	BankUnited Financial Corp (Class A)		442
3,209		Banner Corp		109,299
700	e	Capitol Bancorp Ltd		19,131
7,098	e*	Centennial Bank Holdings, Inc		60,120
4,300	e	Center Financial Corp		72,756
1,622	e	Central Pacific Financial Corp		53,542
1,816	e	Chemical Financial Corp		46,980
2,400	e	Chittenden Corp		83,880
2,749	e	City Holding Co		105,369
1,600	e*	Community Bancorp		44,768
3,873	e	Community Trust Bancorp, Inc		125,098
3,270	e	Corus Bankshares, Inc		56,440
2,500	*	Dollar Financial Corp		71,250
4,500	e	Downey Financial Corp		296,910
3,281		First Bancorp		36,058
2,142		First Charter Corp		41,705
19,074	e	First Niagara Financial Group, Inc		249,869
1,300		First Place Financial Corp		27,456
1,461	*	First Regional Bancorp		37,168
3,000	e*	FirstFed Financial Corp		170,190
2,900	e	Fremont General Corp		31,204
6,555		Greater Bay Bancorp		182,491
3,103		Hancock Holding Co		116,518
6,485	e	Hanmi Financial Corp		110,634
2,783	e	Independent Bank Corp		47,895
3,360	e	Macatawa Bank Corp		53,458
4,300	e	Old National Bancorp		71,423
6,214		Oriental Financial Group, Inc		67,795
8,300		PFF Bancorp, Inc		231,819
3,775		Provident Bankshares Corp		123,745

26

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
5,100	e	Provident Financial Services, Inc	$	80,376
1,200	e	Renasant Corp		27,288
1,100	e	Sierra Bancorp		31,020
1,230	e	Simmons First National Corp (Class A)		33,936
6,785		Southwest Bancorp, Inc		163,111
450	e	Sterling Bancorp		7,214
9,568	e	Sterling Bancshares, Inc		108,214
2,734	e*	Sterling Financial Corp		28,762
100	e	Suffolk Bancorp		3,192
201	e*	Sun Bancorp, Inc		3,391
8,281	e	Susquehanna Bancshares, Inc		185,246
4,964	e	Taylor Capital Group, Inc		136,659
1,561		TierOne Corp		46,986
300		Tompkins Trustco, Inc		11,220
11,550		Trustmark Corp		298,683
1,000	e	Umpqua Holdings Corp		23,510
400	e	WesBanco, Inc		11,800
2,734	e	Wilshire Bancorp, Inc		33,300
500		Wintrust Financial Corp		21,925
		TOTAL DEPOSITORY INSTITUTIONS		4,305,655
EATING AND DRINKING PLACES - 2.08%
1,400	e	Bob Evans Farms, Inc		51,590
6,200		CBRL Group, Inc		263,376
1,350	*	CEC Entertainment, Inc		47,520
3,800		CKE Restaurants, Inc		76,266
1,500	e	Domino's Pizza, Inc		27,405
4,700	e*	Jack in the Box, Inc		333,418
2,300	e*	McCormick & Schmick's Seafood Restaurants, Inc		59,662
6,500		O'Charleys, Inc		131,040
9,442	e*	Papa John's International, Inc		271,552
880		Ruby Tuesday, Inc		23,170
87	*	Ruth's Chris Steak House, Inc		1,478
		TOTAL EATING AND DRINKING PLACES		1,286,477
EDUCATIONAL SERVICES - 0.21%
3,800		DeVry, Inc		129,276
		TOTAL EDUCATIONAL SERVICES		129,276
ELECTRIC, GAS, AND SANITARY SERVICES - 4.78%
11,500		Avista Corp		247,825
5,800	e	Black Hills Corp		230,550
5,900	e*	Clean Harbors, Inc		291,578
5,400	e	Idacorp, Inc		173,016
8,700	e	Laclede Group, Inc		277,356
1,200	e	Markwest Hydrocarbon, Inc		68,916
6,000		Metal Management, Inc		264,420
5,900	e	New Jersey Resources Corp		301,018
5,700	e	Nicor, Inc		244,644
1,655	e	NorthWestern Corp		52,646
10,343	e	Portland General Electric Co		283,812
2,500		Southwest Gas Corp		84,525
8,000	e	UIL Holdings Corp		264,800

27

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
5,200	e	WGL Holdings, Inc	$	169,728
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,954,834
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.27%
6,702	e*	Adaptec, Inc		25,535
10,280	e*	Advanced Energy Industries, Inc		232,945
3,300	e*	Aeroflex, Inc		46,761
22,000	e*	Amkor Technology, Inc		346,500
7,700	e*	Andrew Corp		111,188
18,513	e*	Arris Group, Inc		325,644
4,775	e*	Benchmark Electronics, Inc		108,011
1,600	e*	Ceradyne, Inc		118,336
800	e*	Checkpoint Systems, Inc		20,200
6,441	e*	Comtech Telecommunications Corp		298,991
1,967	*	EMS Technologies, Inc		43,392
400	e*	First Solar, Inc		35,716
4,200	e*	Gemstar-TV Guide International, Inc		20,664
900	*	Genlyte Group, Inc		70,686
1,200	e*	GrafTech International Ltd		20,208
3,631	e*	Greatbatch, Inc		117,644
3,900		Imation Corp		143,754
874	e*	Interdigital Communications Corp		28,117
8,300	e*	Kemet Corp		58,515
500	e*	Lamson & Sessions Co		13,285
8,700	e*	MRV Communications, Inc		28,275
6,100	e*	Mattson Technology, Inc		59,170
108	*	Multi-Fineline Electronix, Inc		1,853
25,554	e*	ON Semiconductor Corp		273,939
9,000	*	Oplink Communications, Inc		135,000
8,800	e*	Plexus Corp		202,312
47,000	e*	RF Micro Devices, Inc		293,280
2,567	e	Regal-Beloit Corp		119,468
8,094	e*	Silicon Image, Inc		69,447
15,065	e*	Silicon Storage Technology, Inc		56,192
433	*	Stoneridge, Inc		5,343
2,600	e*	Supertex, Inc		81,484
6,800		Technitrol, Inc		194,956
3,450	*	Trident Microsystems, Inc		63,308
527	*	Triquint Semiconductor, Inc		2,667
5,200	e*	Utstarcom, Inc		29,172
1,800	e*	Varian Semiconductor Equipment Associates, Inc		72,108
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,874,066
ENGINEERING AND MANAGEMENT SERVICES - 2.41%
1,400	e	CDI Corp		45,080
5,326	e	Diamond Management & Technology Consultants, Inc		70,303
2,810	e*	Exelixis, Inc		34,001
10,876	e*	Harris Interactive, Inc		58,187
10,500	e*	Incyte Corp		63,000
200	*	LECG Corp		3,022
6,771	e*	Lifecell Corp		206,786
6,242	e*	Luminex Corp		76,839
2,400	e*	MTC Technologies, Inc		58,944
329	e*	Myriad Genetics, Inc		12,236
1,100	*	Omnicell, Inc		22,858

28

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
3,733	e*	PharmaNet Development Group, Inc	$	119,008
3,200	e*	Regeneron Pharmaceuticals, Inc		57,344
318	e*	Resources Connection, Inc		10,551
2,200	e*	Rigel Pharmaceuticals, Inc		19,602
4,800	e*	SAIC, Inc		86,736
14,500	e*	Savient Pharmaceuticals, Inc		180,090
8,059	e*	Seattle Genetics, Inc		79,059
1,400	e*	Washington Group International, Inc		112,014
3,469		Watson Wyatt & Co Holdings (Class A)		175,115
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,490,775
FABRICATED METAL PRODUCTS - 0.87%
1,681		Compx International, Inc		31,099
7,594	e	Gulf Island Fabrication, Inc		263,512
3,900	e*	NCI Building Systems, Inc		192,387
1,300	e	Watts Water Technologies, Inc (Class A)		48,711
		TOTAL FABRICATED METAL PRODUCTS		535,709
FOOD AND KINDRED PRODUCTS - 0.91%
4,900	e	Flowers Foods, Inc		163,464
8,274	e	Imperial Sugar Co		254,756
4,378	e*	Performance Food Group Co		142,241
		TOTAL FOOD AND KINDRED PRODUCTS		560,461
FOOD STORES - 0.86%
5,960	e*	Pantry, Inc		274,756
582		Ruddick Corp		17,530
2,900	*	Wild Oats Markets, Inc		48,604
6,561	*	Winn-Dixie Stores, Inc		192,237
		TOTAL FOOD STORES		533,127
FURNITURE AND FIXTURES - 0.79%
5,881	e	Cal-Maine Foods, Inc		96,331
8,530		Herman Miller, Inc		269,548
1,845		Hooker Furniture Corp		41,402
5,103	e*	Select Comfort Corp		82,771
		TOTAL FURNITURE AND FIXTURES		490,052
FURNITURE AND HOME FURNISHINGS STORES - 0.42%
11,600		Knoll, Inc		259,840
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		259,840
GENERAL BUILDING CONTRACTORS - 0.57%
5,700	e*	Perini Corp		350,721
		TOTAL GENERAL BUILDING CONTRACTORS		350,721
GENERAL MERCHANDISE STORES - 0.31%
4,900	e*	Big Lots, Inc		144,158
1,800	e	Casey's General Stores, Inc		49,068
		TOTAL GENERAL MERCHANDISE STORES		193,226
HEALTH SERVICES - 0.51%
100	e*	Amsurg Corp		2,414
2,100	e*	Apria Healthcare Group, Inc		60,417

29

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
1,300	*	Corvel Corp	$	33,982
1,700	e*	Healthsouth Corp		30,787
19,400	*	Immunomedics, Inc		80,510
685	*	Magellan Health Services, Inc		31,832
417	e*	Odyssey HealthCare, Inc		4,946
100	e*	RehabCare Group, Inc		1,424
4,700	e*	Sun Healthcare Group, Inc		68,103
		TOTAL HEALTH SERVICES		314,415
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.95%
5,000	e	Granite Construction, Inc		320,900
10,701	*	Matrix Service Co		265,920
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		586,820
HOLDING AND OTHER INVESTMENT OFFICES - 6.59%
9,445	e*	Affordable Residential Communities LP		111,640
1,000	e	Agree Realty Corp		31,250
24,800	e	Ashford Hospitality Trust, Inc		291,648
300		Associated Estates Realty Corp		4,677
3,100		Compass Diversified Trust		55,273
9,600		Cousins Properties, Inc		278,496
16,300	e	DiamondRock Hospitality Co		311,004
1,100	e	Equity Inns, Inc		24,640
5,000	e	Equity Lifestyle Properties, Inc		260,950
6,100	e	Extra Space Storage, Inc		100,650
13,200	e	FelCor Lodging Trust, Inc		343,596
599	e	Gladstone Capital Corp		12,855
5,774		Highland Hospitality Corp		110,861
489	e	Highwoods Properties, Inc		18,338
6,127		Home Properties, Inc		318,175
13,000		Innkeepers U.S.A. Trust		230,490
7,000	e	LaSalle Hotel Properties		303,940
200		Mid-America Apartment Communities, Inc		10,496
1,600	e	National Health Investors, Inc		50,752
1,000		PS Business Parks, Inc		63,370
3,200		Pennsylvania Real Estate Investment Trust		141,856
7,361		Potlatch Corp		316,891
1,500		Saul Centers, Inc		68,025
300	e*	Star Maritime Acquisition Corp		3,678
1,400		Sun Communities, Inc		41,678
4,200	e	Sunstone Hotel Investors, Inc		119,238
7,900	e	Tanger Factory Outlet Centers, Inc		295,855
3,400	*	Winston Hotels, Inc		51,000
1,200		iShares Russell 2000 Index Fund		99,552
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,070,874
HOTELS AND OTHER LODGING PLACES - 0.13%
2,900	*	Monarch Casino & Resort, Inc		77,865
		TOTAL HOTELS AND OTHER LODGING PLACES		77,865
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.68%
7,000	e	Ampco-Pittsburgh Corp		280,630
7,600	*	Asyst Technologies, Inc		54,948
1,800	e	Black Box Corp		74,484

30

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
29,912	e*	Brocade Communications Systems, Inc	$	233,912
16,902	*	Brooks Automation, Inc		306,771
1,500	e*	Dril-Quip, Inc		67,425
13,556	e*	Extreme Networks, Inc		54,902
18,200	e*	Gateway, Inc		28,938
731	*	Hurco Cos, Inc		36,535
4,100	e*	Intevac, Inc		87,166
289	e	Kaydon Corp		15,063
3,068	*	Kulicke & Soffa Industries, Inc		32,122
3,921		Lufkin Industries, Inc		253,101
3,100	e*	Micros Systems, Inc		168,640
6,600	*	NATCO Group, Inc (Class A)		303,864
1,000		Nacco Industries, Inc (Class A)		155,490
1,300	e*	Netgear, Inc		47,125
6,036		Nordson Corp		302,766
3,900	e*	Oil States International, Inc		161,226
8,000		Palm, Inc		128,080
700	*	Rimage Corp		22,113
400		Robbins & Myers, Inc		21,252
6,800	e*	Safeguard Scientifics, Inc		19,108
2,400	e*	Tecumseh Products Co (Class A)		37,704
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,893,365
INSTRUMENTS AND RELATED PRODUCTS - 5.11%
708	e*	Affymetrix, Inc		17,622
950	e*	Bio-Rad Laboratories, Inc (Class A)		71,791
29,896	e*	Bruker BioSciences Corp		269,363
1,039	e*	Coherent, Inc		31,700
630	*	Conmed Corp		18,446
2,300	*	Credence Systems Corp		8,280
1,800	e*	Eagle Test Systems, Inc		28,908
614	*	Esterline Technologies Corp		29,662
1,200	*	Excel Technology, Inc		33,528
1,700	*	Haemonetics Corp		89,437
1,900	e*	Hologic, Inc		105,089
4,700	e*	ICU Medical, Inc		201,818
950	*	II-VI, Inc		25,812
37,330	e*	LTX Corp		207,555
2,900	e*	MKS Instruments, Inc		80,330
3,617	e	MTS Systems Corp		161,571
7,550	*	Medical Action Industries, Inc		136,353
800	e	Mentor Corp		32,544
8,100	e	Movado Group, Inc		273,294
1,400	e*	Wright Medical Group, Inc		33,768
4,895	e*	Palomar Medical Technologies, Inc		169,905
10,100	e	STERIS Corp		309,060
2,100	*	Teledyne Technologies, Inc		96,495
1,800	e	United Industrial Corp		107,964
5,128	*	Varian, Inc		281,168
700	e	Vital Signs, Inc		38,885
13,057	e*	Zoll Medical Corp		291,302
400	*	Zygo Corp		5,716
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,157,366

31

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.20%
100		Hilb Rogal & Hobbs Co	$	4,286
4,855	*	United America Indemnity Ltd (Class A)		120,744
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		125,030
INSURANCE CARRIERS - 3.81%
12,300	*	AMERIGROUP Corp		292,740
2,500	*	Amerisafe, Inc		49,075
5,000		Argonaut Group, Inc		156,050
4,800		Aspen Insurance Holdings Ltd		134,736
700		Bristol West Holdings, Inc		15,659
700		EMC Insurance Group, Inc		17,374
2,700	*	Hallmark Financial Services		32,724
82		Harleysville Group, Inc		2,736
1,200	e*	HealthExtras, Inc		35,496
11,500	*	Healthspring, Inc		219,190
11,000	*	Meadowbrook Insurance Group, Inc		120,560
8,600	e*	Molina Healthcare, Inc		262,472
100		National Interstate Corp		2,608
150	*	Navigators Group, Inc		8,085
6,900		Odyssey Re Holdings Corp		295,941
5,067	*	PMA Capital Corp (Class A)		54,166
3,100		Phoenix Cos, Inc		46,531
9,600	e	Platinum Underwriters Holdings Ltd		333,600
4,900	e	Safety Insurance Group, Inc		202,860
400		Selective Insurance Group, Inc		10,752
2,706	*	Universal American Financial Corp		57,584
		TOTAL INSURANCE CARRIERS		2,350,939
LEATHER AND LEATHER PRODUCTS - 0.53%
8,600	e	Steven Madden Ltd		281,736
1,800	*	Timberland Co (Class A)		45,342
		TOTAL LEATHER AND LEATHER PRODUCTS		327,078
LEGAL SERVICES - 0.28%
2,694	*	Pre-Paid Legal Services, Inc		173,251
		TOTAL LEGAL SERVICES		173,251
LUMBER AND WOOD PRODUCTS - 0.07%
1,200	e	American Woodmark Corp		41,520
		TOTAL LUMBER AND WOOD PRODUCTS		41,520
METAL MINING - 0.19%
1,150	e	Cleveland-Cliffs, Inc		89,320
1,300	*	Rosetta Resources, Inc		28,002
		TOTAL METAL MINING		117,322
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.78%
700	e	Blyth, Inc		18,606
2,000	e	Callaway Golf Co		35,620
9,204	e*	Jakks Pacific, Inc		259,001
6,300	e*	K2, Inc		95,697
3,100	e	Nautilus, Inc		37,324

32

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
900	e*	RC2 Corp	$	36,009
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		482,257
MISCELLANEOUS RETAIL - 1.85%
19,895	e*	Ezcorp, Inc (Class A)		263,410
900	e	Longs Drug Stores Corp		47,268
18,655	*	Stamps.com, Inc		257,066
4,785		Systemax, Inc		99,576
6,400	e	World Fuel Services Corp		269,184
2,992	e*	Priceline.com, Inc		205,670
		TOTAL MISCELLANEOUS RETAIL		1,142,174
MOTION PICTURES - 0.01%
221	*	Macrovision Corp		6,643
		TOTAL MOTION PICTURES		6,643
NONDEPOSITORY INSTITUTIONS - 0.66%
4,274	e	Advance America Cash Advance Centers, Inc		75,821
200	b,v*	DVI, Inc		-
3,300	e*	Encore Capital Group, Inc		41,184
1,900		MCG Capital Corp		30,438
16,100	e*	Ocwen Financial Corp		214,613
2,900	e	Patriot Capital Funding, Inc		43,065
		TOTAL NONDEPOSITORY INSTITUTIONS		405,121
OIL AND GAS EXTRACTION - 2.60%
200	e	APCO Argentina, Inc		16,982
3,916		Atlas America, Inc		210,407
6,800	e*	Basic Energy Services, Inc		173,876
60	e*	Bill Barrett Corp		2,210
6,900	e*	Callon Petroleum Co		97,773
1,700	*	Dawson Geophysical Co		104,482
6,600	*	Energy Partners Ltd		110,154
5,762	*	Horizon Offshore, Inc		110,630
5,700	e*	Mariner Energy, Inc		138,225
4,800	*	Meridian Resource Corp		14,496
4,600	e	Penn Virginia Corp		184,920
2,009	e*	PetroHawk Energy Corp		31,863
9,200	e*	Petroquest Energy, Inc		133,768
900	*	Stone Energy Corp		30,834
800	e*	Swift Energy Co		34,208
4,770	e*	Trico Marine Services, Inc		194,998
300	*	Union Drilling, Inc		4,926
2,400	e*	Vaalco Energy, Inc		11,592
		TOTAL OIL AND GAS EXTRACTION		1,606,344
PAPER AND ALLIED PRODUCTS - 0.47%
2,400	e	Bowater, Inc		59,880
7,327		Rock-Tenn Co (Class A)		232,412
		TOTAL PAPER AND ALLIED PRODUCTS		292,292
PERSONAL SERVICES - 0.30%
2,200		CPI Corp		152,900
600	*	Steiner Leisure Ltd		29,472
		TOTAL PERSONAL SERVICES		182,372

33

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 0.31%
3,900	e	Alon USA Energy, Inc	$	171,639
300	e	Western Refining, Inc		17,340
		TOTAL PETROLEUM AND COAL PRODUCTS		188,979
PRIMARY METAL INDUSTRIES - 1.78%
6,500	e*	AK Steel Holding Corp		242,905
4,100	e	Belden CDT, Inc		226,935
1,000	e*	Brush Engineered Materials, Inc		41,990
400		Chaparral Steel Co		28,748
800	*	Coleman Cable, Inc		20,688
4,280	*	CommScope, Inc		249,738
2,200	e*	General Cable Corp		166,650
764		Matthews International Corp (Class A)		33,318
1,900	e	Mueller Industries, Inc		65,436
580	e*	Superior Essex, Inc		21,663
		TOTAL PRIMARY METAL INDUSTRIES		1,098,071
PRINTING AND PUBLISHING - 0.83%
3,100		Belo (A.H.) Corp (Class A)		63,829
800		CSS Industries, Inc		31,688
4,000	e*	Consolidated Graphics, Inc		277,120
2,500		Ennis, Inc		58,800
2,000	e*	Primedia, Inc		5,700
2,125	e*	Scholastic Corp		76,372
		TOTAL PRINTING AND PUBLISHING		513,509
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.74%
3,538	e*	AEP Industries, Inc		159,245
5,146	e	Cooper Tire & Rubber Co		142,133
1,800		Schulman (A.), Inc		43,794
3,600		Spartech Corp		95,580
11,300		Tupperware Corp		324,762
6,600	e	West Pharmaceutical Services, Inc		311,190
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,076,704
SECURITY AND COMMODITY BROKERS - 1.07%
6,999		Calamos Asset Management, Inc (Class A)		178,824
2,400	*	Cowen Group, Inc		42,984
1,600	*	Interactive Brokers Group, Inc (Class A)		43,408
1,000	e	International Securities Exchange, Inc		65,350
13,000	*	Knight Capital Group, Inc (Class A)		215,800
1,400	*	Penson Worldwide, Inc		34,342
900	*	Piper Jaffray Cos		50,157
1,400		SWS Group, Inc		30,268
		TOTAL SECURITY AND COMMODITY BROKERS		661,133
SOCIAL SERVICES - 0.09%
170	*	Bright Horizons Family Solutions, Inc		6,615
2,389	*	Res-Care, Inc		50,503
		TOTAL SOCIAL SERVICES		57,118

34

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
SPECIAL TRADE CONTRACTORS - 0.61%
1,100		Comfort Systems USA, Inc	$	15,598
4,600	*	EMCOR Group, Inc		335,340
800	e*	Integrated Electrical Services, Inc		26,376
		TOTAL SPECIAL TRADE CONTRACTORS		377,314
TEXTILE MILL PRODUCTS - 0.08%
1,100	e	Oxford Industries, Inc		48,774
		TOTAL TEXTILE MILL PRODUCTS		48,774
TRANSPORTATION BY AIR - 0.73%
21,533	e*	ABX Air, Inc		173,556
100	e*	Airtran Holdings, Inc		1,092
1,100	*	Alaska Air Group, Inc		30,646
998	*	EGL, Inc		46,387
12,300	e*	ExpressJet Holdings, Inc		73,554
6,000	e*	Pinnacle Airlines Corp		112,500
500	e	Skywest, Inc		11,915
		TOTAL TRANSPORTATION BY AIR		449,650
TRANSPORTATION EQUIPMENT - 2.78%
10,400	e	ArvinMeritor, Inc		230,880
987	e*	BE Aerospace, Inc		40,763
417		Clarcor, Inc		15,608
6,400	*	Comtech Group, Inc		105,664
5,300	e	Freightcar America, Inc		253,552
6,044	e	Group 1 Automotive, Inc		243,815
9,700	e*	Hayes Lemmerz International, Inc		51,895
2,163	e	Kaman Corp		67,464
600	*	Miller Industries, Inc		15,060
5,500	e*	Orbital Sciences Corp		115,555
1,100	e	Polaris Industries, Inc		59,576
7,000	e	A.O. Smith Corp		279,230
1,000	e	Triumph Group, Inc		65,470
21,600	e*	Visteon Corp		174,960
		TOTAL TRANSPORTATION EQUIPMENT		1,719,492
TRANSPORTATION SERVICES - 0.80%
200	*	Dynamex, Inc		5,106
2,358	e*	HUB Group, Inc (Class A)		82,907
3,700	*	Lear Corp		131,757
11,590		Pacer International, Inc		272,597
		TOTAL TRANSPORTATION SERVICES		492,367
TRUCKING AND WAREHOUSING - 0.01%
316	*	Saia, Inc		8,614
		TOTAL TRUCKING AND WAREHOUSING		8,614
WATER TRANSPORTATION - 0.26%
4,900		Horizon Lines, Inc (Class A)		160,524
		TOTAL WATER TRANSPORTATION		160,524
WHOLESALE TRADE-DURABLE GOODS - 2.64%
9,152	e	Agilysys, Inc		205,920
11,100	e	Applied Industrial Technologies, Inc		327,450

35

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
300		BlueLinx Holdings, Inc	$	3,147
185	*	Digi International, Inc		2,727
30,700	e*	Genesis Microchip, Inc		287,352
14,400		IKON Office Solutions, Inc		224,784
5,270	*	Insight Enterprises, Inc		118,944
4,970	*	Keystone Automotive Industries, Inc		205,609
736	e*	MWI Veterinary Supply, Inc		29,359
9,798	e*	PSS World Medical, Inc		178,520
3,550	*	Tyler Technologies, Inc		44,056
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,627,868
WHOLESALE TRADE-NONDURABLE GOODS - 2.29%
30,800	*	Alliance One International, Inc		309,540
400	e*	Core-Mark Holding Co, Inc		14,392
7,900	e	K-Swiss, Inc (Class A)		223,807
2,700	e	Men's Wearhouse, Inc		137,889
1,211		Myers Industries, Inc		26,775
9,313		Spartan Stores, Inc		306,491
1,600		Stride Rite Corp		32,416
5,470	*	United Stationers, Inc		364,521
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,415,831
		TOTAL COMMON STOCKS		61,751,878
		(Cost $57,249,878)
SHORT-TERM INVESTMENTS - 28.92%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 28.92%
17,862,209		State Street Navigator Securities Lending Prime Portfolio		17,862,209
		TOTAL SHORT-TERM INVESTMENTS		17,862,209
		(Cost $17,862,209)
		TOTAL PORTFOLIO - 128.89%		79,614,087
		(Cost $75,112,087)
		OTHER ASSETS & LIABILITIES, NET - (28.89%)		(17,847,028	)
		NET ASSETS - 100.00%	$	61,767,059
	*	Non-income producing
	**	Percentage is less than 0.01%
	b	In bankruptcy
	d	All or a portion of these securities have beeen segregated by the custodian to cover margin or other
		requirements on open futures contracts in the amount of $6,625.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

36

TIAA-CREF LIFE FUNDS - Stock Index Fund
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.90%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
439	e	Chiquita Brands International, Inc	$	8,323
		TOTAL AGRICULTURAL PRODUCTION-CROPS		8,323
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
439	e	Pilgrim's Pride Corp		16,757
4	e	Seaboard Corp		9,380
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		26,137
AGRICULTURAL SERVICES - 0.00%**
130	e*	Cadiz, Inc		2,921
		TOTAL AGRICULTURAL SERVICES		2,921
AMUSEMENT AND RECREATION SERVICES - 0.64%
3,008	*	Activision, Inc		56,159
604	e*	Bally Technologies, Inc		15,958
134	e	Churchill Downs, Inc		7,019
267		Dover Downs Gaming & Entertainment, Inc		4,008
2,010		Harrah's Entertainment, Inc		171,373
379		International Speedway Corp (Class A)		19,977
250	e*	Lakes Entertainment, Inc		2,953
256	e*	Leapfrog Enterprises, Inc		2,624
387	e*	Life Time Fitness, Inc		20,600
749	*	Live Nation, Inc		16,763
194	e*	MTR Gaming Group, Inc		2,988
500	*	Magna Entertainment Corp		1,460
593	e*	Marvel Entertainment, Inc		15,110
488	e*	Multimedia Games, Inc		6,227
786	*	Penn National Gaming, Inc		47,231
573	*	Pinnacle Entertainment, Inc		16,130
1,200	e*	Six Flags, Inc		7,308
164	e	Speedway Motorsports, Inc		6,557
178	*	Town Sports International Holdings, Inc		3,439
442	e*	WMS Industries, Inc		12,756
21,683		Walt Disney Co		740,258
675		Warner Music Group Corp		9,754
859	*	Westwood One, Inc		6,176
251		World Wrestling Entertainment, Inc		4,013
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,196,841
APPAREL AND ACCESSORY STORES - 0.67%
944		Abercrombie & Fitch Co (Class A)		68,893
589	*	Aeropostale, Inc		24,550
1,896		American Eagle Outfitters, Inc		48,651
772	*	AnnTaylor Stores Corp		27,344
380	e	Bebe Stores, Inc		6,084
482		Brown Shoe Co, Inc		11,734

37

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
97		Buckle, Inc	$	3,822
300	e*	Cache, Inc		3,981
638	e*	Carter's, Inc		16,550
318	e*	Casual Male Retail Group, Inc		3,212
325		Cato Corp (Class A)		7,131
270	*	Charlotte Russe Holding, Inc		7,255
1,400	*	Charming Shoppes, Inc		15,162
1,896	*	Chico's FAS, Inc		46,149
222	e*	Children's Place Retail Stores, Inc		11,464
390	e	Christopher & Banks Corp		6,689
100	e*	Citi Trends, Inc		3,796
200	e*	DSW, Inc (Class A)		6,964
46		DEB Shops, Inc		1,272
600	*	Dress Barn, Inc		12,312
337	e*	Eddie Bauer Holdings, Inc		4,330
565		Finish Line, Inc (Class A)		5,147
1,692		Foot Locker, Inc		36,886
6,296		Gap, Inc		120,254
1,034	*	Hanesbrands, Inc		27,949
450	e*	HOT Topic, Inc		4,892
390	e*	J Crew Group, Inc		21,095
180	e*	JOS A Bank Clothiers, Inc		7,465
242	e*	Jo-Ann Stores, Inc		6,880
3,513	*	Kohl's Corp		249,528
3,849		Limited Brands, Inc		105,655
140	*	New York & Co, Inc		1,534
2,761		Nordstrom, Inc		141,142
675	*	Pacific Sunwear Of California, Inc		14,850
733	*	Payless Shoesource, Inc		23,126
1,561		Ross Stores, Inc		48,079
66	*	Shoe Carnival, Inc		1,814
411	e	Stage Stores, Inc		8,615
500	e*	Syms Corp		9,865
232	e	Talbots, Inc		5,807
359	e*	Tween Brands, Inc		16,011
311	e*	Under Armour, Inc (Class A)		14,197
1,238	*	Urban Outfitters, Inc		29,749
1,045	e*	Wet Seal, Inc (Class A)		6,280
		TOTAL APPAREL AND ACCESSORY STORES		1,244,165
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
165	e	Columbia Sportswear Co		11,332
541		Guess ?, Inc		25,990
377	*	Gymboree Corp		14,858
1,198		Jones Apparel Group, Inc		33,844
300	e	Kellwood Co		8,436
1,080	e	Liz Claiborne, Inc		40,284
300	*	Maidenform Brands, Inc		5,958
562		Phillips-Van Heusen Corp		34,040
663		Polo Ralph Lauren Corp		65,047
1,365	*	Quiksilver, Inc		19,287
141	*	True Religion Apparel, Inc		2,867
995		VF Corp		91,122

38

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
488	*	Warnaco Group, Inc	$	19,198
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		372,263
AUTO REPAIR, SERVICES AND PARKING - 0.09%
100	e*	Amerco, Inc		7,550
268	*	Dollar Thrifty Automotive Group, Inc		10,945
665	*	Exide Technologies		6,185
3,315	*	Hertz Global Holdings, Inc		88,080
251	*	Midas, Inc		5,690
73		Monro Muffler, Inc		2,734
662		Ryder System, Inc		35,616
400	e*	Wright Express Corp		13,708
		TOTAL AUTO REPAIR, SERVICES AND PARKING		170,508
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
1,182		Advance Auto Parts		47,906
200		Asbury Automotive Group, Inc		4,990
1,724	*	Autonation, Inc		38,687
507	*	Autozone, Inc		69,266
495	e*	CSK Auto Corp		9,108
2,342	*	Carmax, Inc		59,721
817	*	Copart, Inc		24,992
220	e	Lithia Motors, Inc (Class A)		5,575
200	e*	MarineMax, Inc		4,004
1,230	*	O'Reilly Automotive, Inc		44,957
222	*	Rush Enterprises, Inc (Class A)		4,822
287	e	Sonic Automotive, Inc (Class A)		8,314
570		United Auto Group, Inc		12,135
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		334,477
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.76%
200	e*	Builders FirstSource, Inc		3,212
798	e*	Central Garden and Pet Co (Class A)		9,361
1,396	e	Fastenal Co		58,437
21,548		Home Depot, Inc		847,914
16,484		Lowe's Cos, Inc		505,894
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,424,818
BUSINESS SERVICES - 6.93%
523	*	24/7 Real Media, Inc		6,135
4,200	*	3Com Corp		17,346
128	e*	3D Systems Corp		3,183
474	e	ABM Industries, Inc		12,234
269		Aircastle Ltd		10,709
357	*	AMN Healthcare Services, Inc		7,854
556		Aaron Rents, Inc		16,235
305	e*	Acacia Research (Acacia Technologies)		4,929
6,493		Accenture Ltd (Class A)		278,485
620	e*	Actuate Corp		4,210
741		Acxiom Corp		19,599
200		Administaff, Inc		6,698
6,447	*	Adobe Systems, Inc		258,847
300	e*	Advent Software, Inc		9,765
1,024	*	Affiliated Computer Services, Inc (Class A)		58,081
455	*	Agile Software Corp		3,667

39

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,807	e*	Akamai Technologies, Inc	$	87,892
883	*	Alliance Data Systems Corp		68,238
2,162	*	Amdocs Ltd		86,091
283	e*	American Reprographics Co		8,714
136	*	Ansoft Corp		4,011
845	*	Ansys, Inc		22,393
410		Arbitron, Inc		21,127
706	e*	Ariba, Inc		6,996
1,213	e*	Art Technology Group, Inc		3,227
1,118	*	Aspen Technology, Inc		15,652
96		Asset Acceptance Capital Corp		1,699
2,525	*	Autodesk, Inc		118,877
6,052		Automatic Data Processing, Inc		293,340
1,088	*	Avis Budget Group, Inc		30,932
484	e*	Avocent Corp		14,041
4,115	*	BEA Systems, Inc		56,334
2,197	*	BMC Software, Inc		66,569
487	e*	BPZ Energy, Inc		2,717
140	e*	Bankrate, Inc		6,709
2,100	e*	BearingPoint, Inc		15,351
1,400	*	BISYS Group, Inc		16,562
479		Blackbaud, Inc		10,576
304	e*	Blackboard, Inc		12,804
195	e*	Blue Coat Systems, Inc		9,656
600	e*	Borland Software Corp		3,564
300	*	Bottomline Technologies, Inc		3,705
549	e	Brady Corp (Class A)		20,390
477		Brink's Co		29,522
4,506		CA, Inc		116,390
357	*	CACI International, Inc (Class A)		17,439
854	e*	CBIZ, Inc		6,277
5,294	*	CMGI, Inc		10,323
1,627	e*	CNET Networks, Inc		13,325
386	e*	Commvault Systems, Inc		6,666
100	*	COMSYS IT Partners, Inc		2,281
485	e*	CSG Systems International, Inc		12,857
3,072	*	Cadence Design Systems, Inc		67,461
120	*	Capella Education Co		5,524
516		Catalina Marketing Corp		16,254
1,580	*	Ceridian Corp		55,300
707	e*	Cerner Corp		39,217
873	e*	Checkfree Corp		35,095
852	*	ChoicePoint, Inc		36,167
338	*	Chordiant Software, Inc		5,293
532	e*	Ciber, Inc		4,352
1,981	*	Citrix Systems, Inc		66,700
400	e*	Clear Channel Outdoor Holdings, Inc (Class A)		11,336
183	e*	CoStar Group, Inc		9,677
546	*	Cogent Communications Group, Inc		16,309
473	e*	Cogent, Inc		6,948
459	e	Cognex Corp		10,332
1,572	*	Cognizant Technology Solutions Corp (Class A)		118,041
65	e	Computer Programs & Systems, Inc		2,014
1,894	*	Computer Sciences Corp		112,030

40

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
3,298	e*	Compuware Corp	$	39,114
410	e*	Concur Technologies, Inc		9,369
1,524	*	Convergys Corp		36,942
339	e*	Covansys Corp		11,502
500	e*	Cybersource Corp		6,030
590	*	DST Systems, Inc		46,734
367	*	DealerTrack Holdings, Inc		13,520
567		Deluxe Corp		23,026
453	e*	Digital River, Inc		20,498
259	*	DivX, Inc		3,885
510	*	DynCorp International, Inc (Class A)		11,215
135	e*	EPIQ Systems, Inc		2,182
1,405	e*	Earthlink, Inc		10,495
298	e*	Echelon Corp		4,658
518	e*	Eclipsys Corp		10,256
100	e	Electro Rent Corp		1,454
3,409	*	Electronic Arts, Inc		161,314
5,565		Electronic Data Systems Corp		154,317
698	*	Epicor Software Corp		10,379
1,590		Equifax, Inc		70,628
345	e*	Equinix, Inc		31,557
1,464	e*	Evergreen Energy, Inc		8,828
250	e*	ExlService Holdings, Inc		4,685
2,215	e*	Expedia, Inc		64,877
460	*	F5 Networks, Inc		37,076
300	e	FTD Group, Inc		5,523
455	e	Factset Research Systems, Inc		31,099
659		Fair Isaac Corp		26,439
313	*	FalconStor Software, Inc		3,302
2,052		Fidelity National Information Services, Inc		111,383
113	e*	First Advantage Corp (Class A)		2,600
8,255	e	First Data Corp		269,691
1,841	*	Fiserv, Inc		104,569
100	*	Forrester Research, Inc		2,813
739	e*	Gartner, Inc		18,172
244	e*	Gerber Scientific, Inc		2,835
565	*	Getty Images, Inc		27,013
252	e	Gevity HR, Inc		4,871
362	*	Global Cash Access, Inc		5,799
173	e*	Global Sources Ltd		3,927
2,503	*	Google, Inc (Class A)		1,310,020
180	e*	H&E Equipment Services, Inc		4,993
1,889	*	HLTH Corp		26,465
227	*	HMS Holdings Corp		4,345
492	e	Healthcare Services Group		14,514
100	e	Heartland Payment Systems, Inc		2,933
200	*	Heidrick & Struggles International, Inc		10,248
800		Jack Henry & Associates, Inc		20,600
326	*	Hudson Highland Group, Inc		6,973
570	e*	Hypercom Corp		3,369
346	*	IHS, Inc (Class A)		15,916
2,143		IMS Health, Inc		68,855
138	e	Imergent, Inc		3,375
392	e*	Infocrossing, Inc		7,240

41

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
974	*	Informatica Corp	$	14,386
367	e	Infospace, Inc		8,518
259	e*	Innerworkings, Inc		4,149
300	e*	Innovative Solutions & Support, Inc		6,966
109	e	Integral Systems, Inc		2,650
387		Interactive Data Corp		10,364
144	*	Interactive Intelligence, Inc		2,966
538	e*	Internap Network Services Corp		7,758
405	e*	Internet Capital Group, Inc		5,022
200		Interpool, Inc		5,380
5,198	e*	Interpublic Group of Cos, Inc		59,257
401	*	Interwoven, Inc		5,630
3,685	*	Intuit, Inc		110,845
470	e*	Ipass, Inc		2,547
1,870	*	Iron Mountain, Inc		48,863
245	e*	JDA Software Group, Inc		4,809
6,193	*	Juniper Networks, Inc		155,878
300	e	Kelly Services, Inc (Class A)		8,238
276	e*	Kenexa Corp		10,408
168	*	Keynote Systems, Inc		2,755
271	*	Kforce, Inc		4,331
582	*	Kinetic Concepts, Inc		30,247
298	e*	Knot, Inc		6,017
500	e*	Korn/Ferry International		13,130
550	*	Labor Ready, Inc		12,711
905	e	Lamar Advertising Co (Class A)		56,798
1,343	e*	Lawson Software, Inc		13,282
638	*	Lionbridge Technologies		3,758
402	e*	LivePerson, Inc		2,151
176	*	LoJack Corp		3,923
1,117	*	MPS Group, Inc		14,934
477	e*	MSC.Software Corp		6,459
570	e*	Magma Design Automation, Inc		8,003
311	*	Manhattan Associates, Inc		8,680
925		Manpower, Inc		85,322
139	*	Mantech International Corp (Class A)		4,285
206		Marchex, Inc (Class B)		3,362
865	e	Mastercard, Inc (Class A)		143,478
1,730	*	McAfee, Inc		60,896
824	*	Mentor Graphics Corp		10,852
90,109		Microsoft Corp		2,655,512
100	*	MicroStrategy, Inc (Class A)		9,449
300	e*	Midway Games, Inc		1,908
837		MoneyGram International, Inc		23,394
1,346	*	Monster Worldwide, Inc		55,321
1,049	*	Move, Inc		4,700
1,071	*	NAVTEQ Corp		45,346
1,968	*	NCR Corp		103,399
310	e	NIC, Inc		2,120
400	*	Ness Technologies, Inc		5,204
510	e*	NetFlix, Inc		9,889
288	*	Network Equipment Technologies, Inc		2,748
4,067	*	Novell, Inc		31,682
1,532	e*	Nuance Communications, Inc		25,630

42

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
3,618		Omnicom Group, Inc	$	191,465
433	e*	Omniture, Inc		9,924
282	*	On Assignment, Inc		3,023
222	e*	Online Resources Corp		2,438
903	e*	Opsware, Inc		8,588
42,180	*	Oracle Corp		831,368
300	e*	PDF Solutions, Inc		3,549
120	e*	PRA International		3,036
500	e*	Packeteer, Inc		3,905
1,140	*	Parametric Technology Corp		24,635
202	e*	PeopleSupport, Inc		2,293
320	e*	Perficient, Inc		6,624
953	*	Perot Systems Corp (Class A)		16,239
300	*	Phase Forward, Inc		5,049
176	e	Portfolio Recovery Associates, Inc		10,564
762	*	Premiere Global Services, Inc		9,921
395	*	Progress Software Corp		12,557
108	e	QAD, Inc		896
140	e	Quality Systems, Inc		5,316
829	*	Quest Software, Inc		13,422
237	e*	Radiant Systems, Inc		3,138
187	e*	Radisys Corp		2,319
754	*	Raser Technologies, Inc		5,572
1,196	e*	RealNetworks, Inc		9,771
2,113	*	Red Hat, Inc		47,078
100	e	Renaissance Learning, Inc		1,315
770	*	Rent-A-Center, Inc		20,197
200	e*	RightNow Technologies, Inc		3,282
1,561		Robert Half International, Inc		56,977
311		Rollins, Inc		7,081
792	*	S1 Corp		6,328
101	e*	SI International, Inc		3,335
200	e*	SPSS, Inc		8,828
419	e*	SRA International, Inc (Class A)		10,584
134	e*	SYNNEX Corp		2,762
1,037	e*	Salesforce.com, Inc		44,446
700	*	Sapient Corp		5,411
618	e*	Secure Computing Corp		4,691
3,204		ServiceMaster Co		49,534
270	e*	Smith Micro Software, Inc		4,066
378	e*	Sohu.com, Inc		12,092
542	*	SonicWALL, Inc		4,656
3,028	e*	Sonus Networks, Inc		25,799
720		Sotheby's		33,134
624	*	Spherion Corp		5,859
73	*	Stratasys, Inc		3,430
39,200	*	Sun Microsystems, Inc		206,192
1,054	*	Sybase, Inc		25,180
356	*	SYKES Enterprises, Inc		6,760
9,857	*	Symantec Corp		199,111
203	*	Synchronoss Technologies, Inc		5,956
1,602	*	Synopsys, Inc		42,341
140		Syntel, Inc		4,255
200	e	TAL International Group, Inc		5,942

43

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
787	*	THQ, Inc	$	24,019
2,110	*	TIBCO Software, Inc		19,096
259	e	TNS, Inc		3,732
685	e*	Take-Two Interactive Software, Inc		13,679
177	*	Taleo Corp (Class A)		3,988
455	e*	TeleTech Holdings, Inc		14,778
196	e	TheStreet.com, Inc		2,132
470	e	Total System Services, Inc		13,870
183	e*	TradeStation Group, Inc		2,132
400	*	Transaction Systems Architects, Inc		13,464
100	e*	Travelzoo, Inc		2,659
444	*	Trizetto Group, Inc		8,596
242	e*	Ultimate Software Group, Inc		7,001
3,813	*	Unisys Corp		34,851
750	e	United Online, Inc		12,368
864	*	United Rentals, Inc		28,115
329	*	Universal Compression Holdings, Inc		23,843
1,094	e*	Valueclick, Inc		32,229
248	e*	Vasco Data Security International		5,644
2,658	*	VeriSign, Inc		84,338
95	e*	Vertrue, Inc		4,634
263		Viad Corp		11,091
306	*	Vignette Corp		5,863
200	e*	Visual Sciences, Inc		3,094
142	*	Vocus, Inc		3,566
150	e*	Volt Information Sciences, Inc		2,766
5,659		Waste Management, Inc		220,984
51	e*	WebMD Health Corp (Class A)		2,401
564	e*	Websense, Inc		11,985
752	*	Wind River Systems, Inc		8,272
13,270	*	Yahoo!, Inc		360,015
774	*	aQuantive, Inc		49,381
12,556	*	eBay, Inc		404,052
122	*	eCollege.com, Inc		2,715
575	e*	eFunds Corp		20,292
248	e*	eSpeed, Inc (Class A)		2,143
400	e*	i2 Technologies, Inc		7,456
213	*	iGate Corp		1,708
306	*	inVentiv Health, Inc		11,203
311		infoUSA, Inc		3,178
		TOTAL BUSINESS SERVICES		12,949,574
CHEMICALS AND ALLIED PRODUCTS - 8.77%
16,853		Abbott Laboratories		902,478
303	e*	Abraxis BioScience, Inc		6,736
300	e*	Acadia Pharmaceuticals, Inc		4,101
232	e*	Acorda Therapeutics, Inc		3,958
240	e*	Adams Respiratory Therapeutics, Inc		9,454
157	e*	Advanced Magnetics, Inc		9,131
2,369		Air Products & Chemicals, Inc		190,397
276	*	Albany Molecular Research, Inc		4,099
852		Albemarle Corp		32,828
887		Alberto-Culver Co		21,040
400	e*	Alexion Pharmaceuticals, Inc		18,024

44

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,288	e*	Alkermes, Inc	$	18,805
468	*	Allos Therapeutics, Inc		2,069
344	e*	Alnylam Pharmaceuticals, Inc		5,225
534	e*	Alpharma, Inc (Class A)		13,889
479	e*	American Oriental Bioengineering, Inc		4,263
146	e	American Vanguard Corp		2,091
12,728	*	Amgen, Inc		703,731
200		Arch Chemicals, Inc		7,028
492	e*	Arena Pharmaceuticals, Inc		5,407
364	e*	Arqule, Inc		2,566
600	e*	Array Biopharma, Inc		7,002
600	e*	Auxilium Pharmaceuticals, Inc		9,564
550	e*	Aventine Renewable Energy Holdings, Inc		9,334
1,186		Avery Dennison Corp		78,845
4,800		Avon Products, Inc		176,400
184	e	Balchem Corp		3,343
1,154	*	Barr Pharmaceuticals, Inc		57,965
111	e*	Bentley Pharmaceuticals, Inc		1,348
967	e*	BioMarin Pharmaceuticals, Inc		17,348
800	*	Bioenvision, Inc		4,624
3,745	*	Biogen Idec, Inc		200,358
400	e*	Bradley Pharmaceuticals, Inc		8,684
21,531		Bristol-Myers Squibb Co		679,518
607		CF Industries Holdings, Inc		36,353
696		Cabot Corp		33,185
300	e*	Calgon Carbon Corp		3,480
206		Cambrex Corp		2,734
1,384		Celanese Corp (Series A)		53,672
300	e*	Cell Genesys, Inc		1,005
724	e*	Cephalon, Inc		58,202
749	e*	Charles River Laboratories International, Inc		38,663
149	*	Chattem, Inc		9,444
2,512		Chemtura Corp		27,908
712	e	Church & Dwight Co, Inc		34,504
1,659		Clorox Co		103,024
5,597		Colgate-Palmolive Co		362,965
711	e*	Cubist Pharmaceuticals, Inc		14,014
565	e*	Cypress Bioscience, Inc		7,492
966	*	CytRx Corp		3,014
525		Cytec Industries, Inc		33,479
898		Dade Behring Holdings, Inc		47,702
1,113	e*	Dendreon Corp		7,880
236	*	Digene Corp		14,172
911	e*	Discovery Laboratories, Inc		2,578
10,430		Dow Chemical Co		461,215
10,104		Du Pont (E.I.) de Nemours & Co		513,687
698	e*	Durect Corp		2,687
889		Eastman Chemical Co		57,189
1,912		Ecolab, Inc		81,642
350	e*	Elizabeth Arden, Inc		8,491
2,400	e*	Encysive Pharmaceuticals, Inc		4,272
400	e*	Enzon Pharmaceuticals, Inc		3,140
1,252		Estee Lauder Cos (Class A)		56,979
427		FMC Corp		38,170

45

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
396		Ferro Corp	$	9,872
3,503	e*	Forest Laboratories, Inc		159,912
400	e*	GTx, Inc		6,476
5,167	*	Genentech, Inc		390,935
2,894	*	Genzyme Corp		186,374
400	e	Georgia Gulf Corp		7,244
1,012	e*	Geron Corp		7,124
10,264	*	Gilead Sciences, Inc		397,935
600		H.B. Fuller Co		17,934
705	e*	Halozyme Therapeutics, Inc		6,507
1,169	*	Hercules, Inc		22,971
1,725	*	Hospira, Inc		67,344
1,379	*	Human Genome Sciences, Inc		12,301
982		Huntsman Corp		23,872
135	e*	Idenix Pharmaceuticals, Inc		797
360	*	Idexx Laboratories, Inc		34,067
675	*	ImClone Systems, Inc		23,868
676	*	Immucor, Inc		18,908
507	e*	Indevus Pharmaceuticals, Inc		3,412
229	e	Innophos Holdings, Inc		3,275
131		Innospec, Inc		7,757
94	e	Inter Parfums, Inc		2,502
314	e*	InterMune, Inc		8,145
990		International Flavors & Fragrances, Inc		51,619
517	e*	Inverness Medical Innovations, Inc		26,377
524	*	Invitrogen Corp		38,645
453	e*	Javelin Pharmaceuticals, Inc		2,804
360	e*	KV Pharmaceutical Co (Class A)		9,806
162	e	Kaiser Aluminum Corp		11,807
230	*	Keryx Biopharmaceuticals, Inc		2,247
2,581	*	King Pharmaceuticals, Inc		52,807
193		Koppers Holdings, Inc		6,500
56	e	Kronos Worldwide, Inc		1,433
230	*	Landec Corp		3,082
993	e	Ligand Pharmaceuticals, Inc (Class B)		6,832
10,952		Eli Lilly & Co		611,998
722		Lubrizol Corp		46,605
2,550	e	Lyondell Chemical Co		94,656
792	*	MGI Pharma, Inc		17,717
300	e*	MannKind Corp		3,699
342	e	Mannatech, Inc		5,434
338	e*	Martek Biosciences Corp		8,778
1,476	e*	Medarex, Inc		21,092
547	e*	Medicines Co		9,638
596	e	Medicis Pharmaceutical Corp (Class A)		18,202
232	*	Medivation, Inc		4,740
23,712		Merck & Co, Inc		1,180,858
433	e	Meridian Bioscience, Inc		9,379
3,429	*	Millennium Pharmaceuticals, Inc		36,245
246	e	Minerals Technologies, Inc		16,470
528	e*	Minrad International, Inc		3,131
571	e*	Momenta Pharmaceuticals, Inc		5,756
6,020		Monsanto Co		406,591
1,731	*	Mosaic Co		67,544

46

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
2,728	*	Mylan Laboratories, Inc	$	49,622
580	*	NBTY, Inc		25,056
113	e	NL Industries, Inc		1,132
612	e*	Nabi Biopharmaceuticals		2,815
1,497		Nalco Holding Co		41,093
187	e*	Nastech Pharmaceutical Co, Inc		2,040
559	e*	Neurocrine Biosciences, Inc		6,278
154		NewMarket Corp		7,449
200	e*	Noven Pharmaceuticals, Inc		4,690
298	*	OM Group, Inc		15,770
596	*	OSI Pharmaceuticals, Inc		21,581
739		Olin Corp		15,519
151	e*	Omrix Biopharmaceuticals, Inc		4,750
450	e*	Onyx Pharmaceuticals, Inc		12,105
360	e*	OraSure Technologies, Inc		2,945
1,273	e*	PDL BioPharma, Inc		29,661
1,796		PPG Industries, Inc		136,694
235	e*	Pacific Ethanol, Inc		3,102
300	*	Pain Therapeutics, Inc		2,613
364	*	Par Pharmaceutical Cos, Inc		10,276
270	*	Parexel International Corp		11,356
252	e*	Penwest Pharmaceuticals Co		3,142
889		Perrigo Co		17,407
199	e*	PetMed Express, Inc		2,555
76,786		Pfizer, Inc		1,963,418
258	e*	Pharmion Corp		7,469
118	e*	Pioneer Cos, Inc		4,056
965	*	PolyOne Corp		6,938
200	*	Pozen, Inc		3,614
3,486		Praxair, Inc		250,957
400	e*	Prestige Brands Holdings, Inc		5,192
34,451		Procter & Gamble Co		2,108,057
300	e*	Progenics Pharmaceuticals, Inc		6,471
356	*	Protalix BioTherapeutics, Inc		9,608
333	*	Quidel Corp		5,847
1,300		RPM International, Inc		30,043
1,643	e*	Revlon, Inc (Class A)		2,251
300	*	Rockwood Holdings, Inc		10,965
1,668		Rohm & Haas Co		91,206
382	e*	Salix Pharmaceuticals Ltd		4,699
492	e*	Santarus, Inc		2,544
16,293		Schering-Plough Corp		495,959
375	e*	Sciele Pharma, Inc		8,835
464		Scotts Miracle-Gro Co (Class A)		19,924
600		Sensient Technologies Corp		15,234
1,184	*	Sepracor, Inc		48,568
1,216		Sherwin-Williams Co		80,828
1,508		Sigma-Aldrich Corp		64,346
100	e	Stepan Co		3,028
900	e*	SuperGen, Inc		5,004
147	e*	SurModics, Inc		7,350
251	e*	Tanox, Inc		4,872
445		Tronox, Inc (Class B)		6,252
500		UAP Holding Corp		15,070

47

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
92	e*	USANA Health Sciences, Inc	$	4,116
864	e*	USEC, Inc		18,991
240	e*	United Therapeutics Corp		15,302
868	*	VCA Antech, Inc		32,715
1,091		Valeant Pharmaceuticals International		18,209
1,088	e	Valspar Corp		30,910
289	e*	Vanda Pharmaceuticals, Inc		5,855
400	e*	Verasun Energy Corp		5,792
1,500	*	Vertex Pharmaceuticals, Inc		42,840
739	e*	Viropharma, Inc		10,198
802	e*	WR Grace & Co		19,641
994	*	Warner Chilcott Ltd (Class A)		17,981
1,123	*	Watson Pharmaceuticals, Inc		36,531
220	e	Westlake Chemical Corp		6,186
14,716		Wyeth		843,815
1,452	*	XOMA Ltd		4,414
200	e*	Xenoport, Inc		8,884
405	e*	Zymogenetics, Inc		5,917
		TOTAL CHEMICALS AND ALLIED PRODUCTS		16,393,172
COAL MINING - 0.18%
721	e*	Alpha Natural Resources, Inc		14,990
1,502	e	Arch Coal, Inc		52,270
1,992		Consol Energy, Inc		91,851
1,234	e*	International Coal Group, Inc		7,379
848		Massey Energy Co		22,599
2,899		Peabody Energy Corp		140,254
		TOTAL COAL MINING		329,343
COMMUNICATIONS - 4.82%
67,458		AT&T, Inc		2,799,507
463	e	Alaska Communications Systems Group, Inc		7,334
3,769		Alltel Corp		254,596
4,600	*	American Tower Corp (Class A)		193,200
356	e*	Anixter International, Inc		26,775
105	e	Atlantic Tele-Network, Inc		3,007
200	*	Audiovox Corp (Class A)		2,594
296	*	Authorize.Net Holdings, Inc		5,295
4,921	*	Avaya, Inc		82,870
552	e*	Brightpoint, Inc		7,612
252	*	Clearwire Corp (Class A)		6,156
185	e	CT Communications, Inc		5,644
567	e*	CTC Media, Inc		15,388
2,359	*	Cablevision Systems Corp (Class A)		85,372
178	e*	Cbeyond Communications, Inc		6,855
100	*	Centennial Communications Corp		949
374	*	Central European Media Enterprises Ltd (Class A)		36,495
1,199		CenturyTel, Inc		58,811
4,638	e*	Charter Communications, Inc (Class A)		18,784
3,005	*	Cincinnati Bell, Inc		17,369
2,372	e	Citadel Broadcasting Corp		15,299
3,769		Citizens Communications Co		57,553
5,432		Clear Channel Communications, Inc		205,438
32,312	*	Comcast Corp (Class A)		908,613

48

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
300	e	Consolidated Communications Holdings, Inc	$	6,780
496	e*	Cox Radio, Inc (Class A)		7,063
2,538	e*	Crown Castle International Corp		92,053
200	e*	Crown Media Holdings, Inc (Class A)		1,440
671	e*	Cumulus Media, Inc (Class A)		6,274
145	*	DG FastChannel,Inc		2,955
8,249	*	DIRECTV Group, Inc		190,634
1,770	*	Dobson Communications Corp (Class A)		19,665
2,276	*	EchoStar Communications Corp (Class A)		98,710
1,652		Embarq Corp		104,687
521	e	Emmis Communications Corp (Class A)		4,798
421	e	Entercom Communications Corp (Class A)		10,479
810	*	Entravision Communications Corp (Class A)		8,448
120	*	Eschelon Telecom, Inc		3,552
300	e	Fairpoint Communications, Inc		5,325
1,894	e*	FiberTower Corp		8,201
52	e*	Fisher Communications, Inc		2,641
1,594	*	Foundry Networks, Inc		26,556
464	*	General Communication, Inc (Class A)		5,944
193	e*	GeoEye, Inc		4,194
267	e*	Global Crossing Ltd		5,041
882		Global Payments, Inc		34,971
177		Golden Telecom, Inc		9,737
420		Gray Television, Inc		3,893
260	*	Harris Stratex Networks, Inc (Class A)		4,675
327		Hearst-Argyle Television, Inc		7,881
71	e*	Hughes Communications, Inc		3,705
1,912	e*	IAC/InterActiveCorp		66,174
1,142	e*	ICO Global Communications Holdings Ltd		3,974
614	e	IDT Corp (Class B)		6,336
361	*	Ibasis, Inc		3,628
167	*	InPhonic, Inc		778
400	e	Iowa Telecommunications Services, Inc		9,092
284	e*	Knology, Inc		4,933
558	*	Leap Wireless International, Inc		47,151
16,553	e*	Level 3 Communications, Inc		96,835
4,203	e*	Liberty Global, Inc (Class A)		172,491
7,127	*	Liberty Media Holding Corp (Interactive A)		159,146
1,411	*	Liberty Media Corp - Capital (Series A)		166,046
281	*	Lin TV Corp (Class A)		5,286
250	e*	Lodgenet Entertainment Corp		8,015
573	e*	Mastec, Inc		9,065
493	e*	Mediacom Communications Corp (Class A)		4,777
612	*	MetroPCS Communications, Inc		20,220
1,733	*	NII Holdings, Inc		139,922
307		NTELOS Holdings Corp		8,485
832	e*	NeuStar, Inc (Class A)		24,103
301	e*	Nextwave Wireless, Inc		2,513
158	e	North Pittsburgh Systems, Inc		3,358
435	e*	Novatel Wireless, Inc		11,319
292	*	Orbcomm, Inc		4,792
994	*	PAETEC Holding Corp		11,222
17,458	e*	Qwest Communications International, Inc		169,343
242		RCN Corp		4,547

49

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
888	*	Radio One, Inc (Class D)	$	6,269
132	*	Rural Cellular Corp (Class A)		5,783
300	e*	SAVVIS, Inc		14,853
1,078	e*	SBA Communications Corp (Class A)		36,210
87		Salem Communications Corp (Class A)		965
58	e	Shenandoah Telecom Co		2,948
383	e	Sinclair Broadcast Group, Inc (Class A)		5,446
300	e*	Spanish Broadcasting System, Inc (Class A)		1,290
30,853		Sprint Nextel Corp		638,966
122	e	SureWest Communications		3,323
137	*	Switch & Data Facilities Co, Inc		2,629
182	*	Syniverse Holdings, Inc		2,341
1,124		Telephone & Data Systems, Inc		70,329
500	e*	Terremark Worldwide, Inc		3,225
1,542	*	Time Warner Cable, Inc (Class A)		60,400
932	e*	TiVo, Inc		5,396
200	*	US Cellular Corp		18,120
250		USA Mobility, Inc		6,690
31,892		Verizon Communications, Inc		1,312,994
336	e*	Vonage Holdings Corp		1,045
5,221		Windstream Corp		77,062
3,259	e*	XM Satellite Radio Holdings, Inc (Class A)		38,358
180		iPCS, Inc		6,097
500	e*	j2 Global Communications, Inc		17,450
		TOTAL COMMUNICATIONS		9,003,558
DEPOSITORY INSTITUTIONS - 8.66%
121		1st Source Corp		3,015
164	e	Alabama National Bancorp		10,142
200		Amcore Financial, Inc		5,798
107	e	AmericanWest Bancorp		1,951
108	e	Ameris Bancorp		2,427
300	e	Anchor Bancorp Wisconsin, Inc		7,857
1,394		Associated Banc-Corp		45,584
951		Astoria Financial Corp		23,813
6,027		BB&T Corp		245,178
237		BOK Financial Corp		12,661
130		Bancfirst Corp		5,567
298		Banco Latinoamericano de Exportaciones S.A.		5,602
117	*	Bancorp, Inc		2,616
823		Bancorpsouth, Inc		20,131
838		Bank Mutual Corp		9,662
48,552		Bank of America Corp		2,373,707
544		Bank of Hawaii Corp		28,092
102	e	Bank of the Ozarks, Inc		2,843
8,307		Bank of New York Co, Inc		344,242
452	e	BankAtlantic Bancorp, Inc (Class A)		3,892
300	e	BankFinancial Corp		4,635
400		BankUnited Financial Corp (Class A)		8,028
79		Banner Corp		2,691
57	e	Berkshire Hills Bancorp, Inc		1,796
381	e	Boston Private Financial Holdings, Inc		10,237
668	e	Brookline Bancorp, Inc		7,689
616	e	CVB Financial Corp		6,850

50

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
101	e	Capital City Bank Group, Inc	$	3,165
93	e	Capital Corp of the West		2,228
140	e	Capitol Bancorp Ltd		3,826
332	e	Capitol Federal Financial		12,257
303	e	Cascade Bancorp		7,011
69		Cass Information Systems, Inc		2,502
518	e	Cathay General Bancorp		17,374
600	e*	Centennial Bank Holdings, Inc		5,082
121	e	Center Financial Corp		2,047
311	e	Central Pacific Financial Corp		10,266
234	e	Chemical Financial Corp		6,054
453		Chittenden Corp		15,832
54,119		Citigroup, Inc		2,775,764
955	e	Citizens Banking Corp		17,477
121	e	City Bank		3,813
155	e	City Holding Co		5,941
477		City National Corp		36,295
150	e	CoBiz, Inc		2,718
1,743		Colonial Bancgroup, Inc		43,523
170	e	Columbia Banking System, Inc		4,973
1,708		Comerica, Inc		101,575
2,074		Commerce Bancorp, Inc		76,717
761		Commerce Bancshares, Inc		34,473
113	e*	Community Bancorp		3,162
400	e	Community Bank System, Inc		8,008
245	e	Community Banks, Inc		7,894
139	e	Community Trust Bancorp, Inc		4,490
1,441		Compass Bancshares, Inc		99,400
400	e	Corus Bankshares, Inc		6,904
656	e	Cullen/Frost Bankers, Inc		35,076
309	e	Dime Community Bancshares		4,076
300	e*	Dollar Financial Corp		8,550
257	e	Downey Financial Corp		16,957
663	e	East West Bancorp, Inc		25,777
90	e	Enterprise Financial Services Corp		2,237
589	e*	Euronet Worldwide, Inc		17,175
594	e	FNB Corp		9,944
6,008	e	Fifth Third Bancorp		238,938
100	e	First Bancorp		1,873
732		First Bancorp		8,045
150	e	First Busey Corp		2,999
700	e	First Charter Corp		13,629
70		First Citizens Bancshares, Inc (Class A)		13,608
739	e	First Commonwealth Financial Corp		8,070
270	e	First Community Bancorp, Inc		15,447
72	e	First Community Bancshares, Inc		2,246
315	e	First Financial Bancorp		4,722
189	e	First Financial Bankshares, Inc		7,335
188	e	First Financial Corp		5,520
133	e	First Financial Holdings, Inc		4,350
1,297	e	First Horizon National Corp		50,583
146		First Indiana Corp		3,230
315		First Merchants Corp		7,569
545	e	First Midwest Bancorp, Inc		19,353

51

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,301	e	First Niagara Financial Group, Inc	$	17,043
100		First Place Financial Corp		2,112
300	*	First Regional Bancorp		7,632
342		First Republic Bank		18,352
88	e	First South Bancorp, Inc		2,367
156	e	First State Bancorporation		3,321
208	e*	FirstFed Financial Corp		11,800
953		FirstMerit Corp		19,946
485	e	Flagstar Bancorp, Inc		5,844
150	e	Flushing Financial Corp		2,409
215	e*	Franklin Bank Corp		3,204
700	e	Fremont General Corp		7,532
537	e	Frontier Financial Corp		12,099
1,944	e	Fulton Financial Corp		28,032
580	e	Glacier Bancorp, Inc		11,803
104	e	Great Southern Bancorp, Inc		2,813
543		Greater Bay Bancorp		15,117
95	e	Greene County Bancshares, Inc		2,970
294	e	Hancock Holding Co		11,040
384	e	Hanmi Financial Corp		6,551
302	e	Harleysville National Corp		4,868
158	e	Heartland Financial USA, Inc		3,839
126		Heritage Commerce Corp		2,984
127	e	Home Bancshares, Inc		2,864
140	e	Horizon Financial Corp		3,051
5,959		Hudson City Bancorp, Inc		72,819
2,582	e	Huntington Bancshares, Inc		58,715
125	e	IBERIABANK Corp		6,181
100	e	Independent Bank Corp		2,954
250	e	Independent Bank Corp		4,303
752	e	IndyMac Bancorp, Inc		21,936
161		Integra Bank Corp		3,457
674	e	International Bancshares Corp		17,268
579	*	Investors Bancorp, Inc		7,776
771		Investors Financial Services Corp		47,548
300	e	Irwin Financial Corp		4,491
242		ITLA Capital Corp		12,613
37,377		JPMorgan Chase & Co		1,810,916
247	e	KNBT Bancorp, Inc		3,631
227	e	Kearny Financial Corp		3,060
4,292		Keycorp		147,344
126	e	Lakeland Bancorp, Inc		1,676
92	e	Lakeland Financial Corp		1,957
752		M&T Bank Corp		80,389
375		MAF Bancorp, Inc		20,348
400	e	MB Financial, Inc		13,896
125	e	Macatawa Bank Corp		1,989
90		MainSource Financial Group, Inc		1,511
2,834		Marshall & Ilsley Corp		134,983
4,557		Mellon Financial Corp		200,508
85	e	Midwest Banc Holdings, Inc		1,233
100	e	NASB Financial, Inc		3,365
374	e	NBT Bancorp, Inc		8,437
186	e	Nara Bancorp, Inc		2,963

52

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
5,600		National City Corp	$	186,592
572	e	National Penn Bancshares, Inc		9,541
523	e*	Net 1 UEPS Technologies, Inc		12,630
3,411	e	New York Community Bancorp, Inc		58,055
1,211	e	NewAlliance Bancshares, Inc		17,826
2,400		Northern Trust Corp		154,176
200	e	Northwest Bancorp, Inc		5,228
869	e	Old National Bancorp		14,434
350	e	Old Second Bancorp, Inc		10,206
100	e	Omega Financial Corp		2,689
165	e	Oriental Financial Group, Inc		1,800
210		PFF Bancorp, Inc		5,865
3,775		PNC Financial Services Group, Inc		270,215
528	e	Pacific Capital Bancorp		14,245
165	e	Park National Corp		13,990
531		Partners Trust Financial Group, Inc		5,576
2,094		People's United Financial, Inc		37,127
75	e	Peoples Bancorp, Inc		2,030
200	e*	Pinnacle Financial Partners, Inc		5,872
2,921		Popular, Inc		46,940
150		Preferred Bank		6,000
20	e	Premierwest Bancorp		270
228	e	PrivateBancorp, Inc		6,566
328	e	Prosperity Bancshares, Inc		10,745
357	e	Provident Bankshares Corp		11,702
854	e	Provident Financial Services, Inc		13,459
421	e	Provident New York Bancorp		5,688
7,711	e	Regions Financial Corp		255,234
195	e	Renasant Corp		4,434
120	e	Republic Bancorp, Inc (Class A)		1,991
47	e	Royal Bancshares of Pennsylvania (Class A)		926
300	e	S&T Bancorp, Inc		9,870
210	e	S.Y. Bancorp, Inc		4,990
75		SCBT Financial Corp		2,730
400	e*	SVB Financial Group		21,244
250	e	Sandy Spring Bancorp, Inc		7,860
121		Santander BanCorp		1,798
102	e	Seacoast Banking Corp of Florida		2,219
200	e	Security Bank Corp		4,020
319	e*	Signature Bank		10,878
108	e	Simmons First National Corp (Class A)		2,980
1,239		Sky Financial Group, Inc		34,519
800	e	South Financial Group, Inc		18,112
116	e	Southside Bancshares, Inc		2,520
94		Southwest Bancorp, Inc		2,260
4,442		Sovereign Bancorp, Inc		93,904
3,680		State Street Corp		251,712
119	e	Sterling Bancorp		1,908
808		Sterling Bancshares, Inc		9,138
320	e*	Sterling Financial Corp		3,366
561		Sterling Financial Corp		16,235
88	e	Suffolk Bancorp		2,809
134	e*	Sun Bancorp, Inc		2,261
3,902		SunTrust Banks, Inc		334,557

53

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
700	e*	Superior Bancorp	$	7,161
496	e	Susquehanna Bancshares, Inc		11,096
2,946		Synovus Financial Corp		90,442
1,433	e	TCF Financial Corp		39,837
66	e	Taylor Capital Group, Inc		1,817
300	e*	Texas Capital Bancshares, Inc		6,705
238	e	TierOne Corp		7,164
119	e	Tompkins Trustco, Inc		4,451
92	e	Trico Bancshares		2,057
626	e	Trustco Bank Corp NY		6,185
491	e	Trustmark Corp		12,697
19,022		US Bancorp		626,775
126	e	USB Holding Co, Inc		2,402
1,089	e	UCBH Holdings, Inc		19,896
372		UMB Financial Corp		13,716
581	e	Umpqua Holdings Corp		13,659
103	e	Union Bankshares Corp		2,390
523		UnionBanCal Corp		31,223
437	e	United Bankshares, Inc		13,897
335	e	United Community Banks, Inc		8,673
400	e	United Community Financial Corp		3,992
121	e	Univest Corp of Pennsylvania		2,725
1,507	e	Valley National Bancorp		33,892
20	e	Vineyard National Bancorp		459
126	e*	Virginia Commerce Bancorp		2,131
1,166	e	W Holding Co, Inc		3,078
100		WSFS Financial Corp		6,543
20,933		Wachovia Corp		1,072,816
958		Washington Federal, Inc		23,289
9,654		Washington Mutual, Inc		411,647
138	e	Washington Trust Bancorp, Inc		3,479
620		Webster Financial Corp		26,455
36,734		Wells Fargo & Co		1,291,935
200	e	WesBanco, Inc		5,900
200	e	West Coast Bancorp		6,078
390	e	Westamerica Bancorporation		17,254
143	e*	Western Alliance Bancorp		4,269
8,529		Western Union Co		177,659
167		Westfield Financial, Inc		1,665
750		Whitney Holding Corp		22,575
772		Wilmington Trust Corp		32,046
167	e	Wilshire Bancorp, Inc		2,034
248	e	Wintrust Financial Corp		10,875
254	e	Yardville National Bancorp		8,674
1,182		Zions Bancorporation		90,908
		TOTAL DEPOSITORY INSTITUTIONS		16,171,209
EATING AND DRINKING PLACES - 0.85%
208	e*	AFC Enterprises		3,596
859		Applebees International, Inc		20,702
113	e*	BJ's Restaurants, Inc		2,231
501		Burger King Holdings, Inc		13,196
133	*	Benihana, Inc (Class A)		2,660
460		Bob Evans Farms, Inc		16,951

54

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,243		Brinker International, Inc	$	36,383
144	e*	Buffalo Wild Wings, Inc		5,989
365	e	CBRL Group, Inc		15,505
343	*	CEC Entertainment, Inc		12,074
622		CKE Restaurants, Inc		12,484
262	*	California Pizza Kitchen, Inc		5,628
378	e*	Chipotle Mexican Grill, Inc (Class B)		29,722
1,556		Darden Restaurants, Inc		68,448
949	*	Denny's Corp		4,223
400	e	Domino's Pizza, Inc		7,308
182	e	IHOP Corp		9,906
339	*	Jack in the Box, Inc		24,049
587	e*	Krispy Kreme Doughnuts, Inc		5,436
273	e	Landry's Restaurants, Inc		8,261
127	*	McCormick & Schmick's Seafood Restaurants, Inc		3,294
13,064		McDonald's Corp		663,129
300		O'Charleys, Inc		6,048
277	e*	PF Chang's China Bistro, Inc		9,750
200	e*	Papa John's International, Inc		5,752
361	*	Rare Hospitality International, Inc		9,664
150	e*	Red Robin Gourmet Burgers, Inc		6,056
661	e	Ruby Tuesday, Inc		17,404
200	e*	Ruth's Chris Steak House, Inc		3,398
810	e*	Sonic Corp		17,917
8,127	*	Starbucks Corp		213,252
442	e*	Texas Roadhouse, Inc (Class A)		5,653
844	e*	Cheesecake Factory		20,695
400	e*	Steak N Shake Co		6,676
2,075		Tim Hortons, Inc		63,806
672	e	Triarc Cos (Class B)		10,550
955		Wendy's International, Inc		35,096
5,732		Yum! Brands, Inc		187,551
		TOTAL EATING AND DRINKING PLACES		1,590,443
EDUCATIONAL SERVICES - 0.14%
1,527	*	Apollo Group, Inc (Class A)		89,223
1,003	e*	Career Education Corp		33,871
942	e*	Corinthian Colleges, Inc		15,345
587	e	DeVry, Inc		19,970
445	*	ITT Educational Services, Inc		52,234
481	*	Laureate Education, Inc		29,658
168	e	Strayer Education, Inc		22,127
228	e*	Universal Technical Institute, Inc		5,789
		TOTAL EDUCATIONAL SERVICES		268,217
ELECTRIC, GAS, AND SANITARY SERVICES - 3.94%
7,175	*	AES Corp		156,989
851		AGL Resources, Inc		34,448
1,721	*	Allegheny Energy, Inc		89,045
338	e	Allete, Inc		15,903
1,255		Alliant Energy Corp		48,757
2,801	*	Allied Waste Industries, Inc		37,701
2,267		Ameren Corp		111,106
200	e	American Ecology Corp		4,284

55

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
4,360		American Electric Power Co, Inc	$	196,374
150	e	American States Water Co		5,336
1,501		Aqua America, Inc		33,757
3,770	*	Aquila, Inc		15,419
846		Atmos Energy Corp		25,431
600		Avista Corp		12,930
446	e	Black Hills Corp		17,729
250	e	CH Energy Group, Inc		11,243
2,460		CMS Energy Corp		42,312
148	e	California Water Service Group		5,549
100		Cascade Natural Gas Corp		2,641
100	*	Casella Waste Systems, Inc (Class A)		1,078
3,472		Centerpoint Energy, Inc		60,413
110	e	Central Vermont Public Service Corp		4,145
162	e*	Clean Harbors, Inc		8,006
655	e	Cleco Corp		16,048
2,990		Consolidated Edison, Inc		134,909
160	e	Consolidated Water Co, Inc		4,690
1,978		Constellation Energy Group, Inc		172,422
1,225	*	Covanta Holding Corp		30,196
401	e	Crosstex Energy, Inc		11,521
1,497	e	DPL, Inc		42,425
1,926		DTE Energy Co		92,872
3,832		Dominion Resources, Inc		330,740
13,500		Duke Energy Corp		247,050
3,687	*	Dynegy, Inc (Class A)		34,805
3,564		Edison International		200,012
7,776		El Paso Corp		133,980
600	*	El Paso Electric Co		14,736
239		Empire District Electric Co		5,346
818		Energen Corp		44,941
1,733		Energy East Corp		45,214
57	e	EnergySouth, Inc		2,907
2,158		Entergy Corp		231,661
7,358		Exelon Corp		534,191
4,446		FPL Group, Inc		252,266
3,334		FirstEnergy Corp		215,810
1,141		Great Plains Energy, Inc		33,226
966	e	Hawaiian Electric Industries, Inc		22,885
435		ITC Holdings Corp		17,674
447	e	Idacorp, Inc		14,322
851	e	Integrys Energy Group, Inc		43,171
1,922		KeySpan Corp		80,686
200	e	Laclede Group, Inc		6,376
1,959		MDU Resources Group, Inc		54,930
287	e	MGE Energy, Inc		9,376
110		Markwest Hydrocarbon, Inc		6,317
282		Metal Management, Inc		12,428
2,799	*	Mirant Corp		119,377
2,651	*	NRG Energy, Inc		110,202
1,104		NSTAR		35,825
962	e	National Fuel Gas Co		41,664
442	e	New Jersey Resources Corp		22,551
2,768		NiSource, Inc		57,325

56

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
493	e	Nicor, Inc	$	21,160
379	e	NorthWestern Corp		12,056
1,671		Northeast Utilities		47,390
333	e	Northwest Natural Gas Co		15,381
983		OGE Energy Corp		36,027
1,227		Oneok, Inc		61,853
100	e	Ormat Technologies, Inc		3,768
300	e	Otter Tail Corp		9,621
3,844		PG&E Corp		174,133
681		PNM Resources, Inc		18,925
4,222		PPL Corp		197,547
1,997		Pepco Holdings, Inc		56,315
167	e*	Pico Holdings, Inc		7,224
978		Piedmont Natural Gas Co, Inc		24,108
200	e*	Pike Electric Corp		4,476
1,096		Pinnacle West Capital Corp		43,676
291		Portland General Electric Co		7,985
2,821		Progress Energy, Inc		128,609
600	m,v*	Progress Energy, Inc		6
2,775		Public Service Enterprise Group, Inc		243,590
1,370		Puget Energy, Inc		33,127
1,890		Questar Corp		99,887
3,766	*	Reliant Energy, Inc		101,494
1,839		Republic Services, Inc		56,347
115	e	Resource America, Inc (Class A)		2,370
1,276		SCANA Corp		48,858
387	e*	SEMCO Energy, Inc		3,007
138	e	SJW Corp		4,595
2,887		Sempra Energy		170,997
2,425	*	Sierra Pacific Resources		42,583
260		South Jersey Industries, Inc		9,199
8,228		Southern Co		282,138
1,008		Southern Union Co		32,851
398		Southwest Gas Corp		13,456
129	e	Southwest Water Co		1,647
1,017	*	Stericycle, Inc		45,216
2,190		TECO Energy, Inc		37,624
5,023		TXU Corp		338,048
1,162		UGI Corp		31,699
256	e	UIL Holdings Corp		8,474
365		Unisource Energy Corp		12,005
1,078	e	Vectren Corp		29,031
514	e	WGL Holdings, Inc		16,777
871	*	Waste Connections, Inc		26,339
229	e*	Waste Services, Inc		2,782
1,015		Westar Energy, Inc		24,644
6,475		Williams Cos, Inc		204,740
1,306		Wisconsin Energy Corp		57,764
4,413		Xcel Energy, Inc		90,334
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,369,556
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.17%
1,296	*	ADC Telecommunications, Inc		23,756
632	*	AMIS Holdings, Inc		7,913

57

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
395	*	ATMI, Inc	$	11,850
484		AVX Corp		8,102
129	e*	AZZ, Inc		4,341
244	e*	Acme Packet, Inc		2,804
200	*	Actel Corp		2,782
520		Acuity Brands, Inc		31,346
900	*	Adaptec, Inc		3,429
743		Adtran, Inc		19,296
395	*	Advanced Analogic Technologies, Inc		3,832
504	*	Advanced Energy Industries, Inc		11,421
6,105	e*	Advanced Micro Devices, Inc		87,302
950	e*	Aeroflex, Inc		13,462
3,835		Altera Corp		84,869
259	e*	American Superconductor Corp		5,001
1,200		Ametek, Inc		47,616
1,105	e*	Amkor Technology, Inc		17,404
1,948		Amphenol Corp (Class A)		69,446
891	e*	Anadigics, Inc		12,287
3,579		Analog Devices, Inc		134,714
1,708	*	Andrew Corp		24,664
9,463	*	Apple Computer, Inc		1,154,865
3,565	*	Applied Micro Circuits Corp		8,913
1,300	*	Arris Group, Inc		22,867
567	e*	Atheros Communications, Inc		17,486
5,300	*	Atmel Corp		29,468
1,823	e*	Avanex Corp		3,281
1,581	e*	Avnet, Inc		62,671
500		Baldor Electric Co		24,640
100	e	Bel Fuse, Inc (Class B)		3,403
750	*	Benchmark Electronics, Inc		16,965
5,140	*	Broadcom Corp (Class A)		150,345
539	*	C-COR, Inc		7,578
300	e	CTS Corp		3,798
266	e*	Ceradyne, Inc		19,673
500	*	Checkpoint Systems, Inc		12,625
932	*	Ciena Corp		33,673
66,616	*	Cisco Systems, Inc		1,855,256
200	e*	Color Kinetics, Inc		6,682
330	*	Comtech Telecommunications Corp		15,319
5,030	e*	Conexant Systems, Inc		6,941
1,952		Cooper Industries Ltd (Class A)		111,440
884	*	Cree, Inc		22,851
300		Cubic Corp		9,054
1,608	e*	Cypress Semiconductor Corp		37,450
289	*	DSP Group, Inc		5,916
179	e*	DTS, Inc		3,897
179	e*	Diodes, Inc		7,477
273	*	Ditech Networks, Inc		2,236
432	*	Dolby Laboratories, Inc (Class A)		15,297
161	*	EMS Technologies, Inc		3,552
1,603		Eaton Corp		149,079
300	e*	Electro Scientific Industries, Inc		6,240
481	*	EnerSys		8,802
617	e*	Energizer Holdings, Inc		61,453

58

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
426	e*	Energy Conversion Devices, Inc	$	13,129
1,523	e*	Evergreen Solar, Inc		14,164
520	e*	Exar Corp		6,968
1,414	*	Fairchild Semiconductor International, Inc		27,318
2,640	e*	Finisar Corp		9,979
344	e*	First Solar, Inc		30,716
234	e	Franklin Electric Co, Inc		11,040
600	e*	FuelCell Energy, Inc		4,752
1,265	e	Garmin Ltd		93,572
3,003	*	Gemstar-TV Guide International, Inc		14,775
312	*	Genlyte Group, Inc		24,504
1,200	e*	GrafTech International Ltd		20,208
269	e*	Greatbatch, Inc		8,716
713		Harman International Industries, Inc		83,278
1,008	e*	Harmonic, Inc		8,941
1,469		Harris Corp		80,134
334	*	Helen of Troy Ltd		9,018
1,016	e*	Hexcel Corp		21,407
140	e*	Hittite Microwave Corp		5,982
8,531		Honeywell International, Inc		480,125
378	e*	Hutchinson Technology, Inc		7,110
257	e*	IXYS Corp		2,146
400		Imation Corp		14,744
2,142	*	Integrated Device Technology, Inc		32,708
63,570		Intel Corp		1,510,423
200		Inter-Tel, Inc		4,786
359	e*	InterVoice, Inc		2,990
564	e*	Interdigital Communications Corp		18,144
735	*	International Rectifier Corp		27,386
1,418		Intersil Corp (Class A)		44,610
2,222	e*	JDS Uniphase Corp		29,841
626	*	Jarden Corp		26,924
789	e*	Kemet Corp		5,562
1,326		L-3 Communications Holdings, Inc		129,139
131		LSI Industries, Inc		2,345
8,237	*	LSI Logic Corp		61,860
151	e*	Lamson & Sessions Co		4,012
1,300	*	Lattice Semiconductor Corp		7,436
462	e	Lincoln Electric Holdings, Inc		34,299
2,775	e	Linear Technology Corp		100,400
200	e*	Littelfuse, Inc		6,754
124	*	Loral Space & Communications, Inc		6,111
2,406	*	MEMC Electronic Materials, Inc		147,055
436	e*	MIPS Technologies, Inc		3,832
1,945	e*	MRV Communications, Inc		6,321
5,162	*	Marvell Technology Group Ltd		94,000
593	*	Mattson Technology, Inc		5,752
3,511		Maxim Integrated Products, Inc		117,303
518	e*	Medis Technologies Ltd		7,609
223	e*	Mercury Computer Systems, Inc		2,721
300		Methode Electronics, Inc		4,695
797		Micrel, Inc		10,138
2,387		Microchip Technology, Inc		88,414
8,393	*	Micron Technology, Inc		105,164

59

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
771	e*	Microsemi Corp	$	18,465
1,000	e*	Microtune, Inc		5,230
1,511		Molex, Inc		45,345
300	e*	Monolithic Power Systems, Inc		5,235
360	*	Moog, Inc (Class A)		15,880
25,400		Motorola, Inc		449,580
160	*	Multi-Fineline Electronix, Inc		2,746
43	e	National Presto Industries, Inc		2,681
3,432		National Semiconductor Corp		97,023
200	e*	Netlogic Microsystems, Inc		6,368
4,089	*	Network Appliance, Inc		119,399
1,397	*	Novellus Systems, Inc		39,633
3,969	*	Nvidia Corp		163,959
2,483	e*	ON Semiconductor Corp		26,618
205	*	OpNext, Inc		2,714
136	e*	OSI Systems, Inc		3,720
634	e*	Omnivision Technologies, Inc		11,482
1,242	*	On2 Technologies, Inc		3,726
1,027	e	Openwave Systems, Inc		6,429
123	*	Oplink Communications, Inc		1,845
410	*	PLX Technology, Inc		4,576
2,300	e*	PMC - Sierra, Inc		17,779
157	e	Park Electrochemical Corp		4,424
200	*	Pericom Semiconductor Corp		2,232
500	*	Photronics, Inc		7,440
472		Plantronics, Inc		12,376
600	e*	Plexus Corp		13,794
1,022	*	Polycom, Inc		34,339
61	e*	Powell Industries, Inc		1,937
1,100	e*	Power-One, Inc		4,378
1,294	e*	Powerwave Technologies, Inc		8,670
1,796	*	QLogic Corp		29,903
18,237		Qualcomm, Inc		791,303
1,976	e*	RF Micro Devices, Inc		12,330
1,485		RadioShack Corp		49,213
1,152	e*	Rambus, Inc		20,713
138	e	Raven Industries, Inc		4,928
300	e	Regal-Beloit Corp		13,962
200	e*	Rogers Corp		7,400
5,316	*	Sanmina-SCI Corp		16,639
334	*	Seachange International, Inc		2,592
733	e*	Semtech Corp		12,703
1,131	*	Silicon Image, Inc		9,704
601	*	Silicon Laboratories, Inc		20,801
1,350	e*	Silicon Storage Technology, Inc		5,036
271	e*	Sirenza Microdevices, Inc		3,217
15,195	e*	Sirius Satellite Radio, Inc		45,889
1,872	*	Skyworks Solutions, Inc		13,759
549	*	Smart Modular Technologies WWH, Inc		7,554
1,064	e*	Spansion, Inc (Class A)		11,810
456	e*	Spectrum Brands, Inc		3,087
300	*	Standard Microsystems Corp		10,302
245	*	Sunpower Corp (Class A)		15,447
100	e*	Supertex, Inc		3,134

60

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,936	e*	Sycamore Networks, Inc	$	7,783
396	e*	Symmetricom, Inc		3,326
283	e*	Synaptics, Inc		10,129
643	e*	Syntax-Brillian Corp		3,164
433	*	TTM Technologies, Inc		5,629
500		Technitrol, Inc		14,335
163	*	Techwell, Inc		2,135
595	e*	Tekelec		8,580
437		Teleflex, Inc		35,738
4,811	*	Tellabs, Inc		51,766
520	*	Tessera Technologies, Inc		21,086
15,684		Texas Instruments, Inc		590,189
645	*	Thomas & Betts Corp		37,410
598	e*	Trident Microsystems, Inc		10,973
1,402	e*	Triquint Semiconductor, Inc		7,094
209	e*	Ultra Clean Holdings		2,922
269	e*	Universal Display Corp		4,226
100	*	Universal Electronics, Inc		3,632
1,002	e*	Utstarcom, Inc		5,621
940	e*	Varian Semiconductor Equipment Associates, Inc		37,656
219	*	Viasat, Inc		7,030
200	e	Vicor Corp		2,646
1,891	*	Vishay Intertechnology, Inc		29,916
159	e*	Volterra Semiconductor Corp		2,258
855	e	Whirlpool Corp		95,076
3,261		Xilinx, Inc		87,297
200	*	Zoltek Cos, Inc		8,306
532	*	Zoran Corp		10,661
122	e*	iRobot Corp		2,422
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,530,745
ENGINEERING AND MANAGEMENT SERVICES - 0.83%
443	*	Aecom Technology Corp		10,991
188	e*	Advisory Board Co		10,445
1,438	e*	Amylin Pharmaceuticals, Inc		59,188
758	*	Applera Corp (Celera Genomics Group)		9,399
556	e*	Ariad Pharmaceuticals, Inc		3,052
80	*	Michael Baker Corp		2,972
100	e	CDI Corp		3,220
167	e*	CRA International, Inc		8,049
865	*	CV Therapeutics, Inc		11,427
4,103	*	Celgene Corp		235,225
117	e*	Cornell Cos, Inc		2,874
436		Corporate Executive Board Co		28,301
300		Diamond Management & Technology Consultants, Inc		3,960
1,064	e*	Exelixis, Inc		12,874
172	e*	Exponent, Inc		3,848
953		Fluor Corp		106,136
594	e*	Gen-Probe, Inc		35,889
237	*	Greenfield Online, Inc		3,771
340	*	Harris Interactive, Inc		1,819
1,037	e*	Hewitt Associates, Inc (Class A)		33,184
188	e*	Huron Consulting Group, Inc		13,726
755	e*	Incyte Corp		4,530

61

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
480	*	Infrasource Services, Inc	$	17,808
780	e*	Isis Pharmaceuticals, Inc		7,550
1,274	*	Jacobs Engineering Group, Inc		73,268
1,791	*	KBR, Inc		46,978
135	*	Kendle International, Inc		4,964
454	e*	Kosan Biosciences, Inc		2,370
139	*	LECG Corp		2,100
84	e	Landauer, Inc		4,137
302	e*	Lifecell Corp		9,223
348	e*	Luminex Corp		4,284
241		MAXIMUS, Inc		10,455
60	e*	MTC Technologies, Inc		1,474
317	*	Maxygen, Inc		2,717
1,218	*	McDermott International, Inc		101,240
2,480		Moody's Corp		154,256
471	e*	Myriad Genetics, Inc		17,516
631	e*	Navigant Consulting, Inc		11,711
354	*	Neurogen Corp		2,351
292	*	Omnicell, Inc		6,068
3,710		Paychex, Inc		145,135
282	*	PharmaNet Development Group, Inc		8,990
1,722	e	Quest Diagnostics, Inc		88,941
324	*	Regeneration Technologies, Inc		3,645
693	e*	Regeneron Pharmaceuticals, Inc		12,419
1,490	e*	Rentech, Inc		3,859
514	*	Resources Connection, Inc		17,055
207	e*	Rigel Pharmaceuticals, Inc		1,844
1,081	e*	SAIC, Inc		19,534
560	e*	Savient Pharmaceuticals, Inc		6,955
458	*	Seattle Genetics, Inc		4,493
219	e*	Senomyx, Inc		2,957
882	e*	Shaw Group, Inc		40,828
299	e*	Symyx Technologies, Inc		3,441
100	e*	Tejon Ranch Co		4,420
510	e*	Telik, Inc		1,724
677	*	Tetra Tech, Inc		14,589
556	*	URS Corp		26,994
188	e*	Verenium Corp		953
316	*	Washington Group International, Inc		25,283
512		Watson Wyatt & Co Holdings (Class A)		25,846
723	e*	eResearch Technology, Inc		6,876
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,552,131
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
986	*	Home Solutions of America, Inc		5,896
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		5,896
FABRICATED METAL PRODUCTS - 0.52%
383	e*	Alliant Techsystems, Inc		37,974
84	e	Ameron International Corp		7,576
778		Aptargroup, Inc		27,666
1,163		Ball Corp		61,837
170		CIRCOR International, Inc		6,873
137	*	Chart Industries, Inc		3,896

62

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,236		Commercial Metals Co	$	41,740
132	*	Commercial Vehicle Group, Inc		2,459
593		Crane Co		26,952
1,813	*	Crown Holdings, Inc		45,271
327	e	Dynamic Materials Corp		12,263
420	e*	Griffon Corp		9,148
190		Gulf Island Fabrication, Inc		6,593
155	e	Insteel Industries, Inc		2,790
5,440		Illinois Tool Works, Inc		294,794
153	*	Ladish Co, Inc		6,579
100	e	Lifetime Brands, Inc		2,045
400	*	Mobile Mini, Inc		11,680
1,254	e	Mueller Water Products, Inc (Class A)		21,393
260	e*	NCI Building Systems, Inc		12,826
1,268	e	Parker Hannifin Corp		124,150
1,126		Pentair, Inc		43,430
262		Silgan Holdings, Inc		14,483
400	e	Simpson Manufacturing Co, Inc		13,496
314	e*	Smith & Wesson Holding Corp		5,260
657		Snap-On, Inc		33,185
884	e	Stanley Works		53,659
248	e*	Sturm Ruger & Co, Inc		3,849
82	e	Sun Hydraulics Corp		4,039
812	e*	Taser International, Inc		11,336
203	e	Valmont Industries, Inc		14,770
341	e	Watts Water Technologies, Inc (Class A)		12,777
		TOTAL FABRICATED METAL PRODUCTS		976,789
FOOD AND KINDRED PRODUCTS - 3.08%
227	e*	Altus Pharmaceuticals, Inc		2,620
8,313		Anheuser-Busch Cos, Inc		433,606
7,139		Archer Daniels Midland Co		236,230
100	*	Boston Beer Co, Inc (Class A)		3,935
1,322		Bunge Ltd		111,709
2,539		Campbell Soup Co		98,539
77		Coca-Cola Bottling Co Consolidated		3,873
25,130		Coca-Cola Co		1,314,550
3,184		Coca-Cola Enterprises, Inc		76,416
5,450		ConAgra Foods, Inc		146,387
2,101	e*	Constellation Brands, Inc (Class A)		51,012
828		Corn Products International, Inc		37,633
878	e*	Darling International, Inc		8,025
2,062		Del Monte Foods Co		25,074
200	e	Farmer Bros Co		4,526
635		Flowers Foods, Inc		21,184
3,788		General Mills, Inc		221,295
3,554		H.J. Heinz Co		168,708
720	e*	Hansen Natural Corp		30,946
1,842		Hershey Co		93,242
830		Hormel Foods Corp		31,001
125	e	Imperial Sugar Co		3,849
192		J&J Snack Foods Corp		7,246
633		J.M. Smucker Co		40,297
236	e*	Jones Soda Co		3,309

63

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
2,584		Kellogg Co	$	133,825
17,549		Kraft Foods, Inc (Class A)		618,602
317		Lancaster Colony Corp		13,279
400	e	Lance, Inc		9,424
107	e*	M&F Worldwide Corp		7,124
101	e	MGP Ingredients, Inc		1,707
1,505		McCormick & Co, Inc		57,461
612	e	Molson Coors Brewing Co (Class B)		56,586
149	e*	Peet's Coffee & Tea, Inc		3,670
1,476	e	Pepsi Bottling Group, Inc		49,712
737		PepsiAmericas, Inc		18,101
17,822		PepsiCo, Inc		1,155,757
493	*	Performance Food Group Co		16,018
343	e*	Ralcorp Holdings, Inc		18,333
236	e	Reddy Ice Holdings, Inc		6,731
189	e	Sanderson Farms, Inc		8,509
8,041		Sara Lee Corp		139,913
1,076	*	Smithfield Foods, Inc		33,130
348	e	Tootsie Roll Industries, Inc		9,643
300	e	Topps Co, Inc		3,153
323	e*	TreeHouse Foods, Inc		8,595
2,623		Tyson Foods, Inc (Class A)		60,434
2,652		Wrigley (Wm.) Jr Co		146,682
		TOTAL FOOD AND KINDRED PRODUCTS		5,751,601
FOOD STORES - 0.34%
15	e	Arden Group, Inc (Class A)		2,046
174	e*	Great Atlantic & Pacific Tea Co, Inc		5,836
100		Ingles Markets, Inc (Class A)		3,445
7,767		Kroger Co		218,486
327	e*	Panera Bread Co (Class A)		15,062
248	e*	Pantry, Inc		11,433
545	*	Pathmark Stores, Inc		7,063
431		Ruddick Corp		12,982
4,833		Safeway, Inc		164,467
2,300		Supervalu, Inc		106,536
188	e	Weis Markets, Inc		7,616
1,546	e	Whole Foods Market, Inc		59,212
261	*	Wild Oats Markets, Inc		4,374
358	e*	Winn-Dixie Stores, Inc		10,489
		TOTAL FOOD STORES		629,047
FORESTRY - 0.12%
848		Rayonier, Inc		38,279
2,363		Weyerhaeuser Co		186,512
		TOTAL FORESTRY		224,791
FURNITURE AND FIXTURES - 0.32%
369	e	Ethan Allen Interiors, Inc		12,638
642	e	Furniture Brands International, Inc		9,116
567		HNI Corp		23,247
700		Herman Miller, Inc		22,120
668		Hillenbrand Industries, Inc		43,420
64		Hooker Furniture Corp		1,436

64

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
597		Interface, Inc (Class A)	$	11,259
2,159		Johnson Controls, Inc		249,947
300	e	Kimball International, Inc (Class B)		4,203
500	e	La-Z-Boy, Inc		5,730
1,986		Leggett & Platt, Inc		43,791
4,134		Masco Corp		117,695
489	e	Sealy Corp		8,078
580	e*	Select Comfort Corp		9,408
809	e	Tempur-Pedic International, Inc		20,953
322	e*	Williams Scotsman International, Inc		7,667
		TOTAL FURNITURE AND FIXTURES		590,708
FURNITURE AND HOME FURNISHINGS STORES - 0.19%
3,031	*	Bed Bath & Beyond, Inc		109,086
1,868	e	Circuit City Stores, Inc		28,169
1,638	*	GameStop Corp (Class A)		64,046
323	e*	Guitar Center, Inc		19,319
166	e	Haverty Furniture Cos, Inc		1,937
546		Knoll, Inc		12,230
573	e*	Mohawk Industries, Inc		57,753
1,075	e	Pier 1 Imports, Inc		9,127
838		Steelcase, Inc (Class A)		15,503
228	e	Tuesday Morning Corp		2,818
1,054	e	Williams-Sonoma, Inc		33,285
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		353,273
GENERAL BUILDING CONTRACTORS - 0.25%
100	e	Amrep Corp		4,755
39	e*	Avatar Holdings, Inc		3,001
377	e	Beazer Homes USA, Inc		9,301
139	e	Brookfield Homes Corp		4,044
1,320		Centex Corp		52,932
3,307		DR Horton, Inc		65,909
439	e*	Hovnanian Enterprises, Inc (Class A)		7,257
857	e	KB Home		33,740
1,382		Lennar Corp (Class A)		50,526
111	e	M/I Homes, Inc		2,953
338	e	MDC Holdings, Inc		16,346
274	e	McGrath RentCorp		9,231
264	e*	Meritage Homes Corp		7,062
50	e*	NVR, Inc		33,988
100	e*	Palm Harbor Homes, Inc		1,415
316	e*	Perini Corp		19,443
2,240		Pulte Homes, Inc		50,288
506	e	Ryland Group, Inc		18,909
670	e	Standard-Pacific Corp		11,745
280	e*	Team, Inc		12,592
1,348	e*	Toll Brothers, Inc		33,673
518	e*	WCI Communities, Inc		8,640
568	e	Walter Industries, Inc		16,449
		TOTAL GENERAL BUILDING CONTRACTORS		474,199
GENERAL MERCHANDISE STORES - 1.59%
521	e*	99 Cents Only Stores		6,830

65

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
713	*	BJ's Wholesale Club, Inc	$	25,689
1,248	e*	Big Lots, Inc		36,716
139	e	Bon-Ton Stores, Inc		5,568
325	e*	Cabela's, Inc		7,192
547		Casey's General Stores, Inc		14,911
100	e*	Conn's, Inc		2,856
4,886		Costco Wholesale Corp		285,929
670	e	Dillard's, Inc (Class A)		24,073
3,435		Dollar General Corp		75,295
1,650		Family Dollar Stores, Inc		56,628
480	e	Fred's, Inc		6,422
2,471		JC Penney Co, Inc		178,851
5,065		Macy's, Inc		201,486
298	e*	Retail Ventures, Inc		4,807
1,433	e	Saks, Inc		30,595
200	e	Stein Mart, Inc		2,452
4,974		TJX Cos, Inc		136,785
9,358		Target Corp		595,169
26,381		Wal-Mart Stores, Inc		1,269,190
		TOTAL GENERAL MERCHANDISE STORES		2,967,444
HEALTH SERVICES - 1.32%
664	e*	Assisted Living Concepts, Inc (A Shares)		7,072
107	e*	Alliance Imaging, Inc		1,005
288	*	Amedisys, Inc		10,463
134	*	American Dental Partners, Inc		3,480
2,092		AmerisourceBergen Corp		103,491
282	*	Amsurg Corp		6,807
569	e*	Apria Healthcare Group, Inc		16,370
300	e*	Bio-Reference Labs, Inc		8,205
384	e	Brookdale Senior Living, Inc		17,499
3,150		Cigna Corp		164,493
1,047	e*	Community Health Systems, Inc		42,351
90	*	Corvel Corp		2,353
683	*	Covance, Inc		46,826
1,712	*	Coventry Health Care, Inc		98,697
296	*	Cross Country Healthcare, Inc		4,937
253	e*	CryoLife, Inc		3,292
1,093	*	DaVita, Inc		58,891
660	*	Edwards Lifesciences Corp		32,564
60	e*	Emeritus Corp		1,859
242	e*	Enzo Biochem, Inc		3,618
2,544	*	Express Scripts, Inc		127,225
228	*	Genesis HealthCare Corp		15,600
300	e*	Genomic Health, Inc		5,640
285	e*	Gentiva Health Services, Inc		5,717
2,818		Health Management Associates, Inc (Class A)		32,012
140	*	Healthsouth Corp		2,535
352	e*	Healthways, Inc		16,674
900	e*	Hythiam, Inc		7,785
634	*	Immunomedics, Inc		2,631
402	*	Kindred Healthcare, Inc		12,349
216	e	LCA-Vision, Inc		10,208
124	e*	LHC Group, Inc		3,249

66

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,297	*	Laboratory Corp of America Holdings	$	101,503
634	*	LifePoint Hospitals, Inc		24,523
939	*	Lincare Holdings, Inc		37,419
488	*	Magellan Health Services, Inc		22,677
801		Manor Care, Inc		52,297
300	e*	Matria Healthcare, Inc		9,084
3,250		McKesson Corp		193,830
164	*	Medcath Corp		5,215
3,087	*	Medco Health Solutions, Inc		240,755
100	e	National Healthcare Corp		5,160
981	e*	Nektar Therapeutics		9,310
235	*	Nighthawk Radiology Holdings, Inc		4,242
336	*	Odyssey HealthCare, Inc		3,985
1,319		Omnicare, Inc		47,563
187	e	Option Care, Inc		2,880
514	*	Pediatrix Medical Group, Inc		28,347
1,098		Pharmaceutical Product Development, Inc		42,020
610	e*	Psychiatric Solutions, Inc		22,119
117	e*	Radiation Therapy Services, Inc		3,082
300	e*	RehabCare Group, Inc		4,272
611	*	Sierra Health Services, Inc		25,405
246	*	Skilled Healthcare Group, Inc (Class A)		3,815
300	*	Stereotaxis, Inc		3,918
722	e*	Sun Healthcare Group, Inc		10,462
483	e*	Sunrise Senior Living, Inc		19,315
183	*	Symbion, Inc		3,973
5,068	e*	Tenet Healthcare Corp		32,993
975	*	Triad Hospitals, Inc		52,416
497		Universal Health Services, Inc (Class B)		30,566
6,714	*	WellPoint, Inc		535,979
133	*	eHealth, Inc		2,539
		TOTAL HEALTH SERVICES		2,457,562
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.06%
771	*	Foster Wheeler Ltd		82,489
396		Granite Construction, Inc		25,415
440	*	Matrix Service Co		10,934
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		118,838
HOLDING AND OTHER INVESTMENT OFFICES - 3.40%
1,090		AMB Property Corp		58,010
400		Acadia Realty Trust		10,380
353	e*	Affiliated Managers Group, Inc		45,452
1,026	e*	Affordable Residential Communities LP		12,127
79	e	Agree Realty Corp		2,469
614	e	Alesco Financial, Inc		4,992
24	e*	Alexander's, Inc		9,702
322		Alexandria Real Estate Equities, Inc		31,176
1,704	e	Allied Capital Corp		52,756
481		American Campus Communities, Inc		13,607
1,336		American Financial Realty Trust		13,788
535	e	American Home Mortgage Investment Corp		9,833
2,882		Annaly Mortgage Management, Inc		41,558
503		Anthracite Capital, Inc		5,885

67

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
734		Anworth Mortgage Asset Corp	$	6,643
1,059	e	Apartment Investment & Management Co (Class A)		53,395
1,280		Apollo Investment Corp		27,546
134		Arbor Realty Trust, Inc		3,459
2,381		Archstone-Smith Trust		140,741
1,067	e	Ashford Hospitality Trust, Inc		12,548
167		Associated Estates Realty Corp		2,604
872		AvalonBay Communities, Inc		103,663
557	e	BRE Properties, Inc (Class A)		33,025
630		BioMed Realty Trust, Inc		15,826
1,121		Boston Properties, Inc		114,488
918		Brandywine Realty Trust		26,236
698		CBL & Associates Properties, Inc		25,163
324	e	CBRE Realty Finance, Inc		3,852
612		Camden Property Trust		40,986
472	e	Capital Lease Funding, Inc		5,074
47	e	Capital Southwest Corp		7,322
200	e	Capital Trust, Inc (Class A)		6,828
400	e	Cedar Shopping Centers, Inc		5,740
65	e	Cherokee, Inc		2,375
507		Colonial Properties Trust		18,480
227	e	Compass Diversified Trust		4,047
429	e	Corporate Office Properties Trust		17,593
426		Cousins Properties, Inc		12,358
820	e	Crescent Real Estate Equities Co		18,401
300		Crystal River Capital, Inc		7,284
1,850	e	DCT Industrial Trust, Inc		19,906
560		Deerfield Triarc Capital Corp		8,193
1,275		Developers Diversified Realty Corp		67,205
1,064		DiamondRock Hospitality Co		20,301
578		Digital Realty Trust, Inc		21,779
1,038		Douglas Emmett, Inc		25,680
1,402		Duke Realty Corp		50,009
451	e	EastGroup Properties, Inc		19,763
231	e	Education Realty Trust, Inc		3,241
300	e	Entertainment Properties Trust		16,134
587	e	Equity Inns, Inc		13,149
238	e	Equity Lifestyle Properties, Inc		12,421
415	e	Equity One, Inc		10,603
3,130		Equity Residential		142,822
267	e	Essex Property Trust, Inc		31,052
630		Extra Space Storage, Inc		10,395
617		Federal Realty Investment Trust		47,669
628		FelCor Lodging Trust, Inc		16,347
500	e	First Industrial Realty Trust, Inc		19,380
172	e	First Potomac Realty Trust		4,006
538	e	Franklin Street Properties Corp		8,899
2,050	e	Friedman Billings Ramsey Group, Inc (Class A)		11,193
300		GMH Communities Trust		2,907
2,246		General Growth Properties, Inc		118,926
164	e	Getty Realty Corp		4,310
81	e	Gladstone Capital Corp		1,738
511	e	Glimcher Realty Trust		12,775
143	e	Gramercy Capital Corp		3,938

68

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
179	*	HFF, Inc (Class A)	$	2,776
2,100		HRPT Properties Trust		21,840
2,324		Health Care Property Investors, Inc		67,233
817		Health Care REIT, Inc		32,974
605	e	Healthcare Realty Trust, Inc		16,807
298	e	Hersha Hospitality Trust		3,522
768		Highland Hospitality Corp		14,746
629		Highwoods Properties, Inc		23,588
403		Home Properties, Inc		20,928
984		Hospitality Properties Trust		40,826
5,552		Host Marriott Corp		128,362
862	e	IMPAC Mortgage Holdings, Inc		3,974
710	e	Inland Real Estate Corp		12,056
450		Innkeepers U.S.A. Trust		7,978
678		Investors Real Estate Trust		7,004
284	e	JER Investors Trust, Inc		4,260
567	e*	Jamba, Inc		5,182
348		Kilroy Realty Corp		24,652
2,348		Kimco Realty Corp		89,388
715		Kite Realty Group Trust		13,599
249		LTC Properties, Inc		5,665
442	e	LaSalle Hotel Properties		19,192
736		Lexington Corporate Properties Trust		15,309
1,005	e	Liberty Property Trust		44,150
1,468	e	Luminent Mortgage Capital, Inc		14,812
808		MFA Mortgage Investments, Inc		5,882
520		MVC Capital, Inc		9,781
781		Macerich Co		64,370
688		Mack-Cali Realty Corp		29,921
527		Maguire Properties, Inc		18,092
430	e	Medical Properties Trust, Inc		5,689
261		Mid-America Apartment Communities, Inc		13,697
220	e	Mission West Properties, Inc		3,067
200	e	National Health Investors, Inc		6,344
658		National Retail Properties, Inc		14,384
925		Nationwide Health Properties, Inc		25,160
463	e	Newcastle Investment Corp		11,607
454	e*	NexCen Brands, Inc		5,058
800		NorthStar Realty Finance Corp		10,008
714	e	Novastar Financial, Inc		4,984
735		Omega Healthcare Investors, Inc		11,635
235		PS Business Parks, Inc		14,892
149	e	Parkway Properties, Inc		7,156
216	e	PennantPark Investment Corp		3,033
385		Pennsylvania Real Estate Investment Trust		17,067
1,970		Plum Creek Timber Co, Inc		82,070
500		Post Properties, Inc		26,065
449		Potlatch Corp		19,329
2,813		Prologis		160,060
218		Prospect Capital Corp		3,808
1,335		Public Storage, Inc		102,555
598	e	RAIT Investment Trust		15,560
201		Ramco-Gershenson Properties		7,222
998		Realty Income Corp		25,140

69

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
209		Redwood Trust, Inc	$	10,111
757		Regency Centers Corp		53,369
270	e	Republic Property Trust		3,308
500	e	Resource Capital Corp		6,990
649		SL Green Realty Corp		80,405
200		Saul Centers, Inc		9,070
893		Senior Housing Properties Trust		18,173
2,404		Simon Property Group, Inc		223,668
187		Sovran Self Storage, Inc		9,006
1,315		Spirit Finance Corp		19,146
798	e	Strategic Hotels & Resorts, Inc		17,947
236		Sun Communities, Inc		7,026
631		Sunstone Hotel Investors, Inc		17,914
991	*	TFS Financial Corp		11,436
290	e	Tanger Factory Outlet Centers, Inc		10,860
106	e*	Tarragon Corp		897
574		Taubman Centers, Inc		28,476
1,360		Thornburg Mortgage, Inc		35,605
499	e	U-Store-It Trust		8,179
1,487	e	UDR, Inc		39,108
200	e	Universal Health Realty Income Trust		6,660
213		Urstadt Biddle Properties, Inc (Class A)		3,623
1,470	e	Ventas, Inc		53,287
3,182		Virgin Media, Inc		77,545
1,429		Vornado Realty Trust		156,961
444	e	Washington Real Estate Investment Trust		15,096
842	e	Weingarten Realty Investors		34,606
400	*	Winston Hotels, Inc		6,000
1,100		Winthrop Realty Trust		7,601
25,200		iShares Russell 3000 Index Fund		2,193,156
1,431		iStar Financial, Inc		63,436
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,345,277
HOTELS AND OTHER LODGING PLACES - 0.53%
226	e	Ameristar Casinos, Inc		7,851
459	e*	Bluegreen Corp		5,366
584		Boyd Gaming Corp		28,727
370		Choice Hotels International, Inc		14,622
424	*	Gaylord Entertainment Co		22,743
300	e*	Great Wolf Resorts, Inc		4,275
4,183		Hilton Hotels Corp		140,005
162	e*	Isle of Capri Casinos, Inc		3,882
1,150	e*	Las Vegas Sands Corp		87,848
300	e*	Lodgian, Inc		4,509
1,294	*	MGM Mirage		106,729
200	e	Marcus Corp		4,752
3,640		Marriott International, Inc (Class A)		157,394
200	*	Monarch Casino & Resort, Inc		5,370
190	e*	Morgans Hotel Group Co		4,632
465	e	Orient-Express Hotels Ltd (Class A)		24,831
200	e*	Riviera Holdings Corp		7,270
2,333		Starwood Hotels & Resorts Worldwide, Inc		156,474
482	e	Station Casinos, Inc		41,838
704	e*	Trump Entertainment Resorts, Inc		8,835

70

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
378	e*	Vail Resorts, Inc	$	23,009
1,996	*	Wyndham Worldwide Corp		72,375
550	e	Wynn Resorts Ltd		49,329
		TOTAL HOTELS AND OTHER LODGING PLACES		982,666
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.85%
961	*	AGCO Corp		41,717
140	e*	ASV, Inc		2,419
86	e	Aaon, Inc		2,739
282	e	Actuant Corp (Class A)		17,783
301	e	Albany International Corp (Class A)		12,172
400	e*	Allis-Chalmers Energy, Inc		9,196
1,937		American Standard Cos, Inc		114,244
79		Ampco-Pittsburgh Corp		3,167
15,124		Applied Materials, Inc		300,514
200	*	Astec Industries, Inc		8,444
800	*	Asyst Technologies, Inc		5,784
900	*	Axcelis Technologies, Inc		5,841
722		Black & Decker Corp		63,760
243	e	Black Box Corp		10,055
315	e*	Blount International, Inc		4,120
547	e	Briggs & Stratton Corp		17,263
4,603	*	Brocade Communications Systems, Inc		35,995
831	*	Brooks Automation, Inc		15,083
410		Bucyrus International, Inc (Class A)		29,020
638		CDW Corp		54,211
678		Carlisle Cos, Inc		31,534
126	e	Cascade Corp		9,883
7,007		Caterpillar, Inc		548,648
1,000	*	Cirrus Logic, Inc		8,300
196	*	Columbus McKinnon Corp		6,311
347	e*	Cray, Inc		2,648
1,140		Cummins, Inc		115,379
500		Curtiss-Wright Corp		23,305
400	*	Cymer, Inc		16,080
2,483		Deere & Co		299,797
25,010	*	Dell, Inc		714,036
772		Diebold, Inc		40,298
818	e	Donaldson Co, Inc		29,080
2,236		Dover Corp		114,371
938	*	Dresser-Rand Group, Inc		37,051
318	*	Dril-Quip, Inc		14,294
22,956	*	EMC Corp		415,504
507	*	ENGlobal Corp		6,160
630	*	Electronics for Imaging, Inc		17,779
1,000	e*	Emulex Corp		21,840
215	e*	EnPro Industries, Inc		9,200
1,363	*	Entegris, Inc		16,192
1,016	e*	Extreme Networks, Inc		4,115
715	*	FMC Technologies, Inc		56,642
101	e*	Flotek Industries, Inc		6,055
413	e*	Flow International Corp		5,204
623		Flowserve Corp		44,607
190	e*	Fuel Tech, Inc		6,507

71

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
530	*	Gardner Denver, Inc	$	22,551
2,668	e*	Gateway, Inc		4,242
106	e*	Gehl Co		3,218
112,559		General Electric Co		4,308,759
409	e*	Goodman Global, Inc		9,088
156	e	Gorman-Rupp Co		4,970
771		Graco, Inc		31,056
1,415	*	Grant Prideco, Inc		76,169
120		Hardinge, Inc		4,084
29,283		Hewlett-Packard Co		1,306,607
60	*	Hurco Cos, Inc		2,999
889		IDEX Corp		34,262
289	*	Immersion Corp		4,329
3,302		Ingersoll-Rand Co Ltd (Class A)		181,016
664	e*	Intermec, Inc		16,806
16,246		International Business Machines Corp		1,709,891
3,639		International Game Technology		144,468
278	e*	Intevac, Inc		5,910
1,988	e	Jabil Circuit, Inc		43,875
1,220		Joy Global, Inc		71,163
85	*	Kadant, Inc		2,652
300	e	Kaydon Corp		15,636
426		Kennametal, Inc		34,945
348	e*	Komag, Inc		11,098
631	*	Kulicke & Soffa Industries, Inc		6,607
1,500	*	Lam Research Corp		77,100
657		Lennox International, Inc		22,489
1,076	*	Lexmark International, Inc (Class A)		53,058
100	e	Lindsay Manufacturing Co		4,429
200		Lufkin Industries, Inc		12,910
696		Manitowoc Co, Inc		55,944
400	*	Micros Systems, Inc		21,760
244	e*	Middleby Corp		14,596
500		Modine Manufacturing Co		11,300
158	*	NATCO Group, Inc (Class A)		7,274
66		Nacco Industries, Inc (Class A)		10,262
400	e*	Netgear, Inc		14,500
369		Nordson Corp		18,509
540	*	Oil States International, Inc		22,324
1,385		Pall Corp		63,696
1,132		Palm, Inc		18,123
1,916	*	Quantum Corp		6,074
200	*	RBC Bearings, Inc		8,250
244	*	Riverbed Technology, Inc		10,692
301	e*	Rackable Systems, Inc		3,720
113	*	Rimage Corp		3,570
155		Robbins & Myers, Inc		8,235
1,726	e	Rockwell Automation, Inc		119,853
623		SPX Corp		54,706
1,316	e*	Safeguard Scientifics, Inc		3,698
2,531	*	SanDisk Corp		123,867
200	e	Sauer-Danfoss, Inc		5,952
266	e*	Scansource, Inc		8,509
702	e*	Scientific Games Corp (Class A)		24,535

72

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
5,947		Seagate Technology, Inc	$	129,466
100	e*	Semitool, Inc		961
357	e*	Sigma Designs, Inc		9,314
10,117	*	Solectron Corp		37,231
678	e*	SourceForge, Inc		2,861
100		Standex International Corp		2,844
618	e*	Tecumseh Products Co (Class A)		9,709
200		Tennant Co		7,300
1,127	*	Terex Corp		91,625
1,037		Timken Co		37,446
440		Toro Co		25,912
555	*	TurboChef Technologies, Inc		7,726
50	e	Twin Disc, Inc		3,595
200	e*	Ultratech, Inc		2,666
1,402	*	Varian Medical Systems, Inc		59,599
678	e*	VeriFone Holdings, Inc		23,899
280		Watsco, Inc		15,232
2,428	*	Western Digital Corp		46,982
340		Woodward Governor Co		18,248
762	*	Zebra Technologies Corp (Class A)		29,520
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		12,802,819
INSTRUMENTS AND RELATED PRODUCTS - 4.19%
186	e*	Abaxis, Inc		3,880
400	e*	Abiomed, Inc		4,312
182	*	Accuray, Inc		4,037
708	e*	Advanced Medical Optics, Inc		24,695
766	e*	Affymetrix, Inc		19,066
4,447	*	Agilent Technologies, Inc		170,943
700	e*	Align Technology, Inc		16,912
3,364		Allergan, Inc		193,901
728	e*	American Medical Systems Holdings, Inc		13,133
87	e*	American Science & Engineering, Inc		4,946
150		Analogic Corp		11,026
200	*	Anaren, Inc		3,522
131	e*	Angiodynamics, Inc		2,359
2,057		Applera Corp (Applied Biosystems Group)		62,821
94	e*	Argon ST, Inc		2,182
332	e*	Armor Holdings, Inc		28,841
272	e	Arrow International, Inc		10,412
300	e*	Arthrocare Corp		13,173
200	e*	Aspect Medical Systems, Inc		2,992
116	e	Badger Meter, Inc		3,278
1,133		Bard (C.R.), Inc		93,620
605	e	Bausch & Lomb, Inc		42,011
7,161		Baxter International, Inc		403,451
655		Beckman Coulter, Inc		42,365
2,682		Becton Dickinson & Co		199,809
208	*	Bio-Rad Laboratories, Inc (Class A)		15,719
2,685		Biomet, Inc		122,758
178	*	Biosite, Inc		16,463
14,572	*	Boston Scientific Corp		223,534
873	*	Bruker BioSciences Corp		7,866
609	e*	Cepheid, Inc		8,891

73

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
324	e*	Coherent, Inc	$	9,885
200	e	Cohu, Inc		4,450
450	*	Conmed Corp		13,176
464	e	Cooper Cos, Inc		24,740
2,018	*	Credence Systems Corp		7,265
148	e*	Cutera, Inc		3,688
200	e*	Cyberonics, Inc		3,364
85	*	Cynosure, Inc (Class A)		3,097
257	e*	DJ Orthopedics, Inc		10,606
446		DRS Technologies, Inc		25,542
2,689		Danaher Corp		203,019
100	e	Datascope Corp		3,828
1,662		Dentsply International, Inc		63,588
284	*	Dionex Corp		20,161
137	e	EDO Corp		4,503
270	e*	ESCO Technologies, Inc		9,790
3,150	e	Eastman Kodak Co		87,664
8,746		Emerson Electric Co		409,313
266	*	Esterline Technologies Corp		12,850
81	*	Excel Technology, Inc		2,263
163	e*	FARO Technologies, Inc		5,193
386	*	FEI Co		12,530
768	e*	Flir Systems, Inc		35,520
497	e*	Formfactor, Inc		19,035
469	*	Fossil, Inc		13,831
145	e*	Foxhollow Technologies, Inc		3,080
272	*	Haemonetics Corp		14,310
606	e*	Hologic, Inc		33,518
193	e*	I-Flow Corp		3,231
111	e*	ICU Medical, Inc		4,766
200	e*	II-VI, Inc		5,434
632	e*	Illumina, Inc		25,653
900	e*	Input/Output, Inc		14,049
159	*	Integra LifeSciences Holdings Corp		7,858
414	*	Intuitive Surgical, Inc		57,451
316	e	Invacare Corp		5,792
400	*	Ionatron, Inc		1,560
304	e*	Itron, Inc		23,694
345	*	Ixia		3,195
31,868		Johnson & Johnson		1,963,706
2,097		Kla-Tencor Corp		115,230
66	e*	Kensey Nash Corp		1,769
479	e*	Kyphon, Inc		23,064
699	e*	L-1 Identity Solutions, Inc		14,295
522	e*	LTX Corp		2,902
550	*	MKS Instruments, Inc		15,235
221	e	MTS Systems Corp		9,872
114	e*	Measurement Specialties, Inc		2,700
147	*	Medical Action Industries, Inc		2,655
12,573		Medtronic, Inc		652,036
409	e	Mentor Corp		16,638
187	*	Merit Medical Systems, Inc		2,237
414	*	Mettler-Toledo International, Inc		39,541
167	*	Micrus Endovascular Corp		4,108

74

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
591	e*	Millipore Corp	$	44,378
300	e	Mine Safety Appliances Co		13,128
200		Movado Group, Inc		6,748
391	e*	Wright Medical Group, Inc		9,431
650		National Instruments Corp		21,170
200	e*	Natus Medical, Inc		3,184
407	e*	Newport Corp		6,300
212	*	Northstar Neuroscience, Inc		2,466
360	e*	NuVasive, Inc		9,724
222	e*	NxStage Medical, Inc		2,870
42	e*	OYO Geospace Corp		3,116
200	e	Oakley, Inc		5,680
181	e*	Orthofix International NV		8,140
200	e*	Palomar Medical Technologies, Inc		6,942
1,291		PerkinElmer, Inc		33,643
2,461		Pitney Bowes, Inc		115,224
306	e	PolyMedica Corp		12,500
828	e*	Resmed, Inc		34,163
826	*	Respironics, Inc		35,179
1,832		Rockwell Collins, Inc		129,412
162	*	Rofin-Sinar Technologies, Inc		11,178
988		Roper Industries, Inc		56,415
351	e*	Rudolph Technologies, Inc		5,830
561	e*	Sirf Technology Holdings, Inc		11,635
182	e*	Sirona Dental Systems, Inc		6,885
293	e*	Sonic Innovations, Inc		2,564
326	e*	Sonic Solutions, Inc		4,111
150	e*	SonoSite, Inc		4,714
330	e*	Spectranetics Corp		3,802
3,714	*	St. Jude Medical, Inc		154,094
800		STERIS Corp		24,480
3,338	e	Stryker Corp		210,594
376	e*	Symmetry Medical, Inc		6,020
450	*	Techne Corp		25,744
897		Tektronix, Inc		30,265
385	*	Teledyne Technologies, Inc		17,691
2,014	*	Teradyne, Inc		35,406
4,610	*	Thermo Electron Corp		238,429
483	e*	Thoratec Corp		8,882
1,248	*	Trimble Navigation Ltd		40,186
100	e	United Industrial Corp		5,998
379	*	Varian, Inc		20,781
262	e*	Veeco Instruments, Inc		5,434
328	e*	Ventana Medical Systems, Inc		25,345
200	e*	Vital Images, Inc		5,432
119		Vital Signs, Inc		6,610
623	e*	Vivus, Inc		3,258
263	*	Volcano Corp		5,315
1,105	*	Waters Corp		65,593
300	e*	X-Rite, Inc		4,431
10,256	*	Xerox Corp		189,531
2,595	*	Zimmer Holdings, Inc		220,290
200	*	Zoll Medical Corp		4,462
198	*	Zygo Corp		2,829

75

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
160	e*	ev3, Inc	$	2,701
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		7,821,731
INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
3,248		AON Corp		138,397
1,188		Brown & Brown, Inc		29,866
245	e	Crawford & Co (Class B)		1,656
1,275	e	Gallagher (Arthur J.) & Co		35,547
3,465		Hartford Financial Services Group, Inc		341,337
394		Hilb Rogal & Hobbs Co		16,887
97	e	James River Group, Inc		3,223
6,146		Marsh & McLennan Cos, Inc		189,788
378	e	National Financial Partners Corp		17,505
271	*	United America Indemnity Ltd (Class A)		6,740
100		White Mountains Insurance Group Ltd		60,602
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		841,548
INSURANCE CARRIERS - 4.79%
300	e	21st Century Insurance Group		6,558
3,316		ACE Ltd		207,316
539	*	AMERIGROUP Corp		12,828
5,607		Aetna, Inc		276,986
5,464		Aflac, Inc		280,850
321	e	Alfa Corp		4,998
60	e*	Alleghany Corp		24,390
661		Allied World Assurance Holdings Ltd		33,876
6,646		Allstate Corp		408,795
1,116		Ambac Financial Group, Inc		97,304
629	e	American Equity Investment Life Holding Co		7,598
928	e	American Financial Group, Inc		31,691
24,522		American International Group, Inc		1,717,276
167		American National Insurance Co		25,484
130	*	American Physicians Capital, Inc		5,265
202	*	Amerisafe, Inc		3,965
600		Amtrust Financial Services, Inc		11,274
556	*	Arch Capital Group Ltd		40,332
400		Argonaut Group, Inc		12,484
961		Aspen Insurance Holdings Ltd		26,975
1,325		Assurant, Inc		78,069
742		Assured Guaranty Ltd		21,934
1,682		Axis Capital Holdings Ltd		68,373
125	e	Baldwin & Lyons, Inc (Class B)		3,247
1,930		W.R. Berkley Corp		62,802
161		Bristol West Holdings, Inc		3,602
303	e	CNA Financial Corp		14,450
100	*	CNA Surety Corp		1,891
444	e*	Centene Corp		9,510
4,393		Chubb Corp		237,837
1,860		Cincinnati Financial Corp		80,724
387	e*	Citizens, Inc		2,724
556	e	Commerce Group, Inc		19,304
2,054	*	Conseco, Inc		42,908
476		Delphi Financial Group, Inc (Class A)		19,906
143		Donegal Group, Inc (Class A)		2,131

76

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
620	e	Employers Holdings, Inc	$	13,169
641		Endurance Specialty Holdings Ltd		25,666
76	e*	Enstar Group Ltd		9,174
583		Erie Indemnity Co (Class A)		31,505
690		Everest Re Group Ltd		74,962
155		FBL Financial Group, Inc (Class A)		6,095
210	e*	Fpic Insurance Group, Inc		8,562
2,428		Fidelity National Title Group, Inc (Class A)		57,544
180	e*	First Acceptance Corp		1,829
1,057		First American Corp		52,322
136	*	First Mercury Financial Corp		2,852
4,760		Genworth Financial, Inc (Class A)		163,744
68		Great American Financial Resources, Inc		1,645
1,158		HCC Insurance Holdings, Inc		38,689
600		Hanover Insurance Group, Inc		29,274
206		Harleysville Group, Inc		6,872
1,227	*	Health Net, Inc		64,786
276	e*	HealthExtras, Inc		8,164
521	*	Healthspring, Inc		9,930
467		Horace Mann Educators Corp		9,919
1,774	*	Humana, Inc		108,054
699		IPC Holdings Ltd		22,571
205	e	Infinity Property & Casualty Corp		10,400
77	e	Kansas City Life Insurance Co		3,582
200	e	LandAmerica Financial Group, Inc		19,298
1,742	e	Leucadia National Corp		61,405
2,963		Lincoln National Corp		210,225
4,767		Loews Corp		243,022
1,432		MBIA, Inc		89,099
923	e	MGIC Investment Corp		52,482
116	*	Markel Corp		56,209
662		Max Re Capital Ltd		18,735
288	*	Meadowbrook Insurance Group, Inc		3,156
288		Mercury General Corp		15,872
5,159		Metlife, Inc		332,652
70	e	Midland Co		3,286
110	e*	Molina Healthcare, Inc		3,357
1,226	e	Montpelier Re Holdings Ltd		22,730
65	e	NYMAGIC, Inc		2,613
173	e	National Interstate Corp		4,512
19		National Western Life Insurance Co (Class A)		4,805
590	e	Nationwide Financial Services, Inc (Class A)		37,300
117	*	Navigators Group, Inc		6,306
311	e	Odyssey Re Holdings Corp		13,339
652		Ohio Casualty Corp		28,238
2,437		Old Republic International Corp		51,811
313		OneBeacon Insurance Group Ltd		7,928
400	e*	PMA Capital Corp (Class A)		4,276
973		PMI Group, Inc		43,464
649	*	PXRE Group Ltd		3,011
622		PartnerRe Ltd		48,205
609	*	Philadelphia Consolidated Holding Co		25,456
1,122		Phoenix Cos, Inc		16,841
654		Platinum Underwriters Holdings Ltd		22,726

77

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
200		Presidential Life Corp	$	3,932
499	e*	Primus Guaranty Ltd		5,349
2,955		Principal Financial Group		172,247
338	*	ProAssurance Corp		18,816
8,256		Progressive Corp		197,566
737		Protective Life Corp		35,236
5,067		Prudential Financial, Inc		492,664
198	*	RAM Holdings Ltd		3,119
200		RLI Corp		11,190
910		Radian Group, Inc		49,140
310	e	Reinsurance Group Of America, Inc		18,674
790		RenaissanceRe Holdings Ltd		48,972
1,171		Safeco Corp		72,906
200		Safety Insurance Group, Inc		8,280
731		Scottish Re Group Ltd		3,575
169	e*	SeaBright Insurance Holdings, Inc		2,954
263		Security Capital Assurance Ltd		8,119
656		Selective Insurance Group, Inc		17,633
628	e	Stancorp Financial Group, Inc		32,957
200	e	State Auto Financial Corp		6,130
200		Stewart Information Services Corp		7,966
1,044		Torchmark Corp		69,948
176		Tower Group, Inc		5,614
334	e	Transatlantic Holdings, Inc		23,757
7,264		Travelers Cos, Inc/The		388,624
173	e*	Triad Guaranty, Inc		6,908
234	e	United Fire & Casualty Co		8,279
14,662		UnitedHealth Group, Inc		749,815
500		Unitrin, Inc		24,590
417	e*	Universal American Financial Corp		8,874
3,726		UnumProvident Corp		97,286
421	*	WellCare Health Plans, Inc		38,105
20		Wesco Financial Corp		7,700
1,891		XL Capital Ltd (Class A)		159,392
401		Zenith National Insurance Corp		18,883
		TOTAL INSURANCE CARRIERS		8,944,526
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
610	*	Corrections Corp of America		38,497
560	e*	Geo Group, Inc		16,296
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		54,793
LEATHER AND LEATHER PRODUCTS - 0.16%
850	e*	CROCS, Inc		36,575
4,061	*	Coach, Inc		192,451
344	e*	Genesco, Inc		17,995
643	*	Iconix Brand Group, Inc		14,287
150		Steven Madden Ltd		4,914
558	*	Timberland Co (Class A)		14,056
60	e	Weyco Group, Inc		1,616
600		Wolverine World Wide, Inc		16,626
		TOTAL LEATHER AND LEATHER PRODUCTS		298,520

78

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
LEGAL SERVICES - 0.01%
452	e*	FTI Consulting, Inc	$	17,190
154	*	Pre-Paid Legal Services, Inc		9,904
		TOTAL LEGAL SERVICES		27,094
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
101	e*	Emergency Medical Services Corp (Class A)		3,952
871		Laidlaw International, Inc		30,093
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		34,045
LUMBER AND WOOD PRODUCTS - 0.03%
80	e	American Woodmark Corp		2,768
1,056	e*	Champion Enterprises, Inc		10,380
100	e	Deltic Timber Corp		5,482
1,157		Louisiana-Pacific Corp		21,890
100	e	Skyline Corp		3,001
200	e	Universal Forest Products, Inc		8,452
		TOTAL LUMBER AND WOOD PRODUCTS		51,973
METAL MINING - 0.39%
627	*	Apex Silver Mines Ltd		12,653
450	e	Cleveland-Cliffs, Inc		34,951
3,160	e*	Coeur d'Alene Mines Corp		11,344
496	e	Foundation Coal Holdings, Inc		20,157
4,171		Freeport-McMoRan Copper & Gold, Inc (Class B)		345,442
1,552	*	Hecla Mining Co		13,254
520	e*	Idaho General Mines, Inc		3,297
4,655		Newmont Mining Corp		181,824
607	e*	Rosetta Resources, Inc		13,075
264	e	Royal Gold, Inc		6,275
779	e	Southern Copper Corp		73,429
656	*	Stillwater Mining Co		7,223
516	*	US Gold Corp		2,838
570	e*	Uranium Resources, Inc		6,287
		TOTAL METAL MINING		732,049
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.59%
213	*	Armstrong World Industries, Inc		10,682
300		Blyth, Inc		7,974
806	e	Callaway Golf Co		14,355
423	e	Daktronics, Inc		9,086
1,672		Fortune Brands, Inc		137,723
1,744		Hasbro, Inc		54,779
311	e*	Jakks Pacific, Inc		8,752
506	e*	K2, Inc		7,686
4,259		Mattel, Inc		107,710
275	e	Nautilus, Inc		3,311
191	*	RC2 Corp		7,642
100	*	Russ Berrie & Co, Inc		1,863
393	e*	Shuffle Master, Inc		6,524
100		Steinway Musical Instruments, Inc		3,459
21,346	*	Tyco International Ltd		721,281
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,102,827

79

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS RETAIL - 1.34%
198	e*	1-800-FLOWERS.COM, Inc (Class A)	$	1,867
110	e*	AC Moore Arts & Crafts, Inc		2,157
3,331	*	Amazon.com, Inc		227,874
565		Barnes & Noble, Inc		21,736
4,331		Best Buy Co, Inc		202,128
334		Big 5 Sporting Goods Corp		8,517
158	*	Blue Nile, Inc		9,543
155	e	Books-A-Million, Inc		2,626
792	e	Borders Group, Inc		15,096
200	e*	Build-A-Bear Workshop, Inc		5,228
558	e*	CKX, Inc		7,712
17,059		CVS Corp		621,801
400		Cash America International, Inc		15,860
679	e*	Coldwater Creek, Inc		15,773
443	e*	Dick's Sporting Goods, Inc		25,769
1,067	*	Dollar Tree Stores, Inc		46,468
393	*	Ezcorp, Inc (Class A)		5,203
324	e*	GSI Commerce, Inc		7,358
373	e*	Hibbett Sports, Inc		10,213
359		Longs Drug Stores Corp		18,855
497		MSC Industrial Direct Co (Class A)		27,335
353	e*	Nutri/System, Inc		24,654
3,008	*	Office Depot, Inc		91,142
769		OfficeMax, Inc		30,222
93	*	Overstock.com, Inc		1,699
1,486		Petsmart, Inc		48,221
145		Pricesmart, Inc		3,586
5,097	e*	Rite Aid Corp		32,519
883	*	Sears Holdings Corp		149,669
160	*	Shutterfly, Inc		3,448
192	e*	Stamps.com, Inc		2,646
7,824		Staples, Inc		185,664
220		Systemax, Inc		4,578
1,527		Tiffany & Co		81,023
180	e*	Valuevision International, Inc (Class A)		2,038
10,923		Walgreen Co		475,587
362	e	World Fuel Services Corp		15,226
490	e*	Zale Corp		11,667
300	e*	Zumiez, Inc		11,334
414	*	Priceline.com, Inc		28,458
		TOTAL MISCELLANEOUS RETAIL		2,502,500
MOTION PICTURES - 1.13%
466	e*	Avid Technology, Inc		16,473
1,979	e*	Blockbuster, Inc (Class A)		8,529
7,027		CBS Corp (Class B)		234,140
100	e	Carmike Cinemas, Inc		2,196
306	e*	Cinemark Holdings Inc		5,474
3,011	*	Discovery Holding Co (Class A)		69,223
723	*	DreamWorks Animation SKG, Inc (Class A)		20,851
171	e*	Gaiam, Inc (Class A)		3,117
524	*	Macrovision Corp		15,751
460	*	National CineMedia, Inc		12,885
24,932		News Corp (Class A)		528,808

80

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
750	e	Regal Entertainment Group (Class A)	$	16,447
41,460		Time Warner, Inc		872,318
1,640	e*	Time Warner Telecom, Inc (Class A)		32,964
6,676	*	Viacom, Inc (Class B)		277,922
		TOTAL MOTION PICTURES		2,117,098
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
321	e*	Premier Exhibitions, Inc		5,059
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		5,059
NONDEPOSITORY INSTITUTIONS - 1.78%
200	e*	Accredited Home Lenders Holding Co		2,734
700	e	Advance America Cash Advance Centers, Inc		12,418
403		Advanta Corp (Class B)		12,549
1,288	*	AmeriCredit Corp		34,196
1,746		American Capital Strategies Ltd		74,240
11,330		American Express Co		693,169
970	e	Ares Capital Corp		16,344
111	e	Asta Funding, Inc		4,266
1,592		Broadridge Financial Solutions, Inc		30,439
2,098		CIT Group, Inc		115,033
4,547		Capital One Financial Corp		356,667
964		CapitalSource, Inc		23,705
555	e	Centerline Holding Co		9,990
218	e*	CompuCredit Corp		7,634
6,494		Countrywide Financial Corp		236,057
103	e*	Credit Acceptance Corp		2,763
10,645		Fannie Mae		695,438
160	e	Federal Agricultural Mortgage Corp (Class C)		5,475
274	e	Financial Federal Corp		8,171
250	*	First Cash Financial Services, Inc		5,860
641	e	First Marblehead Corp		24,768
7,238		Freddie Mac		439,347
1,040	e*	Freedom Acquisition Holding, Inc		11,450
255	e	Hercules Technology Growth Capital, Inc		3,445
838	*	INVESTools, Inc		8,346
347	e*	Information Services Group, Inc		2,655
160		Kohlberg Capital Corp		2,968
412	*	Marathon Acquisition Corp		3,247
681	e	MCG Capital Corp		10,910
300	e	NGP Capital Resources Co		5,016
278	e*	NTR Acquisition Co		2,633
200		Nelnet, Inc (Class A)		4,888
300	e*	Ocwen Financial Corp		3,999
544	*	PHH Corp		16,978
199	e	Patriot Capital Funding, Inc		2,955
4,501		SLM Corp		259,168
42		Student Loan Corp		8,564
200	e	Technology Investment Capital Corp		3,158
1,364		Textron, Inc		150,190
199	e*	World Acceptance Corp		8,503
		TOTAL NONDEPOSITORY INSTITUTIONS		3,320,336

81

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
200	e	AMCOL International Corp	$	5,462
350	e	Compass Minerals International, Inc		12,131
495		Florida Rock Industries, Inc		33,412
1,050	e	Vulcan Materials Co		120,267
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		171,272
OIL AND GAS EXTRACTION - 3.02%
191	e*	ATP Oil & Gas Corp		9,290
5,077		Anadarko Petroleum Corp		263,953
117	e*	Arena Resources, Inc		6,799
339	e	Atlas America, Inc		18,214
282	e*	Atwood Oceanics, Inc		19,351
3,222		BJ Services Co		91,634
3,511		Baker Hughes, Inc		295,380
448	e*	Basic Energy Services, Inc		11,455
400	e	Berry Petroleum Co (Class A)		15,072
310	e*	Bill Barrett Corp		11,417
184	e*	Bois d'Arc Energy, Inc		3,134
400	e*	Brigham Exploration Co		2,348
200	e*	Bronco Drilling Co, Inc		3,282
303	e*	CNX Gas Corp		9,272
406	*	Cal Dive International, Inc		6,752
230	*	Callon Petroleum Co		3,259
1,204	*	Cameron International Corp		86,050
202	e*	Carrizo Oil & Gas, Inc		8,377
599	e*	Cheniere Energy, Inc		23,235
4,861	e	Chesapeake Energy Corp		168,191
900	e	Cimarex Energy Co		35,469
100	*	Clayton Williams Energy, Inc		2,647
471	*	Complete Production Services, Inc		12,175
432	*	Comstock Resources, Inc		12,947
145	*	Contango Oil & Gas Co		5,262
184	*	Continental Resources, Inc		2,944
80	*	Dawson Geophysical Co		4,917
892	e*	Delta Petroleum Corp		17,911
1,296	*	Denbury Resources, Inc		48,600
740	e	Diamond Offshore Drilling, Inc		75,154
1,653		ENSCO International, Inc		100,850
676	e*	EXCO Resources, Inc		11,789
300	e*	Edge Petroleum Corp		4,203
520	e*	Encore Acquisition Co		14,456
453	e*	Energy Partners Ltd		7,561
1,290		Equitable Resources, Inc		63,932
386	e*	FX Energy, Inc		3,532
879	*	Forest Oil Corp		37,147
87	e*	GMX Resources, Inc		3,010
1,000	e*	GeoGlobal Resources, Inc		5,090
1,009	*	Global Industries Ltd		27,061
2,495		GlobalSantaFe Corp		180,264
111	e*	Goodrich Petroleum Corp		3,844
2,200	e*	Grey Wolf, Inc		18,128
520	e*	Gulfport Energy Corp		10,390
10,040		Halliburton Co		346,380
1,026	e*	Hanover Compressor Co		24,470

82

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
318	e*	Harvest Natural Resources, Inc	$	3,787
992	e*	Helix Energy Solutions Group, Inc		39,591
1,072		Helmerich & Payne, Inc		37,970
291	e*	Hercules Offshore, Inc		9,423
359	*	Horizon Offshore, Inc		6,893
107		Kayne Anderson Energy Development Co		2,694
917	*	Mariner Energy, Inc		22,237
254	e*	McMoRan Exploration Co		3,556
910	e*	Meridian Resource Corp		2,748
3,034	*	Nabors Industries Ltd		101,275
1,954	*	National Oilwell Varco, Inc		203,685
1,000	e*	Newpark Resources, Inc		7,750
1,435		Noble Corp		139,941
597	*	Oceaneering International, Inc		31,426
1,155	*	Oilsands Quest, Inc		2,853
522	e*	Parallel Petroleum Corp		11,432
1,200	*	Parker Drilling Co		12,648
1,800		Patterson-UTI Energy, Inc		47,178
440		Penn Virginia Corp		17,688
1,798	e*	PetroHawk Energy Corp		28,516
165	e*	Petroleum Development Corp		7,834
435	e*	Petroquest Energy, Inc		6,325
452	*	Pioneer Drilling Co		6,739
1,352		Pioneer Natural Resources Co		65,856
819	*	Plains Exploration & Production Co		39,156
564	e	Pogo Producing Co		28,646
1,760	*	Pride International, Inc		65,930
549	e*	Quicksilver Resources, Inc		24,474
337	e	RPC, Inc		5,742
1,620		Range Resources Corp		60,604
1,179		Rowan Cos, Inc		48,315
12,894		Schlumberger Ltd		1,095,216
264	*	SEACOR Holdings, Inc		24,647
2,192	e	Smith International, Inc		128,539
1,884	*	Southwestern Energy Co		83,838
870		St. Mary Land & Exploration Co		31,859
296	*	Stone Energy Corp		10,141
373	e*	Sulphco, Inc		1,347
868	*	Superior Energy Services		34,651
174	e*	Superior Well Services, Inc		4,421
327	e*	Swift Energy Co		13,983
311	e*	TXCO Resources, Inc		3,197
810	*	Tetra Technologies, Inc		22,842
617	e	Tidewater, Inc		43,733
672	*	Todco		31,725
248	e*	Toreador Resources Corp		3,720
3,105	*	Transocean, Inc		329,068
127	*	Trico Marine Services, Inc		5,192
300	*	Union Drilling, Inc		4,926
520	*	Unit Corp		32,713
621	e*	Vaalco Energy, Inc		2,999
137	*	Venoco, Inc		2,558
289	e	W&T Offshore, Inc		8,089
347	*	W-H Energy Services, Inc		21,483

83

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
580	e*	Warren Resources, Inc	$	6,774
3,692	*	Weatherford International Ltd		203,946
413	*	Whiting Petroleum Corp		16,735
285	*	Willbros Group, Inc		8,459
4,031		XTO Energy, Inc		242,263
		TOTAL OIL AND GAS EXTRACTION		5,648,574
PAPER AND ALLIED PRODUCTS - 0.52%
1,152		Bemis Co		38,223
591	e	Bowater, Inc		14,745
600	*	Buckeye Technologies, Inc		9,282
676	e*	Cenveo, Inc		15,676
151	e*	Chesapeake Corp		1,898
4,819	*	Domtar Corporation		53,780
397	e	Glatfelter		5,395
556	e*	Graphic Packaging Corp		2,691
332		Greif, Inc (Class A)		19,791
4,765		International Paper Co		186,073
4,991		Kimberly-Clark Corp		333,848
1,952		MeadWestvaco Corp		68,945
500	*	Mercer International, Inc		5,100
162		Neenah Paper, Inc		6,684
1,010		Packaging Corp of America		25,563
618	*	Playtex Products, Inc		9,153
390		Rock-Tenn Co (Class A)		12,371
136		Schweitzer-Mauduit International, Inc		4,216
2,686	*	Smurfit-Stone Container Corp		35,751
1,093		Sonoco Products Co		46,791
1,158		Temple-Inland, Inc		71,252
334	e	Wausau Paper Corp		4,476
		TOTAL PAPER AND ALLIED PRODUCTS		971,704
PERSONAL SERVICES - 0.15%
57		CPI Corp		3,961
1,456		Cintas Corp		57,410
300		Coinmach Service Corp (Class A)		3,969
300	*	Coinstar, Inc		9,444
387		G & K Services, Inc (Class A)		15,290
3,605		H&R Block, Inc		84,249
300	e	Jackson Hewitt Tax Service, Inc		8,433
542		Regis Corp		20,731
887	*	Sally Beauty Holdings, Inc		7,983
3,226		Service Corp International		41,228
185	*	Steiner Leisure Ltd		9,087
155		Unifirst Corp		6,828
389	e	Weight Watchers International, Inc		19,777
		TOTAL PERSONAL SERVICES		288,390
PETROLEUM AND COAL PRODUCTS - 6.28%
142	e	Alon USA Energy, Inc		6,249
3,622		Apache Corp		295,519
615		Ashland, Inc		39,329
1,050		Cabot Oil & Gas Corp		38,724
23,515		Chevron Corp		1,980,904

84

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
17,881		ConocoPhillips	$	1,403,658
69	e	Delek US Holdings, Inc		1,839
4,869		Devon Energy Corp		381,194
2,676		EOG Resources, Inc		195,509
61,647		Exxon Mobil Corp		5,170,950
1,200		Frontier Oil Corp		52,524
474	e*	Headwaters, Inc		8,186
2,983		Hess Corp		175,878
524		Holly Corp		38,876
7,504		Marathon Oil Corp		449,940
2,029		Murphy Oil Corp		120,604
1,371	e*	Newfield Exploration Co		62,449
1,870		Noble Energy, Inc		116,669
9,124		Occidental Petroleum Corp		528,097
1,329		Sunoco, Inc		105,895
1,494		Tesoro Corp		85,382
6,007		Valero Energy Corp		443,677
174		WD-40 Co		5,719
283	e	Western Refining, Inc		16,357
		TOTAL PETROLEUM AND COAL PRODUCTS		11,724,128
PIPELINES, EXCEPT NATURAL GAS - 0.10%
6,910	e	Spectra Energy Corp		179,384
		TOTAL PIPELINES, EXCEPT NATURAL GAS		179,384
PRIMARY METAL INDUSTRIES - 1.07%
1,216	e*	AK Steel Holding Corp		45,442
9,511		Alcoa, Inc		385,481
1,122		Allegheny Technologies, Inc		117,675
500	e	Belden CDT, Inc		27,675
300	e*	Brush Engineered Materials, Inc		12,597
287		Carpenter Technology Corp		37,399
256	*	Century Aluminum Co		13,985
482		Chaparral Steel Co		34,641
94	e*	Coleman Cable, Inc		2,431
671	*	CommScope, Inc		39,153
17,251	*	Corning, Inc		440,763
255		Encore Wire Corp		7,507
111	e*	LB Foster Co (Class A)		3,183
571	e*	General Cable Corp		43,253
250	e	Gibraltar Industries, Inc		5,537
128	*	Haynes International, Inc		10,807
649		Hubbell, Inc (Class B)		35,189
337	e	Matthews International Corp (Class A)		14,697
372		Mueller Industries, Inc		12,812
96	e*	Northwest Pipe Co		3,415
3,301		Nucor Corp		193,604
89		Olympic Steel, Inc		2,551
1,485		Precision Castparts Corp		180,220
450	e	Quanex Corp		21,915
240	*	RTI International Metals, Inc		18,089
281		Schnitzer Steel Industries, Inc (Class A)		13,471
1,060		Steel Dynamics, Inc		44,425
179	e*	Superior Essex, Inc		6,686

85

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
298	e	Texas Industries, Inc	$	23,366
748	e*	Titanium Metals Corp		23,861
314	e	Tredegar Corp		6,688
1,294		United States Steel Corp		140,722
72	e*	Universal Stainless & Alloy		2,537
200	e*	Wheeling-Pittsburgh Corp		3,806
735	e	Worthington Industries, Inc		15,913
		TOTAL PRIMARY METAL INDUSTRIES		1,991,496
PRINTING AND PUBLISHING - 0.58%
594	e*	ACCO Brands Corp		13,692
600	e	American Greetings Corp (Class A)		16,998
946		Belo (A.H.) Corp (Class A)		19,478
300		Bowne & Co, Inc		5,853
46	e	CSS Industries, Inc		1,822
100	*	Consolidated Graphics, Inc		6,928
73	e	Courier Corp		2,920
653		Dow Jones & Co, Inc		37,515
651		Dun & Bradstreet Corp		67,040
269		Ennis, Inc		6,327
2,567		Gannett Co, Inc		141,057
165		GateHouse Media, Inc		3,061
700		Harte-Hanks, Inc		17,976
474	e	Journal Communications, Inc (Class A)		6,167
478	e	Lee Enterprises, Inc		9,971
239	e	Martha Stewart Living Omnimedia, Inc (Class A)		4,111
571	e	McClatchy Co (Class A)		14,452
3,861		McGraw-Hill Cos, Inc		262,857
232		Media General, Inc (Class A)		7,719
528		Meredith Corp		32,525
1,565	e	New York Times Co (Class A)		39,751
100	e*	Playboy Enterprises, Inc (Class B)		1,133
2,914	e*	Primedia, Inc		8,305
716	*	R.H. Donnelley Corp		54,258
2,408	e	R.R. Donnelley & Sons Co		104,772
100	e	Schawk, Inc		2,002
376	*	Scholastic Corp		13,513
1,065	e	EW Scripps Co (Class A)		48,660
235		Standard Register Co		2,679
621	e*	Sun-Times Media Group, Inc (Class A)		3,260
912		Tribune Co		26,813
554	e*	Valassis Communications, Inc		9,523
470	*	VistaPrint Ltd		17,977
68		Washington Post Co (Class B)		52,774
600		John Wiley & Sons, Inc (Class A)		28,974
		TOTAL PRINTING AND PUBLISHING		1,092,863
RAILROAD TRANSPORTATION - 0.64%
3,897		Burlington Northern Santa Fe Corp		331,791
4,784		CSX Corp		215,663
405	e	Florida East Coast Industries		33,607
369	*	Genesee & Wyoming, Inc (Class A)		11,011
850	e*	Kansas City Southern Industries, Inc		31,909
4,302		Norfolk Southern Corp		226,156

86

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
2,948		Union Pacific Corp	$	339,462
		TOTAL RAILROAD TRANSPORTATION		1,189,599
REAL ESTATE - 0.13%
2,075	*	CB Richard Ellis Group, Inc (Class A)		75,737
59	e	Consolidated-Tomoka Land Co		4,088
760	e	Forest City Enterprises, Inc (Class A)		46,725
389		Jones Lang LaSalle, Inc		44,151
297	e*	LoopNet, Inc		6,929
1,250	*	Meruelo Maddux Properties, Inc		10,200
803	e	St. Joe Co		37,211
1,142	e	Stewart Enterprises, Inc (Class A)		8,896
263		Thomas Properties Group, Inc		4,203
		TOTAL REAL ESTATE		238,140
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%
78	*	AEP Industries, Inc		3,511
700		Cooper Tire & Rubber Co		19,334
140	e*	Deckers Outdoor Corp		14,126
2,351	e*	Goodyear Tire & Rubber Co		81,721
158	e*	Metabolix, Inc		3,955
3,056		Newell Rubbermaid, Inc		89,938
3,913		Nike, Inc (Class B)		228,089
353		Schulman (A.), Inc		8,588
1,782		Sealed Air Corp		55,278
226	*	Skechers U.S.A., Inc (Class A)		6,599
267		Spartech Corp		7,089
200		Titan International, Inc		6,322
122	e*	Trex Co, Inc		2,395
661		Tupperware Corp		18,997
331	e	West Pharmaceutical Services, Inc		15,607
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		561,549
SECURITY AND COMMODITY BROKERS - 3.21%
850		A.G. Edwards, Inc		71,867
2,567		Ameriprise Financial, Inc		163,184
1,302		Bear Stearns Cos, Inc		182,280
676	e	BlackRock, Inc		105,855
200		Calamos Asset Management, Inc (Class A)		5,110
575	e	Cbot Holdings, Inc (Class A)		118,795
11,224		Charles Schwab Corp		230,316
386		Chicago Mercantile Exchange Holdings, Inc		206,263
144	e	Cohen & Steers, Inc		6,257
178	*	Cowen Group, Inc		3,188
4,641	*	E*Trade Financial Corp		102,520
1,207		Eaton Vance Corp		53,325
95		Evercore Partners, Inc (Class A)		2,828
63	e*	FCStone Group, Inc		3,611
943		Federated Investors, Inc (Class B)		36,145
1,848		Franklin Resources, Inc		244,805
69	e	GAMCO Investors, Inc (Class A)		3,867
176	e*	GFI Group, Inc		12,756
4,442		Goldman Sachs Group, Inc		962,803
191	e	Greenhill & Co, Inc		13,124

87

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
441	e*	Interactive Brokers Group, Inc (Class A)	$	11,964
771	*	IntercontinentalExchange, Inc		113,992
416	e	International Securities Exchange, Inc		27,186
452	e*	Investment Technology Group, Inc		19,585
2,042		Janus Capital Group, Inc		56,849
1,289		Jefferies Group, Inc		34,777
300	e*	KBW, Inc		8,814
1,234	*	Knight Capital Group, Inc (Class A)		20,484
600	e*	LaBranche & Co, Inc		4,428
1,077	e*	Ladenburg Thalmann Financial Services, Inc		2,477
565		Lazard Ltd (Class A)		25,442
1,456		Legg Mason, Inc		143,241
5,827		Lehman Brothers Holdings, Inc		434,228
239	e*	MarketAxess Holdings, Inc		4,300
9,499		Merrill Lynch & Co, Inc		793,926
11,531		Morgan Stanley		967,220
154	e*	Morningstar, Inc		7,242
2,911	e	NYSE Euronext		214,308
1,231	*	Nasdaq Stock Market, Inc		36,573
861	e	Nuveen Investments, Inc (Class A)		53,511
990		Nymex Holdings, Inc		124,374
300	*	Penson Worldwide, Inc		7,359
190	*	Piper Jaffray Cos		10,589
970		Raymond James Financial, Inc		29,973
1,360	e	SEI Investments Co		39,494
181	e	SWS Group, Inc		3,913
209	e	Sanders Morris Harris Group, Inc		2,433
163	e*	Stifel Financial Corp		9,599
2,962		T Rowe Price Group, Inc		153,698
2,718	e*	TD Ameritrade Holding Corp		54,360
200	e*	Thomas Weisel Partners Group, Inc		3,330
126	e	US Global Investors, Inc (Class A)		2,856
235	e	WP Stewart & Co Ltd		2,559
877		Waddell & Reed Financial, Inc (Class A)		22,811
480	e	optionsXpress Holdings, Inc		12,317
		TOTAL SECURITY AND COMMODITY BROKERS		5,989,111
SOCIAL SERVICES - 0.01%
250	e*	Bright Horizons Family Solutions, Inc		9,728
236	*	Capital Senior Living Corp		2,223
97	e*	Providence Service Corp		2,592
319	*	Res-Care, Inc		6,744
		TOTAL SOCIAL SERVICES		21,287
SPECIAL TRADE CONTRACTORS - 0.07%
100	e	Alico, Inc		6,099
337	*	AsiaInfo Holdings, Inc		3,269
266		Chemed Corp		17,633
409		Comfort Systems USA, Inc		5,800
596	e*	Dycom Industries, Inc		17,868
372	*	EMCOR Group, Inc		27,119
400	e*	Insituform Technologies, Inc (Class A)		8,724
167	e*	Integrated Electrical Services, Inc		5,506
120	e*	Layne Christensen Co		4,914

88

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
1,295	e*	Quanta Services, Inc	$	39,718
		TOTAL SPECIAL TRADE CONTRACTORS		136,650
STONE, CLAY, AND GLASS PRODUCTS - 0.50%
7,979		3M Co		692,497
311		Apogee Enterprises, Inc		8,652
202	e	CARBO Ceramics, Inc		8,850
280	e*	Cabot Microelectronics Corp		9,937
582	e	Eagle Materials, Inc		28,547
1,606		Gentex Corp		31,622
154		Libbey, Inc		3,322
1,084	e*	Owens Corning, Inc		36,455
1,691	*	Owens-Illinois, Inc		59,185
363	e*	US Concrete, Inc		3,154
920	e*	USG Corp		45,117
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		927,338
TEXTILE MILL PRODUCTS - 0.01%
200		Oxford Industries, Inc		8,868
300	e	Xerium Technologies, Inc		2,286
		TOTAL TEXTILE MILL PRODUCTS		11,154
TOBACCO PRODUCTS - 1.04%
23,012		Altria Group, Inc		1,614,062
1,071		Loews Corp (Carolina Group)		82,756
1,874	e	Reynolds American, Inc		122,185
1,752	e	UST, Inc		94,100
341	e	Universal Corp		20,774
766	e	Vector Group Ltd		17,258
		TOTAL TOBACCO PRODUCTS		1,951,135
TRANSPORTATION BY AIR - 0.51%
608	*	ABX Air, Inc		4,900
2,594	*	AMR Corp		68,352
114	e*	Air Methods Corp		4,180
995	e*	Airtran Holdings, Inc		10,865
458	e*	Alaska Air Group, Inc		12,760
211	e*	Atlas Air Worldwide Holdings, Inc		12,436
281	e*	Bristow Group, Inc		13,924
1,063	*	Continental Airlines, Inc (Class B)		36,004
189		Copa Holdings S.A. (Class A)		12,708
2,610	*	Delta Air Lines, Inc		51,417
356	e*	EGL, Inc		16,547
622	e*	ExpressJet Holdings, Inc		3,720
3,394		FedEx Corp		376,632
1,884	e*	JetBlue Airways Corp		22,137
265	e*	Midwest Air Group, Inc		3,980
2,882	*	Northwest Airlines Corp		63,980
149	e*	PHI, Inc		4,439
220	*	Pinnacle Airlines Corp		4,125
300	*	Republic Airways Holdings, Inc		6,105
692	e	Skywest, Inc		16,490
8,635		Southwest Airlines Co		128,748
1,265	e*	UAL Corp		51,346

89

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
854	*	US Airways Group, Inc	$	25,851
		TOTAL TRANSPORTATION BY AIR		951,646
TRANSPORTATION EQUIPMENT - 2.50%
408	e*	AAR Corp		13,468
300	*	Accuride Corp		4,623
237	*	Aftermarket Technology Corp		7,034
449		American Axle & Manufacturing Holdings, Inc		13,299
90		American Railcar Industries, Inc		3,510
234	*	Amerigon, Inc		4,210
200	e	Arctic Cat, Inc		3,960
738	e	ArvinMeritor, Inc		16,384
871		Autoliv, Inc		49,534
1,031	e*	BE Aerospace, Inc		42,580
8,615		Boeing Co		828,418
975		Brunswick Corp		31,814
540	e	Clarcor, Inc		20,212
211	*	Comtech Group, Inc		3,484
520	e	Federal Signal Corp		8,247
570	e*	Fleetwood Enterprises, Inc		5,158
744	e*	Force Protection, Inc		15,356
19,828	e*	Ford Motor Co		186,780
227	e	Freightcar America, Inc		10,860
575	e*	GenCorp, Inc		7,515
111	e*	GenTek, Inc		3,909
4,430		General Dynamics Corp		346,515
5,276	e	General Motors Corp		199,433
1,862		Genuine Parts Co		92,355
1,292		Goodrich Corp		76,952
110	e	Greenbrier Cos, Inc		3,324
300		Group 1 Automotive, Inc		12,102
2,817		Harley-Davidson, Inc		167,921
936		Harsco Corp		48,672
1,055	e*	Hayes Lemmerz International, Inc		5,644
225	e	Heico Corp		9,468
1,988		ITT Industries, Inc		135,741
200		Kaman Corp		6,238
3,852		Lockheed Martin Corp		362,589
110	*	Miller Industries, Inc		2,761
220	e	Monaco Coach Corp		3,157
130	e	Noble International Ltd		2,657
3,776		Northrop Grumman Corp		294,037
706	*	Orbital Sciences Corp		14,833
791		Oshkosh Truck Corp		49,770
2,718		Paccar, Inc		236,575
1,493	*	Pactiv Corp		47,612
433	e	Polaris Industries, Inc		23,451
4,856		Raytheon Co		261,690
89	*	Sequa Corp (Class A)		9,968
223	e	A.O. Smith Corp		8,895
355		Spartan Motors, Inc		6,042
800	*	Spirit Aerosystems Holdings, Inc (Class A)		28,840
177		Standard Motor Products, Inc		2,660
200	e	Superior Industries International, Inc		4,352

90

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
456	*	TRW Automotive Holdings Corp	$	16,794
547	*	Tenneco, Inc		19,167
400	e	Thor Industries, Inc		18,056
108	*	TransDigm Group, Inc		4,370
804	e	Trinity Industries, Inc		35,006
229		Triumph Group, Inc		14,993
10,879		United Technologies Corp		771,647
1,603	e*	Visteon Corp		12,984
270	e	Wabash National Corp		3,950
492		Westinghouse Air Brake Technologies Corp		17,973
353	e	Winnebago Industries, Inc		10,421
		TOTAL TRANSPORTATION EQUIPMENT		4,669,970
TRANSPORTATION SERVICES - 0.18%
184	e	Ambassadors Group, Inc		6,538
100		Ambassadors International, Inc		3,326
1,891		CH Robinson Worldwide, Inc		99,315
121	e*	Dynamex, Inc		3,089
2,282		Expeditors International Washington, Inc		94,247
538	e	GATX Corp		26,497
500	*	HUB Group, Inc (Class A)		17,580
875	*	Lear Corp		31,159
400	e	Pacer International, Inc		9,408
344		Ship Finance International Ltd		10,210
1,085		UTI Worldwide, Inc		29,067
		TOTAL TRANSPORTATION SERVICES		330,436
TRUCKING AND WAREHOUSING - 0.38%
300	e	Arkansas Best Corp		11,691
250	e*	Celadon Group, Inc		3,975
512		Con-way, Inc		25,723
289	e	Forward Air Corp		9,852
770		Heartland Express, Inc		12,551
1,085		J.B. Hunt Transport Services, Inc		31,812
662		Landstar System, Inc		31,941
160	*	Marten Transport Ltd		2,882
262	e*	Old Dominion Freight Line		7,899
133	*	Saia, Inc		3,626
7,325		United Parcel Service, Inc (Class B)		534,725
457	e	Werner Enterprises, Inc		9,209
631	e*	YRC Worldwide, Inc		23,221
		TOTAL TRUCKING AND WAREHOUSING		709,107
WATER TRANSPORTATION - 0.28%
464	e	Alexander & Baldwin, Inc		24,643
672	*	American Commercial Lines, Inc		17,506
148	e	Arlington Tankers Ltd		4,245
4,564		Carnival Corp		222,586
238	e	Double Hull Tankers, Inc		3,710
459	e	Eagle Bulk Shipping, Inc		10,286
523		Frontline Ltd		23,980
194	e	Genco Shipping & Trading Ltd		8,004
315	e	General Maritime Corp		8,436
383		Golar LNG Ltd		6,381

91

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
249	e*	Gulfmark Offshore, Inc	$	12,754
369		Horizon Lines, Inc (Class A)		12,088
253	e*	Hornbeck Offshore Services, Inc		9,806
584	*	Kirby Corp		22,420
185		Knightsbridge Tankers Ltd		5,644
295	e	Nordic American Tanker Shipping		12,048
438	*	Odyssey Marine Exploration, Inc		2,632
300		Overseas Shipholding Group, Inc		24,420
1,457		Royal Caribbean Cruises Ltd		62,622
424		Teekay Corp		24,554
166	*	Ultrapetrol Bahamas Ltd		3,934
		TOTAL WATER TRANSPORTATION		522,699
WHOLESALE TRADE-DURABLE GOODS - 0.40%
400		Agilysys, Inc		9,000
450		Applied Industrial Technologies, Inc		13,275
1,274	*	Arrow Electronics, Inc		48,960
480	e	Barnes Group, Inc		15,206
474	e*	Beacon Roofing Supply, Inc		8,053
300		BlueLinx Holdings, Inc		3,147
607		BorgWarner, Inc		52,226
296	e	Building Material Holding Corp		4,200
200		Castle (A.M.) & Co		7,182
244	e*	Conceptus, Inc		4,726
1,300	*	Cytyc Corp		56,043
400	*	Digi International, Inc		5,896
130	e*	Drew Industries, Inc		4,308
480	*	Genesis Microchip, Inc		4,493
186	e*	Houston Wire & Cable Co		5,284
1,300		IKON Office Solutions, Inc		20,293
1,526	*	Ingram Micro, Inc (Class A)		33,129
468	*	Insight Enterprises, Inc		10,563
297	*	Interline Brands, Inc		7,746
164	*	Keystone Automotive Industries, Inc		6,785
600	e	Knight Transportation, Inc		11,628
489	e*	LKQ Corp		12,059
45		Lawson Products, Inc		1,741
100	e*	MWI Veterinary Supply, Inc		3,989
467		Martin Marietta Materials, Inc		75,663
419		Owens & Minor, Inc		14,640
731	e*	PSS World Medical, Inc		13,319
1,536	*	Patterson Cos, Inc		57,247
614	e	PEP Boys-Manny Moe & Jack		12,378
567	e	Pool Corp		22,130
230	*	RSC Holdings, Inc		4,600
689		Reliance Steel & Aluminum Co		38,763
300	e	Ryerson Tull, Inc		11,295
292	e*	Solera Holdings, Inc		5,659
616	e*	Tech Data Corp		23,691
125	e*	TomoTherapy, Inc		2,740
296	*	Tyler Technologies, Inc		3,673
776		W.W. Grainger, Inc		72,207
525	*	WESCO International, Inc		31,736

92

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
95	e*	West Marine, Inc	$	1,307
		TOTAL WHOLESALE TRADE-DURABLE GOODS		740,980
WHOLESALE TRADE-NONDURABLE GOODS - 0.61%
860		Airgas, Inc		41,194
1,200	e*	Akorn, Inc		8,388
850	*	Alliance One International, Inc		8,543
605	e*	Allscripts Healthcare Solutions, Inc		15,415
140	e	Andersons, Inc		6,346
420	e*	Bare Escentuals, Inc		14,343
299	e*	Beijing Med-Pharm Corp		3,190
807	e	Brown-Forman Corp (Class B)		58,976
4,230		Cardinal Health, Inc		298,807
385	e*	Central European Distribution Corp		13,329
108	*	Core-Mark Holding Co, Inc		3,886
1,480		Dean Foods Co		47,168
1,446	*	Endo Pharmaceuticals Holdings, Inc		49,497
314	e*	Fresh Del Monte Produce, Inc		7,866
100	e*	Green Mountain Coffee Roasters, Inc		7,874
435	e*	Hain Celestial Group, Inc		11,806
971	*	Henry Schein, Inc		51,881
552		Herbalife Ltd		21,887
1,606	e	Idearc, Inc		56,740
330	e	K-Swiss, Inc (Class A)		9,349
100	e	Kenneth Cole Productions, Inc (Class A)		2,470
161	e*	LSB Industries, Inc		3,442
593		Men's Wearhouse, Inc		30,285
286		Myers Industries, Inc		6,323
180	e	Nash Finch Co		8,910
559		Nu Skin Enterprises, Inc (Class A)		9,223
113	e*	Nuco2, Inc		2,901
300	e*	Perry Ellis International, Inc		9,651
241	e*	School Specialty, Inc		8,541
348	e*	Source Interlink Cos, Inc		1,733
217		Spartan Stores, Inc		7,141
400		Stride Rite Corp		8,104
6,760		Sysco Corp		223,012
1,014	e*	Terra Industries, Inc		25,776
390	e*	Tractor Supply Co		20,299
433	e*	United Natural Foods, Inc		11,509
323	*	United Stationers, Inc		21,525
100	e	Valhi, Inc		1,630
143	e*	Volcom, Inc		7,169
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,146,129
		TOTAL COMMON STOCKS		186,638,151
		(Cost $149,955,544)

93

TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES		COMPANY		VALUE
SHORT- TERM INVESTMENTS - 9.33%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.33%
17,437,186		State Street Navigator Securities Lending Prime Portfolio		17,437,186
		TOTAL SHORT-TERM INVESTMENTS		17,437,186
		(Cost $17,437,186)
		TOTAL PORTFOLIO - 109.23%		204,075,337
		(Cost $167,392,730)
		OTHER ASSETS & LIABILITIES, NET - (9.23%)	$	(17,243,075	)
		NET ASSETS - 100.00%	$	186,832,262
	*	Non-income producing
	**	percentage is less than 0.01%
	e	All or a portion of these secutities are out on loan.
	m	Indicates a security has been deemed illiquid
	v	Security valued at fair value.

94

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 97.48%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
256		Chiquita Brands International, Inc	$	4,854
		TOTAL AGRICULTURAL PRODUCTION-CROPS		4,854
AMUSEMENT AND RECREATION SERVICES - 0.92%
1,241	*	Activision, Inc		23,169
9,827		Walt Disney Co		335,494
		TOTAL AMUSEMENT AND RECREATION SERVICES		358,663
APPAREL AND ACCESSORY STORES - 0.73%
600		American Eagle Outfitters, Inc		15,396
89	*	AnnTaylor Stores Corp		3,152
100	*	Charming Shoppes, Inc		1,083
400	*	Chico's FAS, Inc		9,736
400		Foot Locker, Inc		8,720
3,091		Gap, Inc		59,038
1,200	*	Kohl's Corp		85,236
1,800		Limited Brands, Inc		49,410
800		Nordstrom, Inc		40,896
400		Ross Stores, Inc		12,320
		TOTAL APPAREL AND ACCESSORY STORES		284,987
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
300		Liz Claiborne, Inc		11,190
200		Phillips-Van Heusen Corp		12,114
100		Polo Ralph Lauren Corp		9,811
300		VF Corp		27,474
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		60,589
AUTO REPAIR, SERVICES AND PARKING - 0.04%
294	*	Hertz Global Holdings, Inc		7,812
68		Ryder System, Inc		3,658
162	*	Wright Express Corp		5,552
		TOTAL AUTO REPAIR, SERVICES AND PARKING		17,022
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
200	*	Autozone, Inc		27,324
456	*	Carmax, Inc		11,628
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		38,952
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.20%
8,128		Home Depot, Inc		319,837
4,800		Lowe's Cos, Inc		147,312
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		467,149

95

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
BUSINESS SERVICES - 6.49%
622	*	24/7 Real Media, Inc	$	7,296
140	*	3Com Corp		578
281		Accenture Ltd (Class A)		12,052
1,494	*	Adobe Systems, Inc		59,984
249	*	Alliance Data Systems Corp		19,243
337	*	Ariba, Inc		3,340
1,116	*	Art Technology Group, Inc		2,969
600	*	Autodesk, Inc		28,248
3,583		Automatic Data Processing, Inc		173,668
733	*	BEA Systems, Inc		10,035
404	*	BPZ Energy, Inc		2,254
744	*	BearingPoint, Inc		5,439
100	*	Blue Coat Systems, Inc		4,952
370	*	Bottomline Technologies, Inc		4,570
2,141	*	CMGI, Inc		4,175
274	*	CNET Networks, Inc		2,244
100	*	CSG Systems International, Inc		2,651
200	*	Cerner Corp		11,094
100	*	Checkfree Corp		4,020
314	*	Chordiant Software, Inc		4,917
190	*	Ciber, Inc		1,554
1,121	*	Cogent Communications Group, Inc		33,484
460	*	Cogent, Inc		6,757
593	*	Compuware Corp		7,033
700	*	Convergys Corp		16,968
400	*	DST Systems, Inc		31,684
157	*	Digital River, Inc		7,104
647	*	Earthlink, Inc		4,833
900	*	Electronic Arts, Inc		42,588
100	*	Equinix, Inc		9,147
868	*	Expedia, Inc		25,424
169		Fair Isaac Corp		6,780
706		First Data Corp		23,065
700	*	Fiserv, Inc		39,760
46	*	Getty Images, Inc		2,199
496	*	Google, Inc (Class A)		259,596
200		Jack Henry & Associates, Inc		5,150
850		IMS Health, Inc		27,311
257	*	Infocrossing, Inc		4,747
336	*	Informatica Corp		4,963
2,350	*	Innovative Solutions & Support, Inc		54,567
400	*	Internap Network Services Corp		5,768
450	*	Interwoven, Inc		6,318
1,148	*	Intuit, Inc		34,532
369	*	Iron Mountain, Inc		9,642
200	*	Kinetic Concepts, Inc		10,394
300		Lamar Advertising Co (Class A)		18,828
626	*	Lawson Software, Inc		6,191
242	*	Lionbridge Technologies		1,425
205	*	Liquidity Services, Inc		3,850
498	*	Magma Design Automation, Inc		6,992
100		Manpower, Inc		9,224
249		Marchex, Inc (Class B)		4,064
299		Mastercard, Inc (Class A)		49,595

96

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
271	*	Mentor Graphics Corp	$	3,569
27,174	d	Microsoft Corp		800,818
448		MoneyGram International, Inc		12,522
544	*	Monster Worldwide, Inc		22,358
900	*	Novell, Inc		7,011
1,800		Omnicom Group, Inc		95,256
457	*	Opsware, Inc		4,346
268	*	PDF Solutions, Inc		3,170
290	*	Parametric Technology Corp		6,267
72		Portfolio Recovery Associates, Inc		4,321
303	*	Quest Software, Inc		4,906
819	*	RealNetworks, Inc		6,691
600		Robert Half International, Inc		21,900
200	*	Salesforce.com, Inc		8,572
500	*	Sapient Corp		3,865
411		ServiceMaster Co		6,354
196	*	Smith Micro Software, Inc		2,952
231	*	Sohu.com, Inc		7,390
363	*	SonicWALL, Inc		3,118
1,340	*	Sonus Networks, Inc		11,417
520	*	Spherion Corp		4,883
10,400	*	Sun Microsystems, Inc		54,704
173	*	Sybase, Inc		4,133
3,119	*	Symantec Corp		63,004
1,069	*	TIBCO Software, Inc		9,674
859	*	Tiens Biotech Group USA, Inc		3,290
700		Total System Services, Inc		20,657
165	*	Travelzoo, Inc		4,387
600	*	Unisys Corp		5,484
249		United Online, Inc		4,106
228	*	United Rentals, Inc		7,419
400	*	Valueclick, Inc		11,784
273	*	Vasco Data Security International		6,213
700	*	VeriSign, Inc		22,211
200	*	Visual Sciences, Inc		3,094
114	*	aQuantive, Inc		7,273
3,364	*	eBay, Inc		108,254
		TOTAL BUSINESS SERVICES		2,522,639
CHEMICALS AND ALLIED PRODUCTS - 9.13%
400	*	Abraxis BioScience, Inc		8,892
1,900		Air Products & Chemicals, Inc		152,703
100	*	Alexion Pharmaceuticals, Inc		4,506
100	*	Alkermes, Inc		1,460
847	*	American Oriental Bioengineering, Inc		7,538
3,911	*	Amgen, Inc		216,239
1,000		Avery Dennison Corp		66,480
1,300		Avon Products, Inc		47,775
525	*	Barr Pharmaceuticals, Inc		26,371
600	*	Bentley Pharmaceuticals, Inc		7,284
400	*	BioMarin Pharmaceuticals, Inc		7,176
192	*	BioMimetic Therapeutics, Inc		3,001
666	*	Bioenvision, Inc		3,849
302	*	Bradley Pharmaceuticals, Inc		6,556

97

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
7,609		Bristol-Myers Squibb Co	$	240,140
325		Cabot Corp		15,496
420	*	Caraco Pharmaceutical Laboratories Ltd		6,376
100	*	Cephalon, Inc		8,039
339		Clorox Co		21,052
2,803		Colgate-Palmolive Co		181,775
175	*	Cypress Bioscience, Inc		2,321
200		Dade Behring Holdings, Inc		10,624
504	*	Dendreon Corp		3,568
93	*	Digene Corp		5,585
3,076	*	Durect Corp		11,843
1,600		Ecolab, Inc		68,320
300	*	Encysive Pharmaceuticals, Inc		534
1,700	*	Forest Laboratories, Inc		77,605
1,711	*	Genentech, Inc		129,454
808	*	Genzyme Corp		52,035
300	*	Geron Corp		2,112
3,188	*	Gilead Sciences, Inc		123,599
536		H.B. Fuller Co		16,021
500	*	Human Genome Sciences, Inc		4,460
261	*	Inverness Medical Innovations, Inc		13,316
100	*	Invitrogen Corp		7,375
617	*	Javelin Pharmaceuticals, Inc		3,819
1,196	*	King Pharmaceuticals, Inc		24,470
2,387		Eli Lilly & Co		133,386
300		Lubrizol Corp		19,365
200	*	MGI Pharma, Inc		4,474
200		Mannatech, Inc		3,178
200	*	Medarex, Inc		2,858
600		Medicis Pharmaceutical Corp (Class A)		18,324
8,394		Merck & Co, Inc		418,021
800	*	Millennium Pharmaceuticals, Inc		8,456
1,501	*	Mylan Laboratories, Inc		27,303
400	*	Nabi Biopharmaceuticals		1,840
118	*	Nastech Pharmaceutical Co, Inc		1,287
238	*	Neurocrine Biosciences, Inc		2,673
442	*	Noven Pharmaceuticals, Inc		10,365
200	*	OraSure Technologies, Inc		1,636
200	*	PDL BioPharma, Inc		4,660
875		PPG Industries, Inc		66,596
126	*	Pacific Ethanol, Inc		1,663
538	*	Pain Therapeutics, Inc		4,686
200	*	Par Pharmaceutical Cos, Inc		5,646
400	*	Penwest Pharmaceuticals Co		4,988
200	*	Pharmion Corp		5,790
200	*	Pozen, Inc		3,614
2,250		Praxair, Inc		161,978
731	*	Prestige Brands Holdings, Inc		9,488
10,656		Procter & Gamble Co		652,041
227	*	Progenics Pharmaceuticals, Inc		4,896
500		RPM International, Inc		11,555
1,335		Rohm & Haas Co		72,998
450	*	Salix Pharmaceuticals Ltd		5,535
5,380		Schering-Plough Corp		163,767

98

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
200	*	Sciele Pharma, Inc	$	4,712
200	*	Sepracor, Inc		8,204
1,000		Sigma-Aldrich Corp		42,670
186	*	Somaxon Pharmaceuticals, Inc		2,262
500	*	SuperGen, Inc		2,780
200	*	Tanox, Inc		3,882
58	*	United Therapeutics Corp		3,698
303	*	VCA Antech, Inc		11,420
300		Valspar Corp		8,523
200	*	Vertex Pharmaceuticals, Inc		5,712
360	*	Warner Chilcott Ltd (Class A)		6,512
600	*	Watson Pharmaceuticals, Inc		19,518
529	*	Zymogenetics, Inc		7,729
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,550,458
COMMUNICATIONS - 5.29%
20,058		AT&T, Inc		832,407
1,251		Alltel Corp		84,505
800	*	American Tower Corp (Class A)		33,600
1,184	*	Cablevision Systems Corp (Class A)		42,849
2,354		Citadel Broadcasting Corp		15,183
100		Citizens Communications Co		1,527
283	*	Crown Castle International Corp		10,264
733	*	Crown Media Holdings, Inc (Class A)		5,278
125	*	DG FastChannel,Inc		2,548
409		Embarq Corp		25,918
200		Entercom Communications Corp (Class A)		4,978
418	*	Entravision Communications Corp (Class A)		4,360
100	*	Fisher Communications, Inc		5,079
150		Global Payments, Inc		5,948
960		Gray Television, Inc		8,899
1,244	*	IAC/InterActiveCorp		43,055
1,135	*	Level 3 Communications, Inc		6,640
1,812	*	Liberty Global, Inc (Class A)		74,364
3,274	*	Liberty Media Holding Corp (Interactive A)		73,108
774	*	Liberty Media Corp - Capital (Series A)		91,084
717	*	Lin TV Corp (Class A)		13,487
487	*	Mediacom Communications Corp (Class A)		4,719
300	*	NII Holdings, Inc		24,222
120	*	NeuStar, Inc (Class A)		3,476
239	*	Nexstar Broadcasting Group, Inc (Class A)		3,140
200	*	Novatel Wireless, Inc		5,204
829	*	Radio One, Inc (Class D)		5,853
113	*	SAVVIS, Inc		5,595
133	*	SBA Communications Corp (Class A)		4,467
1,152	*	Spanish Broadcasting System, Inc (Class A)		4,954
8,184		Sprint Nextel Corp		169,491
902	*	Terremark Worldwide, Inc		5,818
279	*	TiVo, Inc		1,615
9,776		Verizon Communications, Inc		402,478
1,293		Windstream Corp		19,085
900	*	XM Satellite Radio Holdings, Inc (Class A)		10,593
		TOTAL COMMUNICATIONS		2,055,791

99

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
DEPOSITORY INSTITUTIONS - 9.28%
3,500		BB&T Corp	$	142,380
14,050		Bank of America Corp		686,905
800		Comerica, Inc		47,576
500		Commerce Bancorp, Inc		18,495
200		Compass Bancshares, Inc		13,796
3,600		Fifth Third Bancorp		143,172
200		First Horizon National Corp		7,800
755		Fremont General Corp		8,124
463		IndyMac Bancorp, Inc		13,506
2,600		Keycorp		89,258
400		M&T Bank Corp		42,760
900		Marshall & Ilsley Corp		42,867
1,900		Mellon Financial Corp		83,600
3,954		National City Corp		131,747
577		New York Community Bancorp, Inc		9,821
700		Northern Trust Corp		44,968
2,249		PNC Financial Services Group, Inc		160,983
520		Popular, Inc		8,356
5,260		Regions Financial Corp		174,106
1,030		Sovereign Bancorp, Inc		21,774
1,500		State Street Corp		102,600
2,300		SunTrust Banks, Inc		197,202
900		Synovus Financial Corp		27,630
8,800		US Bancorp		289,960
300		UnionBanCal Corp		17,910
7,761		Wachovia Corp		397,751
4,890		Washington Mutual, Inc		208,510
13,300		Wells Fargo & Co		467,761
100		Zions Bancorporation		7,691
		TOTAL DEPOSITORY INSTITUTIONS		3,609,009
EATING AND DRINKING PLACES - 1.36%
900	*	AFC Enterprises		15,561
400		Applebees International, Inc		9,640
493		Darden Restaurants, Inc		21,687
7,066		McDonald's Corp		358,670
3,234	*	Starbucks Corp		84,860
760		Tim Hortons, Inc		23,370
400		Wendy's International, Inc		14,700
		TOTAL EATING AND DRINKING PLACES		528,488
ELECTRIC, GAS, AND SANITARY SERVICES - 5.09%
3,242	*	AES Corp		70,935
1,096		AGL Resources, Inc		44,366
921		Alliant Energy Corp		35,781
800		Aqua America, Inc		17,992
1,100		Atmos Energy Corp		33,066
2,028		Avista Corp		43,703
990		CMS Energy Corp		17,028
500		Cascade Natural Gas Corp		13,205
1,160		Centerpoint Energy, Inc		20,184
364		Central Vermont Public Service Corp		13,716
1,447		Cleco Corp		35,451

100

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
3,139		Consolidated Edison, Inc	$	141,632
600		Crosstex Energy, Inc		17,238
4,082		El Paso Corp		70,333
2,300		Empire District Electric Co		51,451
300		Energen Corp		16,482
1,736		Energy East Corp		45,292
200		EnergySouth, Inc		10,200
2,200		Hawaiian Electric Industries, Inc		52,118
2,000		Idacorp, Inc		64,080
1,845		KeySpan Corp		77,453
500		MGE Energy, Inc		16,335
400		Markwest Hydrocarbon, Inc		22,972
400		Metal Management, Inc		17,628
900		NSTAR		29,205
1,500		National Fuel Gas Co		64,965
4,686		NiSource, Inc		97,047
592		Nicor, Inc		25,409
1,093		Northeast Utilities		30,997
2,800		OGE Energy Corp		102,620
800		Oneok, Inc		40,328
4,800		Pepco Holdings, Inc		135,360
1,000		Piedmont Natural Gas Co, Inc		24,650
4,159		Puget Energy, Inc		100,565
1,652		Questar Corp		87,308
200		Resource America, Inc (Class A)		4,122
114		Sempra Energy		6,752
2,000	*	Sierra Pacific Resources		35,120
500		South Jersey Industries, Inc		17,690
2,976		TECO Energy, Inc		51,128
400		UGI Corp		10,912
200		UIL Holdings Corp		6,620
1,155		Unisource Energy Corp		37,988
287		WGL Holdings, Inc		9,368
511	*	Waste Services, Inc		6,209
3,378		Williams Cos, Inc		106,812
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,979,816
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.71%
1,662	*	Advanced Micro Devices, Inc		23,767
1,068		Ametek, Inc		42,378
2,142	*	Apple Computer, Inc		261,410
537	*	Arris Group, Inc		9,446
215	*	Atheros Communications, Inc		6,631
161		Baldor Electric Co		7,934
147	*	Benchmark Electronics, Inc		3,325
240	*	C-COR, Inc		3,374
17,400	*	Cisco Systems, Inc		484,590
2,976	*	Conexant Systems, Inc		4,107
308	*	Cree, Inc		7,962
100	*	Ditech Networks, Inc		819
178	*	Dolby Laboratories, Inc (Class A)		6,303
1,100	*	Finisar Corp		4,158
312	*	FuelCell Energy, Inc		2,471
184	*	GrafTech International Ltd		3,099

101

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
100		Harman International Industries, Inc	$	11,680
300	*	Harmonic, Inc		2,661
19,109		Intel Corp		454,030
600	*	InterVoice, Inc		4,998
100	*	Interdigital Communications Corp		3,217
1,907	*	LSI Logic Corp		14,322
512	*	Lattice Semiconductor Corp		2,929
77		Lincoln Electric Holdings, Inc		5,716
175	*	Loral Space & Communications, Inc		8,624
1,600	*	MRV Communications, Inc		5,200
181	*	Medis Technologies Ltd		2,659
1,950	*	Micron Technology, Inc		24,434
800		Molex, Inc		24,008
7,700		Motorola, Inc		136,290
236	*	Novellus Systems, Inc		6,695
951	*	ON Semiconductor Corp		10,195
293		Plantronics, Inc		7,682
149	*	Plexus Corp		3,426
357	*	Polycom, Inc		11,995
200	*	Power-One, Inc		796
621	*	Powerwave Technologies, Inc		4,161
441	*	QLogic Corp		7,343
5,500		Qualcomm, Inc		238,645
706	*	RF Micro Devices, Inc		4,405
200		RadioShack Corp		6,628
760	*	Silicon Storage Technology, Inc		2,835
4,971	*	Sirius Satellite Radio, Inc		15,012
105	*	Sunpower Corp (Class A)		6,620
400	*	Sycamore Networks, Inc		1,608
568	*	Symmetricom, Inc		4,771
184	*	TTM Technologies, Inc		2,392
312	*	Tekelec		4,499
200		Teleflex, Inc		16,356
1,300	*	Tellabs, Inc		13,988
135	*	Tessera Technologies, Inc		5,474
5,674		Texas Instruments, Inc		213,513
338	*	Thomas & Betts Corp		19,604
944	*	Triquint Semiconductor, Inc		4,777
100		Whirlpool Corp		11,120
800		Xilinx, Inc		21,416
111	*	Zoran Corp		2,224
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,220,722
ENGINEERING AND MANAGEMENT SERVICES - 0.71%
200	*	Amylin Pharmaceuticals, Inc		8,232
200	*	Applera Corp (Celera Genomics Group)		2,480
200	*	Ariad Pharmaceuticals, Inc		1,098
100	*	CV Therapeutics, Inc		1,321
880	*	Celgene Corp		50,450
42		Corporate Executive Board Co		2,726
716	*	Harris Interactive, Inc		3,831
767	*	Incyte Corp		4,602
435	*	Isis Pharmaceuticals, Inc		4,211
1,234		Moody's Corp		76,755

102

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
139	*	Navigant Consulting, Inc	$	2,580
1,352		Paychex, Inc		52,890
865		Quest Diagnostics, Inc		44,677
211	*	Regeneron Pharmaceuticals, Inc		3,781
2,562	*	Rentech, Inc		6,636
100	*	Symyx Technologies, Inc		1,151
318	*	Tetra Tech, Inc		6,853
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		274,274
FABRICATED METAL PRODUCTS - 0.80%
720		Commercial Metals Co		24,314
258		Dynamic Materials Corp		9,675
100		Gulf Island Fabrication, Inc		3,470
3,402		Illinois Tool Works, Inc		184,354
772	*	Park-Ohio Holdings Corp		21,076
200		Pentair, Inc		7,714
300		Silgan Holdings, Inc		16,584
147		Snap-On, Inc		7,425
600		Stanley Works		36,420
		TOTAL FABRICATED METAL PRODUCTS		311,032
FOOD AND KINDRED PRODUCTS - 2.90%
1,603		Campbell Soup Co		62,212
2,700		General Mills, Inc		157,734
1,908		H.J. Heinz Co		90,573
124	*	Hansen Natural Corp		5,330
964		Hershey Co		48,798
2,664		Kellogg Co		137,969
1,353		Kraft Foods, Inc (Class A)		47,693
500		Pepsi Bottling Group, Inc		16,840
7,021		PepsiCo, Inc		455,312
2,399		Sara Lee Corp		41,743
1,125		Wrigley (Wm.) Jr Co		62,224
		TOTAL FOOD AND KINDRED PRODUCTS		1,126,428
FOOD STORES - 0.26%
400	*	Pathmark Stores, Inc		5,184
1,808		Safeway, Inc		61,526
604		Supervalu, Inc		27,977
200		Whole Foods Market, Inc		7,660
		TOTAL FOOD STORES		102,347
FORESTRY - 0.19%
953		Weyerhaeuser Co		75,220
		TOTAL FORESTRY		75,220
FURNITURE AND FIXTURES - 0.59%
200		Hillenbrand Industries, Inc		13,000
1,200		Johnson Controls, Inc		138,924
700		Leggett & Platt, Inc		15,435
2,240		Masco Corp		63,773
		TOTAL FURNITURE AND FIXTURES		231,132

103

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
FURNITURE AND HOME FURNISHINGS STORES - 0.13%
865	*	Bed Bath & Beyond, Inc	$	31,131
500		Circuit City Stores, Inc		7,540
100	*	Mohawk Industries, Inc		10,079
100		Williams-Sonoma, Inc		3,158
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		51,908
GENERAL BUILDING CONTRACTORS - 0.30%
400		Centex Corp		16,040
1,241		DR Horton, Inc		24,733
180	*	Hovnanian Enterprises, Inc (Class A)		2,975
400		Lennar Corp (Class A)		14,624
169		M/I Homes, Inc		4,495
7	*	NVR, Inc		4,758
1,100		Pulte Homes, Inc		24,695
200		Ryland Group, Inc		7,474
300		Standard-Pacific Corp		5,259
400	*	Toll Brothers, Inc		9,992
148	*	WCI Communities, Inc		2,469
		TOTAL GENERAL BUILDING CONTRACTORS		117,514
GENERAL MERCHANDISE STORES - 1.27%
2,300		Costco Wholesale Corp		134,596
853		Dollar General Corp		18,698
700		Family Dollar Stores, Inc		24,024
900		JC Penney Co, Inc		65,142
2,000		TJX Cos, Inc		55,000
3,100		Target Corp		197,160
		TOTAL GENERAL MERCHANDISE STORES		494,620
HEALTH SERVICES - 1.30%
1,095	*	Alliance Imaging, Inc		10,282
186	*	Amsurg Corp		4,490
190		Brookdale Senior Living, Inc		8,658
497	*	Community Health Systems, Inc		20,104
112	*	Corvel Corp		2,928
247	*	DaVita, Inc		13,308
100	*	Edwards Lifesciences Corp		4,934
1,000	*	Express Scripts, Inc		50,010
73	*	Genesis HealthCare Corp		4,995
700		Health Management Associates, Inc (Class A)		7,952
161	*	Healthways, Inc		7,627
651	*	Hythiam, Inc		5,631
600	*	Laboratory Corp of America Holdings		46,956
337	*	LifePoint Hospitals, Inc		13,035
153	*	Lincare Holdings, Inc		6,097
251	*	Medcath Corp		7,982
300	*	Nektar Therapeutics		2,847
300		Omnicare, Inc		10,818
296		Option Care, Inc		4,558
185	*	Pediatrix Medical Group, Inc		10,203
334	*	Psychiatric Solutions, Inc		12,111
475	*	RehabCare Group, Inc		6,764
301	*	Sierra Health Services, Inc		12,516
200	*	Symbion, Inc		4,342

104

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
500	*	Triad Hospitals, Inc	$	26,880
2,512	*	WellPoint, Inc		200,533
		TOTAL HEALTH SERVICES		506,561
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
159	*	Matrix Service Co		3,951
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		3,951
HOLDING AND OTHER INVESTMENT OFFICES - 2.20%
300		AMB Property Corp		15,966
442		Alesco Financial, Inc		3,593
1,640		Allied Capital Corp		50,774
800		Anworth Mortgage Asset Corp		7,240
492		Arbor Realty Trust, Inc		12,699
1,117		Archstone-Smith Trust		66,026
100		AvalonBay Communities, Inc		11,888
300		Boston Properties, Inc		30,639
27		Capital Southwest Corp		4,206
500		Developers Diversified Realty Corp		26,355
941		Duke Realty Corp		33,565
1,718		Equity Residential		78,392
566		General Growth Properties, Inc		29,970
331	*	HFF, Inc (Class A)		5,134
700		HRPT Properties Trust		7,280
300		Health Care Property Investors, Inc		8,679
1,600		Host Marriott Corp		36,992
260		JER Investors Trust, Inc		3,900
1,200		Kimco Realty Corp		45,684
300		Liberty Property Trust		13,179
2,000		Luminent Mortgage Capital, Inc		20,180
183		MVC Capital, Inc		3,442
557	*	NexCen Brands, Inc		6,205
334		NorthStar Realty Finance Corp		4,178
1,000		Prologis		56,900
266		Prospect Capital Corp		4,647
400		Public Storage, Inc		30,728
213		RAIT Investment Trust		5,542
1,000		Simon Property Group, Inc		93,040
288	*	Tarragon Corp		2,436
545		Virgin Media, Inc		13,282
600		Vornado Realty Trust		65,904
489		Weingarten Realty Investors		20,098
800		iStar Financial, Inc		35,464
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		854,207
HOTELS AND OTHER LODGING PLACES - 0.42%
246	*	Bluegreen Corp		2,876
600		Choice Hotels International, Inc		23,712
500	*	Gaylord Entertainment Co		26,820
1,201	*	Great Wolf Resorts, Inc		17,114
1,263		Hilton Hotels Corp		42,273
1,200	*	Lodgian, Inc		18,036
200		Marcus Corp		4,752

105

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
640		Marriott International, Inc (Class A)	$	27,674
		TOTAL HOTELS AND OTHER LODGING PLACES		163,257
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.30%
300	*	AGCO Corp		13,023
88	*	Allis-Chalmers Energy, Inc		2,023
900		American Standard Cos, Inc		53,082
5,600		Applied Materials, Inc		111,272
699	*	Axcelis Technologies, Inc		4,537
400		Black & Decker Corp		35,324
200		Briggs & Stratton Corp		6,312
100		CDW Corp		8,497
668		Cummins, Inc		67,608
1,500		Deere & Co		181,110
6,700	*	Dell, Inc		191,285
6,841	*	EMC Corp		123,822
138	*	Emulex Corp		3,014
241	*	Entegris, Inc		2,863
300	*	FMC Technologies, Inc		23,766
41	*	Flotek Industries, Inc		2,458
283		Graco, Inc		11,399
690	*	Grant Prideco, Inc		37,143
8,619		Hewlett-Packard Co		384,580
5,600		International Business Machines Corp		589,400
124	*	Intevac, Inc		2,636
104	*	Komag, Inc		3,317
274	*	Lam Research Corp		14,084
300	*	Lexmark International, Inc (Class A)		14,793
258		Manitowoc Co, Inc		20,738
292		Modine Manufacturing Co		6,599
400		Nordson Corp		20,064
300		Pall Corp		13,797
71	*	Rackable Systems, Inc		878
200		SPX Corp		17,562
508	*	Semitool, Inc		4,882
3,788	*	Solectron Corp		13,940
1,000		Tennant Co		36,500
214	*	Terex Corp		17,398
83	*	TurboChef Technologies, Inc		1,155
170	*	Ultratech, Inc		2,266
400	*	Varian Medical Systems, Inc		17,004
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,060,131
INSTRUMENTS AND RELATED PRODUCTS - 5.62%
177	*	Advanced Medical Optics, Inc		6,174
100	*	Affymetrix, Inc		2,489
400		Bard (C.R.), Inc		33,052
3,100		Baxter International, Inc		174,654
200		Beckman Coulter, Inc		12,936
1,300		Becton Dickinson & Co		96,850
1,100		Biomet, Inc		50,292
4,335	*	Boston Scientific Corp		66,499
200	*	Bruker BioSciences Corp		1,802
365	*	Cepheid, Inc		5,329
1,075	*	Credence Systems Corp		3,870

106

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
600		Dentsply International, Inc	$	22,956
6,356		Emerson Electric Co		297,461
104	*	Formfactor, Inc		3,983
77	*	Hologic, Inc		4,259
564	*	Input/Output, Inc		8,804
90	*	Intuitive Surgical, Inc		12,489
361	*	Ixia		3,343
10,936		Johnson & Johnson		673,876
500		Kla-Tencor Corp		27,475
598	*	LTX Corp		3,325
71	*	MKS Instruments, Inc		1,967
4,266		Medtronic, Inc		221,235
200	*	Millipore Corp		15,018
200		Movado Group, Inc		6,748
1,200		Pitney Bowes, Inc		56,184
178		Roper Industries, Inc		10,164
1,400	*	St. Jude Medical, Inc		58,086
1,400		Stryker Corp		88,326
300		Tektronix, Inc		10,122
1,212	*	Thermo Electron Corp		62,685
300	*	Waters Corp		17,808
2,673	*	Xerox Corp		49,397
900	*	Zimmer Holdings, Inc		76,401
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,186,059
INSURANCE AGENTS, BROKERS AND SERVICE - 0.50%
500		Brown & Brown, Inc		12,570
1,576		Crawford & Co (Class B)		10,654
1,749		Hartford Financial Services Group, Inc		172,294
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		195,518
INSURANCE CARRIERS - 3.90%
320	*	AMERIGROUP Corp		7,616
1,964		Aetna, Inc		97,022
3,100		Aflac, Inc		159,340
700		Ambac Financial Group, Inc		61,033
600		American Financial Group, Inc		20,490
613		Assurant, Inc		36,118
105		Axis Capital Holdings Ltd		4,268
700		W.R. Berkley Corp		22,778
263	*	Centene Corp		5,633
3,300		Chubb Corp		178,662
2,061		Cincinnati Financial Corp		89,447
332		Endurance Specialty Holdings Ltd		13,293
100		Erie Indemnity Co (Class A)		5,404
190		Genworth Financial, Inc (Class A)		6,536
400		HCC Insurance Holdings, Inc		13,364
150		Hanover Insurance Group, Inc		7,318
183	*	HealthExtras, Inc		5,413
2,018		Lincoln National Corp		143,177
700		MBIA, Inc		43,554
300		MGIC Investment Corp		17,058
200		Mercury General Corp		11,022
177	*	Molina Healthcare, Inc		5,402

107

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
300		Nationwide Financial Services, Inc (Class A)	$	18,966
200		PMI Group, Inc		8,934
468		Phoenix Cos, Inc		7,025
1,800		Principal Financial Group		104,922
3,600		Progressive Corp		86,148
300		Protective Life Corp		14,343
100		Radian Group, Inc		5,400
1,000		Safeco Corp		62,260
3,716		Travelers Cos, Inc/The		198,806
655		UnumProvident Corp		17,102
234	*	WellCare Health Plans, Inc		21,179
203		XL Capital Ltd (Class A)		17,111
		TOTAL INSURANCE CARRIERS		1,516,144
LEATHER AND LEATHER PRODUCTS - 0.11%
904	*	Coach, Inc		42,841
		TOTAL LEATHER AND LEATHER PRODUCTS		42,841
LUMBER AND WOOD PRODUCTS - 0.01%
400	*	Champion Enterprises, Inc		3,932
		TOTAL LUMBER AND WOOD PRODUCTS		3,932
METAL MINING - 0.09%
455	*	Apex Silver Mines Ltd		9,182
1,000		Royal Gold, Inc		23,770
572	*	US Gold Corp		3,146
		TOTAL METAL MINING		36,098
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.46%
200		Callaway Golf Co		3,562
271	*	K2, Inc		4,116
2,242		Mattel, Inc		56,700
3,436	*	Tyco International Ltd		116,102
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		180,480
MISCELLANEOUS RETAIL - 0.95%
886	*	Amazon.com, Inc		60,611
1,050		Best Buy Co, Inc		49,003
188	*	GSI Commerce, Inc		4,269
700	*	Office Depot, Inc		21,210
200		Petsmart, Inc		6,490
2,460		Staples, Inc		58,376
300		Tiffany & Co		15,918
3,100		Walgreen Co		134,974
446		World Fuel Services Corp		18,759
16	*	Priceline.com, Inc		1,100
		TOTAL MISCELLANEOUS RETAIL		370,710
MOTION PICTURES - 1.37%
97	*	Avid Technology, Inc		3,429
1,119	*	Discovery Holding Co (Class A)		25,726
200		Regal Entertainment Group (Class A)		4,386
17,264		Time Warner, Inc		363,235

108

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
3,307	*	Viacom, Inc (Class B)	$	137,670
		TOTAL MOTION PICTURES		534,446
NONDEPOSITORY INSTITUTIONS - 2.15%
756	*	AmeriCredit Corp		20,072
1,099		American Capital Strategies Ltd		46,729
5,653		American Express Co		345,851
173		Asta Funding, Inc		6,648
1,488		Capital One Financial Corp		116,719
500		CapitalSource, Inc		12,295
114	*	Credit Acceptance Corp		3,059
779		Federal Agricultural Mortgage Corp (Class C)		26,657
206		First Marblehead Corp		7,960
3,700		Freddie Mac		224,590
900		MCG Capital Corp		14,418
202		Nelnet, Inc (Class A)		4,937
105	*	World Acceptance Corp		4,487
		TOTAL NONDEPOSITORY INSTITUTIONS		834,422
NONMETALLIC MINERALS, EXCEPT FUELS - 0.30%
900		AMCOL International Corp		24,579
200		Florida Rock Industries, Inc		13,500
700		Vulcan Materials Co		80,178
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		118,257
OIL AND GAS EXTRACTION - 4.12%
122	*	ATP Oil & Gas Corp		5,934
252		Atlas America, Inc		13,540
400		Berry Petroleum Co (Class A)		15,072
395	*	Bronco Drilling Co, Inc		6,482
1,029	*	Callon Petroleum Co		14,581
400	*	Cameron International Corp		28,588
400	*	Cheniere Energy, Inc		15,516
1,991		Chesapeake Energy Corp		68,889
615		Cimarex Energy Co		24,237
225	*	Complete Production Services, Inc		5,816
325	*	Contango Oil & Gas Co		11,794
112	*	Dawson Geophysical Co		6,884
300	*	Delta Petroleum Corp		6,024
1,200	*	Denbury Resources, Inc		45,000
800		ENSCO International, Inc		48,808
124	*	EXCO Resources, Inc		2,163
400	*	Edge Petroleum Corp		5,604
300	*	Encore Acquisition Co		8,340
1,900		Equitable Resources, Inc		94,164
399	*	Forest Oil Corp		16,862
92	*	GMX Resources, Inc		3,183
591	*	Geomet, Inc		4,527
249	*	Geokinetics, Inc		7,726
900	*	Global Industries Ltd		24,138
1,200		GlobalSantaFe Corp		86,700
369	*	Goodrich Petroleum Corp		12,778
1,800	*	Grey Wolf, Inc		14,832
530	*	Helix Energy Solutions Group, Inc		21,152
808		Helmerich & Payne, Inc		28,619

109

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
410		Kayne Anderson Energy Development Co	$	10,324
683	*	McMoRan Exploration Co		9,562
2,560	*	Meridian Resource Corp		7,731
880	*	Nabors Industries Ltd		29,374
683	*	National Oilwell Varco, Inc		71,196
382		Noble Corp		37,253
753	*	Parker Drilling Co		7,937
1,754	*	PetroHawk Energy Corp		27,818
200	*	Petroleum Development Corp		9,496
415	*	Petroquest Energy, Inc		6,034
697	*	Pioneer Drilling Co		10,392
1,009		Pioneer Natural Resources Co		49,148
529	*	Plains Exploration & Production Co		25,291
500		Pogo Producing Co		25,395
1,100	*	Pride International, Inc		41,206
400	*	Quicksilver Resources, Inc		17,832
600		Range Resources Corp		22,446
359		Rowan Cos, Inc		14,712
988		Smith International, Inc		57,936
389	*	Southwestern Energy Co		17,310
500		St. Mary Land & Exploration Co		18,310
100	*	Stone Energy Corp		3,426
1,062	*	Sulphco, Inc		3,834
400	*	Swift Energy Co		17,104
424	*	TXCO Resources, Inc		4,359
500		Tidewater, Inc		35,440
261	*	Todco		12,322
426	*	Toreador Resources Corp		6,390
1,145	*	Transocean, Inc		121,347
300	*	Unit Corp		18,873
374	*	Venoco, Inc		6,983
500		W&T Offshore, Inc		13,995
980	*	Weatherford International Ltd		54,135
300	*	Whiting Petroleum Corp		12,156
2,137		XTO Energy, Inc		128,434
		TOTAL OIL AND GAS EXTRACTION		1,603,454
PAPER AND ALLIED PRODUCTS - 0.85%
400		Bemis Co		13,272
400		Bowater, Inc		9,980
245	*	Domtar Corporation		2,734
1,496		International Paper Co		58,419
1,700		Kimberly-Clark Corp		113,713
1,800		MeadWestvaco Corp		63,576
300		Packaging Corp of America		7,593
700		Sonoco Products Co		29,967
500		Temple-Inland, Inc		30,765
		TOTAL PAPER AND ALLIED PRODUCTS		330,019
PETROLEUM AND COAL PRODUCTS - 3.31%
162		Alon USA Energy, Inc		7,130
2,702		Apache Corp		220,456
100		Ashland, Inc		6,395
1,000		Cabot Oil & Gas Corp		36,880

110

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,934		Devon Energy Corp	$	229,703
1,476		EOG Resources, Inc		107,837
1,024		Frontier Oil Corp		44,820
148	*	Headwaters, Inc		2,556
1,459		Hess Corp		86,023
453		Holly Corp		33,608
1,567		Murphy Oil Corp		93,142
600	*	Newfield Exploration Co		27,330
1,554		Noble Energy, Inc		96,954
900		Sunoco, Inc		71,712
2,600		Valero Energy Corp		192,036
523		Western Refining, Inc		30,229
		TOTAL PETROLEUM AND COAL PRODUCTS		1,286,811
PIPELINES, EXCEPT NATURAL GAS - 0.19%
2,771		Spectra Energy Corp		71,935
		TOTAL PIPELINES, EXCEPT NATURAL GAS		71,935
PRIMARY METAL INDUSTRIES - 1.59%
1,774		Alcoa, Inc		71,900
190		Allegheny Technologies, Inc		19,927
213	*	Brush Engineered Materials, Inc		8,944
489	*	Century Aluminum Co		26,714
242		Chaparral Steel Co		17,393
177	*	CommScope, Inc		10,328
4,927	*	Corning, Inc		125,885
400	*	LB Foster Co (Class A)		11,472
350		Gibraltar Industries, Inc		7,752
300		Hubbell, Inc (Class B)		16,266
397		Mueller Industries, Inc		13,673
1,886		Nucor Corp		110,614
139		Olympic Steel, Inc		3,984
150		Quanex Corp		7,305
518		Steel Dynamics, Inc		21,709
500		Tredegar Corp		10,650
828		United States Steel Corp		90,045
400	*	Wheeling-Pittsburgh Corp		7,612
1,705		Worthington Industries, Inc		36,913
		TOTAL PRIMARY METAL INDUSTRIES		619,086
PRINTING AND PUBLISHING - 0.94%
200		Dow Jones & Co, Inc		11,490
200		Dun & Bradstreet Corp		20,596
2,186		McGraw-Hill Cos, Inc		148,823
1,322		New York Times Co (Class A)		33,579
72	*	R.H. Donnelley Corp		5,456
700		EW Scripps Co (Class A)		31,983
1,159		Tribune Co		34,075
100		Washington Post Co (Class B)		77,609
		TOTAL PRINTING AND PUBLISHING		363,611
RAILROAD TRANSPORTATION - 0.74%
2,494		CSX Corp		112,430
500	*	Kansas City Southern Industries, Inc		18,770

111

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,985		Norfolk Southern Corp	$	156,921
		TOTAL RAILROAD TRANSPORTATION		288,121
REAL ESTATE - 0.05%
480	*	CB Richard Ellis Group, Inc (Class A)		17,520
100		Stewart Enterprises, Inc (Class A)		779
		TOTAL REAL ESTATE		18,299
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.39%
2,400		Nike, Inc (Class B)		139,896
340		Sealed Air Corp		10,547
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		150,443
SECURITY AND COMMODITY BROKERS - 3.43%
300		A.G. Edwards, Inc		25,365
692		Ameriprise Financial, Inc		43,990
100		BlackRock, Inc		15,659
101		Cbot Holdings, Inc (Class A)		20,867
4,100		Charles Schwab Corp		84,132
100		Chicago Mercantile Exchange Holdings, Inc		53,436
1,237	*	E*Trade Financial Corp		27,325
200		Eaton Vance Corp		8,836
300		Federated Investors, Inc (Class B)		11,499
1,300		Franklin Resources, Inc		172,211
1,610		Goldman Sachs Group, Inc		348,967
125	*	IntercontinentalExchange, Inc		18,481
500		Janus Capital Group, Inc		13,920
2,034	*	Ladenburg Thalmann Financial Services, Inc		4,678
300		Legg Mason, Inc		29,514
4,036		Merrill Lynch & Co, Inc		337,329
436		NYSE Euronext		32,098
188	*	Nasdaq Stock Market, Inc		5,585
600		SEI Investments Co		17,424
1,200		T Rowe Price Group, Inc		62,268
106		US Global Investors, Inc (Class A)		2,403
		TOTAL SECURITY AND COMMODITY BROKERS		1,335,987
SOCIAL SERVICES - 0.02%
688	*	Capital Senior Living Corp		6,481
		TOTAL SOCIAL SERVICES		6,481
SPECIAL TRADE CONTRACTORS - 0.05%
75		Chemed Corp		4,972
518	*	Quanta Services, Inc		15,887
		TOTAL SPECIAL TRADE CONTRACTORS		20,859
STONE, CLAY, AND GLASS PRODUCTS - 0.93%
3,766		3M Co		326,851
100		Apogee Enterprises, Inc		2,782
150		CARBO Ceramics, Inc		6,571
51	*	Cabot Microelectronics Corp		1,810
54		Eagle Materials, Inc		2,649
400		Gentex Corp		7,876
241	*	Owens Corning, Inc		8,105

112

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
90	*	Owens-Illinois, Inc	$	3,150
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		359,794
TEXTILE MILL PRODUCTS - 0.02%
200		Oxford Industries, Inc		8,868
		TOTAL TEXTILE MILL PRODUCTS		8,868
TRANSPORTATION BY AIR - 0.64%
781	*	AMR Corp		20,579
101	*	Air Methods Corp		3,704
200	*	Airtran Holdings, Inc		2,184
185	*	Alaska Air Group, Inc		5,154
700	*	Continental Airlines, Inc (Class B)		23,709
1,034	*	ExpressJet Holdings, Inc		6,183
1,038		FedEx Corp		115,187
225	*	JetBlue Airways Corp		2,644
267		Skywest, Inc		6,363
3,389		Southwest Airlines Co		50,530
310	*	UAL Corp		12,583
		TOTAL TRANSPORTATION BY AIR		248,820
TRANSPORTATION EQUIPMENT - 1.10%
200		American Axle & Manufacturing Holdings, Inc		5,924
400		ArvinMeritor, Inc		8,880
800		Autoliv, Inc		45,496
1,500	*	BE Aerospace, Inc		61,950
1,400		Genuine Parts Co		69,440
1,329		Harley-Davidson, Inc		79,222
460		Harsco Corp		23,920
791	*	Hayes Lemmerz International, Inc		4,232
307		Paccar, Inc		26,721
1,353	*	Spirit Aerosystems Holdings, Inc (Class A)		48,776
200		Superior Industries International, Inc		4,352
800	*	Tenneco, Inc		28,032
1,400	*	Visteon Corp		11,340
300		Westinghouse Air Brake Technologies Corp		10,959
		TOTAL TRANSPORTATION EQUIPMENT		429,244
TRANSPORTATION SERVICES - 0.01%
139		Expeditors International Washington, Inc		5,741
		TOTAL TRANSPORTATION SERVICES		5,741
TRUCKING AND WAREHOUSING - 0.63%
3,344		United Parcel Service, Inc (Class B)		244,112
		TOTAL TRUCKING AND WAREHOUSING		244,112
WATER TRANSPORTATION - 0.08%
400	*	Gulfmark Offshore, Inc		20,488
300	*	Hornbeck Offshore Services, Inc		11,628
		TOTAL WATER TRANSPORTATION		32,116
WHOLESALE TRADE-DURABLE GOODS - 0.60%
800		Barnes Group, Inc		25,344
100		BorgWarner, Inc		8,604

113

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
400		Castle (A.M.) & Co	$	14,364
100	*	Cytyc Corp		4,311
200		IKON Office Solutions, Inc		3,122
104	*	MWI Veterinary Supply, Inc		4,149
58		Martin Marietta Materials, Inc		9,397
400	*	Patterson Cos, Inc		14,908
900		Reliance Steel & Aluminum Co		50,634
1,005		Ryerson Tull, Inc		37,838
600		W.W. Grainger, Inc		55,830
109	*	WESCO International, Inc		6,589
		TOTAL WHOLESALE TRADE-DURABLE GOODS		235,090
WHOLESALE TRADE-NONDURABLE GOODS - 0.44%
623	*	Akorn, Inc		4,355
600	*	Allscripts Healthcare Solutions, Inc		15,288
434	*	Beijing Med-Pharm Corp		4,631
500	*	Endo Pharmaceuticals Holdings, Inc		17,115
523		Idearc, Inc		18,478
200		Stride Rite Corp		4,052
3,276		Sysco Corp		108,075
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		171,994
		TOTAL COMMON STOCKS		37,921,513
		(Cost $32,564,552)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 2.24%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.24%
$      870,000	d	Federal Home Loan Bank, 0.000%, 07/02/07		870,000
		TOTAL SHORT-TERM INVESTMENTS		870,000
		(Cost $869,883)
		TOTAL PORTFOLIO - 99.72%		38,791,513
		(Cost $33,434,435)
		OTHER ASSETS & LIABILITIES, NET - 0.28%		108,745
		NET ASSETS - 100.00%	$	38,900,258

*	Non-income producing
d	All or a portion of these securities have beeen segregated by the custodian to cover margin or other
	requirements on open futures contracts in the amount of $928,592.

114

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
TIAA-CREF LIFE FUNDS
REAL ESTATE SECURITIES FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.82%
EATING AND DRINKING PLACES - 0.29%
6,300		Darden Restaurants, Inc	$	277,137
		TOTAL EATING AND DRINKING PLACES		277,137
HOLDING AND OTHER INVESTMENT OFFICES - 87.86%
39,400	e	Acadia Realty Trust		1,022,430
33,300	e	Archstone-Smith Trust		1,968,363
14,148		Associated Estates Realty Corp		220,567
50,700		AvalonBay Communities, Inc		6,027,216
44,600		BioMed Realty Trust, Inc		1,120,352
56,600		Boston Properties, Inc		5,780,558
30,000	e	CBL & Associates Properties, Inc		1,081,500
42,200	e	Camden Property Trust		2,826,134
52,077	e	Corporate Office Properties Trust		2,135,678
6,900		Developers Diversified Realty Corp		363,699
13,900		Digital Realty Trust, Inc		523,752
38,300	e	Douglas Emmett, Inc		947,542
52,900		EastGroup Properties, Inc		2,318,078
74,400	e	Equity Residential		3,394,872
13,600	e	Essex Property Trust, Inc		1,581,680
39,000		Federal Realty Investment Trust		3,013,140
20,000	g,m,v*	GSC Capital Corp		165,400
61,560	e	General Growth Properties, Inc		3,259,602
23,300	e	Glimcher Realty Trust		582,500
99,500	e	Host Marriott Corp		2,300,440
24,300	e	Kilroy Realty Corp		1,721,412
20,000	e	Kimco Realty Corp		761,400
32,700	e	Macerich Co		2,695,134
33,400		Maguire Properties, Inc		1,146,622
148,930	e	Mission West Properties, Inc		2,076,084
6,600	e	PS Business Parks, Inc		418,242
15,300		Pennsylvania Real Estate Investment Trust		678,249
28,400		Post Properties, Inc		1,480,492
63,200		Prologis		3,596,080
57,900		Public Storage, Inc		4,447,878
17,000		Ramco-Gershenson Properties		610,810
44,900		Regency Centers Corp		3,165,450
36,300		SL Green Realty Corp		4,497,207
79,000	e	Simon Property Group, Inc		7,350,160
34,100		Strategic Hotels & Resorts, Inc		766,909
54,400	e	Taubman Centers, Inc		2,698,784
41,800		Vornado Realty Trust		4,591,312
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		83,335,728
HOTELS AND OTHER LODGING PLACES - 6.66%
37,900		Hilton Hotels Corp		1,268,513

115

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
SHARES		COMPANY		VALUE
3,700	*	MGM Mirage	$	305,176
34,800	e	Orient-Express Hotels Ltd (Class A)		1,858,320
32,600	e	Starwood Hotels & Resorts Worldwide, Inc		2,186,482
11,500	e*	Vail Resorts, Inc		700,005
		TOTAL HOTELS AND OTHER LODGING PLACES		6,318,496
JUSTICE, PUBLIC ORDER AND SAFETY - 0.53%
8,000	*	Corrections Corp of America		504,880
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		504,880
REAL ESTATE - 4.48%
40,000	g,m,v*	Asset Capital Corp, Inc		245,600
83,300	*	Brookfield Properties Corp		2,025,023
20,600	*	CB Richard Ellis Group, Inc (Class A)		751,900
76,800	e	Thomas Properties Group, Inc		1,227,264
		TOTAL REAL ESTATE		4,249,787
		TOTAL COMMON STOCKS		94,686,028
		(Cost $92,851,794)
SHORT-TERM INVESTMENTS - 3.12%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.12%
2,954,201		State Street Navigator Securities Lending Prime Portfolio		2,954,201
		TOTAL SHORT-TERM INVESTMENTS		2,954,201
		(Cost $2,954,201)
		TOTAL PORTFOLIO - 102.94%		97,640,229
		(Cost $95,805,995)
		OTHER ASSETS & LIABILITIES, NET - (2.94%)		(2,789,599	)
		NET ASSETS - 100.00%	$	94,850,630
	*	Non-income producing
	e	All or a portion of these securities are out on loan.
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in
		transaction exempt from registration to qualified institutional buyers.
		At June 30, 2007, the value of these securities amounted to $411,000 or 0.43% of net assets.
	m	Indicates a security has been deemed illiquid
	v	Security valued at fair value.

116

TIAA-CREF LIFE FUNDS - Bond Fund
TIAA-CREF LIFE FUNDS
BOND FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
BONDS - 98.91%
CORPORATE BONDS - 48.65%
ASSET BACKED - 21.58%
$      250,000		AmeriCredit Automobile Receivables Trust Series
		2006-AF (Class A4)	5.640%	09/06/13	Aaa	$	251,154
500,000		AmeriCredit Automobile Receivables Trust Series
		2007-BF (Class A3A)	5.160	04/06/12	Aaa		498,083
481,481		Bank of America Alternative Loan Trust Series
		2004-7 (Class 2A1)	6.000	08/25/34	Aaa		472,980
200,000		Capital One Auto Finance Trust Series 2007-B
		(Class A3A)	5.030	04/15/12	Aaa		198,889
753,920		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		749,880
400,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		391,452
500,532		Chase Funding Loan Acquisition Trust Series 2001-
		C2 (Class IA5)	6.468	02/25/13	Aaa		500,281
500,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		424,558
250,000		CIT Equipment Collateral Series 2005-VT1 (Class
		A4)	4.360	11/20/12	Aaa		248,044
387,642	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		379,861
500,000	i	Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		496,903
100,000	i	Credit-Based Asset Servicing and Securitization
		LLC Series 2007-MX1 (Class A2)	5.763	12/25/36	Aaa		99,490
1,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		985,854
250,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	10/25/29	Aaa		248,856
250,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	10/25/29	Aaa		246,406
1,000,000	h	Hertz Vehicle Financing LLC Series 2005-1A
		(Class A3)	5.010	02/25/11	Aaa		989,030
100,000		Hertz Vehicle Financing LLC Series 2005-1A
		(Class A5)	5.080	11/25/11	Aaa		98,611
500,000		Honda Auto Receivables Owner Trust Series 2007-
		1 (Class A4)	5.090	07/18/13	NR		496,010
1,000,000		Household Automotive Trust Series 2006-3 (Class
		A4)	5.340	09/17/13	Aaa		999,437
250,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		249,339
156,090		Long Beach Asset Holdings Corp Series 2006-4
		(Class N1)	5.877	06/25/46	NR		117,068
51,834	v	Long Beach Asset Holdings Corp Series 2006-6
		(Class N1)	6.072	09/25/46	NR		38,876

117

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
$     225,788		Marriott Vacation Club Owner Trust Series 2006-
		1A (Class A)	5.737%	04/20/28	Aaa	$	226,079
698,844		Marriott Vacation Club Owner Trust Series 2006-
		2A (Class A)	5.362	10/20/28	Aaa		689,966
98,001	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		97,925
250,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		248,079
100,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		97,533
250,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		248,615
1,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		992,717
278,297	v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		278,965
993,672	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		970,655
2,660,000	g,i	TRAINS	6.962	01/15/12	A3		2,765,469
400,000	v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		388,532
500,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		499,201
		TOTAL ASSET BACKED					16,684,798
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.12%
100,000		Home Depot, Inc	5.400	03/01/16	Aa3		93,729
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					93,729
CHEMICALS AND ALLIED PRODUCTS - 0.32%
150,000	e	Abbott Laboratories	5.600	05/15/11	A1		150,616
100,000	g	Amgen, Inc	5.850	06/01/17	A2		98,368
		TOTAL CHEMICALS AND ALLIED PRODUCTS					248,984
COMMUNICATIONS - 2.58%
100,000		Alamosa Delaware, Inc	11.000	07/31/10	Baa3		105,875
150,000		Alamosa Delaware, Inc	8.500	01/31/12	Baa3		157,312
100,000		AT&T, Inc	5.625	06/15/16	A2		97,559
100,000	e	AT&T, Inc	6.150	09/15/34	A2		95,827
100,000		BellSouth Corp	6.875	10/15/31	A2		102,956
100,000		Comcast Corp	5.875	02/15/18	Baa2		96,957
100,000	e	Comcast Corp	6.500	11/15/35	Baa2		97,128
100,000	e	Deutsche Telekom International Finance BV	8.250	06/15/30	A3		119,669
100,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		124,886
100,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		106,431
100,000		Sprint Capital Corp	8.750	03/15/32	Baa3		112,262
100,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		94,758
100,000	h	Telefonica Emisiones SAU	6.221	07/03/17	Baa1		100,003
100,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		98,162
100,000	g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		97,216
100,000	e	Verizon Communications, Inc	5.850	09/15/35	A3		91,787
200,000		Viacom, Inc	5.750	04/30/11	Baa3		199,719
100,000	e	Vodafone Group plc	6.250	11/30/32	Baa1		95,150
		TOTAL COMMUNICATIONS					1,993,657

118

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
DEPOSITORY INSTITUTIONS - 3.33%
$     200,000	e	Bank of America NA	5.300%	03/15/17	Aa1	$	190,633
100,000	e	Bank of America NA	6.000	10/15/36	Aa1		96,423
100,000		Bank One Corp	5.250	01/30/13	Aa3		97,634
50,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		49,887
100,000		Citigroup, Inc	5.100	09/29/11	Aa1		98,389
225,000	e	Citigroup, Inc	5.125	05/05/14	Aa1		217,357
200,000	e	Citigroup, Inc	5.850	12/11/34	Aa1		191,135
100,000	e,g,i	Credit Agricole S.A.	6.637	12/30/49	Aa3		97,207
400,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		366,524
100,000		FIA Card Services NA	4.625	08/03/09	Aaa		98,465
100,000	i	Huntington Capital III	6.650	05/15/37	Baa1		95,670
250,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		243,380
150,000		Union Bank of California NA	5.950	05/11/16	A1		149,167
100,000	e	US Bank NA	5.700	12/15/08	Aa2		100,328
100,000		Wachovia Bank NA	5.850	02/01/37	Aa2		94,152
100,000		Wachovia Corp	5.250	08/01/14	A1		96,665
100,000	e	Wachovia Corp	5.750	06/15/17	Aa3		98,872
100,000	e	Wells Fargo & Co	4.875	01/12/11	Aa1		98,084
100,000	e	Wells Fargo Bank NA	4.750	02/09/15	Aa1		93,724
		TOTAL DEPOSITORY INSTITUTIONS					2,573,696
ELECTRIC, GAS, AND SANITARY SERVICES - 1.28%
100,000		Atmos Energy Corp	4.000	10/15/09	Baa3		96,614
100,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		97,992
100,000		Commonwealth Edison Co	3.700	02/01/08	Baa2		98,837
100,000		FirstEnergy Corp	6.450	11/15/11	Baa3		102,941
100,000	e	Florida Power & Light Co	4.850	02/01/13	Aa3		96,300
50,000		Northern States Power Co	6.250	06/01/36	A2		50,960
50,000		Pacific Gas & Electric Co	5.800	03/01/37	Baa1		46,675
103,000	e	Progress Energy, Inc	7.100	03/01/11	A2		108,190
100,000	e	Southern California Edison Co	5.350	07/15/35	A2		90,387
100,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		105,108
100,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		95,305
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					989,309
FOOD AND KINDRED PRODUCTS - 0.45%
94,000		Archer-Daniels-Midland Co	7.125	03/01/13	A2		100,116
100,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		91,569
62,000	e	ConAgra Foods, Inc	6.750	09/15/11	Baa1		64,332
98,000		ConAgra Foods, Inc	5.819	06/15/17	Baa2		95,396
		TOTAL FOOD AND KINDRED PRODUCTS					351,413
GENERAL MERCHANDISE STORES - 0.54%
220,000		Sears Roebuck Acceptance	6.750	08/15/11	Ba2		222,368
100,000		Target Corp	5.375	05/01/17	A1		95,896
100,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		95,918
		TOTAL GENERAL MERCHANDISE STORES					414,182
HEALTH SERVICES - 0.13%
100,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		100,946
		TOTAL HEALTH SERVICES					100,946

119

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 0.31%
$     50,000		BHP Billiton Finance Ltd	5.400%	03/29/17	A1	$	48,089
100,000	e	iStar Financial, Inc	5.700	03/01/14	Baa2		97,561
90,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		95,175
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					240,825
INSTRUMENTS AND RELATED PRODUCTS - 0.12%
100,000		Medtronic, Inc	4.750	09/15/15	A1		92,654
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					92,654
INSURANCE CARRIERS - 0.95%
100,000		American International Group, Inc	5.050	10/01/15	Aa2		95,757
100,000	e,i	Chubb Corp	6.375	03/29/37	A3		97,232
100,000	e	Chubb Corp	6.000	05/11/37	A2		95,623
100,000	e	Metlife, Inc	5.000	06/15/15	A2		95,014
100,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		97,879
100,000	g	Prudential Funding LLC	6.750	09/15/23	A1		103,895
100,000		Travelers Property Casualty Corp	6.375	03/15/33	A3		99,959
50,000		WellPoint, Inc	5.875	06/15/17	Baa1		49,458
		TOTAL INSURANCE CARRIERS					734,817
METAL MINING - 0.24%
100,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		93,763
100,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		93,350
		TOTAL METAL MINING					187,113
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.13%
100,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		100,250
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					100,250
MISCELLANEOUS RETAIL - 0.12%
100,000		CVS Caremark Corp	5.750	06/01/17	Baa2		96,476
		TOTAL MISCELLANEOUS RETAIL					96,476
MOTION PICTURES - 0.38%
100,000	e	Historic TW, Inc	6.625	05/15/29	Baa2		97,156
100,000		News America, Inc	5.300	12/15/14	Baa2		96,533
100,000	e	Walt Disney Co	5.700	07/15/11	A2		100,789
		TOTAL MOTION PICTURES					294,478
NONDEPOSITORY INSTITUTIONS - 3.64%
600,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		602,033
200,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		194,359
100,000	e	CIT Group, Inc	5.400	02/13/12	A2		97,963
148,000		Ford Motor Credit Co	9.750	09/15/10	B1		154,539
100,000		Ford Motor Credit Co	9.875	08/10/11	B1		104,963
500,000	e	General Electric Capital Corp	5.500	06/04/14	Aaa		494,230
100,000	e	HSBC Finance Corp	5.250	01/14/11	Aa3		98,798
250,000		HSBC Finance Corp	5.900	06/19/12	Aa3		251,393
200,000	e	HSBC Finance Corp	5.500	01/19/16	Aa3		192,468
100,000		John Deere Capital Corp	7.000	03/15/12	A2		105,677
100,000	e	MBNA Corp	6.125	03/01/13	Aa1		101,683
100,000		Residential Capital LLC	6.125	11/21/08	Baa3		99,202

120

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
$     100,000		Residential Capital LLC	6.500%	06/01/12	Baa3	$	97,419
125,000		Residential Capital LLC	6.500	04/17/13	Baa3		120,721
100,000	e	Toyota Motor Credit Corp	2.875	08/01/08	Aaa		97,324
		TOTAL NONDEPOSITORY INSTITUTIONS					2,812,772
OIL AND GAS EXTRACTION - 0.84%
100,000		Baker Hughes, Inc	6.875	01/15/29	A2		107,994
50,000		BJ Services Co	5.750	06/01/11	Baa1		49,861
100,000	g	Lukoil International Finance BV	6.356	06/07/17	Baa2		97,000
100,000		Nexen, Inc	5.650	05/15/17	Baa2		96,182
100,000	e	Petro-Canada	5.950	05/15/35	Baa2		92,263
100,000	e,g	Weatherford International, Inc	5.950	06/15/12	Baa1		100,898
100,000	e	XTO Energy, Inc	6.250	04/15/13	Baa2		101,780
		TOTAL OIL AND GAS EXTRACTION					645,978
OTHER MORTGAGE BACKED SECURITIES - 7.42%
25,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-6 (Class AJ)	5.353	09/10/47	Aaa		23,955
158,863		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		158,960
90,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10 (Class AJ)	5.615	12/11/40	Aaa		87,809
100,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW11 (Class A4)	5.625	03/11/39	NR		97,979
175,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW13 (Class A4)	5.540	09/11/41	NR		171,124
150,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-T22 (Class A4)	5.633	04/12/38	Aaa		147,639
75,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-T24 (Class A4)	5.537	10/12/41	Aaa		73,351
100,000		Citigroup/Deutsche Bank Commercial Mortgage
		Trust Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		98,213
244,665		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		241,765
100,000	i	Credit Suisse Mortgage Capital Certificates Series
		2006-C1 (Class A4)	5.609	02/15/39	NR		98,076
50,000	i	Credit Suisse Mortgage Capital Certificates Series
		2006-C2 (Class A3)	5.847	03/15/39	Aaa		49,532
100,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C4 (Class A3)	5.467	09/15/39	Aaa		97,026
250,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C5 (Class A3)	5.311	12/15/39	Aaa		239,674
130,036		First Horizon Asset Securities, Inc Series 2003-9
		(Class 1A4)	5.500	11/25/33	NR		129,201
50,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		48,908
912,854	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		912,075
750,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		741,614
100,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		96,635

121

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
$     250,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-LD11 (Class AJ)	6.007%	06/15/49	Aaa	$	246,550
500,000	i	Merrill Lynch Mortgage Trust Series 2004-BPC1
		(Class AJ)	4.922	10/12/41	A		472,660
55,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		53,053
75,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.843	05/12/39	NR		74,465
75,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.608	02/12/39	NR		73,293
200,000		Morgan Stanley Capital I Series 2005-HQ5 (Class
		A2)	4.809	01/14/42	NR		197,010
100,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class
		AJ)	5.641	03/12/44	Aaa		97,754
102,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class
		A4)	5.731	07/12/44	NR		101,037
50,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class
		AJ)	5.949	10/15/42	NR		49,404
50,000	i	Morgan Stanley Capital I Series 2006-T21 (Class
		AJ)	5.273	10/12/52	Aaa		47,866
100,000	i	Morgan Stanley Capital I Series 2006-T23 (Class
		A4)	5.983	08/12/41	NR		100,394
721,170		Wells Fargo Mortgage Backed Securities Trust
		Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		705,676
		TOTAL OTHER MORTGAGE BACKED SECURITIES					5,732,698
PAPER AND ALLIED PRODUCTS - 0.24%
100,000	e	Bemis Co, Inc	4.875	04/01/12	Baa1		96,284
90,000		Cenveo Corp	7.875	12/01/13	B3		88,200
		TOTAL PAPER AND ALLIED PRODUCTS					184,484
PETROLEUM AND COAL PRODUCTS - 0.19%
100,000	e	ConocoPhillips	5.900	10/15/32	A1		97,461
50,000		Valero Energy Corp	6.625	06/15/37	Baa3		49,916
		TOTAL PETROLEUM AND COAL PRODUCTS					147,377
PIPELINES, EXCEPT NATURAL GAS - 0.25%
100,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		99,586
100,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		94,717
		TOTAL PIPELINES, EXCEPT NATURAL GAS					194,303
PRINTING AND PUBLISHING - 0.27%
100,000		Idearc, Inc	8.000	11/15/16	B2		101,000
122,000		Morris Publishing Group LLC	7.000	08/01/13	B1		106,750
		TOTAL PRINTING AND PUBLISHING					207,750
RAILROAD TRANSPORTATION - 0.31%
100,000		Burlington Northern Santa Fe Corp	5.650	05/01/17	Baa1		97,193
50,000		Canadian National Railway Co	6.200	06/01/36	A3		49,157
100,000	e	Norfolk Southern Corp	5.590	05/17/25	Baa1		90,774
		TOTAL RAILROAD TRANSPORTATION					237,124

122

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
SECURITY AND COMMODITY BROKERS - 1.77%
$     100,000		Burlington Resources Finance Co	7.200%	08/15/31	A2	$	112,457
100,000	e	Credit Suisse USA, Inc	5.500	08/16/11	Aa1		99,779
100,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		97,594
100,000	e	Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		98,068
100,000	e	Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		97,626
100,000	e	Goldman Sachs Group, Inc	5.625	01/15/17	A1		95,760
100,000	e	Goldman Sachs Group, Inc	5.950	01/15/27	A1		94,513
100,000	i	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	A3		97,956
100,000	e	Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		98,200
50,000	i	Lehman Brothers Holdings, Inc	6.000	05/03/32	A2		46,821
100,000		Merrill Lynch & Co, Inc	6.110	01/29/37	A1		93,936
100,000		Morgan Stanley	5.750	10/18/16	Aa3		97,116
250,000		Morgan Stanley	5.450	01/09/17	Aa3		236,997
		TOTAL SECURITY AND COMMODITY BROKERS					1,366,823
TRANSPORTATION BY AIR - 0.06%
50,000		FedEx Corp	5.500	08/15/09	Baa2		49,924
		TOTAL TRANSPORTATION BY AIR					49,924
TRANSPORTATION EQUIPMENT - 0.70%
100,000	g	BAE Systems Holdings, Inc	6.400	12/15/11	Baa2		102,868
100,000		Boeing Co	6.125	02/15/33	A2		102,714
100,000		General Dynamics Corp	3.000	05/15/08	A2		97,990
200,000		Honeywell International, Inc	5.700	03/15/37	A2		184,266
50,000	e	United Technologies Corp	6.050	06/01/36	A2		49,610
		TOTAL TRANSPORTATION EQUIPMENT					537,448
WHOLESALE TRADE-DURABLE GOODS - 0.13%
100,000	e	Vale Overseas Ltd	6.875	11/21/36	Baa3		100,338
		TOTAL WHOLESALE TRADE-DURABLE GOODS					100,338
WHOLESALE TRADE-NONDURABLE GOODS - 0.25%
100,000		Procter & Gamble Co	4.950	08/15/14	Aa3		96,329
100,000		Procter & Gamble Co	5.550	03/05/37	Aa3		94,279
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					190,608
		TOTAL CORPORATE BONDS					37,604,954
		(Cost $38,539,756)
GOVERNMENT BONDS - 50.26%
AGENCY SECURITIES - 6.63%
550,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		539,691
550,000		FFCB	4.125	04/15/09	Aaa		540,327
100,000		FFCB	5.375	07/18/11	Aaa		100,416
200,000		Federal Home Loan Mortgage Corp (FHLMC)	5.750	06/27/16	Aa2		201,804
1,500,000		FHLMC	5.125	10/18/16	Aaa		1,463,557
1,750,000		Federal National Mortgage Association (FNMA)	5.000	09/15/08	Aaa		1,745,740
175,000		Private Export Funding Corp	5.000	12/15/16	Aaa		169,188
390,625		Totem Ocean Trailer Express, Inc	4.514	12/18/19	NA		365,492
		TOTAL AGENCY SECURITIES					5,126,215

123

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING +		VALUE
FOREIGN GOVERNMENT BONDS - 4.20%
$     250,000	e	Canada Mortgage & Housing Corp	4.800%	10/01/10	Aaa	$	247,015
100,000	e	China Development Bank	5.000	10/15/15	A2		95,542
100,000		Development Bank of Japan	4.250	06/09/15	Aaa		92,231
100,000		Eksportfinans A/S	5.000	02/14/12	Aaa		99,001
100,000		European Investment Bank	4.875	02/15/36	Aaa		89,676
250,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		242,144
100,000		International Lease Finance Corp	5.650	06/01/14	A1		98,852
100,000	e	Israel Government International Bond	5.500	11/09/16	A2		97,493
100,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		99,672
100,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		97,809
100,000	e	Mexico Government International Bond	6.750	09/27/34	Baa1		106,792
1,000,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa1		979,652
100,000		Province of Ontario	4.750	01/19/16	Aa1		95,721
100,000	e	Province of Quebec Canada	5.125	11/14/16	Aa2		97,272
500,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		562,410
150,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		145,153
		TOTAL FOREIGN GOVERNMENT BONDS					3,246,435
MORTGAGE BACKED SECURITIES - 30.26%
500,000		Federal Home Loan Mortgage Corp (FHLMC)	5.500	08/20/12			503,923
146,923	i	FHLMC	5.091	02/01/36			145,468
248,554	i	FHLMC	6.146	09/01/36			250,586
132,077	i	FHLMC	5.009	09/01/36			131,305
327,259	i	FHLMC	5.650	03/01/37			328,917
390,556	i	FHLMC	5.803	03/01/37			391,245
299,663	i	FHLMC	5.893	04/01/37			302,951
438,741		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	02/01/19			425,104
325,852		FGLMC	4.500	07/01/20			309,411
402,311		FGLMC	5.000	07/01/33			379,083
329,314		FGLMC	5.000	11/01/33			310,301
594,889		FGLMC	6.000	11/01/33			592,368
89,526		FGLMC	6.500	05/01/36			90,490
89,822		FGLMC	6.500	12/01/36			90,418
695,363		FGLMC	5.500	04/01/37			670,671
793,809		FGLMC	5.500	05/01/37			765,621
425,055		Federal National Mortgage Association (FNMA)	6.366	12/01/08			424,136
36,058		FNMA	5.000	06/01/13			35,433
1,750,576		FNMA	4.558	01/01/15			1,656,993
500,000		FNMA	5.375	06/12/17			495,967
152,160		FNMA	5.500	04/01/18			150,439
104,391		FNMA	5.500	05/01/18			103,210
150,000		FNMA	4.000	02/25/19			133,194
177,385		FNMA	4.500	03/01/19			168,769
399,985		FNMA	5.500	07/01/20			394,983
287,649		FNMA	4.500	12/01/20			273,075
264,351		FNMA	5.500	02/01/24			258,462
617,126		FNMA	5.500	07/01/24			602,973
22,396		FNMA	5.500	09/01/24			21,883
953,837		FNMA	5.500	07/01/33			924,166
253,244		FNMA	5.500	07/01/33			245,367
585,551		FNMA	5.500	07/01/33			567,336
365,353		FNMA	4.500	08/01/33			333,294
458,489		FNMA	4.500	09/01/33			418,187

124

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     730,171		FNMA	6.000%	10/01/33	$	725,891
1,644,492		FNMA	5.500	11/01/33		1,593,336
323,630		FNMA	5.000	11/01/33		304,849
713,941		FNMA	5.000	03/01/34		672,508
1,279,953		FNMA	5.000	03/01/34		1,205,671
191,838		FNMA	5.500	04/01/34		185,735
291,974		FNMA	5.000	08/01/34		274,728
81,647		FNMA	6.500	02/01/35		82,828
1,348,911		FNMA	5.000	02/25/35		1,310,156
330,198		FNMA	5.500	04/01/35		319,693
70,099		FNMA	7.500	06/01/35		72,522
150,748		FNMA	5.500	07/01/35		145,764
64,558		FNMA	7.500	07/01/35		66,790
483,916		FNMA	5.500	09/01/35		468,863
98,420		FNMA	7.000	01/01/36		100,516
362,188		FNMA	6.000	06/01/36		358,515
459,215	i	FNMA	5.949	07/01/36		461,594
284,647		FNMA	6.000	10/01/36		281,761
148,773		FNMA	6.500	12/01/36		149,620
84,799		FNMA	7.000	02/01/37		87,071
665,614		FNMA	6.500	03/01/37		671,932
149,627		FNMA	7.000	04/01/37		153,636
429,148		Government National Mortgage Association (GNMA)	5.500	07/20/33		416,684
65,269		GNMA	5.000	03/15/34		61,859
342,014		GNMA	5.000	06/15/34		324,142
		TOTAL MORTGAGE BACKED SECURITIES				23,392,393
U.S. TREASURY SECURITIES - 9.17%
550,000		United States Treasury Bond	5.250	02/15/29		554,356
37,000		United States Treasury Bond	4.500	02/15/36		33,534
1,349,000		United States Treasury Bond	4.750	02/15/37		1,272,701
500,000		United States Treasury Note	2.625	05/15/08		489,770
400,000		United States Treasury Note	4.625	02/29/12		394,984
650,000		United States Treasury Note	4.500	03/31/12		638,040
350,000		United States Treasury Note	4.500	04/30/12		343,556
279,000		United States Treasury Note	4.750	05/31/12		276,835
250,000		United States Treasury Note	4.875	06/30/12		249,316
600,000		United States Treasury Note	3.625	05/15/13		560,976
2,000,000		United States Treasury Note	4.500	05/15/17		1,918,120
1,000,000	j	United States Treasury Strip Principal	0.000	08/15/27		353,090
		TOTAL U.S. TREASURY SECURITIES				7,085,278
		TOTAL GOVERNMENT BONDS				38,850,321
		(Cost $39,905,401)
		TOTAL BONDS				76,455,275
		(Cost $78,445,157)

125

TIAA-CREF LIFE FUNDS - Bond Fund
				MATURITY
SHARES		COMPANY	RATE	DATE		VALUE
PREFERRED STOCKS - 0.13%
DEPOSITORY INSTITUTIONS - 0.13%
4,000	e	Bank of America Corp			$	103,040
		TOTAL DEPOSITORY INSTITUTIONS				103,040
		TOTAL PREFERRED STOCKS				103,040
		(Cost $100,000)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 9.18%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.37%
$     1,060,000		Federal Home Loan Bank (FHLB)	0.000%	07/02/07		1,060,000
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 7.81%
6,037,410		State Street Navigator Securities Lending Prime Portfolio				6,037,410
		TOTAL SHORT-TERM INVESTMENTS				7,097,410
		(Cost $7,097,269)
		TOTAL PORTFOLIO - 108.22%				83,655,725
		(Cost $85,642,426)
		OTHER ASSETS & LIABILITIES, NET - (8.22%)				(6,356,921	)
		NET ASSETS - 100.00%			$	77,298,804
		ABBREVIATION:
		NR - Not Rated

+	As provided by Moody's Investors Service (unaudited).
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan.
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 June 30, 2007, the value of these securities amounted to $5,063,263 or 6.55% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at June 30, 2007.
j	Zero coupon
p	"TRAINS" are a service mark of Lehman Brothers, Inc.
v	Security valued at fair value.

126

TIAA-CREF LIFE FUNDS - Money Market Fund
TIAA-CREF LIFE FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (unaudited)
June 30, 2007
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 99.19%
CERTIFICATES OF DEPOSIT - 4.21%
$      500,000	Abbey National plc	5.300%	09/04/07	$	500,009
700,000	American Express Bank FSB	5.280	07/18/07		700,003
710,000	American Express Centurion Bank	5.280	07/12/07		710,002
500,000	Barclays Bank plc	5.310	08/30/07		500,008
370,000	Calyon	5.295	08/24/07		370,005
410,000	Royal Bank of Canada	5.310	10/25/07		410,013
	TOTAL CERTIFICATES OF DEPOSIT				3,190,040
COMMERCIAL PAPER - 85.97%
1,200,000	Abbey National North America LLC	0.000	10/04/07		1,183,438
800,000	Alcon Capital Corp	0.000	08/24/07		793,748
350,000	American Honda Finance Corp	0.000	09/05/07		346,644
405,000	American Honda Finance Corp	0.000	07/31/07		403,240
500,000	American Honda Finance Corp	0.000	08/29/07		495,714
515,000	American Honda Finance Corp	0.000	07/12/07		514,180
800,000	Barclays U.S. Funding Corp	0.000	11/05/07		785,324
500,000	Beta Finance, Inc	0.000	07/17/07		498,836
600,000	Beta Finance, Inc	0.000	08/20/07		595,638
700,000	Beta Finance, Inc	0.000	09/24/07		691,306
500,000	BMW US Capital Corp	0.000	08/17/07		496,593
1,247,000	BMW US Capital Corp	0.000	08/23/07		1,237,435
1,015,000	Canadian Imperial Holding, Inc	0.000	08/22/07		1,007,347
800,000	CC (USA), Inc	0.000	07/11/07		798,838
1,000,000	CC (USA), Inc	0.000	09/04/07		990,530
800,000	Ciesco LLC	0.000	08/08/07		795,584
1,000,000	Ciesco LLC	0.000	07/03/07		999,708
800,000	Citigroup Funding, Inc	0.000	07/19/07		797,902
1,000,000	Citigroup Funding, Inc	0.000	09/10/07		989,705
340,000	Coca-Cola Co	0.000	08/21/07		337,491
350,000	Coca-Cola Co	0.000	08/23/07		347,310
1,080,000	Coca-Cola Co	0.000	09/11/07		1,068,746
300,000	Danske Corp	0.000	09/13/07		296,787
500,000	Danske Corp	0.000	10/12/07		492,597
1,000,000	Danske Corp	0.000	08/01/07		995,557
500,000	Dorada Finance, Inc	0.000	08/28/07		495,783
695,000	Dorada Finance, Inc	0.000	09/12/07		687,636
500,000	Dresdner US Finance, Inc	0.000	08/29/07		495,735
715,000	Edison Asset Securitization LLC	0.000	07/06/07		714,481
1,554,000	Fairway Finance Corp	0.000	07/20/07		1,549,706
740,000	General Electric Capital Corp	0.000	07/09/07		739,142
875,000	General Electric Capital Corp	0.000	08/06/07		870,433
385,000	Goldman Sachs Group LP	0.000	07/30/07		383,378
380,000	Govco LLC	0.000	07/11/07		379,446
400,000	Govco LLC	0.000	07/23/07		398,722

127

TIAA-CREF LIFE FUNDS - Money Market Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE		VALUE
$     1,000,000	Govco LLC	0.000%	08/21/07	$	992,591
540,000	Grampian Funding LLC	0.000	09/12/07		534,295
1,000,000	Grampian Funding LLC	0.000	09/25/07		987,446
550,000	Greenwich Capital Holdings, Inc	0.000	07/26/07		548,014
1,550,000	Greyhawk Funding LLC	0.000	08/13/07		1,540,327
650,000	Harley-Davidson Funding Corp	0.000	08/03/07		646,896
500,000	Harrier Finance Funding LLC	0.000	07/17/07		498,843
1,570,000	HBOS Treasury Services plc	0.000	08/09/07		1,561,122
1,170,000	HSBC Finance Corp	0.000	08/17/07		1,162,026
600,000	HSBC Finance Corp	0.000	09/14/07		593,450
1,000,000	ING US Funding LLC	0.000	09/13/07		989,249
500,000	Johnson & Johnson, Inc	0.000	07/24/07		498,329
1,060,000	Johnson & Johnson, Inc	0.000	09/07/07		1,049,608
600,000	JPMorgan Chase & Co	0.000	08/20/07		595,642
1,100,000	JPMorgan Chase & Co	0.000	09/19/07		1,087,203
350,000	Kitty Hawk Funding Corp	0.000	07/27/07		348,678
500,000	Links Finance LLC	0.000	08/28/07		495,842
1,205,000	Links Finance LLC	0.000	09/18/07		1,191,091
1,115,000	McGraw-Hill, Inc	0.000	07/13/07		1,113,056
595,000	Nestle Capital Corp	0.000	09/21/07		587,993
364,000	Old Line Funding LLC	0.000	09/06/07		360,430
770,000	Paccar Financial Corp	0.000	09/26/07		760,268
755,000	Park Avenue Receivables Corp	0.000	07/17/07		753,225
315,000	Park Avenue Receivables Corp	0.000	07/19/07		314,168
700,000	Park Avenue Receivables Corp	0.000	08/24/07		694,519
500,000	PNC Bank	0.000	09/27/07		493,724
400,000	Private Export Funding Corp	0.000	09/06/07		396,121
500,000	Private Export Funding Corp	0.000	09/25/07		493,747
540,000	Procter & Gamble International	0.000	07/24/07		538,199
1,000,000	Procter & Gamble International	0.000	09/20/07		988,233
450,000	Rabobank USA Financial Corp	0.000	07/02/07		449,934
1,300,000	Rabobank USA Financial Corp	0.000	09/28/07		1,283,368
1,000,000	Ranger Funding Co LLC	0.000	07/26/07		996,365
500,000	Scaldis Capital LLC	0.000	07/16/07		498,896
960,000	Scaldis Capital LLC	0.000	08/14/07		953,828
1,000,000	Sedna Finance, Inc	0.000	07/05/07		999,425
500,000	Sedna Finance, Inc	0.000	07/25/07		498,291
600,000	Sigma Finance, Inc	0.000	09/19/07		593,063
500,000	Sigma Finance, Inc	0.000	11/29/07		489,094
365,000	Societe Generale North America, Inc	0.000	08/08/07		362,987
900,000	Societe Generale North America, Inc	0.000	10/01/07		887,971
500,000	Societe Generale North America, Inc	0.000	10/09/07		492,708
500,000	Svensk Exportkredit AB	0.000	08/14/07		496,831
1,630,000	Toronto-Dominion Holdings USA, Inc	0.000	08/07/07		1,621,255
345,000	Toyota Motor Credit Corp	0.000	07/05/07		344,801
1,000,000	Toyota Motor Credit Corp	0.000	07/18/07		997,535
450,000	Toyota Motor Credit Corp	0.000	09/21/07		444,670
700,000	UBS Finance, (Delaware), Inc	0.000	07/16/07		698,466
450,000	UBS Finance, (Delaware), Inc	0.000	08/02/07		447,912
650,000	UBS Finance, (Delaware), Inc	0.000	08/06/07		646,627
695,000	Variable Funding Capital Corp	0.000	07/02/07		694,898
985,000	Wal-Mart Stores, Inc	0.000	07/31/07		980,748
742,000	Yorktown Capital LLC	0.000	07/10/07		741,022

128

TIAA-CREF LIFE FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     1,000,000		Yorktown Capital LLC	0.000%	09/05/07	$	990,338
		TOTAL COMMERCIAL PAPER				65,100,028
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.78%
162,000		Federal Farm Credit Bank (FFCB)	0.000	08/03/07		161,243
125,000		Federal Home Loan Bank (FHLB)	0.000	08/10/07		124,285
340,000		FHLB	0.000	11/23/07		333,061
113,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000	08/23/07		112,148
1,305,000		FHLMC	0.000	09/24/07		1,289,147
975,000		FHLMC	0.000	11/26/07		954,457
649,000		Federal National Mortgage Association (FNMA)	0.000	07/27/07		646,581
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES				3,620,922
VARIABLE NOTES - 4.23%
1,200,000	i	PNC Bank NA	5.265	01/02/08		1,199,848
1,000,000	i	Suntrust Bank	5.310	01/28/08		1,000,164
1,000,000	i	US Bank NA	5.290	11/30/07		1,000,019
		TOTAL VARIABLE NOTES				3,200,031
		TOTAL SHORT-TERM INVESTMENTS				75,111,021
		(Cost $75,111,021)
		TOTAL PORTFOLIO - 99.19%				75,111,021
		(Cost $75,111,021)
		OTHER ASSETS & LIABILITIES, NET - 0.81%				614,732
		NET ASSETS - 100.00%			$	75,725,753
	i	Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007.

129

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

          (a) An evaluation was performed within 90 days from the date hereof under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

          (b) There were no changes in the Registrant’s internal controls over financial reporting that occurred during the Registrant's first fiscal half-year that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF LIFE FUNDS

Dated: August 24, 2007	By:    /s/ Scott C. Evans
	Scott C. Evans
	Principal Executive Officer and President

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: August 24, 2007	By:    /s/ Scott C. Evans
	Scott C. Evans
	Principal Executive Officer and President
	(principal executive officer)
Dated: August 24, 2007	By:    /s/ Phillip G. Goff
	Phillip G. Goff
	Principal Financial Officer, Principal Accounting
	Officer and Treasurer
	(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification