N-CSRS

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: January 1, 2006 – June 30, 2006

Item 1. Reports to Stockholders.

2006 SEMIANNUAL REPORT

TIAA-CREF

LIFE FUNDS

JUNE 30, 2006

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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The Investment Company Act of 1940 requires the TIAA-CREF Life Separate Account VA-1 (which offers the Personal Annuity Select, Lifetime Variable Select and Single Premium Immediate Annuity contracts) and the TIAA-CREF Life Separate Account VLI-1 (which offers the Variable Universal Life and Intelligent Life contracts) to provide investors with periodic reports on the financial condition and portfolio holdings of the funds in which the accounts invest. The funding vehicles for these accounts are the TIAA-CREF Life Funds. The returns of the TIAA-CREF Life Funds shown here do not reflect the administrative expense and the mortality and expense risk charges deducted under 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.

PERFORMANCE OVERVIEW AS OF JUNE 30, 2006

		Average annual compound rates of total return
	Inception date	1 year		5 years		Since inception
EQUITIES
Growth Equity Fund	4/3/2000	4.93	%	–2.20	%	–9.13	%
Growth & Income Fund	4/3/2000	9.66		1.79		–1.79
International Equity Fund	4/3/2000	30.51		10.80		0.76
Large-Cap Value Fund	10/28/2002	12.29		—		17.80
Small-Cap Equity Fund	10/28/2002	15.40		—		22.39
Stock Index Fund	1/4/1999	9.52		3.51		3.04
Social Choice Equity Fund	4/3/2000	10.79		3.99		0.20
Real Estate Securities Fund	10/28/2002	13.34		—		26.04
FIXED INCOME
Bond Fund	7/8/2003	–0.67		—		2.28
Money Market Fund*	7/8/2003	4.27		—		2.49

NET ANNUALIZED YIELD

(30-day period ended 6/30/2006)

	Effective
Bond Fund	5.34	%

NET ANNUALIZED YIELD

(7-day period ended 6/27/2006)

	Current		Effective
Money Market Fund*	5.07	%	5.20	%

* 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.

Contents

Understanding your TIAA-CREF Life Funds report	2
Keeping pace with your evolving needs	3
Report on TIAA-CREF Life Funds	4
More information on TIAA-CREF Life Funds	6
Special terms	7
Understanding investment risk	8
Important information about expenses	10
Fund performance
Growth Equity Fund	11
Growth & Income Fund	15
International Equity Fund	19
Large-Cap Value Fund	23
Small-Cap Equity Fund	27
Stock Index Fund	31
Social Choice Equity Fund	35
Real Estate Securities Fund	39
Bond Fund	43
Money Market Fund	47
Summary portfolios of investments	51
Financial statements
Statements of assets and liabilities	86
Statements of operations	90
Statements of changes in net assets	94
Financial highlights	102
Notes to financial statements	112
Board approval of investment management agreement	121
How to reach us	Inside back cover

Understanding your TIAA-CREF Life Funds report

This report contains information about TIAA-CREF Life Funds and analyzes their results for the six-month period ended June 30, 2006. It has six main sections:

• The performance overview on the inside front cover shows the funds’ returns over a variety of time periods.

• The letter from Scott Evans, executive vice president and head of Asset Management, describes how TIAA-CREF Life Funds are evolving to serve you better.

• The letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, explains how returns from various asset classes differed during the six-month period.

• The fund performance section compares each fund’s return with the returns of that fund’s benchmark index and peer group. This section also provides information about risks and expenses.

• The summary portfolios of investments list the industries or types of securities in which each fund had investments as of June 30, 2006, and the largest individual issues the fund held on that date.

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

You can get current performance information at the end of every business day from our automated telephone service or from the TIAA-CREF website.

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.

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Keeping pace with your evolving needs

I am pleased to provide you with the 2006 Semiannual Report for the TIAA-CREF Life Funds.

More than ever before, finding value in the global marketplace is a demanding task. To meet that challenge, we are increasing the size of our analyst team by nearly 50% in order to give our research capacity a more global reach. We will continue to deploy all of our resources in a diligent, efficient and risk-controlled manner. Because we are committed to providing you with expert investment management while restraining expenses, we are obsessive about spending each dollar wisely.

As I focus my attention on leading Asset Management at TIAA-CREF, I am pleased to turn over investment policy responsibilities to Edward Grzybowski, who brings to his new position nearly two decades of experience at the company.

As the chief investment officer of Teachers Advisors, Inc., the investment adviser for the TIAA-CREF Life Funds, Ed is charged with building on our heritage of helping to provide financial security through disciplined, low-priced investment management.

Scott C. Evans

Executive Vice President

Ed and I will work with the Asset Management staff with one clear objective: to help maximize the ending balance in your funds, while remaining conscious of risk. That is what our customers in the academic, medical, cultural and research fields have come to expect from TIAA-CREF, and TIAA-CREF Life Funds is dedicated to these same principles.

Whether you choose Life Funds that invest in equities or bonds, whether you use a growth strategy or a value one, you can be sure that—as your investment partner—we will work to help build shareholder value. That’s what it means to provide financial services for the greater good, and we believe that’s one of the reasons why you choose to invest with us.

/s/ Scott C. Evans

Scott C. Evans

Executive Vice President

TIAA-CREF Life Funds    2006 Semiannual Report  |    3

Report on TIAA-CREF Life Funds

During the first half of 2006, investors drove stock prices higher and then engaged in a sell-off that erased a sizable portion of the year’s gains. The Russell 3000^® Index, which measures the broad U.S. stock market, was up 5.3% in the first quarter but dropped 2% in the second, ending the six-month period with a return of 3.2%.

Investors changed course largely out of fear that higher interest rates and increased energy prices would derail economic growth and reduce corporate profits.

The Federal Reserve reacts to rising prices

The year began with the U.S. economy in high gear. The nation’s Gross Domestic Product jumped by 5.6% in the first quarter of 2006, but this surging growth—along with the rising cost of energy—raised the threat of higher inflation. At the end of March, the Consumer Price Index was up 3.4% from its level of a year earlier.

In response to robust growth and rising inflation, the Federal Reserve continued the credit-tightening policy it began in June 2004. It raised short-term interest rates four times during the first half of 2006, and these hikes helped push longer-term rates higher, too.

The yield on 10-year Treasury notes, which serves as the benchmark for the bond market, went from 4.39% at the end of December 2005 to 5.14% at the end of June 2006.

During the six-month period, returns varied widely among asset classes.

Bonds fade, foreign stocks shine

Rising yields on newly issued bonds reduced the market value of the bonds already held in many investment portfolios. Income from interest on bond holdings offset some of that decline, but the Lehman Brothers U.S. Aggregate Index, which measures the investment-grade bond market, posted a 0.7% loss for the six-month period.

Foreign stocks remained one of the brighter parts of the investment landscape. During the period, a stronger euro and pound boosted the MSCI EAFE^® Index to a 10.2% return, in terms of U.S. dollars. The EAFE index tracks 21 stock markets in developed nations outside North America.

Over the five years ended June 30, 2006, the foreign stocks of the EAFE

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index have produced a cumulative return of 61.5%, versus the 18.9% return of U.S. stocks, as measured by the Russell 3000.

Funds post mixed results

During the six-month period, returns varied widely among asset classes, and, accordingly, among the ten TIAA-CREF Life Funds as well.

Returns for the equity funds ranged from –2.7% for the Growth Equity Fund to 12.0% for the Real Estate Securities Fund. The International Equity Fund, which invests in foreign stocks, returned 11.1%.

The decline in U.S. bond prices continued to hamper the fixed-income market. The Bond Fund posted a return of –0.5%.

The Federal Reserve’s ongoing program of rate hikes lifted money market rates throughout the six-month period, and the Money Market Fund posted a gain of 2.4%.

Our strategy is to stay fully invested

Throughout the period, each of our funds remained fully invested in order to participate in any gains achieved by its market segment. At the same time, we continued to pay close attention to costs, delivering highly disciplined investment management along with some of the lowest expense ratios in the industry.

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

We keep each of our funds faithful to its objectives in order to keep your allocation strategies on track.

/s/ Edward J. Grzybowski

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

TIAA-CREF Life Funds    2006 Semiannual Report  |    5

More information on 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 as they did previously. Companies will continue to file complete listings with the SEC, and these will remain 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, 2006) 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/Help 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.

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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.

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.”

Inception date is the first date on which investors can invest in a fund. The fund begins to record investment performance on that date.

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 funds with a similar objective whose performance can be compared with the performance of a single fund.

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    2006 Semiannual Report  |    7

Understanding investment risk

All investing involves an element of risk. For example, investors in U.S. Treasury bonds, which are generally considered among the safest of investments, face the risk that inflation will erode their principal and interest over time.

Some kinds of risk apply to all investments; other risks only apply to certain types of securities. For example, the price of any publicly traded security, such as a stock or bond, may decline in response to general market or economic conditions. This is referred to as “market risk.” An example of a risk that applies only to bonds is “credit risk”—the possibility that a company may be unable to repay the principal of its bonds or pay interest on them.

In general, funds that invest in stocks are subject to market risk and company risk. Bond funds are subject to market risk, company risk, interest-rate risk, credit risk, prepayment risk, extension risk and income volatility risk. A fund that operates in a limited area of either the stock or bond markets is subject to additional, special risks. For a full explanation of the funds’ risks, please see the prospectus.

The glossary below describes the general risks outlined above, as well as the special risks described in the discussions of each fund.

Company risk is the risk that the earnings prospects and overall financial position of the issuer of a security will deteriorate, causing a decline in the security’s value over short or extended periods of time.

Credit risk (a type of company risk) is the risk that a decline in a company’s overall financial soundness may make it unable to pay principal and interest on bonds when due.

Dividend risk is the risk associated with investments in stocks paying relatively high dividends. These stocks may significantly underperform other stocks during periods of rapid market appreciation.

Extension risk is the risk that the value of certain fixed-income securities will decline because principal payments have not been made as early as possible.

Foreign investment risks are the risks of investing in securities of foreign issuers, in securities or contracts traded on foreign exchanges or in foreign markets, or in securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These investment risks may be magnified in emerging markets.

Growth investing risks include the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. In addition, the value of growth stocks is generally a function of their expected earnings growth. If that growth fails to occur or to be sustained, share prices can be adversely affected.

Illiquid security risk is the risk that investments in illiquid securities may be difficult to sell for their fair market value.

Income volatility risk is the risk that the level of current income from a portfolio of fixed-income securities may decline in certain interest-rate environments.

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Index risk is the risk that a fund’s performance will not match the performance of its benchmark index for any particular period of time. Although certain funds attempt to closely track the investment performance of their indexes, they may not duplicate the composition of these indexes. In addition, a fund’s performance, unlike that of its index, is affected by investment and other operating expenses.

Interest-rate risk (a type of market risk) is the risk that bond prices or a fund’s income may decline if interest rates change.

Large-cap risk is the risk that, by focusing on investments in securities of larger companies, a fund may have fewer opportunities to identify securities that the market misprices. In addition, larger companies may grow more slowly than the economy as a whole or not at all.

Market risk is the risk that the price of securities may decline in response to general market and economic conditions or events.

Prepayment risk is the risk that certain fixed-income securities that allow for the prepayment of principal will decline in value, and that a fund’s income will decline as a result.

Real estate investing risks are the risks associated with real estate ownership, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability.

Real estate securities risk is the risk that a fund that concentrates its investments in real estate securities and holds securities of relatively few issuers may experience greater fluctuations in value and be subject to a greater risk of loss than other mutual funds.

Reorganization risk is the risk that the stock of a company will lose value because the company is involved in a reorganization or some other special situation.

Risk of socially screened investing is the possibility that, because its social screens exclude some investments, a fund will not be able to take advantage of the same opportunities or market trends as funds that do not use such criteria.

Small-cap risk is the risk that the securities of smaller companies may experience steeper fluctuations in price than those of larger companies. These securities may also have to be sold at a discount from their current market prices or in small lots over an extended period.

Style risk is the risk that a fund’s style—whether growth-investing or value-investing—will pass out of favor in the marketplace for various periods of time.

Value investing risks are the risks that (1) the issuer’s potential business prospects may not be realized; (2) the securities’ potential values may never be recognized by the market; and (3) due to unanticipated problems associated with the issuer or industry, the securities were appropriately priced (or overpriced) when acquired.

TIAA-CREF Life Funds    2006 Semiannual Report  |    9

Important information about expenses

DISCLOSURE

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, 2006, and held for six months until June 30, 2006.

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.

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Growth Equity Fund  |  Large-cap growth stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The Growth Equity Fund returned –2.74% for the period, trailing the –0.93% return of the fund’s benchmark, the Russell 1000^® Growth Index, and the –1.32% average return of similar funds, as measured by the Morningstar Large Growth category.

Growth sharply lags value

A global stock rally helped lift large-cap growth stocks 3.09% in the first quarter. However, they declined 3.90% in the second quarter, when a spike in the U.S. inflation rate rattled investors and caused a sell-off that hit technology stocks hardest.

For the six-month period, large-cap growth stocks, as measured by the Russell 1000 Growth Index, trailed the 6.56% gain of the Russell 1000 Value Index and the 3.23% rise of the broad-market Russell 3000^® Index.

For the ten years ended June 30, 2006, the gap between the average annual returns of large-cap growth and large-cap value stocks widened to almost five and one-half percentage points.

Largest sectors stifle returns

The decline in large-cap growth stocks for the six-month period was driven by losses in the benchmark’s two largest sectors, technology and health care. Comprising more than 40% of the Russell 1000 Growth Index, these sectors fell 6.7% and 5.7%, respectively, and lagged all the other sectors of the benchmark. In contrast, the two largest sectors of the Russell 1000 Value Index, financials and utilities, advanced 4.4% and 9.4%, respectively.

Declining stocks lead to losses

Overweight positions in several stocks that did not perform as anticipated explain much of the fund’s underperformance. These stocks included St. Jude Medical, the largest detractor, as well as eBay and software maker Adobe Systems. A position in Israel’s Teva Pharmaceutical, a stock not included in the benchmark, also hurt performance. Teva was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange).

These declines were partly offset by the positive effects of underweights such as chip maker Intel and UnitedHealth Group, an HMO. A position in oil field services provider Schlumberger Limited, a stock not held in the benchmark, and an overweight in computer company Network Appliance also added value.

On June 30, 2006, foreign securities made up 4.94% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts.

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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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks, including growth investing risks, large-cap risk, style risk, foreign investment risks and reorganization risk. For a further discussion of risk, please see page 8.

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

Performance as of June 30, 2006

Average annual compound rates of total return*

Cumulative rates of total return*

1 year

5 years

since inception1

6 months

5 years

since inception1

Growth Equity Fund

4.93

%

–2.20

%

–9.13

%

–2.74

%

–10.53

%

–45.02

%

Benchmark:

Russell 1000 Growth Index2

6.12

–0.76

–7.90

–0.93

–3.75

–40.23

Peer group:

Morningstar Large Growth

6.83

–0.55

–6.27

–1.32

–1.65

–30.60

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: April 3, 2000

² 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.

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PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would be worth $5,498 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 15.72%, for the quarter ended December 31, 2001

Worst quarter: –22.60%, for the quarter ended March 31, 2001

* Partial year

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Growth Equity Fund  |  Large-cap growth stocks

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Growth Equity Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	971.38		$	1.22
5% annual hypothetical return		1,000.00		1,023.53	‡		1.26

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.25%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of Portfolio investments
Large: over $5 billion	96.87
Middle: $1 billion–$5 billion	2.92
Small: under $1 billion	0.21
Total	100.00

Fund facts

Inception date		4/3/2000
Net assets (6/30/2006)	$	27.61 million
2006 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 prospectus.

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Growth & Income Fund  |  Large-cap, dividend-paying stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The Growth & Income Fund returned 2.64% for the period, closely tracking the 2.71% return of the fund’s benchmark, the S&P 500^® Index, and topping the 2.40% average return of similar funds, as measured by the Morningstar Large Blend category.

S&P trails the broad market

A global stock rally helped lift the large-cap stocks of the S&P 500 4.21% in the first quarter. However, the index slipped 1.44% in the second quarter when a spike in the U.S. inflation rate startled investors. For the six-month period, the S&P 500 trailed the 3.23% return of the broad-market Russell 3000^® Index, which benefited from continuing strength in small- and mid-cap issues.

Two large sectors post losses

Although eight of the S&P 500’s ten industry sectors recorded positive returns, two of the largest, information technology and health care—together comprising more than one-quarter of the market capitalization of the index—fell 5.9% and 3.8%, respectively.

The energy sector, which made up about one-tenth of the index, rose 13.7%. The considerably smaller telecommunications services sector was the only other sector with a double-digit gain, rising 13.8%.

Stock selections produce mixed results

The fund’s return slightly trailed the benchmark’s because of numerous stock selections that did not perform as anticipated. These included three stocks in the health care sector that were overweight relative to the benchmark: insurer Cigna, medical products maker Boston Scientific and Coventry Health Care.

The negative effects of these holdings were partly offset by stock selections that added value, relative to the benchmark. The top contributor to performance was French industrial giant Alstom, a stock not included in the index. Successful overweights included Occidental Petroleum, computer graphics company Nvidia and Marathon Oil. Underweights such as UnitedHealth Group, an HMO, and chip maker Intel also helped returns.

On June 30, 2006, foreign securities made up 7.69% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts (receipts for shares of a foreign stock traded on a U.S. exchange).

TIAA-CREF Life Funds    2006 Semiannual Report  |    15

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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks, including growth investing risks, style risk, foreign investment risks, large-cap risk and dividend risk. For a further discussion of risk, please see page 8.

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.

Performance as of June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		6 months		5 years		since inception1
Growth & Income Fund	9.66	%	1.79	%	–1.79	%	2.64	%	9.26	%	–10.67	%
Benchmark:
S&P 500 Index2	8.63		2.49		–1.02		2.71		13.11		–6.23
Peer group:
Morningstar Large Blend	8.85		2.31		–0.23		2.40		12.69		1.08

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: April 3, 2000

² S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies.

16    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,933 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 14.09%, for the quarter ended June 30, 2003

Worst quarter: –16.56%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    17

Growth & Income Fund  |  Large-cap, dividend-paying stocks

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Growth & Income Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,025.24		$	1.16
5% annual hypothetical return		1,000.00		1,023.63	‡		1.16

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.23%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of Portfolio investments
Large: over $5 billion	92.54
Middle: $1 billion–$5 billion	7.09
Small: under $1 billion	0.37
Total	100.00

Fund facts

Inception date		4/3/2000
Net assets (6/30/2006)	$	51.81 million
2006 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 prospectus.

18    |  2006 Semiannual Report    TIAA-CREF Life Funds

International Equity Fund  |  Foreign stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The International Equity Fund returned 11.11% for the period, topping both the 10.16% return of the fund’s benchmark, the MSCI EAFE^® Index, and the 8.89% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Weak dollar boosts foreign stock gains

Gains for foreign stocks were concentrated in the first quarter of 2006, when the fund’s benchmark jumped 9.40%. Momentum reversed sharply in May, and the benchmark struggled to eke out a positive second quarter. A weaker dollar helped: during the quarter the EAFE lost 4.25% in terms of local currencies but gained 0.70% in dollar terms.

For the six-month period, the dollar’s weakness converted the EAFE’s 3.59% return in local currencies to 10.16% in dollars. This double-digit gain was more than triple the 3.23% return of the broad U.S. stock market, as measured by the Russell 3000^® Index.

European stocks drive the benchmark

During the period, the benchmark’s European segment rose 13.58%, fueled by strong performance in France (up 16.06%), the United Kingdom (up 13.61%) and Germany (up 13.41%). Stocks in these three countries constituted more than 40% of the benchmark’s market capitalization. The Pacific segment was up a modest 3.53%, constrained by the relatively tame 1.91% return of the benchmark’s Japanese stocks, which are its largest component.

Successful stock selections lift returns

Positions in many well-performing stocks enabled the fund to outpace its benchmark. Among the largest contributors were overweights in Finnish energy company Fortum, Italian car maker Fiat and British brokerage company Man Group. A position in Swiss private bank Julius Baer, which was not in the benchmark, also aided returns.

The positive effects of these holdings were partly offset by positions in a number of underperforming stocks not listed in the benchmark. These included two Japanese companies, magnet maker Neomax and credit company Orient Corporation, as well as Israel’s Teva Pharmaceutical. Teva was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange). Overweights in Switzerland’s Zurich Financial Services and Germany’s Deutsche Post also detracted from returns.

On June 30, 2006, stocks of companies in emerging markets, which are not included in the benchmark, made up approximately 2.5% of the fund’s total portfolio investments.

TIAA-CREF Life Funds    2006 Semiannual Report  |    19

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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including foreign investment risks and small-cap risk. For a further discussion of risk, please see page 8.

The fund’s benchmark

The Morgan Stanley Capital International 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.

Performance as of June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		6 months		5 years		since inception1
International Equity Fund	30.51	%	10.80	%	0.76	%	11.11	%	67.03	%	4.84	%
Benchmark:
Morgan Stanley EAFE Index2	26.56		10.06		2.75		10.16		61.53		18.51
Peer group:
Morningstar Foreign Large Blend	26.39		8.08		0.47		8.89		48.25		5.02

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: 4/3/2000

² 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 above reflect this. EAFE is a trademark of Morgan Stanley Capital International, Inc.

20    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would be worth $10,484 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 18.58%, for the quarter ended December 31, 2003

Worst quarter: –19.22%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    21

International Equity Fund  |  Foreign stocks

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	International Equity Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,109.58		$	1.52
5% annual hypothetical return		1,000.00		1,023.33	‡		1.46

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.29%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Diversification among world markets

Holdings by country (6/30/2006)	Percent of portfolio investments
Japan	23.3
Germany	21.0
United Kingdom	13.8
France	10.8
Switzerland	8.4
Italy	5.8
Australia	4.2
Finland	3.7
United States	2.6
9 other nations	6.4
Total	100.0

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of portfolio investments
Large: over $5 billion	79.61
Middle: $1 billion–$5 billion	17.38
Small: under $1 billion	3.01
Total	100.00

Fund facts

Inception date		4/3/2000
Net assets (6/30/2006)	$	89.35 million
2006 expense ratio*		0.29	%

* 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 prospectus.

22    |  2006 Semiannual Report    TIAA-CREF Life Funds

Large-Cap Value Fund  |  Value stocks of larger companies

DISCUSSION

Performance in the six months ended June 30, 2006

The Large-Cap Value Fund advanced 6.52% for the period, keeping pace with the strong 6.56% return of the fund’s benchmark, the Russell 1000^® Value Index, and topping the 4.71% average return of similar funds, as measured by the Morningstar Large Value category.

Value beats growth again

At the end of 2005, the annual return of the Russell 1000 Value Index, which measures large-cap value stocks, had outperformed that of the Russell 1000 Growth Index, which tracks large-cap growth stocks, for six years in a row.

That pattern continued in the first quarter of 2006, when large-cap value returned 5.93%, versus 3.09% for large-cap growth. Furthermore, in the sell-off that began in May, large-cap value stocks held up much better. For the second quarter, large-cap value gained 0.59% while large-cap growth posted a 3.90% loss.

Largest sectors drive gains

During the six-month period, the gains of the Russell 1000 Value Index were boosted by the 9.4% return of its second-largest sector, utilities, and the 13.2% return of its third-largest sector, integrated oils. Together, these two sectors made up nearly a quarter of the index in terms of market capitalization. These outsized gains were tempered by the more modest 4.4% return of the financial sector, which comprised more than a third of the index.

Selections fuel fund’s strong gains

An overweight position, relative to the benchmark, in Sears Holdings was the top contributor to the fund’s gains. Performance was also helped by stock selections that included several nonbenchmark stocks, such as French industrial giant Alstom, semiconductor manufacturer Atmel and computer network provider Brocade Communications.

These positive results were partly offset by positions in stocks that did not perform as anticipated. Four of these were nonbenchmark stocks, including medical products maker Boston Scientific—the largest detractor, RadioShack, and two Japanese companies, conglomerate Sojitz and real estate developer Daikyo.

On June 30, 2006, foreign securities made up 12.51% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts (a receipt for shares of a foreign stock traded on a U.S. exchange).

TIAA-CREF Life Funds    2006 Semiannual Report  |    23

Large-Cap Value Fund  |  Value 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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks, including large-cap risk, value investing risks, style risk and foreign investment risks. For a further discussion of risk, please see page 8.

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

Performance as of June 30, 2006

	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception1		6 months		since inception1
Large-Cap Value Fund	12.29	%	17.80	%	6.52	%	82.78	%
Benchmark:
Russell 1000 Value Index2	12.10		16.31		6.56		74.41
Peer group:
Morningstar Large Value	10.29		14.15		4.71		63.21

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: October 28, 2002

² 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.

24    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since October 28, 2002 inception

An investment of $10,000 in this fund on October 28, 2002, would have grown to $18,278 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 18.54%, for the quarter ended June 30, 2003

Worst quarter: –5.76%, for the quarter ended March 31, 2003

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    25

Large-Cap Value Fund  |  Value stocks of larger companies

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Large-Cap Value Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,063.97		$	1.23
5% annual hypothetical return		1,000.00		1,023.59	‡		1.20

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.24%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of portfolio investments
Large: over $5 billion	77.13
Middle: $1 billion–$5 billion	21.57
Small: under $1 billion	1.30
Total	100.00

Fund facts

Inception date		10/28/2002
Net assets (6/30/2006)	$	53.39 million
2006 expense ratio*		0.24	%

* 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 prospectus.

26    |  2006 Semiannual Report    TIAA-CREF Life Funds

Small-Cap Equity Fund  |  Stocks of smaller companies

DISCUSSION

Performance in the six months ended June 30, 2006

The Small-Cap Equity Fund returned 9.03% for the period, outpacing the 8.21% return of its benchmark, the Russell 2000^® Index, and the 7.01% average return of similar funds, as measured by the Morningstar Small Blend category.

Small caps take the lead

For the six-month period, small caps scored gains that were more than twice the 3.23% return of the broad U.S. market, as measured by the Russell 3000^® Index.

Small caps lagged large- and mid-cap stocks in 2005, but investors showed a fresh appetite for risk in the first quarter of 2006, and small caps jumped 13.94%. It was more than triple their return for all of 2005.

However, investors became worried over increases in oil prices and in interest rates, and small caps gave back 5.02% in the second quarter. This drop was considerably steeper than that of the overall market, which fell 1.98%.

Three sectors drive returns

For the period, all twelve of the benchmark’s sectors moved upward, and eight posted double-digit gains. The largest contribution to the benchmark’s return came from the 8.9% rise of financial stocks, which made up more than one-fifth of the index in terms of market capitalization on June 30.

Outsized gains in materials and processing (up 17.6%) and in producer durables (up 15.2%) also boosted the benchmark’s performance. The smallest return came from the health care sector (up 0.2%).

Stock picks lift the fund above the benchmark

Advantageous stock weightings enabled the fund to outperform its benchmark during the period. These included overweight holdings, relative to the benchmark, in oil companies Alon USA Energy and Frontier Oil, construction company Emcor and Jones Lang LaSalle, a real estate company.

These positive results were partly offset by overweight positions in several stocks that did not perform as anticipated, such as medical devices maker Thoratec, fashion retailer New York & Company and Internet provider Earthlink. An underweight investment in Hansen Natural, a beverage maker, also reduced returns slightly.

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

TIAA-CREF Life Funds    2006 Semiannual Report  |    27

Small-Cap Equity Fund  |  Stocks 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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to small-cap risk. For a further discussion of risk, please see page 8.

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.

Performance as of June 30, 2006

	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception1		6 months		since inception1
Small-Cap Equity Fund	15.40	%	22.39	%	9.03	%	110.44	%
Benchmark:
Russell 2000 Index2	14.58		21.25		8.21		103.33
Peer group:
Morningstar Small Blend	14.11		20.21		7.01		99.39

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: October 28, 2002

² 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.

28    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since October 28, 2002 inception

An investment of $10,000 in this fund on October 28, 2002, would have grown to $21,044 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 23.74%, for the quarter ended June 30, 2003

Worst quarter: –4.67%, for the quarter ended March 31, 2005

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    29

Small-Cap Equity Fund  |  Stocks of smaller companies

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Small-Cap Equity Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,089.78		$	0.52
5% annual hypothetical return		1,000.00		1,024.29	‡		0.50

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.10%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of portfolio investments
Large: over $5 billion	2.62
Middle: $1 billion–$5 billion	57.79
Small: under $1 billion	39.59
Total	100.00

Fund facts

Inception date		10/28/2002
Net assets (6/30/2006)	$	53.55 million
2006 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 prospectus.

30    |  2006 Semiannual Report    TIAA-CREF Life Funds

Stock Index Fund  |  U.S. stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The Stock Index Fund returned 3.21% for the period, closely tracking the 3.23% return of its benchmark, the Russell 3000^® Index, and topping the 2.40% average return of similar funds, as measured by the Morningstar Large Blend category.

Second-quarter slide erodes gains

In response to a strong global economy and healthy corporate earnings growth, the broad U.S. stock market, as measured by the Russell 3000 Index, climbed 5.31% in the first quarter of 2006. Stocks reversed course in the second quarter, however, in reaction to rising interest rates and the threat of inflation. The Russell 3000 fell 1.98%, giving back more than a third of its first-quarter gain. For the six months, the Russell 3000 failed to keep pace with the 10.16% advance of foreign stocks, as measured by the MSCI EAFE^® Index.

Technology and health care dampen returns

Nine of the benchmark’s twelve sectors showed positive returns for the six months, and five sectors—utilities, autos and transportation, integrated oils, materials and processing, and “other energy”—produced double-digit gains. However, the benchmark’s overall return was trimmed by losses in technology and health care. These two sectors, which represented more than a quarter of the Russell 3000’s market capitalization on June 30, 2006, fell 4% and 3.3%, respectively. Financials, the largest sector in the benchmark, rose 4.4%, while the second-largest, consumer discretionary, returned just 1%.

Two of the largest stocks post losses

Returns for the benchmark’s five largest companies varied widely, reflecting the divergent performance of their industry sectors. In descending order according to cap size, these stocks performed as follows: ExxonMobil, 10.4%; General Electric, –4.5%; Citigroup, 1.5%; Bank of America, 6.5%; and Microsoft, –10.3%.

Returns for the Russell 3000 were boosted by the 8.21% return of small-cap stocks and the 4.84% return of mid caps. Together, small- and mid-cap stocks made up about one-third of the index on June 30, 2006. Large-cap stocks gained just 2.76%.

For the period, the fund’s return was comparable to that of the benchmark, minus the effects of expenses and of some cash holdings for liquidity. The fund also had a risk profile similar to that of the benchmark.

TIAA-CREF Life Funds    2006 Semiannual Report  |    31

Stock Index Fund  |  U.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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks, including index risk and small-cap risk. For a further discussion of risk, please see page 8.

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.

Performance as of June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		6 months		5 years		since inception1
Stock Index Fund	9.52	%	3.51	%	3.04	%	3.21	%	18.83	%	25.23	%
Benchmark:
Russell 3000 Index2	9.56		3.52		3.01		3.23		18.92		24.92
Peer group:
Morningstar Large Blend	8.85		2.31		2.60		2.40		12.69		23.33

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: January 4, 1999

² 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    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since January 4, 1999 inception

An investment of $10,000 in this fund on January 4, 1999, would have grown to $12,523 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 16.13%, for the quarter ended June 30, 2003

Worst quarter: –17.05%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    33

Stock Index Fund  |  U.S. stocks

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Stock Index Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,031.80		$	0.30
5% annual hypothetical return		1,000.00		1,024.49	‡		0.30

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.06%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of portfolio investments
Large: over $5 billion	81.53
Middle: $1 billion–$5 billion	14.63
Small: under $1 billion	3.84
Total	100.00

Fund facts

Inception date		1/4/1999
Net assets (6/30/2006)	$	154.38 million
2006 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 prospectus.

34    |  2006 Semiannual Report    TIAA-CREF Life Funds

Social Choice Equity Fund  |  Socially screened stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The Social Choice Equity Fund returned 2.71% for the period, trailing the 3.23% gain of its benchmark, the Russell 3000^® Index. However, the fund surpassed the 2.40% average return of similar funds, as measured by the Morningstar Large Blend category. Unlike the fund, the benchmark and the Morningstar category do not screen investments according to social criteria.

Social screens hinder performance

The fund’s social screens prevented it from investing in several stocks that are large components of the Russell 3000 in terms of market capitalization. During the period, the net effect of these exclusions was to reduce the fund’s return in relation to the return of its benchmark.

Exclusion of oil stocks trims gains

The largest drag on relative performance during the period was the exclusion of ExxonMobil, which gained 10.4%. The fund’s performance was also reduced by the omission of other well-performing stocks that included Caterpillar, Chevron, ConocoPhillips and agricultural giant Archer Daniels Midland.

However, avoiding General Electric helped returns because the stock fell 4.5%. The omission of Yahoo!, Dow Chemical, insurer American International Group and drug maker Genentech also had positive effects on performance.

Coca-Cola and JPMorgan Chase were dropped from the portfolio during the second quarter because they failed the qualitative social screens used to evaluate stocks. Bank of America was added to the list of major holdings.

Statistical techniques help manage risk

The fund’s managers use statistical techniques to ensure that the portfolio’s risk characteristics resemble those of the index. One method is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

During the period, relative performance suffered from overweight holdings in chip maker Intel; Medtronic, a medical products manufacturer; and UnitedHealth Group, an HMO. Other overweights, however, including Disney, steel producer Nucor and OGE Energy, a gas and electric company, boosted returns.

TIAA-CREF Life Funds    2006 Semiannual Report  |    35

Social Choice Equity Fund  |  Socially 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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks, including the risk of socially screened investing, index risk and foreign investment risks. For a further discussion of risk, please see page 8.

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.

Performance as of June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		6 months		5 years		since inception1
Social Choice Equity Fund	10.79	%	3.99	%	0.20	%	2.71	%	21.63	%	1.26	%
Benchmark:
Russell 3000 Index2	9.56		3.52		–0.19		3.23		18.92		–1.19
Peer group:
Morningstar Large Blend	8.85		2.31		–0.23		2.40		12.69		1.08

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: April 3, 2000

² 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.

36    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would be worth $10,126 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 16.40%, for the quarter ended June 30, 2003

Worst quarter: –16.46%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    37

Social Choice Equity Fund  |  Socially screened stocks

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Social Choice Equity Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,026.75		$	0.35
5% annual hypothetical return		1,000.00		1,024.44	‡		0.35

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.07%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of Portfolio investments
Large: over $5 billion	83.03
Middle: $1 billion–$5 billion	13.58
Small: under $1 billion	3.39
Total	100.00

Fund facts

Inception date		4/3/2000
Net assets (6/30/2006)	$	32.70 million
2006 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 prospectus.

38    |  2006 Semiannual Report    TIAA-CREF Life Funds

Real Estate Securities Fund  |  Real estate securities

DISCUSSION

Performance in the six months ended June 30, 2006

The Real Estate Securities Fund returned 12.01% for the period, trailing the 14.08% return of its benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the 12.46% average return of similar funds, as measured by the Morningstar Specialty Real Estate category.

REITs deliver, while other asset classes disappoint

For the six-month period, the return of real estate investment trusts (REITs) was far ahead of the 3.23% gain of the Russell 3000^® Index, which tracks the broad U.S. equity market. REITs also trounced the 1.60% rise of high-yield bonds and the 0.72% loss of investment-grade bonds, as measured by the Lehman Brothers U.S. Aggregate Index.

An up-and-down first half for REITs

Three factors helped lift the benchmark to a 15.42% first-quarter surge. First, REITs became a hotbed of mergers-and-acquisition activity; investors hoped to profit if the companies went private. Second, institutional investors who had previously sold REITs and taken profits began buying them again for fear of missing out on another big run-up. Finally, a sharp rise in home prices increased demand for apartment REITs.

In the second quarter, income-seeking investors took advantage of rising interest rates and bought Treasuries instead. In addition, REITs’ own high valuations prompted investors to take profits. The upshot was that the benchmark gave back 1.16%.

Strong gains trail the benchmark

For the six months, the fund’s return was strong in absolute terms and superior to those of many other income-producing assets as well as to returns from the U.S. stock market. However, the fund’s advance lagged the benchmark’s, due in part to overweight selections in office REITs. Holdings in mortgage REITs and specialty finance REITs also hurt returns; by the end of the period, the fund had eliminated nearly all its holdings in these two out-of-benchmark sectors.

Performance was enhanced slightly by underweight holdings in diversified REITs and overweights in industrial REITs.

The fund’s portfolio manager was replaced in February, and a new management team was assembled. This group first used some transitional strategies to make adjustments to the portfolio. Then the team focused on the attributes of particular companies rather than on broad economic conditions in order to add attractively valued benchmark stocks. The goal was to boost relative performance while limiting risk.

TIAA-CREF Life Funds    2006 Semiannual Report  |    39

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.

Special investment risks

In addition to the risks of any equity or fixed-income investment, the fund is subject to special risks, including real estate investing risks, real estate securities risk, small-cap risk and foreign investment risks. For a further discussion of risk, please see page 8.

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, 2006

	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception1		6 months		since inception1
Real Estate Securities Fund	13.34	%	26.04	%	12.01	%	134.50	%
Benchmark:
Dow Jones Wilshire Real Estate Securities Index	21.85		28.81		14.08		154.01
Peer group:
Morningstar Specialty Real Estate	19.26		26.75		12.46		140.02

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: October 28, 2002

40    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since October 28, 2002 inception

An investment of $10,000 in this fund on October 28, 2002, would have grown to $23,450 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 17.13%, for the quarter ended December 31, 2004

Worst quarter: –6.90%, for the quarter ended March 31, 2005

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    41

Real Estate Securities Fund  |  Real estate securities

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Real Estate Securities Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,118.79		$	1.31
5% annual hypothetical return		1,000.00		1,023.53	‡		1.26

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.25%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by company size

Capitalization (6/30/2006)	Percent of portfolio investments
Large: over $5 billion	49.69
Middle: $1 billion–$5 billion	35.09
Small: under $1 billion	15.22
Total	100.00

Fund facts

Inception date		10/28/2002
Net assets (6/30/2006)	$	81.60 million
2006 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 prospectus.

42    |  2006 Semiannual Report    TIAA-CREF Life Funds

Bond Fund  |  Intermediate-term bonds

DISCUSSION

Performance in the six months ended June 30, 2006

The Bond Fund returned –0.53% for the period, compared with the –0.72% return of its benchmark, the Lehman Brothers U.S. Aggregate Index. The average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category, was –0.73%.

Short-term rates keep rising

On January 31, the Federal Reserve met for the final time under Alan Greenspan and continued its slow-but-steady tightening of credit, raising the federal funds rate (the rate that banks charge one another for overnight loans) by a quarter point, to 4.50%. Many observers expected the economy to weaken, making further increases unnecessary.

Instead, the economy got stronger. On March 28, with Ben Bernanke at the helm, the Fed mandated another quarter-point boost. At both its January and March meetings, the central bank expressed concerns about the effects of high energy prices and the surging economy.

On May 10, the Fed raised rates yet again, and investors feared that this campaign to subdue inflation would end up tipping the economy into recession. Stock prices tumbled worldwide.

Short-term and long-term yields zigzag

Purchasers of longer-dated bonds usually receive higher yields, which compensate them for the risk that inflation will erode the value of their interest payments. However, when 2006 began, 10-year Treasuries yielded 4.39%—less than the 4.40% for 2-year Treasuries. During the six-month period, both yields advanced, and each took the lead in turn. The 2-year note was ahead in early June and finished with a 5.15% to 5.14% advantage over the 10-year note.

Bond prices, which move inversely to yields, fell during the period, and this drop was only partly offset by rising interest income. Nearly all of the benchmark’s decline came from two sectors: Treasuries, which made up about one-quarter of the index, and corporate bonds, which constituted roughly one-fifth.

The fund’s strategies trim losses

For the period, the fund benefited from an underweight in Treasuries. Also boosting returns were holdings in corporate bonds and mortgage-and asset-backed securities. Both sectors outperformed Treasuries.

TIAA-CREF Life Funds    2006 Semiannual Report  |    43

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.

Special investment risks

In addition to the risks of any fixed-income investment, the fund is subject to special risks, including foreign investment risks and index risk. For a further discussion of risk, please see page 8.

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, 2006

	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception1		6 months		since inception1
Bond Fund	–0.67	%	2.24	%	–0.53	%	6.84	%
Benchmark:
Lehman Brothers U.S. Aggregate Index	–0.81		2.24		–0.72		6.84
Peer group:
Morningstar Intermediate-Term Bond	–0.89		1.65		–0.73		5.08

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: July 8, 2003

44    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since July 8, 2003 inception

An investment of $10,000 in this fund on July 8, 2003, would have grown to $10,697 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 3.03%, for the quarter ended June 30, 2005

Worst quarter: –2.08%, for the quarter ended June 30, 2004

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    45

Bond Fund  |  Intermediate-term bonds

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Bond Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	994.21		$	0.49
5% annual hypothetical return		1,000.00		1,024.29	‡		0.50

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.10%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by sector (6/30/2006)

	Percent of total net assets
Mortgage-backed securities*	40.6
U.S. government securities	28.4
Corporate bonds	25.9
Yankees†	3.5
Money market instruments	2.0
Other assets & liabilities-net	–0.4
Total	100.0

* Includes asset-backed, mortgage-backed and commercial mortgage-backed securities.

^† Foreign government and corporate bonds denominated in U.S. dollars

Risk characteristics* (6/30/2006)

	Average maturity (in years)	Option-adjusted duration (in years)
Bond Fund	7.07	4.76
Lehman Bros. U.S. Aggregate Index	7.20	4.80

* As calculated using an analytical model developed by CMS BondEdge, a widely recognized risk analytic software package

Fund facts

Inception date		7/8/2003
Net assets (6/30/2006)	$	68.03 million
2006 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 prospectus.

46    |  2006 Semiannual Report    TIAA-CREF Life Funds

Money Market Fund  |  Cash equivalents

DISCUSSION

Performance in the six months ended June 30, 2006

The Money Market Fund returned 2.35% for the period, topping the 2.05% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

Fed keeps boosting rates

The year started with the federal funds rate at 4.25%, after a series of quarter-point hikes that began in June 2004. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) Over the first half of 2006, the Federal Reserve raised the rate four more times, lifting it to 5.25%, its highest level since March 2001.

The Fed said it was reacting to the inflation threat posed by higher prices for energy and other commodities and to signs that the nation was using a high percentage of its productive capacity. Fuller use of capacity often leads to price increases.

LIBOR turns volatile

During the six-month period, the prospect of additional rate increases caused a wide fluctuation in the shape of the LIBOR curve, indicating that market participants were uncertain about future interest rates. (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.) By the end of June, however, the LIBOR curve had flattened considerably.

Asset allocations boost results

The fund maintained a sizable exposure to commercial paper, despite a decline in its supply in the second quarter. Commercial paper generally offered higher returns without appreciably higher risk. On June 30, 2006, securities of this type accounted for 80.4% of the portfolio.

The fund increased its holdings of certificates of deposits and bank notes, from 3.9% on December 31, 2005, to 9.7% at the end of the six-month period. The remaining 9.9% of the fund was invested in government agency securities, versus 14.1% six months earlier.

On June 30, 2006, foreign securities made up 14% of the fund’s total portfolio investments.

During the period, the weighted average maturity of the fund fluctuated between 34 and 47 days. As of June 27, 2006, it stood at 40 days, versus 38 for the average iMoneyNet fund.

TIAA-CREF Life Funds    2006 Semiannual Report  |    47

Money Market Fund  |  Cash equivalents

Investment objective

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

Special investment risks

The fund is subject to special risks, including income volatility risk, market risk, company risk, credit risk, interest-rate risk, prepayment risk, extension risk and foreign investment risks. For a further discussion of risk, please see page 8.

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.

Yield and average maturity

	Net annualized yield (for the 7 days ended 6/27/2006)				Average maturity (as of 6/27/2006) Days
	Current yield		Effective yield
Money Market Fund	5.07	%	5.20	%	40
iMoneyNet Money Fund
Report Averages™–All Taxable	4.48		4.59		38

Performance as of June 30, 2006

	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception1		6 months		since inception1
Money Market Fund	4.27	%	2.49	%	2.35	%	7.61	%
iMoneyNet Money Fund
Report Averages–All Taxable	3.67		1.94		2.05		5.90

* 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/lifefunds, or call 800 223-1200.

¹ Inception date: July 8, 2003

48    |  2006 Semiannual Report    TIAA-CREF Life Funds

PERFORMANCE

$10,000 since July 8, 2003 inception

An investment of $10,000 in this fund on July 8, 2003, would have grown to $10,761 as of June 30, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 1.23%, for the quarter ended June 30, 2006

Worst quarter: 0.23%, for the quarter ended September 30, 2003

* Partial year

TIAA-CREF Life Funds    2006 Semiannual Report  |    49

Money Market Fund  |  Cash equivalents

PERFORMANCE

Fund expenses–six months ended June 30, 2006

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006. Please see page 10 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Money Market Fund expense example
	Starting fund value (1/1/06)		Ending fund value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return	$	1,000.00	$	1,023.20		$	0.30
5% annual hypothetical return		1,000.00		1,024.49	‡		0.30

^† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.06%.

^‡ Ending fund value for the hypothetical example would be $1,025.00 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.

Portfolio breakdown by sector (6/30/2006)

	Percent of portfolio investments
Commercial paper	80.4
U.S. agencies	9.9
Certificates of deposit	6.8
Bank notes	2.9
Total	100.0

Fund facts

Inception date		7/8/2003
Net assets (6/30/2006)	$	45.04 million
2006 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 prospectus.

50    |  2006 Semiannual Report    TIAA-CREF Life Funds

Growth Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES		$	194,191	0.70	%
	APPAREL AND OTHER TEXTILE PRODUCTS			103,706	0.38
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Lowe’s Cos, Inc	6,254		379,430	1.37
				379,430	1.37
	BUSINESS SERVICES
*	Adobe Systems, Inc	13,767		417,966	1.51
*	Cognizant Technology Solutions Corp	4,252		286,457	1.04
*	eBay, Inc	13,803		404,290	1.47
*	Electronic Arts, Inc	8,090		348,194	1.26
*	Google, Inc (Class A)	2,115		886,883	3.21
	Microsoft Corp	15,592		363,294	1.32
	SAP AG. (ADR)	5,778		303,461	1.10
*	Yahoo!, Inc	13,068		431,244	1.56
	Other			275,611	1.00
				3,717,400	13.47
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	14,061		613,200	2.22
*	Amgen, Inc	9,519		620,924	2.25
*	Genzyme Corp	4,957		302,625	1.10
	Monsanto Co	4,015		338,023	1.22
*	Sepracor, Inc	5,784		330,498	1.20
	Teva Pharmaceutical Industries Ltd (ADR)	8,274		261,376	0.94
	Wyeth	7,828		347,641	1.26
	Other			369,788	1.34
				3,184,075	11.53
	COAL MINING			129,452	0.47
	COMMUNICATIONS
	AT&T, Inc	13,119		365,889	1.33
	Other			538,670	1.95
				904,559	3.28
	EATING AND DRINKING PLACES
*	Starbucks Corp	8,189		309,217	1.12
				309,217	1.12
	ELECTRIC, GAS, AND SANITARY SERVICES			207,832	0.75
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	27,069		528,658	1.91
	Emerson Electric Co	5,629		471,765	1.71
	Intel Corp	20,943		396,870	1.44
	Motorola, Inc	12,965		261,245	0.95
*	Network Appliance, Inc	10,042		354,483	1.28
	Qualcomm, Inc	16,922		678,065	2.46
	Other			1,346,981	4.88
				4,038,067	14.63

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   51

Growth Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	ENGINEERING AND MANAGEMENT SERVICES
	Paychex, Inc	10,833	$	422,270	1.53	%
	Other			254,678	0.92
				676,948	2.45
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	11,168		670,527	2.43
				670,527	2.43
	FURNITURE AND HOMEFURNISHINGS STORES			251,594	0.91
	GENERAL MERCHANDISE STORES
	Target Corp	8,978		438,755	1.59
	Wal-Mart Stores, Inc	5,878		283,143	1.02
				721,898	2.61
	HEALTH SERVICES
*	Medco Health Solutions, Inc	4,921		281,875	1.02
	Other			97,197	0.35
				379,072	1.37
	HOLDING AND OTHER INVESTMENT OFFICES			240,606	0.87
	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc	5,675		342,430	1.24
				342,430	1.24
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Apple Computer, Inc	6,188		353,459	1.28
	Other			685,709	2.48
				1,039,168	3.76
	INSTRUMENTS AND RELATED PRODUCTS
*	Advanced Medical Optics, Inc	5,642		286,049	1.04
*	St. Jude Medical, Inc	9,310		301,830	1.09
*	Zimmer Holdings, Inc	5,904		334,875	1.21
	Other			165,768	0.60
				1,088,522	3.94
	INSURANCE CARRIERS
	Aetna, Inc	11,096		443,063	1.60
	Progressive Corp	11,692		300,601	1.09
				743,664	2.69
	LEATHER AND LEATHER PRODUCTS
*	Coach, Inc	9,488		283,691	1.03
				283,691	1.03
	METAL MINING			146,356	0.53
	MISCELLANEOUS RETAIL
	CVS Corp	18,038		553,767	2.01
				553,767	2.01
	MOTION PICTURES			163,950	0.59
	NONDEPOSITORY INSTITUTIONS
	American Express Co	12,176		648,007	2.35
				648,007	2.35

52   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

	COMPANY		SHARES	VALUE		% OF NET ASSETS
	OIL AND GAS EXTRACTION
	Halliburton Co		4,760	$	353,240	1.28	%
	Schlumberger Ltd		5,186		337,660	1.23
	Other				298,976	1.08
					989,876	3.59
	PETROLEUM AND COAL PRODUCTS				154,420	0.56
	PRIMARY METAL INDUSTRIES
*	Corning, Inc		24,251		586,632	2.13
					586,632	2.13
	SECURITY AND COMMODITY BROKERS
	Charles Schwab Corp		29,350		469,013	1.70
	Chicago Mercantile Exchange Holdings, Inc		822		403,725	1.46
	Goldman Sachs Group, Inc		1,982		298,152	1.08
	Other				566,374	2.05
					1,737,264	6.29
	TOBACCO PRODUCTS
	Altria Group, Inc		8,580		630,029	2.28
					630,029	2.28
	TRANSPORTATION BY AIR				129,781	0.47
	TRANSPORTATION EQUIPMENT
	Boeing Co		6,081		498,095	1.80
	United Technologies Corp		10,317		654,304	2.37
					1,152,399	4.17
	TRANSPORTATION SERVICES
	CH Robinson Worldwide, Inc		5,051		269,218	0.98
					269,218	0.98
	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)		6,302		518,844	1.88
					518,844	1.88
	WHOLESALE TRADE-DURABLE GOODS				197,051	0.71
	TOTAL COMMON STOCKS	(Cost $26,809,227)			27,483,643	99.54
	TOTAL PORTFOLIO	(Cost $26,809,227)			27,483,643	99.54
	OTHER ASSETS & LIABILITIES, NET				125,644	0.46
	NET ASSETS			$	27,609,287	100.00	%

* Non-income producing

ABBREVIATION:

ADR—American Depositary Receipt

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   2006 Semiannual Report   53

Growth & Income Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES		$	164,961	0.32	%
	APPAREL AND ACCESSORY STORES			192,664	0.37
	BUSINESS SERVICES
	Automatic Data Processing, Inc	11,165		506,333	0.98
	Microsoft Corp	34,508		804,036	1.55
*	Yahoo!, Inc	11,497		379,401	0.73
	Other			1,191,014	2.30
				2,880,784	5.56
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	10,002		436,187	0.84
	Air Products & Chemicals, Inc	6,599		421,808	0.82
	Monsanto Co	5,525		465,150	0.90
	Pfizer, Inc	30,681		720,083	1.39
	Procter & Gamble Co	19,715		1,096,154	2.12
	Schering-Plough Corp	20,474		389,620	0.75
	Wyeth	13,445		597,092	1.15
	Other			3,157,165	6.09
				7,283,259	14.06
	COAL MINING			140,534	0.27
	COMMUNICATIONS
	AT&T, Inc	23,327		650,590	1.26
	Other			966,538	1.86
				1,617,128	3.12
	DEPOSITORY INSTITUTIONS
	Bank of America Corp	23,392		1,125,155	2.17
	Citigroup, Inc	21,001		1,013,088	1.96
	JPMorgan Chase & Co	21,770		914,340	1.76
	Marshall & Ilsley Corp	8,691		397,526	0.77
	Northern Trust Corp	9,844		544,373	1.05
	US Bancorp	18,503		571,373	1.10
	Other			584,423	1.13
				5,150,278	9.94
	EATING AND DRINKING PLACES			326,387	0.63
	ELECTRIC, GAS, AND SANITARY SERVICES
	Exelon Corp	9,001		511,527	0.99
	Other			830,444	1.60
				1,341,971	2.59
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	45,444		887,521	1.71
	Emerson Electric Co	6,675		559,432	1.08
	Honeywell International, Inc	17,241		694,812	1.34
	Intel Corp	21,622		409,737	0.79
	Qualcomm, Inc	14,415		577,609	1.12
	Other			1,235,958	2.39
				4,365,069	8.43

54   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	FABRICATED METAL PRODUCTS		$	250,895	0.48	%
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	16,029		962,381	1.86
	Other			566,937	1.09
				1,529,318	2.95
	FURNITURE AND FIXTURES			38,976	0.08
	FURNITURE AND HOMEFURNISHINGS STORES
	Best Buy Co, Inc	8,968		491,805	0.95
	Other			328,914	0.63
				820,719	1.58
	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	13,874		668,311	1.29
	Other			642,366	1.24
				1,310,677	2.53
	HEALTH SERVICES
*	Medco Health Solutions, Inc	8,540		489,171	0.94
	Other			725,161	1.40
				1,214,332	2.34
	HOLDING AND OTHER INVESTMENT OFFICES			206,194	0.40
	HOTELS AND OTHER LODGING PLACES			458,619	0.89
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	6,508		525,651	1.01
*	Apple Computer, Inc	7,274		415,491	0.80
	General Electric Co	44,680		1,472,653	2.84
	Hewlett-Packard Co	25,342		802,835	1.55
	International Business Machines Corp	5,327		409,220	0.79
	Other			587,899	1.14
				4,213,749	8.13
	INSTRUMENTS AND RELATED PRODUCTS			469,512	0.91
	INSURANCE CARRIERS
	ACE Ltd	11,486		581,077	1.12
	Aflac, Inc	11,459		531,125	1.03
	American International Group, Inc	15,302		903,583	1.74
	Other			590,807	1.14
				2,606,592	5.03
	METAL MINING			543,503	1.05
	MISCELLANEOUS RETAIL
	CVS Corp	12,727		390,719	0.75
				390,719	0.75
	MOTION PICTURES
	News Corp (Class A)	30,569		586,313	1.13
	Other			106,712	0.21
				693,025	1.34

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   55

Growth & Income Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY		SHARES	VALUE		% OF NET ASSETS
	NONDEPOSITORY INSTITUTIONS
	American Express Co		14,549	$	774,298	1.50	%
	Fannie Mae		9,394		451,851	0.87
	SLM Corp		8,749		462,997	0.89
					1,689,146	3.26
	OIL AND GAS EXTRACTION
*	Cameron International Corp		10,471		500,200	0.97
	Schlumberger Ltd		11,636		757,620	1.46
	Other				142,632	0.27
					1,400,452	2.70
	PETROLEUM AND COAL PRODUCTS
	Exxon Mobil Corp		24,009		1,472,952	2.84
	Marathon Oil Corp		6,537		544,532	1.05
	Other				1,595,451	3.08
					3,612,935	6.97
	PRINTING AND PUBLISHING				244,204	0.47
	RAILROAD TRANSPORTATION				175,732	0.34
	SECURITY AND COMMODITY BROKERS
	Morgan Stanley		11,423		722,048	1.39
	Other				583,388	1.13
					1,305,436	2.52
	TOBACCO PRODUCTS
	Altria Group, Inc		27,273		2,002,656	3.87
					2,002,656	3.87
	TRANSPORTATION BY AIR				240,549	0.46
	TRANSPORTATION EQUIPMENT
	Boeing Co		6,600		540,606	1.04
	Northrop Grumman Corp		7,401		474,108	0.92
	United Technologies Corp		9,127		578,834	1.12
					1,593,548	3.08
	TRANSPORTATION SERVICES				188,629	0.36
	TRUCKING AND WAREHOUSING				274,157	0.53
	WHOLESALE TRADE-NONDURABLE GOODS
	Cardinal Health, Inc		7,722		496,756	0.96
					496,756	0.96
	TOTAL COMMON STOCKS	(Cost $47,625,231)			51,434,065	99.27
	TOTAL PORTFOLIO	(Cost $47,625,231)			51,434,065	99.27
	OTHER ASSETS & LIABILITIES, NET				377,215	0.73
	NET ASSETS			$	51,811,280	100.00	%

56   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

* Non-income producing

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   2006 Semiannual Report   57

International Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006

COMPANY	SHARES	VALUE		% OF NET ASSETS
COMMON STOCKS
AGRICULTURAL SERVICES		$	31,526	0.04	%
APPAREL AND OTHER TEXTILE PRODUCTS			201,233	0.23
BUSINESS SERVICES			721,532	0.81
CHEMICALS AND ALLIED PRODUCTS
Bayer AG.	104,001		4,779,332	5.35
Novartis AG.	14,690		793,860	0.89
Reckitt Benckiser plc	46,866		1,750,957	1.96
Shin-Etsu Chemical Co Ltd	6,400		348,231	0.39
Takeda Pharmaceutical Co Ltd	14,100		878,205	0.98
Other			1,761,696	1.97
			10,312,281	11.54
COAL MINING
BHP Billiton Ltd	49,105		1,057,994	1.18
			1,057,994	1.18
COMMUNICATIONS
Royal KPN NV	108,364		1,217,939	1.36
Other			670,573	0.75
			1,888,512	2.11
DEPOSITORY INSTITUTIONS
Julius Baer Holding AG.	33,274		2,884,652	3.23
Mitsubishi UFJ Financial Group, Inc	55		769,803	0.86
Mizuho Financial Group. Inc	66		559,454	0.63
Sumitomo Trust & Banking Co Ltd	39,000		426,453	0.48
Other			827,658	0.92
			5,468,020	6.12
ELECTRIC, GAS, AND SANITARY SERVICES
Fortum Oyj	129,208		3,304,236	3.70
Xinao Gas Holdings Ltd	601,000		572,602	0.64
Other			76,831	0.08
			3,953,669	4.42
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
Sony Corp	12,700		561,037	0.63
Other			1,167,396	1.30
			1,728,433	1.93
FABRICATED METAL PRODUCTS
NEOMAX Co Ltd	17,000		359,883	0.40
Other			81,172	0.09
			441,055	0.49
FOOD AND KINDRED PRODUCTS
Nisshin Oillio Group Ltd	122,000		779,075	0.87
Other			1,127,009	1.26
			1,906,084	2.13

58   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

COMPANY	SHARES	VALUE		% OF NET ASSETS
FOOD STORES
Tesco plc	551,352	$	3,405,976	3.81	%
Other			159,899	0.18
			3,565,875	3.99
GENERAL BUILDING CONTRACTORS
Shanghai Forte Land Co	1,000,000		405,562	0.45
Shimizu Corp	66,000		370,083	0.42
Other			328,146	0.37
			1,103,791	1.24
HEAVY CONSTRUCTION, EXCEPT BUILDING
Vinci S.A.	40,147		4,134,950	4.63
			4,134,950	4.63
HOLDING AND OTHER INVESTMENT OFFICES
Collins Stewart Tullett plc	115,579		1,622,508	1.82
GEA Group AG.	146,594		2,511,728	2.81
iShares MSCI EAFE Index Fund	35,000		2,288,650	2.56
Man Group plc	73,774		3,476,713	3.89
Other			156,373	0.17
			10,055,972	11.25
HOTELS AND OTHER LODGING PLACES
Accor S.A.	78,671		4,787,204	5.36
Other			56,924	0.06
			4,844,128	5.42
INDUSTRIAL MACHINERY AND EQUIPMENT
Canon, Inc	8,550		419,591	0.47
Komatsu Ltd	18,000		358,221	0.40
Rheinmetall AG.	38,640		2,693,177	3.01
Other			864,493	0.97
			4,335,482	4.85
INSTRUMENTS AND RELATED PRODUCTS
Tecan Group AG.	11,911		640,763	0.72
Terumo Corp	14,400		481,197	0.54
Other			157,078	0.17
			1,279,038	1.43
INSURANCE AGENTS, BROKERS AND SERVICE			210,653	0.24
INSURANCE CARRIERS
Aioi Insurance Co Ltd	88,000		660,491	0.74
AMP Ltd	73,590		499,171	0.56
Fondiaria-Sai S.p.A	24,195		988,744	1.11
Zurich Financial Services AG.	5,764		1,261,022	1.41
Other			789,276	0.88
			4,198,704	4.70
METAL MINING			858,256	0.96
MISCELLANEOUS MANUFACTURING INDUSTRIES			297,024	0.33
NONDEPOSITORY INSTITUTIONS
Deutsche Postbank AG.	40,587		2,919,700	3.27

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   59

International Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	NONDEPOSITORY INSTITUTIONS—(continued)
	Hypo Real Estate Holding AG.	33,340	$	2,024,507	2.26	%
	Other			349,808	0.39
				5,294,015	5.92
	NONMETALLIC MINERALS, EXCEPT FUELS			219,787	0.25
	OIL AND GAS EXTRACTION
	PetroChina Co Ltd (Class H)	423,000		452,028	0.50
	Total S.A.	8,984		591,026	0.66
	Other			568,157	0.64
				1,611,211	1.80
	PAPER AND ALLIED PRODUCTS			290,671	0.33
	PETROLEUM AND COAL PRODUCTS
	BP plc	47,756		556,902	0.62
	ENI S.p.A.	30,315		892,695	1.00
	Other			270,136	0.30
				1,719,733	1.92
	PRIMARY METAL INDUSTRIES
	BHP Billiton plc	50,725		984,155	1.10
	Other			212,116	0.24
				1,196,271	1.34
	RAILROAD TRANSPORTATION			327,166	0.37
	REAL ESTATE
	Tokyo Tatemono Co Ltd	43,000		461,164	0.52
	Other			440,674	0.49
				901,838	1.01
	SECURITY AND COMMODITY BROKERS			84,482	0.09
	STONE, CLAY, AND GLASS PRODUCTS
	Holcim Ltd	22,130		1,692,719	1.90
	Other			555,430	0.62
				2,248,149	2.52
	TOBACCO PRODUCTS
	Japan Tobacco, Inc	114		415,851	0.47
				415,851	0.47
	TRANSPORTATION EQUIPMENT
*	Fiat S.p.A.	245,168		3,263,368	3.65
	Honda Motor Co Ltd	18,200		577,929	0.65
	Toyota Motor Corp	29,100		1,524,813	1.71
	Other			1,461,694	1.63
				6,827,804	7.64
	TRUCKING AND WAREHOUSING
	Deutsche Post AG.	121,925		3,267,651	3.66
				3,267,651	3.66
	WHOLESALE TRADE-DURABLE GOODS
*	Hagemeyer NV	146,096		674,368	0.75
	Sumitomo Corp	29,000		382,811	0.43

60   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

COMPANY		SHARES	VALUE		% OF NET ASSETS
WHOLESALE TRADE-DURABLE GOODS—(continued)
Other			$	211,943	0.24	%
				1,269,122	1.42
WHOLESALE TRADE-NONDURABLE GOODS				111,936	0.13
TOTAL COMMON STOCKS	(Cost $80,945,236)			88,379,899	98.91
TOTAL PORTFOLIO	(Cost $80,945,236)			88,379,899	98.91
OTHER ASSETS & LIABILITIES, NET				972,199	1.09
NET ASSETS			$	89,352,098	100.00	%

* Non-income producing

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   2006 Semiannual Report   61

International Equity Fund   Summary of market values by country (unaudited) June 30, 2006

DOMESTIC	VALUE		% OF MARKET VALUE
UNITED STATES OF AMERICA	$	2,288,650	2.59	%
TOTAL DOMESTIC		2,288,650	2.59
FOREIGN
AUSTRALIA		3,718,098	4.21
BRAZIL		363,724	0.41
CHINA		72,551	0.08
FINLAND		3,304,236	3.74
FRANCE		9,521,958	10.77
GERMANY		18,544,129	20.98
HONG KONG		1,778,035	2.01
INDIA		840,631	0.95
INDONESIA		27,437	0.03
ITALY		5,144,808	5.82
JAPAN		20,572,924	23.28
NETHERLANDS		1,892,307	2.14
REPUBLIC OF KOREA		74,763	0.08
RUSSIA		172,499	0.20
SINGAPORE		511,887	0.58
SWITZERLAND		7,394,441	8.37
UNITED KINGDOM		12,156,821	13.76
TOTAL FOREIGN		86,091,249	97.41
TOTAL PORTFOLIO	$	88,379,899	100.00	%

62   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES
	Gap, Inc	71,859	$	1,250,347	2.34	%
				1,250,347	2.34
	APPAREL AND OTHER TEXTILE PRODUCTS			49,151	0.09
	BUSINESS SERVICES
*	United Rentals, Inc	13,222		422,840	0.79
	Other			798,784	1.50
				1,221,624	2.29
	CHEMICALS AND ALLIED PRODUCTS
	Colgate-Palmolive Co	12,549		751,685	1.41
	Pfizer, Inc	21,477		504,065	0.94
*	Sepracor, Inc	7,246		414,036	0.77
	Wyeth	11,874		527,324	0.99
	Other			1,071,555	2.01
				3,268,665	6.12
	COAL MINING
	Sasol Ltd (ADR)	12,172		470,326	0.88
				470,326	0.88
	COMMUNICATIONS
	AT&T, Inc	38,232		1,066,290	2.00
	BellSouth Corp	12,330		446,346	0.84
	Sprint Nextel Corp	35,947		718,581	1.34
	Other			257,111	0.48
				2,488,328	4.66
	DEPOSITORY INSTITUTIONS
	Bank of America Corp	40,877		1,966,184	3.68
	Bank of New York Co, Inc	17,474		562,663	1.05
	Citigroup, Inc	8,577		413,754	0.77
	Hudson City Bancorp, Inc	60,503		806,505	1.51
	JPMorgan Chase & Co	44,492		1,868,660	3.50
	Marshall & Ilsley Corp	7,810		357,229	0.67
	South Financial Group, Inc	16,741		442,130	0.83
	SunTrust Banks, Inc	13,946		1,063,520	1.99
	US Bancorp	12,343		381,152	0.71
	Washington Mutual, Inc	12,003		547,097	1.03
	Wells Fargo & Co	13,019		873,315	1.64
	Other			430,293	0.81
				9,712,502	18.19
	EATING AND DRINKING PLACES
	Brinker International, Inc	17,755		644,507	1.21
	Compass Group plc	70,935		344,066	0.64
				988,573	1.85
	ELECTRIC, GAS, AND SANITARY SERVICES
	American Electric Power Co, Inc	13,932		477,171	0.89
	DPL, Inc	22,379		599,757	1.12

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   63

Large-Cap Value Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	ELECTRIC, GAS, AND SANITARY SERVICES—(continued)
	Other		$	1,524,796	2.86	%
				2,601,724	4.87
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Honeywell International, Inc	30,300		1,221,090	2.29
*	JDS Uniphase Corp	159,468		403,454	0.76
	Other			1,598,391	2.99
				3,222,935	6.04
	ENGINEERING AND MANAGEMENT SERVICES			322,281	0.60
	FABRICATED METAL PRODUCTS			324,140	0.61
	FOOD AND KINDRED PRODUCTS			105,374	0.20
	FOOD STORES
	Supervalu, Inc	23,107		709,385	1.33
				709,385	1.33
	FORESTRY			189,550	0.36
	GENERAL BUILDING CONTRACTORS			185,173	0.35
	HEALTH SERVICES
*	Healthsouth Corp	94,269		362,936	0.68
				362,936	0.68
	HOLDING AND OTHER INVESTMENT OFFICES
	New Century Financial Corp	10,527		481,610	0.90
	Other			255,442	0.48
				737,052	1.38
	HOTELS AND OTHER LODGING PLACES
	Accor S.A.	14,183		863,049	1.62
	Other			147,662	0.27
				1,010,711	1.89
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Alstom RGPT	6,556		598,953	1.12
	Hewlett-Packard Co	32,799		1,039,072	1.95
				1,638,025	3.07
	INSTRUMENTS AND RELATED PRODUCTS			429,188	0.80
	INSURANCE AGENTS, BROKERS AND SERVICE			418,692	0.78
	INSURANCE CARRIERS
	Aetna, Inc	12,104		483,313	0.90
	American International Group, Inc	16,368		966,530	1.81
	PartnerRe Ltd	6,486		415,428	0.78
	St. Paul Travelers Cos, Inc	21,351		951,828	1.78
	Other			1,626,339	3.05
				4,443,438	8.32
	METAL MINING			539,840	1.01
	MISCELLANEOUS RETAIL
*	Sears Holdings Corp	8,142		1,260,707	2.36
	Other			264,894	0.50
				1,525,601	2.86

64   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY		SHARES	VALUE		% OF NET ASSETS
	NONDEPOSITORY INSTITUTIONS
	Fannie Mae		19,547	$	940,211	1.76	%
	Other				301,868	0.57
					1,242,079	2.33
	OIL AND GAS EXTRACTION
	Devon Energy Corp		7,463		450,840	0.85
	Petroleo Brasileiro S.A. (ADR)		4,652		415,470	0.78
	Other				781,725	1.46
					1,648,035	3.09
	PAPER AND ALLIED PRODUCTS				280,913	0.53
	PETROLEUM AND COAL PRODUCTS
	Chevron Corp		23,663		1,468,526	2.75
	Exxon Mobil Corp		11,796		723,685	1.36
	Valero Energy Corp		7,489		498,168	0.93
	Other				686,866	1.29
					3,377,245	6.33
	PRINTING AND PUBLISHING				325,770	0.61
	SECURITY AND COMMODITY BROKERS
	Morgan Stanley		24,289		1,535,308	2.87
	Waddell & Reed Financial, Inc (Class A)		21,238		436,653	0.82
	Other				304,182	0.57
					2,276,143	4.26
	STONE, CLAY, AND GLASS PRODUCTS
*	Owens-Illinois, Inc		22,451		376,279	0.70
	Other				197,303	0.37
					573,582	1.07
	TOBACCO PRODUCTS
	Altria Group, Inc		26,407		1,939,066	3.63
					1,939,066	3.63
	TRANSPORTATION BY AIR				726,358	1.36
	TRANSPORTATION EQUIPMENT				55,977	0.11
	TRANSPORTATION SERVICES				295,882	0.55
	TRUCKING AND WAREHOUSING				157,197	0.30
	WHOLESALE TRADE-DURABLE GOODS				337,251	0.63
	WHOLESALE TRADE-NONDURABLE GOODS
	Akzo Nobel NV		12,978		699,616	1.31
	Cardinal Health, Inc		11,452		736,707	1.38
	Other				63,967	0.12
					1,500,290	2.81
	TOTAL COMMON STOCKS	(Cost $47,390,985)			52,951,349	99.18

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   65

Large-Cap Value Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

	ISSUER		SHARES	VALUE		% OF NET ASSETS
	SHORT-TERM INVESTMENTS
†	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			$	150,000	0.28	%
	TOTAL SHORT-TERM INVESTMENTS	(Cost $149,959)			150,000	0.28
	TOTAL PORTFOLIO	(Cost $47,540,944)			53,101,349	99.46
	OTHER ASSETS & LIABILITIES, NET				285,770	0.54
	NET ASSETS			$	53,387,119	100.00	%

* Non-income producing

† Notes have rate of 4.950% and mature on 7/03/06.

ABBREVIATION:

ADR—American Depositary Receipt

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.

66   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS		$	46,852	0.09	%
	AMUSEMENT AND RECREATION SERVICES			364,900	0.68
	APPAREL AND ACCESSORY STORES
*	Pacific Sunwear Of California, Inc	8,467		151,813	0.28
*	Payless Shoesource, Inc	7,400		201,058	0.38
	Other			898,514	1.68
				1,251,385	2.34
	APPAREL AND OTHER TEXTILE PRODUCTS
	Phillips-Van Heusen Corp	3,800		145,008	0.27
	Other			260,675	0.49
				405,683	0.76
	AUTO REPAIR, SERVICES AND PARKING			174,260	0.32
	AUTOMOTIVE DEALERS AND SERVICE STATIONS			53,654	0.10
	BUILDING MATERIALS AND GARDEN SUPPLIES			10,180	0.02
	BUSINESS SERVICES
*	CNET Networks, Inc	21,400		170,772	0.32
*	Heidrick & Struggles International, Inc	4,700		159,048	0.30
*	Manhattan Associates, Inc	7,000		142,030	0.26
*	Mantech International Corp (Class A)	5,375		165,872	0.31
*	Spherion Corp	18,600		169,632	0.32
*	Vignette Corp	10,400		151,632	0.28
	Other			4,885,458	9.12
				5,844,444	10.91
	CHEMICALS AND ALLIED PRODUCTS
*	Pioneer Cos, Inc	5,237		142,865	0.27
*	United Therapeutics Corp	2,545		147,025	0.27
	Other			3,003,521	5.61
				3,293,411	6.15
	COAL MINING
	Penn Virginia Corp	2,800		195,664	0.37
	Other			113,717	0.21
				309,381	0.58
	COMMUNICATIONS			1,025,412	1.91
	DEPOSITORY INSTITUTIONS
	First Niagara Financial Group, Inc	11,950		167,539	0.31
*	FirstFed Financial Corp	3,600		207,612	0.39
	Greater Bay Bancorp	6,655		191,331	0.36
	Hanmi Financial Corp	7,985		155,228	0.29
	MB Financial, Inc	4,245		150,103	0.28
	Other			4,262,893	7.96
				5,134,706	9.59
	EATING AND DRINKING PLACES			1,133,982	2.12
	EDUCATIONAL SERVICES			297,899	0.56

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   67

Small-Cap Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	ELECTRIC, GAS, AND SANITARY SERVICES
	Nicor, Inc	6,400	$	265,600	0.50	%
	NorthWestern Corp	4,455		153,029	0.28
	Other			1,284,784	2.40
				1,703,413	3.18
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Arris Group, Inc	17,500		229,600	0.43
*	Atmel Corp	25,300		140,415	0.26
*	Ikanos Communications, Inc	10,950		166,331	0.31
*	Plexus Corp	6,100		208,681	0.39
*	RF Micro Devices, Inc	30,100		179,697	0.33
*	Zoran Corp	8,100		197,154	0.37
	Other			3,056,930	5.71
				4,178,808	7.80
	ENGINEERING AND MANAGEMENT SERVICES			1,047,425	1.96
	FABRICATED METAL PRODUCTS			462,415	0.86
	FOOD AND KINDRED PRODUCTS			484,456	0.90
	FOOD STORES			134,170	0.25
	FURNITURE AND FIXTURES			501,021	0.94
	FURNITURE AND HOMEFURNISHINGS STORES			18,732	0.03
	GENERAL BUILDING CONTRACTORS			197,032	0.37
	GENERAL MERCHANDISE STORES			371,223	0.69
	HEALTH SERVICES			918,773	1.72
	HEAVY CONSTRUCTION, EXCEPT BUILDING			117,702	0.22
	HOLDING AND OTHER INVESTMENT OFFICES
	BioMed Realty Trust, Inc	6,824		204,311	0.38
	Colonial Properties Trust	4,500		222,300	0.42
	Highwoods Properties, Inc	4,513		163,280	0.31
	Innkeepers U.S.A. Trust	9,300		160,704	0.30
	iShares Russell 2000 Index Fund	14,841		1,067,068	1.99
	Taubman Centers, Inc	3,700		151,330	0.28
	Other			2,803,054	5.23
				4,772,047	8.91
	HOTELS AND OTHER LODGING PLACES			115,832	0.22
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Advanced Digital Information Corp	16,007		188,402	0.35
*	AGCO Corp	5,500		144,760	0.27
*	Emulex Corp	12,700		206,629	0.39
	Other			1,736,211	3.24
				2,276,002	4.25
	INSTRUMENTS AND RELATED PRODUCTS
*	Intuitive Surgical, Inc	1,300		153,361	0.29
*	Kyphon, Inc	3,899		149,566	0.28
*	Varian, Inc	4,728		196,259	0.37

68   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	INSTRUMENTS AND RELATED PRODUCTS—(continued)
	Other		$	2,882,652	5.37	%
				3,381,838	6.31
	INSURANCE AGENTS, BROKERS AND SERVICE			44,310	0.08
	INSURANCE CARRIERS			1,601,262	2.99
	JUSTICE, PUBLIC ORDER AND SAFETY			84,704	0.16
	LEATHER AND LEATHER PRODUCTS
	Wolverine World Wide, Inc	6,400		149,312	0.28
	Other			126,381	0.23
				275,693	0.51
	LEGAL SERVICES			94,110	0.18
	LUMBER AND WOOD PRODUCTS
*	Champion Enterprises, Inc	13,400		147,936	0.28
	Other			182,346	0.34
				330,282	0.62
	METAL MINING			134,793	0.25
	MISCELLANEOUS MANUFACTURING INDUSTRIES
	Callaway Golf Co	11,500		149,385	0.28
	Other			175,717	0.33
				325,102	0.61
	MISCELLANEOUS RETAIL
	Longs Drug Stores Corp	3,300		150,546	0.28
	Other			372,797	0.70
				523,343	0.98
	MOTION PICTURES			66,327	0.12
	NONDEPOSITORY INSTITUTIONS
*	CompuCredit Corp	4,919		189,086	0.36
	Other			526,345	0.98
				715,431	1.34
	OIL AND GAS EXTRACTION
*	Hercules Offshore, Inc	4,578		160,230	0.30
	Other			979,131	1.83
				1,139,361	2.13
	PAPER AND ALLIED PRODUCTS			88,743	0.17
	PERSONAL SERVICES			159,834	0.30
	PETROLEUM AND COAL PRODUCTS
	Alon USA Energy, Inc	6,100		191,967	0.36
	Other			327,024	0.61
				518,991	0.97
	PRIMARY METAL INDUSTRIES			1,070,768	2.00
	PRINTING AND PUBLISHING			510,393	0.95
	REAL ESTATE
	Jones Lang LaSalle, Inc	1,700		148,835	0.28

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   69

Small-Cap Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

	COMPANY		SHARES		VALUE		% OF NET ASSETS
	REAL ESTATE—(continued)
	Other				$	357,606	0.67	%
						506,441	0.95
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					424,094	0.79
	SECURITY AND COMMODITY BROKERS					525,757	0.98
	SOCIAL SERVICES					130,537	0.24
	SPECIAL TRADE CONTRACTORS
*	EMCOR Group, Inc			3,300		160,611	0.30
	Other					266,223	0.50
						426,834	0.80
	STONE, CLAY, AND GLASS PRODUCTS					96,580	0.18
	TEXTILE MILL PRODUCTS					78,820	0.15
	TOBACCO PRODUCTS					37,375	0.07
	TRANSPORTATION BY AIR
*	EGL, Inc			4,039		202,758	0.38
	Other					452,416	0.84
						655,174	1.22
	TRANSPORTATION EQUIPMENT					1,027,109	1.92
	TRANSPORTATION SERVICES					190,354	0.36
	TRUCKING AND WAREHOUSING					291,150	0.54
	WATER TRANSPORTATION					51,950	0.10
	WHOLESALE TRADE-DURABLE GOODS
	Reliance Steel & Aluminum Co			1,900		157,605	0.29
	Other					568,021	1.06
						725,626	1.35
	WHOLESALE TRADE-NONDURABLE GOODS
*	Performance Food Group Co			4,978		151,232	0.28
	Other					247,656	0.46
						398,888	0.74
	TOTAL COMMON STOCKS	(Cost $51,229,073)				53,277,174	99.49
	ISSUER		PRINCIPAL
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)  4.950%, 07/03/06		$	200,000		200,000	0.37
	TOTAL SHORT-TERM INVESTMENTS	(Cost $199,946)				200,000	0.37
	TOTAL PORTFOLIO	(Cost $51,429,019)				53,477,174	99.86
	OTHER ASSETS & LIABILITIES, NET					72,840	0.14
	NET ASSETS				$	53,550,014	100.00	%

* Non-income producing

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.

70   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS		$	6,049	—	%**
	AGRICULTURAL PRODUCTION-LIVESTOCK			16,446	0.01
	AMUSEMENT AND RECREATION SERVICES			402,948	0.26
	APPAREL AND ACCESSORY STORES			1,060,779	0.69
	APPAREL AND OTHER TEXTILE PRODUCTS			288,452	0.19
	AUTO REPAIR, SERVICES AND PARKING			102,757	0.07
	AUTOMOTIVE DEALERS AND SERVICE STATIONS			268,559	0.17
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	23,041		824,637	0.53
	Other			642,141	0.42
				1,466,778	0.95
	BUSINESS SERVICES
*	Google, Inc (Class A)	2,272		952,718	0.62
	Microsoft Corp	96,509		2,248,660	1.46
*	Oracle Corp	43,241		626,562	0.40
	Other			7,100,539	4.60
				10,928,479	7.08
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	16,605		724,144	0.47
*	Amgen, Inc	12,952		844,859	0.55
	Eli Lilly & Co	10,697		591,223	0.38
	Merck & Co, Inc	23,744		864,994	0.56
	Pfizer, Inc	79,712		1,870,841	1.21
	Procter & Gamble Co	35,486		1,973,022	1.28
	Wyeth	14,663		651,184	0.42
	Other			6,624,927	4.29
				14,145,194	9.16
	COAL MINING			412,288	0.27
	COMMUNICATIONS
	AT&T, Inc	42,399		1,182,508	0.77
	BellSouth Corp	19,825		717,665	0.46
*	Comcast Corp (Class A)	21,223		694,841	0.45
	Sprint Nextel Corp	31,530		630,285	0.41
	Verizon Communications, Inc	31,737		1,062,872	0.69
	Other			2,952,919	1.91
				7,241,090	4.69
	DEPOSITORY INSTITUTIONS
	Bank of America Corp	49,647		2,388,021	1.55
	Citigroup, Inc	54,081		2,608,867	1.69
	JPMorgan Chase & Co	37,801		1,587,642	1.03
	US Bancorp	19,364		597,960	0.39
	Wachovia Corp	17,497		946,238	0.61
	Wells Fargo & Co	18,276		1,225,954	0.79
	Other			6,410,586	4.15
				15,765,268	10.21

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   71

Stock Index Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	EATING AND DRINKING PLACES		$	1,449,326	0.94	%
	EDUCATIONAL SERVICES			216,578	0.14
	ELECTRIC, GAS, AND SANITARY SERVICES			6,286,839	4.07
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	66,567		1,300,053	0.84
	Intel Corp	63,285		1,199,251	0.78
	Qualcomm, Inc	18,235		730,676	0.47
	Other			5,924,141	3.84
				9,154,121	5.93
	ENGINEERING AND MANAGEMENT SERVICES			1,253,046	0.81
	ENVIRONMENTAL QUALITY AND HOUSING			2,505	—	**
	FABRICATED METAL PRODUCTS			628,151	0.41
	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	22,170		953,753	0.62
	PepsiCo, Inc	17,978		1,079,399	0.70
	Other			2,515,898	1.63
				4,549,050	2.95
	FOOD STORES			411,720	0.27
	FORESTRY			197,575	0.13
	FURNITURE AND FIXTURES			523,585	0.34
	FURNITURE AND HOMEFURNISHINGS STORES			548,423	0.36
	GENERAL BUILDING CONTRACTORS			550,734	0.36
	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	26,748		1,288,451	0.83
	Other			1,480,080	0.96
				2,768,531	1.79
	HEALTH SERVICES			2,483,461	1.61
	HEAVY CONSTRUCTION, EXCEPT BUILDING			23,155	0.01
	HOLDING AND OTHER INVESTMENT OFFICES			4,134,651	2.68
	HOTELS AND OTHER LODGING PLACES			786,893	0.51
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	8,203		662,556	0.43
*	Dell, Inc	25,116		613,082	0.40
	Hewlett-Packard Co	30,652		971,055	0.63
	International Business Machines Corp	16,866		1,295,646	0.84
	Other			4,688,597	3.03
				8,230,936	5.33
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson	32,212		1,930,143	1.25
	Medtronic, Inc	13,132		616,153	0.40
	Other			3,750,059	2.43
				6,296,355	4.08
	INSURANCE AGENTS, BROKERS AND SERVICE			666,976	0.43

72   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

COMPANY	SHARES	VALUE		% OF NET ASSETS
INSURANCE CARRIERS
American International Group, Inc	23,963	$	1,415,015	0.92	%
UnitedHealth Group, Inc	14,654		656,206	0.43
Other			4,929,870	3.19
			7,001,091	4.54
JUSTICE, PUBLIC ORDER AND SAFETY			25,052	0.02
LEATHER AND LEATHER PRODUCTS			177,714	0.12
LEGAL SERVICES			17,413	0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT			27,821	0.02
LUMBER AND WOOD PRODUCTS			58,871	0.04
METAL MINING			598,563	0.39
MISCELLANEOUS MANUFACTURING INDUSTRIES			309,536	0.20
MISCELLANEOUS RETAIL			1,850,274	1.20
MOTION PICTURES
Time Warner, Inc	45,887		793,845	0.52
Walt Disney Co	23,808		714,240	0.46
Other			605,623	0.39
			2,113,708	1.37
NONDEPOSITORY INSTITUTIONS
American Express Co	11,771		626,453	0.40
Other			2,081,962	1.35
			2,708,415	1.75
NONMETALLIC MINERALS, EXCEPT FUELS			123,454	0.08
OIL AND GAS EXTRACTION			3,723,066	2.41
PAPER AND ALLIED PRODUCTS			803,119	0.52
PERSONAL SERVICES			248,391	0.16
PETROLEUM AND COAL PRODUCTS
Chevron Corp	24,113		1,496,453	0.97
ConocoPhillips	17,956		1,176,657	0.76
Exxon Mobil Corp	65,820		4,038,057	2.61
Other			2,172,513	1.41
			8,883,680	5.75
PRIMARY METAL INDUSTRIES			1,612,239	1.04
PRINTING AND PUBLISHING			979,908	0.63
RAILROAD TRANSPORTATION			1,053,041	0.68
REAL ESTATE			190,426	0.12
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			236,963	0.15
SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc	4,166		626,691	0.40
Merrill Lynch & Co, Inc	10,069		700,400	0.45
Morgan Stanley	11,652		736,523	0.48
Other			2,310,406	1.50
			4,374,020	2.83

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   73

Stock Index Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

	COMPANY		SHARES	VALUE		% OF NET ASSETS
	SOCIAL SERVICES			$	20,870	0.01	%
	SPECIAL TRADE CONTRACTORS				95,976	0.06
	STONE, CLAY, AND GLASS PRODUCTS				134,884	0.09
	TEXTILE MILL PRODUCTS				10,708	0.01
	TOBACCO PRODUCTS
	Altria Group, Inc		22,717		1,668,109	1.08
	Other				148,360	0.10
					1,816,469	1.18
	TRANSPORTATION BY AIR				818,185	0.53
	TRANSPORTATION EQUIPMENT
	Boeing Co		8,698		712,453	0.46
	United Technologies Corp		10,997		697,430	0.45
	Other				2,629,098	1.71
					4,038,981	2.62
	TRANSPORTATION SERVICES				343,022	0.22
	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)		6,896		567,748	0.37
	Other				228,308	0.15
					796,056	0.52
	WATER TRANSPORTATION				97,617	0.06
	WHOLESALE TRADE-DURABLE GOODS
	General Electric Co		113,124		3,728,567	2.41
	Other				647,639	0.42
					4,376,206	2.83
	WHOLESALE TRADE-NONDURABLE GOODS				1,211,905	0.79
	TOTAL COMMON STOCKS	(Cost $145,349,542)			154,145,342	99.85
	SHORT-TERM INVESTMENTS
†	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				150,000	0.10
	TOTAL SHORT-TERM INVESTMENTS	(Cost $149,960)			150,000	0.10
	TOTAL PORTFOLIO	(Cost $145,499,502)			154,295,342	99.95
	OTHER ASSETS & LIABILITIES, NET				84,083	0.05
	NET ASSETS			$	154,379,425	100.00	%

* Non-income producing

** Percentage represents less than 0.01%.

† Notes have rate of 4.950% and mature on 7/03/06.

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.

74   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS		$	3,528	0.01	%
	APPAREL AND ACCESSORY STORES			256,152	0.78
	APPAREL AND OTHER TEXTILE PRODUCTS			26,056	0.08
	AUTO REPAIR, SERVICES AND PARKING			11,081	0.03
	AUTOMOTIVE DEALERS AND SERVICE STATIONS			25,725	0.08
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	7,028		251,532	0.77
	Other			145,608	0.45
				397,140	1.22
	BUSINESS SERVICES
*	Google, Inc (Class A)	396		166,055	0.51
	Microsoft Corp	25,950		604,635	1.85
	Other			1,162,429	3.55
				1,933,119	5.91
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	5,406		235,756	0.72
*	Amgen, Inc	4,111		268,161	0.82
	Bristol-Myers Squibb Co	6,909		178,667	0.55
	Merck & Co, Inc	9,294		338,580	1.03
	Procter & Gamble Co	10,756		598,033	1.83
	Other			1,593,381	4.87
				3,212,578	9.82
	COMMUNICATIONS
	AT&T, Inc	12,911		360,088	1.10
	BellSouth Corp	6,300		228,060	0.70
	Sprint Nextel Corp	8,184		163,598	0.50
	Verizon Communications, Inc	10,976		367,586	1.12
	Other			571,017	1.75
				1,690,349	5.17
	DEPOSITORY INSTITUTIONS
	Bank of America Corp	13,050		627,705	1.92
	SunTrust Banks, Inc	2,000		152,520	0.47
	US Bancorp	9,300		287,184	0.88
	Wachovia Corp	6,500		351,520	1.07
	Washington Mutual, Inc	5,290		241,118	0.74
	Wells Fargo & Co	6,200		415,896	1.27
	Other			1,338,828	4.09
				3,414,771	10.44
	EATING AND DRINKING PLACES
	McDonald’s Corp	7,066		237,418	0.72
	Other			185,455	0.57
				422,873	1.29

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   75

Social Choice Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	ELECTRIC, GAS, AND SANITARY SERVICES
	Kinder Morgan, Inc	1,615	$	161,322	0.49	%
	Other			1,732,877	5.30
				1,894,199	5.79
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	17,600		343,728	1.05
	Emerson Electric Co	3,178		266,348	0.82
	Intel Corp	19,509		369,696	1.13
	Motorola, Inc	7,700		155,155	0.48
	Qualcomm, Inc	5,000		200,350	0.61
	Other			654,923	2.00
				1,990,200	6.09
	ENGINEERING AND MANAGEMENT SERVICES			283,546	0.87
	FABRICATED METAL PRODUCTS
	Illinois Tool Works, Inc	3,802		180,595	0.55
	Other			53,973	0.17
				234,568	0.72
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	6,221		373,509	1.14
	Other			487,445	1.49
				860,954	2.63
	FOOD STORES			100,815	0.31
	FORESTRY			35,794	0.11
	FURNITURE AND FIXTURES			226,534	0.69
	FURNITURE AND HOMEFURNISHINGS STORES			110,324	0.34
	GENERAL BUILDING CONTRACTORS			137,872	0.42
	GENERAL MERCHANDISE STORES
	Target Corp	3,400		166,158	0.51
	Other			268,612	0.82
				434,770	1.33
	HEALTH SERVICES
*	WellPoint, Inc	2,112		153,690	0.47
	Other			241,995	0.74
				395,685	1.21
	HOLDING AND OTHER INVESTMENT OFFICES			877,557	2.68
	HOTELS AND OTHER LODGING PLACES			114,015	0.35
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	4,066		328,411	1.00
*	Dell, Inc	6,700		163,547	0.50
	Hewlett-Packard Co	8,619		273,050	0.84
	International Business Machines Corp	5,600		430,192	1.32
	Other			866,941	2.65
				2,062,141	6.31

76   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

COMPANY	SHARES	VALUE		% OF NET ASSETS
INSTRUMENTS AND RELATED PRODUCTS
Johnson & Johnson	11,036	$	661,277	2.02	%
Medtronic, Inc	4,566		214,237	0.66
Other			787,577	2.41
			1,663,091	5.09
INSURANCE AGENTS, BROKERS AND SERVICE			165,068	0.51
INSURANCE CARRIERS
Prudential Financial, Inc	2,550		198,135	0.61
St. Paul Travelers Cos, Inc	3,716		165,659	0.51
Other			1,135,530	3.47
			1,499,324	4.59
LEATHER AND LEATHER PRODUCTS			27,030	0.08
LUMBER AND WOOD PRODUCTS			4,416	0.01
METAL MINING			27,820	0.09
MISCELLANEOUS MANUFACTURING INDUSTRIES			42,578	0.13
MISCELLANEOUS RETAIL
Walgreen Co	3,700		165,908	0.51
Other			268,609	0.82
			434,517	1.33
MOTION PICTURES
Time Warner, Inc	18,864		326,347	1.00
Walt Disney Co	8,927		267,810	0.82
Other			23,668	0.07
			617,825	1.89
NONDEPOSITORY INSTITUTIONS
American Express Co	5,653		300,853	0.92
Freddie Mac	3,400		193,834	0.59
Other			500,205	1.53
			994,892	3.04
NONMETALLIC MINERALS, EXCEPT FUELS			88,249	0.27
OIL AND GAS EXTRACTION
Anadarko Petroleum Corp	4,212		200,870	0.62
Apache Corp	2,702		184,412	0.56
Devon Energy Corp	2,934		177,243	0.54
Other			1,057,565	3.23
			1,620,090	4.95
PAPER AND ALLIED PRODUCTS			315,374	0.97
PETROLEUM AND COAL PRODUCTS
Valero Energy Corp	2,400		159,648	0.49
Other			325,044	0.99
			484,692	1.48
PRIMARY METAL INDUSTRIES			470,440	1.44
PRINTING AND PUBLISHING			306,750	0.94

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   77

Social Choice Equity Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

COMPANY		SHARES	VALUE		% OF NET ASSETS
RAILROAD TRANSPORTATION
Norfolk Southern Corp		3,185	$	169,506	0.52	%
Other				77,034	0.23
				246,540	0.75
REAL ESTATE				12,527	0.04
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				11,082	0.03
SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc		1,610		242,192	0.74
Merrill Lynch & Co, Inc		4,336		301,612	0.92
Other				471,946	1.45
				1,015,750	3.11
SOCIAL SERVICES				2,560	0.01
SPECIAL TRADE CONTRACTORS				13,067	0.04
STONE, CLAY, AND GLASS PRODUCTS				18,550	0.06
TEXTILE MILL PRODUCTS				7,882	0.02
TRANSPORTATION BY AIR				233,201	0.71
TRANSPORTATION EQUIPMENT				353,494	1.08
TRANSPORTATION SERVICES				17,047	0.05
TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)		3,044		250,613	0.77
				250,613	0.77
WATER TRANSPORTATION				20,988	0.06
WHOLESALE TRADE-DURABLE GOODS				202,879	0.62
WHOLESALE TRADE-NONDURABLE GOODS				255,069	0.78
TOTAL COMMON STOCKS	(Cost $32,087,367)			32,575,751	99.62
TOTAL PORTFOLIO	(Cost $32,087,367)			32,575,751	99.62
OTHER ASSETS & LIABILITIES, NET				124,785	0.38
NET ASSETS			$	32,700,536	100.00	%

* Non-income producing

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   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund   Summary portfolio of investments (unaudited) June 30, 2006

	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	HOLDING AND OTHER INVESTMENT OFFICES
	Alexandria Real Estate Equities, Inc	9,280	$	822,950	1.01	%
	AMB Property Corp	14,400		727,920	0.89
	Apartment Investment & Management Co (Class A)	11,500		499,675	0.61
	Archstone-Smith Trust	50,500		2,568,935	3.15
	AvalonBay Communities, Inc	17,000		1,880,540	2.30
	BioMed Realty Trust, Inc	52,000		1,556,880	1.91
	Boston Properties, Inc	45,500		4,113,200	5.04
	BRE Properties, Inc (Class A)	13,500		742,500	0.91
	CBL & Associates Properties, Inc	14,900		580,057	0.71
	Cogdell Spencer, Inc	68,177		1,330,133	1.63
	Corporate Office Properties Trust	50,750		2,135,560	2.62
	Developers Diversified Realty Corp	19,000		991,420	1.22
	EastGroup Properties, Inc	20,375		951,105	1.17
	Education Realty Trust, Inc	64,900		1,080,585	1.32
	Equity Office Properties Trust	43,560		1,590,376	1.95
	Equity Residential	83,600		3,739,428	4.58
	Essex Property Trust, Inc	7,000		781,620	0.96
	Extra Space Storage, Inc	60,000		974,400	1.19
	Federal Realty Investment Trust	18,000		1,260,000	1.54
	Feldman Mall Properties, Inc	56,000		613,760	0.75
	First Potomac Realty Trust	23,000		685,170	0.84
	General Growth Properties, Inc	46,000		2,072,760	2.54
	Glenborough Realty Trust, Inc	44,000		947,760	1.16
f,v*	GSC Capital Corp	20,000		500,000	0.61
	Hersha Hospitality Trust	55,607		516,589	0.63
	Highwoods Properties, Inc	20,000		723,600	0.89
	Host Marriott Corp	98,404		2,152,095	2.64
	iShares Cohen & Steers Realty Majors Index Fund	30,123		2,522,500	3.09
	iShares Dow Jones US Real Estate Index Fund	30,918		2,202,908	2.70
	Kilroy Realty Corp	20,400		1,473,900	1.81
	Kimco Realty Corp	53,300		1,944,917	2.38
	Macerich Co	31,000		2,176,200	2.67
	Medical Properties Trust, Inc	45,000		496,800	0.61
	Mission West Properties, Inc	35,500		393,340	0.48
	Monmouth REIT (Class A)	64,529		520,104	0.64
	Pan Pacific Retail Properties, Inc	10,500		728,385	0.89
	Prologis	64,500		3,361,740	4.12
	Public Storage, Inc	30,400		2,307,360	2.83
	Reckson Associates Realty Corp	28,400		1,175,192	1.44
	Regency Centers Corp	14,700		913,605	1.12
	Simon Property Group, Inc	51,900		4,304,586	5.28
	SL Green Realty Corp	17,100		1,871,937	2.29
	Strategic Hotel Capital, Inc	30,000		622,200	0.76
	Taubman Centers, Inc	9,500		388,550	0.48
	Trizec Properties, Inc	45,000		1,288,800	1.58
	United Dominion Realty Trust, Inc	32,300		904,723	1.11
	Vornado Realty Trust	48,500		4,731,175	5.80
	Weingarten Realty Investors	20,900		800,052	0.98
	Other			6,638,229	8.14
				78,306,221	95.97

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   79

Real Estate Securities Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

	COMPANY		SHARES	VALUE		% OF NET ASSETS
	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc		8,200	$	494,788	0.61	%
					494,788	0.61
	REAL ESTATE
*	Brookfield Properties Corp		55,500		1,785,435	2.19
	Other				340,000	0.41
					2,125,435	2.60
	TOTAL COMMON STOCKS	(Cost $72,090,334)			80,926,444	99.18
	TOTAL PORTFOLIO	(Cost $72,090,334)			80,926,444	99.18
	OTHER ASSETS & LIABILITIES, NET				671,227	0.82
	NET ASSETS			$	81,597,671	100.00	%

* Non-income producing

f 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, 2006 the value of these securities amounted to $500,000 or 0.61% of net assets.

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.

Restricted securities held by the Fund are as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST	VALUE
GSC Capital Corp	06/24/05	$500,000	$	500,000

80   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund   Summary portfolio of investments (unaudited) June 30, 2006

	ISSUER	RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	BONDS
	CORPORATE BONDS
	ASSET BACKED
	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B) 5.700%, 02/25/34	Baa2	$	500,000	$	479,123	0.70	%
	CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2) 6.390%, 12/25/30	A2		490,829		488,320	0.72
v	Long Beach Asset Holdings Corp Series 2006-4 (Class N1) 5.877%, 06/25/46	NR		500,000		500,000	0.74
	Residential Funding Mortgage Securities II, Inc Series 2006-HSA2 (Class AI3) 5.550%, 03/25/36	Aaa		1,000,000		988,859	1.45
h,v	Sierra Receivables Funding Co Series 2006-1A (Class A1) 5.840%, 05/20/18	Aaa		500,000		499,951	0.74
	TRAINS 5.940%, 01/25/07	A3		2,119,999		2,117,202	3.11
	TRAINS 6.962%, 01/15/12	A3		3,420,000		3,556,458	5.23
	Other					1,621,331	2.38
						10,251,244	15.07
	BUILDING MATERIALS AND GARDEN SUPPLIES					95,865	0.14
	CHEMICALS AND ALLIED PRODUCTS					328,995	0.48
	COMMUNICATIONS					1,308,677	1.92
	DEPOSITORY INSTITUTIONS					1,666,259	2.45
	ELECTRIC, GAS, AND SANITARY SERVICES					616,687	0.91
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					98,105	0.15
	FOOD AND KINDRED PRODUCTS					90,933	0.13
	GENERAL BUILDING CONTRACTORS					182,105	0.27
	GENERAL MERCHANDISE STORES					308,390	0.45
	HEALTH SERVICES					95,596	0.14
	HOLDING AND OTHER INVESTMENT OFFICES					96,410	0.14
	INSTRUMENTS AND RELATED PRODUCTS					91,657	0.14
	INSURANCE CARRIERS					376,748	0.55
	METAL MINING					183,513	0.27
	MISCELLANEOUS MANUFACTURING INDUSTRIES					95,990	0.14
	MOTION PICTURES					191,358	0.28
	NONDEPOSITORY INSTITUTIONS
	General Electric Capital Corp 6.000%, 06/15/12	Aaa		500,000		505,499	0.74
	Other					1,391,807	2.05
						1,897,306	2.79
	OIL AND GAS EXTRACTION					450,236	0.66
	OTHER MORTGAGE BACKED SECURITIES
	Bank of America Alternative Loan Trust Series 2004-7 (Class 2A1) 6.000%, 08/25/34	Aaa		590,494		577,025	0.85
	JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3) 5.376%, 07/12/37	Aaa		750,000		734,627	1.08

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   81

Bond Fund   Summary portfolio of investments (unaudited) June 30, 2006 continued

ISSUER	RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
OTHER MORTGAGE BACKED SECURITIES—(continued)
Merrill Lynch Mortgage Trust Series 2004-BPC1 (Class AJ) 4.922%, 10/12/41	A	$	500,000	$	465,970	0.69	%
Wells Fargo Mortgage Backed Securities Trust Series 2005-1 (Class 2A1) 5.000%, 01/25/20	NR		804,469		782,838	1.15
Other					1,819,935	2.67
					4,380,395	6.44
PAPER AND ALLIED PRODUCTS					93,030	0.14
PETROLEUM AND COAL PRODUCTS					95,923	0.14
PIPELINES, EXCEPT NATURAL GAS					191,518	0.28
PRIMARY METAL INDUSTRIES					92,266	0.14
RAILROAD TRANSPORTATION					49,956	0.07
SECURITY AND COMMODITY BROKERS					965,511	1.42
TRANSPORTATION EQUIPMENT					346,823	0.51
WHOLESALE TRADE—NONDURABLE					94,994	0.14
TOTAL CORPORATE BONDS	(Cost $25,755,888)				24,736,490	36.36
GOVERNMENT BONDS
AGENCY SECURITIES
Cal Dive International, Inc4.930%, 02/01/27	NR		493,335		454,791	0.67
Federal Farm Credit Bank (FFCB)3.375%, 07/15/08	Aaa		550,000		528,374	0.78
FFCB4.125%, 04/15/09	NR		550,000		531,779	0.78
Federal Home Loan Mortgage Corp (FHLMC) 4.375%–5.250%, 11/16/07–06/27/16	Aaa-NR		950,000		942,416	1.39
FHLMC3.500%, 04/28/08	Aaa		500,000		483,047	0.71
FHLMC5.875%, 03/21/11	Aa2		1,000,000		1,009,523	1.48
FHLMC6.250%, 03/05/12	Aaa		1,250,000		1,251,730	1.84
FHLMC8.250%, 06/01/16	NR		575,000		682,600	1.00
Federal National Mortgage Association (FNMA)4.125%–6.210%, 01/02/07–08/06/38	Aaa-NR		1,037,742		1,053,578	1.55
FNMA5.210%, 03/16/09	Aaa		500,000		495,071	0.73
FNMA5.800%, 06/07/11	Aaa		2,000,000		1,991,750	2.93
FNMA5.250%, 08/01/12	Aa2		1,000,000		977,368	1.44
FNMA2.000%, 08/17/12	Aaa		500,000		407,968	0.60
FNMA6.470%, 09/25/12	Aaa		500,000		523,825	0.77
Totem Ocean Trailer Express, Inc4.514%, 12/18/19	NR		421,875		395,554	0.58
Other					266,561	0.39
					11,995,935	17.64
FOREIGN GOVERNMENT BONDS
Province of Manitoba Canada4.450%, 04/12/10	Aa2		1,000,000		967,209	1.42
Province of Saskatchewan Canada8.000%, 02/01/13	A3		500,000		566,799	0.83
Other					1,759,550	2.59
					3,293,558	4.84
MORTGAGE BACKED SECURITIES
Federal Home Loan Mortgage Corp Gold (FGLMC)5.000%, 02/01/19			529,023		509,967	0.75
FGLMC5.000%, 07/01/33			501,075		470,210	0.69
FGLMC6.000%, 11/01/33			689,323		680,767	1.00

82   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

	ISSUER		PRINCIPAL		VALUE			% OF NET ASSETS
	MORTGAGE BACKED SECURITIES–(continued)
	Federal National Mortgage Association (FNMA)6.341%, 12/01/08		$	460,129	$	460,674		0.68	%
	FNMA4.000%–7.500%, 06/01/13–04/01/36			4,714,536		4,569,272		6.72
	FNMA4.560%, 01/01/15			1,893,147		1,767,007		2.60
	FNMA5.500%, 07/01/20			464,197		456,025		0.67
	FNMA5.500%, 07/01/24			723,205		702,987		1.03
	FNMA5.500%, 07/01/33			1,019,804		983,805		1.45
	FNMA5.500%, 07/01/33			642,970		620,273		0.91
	FNMA4.500%, 09/01/33			490,575		447,137		0.66
	FNMA6.000%, 10/01/33			742,839		733,414		1.08
	FNMA5.500%, 11/01/33			1,907,263		1,839,937		2.70
	FNMA5.000%, 03/01/34			797,611		749,197		1.10
	FNMA5.000%, 03/01/34			1,431,757		1,344,851		1.98
	FNMA5.000%, 02/25/35			1,464,009		1,417,546		2.08
h	FNMA6.000%, 06/01/36			400,000		393,762		0.58
	Government National Mortgage Association (GNMA)5.500%, 07/20/33			513,093		495,873		0.73
	GSR Mortgage Loan Trust Series 2005-6F (Class 4A3)6.000%, 07/25/35			1,400,000		1,381,407		2.03
	Other					947,615		1.39
						20,971,726		30.83
	U.S. TREASURY SECURITIES
	United States Treasury Bond8.000%, 11/15/21			2,784,000		3,561,181		5.23
	United States Treasury Note4.875%, 04/30/08			750,000		745,928		1.10
	United States Treasury Note2.625%, 05/15/08			500,000		477,455		0.70
	United States Treasury Note3.625%, 05/15/13			600,000		548,922		0.81
	Other					606,189		0.89
						5,939,675		8.73
	TOTAL GOVERNMENT BONDS	(Cost $43,863,320)				42,200,894		62.04
	TOTAL BONDS	(Cost $69,619,208)				66,937,384		98.40
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)4.950%, 07/03/06			1,370,000		1,370,000		2.01
	TOTAL SHORT-TERM INVESTMENTS	(Cost $1,369,629)				1,370,000		2.01
	TOTAL PORTFOLIO	(Cost $70,988,837)				68,307,384		100.41
	OTHER ASSETS & LIABILITIES, NET					(282,134	)	(0.41	)
	NET ASSETS				$	68,025,250		100.00	%

† As provided by Moody’s Investor Service.

h These securities were purchased on a delayed delivery basis.

v Security valued at fair value.

ABBREVIATION:

NR—Not Rated

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   2006 Semiannual Report   83

Money Market Fund   Summary portfolio of investments (unaudited) June 30, 2006

	ISSUER	PRINCIPAL		VALUE		% OF NET ASSETS
	SHORT-TERM INVESTMENTS
	BANK NOTES
	Harris Trust and Savings Bank 5.170%, 08/07/06	$	1,285,000	$	1,285,000	2.85
					1,285,000	2.85
	CERTIFICATES OF DEPOSIT
	American Express Centurion Bank5.020%–5.070%, 07/3/06–07/20/06		1,020,000		1,020,002	2.27
	Bank of Nova Scotia 5.420%, 09/26/06		965,000		965,000	2.14
	Dexia Bank 5.070%, 07/17/06		1,000,000		1,000,007	2.22
					2,985,009	6.63
	COMMERCIAL PAPER
	Abbey National North America LLC 5.030%, 08/14/06		1,300,000		1,292,008	2.87
	Barclays U.S. Funding Corp 5.350%, 09/05/06		1,215,000		1,203,193	2.67
	Calyon4.955%, 08/11/06		950,000		944,639	2.10
c	CC (USA), Inc 5.010%–5.050%, 07/10/06–07/24/06		1,300,000		1,297,257	2.88
c	Ciesco Lp 5.040%–5.320%, 07/13/06–09/19/06		1,300,000		1,292,689	2.87
	Citigroup Funding, Inc 5.000%–5.100%, 07/18/06–08/24/06		1,300,000		1,293,889	2.87
c	Dorada Finance, Inc5.220%, 09/14/06		1,285,000		1,271,026	2.82
c	Edison Asset Securitization, LLC 4.840%–5.050%, 08/08/06–08/21/06		1,225,000		1,217,211	2.70
	General Electric Capital Corp 5.030%, 08/08/06		600,000		596,814	1.33
c	Govco, Inc 5.000%–5.080%, 7/25/06–08/08/06		1,300,000		1,292,571	2.87
c	Harrier Finance Funding LLC 5.020%–5.050%, 7/13/06–07/14/06		1,260,000		1,257,804	2.79
	HSBC Finance Corp 5.400%, 11/27/06		1,300,000		1,270,945	2.82
	ING Finance5.100%, 08/25/06		500,000		496,104	1.10
c	Kitty Hawk Funding Corp5.290%, 07/26/06		950,000		946,517	2.10
c	Links Finance LLC5.370%, 09/22/06		1,270,000		1,254,306	2.79
	Paccar Financial Corp5.120%, 08/31/06		1,060,000		1,050,714	2.33
c	Park Avenue Receivables Corp 5.280%, 07/26/06		1,300,000		1,295,233	2.88
c	Pitney Bowes, Inc 5.240%, 07/06/06		840,000		839,390	1.86
c	Preferred Receivables Funding Corp 5.090%, 08/21/06		411,000		408,036	0.91
c	Private Export Funding Corp 4.660%–5.140%, 07/6/06–09/06/06		1,280,000		1,271,652	2.82
	Rabobank USA Finance Corp4.580%, 07/05/06		1,300,000		1,299,240	2.89
c	Ranger Funding Co LLC 5.120%–5.300%, 07/24/06–08/11/06		1,260,000		1,253,943	2.78
c	Scaldis Capital LLC 4.920%–5.420%, 09/12/06–12/18/06		1,065,000		1,043,989	2.32
c	Sedna Finance, Inc 5.170%, 08/30/06		530,000		525,433	1.17
c	Sheffield Receivables Corp5.210%, 07/27/06		875,000		871,708	1.94
	Shell International Finance B.V.5.000%, 07/31/06		905,000		901,229	2.00
c	Sigma Finance, Inc 5.050%–5.140%, 07/18/06–11/30/06		1,270,000		1,259,275	2.80
	Societe Generale North America, Inc 4.980%–5.260%, 07/05/06–07/07/06		970,000		969,318	2.15
	Swedish Export Credit Corp 5.120%, 08/03/06		1,000,000		995,307	2.21
	Toronto-Dominion Holdings USA, Inc 4.800%–5.130%, 08/10/06–10/27/06		1,275,000		1,262,465	2.80
	Toyota Motor Credit Corp 5.100%, 08/24/06		990,000		982,427	2.18
	UBS Finance, (Delaware), Inc 5.100%, 08/21/06		215,000		213,441	0.47
c	Variable Funding Capital Corp 5.140%, 07/27/06		950,000		946,473	2.10
c	Yorktown Capital, LLC 5.130%, 07/20/06		869,000		866,647	1.92
					35,182,893	78.11

84   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Money Market Fund   Summary portfolio of investments (unaudited) June 30, 2006 concluded

ISSUER		PRINCIPAL		VALUE		% OF NET ASSETS
U.S. GOVERNMENT AGENCIES AND NOTES
Federal Farm Credit Bank (FFCB) 4.720%, 07/19/06		$	144,000	$	143,660	0.32	%
Federal Home Loan Bank (FHLB) 4.950%–5.210%, 07/21/06–09/01/06			1,055,000		1,049,154	2.33
Federal Home Loan Mortgage Corp (FHLMC) 4.790%–5.085%, 08/16/06–09/18/06			1,853,000		1,839,196	4.08
Federal National Mortgage Association (FNMA) 3.250%–5.065%, 07/12/06–11/08/06			1,315,000		1,310,328	2.91
					4,342,338	9.64
SHORT-TERM INVESTMENTS	(Cost $43,795,240)				43,795,240	97.23
TOTAL PORTFOLIO	(Cost $43,795,240)				43,795,240	97.23
OTHER ASSETS & LIABILITIES, NET					1,247,586	2.77
NET ASSETS				$	45,042,826	100.00	%

c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended.

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   2006 Semiannual Report   85

Statements of assets and liabilities (unaudited) TIAA-CREF Life Funds June 30, 2006

	Growth Equity Fund
ASSETS
Portfolio investments, at cost	$	26,809,227
Net unrealized appreciation of portfolio investments		674,416
Portfolio investments, at value		27,483,643
Cash		26,190
Cash—foreign (cost of $20,314, $19,808, $743,340, $11,634, and $—, respectively)		20,547
Receivable from securities transactions		736,272
Receivable for Fund shares sold		19,964
Dividends and interest receivable		14,629
Reclaims receivable		438
Total assets		28,301,683
LIABILITIES
Due to investment advisor		6,354
Payable for securities transactions		601,381
Payable for Fund shares redeemed		84,661
Total liabilities		692,396
NET ASSETS	$	27,609,287
NET ASSETS CONSIST OF:
Paid-in-capital	$	65,748,930
Accumulated undistributed net investment income		128,781
Accumulated undistributed net realized gain (loss) on total investments		(38,943,073	)
Net unrealized appreciation on total investments		674,649
NET ASSETS	$	27,609,287
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		1,994,768
Net asset value per share		$13.84

86   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund			International Equity Fund			Large-Cap Value Fund		Small-Cap Equity Fund
$	47,625,231		$	80,945,236		$	47,540,944	$	51,429,019
	3,808,834			7,434,663			5,560,405		2,048,155
	51,434,065			88,379,899			53,101,349		53,477,174
	26,142			48,549			4,033		7,293
	19,666			685,788			11,545		—
	1,933,762			1,224,400			1,472,114		7,908,487
	168,582			19,740			21,092		66,701
	64,219			35,109			72,600		62,419
	4,152			129,919			1,884		—
	53,650,588			90,523,404			54,684,617		61,522,074
	9,321			10,035			5,112		3,462
	1,812,041			1,088,841			1,279,779		7,968,598
	17,946			72,430			12,607		—
	1,839,308			1,171,306			1,297,498		7,972,060
$	51,811,280		$	89,352,098		$	53,387,119	$	53,550,014
$	63,108,585		$	87,107,241		$	44,858,646	$	47,026,130
	396,124			1,143,158			478,089		250,496
	(15,502,239	)		(6,278,402	)		2,490,143		4,225,233
	3,808,810			7,380,101			5,560,241		2,048,155
$	51,811,280		$	89,352,098		$	53,387,119	$	53,550,014
	2,340,709			4,115,164			1,563,868		1,635,699
	$22.13			$21.71			$34.14		$32.74

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   87

Statements of assets and liabilities (unaudited) TIAA-CREF Life Funds June 30, 2006

	Stock Index Fund
ASSETS
Portfolio investments, at cost	$	145,499,502
Net unrealized appreciation (depreciation) of portfolio investments		8,795,840
Portfolio investments, at value		154,295,342
Cash		13,316
Receivable from securities transactions		3,107,246
Receivable for Fund shares sold		143,773
Dividends and interest receivable		174,658
Total assets		157,734,335
LIABILITIES
Due to investment advisor		7,461
Due to custodian		—
Income distribution payable		—
Payable for securities transactions		3,180,660
Payable for Fund shares redeemed		166,789
Total liabilities		3,354,910
NET ASSETS	$	154,379,425
NET ASSETS CONSIST OF:
Paid-in-capital	$	144,816,104
Accumulated undistributed net investment income		1,375,935
Accumulated undistributed net realized gain (loss) on total investments		(608,454	)
Net unrealized appreciation (depreciation) on total investments		8,795,840
NET ASSETS	$	154,379,425
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		5,449,376
Net asset value per share		$28.33

88   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

concluded

Social Choice Equity Fund			Real Estate Securities Fund		Bond Fund			Money Market Fund
$	32,087,367		$	72,090,334	$	70,988,837		$	43,795,240
	488,384			8,836,110		(2,681,453	)		—
	32,575,751			80,926,444		68,307,384			43,795,240
	58,782			—		97,862			7,982
	3,340,491			731,864		122,355			—
	2,687			399,443		—			1,292,095
	33,699			314,131		521,668			32,872
	36,011,410			82,371,882		69,049,269			45,128,189
	2,056			14,414		7,294			3,112
	—			31,659		—			—
	—			—		—			82,251
	3,298,059			728,138		998,805			—
	10,759			—		17,920			—
	3,310,874			774,211		1,024,019			85,363
$	32,700,536		$	81,597,671	$	68,025,250		$	45,042,826
$	32,042,829		$	70,481,534	$	69,901,840		$	45,043,177
	276,942			798,158		1,581,162			181
	(107,619	)		1,481,869		(776,299	)		(532	)
	488,384			8,836,110		(2,681,453	)		—
$	32,700,536		$	81,597,671	$	68,025,250		$	45,042,826
	1,325,333			2,351,343		2,797,852			45,043,177
	$24.67			$34.70		$24.31			$1.00

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   89

Statements of operations (unaudited) TIAA-CREF Life Funds For the six months ended June 30, 2006

	Growth Equity Fund
INVESTMENT INCOME
Interest	$	1,650
Dividends		160,642
Foreign taxes withheld		(1,323	)
Total income		160,969
EXPENSES
Investment management fees		36,663
Net expenses		36,663
Net investment income		124,306
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		446,423
Foreign currency transactions		(1,311	)
Net realized gain on total investments		445,112
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(1,336,877	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		233
Net change in unrealized appreciation (depreciation) on total investments		(1,336,644	)
Net realized and unrealized gain (loss) on total investments		(891,532	)
Net increase (decrease) in net assets resulting from operations		$(767,226)

90   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund
$	2,080		$	—		$	2,303		$	5,526
	450,008			1,411,725			534,462			300,435
	(4,161	)		(132,115	)		(4,693	)		(237	)
	447,927			1,279,610			532,072			305,724
	61,127			123,472			62,387			25,650
	61,127			123,472			62,387			25,650
	386,800			1,156,138			469,685			280,074
	915,520			7,747,416			2,110,741			4,355,147
	(3,518	)		(37,677	)		8,358			—
	912,002			7,709,739			2,119,099			4,355,147
	71,739			(861,561	)		634,856			(596,553	)
	(719	)		(51,260	)		329			—
	71,020			(912,821	)		635,185			(596,553	)
	983,022			6,796,918			2,754,284			3,758,594
	$1,369,822			$7,953,056			$3,223,969			$4,038,668

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   91

Statements of operations (unaudited) TIAA-CREF Life Funds For the six months ended June 30, 2006

	Stock Index Fund
INVESTMENT INCOME
Interest	$	4,783
Dividends		1,407,547
Foreign taxes withheld		(39	)
Total income		1,412,291
EXPENSES
Investment management fees		46,765
Net expenses		46,765
Net investment income		1,365,526
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		2,219,800
Net realized gain (loss) on total investments		2,219,800
Change in unrealized appreciation (depreciation) on:
Portfolio investments		1,306,080
Futures transactions		7,492
Net change in unrealized appreciation (depreciation) on total investments		1,313,572
Net realized and unrealized gain (loss) on total investments		3,533,372
Net increase (decrease) in net assets resulting from operations		$4,898,898

92   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

concluded

Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund			Money Market Fund
$	926		$	12,625		$	1,614,497		$	999,498
	283,423			1,700,469			—			—
	(23	)		(1,582	)		—			—
	284,326			1,711,512			1,614,497			999,498
	11,606			95,649			33,335			12,583
	11,606			95,649			33,335			12,583
	272,720			1,615,863			1,581,162			986,915
	395,689			1,127,980			(286,412	)		(603	)
	395,689			1,127,980			(286,412	)		(603	)
	239,455			5,784,133			(1,646,877	)		—
	—			—			—			—
	239,455			5,784,133			(1,646,877	)		—
	635,144			6,912,113			(1,933,289	)		(603	)
	$907,864			$8,527,976			$(352,127	)		$986,312

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   93

Statements of changes in net assets TIAA-CREF Life Funds June 30, 2006

	Growth Equity Fund
	For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
	(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	124,306		$	181,461
Net realized gain (loss) on total investments		445,112			(983,360	)
Net change in unrealized appreciation (depreciation) on total investments		(1,336,644	)		2,252,050
Net increase (decrease) from operations		(767,226	)		1,450,151
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(182,267	)
Total distributions		—			(182,267	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		1,778,003			8,151,931
Reinvestment of distributions		—			182,267
Redemptions		(2,918,464	)		(8,366,760	)
Net increase (decrease) from shareholder transactions		(1,140,461	)		(32,562	)
Net increase (decrease) in net assets		(1,907,687	)		1,235,322
NET ASSETS
Beginning of period		29,516,974			28,281,652
End of period	$	27,609,287		$	29,516,974
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	128,781		$	4,475
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		2,074,716			2,082,237
Shares sold		124,148			597,894
Shares issued in reinvestment of distributions		—			12,561
Shares redeemed		(204,096	)		(617,976	)
Total net increase (decrease) in shares outstanding		(79,948	)		(7,521	)
Shares outstanding, end of period		1,994,768			2,074,716

94   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund						International Equity Fund
For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005			For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
(unaudited)						(unaudited)
$	386,800		$	673,612		$	1,156,138		$	1,047,698
	912,002			873,138			7,709,739			5,783,353
	71,020			1,523,151			(912,821	)		1,952,422
	1,369,822			3,069,901			7,953,056			8,783,473
	—			(661,771	)		—			(1,130,293	)
	—			(661,771	)		—			(1,130,293	)
	2,404,211			5,090,266			15,712,907			24,608,052
	—			661,771			—			1,130,293
	(3,589,526	)		(4,281,803	)		(6,910,694	)		(12,945,944	)
	(1,185,315	)		1,470,234			8,802,213			12,792,401
	184,507			3,878,364			16,755,269			20,445,581
	51,626,773			47,748,409			72,596,829			52,151,248
$	51,811,280		$	51,626,773		$	89,352,098		$	72,596,829
$	396,124		$	9,324		$	1,143,158		$	(12,980	)
	2,394,121			2,330,005			3,716,157			3,023,544
	107,156			243,249			726,985			1,348,971
	—			30,176			—			57,668
	(160,568	)		(209,309	)		(327,978	)		(714,026	)
	(53,412	)		64,116			399,007			692,613
	2,340,709			2,394,121			4,115,164			3,716,157

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   95

Statements of changes in net assets TIAA-CREF Life Funds June 30, 2006

	Large-Cap Value Fund
	For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
	(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	469,685		$	979,955
Net realized gain (loss) on total investments		2,119,099			1,864,624
Net change in unrealized appreciation (depreciation) on total investments		635,185			(642,029	)
Net increase from operations		3,223,969			2,202,550
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(971,055	)
From net realized gain on total investments		—			(2,775,024	)
Total distributions		—			(3,746,079	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		8,694,844			14,205,144
Reinvestment of distributions		—			3,746,079
Redemptions		(7,559,420	)		(9,807,828	)
Net increase (decrease) from shareholder transactions		1,135,424			8,143,395
Net increase in net assets		4,359,393			6,599,866
NET ASSETS
Beginning of period		49,027,726			42,427,860
End of period	$	53,387,119		$	49,027,726
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	478,089		$	8,404
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		1,530,189			1,283,066
Shares sold		254,642			432,821
Shares issued in reinvestment of distributions		—			115,299
Shares redeemed		(220,963	)		(300,997	)
Total net increase (decrease) in shares outstanding		33,679			247,123
Shares outstanding, end of period		1,563,868			1,530,189

96   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

continued

Small-Cap Equity Fund						Stock Index Fund
For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005			For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
(unaudited)						(unaudited)
$	280,074		$	439,118		$	1,365,526		$	2,501,204
	4,355,147			4,855,971			2,219,800			(855,636	)
	(596,553	)		(3,440,435	)		1,313,572			7,018,490
	4,038,668			1,854,654			4,898,898			8,664,058
	—			(468,390	)		—			(2,495,347	)
	—			(5,969,837	)		—			—
	—			(6,438,227	)		—			(2,495,347	)
	10,515,707			20,399,213			11,448,638			19,610,432
	—			6,438,227			—			2,495,347
	(6,336,726	)		(19,115,543	)		(14,903,887	)		(18,560,759	)
	4,178,981			7,721,897			(3,455,249	)		3,545,020
	8,217,649			3,138,324			1,443,649			9,713,731
	45,332,365			42,194,041			152,935,776			143,222,045
$	53,550,014		$	45,332,365		$	154,379,425		$	152,935,776
$	250,496		$	(29,578	)	$	1,375,935		$	10,409
	1,510,143			1,262,248			5,571,382			5,442,731
	318,719			631,095			402,893			740,534
	—			210,537			—			89,503
	(193,163	)		(593,737	)		(524,899	)		(701,386	)
	125,556			247,895			(122,006	)		128,651
	1,635,699			1,510,143			5,449,376			5,571,382

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   97

Statements of changes in net assets TIAA-CREF Life Funds June 30, 2006

	Social Choice Equity Fund
	For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
	(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	272,720		$	474,414
Net realized gain (loss) on total investments		395,689			96,540
Net change in unrealized appreciation (depreciation) on total investments		239,455			1,503,138
Net increase (decrease) from operations		907,864			2,074,092
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(470,848	)
From net realized gain on total investments		—			—
Total distributions		—			(470,848	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		1,784,875			4,968,187
Reinvestment of distributions		—			470,848
Redemptions		(2,549,499	)		(2,090,108	)
Total net shareholder transactions		(764,624	)		3,348,927
Total increase in net assets		143,240			4,952,171
NET ASSETS
Beginning of period		32,557,296			27,605,125
End of period	$	32,700,536		$	32,557,296
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	276,942		$	4,222
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		1,355,681			1,213,270
Shares sold		71,930			215,029
Shares issued in reinvestment of distributions		—			19,289
Shares redeemed		(102,278	)		(91,907	)
Total net increase (decrease) in shares outstanding		(30,348	)		142,411
Shares outstanding, end of period		1,325,333			1,355,681

98   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

continued

Real Estate Securities Fund						Bond Fund
For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005			For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
(unaudited)						(unaudited)
$	1,615,863		$	1,851,498		$	1,581,162		$	2,723,996
	1,127,980			5,262,348			(286,412	)		(198,324	)
	5,784,133			(2,730,020	)		(1,646,877	)		(983,732	)
	8,527,976			4,383,826			(352,127	)		1,541,940
	—			(2,669,203	)		—			(2,753,562	)
	—			(7,722,423	)		—			—
	—			(10,391,626	)		—			(2,753,562	)
	10,247,215			15,388,692			4,006,272			10,064,311
	—			10,391,626			—			2,753,562
	(7,836,794	)		(13,012,062	)		(2,062,945	)		(3,547,626	)
	2,410,421			12,768,256			1,943,327			9,270,247
	10,938,397			6,760,456			1,591,200			8,058,625
	70,659,274			63,898,818			66,434,050			58,375,425
$	81,597,671		$	70,659,274		$	68,025,250		$	66,434,050
$	798,158		$	(817,705	)	$	1,581,162		$	—
	2,280,802			1,885,376			2,717,951			2,346,067
	305,832			452,162			164,390			399,505
	—			333,385			—			112,666
	(235,291	)		(390,121	)		(84,489	)		(140,287	)
	70,541			395,426			79,901			371,884
	2,351,343			2,280,802			2,797,852			2,717,951

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   99

Statements of changes in net assets TIAA-CREF Life Funds June 30, 2006 concluded

	Money Market Fund
	For the Six Months Ended June 30, 2006			For the Year Ended December 31, 2005
	(unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	986,915		$	1,140,391
Net realized gain (loss) on total investments		(603	)		161
Net increase from operations		986,312			1,140,552
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(986,734	)		(1,140,535	)
Total distributions		(986,734	)		(1,140,535	)
SHAREHOLDER TRANSACTIONS:
Seed money redemptions		(7,500,000	)		—
Subscriptions		29,890,053			57,852,777
Reinvestment of distributions		521,903			499,609
Redemptions		(15,054,081	)		(47,538,316	)
Total net shareholder transactions		7,857,875			10,814,070
Total increase in net assets		7,857,453			10,814,087
NET ASSETS
Beginning of period		37,185,373			26,371,286
End of period	$	45,042,826		$	37,185,373
Accumulated undistributed net investment income included in net assets	$	181		$	—
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		37,185,302			26,371,232
Seed money shares redeemed		(7,500,000	)		—
Shares sold		29,890,053			57,852,777
Shares issued in reinvestment of distributions		521,903			499,609
Shares redeemed		(15,054,081	)		(47,538,316	)
Total net increase in shares outstanding		7,857,875			10,814,070
Shares outstanding, end of period		45,043,177			37,185,302

100   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

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TIAA-CREF Life Funds   2006 Semiannual Report   101

Financial highlights   TIAA-CREF Life Funds June 30, 2006

	Growth Equity Fund
	For the Six Months Ended June 30, 2006			For the Years Ended December 31,
				2005			2004			2003			2002			2001
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	14.23		$	13.58		$	12.88		$	10.15		$	14.60		$	18.97
Gain (loss) from investment operations:
Net investment income		0.06	(a)		0.09	(a)		0.12	(a)		0.09	(a)		0.07	(a)		0.05
Net realized and unrealized gain (loss) on total investments		(0.45	)		0.65			0.70			2.78			(4.45	)		(4.37	)
Total gain (loss) from investment operations		(0.39	)		0.74			0.82			2.87			(4.38	)		(4.32	)
Less distributions from:
Net investment income		—			(0.09	)		(0.12	)		(0.14	)		(0.07	)		(0.05	)
Total distributions		—			(0.09	)		(0.12	)		(0.14	)		(0.07	)		(0.05	)
Net asset value, end of period	$	13.84		$	14.23		$	13.58		$	12.88		$	10.15		$	14.60
TOTAL RETURN		(2.74	)%		5.43	%		6.39	%		28.30	%		(30.01	)%		(22.81	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	27,609		$	29,517		$	28,282		$	28,319		$	40,537		$	52,519
Ratio of expenses to average net assets before expense waiver		0.25	%(d)		0.26	%(c)		0.25	%		0.25	%		0.43	%(b)		0.46	%
Ratio of expenses to average net assets after expense waiver		0.25	%(d)		0.26	%(c)		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets		0.85	%(d)		0.66	%		0.95	%		0.82	%		0.61	%		0.35	%
Portfolio turnover rate		101	%(d)		106	%		79	%		78	%		54	%		42	%

(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) The percentages shown for this period are annualized.

102   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund
For the Six Months Ended June 30, 2006			For the Years Ended December 31,
			2005			2004			2003			2002			2001
(Unaudited)
$	21.56		$	20.49		$	18.93		$	15.22		$	20.28		$	23.57
	0.16	(a)		0.29	(a)		0.32	(a)		0.23	(a)		0.21	(a)		0.20
	0.41			1.06			1.56			3.79			(5.07	)		(3.29	)
	0.57			1.35			1.88			4.02			(4.86	)		(3.09	)
	—			(0.28	)		(0.32	)		(0.31	)		(0.20	)		(0.20	)
	—			(0.28	)		(0.32	)		(0.31	)		(0.20	)		(0.20	)
$	22.13		$	21.56		$	20.49		$	18.93		$	15.22		$	20.28
	2.64	%		6.57	%		9.94	%		26.39	%		(23.95	)%		(13.13	)%
$	51,811		$	51,627		$	47,748		$	44,403		$	51,553		$	62,313
	0.23	%(d)		0.23	%		0.23	%		0.23	%		0.41	%(b)		0.44	%
	0.23	%(d)		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
	1.46	%(d)		1.41	%		1.66	%		1.41	%		1.18	%		1.04	%
	122	%(d)		205	%		85	%		137	%		112	%		62	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   103

Financial highlights   TIAA-CREF Life Funds June 30, 2006

	International Equity Fund
	For the Six Months Ended June 30, 2006			For the Years Ended December 31,
				2005			2004			2003			2002			2001
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	19.54		$	17.25		$	14.93		$	10.76		$	12.88		$	17.14
Gain (loss) from investment operations:
Net investment income		0.29	(a)		0.31	(a)		0.29	(a)		0.26	(a)		0.20	(a)		0.18
Net realized and unrealized gain (loss) on total investments		1.88			2.28			2.35			4.15			(2.06	)		(4.26	)
Total gain (loss) from investment operations		2.17			2.59			2.64			4.41			(1.86	)		(4.08	)
Less distributions from:
Net investment income		—			(0.30	)		(0.32	)		(0.24	)		(0.19	)		(0.18	)
In excess of net investment income		—			—			—			—			(0.07	)		—
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.30	)		(0.32	)		(0.24	)		(0.26	)		(0.18	)
Net asset value, end of period	$	21.71		$	19.54		$	17.25		$	14.93		$	10.76		$	12.88
TOTAL RETURN		11.11	%		15.01	%		17.72	%		41.06	%		(14.40	)%		(23.81	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	89,352		$	72,597		$	52,151		$	47,879		$	33,738		$	35,014
Ratio of expenses to average net assets before expense waiver		0.29	%(d)		0.31	%(c)		0.29	%		0.29	%		0.49	%(b)		0.53	%
Ratio of expenses to average net assets after expense waiver		0.29	%(d)		0.31	%(c)		0.29	%		0.29	%		0.29	%		0.29	%
Ratio of net investment income to average net assets		2.72	%(d)		1.75	%		1.87	%		2.15	%		1.68	%		1.33	%
Portfolio turnover rate		174	%(d)		153	%		158	%		139	%		53	%		102	%

(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) The percentages shown for this period are annualized.

(e) Includes 0.01% of overdraft charges included in interest expense.

104   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

continued

Large-Cap Value Fund
For the Six Months Ended June 30, 2006			For the Years Ended December 31,									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)
			2005			2004			2003
(Unaudited)
$	32.04		$	33.07		$	31.62		$	24.84		$	24.60		$	25.00
	0.30	(a)		0.72	(a)		0.74	(a)		0.60	(a)		0.12	(a)		0.17	(a)
	1.80			0.95			5.82			7.65			0.28			(0.17	)
	2.10			1.67			6.56			8.25			0.40			—
	—			(0.70	)		(0.67	)		(0.57	)		(0.16	)		(0.16	)
	—			—			—			—			—			—
	—			(2.00	)		(4.44	)		(0.90	)		—			—
	—			(2.70	)		(5.11	)		(1.47	)		(0.16	)		(0.16	)
$	34.14		$	32.04		$	33.07		$	31.62		$	24.84		$	24.84
	6.52	%		4.94	%		20.76	%		33.23	%		1.63	%		0.01	%
$	53,387		$	49,028		$	42,428		$	29,760		$	20,178		$	20,178
	0.24	%(d)		0.25	%(e)		0.24	%		0.24	%		0.04	%		0.08	%
	0.24	%(d)		0.25	%(e)		0.24	%		0.24	%		0.04	%		0.08	%
	1.81	%(d)		2.17	%		2.23	%		2.19	%		0.46	%		0.69	%
	122	%(d)		112	%		149	%		159	%		70	%		94	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   105

Financial highlights   TIAA-CREF Life Funds June 30, 2006

	Small-Cap Equity Fund
	For the Six Months Ended June 30, 2006			For the Years Ended December 31,									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)
				2005			2004			2003
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	30.02		$	33.43		$	32.98		$	24.63		$	23.94		$	25.00
Gain (loss) from investment operations:
Net investment income		0.18	(a)		0.33	(a)		0.39	(a)		0.39	(a)		0.08	(a)		0.13	(a)
Net realized and unrealized gain (loss) on total investments		2.54			1.30			6.17			11.71			0.73			(0.38	)
Total gain (loss) from investment operations		2.72			1.63			6.56			12.10			0.81			(0.25	)
Less distributions from:
Net investment income		—			(0.37	)		(0.39	)		(0.36	)		(0.12	)		(0.12	)
Net realized gains		—			(4.67	)		(5.72	)		(3.39	)		—			—
Total distributions		—			(5.04	)		(6.11	)		(3.75	)		(0.12	)		(0.12	)
Net asset value, end of period	$	32.74		$	30.02		$	33.43		$	32.98		$	24.63		$	24.63
TOTAL RETURN		9.03	%		4.58	%		19.83	%		48.95	%		3.40	%		(0.98	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	53,550		$	45,332		$	42,194		$	34,459		$	20,044		$	20,044
Ratio of expenses to average net assets before expense waiver		0.10	%(d)		0.12	%(c)		0.10	%		0.10	%		0.02	%		0.03	%
Ratio of expenses to average net assets after expense waiver		0.10	%(d)		0.12	%(c)		0.10	%		0.10	%		0.02	%		0.03	%
Ratio of net investment income to average net assets		1.09	%(d)		1.01	%		1.13	%		1.32	%		0.32	%		0.55	%
Portfolio turnover rate		324	%(d)		400	%		221	%		237	%		43	%		57	%

(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) The percentages shown for this period are annualized.

(e) The percentages shown for this period are not annualized.

106   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

continued

Stock Index Fund
For the Six Months Ended June 30, 2006			For the Years Ended December 31,
			2005			2004			2003			2002			2001
(Unaudited)
$	27.45		$	26.31		$	23.93		$	18.86		$	24.45		$	27.94
	0.25	(a)		0.46	(a)		0.46	(a)		0.35	(a)		0.33	(a)		0.30
	0.63			1.14			2.38			5.47			(5.56	)		(3.50	)
	0.88			1.60			2.84			5.82			(5.23	)		(3.20	)
	—			(0.46	)		(0.45	)		(0.36	)		(0.36	)		(0.23	)
	—			—			(0.01	)		(0.39	)		—			(0.06	)
	—			(0.46	)		(0.46	)		(0.75	)		(0.36	)		(0.29	)
$	28.33		$	27.45		$	26.31		$	23.93		$	18.86		$	24.45
	3.21	%		6.04	%		11.89	%		30.85	%		(21.38	)%		(11.44	)%
$	154,379		$	152,936		$	143,222		$	118,320		$	88,779		$	94,517
	0.06	%(d)		0.06	%		0.06	%		0.06	%		0.26	%(b)		0.30	%
	0.06	%(d)		0.06	%		0.06	%		0.06	%		0.07	%		0.07	%
	1.75	%(d)		1.73	%		1.88	%		1.68	%		1.56	%		1.28	%
	22	%(d)		8	%		12	%		26	%		9	%		8	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   107

Financial highlights   TIAA-CREF Life Funds June 30, 2006

	Social Choice Equity Fund
	For the Six Months Ended June 30, 2006			For the Years Ended December 31,
				2005			2004			2003			2002			2001
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	24.02		$	22.75		$	20.60		$	16.09		$	20.61		$	23.90
Gain (loss) from investment operations:
Net investment income		0.20	(a)		0.38	(a)		0.39	(a)		0.29	(a)		0.26	(a)		0.24
Net realized and unrealized gain (loss) on total investments		0.45			1.24			2.16			4.54			(4.52	)		(3.28	)
Total gain (loss) from investment operations		0.65			1.62			2.55			4.83			(4.26	)		(3.04	)
Less distributions from:
Net investment income		—			(0.35	)		(0.40	)		(0.32	)		(0.26	)		(0.22	)
Net realized gains		—			—			—			—			—			(0.03	)
Total distributions		—			(0.35	)		(0.40	)		(0.32	)		(0.26	)		(0.25	)
Net asset value, end of period	$	24.67		$	24.02		$	22.75		$	20.60		$	16.09		$	20.61
TOTAL RETURN		2.71	%		7.11	%		12.39	%		30.03	%		(20.68	)%		(12.72	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	32,701		$	32,557		$	27,605		$	26,510		$	22,683		$	25,333
Ratio of expenses to average net assets before expense waiver		0.07	%(d)		0.07	%		0.07	%		0.07	%		0.34	%(b)		0.39	%
Ratio of expenses to average net assets after expense waiver		0.07	%(d)		0.07	%		0.07	%		0.07	%		0.17	%		0.18	%
Ratio of net investment income to average net assets		1.64	%(d)		1.63	%		1.82	%		1.64	%		1.43	%		1.15	%
Portfolio turnover rate		30	%(d)		8	%		5	%		15	%		27	%		10	%

(a) Based on average shares outstanding.

(b) Waiver was eliminated effective October 28, 2002.

(c) Includes 0.04% of overdraft charges included in interest expense.

(d) The percentages shown for this period are annualized.

(e) The percentages shown for this period are not annualized.

108   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

continued

Real Estate Securities Fund
For the Six Months Ended June 30, 2006			For the Years Ended December 31,									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)
			2005			2004			2003
(Unaudited)
$	30.98		$	33.89		$	30.00		$	24.48		$	23.67		$	25.00
	0.70	(a)		0.96	(a)		1.45	(a)		1.54	(a)		0.25	(a)		0.44	(a)
	3.02			1.51			8.40			8.24			0.91			(0.61	)
	3.72			2.47			9.85			9.78			1.16			(0.17	)
	—			(1.38	)		(1.26	)		(1.39	)		(0.31	)		(0.31	)
	—			(4.00	)		(4.70	)		(2.87	)		(0.04	)		(0.04	)
	—			(5.38	)		(5.96	)		(4.26	)		(0.35	)		(0.35	)
$	34.70		$	30.98		$	33.89		$	30.00		$	24.48		$	24.48
	12.01	%		7.19	%		32.98	%		39.96	%		4.94	%		(0.65	)%
$	81,598		$	70,659		$	63,899		$	35,311		$	20,194		$	20,194
	0.25	%(d)		0.29	%(c)		0.25	%		0.25	%		0.04	%		0.08	%
	0.25	%(d)		0.29	%(c)		0.25	%		0.25	%		0.04	%		0.08	%
	4.22	%(d)		2.80	%		4.41	%		5.32	%		1.03	%		1.80	%
	125	%(d)		239	%		315	%		189	%		100	%		117	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   109

Financial highlights   TIAA-CREF Life Funds June 30, 2006

	Bond Fund
	For the Six Months Ended June 30, 2006			For the Years Ended December 31,						For the Period July 8, 2003 (commencement of operations/ effective date of SEC registration) to December 31, 2003 (e)
				2005			2004
	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	24.44		$	24.88		$	24.74		$	25.00
Gain (loss) from investment operations:
Net investment income		0.57	(a)		1.10	(a)		0.95	(a)		0.40	(a)
Net realized and unrealized gain (loss) on total investments		(0.70	)		(0.48	)		0.09			(0.24	)
Total gain (loss) from investment operations		(0.13	)		0.62			1.04			0.16
Less distributions from:
Net investment income		—			(1.06	)		(0.90	)		(0.40	)
Net realized gains		—			—			—			(0.02	)
Total distributions		—			(1.06	)		(0.90	)		(0.42	)
Net asset value, end of period	$	24.31		$	24.44		$	24.88		$	24.74
TOTAL RETURN		(0.53	)%		2.51	%		4.21	%		0.67	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	68,025		$	66,434		$	58,375		$	50,018
Ratio of expenses to average net assets		0.10	%(d)		0.10	%		0.10	%		0.05	%
Ratio of net investment income to average net assets		4.74	%(d)		4.35	%		3.78	%		1.63	%
Portfolio turnover rate		84	%(d)		78	%		103	%		272	%

(a) Based on average shares outstanding.

(d) The percentages shown for this period are annualized.

(e) The percentages shown for this period are not annualized.

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

N/A—Not applicable.

110   2006 Semiannual Report   TIAA-CREF Life Funds SEE NOTES TO FINANCIAL STATEMENTS

concluded

Money Market Fund
For the Six Months Ended June 30, 2006			For the Years Ended December 31,						For the Period July 8, 2003 (commencement of operations/ effective date of SEC registration) to December 31, 2003 (e)
			2005			2004
(Unaudited)
$	1.00		$	1.00		$	1.00		$	1.00
	0.02	(a)		0.03	(a)		0.01	(a)		0.00	(a)(f)
	—			—			—			—
	0.02			0.03			0.01			0.00	(f)
	(0.02	)		(0.03	)		(0.01	)		0.00	(f)
	—			—			—			—
	(0.02	)		(0.03	)		(0.01	)		0.00	(f)
$	1.00		$	1.00		$	1.00		$	1.00
	2.35	%		3.25	%		1.34	%		0.49	%
$	45,043		$	37,185		$	26,371		$	20,824
	0.06	%(d)		0.06	%		0.06	%		0.03	%
	4.71	%(d)		3.24	%		1.35	%		0.46	%
	N/A			N/A			N/A			N/A

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Life Funds   2006 Semiannual Report   111

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. The Stock Index Fund commenced operations on December 1, 1998. The Growth Equity, Growth & Income, International Equity and Social Choice Equity Funds commenced operations on March 1, 2000. The Large-Cap Value, Small-Cap Equity and Real Estate Securities Funds commenced operations on September 4, 2002. The Bond and Money Market Funds commenced operations on July 8, 2003. TIAA invested seed money in each of the Funds at its commencement of operations. At June 30, 2006, the Accounts and TIAA held the following amounts in the Funds:

	Investments in Funds Held By:
	Accounts		TIAA
Growth Equity Fund	$	27,608,091	$	—
Growth & Income Fund		41,697,327		10,112,204
International Equity Fund		65,145,597		24,194,829
Large-Cap Value Fund		30,440,878		22,940,364
Small-Cap Equity Fund		31,324,414		22,224,178
Stock Index Fund		154,375,905		—
Social Choice Equity Fund		22,017,939		10,681,940
Real Estate Securities Fund		48,809,256		32,785,784
Bond Fund		15,448,386		52,576,864
Money Market Fund		32,542,826		12,500,000

The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles 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. Net asset value of underlying funds is calculated as of the close of business of the New York Stock Exchange (generally 4:00 p.m. Eastern Time). 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 equiv - -

112   2006 Semiannual Report   TIAA-CREF Life Funds

Notes to financial statements (unaudited) continued

alent 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 method. Investments in other registered investment companies are valued at their net asset value. Foreign investments are 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, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges.

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 assets are 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 amortization of discounts and 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.

Accounting for Real Estate Investments Trusts:  The Funds may own shares of Real Estate Investment Trusts (“REITs” or individually, “REIT”). The Real Estate

TIAA-CREF Life Funds   2006 Semiannual Report   113

Notes to financial statements (unaudited) continued

Securities Fund invests a substantial portion of its assets in such REITs; therefore it may be more affected by economic developments in the real estate industry than would a general equity fund.

REITs report information on the source of their distributions once per year, in January. Such distributions may include one or more of the following components: ordinary income, long-term capital gains or a return of capital. The Funds have estimated what the components of these REIT distributions are and have reflected these amounts accordingly in the financial statements.

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 nonperformance 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 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Statements of assets and liabilities. In addition, the Funds could be exposed to risks if counterparties to the contracts are unable to meet the terms of their contracts. 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 as of the end of the six month period ended June 30, 2006.

114   2006 Semiannual Report   TIAA-CREF Life Funds

Notes to financial statements (unaudited) continued

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 sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

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 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. There were no open futures contracts as of the end of the six month period ended June 30, 2006.

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:  The Bond Fund invests in Treasury Inflation-Protected Securities (“TIPS”), 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 (“CPI”). 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 interest-rate environment if rates increase due to inflation.

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

TIAA-CREF Life Funds   2006 Semiannual Report   115

Notes to financial statements (unaudited) continued

Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Distributions to shareholders:   Distributions from net investment income, if any, are declared and paid annually for each of the Funds, except for the Money Market 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 available capital loss carryovers. Accumulated undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including post-October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REIT adjustments, foreign currency transactions, distribution reclassifications, and gains on certain equity securities designated and issued by “passive foreign investment companies”.

Income taxes:  The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required.

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.

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 that 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 TIAA-CREF Life Funds are indemnified against certain liabilities that may arise out of their duties to the TIAA-CREF Life Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

116   2006 Semiannual Report   TIAA-CREF Life Funds

Notes to financial statements (unaudited) continued

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 fee for investment management services, based on the average daily net assets of each Fund. During the six months ended June 30, 2006, Advisors received the following annualized percentage of each Fund’s average daily net assets:

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

Total investment management fees incurred for each Fund for the six months ended June 30, 2006, are reflected in the Statements of operations.

Note 3—investments

At June 30, 2006, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Growth Equity Fund	$	2,488,235	$	(1,813,819	)	$	674,416
Growth & Income Fund		4,901,161		(1,092,327	)		3,808,834
International Equity Fund		8,610,793		(1,176,130	)		7,434,663
Large-Cap Value Fund		6,602,085		(1,041,680	)		5,560,405
Small-Cap Equity Fund		3,997,120		(1,948,965	)		2,048,155
Stock Index Fund		33,705,871		(24,910,031	)		8,795,840
Social Choice Equity Fund		6,842,309		(6,353,925	)		488,384
Real Estate Securities Fund		9,679,183		(843,073	)		8,836,110
Bond Fund		16,103		(2,697,556	)		(2,681,453	)

TIAA-CREF Life Funds   2006 Semiannual Report   117

Notes to financial statements (unaudited) continued

For the six months ended June 30, 2006, purchases and sales of securities, other than short-term money market instruments, for all Funds, except the Money Market Fund, were as follows:

	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
Growth Equity Fund	$	14,699,928	$	—	$	15,603,157	$	—
Growth & Income Fund		32,165,566		—		33,140,308		—
International Equity Fund		79,605,734		—		73,636,253		—
Large-Cap Value Fund		33,252,459		—		31,647,648		—
Small-Cap Equity Fund		87,354,303		—		83,084,294		—
Stock Index Fund		16,942,068		—		18,585,303		—
Social Choice Equity Fund		4,929,977		—		5,606,166		—
Real Estate Securities Fund		51,810,172		—		47,622,553		—
Bond Fund		8,527,677		22,335,368		6,247,788		20,817,174

Note 4—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended December 31, 2005, was as follows:

	2005
	Ordinary Income		Long-Term Capital Gain		Total
Growth Equity Fund	$	182,267	$		$	182,267
Growth & Income Fund		661,771		—		661,771
International Equity Fund		1,130,293		—		1,130,293
Large-Cap Value Fund		2,272,831		1,473,248		3,746,079
Small-Cap Equity Fund		2,539,797		3,898,430		6,438,227
Stock Index Fund		2,495,347		—		2,495,347
Social Choice Equity Fund		470,848		—		470,848
Real Estate Securities Fund		8,373,076		2,018,550		10,391,626
Bond Fund		2,753,562		—		2,753,562
Money Market Fund		1,140,535		—		1,140,535

The tax character of the fiscal year 2006 distributions will be determined at the end of the fiscal year.

118   2006 Semiannual Report   TIAA-CREF Life Funds

Notes to financial statements (unaudited) continued

As of December 31, 2005, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation (Depreciation)			Capital Loss Carryover			Post- October Losses			Total
Growth Equity Fund	$	3,464	$	—	$	1,851,752		$	(39,014,281	)	$	(213,352	)	$	(37,372,417	)
Growth & Income Fund		9,845		—		3,211,465			(15,887,916	)		(521	)		(12,667,127	)
International Equity Fund		57,684		—		7,931,777			(13,663,641	)		(34,019	)		(5,708,199	)
Stock Index Fund		32,567		—		5,289,437			(657,581	)		—			4,664,423
Social Choice Equity Fund		7,335		—		239,004			(496,496	)		—			(250,157	)
Large-Cap Value Fund		217,838		351,869		4,735,388			—			(591	)		5,304,504
Small-Cap Equity Fund		296,008		319,301		1,869,907			—			—			2,485,216
Real Estate Securities Fund		231,914		89,102		2,267,145			—			—			2,588,161
Bond Fund		—		—		(1,079,663	)		(388,407	)		(56,393	)		(1,524,463	)
Money Market Fund		71		—		—						—			71

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

At December 31, 2005, the following funds had capital loss carryovers, which will expire as follows:

	Date of Expiration
	12/31/08		12/31/09		12/31/10		12/31/11		12/31/12		12/31/13		Total
Growth Equity Fund	$	212,455	$	12,578,729	$	12,297,132	$	10,153,999	$	3,010,278	$	761,688	$	39,014,281
Growth & Income Fund		—		1,960,652		8,825,685		5,101,579		—		—	$	15,887,916
International Equity Fund		—		4,734,175		4,809,564		4,119,902		—		—	$	13,663,641
Stock Index Fund		—		—		—		—		—		657,581	$	657,581
Social Choice Equity Fund		—		—		496,496		—		—		—	$	496,496
Bond Fund		—		—		—		—		115,865		272,542	$	388,407

For the year ended December 31, 2005, the Growth & Income Fund, International Equity Fund, and Social Choice Equity Fund utilized $662,929, $5,590,079, and $96,534, respectively of their capital loss carryover available from prior years.

TIAA-CREF Life Funds   2006 Semiannual Report   119

Notes to financial statements (unaudited) concluded

Note 5—line of credit

Each of the Funds, except the Bond and Money Market Funds, participates in a $1.75 billion unsecured revolving credit facility to 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 by the Funds will be charged to Advisors rates that are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June 30, 2006, there were no borrowings under this credit facility by the Funds.

Note 6—subsequent event

On July 27, 2006, the Funds entered into a four-year agreement with State Street Bank and Trust Company to engage in securities lending transactions. Under the terms of the agreement, the Funds may lend portfolio securities to qualified borrowers consisting of financial institutions and brokers. By lending such securities, the Funds will attempt to increase their net investment income through the receipt of interest on collateral (after rebates and fees). The loans will be 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 the securities loaned for foreign securities. All cash collateral will be invested in the State Street Bank Navigator Securities Lending Prime Portfolio.

120   2006 Semiannual Report   TIAA-CREF Life Funds

Board approval of investment management agreement

TIAA-CREF Life Funds’ Board is responsible for overseeing the TIAA-CREF Life Funds’ corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940. Most significantly, the Board is responsible for the initial approval and annual renewal of the TIAA-CREF Life Funds’ investment management agreement with Advisors (the “Management Agreement”). Under the Management Agreement, Teachers Advisors, Inc. (“Advisors”) assumes responsibility for providing to, or obtaining for, the TIAA-CREF Life Funds all of the services necessary for their ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.

In considering whether to renew the Management Agreement, the Board, at its April 3, and May 16, 2006 meetings, reviewed the following factors with respect to each Fund: (1) the nature, extent and quality of services provided by Advisors to each Fund; (2) the investment performance of each Fund; (3) the costs of the services provided to each Fund and the profits realized or to be realized by Advisors 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 level of fees reflects those economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by Advisors with other clients; and (7) any other benefits derived or anticipated to be derived by Advisors from its relationship with the Funds. The factors should be viewed in their totality, with no single factor being the principal factor in determining whether to approve the renewal of the Management Agreement.

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 Advisors is an experienced investment adviser that has managed the TIAA-CREF Mutual Funds since 1997, the TIAA-CREF Institutional Mutual Funds and the TIAA-CREF Life Funds since 1999. The investment professionals of Advisors have also managed various accounts of the College Retirement Equities Fund (“CREF”) since their inception. Under the Management Agreement, Advisors is responsible for 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 and extensive monitoring of the investment portfolios daily by various personnel with specific responsibility for the particular type of investment in question; and reporting on the investment performance of the Funds to the Boards at their scheduled quarterly meetings. The Board considered that Advisors has carried out these responsibilities in a highly professional manner.

The Board considered, among other things, the performance of each of the Funds, as discussed below.

TIAA-CREF Life Funds   2006 Semiannual Report   121

Board approval of investment management agreement continued

Performance. The Board considered the performance of each Fund over the past year, three years, five years and since inception and the Funds’ performance as compared to their peer groups and benchmark indices. The Board considered the comparative performance and expense data for each Fund prepared by an independent third party, Lipper, Inc.’s Global Fiduciary Review unit (“Lipper”) for each pertinent Fund, as well as Fund performance against its performance benchmark. In looking at this data, the Board considered that most of the Funds met their benchmarks over the long-term (when factoring the effect of expenses) and ranked in the top-three quintiles versus their peers, with the exception of the Growth Equity Fund and the Real Estate Securities Fund. For additional detail about each Fund of the TIAA-CREF Life Funds, see the Fund-by-Fund synopsis below.

Cost and Profitability. The Board considered the materials it received reflecting Advisors’ revenues for providing investment management and other services to the Funds and that Advisors is providing these services overall at a loss. The Board noted that the Funds’ unitary fee structure provided no flexibility to the Advisor in the face of rising costs. The Board considered the detailed Fund-by-Fund analysis of Advisors’ profitability with respect to each Fund, calculated for the year ended December 31, 2005, as outlined in the synopsis below. In reviewing the profitability information provided, the Board considered that Advisors runs substantial losses. In addition, the Board considered that Advisors’ revenues are reasonable from a shareholder perspective, but may not be adequate when considering the nature, quality and cost of Advisors’ services to the Funds.

Fees Charged by Other Advisers. The Board considered information regarding fees paid to other advisers for managing similar Funds. The Board received comparative fee information for comparable peer group Funds prepared by Lipper. The Board considered that the proposed advisory fee to be paid to Advisors for its services to each Fund compared favorably to the advisory fees charged to other comparable funds. The Board considered that, for the most part, the fees under Advisors’ current management agreements with the Funds are lower than those of the peer group funds identified by Lipper. See the Fund-by-Fund detail below.

Economies of Scale. The Board considered whether Advisors may experience economies of scale in connection with the operation of each Fund. In making this determination, the Board considered that almost all of the Funds operate at a loss to Advisors. While Advisors experiences certain economies of scale by sharing investment personnel with TIAA-CREF Investment Management, LLC and among the Funds, this generally does not offset these losses. While breakpoints could be an appropriate way for Advisors to share economies of scale with Funds that have substantial assets or that have grown materially over the year, Advisors does not believe there is a direct relationship between the economies of scale realized by the Funds and those realized by Advisors as assets increase. This is largely because any economies of scale realized by Advisors and Investment Management are across a variety of classes, services, and products and not due to the growth of a single Fund.

122   2006 Semiannual Report   TIAA-CREF Life Funds

Board approval of investment management agreement continued

Fee Comparison with Other Advisors Clients. The Board considered that Advisors provides similar investment management services to each of the TIAA-CREF Institutional Mutual Funds, the TIAA-CREF Mutual Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1, although distribution channels differ. In addition, Advisors, through its TIAA-CREF Asset Management (TCAM) 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, and the fact that the fees Advisors charges are the same or lower than Advisors’ comparable Funds.

Other Benefits. Advisors 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 investment portfolios managed by Advisors are managed in the same manner and by the same personnel as certain 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 during their determination to renew the Management Agreement for each Fund listed below:

Growth Equity Fund

Ÿ The Fund’s contractual management fee is 0.25%. Advisors proposed that the Fund’s actual management fee be 0.25%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

Ÿ While the Fund outperformed its benchmark over the one-year period, it underperformed its benchmark over the three- and five-year periods and since inception.

Ÿ For the one-, two-, three-, four- and five-year periods ended 12/31/05, the Fund was in the 4th quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 2 stars for the one-year period ended 12/31/05.

Ÿ Longer-term performance of the Fund was impacted negatively by poor stock selection, so the portfolio team was dismissed and Fund management was taken over by Greg Luttrell and Susan Hirsch.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Growth & Income Fund

Ÿ The Fund’s contractual management fee is 0.23%. Advisors proposed that the Fund’s actual management fee be 0.23%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

TIAA-CREF Life Funds   2006 Semiannual Report   123

Board approval of investment management agreement continued

Ÿ While the Fund outperformed its benchmark over the one-year period, it underperformed its benchmark over the three- and five-year periods and since inception.

Ÿ For the one-, two- and three-year periods ended 12/31/05, the Fund was in the 2nd quintile of its Performance Universe; while, for the four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 3 stars for the one-year period ended 12/31/05.

Ÿ In March 2005, the Fund’s adviser added a new portfolio manager, Susan Kempler, to the Fund. As a consequence of this change and other factors, for the year ending December 31, 2005, the Fund outperformed its benchmark.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Large-Cap Value Fund

Ÿ The Fund’s contractual management fee is 0.24%. Advisors proposed that the Fund’s actual management fee be 0.24%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

Ÿ The Fund underperformed its benchmark over the one-year and since-inception periods, but outperformed its benchmark over the three-year period.

Ÿ For the one-, two- and three-year periods ended 12/31/05, the Fund was in the 4th, 1st and 2nd quintile of its Performance Universe, respectively.

Ÿ The Fund received an Overall Morningstar Rating of 5 stars for the one-year period ended 12/31/05.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Small-Cap Equity Fund

Ÿ The Fund’s contractual management fee is 0.10%. Advisors proposed that the Fund’s actual management fee be 0.10%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

Ÿ The Fund has outperformed its benchmark over the one- and three-year and since-inception periods,

Ÿ For the one- and two-year periods ended 12/31/05, the Fund was in the 3rd quintile of its Performance Universe.

Ÿ For the three-year period, the Fund was in the 1st quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 4 stars for the one-year period ended 12/31/05.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Stock Index Fund

Ÿ The Fund’s contractual management fee is 0.06%. Advisors proposed that the Fund’s actual management fee be 0.06%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

124   2006 Semiannual Report   TIAA-CREF Life Funds

Board approval of investment management agreement continued

Ÿ The Fund’s performance generally matched its benchmark minus the effect of the Fund’s expenses.

Ÿ For the one-, two-, three-, four- and five-year periods ended 12/31/05, the Fund was in the 3rd quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 4 stars for the one-year period ended 12/31/05.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Social Choice Equity Fund

Ÿ The Fund’s contractual management fee is 0.07%. Advisors proposed that the Fund’s actual management fee be 0.07%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

Ÿ The Fund outperformed its benchmark over all prior-year periods and since inception.

Ÿ For the one-, three- and five-year periods ended 12/31/05, the Fund was in the 3rd quintile of its Performance Universe.

Ÿ For the two- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 4 stars for the one-year period ended 12/31/05.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Real Estate Securities Fund

Ÿ The Fund’s contractual management fee is 0.25%. Advisors proposed that the Fund’s actual management fee be 0.25%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

Ÿ The Fund underperformed its benchmark over all prior year periods and since inception.

Ÿ For the one-, two- and three-year periods ended 12/31/05, the Fund was in the 5th quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 3 stars for the one-year period ended 12/31/05.

Ÿ Following the record of poor performance, the portfolio manager of the Fund was removed and the Fund is being restructured. David Copp joined the team late in 2005.

Ÿ Advisors earned a modest profit on the Fund for the one-year period ended 12/31/05.

International Equity Fund

Ÿ The Fund’s contractual management fee is 0.29%. Advisors proposed that the Fund’s actual management fee be 0.29%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

TIAA-CREF Life Funds   2006 Semiannual Report   125

Board approval of investment management agreement concluded

Ÿ The Fund outperformed its benchmark over the one- and three-year periods and underperformed its benchmark over the five-year and since-inception periods.

Ÿ For the one- and two-year periods ended 12/31/05, the Fund was in the 3rd quintile of its Performance Universe.

Ÿ For the three-, four and five-year periods, the Fund was in the 2nd quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 4 stars for the one-year period ended 12/31/05.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Bond Fund

Ÿ The Fund’s contractual management fee is 0.10%. Advisors proposed that the Fund’s actual management fee be 0.10%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

The Fund’s performance generally matched that of its benchmark over the one-year and since inception periods.

Ÿ For the one-year period ended 12/31/05, the Fund was in the 1st quintile of its Performance Universe. For the two-year period the Fund was in the 2nd quintile of its Performance Universe. Since inception, the Fund was in the 5th quintile of its Performance Universe.

Ÿ The Fund received an Overall Morningstar Rating of 4 stars for the one-year period ended 12/31/05.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Money Market Fund

Ÿ The Fund’s contractual management fee is 0.06%. Advisors proposed that the Fund’s actual management fee be 0.06%. The Fund utilizes a unitary pricing structure.

Ÿ The Fund’s management fees are in the 1st quintile of its Expense Universe.

Ÿ The Fund outperformed its benchmark over the one- and two-year periods.

Ÿ For the one- and two-year periods ended 12/31/05, the Fund was in the 1st quintile of its Performance Universe. Since inception, the Fund was in the 1st quintile of its Performance Universe

Ÿ Money market funds are not rated by Morningstar.

Ÿ Advisors had a net loss on the Fund for the one-year period ended 12/31/05.

Based on these factors, and the information provided, the Board approved the continuation of the Management Agreement covering each of the Funds. The trustees were advised by separate independent legal counsel throughout the review process.

126   2006 Semiannual Report   TIAA-CREF Life Funds

HOW TO REACH US

TIAA-CREF WEBSITE   Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options   www.tiaa-cref.org 24 hours a day, 7 days a week   AUTOMATED TELEPHONE SERVICE   Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums.   800 842-2252 24 hours a day, 7 days a week   TELEPHONE COUNSELING CENTER   Retirement saving and planning, income options and payments, and tax reporting   800 842-2776 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday PLANNING AND SERVICE CENTER   TIAA-CREF Mutual Funds, after-tax annuities and life insurance   800 223-1200 8 a.m. to 10 p.m. ET, Monday–Friday   FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS   800 842-2755 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday   TIAA-CREF TRUST COMPANY, FSB   Asset management, trust administration, estate planning, planned giving and endowment management   888 842-9001 8 a.m. to 5 p.m. CT, Monday–Friday   TIAA-CREF TUITION FINANCING, INC. Tuition financing programs   888 381-8283 8 a.m. to 11 p.m. ET, Monday–Friday

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., 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 annuities. TIAA-CREF Trust Company, FSB, provides trust services. TIAA-CREF Tuition Financing, Inc. (TFI) is the program manager for 529 college savings plans. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2006 Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

730 Third Avenue

New York, NY 10017-3206

Printed on recycled paper	A10937
C36323	8/06

Item 2. Code of Ethics.

The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has a code of ethics for senior financial officers, including its principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002. The code of ethics is filed as an exhibit to this annual report.

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

Item 3. Audit Committee Financial Expert.

There is no change to the Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - GROWTH EQUITY FUND

TIAA-CREF LIFE FUNDS

GROWTH EQUITY

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.54%
APPAREL AND ACCESSORY STORES - 0.70%
6,286	*	Chico’s FAS, Inc	$	169,596
896	*	J Crew Group, Inc		24,595
		TOTAL APPAREL AND ACCESSORY STORES	194,191
APPAREL AND OTHER TEXTILE PRODUCTS - 0.38%
1,889		Polo Ralph Lauren Corp		103,706
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	103,706
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.37%
6,254		Lowe’s Cos, Inc		379,430
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES	379,430
BUSINESS SERVICES - 13.47%
13,767	*	Adobe Systems, Inc		417,966
4,900	*	Akamai Technologies, Inc		177,331
4,252	*	Cognizant Technology Solutions Corp		286,457
13,803	*	eBay, Inc		404,290
8,090	*	Electronic Arts, Inc		348,194
2,115	*	Google, Inc (Class A)		886,883
15,592		Microsoft Corp		363,294
4,200	*	Red Hat, Inc		98,280
5,778		SAP AG. (ADR)		303,461
13,068	*	Yahoo!, Inc		431,244
		TOTAL BUSINESS SERVICES	3,717,400
CHEMICALS AND ALLIED PRODUCTS - 11.53%
14,061		Abbott Laboratories		613,200
9,519	*	Amgen, Inc		620,924
2,302		Eli Lilly & Co		127,232
4,957	*	Genzyme Corp		302,625
4,100	*	Gilead Sciences, Inc		242,556
4,015		Monsanto Co		338,023
5,784	*	Sepracor, Inc		330,498
8,274		Teva Pharmaceutical Industries Ltd (ADR)		261,376
7,828		Wyeth		347,641
		TOTAL CHEMICALS AND ALLIED PRODUCTS	3,184,075
COAL MINING - 0.47%
2,322		Peabody Energy Corp		129,452
		TOTAL COAL MINING		129,452

1

TIAA-CREF LIFE FUNDS - GROWTH EQUITY FUND

SHARES		COMPANY	VALUE
COMMUNICATIONS - 3.28%
5,574		America Movil S.A. de C.V. (ADR)	$	185,391
13,119		AT&T, Inc		365,889
6,024		Sprint Nextel Corp		120,420
6,951	*	Univision Communications, Inc (Class A)		232,859
		TOTAL COMMUNICATIONS	904,559
EATING AND DRINKING PLACES - 1.12%
8,189	*	Starbucks Corp		309,217
		TOTAL EATING AND DRINKING PLACES	309,217
ELECTRIC, GAS, AND SANITARY SERVICES - 0.75%
8,127		Fortum Oyj		207,832
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	207,832
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.63%
5,458	*	Broadcom Corp (Class A)		164,013
27,069	*	Cisco Systems, Inc		528,658
2,759		Cooper Industries Ltd (Class A)		256,365
5,629		Emerson Electric Co		471,765
2,848		Harman International Industries, Inc		243,134
20,943		Intel Corp		396,870
1,211		Linear Technology Corp		40,556
86,900	*	Lucent Technologies, Inc		210,298
5,772	*	Marvell Technology Group Ltd		255,873
12,965		Motorola, Inc		261,245
10,042	*	Network Appliance, Inc		354,483
16,922		Qualcomm, Inc		678,065
5,835		Texas Instruments, Inc		176,742
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,038,067
ENGINEERING AND MANAGEMENT SERVICES - 2.45%
4,172	*	Celgene Corp		197,878
4,000	*	Keryx Biopharmaceuticals, Inc		56,800
10,833		Paychex, Inc		422,270
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		676,948
FOOD AND KINDRED PRODUCTS - 2.43%
11,168		PepsiCo, Inc		670,527
		TOTAL FOOD AND KINDRED PRODUCTS	670,527
FURNITURE AND HOMEFURNISHINGS STORES - 0.91%
7,585	*	Bed Bath & Beyond, Inc		251,594
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	251,594
GENERAL MERCHANDISE STORES - 2.61%
8,978		Target Corp		438,755
5,878		Wal-Mart Stores, Inc		283,143
		TOTAL GENERAL MERCHANDISE STORES	721,898

2

TIAA-CREF LIFE FUNDS - GROWTH EQUITY FUND

SHARES		COMPANY	VALUE
HEALTH SERVICES - 1.37%
1,949		Caremark Rx, Inc	$	97,197
4,921	*	Medco Health Solutions, Inc		281,875
		TOTAL HEALTH SERVICES		379,072
HOLDING AND OTHER INVESTMENT OFFICES - 0.87%
810		Alcon, Inc		79,826
83		Hugoton Royalty Trust		2,465
3,130		iShares Russell 1000 Growth Index Fund		158,315
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	240,606
HOTELS AND OTHER LODGING PLACES - 1.24%
5,675		Starwood Hotels & Resorts Worldwide, Inc		342,430
		TOTAL HOTELS AND OTHER LODGING PLACES	342,430
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.76%
2,140	*	Alstom RGPT		195,509
6,188	*	Apple Computer, Inc		353,459
8,427		Applied Materials, Inc		137,192
2,700		Caterpillar, Inc		201,096
813		Deere & Co		67,877
2,128	*	Rackable Systems, Inc		84,035
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	1,039,168
INSTRUMENTS AND RELATED PRODUCTS - 3.94%
5,642	*	Advanced Medical Optics, Inc		286,049
3,533		Medtronic, Inc		165,768
9,310	*	St. Jude Medical, Inc		301,830
5,904	*	Zimmer Holdings, Inc		334,875
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	1,088,522
INSURANCE CARRIERS - 2.69%
11,096		Aetna, Inc		443,063
11,692		Progressive Corp		300,601
		TOTAL INSURANCE CARRIERS	743,664
LEATHER AND LEATHER PRODUCTS - 1.03%
9,488	*	Coach, Inc		283,691
		TOTAL LEATHER AND LEATHER PRODUCTS	283,691
METAL MINING - 0.53%
6,088		Companhia Vale do Rio Doce (ADR)		146,356
		TOTAL METAL MINING	146,356
MISCELLANEOUS RETAIL - 2.01%
18,038		CVS Corp		553,767
		TOTAL MISCELLANEOUS RETAIL	553,767

3

TIAA-CREF LIFE FUNDS - GROWTH EQUITY FUND

SHARES		COMPANY	VALUE
MOTION PICTURES - 0.59%
5,465		Walt Disney Co	$	163,950
		TOTAL MOTION PICTURES	163,950
NONDEPOSITORY INSTITUTIONS - 2.35%
12,176		American Express Co		648,007
		TOTAL NONDEPOSITORY INSTITUTIONS		648,007
OIL AND GAS EXTRACTION - 3.59%
4,760		Halliburton Co		353,240
1,837		Noble Energy, Inc		86,082
5,186		Schlumberger Ltd		337,660
4,809		XTO Energy, Inc		212,894
		TOTAL OIL AND GAS EXTRACTION	989,876
PETROLEUM AND COAL PRODUCTS - 0.56%
2,227		EOG Resources, Inc		154,420
		TOTAL PETROLEUM AND COAL PRODUCTS	154,420
PRIMARY METAL INDUSTRIES - 2.13%
24,251	*	Corning, Inc		586,632
		TOTAL PRIMARY METAL INDUSTRIES	586,632
SECURITY AND COMMODITY BROKERS - 6.29%
29,350		Charles Schwab Corp		469,013
822		Chicago Mercantile Exchange Holdings, Inc		403,725
8,890	*	E*Trade Financial Corp		202,870
1,982		Goldman Sachs Group, Inc		298,152
3,188		Merrill Lynch & Co, Inc		221,757
9,571		TD Ameritrade Holding Corp		141,747
		TOTAL SECURITY AND COMMODITY BROKERS	1,737,264
TOBACCO PRODUCTS - 2.28%
8,580		Altria Group, Inc		630,029
		TOTAL TOBACCO PRODUCTS	630,029
TRANSPORTATION BY AIR - 0.47%
7,928		Southwest Airlines Co		129,781
		TOTAL TRANSPORTATION BY AIR	129,781
TRANSPORTATION EQUIPMENT - 4.17%
6,081		Boeing Co		498,095
10,317		United Technologies Corp		654,304
		TOTAL TRANSPORTATION EQUIPMENT	1,152,399

4

TIAA-CREF LIFE FUNDS - GROWTH EQUITY FUND

SHARES		COMPANY	VALUE
TRANSPORTATION SERVICES - 0.98%
5,051		CH Robinson Worldwide, Inc	$	269,218
		TOTAL TRANSPORTATION SERVICES	269,218
TRUCKING AND WAREHOUSING - 1.88%
6,302		United Parcel Service, Inc (Class B)		518,844
		TOTAL TRUCKING AND WAREHOUSING	518,844
WHOLESALE TRADE-DURABLE GOODS - 0.71%
5,116		General Electric Co		168,623
412	*	WESCO International, Inc		28,428
		TOTAL WHOLESALE TRADE-DURABLE GOODS	197,051
		TOTAL COMMON STOCKS (Cost $26,809,227)	27,483,643
		TOTAL PORTFOLIO - 99.54% (Cost $26,809,227)	27,483,643
		OTHER ASSETS & LIABILITIES, NET - 0.46%	125,644
		NET ASSETS - 100.00%	$27,609,287

* Non-income producing

ABBREVIATION:

ADR - American Depositary Receipt

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

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.27%
AMUSEMENT AND RECREATION SERVICES - 0.32%
8,670	*	GameLoft	$	64,187
600		Nintendo Co Ltd		100,774
		TOTAL AMUSEMENT AND RECREATION SERVICES		164,961
APPAREL AND ACCESSORY STORES - 0.37%
3,249		Abercrombie & Fitch Co (Class A)		180,092
458	*	J Crew Group, Inc		12,572
		TOTAL APPAREL AND ACCESSORY STORES		192,664
BUSINESS SERVICES - 5.56%
5,313	*	Adobe Systems, Inc		161,303
20,126		Advanced Semiconductor Engineering, Inc (ADR)		100,026
11,165		Automatic Data Processing, Inc		506,333
5,265	*	eBay, Inc		154,212
114	*	Gmarket, Inc (ADR)		1,752
700	*	Google, Inc (Class A)		293,531
34,508		Microsoft Corp		804,036
8,276	*	Redback Networks, Inc		151,782
6,253		SAP AG. (ADR)		328,408
11,497	*	Yahoo!, Inc		379,401
		TOTAL BUSINESS SERVICES		2,880,784
CHEMICALS AND ALLIED PRODUCTS - 14.06%
10,002		Abbott Laboratories		436,187
6,599		Air Products & Chemicals, Inc		421,808
5,915		Akzo Nobel NV		318,865
4,122	*	Amgen, Inc		268,878
4,783		Colgate-Palmolive Co		286,502
5,354		Cytec Industries, Inc		287,296
3,638		Du Pont (E.I.) de Nemours & Co		151,341
6,096		Eli Lilly & Co		336,926
5,603	*	Gilead Sciences, Inc		331,473
5,489	*	Keryx Biopharmaceuticals, Inc		77,944
8,494		Merck & Co, Inc		309,436
5,525		Monsanto Co		465,150
5,732		Novartis AG. (ADR)		309,069
30,681		Pfizer, Inc		720,083
19,715		Procter & Gamble Co		1,096,154
1,623		Roche Holding AG.		267,762
20,474		Schering-Plough Corp		389,620
2,914		Sigma-Aldrich Corp		211,673
13,445		Wyeth		597,092
		TOTAL CHEMICALS AND ALLIED PRODUCTS	7,283,259

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
COAL MINING - 0.27%
3,637		Sasol Ltd (ADR)	$	140,534
		TOTAL COAL MINING	140,534
COMMUNICATIONS - 3.12%
8,917		America Movil S.A. de C.V. (ADR)		296,579
23,327		AT&T, Inc		650,590
8,521		BellSouth Corp		308,460
18,084		Sprint Nextel Corp		361,499
		TOTAL COMMUNICATIONS	1,617,128
DEPOSITORY INSTITUTIONS - 9.94%
23,392		Bank of America Corp		1,125,155
21,001		Citigroup, Inc		1,013,088
21,770		JPMorgan Chase & Co		914,340
8,691		Marshall & Ilsley Corp		397,526
9,844		Northern Trust Corp		544,373
8,088		South Financial Group, Inc		213,604
18,503		US Bancorp		571,373
5,528		Wells Fargo & Co		370,819
		TOTAL DEPOSITORY INSTITUTIONS		5,150,278
EATING AND DRINKING PLACES - 0.63%
716	*	Chipotle Mexican Grill, Inc		43,640
7,488	*	Starbucks Corp		282,747
		TOTAL EATING AND DRINKING PLACES	326,387
ELECTRIC, GAS, AND SANITARY SERVICES - 2.59%
8,922		American Electric Power Co, Inc		305,579
12,066		DPL, Inc		323,369
2,848		Entergy Corp		201,496
9,001		Exelon Corp		511,527
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	1,341,971
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.43%
2,808		Amphenol Corp (Class A)		157,136
45,444	*	Cisco Systems, Inc		887,521
7,996	*	Comverse Technology, Inc		158,081
6,675		Emerson Electric Co		559,432
6,532		Gamesa Corp Tecnologica S.A.		139,982
17,241		Honeywell International, Inc		694,812
21,622		Intel Corp		409,737
71,659	*	JDS Uniphase Corp		181,297
3,089		Linear Technology Corp		103,451
12,506		Motorola, Inc		251,996
25,959	*	PMC - Sierra, Inc		244,015
14,415		Qualcomm, Inc		577,609
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	4,365,069
FABRICATED METAL PRODUCTS - 0.48%
5,282		Illinois Tool Works, Inc		250,895
		TOTAL FABRICATED METAL PRODUCTS	250,895

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
FOOD AND KINDRED PRODUCTS - 2.95%
2,605		Archer Daniels Midland Co	$	107,534
5,510		H.J. Heinz Co		227,122
741		Nestle S.A.		232,281
16,029		PepsiCo, Inc		962,381
		TOTAL FOOD AND KINDRED PRODUCTS	1,529,318
FURNITURE AND FIXTURES - 0.08%
1,705	*	BE Aerospace, Inc		38,976
		TOTAL FURNITURE AND FIXTURES	38,976
FURNITURE AND HOMEFURNISHINGS STORES - 1.58%
9,916	*	Bed Bath & Beyond, Inc		328,914
8,968		Best Buy Co, Inc		491,805
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	820,719
GENERAL MERCHANDISE STORES - 2.53%
4,842		Costco Wholesale Corp		276,623
7,484		Target Corp		365,743
13,874		Wal-Mart Stores, Inc		668,311
		TOTAL GENERAL MERCHANDISE STORES	1,310,677
HEALTH SERVICES - 2.34%
4,427	*	Coventry Health Care, Inc		243,219
8,540	*	Medco Health Solutions, Inc		489,171
5,804		Omnicare, Inc		275,226
5,886		Pharmaceutical Product Development, Inc		206,716
		TOTAL HEALTH SERVICES	1,214,332
HOLDING AND OTHER INVESTMENT OFFICES - 0.40%
1,620		SPDR Trust Series 1		206,194
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	206,194
HOTELS AND OTHER LODGING PLACES - 0.89%
4,394		Accor S.A.		267,379
2,609	*	Wynn Resorts Ltd		191,240
		TOTAL HOTELS AND OTHER LODGING PLACES	458,619
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.13%
6,508		3M Co		525,651
4,128	*	Alstom RGPT		377,132
7,274	*	Apple Computer, Inc		415,491
5,032	*	Dell, Inc		122,831
8,016	*	EMC Corp		87,936
44,680		General Electric Co		1,472,653
25,342		Hewlett-Packard Co		802,835
5,327		International Business Machines Corp		409,220
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	4,213,749
INSTRUMENTS AND RELATED PRODUCTS - 0.91%
4,612	*	Advanced Medical Optics, Inc		233,828
8,011		Tektronix, Inc		235,684
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	469,512

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
INSURANCE CARRIERS - 5.03%
11,486		ACE Ltd	$	581,077
7,062		Aetna, Inc		281,986
11,459		Aflac, Inc		531,125
15,302		American International Group, Inc		903,583
2,668		Assurant, Inc		129,131
3,601		Chubb Corp		179,690
		TOTAL INSURANCE CARRIERS	2,606,592
METAL MINING - 1.05%
5,057		Inco Ltd		333,256
2,559		Phelps Dodge Corp		210,247
		TOTAL METAL MINING		543,503
MISCELLANEOUS RETAIL - 0.75%
12,727		CVS Corp		390,719
		TOTAL MISCELLANEOUS RETAIL	390,719
MOTION PICTURES - 1.34%
3,945		CBS Corp		106,712
30,569		News Corp (Class A)		586,313
		TOTAL MOTION PICTURES	693,025
NONDEPOSITORY INSTITUTIONS - 3.26%
14,549		American Express Co		774,298
9,394		Fannie Mae		451,851
8,749		SLM Corp		462,997
		TOTAL NONDEPOSITORY INSTITUTIONS	1,689,146
OIL AND GAS EXTRACTION - 2.70%
10,471	*	Cameron International Corp		500,200
1,922		Halliburton Co		142,632
11,636		Schlumberger Ltd		757,620
		TOTAL OIL AND GAS EXTRACTION	1,400,452
PETROLEUM AND COAL PRODUCTS - 6.97%
5,008		Apache Corp		341,796
24,009		Exxon Mobil Corp		1,472,952
4,611		Hess Corp		243,691
4,862		Kerr-McGee Corp		337,180
6,537		Marathon Oil Corp		544,532
4,607	*	Newfield Exploration Co		225,467
4,681		Noble Energy, Inc		219,352
3,427		Valero Energy Corp		227,965
		TOTAL PETROLEUM AND COAL PRODUCTS	3,612,935
PRINTING AND PUBLISHING - 0.47%
2,589		Meredith Corp		128,259
4,336	*	VistaPrint Ltd		115,945
		TOTAL PRINTING AND PUBLISHING	244,204

9

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
RAILROAD TRANSPORTATION - 0.34%
3,302		Norfolk Southern Corp	$	175,732
		TOTAL RAILROAD TRANSPORTATION	175,732
SECURITY AND COMMODITY BROKERS - 2.52%
1,858		Bear Stearns Cos, Inc		260,269
7,998		Lazard Ltd		323,119
11,423		Morgan Stanley		722,048
		TOTAL SECURITY AND COMMODITY BROKERS	1,305,436
TOBACCO PRODUCTS - 3.87%
27,273		Altria Group, Inc		2,002,656
		TOTAL TOBACCO PRODUCTS	2,002,656
TRANSPORTATION BY AIR - 0.46%
9,463	*	AMR Corp		240,549
		TOTAL TRANSPORTATION BY AIR	240,549
TRANSPORTATION EQUIPMENT - 3.08%
6,600		Boeing Co		540,606
7,401		Northrop Grumman Corp		474,108
9,127		United Technologies Corp		578,834
		TOTAL TRANSPORTATION EQUIPMENT	1,593,548
TRANSPORTATION SERVICES - 0.36%
3,539		CH Robinson Worldwide, Inc		188,629
		TOTAL TRANSPORTATION SERVICES	188,629
TRUCKING AND WAREHOUSING - 0.53%
950		DSV A/S		158,774
2,443		Landstar System, Inc		115,383
		TOTAL TRUCKING AND WAREHOUSING	274,157
WHOLESALE TRADE-NONDURABLE GOODS - 0.96%
7,722		Cardinal Health, Inc		496,756
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS	496,756
		TOTAL COMMON STOCKS (Cost $47,625,231)	51,434,065
		TOTAL PORTFOLIO - 99.27% (Cost $47,625,231)	51,434,065
		OTHER ASSETS & LIABILITIES, NET - 0.73%	377,215
		NET ASSETS - 100.00%	$51,811,280

* Non-income producing

ABBREVIATION:

ADR - American Depositary Receipt

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

10

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.91%
AGRICULTURAL SERVICES - 0.04%
9,800		AWB Ltd	$	31,526
		TOTAL AGRICULTURAL SERVICES	31,526
APPAREL AND OTHER TEXTILE PRODUCTS - 0.23%
71,000		Toyobo Co Ltd		201,233
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	201,233
BUSINESS SERVICES - 0.81%
5,000		Mitsuba Corp		54,061
34		NTT Data Corp		147,225
1,500		Otsuka Corp		169,269
542		SAP AG.		114,350
5,000		Secom Co Ltd		236,627
		TOTAL BUSINESS SERVICES	721,532
CHEMICALS AND ALLIED PRODUCTS - 11.54%
24,000		Air Water, Inc		242,068
98,000		Aluminum Corp of China Ltd		72,551
225	*	Arkema		8,778
104,001		Bayer AG.		4,779,332
3,997		Dr Reddy’s Laboratories Ltd		110,078
19,600	*	Dyno Nobel Ltd		35,822
6,700		JSR Corp		169,383
10,000		Kaken Pharmaceutical Co Ltd		75,143
12,500		Kuraray Co Ltd		139,964
39,000		Nippon Paint Co Ltd		184,910
12,000		Nippon Shokubai Co Ltd		146,857
14,690		Novartis AG.		793,860
46,866		Reckitt Benckiser plc		1,750,957
736		Roche Holding AG.		121,425
6,400		Shin-Etsu Chemical Co Ltd		348,231
45,200		Sigma Pharmaceuticals Ltd		87,311
25,000		Sumitomo Chemical Co Ltd		208,634
14,100		Takeda Pharmaceutical Co Ltd		878,205
25,000		Teijin Ltd		158,772
		TOTAL CHEMICALS AND ALLIED PRODUCTS	10,312,281

11

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES	COMPANY	VALUE
COAL MINING - 1.18%
49,105	BHP Billiton Ltd	$	1,057,994
	TOTAL COAL MINING	1,057,994
COMMUNICATIONS - 2.11%
48	KDDI Corp		295,184
44	Nippon Telegraph & Telephone Corp		215,930
108,364	Royal KPN NV		1,217,939
247	SKY Perfect Communications, Inc		159,459
	TOTAL COMMUNICATIONS	1,888,512
DEPOSITORY INSTITUTIONS - 6.12%
15,552	Australia & New Zealand Banking Group Ltd		307,230
19	DBS Group Holdings Ltd		217
7,900	Hang Seng Bank Ltd		100,187
6,571	ICICI Bank Ltd (ADR)		155,404
33,274	Julius Baer Holding AG.		2,884,652
55	Mitsubishi UFJ Financial Group, Inc		769,803
66	Mizuho Financial Group. Inc		559,454
25	Sumitomo Mitsui Financial Group, Inc		264,620
39,000	Sumitomo Trust & Banking Co Ltd		426,453
	TOTAL DEPOSITORY INSTITUTIONS	5,468,020
ELECTRIC, GAS, AND SANITARY SERVICES - 4.42%
129,208	Fortum Oyj		3,304,236
35,000	Hong Kong & China Gas Ltd		76,831
601,000	Xinao Gas Holdings Ltd		572,602
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	3,953,669
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 1.93%
1,400	Fanuc Ltd		125,898
800	Hirose Electric Co Ltd		97,275
8,900	Hitachi Maxell Ltd		122,777
2,600	Kyocera Corp		201,513
3,000	NGK Spark Plug Co Ltd		60,360
1,000	Rohm Co Ltd		89,490
9,894	Satyam Computer Services Ltd		152,504
12,700	Sony Corp		561,037
3,700	Sumco Corp		211,031
1,400	TDK Corp		106,548
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	1,728,433
FABRICATED METAL PRODUCTS - 0.49%
17,000	NEOMAX Co Ltd		359,883
7,003	Tata Steel Ltd		81,172
	TOTAL FABRICATED METAL PRODUCTS	441,055

12

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
FOOD AND KINDRED PRODUCTS - 2.13%
12,000		Ajinomoto Co, Inc	$	133,001
25,697		Bajaj Hindusthan Ltd		219,128
900	*	Cosan SA Industria e Comercio		58,011
74,039		CSR Ltd		184,274
33,000		Meiji Seika Kaisha Ltd		168,298
21,000		Mitsui Sugar Co Ltd		79,543
16,000		Nichirei Corp		85,658
39,000		Nippon Formula Feed Manufacturing Co Ltd		68,233
122,000		Nisshin Oillio Group Ltd		779,075
20,000		Nosan Corp		59,835
78,000		Olam International Ltd		71,028
		TOTAL FOOD AND KINDRED PRODUCTS	1,906,084
FOOD STORES - 3.99%
551,352		Tesco plc		3,405,976
10,681		Woolworths Ltd		159,899
		TOTAL FOOD STORES	3,565,875
GENERAL BUILDING CONTRACTORS - 1.24%
2,800		Daito Trust Construction Co Ltd		155,290
20,000		Sekisui Chemical Co Ltd		172,856
1,000,000		Shanghai Forte Land Co		405,562
66,000		Shimizu Corp		370,083
		TOTAL GENERAL BUILDING CONTRACTORS	1,103,791
HEAVY CONSTRUCTION, EXCEPT BUILDING - 4.63%
40,147		Vinci S.A.		4,134,950
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING	4,134,950
HOLDING AND OTHER INVESTMENT OFFICES - 11.25%
115,579		Collins Stewart Tullett plc		1,622,508
146,594		GEA Group AG.		2,511,728
10		Housing Development Finance Corp		248
35,000		iShares MSCI EAFE Index Fund		2,288,650
1,464		Macquarie Infrastructure Group		3,655
73,774		Man Group plc		3,476,713
221,200		Noble Group Ltd		152,470
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	10,055,972
HOTELS AND OTHER LODGING PLACES - 5.42%
78,671		Accor S.A.		4,787,204
2,290		Indian Hotels Co Ltd		56,924
		TOTAL HOTELS AND OTHER LODGING PLACES	4,844,128
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.85%
8,550		Canon, Inc		419,591
18,000		Komatsu Ltd		358,221
9,000		Melco Holdings, Inc		236,977
38,640		Rheinmetall AG.		2,693,177
6,300		Tokyo Seimitsu Co Ltd		327,359
12,500		Toyota Tsusho Corp		300,157
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	4,335,482

13

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
INSTRUMENTS AND RELATED PRODUCTS - 1.43%
1,540		Advantest Corp	$	157,078
11,911		Tecan Group AG.		640,763
14,400		Terumo Corp		481,197
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	1,279,038
INSURANCE AGENTS, BROKERS AND SERVICE - 0.24%
13,831		QBE Insurance Group Ltd		210,653
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	210,653
INSURANCE CARRIERS - 4.70%
88,000		Aioi Insurance Co Ltd		660,491
73,590		AMP Ltd		499,171
24,195		Fondiaria-Sai S.p.A		988,744
9		Millea Holdings, Inc		167,695
37,000		Nipponkoa Insurance Co Ltd		319,783
10,000		Sompo Japan Insurance, Inc		139,964
2,000		T&D Holdings, Inc		161,834
5,764		Zurich Financial Services AG.		1,261,022
		TOTAL INSURANCE CARRIERS	4,198,704
METAL MINING - 0.96%
5,870		Companhia Vale do Rio Doce (ADR)		141,115
7,910		Energy Resources of Australia Ltd		75,457
65,525		Oxiana Ltd		153,834
11,240	*	Paladin Resources Ltd		34,322
10,379	v*	Polyus Gold Co (ADR)		172,499
13,000		PT International Nickel Indonesia Tbk		27,437
3,402		Rio Tinto Ltd		196,641
57,000	*	Toro Energy Ltd		19,268
5,062		Zinifex Ltd		37,683
		TOTAL METAL MINING	858,256
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.33%
190,376		Futuris Corp Ltd		297,024
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES	297,024
NONDEPOSITORY INSTITUTIONS - 5.92%
40,587		Deutsche Postbank AG.		2,919,700
33,340		Hypo Real Estate Holding AG.		2,024,507
6,150		ICICI Bank Ltd		65,173
87,000		Orient Corp		284,635
		TOTAL NONDEPOSITORY INSTITUTIONS	5,294,015
NONMETALLIC MINERALS, EXCEPT FUELS - 0.25%
25,000		Itochu Corp		219,787
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS	219,787
OIL AND GAS EXTRACTION - 1.80%
214,000		CNOOC Ltd		170,825
9	*	Inpex Holdings, Inc		79,517
423,000		PetroChina Co Ltd (Class H)		452,028
1,843		Petroleo Brasileiro S.A. (ADR)		164,598
8,984		Total S.A.		591,026
4,687		Woodside Petroleum Ltd		153,217
		TOTAL OIL AND GAS EXTRACTION	1,611,211

14

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
PAPER AND ALLIED PRODUCTS - 0.33%
71		Nippon Paper Group, Inc	$	290,671
		TOTAL PAPER AND ALLIED PRODUCTS	290,671
PETROLEUM AND COAL PRODUCTS - 1.92%
47,756		BP plc		556,902
30,315		ENI S.p.A.		892,695
8,025		Royal Dutch Shell plc (A Shares)		270,136
		TOTAL PETROLEUM AND COAL PRODUCTS	1,719,733
PRIMARY METAL INDUSTRIES - 1.34%
50,725		BHP Billiton plc		984,155
56,000		Nippon Steel Corp		212,116
		TOTAL PRIMARY METAL INDUSTRIES	1,196,271
RAILROAD TRANSPORTATION - 0.37%
44		East Japan Railway Co		327,166
		TOTAL RAILROAD TRANSPORTATION	327,166
REAL ESTATE - 1.01%
330		ORIX Corp		80,685
11,000		Sumitomo Realty & Development Co Ltd		271,355
43,000		Tokyo Tatemono Co Ltd		461,164
6,884		Westfield Group		88,634
		TOTAL REAL ESTATE	901,838
SECURITY AND COMMODITY BROKERS - 0.09%
1,648		Macquarie Bank Ltd		84,482
		TOTAL SECURITY AND COMMODITY BROKERS	84,482
STONE, CLAY, AND GLASS PRODUCTS - 2.52%
22,130		Holcim Ltd		1,692,719
10,000		Krosaki Harima Corp		40,502
24,000		NGK Insulators Ltd		280,908
76,000		Sumitomo Osaka Cement Co Ltd		234,020
		TOTAL STONE, CLAY, AND GLASS PRODUCTS	2,248,149
TOBACCO PRODUCTS - 0.47%
114		Japan Tobacco, Inc		415,851
		TOTAL TOBACCO PRODUCTS	415,851
TRANSPORTATION EQUIPMENT - 7.64%
4,731		DaimlerChrysler AG.		233,684
245,168	*	Fiat S.p.A.		3,263,368
18,200		Honda Motor Co Ltd		577,929
880		Hyundai Motor Co		74,763
31,000		Keppel Corp Ltd		288,172
22,000		NHK Spring Co Ltd		253,458
37,000		NSK Ltd		307,160
7,700		Toyota Industries Corp		304,457
29,100		Toyota Motor Corp		1,524,813
		TOTAL TRANSPORTATION EQUIPMENT	6,827,804

15

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
TRUCKING AND WAREHOUSING - 3.66%
121,925		Deutsche Post AG.	$	3,267,651
		TOTAL TRUCKING AND WAREHOUSING	3,267,651
WHOLESALE TRADE-DURABLE GOODS - 1.42%
146,096	*	Hagemeyer NV		674,368
7,000		Riso Kagaku Corp		122,469
29,000		Sumitomo Corp		382,811
4,055		Wolseley plc		89,474
		TOTAL WHOLESALE TRADE-DURABLE GOODS	1,269,122
WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
5,600		Mitsubishi Corp		111,936
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS	111,936
		TOTAL COMMON STOCKS (Cost $80,945,236)	88,379,899
		TOTAL PORTFOLIO - 98.91% (Cost $80,945,236)	88,379,899
		OTHER ASSETS & LIABILITIES, NET - 1.09%	972,199
		NET ASSETS - 100.00%	$89,352,098

* Non-income producing

v Security valued at fair value.

ABBREVIATION:

ADR - American Depositary Receipt

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

16

TIAA-CREF LIFE FUNDS - Summary of Market Values by Country

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY COUNTRY (Unaudited)

June 30, 2006

	VALUE		% of MARKET VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	2,288,650	2.59	%
TOTAL DOMESTIC		2,288,650	2.59
FOREIGN
AUSTRALIA		3,718,098	4.21
BRAZIL		363,724	0.41
CHINA		72,551	0.08
FINLAND		3,304,236	3.74
FRANCE		9,521,958	10.77
GERMANY		18,544,129	20.98
HONG KONG		1,778,035	2.01
INDIA		840,631	0.95
INDONESIA		27,437	0.03
ITALY		5,144,808	5.82
JAPAN		20,572,924	23.28
NETHERLANDS		1,892,307	2.14
REPUBLIC OF KOREA		74,763	0.08
RUSSIA		172,499	0.20
SINGAPORE		511,887	0.58
SWITZERLAND		7,394,441	8.37
UNITED KINGDOM		12,156,821	13.76
TOTAL FOREIGN		86,091,249	97.41
TOTAL PORTFOLIO	$	88,379,899	100.00	%

17

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.18%
APPAREL AND ACCESSORY STORES - 2.34%
71,859		Gap, Inc	$	1,250,347
		TOTAL APPAREL AND ACCESSORY STORES	1,250,347
APPAREL AND OTHER TEXTILE PRODUCTS - 0.09%
584		Liz Claiborne, Inc		21,643
405		VF Corp		27,508
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	49,151
BUSINESS SERVICES - 2.29%
10,373	*	DynCorp International, Inc		107,672
8,479	*	Interpublic Group of Cos, Inc		70,800
42,215	*	Novell, Inc		279,885
18,562	*	Redback Networks, Inc		340,427
13,222	*	United Rentals, Inc		422,840
		TOTAL BUSINESS SERVICES	1,221,624
CHEMICALS AND ALLIED PRODUCTS - 6.12%
7,669		Bristol-Myers Squibb Co		198,320
12,549		Colgate-Palmolive Co		751,685
5,916		Du Pont (E.I.) de Nemours & Co		246,106
21,000	*	Hercules, Inc		320,460
21,477		Pfizer, Inc		504,065
7,246	*	Sepracor, Inc		414,036
3,350		Teva Pharmaceutical Industries Ltd (ADR)		105,827
9		Tronox, Inc		119
4,442		Unilever plc (ADR)		100,123
4,473		Unilever plc		100,600
11,874		Wyeth		527,324
		TOTAL CHEMICALS AND ALLIED PRODUCTS	3,268,665
COAL MINING - 0.88%
12,172		Sasol Ltd (ADR)		470,326
		TOTAL COAL MINING	470,326
COMMUNICATIONS - 4.66%
38,232		AT&T, Inc		1,066,290
12,330		BellSouth Corp		446,346
1,970	*	Liberty Media Holding Corp (Interactive)		34,002
394	*	Liberty Media Holding Corp (Capital)		33,005
35,947		Sprint Nextel Corp		718,581
33,020		Telecom Corp of New Zealand Ltd		81,395
3,246		Verizon Communications, Inc		108,709
		TOTAL COMMUNICATIONS	2,488,328

18

TIAA-CREF LIFE FUNDS -  Large-Cap Value Fund

SHARES		COMPANY	VALUE
DEPOSITORY INSTITUTIONS - 18.19%
40,877		Bank of America Corp	$	1,966,184
17,474		Bank of New York Co, Inc		562,663
8,577		Citigroup, Inc		413,754
2,600		Compass Bancshares, Inc		144,560
60,503		Hudson City Bancorp, Inc		806,505
4,765		ICICI Bank Ltd (ADR)		112,692
44,492		JPMorgan Chase & Co		1,868,660
7,810		Marshall & Ilsley Corp		357,229
86		National City Corp		3,112
16,741		South Financial Group, Inc		442,130
13,946		SunTrust Banks, Inc		1,063,520
4,979		TCF Financial Corp		131,694
12,343		US Bancorp		381,152
707		Wachovia Corp		38,235
12,003		Washington Mutual, Inc		547,097
13,019		Wells Fargo & Co		873,315
		TOTAL DEPOSITORY INSTITUTIONS	9,712,502
EATING AND DRINKING PLACES - 1.85%
17,755		Brinker International, Inc		644,507
70,935		Compass Group plc		344,066
		TOTAL EATING AND DRINKING PLACES	988,573
ELECTRIC, GAS, AND SANITARY SERVICES - 4.87%
13,932		American Electric Power Co, Inc		477,171
973		Dominion Resources, Inc		72,771
22,379		DPL, Inc		599,757
3,030		Duke Energy Corp		88,991
3,726		Exelon Corp		211,749
4,995		FirstEnergy Corp		270,779
5,224		FPL Group, Inc		216,169
516		MDU Resources Group, Inc		18,891
6,840		Northeast Utilities		141,383
1,571	*	NRG Energy, Inc		75,691
3,839		PPL Corp		124,000
49,500	*	Sojitz Holdings Corp		195,722
3,390		Southern Co		108,650
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	2,601,724
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.04%
38,646	*	Atmel Corp		214,485
50,701	*	Brocade Communications Systems, Inc		311,304
55,839	*	Ciena Corp		268,586
30,300		Honeywell International, Inc		1,221,090
25,901	*	Infineon Technologies AG. (ADR)		289,055
159,468	*	JDS Uniphase Corp		403,454
2,730		L-3 Communications Holdings, Inc		205,897
22,076		RadioShack Corp		309,064
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	3,222,935

19

TIAA-CREF LIFE FUNDS -  Large-Cap Value Fund

SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 0.60%
17,698	*	Infrasource Services, Inc	$	322,281
		TOTAL ENGINEERING AND MANAGEMENT SERVICES	322,281
FABRICATED METAL PRODUCTS - 0.61%
6,824		Illinois Tool Works, Inc		324,140
		TOTAL FABRICATED METAL PRODUCTS	324,140
FOOD AND KINDRED PRODUCTS - 0.20%
3,655	*	Smithfield Foods, Inc		105,374
		TOTAL FOOD AND KINDRED PRODUCTS	105,374
FOOD STORES - 1.33%
23,107		Supervalu, Inc		709,385
		TOTAL FOOD STORES	709,385
FORESTRY - 0.36%
5,000		Rayonier, Inc		189,550
		TOTAL FORESTRY	189,550
GENERAL BUILDING CONTRACTORS - 0.35%
42,000	*	Daikyo, Inc		185,173
		TOTAL GENERAL BUILDING CONTRACTORS	185,173
HEALTH SERVICES - 0.68%
94,269	*	Healthsouth Corp		362,936
		TOTAL HEALTH SERVICES	362,936
HOLDING AND OTHER INVESTMENT OFFICES - 1.38%
2		Cross Timbers Royalty Trust		90
10,527		New Century Financial Corp		481,610
7,193		Plum Creek Timber Co, Inc		255,352
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	737,052
HOTELS AND OTHER LODGING PLACES - 1.89%
14,183		Accor S.A.		863,049
20,000		Fujita Kanko, Inc		147,662
		TOTAL HOTELS AND OTHER LODGING PLACES	1,010,711
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.07%
6,556	*	Alstom RGPT		598,953
32,799		Hewlett-Packard Co		1,039,072
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	1,638,025
INSTRUMENTS AND RELATED PRODUCTS - 0.80%
4,979	*	Boston Scientific Corp		83,846
7,312	*	Eagle Test Systems, Inc		102,514
17,432	*	Teradyne, Inc		242,828
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	429,188

20

TIAA-CREF LIFE FUNDS -  Large-Cap Value Fund

SHARES		COMPANY	VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.78%
5,902		AON Corp	$	205,508
7,928		Marsh & McLennan Cos, Inc		213,184
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	418,692
INSURANCE CARRIERS - 8.32%
192		Aegon NV		3,277
12,104		Aetna, Inc		483,313
16,368		American International Group, Inc		966,530
6,954		Aspen Insurance Holdings Ltd		161,959
10,673		Axis Capital Holdings Ltd		305,355
1,565		Everest Re Group Ltd		135,482
8,001		Max Re Capital Ltd		174,742
6,498	*	Molina Healthcare, Inc		247,249
17,247		Montpelier Re Holdings Ltd		298,201
6,486		PartnerRe Ltd		415,428
6,034		Platinum Underwriters Holdings Ltd		168,831
21,351		St. Paul Travelers Cos, Inc		951,828
2,141		XL Capital Ltd (Class A)		131,243
		TOTAL INSURANCE CARRIERS	4,443,438
METAL MINING - 1.01%
1,494	*	Barrick Gold Corp		44,222
5,120		Inco Ltd		337,408
1,217		MMC Norilsk Nickel (ADR)		158,210
		TOTAL METAL MINING	539,840
MISCELLANEOUS RETAIL - 2.86%
62,475	*	Rite Aid Corp		264,894
8,142	*	Sears Holdings Corp		1,260,707
		TOTAL MISCELLANEOUS RETAIL	1,525,601
NONDEPOSITORY INSTITUTIONS - 2.33%
19,547		Fannie Mae		940,211
5,295		Freddie Mac		301,868
		TOTAL NONDEPOSITORY INSTITUTIONS	1,242,079
OIL AND GAS EXTRACTION - 3.09%
2,552		Anadarko Petroleum Corp		121,705
4,606		Apache Corp		314,360
3,200	*	Cheniere Energy, Inc		124,800
7,463		Devon Energy Corp		450,840
440		Equitable Resources, Inc		14,740
3,760		Noble Energy, Inc		176,194
4,652		Petroleo Brasileiro S.A. (ADR)		415,470
418		Pogo Producing Co		19,270
274		W&T Offshore, Inc		10,656
		TOTAL OIL AND GAS EXTRACTION	1,648,035

21

TIAA-CREF LIFE FUNDS -  Large-Cap Value Fund

SHARES		COMPANY	VALUE
PAPER AND ALLIED PRODUCTS - 0.53%
1,143	*	Smurfit-Stone Container Corp	$	12,504
6,261		Temple-Inland, Inc		268,409
		TOTAL PAPER AND ALLIED PRODUCTS	280,913
PETROLEUM AND COAL PRODUCTS - 6.33%
23,663		Chevron Corp		1,468,526
3,343		ConocoPhillips		219,067
11,796		Exxon Mobil Corp		723,685
2,154		Marathon Oil Corp		179,428
2,812		Occidental Petroleum Corp		288,371
7,489		Valero Energy Corp		498,168
		TOTAL PETROLEUM AND COAL PRODUCTS	3,377,245
PRINTING AND PUBLISHING - 0.61%
4,836		Gannett Co, Inc		270,477
1,705		Tribune Co		55,293
		TOTAL PRINTING AND PUBLISHING	325,770
SECURITY AND COMMODITY BROKERS - 4.26%
326		Janus Capital Group, Inc		5,835
24,289		Morgan Stanley		1,535,308
15,900		Nomura Holdings, Inc		298,347
21,238		Waddell & Reed Financial, Inc (Class A)		436,653
		TOTAL SECURITY AND COMMODITY BROKERS	2,276,143
STONE, CLAY, AND GLASS PRODUCTS - 1.07%
22,451	*	Owens-Illinois, Inc		376,279
16,203		Rinker Group Ltd		197,303
		TOTAL STONE, CLAY, AND GLASS PRODUCTS	573,582
TOBACCO PRODUCTS - 3.63%
26,407		Altria Group, Inc		1,939,066
		TOTAL TOBACCO PRODUCTS	1,939,066
TRANSPORTATION BY AIR - 1.36%
15,172	*	Airtran Holdings, Inc		225,456
21,823	*	JetBlue Airways Corp		264,931
4,669	*	US Airways Group, Inc		235,971
		TOTAL TRANSPORTATION BY AIR	726,358
TRANSPORTATION EQUIPMENT - 0.11%
67		Genuine Parts Co		2,791
739	*	Magna International, Inc (Class A)		53,186
		TOTAL TRANSPORTATION EQUIPMENT	55,977
TRANSPORTATION SERVICES - 0.55%
13,322		Lear Corp		295,882
		TOTAL TRANSPORTATION SERVICES	295,882

22

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
TRUCKING AND WAREHOUSING - 0.30%
3,733	*	YRC Worldwide, Inc	$	157,197
		TOTAL TRUCKING AND WAREHOUSING	157,197
WHOLESALE TRADE-DURABLE GOODS - 0.63%
7,112		Omnicare, Inc		337,251
		TOTAL WHOLESALE TRADE-DURABLE GOODS	337,251
WHOLESALE TRADE-NONDURABLE GOODS - 2.81%
12,978		Akzo Nobel NV		699,616
11,452		Cardinal Health, Inc		736,707
1,720	*	Dean Foods Co		63,967
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS	1,500,290
		TOTAL COMMON STOCKS (Cost $47,390,985)	52,951,349
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.28%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.28%
$ 150,000		Federal Home Loan Bank (FHLB) 4.950%, 07/03/06		150,000
		TOTAL SHORT-TERM INVESTMENTS (Cost $149,959)	150,000
		TOTAL PORTFOLIO - 99.46% (Cost $47,540,944)	53,101,349
		OTHER ASSETS & LIABILITIES, NET - 0.54%		285,770
		NET ASSETS - 100.00%	$53,387,119

* Non-income producing

ABBREVIATION:

ADR - American Depositary Receipt

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

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.49%
AGRICULTURAL PRODUCTION-CROPS - 0.09%
3,400		Chiquita Brands International, Inc	$	46,852
		TOTAL AGRICULTURAL PRODUCTION-CROPS	46,852
AMUSEMENT AND RECREATION SERVICES - 0.68%
1,845		Dover Downs Gaming & Entertainment, Inc		36,236
2,500	*	Live Nation, Inc		50,900
4,100	*	Multimedia Games, Inc		41,533
2,500	*	Pinnacle Entertainment, Inc		76,625
3,600	*	Six Flags, Inc		20,232
2,100		Speedway Motorsports, Inc		79,254
900	*	WMS Industries, Inc		24,651
2,100		World Wrestling Entertainment, Inc		35,469
		TOTAL AMUSEMENT AND RECREATION SERVICES	364,900
APPAREL AND ACCESSORY STORES - 2.34%
3,600	*	Aeropostale, Inc		104,004
2,800		Brown Shoe Co, Inc		95,424
800		Buckle, Inc		33,496
2,600	*	Carter’s, Inc		68,718
650		Cato Corp (Class A)		16,803
1,100	*	Charlotte Russe Holding, Inc		26,334
8,900	*	Charming Shoppes, Inc		100,036
1,500	*	Children’s Place Retail Stores, Inc		90,075
828		Finish Line, Inc (Class A)		9,795
4,200	*	New York & Co, Inc		41,034
8,467	*	Pacific Sunwear Of California, Inc		151,813
7,400	*	Payless Shoesource, Inc		201,058
690	*	Shoe Carnival, Inc		16,463
2,680		Stage Stores, Inc		88,440
4,300		Talbots, Inc		79,335
1,700	*	Too, Inc		65,263
15,400	*	Wilsons The Leather Experts, Inc		63,294
		TOTAL APPAREL AND ACCESSORY STORES	1,251,385
APPAREL AND OTHER TEXTILE PRODUCTS - 0.76%
800	*	Columbia Sportswear Co		36,208
1,100	*	Guess ?, Inc		45,925
1,700	*	Gymboree Corp		59,092
1,267	*	Hartmarx Corp		7,602
2,400		Kellwood Co		70,248
3,800		Phillips-Van Heusen Corp		145,008
2,227	*	Warnaco Group, Inc		41,600
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	405,683

24

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.32%
1,000	*	Amerco, Inc	$	100,660
4,600		Central Parking Corp		73,600
		TOTAL AUTO REPAIR, SERVICES AND PARKING	174,260
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
3,000	*	CSK Auto Corp		35,910
800		Sonic Automotive, Inc		17,744
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS	53,654
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.02%
500	*	Builders FirstSource, Inc		10,180
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES	10,180
BUSINESS SERVICES - 10.91%
2,500		Administaff, Inc		89,525
900	*	Advent Software, Inc		32,463
4,500	*	Ansoft Corp		92,160
900	*	Ansys, Inc		43,038
2,700	*	aQuantive, Inc		68,391
10,946	*	Arbinet-thexchange, Inc		61,407
2,100		Arbitron, Inc		80,493
422	*	Asset Acceptance Capital Corp		8,356
4,500	*	Avocent Corp		118,125
6,231	*	BearingPoint, Inc		52,153
767		Blackbaud, Inc		17,411
1,700		Brady Corp (Class A)		62,628
3,400		Catalina Marketing Corp		96,764
11,282	*	CBIZ, Inc		83,600
21,400	*	CNET Networks, Inc		170,772
1,000	*	Cogent, Inc		15,070
1,749		Cognex Corp		45,526
2,032	*	Covansys Corp		25,542
451	*	CSG Systems International, Inc		11,158
1,851	*	Digital Insight Corp		63,471
2,800	*	Digital River, Inc		113,092
10,700	*	Earthlink, Inc		92,662
2,617	*	Entrust, Inc		8,924
1,600	*	Epicor Software Corp		16,848
953	*	eSpeed, Inc (Class A)		7,938
1,400		Factset Research Systems, Inc		66,220
1,600	*	Filenet Corp		43,088
2,300	*	Gartner, Inc (Class A)		32,660
2,700		Gevity HR, Inc		71,685
719	*	Heartland Payment Systems, Inc		20,046
4,700	*	Heidrick & Struggles International, Inc		159,048
6,800	*	Hudson Highland Group, Inc		73,372
9,100	*	Informatica Corp		119,756
1,305	*	Infospace, Inc		29,584
5,700	*	Internet Security Systems, Inc		107,445
3,000	*	inVentiv Health, Inc		86,340
5,700	*	Keane, Inc		71,250
3,116		Kelly Services, Inc (Class A)		84,662
300	*	Kenexa Corp		9,555
696	*	Keynote Systems, Inc		7,176

25

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,353	*	Kronos, Inc	$	121,412
2,200	*	Labor Ready, Inc		49,830
20,098	*	Lawson Software, Inc		134,657
7,000	*	Manhattan Associates, Inc		142,030
5,375	*	Mantech International Corp (Class A)		165,872
3,200	*	Mentor Graphics Corp		41,536
1,200	*	MicroStrategy, Inc		117,024
2,900		MoneyGram International, Inc		98,455
6,500	*	Move, Inc		35,620
6,000	*	MPS Group, Inc		90,360
1,955	*	NCO Group, Inc		51,690
700	*	NetFlix, Inc		19,047
7,400	*	NIC, Inc		53,502
3,900	*	Nuance Communications, Inc		39,234
1,100	*	Open Solutions, Inc		29,271
1,072	*	Packeteer, Inc		12,156
3,024	*	Parametric Technology Corp		38,435
6,800	*	PDF Solutions, Inc		84,388
2,600	*	Perot Systems Corp (Class A)		37,648
921	*	Phase Forward, Inc		10,610
400	*	PRA International		8,908
3,316	*	Premiere Global Services, Inc		25,036
3,900	*	Progress Software Corp		91,299
1,877		QAD, Inc		14,547
2,351	*	Quest Software, Inc		33,008
1,000	*	Radiant Systems, Inc		10,570
9,700	*	RealNetworks, Inc		103,790
2,600		Rollins, Inc		51,064
3,001	*	S1 Corp		14,405
4,138	*	Sapient Corp		21,931
6,700	*	SonicWALL, Inc		60,233
10,100	*	Sonus Networks, Inc		49,995
2,100	*	Sotheby’s Holdings, Inc (Class A)		55,125
18,600	*	Spherion Corp		169,632
500		Startek, Inc		7,475
1,200	*	SYKES Enterprises, Inc		19,392
3,500		Talx Corp		76,545
6,200	*	TeleTech Holdings, Inc		78,492
2,500	*	THQ, Inc		54,000
19,300	*	TIBCO Software, Inc		136,065
2,800	*	TNS, Inc		57,932
1,800	*	TradeStation Group, Inc		22,806
1,002	*	Transaction Systems Architects, Inc		41,773
900	*	Travelzoo, Inc		27,306
6,793	*	Trizetto Group, Inc		100,468
1,000	*	Ultimate Software Group, Inc		19,160
2,000	*	United Rentals, Inc		63,960
600	*	Universal Compression Holdings, Inc		37,782
3,500	*	Valueclick, Inc		53,725
2,700	*	Verint Systems, Inc		78,813
2,900		Viad Corp		90,770

26

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
10,400	*	Vignette Corp	$	151,632
8,474	*	webMethods, Inc		83,638
3,400	*	Websense, Inc		69,836
3,500	*	Wind River Systems, Inc		31,150
		TOTAL BUSINESS SERVICES	5,844,444
CHEMICALS AND ALLIED PRODUCTS - 6.15%
7,812	*	Albany Molecular Research, Inc		83,432
7,100	*	Alkermes, Inc		134,332
2,400	*	Alnylam Pharmaceuticals, Inc		36,192
5,700		Alpharma, Inc (Class A)		137,028
3,900	*	Andrx Corp		90,441
1,320	*	Array Biopharma, Inc		11,352
700	*	Bentley Pharmaceuticals, Inc		7,672
2,100	*	BioMarin Pharmaceuticals, Inc		30,177
1,060	*	Chattem, Inc		32,192
6,805	*	Connetics Corp		80,027
2,100	*	Curis, Inc		2,835
500		Diagnostic Products Corp		29,085
2,281	*	Durect Corp		8,827
2,700		Georgia Gulf Corp		67,554
2,200		H.B. Fuller Co		95,854
2,200	*	Hercules, Inc		33,572
1,050	*	Hi-Tech Pharmacal Co, Inc		17,398
3,764	*	Human Genome Sciences, Inc		40,275
3,700	*	Immucor, Inc		71,151
4,000		Koppers Holdings, Inc		79,960
1,700	*	Kos Pharmaceuticals, Inc		63,954
2	*	Ligand Pharmaceuticals, Inc (Class B)		17
7,200		Mannatech, Inc		90,792
3,100	*	Medarex, Inc		29,791
3,458	*	Medicines Co		67,604
3,700		Medicis Pharmaceutical Corp (Class A)		88,800
600		Meridian Bioscience, Inc		14,970
1,600	*	MGI Pharma, Inc		34,400
3,700	*	NBTY, Inc		88,467
1,500	*	Neurocrine Biosciences, Inc		15,900
1,900		NewMarket Corp		93,214
2,000		Olin Corp		35,860
7,946	*	OraSure Technologies, Inc		75,646
73	*	OSI Pharmaceuticals, Inc		2,406
3,700	*	Pain Therapeutics, Inc		30,895
6,600		Perrigo Co		106,260
5,900	*	Pharmion Corp		100,477
5,237	*	Pioneer Cos, Inc		142,865
14,000	*	PolyOne Corp		122,920
4,232	*	Pozen, Inc		29,793
3,000	*	Rockwood Holdings, Inc		69,030
2,787	*	Sciele Pharma, Inc		64,631
2,711	*	Serologicals Corp		85,234
11,796		Stratagene Corp		72,781
1,200	*	SurModics, Inc		43,332

27

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,600		UAP Holding Corp	$	78,516
2,545	*	United Therapeutics Corp		147,025
2,700	*	USANA Health Sciences, Inc		102,330
1,700		USEC, Inc		20,145
3,760	*	Vertex Pharmaceuticals, Inc		138,030
1,000		Westlake Chemical Corp		29,800
10,100	*	WR Grace & Co		118,170
		TOTAL CHEMICALS AND ALLIED PRODUCTS	3,293,411
COAL MINING - 0.58%
4,600	*	Alpha Natural Resources, Inc		90,252
500		Foundation Coal Holdings, Inc		23,465
2,800		Penn Virginia Corp		195,664
		TOTAL COAL MINING	309,381
COMMUNICATIONS - 1.91%
714	*	Audiovox Corp (Class A)		9,753
2,222	*	Brightpoint, Inc		30,064
2,400	*	Cbeyond Communications, Inc		52,344
10,500	*	Cincinnati Bell, Inc		43,050
6,700		Citadel Broadcasting Corp		59,630
17,700	*	Covad Communications Group, Inc		35,577
2,600		CT Communications, Inc		59,462
4,200	*	Dobson Communications Corp (Class A)		32,466
1,700		Entercom Communications Corp		44,472
3,400	*	First Avenue Networks, Inc		36,992
5,175	*	Foundry Networks, Inc		55,165
6,500	*	General Communication, Inc (Class A)		80,080
2,800		Golden Telecom, Inc		70,980
3,100	*	NeuStar, Inc		104,625
1,400		North Pittsburgh Systems, Inc		38,584
1	v*	RCN Corp Wts		—
1,500		Salem Communications Corp (Class A)		19,515
2,950	*	SBA Communications Corp		77,113
200		Shenandoah Telecom Co		9,400
7,200		Sinclair Broadcast Group, Inc (Class A)		61,632
4,500	*	Syniverse Holdings, Inc		66,150
1,578	*	Talk America Holdings, Inc		9,768
2,765	*	Ubiquitel, Inc		28,590
		TOTAL COMMUNICATIONS	1,025,412
DEPOSITORY INSTITUTIONS - 9.59%
1,600		1st Source Corp		54,128
751	*	ACE Cash Express, Inc		21,982
492		Alabama National Bancorp		33,530
668		Anchor Bancorp Wisconsin, Inc		20,154
692		Bancfirst Corp		30,967
1,500		Bancorpsouth, Inc		40,875
986		BankUnited Financial Corp (Class A)		30,093
2,100		Boston Private Financial Holdings, Inc		58,590
488	*	Capital Crossing Bank		12,005
978		Cathay General Bancorp		35,580

28

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
10,500	*	Centennial Bank Holdings, Inc	$	108,570
2,400		Center Financial Corp		56,736
2,900		Central Pacific Financial Corp		112,230
4,300		Chittenden Corp		111,155
5,601		Citizens Banking Corp		136,720
1,808		City Holding Co		65,341
4,300		Community Bank System, Inc		86,731
1,000		Community Trust Bancorp, Inc		34,930
1,270		Corus Bankshares, Inc		33,249
1,629	*	EuroBancshares, Inc		15,752
900	*	Euronet Worldwide, Inc		34,533
4,400		First Bancorp		40,920
300		First Citizens Bancshares, Inc (Class A)		60,150
1,301		First Community Bancorp, Inc		76,863
400		First Community Bancshares, Inc		13,196
1,299		First Merchants Corp		31,579
2,400		First Midwest Bancorp, Inc		88,992
11,950		First Niagara Financial Group, Inc		167,539
537	*	First Regional Bancorp		47,256
800		First Republic Bank		36,640
3,600	*	FirstFed Financial Corp		207,612
2,800		FirstMerit Corp		58,632
1,750		Flushing Financial Corp		31,430
516		FNB Corp		19,092
1,300		Fremont General Corp		24,128
6,655		Greater Bay Bancorp		191,331
7,985		Hanmi Financial Corp		155,228
1,389		Horizon Financial Corp		38,100
685		Huntington Bancshares, Inc		16,152
1,462		ITLA Capital Corp		76,872
5,300		KNBT Bancorp, Inc		87,556
1,000		Lakeland Financial Corp		24,290
1,356		Macatawa Bank Corp		31,717
2,023		MAF Bancorp, Inc		86,665
1,460		Marshall & Ilsley Corp		66,780
4,245		MB Financial, Inc		150,103
689		MBT Financial Corp		11,024
840		Mercantile Bank Corp		33,474
1,600		Mid-State Bancshares		44,800
798		NASB Financial, Inc		26,948
5,800		National Penn Bancshares, Inc		115,188
2,000		NBT Bancorp, Inc		46,460
1,584	*	Northern Empire Bancshares		38,016
3,300		Old National Bancorp		65,901
1,700		Oriental Financial Group, Inc		21,692
1,600		Pacific Capital Bancorp		49,792
2,300		Pennfed Financial Services, Inc		42,895
1,000		PFF Bancorp, Inc		33,160
3,119		Placer Sierra Bancshares		72,330
105		Premierwest Bancorp		1,515
2,075		Provident Bankshares Corp		75,509
791		Provident Financial Holdings		23,730

29

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
6,900		Provident Financial Services, Inc	$	123,855
1,750		R & G Financial Corp (Class B)		15,033
10,100		Republic Bancorp, Inc		125,139
514		Republic Bancorp, Inc (Class A)		10,588
3,300		S&T Bancorp, Inc		109,659
1,600		Santander BanCorp		39,392
2,680		Simmons First National Corp (Class A)		77,747
717		Southwest Bancorp, Inc		18,284
400		State National Bancshares, Inc		15,244
3,100		Sterling Bancshares, Inc		58,125
4,400		Sterling Financial Corp		96,360
1,066		Sterling Financial Corp		32,524
500		Suffolk Bancorp		16,375
2,102	*	SVB Financial Group		95,557
2,064		Taylor Capital Group, Inc		84,232
1,112		TD Banknorth, Inc		32,748
3,535		TierOne Corp		119,377
993		Trustmark Corp		30,753
2,400		UMB Financial Corp		80,016
1,800		Umpqua Holdings Corp		46,170
736		United Bankshares, Inc		26,960
1,100		United Community Banks, Inc		33,484
1,100		Vineyard National Bancorp		29,590
1,074		Virginia Financial Group, Inc		45,344
6,500		W Holding Co, Inc		43,225
1,300		Westamerica Bancorporation		63,661
2		Zions Bancorporation		156
		TOTAL DEPOSITORY INSTITUTIONS	5,134,706
EATING AND DRINKING PLACES - 2.12%
2,800		Applebees International, Inc		53,816
2,900		Bob Evans Farms, Inc		87,029
1,942	*	Buffalo Wild Wings, Inc		74,398
1,300		CBRL Group, Inc		44,096
1,650	*	CEC Entertainment, Inc		52,998
7,800		CKE Restaurants, Inc		129,558
4,100		Domino’s Pizza, Inc		101,434
912		IHOP Corp		43,849
1,000	*	Jack in the Box, Inc		39,200
2,945	*	Krispy Kreme Doughnuts, Inc		23,972
862		Lone Star Steakhouse & Saloon, Inc		22,610
7,051	*	Luby’s, Inc		73,542
800	*	McCormick & Schmick’s Seafood Restaurants, Inc		19,040
1,400	*	PF Chang’s China Bistro, Inc		53,228
3,077	*	Papa John’s International, Inc		102,156
4,000	*	Rare Hospitality International, Inc		115,040
4,800	*	Ruth’s Chris Steak House, Inc		98,016
		TOTAL EATING AND DRINKING PLACES	1,133,982

30

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
EDUCATIONAL SERVICES - 0.56%
2,200	*	DeVry, Inc	$	48,334
4,200	*	Educate, Inc		32,172
4,981	*	Lincoln Educational Services Corp		85,125
523		Strayer Education, Inc		50,794
3,700	*	Universal Technical Institute, Inc		81,474
		TOTAL EDUCATIONAL SERVICES	297,899
ELECTRIC, GAS, AND SANITARY SERVICES - 3.18%
800		Allete, Inc		37,880
2,500		American States Water Co		89,125
900		Avista Corp		20,547
1,000		Black Hills Corp		34,330
3,225		Cleco Corp		74,981
3,790	*	Covanta Holding Corp		66,894
5,700	*	El Paso Electric Co		114,912
3,413		ITC Holdings Corp		90,718
3,300		Laclede Group, Inc		113,388
400		New Jersey Resources Corp		18,712
6,400		Nicor, Inc		265,600
4,455		NorthWestern Corp		153,029
2,380		Otter Tail Corp		65,045
2,600	*	Pico Holdings, Inc		83,850
5,400	*	Pike Electric Corp		104,004
646		Resource America, Inc (Class A)		12,306
3,700	*	Sierra Pacific Resources		51,800
1,100		South Jersey Industries, Inc		30,129
1,700		UIL Holdings Corp		95,693
3,600		Unisource Energy Corp		112,140
1,400	*	Waste Connections, Inc		50,960
600		WGL Holdings, Inc		17,370
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	1,703,413
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.80%
2,600		Acuity Brands, Inc		101,166
1,100	*	Advanced Energy Industries, Inc		14,564
7,600	*	Aeroflex, Inc		88,692
12,500	*	Applied Micro Circuits Corp		34,125
17,500	*	Arris Group, Inc		229,600
25,300	*	Atmel Corp		140,415
2,300	*	ATMI, Inc		56,626
2,100		Baldor Electric Co		65,709
2,475	*	Benchmark Electronics, Inc		59,697
2,900	*	Broadwing Corp		30,015
12,000	*	Brocade Communications Systems, Inc		73,680
2,800	*	Comtech Telecommunications Corp		81,956
19,100	*	Conexant Systems, Inc		47,750
1,500		CTS Corp		22,335
4,600		Cubic Corp		90,206
1,300	*	Ditech Networks, Inc		11,336
1,900	*	EnerSys		39,710

31

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
10,100	*	Exar Corp	$	134,027
2,500	*	Fairchild Semiconductor International, Inc		45,425
8,800	*	Finisar Corp		28,776
900		Franklin Electric Co, Inc		46,476
10,000	*	Gemstar-TV Guide International, Inc		35,200
1,100	*	Genlyte Group, Inc		79,673
900	*	Greatbatch, Inc		21,240
3,000	*	Harmonic, Inc		13,440
3,200	*	Hexcel Corp		50,272
10,950	*	Ikanos Communications, Inc		166,331
1,400		Imation Corp		57,470
2,600	*	iRobot Corp		64,688
3,500	*	Kemet Corp		32,270
4,600	*	Lattice Semiconductor Corp		28,428
900	*	Littelfuse, Inc		30,942
5,600	*	Mattson Technology, Inc		54,712
6,300	*	McData Corp (Class A)		25,704
6,300	*	Monolithic Power Systems, Inc		74,529
1,500	*	Moog, Inc		51,330
5,100	*	MRV Communications, Inc		15,861
338	*	Multi-Fineline Electronix, Inc		11,218
300		National Presto Industries, Inc		15,684
2,100	*	Omnivision Technologies, Inc		44,352
20,154	*	ON Semiconductor Corp		118,506
4,500	*	Oplink Communications Inc		82,395
5,100	*	Pericom Semiconductor Corp		42,330
2,000		Plantronics, Inc		44,420
6,100	*	Plexus Corp		208,681
8,400	*	PMC - Sierra, Inc		78,960
3,414	*	Polycom, Inc		74,835
719	*	Portalplayer, Inc		7,053
300	*	Powell Industries, Inc		7,179
5,700	*	Power Integrations, Inc		99,636
2,000	*	Rambus, Inc		45,620
30,100	*	RF Micro Devices, Inc		179,697
1,500	*	Rogers Corp		84,510
6,200	*	Semtech Corp		89,590
3,600	*	Silicon Storage Technology, Inc		14,616
6,359	*	Skyworks Solutions, Inc		35,038
3,600	*	Standard Microsystems Corp		78,588
7,200	*	Sycamore Networks, Inc		29,232
1,944	*	Symmetricom, Inc		13,744
977	*	Synaptics, Inc		20,908
1,600		Technitrol, Inc		37,040
2,200	*	Trident Microsystems, Inc		41,756
21,500	*	Triquint Semiconductor, Inc		95,890
1,687	*	TTM Technologies, Inc		24,411
5,300		Vicor Corp		87,821
600	*	Virage Logic Corp		5,634
600	*	Zoltek Cos, Inc		17,934
8,100	*	Zoran Corp		197,154
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	4,178,808

32

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 1.96%
800	*	Advisory Board Co	$	38,472
2,500	*	Amylin Pharmaceuticals, Inc		123,425
2,900		CDI Corp		84,100
9,200	*	Digitas, Inc		106,904
700	*	Essex Corp		12,894
1,600	*	ICOS Corp		35,184
3,000	*	Lifecell Corp		92,760
800		MAXIMUS, Inc		18,520
3,100	*	MTC Technologies, Inc		73,253
1,574	*	Myriad Genetics, Inc		39,744
3,400	*	Regeneron Pharmaceuticals, Inc		43,588
2,400	*	Resources Connection, Inc		60,048
17,081	*	Savient Pharmaceuticals, Inc		89,675
1,500	*	Shaw Group, Inc		41,700
3,000	*	Tetra Tech, Inc		53,220
2,300	*	URS Corp		96,600
700		Washington Group International, Inc		37,338
		TOTAL ENGINEERING AND MANAGEMENT SERVICES	1,047,425
FABRICATED METAL PRODUCTS - 0.86%
1,200		Aptargroup, Inc		59,532
2,500		Commercial Metals Co		64,250
2,700		Lifetime Brands, Inc		58,509
1,700	*	NCI Building Systems, Inc		90,389
1,126		Silgan Holdings, Inc		41,673
1,500		Simpson Manufacturing Co, Inc		54,075
1,300		Valmont Industries, Inc		60,437
1,000		Watts Water Technologies, Inc (Class A)		33,550
		TOTAL FABRICATED METAL PRODUCTS	462,415
FOOD AND KINDRED PRODUCTS - 0.90%
1,300	*	Boston Beer Co, Inc (Class A)		38,077
2,100		Corn Products International, Inc		64,260
3,800	*	Darling International, Inc		17,214
2,600		Flowers Foods, Inc		74,464
1,900	*	Gold Kist, Inc		25,403
300	*	Hansen Natural Corp		57,111
1,300		Imperial Sugar Co		30,836
2,900	*	M&F Worldwide Corp		46,690
3,300		National Beverage Corp		47,355
400		Premium Standard Farms, Inc		6,492
1,800	*	Ralcorp Holdings, Inc		76,554
		TOTAL FOOD AND KINDRED PRODUCTS	484,456
FOOD STORES - 0.25%
1,600		Great Atlantic & Pacific Tea Co, Inc		36,352
1,700	*	Pantry, Inc		97,818
		TOTAL FOOD STORES	134,170

33

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
FURNITURE AND FIXTURES - 0.94%
3,087	*	BE Aerospace, Inc	$	70,569
1,300		Ethan Allen Interiors, Inc		47,515
5,700		Furniture Brands International, Inc		118,788
4,500		Hooker Furniture Corp		75,465
2,100		La-Z-Boy, Inc		29,400
1,603	*	Select Comfort Corp		36,821
5,109		Stanley Furniture Co, Inc		122,463
		TOTAL FURNITURE AND FIXTURES	501,021
FURNITURE AND HOMEFURNISHINGS STORES - 0.03%
500		Knoll, Inc		9,180
1,323	*	Trans World Entertainment Corp		9,552
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	18,732
GENERAL BUILDING CONTRACTORS - 0.37%
600	*	Avatar Holdings, Inc		34,182
520		Brookfield Homes Corp		17,134
500		M/I Homes, Inc		17,540
440	*	Palm Harbor Homes, Inc		7,740
1,600		Walter Industries, Inc		92,240
1,400	*	WCI Communities, Inc		28,196
		TOTAL GENERAL BUILDING CONTRACTORS	197,032
GENERAL MERCHANDISE STORES - 0.69%
5,900	*	Big Lots, Inc		100,772
400		Bon-Ton Stores, Inc		8,752
3,400		Casey’s General Stores, Inc		85,034
2,500	*	Conn’s, Inc		66,375
7,452		Stein Mart, Inc		110,290
		TOTAL GENERAL MERCHANDISE STORES	371,223
HEALTH SERVICES - 1.72%
1,500	*	Alliance Imaging, Inc		9,600
2,294	*	Allied Healthcare International, Inc		6,148
738	*	America Service Group, Inc		11,454
762	*	American Dental Partners, Inc		11,628
1,800	*	American Retirement Corp		58,986
4,800	*	Apria Healthcare Group, Inc		90,720
239	*	Genesis HealthCare Corp		11,321
1,000	*	Healthways, Inc		52,640
1,900	*	Kindred Healthcare, Inc		49,400
1,000	*	LHC Group, Inc		19,920
985	*	Magellan Health Services, Inc		44,630
721	*	Medcath Corp		13,584
300		National Healthcare Corp		13,365
1,700	*	Nektar Therapeutics		31,178
5,000	*	Odyssey HealthCare, Inc		87,850
51,200	*	PainCare Holdings, Inc		104,960
1,600	*	Pediatrix Medical Group, Inc		72,480
4,200	*	Sunrise Senior Living, Inc		116,130
3,842	*	U.S. Physical Therapy, Inc		56,247
1,880	*	United Surgical Partners International, Inc		56,532
		TOTAL HEALTH SERVICES	918,773

34

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.22%
2,600		Granite Construction, Inc	$	117,702
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING	117,702
HOLDING AND OTHER INVESTMENT OFFICES - 8.91%
2,400		Agree Realty Corp		81,528
200	*	Alexander’s, Inc		54,352
800		Alexandria Real Estate Equities, Inc		70,944
3,500		American Campus Communities, Inc		86,975
1,800		Anthracite Capital, Inc		21,888
2,200		Anworth Mortgage Asset Corp		18,260
2,900		Apollo Investment Corp		53,592
1,000		Arbor Realty Trust, Inc		25,050
3,800		Ashford Hospitality Trust, Inc		47,956
6,824		BioMed Realty Trust, Inc		204,311
9,400	*	Boykin Lodging Co		102,366
1,397		Brandywine Realty Trust		44,941
100		Capital Southwest Corp		10,445
300		Capital Trust, Inc		10,686
3,300		CentraCore Properties Trust		81,675
4,500		Colonial Properties Trust		222,300
3,600		DiamondRock Hospitality Co		53,316
500		Digital Realty Trust, Inc		12,345
2,200		EastGroup Properties, Inc		102,696
900		Entertainment Properties Trust		38,745
1,300		Equity Inns, Inc		21,528
1,100		Equity Lifestyle Properties, Inc		48,213
4,400		Equity One, Inc		91,960
5,500		FelCor Lodging Trust, Inc		119,570
1,400		First Potomac Realty Trust		41,706
500		Gladstone Capital Corp		10,695
5,335		Glimcher Realty Trust		132,361
800		Harris & Harris Group, Inc		8,832
6,900		Highland Hospitality Corp		97,152
4,513		Highwoods Properties, Inc		163,280
9,300		Innkeepers U.S.A. Trust		160,704
2,000		Investors Real Estate Trust		18,060
14,841		iShares Russell 2000 Index Fund		1,067,068
3,000		LaSalle Hotel Properties		138,900
4,500		LTC Properties, Inc		100,575
2,040		Luminent Mortgage Capital, Inc		18,890
800		Maguire Properties, Inc		28,136
1,100		Medical Properties Trust, Inc		12,144
1,600		Mid-America Apartment Communities, Inc		89,200
1,600		National Health Investors, Inc		43,024
5,005		National Health Realty, Inc		94,845
7,400		NorthStar Realty Finance Corp		88,874
900		Novastar Financial, Inc		28,449
4,900		Omega Healthcare Investors, Inc		64,778
1,400		Parkway Properties, Inc		63,700
2,700		Pennsylvania Real Estate Investment Trust		108,999
1,500		Post Properties, Inc		68,010
800		Potlatch Corp		30,200

35

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,700		PS Business Parks, Inc	$	100,300
600		Ramco-Gershenson Properties		16,158
1,500		Senior Housing Properties Trust		26,865
400		Sovran Self Storage, Inc		20,316
800	*	Star Maritime Acquisition Corp		8,128
1,700		Sun Communities, Inc		55,301
3,700		Taubman Centers, Inc		151,330
7,300		Winston Hotels, Inc		89,425
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	4,772,047
HOTELS AND OTHER LODGING PLACES - 0.22%
3,500	*	Bluegreen Corp		40,110
800	*	Gaylord Entertainment Co		34,912
1,100	*	Vail Resorts, Inc		40,810
		TOTAL HOTELS AND OTHER LODGING PLACES	115,832
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.25%
1,900		Actuant Corp		94,905
16,007	*	Advanced Digital Information Corp		188,402
5,500	*	AGCO Corp		144,760
1,600		Albany International Corp (Class A)		67,824
700	*	Astec Industries, Inc		23,884
4,100	*	Axcelis Technologies, Inc		24,190
2,100		Black Box Corp		80,493
3,900		Briggs & Stratton Corp		121,329
500		Cascade Corp		19,775
3,480	*	Cirrus Logic, Inc		28,327
1,605	*	Cymer, Inc		74,568
1,800	*	Dot Hill Systems Corp		6,156
2,300	*	Electronics for Imaging, Inc		48,024
12,700	*	Emulex Corp		206,629
2,000	*	Gardner Denver, Inc		77,000
700	*	Hydril		54,964
2,000	*	Intermec, Inc		45,880
800	*	Intevac, Inc		17,344
4,100	*	Kadant, Inc		94,300
1,100		Kaydon Corp		41,041
2,300		Lennox International, Inc		60,904
500		Lindsay Manufacturing Co		13,560
1,600		Lufkin Industries, Inc		95,088
1,200		Manitowoc Co, Inc		53,400
3,200	*	Micros Systems, Inc		139,776
1,400		Modine Manufacturing Co		32,704
1,250	*	Netgear, Inc		27,063
2,754		Nordson Corp		135,442
800	*	Oil States International, Inc		27,424
1,000	*	ProQuest Co		12,290
400	*	Rimage Corp		8,168
500		Robbins & Myers, Inc		13,070
3,700		Sauer-Danfoss, Inc		94,054
1,100	b*	Surebeam Corp (Class A)		2
313		Tennant Co		15,738
1,000	*	Ultratech, Inc		15,740
1,200		Watsco, Inc		71,784
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	2,276,002

36

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
INSTRUMENTS AND RELATED PRODUCTS - 6.31%
25	*	Advanced Medical Optics, Inc	$	1,268
5,200	*	Align Technology, Inc		38,428
7,500	*	American Medical Systems Holdings, Inc		124,875
300	*	American Science & Engineering, Inc		17,376
700	*	Anaren, Inc		14,343
628	*	Angiodynamics, Inc		16,987
400	*	Argon ST, Inc		10,652
828		Arrow International, Inc		27,216
361	*	Arthrocare Corp		15,166
897	*	Aspect Medical Systems, Inc		15,644
1,400	*	Bio-Rad Laboratories, Inc (Class A)		90,916
600	*	Biosite, Inc		27,396
1	*	Britesmile, Inc		3
19,700	*	Bruker BioSciences Corp		105,592
5,600	*	Caliper Life Sciences, Inc		27,944
4,800	*	Candela Corp		76,128
3,300		CNS, Inc		80,850
1,239	*	Coherent, Inc		41,791
900		Cohu, Inc		15,795
1,885	*	Conmed Corp		39,020
2,200		Datascope Corp		67,848
1,100	*	DJ Orthopedics, Inc		40,513
1,000		DRS Technologies, Inc		48,750
16,780	*	Encore Medical Corp		80,712
1,000	*	FEI Co		22,680
1,200	*	Formfactor, Inc		53,556
1,910	*	Fossil, Inc		34,399
767	*	Foxhollow Technologies, Inc		20,954
2,500	*	Haemonetics Corp		116,275
10,258	*	HealthTronics, Inc		78,474
662	*	Hologic, Inc		32,676
491	*	ICU Medical, Inc		20,740
900	*	II-VI, Inc		16,470
1,400	*	Illumina, Inc		41,524
1,785	*	Integra LifeSciences Holdings Corp		69,276
1,300	*	Intuitive Surgical, Inc		153,361
1,100		Invacare Corp		27,368
2,350	*	Itron, Inc		139,261
3,899	*	Kyphon, Inc		149,566
2,500	*	LTX Corp		17,525
1,400		Mentor Corp		60,900
920	*	Molecular Devices Corp		28,115
2,200		MTS Systems Corp		86,922
900	*	Neurometrix, Inc		27,414
3,200	*	Newport Corp		51,584
600	*	Palomar Medical Technologies, Inc		27,378
700	*	Photon Dynamics, Inc		8,764
800		Sirona Dental Systems, Inc		31,696
347	*	Somanetics Corp		6,628
4,800		STERIS Corp		109,728

37

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
2,000	*	Symmetry Medical, Inc	$	30,800
1,200	*	Techne Corp		61,104
2,200	*	Teledyne Technologies, Inc		72,072
8,694	*	Thoratec Corp		120,586
12,991	*	TriPath Imaging, Inc		86,000
400		United Industrial Corp		18,100
4,728	*	Varian, Inc		196,259
1,100	*	Veeco Instruments, Inc		26,224
2,226	*	Ventana Medical Systems, Inc		105,023
1,700	*	Viasys Healthcare, Inc		43,520
567		Vital Signs, Inc		28,084
6,200	*	Vnus Medical Technologies, Inc		51,956
422		Young Innovations, Inc		14,867
2,100	*	Zoll Medical Corp		68,796
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	3,381,838
INSURANCE AGENTS, BROKERS AND SERVICE - 0.08%
1,000		National Financial Partners Corp		44,310
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	44,310
INSURANCE CARRIERS - 2.99%
2,546		Affirmative Insurance Holdings, Inc		39,845
1,865	*	American Physicians Capital, Inc		98,080
1,900	*	AMERIGROUP Corp		58,976
2,700	*	Argonaut Group, Inc		81,108
600		Baldwin & Lyons, Inc (Class B)		15,300
2,180	*	Centene Corp		51,295
2,970	*	Ceres Group, Inc		18,473
2,100	*	CNA Surety Corp		36,288
750		Delphi Financial Group, Inc (Class A)		27,270
2,900		EMC Insurance Group, Inc		83,404
1,100		FBL Financial Group, Inc (Class A)		35,640
2,600	*	First Acceptance Corp		30,628
400		Great American Financial Resources, Inc		8,372
1,382		Harleysville Group, Inc		43,837
1,800	*	HealthExtras, Inc		54,396
3,700		Horace Mann Educators Corp		62,715
1,600		LandAmerica Financial Group, Inc		103,360
2,300	*	Molina Healthcare, Inc		87,515
203		National Western Life Insurance Co (Class A)		48,649
4,200		Ohio Casualty Corp		124,866
3,300		Phoenix Cos, Inc		46,464
1,100	*	ProAssurance Corp		52,998
1,500		RLI Corp		72,270
624		Safety Insurance Group, Inc		29,671
3,025	*	SeaBright Insurance Holdings, Inc		48,733
1,500		State Auto Financial Corp		48,810
2,000		Stewart Information Services Corp		72,620
2,100		Tower Group, Inc		63,525
700	*	WellCare Health Plans, Inc		34,335
550		Zenith National Insurance Corp		21,819
		TOTAL INSURANCE CARRIERS	1,601,262

38

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.16%
1,600	*	Corrections Corp of America	$	84,704
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY	84,704
LEATHER AND LEATHER PRODUCTS - 0.51%
1,700	*	Genesco, Inc		57,579
2,000	*	Timberland Co (Class A)		52,200
715		Weyco Group, Inc		16,602
6,400		Wolverine World Wide, Inc		149,312
		TOTAL LEATHER AND LEATHER PRODUCTS	275,693
LEGAL SERVICES - 0.18%
3,000	*	FTI Consulting, Inc		80,310
400		Pre-Paid Legal Services, Inc		13,800
		TOTAL LEGAL SERVICES	94,110
LUMBER AND WOOD PRODUCTS - 0.62%
500		American Woodmark Corp		17,520
13,400	*	Champion Enterprises, Inc		147,936
1,800		Skyline Corp		77,004
1,400		Universal Forest Products, Inc		87,822
		TOTAL LUMBER AND WOOD PRODUCTS	330,282
METAL MINING - 0.25%
1,700		Cleveland-Cliffs, Inc		134,793
		TOTAL METAL MINING	134,793
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.61%
1,100		Blyth, Inc		20,306
11,500		Callaway Golf Co		149,385
1,000	*	Jakks Pacific, Inc		20,090
1,000	*	Shuffle Master, Inc		32,780
4,100		Yankee Candle Co, Inc		102,541
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES	325,102
MISCELLANEOUS RETAIL - 0.98%
2,012		Blair Corp		59,857
2,700		Cash America International, Inc		86,400
1,100	*	Coldwater Creek, Inc		29,436
3,300		Longs Drug Stores Corp		150,546
3,925	*	Petco Animal Supplies, Inc		80,188
2,077	*	Priceline.com, Inc		62,019
700	*	Stamps.com, Inc		19,474
1,700	*	Systemax, Inc		13,260
920	*	Zale Corp		22,163
		TOTAL MISCELLANEOUS RETAIL	523,343
MOTION PICTURES - 0.12%
1,840	*	Macrovision Corp		39,597
1,800	*	Time Warner Telecom, Inc (Class A)		26,730
		TOTAL MOTION PICTURES	66,327

39

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
NONDEPOSITORY INSTITUTIONS - 1.34%
6,400		Advance America Cash Advance Centers, Inc	$	112,256
1,500		Ares Capital Corp		25,395
1,113		Asta Funding, Inc		41,682
8,067		Beverly Hills Bancorp, Inc		77,605
4,919	*	CompuCredit Corp		189,086
2,000		Delta Financial Corp		19,700
200	b*	DVI, Inc		1
600	*	Encore Capital Group, Inc		7,362
3,100		Financial Federal Corp		86,211
4,300	*	Ocwen Financial Corp		54,653
800		Technology Investment Capital Corp		11,720
1,200	*	United PanAm Financial Corp		36,480
1,500	*	World Acceptance Corp		53,280
		TOTAL NONDEPOSITORY INSTITUTIONS	715,431
OIL AND GAS EXTRACTION - 2.13%
3,064	*	Atlas America, Inc		137,298
300		Berry Petroleum Co (Class A)		9,945
1,100	*	Bronco Drilling Co, Inc		22,979
2,400		Cabot Oil & Gas Corp (Class A)		117,600
1,200	*	Callon Petroleum Co		23,208
600	*	Cheniere Energy, Inc		23,400
500	*	Clayton Williams Energy, Inc		17,270
3,200		Delta & Pine Land Co		94,080
400	*	Energy Partners Ltd		7,580
1,700	*	Global Industries Ltd		28,390
4,400	*	Grey Wolf, Inc		33,880
1,500	*	Harvest Natural Resources, Inc		20,310
800	*	Helix Energy Solutions Group, Inc		32,288
4,578	*	Hercules Offshore, Inc		160,230
500	*	KCS Energy, Inc		14,850
2,199	*	Parker Drilling Co		15,789
200	v*	PetroCorp		(0	)
323	*	Petroleum Development Corp		12,177
4,600	*	RAM Energy Resources, Inc		26,312
500	*	Remington Oil & Gas Corp		21,985
3,000		St. Mary Land & Exploration Co		120,750
600	*	Stone Energy Corp		27,930
900	*	Superior Energy Services		30,510
1,000	*	Swift Energy Co		42,930
1,000		Todco		40,850
800	*	Veritas DGC, Inc		41,264
400		W&T Offshore, Inc		15,556
		TOTAL OIL AND GAS EXTRACTION	1,139,361
PAPER AND ALLIED PRODUCTS - 0.17%
700		Greif, Inc (Class A)		52,472
1,900		Longview Fibre Co		36,271
		TOTAL PAPER AND ALLIED PRODUCTS	88,743

40

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
PERSONAL SERVICES - 0.30%
2,500		Jackson Hewitt Tax Service, Inc	$	78,375
1,900		Regis Corp		67,659
400		Unifirst Corp		13,800
		TOTAL PERSONAL SERVICES	159,834
PETROLEUM AND COAL PRODUCTS - 0.97%
6,100		Alon USA Energy, Inc		191,967
3,600		Frontier Oil Corp		116,640
1,800	*	Giant Industries, Inc		119,790
800		Holly Corp		38,560
200		Tesoro Corp		14,872
1,107		WD-40 Co		37,162
		TOTAL PETROLEUM AND COAL PRODUCTS	518,991
PRIMARY METAL INDUSTRIES - 2.00%
1,200	*	AK Steel Holding Corp		16,596
2,300	*	Aleris International, Inc		105,455
3,500		Belden CDT, Inc		115,675
400	*	Brush Engineered Materials, Inc		8,340
300		Carpenter Technology Corp		34,650
800	*	Century Aluminum Co		28,552
1,000	*	Chaparral Steel Co		72,020
2,300	*	CommScope, Inc		72,266
600	*	Encore Wire Corp		21,564
2,000	*	General Cable Corp		70,000
1,400	*	Lone Star Technologies, Inc		75,628
1,264		Matthews International Corp (Class A)		43,570
600	*	Maverick Tube Corp		37,914
1,500		Mueller Industries, Inc		49,545
600	*	NS Group, Inc		33,048
3,200		Quanex Corp		137,824
900	*	RTI International Metals, Inc		50,256
600		Schnitzer Steel Industries, Inc (Class A)		21,288
400		Steel Dynamics, Inc		26,296
700	*	Superior Essex, Inc		20,951
1,400		Worthington Industries, Inc		29,330
		TOTAL PRIMARY METAL INDUSTRIES	1,070,768
PRINTING AND PUBLISHING - 0.95%
1,300		Banta Corp		60,229
3,400		Belo (A.H.) Corp Series A		53,040
500	*	Consolidated Graphics, Inc		26,030
1,100		John H Harland Co		47,850
1,300		Journal Communications, Inc		14,612
1,600		Journal Register Co		14,336
700		Media General, Inc (Class A)		29,323
7,600	*	Playboy Enterprises, Inc (Class B)		75,848
1,900		Reader’s Digest Association, Inc (Class A)		26,524
4,125	*	Scholastic Corp		107,126
700		Standard Register Co		8,295
2,000	*	Valassis Communications, Inc		47,180
		TOTAL PRINTING AND PUBLISHING	510,393

41

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
REAL ESTATE - 0.95%
4,000	*	Alderwoods Group, Inc	$	77,840
2,700	*	California Coastal Communities, Inc		86,400
400		Consolidated-Tomoka Land Co		22,056
5,808	*	Housevalues, Inc		40,249
1,700		Jones Lang LaSalle, Inc		148,835
17,900		Stewart Enterprises, Inc (Class A)		102,925
800	*	Trammell Crow Co		28,136
		TOTAL REAL ESTATE	506,441
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.79%
400	*	Deckers Outdoor Corp		15,424
2,300	*	Jarden Corp		70,035
3,300		Schulman (A.), Inc		75,537
2,539	*	Skechers U.S.A., Inc (Class A)		61,215
5,900		Spartech Corp		133,340
2,500		Titan International, Inc		46,775
600		West Pharmaceutical Services, Inc		21,768
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS	424,094
SECURITY AND COMMODITY BROKERS - 0.98%
870	*	GFI Group, Inc		46,937
1,000		Greenhill & Co, Inc		60,760
600	*	IntercontinentalExchange, Inc		34,764
1,200	*	Investment Technology Group, Inc		61,032
7,000	*	Knight Capital Group, Inc		106,610
2,000	*	Morningstar, Inc		82,960
1,900	*	Nasdaq Stock Market, Inc		56,810
400	*	Piper Jaffray Cos		24,484
2,500		Waddell & Reed Financial, Inc (Class A)		51,400
		TOTAL SECURITY AND COMMODITY BROKERS	525,757
SOCIAL SERVICES - 0.24%
3,067	*	Bright Horizons Family Solutions, Inc		115,595
548	*	Providence Service Corp		14,922
1	*	Res-Care, Inc		20
		TOTAL SOCIAL SERVICES	130,537
SPECIAL TRADE CONTRACTORS - 0.80%
1,590	*	AsiaInfo Holdings, Inc		6,821
1,000		Chemed Corp		54,530
3,100		Comfort Systems USA, Inc		44,299
1,600	*	Dycom Industries, Inc		34,064
3,300	*	EMCOR Group, Inc		160,611
7,300	*	Quanta Services, Inc		126,509
		TOTAL SPECIAL TRADE CONTRACTORS	426,834
STONE, CLAY, AND GLASS PRODUCTS - 0.18%
1,100		Apogee Enterprises, Inc		16,170
1,600		Eagle Materials, Inc		76,000
600		Libbey, Inc		4,410
		TOTAL STONE, CLAY, AND GLASS PRODUCTS	96,580

42

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
TEXTILE MILL PRODUCTS - 0.15%
2,000		Oxford Industries, Inc	$	78,820
		TOTAL TEXTILE MILL PRODUCTS	78,820
TOBACCO PRODUCTS - 0.07%
2,300		Vector Group Ltd		37,375
		TOTAL TOBACCO PRODUCTS	37,375
TRANSPORTATION BY AIR - 1.22%
21,533	*	ABX Air, Inc		130,059
1,000	*	Bristow Group, Inc		36,000
3,200	*	Continental Airlines, Inc (Class B)		95,360
4,039	*	EGL, Inc		202,758
1,600	*	ExpressJet Holdings, Inc		11,056
1,574	*	Mesa Air Group, Inc		15,504
1,330	*	Pinnacle Airlines Corp		9,363
2,700	*	Republic Airways Holdings, Inc		45,954
4,400		Skywest, Inc		109,120
		TOTAL TRANSPORTATION BY AIR	655,174
TRANSPORTATION EQUIPMENT - 1.92%
2,300		A.O. Smith Corp		106,628
1,400	*	Armor Holdings, Inc		76,762
2,800		ArvinMeritor, Inc		48,132
2,100		Clarcor, Inc		62,559
3,700		Federal Signal Corp		56,018
360		Freightcar America, Inc		19,984
1,400		Group 1 Automotive, Inc		78,876
6,100		JLG Industries, Inc		137,250
962		Kaman Corp (Class A)		17,508
1,100		Monaco Coach Corp		13,970
2,300	*	Orbital Sciences Corp		37,122
1,400		Polaris Industries, Inc		60,620
1,200	*	Sequa Corp (Class A)		97,800
1,400		Trinity Industries, Inc		56,560
600	*	Triumph Group, Inc		28,800
5,200	*	Visteon Corp		37,492
1,300		Wabash National Corp		19,968
1,900		Westinghouse Air Brake Technologies Corp		71,060
		TOTAL TRANSPORTATION EQUIPMENT	1,027,109
TRANSPORTATION SERVICES - 0.36%
3,496	*	Dynamex, Inc		76,248
1,658	*	HUB Group, Inc		40,671
2,254		Pacer International, Inc		73,435
		TOTAL TRANSPORTATION SERVICES	190,354
TRUCKING AND WAREHOUSING - 0.54%
1,398		Arkansas Best Corp		70,194
2,350		Forward Air Corp		95,716
5,196		Heartland Express, Inc		92,956
655	*	SCS Transportation, Inc		18,032
1,000	*	SIRVA, Inc		6,470
228	*	Universal Truckload Services, Inc		7,782
		TOTAL TRUCKING AND WAREHOUSING	291,150

43

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
WATER TRANSPORTATION - 0.10%
1,000	*	Kirby Corp	$	39,500
500		Maritrans, Inc		12,450
		TOTAL WATER TRANSPORTATION	51,950
WHOLESALE TRADE-DURABLE GOODS - 1.35%
6,971		Agilysys, Inc		125,478
4,600		Applied Industrial Technologies, Inc		111,826
1,800		BlueLinx Holdings, Inc		23,454
1,334		Building Material Holding Corp		37,179
800	*	Huttig Building Products, Inc		6,480
9,000		IKON Office Solutions, Inc		113,400
1,170	*	Insight Enterprises, Inc		22,289
1,365	*	LKQ Corp		25,935
1,300		Owens & Minor, Inc		37,180
1,900		Reliance Steel & Aluminum Co		157,605
2,400		Ryerson Tull, Inc		64,800
		TOTAL WHOLESALE TRADE-DURABLE GOODS	725,626
WHOLESALE TRADE-NONDURABLE GOODS - 0.74%
1,100		Kenneth Cole Productions, Inc (Class A)		24,563
1,387		K-Swiss, Inc (Class A)		37,033
1,000		Myers Industries, Inc		17,190
2,800		Nu Skin Enterprises, Inc (Class A)		41,580
4,978	*	Performance Food Group Co		151,232
400	*	Perry Ellis International, Inc		10,124
1,140		Spartan Stores, Inc		16,678
400		The Andersons, Inc		16,644
1,700	*	United Stationers, Inc		83,844
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS	398,888
		TOTAL COMMON STOCKS (Cost $51,229,073)	53,277,174
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.37%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.37%
$    200,000		Federal Home Loan Bank (FHLB) 4.950%, 07/03/06		200,000
		TOTAL SHORT-TERM INVESTMENTS (Cost $199,946)	200,000
		TOTAL PORTFOLIO - 99.86% (Cost $51,429,019)	53,477,174
		OTHER ASSETS & LIABILITIES, NET - 0.14%	72,840
		NET ASSETS - 100.00%	$53,550,014

* Non-income producing

b In bankruptcy

v Security valued at fair value

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

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.85%
AGRICULTURAL PRODUCTION-CROPS - 0.00% **
439		Chiquita Brands International, Inc	$	6,049
		TOTAL AGRICULTURAL PRODUCTION-CROPS	6,049
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
439		Pilgrim’s Pride Corp		11,326
4		Seaboard Corp		5,120
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK	16,446
AMUSEMENT AND RECREATION SERVICES - 0.26%
604	*	Bally Technologies, Inc		9,948
409	*	Bally Total Fitness Holding Corp		2,773
218	*	Century Casinos, Inc		2,335
134		Churchill Downs, Inc		5,018
267		Dover Downs Gaming & Entertainment, Inc		5,244
67		Dover Motorsports, Inc		393
1,362		GTECH Holdings Corp		47,370
2,010		Harrah’s Entertainment, Inc		143,072
414		International Speedway Corp (Class A)		19,197
250	*	Lakes Entertainment, Inc		3,023
256	*	Leapfrog Enterprises, Inc		2,586
332	*	Life Time Fitness, Inc		15,362
749	*	Live Nation, Inc		15,250
500	*	Magna Entertainment Corp (Class A)		2,630
757	*	Marvel Entertainment, Inc		15,140
194	*	MTR Gaming Group, Inc		1,820
488	*	Multimedia Games, Inc		4,943
786	*	Penn National Gaming, Inc		30,481
573	*	Pinnacle Entertainment, Inc		17,562
1,200	*	Six Flags, Inc		6,744
164		Speedway Motorsports, Inc		6,189
1,006		Warner Music Group Corp		29,657
859		Westwood One, Inc		6,442
295	*	WMS Industries, Inc		8,080
100		World Wrestling Entertainment, Inc		1,689
		TOTAL AMUSEMENT AND RECREATION SERVICES	402,948
APPAREL AND ACCESSORY STORES - 0.69%
944		Abercrombie & Fitch Co (Class A)		52,326
589	*	Aeropostale, Inc		17,016
1,230		American Eagle Outfitters, Inc		41,869
840	*	AnnTaylor Stores Corp		36,439
119		Bebe Stores, Inc		1,835
243		Brown Shoe Co, Inc		8,281
65		Buckle, Inc		2,722
300	*	Cache, Inc		5,202
528	*	Carter’s, Inc		13,955
318	*	Casual Male Retail Group, Inc		3,196

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
325		Cato Corp (Class A)	$	8,401
270	*	Charlotte Russe Holding, Inc		6,464
1,400	*	Charming Shoppes, Inc		15,736
1,896	*	Chico’s FAS, Inc		51,154
222	*	Children’s Place Retail Stores, Inc		13,331
390		Christopher & Banks Corp		11,310
100	*	Citi Trends, Inc		4,269
1,078		Claire’s Stores, Inc		27,500
46		DEB Shops, Inc		1,109
600	*	Dress Barn, Inc		15,210
200	*	DSW, Inc		7,284
565		Finish Line, Inc (Class A)		6,684
1,692		Foot Locker, Inc		41,437
5,852		Gap, Inc		101,825
450	*	HOT Topic, Inc		5,179
242	*	Jo-Ann Stores, Inc		3,545
180	*	JOS A Bank Clothiers, Inc		4,313
3,721	*	Kohl’s Corp		219,986
3,710		Limited Brands, Inc		94,939
140	*	New York & Co, Inc		1,368
2,561		Nordstrom, Inc		93,476
875	*	Pacific Sunwear Of California, Inc		15,689
800	*	Payless Shoesource, Inc		21,736
1,561		Ross Stores, Inc		43,786
66	*	Shoe Carnival, Inc		1,575
274		Stage Stores, Inc		9,042
232		Talbots, Inc		4,280
359	*	Too, Inc		13,782
200	*	Under Armour, Inc		8,524
1,138	*	Urban Outfitters, Inc		19,904
1,045	*	The Wet Seal, Inc		5,100
		TOTAL APPAREL AND ACCESSORY STORES	1,060,779
APPAREL AND OTHER TEXTILE PRODUCTS - 0.19%
165	*	Columbia Sportswear Co		7,468
217	v*	DHB Industries, Inc		417
200	*	Guess ?, Inc		8,350
377	*	Gymboree Corp		13,104
600	*	Hartmarx Corp		3,600
1,270		Jones Apparel Group, Inc		40,373
300		Kellwood Co		8,781
1,180		Liz Claiborne, Inc		43,731
300	*	Maidenform Brands, Inc		3,699
562		Phillips-Van Heusen Corp		21,446
663		Polo Ralph Lauren Corp		36,399
1,142	*	Quiksilver, Inc		13,909
477		Russell Corp		8,662
141	*	True Religion Apparel, Inc		2,496
985		VF Corp		66,901
488	*	Warnaco Group, Inc		9,116
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	288,452
AUTO REPAIR, SERVICES AND PARKING - 0.07%
100	*	Amerco, Inc		10,066
100		Bandag, Inc		3,659
300		Central Parking Corp		4,800
268	*	Dollar Thrifty Automotive Group, Inc		12,079

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
251	*	Midas, Inc	$	4,618
73		Monro Muffler, Inc		2,377
544	*	PHH Corp		14,982
662		Ryder System, Inc		38,680
400	*	Wright Express Corp		11,496
		TOTAL AUTO REPAIR, SERVICES AND PARKING	102,757
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.17%
1,182		Advance Auto Parts		34,160
64	*	America’s Car-Mart, Inc		1,300
200	*	Asbury Automotive Group, Inc		4,188
1,789	*	Autonation, Inc		38,356
594	*	Autozone, Inc		52,391
1,109	*	Carmax, Inc		39,325
817	*	Copart, Inc		20,065
495	*	CSK Auto Corp		5,925
220		Lithia Motors, Inc (Class A)		6,670
200	*	MarineMax, Inc		5,246
1,230	*	O’Reilly Automotive, Inc		38,364
222	*	Rush Enterprises, Inc (Class A)		4,034
287		Sonic Automotive, Inc		6,366
570		United Auto Group, Inc		12,169
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS	268,559
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.95%
200	*	Builders FirstSource, Inc		4,072
266	*	Central Garden & Pet Co		11,451
1,396		Fastenal Co		56,245
23,041		Home Depot, Inc		824,637
8,441		Lowe’s Cos, Inc		512,115
1,227		Sherwin-Williams Co		58,258
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES	1,466,778
BUSINESS SERVICES - 7.08%
677	*	@Road, Inc		3,737
523	*	24/7 Real Media, Inc		4,592
4,200	*	3Com Corp		21,504
128	*	3D Systems Corp		2,571
403		Aaron Rents, Inc		10,833
347		ABM Industries, Inc		5,934
305	*	Acacia Research (Acacia Technologies)		4,288
3,008	*	Activision, Inc		34,231
620	*	Actuate Corp		2,505
927		Acxiom Corp		23,175
200		Administaff, Inc		7,162
6,562	*	Adobe Systems, Inc		199,222
300	*	Advent Software, Inc		10,821
261		Advo, Inc		6,423
1,224	*	Affiliated Computer Services, Inc (Class A)		63,171
455	*	Agile Software Corp		2,885
1,682	*	Akamai Technologies, Inc		60,872
883	*	Alliance Data Systems Corp		51,938
221	*	Altiris, Inc		3,987
283	*	American Reprographics Co		10,259
357	*	AMN Healthcare Services, Inc		7,247
136	*	Ansoft Corp		2,785
374	*	Ansys, Inc		17,885

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
829	*	aQuantive, Inc	$	20,999
410		Arbitron, Inc		15,715
706	*	Ariba, Inc		5,810
1,213	*	Art Technology Group, Inc		3,615
600	*	Aspen Technology, Inc		7,872
96	*	Asset Acceptance Capital Corp		1,901
257	*	Audible, Inc		2,336
2,498	*	Autodesk, Inc		86,081
6,270		Automatic Data Processing, Inc		284,344
484	*	Avocent Corp		12,705
140	*	Bankrate, Inc		5,286
4,415	*	BEA Systems, Inc		57,792
2,100	*	BearingPoint, Inc		17,577
1,400	*	BISYS Group, Inc		19,180
479		Blackbaud, Inc		10,873
304	*	Blackboard, Inc		8,804
195	*	Blue Coat Systems, Inc		3,288
2,501	*	BMC Software, Inc		59,774
600	*	Borland Software Corp		3,168
300	*	Bottomline Technologies, Inc		2,442
436		Brady Corp (Class A)		16,062
596		Brink’s Co		33,620
5,109		CA, Inc		104,990
357	*	CACI International, Inc (Class A)		20,824
3,072	*	Cadence Design Systems, Inc		52,685
554		Catalina Marketing Corp		15,767
854	*	CBIZ, Inc		6,328
10,886		Cendant Corp		177,333
1,580	*	Ceridian Corp		38,615
644	*	Cerner Corp		23,899
873	*	Checkfree Corp		43,266
972	*	ChoicePoint, Inc		40,600
846	*	Chordiant Software, Inc		2,563
532	*	Ciber, Inc		3,506
2,054	*	Citrix Systems, Inc		82,448
400	*	Clear Channel Outdoor Holdings, Inc		8,384
200	*	Click Commerce, Inc		3,946
3,885	*	CMGI, Inc		4,701
1,627	*	CNET Networks, Inc		12,983
250	*	Cogent Communications Group, Inc		2,342
473	*	Cogent, Inc		7,128
459		Cognex Corp		11,948
1,528	*	Cognizant Technology Solutions Corp		102,941
65		Computer Programs & Systems, Inc		2,597
2,030	*	Computer Sciences Corp		98,333
4,261	*	Compuware Corp		28,549
100	*	COMSYS IT Partners, Inc		1,512
241	*	Concur Technologies, Inc		3,728
303	*	Convera Corp		2,036
1,524	*	Convergys Corp		29,718
183	*	CoStar Group, Inc		10,949
400	*	Covansys Corp		5,028
485	*	CSG Systems International, Inc		11,999
500	*	Cybersource Corp		5,850
110	*	DealerTrack Holdings, Inc		2,432
500		Deluxe Corp		8,740
500	*	Dendrite International, Inc		4,620

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
430	*	Digital Insight Corp	$	14,745
389	*	Digital River, Inc		15,712
664	*	DST Systems, Inc		39,508
1,405	*	Earthlink, Inc		12,167
12,810	*	eBay, Inc		375,205
298	*	Echelon Corp		2,232
518	*	Eclipsys Corp		9,407
122	*	eCollege.com, Inc		2,579
575	*	eFunds Corp		12,679
100	*	Electro Rent Corp		1,602
3,377	*	Electronic Arts, Inc		145,346
5,741		Electronic Data Systems Corp		138,128
149	*	Emageon, Inc		2,174
3,148	*	Emdeon Corp		39,067
698	*	Epicor Software Corp		7,350
90	*	EPIQ Systems, Inc		1,498
1,406		Equifax, Inc		48,282
313	*	Equinix, Inc		17,171
248	*	eSpeed, Inc (Class A)		2,066
2,495	*	Expedia, Inc		37,350
460	*	F5 Networks, Inc		24,601
455		Factset Research Systems, Inc		21,521
771		Fair Isaac Corp		27,995
313	*	FalconStor Software, Inc		2,182
1,031		Fidelity National Information Services, Inc		36,497
400	*	Filenet Corp		10,772
113	*	First Advantage Corp		2,628
8,329		First Data Corp		375,138
1,912	*	Fiserv, Inc		86,728
100	*	Forrester Research, Inc		2,798
300	*	FTD Group, Inc		4,050
739	*	Gartner, Inc (Class A)		10,494
244	*	Gerber Scientific, Inc		3,174
565	*	Getty Images, Inc		35,883
252		Gevity HR, Inc		6,691
362	*	Global Cash Access, Inc		5,658
2,272	*	Google, Inc (Class A)		952,718
180	*	H&E Equipment Services, Inc		5,301
192		Healthcare Services Group		4,022
100	*	Heartland Payment Systems, Inc		2,788
200	*	Heidrick & Struggles International, Inc		6,768
326	*	Hudson Highland Group, Inc		3,518
570	*	Hypercom Corp		5,329
600	*	Hyperion Solutions Corp		16,560
213	*	iGate Corp		1,361
200	*	IHS, Inc		5,926
2,243		IMS Health, Inc		60,225
392	*	Infocrossing, Inc		4,528
974	*	Informatica Corp		12,818
367	*	Infospace, Inc		8,320
311		infoUSA, Inc		3,206
300	*	Innovative Solutions & Support, Inc		4,218
109		Integral Systems, Inc		2,924
387	*	Interactive Data Corp		7,775
311	*	Intergraph Corp		9,793
3,302	*	Internap Network Services Corp		3,467
405	*	Internet Capital Group, Inc		3,645

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
452	*	Internet Security Systems, Inc	$	8,520
200		Interpool, Inc		4,444
4,750	*	Interpublic Group of Cos, Inc		39,662
401	*	Interwoven, Inc		3,441
1,893	*	Intuit, Inc		114,318
306	*	inVentiv Health, Inc		8,807
470	*	Ipass, Inc		2,632
1,247	*	Iron Mountain, Inc		46,613
800		Jack Henry & Associates, Inc		15,728
245	*	JDA Software Group, Inc		3,437
6,156	*	Juniper Networks, Inc		98,434
308	*	Jupitermedia Corp		4,004
264	*	Kanbay International, Inc		3,839
500	*	Keane, Inc		6,250
300		Kelly Services, Inc (Class A)		8,151
173	*	Kenexa Corp		5,510
271	*	Kforce, Inc		4,198
664	*	KFX, Inc		10,146
508	*	Kinetic Concepts, Inc		22,428
155	*	Knot, Inc		3,244
500	*	Korn/Ferry International		9,795
398	*	Kronos, Inc		14,412
550	*	Labor Ready, Inc		12,457
953	*	Lamar Advertising Co		51,329
1,343	*	Lawson Software, Inc		8,998
638	*	Lionbridge Technologies		3,528
176	*	LoJack Corp		3,319
570	*	Magma Design Automation, Inc		4,190
311	*	Manhattan Associates, Inc		6,310
958		Manpower, Inc		61,887
139	*	Mantech International Corp (Class A)		4,290
215	*	Mapinfo Corp		2,806
206	*	Marchex, Inc		3,385
150	*	Marlin Business Services, Inc		3,384
669	*	Mastercard, Inc		32,112
1,852	*	McAfee, Inc		44,948
824	*	Mentor Graphics Corp		10,696
96,509		Microsoft Corp		2,248,660
150	*	MicroStrategy, Inc		14,628
300	*	Midway Games, Inc		2,427
1,037		MoneyGram International, Inc		35,206
1,346	*	Monster Worldwide, Inc		57,420
2,049	*	Move, Inc		11,229
1,117	*	MPS Group, Inc		16,822
300	*	MRO Software, Inc		6,021
1,010	*	NAVTEQ Corp		45,127
287	*	NCO Group, Inc		7,588
2,012	*	NCR Corp		73,720
213	*	Neoware, Inc		2,618
400	*	Ness Technologies, Inc		4,300
371	*	NetFlix, Inc		10,095
100	*	Netratings, Inc		1,389
100	*	Netscout Systems, Inc		892
310	*	NIC, Inc		2,241
4,067	*	Novell, Inc		26,964
1,532	*	Nuance Communications, Inc		15,412
1,857		Omnicom Group, Inc		165,440

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
282	*	On Assignment, Inc	$	2,592
222	*	Online Resources Corp		2,295
207	*	Open Solutions, Inc		5,508
903	*	Opsware, Inc		7,441
43,241	*	Oracle Corp		626,562
500	*	Packeteer, Inc		5,670
1,140	*	Parametric Technology Corp		14,489
300	*	PDF Solutions, Inc		3,723
202	*	PeopleSupport, Inc		2,719
187	*	Perficient, Inc		2,311
808	*	Perot Systems Corp (Class A)		11,700
300	*	Phase Forward, Inc		3,456
129	*	Portfolio Recovery Associates, Inc		5,895
120	*	PRA International		2,672
762	*	Premiere Global Services, Inc		5,753
395	*	Progress Software Corp		9,247
108		QAD, Inc		837
140		Quality Systems, Inc		5,155
829	*	Quest Software, Inc		11,639
237	*	Radiant Systems, Inc		2,505
187	*	Radisys Corp		4,107
1,196	*	RealNetworks, Inc		12,797
1,921	*	Red Hat, Inc		44,951
639	*	Redback Networks, Inc		11,719
100		Renaissance Learning, Inc		1,355
723	*	Rent-A-Center, Inc		17,974
294	*	Rewards Network, Inc		2,402
713		Reynolds & Reynolds Co (Class A)		21,868
200	*	RightNow Technologies, Inc		3,336
1,761		Robert Half International, Inc		73,962
225		Rollins, Inc		4,419
720	*	RSA Security, Inc		19,577
900	*	S1 Corp		4,320
264	*	SafeNet, Inc		4,678
919	*	Salesforce.com, Inc		24,501
700	*	Sapient Corp		3,710
618	*	Secure Computing Corp		5,315
3,353		ServiceMaster Co		34,636
101	*	SI International, Inc		3,097
636	*	Sitel Corp		2,493
220	*	Smith Micro Software, Inc		3,524
378	*	Sohu.com, Inc		9,749
542	*	SonicWALL, Inc		4,873
2,630	*	Sonus Networks, Inc		13,018
660	*	Sotheby’s Holdings, Inc (Class A)		17,325
624	*	Spherion Corp		5,691
200	*	SPSS, Inc		6,428
419	*	SRA International, Inc (Class A)		11,158
100		Startek, Inc		1,495
185		Stellent, Inc		1,767
73	*	Stratasys, Inc		2,151
38,034	*	Sun Microsystems, Inc		157,841
1,054	*	Sybase, Inc		20,448
200	*	SYKES Enterprises, Inc		3,232
11,479	*	Symantec Corp		178,384
134	*	SYNNEX Corp		2,541
1,602	*	Synopsys, Inc		30,070

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
685	*	Take-Two Interactive Software, Inc	$	7,302
200	*	TAL International Group, Inc		4,820
321		Talx Corp		7,020
300	*	TeleTech Holdings, Inc		3,798
196		TheStreet.com, Inc		2,513
787	*	THQ, Inc		16,999
2,110	*	TIBCO Software, Inc		14,875
259	*	TNS, Inc		5,359
470		Total System Services, Inc		9,047
183	*	TradeStation Group, Inc		2,319
400	*	Transaction Systems Architects, Inc		16,676
100	*	Travelzoo, Inc		3,034
444	*	Trizetto Group, Inc		6,567
242	*	Ultimate Software Group, Inc		4,637
3,451	*	Unisys Corp		21,672
750		United Online, Inc		9,000
710	*	United Rentals, Inc		22,706
329	*	Universal Compression Holdings, Inc		20,717
678	*	VA Software Corp		2,631
979	*	Valueclick, Inc		15,028
248	*	Vasco Data Security International		2,071
140	*	Verint Systems, Inc		4,087
2,796	*	VeriSign, Inc		64,783
95	*	Vertrue, Inc		4,088
263		Viad Corp		8,232
306	*	Vignette Corp		4,461
100	*	Volt Information Sciences, Inc		4,660
5,931		Waste Management, Inc		212,804
456	*	WebEx Communications, Inc		16,206
51	*	WebMD Health Corp		2,412
481	*	WebMethods, Inc		4,747
564	*	Websense, Inc		11,585
200	*	WebSideStory, Inc		2,440
752	*	Wind River Systems, Inc		6,693
348	*	Witness Systems, Inc		7,019
15,324	*	Yahoo!, Inc		505,692
		TOTAL BUSINESS SERVICES	10,928,479
CHEMICALS AND ALLIED PRODUCTS - 9.16%
16,605		Abbott Laboratories		724,144
303	*	Abraxis BioScience, Inc		7,223
300	*	Acadia Pharmaceuticals, Inc		2,532
100	*	Adams Respiratory Therapeutics, Inc		4,462
168	*	Adeza Biomedical Corp		2,355
409	*	Adolor Corp		10,229
89	*	Advanced Magnetics, Inc		2,690
2,439		Air Products & Chemicals, Inc		155,901
276	*	Albany Molecular Research, Inc		2,948
426		Albemarle Corp		20,397
887		Alberto-Culver Co		43,215
400	*	Alexion Pharmaceuticals, Inc		14,448
851	*	Alkermes, Inc		16,101
344	*	Alnylam Pharmaceuticals, Inc		5,187
534		Alpharma, Inc (Class A)		12,837
479	*	American Oriental Bioengineering, Inc		2,649
146		American Vanguard Corp		2,260
12,952	*	Amgen, Inc		844,859

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
870	*	Andrx Corp	$	20,175
200		Arch Chemicals, Inc		7,210
492	*	Arena Pharmaceuticals, Inc		5,697
600	*	Array Biopharma, Inc		5,160
383	*	Atherogenics, Inc		4,998
288	*	AVANIR Pharmaceuticals		1,970
1,026		Avery Dennison Corp		59,570
4,897		Avon Products, Inc		151,807
123		Balchem Corp		2,767
1,154	*	Barr Pharmaceuticals, Inc		55,034
111	*	Bentley Pharmaceuticals, Inc		1,217
249	*	BioCryst Pharmaceuticals, Inc		3,568
800	*	Bioenvision, Inc		4,264
3,790	*	Biogen Idec, Inc		175,591
967	*	BioMarin Pharmaceuticals, Inc		13,896
21,471		Bristol-Myers Squibb Co		555,240
696		Cabot Corp		24,026
300		Calgon Carbon Corp		1,827
206		Cambrex Corp		4,291
826		Celanese Corp (Series A)		16,867
300	*	Cell Genesys, Inc		1,506
659	*	Cephalon, Inc		39,606
500		CF Industries Holdings, Inc		7,130
788	*	Charles River Laboratories International, Inc		28,998
149	*	Chattem, Inc		4,525
2,512		Chemtura Corp		23,462
712		Church & Dwight Co, Inc		25,931
1,642		Clorox Co		100,113
5,599		Colgate-Palmolive Co		335,380
261	*	Combinatorx, Inc		2,294
300	*	Connetics Corp		3,528
295	*	Conor Medsystems, Inc		8,139
300	*	Cotherix, Inc		2,583
711	*	Cubist Pharmaceuticals, Inc		17,903
912	*	Cypress Bioscience, Inc		5,600
433		Cytec Industries, Inc		23,235
966		Dade Behring Holdings, Inc		40,224
614	*	Dendreon Corp		2,972
300		Diagnostic Products Corp		17,451
131	*	Digene Corp		5,075
10,462		Dow Chemical Co		408,332
10,021		Du Pont (E.I.) de Nemours & Co		416,874
698	*	Durect Corp		2,701
889		Eastman Chemical Co		48,006
1,962		Ecolab, Inc		79,618
10,697		Eli Lilly & Co		591,223
350	*	Elizabeth Arden, Inc		6,258
600	*	Encysive Pharmaceuticals, Inc		4,158
400	*	Enzon Pharmaceuticals, Inc		3,016
1,340		Estee Lauder Cos (Class A)		51,818
396		Ferro Corp		6,320
427		FMC Corp		27,495
3,597	*	Forest Laboratories, Inc		139,168
5,105	*	Genentech, Inc		417,589
253	*	Genitope Corp		1,599
1,467	*	Genta, Inc		2,406
2,833	*	Genzyme Corp		172,955

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
400		Georgia Gulf Corp	$	10,008
1,012	*	Geron Corp		6,983
4,958	*	Gilead Sciences, Inc		293,315
300		H.B. Fuller Co		13,071
308	*	Hana Biosciences, Inc		2,794
1,169	*	Hercules, Inc		17,839
150	*	Hi-Tech Pharmacal Co, Inc		2,485
1,733	*	Hospira, Inc		74,415
1,379	*	Human Genome Sciences, Inc		14,755
982	*	Huntsman Corp		17,008
135	*	Idenix Pharmaceuticals, Inc		1,269
398	*	Idexx Laboratories, Inc		29,902
733	*	ImClone Systems, Inc		28,323
676	*	Immucor, Inc		12,999
507	*	Indevus Pharmaceuticals, Inc		2,773
90		Innospec, Inc		2,288
314	*	InterMune, Inc		5,165
990		International Flavors & Fragrances, Inc		34,888
307	*	Inverness Medical Innovations, Inc		8,667
583	*	Invitrogen Corp		38,519
2,581	*	King Pharmaceuticals, Inc		43,877
100		Koppers Holdings, Inc		1,999
210	*	Kos Pharmaceuticals, Inc		7,900
56		Kronos Worldwide, Inc		1,660
360	*	KV Pharmaceutical Co (Class A)		6,718
722		Lubrizol Corp		28,772
2,270		Lyondell Chemical Co		51,438
287		MacDermid, Inc		8,266
342		Mannatech, Inc		4,313
300	*	MannKind Corp		6,393
338	*	Martek Biosciences Corp		9,785
1,476	*	Medarex, Inc		14,184
547	*	Medicines Co		10,694
596		Medicis Pharmaceutical Corp (Class A)		14,304
2,715	*	Medimmune, Inc		73,576
23,744		Merck & Co, Inc		864,994
172		Meridian Bioscience, Inc		4,291
792	*	MGI Pharma, Inc		17,028
3,429	*	Millennium Pharmaceuticals, Inc		34,187
246		Minerals Technologies, Inc		12,792
200	*	Momenta Pharmaceuticals, Inc		2,542
2,956		Monsanto Co		248,866
1,431	*	Mosaic Co		22,395
2,436		Mylan Laboratories, Inc		48,720
462	*	Myogen, Inc		13,398
612	*	Nabi Biopharmaceuticals		3,513
1,156	*	Nalco Holding Co		20,380
187	*	Nastech Pharmaceutical Co, Inc		2,955
580	*	NBTY, Inc		13,868
559	*	Neurocrine Biosciences, Inc		5,925
200	*	New River Pharmaceuticals, Inc		5,700
154		NewMarket Corp		7,555
113		NL Industries, Inc		1,215
202	*	Northfield Laboratories, Inc		1,998
665	*	Novavax, Inc		3,352
200	*	Noven Pharmaceuticals, Inc		3,580
693	*	NPS Pharmaceuticals, Inc		3,382

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
671	*	Nuvelo, Inc	$	11,172
739		Olin Corp		13,250
298	*	OM Group, Inc		9,193
448	*	Omnova Solutions, Inc		2,545
450	*	Onyx Pharmaceuticals, Inc		7,573
360	*	OraSure Technologies, Inc		3,427
596	*	OSI Pharmaceuticals, Inc		19,644
235	*	Pacific Ethanol, Inc		5,433
300	*	Pain Therapeutics, Inc		2,505
540	*	Panacos Pharmaceuticals, Inc		2,981
364	*	Par Pharmaceutical Cos, Inc		6,719
270	*	Parexel International Corp		7,789
200	*	Parlux Fragrances, Inc		1,938
1,273	*	PDL BioPharma, Inc		23,436
252	*	Penwest Pharmaceuticals Co		5,501
1,869	*	Peregrine Pharmaceuticals, Inc		2,972
889		Perrigo Co		14,313
199	*	PetMed Express, Inc		2,183
79,712		Pfizer, Inc		1,870,841
258	*	Pharmion Corp		4,394
118	*	Pioneer Cos, Inc		3,219
965	*	PolyOne Corp		8,473
200	*	Pozen, Inc		1,408
1,802		PPG Industries, Inc		118,932
3,515		Praxair, Inc		189,810
400	*	Prestige Brands Holdings, Inc		3,988
35,486		Procter & Gamble Co		1,973,022
300	*	Progenics Pharmaceuticals, Inc		7,218
333	*	Quidel Corp		3,163
204	*	Renovis, Inc		3,123
1,335	*	Revlon, Inc (Class A)		1,682
300	*	Rockwood Holdings, Inc		6,903
1,790		Rohm & Haas Co		89,715
1,300		RPM International, Inc		23,400
382	*	Salix Pharmaceuticals Ltd		4,699
492	*	Santarus, Inc		3,272
16,173		Schering-Plough Corp		307,772
375	*	Sciele Pharma, Inc		8,696
464		Scotts Miracle-Gro Co (Class A)		19,636
600		Sensient Technologies Corp		12,546
1,184	*	Sepracor, Inc		67,654
371	*	Serologicals Corp		11,664
754		Sigma-Aldrich Corp		54,771
428	*	Sirna Therapeutics, Inc		2,440
100		Stepan Co		3,158
900	*	SuperGen, Inc		3,267
147	*	SurModics, Inc		5,308
251	*	Tanox, Inc		3,471
445		Tronox, Inc		5,861
500		UAP Holding Corp		10,905
240	*	United Therapeutics Corp		13,865
92	*	USANA Health Sciences, Inc		3,487
864		USEC, Inc		10,238
1,091		Valeant Pharmaceuticals International		18,460
1,088		Valspar Corp		28,734
868	*	VCA Antech, Inc		27,715
1,200	*	Vertex Pharmaceuticals, Inc		44,052

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
739	*	Viropharma, Inc	$	6,370
1,206	*	Watson Pharmaceuticals, Inc		28,076
220		Westlake Chemical Corp		6,556
802	*	WR Grace & Co		9,383
14,663		Wyeth		651,184
200	*	Xenoport, Inc		3,622
405	*	Zymogenetics, Inc		7,683
		TOTAL CHEMICALS AND ALLIED PRODUCTS	14,145,194
COAL MINING - 0.27%
565	*	Alpha Natural Resources, Inc		11,085
1,502		Arch Coal, Inc		63,640
1,992		Consol Energy, Inc		93,066
496		Foundation Coal Holdings, Inc		23,277
1,234	*	International Coal Group, Inc		8,872
138	*	James River Coal Co		3,656
848		Massey Energy Co		30,528
2,920		Peabody Energy Corp		162,790
220		Penn Virginia Corp		15,374
		TOTAL COAL MINING	412,288
COMMUNICATIONS - 4.69%
463		Alaska Communications Systems Group, Inc		5,857
4,232		Alltel Corp		270,129
4,519	*	American Tower Corp (Class A)		140,631
356		Anixter International, Inc		16,896
42,399		AT&T, Inc		1,182,508
200	*	Audiovox Corp (Class A)		2,732
5,053	*	Avaya, Inc		57,705
19,825		BellSouth Corp		717,665
552	*	Brightpoint, Inc		7,469
2,359		Cablevision Systems Corp (Class A)		50,601
178	*	Cbeyond Communications, Inc		3,882
7,721		CBS Corp		208,853
100		Centennial Communications Corp		520
1,303		CenturyTel, Inc		48,406
3,210	*	Charter Communications, Inc (Class A)		3,627
3,005	*	Cincinnati Bell, Inc		12,321
575		Citadel Broadcasting Corp		5,118
3,756		Citizens Communications Co		49,016
5,522		Clear Channel Communications, Inc		170,906
21,223	*	Comcast Corp (Class A)		694,841
230		Commonwealth Telephone Enterprises, Inc		7,627
300		Consolidated Communications Holdings, Inc		4,989
3,167	*	Covad Communications Group, Inc		6,366
496	*	Cox Radio, Inc (Class A)		7,152
2,416	*	Crown Castle International Corp		83,449
200	*	Crown Media Holdings, Inc (Class A)		824
185		CT Communications, Inc		4,231
671	*	Cumulus Media, Inc (Class A)		7,160
8,759	*	DIRECTV Group, Inc		144,524
1,770	*	Dobson Communications Corp (Class A)		13,682
2,321	*	EchoStar Communications Corp (Class A)		71,510
1,622	*	Embarq Corp		66,486
521	*	Emmis Communications Corp (Class A)		8,148
421		Entercom Communications Corp		11,013
810	*	Entravision Communications Corp (Class A)		6,942

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
300		Fairpoint Communications, Inc	$	4,320
594	*	First Avenue Networks, Inc		6,463
52	*	Fisher Communications, Inc		2,191
1,429	*	Foundry Networks, Inc		15,233
464	*	General Communication, Inc (Class A)		5,716
694		Global Payments, Inc		33,694
229		Golden Telecom, Inc		5,805
420		Gray Television, Inc		2,432
327		Hearst-Argyle Television, Inc		7,214
2,006	*	IAC/InterActiveCorp		53,139
614	*	IDT Corp (Class B)		8,467
167	*	InPhonic, Inc		1,052
400		Iowa Telecommunications Services, Inc		7,568
180	*	iPCS, Inc		8,694
500	*	j2 Global Communications, Inc		15,610
479	*	Leap Wireless International, Inc		22,729
9,100	*	Level 3 Communications, Inc		40,404
5,051	*	Liberty Global, Inc		108,597
7,688	*	Liberty Media Holding Corp (Interactive)		132,695
1,537	*	Liberty Media Holding Corp (Capital)		128,754
296	*	Lightbridge, Inc		3,833
281	*	Lin TV Corp (Class A)		2,122
100	*	Lodgenet Entertainment Corp		1,865
573	*	Mastec, Inc		7,569
493	*	Mediacom Communications Corp		3,071
679	*	NeuStar, Inc		22,916
1,498	*	NII Holdings, Inc (Class B)		84,457
158		North Pittsburgh Systems, Inc		4,354
555	*	Novatel Wireless, Inc		5,761
200	*	NTELOS Holdings Corp		2,890
746		PanAmSat Holding Corp		18,635
597	*	Pegasus Wireless Corp		5,337
420	*	Price Communications Corp		7,119
17,203	*	Qwest Communications International, Inc		139,172
888	*	Radio One, Inc (Class D)		6,571
242	*	RCN Corp		6,033
87		Salem Communications Corp (Class A)		1,132
89	*	SAVVIS, Inc		2,635
1,078	*	SBA Communications Corp		28,179
58		Shenandoah Telecom Co		2,726
383		Sinclair Broadcast Group, Inc (Class A)		3,278
300	*	Spanish Broadcasting System, Inc (Class A)		1,533
31,530		Sprint Nextel Corp		630,285
122		SureWest Communications		2,357
182	*	Syniverse Holdings, Inc		2,675
211	*	Talk America Holdings, Inc		1,306
1,250		Telephone & Data Systems, Inc		51,750
500	*	Terremark Worldwide, Inc		1,800
932	*	TiVo, Inc		6,664
200	*	US Cellular Corp		12,120
748	*	Ubiquitel, Inc		7,734
2,328	*	Univision Communications, Inc (Class A)		77,988
250		USA Mobility, Inc		4,150
400		Valor Communications Group, Inc		4,580
31,737		Verizon Communications, Inc		1,062,872
6,904	*	Viacom, Inc		247,439
336	*	Vonage Holdings Corp		2,886

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
326	*	West Corp	$	15,619
1,081	*	Wireless Facilities, Inc		2,973
2,740	*	XM Satellite Radio Holdings, Inc		40,141
		TOTAL COMMUNICATIONS	7,241,090
DEPOSITORY INSTITUTIONS - 10.21%
110		1st Source Corp		3,721
96	*	ACE Cash Express, Inc		2,810
164		Alabama National Bancorp		11,177
200		Amcore Financial, Inc		5,862
107		AmericanWest Bancorp		2,424
108		Ameris Bancorp		2,499
3,767		AmSouth Bancorp		99,637
300		Anchor Bancorp Wisconsin, Inc		9,051
138		Arrow Financial Corp		3,785
1,438		Associated Banc-Corp		45,340
1,046		Astoria Financial Corp		31,851
130		Bancfirst Corp		5,818
117	*	Bancorp, Inc		2,926
823		Bancorpsouth, Inc		22,427
106		BancTrust Financial Group, Inc		2,488
838		Bank Mutual Corp		10,240
49,647		Bank of America Corp		2,388,021
125		Bank of Granite Corp		2,604
555		Bank of Hawaii Corp		27,528
8,288		Bank of New York Co, Inc		266,874
102		Bank of the Ozarks, Inc		3,397
452		BankAtlantic Bancorp, Inc (Class A)		6,708
300		BankFinancial Corp		5,190
400		BankUnited Financial Corp (Class A)		12,208
79		Banner Corp		3,045
5,945		BB&T Corp		247,253
57		Berkshire Hills Bancorp, Inc		2,022
400	*	BFC Financial Corp		2,768
237		BOK Financial Corp		11,772
381		Boston Private Financial Holdings, Inc		10,630
668		Brookline Bancorp, Inc		9,198
64		Cadence Financial Corp		1,425
74		Camden National Corp		2,953
101		Capital City Bank Group, Inc		3,050
93		Capital Corp of the West		2,976
140		Capitol Bancorp Ltd		5,453
332		Capitol Federal Financial		11,384
300		Cardinal Financial Corp		3,486
243		Cascade Bancorp		6,928
518		Cathay General Bancorp		18,845
600	*	Centennial Bank Holdings, Inc		6,204
121		Center Financial Corp		2,860
311		Central Pacific Financial Corp		12,036
36		Charter Financial Corp		1,421
234		Chemical Financial Corp		7,160
453		Chittenden Corp		11,710
54,081		Citigroup, Inc		2,608,867
600		Citizens Banking Corp		14,646
93		Citizens First Bancorp, Inc		2,484
81		City Bank		3,779
155		City Holding Co		5,602

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
477		City National Corp	$	31,048
133		Coastal Financial Corp		1,734
150		CoBiz, Inc		3,378
1,743		Colonial Bancgroup, Inc		44,760
107		Columbia Bancorp		2,682
170		Columbia Banking System, Inc		6,355
1,767		Comerica, Inc		91,866
2,004		Commerce Bancorp, Inc		71,483
714		Commerce Bancshares, Inc		35,736
538		Commercial Capital Bancorp, Inc		8,474
55		Community Bancorp, Inc		2,327
400		Community Bank System, Inc		8,068
245		Community Banks, Inc		6,370
139		Community Trust Bancorp, Inc		4,855
1,357		Compass Bancshares, Inc		75,449
400		Corus Bankshares, Inc		10,472
600		Cullen/Frost Bankers, Inc		34,380
560		CVB Financial Corp		8,770
309		Dime Community Bancshares		4,193
257		Downey Financial Corp		17,437
663		East West Bancorp, Inc		25,134
90		Enterprise Financial Services Corp		2,290
331	*	Euronet Worldwide, Inc		12,700
100		Farmers Capital Bank Corp		3,275
245		Fidelity Bankshares, Inc		7,796
5,213		Fifth Third Bancorp		192,620
100		First Bancorp		2,100
732		First Bancorp		6,808
150		First Busey Corp (Class A)		3,070
300		First Charter Corp		7,359
55		First Citizens Bancshares, Inc (Class A)		11,027
739		First Commonwealth Financial Corp		9,385
230		First Community Bancorp, Inc		13,588
72		First Community Bancshares, Inc		2,375
315		First Financial Bancorp		4,697
189		First Financial Bankshares, Inc		6,906
188		First Financial Corp		5,642
133		First Financial Holdings, Inc		4,256
1,397		First Horizon National Corp		56,159
146		First Indiana Corp		3,800
315		First Merchants Corp		7,658
545		First Midwest Bancorp, Inc		20,209
1,301		First Niagara Financial Group, Inc		18,240
58		First Oak Brook Bancshares, Inc		2,146
100		First Place Financial Corp		2,301
100	*	First Regional Bancorp		8,800
235		First Republic Bank		10,763
88		First South Bancorp, Inc		3,012
156		First State Bancorporation		3,710
208	*	FirstFed Financial Corp		11,995
953		FirstMerit Corp		19,956
154		Flag Financial Corp		2,995
485		Flagstar Bancorp, Inc		7,741
150		Flushing Financial Corp		2,694
594		FNB Corp		9,367
53		FNB Corp		1,961
215	*	Franklin Bank Corp		4,341

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
700		Fremont General Corp	$	12,992
358		Frontier Financial Corp		12,168
1,944		Fulton Financial Corp		30,948
58		GB&T Bancshares, Inc		1,262
293		Glacier Bancorp, Inc		8,576
2,806		Golden West Financial Corp		208,205
104		Great Southern Bancorp, Inc		3,175
543		Greater Bay Bancorp		15,611
95		Greene County Bancshares, Inc		2,941
294		Hancock Holding Co		16,464
384		Hanmi Financial Corp		7,465
200		Harbor Florida Bancshares, Inc		7,428
288		Harleysville National Corp		6,108
158		Heartland Financial USA, Inc		4,211
126		Heritage Commerce Corp		3,124
112		Horizon Financial Corp		3,072
6,417		Hudson City Bancorp, Inc		85,539
2,666		Huntington Bancshares, Inc		62,864
125		IBERIABANK Corp		7,193
100		Independent Bank Corp		3,247
239		Independent Bank Corp		6,286
711		IndyMac Bancorp, Inc		32,599
161		Integra Bank Corp		3,502
117		Interchange Financial Services Corp		2,633
613		International Bancshares Corp		16,845
579	*	Investors Bancorp, Inc		7,845
771		Investors Financial Services Corp		34,618
300		Irwin Financial Corp		5,817
42		ITLA Capital Corp		2,208
37,801		JPMorgan Chase & Co		1,587,642
227		Kearny Financial Corp		3,360
4,399		Keycorp		156,956
247		KNBT Bancorp, Inc		4,080
120		Lakeland Bancorp, Inc		1,880
92		Lakeland Financial Corp		2,235
828		M&T Bank Corp		97,638
120		Macatawa Bank Corp		2,807
445		MAF Bancorp, Inc		19,064
86		MainSource Financial Group, Inc		1,499
2,678		Marshall & Ilsley Corp		122,492
233		MB Financial, Inc		8,239
200		MBT Financial Corp		3,200
4,500		Mellon Financial Corp		154,935
57		Mercantile Bank Corp		2,271
1,342		Mercantile Bankshares Corp		47,869
200		Mid-State Bancshares		5,600
85		Midwest Banc Holdings, Inc		1,891
186		Nara Bancorp, Inc		3,488
100		NASB Financial, Inc		3,377
6,212		National City Corp		224,812
556		National Penn Bancshares, Inc		11,042
374		NBT Bancorp, Inc		8,688
523	*	Net 1 UEPS Technologies, Inc		14,304
505		NetBank, Inc		3,348
3,302		New York Community Bancorp, Inc		54,516
1,211		NewAlliance Bancshares, Inc		17,329
5,062		North Fork Bancorporation, Inc		152,721

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
88	*	Northern Empire Bancshares	$	2,112
2,316		Northern Trust Corp		128,075
200		Northwest Bancorp, Inc		5,300
150		OceanFirst Financial Corp		3,333
869		Old National Bancorp		17,354
194		Old Second Bancorp, Inc		6,014
100		Omega Financial Corp		3,131
165		Oriental Financial Group, Inc		2,105
528		Pacific Capital Bancorp		16,431
165		Park National Corp		16,304
531		Partners Trust Financial Group, Inc		6,059
90		Pennfed Financial Services, Inc		1,679
75		Peoples Bancorp, Inc		2,238
615		People’s Bank		20,203
210		PFF Bancorp, Inc		6,964
200	*	Pinnacle Financial Partners, Inc		6,086
126		Placer Sierra Bancshares		2,922
3,167		PNC Financial Services Group, Inc		222,228
3,026		Popular, Inc		58,099
100		Preferred Bank		5,361
210		Premierwest Bancorp		3,030
228		PrivateBancorp, Inc		9,441
228		Prosperity Bancshares, Inc		7,499
357		Provident Bankshares Corp		12,991
854		Provident Financial Services, Inc		15,329
421		Provident New York Bancorp		5,566
289		R & G Financial Corp (Class B)		2,483
4,960		Regions Financial Corp		164,275
130		Renasant Corp		5,246
691		Republic Bancorp, Inc		8,561
115		Republic Bancorp, Inc (Class A)		2,369
45		Royal Bancshares of Pennsylvania (Class A)		1,093
300		S&T Bancorp, Inc		9,969
210		S.Y. Bancorp, Inc		5,771
250		Sandy Spring Bancorp, Inc		9,015
121		Santander BanCorp		2,979
72		SCBT Financial Corp		2,567
102		Seacoast Banking Corp of Florida		2,716
200		Security Bank Corp		4,454
93		Shore Bancshares, Inc		2,523
319	*	Signature Bank		10,329
108		Simmons First National Corp (Class A)		3,133
1,107		Sky Financial Group, Inc		26,136
200		Sound Federal Bancorp, Inc		4,158
800		South Financial Group, Inc		21,128
110		Southside Bancshares, Inc		2,455
94		Southwest Bancorp, Inc		2,397
4,092		Sovereign Bancorp, Inc		83,109
113		State National Bancshares, Inc		4,306
3,639		State Street Corp		211,390
119		Sterling Bancorp		2,321
400		Sterling Bancshares, Inc		7,500
320		Sterling Financial Corp		7,008
364		Sterling Financial Corp		11,106
88		Suffolk Bancorp		2,882
114		Summit Bancshares, Inc		2,418
128	*	Sun Bancorp, Inc		2,079

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,956		SunTrust Banks, Inc	$	301,685
496		Susquehanna Bancshares, Inc		11,854
400	*	SVB Financial Group		18,184
2,946		Synovus Financial Corp		78,894
66		Taylor Capital Group, Inc		2,693
1,433		TCF Financial Corp		37,903
1,097		TD Banknorth, Inc		32,307
300	*	Texas Capital Bancshares, Inc		6,990
479		Texas Regional Bancshares, Inc (Class A)		18,164
100		Texas United Bancshares, Inc		2,815
238		TierOne Corp		8,037
119		Tompkins Trustco, Inc		5,117
92		Trico Bancshares		2,519
626		Trustco Bank Corp NY		6,899
491		Trustmark Corp		15,206
940		UCBH Holdings, Inc		15,548
372		UMB Financial Corp		12,402
581		Umpqua Holdings Corp		14,903
69		Union Bankshares Corp		2,977
582		UnionBanCal Corp		37,591
437		United Bankshares, Inc		16,007
335		United Community Banks, Inc		10,197
400		United Community Financial Corp		4,800
121		Univest Corp of Pennsylvania		3,342
19,364		US Bancorp		597,960
126		USB Holding Co, Inc		2,835
1,274		Valley National Bancorp		32,755
83		Vineyard National Bancorp		2,233
115	*	Virginia Commerce Bancorp		2,749
67		Virginia Financial Group, Inc		2,829
1,166		W Holding Co, Inc		7,754
17,497		Wachovia Corp		946,238
1,039		Washington Federal, Inc		24,094
10,451		Washington Mutual, Inc		476,357
138		Washington Trust Bancorp, Inc		3,825
573		Webster Financial Corp		27,183
18,276		Wells Fargo & Co		1,225,954
200		WesBanco, Inc		6,198
177		West Bancorporation, Inc		3,305
200		West Coast Bancorp		5,894
390		Westamerica Bancorporation		19,098
143	*	Western Alliance Bancorp		4,974
51		Westfield Financial, Inc		1,479
750		Whitney Holding Corp		26,528
162		Willow Grove Bancorp, Inc		2,577
772		Wilmington Trust Corp		32,563
167		Wilshire Bancorp, Inc		3,009
248		Wintrust Financial Corp		12,611
100		WSFS Financial Corp		6,145
54		Yardville National Bancorp		1,929
1,154		Zions Bancorporation		89,943
		TOTAL DEPOSITORY INSTITUTIONS	15,765,268
EATING AND DRINKING PLACES - 0.94%
208	*	AFC Enterprises		2,652
859		Applebees International, Inc		16,510
1,286		Aramark Corp (Class B)		42,579

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
113	*	BJ’s Restaurants, Inc	$	2,524
500		Bob Evans Farms, Inc		15,005
937		Brinker International, Inc		34,013
72	*	Buffalo Wild Wings, Inc		2,758
175	*	California Pizza Kitchen, Inc		4,809
422		CBRL Group, Inc		14,314
343	*	CEC Entertainment, Inc		11,017
80	*	Chipotle Mexican Grill, Inc		4,876
622		CKE Restaurants, Inc		10,331
366	*	Cosi, Inc		2,280
1,656		Darden Restaurants, Inc		65,246
949	*	Denny’s Corp		3,502
400		Domino’s Pizza, Inc		9,896
182		IHOP Corp		8,751
339	*	Jack in the Box, Inc		13,289
587	*	Krispy Kreme Doughnuts, Inc		4,778
273		Landry’s Restaurants, Inc		8,859
176		Lone Star Steakhouse & Saloon, Inc		4,616
244	*	Luby’s, Inc		2,545
127	*	McCormick & Schmick’s Seafood Restaurants, Inc		3,023
13,557		McDonald’s Corp		455,515
300	*	O’Charleys, Inc		5,100
667		OSI Restaurant Partners, Inc		23,078
277	*	PF Chang’s China Bistro, Inc		10,532
200	*	Papa John’s International, Inc		6,640
361	*	Rare Hospitality International, Inc		10,382
150	*	Red Robin Gourmet Burgers, Inc		6,384
661		Ruby Tuesday, Inc		16,135
200	*	Ruth’s Chris Steak House, Inc		4,084
450	*	Ryan’s Restaurant Group, Inc		5,360
1,053	*	Sonic Corp		21,892
8,447	*	Starbucks Corp		318,959
442	*	Texas Roadhouse, Inc (Class A)		5,976
844	*	The Cheesecake Factory, Inc		22,746
400	*	The Steak N Shake Co		6,056
357	*	Tim Hortons, Inc		9,193
672		Triarc Cos (Class B)		10,503
1,269		Wendy’s International, Inc		73,970
2,957		Yum! Brands, Inc		148,648
		TOTAL EATING AND DRINKING PLACES	1,449,326
EDUCATIONAL SERVICES - 0.14%
1,527	*	Apollo Group, Inc (Class A)		78,900
1,136	*	Career Education Corp		33,955
942	*	Corinthian Colleges, Inc		13,527
587	*	DeVry, Inc		12,896
191	*	Educate, Inc		1,463
490	*	ITT Educational Services, Inc		32,247
522	*	Laureate Education, Inc		22,253
168		Strayer Education, Inc		16,316
228	*	Universal Technical Institute, Inc		5,021
		TOTAL EDUCATIONAL SERVICES	216,578
ELECTRIC, GAS, AND SANITARY SERVICES - 4.07%
7,175	*	AES Corp		132,379
817		AGL Resources, Inc		31,144
1,721	*	Allegheny Energy, Inc		63,797

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
338		Allete, Inc	$	16,004
1,320		Alliant Energy Corp		45,276
2,531	*	Allied Waste Industries, Inc		28,752
2,171		Ameren Corp		109,635
200		American Ecology Corp		5,300
4,260		American Electric Power Co, Inc		145,905
150		American States Water Co		5,347
1,501		Aqua America, Inc		34,208
3,770	*	Aquila, Inc		15,872
846		Atmos Energy Corp		23,612
600		Avista Corp		13,698
446		Black Hills Corp		15,311
148		California Water Service Group		5,290
100		Cascade Natural Gas Corp		2,109
100	*	Casella Waste Systems, Inc (Class A)		1,309
3,472		Centerpoint Energy, Inc		43,400
250		CH Energy Group, Inc		12,000
262	*	Clean Harbors, Inc		10,561
527		Cleco Corp		12,253
2,309	*	CMS Energy Corp		29,878
2,670		Consolidated Edison, Inc		118,655
1,978		Constellation Energy Group, Inc		107,841
1,225	*	Covanta Holding Corp		21,621
96		Crosstex Energy, Inc		9,128
3,800		Dominion Resources, Inc		284,202
1,447		DPL, Inc		38,780
1,941		DTE Energy Co		79,076
13,500		Duke Energy Corp		396,495
900		Duquesne Light Holdings, Inc		14,796
3,694	*	Dynegy, Inc (Class A)		20,206
3,543		Edison International		138,177
7,176		El Paso Corp		107,640
600	*	El Paso Electric Co		12,096
239		Empire District Electric Co		4,911
818		Energen Corp		31,419
1,611		Energy East Corp		38,551
57		EnergySouth, Inc		1,780
2,263		Entergy Corp		160,107
7,271		Exelon Corp		413,211
3,589		FirstEnergy Corp		194,560
4,346		FPL Group, Inc		179,837
791		Great Plains Energy, Inc		22,037
966		Hawaiian Electric Industries, Inc		26,961
447		Idacorp, Inc		15,328
200		ITC Holdings Corp		5,316
1,905		KeySpan Corp		76,962
1,159		Kinder Morgan, Inc		115,773
200		Laclede Group, Inc		6,872
110		Markwest Hydrocarbon, Inc		2,723
1,306		MDU Resources Group, Inc		47,813
282		Metal Management, Inc		8,635
287		MGE Energy, Inc		8,940
3,262	*	Mirant Corp		87,422
860		National Fuel Gas Co		30,220
300		New Jersey Resources Corp		14,034
431		Nicor, Inc		17,887
2,968		NiSource, Inc		64,821

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,671		Northeast Utilities	$	34,540
333		Northwest Natural Gas Co		12,331
379		NorthWestern Corp		13,019
1,450	*	NRG Energy, Inc		69,861
1,104		NSTAR		31,574
983		OGE Energy Corp		34,434
1,227		Oneok, Inc		41,767
100		Ormat Technologies, Inc		3,815
300		Otter Tail Corp		8,199
3,808		PG&E Corp		149,578
426		Peoples Energy Corp		15,298
1,997		Pepco Holdings, Inc		47,089
61	*	Pico Holdings, Inc		1,967
942		Piedmont Natural Gas Co, Inc		22,891
200	*	Pike Electric Corp		3,852
1,096		Pinnacle West Capital Corp		43,741
515	*	Plug Power, Inc		2,405
681		PNM Resources, Inc		16,998
291		Portland General Electric Co		7,266
4,182		PPL Corp		135,079
2,786		Progress Energy, Inc		119,436
600	v*	Progress Energy, Inc		6
2,715		Public Service Enterprise Group, Inc		179,516
1,370		Puget Energy, Inc		29,428
945		Questar Corp		76,063
3,326	*	Reliant Energy, Inc		39,845
1,294		Republic Services, Inc		52,200
115		Resource America, Inc (Class A)		2,191
1,289		SCANA Corp		49,730
2,850		Sempra Energy		129,618
2,073	*	Sierra Pacific Resources		29,022
138		SJW Corp		3,512
260		South Jersey Industries, Inc		7,121
8,071		Southern Co		258,676
1,008		Southern Union Co		27,276
398		Southwest Gas Corp		12,473
129		Southwest Water Co		1,544
469	*	Stericycle, Inc		30,532
671		Synagro Technologies, Inc		2,637
2,190		TECO Energy, Inc		32,719
5,001		TXU Corp		299,010
1,162		UGI Corp		28,608
154		UIL Holdings Corp		8,669
365		Unisource Energy Corp		11,370
807		Vectren Corp		21,991
483	*	Waste Connections, Inc		17,581
229	*	Waste Services, Inc		2,059
1,015		Westar Energy, Inc		21,366
688		Western Gas Resources, Inc		41,177
514		WGL Holdings, Inc		14,880
6,475		Williams Cos, Inc		151,256
1,298		Wisconsin Energy Corp		52,309
500		WPS Resources Corp		24,800
4,413		Xcel Energy, Inc		84,641
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	6,286,839

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.93%
200	*	Actel Corp	$	2,870
580		Acuity Brands, Inc		22,568
900	*	Adaptec, Inc		3,906
1,296	*	ADC Telecommunications, Inc		21,851
743		Adtran, Inc		16,665
395	*	Advanced Analogic Technologies, Inc		4,140
218	*	Advanced Energy Industries, Inc		2,886
5,205	*	Advanced Micro Devices, Inc		127,106
950	*	Aeroflex, Inc		11,087
1,910	*	Agere Systems, Inc		28,077
4,035	*	Altera Corp		70,814
1,773		American Power Conversion Corp		34,556
259	*	American Superconductor Corp		2,287
800		Ametek, Inc		37,904
632	*	AMIS Holdings, Inc		6,320
1,105	*	Amkor Technology, Inc		10,453
974		Amphenol Corp (Class A)		54,505
523	*	Anadigics, Inc		3,515
3,927		Analog Devices, Inc		126,214
1,708	*	Andrew Corp		15,133
3,565	*	Applied Micro Circuits Corp		9,732
1,300	*	Arris Group, Inc		17,056
567	*	Atheros Communications, Inc		10,750
4,854	*	Atmel Corp		26,940
395	*	ATMI, Inc		9,725
1,823	*	Avanex Corp		3,208
1,587	*	Avnet, Inc		31,772
484		AVX Corp		7,642
353		Baldor Electric Co		11,045
100		Bel Fuse, Inc (Class B)		3,281
750	*	Benchmark Electronics, Inc		18,090
4,940	*	Broadcom Corp (Class A)		148,447
912	*	Broadwing Corp		9,439
3,295	*	Brocade Communications Systems, Inc		20,231
1,141	*	Capstone Turbine Corp		2,601
300	*	C-COR, Inc		2,316
266	*	Ceradyne, Inc		13,164
500	*	Checkpoint Systems, Inc		11,105
302	*	China BAK Battery, Inc		2,570
5,973	*	Ciena Corp		28,730
66,567	*	Cisco Systems, Inc		1,300,053
200	*	Color Kinetics, Inc		3,782
330	*	Comtech Telecommunications Corp		9,659
2,113	*	Comverse Technology, Inc		41,774
5,030	*	Conexant Systems, Inc		12,575
884	*	Cree, Inc		21,004
300		CTS Corp		4,467
300		Cubic Corp		5,883
1,519	*	Cypress Semiconductor Corp		22,086
179	*	Diodes, Inc		7,418
273	*	Ditech Networks, Inc		2,381
300	*	Dolby Laboratories, Inc (Class A)		6,990
289	*	DSP Group, Inc		7,182
179	*	DTS, Inc		3,487
300	*	Electro Scientific Industries, Inc		5,397
700	*	Emcore Corp		6,720
4,466		Emerson Electric Co		374,295

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
161	*	EMS Technologies, Inc	$	2,893
695	*	Energizer Holdings, Inc		40,706
426	*	Energy Conversion Devices, Inc		15,519
481	*	EnerSys		10,053
723	*	Evergreen Solar, Inc		9,385
520	*	Exar Corp		6,900
1,414	*	Fairchild Semiconductor International, Inc		25,692
2,640	*	Finisar Corp		8,633
234		Franklin Electric Co, Inc		12,084
4,343	*	Freescale Semiconductor, Inc (Class B)		127,684
600	*	FuelCell Energy, Inc		5,748
3,003	*	Gemstar-TV Guide International, Inc		10,571
254	*	Genlyte Group, Inc		18,397
1,200	*	GrafTech International Ltd		6,960
269	*	Greatbatch, Inc		6,348
711		Harman International Industries, Inc		60,698
1,008	*	Harmonic, Inc		4,516
1,502		Harris Corp		62,348
1,016	*	Hexcel Corp		15,961
140	*	Hittite Microwave Corp		5,062
9,017		Honeywell International, Inc		363,385
378	*	Hutchinson Technology, Inc		8,176
225	*	Ikanos Communications, Inc		3,418
400		Imation Corp		16,420
2,142	*	Integrated Device Technology, Inc		30,374
63,285		Intel Corp		1,199,251
600	*	Interdigital Communications Corp		20,946
938	*	International DisplayWorks, Inc		4,878
735	*	International Rectifier Corp		28,724
1,618		Intersil Corp (Class A)		37,618
200		Inter-Tel, Inc		4,212
359	*	InterVoice, Inc		2,556
122	*	iRobot Corp		3,035
257	*	IXYS Corp		2,467
17,782	*	JDS Uniphase Corp		44,988
789	*	Kemet Corp		7,275
1,326		L-3 Communications Holdings, Inc		100,007
151	*	Lamson & Sessions Co		4,282
1,300	*	Lattice Semiconductor Corp		8,034
462		Lincoln Electric Holdings, Inc		28,944
3,317		Linear Technology Corp		111,086
200	*	Littelfuse, Inc		6,876
124	*	Loral Space & Communications, Inc		3,517
131		LSI Industries, Inc		2,226
4,112	*	LSI Logic Corp		36,802
47,829	*	Lucent Technologies, Inc		115,746
593	*	Mattson Technology, Inc		5,794
3,489		Maxim Integrated Products, Inc		112,032
158	*	Maxwell Technologies, Inc		3,102
1,745	*	McData Corp (Class A)		7,120
169	*	Medis Technologies Ltd		3,427
1,564	*	MEMC Electronic Materials, Inc		58,650
223	*	Mercury Computer Systems, Inc		3,432
300		Methode Electronics, Inc		3,153
64	*	Metrologic Instruments, Inc		961
797	*	Micrel, Inc		7,978
2,332		Microchip Technology, Inc		78,239

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
7,893	*	Micron Technology, Inc	$	118,869
771	*	Microsemi Corp		18,797
1,000	*	Microtune, Inc		6,260
1,196	*	Mindspeed Technologies, Inc		2,882
436	*	MIPS Technologies, Inc		2,647
500	*	Mobility Electronics, Inc		3,630
1,511		Molex, Inc		50,724
300	*	Monolithic Power Systems, Inc		3,549
360	*	Moog, Inc		12,319
26,929		Motorola, Inc		542,619
1,945	*	MRV Communications, Inc		6,049
160	*	Multi-Fineline Electronix, Inc		5,310
43		National Presto Industries, Inc		2,248
3,736		National Semiconductor Corp		89,104
200	*	Netlogic Microsystems, Inc		6,450
4,073	*	Network Appliance, Inc		143,777
1,397	*	Novellus Systems, Inc		34,506
3,732	*	Nvidia Corp		79,454
634	*	Omnivision Technologies, Inc		13,390
1,689	*	ON Semiconductor Corp		9,931
1,027	*	Openwave Systems, Inc		11,852
123	*	Oplink Communications Inc		2,252
136	*	OSI Systems, Inc		2,417
157		Park Electrochemical Corp		4,043
200	*	Pericom Semiconductor Corp		1,660
500	*	Photronics, Inc		7,400
472		Plantronics, Inc		10,483
600	*	Plexus Corp		20,526
410	*	PLX Technology, Inc		5,010
2,300	*	PMC - Sierra, Inc		21,620
1,022	*	Polycom, Inc		22,402
159	*	Portalplayer, Inc		1,560
61	*	Powell Industries, Inc		1,460
270	*	Power Integrations, Inc		4,720
1,100	*	Power-One, Inc		7,260
1,294	*	Powerwave Technologies, Inc		11,801
1,796	*	QLogic Corp		30,963
18,235		Qualcomm, Inc		730,676
1,173	*	Quantum Fuel Systems Technologies Worldwide, Inc		3,988
1,547		RadioShack Corp		21,658
192	*	Radyne Corp		2,185
1,097	*	Rambus, Inc		25,023
138		Raven Industries, Inc		4,347
300		Regal-Beloit Corp		13,245
1,976	*	RF Micro Devices, Inc		11,797
1,860		Rockwell Collins, Inc		103,918
200	*	Rogers Corp		11,268
5,316	*	Sanmina-SCI Corp		24,454
733	*	Semtech Corp		10,592
1,131	*	Silicon Image, Inc		12,192
502	*	Silicon Laboratories, Inc		17,645
1,350	*	Silicon Storage Technology, Inc		5,481
271	*	Sirenza Microdevices, Inc		3,290
15,195	*	Sirius Satellite Radio, Inc		72,176
1,872	*	Skyworks Solutions, Inc		10,315
350	*	Spansion, Inc		5,579
456	*	Spectrum Brands, Inc		5,892

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
300	*	Standard Microsystems Corp	$	6,549
1,040	*	Stratex Networks, Inc		3,526
100	*	Sunpower Corp		2,802
100	*	Supertex, Inc		3,994
1,936	*	Sycamore Networks, Inc		7,860
396	*	Symmetricom, Inc		2,800
172	*	Synaptics, Inc		3,681
500		Technitrol, Inc		11,575
595	*	Tekelec		7,348
437		Teleflex, Inc		23,607
5,056	*	Tellabs, Inc		67,295
466	*	Tessera Technologies, Inc		12,815
17,000		Texas Instruments, Inc		514,930
679	*	Thomas & Betts Corp		34,833
2,162	*	Transmeta Corp		3,502
1,105	*	Transwitch Corp		2,332
598	*	Trident Microsystems, Inc		11,350
1,402	*	Triquint Semiconductor, Inc		6,253
433	*	TTM Technologies, Inc		6,266
100	*	Ulticom, Inc		1,047
100	*	Universal Display Corp		1,331
100	*	Universal Electronics, Inc		1,771
1,002	*	Utstarcom, Inc		7,806
627	*	Varian Semiconductor Equipment Associates, Inc		20,446
219	*	Viasat, Inc		5,624
200		Vicor Corp		3,314
300	*	Virage Logic Corp		2,817
1,793	*	Vishay Intertechnology, Inc		28,204
159	*	Volterra Semiconductor Corp		2,426
755		Whirlpool Corp		62,401
3,857		Xilinx, Inc		87,361
255	*	Zhone Technologies, Inc		520
200	*	Zoltek Cos, Inc		5,978
532	*	Zoran Corp		12,949
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	9,154,121
ENGINEERING AND MANAGEMENT SERVICES - 0.81%
188	*	Advisory Board Co		9,041
1,300	*	Amylin Pharmaceuticals, Inc		64,181
758	*	Applera Corp (Celera Genomics Group)		9,816
556	*	Ariad Pharmaceuticals, Inc		2,508
100		CDI Corp		2,900
3,779	*	Celgene Corp		179,238
436		Corporate Executive Board Co		43,687
167	*	CRA International, Inc		7,538
500	*	CV Therapeutics, Inc		6,985
728	*	deCODE genetics, Inc		4,506
300	*	DiamondCluster International, Inc		2,376
938	*	Digitas, Inc		10,900
188	*	Diversa Corp		1,816
723	*	eResearch Technology, Inc		6,579
180	*	Essex Corp		3,316
753	*	Exelixis, Inc		7,568
172	*	Exponent, Inc		2,907
953		Fluor Corp		88,562
594	*	Gen-Probe, Inc		32,064
340	*	Harris Interactive, Inc		1,938

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
577	*	Hewitt Associates, Inc	$	12,971
188	*	Huron Consulting Group, Inc		6,597
678	*	ICOS Corp		14,909
755	*	Incyte Corp		3,473
200	*	Infrasource Services, Inc		3,642
780	*	Isis Pharmaceuticals, Inc		4,719
637	*	Jacobs Engineering Group, Inc		50,731
135	*	Kendle International, Inc		4,958
230	*	Keryx Biopharmaceuticals, Inc		3,266
84		Landauer, Inc		4,024
139	*	LECG Corp		2,567
673	*	Lexicon Genetics, Inc		2,954
302	*	Lifecell Corp		9,338
348	*	Luminex Corp		6,052
241		MAXIMUS, Inc		5,579
317	*	Maxygen, Inc		2,371
1,275	*	Monogram Biosciences, Inc		2,525
2,673		Moody’s Corp		145,572
60	*	MTC Technologies, Inc		1,418
364	*	Myriad Genetics, Inc		9,191
440	*	Navigant Consulting, Inc		9,966
292	*	Omnicell, Inc		4,035
3,708		Paychex, Inc		144,538
367	*	Per-Se Technologies, Inc		9,241
1,098		Pharmaceutical Product Development, Inc		38,562
1,722		Quest Diagnostics, Inc		103,182
560	*	Regeneron Pharmaceuticals, Inc		7,179
1,490	*	Rentech, Inc		6,928
514	*	Resources Connection, Inc		12,860
207	*	Rigel Pharmaceuticals, Inc		2,014
642	*	Savient Pharmaceuticals, Inc		3,371
219	*	Senomyx, Inc		3,160
282	*	SFBC International, Inc		4,275
821	*	Shaw Group, Inc		22,824
160	*	Sourcecorp		3,966
299	*	Symyx Technologies, Inc		7,221
100	*	Tejon Ranch Co		4,116
510	*	Telik, Inc		8,415
677	*	Tetra Tech, Inc		12,010
148	*	Trimeris, Inc		1,701
556	*	URS Corp		23,352
316		Washington Group International, Inc		16,855
512		Watson Wyatt & Co Holdings		17,992
		TOTAL ENGINEERING AND MANAGEMENT SERVICES	1,253,046
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
406	*	Home Solutions of America, Inc		2,505
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING	2,505
FABRICATED METAL PRODUCTS - 0.41%
383	*	Alliant Techsystems, Inc		29,242
84		Ameron International Corp		5,630
389		Aptargroup, Inc		19,298
1,163		Ball Corp		43,078
170		CIRCOR International, Inc		5,183
1,236		Commercial Metals Co		31,765
132	*	Commercial Vehicle Group, Inc		2,730

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
593		Crane Co	$	24,669
1,891	*	Crown Holdings, Inc		29,443
110		Dynamic Materials Corp		3,710
420	*	Griffon Corp		10,962
190		Gulf Island Fabrication, Inc		3,808
5,433		Illinois Tool Works, Inc		258,067
155		Insteel Industries, Inc		3,751
792	*	Jacuzzi Brands, Inc		6,970
153	*	Ladish Co, Inc		5,733
100		Lifetime Brands, Inc		2,167
400	*	Mobile Mini, Inc		11,704
277	*	Mueller Water Products, Inc		4,823
260	*	NCI Building Systems, Inc		13,824
1,126		Pentair, Inc		38,498
200		Silgan Holdings, Inc		7,402
400		Simpson Manufacturing Co, Inc		14,420
314	*	Smith & Wesson Holding Corp		2,581
657		Snap-On, Inc		26,556
812	*	Taser International, Inc		6,423
154		Valmont Industries, Inc		7,159
255		Watts Water Technologies, Inc (Class A)		8,555
		TOTAL FABRICATED METAL PRODUCTS	628,151
FOOD AND KINDRED PRODUCTS - 2.95%
8,408		Anheuser-Busch Cos, Inc		383,321
7,144		Archer Daniels Midland Co		294,904
100	*	Boston Beer Co, Inc (Class A)		2,929
274	*	Burger King Holdings, Inc		4,316
2,539		Campbell Soup Co		94,222
77		Coca-Cola Bottling Co Consolidated		3,909
22,170		Coca-Cola Co		953,753
3,384		Coca-Cola Enterprises, Inc		68,932
5,649		ConAgra Foods, Inc		124,899
2,194	*	Constellation Brands, Inc (Class A)		54,850
918		Corn Products International, Inc		28,091
588	*	Darling International, Inc		2,664
2,062		Del Monte Foods Co		23,156
169		Diamond Foods, Inc		2,716
200		Farmer Bros Co		4,336
635		Flowers Foods, Inc		18,186
3,694		General Mills, Inc		190,832
546	*	Gold Kist, Inc		7,300
3,646		H.J. Heinz Co		150,288
180	*	Hansen Natural Corp		34,267
1,936		Hershey Co		106,616
858		Hormel Foods Corp		31,866
125		Imperial Sugar Co		2,965
192		J&J Snack Foods Corp		6,349
633		J.M. Smucker Co		28,295
236	*	Jones Soda Co		2,124
2,687		Kellogg Co		130,131
2,294		Kraft Foods, Inc (Class A)		70,885
317		Lancaster Colony Corp		12,512
400		Lance, Inc		9,208
107	*	M&F Worldwide Corp		1,723
1,442		McCormick & Co, Inc		48,379
101		MGP Ingredients, Inc		2,345

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
492		Molson Coors Brewing Co (Class B)	$	33,397
149	*	Peet’s Coffee & Tea, Inc		4,498
1,476		Pepsi Bottling Group, Inc		47,453
735		PepsiAmericas, Inc		16,251
17,978		PepsiCo, Inc		1,079,399
375	*	Ralcorp Holdings, Inc		15,949
110		Reddy Ice Holdings, Inc		2,239
958		Reynolds American, Inc		110,457
189		Sanderson Farms, Inc		5,290
8,274		Sara Lee Corp		132,549
1,076	*	Smithfield Foods, Inc		31,021
338		Tootsie Roll Industries, Inc		9,846
300		Topps Co, Inc		2,466
323	*	TreeHouse Foods, Inc		7,716
2,559		Tyson Foods, Inc (Class A)		38,027
2,452		Wrigley (Wm.) Jr Co		111,223
		TOTAL FOOD AND KINDRED PRODUCTS	4,549,050
FOOD STORES - 0.27%
15		Arden Group, Inc (Class A)		1,698
174		Great Atlantic & Pacific Tea Co, Inc		3,953
100		Ingles Markets, Inc (Class A)		1,700
7,863		Kroger Co		171,885
327	*	Panera Bread Co (Class A)		21,987
248	*	Pantry, Inc		14,270
545	*	Pathmark Stores, Inc		5,128
431		Ruddick Corp		10,564
2,236		Supervalu, Inc		68,645
188		Weis Markets, Inc		7,746
1,532		Whole Foods Market, Inc		99,028
261	*	Wild Oats Markets, Inc		5,116
		TOTAL FOOD STORES	411,720
FORESTRY - 0.13%
834		Rayonier, Inc		31,617
2,666		Weyerhaeuser Co		165,958
		TOTAL FORESTRY	197,575
FURNITURE AND FIXTURES - 0.34%
761	*	BE Aerospace, Inc		17,396
369		Ethan Allen Interiors, Inc		13,487
642		Furniture Brands International, Inc		13,379
800		Herman Miller, Inc		20,616
668		Hillenbrand Industries, Inc		32,398
572		HNI Corp		25,940
64		Hooker Furniture Corp		1,073
400	*	Interface, Inc (Class A)		4,580
2,097		Johnson Controls, Inc		172,415
300		Kimball International, Inc (Class B)		5,913
500		La-Z-Boy, Inc		7,000
1,986		Leggett & Platt, Inc		49,610
4,322		Masco Corp		128,104
220		Sealy Corp		2,919
580	*	Select Comfort Corp		13,323
94		Stanley Furniture Co, Inc		2,253
455	*	Tempur-Pedic International, Inc		6,147
322	*	Williams Scotsman International, Inc		7,032
		TOTAL FURNITURE AND FIXTURES	523,585

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
FURNITURE AND HOMEFURNISHINGS STORES - 0.36%
3,069	*	Bed Bath & Beyond, Inc	$	101,799
4,377		Best Buy Co, Inc		240,035
1,868		Circuit City Stores, Inc		50,847
227	*	Cost Plus, Inc		3,328
713	*	GameStop Corp		29,946
259	*	Guitar Center, Inc		11,518
166		Haverty Furniture Cos, Inc		2,604
364		Knoll, Inc		6,683
573	*	Mohawk Industries, Inc		40,310
1,075		Pier 1 Imports, Inc		7,503
164	*	Restoration Hardware, Inc		1,178
838		Steelcase, Inc (Class A)		13,785
228		Tuesday Morning Corp		2,998
1,054		Williams-Sonoma, Inc		35,889
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	548,423
GENERAL BUILDING CONTRACTORS - 0.36%
39	*	Avatar Holdings, Inc		2,222
477		Beazer Homes USA, Inc		21,880
139		Brookfield Homes Corp		4,580
70	*	Cavco Industries, Inc		3,111
1,320		Centex Corp		66,396
3,307		DR Horton, Inc		78,773
539	*	Hovnanian Enterprises, Inc (Class A)		16,213
857		KB Home		39,293
1,482		Lennar Corp (Class A)		65,756
279		Levitt Corp (Class A)		4,464
111		M/I Homes, Inc		3,894
200	v*	Mascotech (Escrow)		(0	)
170		McGrath RentCorp		4,728
338		MDC Holdings, Inc		17,552
264	*	Meritage Homes Corp		12,474
51	*	NVR, Inc		25,054
100	*	Palm Harbor Homes, Inc		1,759
173	*	Perini Corp		3,893
2,340		Pulte Homes, Inc		67,369
506		Ryland Group, Inc		22,046
670		Standard-Pacific Corp		17,219
155		Technical Olympic USA, Inc		2,226
1,348	*	Toll Brothers, Inc		34,468
473		Walter Industries, Inc		27,268
402	*	WCI Communities, Inc		8,096
		TOTAL GENERAL BUILDING CONTRACTORS	550,734
GENERAL MERCHANDISE STORES - 1.79%
521	*	99 Cents Only Stores		5,450
1,248	*	Big Lots, Inc		21,316
797	*	BJ’s Wholesale Club, Inc		22,595
325	*	Cabela’s, Inc		6,260
547		Casey’s General Stores, Inc		13,680
100	*	Conn’s, Inc		2,655
5,126		Costco Wholesale Corp		292,848
803		Dillard’s, Inc (Class A)		25,576
3,435		Dollar General Corp		48,021

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,605		Family Dollar Stores, Inc	$	39,210
5,935		Federated Department Stores, Inc		217,221
480		Fred’s, Inc		6,408
2,546		JC Penney Co, Inc		171,880
298	*	Retail Ventures, Inc		5,310
1,433		Saks, Inc		23,172
200		Stein Mart, Inc		2,960
9,447		Target Corp		461,675
4,980		TJX Cos, Inc		113,843
26,748		Wal-Mart Stores, Inc		1,288,451
		TOTAL GENERAL MERCHANDISE STORES	2,768,531
HEALTH SERVICES - 1.61%
107	*	Alliance Imaging, Inc		685
216	*	Amedisys, Inc		8,186
384	*	American Retirement Corp		12,584
2,283		AmerisourceBergen Corp		95,703
282	*	Amsurg Corp		6,416
575	*	Apria Healthcare Group, Inc		10,868
300	*	Bio-Reference Labs, Inc		6,528
184		Brookdale Senior Living, Inc		8,232
4,812		Caremark Rx, Inc		239,974
1,303		Cigna Corp		128,359
1,113	*	Community Health Systems, Inc		40,903
60	*	Corvel Corp		1,500
523	*	Covance, Inc		32,018
1,769	*	Coventry Health Care, Inc		97,189
296	*	Cross Country Healthcare, Inc		5,384
1,093	*	DaVita, Inc		54,322
713	*	Edwards Lifesciences Corp		32,392
242	*	Enzo Biochem, Inc		3,649
1,339	*	Express Scripts, Inc		96,060
344	*	Five Star Quality Care, Inc		3,808
228	*	Genesis HealthCare Corp		10,800
300	*	Genomic Health, Inc		3,531
285	*	Gentiva Health Services, Inc		4,569
4,212		HCA, Inc		181,748
2,618		Health Management Associates, Inc (Class A)		51,601
352	*	Healthways, Inc		18,529
109	*	Horizon Health Corp		2,276
402	*	Kindred Healthcare, Inc		10,452
1,357	*	Laboratory Corp of America Holdings		84,446
216		LCA-Vision, Inc		11,429
124	*	LHC Group, Inc		2,470
580	*	LifePoint Hospitals, Inc		18,635
1,018	*	Lincare Holdings, Inc		38,521
404	*	Magellan Health Services, Inc		18,305
860		Manor Care, Inc		40,351
300	*	Matria Healthcare, Inc		6,426
3,309		McKesson Corp		156,449
164	*	Medcath Corp		3,090
3,287	*	Medco Health Solutions, Inc		188,279
100		National Healthcare Corp		4,455
981	*	Nektar Therapeutics		17,992
336	*	Odyssey HealthCare, Inc		5,904
187		Option Care, Inc		2,240
514	*	Pediatrix Medical Group, Inc		23,284

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
610	*	Psychiatric Solutions, Inc	$	17,483
117	*	Radiation Therapy Services, Inc		3,148
300	*	RehabCare Group, Inc		5,214
611	*	Sierra Health Services, Inc		27,513
300	*	Stereotaxis, Inc		3,237
250	*	Sun Healthcare Group, Inc		2,172
483	*	Sunrise Senior Living, Inc		13,355
183	*	Symbion, Inc		3,799
5,068	*	Tenet Healthcare Corp		35,375
969	*	Triad Hospitals, Inc		38,353
448	*	United Surgical Partners International, Inc		13,471
500		Universal Health Services, Inc (Class B)		25,130
121	*	VistaCare, Inc (Class A)		1,464
6,915	*	WellPoint, Inc		503,205
		TOTAL HEALTH SERVICES	2,483,461
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
396		Granite Construction, Inc		17,927
223	*	Matrix Service Co		2,551
97	*	Sterling Construction Co, Inc		2,677
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING	23,155
HOLDING AND OTHER INVESTMENT OFFICES - 2.68%
700		Aames Investment Corp		3,493
400		Acadia Realty Trust		9,460
353	*	Affiliated Managers Group, Inc		30,672
263	*	Affordable Residential Communities		2,827
79		Agree Realty Corp		2,684
28	*	Alexander’s, Inc		7,609
270		Alexandria Real Estate Equities, Inc		23,944
1,450		Allied Capital Corp		41,716
957		AMB Property Corp		48,376
131		American Campus Communities, Inc		3,255
1,336		American Financial Realty Trust		12,932
535		American Home Mortgage Investment Corp		19,720
1,775		Annaly Mortgage Management, Inc		22,738
503		Anthracite Capital, Inc		6,116
734		Anworth Mortgage Asset Corp		6,092
1,059		Apartment Investment & Management Co (Class A)		46,014
880		Apollo Investment Corp		16,262
134		Arbor Realty Trust, Inc		3,357
2,301		Archstone-Smith Trust		117,052
367		Ashford Hospitality Trust, Inc		4,632
811		AvalonBay Communities, Inc		89,713
630		BioMed Realty Trust, Inc		18,862
1,232		Boston Properties, Inc		111,373
918		Brandywine Realty Trust		29,532
557		BRE Properties, Inc (Class A)		30,635
612		Camden Property Trust		45,013
241		Capital Lease Funding, Inc		2,750
47		Capital Southwest Corp		4,909
200		Capital Trust, Inc		7,124
603		CarrAmerica Realty Corp		26,864
698		CBL & Associates Properties, Inc		27,173
400		Cedar Shopping Centers, Inc		5,888
65		CentraCore Properties Trust		1,609
65		Cherokee, Inc		2,688

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
487		Colonial Properties Trust	$	24,058
364		Corporate Office Properties Trust		15,317
426		Cousins Properties, Inc		13,176
820		Crescent Real Estate Equities Co		15,219
560		Deerfield Triarc Capital Corp		7,269
1,155		Developers Diversified Realty Corp		60,268
699		DiamondRock Hospitality Co		10,352
200		Digital Realty Trust, Inc		4,938
1,539		Duke Realty Corp		54,096
231		EastGroup Properties, Inc		10,783
231		Education Realty Trust, Inc		3,846
32	*	Enstar Group, Inc		2,950
300		Entertainment Properties Trust		12,915
587		Equity Inns, Inc		9,721
238		Equity Lifestyle Properties, Inc		10,432
4,187		Equity Office Properties Trust		152,867
415		Equity One, Inc		8,674
3,130		Equity Residential		140,005
332		Essex Property Trust, Inc		37,071
630		Extra Space Storage, Inc		10,231
570		Federal Realty Investment Trust		39,900
628		FelCor Lodging Trust, Inc		13,653
516		Fieldstone Investment Corp		4,727
500		First Industrial Realty Trust, Inc		18,970
172		First Potomac Realty Trust		5,124
538		Franklin Street Properties Corp		10,588
1,402		Friedman Billings Ramsey Group, Inc		15,380
1,875		General Growth Properties, Inc		84,488
164		Getty Realty Corp		4,664
81		Gladstone Capital Corp		1,733
200		Gladstone Investment Corp		3,000
344		Glenborough Realty Trust, Inc		7,410
511		Glimcher Realty Trust		12,678
158		Global Signal, Inc		7,319
300		GMH Communities Trust		3,954
143		Gramercy Capital Corp		3,704
400		Harris & Harris Group, Inc		4,416
1,524		Health Care Property Investors, Inc		40,752
674		Health Care REIT, Inc		23,556
605		Healthcare Realty Trust, Inc		19,269
365		Heritage Property Investment Trust		12,746
298		Hersha Hospitality Trust		2,768
768		Highland Hospitality Corp		10,813
629		Highwoods Properties, Inc		22,757
387		Home Properties, Inc		21,482
800		HomeBanc Corp		6,352
784		Hospitality Properties Trust		34,433
5,552		Host Marriott Corp		121,422
2,100		HRPT Properties Trust		24,276
1		Hugoton Royalty Trust		30
862		IMPAC Mortgage Holdings, Inc		9,637
710		Inland Real Estate Corp		10,565
450		Innkeepers U.S.A. Trust		7,776
678		Investors Real Estate Trust		6,122
1,231		iStar Financial, Inc		46,470
140		JER Investors Trust, Inc		2,177
348		Kilroy Realty Corp		25,143

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES	COMPANY	VALUE
2,301	Kimco Realty Corp	$	83,963
205	Kite Realty Group Trust		3,196
873	KKR Financial Corp		18,167
388	LaSalle Hotel Properties		17,964
576	Lexington Corporate Properties Trust		12,442
1,000	Liberty Property Trust		44,200
249	LTC Properties, Inc		5,565
388	Luminent Mortgage Capital, Inc		3,593
781	Macerich Co		54,826
688	Mack-Cali Realty Corp		31,593
361	Maguire Properties, Inc		12,696
430	Medical Properties Trust, Inc		4,747
808	MFA Mortgage Investments, Inc		5,559
261	Mid-America Apartment Communities, Inc		14,551
593	Mills Corp		15,863
400	MortgageIT Holdings, Inc		4,824
200	National Health Investors, Inc		5,378
622	National Retail Properties, Inc		12,409
800	Nationwide Health Properties, Inc		18,008
537	New Century Financial Corp		24,568
1,216	New Plan Excel Realty Trust		30,023
463	Newcastle Investment Corp		11,723
200	Newkirk Realty Trust, Inc		3,472
300	NorthStar Realty Finance Corp		3,603
357	Novastar Financial, Inc		11,285
2,882	NTL, Inc		71,762
493	Omega Healthcare Investors, Inc		6,517
468	Pan Pacific Retail Properties, Inc		32,465
149	Parkway Properties, Inc		6,780
385	Pennsylvania Real Estate Investment Trust		15,542
2,070	Plum Creek Timber Co, Inc		73,485
500	Post Properties, Inc		22,670
513	Potlatch Corp		19,366
2,643	Prologis		137,753
235	PS Business Parks, Inc		13,865
898	Public Storage, Inc		68,158
298	RAIT Investment Trust		8,702
113	Ramco-Gershenson Properties		3,043
900	Realty Income Corp		19,710
863	Reckson Associates Realty Corp		35,711
209	Redwood Trust, Inc		10,205
757	Regency Centers Corp		47,047
270	Republic Property Trust		2,668
200	Saul Centers, Inc		8,156
712	Saxon Capital, Inc		8,145
630	Senior Housing Properties Trust		11,283
533	Shurgard Storage Centers, Inc (Class A)		33,312
2,404	Simon Property Group, Inc		199,388
192	Sizeler Property Investors, Inc		3,084
470	SL Green Realty Corp		51,451
187	Sovran Self Storage, Inc		9,498
1,500	SPDR Trust Series 1		190,920
715	Spirit Finance Corp		8,051
798	Strategic Hotel Capital, Inc		16,550
236	Sun Communities, Inc		7,677
631	Sunstone Hotel Investors, Inc		18,337
290	Tanger Factory Outlet Centers, Inc		9,387

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
106		Tarragon Corp	$	1,468
574		Taubman Centers, Inc		23,477
1,225		Thornburg Mortgage, Inc		34,141
1,068		Trizec Properties, Inc		30,587
620		Trustreet Properties, Inc		8,178
1,487		United Dominion Realty Trust, Inc		41,651
200		Universal Health Realty Income Trust		6,270
213		Urstadt Biddle Properties, Inc (Class A)		3,470
499		U-Store-It Trust		9,411
1,100		Ventas, Inc		37,268
1,329		Vornado Realty Trust		129,644
444		Washington Real Estate Investment Trust		16,295
842		Weingarten Realty Investors		32,232
221		Windrose Medical Properties Trust		3,227
400		Winston Hotels, Inc		4,900
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	4,134,651
HOTELS AND OTHER LODGING PLACES - 0.51%
226		Ameristar Casinos, Inc		4,396
370	*	Aztar Corp		19,225
459	*	Bluegreen Corp		5,260
447		Boyd Gaming Corp		18,041
370		Choice Hotels International, Inc		22,422
424	*	Gaylord Entertainment Co		18,503
300	*	Great Wolf Resorts, Inc		3,603
4,183		Hilton Hotels Corp		118,295
162	*	Isle of Capri Casinos, Inc		4,155
1,510	*	Las Vegas Sands Corp		117,569
300	*	Lodgian, Inc		4,275
200		Marcus Corp		4,176
3,740		Marriott International, Inc (Class A)		142,569
1,316	*	MGM Mirage		53,693
200	*	Monarch Casino & Resort, Inc		5,624
190	*	Morgans Hotel Group Co		2,956
200	*	Riviera Holdings Corp		4,040
2,333		Starwood Hotels & Resorts Worldwide, Inc		140,773
589		Station Casinos, Inc		40,099
303	*	Trump Entertainment Resorts, Inc		6,105
378	*	Vail Resorts, Inc		14,024
506	*	Wynn Resorts Ltd		37,090
		TOTAL HOTELS AND OTHER LODGING PLACES	786,893
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.33%
8,203		3M Co		662,556
86		Aaon, Inc		2,207
282		Actuant Corp		14,086
652	*	Advanced Digital Information Corp		7,674
961	*	AGCO Corp		25,294
301		Albany International Corp (Class A)		12,759
1,937		American Standard Cos, Inc		83,814
9,253	*	Apple Computer, Inc		528,531
17,069		Applied Materials, Inc		277,883
200	*	Astec Industries, Inc		6,824
140	*	ASV, Inc		3,226
800	*	Asyst Technologies, Inc		6,024
900	*	Axcelis Technologies, Inc		5,310
839		Black & Decker Corp		70,862

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
243		Black Box Corp	$	9,314
315	*	Blount International, Inc		3,786
547		Briggs & Stratton Corp		17,017
693	*	Brooks Automation, Inc		8,177
300		Bucyrus International, Inc (Class A)		15,150
1,292	*	Cameron International Corp		61,719
339		Carlisle Cos, Inc		26,883
126		Cascade Corp		4,983
7,284		Caterpillar, Inc		542,512
638		CDW Corp		34,867
1,000	*	Cirrus Logic, Inc		8,140
196	*	Columbus McKinnon Corp		4,261
491		Cummins, Inc		60,025
500		Curtiss-Wright Corp		15,440
400	*	Cymer, Inc		18,584
2,552		Deere & Co		213,066
25,116	*	Dell, Inc		613,082
772		Diebold, Inc		31,359
818		Donaldson Co, Inc		27,706
2,253		Dover Corp		111,366
338	*	Dresser-Rand Group, Inc		7,936
159	*	Dril-Quip, Inc		13,108
1,646		Eaton Corp		124,108
630	*	Electronics for Imaging, Inc		13,154
25,916	*	EMC Corp		284,299
1,000	*	Emulex Corp		16,270
215	*	EnPro Industries, Inc		7,224
1,363	*	Entegris, Inc		12,989
1,016	*	Extreme Networks, Inc		4,227
131	*	Fargo Electronics, Inc		3,326
381	*	Flow International Corp		5,361
584	*	Flowserve Corp		33,230
715	*	FMC Technologies, Inc		48,234
530	*	Gardner Denver, Inc		20,405
2,668	*	Gateway, Inc		5,069
106	*	Gehl Co		2,706
256	*	Global Imaging Systems, Inc		10,568
254	*	Goodman Global, Inc		3,856
125		Gorman-Rupp Co		3,325
771		Graco, Inc		35,451
1,415	*	Grant Prideco, Inc		63,321
30,652		Hewlett-Packard Co		971,055
201	*	Hydril		15,783
533		IDEX Corp		25,158
515	*	Intermec, Inc		11,814
16,866		International Business Machines Corp		1,295,646
3,710		International Game Technology		140,757
278	*	Intevac, Inc		6,027
1,988		Jabil Circuit, Inc		50,893
1,373		Joy Global, Inc		71,520
85	*	Kadant, Inc		1,955
300		Kaydon Corp		11,193
458		Kennametal, Inc		28,510
348	*	Komag, Inc		16,071
400	*	Kulicke & Soffa Industries, Inc		2,964
1,500	*	Lam Research Corp		69,930
111	*	LB Foster Co		2,694

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
657		Lennox International, Inc	$	17,397
1,176	*	Lexmark International, Inc		65,656
100		Lindsay Manufacturing Co		2,712
200		Lufkin Industries, Inc		11,886
696		Manitowoc Co, Inc		30,972
400	*	Micros Systems, Inc		17,472
47	*	Middleby Corp		4,068
500		Modine Manufacturing Co		11,680
66		Nacco Industries, Inc (Class A)		9,069
158	*	NATCO Group, Inc		6,352
400	*	Netgear, Inc		8,660
100		NN, Inc		1,235
282		Nordson Corp		13,869
540	*	Oil States International, Inc		18,511
1,385		Pall Corp		38,780
888	*	Palm, Inc		14,297
1,331		Parker Hannifin Corp		103,286
448	*	Paxar Corp		9,215
300	*	ProQuest Co		3,687
1,916	*	Quantum Corp		5,020
301	*	Rackable Systems, Inc		11,886
200	*	RBC Bearings, Inc		4,540
78		Robbins & Myers, Inc		2,039
1,980		Rockwell Automation, Inc		142,580
1,316	*	Safeguard Scientifics, Inc		2,843
2,091	*	SanDisk Corp		106,599
200		Sauer-Danfoss, Inc		5,084
266	*	Scansource, Inc		7,799
702	*	Scientific Games Corp (Class A)		25,005
100	*	Semitool, Inc		902
240	*	Sigma Designs, Inc		2,263
2,320		Smith International, Inc		103,170
10,117	*	Solectron Corp		34,600
687		SPX Corp		38,438
100		Standex International Corp		3,035
884		Stanley Works		41,742
2,550		Symbol Technologies, Inc		27,514
139	*	Tecumseh Products Co (Class A)		2,669
100		Tennant Co		5,028
522	*	Terex Corp		51,521
918		Timken Co		30,762
514		Toro Co		24,004
138	*	TurboChef Technologies, Inc		1,535
200	*	Ultratech, Inc		3,148
1,402	*	Varian Medical Systems, Inc		66,385
423	*	VeriFone Holdings, Inc		12,893
303		Watsco, Inc		18,125
2,475	*	Western Digital Corp		49,030
371		Woodward Governor Co		11,319
762	*	Zebra Technologies Corp (Class A)		26,030
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	8,230,936
INSTRUMENTS AND RELATED PRODUCTS - 4.08%
186	*	Abaxis, Inc		4,161
400	*	Abiomed, Inc		5,188
200	*	ADE Corp		6,498
746	*	Advanced Medical Optics, Inc		37,822

80

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
766	*	Affymetrix, Inc	$	19,610
4,727	*	Agilent Technologies, Inc		149,184
700	*	Align Technology, Inc		5,173
1,665		Allergan, Inc		178,588
728	*	American Medical Systems Holdings, Inc		12,121
87	*	American Science & Engineering, Inc		5,039
150		Analogic Corp		6,992
200	*	Anaren, Inc		4,098
131	*	Angiodynamics, Inc		3,544
2,057		Applera Corp (Applied Biosystems Group)		66,544
94	*	Argon ST, Inc		2,503
272		Arrow International, Inc		8,941
300	*	Arthrocare Corp		12,603
200	*	Aspect Medical Systems, Inc		3,488
116		Badger Meter, Inc		3,132
1,132		Bard (C.R.), Inc		82,930
605		Bausch & Lomb, Inc		29,669
7,125		Baxter International, Inc		261,915
655		Beckman Coulter, Inc		36,385
2,691		Becton Dickinson & Co		164,501
2,677		Biomet, Inc		83,763
208	*	Bio-Rad Laboratories, Inc (Class A)		13,508
178	*	Biosite, Inc		8,127
13,441	*	Boston Scientific Corp		226,346
104	*	Bruker BioSciences Corp		557
362	*	Candela Corp		5,741
609	*	Cepheid, Inc		5,913
298	*	Cerus Corp		2,125
151		CNS, Inc		3,700
324	*	Coherent, Inc		10,929
200		Cohu, Inc		3,510
450	*	Conmed Corp		9,315
464		Cooper Cos, Inc		20,551
1,023	*	Credence Systems Corp		3,581
200	*	Cyberonics, Inc		4,264
2,592		Danaher Corp		166,717
100		Datascope Corp		3,084
897		Dentsply International, Inc		54,358
392	*	Depomed, Inc		2,301
284	*	Dionex Corp		15,523
190	*	DJ Orthopedics, Inc		6,998
478		DRS Technologies, Inc		23,303
3,037		Eastman Kodak Co		72,220
137		EDO Corp		3,335
911	*	Encore Medical Corp		4,382
270	*	ESCO Technologies, Inc		14,432
266	*	Esterline Technologies Corp		11,063
160	*	ev3, Inc		2,370
81	*	Excel Technology, Inc		2,424
177	*	FEI Co		4,014
1,341	*	Fisher Scientific International, Inc		97,960
768	*	Flir Systems, Inc		16,942
497	*	Formfactor, Inc		22,181
469	*	Fossil, Inc		8,447
145	*	Foxhollow Technologies, Inc		3,961
272	*	Haemonetics Corp		12,651
360	*	HealthTronics, Inc		2,754

81

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
219	*	Herley Industries, Inc	$	2,455
504	*	Hologic, Inc		24,877
111	*	ICU Medical, Inc		4,689
193	*	I-Flow Corp		2,088
200	*	II-VI, Inc		3,660
383	*	Illumina, Inc		11,360
900	*	Input/Output, Inc		8,505
159	*	Integra LifeSciences Holdings Corp		6,171
388	*	Intermagnetics General Corp		10,468
139	*	Intralase Corp		2,327
437	*	Intuitive Surgical, Inc		51,553
316		Invacare Corp		7,862
400	*	Ionatron, Inc		2,540
170	*	IRIS International, Inc		2,237
304	*	Itron, Inc		18,015
345	*	Ixia		3,105
32,212		Johnson & Johnson		1,930,143
66	*	Kensey Nash Corp		1,947
2,162		Kla-Tencor Corp		89,874
731	*	Kopin Corp		2,639
479	*	Kyphon, Inc		18,374
211	*	Laserscope		6,501
522	*	LTX Corp		3,659
114	*	Measurement Specialties, Inc		2,539
98	*	Medical Action Industries, Inc		2,165
13,132		Medtronic, Inc		616,153
409		Mentor Corp		17,792
187	*	Merit Medical Systems, Inc		2,573
471	*	Mettler-Toledo International, Inc		28,528
550	*	Millipore Corp		34,645
300		Mine Safety Appliances Co		12,060
429	*	MKS Instruments, Inc		8,631
180	*	Molecular Devices Corp		5,501
200		Movado Group, Inc		4,590
282	*	Wright Medical Group, Inc		5,902
221		MTS Systems Corp		8,732
650		National Instruments Corp		17,810
200	*	Natus Medical, Inc		1,978
100	*	Neurometrix, Inc		3,046
407	*	Newport Corp		6,561
360	*	NuVasive, Inc		6,563
200		Oakley, Inc		3,370
42	*	OYO Geospace Corp		2,399
200	*	Palomar Medical Technologies, Inc		9,126
1,291		PerkinElmer, Inc		26,982
200	*	Photon Dynamics, Inc		2,504
2,470		Pitney Bowes, Inc		102,011
306		PolyMedica Corp		11,004
828	*	Resmed, Inc		38,875
764	*	Respironics, Inc		26,144
162	*	Rofin-Sinar Technologies, Inc		9,310
988		Roper Industries, Inc		46,189
351	*	Rudolph Technologies, Inc		5,089
561	*	Sirf Technology Holdings, Inc		18,075
182		Sirona Dental Systems, Inc		7,211
326	*	Sonic Solutions, Inc		5,379
150	*	SonoSite, Inc		5,856

82

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
330	*	Spectranetics Corp	$	3,538
3,940	*	St. Jude Medical, Inc		127,735
800		STERIS Corp		18,288
3,286		Stryker Corp		138,373
376	*	Symmetry Medical, Inc		5,790
450	*	Techne Corp		22,914
993		Tektronix, Inc		29,214
385	*	Teledyne Technologies, Inc		12,613
2,014	*	Teradyne, Inc		28,055
1,728	*	Thermo Electron Corp		62,623
800	*	ThermoGenesis Corp		3,296
483	*	Thoratec Corp		6,699
594	*	Trimble Navigation Ltd		26,516
200	*	TriPath Imaging, Inc		1,324
100		United Industrial Corp		4,525
396	*	Varian, Inc		16,438
262	*	Veeco Instruments, Inc		6,246
328	*	Ventana Medical Systems, Inc		15,475
404	*	Viasys Healthcare, Inc		10,342
320	*	Viisage Technology, Inc		4,851
200	*	Vital Images, Inc		4,940
61		Vital Signs, Inc		3,021
1,178	*	Waters Corp		52,303
10,240	*	Xerox Corp		142,438
300		X-Rite, Inc		3,297
43		Young Innovations, Inc		1,515
2,700	*	Zimmer Holdings, Inc		153,144
100	*	Zoll Medical Corp		3,276
198	*	Zygo Corp		3,245
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	6,296,355
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
3,460		AON Corp		120,477
1,188		Brown & Brown, Inc		34,713
200		Clark, Inc		2,640
245		Crawford & Co (Class B)		1,759
1,000		Gallagher (Arthur J.) & Co		25,340
3,316		Hartford Financial Services Group, Inc		280,534
394		Hilb Rogal & Hobbs Co		14,684
97	*	James River Group, Inc		2,415
5,936		Marsh & McLennan Cos, Inc		159,619
378		National Financial Partners Corp		16,749
600	*	USI Holdings Corp		8,046
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	666,976
INSURANCE CARRIERS - 4.54%
300		21st Century Insurance Group		4,320
6,168		Aetna, Inc		246,288
5,425		Aflac, Inc		251,449
321		Alfa Corp		5,316
53	*	Alleghany Corp		14,647
6,913		Allstate Corp		378,348
1,149		Ambac Financial Group, Inc		93,184
400		American Equity Investment Life Holding Co		4,264
619		American Financial Group, Inc		26,555
23,963		American International Group, Inc		1,415,015
143		American National Insurance Co		18,550

83

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
87	*	American Physicians Capital, Inc	$	4,575
539	*	AMERIGROUP Corp		16,731
418		AmerUs Group Co		24,474
400	*	Argonaut Group, Inc		12,016
1,403		Assurant, Inc		67,905
125		Baldwin & Lyons, Inc (Class B)		3,187
161		Bristol West Holdings, Inc		2,576
444	*	Centene Corp		10,447
4,514		Chubb Corp		225,249
1,693		Cincinnati Financial Corp		79,588
303	*	CNA Financial Corp		9,987
100	*	CNA Surety Corp		1,728
556		Commerce Group, Inc		16,424
1,557	*	Conseco, Inc		35,967
394		Delphi Financial Group, Inc (Class A)		14,326
168		Direct General Corp		2,843
143		Donegal Group, Inc		2,776
583		Erie Indemnity Co (Class A)		30,316
79		FBL Financial Group, Inc (Class A)		2,560
1,901		Fidelity National Financial, Inc		74,044
300		Fidelity National Title Group, Inc		5,901
180	*	First Acceptance Corp		2,120
914		First American Corp		38,635
210	*	Fpic Insurance Group, Inc		8,138
4,777		Genworth Financial, Inc		166,431
68		Great American Financial Resources, Inc		1,423
600		Hanover Insurance Group, Inc		28,476
206		Harleysville Group, Inc		6,534
1,158		HCC Insurance Holdings, Inc		34,092
1,275	*	Health Net, Inc		57,592
276	*	HealthExtras, Inc		8,341
320	*	Healthspring, Inc		6,000
467		Horace Mann Educators Corp		7,916
1,774	*	Humana, Inc		95,264
205		Infinity Property & Casualty Corp		8,405
77		Kansas City Life Insurance Co		3,247
200		LandAmerica Financial Group, Inc		12,920
1,742		Leucadia National Corp		50,849
3,060		Lincoln National Corp		172,706
4,843		Loews Corp		171,684
104	*	Markel Corp		36,088
1,466		MBIA, Inc		85,834
288		Mercury General Corp		16,235
4,792		Metlife, Inc		245,398
952		MGIC Investment Corp		61,880
70		Midland Co		2,659
110	*	Molina Healthcare, Inc		4,185
173		National Interstate Corp		4,692
19		National Western Life Insurance Co (Class A)		4,553
590		Nationwide Financial Services, Inc (Class A)		26,007
117	*	Navigators Group, Inc		5,127
154		Odyssey Re Holdings Corp		4,058
652		Ohio Casualty Corp		19,384
2,437		Old Republic International Corp		52,079
609	*	Philadelphia Consolidated Holding Co		18,489
1,122		Phoenix Cos, Inc		15,798
400	*	PMA Capital Corp (Class A)		4,120

84

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
973		PMI Group, Inc	$	43,376
200		Presidential Life Corp		4,916
3,094		Principal Financial Group		172,181
338	*	ProAssurance Corp		16,285
8,515		Progressive Corp		218,921
737		Protective Life Corp		34,359
5,353		Prudential Financial, Inc		415,928
910		Radian Group, Inc		56,220
310		Reinsurance Group Of America, Inc		15,236
200		RLI Corp		9,636
1,297		Safeco Corp		73,086
200		Safety Insurance Group, Inc		9,510
109	*	SCPIE Holdings, Inc		2,534
169	*	SeaBright Insurance Holdings, Inc		2,723
328		Selective Insurance Group, Inc		18,325
7,361		St. Paul Travelers Cos, Inc		328,153
648		Stancorp Financial Group, Inc		32,990
200		State Auto Financial Corp		6,508
200		Stewart Information Services Corp		7,262
1,092		Torchmark Corp		66,306
176		Tower Group, Inc		5,324
312		Transatlantic Holdings, Inc		17,441
173	*	Triad Guaranty, Inc		8,456
234		United Fire & Casualty Co		7,050
14,654		UnitedHealth Group, Inc		656,206
500		Unitrin, Inc		21,795
417	*	Universal American Financial Corp		5,484
3,132		UnumProvident Corp		56,783
356	*	WellCare Health Plans, Inc		17,462
20		Wesco Financial Corp		7,620
1,705		W.R. Berkley Corp		58,192
401		Zenith National Insurance Corp		15,908
		TOTAL INSURANCE CARRIERS	7,001,091
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
407	*	Corrections Corp of America		21,547
100	*	Geo Group, Inc		3,505
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY	25,052
LEATHER AND LEATHER PRODUCTS - 0.12%
4,188	*	Coach, Inc		125,221
200	*	CROCS, Inc		5,030
200	*	Genesco, Inc		6,774
385	*	Iconix Brand Group, Inc		6,291
150		Steven Madden Ltd		4,443
558	*	Timberland Co (Class A)		14,564
60		Weyco Group, Inc		1,393
600		Wolverine World Wide, Inc		13,998
		TOTAL LEATHER AND LEATHER PRODUCTS	177,714
LEGAL SERVICES - 0.01%
452	*	FTI Consulting, Inc		12,100
154		Pre-Paid Legal Services, Inc		5,313
		TOTAL LEGAL SERVICES	17,413
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,104		Laidlaw International, Inc		27,821
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT	27,821

85

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
LUMBER AND WOOD PRODUCTS - 0.04%
80		American Woodmark Corp	$	2,803
749	*	Champion Enterprises, Inc		8,269
100		Deltic Timber Corp		5,637
1,157		Louisiana-Pacific Corp		25,338
100		Skyline Corp		4,278
200		Universal Forest Products, Inc		12,546
		TOTAL LUMBER AND WOOD PRODUCTS	58,871
METAL MINING - 0.39%
274		Cleveland-Cliffs, Inc		21,725
3,160	*	Coeur d’Alene Mines Corp		15,200
2,049		Freeport-McMoRan Copper & Gold, Inc (Class A)		113,535
1,552	*	Hecla Mining Co		8,148
4,544		Newmont Mining Corp		240,514
2,198		Phelps Dodge Corp		180,588
168		Royal Gold, Inc		4,674
110		Southern Copper Corp		9,804
345	*	Stillwater Mining Co		4,375
		TOTAL METAL MINING	598,563
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
300		Blyth, Inc		5,538
806		Callaway Golf Co		10,470
423		Daktronics, Inc		12,212
1,594		Fortune Brands, Inc		113,190
1,875		Hasbro, Inc		33,956
1,200	*	Identix, Inc		8,388
211	*	Jakks Pacific, Inc		4,239
506	*	K2, Inc		5,536
4,259		Mattel, Inc		70,316
275		Nautilus, Inc		4,320
538	*	Progressive Gaming International Corp		4,196
191	*	RC2 Corp		7,384
100	*	Russ Berrie & Co, Inc		1,226
393	*	Shuffle Master, Inc		12,883
100	*	Steinway Musical Instruments, Inc		2,452
529		Yankee Candle Co, Inc		13,230
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES	309,536
MISCELLANEOUS RETAIL - 1.20%
198	*	1-800-FLOWERS.COM, Inc (Class A)		1,142
110	*	AC Moore Arts & Crafts, Inc		1,794
3,395	*	Amazon.com, Inc		131,319
565		Barnes & Noble, Inc		20,623
334		Big 5 Sporting Goods Corp		6,513
158	*	Blue Nile, Inc		5,081
155		Books-A-Million, Inc		2,585
792		Borders Group, Inc		14,620
200	*	Build-A-Bear Workshop, Inc		4,302
400		Cash America International, Inc		12,800
558	*	CKX, Inc		7,572
557	*	Coldwater Creek, Inc		14,905
8,912		CVS Corp		273,598
137	*	dELiA*s, Inc		1,107

86

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
368	*	Dick’s Sporting Goods, Inc	$	14,573
1,155	*	Dollar Tree Stores, Inc		30,608
1,133	*	Drugstore.com, Inc		3,286
131	*	Ezcorp, Inc		4,937
324	*	GSI Commerce, Inc		4,384
373	*	Hibbett Sporting Goods, Inc		8,915
300		Longs Drug Stores Corp		13,686
1,486		Michaels Stores, Inc		61,283
491		MSC Industrial Direct Co (Class A)		23,357
333	*	Nutri/System, Inc		20,689
3,240	*	Office Depot, Inc		123,120
769		OfficeMax, Inc		31,337
93	*	Overstock.com, Inc		1,977
611	*	Petco Animal Supplies, Inc		12,483
1,575		Petsmart, Inc		40,320
254	*	Priceline.com, Inc		7,584
5,731	*	Rite Aid Corp		24,299
954	*	Sears Holdings Corp		147,717
79	*	Sportsman’s Guide, Inc		2,410
192	*	Stamps.com, Inc		5,341
7,922		Staples, Inc		192,663
1,527		Tiffany & Co		50,422
180	*	Valuevision International, Inc (Class A)		1,985
10,991		Walgreen Co		492,836
362		World Fuel Services Corp		16,540
490	*	Zale Corp		11,804
100	*	Zumiez, Inc		3,757
		TOTAL MISCELLANEOUS RETAIL	1,850,274
MOTION PICTURES - 1.37%
466	*	Avid Technology, Inc		15,532
1,979	*	Blockbuster, Inc (Class A)		9,855
100		Carmike Cinemas, Inc		2,108
3,011	*	Discovery Holding Co (Class A)		44,051
428	*	DreamWorks Animation SKG, Inc (Class A)		9,801
171	*	Gaiam, Inc		2,397
524	*	Macrovision Corp		11,276
25,166		News Corp (Class A)		482,684
687		Regal Entertainment Group (Class A)		13,960
45,887		Time Warner, Inc		793,845
940	*	Time Warner Telecom, Inc (Class A)		13,959
23,808		Walt Disney Co		714,240
		TOTAL MOTION PICTURES	2,113,708
NONDEPOSITORY INSTITUTIONS - 1.75%
163	*	Accredited Home Lenders Holding Co		7,793
700		Advance America Cash Advance Centers, Inc		12,278
199		Advanta Corp (Class B)		7,154
1,546		American Capital Strategies Ltd		51,760
11,771		American Express Co		626,453
1,465	*	AmeriCredit Corp		40,903
410		Ares Capital Corp		6,941
111		Asta Funding, Inc		4,157
3,288		Capital One Financial Corp		280,960
964		CapitalSource, Inc		22,615
555		CharterMac		10,384
2,151		CIT Group, Inc		112,476

87

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
218	*	CompuCredit Corp	$	8,380
6,525		Countrywide Financial Corp		248,472
104	*	Credit Acceptance Corp		2,823
859		Doral Financial Corp		5,506
10,554		Fannie Mae		507,647
160		Federal Agricultural Mortgage Corp (Class C)		4,432
274		Financial Federal Corp		7,620
250	*	First Cash Financial Services, Inc		4,938
331		First Marblehead Corp		18,847
7,528		Freddie Mac		429,171
499	*	INVESTools, Inc		3,962
505		MCG Capital Corp		8,030
200	*	Nelnet, Inc		8,110
300		NGP Capital Resources Co		4,389
300	*	Ocwen Financial Corp		3,813
4,471		SLM Corp		236,605
42		Student Loan Corp		8,484
200		Technology Investment Capital Corp		2,930
109	*	United PanAm Financial Corp		3,314
199	*	World Acceptance Corp		7,068
		TOTAL NONDEPOSITORY INSTITUTIONS	2,708,415
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
200		AMCOL International Corp		5,270
350		Compass Minerals International, Inc		8,733
495		Florida Rock Industries, Inc		24,587
1,088		Vulcan Materials Co		84,864
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS	123,454
OIL AND GAS EXTRACTION - 2.41%
4,989		Anadarko Petroleum Corp		237,925
3,592		Apache Corp		245,154
117	*	Arena Resources, Inc		4,012
252	*	Atlas America, Inc		11,292
191	*	ATP Oil & Gas Corp		8,009
282	*	Atwood Oceanics, Inc		13,987
727	*	Aurora Oil & Gas Corp		2,908
3,683		Baker Hughes, Inc		301,454
130	*	Basic Energy Services, Inc		3,974
400		Berry Petroleum Co (Class A)		13,260
310	*	Bill Barrett Corp		9,179
3,522		BJ Services Co		131,230
184	*	Bois d’Arc Energy, Inc		3,030
400	*	Brigham Exploration Co		3,164
200	*	Bronco Drilling Co, Inc		4,178
525		Cabot Oil & Gas Corp (Class A)		25,725
230	*	Callon Petroleum Co		4,448
202	*	Carrizo Oil & Gas, Inc		6,325
564	*	Cheniere Energy, Inc		21,996
3,747		Chesapeake Energy Corp		113,347
900		Cimarex Energy Co		38,700
100	*	Clayton Williams Energy, Inc		3,454
303	*	CNX Gas Corp		9,090
284	*	Complete Production Services, Inc		6,714
432	*	Comstock Resources, Inc		12,900
80	*	Dawson Geophysical Co		2,462
399		Delta & Pine Land Co		11,731

88

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
500	*	Delta Petroleum Corp	$	8,565
1,296	*	Denbury Resources, Inc		41,044
4,785		Devon Energy Corp		289,062
630		Diamond Offshore Drilling, Inc		52,876
300	*	Edge Petroleum Corp		5,994
520	*	Encore Acquisition Co		13,952
464	*	Energy Partners Ltd		8,793
1,653		ENSCO International, Inc		76,071
1,290		Equitable Resources, Inc		43,215
420	*	EXCO Resources, Inc		4,788
311	*	Exploration Co of Delaware, Inc		3,315
559	*	Forest Oil Corp		18,536
1,187	*	Gasco Energy, Inc		5,282
900	*	Global Industries Ltd		15,030
87	*	GMX Resources, Inc		2,690
111	*	Goodrich Petroleum Corp		3,151
2,200	*	Grey Wolf, Inc		16,940
5,616		Halliburton Co		416,763
1,111	*	Hanover Compressor Co		20,865
318	*	Harvest Natural Resources, Inc		4,306
856	*	Helix Energy Solutions Group, Inc		34,548
586		Helmerich & Payne, Inc		35,312
200	*	Hercules Offshore, Inc		7,000
291	*	Houston Exploration Co		17,806
607	*	KCS Energy, Inc		18,028
793	*	Mariner Energy, Inc		14,567
254	*	McMoRan Exploration Co		4,470
910	*	Meridian Resource Corp		3,185
173	*	Metretek Technologies, Inc		2,972
1,914	*	National Oilwell Varco, Inc		121,194
1,371	*	Newfield Exploration Co		67,097
1,000	*	Newpark Resources, Inc		6,150
1,948		Noble Energy, Inc		91,283
548	*	Oceaneering International, Inc		25,126
522	*	Parallel Petroleum Corp		12,899
1,200	*	Parker Drilling Co		8,616
1,800		Patterson-UTI Energy, Inc		50,958
556	*	PetroHawk Energy Corp		7,006
165	*	Petroleum Development Corp		6,221
435	*	Petroquest Energy, Inc		5,342
452	*	Pioneer Drilling Co		6,979
1,444		Pioneer Natural Resources Co		67,016
819	*	Plains Exploration & Production Co		33,202
664		Pogo Producing Co		30,610
1,760	*	Pride International, Inc		54,965
209	*	Quest Resource Corp		2,832
679	*	Quicksilver Resources, Inc		24,994
1,430		Range Resources Corp		38,882
315	*	Remington Oil & Gas Corp		13,851
607	*	Rosetta Resources, Inc		10,088
1,179		Rowan Cos, Inc		41,961
225		RPC, Inc		5,463
245	*	SEACOR Holdings, Inc		20,115
1,884	*	Southwestern Energy Co		58,705
600		St. Mary Land & Exploration Co		24,150
296	*	Stone Energy Corp		13,779
373	*	Sulphco, Inc		2,671

89

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
821	*	Superior Energy Services	$	27,832
70	*	Superior Well Services, Inc		1,743
270	*	Swift Energy Co		11,591
391	*	Syntroleum Corp		2,373
810	*	Tetra Technologies, Inc		24,535
665		Tidewater, Inc		32,718
672		Todco		27,451
248	*	Toreador Resources Corp		6,976
754	*	Transmeridian Exploration, Inc		4,298
500	*	Transmontaigne, Inc		5,605
127	*	Trico Marine Services, Inc		4,318
300	*	Union Drilling, Inc		4,458
486	*	Unit Corp		27,649
621	*	Vaalco Energy, Inc		6,061
350	*	Veritas DGC, Inc		18,053
136		W&T Offshore, Inc		5,289
580	*	Warren Resources, Inc		8,329
104	*	Warrior Energy Service Corp		2,530
347	*	W-H Energy Services, Inc		17,638
413	*	Whiting Petroleum Corp		17,292
3,962		XTO Energy, Inc		175,398
		TOTAL OIL AND GAS EXTRACTION	3,723,066
PAPER AND ALLIED PRODUCTS - 0.52%
1,090		Bemis Co		33,376
591		Bowater, Inc		13,445
600	*	Buckeye Technologies, Inc		4,584
200	*	Caraustar Industries, Inc		1,800
676	*	Cenveo, Inc		12,134
151		Chesapeake Corp		2,478
397		Glatfelter		6,300
556	*	Graphic Packaging Corp		2,107
166		Greif, Inc (Class A)		12,443
5,432		International Paper Co		175,454
5,001		Kimberly-Clark Corp		308,562
500		Longview Fibre Co		9,545
2,052		MeadWestvaco Corp		57,312
500	*	Mercer International, Inc		4,340
162		Neenah Paper, Inc		4,933
886		Packaging Corp of America		19,510
424	*	Playtex Products, Inc		4,422
390		Rock-Tenn Co (Class A)		6,221
136		Schweitzer-Mauduit International, Inc		2,944
2,686	*	Smurfit-Stone Container Corp		29,385
1,093		Sonoco Products Co		34,593
1,238		Temple-Inland, Inc		53,073
334		Wausau Paper Corp		4,158
		TOTAL PAPER AND ALLIED PRODUCTS	803,119
PERSONAL SERVICES - 0.16%
1,556		Cintas Corp		61,867
300		Coinmach Service Corp		3,075
300	*	Coinstar, Inc		7,182
187		G & K Services, Inc (Class A)		6,414
3,572		H&R Block, Inc		85,228
500		Jackson Hewitt Tax Service, Inc		15,675
542		Regis Corp		19,301

90

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,415		Service Corp International	$	27,798
100		Unifirst Corp		3,450
450		Weight Watchers International, Inc		18,401
		TOTAL PERSONAL SERVICES	248,391
PETROLEUM AND COAL PRODUCTS - 5.75%
200		Alon USA Energy, Inc		6,294
692		Ashland, Inc		46,156
24,113		Chevron Corp		1,496,453
17,956		ConocoPhillips		1,176,657
200		ElkCorp		5,554
2,639		EOG Resources, Inc		182,988
65,820		Exxon Mobil Corp		4,038,057
1,200		Frontier Oil Corp		38,880
150	*	Giant Industries, Inc		9,983
474	*	Headwaters, Inc		12,115
2,633		Hess Corp		139,154
524		Holly Corp		25,257
2,479		Kerr-McGee Corp		171,919
3,969		Marathon Oil Corp		330,618
2,029		Murphy Oil Corp		113,340
4,659		Occidental Petroleum Corp		477,780
1,474		Sunoco, Inc		102,133
747		Tesoro Corp		55,547
6,694		Valero Energy Corp		445,285
174		WD-40 Co		5,841
170		Western Refining, Inc		3,669
		TOTAL PETROLEUM AND COAL PRODUCTS	8,883,680
PRIMARY METAL INDUSTRIES - 1.04%
1,400	*	AK Steel Holding Corp		19,362
9,466		Alcoa, Inc		306,320
400	*	Aleris International, Inc		18,340
1,122		Allegheny Technologies, Inc		77,687
400		Belden CDT, Inc		13,220
300	*	Brush Engineered Materials, Inc		6,255
260		Carpenter Technology Corp		30,030
256	*	Century Aluminum Co		9,137
241	*	Chaparral Steel Co		17,357
572	*	CommScope, Inc		17,972
16,945	*	Corning, Inc		409,900
255	*	Encore Wire Corp		9,165
490	*	General Cable Corp		17,150
250		Gibraltar Industries, Inc		7,250
649		Hubbell, Inc (Class B)		30,925
355	*	Lone Star Technologies, Inc		19,177
337		Matthews International Corp (Class A)		11,616
443	*	Maverick Tube Corp		27,993
372		Mueller Industries, Inc		12,287
300	*	NS Group, Inc		16,524
3,427		Nucor Corp		185,915
89		Olympic Steel, Inc		3,150
422	*	Oregon Steel Mills, Inc		21,379
1,471		Precision Castparts Corp		87,907
450		Quanex Corp		19,382
240	*	RTI International Metals, Inc		13,402
281		Schnitzer Steel Industries, Inc (Class A)		9,970

91

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
530		Steel Dynamics, Inc	$	34,842
200		Steel Technologies, Inc		3,888
179	*	Superior Essex, Inc		5,357
241		Texas Industries, Inc		12,797
807	*	Titanium Metals Corp		27,745
314		Tredegar Corp		4,967
1,205		United States Steel Corp		84,495
200	*	Wheeling-Pittsburgh Corp		3,978
735		Worthington Industries, Inc		15,398
		TOTAL PRIMARY METAL INDUSTRIES	1,612,239
PRINTING AND PUBLISHING - 0.63%
464	*	ACCO Brands Corp		10,162
600		American Greetings Corp (Class A)		12,606
230		Banta Corp		10,656
1,146		Belo (A.H.) Corp Series A		17,878
300		Bowne & Co, Inc		4,290
100	*	Consolidated Graphics, Inc		5,206
73		Courier Corp		2,921
46		CSS Industries, Inc		1,323
594		Dow Jones & Co, Inc		20,796
721	*	Dun & Bradstreet Corp		50,239
269		Ennis, Inc		5,294
961		EW Scripps Co		41,458
2,587		Gannett Co, Inc		144,691
700		Harte-Hanks, Inc		17,948
621		Hollinger International, Inc		4,987
268		John H Harland Co		11,658
600		John Wiley & Sons, Inc (Class A)		19,920
474		Journal Communications, Inc		5,328
446		Journal Register Co		3,996
478		Lee Enterprises, Inc		12,882
239	*	Martha Stewart Living Omnimedia, Inc (Class A)		3,994
671		McClatchy Co (Class A)		26,921
3,927		McGraw-Hill Cos, Inc		197,253
232		Media General, Inc (Class A)		9,718
387		Meredith Corp		19,172
1,452		New York Times Co (Class A)		35,632
100	*	Playboy Enterprises, Inc (Class B)		998
300	*	Presstek, Inc		2,793
1,202	*	Primedia, Inc		2,200
645		R.H. Donnelley Corp		34,875
2,310		R.R. Donnelley & Sons Co		73,805
973		Reader’s Digest Association, Inc (Class A)		13,583
100		Schawk, Inc		1,750
300	*	Scholastic Corp		7,791
235		Standard Register Co		2,785
2,617		Tribune Co		84,869
554	*	Valassis Communications, Inc		13,069
57		Washington Post Co (Class B)		44,461
		TOTAL PRINTING AND PUBLISHING	979,908
RAILROAD TRANSPORTATION - 0.68%
3,995		Burlington Northern Santa Fe Corp		316,604
2,411		CSX Corp		169,831
342		Florida East Coast Industries		17,897
369	*	Genesee & Wyoming, Inc (Class A)		13,088

92

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
850	*	Kansas City Southern Industries, Inc	$	23,545
4,511		Norfolk Southern Corp		240,075
2,926		Union Pacific Corp		272,001
		TOTAL RAILROAD TRANSPORTATION	1,053,041
REAL ESTATE - 0.12%
367	*	Alderwoods Group, Inc		7,142
82	*	California Coastal Communities, Inc		2,624
2,010	*	CB Richard Ellis Group, Inc		50,049
59		Consolidated-Tomoka Land Co		3,253
760		Forest City Enterprises, Inc (Class A)		37,932
389		Jones Lang LaSalle, Inc		34,057
803		St. Joe Co		37,372
1,142		Stewart Enterprises, Inc (Class A)		6,567
325	*	Trammell Crow Co		11,430
		TOTAL REAL ESTATE	190,426
RUBBER AND MISCELLANEOUS PLASTIC PRODUCT - 0.15%
78	*	AEP Industries, Inc		2,607
101	*	Applied Films Corp		2,877
600		Cooper Tire & Rubber Co		6,684
100	*	Deckers Outdoor Corp		3,856
1,761	*	Goodyear Tire & Rubber Co		19,547
626	*	Jarden Corp		19,062
3,056		Newell Rubbermaid, Inc		78,936
115		PW Eagle, Inc		3,478
353		Schulman (A.), Inc		8,080
891		Sealed Air Corp		46,403
310	*	Skechers U.S.A., Inc (Class A)		7,474
267		Spartech Corp		6,034
200		Titan International, Inc		3,742
122	*	Trex Co, Inc		3,159
661		Tupperware Corp		13,015
331		West Pharmaceutical Services, Inc		12,009
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT	236,963
SECURITY AND COMMODITY BROKERS - 2.83%
850		A.G. Edwards, Inc		47,022
2,353		Ameriprise Financial, Inc		105,109
1,313		Bear Stearns Cos, Inc		183,925
215		BlackRock, Inc		29,922
200		Calamos Asset Management, Inc (Class A)		5,798
575	*	Cbot Holdings, Inc		68,764
11,423		Charles Schwab Corp		182,540
377		Chicago Mercantile Exchange Holdings, Inc		185,164
144		Cohen & Steers, Inc		3,398
4,641	*	E*Trade Financial Corp		105,908
1,507		Eaton Vance Corp		37,615
943		Federated Investors, Inc (Class B)		29,705
1,856		Franklin Resources, Inc		161,119
69		GAMCO Investors, Inc		2,536
100	*	GFI Group, Inc		5,395
4,166		Goldman Sachs Group, Inc		626,691
191		Greenhill & Co, Inc		11,605
200	*	IntercontinentalExchange, Inc		11,588
416		International Securities Exchange, Inc		15,837
452	*	Investment Technology Group, Inc		22,989

93

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,426		Janus Capital Group, Inc	$	43,425
1,289		Jefferies Group, Inc		38,193
1,234	*	Knight Capital Group, Inc		18,794
600	*	LaBranche & Co, Inc		7,266
1,387		Legg Mason, Inc		138,034
5,865		Lehman Brothers Holdings, Inc		382,105
239	*	MarketAxess Holdings, Inc		2,631
10,069		Merrill Lynch & Co, Inc		700,400
11,652		Morgan Stanley		736,523
154	*	Morningstar, Inc		6,388
1,026	*	Nasdaq Stock Market, Inc		30,677
861		Nuveen Investments, Inc		37,066
1,695	*	NYSE Group, Inc		116,074
300		optionsXpress Holdings, Inc		6,993
190	*	Piper Jaffray Cos		11,630
970		Raymond James Financial, Inc		29,362
680		SEI Investments Co		33,238
100	*	Stifel Financial Corp		3,531
121		SWS Group, Inc		2,919
2,894		T Rowe Price Group, Inc		109,422
3,706		TD Ameritrade Holding Corp		54,886
200	*	Thomas Weisel Partners Group, Inc		3,802
877		Waddell & Reed Financial, Inc (Class A)		18,031
		TOTAL SECURITY AND COMMODITY BROKERS	4,374,020
SOCIAL SERVICES - 0.01%
250	*	Bright Horizons Family Solutions, Inc		9,423
236	*	Capital Senior Living Corp		2,426
97	*	Providence Service Corp		2,641
319	*	Res-Care, Inc		6,380
		TOTAL SOCIAL SERVICES	20,870
SPECIAL TRADE CONTRACTORS - 0.06%
100		Alico, Inc		5,511
266		Chemed Corp		14,505
409		Comfort Systems USA, Inc		5,845
596	*	Dycom Industries, Inc		12,689
372	*	EMCOR Group, Inc		18,105
400	*	Insituform Technologies, Inc (Class A)		9,156
167	*	Integrated Electrical Services, Inc		2,917
120	*	Layne Christensen Co		3,402
1,376	*	Quanta Services, Inc		23,846
		TOTAL SPECIAL TRADE CONTRACTORS	95,976
STONE, CLAY, AND GLASS PRODUCTS - 0.09%
311		Apogee Enterprises, Inc		4,572
280	*	Cabot Microelectronics Corp		8,487
202		CARBO Ceramics, Inc		9,924
582		Eagle Materials, Inc		27,645
1,800		Gentex Corp		25,200
1,609	*	Owens-Illinois, Inc		26,967
363	*	US Concrete, Inc		4,011
385	b*	USG Corp		28,078
		TOTAL STONE, CLAY, AND GLASS PRODUCTS	134,884
TEXTILE MILL PRODUCTS - 0.01%
200		Oxford Industries, Inc		7,882
300		Xerium Technologies, Inc		2,826
		TOTAL TEXTILE MILL PRODUCTS	10,708

94

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
TOBACCO PRODUCTS - 1.18%
22,717		Altria Group, Inc	$	1,668,109
1,015		Loews Corp (Carolina Group)		52,141
341		Universal Corp		12,692
1,757		UST, Inc		79,399
254		Vector Group Ltd		4,128
		TOTAL TOBACCO PRODUCTS	1,816,469
TRANSPORTATION BY AIR - 0.53%
608	*	ABX Air, Inc		3,672
114	*	Air Methods Corp		2,985
995	*	Airtran Holdings, Inc		14,786
458	*	Alaska Air Group, Inc		18,054
2,294	*	AMR Corp		58,313
218	*	Atlas Air Worldwide Holdings, Inc		10,691
281	*	Bristow Group, Inc		10,116
920	*	Continental Airlines, Inc (Class B)		27,416
356	*	EGL, Inc		17,871
622	*	ExpressJet Holdings, Inc		4,298
3,336		FedEx Corp		389,845
550	*	Frontier Airlines Holdings, Inc		3,966
1,884	*	JetBlue Airways Corp		22,872
200	*	Mesa Air Group, Inc		1,970
149	*	PHI, Inc		4,947
300	*	Republic Airways Holdings, Inc		5,106
692		Skywest, Inc		17,162
8,410		Southwest Airlines Co		137,672
1,065	*	UAL Corp		33,036
661	*	US Airways Group, Inc		33,407
		TOTAL TRANSPORTATION BY AIR	818,185
TRANSPORTATION EQUIPMENT - 2.62%
335	*	AAR Corp		7,447
300	*	Accuride Corp		3,741
148	*	Aftermarket Technology Corp		3,678
449		American Axle & Manufacturing Holdings, Inc		7,682
90		American Railcar Industries, Inc		2,980
223		A.O. Smith Corp		10,338
200		Arctic Cat, Inc		3,902
365	*	Armor Holdings, Inc		20,013
738		ArvinMeritor, Inc		12,686
939		Autoliv, Inc		53,119
356	*	Aviall, Inc		16,917
8,698		Boeing Co		712,453
1,075		Brunswick Corp		35,744
540		Clarcor, Inc		16,087
520		Federal Signal Corp		7,873
570	*	Fleetwood Enterprises, Inc		4,298
19,288		Ford Motor Co		133,666
100		Freightcar America, Inc		5,551
575	*	GenCorp, Inc		9,217
4,406		General Dynamics Corp		288,417
5,100		General Motors Corp		151,929
111	*	GenTek, Inc		2,980

95

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,878		Genuine Parts Co	$	78,237
1,292		Goodrich Corp		52,055
110		Greenbrier Cos, Inc		3,601
300		Group 1 Automotive, Inc		16,902
2,922		Harley-Davidson, Inc		160,389
468		Harsco Corp		36,485
225		Heico Corp		6,379
239	*	IMPCO Technologies, Inc		2,550
2,050		ITT Industries, Inc		101,475
1,080		JLG Industries, Inc		24,300
200	*	K&F Industries Holdings, Inc		3,546
200		Kaman Corp (Class A)		3,640
3,984		Lockheed Martin Corp		285,812
483		Martin Marietta Materials, Inc		44,025
220		Monaco Coach Corp		2,794
654	*	Navistar International Corp		16,095
3,739		Northrop Grumman Corp		239,520
485	*	Orbital Sciences Corp		7,828
768		Oshkosh Truck Corp		36,495
1,860		Paccar, Inc		153,227
1,642	*	Pactiv Corp		40,640
457		Polaris Industries, Inc		19,788
4,855		Raytheon Co		216,387
89	*	Sequa Corp (Class A)		7,254
200		Superior Industries International, Inc		3,658
547	*	Tenneco, Inc		14,222
1,413		Textron, Inc		130,250
400		Thor Industries, Inc		19,380
122	*	TransDigm Group, Inc		2,922
804		Trinity Industries, Inc		32,482
229	*	Triumph Group, Inc		10,992
456	*	TRW Automotive Holdings Corp		12,440
10,997		United Technologies Corp		697,430
1,603	*	Visteon Corp		11,558
270		Wabash National Corp		4,147
492		Westinghouse Air Brake Technologies Corp		18,401
353		Winnebago Industries, Inc		10,957
		TOTAL TRANSPORTATION EQUIPMENT	4,038,981
TRANSPORTATION SERVICES - 0.22%
184		Ambassadors Group, Inc		5,314
1,891		CH Robinson Worldwide, Inc		100,790
121	*	Dynamex, Inc		2,639
2,382		Expeditors International Washington, Inc		133,416
538		GATX Corp		22,865
500	*	HUB Group, Inc		12,265
711		Lear Corp		15,791
169	*	Navigant International, Inc		2,709
400		Pacer International, Inc		13,032
262	*	RailAmerica, Inc		2,741
1,430		Sabre Holdings Corp		31,460
		TOTAL TRANSPORTATION SERVICES	343,022
TRUCKING AND WAREHOUSING - 0.52%
300		Arkansas Best Corp		15,063
250	*	Celadon Group, Inc		5,510
612		Con-way, Inc		35,453

96

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
289		Forward Air Corp	$	11,771
770		Heartland Express, Inc		13,775
1,272		J.B. Hunt Transport Services, Inc		31,686
690		Landstar System, Inc		32,589
160	*	Marten Transport Ltd		3,478
262	*	Old Dominion Freight Line		9,849
60	*	P.A.M. Transportation Services, Inc		1,733
133	*	SCS Transportation, Inc		3,661
215	*	SIRVA, Inc		1,391
579	*	Swift Transportation Co, Inc		18,389
200	*	U.S. Xpress Enterprises, Inc (Class A)		5,404
6,896		United Parcel Service, Inc (Class B)		567,748
200	*	USA Truck, Inc		3,564
457		Werner Enterprises, Inc		9,263
611	*	YRC Worldwide, Inc		25,729
		TOTAL TRUCKING AND WAREHOUSING	796,056
WATER TRANSPORTATION - 0.06%
464		Alexander & Baldwin, Inc		20,541
336	*	American Commercial Lines, Inc		20,244
200	*	Gulfmark Offshore, Inc		5,166
151		Horizon Lines, Inc		2,419
253	*	Hornbeck Offshore Services, Inc		8,987
512	*	Kirby Corp		20,224
92		Maritrans, Inc		2,291
300		Overseas Shipholding Group, Inc		17,745
		TOTAL WATER TRANSPORTATION	97,617
WHOLESALE TRADE-DURABLE GOODS - 2.83%
1,016		Adesa, Inc		22,596
400		Agilysys, Inc		7,200
450		Applied Industrial Technologies, Inc		10,940
1,374	*	Arrow Electronics, Inc		44,243
480		Barnes Group, Inc		9,576
474	*	Beacon Roofing Supply, Inc		10,433
300		BlueLinx Holdings, Inc		3,909
592		BorgWarner, Inc		38,539
296		Building Material Holding Corp		8,250
200		Castle (A.M.) & Co		6,450
244	*	Conceptus, Inc		3,328
1,300	*	Cytyc Corp		32,968
400	*	Digi International, Inc		5,012
130	*	Drew Industries, Inc		4,212
113,124		General Electric Co		3,728,567
480	*	Genesis Microchip, Inc		5,549
1,300		IKON Office Solutions, Inc		16,380
1,526	*	Ingram Micro, Inc (Class A)		27,666
468	*	Insight Enterprises, Inc		8,915
297	*	Interline Brands, Inc		6,944
164	*	Keystone Automotive Industries, Inc		6,924
600		Knight Transportation, Inc		12,120
45		Lawson Products, Inc		1,774
489	*	LKQ Corp		9,291
300	*	Merge Technologies, Inc		3,693
100	*	MWI Veterinary Supply, Inc		3,643
1,319		Omnicare, Inc		62,547
419		Owens & Minor, Inc		11,983

97

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,552	*	Patterson Cos, Inc	$	54,211
614		PEP Boys-Manny Moe & Jack		7,202
567		Pool Corp		24,738
731	*	PSS World Medical, Inc		12,902
335		Reliance Steel & Aluminum Co		27,788
300		Ryerson Tull, Inc		8,100
616	*	Tech Data Corp		23,599
296	*	Tyler Technologies, Inc		3,315
840		W.W. Grainger, Inc		63,193
525	*	WESCO International, Inc		36,225
95	*	West Marine, Inc		1,281
		TOTAL WHOLESALE TRADE-DURABLE GOODS	4,376,206
WHOLESALE TRADE-NONDURABLE GOODS - 0.79%
736		Airgas, Inc		27,416
850		Alliance One International, Inc		3,774
503	*	Allscripts Healthcare Solutions, Inc		8,828
607		Brown-Forman Corp (Class B)		43,370
4,552		Cardinal Health, Inc		292,830
466	*	Central European Distribution Corp		11,725
108	*	Core-Mark Holding Co, Inc		3,866
1,480	*	Dean Foods Co		55,041
1,446	*	Endo Pharmaceuticals Holdings, Inc		47,689
100	*	Green Mountain Coffee Roasters, Inc		4,017
317	*	Hain Celestial Group, Inc		8,166
936	*	Henry Schein, Inc		43,739
100		Kenneth Cole Productions, Inc (Class A)		2,233
330		K-Swiss, Inc (Class A)		8,811
511		Men’s Wearhouse, Inc		15,483
286		Myers Industries, Inc		4,916
180		Nash Finch Co		3,832
2,047		Nike, Inc (Class B)		165,807
559		Nu Skin Enterprises, Inc (Class A)		8,301
113	*	Nuco2, Inc		2,717
493	*	Performance Food Group Co		14,977
200	*	Perry Ellis International, Inc		5,062
4,897		Safeway, Inc		127,322
241	*	School Specialty, Inc		7,676
100	*	Smart & Final, Inc		1,684
348	*	Source Interlink Cos, Inc		4,141
217		Spartan Stores, Inc		3,175
400		Stride Rite Corp		5,276
6,730		Sysco Corp		205,669
1,240	*	Terra Industries, Inc		7,899
140		The Andersons, Inc		5,825
390	*	Tractor Supply Co		21,555
433	*	United Natural Foods, Inc		14,298
360	*	United Stationers, Inc		17,755
100		Valhi, Inc		2,455
143	*	Volcom, Inc		4,575
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS	1,211,905
		TOTAL COMMON STOCKS (Cost $145,349,542)	154,145,342

98

TIAA-CREF LIFE FUNDS - Stock Index Fund

PRINCIPAL	ISSUER	VALUE
SHORT-TERM INVESTMENTS - 0.10%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.10%
$ 150,000	Federal Home Loan Bank (FHLB) 4.950%, 07/03/06	$	150,000
	TOTAL SHORT-TERM INVESTMENTS (Cost $149,960)	150,000
	TOTAL PORTFOLIO - 99.95% (Cost $145,499,502)	154,295,342
	OTHER ASSETS & LIABILITIES, NET - 0.05%	84,083
	NET ASSETS - 100.00%	$154,379,425

* Non-income producing

** Percentage represents less than 0.01%

b In bankruptcy

v Security valued at fair value

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

99

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.62%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
256		Chiquita Brands International, Inc	$	3,528
		TOTAL AGRICULTURAL PRODUCTION-CROPS	3,528
APPAREL AND ACCESSORY STORES - 0.78%
400		American Eagle Outfitters, Inc		13,616
89	*	AnnTaylor Stores Corp		3,861
100	*	Charming Shoppes, Inc		1,124
400	*	Chico’s FAS, Inc		10,792
400		Foot Locker, Inc		9,796
3,091		Gap, Inc		53,783
1,200	*	Kohl’s Corp		70,944
1,800		Limited Brands, Inc		46,062
800		Nordstrom, Inc		29,200
400		Ross Stores, Inc		11,220
329	*	Urban Outfitters, Inc		5,754
		TOTAL APPAREL AND ACCESSORY STORES	256,152
APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%
300		Liz Claiborne, Inc		11,118
200		Phillips-Van Heusen Corp		7,632
100		Polo Ralph Lauren Corp		5,490
100		Russell Corp		1,816
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	26,056
AUTO REPAIR, SERVICES AND PARKING - 0.03%
67		Bandag, Inc		2,452
68		Ryder System, Inc		3,973
162	*	Wright Express Corp		4,656
		TOTAL AUTO REPAIR, SERVICES AND PARKING	11,081
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.08%
200	*	Autozone, Inc		17,640
228	*	Carmax, Inc		8,085
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS	25,725
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.22%
7,028		Home Depot, Inc		251,532
2,400		Lowe’s Cos, Inc		145,608
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES	397,140
BUSINESS SERVICES - 5.91%
622	*	24/7 Real Media, Inc		5,461
140	*	3Com Corp		717
1,241	*	Activision, Inc		14,123
1,494	*	Adobe Systems, Inc		45,358
257	*	Akamai Technologies, Inc		9,301
249	*	Alliance Data Systems Corp		14,646
181	*	Altiris, Inc		3,265
114	*	aQuantive, Inc		2,888
337	*	Ariba, Inc		2,774
1,116	*	Art Technology Group, Inc		3,326
659	*	@Road, Inc		3,638
372	*	Audible, Inc		3,381
400	*	Autodesk, Inc		13,784

100

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
3,083		Automatic Data Processing, Inc	$	139,814
733	*	BEA Systems, Inc		9,595
744	*	BearingPoint, Inc		6,227
271	*	BISYS Group, Inc		3,713
100	*	Blue Coat Systems, Inc		1,686
370	*	Bottomline Technologies, Inc		3,012
200	*	Cerner Corp		7,422
100	*	Checkfree Corp		4,956
785	*	Chordiant Software, Inc		2,379
190	*	Ciber, Inc		1,252
377	*	Click Commerce, Inc		7,438
2,141	*	CMGI, Inc		2,591
274	*	CNET Networks, Inc		2,187
1,121	*	Cogent Communications Group, Inc		10,504
460	*	Cogent, Inc		6,932
593	*	Compuware Corp		3,973
700	*	Convergys Corp		13,650
100	*	CSG Systems International, Inc		2,474
157	*	Digital River, Inc		6,341
400	*	DST Systems, Inc		23,800
647	*	Earthlink, Inc		5,603
3,364	*	eBay, Inc		98,532
800	*	Electronic Arts, Inc		34,432
966	*	Emdeon Corp		11,988
100	*	Equinix, Inc		5,486
868	*	Expedia, Inc		12,994
169		Fair Isaac Corp		6,136
700	*	Fiserv, Inc		31,752
46	*	Getty Images, Inc		2,921
396	*	Google, Inc (Class A)		166,055
200		Jack Henry & Associates, Inc		3,932
111	*	Hyperion Solutions Corp		3,064
850		IMS Health, Inc		22,823
257	*	Infocrossing, Inc		2,968
336	*	Informatica Corp		4,422
1,850	*	Innovative Solutions & Support, Inc		26,011
4,002	*	Internap Network Services Corp		4,202
171	*	Internet Security Systems, Inc		3,223
450	*	Interwoven, Inc		3,861
424	*	Intuit, Inc		25,605
246	*	Iron Mountain, Inc		9,195
136	*	Jupitermedia Corp		1,768
216	*	Kanbay International, Inc		3,141
464	*	KFX, Inc		7,090
200	*	Kinetic Concepts, Inc		8,830
300	*	Lamar Advertising Co		16,158
626	*	Lawson Software, Inc		4,194
242	*	Lionbridge Technologies		1,338
205	*	Liquidity Services, Inc		3,192
498	*	Magma Design Automation, Inc		3,660
100		Manpower, Inc		6,460
249	*	Marchex, Inc		4,091
271	*	Mentor Graphics Corp		3,518
25,950		Microsoft Corp		604,635
448		MoneyGram International, Inc		15,210
544	*	Monster Worldwide, Inc		23,207
900	*	Novell, Inc		5,967
86	*	Nuance Communications, Inc		865
900		Omnicom Group, Inc		80,181
457	*	Opsware, Inc		3,766
290	*	Parametric Technology Corp		3,686
268	*	PDF Solutions, Inc		3,326
72	*	Portfolio Recovery Associates, Inc		3,290

101

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
303	*	Quest Software, Inc	$	4,254
819	*	RealNetworks, Inc		8,763
600		Robert Half International, Inc		25,200
254	*	RSA Security, Inc		6,906
200	*	Salesforce.com, Inc		5,332
500	*	Sapient Corp		2,650
411		ServiceMaster Co		4,246
196	*	Smith Micro Software, Inc		3,140
231	*	Sohu.com, Inc		5,957
363	*	SonicWALL, Inc		3,263
1,340	*	Sonus Networks, Inc		6,633
520	*	Spherion Corp		4,742
600		Startek, Inc		8,970
384		Stellent, Inc		3,667
8,700	*	Sun Microsystems, Inc		36,105
173	*	Sybase, Inc		3,356
3,119	*	Symantec Corp		48,469
1,069	*	TIBCO Software, Inc		7,536
859	*	Tiens Biotech Group USA, Inc		3,677
700		Total System Services, Inc		13,475
165	*	Travelzoo, Inc		5,006
600	*	Unisys Corp		3,768
249		United Online, Inc		2,988
228	*	United Rentals, Inc		7,291
400	*	Valueclick, Inc		6,140
273	*	Vasco Data Security International		2,280
700	*	VeriSign, Inc		16,219
148	*	WebEx Communications, Inc		5,260
200	*	WebSideStory, Inc		2,440
		TOTAL BUSINESS SERVICES	1,933,119
CHEMICALS AND ALLIED PRODUCTS - 9.82%
5,406		Abbott Laboratories		235,756
400	*	Abraxis BioScience, Inc		9,536
100	*	Adolor Corp		2,501
1,033	*	ADVENTRX Pharmaceuticals, Inc		3,275
1,900		Air Products & Chemicals, Inc		121,448
100	*	Alexion Pharmaceuticals, Inc		3,612
100	*	Alkermes, Inc		1,892
4,111	*	Amgen, Inc		268,161
100	*	Atherogenics, Inc		1,305
89	*	AVANIR Pharmaceuticals		609
1,000		Avery Dennison Corp		58,060
1,300		Avon Products, Inc		40,300
525	*	Barr Pharmaceuticals, Inc		25,037
600	*	Bentley Pharmaceuticals, Inc		6,576
200	*	Bioenvision, Inc		1,066
400	*	BioMarin Pharmaceuticals, Inc		5,748
302	*	Bradley Pharmaceuticals, Inc		3,080
6,909		Bristol-Myers Squibb Co		178,667
325		Cabot Corp		11,219
420	*	Caraco Pharmaceutical Laboratories Ltd		3,843
100	*	Cephalon, Inc		6,010
339		Clorox Co		20,669
2,103		Colgate-Palmolive Co		125,970
568	*	Combinatorx, Inc		4,993
431	*	Connetics Corp		5,069
200		Dade Behring Holdings, Inc		8,328
504	*	Dendreon Corp		2,439
274		Diagnostic Products Corp		15,938
93	*	Digene Corp		3,603
3,076	*	Durect Corp		11,904
1,600		Ecolab, Inc		64,928

102

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
300	*	Encysive Pharmaceuticals, Inc	$	2,079
1,700	*	Forest Laboratories, Inc		65,773
1,511	*	Genentech, Inc		123,600
808	*	Genzyme Corp		49,328
300	*	Geron Corp		2,070
1,594	*	Gilead Sciences, Inc		94,301
268		H.B. Fuller Co		11,677
279	*	Hospira, Inc		11,980
500	*	Human Genome Sciences, Inc		5,350
294	*	Huntsman Corp		5,092
261	*	Inverness Medical Innovations, Inc		7,368
100	*	Invitrogen Corp		6,607
1,196	*	King Pharmaceuticals, Inc		20,332
100	*	Kos Pharmaceuticals, Inc		3,762
300		Lubrizol Corp		11,955
200		Mannatech, Inc		2,522
200	*	Medarex, Inc		1,922
600		Medicis Pharmaceutical Corp (Class A)		14,400
668	*	Medimmune, Inc		18,103
9,294		Merck & Co, Inc		338,580
200	*	MGI Pharma, Inc		4,300
800	*	Millennium Pharmaceuticals, Inc		7,976
1,501		Mylan Laboratories, Inc		30,020
400	*	Nabi Biopharmaceuticals		2,296
118	*	Nastech Pharmaceutical Co, Inc		1,864
238	*	Neurocrine Biosciences, Inc		2,523
442	*	Noven Pharmaceuticals, Inc		7,912
100	*	NPS Pharmaceuticals, Inc		488
100	*	Nuvelo, Inc		1,665
200	*	OraSure Technologies, Inc		1,904
126	*	Pacific Ethanol, Inc		2,913
200	*	Par Pharmaceutical Cos, Inc		3,692
200	*	PDL BioPharma, Inc		3,682
400	*	Penwest Pharmaceuticals Co		8,732
1,206		Perrigo Co		19,417
200	*	Pharmion Corp		3,406
200	*	Pozen, Inc		1,408
475		PPG Industries, Inc		31,350
2,250		Praxair, Inc		121,500
731	*	Prestige Brands Holdings, Inc		7,288
10,756		Procter & Gamble Co		598,033
227	*	Progenics Pharmaceuticals, Inc		5,462
330	*	Renovis, Inc		5,052
1,335		Rohm & Haas Co		66,910
500		RPM International, Inc		9,000
450	*	Salix Pharmaceuticals Ltd		5,535
5,380		Schering-Plough Corp		102,381
200	*	Sepracor, Inc		11,428
500		Sigma-Aldrich Corp		36,320
186	*	Somaxon Pharmaceuticals, Inc		2,903
500	*	SuperGen, Inc		1,815
200	*	Tanox, Inc		2,766
58	*	United Therapeutics Corp		3,351
300		Valspar Corp		7,923
303	*	VCA Antech, Inc		9,675
200	*	Vertex Pharmaceuticals, Inc		7,342
600	*	Watson Pharmaceuticals, Inc		13,968
529	*	Zymogenetics, Inc		10,035
		TOTAL CHEMICALS AND ALLIED PRODUCTS	3,212,578
COMMUNICATIONS - 5.17%
1,251		Alltel Corp		79,851
800	*	American Tower Corp (Class A)		24,896

103

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
12,911		AT&T, Inc	$	360,088
6,300		BellSouth Corp		228,060
1,184		Cablevision Systems Corp (Class A)		25,397
1,600		Citadel Broadcasting Corp		14,240
100		Citizens Communications Co		1,305
283	*	Crown Castle International Corp		9,775
733	*	Crown Media Holdings, Inc (Class A)		3,020
409	*	Embarq Corp		16,765
200		Entercom Communications Corp		5,232
418	*	Entravision Communications Corp (Class A)		3,582
100	*	Fisher Communications, Inc		4,213
150		Global Payments, Inc		7,283
960		Gray Television, Inc		5,558
1,244	*	IAC/InterActiveCorp		32,954
1,135	*	Level 3 Communications, Inc		5,039
1,812	*	Liberty Global, Inc		38,958
3,274	*	Liberty Media Holding Corp (Interactive)		56,509
774	*	Liberty Media Holding Corp (Capital)		64,838
717	*	Lin TV Corp (Class A)		5,413
487	*	Mediacom Communications Corp		3,034
120	*	NeuStar, Inc		4,050
300	*	NII Holdings, Inc (Class B)		16,914
200	*	Novatel Wireless, Inc		2,076
829	*	Radio One, Inc (Class D)		6,135
113	*	SAVVIS, Inc		3,346
133	*	SBA Communications Corp		3,477
1,152	*	Spanish Broadcasting System, Inc (Class A)		5,887
8,184		Sprint Nextel Corp		163,598
902	*	Terremark Worldwide, Inc		3,247
279	*	TiVo, Inc		1,995
900	*	Univision Communications, Inc (Class A)		30,150
10,976		Verizon Communications, Inc		367,586
2,107	*	Viacom, Inc		75,515
94	*	West Corp		4,503
400	*	XM Satellite Radio Holdings, Inc		5,860
		TOTAL COMMUNICATIONS	1,690,349
DEPOSITORY INSTITUTIONS - 10.44%
1,500		AmSouth Bancorp		39,675
13,050		Bank of America Corp		627,705
3,100		BB&T Corp		128,929
800		Comerica, Inc		41,592
500		Commerce Bancorp, Inc		17,835
200		Compass Bancshares, Inc		11,120
3,200		Fifth Third Bancorp		118,240
200		First Horizon National Corp		8,040
400		Fremont General Corp		7,424
1,200		Golden West Financial Corp		89,040
300		IndyMac Bancorp, Inc		13,755
2,600		Keycorp		92,768
300		M&T Bank Corp		35,376
900		Marshall & Ilsley Corp		41,166
1,900		Mellon Financial Corp		65,417
3,954		National City Corp		143,095
577		New York Community Bancorp, Inc		9,526
2,259		North Fork Bancorporation, Inc		68,154
700		Northern Trust Corp		38,710
1,549		PNC Financial Services Group, Inc		108,694
520		Popular, Inc		9,984
313	*	QC Holdings, Inc		4,229
2,864		Regions Financial Corp		94,856
630		Sovereign Bancorp, Inc		12,795
1,500		State Street Corp		87,135

104

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,000		SunTrust Banks, Inc	$	152,520
900		Synovus Financial Corp		24,102
9,300		US Bancorp		287,184
300		UnionBanCal Corp		19,377
6,500		Wachovia Corp		351,520
5,290		Washington Mutual, Inc		241,118
6,200		Wells Fargo & Co		415,896
100		Zions Bancorporation		7,794
		TOTAL DEPOSITORY INSTITUTIONS	3,414,771
EATING AND DRINKING PLACES - 1.29%
900	*	AFC Enterprises		11,475
400		Applebees International, Inc		7,688
493		Darden Restaurants, Inc		19,424
7,066		McDonald’s Corp		237,418
47		OSI Restaurant Partners, Inc		1,626
3,234	*	Starbucks Corp		122,116
219	*	Tim Hortons, Inc		5,639
300		Wendy’s International, Inc		17,487
		TOTAL EATING AND DRINKING PLACES	422,873
ELECTRIC, GAS, AND SANITARY SERVICES - 5.79%
2,950	*	AES Corp		54,428
1,096		AGL Resources, Inc		41,780
1,233		Allete, Inc		58,383
421		Alliant Energy Corp		14,440
800		Aqua America, Inc		18,232
1,100		Atmos Energy Corp		30,701
2,028		Avista Corp		46,299
500		Cascade Natural Gas Corp		10,545
1,447		Cleco Corp		33,643
1,739		Consolidated Edison, Inc		77,281
200		Crosstex Energy, Inc		19,016
447		Duquesne Light Holdings, Inc		7,349
2,382		El Paso Corp		35,730
2,300		Empire District Electric Co		47,265
300		Energen Corp		11,523
436		Energy East Corp		10,433
200		EnergySouth, Inc		6,246
2,200		Hawaiian Electric Industries, Inc		61,402
2,200		Idacorp, Inc		75,438
2,445		KeySpan Corp		98,778
1,615		Kinder Morgan, Inc		161,322
400		Markwest Hydrocarbon, Inc		9,900
400		Metal Management, Inc		12,248
500		MGE Energy, Inc		15,575
2,000		National Fuel Gas Co		70,280
792		Nicor, Inc		32,868
4,686		NiSource, Inc		102,342
393		Northeast Utilities		8,123
719	*	NRG Energy, Inc		34,641
4,200		OGE Energy Corp		147,126
733		Otter Tail Corp		20,033
4,300		Pepco Holdings, Inc		101,394
1,000		Piedmont Natural Gas Co, Inc		24,300
4,159		Puget Energy, Inc		89,335
826		Questar Corp		66,485
200		Resource America, Inc (Class A)		3,810
2,000	*	Sierra Pacific Resources		28,000
500		South Jersey Industries, Inc		13,695
1,065		Synagro Technologies, Inc		4,186
1,076		TECO Energy, Inc		16,075
400		UGI Corp		9,848

105

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,155		Unisource Energy Corp	$	35,978
511	*	Waste Services, Inc		4,594
600		Western Gas Resources, Inc		35,910
287		WGL Holdings, Inc		8,309
3,378		Williams Cos, Inc		78,910
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES	1,894,199
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.09%
1,162	*	Advanced Micro Devices, Inc		28,376
292	*	Agere Systems, Inc		4,292
700		American Power Conversion Corp		13,643
312		Ametek, Inc		14,783
537	*	Arris Group, Inc		7,045
215	*	Atheros Communications, Inc		4,076
161		Baldor Electric Co		5,038
147	*	Benchmark Electronics, Inc		3,546
500	*	Brocade Communications Systems, Inc		3,070
408	*	CalAmp Corp		3,627
240	*	C-COR, Inc		1,853
17,600	*	Cisco Systems, Inc		343,728
2,976	*	Conexant Systems, Inc		7,440
308	*	Cree, Inc		7,318
100	*	Ditech Networks, Inc		872
178	*	Dolby Laboratories, Inc (Class A)		4,147
427	*	Emcore Corp		4,099
3,178		Emerson Electric Co		266,348
1,100	*	Finisar Corp		3,597
900	*	Freescale Semiconductor, Inc (Class B)		26,460
312	*	FuelCell Energy, Inc		2,989
100		Harman International Industries, Inc		8,537
300	*	Harmonic, Inc		1,344
19,509		Intel Corp		369,696
100	*	Interdigital Communications Corp		3,491
600	*	InterVoice, Inc		4,272
512	*	Lattice Semiconductor Corp		3,164
77		Lincoln Electric Holdings, Inc		4,824
175	*	Loral Space & Communications, Inc		4,963
1,277	*	LSI Logic Corp		11,429
14,900	*	Lucent Technologies, Inc		36,058
155	*	McData Corp (Class A)		632
181	*	Medis Technologies Ltd		3,671
1,550	*	Micron Technology, Inc		23,343
800		Molex, Inc		26,856
391	*	MoSys, Inc		3,058
7,700		Motorola, Inc		155,155
1,600	*	MRV Communications, Inc		4,976
1,200		National Semiconductor Corp		28,620
236	*	Novellus Systems, Inc		5,829
214	*	Omnivision Technologies, Inc		4,520
951	*	ON Semiconductor Corp		5,592
1,800	*	Optical Communication Products, Inc		3,618
293		Plantronics, Inc		6,508
149	*	Plexus Corp		5,097
357	*	Polycom, Inc		7,825
200	*	Power-One, Inc		1,320
621	*	Powerwave Technologies, Inc		5,664
441	*	QLogic Corp		7,603
5,000		Qualcomm, Inc		200,350
504	*	Quantum Fuel Systems Technologies Worldwide, Inc		1,714
200		RadioShack Corp		2,800
706	*	RF Micro Devices, Inc		4,215
760	*	Silicon Storage Technology, Inc		3,086
3,571	*	Sirius Satellite Radio, Inc		16,962

106

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
105	*	Sunpower Corp	$	2,942
400	*	Sycamore Networks, Inc		1,624
568	*	Symmetricom, Inc		4,016
312	*	Tekelec		3,853
200		Teleflex, Inc		10,804
1,300	*	Tellabs, Inc		17,303
135	*	Tessera Technologies, Inc		3,713
4,974		Texas Instruments, Inc		150,662
338	*	Thomas & Betts Corp		17,339
1,944	*	Transmeta Corp		3,149
233	*	Trident Microsystems, Inc		4,422
944	*	Triquint Semiconductor, Inc		4,210
184	*	TTM Technologies, Inc		2,662
100		Whirlpool Corp		8,265
800		Xilinx, Inc		18,120
625	*	Zhone Technologies, Inc		1,275
111	*	Zoran Corp		2,702
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	1,990,200
ENGINEERING AND MANAGEMENT SERVICES - 0.87%
200	*	Amylin Pharmaceuticals, Inc		9,874
200	*	Applera Corp (Celera Genomics Group)		2,590
200	*	Ariad Pharmaceuticals, Inc		902
880	*	Celgene Corp		41,738
42		Corporate Executive Board Co		4,208
100	*	CV Therapeutics, Inc		1,397
87	*	Digitas, Inc		1,011
716	*	Harris Interactive, Inc		4,081
200	*	ICOS Corp		4,398
767	*	Incyte Corp		3,528
435	*	Isis Pharmaceuticals, Inc		2,632
100	*	Lexicon Genetics, Inc		439
1,234		Moody’s Corp		67,204
139	*	Navigant Consulting, Inc		3,148
1,352		Paychex, Inc		52,701
496		Pharmaceutical Product Development, Inc		17,420
865		Quest Diagnostics, Inc		51,831
211	*	Regeneron Pharmaceuticals, Inc		2,705
792	*	Rentech, Inc		3,683
100	*	Symyx Technologies, Inc		2,415
318	*	Tetra Tech, Inc		5,641
		TOTAL ENGINEERING AND MANAGEMENT SERVICES	283,546
FABRICATED METAL PRODUCTS - 0.72%
720		Commercial Metals Co		18,504
258		Dynamic Materials Corp		8,702
100		Gulf Island Fabrication, Inc		2,004
3,802		Illinois Tool Works, Inc		180,595
100	*	Jacuzzi Brands, Inc		880
200		Pentair, Inc		6,838
300		Silgan Holdings, Inc		11,103
147		Snap-On, Inc		5,942
		TOTAL FABRICATED METAL PRODUCTS	234,568
FOOD AND KINDRED PRODUCTS - 2.63%
1,403		Campbell Soup Co		52,065
1,262		Coca-Cola Enterprises, Inc		25,707
1,600		General Mills, Inc		82,656
1,908		H.J. Heinz Co		78,648
31	*	Hansen Natural Corp		5,901
964		Hershey Co		53,087
1,864		Kellogg Co		90,274
300		Pepsi Bottling Group, Inc		9,645

107

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
6,221		PepsiCo, Inc	$	373,509
2,399		Sara Lee Corp		38,432
1,125		Wrigley (Wm.) Jr Co		51,030
		TOTAL FOOD AND KINDRED PRODUCTS	860,954
FOOD STORES - 0.31%
3,000		Kroger Co		65,580
400	*	Pathmark Stores, Inc		3,764
604		Supervalu, Inc		18,543
200		Whole Foods Market, Inc		12,928
		TOTAL FOOD STORES	100,815
FORESTRY - 0.11%
575		Weyerhaeuser Co		35,794
		TOTAL FORESTRY	35,794
FURNITURE AND FIXTURES - 0.69%
1,500	*	BE Aerospace, Inc		34,290
200		Hillenbrand Industries, Inc		9,700
1,200		Johnson Controls, Inc		98,664
700		Leggett & Platt, Inc		17,486
2,240		Masco Corp		66,394
		TOTAL FURNITURE AND FIXTURES	226,534
FURNITURE AND HOMEFURNISHINGS STORES - 0.34%
865	*	Bed Bath & Beyond, Inc		28,692
1,050		Best Buy Co, Inc		57,582
500		Circuit City Stores, Inc		13,610
100	*	Mohawk Industries, Inc		7,035
100		Williams-Sonoma, Inc		3,405
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	110,324
GENERAL BUILDING CONTRACTORS - 0.42%
100		Beazer Homes USA, Inc		4,587
400		Centex Corp		20,120
1,241		DR Horton, Inc		29,560
180	*	Hovnanian Enterprises, Inc (Class A)		5,414
400		Lennar Corp (Class A)		17,748
20		Lennar Corp (Class B)		816
7	*	NVR, Inc		3,439
1,100		Pulte Homes, Inc		31,669
200		Ryland Group, Inc		8,714
300		Standard-Pacific Corp		7,710
200	*	Toll Brothers, Inc		5,114
148	*	WCI Communities, Inc		2,981
		TOTAL GENERAL BUILDING CONTRACTORS	137,872
GENERAL MERCHANDISE STORES - 1.33%
100	*	Big Lots, Inc		1,708
2,300		Costco Wholesale Corp		131,399
853		Dollar General Corp		11,925
700		Family Dollar Stores, Inc		17,101
900		JC Penney Co, Inc		60,759
2,000		TJX Cos, Inc		45,720
3,400		Target Corp		166,158
		TOTAL GENERAL MERCHANDISE STORES	434,770
HEALTH SERVICES - 1.21%
613	*	Alliance Imaging, Inc		3,923
238	*	American Retirement Corp		7,799
186	*	Amsurg Corp		4,232

108

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
190		Brookdale Senior Living, Inc	$	8,501
497	*	Community Health Systems, Inc		18,265
247	*	DaVita, Inc		12,276
100	*	Edwards Lifesciences Corp		4,543
400	*	Express Scripts, Inc		28,696
316	*	Five Star Quality Care, Inc		3,498
73	*	Genesis HealthCare Corp		3,458
700		Health Management Associates, Inc (Class A)		13,797
161	*	Healthways, Inc		8,475
651	*	Hythiam, Inc		4,537
200	*	Laboratory Corp of America Holdings		12,446
337	*	LifePoint Hospitals, Inc		10,828
153	*	Lincare Holdings, Inc		5,790
251	*	Medcath Corp		4,729
300	*	Nektar Therapeutics		5,502
163	*	Odyssey HealthCare, Inc		2,864
296		Option Care, Inc		3,546
185	*	Pediatrix Medical Group, Inc		8,380
334	*	Psychiatric Solutions, Inc		9,571
304	*	RehabCare Group, Inc		5,284
301	*	Sierra Health Services, Inc		13,554
337	*	Sunrise Senior Living, Inc		9,318
200	*	Symbion, Inc		4,152
100	*	Triad Hospitals, Inc		3,958
292		Universal Health Services, Inc (Class B)		14,676
446	*	VistaCare, Inc (Class A)		5,397
2,112	*	WellPoint, Inc		153,690
		TOTAL HEALTH SERVICES	395,685
HOLDING AND OTHER INVESTMENT OFFICES - 2.68%
1,640		Allied Capital Corp		47,183
300		AMB Property Corp		15,165
800		Anworth Mortgage Asset Corp		6,640
917		Archstone-Smith Trust		46,648
100		AvalonBay Communities, Inc		11,062
300		Boston Properties, Inc		27,120
500		Crescent Real Estate Equities Co		9,280
500		Developers Diversified Realty Corp		26,090
902		Duke Realty Corp		31,705
3,646		Equity Office Properties Trust		133,115
1,718		Equity Residential		76,846
400		General Growth Properties, Inc		18,024
400		Harris & Harris Group, Inc		4,416
300		Health Care Property Investors, Inc		8,022
1,300		Host Marriott Corp		28,431
700		HRPT Properties Trust		8,092
800		iStar Financial, Inc		30,200
1,200		Kimco Realty Corp		43,788
300		Liberty Property Trust		13,260
2,000		Luminent Mortgage Capital, Inc		18,520
400		New Plan Excel Realty Trust		9,876
250		NTL, Inc		6,225
1,000		Prologis		52,120
600		Public Storage, Inc		45,540
1,000		Simon Property Group, Inc		82,940
600		Vornado Realty Trust		58,530
489		Weingarten Realty Investors		18,719
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	877,557
HOTELS AND OTHER LODGING PLACES - 0.35%
800		Choice Hotels International, Inc		48,480
500	*	Gaylord Entertainment Co		21,820
1,201	*	Great Wolf Resorts, Inc		14,424
1,200	*	Lodgian, Inc		17,100
200		Marcus Corp		4,176

109

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
342	*	Morgans Hotel Group Co	$	5,321
261	*	Outdoor Channel Holdings, Inc		2,694
		TOTAL HOTELS AND OTHER LODGING PLACES	114,015
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.31%
4,066		3M Co		328,411
300	*	AGCO Corp		7,896
900		American Standard Cos, Inc		38,943
2,142	*	Apple Computer, Inc		122,351
5,600		Applied Materials, Inc		91,168
699	*	Axcelis Technologies, Inc		4,124
400		Black & Decker Corp		33,784
200		Briggs & Stratton Corp		6,222
400	*	Cameron International Corp		19,108
100		CDW Corp		5,465
334		Cummins, Inc		40,832
1,500		Deere & Co		125,235
6,700	*	Dell, Inc		163,547
6,841	*	EMC Corp		75,046
138	*	Emulex Corp		2,245
241	*	Entegris, Inc		2,297
300	*	FMC Technologies, Inc		20,238
283		Graco, Inc		13,012
690	*	Grant Prideco, Inc		30,877
8,619		Hewlett-Packard Co		273,050
5,600		International Business Machines Corp		430,192
124	*	Intevac, Inc		2,688
104	*	Komag, Inc		4,803
74	*	Lam Research Corp		3,450
300	*	Lexmark International, Inc		16,749
258		Manitowoc Co, Inc		11,481
292		Modine Manufacturing Co		6,821
400		Nordson Corp		19,672
300		Pall Corp		8,400
208	*	ProQuest Co		2,556
71	*	Rackable Systems, Inc		2,804
508	*	Semitool, Inc		4,582
988		Smith International, Inc		43,936
3,788	*	Solectron Corp		12,955
200		SPX Corp		11,190
600		Stanley Works		28,332
500		Tennant Co		25,140
83	*	TurboChef Technologies, Inc		923
170	*	Ultratech, Inc		2,676
400	*	Varian Medical Systems, Inc		18,940
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	2,062,141
INSTRUMENTS AND RELATED PRODUCTS - 5.09%
177	*	Advanced Medical Optics, Inc		8,974
100	*	Affymetrix, Inc		2,560
400		Bard (C.R.), Inc		29,304
283		Bausch & Lomb, Inc		13,878
3,100		Baxter International, Inc		113,956
200		Beckman Coulter, Inc		11,110
1,300		Becton Dickinson & Co		79,469
1,100		Biomet, Inc		34,419
4,335	*	Boston Scientific Corp		73,001
200	*	Bruker BioSciences Corp		1,072
365	*	Cepheid, Inc		3,544
1,075	*	Credence Systems Corp		3,763
300		Dentsply International, Inc		18,180
760	*	Depomed, Inc		4,461
256	*	Fisher Scientific International, Inc		18,701

110

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
104	*	Formfactor, Inc	$	4,642
77	*	Hologic, Inc		3,801
564	*	Input/Output, Inc		5,330
90	*	Intuitive Surgical, Inc		10,617
361	*	Ixia		3,249
11,036		Johnson & Johnson		661,277
500		Kla-Tencor Corp		20,785
598	*	LTX Corp		4,192
4,566		Medtronic, Inc		214,237
200	*	Millipore Corp		12,598
71	*	MKS Instruments, Inc		1,428
200		Movado Group, Inc		4,590
1,200		Pitney Bowes, Inc		49,560
178		Roper Industries, Inc		8,322
1,400	*	St. Jude Medical, Inc		45,388
1,400		Stryker Corp		58,954
300		Tektronix, Inc		8,826
700	*	Thermo Electron Corp		25,368
300	*	TriPath Imaging, Inc		1,986
300	*	Waters Corp		13,320
2,673	*	Xerox Corp		37,181
900	*	Zimmer Holdings, Inc		51,048
		TOTAL INSTRUMENTS AND RELATED PRODUCTS	1,663,091
INSURANCE AGENTS, BROKERS AND SERVICE - 0.51%
200		Brown & Brown, Inc		5,844
309		Clark, Inc		4,079
1,000		Crawford & Co (Class B)		7,180
1,749		Hartford Financial Services Group, Inc		147,965
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	165,068
INSURANCE CARRIERS - 4.59%
1,964		Aetna, Inc		78,423
3,100		Aflac, Inc		143,685
87	*	Alleghany Corp		24,043
700		Ambac Financial Group, Inc		56,770
400		American Financial Group, Inc		17,160
320	*	AMERIGROUP Corp		9,933
413		Assurant, Inc		19,989
263	*	Centene Corp		6,188
2,800		Chubb Corp		139,720
2,061		Cincinnati Financial Corp		96,888
100		Erie Indemnity Co (Class A)		5,200
150		Hanover Insurance Group, Inc		7,119
400		HCC Insurance Holdings, Inc		11,776
183	*	HealthExtras, Inc		5,530
2,018		Lincoln National Corp		113,896
700		MBIA, Inc		40,985
200		Mercury General Corp		11,274
300		MGIC Investment Corp		19,500
177	*	Molina Healthcare, Inc		6,735
300		Nationwide Financial Services, Inc (Class A)		13,224
468		Phoenix Cos, Inc		6,589
100	*	PMA Capital Corp (Class A)		1,030
200		PMI Group, Inc		8,916
1,800		Principal Financial Group		100,170
3,600		Progressive Corp		92,556
300		Protective Life Corp		13,986
2,550		Prudential Financial, Inc		198,135
100		Radian Group, Inc		6,178
1,000		Safeco Corp		56,350
3,716		St. Paul Travelers Cos, Inc		165,659
234	*	WellCare Health Plans, Inc		11,478
300		W.R. Berkley Corp		10,239
		TOTAL INSURANCE CARRIERS	1,499,324

111

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
LEATHER AND LEATHER PRODUCTS - 0.08%
904	*	Coach, Inc	$	27,030
		TOTAL LEATHER AND LEATHER PRODUCTS	27,030
LUMBER AND WOOD PRODUCTS - 0.01%
400	*	Champion Enterprises, Inc		4,416
		TOTAL LUMBER AND WOOD PRODUCTS	4,416
METAL MINING - 0.09%
1,000		Royal Gold, Inc		27,820
		TOTAL METAL MINING	27,820
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.13%
200		Callaway Golf Co		2,598
271	*	K2, Inc		2,965
2,242		Mattel, Inc		37,015
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES	42,578
MISCELLANEOUS RETAIL - 1.33%
886	*	Amazon.com, Inc		34,270
3,000		CVS Corp		92,100
188	*	GSI Commerce, Inc		2,544
200		Michaels Stores, Inc		8,248
700	*	Office Depot, Inc		26,600
200		Petsmart, Inc		5,120
16	*	Priceline.com, Inc		478
2,460		Staples, Inc		59,827
300		Tiffany & Co		9,906
3,700		Walgreen Co		165,908
646		World Fuel Services Corp		29,516
		TOTAL MISCELLANEOUS RETAIL	434,517
MOTION PICTURES - 1.89%
97	*	Avid Technology, Inc		3,233
1,119	*	Discovery Holding Co (Class A)		16,371
200		Regal Entertainment Group (Class A)		4,064
18,864		Time Warner, Inc		326,347
8,927		Walt Disney Co		267,810
		TOTAL MOTION PICTURES	617,825
NONDEPOSITORY INSTITUTIONS - 3.04%
174	*	Accredited Home Lenders Holding Co		8,319
200		Advanta Corp (Class A)		6,558
1,099		American Capital Strategies Ltd		36,794
5,653		American Express Co		300,853
300	*	AmeriCredit Corp		8,376
112		Asta Funding, Inc		4,194
1,250		Capital One Financial Corp		106,812
500		CapitalSource, Inc		11,730
1,123		CIT Group, Inc		58,722
138	*	CompuCredit Corp		5,305
2,300		Countrywide Financial Corp		87,584
115	*	Credit Acceptance Corp		3,121
800		Doral Financial Corp		5,128
101		Federal Agricultural Mortgage Corp (Class C)		2,798
100		First Marblehead Corp		5,694
3,400		Freddie Mac		193,834
900		MCG Capital Corp		14,310
495		Medallion Financial Corp		6,415
202	*	Nelnet, Inc		8,191

112

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,200		SLM Corp	$	116,424
105	*	World Acceptance Corp		3,730
		TOTAL NONDEPOSITORY INSTITUTIONS	994,892
NONMETALLIC MINERALS, EXCEPT FUELS - 0.27%
900		AMCOL International Corp		23,715
200		Florida Rock Industries, Inc		9,934
700		Vulcan Materials Co		54,600
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS	88,249
OIL AND GAS EXTRACTION - 4.95%
4,212		Anadarko Petroleum Corp		200,870
2,702		Apache Corp		184,412
177	*	Atlas America, Inc		7,931
530		Baker Hughes, Inc		43,381
400		Berry Petroleum Co (Class A)		13,260
500		Cabot Oil & Gas Corp (Class A)		24,500
600	*	Callon Petroleum Co		11,604
400	*	Cheniere Energy, Inc		15,600
1,491		Chesapeake Energy Corp		45,103
615		Cimarex Energy Co		26,445
300	*	Delta Petroleum Corp		5,139
1,200	*	Denbury Resources, Inc		38,004
2,934		Devon Energy Corp		177,243
400	*	Edge Petroleum Corp		7,992
300	*	Encore Acquisition Co		8,049
500	*	Energy Partners Ltd		9,475
800		ENSCO International, Inc		36,816
1,900		Equitable Resources, Inc		63,650
399	*	Forest Oil Corp		13,231
900	*	Global Industries Ltd		15,030
1,800	*	Grey Wolf, Inc		13,860
400	*	Helix Energy Solutions Group, Inc		16,144
404		Helmerich & Payne, Inc		24,345
118	*	Houston Exploration Co		7,220
500	*	KCS Energy, Inc		14,850
1,100	*	Meridian Resource Corp		3,850
683	*	National Oilwell Varco, Inc		43,248
600	*	Newfield Exploration Co		29,364
1,554		Noble Energy, Inc		72,820
929	*	PetroHawk Energy Corp		11,705
200	*	Petroleum Development Corp		7,540
1,009		Pioneer Natural Resources Co		46,828
529	*	Plains Exploration & Production Co		21,446
500		Pogo Producing Co		23,050
1,100	*	Pride International, Inc		34,353
400	*	Quicksilver Resources, Inc		14,724
600		Range Resources Corp		16,314
300	*	Remington Oil & Gas Corp		13,191
359		Rowan Cos, Inc		12,777
189	*	Southwestern Energy Co		5,889
500		St. Mary Land & Exploration Co		20,125
100	*	Stone Energy Corp		4,655
400	*	Swift Energy Co		17,172
500		Tidewater, Inc		24,600
104	*	Toreador Resources Corp		2,925
2,291	*	Transmontaigne, Inc		25,682
300	*	Unit Corp		17,067
500		W&T Offshore, Inc		19,445
300	*	Whiting Petroleum Corp		12,561
2,137		XTO Energy, Inc		94,605
		TOTAL OIL AND GAS EXTRACTION	1,620,090
PAPER AND ALLIED PRODUCTS - 0.97%
400		Bemis Co		12,248

113

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
400		Bowater, Inc	$	9,100
1,496		International Paper Co		48,321
2,200		Kimberly-Clark Corp		135,740
1,800		MeadWestvaco Corp		50,274
300		Packaging Corp of America		6,606
1,000		Sonoco Products Co		31,650
500		Temple-Inland, Inc		21,435
		TOTAL PAPER AND ALLIED PRODUCTS	315,374
PETROLEUM AND COAL PRODUCTS - 1.48%
162		Alon USA Energy, Inc		5,098
1,476		EOG Resources, Inc		102,346
1,024		Frontier Oil Corp		33,178
148	*	Headwaters, Inc		3,783
959		Hess Corp		50,683
253		Holly Corp		12,194
867		Murphy Oil Corp		48,431
900		Sunoco, Inc		62,361
2,400		Valero Energy Corp		159,648
323		Western Refining, Inc		6,970
		TOTAL PETROLEUM AND COAL PRODUCTS	484,692
PRIMARY METAL INDUSTRIES - 1.44%
400	*	Aleris International, Inc		18,340
213	*	Brush Engineered Materials, Inc		4,441
489	*	Century Aluminum Co		17,452
121	*	Chaparral Steel Co		8,714
177	*	CommScope, Inc		5,561
4,227	*	Corning, Inc		102,251
350		Gibraltar Industries, Inc		10,150
300		Hubbell, Inc (Class B)		14,295
300	*	Lone Star Technologies, Inc		16,206
200	*	Maverick Tube Corp		12,638
397		Mueller Industries, Inc		13,113
500	*	NS Group, Inc		27,540
1,786		Nucor Corp		96,891
139		Olympic Steel, Inc		4,919
150		Quanex Corp		6,461
259		Steel Dynamics, Inc		17,027
300		Steel Technologies, Inc		5,832
500		Tredegar Corp		7,910
528		United States Steel Corp		37,023
400	*	Wheeling-Pittsburgh Corp		7,956
1,705		Worthington Industries, Inc		35,720
		TOTAL PRIMARY METAL INDUSTRIES	470,440
PRINTING AND PUBLISHING - 0.94%
200		Dow Jones & Co, Inc		7,002
200	*	Dun & Bradstreet Corp		13,936
400		EW Scripps Co		17,256
2,186		McGraw-Hill Cos, Inc		109,803
522		New York Times Co (Class A)		12,810
72		R.H. Donnelley Corp		3,893
1,975		Tribune Co		64,049
100		Washington Post Co (Class B)		78,001
		TOTAL PRINTING AND PUBLISHING	306,750
RAILROAD TRANSPORTATION - 0.75%
897		CSX Corp		63,184
500	*	Kansas City Southern Industries, Inc		13,850
3,185		Norfolk Southern Corp		169,506
		TOTAL RAILROAD TRANSPORTATION	246,540

114

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
REAL ESTATE - 0.04%
480	*	CB Richard Ellis Group, Inc	$	11,952
100		Stewart Enterprises, Inc (Class A)		575
		TOTAL REAL ESTATE	12,527
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
200		Cooper Tire & Rubber Co		2,228
170		Sealed Air Corp		8,854
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS	11,082
SECURITY AND COMMODITY BROKERS - 3.11%
300		A.G. Edwards, Inc		16,596
692		Ameriprise Financial, Inc		30,912
101	*	Cbot Holdings, Inc		12,079
4,100		Charles Schwab Corp		65,518
100		Chicago Mercantile Exchange Holdings, Inc		49,115
1,237	*	E*Trade Financial Corp		28,228
200		Eaton Vance Corp		4,992
300		Federated Investors, Inc (Class B)		9,450
1,300		Franklin Resources, Inc		112,853
1,610		Goldman Sachs Group, Inc		242,192
137		International Securities Exchange, Inc		5,216
500		Janus Capital Group, Inc		8,950
90		Jefferies Group, Inc		2,667
300		Legg Mason, Inc		29,856
4,336		Merrill Lynch & Co, Inc		301,612
188	*	Nasdaq Stock Market, Inc		5,621
436	*	NYSE Group, Inc		29,857
300		SEI Investments Co		14,664
1,200		T Rowe Price Group, Inc		45,372
		TOTAL SECURITY AND COMMODITY BROKERS	1,015,750
SOCIAL SERVICES - 0.01%
249	*	Capital Senior Living Corp		2,560
		TOTAL SOCIAL SERVICES	2,560
SPECIAL TRADE CONTRACTORS - 0.04%
75		Chemed Corp		4,090
518	*	Quanta Services, Inc		8,977
		TOTAL SPECIAL TRADE CONTRACTORS	13,067
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
100		Apogee Enterprises, Inc		1,470
51	*	Cabot Microelectronics Corp		1,546
150		CARBO Ceramics, Inc		7,369
54		Eagle Materials, Inc		2,565
400		Gentex Corp		5,600
		TOTAL STONE, CLAY, AND GLASS PRODUCTS	18,550
TEXTILE MILL PRODUCTS - 0.02%
200		Oxford Industries, Inc		7,882
		TOTAL TEXTILE MILL PRODUCTS	7,882
TRANSPORTATION BY AIR - 0.71%
101	*	Air Methods Corp		2,644
200	*	Airtran Holdings, Inc		2,972
185	*	Alaska Air Group, Inc		7,293
700	*	Continental Airlines, Inc (Class B)		20,860
1,034	*	ExpressJet Holdings, Inc		7,145
1,038		FedEx Corp		121,301
321	*	Frontier Airlines Holdings, Inc		2,314

115

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
225	*	JetBlue Airways Corp	$	2,731
390	*	Mesa Air Group, Inc		3,841
267		Skywest, Inc		6,622
3,389		Southwest Airlines Co		55,478
		TOTAL TRANSPORTATION BY AIR	233,201
TRANSPORTATION EQUIPMENT - 1.08%
200		American Axle & Manufacturing Holdings, Inc		3,422
400		ArvinMeritor, Inc		6,876
800		Autoliv, Inc		45,256
1,100	*	Aviall, Inc		52,272
558		Brunswick Corp		18,553
1,400		Genuine Parts Co		58,324
1,329		Harley-Davidson, Inc		72,949
230		Harsco Corp		17,931
400		JLG Industries, Inc		9,000
58		Martin Marietta Materials, Inc		5,287
282	*	Navistar International Corp		6,940
200		Superior Industries International, Inc		3,658
800	*	Tenneco, Inc		20,800
400	*	TRW Automotive Holdings Corp		10,912
1,400	*	Visteon Corp		10,094
300		Westinghouse Air Brake Technologies Corp		11,220
		TOTAL TRANSPORTATION EQUIPMENT	353,494
TRANSPORTATION SERVICES - 0.05%
139		Expeditors International Washington, Inc		7,785
421		Sabre Holdings Corp		9,262
		TOTAL TRANSPORTATION SERVICES	17,047
TRUCKING AND WAREHOUSING - 0.77%
3,044		United Parcel Service, Inc (Class B)		250,613
		TOTAL TRUCKING AND WAREHOUSING	250,613
WATER TRANSPORTATION - 0.06%
400	*	Gulfmark Offshore, Inc		10,332
300	*	Hornbeck Offshore Services, Inc		10,656
		TOTAL WATER TRANSPORTATION	20,988
WHOLESALE TRADE-DURABLE GOODS - 0.62%
600		Adesa, Inc		13,344
800		Barnes Group, Inc		15,960
100		BorgWarner, Inc		6,510
400		Castle (A.M.) & Co		12,900
100	*	Cytyc Corp		2,536
200		IKON Office Solutions, Inc		2,520
104	*	MWI Veterinary Supply, Inc		3,789
300		Omnicare, Inc		14,226
400	*	Patterson Cos, Inc		13,972
450		Reliance Steel & Aluminum Co		37,328
1,005		Ryerson Tull, Inc		27,135
600		W.W. Grainger, Inc		45,138
109	*	WESCO International, Inc		7,521
		TOTAL WHOLESALE TRADE-DURABLE GOODS	202,879
WHOLESALE TRADE-NONDURABLE GOODS - 0.78%
623	*	Akorn, Inc		2,480
600	*	Allscripts Healthcare Solutions, Inc		10,530
500	*	Endo Pharmaceuticals Holdings, Inc		16,490
1,200		Nike, Inc (Class B)		97,200
1,808		Safeway, Inc		47,008
200		Stride Rite Corp		2,638
2,576		Sysco Corp		78,723

116

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES	COMPANY	VALUE
	TOTAL WHOLESALE TRADE-NONDURABLE GOODS	$	255,069
	TOTAL COMMON STOCKS (Cost $32,087,367)	32,575,751
	TOTAL PORTFOLIO - 99.62% (Cost $32,087,367)	32,575,751
	OTHER ASSETS & LIABILITIES, NET - 0.38%	124,785
	NET ASSETS - 100.00%	$32,700,536

* Non-income producing

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

117

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.18%
HOLDING AND OTHER INVESTMENT OFFICES - 95.97%
9,700	*	Affordable Residential Communities	$	104,275
9,280		Alexandria Real Estate Equities, Inc		822,950
14,400		AMB Property Corp		727,920
11,500		Apartment Investment & Management Co (Class A)		499,675
50,500		Archstone-Smith Trust		2,568,935
5,000		Ashford Hospitality Trust, Inc		63,100
17,000		AvalonBay Communities, Inc		1,880,540
52,000		BioMed Realty Trust, Inc		1,556,880
22,500		BNP Residential Properties, Inc		383,625
45,500		Boston Properties, Inc		4,113,200
13,500		BRE Properties, Inc (Class A)		742,500
14,900		CBL & Associates Properties, Inc		580,057
25,000	f,v	CBRE Realty Finance, Inc		375,000
10,000		Cedar Shopping Centers, Inc		147,200
68,177		Cogdell Spencer, Inc		1,330,133
14,000		Columbia Equity Trust, Inc		215,040
50,750		Corporate Office Properties Trust		2,135,560
15,000	f,v	Crystal River Capital, Inc		375,000
25,000	f,v*	Deerfield Triarc Capital Corp		324,500
19,000		Developers Diversified Realty Corp		991,420
25,000	f,v	DiamondRock Hospitality Co		370,250
10,400		Digital Realty Trust, Inc		256,776
20,375		EastGroup Properties, Inc		951,105
64,900		Education Realty Trust, Inc		1,080,585
43,560		Equity Office Properties Trust		1,590,376
6,000		Equity One, Inc		125,400
83,600		Equity Residential		3,739,428
7,000		Essex Property Trust, Inc		781,620
60,000		Extra Space Storage, Inc		974,400
18,000		Federal Realty Investment Trust		1,260,000
56,000		Feldman Mall Properties, Inc		613,760
23,000		First Potomac Realty Trust		685,170
46,000		General Growth Properties, Inc		2,072,760
44,000		Glenborough Realty Trust, Inc		947,760
9,057		GMH Communities Trust		119,371
20,000	f,v*	GSC Capital Corp		500,000
55,607		Hersha Hospitality Trust		516,589
23,000		Highland Hospitality Corp		323,840
20,000		Highwoods Properties, Inc		723,600
98,404		Host Marriott Corp		2,152,095
30,123		iShares Cohen & Steers Realty Majors Index Fund		2,522,500
30,918		iShares Dow Jones US Real Estate Index Fund		2,202,908
20,400		Kilroy Realty Corp		1,473,900
53,300		Kimco Realty Corp		1,944,917
14,413		Kite Realty Group Trust		224,699
12,400		KKR Financial Corp		258,044
7,700		LaSalle Hotel Properties		356,510
9,500		Lexington Corporate Properties Trust		205,200
7,500		Liberty Property Trust		331,500
15,000		LTC Properties, Inc		335,250
31,000		Macerich Co		2,176,200
45,000		Medical Properties Trust, Inc		496,800
12,700		Mills Corp		339,725
35,500		Mission West Properties, Inc		393,340
64,529		Monmouth REIT (Class A)		520,104

118

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
12,000		New Plan Excel Realty Trust	$	296,280
10,500		Pan Pacific Retail Properties, Inc		728,385
30,000	f,v*	People’s Choice Financial Corp		300,000
64,500		Prologis		3,361,740
30,400		Public Storage, Inc		2,307,360
28,400		Reckson Associates Realty Corp		1,175,192
14,700		Regency Centers Corp		913,605
5,800		Shurgard Storage Centers, Inc (Class A)		362,500
51,900		Simon Property Group, Inc		4,304,586
17,100		SL Green Realty Corp		1,871,937
30,000		Strategic Hotel Capital, Inc		622,200
9,500		Taubman Centers, Inc		388,550
45,000		Trizec Properties, Inc		1,288,800
32,300		United Dominion Realty Trust, Inc		904,723
12,900		U-Store-It Trust		243,294
48,500		Vornado Realty Trust		4,731,175
5,500		Washington Real Estate Investment Trust		201,850
20,900		Weingarten Realty Investors		800,052
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	78,306,221
HOTELS AND OTHER LODGING PLACES - 0.61%
8,200		Starwood Hotels & Resorts Worldwide, Inc		494,788
		TOTAL HOTELS AND OTHER LODGING PLACES	494,788
REAL ESTATE - 2.60%
40,000	f,v	Asset Capital Corp, Inc		340,000
55,500	*	Brookfield Properties Corp		1,785,435
		TOTAL REAL ESTATE	2,125,435
		TOTAL COMMON STOCKS (Cost $72,090,334)	80,926,444
		TOTAL PORTFOLIO - 99.18% (Cost $72,090,334)	80,926,444
		OTHER ASSETS & LIABILITIES, NET - 0.82%	671,227
		NET ASSETS - 100.00%	$81,597,671

* Non-income producing

f 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, 2006 the value of these securities amounted to $2,584,750 or 3.17% of net assets.

v Security valued at fair value.

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

Restricted securities held by the Fund are as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Asset Capital Corp, Inc	06/23/05	$	340,000	$	340,000
CBRE Realty Finance, Inc	06/02/05		375,000		375,000
Crystal River Capital, Inc	03/09/05		375,000		375,000
GSC Capital Corp	06/24/05		500,000		500,000
People’s Choice Financial Corp	12/21/04		300,000		300,000

119

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING +	VALUE
BONDS - 98.40%
CORPORATE BONDS - 36.36%
ASSET BACKED - 15.07%
$400,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	%	06/25/34	Aaa	$	381,582
55,529		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777		01/25/22	Aaa		55,335
500,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700		02/25/34	Baa2		479,123
250,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360		11/20/12	Aaa		245,014
490,829		CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)	6.390		12/25/30	A2		488,320
250,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590		03/01/30	Aaa		247,349
250,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810		03/01/36	Aaa		245,563
500,000	v	Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877		06/25/46	NR		500,000
350,000		Marriott Vacation Club Owner Trust Series 2006-1A (Class A)	5.737		04/20/28	Aaa		348,259
100,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M2)	6.060		02/25/36	Aa2		98,229
1,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HSA2 (Class AI3)	5.550		03/25/36	Aaa		988,859
500,000	h,v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840		05/20/18	Aaa		499,951
2,119,999		TRAINS	5.940		01/25/07	A3		2,117,202
3,420,000		TRAINS	6.962		01/15/12	A3		3,556,458
		TOTAL ASSET BACKED					10,251,244
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
100,000		Home Depot, Inc	5.400		03/01/16	Aa3		95,865
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						95,865
CHEMICALS AND ALLIED PRODUCTS - 0.48%
150,000		Abbott Laboratories	5.600		05/15/11	Aa3		149,114
100,000		Genentech, Inc	5.250		07/15/35	A1		86,130
100,000		Lubrizol Corp	5.500		10/01/14	Baa3		93,751
		TOTAL CHEMICALS AND ALLIED PRODUCTS					328,995
COMMUNICATIONS - 1.92%
100,000		AT&T, Inc	6.150		09/15/34	A2		91,809
100,000		BellSouth Corp	6.875		10/15/31	A2		99,146
100,000		Comcast Corp	6.500		11/15/35	Baa2		94,433
100,000		COX Communications, Inc	5.450		12/15/14	Baa3		92,705
100,000		Deutsche Telekom International Finance BV	8.250		06/15/30	Aa2		115,500
100,000		New Cingular Wireless Services, Inc	8.750		03/01/31	Baa2		121,958
100,000		Sprint Capital Corp	8.750		03/15/32	Baa3		120,911
100,000		Telecom Italia Capital S.A.	6.375		11/15/33	Baa2		90,228
100,000		Verizon Global Funding Corp	7.375		09/01/12	A2		106,363
100,000		Verizon Global Funding Corp	5.850		09/15/35	A3		86,579
200,000		Viacom, Inc	5.750		04/30/11	Baa3		196,516
100,000		Vodafone Group plc	6.250		11/30/32	A3		92,529
		TOTAL COMMUNICATIONS					1,308,677
DEPOSITORY INSTITUTIONS - 2.45%
100,000		Bank of America Corp	5.375		06/15/14	Aa2		96,896

120

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING +	VALUE
100,000		Bank of America NA	6.000	%	06/15/16	Aa2	$	100,310
100,000		Bank One Corp	5.900		11/15/11	A1		100,317
225,000		Citigroup, Inc	5.125		05/05/14	Aa1		214,314
200,000		Citigroup, Inc	5.875		02/22/33	Aa2		186,013
250,000		M&I Marshall & Ilsley Bank	4.400		03/15/10	Aa3		239,031
100,000		MBNA America Bank NA	4.625		08/03/09	Baa1		97,098
150,000		Union Bank of California NA	5.950		05/11/16	A2		148,137
100,000	h	US Bank NA	5.700		12/15/08	Aa2		99,990
100,000		Wachovia Capital Trust III	5.800		12/30/49	A2		97,040
100,000		Wachovia Corp	5.250		08/01/14	A1		95,071
100,000		Washington Mutual Bank	4.500		08/25/08	A2		97,493
100,000		Wells Fargo & Co	4.950		10/16/13	Aa2		94,549
		TOTAL DEPOSITORY INSTITUTIONS					1,666,259
ELECTRIC, GAS, AND SANITARY SERVICES - 0.91%
100,000		Atmos Energy Corp	4.000		10/15/09	Baa3		95,074
100,000		Consolidated Edison Co of New York	5.375		12/15/15	A1		95,895
100,000		FirstEnergy Corp	6.450		11/15/11	Baa2		101,808
100,000		Florida Power & Light Co	4.850		02/01/13	Aa3		94,918
50,000		Northern States Power Co	6.250		06/01/36	A2		49,621
100,000		Southern California Edison Co	5.350		07/15/35	A3		86,624
100,000		Virginia Electric and Power Co	4.750		03/01/13	A3		92,747
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						616,687
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.15%
100,000		Cisco Systems, Inc	5.250		02/22/11	A1		98,105
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						98,105
FOOD AND KINDRED PRODUCTS - 0.13%
100,000		Bunge Ltd Finance Corp	5.100		07/15/15	Baa2		90,933
		TOTAL FOOD AND KINDRED PRODUCTS					90,933
GENERAL BUILDING CONTRACTORS - 0.27%
100,000		Centex Corp	5.250		06/15/15	Baa2		89,303
50,000		KB Home	6.250		06/15/15	Ba1		44,457
50,000		Lennar Corp	6.500		04/15/16	Baa2		48,345
		TOTAL GENERAL BUILDING CONTRACTORS					182,105
GENERAL MERCHANDISE STORES - 0.45%
220,000		Sears Roebuck Acceptance	6.750		08/15/11	A3		214,325
100,000		Wal-Mart Stores, Inc	4.125		02/15/11	Aa2		94,065
		TOTAL GENERAL MERCHANDISE STORES					308,390
HEALTH SERVICES - 0.14%
100,000		Laboratory Corp of America Holdings	5.625		12/15/15	Baa3		95,596
		TOTAL HEALTH SERVICES					95,596
HOLDING AND OTHER INVESTMENT OFFICES - 0.14%
100,000		iStar Financial, Inc	5.700		03/01/14	Ba1		96,410
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES						96,410
INSTRUMENTS AND RELATED PRODUCTS - 0.14%
100,000		Medtronic, Inc	4.750		09/15/15	A1		91,657

121

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING +	VALUE
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					$	91,657
INSURANCE CARRIERS - 0.55%
100,000		American International Group, Inc	5.050	%	10/01/15	NR		93,197
100,000		Metlife, Inc	5.000		06/15/15	A2		92,568
100,000		Travelers Property Casualty Corp	6.375		03/15/33	A2		94,481
100,000		WellPoint, Inc	5.000		01/15/11	Baa1		96,502
		TOTAL INSURANCE CARRIERS					376,748
METAL MINING - 0.27%
100,000		Barrick Gold Finance Co	4.875		11/15/14	Baa1		92,126
100,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750		10/15/14	Aa3		91,387
		TOTAL METAL MINING					183,513
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
100,000	g	Controladora Mabe SA CV	6.500		12/15/15	NR		95,990
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES						95,990
MOTION PICTURES - 0.28%
100,000		News America, Inc	5.300		12/15/14	Baa3		94,909
100,000		Historic TW, Inc	6.625		05/15/29	Baa1		96,449
		TOTAL MOTION PICTURES					191,358
NONDEPOSITORY INSTITUTIONS - 2.79%
200,000		Caterpillar Financial Services Corp	2.700		07/15/08	A2		188,819
148,000		Ford Motor Credit Co	9.750		09/15/10	Ba2		144,209
500,000		General Electric Capital Corp	6.000		06/15/12	Aaa		505,499
100,000		HSBC Finance Corp	5.250		01/14/11	Aa3		97,681
250,000		HSBC Finance Corp	5.700		06/01/11	Aa3		248,311
200,000		HSBC Finance Corp	5.500		01/19/16	A1		190,730
100,000		John Deere Capital Corp	7.000		03/15/12	A3		105,210
100,000		MBNA Corp	6.125		03/01/13	Aa2		101,334
100,000		Residential Capital Corp	6.125		11/21/08	Baa3		98,670
125,000		Residential Capital Corp	6.500		04/17/13	Baa3		122,384
100,000		Toyota Motor Credit Corp	2.875		08/01/08	Aaa		94,459
		TOTAL NONDEPOSITORY INSTITUTIONS					1,897,306
OIL AND GAS EXTRACTION - 0.66%
100,000		Baker Hughes, Inc	6.875		01/15/29	A2		107,170
50,000		BJ Services Co	5.750		06/01/11	Baa1		49,517
100,000		Burlington Resources Finance Co	7.200		08/15/31	A2		111,052
100,000		Petro-Canada	5.950		05/15/35	NR		91,701
100,000		XTO Energy, Inc	6.100		04/01/36	Baa3		90,796
		TOTAL OIL AND GAS EXTRACTION					450,236
OTHER MORTGAGE BACKED SECURITIES - 6.44%
25,000		Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.354		09/10/47	Aaa		23,726
196,747		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000		05/01/36	Aaa		196,120
590,494		Bank of America Alternative Loan Trust Series 2004-7 (Class 2A1)	6.000		08/25/34	Aaa		577,025
90,000		Bear Stearns Commercial Mortgage Securities Series 2005-PW10 (Class AJ)	5.614		12/11/40	Aaa		87,236
100,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW11 (Class A4)	5.625		03/11/39	NR		97,507

122

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE		MATURITY DATE	RATING +	VALUE
150,000	Bear Stearns Commercial Mortgage Securities Series 2006-T22 (Class A4)	5.634	%	04/12/38	Aaa	$	146,682
50,000	Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500		07/25/35	Aaa		46,896
282,262	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)	5.250		09/25/35	NR		276,534
100,000	Credit Suisse Mortgage Capital Certificates Series 2006-C1 (Class A4)	5.609		02/15/39	Aaa		97,574
50,000	Credit Suisse Mortgage Capital Certificates Series 2006-C2 (Class A3)	5.848		03/15/39	Aaa		49,382
150,122	First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)	5.500		11/25/33	NR		148,090
750,000	JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376		07/12/37	Aaa		734,627
500,000	Merrill Lynch Mortgage Trust Series 2004-BPC1 (Class AJ)	4.922		10/12/41	A		465,970
55,000	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291		01/12/44	Aaa		52,642
75,000	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.844		05/12/39	NR		74,228
75,000	Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-1 (Class A4)	5.620		02/12/39	NR		73,020
200,000	Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809		01/14/42	NR		194,272
100,000	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641		03/12/44	Aaa		97,035
50,000	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.779		10/15/42	NR		49,431
50,000	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273		10/12/52	Aaa		47,547
804,469	Wells Fargo Mortgage Backed Securities Trust Series 2005-1 (Class 2A1)	5.000		01/25/20	Aaa		782,838
65,170	Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000		05/25/20	Aaa		62,013
	TOTAL OTHER MORTGAGE BACKED SECURITIES						4,380,395
PAPER AND ALLIED PRODUCTS - 0.14%
100,000	Bemis Co	4.875		04/01/12	Baa1		93,030
	TOTAL PAPER AND ALLIED PRODUCTS					93,030
PETROLEUM AND COAL PRODUCTS - 0.14%
100,000	ConocoPhillips	5.900		10/15/32	A1		95,923
	TOTAL PETROLEUM AND COAL PRODUCTS					95,923
PIPELINES, EXCEPT NATURAL GAS - 0.28%
100,000	Enterprise Products Operating Lp	4.000		10/15/07	Baa3		97,869
100,000	TransCanada Corp	5.850		03/15/36	A2		93,649
	TOTAL PIPELINES, EXCEPT NATURAL GAS					191,518
PRIMARY METAL INDUSTRIES - 0.14%
100,000	Alcan, Inc	5.000		06/01/15	NR		92,266
	TOTAL PRIMARY METAL INDUSTRIES					92,266
RAILROAD TRANSPORTATION - 0.07%
50,000	Canadian National Railway Co	6.200		06/01/36	A3		49,956
	TOTAL RAILROAD TRANSPORTATION					49,956

123

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING +	VALUE
SECURITY AND COMMODITY BROKERS - 1.42%
100,000		Credit Suisse First Boston USA, Inc	5.250	%	03/02/11	Aa3	$	97,615
100,000		Goldman Sachs Group Lp	4.500		06/15/10	Aa3		95,533
100,000		Goldman Sachs Group, Inc	5.500		11/15/14	Aa3		96,050
100,000		Goldman Sachs Group, Inc	5.350		01/15/16	Aa3		94,368
100,000		Goldman Sachs Group, Inc	6.450		05/01/36	A1		95,586
100,000		Lehman Brothers Holdings, Inc	6.625		01/18/12	A1		103,342
100,000		Lehman Brothers Holdings, Inc	5.500		04/04/16	A1		95,636
100,000		Merrill Lynch & Co, Inc	4.790		08/04/10	Aa3		96,508
100,000		Merrill Lynch & Co, Inc	6.050		05/16/16	A1		99,344
100,000		Morgan Stanley	4.750		04/01/14	A1		91,529
		TOTAL SECURITY AND COMMODITY BROKERS					965,511
TRANSPORTATION EQUIPMENT - 0.51%
100,000	g	BAE Systems Holdings, Inc	6.400		12/15/11	Baa2		101,804
100,000		Boeing Co	6.125		02/15/33	A2		100,767
100,000		General Dynamics Corp	3.000		05/15/08	A2		95,311
50,000		United Technologies Corp	6.050		06/01/36	A2		48,941
		TOTAL TRANSPORTATION EQUIPMENT					346,823
WHOLESALE TRADE-NONDURABLE GOODS - 0.14%
100,000		Procter & Gamble Co	4.950		08/15/14	Aa3		94,994
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS						94,994
		TOTAL CORPORATE BONDS (Cost $25,755,888)					24,736,490
GOVERNMENT BONDS - 62.04%
AGENCY SECURITIES - 17.64%
493,335		Cal Dive International, Inc	4.930		02/01/27	NR		454,791
550,000		Federal Farm Credit Bank (FFCB)	3.375		07/15/08	Aaa		528,374
550,000		FFCB	4.125		04/15/09	NR		531,779
100,000		FFCB	5.375		07/18/11	Aaa		99,712
175,000		FFCB	4.875		12/16/15	NR		166,849
100,000		Federal Home Loan Mortgage Corp (FHLMC)	4.375		11/16/07	Aaa		98,545
100,000		FHLMC	4.625		02/21/08	Aaa		98,690
500,000		FHLMC	3.500		04/28/08	Aaa		483,047
250,000		FHLMC	5.250		05/21/09	NR		248,747
1,000,000		FHLMC	5.875		03/21/11	Aa2		1,009,523
300,000		FHLMC	5.250		07/18/11	NR		296,939
1,250,000		FHLMC	6.250		03/05/12	Aaa		1,251,730
575,000		FHLMC	8.250		06/01/16	NR		682,600
200,000		FHLMC	5.750		06/27/16	Aa2		199,495
250,000		Federal National Mortgage Association (FNMA)	4.750		01/02/07	Aa2		248,923
500,000		FNMA	5.210		03/16/09	Aaa		495,071
2,000,000		FNMA	5.800		06/07/11	Aaa		1,991,750
200,000		FNMA	4.125		01/30/12	Aaa		186,601
1,000,000		FNMA	5.250		08/01/12	Aa2		977,368
500,000		FNMA	2.000		08/17/12	Aaa		407,968
500,000		FNMA	6.470		09/25/12	Aaa		523,825
247,742		FNMA	6.500		04/01/36	NR		249,066
340,000		FNMA	6.210		08/06/38	Aaa		368,988
421,875		Totem Ocean Trailer Express, Inc	4.514		12/18/19	NR		395,554
		TOTAL AGENCY SECURITIES					11,995,935

124

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING +	VALUE
FOREIGN GOVERNMENT BONDS - 4.84%
250,000		Canada Mortgage & Housing Corp	4.800	%	10/01/10	Aaa	$	244,363
100,000		China Development Bank	5.000		10/15/15	A2		93,372
100,000		Development Bank of Japan	4.250		06/09/15	Aaa		90,549
200,000		Egypt Government AID Bonds	4.450		09/15/15	Aaa		185,652
150,000		Eksportfinans A/S	5.500		05/25/16	Aaa		148,544
100,000		European Investment Bank	4.875		02/15/36	Aaa		88,719
250,000		Federal Republic of Germany	3.875		06/01/10	Aaa		238,170
100,000		Kreditanstalt fuer Wiederaufbau	5.125		03/14/16	Aaa		97,066
100,000		Landwirtschaftliche Rentenbank	5.250		07/15/11	Aaa		98,949
100,000		Mexico Government International Bond	5.625		01/15/17	Baa1		93,632
100,000		Mexico Government International Bond	6.750		09/27/34	Baa1		97,250
1,000,000		Province of Manitoba Canada	4.450		04/12/10	Aa2		967,209
100,000		Province of Ontario	4.750		01/19/16	Aa2		93,857
200,000		Province of Quebec Canada	5.000		03/01/16	A1		189,427
500,000		Province of Saskatchewan Canada	8.000		02/01/13	A3		566,799
		TOTAL FOREIGN GOVERNMENT BONDS					3,293,558
MORTGAGE BACKED SECURITIES - 30.83%
61,144		Federal Home Loan Mortgage Corp (FHLMC)	5.500		09/15/32			57,557
529,023		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000		02/01/19			509,967
501,075		FGLMC	5.000		07/01/33			470,210
373,759		FGLMC	5.000		11/01/33			350,737
689,323		FGLMC	6.000		11/01/33			680,767
99,913		FGLMC	6.500		05/01/36			100,509
460,129		Federal National Mortgage Association (FNMA)	6.341		12/01/08			460,674
46,754		FNMA	5.000		06/01/13			45,468
150,000		FNMA	4.000		02/25/19			130,254
1,893,147		FNMA	4.560		01/01/15			1,767,007
369,567		FNMA	6.000		02/01/18			371,028
180,450		FNMA	5.500		04/01/18			177,391
132,328		FNMA	5.500		05/01/18			130,085
210,838		FNMA	4.500		03/01/19			199,540
464,197		FNMA	5.500		07/01/20			456,025
329,456		FNMA	4.500		12/01/20			311,415
312,052		FNMA	5.500		02/01/24			303,812
723,205		FNMA	5.500		07/01/24			702,987
26,547		FNMA	5.500		09/01/24			25,805
290,997		FNMA	5.500		07/01/33			280,726
1,019,804		FNMA	5.500		07/01/33			983,805
642,970		FNMA	5.500		07/01/33			620,273
393,247		FNMA	4.500		08/01/33			358,327
490,575		FNMA	4.500		09/01/33			447,137
742,839		FNMA	6.000		10/01/33			733,414
360,570		FNMA	5.000		11/01/33			338,685
1,907,263		FNMA	5.500		11/01/33			1,839,937
797,611		FNMA	5.000		03/01/34			749,197
1,431,757		FNMA	5.000		03/01/34			1,344,851
374,444		FNMA	4.350		03/25/34			355,517
230,566		FNMA	5.500		04/01/34			222,048
112,430		FNMA	6.500		02/01/35			113,089
1,464,009		FNMA	5.000		02/25/35			1,417,546
107,650		FNMA	7.500		06/01/35			111,314
172,378		FNMA	5.500		07/01/35			165,685
207,812		FNMA	7.500		07/01/35			214,884
125,209		FNMA	6.500		01/01/36			125,884
294,574		FNMA	7.000		01/01/36			300,116
286,667		FNMA	6.500		04/01/36			288,199
400,000	h	FNMA	6.000		06/01/36			393,762
513,093		Government National Mortgage Association (GNMA)	5.500		07/20/33			495,873

125

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING +	VALUE
98,468		GNMA	5.000	%	03/15/34		$	93,303
364,635		GNMA	5.000		06/15/34			345,509
1,400,000		GSR Mortgage Loan Trust Series 2005-6F (Class 4A3)	6.000		07/25/35			1,381,407
		TOTAL MORTGAGE BACKED SECURITIES					20,971,726
U.S. TREASURY SECURITIES - 8.73%
2,784,000		United States Treasury Bond	8.000		11/15/21			3,561,181
190,718	k	United States Treasury Inflation Indexed Bonds	3.375		01/15/07			191,210
307,078	k	United States Treasury Inflation Indexed Bonds	3.875		01/15/09			318,065
750,000		United States Treasury Note	4.875		04/30/08			745,928
500,000		United States Treasury Note	2.625		05/15/08			477,455
100,000		United States Treasury Note	4.000		06/15/09			96,914
600,000		United States Treasury Note	3.625		05/15/13			548,922
		TOTAL U.S. TREASURY SECURITIES					5,939,675
		TOTAL GOVERNMENT BONDS (Cost $43,863,320)					42,200,894
		TOTAL BONDS (Cost $69,619,208)					66,937,384
SHORT-TERM INVESTMENTS - 2.01%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.01%
$1,370,000		Federal Home Loan Bank (FHLB)	4.950		07/03/06			1,370,000
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,369,629)					1,370,000
		TOTAL PORTFOLIO - 100.41% (Cost $70,988,837)					68,307,384
		OTHER ASSETS & LIABILITIES, NET - (0.41 )%					(282,134)
		NET ASSETS - 100.00%					$68,025,250

+ As provided by Moody’s Investors Service (unaudited)

g Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2006, the value of these securities amounted to $289,181 or 0.43% of net assets.

h These securities were purchased on a delayed delivery basis.

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

v Security valued at fair value.

ABBREVIATION:

NR - Not Rated

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

126

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2006

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 97.23%
BANK NOTES - 2.85%
$1,285,000		Harris Trust and Savings Bank	0.517	%	08/07/06	$	1,285,000
		TOTAL BANK NOTES				1,285,000
CERTIFICATES OF DEPOSIT - 6.63%
700,000		American Express Centurion Bank	5.070		07/03/06		700,000
320,000		American Express Centurion Bank	5.020		07/20/06		320,002
965,000		Bank of Nova Scotia	5.420		09/26/06		965,000
1,000,000		Dexia Bank	5.070		07/17/06		1,000,007
		TOTAL CERTIFICATES OF DEPOSIT				2,985,009
COMMERICAL PAPER - 78.11%
1,300,000		Abbey National North America LLC	5.030		08/14/06		1,292,008
1,215,000		Barclays U.S. Funding Corp	5.350		09/05/06		1,203,193
950,000		Calyon	4.955		08/11/06		944,639
370,000	c	CC (USA), Inc	5.010		07/24/06		368,804
550,000	c	CC (USA), Inc	5.030		07/10/06		549,306
380,000	c	CC (USA), Inc	5.050		07/17/06		379,147
400,000	c	Ciesco Lp	5.040		07/13/06		399,328
400,000	c	Ciesco Lp	5.050		07/14/06		399,272
500,000	c	Ciesco Lp	5.320		09/19/06		494,089
725,000		Citigroup Funding, Inc	5.000		07/18/06		723,288
575,000		Citigroup Funding, Inc	5.100		08/24/06		570,601
1,285,000	c	Dorada Finance, Inc	5.220		09/14/06		1,271,026
825,000	c	Edison Asset Securitization, LLC	4.840		08/21/06		819,343
400,000	c	Edison Asset Securitization, LLC	5.050		08/08/06		397,868
600,000		General Electric Capital Corp	5.030		08/08/06		596,814
400,000	c	Govco, Inc	5.000		07/25/06		398,667
900,000	c	Govco, Inc	5.080		08/18/06		893,904
710,000	c	Harrier Finance Funding LLC	5.020		07/13/06		708,807
550,000	c	Harrier Finance Funding LLC	5.050		07/14/06		548,997
1,300,000		HSBC Finance Corp	5.400		11/27/06		1,270,945
500,000		ING Finance	5.100		08/25/06		496,104
950,000	c	Kitty Hawk Funding Corp	5.290		07/26/06		946,517
1,270,000	c	Links Finance LLC	5.370		09/22/06		1,254,306
1,060,000		Paccar Financial Corp	5.120		08/31/06		1,050,714
1,300,000	c	Park Avenue Receivables Corp	5.280		07/26/06		1,295,233
840,000	c	Pitney Bowes, Inc	5.240		07/06/06		839,390
411,000	c	Preferred Receivables Funding Corp	5.090		08/21/06		408,036
300,000	c	Private Export Funding Corp	4.660		07/06/06		299,800
300,000	c	Private Export Funding Corp	5.020		08/09/06		298,357
680,000	c	Private Export Funding Corp	5.140		09/06/06		673,495
1,300,000		Rabobank USA Finance Corp	4.580		07/05/06		1,299,240
560,000	c	Ranger Funding Co LLC	5.120		07/24/06		558,168
700,000	c	Ranger Funding Co LLC	5.300		08/11/06		695,775
400,000	c	Scaldis Capital LLC	4.920		09/12/06		396,009
665,000	c	Scaldis Capital LLC	5.420		12/18/06		647,980
530,000	c	Sedna Finance, Inc	5.170		08/30/06		525,433
875,000	c	Sheffield Receivables Corp	5.210		07/27/06		871,708

127

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
905,000		Shell International Finance B.V.	5.000	%	07/31/06	$	901,229
870,000	c	Sigma Finance, Inc	5.050		07/18/06		867,956
400,000	c	Sigma Finance, Inc	5.140		11/30/06		391,319
470,000		Societe Generale North America, Inc	4.980		07/07/06		469,610
500,000		Societe Generale North America, Inc	5.260		07/05/06		499,708
1,000,000		Swedish Export Credit Corp	5.120		08/03/06		995,307
525,000		Toronto-Dominion Holdings USA, Inc	4.800		10/27/06		516,740
750,000		Toronto-Dominion Holdings USA, Inc	5.130		08/10/06		745,725
990,000		Toyota Motor Credit Corp	5.100		08/24/06		982,427
215,000		UBS Finance, (Delaware), Inc	5.100		08/21/06		213,441
950,000	c	Variable Funding Capital Corp	5.140		07/27/06		946,473
869,000	c	Yorktown Capital, LLC	5.130		07/20/06		866,647
		TOTAL COMMERICAL PAPER				35,182,893
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 9.64%
144,000		Federal Farm Credit Bank (FFCB)	4.720		07/19/06		143,660
428,000		Federal Home Loan Bank (FHLB)	4.950		08/18/06		425,284
402,000		FHLB	4.975		07/21/06		400,889
225,000		FHLB	5.210		09/01/06		222,981
160,000		Federal Home Loan Mortgage Corp (FHLMC)	4.790		09/18/06		158,262
85,000		FHLMC	4.800		09/12/06		84,155
1,000,000		FHLMC	4.940		08/16/06		993,688
120,000		FHLMC	4.940		08/21/06		119,158
488,000		FHLMC	5.085		08/29/06		483,933
1,000,000		Federal National Mortgage Association (FNMA)	3.250		07/12/06		999,429
99,000		FNMA	5.000		07/12/06		98,850
216,000		FNMA	5.065		11/08/06		212,049
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				4,342,338
		SHORT-TERM INVESTMENTS (Cost $43,795,240)				43,795,240
		TOTAL PORTFOLIO - 97.23% (Cost $43,795,240)				43,795,240
		OTHER ASSETS & LIABILITIES, NET - 2.77%				1,247,586
		NET ASSETS - 100.00%				$45,042,826

c Commerical Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended.

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

128

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

Not Applicable.

Item 8. Portfolio Mangers 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.

None.

Item 11. Controls and Procedures.

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

(b) Changes in internal controls. There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s 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 (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification (EX-99.906CERT)

SIGNATURES

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

	TIAA-CREF LIFE FUNDS
Date: August 28, 2006	By:	/s/ Scott C. Evans
		Scott C. Evans
		Executive Vice President

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

Date: August 28, 2006	By:	/s/ Scott C. Evans
		Scott C. Evans
		Executive Vice President
		(principal executive officer)
Date: August 23, 2006	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

EXHIBIT LIST

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification (EX-99.906CERT)

EX-99.12(A)(2)(I)

EX-99.CERT

CERTIFICATION

I, Scott C. Evans, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 28, 2006	By:	/s/ Scott C. Evans
		Scott C. Evans
		(principal executive officer)

EX-99.12(A)(2)(II)

EX-99.CERT

CERTIFICATION

I, Georganne C. Proctor, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 23, 2006	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		(principal financial officer)

EX-99.12(B)

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Life Funds does hereby certify, to such officer’s knowledge, that:

The semi-annual report on Form N-CSR of the TIAA-CREF Life Funds (the “Funds”) for the semi-annual period ended June 30, 2006 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated: August 28, 2006	By:	/s/ Scott C. Evans
		Scott C. Evans
		Executive Vice President
		(principal executive officer)
Dated: August 23, 2006	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)