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	10017-3206
(Address of principal executive offices)	(Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2009

Item 1. Reports to Stockholders.

PERFORMANCE OVERVIEW AS OF JUNE 30, 2009

The TIAA-CREF Life Funds serve as underlying investment vehicles for certain variable annuity and variable life separate accounts. The returns of the TIAA-CREF Life Funds shown in this report do not reflect the administrative expense and the mortality and expense risk charges deducted by these separate accounts. Because of these additional deductions, the returns that contractholders of these separate accounts will experience are lower, for the same periods, than the figures shown here.

			Total return		Average annual total return
	Inception date		1 year		5 years		10 years		since inception
EQUITIES
Growth Equity Fund	4/3/2000		-27.58	%	-1.61	%	—		-7.51	%
Growth & Income Fund	4/3/2000		-23.23		1.71		—		-2.04
International Equity Fund	4/3/2000		-35.27		1.12		—		-2.33
Large-Cap Value Fund	10/28/2002		-24.56		-1.14		—		4.56
Small-Cap Equity Fund	10/28/2002		-25.56		-2.08		—		6.30
Stock Index Fund	1/4/1999		-26.29		-1.79		-1.43	%	-0.29
Social Choice Equity Fund	4/3/2000		-25.15		-1.48		—		-2.50
Real Estate Securities Fund	10/28/2002		-43.91		-3.97		—		3.60
FIXED INCOME
Bond Fund	7/8/2003		2.92		3.83		—		3.42
Money Market Fund*	7/8/2003		1.59		3.53		—		3.12	†
NET ANNUALIZED YIELD
(30-day period ended 6/30/2009)
	Effective
Bond Fund	4.43	%
NET ANNUALIZED YIELD
(7-day period ended 6/30/2009)
	Current		Effective
Money Market Fund*	0.43	%	0.43	%

* Investments in the TIAA-CREF Life Money Market Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency (not including the fund’s participation in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds; see page 46). Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The current yield more closely reflects current earnings than does the total return.

† The performance shown above is computed from August 2003. (For more information, see page 45.)

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org, or call 800 223-1200.

UNDERSTANDING YOUR TIAA-CREF LIFE FUNDS REPORT

This report contains information about the TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2009. The report contains five main sections:

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

• The report on the TIAA-CREF Life Funds from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, explains how returns among various types of investments differed during the six-month period.

• The fund performance section compares each fund’s return with the return of that fund’s benchmark index. This section includes fund profiles that provide fund statistics at a glance, as well as portfolio composition tables that show breakdowns of each fund’s holdings by industry and security type.

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2009, and the largest individual holdings the fund held on that date.

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

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

CONTENTS

Report on the TIAA-CREF Life Funds	2
More information on the TIAA-CREF Life Funds	4
Special terms	5
Important information about expenses	6
Fund performance
Growth Equity Fund	7
Growth & Income Fund	11
International Equity Fund	15
Large-Cap Value Fund	19
Small-Cap Equity Fund	23
Stock Index Fund	27
Social Choice Equity Fund	31
Real Estate Securities Fund	35
Bond Fund	39
Money Market Fund	43
Summary portfolios of investments	47
Financial statements
Statements of assets and liabilities	86
Statements of operations	90
Statements of changes in net assets	94
Financial highlights	101
Notes to financial statements	111
Board approval of investment management agreement	122
How to reach us	Inside back cover

REPORT ON THE TIAA-CREF LIFE FUNDS

During the first six months of 2009, stock prices in most major markets rose on signs that the worldwide economic slowdown was easing.

The MSCI World Index, which tracks stock performance in 23 developed nations, including the United States, posted a gain of 6.4%, in dollar terms. The broad U.S. market, as measured by the Russell 3000^® Index, gained 4.2%, while foreign stocks, as measured by the MSCI EAFE Index, climbed 8.0%, in terms of dollars.

After outperforming stocks in 2008, bonds lagged stocks for the first half of 2009. The Barclays Capital U.S. Aggregate Bond Index, which tracks the broad U.S. investment-grade, fixed-rate bond market, posted a return of 1.9%. A renewed demand for corporate bonds and commercial mortgage-backed securities drove their prices higher; these two sectors returned 8.3% and 10.4%, respectively. At the same time, prices for Treasury bonds fell, and they posted a return of -4.3%.

For the second quarter of 2009, the nation’s gross domestic product was 3.9% lower than it had been a year earlier, adjusted for inflation. In this challenging economy, companies cut their staffs, pushing the official unemployment rate to 9.5% by the end of June.

However, cost cutting improved companies’ profitability. The Commerce Department reported that corporate profits rose by 5.3% in the first quarter of 2009, although they remained weak compared with those of twelve months earlier.

Six of the Life Funds beat their benchmarks

Nine of the ten TIAA-CREF Life Funds posted positive results for the first half of 2009, and six of them outperformed their benchmarks.

It is our strategy to be fully invested in each asset class in which we operate, and that enabled our stock-based funds to participate in the market’s rally from the day it began on March 10.

In absolute terms, the strongest gains of the period came from the Growth Equity Fund, which benefited from investors’ preference for growth stocks over value issues. The fund returned 10.1% but lagged its benchmark.

In terms of relative performance, the Large-Cap Value Fund did best. While its benchmark dropped 2.9% during the six-month period, the fund posted a return of 7.6%—more than ten percentage points better than the index.

Returns for the other stock-based funds ranged from -13.5% for the Real Estate Securities Fund to 6.1% for the International Equity Fund.

2   2009 Semiannual Report ¡ TIAA-CREF Life Funds

The Bond Fund outpaced its benchmark, with a return of 2.4%, and the Money Market Fund’s 0.39% return was greater than the prevailing money market average, as measured by iMoneyNet.

Pursuing consistent growth through diversification

Despite their gains during the first half of 2009, U.S. stocks were still down 26.6% for the twelve months ended June 30, 2009, as measured by the Russell 3000 Index. For the ten-year period, their average annual return was -1.5%.

However, the average annual return for U.S. investment-grade bonds during the same ten years was 6.0%, as measured by the Barclays Capital U.S. Aggregate Bond Index.

These returns run sharply counter to investors’ expectations. During the period from 1926 to 2008, large-cap U.S. stocks have produced a compound annual return of 9.6%, while government bonds have returned 5.7%.

While no investment strategy can guarantee against loss, diversifying your assets helps your portfolio to benefit when the markets perform in unexpected ways. Diversification can help to limit your losses when declines occur in one investment area but not in others. It can also help ensure that, when a given area does well, you will be able to share in its rewards.

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

TIAA-CREF offers a range of investment options that includes stocks, bonds and the money market. With stocks, we also give you the opportunity to diversify among both domestic and foreign stocks.

If you would like help finding the mix best suited to your financial needs, time horizon and attitude towards risk, please visit our website, or call TIAA-CREF.

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   3

MORE INFORMATION ON THE TIAA-CREF LIFE FUNDS

Portfolio holdings

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

You can obtain a complete list of the TIAA-CREF Life Funds’ holdings (called “TIAA-CREF Life Funds Schedules of Investments”) as of the most recently completed fiscal quarter (currently for the period ended June 30, 2009) in the following ways:

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

• By calling us at 800 842-2776 to request a copy, which 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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

4   2009 Semiannual Report ¡ TIAA-CREF Life Funds

SPECIAL TERMS

Agency securities are bonds issued by U.S. government-backed entities such as the Federal National Mortgage Association (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 MSCI EAFE 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 or other borrowers. Maturities range from 1 to 270 days.

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

Expense ratio is a measure of the annual amount that investors pay for the management of a mutual fund. It is expressed as a percentage of the fund’s average net assets and does not include front-end or back-end sales charges, if any, or trading costs.

Market capitalization is the total value of a company’s outstanding stock, calculated by multiplying the number of 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 the Government National Mortgage Association (Ginnie Mae), Fannie Mae or other U.S. government-backed entities.

Overweight holding is a security that forms a larger percentage of a fund, in terms of market capitalization, than that security’s percentage of the benchmark.

Portfolio turnover rate is calculated by dividing the value of securities bought or sold during the fiscal year (whichever is less) by the average value of the portfolio during that period.

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

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

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 that forms a smaller percentage of a fund, in terms of market capitalization, than that security’s percentage of the benchmark.

* Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East. You cannot invest directly in any index.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   5

IMPORTANT INFORMATION ABOUT EXPENSES

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

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

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

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

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

The examples assume $1,000 was invested on January 1, 2009, and held for six months until June 30, 2009.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

6   2009 Semiannual Report ¡ TIAA-CREF Life Funds

GROWTH EQUITY FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Growth Equity Fund returned 10.14% for the period, compared with the 11.53% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth jumps, as large-cap value stumbles

For the six-month period, large-cap growth stocks strongly outperformed large-cap value issues, which lost 2.87%, as measured by the Russell 1000 Value Index. This reverses a protracted trend: During the decade that ended on December 31, 2008, large-cap value had outpaced large-cap growth in eight out of ten years.

For the ten years ended June 30, 2009, the Russell 1000 Growth Index posted an average annual return of -4.18%—more than four percentage points behind the -0.15% average annual return of the Russell 1000 Value Index.

Technology drives the benchmark’s climb

Eleven of the benchmark’s twelve industry sectors achieved positive returns for the six-month period, with four scoring double-digit gains. Returns were propelled chiefly by the 26.7% return of the technology sector, which made up more than one quarter of the benchmark’s market capitalization as of June 30, 2009. The next two largest contributions came from “other energy” and the consumer discretionary sectors, which returned 24.2% and 7.2%, respectively. Together these three sectors constituted nearly half of the benchmark’s market capitalization.

Stock selections trim return

The fund underperformed its benchmark because of unfavorable stock selections. These included positions in educational provider Apollo Group, General Mills and Wells Fargo that were overweight, relative to their benchmark weightings, and an underweight in drug maker Schering-Plough.

The negative effects of these holdings were partially offset by a number of successful stock selections, including overweights in Goldman Sachs and Coach, a maker of fashion accessories. An underweight position in Wal-Mart also aided relative results.

On June 30, 2009, foreign securities made up 8.37% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   7

GROWTH EQUITY FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, style risk, active management risk, quantitative analysis risk, foreign investment risk and growth investing risk. The fund is also subject to the risks of investing in companies involved in reorganizations and other special situations. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000^® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher price/book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Growth Equity Fund (inception: 4/3/2000)	10.14	%	-27.58	%	-1.61	%	-7.51	%
Russell 1000 Growth Index	11.53		-24.50		-1.83		-6.96

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

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

8   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would be worth $4,859 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   9

GROWTH EQUITY FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Growth Equity Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09–6/30/09)
Actual return	$	1,000.00	$	1,101.40		$	1.35
5% annual hypothetical return		1,000.00		1,023.49	†		1.30

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.26%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	27.29 million
Number of holdings		87
Portfolio turnover rate (not annualized)		145	%
Weighted median market capitalization	$	35.9 billion
P/E ratio (weighted 12-month trailing average)		20.0
Dividend yield		1.21	%
2009 expense ratio‡		0.26	%

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

PORTFOLIO COMPOSITION

	% of net assets
Technology	32.8
Consumer products & services	31.5
Health care	11.9
Financial	10.3
Manufacturing & materials	6.6
Energy	5.3
Other assets & liabilities, net	1.6
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	67.27
$4 billion–$15 billion	30.25
Under $4 billion	2.48
Total	100.00

10   2009 Semiannual Report ¡ TIAA-CREF Life Funds

GROWTH & INCOME FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Growth & Income Fund returned 5.46% for the period, compared with the 3.16% return of its benchmark, the S&P 500^® Index.

Large-cap stocks underperform the broad equity market

For the six-month period, the S&P 500 Index trailed the broad-based Russell 3000^® Index, which returned 4.20%. This reflected the fact that, unlike the S&P 500, the Russell 3000 included a considerable number of mid-cap stocks. The mid-cap segment of the Russell 3000, which made up more than a quarter of that index, rose 9.96%.

For the ten years ended June 30, 2009, the S&P 500 Index posted an average annual return of –2.22%—significantly less than the –1.46% return of the Russell 3000 Index over the same period.

Technology drives the benchmark’s climb

During the six months, four of the S&P 500’s ten industry sectors gained ground. The largest advance occurred in the information technology sector, which returned 24.9%. This sector made up almost one-fifth of the benchmark’s market capitalization as of June 30, 2009. The materials and consumer discretionary sectors rose 13.9% and 8.6%, respectively.

These solid gains were partly offset by weakness in the benchmark’s second and third largest sectors, health care (up 0.2%) and financials (down 3.4%). The poorest performing sectors were industrials (down 5.9%) and telecommunications services (down 4.0%).

Fund outshines benchmark

The fund’s return surpassed its benchmark’s by more than two percentage points on the strength of well-performing security selections that included a number of nonbenchmark stocks. Among these were British mining giant Rio Tinto, educational media distributor Discovery Communications and Brazilian energy supplier Petrobras. An overweight position in energy supplier Weatherford International also boosted returns.

In contrast, an underweight position in Wells Fargo and positions in two nonbenchmark stocks, health-care and consumer products company Chattem and insurance giant ACE, trimmed returns slightly.

On June 30, 2009, foreign securities made up 6.19% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   11

GROWTH & INCOME FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, style risk, quantitative analysis risk, active management risk, foreign investment risk and growth investing risk. The fund is also subject to the risks associated with stocks paying relatively high dividends; they may underperform other stocks during periods of rapid market appreciation. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The S&P 500^® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy. You cannot invest directly in this index.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Growth & Income Fund (inception: 4/3/2000)	5.46	%	-23.23	%	1.71	%	-2.04	%
S&P 500 Index	3.16		-26.21		-2.24		-3.47

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

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

12   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,268 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   13

GROWTH & INCOME FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Growth & Income Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09– 6/30/09)
Actual return	$	1,000.00	$	1,054.60		$	1.22
5% annual hypothetical return		1,000.00		1,023.59	†		1.20

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.24%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	54.65 million
Number of holdings		161
Portfolio turnover rate (not annualized)		83	%
Weighted median market capitalization	$	38.2 billion
P/E ratio (weighted 12-month trailing average)		19.2
Dividend yield		1.87	%
2009 expense ratio‡		0.24	%

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

PORTFOLIO COMPOSITION

	% of net assets
Consumer products & services	24.6
Technology	20.7
Financial	14.5
Manufacturing & materials	13.8
Energy	11.8
Health care	11.0
Utilities	3.2
Other assets & liabilities, net	0.4
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	70.01
$4 billion–$15 billion	17.04
Under $4 billion	12.95
Total	100.00

14   2009 Semiannual Report ¡ TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The International Equity Fund returned 6.12% for the period, compared with the 7.95% return of its benchmark, the MSCI EAFE Index.

Foreign stocks eclipse U.S. shares in global rally

Amid signs that the pace of global economic decline was beginning to ease, nearly every stock market represented in the EAFE index, which tracks stocks in 21 developed foreign nations, posted positive returns in the first half of 2009. Gains came in the second quarter, when the index soared 25.43% in dollar terms, following a 13.94% loss in the first quarter.

For the six-month period, the return of the EAFE index was significantly higher than the 4.20% gain of the Russell 3000^® Index, which measures the broad U.S. stock market. The rising value of the euro, pound and yen, relative to the dollar, magnified foreign stock gains for U.S. investors. In terms of local currencies, the EAFE advanced 16.92% in the second quarter and 5.12% for the six-month period.

For the ten years ended June 30, 2009, the average annual return of the EAFE index was 1.18% in dollars, versus –1.46% for the Russell 3000 Index.

Pacific stocks lead the pack

For the period, the benchmark’s Pacific segment rose 9.7% in dollar terms. Japanese stocks returned only 2.6%, while other Pacific markets surged 29.0%. The benchmark’s European segment gained 7.0% in dollars. British, French and German stocks had divergent returns of 13.0%, 2.1% and –0.6%, respectively.

Stock selections detract from return

The fund lagged its benchmark primarily because of several unfavorable stock selections. Among the largest detractors from relative performance were a nonbenchmark position in Wells Fargo and overweight positions in German drug maker Bayer, Swiss financial services provider UBS and German postal service Deutsche Post. Avoiding two financial services providers, Britain’s Barclays and Spain’s Banco Santander, also hurt relative performance.

Positive contributors to relative performance included a position in Taiwanese electronics company Hon Hai Precision Industry, a nonbench-mark stock, and overweights in Swiss banking giant Credit Suisse and U.K.-based software firm Autonomy. Avoiding two Swiss pharmaceutical companies, Novartis and Roche, also helped.

As of June 30, 2009, stocks of companies in emerging markets, which are not in the benchmark, made up about 8.3% of the fund’s total portfolio investments.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   15

INTERNATIONAL EQUITY FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to foreign investment risk, market risk, quantitative analysis risk, active management risk, company risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

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

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
International Equity Fund (inception: 4/3/2000)	6.12	%	-35.27	%	1.12	%	-2.33	%
MSCI EAFE Index	7.95		-31.35		2.31		-0.86

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

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.

16   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,039 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   17

INTERNATIONAL EQUITY FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

International Equity Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09– 6/30/09)
Actual return	$	1,000.00	$	1,061.20		$	1.53
5% annual hypothetical return		1,000.00		1,023.29	†		1.51

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.30%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	72.70 million
Number of holdings		140
Portfolio turnover rate (not annualized)		63	%
Weighted median market capitalization	$	19.7 billion
P/E ratio (weighted 12-month trailing average)		25.7
Dividend yield		3.02	%
2009 expense ratio‡		0.30	%

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

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	60.30
$4 billion–$15 billion	26.87
Under $4 billion	12.83
Total	100.00

HOLDINGS BY COUNTRY

Country	% of portfolio investments
United Kingdom	25.7
Japan	16.0
Germany	14.3
Switzerland	10.8
Finland	5.4
Netherlands	4.0
Sweden	3.4
United States	3.3
Taiwan	3.2
9 other nations	13.9
Total	100.0

PORTFOLIO COMPOSITION

	% of net assets
Manufacturing & materials	29.7
Consumer products & services	25.9
Financial	25.4
Energy	8.5
Technology	5.7
Utilities	3.4
Other assets & liabilities, net	1.4
Total	100.0

18   2009 Semiannual Report ¡ TIAA-CREF Life Funds

LARGE-CAP VALUE FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Large-Cap Value Fund returned 7.61% for the period, compared with the –2.87% return of its benchmark, the Russell 1000^® Value Index.

Large-cap value dips while large-cap growth soars

For the six-month period, large-cap value stocks significantly underperformed large-cap growth issues, which returned 11.53%, as measured by the Russell 1000 Growth Index. This reverses a protracted trend: During the decade that ended on December 31, 2008, large-cap value had outpaced large-cap growth eight years out of ten.

For the ten years ended June 30, 2009, the Russell 1000 Value Index posted an average annual return of –0.15%, while the Russell 1000 Growth Index returned –4.18%.

Oil sector depresses benchmark

For the period, six of the Russell 1000 Value Index’s twelve industry sectors registered negative returns, with two producing double-digit losses. Results were driven by an 11.3% decline in its integrated oils sector. Losses of 6.5% in the financial sector and 22.9% in the miscellaneous “other” sector also played a major role. The latter included General Electric, which lost nearly one-quarter of its market value during the period.

The best performance was the 26.7% gain from technology, but that sector amounted to less than 3% of the index, in terms of market capitalization on June 30, 2009.

The fund climbs while the index drops

While the fund’s benchmark had a negative return for the six months, the fund was strongly positive, outpacing the index by more than ten percentage points. These gains were made possible by successful stock selections, including overweight holdings, relative to the benchmark, in Bermuda-based insurer XL Capital and data storage device-maker Brocade Communications. An underweight in Exxon Mobil and a nonbenchmark position in British mining giant Rio Tinto also aided returns.

These positive contributions were partly offset by several detractors from relative performance. They included Wells Fargo, which was held as an overweighted and an underweighted position at various times during the period, as well as an underweight holding in Freeport-McMoRan and overweights in Delta Airlines and General Mills.

On June 30, 2009, foreign securities made up 11.45% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   19

LARGE-CAP VALUE FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, large-cap risk, style risk, quantitative analysis risk, active management risk, foreign investment risk and value investing risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Russell 1000^® Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000^® Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower price/book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Large-Cap Value Fund (inception: 10/28/2002)	7.61	%	-24.56	%	-1.14	%	4.56	%
Russell 1000 Value Index	-2.87		-29.03		-2.13		3.14

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

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

20   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

An investment of $10,000 in this fund on October 28, 2002, would be worth $13,464 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   21

LARGE-CAP VALUE FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Large-Cap Value Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09– 6/30/09)
Actual return	$	1,000.00	$	1,076.10		$	1.29
5% annual hypothetical return		1,000.00		1,023.54	†		1.25

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.25%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	44.38 million
Number of holdings		201
Portfolio turnover rate (not annualized)		91	%
Weighted median market capitalization	$	23.8 billion
P/E ratio (weighted 12-month trailing average)		23.5
Dividend yield		2.25	%
2009 expense ratio‡		0.25	%

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

PORTFOLIO COMPOSITION

	% of net assets
Financial	22.8
Consumer products & services	18.8
Energy	15.6
Manufacturing & materials	14.8
Technology	10.6
Health care	10.2
Utilities	5.5
Other assets & liabilities, net	1.7
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	61.80
$4 billion–$15 billion	18.44
Under $4 billion	19.76
Total	100.00

22   2009 Semiannual Report ¡ TIAA-CREF Life Funds

SMALL-CAP EQUITY FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Small-Cap Equity Fund returned 2.61% for the period, compared with the 2.64% return of its benchmark, the Russell 2000^® Index.

Small-cap stocks lag the broader market

For the six-month period, small-cap issues underperformed the broad U.S. stock market, which rose 4.20%, as measured by the Russell 3000^® Index.

During the first quarter of 2009, small caps continued to struggle amid a challenging investment environment. The Russell 2000 Index fell 14.95%, lagging the broader market, which lost 10.80%. In the second quarter, however, small-cap issues rebounded with the rest of the market. The Russell 2000 rose 20.69%, versus a 16.82% advance for the Russell 3000. This marked the largest quarterly advance for the small-cap index since the second quarter of 2003, when it gained 23.42%.

For the ten years ended June 30, 2009, the Russell 2000 Index posted an average annual gain of 2.38%—nearly four percentage points greater than the –1.46% average return of the Russell 3000 Index.

Technology and consumer discretionary keep returns positive

During the period, seven of the benchmark’s twelve industry sectors posted gains, including two that recorded double-digit advances. In particular, the index was boosted by strong performance from its technology and consumer discretionary sectors, which gained 28.8% and 19.6%, respectively. Together, these sectors made up about 30% of the benchmark’s total market capitalization on June 30, 2009.

The biggest detraction from performance came from the benchmark’s largest sector, financials (down 16.9%), which made up more than one-fifth of the index. Lackluster results from the utilities and autos and transportation sectors also weighed on the index.

Fund closely tracks its benchmark

The fund’s return was in line with that of its benchmark, with the positive effects of successful stock selections countered by others that hurt relative performance. Positive contributions came from overweight positions in technology companies 3Com, Global Cash Access Holdings and Tessera Technologies.

Other positions detracted from relative performance, including overweight holdings in Crawford & Co., an insurance services provider, and HealthSpring, a managed-care company. An underweight in technology firm Palm also trimmed relative results.

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

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   23

SMALL-CAP EQUITY FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, small-cap/mid-cap risk, active management risk and quantitative analysis risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Russell 2000^® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000^® Index, based on market capitalization. You cannot invest directly in these indexes.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Small-Cap Equity Fund (inception: 10/28/2002)	2.61	%	-25.56	%	-2.08	%	6.30	%
Russell 2000 Index	2.64		-25.01		-1.71		6.29

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

Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group.

24   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

An investment of $10,000 in this fund on October 28, 2002, would be worth $15,030 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   25

SMALL-CAP EQUITY FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Small-Cap Equity Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09– 6/30/09)
Actual return	$	1,000.00	$	1,026.10		$	0.55
5% annual hypothetical return		1,000.00		1,024.24	†		0.55

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.11%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	34.53 million
Number of holdings		780
Portfolio turnover rate (not annualized)		56	%
Weighted median market capitalization	$	0.7 billion
P/E ratio (weighted 12-month trailing average)		24.6
Dividend yield		1.38	%
2009 expense ratio‡		0.11	%

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

PORTFOLIO COMPOSITION

	% of net assets
Manufacturing & materials	21.7
Technology	20.7
Consumer products & services	20.3
Financial	18.0
Health care	11.1
Energy	4.3
Utilities	4.2
Other assets & liabilities, net	-0.3
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Under $4 billion	100.00
Total	100.00

26   2009 Semiannual Report ¡ TIAA-CREF Life Funds

STOCK INDEX FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Stock Index Fund returned 4.28% for the period, compared with the 4.20% return of its benchmark, the Russell 3000^® Index.

Stocks surge in the second quarter

The broad-based Russell 3000 Index began 2009 having suffered its worst calendar year since the index began in 1979, but it ended the six-month period solidly in the plus column. Amid rising unemployment, depressed corporate profits and ongoing problems in the financial sector, the index dropped 10.80% in the first quarter of 2009, its sixth consecutive quarterly decline.

Financial conditions eased somewhat in the second quarter, when programs initiated by the Federal Reserve and other central banks began to stimulate the flow of credit. As a result, many investors abandoned the safety of U.S. Treasury securities for the potentially higher returns of stocks and corporate bonds, and the Russell 3000 Index soared 16.82%—its best quarterly return since 1998.

Foreign stocks, as measured by the MSCI EAFE Index, rose 7.95% for the period, after suffering steeper declines than domestic issues in 2008. For the ten years ended June 30, 2009, however, the average annual return of the Russell 3000 Index was –1.46%, versus 1.18% for the EAFE.

Tech stocks drive the benchmark

Eight of the benchmark’s twelve industry sectors recorded positive returns for the period, with three posting double-digit gains. The advance was primarily driven by the 26.9% surge of the benchmark’s largest sector—technology—which made up more than one-sixth of the index on June 30, 2009. The “other energy” and materials and processing sectors rose 18.0% and 11.9%, respectively.

The ongoing uncertainty in the markets was demonstrated by declines in the integrated oils sector, which dropped 11.1%, and in financials, down 4.0%.

Largest stocks generally decline

Although the Russell 3000 Index scored positive results for the six months, four of its five largest stocks lost ground. Only Microsoft, benefiting from the rally in tech stocks, gained; it rose 24.6%. In descending order according to market capitalization, the other four stocks performed as follows: Exxon Mobil, –10.1%; Johnson & Johnson, –2.3%; Procter & Gamble, –15.1%; and AT&T, –9.3%.

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

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   27

STOCK INDEX FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, foreign investment risk, large-cap risk, small-cap/mid-cap risk, quantitative analysis risk and index risk. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Russell 3000^® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
Stock Index Fund (inception: 1/4/1999)	4.28	%	-26.29	%	-1.79	%	-1.43	%
Russell 3000 Index	4.20		-26.56		-1.84		-1.46

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

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

28   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 OVER 10 YEARS

An investment of $10,000 in this fund on June 30, 1999, would be worth $8,662 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   29

STOCK INDEX FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Stock Index Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09– 6/30/09)
Actual return	$	1,000.00	$	1,042.80		$	0.30
5% annual hypothetical return		1,000.00		1,024.49	†		0.30

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.06%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	123.08 million
Number of holdings		2,861
Portfolio turnover rate (not annualized)		6	%
Weighted median market capitalization	$	24.2 billion
P/E ratio (weighted 12-month trailing average)		18.4
Dividend yield		2.19	%
2009 expense ratio‡		0.06	%

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

PORTFOLIO COMPOSITION

	% of net assets
Consumer products & services	22.3
Technology	20.0
Financial	15.8
Manufacturing & materials	14.6
Health care	10.5
Energy	10.3
Utilities	4.4
Other assets & liabilities, net	2.1
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	59.79
$4 billion–$15 billion	19.20
Under $4 billion	21.01
Total	100.00

30   2009 Semiannual Report ¡ TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Social Choice Equity Fund returned 5.68% for the period, compared with the 4.20% return of its benchmark, the Russell 3000^® Index. The fund screens investments according to social criteria, while the benchmark does not.

Exclusion of major stocks boosts the fund’s relative performance

Because of its social screens, the fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these stocks produced mixed results, but the net effect was to increase the fund’s return, relative to that of its benchmark.

The fund outpaced its benchmark by nearly one-and-a-half percentage points, in part because it excluded three major energy companies: Exxon Mobil, ConocoPhillips and Chevron. These stocks returned -10.1%, -16.5% and -8.0%, respectively, considerably lower than the 4.20% return of the Russell 3000 Index. Avoiding General Electric (down 23.0%), AT&T (down 9.3%), Citigroup (down 56.2%) and Wal-Mart (down 11.0%) also aided relative returns.

In contrast, the exclusion of Apple, which rose 65.1% during the first half of the year, was the portfolio’s biggest detractor from relative performance. Avoiding Schlumberger Limited, an oil field service provider that rose 29.6%, also hurt relative returns, as did the absence of two large financial companies: JPMorgan Chase and Morgan Stanley.

Statistical techniques help mitigate risk

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

During the six-month period, the fund’s relative performance was enhanced by overweight positions in a number of companies, including Goldman Sachs, which jumped 81.1% on a pair of stronger than expected earnings reports. Other overweight holdings that helped included chemical company Rohm and Haas, biotechnology firm Genentech and telecommunications company Qualcomm.

Overweight positions that detracted from relative performance included Aflac, a health and life insurance provider; Pepco Holdings, a diversified energy company; and Chubb, a property and casualty insurer.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   31

SOCIAL CHOICE EQUITY FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to market risk, company risk, foreign investment risk, small-cap/mid-cap risk and index risk. The fund also is exposed to risks arising from the fact that because its social criteria exclude securities of certain issuers for non-financial reasons, the fund may forgo some market opportunities available to funds that don’t use these criteria. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Russell 3000^® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Social Choice Equity Fund (inception: 4/3/2000)	5.68	%	-25.15	%	-1.48	%	-2.50	%
Russell 3000 Index	4.20		-26.56		-1.84		-2.87

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

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

32   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE APRIL 3, 2000 INCEPTION

An investment of $10,000 in this fund on April 3, 2000, would be worth $7,910 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   33

SOCIAL CHOICE EQUITY FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Social Choice Equity Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09–6/30/09)
Actual return	$	1,000.00	$	1,056.80		$	0.41
5% annual hypothetical return		1,000.00		1,024.39	†		0.40

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.08%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	24.54 million
Number of holdings		787
Portfolio turnover rate (not annualized)		15	%
Weighted median market capitalization	$	18.7 billion
P/E ratio (weighted 12-month trailing average)		19.2
Dividend yield		2.26	%
2009 expense ratio‡		0.08	%

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

PORTFOLIO COMPOSITION

	% of net assets
Consumer products & services	26.1
Technology	20.0
Financial	14.0
Manufacturing & materials	13.6
Health care	10.2
Energy	8.4
Utilities	7.1
Other assets & liabilities, net	0.6
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	56.11
$4 billion–$15 billion	26.82
Under $4 billion	17.07
Total	100.00

34   2009 Semiannual Report ¡ TIAA-CREF Life Funds

REAL ESTATE SECURITIES FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Real Estate Securities Fund returned -13.45% for the period, compared with the -12.21% return of its benchmark, the FTSE NAREIT Equity REITs Index.

REITs continue to languish in a challenging market environment

Against the backdrop of a deepening economic downturn, REITs fell 37.73% during 2008. REITs continued to struggle in the first quarter of 2009, posting a 31.87% decline, as persistent weakness in the global economic and credit markets, rising unemployment and weak consumer spending continued to dampen the overall demand for retail and office space.

REITs, however, roared back during the second quarter of the year, advancing 28.85%, as investor hopes of an improving economic outlook led to a strong rally in the capital markets.

Effective April 1, 2009, the Real Estate Securities Fund’s benchmark changed to the FTSE NAREIT Equity REITs Index from the Dow Jones Wilshire Real Estate Securities Index. All benchmark returns cited here are those of the FTSE NAREIT Equity REITs Index.

REITs trail the broad markets

For the six-month period, REITs significantly lagged both the 4.20% return of the broad U.S. stock market, as measured by the Russell 3000^® Index, and the 1.90% return of the U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

For the five years ended June 30, 2009, the -2.73% average annual return of REITs trailed the -1.84% average return of the Russell 3000 Index and the 5.01% average annual gain of the Barclays Capital index.

Stock selections lower the fund’s return

The fund’s disappointing absolute return trailed its benchmark’s, in part because of underweight positions in Digital Realty Trust, an owner and manager of technology-related real estate, and HRPT Properties Trust, a REIT that owns and leases office buildings. The exclusion of DuPont Fabros Technology, a data center owner, and PS Business Parks, a commercial office and industrial property manager, also detracted from the fund’s relative return.

These results were partly offset by positive contributions to relative performance from overweight positions in SL Green, an office REIT, and Simon Property Group, a retail property owner. Underweight holdings in Apartment Investment and Management Company, Cedar Shopping Centers and Inland Real Estate, a retail property REIT, also aided relative performance.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   35

REAL ESTATE SECURITIES FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to the risks of real estate investing as well as active management risk, market risk, foreign investment risk, company risk, interest-rate risk and income volatility risk. The fund is also subject to the risks of concentrating investments in a single industry, holding securities of relatively few issuers and investing in smaller companies. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The FTSE NAREIT Equity REITs Index measures the performance of publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate. You cannot invest directly in this index.*

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Real Estate Securities Fund (inception: 10/28/2002)	-13.45	%	-43.91	%	-3.97	%	3.60	%
FTSE NAREIT Equity REITs Index (new)*	-12.21		-43.29		-2.73		4.33
Dow Jones Wilshire Real Estate Securities Index (old)†	-12.89		-45.74		-3.40		4.16

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

* Please note that effective April 1, 2009, the Real Estate Securities Fund’s benchmark changed to the FTSE NAREIT Equity REITs Index.

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

36   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE OCTOBER 28, 2002 INCEPTION

An investment of $10,000 in this fund on October 28, 2002, would be worth $12,662 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   37

REAL ESTATE SECURITIES FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Real Estate Securities Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09–6/30/09)
Actual return	$	1,000.00	$	865.50		$	1.20
5% annual hypothetical return		1,000.00		1,023.49	†		1.30

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.26%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	36.85 million
Number of holdings		75
Portfolio turnover rate (not annualized)		25	%
Weighted median market capitalization	$	3.8 billion
P/E ratio (weighted 12-month trailing average)		38.1
Dividend yield		5.82	%
2009 expense ratio‡		0.26	%

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

PORTFOLIO COMPOSITION

	% of net assets
Specialized	30.7
Retail	23.8
Residential	14.7
Office	12.5
Diversified	9.0
Industrial	5.3
Office electronics	1.7
Mortgage	0.1
Other assets & liabilities, net	2.2
Total	100.0

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
$4 billion–$15 billion	46.40
Under $4 billion	53.60
Total	100.00

38   2009 Semiannual Report ¡ TIAA-CREF Life Funds

BOND FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Bond Fund returned 2.40% for the period, compared with the 1.90% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index.

Bonds post modest gains

During the first half of 2009, unemployment rose, corporate profits remained weak and problems in the financial sector persisted. In response, the Federal Reserve kept the target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0%. To fund the government’s recovery efforts, the central bank announced plans to purchase U.S. Treasury securities.

The Barclays Capital U.S. Aggregate Bond Index, which measures the broad U.S. investment-grade, fixed-rate bond market, returned just 0.12% for the first quarter of 2009, when investors worried that the increased issuance of Treasuries could depress their prices. As investor concerns receded in the second quarter, bonds rallied, and the index gained 1.78%.

Treasuries bow to corporates

With Treasury yields low and signs appearing that the Fed’s efforts were starting to pay off, fixed-income investors again sought the higher returns of corporate and other non-government securities. Sectors of the benchmark that had previously performed poorly now excelled, while former top performers languished. Asset-backed securities surged 15.78% for the period, while commercial mortgage-backed securities rose 10.36% and corporate bonds gained 8.32%. Conversely, the high flyers of 2008—U.S. Treasury and agency securities—lost 4.30% and 0.04%, respectively.

As their prices fell, Treasury yields rose. The yield on 2-year Treasury notes rose to 1.11% on June 30, 2009, from 0.76% at year-end 2008. The yield on 10-year Treasury notes soared to 3.53% from 2.25%.

Sector positions help the fund

The fund topped its benchmark for the period primarily because of advantageous sector weightings, relative to the Barclays Capital index. Overweight holdings in corporate and asset-backed securities, which had dampened the fund’s return in 2008, boosted its performance during the period, as did an underweight position in flagging U.S. Treasury securities. Overweight investments in higher-yielding, lower-quality debt securities further contributed to the fund’s outperformance. However, an underweight position in commercial mortgage-backed securities reduced returns slightly.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   39

BOND FUND

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.

PRINCIPAL INVESTMENT RISKS

The fund is subject to interest-rate risk, prepayment risk, extension risk, company risk, income volatility risk, credit risk, call risk, foreign investment risk, active management risk, and market volatility and liquidity risk. The fund is also subject to the risk of using a mortgage dollar roll investment strategy. For a detailed discussion of risk, please see the prospectus.

THE FUND’S BENCHMARK

The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Bond Fund (inception: 7/8/2003)	2.40	%	2.92	%	3.83	%	3.42	%
Barclays Capital U.S. Aggregate Bond Index	1.90		6.05		5.01		4.33

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

40   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE JULY 8, 2003 INCEPTION

An investment of $10,000 in this fund on July 8, 2003, would be worth $12,228 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN

* For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   41

BOND FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Bond Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09–6/30/09)
Actual return	$	1,000.00	$	1,024.00		$	0.50
5% annual hypothetical return		1,000.00		1,024.29	†		0.50

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.10%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	100.58 million
Number of issues		533
Portfolio turnover rate (not annualized)		110	%
Average quality		Aa1/AA+
Option-adjusted duration		4.33 years
Average coupon		4.69	%
Average yield to maturity		5.25	%
Average maturity		5.79 years
2009 expense ratio‡		0.10	%

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

PORTFOLIO COMPOSITION

	% of net assets
Mortgage-backed securities§	35.4
Corporate bonds	24.1
U.S. Treasury securities	16.8
U.S. agency securities	9.5
Foreign government & corporate bonds denominated in U.S. dollars	4.9
Asset-backed securities	3.3
Commercial mortgage-backed securities	3.2
Other assets & liabilities, net	2.8
Total	100.0

§ Includes mortgage pass-through securities and collateralized mortgage obligations

42   2009 Semiannual Report ¡ TIAA-CREF Life Funds

MONEY MARKET FUND

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The Money Market Fund returned 0.39% for the period, compared with the 0.14% return of the iMoneyNet Money Fund Report Averages^™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

The credit market slowly revives

The downturn in the U.S. economy stretched into 2009. Gross domestic product contracted in the first quarter—its third consecutive quarterly decline. Unemployment rose steadily, reaching 9.5% in June. Instability in the financial sector restrained the flow of credit during much of the year’s first half.

The Federal Reserve responded by keeping its target federal funds rate—the interest rate commercial U.S. banks charge one another for overnight loans—near 0%. It also continued to guarantee the purchase of certain hard-to-sell securities. At the same time, the federal government required the nation’s largest banks to undergo “stress tests” to assure that they were sufficiently capitalized to weather a prolonged downturn. By mid-year, a number of banks had strengthened their positions, and lending activity increased.

LIBOR falls as conditions improve

As the credit market gradually unlocked, the LIBOR declined, and businesses were paying a smaller premium to borrow cash. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) For the six-month period, the one-month LIBOR fell from 0.44% to 0.31%; the twelve-month LIBOR dropped from 2.00% to 1.61%.

The fund seeks high yield and low risk

At opportune times during the period, the fund purchased fixed-rate government securities with longer maturities to benefit from their higher yields. On June 30, 2009, the fund’s weighted average maturity was 70 days, versus 50 days for the average iMoneyNet fund. To limit risk, the fund maintained the high credit quality of its portfolio and restricted its holdings of corporate debt securities to those with short-term maturities. It also increased its holdings in certificates of deposit, maintained its level of investments in U.S. agency securities and slightly reduced its position in commercial paper. For greater flexibility, the fund invested in floating-rate agency securities.

On June 30, 2009, foreign securities made up 20.37% of the fund’s total portfolio investments.

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   43

MONEY MARKET FUND

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The fund is subject to current income risk, market risk, company risk, interest-rate risk, prepayment risk, extension risk and income volatility risk. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency (not including the fund’s participation in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds; see page 46). Although the fund will attempt to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED JUNE 30, 2009*

	Current yield		Effective yield
Money Market Fund	0.43	%	0.43	%
iMoneyNet Money Fund Report Averages™—All Taxable	0.11		0.11

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

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

PERFORMANCE AS OF JUNE 30, 2009

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Money Market Fund (inception: 7/8/2003)	0.39	%	1.59	%	3.53	%	3.12	%†
iMoneyNet Money Fund Report Averages—All Taxable	0.14		0.91		2.91		2.53	†

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

† The performance shown above and in the accompanying graph is computed from August 2003.

44   2009 Semiannual Report ¡ TIAA-CREF Life Funds

$10,000 SINCE JULY 31, 2003

An investment of $10,000 in this fund on July 31, 2003, would be worth $12,008 as of June 30, 2009, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period.*

* The graph above begins on July 31, 2003, rather than the fund’s inception date of July 8, 2003, because the iMoneyNet return is calculated only on a monthly basis.

CALENDAR YEAR TOTAL RETURN

† For the six months ended June 30, 2009

TIAA-CREF Life Funds ¡ 2009 Semiannual Report   45

MONEY MARKET FUND

EXPENSE EXAMPLE

Six months ended June 30, 2009

Money Market Fund	Starting fund value (1/1/09)		Ending fund value (6/30/09)			Expenses paid* (1/1/09–6/30/09)
Actual return	$	1,000.00	$	1,003.90		$	0.50
5% annual hypothetical return		1,000.00		1,024.29	†		0.50

* “Expenses paid” is equal to the fund’s annualized expense ratio of 0.10%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2009.

† Ending fund value for the hypothetical example would be $1,024.79 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

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

FUND PROFILE

Net assets	$	105.23 million
2009 expense ratio‡		0.10	%

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

PORTFOLIO COMPOSITION

	% of net assets
Commercial paper	52.4
U.S. agency securities	29.4
Certificates of deposit	9.8
Floating-rate securities, U.S. agency	4.9
Banker’s acceptances	3.7
Other assets & liabilities, net	-0.2
Total	100.0

U.S. TREASURY DEPARTMENT’S TEMPORARY GUARANTEE PROGRAM

The fund is a participant in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds (the “Program”), which provides a guarantee, to the extent that program funds are available, to the fund’s shareholders based on the number of fund shares they owned at the close of business on September 19, 2008, if the fund “breaks the buck” (its net asset value falls below $0.995 and is not immediately cured), liquidates its holdings and such liquidated proceeds are less than $1.00 per share. Any increase in owned shares after this date will not be guaranteed. If the number of owned shares changes between September 19 and the date of liquidation, the shares guaranteed will be the number owned at the close of business on September 19 or the number of fund shares held by the shareholder of record when the fund breaks the buck, whichever is less. The program has been extended through September 18, 2009. Please see www.treas.gov for more information.

46   2009 Semiannual Report ¡ TIAA-CREF Life Funds

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
11,544		Walt Disney Co	$	269,322	0.99	%
				269,322	0.99
BUILDING MATERIALS AND GARDEN SUPPLIES
23,387		Lowe’s Cos, Inc		453,942	1.66
				453,942	1.66
BUSINESS SERVICES
10,242	*	Adobe Systems, Inc		289,849	1.06
1,958	*	Google, Inc (Class A)		825,473	3.02
16,283	*	Intuit, Inc		458,529	1.68
59,035		Microsoft Corp		1,403,262	5.14
15,129		Omnicom Group, Inc		477,774	1.75
10,056	*	Salesforce.com, Inc		383,838	1.41
25,464	*	Symantec Corp		396,220	1.45
7,956		Visa, Inc (Class A)		495,341	1.82
16,934	*	Yahoo!, Inc		265,186	0.97
		Other		254,619	0.94
				5,250,091	19.24
CHEMICALS AND ALLIED PRODUCTS
6,257	*	Amgen, Inc		331,246	1.21
9,690		Colgate-Palmolive Co		685,471	2.51
18,988	*	Gilead Sciences, Inc		889,397	3.25
4,741		Johnson & Johnson		269,289	0.99
6,957		Novartis AG. (ADR)		283,776	1.04
3,634		Praxair, Inc		258,268	0.95
6,789		Shire plc (ADR)		281,608	1.03
17,126		Teva Pharmaceutical Industries Ltd (ADR)		844,996	3.10
		Other		521,429	1.92
				4,365,480	16.00
COMMUNICATIONS				296,508	1.09
DEPOSITORY INSTITUTIONS
21,005		Bank of America Corp		277,266	1.02
35,935		Western Union Co		589,334	2.15
		Other		81,557	0.30
				948,157	3.47
EATING AND DRINKING PLACES
6,981		McDonald’s Corp		401,338	1.47
7,794		Yum! Brands, Inc		259,852	0.95
		Other		206,224	0.76
				867,414	3.18
EDUCATIONAL SERVICES
8,453	*	Apollo Group, Inc (Class A)		601,177	2.20
				601,177	2.20

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
11,034		Analog Devices, Inc	$	273,423	1.00	%
6,362	*	Apple Computer, Inc		906,139	3.32
27,731	*	Cisco Systems, Inc		516,906	1.89
2,035	*	First Solar, Inc		329,914	1.21
41,012		Intel Corp		678,749	2.49
14,651		Qualcomm, Inc		662,225	2.43
7,618	*	Research In Motion Ltd		541,259	1.98
		Other		109,672	0.40
				4,018,287	14.72
ENGINEERING AND MANAGEMENT SERVICES				229,645	0.84
FOOD AND KINDRED PRODUCTS
6,118		Kellogg Co		284,915	1.04
14,503		PepsiCo, Inc		797,085	2.92
				1,082,000	3.96
FURNITURE AND HOME FURNISHINGS STORES
12,883	*	Bed Bath & Beyond, Inc		396,152	1.45
				396,152	1.45
GENERAL MERCHANDISE STORES
9,195		TJX Companies, Inc		289,275	1.06
				289,275	1.06
HEALTH SERVICES
4,348	*	Express Scripts, Inc		298,925	1.10
				298,925	1.10
HOLDING AND OTHER INVESTMENT OFFICES				49,229	0.18
HOTELS AND OTHER LODGING PLACES				62,706	0.23
INDUSTRIAL MACHINERY AND EQUIPMENT
16,078		International Game Technology		255,640	0.94
		Other		41,803	0.15
				297,443	1.09
INSTRUMENTS AND RELATED PRODUCTS
2,559		Alcon, Inc		297,151	1.08
7,267	*	Illumina, Inc		282,977	1.04
6,002		Rockwell Collins, Inc		250,463	0.92
5,654		Roper Industries, Inc		256,183	0.94
		Other		395,157	1.45
				1,481,931	5.43
INSURANCE CARRIERS
7,933		Aflac, Inc		246,637	0.90
		Other		121,725	0.45
				368,362	1.35
LEATHER AND LEATHER PRODUCTS
21,598		Coach, Inc		580,554	2.13
				580,554	2.13

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH EQUITY FUND  n  JUNE 30, 2009

Shares		Company		Value		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES				$	69,713	0.26	%
MISCELLANEOUS RETAIL
6,791	*	Amazon.com, Inc			568,135	2.08
17,185		CVS Corp			547,686	2.01
					1,115,821	4.09
NONDEPOSITORY INSTITUTIONS					144,599	0.53
OIL AND GAS EXTRACTION
5,091		Apache Corp			367,316	1.35
5,391		Occidental Petroleum Corp			354,782	1.30
11,030		Schlumberger Ltd			596,833	2.18
		Other			124,478	0.46
					1,443,409	5.29
PAPER AND ALLIED PRODUCTS					194,515	0.71
PRINTING AND PUBLISHING					188,651	0.69
SECURITY AND COMMODITY BROKERS
5,469		Goldman Sachs Group, Inc			806,349	2.95
					806,349	2.95
TRANSPORTATION EQUIPMENT
5,000		United Technologies Corp			259,800	0.96
		Other			241,340	0.88
					501,140	1.84
TRANSPORTATION SERVICES					192,405	0.71
		TOTAL COMMON STOCKS	(Cost $27,317,554)		26,863,202	98.44
		TOTAL PORTFOLIO	(Cost $27,317,554)		26,863,202	98.44
		OTHER ASSET & LIABILITIES, NET			426,358	1.56
		NET ASSETS		$	27,289,560	100.00	%

The following abbreviation is used in portfolio descriptions:

ADR    American Depositary Receipt

* 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 in industry concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH & INCOME FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES			$	277,627	0.51	%
APPAREL AND ACCESSORY STORES				150,570	0.28
APPAREL AND OTHER TEXTILE PRODUCTS				847,389	1.55
BUILDING MATERIALS AND GARDEN SUPPLIES
17,194		Home Depot, Inc		406,294	0.74
				406,294	0.74
BUSINESS SERVICES
1,021	*	Google, Inc (Class A)		430,443	0.79
54,337		Microsoft Corp		1,291,590	2.35
17,622		Oracle Corp		377,463	0.69
25,027	*	Symantec Corp		389,420	0.71
		Other		1,868,213	3.43
				4,357,129	7.97
CHEMICALS AND ALLIED PRODUCTS
8,084		Abbott Laboratories		380,271	0.70
12,240	*	Amgen, Inc		647,986	1.19
6,484		Colgate-Palmolive Co		458,678	0.84
14,458	*	Gilead Sciences, Inc		677,213	1.24
22,083		Johnson & Johnson		1,254,313	2.29
5,550		Monsanto Co		412,587	0.75
60,678		Pfizer, Inc		910,170	1.66
16,115		Procter & Gamble Co		823,477	1.51
22,939		Schering-Plough Corp		576,228	1.05
		Other		1,909,127	3.50
				8,050,050	14.73
COAL MINING				79,263	0.15
COMMUNICATIONS
34,831		AT&T, Inc		865,202	1.58
16,317		Verizon Communications, Inc		501,421	0.92
		Other		1,082,801	1.98
				2,449,424	4.48
DEPOSITORY INSTITUTIONS
76,535		Bank of America Corp		1,010,262	1.85
33,028		JPMorgan Chase & Co		1,126,585	2.07
27,285		Wells Fargo & Co		661,934	1.21
		Other		1,484,494	2.71
				4,283,275	7.84
EATING AND DRINKING PLACES
6,820		McDonald’s Corp		392,081	0.72
		Other		400,285	0.73
				792,366	1.45
ELECTRIC, GAS, AND SANITARY SERVICES
10,303		PG&E Corp		396,047	0.72

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH & INCOME FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES — continued
16,408		Republic Services, Inc	$	400,519	0.73	%
		Other		1,322,943	2.43
				2,119,509	3.88
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
6,248	*	Apple Computer, Inc		889,903	1.63
46,696	*	Cisco Systems, Inc		870,413	1.59
66,858		General Electric Co		783,576	1.43
55,144		Intel Corp		912,634	1.67
16,347		Qualcomm, Inc		738,884	1.35
		Other		621,680	1.14
				4,817,090	8.81
ENGINEERING AND MANAGEMENT SERVICES				351,632	0.64
FOOD AND KINDRED PRODUCTS
13,597		Coca-Cola Co		652,520	1.19
12,659		PepsiCo, Inc		695,739	1.27
		Other		1,133,093	2.08
				2,481,352	4.54
GENERAL BUILDING CONTRACTORS				167,798	0.31
GENERAL MERCHANDISE STORES
19,343		Wal-Mart Stores, Inc		936,975	1.72
		Other		361,229	0.66
				1,298,204	2.38
HEALTH SERVICES
11,478	*	Medco Health Solutions, Inc		523,512	0.97
		Other		419,615	0.76
				943,127	1.73
INDUSTRIAL MACHINERY AND EQUIPMENT
39,186	*	EMC Corp		513,337	0.94
14,680		Hewlett-Packard Co		567,382	1.03
7,888		International Business Machines Corp		823,666	1.50
		Other		2,328,636	4.28
				4,233,021	7.75
INSTRUMENTS AND RELATED PRODUCTS
8,650		Baxter International, Inc		458,104	0.84
43,780	*	Boston Scientific Corp		443,929	0.81
		Other		400,836	0.73
				1,302,869	2.38
INSURANCE CARRIERS
9,165		ACE Ltd		405,368	0.74
8,228	*	WellPoint, Inc		418,724	0.77
		Other		909,891	1.66
				1,733,983	3.17

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH & INCOME FUND  n  JUNE 30, 2009

Shares		Company		Value		% of net assets
LEGAL SERVICES
7,582	*	FTI Consulting, Inc		$	384,559	0.70	%
					384,559	0.70
METAL MINING					590,247	1.08
MISCELLANEOUS MANUFACTURING INDUSTRIES					167,194	0.31
MISCELLANEOUS RETAIL					770,665	1.41
MOTION PICTURES					601,040	1.10
NONDEPOSITORY INSTITUTIONS					423,315	0.77
OIL AND GAS EXTRACTION
11,350		Anadarko Petroleum Corp			515,177	0.94
30,523		Halliburton Co			631,825	1.16
5,854		Occidental Petroleum Corp			385,252	0.70
		Other			1,550,860	2.84
					3,083,114	5.64
PAPER AND ALLIED PRODUCTS					82,655	0.15
PETROLEUM AND COAL PRODUCTS
13,931		Chevron Corp			922,929	1.69
31,285		Exxon Mobil Corp			2,187,134	4.00
		Other			279,339	0.51
					3,389,402	6.20
RAILROAD TRANSPORTATION
8,026		Union Pacific Corp			417,834	0.76
					417,834	0.76
SECURITY AND COMMODITY BROKERS
4,959		Goldman Sachs Group, Inc			731,155	1.34
16,184		Legg Mason, Inc			394,566	0.72
		Other			341,550	0.62
					1,467,271	2.68
STONE, CLAY, AND GLASS PRODUCTS					212,232	0.39
TOBACCO PRODUCTS
9,925		Philip Morris International, Inc			432,929	0.79
					432,929	0.79
TRANSPORTATION EQUIPMENT
8,408		Goodrich Corp			420,148	0.77
13,862		Honeywell International, Inc			435,267	0.80
		Other			437,563	0.80
					1,292,978	2.37
		TOTAL COMMON STOCKS	(Cost $58,657,877)		54,457,407	99.64
		TOTAL PORTFOLIO	(Cost $58,657,877)		54,457,407	99.64
		OTHER ASSET & LIABILITIES, NET			194,143	0.36
		NET ASSETS		$	54,651,550	100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH & INCOME FUND  n  JUNE 30, 2009

* 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 in industry concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
BUSINESS SERVICES
39,617		Adecco S.A.	$	1,650,237	2.26	%
69,106	*	Autonomy Corp plc		1,633,771	2.25
		Other		84,829	0.12
				3,368,837	4.63
CHEMICALS AND ALLIED PRODUCTS
90,014		Lanxess AG.		2,230,035	3.06
48,785		Reckitt Benckiser Group plc		2,220,021	3.05
		Other		914,424	1.27
				5,364,480	7.38
COMMUNICATIONS
352,169		BT Group plc		588,078	0.81
8,700		Nippon Telegraph & Telephone Corp		354,015	0.49
		Other		322,978	0.44
				1,265,071	1.74
DEPOSITORY INSTITUTIONS
42,637		HDFC Bank Ltd		1,328,952	1.83
119,927		HSBC Holdings plc		991,452	1.36
130,600		ING Groep NV		1,313,997	1.81
125,400		Mitsubishi UFJ Financial Group, Inc		778,421	1.07
16,600		Sumitomo Mitsui Financial Group, Inc		677,199	0.93
127,739	*	UBS A.G. (Switzerland)		1,562,424	2.16
51,991		Wells Fargo & Co		1,261,302	1.73
		Other		306,840	0.42
				8,220,587	11.31
EDUCATIONAL SERVICES				4,007	0.01
ELECTRIC, GAS, AND SANITARY SERVICES
54,600		Fortum Oyj		1,242,380	1.70
12,600		Tokyo Electric Power Co, Inc		324,368	0.45
		Other		912,418	1.26
				2,479,166	3.41
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
507,150		Hon Hai Precision Industry Co, Ltd		1,568,904	2.16
33,300		Hosiden Corp		424,827	0.58
177,787		Nokia Oyj		2,603,822	3.57
171,774		Smiths Group plc		1,982,457	2.73
75,800		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		713,278	0.98
		Other		633,672	0.88
				7,926,960	10.90
ENGINEERING AND MANAGEMENT SERVICES
10,340		Tecan Group AG.		403,018	0.55
				403,018	0.55
FOOD AND KINDRED PRODUCTS
48,373		InBev NV		1,746,717	2.40

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2009

Shares	Company	Value		% of net assets
FOOD AND KINDRED PRODUCTS — continued
15,000	Toyo Suisan Kaisha Ltd	$	309,389	0.43	%
	Other		28,795	0.04
			2,084,901	2.87
FOOD STORES			252,131	0.35
GENERAL BUILDING CONTRACTORS
12,151	Vinci S.A.		545,217	0.75
			545,217	0.75
HEAVY CONSTRUCTION, EXCEPT BUILDING
16,700	Saipem S.p.A.		406,234	0.56
			406,234	0.56
HOLDING AND OTHER INVESTMENT OFFICES
107,692	iShares MSCI Taiwan Index Fund		1,086,612	1.48
	Other		536,275	0.75
			1,622,887	2.23
INDUSTRIAL MACHINERY AND EQUIPMENT
66,387	ASML Holding NV		1,435,148	1.97
8,854	Rheinmetall AG.		383,183	0.53
131,026	SKF AB (B Shares)		1,613,484	2.21
	Other		698,611	0.97
			4,130,426	5.68
INSTRUMENTS AND RELATED PRODUCTS
17,870	Phonak Holding AG.		1,452,230	2.00
	Other		53,065	0.07
			1,505,295	2.07
INSURANCE AGENTS, BROKERS AND SERVICE			47,117	0.06
INSURANCE CARRIERS			213,531	0.29
METAL MINING
28,615	Anglo American plc		830,210	1.14
43,000	Rio Tinto plc		1,489,153	2.06
	Other		251,351	0.34
			2,570,714	3.54
NONDEPOSITORY INSTITUTIONS			141,187	0.19
OIL AND GAS EXTRACTION
114,166	BG Group plc		1,912,067	2.63
839,000	CNOOC Ltd		1,040,353	1.43
55,800	Tullow Oil plc		860,645	1.18
	Other		136,233	0.19
			3,949,298	5.43
PAPER AND ALLIED PRODUCTS			25,785	0.04

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2009

Shares		Company		Value		% of net assets
PETROLEUM AND COAL PRODUCTS
210,374		BP plc		$	1,653,701	2.27	%
		Other			149,607	0.21
					1,803,308	2.48
PRIMARY METAL INDUSTRIES					171,740	0.24
RAILROAD TRANSPORTATION
7,100		East Japan Railway Co			428,203	0.58
		Other			505,735	0.70
					933,938	1.28
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
62,951		Bayer AG.			3,375,237	4.64
101,670		Hankook Tire Co Ltd			1,328,785	1.83
178,627		SSL International plc			1,522,283	2.09
		Other			93,258	0.13
					6,319,563	8.69
SECURITY AND COMMODITY BROKERS
59,180		Credit Suisse Group			2,701,512	3.72
40,490		Deutsche Boerse AG.			3,139,980	4.32
137,800		Hong Kong Exchanges and Clearing Ltd			2,146,110	2.95
		Other			181,093	0.25
					8,168,695	11.24
STONE, CLAY, AND GLASS PRODUCTS
33,000		NGK Insulators Ltd			674,833	0.93
		Other			14,636	0.02
					689,469	0.95
TRANSPORTATION EQUIPMENT
395,229		BAE Systems plc			2,201,031	3.03
16,300	*	Honda Motor Co Ltd			450,075	0.62
14,720		Toyota Motor Corp			560,776	0.77
		Other			150,807	0.21
					3,362,689	4.63
WATER TRANSPORTATION					65,085	0.09
WHOLESALE TRADE-DURABLE GOODS
56,549		Assa Abloy AB (Class B)			787,984	1.08
36,899		ThyssenKrupp AG.			915,700	1.26
		Other			508,773	0.70
					2,212,457	3.04
WHOLESALE TRADE-NONDURABLE GOODS
253,443		Foster’s Group Ltd			1,051,755	1.45
		Other			59,169	0.08
					1,110,924	1.53
		TOTAL COMMON STOCKS	(Cost $81,635,452)		71,364,717	98.16

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2009

Shares	Company		Value		% of net assets
RIGHTS/WARRANTS
METAL MINING			$	298,266	0.41	%
	TOTAL RIGHTS/WARRANTS	(Cost $212,448)		298,266	0.41
	TOTAL PORTFOLIO	(Cost $81,847,900)		71,662,983	98.57
	OTHER ASSET & LIABILITIES, NET			1,038,296	1.43
	NET ASSETS		$	72,701,279	100.00	%

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

plc Public Limited Company

* 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 in industry concentrations.

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

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2009

Country	Value		% of market value
DOMESTIC
UNITED STATES	$	2,347,914	3.28	%
TOTAL DOMESTIC		2,347,914	3.28
FOREIGN
AUSTRALIA		1,343,963	1.88
BELGIUM		1,746,717	2.44
CHINA		1,040,353	1.45
FINLAND		3,846,202	5.37
FRANCE		610,530	0.85
GERMANY		10,218,142	14.26
HONG KONG		2,146,110	2.99
INDIA		1,328,952	1.85
ITALY		406,234	0.57
JAPAN		11,473,981	16.01
KOREA, REPUBLIC OF		1,328,785	1.85
NETHERLANDS		2,884,879	4.03
SINGAPORE		91,463	0.13
SWEDEN		2,401,468	3.35
SWITZERLAND		7,769,421	10.84
TAIWAN		2,282,182	3.18
UNITED KINGDOM		18,395,687	25.67
TOTAL FOREIGN		69,315,069	96.72
TOTAL PORTFOLIO	$	71,662,983	100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

LARGE-CAP VALUE FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES			$	302,632	0.68	%
APPAREL AND ACCESSORY STORES				132,730	0.30
APPAREL AND OTHER TEXTILE PRODUCTS
6,128		VF Corp		339,185	0.77
		Other		625	0.00	**
				339,810	0.77
BUILDING MATERIALS AND GARDEN SUPPLIES
17,219		Lowe’s Cos, Inc		334,221	0.76
		Other		138,944	0.31
				473,165	1.07
BUSINESS SERVICES				654,891	1.48
CHEMICALS AND ALLIED PRODUCTS
7,525	*	Amgen, Inc		398,374	0.90
23,771		Dow Chemical Co		383,664	0.86
13,776		Johnson & Johnson		782,476	1.75
7,692		Novartis AG. (ADR)		313,757	0.71
47,468		Pfizer, Inc		712,019	1.59
8,596		Teva Pharmaceutical Industries Ltd (ADR)		424,127	0.96
9,794		Wyeth		444,550	0.99
		Other		1,842,522	4.17
				5,301,489	11.93
COMMUNICATIONS
60,081		AT&T, Inc		1,492,412	3.36
174,667		BT Group plc		291,673	0.66
26,551		Comcast Corp (Class A)		384,724	0.87
15,192		Verizon Communications, Inc		466,850	1.05
		Other		212,380	0.48
				2,848,039	6.42
DEPOSITORY INSTITUTIONS
84,612		Bank of America Corp		1,116,878	2.51
88,188		Citigroup, Inc		261,918	0.59
28,576		JPMorgan Chase & Co		974,727	2.19
10,704		State Street Corp		505,229	1.13
7,500		Sumitomo Mitsui Financial Group, Inc		305,964	0.69
21,465		TCF Financial Corp		286,987	0.65
20,200		US Bancorp		361,984	0.82
42,237		Wells Fargo & Co		1,024,670	2.30
		Other		690,825	1.57
				5,529,182	12.45
EATING AND DRINKING PLACES				358,150	0.81
ELECTRIC, GAS, AND SANITARY SERVICES
22,513		Republic Services, Inc		549,541	1.23
		Other		2,354,331	5.31
				2,903,872	6.54

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

LARGE-CAP VALUE FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
84,415		General Electric Co	$	989,344	2.22	%
31,464		Intel Corp		520,729	1.17
67,977		Motorola, Inc		450,688	1.02
		Other		808,986	1.83
				2,769,747	6.24
ENGINEERING AND MANAGEMENT SERVICES				261,324	0.59
FABRICATED METAL PRODUCTS				258,277	0.58
FOOD AND KINDRED PRODUCTS
6,950		General Mills, Inc		389,338	0.88
14,125		Kraft Foods, Inc (Class A)		357,928	0.81
15,094		Unilever plc (ADR)		354,709	0.80
		Other		644,740	1.45
				1,746,715	3.94
FOOD STORES				40,021	0.09
FORESTRY				141,402	0.32
GENERAL BUILDING CONTRACTORS
724	*	NVR, Inc		363,730	0.82
				363,730	0.82
GENERAL MERCHANDISE STORES
9,240		Target Corp		364,703	0.82
		Other		11,169	0.03
				375,872	0.85
HEALTH SERVICES
6,990		McKesson Corp		307,560	0.69
		Other		208,961	0.47
				516,521	1.16
HOLDING AND OTHER INVESTMENT OFFICES				396,643	0.89
INDUSTRIAL MACHINERY AND EQUIPMENT
5,550		SPX Corp		271,784	0.61
		Other		1,444,668	3.26
				1,716,452	3.87
INSTRUMENTS AND RELATED PRODUCTS
46,001	*	Boston Scientific Corp		466,450	1.05
		Other		149,530	0.34
				615,980	1.39
INSURANCE CARRIERS
20,996		Principal Financial Group		395,565	0.90
7,710		Travelers Cos, Inc		316,418	0.72
		Other		1,640,915	3.68
				2,352,898	5.30

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

LARGE-CAP VALUE FUND  n  JUNE 30, 2009

Shares	Company	Value		% of net assets
METAL MINING
39,556	Anglo American plc	$	1,147,641	2.58	%
	Other		162,697	0.37
			1,310,338	2.95
MISCELLANEOUS MANUFACTURING INDUSTRIES			104,765	0.24
MISCELLANEOUS RETAIL			26,293	0.06
MOTION PICTURES
15,952	Time Warner, Inc		401,831	0.91
	Other		182,364	0.41
			584,195	1.32
NONDEPOSITORY INSTITUTIONS
102,430	Chimera Investment Corp		357,482	0.81
	Other		289,898	0.65
			647,380	1.46
OIL AND GAS EXTRACTION
4,154	Apache Corp		299,711	0.68
4,159	EOG Resources, Inc		282,479	0.64
8,580	Occidental Petroleum Corp		564,650	1.26
8,972	Petroleo Brasileiro S.A. (ADR)		367,673	0.83
5,465	Schlumberger Ltd		295,711	0.67
	Other		1,525,823	3.44
			3,336,047	7.52
PAPER AND ALLIED PRODUCTS			291,102	0.66
PETROLEUM AND COAL PRODUCTS
17,748	Chevron Corp		1,175,805	2.65
6,261	ConocoPhillips		263,338	0.59
24,615	Exxon Mobil Corp		1,720,834	3.87
11,039	Marathon Oil Corp		332,605	0.75
	Other		101,084	0.23
			3,593,666	8.09
PIPELINES, EXCEPT NATURAL GAS			9,357	0.02
PRIMARY METAL INDUSTRIES			128,625	0.29
PRINTING AND PUBLISHING			133,184	0.30
RAILROAD TRANSPORTATION			48,783	0.11
REAL ESTATE			130,500	0.29
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			105,120	0.24
SECURITY AND COMMODITY BROKERS
4,097	Goldman Sachs Group, Inc		604,062	1.37
14,794	Legg Mason, Inc		360,678	0.81
	Other		225,527	0.50
			1,190,267	2.68
TRANSPORTATION BY AIR			233,188	0.53

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

LARGE-CAP VALUE FUND  n  JUNE 30, 2009

Shares	Company		Value		% of net assets
TRANSPORTATION EQUIPMENT
7,178	Magna International, Inc-Class A		$	303,198	0.69	%
	Other			758,540	1.70
				1,061,738	2.39
TRANSPORTATION SERVICES				188,693	0.43
TRUCKING AND WAREHOUSING				37,040	0.08
WHOLESALE TRADE-DURABLE GOODS				50,030	0.11
	TOTAL COMMON STOCKS	(Cost $48,168,481)		43,609,853	98.26
	TOTAL PORTFOLIO	(Cost $48,168,481)		43,609,853	98.26
	OTHER ASSET & LIABILITIES, NET			772,682	1.74
	NET ASSETS		$	44,382,535	100.00	%

The following abbreviations are used in portfolio description:

ADR    American Depositary Receipt

plc     Public Limited Company

* Non-income producing

** Percentage represents less than 0.01%

For ease of presentation, 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 in industry concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SMALL-CAP EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-LIVESTOCK			$	101,218	0.29	%
AMUSEMENT AND RECREATION SERVICES
4,882	*	Bally Technologies, Inc		146,070	0.43
		Other		184,967	0.53
				331,037	0.96
APPAREL AND ACCESSORY STORES				904,535	2.62
APPAREL AND OTHER TEXTILE PRODUCTS				111,569	0.32
AUTO REPAIR, SERVICES AND PARKING				204,874	0.59
AUTOMOTIVE DEALERS AND SERVICE STATIONS				28,672	0.08
BUSINESS SERVICES
43,704	*	3Com Corp		205,845	0.61
6,865	*	DynCorp International, Inc (Class A)		115,263	0.34
12,716	*	Quest Software, Inc		177,260	0.52
9,589	*	Rent-A-Center, Inc		170,971	0.51
8,311	*	TeleTech Holdings, Inc		125,912	0.37
21,662	*	TIBCO Software, Inc		155,316	0.46
10,865	*	Valueclick, Inc		114,300	0.33
		Other		3,286,183	9.45
				4,351,050	12.59
CHEMICALS AND ALLIED PRODUCTS
8,730	*	Emergent Biosolutions, Inc		125,101	0.36
4,435	*	Onyx Pharmaceuticals, Inc		125,332	0.36
		Other		1,806,635	5.24
				2,057,068	5.96
COAL MINING				7,954	0.02
COMMUNICATIONS				767,374	2.22
DEPOSITORY INSTITUTIONS
8,535		Community Bank System, Inc		124,269	0.35
5,392		Prosperity Bancshares, Inc		160,842	0.46
3,344		UMB Financial Corp		127,104	0.36
		Other		2,030,605	5.90
				2,442,820	7.07
EATING AND DRINKING PLACES
4,563		Bob Evans Farms, Inc		131,141	0.39
3,990	*	CEC Entertainment, Inc		117,625	0.34
6,870	*	Cheesecake Factory		118,851	0.34
		Other		374,188	1.08
				741,805	2.15
EDUCATIONAL SERVICES				134,609	0.39
ELECTRIC, GAS, AND SANITARY SERVICES
7,950		Avista Corp		141,590	0.41
4,651		Laclede Group, Inc		154,088	0.45

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SMALL-CAP EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES — continued
3,345		New Jersey Resources Corp	$	123,899	0.36	%
3,570		Nicor, Inc		123,593	0.36
6,791		NorthWestern Corp		154,562	0.44
5,214		Southwest Gas Corp		115,803	0.34
		Other		785,261	2.27
				1,598,796	4.63
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
15,794	*	Arris Group, Inc		192,056	0.57
9,083	*	EnerSys		165,220	0.49
14,020	*	Skyworks Solutions, Inc		137,116	0.41
7,118	*	Tessera Technologies, Inc		180,014	0.53
		Other		2,442,980	7.02
				3,117,386	9.02
ENGINEERING AND MANAGEMENT SERVICES
7,810	*	Isis Pharmaceuticals, Inc		128,865	0.38
		Other		768,395	2.22
				897,260	2.60
FABRICATED METAL PRODUCTS
5,568		CIRCOR International, Inc		131,460	0.38
		Other		417,436	1.21
				548,896	1.59
FISHING, HUNTING, AND TRAPPING				23,644	0.07
FOOD AND KINDRED PRODUCTS				424,001	1.23
FOOD STORES				297,173	0.86
FURNITURE AND FIXTURES				103,674	0.30
FURNITURE AND HOME FURNISHINGS STORES				122,013	0.35
GENERAL BUILDING CONTRACTORS				219,373	0.64
GENERAL MERCHANDISE STORES
11,152	*	99 Cents Only Stores		151,444	0.44
		Other		169,433	0.49
				320,877	0.93
HEALTH SERVICES				383,888	1.11
HEAVY CONSTRUCTION, EXCEPT BUILDING				193,455	0.56
HOLDING AND OTHER INVESTMENT OFFICES
6,371		LTC Properties, Inc		130,287	0.39
3,532		PS Business Parks, Inc		171,091	0.51
4,762		Sovran Self Storage, Inc		117,145	0.35
		Other		1,559,274	4.48
				1,977,797	5.73
HOTELS AND OTHER LODGING PLACES				112,555	0.33
INDUSTRIAL MACHINERY AND EQUIPMENT
6,441	*	EnPro Industries, Inc		116,003	0.33

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SMALL-CAP EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT — continued
4,890	*	Riverbed Technology, Inc	$	113,399	0.33	%
5,994		Robbins & Myers, Inc		115,386	0.32
		Other		913,319	2.66
				1,258,107	3.64
INSTRUMENTS AND RELATED PRODUCTS
5,324	*	Fossil, Inc		128,202	0.37
8,130		STERIS Corp		212,030	0.62
		Other		1,471,108	4.26
				1,811,340	5.25
INSURANCE AGENTS, BROKERS AND SERVICE				36,974	0.11
INSURANCE CARRIERS
5,047	*	Argo Group International Holdings Ltd		142,426	0.42
9,477		Assured Guaranty Ltd		117,325	0.34
5,190	*	Molina Healthcare, Inc		124,145	0.36
		Other		914,254	2.64
				1,298,150	3.76
LEATHER AND LEATHER PRODUCTS				200,346	0.58
LEGAL SERVICES				45,072	0.13
LOCAL AND INTERURBAN PASSENGER TRANSIT
4,570	*	Emergency Medical Services Corp (Class A)		168,267	0.49
				168,267	0.49
METAL MINING				79,051	0.23
MISCELLANEOUS MANUFACTURING INDUSTRIES				65,552	0.19
MISCELLANEOUS RETAIL				554,456	1.61
MOTION PICTURES				85,442	0.25
NONDEPOSITORY INSTITUTIONS
20,312		Apollo Investment Corp		121,872	0.36
		Other		206,900	0.59
				328,772	0.95
NONMETALLIC MINERALS, EXCEPT FUELS				49,968	0.14
OIL AND GAS EXTRACTION
9,729	*	Willbros Group, Inc		121,710	0.34
		Other		838,289	2.44
				959,999	2.78
PAPER AND ALLIED PRODUCTS
4,321		Schweitzer–Mauduit International, Inc		117,573	0.35
		Other		229,596	0.66
				347,169	1.01
PERSONAL SERVICES				64,724	0.19
PETROLEUM AND COAL PRODUCTS				209,132	0.61
PRIMARY METAL INDUSTRIES				391,646	1.13

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SMALL-CAP EQUITY FUND  n  JUNE 30, 2009

Shares		Company		Value			% of net assets
PRINTING AND PUBLISHING				$	168,166		0.49	%
REAL ESTATE					75,226		0.22
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					182,340		0.53
SECURITY AND COMMODITY BROKERS
6,750	*	Knight Capital Group, Inc (Class A)			115,087		0.32
		Other			335,196		0.98
					450,283		1.30
SOCIAL SERVICES					2,703		0.01
SPECIAL TRADE CONTRACTORS
7,410	*	EMCOR Group, Inc			149,089		0.43
		Other			262,461		0.76
					411,550		1.19
STONE, CLAY, AND GLASS PRODUCTS					106,590		0.31
TRANSPORTATION BY AIR					335,111		0.97
TRANSPORTATION EQUIPMENT
3,431		Triumph Group, Inc			137,239		0.41
		Other			765,792		2.21
					903,031		2.62
TRANSPORTATION SERVICES					79,330		0.23
TRUCKING AND WAREHOUSING					252,352		0.73
WATER TRANSPORTATION					90,775		0.26
WHOLESALE TRADE-DURABLE GOODS
3,615		Owens & Minor, Inc			158,409		0.46
6,284	*	PSS World Medical, Inc			116,317		0.34
		Other			305,688		0.88
					580,414		1.68
WHOLESALE TRADE-NONDURABLE GOODS
3,698	*	United Stationers, Inc			128,986		0.37
		Other			375,648		1.09
					504,634		1.46
		TOTAL COMMON STOCKS	(Cost $38,068,891)		34,622,045		100.26
		TOTAL PORTFOLIO	(Cost $38,068,891)		34,622,045		100.26
		OTHER ASSET & LIABILITIES, NET			(89,513	)	(0.26	)
		NET ASSETS		$	34,532,532		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 in industry concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

STOCK INDEX FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS			$	6,688	0.01	%
AGRICULTURAL PRODUCTION-LIVESTOCK				9,480	0.01
AGRICULTURAL SERVICES				3,731	0.00	**
AMUSEMENT AND RECREATION SERVICES
22,432		Walt Disney Co		523,338	0.43
		Other		195,084	0.15
				718,422	0.58
APPAREL AND ACCESSORY STORES				709,448	0.58
APPAREL AND OTHER TEXTILE PRODUCTS				427,255	0.35
AUTO REPAIR, SERVICES AND PARKING				67,597	0.05
AUTOMOTIVE DEALERS AND SERVICE STATIONS				272,843	0.22
BUILDING MATERIALS AND GARDEN SUPPLIES
20,468		Home Depot, Inc		483,659	0.40
		Other		406,595	0.32
				890,254	0.72
BUSINESS SERVICES
2,891	*	Google, Inc (Class A)		1,218,816	1.00
93,214		Microsoft Corp		2,215,696	1.81
46,150		Oracle Corp		988,532	0.81
		Other		5,038,098	4.07
				9,461,142	7.69
CHEMICALS AND ALLIED PRODUCTS
18,622		Abbott Laboratories		875,978	0.72
12,278	*	Amgen, Inc		649,996	0.54
23,891		Bristol-Myers Squibb Co		485,226	0.40
6,032		Colgate-Palmolive Co		426,704	0.36
12,236		Eli Lilly & Co		423,855	0.34
10,982	*	Gilead Sciences, Inc		514,396	0.43
33,272		Johnson & Johnson		1,889,849	1.55
25,455		Merck & Co, Inc		711,721	0.59
6,590		Monsanto Co		489,900	0.41
81,524		Pfizer, Inc		1,222,859	1.00
35,193		Procter & Gamble Co		1,798,361	1.47
19,637		Schering-Plough Corp		493,280	0.41
16,063		Wyeth		729,099	0.60
		Other		4,239,050	3.32
				14,950,274	12.14
COAL MINING				252,118	0.20
COMMUNICATIONS
71,238		AT&T, Inc		1,769,551	1.45
34,714		Comcast Corp (Class A)		503,006	0.42

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMUNICATIONS — continued
34,264		Verizon Communications, Inc	$	1,052,932	0.87	%
		Other		2,068,896	1.64
				5,394,385	4.38
DEPOSITORY INSTITUTIONS
92,378		Bank of America Corp		1,219,389	1.00
14,364		Bank of New York Mellon Corp		421,008	0.35
45,383		JPMorgan Chase & Co		1,548,013	1.27
57,418		Wells Fargo & Co		1,392,960	1.14
		Other		3,128,866	2.50
				7,710,236	6.26
EATING AND DRINKING PLACES
13,320		McDonald’s Corp		765,766	0.63
		Other		647,543	0.52
				1,413,309	1.15
EDUCATIONAL SERVICES				303,439	0.25
ELECTRIC, GAS, AND SANITARY SERVICES				5,596,059	4.55
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
10,761	*	Apple Computer, Inc		1,532,688	1.26
69,706	*	Cisco Systems, Inc		1,299,319	1.07
127,843		General Electric Co		1,498,319	1.23
67,433		Intel Corp		1,116,016	0.92
19,975		Qualcomm, Inc		902,870	0.74
		Other		3,343,902	2.66
				9,693,114	7.88
ENGINEERING AND MANAGEMENT SERVICES				1,193,280	0.97
FABRICATED METAL PRODUCTS				678,221	0.55
FISHING, HUNTING, AND TRAPPING				1,007	0.00	**
FOOD AND KINDRED PRODUCTS
27,952		Coca-Cola Co		1,341,416	1.10
17,791		Kraft Foods, Inc (Class A)		450,824	0.37
18,797		PepsiCo, Inc		1,033,083	0.85
		Other		1,977,709	1.58
				4,803,032	3.90
FOOD STORES				390,899	0.32
FORESTRY				112,443	0.09
FURNITURE AND FIXTURES				154,241	0.13
FURNITURE AND HOME FURNISHINGS STORES				322,974	0.26
GENERAL BUILDING CONTRACTORS				238,921	0.19
GENERAL MERCHANDISE STORES
26,694		Wal-Mart Stores, Inc		1,293,056	1.05
		Other		1,066,303	0.87
				2,359,359	1.92

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2009

Shares	Company	Value		% of net assets
HEALTH SERVICES		$	1,456,276	1.18	%
HEAVY CONSTRUCTION, EXCEPT BUILDING			41,291	0.03
HOLDING AND OTHER INVESTMENT OFFICES
40,049	iShares Russell 3000 Index Fund		2,155,837	1.76
	Other		2,148,359	1.74
			4,304,196	3.50
HOTELS AND OTHER LODGING PLACES			285,614	0.23
INDUSTRIAL MACHINERY AND EQUIPMENT
28,874	Hewlett-Packard Co		1,115,979	0.92
15,955	International Business Machines Corp		1,666,020	1.36
	Other		3,549,442	2.86
			6,331,441	5.14
INSTRUMENTS AND RELATED PRODUCTS
13,516	Medtronic, Inc		471,572	0.39
	Other		3,829,843	3.10
			4,301,415	3.49
INSURANCE AGENTS, BROKERS AND SERVICE			388,324	0.32
INSURANCE CARRIERS			3,903,035	3.17
JUSTICE, PUBLIC ORDER AND SAFETY			37,440	0.03
LEATHER AND LEATHER PRODUCTS			149,520	0.12
LEGAL SERVICES			38,210	0.03
LOCAL AND INTERURBAN PASSENGER TRANSIT			3,719	0.00	**
LUMBER AND WOOD PRODUCTS			21,340	0.02
METAL MINING			642,761	0.52
MISCELLANEOUS MANUFACTURING INDUSTRIES			164,842	0.13
MISCELLANEOUS RETAIL
17,574	CVS Corp		560,082	0.46
	Other		1,255,198	1.01
			1,815,280	1.47
MOTION PICTURES			785,010	0.64
NONDEPOSITORY INSTITUTIONS			730,857	0.59
NONMETALLIC MINERALS, EXCEPT FUELS			87,668	0.07
OIL AND GAS EXTRACTION
9,787	Occidental Petroleum Corp		644,083	0.53
14,476	Schlumberger Ltd		783,297	0.65
	Other		3,800,924	3.07
			5,228,304	4.25
PAPER AND ALLIED PRODUCTS			538,032	0.44
PERSONAL SERVICES			183,392	0.15
PETROLEUM AND COAL PRODUCTS
24,218	Chevron Corp		1,604,442	1.30

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2009

Shares	Company		Value		% of net assets
PETROLEUM AND COAL PRODUCTS — continued
17,889	ConocoPhillips		$	752,410	0.61	%
59,014	Exxon Mobil Corp			4,125,668	3.36
	Other			814,872	0.66
				7,297,392	5.93
PIPELINES, EXCEPT NATURAL GAS				131,790	0.11
PRIMARY METAL INDUSTRIES				1,077,954	0.88
PRINTING AND PUBLISHING				366,545	0.30
RAILROAD TRANSPORTATION				909,212	0.74
REAL ESTATE				99,407	0.08
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				177,590	0.14
SECURITY AND COMMODITY BROKERS
6,078	Goldman Sachs Group, Inc			896,141	0.74
15,359	Morgan Stanley			437,885	0.37
	Other			1,652,161	1.32
				2,986,187	2.43
SOCIAL SERVICES				6,698	0.01
SPECIAL TRADE CONTRACTORS				113,392	0.09
STONE, CLAY, AND GLASS PRODUCTS
8,386	3M Co			503,998	0.41
	Other			171,875	0.14
				675,873	0.55
TEXTILE MILL PRODUCTS				33,148	0.03
TOBACCO PRODUCTS
23,685	Philip Morris International, Inc			1,033,140	0.84
	Other			625,032	0.51
				1,658,172	1.35
TRANSPORTATION BY AIR				441,099	0.36
TRANSPORTATION EQUIPMENT
10,100	United Technologies Corp			524,795	0.44
	Other			2,117,240	1.71
				2,642,035	2.15
TRANSPORTATION SERVICES				242,117	0.20
TRUCKING AND WAREHOUSING				551,263	0.45
WATER TRANSPORTATION				294,211	0.24
WHOLESALE TRADE-DURABLE GOODS				460,459	0.37
WHOLESALE TRADE-NONDURABLE GOODS				740,846	0.60
	TOTAL COMMON STOCKS	(Cost $149,628,069)		120,477,528	97.88
	TOTAL PORTFOLIO	(Cost $149,628,069)		120,477,528	97.88
	OTHER ASSET & LIABILITIES, NET			2,605,276	2.12
	NET ASSETS		$	123,082,804	100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

STOCK INDEX FUND  n  JUNE 30, 2009

* Non-income producing

** Percentage represents less than 0.01%

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

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
9,268		Walt Disney Co	$	216,222	0.88	%
		Other		4,344	0.02
				220,566	0.90
APPAREL AND ACCESSORY STORES				157,414	0.64
APPAREL AND OTHER TEXTILE PRODUCTS
2,767		Nike, Inc (Class B)		143,275	0.59
		Other		27,399	0.11
				170,674	0.70
AUTO REPAIR, SERVICES AND PARKING				10,371	0.04
AUTOMOTIVE DEALERS AND SERVICE STATIONS				39,595	0.16
BUILDING MATERIALS AND GARDEN SUPPLIES
8,293		Home Depot, Inc		195,963	0.79
		Other		104,242	0.43
				300,205	1.22
BUSINESS SERVICES
4,312		Automatic Data Processing, Inc		152,817	0.61
853	*	Google, Inc (Class A)		359,616	1.46
25,876		Microsoft Corp		615,072	2.50
		Other		663,694	2.72
				1,791,199	7.29
CHEMICALS AND ALLIED PRODUCTS
2,059		Air Products & Chemicals, Inc		132,991	0.54
4,832	*	Amgen, Inc		255,806	1.04
10,211		Bristol-Myers Squibb Co		207,385	0.84
2,745		Colgate-Palmolive Co		194,181	0.79
4,533	*	Gilead Sciences, Inc		212,326	0.87
9,090		Johnson & Johnson		516,312	2.10
9,480		Merck & Co, Inc		265,061	1.08
2,336		Praxair, Inc		166,020	0.68
9,492		Procter & Gamble Co		485,041	1.98
5,626		Schering-Plough Corp		141,325	0.58
		Other		669,037	2.71
				3,245,485	13.21
COMMUNICATIONS
10,550		Verizon Communications, Inc		324,203	1.33
		Other		825,636	3.35
				1,149,839	4.68
DEPOSITORY INSTITUTIONS
5,554		Bank of New York Mellon Corp		162,787	0.66
8,529		US Bancorp		152,840	0.62
16,481		Wells Fargo & Co		399,828	1.63
		Other		571,860	2.34
				1,287,315	5.25

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
EATING AND DRINKING PLACES
4,678		McDonald’s Corp	$	268,939	1.10	%
		Other		98,775	0.40
				367,714	1.50
EDUCATIONAL SERVICES				4,328	0.02
ELECTRIC, GAS, AND SANITARY SERVICES				1,677,695	6.83
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
20,753	*	Cisco Systems, Inc		386,835	1.57
21,550		Intel Corp		356,652	1.45
7,497		Texas Instruments, Inc		159,685	0.65
		Other		454,831	1.86
				1,358,003	5.53
ENGINEERING AND MANAGEMENT SERVICES
4,100		Accenture Ltd (Class A)		137,185	0.56
		Other		100,206	0.41
				237,391	0.97
FABRICATED METAL PRODUCTS
4,243		Illinois Tool Works, Inc		158,433	0.64
		Other		59,281	0.25
				217,714	0.89
FOOD AND KINDRED PRODUCTS
2,456		General Mills, Inc		137,585	0.56
2,828		Kellogg Co		131,700	0.54
7,819		Kraft Foods, Inc (Class A)		198,133	0.81
5,994		PepsiCo, Inc		329,431	1.34
		Other		202,046	0.82
				998,895	4.07
FOOD STORES				70,473	0.29
FORESTRY				30,308	0.12
FURNITURE AND FIXTURES				48,548	0.20
FURNITURE AND HOME FURNISHINGS STORES				70,122	0.29
GENERAL BUILDING CONTRACTORS				9,524	0.04
GENERAL MERCHANDISE STORES
4,138		Target Corp		163,327	0.66
		Other		231,889	0.95
				395,216	1.61
HEALTH SERVICES				142,861	0.58
HEAVY CONSTRUCTION, EXCEPT BUILDING				10,876	0.04
HOLDING AND OTHER INVESTMENT OFFICES				380,441	1.55
HOTELS AND OTHER LODGING PLACES				65,848	0.27
INDUSTRIAL MACHINERY AND EQUIPMENT
9,067		Hewlett-Packard Co		350,439	1.43

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2009

Shares		Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT — continued
4,531		International Business Machines Corp	$	473,126	1.92	%
		Other		733,771	3.00
				1,557,336	6.35
INSTRUMENTS AND RELATED PRODUCTS
3,487		Baxter International, Inc		184,672	0.74
5,217		Emerson Electric Co		169,031	0.68
5,711		Medtronic, Inc		199,256	0.80
		Other		743,172	3.06
				1,296,131	5.28
INSURANCE AGENTS, BROKERS AND SERVICE				89,975	0.37
INSURANCE CARRIERS
4,120		Travelers Cos, Inc		169,084	0.69
3,413	*	WellPoint, Inc		173,687	0.71
		Other		683,834	2.78
				1,026,605	4.18
LEATHER AND LEATHER PRODUCTS				34,481	0.14
LEGAL SERVICES				4,818	0.02
LUMBER AND WOOD PRODUCTS				128	0.00	**
METAL MINING				40,616	0.17
MISCELLANEOUS MANUFACTURING INDUSTRIES				55,419	0.23
MISCELLANEOUS RETAIL
5,906		CVS Corp		188,225	0.77
4,606		Walgreen Co		135,416	0.55
		Other		205,626	0.84
				529,267	2.16
MOTION PICTURES				28,714	0.12
NONDEPOSITORY INSTITUTIONS
5,740		American Express Co		133,397	0.54
		Other		112,565	0.46
				245,962	1.00
NONMETALLIC MINERALS, EXCEPT FUELS				54,317	0.22
OIL AND GAS EXTRACTION
2,322		Apache Corp		167,531	0.69
2,988		Devon Energy Corp		162,846	0.66
4,290		XTO Energy, Inc		163,621	0.68
		Other		1,113,899	4.51
				1,607,897	6.54
PAPER AND ALLIED PRODUCTS
2,545		Kimberly-Clark Corp		133,434	0.54
		Other		98,726	0.41
				232,160	0.95
PERSONAL SERVICES				6,334	0.03

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2009

Shares	Company		Value		% of net assets
PETROLEUM AND COAL PRODUCTS
2,750	Hess Corp		$	147,813	0.60	%
5,440	Marathon Oil Corp			163,907	0.68
	Other			38,301	0.15
				350,021	1.43
PIPELINES, EXCEPT NATURAL GAS
8,117	Spectra Energy Corp			137,340	0.56
				137,340	0.56
PRIMARY METAL INDUSTRIES				360,677	1.47
PRINTING AND PUBLISHING				103,663	0.42
RAILROAD TRANSPORTATION				247,829	1.01
REAL ESTATE				6,947	0.03
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				10,931	0.04
SECURITY AND COMMODITY BROKERS				694,118	2.83
SOCIAL SERVICES				3,130	0.01
SPECIAL TRADE CONTRACTORS				16,578	0.07
STONE, CLAY, AND GLASS PRODUCTS
3,544	3M Co			212,994	0.86
	Other			15,523	0.07
				228,517	0.93
TEXTILE MILL PRODUCTS				2,330	0.01
TRANSPORTATION BY AIR				175,691	0.72
TRANSPORTATION EQUIPMENT				284,313	1.16
TRANSPORTATION SERVICES				15,536	0.06
TRUCKING AND WAREHOUSING
3,769	United Parcel Service, Inc (Class B)			188,412	0.77
				188,412	0.77
WATER TRANSPORTATION				20,176	0.08
WHOLESALE TRADE-DURABLE GOODS				149,305	0.61
WHOLESALE TRADE-NONDURABLE GOODS				137,288	0.56
	TOTAL COMMON STOCKS	(Cost $31,111,137)		24,401,582	99.42
	TOTAL PORTFOLIO	(Cost $31,111,137)		24,401,582	99.42
	OTHER ASSET & LIABILITIES, NET			142,046	0.58
	NET ASSETS		$	24,543,628	100.00	%

* Non-income producing

** Percentage represents less than 0.01%

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

See notes to financial statements TIAA-CREF Life Funds   n   2009 Semiannual Report 75

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

REAL ESTATE SECURITIES FUND  n  JUNE 30, 2009

Shares	Company	Value		% of net assets
COMMON STOCKS
FORESTRY
20,600	Rayonier, Inc	$	748,810	2.03	%
			748,810	2.03
HOLDING AND OTHER INVESTMENT OFFICES
13,300	Alexandria Real Estate Equities, Inc		476,007	1.29
40,100	AMB Property Corp		754,281	2.05
23,000	American Campus Communities, Inc		510,140	1.38
20,200	AvalonBay Communities, Inc		1,129,988	3.07
38,506	Boston Properties, Inc		1,836,736	4.98
15,200	BRE Properties, Inc (Class A)		361,152	0.98
11,730	Camden Property Trust		323,748	0.88
15,000	Corporate Office Properties Trust		439,950	1.19
44,000	DCT Industrial Trust, Inc		179,520	0.49
35,716	Developers Diversified Realty Corp		174,294	0.47
17,200	Digital Realty Trust, Inc		616,620	1.67
25,000	Douglas Emmett, Inc		224,750	0.61
13,300	EastGroup Properties, Inc		439,166	1.19
7,800	Equity Lifestyle Properties, Inc		290,004	0.79
46,400	Equity Residential		1,031,472	2.80
7,700	Essex Property Trust, Inc		479,171	1.30
21,700	Federal Realty Investment Trust		1,117,984	3.03
62,000	HCP, Inc		1,313,780	3.56
22,594	Health Care REIT, Inc		770,455	2.09
15,000	Healthcare Realty Trust, Inc		252,450	0.69
13,600	Highwoods Properties, Inc		304,232	0.83
7,400	Home Properties, Inc		252,340	0.68
23,000	Hospitality Properties Trust		273,470	0.74
143,000	Host Marriott Corp		1,199,770	3.26
6,000	iShares Cohen & Steers Realty Majors Index Fund		215,640	0.59
7,000	iShares Dow Jones US Real Estate Index Fund		226,380	0.61
95,000	Kimco Realty Corp		954,750	2.59
19,500	Liberty Property Trust		449,280	1.22
21,427	Macerich Co		377,329	1.02
9,000	Mack-Cali Realty Corp		205,200	0.56
5,600	Mid-America Apartment Communities, Inc		205,576	0.56
58,286	Mission West Properties, Inc		398,093	1.08
16,885	National Retail Properties, Inc		292,955	0.79
26,000	Nationwide Health Properties, Inc		669,240	1.82
15,500	Omega Healthcare Investors, Inc		240,560	0.65
40,000	Plum Creek Timber Co, Inc		1,191,200	3.23
23,800	Post Properties, Inc		319,872	0.87
8,400	Potlatch Corp		204,036	0.55
73,594	Prologis		593,168	1.61
29,700	Public Storage, Inc		1,944,756	5.28
24,000	Realty Income Corp		526,080	1.43
21,500	Regency Centers Corp		750,565	2.04
30,500	Senior Housing Properties Trust		497,760	1.35
73,892	Simon Property Group, Inc		3,800,266	10.32

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

REAL ESTATE SECURITIES FUND  n  JUNE 30, 2009

Shares	Company		Value		% of net assets
HOLDING AND OTHER INVESTMENT OFFICES — continued
19,097	SL Green Realty Corp		$	438,085	1.19	%
7,000	Tanger Factory Outlet Centers, Inc			227,010	0.62
41,000	UDR, Inc			423,530	1.15
38,258	Ventas, Inc			1,142,384	3.10
47,459	Vornado Realty Trust			2,137,079	5.80
	Other			2,050,895	5.55
				35,233,169	95.60
NONDEPOSITORY INSTITUTIONS				—	—	**
REAL ESTATE				68,923	0.19
	TOTAL COMMON STOCKS	(Cost $54,738,637)		36,050,902	97.82
	TOTAL PORTFOLIO	(Cost $54,738,637)		36,050,902	97.82
	OTHER ASSET & LIABILITIES, NET			802,677	2.18
	NET ASSETS		$	36,853,579	100.00	%

The following abbreviation is used in portfolio description:

REIT    Real Estate Investment Trust

** Percentage represents less than 0.01%

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

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

BOND FUND  n  JUNE 30, 2009

Principal		Issuer		Rating†	Value		% of net assets
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES					$	211,236	0.21	%
APPAREL AND ACCESSORY STORES						25,988	0.03
BUILDING MATERIALS AND GARDEN SUPPLIES						25,686	0.03
BUSINESS SERVICES						435,491	0.43
CHEMICALS AND ALLIED PRODUCTS						1,294,618	1.28
COMMUNICATIONS						3,145,260	3.13
DEPOSITORY INSTITUTIONS
$1,000,000		Bank of America Corp	2.380%, 06/22/12	Aaa		1,010,003	1.01
		Bank of America Corp	5.750%–7.630%, 05/15/14–06/01/19			218,879	0.22
1,000,000		Citigroup, Inc	2.130%, 04/30/12	Aaa		1,004,391	1.00
		Citigroup, Inc	5.100%–8.500%, 09/29/11–03/05/38			572,438	0.57
900,000	g	Depfa ACS Bank	5.130%, 03/16/37	Aa2		569,375	0.57
500,000		KeyBank NA	3.200%, 06/15/12	Aaa		516,884	0.51
500,000		Regions Bank	3.250%, 12/09/11	Aaa		518,783	0.52
500,000		Sovereign Bank	2.750%, 01/17/12	Aaa		506,678	0.50
		Other				3,168,974	3.13
						8,086,405	8.03
ELECTRIC, GAS, AND SANITARY SERVICES						2,198,181	2.18
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						419,303	0.42
ENGINEERING AND MANAGEMENT SERVICES						102,063	0.10
FABRICATED METAL PRODUCTS						25,121	0.02
FOOD AND KINDRED PRODUCTS						601,021	0.60
FOOD STORES						156,050	0.16
GENERAL MERCHANDISE STORES						328,791	0.32
HOLDING AND OTHER INVESTMENT OFFICES						276,593	0.28
INDUSTRIAL MACHINERY AND EQUIPMENT						789,854	0.79
INSTRUMENTS AND RELATED PRODUCTS						205,899	0.20
INSURANCE CARRIERS						1,015,395	1.01
METAL MINING						153,994	0.15
MISCELLANEOUS MANUFACTURING INDUSTRIES						102,796	0.10
MISCELLANEOUS RETAIL						27,923	0.03
MOTION PICTURES						43,785	0.04
NONDEPOSITORY INSTITUTIONS
500,000		General Electric Capital Corp	2.250%, 03/12/12	Aaa		504,425	0.50
		General Electric Capital Corp	2.200%–5.900%, 02/15/12–06/04/14			702,706	0.70
700,000		GMAC, Inc	2.200%, 12/19/12	Aaa		697,179	0.69
		Other				2,000,245	2.00
						3,904,555	3.89

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  n  JUNE 30, 2009

Principal		Issuer		Rating†	Value		% of net assets
OIL AND GAS EXTRACTION					$	1,214,689	1.20	%
PAPER AND ALLIED PRODUCTS						35,678	0.04
PETROLEUM AND COAL PRODUCTS						770,189	0.77
PIPELINES, EXCEPT NATURAL GAS						146,883	0.15
PRIMARY METAL INDUSTRIES						226,157	0.23
PRINTING AND PUBLISHING						126,760	0.13
RAILROAD TRANSPORTATION						231,975	0.23
SECURITY AND COMMODITY BROKERS
$   450,000		Goldman Sachs Group, Inc	7.500%, 02/15/19	A1		481,847	0.48
		Other				1,900,887	1.89
						2,382,734	2.37
STONE, CLAY, AND GLASS PRODUCTS						130,215	0.13
TOBACCO PRODUCTS						112,832	0.11
TRANSPORTATION EQUIPMENT						210,526	0.21
WHOLESALE TRADE-NONDURABLE GOODS						110,083	0.11
		TOTAL CORPORATE BONDS	(Cost $29,147,916)			29,274,723	29.11
GOVERNMENT BONDS
AGENCY SECURITIES
550,000		Federal Home Loan Mortgage Corp (FHLMC) 3.250%, 07/16/10		Aaa		565,440	0.56
1,500,000		FHLMC	5.130%, 10/18/16	Aaa		1,642,721	1.64
500,000		FHLMC	3.750%, 03/27/19	Aaa		491,322	0.49
		FHLMC	2.500%–2.500%, 04/23/14–04/23/14			295,251	0.29
600,000		Federal Farm Credit Bank (FFCB) 2.630%, 04/21/11		Aaa		615,595	0.61
1,100,000		Federal National Mortgage Association (FNMA) 1.380%, 04/28/11		Aaa		1,102,847	1.10
		FNMA	3.250%–3.250%, 08/12/10–08/12/10			102,938	0.10
500,000		Federal Home Loan Bank (FHLB) 5.000%, 11/17/17		Aaa		532,057	0.53
						5,348,171	5.32
FOREIGN GOVERNMENT BONDS
500,000		Province of Saskatchewan Canada 8.000%, 02/01/13		Aa1		576,534	0.57
1,000,000		Province of Ontario Canada	2.630%, 01/20/12	Aa1		1,016,835	1.02
		Province of Ontario Canada	3.130%–4.100%, 09/08/10–06/16/14			499,914	0.49
		Other				2,066,453	2.05
						4,159,736	4.13
MORTGAGE BACKED
477,514		Federal Home Loan Mortgage Corp Gold
		(FGLMC)	6.000%, 11/01/33			501,847	0.50
509,484		FGLMC	5.500%, 04/01/37			526,674	0.52
606,223		FGLMC	5.500%, 05/01/37			626,677	0.62
	h	FGLMC	4.000%–6.500%, 02/01/19–06/01/39			2,651,850	2.63

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  n  JUNE 30, 2009

Principal		Issuer		Rating†	Value		% of net assets
MORTGAGE BACKED — continued
$   485,361	h,i	Federal Home Loan Mortgage Corp (FHLMC) 5.800%, 07/01/36			$	507,835	0.50	%
	i	FHLMC	3.730%–6.080%, 02/01/36–05/01/37			1,301,965	1.29
1,610,572		Federal National Mortgage Association (FNMA) 4.560%, 01/01/15				1,668,096	1.65
489,723		FNMA	4.500%, 04/01/24			500,415	0.50
795,135		FNMA	5.500%, 07/01/33			825,069	0.82
443,784		FNMA	5.500%, 07/01/33			460,491	0.46
619,627		FNMA	6.000%, 10/01/33			652,557	0.65
1,191,568		FNMA	5.500%, 11/01/33			1,236,427	1.22
569,537		FNMA	5.000%, 03/01/34			582,686	0.58
1,016,008		FNMA	5.000%, 03/01/34			1,039,463	1.03
2,199,250		FNMA	5.000%, 09/01/34			2,248,304	2.23
477,672		FNMA	5.500%, 02/01/37			494,087	0.49
1,638,496		FNMA	5.500%, 02/01/38			1,693,688	1.67
527,109		FNMA	5.500%, 02/01/38			544,865	0.54
981,442		FNMA	4.500%, 02/01/39			980,764	0.98
488,448		FNMA	5.000%, 03/01/39			498,045	0.50
1,993,550		FNMA	4.500%, 04/01/39			1,991,974	1.97
	i	FNMA	4.000%–7.500%, 06/01/13–05/01/39			11,189,304	11.12
		Government National Mortgage Association
		(GNMA)	5.000%–6.230%, 07/15/33–09/15/43			2,062,514	2.07
						34,785,597	34.58
U.S. TREASURY SECURITIES
500,000		United States Treasury Bond	5.250%, 02/15/29			562,345	0.56
1,195,000		United States Treasury Note	0.880%, 03/31/11			1,193,366	1.19
1,565,000		United States Treasury Note	1.380%, 05/15/12			1,556,205	1.55
635,000		United States Treasury Note	2.000%, 11/30/13			625,673	0.62
4,652,000		United States Treasury Note	1.880%, 04/30/14			4,514,254	4.49
1,838,000		United States Treasury Note	2.250%, 05/31/14			1,813,297	1.80
860,000		United States Treasury Note	2.630%, 02/29/16			834,536	0.83
1,100,000		United States Treasury Note	2.380%, 03/31/16			1,048,180	1.04
1,100,000		United States Treasury Note	3.250%, 05/31/16			1,104,813	1.10
776,000		United States Treasury Note	2.750%, 02/15/19			726,771	0.72
775,000		United States Treasury Note	3.130%, 05/15/19			749,572	0.75
	h	United States Treasury Note	0.880%–3.500%, 05/31/11–02/15/39			1,510,468	1.50
		Other				640,527	0.64
						16,880,007	16.79
		TOTAL GOVERNMENT BONDS	(Cost $60,349,121)			61,173,511	60.82
		TOTAL BONDS	(Cost $89,497,037)			90,448,234	89.93

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

BOND FUND  n  JUNE 30, 2009

Principal	Issuer		Rating†	Value		% of net assets
STRUCTURED ASSETS
ASSET BACKED
$   554,055	Centex Home Equity Series 2002-A (Class AF6)	5.540%, 01/25/32	Aaa	$	468,607	0.47	%
1,000,000	Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.780%, 01/25/35	B3		462,462	0.46
550,000	Chase Issuance Trust Series 2008-A9 (Class A9)	4.260%, 05/15/13	Aaa		565,838	0.57
	Other				1,820,857	1.80
					3,317,764	3.30
OTHER MORTGAGE BACKED					4,019,477	3.99
	TOTAL STRUCTURED ASSETS	(Cost $9,510,293)			7,337,241	7.29
Shares
PREFERRED STOCKS
MORTGAGE BACKED					29,866	0.03
	TOTAL PREFERRED STOCKS	(Cost $569,550)			29,866	0.03
	TOTAL PORTFOLIO	(Cost $99,576,881)			97,815,346	97.25
	OTHER ASSET & LIABILITIES, NET				2,767,905	2.75
	NET ASSETS			$	100,583,251	100.00	%

^† As provide 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, 2009, the value of this security amounted to $569,375, or 0.57% of net assets.

h These securities are purchased on a delayed delivery basis.

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

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 in industry concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

MONEY MARKET FUND  n  JUNE 30, 2009

Principal		Issuer		Value		% net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$1,000,000		United States Treasury Note	2.880%, 06/30/10	$	1,023,625	0.97	%
		TOTAL GOVERNMENT BONDS	(Cost $1,023,625)		1,023,625	0.97
SHORT-TERM INVESTMENTS
BANKER’S ACCEPTANCES
3,050,000		Bank of America NA	07/13/09–10/20/09		3,045,644	2.89
		Other			956,435	0.91
					4,002,079	3.80
CERTIFICATES OF DEPOSIT
1,000,000		Banco Bilbao Vizcaya Argentaria S.A.	0.730%, 11/12/09		1,000,018	0.95
1,000,000		Banco Bilbao Vizcaya Argentaria S.A.	0.610%, 12/08/09		1,000,021	0.94
1,230,000		Banco Bilbao Vizcaya Argentaria S.A.	0.640%–1.250%, 11/30/09–12/30/09		1,230,631	1.17
1,000,000		CALYON	0.490%, 10/01/09		1,000,051	0.95
1,000,000		Lloyds TSB Bank plc	0.730%, 07/09/09		1,000,005	0.95
1,000,000		Toronto-Dominion Bank	1.900%, 07/20/09		1,000,000	0.95
1,000,000		Toronto-Dominion Bank	0.850%, 09/22/09		1,000,000	0.95
		Other			3,093,452	2.95
					10,324,178	9.81
COMMERCIAL PAPER
1,000,000		Abbott Laboratories	07/30/09		999,855	0.95
1,000,000		BNP Paribas Finance, Inc	07/29/09		999,783	0.95
1,260,000		Coca-Cola Co	07/20/09		1,259,721	1.19
1,000,000		Corporate Asset Funding Co, Inc	08/07/09		999,332	0.95
1,000,000		Eli Lilly & Co	08/10/09		999,389	0.95
1,280,000		Fairway Finance LLC	07/15/09		1,279,870	1.22
1,550,000		Fairway Finance LLC	07/06/09–07/09/09		1,549,842	1.47
2,000,000	p	GECC-TLGP	07/02/09		1,999,961	1.91
1,435,000	p	GECC-TLGP	07/13/09		1,434,665	1.36
1,000,000		ING US Funding LLC	10/23/09		998,575	0.96
1,450,000		ING US Funding LLC	07/27/09–11/30/09		1,448,400	1.37
1,255,000		Nestle Capital Corp	07/29/09		1,254,785	1.20
1,459,000		Old Line Funding LLC	07/24/09		1,458,767	1.38
980,000		Old Line Funding LLC	08/17/09		979,552	0.93
1,055,000		PACCAR Financial Corp	08/06/09		1,054,684	1.00
1,600,000		PACCAR Financial Corp	08/14/09–09/17/09		1,599,167	1.52
1,000,000		Private Export Funding Corp	08/20/09		999,208	0.96
1,670,000		Private Export Funding Corp	07/20/09–12/11/09		1,668,371	1.58
1,000,000		Rabobank USA Financial Corp	07/01/09		1,000,000	0.94
1,973,000		Rabobank USA Financial Corp	08/19/09–11/25/09		1,971,451	1.88
1,000,000		Ranger Funding Co LLC	07/17/09		999,889	0.95
1,150,000		Royal Bank of Scotland plc	07/31/09		1,149,713	1.10
1,735,000		Sheffield Receivables Corp	07/14/09		1,734,718	1.64
1,410,000		Shell International Finance BV	09/24/09		1,409,234	1.34
1,000,000		Svensk Exportkredit AB	07/07/09		999,759	0.95
1,000,000		Toyota Motor Credit Corp	07/21/09		999,845	0.95

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

MONEY MARKET FUND  n  JUNE 30, 2009

Principal		Issuer		Value		% net assets
COMMERCIAL PAPER – continued
$1,000,000		Toyota Motor Credit Corp	07/30/09	$	999,750	0.95	%
1,000,000		Unilever Capital Corp	07/07/09		999,965	0.95
1,000,000		Unilever Capital Corp	08/18/09		999,640	0.95
1,000,000		Unilever Capital Corp	09/21/09		999,453	0.95
1,500,000		Variable Funding Capital Co LLC	07/28/09		1,499,662	1.43
1,200,000		Lloyds TSB Bank plc	07/01/09–09/24/09		1,199,124	1.14
1,416,000		Govco LLC	07/20/09–08/21/09		1,415,414	1.35
1,555,000		Park Avenue Receivables Corp	07/10/09–08/05/09		1,554,772	1.48
1,723,000		Kitty Hawk Funding Corp	07/08/09–07/10/09		1,722,891	1.64
		Other			10,500,219	9.97
					55,139,426	52.41
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
1,525,000		Federal Farm Credit Bank (FFCB)	07/28/09–11/17/09		1,522,540	1.45
1,400,000		Federal Home Loan Bank (FHLB)	08/25/09		1,399,550	1.34
960,000		FHLB	09/18/09		958,883	0.91
1,000,000		FHLB	09/23/09		999,463	0.95
6,606,000		FHLB	08/04/09–06/22/10		6,595,401	6.25
1,000,000		Federal Home Loan Mortgage Corp (FHLMC)	08/11/09		999,363	0.94
1,000,000		FHLMC	09/01/09		998,932	0.95
1,000,000		FHLMC	11/17/09		997,683	0.95
1,000,000		FHLMC	11/20/09		996,805	0.95
3,724,000		FHLMC	07/06/09–02/08/10		3,719,232	3.54
1,020,000		Federal National Mortgage Association (FNMA)	08/03/09		1,019,504	0.97
1,500,000		FNMA	09/01/09		1,498,579	1.43
1,050,000		FNMA	10/16/09		1,048,533	1.00
1,070,000		FNMA	12/21/09		1,067,121	1.02
1,000,000		FNMA	12/22/09		997,438	0.95
4,055,000		FNMA	07/23/09–04/01/10		4,044,744	3.83
					28,863,771	27.43
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
1,500,000	i	Federal Home Loan Bank (FHLB)	0.650%, 09/10/09		1,500,001	1.42
1,000,000	i	FHLB	0.850%, 02/26/10		1,000,000	0.95
1,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.880%, 02/04/10		1,000,000	0.95
1,000,000	i	FHLMC	0.820%, 02/09/10		1,000,436	0.95
		Other			616,554	0.59
					5,116,991	4.86

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

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

MONEY MARKET FUND  n  JUNE 30, 2009

Principal	Issuer		Value			% net assets
U.S. TREASURY BILLS
$1,000,000	United States Treasury Bill	10/08/09	$	999,271		0.95	%
	TOTAL SHORT-TERM INVESTMENTS	(Cost $104,445,716)		104,445,716		99.26
	TOTAL PORTFOLIO	(Cost $105,469,341)		105,469,341		100.23
	OTHER ASSETS & LIABILITIES, NET			(244,325	)	(0.23	)
	NET ASSETS		$	105,225,016		100.00	%

The following abbreviations are used in portfolio description:

LLC    Limited Liability Company

plc     Public Limited Company

i Floating rate or variable rate securities reflect the rate in effect as of June 30, 2009.

p Security participates in the FDIC Temporary Liquidity Guarantee Program.

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 in industry concentrations.

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

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TIAA-CREF Life Funds   n   2009 Semiannual Report 85

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS   n   JUNE 30, 2009

	Growth Equity Fund
ASSETS
Portfolio investments, at cost	$	27,317,554
Net unrealized depreciation of portfolio investments		(454,352	)
Portfolio investments, at value		26,863,202
Cash		293,891
Cash – foreign*		1
Receivable from securities transactions		408,320
Receivable from Fund shares sold		160,386
Dividends and interest receivable		10,856
Reclaims receivable		7,447
Prepaid Insurance		—
Total assets		27,744,103
LIABILITIES
Management fees payable		5,582
Trustee fees payable		694
Accrued expense payable		227
Due to custodian		—
Payable for securities transactions		447,561
Payable for Fund shares redeemed		479
Payable for variation margin on futures contracts		—
Total liabilities		454,543
NET ASSETS	$	27,289,560
NET ASSETS CONSIST OF:
Paid-in-capital	$	72,010,709
Undistributed net investment income		152,267
Accumulated net realized gain (loss) on total investments		(44,419,264	)
Net unrealized depreciation on total investments		(454,152	)
NET ASSETS	$	27,289,560
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		2,347,859
Net asset value per share		$11.62
*Cost:	$	1

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

Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund
$	58,657,877		$	81,847,900		$	48,168,481		$	38,068,891
	(4,200,470	)		(10,184,917	)		(4,558,628	)		(3,446,846	)
	54,457,407			71,662,983			43,609,853			34,622,045
	181,461			—			1,490,635			—
	8,002			2,514,964			313			—
	637,572			349,989			1,186,144			2,628,921
	—			90,298			—			1,922
	56,354			66,196			60,810			36,801
	—			79,175			89			—
	—			—			—			—
	55,340,796			74,763,605			46,347,844			37,289,689
	10,381			17,526			8,551			2,885
	694			694			694			694
	227			227			227			227
	—			1,809,746			—			84,402
	656,964			233,795			1,944,930			2,455,962
	20,980			338			10,907			212,987
	—			—			—			—
	689,246			2,062,326			1,965,309			2,757,157
$	54,651,550		$	72,701,279		$	44,382,535		$	34,532,532
$	76,045,869		$	137,577,368		$	69,579,257		$	54,194,342
	569,331			3,853,713			957,434			181,063
	(17,763,425	)		(58,552,286	)		(21,595,529	)		(16,396,027	)
	(4,200,225	)		(10,177,516	)		(4,558,627	)		(3,446,846	)
$	54,651,550		$	72,701,279		$	44,382,535		$	34,532,532
	2,801,282			5,995,341			2,307,613			1,870,585
	$19.51			$12.13			$19.23			$18.46
$	8,069		$	2,507,288		$	315		$	—

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

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS   n   JUNE 30, 2009

	Stock Index Fund
ASSETS
Portfolio investments, at cost	$	149,628,069
Net unrealized depreciation of portfolio investments		(29,150,541	)
Portfolio investments, at value		120,477,528
Cash		2,816,273
Receivable from securities transactions		2,377,818
Receivable from Fund shares sold		—
Dividends and interest receivable		161,867
Reclaims receivable		114
Prepaid Insurance		—
Total assets		125,833,600
LIABILITIES
Management fees payable		6,117
Trustee fees payable		694
Accrued expense payable		227
Due to custodian		—
Payable for securities transactions		2,683,256
Payable for Fund shares redeemed		46,392
Payable for variation margin on futures contracts		14,110
Total liabilities		2,750,796
NET ASSETS	$	123,082,804
NET ASSETS CONSIST OF:
Paid-in-capital	$	160,666,194
Undistributed net investment income (loss)		1,816,600
Accumulated net realized gain (loss) on total investments		(10,193,402	)
Net unrealized depreciation on total investments		(29,206,588	)
NET ASSETS	$	123,082,804
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,087,598
Net asset value per share		$20.22

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

concluded

Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund			Money Market Fund
$	31,111,137		$	54,738,637		$	99,576,881		$	105,469,341
	(6,709,555	)		(18,687,735	)		(1,761,535	)		—
	24,401,582			36,050,902			97,815,346			105,469,341
	117,915			581,803			1,578,614			4,434
	2,402,906			162,264			1,761,091			—
	—			14,126			58,564			6,805
	31,044			152,575			750,196			33,302
	—			144			32			—
	—			—			—			9,390
	26,953,447			36,961,814			101,963,844			105,523,272
	1,419			7,778			8,210			5,338
	694			694			694			694
	227			227			227			227
	—			—			—			—
	2,403,457			93,818			1,361,698			—
	4,022			5,718			9,764			291,997
	—			—			—			—
	2,409,819			108,235			1,380,593			298,256
$	24,543,628		$	36,853,579		$	100,583,251		$	105,225,016
$	33,573,398		$	81,698,969		$	104,012,763		$	105,224,304
	479,958			(147,790	)		2,186,871			71
	(2,800,173	)		(26,009,834	)		(3,854,848	)		641
	(6,709,555	)		(18,687,766	)		(1,761,535	)		—
$	24,543,628		$	36,853,579		$	100,583,251		$	105,225,016
	1,373,179			2,794,942			4,200,664			105,224,305
	$17.87			$13.19			$23.94			$1.00

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

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS   n   FOR THE PERIOD ENDED JUNE 30, 2009

	Growth Equity Fund
INVESTMENT INCOME
Dividends	$	176,275
Foreign taxes withheld		(2,420	)
Interest		8
Total income		173,863
EXPENSES
Investment management fees		30,918
Trustee fees and expenses		644
Interest expense		266
Capital gains tax expense		—
Other expenses		682
Net expenses		32,510
Net investment income		141,353
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(2,991,575	)
Futures transactions		—
Foreign currency transactions		(3,473	)
Net realized gain (loss) on total investments		(2,995,048	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		5,358,451
Futures transactions		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		116
Net change in unrealized appreciation (depreciation) on total investments		5,358,567
Net realized and unrealized gain (loss) on total investments		2,363,519
Net increase (decrease) in net assets resulting from operations	$	2,504,872

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

Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund
$	569,204		$	1,277,058		$	541,753		$	217,380
	(1,535	)		(113,149	)		(1,475	)		—
	—			720			17			—
	567,669			1,164,629			540,295			217,380
	57,802			92,356			46,174			15,742
	644			644			644			644
	38			2,840			542			193
	—			66,724			—			—
	1,082			742			1,082			1,282
	59,566			163,306			48,442			17,861
	508,103			1,001,323			491,853			199,519
	(5,083,233	)		(12,284,866	)		(2,002,257	)		(6,142,503	)
	—			—			—			—
	(443	)		(84,455	)		5,376			—
	(5,083,676	)		(12,369,321	)		(1,996,881	)		(6,142,503	)
	7,214,379			15,321,170			4,481,617			6,685,977
	—			—			—			—
	270			30,220			75			—
	7,214,649			15,351,390			4,481,692			6,685,977
	2,130,973			2,982,069			2,484,811			543,474
$	2,639,076		$	3,983,392		$	2,976,664		$	742,993

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

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS   n   FOR THE PERIOD ENDED JUNE 30, 2009

	Stock Index Fund
INVESTMENT INCOME
Dividends	$	1,334,858
Foreign taxes withheld		(27	)
Interest		360
Total income		1,335,191
EXPENSES
Investment management fees		33,058
Trustee fees and expenses		644
Interest expense		129
Capital gains tax expense		—
Other expenses		1,282
Net expenses		35,113
Net investment income		1,300,078
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		(2,633,931	)
Futures transactions		267,464
Foreign currency transactions		(5	)
Net realized gain (loss) on total investments		(2,366,472	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments		6,007,065
Futures transactions		(56,042	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(4	)
Net change in unrealized appreciation (depreciation) on total investments		5,951,019
Net realized and unrealized gain (loss) on total investments		3,584,547
Net increase (decrease) in net assets resulting from operations	$	4,884,625

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

concluded

Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund		Money Market Fund
$	275,407		$	736,993		$	1,551	$	—
	(1	)		(1,245	)		—		—
	—			17			2,232,374		504,366
	275,406			735,765			2,233,925		504,366
	7,779			43,134			47,772		34,045
	644			644			644		644
	80			140			108		9
	—			—			—		—
	682			682			682		22,886
	9,185			44,600			49,206		57,584
	266,221			691,165			2,184,719		446,782
	(1,679,445	)		(3,118,934	)		52,296		560
	—			—			—		—
	(1	)		—			—		—
	(1,679,446	)		(3,118,934	)		52,296		560
	2,656,089			(3,344,746	)		155,315		—
	—			—			—		—
	—			18			—		—
	2,656,089			(3,344,728	)		155,315		—
	976,643			(6,463,662	)		207,611		560
$	1,242,864		$	(5,772,497	)	$	2,392,330	$	447,342

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

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS   n   FOR THE PERIOD OR YEAR ENDED

	Growth Equity Fund
	June 30, 2009			December 31, 2008
	(unaudited)
OPERATIONS
Net investment income	$	141,353		$	333,908
Net realized gain (loss) on total investments		(2,995,048	)		(6,411,532	)
Net change in unrealized appreciation (depreciation) on total investments		5,358,567			(10,867,961	)
Net increase (decrease) from operations		2,504,872			(16,945,585	)
DISTRIBUTION TO SHAREHOLDERS (Note 5)
From net investment income		—			(304,213	)
From net realized gain on total investments		—			—
Total distributions		—			(304,213	)
SHAREHOLDER TRANSACTIONS
Subscriptions		4,240,930			10,863,483
Reinvestments of distributions		—			304,213
Redemptions		(3,956,958	)		(11,792,821	)
Net increase (decrease) from shareholder transactions		283,972			(625,125	)
Net increase (decrease) in net assets		2,788,844			(17,874,923	)
NET ASSETS
Beginning of period		24,500,716			42,375,639
End of period	$	27,289,560		$	24,500,716
Undistributed net investment income included in net assets	$	152,267		$	10,914
CHANGE IN FUND SHARES
Shares outstanding, beginning of period		2,321,892			2,351,772
Shares sold		405,112			716,552
Shares reinvested		—			29,167
Shares redeemed		(379,145	)		(775,599	)
Net increase (decrease) from shareholder transactions		25,967			(29,880	)
Shares outstanding, end of period		2,347,859			2,321,892

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

Growth & Income Fund						International Equity Fund
June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008
(unaudited)						(unaudited)
$	508,103		$	1,298,033		$	1,001,323		$	3,138,416
	(5,083,676	)		(2,342,325	)		(12,369,321	)		(46,314,506	)
	7,214,649			(27,465,069	)		15,351,390			(31,054,510	)
	2,639,076			(28,509,361	)		3,983,392			(74,230,600	)
	—			(1,232,315	)		—			(44,925	)
	—			—			—			(3,175,432	)
	—			(1,232,315	)		—			(3,220,357	)
	2,522,787			9,747,804			5,896,880			16,007,106
	—			1,232,315			—			3,220,357
	(3,745,408	)		(11,837,675	)		(5,418,792	)		(33,581,374	)
	(1,222,621	)		(857,556	)		478,088			(14,353,911	)
	1,416,455			(30,599,232	)		4,461,480			(91,804,868	)
	53,235,095			83,834,327			68,239,799			160,044,667
$	54,651,550		$	53,235,095		$	72,701,279		$	68,239,799
$	569,331		$	61,228		$	3,853,713		$	2,852,390
	2,877,398			2,844,439			5,970,193			6,663,208
	138,164			402,583			547,395			859,460
	—			67,896			—			287,789
	(214,280	)		(477,520	)		(522,247	)		(1,840,264	)
	(76,116	)		(7,041	)		25,148			(693,015	)
	2,801,282			2,837,398			5,995,341			5,970,193

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

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS   n   FOR THE PERIOD OR YEAR ENDED

	Large-Cap Value Fund
	June 30, 2009			December 31, 2008
	(unaudited)
OPERATIONS
Net investment income	$	491,853		$	1,454,094
Net realized gain (loss) on total investments		(1,996,881	)		(19,006,046	)
Net change in unrealized appreciation (depreciation) on total investments		4,481,692			(10,944,979	)
Net increase (decrease) from operations		2,976,664			(28,496,931	)
DISTRIBUTION TO SHAREHOLDERS (Note 5)
From net investment income		—			(924,132	)
From net realized gain on total investments		—			(519,566	)
Total distributions		—			(1,443,698	)
SHAREHOLDER TRANSACTIONS
Subscriptions		4,597,362			8,638,893
Reinvestments of distributions		—			1,443,698
Redemptions		(3,493,812	)		(11,190,107	)
Net increase (decrease) from shareholder transactions		1,103,550			(1,107,516	)
Net increase (decrease) in net assets		4,080,214			(31,048,145	)
NET ASSETS
Beginning of period		40,302,321			71,350,466
End of period	$	44,382,535		$	40,302,321
Undistributed net investment income included in net assets	$	957,434		$	465,581
CHANGE IN FUND SHARES
Shares outstanding, beginning of period		2,254,922			2,279,364
Shares sold		260,100			331,687
Shares reinvested		—			82,403
Shares redeemed		(207,410	)		(438,532	)
Net increase (decrease) from shareholder transactions		52,690			(24,442	)
Shares outstanding, end of period		2,307,613			2,254,922

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

continued

Small-Cap Equity Fund						Stock Index Fund
June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008
(unaudited)						(unaudited)
$	199,519		$	650,144		$	1,300,078		$	3,341,112
	(6,142,503	)		(8,796,829	)		(2,366,472	)		(4,973,662	)
	6,685,977			(8,818,950	)		5,951,019			(65,630,093	)
	742,993			(16,965,635	)		4,884,625			(67,262,643	)
	—			(679,349	)		—			(2,868,460	)
	—			—			—			(221,501	)
	—			(679,349	)		—			(3,089,961	)
	2,004,216			7,958,161			13,301,569			15,384,081
	—			679,349			—			3,089,961
	(2,823,577	)		(8,251,873	)		(8,041,837	)		(19,522,105	)
	(819,361	)		385,637			5,259,732			(1,048,063	)
	(76,368	)		(17,259,347	)		10,144,357			(71,400,667	)
	34,608,900			51,868,247			112,938,447			184,339,114
$	34,532,532		$	34,608,900		$	123,082,804		$	112,938,447
$	181,063		$	(15,443	)	$	1,816,600		$	516,522
	1,923,369			1,909,111			5,823,325			5,814,633
	118,465			328,495			732,122			588,717
	—			38,998			—			162,629
	(171,249	)		(353,235	)		(467,849	)		(742,654	)
	(52,784	)		14,258			264,273			8,692
	1,870,585			1,923,369			6,087,598			5,823,325

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

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFE FUNDS   n   FOR THE PERIOD OR YEAR ENDED

	Social Choice Equity Fund
	June 30, 2009			December 31, 2008
	(unaudited)
OPERATIONS
Net investment income	$	266,221		$	659,040
Net realized gain (loss) on total investments		(1,679,446	)		(931,677	)
Net change in unrealized appreciation (depreciation) on total investments		2,656,089			(13,322,154	)
Net increase (decrease) from operations		1,242,864			(13,594,791	)
DISTRIBUTION TO SHAREHOLDERS (Note 5)
From net investment income		—			(446,427	)
From net realized gain on total investments		—			(124,901	)
Total distributions		—			(571,328	)
SHAREHOLDER TRANSACTIONS
Subscriptions		784,797			2,558,061
Reinvestments of distributions		—			571,328
Redemptions		(1,421,584	)		(2,908,341	)
Net increase (decrease) from shareholder transactions		(636,787	)		221,048
Net increase (decrease) in net assets		606,077			(13,945,071	)
NET ASSETS
Beginning of period		23,937,551			37,882,622
End of period	$	24,543,628		$	23,937,551
Undistributed net investment income included in net assets	$	479,958		$	213,737
CHANGE IN FUND SHARES
Shares outstanding, beginning of period		1,415,895			1,396,635
Shares sold		48,297			110,247
Shares reinvested		—			34,480
Shares redeemed		(91,013	)		(125,467	)
Net increase (decrease) from shareholder transactions		(42,716	)		19,260
Shares outstanding, end of period		1,373,179			1,415,895

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

continued

Real Estate Securities Fund						Bond Fund
June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008
(unaudited)						(unaudited)
$	691,165		$	1,903,435		$	2,184,719		$	4,741,292
	(3,118,934	)		(21,122,885	)		52,296			(2,732,912	)
	(3,344,728	)		(8,451,792	)		155,315			(1,723,747	)
	(5,772,497	)		(27,671,242	)		2,392,330			284,633
	—			(2,911,239	)		—			(4,741,808	)
	—			—			—			—
	—			(2,911,239	)		—			(4,741,808	)
	2,164,513			8,623,675			9,924,527			15,005,262
	—			2,911,239			—			4,741,808
	(3,184,300	)		(12,057,843	)		(3,686,430	)		(9,998,479	)
	(1,019,787	)		(522,929	)		6,238,097			9,748,591
	(6,792,284	)		(31,105,410	)		8,630,427			5,291,416
	43,645,863			74,751,273			91,952,824			86,661,408
$	36,853,579		$	43,645,863		$	100,583,251		$	91,952,824
$	(147,790	)	$	(740,211	)	$	2,186,871		$	2,152
	2,862,976			2,821,270			3,933,289			3,529,610
	192,393			341,472			425,057			611,040
	—			195,648			—			201,865
	(260,427	)		(495,414	)		(157,682	)		(409,226	)
	(68,034	)		41,706			267,375			403,679
	2,794,942			2,862,976			4,200,664			3,933,289

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

STATEMENTS OF CHANGES IN NET ASSETS concluded

TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD OR YEAR ENDED

	Money Market Fund
	June 30, 2009			December 31, 2008
	(unaudited)
OPERATIONS
Net investment income	$	446,782		$	3,014,576
Net realized gain (loss) on total investments		560			567
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) from operations		447,342			3,015,143
DISTRIBUTION TO SHAREHOLDERS (Note 5)
From net investment income		(446,782	)		(3,014,576	)
From net realized gain on total investments		—			—
Total distributions		(446,782	)		(3,014,576	)
SHAREHOLDER TRANSACTIONS
Subscriptions		48,008,016			75,913,003
Reinvestments of distributions		446,785			3,014,605
Redemptions		(60,552,075	)		(62,050,733	)
Net increase (decrease) from shareholder transactions		(12,097,274	)		16,876,875
Net increase (decrease) in net assets		(12,096,714	)		16,877,442
NET ASSETS
Beginning of period		117,321,730			100,444,288
End of period	$	105,225,016		$	117,321,730
Undistributed net investment income included in net assets	$	71		$	71
CHANGE IN FUND SHARES
Shares outstanding, beginning of period		117,321,579			100,444,703
Shares sold		48,008,016			75,913,004
Shares reinvested		446,785			3,014,605
Shares redeemed		(60,552,075	)		(62,050,733	)
Net increase (decrease) from shareholder transactions		(12,097,274	)		16,876,876
Shares outstanding, end of period		105,224,305			117,321,579

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

FINANCIAL HIGHLIGHTS

TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD OR YEAR ENDED

	Growth Equity Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.55		$	18.02		$	14.91		$	14.23		$	13.58		$	12.88
Gain (loss) from investment operations:
Net investment income(a)		0.06			0.14			0.13			0.11			0.09			0.12
Net realized and unrealized gain (loss) on total investments		1.01			(7.48	)		3.10			0.69			0.65			0.70
Total gain (loss) from investment operations		1.07			(7.34	)		3.23			0.80			0.74			0.82
Less distributions from:
Net investment income		—			(0.13	)		(0.12	)		(0.12	)		(0.09	)		(0.12	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.13	)		(0.12	)		(0.12	)		(0.09	)		(0.12	)
Net asset value, end of period	$	11.62		$	10.55		$	18.02		$	14.91		$	14.23		$	13.58
TOTAL RETURN		10.14	%(b)		(40.71	%)		21.68	%		5.62	%		5.43	%		6.39	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	27,290		$	24,501		$	42,376		$	28,180		$	29,517		$	28,282
Ratio of expenses to average net assets		0.26	%(c)		0.28	%		0.26	%		0.25	%		0.26	%		0.25	%
Ratio of net investment income to average net assets		1.14	%(c)		0.98	%		0.81	%		0.79	%		0.66	%		0.95	%
Portfolio turnover rate		145	%(b)		253	%		154	%		98	%		106	%		79	%

(a) Based on average shares outstanding.

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

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

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

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

	Growth & Income Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	18.50		$	29.06		$	24.82		$	21.56		$	20.49		$	18.93
Gain (loss) from investment operations:
Net investment income(a)		0.18			0.46			0.43			0.37			0.29			0.32
Net realized and unrealized gain (loss) on total investments		0.83			(10.58	)		4.21			3.26			1.06			1.56
Total gain (loss) from investment operations		1.01			(10.12	)		4.64			3.63			1.35			1.88
Less distributions from:
Net investment income		—			(0.44	)		(0.40	)		(0.37	)		(0.28	)		(0.32	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			(0.44	)		(0.40	)		(0.37	)		(0.28	)		(0.32	)
Net asset value, end of period	$	19.51		$	18.50		$	29.06		$	24.82		$	21.56		$	20.49
TOTAL RETURN		5.46	%(b)		(34.80	%)		18.68	%		16.85	%		6.57	%		9.94	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	54,652		$	53,235		$	83,834		$	59,798		$	51,627		$	47,748
Ratio of expenses to average net assets		0.24	%(c)		0.23	%		0.24	%		0.23	%		0.23	%		0.23	%
Ratio of net investment income to average net assets		2.02	%(c)		1.87	%		1.56	%		1.63	%		1.41	%		1.66	%
Portfolio turnover rate		83	%(b)		135	%		88	%		119	%		205	%		85	%

(a) Based on average shares outstanding.

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

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

102 2009 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

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

	International Equity Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	11.43		$	24.02		$	25.01		$	19.54		$	17.25		$	14.93
Gain (loss) from investment operations:
Net investment income(a)		0.17			0.51			0.42			0.35			0.31			0.29
Net realized and unrealized gain (loss) on total investments		0.53			(12.53	)		4.26			5.50			2.28			2.35
Total gain (loss) from investment operations		0.70			(12.02	)		4.68			5.85			2.59			2.64
Less distributions from:
Net investment income		—			(0.01	)		(0.53	)		(0.38	)		(0.30	)		(0.32	)
Net realized gains		—			(0.56	)		(5.14	)		—			—			—
Total distributions		—			(0.57	)		(5.67	)		(0.38	)		(0.30	)		0.32
Net asset value, end of period	$	12.13		$	11.43		$	24.02		$	25.01		$	19.54		$	17.25
TOTAL RETURN		6.12	%(b)		(50.00	%)		19.34	%		29.95	%		15.01	%		17.72	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS
Net assets at end of period (in thousands)	$	72,701		$	68,240		$	160,045		$	111,142		$	72,597		$	52,151
Ratio of expenses to average net assets		0.30	%(c)		0.32	%		0.33	%		0.29	%		0.31	%		0.29	%
Ratio of net investment income to average net assets		3.35	%(c)		2.79	%		1.51	%		1.59	%		1.75	%		1.87	%
Portfolio turnover rate		63	%(b)		185	%		190	%		146	%		153	%		158	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds   n   2009 Semiannual Report 103

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

	Large-Cap Value Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	17.87		$	31.30		$	36.02		$	32.04		$	33.07		$	31.62
Gain (loss) from investment operations:
Net investment income(a)		0.22			0.66			0.71			0.64			0.72			0.74
Net realized and unrealized gain (loss) on total investments		1.14			(13.42	)		(0.34	)		6.26			0.95			5.82
Total gain (loss) from investment operations		1.36			(12.76	)		0.37			6.90			1.67			6.56
Less distributions from:
Net investment income		—			(0.43	)		(0.76	)		(0.61	)		(0.70	)		(0.67	)
Net realized gains		—			(0.24	)		(4.33	)		(2.31	)		(2.00	)		(4.44	)
Total distributions		—			(0.67	)		(5.09	)		(2.92	)		(2.70	)		(5.11	)
Net asset value, end of period	$	19.23		$	17.87		$	31.30		$	36.02		$	32.04		$	33.07
TOTAL RETURN		7.61	%(b)		(40.74	%)		0.91	%		21.58	%		4.94	%		20.76	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	44,383		$	40,302		$	71,350		$	66,917		$	49,028		$	42,428
Ratio of expenses to average net assets		0.25	%(c)		0.26	%		0.27	%		0.24	%		0.25	%		0.24	%
Ratio of net investment income to average net assets		2.56	%(c)		2.60	%		1.88	%		1.83	%		2.17	%		2.23	%
Portfolio turnover rate		91	%(b)		172	%		133	%		102	%		112	%		149	%

(a) Based on average shares outstanding.

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

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

104 2009 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

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

	Small-Cap Equity Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	17.99		$	27.17		$	32.12		$	30.02		$	33.43		$	32.98
Gain (loss) from investment operations:
Net investment income(a)		0.10			0.34			0.37			0.37			0.33			0.39
Net realized and unrealized gain (loss) on total investments		0.37			(9.16	)		(2.10	)		4.95			1.30			6.17
Total gain (loss) from investment operations		0.47			(8.82	)		(1.73	)		5.32			1.63			6.56
Less distributions from:
Net investment income		—			(0.36	)		(0.44	)		(0.38	)		(0.37	)		(0.39	)
Net realized gains		—			—			(2.69	)		(2.84	)		(4.67	)		(5.72	)
Return of capital		—			—			(0.09	)		—			—			—
Total distributions		—			(0.36	)		(3.22	)		(3.22	)		(5.04	)		(6.11	)
Net asset value, end of period	$	18.46		$	17.99		$	27.17		$	32.12		$	30.02		$	33.43
TOTAL RETURN		2.61	%(b)		(32.42	%)		(5.62	%)		17.84	%		4.58	%		19.83	%
RATIO OF EXPENSES TO AVERAGE NET ASSETS
Net assets at end of period (in thousands)	$	34,533		$	34,609		$	51,868		$	57,190		$	45,332		$	42,194
Ratio of expenses to average net assets		0.11	%(c)		0.11	%		0.11	%		0.10	%		0.12	%		0.10	%
Ratio of net investment income to average net assets		1.27	%(c)		1.45	%		1.13	%		1.12	%		1.01	%		1.13	%
Portfolio turnover rate		56	%(b)		123	%		135	%		246	%		400	%		221	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds   n   2009 Semiannual Report 105

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

	Stock Index Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	19.39		$	31.70		$	30.94		$	27.45		$	26.31		$	23.93
Gain (loss) from investment operations:
Net investment income(a)		0.22			0.58			0.59			0.51			0.46			0.46
Net realized and unrealized gain (loss) on total investments		0.61			(12.34	)		1.02			3.77			1.14			2.38
Total gain (loss) from investment operations		0.83			(11.76	)		1.61			4.28			1.60			2.84
Less distributions from:
Net investment income		—			(0.51	)		(0.6	)		(0.52	)		(0.46	)		(0.45	)
Net realized gains		—			(0.04	)		(0.25	)		(0.27	)		—			(0.01	)
Total distributions		—			(0.55	)		(0.85	)		(0.79	)		(0.46	)		(0.46	)
Net asset value, end of period	$	20.22		$	19.39		$	31.70		$	30.94		$	27.45		$	26.31
TOTAL RETURN		4.28	%(b)		(37.08	%)		5.16	%		15.62	%		6.04	%		11.89	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	123,083		$	112,938		$	184,339		$	171,015		$	152,936		$	143,222
Ratio of expenses to average net assets		0.06	%(c)		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%
Ratio of net investment income to average net assets		2.36	%(c)		2.19	%		1.82	%		1.75	%		1.73	%		1.88	%
Portfolio turnover rate		6	%(b)		7	%		13	%		14	%		8	%		12	%

(a) Based on average shares outstanding.

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

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

106 2009 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

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

	Social Choice Equity Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.91		$	27.12		$	26.94		$	24.02		$	22.75		$	20.60
Gain (loss) from investment operations:
Net investment income(a)		0.19			0.48			0.51			0.43			0.38			0.39
Net realized and unrealized gain (loss) on total investments		0.77			(10.28	)		0.64			3.08			1.24			2.16
Total gain (loss) from investment operations		0.96			(9.80	)		1.15			3.51			1.62			2.55
Less distributions from:
Net investment income		—			(0.32	)		(0.51	)		(0.43	)		(0.35	)		(0.40	)
Net realized gains		—			(0.09	)		(0.46	)		(0.16	)		—			—
Total distributions		—			(0.41	)		(0.97	)		(0.59	)		(0.35	)		(0.40	)
Net asset value, end of period	$	17.87		$	16.91		$	27.12		$	26.94		$	24.02		$	22.75
TOTAL RETURN		5.68	%(b)		(36.09	%)		4.25	%		14.64	%		7.11	%		12.39	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	24,544		$	23,938		$	37,883		$	35,931		$	32,557		$	27,605
Ratio of expenses to average net assets		0.08	%(c)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Ratio of net investment income to average net assets		2.40	%(c)		2.06	%		1.81	%		1.69	%		1.63	%		1.82	%
Portfolio turnover rate		15	%(b)		17	%		12	%		19	%		8	%		5	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds   n   2009 Semiannual Report 107

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

	Real Estate Securities Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	15.24		$	26.50		$	38.04		$	30.98		$	33.89		$	30.00
Gain (loss) from investment operations:
Net investment income (a)		0.25			0.70			0.60			0.82			0.96			1.45
Net realized and unrealized gain (loss) on total investments		(2.30	)		(10.87	)		(6.68	)		9.63			1.51			8.40
Total gain (loss) from investment operations		(2.05	)		(10.17	)		(6.08	)		10.45			2.47			9.85
Less distributions from:
Net investment income		—			(1.09	)		(1.31	)		(1.09	)		(1.38	)		(1.26	)
Net realized gains		—			—			(4.15	)		(2.30	)		(4.00	)		(4.70	)
Total distributions		—			(1.09	)		(5.46	)		(3.39	)		(5.38	)		(5.96	)
Net asset value, end of period	$	13.19		$	15.24		$	26.50		$	38.04		$	30.98		$	33.89
TOTAL RETURN		(13.45	%)(b)		(38.27	%)		(16.12	%)		34.05	%		7.19	%		32.98	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	36,854		$	43,646		$	74,751		$	104,705		$	70,659		$	63,899
Ratio of expenses to average net assets		0.26	%(c)		0.26	%		0.27	%		0.25	%		0.29	%		0.25	%
Ratio of net investment income to average net assets		4.01	%(c)		2.94	%		1.62	%		2.30	%		2.80	%		4.41	%
Portfolio turnover rate		25	%(b)		97	%		111	%		117	%		239	%		315	%

(a) Based on average shares outstanding.

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

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

108 2009 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

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

	Bond Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	23.38		$	24.55		$	24.41		$	24.44		$	24.88		$	24.74
Gain (loss) from investment operations:
Net investment income(a)		0.53			1.29			1.29			1.21			1.10			0.95
Net realized and unrealized gain (loss) on total investments		0.03			(1.19	)		0.07			(0.06	)		(0.48	)		0.09
Total gain from investment operations		0.56			0.10			1.36			1.15			0.62			1.04
Less distributions from:
Net investment income		—			(1.27	)		(1.22	)		(1.18	)		(1.06	)		(0.90	)
Net realized gains		—			—			—			—			—			—
Total distributions		—			(1.27	)		(1.22	)		(1.18	)		(1.06	)		(0.90	)
Net asset value, end of period	$	23.94		$	23.38		$	24.55		$	24.41		$	24.44		$	24.88
TOTAL RETURN		2.40	%(b)		0.39	%		5.60	%		4.70	%		2.51	%		4.21	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	100,583		$	91,953		$	86,661		$	71,761		$	66,434		$	58,375
Ratio of expenses to average net assets		0.10	%(c)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Ratio of net investment income to average net assets		4.57	%(c)		5.27	%		5.18	%		4.88	%		4.35	%		3.78	%
Portfolio turnover rate		110	%(b)		92	%		97	%		76	%		78	%		103	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds   n   2009 Semiannual Report 109

FINANCIAL HIGHLIGHTS   TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD OR YEAR ENDED concluded

	Money Market Fund
	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain (loss) from investment operations:
Net investment income(a)		0.00	(d)		0.03			0.05			0.05			0.03			0.01
Total gain from investment operations		0.00	(d)		0.03			0.05			0.05			0.03			0.01
Less distributions from:
Net investment income		0.00	(d)		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Total distributions		0.00	(d)		(0.03	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.39	%(b)		2.86	%		5.34	%		5.10	%		3.25	%		1.34	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	105,225		$	117,322		$	100,444		$	53,894		$	37,185		$	26,371
Ratio of expenses to average net assets		0.10	%(c)		0.07	%		0.06	%		0.06	%		0.06	%		0.06	%
Ratio of net investment income to average net assets		0.79	%(c)		2.80	%		5.19	%		4.99	%		3.24	%		1.35	%

(a) Based on average shares outstanding.

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

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

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

110 2009 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

TIAA-CREF LIFE FUNDS

Note 1—organization and 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. Additionally, at the commencement of operations of each of these Funds, TIAA, an affiliate, invested in each Fund.

As of June 30, 2009, TIAA-CREF Life and TIAA had investments in the Funds as follows:

Fund	Investments in Funds Held By TIAA-CREF Life				Investments in Funds Held By TIAA				Percentage of Net Assets
Growth Equity	$	27,289,560	100.0	%	$	—	—	%	100.0	%
Growth & Income		45,257,279	82.8			9,394,272	17.2		100.0
International Equity		54,783,206	75.4			17,918,073	24.6		100.0
Large-Cap Value		27,532,335	62.0			16,850,200	38.0		100.0
Small-Cap Equity		18,811,470	54.5			15,721,061	45.5		100.0
Stock Index		123,082,804	100.0			—	—		100.0
Social Choice Equity		16,149,030	65.8			8,394,597	34.2		100.0
Real Estate Securities		19,270,430	52.3			17,583,149	47.7		100.0
Bond		40,506,228	40.3			60,077,022	59.7		100.0
Money Market		105,225,016	100.0			—	—		100.0

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events through August 25, 2009. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

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

TIAA-CREF Life Funds   n   2009 Semiannual Report 111

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Dollar roll transactions: The Funds may enter into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase somewhat similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

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

Forward foreign currency contracts: The Funds are subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with 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.

These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Statements of Assets and Liabilities. There were no open forward foreign currency contracts for the period ended June 30, 2009.

Securities lending: The Funds may lend portfolio securities to qualified financial institutions and brokers. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest (after rebates and fees) on collateral. Such income is reflected separately on the Statements of Operations. The value of loaned securities and the liability to return the cash collateral received are reflected on the Statements of Assets and Liabilities. Lending Funds’ securities exposes the Funds to risks such as the following: (i) the borrower may fail to return the loaned securities, (ii) the borrower may not be able to provide additional collateral, (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or (iv) the Funds may experience losses related to the investment collateral. To minimize these risks, these loans are secured by collateral equal to at least 102% of the market value of the securities loaned for U.S.

112 2009 Semiannual Report   n   TIAA-CREF Life Funds

continued

securities and 105% of the market value of the securities loaned for foreign securities. However, these percentages are subject to daily market fluctuations.

Due to such fluctuations, there may be times when the loans may become under collateralized or over collateralized. The lending agent will execute collateral calls the next business day in instances where market movement has made the collateral insufficient. The Funds are indemnified from borrower default by the lending agent, and as such are protected from loss caused by these market fluctuations. All cash collateral is invested in the State Street Navigator Securities Lending Prime Portfolio. As of June 30, 2009, the Funds were not participating in the securities lending program.

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

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

Treasury Inflation-Protected Securities: The Funds may invest 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. The adjustments for interest income due to inflation are reflected in interest income in the Statement of Operations.

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

TIAA-CREF Life Funds   n   2009 Semiannual Report 113

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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

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

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.

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

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

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security,

114 2009 Semiannual Report   n   TIAA-CREF Life Funds

continued

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

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

Exchange-Traded Equity Securities, Common and Preferred Stock—Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the 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. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

Short-Term Investments—Short-term investments (other than those in the Money Market Fund) with maturities of 60 days or less are valued at amortized cost. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy. Short-term investments in the Money Market Fund are all valued at amortized cost. Money Market Fund investments are categorized as Level 2 in the fair value hierarchy.

Investments in Registered Investment Companies—These investments are valued at their net asset value on the valuation date. Net asset value of underlying funds is calculated as of the close of business of the New York Stock Exchange. These investments are categorized in Level 1 of the fair value hierarchy.

TIAA-CREF Life Funds   n   2009 Semiannual Report 115

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Futures Contracts—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 and are categorized in Level 1 of the fair value hierarchy.

The portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith using procedures approved by the Board of Trustees.

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2009:

	Level 1			Level 2		Level 3		Total
Growth Equity
Domestic Common Stocks	$	26,863,202		$	—	$	—	$	26,863,202
Total	$	26,863,202			—	$	—	$	26,863,202
Growth & Income
Domestic Common Stocks	$	53,402,880		$	—	$	—	$	53,402,880
Foreign Common Stocks		—			1,054,527				1,054,527
Total	$	53,402,880		$	1,054,527	$	—	$	54,457,407
International Equity
Domestic Common Stocks	$	3,061,192		$	—	$	—	$	3,061,192
Foreign Common Stocks					68,601,791				68,601,791
Total	$	3,061,192		$	68,601,791	$	—	$	71,662,983
Large-Cap Value
Domestic Common Stocks	$	41,319,514		$	—	$	—	$	41,319,514
Foreign Common Stocks		—			2,290,339				2,290,339
Total	$	41,319,514		$	2,290,339	$	—	$	43,609,853
Small-Cap Equity
Domestic Common Stocks	$	34,622,045		$	—	$	—	$	34,622,045
Total	$	34,622,045		$	—	$	—	$	34,622,045
Stock Index
Domestic Common Stocks	$	120,477,528		$	—	$	—	$	120,477,528
Futures Contracts*		(56,042	)		—		—		(56,042	)
Total	$	120,421,486		$	—	$	—	$	120,421,486
Social Choice Equity
Domestic Common Stocks	$	24,401,582		$	—	$	—	$	24,401,582
Total	$	24,401,582		$	—	$	—	$	24,401,582
Real Estate Securities
Domestic Common Stocks	$	36,050,902		$	—	$	—	$	36,050,902
Total	$	36,050,902		$	—	$	—	$	36,050,902

116 2009 Semiannual Report   n   TIAA-CREF Life Funds

continued

	Level 1		Level 2		Level 3		Total
Bond
Corporate Bonds	$	—	$	29,274,723	$	—	$	29,274,723
Government Bonds		—		61,173,516		—		61,173,516
Structured Assets		—		7,337,241		—		7,337,241
Preferred Stocks		29,866		—		—		29,866
Total	$	29,866	$	97,785,480	$	—	$	97,815,346
Money Market
Short-term Investments	$	—	$	105,469,341	$	—	$	105,469,341
Total	$	—	$	105,469,341	$	—	$	105,469,341

* Futures contracts are derivatives instruments not reflected in the portfolio of investments. They are valued at the unrealized appreciation/depreciation on the instrument.

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

Note 2—investment advisory fees and other transactions with affiliates

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. For the period ended June 30, 2009, Advisors received the following annualized percentage of each Fund’s average daily net assets:

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

Total investment management fees incurred for each Fund for the period ended June 30, 2009, are reflected in the Statements of Operations.

TIAA-CREF Life Funds   n   2009 Semiannual Report 117

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Note 3—investments

At June 30, 2009, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Growth Equity	$	27,629,591	$	1,363,678	$	(2,130,067	)	$	(766,389	)
Growth & Income		60,178,683		1,439,302		(7,160,578	)		(5,721,276	)
International Equity		84,078,514		2,469,212		(14,884,743	)		(12,415,531	)
Large-Cap Value		50,676,439		2,143,415		(9,210,001	)		(7,066,586	)
Small-Cap Equity		38,414,109		2,445,412		(6,237,476	)		(3,792,064	)
Stock Index		153,254,979		13,845,956		(46,623,407	)		(32,777,451	)
Social Choice Equity		31,325,287		2,460,731		(9,384,436	)		(6,923,705	)
Real Estate Securities		58,427,204		726,521		(23,102,823	)		(22,376,302	)
Bond		99,612,462		2,242,311		(4,039,426	)		(1,797,115	)

At June 30, 2009, the following Fund held open futures contracts:

Fund	Future	Number of Contracts	Market Value		Expiration Date	Unrealized Loss
Stock Index	E-mini S&P 400 Index	3	$	173,010	September 2009	$	(5,630	)
	E-mini S&P 500 Index	46		2,105,650	September 2009		(44,762	)
	Russell 2000 Mini Index	5		253,600	September 2009		(5,650	)
			$	2,532,260		$	(56,042	)

For the period ended June 30, 2009, purchases and sale proceeds of investments, other than short-term investments, were as follows:

Fund	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
Growth Equity	$	35,963,211	$	—	$	35,828,774	$	—
Growth & Income		42,157,784		—		42,591,932		—
International Equity		42,991,674		—		39,895,348		—
Large-Cap Value		36,489,014		—		35,502,046		—
Small-Cap Equity		17,985,572		—		18,441,282		—
Stock Index		10,818,342		—		6,161,256		—
Social Choice Equity		3,391,213		—		3,563,692		—
Real Estate Securities		8,729,601		—		8,685,277		—
Bond		25,793,614		92,926,676		16,244,511		86,114,493

Note 4—trustee fees

Each Fund pays the trustees, all of whom are independent, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees also participate in a long-term compensation plan. Amounts deferred may be invested notionally in

118 2009 Semiannual Report   n   TIAA-CREF Life Funds

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certain TIAA-CREF products selected by the trustees. Trustees’ fees, including any deferred and long-term compensation, incurred for the period ended June 30, 2009, are reflected in the Statements of Operations.

Note 5—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended December 31, 2008 was as follows:

	2008
Fund	Ordinary Income		Long-Term Capital Gain		Total
Growth Equity	$	304,213	$	—	$	304,213
Growth & Income		1,232,315		—		1,232,315
International Equity		1,034,921		2,185,436		3,220,357
Large-Cap Value		924,126		519,572		1,443,698
Small-Cap Equity		679,349		—		679,349
Stock Index		2,868,444		221,517		3,089,961
Social Choice Equity		447,703		123,625		571,328
Real Estate Securities		2,911,239		—		2,911,239
Bond		4,741,808		—		4,741,808
Money Market		3,014,576		—		3,014,576

As of December 31, 2008, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed (Overdistributed) Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)			Capital Loss Carryover			Post- October Losses			Total
Growth Equity	$	10,391	$	—	$	(6,446,849	)	$	(38,336,978	)	$	(2,452,585	)	$	(47,226,021	)
Growth & Income		51,001		—		(12,111,208	)		(9,217,322	)		(2,755,866	)		(24,033,395	)
International Equity		2,924,038		—		(30,190,198	)		(31,802,921	)		(9,790,401	)		(68,859,482	)
Large-Cap Value		465,902		—		(12,407,289	)		(11,633,785	)		(4,598,806	)		(28,173,978	)
Small-Cap Equity		24,923		—		(10,763,637	)		(6,711,680	)		(2,810,729	)		(20,261,123	)
Stock Index		552,541		—		(38,909,306	)		(3,841,370	)		(275,334	)		(42,473,469	)
Social Choice Equity		223,471		—		(9,475,902	)		(832,737	)		(188,233	)		(10,273,401	)
Real Estate Securities		99,097		—		(22,151,371	)		(12,165,021	)		(4,940,803	)		(39,158,098	)
Bond		2,152		—		(1,923,424	)		(2,951,782	)		(948,788	)		(5,821,842	)
Money Market		152		—		—			—			—			152

TIAA-CREF Life Funds   n   2009 Semiannual Report 119

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

As of December 31, 2008, the following Funds had capital loss carryovers, which will expire as follows:

	Growth Equity		Growth & Income		International Equity		Large-Cap Value		Small-Cap Equity
12/31/09	$	8,688,532	$	—	$	—	$	—	$	—
12/31/10		12,297,132		4,115,743		—		—		—
12/31/11		10,153,999		5,101,579		—		—		—
12/31/12		3,010,278		—		—		—		—
12/31/13		761,688		—		—		—		—
12/31/14		—		—		—		—		—
12/31/15		—		—		—		—		—
12/31/16		3,425,349		—		31,802,921		11,633,785		6,711,680
Total	$	38,336,978	$	9,217,322	$	31,802,921	$	11,633,785	$	6,711,680
	Stock Index		Social Choice Equity		Real Estate Securities		Bond
12/31/09	$	—	$	—	$	—	$	—
12/31/10		—		—		—		—
12/31/11		—		—		—		—
12/31/12		—		—		—		115,865
12/31/13		—		—		—		272,542
12/31/14		—		—		—		395,981
12/31/15		—		—		—		375,145
12/31/16		3,841,370		832,737		12,165,021		1,792,249
Total	$	3,841,370	$	832,737	$	12,165,021	$	2,951,782

There are no unrecognized tax benefits in the accompanying financial statements. The Funds are no longer subject to income tax examinations by tax authorities for the years before 2005.

Note 6—line of credit

Each of the Funds, except the Bond and Money Market Fund, participates in a $750 million unsecured revolving credit facility (Dated June 30, 2009) that can be used for temporary purposes, including, without limitation of, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating funds. Interest associated with any borrowing under the facility is charged to the borrowing Funds at rates that are based on a specified rate of interest. The Funds are not liable for borrowings under the facility by affiliated

120 2009 Semiannual Report   n   TIAA-CREF Life Funds

concluded

accounts or mutual funds. For the period ended June 30, 2009 there were no borrowings under this credit facility by the Funds.

Note 7—money market guarantee program

On October 7, 2008, the Board of Trustees of the TIAA-CREF Life Funds approved the participation of the TIAA-CREF Life Money Market Fund (the “Fund”) in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”). To the extent Program funds are available, the Program will guarantee Fund shareholders that they will receive $1.00 per Fund share they owned as of the close of business on September 19, 2008 if the Fund “breaks the buck” (meaning its NAV falls below $0.995 and is not immediately restored), liquidates its holdings and such liquidation proceeds are less than $1.00 per share.

The program would only protect the lesser of (i) Fund shares held by a shareholder of record on September 19, 2008, or (ii) the number of Fund shares held by the shareholder of record when the Fund breaks the buck. Shares acquired by investors after September 19, 2008, are not eligible for protection under the program.

The funds will continue to participate in the Program until its expiration on September 18, 2009.

TIAA-CREF Life Funds   n   2009 Semiannual Report 121

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of TIAA-CREF Life Funds (the “Trust”) is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series (the “Funds”). Under the Agreement, TAI is responsible for providing to (or obtaining for) each Fund all of the services necessary for its ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that, after an initial period, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 1, 2009, at which it considered the annual renewal of the Agreement using its previously-established process. As part of this process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee works with management and legal counsel to the Trustees to develop additional guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 1, 2009, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees and legal counsel to the Trustees and legal counsel to management, and then evaluated the information produced in accordance with those guidelines.

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

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable insurance products with similar investment

122 2009 Semiannual Report   n   TIAA-CREF Life Funds

objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act.

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

In advance of the Board meeting held on April 1, 2009, independent legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Fund’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented to the Trustees’ counsel only); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Fund,

TIAA-CREF Life Funds   n   2009 Semiannual Report 123

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT

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

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

While the Board considered the Agreement for all Funds at the same meeting on April 1, 2009, the Board received and considered Fund-specific information on a Fund-by-Fund basis and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew each Agreement, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew each Fund’s Agreement.

At its meeting on April 1, 2009, the Board voted unanimously to renew the particular Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by an outline of the specific factors the Board considered for each particular Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”). Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Boards on a regular basis and carrying out, or overseeing the provision of, various

124 2009 Semiannual Report   n   TIAA-CREF Life Funds

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administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a professional manner.

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

In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, two-, three-, four- and five-year periods, as applicable. The Board also considered each Fund’s performance as compared to its peer groups and benchmark indices. In this regard, the Board considered that the financial markets had seen unprecedented decreases during the year that had adversely impacted the Funds’ performance. However, despite these circumstances, the Funds’ performance compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds that underlie variable insurance products. (For additional details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that in those cases in which Funds had underperformed their benchmarks or peer groups of mutual funds that underlie variable insurance products, TAI had taken reasonable remedial actions or represented that it was in the process of taking such actions. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. The Board also considered its ongoing review of best execution and portfolio turnover practices of TAI with respect to certain Funds to assess whether those practices continue to be in the best interests of those Funds.

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2008. The Board considered each Fund’s unitary fee structure under which TAI is obligated to provide (or arrange and pay for) all of the services necessary for each Fund’s ordinary operations, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services. The Board considered TAI’s profit calculations with respect to its

TIAA-CREF Life Funds   n   2009 Semiannual Report 125

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT

services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI has consistently incurred losses based on its services to each of the Funds under the Agreement. Among other considerations, the Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. In this connection, the Board noted its ongoing review of the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

FEES CHARGED BY OTHER ADVISERS

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

ECONOMIES OF SCALE

The Board considered whether TAI has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses with respect to its services provided to many of the Funds in 2008, and that the Funds had generally lost assets during the year due to the drop in the financial markets. The Board determined that current fee rates at current asset levels were low compared to peer groups of mutual funds that underlie variable insurance products. Thus, the Board determined that the Funds’ fee schedules were reasonable in light of current economies of scale considerations and current asset levels.

FEE COMPARISON WITH OTHER TAI CLIENTS

The Board considered that TAI and its affiliates provide similar investment management services to other affiliated investment companies. In addition, TAI 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 these funds. The Board also considered TAI’s representation that, while management fee rates may differ for comparable funds, this is due in part to the unitary nature of each Fund’s fees and to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. In this connection, the Board considered TAI’s representation that because the comparable funds target different types of

126 2009 Semiannual Report   n   TIAA-CREF Life Funds

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investors and use different distribution channels, these factors justify different pricing schedules.

OTHER BENEFITS

The Board also considered additional benefits to the Funds and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Funds managed by TAI or its affiliates are managed in the same manner and by the same personnel as certain of the CREF Accounts, resulting in certain benefits associated with economies of scale. Additionally, the Funds may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

FUND-BY FUND FACTORS

The Funds’ Trustees considered the following specific factors (among others) during their determination to renew the Agreement for each Fund described in this Report. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All periods referenced below end as of December 31, 2008. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

INTERNATIONAL EQUITY FUND

• The Fund’s contractual management fee is 0.29% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).

• For the one- and two-year periods, the Fund was in the 5th quintile of the universe of comparable funds identified by Lipper for expense comparison purposes (“Performance Universe”) and in the 4th quintile of its Performance Universe during the three-, four- and five-year periods.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

GROWTH EQUITY FUND

• The Fund’s contractual management fee is 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure.

TIAA-CREF Life Funds   n   2009 Semiannual Report 127

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MANAGEMENT AGREEMENT

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-year period, the Fund was in the 3rd quintile of its Performance Universe; for the two- and three-year periods, it was in the 1st quintile of its Performance Universe; and for the four- and five-year periods, it was in the 2nd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

GROWTH & INCOME FUND

• The Fund’s contractual management fee is 0.23% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 5 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

LARGE-CAP VALUE FUND

• The Fund’s contractual management fee is 0.24% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two-, three- and five-year periods, the Fund was in the 3rd quintile of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”).

• For the one-, two- and four-year periods, the Fund was in the 4th quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

STOCK INDEX FUND

• The Fund’s contractual management fee is 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe, and in the 3rd quintile of its Performance Universe for the five-year period.

128 2009 Semiannual Report   n   TIAA-CREF Life Funds

continued

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

SOCIAL CHOICE EQUITY FUND

• The Fund’s contractual management fee is 0.07% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two- and three-year periods, the Fund was in the 1st, 2nd and 3rd respective quintiles of its Performance Group.

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

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

SMALL-CAP EQUITY FUND

• The Fund’s contractual management fee is 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two-, three- and four-year periods, the Fund was in the 1st, 3rd, 3rd, and 2nd respective quintiles of its Performance Group.

• For the one-, two- three-, four- and five-year periods, the Fund was in the 2nd, 3rd, 3rd, 3rd and 3rd respective quintiles of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

REAL ESTATE SECURITIES FUND

• The Fund’s contractual management fee is 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two- and three-year periods, the Fund was in the 3rd quintile of its Performance Group.

• For the one- and two-year periods, the Fund was in the 2nd quintile of its Performance Universe, while the Fund ranked in the 3rd, 4th and 4th respective quintiles of its Performance Universe for the three-, four- and five-year periods.

• The Fund received an Overall Morningstar Rating of 3 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

TIAA-CREF Life Funds   n   2009 Semiannual Report 129

BOARD APPROVAL OF INVESTMENT   MANAGEMENT AGREEMENT concluded

BOND FUND

• The Fund’s contractual management fee is 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd quintile of its Performance Group.

• For the one- and five-year periods, the Fund was in the 2nd quintile of its Performance Universe; and for the two-, three- and four-year periods it was in the 3rd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars for the one-year period.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

MONEY MARKET FUND

• The Fund’s contractual management fee is 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure.

• The Fund’s management fees and total expenses were in the 1st quintile of its Expense Group and Expense Universe.

• For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe.

• Money market funds are not rated by Morningstar.

• TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement.

130 2009 Semiannual Report   n   TIAA-CREF Life Funds

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HOW TO REACH US

TIAA-CREF WEBSITE

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800 842-2252

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TIAA-CREF mutual funds

800 223-1200

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877 825-0411

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FOR THE HEARING- OR SPEECH-IMPAIRED

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

800 927-3059

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TIAA-CREF TRUST COMPANY, FSB

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

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

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

^©2009 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

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C45189 A10937 (8/09)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

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 FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.44%
AMUSEMENT AND RECREATION SERVICES - 0.99%
11,544		Walt Disney Co	$	269,322
		TOTAL AMUSEMENT AND RECREATION SERVICES		269,322
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.66%
23,387		Lowe’s Cos, Inc		453,942
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		453,942
BUSINESS SERVICES - 19.24%
10,242	*	Adobe Systems, Inc		289,849
1,958	*	Google, Inc (Class A)		825,473
16,283	*	Intuit, Inc		458,529
3,554	*	Juniper Networks, Inc		83,874
183	*	LogMeIn, Inc		2,928
158	*	Medidata Solutions, Inc		2,588
59,035		Microsoft Corp		1,403,262
15,129		Omnicom Group, Inc		477,774
10,056	*	Salesforce.com, Inc		383,838
25,464	*	Symantec Corp		396,220
7,956		Visa, Inc (Class A)		495,341
6,059	*	VMware, Inc (Class A)		165,229
16,934	*	Yahoo!, Inc		265,186
		TOTAL BUSINESS SERVICES		5,250,091
CHEMICALS AND ALLIED PRODUCTS - 16.00%
6,257	*	Amgen, Inc		331,246
4,512	*	Celgene Corp		215,854
9,690		Colgate-Palmolive Co		685,471
18,988	*	Gilead Sciences, Inc		889,397
4,741		Johnson & Johnson		269,289
3,839	*	King Pharmaceuticals, Inc		36,970
3,225		Monsanto Co		239,747
6,957		Novartis AG. (ADR)		283,776
3,634		Praxair, Inc		258,268
6,789		Shire plc (ADR)		281,608
5,010	*	Solutia, Inc		28,858
17,126		Teva Pharmaceutical Industries Ltd (ADR)		844,996
		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,365,480
COMMUNICATIONS - 1.09%
5,918	*	DIRECTV Group, Inc		146,234
31,242	*	Sprint Nextel Corp		150,274
		TOTAL COMMUNICATIONS		296,508
DEPOSITORY INSTITUTIONS - 3.47%
21,005		Bank of America Corp		277,266
2,391		JPMorgan Chase & Co		81,557
35,935		Western Union Co		589,334
		TOTAL DEPOSITORY INSTITUTIONS		948,157
EATING AND DRINKING PLACES - 3.18%
6,253		Darden Restaurants, Inc		206,224

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
6,981		McDonald’s Corp	$	401,338
7,794		Yum! Brands, Inc		259,852
		TOTAL EATING AND DRINKING PLACES		867,414
EDUCATIONAL SERVICES - 2.20%
8,453	*	Apollo Group, Inc (Class A)		601,177
		TOTAL EDUCATIONAL SERVICES		601,177
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.72%
11,034		Analog Devices, Inc		273,423
6,362	*	Apple Computer, Inc		906,139
27,731	*	Cisco Systems, Inc		516,906
2,035	*	First Solar, Inc		329,914
41,012		Intel Corp		678,749
9,422	*	Marvell Technology Group Ltd		109,672
14,651		Qualcomm, Inc		662,225
7,618	*	Research In Motion Ltd		541,259
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,018,287
ENGINEERING AND MANAGEMENT SERVICES - 0.84%
2,179	*	Jacobs Engineering Group, Inc		91,714
7,480		KBR, Inc		137,931
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		229,645
FOOD AND KINDRED PRODUCTS - 3.96%
6,118		Kellogg Co		284,915
14,503		PepsiCo, Inc		797,085
		TOTAL FOOD AND KINDRED PRODUCTS		1,082,000
FURNITURE AND HOME FURNISHINGS STORES - 1.45%
12,883	*	Bed Bath & Beyond, Inc		396,152
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		396,152
GENERAL MERCHANDISE STORES - 1.06%
9,195		TJX Companies, Inc		289,275
		TOTAL GENERAL MERCHANDISE STORES		289,275
HEALTH SERVICES - 1.10%
4,348	*	Express Scripts, Inc		298,925
		TOTAL HEALTH SERVICES		298,925
HOLDING AND OTHER INVESTMENT OFFICES - 0.18%
846	*	Affiliated Managers Group, Inc		49,229
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		49,229
HOTELS AND OTHER LODGING PLACES - 0.23%
3,532	*	Las Vegas Sands Corp		27,762
4,116	*	Orient-Express Hotels Ltd (Class A)		34,944
		TOTAL HOTELS AND OTHER LODGING PLACES		62,706
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.09%
1,438	*	AGCO Corp		41,803
16,078		International Game Technology		255,640

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
352	*,m	Seagate Technology, Inc	$	0
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		297,443
INSTRUMENTS AND RELATED PRODUCTS - 5.43%
2,559		Alcon, Inc		297,151
3,977		Allergan, Inc		189,226
13,442	*	Boston Scientific Corp		136,302
7,267	*	Illumina, Inc		282,977
6,002		Rockwell Collins, Inc		250,463
5,654		Roper Industries, Inc		256,183
10,150	*	Teradyne, Inc		69,629
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,481,931
INSURANCE CARRIERS - 1.35%
7,933		Aflac, Inc		246,637
6,461		Principal Financial Group		121,725
		TOTAL INSURANCE CARRIERS		368,362
LEATHER AND LEATHER PRODUCTS - 2.13%
21,598		Coach, Inc		580,554
		TOTAL LEATHER AND LEATHER PRODUCTS		580,554
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.26%
3,718	*	Jarden Corp		69,713
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		69,713
MISCELLANEOUS RETAIL - 4.09%
6,791	*	Amazon.com, Inc		568,135
17,185		CVS Corp		547,686
		TOTAL MISCELLANEOUS RETAIL		1,115,821
NONDEPOSITORY INSTITUTIONS - 0.53%
6,222		American Express Co		144,599
		TOTAL NONDEPOSITORY INSTITUTIONS		144,599
OIL AND GAS EXTRACTION - 5.29%
5,091		Apache Corp		367,316
5,391		Occidental Petroleum Corp		354,782
3,006		Range Resources Corp		124,478
11,030		Schlumberger Ltd		596,833
		TOTAL OIL AND GAS EXTRACTION		1,443,409
PAPER AND ALLIED PRODUCTS - 0.71%
3,710		Kimberly-Clark Corp		194,515
		TOTAL PAPER AND ALLIED PRODUCTS		194,515
PRINTING AND PUBLISHING - 0.69%
2,323		Dun & Bradstreet Corp		188,651
		TOTAL PRINTING AND PUBLISHING		188,651
SECURITY AND COMMODITY BROKERS - 2.95%
5,469		Goldman Sachs Group, Inc		806,349
		TOTAL SECURITY AND COMMODITY BROKERS		806,349

3

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
TRANSPORTATION EQUIPMENT - 1.84%
5,086		Boeing Co	$	216,155
1,833	*	Spirit Aerosystems Holdings, Inc (Class A)		25,185
5,000		United Technologies Corp		259,800
		TOTAL TRANSPORTATION EQUIPMENT		501,140
TRANSPORTATION SERVICES - 0.71%
5,771		Expeditors International Washington, Inc		192,405
		TOTAL TRANSPORTATION SERVICES		192,405
		TOTAL COMMON STOCKS
		(Cost $27,317,554)		26,863,202
		TOTAL PORTFOLIO - 98.44%
		(Cost $27,317,554)		26,863,202
		OTHER ASSETS AND LIABILITIES, NET - 1.56%		426,358
		NET ASSETS - 100.00%	$	27,289,560

* Non-income producing

m Indicates a security that has been deemed illiquid.

The following abbreviations are used in portfolio descriptions:

ADR American Depository Receipt

plc Public Limited Company

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.64%
AMUSEMENT AND RECREATION SERVICES - 0.51%
11,901	*	Electronic Arts, Inc	$	258,490
2,060	*	Pinnacle Entertainment, Inc		19,137
		TOTAL AMUSEMENT AND RECREATION SERVICES		277,627
APPAREL AND ACCESSORY STORES - 0.28%
10,626		American Eagle Outfitters, Inc		150,570
		TOTAL APPAREL AND ACCESSORY STORES		150,570
APPAREL AND OTHER TEXTILE PRODUCTS - 1.55%
8,242		Guess ?, Inc		212,479
6,651		Nike, Inc (Class B)		344,388
13,787	*	Quiksilver, Inc		25,506
4,788		VF Corp		265,016
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		847,389
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.74%
17,194		Home Depot, Inc		406,294
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		406,294
BUSINESS SERVICES - 7.97%
9,905	*	Akamai Technologies, Inc		189,978
6,138	*	Autonomy Corp plc		145,112
3,314		Ctrip.com International Ltd (ADR)		153,438
9,597		Fidelity National Information Services, Inc		191,556
1,021	*	Google, Inc (Class A)		430,443
7,219	*	Informatica Corp		124,095
37,641	*	Interpublic Group of Cos, Inc		190,087
371	*	LogMeIn, Inc		5,936
54,337		Microsoft Corp		1,291,590
5,643	*	Netease.com (ADR)		198,521
205	*	OpenTable, Inc		6,185
17,622		Oracle Corp		377,463
25,027	*	Symantec Corp		389,420
4,795		Visa, Inc (Class A)		298,537
23,293	*	Yahoo!, Inc		364,768
		TOTAL BUSINESS SERVICES		4,357,129
CHEMICALS AND ALLIED PRODUCTS - 14.73%
8,084		Abbott Laboratories		380,271
12,240	*	Amgen, Inc		647,986
1,088		CF Industries Holdings, Inc		80,664
6,484		Colgate-Palmolive Co		458,678
16,356		Dow Chemical Co		263,986
8,466		Du Pont (E.I.) de Nemours & Co		216,899
12,483	*	Elan Corp plc (ADR)		79,517
14,458	*	Gilead Sciences, Inc		677,213
22,083		Johnson & Johnson		1,254,313

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
32,906	*	King Pharmaceuticals, Inc	$	316,885
5,550		Monsanto Co		412,587
12,649	*	Mylan Laboratories, Inc		165,069
8,596		Novartis AG. (ADR)		350,631
60,678		Pfizer, Inc		910,170
2,014		Praxair, Inc		143,135
16,115		Procter & Gamble Co		823,477
22,939		Schering-Plough Corp		576,228
18,689	*	Solutia, Inc		107,649
4,069		Wyeth		184,692
		TOTAL CHEMICALS AND ALLIED PRODUCTS		8,050,050
COAL MINING - 0.15%
2,334		Consol Energy, Inc		79,263
		TOTAL COAL MINING		79,263
COMMUNICATIONS - 4.48%
34,831		AT&T, Inc		865,202
17,383		Comcast Corp (Class A)		251,880
11,654	*	DIRECTV Group, Inc		287,970
8,100		Scripps Networks Interactive (Class A)		225,423
50,530	*	Sprint Nextel Corp		243,049
16,317		Verizon Communications, Inc		501,421
3,281	*	Viacom, Inc (Class B)		74,479
		TOTAL COMMUNICATIONS		2,449,424
DEPOSITORY INSTITUTIONS - 7.84%
76,535		Bank of America Corp		1,010,262
33,028		JPMorgan Chase & Co		1,126,585
6,950		Northern Trust Corp		373,076
12,154		People’s United Financial, Inc		182,796
6,754		State Street Corp		318,789
11,169		SunTrust Banks, Inc		183,730
16,183		TCF Financial Corp		216,367
11,704		US Bancorp		209,736
27,285		Wells Fargo & Co		661,934
		TOTAL DEPOSITORY INSTITUTIONS		4,283,275
EATING AND DRINKING PLACES - 1.45%
11,501		Brinker International, Inc		195,862
4,857	*	Jack in the Box, Inc		109,040
6,820		McDonald’s Corp		392,081
6,867	*	Starbucks Corp		95,383
		TOTAL EATING AND DRINKING PLACES		792,366
ELECTRIC, GAS, AND SANITARY SERVICES - 3.88%
13,399	*	AES Corp		155,562
12,137		Allegheny Energy, Inc		311,314
2,788		Entergy Corp		216,126
3,264		Exelon Corp		167,149
23,250		NV Energy, Inc		250,868
10,303		PG&E Corp		396,047
7,145		Questar Corp		221,924
16,408		Republic Services, Inc		400,519
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,119,509

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.81%
6,248	*	Apple Computer, Inc	$	889,903
46,696	*	Cisco Systems, Inc		870,413
66,858		General Electric Co		783,576
55,144		Intel Corp		912,634
4,517	*	MEMC Electronic Materials, Inc		80,448
21,173		Motorola, Inc		140,377
5,652	*	NetApp, Inc		111,457
91	*	Nortel Networks Corp		4
13,183	*	Nvidia Corp		148,836
16,347		Qualcomm, Inc		738,884
7,870	*	Suntech Power Holdings Co Ltd (ADR)		140,558
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,817,090
ENGINEERING AND MANAGEMENT SERVICES - 0.64%
19,069		KBR, Inc		351,632
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		351,632
FOOD AND KINDRED PRODUCTS - 4.54%
13,597		Coca-Cola Co		652,520
4,038	*	Dr Pepper Snapple Group, Inc		85,565
5,755		General Mills, Inc		322,395
5,278	*	Hansen Natural Corp		162,668
12,659		PepsiCo, Inc		695,739
3,514	*	Ralcorp Holdings, Inc		214,073
14,871		Unilever plc		348,392
		TOTAL FOOD AND KINDRED PRODUCTS		2,481,352
GENERAL BUILDING CONTRACTORS - 0.31%
334	*	NVR, Inc		167,798
		TOTAL GENERAL BUILDING CONTRACTORS		167,798
GENERAL MERCHANDISE STORES - 2.38%
9,152		Target Corp		361,229
19,343		Wal-Mart Stores, Inc		936,975
		TOTAL GENERAL MERCHANDISE STORES		1,298,204
HEALTH SERVICES - 1.73%
1,565	*	Edwards Lifesciences Corp		106,467
7,117		McKesson Corp		313,148
11,478	*	Medco Health Solutions, Inc		523,512
		TOTAL HEALTH SERVICES		943,127
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.75%
4,072	*	AGCO Corp		118,373
2,473		Alstom RGPT		145,899
39,186	*	EMC Corp		513,337
14,680		Hewlett-Packard Co		567,382
9,276	*	Ingersoll-Rand PLC		193,868
7,888		International Business Machines Corp		823,666
17,120		International Game Technology		272,208
5,244		Johnson Controls, Inc		113,900
5,701		Northrop Grumman Corp		260,422
8,757		Palm, Inc		145,103
8,394		Raytheon Co		372,945
12,993	*	SanDisk Corp		190,867

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
582	*,m	Seagate Technology, Inc	$	0
18,452		Textron, Inc		178,246
12,964		Tyco International Ltd		336,805
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,233,021
INSTRUMENTS AND RELATED PRODUCTS - 2.38%
8,650		Baxter International, Inc		458,104
43,780	*	Boston Scientific Corp		443,929
7,915		Emerson Electric Co		256,446
3,708	*	Illumina, Inc		144,390
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,302,869
INSURANCE CARRIERS - 3.17%
9,165		ACE Ltd		405,368
3,183		Lincoln National Corp		54,779
3,701		PartnerRe Ltd		240,380
14,229		Principal Financial Group		268,074
8,089		Progressive Corp		122,225
4,215		Prudential Financial, Inc		156,882
1,559		Transatlantic Holdings, Inc		67,551
8,228	*	WellPoint, Inc		418,724
		TOTAL INSURANCE CARRIERS		1,733,983
LEGAL SERVICES - 0.70%
7,582	*	FTI Consulting, Inc		384,559
		TOTAL LEGAL SERVICES		384,559
METAL MINING - 1.08%
10,626		Anglo American plc		308,293
6,795		Barrick Gold Corp		227,972
2,641		Southern Copper Corp		53,982
		TOTAL METAL MINING		590,247
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.31%
8,917	*	Jarden Corp		167,194
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		167,194
MISCELLANEOUS RETAIL - 1.41%
3,145	*	Amazon.com, Inc		263,111
11,025		Staples, Inc		222,374
9,700		Walgreen Co		285,180
		TOTAL MISCELLANEOUS RETAIL		770,665
MOTION PICTURES - 1.10%
15,579	*	Discovery Communications, Inc (Class A)		351,306
9,914		Time Warner, Inc		249,734
		TOTAL MOTION PICTURES		601,040
NONDEPOSITORY INSTITUTIONS - 0.77%
24,609		Chimera Investment Corp		85,885
5,256	*	Companhia Brasileira de Meios de Pagamento		45,197
15,634		Discover Financial Services		160,561
12,821	*	SLM Corp		131,672
		TOTAL NONDEPOSITORY INSTITUTIONS		423,315
OIL AND GAS EXTRACTION - 5.64%
11,350		Anadarko Petroleum Corp		515,177

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
5,131	*	Cameron International Corp	$	145,207
30,523		Halliburton Co		631,825
9,382		Linn Energy LLC		183,606
7,507	*	Newfield Exploration Co		245,254
5,854		Occidental Petroleum Corp		385,252
7,266		Petroleo Brasileiro S.A. (ADR)		297,761
6,546		Range Resources Corp		271,070
3,996		Tullow Oil plc		61,633
17,706	*	Weatherford International Ltd		346,329
		TOTAL OIL AND GAS EXTRACTION		3,083,114
PAPER AND ALLIED PRODUCTS - 0.15%
2,166		Rock-Tenn Co (Class A)		82,655
		TOTAL PAPER AND ALLIED PRODUCTS		82,655
PETROLEUM AND COAL PRODUCTS - 6.20%
13,931		Chevron Corp		922,929
31,285		Exxon Mobil Corp		2,187,134
5,197		Hess Corp		279,339
		TOTAL PETROLEUM AND COAL PRODUCTS		3,389,402
RAILROAD TRANSPORTATION - 0.76%
8,026		Union Pacific Corp		417,834
		TOTAL RAILROAD TRANSPORTATION		417,834
SECURITY AND COMMODITY BROKERS - 2.68%
4,959		Goldman Sachs Group, Inc		731,155
16,184		Legg Mason, Inc		394,566
11,980		Morgan Stanley		341,550
		TOTAL SECURITY AND COMMODITY BROKERS		1,467,271
STONE, CLAY, AND GLASS PRODUCTS - 0.39%
7,577	*	Owens-Illinois, Inc		212,232
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		212,232
TOBACCO PRODUCTS - 0.79%
9,925		Philip Morris International, Inc		432,929
		TOTAL TOBACCO PRODUCTS		432,929
TRANSPORTATION EQUIPMENT - 2.37%
7,777		Autoliv, Inc		223,744
8,408		Goodrich Corp		420,148
13,862		Honeywell International, Inc		435,267
5,062		Magna International, Inc - Class A		213,819
		TOTAL TRANSPORTATION EQUIPMENT		1,292,978
		TOTAL COMMON STOCKS
		(Cost $58,657,877)		54,457,407
		TOTAL PORTFOLIO - 99.64%
		(Cost $58,657,877)		54,457,407
		OTHER ASSETS AND LIABILITIES, NET - 0.36%		194,143
		NET ASSETS - 100.00%	$	54,651,550

9

TIAA-CREF LIFE FUNDS - Growth & Income Fund

* Non-income producing

m Indicates a security that has been deemed illiquid.

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

LLC Limited Liability Corporation

plc Public Limited Company

10

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.16%
BUSINESS SERVICES - 4.63%
39,617		Adecco S.A.	$	1,650,237
69,106	*	Autonomy Corp plc		1,633,771
2,000		Mitsubishi UFJ Lease & Finance Co Ltd		65,397
6		NTT Data Corp		19,432
		TOTAL BUSINESS SERVICES		3,368,837
CHEMICALS AND ALLIED PRODUCTS - 7.38%
4,000		Astellas Pharma, Inc		142,004
3,000		Eisai Co Ltd		107,126
2,000		Hisamitsu Pharmaceutical Co, Inc		62,283
10,000		Kao Corp		218,508
4,000		Kissei Pharmaceutical Co Ltd		97,369
1,000		Kyowa Hakko Kogyo Co Ltd		11,325
90,014		Lanxess AG.		2,230,035
48,785		Reckitt Benckiser Group plc		2,220,021
3,500		Takeda Pharmaceutical Co Ltd		136,607
2,000		Tanabe Seiyaku Co Ltd		23,045
3,000		Tsumura & Co		93,735
8,000		UBE Industries Ltd		22,422
		TOTAL CHEMICALS AND ALLIED PRODUCTS		5,364,480
COMMUNICATIONS - 1.74%
352,169		BT Group plc		588,078
43		KDDI Corp		228,536
8,700		Nippon Telegraph & Telephone Corp		354,015
18		NTT DoCoMo, Inc		26,383
5,000		Singapore Telecommunications Ltd		10,356
29,926		Vodafone Group plc		57,703
		TOTAL COMMUNICATIONS		1,265,071
DEPOSITORY INSTITUTIONS - 11.31%
69		Australia & New Zealand Banking Group Ltd		917
4,525		DBS Group Holdings Ltd		36,865
42,637		HDFC Bank Ltd		1,328,952
119,927		HSBC Holdings plc		991,452
130,600		ING Groep NV		1,313,997
125,400		Mitsubishi UFJ Financial Group, Inc		778,421
8,000		Mitsui Trust Holdings, Inc		30,643
48,200		Mizuho Financial Group, Inc		113,076
3,000		Oversea-Chinese Banking Corp		13,836
943		Societe Generale		51,440
16,600		Sumitomo Mitsui Financial Group, Inc		677,199
3,000		Suruga Bank Ltd		28,743
127,739	*	UBS A.G. (Switzerland)		1,562,424
3,000		United Overseas Bank Ltd		30,406
51,991		Wells Fargo & Co		1,261,302
56		Westpac Banking Corp		914
		TOTAL DEPOSITORY INSTITUTIONS		8,220,587
EDUCATIONAL SERVICES - 0.01%
100		Benesse Corp		4,007
		TOTAL EDUCATIONAL SERVICES		4,007

11

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 3.41%
10,300		Chubu Electric Power Co, Inc	$	238,428
54,600		Fortum Oyj		1,242,380
1,900		Hokkaido Electric Power Co, Inc		35,639
1,900		Hokuriku Electric Power Co		43,489
6,200		Kansai Electric Power Co, Inc		137,084
5,700		Kyushu Electric Power Co, Inc		122,775
6,000		Tohoku Electric Power Co, Inc		125,500
12,600		Tokyo Electric Power Co, Inc		324,368
58,500		Tokyo Gas Co Ltd		209,503
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,479,166
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.90%
507,150		Hon Hai Precision Industry Co, Ltd		1,568,904
33,300		Hosiden Corp		424,827
90		Kyocera Corp		6,792
5,000		Matsushita Electric Industrial Co Ltd		67,577
25,000		Mitsubishi Electric Corp		158,561
100		Murata Manufacturing Co Ltd		4,256
800		Nidec Corp		48,580
1,200		Nitto Denko Corp		36,622
177,787		Nokia Oyj		2,603,822
1,500		Rohm Co Ltd		109,462
171,774		Smiths Group plc		1,982,457
7,700		Sony Corp		201,822
75,800		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		713,278
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,926,960
ENGINEERING AND MANAGEMENT SERVICES - 0.55%
10,340		Tecan Group AG.		403,018
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		403,018
FOOD AND KINDRED PRODUCTS - 2.87%
2,000		Asahi Breweries Ltd		28,795
48,373		InBev NV		1,746,717
15,000		Toyo Suisan Kaisha Ltd		309,389
		TOTAL FOOD AND KINDRED PRODUCTS		2,084,901
FOOD STORES - 0.35%
10,700		Seven & I Holdings Co Ltd		252,131
		TOTAL FOOD STORES		252,131
GENERAL BUILDING CONTRACTORS - 0.75%
12,151		Vinci S.A.		545,217
		TOTAL GENERAL BUILDING CONTRACTORS		545,217
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.56%
16,700		Saipem S.p.A.		406,234
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		406,234
HOLDING AND OTHER INVESTMENT OFFICES - 2.23%
20		DA Office Investment Corp		55,141
107,692		iShares MSCI Taiwan Index Fund		1,086,612
20		Japan Excellent, Inc		84,912
10	*	Japan Retail Fund Investment Corp		46,297

12

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
15	*	Kenedix Realty Investment Corp	$	52,006
10		Nippon Accommodations Fund, Inc		44,947
1		Nomura Real Estate Office Fund, Inc		6,374
10		Nomura Real Estate Residential Fund, Inc		40,484
24		Premier Investment Co		85,701
20		Top REIT Inc		77,438
10		United Urban Investment Corp		42,975
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,622,887
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.68%
66,387		ASML Holding NV		1,435,148
6,170		Canon, Inc		202,390
500		Daikin Industries Ltd		16,142
1,400		Fanuc Ltd		112,773
1,040		FUJIFILM Holdings Corp		33,035
8,630		Komatsu Ltd		133,658
2,500		Konica Minolta Holdings, Inc		26,159
4,572		Krones AG.		174,007
8,854		Rheinmetall AG.		383,183
131,026		SKF AB (B Shares)		1,613,484
100	*	Sumitomo Heavy Industries Ltd		447
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,130,426
INSTRUMENTS AND RELATED PRODUCTS - 2.07%
17,870		Phonak Holding AG.		1,452,230
1,200		Terumo Corp		53,065
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,505,295
INSURANCE AGENTS, BROKERS AND SERVICE - 0.06%
1,700		Millea Holdings, Inc		47,117
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		47,117
INSURANCE CARRIERS - 0.29%
3,199		Mitsui Sumitomo Insurance Group Holdings, Inc		84,180
12,000		Sompo Japan Insurance, Inc		80,469
1,700		T&D Holdings, Inc		48,882
		TOTAL INSURANCE CARRIERS		213,531
METAL MINING - 3.54%
28,615		Anglo American plc		830,210
2,411		BHP Billiton Ltd		67,453
4,372		Rio Tinto Ltd		183,898
43,000		Rio Tinto plc		1,489,153
		TOTAL METAL MINING		2,570,714
NONDEPOSITORY INSTITUTIONS - 0.19%
2,341		ORIX Corp		141,187
		TOTAL NONDEPOSITORY INSTITUTIONS		141,187
OIL AND GAS EXTRACTION - 5.43%
114,166		BG Group plc		1,912,067
839,000		CNOOC Ltd		1,040,353
17		Inpex Holdings, Inc		136,233
55,800		Tullow Oil plc		860,645
		TOTAL OIL AND GAS EXTRACTION		3,949,298

13

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
PAPER AND ALLIED PRODUCTS - 0.04%
4,000		Rengo Co Ltd	$	25,785
		TOTAL PAPER AND ALLIED PRODUCTS		25,785
PETROLEUM AND COAL PRODUCTS - 2.48%
210,374		BP plc		1,653,701
5,435		Royal Dutch Shell plc (A Shares)		135,734
257		Total S.A.		13,873
		TOTAL PETROLEUM AND COAL PRODUCTS		1,803,308
PRIMARY METAL INDUSTRIES - 0.24%
9,100		Nippon Steel Corp		34,951
29,000		Sumitomo Metal Industries Ltd		77,365
4,200		Sumitomo Metal Mining Co Ltd		59,424
		TOTAL PRIMARY METAL INDUSTRIES		171,740
RAILROAD TRANSPORTATION - 1.28%
20		Central Japan Railway Co		123,112
7,100		East Japan Railway Co		428,203
32,940		Firstgroup PLC		193,875
57		West Japan Railway Co		188,748
		TOTAL RAILROAD TRANSPORTATION		933,938
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 8.69%
62,951		Bayer AG.		3,375,237
101,670		Hankook Tire Co Ltd		1,328,785
8,000	*	NOK Corp		93,258
178,627		SSL International plc		1,522,283
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		6,319,563
SECURITY AND COMMODITY BROKERS - 11.24%
59,180		Credit Suisse Group		2,701,512
5,000		Daiwa Securities Group, Inc		29,844
40,490		Deutsche Boerse AG.		3,139,980
137,800		Hong Kong Exchanges and Clearing Ltd		2,146,110
17,900		Nomura Holdings, Inc		151,249
		TOTAL SECURITY AND COMMODITY BROKERS		8,168,695
STONE, CLAY, AND GLASS PRODUCTS - 0.95%
33,000		NGK Insulators Ltd		674,833
5,000		Nippon Sheet Glass Co Ltd		14,636
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		689,469
TRANSPORTATION EQUIPMENT - 4.63%
395,229		BAE Systems plc		2,201,031
3,520	*	Denso Corp		90,617
16,300	*	Honda Motor Co Ltd		450,075
4,000		JTEKT Corp		40,733
1,100		Modec, Inc		19,457
14,720		Toyota Motor Corp		560,776
		TOTAL TRANSPORTATION EQUIPMENT		3,362,689
WATER TRANSPORTATION - 0.09%
10,000		Mitsui OSK Lines Ltd		65,085
		TOTAL WATER TRANSPORTATION		65,085

14

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES	COMPANY	VALUE
WHOLESALE TRADE-DURABLE GOODS - 3.04%
56,549	Assa Abloy AB (Class B)	$	787,984
9,240	Mitsubishi Corp		171,497
11,000	Mitsui & Co Ltd		130,856
20,250	Sumitomo Corp		206,420
36,899	ThyssenKrupp AG.		915,700
	TOTAL WHOLESALE TRADE-DURABLE GOODS		2,212,457
WHOLESALE TRADE-NONDURABLE GOODS - 1.53%
253,443	Foster’s Group Ltd		1,051,755
10,000	Nippon Oil Corp		59,169
	TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,110,924
	TOTAL COMMON STOCKS
	(Cost $81,635,452)		71,364,717
RIGHTS / WARRANTS - 0.41%
METAL MINING - 0.41%
2,295	Rio Tinto Ltd		39,026
22,575	Rio Tinto plc		259,240
	TOTAL METAL MINING		298,266
	TOTAL RIGHTS / WARRANTS
	(Cost $212,448)		298,266
	TOTAL PORTFOLIO - 98.57%
	(Cost $81,847,900)		71,662,983
	OTHER ASSETS AND LIABILITIES, NET - 1.43%		1,038,296
	NET ASSETS - 100.00%	$	72,701,279

* Non-income producing

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

plc Public Limited Company

15

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.26%
AMUSEMENT AND RECREATION SERVICES - 0.68%
5,529	*	Penn National Gaming, Inc	$	160,949
6,073		Walt Disney Co		141,683
		TOTAL AMUSEMENT AND RECREATION SERVICES		302,632
APPAREL AND ACCESSORY STORES - 0.30%
9,367		American Eagle Outfitters, Inc		132,730
		TOTAL APPAREL AND ACCESSORY STORES		132,730
APPAREL AND OTHER TEXTILE PRODUCTS - 0.77%
217		Liz Claiborne, Inc		625
6,128		VF Corp		339,185
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		339,810
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.07%
5,880		Home Depot, Inc		138,944
17,219		Lowe’s Cos, Inc		334,221
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		473,165
BUSINESS SERVICES - 1.48%
3,329	*	DST Systems, Inc		123,007
9,942	*	eBay, Inc		170,306
9,751		Fidelity National Information Services, Inc		194,631
5,091	*	Interpublic Group of Cos, Inc		25,710
251	*	Medidata Solutions, Inc		4,111
2,506		Moody’s Corp		66,033
164	*	Rosetta Stone, Inc		4,500
2,442	*	VMware, Inc (Class A)		66,593
		TOTAL BUSINESS SERVICES		654,891
CHEMICALS AND ALLIED PRODUCTS - 11.93%
344		Abbott Laboratories		16,182
9,863		Alberto-Culver Co		250,816
7,525	*	Amgen, Inc		398,374
2,341		Clorox Co		130,698
23,771		Dow Chemical Co		383,664
2,320		Du Pont (E.I.) de Nemours & Co		59,438
6,729		Eli Lilly & Co		233,093
13,776		Johnson & Johnson		782,476
24,779	*	King Pharmaceuticals, Inc		238,622
4,878		Merck & Co, Inc		136,389
5,319		Nalco Holding Co		89,572
7,692		Novartis AG. (ADR)		313,757
47,468		Pfizer, Inc		712,019
4,309		PPG Industries, Inc		189,165
4,864		Procter & Gamble Co		248,550
4,043		Shire plc (ADR)		167,704
14,287	*	Solutia, Inc		82,293
8,596		Teva Pharmaceutical Industries Ltd (ADR)		424,127
9,794		Wyeth		444,550
		TOTAL CHEMICALS AND ALLIED PRODUCTS		5,301,489

16

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
COMMUNICATIONS - 6.42%
60,081		AT&T, Inc	$	1,492,412
174,667		BT Group plc		291,673
26,551		Comcast Corp (Class A)		384,724
468		Fairpoint Communications, Inc		281
39,447	*	Sprint Nextel Corp		189,740
706		Time Warner Cable, Inc		22,359
15,192		Verizon Communications, Inc		466,850
		TOTAL COMMUNICATIONS		2,848,039
DEPOSITORY INSTITUTIONS - 12.45%
30,147		AMMB Holdings Berhad		28,989
84,612		Bank of America Corp		1,116,878
35,166		Bank of Ireland		83,125
1,900		Bank of the Ryukyus Ltd		22,563
88,188		Citigroup, Inc		261,918
9,866		Fifth Third Bancorp		70,049
38,965	*	Fortis		132,829
28,576		JPMorgan Chase & Co		974,727
47,898		Regions Financial Corp		193,508
10,704		State Street Corp		505,229
7,500		Sumitomo Mitsui Financial Group, Inc		305,964
9,712		SunTrust Banks, Inc		159,762
21,465		TCF Financial Corp		286,987
20,200		US Bancorp		361,984
42,237		Wells Fargo & Co		1,024,670
		TOTAL DEPOSITORY INSTITUTIONS		5,529,182
EATING AND DRINKING PLACES - 0.81%
11,831		Brinker International, Inc		201,482
39,167		Wendy’s/Arby’s Group, Inc (Class A)		156,668
		TOTAL EATING AND DRINKING PLACES		358,150
ELECTRIC, GAS, AND SANITARY SERVICES - 6.54%
9,614		Allegheny Energy, Inc		246,599
6,040		American Electric Power Co, Inc		174,496
1,748		Consolidated Edison, Inc		65,410
8,966		Constellation Energy Group, Inc		238,316
765		Dominion Resources, Inc		25,566
8,003		Duke Energy Corp		116,764
2,455		Entergy Corp		190,312
2,938		Exelon Corp		150,455
2,111		FirstEnergy Corp		81,801
3,025		FPL Group, Inc		172,002
291		MDU Resources Group, Inc		5,520
3,848	*	Mirant Corp		60,568
2,578	*	NRG Energy, Inc		66,925
14,903		NV Energy, Inc		160,803
4,480		PG&E Corp		172,211
3,484		PPL Corp		114,833
1,987		Progress Energy, Inc		75,168
49		Public Service Enterprise Group, Inc		1,599
3,033		Questar Corp		94,205
15,202	*	Reliant Energy, Inc		76,162
22,513		Republic Services, Inc		549,541
194		Southern Union Co		3,568
3,316		Xcel Energy, Inc		61,048
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,903,872
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.24%
9,053		Analog Devices, Inc		224,333
1,842	*	Energizer Holdings, Inc		96,226
84,415		General Electric Co		989,344

17

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
23,378	*	Infineon Technologies AG.	$	84,449
31,464		Intel Corp		520,729
67,977		Motorola, Inc		450,688
10,638	*	NetApp, Inc		209,781
774,266		Solomon Systech International Ltd		59,943
7,517	*	Suntech Power Holdings Co Ltd (ADR)		134,254
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,769,747
ENGINEERING AND MANAGEMENT SERVICES - 0.59%
22	*	Affymax, Inc		405
10,435		KBR, Inc		192,421
2,499	*	Shaw Group, Inc		68,498
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		261,324
FABRICATED METAL PRODUCTS - 0.58%
2,302		Illinois Tool Works, Inc		85,957
6,726		Pentair, Inc		172,320
		TOTAL FABRICATED METAL PRODUCTS		258,277
FOOD AND KINDRED PRODUCTS - 3.94%
1,843		Coca-Cola Co		88,446
3,881		ConAgra Foods, Inc		73,972
13,060	*	Constellation Brands, Inc (Class A)		165,601
1,901	*	Dr Pepper Snapple Group, Inc		40,282
6,950		General Mills, Inc		389,338
1,448		Kellogg Co		67,433
14,125		Kraft Foods, Inc (Class A)		357,928
1,508		Molson Coors Brewing Co (Class B)		63,834
2,383	*	Ralcorp Holdings, Inc		145,172
15,094		Unilever plc (ADR)		354,709
		TOTAL FOOD AND KINDRED PRODUCTS		1,746,715
FOOD STORES - 0.09%
1,815		Kroger Co		40,021
		TOTAL FOOD STORES		40,021
FORESTRY - 0.32%
3,890		Rayonier, Inc		141,402
		TOTAL FORESTRY		141,402
GENERAL BUILDING CONTRACTORS - 0.82%
724	*	NVR, Inc		363,730
		TOTAL GENERAL BUILDING CONTRACTORS		363,730
GENERAL MERCHANDISE STORES - 0.85%
1,214		Dillard’s, Inc (Class A)		11,169
9,240		Target Corp		364,703
		TOTAL GENERAL MERCHANDISE STORES		375,872
HEALTH SERVICES - 1.16%
14,471	*	Healthsouth Corp		208,961
6,990		McKesson Corp		307,560
		TOTAL HEALTH SERVICES		516,521
HOLDING AND OTHER INVESTMENT OFFICES - 0.89%
539		Boston Properties, Inc		25,710
12,359		Kimco Realty Corp		124,208
1,734		Plum Creek Timber Co, Inc		51,639

18

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
1,073		Regency Centers Corp	$	37,458
488		Simon Property Group, Inc		25,098
3,671		SL Green Realty Corp		84,213
1,073		Vornado Realty Trust		48,317
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		396,643
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.87%
2,419	*	AGCO Corp		70,320
5,730		Hewlett-Packard Co		221,465
15,988		International Game Technology		254,209
2,677		ITT Industries, Inc		119,127
5,245		Johnson Controls, Inc		113,921
4,009		Northrop Grumman Corp		183,131
12,000		Palm, Inc		198,840
5,550		SPX Corp		271,784
15,696		Textron, Inc		151,623
10,849	*	Verigy Ltd		132,032
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,716,452
INSTRUMENTS AND RELATED PRODUCTS - 1.39%
46,001	*	Boston Scientific Corp		466,450
2,710		Covidien PLC		101,462
1,179	*	Thermo Electron Corp		48,068
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		615,980
INSURANCE CARRIERS - 5.30%
3,521		ACE Ltd		155,734
67		Aegon NV		413
2,236		Allstate Corp		54,558
648		Aspen Insurance Holdings Ltd		14,476
8,296		Axis Capital Holdings Ltd		217,189
3,434		Max Re Capital Ltd		63,392
3,265		PartnerRe Ltd		212,062
20,996		Principal Financial Group		395,565
6,007		Prudential Financial, Inc		223,581
3,758		RenaissanceRe Holdings Ltd		174,897
1,178		Transatlantic Holdings, Inc		51,043
7,710		Travelers Cos, Inc		316,418
8,528		UnitedHealth Group, Inc		213,029
3,778	*	WellPoint, Inc		192,262
5,958		XL Capital Ltd (Class A)		68,279
		TOTAL INSURANCE CARRIERS		2,352,898
METAL MINING - 2.95%
39,556		Anglo American plc		1,147,641
1,323		Barrick Gold Corp		44,387
2,361		Freeport-McMoRan Copper & Gold, Inc (Class B)		118,310
		TOTAL METAL MINING		1,310,338
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.24%
4,322		Hasbro, Inc		104,765
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		104,765
MISCELLANEOUS RETAIL - 0.06%
825		CVS Corp		26,293
		TOTAL MISCELLANEOUS RETAIL		26,293
MOTION PICTURES - 1.32%
20,018		News Corp (Class A)		182,364

19

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
15,952		Time Warner, Inc	$	401,831
		TOTAL MOTION PICTURES		584,195
NONDEPOSITORY INSTITUTIONS - 1.46%
7,740		Capital One Financial Corp		169,351
102,430		Chimera Investment Corp		357,482
10,672		Discover Financial Services		109,601
18,873	*	Federal National Mortgage Association		10,946
		TOTAL NONDEPOSITORY INSTITUTIONS		647,380
OIL AND GAS EXTRACTION - 7.52%
5,089		Anadarko Petroleum Corp		230,990
4,154		Apache Corp		299,711
5,074		BJ Services Co		69,159
4,758		Cabot Oil & Gas Corp		145,785
4,007		Canadian Natural Resources Ltd		210,327
1,353		Chesapeake Energy Corp		26,830
3,855	*	Concho Resources, Inc		110,600
2,401		Devon Energy Corp		130,855
4,159		EOG Resources, Inc		282,479
5,208	*	National Oilwell Varco, Inc		170,093
8,580		Occidental Petroleum Corp		564,650
8,972		Petroleo Brasileiro S.A. (ADR)		367,673
106	*	Plains Exploration & Production Co		2,900
5,310		Range Resources Corp		219,887
5,465		Schlumberger Ltd		295,711
5,464		XTO Energy, Inc		208,397
		TOTAL OIL AND GAS EXTRACTION		3,336,047
PAPER AND ALLIED PRODUCTS - 0.66%
7,651		International Paper Co		115,760
619		Mondi Ltd		2,663
7,210		Sonoco Products Co		172,679
		TOTAL PAPER AND ALLIED PRODUCTS		291,102
PETROLEUM AND COAL PRODUCTS - 8.09%
17,748		Chevron Corp		1,175,805
6,261		ConocoPhillips		263,338
24,615		Exxon Mobil Corp		1,720,834
11,039		Marathon Oil Corp		332,605
3,442	*	SandRidge Energy, Inc		29,326
10,164	*	Western Refining, Inc		71,758
		TOTAL PETROLEUM AND COAL PRODUCTS		3,593,666
PIPELINES, EXCEPT NATURAL GAS - 0.02%
553		Spectra Energy Corp		9,357
		TOTAL PIPELINES, EXCEPT NATURAL GAS		9,357
PRIMARY METAL INDUSTRIES - 0.29%
2,636		AK Steel Holding Corp		50,585
944		POSCO (ADR)		78,040
		TOTAL PRIMARY METAL INDUSTRIES		128,625
PRINTING AND PUBLISHING - 0.30%
1,640		Dun & Bradstreet Corp		133,184
		TOTAL PRINTING AND PUBLISHING		133,184

20

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
RAILROAD TRANSPORTATION - 0.11%
1,295		Norfolk Southern Corp	$	48,783
		TOTAL RAILROAD TRANSPORTATION		48,783
REAL ESTATE - 0.29%
17,507		British Land Co plc		110,026
77,781	*	Unitech Corporate Parks plc		20,474
		TOTAL REAL ESTATE		130,500
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.24%
10,098		Newell Rubbermaid, Inc		105,120
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		105,120
SECURITY AND COMMODITY BROKERS - 2.68%
4,097		Goldman Sachs Group, Inc		604,062
14,794		Legg Mason, Inc		360,678
2,563		Morgan Stanley		73,071
8,451		SEI Investments Co		152,456
		TOTAL SECURITY AND COMMODITY BROKERS		1,190,267
TRANSPORTATION BY AIR - 0.53%
6,569	*	AMR Corp		26,407
24,820	*	Delta Air Lines, Inc		143,708
1,134		FedEx Corp		63,073
		TOTAL TRANSPORTATION BY AIR		233,188
TRANSPORTATION EQUIPMENT - 2.39%
57,249		American Axle & Manufacturing Holdings, Inc		196,937
5,976		Autoliv, Inc		171,930
2,003		Boeing Co		85,128
16,922	*	Ford Motor Co		102,717
4,039		Goodrich Corp		201,828
7,178		Magna International, Inc - Class A		303,198
		TOTAL TRANSPORTATION EQUIPMENT		1,061,738
TRANSPORTATION SERVICES - 0.43%
16,552		UTI Worldwide, Inc		188,693
		TOTAL TRANSPORTATION SERVICES		188,693
TRUCKING AND WAREHOUSING - 0.08%
1,049		Con-way, Inc		37,040
		TOTAL TRUCKING AND WAREHOUSING		37,040
WHOLESALE TRADE-DURABLE GOODS - 0.11%
1,465		BorgWarner, Inc		50,030
		TOTAL WHOLESALE TRADE-DURABLE GOODS		50,030
		TOTAL COMMON STOCKS		43,609,853
		(Cost $48,168,481)
		TOTAL PORTFOLIO - 98.26%		43,609,853
		(Cost $48,168,481)
		OTHER ASSETS AND LIABILITIES, NET - 1.74%		772,682
		NET ASSETS - 100.00%	$	44,382,535

21

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

* Non-income producing

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

plc Public Limited Company

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.26%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.29%
2,392		Cal-Maine Foods, Inc	$	59,704
37		Seaboard Corp		41,514
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		101,218
AMUSEMENT AND RECREATION SERVICES - 0.96%
4,882	*	Bally Technologies, Inc		146,070
1,736		Dover Downs Gaming & Entertainment, Inc		8,072
6,765	*	Live Nation, Inc		32,878
6,030	*	Pinnacle Entertainment, Inc		56,019
1,100		Speedway Motorsports, Inc		15,136
3,300	*	Ticketmaster		21,186
1,640	*	WMS Industries, Inc		51,676
		TOTAL AMUSEMENT AND RECREATION SERVICES		331,037
APPAREL AND ACCESSORY STORES - 2.62%
1,150	*	Aeropostale, Inc		39,411
1,078		Buckle, Inc		34,248
3,105	*	Carter’s, Inc		76,414
3,923		Cato Corp (Class A)		68,417
6,391	*	Charlotte Russe Holding, Inc		82,316
9,200	*	Charming Shoppes, Inc		34,224
5,318	*	Chico’s FAS, Inc		51,744
2,790	*	Children’s Place Retail Stores, Inc		73,740
4,620	*	Collective Brands, Inc		67,313
3,700	*	Dress Barn, Inc		52,910
8,864		Finish Line, Inc (Class A)		65,771
11,191	*	Hot Topic, Inc		81,806
2,370	*	Pacific Sunwear Of California, Inc		7,987
6,620		Stage Stores, Inc		73,482
5,565	*	Tween Brands, Inc		37,174
18,755	*	Wet Seal, Inc (Class A)		57,578
		TOTAL APPAREL AND ACCESSORY STORES		904,535
APPAREL AND OTHER TEXTILE PRODUCTS - 0.32%
2,049	*	Gymboree Corp		72,699
1,467	*	True Religion Apparel, Inc		32,714
190	*	Warnaco Group, Inc		6,156
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		111,569
AUTO REPAIR, SERVICES AND PARKING - 0.59%
7,803	*	Dollar Thrifty Automotive Group, Inc		108,852
3,770	*	Wright Express Corp		96,022
		TOTAL AUTO REPAIR, SERVICES AND PARKING		204,874
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.08%
2,800		Asbury Automotive Group, Inc		28,672
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		28,672
BUSINESS SERVICES - 12.59%
43,704	*	3Com Corp		205,845
1,800	*	ACI Worldwide, Inc		25,128

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
10,293	*	Actuate Corp	$	49,201
10,636		Acxiom Corp		93,916
3,016		Administaff, Inc		70,182
4,710	*	AMN Healthcare Services, Inc		30,050
2,700	*	ArcSight, Inc		47,979
13,768	*	Art Technology Group, Inc		52,318
6,800	*	Avis Budget Group, Inc		38,420
1,400	*	Bottomline Technologies, Inc		12,614
1,030	*	CACI International, Inc (Class A)		43,991
660	*	Capella Education Co		39,567
7,379	*	Ciber, Inc		22,875
3,400	*	Cogent, Inc		36,482
2,540	*	Commvault Systems, Inc		42,113
4,687		Compass Diversified Trust		37,918
2,439	*	CSG Systems International, Inc		32,292
322	*	Cybersource Corp		4,927
4,729	*	Dice Holdings, Inc		21,990
1,790	*	Digital River, Inc		65,013
1,439	*	Double-Take Software, Inc		12,447
1,400	*	Dynamics Research Corp		14,014
6,865	*	DynCorp International, Inc (Class A)		115,263
14,392	*	Earthlink, Inc		106,645
270	*	Eclipsys Corp		4,801
3,925	*	FalconStor Software, Inc		18,644
1,630	*	Forrester Research, Inc		40,017
6,610	*	Gartner, Inc		100,869
7,079	*	Global Cash Access, Inc		56,349
4,055	*	Global Sources Ltd		29,237
3,823	*	Hackett Group, Inc		8,908
900		Heartland Payment Systems, Inc		8,613
983	*	HMS Holdings Corp		40,028
2,400		iGate Corp		15,888
5,930	*	Informatica Corp		101,937
187	*	Integral Systems, Inc		1,556
1,600	*	Interactive Intelligence, Inc		19,616
629	*	inVentiv Health, Inc		8,510
700		Jack Henry & Associates, Inc		14,525
2,400	*	Kenexa Corp		27,768
700	*	Keynote Systems, Inc		5,348
1,500	*	Liquidity Services, Inc		14,790
5,100	*	Liveperson, Inc		20,400
237	*	LogMeIn, Inc		3,792
586	*	MicroStrategy, Inc (Class A)		29,429
1,700	*	ModusLink Global Solutions, Inc		11,662
10,800	*	MoneyGram International, Inc		19,224
100	*	Monotype Imaging Holdings, Inc		681
9,930	*	MPS Group, Inc		75,865
1,281	*	NCI, Inc (Class A)		38,968
2,946	*	Ness Technologies, Inc		11,519
1,280	*	NetFlix, Inc		52,915
11,946	*	Netscout Systems, Inc		112,053
1,000		NIC, Inc		6,770
4,857	*	On Assignment, Inc		18,991
1,100	*	Online Resources Corp		6,864
8,377	*	Parametric Technology Corp		97,927
2,510		Pegasystems, Inc		66,214
2,837	*	Perficient, Inc		19,831
7,526	*	Perot Systems Corp (Class A)		107,848
2,500	*	Pervasive Software, Inc		15,225
5,690	*	Premiere Global Services, Inc		61,680
999	*	Progress Software Corp		21,149
3,550	*	PROS Holdings, Inc		28,826
12,716	*	Quest Software, Inc		177,260

24

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,850	*	Rackspace Hosting, Inc	$	25,641
4,000	*	RealNetworks, Inc		11,960
9,589	*	Rent-A-Center, Inc		170,971
150	*	RightNow Technologies, Inc		1,770
11,736	*	S1 Corp		80,978
2,983	*	Saba Software, Inc		11,485
16,076	*	Sapient Corp		101,118
1,251	*	SolarWinds, Inc		20,629
2,059	*	SonicWALL, Inc		11,283
800	*	Sonus Networks, Inc		1,288
1,048	*	Spherion Corp		4,318
1,946	*	SPSS, Inc		64,938
264	*	SRA International, Inc (Class A)		4,636
2,000	*	StarTek, Inc		16,040
1,580	*	Sybase, Inc		49,517
5,290	*	SYKES Enterprises, Inc		95,696
4,449	*	SYNNEX Corp		111,181
5,100		Take-Two Interactive Software, Inc		48,297
8,311	*	TeleTech Holdings, Inc		125,912
4,900	*	THQ, Inc		35,084
21,662	*	TIBCO Software, Inc		155,316
3,452	*	TrueBlue, Inc		28,997
23,900	*	Unisys Corp		36,089
10,899		United Online, Inc		70,952
10,865	*	Valueclick, Inc		114,300
1,128	*	Vasco Data Security International		8,246
2,314		Viad Corp		39,847
2,572	*	Virtusa Corp		20,653
5,521	*	Websense, Inc		98,495
3,641	*	Wind River Systems, Inc		41,726
		TOTAL BUSINESS SERVICES		4,351,050
CHEMICALS AND ALLIED PRODUCTS - 5.96%
2,140	*	Acorda Therapeutics, Inc		60,327
7,600	*	Adolor Corp		13,376
3,036	*	Albany Molecular Research, Inc		25,472
1,270	*	Alexion Pharmaceuticals, Inc		52,222
663	*	Allos Therapeutics, Inc		5,496
3,255	*	Alnylam Pharmaceuticals, Inc		72,489
1,500	*	AMAG Pharmaceuticals, Inc		82,005
8,000	*	AVANIR Pharmaceuticals, Inc		17,760
3,700	*	BioCryst Pharmaceuticals, Inc		14,911
1,400	*	Caraco Pharmaceutical Laboratories Ltd		4,298
1,500	*	China-Biotics, Inc		16,170
2,200	*	Cornerstone Therapeutics, Inc		24,156
3,148	*	Cubist Pharmaceuticals, Inc		57,703
8,730	*	Emergent Biosolutions, Inc		125,101
1,316	*	Enzon Pharmaceuticals, Inc		10,357
3,253	*	Facet Biotech Corp		30,220
6,110	*	Halozyme Therapeutics, Inc		42,587
1,500	*	Hi-Tech Pharmacal Co, Inc		13,350
286	*	Idenix Pharmaceuticals, Inc		1,052
700	*	Idera Pharmaceuticals, Inc		4,102
7,431	*	Immucor, Inc		102,251
2,023	*	Immunogen, Inc		17,418
4,725		Innophos Holdings, Inc		79,805
4,650		Innospec, Inc		49,988
6,033	*	Inspire Pharmaceuticals, Inc		33,543
700		Inter Parfums, Inc		5,138
2,387		Koppers Holdings, Inc		62,945
600	*	Landec Corp		4,074

25

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
2,100	*	Lannett Co, Inc	$	14,385
532		Martek Biosciences Corp		11,252
953	*	Medivation, Inc		21,357
4,300	*	Micromet, Inc		21,414
2,830		Minerals Technologies, Inc		101,937
1,345	*	Myriad Pharmaceuticals, Inc		6,254
2,900	*	Neurocrine Biosciences, Inc		9,367
647		NewMarket Corp		43,563
1,220	*	Noven Pharmaceuticals, Inc		17,446
12,734	*	NPS Pharmaceuticals, Inc		59,340
4,750	*	Obagi Medical Products, Inc		34,628
13	*	OM Group, Inc		377
4,435	*	Onyx Pharmaceuticals, Inc		125,332
6,100	*	OXiGENE, Inc		13,298
5,395	*	Par Pharmaceutical Cos, Inc		81,734
178	*	Parexel International Corp		2,560
7,850		PDL BioPharma, Inc		62,015
129	*	PetMed Express, Inc		1,939
3,200	*	Poniard Pharmaceuticals, Inc		19,104
1,238	*	Pozen, Inc		9,508
5,935	*	Prestige Brands Holdings, Inc		36,500
11,907	*	Questcor Pharmaceuticals, Inc		59,535
280	*	Salix Pharmaceuticals Ltd		2,764
6,200	*	Santarus, Inc		17,484
6,400	*	Sciclone Pharmaceuticals, Inc		16,384
6,128	*	Solutia, Inc		35,297
3,400	*	Spectrum Pharmaceuticals, Inc		26,010
1,647		Stepan Co		72,732
7,700	*	SuperGen, Inc		15,477
1,920	*	Valeant Pharmaceuticals International		49,382
2,050	*	Vanda Pharmaceuticals, Inc		24,129
2,740	*	Viropharma, Inc		16,248
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,057,068
COAL MINING - 0.02%
982	*	Westmoreland Coal Co		7,954
		TOTAL COAL MINING		7,954
COMMUNICATIONS - 2.22%
2,394		Adtran, Inc		51,399
341	*	Anixter International, Inc		12,818
4,815	*	Aruba Networks, Inc		42,083
2,531		Atlantic Tele-Network, Inc		99,443
27,690	*	Cincinnati Bell, Inc		78,640
4,597	*	Global Crossing Ltd		42,200
4,200	*	j2 Global Communications, Inc		94,752
3,800	*	Lodgenet Entertainment Corp		12,920
2,833	*	Mediacom Communications Corp (Class A)		14,477
500	*	Neutral Tandem, Inc		14,760
2,690		NTELOS Holdings Corp		49,550
12,732	*	PAETEC Holding Corp		34,376
3,842	*	Syniverse Holdings, Inc		61,587
596	*	TeleCommunication Systems, Inc (Class A)		4,238
7,885		USA Mobility, Inc		100,613
13,313	*	Virgin Mobile USA, Inc (Class A)		53,518
		TOTAL COMMUNICATIONS		767,374
DEPOSITORY INSTITUTIONS - 7.07%
1,300		1st Source Corp		22,451
595		Ameris Bancorp		3,760
932		Bancfirst Corp		32,229
1,265		Banco Latinoamericano de Exportaciones S.A. (Class E)		15,724

26

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
890		Banner Corp	$	3,400
2,280		Berkshire Hills Bancorp, Inc		47,378
6,800		Boston Private Financial Holdings, Inc		30,464
5,562		Brookline Bancorp, Inc		51,838
3,170		Central Pacific Financial Corp		11,888
700		Century Bancorp, Inc		12,908
15,648	*	Citizens Republic Bancorp, Inc		11,110
8,535		Community Bank System, Inc		124,269
5,810		CVB Financial Corp		34,686
5,150		Dime Community Bancshares		46,917
5,000		East West Bancorp, Inc		32,450
298		First Bancorp		4,673
1,091		First Commonwealth Financial Corp		6,917
1,200	*	First Defiance Financial Corp		15,600
4,540		First Financial Bancorp		34,141
790		First Financial Bankshares, Inc		39,784
700		First Financial Holdings, Inc		6,580
1,840		First Merchants Corp		14,775
4,109		First Niagara Financial Group, Inc		46,925
3,122		FirstMerit Corp		53,012
3,300	*	Flagstar Bancorp, Inc		2,244
600		Flushing Financial Corp		5,610
1,668		Hancock Holding Co		54,193
907		Harleysville National Corp		4,263
1,080		IBERIABANK Corp		42,563
900		Independent Bank Corp		17,730
5,960		International Bancshares Corp		61,448
2,140		Lakeland Bancorp, Inc		19,239
400		Lakeland Financial Corp		7,600
2,583		MainSource Financial Group, Inc		19,166
2,400		Nara Bancorp, Inc		12,432
6,716		National Penn Bancshares, Inc		30,961
3,432		NBT Bancorp, Inc		74,509
7,651	*	Net 1 UEPS Technologies, Inc		103,976
2,982		NewAlliance Bancshares, Inc		34,293
1,147		Northwest Bancorp, Inc		21,632
2,700		Pacific Capital Bancorp		5,778
3,392	*	Pinnacle Financial Partners, Inc		45,181
5,392		Prosperity Bancshares, Inc		160,842
5,472		Provident Financial Services, Inc		49,795
672		Provident New York Bancorp		5,457
1,900		Qc Holdings, Inc		9,766
249		Renasant Corp		3,740
1,301		Republic Bancorp, Inc (Class A)		29,390
786		S.Y. Bancorp, Inc		18,998
1,171		SCBT Financial Corp		27,741
2,499	*	Signature Bank		67,773
2,130		Simmons First National Corp (Class A)		56,914
4,465		South Financial Group, Inc		5,313
531		Southside Bancshares, Inc		12,144
1,451		Southwest Bancorp, Inc		14,162
3,836		Sterling Bancorp		32,031
2,828		Sterling Bancshares, Inc		17,901
5,181		Sterling Financial Corp		15,077
952		Suffolk Bancorp		24,409
5,420	*	Sun Bancorp, Inc		28,076
11,639		Susquehanna Bancshares, Inc		56,915
1,220	*	SVB Financial Group		33,208
2,000	*	The Bancorp, Inc		12,000
618		Tompkins Trustco, Inc		29,633
2,100		Trico Bancshares		32,550
9,057		Trustco Bank Corp NY		53,527
750		Trustmark Corp		14,490

27

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,344		UMB Financial Corp	$	127,104
4,141		Umpqua Holdings Corp		32,134
700		Union Bankshares Corp		10,479
1,459		United Community Banks, Inc		8,740
2,972		United Financial Bancorp, Inc		41,073
400		Washington Trust Bancorp, Inc		7,132
1,000		WesBanco, Inc		14,540
667		Westamerica Bancorporation		33,090
2,980		Westfield Financial, Inc		26,999
6,912		Wilshire Bancorp, Inc		39,744
1,445		Wintrust Financial Corp		23,236
		TOTAL DEPOSITORY INSTITUTIONS		2,442,820
EATING AND DRINKING PLACES - 2.15%
2,500	*	AFC Enterprises		16,875
4,563		Bob Evans Farms, Inc		131,141
3,800	*	California Pizza Kitchen, Inc		50,502
3,990	*	CEC Entertainment, Inc		117,625
6,870	*	Cheesecake Factory		118,851
4,229		CKE Restaurants, Inc		35,862
14,835	*	Denny’s Corp		31,895
500	*	Einstein Noah Restaurant Group, Inc		4,325
633		O’Charleys, Inc		5,855
3,072	*	Papa John’s International, Inc		76,155
2,930	*	PF Chang’s China Bistro, Inc		93,936
628	*	Red Robin Gourmet Burgers, Inc		11,775
800	*	Texas Roadhouse, Inc (Class A)		8,728
9,570		Wendy’s/Arby’s Group, Inc (Class A)		38,280
		TOTAL EATING AND DRINKING PLACES		741,805
EDUCATIONAL SERVICES - 0.39%
1,313	*	American Public Education, Inc		52,008
4,879	*	Corinthian Colleges, Inc		82,601
		TOTAL EDUCATIONAL SERVICES		134,609
ELECTRIC, GAS, AND SANITARY SERVICES - 4.63%
7,950		Avista Corp		141,590
1,530		California Water Service Group		56,365
700		Chesapeake Utilities Corp		22,771
1,150	*	Clean Harbors, Inc		62,089
6,360	*	El Paso Electric Co		88,786
3,389		Empire District Electric Co		55,986
1,600		EnergySolutions, Inc		14,720
1,100	*	Heritage-Crystal Clean, Inc		13,365
2,500		Idacorp, Inc		65,350
4,651		Laclede Group, Inc		154,088
400		MGE Energy, Inc		13,420
3,345		New Jersey Resources Corp		123,899
3,570		Nicor, Inc		123,593
6,791		NorthWestern Corp		154,562
3,200	*	Pike Electric Corp		38,560
5,500		PNM Resources, Inc		58,905
2,200		South Jersey Industries, Inc		76,758
5,214		Southwest Gas Corp		115,803
4,181		UIL Holdings Corp		93,863
1,590	*	Waste Connections, Inc		41,197
600	*	Waste Services, Inc		3,108
2,499		WGL Holdings, Inc		80,018
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,598,796

28

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.02%
900	*	Actel Corp	$	9,657
13,042	*	Applied Micro Circuits Corp		106,031
15,794	*	Arris Group, Inc		192,056
1,650	*	AZZ, Inc		56,777
5,965	*	Benchmark Electronics, Inc		85,896
6,230	*	BigBand Networks, Inc		32,209
2,090	*	Ceradyne, Inc		36,909
734	*	Checkpoint Systems, Inc		11,516
473	*	Comtech Telecommunications Corp		15,079
4,774		CTS Corp		31,270
1,770		Cubic Corp		63,348
2,900	*	DDi Corp		13,137
9,083	*	EnerSys		165,220
4,477	*	Exar Corp		32,190
17,720	*	Exide Technologies		66,096
3,800	*	GSI Technology, Inc		14,668
12,410	*	GT Solar International, Inc		66,021
9,900	*	Harmonic, Inc		58,311
700	*	Harris Stratex Networks, Inc (Class A)		4,536
3,300	*	Intellon Corp		14,025
2,960	*	InterDigital, Inc		72,342
2,800		IXYS Corp		28,336
19,800	*	Lattice Semiconductor Corp		37,224
3,600	*	MEMSIC, Inc		15,264
5,366		Methode Electronics, Inc		37,669
7,620	*	Microsemi Corp		105,156
7,082	*	Microtune, Inc		16,572
1,200	*	MIPS Technologies, Inc		3,600
4,038	*	Multi-Fineline Electronix, Inc		86,413
4,246	*	Omnivision Technologies, Inc		44,116
8,800	*	Openwave Systems, Inc		19,712
2,979	*	Oplink Communications, Inc		33,961
3,699	*	OSI Systems, Inc		77,124
5,830	*	Pericom Semiconductor Corp		49,089
3,400	*	Photronics, Inc		13,770
5,990		Plantronics, Inc		113,271
3,930	*	Plexus Corp		80,408
6,080	*	PMC - Sierra, Inc		48,397
4,355	*	Polycom, Inc		88,276
1,721	*	Powell Industries, Inc		63,797
1,000		Raven Industries, Inc		25,600
738		Regal-Beloit Corp		29,313
3,939	*	Seachange International, Inc		31,630
4,370	*	Semtech Corp		69,527
11,927	*	Silicon Image, Inc		27,432
13,717	*	Silicon Storage Technology, Inc		25,651
14,020	*	Skyworks Solutions, Inc		137,116
2,364	*	Starent Networks Corp		57,705
2,930	*	Symmetricom, Inc		16,906
1,974	*	Synaptics, Inc		76,295
4,000	*	Tekelec		67,320
7,118	*	Tessera Technologies, Inc		180,014
5,100	*	Trident Microsystems, Inc		8,874
10,966	*	Triquint Semiconductor, Inc		58,229
3,673	*	TTM Technologies, Inc		29,237
1,600	*	Universal Electronics, Inc		32,272
5,200	*	Utstarcom, Inc		8,476
840	*	Viasat, Inc		21,538
161	*	Volterra Semiconductor Corp		2,116
3,300	*	White Electronic Designs Corp		15,279
8,019	*	Zoran Corp		87,407
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,117,386

29

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 2.60%
1,144	*	Affymax, Inc	$	21,084
952	*	Ariad Pharmaceuticals, Inc		1,514
6,530	*	Celera Corp		49,824
350	*	Exelixis, Inc		1,705
2,346	*	Exponent, Inc		57,500
1,500	*	Furmanite Corp		6,690
659	*	Incyte Corp		2,168
2,700	*	Infinity Pharmaceuticals, Inc		15,768
9,900	*	Insmed, Inc		9,900
7,810	*	Isis Pharmaceuticals, Inc		128,865
2,482	*	Luminex Corp		46,016
100		MAXIMUS, Inc		4,125
8,016	*	Maxygen, Inc		53,868
2,400		MedQuist, Inc		14,592
1,768	*	Michael Baker Corp		74,892
1,380	*	Myriad Genetics, Inc		49,197
4,820	*	Regeneron Pharmaceuticals, Inc		86,374
5,068	*	Repligen Corp		27,874
5,923	*	Seattle Genetics, Inc		57,572
3,123	*	Tetra Tech, Inc		89,474
300		VSE Corp		7,848
2,409		Watson Wyatt & Co Holdings (Class A)		90,410
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		897,260
FABRICATED METAL PRODUCTS - 1.59%
5,305	*	Bway Holding Co		92,997
5,688	*	Chart Industries, Inc		103,408
5,568		CIRCOR International, Inc		131,460
3,328		Gulf Island Fabrication, Inc		52,682
1,000	*	Hawk Corp		13,850
1,893		Silgan Holdings, Inc		92,814
9,800	*	Smith & Wesson Holding Corp		55,664
484		Sturm Ruger & Co, Inc		6,021
		TOTAL FABRICATED METAL PRODUCTS		548,896
FISHING, HUNTING, AND TRAPPING - 0.07%
2,584	*	HQ Sustainable Maritime Industries, Inc		23,644
		TOTAL FISHING, HUNTING, AND TRAPPING		23,644
FOOD AND KINDRED PRODUCTS - 1.23%
100	*	Central Garden & Pet Co		1,099
417		Coca-Cola Bottling Co Consolidated		22,989
10,127	*	Darling International, Inc		66,838
2,210		Flowers Foods, Inc		48,266
1,919		J&J Snack Foods Corp		68,892
1,590		Lancaster Colony Corp		70,072
1,100		Lance, Inc		25,443
2,400	*	Matrixx Initiatives, Inc		13,416
1,240	*	National Beverage Corp		13,206
2,650	*	Peet’s Coffee & Tea, Inc		66,780
600		Sanderson Farms, Inc		27,000
		TOTAL FOOD AND KINDRED PRODUCTS		424,001
FOOD STORES - 0.86%
2,100	*	Great Atlantic & Pacific Tea Co, Inc		8,925
540		Ingles Markets, Inc (Class A)		8,230
5,189	*	Pantry, Inc		86,137
2,114		Ruddick Corp		49,531

30

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
570		Village Super Market (Class A)	$	16,958
2,808		Weis Markets, Inc		94,123
2,653	*	Winn-Dixie Stores, Inc		33,269
		TOTAL FOOD STORES		297,173
FURNITURE AND FIXTURES - 0.30%
1,800		Furniture Brands International, Inc		5,454
2,838		Herman Miller, Inc		43,534
2,273		Kimball International, Inc (Class B)		14,184
1,700		La-Z-Boy, Inc		8,024
1,900	*	Sealy Corp		3,724
2,200		Tempur-Pedic International, Inc		28,754
		TOTAL FURNITURE AND FIXTURES		103,674
FURNITURE AND HOME FURNISHINGS STORES - 0.35%
12,122		Knoll, Inc		91,884
15,140	*	Pier 1 Imports, Inc		30,129
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		122,013
GENERAL BUILDING CONTRACTORS - 0.64%
960		Brookfield Homes Corp		3,840
5,190	*	Hovnanian Enterprises, Inc (Class A)		12,248
2,500	*	M/I Homes, Inc		24,475
2,100	*	Meritage Homes Corp		39,606
4,500	*	Perini Corp		78,120
2,821		Ryland Group, Inc		47,280
6,800	*	Standard-Pacific Corp		13,804
		TOTAL GENERAL BUILDING CONTRACTORS		219,373
GENERAL MERCHANDISE STORES - 0.93%
11,152	*	99 Cents Only Stores		151,444
2,960		Casey’s General Stores, Inc		76,042
2,517	*	Conn’s, Inc		31,463
3,800		Dillard’s, Inc (Class A)		34,960
1,056		Fred’s, Inc (Class A)		13,306
6,267	*	Retail Ventures, Inc		13,662
		TOTAL GENERAL MERCHANDISE STORES		320,877
HEALTH SERVICES - 1.11%
2,000	*	Amedisys, Inc		66,039
1,100	*	America Service Group, Inc		17,677
3,518	*	China Sky One Medical, Inc		47,423
5,300	*	Continucare Corp		12,349
7,881	*	CryoLife, Inc		43,661
1,200	*	Genomic Health, Inc		20,796
1,950	*	Gentiva Health Services, Inc		32,097
8,655	*	Immunomedics, Inc		21,984
1,510	*	LHC Group, Inc		33,537
1,404	*	Life Sciences Research, Inc		10,067
2,600	*	Nighthawk Radiology Holdings, Inc		9,620
3,723	*	Odyssey HealthCare, Inc		38,272
1,573	*	Skilled Healthcare Group, Inc (Class A)		11,798
2,200	*	Sun Healthcare Group, Inc		18,568
		TOTAL HEALTH SERVICES		383,888

31

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.56%
1,850		Granite Construction, Inc	$	61,568
1,730	*	LB Foster Co (Class A)		52,021
6,957	*	Matrix Service Co		79,866
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		193,455
HOLDING AND OTHER INVESTMENT OFFICES - 5.73%
4,034		Agree Realty Corp		73,943
12,000		Allied Capital Corp		41,760
1,726		American Campus Communities, Inc		38,283
5,950		Anworth Mortgage Asset Corp		42,900
27,353		Ashford Hospitality Trust, Inc		76,862
2,000		Associated Estates Realty Corp		11,920
4,940		Capstead Mortgage Corp		62,787
17,426		Cedar Shopping Centers, Inc		78,766
270		Corporate Office Properties Trust		7,919
1,900		Danvers Bancorp, Inc		25,555
9,680		DiamondRock Hospitality Co		60,597
1,245		EastGroup Properties, Inc		41,110
4,342		Education Realty Trust, Inc		18,627
1,000		Entertainment Properties Trust		20,600
1,550		Equity Lifestyle Properties, Inc		57,629
2,260		Extra Space Storage, Inc		18,871
5,900		FelCor Lodging Trust, Inc		14,514
2,740		First Potomac Realty Trust		26,715
1,784		Getty Realty Corp		33,664
1,440		Gladstone Commercial Corp		18,662
7,974		Glimcher Realty Trust		23,125
3,044		Hersha Hospitality Trust		7,549
2,000		Highwoods Properties, Inc		44,740
2,200		Kilroy Realty Corp		45,188
548		Kite Realty Group Trust		1,600
6,371		LTC Properties, Inc		130,287
10,470		MFA Mortgage Investments, Inc		72,452
1,322		Mid-America Apartment Communities, Inc		48,531
3,484		Mission West Properties, Inc		23,796
2,596		National Retail Properties, Inc		45,041
2,200		Parkway Properties, Inc		28,600
2,780		Potlatch Corp		67,526
6,534		Prospect Capital Corp		60,113
3,532		PS Business Parks, Inc		171,091
2,220		Realty Income Corp		48,662
5,626		Resource Capital Corp		18,003
320		Saul Centers, Inc		9,462
3,060		Senior Housing Properties Trust		49,939
4,762		Sovran Self Storage, Inc		117,145
13,344		Sunstone Hotel Investors, Inc		71,390
870		Tanger Factory Outlet Centers, Inc		28,214
987		Urstadt Biddle Properties, Inc (Class A)		13,897
16,278		U-Store-It Trust		79,762
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,977,797
HOTELS AND OTHER LODGING PLACES - 0.33%
2,100		Ameristar Casinos, Inc		39,963
1,000	*	Isle of Capri Casinos, Inc		13,320
2,210	*	Vail Resorts, Inc		59,272
		TOTAL HOTELS AND OTHER LODGING PLACES		112,555
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.64%
1,557	*	3PAR, Inc		19,307
900		Alamo Group, Inc		9,090
17,288	*	Allis-Chalmers Energy, Inc		39,935

32

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
4,222	*	Altra Holdings, Inc	$	31,623
2,725		Ampco-Pittsburgh Corp		63,901
871		Black Box Corp		29,152
800	*	Bolt Technology Corp		8,992
15,315	*	Cirrus Logic, Inc		68,918
700	*	Colfax Corp		5,404
2,497	*	Columbus McKinnon Corp		31,587
1,090	*	Cray, Inc		8,589
1,124	*	Dril-Quip, Inc		42,824
2,210	*	Emulex Corp		21,614
3,658	*	ENGlobal Corp		17,997
6,441	*	EnPro Industries, Inc		116,003
17,927	*	Entegris, Inc		48,761
20,480	*	Extreme Networks, Inc		40,960
1,233	*	Intermec, Inc		15,906
963	*	Kadant, Inc		10,872
7,008	*	Kulicke & Soffa Industries, Inc		24,037
2,000	*	Micros Systems, Inc		50,640
10,638		Modine Manufacturing Co		51,062
7,645	*	Netezza Corp		63,606
2,190	*	Netgear, Inc		31,558
23,300	*	Quantum Corp		19,339
4,890	*	Riverbed Technology, Inc		113,399
5,994		Robbins & Myers, Inc		115,386
5,099		Sauer-Danfoss, Inc		31,257
2,285		Standex International Corp		26,506
4,070	*	Super Micro Computer, Inc		31,176
3,470		Woodward Governor Co		68,706
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,258,107
INSTRUMENTS AND RELATED PRODUCTS - 5.25%
700	*	Accuray, Inc		4,669
1,000	*	Align Technology, Inc		10,600
3,390	*	American Medical Systems Holdings, Inc		53,562
740		American Science & Engineering, Inc		51,149
630	*	Bio-Rad Laboratories, Inc (Class A)		47,552
4,127	*	Bruker BioSciences Corp		38,216
5,359	*	Cantel Medical Corp		86,977
84	*	Conmed Corp		1,304
2,800	*	Cyberonics, Inc		46,564
2,328	*	Cynosure, Inc (Class A)		17,809
4,254	*	Depomed, Inc		13,826
1,040	*	Dionex Corp		63,471
2,000	*	DXP Enterprises, Inc		22,940
15,900		Eastman Kodak Co		47,064
5,324	*	Fossil, Inc		128,202
1,740	*	Haemonetics Corp		99,180
1,686	*	Hanger Orthopedic Group, Inc		22,913
3,841	*	I-Flow Corp		26,657
6,340		Invacare Corp		111,901
600	*	IRIS International, Inc		7,080
4,100	*	ISTA Pharmaceuticals, Inc		17,220
2,778	*	Kensey Nash Corp		72,811
2,408	*	Kopin Corp		8,837
900	*	LaBarge, Inc		8,343
2,670	*	Masimo Corp		64,374
5,230	*	Merit Medical Systems, Inc		85,249
273		Mine Safety Appliances Co		6,579
3,234		MTS Systems Corp		66,782
127	*	NuVasive, Inc		5,664
1,000	*	Orthofix International NV		25,010
10,000	*	RAE Systems, Inc		13,800

33

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
2,885	*	SonoSite, Inc	$	57,873
8,130		STERIS Corp		212,030
3,749	*	Symmetry Medical, Inc		34,941
3,182	*	Teledyne Technologies, Inc		104,211
1,480	*	Thoratec Corp		39,634
2,018	*	Varian, Inc		79,570
254	*	Zoll Medical Corp		4,912
400	*	Zygo Corp		1,864
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,811,340
INSURANCE AGENTS, BROKERS AND SERVICE - 0.11%
7,703	*	Crawford & Co (Class B)		36,974
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		36,974
INSURANCE CARRIERS - 3.76%
200	*	American Safety Insurance Holdings Ltd		2,722
5,400	*	Amerisafe, Inc		84,024
5,047	*	Argo Group International Holdings Ltd		142,426
2,238		Aspen Insurance Holdings Ltd		49,997
9,477		Assured Guaranty Ltd		117,325
3,180	*	Catalyst Health Solutions, Inc		79,309
4,425	*	Centene Corp		88,412
5,466	*	CNA Surety Corp		73,736
13,800	*	Conseco, Inc		32,706
3,670	*	Hallmark Financial Services		26,241
202	*	Healthspring, Inc		2,194
2,200		Maiden Holdings Ltd		14,432
2,204		Max Re Capital Ltd		40,686
13,101		Meadowbrook Insurance Group, Inc		85,550
6,900	*	Metropolitan Health Networks, Inc		13,869
12,300		MGIC Investment Corp		54,120
5,190	*	Molina Healthcare, Inc		124,145
200		National Interstate Corp		3,036
1,178		Odyssey Re Holdings Corp		47,096
3,378	*	PMA Capital Corp (Class A)		15,370
200		Presidential Life Corp		1,514
6,743		Radian Group, Inc		18,341
156		Safety Insurance Group, Inc		4,767
3,200	*	SeaBright Insurance Holdings, Inc		32,416
765		State Auto Financial Corp		13,388
500		Tower Group, Inc		12,390
7,652	*	Universal American Financial Corp		66,725
2,330		Validus Holdings Ltd		51,213
		TOTAL INSURANCE CARRIERS		1,298,150
LEATHER AND LEATHER PRODUCTS - 0.58%
1,700	*	Genesco, Inc		31,909
2,506	*	Steven Madden Ltd		63,778
1,500	*	Timberland Co (Class A)		19,905
3,842		Wolverine World Wide, Inc		84,754
		TOTAL LEATHER AND LEATHER PRODUCTS		200,346
LEGAL SERVICES - 0.13%
1,034	*	Pre-Paid Legal Services, Inc		45,072
		TOTAL LEGAL SERVICES		45,072

34

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.49%
4,570	*	Emergency Medical Services Corp (Class A)	$	168,267
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		168,267
METAL MINING - 0.23%
3,059	*	Coeur d’Alene Mines Corp		37,626
9,700	*	Hecla Mining Co		25,996
370		Royal Gold, Inc		15,429
		TOTAL METAL MINING		79,051
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.19%
1,960		Blyth, Inc		64,269
97	*	RC2 Corp		1,283
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		65,552
MISCELLANEOUS RETAIL - 1.61%
9,383	*	1-800-FLOWERS.COM, Inc (Class A)		18,015
2,800	*	Allion Healthcare, Inc		16,660
1,800		Books-A-Million, Inc		12,798
9,262	*	Borders Group, Inc		34,084
3,173		Cash America International, Inc		74,216
668	*	CKX, Inc		4,736
8,049	*	Ezcorp, Inc (Class A)		86,769
4,200	*	HSN, Inc		44,394
4,012	*	Jo-Ann Stores, Inc		82,928
1,912		Nutri/System, Inc		27,724
2,100	*	PC Connection, Inc		11,025
3,130		Systemax, Inc		37,278
2,293		World Fuel Services Corp		94,541
2,700	*	Zale Corp		9,288
		TOTAL MISCELLANEOUS RETAIL		554,456
MOTION PICTURES - 0.25%
1,800	*	Carmike Cinemas, Inc		15,084
3,715		Cinemark Holdings, Inc		42,054
2,057		National CineMedia, Inc		28,304
		TOTAL MOTION PICTURES		85,442
NONDEPOSITORY INSTITUTIONS - 0.95%
7,789		Advance America Cash Advance Centers, Inc		34,505
20,312		Apollo Investment Corp		121,872
4,150		Ares Capital Corp		33,449
498		BlackRock Kelso Capital Corp		3,103
10,370	*	Boise, Inc		17,836
5,025		Chimera Investment Corp		17,537
675	*	Doral Financial Corp		1,688
200	*,b	DVI, Inc		0
1,800		Kohlberg Capital Corp		11,376
509		NGP Capital Resources Co		2,988
4,240	*	World Acceptance Corp		84,418
		TOTAL NONDEPOSITORY INSTITUTIONS		328,772
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%
910		Compass Minerals International, Inc		49,968
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		49,968

35

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
OIL AND GAS EXTRACTION - 2.78%
1,600	*	Approach Resources, Inc	$	11,040
1,650	*	Arena Resources, Inc		52,553
2,876	*	Basic Energy Services, Inc		19,643
2,100		Berry Petroleum Co (Class A)		39,039
2,717	*	Bill Barrett Corp		74,609
2,848	*	Cal Dive International, Inc		24,578
2,084	*	Clayton Williams Energy, Inc		39,325
8,984	*	Complete Production Services, Inc		57,138
1,200	*	Concho Resources, Inc		34,428
2,515	*	Dawson Geophysical Co		75,073
5,900	*	Delta Petroleum Corp		11,387
18,912	*	Endeavour International Corp		25,720
1,300	*	Georesources, Inc		13,260
400	*	Gulfport Energy Corp		2,740
3,100	*	Hercules Offshore, Inc		12,307
11,537	*	McMoRan Exploration Co		68,761
1,000		Panhandle Oil and Gas, Inc (Class A)		19,630
9,735	*	Parker Drilling Co		42,250
3,589		Penn Virginia Corp		58,752
1,480	*	Petroleum Development Corp		23,221
2,800	*	Pioneer Drilling Co		13,412
2,453	*	Stone Energy Corp		18,201
1,543	*	Superior Well Services, Inc		9,181
2,800	*	TGC Industries, Inc		13,636
1,600	*	Union Drilling, Inc		10,592
12,989	*	Vaalco Energy, Inc		54,943
1,678	*	Venoco, Inc		12,870
9,729	*	Willbros Group, Inc		121,710
		TOTAL OIL AND GAS EXTRACTION		959,999
PAPER AND ALLIED PRODUCTS - 1.01%
2,373	*	Buckeye Technologies, Inc		10,655
2,500	*	Domtar Corporation		41,450
8,693		Glatfelter		77,368
2,367		Rock-Tenn Co (Class A)		90,325
4,321		Schweitzer-Mauduit International, Inc		117,573
1,458		Wausau Paper Corp		9,798
		TOTAL PAPER AND ALLIED PRODUCTS		347,169
PERSONAL SERVICES - 0.19%
2,120	*	Steiner Leisure Ltd		64,724
		TOTAL PERSONAL SERVICES		64,724
PETROLEUM AND COAL PRODUCTS - 0.61%
1,500		Alon USA Energy, Inc		15,525
7,516	*	CVR Energy, Inc		55,092
2,300		Delek US Holdings, Inc		19,504
23,957	*	Gran Tierra Energy, Inc		82,652
5,150	*	Western Refining, Inc		36,359
		TOTAL PETROLEUM AND COAL PRODUCTS		209,132
PRIMARY METAL INDUSTRIES - 1.13%
4,660		Belden CDT, Inc		77,822
3,900	*	Century Aluminum Co		24,297
4,845		Encore Wire Corp		103,441
1,734	*	Haynes International, Inc		41,096
1,700	*	Horsehead Holding Corp		12,665
3,730		Mueller Industries, Inc		77,584
4,280		Worthington Industries, Inc		54,741
		TOTAL PRIMARY METAL INDUSTRIES		391,646

36

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
PRINTING AND PUBLISHING - 0.49%
2,920	*	Consolidated Graphics, Inc	$	50,866
1,477		CSS Industries, Inc		30,101
697		Ennis, Inc		8,685
6,900		EW Scripps Co (Class A)		14,421
4,615		Standard Register Co		15,045
1,150	*	VistaPrint Ltd		49,048
		TOTAL PRINTING AND PUBLISHING		168,166
REAL ESTATE - 0.22%
4,713		DuPont Fabros Technology, Inc		44,396
3,978	*	LoopNet, Inc		30,830
		TOTAL REAL ESTATE		75,226
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.53%
5,410		A. Schulman, Inc		81,745
1,340	*	Deckers Outdoor Corp		94,162
700		Spartech Corp		6,433
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		182,340
SECURITY AND COMMODITY BROKERS - 1.30%
3,290		Duff & Phelps Corp		58,496
23,689	*	E*Trade Financial Corp		30,322
800		Evercore Partners, Inc (Class A)		15,712
700		Fifth Street Finance Corp		7,028
7,597		GFI Group, Inc		51,204
6,750	*	Knight Capital Group, Inc (Class A)		115,087
600		Oppenheimer Holdings, Inc		12,702
1,130	*	Stifel Financial Corp		54,342
7,544		SWS Group, Inc		105,390
		TOTAL SECURITY AND COMMODITY BROKERS		450,283
SOCIAL SERVICES - 0.01%
189	*	Res-Care, Inc		2,703
		TOTAL SOCIAL SERVICES		2,703
SPECIAL TRADE CONTRACTORS - 1.19%
3,429	*	AsiaInfo Holdings, Inc		59,013
400		Chemed Corp		15,792
7,510		Comfort Systems USA, Inc		76,978
9,998	*	Dycom Industries, Inc		110,678
7,410	*	EMCOR Group, Inc		149,089
		TOTAL SPECIAL TRADE CONTRACTORS		411,550
STONE, CLAY, AND GLASS PRODUCTS - 0.31%
4,940		Apogee Enterprises, Inc		60,762
1,340		CARBO Ceramics, Inc		45,828
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		106,590
TRANSPORTATION BY AIR - 0.97%
7,800	*	Air Transport Services Group, Inc		18,096
3,546	*	Alaska Air Group, Inc		64,750
2,390	*	Allegiant Travel Co		94,740
16,665	*	Hawaiian Holdings, Inc		100,323
100	*	PHI, Inc		1,714
5,440		Skywest, Inc		55,488
		TOTAL TRANSPORTATION BY AIR		335,111

37

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
TRANSPORTATION EQUIPMENT - 2.62%
16,460		ArvinMeritor, Inc	$	72,259
4,370	*	ATC Technology Corp		63,365
13,623		Brunswick Corp		58,851
6,977	*	Cogo Group, Inc		41,653
11,538	*	Dana Holding Corp		14,769
2,761		Ducommun, Inc		51,879
1,275		Federal Signal Corp		9,754
5,380	*	Force Protection, Inc		47,559
506		Heico Corp		18,348
2,423		Kaman Corp		40,464
1,000	*	LMI Aerospace, Inc		10,120
4,180	*	Orbital Sciences Corp		63,411
2,390		Polaris Industries, Inc		76,767
7,420		Spartan Motors, Inc		84,069
4,000	*	Tenneco, Inc		42,400
613	*	TransDigm Group, Inc		22,191
3,431		Triumph Group, Inc		137,239
1,490		Westinghouse Air Brake Technologies Corp		47,933
		TOTAL TRANSPORTATION EQUIPMENT		903,031
TRANSPORTATION SERVICES - 0.23%
1,201	*	Dynamex, Inc		18,483
2,948	*	Hub Group, Inc (Class A)		60,847
		TOTAL TRANSPORTATION SERVICES		79,330
TRUCKING AND WAREHOUSING - 0.73%
3,438	*	Marten Transport Ltd		71,373
4,866	*	Saia, Inc		87,636
1,100	*	USA Truck, Inc		14,883
4,330		Werner Enterprises, Inc		78,460
		TOTAL TRUCKING AND WAREHOUSING		252,352
WATER TRANSPORTATION - 0.26%
1,690	*	American Commercial Lines, Inc		26,161
2,190		Genco Shipping & Trading Ltd		47,567
468		International Shipholding Corp		12,617
1,000	*	Ultrapetrol Bahamas Ltd		4,430
		TOTAL WATER TRANSPORTATION		90,775
WHOLESALE TRADE-DURABLE GOODS - 1.68%
1,400		Applied Industrial Technologies, Inc		27,580
1,228	*	Beacon Roofing Supply, Inc		17,757
5,376		Castle (A.M.) & Co		64,942
2,595		Houston Wire & Cable Co		30,906
500	*	Insight Enterprises, Inc		4,830
3,295		Knight Transportation, Inc		54,532
1,996	*	MWI Veterinary Supply, Inc		69,581
3,615		Owens & Minor, Inc		158,409
6,284	*	PSS World Medical, Inc		116,317
1,400	*	Solera Holdings, Inc		35,560
		TOTAL WHOLESALE TRADE-DURABLE GOODS		580,414
WHOLESALE TRADE-NONDURABLE GOODS - 1.46%
2,153		Aceto Corp		14,361
10,224	*	Alliance One International, Inc		38,851
4,000	*	BioScrip, Inc		23,680
1,173	*	Core-Mark Holding Co, Inc		30,568
3,623	*	LSB Industries, Inc		58,584
225		Nash Finch Co		6,089

38

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
4,794		Nu Skin Enterprises, Inc (Class A)	$	73,348
2,703		Spartan Stores, Inc		33,544
2,110	*	Tractor Supply Co		87,185
3,698	*	United Stationers, Inc		128,986
911	*	Zhongpin, Inc		9,438
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		504,634
		TOTAL COMMON STOCKS (Cost $38,068,891)		34,622,045
		TOTAL PORTFOLIO - 100.26% (Cost $38,068,891)		34,622,045
		OTHER ASSETS AND LIABILITIES, NET - (0.26)%		(89,513	)
		NET ASSETS - 100.00%	$	34,532,532

* Non-income producing

b In bankruptcy

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 97.88%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
536	*	Chiquita Brands International, Inc	$	5,499
38		Griffin Land & Nurseries, Inc (Class A)		1,189
		TOTAL AGRICULTURAL PRODUCTION-CROPS		6,688
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
200		Cal-Maine Foods, Inc		4,992
4		Seaboard Corp		4,488
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		9,480
AGRICULTURAL SERVICES - 0.00%
130	*	Cadiz, Inc		1,252
125		Calavo Growers, Inc		2,479
		TOTAL AGRICULTURAL SERVICES		3,731
AMUSEMENT AND RECREATION SERVICES - 0.58%
656	*	Bally Technologies, Inc		19,628
134		Churchill Downs, Inc		4,510
267		Dover Downs Gaming & Entertainment, Inc		1,242
3,894	*	Electronic Arts, Inc		84,577
338		International Speedway Corp (Class A)		8,656
484	*	Life Time Fitness, Inc		9,685
1,012	*	Live Nation, Inc		4,918
322	*	Multimedia Games, Inc		1,597
807	*	Penn National Gaming, Inc		23,492
793	*	Pinnacle Entertainment, Inc		7,367
164		Speedway Motorsports, Inc		2,257
382	*	Ticketmaster		2,452
178	*	Town Sports International Holdings, Inc		668
22,432		Walt Disney Co		523,338
675	*	Warner Music Group Corp		3,949
500	*	WMS Industries, Inc		15,755
251		World Wrestling Entertainment, Inc (Class A)		3,153
357	*	Youbet.com, Inc		1,178
		TOTAL AMUSEMENT AND RECREATION SERVICES		718,422
APPAREL AND ACCESSORY STORES - 0.58%
1,092		Abercrombie & Fitch Co (Class A)		27,726
813	*	Aeropostale, Inc		27,862
374	*	American Apparel, Inc		1,361
1,966		American Eagle Outfitters, Inc		27,858
671	*	AnnTaylor Stores Corp		5,355
380		Bebe Stores, Inc		2,614
482		Brown Shoe Co, Inc		3,490
310		Buckle, Inc		9,849
638	*	Carter’s, Inc		15,701
325		Cato Corp (Class A)		5,668
270	*	Charlotte Russe Holding, Inc		3,478
1,400	*	Charming Shoppes, Inc		5,208
2,122	*	Chico’s FAS, Inc		20,647
271	*	Children’s Place Retail Stores, Inc		7,163
390		Christopher & Banks Corp		2,617
243	*	Citi Trends, Inc		6,289
733	*	Collective Brands, Inc		10,680

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
59	*	Destination Maternity Corp	$	984
600	*	Dress Barn, Inc		8,580
200	*	DSW, Inc (Class A)		1,970
681		Finish Line, Inc (Class A)		5,053
1,799		Foot Locker, Inc		18,836
5,819		Gap, Inc		95,431
1,141	*	Hanesbrands, Inc		17,126
450	*	Hot Topic, Inc		3,290
578	*	J Crew Group, Inc		15,618
220	*	JOS A Bank Clothiers, Inc		7,581
3,679	*	Kohl’s Corp		157,276
3,240		Limited Brands, Inc		38,783
512	*	New York & Co, Inc		1,582
1,992		Nordstrom, Inc		39,621
675	*	Pacific Sunwear Of California, Inc		2,275
1,530		Ross Stores, Inc		59,057
66	*	Shoe Carnival, Inc		787
411		Stage Stores, Inc		4,562
232		Talbots, Inc		1,253
359	*	Tween Brands, Inc		2,398
399	*	Under Armour, Inc (Class A)		8,930
1,518	*	Urban Outfitters, Inc		31,681
1,045	*	Wet Seal, Inc (Class A)		3,208
		TOTAL APPAREL AND ACCESSORY STORES		709,448
APPAREL AND OTHER TEXTILE PRODUCTS - 0.35%
165		Columbia Sportswear Co		5,102
340	*	G-III Apparel Group Ltd		3,907
686		Guess ?, Inc		17,685
353	*	Gymboree Corp		12,524
1,084		Jones Apparel Group, Inc		11,631
1,595		Liz Claiborne, Inc		4,594
490	*	Lululemon Athletica, Inc		6,385
300	*	Maidenform Brands, Inc		3,441
4,316		Nike, Inc (Class B)		223,482
624		Phillips-Van Heusen Corp		17,903
663		Polo Ralph Lauren Corp (Class A)		35,497
1,365	*	Quiksilver, Inc		2,525
304	*	True Religion Apparel, Inc		6,779
1,068		VF Corp		59,114
515	*	Warnaco Group, Inc		16,686
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		427,255
AUTO REPAIR, SERVICES AND PARKING - 0.05%
100	*	Amerco, Inc		3,715
268	*	Dollar Thrifty Automotive Group, Inc		3,739
2,251	*	Hertz Global Holdings, Inc		17,985
251	*	Midas, Inc		2,630
304		Monro Muffler, Inc		7,816
655		Ryder System, Inc		18,288
97	*	Standard Parking Corp		1,580
465	*	Wright Express Corp		11,844
		TOTAL AUTO REPAIR, SERVICES AND PARKING		67,597
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.22%
1,149		Advance Auto Parts		47,672
122	*	America’s Car-Mart, Inc		2,501
359		Asbury Automotive Group, Inc		3,676
877	*	Autonation, Inc		15,216
387	*	Autozone, Inc		58,480
2,687	*	Carmax, Inc		39,499
763	*	Copart, Inc		26,453
205	*	Lithia Motors, Inc (Class A)		1,894
1,637	*	O’Reilly Automotive, Inc		62,337

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
500		Penske Auto Group, Inc	$	8,320
333	*	Rush Enterprises, Inc (Class A)		3,879
287		Sonic Automotive, Inc (Class A)		2,916
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		272,843
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.72%
876	*	Builders FirstSource, Inc		3,644
1,576		Fastenal Co		52,276
20,468		Home Depot, Inc		483,659
17,841		Lowe’s Cos, Inc		346,294
278	*	Lumber Liquidators, Inc		4,381
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		890,254
BUSINESS SERVICES - 7.69%
4,638	*	3Com Corp		21,845
128	*	3D Systems Corp		923
556		Aaron Rents, Inc		16,580
549		ABM Industries, Inc		9,920
392	*	Acacia Research (Acacia Technologies)		3,085
400	*	ACI Worldwide, Inc		5,584
551	*	ActivIdentity Corp		1,394
6,743	*	Activision Blizzard, Inc		85,164
620	*	Actuate Corp		2,964
820		Acxiom Corp		7,241
335		Administaff, Inc		7,795
6,322	*	Adobe Systems, Inc		178,913
187	*	Advent Software, Inc		6,132
1,094	*	Affiliated Computer Services, Inc (Class A)		48,595
532		Aircastle Ltd		3,910
2,097	*	Akamai Technologies, Inc		40,220
702	*	Alliance Data Systems Corp		28,915
2,332	*	Amdocs Ltd		50,021
412	*	American Reprographics Co		3,428
276		American Software, Inc (Class A)		1,590
407	*	AMICAS, Inc		1,131
357	*	AMN Healthcare Services, Inc		2,278
1,083	*	Ansys, Inc		33,746
318	*	APAC Customer Services, Inc		1,631
410		Arbitron, Inc		6,515
223	*	ArcSight, Inc		3,963
968	*	Ariba, Inc		9,525
1,522	*	Art Technology Group, Inc		5,784
96	*	Asset Acceptance Capital Corp		738
404	*	athenahealth, Inc		14,952
2,757	*	Autodesk, Inc		52,328
6,165		Automatic Data Processing, Inc		218,487
1,088	*	Avis Budget Group, Inc		6,147
484	*	Avocent Corp		6,757
140	*	Bankrate, Inc		3,534
97		Barrett Business Services, Inc		1,019
574		BGC Partners, Inc (Class A)		2,175
479		Blackbaud, Inc		7,448
353	*	Blackboard, Inc		10,188
479	*	Blue Coat Systems, Inc		7,923
2,278	*	BMC Software, Inc		76,974
300	*	Bottomline Technologies, Inc		2,703
797	*	BPZ Energy, Inc		3,897
549		Brady Corp (Class A)		13,791
550		Brink’s Co		15,967
539	*	Brink’s Home Security Holdings, Inc		15,259
4,755		CA, Inc		82,880
357	*	CACI International, Inc (Class A)		15,247
3,072	*	Cadence Design Systems, Inc		18,125
333	*	Callidus Software, Inc		949
161	*	Capella Education Co		9,652

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
439	*	Cavium Networks, Inc	$	7,380
854	*	CBIZ, Inc		6,080
809	*	Cerner Corp		50,393
338	*	Chordiant Software, Inc		1,227
834	*	Ciber, Inc		2,585
2,183	*	Citrix Systems, Inc		69,616
400	*	Clear Channel Outdoor Holdings, Inc (Class A)		2,120
118	*	Clinical Data, Inc		1,300
706	*	Cogent Communications Group, Inc		5,754
473	*	Cogent, Inc		5,075
459		Cognex Corp		6,486
3,527	*	Cognizant Technology Solutions Corp (Class A)		94,171
487	*	Commvault Systems, Inc		8,074
227		Compass Diversified Trust		1,836
165	*	Compellent Technologies, Inc		2,516
185		Computer Programs & Systems, Inc		7,087
1,848	*	Computer Sciences Corp		81,866
174	*	Computer Task Group, Inc		1,061
3,298	*	Compuware Corp		22,624
100	*	COMSYS IT Partners, Inc		585
491	*	Concur Technologies, Inc		15,260
290	*	Constant Contact, Inc		5,754
1,260	*	Convergys Corp		11,693
222	*	CoStar Group, Inc		8,851
485	*	CSG Systems International, Inc		6,421
843	*	Cybersource Corp		12,898
556	*	Data Domain, Inc		18,543
485	*	DealerTrack Holdings, Inc		8,245
567		Deluxe Corp		7,263
187	*	Dice Holdings, Inc		870
453	*	Digital River, Inc		16,453
259	*	DivX, Inc		1,422
202	*	Double-Take Software, Inc		1,747
490	*	DST Systems, Inc		18,106
106	*	Dynamics Research Corp		1,061
299	*	DynCorp International, Inc (Class A)		5,020
1,405	*	Earthlink, Inc		10,411
13,462	*	eBay, Inc		230,603
72	*	Ebix, Inc		2,255
330	*	Echelon Corp		2,798
673	*	Eclipsys Corp		11,966
248		Electro Rent Corp		2,354
630	*	Electronics for Imaging, Inc		6,716
714	*	Entrust, Inc		1,292
698	*	Epicor Software Corp		3,699
405	*	EPIQ Systems, Inc		6,217
1,500		Equifax, Inc		39,150
1,464	*	Evergreen Energy, Inc		1,435
250	*	ExlService Holdings, Inc		2,803
2,251	*	Expedia, Inc		34,013
920	*	F5 Networks, Inc		31,823
486		Factset Research Systems, Inc		24,237
659		Fair Isaac Corp		10,188
313	*	FalconStor Software, Inc		1,487
2,240		Fidelity National Information Services, Inc		44,710
113	*	First Advantage Corp (Class A)		1,719
1,882	*	Fiserv, Inc		86,007
178	*	Forrester Research, Inc		4,370
739	*	Gartner, Inc		11,277
483	*	Global Cash Access, Inc		3,845
192	*	Global Sources Ltd		1,384
2,891	*	Google, Inc (Class A)		1,218,816
194	*	GSE Systems, Inc		1,310
334	*	H&E Equipment Services, Inc		3,123
476	*	Hackett Group, Inc		1,109
550		Healthcare Services Group		9,834

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
451		Heartland Payment Systems, Inc	$	4,316
55	*	HeartWare International, Inc		1,535
200		Heidrick & Struggles International, Inc		3,650
1,249	*	HLTH Corp		16,362
335	*	HMS Holdings Corp		13,641
400	*	i2 Technologies, Inc		5,020
117	*	ICT Group, Inc		1,021
213		iGate Corp		1,410
571	*	IHS, Inc (Class A)		28,476
2,198		IMS Health, Inc		27,915
311		infoGROUP, Inc		1,776
974	*	Informatica Corp		16,743
367		Infospace, Inc		2,433
259	*	Innerworkings, Inc		1,230
268	*	Innodata Isogen, Inc		1,174
174	*	Integral Systems, Inc		1,448
439		Interactive Data Corp		10,158
144	*	Interactive Intelligence, Inc		1,765
538	*	Internap Network Services Corp		1,878
333	*	Internet Brands, Inc (Class A)		2,331
405	*	Internet Capital Group, Inc		2,726
5,779	*	Interpublic Group of Cos, Inc		29,184
3,860	*	Intuit, Inc		108,698
377	*	inVentiv Health, Inc		5,101
581	*	Ipass, Inc		930
2,177	*	Iron Mountain, Inc		62,589
1,014		Jack Henry & Associates, Inc		21,041
316	*	JDA Software Group, Inc		4,727
6,268	*	Juniper Networks, Inc		147,925
300		Kelly Services, Inc (Class A)		3,285
276	*	Kenexa Corp		3,193
168	*	Keynote Systems, Inc		1,284
271	*	Kforce, Inc		2,241
298	*	Knot, Inc		2,348
500	*	Korn/Ferry International		5,320
772	*	Lamar Advertising Co (Class A)		11,788
1,649	*	Lawson Software, Inc		9,201
884	*	Limelight Networks, Inc		3,890
704	*	Lionbridge Technologies		1,295
163	*	Liquidity Services, Inc		1,607
493	*	Liveperson, Inc		1,972
311	*	Manhattan Associates, Inc		5,666
925		Manpower, Inc		39,165
292	*	Mantech International Corp (Class A)		12,568
206		Marchex, Inc (Class B)		694
1,028		Mastercard, Inc (Class A)		171,995
1,876	*	McAfee, Inc		79,148
1,031	*	Mentor Graphics Corp		5,640
93,214		Microsoft Corp		2,215,696
100	*	MicroStrategy, Inc (Class A)		5,022
529	*	ModusLink Global Solutions, Inc		3,629
991	*	MoneyGram International, Inc		1,764
165	*	Monotype Imaging Holdings, Inc		1,124
1,517	*	Monster Worldwide, Inc		17,916
2,243		Moody’s Corp		59,103
2,786	*	Move, Inc		6,018
1,117	*	MPS Group, Inc		8,534
477	*	MSC Software Corp		3,177
74	*	NCI, Inc (Class A)		2,251
2,098	*	NCR Corp		24,819
400	*	Ness Technologies, Inc		1,564
510	*	NetFlix, Inc		21,083
341	*	Netscout Systems, Inc		3,199
201	*	NetSuite, Inc		2,374
357	*	Network Equipment Technologies, Inc		1,521
612		NIC, Inc		4,143

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,067	*	Novell, Inc	$	18,424
2,506	*	Nuance Communications, Inc		30,298
3,781		Omnicom Group, Inc		119,404
828	*	Omniture, Inc		10,400
282	*	On Assignment, Inc		1,103
222	*	Online Resources Corp		1,385
38	*	OpenTable, Inc		1,146
1,027	*	OpenTV Corp (Class A)		1,356
155		Opnet Technologies, Inc		1,420
46,150		Oracle Corp		988,532
1,404	*	Parametric Technology Corp		16,413
237		PC-Tel, Inc		1,268
162		Pegasystems, Inc		4,274
320	*	Perficient, Inc		2,237
1,057	*	Perot Systems Corp (Class A)		15,147
191	*	Pervasive Software, Inc		1,163
640	*	Phase Forward, Inc		9,670
306	*	Phoenix Technologies Ltd		829
176	*	Portfolio Recovery Associates, Inc		6,816
762	*	Premiere Global Services, Inc		8,260
476	*	Progress Software Corp		10,077
147	*	PROS Holdings, Inc		1,194
108		QAD, Inc		351
274		Quality Systems, Inc		15,607
829	*	Quest Software, Inc		11,556
803	*	Rackspace Hosting, Inc		11,130
237	*	Radiant Systems, Inc		1,967
187	*	Radisys Corp		1,685
754	*	Raser Technologies, Inc		2,111
1,196	*	RealNetworks, Inc		3,576
2,323	*	Red Hat, Inc		46,762
100		Renaissance Learning, Inc		921
770	*	Rent-A-Center, Inc		13,729
240	*	Rewards Network, Inc		907
200	*	RightNow Technologies, Inc		2,360
230	*	Riskmetrics Group Inc		4,062
1,798		Robert Half International, Inc		42,469
466		Rollins, Inc		8,066
76	*	Rosetta Stone, Inc		2,085
820	*	RSC Holdings, Inc		5,510
792	*	S1 Corp		5,465
286	*	Saba Software, Inc		1,101
1,309	*	Salesforce.com, Inc		49,965
996	*	Sapient Corp		6,265
527	*	Smith Micro Software, Inc		5,175
351	*	Sohu.com, Inc		22,053
143	*	SolarWinds, Inc		2,358
542	*	SonicWALL, Inc		2,970
3,028	*	Sonus Networks, Inc		4,875
810		Sotheby’s (Class A)		11,429
235	*	Sourcefire, Inc		2,912
624	*	Spherion Corp		2,571
200	*	SPSS, Inc		6,674
501	*	SRA International, Inc (Class A)		8,798
152	*	StarTek, Inc		1,219
234	*	Stratasys, Inc		2,572
445	*	SuccessFactors, Inc		4,085
383	*	SumTotal Systems, Inc		1,842
8,985	*	Sun Microsystems, Inc		82,842
513	*	Support.com, Inc		1,118
1,024	*	Sybase, Inc		32,092
420	*	SYKES Enterprises, Inc		7,598
9,909	*	Symantec Corp		154,184
203	*	Synchronoss Technologies, Inc		2,491
233	*	SYNNEX Corp		5,823
1,849	*	Synopsys, Inc		36,074

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
140		Syntel, Inc	$	4,402
925		Take-Two Interactive Software, Inc		8,760
200		TAL International Group, Inc		2,180
377	*	Taleo Corp (Class A)		6,888
455	*	TeleTech Holdings, Inc		6,893
112		Textainer Group Holdings Ltd		1,287
787	*	THQ, Inc		5,635
2,110	*	TIBCO Software, Inc		15,129
207	*	Tier Technologies, Inc		1,590
303	*	TNS, Inc		5,681
1,957		Total System Services, Inc		26,204
359	*	TradeStation Group, Inc		3,037
550	*	TrueBlue, Inc		4,620
295	*	Ultimate Software Group, Inc		7,151
181	*	Unica Corp		992
4,460	*	Unisys Corp		6,735
872		United Online, Inc		5,677
1,054	*	United Rentals, Inc		6,840
1,094	*	Valueclick, Inc		11,509
248	*	Vasco Data Security International		1,813
2,328	*	VeriSign, Inc		43,021
263		Viad Corp		4,529
306	*	Vignette Corp		4,024
156	*	Virtusa Corp		1,253
5,422		Visa, Inc (Class A)		337,573
619	*	VMware, Inc (Class A)		16,880
202	*	Vocus, Inc		3,992
150	*	Volt Information Sciences, Inc		941
97	*	WebMD Health Corp (Class A)		2,902
564	*	Websense, Inc		10,062
309	*	Website Pros, Inc		1,740
752	*	Wind River Systems, Inc		8,618
14,406	*	Yahoo!, Inc		225,597
		TOTAL BUSINESS SERVICES		9,461,142
CHEMICALS AND ALLIED PRODUCTS - 12.14%
18,622		Abbott Laboratories		875,978
75	*	Abraxis Bioscience, Inc		2,765
457	*	Acorda Therapeutics, Inc		12,883
524	*	Adolor Corp		922
2,507		Air Products & Chemicals, Inc		161,927
276	*	Albany Molecular Research, Inc		2,316
1,104		Albemarle Corp		28,229
1,027		Alberto-Culver Co		26,117
996	*	Alexion Pharmaceuticals, Inc		40,956
1,288	*	Alkermes, Inc		13,936
752	*	Allos Therapeutics, Inc		6,234
434	*	Alnylam Pharmaceuticals, Inc		9,665
205	*	AMAG Pharmaceuticals, Inc		11,207
702	*	American Oriental Bioengineering, Inc		3,714
241		American Vanguard Corp		2,723
12,278	*	Amgen, Inc		649,996
182	*	Amicus Therapeutics, Inc		2,084
340		Arch Chemicals, Inc		8,361
341	*	Ardea Biosciences, Inc		5,367
955	*	Arena Pharmaceuticals, Inc		4,765
364	*	Arqule, Inc		2,235
600	*	Array Biopharma, Inc		1,884
244	*	ARYx Therapeutics, Inc		1,008
567	*	Auxilium Pharmaceuticals, Inc		17,792
745	*	AVANIR Pharmaceuticals, Inc		1,654
1,360		Avery Dennison Corp		34,925
937	*	AVI BioPharma, Inc		1,480
5,157		Avon Products, Inc		132,947
221		Balchem Corp		5,419

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
254	*	BioCryst Pharmaceuticals, Inc	$	1,024
125	*	Biodel, Inc		645
3,484	*	Biogen Idec, Inc		157,303
1,203	*	BioMarin Pharmaceuticals, Inc		18,779
528	*	BioMimetic Therapeutics, Inc		4,879
45	*	Biospecifics Technologies Corp		1,072
23,891		Bristol-Myers Squibb Co		485,226
793		Cabot Corp		9,976
480	*	Cadence Pharmaceuticals, Inc		4,795
730	*	Calgon Carbon Corp		10,140
206	*	Cambrex Corp		849
1,762		Celanese Corp (Series A)		41,848
5,574	*	Celgene Corp		266,660
5,618	*	Cell Therapeutics, Inc		9,663
175	*	Celldex Therapeutics, Inc		1,369
871	*	Cephalon, Inc		49,342
641		CF Industries Holdings, Inc		47,524
799	*	Charles River Laboratories International, Inc		26,966
259	*	Chattem, Inc		17,638
110	*	China Precision Steel, Inc		273
90	*	China-Biotics, Inc		970
848		Church & Dwight Co, Inc		46,055
1,668		Clorox Co		93,124
6,032		Colgate-Palmolive Co		426,704
171	*	Cougar Biotechnology, Inc		7,346
711	*	Cubist Pharmaceuticals, Inc		13,033
754	*	Curis, Inc		1,199
565	*	Cypress Bioscience, Inc		5,322
525		Cytec Industries, Inc		9,776
530	*	Cytokinetics, Inc		1,500
335	*	Cytori Therapeutics, Inc		1,209
1,374	*	Dendreon Corp		34,144
3,461	*	Discovery Laboratories, Inc		3,565
13,436		Dow Chemical Co		216,857
10,908		Du Pont (E.I.) de Nemours & Co		279,463
698	*	Durect Corp		1,661
868		Eastman Chemical Co		32,897
2,855		Ecolab, Inc		111,316
12,236		Eli Lilly & Co		423,855
350	*	Elizabeth Arden, Inc		3,056
220	*	Emergent Biosolutions, Inc		3,153
551	*	Enzon Pharmaceuticals, Inc		4,336
1,307		Estee Lauder Cos (Class A)		42,700
254	*	Facet Biotech Corp		2,360
494		Ferro Corp		1,359
876		FMC Corp		41,435
3,713	*	Forest Laboratories, Inc		93,233
3,222	*	Genzyme Corp		179,369
1,012	*	Geron Corp		7,762
10,982	*	Gilead Sciences, Inc		514,396
400	*	GTx, Inc		3,692
605		H.B. Fuller Co		11,356
705	*	Halozyme Therapeutics, Inc		4,914
107		Hawkins, Inc		2,416
1,361	*	Hemispherx Biopharma, Inc		3,457
1,953	*	Hospira, Inc		75,230
1,379	*	Human Genome Sciences, Inc		3,944
1,847		Huntsman Corp		9,290
325	*	ICO, Inc		884
135	*	Idenix Pharmaceuticals, Inc		497
237	*	Idera Pharmaceuticals, Inc		1,389
720	*	Idexx Laboratories, Inc		33,264
866	*	Immucor, Inc		11,916
580	*	Immunogen, Inc		4,994
738	*	Impax Laboratories, Inc		5,432
229		Innophos Holdings, Inc		3,868

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
262		Innospec, Inc	$	2,817
472	*	Inspire Pharmaceuticals, Inc		2,624
140		Inter Parfums, Inc		1,028
464	*	InterMune, Inc		7,053
952		International Flavors & Fragrances, Inc		31,149
901	*	Inverness Medical Innovations, Inc		32,058
2,108	*	Invitrogen Corp		87,946
453	*	Javelin Pharmaceuticals, Inc		557
33,272		Johnson & Johnson		1,889,849
162		Kaiser Aluminum Corp		5,817
2,997	*	King Pharmaceuticals, Inc		28,861
239		Koppers Holdings, Inc		6,302
360	*	KV Pharmaceutical Co (Class A)		1,156
230	*	Landec Corp		1,562
1,382	*	Ligand Pharmaceuticals, Inc (Class B)		3,953
776		Lubrizol Corp		36,713
342		Mannatech, Inc		1,129
641	*	MannKind Corp		5,327
94	*	MAP Pharmaceuticals, Inc		1,149
400		Martek Biosciences Corp		8,460
1,476	*	Medarex, Inc		12,325
547	*	Medicines Co		4,589
709		Medicis Pharmaceutical Corp (Class A)		11,571
152	*	Medifast, Inc		1,742
358	*	Medivation, Inc		8,023
25,455		Merck & Co, Inc		711,721
489		Meridian Bioscience, Inc		11,042
519	*	Micromet, Inc		2,585
246		Minerals Technologies, Inc		8,861
213	*	Molecular Insight Pharmaceuticals, Inc		1,101
571	*	Momenta Pharmaceuticals, Inc		6,869
6,590		Monsanto Co		489,900
1,911		Mosaic Co		84,657
3,666	*	Mylan Laboratories, Inc		47,841
283	*	Myriad Pharmaceuticals, Inc		1,316
612	*	Nabi Biopharmaceuticals		1,481
1,671		Nalco Holding Co		28,140
650	*	NBTY, Inc		18,278
559	*	Neurocrine Biosciences, Inc		1,806
138		NewMarket Corp		9,292
113		NL Industries, Inc		834
765	*	Novavax, Inc		2,509
302	*	Noven Pharmaceuticals, Inc		4,319
544	*	NPS Pharmaceuticals, Inc		2,535
127	*	Nutraceutical International Corp		1,320
203	*	Obagi Medical Products, Inc		1,480
943		Olin Corp		11,212
346	*	OM Group, Inc		10,041
511	*	Omnova Solutions, Inc		1,666
47	*	OncoGenex Pharmaceutical, Inc		1,028
687	*	Onyx Pharmaceuticals, Inc		19,415
348	*	Optimer Pharmaceuticals, Inc		5,210
360	*	OraSure Technologies, Inc		889
224	*	Orexigen Therapeutics, Inc		1,149
682	*	OSI Pharmaceuticals, Inc		19,253
170	*	Osiris Therapeutics, Inc		2,283
1,543	*	Pactiv Corp		33,483
300	*	Pain Therapeutics, Inc		1,611
364	*	Par Pharmaceutical Cos, Inc		5,515
647	*	Parexel International Corp		9,304
1,443		PDL BioPharma, Inc		11,400
960		Perrigo Co		26,669
278	*	PetMed Express, Inc		4,178
81,524		Pfizer, Inc		1,222,859
176	*	Pharmasset, Inc		1,980
370	*	PharMerica Corp		7,263

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
965	*	PolyOne Corp	$	2,615
285	*	Poniard Pharmaceuticals, Inc		1,701
322	*	Pozen, Inc		2,473
1,986		PPG Industries, Inc		87,185
3,712		Praxair, Inc		263,812
400	*	Prestige Brands Holdings, Inc		2,460
35,193		Procter & Gamble Co		1,798,361
300	*	Progenics Pharmaceuticals, Inc		1,545
431	*	Protalix BioTherapeutics, Inc		1,948
622	*	Questcor Pharmaceuticals, Inc		3,110
333	*	Quidel Corp		4,848
238	*	Revlon, Inc (Class A)		1,295
577	*	Rockwood Holdings, Inc		8,447
1,552		RPM International, Inc		21,790
581	*	Salix Pharmaceuticals Ltd		5,734
630	*	Santarus, Inc		1,777
19,637		Schering-Plough Corp		493,280
450	*	Sciclone Pharmaceuticals, Inc		1,152
597		Scotts Miracle-Gro Co (Class A)		20,925
600		Sensient Technologies Corp		13,542
1,321	*	Sepracor, Inc		22,880
1,215		Sherwin-Williams Co		65,306
310	*	SIGA Technologies, Inc		2,616
1,529		Sigma-Aldrich Corp		75,777
1,238	*	Solutia, Inc		7,131
394	*	Spectrum Pharmaceuticals, Inc		3,014
1,224	*	StemCells, Inc		2,081
100		Stepan Co		4,416
703	*	SuperGen, Inc		1,413
147	*	SurModics, Inc		3,327
584	*	Theravance, Inc		8,550
332	*	Ulta Salon Cosmetics & Fragrance, Inc		3,692
1,020	*	Unifi, Inc		1,448
282	*	United Therapeutics Corp		23,499
92	*	USANA Health Sciences, Inc		2,735
1,324	*	USEC, Inc		7,044
822	*	Valeant Pharmaceuticals International		21,142
1,208		Valspar Corp		27,216
317	*	Vanda Pharmaceuticals, Inc		3,731
2,090	*	Vertex Pharmaceuticals, Inc		74,488
423	*	Vical, Inc		1,146
931	*	Viropharma, Inc		5,521
1,211	*	Warner Chilcott Ltd (Class A)		15,925
1,274	*	Watson Pharmaceuticals, Inc		42,921
220		Westlake Chemical Corp		4,486
802	*	WR Grace & Co		9,921
16,063		Wyeth		729,099
288	*	Xenoport, Inc		6,673
405	*	Zymogenetics, Inc		1,863
		TOTAL CHEMICALS AND ALLIED PRODUCTS		14,950,274
COAL MINING - 0.20%
862	*	Alpha Natural Resources, Inc		22,645
1,747		Arch Coal, Inc		26,851
2,180		Consol Energy, Inc		74,033
1,314	*	International Coal Group, Inc		3,758
420	*	James River Coal Co		6,355
1,033		Massey Energy Co		20,185
3,230		Peabody Energy Corp		97,416
108	*	Westmoreland Coal Co		875
		TOTAL COAL MINING		252,118
COMMUNICATIONS - 4.38%
75	*	AboveNet, Inc		6,074
743		Adtran, Inc		15,952

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
463		Alaska Communications Systems Group, Inc	$	3,389
4,779	*	American Tower Corp (Class A)		150,682
356	*	Anixter International, Inc		13,382
711	*	Aruba Networks, Inc		6,214
71,238		AT&T, Inc		1,769,551
105		Atlantic Tele-Network, Inc		4,125
200	*	Audiovox Corp (Class A)		1,172
552	*	Brightpoint, Inc		3,461
2,863		Cablevision Systems Corp (Class A)		55,571
277	*	Cbeyond Communications, Inc		3,975
7,337		CBS Corp (Class B)		50,772
1,031	*	Centennial Communications Corp		8,619
463	*	Central European Media Enterprises Ltd (Class A)		9,116
1,226		CenturyTel, Inc		37,638
3,005	*	Cincinnati Bell, Inc		8,534
765	*	Clearwire Corp (Class A)		4,230
34,714		Comcast Corp (Class A)		503,006
305		Consolidated Communications Holdings, Inc		3,572
3,507	*	Crown Castle International Corp		84,238
200	*	Crown Media Holdings, Inc (Class A)		334
454	*	CTC Media, Inc		5,366
169		D&E Communications, Inc		1,729
217	*	DG FastChannel, Inc		3,971
178	*	DigitalGlobe, Inc		3,418
5,577	*	DIRECTV Group, Inc		137,808
2,386	*	DISH Network Corp (Class A)		38,677
1,725		Embarq Corp		72,554
435	*	Equinix, Inc		31,642
922		Fairpoint Communications, Inc		553
74	*	Fibernet Telecom Group, Inc		919
52		Fisher Communications, Inc		665
3,935		Frontier Communications Corp		28,096
464	*	General Communication, Inc (Class A)		3,216
193	*	GeoEye, Inc		4,547
267	*	Global Crossing Ltd		2,451
998		Global Payments, Inc		37,385
158		HickoryTech Corp		1,213
71	*	Hughes Communications, Inc		1,621
1,298	*	IAC/InterActiveCorp		20,833
361		Ibasis, Inc		473
400		Iowa Telecommunications Services, Inc		5,004
180	*	iPCS, Inc		2,693
592	*	j2 Global Communications, Inc		13,356
284	*	Knology, Inc		2,451
710	*	Leap Wireless International, Inc		23,380
19,656	*	Level 3 Communications, Inc		29,681
3,215	*	Liberty Global, Inc (Class A)		51,086
968	*	Liberty Media Corp - Capital (Series A)		13,126
6,197	*	Liberty Media Corp - Entertainment (Series A)		165,770
6,941	*	Liberty Media Holding Corp (Interactive A)		34,774
281	*	Lin TV Corp (Class A)		472
573	*	Mastec, Inc		6,716
493	*	Mediacom Communications Corp (Class A)		2,519
3,026	*	MetroPCS Communications, Inc		40,276
874	*	NeuStar, Inc (Class A)		19,368
391	*	Neutral Tandem, Inc		11,542
1,998	*	NII Holdings, Inc (Class B)		38,102
435	*	Novatel Wireless, Inc		3,924
363		NTELOS Holdings Corp		6,686
1,409	*	PAETEC Holding Corp		3,804
28		Preformed Line Products Co		1,234
17,793		Qwest Communications International, Inc		73,841
429	*	RCN Corp		2,561
423	*	SAVVIS, Inc		4,848
1,392	*	SBA Communications Corp (Class A)		34,160
1,065		Scripps Networks Interactive (Class A)		29,639

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
364		Shenandoah Telecom Co	$	7,386
383		Sinclair Broadcast Group, Inc (Class A)		743
33,883	*	Sprint Nextel Corp		162,977
172	*	SureWest Communications		1,801
244	*	Switch & Data Facilities Co, Inc		2,862
823	*	Syniverse Holdings, Inc		13,193
370	*	TeleCommunication Systems, Inc (Class A)		2,631
1,095		Telephone & Data Systems, Inc		30,989
500	*	Terremark Worldwide, Inc		2,890
4,277		Time Warner Cable, Inc		135,453
1,259	*	TiVo, Inc		13,194
200	*	US Cellular Corp		7,690
250		USA Mobility, Inc		3,190
34,264		Verizon Communications, Inc		1,052,932
6,556	*	Viacom, Inc (Class B)		148,821
442	*	Virgin Mobile USA, Inc (Class A)		1,777
5,275		Windstream Corp		44,099
		TOTAL COMMUNICATIONS		5,394,385
DEPOSITORY INSTITUTIONS - 6.26%
180		1st Source Corp		3,109
278		Abington Bancorp, Inc		2,213
51		Alliance Financial Corp		1,446
71		American National Bankshares, Inc		1,369
108		Ameris Bancorp		683
77		Ames National Corp		1,880
100		Arrow Financial Corp		2,700
1,626		Associated Banc-Corp		20,325
951		Astoria Financial Corp		8,160
130		Bancfirst Corp		4,495
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,704
46		Bancorp Rhode Island, Inc		907
1,007		Bancorpsouth, Inc		20,674
838		Bank Mutual Corp		7,307
92,378		Bank of America Corp		1,219,389
645		Bank of Hawaii Corp		23,110
37		Bank of Kentucky Financial Corp		1,036
61		Bank of Marin Bancorp		1,644
14,364		Bank of New York Mellon Corp		421,008
322		Bank of the Ozarks, Inc		6,965
300		BankFinancial Corp		2,658
79		Banner Corp		302
36		Bar Harbor Bankshares		1,111
7,837		BB&T Corp		172,256
392	*	Beneficial Mutual Bancorp, Inc		3,763
165		Berkshire Hills Bancorp, Inc		3,429
290		BOK Financial Corp		10,924
826		Boston Private Financial Holdings, Inc		3,700
75	*	Bridge Bancorp, Inc		2,042
668		Brookline Bancorp, Inc		6,226
86		Bryn Mawr Bank Corp		1,623
87		Camden National Corp		2,961
101		Capital City Bank Group, Inc		1,702
276		Capitol Federal Financial		10,579
286		Cardinal Financial Corp		2,239
75		Cass Information Systems, Inc		2,456
518		Cathay General Bancorp		4,926
127	*	Center Bancorp, Inc		1,035
113		Centerstate Banks of Florida, Inc		838
311		Central Pacific Financial Corp		1,166
234		Chemical Financial Corp		4,659
80	*	Chicopee Bancorp, Inc		1,038
66,336		Citigroup, Inc		197,017
101		Citizens & Northern Corp		2,078
48		Citizens Holding Co		1,498
955	*	Citizens Republic Bancorp, Inc		678

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
335		City Holding Co	$	10,171
554		City National Corp		20,404
112		Clifton Savings Bancorp, Inc		1,205
105		CNB Financial Corp		1,488
150		CoBiz, Inc		962
2,813		Colonial Bancgroup, Inc		1,744
170		Columbia Banking System, Inc		1,739
1,772		Comerica, Inc		37,478
788		Commerce Bancshares, Inc		25,082
400		Community Bank System, Inc		5,824
182		Community Trust Bancorp, Inc		4,869
626		Cullen/Frost Bankers, Inc		28,871
799		CVB Financial Corp		4,770
309		Dime Community Bancshares		2,815
300	*	Dollar Financial Corp		4,137
118	*	Eagle Bancorp, Inc		1,035
833		East West Bancorp, Inc		5,406
90		Enterprise Financial Services Corp		818
110		ESB Financial Corp		1,443
197		ESSA Bancorp, Inc		2,693
589	*	Euronet Worldwide, Inc		11,421
78		Farmers Capital Bank Corp		1,963
6,959		Fifth Third Bancorp		49,409
126		Financial Institutions, Inc		1,721
174		First Bancorp		2,728
1,292		First Bancorp (Puerto Rico)		5,103
107		First Bancorp, Inc		2,083
291		First Busey Corp		2,139
70		First Citizens Bancshares, Inc (Class A)		9,356
1,229		First Commonwealth Financial Corp		7,792
72		First Community Bancshares, Inc		924
101	*	First Defiance Financial Corp		1,313
447		First Financial Bancorp		3,361
321		First Financial Bankshares, Inc		16,166
188		First Financial Corp		5,937
133		First Financial Holdings, Inc		1,250
261		First Financial Northwest, Inc		2,041
46		First Financial Service Corp		801
2,548	*	First Horizon National Corp		30,575
315		First Merchants Corp		2,529
545		First Midwest Bancorp, Inc		3,984
1,701		First Niagara Financial Group, Inc		19,425
66		First of Long Island Corp		1,527
88		First South Bancorp, Inc		1,021
960		FirstMerit Corp		16,301
485	*	Flagstar Bancorp, Inc		330
243		Flushing Financial Corp		2,272
979		FNB Corp		6,060
1,944		Fulton Financial Corp		10,128
133		German American Bancorp, Inc		1,917
860		Glacier Bancorp, Inc		12,702
123		Great Southern Bancorp, Inc		2,528
600	*	Guaranty Bancorp		1,146
218		Hampton Roads Bankshares, Inc		1,799
294		Hancock Holding Co		9,552
524		Harleysville National Corp		2,463
158		Heartland Financial USA, Inc		2,256
106	*	Home Bancorp, Inc		1,266
137		Home Bancshares, Inc		2,608
199		Home Federal Bancorp, Inc		2,028
5,646		Hudson City Bancorp, Inc		75,035
4,944		Huntington Bancshares, Inc		20,666
245		IBERIABANK Corp		9,655
252		Independent Bank Corp		4,964
674		International Bancshares Corp		6,949
579	*	Investors Bancorp, Inc		5,304

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
45,383		JPMorgan Chase & Co	$	1,548,013
227		Kearny Financial Corp		2,597
6,230		Keycorp		32,645
249		Lakeland Bancorp, Inc		2,239
147		Lakeland Financial Corp		2,793
94		Legacy Bancorp, Inc		1,043
866		M&T Bank Corp		44,105
216		MainSource Financial Group, Inc		1,603
3,139		Marshall & Ilsley Corp		15,067
400		MB Financial, Inc		4,076
60		Merchants Bancshares, Inc		1,331
119	*	Meridian Interstate Bancorp, Inc		887
1,082	*	Metavante Technologies, Inc		27,981
56		Midsouth Bancorp, Inc		941
186		Nara Bancorp, Inc		963
100		NASB Financial, Inc		2,860
84		National Bankshares, Inc		2,016
842		National Penn Bancshares, Inc		3,882
374		NBT Bancorp, Inc		8,120
523	*	Net 1 UEPS Technologies, Inc		7,108
4,160		New York Community Bancorp, Inc		44,470
1,211		NewAlliance Bancshares, Inc		13,927
2,910		Northern Trust Corp		156,208
227		Northfield Bancorp, Inc		2,638
74		Northrim BanCorp, Inc		1,030
200		Northwest Bancorp, Inc		3,772
97		OceanFirst Financial Corp		1,161
48		Ohio Valley Banc Corp		1,408
869		Old National Bancorp		8,534
350		Old Second Bancorp, Inc		2,065
273		Oriental Financial Group, Inc		2,648
152	*	Oritani Financial Corp		2,084
60		Orrstown Financial Services, Inc		2,234
528		Pacific Capital Bancorp		1,130
154		Pacific Continental Corp		1,868
270		PacWest Bancorp		3,553
165		Park National Corp		9,319
95		Peapack Gladstone Financial Corp		1,833
47		Penns Woods Bancorp, Inc		1,370
58	*	Pennsylvania Commerce Bancorp, Inc		1,117
75		Peoples Bancorp, Inc		1,279
46	*	Peoples Financial Corp		874
4,172		People’s United Financial, Inc		62,747
400	*	Pinnacle Financial Partners, Inc		5,328
5,470		PNC Financial Services Group, Inc		212,290
3,154		Popular, Inc		6,939
274		Premierwest Bancorp		929
423		PrivateBancorp, Inc		9,408
555		Prosperity Bancshares, Inc		16,556
753		Provident Financial Services, Inc		6,852
421		Provident New York Bancorp		3,419
13,971		Regions Financial Corp		56,443
195		Renasant Corp		2,929
120		Republic Bancorp, Inc (Class A)		2,711
97		Rockville Financial, Inc		1,062
100		Roma Financial Corp		1,274
300		S&T Bancorp, Inc		3,648
210		S.Y. Bancorp, Inc		5,076
250		Sandy Spring Bancorp, Inc		3,675
121	*	Santander BanCorp		842
151		SCBT Financial Corp		3,577
98		Shore Bancshares, Inc		1,758
87		Sierra Bancorp		1,099
499	*	Signature Bank		13,533
169		Simmons First National Corp (Class A)		4,516
110		Smithtown Bancorp, Inc		1,407

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
800		South Financial Group, Inc	$	952
127		Southside Bancshares, Inc		2,904
94		Southwest Bancorp, Inc		917
163		State Bancorp, Inc		1,232
5,948		State Street Corp		280,745
256		StellarOne Corp		3,315
119		Sterling Bancorp		994
994		Sterling Bancshares, Inc		6,292
561		Sterling Financial Corp		1,633
88		Suffolk Bancorp		2,256
147	*	Sun Bancorp, Inc		761
4,062		SunTrust Banks, Inc		66,820
979		Susquehanna Bancshares, Inc		4,787
400	*	SVB Financial Group		10,888
3,166		Synovus Financial Corp		9,466
1,554		TCF Financial Corp		20,777
429	*	Texas Capital Bancshares, Inc		6,637
1,000		TFS Financial Corp		10,620
126	*	The Bancorp, Inc		756
119		Tompkins Trustco, Inc		5,706
42		Tower Bancorp, Inc		1,476
232		TowneBank		3,248
171		Trico Bancshares		2,651
852		Trustco Bank Corp NY		5,035
711		Trustmark Corp		13,737
1,089		UCBH Holdings, Inc		1,372
372		UMB Financial Corp		14,140
733		Umpqua Holdings Corp		5,688
167		Union Bankshares Corp		2,500
437		United Bankshares, Inc		8,539
518		United Community Banks, Inc		3,101
201		United Financial Bancorp, Inc		2,778
75		United Security Bancshares		1,643
121		Univest Corp of Pennsylvania		2,451
22,892		US Bancorp		410,224
1,660		Valley National Bancorp		19,422
124		ViewPoint Financial Group		1,889
113		Washington Banking Co		1,064
1,006		Washington Federal, Inc		13,078
138		Washington Trust Bancorp, Inc		2,461
770		Webster Financial Corp		6,199
57,418		Wells Fargo & Co		1,392,960
301		WesBanco, Inc		4,377
189		West Bancorporation, Inc		945
390		Westamerica Bancorporation		19,348
554	*	Western Alliance Bancorp		3,789
8,469		Western Union Co		138,891
366		Westfield Financial, Inc		3,316
750		Whitney Holding Corp		6,870
772		Wilmington Trust Corp		10,546
167		Wilshire Bancorp, Inc		960
248		Wintrust Financial Corp		3,988
100		WSFS Financial Corp		2,731
135		Yadkin Valley Financial Corp		933
1,396		Zions Bancorporation		16,138
		TOTAL DEPOSITORY INSTITUTIONS		7,710,236
EATING AND DRINKING PLACES - 1.15%
208	*	AFC Enterprises		1,404
167	*	Benihana, Inc		1,055
239	*	BJ’s Restaurants, Inc		4,032
379		Bob Evans Farms, Inc		10,892
1,150		Brinker International, Inc		19,585
218	*	Buffalo Wild Wings, Inc		7,089
1,182		Burger King Holdings, Inc		20,413
262	*	California Pizza Kitchen, Inc		3,482

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
332		CBRL Group, Inc	$	9,263
343	*	CEC Entertainment, Inc		10,112
844	*	Cheesecake Factory		14,601
385	*	Chipotle Mexican Grill, Inc (Class A)		30,800
622		CKE Restaurants, Inc		5,275
1,656		Darden Restaurants, Inc		54,615
949	*	Denny’s Corp		2,040
182		DineEquity, Inc		5,677
400	*	Domino’s Pizza, Inc		2,996
678	*	Jack in the Box, Inc		15,221
587	*	Krispy Kreme Doughnuts, Inc		1,761
273	*	Landry’s Restaurants, Inc		2,348
253	*	Luby’s, Inc		1,027
188	*	McCormick & Schmick’s Seafood Restaurants, Inc		1,431
13,320		McDonald’s Corp		765,766
300		O’Charleys, Inc		2,775
263	*	Papa John’s International, Inc		6,520
277	*	PF Chang’s China Bistro, Inc		8,881
150	*	Red Robin Gourmet Burgers, Inc		2,813
661	*	Ruby Tuesday, Inc		4,402
200	*	Ruth’s Chris Steak House, Inc		734
729	*	Sonic Corp		7,312
8,815	*	Starbucks Corp		122,440
400	*	Steak N Shake Co		3,496
602	*	Texas Roadhouse, Inc (Class A)		6,568
2,184		Tim Hortons, Inc		53,595
4,271		Wendy’s/Arby’s Group, Inc (Class A)		17,084
5,573		Yum! Brands, Inc		185,804
		TOTAL EATING AND DRINKING PLACES		1,413,309
EDUCATIONAL SERVICES - 0.25%
218	*	American Public Education, Inc		8,635
1,601	*	Apollo Group, Inc (Class A)		113,863
170	*	Bridgepoint Education, Inc		2,890
881	*	Career Education Corp		21,928
363	*	ChinaCast Education Corp		2,585
942	*	Corinthian Colleges, Inc		15,948
751		DeVry, Inc		37,580
228	*	Grand Canyon Education, Inc		3,826
458	*	ITT Educational Services, Inc		46,102
310	*	K12, Inc		6,681
92	*	Learning Tree International, Inc		948
115	*	Lincoln Educational Services Corp		2,407
168		Strayer Education, Inc		36,642
228	*	Universal Technical Institute, Inc		3,404
		TOTAL EDUCATIONAL SERVICES		303,439
ELECTRIC, GAS, AND SANITARY SERVICES - 4.55%
8,046	*	AES Corp		93,414
931		AGL Resources, Inc		29,606
2,021		Allegheny Energy, Inc		51,839
338		Allete, Inc		9,718
1,335		Alliant Energy Corp		34,884
2,537		Ameren Corp		63,146
200		American Ecology Corp		3,584
5,750		American Electric Power Co, Inc		166,118
225		American States Water Co		7,794
720		American Water Works Co, Inc		13,759
1,736		Aqua America, Inc		31,074
77		Artesian Resources Corp		1,227
1,066		Atmos Energy Corp		26,693
658		Avista Corp		11,719
446		Black Hills Corp		10,254
225		California Water Service Group		8,289
4,146	*	Calpine Corp		46,228
3,982		Centerpoint Energy, Inc		44,121

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
110		Central Vermont Public Service Corp	$	1,991
250		CH Energy Group, Inc		11,675
76		Chesapeake Utilities Corp		2,472
355	*	Clean Energy Fuels Corp		3,057
245	*	Clean Harbors, Inc		13,228
728		Cleco Corp		16,322
2,460		CMS Energy Corp		29,717
98		Connecticut Water Service, Inc		2,126
3,270		Consolidated Edison, Inc		122,363
160		Consolidated Water Co, Inc		2,536
2,326		Constellation Energy Group, Inc		61,825
1,527	*	Covanta Holding Corp		25,898
456		Crosstex Energy, Inc		1,897
7,088		Dominion Resources, Inc		236,880
1,497		DPL, Inc		34,685
1,977		DTE Energy Co		63,264
15,301		Duke Energy Corp		223,241
5,637	*	Dynegy, Inc (Class A)		12,796
3,874		Edison International		121,876
8,722		El Paso Corp		80,504
600	*	El Paso Electric Co		8,376
388		Empire District Electric Co		6,410
866		Energen Corp		34,553
904		EnergySolutions, Inc		8,317
109	*	EnerNOC, Inc		2,362
2,368		Entergy Corp		183,567
7,954		Exelon Corp		407,323
3,624		FirstEnergy Corp		140,430
78		Florida Public Utilities Co		1,094
4,960		FPL Group, Inc		282,025
1,633		Great Plains Energy, Inc		25,393
1,196		Hawaiian Electric Industries, Inc		22,796
695		Idacorp, Inc		18,167
971		Integrys Energy Group, Inc		29,120
600		ITC Holdings Corp		27,216
250		Laclede Group, Inc		8,283
2,209		MDU Resources Group, Inc		41,905
287		MGE Energy, Inc		9,629
155		Middlesex Water Co		2,240
1,738	*	Mirant Corp		27,356
864		National Fuel Gas Co		31,173
508		New Jersey Resources Corp		18,816
545		Nicor, Inc		18,868
3,108		NiSource, Inc		36,239
2,126		Northeast Utilities		47,431
333		Northwest Natural Gas Co		14,759
435		NorthWestern Corp		9,901
3,121	*	NRG Energy, Inc		81,021
1,294		NSTAR		41,550
2,662		NV Energy, Inc		28,723
1,121		OGE Energy Corp		31,747
1,273		Oneok, Inc		37,541
240		Ormat Technologies, Inc		9,674
540		Otter Tail Corp		11,794
52		Pennichuck Corp		1,186
2,652		Pepco Holdings, Inc		35,643
629	*	Perma-Fix Environmental Services		1,522
4,346		PG&E Corp		167,060
228	*	Pico Holdings, Inc		6,544
962		Piedmont Natural Gas Co, Inc		23,194
200	*	Pike Electric Corp		2,410
1,246		Pinnacle West Capital Corp		37,567
1,049		PNM Resources, Inc		11,235
906		Portland General Electric Co		17,649
4,505		PPL Corp		148,485
3,431		Progress Energy, Inc		129,795

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
600	*,m	Progress Energy, Inc (CVO)	$	150
6,060		Public Service Enterprise Group, Inc		197,737
2,092		Questar Corp		64,978
4,240	*	Reliant Energy, Inc		21,242
3,886		Republic Services, Inc		94,857
115		Resource America, Inc (Class A)		619
1,406		SCANA Corp		45,653
2,950		Sempra Energy		146,409
138		SJW Corp		3,133
340		South Jersey Industries, Inc		11,863
9,413		Southern Co		293,308
1,278		Southern Union Co		23,502
542		Southwest Gas Corp		12,038
303		Southwest Water Co		1,673
1,025	*	Stericycle, Inc		52,818
2,445		TECO Energy, Inc		29,169
1,309		UGI Corp		33,366
353		UIL Holdings Corp		7,925
432		Unisource Energy Corp		11,465
126	*	Unitil Corp		2,598
977		Vectren Corp		22,891
986	*	Waste Connections, Inc		25,547
5,913		Waste Management, Inc		166,510
229	*	Waste Services, Inc		1,186
1,310		Westar Energy, Inc		24,589
613		WGL Holdings, Inc		19,628
6,979		Williams Cos, Inc		108,942
1,446		Wisconsin Energy Corp		58,867
5,503		Xcel Energy, Inc		101,310
142		York Water Co		2,177
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,596,059
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.88%
475	*	Acme Packet, Inc		4,807
313	*	Actel Corp		3,358
468		Acuity Brands, Inc		13,127
1,457	*	Adaptec, Inc		3,861
1,296	*	ADC Telecommunications, Inc		10,316
395	*	Advanced Analogic Technologies, Inc		1,813
472	*	Advanced Battery Technologies, Inc		1,897
504	*	Advanced Energy Industries, Inc		4,531
6,784	*	Advanced Micro Devices, Inc		26,254
298	*	Airvana, Inc		1,898
3,544		Altera Corp		57,696
544	*	American Superconductor Corp		14,280
1,295		Ametek, Inc		44,781
1,245	*	Amkor Technology, Inc		5,889
1,994		Amphenol Corp (Class A)		63,090
891	*	Anadigics, Inc		3,733
3,522		Analog Devices, Inc		87,275
10,761	*	Apple Computer, Inc		1,532,688
891	*	Applied Micro Circuits Corp		7,244
144		Applied Signal Technology, Inc		3,673
1,549	*	Arris Group, Inc		18,836
525	*	Ascent Solar Technologies, Inc		4,106
802	*	Atheros Communications, Inc		15,430
5,300	*	Atmel Corp		19,769
395	*	ATMI, Inc		6,134
1,731	*	Avnet, Inc		36,403
583		AVX Corp		5,789
129	*	AZZ, Inc		4,439
542		Baldor Electric Co		12,894
100		Bel Fuse, Inc (Class B)		1,604
750	*	Benchmark Electronics, Inc		10,800
386	*	BigBand Networks, Inc		1,996
5,934	*	Broadcom Corp (Class A)		147,104

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
321	*	Ceradyne, Inc	$	5,669
234	*	Ceva, Inc		2,031
500	*	Checkpoint Systems, Inc		7,845
469	*	China BAK Battery, Inc		1,384
311	*	China Security & Surveillance Technology, Inc		2,345
1,099	*	Ciena Corp		11,375
69,706	*	Cisco Systems, Inc		1,299,319
330	*	Comtech Telecommunications Corp		10,520
2,011		Cooper Industries Ltd (Class A)		62,442
1,076	*	Cree, Inc		31,624
300		CTS Corp		1,965
170		Cubic Corp		6,084
1,711	*	Cypress Semiconductor Corp		15,741
332	*	Diodes, Inc		5,192
633	*	Dolby Laboratories, Inc (Class A)		23,598
289	*	DSP Group, Inc		1,954
179	*	DTS, Inc		4,846
2,000		Eaton Corp		89,220
485	*	EchoStar Corp (Class A)		7,731
300	*	Electro Scientific Industries, Inc		3,354
834	*	EMCORE Corp		1,051
161	*	EMS Technologies, Inc		3,365
809	*	Energizer Holdings, Inc		42,262
585	*	Energy Conversion Devices, Inc		8,278
481	*	EnerSys		8,749
655	*	Entropic Communications, Inc		1,474
2,598	*	Evergreen Solar, Inc		5,638
520	*	Exar Corp		3,739
816	*	Exide Technologies		3,044
1,414	*	Fairchild Semiconductor International, Inc		9,884
618	*	First Solar, Inc		100,190
277		Franklin Electric Co, Inc		7,180
1,210	*	FuelCell Energy, Inc		5,058
127,843		General Electric Co		1,498,319
228	*	Globecomm Systems, Inc		1,639
191	*	GP Strategies Corp		1,125
1,560	*	GrafTech International Ltd		17,644
269	*	Greatbatch, Inc		6,082
474	*	GT Solar International, Inc		2,522
662		Harman International Industries, Inc		12,446
1,150	*	Harmonic, Inc		6,774
1,630		Harris Corp		46,227
670	*	Harris Stratex Networks, Inc (Class A)		4,342
334	*	Helen of Troy Ltd		5,608
1,161	*	Hexcel Corp		11,064
259	*	Hittite Microwave Corp		9,000
400		Imation Corp		3,044
1,220	*	Infinera Corp		11,139
1,945	*	Integrated Device Technology, Inc		11,748
67,433		Intel Corp		1,116,016
270	*	Intellon Corp		1,148
564	*	InterDigital, Inc		13,784
915	*	International Rectifier Corp		13,551
1,411		Intersil Corp (Class A)		17,736
217	*	IPG Photonics Corp		2,380
231	*	iRobot Corp		2,998
257		IXYS Corp		2,601
2,562	*	JDS Uniphase Corp		14,655
1,407		L-3 Communications Holdings, Inc		97,618
1,300	*	Lattice Semiconductor Corp		2,444
513		Lincoln Electric Holdings, Inc		18,489
2,683		Linear Technology Corp		62,648
261	*	Littelfuse, Inc		5,210
124	*	Loral Space & Communications, Inc		3,193
131		LSI Industries, Inc		714
7,838	*	LSI Logic Corp		35,741

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
6,174	*	Marvell Technology Group Ltd	$	71,865
3,678		Maxim Integrated Products, Inc		57,708
211	*	Maxwell Technologies, Inc		2,918
2,701	*	MEMC Electronic Materials, Inc		48,105
223	*	Mercury Computer Systems, Inc		2,063
447		Methode Electronics, Inc		3,138
797		Micrel, Inc		5,834
2,137		Microchip Technology, Inc		48,189
10,253	*	Micron Technology, Inc		51,880
1,063	*	Microsemi Corp		14,669
1,000	*	Microtune, Inc		2,340
625	*	Microvision, Inc		1,919
436	*	MIPS Technologies, Inc		1,308
1,592		Molex, Inc		24,756
407	*	Monolithic Power Systems, Inc		9,121
510	*	Moog, Inc (Class A)		13,163
27,620		Motorola, Inc		183,121
160	*	Multi-Fineline Electronix, Inc		3,424
58		National Presto Industries, Inc		4,414
2,758		National Semiconductor Corp		34,613
4,020	*	NetApp, Inc		79,274
200	*	Netlogic Microsystems, Inc		7,292
1,139	*	Novellus Systems, Inc		19,021
55	*	NVE Corp		2,673
6,683	*	Nvidia Corp		75,451
634	*	Omnivision Technologies, Inc		6,587
4,849	*	ON Semiconductor Corp		33,264
1,006	*	Openwave Systems, Inc		2,253
252	*	Oplink Communications, Inc		2,873
205	*	OpNext, Inc		439
185	*	OSI Systems, Inc		3,857
232		Park Electrochemical Corp		4,995
265	*	Parkervision, Inc		811
304	*	Pericom Semiconductor Corp		2,560
500	*	Photronics, Inc		2,025
554		Plantronics, Inc		10,476
548	*	Plexus Corp		11,212
410	*	PLX Technology, Inc		1,546
2,504	*	PMC - Sierra, Inc		19,932
1,022	*	Polycom, Inc		20,716
314	*	Polypore International, Inc		3,492
94	*	Powell Industries, Inc		3,485
343		Power Integrations, Inc		8,160
1,100	*	Power-One, Inc		1,639
1,294	*	Powerwave Technologies, Inc		2,083
1,437	*	QLogic Corp		18,221
19,975		Qualcomm, Inc		902,870
1,317	*	Rambus, Inc		20,400
192		Raven Industries, Inc		4,915
420		Regal-Beloit Corp		16,682
3,137	*	RF Micro Devices, Inc		11,795
200	*	Rogers Corp		4,046
149	*	Rubicon Technology, Inc		2,128
611	*	SatCon Technology Corp		1,100
334	*	Seachange International, Inc		2,682
733	*	Semtech Corp		11,662
495	*	ShoreTel, Inc		3,960
1,131	*	Silicon Image, Inc		2,601
583	*	Silicon Laboratories, Inc		22,119
1,350	*	Silicon Storage Technology, Inc		2,525
1,872	*	Skyworks Solutions, Inc		18,308
549	*	Smart Modular Technologies WWH, Inc		1,246
153	*	Spectrum Control, Inc		1,346
300	*	Standard Microsystems Corp		6,135
426	*	Starent Networks Corp		10,399
1,243	*	Stoneridge, Inc		5,966

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,166	*	Sunpower Corp (Class A)	$	31,062
100	*	Supertex, Inc		2,511
2,341	*	Sycamore Networks, Inc		7,327
396	*	Symmetricom, Inc		2,285
424	*	Synaptics, Inc		16,388
500		Technitrol, Inc		3,235
163	*	Techwell, Inc		1,386
806	*	Tekelec		13,565
437		Teleflex, Inc		19,591
4,811	*	Tellabs, Inc		27,567
560	*	Tessera Technologies, Inc		14,162
15,379		Texas Instruments, Inc		327,573
645	*	Thomas & Betts Corp		18,615
598	*	Trident Microsystems, Inc		1,041
1,986	*	Triquint Semiconductor, Inc		10,546
433	*	TTM Technologies, Inc		3,447
60	*	Ultralife Corp		430
269	*	Universal Display Corp		2,631
166	*	Universal Electronics, Inc		3,348
771	*	US Geothermal, Inc		1,095
1,960	*	Utstarcom, Inc		3,195
581	*	Valence Technology, Inc		1,040
881	*	Varian Semiconductor Equipment Associates, Inc		21,135
315	*	Viasat, Inc		8,077
200		Vicor Corp		1,444
2,260	*	Vishay Intertechnology, Inc		15,345
288	*	Volterra Semiconductor Corp		3,784
868		Whirlpool Corp		36,942
266	*	White Electronic Designs Corp		1,232
3,361		Xilinx, Inc		68,766
743	*	Zix Corp		1,115
350	*	Zoltek Cos, Inc		3,402
619	*	Zoran Corp		6,747
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		9,693,114
ENGINEERING AND MANAGEMENT SERVICES - 0.97%
319	*	Accelrys, Inc		1,885
7,403		Accenture Ltd (Class A)		247,703
188	*	Advisory Board Co		4,832
1,142	*	Aecom Technology Corp		36,544
166	*	Affymax, Inc		3,059
1,697	*	Amylin Pharmaceuticals, Inc		22,910
556	*	Ariad Pharmaceuticals, Inc		884
100		CDI Corp		1,115
906	*	Celera Corp		6,913
205	*	comScore, Inc		2,731
117	*	Cornell Cos, Inc		1,897
387		Corporate Executive Board Co		8,034
167	*	CRA International, Inc		4,636
303		Diamond Management & Technology Consultants, Inc		1,273
641	*	Dyax Corp		1,372
723	*	eResearch Technology, Inc		4,490
1,296	*	Exelixis, Inc		6,312
172	*	Exponent, Inc		4,216
2,155		Fluor Corp		110,529
148	*	Franklin Covey Co		922
408	*	Furmanite Corp		1,820
692	*	Genpact Ltd		8,131
668	*	Gen-Probe, Inc		28,711
1,008	*	Hewitt Associates, Inc (Class A)		30,018
270	*	Hill International, Inc		1,161
279	*	Huron Consulting Group, Inc		12,898
106	*	ICF International, Inc		2,925
1,305	*	Incyte Corp		4,293
224	*	Infinity Pharmaceuticals, Inc		1,308
1,497	*	Insmed, Inc		1,497

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,170	*	Isis Pharmaceuticals, Inc	$	19,305
1,484	*	Jacobs Engineering Group, Inc		62,461
1,971		KBR, Inc		36,345
135	*	Kendle International, Inc		1,652
174		Landauer, Inc		10,673
954	*	Lexicon Pharmaceuticals, Inc		1,183
588	*	Luminex Corp		10,902
241		MAXIMUS, Inc		9,941
317	*	Maxygen, Inc		2,130
2,762	*	McDermott International, Inc		56,095
80	*	Michael Baker Corp		3,389
1,132	*	Myriad Genetics, Inc		40,356
631	*	Navigant Consulting, Inc		8,153
387	*	Omnicell, Inc		4,160
3,989		Paychex, Inc		100,522
764	*	Regeneron Pharmaceuticals, Inc		13,691
367	*	Repligen Corp		2,019
514	*	Resources Connection, Inc		8,825
517	*	Rigel Pharmaceuticals, Inc		6,266
611	*	RTI Biologics, Inc		2,621
2,512	*	SAIC, Inc		46,598
410	*	Sangamo Biosciences, Inc		2,025
739	*	Savient Pharmaceuticals, Inc		10,243
866	*	Seattle Genetics, Inc		8,418
805	*	Sequenom, Inc		3,148
1,022	*	Shaw Group, Inc		28,013
137	*	Stanley, Inc		4,505
299	*	Symyx Technologies, Inc		1,749
100	*	Tejon Ranch Co		2,649
728	*	Tetra Tech, Inc		20,857
76	*	Transcend Services, Inc		1,205
1,020	*	URS Corp		50,510
1,018	*	VCA Antech, Inc		27,181
48		VSE Corp		1,256
512		Watson Wyatt & Co Holdings (Class A)		19,215
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,193,280
FABRICATED METAL PRODUCTS - 0.55%
434	*	Alliant Techsystems, Inc		35,744
105		Ameron International Corp		7,039
816		Aptargroup, Inc		27,556
1,136		Ball Corp		51,302
93	*	Bway Holding Co		1,630
323	*	Chart Industries, Inc		5,872
170		CIRCOR International, Inc		4,014
1,329		Commercial Metals Co		21,304
593		Crane Co		13,230
1,900	*	Crown Holdings, Inc		45,866
270		Dynamic Materials Corp		5,206
686	*	Griffon Corp		5,708
190		Gulf Island Fabrication, Inc		3,008
69	*	Hawk Corp		956
5,424		Illinois Tool Works, Inc		202,531
155		Insteel Industries, Inc		1,277
153	*	Ladish Co, Inc		1,984
400	*	Mobile Mini, Inc		5,868
1,254		Mueller Water Products, Inc (Class A)		4,690
260	*	NCI Building Systems, Inc		686
1,937		Parker Hannifin Corp		83,214
1,158		Pentair, Inc		29,668
450		Quanex Building Products Corp		5,049
323		Silgan Holdings, Inc		15,837
459		Simpson Manufacturing Co, Inc		9,924
635	*	Smith & Wesson Holding Corp		3,607
694		Snap-On, Inc		19,946
924		Stanley Works		31,268

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
228		Sturm Ruger & Co, Inc	$	2,836
122		Sun Hydraulics Corp		1,973
812	*	Taser International, Inc		3,703
255		Valmont Industries, Inc		18,380
341		Watts Water Technologies, Inc (Class A)		7,345
		TOTAL FABRICATED METAL PRODUCTS		678,221
FISHING, HUNTING, AND TRAPPING - 0.00%
110	*	HQ Sustainable Maritime Industries, Inc		1,007
		TOTAL FISHING, HUNTING, AND TRAPPING		1,007
FOOD AND KINDRED PRODUCTS - 3.90%
228	*	AgFeed Industries, Inc		1,352
97	*	American Dairy, Inc		3,847
255	*	American Italian Pasta Co		7,431
7,664		Archer Daniels Midland Co		205,165
226		B&G Foods, Inc (Class A)		1,901
100	*	Boston Beer Co, Inc (Class A)		2,959
1,492		Bunge Ltd		89,893
2,474		Campbell Soup Co		72,785
798	*	Central Garden and Pet Co (Class A)		7,860
77		Coca-Cola Bottling Co Consolidated		4,245
27,952		Coca-Cola Co		1,341,416
3,681		Coca-Cola Enterprises, Inc		61,289
5,397		ConAgra Foods, Inc		102,867
2,181	*	Constellation Brands, Inc (Class A)		27,655
902		Corn Products International, Inc		24,165
878	*	Darling International, Inc		5,795
2,385		Del Monte Foods Co		22,371
182		Diamond Foods, Inc		5,078
3,080	*	Dr Pepper Snapple Group, Inc		65,265
200		Farmer Bros Co		4,576
952		Flowers Foods, Inc		20,792
3,971		General Mills, Inc		222,455
3,747		H.J. Heinz Co		133,768
826	*	Hansen Natural Corp		25,457
1,846		Hershey Co		66,456
888		Hormel Foods Corp		30,672
125		Imperial Sugar Co		1,514
192		J&J Snack Foods Corp		6,893
1,442		J.M. Smucker Co		70,168
3,004		Kellogg Co		139,896
17,791		Kraft Foods, Inc (Class A)		450,824
293		Lancaster Colony Corp		12,913
400		Lance, Inc		9,252
107	*	M&F Worldwide Corp		2,140
1,574		McCormick & Co, Inc		51,202
420	*	Mead Johnson Nutrition Co		13,343
1,534		Molson Coors Brewing Co (Class B)		64,934
129	*	National Beverage Corp		1,374
211	*	Omega Protein Corp		857
195	*	Overhill Farms, Inc		1,028
149	*	Peet’s Coffee & Tea, Inc		3,755
1,697		Pepsi Bottling Group, Inc		57,426
710		PepsiAmericas, Inc		19,035
18,797		PepsiCo, Inc		1,033,083
670	*	Ralcorp Holdings, Inc		40,816
2,036		Reynolds American, Inc		78,630
246		Sanderson Farms, Inc		11,070
8,405		Sara Lee Corp		82,033
77	*	Seneca Foods Corp		2,573
718	*	Smart Balance, Inc		4,890
1,470	*	Smithfield Foods, Inc		20,536
368		Tootsie Roll Industries, Inc		8,350
383	*	TreeHouse Foods, Inc		11,019
3,645		Tyson Foods, Inc (Class A)		45,963
		TOTAL FOOD AND KINDRED PRODUCTS		4,803,032

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
FOOD STORES - 0.32%
15		Arden Group, Inc (Class A)	$	1,877
403	*	Great Atlantic & Pacific Tea Co, Inc		1,713
100		Ingles Markets, Inc (Class A)		1,524
7,877		Kroger Co		173,687
327	*	Panera Bread Co (Class A)		16,304
248	*	Pantry, Inc		4,117
520		Ruddick Corp		12,184
5,144		Safeway, Inc		104,783
2,644		Supervalu, Inc		34,240
91	*	Susser Holdings Corp		1,018
77		Village Super Market (Class A)		2,291
133		Weis Markets, Inc		4,458
1,320	*	Whole Foods Market, Inc		25,054
610	*	Winn-Dixie Stores, Inc		7,649
		TOTAL FOOD STORES		390,899
FORESTRY - 0.09%
962		Rayonier, Inc		34,969
2,546		Weyerhaeuser Co		77,474
		TOTAL FORESTRY		112,443
FURNITURE AND FIXTURES - 0.13%
111	*	Astronics Corp		1,153
279		Ethan Allen Interiors, Inc		2,890
642		Furniture Brands International, Inc		1,945
700		Herman Miller, Inc		10,738
759		Hill-Rom Holdings, Inc		12,311
567		HNI Corp		10,240
64		Hooker Furniture Corp		735
300		Kimball International, Inc (Class B)		1,872
744	*	Kinetic Concepts, Inc		20,274
500		La-Z-Boy, Inc		2,360
1,893		Leggett & Platt, Inc		28,830
4,339		Masco Corp		41,568
508	*	Sealy Corp		996
125	*	Stanley Furniture Co, Inc		1,349
838		Steelcase, Inc (Class A)		4,877
926		Tempur-Pedic International, Inc		12,103
		TOTAL FURNITURE AND FIXTURES		154,241
FURNITURE AND HOME FURNISHINGS STORES - 0.26%
3,155	*	Bed Bath & Beyond, Inc		97,016
4,066		Best Buy Co, Inc		136,170
1,973	*	GameStop Corp (Class A)		43,426
166		Haverty Furniture Cos, Inc		1,519
176	*	hhgregg, Inc		2,668
546		Knoll, Inc		4,139
1,075	*	Pier 1 Imports, Inc		2,139
1,485		RadioShack Corp		20,731
92	*	Rex Stores Corp		926
228	*	Tuesday Morning Corp		768
1,135		Williams-Sonoma, Inc		13,472
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		322,974
GENERAL BUILDING CONTRACTORS - 0.19%
100	*	Amrep Corp		1,103
39	*	Avatar Holdings, Inc		709
917	*	Beazer Homes USA, Inc		1,678
139		Brookfield Homes Corp		556
72	*	Cavco Industries, Inc		1,824
1,504		Centex Corp		12,724
3,350		DR Horton, Inc		31,356
439	*	Hovnanian Enterprises, Inc (Class A)		1,036
919		KB Home		12,572

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,611		Lennar Corp (Class A)	$	15,611
385	*	M/I Homes, Inc		3,769
274		McGrath RentCorp		5,222
441		MDC Holdings, Inc		13,279
377	*	Meritage Homes Corp		7,110
69	*	NVR, Inc		34,664
313	*	Perini Corp		5,434
2,600		Pulte Homes, Inc		22,958
506		Ryland Group, Inc		8,481
1,250	*	Standard-Pacific Corp		2,538
390	*	Team, Inc		6,111
1,565	*	Toll Brothers, Inc		26,558
652		Walter Industries, Inc		23,628
		TOTAL GENERAL BUILDING CONTRACTORS		238,921
GENERAL MERCHANDISE STORES - 1.92%
521	*	99 Cents Only Stores		7,075
961	*	Big Lots, Inc		20,210
687	*	BJ’s Wholesale Club, Inc		22,142
614		Casey’s General Stores, Inc		15,774
100	*	Conn’s, Inc		1,250
5,239		Costco Wholesale Corp		239,422
670		Dillard’s, Inc (Class A)		6,164
1,680		Family Dollar Stores, Inc		47,544
480		Fred’s, Inc (Class A)		6,048
2,644		JC Penney Co, Inc		75,909
5,081		Macy’s, Inc		59,753
298	*	Retail Ventures, Inc		650
1,641	*	Saks, Inc		7,270
601	*	Sears Holdings Corp		39,979
200	*	Stein Mart, Inc		1,772
9,080		Target Corp		358,387
4,989		TJX Companies, Inc		156,954
26,694		Wal-Mart Stores, Inc		1,293,056
		TOTAL GENERAL MERCHANDISE STORES		2,359,359
HEALTH SERVICES - 1.18%
312	*	Alliance Imaging, Inc		2,287
544	*	Allied Healthcare International, Inc		1,180
72	*	Almost Family, Inc		1,880
341	*	Amedisys, Inc		11,260
101	*	America Service Group, Inc		1,623
155	*	American Dental Partners, Inc		1,406
3,726		AmerisourceBergen Corp		66,099
451	*	Amsurg Corp		9,669
132	*	Assisted Living Concepts, Inc (A Shares)		1,921
273	*	Bio-Reference Labs, Inc		8,630
384		Brookdale Senior Living, Inc		3,740
123	*	China Sky One Medical, Inc		1,658
1,047	*	Community Health Systems, Inc		26,437
370	*	Continucare Corp		862
90	*	Corvel Corp		2,049
772	*	Covance, Inc		37,982
1,774	*	Coventry Health Care, Inc		33,192
296	*	Cross Country Healthcare, Inc		2,034
253	*	CryoLife, Inc		1,402
1,249	*	DaVita, Inc		61,776
677	*	Edwards Lifesciences Corp		46,056
280	*	eHealth, Inc		4,945
280	*	Emeritus Corp		3,699
270		Ensign Group, Inc		3,842
242	*	Enzo Biochem, Inc		1,072
2,944	*	Express Scripts, Inc		202,399
270	*	Genomic Health, Inc		4,679
245	*	Genoptix, Inc		7,838

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
349	*	Gentiva Health Services, Inc	$	5,745
295	*	Health Grades, Inc		1,153
2,818	*	Health Management Associates, Inc (Class A)		13,921
1,191	*	Healthsouth Corp		17,198
402	*	Healthways, Inc		5,407
1,809	*	Immunomedics, Inc		4,595
220	*	IPC The Hospitalist Co, Inc		5,872
402	*	Kindred Healthcare, Inc		4,973
1,308	*	Laboratory Corp of America Holdings		88,668
267	*	LHC Group, Inc		5,930
100	*	Life Sciences Research, Inc		717
634	*	LifePoint Hospitals, Inc		16,643
853	*	Lincare Holdings, Inc		20,063
462	*	Magellan Health Services, Inc		15,163
3,295		McKesson Corp		144,979
164	*	Medcath Corp		1,929
5,825	*	Medco Health Solutions, Inc		265,677
100		National Healthcare Corp		3,794
1,110	*	Nektar Therapeutics		7,193
235	*	Nighthawk Radiology Holdings, Inc		870
252	*	NovaMed, Inc		995
336	*	Odyssey HealthCare, Inc		3,454
1,451		Omnicare, Inc		37,378
538	*	Pediatrix Medical Group, Inc		22,666
1,248		Pharmaceutical Product Development, Inc		28,979
678	*	Psychiatric Solutions, Inc		15,418
1,876		Quest Diagnostics, Inc		105,862
300	*	RehabCare Group, Inc		7,179
246	*	Skilled Healthcare Group, Inc (Class A)		1,845
597	*	Sun Healthcare Group, Inc		5,039
483	*	Sunrise Senior Living, Inc		797
5,785	*	Tenet Healthcare Corp		16,314
538		Universal Health Services, Inc (Class B)		26,281
133	*	US Physical Therapy, Inc		1,962
		TOTAL HEALTH SERVICES		1,456,276
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.03%
225	*	Broadwind Energy, Inc		2,547
250	*	Comverge, Inc		3,025
396		Granite Construction, Inc		13,178
670		Great Lakes Dredge & Dock Corp		3,203
111	*	LB Foster Co (Class A)		3,338
440	*	Matrix Service Co		5,051
209	*	MYR Group, Inc		4,226
247	*	Orion Marine Group, Inc		4,693
133	*	Sterling Construction Co, Inc		2,030
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		41,291
HOLDING AND OTHER INVESTMENT OFFICES - 3.50%
415		Acadia Realty Trust		5,416
497	*	Affiliated Managers Group, Inc		28,920
79		Agree Realty Corp		1,448
24		Alexander’s, Inc		6,470
476		Alexandria Real Estate Equities, Inc		17,036
1,832		Allied Capital Corp		6,375
1,780		AMB Property Corp		33,482
628		American Campus Communities, Inc		13,929
110		American Capital Agency Corp		2,527
6,542		Annaly Mortgage Management, Inc		99,046
503		Anthracite Capital, Inc		312
1,383		Anworth Mortgage Asset Corp		9,971
1,529		Apartment Investment & Management Co (Class A)		13,532
1,067		Ashford Hospitality Trust, Inc		2,998
167		Associated Estates Realty Corp		995
957		AvalonBay Communities, Inc		53,535
1,095		BioMed Realty Trust, Inc		11,202

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,465		Boston Properties, Inc	$	69,881
1,550		Brandywine Realty Trust		11,548
617		BRE Properties, Inc (Class A)		14,660
806		Camden Property Trust		22,246
137	*	Cape Bancorp, Inc		1,182
472		Capital Lease Funding, Inc		1,303
47		Capital Southwest Corp		3,400
756		Capstead Mortgage Corp		9,609
872		CBL & Associates Properties, Inc		4,700
400		Cedar Shopping Centers, Inc		1,808
65		Cherokee, Inc		1,288
328		Cogdell Spencer, Inc		1,407
657		Colonial Properties Trust		4,862
691		Corporate Office Properties Trust		20,267
537		Cousins Properties, Inc		4,565
209		Danvers Bancorp, Inc		2,811
2,129		DCT Industrial Trust, Inc		8,686
1,670		Developers Diversified Realty Corp		8,150
1,309		DiamondRock Hospitality Co		8,194
919		Digital Realty Trust, Inc		32,946
1,381		Douglas Emmett, Inc		12,415
2,789		Duke Realty Corp		24,460
142		Dynex Capital, Inc		1,164
305		EastGroup Properties, Inc		10,071
231		Education Realty Trust, Inc		991
420		Entertainment Properties Trust		8,652
238		Equity Lifestyle Properties, Inc		8,849
415		Equity One, Inc		5,503
3,309		Equity Residential		73,559
331		Essex Property Trust, Inc		20,598
1,040		Extra Space Storage, Inc		8,684
697		Federal Realty Investment Trust		35,909
628		FelCor Lodging Trust, Inc		1,545
1,135		First Industrial Realty Trust, Inc		4,937
328		First Potomac Realty Trust		3,198
665		Franklin Street Properties Corp		8,811
164		Getty Realty Corp		3,095
239		Gladstone Capital Corp		1,800
105		Gladstone Commercial Corp		1,361
511		Glimcher Realty Trust		1,482
574		Gramercy Capital Corp		924
322	*	Harris & Harris Group, Inc		1,877
378		Hatteras Financial Corp		10,807
3,253		HCP, Inc		68,931
1,277		Health Care REIT, Inc		43,546
716		Healthcare Realty Trust, Inc		12,050
298		Hersha Hospitality Trust		739
856		Highwoods Properties, Inc		19,149
525	*	Hilltop Holdings, Inc		6,232
429		Home Properties, Inc		14,629
1,066		Hospitality Properties Trust		12,675
7,322		Host Marriott Corp		61,432
2,713		HRPT Properties Trust		11,015
843		Inland Real Estate Corp		5,901
678		Investors Real Estate Trust		6,027
40,049		iShares Russell 3000 Index Fund		2,155,837
1,595	*	iStar Financial, Inc		4,530
438		Kilroy Realty Corp		8,997
4,548		Kimco Realty Corp		45,707
715		Kite Realty Group Trust		2,088
644		LaSalle Hotel Properties		7,947
1,015		Lexington Corporate Properties Trust		3,451
1,259		Liberty Property Trust		29,007
249		LTC Properties, Inc		5,092
944		Macerich Co		16,624
947		Mack-Cali Realty Corp		21,592

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
85	*	Main Street Capital Corp	$	1,164
950		Medical Properties Trust, Inc		5,767
2,548		MFA Mortgage Investments, Inc		17,632
339		Mid-America Apartment Communities, Inc		12,445
220		Mission West Properties, Inc		1,503
237		Monmouth Real Estate Investment Corp (Class A)		1,389
520		MVC Capital, Inc		4,399
314		National Health Investors, Inc		8,387
915		National Retail Properties, Inc		15,875
1,205		Nationwide Health Properties, Inc		31,017
835		NorthStar Realty Finance Corp		2,363
1,045		Omega Healthcare Investors, Inc		16,218
259		Parkway Properties, Inc		3,367
759		Pennsylvania Real Estate Investment Trust		3,795
1,970		Plum Creek Timber Co, Inc		58,667
500		Post Properties, Inc		6,720
449		Potlatch Corp		10,906
5,303		Prologis		42,742
519		Prospect Capital Corp		4,775
235		PS Business Parks, Inc		11,383
1,627		Public Storage, Inc		106,535
1,238		RAIT Investment Trust		1,696
201		Ramco-Gershenson Properties		2,012
1,234		Realty Income Corp		27,049
936		Redwood Trust, Inc		13,815
975		Regency Centers Corp		34,037
500		Resource Capital Corp		1,600
173		Saul Centers, Inc		5,116
1,422		Senior Housing Properties Trust		23,207
2,880		Simon Property Group, Inc		148,117
929		SL Green Realty Corp		21,311
249		Sovran Self Storage, Inc		6,125
132	*	SRS Labs, Inc		878
798		Strategic Hotels & Resorts, Inc		886
236		Sun Communities, Inc		3,252
919		Sunstone Hotel Investors, Inc		4,917
444		Tanger Factory Outlet Centers, Inc		14,399
694		Taubman Centers, Inc		18,641
1,811		UDR, Inc		18,708
200		Universal Health Realty Income Trust		6,304
213		Urstadt Biddle Properties, Inc (Class A)		2,999
499		U-Store-It Trust		2,445
1,860		Ventas, Inc		55,540
3,480		Virgin Media, Inc		32,538
56	*	Virtus Investment Partners, Inc		823
1,842		Vornado Realty Trust		82,945
745		WABCO Holdings, Inc		13,187
287	*	Walter Investment Management Corp		3,811
704		Washington Real Estate Investment Trust		15,748
1,260		Weingarten Realty Investors		18,283
242		Winthrop Realty Trust		2,161
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,304,196
HOTELS AND OTHER LODGING PLACES - 0.23%
320		Ameristar Casinos, Inc		6,090
459	*	Bluegreen Corp		1,157
584		Boyd Gaming Corp		4,964
370		Choice Hotels International, Inc		9,846
424	*	Gaylord Entertainment Co		5,389
1,560	*	Great Wolf Resorts, Inc		3,182
244	*	Isle of Capri Casinos, Inc		3,250
3,614	*	Las Vegas Sands Corp		28,406
200		Marcus Corp		2,104
3,596		Marriott International, Inc (Class A)		79,353
2,359	*	MGM Mirage		15,074
200	*	Monarch Casino & Resort, Inc		1,460

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
510	*	Morgans Hotel Group Co	$	1,953
925	*	Orient-Express Hotels Ltd (Class A)		7,853
183	*	Outdoor Channel Holdings, Inc		1,080
2,255		Starwood Hotels & Resorts Worldwide, Inc		50,061
378	*	Vail Resorts, Inc		10,138
2,126		Wyndham Worldwide Corp		25,767
807		Wynn Resorts Ltd		28,487
		TOTAL HOTELS AND OTHER LODGING PLACES		285,614
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.14%
302	*	3PAR, Inc		3,745
129		Aaon, Inc		2,570
637		Actuant Corp (Class A)		7,771
1,114	*	AGCO Corp		32,384
800	*	Allis-Chalmers Energy, Inc		1,848
296	*	Altra Holdings, Inc		2,217
79		Ampco-Pittsburgh Corp		1,853
16,107		Applied Materials, Inc		176,694
89	*	Argan, Inc		1,258
200	*	Astec Industries, Inc		5,938
722		Black & Decker Corp		20,693
226		Black Box Corp		7,564
463	*	Blount International, Inc		3,986
100	*	Bolt Technology Corp		1,124
547		Briggs & Stratton Corp		7,297
4,603	*	Brocade Communications Systems, Inc		35,995
831	*	Brooks Automation, Inc		3,723
907		Bucyrus International, Inc (Class A)		25,904
741		Carlisle Cos, Inc		17,814
126		Cascade Corp		1,982
7,267		Caterpillar, Inc		240,102
1,000	*	Cirrus Logic, Inc		4,500
242	*	Colfax Corp		1,868
196	*	Columbus McKinnon Corp		2,479
347	*	Cray, Inc		2,734
2,401		Cummins, Inc		84,539
545		Curtiss-Wright Corp		16,203
400	*	Cymer, Inc		11,892
5,104		Deere & Co		203,905
20,918	*	Dell, Inc		287,204
772		Diebold, Inc		20,350
944		Donaldson Co, Inc		32,700
2,200		Dover Corp		72,798
994	*	Dresser-Rand Group, Inc		25,943
352	*	Dril-Quip, Inc		13,411
24,310	*	EMC Corp		318,461
1,000	*	Emulex Corp		9,780
583	*	Ener1, Inc		3,183
507	*	ENGlobal Corp		2,494
215	*	EnPro Industries, Inc		3,872
1,363	*	Entegris, Inc		3,707
1,016	*	Extreme Networks, Inc		2,032
191	*	Flanders Corp		1,167
413	*	Flow International Corp		971
686		Flowserve Corp		47,890
1,493	*	FMC Technologies, Inc		56,107
190	*	Fuel Tech, Inc		1,843
655	*	Gardner Denver, Inc		16,486
194		Gorman-Rupp Co		3,913
771		Graco, Inc		16,977
465		Graham Corp		6,185
140	*	Harbin Electric, Inc		2,190
28,874		Hewlett-Packard Co		1,115,979
60	*	Hurco Cos, Inc		938
939		IDEX Corp		23,071
289	*	Immersion Corp		1,428

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
745	*	Intermec, Inc	$	9,611
15,955		International Business Machines Corp		1,666,020
3,589		International Game Technology		57,065
278	*	Intevac, Inc		2,421
301	*	Isilon Systems, Inc		1,276
2,198		ITT Industries, Inc		97,811
2,356		Jabil Circuit, Inc		17,482
308		John Bean Technologies Corp		3,856
7,077		Johnson Controls, Inc		153,712
1,220		Joy Global, Inc		43,578
85	*	Kadant, Inc		960
428		Kaydon Corp		13,936
859		Kennametal, Inc		16,476
631	*	Kulicke & Soffa Industries, Inc		2,164
1,524	*	Lam Research Corp		39,624
560		Lennox International, Inc		17,982
1,041	*	Lexmark International, Inc (Class A)		16,500
136		Lindsay Manufacturing Co		4,502
200		Lufkin Industries, Inc		8,410
1,769		Manitowoc Co, Inc		9,305
171		Met-Pro Corp		1,850
1,000	*	Micros Systems, Inc		25,320
218	*	Middleby Corp		9,575
500		Modine Manufacturing Co		2,400
66		Nacco Industries, Inc (Class A)		1,896
227	*	NATCO Group, Inc (Class A)		7,473
136	*	Natural Gas Services Group, Inc		1,809
572	*	Netezza Corp		4,759
400	*	Netgear, Inc		5,764
407		Nordson Corp		15,735
3,901		Northrop Grumman Corp		178,198
597	*	Oil States International, Inc		14,453
1,415		Pall Corp		37,582
1,661		Palm, Inc		27,523
2,492		Pitney Bowes, Inc		54,650
144	*	PMFG, Inc		1,269
1,916	*	Quantum Corp		1,590
301	*	Rackable Systems, Inc		1,367
4,759		Raytheon Co		211,442
262	*	RBC Bearings, Inc		5,358
113	*	Rimage Corp		1,877
659	*	Riverbed Technology, Inc		15,282
310		Robbins & Myers, Inc		5,968
1,316	*	Safeguard Scientifics, Inc		1,737
2,742	*	SanDisk Corp		40,280
200		Sauer-Danfoss, Inc		1,226
321	*	Scansource, Inc		7,871
774	*	Scientific Games Corp (Class A)		12,206
1,500	*,m	Seagate Technology, Inc		0
5,931		Seagate Technology, Inc		62,038
100	*	Semitool, Inc		462
373	*	Sigma Designs, Inc		5,983
608		SPX Corp		29,774
100		Standex International Corp		1,160
329	*	STEC, Inc		7,630
258	*	Super Micro Computer, Inc		1,976
142	*	T-3 Energy Services, Inc		1,691
208	*	Tecumseh Products Co (Class A)		2,020
200		Tennant Co		3,678
2,098	*	Teradata Corp		49,156
1,277	*	Terex Corp		15,413
3,493		Textron, Inc		33,742
1,171		Timken Co		20,001
426		Toro Co		12,737
100		Twin Disc, Inc		681
283	*	Ultratech, Inc		3,484

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,562	*	Varian Medical Systems, Inc	$	54,889
876	*	VeriFone Holdings, Inc		6,579
280		Watsco, Inc		13,700
2,694	*	Western Digital Corp		71,391
728		Woodward Governor Co		14,414
762	*	Zebra Technologies Corp (Class A)		18,029
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,331,441
INSTRUMENTS AND RELATED PRODUCTS - 3.49%
247	*	Abaxis, Inc		5,073
400	*	Abiomed, Inc		3,528
419	*	Accuray, Inc		2,795
766	*	Affymetrix, Inc		4,542
4,140	*	Agilent Technologies, Inc		84,083
700	*	Align Technology, Inc		7,420
3,647		Allergan, Inc		173,524
346	*	Alphatec Holdings, Inc		1,149
848	*	American Medical Systems Holdings, Inc		13,398
157		American Science & Engineering, Inc		10,852
150		Analogic Corp		5,543
200	*	Anaren, Inc		3,536
275	*	Angiodynamics, Inc		3,649
166	*	Argon ST, Inc		3,415
203	*	Aspect Medical Systems, Inc		1,200
18		Atrion Corp		2,414
554	*	ATS Medical, Inc		1,823
116	*	Axsys Technologies, Inc		6,222
166		Badger Meter, Inc		6,806
1,232		Bard (C.R.), Inc		91,722
7,304		Baxter International, Inc		386,819
877		Beckman Coulter, Inc		50,112
2,932		Becton Dickinson & Co		209,081
232	*	Bio-Rad Laboratories, Inc (Class A)		17,511
18,240	*	Boston Scientific Corp		184,954
201	*	Bovie Medical Corp		1,751
692	*	Bruker BioSciences Corp		6,408
146	*	Cantel Medical Corp		2,370
223	*	Cardiac Science Corp		896
291	*	CardioNet, Inc		4,749
609	*	Cepheid, Inc		5,737
370	*	Clarient, Inc		1,376
271	*	Coherent, Inc		5,604
200		Cohu, Inc		1,796
450	*	Conmed Corp		6,984
546		Cooper Cos, Inc		13,503
158	*	Cutera, Inc		1,362
327	*	Cyberonics, Inc		5,438
85	*	Cynosure, Inc (Class A)		650
3,069		Danaher Corp		189,480
273	*	Delcath Systems, Inc		977
1,822		Dentsply International, Inc		55,607
567	*	Depomed, Inc		1,843
549	*	DexCom, Inc		3,398
269	*	Dionex Corp		16,417
82	*	DXP Enterprises, Inc		941
3,150		Eastman Kodak Co		9,324
208	*	Electro-Optical Sciences, Inc		1,620
9,082		Emerson Electric Co		294,257
536	*	Endologix, Inc		1,790
317	*	ESCO Technologies, Inc		14,202
333	*	Esterline Technologies Corp		9,014
801	*	ev3, Inc		8,587
78	*	Exactech, Inc		1,131
163	*	FARO Technologies, Inc		2,531
451	*	FEI Co		10,328
399	*	FGX International Holdings Ltd		4,541

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,836	*	Flir Systems, Inc	$	41,420
593	*	Formfactor, Inc		10,223
565	*	Fossil, Inc		13,605
1,434		Garmin Ltd		34,158
360	*	Haemonetics Corp		20,520
259	*	Hanger Orthopedic Group, Inc		3,520
302	*	Harvard Bioscience, Inc		1,193
153	*	Herley Industries, Inc		1,678
698		Hillenbrand, Inc		11,615
3,134	*	Hologic, Inc		44,597
154	*	ICU Medical, Inc		6,337
193	*	I-Flow Corp		1,339
276	*	II-VI, Inc		6,119
1,444	*	Illumina, Inc		56,229
205	*	Insulet Corp		1,579
289	*	Integra LifeSciences Holdings Corp		7,661
458	*	Intuitive Surgical, Inc		74,956
316		Invacare Corp		5,577
900	*	ION Geophysical Corp		2,313
205	*	IRIS International, Inc		2,419
394	*	ISTA Pharmaceuticals, Inc		1,655
477	*	Itron, Inc		26,268
345	*	Ixia		2,325
66	*	Kensey Nash Corp		1,730
2,049		Kla-Tencor Corp		51,737
800	*	Kopin Corp		2,936
27	*	K-Tron International, Inc		2,151
172	*	KVH Industries, Inc		1,175
908	*	L-1 Identity Solutions, Inc		7,028
138	*	LaBarge, Inc		1,279
161	*	MAKO Surgical Corp		1,452
611	*	Masimo Corp		14,731
114	*	Measurement Specialties, Inc		804
147	*	Medical Action Industries, Inc		1,683
13,516		Medtronic, Inc		471,572
310	*	Merit Medical Systems, Inc		5,053
414	*	Mettler-Toledo International, Inc		31,940
167	*	Micrus Endovascular Corp		1,510
681	*	Millipore Corp		47,813
352		Mine Safety Appliances Co		8,483
550	*	MKS Instruments, Inc		7,255
200		Movado Group, Inc		2,108
221		MTS Systems Corp		4,564
650		National Instruments Corp		14,664
316	*	Natus Medical, Inc		3,647
167	*	Neogen Corp		4,840
407	*	Newport Corp		2,357
440	*	NuVasive, Inc		19,624
222	*	NxStage Medical, Inc		1,310
181	*	Orthofix International NV		4,527
720	*	Orthovita, Inc		3,708
42	*	OYO Geospace Corp		1,078
200	*	Palomar Medical Technologies, Inc		2,932
1,408		PerkinElmer, Inc		24,499
910	*	Resmed, Inc		37,064
119	*	Rochester Medical Corp		1,595
1,711		Rockwell Automation, Inc		54,957
1,912		Rockwell Collins, Inc		79,788
176	*	Rockwell Medical Technologies, Inc		1,329
324	*	Rofin-Sinar Technologies, Inc		6,483
1,047		Roper Industries, Inc		47,440
351	*	Rudolph Technologies, Inc		1,938
182	*	Sirona Dental Systems, Inc		3,638
142	*	Somanetics Corp		2,344
207	*	SonoSite, Inc		4,152
330	*	Spectranetics Corp		1,627
4,136	*	St. Jude Medical, Inc		169,990
650	*	Star Scientific, Inc		579

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
300	*	Stereotaxis, Inc	$	1,164
774		STERIS Corp		20,186
4,086		Stryker Corp		162,378
376	*	Symmetry Medical, Inc		3,504
146	*	Synovis Life Technologies, Inc		3,032
498		Techne Corp		31,777
433	*	Teledyne Technologies, Inc		14,181
2,014	*	Teradyne, Inc		13,816
5,047	*	Thermo Electron Corp		205,766
682	*	Thoratec Corp		18,264
144	*	Trans1, Inc		897
1,441	*	Trimble Navigation Ltd		28,287
37		Utah Medical Products, Inc		988
379	*	Varian, Inc		14,944
200	*	Vascular Solutions, Inc		1,564
362	*	Veeco Instruments, Inc		4,196
200	*	Vital Images, Inc		2,270
842	*	Vivus, Inc		5,119
541	*	Volcano Corp		7,563
1,182	*	Waters Corp		60,838
456	*	Wright Medical Group, Inc		7,415
10,439		Xerox Corp		67,645
68		Young Innovations, Inc		1,482
2,631	*	Zimmer Holdings, Inc		112,081
255	*	Zoll Medical Corp		4,932
198	*	Zygo Corp		923
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,301,415
INSURANCE AGENTS, BROKERS AND SERVICE - 0.32%
3,348		AON Corp		126,789
1,302		Arthur J. Gallagher & Co		27,785
1,536		Brown & Brown, Inc		30,612
245	*	Crawford & Co (Class B)		1,176
3,956		Hartford Financial Services Group, Inc		46,958
212		Life Partners Holdings, Inc		3,006
6,228		Marsh & McLennan Cos, Inc		125,370
667		National Financial Partners Corp		4,882
95		White Mountains Insurance Group Ltd		21,746
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		388,324
INSURANCE CARRIERS - 3.17%
5,397		Aetna, Inc		135,195
5,652		Aflac, Inc		175,721
62	*	Alleghany Corp		16,802
599		Allied World Assurance Holdings Ltd		24,457
6,478		Allstate Corp		158,063
3,286		Ambac Financial Group, Inc		3,023
629		American Equity Investment Life Holding Co		3,510
1,036		American Financial Group, Inc		22,357
28,964		American International Group, Inc		33,598
185		American National Insurance Co		13,982
130		American Physicians Capital, Inc		5,091
75		American Physicians Service Group, Inc		1,702
118	*	American Safety Insurance Holdings Ltd		1,606
631	*	AMERIGROUP Corp		16,942
202	*	Amerisafe, Inc		3,143
398		Amtrust Financial Services, Inc		4,537
593	*	Arch Capital Group Ltd		34,738
374	*	Argo Group International Holdings Ltd		10,554
961		Aspen Insurance Holdings Ltd		21,469
1,422		Assurant, Inc		34,256
742		Assured Guaranty Ltd		9,186
1,691		Axis Capital Holdings Ltd		44,270
125		Baldwin & Lyons, Inc (Class B)		2,463
442	*	Catalyst Health Solutions, Inc		11,023
522	*	Centene Corp		10,430
4,250		Chubb Corp		169,490
3,324		Cigna Corp		80,075
1,745		Cincinnati Financial Corp		39,001

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
387	*	Citizens, Inc (Class A)	$	2,353
303		CNA Financial Corp		4,687
198	*	CNA Surety Corp		2,671
2,474	*	Conseco, Inc		5,863
476		Delphi Financial Group, Inc (Class A)		9,249
143		Donegal Group, Inc (Class A)		2,175
99		Eastern Insurance Holdings, Inc		932
60		EMC Insurance Group, Inc		1,249
620		Employers Holdings, Inc		8,401
597		Endurance Specialty Holdings Ltd		17,492
76	*	Enstar Group Ltd		4,473
363		Erie Indemnity Co (Class A)		12,981
743		Everest Re Group Ltd		53,177
155		FBL Financial Group, Inc (Class A)		1,280
2,808		Fidelity National Title Group, Inc (Class A)		37,992
180	*	First Acceptance Corp		383
1,057		First American Corp		27,387
136		First Mercury Financial Corp		1,873
472		Flagstone Reinsurance Holdings Ltd		4,862
210	*	Fpic Insurance Group, Inc		6,430
5,221		Genworth Financial, Inc (Class A)		36,495
327	*	Greenlight Capital Re Ltd (Class A)		5,660
600		Hanover Insurance Group, Inc		22,866
168		Harleysville Group, Inc		4,741
1,378		HCC Insurance Holdings, Inc		33,086
1,227	*	Health Net, Inc		19,080
627	*	Healthspring, Inc		6,809
467		Horace Mann Educators Corp		4,656
2,014	*	Humana, Inc		64,972
205		Infinity Property & Casualty Corp		7,474
647		IPC Holdings Ltd		17,689
77		Kansas City Life Insurance Co		2,072
2,240		Leucadia National Corp		47,242
3,143		Lincoln National Corp		54,091
3,883		Loews Corp		106,394
553		Maiden Holdings Ltd		3,628
116	*	Markel Corp		32,677
576		Max Re Capital Ltd		10,633
1,717	*	MBIA, Inc		7,435
694		Meadowbrook Insurance Group, Inc		4,532
65		Mercer Insurance Group, Inc		1,034
303		Mercury General Corp		10,129
6,956		Metlife, Inc		208,750
478	*	Metropolitan Health Networks, Inc		961
1,766		MGIC Investment Corp		7,770
159	*	Molina Healthcare, Inc		3,803
1,041		Montpelier Re Holdings Ltd		13,835
173		National Interstate Corp		2,626
27		National Western Life Insurance Co (Class A)		3,152
149	*	Navigators Group, Inc		6,620
65		NYMAGIC, Inc		902
206		Odyssey Re Holdings Corp		8,236
2,692		Old Republic International Corp		26,516
313		OneBeacon Insurance Group Ltd (Class A)		3,659
684		PartnerRe Ltd		44,426
2,511		Phoenix Cos, Inc		4,193
654		Platinum Underwriters Holdings Ltd		18,698
400	*	PMA Capital Corp (Class A)		1,820
973		PMI Group, Inc		1,927
200		Presidential Life Corp		1,514
499	*	Primus Guaranty Ltd		1,178
3,754		Principal Financial Group		70,725
400	*	ProAssurance Corp		18,484
8,136		Progressive Corp		122,935
1,036		Protective Life Corp		11,852
5,146		Prudential Financial, Inc		191,534
1,615		Radian Group, Inc		4,393
838		Reinsurance Group of America, Inc (Class A)		29,255
735		RenaissanceRe Holdings Ltd		34,207

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
224		RLI Corp	$	10,035
200		Safety Insurance Group, Inc		6,112
257	*	SeaBright Insurance Holdings, Inc		2,603
656		Selective Insurance Group, Inc		8,377
628		Stancorp Financial Group, Inc		18,011
200		State Auto Financial Corp		3,500
200		Stewart Information Services Corp		2,850
1,044		Torchmark Corp		38,670
503		Tower Group, Inc		12,464
334		Transatlantic Holdings, Inc		14,472
7,070		Travelers Cos, Inc		290,153
246	*	Triple-S Management Corp (Class B)		3,835
515	*	United America Indemnity Ltd (Class A)		2,467
234		United Fire & Casualty Co		4,013
14,365		UnitedHealth Group, Inc		358,837
500		Unitrin, Inc		6,010
417	*	Universal American Financial Corp		3,636
3,998		UnumProvident Corp		63,408
480		Validus Holdings Ltd		10,550
1,629		W.R. Berkley Corp		34,975
481	*	WellCare Health Plans, Inc		8,894
5,851	*	WellPoint, Inc		297,757
15		Wesco Financial Corp		4,365
4,131		XL Capital Ltd (Class A)		47,341
448		Zenith National Insurance Corp		9,740
		TOTAL INSURANCE CARRIERS		3,903,035
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
160	*	China Fire & Security Group, Inc		1,947
1,411	*	Corrections Corp of America		23,973
620	*	Geo Group, Inc		11,520
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		37,440
LEATHER AND LEATHER PRODUCTS - 0.12%
3,833		Coach, Inc		103,031
960	*	CROCS, Inc		3,264
349	*	Genesco, Inc		6,551
643	*	Iconix Brand Group, Inc		9,889
187	*	Steven Madden Ltd		4,759
558	*	Timberland Co (Class A)		7,405
60		Weyco Group, Inc		1,385
600		Wolverine World Wide, Inc		13,236
		TOTAL LEATHER AND LEATHER PRODUCTS		149,520
LEGAL SERVICES - 0.03%
621	*	FTI Consulting, Inc		31,497
154	*	Pre-Paid Legal Services, Inc		6,713
		TOTAL LEGAL SERVICES		38,210
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%
101	*	Emergency Medical Services Corp (Class A)		3,719
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		3,719
LUMBER AND WOOD PRODUCTS - 0.02%
125		American Woodmark Corp		2,994
127		Deltic Timber Corp		4,505
1,157	*	Louisiana-Pacific Corp		3,957
100		Skyline Corp		2,175
233		Universal Forest Products, Inc		7,709
		TOTAL LUMBER AND WOOD PRODUCTS		21,340

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
METAL MINING - 0.52%
594	*	Allied Nevada Gold Corp	$	4,788
1,584		Cleveland-Cliffs, Inc		38,760
791	*	Coeur d’Alene Mines Corp		9,729
539		Foundation Coal Holdings, Inc		15,151
4,971		Freeport-McMoRan Copper & Gold, Inc (Class B)		249,097
2,842	*	Hecla Mining Co		7,617
5,761		Newmont Mining Corp		235,452
801	*	Paramount Gold and Silver Corp		1,218
768	*	Patriot Coal Corp		4,900
607	*	Rosetta Resources, Inc		5,311
436		Royal Gold, Inc		18,181
690	*	ShengdaTech, Inc		2,601
2,136		Southern Copper Corp		43,660
656	*	Stillwater Mining Co		3,746
966	*	US Gold Corp		2,550
		TOTAL METAL MINING		642,761
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.13%
213		Armstrong World Industries, Inc		3,512
75		Blyth, Inc		2,459
806		Callaway Golf Co		4,086
423		Daktronics, Inc		3,257
1,469		Hasbro, Inc		35,609
498	*	Intrepid Potash, Inc		13,984
311	*	Jakks Pacific, Inc		3,990
1,061	*	Jarden Corp		19,894
256	*	Leapfrog Enterprises, Inc		586
4,278		Mattel, Inc		68,662
63	*	Oil-Dri Corp of America		936
191	*	RC2 Corp		2,527
646	*	Shuffle Master, Inc		4,270
100	*	Steinway Musical Instruments, Inc		1,070
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		164,842
MISCELLANEOUS RETAIL - 1.47%
198	*	1-800-FLOWERS.COM, Inc (Class A)		380
241	*	Allion Healthcare, Inc		1,434
3,957	*	Amazon.com, Inc		331,042
409		Barnes & Noble, Inc		8,438
334		Big 5 Sporting Goods Corp		3,694
158	*	Blue Nile, Inc		6,792
792	*	Borders Group, Inc		2,915
200	*	Build-A-Bear Workshop, Inc		894
535	*	Cabela’s, Inc		6,581
400		Cash America International, Inc		9,356
700	*	CKX, Inc		4,963
657	*	Coldwater Creek, Inc		3,981
17,574		CVS Corp		560,082
1,038	*	Dick’s Sporting Goods, Inc		17,854
1,067	*	Dollar Tree, Inc		44,921
969	*	Drugstore.Com		1,764
545	*	Ezcorp, Inc (Class A)		5,875
117	*	Fuqi International, Inc		2,423
324	*	GSI Commerce, Inc		4,617
373	*	Hibbett Sports, Inc		6,714
475	*	HSN, Inc		5,021
317	*	Jo-Ann Stores, Inc		6,552
145	*	Kirkland’s, Inc		1,741
593	*	Marvel Entertainment, Inc		21,105
497		MSC Industrial Direct Co (Class A)		17,634
473		Nutri/System, Inc		6,859
3,305	*	Office Depot, Inc		15,071
769		OfficeMax, Inc		4,829
176	*	Overstock.com, Inc		2,105
1,486		Petsmart, Inc		31,890

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
498	*	Priceline.com, Inc	$	55,552
145		Pricesmart, Inc		2,429
7,015	*	Rite Aid Corp		10,593
254	*	Shutterfly, Inc		3,543
1,056		Signet Jewelers Ltd		21,986
192	*	Stamps.com, Inc		1,628
8,505		Staples, Inc		171,546
220		Systemax, Inc		2,620
1,496		Tiffany & Co		37,939
11,975		Walgreen Co		352,064
362		World Fuel Services Corp		14,925
490	*	Zale Corp		1,686
155	*	Zumiez, Inc		1,242
		TOTAL MISCELLANEOUS RETAIL		1,815,280
MOTION PICTURES - 0.64%
159	*	Ascent Media Corp (Series A)		4,226
424	*	Avid Technology, Inc		5,686
136	*	Carmike Cinemas, Inc		1,140
363		Cinemark Holdings, Inc		4,109
3,393	*	Discovery Communications, Inc (Class C)		69,658
876	*	DreamWorks Animation SKG, Inc (Class A)		24,169
171	*	Gaiam, Inc (Class A)		935
1,105	*	Macrovision Solutions Corp		24,100
460		National CineMedia, Inc		6,330
27,490		News Corp (Class A)		250,434
912		Regal Entertainment Group (Class A)		12,120
114	*	Rentrak Corp		1,873
14,372		Time Warner, Inc		362,032
1,772	*	tw telecom inc (Class A)		18,198
		TOTAL MOTION PICTURES		785,010
NONDEPOSITORY INSTITUTIONS - 0.59%
700		Advance America Cash Advance Centers, Inc		3,101
2,722		American Capital Ltd		8,738
12,211		American Express Co		283,783
1,135	*	AmeriCredit Corp		15,379
1,618		Apollo Investment Corp		9,708
1,181		Ares Capital Corp		9,519
400	*	Boise, Inc		688
5,457		Capital One Financial Corp		119,398
2,708		CapitalSource, Inc		13,215
8,107		Chimera Investment Corp		28,293
4,718		CIT Group, Inc		10,144
218	*	CompuCredit Corp		501
103	*	Credit Acceptance Corp		2,251
5,815		Discover Financial Services		59,720
161	*	Encore Capital Group, Inc		2,133
274		Financial Federal Corp		5,631
250	*	First Cash Financial Services, Inc		4,380
641	*	First Marblehead Corp		1,295
252		Gladstone Investment Corp		1,217
2,290		GLG Partners, Inc		9,366
954	*	Heckmann Corp		3,578
426		Hercules Technology Growth Capital, Inc		3,561
276	*	Information Services Group, Inc		831
187		Kohlberg Capital Corp		1,182
1,154		Lender Processing Services, Inc		32,047
778	*	MCG Capital Corp		1,891
175		Medallion Financial Corp		1,339
289	*	Mercadolibre, Inc		7,768
200	*	Nelnet, Inc (Class A)		2,718
300		NGP Capital Resources Co		1,761
468	*	Ocwen Financial Corp		6,070
216		PennantPark Investment Corp		1,534
639	*	PHH Corp		11,617

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,641	*	SLM Corp	$	57,933
42		Student Loan Corp		1,562
330		TICC Capital Corp		1,455
63	*	Tree.com, Inc		605
90	*	Triangle Capital Corp		983
199	*	World Acceptance Corp		3,962
		TOTAL NONDEPOSITORY INSTITUTIONS		730,857
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
292		AMCOL International Corp		6,301
394		Compass Minerals International, Inc		21,635
1,260	*	General Moly, Inc		2,797
1,321		Vulcan Materials Co		56,935
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		87,668
OIL AND GAS EXTRACTION - 4.25%
6,013		Anadarko Petroleum Corp		272,930
4,076		Apache Corp		294,083
280		APCO Argentina, Inc		5,384
104	*	Approach Resources, Inc		718
463	*	Arena Resources, Inc		14,747
508		Atlas America, Inc		9,078
294	*	ATP Oil & Gas Corp		2,046
675	*	Atwood Oceanics, Inc		16,814
3,744		Baker Hughes, Inc		136,431
448	*	Basic Energy Services, Inc		3,060
487		Berry Petroleum Co (Class A)		9,053
463	*	Bill Barrett Corp		12,714
3,510		BJ Services Co		47,841
979	*	Boots & Coots, Inc		1,361
1,009	*	Brigham Exploration Co		3,521
610	*	Bronco Drilling Co, Inc		2,611
1,249		Cabot Oil & Gas Corp		38,269
630	*	Cal Dive International, Inc		5,437
2,628	*	Cameron International Corp		74,372
312	*	Carrizo Oil & Gas, Inc		5,351
599	*	Cheniere Energy, Inc		1,761
7,545		Chesapeake Energy Corp		149,617
1,008		Cimarex Energy Co		28,567
90	*	Clayton Williams Energy, Inc		1,698
473	*	CNX Gas Corp		12,426
703	*	Complete Production Services, Inc		4,471
599	*	Comstock Resources, Inc		19,797
880	*	Concho Resources, Inc		25,247
145	*	Contango Oil & Gas Co		6,161
340	*	Continental Resources, Inc		9,435
80	*	Dawson Geophysical Co		2,388
2,137	*	Delta Petroleum Corp		4,124
3,041	*	Denbury Resources, Inc		44,794
5,441		Devon Energy Corp		296,536
833		Diamond Offshore Drilling, Inc		69,181
638	*	Encore Acquisition Co		19,682
1,293	*	Endeavour International Corp		1,758
404	*	Energy Recovery, Inc		2,860
1,653		ENSCO International, Inc		57,640
3,002		EOG Resources, Inc		203,896
1,581		Equitable Resources, Inc		55,193
1,767	*	EXCO Resources, Inc		22,830
747	*	Exterran Holdings, Inc		11,982
1,348	*	Forest Oil Corp		20,112
386	*	FX Energy, Inc		1,463
60	*	Georesources, Inc		612
1,315	*	Global Industries Ltd		7,443
267	*	GMX Resources, Inc		2,841
321	*	Goodrich Petroleum Corp		7,893
520	*	Gulfport Energy Corp		3,562

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
10,832		Halliburton Co	$	224,222
318	*	Harvest Natural Resources, Inc		1,402
1,183	*	Helix Energy Solutions Group, Inc		12,859
1,235		Helmerich & Payne, Inc		38,124
1,501	*	Hercules Offshore, Inc		5,959
13	*	Isramco, Inc		1,385
107		Kayne Anderson Energy Development Co		1,419
1,423	*	Key Energy Services, Inc		8,196
1,087	*	Mariner Energy, Inc		12,772
974	*	McMoRan Exploration Co		5,805
3,362	*	Nabors Industries Ltd		52,380
5,009	*	National Oilwell Varco, Inc		163,594
1,602	*	Newfield Exploration Co		52,337
1,000	*	Newpark Resources, Inc		2,850
2,054		Noble Energy, Inc		121,124
226	*	Northern Oil And Gas, Inc		1,440
9,787		Occidental Petroleum Corp		644,083
641	*	Oceaneering International, Inc		28,973
2,675	*	Oilsands Quest, Inc		2,568
85		Panhandle Oil and Gas, Inc (Class A)		1,669
522	*	Parallel Petroleum Corp		1,013
1,200	*	Parker Drilling Co		5,208
1,800		Patterson-UTI Energy, Inc		23,148
551		Penn Virginia Corp		9,020
3,338	*	PetroHawk Energy Corp		74,437
165	*	Petroleum Development Corp		2,589
435	*	Petroquest Energy, Inc		1,605
568	*	Pioneer Drilling Co		2,721
1,352		Pioneer Natural Resources Co		34,476
1,449	*	Plains Exploration & Production Co		39,645
2,036	*	Pride International, Inc		51,022
1,420	*	Quicksilver Resources, Inc		13,192
1,890		Range Resources Corp		78,265
188	*	Rex Energy Corp		1,072
1,317		Rowan Cos, Inc		25,444
337		RPC, Inc		2,814
14,476		Schlumberger Ltd		783,297
244	*	SEACOR Holdings, Inc		18,359
2,646		Smith International, Inc		68,135
4,150	*	Southwestern Energy Co		161,228
754		St. Mary Land & Exploration Co		15,736
353	*	Stone Energy Corp		2,619
1,233	*	Sulphco, Inc		1,134
943	*	Superior Energy Services		16,286
174	*	Superior Well Services, Inc		1,035
327	*	Swift Energy Co		5,445
787	*	Syntroleum Corp		1,739
810	*	Tetra Technologies, Inc		6,448
617		Tidewater, Inc		26,451
248		Toreador Resources Corp		1,662
300	*	Union Drilling, Inc		1,986
520	*	Unit Corp		14,336
621	*	Vaalco Energy, Inc		2,627
231	*	Venoco, Inc		1,772
414		W&T Offshore, Inc		4,032
580	*	Warren Resources, Inc		1,421
634	*	Whiting Petroleum Corp		22,291
442	*	Willbros Group, Inc		5,529
6,885		XTO Energy, Inc		262,594
143	*	Zion Oil & Gas, Inc		1,519
		TOTAL OIL AND GAS EXTRACTION		5,228,304
PAPER AND ALLIED PRODUCTS - 0.44%
1,209		Bemis Co		30,467
600	*	Buckeye Technologies, Inc		2,694
676	*	Cenveo, Inc		2,859

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
460	*	Domtar Corporation	$	7,627
553		Glatfelter		4,922
1,659	*	Graphic Packaging Holding Co		3,036
378		Greif, Inc (Class A)		16,715
5,173		International Paper Co		78,267
257	*	Kapstone Paper and Packaging Corp		1,205
5,012		Kimberly-Clark Corp		262,779
1,977		MeadWestvaco Corp		32,443
162		Neenah Paper, Inc		1,427
56	*	Orchids Paper Products Co		1,151
1,183		Packaging Corp of America		19,165
462		Rock-Tenn Co (Class A)		17,630
185		Schweitzer-Mauduit International, Inc		5,034
1,203		Sonoco Products Co		28,812
1,260		Temple-Inland, Inc		16,531
784		Wausau Paper Corp		5,268
		TOTAL PAPER AND ALLIED PRODUCTS		538,032
PERSONAL SERVICES - 0.15%
1,502		Cintas Corp		34,306
364	*	Coinstar, Inc		9,719
58		CPI Corp		985
387		G & K Services, Inc (Class A)		8,185
4,102		H&R Block, Inc		70,677
300		Jackson Hewitt Tax Service, Inc		1,878
140	*	Mac-Gray Corp		1,854
542		Regis Corp		9,436
1,125	*	Sally Beauty Holdings, Inc		7,155
2,964		Service Corp International		16,243
185	*	Steiner Leisure Ltd		5,648
155		Unifirst Corp		5,761
448		Weight Watchers International, Inc		11,545
		TOTAL PERSONAL SERVICES		183,392
PETROLEUM AND COAL PRODUCTS - 5.93%
142		Alon USA Energy, Inc		1,470
895		Ashland, Inc		25,105
24,218		Chevron Corp		1,604,442
17,889		ConocoPhillips		752,410
220	*	CVR Energy, Inc		1,613
69		Delek US Holdings, Inc		585
59,014		Exxon Mobil Corp		4,125,668
1,200		Frontier Oil Corp		15,732
2,720	*	Gran Tierra Energy, Inc		9,384
474	*	Headwaters, Inc		1,593
3,496		Hess Corp		187,910
524		Holly Corp		9,422
8,505		Marathon Oil Corp		256,256
2,296		Murphy Oil Corp		124,719
116		Quaker Chemical Corp		1,542
1,504	*	SandRidge Energy, Inc		12,814
1,429		Sunoco, Inc		33,153
1,671		Tesoro Corp		21,272
6,232		Valero Energy Corp		105,258
174		WD-40 Co		5,046
283	*	Western Refining, Inc		1,998
		TOTAL PETROLEUM AND COAL PRODUCTS		7,297,392
PIPELINES, EXCEPT NATURAL GAS - 0.11%
7,789		Spectra Energy Corp		131,790
		TOTAL PIPELINES, EXCEPT NATURAL GAS		131,790
PRIMARY METAL INDUSTRIES - 0.88%
1,349		AK Steel Holding Corp		25,887
11,721		Alcoa, Inc		121,078

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,183		Allegheny Technologies, Inc	$	41,322
565		Belden CDT, Inc		9,436
300	*	Brush Engineered Materials, Inc		5,025
574		Carpenter Technology Corp		11,945
742	*	Century Aluminum Co		4,623
1,004	*	CommScope, Inc		26,365
18,761		Corning, Inc		301,303
255		Encore Wire Corp		5,444
161	*	Fushi Copperweld, Inc		1,331
640	*	General Cable Corp		24,051
388	*	General Steel Holdings, Inc		1,540
250		Gibraltar Industries, Inc		1,718
128	*	Haynes International, Inc		3,034
716	*	Horsehead Holding Corp		5,334
682		Hubbell, Inc (Class B)		21,865
367		Matthews International Corp (Class A)		11,421
802	*	Metalico, Inc		3,737
447		Mueller Industries, Inc		9,298
96	*	Northwest Pipe Co		3,337
3,789		Nucor Corp		168,345
89		Olympic Steel, Inc		2,178
1,672		Precision Castparts Corp		122,106
240	*	RTI International Metals, Inc		4,241
246		Schnitzer Steel Industries, Inc (Class A)		13,004
2,165		Steel Dynamics, Inc		31,890
100	*	Sutor Technology Group Ltd		327
298		Texas Industries, Inc		9,345
973		Titanium Metals Corp		8,942
314		Tredegar Corp		4,182
1,738		United States Steel Corp		62,116
72	*	Universal Stainless & Alloy		1,171
556	*	Uranium Energy Corp		1,612
735		Worthington Industries, Inc		9,401
		TOTAL PRIMARY METAL INDUSTRIES		1,077,954
PRINTING AND PUBLISHING - 0.30%
594	*	ACCO Brands Corp		1,675
600		American Greetings Corp (Class A)		7,008
946		Belo (A.H.) Corp (Class A)		1,693
308		Bowne & Co, Inc		2,005
333	*	China Information Security Technology, Inc		952
100	*	Consolidated Graphics, Inc		1,742
73		Courier Corp		1,114
46		CSS Industries, Inc		937
365	*	Dolan Media Co		4,668
653		Dun & Bradstreet Corp		53,030
269		Ennis, Inc		3,352
354		EW Scripps Co (Class A)		740
2,605		Gannett Co, Inc		9,300
700		Harte-Hanks, Inc		6,475
501		John Wiley & Sons, Inc (Class A)		16,658
474		Journal Communications, Inc (Class A)		498
239	*	Martha Stewart Living Omnimedia, Inc (Class A)		731
3,798		McGraw-Hill Cos, Inc		114,359
426		Meredith Corp		10,884
1,209	*	MSCI, Inc (Class A)		29,548
105		Multi-Color Corp		1,287
1,565		New York Times Co (Class A)		8,623
100	*	Playboy Enterprises, Inc (Class B)		251
485		Primedia, Inc		975
2,448		R.R. Donnelley & Sons Co		28,446
100		Schawk, Inc (Class A)		751
312		Scholastic Corp		6,174
235		Standard Register Co		766
554	*	Valassis Communications, Inc		3,385

80

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
510	*	VistaPrint Ltd	$	21,752
76		Washington Post Co (Class B)		26,766
		TOTAL PRINTING AND PUBLISHING		366,545
RAILROAD TRANSPORTATION - 0.74%
3,173		Burlington Northern Santa Fe Corp		233,342
4,725		CSX Corp		163,627
369	*	Genesee & Wyoming, Inc (Class A)		9,782
1,158	*	Kansas City Southern Industries, Inc		18,655
4,431		Norfolk Southern Corp		166,916
6,087		Union Pacific Corp		316,890
		TOTAL RAILROAD TRANSPORTATION		909,212
REAL ESTATE - 0.08%
2,690	*	CB Richard Ellis Group, Inc (Class A)		25,178
316	*	China Housing & Land Development, Inc		1,820
59		Consolidated-Tomoka Land Co		2,070
390		DuPont Fabros Technology, Inc		3,674
1,322		Forest City Enterprises, Inc (Class A)		8,725
498	*	Forestar Real Estate Group, Inc		5,916
418		Jones Lang LaSalle, Inc		13,681
297	*	LoopNet, Inc		2,302
214	*	Reading International, Inc		974
1,116	*	St. Joe Co		29,563
1,142		Stewart Enterprises, Inc (Class A)		5,504
		TOTAL REAL ESTATE		99,407
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.14%
353		A. Schulman, Inc		5,334
78	*	AEP Industries, Inc		2,058
700		Cooper Tire & Rubber Co		6,944
158	*	Deckers Outdoor Corp		11,103
2,887	*	Goodyear Tire & Rubber Co		32,508
652	*	Metabolix, Inc		5,359
3,303		Newell Rubbermaid, Inc		34,384
1,913		Sealed Air Corp		35,295
377	*	Skechers U.S.A., Inc (Class A)		3,683
267		Spartech Corp		2,454
512		Titan International, Inc		3,825
122	*	Trex Co, Inc		1,631
737		Tupperware Corp		19,177
397		West Pharmaceutical Services, Inc		13,835
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		177,590
SECURITY AND COMMODITY BROKERS - 2.43%
2,600		Ameriprise Financial, Inc		63,102
238		BlackRock, Inc		41,750
426	*	Broadpoint Securities Group, Inc		2,377
1,693		Broadridge Financial Solutions, Inc		28,070
200		Calamos Asset Management, Inc (Class A)		2,822
11,486		Charles Schwab Corp		201,464
799		CME Group, Inc		248,577
207		Cohen & Steers, Inc		3,095
22		Diamond Hill Investment Group, Inc		884
198		Duff & Phelps Corp		3,520
5,775	*	E*Trade Financial Corp		7,392
1,406		Eaton Vance Corp		37,611
160		Epoch Holding Corp		1,382
95		Evercore Partners, Inc (Class A)		1,866
300	*	FBR Capital Markets Corp		1,410
259	*	FCStone Group, Inc		1,023
1,065		Federated Investors, Inc (Class B)		25,656
236		Fifth Street Finance Corp		2,369
1,808		Franklin Resources, Inc		130,194
69		GAMCO Investors, Inc (Class A)		3,347
704		GFI Group, Inc		4,745

81

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
6,078		Goldman Sachs Group, Inc	$	896,141
248		Greenhill & Co, Inc		17,908
441	*	Interactive Brokers Group, Inc (Class A)		6,849
884	*	IntercontinentalExchange, Inc		100,988
4,975		Invesco Ltd		88,655
524	*	Investment Technology Group, Inc		10,684
2,042		Janus Capital Group, Inc		23,279
1,431	*	Jefferies Group, Inc		30,523
173		JMP Group, Inc		1,330
422	*	KBW, Inc		12,137
1,234	*	Knight Capital Group, Inc (Class A)		21,040
600	*	LaBranche & Co, Inc		2,580
935		Lazard Ltd (Class A)		25,170
1,737		Legg Mason, Inc		42,348
383	*	MarketAxess Holdings, Inc		3,650
1,354	*	MF Global Ltd		8,029
15,359		Morgan Stanley		437,885
235	*	Morningstar, Inc		9,689
1,637	*	Nasdaq Stock Market, Inc		34,884
3,159		NYSE Euronext		86,083
116		Oppenheimer Holdings, Inc		2,456
480		optionsXpress Holdings, Inc		7,454
300	*	Penson Worldwide, Inc		2,685
236	*	Piper Jaffray Cos		10,306
90		Pzena Investment Management, Inc (Class A)		682
1,150		Raymond James Financial, Inc		19,792
209		Sanders Morris Harris Group, Inc		1,150
1,583		SEI Investments Co		28,557
330	*	Stifel Financial Corp		15,870
289		SWS Group, Inc		4,037
3,134		T Rowe Price Group, Inc		130,594
3,297	*	TD Ameritrade Holding Corp		57,829
1	*,m	Teton Advisors, Inc		0
200	*	Thomas Weisel Partners Group, Inc		1,204
126		US Global Investors, Inc (Class A)		1,167
1,037		Waddell & Reed Financial, Inc (Class A)		27,346
61		Westwood Holdings Group, Inc		2,550
		TOTAL SECURITY AND COMMODITY BROKERS		2,986,187
SOCIAL SERVICES - 0.01%
236	*	Capital Senior Living Corp		1,074
97	*	Providence Service Corp		1,062
319	*	Res-Care, Inc		4,562
		TOTAL SOCIAL SERVICES		6,698
SPECIAL TRADE CONTRACTORS - 0.09%
100		Alico, Inc		3,002
337	*	AsiaInfo Holdings, Inc		5,800
266		Chemed Corp		10,502
409		Comfort Systems USA, Inc		4,192
596	*	Dycom Industries, Inc		6,598
772	*	EMCOR Group, Inc		15,533
466	*	Insituform Technologies, Inc (Class A)		7,908
167	*	Integrated Electrical Services, Inc		1,304
220	*	Layne Christensen Co		4,499
2,337	*	Quanta Services, Inc		54,054
		TOTAL SPECIAL TRADE CONTRACTORS		113,392
STONE, CLAY, AND GLASS PRODUCTS - 0.55%
8,386		3M Co		503,998
311		Apogee Enterprises, Inc		3,825
280	*	Cabot Microelectronics Corp		7,921
290		CARBO Ceramics, Inc		9,918
582		Eagle Materials, Inc		14,690
1,606		Gentex Corp		18,630
529		Martin Marietta Materials, Inc		41,728
978	*	Owens Corning, Inc		12,499

82

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,030	*	Owens-Illinois, Inc	$	56,860
363	*	US Concrete, Inc		719
505	*	USG Corp		5,085
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		675,873
TEXTILE MILL PRODUCTS - 0.03%
301		Albany International Corp (Class A)		3,425
597		Interface, Inc (Class A)		3,701
664	*	Mohawk Industries, Inc		23,692
200		Oxford Industries, Inc		2,330
		TOTAL TEXTILE MILL PRODUCTS		33,148
TOBACCO PRODUCTS - 1.35%
24,964		Altria Group, Inc		409,160
1,783		Fortune Brands, Inc		61,941
2,030		Lorillard, Inc		137,573
23,685		Philip Morris International, Inc		1,033,140
302		Universal Corp		9,999
445		Vector Group Ltd		6,359
		TOTAL TOBACCO PRODUCTS		1,658,172
TRANSPORTATION BY AIR - 0.36%
114	*	Air Methods Corp		3,119
683	*	Air Transport Services Group, Inc		1,585
1,455	*	Airtran Holdings, Inc		9,006
458	*	Alaska Air Group, Inc		8,363
191	*	Allegiant Travel Co		7,571
3,633	*	AMR Corp		14,605
211	*	Atlas Air Worldwide Holdings, Inc		4,893
353	*	Bristow Group, Inc		10,459
1,494	*	Continental Airlines, Inc (Class B)		13,237
364		Copa Holdings S.A. (Class A)		14,858
9,302	*	Delta Air Lines, Inc		53,859
3,738		FedEx Corp		207,908
457	*	Hawaiian Holdings, Inc		2,751
2,632	*	JetBlue Airways Corp		11,239
149	*	PHI, Inc		2,554
421	*	Republic Airways Holdings, Inc		2,749
692		Skywest, Inc		7,058
8,446		Southwest Airlines Co		56,842
1,722		UAL Corp		5,493
1,214	*	US Airways Group, Inc		2,950
		TOTAL TRANSPORTATION BY AIR		441,099
TRANSPORTATION EQUIPMENT - 2.15%
263		A.O. Smith Corp		8,566
468	*	AAR Corp		7,511
159	*	Aerovironment, Inc		4,907
449		American Axle & Manufacturing Holdings, Inc		1,545
90		American Railcar Industries, Inc		743
234	*	Amerigon, Inc (Class A)		1,427
738		ArvinMeritor, Inc		3,240
237	*	ATC Technology Corp		3,437
990		Autoliv, Inc		28,482
1,148	*	BE Aerospace, Inc		16,485
8,770		Boeing Co		372,724
1,481		Brunswick Corp		6,398
615		Clarcor, Inc		17,952
211	*	Cogo Group, Inc		1,260
1,129	*	Dana Holding Corp		1,445
133	*	Dorman Products, Inc		1,839
121		Ducommun, Inc		2,274
261	*	Federal Mogul Corp (Class A)		2,466
520		Federal Signal Corp		3,978
744	*	Force Protection, Inc		6,577
37,582	*	Ford Motor Co		228,123

83

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
227		Freightcar America, Inc	$	3,816
140	*	Fuel Systems Solutions, Inc		2,827
575	*	GenCorp, Inc		1,098
4,174		General Dynamics Corp		231,198
111	*	GenTek, Inc		2,479
1,925		Genuine Parts Co		64,603
1,495		Goodrich Corp		74,705
110		Greenbrier Cos, Inc		791
300		Group 1 Automotive, Inc		7,806
2,895		Harley-Davidson, Inc		46,928
969		Harsco Corp		27,423
278		Heico Corp		10,080
8,961		Honeywell International, Inc		281,375
380		Kaman Corp		6,346
875	*	Lear Corp		438
101	*	LMI Aerospace, Inc		1,022
3,841		Lockheed Martin Corp		309,777
115	*	Miller Industries, Inc		1,012
744	*	Navistar International Corp		32,438
706	*	Orbital Sciences Corp		10,710
850		Oshkosh Truck Corp		12,359
4,353		Paccar, Inc		141,516
433		Polaris Industries, Inc		13,908
355		Spartan Motors, Inc		4,022
1,229	*	Spirit Aerosystems Holdings, Inc (Class A)		16,886
188	*	Standard Motor Products, Inc		1,555
280		Superior Industries International, Inc		3,948
547	*	Tenneco, Inc		5,798
400		Thor Industries, Inc		7,348
67	*	Todd Shipyards Corp		1,116
480	*	TransDigm Group, Inc		17,376
964		Trinity Industries, Inc		13,130
229		Triumph Group, Inc		9,160
569	*	TRW Automotive Holdings Corp		6,430
10,100		United Technologies Corp		524,795
577		Westinghouse Air Brake Technologies Corp		18,562
353		Winnebago Industries, Inc		2,623
321	*	Wonder Auto Technology, Inc		3,252
		TOTAL TRANSPORTATION EQUIPMENT		2,642,035
TRANSPORTATION SERVICES - 0.20%
184		Ambassadors Group, Inc		2,534
2,035		CH Robinson Worldwide, Inc		106,125
121	*	Dynamex, Inc		1,862
2,563		Expeditors International Washington, Inc		85,450
538		GATX Corp		13,837
500	*	Hub Group, Inc (Class A)		10,320
474	*	Interval Leisure Group, Inc		4,418
830	*	Orbitz Worldwide, Inc		1,577
400		Pacer International, Inc		892
124	*	Universal Travel Group		1,388
1,203		UTI Worldwide, Inc		13,714
		TOTAL TRANSPORTATION SERVICES		242,117
TRUCKING AND WAREHOUSING - 0.45%
300		Arkansas Best Corp		7,905
250	*	Celadon Group, Inc		2,098
560		Con-way, Inc		19,774
348		Forward Air Corp		7,419
666		Heartland Express, Inc		9,804
1,049		J.B. Hunt Transport Services, Inc		32,025
624		Landstar System, Inc		22,408
160	*	Marten Transport Ltd		3,322
331	*	Old Dominion Freight Line		11,112
16	*	Patriot Transportation Holding, Inc		1,167
133	*	Saia, Inc		2,395
8,349		United Parcel Service, Inc (Class B)		417,366
68		Universal Truckload Services, Inc		1,064

84

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
90	*	USA Truck, Inc	$	1,218
511		Werner Enterprises, Inc		9,259
1,692	*	YRC Worldwide, Inc		2,927
		TOTAL TRUCKING AND WAREHOUSING		551,263
WATER TRANSPORTATION - 0.24%
464		Alexander & Baldwin, Inc		10,876
168	*	American Commercial Lines, Inc		2,601
5,249		Carnival Corp		135,268
449		DHT Maritime, Inc		2,339
930		Eagle Bulk Shipping, Inc		4,362
623		Frontline Ltd		15,176
344		Genco Shipping & Trading Ltd		7,472
570		General Maritime Corp		5,637
383		Golar LNG Ltd		3,275
249	*	Gulfmark Offshore, Inc		6,872
369		Horizon Lines, Inc (Class A)		1,424
253	*	Hornbeck Offshore Services, Inc		5,412
64		International Shipholding Corp		1,725
624	*	Kirby Corp		19,837
185		Knightsbridge Tankers Ltd		2,523
509		Nordic American Tanker Shipping		16,196
438	*	Odyssey Marine Exploration, Inc		701
283		Overseas Shipholding Group, Inc		9,633
1,568		Royal Caribbean Cruises Ltd		21,231
482		Ship Finance International Ltd		5,316
160	*	TBS International Ltd (Class A)		1,250
480		Teekay Corp		10,094
140		Teekay Tankers Ltd (Class A)		1,301
833	*	Ultrapetrol Bahamas Ltd		3,690
		TOTAL WATER TRANSPORTATION		294,211
WHOLESALE TRADE-DURABLE GOODS - 0.37%
400		Agilysys, Inc		1,872
508		Applied Industrial Technologies, Inc		10,008
1,424	*	Arrow Electronics, Inc		30,246
565		Barnes Group, Inc		6,718
543	*	Beacon Roofing Supply, Inc		7,852
1,424		BorgWarner, Inc		48,629
200		Castle (A.M.) & Co		2,416
128	*	Chindex International, Inc		1,583
342	*	Conceptus, Inc		5,780
229	*	DemandTec, Inc		2,015
400	*	Digi International, Inc		3,900
290	*	Drew Industries, Inc		3,529
71		Eastern Co		1,172
191	*	Hansen Medical, Inc		944
186		Houston Wire & Cable Co		2,215
1,833	*	Ingram Micro, Inc (Class A)		32,077
718	*	Insight Enterprises, Inc		6,936
392	*	Interline Brands, Inc		5,363
691		Knight Transportation, Inc		11,436
45		Lawson Products, Inc		639
1,689	*	LKQ Corp		27,784
476	*	MedAssets, Inc		9,258
314	*	Merge Healthcare, Inc		1,350
131	*	MWI Veterinary Supply, Inc		4,567
503		Owens & Minor, Inc		22,041
1,289	*	Patterson Cos, Inc		27,971
614		PEP Boys - Manny Moe & Jack		6,226
567		Pool Corp		9,390
731	*	PSS World Medical, Inc		13,531
737		Reliance Steel & Aluminum Co		28,293
839	*	Solera Holdings, Inc		21,311
616	*	Tech Data Corp		20,149
82	*	Titan Machinery, Inc		1,041
466	*	TomoTherapy, Inc		1,282
432	*	Tyler Technologies, Inc		6,748

85

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
743		W.W. Grainger, Inc	$	60,836
494	*	WESCO International, Inc		12,370
178	*	West Marine, Inc		981
		TOTAL WHOLESALE TRADE-DURABLE GOODS		460,459
WHOLESALE TRADE-NONDURABLE GOODS - 0.60%
282		Aceto Corp		1,881
943		Airgas, Inc		38,220
1,200	*	Akorn, Inc		1,440
1,062	*	Alliance One International, Inc		4,036
756		Allscripts Healthcare Solutions, Inc		11,990
207		Andersons, Inc		6,198
805	*	Bare Escentuals, Inc		7,140
496	*	BioScrip, Inc		2,936
299	*	BMP Sunstone Corp		1,417
1,087		Brown-Forman Corp (Class B)		46,719
4,270		Cardinal Health, Inc		130,449
533	*	Central European Distribution Corp		14,162
128	*	Clearwater Paper Corp		3,237
108	*	Core-Mark Holding Co, Inc		2,814
1	*	CPEX Pharmaceuticals, Inc		10
2,171	*	Dean Foods Co		41,661
1,415	*	Endo Pharmaceuticals Holdings, Inc		25,357
476	*	Fresh Del Monte Produce, Inc		7,740
362	*	Green Mountain Coffee Roasters, Inc		21,401
490	*	Hain Celestial Group, Inc		7,649
1,121	*	Henry Schein, Inc		53,752
744		Herbalife Ltd		23,466
100		Kenneth Cole Productions, Inc (Class A)		703
330		K-Swiss, Inc (Class A)		2,805
161	*	LSB Industries, Inc		2,603
593		Men’s Wearhouse, Inc		11,374
286		Myers Industries, Inc		2,380
180		Nash Finch Co		4,871
559		Nu Skin Enterprises, Inc (Class A)		8,553
300	*	Perry Ellis International, Inc		2,184
241	*	School Specialty, Inc		4,871
217		Spartan Stores, Inc		2,693
114	*	Synutra International, Inc		1,254
7,210		Sysco Corp		162,080
1,234		Terra Industries, Inc		29,887
432	*	Tractor Supply Co		17,850
518	*	United Natural Foods, Inc		13,598
306	*	United Stationers, Inc		10,673
100		Valhi, Inc		743
225	*	Volcom, Inc		2,813
260		Zep, Inc		3,133
203	*	Zhongpin, Inc		2,103
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		740,846
		TOTAL COMMON STOCKS (Cost $149,628,069)		120,477,528
		TOTAL PORTFOLIO - 97.88% (Cost $149,628,069)		120,477,528
		OTHER ASSETS AND LIABILITIES, NET - 2.12%		2,605,276
		NET ASSETS - 100.00%	$	123,082,804

* Non-income producing

** Percentage represents less than 0.01%

m Indicates a security that has been deemed illiquid.

86

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.42%
AMUSEMENT AND RECREATION SERVICES - 0.90%
200	*	Electronic Arts, Inc	$	4,344
9,268		Walt Disney Co		216,222
		TOTAL AMUSEMENT AND RECREATION SERVICES		220,566
APPAREL AND ACCESSORY STORES - 0.64%
600		American Eagle Outfitters, Inc		8,502
89	*	AnnTaylor Stores Corp		710
100	*	Charming Shoppes, Inc		372
400	*	Chico’s FAS, Inc		3,892
400		Foot Locker, Inc		4,188
3,091		Gap, Inc		50,692
1,207	*	Kohl’s Corp		51,600
1,800		Limited Brands, Inc		21,546
800		Nordstrom, Inc		15,912
		TOTAL APPAREL AND ACCESSORY STORES		157,414
APPAREL AND OTHER TEXTILE PRODUCTS - 0.70%
300		Liz Claiborne, Inc		864
2,767		Nike, Inc (Class B)		143,275
200		Phillips-Van Heusen Corp		5,738
100		Polo Ralph Lauren Corp (Class A)		5,354
279		VF Corp		15,443
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		170,674
AUTO REPAIR, SERVICES AND PARKING - 0.04%
544	*	Hertz Global Holdings, Inc		4,346
68		Ryder System, Inc		1,899
162	*	Wright Express Corp		4,126
		TOTAL AUTO REPAIR, SERVICES AND PARKING		10,371
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
200	*	Autozone, Inc		30,222
456	*	Carmax, Inc		6,703
77	*	Copart, Inc		2,670
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		39,595
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.22%
115		Fastenal Co		3,815
8,293		Home Depot, Inc		195,963
5,174		Lowe’s Cos, Inc		100,427
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		300,205
BUSINESS SERVICES - 7.29%
1,393	*	3Com Corp		6,561
301	*	3D Systems Corp		2,170
2,043	*	Adobe Systems, Inc		57,817
330		Aircastle Ltd		2,426
463	*	Akamai Technologies, Inc		8,880
249	*	Alliance Data Systems Corp		10,256
1,116	*	Art Technology Group, Inc		4,241
694	*	Autodesk, Inc		13,172
4,312		Automatic Data Processing, Inc		152,817

87

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
61	*	Blackboard, Inc	$	1,760
200	*	Blue Coat Systems, Inc		3,308
404	*	BPZ Energy, Inc		1,976
190	*	Ciber, Inc		589
460	*	Cogent, Inc		4,936
593	*	Compuware Corp		4,068
514	*	COMSYS IT Partners, Inc		3,007
100	*	CSG Systems International, Inc		1,324
160		Deluxe Corp		2,050
327	*	DivX, Inc		1,795
419	*	DST Systems, Inc		15,482
647	*	Earthlink, Inc		4,794
4,205	*	eBay, Inc		72,032
868	*	Expedia, Inc		13,115
169		Fair Isaac Corp		2,613
853	*	Google, Inc (Class A)		359,616
850		IMS Health, Inc		10,795
584	*	Informatica Corp		10,039
1,885		Innovative Solutions & Support, Inc		8,426
73		Interactive Data Corp		1,689
400	*	Internap Network Services Corp		1,396
369	*	Iron Mountain, Inc		10,609
305		Jack Henry & Associates, Inc		6,329
300	*	Lamar Advertising Co (Class A)		4,581
626	*	Lawson Software, Inc		3,493
242	*	Lionbridge Technologies		445
205	*	Liquidity Services, Inc		2,021
498	*	Magma Design Automation, Inc		727
170		Manpower, Inc		7,198
249		Marchex, Inc (Class B)		839
271	*	Mentor Graphics Corp		1,482
25,876		Microsoft Corp		615,072
214	*	ModusLink Global Solutions, Inc		1,468
2,745	*	MoneyGram International, Inc		4,886
544	*	Monster Worldwide, Inc		6,425
531	*	Network Equipment Technologies, Inc		2,262
1,258		NIC, Inc		8,517
1,918	*	Novell, Inc		8,689
2,061		Omnicom Group, Inc		65,086
98	*	Omniture, Inc		1,231
268	*	PDF Solutions, Inc		683
975	*	Radisys Corp		8,785
819	*	RealNetworks, Inc		2,449
645	*	Red Hat, Inc		12,984
600		Robert Half International, Inc		14,172
452	*	S1 Corp		3,119
375	*	Salesforce.com, Inc		14,314
500	*	Sapient Corp		3,145
196	*	Smith Micro Software, Inc		1,925
363	*	SonicWALL, Inc		1,989
3,229	*	Sun Microsystems, Inc		29,771
173	*	Sybase, Inc		5,422
4,019	*	Symantec Corp		62,536
1,069	*	TIBCO Software, Inc		7,665
480	*	TNS, Inc		9,000
1,135		Total System Services, Inc		15,198
146	*	Ultimate Software Group, Inc		3,539
249		United Online, Inc		1,621
273	*	Vasco Data Security International		1,996
3,600	*	Yahoo!, Inc		56,376
		TOTAL BUSINESS SERVICES		1,791,199
CHEMICALS AND ALLIED PRODUCTS - 13.21%
2,260		Abbott Laboratories		106,310
2,059		Air Products & Chemicals, Inc		132,991
200	*	Alexion Pharmaceuticals, Inc		8,224

88

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
795	*	Alexza Pharmaceuticals, Inc	$	1,884
100	*	Alkermes, Inc		1,082
4,832	*	Amgen, Inc		255,806
101	*	Auxilium Pharmaceuticals, Inc		3,169
1,036		Avery Dennison Corp		26,604
1,281		Avon Products, Inc		33,024
631	*	Biodel, Inc		3,256
1,426	*	Biogen Idec, Inc		64,384
400	*	BioMarin Pharmaceuticals, Inc		6,244
442	*	BioMimetic Therapeutics, Inc		4,084
10,211		Bristol-Myers Squibb Co		207,385
255	*	Calgon Carbon Corp		3,542
166	*	Caraco Pharmaceutical Laboratories Ltd		510
633	*	Cell Genesys, Inc		185
61		Church & Dwight Co, Inc		3,313
403		Clorox Co		22,499
2,745		Colgate-Palmolive Co		194,181
175	*	Cypress Bioscience, Inc		1,649
504	*	Dendreon Corp		12,524
2,211	*	Durect Corp		5,262
1,900		Ecolab, Inc		74,081
1,210	*	Genzyme Corp		67,361
300	*	Geron Corp		2,301
4,533	*	Gilead Sciences, Inc		212,326
540		H.B. Fuller Co		10,136
500	*	Human Genome Sciences, Inc		1,430
240	*	Idexx Laboratories, Inc		11,088
182		Innophos Holdings, Inc		3,074
341	*	Inverness Medical Innovations, Inc		12,133
200	*	Invitrogen Corp		8,344
5,234	*	Javelin Pharmaceuticals, Inc		6,438
9,090		Johnson & Johnson		516,312
342		Lubrizol Corp		16,180
200	*	Medarex, Inc		1,670
9,480		Merck & Co, Inc		265,061
156		Minerals Technologies, Inc		5,619
30	*	Molecular Insight Pharmaceuticals, Inc		155
300		Nalco Holding Co		5,052
238	*	Neurocrine Biosciences, Inc		769
442	*	Noven Pharmaceuticals, Inc		6,321
200	*	OraSure Technologies, Inc		494
200		PDL BioPharma, Inc		1,580
552		Perrigo Co		15,335
232	*	Pharmasset, Inc		2,610
193	*	PharMerica Corp		3,789
533	*	Pozen, Inc		4,093
2,336		Praxair, Inc		166,020
9,492		Procter & Gamble Co		485,041
227	*	Progenics Pharmaceuticals, Inc		1,169
500		RPM International, Inc		7,020
450	*	Salix Pharmaceuticals Ltd		4,442
5,626		Schering-Plough Corp		141,325
233		Sensient Technologies Corp		5,259
510	*	SIGA Technologies, Inc		4,304
1,140		Sigma-Aldrich Corp		56,498
500	*	SuperGen, Inc		1,005
44	*	United Therapeutics Corp		3,667
134	*	USANA Health Sciences, Inc		3,984
300		Valspar Corp		6,759
200	*	Vertex Pharmaceuticals, Inc		7,128
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,245,485
COMMUNICATIONS - 4.68%
1,026		Alaska Communications Systems Group, Inc		7,510
656	*	Centennial Communications Corp		5,484

89

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
92		CenturyTel, Inc	$	2,824
24	*	DG FastChannel, Inc		439
3,760	*	DIRECTV Group, Inc		92,910
1,346		Embarq Corp		56,613
200		Entercom Communications Corp (Class A)		306
2,364	*	Entravision Communications Corp (Class A)		1,135
100	*	Equinix, Inc		7,274
6,970	*	FiberTower Corp		3,485
100		Fisher Communications, Inc		1,279
6,831		Frontier Communications Corp		48,773
2,921		Gray Television, Inc		1,431
1,481	*	ICO Global Communications Holdings Ltd (Class A)		918
170	*	iPCS, Inc		2,543
769	*	Leap Wireless International, Inc		25,323
1,927	*	Liberty Global, Inc (Class A)		30,620
1,929	*	Liberty Media Corp - Capital (Series A)		26,157
3,650	*	Liberty Media Corp - Entertainment (Series A)		97,638
3,274	*	Liberty Media Holding Corp (Interactive A)		16,403
1,349	*	Lin TV Corp (Class A)		2,266
487	*	Mediacom Communications Corp (Class A)		2,489
879	*	MetroPCS Communications, Inc		11,699
120	*	NeuStar, Inc (Class A)		2,659
661	*	NII Holdings, Inc (Class B)		12,605
110		NTELOS Holdings Corp		2,026
11,450		Qwest Communications International, Inc		47,518
734		Scripps Networks Interactive (Class A)		20,427
15,671	*	Sprint Nextel Corp		75,378
718	*	SureWest Communications		7,517
388	*	Syniverse Holdings, Inc		6,220
186	*	Terremark Worldwide, Inc		1,075
2,278		Time Warner Cable, Inc		72,144
681	*	TiVo, Inc		7,137
10,550		Verizon Communications, Inc		324,203
3,789	*	Viacom, Inc (Class B)		86,010
4,713		Windstream Corp		39,401
		TOTAL COMMUNICATIONS		1,149,839
DEPOSITORY INSTITUTIONS - 5.25%
111		Bank of Hawaii Corp		3,977
5,554		Bank of New York Mellon Corp		162,787
265		BankAtlantic Bancorp Inc (Class A)		1,023
3,474		BB&T Corp		76,359
200		City National Corp		7,366
698		Colonial Bancgroup, Inc		433
800		Comerica, Inc		16,920
4,100		Fifth Third Bancorp		29,110
905	*	First Horizon National Corp		10,861
2,096	*	Flagstar Bancorp, Inc		1,425
147		Fulton Financial Corp		766
1,233		Hudson City Bancorp, Inc		16,387
2,600		Keycorp		13,624
671		M&T Bank Corp		34,174
1,400		Marshall & Ilsley Corp		6,720
300	*	Metavante Technologies, Inc		7,758
1,170		New York Community Bancorp, Inc		12,507
148		NewAlliance Bancshares, Inc		1,702
989		Northern Trust Corp		53,090
145		Old National Bancorp		1,424
189		People’s United Financial, Inc		2,843
2,321		PNC Financial Services Group, Inc		90,078
540		Popular, Inc		1,188
355		Provident Financial Services, Inc		3,231
4,160		Regions Financial Corp		16,806
2,386		State Street Corp		112,619
2,387		SunTrust Banks, Inc		39,266
148	*	SVB Financial Group		4,029
900		Synovus Financial Corp		2,691

90

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,847		UCBH Holdings, Inc	$	2,327
8,529		US Bancorp		152,840
16,481		Wells Fargo & Co		399,828
100		Zions Bancorporation		1,156
		TOTAL DEPOSITORY INSTITUTIONS		1,287,315
EATING AND DRINKING PLACES - 1.50%
521	*	AFC Enterprises		3,517
793		Darden Restaurants, Inc		26,153
13		DineEquity, Inc		405
4,678		McDonald’s Corp		268,939
177	*	Sonic Corp		1,775
3,234	*	Starbucks Corp		44,921
660		Yum! Brands, Inc		22,004
		TOTAL EATING AND DRINKING PLACES		367,714
EDUCATIONAL SERVICES - 0.02%
43	*	ITT Educational Services, Inc		4,328
		TOTAL EDUCATIONAL SERVICES		4,328
ELECTRIC, GAS, AND SANITARY SERVICES - 6.83%
3,718	*	AES Corp		43,166
1,096		AGL Resources, Inc		34,853
966		Alliant Energy Corp		25,242
820		Aqua America, Inc		14,678
1,100		Atmos Energy Corp		27,544
2,028		Avista Corp		36,119
947	*	Calpine Corp		10,559
1,667		Centerpoint Energy, Inc		18,470
242		Central Vermont Public Service Corp		4,380
121		CH Energy Group, Inc		5,651
1,962	*	Clean Energy Fuels Corp		16,893
2,422		Cleco Corp		54,301
3,253		Consolidated Edison, Inc		121,726
2,400		Crosstex Energy, Inc		9,984
1,429		Edison International		44,956
4,837		El Paso Corp		44,646
300		Energen Corp		11,970
2,312		FPL Group, Inc		131,459
2,385		Hawaiian Electric Industries, Inc		45,458
2,000		Idacorp, Inc		52,280
87		ITC Holdings Corp		3,946
222		Laclede Group, Inc		7,355
500		MGE Energy, Inc		16,775
1,739		National Fuel Gas Co		62,743
197		New Jersey Resources Corp		7,297
693		Nicor, Inc		23,992
5,139		NiSource, Inc		59,921
1,093		Northeast Utilities		24,385
162		Northwest Natural Gas Co		7,180
1,211	*	NRG Energy, Inc		31,438
865		NSTAR		27,775
2,900		NV Energy, Inc		31,291
3,459		OGE Energy Corp		97,958
5,252		Pepco Holdings, Inc		70,587
1,108		PG&E Corp		42,592
982		Piedmont Natural Gas Co, Inc		23,676
681		Pinnacle West Capital Corp		20,532
1,929		PPL Corp		63,580
1,732		Public Service Enterprise Group, Inc		56,515
1,713		Questar Corp		53,206
1,829		Resource America, Inc (Class A)		9,840
1,042		Sempra Energy		51,714
211		SJW Corp		4,790
500		South Jersey Industries, Inc		17,445
155		Southwest Gas Corp		3,443
400		UGI Corp		10,196
200		UIL Holdings Corp		4,490
587		WGL Holdings, Inc		18,796

91

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
4,478		Williams Cos, Inc	$	69,902
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,677,695
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.53%
2,047	*	Adaptec, Inc		5,425
277	*	Advanced Energy Industries, Inc		2,490
1,782	*	Advanced Micro Devices, Inc		6,896
1,480		Ametek, Inc		51,178
281	*	Avnet, Inc		5,909
161		Baldor Electric Co		3,830
147	*	Benchmark Electronics, Inc		2,117
20,753	*	Cisco Systems, Inc		386,835
297	*	Conexant Systems, Inc		434
308	*	Cree, Inc		9,052
145	*	Dolby Laboratories, Inc (Class A)		5,406
506		Eaton Corp		22,573
81	*	Energy Conversion Devices, Inc		1,146
4,262	*	Finisar Corp		2,429
321	*	First Solar, Inc		52,041
312	*	FuelCell Energy, Inc		1,304
377	*	GrafTech International Ltd		4,264
85	*	Greatbatch, Inc		1,922
100		Harman International Industries, Inc		1,880
582	*	Harmonic, Inc		3,428
530	*	Hutchinson Technology, Inc		1,034
21,550		Intel Corp		356,652
169	*	InterDigital, Inc		4,130
77		Lincoln Electric Holdings, Inc		2,775
538	*	Loral Space & Communications, Inc		13,854
2,267	*	LSI Logic Corp		10,338
181	*	Medis Technologies Ltd		91
2,856	*	Micron Technology, Inc		14,451
10,710		Motorola, Inc		71,006
1,151	*	NetApp, Inc		22,698
1,509	*	ON Semiconductor Corp		10,352
645	*	Oplink Communications, Inc		7,353
293		Plantronics, Inc		5,541
357	*	Polycom, Inc		7,236
200	*	Power-One, Inc		298
621	*	Powerwave Technologies, Inc		1,000
441	*	QLogic Corp		5,592
586	*	Quantum Fuel Systems Technologies Worldwide, Inc		452
706	*	RF Micro Devices, Inc		2,655
760	*	Silicon Storage Technology, Inc		1,421
12,111	*	Sirius XM Radio, Inc		5,208
487	*	Skyworks Solutions, Inc		4,763
168	*	Sunpower Corp (Class A)		4,476
400	*	Sycamore Networks, Inc		1,252
1,169	*	Symmetricom, Inc		6,745
141	*	Synaptics, Inc		5,450
221	*	Tekelec		3,719
288		Teleflex, Inc		12,911
1,300	*	Tellabs, Inc		7,449
7,497		Texas Instruments, Inc		159,685
338	*	Thomas & Betts Corp		9,755
944	*	Triquint Semiconductor, Inc		5,013
184	*	TTM Technologies, Inc		1,465
100		Whirlpool Corp		4,256
800		Xilinx, Inc		16,368
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,358,003
ENGINEERING AND MANAGEMENT SERVICES - 0.97%
4,100		Accenture Ltd (Class A)		137,185
200	*	Amylin Pharmaceuticals, Inc		2,700
200	*	Ariad Pharmaceuticals, Inc		318
200	*	Celera Corp		1,526
42		Corporate Executive Board Co		872

92

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
321	*	Hewitt Associates, Inc (Class A)	$	9,559
767	*	Incyte Corp		2,523
435	*	Isis Pharmaceuticals, Inc		7,178
139	*	Navigant Consulting, Inc		1,796
1,563		Paychex, Inc		39,388
211	*	Regeneron Pharmaceuticals, Inc		3,781
22,419	*	Rentech, Inc		12,779
100	*	Symyx Technologies, Inc		585
318	*	Tetra Tech, Inc		9,111
303	*	VCA Antech, Inc		8,090
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		237,391
FABRICATED METAL PRODUCTS - 0.89%
140		Aptargroup, Inc		4,728
720		Commercial Metals Co		11,542
258		Dynamic Materials Corp		4,974
100		Gulf Island Fabrication, Inc		1,583
4,243		Illinois Tool Works, Inc		158,433
200		Pentair, Inc		5,124
150		Quanex Building Products Corp		1,683
147		Snap-On, Inc		4,225
600		Stanley Works		20,304
71		Valmont Industries, Inc		5,118
		TOTAL FABRICATED METAL PRODUCTS		217,714
FOOD AND KINDRED PRODUCTS - 4.07%
1,688		Campbell Soup Co		49,661
20		Coca-Cola Enterprises, Inc		333
2,456		General Mills, Inc		137,585
2,010		H.J. Heinz Co		71,757
80	*	Hansen Natural Corp		2,466
1,029		Hershey Co		37,044
164		J.M. Smucker Co		7,980
2,828		Kellogg Co		131,700
7,819		Kraft Foods, Inc (Class A)		198,133
51		Lancaster Colony Corp		2,248
146		McCormick & Co, Inc		4,749
5,994		PepsiCo, Inc		329,431
11	*	Ralcorp Holdings, Inc		670
2,399		Sara Lee Corp		23,414
76		Tootsie Roll Industries, Inc		1,724
		TOTAL FOOD AND KINDRED PRODUCTS		998,895
FOOD STORES - 0.29%
51	*	Great Atlantic & Pacific Tea Co, Inc		217
1,270		Kroger Co		28,004
1,832		Safeway, Inc		37,317
260	*	Whole Foods Market, Inc		4,935
		TOTAL FOOD STORES		70,473
FORESTRY - 0.12%
996		Weyerhaeuser Co		30,308
		TOTAL FORESTRY		30,308
FURNITURE AND FIXTURES - 0.20%
68		Herman Miller, Inc		1,043
470		Hill-Rom Holdings, Inc		7,623
128		HNI Corp		2,312
200	*	Kinetic Concepts, Inc		5,450

93

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
700		Leggett & Platt, Inc	$	10,661
2,240		Masco Corp		21,459
		TOTAL FURNITURE AND FIXTURES		48,548
FURNITURE AND HOME FURNISHINGS STORES - 0.29%
865	*	Bed Bath & Beyond, Inc		26,599
1,050		Best Buy Co, Inc		35,164
199	*	GameStop Corp (Class A)		4,380
200		RadioShack Corp		2,792
100		Williams-Sonoma, Inc		1,187
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		70,122
GENERAL BUILDING CONTRACTORS - 0.04%
400		Centex Corp		3,384
400		Lennar Corp (Class A)		3,876
169	*	M/I Homes, Inc		1,655
300	*	Standard-Pacific Corp		609
		TOTAL GENERAL BUILDING CONTRACTORS		9,524
GENERAL MERCHANDISE STORES - 1.61%
2,881		Costco Wholesale Corp		131,662
940		JC Penney Co, Inc		26,987
800		Macy’s, Inc		9,408
4,138		Target Corp		163,327
2,029		TJX Companies, Inc		63,832
		TOTAL GENERAL MERCHANDISE STORES		395,216
HEALTH SERVICES - 0.58%
55	*	Amsurg Corp		1,179
112	*	Corvel Corp		2,550
201	*	Edwards Lifesciences Corp		13,674
791	*	Five Star Quality Care, Inc		1,511
161	*	Healthways, Inc		2,165
669	*	Laboratory Corp of America Holdings		45,352
421	*	LCA-Vision, Inc		1,777
337	*	LifePoint Hospitals, Inc		8,846
1,668	*	Nektar Therapeutics		10,809
162	*	Nighthawk Radiology Holdings, Inc		599
964		Quest Diagnostics, Inc		54,399
		TOTAL HEALTH SERVICES		142,861
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.04%
301	*	LB Foster Co (Class A)		9,051
159	*	Matrix Service Co		1,825
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		10,876
HOLDING AND OTHER INVESTMENT OFFICES - 1.55%
2,944		Annaly Mortgage Management, Inc		44,572
800		Anworth Mortgage Asset Corp		5,768
1,347		Ashford Hospitality Trust, Inc		3,785
389		Boston Properties, Inc		18,555
441		Capstead Mortgage Corp		5,605
1,159		Duke Realty Corp		10,164
1,938		Equity Residential		43,082
55		First Industrial Realty Trust, Inc		239
930		HCP, Inc		19,707
207		Health Care REIT, Inc		7,059
1,480		Hersha Hospitality Trust		3,670
2,530		Host Marriott Corp		21,227
700		HRPT Properties Trust		2,842
800	*	iStar Financial, Inc		2,272
1,200		Kimco Realty Corp		12,060

94

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
300		Liberty Property Trust	$	6,912
255		MFA Mortgage Investments, Inc		1,765
78		Mid-America Apartment Communities, Inc		2,863
1,865		NorthStar Realty Finance Corp		5,278
1,000		Prologis		8,060
1,307		Public Storage, Inc		85,582
213		RAIT Investment Trust		292
78		Regency Centers Corp		2,723
176		UDR, Inc		1,818
2,062		Virgin Media, Inc		19,280
651		Vornado Realty Trust		29,315
300		WABCO Holdings, Inc		5,310
733		Weingarten Realty Investors		10,636
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		380,441
HOTELS AND OTHER LODGING PLACES - 0.27%
600		Choice Hotels International, Inc		15,966
500	*	Gaylord Entertainment Co		6,355
1,201	*	Great Wolf Resorts, Inc		2,450
1,200	*	Lodgian, Inc		1,560
200		Marcus Corp		2,104
1,245		Marriott International, Inc (Class A)		27,467
448		Starwood Hotels & Resorts Worldwide, Inc		9,946
		TOTAL HOTELS AND OTHER LODGING PLACES		65,848
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.35%
400	*	AGCO Corp		11,628
3,736	*	Allis-Chalmers Energy, Inc		8,630
6,644		Applied Materials, Inc		72,885
90	*	Astec Industries, Inc		2,672
699	*	Axcelis Technologies, Inc		322
400		Black & Decker Corp		11,464
200		Briggs & Stratton Corp		2,668
2,450		Caterpillar, Inc		80,948
1,082	*	Cray, Inc		8,526
1,279		Cummins, Inc		45,034
2,666		Deere & Co		106,507
8,135	*	Dell, Inc		111,694
66		Donaldson Co, Inc		2,286
100	*	Dril-Quip, Inc		3,810
241	*	Entegris, Inc		656
82	*	Flotek Industries, Inc		166
600	*	FMC Technologies, Inc		22,548
421		Graco, Inc		9,270
9,067		Hewlett-Packard Co		350,439
772	*	Immersion Corp		3,814
607	*	Ingersoll-Rand PLC		12,686
4,531		International Business Machines Corp		473,126
124	*	Intevac, Inc		1,080
129		John Bean Technologies Corp		1,615
4,107		Johnson Controls, Inc		89,204
364	*	Lam Research Corp		9,464
300	*	Lexmark International, Inc (Class A)		4,755
55		Lufkin Industries, Inc		2,313
516		Manitowoc Co, Inc		2,714
292		Modine Manufacturing Co		1,402
400		Nordson Corp		15,464
89	*	Oil States International, Inc		2,155
300		Pall Corp		7,968
2,748	*	Quantum Corp		2,281
2,812		Seagate Technology, Inc		29,414
508	*	Semitool, Inc		2,347

95

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
210	*	Sigma Designs, Inc	$	3,368
406	*	STEC, Inc		9,415
132	*	Tecumseh Products Co (Class A)		1,282
716		Tennant Co		13,167
170	*	Ultratech, Inc		2,093
400	*	Varian Medical Systems, Inc		14,056
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,557,336
INSTRUMENTS AND RELATED PRODUCTS - 5.28%
100	*	Affymetrix, Inc		593
1,539	*	Agilent Technologies, Inc		31,257
1,318		Allergan, Inc		62,710
3,487		Baxter International, Inc		184,672
370		Beckman Coulter, Inc		21,142
1,809		Becton Dickinson & Co		129,000
200	*	Bruker BioSciences Corp		1,852
191	*	Cardiac Science Corp		768
365	*	Cepheid, Inc		3,438
2,070		Danaher Corp		127,802
636		Dentsply International, Inc		19,411
5,217		Emerson Electric Co		169,031
396	*	Flir Systems, Inc		8,934
601		Garmin Ltd		14,316
470		Hillenbrand, Inc		7,821
788	*	Hologic, Inc		11,213
182	*	Illumina, Inc		7,087
139	*	Intuitive Surgical, Inc		22,749
564	*	ION Geophysical Corp		1,449
361	*	Ixia		2,433
598	*	LTX-Credence Corp		281
5,711		Medtronic, Inc		199,256
236	*	Millipore Corp		16,570
200		Movado Group, Inc		2,108
278		Rockwell Automation, Inc		8,929
178		Roper Industries, Inc		8,065
1,442	*	St. Jude Medical, Inc		59,266
268		STERIS Corp		6,989
70		Techne Corp		4,467
1,505	*	Thermo Electron Corp		61,359
260	*	Trimble Navigation Ltd		5,104
636	*	Vivus, Inc		3,867
300	*	Waters Corp		15,441
4,409		Xerox Corp		28,570
1,131	*	Zimmer Holdings, Inc		48,181
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,296,131
INSURANCE AGENTS, BROKERS AND SERVICE - 0.37%
1,611		AON Corp		61,008
1,121	*	Crawford & Co (Class B)		5,381
1,987		Hartford Financial Services Group, Inc		23,586
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		89,975
INSURANCE CARRIERS - 4.18%
2,471		Aetna, Inc		61,899
3,406		Aflac, Inc		105,892
5	*	Alleghany Corp		1,355
37		American Physicians Capital, Inc		1,449
120	*	Arch Capital Group Ltd		7,030
853		Aspen Insurance Holdings Ltd		19,056
613		Assurant, Inc		14,767
69	*	Catalyst Health Solutions, Inc		1,721
263	*	Centene Corp		5,255
3,142		Chubb Corp		125,302

96

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,385		Cincinnati Financial Corp	$	53,305
332		Endurance Specialty Holdings Ltd		9,728
202		Erie Indemnity Co (Class A)		7,224
1,970		Genworth Financial, Inc (Class A)		13,770
150		Hanover Insurance Group, Inc		5,717
737	*	Humana, Inc		23,776
2,014		Lincoln National Corp		34,661
30	*	Markel Corp		8,451
177	*	Molina Healthcare, Inc		4,234
765		Montpelier Re Holdings Ltd		10,167
70		Odyssey Re Holdings Corp		2,799
468		Phoenix Cos, Inc		782
347		Platinum Underwriters Holdings Ltd		9,921
200		PMI Group, Inc		396
1,800		Principal Financial Group		33,912
4,377		Progressive Corp		66,136
300		Protective Life Corp		3,432
220		Radian Group, Inc		598
36		Stancorp Financial Group, Inc		1,032
4,120		Travelers Cos, Inc		169,084
1,457		UnumProvident Corp		23,108
700		W.R. Berkley Corp		15,029
3,413	*	WellPoint, Inc		173,687
1,041		XL Capital Ltd (Class A)		11,930
		TOTAL INSURANCE CARRIERS		1,026,605
LEATHER AND LEATHER PRODUCTS - 0.14%
1,184		Coach, Inc		31,826
115		Weyco Group, Inc		2,655
		TOTAL LEATHER AND LEATHER PRODUCTS		34,481
LEGAL SERVICES - 0.02%
95	*	FTI Consulting, Inc		4,818
		TOTAL LEGAL SERVICES		4,818
LUMBER AND WOOD PRODUCTS - 0.00%
400	*	Champion Enterprises, Inc		128
		TOTAL LUMBER AND WOOD PRODUCTS		128
METAL MINING - 0.17%
974		Royal Gold, Inc		40,616
		TOTAL METAL MINING		40,616
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.23%
318		Armstrong World Industries, Inc		5,244
200		Callaway Golf Co		1,014
3,063		Mattel, Inc		49,161
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		55,419
MISCELLANEOUS RETAIL - 2.16%
1,275	*	Amazon.com, Inc		106,667
5,906		CVS Corp		188,225
41	*	Dollar Tree, Inc		1,726
188	*	GSI Commerce, Inc		2,679
790	*	Hibbett Sports, Inc		14,220
248	*	HSN, Inc		2,621
700	*	Office Depot, Inc		3,192
200		Petsmart, Inc		4,292
88	*	Priceline.com, Inc		9,816
2,618		Staples, Inc		52,805

97

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
300		Tiffany & Co	$	7,608
4,606		Walgreen Co		135,416
		TOTAL MISCELLANEOUS RETAIL		529,267
MOTION PICTURES - 0.12%
97	*	Avid Technology, Inc		1,301
559	*	Discovery Communications, Inc (Class A)		12,605
306	*	DreamWorks Animation SKG, Inc (Class A)		8,443
200		Regal Entertainment Group (Class A)		2,658
361	*	tw telecom inc (Class A)		3,707
		TOTAL MOTION PICTURES		28,714
NONDEPOSITORY INSTITUTIONS - 1.00%
5,740		American Express Co		133,397
756	*	AmeriCredit Corp		10,244
2,329		Capital One Financial Corp		50,958
500		CapitalSource, Inc		2,440
2,202		CIT Group, Inc		4,734
2,202		Discover Financial Services		22,615
319		Federal Agricultural Mortgage Corp (Class C)		1,541
1,477	*	Guaranty Financial Group, Inc		281
1,662		Medallion Financial Corp		12,714
2,590	*	NewStar Financial, Inc		4,947
105	*	World Acceptance Corp		2,091
		TOTAL NONDEPOSITORY INSTITUTIONS		245,962
NONMETALLIC MINERALS, EXCEPT FUELS - 0.22%
900		AMCOL International Corp		19,422
68		Compass Minerals International, Inc		3,734
723		Vulcan Materials Co		31,161
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		54,317
OIL AND GAS EXTRACTION - 6.54%
2,322		Apache Corp		167,531
378		Atlas America, Inc		6,755
122	*	ATP Oil & Gas Corp		849
400		Berry Petroleum Co (Class A)		7,436
120	*	Boots & Coots, Inc		167
200	*	Bronco Drilling Co, Inc		856
700		Cabot Oil & Gas Corp		21,448
1,029	*	Callon Petroleum Co		2,037
850	*	Cameron International Corp		24,055
4,076		Chesapeake Energy Corp		80,827
615		Cimarex Energy Co		17,429
225	*	Complete Production Services, Inc		1,431
325	*	Contango Oil & Gas Co		13,809
112	*	Dawson Geophysical Co		3,343
2,575	*	Denbury Resources, Inc		37,930
2,988		Devon Energy Corp		162,846
1,100		Diamond Offshore Drilling, Inc		91,355
300	*	Encore Acquisition Co		9,255
1,081		ENSCO International, Inc		37,694
1,638		EOG Resources, Inc		111,253
2,040		Equitable Resources, Inc		71,216
124	*	EXCO Resources, Inc		1,602
49	*	Exterran Holdings, Inc		786
249	*	Geokinetics, Inc		3,399
591	*	Geomet, Inc		650
900	*	Global Industries Ltd		5,094
92	*	GMX Resources, Inc		979
369	*	Goodrich Petroleum Corp		9,074
1,008		Helmerich & Payne, Inc		31,117
2,560	*	Meridian Resource Corp		896
880	*	Nabors Industries Ltd		13,710

98

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
3,196	*	National Oilwell Varco, Inc	$	104,381
677	*	Newfield Exploration Co		22,118
1,798		Noble Energy, Inc		106,028
78	*	Oceaneering International, Inc		3,526
753	*	Parker Drilling Co		3,268
1,754	*	PetroHawk Energy Corp		39,114
200	*	Petroleum Development Corp		3,138
415	*	Petroquest Energy, Inc		1,531
697	*	Pioneer Drilling Co		3,339
1,009		Pioneer Natural Resources Co		25,730
1,100	*	Pride International, Inc		27,566
800	*	Quicksilver Resources, Inc		7,432
597		Range Resources Corp		24,722
1,050		Smith International, Inc		27,038
927	*	Southwestern Energy Co		36,014
500		St. Mary Land & Exploration Co		10,435
188	*	Stone Energy Corp		1,395
2,287	*	Sulphco, Inc		2,104
400	*	Swift Energy Co		6,660
650	*	Ultra Petroleum Corp		25,350
300	*	Unit Corp		8,271
374	*	Venoco, Inc		2,869
500		W&T Offshore, Inc		4,870
300	*	Whiting Petroleum Corp		10,548
4,290		XTO Energy, Inc		163,621
		TOTAL OIL AND GAS EXTRACTION		1,607,897
PAPER AND ALLIED PRODUCTS - 0.95%
551		Bemis Co		13,885
150	*	Buckeye Technologies, Inc		674
103	*	Domtar Corporation		1,708
1,597		International Paper Co		24,163
2,545		Kimberly-Clark Corp		133,434
1,866		MeadWestvaco Corp		30,621
114		Rock-Tenn Co (Class A)		4,350
700		Sonoco Products Co		16,765
500		Temple-Inland, Inc		6,560
		TOTAL PAPER AND ALLIED PRODUCTS		232,160
PERSONAL SERVICES - 0.03%
232		Regis Corp		4,039
34		Unifirst Corp		1,264
40		Weight Watchers International, Inc		1,031
		TOTAL PERSONAL SERVICES		6,334
PETROLEUM AND COAL PRODUCTS - 1.43%
100		Ashland, Inc		2,805
2,750		Hess Corp		147,813
5,440		Marathon Oil Corp		163,907
1,530		Sunoco, Inc		35,496
		TOTAL PETROLEUM AND COAL PRODUCTS		350,021
PIPELINES, EXCEPT NATURAL GAS - 0.56%
8,117		Spectra Energy Corp		137,340
		TOTAL PIPELINES, EXCEPT NATURAL GAS		137,340
PRIMARY METAL INDUSTRIES - 1.47%
4,654		Alcoa, Inc		48,076
190		Allegheny Technologies, Inc		6,637
5,868		Corning, Inc		94,240
350		Gibraltar Industries, Inc		2,405
300		Hubbell, Inc (Class B)		9,618
1,850	*	Metalico, Inc		8,621

99

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,406		Nucor Corp	$	106,899
241		Olympic Steel, Inc		5,897
1,276		Steel Dynamics, Inc		18,795
500		Tredegar Corp		6,660
868		United States Steel Corp		31,022
1,705		Worthington Industries, Inc		21,807
		TOTAL PRIMARY METAL INDUSTRIES		360,677
PRINTING AND PUBLISHING - 0.42%
412		Dun & Bradstreet Corp		33,459
233		EW Scripps Co (Class A)		487
185		Harte-Hanks, Inc		1,711
83		John Wiley & Sons, Inc (Class A)		2,760
2,109		Journal Communications, Inc (Class A)		2,214
200		Meredith Corp		5,110
1,322		New York Times Co (Class A)		7,284
600		R.R. Donnelley & Sons Co		6,972
863		Standard Register Co		2,813
116		Washington Post Co (Class B)		40,853
		TOTAL PRINTING AND PUBLISHING		103,663
RAILROAD TRANSPORTATION - 1.01%
600		Burlington Northern Santa Fe Corp		44,124
2,543		CSX Corp		88,064
500	*	Kansas City Southern Industries, Inc		8,055
2,856		Norfolk Southern Corp		107,586
		TOTAL RAILROAD TRANSPORTATION		247,829
REAL ESTATE - 0.03%
480	*	CB Richard Ellis Group, Inc (Class A)		4,493
166	*	Forestar Real Estate Group, Inc		1,972
100		Stewart Enterprises, Inc (Class A)		482
		TOTAL REAL ESTATE		6,947
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%
340		Sealed Air Corp		6,273
179		Tupperware Corp		4,658
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		10,931
SECURITY AND COMMODITY BROKERS - 2.83%
722		Ameriprise Financial, Inc		17,523
531		BlackRock, Inc		93,148
683		Broadridge Financial Solutions, Inc		11,324
6,487		Charles Schwab Corp		113,781
335		CME Group, Inc		104,222
388		Duff & Phelps Corp		6,899
200		Eaton Vance Corp		5,350
363		Evercore Partners, Inc (Class A)		7,129
300		Federated Investors, Inc (Class B)		7,227
1,557		Franklin Resources, Inc		112,120
415	*	IntercontinentalExchange, Inc		47,410
2,274		Invesco Ltd		40,523
556		Legg Mason, Inc		13,555
542	*	Nasdaq Stock Market, Inc		11,550
1,436		NYSE Euronext		39,131
600		SEI Investments Co		10,824
1,200		T Rowe Price Group, Inc		50,004
259		US Global Investors, Inc (Class A)		2,398
		TOTAL SECURITY AND COMMODITY BROKERS		694,118

100

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
SOCIAL SERVICES - 0.01%
688	*	Capital Senior Living Corp	$	3,130
		TOTAL SOCIAL SERVICES		3,130
SPECIAL TRADE CONTRACTORS - 0.07%
75		Chemed Corp		2,961
80	*	Layne Christensen Co		1,636
518	*	Quanta Services, Inc		11,981
		TOTAL SPECIAL TRADE CONTRACTORS		16,578
STONE, CLAY, AND GLASS PRODUCTS - 0.93%
3,544		3M Co		212,994
100		Apogee Enterprises, Inc		1,230
51	*	Cabot Microelectronics Corp		1,443
150		CARBO Ceramics, Inc		5,130
400		Gentex Corp		4,640
241	*	Owens Corning, Inc		3,080
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		228,517
TEXTILE MILL PRODUCTS - 0.01%
200		Oxford Industries, Inc		2,330
		TOTAL TEXTILE MILL PRODUCTS		2,330
TRANSPORTATION BY AIR - 0.72%
2,987	*	Airtran Holdings, Inc		18,490
700	*	Continental Airlines, Inc (Class B)		6,202
2,034	*	Delta Air Lines, Inc		11,777
581	*	ExpressJet Holdings, Inc		802
1,692		FedEx Corp		94,109
3,057	*	JetBlue Airways Corp		13,053
267		Skywest, Inc		2,723
4,240		Southwest Airlines Co		28,535
		TOTAL TRANSPORTATION BY AIR		175,691
TRANSPORTATION EQUIPMENT - 1.16%
200		American Axle & Manufacturing Holdings, Inc		688
400		ArvinMeritor, Inc		1,756
1,670	*	BE Aerospace, Inc		23,981
12,140	*	Ford Motor Co		73,689
64	*	Fuel Systems Solutions, Inc		1,292
1,639		Genuine Parts Co		55,005
1,360		Harley-Davidson, Inc		22,046
660		Harsco Corp		18,678
1,405		Paccar, Inc		45,677
1,353	*	Spirit Aerosystems Holdings, Inc (Class A)		18,590
339		Superior Industries International, Inc		4,780
800	*	Tenneco, Inc		8,480
300		Westinghouse Air Brake Technologies Corp		9,651
		TOTAL TRANSPORTATION EQUIPMENT		284,313
TRANSPORTATION SERVICES - 0.06%
150		CH Robinson Worldwide, Inc		7,823
139		Expeditors International Washington, Inc		4,634
248	*	Interval Leisure Group, Inc		2,311
404	*	Orbitz Worldwide, Inc		768
		TOTAL TRANSPORTATION SERVICES		15,536

101

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
TRUCKING AND WAREHOUSING - 0.77%
3,769		United Parcel Service, Inc (Class B)	$	188,412
		TOTAL TRUCKING AND WAREHOUSING		188,412
WATER TRANSPORTATION - 0.08%
116		Alexander & Baldwin, Inc		2,719
400	*	Gulfmark Offshore, Inc		11,040
300	*	Hornbeck Offshore Services, Inc		6,417
		TOTAL WATER TRANSPORTATION		20,176
WHOLESALE TRADE-DURABLE GOODS - 0.61%
932		Agilysys, Inc		4,362
800		Barnes Group, Inc		9,512
400		BorgWarner, Inc		13,660
400		Castle (A.M.) & Co		4,832
465	*	Chindex International, Inc		5,752
104	*	MWI Veterinary Supply, Inc		3,625
26		Owens & Minor, Inc		1,139
522	*	Patterson Cos, Inc		11,327
900		Reliance Steel & Aluminum Co		34,551
142	*	Tyler Technologies, Inc		2,218
679		W.W. Grainger, Inc		55,598
109	*	WESCO International, Inc		2,729
		TOTAL WHOLESALE TRADE-DURABLE GOODS		149,305
WHOLESALE TRADE-NONDURABLE GOODS - 0.56%
45		Airgas, Inc		1,824
623	*	Akorn, Inc		748
440		Allscripts Healthcare Solutions, Inc		6,978
9	*	Clearwater Paper Corp		228
500	*	Endo Pharmaceuticals Holdings, Inc		8,960
105	*	Henry Schein, Inc		5,035
98		Nash Finch Co		2,652
128		Spartan Stores, Inc		1,588
4,861		Sysco Corp		109,275
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		137,288
		TOTAL COMMON STOCKS
		(Cost $31,111,137)		$24,401,582
		TOTAL PORTFOLIO -99.42%
		(Cost $31,111,137)		24,401,582
		OTHER ASSETS AND LIABILITIES, NET -0.58%		142,046
		NET ASSETS - 100.00%		$24,543,628

* Non-income producing

** Percentage represents less than 0.01%

The following abbreviation is used in portfolio descriptions:

Plc Public Limited Company

102

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

SHARES		COMPANY	VALUE
COMMON STOCKS - 97.82%
FORESTRY - 2.03%
20,600		Rayonier, Inc	$	748,810
		TOTAL FORESTRY		748,810
HOLDING AND OTHER INVESTMENT OFFICES - 95.60%
7,800		Acadia Realty Trust		101,790
500		Alexander’s, Inc		134,800
13,300		Alexandria Real Estate Equities, Inc		476,007
40,100		AMB Property Corp		754,281
23,000		American Campus Communities, Inc		510,140
4,000		Associated Estates Realty Corp		23,840
20,200		AvalonBay Communities, Inc		1,129,988
13,500		BioMed Realty Trust, Inc		138,105
38,506		Boston Properties, Inc		1,836,736
15,200		BRE Properties, Inc (Class A)		361,152
11,730		Camden Property Trust		323,748
22,000		CBL & Associates Properties, Inc		118,580
10,000		Cedar Shopping Centers, Inc		45,200
7,000		Colonial Properties Trust		51,800
15,000		Corporate Office Properties Trust		439,950
183		Cousins Properties, Inc		1,556
44,000		DCT Industrial Trust, Inc		179,520
35,716		Developers Diversified Realty Corp		174,294
26,000		DiamondRock Hospitality Co		162,760
17,200		Digital Realty Trust, Inc		616,620
25,000		Douglas Emmett, Inc		224,750
13,300		EastGroup Properties, Inc		439,166
8,000		Entertainment Properties Trust		164,800
7,800		Equity Lifestyle Properties, Inc		290,004
46,400		Equity Residential		1,031,472
7,700		Essex Property Trust, Inc		479,171
20,000		Extra Space Storage, Inc		167,000
21,700		Federal Realty Investment Trust		1,117,984
14,300		FelCor Lodging Trust, Inc		35,178
11,500		Franklin Street Properties Corp		152,375
18,730		Gramercy Capital Corp		30,155
20,000	*,f,m,v	GSC Capital Corp		0
62,000		HCP, Inc		1,313,780
22,594		Health Care REIT, Inc		770,455
15,000		Healthcare Realty Trust, Inc		252,450
13,600		Highwoods Properties, Inc		304,232
7,400		Home Properties, Inc		252,340
23,000		Hospitality Properties Trust		273,470
143,000		Host Marriott Corp		1,199,770
3,900		Inland Real Estate Corp		27,300
8,800		Investors Real Estate Trust		78,232
6,000		iShares Cohen & Steers Realty Majors Index Fund		215,640
7,000		iShares Dow Jones US Real Estate Index Fund		226,380
8,000		Kilroy Realty Corp		164,320
95,000		Kimco Realty Corp		954,750
12,000		LaSalle Hotel Properties		148,080
19,500		Liberty Property Trust		449,280
21,427		Macerich Co		377,329
9,000		Mack-Cali Realty Corp		205,200
5,600		Mid-America Apartment Communities, Inc		205,576
58,286		Mission West Properties, Inc		398,093
16,885		National Retail Properties, Inc		292,955
26,000		Nationwide Health Properties, Inc		669,240
15,500		Omega Healthcare Investors, Inc		240,560

103

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
40,000		Plum Creek Timber Co, Inc	$	1,191,200
23,800		Post Properties, Inc		319,872
8,400		Potlatch Corp		204,036
73,594		Prologis		593,168
29,700		Public Storage, Inc		1,944,756
24,000		Realty Income Corp		526,080
21,500		Regency Centers Corp		750,565
1,200		Saul Centers, Inc		35,484
30,500		Senior Housing Properties Trust		497,760
73,892		Simon Property Group, Inc		3,800,266
19,097		SL Green Realty Corp		438,085
2,600		Sovran Self Storage, Inc		63,960
11,000		Sunstone Hotel Investors, Inc		58,850
7,000		Tanger Factory Outlet Centers, Inc		227,010
3,000		Taubman Centers, Inc		80,580
41,000		UDR, Inc		423,530
13,500		U-Store-It Trust		66,150
38,258		Ventas, Inc		1,142,384
47,459		Vornado Realty Trust		2,137,079
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		35,233,169
NONDEPOSITORY INSTITUTIONS     %
28,800	*,f,m,v	People’s Choice Financial Corp		0
		TOTAL NONDEPOSITORY INSTITUTIONS		—
REAL ESTATE - 0.19%
43,900		Thomas Properties Group, Inc		68,923
		TOTAL REAL ESTATE		68,923
		TOTAL COMMON STOCKS (Cost $54,738,637)		36,050,902
		TOTAL PORTFOLIO - 97.82% (Cost $54,738,637)		36,050,902
		OTHER ASSETS AND LIABILITIES, NET - 2.18%		802,677
		NET ASSETS - 100.00%		$36,853,579

m Indicates a security that has been deemed illiquid.

v Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of the securities amounted to – which represents –% of net assets.

f Restricted security

* Non-income producing

** Percentage represents less than 0.01%

The following abbreviations are used in portfolio descriptions:

REIT Real Estate Investment Trust

104

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

PRINCIPAL	ISSUER	RATE		MATURITY DATE	RATING†	VALUE
BONDS - 89.93%
CORPORATE BONDS - 29.11%
AMUSEMENT AND RECREATION SERVICES - 0.21%
$100,000	Walt Disney Co	5.700	%,	07/15/11	A2	$	106,990
100,000	Walt Disney Co	4.500	%,	12/15/13	A2		104,246
	TOTAL AMUSEMENT AND RECREATION SERVICES						211,236
APPAREL AND ACCESSORY STORES - 0.03%
25,000	Nordstrom, Inc	6.750	%,	06/01/14	Baa2		25,988
	TOTAL APPAREL AND ACCESSORY STORES						25,988
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.03%
25,000	Home Depot, Inc	5.250	%,	12/16/13	Baa1		25,686
	TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						25,686
BUSINESS SERVICES - 0.43%
63,000	Lamar Media Corp	6.630	%,	08/15/15	B2		53,235
175,000	Microsoft Corp	2.950	%,	06/01/14	Aaa		173,730
100,000	Oracle Corp	3.750	%,	07/08/14	A2		100,000
90,000	Sungard Data Systems, Inc	10.250	%,	08/15/15	Caa1		83,138
25,000	WPP Finance UK	8.000	%,	09/15/14	Baa2		25,388
	TOTAL BUSINESS SERVICES						435,491
CHEMICALS AND ALLIED PRODUCTS - 1.28%
50,000	Abbott Laboratories	5.600	%,	05/15/11	A1		53,420
50,000	Abbott Laboratories	5.130	%,	04/01/19	A1		51,482
100,000	Air Products & Chemicals, Inc	4.150	%,	02/01/13	A2		101,471
50,000	Amgen, Inc	5.850	%,	06/01/17	A3		53,055
25,000	Bristol-Myers Squibb Co	6.130	%,	05/01/38	A2		27,015
100,000	Eli Lilly & Co	3.550	%,	03/06/12	A1		103,598
25,000	Eli Lilly & Co	5.950	%,	11/15/37	A1		26,220
75,000	GlaxoSmithKline Capital, Inc	5.650	%,	05/15/18	A1		79,440
35,000	GlaxoSmithKline Capital, Inc	6.380	%,	05/15/38	A1		38,060
50,000	Johnson & Johnson	5.850	%,	07/15/38	Aaa		53,585
110,000	Novartis Capital Corp	4.130	%,	02/10/14	Aa2		113,232
75,000	Novartis Securities Investment Ltd	5.130	%,	02/10/19	Aa2		76,731
100,000	Pfizer, Inc	4.450	%,	03/15/12	Aa2		104,924
100,000	Pfizer, Inc	6.200	%,	03/15/19	Aa2		109,362
50,000	Praxair, Inc	5.250	%,	11/15/14	A2		53,153
175,000	Procter & Gamble Co	4.600	%,	01/15/14	Aa3		184,045
65,000	Procter & Gamble Co	5.550	%,	03/05/37	Aa3		65,825
	TOTAL CHEMICALS AND ALLIED PRODUCTS						1,294,618
COMMUNICATIONS - 3.13%
60,000	America Movil SAB de C.V.	6.130	%,	11/15/37	A3		54,855
50,000	AT&T, Inc	6.700	%,	11/15/13	A2		54,911
100,000	AT&T, Inc	6.150	%,	09/15/34	A2		94,932
50,000	AT&T, Inc	6.500	%,	09/01/37	A2		49,592
75,000	AT&T, Inc	6.550	%,	02/15/39	A2		74,867

105

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    100,000		BellSouth Corp	6.880	%,	10/15/31	A2	$	103,018
100,000		Comcast Corp	6.500	%,	11/15/35	Baa1		101,089
100,000		Deutsche Telekom International Finance BV	8.750	%,	06/15/30	Baa1		117,073
50,000		France Telecom S.A.	5.380	%,	07/08/19	A3		50,362
100,000		New Cingular Wireless Services, Inc	8.750	%,	03/01/31	A2		121,881
100,000	g	Qtel International Finance Ltd	7.880	%,	06/10/19	A1		101,738
100,000		Rogers Communications, Inc	6.800	%,	08/15/18	Baa2		107,203
100,000		Sprint Capital Corp	8.750	%,	03/15/32	Ba2		80,500
50,000		Telecom Italia Capital S.A.	6.180	%,	06/18/14	Baa2		50,564
75,000		Telecom Italia Capital S.A.	4.950	%,	09/30/14	Baa2		71,799
25,000		Telecom Italia Capital S.A.	7.000	%,	06/04/18	Baa2		25,291
100,000		Telecom Italia Capital S.A.	7.180	%,	06/18/19	Baa2		101,370
50,000		Telefonica Emisiones SAU	5.880	%,	07/15/19	Baa1		51,550
75,000		Time Warner Cable, Inc	6.200	%,	07/01/13	Baa2		79,023
100,000		Time Warner Cable, Inc	5.850	%,	05/01/17	Baa2		99,860
50,000		Time Warner Cable, Inc	6.750	%,	07/01/18	Baa2		52,078
100,000		Time Warner Cable, Inc	8.750	%,	02/14/19	Baa2		116,494
125,000		Time Warner Cable, Inc	8.250	%,	04/01/19	Baa2		141,827
100,000		Verizon Communications, Inc	4.350	%,	02/15/13	A3		102,146
40,000		Verizon Communications, Inc	8.750	%,	11/01/18	A3		47,379
50,000		Verizon Communications, Inc	6.350	%,	04/01/19	A3		52,015
50,000		Verizon Communications, Inc	6.400	%,	02/15/38	A3		48,950
75,000		Verizon Communications, Inc	8.950	%,	03/01/39	A3		94,711
175,000	g	Verizon Wireless Capital LLC	3.750	%,	05/20/11	A2		178,583
125,000	g	Verizon Wireless Capital LLC	5.550	%,	02/01/14	A2		132,704
175,000	g	Verizon Wireless Capital LLC	8.500	%,	11/15/18	A2		209,140
200,000		Viacom, Inc	5.750	%,	04/30/11	Baa3		204,752
25,000		Vodafone Group plc	4.150	%,	06/10/14	Baa1		24,608
50,000		Vodafone Group plc	5.450	%,	06/10/19	Baa1		49,168
100,000		Vodafone Group plc	6.250	%,	11/30/32	Baa1		99,227
		TOTAL COMMUNICATIONS						3,145,260
DEPOSITORY INSTITUTIONS - 8.03%
1,000,000		Bank of America Corp	2.380	%,	06/22/12	Aaa		1,010,003
50,000		Bank of America Corp	7.380	%,	05/15/14	A2		51,651
75,000		Bank of America Corp	5.750	%,	12/01/17	A2		66,782
100,000		Bank of America Corp	7.630	%,	06/01/19	A2		100,446
200,000		Bank of America NA	5.300	%,	03/15/17	A1		169,689
50,000		Bank of New York Mellon Corp	4.300	%,	05/15/14	Aa2		50,806
50,000		Bank of New York Mellon Corp	5.450	%,	05/15/19	Aa2		51,330
100,000		Bank One Corp	5.250	%,	01/30/13	A1		100,900
100,000		Capital One Bank USA NA	8.800	%,	07/15/19	A3		102,162
100,000		Citigroup, Inc	5.100	%,	09/29/11	A3		97,925
1,000,000		Citigroup, Inc	2.130	%,	04/30/12	Aaa		1,004,391
225,000		Citigroup, Inc	5.130	%,	05/05/14	A3		204,828
200,000		Citigroup, Inc	8.500	%,	05/22/19	A3		203,448
75,000		Citigroup, Inc	6.880	%,	03/05/38	A3		66,237
150,000		Credit Suisse	5.000	%,	05/15/13	Aa1		153,348
100,000		Credit Suisse	5.500	%,	05/01/14	Aa1		103,894
900,000	g	Depfa ACS Bank	5.130	%,	03/16/37	Aa2		569,375
100,000		Deutsche Bank AG.	4.880	%,	05/20/13	Aa1		102,647
200,000		JPMorgan Chase & Co	2.130	%,	12/26/12	Aaa		198,988
25,000		JPMorgan Chase & Co	6.000	%,	01/15/18	Aa3		24,835
150,000		JPMorgan Chase & Co	6.300	%,	04/23/19	Aa3		150,874
150,000		JPMorgan Chase & Co	6.400	%,	05/15/38	Aa3		150,378
500,000		KeyBank NA	3.200	%,	06/15/12	Aaa		516,884
250,000		M&I Marshall & Ilsley Bank	4.400	%,	03/15/10	A3		244,946
250,000		New York Community Bank	3.000	%,	12/16/11	Aaa		256,969
175,000		Northern Trust Corp	4.630	%,	05/01/14	A1		179,831
140,000	g,i	Rabobank Nederland NV	11.000	%,	12/30/49	Aa2		155,750
500,000		Regions Bank	3.250	%,	12/09/11	Aaa		518,783
100,000	g	Shinhan Bank	6.000	%,	06/29/12	A2		99,563
500,000		Sovereign Bank	2.750	%,	01/17/12	Aaa		506,678

106

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    350,000		State Street Corp	2.150	%,	04/30/12	Aaa	$	351,584
75,000		State Street Corp	4.300	%,	05/30/14	A1		74,148
150,000		Union Bank of California NA	5.950	%,	05/11/16	A3		138,765
25,000		Wachovia Bank NA	4.800	%,	11/01/14	Aa3		24,230
100,000		Wachovia Bank NA	5.850	%,	02/01/37	Aa3		88,214
100,000		Wells Fargo & Co	2.130	%,	06/15/12	Aaa		100,293
100,000		Wells Fargo Bank NA	4.750	%,	02/09/15	Aa3		94,824
		TOTAL DEPOSITORY INSTITUTIONS						8,086,399
ELECTRIC, GAS, AND SANITARY SERVICES - 2.18%
80,000		Alabama Power Co	5.800	%,	11/15/13	A2		86,674
75,000		Atmos Energy Corp	8.500	%,	03/15/19	Baa2		87,588
200,000		Carolina Power & Light Co	5.300	%,	01/15/19	A2		208,799
50,000		CenterPoint Energy Houston Electric LLC	7.000	%,	03/01/14	Baa2		53,977
25,000		Connecticut Light & Power Co	5.500	%,	02/01/19	A3		26,093
100,000		Dominion Resources, Inc	8.880	%,	01/15/19	Baa2		119,254
100,000		Duke Energy Carolinas LLC	5.750	%,	11/15/13	A2		107,518
100,000		Duke Energy Corp	6.300	%,	02/01/14	Baa2		107,964
75,000		Energy Transfer Partners LP	9.000	%,	04/15/19	Baa3		85,646
100,000		Florida Power & Light Co	4.850	%,	02/01/13	Aa3		103,952
50,000		Florida Power & Light Co	5.960	%,	04/01/39	Aa3		53,628
50,000		Georgia Power Co	6.000	%,	11/01/13	A2		54,532
50,000		Indiana Michigan Power Co	7.000	%,	03/15/19	Baa2		53,739
25,000		Kinder Morgan Energy Partners LP	5.630	%,	02/15/15	Baa2		25,268
100,000	g	Korea Hydro & Nuclear Power Co Ltd	6.250	%,	06/17/14	A2		99,752
100,000		Nevada Power Co	6.650	%,	04/01/36	Baa3		101,711
50,000		NiSource Finance Corp	10.750	%,	03/15/16	Baa3		55,460
75,000		Pacific Gas & Electric Co	8.250	%,	10/15/18	A3		91,525
60,000		Pacific Gas & Electric Co	6.250	%,	03/01/39	A3		64,124
50,000		Pacificorp	6.000	%,	01/15/39	A3		52,402
50,000		PG&E Corp	5.750	%,	04/01/14	Baa1		53,276
103,000		Progress Energy, Inc	7.100	%,	03/01/11	Baa2		109,546
50,000		Progress Energy, Inc	7.050	%,	03/15/19	Baa2		55,475
75,000		Public Service Electric & Gas Co	6.330	%,	11/01/13	A3		81,995
25,000		San Diego Gas & Electric Co	6.000	%,	06/01/39	A1		26,582
100,000		Texas Eastern Transmission LP	7.300	%,	12/01/10	A3		103,537
25,000		Veolia Environnement	5.250	%,	06/03/13	A3		25,842
100,000		Virginia Electric and Power Co	4.750	%,	03/01/13	Baa1		102,322
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						2,198,181
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.42%
50,000		Analog Devices, Inc	5.000	%,	07/01/14	A3		50,085
225,000		Koninklijke Philips Electronics NV	6.880	%,	03/11/38	A3		241,008
50,000		Nokia OYJ	5.380	%,	05/15/19	A1		50,587
75,000		Whirlpool Corp	8.000	%,	05/01/12	Baa3		77,623
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						419,303
ENGINEERING AND MANAGEMENT SERVICES - 0.10%
100,000		Quest Diagnostics, Inc	6.400	%,	07/01/17	Baa3		102,063
		TOTAL ENGINEERING AND MANAGEMENT SERVICES						102,063
FABRICATED METAL PRODUCTS - 0.02%
25,000		CRH America, Inc	6.950	%,	03/15/12	Baa1		25,121
		TOTAL FABRICATED METAL PRODUCTS						25,121
FOOD AND KINDRED PRODUCTS - 0.60%
75,000		Bottling Group LLC	6.950	%,	03/15/14	Aa2		85,543
100,000		Bunge Ltd Finance Corp	5.100	%,	07/15/15	Baa2		91,696
50,000		Bunge Ltd Finance Corp	8.500	%,	06/15/19	Baa2		52,283

107

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$  50,000	Coca-Cola Enterprises, Inc	4.250	%,	03/01/15	A3	$	50,565
7,000	ConAgra Foods, Inc	6.750	%,	09/15/11	Baa2		7,486
98,000	ConAgra Foods, Inc	5.820	%,	06/15/17	Baa2		98,993
50,000	General Mills, Inc	5.250	%,	08/15/13	Baa1		52,810
50,000	General Mills, Inc	5.650	%,	02/15/19	Baa1		52,258
25,000	Kraft Foods, Inc	6.500	%,	08/11/17	Baa2		26,331
25,000	Kraft Foods, Inc	6.130	%,	02/01/18	Baa2		25,848
25,000	PepsiAmericas, Inc	5.750	%,	07/31/12	Baa1		26,793
25,000	PepsiCo, Inc	7.900	%,	11/01/18	Aa2		30,415
	TOTAL FOOD AND KINDRED PRODUCTS						601,021
FOOD STORES - 0.16%
50,000	Delhaize Group	5.880	%,	02/01/14	Baa3		51,334
50,000	Delhaize Group	6.500	%,	06/15/17	Baa3		51,059
50,000	Safeway, Inc	6.250	%,	03/15/14	Baa2		53,657
	TOTAL FOOD STORES						156,050
GENERAL MERCHANDISE STORES - 0.32%
25,000	TJX Cos, Inc	6.950	%,	04/15/19	A3		27,854
175,000	Wal-Mart Stores, Inc	3.000	%,	02/03/14	Aa2		172,663
50,000	Wal-Mart Stores, Inc	5.250	%,	09/01/35	Aa2		47,674
75,000	Wal-Mart Stores, Inc	6.200	%,	04/15/38	Aa2		80,600
	TOTAL GENERAL MERCHANDISE STORES						328,791
HOLDING AND OTHER INVESTMENT OFFICES - 0.28%
15,000	BHP Billiton Finance Ltd	5.400	%,	03/29/17	A1		15,668
25,000	Boston Properties LP	6.250	%,	01/15/13	Baa2		24,884
25,000	Brandywine Operating Partnership LP	5.700	%,	05/01/17	Baa3		17,329
15,000	ERP Operating LP	5.750	%,	06/15/17	Baa1		13,993
10,000	Kimco Realty Corp	5.700	%,	05/01/17	Baa1		8,291
25,000	ProLogis	5.500	%,	03/01/13	Baa2		21,914
50,000	ProLogis	5.630	%,	11/15/16	Baa2		38,435
25,000	ProLogis	6.630	%,	05/15/18	Baa2		19,685
25,000	Realty Income Corp	5.950	%,	09/15/16	Baa1		22,237
25,000	Simon Property Group LP	6.750	%,	05/15/14	A3		25,120
40,000	Simon Property Group LP	10.350	%,	04/01/19	A3		45,449
25,000	Washington Real Estate Investment Trust	5.950	%,	06/15/11	Baa1		23,588
	TOTAL HOLDING AND OTHER INVESTMENT OFFICES						276,593
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.79%
25,000	Black & Decker Corp	8.950	%,	04/15/14	Baa3		27,410
100,000	Caterpillar Financial Services Corp	6.130	%,	02/17/14	A2		106,669
50,000	Dell, Inc	3.380	%,	06/15/12	A2		50,897
25,000	Dell, Inc	5.880	%,	06/15/19	A2		25,518
75,000	Hewlett-Packard Co	4.250	%,	02/24/12	A2		78,281
75,000	Hewlett-Packard Co	2.950	%,	08/15/12	A2		75,555
100,000	Hewlett-Packard Co	4.750	%,	06/02/14	A2		104,393
25,000	Ingersoll-Rand Global Holding Co Ltd	9.500	%,	04/15/14	Baa1		27,377
150,000	International Business Machines Corp	6.500	%,	10/15/13	A1		167,650
50,000	International Game Technology	7.500	%,	06/15/19	Baa2		50,449
50,000	ITT Corp	4.900	%,	05/01/14	Baa1		49,658
25,000	Xerox Corp	8.250	%,	05/15/14	Baa2		25,997
	TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						789,854
INSTRUMENTS AND RELATED PRODUCTS - 0.20%
100,000	Medtronic, Inc	4.750	%,	09/15/15	A1		105,176

108

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    100,000		Xerox Corp	7.630	%,	06/15/13	Baa2	$	100,723
		TOTAL INSTRUMENTS AND RELATED PRODUCTS						205,899
INSURANCE CARRIERS - 1.01%
50,000		ACE INA Holdings, Inc	5.880	%,	06/15/14	A3		51,634
150,000		Aflac, Inc	8.500	%,	05/15/19	A2		160,279
75,000		Allstate Corp	7.450	%,	05/16/19	A3		81,140
75,000		American Financial Group, Inc	9.880	%,	06/15/19	Baa2		75,024
100,000		Chubb Corp	6.000	%,	05/11/37	A2		101,213
50,000		Metlife, Inc	5.000	%,	06/15/15	A2		47,638
100,000		MetLife, Inc	6.750	%,	06/01/16	A2		101,806
150,000		Prudential Financial, Inc	7.380	%,	06/15/19	Baa2		147,274
100,000	g	Prudential Funding LLC	6.750	%,	09/15/23	A3		93,009
50,000		Travelers Cos, Inc	5.900	%,	06/02/19	A2		51,512
100,000		Travelers Property Casualty Corp	6.380	%,	03/15/33	A2		104,866
		TOTAL INSURANCE CARRIERS						1,015,395
METAL MINING - 0.15%
50,000		Barrick Gold Financeco LLC	6.130	%,	09/15/13	Baa1		53,652
50,000		Rio Tinto Finance USA Ltd	5.880	%,	07/15/13	Baa1		50,313
50,000		Rio Tinto Finance USA Ltd	6.500	%,	07/15/18	Baa1		50,029
		TOTAL METAL MINING						153,994
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.10%
100,000		Hasbro, Inc	6.130	%,	05/15/14	Baa2		102,796
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES						102,796
MISCELLANEOUS RETAIL - 0.03%
25,000		Staples, Inc	9.750	%,	01/15/14	Baa2		27,923
		TOTAL MISCELLANEOUS RETAIL						27,923
MOTION PICTURES - 0.04%
50,000		Time Warner, Inc	6.500	%,	11/15/36	Baa2		43,785
		TOTAL MOTION PICTURES						43,785
NONDEPOSITORY INSTITUTIONS - 3.89%
25,000		American Express Co	7.000	%,	03/19/18	A3		24,276
75,000		American Express Co	8.130	%,	05/20/19	A3		77,830
100,000	g	Anglo American Capital plc	9.380	%,	04/08/14	Baa1		108,625
100,000	g	BAE Systems Holdings, Inc	6.400	%,	12/15/11	Baa2		106,083
25,000		General Electric Capital Corp	5.880	%,	02/15/12	Aa2		26,112
500,000		General Electric Capital Corp	2.250	%,	03/12/12	Aaa		504,425
200,000		General Electric Capital Corp	2.200	%,	06/08/12	Aaa		201,025
100,000		General Electric Capital Corp	5.900	%,	05/13/14	Aa2		102,066
375,000		General Electric Capital Corp	5.500	%,	06/04/14	Aa2		373,503
700,000		GMAC, Inc	2.200	%,	12/19/12	Aaa		697,179
100,000		HSBC Finance Corp	5.250	%,	01/14/11	A3		100,675
200,000		HSBC Finance Corp	6.380	%,	11/27/12	A3		203,429
100,000		International Lease Finance Corp	5.630	%,	09/20/13	Baa2		75,546
50,000		International Lease Finance Corp	6.630	%,	11/15/13	Baa2		38,485
300,000		Kreditanstalt fuer Wiederaufbau	4.500	%,	07/16/18	Aaa		307,358
100,000		Landwirtschaftliche Rentenbank	5.250	%,	07/02/12	Aaa		108,106
100,000		MBNA Corp	6.130	%,	03/01/13	A2		101,429
50,000		National Rural Utilities Cooperative Finance Corp	10.380	%,	11/01/18	A1		62,691
250,000	g	Nationwide Building Society	5.500	%,	07/18/12	Aaa		236,275
100,000	g	Principal Life Global Funding I	5.130	%,	10/15/13	Aa3		96,614
328,125		Totem Ocean Trailer Express, Inc	4.510	%,	12/18/19	NR		338,901

109

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$  15,000	g	WEA Finance LLC	7.130	%,	04/15/18	A2	$	13,922
		TOTAL NONDEPOSITORY INSTITUTIONS						3,904,555
OIL AND GAS EXTRACTION - 1.20%
100,000		Anadarko Petroleum Corp	7.630	%,	03/15/14	Baa3		108,412
50,000		Anadarko Petroleum Corp	8.700	%,	03/15/19	Baa3		56,011
50,000		Anadarko Petroleum Corp	7.950	%,	06/15/39	Baa3		51,990
75,000		Baker Hughes, Inc	6.500	%,	11/15/13	A2		83,186
100,000		Baker Hughes, Inc	6.880	%,	01/15/29	A2		105,135
50,000		BJ Services Co	5.750	%,	06/01/11	Baa1		51,074
100,000		Burlington Resources Finance Co	7.200	%,	08/15/31	A2		109,261
100,000	g	Empresa Nacional del Petroleo	6.250	%,	07/08/19	A3		100,000
25,000		EnCana Corp	6.500	%,	05/15/19	Baa2		26,800
25,000		EnCana Corp	6.630	%,	08/15/37	Baa2		25,884
75,000		Enterprise Products Operating LLC	4.600	%,	08/01/12	Baa3		75,513
50,000		EOG Resources, Inc	5.630	%,	06/01/19	A3		52,331
50,000		Husky Energy, Inc	6.800	%,	09/15/37	Baa2		49,603
20,000		Pemex Project Funding Master Trust	5.750	%,	03/01/18	Baa1		18,400
25,000		Pemex Project Funding Master Trust	6.630	%,	06/15/38	Baa1		21,625
45,000		Petrobras International Finance Co	7.880	%,	03/15/19	Baa1		49,050
20,000	g	Petroleos Mexicanos	8.000	%,	05/03/19	Baa1		21,700
100,000		XTO Energy, Inc	6.250	%,	04/15/13	Baa2		105,965
50,000		XTO Energy, Inc	4.630	%,	06/15/13	Baa2		50,177
50,000		XTO Energy, Inc	5.750	%,	12/15/13	Baa2		52,572
		TOTAL OIL AND GAS EXTRACTION						1,214,689
PAPER AND ALLIED PRODUCTS - 0.04%
35,000		International Paper Co	9.380	%,	05/15/19	Baa3		35,678
		TOTAL PAPER AND ALLIED PRODUCTS						35,678
PETROLEUM AND COAL PRODUCTS - 0.77%
100,000		BP Capital Markets plc	3.130	%,	03/10/12	Aa1		102,010
125,000		BP Capital Markets plc	4.750	%,	03/10/19	Aa1		124,344
75,000		Chevron Corp	3.450	%,	03/03/12	Aa1		77,362
125,000		ConocoPhillips	4.600	%,	01/15/15	A1		128,456
100,000		ConocoPhillips	6.500	%,	02/01/39	A1		106,443
25,000		Hess Corp	7.000	%,	02/15/14	Baa2		27,076
25,000		Hess Corp	8.130	%,	02/15/19	Baa2		28,461
50,000		Marathon Oil Corp	6.500	%,	02/15/14	Baa1		53,453
50,000		Marathon Oil Corp	7.500	%,	02/15/19	Baa1		54,573
25,000		StatoilHydro ASA	3.880	%,	04/15/14	Aa2		25,355
50,000		Valero Energy Corp	6.630	%,	06/15/37	Baa2		42,656
		TOTAL PETROLEUM AND COAL PRODUCTS						770,189
PIPELINES, EXCEPT NATURAL GAS - 0.15%
50,000	g	Rockies Express Pipeline LLC	6.250	%,	07/15/13	Baa3		50,334
100,000		TransCanada Pipelines Ltd	5.850	%,	03/15/36	A3		96,549
		TOTAL PIPELINES, EXCEPT NATURAL GAS						146,883
PRIMARY METAL INDUSTRIES - 0.23%
50,000		ArcelorMittal	5.380	%,	06/01/13	Baa3		47,889
100,000	g	Xstrata Finance Canada Ltd	5.500	%,	11/16/11	Baa2		98,538
100,000	g	Xstrata Finance Canada Ltd	6.900	%,	11/15/37	Baa2		79,730
		TOTAL PRIMARY METAL INDUSTRIES						226,157
PRINTING AND PUBLISHING - 0.13%
25,000		News America, Inc	7.250	%,	05/18/18	Baa1		25,225

110

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    100,000		Thomson Corp	5.700	%,	10/01/14	Baa1	$	101,535
		TOTAL PRINTING AND PUBLISHING						126,760
RAILROAD TRANSPORTATION - 0.23%
50,000		Norfolk Southern Corp	5.750	%,	04/01/18	Baa1		51,123
10,000		Norfolk Southern Corp	5.900	%,	06/15/19	Baa1		10,364
100,000		Norfolk Southern Corp	5.590	%,	05/17/25	Baa1		92,965
75,000		Union Pacific Corp	5.130	%,	02/15/14	Baa2		77,523
		TOTAL RAILROAD TRANSPORTATION						231,975
SECURITY AND COMMODITY BROKERS - 2.37%
50,000		Charles Schwab Corp	4.950	%,	06/01/14	A2		50,859
100,000		Eaton Vance Corp	6.500	%,	10/02/17	A3		94,621
100,000	i	Goldman Sachs Capital II	5.790	%,	12/30/49	A3		60,945
50,000		Goldman Sachs Group, Inc	5.300	%,	02/14/12	A1		51,747
100,000		Goldman Sachs Group, Inc	5.250	%,	10/15/13	A1		102,060
110,000		Goldman Sachs Group, Inc	5.150	%,	01/15/14	A1		110,402
450,000		Goldman Sachs Group, Inc	7.500	%,	02/15/19	A1		481,847
25,000		Goldman Sachs Group, Inc	6.750	%,	10/01/37	A2		22,225
100,000	b,n	Lehman Brothers Holdings Capital Trust V	5.860	%,	12/30/49	Ca		10
50,000		Merrill Lynch & Co, Inc	6.050	%,	08/15/12	A2		50,132
300,000		Merrill Lynch & Co, Inc	5.450	%,	02/05/13	A2		291,989
150,000		Merrill Lynch & Co, Inc	6.880	%,	04/25/18	A2		138,833
225,000		Morgan Stanley	6.000	%,	05/13/14	A2		227,805
100,000		Morgan Stanley	5.750	%,	10/18/16	A2		95,870
65,000		Morgan Stanley	6.630	%,	04/01/18	A2		64,799
200,000		Morgan Stanley	7.300	%,	05/13/19	A2		207,390
480,000	g	Nuveen Investments, Inc	10.500	%,	11/15/15	Caa3		331,200
		TOTAL SECURITY AND COMMODITY BROKERS						2,382,734
STONE, CLAY, AND GLASS PRODUCTS - 0.13%
125,000		3M Co	5.700	%,	03/15/37	Aa2		130,215
		TOTAL STONE, CLAY, AND GLASS PRODUCTS						130,215
TOBACCO PRODUCTS - 0.11%
100,000		Philip Morris International, Inc	6.880	%,	03/17/14	A2		112,832
		TOTAL TOBACCO PRODUCTS						112,832
TRANSPORTATION EQUIPMENT - 0.21%
100,000		Boeing Co	6.130	%,	02/15/33	A2		101,814
50,000		Lockheed Martin Corp	6.150	%,	09/01/36	Baa1		53,373
50,000		United Technologies Corp	6.130	%,	02/01/19	A2		55,339
		TOTAL TRANSPORTATION EQUIPMENT						210,526
WHOLESALE TRADE-NONDURABLE GOODS - 0.11%
50,000		McKesson Corp	6.500	%,	02/15/14	Baa3		53,346
50,000		Plains All American Pipeline LP	8.750	%,	05/01/19	Baa3		56,737
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS						110,083
		TOTAL CORPORATE BONDS (Cost $29,147,916)						29,274,723
GOVERNMENT BONDS - 60.82%
AGENCY SECURITIES - 5.32%
600,000		Federal Farm Credit Bank (FFCB)	2.630	%,	04/21/11	Aaa		615,595

111

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    500,000		Federal Home Loan Bank (FHLB)	5.000	%,	11/17/17	Aaa	$	532,057
1,500,000		Federal Home Loan Mortgage Corp (FHLMC)	5.130	%,	10/18/16	Aaa		1,642,721
500,000		FHLMC	3.750	%,	03/27/19	Aaa		491,322
550,000		FHLMC	3.250	%,	07/16/10	Aaa		565,440
300,000		FHLMC	2.500	%,	04/23/14	Aaa		295,251
1,100,000		Federal National Mortgage Association (FNMA)	1.380	%,	04/28/11	Aaa		1,102,847
100,000		FNMA	3.250	%,	08/12/10	Aaa		102,938
		TOTAL AGENCY SECURITIES						5,348,171
FOREIGN GOVERNMENT BONDS - 4.13%
100,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500	%,	06/10/19	Baa3		100,200
250,000		Canada Mortgage & Housing Corp	4.800	%,	10/01/10	Aaa		259,682
100,000		China Development Bank	5.000	%,	10/15/15	A1		103,208
100,000		China Government International Bond	4.750	%,	10/29/13	A1		105,337
100,000		Development Bank of Japan	4.250	%,	06/09/15	Aaa		97,335
100,000		Eksportfinans A/S	5.000	%,	02/14/12	Aa1		106,105
100,000		European Investment Bank	4.880	%,	02/15/36	Aaa		96,414
250,000	g	Federal Republic of Germany	3.880	%,	06/01/10	Aaa		252,356
175,000		Federative Republic of Brazil	6.000	%,	01/17/17	Ba1		179,638
100,000		Federative Republic of Brazil	8.000	%,	01/15/18	WR		112,000
200,000		Japan Finance Corp	2.000	%,	06/24/11	Aaa		200,362
40,000		Mexico Government International Bond	6.050	%,	01/11/40	Baa1		36,340
190,000		Province of Ontario Canada	3.130	%,	09/08/10	Aa1		193,972
1,000,000		Province of Ontario Canada	2.630	%,	01/20/12	Aa1		1,016,835
300,000		Province of Ontario Canada	4.100	%,	06/16/14	Aa1		305,942
110,000		Province of Quebec Canada	4.630	%,	05/14/18	Aa2		108,845
500,000		Province of Saskatchewan Canada	8.000	%,	02/01/13	Aa1		576,534
126,000	g	Qatar Govt International Bond	6.550	%,	04/09/19	Aa2		128,993
21,000		Republic of Peru	7.130	%,	03/30/19	Ba1		22,418
100,000		South Africa Government International Bond	6.880	%,	05/27/19	Baa1		102,750
52,000		United Mexican States	5.880	%,	02/17/14	Baa1		54,470
		TOTAL FOREIGN GOVERNMENT BONDS						4,159,736
MORTGAGE BACKED - 34.58%
217,077	i	Federal Home Loan Mortgage Corp (FHLMC)	5.740	%,	03/01/37			225,410
269,483	i	FHLMC	6.080	%,	09/01/36			282,185
172,694	i	FHLMC	6.000	%,	05/01/37			181,539
362,491	i	FHLMC	5.880	%,	04/01/37			370,752
485,361	i	FHLMC	5.800	%,	07/01/36			507,835
100,400	i	FHLMC	3.730	%,	02/01/36			100,982
68,839	i	FHLMC	5.950	%,	09/01/36			72,286
68,535	i	FHLMC	4.900	%,	09/01/36			68,811
310,919		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	%,	08/01/37			324,868
149,557		FGLMC	6.500	%,	09/01/37			159,109
509,484		FGLMC	5.500	%,	04/01/37			526,674
606,223		FGLMC	5.500	%,	05/01/37			626,677
155,254		FGLMC	5.500	%,	01/01/39			160,484
200,000		FGLMC	4.000	%,	06/01/39			193,277
273,027		FGLMC	5.000	%,	04/01/38			278,077
134,496		FGLMC	6.500	%,	05/01/38			143,086
299,774		FGLMC	5.000	%,	07/01/33			306,554
262,249		FGLMC	5.000	%,	11/01/33			268,181
293,952		FGLMC	5.000	%,	02/01/19			306,702
234,498		FGLMC	4.500	%,	07/01/20			241,596
67,675		FGLMC	5.000	%,	02/01/36			69,100
61,504		FGLMC	6.500	%,	05/01/36			65,445
477,514		FGLMC	6.000	%,	11/01/33			501,847
132,437		FGLMC	5.000	%,	05/01/34			135,371
342,891		Federal National Mortgage Association (FNMA)	6.500	%,	03/01/37			365,668
191,784		FNMA	7.000	%,	04/01/37			208,313
120,645		FNMA	7.000	%,	02/01/37			131,043
359,079		FNMA	5.500	%,	03/01/37			371,194
52,019		FNMA	6.500	%,	08/01/37			55,474

112

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$      22,589		FNMA	6.500	%,	01/01/38		$	24,089
1,638,496		FNMA	5.500	%,	02/01/38			1,693,688
125,605		FNMA	7.000	%,	11/01/37			136,430
191,876		FNMA	5.500	%,	01/01/38			198,349
477,672		FNMA	5.500	%,	02/01/37			494,087
158,230		FNMA	5.000	%,	02/01/36			161,660
272,934		FNMA	6.000	%,	06/01/36			287,277
364,776		FNMA	5.500	%,	09/01/35			378,508
135,861		FNMA	5.500	%,	10/01/35			140,764
368,907	i	FNMA	5.950	%,	07/01/36			384,483
152,854		FNMA	6.000	%,	12/01/36			160,117
112,211		FNMA	5.000	%,	02/01/37			114,433
254,908	i	FNMA	5.980	%,	07/01/36			265,499
129,994		FNMA	6.500	%,	09/01/36			138,670
160,273		FNMA	4.500	%,	02/01/39			160,162
981,442		FNMA	4.500	%,	02/01/39			980,764
150,483		FNMA	6.000	%,	01/01/39			157,461
144,574		FNMA	6.000	%,	01/01/39			151,278
125,647		FNMA	5.500	%,	02/01/39			129,879
168,132		FNMA	5.000	%,	04/01/39			171,435
199,595		FNMA	4.500	%,	05/01/39			199,437
488,448		FNMA	5.000	%,	03/01/39			498,045
1,993,550		FNMA	4.500	%,	04/01/39			1,991,974
163,802		FNMA	5.500	%,	01/01/39			169,320
207,838		FNMA	6.500	%,	03/01/38			221,632
32,549		FNMA	6.500	%,	03/01/38			34,709
527,109		FNMA	5.500	%,	02/01/38			544,865
8,122		FNMA	6.500	%,	02/01/38			8,661
94,199		FNMA	6.500	%,	03/01/38			100,451
404,144		FNMA	4.000	%,	01/01/39			391,734
171,585		FNMA	4.500	%,	01/01/39			171,466
328,282		FNMA	6.500	%,	03/01/38			350,070
449,258		FNMA	5.000	%,	04/01/38			458,130
250,575		FNMA	5.000	%,	07/01/23			259,668
201,393		FNMA	5.000	%,	07/01/23			208,701
302,283		FNMA	5.000	%,	04/01/23			313,411
246,474		FNMA	4.500	%,	06/01/23			251,880
191,433		FNMA	5.500	%,	02/01/24			199,250
440,581		FNMA	5.500	%,	07/01/24			458,266
16,416		FNMA	5.500	%,	09/01/24			17,075
489,723		FNMA	4.500	%,	04/01/24			500,415
198,921		FNMA	4.000	%,	05/01/24			199,247
128,270		FNMA	4.500	%,	03/01/23			131,083
104,530		FNMA	5.500	%,	04/01/18			110,083
87,916		FNMA	5.500	%,	05/01/18			92,856
18,047		FNMA	5.000	%,	06/01/13			18,604
1,610,572		FNMA	4.560	%,	01/01/15			1,668,096
150,000		FNMA	4.000	%,	02/25/19			148,193
194,393		FNMA	4.500	%,	12/01/20			200,459
88,857		FNMA	5.000	%,	12/01/20			92,573
106,728		FNMA	4.500	%,	03/01/19			110,559
267,596		FNMA	5.500	%,	07/01/20			282,046
140,113		FNMA	5.000	%,	11/01/34			143,348
63,369		FNMA	6.500	%,	02/01/35			67,865
85,308		FNMA	5.000	%,	08/01/34			87,121
2,199,250		FNMA	5.000	%,	09/01/34			2,248,304
257,768		FNMA	5.500	%,	04/01/35			267,311
49,895		FNMA	7.500	%,	07/01/35			54,216
136,611		FNMA	5.000	%,	08/01/35			139,572
83,960		FNMA	7.500	%,	06/01/35			91,231
94,702		FNMA	5.500	%,	07/01/35			98,120
148,142		FNMA	5.500	%,	04/01/34			153,627
795,135		FNMA	5.500	%,	07/01/33			825,069
443,784		FNMA	5.500	%,	07/01/33			460,491
127,799		FNMA	5.500	%,	01/01/33			132,730
188,561		FNMA	5.500	%,	07/01/33			195,659
619,627		FNMA	6.000	%,	10/01/33			652,557

113

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    569,537		FNMA	5.000	%,	03/01/34		$	582,686
1,016,008		FNMA	5.000	%,	03/01/34			1,039,463
260,735		FNMA	5.000	%,	11/01/33			266,754
1,191,568		FNMA	5.500	%,	11/01/33			1,236,427
378,131		Government National Mortgage Association (GNMA)	5.500	%,	05/15/38			391,159
153,108		GNMA	5.000	%,	04/15/38			156,433
73,869		GNMA	6.000	%,	08/15/38			77,040
198,845		GNMA	6.230	%,	09/15/43			202,743
72,619		GNMA	6.000	%,	08/20/38			75,715
320,964		GNMA	5.500	%,	07/20/33			331,448
46,997		GNMA	5.500	%,	07/15/33			48,837
49,426		GNMA	5.000	%,	03/15/34			50,669
428,552		GNMA	5.000	%,	01/15/38			437,860
283,479		GNMA	5.000	%,	06/15/34			290,610
		TOTAL MORTGAGE BACKED						34,785,597
U.S. TREASURY SECURITIES - 16.79%
93,000		United States Treasury Bond	8.000	%,	11/15/21			128,311
500,000		United States Treasury Bond	5.250	%,	02/15/29			562,345
234,000		United States Treasury Bond	5.000	%,	05/15/37			260,398
30,000		United States Treasury Bond	4.380	%,	02/15/38			30,295
1,195,000		United States Treasury Note	0.880	%,	03/31/11			1,193,366
200,000		United States Treasury Note	0.880	%,	05/31/11			199,282
200,000		United States Treasury Note	1.130	%,	06/30/11			200,016
1,565,000		United States Treasury Note	1.380	%,	05/15/12			1,556,205
200,000		United States Treasury Note	1.880	%,	06/15/12			201,454
414,000		United States Treasury Note	2.750	%,	10/31/13			421,666
635,000		United States Treasury Note	2.000	%,	11/30/13			625,673
4,652,000		United States Treasury Note	1.880	%,	04/30/14			4,514,254
1,838,000		United States Treasury Note	2.250	%,	05/31/14			1,813,297
215,000		United States Treasury Note	2.630	%,	06/30/14			215,673
860,000		United States Treasury Note	2.630	%,	02/29/16			834,536
1,100,000		United States Treasury Note	2.380	%,	03/31/16			1,048,180
1,100,000		United States Treasury Note	3.250	%,	05/31/16			1,104,813
776,000		United States Treasury Note	2.750	%,	02/15/19			726,771
775,000		United States Treasury Note	3.130	%,	05/15/19			749,572
315,000		United States Treasury Note	3.500	%,	02/15/39			272,377
500,000	j	United States Treasury Strip Principal	,		08/15/27			221,523
		TOTAL U.S. TREASURY SECURITIES						16,880,007
		TOTAL GOVERNMENT BONDS (Cost $60,349,121)						61,173,511
		TOTAL BONDS (Cost $89,497,037)						90,448,234
STRUCTURED ASSETS - 7.29%
ASSET BACKED - 3.30%
100,000		AmeriCredit Automobile Receivables Trust Series - 2006 AF (Class A4)	5.640	%,	09/06/13	Aa3		100,275
100,000	i,j	Capital One Auto Finance Trust Series - 2006 C (Class A4)	0.350	%,	05/15/13	Baa2		91,516
554,055		Centex Home Equity Series - 2002 A (Class AF6)	5.540	%,	01/25/32	Aaa		468,607
357,872	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series - 2004 2 (Class 1B)	5.700	%,	02/25/35	Baa2		141,522
550,000		Chase Issuance Trust Series - 2008 A9 (Class A9)	4.260	%,	05/15/13	Aaa		565,838
341,152		CIT Group Home Equity Loan Trust Series - 2002 2 (Class MF2)	6.390	%,	12/25/30	Ba3		47,821
1,000,000	g	Flagstar Home Equity Loan Trust Series - 2007 1A (Class AF3)	5.780	%,	01/25/35			462,462
241,820		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3 Series - 2006 HLTV (Class A3)	5.590	%,	10/25/29	Baa2		194,364
250,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4 Series - 2006 HLTV (Class A4)	5.810	%,	10/25/29	Baa3		108,639
346,863		HFC Home Equity Loan Asset Backed Certificates Series - 2007 1 (Class A1F)	5.910	%,	03/20/36	Aaa		323,779

114

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$   104,208	g	JPMorgan Auto Receivables Trust Series - 2007 A (Class A3)	5.190	%,	02/15/11	Aaa	$	105,146
129,111	g	Marriott Vacation Club Owner Trust Series - 2006 1A (Class A)	5.740	%,	04/20/28	Aaa		113,813
50,000		Merrill Auto Trust Securitization Series - 2008 1 (Class A4A)	6.150	%,	04/15/15	Aaa		51,670
7,034	g,m,v	New York City Tax Lien Series - 2006 AA (Class A)	5.930	%,	11/10/19	Aaa		7,034
250,000		Renaissance Home Equity Loan Trust Series - 2006 3 (Class AF3)	5.590	%,	11/25/36	Baa3		114,906
250,000		Residential Funding Mortgage Securities II, Inc Series - 2006 HI5 (Class A2)	5.520	%,	04/25/21	Aa1		214,383
100,000		Residential Funding Mortgage Securities II, Inc Series - 2006 HI1 (Class M2)	6.060	%,	02/25/36	A2		22,342
121,697	g	Sierra Receivables Funding Co Series - 2006 1A (Class A1)	5.840	%,	05/20/18	Baa3		97,579
85,536	g	Wachovia Auto Loan Owner Trust Series - 2006 2A (Class A3)	5.230	%,	08/22/11	Aaa		86,068
		TOTAL ASSET BACKED						3,317,764
OTHER MORTGAGE BACKED - 3.99%
25,000	i	Banc of America Commercial Mortgage, Inc
		Series - 2004 3 (Class A5)	5.560	%,	06/10/39	Aaa		22,555
70,000		Banc of America Commercial Mortgage, Inc
		Series - 2006 6 (Class A4)	5.360	%,	10/10/45	Aaa		55,137
200,000	i	Banc of America Commercial Mortgage, Inc
		Series - 2007 2 (Class A2)	5.630	%,	04/10/49	Aaa		181,588
30,033		Banc of America Mortgage Securities, Inc
		Series - 2006 1 (Class A8)	6.000	%,	05/25/36	Ba3		28,830
333,175		Bank of America Alternative Loan Trust
		Series - 2004 7 (Class 2A1)	6.000	%,	08/25/34	Aaa		298,139
60,000	i	Bear Stearns Commercial Mortgage Securities
		Series - 2004 PWR4 (Class A3)	5.470	%,	06/11/41	Aaa		54,466
25,000		Bear Stearns Commercial Mortgage Securities
		Series - 2006 PW14 (Class A4)	5.200	%,	12/11/38	Aaa		20,769
75,000		Bear Stearns Commercial Mortgage Securities
		Series - 2006 T24 (Class A4)	5.540	%,	10/12/41	Aaa		63,712
		Bear Stearns Commercial Mortgage Securities Series 2006-
45,000	i	PW11 (Class A4)
		Series - 2006 PW11 (Class A4)	5.620	%,	03/11/39	Aaa		38,632
70,000	i	Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series - 2007 CD5 (Class A4)	5.890	%,	11/15/44	Aaa		55,805
300,000		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series - 2006 CD3 (Class A5)	5.620	%,	10/15/48	Aaa		244,165
145,000	i	Commercial Mortgage Pass Through Certificates
		Series - 2007 C9 (Class A4)	6.010	%,	12/10/49	Aaa		115,240
92,795		Countrywide Alternative Loan Trust
		Series - 2004 30CB (Class 1A15)	5.500	%,	08/25/16	Baa1		84,009
75,000		Countrywide Alternative Loan Trust
		Series - 2004 29CB (Class A7)	5.380	%,	01/25/35	NR		59,066
156,129		Countrywide Home Loan Mortgage Pass Through Trust Series - 2005 17 (Class 1A10)	5.250	%,	09/25/35	NR		144,085
40,000	i	Credit Suisse Mortgage Capital Certificates Series - 2007 C5 (Class A4)	5.700	%,	09/15/40	NR		27,466
65,000		Credit Suisse Mortgage Capital Certificates Series - 2007 C1 (Class A3)	5.380	%,	02/15/40	Aaa		43,731
100,000	i	Credit Suisse Mortgage Capital Certificates Series - 2007 C2 (Class A3)	5.540	%,	01/15/49	Aaa		67,213
100,000	i	CS First Boston Mortgage Securities Corp Series - 2005 C5 (Class A4)	5.100	%,	08/15/38	Aaa		85,265
86,401		First Horizon Asset Securities, Inc Series - 2003 9 (Class 1A4)	5.500	%,	11/25/33	NR		87,237
65,000	i	Greenwich Capital Commercial Funding Corp Series - 2005 GG5 (Class A5)	5.220	%,	04/10/37	Aaa		55,599
135,000	i	Greenwich Capital Commercial Funding Corp Series - 2006 GG7 (Class A4)	6.110	%,	07/10/38	Aaa		110,738
310,000		Greenwich Capital Commercial Funding Corp Series - 2007 GG9 (Class A4)	5.440	%,	03/10/39	Aaa		247,107
200,000		Greenwich Capital Commercial Funding Corp Series - 2007 GG11 (Class A2)	5.600	%,	12/10/49	Aaa		180,987
140,000		Greenwich Capital Commercial Funding Corp Series - 2007 GG11 (Class A4)	5.740	%,	12/10/49	Aaa		112,566

115

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE
$    70,000	i	GS Mortgage Securities Corp II Series - 2006 GG6 (Class A4)	5.550	%,	04/10/38	NR	$	57,649
50,000		GS Mortgage Securities Corp II Series - 2006 GG8 (Class A4)	5.560	%,	11/10/39	Aaa		40,780
50,000		JP Morgan Chase Commercial Mortgage Securities Corp Series - 2006 LDP9 (Class A3)	5.340	%,	05/15/47	Aaa		38,330
50,000	i	JP Morgan Chase Commercial Mortgage Securities Corp Series - 2006 LDP7 (Class A2)	6.050	%,	04/15/45	Aaa		48,054
55,000		JP Morgan Chase Commercial Mortgage Securities Corp Series - 2007 CB18 (Class A4)	5.440	%,	06/12/47	Aaa		41,415
65,000	i	JP Morgan Chase Commercial Mortgage Securities Corp Series - 2007 CB19 (Class AM)	5.940	%,	02/12/49	Aaa		31,081
50,000	i	JP Morgan Chase Commercial Mortgage Securities Corp Series - 2008 C2 (Class AM)	6.800	%,	02/12/51	Aaa		17,654
65,000	i	LB-UBS Commercial Mortgage Trust Series - 2008 C1 (Class A2)	6.320	%,	04/15/41	Aaa		53,183
200,000	i	Merrill Lynch Mortgage Trust Series - 2005 CKI1 (Class A6)	5.410	%,	11/12/37	Aaa		169,650
41,024	i	Merrill Lynch Mortgage Trust Series - 2005 CIP1 (Class AM)	5.110	%,	07/12/38	Aaa		25,786
75,000	i	Merrill Lynch Mortgage Trust Series - 2006 C1 (Class A4)	5.840	%,	05/12/39	Aaa		61,062
35,000	g,i	Merrill Lynch Mortgage Trust Series - 2008 C1 (Class C)	6.460	%,	02/12/51	A3		5,905
75,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust Series - 2006 1 (Class A4)	5.600	%,	02/12/39	Aaa		59,867
65,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust Series - 2007 8 (Class AM)	6.160	%,	08/12/49	Aaa		29,812
22,527		Morgan Stanley Capital I Series - 2004 T15 (Class A2)	4.690	%,	06/13/41	Aaa		22,431
50,000	i	Morgan Stanley Capital I Series - 2004 T15 (Class A4)	5.270	%,	06/13/41	Aaa		45,107
95,000	i	Morgan Stanley Capital I Series - 2007 IQ14 (Class A4)	5.690	%,	04/15/49	Aaa		69,248
100,000		Morgan Stanley Capital I Series - 2007 IQ16 (Class A4)	5.810	%,	12/12/49	NR		76,198
42,540		Morgan Stanley Capital I Series - 2005 HQ5 (Class A2)	4.810	%,	01/14/42	Aaa		42,941
85,000		Morgan Stanley Capital I Series - 2007 IQ13 (Class A4)	5.360	%,	03/15/44	Aaa		64,401
102,000	i	Morgan Stanley Capital I Series - 2006 HQ9 (Class A4)	5.730	%,	07/12/44	Aaa		83,704
198,030	g	Wachovia Amortization Controlled Heloc NIM Series - 2006 N1 (Class N1)	5.680	%,	08/12/47	A3		165,670
90,000	g,i,j	Wachovia Bank Commercial Mortgage Trust Series - 2006 WL7A (Class A2)	0.440	%,	09/15/21	A1		45,000
100,000		Wachovia Bank Commercial Mortgage Trust Series - 2007 C30 (Class AM)	5.380	%,	12/15/43	Aaa		46,919
75,000		Wachovia Bank Commercial Mortgage Trust Series - 2007 C31 (Class A2)	5.420	%,	04/15/47	Aaa		68,839
99,840	i	Wells Fargo Mortgage Backed Securities Trust Series - 2006 AR2 (Class 2A3)	5.070	%,	03/25/36	NR		71,488
73,536	i	Wells Fargo Mortgage Backed Securities Trust Series - 2006 AR4 (Class 1A1)	5.860	%,	04/25/36	NR		53,196
		TOTAL OTHER MORTGAGE BACKED						4,019,477
		TOTAL STRUCTURED ASSETS (Cost $9,510,293)						7,337,241
SHARES		COMPANY
PREFERRED STOCKS - 0.03%
MORTGAGE BACKED - 0.03%
5,517	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	%,	12/30/49	Ca		6,731
17,265	*	Federal National Mortgage Association (FNMA)	8.250	%,	12/30/49	Ca		23,135
		Total MORTGAGE BACKED						29,866
		TOTAL PREFERRED STOCKS (Cost $569,550)						29,866
		TOTAL PORTFOLIO - 97.25% (Cost $99,576,881)						97,815,346
		OTHER ASSETS AND LIABILITIES, NET - 2.75%						2,767,905
		TOTAL NET ASSETS - 100.00%					$	100,583,251

116

TIAA-CREF LIFE FUNDS - Bond Fund

† As provided by Moody’s Investors Services

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, 2009 the value of these securities amounted to 4,452,861 or 4.43% of net assets.

i Floating rate or variable rate securities reflects the rate in effect as of June 30, 2009.

n In default

b In bankruptcy

j Zero coupon

m Indicates a security that has been deemed illiquid.

v Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of the securities amounted to 7,034 which represents 0.01% of net assets.

* Non-income producing

The following abbreviations are used in portfolio descriptions:

LLC Limited Liability Corporation

LP Limited Partnership

NR Not Rated by Moody’s

plc Public Limited Company

117

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2009

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
BONDS - 0.97%
GOVERNMENT BONDS 0.97%
U.S. TREASURY SECURITIES - 0.97%
1,000,000		United States Treasury Note	2.880	%	06/30/10	$	1,023,625
		TOTAL U.S. TREASURY SECURITIES					1,023,625
		TOTAL GOVERNMENT BONDS					1,023,625.00
		(Cost $1,023,625.00)
		TOTAL BONDS					1,023,625
		(Cost $1,023,625)
SHORT-TERM INVESTMENTS - 99.26%
BANKER’S ACCEPTANCES - 3.80%
567,000		Bank of America NA	,		07/13/09		566,887
584,000		Bank of America NA	,		07/15/09		583,921
808,000		Bank of America NA	,		09/09/09		806,271
600,000		Bank of America NA	,		09/14/09		598,625
491,000		Bank of America NA	,		10/20/09		489,940
522,000		JPMorgan Chase Bank NA	,		07/17/09		521,942
435,000		JPMorgan Chase Bank NA	,		09/23/09		434,493
		TOTAL BANKER’S ACCEPTANCES					4,002,079
CERTIFICATE OF DEPOSIT - 9.81%
1,000,000		Banco Bilbao Vizcaya Argentaria S.A.	0.730	%,	11/12/09		1,000,018
740,000		Banco Bilbao Vizcaya Argentaria S.A.	0.640	%,	11/30/09		740,016
1,000,000		Banco Bilbao Vizcaya Argentaria S.A.	0.610	%,	12/08/09		1,000,021
490,000		Banco Bilbao Vizcaya Argentaria S.A.	1.250	%,	12/30/09		490,615
500,000		Bank of Montreal	0.270	%,	07/27/09		500,007
520,000		Bank of Nova Scotia	0.550	%,	08/21/09		520,000
250,000		Bank of Nova Scotia	0.950	%,	06/10/10		250,000
500,000		Barclays Bank plc	1.270	%,	11/16/09		500,418
325,000		CALYON	0.600	%,	07/10/09		325,002
1,000,000		CALYON	0.490	%,	10/01/09		1,000,051
1,000,000		Lloyds TSB Bank plc	0.730	%,	07/09/09		1,000,005
498,000		Lloyds TSB Bank plc	0.560	%,	09/30/09		498,025
500,000		Rabobank Nederland NV	1.000	%,	10/09/09		500,000
1,000,000		Toronto-Dominion Bank	1.900	%,	07/20/09		1,000,000
1,000,000		Toronto-Dominion Bank	0.850	%,	09/22/09		1,000,000
		TOTAL CERTIFICATE OF DEPOSIT					10,324,178
COMMERCIAL PAPER - 52.41%
1,000,000		Abbott Laboratories	,		07/30/09		999,855
330,000		Bank of Nova Scotia	,		11/03/09		329,164
675,000		BNP Paribas Finance, Inc	,		07/22/09		674,913
1,000,000		BNP Paribas Finance, Inc	,		07/29/09		999,783
721,000		Calyon North America, Inc	,		07/01/09		721,000
405,000		Ciesco LLC	,		08/05/09		404,803
1,260,000		Coca-Cola Co	,		07/20/09		1,259,721
650,000		Coca-Cola Co	,		11/02/09		649,216
1,000,000		Corporate Asset Funding Co, Inc	,		08/07/09		999,332
500,000		Corporate Asset Funding Co, Inc	,		08/20/09		499,611
655,000		Edison Asset Securitization LLC	,		08/27/09		654,616
1,000,000		Eli Lilly & Co	,		08/10/09		999,389
740,000		Fairway Finance LLC	,		07/06/09		739,937
810,000		Fairway Finance LLC	,		07/09/09		809,905
1,280,000		Fairway Finance LLC	,		07/15/09		1,279,870
2,000,000	p	GECC-TLGP	,		07/02/09		1,999,961
1,435,000	p	GECC-TLGP	,		07/13/09		1,434,665
500,000		Govco LLC	,		07/20/09		499,868

118

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL	ISSUER	RATE		MATURITY DATE	VALUE
$      916,000	Govco LLC	,		08/21/09	$	915,546
950,000	ING US Funding LLC	,		07/27/09		949,561
1,000,000	ING US Funding LLC	,		10/23/09		998,575
500,000	ING US Funding LLC	,		11/30/09		498,839
535,000	Johnson & Johnson	,		07/31/09		534,924
794,000	Kitty Hawk Funding Corp	,		07/08/09		793,958
929,000	Kitty Hawk Funding Corp	,		07/10/09		928,933
500,000	Lloyds TSB Bank plc	,		07/01/09		500,000
700,000	Lloyds TSB Bank plc	,		09/24/09		699,124
1,255,000	Nestle Capital Corp	,		07/29/09		1,254,785
500,000	Nestle Capital Corp	,		02/16/10		497,860
250,000	Old Line Funding LLC	,		07/08/09		249,984
1,459,000	Old Line Funding LLC	,		07/24/09		1,458,767
980,000	Old Line Funding LLC	,		08/17/09		979,552
1,055,000	PACCAR Financial Corp	,		08/06/09		1,054,684
800,000	PACCAR Financial Corp	,		08/14/09		799,687
800,000	PACCAR Financial Corp	,		09/17/09		799,480
455,000	Park Avenue Receivables Corp	,		07/10/09		454,966
600,000	Park Avenue Receivables Corp	,		07/16/09		599,937
500,000	Park Avenue Receivables Corp	,		08/05/09		499,869
400,000	Private Export Funding Corp	,		07/20/09		399,884
770,000	Private Export Funding Corp	,		08/03/09		769,506
1,000,000	Private Export Funding Corp	,		08/20/09		999,208
500,000	Private Export Funding Corp	,		12/11/09		498,981
1,000,000	Rabobank USA Financial Corp	,		07/01/09		1,000,000
723,000	Rabobank USA Financial Corp	,		08/19/09		722,705
800,000	Rabobank USA Financial Corp	,		09/03/09		799,573
450,000	Rabobank USA Financial Corp	,		11/25/09		449,173
1,000,000	Ranger Funding Co LLC	,		07/17/09		999,889
725,000	Ranger Funding Co LLC	,		08/19/09		724,664
1,150,000	Royal Bank of Scotland plc	,		07/31/09		1,149,713
500,000	Royal Bank of Scotland plc	,		08/04/09		499,773
500,000	Royal Bank of Scotland plc	,		09/28/09		499,048
500,000	Sheffield Receivables Corp	,		07/08/09		499,930
1,735,000	Sheffield Receivables Corp	,		07/14/09		1,734,718
475,000	Sheffield Receivables Corp	,		08/13/09		474,830
1,410,000	Shell International Finance BV	,		09/24/09		1,409,234
1,000,000	Svensk Exportkredit AB	,		07/07/09		999,759
605,000	Svensk Exportkredit AB	,		07/31/09		604,798
600,000	Toronto-Dominion Holdings USA, Inc	,		09/25/09		597,313
1,000,000	Toyota Motor Credit Corp	,		07/21/09		999,845
500,000	Toyota Motor Credit Corp	,		07/22/09		499,924
1,000,000	Toyota Motor Credit Corp	,		07/30/09		999,750
1,000,000	Unilever Capital Corp	,		07/07/09		999,965
1,000,000	Unilever Capital Corp	,		08/18/09		999,640
300,000	Unilever Capital Corp	,		08/24/09		299,906
1,000,000	Unilever Capital Corp	,		09/21/09		999,453
584,000	Variable Funding Capital Co LLC	,		07/16/09		583,942
1,500,000	Variable Funding Capital Co LLC	,		07/28/09		1,499,662
	TOTAL COMMERCIAL PAPER					55,139,426
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 27.43%
525,000	Federal Farm Credit Bank (FFCB)	,		07/28/09		524,938
500,000	FFCB	,		10/07/09		499,089
500,000	FFCB	,		11/17/09		498,513
765,000	Federal Home Loan Bank (FHLB)	2.560	%,	08/04/09		766,255
1,400,000	FHLB	,		08/25/09		1,399,550
757,000	FHLB	,		09/02/09		756,285
960,000	FHLB	,		09/18/09		958,883
1,000,000	FHLB	,		09/23/09		999,463
500,000	FHLB	,		09/29/09		499,738
100,000	FHLB	,		09/30/09		99,823
430,000	FHLB	,		10/13/09		429,317
329,000	FHLB	,		10/19/09		328,598
830,000	FHLB	,		11/13/09		829,129

119

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$     540,000		FHLB	,		11/19/09	$	538,183
155,000		FHLB	,		12/08/09		154,621
600,000		FHLB	,		12/14/09		597,902
200,000		FHLB	,		01/19/10		199,551
300,000		FHLB	,		02/10/10		299,067
100,000		FHLB	,		02/11/10		99,719
500,000		FHLB	,		04/22/10		497,542
500,000		FHLB	0.560	%,	06/22/10		499,671
935,000		Federal Home Loan Mortgage Corp (FHLMC)	,		07/06/09		934,938
1,000,000		FHLMC	,		08/11/09		999,363
593,000		FHLMC	,		08/24/09		592,493
1,000,000		FHLMC	,		09/01/09		998,932
596,000		FHLMC	,		10/19/09		595,399
800,000		FHLMC	,		10/23/09		798,379
1,000,000		FHLMC	,		11/17/09		997,683
1,000,000		FHLMC	,		11/20/09		996,805
200,000		FHLMC	,		12/24/09		199,540
600,000		FHLMC	,		02/08/10		598,483
615,000		Federal National Mortgage Association (FNMA)	,		07/23/09		614,940
1,020,000		FNMA	,		08/03/09		1,019,504
270,000		FNMA	,		08/12/09		269,820
370,000		FNMA	,		08/24/09		369,706
1,500,000		FNMA	,		09/01/09		1,498,579
300,000		FNMA	,		09/09/09		298,396
1,050,000		FNMA	,		10/16/09		1,048,533
320,000		FNMA	,		10/30/09		319,236
500,000		FNMA	,		12/01/09		498,406
1,070,000		FNMA	,		12/21/09		1,067,121
1,000,000		FNMA	,		12/22/09		997,438
700,000		FNMA	,		12/30/09		697,877
240,000		FNMA	,		01/04/10		239,427
740,000		FNMA	,		04/01/10		736,936
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					28,863,771
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 4.86%
1,500,000	i	Federal Home Loan Bank (FHLB)	0.650	%,	09/10/09		1,500,001
1,000,000	i	FHLB	0.850	%,	02/26/10		1,000,000
1,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.880	%,	02/04/10		1,000,000
1,000,000	i	FHLMC	0.820	%,	02/09/10		1,000,436
615,000	i	Federal National Mortgage Association (FNMA)	0.990	%,	01/28/10		616,554
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES					5,116,991
U.S. TREASURY BILLS - 0.95%
1,000,000		United States Treasury Bill	,		10/08/09		999,271
		TOTAL U.S. TREASURY BILLS					999,271
		TOTAL SHORT-TERM INVESTMENTS (Cost $104,445,716)					104,445,716
		TOTAL PORTFOLIO - 100.23% (Cost $105,469,341)					105,469,341
		OTHER ASSETS & LIABILITIES, NET - (0.23)%					(244,325	)
		NET ASSETS - 100.00%				$	105,225,016

i Floating rate or variable rate securities reflects the rate in effect as of June 30, 2009.

p Security participates in the FDIC Temporary Liquidity Guarantee Program.

The following abbreviations are used in portfolio descriptions:

LLC Limited Liability Corporation

NR Not Rated by Moody’s

plc Public Limited Company

120

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(2)(i)	Section 302 certification of the principal executive officer
12(a)(2)(ii)	Section 302 certification of the principal financial officer
12(b)	Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

	TIAA-CREF LIFE FUNDS
Dated: August 25, 2009	By:	/s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President

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

Dated: August 25, 2009	By:	/s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 25, 2009	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i)	Section 302 certification of the principal executive officer
12(a)(2)(ii)	Section 302 certification of the principal financial officer
12(b)	Section 906 certification of principal executive officer and principal financial officer

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

Exhibit 12(a)(2)(i)

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 25, 2009	By:	/s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President
		(principal executive officer)

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

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Phillip G. Goff, 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 25, 2009	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EX-99.12(B)

Exhibit 12(b)

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 six months ended June 30, 2009 (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 25, 2009	By:	/s/ Scott C. Evans
		Scott C. Evans
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 25, 2009	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Accounting Officer, Principal Financial
		Officer and Treasurer
		(principal financial officer)