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, 2010

Item 1. Reports to Stockholders.

2010 SEMIANNUAL REPORT

TIAA-CREF LIFE FUNDS

JUNE 30, 2010

Financial statements (unaudited)

CONTENTS

Understanding your TIAA-CREF Life Funds report	2
Information on the TIAA-CREF Life Funds	3
About the funds’ benchmarks	4
Important information about expenses	6
Fund performance
Growth Equity Fund	7
Growth & Income Fund	9
International Equity Fund	11
Large-Cap Value Fund	14
Small-Cap Equity Fund	16
Stock Index Fund	18
Social Choice Equity Fund	20
Real Estate Securities Fund	22
Bond Fund	25
Money Market Fund	28
Summary portfolios of investments	31
Financial statements
Statements of assets and liabilities	68
Statements of operations	72
Statements of changes in net assets	76
Financial highlights	83
Notes to financial statements	94
2010 special meeting	104
Board approval of investment management agreement	105
How to reach us	Inside back cover

UNDERSTANDING YOUR TIAA-CREF LIFE FUNDS REPORT

This report contains information about the ten TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2010. The report contains three main sections:

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2010. It also lists the fund’s largest individual holdings and any holding that made up more than one percent of the fund’s net assets on that date.

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

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.

2  2010 Semiannual Report — TIAA-CREF Life Funds

INFORMATION ON THE TIAA-CREF LIFE FUNDS

PORTFOLIO HOLDINGS

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

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

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

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

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

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

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

PROXY VOTING

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

CONTACTING TIAA-CREF

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

FUND MANAGEMENT

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

TIAA-CREF Life Funds — 2010 Semiannual Report  3

ABOUT THE FUNDS’ BENCHMARKS

EQUITY INDEXES

BROAD-MARKET INDEX

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

LARGE-CAP INDEXES

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

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

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

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

SMALL-CAP INDEX

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

SPECIALTY EQUITY INDEX

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

4  2010 Semiannual Report — TIAA-CREF Life Funds

FIXED-INCOME INDEX

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

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

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

TIAA-CREF Life Funds — 2010 Semiannual Report  5

IMPORTANT INFORMATION ABOUT EXPENSES

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

• Shareholders do not incur 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, 2010, and held for six months until June 30, 2010.

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  2010 Semiannual Report — TIAA-CREF Life Funds

GROWTH EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Growth Equity Fund returned –9.03% for the period, compared with the –7.65% return of its benchmark, the Russell 1000^® Growth Index. For the year ended June 30, 2010, the fund returned 11.89%, versus 13.62% for the index.

Large-cap growth lags large-cap value

In the first half of 2010, large-cap growth stocks trailed the –5.12% return of large-cap value issues, as measured by the Russell 1000 Value Index. This marked a reversal from 2009, when the large-cap growth category returned 37.21%, strongly outpacing the 19.69% return of large-cap value issues.

For the ten years ended June 30, 2010, the Russell 1000 Growth Index posted an average annual return of –5.14%—more than seven-and-a-half percentage points less than the 2.38% average annual gain of the Russell 1000 Value Index.

Downturn affects all sectors

All nine industry sectors of the Russell 1000 Growth Index suffered losses during the six-month period. Technology, the largest sector in the index and more than a quarter of its total market capitalization as of June 30, 2010, lost 10.2% on fears that slowing economic growth would reduce spending on technology products by both consumers and corporations. More than three percentage points of the benchmark’s loss came from this sector.

The energy and health care sectors, which together made up one-fifth of the index, dropped 15.6% and 6.6%, respectively.

Producer durables held up best but still finished with a loss of 1.7%. The consumer discretionary and consumer staples sectors also weathered the downturn better than most other sectors, returning –3.9% and –3.2%, respectively.

Stock choices weigh on fund’s performance

The fund trailed its benchmark because of several unfavorable stock selections. Among the largest detractors from relative performance were overweight positions in Google, MasterCard, software company Adobe Systems and online retailer Amazon.com. The avoidance of McDonald’s also detracted from the fund’s relative returns.

These results were partially offset by a number of successful stock selections, including overweight positions in Boeing, Apple and software company Intuit. Overweight positions in Dr Pepper Snapple Group and educational media distributor Discovery Communications also aided relative results.

TIAA-CREF Life Funds — 2010 Semiannual Report  7

GROWTH EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
Growth Equity Fund (inception: 4/3/2000)	–9.03	%	11.89	%	0.26	%	–5.90	%
Russell 1000® Growth Index	–7.65		13.62		0.38		–5.14

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. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Growth Equity Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	909.73	$	1.61
5% annual hypothetical return		1,000.00		1,023.11		1.71

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.52%. In that case, the expenses paid, based on the fund’s actual return, would have been $2.46; and the expenses paid, based upon the 5% hypothetical return, would have been $2.61. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.34%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Technology	37.5
Consumer products & services	28.8
Manufacturing & materials	14.3
Health care	10.8
Energy	4.6
Financial	3.7
Other assets & liabilities, net	0.3
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	56.8
$4 billion–$15 billion	42.3
Under $4 billion	0.9
Total	100.0

8  2010 Semiannual Report — TIAA-CREF Life Funds

GROWTH & INCOME FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Growth & Income Fund returned –8.17% for the period, compared with the –6.65% return of its benchmark, the S&P 500^® Index. For the year ended June 30, 2010, the fund returned 11.25%, versus 14.43% for the index.

Large-cap stocks lag the market

During the six-month period, the S&P 500 Index, which measures the performance of leading large-cap U.S. stocks, trailed the –6.05% return of the broad-based Russell 3000^® Index by more than half a percentage point. This reflected the fact that one-third of the Russell 3000 Index is made up of small- and mid-cap stocks, and both categories held up better than large-cap issues during the period. The small-cap stocks of the Russell 3000 were down just 1.95%; mid-cap issues lost 2.06%.

For the ten years ended June 30, 2010, the S&P 500 Index posted an average annual return of –1.59%, compared with the –0.92% average return of the Russell 3000 Index over the same period.

All index sectors post losses

Losses during the six months extended across all ten industry sectors of the index, but sector returns varied significantly. The largest sector, information technology, declined 10.6%. Two other large sectors, energy and health care, were down 12.2% and 8.8%, respectively. Together, these three sectors made up more than 40% of the benchmark’s market capitalization on June 30, 2010. The benchmark’s poorest performing sector was materials, which dropped 12.9%.

These losses were partly offset by financials, the second largest sector in the index, which fell just 3.7%. Similarly, the consumer staples and industrials sectors, which together made up more than one-fifth of the S&P 500 Index, declined only 2.8% and 0.9%, respectively.

Stock selections detract from relative return

The fund lagged its benchmark primarily because of several unfavorable stock selections. Detractors from relative performance included an overweight position in Anadarko Petroleum and underweight holdings in Johnson & Johnson and Boeing. An out-of-benchmark position in investment firm Lazard also hurt relative results.

These negative effects were partly offset by positive contributors that included overweight positions in data storage provider SanDisk, educational media distributor Discovery Communications and Apple. An underweight position in drug maker Merck also helped returns.

TIAA-CREF Life Funds — 2010 Semiannual Report  9

GROWTH & INCOME FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
Growth & Income Fund (inception: 4/3/2000)	–8.17	%	11.25	%	2.53	%	–0.56	%
S&P 500® Index	–6.65		14.43		–0.79		–1.59

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 index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Growth & Income Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	918.35	$	1.57
5% annual hypothetical return		1,000.00		1,023.16		1.66

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.52%. In that case, the expenses paid, based on the fund’s actual return, would have been $2.47; and the expenses paid, based upon the 5% hypothetical return, would have been $2.61. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.33%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Consumer products & services	26.5
Technology	22.1
Manufacturing & materials	16.9
Financial	14.4
Energy	8.6
Health care	8.0
Utilities	3.1
Other assets & liabilities, net	0.4
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	69.7
$4 billion–$15 billion	20.0
Under $4 billion	10.3
Total	100.0

10  2010 Semiannual Report — TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The International Equity Fund returned –9.67% for the period, compared with the –13.23% return of its benchmark, the MSCI EAFE Index. For the year ended June 30, 2010, the fund returned 12.13%, versus 5.92% for the index.

Foreign stocks lag U.S. issues

After achieving an outsized return of 31.78% for 2009, the EAFE index, which measures stock performance in 21 developed nations outside North America, posted a substantial loss during the first half of 2010. The European debt crisis and worries about slowing growth in the United States depressed prices in many foreign markets and caused a drop in the value of the euro and pound versus the dollar.

The MSCI EAFE returned –7.34% for the six months in terms of local currencies, but that loss was amplified for U.S. investors. In terms of dollars, the EAFE lagged U.S. stocks by more than seven percentage points. The Russell 3000^® Index returned –6.05% for the period.

Japanese stocks hold up best

Japanese stocks, the largest component of the index, performed better than both European and U.S. stocks during the period, returning –2.7% in dollar terms. Other Pacific stocks returned –11.6%. The –16.7% return of the European segment was driven by double-digit losses in its two largest markets—Britain and France.

Stock choices limit decline

While the fund posted a loss in absolute terms, favorable stock selections enabled it to outperform the EAFE index by more than three-and-a-half percentage points. The largest positive contributor to relative performance was German chemicals producer Lanxess, a nonbenchmark stock. Other positive contributors included overweights in two British companies: ICAP, a broker for banks and other securities traders, and Smiths Group, a technology company. A sizable underweight in BP also helped relative returns.

These positive results were partially offset by overweights in several stocks that disappointed, including three German issues: industrial conglomerate ThyssenKrupp, drug maker Bayer and Deutsche Boerse, the nation’s leading stock exchange. An overweight in Swiss agribusiness giant Syngenta also trimmed returns.

As of June 30, 2010, stocks of companies in emerging markets, which are not represented in the benchmark, made up 7.5% of the fund’s total portfolio investments.

TIAA-CREF Life Funds — 2010 Semiannual Report  11

INTERNATIONAL EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
International Equity Fund (inception: 4/3/2000)	–9.67	%	12.13	%	1.62	%	–0.26	%
MSCI EAFE Index	–13.23		5.92		0.88		0.18

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 index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

International Equity Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	903.29	$	1.84
5% annual hypothetical return		1,000.00		1,022.86		1.96

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.60%. In that case, the expenses paid, based on the fund’s actual return, would have been $2.83; and the expenses paid, based upon the 5% hypothetical return, would have been $3.01. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.39%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

12  2010 Semiannual Report — TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Consumer products & services	39.2
Manufacturing & materials	35.3
Financial	15.4
Energy	3.2
Technology	2.3
Utilities	1.9
Other assets & liabilities, net	2.7
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	28.1
$4 billion–$15 billion	46.1
Under $4 billion	25.8
Total	100.0

HOLDINGS BY COUNTRY

Country	% of portfolio investments as of 6/30/2010
United Kingdom	21.0
Germany	20.6
Switzerland	15.9
Japan	10.8
Sweden	7.4
Hong Kong	6.2
Macau	4.5
China	4.3
Finland	2.0
9 other nations	7.3
Total	100.0

TIAA-CREF Life Funds — 2010 Semiannual Report  13

LARGE-CAP VALUE FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Large-Cap Value Fund returned –5.41% for the period, compared with the –5.12% return of its benchmark, the Russell 1000^® Value Index. For the year ended June 30, 2010, the fund returned 15.55%, versus 16.92% for the index.

Large-cap investors favor value

After trailing large-cap growth stocks in 2009, their value counterparts fared better in the market downturn that occurred in the first half of 2010. Large-cap growth stocks returned –7.65% for the six months.

For the five years ended June 30, 2010, growth issues maintained their lead in the large-cap category. The Russell 1000 Value Index posted an average annual return of –1.64%—about two percentage points less than the 0.38% return of the Russell 1000 Growth Index.

Eight sectors suffer losses

All but one of the nine industry sectors of the Russell 1000 Value Index posted declines for the six-month period. The benchmark’s drop was driven by the 11.3% loss in the energy sector, the second largest sector in the index. Declines in health care (down 9.6%) and utilities (down 7.2%) also played a major role. Financial services, the benchmark’s largest sector, fell 2.4%.

Only the consumer staples sector recorded a gain. This sector, which often holds up well when economic growth is weak, rose 0.5%.

Fund trails its benchmark

The fund lagged its benchmark for the period because of a number of unfavorable stock selections. These included overweight positions in Cobalt International Energy, medical device maker Boston Scientific and online brokerage firm E*Trade, as well as nonbenchmark holdings in technology firm Palm.

These negative effects on relative performance were partially offset by positive contributors, such as overweight positions in Midwestern bank Huntington Bancshares and Smith International, which provides equipment for oil and gas production. The fund also benefited from nonbench-mark holdings in automotive supplier Magna International.

14  2010 Semiannual Report — TIAA-CREF Life Funds

LARGE-CAP VALUE FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Large-Cap Value Fund (inception: 10/28/2002)	–5.41	%	15.55	%	–0.96	%	5.93	%
Russell 1000 Value Index	–5.12		16.92		–1.64		4.84

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 index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Large-Cap Value Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	945.91	$	1.64
5% annual hypothetical return		1,000.00		1,023.11		1.71

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.52%. In that case, the expenses paid, based on the fund’s actual return, would have been $2.51; and the expenses paid, based upon the 5% hypothetical return, would have been $2.61. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.34%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Consumer products & services	24.6
Financial	24.7
Manufacturing & materials	15.4
Technology	11.7
Energy	9.6
Health care	8.9
Utilities	5.1
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	61.4
$4 billion–$15 billion	18.2
Under $4 billion	20.4
Total	100.0

TIAA-CREF Life Funds — 2010 Semiannual Report  15

SMALL-CAP EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Small-Cap Equity Fund returned –2.03% for the period, compared with the –1.95% return of its benchmark, the Russell 2000^® Index. For the year ended June 30, 2010, the fund returned 21.97%, versus 21.48% for the index.

Small caps hold up in the downturn

Although small-cap stocks trailed the overall equity market during 2009, they held up better than the –6.05% return of the broad-based Russell 3000^® Index for the six-month period. In addition, they fared better than their mid- and large-cap counterparts, which returned –2.06% and –6.40%, respectively.

During the first quarter of 2010, small caps continued to rally along with stocks of other capitalization sizes. Small-cap issues climbed 8.90%, outpacing the 5.94% return of the broader market. In the second quarter, small caps fell 9.92%, while the broader market declined 11.32%.

For the five years ended June 30, 2010, small caps retained their advantage. They posted an average annual gain of 0.37%, versus the –0.48% return of the Russell 3000 Index.

Three index sectors remain positive

For the six-month period, the return of the Russell 2000 was buoyed by three sectors that posted small gains despite the downturn in the broader market. Consumer staples (up 2.0%), consumer discretionary (up 1.7%) and financial services (up 0.6%) partially offset some of the downward pressure in other sectors. Together, these three sectors made up 40% of the benchmark’s market capitalization on June 30, 2010.

Losses for the six months were steepest in the energy and materials and processing sectors, which fell 12.4% and 5.4%, respectively. Lack-luster results from the health care (down 3.2%), utilities (down 3.0%) and technology (down 2.6%) sectors also weighed on the index.

Fund closely tracks its benchmark

For the six months, the fund slightly underperformed its benchmark because of several unfavorable stock choices. Among the largest detractors from performance were overweight positions, relative to the benchmark, in technology company Unisys, oil and gas firm Willbros Group and biophar-maceutical company Medivation.

These losses were partly offset by overweight holdings in Odyssey HealthCare, oil and natural gas producer McMoRan Exploration, airline UAL and car rental company Dollar Thrifty Automotive Group.

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

16  2010 Semiannual Report — TIAA-CREF Life Funds

SMALL-CAP EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Small-Cap Equity Fund (inception: 10/28/2002)	–2.03	%	21.97	%	–0.09	%	8.22	%
Russell 2000 Index	–1.95		21.48		0.37		8.16

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. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Small-Cap Equity Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10–6/30/10)
Actual return	$	1,000.00	$	979.74	$	1.28
5% annual hypothetical return		1,000.00		1,023.51		1.30

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.55%. In that case, the expenses paid, based on the fund’s actual return, would have been $2.70; and the expenses paid, based upon the 5% hypothetical return, would have been $2.76. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.26%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Manufacturing & materials	22.5
Consumer products & services	20.6
Financial	19.5
Technology	17.2
Health care	12.0
Utilities	4.2
Energy	3.9
Other assets & liabilities, net	0.1
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
$4 billion–$15 billion	0.4
Under $4 billion	99.6
Total	100.0

TIAA-CREF Life Funds — 2010 Semiannual Report  17

STOCK INDEX FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Stock Index Fund returned –6.05% for the period, matching the return of its benchmark, the Russell 3000^® Index. For the year ended June 30, 2010, the fund returned 15.64%, versus 15.72% for the index.

For the six-month period, the fund’s return equaled that of its benchmark, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Stocks retreat on economic worries

After returning 28.34% in 2009—their best calendar-year performance since 2003—U.S. stocks posted robust gains during the first four months of 2010, with the Russell 3000 Index up an additional 8.23%. However, a sharp sell-off in May and June caused stocks to finish the first half of the year in negative territory. The spreading debt crisis in Europe, plus evidence of slowing growth in the United States, raised fears about a slowdown in the world economy.

During the six-month period, value stocks held up better than their growth counterparts, returning –4.83% versus –7.25%. Small-cap shares fell 1.95%, outperforming mid and large caps, which dropped 2.06% and 6.40%, respectively. (Returns by investment style and market capitalization are based on the Russell indexes.)

Losses vary across industry sectors

All nine industry sectors of the Russell 3000 Index posted declines for the first half of 2010, but losses varied sharply. The primary drag on the benchmark’s return was a 9.5% loss in the technology sector. Tech stocks were the benchmark’s largest sector, making up about one-sixth of its total market capitalization as of June 30, 2010. Two other large sectors, energy and health care, had losses of 12.1% and 7.2%, respectively.

Declines were smaller, however, among producer durables (down 1.5%) and consumer discretionary stocks (down 2.0%).

Four of the benchmark’s five largest stocks decline

Of the five largest stocks in the Russell 3000, only Apple posted a gain, helped by better-than-expected earnings and investor enthusiasm over the company’s latest products. Its stock returned 18.9%. The other four stocks declined as follows, in descending order of market capitalization at period-end: Exxon Mobil, –15.9%; Microsoft, –25.0%; Procter & Gamble, –0.8%; and Johnson & Johnson, –7.5%.

18  2010 Semiannual Report — TIAA-CREF Life Funds

STOCK INDEX FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
Stock Index Fund (inception: 1/4/1999)	–6.05	%	15.64	%	–0.42	%	–0.87	%
Russell 3000 Index	–6.05		15.72		–0.48		–0.92

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 index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Stock Index Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10–6/30/10)
Actual return	$	1,000.00	$	939.49	$	0.34
5% annual hypothetical return		1,000.00		1,024.45		0.35

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.09%. In that case, the expenses paid, based on the fund’s actual return, would have been $0.43; and the expenses paid, based upon the 5% hypothetical return, would have been $0.45. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.07%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Consumer products & services	24.3
Technology	19.8
Financial	18.0
Manufacturing & materials	16.0
Energy	9.4
Health care	8.4
Utilities	4.0
Other assets & liabilities, net	0.1
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	60.9
$4 billion–$15 billion	21.0
Under $4 billion	18.1
Total	100.0

TIAA-CREF Life Funds — 2010 Semiannual Report  19

SOCIAL CHOICE EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Social Choice Equity Fund returned –5.87% for the period, compared with the –6.05% return of its benchmark, the Russell 3000^® Index. For the year ended June 30, 2010, the fund returned 18.04%, versus 15.72% for the index. The fund screens investments according to social criteria, while the benchmark does not.

Stock exclusions aid relative results

Although its absolute return was disappointing for the six-month period, the fund outperformed its benchmark because its social screens prevented it from investing in a number of stocks that were included in the Russell 3000 Index. Avoiding these stocks produced mixed results during the period, but the net effect was to increase the fund’s return relative to that of its benchmark.

The fund’s outperformance was largely the result of the exclusion of Exxon Mobil, the largest stock in the index in terms of market capitalization on June 30, 2010. Exxon Mobil lost 15.9% for the period, as oil prices climbed then fell and investors worried about the staying power of the global economic recovery. Avoiding pharmaceutical leader Pfizer (down 21.4%), telecommunications firm Qualcomm (down 29.2%) and agricultural giant Monsanto (down 43.7%) also aided relative results.

Relative performance suffered, however, from the exclusion of Apple, which rose 18.9% on better-than-expected earnings and investor enthusiasm for the company’s portfolio of products. The absence of Citigroup (up 13.3%) and Boeing (up 15.6%) also trimmed returns.

Statistical strategies curb losses

Because the fund’s social screens preclude it from investing in some of the stocks within the Russell 3000 Index, 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 return was enhanced by overweight holdings in power generation equipment manufacturer Cummins, which soared 41.2%; Time Warner Cable, which gained 26.5%; and McDonald’s, which returned 6.5%. The positive effects of these positions were partly offset by other overweight investments in poorly performing stocks, including Microsoft (down 25.0%), Google (down 28.6%) and asset management firm BlackRock (down 38.9%).

20  2010 Semiannual Report — TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
Social Choice Equity Fund (inception: 4/3/2000)	–5.87	%	18.04	%	0.55	%	–0.47	%
Russell 3000 Index	–6.05		15.72		–0.48		–0.92

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 index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Social Choice Equity Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10–6/30/10)
Actual return	$	1,000.00	$	941.34	$	0.58
5% annual hypothetical return		1,000.00		1,024.20		0.60

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.22%. In that case, the expenses paid, based on the fund’s actual return, would have been $1.06; and the expenses paid, based upon the 5% hypothetical return, would have been $1.10. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.12%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Consumer products & services	28.3
Technology	18.3
Financial	15.3
Manufacturing & materials	14.9
Health care	8.0
Energy	7.6
Utilities	6.8
Other assets & liabilities, net	0.8
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	59.1
$4 billion–$15 billion	26.0
Under $4 billion	14.9
Total	100.0

TIAA-CREF Life Funds — 2010 Semiannual Report  21

REAL ESTATE SECURITIES FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Real Estate Securities Fund returned 6.57% for the period, compared with the 5.56% return of its benchmark, the FTSE NAREIT Equity REITs Index. For the year ended June 30, 2010, the fund returned 54.04%, versus 53.90% for the index.

REITs rise in a downturn

In the year’s first quarter, investors’ renewed appetite for risk and improving balance sheets for public real estate firms boosted prices for real estate investment trusts (REITs). The fund’s benchmark rose 10.02%. However, concern over slowing U.S. growth led to a 4.06% decline in the second quarter.

The apartment sector continued to benefit during the period, with rental units serving as an alternative to the slumping residential real estate market. Meanwhile, the economically sensitive industrials area posted a decline as a result of weaker economic growth.

REITs top the broad market

For the six-month period, REITs returned a solid 5.56%, outpacing both the –6.05% return of U.S. stocks, as measured by the Russell 3000^® Index, and the 5.33% return of U.S. investment-grade, fixed-rate bonds, as measured by the Barclays Capital U.S. Aggregate Bond Index.

For the five years ended June 30, 2010, the 0.20% average annual gain of the REITs index outpaced the –0.48% return of the Russell 3000 but lagged the 5.54% average gain of the Barclays Capital index.

Stock choices lift the fund’s return

The fund outperformed its benchmark by a full percentage point on the strength of numerous successful stock selections. These included overweight positions, relative to the benchmark, in shopping mall operator Glimcher Realty Trust and hotel owner FelCor Lodging Trust. Underweighting timberland owner and lumber producer Plum Creek Timber also added to relative performance.

These positive contributions were partially offset by other investments that performed less well. These included nonbenchmark holdings in luxury hotel operator Orient-Express Hotels and an underweight in Equity Residential, an owner and operator of multifamily properties. An overweight position in shopping center operator Developers Diversified Realty also detracted slightly from relative returns.

22  2010 Semiannual Report — TIAA-CREF Life Funds

REAL ESTATE SECURITIES FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Real Estate Securities Fund (inception: 10/28/2002)	6.57	%	54.04	%*	–1.31	%	9.10	%
FTSE NAREIT Equity REITs Index	5.56		53.90		0.20		9.75

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 index returns noted above do not include a deduction for fees or expenses.

* The Real Estate Securities Fund’s performance fluctuates and currently may be lower than the exceptional performance noted here.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Real Estate Securities Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses  paid† (1/1/10–6/30/10)
Actual return	$	1,000.00	$	1,065.65	$	1.90
5% annual hypothetical return		1,000.00		1,022.96		1.86

† New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.57%. In that case, the expenses paid, based on the fund’s actual return, would have been $2.92; and the expenses paid, based upon the 5% hypothetical return, would have been $2.86. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.37%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

TIAA-CREF Life Funds — 2010 Semiannual Report  23

REAL ESTATE SECURITIES FUND

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Specialized	30.0
Retail	24.9
Residential	13.2
Office	12.2
Diversified	9.5
Industrial	5.5
Office electronics	2.0
Hotels, restaurants & leisure	1.9
Mortgage	0.2
Other assets & liabilities, net	0.6
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	10.4
$4 billion–$15 billion	57.6
Under $4 billion	32.0
Total	100.0

24  2010 Semiannual Report — TIAA-CREF Life Funds

BOND FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Bond Fund returned 5.39% for the period, compared with the 5.33% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the year ended June 30, 2010, the fund returned 10.54%, versus 9.50% for the index.

Economic uncertainty boosts bonds

During the six months, the U.S. economy continued on a path of slow recovery. Unemployment edged down to 9.5% in June, with nearly half of jobless workers unemployed for more than six months. Gross domestic product grew at an annual rate of 3.7% in the first quarter of 2010, but even consumers with jobs spent sparingly, constrained by lower home values and high levels of personal debt.

As a result, the Federal Reserve kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% for the period.

The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, returned 1.78% for the period’s first half, when investors sought the potentially higher returns of stocks and lower-grade corporate bonds. However, as concern mounted over Europe’s debt crisis, the pace of economic recovery in the United States and the extent of financial reform, investors turned to the safety of U.S. Treasury securities, and the index gained 3.49% for the second half.

Treasuries lead the way

U.S. Treasury securities gained 5.9% for the period, outpacing almost all other benchmark sectors. Corporate bonds posted a return of 5.8%, while asset- and mortgage-backed securities returned 4.8% and 4.5%, respectively. Agency securities lagged with a 3.8% return. Only the relatively small commercial mortgage-backed sector outperformed Treasuries; the former gained 12.1%. During the six months, the yield on 2-year Treasury notes fell from 1.14% at year-end 2009 to 0.61% on June 30, 2010. The 10-year yield declined from 3.85% to 2.97%.

The fund outpaces its benchmark

The fund topped the Barclays Capital index primarily because of favorable overweight positions in agency and asset-backed securities and in corporate bonds. These holdings helped the fund significantly outperform the index in the period’s first half, which more than offset the outsized drag on relative performance posed by underweights in U.S. Treasury securities in the second half. An underweight position in mortgage-backed securities trimmed the fund’s return for the period.

TIAA-CREF Life Funds — 2010 Semiannual Report  25

BOND FUND

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Bond Fund (inception: 7/8/2003)	5.39	%	10.54	%	4.64	%	4.41	%
Barclays Capital U.S. Aggregate Bond Index	5.33		9.50		5.54		5.06

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 index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

Bond Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	1,053.87	$	0.97
5% annual hypothetical return		1,000.00		1,023.85		0.95

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.35%. In that case, the expenses paid, based on the fund’s actual return, would have been $1.78; and the expenses paid, based upon the 5% hypothetical return, would have been $1.76. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.19%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

26  2010 Semiannual Report — TIAA-CREF Life Funds

BOND FUND

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Mortgage-backed securities & commercial mortgage-backed securities†	34.0
Corporate bonds	21.6
U.S. Treasury securities	19.5
Foreign government & corporate bonds denominated in U.S. dollars	12.2
U.S. agency securities	6.5
Asset-backed securities	2.2
Municipal bonds	0.7
Other assets & liabilities, net	3.3
Total	100.0

^† Includes mortgage pass-through securities and collateralized mortgage obligations

HOLDINGS BY MATURITY

	% of fixed-income investments as of 6/30/2010
Less than 1 year	1.1
1–3 years	15.5
3–5 years	21.9
5–10 years	16.8
Over 10 years	44.7
Total	100.0

TIAA-CREF Life Funds — 2010 Semiannual Report  27

MONEY MARKET FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The Money Market Fund returned 0.07% for the period, compared with the 0.01% 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. For the year ended June 30, 2010, the fund returned 0.23%, versus 0.05% for iMoneyNet.

The Fed ends its stimulus programs

During the six months, the U.S. economy continued on a path of slow recovery. Unemployment edged down to 9.5% in June, with nearly half of jobless workers unemployed for more than six months. Gross domestic product grew at an annual rate of 3.7% in the first quarter of 2010, but even consumers with jobs spent sparingly, constrained by lower home values and high levels of personal debt.

As the credit market stabilized, the Federal Reserve allowed the programs it had created to stimulate liquidity to lapse as scheduled. However, the Fed maintained its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) at nearly 0%.

Uncertainty lifts LIBOR yields

During the period, concerns about the spreading debt crisis in Europe pushed up LIBOR yields, making it more expensive for businesses 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.) The three-month LIBOR more than doubled, from 0.25% at year-end 2009 to 0.53% on June 30, 2010. Meanwhile, the twelve-month LIBOR rose from 0.98% to 1.17%.

The fund takes advantage of shifting opportunities

For the six-month period, the fund outperformed the average iMoneyNet fund. To comply with new SEC regulations for all money market funds, the fund increased its holdings in U.S. Treasury and agency securities. As the supply of high-quality, short-term corporate and bank debt dried up, the fund decreased its investments in them. The fund’s weighted average maturity, which declined during the period, was 56 days on June 29, 2010, versus 36 days for the average iMoneyNet fund.

28  2010 Semiannual Report — TIAA-CREF Life Funds

MONEY MARKET FUND

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED JUNE 29, 2010*

	Current yield		Effective yield
Money Market Fund	0.12	%	0.12	%
iMoneyNet Money Fund Report Averages—All Taxable†	0.04		0.04

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, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		since inception
Money Market Fund (inception: 7/8/2003)	0.07	%	0.23	%	3.14	%	2.70	%
iMoneyNet Money Fund Report Averages—All Taxable†	0.01		0.05		2.59		2.17	‡

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

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

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

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

TIAA-CREF Life Funds — 2010 Semiannual Report  29

MONEY MARKET FUND

EXPENSE EXAMPLE

Six months ended June 30, 2010

Money Market Fund	Starting fund value (1/1/10)		Ending fund value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	1,000.74	$	0.45
5% annual hypothetical return		1,000.00		1,024.35		0.45

* New advisory and other arrangements became effective May 1, 2010. Had these arrangements been in place for the entire six-month period, the fund’s annualized expense ratio for the period would have been 0.15%. In that case, the expenses paid, based on the fund’s actual return, would have been $0.74; and the expenses paid, based upon the 5% hypothetical return, would have been $ 0.75. “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses would have been higher and performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
U.S. government & agency securities	51.4
Commercial paper	24.4
U.S. Treasury securities	11.6
Certificates of deposit	6.4
Bankers’ acceptances	3.0
Floating-rate securities, U.S. agency	2.2
Other assets & liabilities, net	1.0
Total	100.0

30  2010 Semiannual Report — TIAA-CREF Life Funds

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
19,250		Walt Disney Co	$	606,375	2.0	%
				606,375	2.0
APPAREL AND OTHER TEXTILE PRODUCTS				256,746	0.8
BUILDING MATERIALS AND GARDEN SUPPLIES
17,060		Lowe’s Cos, Inc		348,365	1.1
				348,365	1.1
BUSINESS SERVICES
14,562	*	Adobe Systems, Inc		384,874	1.3
15,689	*	eBay, Inc		307,661	1.0
2,654	*	Google, Inc (Class A)		1,180,898	3.8
28,690	*	Intuit, Inc		997,552	3.3
38,075		Microsoft Corp		876,106	2.8
12,406		Omnicom Group, Inc		425,526	1.3
21,145	*	Yahoo!, Inc		292,435	1.0
		Other		955,660	3.1
				5,420,712	17.6
CHEMICALS AND ALLIED PRODUCTS
14,494		Avon Products, Inc		384,091	1.3
18,008	*	Celgene Corp		915,167	2.9
12,786		Dow Chemical Co		303,284	1.0
6,880		Novartis AG. (ADR)		332,442	1.1
4,246		Novo Nordisk A.S. (ADR)		344,011	1.1
7,531		Shire plc (ADR)		462,253	1.5
6,161		Teva Pharmaceutical Industries Ltd (ADR)		320,310	1.0
8,179	*	Watson Pharmaceuticals, Inc		331,822	1.1
		Other		143,984	0.5
				3,537,364	11.5
COMMUNICATIONS				143,791	0.5
DEPOSITORY INSTITUTIONS
14,229		Wells Fargo & Co		364,262	1.2
				364,262	1.2
EATING AND DRINKING PLACES
9,907		Yum! Brands, Inc		386,769	1.3
		Other		228,283	0.7
				615,052	2.0
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
11,016		Analog Devices, Inc		306,906	1.0
7,421	*	Apple Computer, Inc		1,866,604	6.0
62,809	*	Cisco Systems, Inc		1,338,460	4.3
2,882	*	First Solar, Inc		328,058	1.1
34,315		Intel Corp		667,427	2.2
9,892	*	NetApp, Inc		369,071	1.2
12,628		Xilinx, Inc		318,983	1.0
				5,195,509	16.8

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 31

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
ENGINEERING AND MANAGEMENT SERVICES
8,198	*	Jacobs Engineering Group, Inc	$	298,735	1.0	%
				298,735	1.0
FABRICATED METAL PRODUCTS				261,798	0.9
FOOD AND KINDRED PRODUCTS
17,377		Dr Pepper Snapple Group, Inc		649,726	2.1
7,345		Mead Johnson Nutrition Co		368,131	1.2
				1,017,857	3.3
FURNITURE AND HOME FURNISHINGS STORES				262,675	0.9
GENERAL MERCHANDISE STORES
16,788	*	Dollar General Corp		462,509	1.5
				462,509	1.5
HEALTH SERVICES
12,229	*	Express Scripts, Inc		575,008	1.9
				575,008	1.9
HOTELS AND OTHER LODGING PLACES
10,428		Starwood Hotels & Resorts Worldwide, Inc		432,032	1.5
		Other		75,043	0.2
				507,075	1.7
INDUSTRIAL MACHINERY AND EQUIPMENT
6,582		Deere & Co		366,486	1.2
14,273		Emerson Electric Co		623,587	2.0
23,279		Johnson Controls, Inc		625,507	2.1
				1,615,580	5.3
INSTRUMENTS AND RELATED PRODUCTS
6,060		Allergan, Inc		353,056	1.2
16,890		Danaher Corp		626,956	2.1
5,689	*	Edwards Lifesciences Corp		318,698	1.0
1,474	*	Intuitive Surgical, Inc		465,224	1.5
13,007	*	Life Technologies Corp		614,580	2.0
5,958		Roper Industries, Inc		333,410	1.1
11,350	*	Thermo Electron Corp		556,717	1.8
		Other		813,747	2.6
				4,082,388	13.3
INSURANCE CARRIERS
7,720		Aflac, Inc		329,412	1.1
				329,412	1.1
LEATHER AND LEATHER PRODUCTS				235,053	0.8
MISCELLANEOUS MANUFACTURING INDUSTRIES				251,327	0.8
MISCELLANEOUS RETAIL
4,532	*	Amazon.com, Inc		495,166	1.6
				495,166	1.6

32 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH EQUITY FUND  n  JUNE 30, 2010

Shares		Company		Value		% of net assets
MOTION PICTURES
10,465	*	Discovery Communications, Inc (Class A)		$	373,705	1.2	%
					373,705	1.2
OIL AND GAS EXTRACTION
10,094		National Oilwell Varco, Inc			333,809	1.1
8,355		Occidental Petroleum Corp			644,588	2.1
		Other			426,734	1.4
					1,405,131	4.6
PETROLEUM AND COAL PRODUCTS					86,955	0.3
PRIMARY METAL INDUSTRIES
3,095		Precision Castparts Corp			318,537	1.0
					318,537	1.0
SECURITY AND COMMODITY BROKERS					436,483	1.4
TRANSPORTATION EQUIPMENT
12,002		Boeing Co			753,126	2.5
					753,126	2.5
TRUCKING AND WAREHOUSING
5,582		United Parcel Service, Inc (Class B)			317,560	1.0
					317,560	1.0
		TOTAL COMMON STOCKS	(Cost $31,714,568)		30,574,256	99.6
		TOTAL PORTFOLIO	(Cost $31,714,568)		30,574,256	99.6
		OTHER ASSETS & LIABILITIES, NET			108,789	0.4
		NET ASSETS		$	30,683,045	100.0	%

Abbreviation(s):

ADR    American Depositary Receipt

* Non-income producing.

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 33

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH & INCOME FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
22,593		Walt Disney Co	$	711,680	1.2	%
				711,680	1.2
APPAREL AND ACCESSORY STORES				805,218	1.3
APPAREL AND OTHER TEXTILE PRODUCTS				174,820	0.3
BUILDING MATERIALS AND GARDEN SUPPLIES
15,864		Home Depot, Inc		445,302	0.7
				445,302	0.7
BUSINESS SERVICES
2,005	*	Google, Inc (Class A)		892,125	1.5
61,322		Microsoft Corp		1,411,020	2.3
28,268		Oracle Corp		606,631	1.0
		Other		1,777,383	3.0
				4,687,159	7.8
CHEMICALS AND ALLIED PRODUCTS
24,899		Bristol-Myers Squibb Co		620,981	1.0
14,878		Du Pont (E.I.) de Nemours & Co		514,630	0.9
20,090		Merck & Co, Inc		702,547	1.2
10,709		Novartis AG. (ADR)		517,459	0.9
67,112		Pfizer, Inc		957,017	1.6
24,981		Procter & Gamble Co		1,498,359	2.6
10,181	*	Watson Pharmaceuticals, Inc		413,043	0.7
		Other		2,886,411	4.7
				8,110,447	13.6
COMMUNICATIONS
34,340		Verizon Communications, Inc		962,206	1.6
		Other		978,643	1.6
				1,940,849	3.2
DEPOSITORY INSTITUTIONS
64,973		Bank of America Corp		933,662	1.6
192,940	*	Citigroup, Inc		725,454	1.2
25,712		JPMorgan Chase & Co		941,316	1.6
26,002		US Bancorp		581,145	1.0
44,055		Wells Fargo & Co		1,127,808	1.8
		Other		940,528	1.6
				5,249,913	8.8
EATING AND DRINKING PLACES
7,348		McDonald’s Corp		484,013	0.8
		Other		319,634	0.5
				803,647	1.3
ELECTRIC, GAS, AND SANITARY SERVICES
9,100		FPL Group, Inc		443,716	0.7
10,230		PG&E Corp		420,453	0.7

34 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH & INCOME FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES — continued
6,284	*	Stericycle, Inc	$	412,105	0.7	%
		Other		1,319,040	2.2
				2,595,314	4.3
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
7,215	*	Apple Computer, Inc		1,814,790	3.0
38,650	*	Cisco Systems, Inc		823,632	1.4
22,526		Hewlett-Packard Co		974,925	1.6
36,181		Intel Corp		703,720	1.2
9,491	*	SanDisk Corp		399,286	0.7
		Other		706,754	1.2
				5,423,107	9.1
ENGINEERING AND MANAGEMENT SERVICES				358,391	0.6
FABRICATED METAL PRODUCTS				294,228	0.5
FOOD AND KINDRED PRODUCTS
14,856		Coca-Cola Co		744,582	1.3
8,310		PepsiCo, Inc		506,495	0.8
		Other		2,296,292	3.8
				3,547,369	5.9
FOOD STORES				228,475	0.4
GENERAL MERCHANDISE STORES
12,310		Wal-Mart Stores, Inc		591,741	1.0
		Other		309,968	0.5
				901,709	1.5
HEALTH SERVICES				937,478	1.6
HOLDING AND OTHER INVESTMENT OFFICES				89,080	0.1
HOTELS AND OTHER LODGING PLACES				109,446	0.2
INDUSTRIAL MACHINERY AND EQUIPMENT
6,795		3M Co		536,737	0.9
74,941		General Electric Co		1,080,650	1.9
8,431		International Business Machines Corp		1,041,060	1.7
11,502		Tyco International Ltd		405,215	0.7
		Other		1,960,346	3.2
				5,024,008	8.4
INSTRUMENTS AND RELATED PRODUCTS				1,324,588	2.2
INSURANCE CARRIERS
9,520		ACE Ltd		490,090	0.8
13,706		Cigna Corp		425,708	0.7
10,257		Prudential Financial, Inc		550,391	0.9
		Other		622,504	1.1
				2,088,693	3.5
METAL MINING				373,889	0.6
MISCELLANEOUS MANUFACTURING INDUSTRIES				542,454	0.9

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 35

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH & INCOME FUND  n  JUNE 30, 2010

Shares		Company		Value		% of net assets
MISCELLANEOUS RETAIL
4,034	*	Amazon.com, Inc		$	440,755	0.7	%
					440,755	0.7
MOTION PICTURES
15,985	*	Discovery Communications, Inc (Class A)			570,824	1.0
12,343		Viacom, Inc (Class B)			387,200	0.6
					958,024	1.6
NONDEPOSITORY INSTITUTIONS					158,240	0.3
OIL AND GAS EXTRACTION
17,148		Halliburton Co			420,983	0.7
8,453	*	Newfield Exploration Co			413,014	0.7
10,521		Occidental Petroleum Corp			811,695	1.4
		Other			274,368	0.4
					1,920,060	3.2
PETROLEUM AND COAL PRODUCTS
13,803		Chevron Corp			936,672	1.6
33,671		Exxon Mobil Corp			1,921,604	3.2
		Other			541,572	0.9
					3,399,848	5.7
PRIMARY METAL INDUSTRIES					201,209	0.3
RAILROAD TRANSPORTATION
6,583		Union Pacific Corp			457,584	0.8
					457,584	0.8
SECURITY AND COMMODITY BROKERS					1,126,435	1.9
TOBACCO PRODUCTS
10,250		Philip Morris International, Inc			469,860	0.8
		Other			283,457	0.5
					753,317	1.3
TRANSPORTATION BY AIR					406,655	0.7
TRANSPORTATION EQUIPMENT
8,457		Goodrich Corp			560,276	0.9
15,026		Honeywell International, Inc			586,465	1.0
		Other			967,536	1.6
					2,114,277	3.5
TRUCKING AND WAREHOUSING
14,554		United Parcel Service, Inc (Class B)			827,977	1.4
					827,977	1.4
WHOLESALE TRADE-NONDURABLE GOODS					114,440	0.2
		TOTAL COMMON STOCKS	(Cost $63,601,859)		59,646,085	99.6
		TOTAL PORTFOLIO	(Cost $63,601,859)		59,646,085	99.6
		OTHER ASSETS & LIABILITIES, NET			235,275	0.4
		NET ASSETS		$	59,881,360	100.0	%

36 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH & INCOME FUND  n  JUNE 30, 2010

Abbreviation(s):

ADR    American Depositary Receipt

* Non-income producing.

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 37

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
BUSINESS SERVICES
91,282		Adecco S.A.	$	4,354,771	5.3	%
52,708	*	Autonomy Corp plc		1,436,734	1.8
10,830		Mitsubishi UFJ Lease & Finance Co Ltd		365,321	0.4
42,129		Playtech Ltd		286,422	0.4
				6,443,248	7.9
CHEMICALS AND ALLIED PRODUCTS
3,717		Givaudan S.A.		3,156,969	3.9
80,600		Henkel KGaA (Preference)		3,935,755	4.8
193,750	*	L’ Occitane International SA		422,488	0.5
145,360		Lanxess AG.		6,118,407	7.5
24,269		Reckitt Benckiser Group plc		1,128,857	1.4
		Other		272,482	0.4
				15,034,958	18.5
COMMUNICATIONS
5,500		Nippon Telegraph & Telephone Corp		224,047	0.3
				224,047	0.3
DEPOSITORY INSTITUTIONS
329,800		Bank Rakyat Indonesia		334,832	0.4
30,703		HDFC Bank Ltd		1,260,908	1.6
222,400		Mitsubishi UFJ Financial Group, Inc		1,009,853	1.3
11,500		Sumitomo Mitsui Financial Group, Inc		325,477	0.4
		Other		86,104	0.0
				3,017,174	3.7
EDUCATIONAL SERVICES				4,552	0.0
ELECTRIC, GAS, AND SANITARY SERVICES
70,996		Fortum Oyj		1,558,411	1.9
				1,558,411	1.9
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
267,150		Hon Hai Precision Industry Co, Ltd		936,407	1.2
42,000		Mitsubishi Electric Corp		327,806	0.4
212,132		Smiths Group plc		3,377,317	4.1
		Other		275,202	0.3
				4,916,732	6.0
ENGINEERING AND MANAGEMENT SERVICES
32,417		Tecan Group AG.		2,063,963	2.5
				2,063,963	2.5
FOOD AND KINDRED PRODUCTS
32,382		InBev NV		1,556,966	1.9
10,000		Toyo Suisan Kaisha Ltd		238,676	0.3
				1,795,642	2.2

38 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
GENERAL MERCHANDISE STORES
9,400		Ryohin Keikaku Co Ltd	$	373,670	0.5	%
				373,670	0.5
HEAVY CONSTRUCTION, EXCEPT BUILDING
17,474		Saipem S.p.A.		532,227	0.7
				532,227	0.7
HOLDING AND OTHER INVESTMENT OFFICES
35,971		Westfield Group		365,529	0.4
				365,529	0.4
HOTELS AND OTHER LODGING PLACES
2,397,600	*f	Sands China Ltd		3,543,604	4.4
				3,543,604	4.4
INDUSTRIAL MACHINERY AND EQUIPMENT
118,929		Alfa Laval AB		1,544,453	1.9
4,680		Burckhardt Compression Holding AG.		824,306	1.0
177,000	*	NTN Corp		724,580	0.9
29,220		Rheinmetall AG.		1,668,961	2.1
123,637		SKF AB (B Shares)		2,218,935	2.8
		Other		408,019	0.5
				7,389,254	9.2
INSTRUMENTS AND RELATED PRODUCTS
10,166		Phonak Holding AG.		1,247,546	1.5
		Other		47,890	0.1
				1,295,436	1.6
INSURANCE AGENTS, BROKERS AND SERVICE				28,919	0.0
INSURANCE CARRIERS				22,451	0.0
METAL MINING
23,918	*	Anglo American plc		833,427	1.0
4,302		Rio Tinto Ltd		236,586	0.3
		Other		48,438	0.1
				1,118,451	1.4
MISCELLANEOUS RETAIL				160,379	0.2
NONDEPOSITORY INSTITUTIONS
4,471		ORIX Corp		323,901	0.4
				323,901	0.4
OIL AND GAS EXTRACTION
541,000		CNOOC Ltd		919,525	1.1
69,478		Tullow Oil plc		1,033,507	1.3
				1,953,032	2.4
PAPER AND ALLIED PRODUCTS
1,426,600		Nine Dragons Paper Holdings Ltd		1,921,945	2.4
				1,921,945	2.4
PETROLEUM AND COAL PRODUCTS				86,675	0.1

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 39

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2010

Shares		Company		Value		% of net assets
PRIMARY METAL INDUSTRIES				$	105,132	0.1	%
RAILROAD TRANSPORTATION					107,339	0.1
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
26,308		Bayer AG.			1,470,128	1.8
105,703		SSL International plc			1,272,941	1.6
		Other			79,399	0.1
					2,822,468	3.5
SECURITY AND COMMODITY BROKERS
25,505		Credit Suisse Group			958,917	1.2
51,533		Deutsche Boerse AG.			3,130,808	3.8
708,410		ICAP plc			4,246,014	5.2
		Other			62,830	0.1
					8,398,569	10.3
TEXTILE MILL PRODUCTS
367,000		Teijin Ltd			1,089,608	1.3
					1,089,608	1.3
TOBACCO PRODUCTS
88,326		Imperial Tobacco Group plc			2,467,889	3.0
					2,467,889	3.0
TRANSPORTATION EQUIPMENT
830,000		China South Locomotive and Rolling Stock Corp			567,413	0.7
14,100		Honda Motor Co Ltd			414,157	0.5
79,900	*	Yamaha Motor Co Ltd			1,056,296	1.3
		Other			61,358	0.1
					2,099,224	2.6
WATER TRANSPORTATION					52,893	0.1
WHOLESALE TRADE-DURABLE GOODS
106,554		Assa Abloy AB (Class B)			2,129,793	2.6
1,092,000		Li & Fung Ltd			4,885,581	5.9
27,031	*	Wolseley plc			536,562	0.7
		Other			334,879	0.5
					7,886,815	9.7
		TOTAL COMMON STOCKS	(Cost $84,298,483)		79,204,137	97.3
		TOTAL PORTFOLIO	(Cost $84,298,483)		79,204,137	97.3
		OTHER ASSETS & LIABILITIES, NET			2,184,396	2.7
		NET ASSETS		$	81,388,533	100.0	%

* Non-income producing.

f Restricted security.

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

40 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2010

Country	Value		% of total portfolio
FOREIGN
AUSTRALIA	$	651,343	0.8	%
BELGIUM		1,556,966	2.0
CHINA		3,408,883	4.3
FINLAND		1,558,411	2.0
FRANCE		37,105	0.0
GERMANY		16,324,059	20.6
HONG KONG		4,885,581	6.2
INDIA		1,260,908	1.6
INDONESIA		334,832	0.4
ITALY		532,227	0.7
JAPAN		8,552,556	10.8
LUXEMBOURG		422,488	0.5
MACAU		3,543,604	4.5
NETHERLANDS		79,444	0.1
SWEDEN		5,893,181	7.4
SWITZERLAND		12,606,472	15.9
TAIWAN		936,407	1.2
UNITED KINGDOM		16,619,670	21.0
TOTAL FOREIGN		79,204,137	100.0
TOTAL PORTFOLIO	$	79,204,137	100.0	%

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 41

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

LARGE-CAP VALUE FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
9,956		Walt Disney Co	$	313,614	0.6	%
		Other		225,410	0.4
				539,024	1.0
APPAREL AND ACCESSORY STORES				195,075	0.4
APPAREL AND OTHER TEXTILE PRODUCTS				663	0.0
BUILDING MATERIALS AND GARDEN SUPPLIES
16,005		Lowe’s Cos, Inc		326,822	0.6
				326,822	0.6
BUSINESS SERVICES
23,114	*	eBay, Inc		453,266	0.9
		Other		890,290	1.7
				1,343,556	2.6
CHEMICALS AND ALLIED PRODUCTS
17,232	*	Amgen, Inc		906,403	1.8
25,153		Bristol-Myers Squibb Co		627,316	1.2
32,961		Merck & Co, Inc		1,152,646	2.2
6,427		Novartis AG. (ADR)		310,553	0.6
84,245		Pfizer, Inc		1,201,334	2.4
26,901		Procter & Gamble Co		1,613,521	3.2
10,465	*	Watson Pharmaceuticals, Inc		424,565	0.8
		Other		2,614,149	5.1
				8,850,487	17.3
COMMUNICATIONS
15,952	*	AOL, Inc		331,642	0.6
38,040		AT&T, Inc		920,188	1.8
22,429		Comcast Corp (Class A)		389,592	0.8
92,572	*	Sprint Nextel Corp		392,505	0.8
32,942		Verizon Communications, Inc		923,034	1.7
		Other		1,025,824	2.1
				3,982,785	7.8
DEPOSITORY INSTITUTIONS
78,747		Bank of America Corp		1,131,595	2.2
263,556	*	Citigroup, Inc		990,971	1.9
77,709		Huntington Bancshares, Inc		430,508	0.8
21,327		JPMorgan Chase & Co		780,781	1.5
13,410		State Street Corp		453,526	0.9
41,802		US Bancorp		934,275	1.8
59,482		Wells Fargo & Co		1,522,740	3.0
		Other		986,258	2.0
				7,230,654	14.1
EDUCATIONAL SERVICES				170,155	0.3
ELECTRIC, GAS, AND SANITARY SERVICES
7,483		FPL Group, Inc		364,871	0.7

42 2010 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, 2010

Shares		Company	Value		% of net assets
ELECTRIC, GAS, AND SANITARY SERVICES — continued
9,996		Public Service Enterprise Group, Inc	$	313,175	0.6	%
		Other		2,246,578	4.4
				2,924,624	5.7
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
16,160		Intel Corp		314,312	0.6
		Other		1,389,862	2.7
				1,704,174	3.3
ENGINEERING AND MANAGEMENT SERVICES				317,158	0.6
FOOD AND KINDRED PRODUCTS
12,873		Coca-Cola Co		645,195	1.3
9,952		General Mills, Inc		353,495	0.7
32,458		Kraft Foods, Inc (Class A)		908,824	1.7
		Other		412,296	0.8
				2,319,810	4.5
FOOD STORES				106,838	0.2
FORESTRY				121,891	0.2
FURNITURE AND FIXTURES				114,895	0.2
GENERAL MERCHANDISE STORES				319,265	0.6
HOLDING AND OTHER INVESTMENT OFFICES				796,378	1.5
HOTELS AND OTHER LODGING PLACES				140,243	0.3
INDUSTRIAL MACHINERY AND EQUIPMENT
95,312		General Electric Co		1,374,398	2.6
20,279		Textron, Inc		344,135	0.7
62,047		Xerox Corp		498,858	1.0
		Other		919,486	1.8
				3,136,877	6.1
INSTRUMENTS AND RELATED PRODUCTS
76,620	*	Boston Scientific Corp		444,396	0.9
11,204		Danaher Corp		415,892	0.8
7,531	*	Life Technologies Corp		355,840	0.7
		Other		180,557	0.3
				1,396,685	2.7
INSURANCE CARRIERS
9,030		ACE Ltd		464,864	0.9
12,695		Metlife, Inc		479,363	0.9
7,503		Prudential Financial, Inc		402,611	0.8
7,813		Travelers Cos, Inc		384,790	0.7
25,467		UnitedHealth Group, Inc		723,264	1.5
		Other		1,017,433	2.0
				3,472,325	6.8
MISCELLANEOUS MANUFACTURING INDUSTRIES				368,424	0.7
MISCELLANEOUS RETAIL				291,089	0.6

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 43

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

LARGE-CAP VALUE FUND  n  JUNE 30, 2010

Shares		Company		Value		% of net assets
MOTION PICTURES				$	380,607	0.7	%
NONDEPOSITORY INSTITUTIONS					612,507	1.2
OIL AND GAS EXTRACTION
9,951		Occidental Petroleum Corp			767,719	1.5
34,964	*	Weatherford International Ltd			459,427	0.9
		Other			1,804,010	3.5
					3,031,156	5.9
PAPER AND ALLIED PRODUCTS
11,841		Sonoco Products Co			360,914	0.7
					360,914	0.7
PETROLEUM AND COAL PRODUCTS
12,859		Chevron Corp			872,612	1.7
17,824		Marathon Oil Corp			554,148	1.1
7,793		Walter Industries, Inc			474,204	0.9
		Other			158,608	0.3
					2,059,572	4.0
PIPELINES, EXCEPT NATURAL GAS					7,988	0.0
PRIMARY METAL INDUSTRIES					95,609	0.2
REAL ESTATE					21,540	0.0
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					154,314	0.3
SECURITY AND COMMODITY BROKERS
4,839		Goldman Sachs Group, Inc			635,215	1.1
14,696		Morgan Stanley			341,094	0.7
		Other			541,015	1.1
					1,517,324	2.9
STONE, CLAY, AND GLASS PRODUCTS					85,805	0.2
TOBACCO PRODUCTS
21,771		Altria Group, Inc			436,291	0.8
					436,291	0.8
TRANSPORTATION BY AIR					365,435	0.7
TRANSPORTATION EQUIPMENT
44,505	*	American Axle & Manufacturing Holdings, Inc			326,221	0.6
9,493		Honeywell International, Inc			370,511	0.7
		Other			1,108,811	2.2
					1,805,543	3.5
TRANSPORTATION SERVICES					245,644	0.5
TRUCKING AND WAREHOUSING					162,078	0.3
		TOTAL COMMON STOCKS	(Cost $57,586,394)		51,512,224	100.0
		TOTAL PORTFOLIO	(Cost $57,586,394)		51,512,224	100.0
		OTHER ASSETS & LIABILITIES, NET			11,840	0.0
		NET ASSETS		$	51,524,064	100.0	%

44 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

LARGE-CAP VALUE FUND  n  JUNE 30, 2010

Abbreviation(s):

ADR    American Depositary Receipt

* Non-income producing.

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 45

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SMALL-CAP EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS			$	48,357	0.1	%
AGRICULTURAL PRODUCTION-LIVESTOCK				60,872	0.1
AMUSEMENT AND RECREATION SERVICES				91,415	0.2
APPAREL AND ACCESSORY STORES
7,650	*	DSW, Inc (Class A)		171,820	0.4
		Other		852,101	1.9
				1,023,921	2.3
APPAREL AND OTHER TEXTILE PRODUCTS				309,317	0.7
AUTO REPAIR, SERVICES AND PARKING				134,179	0.3
AUTOMOTIVE DEALERS AND SERVICE STATIONS				99,827	0.2
BUSINESS SERVICES
9,654	*	Commvault Systems, Inc		217,214	0.6
9,286	*	Quest Software, Inc		167,518	0.4
9,056	*	Unisys Corp		167,444	0.4
		Other		3,130,801	7.0
				3,682,977	8.4
CHEMICALS AND ALLIED PRODUCTS
6,100	*	Acorda Therapeutics, Inc		189,770	0.5
7,903		Medicis Pharmaceutical Corp (Class A)		172,917	0.5
2,662		Stepan Co		182,160	0.5
7,900	*	WR Grace & Co		166,215	0.5
		Other		2,782,565	6.0
				3,493,627	8.0
COAL MINING				136,452	0.3
COMMUNICATIONS
4,111	*	Anixter International, Inc		175,129	0.3
		Other		595,486	1.4
				770,615	1.7
DEPOSITORY INSTITUTIONS
12,062		East West Bancorp, Inc		183,946	0.5
		Other		2,849,973	6.5
				3,033,919	7.0
EATING AND DRINKING PLACES				855,799	1.9
EDUCATIONAL SERVICES				439,516	1.0
ELECTRIC, GAS, AND SANITARY SERVICES
9,764		Avista Corp		190,691	0.4
7,553		Black Hills Corp		215,034	0.5
6,200		Idacorp, Inc		206,274	0.5
5,490		Nicor, Inc		222,345	0.5
6,240		Southwest Gas Corp		184,080	0.4
7,234		WGL Holdings, Inc		246,173	0.6
		Other		587,905	1.3
				1,852,502	4.2

46 2010 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, 2010

Shares		Company	Value		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
23,322	*	Arris Group, Inc	$	237,651	0.6	%
7,211	*	InterDigital, Inc		178,040	0.5
46,430	*	Lattice Semiconductor Corp		201,506	0.6
8,159		Plantronics, Inc		233,347	0.6
3,169		Regal-Beloit Corp		176,767	0.5
43,634	*	RF Micro Devices, Inc		170,609	0.4
		Other		2,721,962	5.8
				3,919,882	9.0
ENGINEERING AND MANAGEMENT SERVICES
3,510		MAXIMUS, Inc		203,123	0.6
8,954	*	Tetra Tech, Inc		175,587	0.5
		Other		520,171	0.9
				898,881	2.0
FABRICATED METAL PRODUCTS				418,565	0.9
FOOD AND KINDRED PRODUCTS
3,970		Sanderson Farms, Inc		201,439	0.5
		Other		412,763	0.9
				614,202	1.4
FOOD STORES				236,178	0.5
FURNITURE AND FIXTURES				106,200	0.2
FURNITURE AND HOME FURNISHINGS STORES				3,591	0.0
GENERAL BUILDING CONTRACTORS				172,841	0.4
GENERAL MERCHANDISE STORES				161,420	0.4
HEALTH SERVICES				535,820	1.2
HEAVY CONSTRUCTION, EXCEPT BUILDING				113,937	0.3
HOLDING AND OTHER INVESTMENT OFFICES
4,290		Equity Lifestyle Properties, Inc		206,906	0.6
8,158		Highwoods Properties, Inc		226,465	0.6
3,290		Mid-America Apartment Communities, Inc		169,336	0.4
10,207		Omega Healthcare Investors, Inc		203,426	0.6
3,002		PS Business Parks, Inc		167,452	0.4
		Other		2,030,803	4.2
				3,004,388	6.8
HOTELS AND OTHER LODGING PLACES				51,245	0.1
INDUSTRIAL MACHINERY AND EQUIPMENT
1,917		Nacco Industries, Inc (Class A)		170,153	0.3
9,030	*	VeriFone Holdings, Inc		170,938	0.3
		Other		1,400,667	3.3
				1,741,758	3.9
INSTRUMENTS AND RELATED PRODUCTS
5,284	*	Fossil, Inc		183,355	0.5
3,390	*	Haemonetics Corp		181,433	0.4

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 47

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SMALL-CAP EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
INSTRUMENTS AND RELATED PRODUCTS — continued
5,520		STERIS Corp	$	171,562	0.4	%
5,374	*	Veeco Instruments, Inc		184,221	0.5
		Other		1,764,928	3.8
				2,485,499	5.6
INSURANCE AGENTS, BROKERS AND SERVICE				54,258	0.1
INSURANCE CARRIERS
13,200		Montpelier Re Holdings Ltd		197,075	0.5
		Other		1,729,951	3.9
				1,927,026	4.4
LEATHER AND LEATHER PRODUCTS				201,213	0.5
LEGAL SERVICES				72,966	0.2
LOCAL AND INTERURBAN PASSENGER TRANSIT				129,194	0.3
METAL MINING				460,538	1.0
MISCELLANEOUS MANUFACTURING INDUSTRIES				152,429	0.3
MISCELLANEOUS RETAIL
4,808	*	Jo-Ann Stores, Inc		180,348	0.5
8,617		World Fuel Services Corp		223,525	0.6
		Other		670,108	1.3
				1,073,981	2.4
MOTION PICTURES				57,101	0.1
NONDEPOSITORY INSTITUTIONS
13,065	*	PHH Corp		248,758	0.5
		Other		422,899	1.0
				671,657	1.5
OIL AND GAS EXTRACTION
19,647	*	McMoRan Exploration Co		218,279	0.5
		Other		1,303,128	2.9
				1,521,407	3.4
PAPER AND ALLIED PRODUCTS				423,824	1.0
PERSONAL SERVICES				156,555	0.4
PETROLEUM AND COAL PRODUCTS				74,421	0.2
PRIMARY METAL INDUSTRIES				267,703	0.6
PRINTING AND PUBLISHING				416,744	0.9
REAL ESTATE				2,552	0.0
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
1,200	*	Deckers Outdoor Corp		171,444	0.4
		Other		396,541	0.9
				567,985	1.3
SECURITY AND COMMODITY BROKERS				500,223	1.1

48 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SMALL-CAP EQUITY FUND  n  JUNE 30, 2010

Shares		Company		Value		% of net assets
SPECIAL TRADE CONTRACTORS
10,360	*	EMCOR Group, Inc		$	240,041	0.6	%
		Other			272,852	0.6
					512,893	1.2
STONE, CLAY, AND GLASS PRODUCTS					135,863	0.3
TEXTILE MILL PRODUCTS					99,875	0.2
TRANSPORTATION BY AIR
3,820	*	Atlas Air Worldwide Holdings, Inc			181,450	0.4
9,380	*	UAL Corp			192,853	0.5
		Other			488,744	1.1
					863,047	2.0
TRANSPORTATION EQUIPMENT
4,320		A.O. Smith Corp			208,180	0.4
11,854	*	Orbital Sciences Corp			186,938	0.4
		Other			890,317	2.1
					1,285,435	2.9
TRANSPORTATION SERVICES					160,702	0.4
TRUCKING AND WAREHOUSING					318,400	0.7
WATER TRANSPORTATION					146,546	0.3
WHOLESALE TRADE-DURABLE GOODS
8,107		Owens & Minor, Inc			230,076	0.6
8,251	*	PSS World Medical, Inc			174,508	0.4
		Other			245,020	0.5
					649,604	1.5
WHOLESALE TRADE-NONDURABLE GOODS
3,278	*	United Stationers, Inc			178,553	0.5
		Other			512,502	1.1
					691,055	1.6
		TOTAL COMMON STOCKS	(Cost $45,586,862)		44,092,899	99.9
		TOTAL PORTFOLIO	(Cost $45,586,862)		44,092,899	99.9
		OTHER ASSETS & LIABILITIES, NET			24,028	0.1
		NET ASSETS		$	44,116,927	100.0	%

* Non-income producing.

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 49

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

STOCK INDEX FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS			$	9,675	0.0	%
AGRICULTURAL PRODUCTION-LIVESTOCK				16,276	0.0
AGRICULTURAL SERVICES				29,391	0.0
AMUSEMENT AND RECREATION SERVICES
23,585		Walt Disney Co		742,927	0.6
		Other		204,488	0.1
				947,415	0.7
APPAREL AND ACCESSORY STORES				1,111,185	0.8
APPAREL AND OTHER TEXTILE PRODUCTS				586,856	0.4
AUTO REPAIR, SERVICES AND PARKING				96,190	0.1
AUTOMOTIVE DEALERS AND SERVICE STATIONS				323,197	0.2
BUILDING MATERIALS AND GARDEN SUPPLIES
20,394		Home Depot, Inc		572,460	0.3
		Other		444,548	0.4
				1,017,008	0.7
BUSINESS SERVICES
2,934	*	Google, Inc (Class A)		1,305,482	1.0
92,243		Microsoft Corp		2,122,510	1.6
45,874		Oracle Corp		984,455	0.8
		Other		5,786,057	3.8
				10,198,504	7.2
CHEMICALS AND ALLIED PRODUCTS
18,589		Abbott Laboratories		869,593	0.7
11,537	*	Amgen, Inc		606,846	0.5
20,708		Bristol-Myers Squibb Co		516,458	0.5
5,907		Colgate-Palmolive Co		465,235	0.4
33,215		Johnson & Johnson		1,961,678	1.5
37,553		Merck & Co, Inc		1,313,228	1.0
97,139		Pfizer, Inc		1,385,202	1.1
34,682		Procter & Gamble Co		2,080,225	1.6
		Other		6,048,855	3.5
				15,247,320	10.8
COAL MINING				358,359	0.3
COMMUNICATIONS
71,163		AT&T, Inc		1,721,432	1.3
33,918		Comcast Corp (Class A)		589,155	0.5
34,041		Verizon Communications, Inc		953,828	0.8
		Other		2,482,401	1.5
				5,746,816	4.1
DEPOSITORY INSTITUTIONS
120,828		Bank of America Corp		1,736,298	1.3
254,446	*	Citigroup, Inc		956,717	0.8
47,915		JPMorgan Chase & Co		1,754,168	1.3

50 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
DEPOSITORY INSTITUTIONS — continued
23,084		US Bancorp	$	515,927	0.5	%
58,602		Wells Fargo & Co		1,500,211	1.2
		Other		3,644,375	2.0
				10,107,696	7.1
EATING AND DRINKING PLACES
12,956		McDonald’s Corp		853,412	0.7
		Other		765,512	0.5
				1,618,924	1.2
EDUCATIONAL SERVICES				254,528	0.2
ELECTRIC, GAS, AND SANITARY SERVICES				5,915,203	4.2
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
10,958	*	Apple Computer, Inc		2,756,266	2.1
68,777	*	Cisco Systems, Inc		1,465,638	1.1
28,241		Hewlett-Packard Co		1,222,270	1.0
67,004		Intel Corp		1,303,228	1.0
19,769		Qualcomm, Inc		649,214	0.6
		Other		4,467,148	2.6
				11,863,764	8.4
ENGINEERING AND MANAGEMENT SERVICES				1,223,246	0.9
FABRICATED METAL PRODUCTS				834,342	0.6
FOOD AND KINDRED PRODUCTS
25,367		Coca-Cola Co		1,271,393	1.0
19,316		Kraft Foods, Inc (Class A)		540,848	0.5
19,423		PepsiCo, Inc		1,183,832	0.9
		Other		2,423,151	1.5
				5,419,224	3.9
FOOD STORES				401,227	0.3
FORESTRY				132,160	0.1
FURNITURE AND FIXTURES				219,999	0.2
FURNITURE AND HOME FURNISHINGS STORES				236,592	0.2
GENERAL BUILDING CONTRACTORS				244,411	0.2
GENERAL MERCHANDISE STORES
24,574		Wal-Mart Stores, Inc		1,181,271	0.9
		Other		1,116,539	0.7
				2,297,810	1.6
HEALTH SERVICES				1,803,583	1.3
HEAVY CONSTRUCTION, EXCEPT BUILDING				38,693	0.0
HOLDING AND OTHER INVESTMENT OFFICES
20,814	*	Berkshire Hathaway, Inc (Class B)		1,658,667	1.3
14,149		iShares Russell 3000 Index Fund		864,221	0.7
		Other		3,502,809	2.3
				6,025,697	4.3

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 51

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2010

Shares	Company	Value		% of net assets
HOTELS AND OTHER LODGING PLACES		$	509,065	0.4	%
INDUSTRIAL MACHINERY AND EQUIPMENT
8,588	3M Co		678,366	0.6
128,571	General Electric Co		1,853,993	1.4
15,443	International Business Machines Corp		1,906,901	1.5
	Other		5,256,524	3.4
			9,695,784	6.9
INSTRUMENTS AND RELATED PRODUCTS
13,264	Medtronic, Inc		481,084	0.4
	Other		4,504,764	3.2
			4,985,848	3.6
INSURANCE AGENTS, BROKERS AND SERVICE			524,196	0.4
INSURANCE CARRIERS			4,924,141	3.5
JUSTICE, PUBLIC ORDER AND SAFETY			39,787	0.0
LEATHER AND LEATHER PRODUCTS			202,337	0.1
LEGAL SERVICES			31,895	0.0
LOCAL AND INTERURBAN PASSENGER TRANSIT			20,062	0.0
LUMBER AND WOOD PRODUCTS			26,759	0.0
METAL MINING			943,120	0.7
MISCELLANEOUS MANUFACTURING INDUSTRIES			229,855	0.2
MISCELLANEOUS RETAIL
16,387	CVS Corp		480,466	0.4
	Other		1,638,117	1.1
			2,118,583	1.5
MOTION PICTURES			1,272,229	0.9
NONDEPOSITORY INSTITUTIONS
12,581	American Express Co		499,466	0.5
	Other		746,687	0.4
			1,246,153	0.9
NONMETALLIC MINERALS, EXCEPT FUELS			106,343	0.1
OIL AND GAS EXTRACTION
9,781	Occidental Petroleum Corp		754,603	0.6
14,364	Schlumberger Ltd		794,903	0.7
	Other		4,339,986	2.9
			5,889,492	4.2
PAPER AND ALLIED PRODUCTS			706,570	0.5
PERSONAL SERVICES			190,605	0.1
PETROLEUM AND COAL PRODUCTS
24,190	Chevron Corp		1,641,533	1.2
17,923	ConocoPhillips		879,840	0.6
61,489	Exxon Mobil Corp		3,509,179	2.6
	Other		854,555	0.5
			6,885,107	4.9

52 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2010

Shares	Company		Value		% of net assets
PIPELINES, EXCEPT NATURAL GAS			$	159,135	0.1	%
PRIMARY METAL INDUSTRIES				872,139	0.6
PRINTING AND PUBLISHING				639,535	0.5
RAILROAD TRANSPORTATION				957,284	0.7
REAL ESTATE				166,857	0.1
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				248,067	0.2
SECURITY AND COMMODITY BROKERS
6,200	Goldman Sachs Group, Inc			813,873	0.7
	Other			2,132,100	1.4
				2,945,973	2.1
SOCIAL SERVICES				5,612	0.0
SPECIAL TRADE CONTRACTORS				134,605	0.1
STONE, CLAY, AND GLASS PRODUCTS				531,192	0.4
TEXTILE MILL PRODUCTS				49,370	0.0
TOBACCO PRODUCTS
25,081	Altria Group, Inc			502,623	0.4
22,303	Philip Morris International, Inc			1,022,370	0.7
	Other			222,139	0.1
				1,747,132	1.2
TRANSPORTATION BY AIR				448,230	0.3
TRANSPORTATION EQUIPMENT
9,130	Boeing Co			572,907	0.5
11,183	United Technologies Corp			725,888	0.6
	Other			2,285,950	1.5
				3,584,745	2.6
TRANSPORTATION SERVICES				526,179	0.4
TRUCKING AND WAREHOUSING
8,569	United Parcel Service, Inc (Class B)			487,490	0.4
	Other			142,711	0.0
				630,201	0.4
WATER TRANSPORTATION				351,476	0.3
WHOLESALE TRADE-DURABLE GOODS				528,924	0.4
WHOLESALE TRADE-NONDURABLE GOODS				850,858	0.6
	TOTAL COMMON STOCKS	(Cost $155,339,017)		140,250,736	99.9
RIGHTS/WARRANTS
OIL AND GAS EXTRACTION				2	0.0
	TOTAL RIGHTS/WARRANTS	(Cost $0)		2	0.0
	TOTAL PORTFOLIO	(Cost $155,339,017)		140,250,738	99.9
	OTHER ASSETS & LIABILITIES, NET			145,385	0.1
	NET ASSETS		$	140,396,123	100.0	%

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 53

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

STOCK INDEX FUND  n  JUNE 30, 2010

* Non-income producing.

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

54 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
AGRICULTURAL SERVICES			$	7,502	0.0	%
AMUSEMENT AND RECREATION SERVICES
9,717		Walt Disney Co		306,086	1.0
		Other		2,880	0.0
				308,966	1.0
APPAREL AND ACCESSORY STORES				304,200	1.0
APPAREL AND OTHER TEXTILE PRODUCTS
3,032		Nike, Inc (Class B)		204,811	0.8
		Other		47,031	0.1
				251,842	0.9
AUTO REPAIR, SERVICES AND PARKING				19,213	0.1
AUTOMOTIVE DEALERS AND SERVICE STATIONS				50,476	0.2
BUILDING MATERIALS AND GARDEN SUPPLIES
9,042		Home Depot, Inc		253,809	0.9
		Other		128,650	0.4
				382,459	1.3
BUSINESS SERVICES
4,793		Automatic Data Processing, Inc		192,966	0.8
862	*	Google, Inc (Class A)		383,547	1.4
25,743		Microsoft Corp		592,346	2.1
		Other		740,508	2.2
				1,909,367	6.5
CHEMICALS AND ALLIED PRODUCTS
5,190	*	Amgen, Inc		272,994	1.0
10,211		Bristol-Myers Squibb Co		254,662	1.0
5,035	*	Gilead Sciences, Inc		172,600	0.6
9,574		Johnson & Johnson		565,440	2.0
11,331		Merck & Co, Inc		396,245	1.4
2,581		Praxair, Inc		196,130	0.7
9,960		Procter & Gamble Co		597,402	2.1
		Other		1,062,032	3.2
				3,517,505	12.0
COMMUNICATIONS
6,874	*	DIRECTV		233,165	0.9
10,772		Verizon Communications, Inc		301,830	1.1
		Other		721,066	2.3
				1,256,061	4.3
DEPOSITORY INSTITUTIONS
9,261		US Bancorp		206,982	0.8
17,856		Wells Fargo & Co		457,113	1.6
		Other		947,058	3.1
				1,611,153	5.5

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 55

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
EATING AND DRINKING PLACES
5,029		McDonald’s Corp	$	331,261	1.2	%
		Other		156,768	0.5
				488,029	1.7
EDUCATIONAL SERVICES				3,895	0.0
ELECTRIC, GAS, AND SANITARY SERVICES				1,923,109	6.5
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
20,937	*	Cisco Systems, Inc		446,168	1.6
9,165		Hewlett-Packard Co		396,662	1.4
21,550		Intel Corp		419,149	1.5
7,973		Texas Instruments, Inc		185,612	0.7
		Other		680,458	2.0
				2,128,049	7.2
ENGINEERING AND MANAGEMENT SERVICES				247,488	0.8
FABRICATED METAL PRODUCTS
4,371		Illinois Tool Works, Inc		180,434	0.7
		Other		109,518	0.3
				289,952	1.0
FOOD AND KINDRED PRODUCTS
5,196		General Mills, Inc		184,562	0.6
7,819		Kraft Foods, Inc (Class A)		218,932	0.8
6,470		PepsiCo, Inc		394,346	1.4
		Other		360,543	1.1
				1,158,383	3.9
FOOD STORES				74,522	0.3
FORESTRY				38,298	0.1
FURNITURE AND FIXTURES				66,715	0.2
FURNITURE AND HOME FURNISHINGS STORES				50,133	0.2
GENERAL BUILDING CONTRACTORS				36,917	0.1
GENERAL MERCHANDISE STORES
3,310		Costco Wholesale Corp		181,487	0.6
4,450		Target Corp		218,807	0.8
		Other		34,776	0.1
				435,070	1.5
HEALTH SERVICES				154,064	0.5
HEAVY CONSTRUCTION, EXCEPT BUILDING				9,282	0.0
HOLDING AND OTHER INVESTMENT OFFICES				612,128	2.1
HOTELS AND OTHER LODGING PLACES				95,265	0.3
INDUSTRIAL MACHINERY AND EQUIPMENT
3,690		3M Co		291,473	1.1
2,558		Caterpillar, Inc		153,659	0.6
2,807		Deere & Co		156,294	0.6
5,478		Emerson Electric Co		239,334	0.9

56 2010 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, 2010

Shares		Company	Value		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT — continued
4,618		International Business Machines Corp	$	570,230	2.0	%
		Other		618,790	1.7
				2,029,780	6.9
INSTRUMENTS AND RELATED PRODUCTS
4,047		Baxter International, Inc		164,470	0.7
4,869		Danaher Corp		180,737	0.7
6,326		Medtronic, Inc		229,445	0.9
		Other		762,446	2.2
				1,337,098	4.5
INSURANCE AGENTS, BROKERS AND SERVICE				119,257	0.4
INSURANCE CARRIERS
3,753		Aflac, Inc		160,141	0.6
3,439		Chubb Corp		171,984	0.7
4,120		Travelers Cos, Inc		202,909	0.8
3,581	*	WellPoint, Inc		175,217	0.7
		Other		623,937	1.7
				1,334,188	4.5
LEATHER AND LEATHER PRODUCTS				45,895	0.2
LEGAL SERVICES				4,141	0.0
LUMBER AND WOOD PRODUCTS				4,850	0.0
METAL MINING				53,739	0.2
MISCELLANEOUS MANUFACTURING INDUSTRIES				86,084	0.3
MISCELLANEOUS RETAIL
6,235		CVS Corp		182,810	0.7
		Other		451,415	1.4
				634,225	2.1
MOTION PICTURES				220,240	0.7
NONDEPOSITORY INSTITUTIONS
6,047		American Express Co		240,065	0.9
		Other		176,533	0.5
				416,598	1.4
NONMETALLIC MINERALS, EXCEPT FUELS				62,396	0.2
OIL AND GAS EXTRACTION
2,450		Apache Corp		206,267	0.8
3,410		Devon Energy Corp		207,738	0.8
1,804		EOG Resources, Inc		177,459	0.7
		Other		1,158,007	3.6
				1,749,471	5.9
PAPER AND ALLIED PRODUCTS
2,545		Kimberly-Clark Corp		154,304	0.6
		Other		134,812	0.4
				289,116	1.0
PERSONAL SERVICES				6,137	0.0

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 57

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2010

Shares	Company		Value		% of net assets
PETROLEUM AND COAL PRODUCTS
5,440	Marathon Oil Corp		$	169,130	0.6	%
	Other			145,736	0.5
				314,866	1.1
PIPELINES, EXCEPT NATURAL GAS
9,075	Spectra Energy Corp			182,135	0.6
				182,135	0.6
PRIMARY METAL INDUSTRIES				287,926	1.0
PRINTING AND PUBLISHING				132,496	0.4
RAILROAD TRANSPORTATION
3,167	Norfolk Southern Corp			168,009	0.6
	Other			144,384	0.5
				312,393	1.1
REAL ESTATE				10,055	0.0
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				13,479	0.0
SECURITY AND COMMODITY BROKERS				733,760	2.5
SOCIAL SERVICES				3,419	0.0
SPECIAL TRADE CONTRACTORS				16,736	0.1
STONE, CLAY, AND GLASS PRODUCTS				122,844	0.4
TEXTILE MILL PRODUCTS				4,186	0.0
TRANSPORTATION BY AIR				125,705	0.4
TRANSPORTATION EQUIPMENT				432,717	1.5
TRANSPORTATION SERVICES				167,586	0.6
TRUCKING AND WAREHOUSING
4,180	United Parcel Service, Inc (Class B)			237,800	0.8
				237,800	0.8
WATER TRANSPORTATION				32,106	0.1
WHOLESALE TRADE-DURABLE GOODS				150,536	0.5
WHOLESALE TRADE-NONDURABLE GOODS				186,554	0.6
	TOTAL COMMON STOCKS	(Cost $32,095,493)		29,290,557	99.2
RIGHTS/WARRANTS
DEPOSITORY INSTITUTIONS				0	0.0
	TOTAL RIGHTS/WARRANTS	(Cost $0)		—	0.0
	TOTAL PORTFOLIO	(Cost $32,095,493)		29,290,557	99.2
	OTHER ASSETS & LIABILITIES, NET			241,683	0.8
	NET ASSETS		$	29,532,240	100.0	%

* Non-income producing.

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

58 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

REAL ESTATE SECURITIES FUND  n  JUNE 30, 2010

Shares		Company	Value		% of net assets
COMMON STOCKS
APARTMENT REITS
38,000		American Campus Communities, Inc	$	1,037,020	1.8	%
28,500		AvalonBay Communities, Inc		2,661,045	4.5
42,000		Equity Residential		1,748,880	2.9
6,500		Essex Property Trust, Inc		634,010	1.1
66,000		UDR, Inc		1,262,580	2.2
				7,343,535	12.5
DIVERSIFIED REITS
20,000		Digital Realty Trust, Inc		1,153,600	2.0
39,000		Entertainment Properties Trust		1,484,730	2.5
34,801		Mission West Properties, Inc		237,343	0.4
38,000		Vornado Realty Trust		2,772,100	4.8
				5,647,773	9.7
FORESTRY
20,000		Plum Creek Timber Co, Inc		690,600	1.2
				690,600	1.2
HEALTHCARE REITS
47,000		HCP, Inc		1,515,750	2.6
37,000		Health Care REIT, Inc		1,558,440	2.7
43,500		Nationwide Health Properties, Inc		1,555,995	2.7
35,500		Ventas, Inc		1,666,725	2.8
				6,296,910	10.8
HOLDING AND OTHER INVESTMENT OFFICES
37,000		AMB Property Corp		877,270	1.5
7,500		Annaly Mortgage Management, Inc		128,625	0.2
8,000		Home Properties, Inc		360,560	0.6
				1,366,455	2.3
HOTEL REITS
30,000	*	FelCor Lodging Trust, Inc		149,700	0.3
177,000		Host Marriott Corp		2,385,960	4.0
100,000	*	Orient-Express Hotels Ltd (Class A)		740,000	1.2
5,000		Starwood Hotels & Resorts Worldwide, Inc		207,150	0.4
45,000	*	Sunstone Hotel Investors, Inc		446,850	0.8
				3,929,660	6.7
HOTELS AND OTHER LODGING PLACES
4,500	*	Vail Resorts, Inc		157,095	0.3
				157,095	0.3
INDUSTRIAL REITS
19,245		EastGroup Properties, Inc		684,737	1.2
160,000		Prologis		1,620,800	2.8
				2,305,537	4.0
NONDEPOSITORY INSTITUTIONS
28,800	*g,m	People’s Choice Financial Corp		0	0.0
				0	0.0

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 59

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

REAL ESTATE SECURITIES FUND  n  JUNE 30, 2010

Shares		Company		Value		% of net assets
OFFICE PROPERTY REITS
17,500		Alexandria Real Estate Equities, Inc		$	1,108,975	1.9	%
26,500		BioMed Realty Trust, Inc			426,385	0.7
40,500		Boston Properties, Inc			2,889,270	5.0
15,000		Corporate Office Properties Trust			566,400	1.0
30,000		Hersha Hospitality Trust			135,600	0.2
34,500		SL Green Realty Corp			1,898,880	3.3
					7,025,510	12.1
REAL ESTATE
64,000	*	CB Richard Ellis Group, Inc (Class A)			871,040	1.5
32,000	*	Forestar Real Estate Group, Inc			574,720	1.0
407,000		Thomas Properties Group, Inc			1,347,170	2.3
					2,792,930	4.8
REGIONAL MALL REITS
30,000		Glimcher Realty Trust			179,400	0.3
65,000		Macerich Co			2,425,800	4.2
75,000		Simon Property Group, Inc			6,056,250	10.3
					8,661,450	14.8
SHOPPING CENTER REITS
165,000		Developers Diversified Realty Corp			1,633,500	2.8
14,000		Federal Realty Investment Trust			983,780	1.7
70,000		Kimco Realty Corp			940,800	1.6
40,000		Regency Centers Corp			1,376,000	2.4
					4,934,080	8.5
SINGLE TENANT REITS
30,000		Realty Income Corp			909,900	1.6
					909,900	1.6
STORAGE REITS
19,000		Extra Space Storage, Inc			264,100	0.5
42,000		Public Storage, Inc			3,692,220	6.3
15,000		Sovran Self Storage, Inc			516,450	0.9
110,000		U-Store-It Trust			820,600	1.4
					5,293,370	9.1
		TOTAL COMMON STOCKS	(Cost $61,617,078)		57,354,805	98.4
PREFERRED STOCK
OFFICE PROPERTY REITS
13,000		SL Green Realty Corp			308,620	0.5
					308,620	0.5

60 2010 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, 2010

Shares	Company		Value		% of net assets
REGIONAL MALL REITS
13,000	CBL & Associates Properties, Inc		$	276,770	0.5	%
				276,770	0.5
	TOTAL PREFERRED STOCK	(Cost $570,205)		585,390	1.0
	TOTAL PORTFOLIO	(Cost $62,187,283)		57,940,195	99.4
	OTHER ASSETS & LIABILITIES, NET			362,248	0.6
	NET ASSETS		$	58,302,443	100.0	%

Abbreviation(s):

REIT    Real Estate Investment Trust

* Non-income producing.

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 6/30/2010, the value of these securities amounted to $0 or 0.00% of net assets.

m Indicates a security that has been deemed illiquid.

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 61

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

BOND FUND  n  JUNE 30, 2010

Principal		Issuer		Value		% of net assets
BONDS
CORPORATE BONDS
AGENCY SECURITIES
$  1,000,000		Bank of America Corp	2.380%, 06/22/12	$	1,030,499	0.7	%
1,000,000		Citigroup Funding, Inc	1.880%, 10/22/12		1,021,020	0.8
1,000,000		Citigroup, Inc	2.130%, 04/30/12		1,024,509	0.8
1,700,000		GMAC, Inc	2.200%, 12/19/12		1,746,752	1.2
		Other			3,659,350	2.9
					8,482,130	6.4
AMUSEMENT AND RECREATION SERVICES					110,136	0.1
AUTO REPAIR, SERVICES AND PARKING					40,421	0.0
AUTOMOTIVE DEALERS AND SERVICE STATIONS					51,124	0.0
BUILDING MATERIALS AND GARDEN SUPPLIES					27,489	0.0
BUSINESS SERVICES					286,440	0.1
CHEMICALS AND ALLIED PRODUCTS					1,479,164	1.2
COMMUNICATIONS					3,175,234	2.4
DEPOSITORY INSTITUTIONS
900,000	g	Depfa ACS Bank	5.130%, 03/16/37		657,743	0.6
		Other			4,981,011	3.7
					5,638,754	4.3
ELECTRIC, GAS, AND SANITARY SERVICES					2,215,747	1.7
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					478,521	0.5
EXECUTIVE, LEGISLATIVE AND GENERAL					104,070	0.1
FABRICATED METAL PRODUCTS					129,554	0.1
FOOD AND KINDRED PRODUCTS					955,970	0.7
FOOD STORES					140,250	0.1
GENERAL MERCHANDISE STORES					247,486	0.2
HEALTH SERVICES					114,229	0.1
HOLDING AND OTHER INVESTMENT OFFICES					621,643	0.5
INDUSTRIAL MACHINERY AND EQUIPMENT					268,087	0.2
INSTRUMENTS AND RELATED PRODUCTS					519,662	0.5
INSURANCE AGENTS, BROKERS AND SERVICE					192,857	0.1
INSURANCE CARRIERS					1,102,057	0.8
METAL MINING					194,053	0.1
MISCELLANEOUS RETAIL					107,047	0.1
MOTION PICTURES					54,378	0.0
NONDEPOSITORY INSTITUTIONS					3,334,833	2.4
OIL AND GAS EXTRACTION					2,057,175	1.5
PAPER AND ALLIED PRODUCTS					55,137	0.0
PETROLEUM AND COAL PRODUCTS					766,674	0.6

62 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  n  JUNE 30, 2010

Principal		Issuer		Value		% of net assets
PIPELINES, EXCEPT NATURAL GAS				$	181,460	0.1	%
PRIMARY METAL INDUSTRIES					105,398	0.1
PRINTING AND PUBLISHING					140,115	0.1
RAILROAD TRANSPORTATION					430,942	0.3
SECURITY AND COMMODITY BROKERS					2,156,996	1.6
STONE, CLAY, AND GLASS PRODUCTS					142,910	0.1
TOBACCO PRODUCTS					115,696	0.1
TRANSPORTATION EQUIPMENT					279,789	0.2
WHOLESALE TRADE-DURABLE GOODS					164,000	0.1
WHOLESALE TRADE-NONDURABLE GOODS					191,061	0.1
		TOTAL CORPORATE BONDS	(Cost $35,124,461)		36,858,689	27.6
GOVERNMENT BONDS
AGENCY SECURITIES
$     600,000		Federal Farm Credit Bank (FFCB)	2.630%, 04/21/11		610,607	0.5
1,000,000		Federal Home Loan Bank (FHLB)	1.880%, 06/21/13		1,019,708	0.8
2,000,000		Federal Home Loan Mortgage Corp (FHLMC)	2.130%, 09/21/12		2,056,387	1.4
1,500,000		FHLMC	5.130%, 10/18/16		1,717,175	1.3
1,000,000		Federal National Mortgage Association (FNMA)	3.000%, 09/16/14		1,049,401	0.8
		Other			2,214,748	1.7
					8,668,026	6.5
FOREIGN GOVERNMENT BONDS
1,000,000		Province of Ontario Canada	2.630%, 01/20/12		1,023,652	0.9
1,000,000		Province of Ontario Canada	4.000%, 10/07/19		1,032,550	0.7
1,690,000		Province of Ontario Canada	2.700%–4.400%, 09/08/10–04/14/20		1,755,811	1.2
		Other			4,338,671	3.2
					8,150,684	6.0
MORTGAGE BACKED
3,756,799		Federal Home Loan Mortgage Corp Gold
		(FGLMC) 4.000%–6.500%,	02/01/19–01/01/40		4,025,958	3.0
1,541,120		Federal National Mortgage Association (FNMA)	4.570%, 01/01/15		1,648,718	1.1
585,371		FNMA	4.000%, 02/01/25		609,141	0.5
715,689		FNMA	5.500%, 07/01/33		771,870	0.6
826,048		FNMA	5.500%, 11/01/33		890,893	0.7
840,958		FNMA	5.000%, 03/01/34		894,342	0.7
1,809,534		FNMA	5.000%, 09/01/34		1,922,987	1.3
1,158,423		FNMA	5.500%, 02/01/38		1,245,131	0.8
919,869		FNMA	4.500%, 02/01/39		955,399	0.6
1,850,113		FNMA	4.500%, 04/01/39		1,920,996	1.3
754,123		FNMA	4.000%, 07/01/39		764,767	0.6
532,738		FNMA	6.500%, 07/01/39		584,130	0.4
551,290		FNMA	4.500%, 08/01/39		572,412	0.4
822,887		FNMA	6.000%, 09/01/39		893,527	0.7
11,881,314	i	FNMA	4.000%–7.500%, 06/01/13–11/01/39		12,670,028	10.1
500,000	h	FNMA	5.500%, 07/01/40		537,375	0.4

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 63

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  n  JUNE 30, 2010

Principal		Issuer		Value		% of net assets
MORTGAGE BACKED — continued
$     559,651		Government National Mortgage Association
		(GNMA)	5.500%, 07/15/39	$	605,700	0.5	%
696,777		GNMA	4.500%, 03/15/40		727,413	0.5
498,562		GNMA	5.000%, 04/15/40		532,464	0.4
599,076		GNMA	5.000%, 05/20/40		638,412	0.5
500,000	h	GNMA	5.000%, 06/15/40		534,000	0.4
2,704,061		GNMA	4.000%–6.230%, 07/15/33–09/15/43		2,894,749	2.1
		Other			2,663,397	2.0
					39,503,809	29.6
MUNICIPAL BONDS					987,565	0.7
U.S. TREASURY SECURITIES
443,000		United States Treasury Bond	8.000%, 11/15/21		644,288	0.5
842,500		United States Treasury Bond	5.250%, 02/15/29		1,013,897	0.8
2,082,000		United States Treasury Bond	4.380%, 11/15/39		2,247,583	1.6
1,415,000		United States Treasury Note	1.000%, 09/30/11		1,424,728	1.1
697,000		United States Treasury Note	1.130%, 06/15/13		699,774	0.5
635,000		United States Treasury Note	2.000%, 11/30/13		651,867	0.5
4,377,000		United States Treasury Note	1.880%, 04/30/14		4,455,991	3.4
1,613,000		United States Treasury Note	2.250%, 05/31/14		1,664,288	1.2
799,000		United States Treasury Note	2.380%, 08/31/14		826,029	0.6
1,580,000		United States Treasury Note	2.380%, 10/31/14		1,630,116	1.2
1,600,000		United States Treasury Note	2.250%, 01/31/15		1,639,875	1.2
579,000		United States Treasury Note	2.500%, 04/30/15		599,582	0.4
2,061,000		United States Treasury Note	2.130%, 05/31/15		2,096,428	1.7
1,180,000	h	United States Treasury Note	1.880%, 06/30/15		1,184,517	0.9
860,000		United States Treasury Note	2.630%, 02/29/16		884,792	0.7
1,100,000		United States Treasury Note	2.380%, 03/31/16		1,116,243	0.8
1,100,000		United States Treasury Note	3.250%, 07/31/16		1,166,086	0.9
913,800		United States Treasury Note	3.500%, 05/15/20		956,347	0.7
		Other			1,147,907	0.8
					26,050,338	19.5
		TOTAL GOVERNMENT BONDS	(Cost $79,885,640)		83,360,422	62.3
STRUCTURED ASSETS
ASSET BACKED
1,000,000		Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.780%, 01/25/35		800,293	0.7
		Other			2,473,960	1.7
					3,274,253	2.4

64 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

BOND FUND  n  JUNE 30, 2010

Principal		Issuer		Value		% of net assets
OTHER MORTGAGE BACKED
$  1,330,000	i	Greenwich Capital Commercial Funding
		Corp	5.440%-6.090%, 07/10/38-12/10/49	$	1,244,656	1.0	%
		Other			4,542,980	3.4
					5,787,636	4.4
		TOTAL STRUCTURED ASSETS	(Cost $9,770,584)		9,061,889	6.8
		TOTAL BONDS	(Cost $124,780,685)		129,281,000	96.7
Shares
PREFERRED STOCKS
AGENCY SECURITIES					7,746	0.0
		TOTAL PREFERRED STOCKS	(Cost $569,550)		7,746	0.0
		TOTAL PORTFOLIO	(Cost $125,350,235)		129,288,746	96.7
		OTHER ASSETS & LIABILITIES, NET			4,453,259	3.3
		NET ASSETS		$	133,742,005	100.0	%

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 6/30/2010, the value of these securities amounted to $7,976,036 or 5.96% of net assets.

h These securities were purchased on a delayed delivery basis.

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

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 65

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

MONEY MARKET FUND  n  JUNE 30, 2010

Principal	Issuer		Value		% of net assets
SHORT-TERM INVESTMENTS
BANKERS’ ACCEPTANCES
$1,512,803	US Bank NA	08/10/10	$	1,512,063	2.3	%
	Other			499,667	0.7
				2,011,730	3.0
CERTIFICATE OF DEPOSIT
500,000	Bank of Montreal	0.280% 07/20/10		500,000	0.7
830,000	Bank of Nova Scotia	0.440% 08/24/10		830,000	1.2
500,000	Barclays Bank plc	0.580% 08/18/10		500,000	0.7
500,000	Toronto-Dominion Bank	0.250% 07/08/10		500,000	0.7
500,000	Toronto-Dominion Bank	0.320% 08/06/10		500,000	0.8
800,000	Toronto-Dominion Bank	0.250%–0.450% 07/16/10–09/10/10		800,000	1.2
	Other			750,000	1.1
				4,380,000	6.4
COMMERCIAL PAPER
970,000	American Honda Finance Corp	08/24/10–09/22/10		969,355	1.4
1,000,000	Coca-Cola Co	08/23/10–08/31/10		999,552	1.5
1,215,000	Commonwealth Bank of Australia	09/10/10–09/29/10		1,213,704	1.8
740,000	Fairway Finance LLC	07/13/10		739,926	1.1
900,000	Nestle Capital Corp	07/13/10–07/20/10		899,901	1.3
815,000	Old Line Funding LLC	07/09/10		814,954	1.3
502,000	Old Line Funding LLC	09/07/10		501,555	0.7
765,000	Private Export Funding Corp	07/12/10		764,947	1.2
1,000,000	Private Export Funding Corp	08/05/10–08/19/10		999,721	1.4
665,000	Procter & Gamble International Funding S.C.A	07/22/10		664,942	1.0
820,000	Royal Bank of Canada	07/01/10		820,000	1.2
760,000	Royal Bank of Canada	08/24/10		759,555	1.1
900,000	Sheffield Receivables Corp	07/14/10–07/22/10		899,872	1.3
700,000	Straight-A Funding LLC	09/09/10		699,469	1.0
800,000	Straight-A Funding LLC	09/14/10		799,334	1.2
	Other			4,049,888	5.9
				16,596,675	24.4
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
599,000	Federal Home Loan Bank (FHLB)	07/01/10		599,000	0.9
638,000	FHLB	07/07/10		637,978	0.9
500,000	FHLB	07/14/10		499,968	0.7
1,040,000	FHLB	07/28/10		1,039,859	1.6
900,000	FHLB	08/03/10		899,826	1.3
700,000	FHLB	08/06/10		699,867	1.0
775,000	FHLB	08/13/10		774,815	1.1
776,000	FHLB	09/17/10		775,689	1.1
1,000,000	FHLB	09/24/10		999,598	1.6
2,028,000	FHLB	07/16/10–09/16/10		2,027,222	3.0
1,350,000	Federal Home Loan Mortgage Corp (FHLMC)	07/02/10		1,349,993	2.0
1,100,000	FHLMC	07/06/10		1,099,969	1.6

66 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

MONEY MARKET FUND  n  JUNE 30, 2010

Principal		Issuer		Value		% of net assets
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES — continued
$1,365,000		FHLMC	07/26/10	$	1,364,816	2.0	%
779,000		FHLMC	08/09/10		778,822	1.1
998,000		FHLMC	08/16/10		997,694	1.5
1,375,000		FHLMC	08/17/10		1,374,600	2.0
710,000		FHLMC	08/18/10		709,785	1.0
1,000,000		FHLMC	10/04/10		999,393	1.5
2,000,000		FHLMC	10/20/10		1,998,767	2.9
4,016,000		FHLMC	07/13/10–11/16/10		4,014,477	6.0
500,000		Federal National Mortgage Association (FNMA)	07/06/10		499,988	0.7
642,000		FNMA	07/28/10		641,898	0.9
1,026,000		FNMA	08/11/10		1,025,777	1.5
528,000		FNMA	08/31/10		527,776	0.8
895,000		FNMA	09/22/10		894,546	1.3
1,500,000		FNMA	10/05/10		1,499,108	2.3
700,000		FNMA	10/13/10		699,373	1.0
1,000,000		FNMA	12/01/10		998,458	1.5
3,759,000		FNMA	07/09/10–04/11/11		3,756,848	5.5
					34,185,910	50.3
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
1,000,000	i	Federal Home Loan Bank (FHLB)	0.300% 05/26/11		1,000,000	1.5
500,000	i	FHLB	0.350% 06/01/11		500,093	0.7
					1,500,093	2.2
U.S. TREASURY BILLS
1,500,000		United States Cash Management Bill	07/15/10		1,499,907	2.2
1,000,000		United States Treasury Bill	08/26/10		999,745	1.5
1,365,000		United States Treasury Bill	09/30/10		1,364,364	2.0
615,000		United States Treasury Bill	11/18/10		614,490	0.9
2,410,000		United States Treasury Bill	07/29/10–11/26/10		2,409,044	3.5
500,000		United States Treasury Note	2.750% 07/31/10		500,970	0.7
500,000		United States Treasury Note	1.250% 11/30/10		501,998	0.7
750,000		United States Treasury Note	0.880% 01/31/11		752,232	1.2
					8,642,750	12.7
		TOTAL SHORT-TERM INVESTMENTS	(Cost $67,317,158)		67,317,158	99.0
		TOTAL PORTFOLIO	(Cost $67,317,158)		67,317,158	99.0
		OTHER ASSETS & LIABILITIES, NET			701,769	1.0
		NET ASSETS		$	68,018,927	100.0	%

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

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

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 67

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  JUNE 30, 2010

	Growth Equity Fund
ASSETS
Portfolio investments, at value*	$	30,574,256
Cash		343,891
Cash – foreign**		—
Receivable from securities transactions		785,112
Receivable from Fund shares sold		11,631
Due from investment advisor		7,795
Dividends and interest receivable		28,105
Other		1,563
Total assets		31,752,353
LIABILITIES
Management fees payable		12,236
Overdraft payable		—
Payable for securities transactions		959,699
Payable for Fund shares redeemed		81,404
Due to affiliates		2,612
Accrued expense & other payables		13,357
Total liabilities		1,069,308
NET ASSETS	$	30,683,045
NET ASSETS CONSIST OF:
Paid-in-capital	$	63,549,621
Undistributed net investment income (loss)		108,939
Accumulated net realized gain (loss) on total investments		(31,835,815	)
Net unrealized appreciation (depreciation) on total investments		(1,139,700	)
NET ASSETS	$	30,683,045
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,379,158
Net asset value per share		$12.90
*    Portfolio investments, cost:	$	31,714,568
**  Foreign cash, cost:	$	1

68 2010 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
$	59,646,085		$	79,204,137		$	51,512,224		$	44,092,899
	299,170			2,212,174			—			—
	—			274,863			1,419			—
	524,501			504,398			2,275,779			797,118
	—			33,729			15,602			23,925
	10,609			19,033			10,864			9,377
	74,336			148,263			86,690			38,316
	1,852			2,045			1,724			1,631
	60,556,553			82,398,642			53,904,302			44,963,266
	23,559			34,198			20,302			18,375
	—			—			1,599,615			3,980
	569,825			934,698			715,673			806,095
	60,130			280			24,765			187
	5,205			7,359			3,935			2,849
	16,474			33,574			15,948			14,853
	675,193			1,010,109			2,380,238			846,339
$	59,881,360		$	81,388,533		$	51,524,064		$	44,116,927
$	76,116,117		$	140,220,211		$	70,863,267		$	56,787,622
	491,665			2,022,014			976,046			171,274
	(12,770,599	)		(55,758,346	)		(14,240,453	)		(11,378,850	)
	(3,955,823	)		(5,095,346	)		(6,074,796	)		(1,463,119	)
$	59,881,360		$	81,388,533		$	51,524,064		$	44,116,927
	2,802,402			6,180,341			2,357,010			1,983,716
	$21.37			$13.17			$21.86			$22.24
$	63,601,859		$	84,298,483		$	57,586,394		$	45,586,862
$	—		$	275,601		$	1,449		$	—

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 69

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  JUNE 30, 2010

	Stock Index Fund
ASSETS
Portfolio investments, at value*	$	140,250,738
Cash		—
Cash – foreign**		—
Receivable from securities transactions		328,900
Receivable from Fund shares sold		2,160
Due from investment advisor		23,880
Dividends and interest receivable		184,372
Other		2,587
Total assets		140,792,637
LIABILITIES
Management fees payable		7,356
Overdraft payable		320,741
Payable for securities transactions		28
Payable for Fund shares redeemed		30,103
Due to affiliates		11,411
Accrued expense & other payables		26,875
Total liabilities		396,514
NET ASSETS	$	140,396,123
NET ASSETS CONSIST OF:
Paid-in-capital	$	160,963,523
Undistributed net investment income (loss)		1,918,346
Accumulated net realized gain (loss) on total Investments		(7,397,467	)
Net unrealized appreciation (depreciation) on total investments		(15,088,279	)
NET ASSETS	$	140,396,123
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,108,836
Net asset value per share		$22.98
*    Portfolio investments, cost:	$	155,339,017
**  Foreign cash, cost:	$	—

70 2010 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
$	29,290,557		$	57,940,195		$	129,288,746		$	67,317,158
	119,933			203,150			6,279,317			324
	—			—			—			—
	186,646			—			71,493			—
	124,987			30,861			146,090			1,231,203
	7,351			7,489			19,900			17,788
	44,709			161,450			901,745			13,311
	1,542			1,690			2,286			2,104
	29,775,725			58,344,835			136,709,577			68,581,888
	3,835			25,253			32,455			5,557
	—			—			—			—
	224,557			—			2,900,412			—
	92			192			27			523,314
	2,209			2,694			8,907			11,469
	12,792			14,253			25,771			22,621
	243,485			42,392			2,967,572			562,961
$	29,532,240		$	58,302,443		$	133,742,005		$	68,018,927
$	34,743,607		$	84,181,959		$	130,122,496		$	68,018,382
	483,103			569,001			2,429,869			71
	(2,889,534	)		(22,201,386	)		(2,748,871	)		474
	(2,804,936	)		(4,247,131	)		3,938,511			—
$	29,532,240		$	58,302,443		$	133,742,005		$	68,018,927
	1,426,524			2,969,160			5,258,659			68,018,383
	$20.70			$19.64			$25.43			$1.00
$	32,095,493		$	62,187,283		$	125,350,235		$	67,317,158
$	—		$	1		$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 71

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD ENDED JUNE 30, 2010

	Growth Equity Fund
INVESTMENT INCOME
Dividends*	$	160,993
Interest		22
Total income		161,015
EXPENSES
Management fees		54,901
Fund administration fees		4,024
Custody and accounting fees		3,215
Professional Fees		6,867
Shareholder Reports		1,950
Trustee fees and expenses		194
Compliance fees		1,131
Interest expense		558
Other expenses		908
Total expenses		73,748
Less: Expenses reimbursed by the investment advisor		(14,282	)
Net expenses		59,466
Net investment income (loss)		101,549
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		1,876,977
Futures transactions		—
Foreign currency transactions		(129	)
Net realized gain (loss) on total investments		1,876,848
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(5,046,709	)
Futures transactions		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		613
Net change in unrealized appreciation (depreciation) on total investments		(5,046,096	)
Net realized and unrealized gain (loss) on total investments		(3,169,248	)
Net increase (decrease) in net assets resulting from operations	$	(3,067,699	)
*    Net of foreign withholding taxes of:	$	6,552

72 2010 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
$	527,009		$	1,107,740		$	528,512		$	254,488
	47			—			41			56
	527,056			1,107,740			528,553			254,544
	99,768			158,769			87,719			53,577
	7,873			10,604			6,390			5,036
	4,569			19,058			6,964			5,885
	7,233			9,156			7,082			6,946
	3,973			5,018			3,040			2,493
	357			604			306			241
	2,212			2,980			1,795			1,415
	31			1,910			756			195
	943			2,581			929			1,009
	126,959			210,680			114,981			76,797
	(19,195	)		(35,661	)		(19,863	)		(17,252	)
	107,764			175,019			95,118			59,545
	419,292			932,721			433,435			194,999
	2,117,741			382,208			2,879,300			3,023,049
	—			—			—			4,128
	(960	)		(12,692	)		4,079			—
	2,116,781			369,516			2,883,379			3,027,177
	(7,913,713	)		(9,964,018	)		(6,330,683	)		(4,373,440	)
	—			—			—			—
	8			(59,224	)		(635	)		—
	(7,913,705	)		(10,023,242	)		(6,331,318	)		(4,373,440	)
	(5,796,924	)		(9,653,726	)		(3,447,939	)		(1,346,263	)
$	(5,377,632	)	$	(8,721,005	)	$	(3,014,504	)	$	(1,151,264	)
$	3,923		$	141,333		$	3,124		$	—

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 73

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD ENDED JUNE 30, 2010

	Stock Index Fund
INVESTMENT INCOME
Dividends*	$	1,403,773
Interest		191
Total income		1,403,964
EXPENSES
Management fees		46,035
Fund administration fees		17,800
Custody and accounting fees		9,701
Professional Fees		9,025
Shareholder Reports		8,645
Trustee fees and expenses		913
Compliance fees		5,002
Interest expense		128
Other expenses		1,121
Total expenses		98,370
Less: Expenses reimbursed by the investment advisor		(43,872	)
Net expenses		54,498
Net investment income (loss)		1,349,466
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,483,498
Futures transactions		41,969
Foreign currency transactions		—
Net realized gain (loss) on total investments		2,525,467
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(12,839,619	)
Futures transactions		(15,841	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—
Net change in unrealized appreciation (depreciation) on total investments		(12,855,460	)
Net realized and unrealized gain (loss) on total investments		(10,329,993	)
Net increase (decrease) in net assets resulting from operations	$	(8,980,527	)
*    Net of foreign withholding taxes of:	$	4

74 2010 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
$	302,800		$	734,270		$	—		$	—
	1			116			2,527,904			81,764
	302,801			734,386			2,527,904			81,764
	15,317			98,428			105,083			24,915
	3,577			5,730			14,339			12,824
	3,315			1,766			11,354			3,229
	6,812			7,849			9,594			9,247
	1,743			2,699			7,444			8,692
	172			302			635			278
	1,005			1,610			4,029			3,603
	1			255			99			6
	996			1,019			812			823
	32,938			119,658			153,389			63,617
	(13,659	)		(13,444	)		(36,883	)		(32,785	)
	19,279			106,214			116,506			30,832
	283,522			628,172			2,411,398			50,932
	(85,165	)		3,015,209			484,518			136
	—			—			—			—
	—			—			—			—
	(85,165	)		3,015,209			484,518			136
	(2,054,234	)		(334,772	)		3,653,001			—
	—			—			—			—
	—			(11	)		—			—
	(2,054,234	)		(334,783	)		3,653,001			—
	(2,139,399	)		2,680,426			4,137,519			136
$	(1,855,877	)	$	3,308,598		$	6,548,917		$	51,068
$	—		$	—		$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 75

STATEMENTS OF CHANGES IN NET ASSETS

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

	Growth Equity Fund
	June 30, 2010			December 31, 2009
	(unaudited)
OPERATIONS
Net investment income (loss)	$	101,549		$	277,055
Net realized gain (loss) on total investments		1,876,848			(980,577	)
Net change in unrealized appreciation (depreciation) on total investments		(5,046,096	)		9,719,115
Net increase (decrease) in net assets resulting from operations		(3,067,699	)		9,015,593
DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(276,980	)
From realized gains		—			—
Total distributions		—			(276,980	)
SHAREHOLDER TRANSACTIONS
Subscriptions		2,607,824			9,511,525
Reinvestments of distributions		—			276,980
Redemptions		(5,087,128	)		(6,797,786	)
Net increase (decrease) from shareholder transactions		(2,479,304	)		2,990,719
Net increase (decrease) in net assets		(5,547,003	)		11,729,332
NET ASSETS
Beginning of period		36,230,048			24,500,716
End of period	$	30,683,045		$	36,230,048
Undistributed net investment income (loss) included in net assets	$	108,939		$	7,390
CHANGE IN FUND SHARES
Shares sold		181,235			809,825
Shares reinvested		—			19,898
Shares redeemed		(356,207	)		(597,486	)
Net increase (decrease) from shareholder transactions		(174,972	)		232,237

76 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund						International Equity Fund
June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
(unaudited)						(unaudited)
$	419,292		$	1,000,541		$	932,721		$	1,336,744
	2,116,781			(2,191,964	)		369,516			(10,120,683	)
	(7,913,705	)		15,372,756			(10,023,242	)		30,456,804
	(5,377,632	)		14,181,333			(8,721,005	)		21,672,865
	—			(1,005,255	)		—			(2,924,055	)
	—			—			—			—
	—			(1,005,255	)		—			(2,924,055	)
	3,520,682			5,732,470			6,176,824			12,923,095
	—			1,005,255			—			2,924,055
	(3,980,756	)		(7,429,832	)		(10,082,518	)		(8,820,527	)
	(460,074	)		(692,107	)		(3,905,694	)		7,026,623
	(5,837,706	)		12,483,971			(12,626,699	)		25,775,433
	65,719,066			53,235,095			94,015,232			68,239,799
$	59,881,360		$	65,719,066		$	81,388,533		$	94,015,232
$	491,665		$	72,373		$	2,022,014		$	1,089,293
	148,242			282,903			432,546			1,040,957
	—			43,764			—			205,341
	(169,900	)		(380,005	)		(702,135	)		(766,561	)
	(21,658	)		(53,338	)		(269,589	)		479,737

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 77

STATEMENTS OF CHANGES IN NET ASSETS

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

	Large-Cap Value Fund
	June 30, 2010			December 31, 2009
	(unaudited)
OPERATIONS
Net investment income (loss)	$	433,435		$	959,424
Net realized gain (loss) on total investments		2,883,379			2,472,091
Net change in unrealized appreciation (depreciation) on total investments		(6,331,318	)		9,297,433
Net increase (decrease) in net assets resulting from operations		(3,014,504	)		12,728,948
DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(879,669	)
From realized gains		—			—
Total distributions		—			(879,669	)
SHAREHOLDER TRANSACTIONS
Subscriptions		5,264,148			9,279,319
Reinvestments of distributions		—			879,669
Redemptions		(5,172,280	)		(7,863,888	)
Net increase (decrease) from shareholder transactions		91,868			2,295,100
Net increase (decrease) in net assets		(2,922,636	)		14,144,379
NET ASSETS
Beginning of period		54,446,700			40,302,321
End of period	$	51,524,064		$	54,446,700
Undistributed net investment income (loss) included in net assets	$	976,046		$	542,611
CHANGE IN FUND SHARES
Shares sold		215,340			471,071
Shares reinvested		—			38,447
Shares redeemed		(214,696	)		(408,075	)
Net increase (decrease) from shareholder transactions		644			101,443

78 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

continued

Small-Cap Equity Fund						Stock Index Fund
June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
(unaudited)						(unaudited)
$	194,999		$	476,341		$	1,349,466		$	2,661,703
	3,027,177			(4,279,466	)		2,525,467			(2,105,824	)
	(4,373,440	)		13,023,616			(12,855,460	)		32,930,241
	(1,151,264	)		9,220,491			(8,980,527	)		33,486,120
	—			(516,207	)		—			(2,599,545	)
	—			—			—			—
	—			(516,207	)		—			(2,599,545	)
	6,124,017			3,720,679			8,232,190			20,777,504
	—			516,207			—			2,599,545
	(3,776,667	)		(4,629,229	)		(11,169,374	)		(14,888,237	)
	2,347,350			(392,343	)		(2,937,184	)		8,488,812
	1,196,086			8,311,941			(11,917,711	)		39,375,387
	42,920,841			34,608,900			152,313,834			112,938,447
$	44,116,927		$	42,920,841		$	140,396,123		$	152,313,834
$	171,274		$	(23,725	)	$	1,918,346		$	568,880
	247,654			199,788			327,482			1,060,212
	—			23,284			—			107,731
	(154,695	)		(255,684	)		(446,427	)		(763,487	)
	92,959			(32,612	)		(118,945	)		404,456

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 79

STATEMENTS OF CHANGES IN NET ASSETS

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

	Social Choice Equity Fund
	June 30, 2010			December 31, 2009
	(unaudited)
OPERATIONS
Net investment income (loss)	$	283,522		$	557,332
Net realized gain (loss) on total investments		(85,165	)		(1,685,462	)
Net change in unrealized appreciation (depreciation) on total investments		(2,054,234	)		8,615,710
Net increase (decrease) in net assets resulting from operations		(1,855,877	)		7,487,580
DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(569,669	)
From realized gains		—			—
Total distributions		—			(569,669	)
SHAREHOLDER TRANSACTIONS
Subscriptions		1,183,767			1,839,152
Reinvestments of distributions		—			569,669
Redemptions		(724,674	)		(2,335,259	)
Net increase (decrease) from shareholder transactions		459,093			73,562
Net increase (decrease) in net assets		(1,396,784	)		6,991,473
NET ASSETS
Beginning of period		30,929,024			23,937,551
End of period	$	29,532,240		$	30,929,024
Undistributed net investment income (loss) included in net assets	$	483,103		$	199,581
CHANGE IN FUND SHARES
Shares sold		52,190			99,713
Shares reinvested		—			26,252
Shares redeemed		(32,463	)		(135,063	)
Net increase (decrease) from shareholder transactions		19,727			(9,098	)

80 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

continued

Real Estate Securities Fund						Bond Fund
June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
(unaudited)						(unaudited)
$	628,172		$	1,362,613		$	2,411,398		$	4,532,380
	3,015,209			(2,146,638	)		484,518			673,755
	(334,783	)		11,435,582			3,653,001			2,202,359
	3,308,598			10,651,557			6,548,917			7,408,494
	—			(1,742,222	)		—			(4,516,061	)
	—			—			—			—
	—			(1,742,222	)		—			(4,516,061	)
	4,926,026			4,350,296			18,350,853			25,171,346
	—			1,742,222			—			4,516,061
	(3,497,038	)		(5,082,859	)		(7,022,830	)		(8,667,599	)
	1,428,988			1,009,659			11,328,023			21,019,808
	4,737,586			9,918,994			17,876,940			23,912,241
	53,564,857			43,645,863			115,865,065			91,952,824
$	58,302,443		$	53,564,857		$	133,742,005		$	115,865,065
$	569,001		$	(59,171	)	$	2,429,869		$	18,471
	243,782			325,249			742,076			1,042,646
	—			96,683			—			185,388
	(181,593	)		(377,937	)		(284,475	)		(360,265	)
	62,189			43,995			457,601			867,769

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 81

STATEMENTS OF CHANGES IN NET ASSETS concluded

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

	Money Market Fund
	June 30, 2010			December 31, 2009
	(unaudited)
OPERATIONS
Net investment income (loss)	$	50,932		$	582,287
Net realized gain (loss) on total investments		136			1,301
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) in net assets resulting from operations		51,068			583,588
DISTRIBUTION TO SHAREHOLDERS
From net investment income		(50,932	)		(583,331	)
From realized gains		—			—
Total distributions		(50,932	)		(583,331	)
SHAREHOLDER TRANSACTIONS
Subscriptions		26,976,868			73,630,960
Reinvestments of distributions		50,932			583,334
Redemptions		(33,110,560	)		(117,434,730	)
Net increase (decrease) from shareholder transactions		(6,082,760	)		(43,220,436	)
Net decrease in net assets		(6,082,624	)		(43,220,179	)
NET ASSETS
Beginning of period		74,101,551			117,321,730
End of period	$	68,018,927		$	74,101,551
Undistributed net investment income (loss) included in net assets	$	71		$	71
CHANGE IN FUND SHARES
Shares sold		26,976,868			73,630,960
Shares reinvested		50,932			583,334
Shares redeemed		(33,110,560	)		(117,434,730	)
Net increase (decrease) from shareholder transactions		(6,082,760	)		(43,220,436	)

82 2010 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
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	14.18		$	10.55		$	18.02		$	14.91		$	14.23		$	13.58
Gain (loss) from investment operations:
Net investment income(a)		0.04			0.11			0.14			0.13			0.11			0.09
Net realized and unrealized gain (loss) on total investments		(1.32	)		3.63			(7.48	)		3.10			0.69			0.65
Total gain (loss) from investment operations		(1.28	)		3.74			(7.34	)		3.23			0.80			0.74
Less distributions from:
Net investment income		—			(0.11	)		(0.13	)		(0.12	)		(0.12	)		(0.09	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.11	)		(0.13	)		(0.12	)		(0.12	)		(0.09	)
Net asset value, end of period	$	12.90		$	14.18		$	10.55		$	18.02		$	14.91		$	14.23
TOTAL RETURN		(9.03%	)(b)		35.47%			(40.71%	)		21.68%			5.62%			5.43%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	30,683		$	36,230		$	24,501		$	42,376		$	28,180		$	29,517
Ratio of expenses to average net assets before expense reimbursement		0.42%	(c)		0.26%			0.28%			0.26%			0.25%			0.26%
Ratio of expenses to average net assets after expense reimbursement		0.34%	(c)		0.26%			0.28%			0.26%			0.25%			0.26%
Ratio of net investment income to average net assets		0.58%	(c)		0.98%			0.98%			0.81%			0.79%			0.66%
Portfolio turnover rate		98%	(b)		257%			253%			154%			98%			106%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 83

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

	Growth & Income Fund
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	23.27		$	18.50		$	29.06		$	24.82		$	21.56		$	20.49
Gain (loss) from investment operations:
Net investment income(a)		0.15			0.36			0.46			0.43			0.37			0.29
Net realized and unrealized gain (loss) on total investments		(2.05	)		4.77			(10.58	)		4.21			3.26			1.06
Total gain (loss) from investment operations		(1.90	)		5.13			(10.12	)		4.64			3.63			1.35
Less distributions from:
Net investment income		—			(0.36	)		(0.44	)		(0.40	)		(0.37	)		(0.28	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.36	)		(0.44	)		(0.40	)		(0.37	)		(0.28	)
Net asset value, end of period	$	21.37		$	23.27		$	18.50		$	29.06		$	24.82		$	21.56
TOTAL RETURN		(8.17%	)(b)		27.76%			(34.80%)			18.68%			16.85%			6.57%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	59,881		$	65,719		$	53,235		$	83,834		$	59,798		$	51,627
Ratio of expenses to average net assets before expense reimbursement		0.39%	(c)		0.23%			0.23%			0.24%			0.23%			0.23%
Ratio of expenses to average net assets after expense reimbursement		0.33%	(c)		0.23%			0.23%			0.24%			0.23%			0.23%
Ratio of net investment income to average net assets		1.27%	(c)		1.77%			1.87%			1.56%			1.63%			1.41%
Portfolio turnover rate		69%	(b)		141%			135%			88%			119%			205%

See notes to financial highlights.

84 2010 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
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	14.58		$	11.43		$	24.02		$	25.01		$	19.54		$	17.25
Gain (loss) from investment operations:
Net investment income(a)		0.15			0.22			0.51			0.42			0.35			0.31
Net realized and unrealized gain (loss) on total investments		(1.56	)		3.40			(12.53	)		4.26			5.50			2.28
Total gain (loss) from investment operations		(1.41	)		3.62			(12.02	)		4.68			5.85			2.59
Less distributions from:
Net investment income		—			(0.47	)		(0.01	)		(0.53	)		(0.38	)		(0.30	)
Net realized gains		—			—			(0.56	)		(5.14	)		—			—
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.47	)		(0.57	)		(5.67	)		(0.38	)		(0.30	)
Net asset value, end of period	$	13.17		$	14.58		$	11.43		$	24.02		$	25.01		$	19.54
TOTAL RETURN		(9.67%	)(b)		31.74%			(50.00%	)		19.34%			29.95%			15.01%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	81,389		$	94,015		$	68,240		$	160,045		$	111,142		$	72,597
Ratio of expenses to average net assets before expense reimbursement		0.47%	(c)		0.30%			0.32%			0.33%			0.29%			0.31%
Ratio of expenses to average net assets after expense reimbursement		0.39%	(c)		0.30%			0.32%			0.33%			0.29%			0.31%
Ratio of net investment income to average net assets		2.09%	(c)		1.78%			2.79%			1.51%			1.59%			1.75%
Portfolio turnover rate		68%	(b)		116%			185%			190%			146%			153%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 85

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

	Large-Cap Value Fund
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	23.11		$	17.87		$	31.30		$	36.02		$	32.04		$	33.07
Gain (loss) from investment operations:
Net investment income(a)		0.18			0.42			0.66			0.71			0.64			0.72
Net realized and unrealized gain (loss) on total investments		(1.43	)		5.20			(13.42	)		(0.34	)		6.26			0.95
Total gain (loss) from investment operations		(1.25	)		5.62			(12.76	)		0.37			6.90			1.67
Less distributions from:
Net investment income		—			(0.38	)		(0.43	)		(0.76	)		(0.61	)		(0.70	)
Net realized gains		—			—			(0.24	)		(4.33	)		(2.31	)		(2.00	)
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.38	)		(0.67	)		(5.09	)		(2.92	)		(2.70	)
Net asset value, end of period	$	21.86		$	23.11		$	17.87		$	31.30		$	36.02		$	32.04
TOTAL RETURN		(5.41%	)(b)		31.45%			(40.74%	)		0.91%			21.58%			4.94%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	51,524		$	54,447		$	40,302		$	71,350		$	66,917		$	49,028
Ratio of expenses to average net assets before expense reimbursement		0.41%	(c)		0.25%			0.26%			0.27%			0.24%			0.25%
Ratio of expenses to average net assets after expense reimbursement		0.34%	(c)		0.25%			0.26%			0.27%			0.24%			0.25%
Ratio of net investment income to average net assets		1.53%	(c)		2.12%			2.60%			1.88%			1.83%			2.17%
Portfolio turnover rate		59%	(b)		149%			172%			133%			102%			112%

See notes to financial highlights.

86 2010 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
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	22.70		$	17.99		$	27.17		$	32.12		$	30.02		$	33.43
Gain (loss) from investment operations:
Net investment income(a)		0.10			0.25			0.34			0.37			0.37			0.33
Net realized and unrealized gain (loss) on total investments		(0.56	)		4.74			(9.16	)		(2.10	)		4.95			1.30
Total gain (loss) from investment operations		(0.46	)		4.99			(8.82	)		(1.73	)		5.32			1.63
Less distributions from:
Net investment income		—			(0.28	)		(0.36	)		(0.44	)		(0.38	)		(0.37	)
Net realized gains		—			—			—			(2.69	)		(2.84	)		(4.67	)
Return of capital		—			—			—			(0.09	)		—			—
Total distributions		—			(0.28	)		(0.36	)		(3.22	)		(3.22	)		(5.04	)
Net asset value, end of period	$	22.24		$	22.70		$	17.99		$	27.17		$	32.12		$	30.02
TOTAL RETURN		(2.03%	)(b)		27.75%			(32.42%	)		(5.62%	)		17.84%			4.58%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	44,117		$	42,921		$	34,609		$	51,868		$	57,190		$	45,332
Ratio of expenses to average net assets before expense reimbursement		0.33%	(c)		0.11%			0.11%			0.11%			0.10%			0.12%
Ratio of expenses to average net assets after expense reimbursement		0.26%	(c)		0.11%			0.11%			0.11%			0.10%			0.12%
Ratio of net investment income to average net assets		0.84%	(c)		1.33%			1.45%			1.13%			1.12%			1.01%
Portfolio turnover rate		44%	(b)		107%			123%			135%			246%			400%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 87

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

	Stock Index Fund
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	24.46		$	19.39		$	31.70		$	30.94		$	27.45		$	26.31
Gain (loss) from investment operations:
Net investment income(a)		0.22			0.44			0.58			0.59			0.51			0.46
Net realized and unrealized gain (loss) on total investments		(1.70	)		5.05			(12.34	)		1.02			3.77			1.14
Total gain (loss) from investment operations		(1.48	)		5.49			(11.76	)		1.61			4.28			1.60
Less distributions from:
Net investment income		—			(0.42	)		(0.51	)		(0.60	)		(0.52	)		(0.46	)
Net realized gains		—			—			(0.04	)		(0.25	)		(0.27	)		—
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.42	)		(0.55	)		(0.85	)		(0.79	)		(0.46	)
Net asset value, end of period	$	22.98		$	24.46		$	19.39		$	31.70		$	30.94		$	27.45
TOTAL RETURN		(6.05%	)(b)		28.36%			(37.08%	)		5.16%			15.62%			6.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	140,396		$	152,314		$	112,938		$	184,339		$	171,015		$	152,936
Ratio of expenses to average net assets before expense reimbursement		0.13%	(c)		0.06%			0.06%			0.06%			0.06%			0.06%
Ratio of expenses to average net assets after expense reimbursement		0.07%	(c)		0.06%			0.06%			0.06%			0.06%			0.06%
Ratio of net investment income to average net assets		1.76%	(c)		2.11%			2.19%			1.82%			1.75%			1.73%
Portfolio turnover rate		6%	(b)		7%			7%			13%			14%			8%

See notes to financial highlights.

88 2010 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
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	21.99		$	16.91		$	27.12		$	26.94		$	24.02		$	22.75
Gain (loss) from investment operations:
Net investment income(a)		0.20			0.40			0.48			0.51			0.43			0.38
Net realized and unrealized gain (loss) on total investments		(1.49	)		5.09			(10.28	)		0.64			3.08			1.24
Total gain (loss) from investment operations		(1.29	)		5.49			(9.80	)		1.15			3.51			1.62
Less distributions from:
Net investment income		—			(0.41	)		(0.32	)		(0.51	)		(0.43	)		(0.35	)
Net realized gains		—			—			(0.09	)		(0.46	)		(0.16	)		—
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.41	)		(0.41	)		(0.97	)		(0.59	)		(0.35	)
Net asset value, end of period	$	20.70		$	21.99		$	16.91		$	27.12		$	26.94		$	24.02
TOTAL RETURN		(5.87%	)(b)		32.51%			(36.09%	)		4.25%			14.64%			7.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	29,532		$	30,929		$	23,938		$	37,883		$	35,931		$	32,557
Ratio of expenses to average net assets before expense reimbursement		0.21%	(c)		0.08%			0.07%			0.07%			0.07%			0.07%
Ratio of expenses to average net assets after expense reimbursement		0.12%	(c)		0.08%			0.07%			0.07%			0.07%			0.07%
Ratio of net investment income to average net assets		1.79%	(c)		2.20%			2.06%			1.81%			1.69%			1.63%
Portfolio turnover rate		3%	(b)		15%			17%			12%			19%			8%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 89

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

	Real Estate Securities Fund
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	18.43		$	15.24		$	26.50		$	38.04		$	30.98		$	33.89
Gain (loss) from investment operations:
Net investment income(a)		0.21			0.49			0.70			0.60			0.82			0.96
Net realized and unrealized gain (loss) on total investments		1.00			3.32			(10.87	)		(6.68	)		9.63			1.51
Total gain (loss) from investment operations		1.21			3.81			(10.17	)		(6.08	)		10.45			2.47
Less distributions from:
Net investment income		—			(0.62	)		(1.09	)		(1.31	)		(1.09	)		(1.38	)
Net realized gains		—			—			—			(4.15	)		(2.30	)		(4.00	)
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.62	)		(1.09	)		(5.46	)		(3.39	)		(5.38	)
Net asset value, end of period	$	19.64		$	18.43		$	15.24		$	26.50		$	38.04		$	30.98
TOTAL RETURN		6.57%	(b)		25.11%			(38.27%	)		(16.12%	)		34.05%			7.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	58,302		$	53,565		$	43,646		$	74,751		$	104,705		$	70,659
Ratio of expenses to average net assets before expense reimbursement		0.41%	(c)		0.25%			0.26%			0.27%			0.25%			0.29%
Ratio of expenses to average net assets after expense reimbursement		0.37%	(c)		0.25%			0.26%			0.27%			0.25%			0.29%
Ratio of net investment income to average net assets		2.17%	(c)		3.37%			2.94%			1.62%			2.30%			2.80%
Portfolio turnover rate		37%	(b)		65%			97%			111%			117%			239%

See notes to financial highlights.

90 2010 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
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	24.13		$	23.38		$	24.55		$	24.41		$	24.44		$	24.88
Gain (loss) from investment operations:
Net investment income(a)		0.48			1.06			1.29			1.29			1.21			1.10
Net realized and unrealized gain (loss) on total investments		0.82			0.68			(1.19	)		0.07			(0.06	)		(0.48	)
Total gain (loss) from investment operations		1.30			1.74			0.10			1.36			1.15			0.62
Less distributions from:
Net investment income		—			(0.99	)		(1.27	)		(1.22	)		(1.18	)		(1.06	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			—			—
Total distributions		—			(0.99	)		(1.27	)		(1.22	)		(1.18	)		(1.06	)
Net asset value, end of period	$	25.43		$	24.13		$	23.38		$	24.55		$	24.41		$	24.44
TOTAL RETURN		5.39%	(b)		7.40%			0.39%			5.60%			4.70%			2.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	133,742		$	115,865		$	91,953		$	86,661		$	71,761		$	66,434
Ratio of expenses to average net assets before expense reimbursement		0.25%	(c)		0.10%			0.10%			0.10%			0.10%			0.10%
Ratio of expenses to average net assets after expense reimbursement		0.19%	(c)		0.10%			0.10%			0.10%			0.10%			0.10%
Ratio of net investment income to average net assets		3.91%	(c)		4.41%			5.27%			5.18%			4.88%			4.35%
Portfolio turnover rate		29%	(b)		147%			92%			97%			76%			78%

See notes to financial highlights.

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 91

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

	Money Market Fund
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(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)		0.01			0.03			0.05			0.05			0.03
Net realized and unrealized gain (loss) on total investments		0.00	(d)		0.00	(d)		—			—			—			—
Total gain (loss) from investment operations		0.00	(d)		0.01			0.03			0.05			0.05			0.03
Less distributions from:
Net investment income		0.00	(d)		(0.01	)		(0.03	)		(0.05	)		(0.05	)		(0.03	)
Net realized gains		—			—			—			—			—			—
Return of capital		—			—			—			—			—			—
Total distributions		0.00	(d)		(0.01	)		(0.03	)		(0.05	)		(0.05	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.07%	(b)		0.54%			2.86%			5.34%			5.10%			3.25%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	68,019		$	74,102		$	117,322		$	100,444		$	53,894		$	37,185
Ratio of expenses to average net assets before expense reimbursement		0.19%	(c)		0.09%			0.07%			0.06%			0.06%			0.06%
Ratio of expenses to average net assets after expense reimbursement		0.09%	(c)		0.09%			0.07%			0.06%			0.06%			0.06%
Ratio of net investment income to average net assets		0.15%	(c)		0.58%			2.80%			5.19%			4.99%			3.24%

See notes to financial highlights.

92 2010 Semiannual Report   n   TIAA-CREF Life Funds See notes to financial statements

FINANCIAL HIGHLIGHTS (NOTES)   TIAA-CREF LIFE FUNDS concluded

(a) Based on average shares outstanding.

(b) 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.

See notes to financial statements TIAA-CREF Life Funds   n   2010 Semiannual Report 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

TIAA-CREF LIFE FUNDS

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that was organized on August 13, 1998, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. The Trust currently consists of ten series (the “Funds” or individually the “Fund”). The Funds are available only through the purchase of variable annuity contracts or variable life insurance policies issued by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).

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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

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

Accounting for investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Funds are informed of the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

94 2010 Semiannual Report   n   TIAA-CREF Life Funds

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

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

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

Securities lending: The Funds (other than the Money Market Fund) may lend their securities to qualified institutional borrowers to earn additional income. Security loans are required to be collateralized by an amount that is at least equal to the market value of the outstanding securities on loan. The Funds invest cash collateral received in the State Street Navigator Securities Lending Prime Portfolio and record a liability for the return of the collateral during the period the securities are on loan. Securities lending income represents the income earned on investing cash collateral, less expenses associated with the loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. As of June 30, 2010, the Funds did not have any securities out on loan.

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

TIAA-CREF Life Funds   n   2010 Semiannual Report 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 the Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

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

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

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

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2006-2009) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

Trustee compensation: The Funds pay the Board of Trustees (“Trustees”) of the Funds, all of whom are independent, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, Trustees participate in a long-term compensation

96 2010 Semiannual Report   n   TIAA-CREF Life Funds

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plan. Amounts deferred are retained by the Funds. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation, incurred for the period ended June 30, 2010, are reflected in the Statements of Operations.

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

Note 2—valuation of investments

Portfolio Investments are valued at fair value utilizing various valuation methods approved by the 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 Funds’ own assumptions in determining the fair value of investments)

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the

TIAA-CREF Life Funds   n   2010 Semiannual Report 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the 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 with maturities of 60 days or less are valued at amortized cost. Short-term investments (other than those in the Money Market Fund) 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. These investments are categorized in Level 1 of the fair value hierarchy.

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

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

Transfers between levels are recognized at the end of the reporting period. As of June 30, 2010, there were no significant transfers between levels by the Funds.

As of June 30, 2010, 100% of the investments in the Small-Cap Equity Fund, Stock Index Fund, Social Choice Equity Fund, and the Real Estate Securities Fund were valued based on Level 1 inputs.

As of June 30, 2010, 100% of the investments in the International Equity Fund and the Money Market Fund were valued based on Level 2 inputs.

98 2010 Semiannual Report   n   TIAA-CREF Life Funds

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The following is a summary of the inputs used to value the remaining Funds’ investments as of June 30, 2010:

Fund	Level 1		Level 2		Level 3		Total
Growth Equity
Domestic Common Stocks*	$	30,360,997	$	—	$	—	$	30,360,997
Foreign Common Stocks
Business Services		—		60,297		—		60,297
Oil and Gas Extraction		—		152,962		—		152,962
Total	$	30,360,997	$	213,259	$	—	$	30,574,256
Growth & Income
Domestic Common Stocks*	$	58,534,851	$	—	$	—	$	58,534,851
Foreign Common Stocks
Chemicals and Allied Products		—		411,967		—		411,967
Food and Kindred Products		—		600,983		—		600,983
Miscellaneous Manufacturing Industries		—		24,532		—		24,532
Oil and Gas Extraction		—		73,752		—		73,752
Total	$	58,534,851	$	1,111,234	$	—	$	59,646,085
Large-Cap Value
Domestic Common Stocks*	$	50,034,097	$	—	$	—	$	50,034,097
Foreign Common Stocks
Business Services		—		14,481		—		14,481
Chemicals and Allied Products		—		383,731		—		383,731
Communications		—		78,810		—		78,810
Depository Institutions		—		230,454		—		230,454
Educational Services				170,155				170,155
Electronic and Other Electric Equipment		—		41,866		—		41,866
Hotels and Other Lodging Places		—		140,243		—		140,243
Oil and Gas Extraction		—		242,532		—		242,532
Real Estate		—		21,540		—		21,540
Rubber and Miscellaneous Plastic Products		—		154,315		—		154,315
Total	$	50,034,097	$	1,478,127	$	—	$	51,512,224
Bond
Corporate Bonds	$	—	$	36,858,689	$	—	$	36,858,689
Government Bonds		—		83,360,422		—		83,360,422
Structured Assets		—		9,061,889		—		9,061,889
Preferred Stocks		7,746		—		—		7,746
Total	$	7,746	$	129,281,000	$	—	$	129,288,746

* Includes American Depositary Receipts

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

Note 3—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered

TIAA-CREF Life Funds   n   2010 Semiannual Report 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. On March 23, 2010, shareholders of the Funds approved a new investment advisory agreement (“Advisory Agreement”), which took effect on May 1, 2010. Additionally, effective May 1, 2010, the Funds entered into a new Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in overseeing the Funds’ non-advisory operations. All other administrative costs (including, but not limited to, transfer agency, custody, outside legal counsel, audit, printing and mailing of shareholder documents, compliance and registration fees) are borne directly by the Funds.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding acquired fund fees and expenses) exceeds certain percentages. As of June 30, 2010, the Investment Management Fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:

Fund	Management Fee	Maximum Expense Amounts*
Growth Equity	0.45%	0.52%
Growth & Income	0.45%	0.52%
International Equity	0.50%	0.60%
Large-Cap Value	0.45%	0.52%
Small-Cap Equity	0.48%	0.55%
Stock Index	0.06%	0.09%
Social Choice Equity	0.15%	0.22%
Real Estate Securities	0.50%	0.57%
Bond	0.30%	0.35%
Money Market	0.10%	0.15%

* Maximum expense amounts reflect all expenses, including management fees.

The expense reimbursement arrangements will continue through at least April 30, 2011.

The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

Prior to May 1, 2010, the Investment Management Agreement was a unitary fee structure under which Advisors provided or paid for virtually all services necessary for the Funds’ operations. The fees were as follows:

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

100 2010 Semiannual Report   n   TIAA-CREF Life Funds

continued

Fund expenses incurred for each Fund for the period ended June 30, 2010 are reflected in the Statements of Operations.

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

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

The following is the percentage of the Funds’ shares owned by affiliates as of June 30, 2010:

Fund	Investments in Funds Held By TIAA-CREF Life				Investments in Funds Held By TIAA				Percentage of Net Assets
Growth Equity	$	30,683,045	100.0	%	$	—	—		100.00	%
Growth & Income		49,429,999	82.5			10,451,361	17.5	%	100.00	%
International Equity		61,296,473	75.3			20,092,060	24.7		100.00	%
Large-Cap Value		32,053,671	62.2			19,470,393	37.8		100.00	%
Small-Cap Equity		24,941,337	56.5			19,175,590	43.5		100.00	%
Stock Index		140,396,123	100.0			—	—		100.00	%
Social Choice Equity		19,623,499	66.4			9,908,741	33.6		100.00	%
Real Estate Securities		31,217,129	53.5			27,085,314	46.5		100.00	%
Bond		67,330,715	50.3			66,411,290	49.7		100.00	%
Money Market		68,018,927	100.0			—	—		100.00	%

Note 4—investments

At June 30, 2010, 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	$	31,806,385	$	1,521,268		$	(2,753,397	)	$	(1,232,129	)
Growth & Income		64,245,687		2,260,132			(6,859,734	)		(4,599,602	)
International Equity		84,681,744		2,363,817			(7,841,424	)		(5,477,607	)
Large-Cap Value		59,051,723		88,879			(7,628,378	)		(7,539,499	)
Small-Cap Equity		45,723,780		3,292,878			(4,923,759	)		(1,630,881	)
Stock Index		158,537,001		20,948,325			(39,234,588	)		(18,286,263	)
Social Choice Equity		32,306,330		4,388,682			(7,404,455	)		(3,015,773	)
Real Estate Securities		65,387,944		(880,543	)		(6,567,206	)		(7,447,749	)
Bond		125,368,449		5,984,527			(2,064,230	)		3,920,297

For each Fund, realized gain (loss) and change in unrealized appreciation (depreciation) on futures transactions are reported separately on the Statements of Operations.

TIAA-CREF Life Funds   n   2010 Semiannual Report 101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

During the period ended June 30, 2010, the Stock Index Fund and the Small-Cap Equity Fund had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

Purchases and sales of securities (other than short-term money market instruments) for the Funds for the period ended June 30, 2010, were as follows:

Fund	Non-U.S. Government Purchases		U.S. Government Purchases		Non-U.S. Government Sales		U.S. Government Sales
Growth Equity	$	33,942,536	$	—	$	36,332,839	$	—
Growth & Income		44,882,840		—		44,803,014		—
International Equity		59,589,214		—		65,684,227		—
Large-Cap Value		33,006,013		—		32,678,868		—
Small-Cap Equity		22,834,336		—		20,220,424		—
Stock Index		9,653,741		—		9,438,693		—
Social Choice Equity		1,468,546		—		794,561		—
Real Estate Securities		24,118,497		—		21,306,533		—
Bond		20,220,237		35,146,512		12,389,416		22,987,646

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended December 31, 2009 was as follows:

	2009
Fund	Ordinary Income		Long-Term Capital Gains		Total
Growth Equity	$	276,980	$	—	$	276,980
Growth & Income		1,005,255		—		1,005,255
International Equity		2,924,055		—		2,924,055
Large-Cap Value		879,669		—		879,669
Small-Cap Equity		516,207		—		516,207
Stock Index		2,599,545		—		2,599,545
Social Choice Equity		569,669		—		569,669
Real Estate Securities		1,742,222		—		1,742,222
Bond		4,516,061		—		4,516,061
Money Market		583,331		—		583,331

The tax character of the fiscal year 2010 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro

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rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by affiliated accounts or mutual funds. Prior to June 29, 2010, the unsecured revolving credit facility was $750 million. For the period ended June 30, 2010, there were no borrowings under this credit facility by the Funds.

Note 7—accounting pronouncement

In January 2010, the Financial Accounting Standards Board issued authoritative guidance that improves disclosures about fair value measurements through increased transparency. Some of the new disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2009. The remaining disclosure requirements are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management has evaluated the new disclosure requirements and has determined that the new requirements will not have a material impact on the Funds’ financial statements.

TIAA-CREF Life Funds   n   2010 Semiannual Report 103

2010 SPECIAL MEETING (UNAUDITED)

TIAA-CREF LIFE FUNDS

Investment management agreement

At a special meeting of shareholders on March 23, 2010, shareholders approved a new investment advisory agreement between the TIAA-CREF Life Funds and Teachers Advisors, Inc.

Fund	Shares for	Percent	Shares against	Percent	Shares abstain	Percent
Growth Equity	2,021,568.741	83.610	332,282.944	13.743	63,996.074	2.647
Growth & Income	2,225,850.529	81.507	299,195.353	10.956	205,832.577	7.537
International Equity	5,000,413.033	78.927	789,243.656	12.457	545,839.701	8.616
Large-Cap Value	2,036,154.291	87.669	186,091.496	8.012	100,304.813	4.319
Small-Cap Equity	1,582,063.455	84.455	126,118.747	6.733	165,069.258	8.812
Stock Index	5,139,614.153	85.307	522,990.179	8.681	362,248.268	6.013
Social Choice Equity	1,097,455.412	78.996	239,350.253	17.229	52,441.815	3.775
Real Estate Securities	2,359,484.542	82.458	317,587.384	11.099	184,367.984	6.443
Bond	4,330,706.053	90.338	311,169.608	6.491	152,014.668	3.171
Money Market	65,528,767.175	91.338	4,633,369.256	6.458	1,580,834.870	2.203

The results above were certified by ComputerShare Fund Services, Inc., independent tabulator for the TIAA-CREF Life Funds.

104 2010 Semiannual Report   n   TIAA-CREF Life Funds

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series covered by this Report (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, 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.

On May 1, 2010, the Trust implemented a new investment management contract (the “New Contract”) that was previously approved by the Board and each Fund’s shareholders. A summary of the Board’s approval process for the New Contract is included in the Trust’s December 31, 2009 annual shareholder report.

However, on March 31, 2010, the Board renewed the original Agreement for an interim period to ensure that, pursuant to 1940 Act requirements, the original Agreement would not expire prior to the New Contract becoming effective. When the New Contract became effective on May 1, 2010, it superseded the existing Agreement. The discussion below concerning the Board’s renewal of the original Agreement is included in this Report to comply with shareholder report requirements, even though the Agreement is no longer effective for the Trust.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2010, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee works with management and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board 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 the March 31, 2010 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management and the Funds, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the

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MANAGEMENT AGREEMENT (UNAUDITED)

preparation of 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 advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable insurance products with similar investment 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(c) of the 1940 Act. In considering Lipper’s data, the Board noted that the data on similar funds was based on historical information and had not been adjusted to reflect market volatility that affected the asset levels of many mutual funds during the period covered by that data due to the economic downturn and subsequent recovery.

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 or anticipated to be realized by TAI.

In advance of the Board meeting held on March 31, 2010, 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 the performance of each Fund that had underperformed its Lipper peer group or (for indexed Funds only) its benchmark index by a specified amount over a three-year period, together with an explanation of any events that had a material impact on performance during that period; (2) a description of any fee waiver or expense

106 2010 Semiannual Report   n   TIAA-CREF Life Funds

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reimbursement arrangements that were proposed or 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 or were identified as reasonably likely to accrue 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, business continuity 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 only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects 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 Fund. As a general matter, the Board 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 Committee 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 its 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 with respect to all Funds, the Board received and considered Fund-specific information on a Fund-by-Fund basis and

TIAA-CREF Life Funds   n   2010 Semiannual Report 107

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, 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 the Agreement for each Fund. At its meeting on March 31, 2010, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by a summary of certain 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”), the TIAA-CREF Funds and TIAA Separate Account VA-1. 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 Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and 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 within an acceptable range when compared with the Fund’s benchmark and/or its peer group of mutual funds that underlie variable insurance products, or that, in the case of a Fund that had underperformed its benchmark or peer group of mutual funds that underlie variable insurance products for an extended period of time, TAI represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Fund’s 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 the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, two-, three-, four-,five- and ten-year periods (as applicable). The Board

108 2010 Semiannual Report   n   TIAA-CREF Life Funds

continued

considered each Fund’s performance as compared to its peer group and benchmark index. The Board also reviewed the performance of the Stock Index Fund before any reductions for fees or expenses as compared to the Fund’s benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had adversely impacted the performance of many Funds. Despite these circumstances, the performance of most Funds generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, the Funds ranked in the top three performance quintiles versus their peer groups of mutual funds that underlie variable insurance products for most time periods. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that, in those cases in which a Fund had underperformed its benchmark or peer group of mutual funds that underlie variable insurance products for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Fund’s investment performance. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an acceptable range or that appropriate remedial actions had or were being implemented.

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI for the calendar year 2009 with respect to the Funds. The Board considered each Fund’s unitary structure under which TAI is obligated to provide (or arrange and pay for) all of the services necessary for each Fund’s ordinary operations, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI has consistently incurred losses based on its services to each of the Funds and noted its recent approval of the New Contract in order to end the unitary structure. The Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI 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 a Fund under the Agreement typically were lower than the management fee rates charged by many or most comparable mutual funds that underlie variable insurance

TIAA-CREF Life Funds   n   2010 Semiannual Report 109

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. In this regard, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data was derived. Based on all factors considered, the Board concluded that the fee rates under the Agreement with respect to each Fund were within an acceptable range 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 experienced or is anticipated to 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 to each of the Funds in 2009. 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. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range 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 institutional client assets through a small number of 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 and accounts, and the fees actually charged to clients with current separate accounts that are managed under similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds 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 their investors; are offered in different types of markets; are provided with different types or levels of services by TAI; target different types of investors; and/or are packaged with other products, and that these factors justify different fee rate 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 that this relationship results in potential investors viewing the TIAA-CREF group of

110 2010 Semiannual Report   n   TIAA-CREF Life Funds

continued

companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as certain of the CREF Accounts. Additionally, TAI, its affiliates and the Funds may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements with respect to commissions paid by the Funds.

FUND-BY FUND FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. 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 time periods referenced below end as of December 31, 2009. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2009 under the Agreement. The contractual management fee rates and the unitary pricing arrangements that are referenced below were replaced by the New Contract that became effective on May 1, 2010.

GROWTH EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

• The Fund’s management fees and total expenses were in the 1st quintile of its group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and of 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 4th and 3rd quintiles, respectively, of its universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the 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.

TIAA-CREF Life Funds   n   2010 Semiannual Report 111

BOARD APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT (UNAUDITED)

GROWTH & INCOME FUND

• The Fund’s annual contractual management fee rate was 0.23% of average daily net assets. The Fund utilizes a unitary pricing structure under the 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-, 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.

• In 2009, Thomas Franks replaced William Riegel as Portfolio Manager—Risk Management, in support of the existing Lead Portfolio Manager, Susan Kempler.

INTERNATIONAL EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.29% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

• 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, 5th, 4th, 3rd and 3rd quintiles, respectively.

• 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.

• In 2009, Chris Semenuk was named Lead Portfolio Manager to enhance effective portfolio management decision-making with respect to the Fund.

LARGE-CAP VALUE FUND

• The Fund’s annual contractual management fee rate was 0.24% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

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

• For the one- 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 two-, three- 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.

112 2010 Semiannual Report   n   TIAA-CREF Life Funds

continued

SMALL-CAP EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

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

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

STOCK INDEX FUND

• The Fund’s annual contractual management fee rate was 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

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

• For the one- and ten-year periods, the Fund was in the 4th quintile of its Performance Universe and in the 3rd quintile of its Performance Universe for the two-, 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.

SOCIAL CHOICE EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.07% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

• 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 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.

TIAA-CREF Life Funds   n   2010 Semiannual Report 113

BOARD APPROVAL OF INVESTMENT   concluded

MANAGEMENT AGREEMENT

REAL ESTATE SECURITIES FUND

• The Fund’s annual contractual management fee rate was 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

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

• For the one- and five-year periods, the Fund was in the 5th quintile of its Performance Universe, and was in the 4th quintile of its Performance Universe for the two-, three- and four-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.

• In 2009, David Copp was named Lead Portfolio Manager to enhance portfolio management decision-making with respect to the Fund. The Fund also changed its benchmark index from the Dow Jones Wilshire Real Estate Securities Index to the FTSE NAREIT Equity REITs Index, which is deemed to be more reflective of the manner in which the Fund is being managed.

BOND FUND

• The Fund’s annual contractual management fee rate was 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

• 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 4th quintile of its Performance Universe.

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

• In 2009, Steven Sterman was added as a Portfolio Manager in an asset allocation and general oversight capacity.

MONEY MARKET FUND

• The Fund’s annual contractual management fee rate was 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure under the Agreement.

• 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.

• Through September 2009, the Fund participated in the US. Treasury Department’s Money Market Guarantee Program.

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

114 2010 Semiannual Report   n   TIAA-CREF Life Funds

HOW TO REACH US

TIAA-CREF WEBSITE

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

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

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

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

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800 842-2776

8 a.m. to 10 p.m. ET, Monday–Friday

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

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday-Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

877 825-0411

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FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

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TIAA-CREF BROKERAGE SERVICES

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800 927-3059

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TIAA-CREF TRUST COMPANY, FSB

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888 842-9001

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ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed. TIAA-CREF

Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Co., New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

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

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C48197 A10937 (8/10)

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. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.6%
AMUSEMENT AND RECREATION SERVICES - 2.0%
19,250		Walt Disney Co	$	606,375
		TOTAL AMUSEMENT AND RECREATION SERVICES		606,375
APPAREL AND OTHER TEXTILE PRODUCTS - 0.8%
3,519		Polo Ralph Lauren Corp (Class A)		256,746
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		256,746
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.1%
17,060		Lowe’s Cos, Inc		348,365
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		348,365
BUSINESS SERVICES - 17.6%
14,562	*	Adobe Systems, Inc		384,874
3,793	*	Amadeus IT Holding S.A.		60,297
11,119	*	Autodesk, Inc		270,859
15,689	*	eBay, Inc		307,661
2,654	*	Google, Inc (Class A)		1,180,898
28,690	*	Intuit, Inc		997,552
12,031	*	Juniper Networks, Inc		274,547
38,075		Microsoft Corp		876,106
7,605	*	Nuance Communications, Inc		113,695
12,406		Omnicom Group, Inc		425,526
2,753	*	Salesforce.com, Inc		236,262
21,145	*	Yahoo!, Inc		292,435
		TOTAL BUSINESS SERVICES		5,420,712
CHEMICALS AND ALLIED PRODUCTS - 11.5%
14,494		Avon Products, Inc		384,091
18,008	*	Celgene Corp		915,167
1,340		CF Industries Holdings, Inc		85,023
12,786		Dow Chemical Co		303,284
2,602	*	Human Genome Sciences, Inc		58,961
6,880		Novartis AG. (ADR)		332,442
4,246		Novo Nordisk A.S. (ADR)		344,011
7,531		Shire plc (ADR)		462,253
6,161		Teva Pharmaceutical Industries Ltd (ADR)		320,310
8,179	*	Watson Pharmaceuticals, Inc		331,822
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,537,364
COMMUNICATIONS - 0.5%
33,913	*	Sprint Nextel Corp		143,791
		TOTAL COMMUNICATIONS		143,791
DEPOSITORY INSTITUTIONS - 1.2%
14,229		Wells Fargo & Co		364,262
		TOTAL DEPOSITORY INSTITUTIONS		364,262

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
EATING AND DRINKING PLACES - 2.0%
5,876		Darden Restaurants, Inc	$	228,283
9,907		Yum! Brands, Inc		386,769
		TOTAL EATING AND DRINKING PLACES		615,052
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 16.8%
11,016		Analog Devices, Inc		306,906
7,421	*	Apple Computer, Inc		1,866,604
62,809	*	Cisco Systems, Inc		1,338,460
2,882	*	First Solar, Inc		328,058
34,315		Intel Corp		667,427
9,892	*	NetApp, Inc		369,071
12,628		Xilinx, Inc		318,983
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		5,195,509
ENGINEERING AND MANAGEMENT SERVICES - 1.0%
8,198	*	Jacobs Engineering Group, Inc		298,735
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		298,735
FABRICATED METAL PRODUCTS - 0.9%
6,342		Illinois Tool Works, Inc		261,798
		TOTAL FABRICATED METAL PRODUCTS		261,798
FOOD AND KINDRED PRODUCTS - 3.3%
17,377		Dr Pepper Snapple Group, Inc		649,726
7,345		Mead Johnson Nutrition Co		368,131
		TOTAL FOOD AND KINDRED PRODUCTS		1,017,857
FURNITURE AND HOME FURNISHINGS STORES - 0.9%
7,084	*	Bed Bath & Beyond, Inc		262,675
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		262,675
GENERAL MERCHANDISE STORES - 1.5%
16,788	*	Dollar General Corp		462,509
		TOTAL GENERAL MERCHANDISE STORES		462,509
HEALTH SERVICES - 1.9%
12,229	*	Express Scripts, Inc		575,008
		TOTAL HEALTH SERVICES		575,008
HOTELS AND OTHER LODGING PLACES - 1.7%
10,141	*	Orient-Express Hotels Ltd (Class A)		75,043
10,428		Starwood Hotels & Resorts Worldwide, Inc		432,032
		TOTAL HOTELS AND OTHER LODGING PLACES		507,075
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.3%
6,582		Deere & Co		366,486
14,273		Emerson Electric Co		623,587
23,279		Johnson Controls, Inc		625,507
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,615,580

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
INSTRUMENTS AND RELATED PRODUCTS - 13.3%
10,194	*	Agilent Technologies, Inc	$	289,815
6,060		Allergan, Inc		353,056
16,890		Danaher Corp		626,956
5,689	*	Edwards Lifesciences Corp		318,698
4,335	*	Illumina, Inc		188,703
1,474	*	Intuitive Surgical, Inc		465,224
13,007	*	Life Technologies Corp		614,580
4,369		Rockwell Collins, Inc		232,125
5,958		Roper Industries, Inc		333,410
6,448	*	Sensata Technologies Holding BV		103,104
11,350	*	Thermo Electron Corp		556,717
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,082,388
INSURANCE CARRIERS - 1.1%
7,720		Aflac, Inc		329,412
		TOTAL INSURANCE CARRIERS		329,412
LEATHER AND LEATHER PRODUCTS - 0.8%
6,431		Coach, Inc		235,053
		TOTAL LEATHER AND LEATHER PRODUCTS		235,053
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.8%
6,115		Hasbro, Inc		251,327
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		251,327
MISCELLANEOUS RETAIL - 1.6%
4,532	*	Amazon.com, Inc		495,166
		TOTAL MISCELLANEOUS RETAIL		495,166
MOTION PICTURES - 1.2%
10,465	*	Discovery Communications, Inc (Class A)		373,705
		TOTAL MOTION PICTURES		373,705
OIL AND GAS EXTRACTION - 4.6%
4,948	*	Concho Resources, Inc		273,773
4,382		Crescent Point Energy Corp		152,961
10,094		National Oilwell Varco, Inc		333,809
8,355		Occidental Petroleum Corp		644,588
		TOTAL OIL AND GAS EXTRACTION		1,405,131
PETROLEUM AND COAL PRODUCTS - 0.3%
1,429		Walter Industries, Inc		86,955
		TOTAL PETROLEUM AND COAL PRODUCTS		86,955
PRIMARY METAL INDUSTRIES - 1.0%
3,095		Precision Castparts Corp		318,537
		TOTAL PRIMARY METAL INDUSTRIES		318,537
SECURITY AND COMMODITY BROKERS - 1.4%
1,025		CME Group, Inc		288,589
6,372		Morgan Stanley		147,894
		TOTAL SECURITY AND COMMODITY BROKERS		436,483

3

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES	COMPANY	VALUE
TRANSPORTATION EQUIPMENT - 2.5%
12,002	Boeing Co	$	753,126
	TOTAL TRANSPORTATION EQUIPMENT		753,126
TRUCKING AND WAREHOUSING - 1.0%
5,582	United Parcel Service, Inc (Class B)		317,560
	TOTAL TRUCKING AND WAREHOUSING		317,560
	TOTAL COMMON STOCKS (Cost $31,714,568)		30,574,256
	TOTAL INVESTMENTS - 99.6% (Cost $31,714,568)		30,574,256
	OTHER ASSETS & LIABILITIES, NET - 0.4%		108,789
	NET ASSETS - 100.0%	$	30,683,045

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing.

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.6%
AMUSEMENT AND RECREATION SERVICES - 1.2%
22,593		Walt Disney Co	$	711,680
		TOTAL AMUSEMENT AND RECREATION SERVICES		711,680
APPAREL AND ACCESSORY STORES - 1.3%
8,764	*	Collective Brands, Inc		138,471
3,451	*	Dress Barn, Inc		82,168
4,763	*	J Crew Group, Inc		175,326
2,729		Ross Stores, Inc		145,428
6,289		TJX Companies, Inc		263,825
		TOTAL APPAREL AND ACCESSORY STORES		805,218
APPAREL AND OTHER TEXTILE PRODUCTS - 0.3%
7,266	*	Hanesbrands, Inc		174,820
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		174,820
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.7%
15,864		Home Depot, Inc		445,302
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		445,302
BUSINESS SERVICES - 7.8%
17,010		Activision Blizzard, Inc		178,435
5,240	*	Adobe Systems, Inc		138,493
5,910	*	Akamai Technologies, Inc		239,769
3,761	*	Alliance Data Systems Corp		223,855
9,199	*	eBay, Inc		180,392
2,005	*	Google, Inc (Class A)		892,125
61,322		Microsoft Corp		1,411,020
13,552	*	Nuance Communications, Inc		202,602
28,268		Oracle Corp		606,631
19,824	*	Symantec Corp		275,157
4,787		Visa, Inc (Class A)		338,680
		TOTAL BUSINESS SERVICES		4,687,159
CHEMICALS AND ALLIED PRODUCTS - 13.6%
6,059		Abbott Laboratories		283,440
6,818	*	Amgen, Inc		358,627
2,440		Ashland, Inc		113,265
4,771		Avon Products, Inc		126,432
13,370		Biovail Corp		257,239
32,904	*	Biovitrum AB		155,867
24,899		Bristol-Myers Squibb Co		620,981
1,400		CF Industries Holdings, Inc		88,830
14,878		Du Pont (E.I.) de Nemours & Co		514,630
23,964	*	Ferro Corp		176,615
10,565	*	Gilead Sciences, Inc		362,168
11,250	*	L’ Occitane International SA		24,532
20,090		Merck & Co, Inc		702,547
19,286	*	Mylan Laboratories, Inc		328,633
10,709		Novartis AG. (ADR)		517,459
2,841		Perrigo Co		167,818
67,112		Pfizer, Inc		957,017
24,981		Procter & Gamble Co		1,498,359

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
12,484		Shire Ltd	$	256,100
3,828	*	United Therapeutics Corp		186,845
10,181	*	Watson Pharmaceuticals, Inc		413,043
		TOTAL CHEMICALS AND ALLIED PRODUCTS		8,110,447
COMMUNICATIONS - 3.2%
10,964	*	DIRECTV		371,899
11,954	*	MetroPCS Communications, Inc		97,903
39,434		Qwest Communications International, Inc		207,029
71,182	*	Sprint Nextel Corp		301,812
34,340		Verizon Communications, Inc		962,206
		TOTAL COMMUNICATIONS		1,940,849
DEPOSITORY INSTITUTIONS - 8.8%
64,973		Bank of America Corp		933,662
192,940	*	Citigroup, Inc		725,454
9,102		Comerica, Inc		335,227
21,318		Huntington Bancshares, Inc		118,102
25,712		JPMorgan Chase & Co		941,316
23,678		Marshall & Ilsley Corp		170,008
5,614		PNC Financial Services Group, Inc		317,191
26,002		US Bancorp		581,145
44,055		Wells Fargo & Co		1,127,808
		TOTAL DEPOSITORY INSTITUTIONS		5,249,913
EATING AND DRINKING PLACES - 1.3%
8,545	*	Cheesecake Factory		190,212
946	*	Chipotle Mexican Grill, Inc (Class A)		129,422
7,348		McDonald’s Corp		484,013
		TOTAL EATING AND DRINKING PLACES		803,647
ELECTRIC, GAS, AND SANITARY SERVICES - 4.3%
7,056		Constellation Energy Group, Inc		227,556
3,067		Enterprise Products Partners LP		108,480
9,100		FPL Group, Inc		443,716
10,230		PG&E Corp		420,453
10,011		Public Service Enterprise Group, Inc		313,645
6,962		Questar Corp		316,701
6,692		Republic Services, Inc		198,953
3,285		Sempra Energy		153,705
6,284	*	Stericycle, Inc		412,105
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,595,314
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.1%
7,215	*	Apple Computer, Inc		1,814,790
38,650	*	Cisco Systems, Inc		823,632
4,510	*	CommScope, Inc		107,203
22,526		Hewlett-Packard Co		974,925
36,181		Intel Corp		703,720
14,474	*	JDS Uniphase Corp		142,424
7,542		Koninklijke Philips Electronics NV (ADR)		225,053
27,335	*	Micron Technology, Inc		232,074
9,491	*	SanDisk Corp		399,286
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		5,423,107

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 0.6%
17,620		KBR, Inc	$	358,391
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		358,391
FABRICATED METAL PRODUCTS - 0.5%
5,824		Stanley Works		294,228
		TOTAL FABRICATED METAL PRODUCTS		294,228
FOOD AND KINDRED PRODUCTS - 5.9%
14,856		Coca-Cola Co		744,582
18,203	*	Dean Foods Co		183,304
6,481		Dr Pepper Snapple Group, Inc		242,325
9,618		General Mills, Inc		341,631
4,288		H.J. Heinz Co		185,327
7,538	*	Hansen Natural Corp		294,811
4,704		InBev NV		226,174
11,605		Kraft Foods, Inc (Class A)		324,940
8,310		PepsiCo, Inc		506,495
8,253	*	Smithfield Foods, Inc		122,970
14,021		Unilever plc		374,810
		TOTAL FOOD AND KINDRED PRODUCTS		3,547,369
FOOD STORES - 0.4%
6,343	*	Whole Foods Market, Inc		228,475
		TOTAL FOOD STORES		228,475
GENERAL MERCHANDISE STORES - 1.5%
6,304		Target Corp		309,968
12,310		Wal-Mart Stores, Inc		591,741
		TOTAL GENERAL MERCHANDISE STORES		901,709
HEALTH SERVICES - 1.6%
6,964	*	Express Scripts, Inc		327,447
6,833	*	Medco Health Solutions, Inc		376,362
6,125		Universal Health Services, Inc (Class B)		233,669
		TOTAL HEALTH SERVICES		937,478
HOLDING AND OTHER INVESTMENT OFFICES - 0.1%
6,628		Kimco Realty Corp		89,080
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		89,080
HOTELS AND OTHER LODGING PLACES - 0.2%
14,790	*	Orient-Express Hotels Ltd (Class A)		109,446
		TOTAL HOTELS AND OTHER LODGING PLACES		109,446
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.4%
6,795		3M Co		536,737
8,732	*	3PAR, Inc		81,295
2,622		Eaton Corp		171,584
18,278	*	EMC Corp		334,487
6,960		Emerson Electric Co		304,082
74,941		General Electric Co		1,080,650
8,431		International Business Machines Corp		1,041,060
4,735	*	Netezza Corp		64,775
7,924		Raytheon Co		383,442
5,758	*	Teradata Corp		175,504
11,900		Textron, Inc		201,943

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
11,502		Tyco International Ltd	$	405,215
30,253		Xerox Corp		243,234
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,024,008
INSTRUMENTS AND RELATED PRODUCTS - 2.2%
2,478	*	Edwards Lifesciences Corp		138,818
1,145	*	Intuitive Surgical, Inc		361,384
1,411	*	Itron, Inc		87,228
5,934	*	Life Technologies Corp		280,382
6,750	*	Sensata Technologies Holding BV		107,933
7,112	*	Thermo Electron Corp		348,843
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,324,588
INSURANCE CARRIERS - 3.5%
9,520		ACE Ltd		490,090
13,706		Cigna Corp		425,708
11,608		Lincoln National Corp		281,958
10,257		Prudential Financial, Inc		550,391
6,052		RenaissanceRe Holdings Ltd		340,546
		TOTAL INSURANCE CARRIERS		2,088,693
METAL MINING - 0.6%
6,156		Barrick Gold Corp		279,544
3,732		PAN American Silver Corp		94,345
		TOTAL METAL MINING		373,889
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.9%
9,286		Jarden Corp		249,515
13,844		Mattel, Inc		292,939
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		542,454
MISCELLANEOUS RETAIL - 0.7%
4,034	*	Amazon.com, Inc		440,755
		TOTAL MISCELLANEOUS RETAIL		440,755
MOTION PICTURES - 1.6%
15,985	*	Discovery Communications, Inc (Class A)		570,824
12,343		Viacom, Inc (Class B)		387,200
		TOTAL MOTION PICTURES		958,024
NONDEPOSITORY INSTITUTIONS - 0.3%
11,319		Discover Financial Services		158,240
		TOTAL NONDEPOSITORY INSTITUTIONS		158,240
OIL AND GAS EXTRACTION - 3.2%
6,169	*	Cameron International Corp		200,616
17,148		Halliburton Co		420,983
8,453	*	Newfield Exploration Co		413,014
10,521		Occidental Petroleum Corp		811,695
4,958		Tullow Oil plc		73,752
		TOTAL OIL AND GAS EXTRACTION		1,920,060

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
PETROLEUM AND COAL PRODUCTS - 5.7%
13,803		Chevron Corp	$	936,672
33,671		Exxon Mobil Corp		1,921,604
8,338		Marathon Oil Corp		259,228
4,640		Walter Industries, Inc		282,344
		TOTAL PETROLEUM AND COAL PRODUCTS		3,399,848
PRIMARY METAL INDUSTRIES - 0.3%
1,955		Precision Castparts Corp		201,209
		TOTAL PRIMARY METAL INDUSTRIES		201,209
RAILROAD TRANSPORTATION - 0.8%
6,583		Union Pacific Corp		457,584
		TOTAL RAILROAD TRANSPORTATION		457,584
SECURITY AND COMMODITY BROKERS - 1.9%
634		CME Group, Inc		178,503
2,838		Goldman Sachs Group, Inc		372,544
7,245		Lazard Ltd (Class A)		193,514
16,453		Morgan Stanley		381,874
		TOTAL SECURITY AND COMMODITY BROKERS		1,126,435
TOBACCO PRODUCTS - 1.3%
3,938		Lorillard, Inc		283,457
10,250		Philip Morris International, Inc		469,860
		TOTAL TOBACCO PRODUCTS		753,317
TRANSPORTATION BY AIR - 0.7%
9,179	*	Continental Airlines, Inc (Class B)		201,938
37,289	*	JetBlue Airways Corp		204,717
		TOTAL TRANSPORTATION BY AIR		406,655
TRANSPORTATION EQUIPMENT - 3.5%
5,172	*	Autoliv, Inc		247,480
5,629		Boeing Co		353,220
8,457		Goodrich Corp		560,276
2,380		Harsco Corp		55,930
15,026		Honeywell International, Inc		586,465
1,923		Magna International, Inc - Class A (NY)		126,841
3,607		TransDigm Group, Inc		184,065
		TOTAL TRANSPORTATION EQUIPMENT		2,114,277
TRUCKING AND WAREHOUSING - 1.4%
14,554		United Parcel Service, Inc (Class B)		827,977
		TOTAL TRUCKING AND WAREHOUSING		827,977

9

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 0.2%
3,830	*	United Natural Foods, Inc	$	114,440
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		114,440
		TOTAL COMMON STOCKS (Cost $63,601,859)		59,646,085
		TOTAL INVESTMENTS - 99.6% (Cost $63,601,859)		59,646,085
		OTHER ASSETS & LIABILITIES, NET - 0.4%		235,275
		NET ASSETS - 100.0%	$	59,881,360

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing.

10

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 97.3%
BUSINESS SERVICES - 7.9%
91,282		Adecco S.A.	$	4,354,771
52,708	*	Autonomy Corp plc		1,436,734
10,830		Mitsubishi UFJ Lease & Finance Co Ltd		365,321
42,129		Playtech Ltd		286,422
		TOTAL BUSINESS SERVICES		6,443,248
CHEMICALS AND ALLIED PRODUCTS - 18.5%
1,800		Eisai Co Ltd		59,726
3,717		Givaudan S.A.		3,156,969
80,600		Henkel KGaA (Preference)		3,935,755
6,700		Kao Corp		157,643
193,750	*	L’ Occitane International SA		422,488
145,360		Lanxess AG.		6,118,407
24,269		Reckitt Benckiser Group plc		1,128,857
1,800		Tsumura & Co		55,113
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,034,958
COMMUNICATIONS - 0.3%
5,500		Nippon Telegraph & Telephone Corp		224,047
		TOTAL COMMUNICATIONS		224,047
DEPOSITORY INSTITUTIONS - 3.7%
44		Australia & New Zealand Banking Group Ltd		790
329,800		Bank Rakyat Indonesia		334,832
30,703		HDFC Bank Ltd		1,260,908
222,400		Mitsubishi UFJ Financial Group, Inc		1,009,853
8,000		Mitsui Trust Holdings, Inc		28,212
726		Societe Generale		29,874
11,500		Sumitomo Mitsui Financial Group, Inc		325,477
3,000		Suruga Bank Ltd		27,228
		TOTAL DEPOSITORY INSTITUTIONS		3,017,174
EDUCATIONAL SERVICES - 0.0%
100		Benesse Corp		4,552
		TOTAL EDUCATIONAL SERVICES		4,552
ELECTRIC, GAS, AND SANITARY SERVICES - 1.9%
70,996		Fortum Oyj		1,558,411
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,558,411
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.0%
267,150		Hon Hai Precision Industry Co, Ltd		936,407
3,200		Matsushita Electric Industrial Co Ltd		39,958
42,000		Mitsubishi Electric Corp		327,806
100		Murata Manufacturing Co Ltd		4,769
800		Nidec Corp		66,974
1,000		Nitto Denko Corp		32,803
212,132		Smiths Group plc		3,377,317
4,900	*	Sony Corp		130,698
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,916,732

11

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
ENGINEERING AND MANAGEMENT SERVICES - 2.5%
32,417		Tecan Group AG.	$	2,063,963
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,063,963
FOOD AND KINDRED PRODUCTS - 2.2%
32,382		InBev NV		1,556,966
10,000		Toyo Suisan Kaisha Ltd		238,676
		TOTAL FOOD AND KINDRED PRODUCTS		1,795,642
GENERAL MERCHANDISE STORES - 0.5%
9,400		Ryohin Keikaku Co Ltd		373,670
		TOTAL GENERAL MERCHANDISE STORES		373,670
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.7%
17,474		Saipem S.p.A.		532,227
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		532,227
HOLDING AND OTHER INVESTMENT OFFICES - 0.4%
35,971		Westfield Group		365,529
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		365,529
HOTELS AND OTHER LODGING PLACES - 4.4%
2,397,600	*,f	Sands China Ltd		3,543,604
		TOTAL HOTELS AND OTHER LODGING PLACES		3,543,604
INDUSTRIAL MACHINERY AND EQUIPMENT - 9.1%
118,929		Alfa Laval AB		1,544,453
4,680		Burckhardt Compression Holding AG.		824,306
4,170		Canon, Inc		155,414
500		Daikin Industries Ltd		15,245
1,000	*	Fanuc Ltd		112,923
840		FUJIFILM Holdings Corp		24,276
5,530		Komatsu Ltd		99,574
177,000	*	NTN Corp		724,580
29,220		Rheinmetall AG.		1,668,961
123,637		SKF AB (B Shares)		2,218,935
100		Sumitomo Heavy Industries Ltd		587
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		7,389,254
INSTRUMENTS AND RELATED PRODUCTS - 1.6%
10,166		Phonak Holding AG.		1,247,546
1,000		Terumo Corp		47,890
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,295,436
INSURANCE AGENTS, BROKERS AND SERVICE - 0.0%
1,100		Millea Holdings, Inc		28,919
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		28,919
INSURANCE CARRIERS - 0.0%
1,050		T&D Holdings, Inc		22,451
		TOTAL INSURANCE CARRIERS		22,451

12

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
METAL MINING - 1.4%
23,918	*	Anglo American plc	$	833,427
1,557		BHP Billiton Ltd		48,438
4,302		Rio Tinto Ltd		236,586
		TOTAL METAL MINING		1,118,451
MISCELLANEOUS RETAIL - 0.2%
7,000		Seven & I Holdings Co Ltd		160,379
		TOTAL MISCELLANEOUS RETAIL		160,379
NONDEPOSITORY INSTITUTIONS - 0.4%
4,471		ORIX Corp		323,901
		TOTAL NONDEPOSITORY INSTITUTIONS		323,901
OIL AND GAS EXTRACTION - 2.4%
541,000		CNOOC Ltd		919,525
69,478		Tullow Oil plc		1,033,507
		TOTAL OIL AND GAS EXTRACTION		1,953,032
PAPER AND ALLIED PRODUCTS - 2.4%
1,426,600		Nine Dragons Paper Holdings Ltd		1,921,945
		TOTAL PAPER AND ALLIED PRODUCTS		1,921,945
PETROLEUM AND COAL PRODUCTS - 0.1%
3,148		Royal Dutch Shell plc (A Shares)		79,444
162		Total S.A.		7,231
		TOTAL PETROLEUM AND COAL PRODUCTS		86,675
PRIMARY METAL INDUSTRIES - 0.1%
8,100		Nippon Steel Corp		26,774
17,000		Sumitomo Metal Industries Ltd		38,438
3,200		Sumitomo Metal Mining Co Ltd		39,920
		TOTAL PRIMARY METAL INDUSTRIES		105,132
RAILROAD TRANSPORTATION - 0.1%
13		Central Japan Railway Co		107,339
		TOTAL RAILROAD TRANSPORTATION		107,339
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 3.5%
26,308		Bayer AG.		1,470,128
5,000	*	NOK Corp		79,399
105,703		SSL International plc		1,272,941
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,822,468
SECURITY AND COMMODITY BROKERS - 10.3%
25,505		Credit Suisse Group		958,917
51,533		Deutsche Boerse AG.		3,130,808
708,410		ICAP plc		4,246,014
11,500	*	Nomura Holdings, Inc		62,830
		TOTAL SECURITY AND COMMODITY BROKERS		8,398,569

13

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
TEXTILE MILL PRODUCTS - 1.3%
367,000		Teijin Ltd	$	1,089,608
		TOTAL TEXTILE MILL PRODUCTS		1,089,608
TOBACCO PRODUCTS - 3.0%
88,326		Imperial Tobacco Group plc		2,467,889
		TOTAL TOBACCO PRODUCTS		2,467,889
TRANSPORTATION EQUIPMENT - 2.6%
830,000		China South Locomotive and Rolling Stock Corp		567,413
2,220		Denso Corp		61,358
14,100		Honda Motor Co Ltd		414,157
79,900	*	Yamaha Motor Co Ltd		1,056,296
		TOTAL TRANSPORTATION EQUIPMENT		2,099,224
WATER TRANSPORTATION - 0.1%
8,000		Mitsui OSK Lines Ltd		52,893
		TOTAL WATER TRANSPORTATION		52,893
WHOLESALE TRADE-DURABLE GOODS - 9.7%
106,554		Assa Abloy AB (Class B)		2,129,793
1,092,000		Li & Fung Ltd		4,885,581
5,940		Mitsubishi Corp		122,889
7,000		Mitsui & Co Ltd		81,660
13,050		Sumitomo Corp		130,330
27,031	*	Wolseley plc		536,562
		TOTAL WHOLESALE TRADE-DURABLE GOODS		7,886,815
		TOTAL COMMON STOCKS (Cost $84,298,483)		79,204,137
		TOTAL INVESTMENTS - 97.3% (Cost $84,298,483)		79,204,137
		OTHER ASSETS & LIABILITIES, NET - 2.7%		2,184,396
		NET ASSETS - 100.0%	$	81,388,533

* Non-income producing.

f Restricted security.

14

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)

June 30, 2010

Country	Value		% of total portfolio
FOREIGN
AUSTRALIA	$	651,343	0.8	%
BELGIUM		1,556,966	2.0
CHINA		3,408,883	4.3
FINLAND		1,558,411	2.0
FRANCE		37,105	0.0
GERMANY		16,324,059	20.6
HONG KONG		4,885,581	6.2
INDIA		1,260,908	1.6
INDONESIA		334,832	0.4
ITALY		532,227	0.7
JAPAN		8,552,556	10.8
LUXEMBOURG		422,488	0.5
MACAU		3,543,604	4.5
NETHERLANDS		79,444	0.1
SWEDEN		5,893,181	7.4
SWITZERLAND		12,606,472	15.9
TAIWAN		936,407	1.2
UNITED KINGDOM		16,619,670	21.0
TOTAL FOREIGN		79,204,137	100.0
TOTAL PORTFOLIO	$	79,204,137	100.0	%

15

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.0%
AMUSEMENT AND RECREATION SERVICES - 1.0%
9,758	*	Penn National Gaming, Inc	$	225,410
9,956		Walt Disney Co		313,614
		TOTAL AMUSEMENT AND RECREATION SERVICES		539,024
APPAREL AND ACCESSORY STORES - 0.4%
3,955		Abercrombie & Fitch Co (Class A)		121,379
7,148	*	Talbots, Inc		73,696
		TOTAL APPAREL AND ACCESSORY STORES		195,075
APPAREL AND OTHER TEXTILE PRODUCTS - 0.0%
157	*	Liz Claiborne, Inc		663
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		663
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.6%
16,005		Lowe’s Cos, Inc		326,822
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		326,822
BUSINESS SERVICES - 2.6%
4,897	*	Alliance Data Systems Corp		291,469
4,140		DST Systems, Inc		149,620
23,114	*	eBay, Inc		453,266
10,108	*	Interpublic Group of Cos, Inc		72,070
8,496		Microsoft Corp		195,493
2,130		Playtech Ltd		14,481
12,043	*	Symantec Corp		167,157
		TOTAL BUSINESS SERVICES		1,343,556
CHEMICALS AND ALLIED PRODUCTS - 17.3%
7,751		Alberto-Culver Co		209,975
17,232	*	Amgen, Inc		906,403
53,276	*	Biovitrum AB		252,370
25,153		Bristol-Myers Squibb Co		627,316
2,117		CF Industries Holdings, Inc		134,324
1,668		Clorox Co		103,683
1,896		Cytec Industries, Inc		75,821
8,940		Dow Chemical Co		212,057
2,865		Du Pont (E.I.) de Nemours & Co		99,100
15,715	*	Ferro Corp		115,820
9,217	*	Georgia Gulf Corp		122,955
18,143		Huntsman Corp		157,300
4,541		Johnson & Johnson		268,191
1,973		Lonza Group AG.		131,361
32,961		Merck & Co, Inc		1,152,646
6,427		Novartis AG. (ADR)		310,553
84,245		Pfizer, Inc		1,201,334
26,901		Procter & Gamble Co		1,613,521
4,876		Shire plc (ADR)		299,289
4,801		Teva Pharmaceutical Industries Ltd (ADR)		249,604
12,377	*	Vanda Pharmaceuticals, Inc		81,812
10,465	*	Watson Pharmaceuticals, Inc		424,565
4,776	*	WR Grace & Co		100,487
		TOTAL CHEMICALS AND ALLIED PRODUCTS		8,850,487

16

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
COMMUNICATIONS - 7.8%
15,952	*	AOL, Inc	$	331,642
38,040		AT&T, Inc		920,188
10,834		CBS Corp (Class B)		140,084
22,429		Comcast Corp (Class A)		389,592
4,493		DISH Network Corp (Class A)		81,548
3,111	*	Liberty Media Corp - Starz		161,274
37,580	*	MetroPCS Communications, Inc		307,780
43,785		Qwest Communications International, Inc		229,871
92,572	*	Sprint Nextel Corp		392,505
86,276		Telecom Italia RSP		78,810
508		Time Warner Cable, Inc		26,457
32,942		Verizon Communications, Inc		923,034
		TOTAL COMMUNICATIONS		3,982,785
DEPOSITORY INSTITUTIONS - 14.1%
21,847		AMMB Holdings Berhad		33,483
19,118		Banco Bilbao Vizcaya Argentaria S.A.		196,971
78,747		Bank of America Corp		1,131,595
6,449		Bank of New York Mellon Corp		159,226
263,556	*	Citigroup, Inc		990,971
77,709		Huntington Bancshares, Inc		430,508
21,327		JPMorgan Chase & Co		780,781
31,808		Marshall & Ilsley Corp		228,381
13,410		State Street Corp		453,526
71,673		Synovus Financial Corp		182,049
11,207		TCF Financial Corp		186,148
41,802		US Bancorp		934,275
59,482		Wells Fargo & Co		1,522,740
		TOTAL DEPOSITORY INSTITUTIONS		7,230,654
EDUCATIONAL SERVICES - 0.3%
19,625		CAE, Inc		170,155
		TOTAL EDUCATIONAL SERVICES		170,155
ELECTRIC, GAS, AND SANITARY SERVICES - 5.7%
4,300		American Electric Power Co, Inc		138,890
21,130		Centerpoint Energy, Inc		278,071
2,685		Constellation Energy Group, Inc		86,591
13,483		El Paso Corp		149,796
856		Entergy Corp		61,307
5,600		Exelon Corp		212,632
1,519		FirstEnergy Corp		53,514
7,483		FPL Group, Inc		364,871
2,765	*	Mirant Corp		29,198
5,811	*	NRG Energy, Inc		123,251
10,609		NV Energy, Inc		125,292
5,981		PG&E Corp		245,819
5,666		PPL Corp		141,367
9,996		Public Service Enterprise Group, Inc		313,175
2,181		Questar Corp		99,214
78,525	*	Reliant Energy, Inc		297,610
140		Southern Union Co		3,060
8,307		Williams Cos, Inc		151,852
2,383		Xcel Energy, Inc		49,114
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,924,624

17

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.3%
7,443		Broadcom Corp (Class A)	$	245,396
4,368	*	Ciena Corp		55,386
12,549	*	Cisco Systems, Inc		267,419
6,589		Hewlett-Packard Co		285,172
16,160		Intel Corp		314,312
6,034	*	JDS Uniphase Corp		59,375
5,660		Koninklijke Philips Electronics NV (ADR)		168,894
9,547	*	MEMC Electronic Materials, Inc		94,324
26,123	*	Motorola, Inc		170,322
52		Qualcomm, Inc		1,708
558,266		Solomon Systech International Ltd		41,866
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,704,174
ENGINEERING AND MANAGEMENT SERVICES - 0.6%
20	*	Affymax, Inc		120
3,013	*	Jacobs Engineering Group, Inc		109,794
10,189		KBR, Inc		207,244
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		317,158
FOOD AND KINDRED PRODUCTS - 4.5%
12,873		Coca-Cola Co		645,195
17,178	*	Dean Foods Co		172,982
9,952		General Mills, Inc		353,495
32,458		Kraft Foods, Inc (Class A)		908,824
8,953		Unilever plc (ADR)		239,314
		TOTAL FOOD AND KINDRED PRODUCTS		2,319,810
FOOD STORES - 0.2%
5,426		Kroger Co		106,838
		TOTAL FOOD STORES		106,838
FORESTRY - 0.2%
2,769		Rayonier, Inc		121,891
		TOTAL FORESTRY		121,891
FURNITURE AND FIXTURES - 0.2%
10,678		Masco Corp		114,895
		TOTAL FURNITURE AND FIXTURES		114,895
GENERAL MERCHANDISE STORES - 0.6%
6,895		JC Penney Co, Inc		148,105
3,481		Target Corp		171,160
		TOTAL GENERAL MERCHANDISE STORES		319,265
HOLDING AND OTHER INVESTMENT OFFICES - 1.5%
388		Boston Properties, Inc		27,680
14,429		Glimcher Realty Trust		86,285
20,012		Kimco Realty Corp		268,961
1,245		Plum Creek Timber Co, Inc		42,990
771		Regency Centers Corp		26,522
355		Simon Property Group, Inc		28,666
2,638		SL Green Realty Corp		145,196
6,690		Starwood Property Trust, Inc		113,396
777		Vornado Realty Trust		56,682
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		796,378

18

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
HOTELS AND OTHER LODGING PLACES - 0.3%
86,000	*	Wynn Macau Ltd	$	140,243
		TOTAL HOTELS AND OTHER LODGING PLACES		140,243
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.1%
249	*	Fortinet, Inc		4,094
95,312		General Electric Co		1,374,398
10,477		International Game Technology		164,489
4,996	*	Lexmark International, Inc (Class A)		165,018
3,566		Northrop Grumman Corp		194,133
4,926		SPX Corp		260,142
20,279		Textron, Inc		344,135
15,145	*	Verigy Ltd		131,610
62,047		Xerox Corp		498,858
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,136,877
INSTRUMENTS AND RELATED PRODUCTS - 2.7%
76,620	*	Boston Scientific Corp		444,396
4,614	*	Bruker BioSciences Corp		56,106
11,204		Danaher Corp		415,892
8,934	*	Hologic, Inc		124,451
7,531	*	Life Technologies Corp		355,840
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,396,685
INSURANCE CARRIERS - 6.8%
9,030		ACE Ltd		464,864
47	*	Aegon NV		248
1,607		Allstate Corp		46,169
5,903		Axis Capital Holdings Ltd		175,437
6,580		Lincoln National Corp		159,828
2,468		Max Capital Group Ltd		46,349
12,695		Metlife, Inc		479,363
5,724	*	MGIC Investment Corp		39,438
2,325		PartnerRe Ltd		163,076
585	*	Primerica, Inc		12,542
7,503		Prudential Financial, Inc		402,611
2,676		RenaissanceRe Holdings Ltd		150,579
847		Transatlantic Holdings, Inc		40,622
7,813		Travelers Cos, Inc		384,790
25,467		UnitedHealth Group, Inc		723,264
3,743	*	WellPoint, Inc		183,145
		TOTAL INSURANCE CARRIERS		3,472,325
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.7%
1,770		Hasbro, Inc		72,747
11,004		Jarden Corp		295,677
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		368,424
MISCELLANEOUS RETAIL - 0.6%
9,928		CVS Corp		291,089
		TOTAL MISCELLANEOUS RETAIL		291,089

19

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
MOTION PICTURES - 0.7%
14,251		News Corp (Class A)	$	170,441
3,015		Time Warner, Inc		87,164
3,921		Viacom, Inc (Class B)		123,002
		TOTAL MOTION PICTURES		380,607
NONDEPOSITORY INSTITUTIONS - 1.2%
48,956		Chimera Investment Corp		176,731
12,390		Discover Financial Services		173,212
9,291	*	Utilities Select Sector SPDR F		262,564
		TOTAL NONDEPOSITORY INSTITUTIONS		612,507
OIL AND GAS EXTRACTION - 5.9%
5,555		Anadarko Petroleum Corp		200,480
2,956		Apache Corp		248,866
3,387		Cabot Oil & Gas Corp		106,081
975		Chesapeake Energy Corp		20,426
20,106	*	Cobalt International Energy, Inc		149,790
2,744	*	Concho Resources, Inc		151,826
6,948	*,m	Crescent Point Energy Corp		242,532
5,529	*	Denbury Resources, Inc		80,945
1,709		Devon Energy Corp		104,112
6,777		Ensco International plc (ADR)		266,201
6,162	*	Nabors Industries Ltd		108,574
3,707		National Oilwell Varco, Inc		122,590
9,951		Occidental Petroleum Corp		767,719
77	*	Plains Exploration & Production Co		1,587
34,964	*	Weatherford International Ltd		459,427
		TOTAL OIL AND GAS EXTRACTION		3,031,156
PAPER AND ALLIED PRODUCTS - 0.7%
11,841		Sonoco Products Co		360,914
		TOTAL PAPER AND ALLIED PRODUCTS		360,914
PETROLEUM AND COAL PRODUCTS - 4.0%
12,859		Chevron Corp		872,612
2,135		Exxon Mobil Corp		121,849
17,824		Marathon Oil Corp		554,148
7,793		Walter Industries, Inc		474,204
7,308	*	Western Refining, Inc		36,759
		TOTAL PETROLEUM AND COAL PRODUCTS		2,059,572
PIPELINES, EXCEPT NATURAL GAS - 0.0%
398		Spectra Energy Corp		7,988
		TOTAL PIPELINES, EXCEPT NATURAL GAS		7,988
PRIMARY METAL INDUSTRIES - 0.2%
2,439		Schnitzer Steel Industries, Inc (Class A)		95,609
		TOTAL PRIMARY METAL INDUSTRIES		95,609
REAL ESTATE - 0.0%
55,923	*	Unitech Corporate Parks plc		21,540
		TOTAL REAL ESTATE		21,540

20

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.3%
12,814		SSL International plc	$	154,314
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		154,314
SECURITY AND COMMODITY BROKERS - 2.9%
201		CME Group, Inc		56,592
16,323	*	E*Trade Financial Corp		192,939
4,839		Goldman Sachs Group, Inc		635,215
10,399		Legg Mason, Inc		291,484
14,696		Morgan Stanley		341,094
		TOTAL SECURITY AND COMMODITY BROKERS		1,517,324
STONE, CLAY, AND GLASS PRODUCTS - 0.2%
5,313		Corning, Inc		85,805
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		85,805
TOBACCO PRODUCTS - 0.8%
21,771		Altria Group, Inc		436,291
		TOTAL TOBACCO PRODUCTS		436,291
TRANSPORTATION BY AIR - 0.7%
7,960	*	Continental Airlines, Inc (Class B)		175,120
16,197	*	Delta Air Lines, Inc		190,315
		TOTAL TRANSPORTATION BY AIR		365,435
TRANSPORTATION EQUIPMENT - 3.5%
44,505	*	American Axle & Manufacturing Holdings, Inc		326,221
4,910		Boeing Co		308,102
2,935		Goodrich Corp		194,444
9,071		Harsco Corp		213,169
9,493		Honeywell International, Inc		370,511
4,562		Magna International, Inc - Class A (NY)		300,910
1,265		Paccar, Inc		50,436
1,752	*	Tesla Motors, Inc		41,750
		TOTAL TRANSPORTATION EQUIPMENT		1,805,543
TRANSPORTATION SERVICES - 0.5%
19,842		UTI Worldwide, Inc		245,644
		TOTAL TRANSPORTATION SERVICES		245,644
TRUCKING AND WAREHOUSING - 0.3%
5,399		Con-way, Inc		162,078
		TOTAL TRUCKING AND WAREHOUSING		162,078
		TOTAL COMMON STOCKS (Cost $57,586,394)		51,512,224
		TOTAL INVESTMENTS - 100.0% (Cost $57,586,394)		51,512,224
		OTHER ASSETS & LIABILITIES, NET - 0.0%		11,840
		NET ASSETS - 100.0%	$	51,524,064

21

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

Abbreviation(s):

ADR American Depositary Receipt

SPDR Standard & Poor’s Depository Receipts

* Non-income producing.

m Indicates a security that has been deemed illiquid.

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AGRICULTURAL PRODUCTION-CROPS - 0.1%
3,980	*	Chiquita Brands International, Inc	$	48,357
		TOTAL AGRICULTURAL PRODUCTION-CROPS		48,357
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.1%
2,600	*	Pilgrim’s Pride Corp		17,082
29		Seaboard Corp		43,790
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		60,872
AMUSEMENT AND RECREATION SERVICES - 0.2%
5,875		World Wrestling Entertainment, Inc (Class A)		91,415
		TOTAL AMUSEMENT AND RECREATION SERVICES		91,415
APPAREL AND ACCESSORY STORES - 2.3%
9,128	*	AnnTaylor Stores Corp		148,513
2,525	*	Carter’s, Inc		66,281
6,244		Cato Corp (Class A)		137,493
5,900	*	Charming Shoppes, Inc		22,125
2,414	*	Citi Trends, Inc		79,517
1,220	*	Collective Brands, Inc		19,276
461	*	Dress Barn, Inc		10,976
7,650	*	DSW, Inc (Class A)		171,820
11,797		Finish Line, Inc (Class A)		164,332
3,753	*	J Crew Group, Inc		138,148
1,011		Stage Stores, Inc		10,797
5,300	*	Talbots, Inc		54,643
		TOTAL APPAREL AND ACCESSORY STORES		1,023,921
APPAREL AND OTHER TEXTILE PRODUCTS - 0.7%
1,300	*	Gymboree Corp		55,523
7,635		Jones Apparel Group, Inc		121,016
7,600	*	Liz Claiborne, Inc		32,072
2,037	*	Maidenform Brands, Inc		41,473
1,639	*	Warnaco Group, Inc		59,233
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		309,317
AUTO REPAIR, SERVICES AND PARKING - 0.3%
3,149	*	Dollar Thrifty Automotive Group, Inc		134,179
		TOTAL AUTO REPAIR, SERVICES AND PARKING		134,179
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
11,662	*	Sonic Automotive, Inc (Class A)		99,827
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		99,827
BUSINESS SERVICES - 8.4%
307	*	ACI Worldwide, Inc		5,977
7,978	*	Actuate Corp		35,502
7,115	*	Acxiom Corp		104,519
6,540	*	AMN Healthcare Services, Inc		48,919
3,784	*	APAC Customer Services, Inc		21,569
5,348	*	ArcSight, Inc		119,742
2,890	*	Art Technology Group, Inc		9,884

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
2,200	*	Avis Budget Group, Inc	$	21,604
5,797		BGC Partners, Inc (Class A)		29,623
1,770		Blackbaud, Inc		38,533
700	*	Blue Coat Systems, Inc		14,301
2,264	*	Bottomline Technologies, Inc		29,500
1,760	*	CACI International, Inc (Class A)		74,765
630	*	Capella Education Co		51,251
8,809	*	Cogent, Inc		79,369
9,654	*	Commvault Systems, Inc		217,214
4,277		Compass Diversified Trust		57,355
3,633	*	Compellent Technologies, Inc		44,032
5,571	*	CSG Systems International, Inc		102,116
2,152	*	Digital River, Inc		51,454
1,250	*	Dynamics Research Corp		12,638
2,578	*	DynaVox, Inc		41,274
9,545		Earthlink, Inc		75,978
3,200	*	Ebix, Inc		50,176
1,580	*	Forrester Research, Inc		47,811
880	*	Gartner, Inc		20,460
3,505	*	Global Sources Ltd		27,479
2,453	*	Hackett Group, Inc		6,893
900		Heartland Payment Systems, Inc		13,356
1,060	*	Informatica Corp		25,313
187	*	Integral Systems, Inc		1,187
2,000	*	Interactive Intelligence, Inc		32,860
539	*	inVentiv Health, Inc		13,798
1,930	*	Kenexa Corp		23,160
500		Keynote Systems, Inc		4,510
1,200	*	Limelight Networks, Inc		5,268
6,200	*	Lionbridge Technologies		28,334
1,210	*	Liquidity Services, Inc		15,682
4,360	*	Liveperson, Inc		29,910
7,000	*	Magma Design Automation, Inc		19,880
4,182	*	Manhattan Associates, Inc		115,214
1,770	*	Mantech International Corp (Class A)		75,349
5,961	*	Medidata Solutions, Inc		92,336
2,136	*	MicroStrategy, Inc (Class A)		160,392
4,194	*	ModusLink Global Solutions, Inc		25,290
12,130	*	MoneyGram International, Inc		29,719
1,091	*	NCI, Inc (Class A)		24,635
5,117	*	Netscout Systems, Inc		72,764
1,000		NIC, Inc		6,410
558	*	On Assignment, Inc		2,807
2,709		Pegasystems, Inc		86,986
400	*	Portfolio Recovery Associates, Inc		26,712
9,286	*	Quest Software, Inc		167,518
1,500	*	Rackspace Hosting, Inc		27,510
484	*	Rent-A-Center, Inc		9,806
2,338	*	RightNow Technologies, Inc		36,683
2,157	*	Rosetta Stone, Inc		49,525
8,034	*	S1 Corp		48,284
2,683	*	Saba Software, Inc		13,817
2,526		Sapient Corp		25,614
4,119	*	SolarWinds, Inc		66,069
5,326	*	SonicWALL, Inc		62,581
800	*	Sonus Networks, Inc		2,168
4,313	*	Sourcefire, Inc		81,947
1,094	*	SRA International, Inc (Class A)		21,519
2,370	*	StarTek, Inc		9,243
2,504	*	SuccessFactors, Inc		52,058
4,380	*	SYKES Enterprises, Inc		62,327
1,920	*	SYNNEX Corp		49,190

24

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
144	*	Take-Two Interactive Software, Inc	$	1,296
6,731	*	TeleTech Holdings, Inc		86,763
9,904	*	THQ, Inc		42,785
4,752	*	TIBCO Software, Inc		57,309
9,056	*	Unisys Corp		167,444
6,261	*	Valueclick, Inc		66,930
428	*	Vasco Data Security International		2,641
2,142	*	Virtusa Corp		19,985
4,241	*	Websense, Inc		80,155
		TOTAL BUSINESS SERVICES		3,682,977
CHEMICALS AND ALLIED PRODUCTS - 8.0%
6,100	*	Acorda Therapeutics, Inc		189,770
6,700	*	Adolor Corp		7,303
1,825	*	Alnylam Pharmaceuticals, Inc		27,412
700		Arch Chemicals, Inc		21,518
1,820	*	Ardea Biosciences, Inc		37,419
9,275	*	Arqule, Inc		39,883
4,000	*	Array Biopharma, Inc		12,200
1,613	*	Auxilium Pharmaceuticals, Inc		37,906
13,812	*	AVANIR Pharmaceuticals, Inc		35,497
1,160	*	Caraco Pharmaceutical Laboratories Ltd		5,475
4,421	*	Celldex Therapeutics, Inc		20,160
1,186	*	China-Biotics, Inc		15,430
1,920	*	Cornerstone Therapeutics, Inc		11,309
4,502	*	Cubist Pharmaceuticals, Inc		92,741
4,522	*	Emergent Biosolutions, Inc		73,889
3,100	*	Enzon Pharmaceuticals, Inc		33,015
5,150	*	Halozyme Therapeutics, Inc		36,256
1,460	*	Hi-Tech Pharmacal Co, Inc		33,449
2,491	*	Immucor, Inc		47,454
6,900	*	Impax Laboratories, Inc		131,514
3,405		Innophos Holdings, Inc		88,802
3,681		Innospec, Inc		34,528
9,623	*	Inspire Pharmaceuticals, Inc		48,019
280		Inter Parfums, Inc		3,984
600	*	Landec Corp		3,534
1,920	*	Lannett Co, Inc		8,774
4,739	*	Ligand Pharmaceuticals, Inc (Class B)		6,919
2,353	*	MAP Pharmaceuticals, Inc		30,871
1,100	*	Martek Biosciences Corp		26,081
14,118	*	Medicines Co		107,438
7,903		Medicis Pharmaceutical Corp (Class A)		172,917
4,546	*	Medivation, Inc		40,187
3,790	*	Micromet, Inc		23,650
2,795		Minerals Technologies, Inc		132,874
1,308	*	Momenta Pharmaceuticals, Inc		16,036
2,440	*	Neurocrine Biosciences, Inc		13,664
1,800	*	Novacea, Inc		14,994
9,434	*	NPS Pharmaceuticals, Inc		60,755
2,701	*	Obagi Medical Products, Inc		31,926
500		Olin Corp		9,045
2,753	*	OM Group, Inc		65,687
15,311	*	Omnova Solutions, Inc		119,579
1,561	*	Onyx Pharmaceuticals, Inc		33,702
699	*	Orexigen Therapeutics, Inc		2,936
3,865	*	Par Pharmaceutical Cos, Inc		100,335
2,090	*	Parexel International Corp		45,311
129		PetMed Express, Inc		2,296
18,560	*	PolyOne Corp		156,274

25

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,078	*	Pozen, Inc	$	7,557
8,604	*,m	Questcor Pharmaceuticals, Inc		87,847
6,816	*	Quidel Corp		86,495
5,920	*	Revlon, Inc (Class A)		66,067
750	*	Salix Pharmaceuticals Ltd		29,273
6,590	*	Santarus, Inc		16,343
5,610	*	Sciclone Pharmaceuticals, Inc		14,923
8,343	*	Seattle Genetics, Inc		100,033
3,698	*	Solutia, Inc		48,444
3,400	*	Spectrum Pharmaceuticals, Inc		13,328
2,662		Stepan Co		182,160
1,766	*	Sucampo Pharmaceuticals, Inc (Class A)		6,234
6,340	*	SuperGen, Inc		12,807
1,800	*	Targacept, Inc		34,794
4,322	*	Ulta Salon Cosmetics & Fragrance, Inc		102,259
1,020	*	USANA Health Sciences, Inc		37,261
9,971	*	Vanda Pharmaceuticals, Inc		65,908
7,185	*	Viropharma, Inc		80,544
7,900	*	WR Grace & Co		166,215
5,786	*	Zymogenetics, Inc		24,417
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,493,627
COAL MINING - 0.3%
9,781	*	Cloud Peak Energy, Inc		129,696
832	*	Westmoreland Coal Co		6,756
		TOTAL COAL MINING		136,452
COMMUNICATIONS - 1.7%
4,111	*	Anixter International, Inc		175,129
6,068	*	Aruba Networks, Inc		86,408
1,417		Atlantic Tele-Network, Inc		58,522
5,970	*	Brightpoint, Inc		41,790
4,247	*	Global Crossing Ltd		44,891
2,100	*	IDT Corp (Class B)		26,775
3,450	*	j2 Global Communications, Inc		75,348
3,353	*	Mediacom Communications Corp (Class A)		22,532
9,090	*	Neutral Tandem, Inc		102,263
1,000	*	Novatel Wireless, Inc		5,740
10,132	*	PAETEC Holding Corp		34,550
196	*	TeleCommunication Systems, Inc (Class A)		811
5,461		USA Mobility, Inc		70,556
11,000	*	Vonage Holdings Corp		25,300
		TOTAL COMMUNICATIONS		770,615
DEPOSITORY INSTITUTIONS - 7.0%
1,090		1st Source Corp		18,443
419		Ameris Bancorp		4,047
782		Bancfirst Corp		28,535
1,920		Berkshire Hills Bancorp, Inc		37,402
13,291		Boston Private Financial Holdings, Inc		85,461
3,024		Brookline Bancorp, Inc		26,853
7,980		Cathay General Bancorp		82,433
580		Century Bancorp, Inc		12,783
1,000		City Holding Co		27,880
2,042		Community Bank System, Inc		44,985
4,544		CVB Financial Corp		43,168
3,860		Dime Community Bancshares		47,594
12,062		East West Bancorp, Inc		183,946
238		First Bancorp (NC)		3,449
1,110		First Defiance Financial Corp		9,923
9,615		First Financial Bancorp		143,744

26

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
442		First Financial Bankshares, Inc	$	21,256
700		First Financial Holdings, Inc		8,015
1,500		First Interstate Bancsystem, Inc		23,595
1,570		First Merchants Corp		13,314
330	*	Flagstar Bancorp, Inc		1,036
14,160		FNB Corp		113,705
978		Hancock Holding Co		32,626
612		Independent Bank Corp		15,104
3,830		International Bancshares Corp		63,923
1,710		Lakeland Bancorp, Inc		14,569
310		Lakeland Financial Corp		6,194
2,123		MainSource Financial Group, Inc		15,222
4,860		MB Financial, Inc		89,375
280	*	Nara Bancorp, Inc		2,360
5,843		National Penn Bancshares, Inc		35,116
2,642		NBT Bancorp, Inc		53,950
1,371	*	Net 1 UEPS Technologies, Inc		18,385
10,978		NewAlliance Bancshares, Inc		123,063
355		Northwest Bancshares, Inc		4,072
1,200	*	Pinnacle Financial Partners, Inc		15,420
2,600		PrivateBancorp, Inc		28,808
4,612		Prosperity Bancshares, Inc		160,267
13,102		Provident Financial Services, Inc		153,162
672		Provident New York Bancorp		5,947
1,900		Qc Holdings, Inc		6,992
149		Renasant Corp		2,138
1,021		Republic Bancorp, Inc (Class A)		22,870
646		S.Y. Bancorp, Inc		14,845
1,456		Sandy Spring Bancorp, Inc		20,399
741		SCBT Financial Corp		26,098
1,779	*	Signature Bank		67,620
1,780		Simmons First National Corp (Class A)		46,743
463		Southside Bancshares, Inc		9,093
2,301		Southwest Bancorp, Inc		30,580
3,116		Sterling Bancorp		28,044
762		Suffolk Bancorp		23,576
4,060	*	Sun Bancorp, Inc		15,266
18,631		Susquehanna Bancshares, Inc		155,196
3,524	*	SVB Financial Group		145,295
1,730	*	The Bancorp, Inc		13,546
574		Tompkins Trustco, Inc		21,669
1,710		Trico Bancshares		28,950
7,597		Trustco Bank Corp NY		42,543
133		Trustmark Corp		2,769
4,515		UMB Financial Corp		160,553
2,881		Umpqua Holdings Corp		33,074
610		Union Bankshares Corp		7,479
13,906	*	United Community Banks, Inc		54,929
2,392		United Financial Bancorp, Inc		32,651
400		Washington Trust Bancorp, Inc		6,816
1,000		Webster Financial Corp		17,940
1,210		WesBanco, Inc		20,389
1,300	*	Western Alliance Bancorp		9,321
2,520		Westfield Financial, Inc		20,992
3,645		Wilshire Bancorp, Inc		31,894
2,835		Wintrust Financial Corp		94,519
		TOTAL DEPOSITORY INSTITUTIONS		3,033,919

27

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
EATING AND DRINKING PLACES - 1.9%
1,930	*	AFC Enterprises	$	17,563
1,563		Bob Evans Farms, Inc		38,481
900	*	Buffalo Wild Wings, Inc		32,922
3,100	*	California Pizza Kitchen, Inc		46,965
3,370		CBRL Group, Inc		156,907
6,720	*	Cheesecake Factory		149,587
9,235	*	Denny’s Corp		24,011
13,540	*	Domino’s Pizza, Inc		153,002
1,333	*	O’Charleys, Inc		7,065
2,960	*	Papa John’s International, Inc		68,435
4,057		PF Chang’s China Bistro, Inc		160,861
		TOTAL EATING AND DRINKING PLACES		855,799
EDUCATIONAL SERVICES - 1.0%
1,593	*	American Public Education, Inc		69,614
8,260	*	Bridgepoint Education, Inc		130,591
8,817	*	Corinthian Colleges, Inc		86,847
400	*	Lincoln Educational Services Corp		8,236
6,101	*	Universal Technical Institute, Inc		144,228
		TOTAL EDUCATIONAL SERVICES		439,516
ELECTRIC, GAS, AND SANITARY SERVICES - 4.2%
9,764		Avista Corp		190,691
7,553		Black Hills Corp		215,034
3,900		Cleco Corp		102,999
12,500	*	Dynegy, Inc (Class A)		48,125
2,139	*	El Paso Electric Co		41,390
132		Empire District Electric Co		2,478
900	*	Heritage-Crystal Clean, Inc		7,245
6,200		Idacorp, Inc		206,274
4,908		Laclede Group, Inc		162,602
5,490		Nicor, Inc		222,345
1,200		Northwest Natural Gas Co		52,284
6,240		Southwest Gas Corp		184,080
1,671		UIL Holdings Corp		41,825
4,130		Unisource Energy Corp		124,643
370	*,m	Waste Services, Inc		4,314
7,234		WGL Holdings, Inc		246,173
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,852,502
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.0%
6,150	*	Acme Packet, Inc		165,312
16,890	*	ADC Telecommunications, Inc		125,155
1,300	*	Advanced Energy Industries, Inc		15,977
2,900	*	Amkor Technology, Inc		15,979
23,322	*	Arris Group, Inc		237,651
2,230	*	Atheros Communications, Inc		61,414
3,207		AZZ, Inc		117,921
9,124	*	Benchmark Electronics, Inc		144,615
604	*	Checkpoint Systems, Inc		10,485
9,800	*	Conexant Systems, Inc		21,952
4,627		CTS Corp		42,753
4,507		Cubic Corp		163,965
2,900		DDi Corp		21,837
5,990	*	Diodes, Inc		95,061
4,267	*	EnerSys		91,186
1,149	*	Exar Corp		7,963
5,935	*	GrafTech International Ltd		86,770
3,120	*	GSI Technology, Inc		17,846

28

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
12,826	*	GT Solar International, Inc	$	71,826
12,210	*	Harris Stratex Networks, Inc (Class A)		44,322
4,100	*	Hutchinson Technology, Inc		17,753
7,211	*	InterDigital, Inc		178,040
1,620	*	IXYS Corp		14,321
46,430	*	Lattice Semiconductor Corp		201,506
963	*	Loral Space & Communications, Inc		41,139
3,010	*	MEMSIC, Inc		6,803
1,500	*	Microsemi Corp		21,945
6,182	*	Microtune, Inc		13,168
840	*	MIPS Technologies, Inc		4,292
2,968	*	Multi-Fineline Electronix, Inc		74,081
166		National Presto Industries, Inc		15,415
590	*	NVE Corp		25,683
4,646	*	Omnivision Technologies, Inc		99,610
3,359	*	Oplink Communications, Inc		48,134
2,259	*	OSI Systems, Inc		62,732
2,320	*	Pericom Semiconductor Corp		22,272
8,159		Plantronics, Inc		233,347
5,302	*	Plexus Corp		141,775
2,645	*	Polycom, Inc		78,795
1,751	*	Powell Industries, Inc		47,872
3,779	*	Power-One, Inc		25,508
770		Raven Industries, Inc		25,957
3,169		Regal-Beloit Corp		176,767
43,634	*	RF Micro Devices, Inc		170,609
2,200		Richardson Electronics Ltd		19,800
2,500	*	Sanmina-SCI Corp		34,025
5,253	*	Symmetricom, Inc		26,738
3,634	*	Synaptics, Inc		99,935
2,272	*	Tekelec		30,081
5,418	*	Tessera Technologies, Inc		86,959
7,215	*	Triquint Semiconductor, Inc		44,084
4,433	*	TTM Technologies, Inc		42,114
1,300	*	Universal Electronics, Inc		21,619
4,632	*	Volterra Semiconductor Corp		106,814
10,503	*	Zoran Corp		100,199
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,919,882
ENGINEERING AND MANAGEMENT SERVICES - 2.0%
1,437	*	Affymax, Inc		8,593
10,052	*	Ariad Pharmaceuticals, Inc		28,347
1,700	*	Celera Corp		11,135
20,550	*	Exelixis, Inc		71,309
1,098	*	Exponent, Inc		35,927
200	*	Furmanite Corp		794
8,000	*	Incyte Corp		88,560
2,390	*	Infinity Pharmaceuticals, Inc		14,125
7,904	*	Insmed, Inc		5,316
1,627	*	Isis Pharmaceuticals, Inc		15,570
490	*	Luminex Corp		7,948
3,510		MAXIMUS, Inc		203,123
1,930		MedQuist, Inc		15,266
1,652	*	Michael Baker Corp		57,655
1,980	*	Regeneron Pharmaceuticals, Inc		44,194

29

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,815	*	Repligen Corp	$	12,246
5,300	*	Senomyx, Inc		20,087
8,954	*	Tetra Tech, Inc		175,587
1,582		Towers Watson & Co		61,461
680		VSE Corp		21,638
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		898,881
FABRICATED METAL PRODUCTS - 0.9%
841	*	Chart Industries, Inc		13,103
693		CIRCOR International, Inc		17,727
870	*	Hawk Corp		22,142
900		Insteel Industries, Inc		10,458
3,300		Mueller Water Products, Inc (Class A)		12,243
6,435		Quanex Building Products Corp		111,261
456		Silgan Holdings, Inc		12,941
8,901		Sturm Ruger & Co, Inc		127,551
3,180		Watts Water Technologies, Inc (Class A)		91,139
		TOTAL FABRICATED METAL PRODUCTS		418,565
FOOD AND KINDRED PRODUCTS - 1.4%
1,421	*	Boston Beer Co, Inc (Class A)		95,846
4,208	*	Central Garden and Pet Co (Class A)		37,746
432		Coca-Cola Bottling Co Consolidated		20,701
424	*	Darling International, Inc		3,184
1,764		J&J Snack Foods Corp		74,264
2,280		Lancaster Colony Corp		121,662
2,030	*	Matrixx Initiatives, Inc		9,338
930		National Beverage Corp		11,420
983	*	Peet’s Coffee & Tea, Inc		38,602
3,970		Sanderson Farms, Inc		201,439
		TOTAL FOOD AND KINDRED PRODUCTS		614,202
FOOD STORES - 0.5%
2,500	*	Dole Food Co, Inc		26,075
420		Ingles Markets, Inc (Class A)		6,321
4,559	*	Pantry, Inc		64,327
1,394		Ruddick Corp		43,200
510		Village Super Market (Class A)		13,388
2,518		Weis Markets, Inc		82,867
		TOTAL FOOD STORES		236,178
FURNITURE AND FIXTURES - 0.2%
9,887	*	Furniture Brands International, Inc		51,611
1,733		Kimball International, Inc (Class B)		9,583
1,700	*	La-Z-Boy, Inc		12,631
3,700	*	Select Comfort Corp		32,375
		TOTAL FURNITURE AND FIXTURES		106,200
FURNITURE AND HOME FURNISHINGS STORES - 0.0%
900	*	Tuesday Morning Corp		3,591
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		3,591
GENERAL BUILDING CONTRACTORS - 0.4%
700	*	Brookfield Homes Corp		4,718
3,500	*	M/I Homes, Inc		33,740

30

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
780	*	Perini Corp	$	12,854
3,591		Ryland Group, Inc		56,810
19,435	*	Standard-Pacific Corp		64,719
		TOTAL GENERAL BUILDING CONTRACTORS		172,841
GENERAL MERCHANDISE STORES - 0.4%
1,144		Casey’s General Stores, Inc		39,926
4,300		Dillard’s, Inc (Class A)		92,450
4,662	*	Stein Mart, Inc		29,044
		TOTAL GENERAL MERCHANDISE STORES		161,420
HEALTH SERVICES - 1.2%
2,000	*	Amedisys, Inc		87,940
980		America Service Group, Inc		16,856
11,989	*	Continucare Corp		40,163
900	*	Genomic Health, Inc		11,637
600	*	Genoptix, Inc		10,320
7,091	*	Healthsouth Corp		132,673
2,160	*	Kindred Healthcare, Inc		27,734
7,200	*	Nektar Therapeutics		87,120
2,330	*	Nighthawk Radiology Holdings, Inc		6,035
3,719	*	Odyssey HealthCare, Inc		99,372
2,352	*	Skilled Healthcare Group, Inc (Class A)		15,970
		TOTAL HEALTH SERVICES		535,820
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.3%
1,470	*	LB Foster Co (Class A)		38,102
4,547	*	Matrix Service Co		42,333
2,589	*	Sterling Construction Co, Inc		33,502
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		113,937
HOLDING AND OTHER INVESTMENT OFFICES - 6.8%
4,232		Agree Realty Corp		98,690
140		Alexander’s, Inc		42,409
2,000		American Capital Agency Corp		52,840
2,550		BioMed Realty Trust, Inc		41,030
1,847		Capital Lease Funding, Inc		8,515
7,742		CBL & Associates Properties, Inc		96,310
2,030		Danvers Bancorp, Inc		29,334
4,359		Developers Diversified Realty Corp		43,154
12,310		DiamondRock Hospitality Co		101,188
1,080		EastGroup Properties, Inc		38,426
4,290		Equity Lifestyle Properties, Inc		206,906
7,750	*	FelCor Lodging Trust, Inc		38,673
8,834	*	First Industrial Realty Trust, Inc		42,580
4,047		Getty Realty Corp		90,693
1,240		Gladstone Commercial Corp		20,262
12,715		Glimcher Realty Trust		76,036
3,320		Hersha Hospitality Trust		15,006
8,158		Highwoods Properties, Inc		226,465
177		Investors Real Estate Trust		1,563
1,022		Kilroy Realty Corp		30,384
6,070		LaSalle Hotel Properties		124,860
1,876		Lexington Corporate Properties Trust		11,275
4,237		LTC Properties, Inc		102,832
3,290		Mid-America Apartment Communities, Inc		169,336
2,934		Mission West Properties, Inc		20,010
4,196		National Health Investors, Inc		161,798
10,207		Omega Healthcare Investors, Inc		203,426
4,064		Parkway Properties, Inc		59,212

31

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
11,410		Pennsylvania Real Estate Investment Trust	$	139,430
313		Potlatch Corp		11,183
3,002		PS Business Parks, Inc		167,452
4,616		Redwood Trust, Inc		67,578
2,085		Resource Capital Corp		11,843
1,487		Saul Centers, Inc		60,417
600		Sovran Self Storage, Inc		20,658
1,900		Sun Communities, Inc		49,324
2,370		Tanger Factory Outlet Centers, Inc		98,071
3,730		Urstadt Biddle Properties, Inc (Class A)		60,165
8,700		U-Store-It Trust		64,902
3,630		Washington Real Estate Investment Trust		100,152
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,004,388
HOTELS AND OTHER LODGING PLACES - 0.1%
6,925	*	Orient-Express Hotels Ltd (Class A)		51,245
		TOTAL HOTELS AND OTHER LODGING PLACES		51,245
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.9%
498		Aaon, Inc		11,608
480		Alamo Group, Inc		10,416
1,942	*	Altra Holdings, Inc		25,285
2,043		Ampco-Pittsburgh Corp		42,556
3,590	*	Blount International, Inc		36,869
610	*	Bolt Technology Corp		5,338
1,012		Briggs & Stratton Corp		17,224
5,560	*	Brooks Automation, Inc		42,979
5,100	*	Cirrus Logic, Inc		80,631
4,084	*	Colfax Corp		42,514
2,448	*	Columbus McKinnon Corp		34,199
7,031	*	Cray, Inc		39,233
3,208	*	ENGlobal Corp		6,608
5,711	*	EnPro Industries, Inc		160,765
8,722	*	Entegris, Inc		34,626
12,073	*	Extreme Networks, Inc		32,597
2,100	*	Fortinet, Inc		34,524
800		Graham Corp		11,992
4,200	*	Isilon Systems, Inc		53,928
3,890		Lindsay Manufacturing Co		123,274
1,917		Nacco Industries, Inc (Class A)		170,153
5,852	*	Netgear, Inc		104,400
722		Nordson Corp		40,490
5,860	*,m	Palm, Inc		33,343
17,404	*	Quantum Corp		32,720
5,710	*	Riverbed Technology, Inc		157,710
2,164		Standex International Corp		54,857
3,100	*	STEC, Inc		38,936
1,170	*	Super Micro Computer, Inc		15,795
2,225		Tennant Co		75,250
9,030	*	VeriFone Holdings, Inc		170,938
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,741,758
INSTRUMENTS AND RELATED PRODUCTS - 5.6%
13,980	*	Affymetrix, Inc		82,482
9,500	*	Align Technology, Inc		141,265
7,110	*	American Medical Systems Holdings, Inc		157,273
1,353		American Science & Engineering, Inc		103,112
13,201	*	Bruker BioSciences Corp		160,524
5,634	*	Caliper Life Sciences, Inc		24,057

32

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
6,139		Cantel Medical Corp	$	102,521
1,300	*	Cepheid, Inc		20,826
84	*	Conmed Corp		1,565
3,697	*	Cyberonics, Inc		87,545
429	*	Cynosure, Inc (Class A)		4,620
3,744	*	Depomed, Inc		10,483
2,000	*	DXP Enterprises, Inc		31,300
25,970	*	Eastman Kodak Co		112,710
200	*	Esterline Technologies Corp		9,490
5,284	*	Fossil, Inc		183,355
3,390	*	Haemonetics Corp		181,433
5,576	*	Hanger Orthopedic Group, Inc		100,145
1,694	*	ICU Medical, Inc		54,496
3,379		Invacare Corp		70,080
600	*	IRIS International, Inc		6,084
3,580	*	ISTA Pharmaceuticals, Inc		7,840
2,368	*	Kensey Nash Corp		56,145
5,608	*	Kopin Corp		19,011
750	*	LaBarge, Inc		8,558
916		Masimo Corp		21,810
1,525		Mine Safety Appliances Co		37,790
2,133		MTS Systems Corp		61,857
1,409	*	Orthofix International NV		45,158
10,000	*	RAE Systems, Inc		8,000
3,463	*	Sirona Dental Systems, Inc		120,651
5,520		STERIS Corp		171,562
1,343	*	Synovis Life Technologies, Inc		20,521
600	*	Thoratec Corp		25,638
5,374	*	Veeco Instruments, Inc		184,221
3,000	*	Wright Medical Group, Inc		49,830
190	*	Zygo Corp		1,541
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,485,499
INSURANCE AGENTS, BROKERS AND SERVICE - 0.1%
6,040	*	Crawford & Co (Class B)		19,086
3,600	*	National Financial Partners Corp		35,172
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		54,258
INSURANCE CARRIERS - 4.4%
7,186		American Equity Investment Life Holding Co		74,160
500	*	American Safety Insurance Holdings Ltd		7,860
4,627		Argo Group International Holdings Ltd		141,540
2,374		Assured Guaranty Ltd		31,503
2,642	*	Catalyst Health Solutions, Inc		91,149
5,691	*	Centene Corp		122,357
3,697	*	CNA Surety Corp		59,411
8,478	*	Conseco, Inc		41,966
1,000		Employers Holdings, Inc		14,730
4,026		FBL Financial Group, Inc (Class A)		84,546
7,616		Flagstone Reinsurance Holdings Ltd		82,405
778	*	Greenlight Capital Re Ltd (Class A)		19,598
2,960	*	Hallmark Financial Services		29,452
10,810		Horace Mann Educators Corp		165,392
4,516		Maiden Holdings Ltd		29,670
7,014		Max Capital Group Ltd		131,723
8,925		Meadowbrook Insurance Group, Inc		77,023
5,660	*	Metropolitan Health Networks, Inc		21,112
2,396	*	MGIC Investment Corp		16,508
4,860	*	Molina Healthcare, Inc		139,968
13,200		Montpelier Re Holdings Ltd		197,075

33

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
200		National Interstate Corp	$	3,964
8,500	*	Phoenix Cos, Inc		17,935
1,361		Platinum Underwriters Holdings Ltd		49,391
2,788	*	PMA Capital Corp (Class A)		18,261
4,116		Selective Insurance Group, Inc		61,164
365		State Auto Financial Corp		5,661
720		Tower Group, Inc		15,502
4,291	*	Triple-S Management Corp (Class B)		79,598
5,557	*	Universal American Financial Corp		80,021
690	*	WellCare Health Plans, Inc		16,381
		TOTAL INSURANCE CARRIERS		1,927,026
LEATHER AND LEATHER PRODUCTS - 0.5%
2,897	*	Steven Madden Ltd		91,313
2,320	*	Timberland Co (Class A)		37,468
2,872		Wolverine World Wide, Inc		72,432
		TOTAL LEATHER AND LEATHER PRODUCTS		201,213
LEGAL SERVICES - 0.2%
1,604	*	Pre-Paid Legal Services, Inc		72,966
		TOTAL LEGAL SERVICES		72,966
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.3%
2,635	*	Emergency Medical Services Corp (Class A)		129,194
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		129,194
METAL MINING - 1.0%
1,199	*	Coeur d’Alene Mines Corp		18,920
26,800	*	Golden Star Resources Ltd		117,384
17,153	*	Hecla Mining Co		89,539
5,360	*	Patriot Coal Corp		62,980
509	*	Rosetta Resources, Inc		10,083
9,900	*	Stillwater Mining Co		115,038
5,368	*	Thompson Creek Metals Co, Inc		46,594
		TOTAL METAL MINING		460,538
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.3%
2,372		Blyth, Inc		80,814
4,308	*	Jakks Pacific, Inc		61,949
600	*	RC2 Corp		9,666
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		152,429
MISCELLANEOUS RETAIL - 2.4%
6,645	*	1-800-FLOWERS.COM, Inc (Class A)		13,689
1,620		Books-A-Million, Inc		9,752
2,783		Cash America International, Inc		95,373
7,229	*	Ezcorp, Inc (Class A)		134,098
1,479	*	HSN, Inc		35,496
4,808	*	Jo-Ann Stores, Inc		180,348
5,702	*	Kirkland’s, Inc		96,221
7,887	*	OfficeMax, Inc		103,004
2,815	*	Overstock.com, Inc		50,867
1,810	*	PC Connection, Inc		10,969
4,580	*	Shutterfly, Inc		109,737
8,617		World Fuel Services Corp		223,525
6,900	*	Zale Corp		10,902
		TOTAL MISCELLANEOUS RETAIL		1,073,981

34

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
MOTION PICTURES - 0.1%
200	*	Ascent Media Corp (Series A)	$	5,052
1,550	*	Carmike Cinemas, Inc		9,393
1,930		Cinemark Holdings, Inc		25,380
1,037		National CineMedia, Inc		17,276
		TOTAL MOTION PICTURES		57,101
NONDEPOSITORY INSTITUTIONS - 1.5%
8,195		Advance America Cash Advance Centers, Inc		33,845
3,700	*	American Capital Ltd		17,834
3,942		Apollo Investment Corp		36,779
6,547		Ares Capital Corp		82,034
11,956	*	Boise, Inc		65,638
2,047	*	Doral Financial Corp		4,995
200	*,b	DVI, Inc		0
900		Hercules Technology Growth Capital, Inc		8,289
6,800		MCG Capital Corp		32,844
500	*	Mercadolibre, Inc		26,275
509		NGP Capital Resources Co		3,650
13,065	*	PHH Corp		248,758
2,890	*	World Acceptance Corp		110,716
		TOTAL NONDEPOSITORY INSTITUTIONS		671,657
OIL AND GAS EXTRACTION - 3.4%
1,400	*	Approach Resources, Inc		9,632
2,856	*	Basic Energy Services, Inc		21,991
4,397	*	Bill Barrett Corp		135,297
13,251	*	Cal Dive International, Inc		77,518
9,994	*	Complete Production Services, Inc		142,915
1,778	*	Contango Oil & Gas Co		79,566
2,363	*	Dawson Geophysical Co		50,261
475	*	Geokinetics, Inc		1,819
3,800	*	Goodrich Petroleum Corp		45,600
6,290	*	Gulfport Energy Corp		74,599
23,600	*	Hercules Offshore, Inc		57,348
1,155	*	Key Energy Services, Inc		10,603
19,647	*	McMoRan Exploration Co		218,279
738		Penn Virginia Corp		14,841
2,800	*	Petroleum Development Corp		71,736
10,382	*	Petroquest Energy, Inc		70,182
10,657	*	Pioneer Drilling Co		60,425
1,800	*	Seahawk Drilling, Inc		17,496
8,177	*	Stone Energy Corp		91,255
1,400	*	Swift Energy Co		37,674
4,610	*	Tetra Technologies, Inc		41,859
2,440	*	TGC Industries, Inc		7,393
1,340	*	Union Drilling, Inc		7,383
13,824		Vaalco Energy, Inc		77,414
1,520	*	Venoco, Inc		25,034
7,747		W&T Offshore, Inc		73,287
		TOTAL OIL AND GAS EXTRACTION		1,521,407
PAPER AND ALLIED PRODUCTS - 1.0%
1,650		Domtar Corporation		81,098
9,886		Glatfelter		107,263

35

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,100	*	Kapstone Paper and Packaging Corp	$	56,814
2,997		Rock-Tenn Co (Class A)		148,861
4,400	*	Wausau Paper Corp		29,788
		TOTAL PAPER AND ALLIED PRODUCTS		423,824
PERSONAL SERVICES - 0.4%
1,600		Regis Corp		24,912
1,400	*	Steiner Leisure Ltd		53,816
1,768		Unifirst Corp		77,827
		TOTAL PERSONAL SERVICES		156,555
PETROLEUM AND COAL PRODUCTS - 0.2%
1,900		Alon USA Energy, Inc		12,084
12,568	*	Gran Tierra Energy, Inc		62,337
		TOTAL PETROLEUM AND COAL PRODUCTS		74,421
PRIMARY METAL INDUSTRIES - 0.6%
5,795		Belden CDT, Inc		127,491
1,000	*	Brush Engineered Materials, Inc		19,980
163	*	Horsehead Holding Corp		1,232
2,072		Mueller Industries, Inc		50,971
5,290		Worthington Industries, Inc		68,029
		TOTAL PRIMARY METAL INDUSTRIES		267,703
PRINTING AND PUBLISHING - 0.9%
2,800	*	AH Belo Corp (Class A)		18,592
2,100	*	Consolidated Graphics, Inc		90,804
4,340	*	EW Scripps Co (Class A)		32,246
13,653	*	Journal Communications, Inc (Class A)		54,202
3,898		Scholastic Corp		94,020
4,000	*	Valassis Communications, Inc		126,880
		TOTAL PRINTING AND PUBLISHING		416,744
REAL ESTATE - 0.0%
100		Government Properties Income Trust		2,552
		TOTAL REAL ESTATE		2,552
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.3%
5,040		A. Schulman, Inc		95,558
8,180		Cooper Tire & Rubber Co		159,510
1,200	*	Deckers Outdoor Corp		171,444
730	*	Skechers U.S.A., Inc (Class A)		26,660
6,000		Titan International, Inc		59,820
1,380		Tupperware Corp		54,993
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		567,985
SECURITY AND COMMODITY BROKERS - 1.1%
24,993	*	Broadpoint Securities Group, Inc		63,732
2,124		Calamos Asset Management, Inc (Class A)		19,711
2,060		Duff & Phelps Corp		26,018
10,039	*	E*Trade Financial Corp		118,660
2,910		Evercore Partners, Inc (Class A)		67,948
1,100		GAMCO Investors, Inc (Class A)		40,920
3,183	*	Knight Capital Group, Inc (Class A)		43,894
379		Oppenheimer Holdings, Inc		9,077

36

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,250	*	Piper Jaffray Cos	$	40,275
640	*	Stifel Financial Corp		27,770
4,444		SWS Group, Inc		42,218
		TOTAL SECURITY AND COMMODITY BROKERS		500,223
SPECIAL TRADE CONTRACTORS - 1.2%
5,012	*	AsiaInfo Holdings, Inc		109,562
600		Chemed Corp		32,784
7,817		Comfort Systems USA, Inc		75,512
6,432	*	Dycom Industries, Inc		54,994
10,360	*	EMCOR Group, Inc		240,041
		TOTAL SPECIAL TRADE CONTRACTORS		512,893
STONE, CLAY, AND GLASS PRODUCTS - 0.3%
4,720		Apogee Enterprises, Inc		51,118
2,450	*	Cabot Microelectronics Corp		84,745
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		135,863
TEXTILE MILL PRODUCTS - 0.2%
1,600	*	Culp, Inc		17,536
3,934		Oxford Industries, Inc		82,339
		TOTAL TEXTILE MILL PRODUCTS		99,875
TRANSPORTATION BY AIR - 2.0%
7,920	*	Airtran Holdings, Inc		38,412
2,786	*	Alaska Air Group, Inc		125,231
2,329		Allegiant Travel Co		99,425
3,820	*	Atlas Air Worldwide Holdings, Inc		181,450
14,673	*	Hawaiian Holdings, Inc		75,859
23,920	*	JetBlue Airways Corp		131,321
3,400	*	Pinnacle Airlines		18,496
9,380	*	UAL Corp		192,853
		TOTAL TRANSPORTATION BY AIR		863,047
TRANSPORTATION EQUIPMENT - 2.9%
4,320		A.O. Smith Corp		208,180
7,400	*	American Axle & Manufacturing Holdings, Inc		54,242
1,180		American Railcar Industries, Inc		14,254
2,100	*	Arctic Cat, Inc		19,131
6,476	*	ArvinMeritor, Inc		84,836
1,614	*	ATC Technology Corp		26,018
2,333		Brunswick Corp		28,999
7,005	*	Dana Holding Corp		70,050
19,861	*	Force Protection, Inc		81,430
1,000	*	Fuel Systems Solutions, Inc		25,950
22,367	*	GenCorp, Inc		97,967
2,656		Kaman Corp		58,751
1,000	*	Lear Corp		66,200
850	*	LMI Aerospace, Inc		13,405
11,854	*	Orbital Sciences Corp		186,938
890		Polaris Industries, Inc		48,612
5,201		Standard Motor Products, Inc		41,972
1,730	*	Tenneco, Inc		36,434
1,832		Triumph Group, Inc		122,066
		TOTAL TRANSPORTATION EQUIPMENT		1,285,435

37

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
TRANSPORTATION SERVICES - 0.4%
1,001	*	Dynamex, Inc	$	12,212
4,948	*	Hub Group, Inc (Class A)		148,490
		TOTAL TRANSPORTATION SERVICES		160,702
TRUCKING AND WAREHOUSING - 0.7%
3,600		Arkansas Best Corp		74,700
2,448	*	Marten Transport Ltd		50,869
1,100	*	PAM Transportation Services, Inc		16,533
1,010	*	USA Truck, Inc		16,281
7,310		Werner Enterprises, Inc		160,017
		TOTAL TRUCKING AND WAREHOUSING		318,400
WATER TRANSPORTATION - 0.3%
1,060	*	American Commercial Lines, Inc		23,861
4,100	*	Excel Maritime Carriers Ltd		20,992
5,860	*	Genco Shipping & Trading Ltd		87,841
508		International Shipholding Corp		11,242
600	*	Ultrapetrol Bahamas Ltd		2,610
		TOTAL WATER TRANSPORTATION		146,546
WHOLESALE TRADE-DURABLE GOODS - 1.5%
5,877		Agilysys, Inc		39,317
3,720		Applied Industrial Technologies, Inc		94,190
28	*	Beacon Roofing Supply, Inc		505
171	*	Chindex International, Inc		2,143
3,254	*	Insight Enterprises, Inc		42,823
1,314	*	MWI Veterinary Supply, Inc		66,042
8,107		Owens & Minor, Inc		230,076
8,251	*	PSS World Medical, Inc		174,508
		TOTAL WHOLESALE TRADE-DURABLE GOODS		649,604
WHOLESALE TRADE-NONDURABLE GOODS - 1.6%
4,326		Andersons, Inc		140,984
3,470	*	BioScrip, Inc		18,183
2,263	*	Clearwater Paper Corp		123,922
1,406	*	Core-Mark Holding Co, Inc		38,524
1,915	*	Kenneth Cole Productions, Inc (Class A)		21,084
1,000		Nash Finch Co		34,160
4,374		Nu Skin Enterprises, Inc (Class A)		109,044
28		Spartan Stores, Inc		384
430		Tractor Supply Co		26,217
3,278	*	United Stationers, Inc		178,553
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		691,055
		TOTAL COMMON STOCKS (Cost $45,586,862)		44,092,899
		TOTAL INVESTMENTS - 99.9% (Cost $45,586,862)		44,092,899
		OTHER ASSETS & LIABILITIES, NET - 0.1%		24,028
		NET ASSETS - 100.0%	$	44,116,927

* Non-income producing.

b In bankruptcy.

m Indicates a security that has been deemed illiquid.

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AGRICULTURAL PRODUCTION-CROPS - 0.0%
536	*	Chiquita Brands International, Inc	$	6,512
38		Griffin Land & Nurseries, Inc (Class A)		965
101		Limoneira Co		2,198
		TOTAL AGRICULTURAL PRODUCTION-CROPS		9,675
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.0%
200		Cal-Maine Foods, Inc		6,386
586	*	Pilgrim’s Pride Corp		3,850
4		Seaboard Corp		6,040
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		16,276
AGRICULTURAL SERVICES - 0.0%
130	*	Cadiz, Inc		1,569
125		Calavo Growers, Inc		2,245
1,033	*	VCA Antech, Inc		25,577
		TOTAL AGRICULTURAL SERVICES		29,391
AMUSEMENT AND RECREATION SERVICES - 0.7%
656	*	Bally Technologies, Inc		21,248
155		Churchill Downs, Inc		5,084
4,017	*	Electronic Arts, Inc		57,844
338		International Speedway Corp (Class A)		8,707
484	*	Life Time Fitness, Inc		15,386
1,699	*	Live Nation, Inc		17,755
715	*	Madison Square Garden, Inc		14,064
322	*	Multimedia Games, Inc		1,449
807	*	Penn National Gaming, Inc		18,642
793	*	Pinnacle Entertainment, Inc		7,502
164		Speedway Motorsports, Inc		2,224
23,585		Walt Disney Co		742,927
675	*	Warner Music Group Corp		3,281
698	*	WMS Industries, Inc		27,396
251		World Wrestling Entertainment, Inc (Class A)		3,906
		TOTAL AMUSEMENT AND RECREATION SERVICES		947,415
APPAREL AND ACCESSORY STORES - 0.8%
1,092		Abercrombie & Fitch Co (Class A)		33,513
1,127	*	Aeropostale, Inc		32,277
1,343	*	American Apparel, Inc		2,458
2,498		American Eagle Outfitters, Inc		29,352
671	*	AnnTaylor Stores Corp		10,917
380		Bebe Stores, Inc		2,432
482		Brown Shoe Co, Inc		7,317
310		Buckle, Inc		10,050
695	*	Carter’s, Inc		18,244
514	*	Casual Male Retail Group, Inc		1,758
325		Cato Corp (Class A)		7,157
1,400	*	Charming Shoppes, Inc		5,250
2,122		Chico’s FAS, Inc		20,965
335	*	Children’s Place Retail Stores, Inc		14,747
390		Christopher & Banks Corp		2,414
243	*	Citi Trends, Inc		8,004
733	*	Collective Brands, Inc		11,581
59	*	Destination Maternity Corp		1,493
719	*	Dress Barn, Inc		17,119
200	*	DSW, Inc (Class A)		4,492
189	*	Express Parent LLC		3,094

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
681		Finish Line, Inc (Class A)	$	9,486
1,799		Foot Locker, Inc		22,703
5,533		Gap, Inc		107,672
450		Hot Topic, Inc		2,286
665	*	J Crew Group, Inc		24,479
233	*	JOS A Bank Clothiers, Inc		12,580
3,696	*	Kohl’s Corp		175,561
3,240		Limited Brands, Inc		71,507
512	*	New York & Co, Inc		1,172
1,992		Nordstrom, Inc		64,122
886	*	Pacific Sunwear Of California, Inc		2,835
1,475		Ross Stores, Inc		78,603
180	*	Rue21, Inc		5,461
66	*	Shoe Carnival, Inc		1,354
411		Stage Stores, Inc		4,389
846	*	Talbots, Inc		8,722
4,913		TJX Companies, Inc		206,101
399	*	Under Armour, Inc (Class A)		13,219
1,468	*	Urban Outfitters, Inc		50,485
1,045	*	Wet Seal, Inc (Class A)		3,814
		TOTAL APPAREL AND ACCESSORY STORES		1,111,185
APPAREL AND OTHER TEXTILE PRODUCTS - 0.4%
137		Columbia Sportswear Co		6,394
205	*	G-III Apparel Group Ltd		4,692
756		Guess ?, Inc		23,617
353	*	Gymboree Corp		15,077
1,141	*	Hanesbrands, Inc		27,452
488	*	Joe’s Jeans, Inc		966
1,084		Jones Apparel Group, Inc		17,181
1,307	*	Liz Claiborne, Inc		5,516
300	*	Maidenform Brands, Inc		6,108
4,334		Nike, Inc (Class B)		292,763
680		Phillips-Van Heusen Corp		31,464
663		Polo Ralph Lauren Corp (Class A)		48,372
1,598	*	Quiksilver, Inc		5,913
304	*	True Religion Apparel, Inc		6,709
1,068		VF Corp		76,020
515	*	Warnaco Group, Inc		18,612
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		586,856
AUTO REPAIR, SERVICES AND PARKING - 0.1%
100	*	Amerco, Inc		5,505
347	*	Dollar Thrifty Automotive Group, Inc		14,786
2,251	*	Hertz Global Holdings, Inc		21,294
251	*	Midas, Inc		1,925
241		Monro Muffler, Inc		9,527
655		Ryder System, Inc		26,350
189	*	Standard Parking Corp		2,992
465	*	Wright Express Corp		13,811
		TOTAL AUTO REPAIR, SERVICES AND PARKING		96,190
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
1,059		Advance Auto Parts		53,141
122	*	America’s Car-Mart, Inc		2,761
359	*	Asbury Automotive Group, Inc		3,784
877	*	Autonation, Inc		17,102
335	*	Autozone, Inc		64,729
2,687	*	Carmax, Inc		53,471
898	*	Copart, Inc		32,157
205		Lithia Motors, Inc (Class A)		1,267
257	*	MarineMax, Inc		1,784
1,637	*	O’Reilly Automotive, Inc		77,855
500	*	Penske Auto Group, Inc		5,680

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
333	*	Rush Enterprises, Inc (Class A)	$	4,449
481	*	Sonic Automotive, Inc (Class A)		4,117
150	*	US Auto Parts Network, Inc		900
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		323,197
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.7%
1,363	*	Builders FirstSource, Inc		3,271
1,593		Fastenal Co		79,953
20,394		Home Depot, Inc		572,460
17,377		Lowe’s Cos, Inc		354,838
278	*	Lumber Liquidators, Inc		6,486
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,017,008
BUSINESS SERVICES - 7.2%
215	*	3D Systems Corp		2,698
873		Aaron Rents, Inc		14,902
549		ABM Industries, Inc		11,502
392	*	Acacia Research (Acacia Technologies)		5,578
400	*	ACI Worldwide, Inc		7,788
6,249		Activision Blizzard, Inc		65,552
620	*	Actuate Corp		2,759
820	*	Acxiom Corp		12,046
335		Administaff, Inc		8,094
6,341	*	Adobe Systems, Inc		167,593
187	*	Advent Software, Inc		8,782
532		Aircastle Ltd		4,176
2,075	*	Akamai Technologies, Inc		84,183
642	*	Alliance Data Systems Corp		38,212
2,552	*	Amdocs Ltd		68,521
412	*	American Reprographics Co		3,597
276	*	American Software, Inc (Class A)		1,275
357	*	AMN Healthcare Services, Inc		2,670
224	*	Ancestry.com, Inc		3,947
1,083	*	Ansys, Inc		43,937
318	*	APAC Customer Services, Inc		1,813
361		Arbitron, Inc		9,252
297	*	ArcSight, Inc		6,650
1,084	*	Ariba, Inc		17,268
1,879	*	Art Technology Group, Inc		6,426
756	*	Aspen Technology, Inc		8,233
96	*	Asset Acceptance Capital Corp		397
404	*	athenahealth, Inc		10,557
2,757	*	Autodesk, Inc		67,161
6,118		Automatic Data Processing, Inc		246,311
1,259	*	Avis Budget Group, Inc		12,363
97		Barrett Business Services, Inc		1,203
574		BGC Partners, Inc (Class A)		2,933
538		Blackbaud, Inc		11,712
426	*	Blackboard, Inc		15,903
479	*	Blue Coat Systems, Inc		9,786
2,184	*	BMC Software, Inc		75,632
300	*	Bottomline Technologies, Inc		3,909
1,271	*	BPZ Energy, Inc		5,275
586		Brady Corp (Class A)		14,603
550		Brink’s Co		10,467
4,682		CA, Inc		86,149
372	*	CACI International, Inc (Class A)		15,803
3,247	*	Cadence Design Systems, Inc		18,800
232	*	CAI International, Inc		2,761
202	*	Capella Education Co		16,433
534	*	Cavium Networks, Inc		13,985
854	*	CBIZ, Inc		5,431
1,213	*	CDC Corp		2,523

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
829	*	Cerner Corp	$	62,913
834	*	Ciber, Inc		2,310
2,238	*	Citrix Systems, Inc		94,511
400	*	Clear Channel Outdoor Holdings, Inc (Class A)		3,472
118	*	Clinical Data, Inc		1,468
706	*	Cogent Communications Group, Inc		5,351
633	*	Cogent, Inc		5,703
459		Cognex Corp		8,069
3,617	*	Cognizant Technology Solutions Corp (Class A)		181,067
487	*	Commvault Systems, Inc		10,958
398		Compass Diversified Trust		5,337
283	*	Compellent Technologies, Inc		3,430
185		Computer Programs & Systems, Inc		7,570
1,859		Computer Sciences Corp		84,120
174	*	Computer Task Group, Inc		1,124
2,948	*	Compuware Corp		23,525
491	*	Concur Technologies, Inc		20,956
342	*	Constant Contact, Inc		7,295
1,260	*	Convergys Corp		12,361
248	*	CoStar Group, Inc		9,622
485	*	CSG Systems International, Inc		8,890
843	*	Cybersource Corp		21,522
485	*	DealerTrack Holdings, Inc		7,978
235	*	Deltek, Inc		1,960
567		Deluxe Corp		10,631
187	*	Dice Holdings, Inc		1,294
453	*	Digital River, Inc		10,831
259	*	DivX, Inc		1,984
85	*	DMRC Corp		1,594
202	*	Double-Take Software, Inc		2,119
426		DST Systems, Inc		15,396
112	*	DynaVox, Inc		1,793
299	*	DynCorp International, Inc (Class A)		5,238
1,405		Earthlink, Inc		11,184
13,882	*	eBay, Inc		272,226
322	*	Ebix, Inc		5,049
330	*	Echelon Corp		2,419
673	*	Eclipsys Corp		12,006
248		Electro Rent Corp		3,172
630	*	Electronics for Imaging, Inc		6,143
698	*	Epicor Software Corp		5,577
405	*	EPIQ Systems, Inc		5,237
1,500		Equifax, Inc		42,090
250	*	ExlService Holdings, Inc		4,293
2,472		Expedia, Inc		46,424
965	*	F5 Networks, Inc		66,170
586		Factset Research Systems, Inc		39,256
602		Fair Isaac Corp		13,118
313	*	FalconStor Software, Inc		826
3,996		Fidelity National Information Services, Inc		107,173
1,837	*	Fiserv, Inc		83,877
178	*	Forrester Research, Inc		5,386
882	*	Gartner, Inc		20,507
299	*	Gerber Scientific, Inc		1,600
483	*	Global Cash Access, Inc		3,482
192	*	Global Sources Ltd		1,505
2,934	*	Google, Inc (Class A)		1,305,482
334	*	H&E Equipment Services, Inc		2,502
476	*	Hackett Group, Inc		1,338
550		Healthcare Services Group		10,423
451		Heartland Payment Systems, Inc		6,693
114	*	HeartWare International, Inc		7,988
200		Heidrick & Struggles International, Inc		4,564
335	*	HMS Holdings Corp		18,164
376	*	Hudson Highland Group, Inc		1,654

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
543	*	Hypercom Corp	$	2,520
213		iGate Corp		2,731
571	*	IHS, Inc (Class A)		33,358
467	*	infoGROUP, Inc		3,727
1,047	*	Informatica Corp		25,002
367	*	Infospace, Inc		2,760
259	*	Innerworkings, Inc		1,769
174	*	Integral Systems, Inc		1,105
439		Interactive Data Corp		14,654
144	*	Interactive Intelligence, Inc		2,366
538	*	Internap Network Services Corp		2,243
333	*	Internet Brands, Inc (Class A)		3,440
405	*	Internet Capital Group, Inc		3,078
5,779	*	Interpublic Group of Cos, Inc		41,204
3,377	*	Intuit, Inc		117,418
377	*	inVentiv Health, Inc		9,651
2,177		Iron Mountain, Inc		48,895
1,014		Jack Henry & Associates, Inc		24,214
480	*	JDA Software Group, Inc		10,550
6,334	*	Juniper Networks, Inc		144,542
300	*	Kelly Services, Inc (Class A)		4,461
276	*	Kenexa Corp		3,312
168		Keynote Systems, Inc		1,515
366	*	Kforce, Inc		4,667
298	*	Knot, Inc		2,318
500	*	Korn/Ferry International		6,950
736	*	Lamar Advertising Co (Class A)		18,047
1,649	*	Lawson Software, Inc		12,038
884	*	Limelight Networks, Inc		3,881
704	*	Lionbridge Technologies		3,217
163	*	Liquidity Services, Inc		2,112
493	*	Liveperson, Inc		3,382
201	*	Local.com Corp		1,375
179	*	LogMeIn, Inc		4,695
629	*	Magma Design Automation, Inc		1,786
311	*	Manhattan Associates, Inc		8,568
938		Manpower, Inc		40,503
292	*	Mantech International Corp (Class A)		12,430
206		Marchex, Inc (Class B)		793
102	*	Marlin Business Services Corp		1,233
1,172		Mastercard, Inc (Class A)		233,849
1,903	*	McAfee, Inc		58,460
231	*	Medidata Solutions, Inc		3,578
1,291	*	Mentor Graphics Corp		11,425
92,243		Microsoft Corp		2,122,510
100	*	MicroStrategy, Inc (Class A)		7,509
529	*	ModusLink Global Solutions, Inc		3,190
991	*	MoneyGram International, Inc		2,428
165	*	Monotype Imaging Holdings, Inc		1,487
1,517	*	Monster Worldwide, Inc		17,673
2,471		Moody’s Corp		49,222
2,786	*	Move, Inc		5,711
74	*	NCI, Inc (Class A)		1,671
2,098	*	NCR Corp		25,428
481	*	NetFlix, Inc		52,261
341	*	Netscout Systems, Inc		4,849
201	*	NetSuite, Inc		2,541
357	*	Network Equipment Technologies, Inc		1,246
612		NIC, Inc		3,923
4,067	*	Novell, Inc		23,101
2,735	*	Nuance Communications, Inc		40,888
3,697		Omnicom Group, Inc		126,807
282	*	On Assignment, Inc		1,418
222	*	Online Resources Corp		921

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
190	*	OpenTable, Inc	$	7,879
155		Opnet Technologies, Inc		2,277
45,874		Oracle Corp		984,455
1,404	*	Parametric Technology Corp		22,001
237	*	PC-Tel, Inc		1,194
268	*	PDF Solutions, Inc		1,286
162		Pegasystems, Inc		5,202
320	*	Perficient, Inc		2,851
557	*	Phase Forward, Inc		9,291
205	*	Portfolio Recovery Associates, Inc		13,690
762	*	Premiere Global Services, Inc		4,831
476	*	Progress Software Corp		14,294
147	*	PROS Holdings, Inc		956
108		QAD, Inc		446
226		Quality Systems, Inc		13,106
719	*	Quest Software, Inc		12,971
124	*	QuinStreet, Inc		1,427
1,165	*	Rackspace Hosting, Inc		21,366
353	*	Radiant Systems, Inc		5,104
187	*	Radisys Corp		1,780
1,196	*	RealNetworks, Inc		3,947
2,323	*	Red Hat, Inc		67,228
100		Renaissance Learning, Inc		1,469
793	*	Rent-A-Center, Inc		16,066
200	*	RightNow Technologies, Inc		3,138
1,798		Robert Half International, Inc		42,343
515		Rollins, Inc		10,655
127	*	Rosetta Stone, Inc		2,916
820	*	RSC Holdings, Inc		5,059
792	*	S1 Corp		4,760
286	*	Saba Software, Inc		1,473
1,389	*	Salesforce.com, Inc		119,204
1,239		Sapient Corp		12,563
527	*	Smith Micro Software, Inc		5,012
424	*	SolarWinds, Inc		6,801
660	*	SonicWALL, Inc		7,755
3,028	*	Sonus Networks, Inc		8,206
810		Sotheby’s (Class A)		18,525
328	*	Sourcefire, Inc		6,232
624	*	Spherion Corp		3,407
501	*	SRA International, Inc (Class A)		9,855
154	*	SS&C Technologies Holdings, Inc		2,469
234	*	Stratasys, Inc		5,747
759	*	SuccessFactors, Inc		15,780
513	*	SupportSoft, Inc		2,134
369	*	SXC Health Solutions Corp		27,029
1,050	*	Sybase, Inc		67,893
460	*	SYKES Enterprises, Inc		6,546
9,625	*	Symantec Corp		133,595
203	*	Synchronoss Technologies, Inc		3,851
233	*	SYNNEX Corp		5,969
1,849	*	Synopsys, Inc		38,589
140		Syntel, Inc		4,753
925		Take-Two Interactive Software, Inc		8,325
200		TAL International Group, Inc		4,494
481	*	Taleo Corp (Class A)		11,683
177	*	TechTarget, Inc		952
455	*	TeleTech Holdings, Inc		5,865
112		Textainer Group Holdings Ltd		2,704
787	*	THQ, Inc		3,400
2,110	*	TIBCO Software, Inc		25,447
207	*	Tier Technologies, Inc		1,259
303	*	TNS, Inc		5,284
1,957		Total System Services, Inc		26,615

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
359	*	TradeStation Group, Inc	$	2,423
550	*	TrueBlue, Inc		6,155
295	*	Ultimate Software Group, Inc		9,694
181	*	Unica Corp		1,734
586	*	Unisys Corp		10,835
1,056		United Online, Inc		6,083
747	*	United Rentals, Inc		6,962
1,094	*	Valueclick, Inc		11,695
248	*	Vasco Data Security International		1,530
2,200	*	VeriSign, Inc		58,410
263		Viad Corp		4,642
385		VirnetX Holding Corp		2,279
156	*	Virtusa Corp		1,455
5,622		Visa, Inc (Class A)		397,756
867	*	VMware, Inc (Class A)		54,266
202	*	Vocus, Inc		3,087
150	*	Volt Information Sciences, Inc		1,260
947	*	Wave Systems Corp		3,068
648	*	WebMD Health Corp (Class A)		30,087
564	*	Websense, Inc		10,660
16,554	*	Yahoo!, Inc		228,942
		TOTAL BUSINESS SERVICES		10,198,504
CHEMICALS AND ALLIED PRODUCTS - 10.8%
18,589		Abbott Laboratories		869,593
75	*	Abraxis Bioscience, Inc		5,565
457	*	Acorda Therapeutics, Inc		14,217
2,557		Air Products & Chemicals, Inc		165,719
276	*	Albany Molecular Research, Inc		1,427
1,104		Albemarle Corp		43,840
1,031		Alberto-Culver Co		27,930
1,079	*	Alexion Pharmaceuticals, Inc		55,234
463	*	Alexza Pharmaceuticals, Inc		1,259
1,288	*	Alkermes, Inc		16,036
955	*	Allos Therapeutics, Inc		5,854
434	*	Alnylam Pharmaceuticals, Inc		6,519
252	*	AMAG Pharmaceuticals, Inc		8,656
241		American Vanguard Corp		1,911
11,537	*	Amgen, Inc		606,846
297		Arch Chemicals, Inc		9,130
249	*	Ardea Biosciences, Inc		5,119
955	*	Arena Pharmaceuticals, Inc		2,932
364	*	Arqule, Inc		1,565
600	*	Array Biopharma, Inc		1,830
934		Ashland, Inc		43,356
567	*	Auxilium Pharmaceuticals, Inc		13,325
745	*	AVANIR Pharmaceuticals, Inc		1,915
1,360		Avery Dennison Corp		43,697
937	*	AVI BioPharma, Inc		1,509
5,158		Avon Products, Inc		136,687
331		Balchem Corp		8,275
572	*	BioCryst Pharmaceuticals, Inc		3,381
125	*	Biodel, Inc		473
3,216	*	Biogen Idec, Inc		152,599
1,203	*	BioMarin Pharmaceuticals, Inc		22,809
528	*	BioMimetic Therapeutics, Inc		5,871
794	*	Biosante Pharmaceuticals, Inc		1,397
45	*	Biospecifics Technologies Corp		895
252	*	Biotime, Inc		1,552
20,708		Bristol-Myers Squibb Co		516,458
793		Cabot Corp		19,119
480	*	Cadence Pharmaceuticals, Inc		3,365

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
730	*	Calgon Carbon Corp	$	9,665
206	*	Cambrex Corp		649
1,861		Celanese Corp (Series A)		46,358
5,551	*	Celgene Corp		282,102
175	*	Celldex Therapeutics, Inc		798
908	*	Cephalon, Inc		51,529
857		CF Industries Holdings, Inc		54,377
799	*	Charles River Laboratories International, Inc		27,334
325	*	Chelsea Therapeutics International, Inc		952
853		Church & Dwight Co, Inc		53,492
1,696		Clorox Co		105,423
5,907		Colgate-Palmolive Co		465,235
804	*	Combinatorx, Inc		1,166
104	*	Compound partnering business		1,057
805	*	Cubist Pharmaceuticals, Inc		16,583
754	*	Curis, Inc		1,048
565	*	Cypress Bioscience, Inc		1,300
584		Cytec Industries, Inc		23,354
530	*	Cytokinetics, Inc		1,256
335	*	Cytori Therapeutics, Inc		1,166
1,260	*	Cytrx		970
1,657	*	Dendreon Corp		53,571
13,886		Dow Chemical Co		329,376
10,913		Du Pont (E.I.) de Nemours & Co		377,481
698	*	Durect Corp		1,696
859	*	Dynavax Technologies Corp		1,598
868		Eastman Chemical Co		46,316
2,809		Ecolab, Inc		126,152
12,249		Eli Lilly & Co		410,342
350	*	Elizabeth Arden, Inc		5,082
220	*	Emergent Biosolutions, Inc		3,595
551	*	Enzon Pharmaceuticals, Inc		5,868
1,327		Estee Lauder Cos (Class A)		73,954
218	*	Eurand NV		2,112
204		Female Health Co		1,059
1,134	*	Ferro Corp		8,358
876		FMC Corp		50,309
3,641	*	Forest Laboratories, Inc		99,873
3,214	*	Genzyme Corp		163,175
403	*	Georgia Gulf Corp		5,376
1,012	*	Geron Corp		5,080
10,719	*	Gilead Sciences, Inc		367,447
605		H.B. Fuller Co		11,489
867	*	Halozyme Therapeutics, Inc		6,104
107		Hawkins, Inc		2,577
118	*	Hi-Tech Pharmacal Co, Inc		2,703
1,998	*	Hospira, Inc		114,785
2,255	*	Human Genome Sciences, Inc		51,098
2,218		Huntsman Corp		19,230
431	*	Idenix Pharmaceuticals, Inc		2,155
720	*	Idexx Laboratories, Inc		43,848
866	*	Immucor, Inc		16,497
811	*	Immunogen, Inc		7,518
738	*	Impax Laboratories, Inc		14,066
620	*	Inhibitex, Inc		1,581
229		Innophos Holdings, Inc		5,972
708	*	Inspire Pharmaceuticals, Inc		3,533
140		Inter Parfums, Inc		1,992
464	*	InterMune, Inc		4,338
957		International Flavors & Fragrances, Inc		40,596
1,041	*	Inverness Medical Innovations, Inc		27,753
187	*	Jazz Pharmaceuticals, Inc		1,464
33,215		Johnson & Johnson		1,961,678
162		Kaiser Aluminum Corp		5,617

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
618	*	Keryx Biopharmaceuticals, Inc	$	2,262
2,997	*	King Pharmaceuticals, Inc		22,747
75		KMG Chemicals, Inc		1,077
239		Koppers Holdings, Inc		5,373
230	*	Landec Corp		1,355
1,382	*	Ligand Pharmaceuticals, Inc (Class B)		2,018
821		Lubrizol Corp		65,935
641	*	MannKind Corp		4,096
94	*	MAP Pharmaceuticals, Inc		1,233
400		Martek Biosciences Corp		9,484
547	*	Medicines Co		4,163
709		Medicis Pharmaceutical Corp (Class A)		15,513
152	*	Medifast, Inc		3,938
358	*	Medivation, Inc		3,165
37,553		Merck & Co, Inc		1,313,228
489		Meridian Bioscience, Inc		8,313
964	*	Micromet, Inc		6,015
246		Minerals Technologies, Inc		11,695
571	*	Momenta Pharmaceuticals, Inc		7,000
6,569		Monsanto Co		303,619
1,905		Mosaic Co		74,257
3,666	*	Mylan Laboratories, Inc		62,469
612	*	Nabi Biopharmaceuticals		3,329
1,559		Nalco Holding Co		31,897
650	*	NBTY, Inc		22,107
516	*	Neuralstem, Inc		1,290
559	*	Neurocrine Biosciences, Inc		3,130
410	*	NeurogesX, Inc		2,718
125		NewMarket Corp		10,915
113		NL Industries, Inc		689
765	*	Novavax, Inc		1,660
709	*	NPS Pharmaceuticals, Inc		4,566
127	*	Nutraceutical International Corp		1,938
203	*	Obagi Medical Products, Inc		2,399
943		Olin Corp		17,059
346	*	OM Group, Inc		8,256
215	*	Omeros Corp		1,595
511	*	Omnova Solutions, Inc		3,991
797	*	Onyx Pharmaceuticals, Inc		17,207
1,089	*	Opko Health, Inc		2,461
348	*	Optimer Pharmaceuticals, Inc		3,226
360	*	OraSure Technologies, Inc		1,667
224	*	Orexigen Therapeutics, Inc		941
170	*	Osiris Therapeutics, Inc		988
1,587	*	Pactiv Corp		44,198
300	*	Pain Therapeutics, Inc		1,668
424	*	Par Pharmaceutical Cos, Inc		11,007
647	*	Parexel International Corp		14,027
1,837		PDL BioPharma, Inc		10,324
617	*	Peregrine Pharmaceuticals, Inc		1,327
960		Perrigo Co		56,707
278		PetMed Express, Inc		4,948
97,139		Pfizer, Inc		1,385,202
468	*	Pharmacyclics, Inc		3,117
351	*	Pharmasset, Inc		9,596
373	*	PharMerica Corp		5,468
1,112	*	PolyOne Corp		9,363
322	*	Pozen, Inc		2,257
2,003		PPG Industries, Inc		121,001
3,684		Praxair, Inc		279,947
400	*	Prestige Brands Holdings, Inc		2,832
34,682		Procter & Gamble Co		2,080,225
300	*	Progenics Pharmaceuticals, Inc		1,644
622	*,m	Questcor Pharmaceuticals, Inc		6,351

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
333	*	Quidel Corp	$	4,226
238	*	Revlon, Inc (Class A)		2,656
616	*	Rockwood Holdings, Inc		13,977
1,552		RPM International, Inc		27,688
722	*	Salix Pharmaceuticals Ltd		28,180
630	*	Santarus, Inc		1,562
450	*	Sciclone Pharmaceuticals, Inc		1,197
554		Scotts Miracle-Gro Co (Class A)		24,603
1,012	*	Seattle Genetics, Inc		12,134
600		Sensient Technologies Corp		15,558
1,110		Sherwin-Williams Co		76,801
310	*	SIGA Technologies, Inc		2,387
1,461		Sigma-Aldrich Corp		72,802
1,458	*	Solutia, Inc		19,100
354	*	Somaxon Pharmaceuticals, Inc		1,274
394	*	Spectrum Pharmaceuticals, Inc		1,544
1,224	*	StemCells, Inc		1,151
100		Stepan Co		6,843
703	*	SuperGen, Inc		1,420
147	*	SurModics, Inc		2,412
286	*	Targacept, Inc		5,528
96	*	Texas Petrochemicals, Inc		1,594
750	*	Theravance, Inc		9,428
377	*	Ulta Salon Cosmetics & Fragrance, Inc		8,920
1,020	*	Unifi, Inc		3,896
596	*	United Therapeutics Corp		29,091
92	*	USANA Health Sciences, Inc		3,361
1,472	*	USEC, Inc		7,007
713	*	Valeant Pharmaceuticals International		37,283
1,208		Valspar Corp		36,385
317	*	Vanda Pharmaceuticals, Inc		2,095
2,471	*	Vertex Pharmaceuticals, Inc		81,296
423	*	Vical, Inc		1,311
931	*	Viropharma, Inc		10,437
174	*	Vitacost.com, Inc		1,564
1,080	*	Warner Chilcott plc		24,678
1,347	*	Watson Pharmaceuticals, Inc		54,648
220		Westlake Chemical Corp		4,085
878	*	WR Grace & Co		18,473
288	*	Xenoport, Inc		2,825
599	*	ZIOPHARM Oncology, Inc		1,905
405	*	Zymogenetics, Inc		1,709
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,247,320
COAL MINING - 0.3%
1,446	*	Alpha Natural Resources, Inc		48,976
1,955		Arch Coal, Inc		38,729
377	*	Cloud Peak Energy, Inc		4,999
2,719		Consol Energy, Inc		91,793
1,568	*	International Coal Group, Inc		6,037
420	*	James River Coal Co		6,686
192	*	L&L Energy, Inc		1,651
1,203		Massey Energy Co		32,902
3,235		Peabody Energy Corp		126,586
		TOTAL COAL MINING		358,359
COMMUNICATIONS - 4.1%
271	*	AboveNet, Inc		12,786
743		Adtran, Inc		20,262
463		Alaska Communications Systems Group, Inc		3,931
4,858	*	American Tower Corp (Class A)		216,181

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
356	*	Anixter International, Inc	$	15,166
1,288	*	AOL, Inc		26,778
878	*	Aruba Networks, Inc		12,503
71,163		AT&T, Inc		1,721,432
105		Atlantic Tele-Network, Inc		4,337
200	*	Audiovox Corp (Class A)		1,470
840	*	Brightpoint, Inc		5,880
2,863		Cablevision Systems Corp (Class A)		68,741
277	*	Cbeyond Communications, Inc		3,463
8,189		CBS Corp (Class B)		105,884
463	*	Central European Media Enterprises Ltd (Class A)		9,214
3,619		CenturyTel, Inc		120,549
3,005	*	Cincinnati Bell, Inc		9,045
1,803	*	Clearwire Corp (Class A)		13,126
33,918		Comcast Corp (Class A)		589,155
305		Consolidated Communications Holdings, Inc		5,188
3,497	*	Crown Castle International Corp		130,298
200	*	Crown Media Holdings, Inc (Class A)		352
300	*	DG FastChannel, Inc		9,774
334	*	DigitalGlobe, Inc		8,784
10,711	*	DIRECTV		363,316
2,532		DISH Network Corp (Class A)		45,956
285	*	Entercom Communications Corp (Class A)		2,514
599	*	Entravision Communications Corp (Class A)		1,264
542	*	Equinix, Inc		44,021
568	*	FiberTower Corp		2,681
52		Fisher Communications, Inc		876
3,782		Frontier Communications Corp		26,890
464	*	General Communication, Inc (Class A)		3,522
264	*	GeoEye, Inc		8,221
358	*	Global Crossing Ltd		3,784
998		Global Payments, Inc		36,467
869	*	Globalstar, Inc		1,338
591	*	Gray Television, Inc		1,424
71	*	Hughes Communications, Inc		1,727
1,091	*	IAC/InterActiveCorp		23,969
1,150	*	ICO Global Communications Holdings Ltd (Class A)		1,852
164	*	IDT Corp (Class B)		2,091
592	*	j2 Global Communications, Inc		12,929
284	*	Knology, Inc		3,104
192	*	Kratos Defense & Security Solutions, Inc		2,016
710	*	Leap Wireless International, Inc		9,216
19,656	*	Level 3 Communications, Inc		21,425
3,064	*	Liberty Global, Inc (Class A)		79,633
968	*	Liberty Media Corp - Capital (Series A)		40,569
638	*	Liberty Media Corp - Starz		33,074
7,198	*	Liberty Media Holding Corp (Interactive A)		75,579
341	*	Lin TV Corp (Class A)		1,845
562	*	Lodgenet Entertainment Corp		2,085
573	*	Mastec, Inc		5,386
493	*	Mediacom Communications Corp (Class A)		3,313
3,026	*	MetroPCS Communications, Inc		24,783
874	*	NeuStar, Inc (Class A)		18,022
391	*	Neutral Tandem, Inc		4,399
2,003	*	NII Holdings, Inc (Class B)		65,138
435	*	Novatel Wireless, Inc		2,497
363		NTELOS Holdings Corp		6,244
1,409	*	PAETEC Holding Corp		4,805
28		Preformed Line Products Co		783
20,325		Qwest Communications International, Inc		106,706
429	*	RCN Corp		6,353
423	*	SAVVIS, Inc		6,239
1,392	*	SBA Communications Corp (Class A)		47,342
364		Shenandoah Telecom Co		6,457

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
540	*	Sinclair Broadcast Group, Inc (Class A)	$	3,148
35,612	*	Sprint Nextel Corp		150,995
823	*	Syniverse Holdings, Inc		16,830
370	*	TeleCommunication Systems, Inc (Class A)		1,532
1,017		Telephone & Data Systems, Inc		30,907
704	*	Terremark Worldwide, Inc		5,498
4,280		Time Warner Cable, Inc		222,902
1,259	*	TiVo, Inc		9,291
200	*	US Cellular Corp		8,230
250		USA Mobility, Inc		3,230
34,041		Verizon Communications, Inc		953,828
1,236	*	Vonage Holdings Corp		2,843
5,817		Windstream Corp		61,428
		TOTAL COMMUNICATIONS		5,746,816
DEPOSITORY INSTITUTIONS - 7.1%
180		1st Source Corp		3,046
266	*	1st United Bancorp, Inc		1,958
278		Abington Bancorp, Inc		2,424
51		Alliance Financial Corp		1,418
71		American National Bankshares, Inc		1,519
283		Ameris Bancorp		2,737
77		Ames National Corp		1,505
103		Arrow Financial Corp		2,379
2,146		Associated Banc-Corp		26,310
951		Astoria Financial Corp		13,086
130		Bancfirst Corp		4,744
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,722
46		Bancorp Rhode Island, Inc		1,205
1,007		Bancorpsouth, Inc		18,005
838		Bank Mutual Corp		4,760
120,828		Bank of America Corp		1,736,298
578		Bank of Hawaii Corp		27,946
61		Bank of Marin Bancorp		1,948
14,607		Bank of New York Mellon Corp		360,647
221		Bank of the Ozarks, Inc		7,839
300		BankFinancial Corp		2,493
8,332		BB&T Corp		219,215
392	*	Beneficial Mutual Bancorp, Inc		3,873
165		Berkshire Hills Bancorp, Inc		3,214
87	*	BofI Holding, Inc		1,228
290		BOK Financial Corp		13,766
826		Boston Private Financial Holdings, Inc		5,311
75		Bridge Bancorp, Inc		1,821
668		Brookline Bancorp, Inc		5,932
86		Bryn Mawr Bank Corp		1,443
87		Camden National Corp		2,390
101		Capital City Bank Group, Inc		1,250
239		Capitol Federal Financial		7,925
286		Cardinal Financial Corp		2,643
75		Cass Information Systems, Inc		2,569
1,028		Cathay General Bancorp		10,619
431	*	Center Financial		2,220
261		Centerstate Banks of Florida, Inc		2,633
168		Century Bancorp, Inc		3,703
294		Chemical Financial Corp		6,403
254,446	*	Citigroup, Inc		956,717
101		Citizens & Northern Corp		1,081
5,368	*	Citizens Republic Bancorp, Inc		4,563
262		City Holding Co		7,305
554		City National Corp		28,381
112		Clifton Savings Bancorp, Inc		969

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
105		CNB Financial Corp	$	1,153
395		CoBiz, Inc		2,603
490		Columbia Banking System, Inc		8,947
2,124		Comerica, Inc		78,227
827		Commerce Bancshares, Inc		29,764
400		Community Bank System, Inc		8,812
182		Community Trust Bancorp, Inc		4,568
632		Cullen/Frost Bankers, Inc		32,485
933		CVB Financial Corp		8,864
309		Dime Community Bancshares		3,810
300	*	Dollar Financial Corp		5,937
118	*	Eagle Bancorp, Inc		1,390
1,835		East West Bancorp, Inc		27,984
90		Enterprise Financial Services Corp		868
110		ESB Financial Corp		1,436
197		ESSA Bancorp, Inc		2,425
589	*	Euronet Worldwide, Inc		7,533
9,574		Fifth Third Bancorp		117,664
126		Financial Institutions, Inc		2,238
174		First Bancorp (NC)		2,521
1,292		First Bancorp (Puerto Rico)		685
107		First Bancorp, Inc		1,405
625		First Busey Corp		2,831
70		First Citizens Bancshares, Inc (Class A)		13,463
1,229		First Commonwealth Financial Corp		6,452
189		First Community Bancshares, Inc		2,776
747		First Financial Bancorp		11,168
299		First Financial Bankshares, Inc		14,379
188		First Financial Corp		4,852
133		First Financial Holdings, Inc		1,523
2,697	*	First Horizon National Corp		30,885
149		First Interstate Bancsystem, Inc		2,344
557		First Merchants Corp		4,723
893		First Midwest Bancorp, Inc		10,859
2,512		First Niagara Financial Group, Inc		31,475
66		First of Long Island Corp		1,697
88		First South Bancorp, Inc		934
1,217		FirstMerit Corp		20,847
552	*	Flagstar Bancorp, Inc		1,733
358		Flushing Financial Corp		4,378
1,179		FNB Corp		9,467
2,104		Fulton Financial Corp		20,304
133		German American Bancorp, Inc		2,035
860		Glacier Bancorp, Inc		12,616
135		Great Southern Bancorp, Inc		2,742
145	*	Greene County Bancshares, Inc		1,852
365		Hancock Holding Co		12,176
158		Heartland Financial USA, Inc		2,730
121	*	Heritage Financial Corp		1,811
106	*	Home Bancorp, Inc		1,368
266		Home Bancshares, Inc		6,067
199		Home Federal Bancorp, Inc		2,513
5,693		Hudson City Bancorp, Inc		69,682
142		Hudson Valley Holding Corp		3,283
8,705		Huntington Bancshares, Inc		48,226
323		IBERIABANK Corp		16,628
252		Independent Bank Corp		6,219
674		International Bancshares Corp		11,249
579	*	Investors Bancorp, Inc		7,596
47,915		JPMorgan Chase & Co		1,754,168
227		Kearny Financial Corp		2,079
10,596		Keycorp		81,483
249		Lakeland Bancorp, Inc		2,121
147		Lakeland Financial Corp		2,937

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
885		M&T Bank Corp	$	75,181
216		MainSource Financial Group, Inc		1,549
6,483		Marshall & Ilsley Corp		46,548
661		MB Financial, Inc		12,156
60		Merchants Bancshares, Inc		1,333
119	*	Meridian Interstate Bancorp, Inc		1,297
56		Midsouth Bancorp, Inc		715
82		MidWestOne Financial Group, Inc		1,269
460	*	Nara Bancorp, Inc		3,878
100		NASB Financial, Inc		1,515
84		National Bankshares, Inc		2,035
1,529		National Penn Bancshares, Inc		9,189
374		NBT Bancorp, Inc		7,637
5,240		New York Community Bancorp, Inc		80,015
1,211		NewAlliance Bancshares, Inc		13,575
2,913		Northern Trust Corp		136,037
227		Northfield Bancorp, Inc		2,946
1,214		Northwest Bancshares, Inc		13,925
97		OceanFirst Financial Corp		1,171
1,045		Old National Bancorp		10,826
148	*	OmniAmerican Bancorp, Inc		1,671
458		Oriental Financial Group, Inc		5,798
228	*	Oritani Financial Corp		2,280
60		Orrstown Financial Services, Inc		1,328
154		Pacific Continental Corp		1,458
369		PacWest Bancorp		6,756
165		Park National Corp		10,732
99		Peapack Gladstone Financial Corp		1,158
47		Penns Woods Bancorp, Inc		1,430
164	*	Pennsylvania Commerce Bancorp, Inc		2,024
75		Peoples Bancorp, Inc		1,088
4,471		People’s United Financial, Inc		60,359
400	*	Pinnacle Financial Partners, Inc		5,140
6,334		PNC Financial Services Group, Inc		357,871
8,034	*	Popular, Inc		21,531
630		PrivateBancorp, Inc		6,980
555		Prosperity Bancshares, Inc		19,286
753		Provident Financial Services, Inc		8,803
421		Provident New York Bancorp		3,726
13,971		Regions Financial Corp		91,929
195		Renasant Corp		2,798
120		Republic Bancorp, Inc (Class A)		2,688
97		Rockville Financial, Inc		1,155
100		Roma Financial Corp		1,086
300		S&T Bancorp, Inc		5,928
210		S.Y. Bancorp, Inc		4,826
250		Sandy Spring Bancorp, Inc		3,503
121	*	Santander BanCorp		1,529
151		SCBT Financial Corp		5,318
87		Sierra Bancorp		1,001
475	*	Signature Bank		18,055
379		Simmons First National Corp (Class A)		9,953
188		Southside Bancshares, Inc		3,692
383		Southwest Bancorp, Inc		5,090
163		State Bancorp, Inc		1,549
6,042		State Street Corp		204,340
256		StellarOne Corp		3,269
318		Sterling Bancorp		2,862
994		Sterling Bancshares, Inc		4,682
88		Suffolk Bancorp		2,723
6,019		SunTrust Banks, Inc		140,243
1,616		Susquehanna Bancshares, Inc		13,461
520	*	SVB Financial Group		21,440

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
9,246		Synovus Financial Corp	$	23,485
118	*	Taylor Capital Group, Inc		1,527
1,554		TCF Financial Corp		25,812
150		Territorial Bancorp, Inc		2,843
429	*	Texas Capital Bancshares, Inc		7,036
956		TFS Financial Corp		11,864
265	*	The Bancorp, Inc		2,075
130		Tompkins Trustco, Inc		4,908
42		Tower Bancorp, Inc		919
232		TowneBank		3,369
171		Trico Bancshares		2,895
852		Trustco Bank Corp NY		4,771
774		Trustmark Corp		16,115
403		UMB Financial Corp		14,331
1,383		Umpqua Holdings Corp		15,877
167		Union Bankshares Corp		2,047
437		United Bankshares, Inc		10,462
1,406	*	United Community Banks, Inc		5,554
201		United Financial Bancorp, Inc		2,744
198		Univest Corp of Pennsylvania		3,429
23,084		US Bancorp		515,927
1,935		Valley National Bancorp		26,355
124		ViewPoint Financial Group		1,717
253	*	Virginia Commerce Bancorp		1,581
113		Washington Banking Co		1,445
1,416		Washington Federal, Inc		22,911
138		Washington Trust Bancorp, Inc		2,352
770		Webster Financial Corp		13,814
58,602		Wells Fargo & Co		1,500,211
301		WesBanco, Inc		5,072
189		West Bancorporation, Inc		1,287
1,128	*	West Coast Bancorp		2,876
390		Westamerica Bancorporation		20,483
712	*	Western Alliance Bancorp		5,105
8,141		Western Union Co		121,382
366		Westfield Financial, Inc		3,049
1,210		Whitney Holding Corp		11,193
1,103		Wilmington Trust Corp		12,232
167		Wilshire Bancorp, Inc		1,461
375		Wintrust Financial Corp		12,503
100		WSFS Financial Corp		3,593
1,882		Zions Bancorporation		40,595
		TOTAL DEPOSITORY INSTITUTIONS		10,107,696
EATING AND DRINKING PLACES - 1.2%
208	*	AFC Enterprises		1,893
239	*	BJ’s Restaurants, Inc		5,640
379		Bob Evans Farms, Inc		9,331
1,238		Brinker International, Inc		17,901
218	*	Buffalo Wild Wings, Inc		7,974
1,103		Burger King Holdings, Inc		18,575
262	*	California Pizza Kitchen, Inc		3,969
288		CBRL Group, Inc		13,409
272	*	CEC Entertainment, Inc		9,591
746	*	Cheesecake Factory		16,606
385	*	Chipotle Mexican Grill, Inc (Class A)		52,672
622		CKE Restaurants, Inc		7,794
1,656		Darden Restaurants, Inc		64,336
949	*	Denny’s Corp		2,467
223	*	DineEquity, Inc		6,226
405	*	Domino’s Pizza, Inc		4,577
678	*	Jack in the Box, Inc		13,187

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
587	*	Krispy Kreme Doughnuts, Inc	$	1,978
148	*	Landry’s Restaurants, Inc		3,620
188	*	McCormick & Schmick’s Seafood Restaurants, Inc		1,402
12,956		McDonald’s Corp		853,412
300	*	O’Charleys, Inc		1,590
263	*	Papa John’s International, Inc		6,081
277		PF Chang’s China Bistro, Inc		10,983
150	*	Red Robin Gourmet Burgers, Inc		2,574
779	*	Ruby Tuesday, Inc		6,622
200	*	Ruth’s Chris Steak House, Inc		836
729	*	Sonic Corp		5,650
8,974		Starbucks Corp		218,068
20	*	Steak N Shake Co		5,738
687	*	Texas Roadhouse, Inc (Class A)		8,670
3,949		Wendy’s/Arby’s Group, Inc (Class A)		15,796
5,629		Yum! Brands, Inc		219,756
		TOTAL EATING AND DRINKING PLACES		1,618,924
EDUCATIONAL SERVICES - 0.2%
224	*	American Public Education, Inc		9,789
1,561	*	Apollo Group, Inc (Class A)		66,295
146	*	Archipelago Learning, Inc		1,669
234	*	Bridgepoint Education, Inc		3,700
812	*	Career Education Corp		18,692
1,059	*	Corinthian Colleges, Inc		10,431
751		DeVry, Inc		39,420
431	*	Education Management Corp		6,573
374	*	Grand Canyon Education, Inc		8,763
415	*	ITT Educational Services, Inc		34,453
310	*	K12, Inc		6,876
92	*	Learning Tree International, Inc		998
288	*	Lincoln Educational Services Corp		5,930
171		Strayer Education, Inc		35,549
228	*	Universal Technical Institute, Inc		5,390
		TOTAL EDUCATIONAL SERVICES		254,528
ELECTRIC, GAS, AND SANITARY SERVICES - 4.2%
8,046	*	AES Corp		74,345
939		AGL Resources, Inc		33,635
2,021		Allegheny Energy, Inc		41,794
376		Allete, Inc		12,874
1,335		Alliant Energy Corp		42,373
2,870		Ameren Corp		68,220
200		American Ecology Corp		2,914
5,768		American Electric Power Co, Inc		186,306
225		American States Water Co		7,457
1,856		American Water Works Co, Inc		38,234
1,685		Aqua America, Inc		29,791
77		Artesian Resources Corp		1,421
1,066		Atmos Energy Corp		28,825
658		Avista Corp		12,851
446		Black Hills Corp		12,698
385		California Water Service Group		13,745
4,146	*	Calpine Corp		52,737
297	*	Casella Waste Systems, Inc (Class A)		1,135
4,582		Centerpoint Energy, Inc		60,299
110		Central Vermont Public Service Corp		2,171
250		CH Energy Group, Inc		9,810
107		Chesapeake Utilities Corp		3,360
485	*	Clean Energy Fuels Corp		7,246
283	*	Clean Harbors, Inc		18,794
757		Cleco Corp		19,992

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,771		CMS Energy Corp	$	40,595
98		Connecticut Water Service, Inc		2,060
3,410		Consolidated Edison, Inc		146,971
160		Consolidated Water Co, Inc		1,821
2,226		Constellation Energy Group, Inc		71,789
1,527	*	Covanta Holding Corp		25,333
456	*	Crosstex Energy, Inc		2,923
7,176		Dominion Resources, Inc		277,997
1,431		DPL, Inc		34,201
2,029		DTE Energy Co		92,543
15,814		Duke Energy Corp		253,023
1,127	*	Dynegy, Inc (Class A)		4,339
3,925		Edison International		124,501
8,557		El Paso Corp		95,068
600	*	El Paso Electric Co		11,610
648		Empire District Electric Co		12,163
866		Energen Corp		38,390
904		EnergySolutions, Inc		4,601
236	*	EnerNOC, Inc		7,420
2,280		Entergy Corp		163,294
7,956		Exelon Corp		302,088
3,670		FirstEnergy Corp		129,294
4,993		FPL Group, Inc		243,458
1,633		Great Plains Energy, Inc		27,794
1,196		Hawaiian Electric Industries, Inc		27,245
604		Idacorp, Inc		20,095
926		Integrys Energy Group, Inc		40,503
605		ITC Holdings Corp		32,011
250		Laclede Group, Inc		8,283
2,209		MDU Resources Group, Inc		39,828
287		MGE Energy, Inc		10,343
155		Middlesex Water Co		2,457
1,738	*	Mirant Corp		18,353
864		National Fuel Gas Co		39,640
495		New Jersey Resources Corp		17,424
545		Nicor, Inc		22,073
3,108		NiSource, Inc		45,066
2,119		Northeast Utilities		53,992
333		Northwest Natural Gas Co		14,509
435		NorthWestern Corp		11,397
3,121	*	NRG Energy, Inc		66,196
1,328		NSTAR		46,480
2,662		NV Energy, Inc		31,438
1,121		OGE Energy Corp		40,984
1,273		Oneok, Inc		55,057
240		Ormat Technologies, Inc		6,790
540		Otter Tail Corp		10,438
2,652		Pepco Holdings, Inc		41,583
4,484		PG&E Corp		184,292
272	*	Pico Holdings, Inc		8,152
866		Piedmont Natural Gas Co, Inc		21,910
200	*	Pike Electric Corp		1,884
1,246		Pinnacle West Capital Corp		45,305
1,049		PNM Resources, Inc		11,728
906		Portland General Electric Co		16,607
4,562		PPL Corp		113,822
3,457		Progress Energy, Inc		135,584
6,091		Public Service Enterprise Group, Inc		190,831
2,092		Questar Corp		95,165
4,240	*	Reliant Energy, Inc		16,070
3,913		Republic Services, Inc		116,333
1,360		SCANA Corp		48,634
2,983		Sempra Energy		139,575
138		SJW Corp		3,235

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
377		South Jersey Industries, Inc	$	16,196
9,931		Southern Co		330,503
1,467		Southern Union Co		32,069
542		Southwest Gas Corp		15,989
303		Southwest Water Co		3,175
1,020	*	Stericycle, Inc		66,892
2,445		TECO Energy, Inc		36,846
1,315		UGI Corp		33,454
353		UIL Holdings Corp		8,836
432		Unisource Energy Corp		13,038
126		Unitil Corp		2,635
980		Vectren Corp		23,187
953	*	Waste Connections, Inc		33,250
5,818		Waste Management, Inc		182,045
321	*,m	Waste Services, Inc		3,743
1,310		Westar Energy, Inc		28,309
625		WGL Holdings, Inc		21,269
7,036		Williams Cos, Inc		128,618
1,408		Wisconsin Energy Corp		71,442
5,535		Xcel Energy, Inc		114,076
142		York Water Co		2,016
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,915,203
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.4%
876	*	A123 Systems, Inc		8,261
529	*	Acme Packet, Inc		14,220
313	*	Actel Corp		4,013
523		Acuity Brands, Inc		19,027
1,457	*	Adaptec, Inc		4,211
1,296	*	ADC Telecommunications, Inc		9,603
395	*	Advanced Analogic Technologies, Inc		1,260
1,146	*	Advanced Battery Technologies, Inc		3,759
504	*	Advanced Energy Industries, Inc		6,194
7,126	*	Advanced Micro Devices, Inc		52,162
3,633		Altera Corp		90,135
544	*	American Superconductor Corp		14,519
1,295		Ametek, Inc		51,994
1,245	*	Amkor Technology, Inc		6,860
2,092		Amphenol Corp (Class A)		82,174
891	*	Anadigics, Inc		3,885
3,589		Analog Devices, Inc		99,990
10,958	*	Apple Computer, Inc		2,756,266
891	*	Applied Micro Circuits Corp		9,338
144		Applied Signal Technology, Inc		2,830
1,549	*	Arris Group, Inc		15,784
841	*	Atheros Communications, Inc		23,161
5,300	*	Atmel Corp		25,440
395	*	ATMI, Inc		5,783
1,280	*	Avago Technologies Ltd		26,957
1,830	*	Avnet, Inc		44,121
583		AVX Corp		7,474
373	*	AXT, Inc		1,682
129		AZZ, Inc		4,743
542		Baldor Electric Co		19,555
100		Bel Fuse, Inc (Class B)		1,651
750	*	Benchmark Electronics, Inc		11,888
386	*	BigBand Networks, Inc		1,166
592	*	Bookham, Inc		6,565
5,979		Broadcom Corp (Class A)		197,128
2,895	*	Capstone Turbine Corp		2,837
321	*	Ceradyne, Inc		6,860
234	*	Ceva, Inc		2,948
500	*	Checkpoint Systems, Inc		8,680

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,099	*	Ciena Corp	$	13,935
68,777	*	Cisco Systems, Inc		1,465,638
1,138	*	CommScope, Inc		27,050
330	*	Comtech Telecommunications Corp		9,877
955	*	Conexant Systems, Inc		2,139
2,017		Cooper Industries plc		88,748
94	*	CPI International, Inc		1,465
1,286	*	Cree, Inc		77,199
409		CTS Corp		3,779
170		Cubic Corp		6,185
1,971	*	Cypress Semiconductor Corp		19,789
160		DDi Corp		1,205
20,497	*	Dell, Inc		247,194
395	*	Diodes, Inc		6,269
633	*	Dolby Laboratories, Inc (Class A)		39,683
289	*	DSP Group, Inc		1,847
179	*	DTS, Inc		5,884
485	*	EchoStar Corp (Class A)		9,254
300	*	Electro Scientific Industries, Inc		4,008
161	*	EMS Technologies, Inc		2,418
809	*	Energizer Holdings, Inc		40,677
585	*	Energy Conversion Devices, Inc		2,399
579	*	EnerSys		12,373
903	*	Entropic Communications, Inc		5,725
2,598	*	Evergreen Solar, Inc		1,772
520	*	Exar Corp		3,604
816	*	Exide Technologies		4,243
1,414	*	Fairchild Semiconductor International, Inc		11,892
908	*	Finisar Corp		13,529
668	*	First Solar, Inc		76,038
277		Franklin Electric Co, Inc		7,983
383	*	FSI International, Inc		1,605
1,210	*	FuelCell Energy, Inc		1,428
233	*	Generac Holdings, Inc		3,264
228	*	Globecomm Systems, Inc		1,881
191	*	GP Strategies Corp		1,387
1,560	*	GrafTech International Ltd		22,807
269	*	Greatbatch, Inc		6,001
234	*	GSI Technology, Inc		1,338
760	*	GT Solar International, Inc		4,256
852	*	Harman International Industries, Inc		25,466
1,150	*	Harmonic, Inc		6,256
1,563		Harris Corp		65,099
670	*	Harris Stratex Networks, Inc (Class A)		2,432
334	*	Helen of Troy Ltd		7,368
28,241		Hewlett-Packard Co		1,222,270
1,161	*	Hexcel Corp		18,007
319	*	Hittite Microwave Corp		14,272
285	*	Hutchinson Technology, Inc		1,234
400	*	Imation Corp		3,676
1,220	*	Infinera Corp		7,845
1,945	*	Integrated Device Technology, Inc		9,628
306	*	Integrated Silicon Solution, Inc		2,307
67,004		Intel Corp		1,303,228
564	*	InterDigital, Inc		13,925
853	*	International Rectifier Corp		15,874
1,411		Intersil Corp (Class A)		17,087
314	*	IPG Photonics Corp		4,782
406	*	Iridium Communications, Inc		4,076
231	*	iRobot Corp		4,340
257	*	IXYS Corp		2,272
2,562	*	JDS Uniphase Corp		25,210
239	*	KIT Digital, Inc		2,108
1,407		L-3 Communications Holdings, Inc		99,672

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,300	*	Lattice Semiconductor Corp	$	5,642
513		Lincoln Electric Holdings, Inc		26,158
2,683		Linear Technology Corp		74,614
261	*	Littelfuse, Inc		8,250
124	*	Loral Space & Communications, Inc		5,297
131		LSI Industries, Inc		639
7,838	*	LSI Logic Corp		36,055
6,444	*	Marvell Technology Group Ltd		101,557
609	*	Mattson Technology, Inc		2,308
3,678		Maxim Integrated Products, Inc		61,533
87	*	MaxLinear, Inc		1,216
315	*	Maxwell Technologies, Inc		3,591
2,748	*	MEMC Electronic Materials, Inc		27,150
223	*	Mercury Computer Systems, Inc		2,616
447		Methode Electronics, Inc		4,354
797		Micrel, Inc		8,113
2,218		Microchip Technology, Inc		61,527
10,253	*	Micron Technology, Inc		87,048
1,063	*	Microsemi Corp		15,552
1,000	*	Microtune, Inc		2,130
1,076	*	Microvision, Inc		3,185
378	*	Mindspeed Technologies, Inc		2,831
436	*	MIPS Technologies, Inc		2,228
1,592		Molex, Inc		29,038
407	*	Monolithic Power Systems, Inc		7,269
548	*	Moog, Inc (Class A)		17,662
316	*	MoSys, Inc		1,397
27,991	*	Motorola, Inc		182,501
160	*	Multi-Fineline Electronix, Inc		3,994
58		National Presto Industries, Inc		5,386
2,758		National Semiconductor Corp		37,123
4,151	*	NetApp, Inc		154,874
753	*	Netlogic Microsystems, Inc		20,482
1,139	*	Novellus Systems, Inc		28,885
55	*	NVE Corp		2,394
6,799	*	Nvidia Corp		69,418
634	*	Omnivision Technologies, Inc		13,593
4,849	*	ON Semiconductor Corp		30,937
1,006	*	Openwave Systems, Inc		2,042
252	*	Oplink Communications, Inc		3,611
205	*	OpNext, Inc		338
185	*	OSI Systems, Inc		5,137
232		Park Electrochemical Corp		5,663
304	*	Pericom Semiconductor Corp		2,918
666	*	Photronics, Inc		3,010
554		Plantronics, Inc		15,844
511	*	Plexus Corp		13,664
410	*	PLX Technology, Inc		1,718
2,763	*	PMC - Sierra, Inc		20,778
1,022	*	Polycom, Inc		30,445
314	*	Polypore International, Inc		7,140
94	*	Powell Industries, Inc		2,570
297		Power Integrations, Inc		9,562
851	*	Power-One, Inc		5,744
1,294	*	Powerwave Technologies, Inc		1,993
1,437	*	QLogic Corp		23,883
19,769		Qualcomm, Inc		649,214
1,317	*	Rambus, Inc		23,074
192		Raven Industries, Inc		6,472
464		Regal-Beloit Corp		25,882
3,137	*	RF Micro Devices, Inc		12,266
181		Richardson Electronics Ltd		1,629
200	*	Rogers Corp		5,554
149	*	Rubicon Technology, Inc		4,439

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,765	*	SanDisk Corp	$	116,324
958	*	Sanmina-SCI Corp		13,038
611	*	SatCon Technology Corp		1,747
334	*	Seachange International, Inc		2,749
936	*	Semtech Corp		15,322
495	*	ShoreTel, Inc		2,297
1,131	*	Silicon Image, Inc		3,970
555	*	Silicon Laboratories, Inc		22,511
46,778	*	Sirius XM Radio, Inc		44,416
2,126	*	Skyworks Solutions, Inc		35,696
549	*	Smart Modular Technologies WWH, Inc		3,212
155	*	Spansion, Inc		2,528
217	*	Spectrum Brands, Inc		5,503
153	*	Spectrum Control, Inc		2,139
300	*	Standard Microsystems Corp		6,984
173	*	Stoneridge, Inc		1,313
1,166	*	Sunpower Corp (Class A)		14,109
100	*	Supertex, Inc		2,466
234		Sycamore Networks, Inc		3,889
396	*	Symmetricom, Inc		2,016
424	*	Synaptics, Inc		11,660
579		Technitrol, Inc		1,830
806	*	Tekelec		10,671
484		Teleflex, Inc		26,272
4,811		Tellabs, Inc		30,742
605	*	Tessera Technologies, Inc		9,710
14,717		Texas Instruments, Inc		342,612
645	*	Thomas & Betts Corp		22,382
598	*	Trident Microsystems, Inc		849
1,986	*	Triquint Semiconductor, Inc		12,134
971	*	TTM Technologies, Inc		9,225
267	*	Ultra Clean Holdings		2,275
364	*	Universal Display Corp		6,545
166	*	Universal Electronics, Inc		2,761
443	*	UQM Technologies, Inc		1,502
1,960	*	Utstarcom, Inc		3,606
881	*	Varian Semiconductor Equipment Associates, Inc		25,249
399	*	Viasat, Inc		12,991
200	*	Vicor Corp		2,498
274	*	Virage Logic Corp		3,258
2,260	*	Vishay Intertechnology, Inc		17,492
288	*	Volterra Semiconductor Corp		6,641
905		Whirlpool Corp		79,477
3,331		Xilinx, Inc		84,141
743	*	Zix Corp		1,679
350	*	Zoltek Cos, Inc		2,965
619	*	Zoran Corp		5,905
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,863,764
ENGINEERING AND MANAGEMENT SERVICES - 0.9%
319	*	Accelrys, Inc		2,058
7,363		Accenture plc		284,581
143	*	Accretive Health, Inc		1,892
188	*	Advisory Board Co		8,076
1,142	*	Aecom Technology Corp		26,335
166	*	Affymax, Inc		993
1,697	*	Amylin Pharmaceuticals, Inc		31,904
1,355	*	Ariad Pharmaceuticals, Inc		3,821
100		CDI Corp		1,553
906	*	Celera Corp		5,934
276	*	comScore, Inc		4,546
269		Core Laboratories NV		39,707
117	*	Cornell Cos, Inc		3,144
387		Corporate Executive Board Co		10,166

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
167	*	CRA International, Inc	$	3,145
303		Diamond Management & Technology Consultants, Inc		3,124
1,197	*	Dyax Corp		2,717
723	*	eResearch Technology, Inc		5,697
422	*	Exact Sciences Corp		1,857
1,296	*	Exelixis, Inc		4,497
172	*	Exponent, Inc		5,628
2,152		Fluor Corp		91,460
148	*	Franklin Covey Co		962
408	*	Furmanite Corp		1,620
794	*	Genpact Ltd		12,331
645	*	Gen-Probe, Inc		29,296
1,062	*	Hewitt Associates, Inc (Class A)		36,597
270	*	Hill International, Inc		1,096
279	*	Huron Consulting Group, Inc		5,415
209	*	ICF International, Inc		5,001
1,128	*	Incyte Corp		12,487
224	*	Infinity Pharmaceuticals, Inc		1,324
1,170	*	Isis Pharmaceuticals, Inc		11,197
1,484	*	Jacobs Engineering Group, Inc		54,077
1,971		KBR, Inc		40,090
135	*	Kendle International, Inc		1,555
174		Landauer, Inc		10,593
2,404	*	Lexicon Pharmaceuticals, Inc		3,077
588	*	Luminex Corp		9,537
241		MAXIMUS, Inc		13,947
317	*	Maxygen, Inc		1,753
2,762	*	McDermott International, Inc		59,825
140		MedQuist, Inc		1,107
80	*	Michael Baker Corp		2,792
172	*	Mistras Group, Inc		1,844
1,132	*	Myriad Genetics, Inc		16,923
631	*	Navigant Consulting, Inc		6,550
387	*	Omnicell, Inc		4,524
3,887		Paychex, Inc		100,946
764	*	Regeneron Pharmaceuticals, Inc		17,052
2,606	*	Rentech, Inc		2,580
514	*	Resources Connection, Inc		6,990
517	*	Rigel Pharmaceuticals, Inc		3,722
611	*	RTI Biologics, Inc		1,790
3,725	*	SAIC, Inc		62,357
410	*	Sangamo Biosciences, Inc		1,521
739	*	Savient Pharmaceuticals, Inc		9,311
479	*	Senomyx, Inc		1,815
805	*	Sequenom, Inc		4,758
1,022	*	Shaw Group, Inc		34,973
137	*	Stanley, Inc		5,121
299	*,m	Symyx Technologies, Inc		1,498
156	*	Tejon Ranch Co		3,600
728	*	Tetra Tech, Inc		14,276
512		Towers Watson & Co		19,891
76	*	Transcend Services, Inc		1,026
1,020	*	URS Corp		40,137
48		VSE Corp		1,527
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,223,246
FABRICATED METAL PRODUCTS - 0.6%
434	*	Alliant Techsystems, Inc		26,934
105		Ameron International Corp		6,335
816		Aptargroup, Inc		30,861
1,111		Ball Corp		58,694
405	*	Chart Industries, Inc		6,310
170		CIRCOR International, Inc		4,349

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,329		Commercial Metals Co	$	17,569
301	*	Commercial Vehicle Group, Inc		3,073
593		Crane Co		17,915
1,947	*	Crown Holdings, Inc		48,753
270		Dynamic Materials Corp		4,331
686	*	Griffon Corp		7,587
190		Gulf Island Fabrication, Inc		2,949
69	*	Hawk Corp		1,756
5,306		Illinois Tool Works, Inc		219,033
155		Insteel Industries, Inc		1,801
153	*	Ladish Co, Inc		3,476
112	*	Lifetime Brands, Inc		1,637
400	*	Mobile Mini, Inc		6,512
2,364		Mueller Water Products, Inc (Class A)		8,770
222	*	NCI Building Systems, Inc		1,858
158	*	North American Galvanizing & Coating, Inc		1,212
1,937		Parker Hannifin Corp		107,426
96	*	Park-Ohio Holdings Corp		1,381
1,158		Pentair, Inc		37,288
450		Quanex Building Products Corp		7,781
650		Silgan Holdings, Inc		18,447
459		Simpson Manufacturing Co, Inc		11,268
635	*	Smith & Wesson Holding Corp		2,597
694		Snap-On, Inc		28,392
1,944		Stanley Works		98,211
228		Sturm Ruger & Co, Inc		3,267
122		Sun Hydraulics Corp		2,862
812	*	Taser International, Inc		3,167
198	*	Trimas Corp		2,239
255		Valmont Industries, Inc		18,528
341		Watts Water Technologies, Inc (Class A)		9,773
		TOTAL FABRICATED METAL PRODUCTS		834,342
FOOD AND KINDRED PRODUCTS - 3.9%
255	*	American Italian Pasta Co		13,482
7,745		Archer Daniels Midland Co		199,976
571		B&G Foods, Inc (Class A)		6,155
100	*	Boston Beer Co, Inc (Class A)		6,745
1,735		Bunge Ltd		85,345
2,213		Campbell Soup Co		79,292
798	*	Central Garden and Pet Co (Class A)		7,158
77		Coca-Cola Bottling Co Consolidated		3,690
25,367		Coca-Cola Co		1,271,393
3,839		Coca-Cola Enterprises, Inc		99,277
5,364		ConAgra Foods, Inc		125,088
2,181	*	Constellation Brands, Inc (Class A)		34,067
902		Corn Products International, Inc		27,331
878	*	Darling International, Inc		6,594
2,171	*	Dean Foods Co		21,862
2,385		Del Monte Foods Co		34,320
262		Diamond Foods, Inc		10,768
2,959		Dr Pepper Snapple Group, Inc		110,637
200		Farmer Bros Co		3,018
947		Flowers Foods, Inc		23,135
7,991		General Mills, Inc		283,840
3,808		H.J. Heinz Co		164,582
826	*	Hansen Natural Corp		32,305
1,853		Hershey Co		88,814
845		Hormel Foods Corp		34,206
125		Imperial Sugar Co		1,263
192		J&J Snack Foods Corp		8,083
1,435		J.M. Smucker Co		86,416
92	*	John B. Sanfilippo & Son, Inc		1,331
3,103		Kellogg Co		156,081

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
19,316		Kraft Foods, Inc (Class A)	$	540,848
293		Lancaster Colony Corp		15,634
400		Lance, Inc		6,596
107	*	M&F Worldwide Corp		2,900
1,604		McCormick & Co, Inc		60,888
2,462		Mead Johnson Nutrition Co		123,395
1,586		Molson Coors Brewing Co (Class B)		67,183
129		National Beverage Corp		1,584
149	*	Peet’s Coffee & Tea, Inc		5,851
19,423		PepsiCo, Inc		1,183,832
661	*	Ralcorp Holdings, Inc		36,223
2,023		Reynolds American, Inc		105,439
272		Sanderson Farms, Inc		13,801
7,959		Sara Lee Corp		112,222
77	*	Seneca Foods Corp		2,484
718	*	Smart Balance, Inc		2,937
1,571	*	Smithfield Foods, Inc		23,408
379		Tootsie Roll Industries, Inc		8,963
417	*	TreeHouse Foods, Inc		19,040
3,645		Tyson Foods, Inc (Class A)		59,742
		TOTAL FOOD AND KINDRED PRODUCTS		5,419,224
FOOD STORES - 0.3%
15		Arden Group, Inc (Class A)		1,318
433	*	Dole Food Co, Inc		4,516
403	*	Great Atlantic & Pacific Tea Co, Inc		1,572
100		Ingles Markets, Inc (Class A)		1,505
7,763		Kroger Co		152,854
360	*	Panera Bread Co (Class A)		27,104
248	*	Pantry, Inc		3,499
520		Ruddick Corp		16,115
4,677		Safeway, Inc		91,951
2,554		Supervalu, Inc		27,685
91	*	Susser Holdings Corp		1,073
77		Village Super Market (Class A)		2,021
133		Weis Markets, Inc		4,377
1,659	*	Whole Foods Market, Inc		59,757
610	*	Winn-Dixie Stores, Inc		5,880
		TOTAL FOOD STORES		401,227
FORESTRY - 0.1%
964		Rayonier, Inc		42,435
2,549		Weyerhaeuser Co		89,725
		TOTAL FORESTRY		132,160
FURNITURE AND FIXTURES - 0.2%
111	*	Astronics Corp		1,816
279		Ethan Allen Interiors, Inc		3,903
642	*	Furniture Brands International, Inc		3,351
700		Herman Miller, Inc		13,209
759		Hill-Rom Holdings, Inc		23,096
567		HNI Corp		15,644
64		Hooker Furniture Corp		682
300		Kimball International, Inc (Class B)		1,659
744	*	Kinetic Concepts, Inc		27,163
628	*	La-Z-Boy, Inc		4,666
1,780		Leggett & Platt, Inc		35,707
4,339		Masco Corp		46,688

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,213	*	Sealy Corp	$	3,239
660	*	Select Comfort Corp		5,775
838		Steelcase, Inc (Class A)		6,495
875	*	Tempur-Pedic International, Inc		26,906
		TOTAL FURNITURE AND FIXTURES		219,999
FURNITURE AND HOME FURNISHINGS STORES - 0.2%
3,170	*	Bed Bath & Beyond, Inc		117,545
381	*	Bell Microproducts, Inc		2,659
1,843	*	GameStop Corp (Class A)		34,630
166		Haverty Furniture Cos, Inc		2,040
176	*	hhgregg, Inc		4,104
546		Knoll, Inc		7,256
1,378	*	Pier 1 Imports, Inc		8,833
1,485		RadioShack Corp		28,972
92	*	Rex Stores Corp		1,472
228	*	Tuesday Morning Corp		910
1,135		Williams-Sonoma, Inc		28,171
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		236,592
GENERAL BUILDING CONTRACTORS - 0.2%
110	*	Avatar Holdings, Inc		2,110
1,108	*	Beazer Homes USA, Inc		4,022
139	*	Brookfield Homes Corp		937
72	*	Cavco Industries, Inc		2,533
3,350		DR Horton, Inc		32,931
988	*	Hovnanian Enterprises, Inc (Class A)		3,636
919		KB Home		10,109
1,951		Lennar Corp (Class A)		27,138
385	*	M/I Homes, Inc		3,711
274		McGrath RentCorp		6,242
441		MDC Holdings, Inc		11,885
377	*	Meritage Homes Corp		6,138
74	*	NVR, Inc		48,471
313	*	Perini Corp		5,158
4,066	*	Pulte Homes, Inc		33,666
506		Ryland Group, Inc		8,005
1,250	*	Standard-Pacific Corp		4,163
390	*	Team, Inc		5,090
1,740	*	Toll Brothers, Inc		28,466
		TOTAL GENERAL BUILDING CONTRACTORS		244,411
GENERAL MERCHANDISE STORES - 1.6%
521	*	99 Cents Only Stores		7,711
961	*	Big Lots, Inc		30,838
650	*	BJ’s Wholesale Club, Inc		24,057
142	*	Bon-Ton Stores, Inc/the		1,385
615		Casey’s General Stores, Inc		21,464
100	*	Conn’s, Inc		588
5,305		Costco Wholesale Corp		290,873
550		Dillard’s, Inc (Class A)		11,825
804	*	Dollar General Corp		22,150
1,628		Family Dollar Stores, Inc		61,359
480		Fred’s, Inc (Class A)		5,309
2,824		JC Penney Co, Inc		60,660
5,081		Macy’s, Inc		90,950

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
298	*	Retail Ventures, Inc	$	2,330
1,641	*	Saks, Inc		12,455
546	*	Sears Holdings Corp		35,299
200	*	Stein Mart, Inc		1,246
8,868		Target Corp		436,040
24,574		Wal-Mart Stores, Inc		1,181,271
		TOTAL GENERAL MERCHANDISE STORES		2,297,810
HEALTH SERVICES - 1.3%
312	*	Alliance Imaging, Inc		1,260
544	*	Allied Healthcare International, Inc		1,262
72	*	Almost Family, Inc		2,515
341	*	Amedisys, Inc		14,994
101		America Service Group, Inc		1,737
155	*	American Dental Partners, Inc		1,877
3,400		AmerisourceBergen Corp		107,950
451	*	Amsurg Corp		8,037
132	*	Assisted Living Concepts, Inc (A Shares)		3,906
412	*	Bio-Reference Labs, Inc		9,134
1,034	*	Brookdale Senior Living, Inc		15,510
1,105	*	Community Health Systems, Inc		37,360
370	*	Continucare Corp		1,240
90	*	Corvel Corp		3,041
772	*	Covance, Inc		39,619
1,774	*	Coventry Health Care, Inc		31,364
296	*	Cross Country Healthcare, Inc		2,661
253	*	CryoLife, Inc		1,364
1,251	*	DaVita, Inc		78,112
280	*	eHealth, Inc		3,184
280	*	Emeritus Corp		4,567
270		Ensign Group, Inc		4,460
242	*	Enzo Biochem, Inc		985
6,600	*	Express Scripts, Inc		310,331
374	*	Five Star Quality Care, Inc		1,129
270	*	Genomic Health, Inc		3,491
245	*	Genoptix, Inc		4,214
376	*	Gentiva Health Services, Inc		10,156
295	*	Health Grades, Inc		1,770
3,008	*	Health Management Associates, Inc (Class A)		23,372
1,191	*	Healthsouth Corp		22,284
402	*	Healthways, Inc		4,792
1,809	*	Immunomedics, Inc		5,590
220	*	IPC The Hospitalist Co, Inc		5,522
472	*	Kindred Healthcare, Inc		6,060
1,257	*	Laboratory Corp of America Holdings		94,715
213	*	LCA-Vision, Inc		1,180
267	*	LHC Group, Inc		7,409
634	*	LifePoint Hospitals, Inc		19,908
1,219	*	Lincare Holdings, Inc		39,630
430	*	Magellan Health Services, Inc		15,618
3,268		McKesson Corp		219,479
164	*	Medcath Corp		1,289
5,503	*	Medco Health Solutions, Inc		303,105
100		National Healthcare Corp		3,446
1,110	*	Nektar Therapeutics		13,431
405	*	Odyssey HealthCare, Inc		10,822
1,451		Omnicare, Inc		34,389
538	*	Pediatrix Medical Group, Inc		29,918
1,248		Pharmaceutical Product Development, Inc		31,712
678	*	Psychiatric Solutions, Inc		22,184
1,795		Quest Diagnostics, Inc		89,337
300	*	RehabCare Group, Inc		6,534
599	*	Select Medical Holdings Corp		4,061

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
246	*	Skilled Healthcare Group, Inc (Class A)	$	1,670
597	*	Sun Healthcare Group, Inc		4,824
557	*	Sunrise Senior Living, Inc		1,548
193	*	Team Health Holdings, Inc		2,494
5,785	*	Tenet Healthcare Corp		25,107
1,080		Universal Health Services, Inc (Class B)		41,202
133	*	US Physical Therapy, Inc		2,245
86	*	Virtual Radiologic Corp		1,476
		TOTAL HEALTH SERVICES		1,803,583
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.0%
1,107	*	Broadwind Energy, Inc		3,100
250	*	Comverge, Inc		2,240
466		Granite Construction, Inc		10,988
670		Great Lakes Dredge & Dock Corp		4,020
111	*	LB Foster Co (Class A)		2,877
440	*	Matrix Service Co		4,096
209	*	MYR Group, Inc		3,488
434	*	Orion Marine Group, Inc		6,163
133	*	Sterling Construction Co, Inc		1,721
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		38,693
HOLDING AND OTHER INVESTMENT OFFICES - 4.3%
483		Acadia Realty Trust		8,124
536	*	Affiliated Managers Group, Inc		32,573
79		Agree Realty Corp		1,842
24		Alexander’s, Inc		7,270
534		Alexandria Real Estate Equities, Inc		33,840
2,025		AMB Property Corp		48,013
628		American Campus Communities, Inc		17,138
396		American Capital Agency Corp		10,462
6,738		Annaly Mortgage Management, Inc		115,557
1,428		Anworth Mortgage Asset Corp		10,167
1,446		Apartment Investment & Management Co (Class A)		28,009
131		Apollo Commercial Real Estate Finance, Inc		2,156
548	*	Ashford Hospitality Trust, Inc		4,017
672		Associated Estates Realty Corp		8,702
973		AvalonBay Communities, Inc		90,849
20,814	*	Berkshire Hathaway, Inc (Class B)		1,658,667
1,291		BioMed Realty Trust, Inc		20,772
1,674		Boston Properties, Inc		119,423
1,550		Brandywine Realty Trust		16,663
720		BRE Properties, Inc (Class A)		26,590
806		Camden Property Trust		32,925
1,088		Capital Lease Funding, Inc		5,016
47		Capital Southwest Corp		4,132
838		Capstead Mortgage Corp		9,268
1,729		CBL & Associates Properties, Inc		21,509
1,018		Cedar Shopping Centers, Inc		6,128
105	*	Chatham Lodging Trust		1,876
65		Cherokee, Inc		1,112
509		Cogdell Spencer, Inc		3,441
806		Colonial Properties Trust		11,711
175		Colony Financial, Inc		2,958
691		Corporate Office Properties Trust		26,092
1,071		Cousins Properties, Inc		7,219
158		CreXus Investment Corp		1,964
241		Danvers Bancorp, Inc		3,482
2,531		DCT Industrial Trust, Inc		11,440
2,398		Developers Diversified Realty Corp		23,740
1,854		DiamondRock Hospitality Co		15,240
919		Digital Realty Trust, Inc		53,008
1,381		Douglas Emmett, Inc		19,638
2,789		Duke Realty Corp		31,655
142		Dynex Capital, Inc		1,311

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
305		EastGroup Properties, Inc	$	10,852
684		Education Realty Trust, Inc		4,125
496		Entertainment Properties Trust		18,883
316		Equity Lifestyle Properties, Inc		15,241
415		Equity One, Inc		6,474
3,355		Equity Residential		139,702
363		Essex Property Trust, Inc		35,407
183	*	Excel Trust, Inc		2,196
1,040		Extra Space Storage, Inc		14,456
697		Federal Realty Investment Trust		48,978
1,067	*	FelCor Lodging Trust, Inc		5,324
153	*	Financial Engines, Inc		2,081
1,135	*	First Industrial Realty Trust, Inc		5,471
447		First Potomac Realty Trust		6,423
839		Franklin Street Properties Corp		9,909
2,976	b	General Growth Properties, Inc		39,462
404		Getty Realty Corp		9,054
239		Gladstone Capital Corp		2,584
105		Gladstone Commercial Corp		1,716
758		Glimcher Realty Trust		4,533
322	*	Harris & Harris Group, Inc		1,317
442		Hatteras Financial Corp		12,296
3,535		HCP, Inc		114,004
1,509		Health Care REIT, Inc		63,559
716		Healthcare Realty Trust, Inc		15,731
1,566		Hersha Hospitality Trust		7,078
225	*	HFF, Inc (Class A)		1,591
856		Highwoods Properties, Inc		23,763
525	*	Hilltop Holdings, Inc		5,255
429		Home Properties, Inc		19,335
1,473		Hospitality Properties Trust		31,080
8,019		Host Marriott Corp		108,096
2,713		HRPT Properties Trust		16,848
843		Inland Real Estate Corp		6,677
352		Invesco Mortgage Capital, Inc		7,044
895		Investors Real Estate Trust		7,903
238	*	Ironwood Pharmaceuticals, Inc		2,837
14,149		iShares Russell 3000 Index Fund		864,221
1,264	*	iStar Financial, Inc		5,637
738	*	Jamba, Inc		1,572
620		Kilroy Realty Corp		18,433
4,888		Kimco Realty Corp		65,695
715		Kite Realty Group Trust		2,989
904		LaSalle Hotel Properties		18,595
1,198		Lexington Corporate Properties Trust		7,200
1,259		Liberty Property Trust		36,322
249		LTC Properties, Inc		6,043
1,563		Macerich Co		58,331
947		Mack-Cali Realty Corp		28,154
579	*	Maguire Properties, Inc		1,696
85		Main Street Capital Corp		1,269
1,127		Medical Properties Trust, Inc		10,639
3,378		MFA Mortgage Investments, Inc		24,997
339		Mid-America Apartment Communities, Inc		17,448
220		Mission West Properties, Inc		1,500
237		Monmouth Real Estate Investment Corp (Class A)		1,751
407		MVC Capital, Inc		5,258
295		National Health Investors, Inc		11,375
983		National Retail Properties, Inc		21,076
1,404		Nationwide Health Properties, Inc		50,221
753	*	Newcastle Investment Corp		2,018
835		NorthStar Realty Finance Corp		2,229
1,045		Omega Healthcare Investors, Inc		20,827
100		One Liberty Properties, Inc		1,491
259		Parkway Properties, Inc		3,774

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
233	*	Pebblebrook Hotel Trust	$	4,392
759		Pennsylvania Real Estate Investment Trust		9,275
204	*	Pennymac Mortgage Investment Trust		3,244
556		Piedmont Office Realty Trust, Inc		10,414
1,962		Plum Creek Timber Co, Inc		67,748
588		Post Properties, Inc		13,365
481		Potlatch Corp		17,186
5,741		Prologis		58,156
519		Prospect Capital Corp		5,008
235		PS Business Parks, Inc		13,108
1,687		Public Storage, Inc		148,304
1,238	*	RAIT Investment Trust		2,315
459		Ramco-Gershenson Properties		4,636
1,234		Realty Income Corp		37,427
936		Redwood Trust, Inc		13,703
1,068		Regency Centers Corp		36,739
500		Resource Capital Corp		2,840
133		Saul Centers, Inc		5,404
1,422		Senior Housing Properties Trust		28,596
3,495		Simon Property Group, Inc		282,221
929		SL Green Realty Corp		51,132
311		Sovran Self Storage, Inc		10,708
132	*	SRS Labs, Inc		1,208
542		Starwood Property Trust, Inc		9,187
1,873	*	Strategic Hotels & Resorts, Inc		8,222
236		Sun Communities, Inc		6,127
1,224	*	Sunstone Hotel Investors, Inc		12,154
529		Tanger Factory Outlet Centers, Inc		21,890
659		Taubman Centers, Inc		24,798
108	*	Terreno Realty Corp		1,913
308		Two Harbors Investment Corp		2,541
1,951		UDR, Inc		37,323
747		UMH Properties, Inc		7,522
200		Universal Health Realty Income Trust		6,426
213		Urstadt Biddle Properties, Inc (Class A)		3,436
1,389		U-Store-It Trust		10,362
1,486	*	Vantage Drilling Co		2,006
1,860		Ventas, Inc		87,327
3,996		Virgin Media, Inc		66,693
56	*	Virtus Investment Partners, Inc		1,048
1,906		Vornado Realty Trust		139,043
745	*	WABCO Holdings, Inc		23,453
287		Walter Investment Management Corp		4,692
704		Washington Real Estate Investment Trust		19,423
1,372		Weingarten Realty Investors		26,137
242		Winthrop Realty Trust		3,100
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,025,697
HOTELS AND OTHER LODGING PLACES - 0.4%
320		Ameristar Casinos, Inc		4,819
459	*	Bluegreen Corp		1,382
704	*	Boyd Gaming Corp		5,977
93	*	Chesapeake Lodging Trust		1,471
370		Choice Hotels International, Inc		11,178
424	*	Gaylord Entertainment Co		9,366
540	*	Hyatt Hotels Corp		20,029
244	*	Isle of Capri Casinos, Inc		2,259
3,810	*	Las Vegas Sands Corp		84,353
200		Marcus Corp		1,892
3,291		Marriott International, Inc (Class A)		98,532
3,291	*	MGM Mirage		31,725
200	*	Monarch Casino & Resort, Inc		2,026
510	*	Morgans Hotel Group Co		3,142
1,101	*	Orient-Express Hotels Ltd (Class A)		8,147
183	*	Outdoor Channel Holdings, Inc		855

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,283		Starwood Hotels & Resorts Worldwide, Inc	$	94,585
437	*	Vail Resorts, Inc		15,256
2,126		Wyndham Worldwide Corp		42,818
908		Wynn Resorts Ltd		69,253
		TOTAL HOTELS AND OTHER LODGING PLACES		509,065
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.9%
8,588		3M Co		678,366
462	*	3PAR, Inc		4,301
129		Aaon, Inc		3,007
878		Actuant Corp (Class A)		16,533
1,130	*	AGCO Corp		30,476
78		Alamo Group, Inc		1,693
800	*	Allis-Chalmers Energy, Inc		1,648
296	*	Altra Holdings, Inc		3,854
79		Ampco-Pittsburgh Corp		1,646
16,178		Applied Materials, Inc		194,460
89	*	Argan, Inc		928
237	*	Astec Industries, Inc		6,572
1,218	*	Axcelis Technologies, Inc		1,888
226		Black Box Corp		6,303
570	*	Blount International, Inc		5,854
600		Briggs & Stratton Corp		10,212
5,354	*	Brocade Communications Systems, Inc		27,627
831	*	Brooks Automation, Inc		6,424
905		Bucyrus International, Inc (Class A)		42,942
741		Carlisle Cos, Inc		26,772
126		Cascade Corp		4,487
7,541		Caterpillar, Inc		452,988
821	*	Cirrus Logic, Inc		12,980
311	*	CNH Global NV		7,044
242	*	Colfax Corp		2,519
196	*	Columbus McKinnon Corp		2,738
347	*	Cray, Inc		1,936
2,415		Cummins, Inc		157,289
554		Curtiss-Wright Corp		16,088
364	*	Cymer, Inc		10,935
5,116		Deere & Co		284,859
772		Diebold, Inc		21,037
944		Donaldson Co, Inc		40,262
141	*	Douglas Dynamics, Inc		1,622
2,250		Dover Corp		94,028
994	*	Dresser-Rand Group, Inc		31,361
416	*	Dril-Quip, Inc		18,312
2,019		Eaton Corp		132,123
24,755	*	EMC Corp		453,017
9,071		Emerson Electric Co		396,312
1,000	*	Emulex Corp		9,180
583	*	Ener1, Inc		1,971
215	*	EnPro Industries, Inc		6,052
1,363	*	Entegris, Inc		5,411
1,016	*	Extreme Networks, Inc		2,743
413	*	Flow International Corp		975
686		Flowserve Corp		58,173
1,465	*	FMC Technologies, Inc		77,147
478	*	Fortinet, Inc		7,858
190	*	Fuel Tech, Inc		1,201
655		Gardner Denver, Inc		29,206
128,571		General Electric Co		1,853,993
194		Gorman-Rupp Co		4,860
730		Graco, Inc		20,579
128		Graham Corp		1,919
978		IDEX Corp		27,941
289	*	Immersion Corp		1,462
3,877		Ingersoll-Rand plc		133,718

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
745	*	Intermec, Inc	$	7,636
15,443		International Business Machines Corp		1,906,901
3,589		International Game Technology		56,347
278	*	Intevac, Inc		2,966
301	*	Isilon Systems, Inc		3,865
2,210		ITT Industries, Inc		99,273
2,188		Jabil Circuit, Inc		29,100
308		John Bean Technologies Corp		4,697
8,104		Johnson Controls, Inc		217,754
1,240		Joy Global, Inc		62,112
148	*	Kadant, Inc		2,578
428		Kaydon Corp		14,064
983		Kennametal, Inc		24,998
848	*	Kulicke & Soffa Industries, Inc		5,953
1,524	*	Lam Research Corp		58,003
560		Lennox International, Inc		23,279
972	*	Lexmark International, Inc (Class A)		32,105
136		Lindsay Manufacturing Co		4,310
400		Lufkin Industries, Inc		15,596
1,601		Manitowoc Co, Inc		14,633
171		Met-Pro Corp		1,840
968	*	Micros Systems, Inc		30,850
218	*	Middleby Corp		11,595
500	*	Modine Manufacturing Co		3,840
66		Nacco Industries, Inc (Class A)		5,858
136	*	Natural Gas Services Group, Inc		2,058
572	*	Netezza Corp		7,825
400	*	Netgear, Inc		7,136
455	*	Network Engines, Inc		1,233
407		Nordson Corp		22,825
3,627		Northrop Grumman Corp		197,454
597	*	Oil States International, Inc		23,629
1,415		Pall Corp		48,634
2,191	*,m	Palm, Inc		12,467
2,502		Pitney Bowes, Inc		54,944
144	*	PMFG, Inc		2,182
237		Primoris Services Corp		1,493
409	*	Pure Bioscience		978
2,574	*	Quantum Corp		4,839
301	*	Rackable Systems, Inc		2,131
4,590		Raytheon Co		222,110
262	*	RBC Bearings, Inc		7,595
113	*	Rimage Corp		1,789
759	*	Riverbed Technology, Inc		20,964
310		Robbins & Myers, Inc		6,739
219	*	Safeguard Scientifics, Inc		2,313
200	*	Sauer-Danfoss, Inc		2,444
321	*	Scansource, Inc		8,003
774	*	Scientific Games Corp (Class A)		7,121
5,891	*	Seagate Technology, Inc		76,819
373	*	Sigma Designs, Inc		3,734
608		SPX Corp		32,108
151		Standex International Corp		3,828
488	*	STEC, Inc		6,129
258	*	Super Micro Computer, Inc		3,483
142	*	T-3 Energy Services, Inc		3,962
208	*	Tecumseh Products Co (Class A)		2,313
200		Tennant Co		6,764
2,016	*	Teradata Corp		61,448
1,277	*	Terex Corp		23,931
3,324		Textron, Inc		56,408
107	*	Thermadyne Holdings Corp		1,157
1,085		Timken Co		28,199
419		Toro Co		20,581
100		Twin Disc, Inc		1,136

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
6,149		Tyco International Ltd	$	216,629
283	*	Ultratech, Inc		4,604
1,505	*	Varian Medical Systems, Inc		78,681
1,025	*	VeriFone Holdings, Inc		19,403
334		Watsco, Inc		19,345
2,759	*	Western Digital Corp		83,211
728		Woodward Governor Co		18,586
16,550		Xerox Corp		133,062
359	*	Xyratex Ltd		5,080
721	*	Zebra Technologies Corp (Class A)		18,292
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,695,784
INSTRUMENTS AND RELATED PRODUCTS - 3.6%
247	*	Abaxis, Inc		5,293
400	*	Abiomed, Inc		3,872
606	*	Accuray, Inc		4,018
766	*	Affymetrix, Inc		4,519
275	*	AGA Medical Holdings, Inc		3,490
4,191	*	Agilent Technologies, Inc		119,150
835		Alcon, Inc		123,739
700	*	Align Technology, Inc		10,409
3,663		Allergan, Inc		213,406
620	*	Alphatec Holdings, Inc		2,877
909	*	American Medical Systems Holdings, Inc		20,107
140		American Science & Engineering, Inc		10,669
150		Analogic Corp		6,827
200	*	Anaren, Inc		2,988
275	*	Angiodynamics, Inc		4,056
844	*	Antares Pharma, Inc		1,485
984	*	Applied Energetics, Inc		1,014
166	*	Argon ST, Inc		5,692
325	*	Arthrocare Corp		9,961
18		Atrion Corp		2,431
554	*	ATS Medical, Inc		2,199
258		Badger Meter, Inc		9,982
1,158		Bard (C.R.), Inc		89,780
7,184		Baxter International, Inc		291,957
845		Beckman Coulter, Inc		50,945
2,809		Becton Dickinson & Co		189,945
247	*	Bio-Rad Laboratories, Inc (Class A)		21,363
18,299	*	Boston Scientific Corp		106,134
869	*	Bruker BioSciences Corp		10,567
539	*	Caliper Life Sciences, Inc		2,302
146		Cantel Medical Corp		2,438
291	*	CardioNet, Inc		1,595
2,135	*	CareFusion Corp		48,465
712	*	Cepheid, Inc		11,406
449	*	Cerus Corp		1,419
370	*	Clarient, Inc		1,140
306	*	Coherent, Inc		10,496
280		Cohu, Inc		3,396
450	*	Conmed Corp		8,384
546		Cooper Cos, Inc		21,725
6,038		Covidien plc		242,606
158	*	Cutera, Inc		1,455
327	*	Cyberonics, Inc		7,743
85	*	Cynosure, Inc (Class A)		915
6,418		Danaher Corp		238,236
545	*	Delcath Systems, Inc		3,455
1,806		Dentsply International, Inc		54,017
567	*	Depomed, Inc		1,588
689	*	DexCom, Inc		7,965
241	*	Dionex Corp		17,945
82	*	DXP Enterprises, Inc		1,283
3,150	*	Eastman Kodak Co		13,671

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,386	*	Edwards Lifesciences Corp	$	77,644
208	*	Electro-Optical Sciences, Inc		1,548
536	*	Endologix, Inc		2,428
317		ESCO Technologies, Inc		8,163
359	*	Esterline Technologies Corp		17,035
998	*	ev3, Inc		22,365
78	*	Exactech, Inc		1,332
163	*	FARO Technologies, Inc		3,050
451	*	FEI Co		8,889
1,836	*	Flir Systems, Inc		53,409
593	*	Formfactor, Inc		6,404
633	*	Fossil, Inc		21,965
1,360		Garmin Ltd		39,794
360	*	Haemonetics Corp		19,267
259	*	Hanger Orthopedic Group, Inc		4,652
553	*	HealthTronics, Inc		2,671
153	*	Herley Industries, Inc		2,182
747		Hillenbrand, Inc		15,978
3,134	*	Hologic, Inc		43,657
154	*	ICU Medical, Inc		4,954
154	*	ICx Technologies, Inc		1,124
276	*	II-VI, Inc		8,178
1,466	*	Illumina, Inc		63,815
573	*	Insulet Corp		8,624
289	*	Integra LifeSciences Holdings Corp		10,693
472	*	Intuitive Surgical, Inc		148,973
316		Invacare Corp		6,554
1,704	*	ION Geophysical Corp		5,930
205	*	IRIS International, Inc		2,079
477	*	Itron, Inc		29,488
345	*	Ixia		2,964
138		Keithley Instruments, Inc		1,219
66	*	Kensey Nash Corp		1,565
2,049		Kla-Tencor Corp		57,126
800	*	Kopin Corp		2,712
172	*	KVH Industries, Inc		2,136
908	*	L-1 Identity Solutions, Inc		7,437
138	*	LaBarge, Inc		1,575
2,218	*	Life Technologies Corp		104,801
1,753	*	LTX-Credence Corp		4,961
201	*	Lydall, Inc		1,536
303	*	MAKO Surgical Corp		3,772
611		Masimo Corp		14,548
114	*	Measurement Specialties, Inc		1,562
147	*	Medical Action Industries, Inc		1,763
13,264		Medtronic, Inc		481,084
310	*	Merit Medical Systems, Inc		4,982
410	*	Mettler-Toledo International, Inc		45,768
167	*	Micrus Endovascular Corp		3,472
681	*	Millipore Corp		72,629
352		Mine Safety Appliances Co		8,723
604	*	MKS Instruments, Inc		11,307
200	*	Movado Group, Inc		2,136
221		MTS Systems Corp		6,409
214	*	Nanometrics, Inc		2,159
650		National Instruments Corp		20,657
316	*	Natus Medical, Inc		5,148
250	*	Neogen Corp		6,513
407	*	Newport Corp		3,687
472	*	NuVasive, Inc		16,737
222	*	NxStage Medical, Inc		3,294
181	*	Orthofix International NV		5,801
720	*	Orthovita, Inc		1,462
42	*	OYO Geospace Corp		2,036
200	*	Palomar Medical Technologies, Inc		2,238

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,408		PerkinElmer, Inc	$	29,103
910	*	Resmed, Inc		55,337
119	*	Rochester Medical Corp		1,125
1,711		Rockwell Automation, Inc		83,993
1,895		Rockwell Collins, Inc		100,681
383	*	Rofin-Sinar Technologies, Inc		7,974
1,133		Roper Industries, Inc		63,403
351	*	Rudolph Technologies, Inc		2,650
203	*,m	SenoRx, Inc		2,229
405	*	Sirona Dental Systems, Inc		14,110
685	*	Solta Medical, Inc		1,302
142	*	Somanetics Corp		3,543
306	*	Sonic Solutions, Inc		2,555
166	*	SonoSite, Inc		4,500
330	*	Spectranetics Corp		1,709
3,958	*	St. Jude Medical, Inc		142,844
407	*	Staar Surgical Co		2,328
650	*	Star Scientific, Inc		1,066
300	*	Stereotaxis, Inc		993
745		STERIS Corp		23,155
3,794		Stryker Corp		189,928
376	*	Symmetry Medical, Inc		3,963
435	*	Syneron Medical Ltd		4,472
146	*	Synovis Life Technologies, Inc		2,231
463		Techne Corp		26,599
433	*	Teledyne Technologies, Inc		16,705
2,167	*	Teradyne, Inc		21,128
4,941	*	Thermo Electron Corp		242,355
682	*	Thoratec Corp		29,142
1,441	*	Trimble Navigation Ltd		40,348
584	*	Unilife Corp		3,399
200	*	Vascular Solutions, Inc		2,500
512	*	Veeco Instruments, Inc		17,551
200	*	Vital Images, Inc		2,550
979	*	Vivus, Inc		9,398
603	*	Volcano Corp		13,157
1,129	*	Waters Corp		73,046
456	*	Wright Medical Group, Inc		7,574
391	*	X-Rite, Inc		1,443
68		Young Innovations, Inc		1,914
2,443	*	Zimmer Holdings, Inc		132,044
255	*	Zoll Medical Corp		6,911
198	*	Zygo Corp		1,606
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,985,848
INSURANCE AGENTS, BROKERS AND SERVICE - 0.4%
3,244		AON Corp		120,417
1,252		Arthur J. Gallagher & Co		30,524
1,536		Brown & Brown, Inc		29,399
245	*	Crawford & Co (Class B)		774
5,345		Hartford Financial Services Group, Inc		118,285
212		Life Partners Holdings, Inc		4,338
6,518		Marsh & McLennan Cos, Inc		146,980
667	*	National Financial Partners Corp		6,517
1,242	*	Verisk Analytics, Inc		37,136
92		White Mountains Insurance Group Ltd		29,826
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		524,196
INSURANCE CARRIERS - 3.5%
4,050		ACE Ltd		208,494
5,117		Aetna, Inc		134,986
5,663		Aflac, Inc		241,640
69	*	Alleghany Corp		20,238
599		Allied World Assurance Holdings Ltd		27,183
6,476		Allstate Corp		186,055

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,600	*	Ambac Financial Group, Inc	$	2,412
629		American Equity Investment Life Holding Co		6,491
1,036		American Financial Group, Inc		28,304
1,471	*	American International Group, Inc		50,661
85		American National Insurance Co		6,882
173		American Physicians Capital, Inc		5,337
75		American Physicians Service Group, Inc		1,834
118	*	American Safety Insurance Holdings Ltd		1,855
623	*	AMERIGROUP Corp		20,235
202	*	Amerisafe, Inc		3,545
294		Amtrust Financial Services, Inc		3,540
607	*	Arch Capital Group Ltd		45,222
374		Argo Group International Holdings Ltd		11,441
961		Aspen Insurance Holdings Ltd		23,775
1,348		Assurant, Inc		46,776
2,211		Assured Guaranty Ltd		29,340
1,528		Axis Capital Holdings Ltd		45,412
125		Baldwin & Lyons, Inc (Class B)		2,626
456	*	Catalyst Health Solutions, Inc		15,732
593	*	Centene Corp		12,750
3,935		Chubb Corp		196,789
3,324		Cigna Corp		103,243
1,758		Cincinnati Financial Corp		45,479
387	*	Citizens, Inc (Class A)		2,577
303	*	CNA Financial Corp		7,745
198	*	CNA Surety Corp		3,182
2,903	*	Conseco, Inc		14,370
571		Delphi Financial Group, Inc (Class A)		13,938
143		Donegal Group, Inc (Class A)		1,757
60		EMC Insurance Group, Inc		1,316
620		Employers Holdings, Inc		9,133
551		Endurance Specialty Holdings Ltd		20,679
76	*	Enstar Group Ltd		5,049
363		Erie Indemnity Co (Class A)		16,517
710		Everest Re Group Ltd		50,211
155		FBL Financial Group, Inc (Class A)		3,255
2,808		Fidelity National Title Group, Inc (Class A)		36,476
1,122		First American Corp		19,815
1,253		First American Financial Corp		15,888
136		First Mercury Financial Corp		1,439
472		Flagstone Reinsurance Holdings Ltd		5,107
315	*	Fpic Insurance Group, Inc		8,080
5,894	*	Genworth Financial, Inc (Class A)		77,035
327	*	Greenlight Capital Re Ltd (Class A)		8,237
136	*	Hallmark Financial Services		1,353
539		Hanover Insurance Group, Inc		23,447
168		Harleysville Group, Inc		5,213
1,378		HCC Insurance Holdings, Inc		34,119
1,227	*	Health Net, Inc		29,902
627	*	Healthspring, Inc		9,725
467		Horace Mann Educators Corp		7,145
2,014	*	Humana, Inc		91,979
205		Infinity Property & Casualty Corp		9,467
77		Kansas City Life Insurance Co		2,277
2,290	*	Leucadia National Corp		44,678
3,641		Lincoln National Corp		88,440
3,792		Loews Corp		126,312
553		Maiden Holdings Ltd		3,633
119	*	Markel Corp		40,460
1,052		Max Capital Group Ltd		19,757
1,717	*	MBIA, Inc		9,632
694		Meadowbrook Insurance Group, Inc		5,989
303		Mercury General Corp		12,556
7,091		Metlife, Inc		267,756
478	*	Metropolitan Health Networks, Inc		1,783

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,499	*	MGIC Investment Corp	$	17,218
159	*	Molina Healthcare, Inc		4,579
855		Montpelier Re Holdings Ltd		12,765
173		National Interstate Corp		3,429
27		National Western Life Insurance Co (Class A)		4,125
149	*	Navigators Group, Inc		6,128
65		NYMAGIC, Inc		1,254
2,802		Old Republic International Corp		33,988
313		OneBeacon Insurance Group Ltd (Class A)		4,482
943		PartnerRe Ltd		66,142
1,675	*	Phoenix Cos, Inc		3,534
543		Platinum Underwriters Holdings Ltd		19,705
400	*	PMA Capital Corp (Class A)		2,620
1,998	*	PMI Group, Inc		5,774
200		Presidential Life Corp		1,820
270	*	Primerica, Inc		5,789
499	*	Primus Guaranty Ltd		1,841
3,855		Principal Financial Group		90,361
400	*	ProAssurance Corp		22,704
8,090		Progressive Corp		151,445
1,036		Protective Life Corp		22,160
5,589		Prudential Financial, Inc		299,907
1,623		Radian Group, Inc		11,751
912		Reinsurance Group of America, Inc (Class A)		41,688
697		RenaissanceRe Holdings Ltd		39,220
224		RLI Corp		11,762
200		Safety Insurance Group, Inc		7,404
257		SeaBright Insurance Holdings, Inc		2,436
656		Selective Insurance Group, Inc		9,748
628		Stancorp Financial Group, Inc		25,459
200		State Auto Financial Corp		3,102
200		Stewart Information Services Corp		1,804
440		Symetra Financial Corp		5,280
993		Torchmark Corp		49,163
503		Tower Group, Inc		10,830
713		Transatlantic Holdings, Inc		34,195
5,965		Travelers Cos, Inc		293,777
246	*	Triple-S Management Corp (Class B)		4,563
515	*	United America Indemnity Ltd (Class A)		3,790
234		United Fire & Casualty Co		4,638
13,690		UnitedHealth Group, Inc		388,797
614		Unitrin, Inc		15,718
417	*	Universal American Financial Corp		6,005
4,006		UnumProvident Corp		86,930
986		Validus Holdings Ltd		24,078
1,526		W.R. Berkley Corp		40,378
481	*	WellCare Health Plans, Inc		11,419
5,145	*	WellPoint, Inc		251,745
15		Wesco Financial Corp		4,848
4,131		XL Capital Ltd		66,137
		TOTAL INSURANCE CARRIERS		4,924,141
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
1,411	*	Corrections Corp of America		26,922
620	*	Geo Group, Inc		12,865
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		39,787
LEATHER AND LEATHER PRODUCTS - 0.1%
3,674		Coach, Inc		134,284
1,032	*	CROCS, Inc		10,919
349	*	Genesco, Inc		9,182
870	*	Iconix Brand Group, Inc		12,502
101		RG Barry Corp		1,114
280	*	Steven Madden Ltd		8,826
558	*	Timberland Co (Class A)		9,012

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
60		Weyco Group, Inc	$	1,367
600		Wolverine World Wide, Inc		15,131
		TOTAL LEATHER AND LEATHER PRODUCTS		202,337
LEGAL SERVICES - 0.0%
571	*	FTI Consulting, Inc		24,890
154	*	Pre-Paid Legal Services, Inc		7,005
		TOTAL LEGAL SERVICES		31,895
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
371	*	Emergency Medical Services Corp (Class A)		18,190
230	*	Rural		1,872
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		20,062
LUMBER AND WOOD PRODUCTS - 0.0%
125		American Woodmark Corp		2,138
127		Deltic Timber Corp		5,309
1,562	*	Louisiana-Pacific Corp		10,449
100		Skyline Corp		1,801
233		Universal Forest Products, Inc		7,062
		TOTAL LUMBER AND WOOD PRODUCTS		26,759
METAL MINING - 0.7%
740	*	Allied Nevada Gold Corp		14,563
601	*	Capital Gold Corp		2,404
1,625		Cleveland-Cliffs, Inc		76,635
1,061	*	Coeur d’Alene Mines Corp		16,743
5,209		Freeport-McMoRan Copper & Gold, Inc (Class B)		308,008
3,083	*	Golden Star Resources Ltd		13,504
2,915	*	Hecla Mining Co		15,216
1,014	*	Jaguar Mining, Inc		8,954
5,730		Newmont Mining Corp		353,769
942	*	Patriot Coal Corp		11,069
607	*	Rosetta Resources, Inc		12,025
576		Royal Gold, Inc		27,648
2,037		Southern Copper Corp (NY)		54,062
574	*	Stillwater Mining Co		6,670
1,680	*	Thompson Creek Metals Co, Inc		14,582
334	*	US Energy Corp Wyoming		1,587
1,134	*	US Gold Corp		5,681
		TOTAL METAL MINING		943,120
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.2%
213	*	Armstrong World Industries, Inc		6,428
75		Blyth, Inc		2,555
806		Callaway Golf Co		4,868
423		Daktronics, Inc		3,173
1,546		Hasbro, Inc		63,541
498	*	Intrepid Potash, Inc		9,746
311	*	Jakks Pacific, Inc		4,472
1,061		Jarden Corp		28,509
256	*	Leapfrog Enterprises, Inc		1,029
4,344		Mattel, Inc		91,919
63		Oil-Dri Corp of America		1,446
257	*	RC2 Corp		4,140
153	*	Russ Berrie & Co, Inc		1,076
646	*	Shuffle Master, Inc		5,174
100	*	Steinway Musical Instruments, Inc		1,779
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		229,855

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
MISCELLANEOUS RETAIL - 1.5%
198	*	1-800-FLOWERS.COM, Inc (Class A)	$	408
4,201	*	Amazon.com, Inc		459,001
409		Barnes & Noble, Inc		5,276
4,150		Best Buy Co, Inc		140,519
334		Big 5 Sporting Goods Corp		4,389
158	*	Blue Nile, Inc		7,439
792	*	Borders Group, Inc		1,053
200	*	Build-A-Bear Workshop, Inc		1,356
535	*	Cabela’s, Inc		7,565
400		Cash America International, Inc		13,708
700	*	CKX, Inc		3,493
657	*	Coldwater Creek, Inc		2,208
16,387		CVS Corp		480,466
1,038	*	Dick’s Sporting Goods, Inc		25,836
1,532	*	Dollar Tree, Inc		63,756
969	*	Drugstore.Com		2,985
545	*	Ezcorp, Inc (Class A)		10,110
171		Gaiam, Inc (Class A)		1,038
749	*	GSI Commerce, Inc		21,571
373	*	Hibbett Sports, Inc		8,937
475	*	HSN, Inc		11,400
317	*	Jo-Ann Stores, Inc		11,891
343	*	KAR Auction Services, Inc		4,243
145	*	Kirkland’s, Inc		2,447
497		MSC Industrial Direct Co (Class A)		25,178
414		Nutri/System, Inc		9,497
3,305	*	Office Depot, Inc		13,352
1,103	*	OfficeMax, Inc		14,405
176	*	Overstock.com, Inc		3,180
1,427		Petsmart, Inc		43,053
568	*	Priceline.com, Inc		100,275
187		Pricesmart, Inc		4,344
7,015	*	Rite Aid Corp		6,875
322	*	Shutterfly, Inc		7,715
1,056	*	Signet Jewelers Ltd		29,040
192	*	Stamps.com, Inc		1,968
8,788		Staples, Inc		167,411
151		Systemax, Inc		2,276
1,496		Tiffany & Co		56,713
191	*	Vitamin Shoppe, Inc		4,899
11,782		Walgreen Co		314,579
724		World Fuel Services Corp		18,781
245	*	Zumiez, Inc		3,947
		TOTAL MISCELLANEOUS RETAIL		2,118,583
MOTION PICTURES - 0.9%
159	*	Ascent Media Corp (Series A)		4,016
424	*	Avid Technology, Inc		5,398
136	*	Carmike Cinemas, Inc		824
610		Cinemark Holdings, Inc		8,022
3,422	*	Discovery Communications, Inc (Class A)		122,200
943	*	DreamWorks Animation SKG, Inc (Class A)		26,923
823	*	Lions Gate Entertainment Corp		5,745
460		National CineMedia, Inc		7,664
27,608		News Corp (Class A)		330,191
1,035		Regal Entertainment Group (Class A)		13,496
114	*	Rentrak Corp		2,774
1,230	*	Rovi Corp		46,629
1,080		Scripps Networks Interactive (Class A)		43,567
13,726		Time Warner, Inc		396,818
1,772	*	tw telecom inc (Class A)		29,557
7,281		Viacom, Inc (Class B)		228,405
		TOTAL MOTION PICTURES		1,272,229

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
NONDEPOSITORY INSTITUTIONS - 0.9%
700		Advance America Cash Advance Centers, Inc	$	2,891
4,101	*	American Capital Ltd		19,767
12,581		American Express Co		499,466
800	*	AmeriCredit Corp		14,576
2,330		Apollo Investment Corp		21,739
2,310		Ares Capital Corp		28,944
133		Asta Funding, Inc		1,313
678		BlackRock Kelso Capital Corp		6,692
807	*	Boise, Inc		4,430
5,497		Capital One Financial Corp		221,529
3,675		CapitalSource, Inc		17,493
8,820		Chimera Investment Corp		31,840
2,384	*	CIT Group, Inc		80,722
155		CompuCredit Corp		614
103	*	Credit Acceptance Corp		5,023
523		Cypress Sharpridge Investments, Inc		6,621
6,550		Discover Financial Services		91,569
92	*	Doral Financial Corp		224
161	*	Encore Capital Group, Inc		3,318
115		Federal Agricultural Mortgage Corp (Class C)		1,613
363	*	First Cash Financial Services, Inc		7,913
641	*	First Marblehead Corp		1,506
252		Gladstone Investment Corp		1,469
1,907	*	GLG Partners, Inc		8,353
92		Golub Capital BDC, Inc		1,327
954	*	Heckmann Corp		4,427
426		Hercules Technology Growth Capital, Inc		3,923
1,154		Lender Processing Services, Inc		36,132
778		MCG Capital Corp		3,758
175		Medallion Financial Corp		1,155
320		Nelnet, Inc (Class A)		6,170
341	*	NewStar Financial, Inc		2,169
300		NGP Capital Resources Co		2,151
499		NRDC Acquisition Corp		4,815
892	*	Ocwen Financial Corp		9,089
385		PennantPark Investment Corp		3,677
639	*	PHH Corp		12,167
5,809	*	SLM Corp		60,356
69		Solar Capital Ltd		1,329
42		Student Loan Corp		1,011
104	*	THL Credit, Inc		1,196
330		TICC Capital Corp		2,772
90		Triangle Capital Corp		1,280
199	*	World Acceptance Corp		7,624
		TOTAL NONDEPOSITORY INSTITUTIONS		1,246,153
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
292		AMCOL International Corp		6,862
404		Compass Minerals International, Inc		28,393
1,260	*	General Moly, Inc		3,881
30	*	United States Lime & Minerals, Inc		1,156
1,507		Vulcan Materials Co		66,051
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		106,343
OIL AND GAS EXTRACTION - 4.2%
802	*	Abraxas Petroleum Corp		2,246
5,959		Anadarko Petroleum Corp		215,060
4,061		Apache Corp		341,895
180		APCO Argentina, Inc		4,232
104	*	Approach Resources, Inc		716
463	*	Arena Resources, Inc		14,770
944		Atlas America, Inc		25,554

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
643	*	ATP Oil & Gas Corp	$	6,809
675	*	Atwood Oceanics, Inc		17,226
5,167		Baker Hughes, Inc		214,792
448	*	Basic Energy Services, Inc		3,450
617		Berry Petroleum Co (Class A)		15,869
553	*	Bill Barrett Corp		17,016
979	*	Boots & Coots, Inc		2,888
1,428	*	Brigham Exploration Co		21,963
1,249		Cabot Oil & Gas Corp		39,119
1,143	*	Cal Dive International, Inc		6,687
354	*	Callon Petroleum Co		2,230
2,896	*	Cameron International Corp		94,178
417	*	Carrizo Oil & Gas, Inc		6,476
599	*	Cheniere Energy, Inc		1,689
7,765		Chesapeake Energy Corp		162,677
1,008		Cimarex Energy Co		72,153
90	*	Clayton Williams Energy, Inc		3,791
897	*	Cobalt International Energy, Inc		6,683
935	*	Complete Production Services, Inc		13,371
599	*	Comstock Resources, Inc		16,604
1,089	*	Concho Resources, Inc		60,254
151	*	Contango Oil & Gas Co		6,757
365	*	Continental Resources, Inc		16,286
80	*	Dawson Geophysical Co		1,702
3,577	*	Delta Petroleum Corp		3,076
4,811	*	Denbury Resources, Inc		70,433
5,381		Devon Energy Corp		327,810
829		Diamond Offshore Drilling, Inc		51,556
1,293	*	Endeavour International Corp		1,371
354	*	Energy Partners Ltd		4,322
404	*	Energy Recovery, Inc		1,616
607	*	Energy XXI Bermuda Ltd		9,578
3,049		EOG Resources, Inc		299,929
1,792		Equitable Resources, Inc		64,763
1,767		EXCO Resources, Inc		25,816
747	*	Exterran Holdings, Inc		19,280
1,348	*	Forest Oil Corp		36,881
386	*	FX Energy, Inc		1,397
519	*	Gastar Exploration Ltd		1,874
153	*	Georesources, Inc		2,131
1,315	*	Global Industries Ltd		5,904
510	*	GMX Resources, Inc		3,310
321	*	Goodrich Petroleum Corp		3,852
394	*	Gulfport Energy Corp		4,673
10,902		Halliburton Co		267,644
318	*	Harvest Natural Resources, Inc		2,344
1,183	*	Helix Energy Solutions Group, Inc		12,741
1,132		Helmerich & Payne, Inc		41,341
1,501	*	Hercules Offshore, Inc		3,647
220		Houston American Energy Corp		2,169
13	*	Isramco, Inc		613
107		Kayne Anderson Energy Development Co		1,623
1,423	*	Key Energy Services, Inc		13,063
1,429	*	Kodiak Oil & Gas Corp		4,559
570	*	Magnum Hunter Resources Corp		2,485
1,242	*	Mariner Energy, Inc		26,678
974	*	McMoRan Exploration Co		10,821
226	*	Miller Petroleum, Inc		1,302
3,362	*	Nabors Industries Ltd		59,238
5,048		National Oilwell Varco, Inc		166,937
1,602	*	Newfield Exploration Co		78,274
1,250	*	Newpark Resources, Inc		7,563
2,103		Noble Energy, Inc		126,874
566	*	Northern Oil And Gas, Inc		7,267

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
9,781		Occidental Petroleum Corp	$	754,603
663	*	Oceaneering International, Inc		29,769
578	*	Pacific Asia Petroleum, Inc		2,156
85		Panhandle Oil and Gas, Inc (Class A)		2,247
1,722	*	Parker Drilling Co		6,802
1,800		Patterson-UTI Energy, Inc		23,166
551		Penn Virginia Corp		11,081
3,628	*	PetroHawk Energy Corp		61,567
229	*	Petroleum Development Corp		5,867
815	*	Petroquest Energy, Inc		5,509
568	*	Pioneer Drilling Co		3,221
1,382		Pioneer Natural Resources Co		82,160
1,680	*	Plains Exploration & Production Co		34,625
222	*	PowerSecure International, Inc		2,018
2,036	*	Pride International, Inc		45,484
1,420	*	Quicksilver Resources, Inc		15,620
671	*	RAM Energy Resources, Inc		1,389
1,920		Range Resources Corp		77,088
460	*	Resolute Energy Corp		5,630
494	*	Rex Energy Corp		4,989
1,317	*	Rowan Cos, Inc		28,895
337		RPC, Inc		4,600
14,364		Schlumberger Ltd		794,903
272	*	SEACOR Holdings, Inc		19,220
135	*	Seahawk Drilling, Inc		1,312
2,992		Smith International, Inc		112,649
4,170	*	Southwestern Energy Co		161,129
754		St. Mary Land & Exploration Co		30,281
539	*	Stone Energy Corp		6,015
943	*	Superior Energy Services		17,606
339	*	Superior Well Services, Inc		5,668
457	*	Swift Energy Co		12,298
787	*	Syntroleum Corp		1,291
364	*	Tesco Corp		4,470
974	*	Tetra Technologies, Inc		8,844
617		Tidewater, Inc		23,890
1,763	*	TransAtlantic Petroleum Ltd		5,589
1,834	*	Ultra Petroleum Corp		81,155
300	*	Union Drilling, Inc		1,653
488	*	Unit Corp		19,808
621		Vaalco Energy, Inc		3,478
231	*	Venoco, Inc		3,805
414		W&T Offshore, Inc		3,916
580	*	Warren Resources, Inc		1,682
8,906	*	Weatherford International Ltd		117,025
614	*	Whiting Petroleum Corp		48,150
442	*	Willbros Group, Inc		3,271
		TOTAL OIL AND GAS EXTRACTION		5,889,492
PAPER AND ALLIED PRODUCTS - 0.5%
1,312		Bemis Co		35,424
520	*	Buckeye Technologies, Inc		5,174
102	*	Cellu Tissue Holdings, Inc		793
676	*	Cenveo, Inc		3,704
508		Domtar Corporation		24,968
553		Glatfelter		6,000
1,659	*	Graphic Packaging Holding Co		5,226
415		Greif, Inc (Class A)		23,049
5,257		International Paper Co		118,966
460	*	Kapstone Paper and Packaging Corp		5,124
4,985		Kimberly-Clark Corp		302,242
1,977		MeadWestvaco Corp		43,889
162		Neenah Paper, Inc		2,965

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,223		Packaging Corp of America	$	26,930
462		Rock-Tenn Co (Class A)		22,948
221		Schweitzer-Mauduit International, Inc		11,149
1,203		Sonoco Products Co		36,667
1,260		Temple-Inland, Inc		26,044
784	*	Wausau Paper Corp		5,308
		TOTAL PAPER AND ALLIED PRODUCTS		706,570
PERSONAL SERVICES - 0.1%
1,502		Cintas Corp		36,003
364	*	Coinstar, Inc		15,641
58		CPI Corp		1,300
387		G & K Services, Inc (Class A)		7,992
3,964		H&R Block, Inc		62,195
140		Mac-Gray Corp		1,560
674		Regis Corp		10,494
1,125	*	Sally Beauty Holdings, Inc		9,225
2,964		Service Corp International		21,934
185	*	Steiner Leisure Ltd		7,111
155		Unifirst Corp		6,823
402		Weight Watchers International, Inc		10,327
		TOTAL PERSONAL SERVICES		190,605
PETROLEUM AND COAL PRODUCTS - 4.9%
142		Alon USA Energy, Inc		903
596	*	American Oil & Gas, Inc		3,743
24,190		Chevron Corp		1,641,533
17,923		ConocoPhillips		879,840
359	*	CVR Energy, Inc		2,700
69		Delek US Holdings, Inc		504
61,489		Exxon Mobil Corp		3,509,179
1,200		Frontier Oil Corp		16,140
143	*	Green Plains Renewable Energy, Inc		1,461
760	*	Headwaters, Inc		2,158
3,510		Hess Corp		176,693
524		Holly Corp		13,928
8,544		Marathon Oil Corp		265,633
2,306		Murphy Oil Corp		114,262
116		Quaker Chemical Corp		3,142
2,224	*	SandRidge Energy, Inc		12,966
1,429		Sunoco, Inc		49,686
1,671		Tesoro Corp		19,501
6,819		Valero Energy Corp		122,606
652		Walter Industries, Inc		39,674
174		WD-40 Co		5,812
605	*	Western Refining, Inc		3,043
		TOTAL PETROLEUM AND COAL PRODUCTS		6,885,107
PIPELINES, EXCEPT NATURAL GAS - 0.1%
7,929		Spectra Energy Corp		159,135
		TOTAL PIPELINES, EXCEPT NATURAL GAS		159,135
PRIMARY METAL INDUSTRIES - 0.6%
1,349		AK Steel Holding Corp		16,080
12,151		Alcoa, Inc		122,239
1,183		Allegheny Technologies, Inc		52,277
565		Belden CDT, Inc		12,430
300	*	Brush Engineered Materials, Inc		5,994
574		Carpenter Technology Corp		18,844
742	*	Century Aluminum Co		6,552
255		Encore Wire Corp		4,638

80

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
640	*	General Cable Corp	$	17,056
1,693	*	Gerdau Ameristeel Corp		18,454
336	*	Gibraltar Industries, Inc		3,394
743	*	Globe Specialty Metals, Inc		7,675
128		Haynes International, Inc		3,946
716	*	Horsehead Holding Corp		5,413
728		Hubbell, Inc (Class B)		28,894
367		Matthews International Corp (Class A)		10,746
802	*	Metalico, Inc		3,192
447		Mueller Industries, Inc		10,996
133	*	Noranda Aluminium Holding Corp		855
96	*	Northwest Pipe Co		1,824
3,795		Nucor Corp		145,274
89		Olympic Steel, Inc		2,044
1,713		Precision Castparts Corp		176,303
881		Reliance Steel & Aluminum Co		31,848
362	*	RTI International Metals, Inc		8,728
246		Schnitzer Steel Industries, Inc (Class A)		9,643
2,595		Steel Dynamics, Inc		34,228
298		Texas Industries, Inc		8,803
1,028	*	Titanium Metals Corp		18,083
314		Tredegar Corp		5,124
1,738		United States Steel Corp		67,000
72	*	Universal Stainless & Alloy		1,151
1,254	*	Uranium Energy Corp		2,959
735		Worthington Industries, Inc		9,452
		TOTAL PRIMARY METAL INDUSTRIES		872,139
PRINTING AND PUBLISHING - 0.5%
684	*	ACCO Brands Corp		3,413
210	*	AH Belo Corp (Class A)		1,394
479		American Greetings Corp (Class A)		8,986
946	*	Belo (A.H.) Corp (Class A)		5,383
800		Bowne & Co, Inc		8,976
100	*	Consolidated Graphics, Inc		4,324
73		Courier Corp		891
46		CSS Industries, Inc		759
605	*	Dex One Corp		11,495
365	*	Dolan Media Co		4,059
613		Dun & Bradstreet Corp		41,145
269		Ennis, Inc		4,038
354	*	EW Scripps Co (Class A)		2,630
2,876		Gannett Co, Inc		38,711
700		Harte-Hanks, Inc		7,315
542		John Wiley & Sons, Inc (Class A)		20,959
474	*	Journal Communications, Inc (Class A)		1,882
552	*	Lee Enterprises, Inc		1,419
239	*	Martha Stewart Living Omnimedia, Inc (Class A)		1,176
732	*	McClatchy Co (Class A)		2,664
3,803		McGraw-Hill Cos, Inc		107,016
261	*	Media General, Inc (Class A)		2,547
426		Meredith Corp		13,261
1,326	*	MSCI, Inc (Class A)		36,332
105		Multi-Color Corp		1,075
1,565	*	New York Times Co (Class A)		13,537
100	*	Playboy Enterprises, Inc (Class B)		420
343	*	Presstek, Inc		1,211
485		Primedia, Inc		1,421
2,448		R.R. Donnelley & Sons Co		40,074
100		Schawk, Inc (Class A)		1,495
365		Scholastic Corp		8,804
235		Standard Register Co		738
157	*	SuperMedia, Inc		2,872

81

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,505		Thomson Corp	$	161,415
601	*	Valassis Communications, Inc		19,064
527	*	VistaPrint Ltd		25,027
77		Washington Post Co (Class B)		31,607
		TOTAL PRINTING AND PUBLISHING		639,535
RAILROAD TRANSPORTATION - 0.7%
4,688		CSX Corp		232,665
480	*	Genesee & Wyoming, Inc (Class A)		17,909
1,198	*	Kansas City Southern Industries, Inc		43,547
4,457		Norfolk Southern Corp		236,444
308	*	RailAmerica, Inc		3,055
6,095		Union Pacific Corp		423,664
		TOTAL RAILROAD TRANSPORTATION		957,284
REAL ESTATE - 0.1%
3,368	*	CB Richard Ellis Group, Inc (Class A)		45,838
59		Consolidated-Tomoka Land Co		1,682
513		DuPont Fabros Technology, Inc		12,599
1,536	*	Forest City Enterprises, Inc (Class A)		17,388
498	*	Forestar Real Estate Group, Inc		8,944
297		Government Properties Income Trust		7,579
506		Jones Lang LaSalle, Inc		33,214
255	*	Kennedy-Wilson Holdings, Inc		2,576
297	*	LoopNet, Inc		3,662
1,116	*	St. Joe Co		25,847
1,142		Stewart Enterprises, Inc (Class A)		6,178
408		Thomas Properties Group, Inc		1,350
		TOTAL REAL ESTATE		166,857
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.2%
412		A. Schulman, Inc		7,812
78	*	AEP Industries, Inc		1,863
700		Cooper Tire & Rubber Co		13,650
158	*	Deckers Outdoor Corp		22,573
2,887	*	Goodyear Tire & Rubber Co		28,697
207	*	Graham Packaging Co, Inc		2,478
59		Lacrosse Footwear, Inc		994
431	*	Metabolix, Inc		6,168
3,303		Newell Rubbermaid, Inc		48,355
1,913		Sealed Air Corp		37,723
403	*	Skechers U.S.A., Inc (Class A)		14,718
370	*	Spartech Corp		3,793
345	*	STR Holdings, Inc		6,486
512		Titan International, Inc		5,105
189	*	Trex Co, Inc		3,797
737		Tupperware Corp		29,368
397		West Pharmaceutical Services, Inc		14,487
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		248,067
SECURITY AND COMMODITY BROKERS - 2.1%
3,099		Ameriprise Financial, Inc		111,967
341		Artio Global Investors, Inc		5,367
422		BlackRock, Inc		60,515
945	*	Broadpoint Securities Group, Inc		2,410
1,693		Broadridge Financial Solutions, Inc		32,252
200		Calamos Asset Management, Inc (Class A)		1,856
11,919		Charles Schwab Corp		169,011
791		CME Group, Inc		222,706
207		Cohen & Steers, Inc		4,293
436	*	Cowen Group, Inc		1,788
22		Diamond Hill Investment Group, Inc		1,247
332		Duff & Phelps Corp		4,193

82

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,652	*	E*Trade Financial Corp	$	31,347
1,406		Eaton Vance Corp		38,820
160		Epoch Holding Corp		1,963
186		Evercore Partners, Inc (Class A)		4,343
653	*	FBR Capital Markets Corp		2,174
1,069		Federated Investors, Inc (Class B)		22,139
544		Fifth Street Finance Corp		6,000
1,806		Franklin Resources, Inc		155,659
80		Friedman Billings Ramsey Group, Inc (Class A)		1,506
69		GAMCO Investors, Inc (Class A)		2,567
704		GFI Group, Inc		3,928
6,200		Goldman Sachs Group, Inc		813,873
354		Greenhill & Co, Inc		21,640
441	*	Interactive Brokers Group, Inc (Class A)		7,321
890	*	IntercontinentalExchange, Inc		100,597
153	*	International Assets Holding Corp		2,448
5,225		Invesco Ltd		87,937
524	*	Investment Technology Group, Inc		8,415
2,289		Janus Capital Group, Inc		20,326
1,431		Jefferies Group, Inc		30,165
173		JMP Group, Inc		1,071
422	*	KBW, Inc		9,048
1,234	*	Knight Capital Group, Inc (Class A)		17,017
453	*	LaBranche & Co, Inc		1,939
1,144	*	Ladenburg Thalmann Financial Services, Inc		1,430
1,108		Lazard Ltd (Class A)		29,595
1,997		Legg Mason, Inc		55,976
383		MarketAxess Holdings, Inc		5,282
1,193	*	MF Global Holdings Ltd		6,812
16,835		Morgan Stanley		390,740
265	*	Morningstar, Inc		11,268
1,637	*	Nasdaq Stock Market, Inc		29,106
3,159		NYSE Euronext		87,283
116		Oppenheimer Holdings, Inc		2,778
480	*	optionsXpress Holdings, Inc		7,555
300	*	Penson Worldwide, Inc		1,692
236	*	Piper Jaffray Cos		7,604
90		Pzena Investment Management, Inc (Class A)		573
1,150		Raymond James Financial, Inc		28,394
209		Sanders Morris Harris Group, Inc		1,160
1,802		SEI Investments Co		36,689
374	*	Stifel Financial Corp		16,228
289		SWS Group, Inc		2,746
3,162		T Rowe Price Group, Inc		140,361
2,921	*	TD Ameritrade Holding Corp		44,691
565	*,m	Thomas Weisel Partners Group, Inc		3,328
1,037		Waddell & Reed Financial, Inc (Class A)		22,690
61		Westwood Holdings Group, Inc		2,144
		TOTAL SECURITY AND COMMODITY BROKERS		2,945,973
SOCIAL SERVICES - 0.0%
236	*	Capital Senior Living Corp		1,173
97	*	Providence Service Corp		1,358
319	*	Res-Care, Inc		3,081
		TOTAL SOCIAL SERVICES		5,612
SPECIAL TRADE CONTRACTORS - 0.1%
100		Alico, Inc		2,298
281		Chemed Corp		15,354
1,217	*	Chicago Bridge & Iron Co NV (ADR)		22,892
409		Comfort Systems USA, Inc		3,951
596	*	Dycom Industries, Inc		5,096

83

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
772	*	EMCOR Group, Inc	$	17,887
466	*	Insituform Technologies, Inc (Class A)		9,544
220	*	Layne Christensen Co		5,339
2,530	*	Quanta Services, Inc		52,244
		TOTAL SPECIAL TRADE CONTRACTORS		134,605
STONE, CLAY, AND GLASS PRODUCTS - 0.4%
311		Apogee Enterprises, Inc		3,368
350	*	Cabot Microelectronics Corp		12,107
235		CARBO Ceramics, Inc		16,965
18,796		Corning, Inc		303,556
525		Eagle Materials, Inc		13,613
1,676		Gentex Corp		30,134
193	*	Libbey, Inc		2,505
547		Martin Marietta Materials, Inc		46,391
1,345	*	Owens Corning, Inc		40,229
1,985	*	Owens-Illinois, Inc		52,503
813	*	USG Corp		9,821
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		531,192
TEXTILE MILL PRODUCTS - 0.0%
301		Albany International Corp (Class A)		4,873
109	*	Culp, Inc		1,195
67	*	Delta Apparel, Inc		978
597		Interface, Inc (Class A)		6,412
664	*	Mohawk Industries, Inc		30,385
200		Oxford Industries, Inc		4,186
95	*,b	Xerium Technologies, Inc		1,341
		TOTAL TEXTILE MILL PRODUCTS		49,370
TOBACCO PRODUCTS - 1.2%
25,081		Altria Group, Inc		502,623
1,783		Fortune Brands, Inc		69,858
1,840		Lorillard, Inc		132,443
22,303		Philip Morris International, Inc		1,022,370
302		Universal Corp		11,983
467		Vector Group Ltd		7,855
		TOTAL TOBACCO PRODUCTS		1,747,132
TRANSPORTATION BY AIR - 0.3%
114	*	Air Methods Corp		3,392
776	*	Air Transport Services Group, Inc		3,694
1,455	*	Airtran Holdings, Inc		7,057
431	*	Alaska Air Group, Inc		19,373
191		Allegiant Travel Co		8,154
4,021	*	AMR Corp		27,262
331	*	Atlas Air Worldwide Holdings, Inc		15,723
433	*	Bristow Group, Inc		12,730
1,494	*	Continental Airlines, Inc (Class B)		32,868
371		Copa Holdings S.A. (Class A)		16,406
9,302	*	Delta Air Lines, Inc		109,299
633	*	Hawaiian Holdings, Inc		3,273
2,933	*	JetBlue Airways Corp		16,102
149	*	PHI, Inc		2,099
219	*	Pinnacle Airlines		1,191
421	*	Republic Airways Holdings, Inc		2,572
692		Skywest, Inc		8,456
8,968		Southwest Airlines Co		99,634
2,024	*	UAL Corp		41,613
2,013	*	US Airways Group, Inc		17,332
		TOTAL TRANSPORTATION BY AIR		448,230

84

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
TRANSPORTATION EQUIPMENT - 2.6%
286		A.O. Smith Corp	$	13,782
468	*	AAR Corp		7,834
168	*	Aerovironment, Inc		3,651
839	*	American Axle & Manufacturing Holdings, Inc		6,150
90		American Railcar Industries, Inc		1,087
234	*	Amerigon, Inc (Class A)		1,727
148	*	Arctic Cat, Inc		1,348
1,176	*	ArvinMeritor, Inc		15,406
237	*	ATC Technology Corp		3,820
1,010	*	Autoliv, Inc		48,329
1,148	*	BE Aerospace, Inc		29,194
9,130		Boeing Co		572,907
1,127		Brunswick Corp		14,009
615		Clarcor, Inc		21,845
1,719	*	Dana Holding Corp		17,190
133	*	Dorman Products, Inc		2,704
121		Ducommun, Inc		2,069
261	*	Federal Mogul Corp (Class A)		3,398
743		Federal Signal Corp		4,488
1,262	*	Force Protection, Inc		5,174
40,167	*	Ford Motor Co		404,882
227		Freightcar America, Inc		5,135
140	*	Fuel Systems Solutions, Inc		3,633
575	*	GenCorp, Inc		2,519
4,162		General Dynamics Corp		243,726
1,912		Genuine Parts Co		75,428
1,495		Goodrich Corp		99,044
231	*	Greenbrier Cos, Inc		2,587
300	*	Group 1 Automotive, Inc		7,059
2,834		Harley-Davidson, Inc		63,000
969		Harsco Corp		22,772
347		Heico Corp		12,464
9,231		Honeywell International, Inc		360,285
380		Kaman Corp		8,406
563	*	Lear Corp		37,271
101	*	LMI Aerospace, Inc		1,593
3,722		Lockheed Martin Corp		277,288
115		Miller Industries, Inc		1,549
855	*	Navistar International Corp		42,066
706	*	Orbital Sciences Corp		11,134
1,078	*	Oshkosh Truck Corp		33,590
4,395		Paccar, Inc		175,229
379		Polaris Industries, Inc		20,701
355		Spartan Motors, Inc		1,491
1,276	*	Spirit Aerosystems Holdings, Inc (Class A)		24,321
188		Standard Motor Products, Inc		1,517
280		Superior Industries International, Inc		3,763
743	*	Tenneco, Inc		15,648
400		Thor Industries, Inc		9,500
530		TransDigm Group, Inc		27,046
964		Trinity Industries, Inc		17,082
201		Triumph Group, Inc		13,393
943	*	TRW Automotive Holdings Corp		25,999
11,183		United Technologies Corp		725,888
717	*	Wabash National Corp		5,098
577		Westinghouse Air Brake Technologies Corp		23,017
353	*	Winnebago Industries, Inc		3,509
		TOTAL TRANSPORTATION EQUIPMENT		3,584,745
TRANSPORTATION SERVICES - 0.4%
184		Ambassadors Group, Inc		2,077
1,997		CH Robinson Worldwide, Inc		111,153
121	*	Dynamex, Inc		1,476

85

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
134	*	Echo Global Logistics, Inc	$	1,636
2,563		Expeditors International Washington, Inc		88,449
3,773		FedEx Corp		264,526
538		GATX Corp		14,354
500	*	Hub Group, Inc (Class A)		15,005
474	*	Interval Leisure Group, Inc		5,901
482	*	Orbitz Worldwide, Inc		1,836
443	*	Pacer International, Inc		3,097
125	*	Roadrunner Transportation Services Holdings, Inc		1,776
1,203		UTI Worldwide, Inc		14,893
		TOTAL TRANSPORTATION SERVICES		526,179
TRUCKING AND WAREHOUSING - 0.4%
300		Arkansas Best Corp		6,225
250	*	Celadon Group, Inc		3,535
648		Con-way, Inc		19,453
348		Forward Air Corp		9,483
666		Heartland Express, Inc		9,670
1,049		J.B. Hunt Transport Services, Inc		34,271
605		Landstar System, Inc		23,589
384	*	Marten Transport Ltd		7,980
331	*	Old Dominion Freight Line		11,631
16	*	Patriot Transportation Holding, Inc		1,295
133	*	Saia, Inc		1,995
8,569		United Parcel Service, Inc (Class B)		487,490
68	*	Universal Truckload Services, Inc		947
90	*	USA Truck, Inc		1,451
511		Werner Enterprises, Inc		11,186
		TOTAL TRUCKING AND WAREHOUSING		630,201
WATER TRANSPORTATION - 0.3%
464		Alexander & Baldwin, Inc		13,818
168	*	American Commercial Lines, Inc		3,782
198	*	Baltic Trading Ltd		2,251
5,267		Carnival Corp		159,273
449		DHT Maritime, Inc		1,729
930	*	Eagle Bulk Shipping, Inc		3,925
469	*	Excel Maritime Carriers Ltd		2,401
623		Frontline Ltd		17,780
344	*	Genco Shipping & Trading Ltd		5,157
570		General Maritime Corp		3,443
383		Golar LNG Ltd		3,780
287	*	Gulfmark Offshore, Inc		7,519
369		Horizon Lines, Inc (Class A)		1,561
301	*	Hornbeck Offshore Services, Inc		4,395
64		International Shipholding Corp		1,416
624	*	Kirby Corp		23,868
185		Knightsbridge Tankers Ltd		3,254
562		Nordic American Tanker Shipping		15,787
283		Overseas Shipholding Group, Inc		10,482
1,568	*	Royal Caribbean Cruises Ltd		35,703
156	*	Scorpio Tankers, Inc		1,786
482		Ship Finance International Ltd		8,618
480		Teekay Corp		12,562
320		Teekay Tankers Ltd (Class A)		3,562
833	*	Ultrapetrol Bahamas Ltd		3,624
		TOTAL WATER TRANSPORTATION		351,476
WHOLESALE TRADE-DURABLE GOODS - 0.4%
400		Agilysys, Inc		2,676
508		Applied Industrial Technologies, Inc		12,863
1,424	*	Arrow Electronics, Inc		31,826
162	*	Ballantyne Strong, Inc		1,173

86

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
565		Barnes Group, Inc	$	9,260
543	*	Beacon Roofing Supply, Inc		9,785
1,424	*	BorgWarner, Inc		53,171
396	*	Cardtronics, Inc		5,132
200	*	Castle (A.M.) & Co		2,778
128	*	Chindex International, Inc		1,604
342	*	Conceptus, Inc		5,328
229	*	DemandTec, Inc		1,546
400	*	Digi International, Inc		3,308
290	*	Drew Industries, Inc		5,858
340	*	Emdeon, Inc		4,260
191	*	Hansen Medical, Inc		407
186		Houston Wire & Cable Co		2,018
2,058	*	Ingram Micro, Inc (Class A)		31,261
655	*	Insight Enterprises, Inc		8,620
392	*	Interline Brands, Inc		6,778
691		Knight Transportation, Inc		13,986
45		Lawson Products, Inc		764
1,720	*	LKQ Corp		33,162
486	*	MedAssets, Inc		11,217
314	*	Merge Healthcare, Inc		920
135	*	Metals USA Holdings Corp		2,018
131	*	MWI Veterinary Supply, Inc		6,584
754		Owens & Minor, Inc		21,399
1,289		Patterson Cos, Inc		36,775
614		PEP Boys - Manny Moe & Jack		5,440
567		Pool Corp		12,429
731	*	PSS World Medical, Inc		15,461
839		Solera Holdings, Inc		30,372
88		Sport Supply Group, Inc		1,184
614	*	Talecris Biotherapeutics Holdings Corp		12,955
616	*	Tech Data Corp		21,942
82	*	Titan Machinery, Inc		1,077
466	*	TomoTherapy, Inc		1,482
432	*	Tyler Technologies, Inc		6,705
745		W.W. Grainger, Inc		74,089
516	*	WESCO International, Inc		17,374
178	*	West Marine, Inc		1,937
		TOTAL WHOLESALE TRADE-DURABLE GOODS		528,924
WHOLESALE TRADE-NONDURABLE GOODS - 0.6%
282		Aceto Corp		1,616
991		Airgas, Inc		61,640
1,200	*	Akorn, Inc		3,564
1,062	*	Alliance One International, Inc		3,781
756	*	Allscripts Healthcare Solutions, Inc		12,172
207		Andersons, Inc		6,746
496	*	BioScrip, Inc		2,599
299	*	BMP Sunstone Corp		1,540
1,272		Brown-Forman Corp (Class B)		72,797
4,360		Cardinal Health, Inc		146,540
841	*	Central European Distribution Corp		17,981
141	*	Clearwater Paper Corp		7,721
108	*	Core-Mark Holding Co, Inc		2,959
1,415	*	Endo Pharmaceuticals Holdings, Inc		30,875
476	*	Fresh Del Monte Produce, Inc		9,634
1,331	*	Green Mountain Coffee Roasters, Inc		34,207
490	*	Hain Celestial Group, Inc		9,883
1,121	*	Henry Schein, Inc		61,543
744		Herbalife Ltd		34,261
100	*	Kenneth Cole Productions, Inc (Class A)		1,101
139	*	KRATON Polymers LLC		2,612
330	*	K-Swiss, Inc (Class A)		3,706
161	*	LSB Industries, Inc		2,143

87

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
593		Men’s Wearhouse, Inc	$	10,887
426		Myers Industries, Inc		3,446
180		Nash Finch Co		6,149
559		Nu Skin Enterprises, Inc (Class A)		13,936
161	*	Perry Ellis International, Inc		3,252
241	*	School Specialty, Inc		4,355
217		Spartan Stores, Inc		2,977
215	*	Synutra International, Inc		3,477
7,125		Sysco Corp		203,561
432		Tractor Supply Co		26,339
518	*	United Natural Foods, Inc		15,478
306	*	United Stationers, Inc		16,668
225	*	Volcom, Inc		4,178
260		Zep, Inc		4,534
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		850,858
		TOTAL COMMON STOCKS (Cost $155,339,017)		140,250,736
RIGHTS / WARRANTS - 0.0%
OIL AND GAS EXTRACTION - 0.0%
88	m	Zion Oil & Gas, Inc		2
		TOTAL OIL AND GAS EXTRACTION		2
		TOTAL RIGHTS / WARRANTS (Cost $0)		2
		TOTAL INVESTMENTS - 99.9% (Cost $155,339,017)		140,250,738
		OTHER ASSETS & LIABILITIES, NET - 0.1%		145,385
		NET ASSETS - 100.0%	$	140,396,123

Abbreviation(s):

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing.

b In bankruptcy.

m Indicates a security that has been deemed illiquid.

88

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.2%
AGRICULTURAL SERVICES - 0.0%
303	*	VCA Antech, Inc	$	7,502
		TOTAL AGRICULTURAL SERVICES		7,502
AMUSEMENT AND RECREATION SERVICES - 1.0%
200	*	Electronic Arts, Inc		2,880
9,717		Walt Disney Co		306,086
		TOTAL AMUSEMENT AND RECREATION SERVICES		308,966
APPAREL AND ACCESSORY STORES - 1.0%
807	*	American Apparel, Inc		1,477
600		American Eagle Outfitters, Inc		7,050
89	*	AnnTaylor Stores Corp		1,448
100	*	Charming Shoppes, Inc		375
400		Chico’s FAS, Inc		3,952
400		Foot Locker, Inc		5,048
3,365		Gap, Inc		65,483
1,288	*	Kohl’s Corp		61,180
1,800		Limited Brands, Inc		39,726
800		Nordstrom, Inc		25,752
2,210		TJX Companies, Inc		92,709
		TOTAL APPAREL AND ACCESSORY STORES		304,200
APPAREL AND OTHER TEXTILE PRODUCTS - 0.9%
382	*	Liz Claiborne, Inc		1,612
3,032		Nike, Inc (Class B)		204,811
200		Phillips-Van Heusen Corp		9,254
100		Polo Ralph Lauren Corp (Class A)		7,296
2,435	*	Quiksilver, Inc		9,010
279		VF Corp		19,859
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		251,842
AUTO REPAIR, SERVICES AND PARKING - 0.1%
153	*	Dollar Thrifty Automotive Group, Inc		6,520
544	*	Hertz Global Holdings, Inc		5,146
68		Ryder System, Inc		2,736
162	*	Wright Express Corp		4,811
		TOTAL AUTO REPAIR, SERVICES AND PARKING		19,213
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
200	*	Autozone, Inc		38,645
456	*	Carmax, Inc		9,074
77	*	Copart, Inc		2,757
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		50,476
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.3%
515	*	Builders FirstSource, Inc		1,236
115		Fastenal Co		5,772
9,042		Home Depot, Inc		253,809
5,957		Lowe’s Cos, Inc		121,642
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		382,459

89

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
BUSINESS SERVICES - 6.5%
301	*	3D Systems Corp	$	3,778
2,043	*	Adobe Systems, Inc		53,996
330		Aircastle Ltd		2,591
463	*	Akamai Technologies, Inc		18,784
249	*	Alliance Data Systems Corp		14,820
1,116	*	Art Technology Group, Inc		3,817
694	*	Autodesk, Inc		16,906
4,793		Automatic Data Processing, Inc		192,966
61	*	Blackboard, Inc		2,277
200	*	Blue Coat Systems, Inc		4,086
404	*	BPZ Energy, Inc		1,677
190	*	Ciber, Inc		526
460	*	Cogent, Inc		4,145
593	*	Compuware Corp		4,732
100	*	CSG Systems International, Inc		1,833
160		Deluxe Corp		3,000
327	*	DivX, Inc		2,505
493		DST Systems, Inc		17,817
647		Earthlink, Inc		5,150
4,478	*	eBay, Inc		87,814
868		Expedia, Inc		16,301
169		Fair Isaac Corp		3,683
405		Fidelity National Information Services, Inc		10,862
862	*	Google, Inc (Class A)		383,547
584	*	Informatica Corp		13,946
1,885		Innovative Solutions & Support, Inc		8,294
73		Interactive Data Corp		2,437
400	*	Internap Network Services Corp		1,668
369		Iron Mountain, Inc		8,288
390		Jack Henry & Associates, Inc		9,313
300	*	Lamar Advertising Co (Class A)		7,356
626	*	Lawson Software, Inc		4,570
242	*	Lionbridge Technologies		1,106
205	*	Liquidity Services, Inc		2,657
498	*	Magma Design Automation, Inc		1,414
239		Manpower, Inc		10,320
249		Marchex, Inc (Class B)		959
271	*	Mentor Graphics Corp		2,398
25,743		Microsoft Corp		592,346
214	*	ModusLink Global Solutions, Inc		1,290
2,745	*	MoneyGram International, Inc		6,725
544	*	Monster Worldwide, Inc		6,338
531	*	Network Equipment Technologies, Inc		1,853
1,258		NIC, Inc		8,064
1,918	*	Novell, Inc		10,894
2,607		Omnicom Group, Inc		89,420
268	*	PDF Solutions, Inc		1,286
77		Pegasystems, Inc		2,472
975	*	Radisys Corp		9,282
819	*	RealNetworks, Inc		2,703
645	*	Red Hat, Inc		18,666
734		Robert Half International, Inc		17,286
452	*	S1 Corp		2,717
267	*	Salesforce.com, Inc		22,914
500		Sapient Corp		5,070
196	*	Smith Micro Software, Inc		1,864
363	*	SonicWALL, Inc		4,265
173	*	Sybase, Inc		11,186
4,019	*	Symantec Corp		55,784
1,069	*	TIBCO Software, Inc		12,892
480	*	TNS, Inc		8,371
1,463		Total System Services, Inc		19,897
146	*	Ultimate Software Group, Inc		4,798

90

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
249		United Online, Inc	$	1,434
273	*	Vasco Data Security International		1,684
4,015	*	Yahoo!, Inc		55,527
		TOTAL BUSINESS SERVICES		1,909,367
CHEMICALS AND ALLIED PRODUCTS - 12.0%
2,260		Abbott Laboratories		105,723
2,247		Air Products & Chemicals, Inc		145,628
200	*	Alexion Pharmaceuticals, Inc		10,238
795	*	Alexza Pharmaceuticals, Inc		2,162
100	*	Alkermes, Inc		1,245
5,190	*	Amgen, Inc		272,994
100		Ashland, Inc		4,642
101	*	Auxilium Pharmaceuticals, Inc		2,374
1,095		Avery Dennison Corp		35,182
1,281		Avon Products, Inc		33,947
631	*	Biodel, Inc		2,385
1,616	*	Biogen Idec, Inc		76,679
400	*	BioMarin Pharmaceuticals, Inc		7,584
442	*	BioMimetic Therapeutics, Inc		4,915
10,211		Bristol-Myers Squibb Co		254,662
255	*	Calgon Carbon Corp		3,376
166	*	Caraco Pharmaceutical Laboratories Ltd		784
61		Church & Dwight Co, Inc		3,825
403		Clorox Co		25,050
1,579		Colgate-Palmolive Co		124,362
175	*	Cypress Bioscience, Inc		403
504	*	Dendreon Corp		16,294
2,211	*	Durect Corp		5,373
2,321		Ecolab, Inc		104,236
1,342	*	Genzyme Corp		68,133
300	*	Geron Corp		1,506
5,035	*	Gilead Sciences, Inc		172,600
274	*	GTx, Inc		836
540		H.B. Fuller Co		10,255
500	*	Human Genome Sciences, Inc		11,330
267	*	Idexx Laboratories, Inc		16,260
182		Innophos Holdings, Inc		4,747
341	*	Inverness Medical Innovations, Inc		9,091
9,574		Johnson & Johnson		565,440
342		Lubrizol Corp		27,466
11,331		Merck & Co, Inc		396,245
156		Minerals Technologies, Inc		7,416
30	*	Molecular Insight Pharmaceuticals, Inc		50
300		Nalco Holding Co		6,138
377	*	Neurocrine Biosciences, Inc		2,111
200	*	OraSure Technologies, Inc		926
200		PDL BioPharma, Inc		1,124
552		Perrigo Co		32,607
232	*	Pharmasset, Inc		6,343
193	*	PharMerica Corp		2,829
533	*	Pozen, Inc		3,736
2,581		Praxair, Inc		196,130
9,960		Procter & Gamble Co		597,402
227	*	Progenics Pharmaceuticals, Inc		1,244
500		RPM International, Inc		8,920
450	*	Salix Pharmaceuticals Ltd		17,564
233		Sensient Technologies Corp		6,042
510	*	SIGA Technologies, Inc		3,927
1,383		Sigma-Aldrich Corp		68,915
500	*	SuperGen, Inc		1,010
88	*	United Therapeutics Corp		4,295
134	*	USANA Health Sciences, Inc		4,895
300		Valspar Corp		9,036

91

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
200	*	Vertex Pharmaceuticals, Inc	$	6,580
707	*	XOMA Ltd		293
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,517,505
COMMUNICATIONS - 4.3%
1,026		Alaska Communications Systems Group, Inc		8,711
1,515		CenturyTel, Inc		50,465
24	*	DG FastChannel, Inc		782
6,874	*	DIRECTV		233,165
200	*	Entercom Communications Corp (Class A)		1,764
2,364	*	Entravision Communications Corp (Class A)		4,988
100	*	Equinix, Inc		8,122
697	*	FiberTower Corp		3,290
100	*	Fisher Communications, Inc		1,684
6,831		Frontier Communications Corp		48,568
2,921	*	Gray Television, Inc		7,040
2,730	*	ICO Global Communications Holdings Ltd (Class A)		4,395
1,942	*	Leap Wireless International, Inc		25,207
1,927	*	Liberty Global, Inc (Class A)		50,083
1,981	*	Liberty Media Corp - Capital (Series A)		83,024
365	*	Liberty Media Corp - Starz		18,922
3,274	*	Liberty Media Holding Corp (Interactive A)		34,377
1,349	*	Lin TV Corp (Class A)		7,298
487	*	Mediacom Communications Corp (Class A)		3,273
879	*	MetroPCS Communications, Inc		7,199
120	*	NeuStar, Inc (Class A)		2,474
661	*	NII Holdings, Inc (Class B)		21,496
110		NTELOS Holdings Corp		1,892
11,450		Qwest Communications International, Inc		60,113
16,469	*	Sprint Nextel Corp		69,829
718	*	SureWest Communications		4,552
388	*	Syniverse Holdings, Inc		7,935
186	*	Terremark Worldwide, Inc		1,453
2,445		Time Warner Cable, Inc		127,335
681	*	TiVo, Inc		5,026
10,772		Verizon Communications, Inc		301,830
4,713		Windstream Corp		49,769
		TOTAL COMMUNICATIONS		1,256,061
DEPOSITORY INSTITUTIONS - 5.5%
639	*	Anchor Bancorp Wisconsin, Inc		288
111		Bank of Hawaii Corp		5,367
6,126		Bank of New York Mellon Corp		151,251
1,442	*	BankAtlantic Bancorp Inc (Class A)		2,019
3,474		BB&T Corp		91,401
1,100	*	Cascade Bancorp		528
178	*	Central Pacific Financial Corp		267
3,121	*	Citizens Republic Bancorp, Inc		2,653
225		City National Corp		11,527
852		Comerica, Inc		31,379
5,026		Fifth Third Bancorp		61,770
1,101	*	First Horizon National Corp		12,607
2,436	*	First State Bancorporation		755
147		Fulton Financial Corp		1,419
1,345		Hudson City Bancorp, Inc		16,463
776		Independent Bank Corp		294
2,600		Keycorp		19,994
760		M&T Bank Corp		64,562
301	*	Macatawa Bank Corp		361
1,400		Marshall & Ilsley Corp		10,052
824		New York Community Bancorp, Inc		12,582
148		NewAlliance Bancshares, Inc		1,659
1,195		Northern Trust Corp		55,807
145		Old National Bancorp		1,502

92

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
189		People’s United Financial, Inc	$	2,552
2,272		PNC Financial Services Group, Inc		128,368
13,678	*	Popular, Inc		36,657
2,356		Premierwest Bancorp		942
355		Provident Financial Services, Inc		4,150
4,160		Regions Financial Corp		27,373
3,729		South Financial Group, Inc		1,016
2,751		State Street Corp		93,039
2,387		SunTrust Banks, Inc		55,617
148	*	SVB Financial Group		6,102
12,826		Synovus Financial Corp		32,578
9,261		US Bancorp		206,982
17,856		Wells Fargo & Co		457,113
100		Zions Bancorporation		2,157
		TOTAL DEPOSITORY INSTITUTIONS		1,611,153
EATING AND DRINKING PLACES - 1.7%
521	*	AFC Enterprises		4,741
55		Bob Evans Farms, Inc		1,354
793		Darden Restaurants, Inc		30,808
13	*	DineEquity, Inc		363
5,029		McDonald’s Corp		331,261
177	*	Sonic Corp		1,372
3,801		Starbucks Corp		92,364
660		Yum! Brands, Inc		25,766
		TOTAL EATING AND DRINKING PLACES		488,029
EDUCATIONAL SERVICES - 0.0%
43	*	ITT Educational Services, Inc		3,570
140	*	Princeton Review, Inc		325
		TOTAL EDUCATIONAL SERVICES		3,895
ELECTRIC, GAS, AND SANITARY SERVICES - 6.5%
3,718	*	AES Corp		34,354
1,158		AGL Resources, Inc		41,480
966		Alliant Energy Corp		30,661
946		Aqua America, Inc		16,725
1,100		Atmos Energy Corp		29,744
2,238		Avista Corp		43,708
947	*	Calpine Corp		12,046
1,579		Centerpoint Energy, Inc		20,780
242		Central Vermont Public Service Corp		4,777
167		CH Energy Group, Inc		6,553
1,962	*	Clean Energy Fuels Corp		29,312
2,759		Cleco Corp		72,865
2,981		Consolidated Edison, Inc		128,481
1,646	*	Crosstex Energy, Inc		10,551
1,553		Edison International		49,261
4,837		El Paso Corp		53,739
355		Energen Corp		15,737
2,503		FPL Group, Inc		122,046
2,649		Hawaiian Electric Industries, Inc		60,344
2,381		Idacorp, Inc		79,216
87		ITC Holdings Corp		4,603
222		Laclede Group, Inc		7,355
500		MGE Energy, Inc		18,020
2,040		National Fuel Gas Co		93,595
197		New Jersey Resources Corp		6,934
693		Nicor, Inc		28,067
4,752		NiSource, Inc		68,904
1,093		Northeast Utilities		27,850
162		Northwest Natural Gas Co		7,058

93

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,211	*	NRG Energy, Inc	$	25,685
819		NSTAR		28,665
2,900		NV Energy, Inc		34,249
3,814		OGE Energy Corp		139,440
5,508		Pepco Holdings, Inc		86,365
1,070		PG&E Corp		43,977
1,260		Piedmont Natural Gas Co, Inc		31,878
3,357	*	Plug Power, Inc		1,544
2,066		PPL Corp		51,547
1,926		Public Service Enterprise Group, Inc		60,342
2,005		Questar Corp		91,207
1,829		Resource America, Inc (Class A)		7,042
1,174		Sempra Energy		54,931
211		SJW Corp		4,946
560		South Jersey Industries, Inc		24,058
155		Southwest Gas Corp		4,573
400		UGI Corp		10,176
200		UIL Holdings Corp		5,006
587		WGL Holdings, Inc		19,976
3,979		Williams Cos, Inc		72,736
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,923,109
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.2%
2,047	*	Adaptec, Inc		5,916
277	*	Advanced Energy Industries, Inc		3,404
1,782	*	Advanced Micro Devices, Inc		13,044
1,923		Ametek, Inc		77,208
281	*	Avnet, Inc		6,775
161		Baldor Electric Co		5,809
147	*	Benchmark Electronics, Inc		2,330
20,937	*	Cisco Systems, Inc		446,168
297	*	Conexant Systems, Inc		665
339	*	Cree, Inc		20,350
9,472	*	Dell, Inc		114,232
145	*	Dolby Laboratories, Inc (Class A)		9,090
520	*	EMCORE Corp		463
799	*	Energy Conversion Devices, Inc		3,276
532	*	Finisar Corp		7,927
321	*	First Solar, Inc		36,539
312	*	FuelCell Energy, Inc		368
377	*	GrafTech International Ltd		5,512
85	*	Greatbatch, Inc		1,896
100	*	Harman International Industries, Inc		2,989
582	*	Harmonic, Inc		3,166
9,165		Hewlett-Packard Co		396,662
530	*	Hutchinson Technology, Inc		2,295
21,550		Intel Corp		419,149
169	*	InterDigital, Inc		4,173
77		Lincoln Electric Holdings, Inc		3,926
538	*	Loral Space & Communications, Inc		22,983
2,267	*	LSI Logic Corp		10,428
2,856	*	Micron Technology, Inc		24,247
11,249	*	Motorola, Inc		73,343
1,151	*	NetApp, Inc		42,944
1,509	*	ON Semiconductor Corp		9,627
645	*	Oplink Communications, Inc		9,243
253	*	Orion Energy Systems, Inc		797
293		Plantronics, Inc		8,380
357	*	Polycom, Inc		10,635
200	*	Power-One, Inc		1,350
857	*	Powerwave Technologies, Inc		1,320
441	*	QLogic Corp		7,329
1,755	*	Quantum Fuel Systems Technologies Worldwide, Inc		941
706	*	RF Micro Devices, Inc		2,760

94

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
12,111	*	Sirius XM Radio, Inc	$	11,499
487	*	Skyworks Solutions, Inc		8,177
1,521	*	Sunpower Corp (Class A)		18,404
408	*	Sunpower Corp (Class B)		4,406
40		Sycamore Networks, Inc		665
1,169	*	Symmetricom, Inc		5,950
141	*	Synaptics, Inc		3,878
221	*	Tekelec		2,926
288		Teleflex, Inc		15,633
1,300		Tellabs, Inc		8,307
7,973		Texas Instruments, Inc		185,612
397	*	Thomas & Betts Corp		13,776
184	*	TTM Technologies, Inc		1,748
82		Whirlpool Corp		7,201
800		Xilinx, Inc		20,208
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,128,049
ENGINEERING AND MANAGEMENT SERVICES - 0.8%
3,891		Accenture plc		150,386
200	*	Amylin Pharmaceuticals, Inc		3,760
200	*	Ariad Pharmaceuticals, Inc		564
200	*	Celera Corp		1,310
42		Corporate Executive Board Co		1,103
321	*	Hewitt Associates, Inc (Class A)		11,062
767	*	Incyte Corp		8,491
435	*	Isis Pharmaceuticals, Inc		4,163
139	*	Navigant Consulting, Inc		1,443
1,814		Paychex, Inc		47,110
211	*	Regeneron Pharmaceuticals, Inc		4,710
6,716	*	Rentech, Inc		6,649
100	*,m	Symyx Technologies, Inc		501
318	*	Tetra Tech, Inc		6,236
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		247,488
FABRICATED METAL PRODUCTS - 1.0%
140		Aptargroup, Inc		5,295
720		Commercial Metals Co		9,518
258		Dynamic Materials Corp		4,138
100		Gulf Island Fabrication, Inc		1,552
4,371		Illinois Tool Works, Inc		180,434
905	*	NCI Building Systems, Inc		7,575
252		Pentair, Inc		8,114
238	*	Pgt, Inc		612
240		Quanex Building Products Corp		4,150
147		Snap-On, Inc		6,014
1,136		Stanley Works		57,391
71		Valmont Industries, Inc		5,159
		TOTAL FABRICATED METAL PRODUCTS		289,952
FOOD AND KINDRED PRODUCTS - 3.9%
1,861		Campbell Soup Co		66,680
20		Coca-Cola Enterprises, Inc		517
5,196		General Mills, Inc		184,562
2,010		H.J. Heinz Co		86,872
80	*	Hansen Natural Corp		3,129
164		J.M. Smucker Co		9,876
2,895		Kellogg Co		145,619
7,819		Kraft Foods, Inc (Class A)		218,932
51		Lancaster Colony Corp		2,721
146		McCormick & Co, Inc		5,542
6,470		PepsiCo, Inc		394,346

95

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
11	*	Ralcorp Holdings, Inc	$	603
2,634		Sara Lee Corp		37,139
78		Tootsie Roll Industries, Inc		1,845
		TOTAL FOOD AND KINDRED PRODUCTS		1,158,383
FOOD STORES - 0.3%
51	*	Great Atlantic & Pacific Tea Co, Inc		199
1,347		Kroger Co		26,522
1,955		Safeway, Inc		38,436
260	*	Whole Foods Market, Inc		9,365
		TOTAL FOOD STORES		74,522
FORESTRY - 0.1%
1,088		Weyerhaeuser Co		38,298
		TOTAL FORESTRY		38,298
FURNITURE AND FIXTURES - 0.2%
68		Herman Miller, Inc		1,283
470		Hill-Rom Holdings, Inc		14,302
128		HNI Corp		3,532
200	*	Kinetic Concepts, Inc		7,302
700		Leggett & Platt, Inc		14,042
2,440		Masco Corp		26,254
		TOTAL FURNITURE AND FIXTURES		66,715
FURNITURE AND HOME FURNISHINGS STORES - 0.2%
1,079	*	Bed Bath & Beyond, Inc		40,010
199	*	GameStop Corp (Class A)		3,739
200		RadioShack Corp		3,902
100		Williams-Sonoma, Inc		2,482
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		50,133
GENERAL BUILDING CONTRACTORS - 0.1%
400		Lennar Corp (Class A)		5,564
231	*	M/I Homes, Inc		2,227
520	*	Palm Harbor Homes, Inc		926
390	*	Pulte Homes, Inc		3,229
7,499	*	Standard-Pacific Corp		24,971
		TOTAL GENERAL BUILDING CONTRACTORS		36,917
GENERAL MERCHANDISE STORES - 1.5%
45	*	Conn’s, Inc		265
3,310		Costco Wholesale Corp		181,487
940		JC Penney Co, Inc		20,191
800		Macy’s, Inc		14,320
4,450		Target Corp		218,807
		TOTAL GENERAL MERCHANDISE STORES		435,070
HEALTH SERVICES - 0.5%
55	*	Amsurg Corp		980
112	*	Corvel Corp		3,784
791	*	Five Star Quality Care, Inc		2,389
161	*	Healthways, Inc		1,919
774	*	Laboratory Corp of America Holdings		58,321
421	*	LCA-Vision, Inc		2,332
337	*	LifePoint Hospitals, Inc		10,582
1,668	*	Nektar Therapeutics		20,183
162	*	Nighthawk Radiology Holdings, Inc		420

96

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,068		Quest Diagnostics, Inc	$	53,154
		TOTAL HEALTH SERVICES		154,064
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.0%
301	*	LB Foster Co (Class A)		7,802
159	*	Matrix Service Co		1,480
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		9,282
HOLDING AND OTHER INVESTMENT OFFICES - 2.1%
2,944		Annaly Mortgage Management, Inc		50,490
800		Anworth Mortgage Asset Corp		5,696
2,723	*	Ashford Hospitality Trust, Inc		19,960
389		Boston Properties, Inc		27,751
402	*	Capital Trust, Inc (Class A)		663
441		Capstead Mortgage Corp		4,877
1,159		Duke Realty Corp		13,155
1,938		Equity Residential		80,698
1,053	*	FelCor Lodging Trust, Inc		5,254
1,726	*	First Industrial Realty Trust, Inc		8,319
930		HCP, Inc		29,993
219		Health Care REIT, Inc		9,224
1,480		Hersha Hospitality Trust		6,690
2,698		Host Marriott Corp		36,369
700		HRPT Properties Trust		4,347
3,731	*	iStar Financial, Inc		16,640
1,200		Kimco Realty Corp		16,128
300		Liberty Property Trust		8,655
255		MFA Mortgage Investments, Inc		1,887
78		Mid-America Apartment Communities, Inc		4,015
1,865		NorthStar Realty Finance Corp		4,980
2,177		Prologis		22,053
1,307		Public Storage, Inc		114,898
4,134	*	RAIT Investment Trust		7,731
78		Regency Centers Corp		2,683
176		UDR, Inc		3,367
2,062		Virgin Media, Inc		34,415
655		Vornado Realty Trust		47,782
300	*	WABCO Holdings, Inc		9,444
733		Weingarten Realty Investors		13,964
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		612,128
HOTELS AND OTHER LODGING PLACES - 0.3%
600		Choice Hotels International, Inc		18,126
500	*	Gaylord Entertainment Co		11,045
1,201	*	Great Wolf Resorts, Inc		2,498
200		Marcus Corp		1,892
1,441		Marriott International, Inc (Class A)		43,143
448		Starwood Hotels & Resorts Worldwide, Inc		18,561
		TOTAL HOTELS AND OTHER LODGING PLACES		95,265
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.9%
3,690		3M Co		291,473
400	*	AGCO Corp		10,788
3,736	*	Allis-Chalmers Energy, Inc		7,696
7,393		Applied Materials, Inc		88,864
90	*	Astec Industries, Inc		2,496
699	*	Axcelis Technologies, Inc		1,083
200		Briggs & Stratton Corp		3,404
36		Cascade Corp		1,282
2,558		Caterpillar, Inc		153,659
1,082	*	Cray, Inc		6,038
1,279		Cummins, Inc		83,301
2,807		Deere & Co		156,294

97

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
66		Donaldson Co, Inc	$	2,815
100	*	Dril-Quip, Inc		4,402
506		Eaton Corp		33,113
5,478		Emerson Electric Co		239,334
734	*	ENGlobal Corp		1,512
241	*	Entegris, Inc		957
510	*	Flotek Industries, Inc		617
600	*	FMC Technologies, Inc		31,596
421		Graco, Inc		11,868
772	*	Immersion Corp		3,906
4,618		International Business Machines Corp		570,230
124	*	Intevac, Inc		1,323
129		John Bean Technologies Corp		1,967
3,710		Johnson Controls, Inc		99,688
421	*	Lam Research Corp		16,023
300	*	Lexmark International, Inc (Class A)		9,909
110		Lufkin Industries, Inc		4,289
516		Manitowoc Co, Inc		4,716
292	*	Modine Manufacturing Co		2,243
482		Nordson Corp		27,031
89	*	Oil States International, Inc		3,523
300		Pall Corp		10,311
5,118	*	Quantum Corp		9,622
2,623	*	Seagate Technology, Inc		34,204
210	*	Sigma Designs, Inc		2,102
406	*	STEC, Inc		5,099
132	*	Tecumseh Products Co (Class A)		1,468
760		Tennant Co		25,703
170	*	Ultratech, Inc		2,766
490	*	Varian Medical Systems, Inc		25,617
4,409		Xerox Corp		35,448
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,029,780
INSTRUMENTS AND RELATED PRODUCTS - 4.5%
100	*	Affymetrix, Inc		590
1,539	*	Agilent Technologies, Inc		43,754
1,456		Allergan, Inc		84,827
4,047		Baxter International, Inc		164,470
432		Beckman Coulter, Inc		26,045
1,976		Becton Dickinson & Co		133,617
200	*	Bruker BioSciences Corp		2,432
918	*	Cardiac Science Corp		900
365	*	Cepheid, Inc		5,847
4,869		Danaher Corp		180,737
808		Dentsply International, Inc		24,167
481	*	Edwards Lifesciences Corp		26,946
396	*	Flir Systems, Inc		11,520
601		Garmin Ltd		17,585
470		Hillenbrand, Inc		10,053
788	*	Hologic, Inc		10,977
182	*	Illumina, Inc		7,922
110	*	Intuitive Surgical, Inc		34,718
564	*	ION Geophysical Corp		1,963
361	*	Ixia		3,101
200	*	Life Technologies Corp		9,450
598	*	LTX-Credence Corp		1,692
6,326		Medtronic, Inc		229,445
236	*	Millipore Corp		25,169
200	*	Movado Group, Inc		2,136
278		Rockwell Automation, Inc		13,647
178		Roper Industries, Inc		9,961
1,720	*	St. Jude Medical, Inc		62,075
268		STERIS Corp		8,329
70		Techne Corp		4,022
1,505	*	Thermo Electron Corp		73,820
336	*	Trans1, Inc		877

98

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
260	*	Trimble Navigation Ltd	$	7,280
636	*	Vivus, Inc		6,106
300	*	Waters Corp		19,410
1,323	*	Zimmer Holdings, Inc		71,508
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,337,098
INSURANCE AGENTS, BROKERS AND SERVICE - 0.4%
1,802		AON Corp		66,891
1,121	*	Crawford & Co (Class B)		3,542
2,065		Hartford Financial Services Group, Inc		45,698
320	*	National Financial Partners Corp		3,126
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		119,257
INSURANCE CARRIERS - 4.5%
2,668		Aetna, Inc		70,382
3,753		Aflac, Inc		160,141
5	*	Alleghany Corp		1,467
49		American Physicians Capital, Inc		1,512
120	*	Arch Capital Group Ltd		8,940
853		Aspen Insurance Holdings Ltd		21,103
666		Assurant, Inc		23,110
141	*	Catalyst Health Solutions, Inc		4,865
263	*	Centene Corp		5,655
3,439		Chubb Corp		171,984
2,695		Cincinnati Financial Corp		69,720
332		Endurance Specialty Holdings Ltd		12,460
202		Erie Indemnity Co (Class A)		9,191
2,674	*	Genworth Financial, Inc (Class A)		34,949
150		Hanover Insurance Group, Inc		6,525
737	*	Humana, Inc		33,659
2,153		Lincoln National Corp		52,296
34	*	Markel Corp		11,560
177	*	Molina Healthcare, Inc		5,098
765		Montpelier Re Holdings Ltd		11,421
1,698	*	Phoenix Cos, Inc		3,583
347		Platinum Underwriters Holdings Ltd		12,593
200	*	PMI Group, Inc		578
1,953		Principal Financial Group		45,778
5,397		Progressive Corp		101,032
300		Protective Life Corp		6,417
220		Radian Group, Inc		1,593
36		Stancorp Financial Group, Inc		1,459
4,120		Travelers Cos, Inc		202,909
1,457		UnumProvident Corp		31,617
802		W.R. Berkley Corp		21,221
3,581	*	WellPoint, Inc		175,217
884		XL Capital Ltd		14,153
		TOTAL INSURANCE CARRIERS		1,334,188
LEATHER AND LEATHER PRODUCTS - 0.2%
1,184		Coach, Inc		43,275
115		Weyco Group, Inc		2,620
		TOTAL LEATHER AND LEATHER PRODUCTS		45,895
LEGAL SERVICES - 0.0%
95	*	FTI Consulting, Inc		4,141
		TOTAL LEGAL SERVICES		4,141
LUMBER AND WOOD PRODUCTS - 0.0%
725	*	Louisiana-Pacific Corp		4,850
		TOTAL LUMBER AND WOOD PRODUCTS		4,850

99

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
METAL MINING - 0.2%
84	*	Rosetta Resources, Inc	$	1,664
1,013		Royal Gold, Inc		48,624
297	*	Stillwater Mining Co		3,451
		TOTAL METAL MINING		53,739
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.3%
318	*	Armstrong World Industries, Inc		9,597
200		Callaway Golf Co		1,208
3,531		Mattel, Inc		74,717
370	*	Nautilus, Inc		562
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		86,084
MISCELLANEOUS RETAIL - 2.1%
1,259	*	Amazon.com, Inc		137,558
1,050		Best Buy Co, Inc		35,553
2,545	*	Borders Group, Inc		3,385
6,235		CVS Corp		182,810
62	*	Dollar Tree, Inc		2,560
260	*	GSI Commerce, Inc		7,488
881	*	Hibbett Sports, Inc		21,109
248	*	HSN, Inc		5,952
700	*	Office Depot, Inc		2,828
200		Petsmart, Inc		6,034
70	*	Priceline.com, Inc		12,358
3,169		Staples, Inc		60,369
300		Tiffany & Co		11,373
5,425		Walgreen Co		144,848
		TOTAL MISCELLANEOUS RETAIL		634,225
MOTION PICTURES - 0.7%
97	*	Avid Technology, Inc		1,235
4,712	*	Blockbuster, Inc (Class A)		1,122
559	*	Discovery Communications, Inc (Class A)		19,962
423	*	Discovery Communications, Inc (Class C)		13,083
306	*	DreamWorks Animation SKG, Inc (Class A)		8,736
200		Regal Entertainment Group (Class A)		2,608
845		Scripps Networks Interactive (Class A)		34,087
361	*	tw telecom inc (Class A)		6,021
4,252		Viacom, Inc (Class B)		133,386
		TOTAL MOTION PICTURES		220,240
NONDEPOSITORY INSTITUTIONS - 1.4%
6,047		American Express Co		240,065
756	*	AmeriCredit Corp		13,774
2,246		Capital One Financial Corp		90,514
877		CapitalSource, Inc		4,175
2,202		Discover Financial Services		30,784
958		Federal Agricultural Mortgage Corp (Class C)		13,441
1,662		Medallion Financial Corp		10,969
1,392	*	NewStar Financial, Inc		8,853
105	*	World Acceptance Corp		4,023
		TOTAL NONDEPOSITORY INSTITUTIONS		416,598
NONMETALLIC MINERALS, EXCEPT FUELS - 0.2%
900		AMCOL International Corp		21,150
68		Compass Minerals International, Inc		4,779
832		Vulcan Materials Co		36,467
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		62,396

100

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
OIL AND GAS EXTRACTION - 5.9%
2,450		Apache Corp	$	206,267
378		Atlas America, Inc		10,232
1,612	*	ATP Oil & Gas Corp		17,071
400		Berry Petroleum Co (Class A)		10,288
120	*	Boots & Coots, Inc		354
200	*	Bronco Drilling Co, Inc		670
754		Cabot Oil & Gas Corp		23,615
1,369	*	Callon Petroleum Co		8,625
850	*	Cameron International Corp		27,642
4,076		Chesapeake Energy Corp		85,392
615		Cimarex Energy Co		44,022
355	*	Complete Production Services, Inc		5,077
325	*	Contango Oil & Gas Co		14,544
112	*	Dawson Geophysical Co		2,382
3,060	*	Denbury Resources, Inc		44,798
3,410		Devon Energy Corp		207,738
1,180		Diamond Offshore Drilling, Inc		73,384
358	*	Energy Recovery, Inc		1,432
1,804		EOG Resources, Inc		177,459
2,381		Equitable Resources, Inc		86,049
124		EXCO Resources, Inc		1,812
49	*	Exterran Holdings, Inc		1,265
318	*	Geokinetics, Inc		1,218
591	*	Geomet, Inc		674
1,140	*	Global Industries Ltd		5,119
92	*	GMX Resources, Inc		597
369	*	Goodrich Petroleum Corp		4,428
1,008		Helmerich & Payne, Inc		36,812
1,203	*	Hercules Offshore, Inc		2,923
880	*	Nabors Industries Ltd		15,506
3,196		National Oilwell Varco, Inc		105,692
776	*	Newfield Exploration Co		37,915
1,965		Noble Energy, Inc		118,548
78	*	Oceaneering International, Inc		3,502
753	*	Parker Drilling Co		2,974
1,754	*	PetroHawk Energy Corp		29,765
200	*	Petroleum Development Corp		5,124
415	*	Petroquest Energy, Inc		2,805
697	*	Pioneer Drilling Co		3,952
1,084		Pioneer Natural Resources Co		64,444
1,201	*	Pride International, Inc		26,830
800	*	Quicksilver Resources, Inc		8,800
636		Range Resources Corp		25,535
233	*	Rex Energy Corp		2,353
1,050		Smith International, Inc		39,533
927	*	Southwestern Energy Co		35,819
603		St. Mary Land & Exploration Co		24,216
188	*	Stone Energy Corp		2,098
2,287	*	Sulphco, Inc		622
451	*	Swift Energy Co		12,136
650	*	Ultra Petroleum Corp		28,763
300	*	Unit Corp		12,177
487	*	Venoco, Inc		8,021
500		W&T Offshore, Inc		4,730
328	*	Whiting Petroleum Corp		25,722
		TOTAL OIL AND GAS EXTRACTION		1,749,471
PAPER AND ALLIED PRODUCTS - 1.0%
551		Bemis Co		14,877
259	*	Buckeye Technologies, Inc		2,577
103		Domtar Corporation		5,062
1,482		International Paper Co		33,538

101

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,545		Kimberly-Clark Corp	$	154,304
1,866		MeadWestvaco Corp		41,425
114		Rock-Tenn Co (Class A)		5,662
700		Sonoco Products Co		21,336
500		Temple-Inland, Inc		10,335
		TOTAL PAPER AND ALLIED PRODUCTS		289,116
PERSONAL SERVICES - 0.0%
232		Regis Corp		3,612
34		Unifirst Corp		1,497
40		Weight Watchers International, Inc		1,028
		TOTAL PERSONAL SERVICES		6,137
PETROLEUM AND COAL PRODUCTS - 1.1%
0		Exxon Mobil Corp		2
2,895		Hess Corp		145,734
5,440		Marathon Oil Corp		169,130
		TOTAL PETROLEUM AND COAL PRODUCTS		314,866
PIPELINES, EXCEPT NATURAL GAS - 0.6%
9,075		Spectra Energy Corp		182,135
		TOTAL PIPELINES, EXCEPT NATURAL GAS		182,135
PRIMARY METAL INDUSTRIES - 1.0%
4,654		Alcoa, Inc		46,819
190		Allegheny Technologies, Inc		8,396
350	*	Gibraltar Industries, Inc		3,535
300		Hubbell, Inc (Class B)		11,907
1,394	*	Metalico, Inc		5,548
2,406		Nucor Corp		92,102
241		Olympic Steel, Inc		5,536
900		Reliance Steel & Aluminum Co		32,535
1,276		Steel Dynamics, Inc		16,830
500		Tredegar Corp		8,160
868		United States Steel Corp		33,461
1,796		Worthington Industries, Inc		23,097
		TOTAL PRIMARY METAL INDUSTRIES		287,926
PRINTING AND PUBLISHING - 0.4%
470		Dun & Bradstreet Corp		31,546
233	*	EW Scripps Co (Class A)		1,731
185		Harte-Hanks, Inc		1,933
83		John Wiley & Sons, Inc (Class A)		3,210
2,109	*	Journal Communications, Inc (Class A)		8,373
1,041	*	McClatchy Co (Class A)		3,789
200		Meredith Corp		6,226
1,322	*	New York Times Co (Class A)		11,435
600		R.R. Donnelley & Sons Co		9,822
863		Standard Register Co		2,710
126		Washington Post Co (Class B)		51,721
		TOTAL PRINTING AND PUBLISHING		132,496
RAILROAD TRANSPORTATION - 1.1%
2,543		CSX Corp		126,209
500	*	Kansas City Southern Industries, Inc		18,175
3,167		Norfolk Southern Corp		168,009
		TOTAL RAILROAD TRANSPORTATION		312,393

102

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
REAL ESTATE - 0.0%
480	*	CB Richard Ellis Group, Inc (Class A)	$	6,533
166	*	Forestar Real Estate Group, Inc		2,981
100		Stewart Enterprises, Inc (Class A)		541
		TOTAL REAL ESTATE		10,055
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.0%
340		Sealed Air Corp		6,705
170		Tupperware Corp		6,774
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		13,479
SECURITY AND COMMODITY BROKERS - 2.5%
722		Ameriprise Financial, Inc		26,086
531		BlackRock, Inc		76,145
683		Broadridge Financial Solutions, Inc		13,011
7,386		Charles Schwab Corp		104,733
332		CME Group, Inc		93,475
388		Duff & Phelps Corp		4,900
200		Eaton Vance Corp		5,522
363		Evercore Partners, Inc (Class A)		8,476
300		Federated Investors, Inc (Class B)		6,213
1,656		Franklin Resources, Inc		142,732
415	*	IntercontinentalExchange, Inc		46,907
2,369		Invesco Ltd		39,870
556		Legg Mason, Inc		15,585
3,032	*	MF Global Holdings Ltd		17,313
542	*	Nasdaq Stock Market, Inc		9,637
1,436		NYSE Euronext		39,677
600		SEI Investments Co		12,216
1,573		T Rowe Price Group, Inc		69,825
259	*	US Global Investors, Inc (Class A)		1,437
		TOTAL SECURITY AND COMMODITY BROKERS		733,760
SOCIAL SERVICES - 0.0%
688	*	Capital Senior Living Corp		3,419
		TOTAL SOCIAL SERVICES		3,419
SPECIAL TRADE CONTRACTORS - 0.1%
75		Chemed Corp		4,098
80	*	Layne Christensen Co		1,942
518	*	Quanta Services, Inc		10,696
		TOTAL SPECIAL TRADE CONTRACTORS		16,736
STONE, CLAY, AND GLASS PRODUCTS - 0.4%
100		Apogee Enterprises, Inc		1,083
51	*	Cabot Microelectronics Corp		1,764
150		CARBO Ceramics, Inc		10,829
5,868		Corning, Inc		94,768
400		Gentex Corp		7,192
241	*	Owens Corning, Inc		7,208
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		122,844
TEXTILE MILL PRODUCTS - 0.0%
200		Oxford Industries, Inc		4,186
		TOTAL TEXTILE MILL PRODUCTS		4,186
TRANSPORTATION BY AIR - 0.4%
2,987	*	Airtran Holdings, Inc		14,487
700	*	Continental Airlines, Inc (Class B)		15,400

103

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,896	*	Delta Air Lines, Inc	$	22,278
581	*	ExpressJet Holdings, Inc		1,511
3,057	*	JetBlue Airways Corp		16,783
267		Skywest, Inc		3,263
4,679		Southwest Airlines Co		51,983
		TOTAL TRANSPORTATION BY AIR		125,705
TRANSPORTATION EQUIPMENT - 1.5%
656	*	American Axle & Manufacturing Holdings, Inc		4,808
400	*	ArvinMeritor, Inc		5,240
1,670	*	BE Aerospace, Inc		42,468
13,368	*	Ford Motor Co		134,750
64	*	Fuel Systems Solutions, Inc		1,661
1,894		Genuine Parts Co		74,719
1,360		Harley-Davidson, Inc		30,233
759		Harsco Corp		17,837
1,543		Paccar, Inc		61,519
77		Spartan Motors, Inc		323
1,353	*	Spirit Aerosystems Holdings, Inc (Class A)		25,788
339		Superior Industries International, Inc		4,556
800	*	Tenneco, Inc		16,848
300		Westinghouse Air Brake Technologies Corp		11,967
		TOTAL TRANSPORTATION EQUIPMENT		432,717
TRANSPORTATION SERVICES - 0.6%
176		CH Robinson Worldwide, Inc		9,796
178		Expeditors International Washington, Inc		6,143
2,097		FedEx Corp		147,020
248	*	Interval Leisure Group, Inc		3,088
404	*	Orbitz Worldwide, Inc		1,539
		TOTAL TRANSPORTATION SERVICES		167,586
TRUCKING AND WAREHOUSING - 0.8%
4,180		United Parcel Service, Inc (Class B)		237,800
		TOTAL TRUCKING AND WAREHOUSING		237,800
WATER TRANSPORTATION - 0.1%
116		Alexander & Baldwin, Inc		3,454
400	*	Gulfmark Offshore, Inc		10,480
1,084	*	Hornbeck Offshore Services, Inc		15,827
2,345	*	Odyssey Marine Exploration, Inc		2,345
		TOTAL WATER TRANSPORTATION		32,106
WHOLESALE TRADE-DURABLE GOODS - 0.5%
932		Agilysys, Inc		6,235
800		Barnes Group, Inc		13,112
400	*	BorgWarner, Inc		14,936
400	*	Castle (A.M.) & Co		5,556
465	*	Chindex International, Inc		5,826
104	*	MWI Veterinary Supply, Inc		5,227
39		Owens & Minor, Inc		1,107
522		Patterson Cos, Inc		14,893
142	*	Tyler Technologies, Inc		2,204
782		W.W. Grainger, Inc		77,770
109	*	WESCO International, Inc		3,670
		TOTAL WHOLESALE TRADE-DURABLE GOODS		150,536
WHOLESALE TRADE-NONDURABLE GOODS - 0.6%
45		Airgas, Inc		2,799
623	*	Akorn, Inc		1,850
440	*	Allscripts Healthcare Solutions, Inc		7,084

104

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
9	*	Clearwater Paper Corp	$	493
500	*	Endo Pharmaceuticals Holdings, Inc		10,910
105	*	Henry Schein, Inc		5,765
30	*	K-Swiss, Inc (Class A)		337
105	*	Maui Land & Pineapple Co, Inc		392
98		Nash Finch Co		3,348
128		Spartan Stores, Inc		1,756
5,314		Sysco Corp		151,820
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		186,554
		TOTAL COMMON STOCKS (Cost $32,095,493)		29,290,557
RIGHTS / WARRANTS - 0.0%
DEPOSITORY INSTITUTIONS - 0.0%
471	m	BankAtlantic Bancorp, Inc		0
		TOTAL DEPOSITORY INSTITUTIONS		0
		TOTAL RIGHTS / WARRANTS (Cost $0)		0
		TOTAL INVESTMENTS - 99.2% (Cost $32,095,493)		29,290,557
		OTHER ASSETS & LIABILITIES, NET - 0.8%		241,683
		NET ASSETS - 100.0%	$	29,532,240

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing.

m Indicates a security that has been deemed illiquid.

105

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.4%
APARTMENT REITS - 12.5%
38,000		American Campus Communities, Inc	$	1,037,020
28,500		AvalonBay Communities, Inc		2,661,045
42,000		Equity Residential		1,748,880
6,500		Essex Property Trust, Inc		634,010
66,000		UDR, Inc		1,262,580
		TOTAL APARTMENT REITS		7,343,535
DIVERSIFIED REITS - 9.7%
20,000		Digital Realty Trust, Inc		1,153,600
39,000		Entertainment Properties Trust		1,484,730
34,801		Mission West Properties, Inc		237,343
38,000		Vornado Realty Trust		2,772,100
		TOTAL DIVERSIFIED REITS		5,647,773
FORESTRY - 1.2%
20,000		Plum Creek Timber Co, Inc		690,600
		TOTAL FORESTRY		690,600
HEALTHCARE REITS - 10.8%
47,000		HCP, Inc		1,515,750
37,000		Health Care REIT, Inc		1,558,440
43,500		Nationwide Health Properties, Inc		1,555,995
35,500		Ventas, Inc		1,666,725
		TOTAL HEALTHCARE REITS		6,296,910
HOLDING AND OTHER INVESTMENT OFFICES - 2.3%
37,000		AMB Property Corp		877,270
7,500		Annaly Mortgage Management, Inc		128,625
8,000		Home Properties, Inc		360,560
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,366,455
HOTEL REITS - 6.7%
30,000	*	FelCor Lodging Trust, Inc		149,700
177,000		Host Marriott Corp		2,385,960
100,000	*	Orient-Express Hotels Ltd (Class A)		740,000
5,000		Starwood Hotels & Resorts Worldwide, Inc		207,150
45,000	*	Sunstone Hotel Investors, Inc		446,850
		TOTAL HOTEL REITS		3,929,660
HOTELS AND OTHER LODGING PLACES - 0.3%
4,500	*	Vail Resorts, Inc		157,095
		TOTAL HOTELS AND OTHER LODGING PLACES		157,095
INDUSTRIAL REITS - 4.0%
19,245		EastGroup Properties, Inc		684,737
160,000		Prologis		1,620,800
		TOTAL INDUSTRIAL REITS		2,305,537

106

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
NONDEPOSITORY INSTITUTIONS - 0.0%
28,800	*,g,m	People’s Choice Financial Corp	$	0
		TOTAL NONDEPOSITORY INSTITUTIONS		0
OFFICE PROPERTY REITS - 12.1%
17,500		Alexandria Real Estate Equities, Inc		1,108,975
26,500		BioMed Realty Trust, Inc		426,385
40,500		Boston Properties, Inc		2,889,270
15,000		Corporate Office Properties Trust		566,400
30,000		Hersha Hospitality Trust		135,600
34,500		SL Green Realty Corp		1,898,880
		TOTAL OFFICE PROPERTY REITS		7,025,510
REAL ESTATE - 4.8%
64,000	*	CB Richard Ellis Group, Inc (Class A)		871,040
32,000	*	Forestar Real Estate Group, Inc		574,720
407,000		Thomas Properties Group, Inc		1,347,170
		TOTAL REAL ESTATE		2,792,930
REGIONAL MALL REITS - 14.8%
30,000		Glimcher Realty Trust		179,400
65,000		Macerich Co		2,425,800
75,000		Simon Property Group, Inc		6,056,250
		TOTAL REGIONAL MALL REITS		8,661,450
SHOPPING CENTER REITS - 8.5%
165,000		Developers Diversified Realty Corp		1,633,500
14,000		Federal Realty Investment Trust		983,780
70,000		Kimco Realty Corp		940,800
40,000		Regency Centers Corp		1,376,000
		TOTAL SHOPPING CENTER REITS		4,934,080
SINGLE TENANT REITS - 1.6%
30,000		Realty Income Corp		909,900
		TOTAL SINGLE TENANT REITS		909,900
STORAGE REITS - 9.1%
19,000		Extra Space Storage, Inc		264,100
42,000		Public Storage, Inc		3,692,220
15,000		Sovran Self Storage, Inc		516,450
110,000		U-Store-It Trust		820,600
		TOTAL STORAGE REITS		5,293,370
		TOTAL COMMON STOCKS (Cost $61,617,078)		57,354,805
PREFERRED STOCK - 1.0%
OFFICE PROPERTY REITS - 0.5%
13,000		SL Green Realty Corp		308,620
		TOTAL OFFICE PROPERTY REITS		308,620

107

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES	COMPANY	VALUE
REGIONAL MALL REITS - 0.5%
13,000	CBL & Associates Properties, Inc	$	276,770
	TOTAL REGIONAL MALL REITS		276,770
	TOTAL PREFERRED STOCK (Cost $570,205)		585,390
	TOTAL INVESTMENTS - 99.4% (Cost $62,187,283)		57,940,195
	OTHER ASSETS & LIABILITIES, NET - 0.6%		362,248
	NET ASSETS - 100.0%	$	58,302,443

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing.

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, 2010, the value of these securities amounted to $0 or 0.00% of net assets.

m Indicates a security that has been deemed illiquid.

108

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

					MATURITY
PRINCIPAL		ISSUER	RATE		DATE	VALUE
BONDS - 96.7%
CORPORATE BONDS - 27.6%
AGENCY SECURITIES - 6.4%
$1,000,000		Bank of America Corp	2.380	%	06/22/12	$	1,030,499
1,000,000		Citigroup Funding, Inc	1.880		10/22/12		1,021,020
1,000,000		Citigroup, Inc	2.130		04/30/12		1,024,509
500,000		General Electric Capital Corp	2.250		03/12/12		512,978
200,000		General Electric Capital Corp	2.200		06/08/12		205,278
200,000		General Electric Capital Corp	2.130		12/21/12		205,618
450,000		GMAC, Inc	1.750		10/30/12		457,808
1,700,000		GMAC, Inc	2.200		12/19/12		1,746,752
500,000		KeyBank NA	3.200		06/15/12		523,084
250,000		New York Community Bank	3.000		12/16/11		258,570
500,000		Regions Bank	3.250		12/09/11		518,199
500,000		Sovereign Bank	2.750		01/17/12		516,712
350,000		State Street Corp	2.150		04/30/12		358,416
100,000		Wells Fargo & Co	2.130		06/15/12		102,687
		TOTAL AGENCY SECURITIES					8,482,130
AMUSEMENT AND RECREATION SERVICES - 0.1%
100,000		Walt Disney Co	4.500		12/15/13		110,136
		TOTAL AMUSEMENT AND RECREATION SERVICES					110,136
AUTO REPAIR, SERVICES AND PARKING - 0.0%
40,000	g	ERAC USA Finance LLC	5.250		10/01/20		40,421
		TOTAL AUTO REPAIR, SERVICES AND PARKING					40,421
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.0%
50,000		Advance Auto Parts, Inc	5.750		05/01/20		51,124
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					51,124
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.0%
25,000		Home Depot, Inc	5.250		12/16/13		27,489
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					27,489
BUSINESS SERVICES - 0.1%
50,000		Adobe Systems, Inc	3.250		02/01/15		51,348
63,000		Lamar Media Corp	6.630		08/15/15		59,693
50,000		Oracle Corp	3.750		07/08/14		53,531
25,000		Oracle Corp	5.750		04/15/18		28,942
90,000		Sungard Data Systems, Inc	10.250		08/15/15		92,926
		TOTAL BUSINESS SERVICES					286,440
CHEMICALS AND ALLIED PRODUCTS - 1.2%
50,000		Abbott Laboratories	5.600		05/15/11		52,073
80,000		Abbott Laboratories	4.130		05/27/20		83,806
100,000		Air Products & Chemicals, Inc	4.150		02/01/13		105,093
35,000		Air Products & Chemicals, Inc	4.380		08/21/19		36,538
10,000		Airgas, Inc	4.500		09/15/14		10,398
50,000		EI Du Pont de Nemours & Co	3.250		01/15/15		52,161
65,000		Eli Lilly & Co	3.550		03/06/12		67,782
25,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		28,607
50,000		Johnson & Johnson	5.850		07/15/38		58,818
35,000		Life Technologies Corp	3.380		03/01/13		35,776

109

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$40,000		Life Technologies Corp	4.400		03/01/15	$	41,375
35,000		Novartis Capital Corp	4.130		02/10/14		37,763
200,000		Novartis Capital Corp	2.900		04/24/15		205,742
35,000		Novartis Capital Corp	4.400		04/24/20		37,734
100,000		Pfizer, Inc	4.450		03/15/12		105,497
35,000		Pfizer, Inc	5.350		03/15/15		39,654
100,000		Pfizer, Inc	6.200	%	03/15/19		118,840
75,000		Potash Corp of Saskatchewan, Inc	4.880		03/30/20		79,789
50,000		Praxair, Inc	5.250		11/15/14		56,110
65,000		Procter & Gamble Co	5.550		03/05/37		73,452
100,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		101,176
50,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		50,980
		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,479,164
COMMUNICATIONS - 2.4%
40,000	g	America Movil SAB de C.V.	5.000		03/30/20		41,327
50,000		American Tower Corp	4.630		04/01/15		52,012
100,000		AT&T, Inc	6.150		09/15/34		104,993
125,000		AT&T, Inc	6.300		01/15/38		135,648
25,000		BellSouth Capital Funding Corp	7.880		02/15/30		30,644
100,000		BellSouth Corp	6.880		10/15/31		113,910
175,000		Cellco Partnership	3.750		05/20/11		179,240
25,000		Cellco Partnership	5.550		02/01/14		28,029
175,000		Cellco Partnership	8.500		11/15/18		227,523
50,000		Comcast Corp	5.150		03/01/20		52,347
125,000		Comcast Corp	6.400		03/01/40		134,540
100,000		Deutsche Telekom International Finance BV	8.750		06/15/30		129,170
25,000		DIRECTV Holdings LLC	4.750		10/01/14		26,477
200,000		DIRECTV Holdings LLC	3.550		03/15/15		201,326
200,000		DIRECTV Holdings LLC	5.200		03/15/20		208,442
25,000	g	NBC Universal, Inc	5.150		04/30/20		26,075
75,000		New Cingular Wireless Services, Inc	8.750		03/01/31		102,960
100,000		Sprint Capital Corp	8.750		03/15/32		95,500
50,000		Telecom Italia Capital S.A.	6.180		06/18/14		52,272
25,000		Telecom Italia Capital S.A.	7.000		06/04/18		26,629
200,000		Telecom Italia Capital S.A.	7.180		06/18/19		215,322
135,000		Telefonica Emisiones SAU	5.130		04/27/20		135,310
100,000	g	Telefonos de Mexico SAB de C.V.	5.500		11/15/19		104,661
75,000		Time Warner Cable, Inc	6.200		07/01/13		83,883
50,000		Time Warner Cable, Inc	6.750		07/01/18		57,394
100,000		Time Warner Cable, Inc	8.750		02/14/19		126,174
125,000		Time Warner Cable, Inc	8.250		04/01/19		153,725
100,000		Verizon Communications, Inc	4.350		02/15/13		106,896
40,000		Verizon Communications, Inc	8.750		11/01/18		51,999
50,000		Verizon Communications, Inc	6.250		04/01/37		53,717
50,000		Verizon Communications, Inc	6.400		02/15/38		55,103
25,000		Verizon Communications, Inc	8.950		03/01/39		35,414
25,000		Viacom, Inc	4.380		09/15/14		26,572
		TOTAL COMMUNICATIONS					3,175,234
DEPOSITORY INSTITUTIONS - 4.3%
100,000	g	Banco Santander Brasil	4.500		04/06/15		98,500
100,000	g,i	Banco Santander Chile	1.560		04/20/12		99,941
50,000		Bank of America Corp	7.380		05/15/14		56,038
150,000		Bank of America Corp	4.500		04/01/15		151,608
200,000		Bank of America Corp	5.300		03/15/17		201,379
75,000		Bank of America Corp	5.750		12/01/17		77,781
500,000	g	Bank of Montreal	2.850		06/09/15		508,172
50,000		Bank of New York Mellon Corp	4.300		05/15/14		53,702
50,000		Bank of New York Mellon Corp	5.450		05/15/19		55,820
100,000		Bank One Corp	5.250		01/30/13		106,424

110

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$50,000		Barclays Bank plc	5.200		07/10/14	$	52,768
50,000	g	Barclays Bank plc	6.050		12/04/17		50,462
75,000		BB&T Corp	3.850		07/27/27		78,186
100,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		101,112
200,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		200,667
50,000		Capital One Bank USA NA	8.800		07/15/19		62,421
50,000		Capital One Capital V	8.880		05/15/40		52,069
100,000		Citigroup, Inc	5.100		09/29/11		102,825
50,000		Citigroup, Inc	5.500		10/15/14		51,406
75,000		Citigroup, Inc	6.130		05/15/18		78,276
100,000		Citigroup, Inc	8.500	%	05/22/19		119,212
75,000		Citigroup, Inc	6.880		03/05/38		78,680
50,000		Citigroup, Inc	8.130		07/15/39		59,649
150,000		Credit Suisse	5.000		05/15/13		160,257
100,000		Credit Suisse	5.500		05/01/14		109,334
50,000		Credit Suisse	5.300		08/13/19		53,003
900,000	g	Depfa ACS Bank	5.130		03/16/37		657,743
100,000		Deutsche Bank AG.	3.880		08/18/14		103,299
50,000		Discover Bank	7.000		04/15/20		50,487
100,000	g	Hana Bank	4.500		10/30/15		99,784
100,000	g	Itau Unibanco Banco Multiplo S.A.	6.200		04/15/20		102,500
25,000		JPMorgan Chase & Co	6.000		01/15/18		27,606
150,000		JPMorgan Chase & Co	6.300		04/23/19		169,424
75,000		JPMorgan Chase & Co	4.950		03/25/20		77,944
100,000		JPMorgan Chase & Co	6.400		05/15/38		115,752
50,000	g	Lloyds TSB Bank plc	5.800		01/13/20		47,195
175,000		Northern Trust Corp	4.630		05/01/14		191,292
100,000		PNC Funding Corp	5.130		02/08/20		103,982
140,000	g,i	Rabobank Nederland NV	11.000		12/30/49		172,900
25,000		Regions Financial Corp	4.880		04/26/13		25,129
25,000		Regions Financial Corp	5.750		06/15/15		24,842
300,000	g	Royal Bank of Canada	3.130		04/14/15		311,187
75,000		State Street Corp	4.300		05/30/14		79,871
150,000		Union Bank of California NA	5.950		05/11/16		160,862
25,000		USB Capital XIII Trust	6.630		12/15/39		26,359
25,000		Wachovia Bank NA	4.800		11/01/14		26,180
100,000		Wachovia Bank NA	5.850		02/01/37		99,304
100,000		Wells Fargo & Co	4.750		02/09/15		104,661
40,000		Zions Bancorporation	7.750		09/23/14		40,759
		TOTAL DEPOSITORY INSTITUTIONS					5,638,754
ELECTRIC, GAS, AND SANITARY SERVICES - 1.7%
50,000		AGL Capital Corp	5.250		08/15/19		52,885
75,000		Alliant Energy Corp	1.000		10/15/14		77,392
75,000		Atmos Energy Corp	8.500		03/15/19		94,262
200,000		Carolina Power & Light Co	5.300		01/15/19		223,630
50,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		58,005
100,000	g	Colbun S.A.	6.000		01/21/20		104,403
25,000		Connecticut Light & Power Co	5.500		02/01/19		27,787
20,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		21,199
35,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		37,730
100,000		Duke Energy Carolinas LLC	5.750		11/15/13		113,206
15,000		Duke Energy Carolinas LLC	4.300		06/15/20		15,841
50,000		FirstEnergy Solutions Corp	4.800		02/15/15		52,320
50,000		FirstEnergy Solutions Corp	6.050		08/15/21		50,997
50,000		Indiana Michigan Power Co	7.000		03/15/19		58,501
50,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		51,526
100,000		Nevada Power Co	6.650		04/01/36		113,705
50,000		NiSource Finance Corp	10.750		03/15/16		64,077
75,000		Pacific Gas & Electric Co	8.250		10/15/18		95,962
50,000		PacifiCorp	6.000		01/15/39		57,437
50,000		PG&E Corp	5.750		04/01/14		55,392
103,000		Progress Energy, Inc	7.100		03/01/11		107,096

111

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$50,000		Progress Energy, Inc	7.050		03/15/19	$	59,072
100,000		Public Service Co of Oklahoma	5.150		12/01/19		105,303
30,000	g	Republic Services, Inc	5.000		03/01/20		31,108
25,000	g	Republic Services, Inc	5.250		11/15/21		26,304
40,000	g	Republic Services, Inc	6.200		03/01/40		42,902
25,000		San Diego Gas & Electric Co	5.350		05/15/40		26,984
50,000		Sempra Energy	6.000		10/15/39		53,052
25,000		Veolia Environnement	5.250		06/03/13		26,983
100,000		Virginia Electric and Power Co	4.750		03/01/13		108,316
50,000	g	Williams Partners LP	3.800		02/15/15		50,325
75,000	g	Williams Partners LP	5.250		03/15/20		76,692
75,000	g	Williams Partners LP	6.300	%	04/15/40		75,353
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					2,215,747
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.5%
50,000		Amphenol Corp	4.750		11/15/14		52,981
50,000		Analog Devices, Inc	5.000		07/01/14		54,043
65,000		Cisco Systems, Inc	4.450		01/15/20		68,616
50,000		Hewlett-Packard Co	2.950		08/15/12		51,823
50,000		L-3 Communications Corp	6.380		10/15/15		50,000
35,000		L-3 Communications Corp	5.200		10/15/19		36,507
50,000		Tyco International Finance S.A.	6.000		11/15/13		55,965
25,000		Tyco International Finance S.A.	4.130		10/15/14		26,538
75,000		Whirlpool Corp	8.000		05/01/12		82,048
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					478,521
EXECUTIVE, LEGISLATIVE AND GENERAL - 0.1%
100,000	g	National Agricultural Cooperative Federation	5.000		09/30/14		104,070
		TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL					104,070
FABRICATED METAL PRODUCTS - 0.1%
25,000		CRH America, Inc	6.950		03/15/12		27,074
100,000		Valmont Industries, Inc	6.630		04/20/20		102,480
		TOTAL FABRICATED METAL PRODUCTS					129,554
FOOD AND KINDRED PRODUCTS - 0.7%
50,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		54,071
7,000		ConAgra Foods, Inc	6.750		09/15/11		7,438
98,000		ConAgra Foods, Inc	5.820		06/15/17		110,558
25,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		27,818
50,000		Dr Pepper Snapple Group, Inc	6.820		05/01/18		59,633
25,000		Dr Pepper Snapple Group, Inc	7.450		05/01/38		32,073
50,000		General Mills, Inc	5.250		08/15/13		55,150
50,000		General Mills, Inc	5.650		02/15/19		56,814
100,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		100,802
100,000	g	HJ Heinz Finance Co	7.130		08/01/39		122,257
25,000		Kraft Foods, Inc	6.130		02/01/18		28,372
50,000		Kraft Foods, Inc	5.380		02/10/20		53,578
50,000		Kraft Foods, Inc	6.500		02/09/40		55,916
100,000	g	Mead Johnson Nutrition Co	4.900		11/01/19		105,742
50,000	g	Mead Johnson Nutrition Co	5.900		11/01/39		53,424
25,000		PepsiCo, Inc	7.900		11/01/18		32,324
		TOTAL FOOD AND KINDRED PRODUCTS					955,970
FOOD STORES - 0.1%
50,000		Delhaize Group S.A.	5.880		02/01/14		55,802
50,000		Delhaize Group S.A.	6.500		06/15/17		57,616

112

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$25,000		Safeway, Inc	5.000		08/15/19	$	26,832
		TOTAL FOOD STORES					140,250
GENERAL MERCHANDISE STORES - 0.2%
50,000		JC Penney Corp, Inc	5.750		02/15/18		50,125
65,000		JC Penney Corp, Inc	5.650		06/01/20		63,537
50,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		50,125
25,000		TJX Cos, Inc	6.950		04/15/19		31,039
50,000		Wal-Mart Stores, Inc	5.250		09/01/35		52,660
		TOTAL GENERAL MERCHANDISE STORES					247,486
HEALTH SERVICES - 0.1%
100,000		Quest Diagnostics, Inc	6.400	%	07/01/17		114,229
		TOTAL HEALTH SERVICES					114,229
HOLDING AND OTHER INVESTMENT OFFICES - 0.5%
30,000		AMB Property LP	6.630		12/01/19		32,327
10,000	g	BioMed Realty LP	6.130		04/15/20		10,412
15,000		Boston Properties LP	5.880		10/15/19		16,048
25,000		Boston Properties LP	2.880		02/15/37		24,656
25,000		Brandywine Operating Partnership LP	7.500		05/15/15		27,260
25,000		Brandywine Operating Partnership LP	5.700		05/01/17		24,425
15,000		Developers Diversified Realty Corp	9.630		03/15/16		16,275
25,000		Developers Diversified Realty Corp	7.500		04/01/17		24,535
25,000	g	Digital Realty Trust LP	4.500		07/15/15		24,924
25,000		Health Care REIT, Inc	6.130		04/15/20		25,861
100,000	g	HSBC Bank plc	3.500		06/28/15		100,962
10,000		Kimco Realty Corp	5.700		05/01/17		10,457
20,000		Mack-Cali Realty Corp	7.750		08/15/19		23,502
10,000		National Retail Properties, Inc	6.880		10/15/17		10,936
25,000		Nationwide Health Properties, Inc	6.250		02/01/13		26,852
15,000		ProLogis	7.630		08/15/14		15,919
40,000		ProLogis	5.630		11/15/16		37,604
15,000		ProLogis	7.380		10/30/19		14,691
25,000		Realty Income Corp	5.950		09/15/16		27,190
35,000		Realty Income Corp	5.750		01/15/21		35,704
10,000		Simon Property Group LP	6.750		05/15/14		11,239
25,000		Simon Property Group LP	5.250		12/01/16		26,623
40,000		Simon Property Group LP	10.350		04/01/19		53,241
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					621,643
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.2%
25,000		Black & Decker Corp	8.950		04/15/14		30,425
75,000		Hewlett-Packard Co	4.250		02/24/12		79,034
25,000		Hewlett-Packard Co	4.750		06/02/14		27,700
50,000		ITT Corp	4.900		05/01/14		54,485
20,000		John Deere Capital Corp	2.950		03/09/15		20,536
25,000		Xerox Corp	8.250		05/15/14		29,304
25,000		Xerox Corp	5.630		12/15/19		26,603
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					268,087
INSTRUMENTS AND RELATED PRODUCTS - 0.5%
50,000		Agilent Technologies, Inc	4.450		09/14/12		52,174
50,000		Boston Scientific Corp	4.500		01/15/15		49,117

113

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$100,000		Medtronic, Inc	4.750		09/15/15	$	111,396
50,000		Medtronic, Inc	4.450		03/15/20		53,280
80,000		Stryker Corp	3.000		01/15/15		82,602
50,000		Stryker Corp	4.380		01/15/20		53,184
15,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		16,157
100,000		Xerox Corp	7.630		06/15/13		101,752
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					519,662
INSURANCE AGENTS, BROKERS AND SERVICE - 0.1%
75,000		Hartford Financial Services Group, Inc	4.000		03/30/15		73,634
75,000		Hartford Financial Services Group, Inc	5.500		03/30/20		72,794
50,000		Hartford Financial Services Group, Inc	6.630		03/30/40		46,429
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE					192,857
INSURANCE CARRIERS - 0.8%
50,000		ACE INA Holdings, Inc	5.880		06/15/14		55,312
150,000		Aflac, Inc	8.500		05/15/19		180,477
25,000		Aflac, Inc	6.900		12/17/39		25,987
75,000		Allstate Corp	7.450		05/16/19		88,392
100,000		Chubb Corp	6.000		05/11/37		108,146
20,000		CIGNA Corp	5.130		06/15/20		20,816
75,000		Lincoln National Corp	7.000		06/15/40		78,993
50,000		Metlife, Inc	5.000	%	06/15/15		53,444
100,000		Metlife, Inc	6.750		06/01/16		113,136
100,000	g	Principal Life Global Funding I	5.130		10/15/13		105,079
100,000	g	Prudential Funding LLC	6.750		09/15/23		106,946
25,000		Travelers Cos, Inc	5.800		05/15/18		27,421
25,000		Travelers Cos, Inc	5.900		06/02/19		27,758
100,000		Travelers Property Casualty Corp	6.380		03/15/33		110,150
		TOTAL INSURANCE CARRIERS					1,102,057
METAL MINING - 0.1%
50,000		Freeport-McMoRan Copper & Gold, Inc	8.380		04/01/17		55,000
25,000		Newmont Mining Corp	6.250		10/01/39		27,283
50,000		Rio Tinto Finance USA Ltd	5.880		07/15/13		54,783
50,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		56,987
		TOTAL METAL MINING					194,053
MISCELLANEOUS RETAIL - 0.1%
50,000		CVS Caremark Corp	3.250		05/18/15		50,788
25,000		CVS Caremark Corp	4.750		05/18/20		25,592
25,000		Staples, Inc	9.750		01/15/14		30,667
		TOTAL MISCELLANEOUS RETAIL					107,047
MOTION PICTURES - 0.0%
50,000		Time Warner, Inc	6.500		11/15/36		54,378
		TOTAL MOTION PICTURES					54,378
NONDEPOSITORY INSTITUTIONS - 2.4%
25,000		American Express Co	7.000		03/19/18		28,835
125,000		American Express Co	8.130		05/20/19		155,199
50,000		Barrick Australian Finance Pty Ltd	5.950		10/15/39		53,282
500,000	g	CDP Financial, Inc	3.000		11/25/14		504,606
25,000		General Electric Capital Corp	5.880		02/15/12		26,569
375,000		General Electric Capital Corp	5.500		06/04/14		409,753
100,000		General Electric Capital Corp	3.500		06/29/15		99,912
100,000		General Electric Capital Corp	5.500		01/08/20		105,676
100,000		HSBC Finance Corp	5.250		01/14/11		101,679

114

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$200,000		HSBC Finance Corp	6.380		11/27/12	$	215,988
25,000	g	International Lease Finance Corp	8.630		09/15/15		23,688
300,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		326,043
500,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		520,029
100,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		107,955
100,000		MBNA Corp	6.130		03/01/13		107,355
55,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		56,425
50,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		69,334
100,000	g	TNK-BP Finance S.A.	6.250		02/02/15		100,250
296,875		Totem Ocean Trailer Express, Inc	4.510		12/18/19		322,255
		TOTAL NONDEPOSITORY INSTITUTIONS					3,334,833
OIL AND GAS EXTRACTION - 1.5%
50,000		Anadarko Petroleum Corp	5.950		09/15/16		43,035
30,000		Anadarko Petroleum Corp	8.700		03/15/19		28,324
50,000		Anadarko Petroleum Corp	7.950		06/15/39		42,693
75,000		Baker Hughes, Inc	6.500		11/15/13		85,679
100,000		Baker Hughes, Inc	6.880		01/15/29		117,653
50,000		BJ Services Co	5.750		06/01/11		52,067
100,000		Burlington Resources Finance Co	7.200		08/15/31		119,939
25,000		Cenovus Energy, Inc	4.500		09/15/14		26,705
25,000		EnCana Corp	6.500		05/15/19		28,730
25,000		EnCana Corp	6.630		08/15/37		27,932
75,000		Enterprise Products Operating LLC	4.600		08/01/12		78,441
25,000		Enterprise Products Operating LLC	5.000		03/01/15		26,300
75,000		Enterprise Products Operating LLC	5.200		09/01/20		77,026
100,000		Enterprise Products Operating LLC	6.130		10/15/39		99,786
75,000		EOG Resources, Inc	4.400		06/01/20		77,536
50,000		Husky Energy, Inc	6.800		09/15/37		56,989
25,000		Nexen, Inc	6.400		05/15/37		26,070
75,000		Nexen, Inc	7.500	%	07/30/39		87,896
20,000		Pemex Project Funding Master Trust	5.750		03/01/18		20,952
25,000		Pemex Project Funding Master Trust	6.630		06/15/38		25,507
60,000		Petrobras International Finance Co	7.880		03/15/19		68,649
59,000		Petrobras International Finance Co	6.880		01/20/40		59,483
50,000	g	Petroleos Mexicanos	4.880		03/15/15		51,750
20,000		Petroleos Mexicanos	8.000		05/03/19		23,800
100,000	g	Petroleos Mexicanos	6.000		03/05/20		105,000
100,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		114,000
100,000	g	Petronas Capital Ltd	5.250		08/12/19		105,141
100,000		Plains All American Pipeline LP	5.750		01/15/20		103,330
50,000		SEACOR Holdings, Inc	7.380		10/01/19		52,803
100,000		XTO Energy, Inc	6.250		04/15/13		112,876
50,000		XTO Energy, Inc	4.630		06/15/13		53,907
50,000		XTO Energy, Inc	5.500		06/15/18		57,176
		TOTAL OIL AND GAS EXTRACTION					2,057,175
PAPER AND ALLIED PRODUCTS - 0.0%
50,000		International Paper Co	7.300		11/15/39		55,137
		TOTAL PAPER AND ALLIED PRODUCTS					55,137
PETROLEUM AND COAL PRODUCTS - 0.6%
100,000		BP Capital Markets plc	3.130		03/10/12		92,452
75,000		BP Capital Markets plc	3.880		03/10/15		63,911
75,000		Chevron Corp	3.450		03/03/12		78,167
125,000		ConocoPhillips	4.600		01/15/15		136,555
100,000		ConocoPhillips	6.500		02/01/39		120,762
25,000		Hess Corp	8.130		02/15/19		31,164
25,000		Marathon Oil Corp	6.500		02/15/14		28,149
26,000		Marathon Oil Corp	7.500		02/15/19		31,177
75,000		Shell International Finance BV	4.380		03/25/20		77,530

115

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$25,000		Shell International Finance BV	6.380		12/15/38	$	29,868
25,000		Statoil ASA	2.900		10/15/14		25,561
50,000		Valero Energy Corp	4.500		02/01/15		51,378
		TOTAL PETROLEUM AND COAL PRODUCTS					766,674
PIPELINES, EXCEPT NATURAL GAS - 0.1%
25,000		Enbridge Energy Partners LP	5.200		03/15/20		25,760
50,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		53,208
100,000		TransCanada Pipelines Ltd	5.850		03/15/36		102,492
		TOTAL PIPELINES, EXCEPT NATURAL GAS					181,460
PRIMARY METAL INDUSTRIES - 0.1%
50,000		ArcelorMittal	5.380		06/01/13		52,585
50,000		ArcelorMittal	7.000		10/15/39		52,813
		TOTAL PRIMARY METAL INDUSTRIES					105,398
PRINTING AND PUBLISHING - 0.1%
25,000		News America, Inc	7.250		05/18/18		30,073
50,000		News America, Inc	6.200		12/15/34		52,661
50,000		News America, Inc	6.900		08/15/39		57,381
		TOTAL PRINTING AND PUBLISHING					140,115
RAILROAD TRANSPORTATION - 0.3%
100,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		105,910
75,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		79,327
50,000		Norfolk Southern Corp	5.750		04/01/18		56,519
100,000		Norfolk Southern Corp	5.590		05/17/25		107,133
75,000		Union Pacific Corp	5.130		02/15/14		82,053
		TOTAL RAILROAD TRANSPORTATION					430,942
SECURITY AND COMMODITY BROKERS - 1.6%
50,000		Ameriprise Financial, Inc	5.300		03/15/20		52,237
50,000		BlackRock, Inc	3.500		12/10/14		51,855
50,000		BlackRock, Inc	5.000		12/10/19		53,144
100,000		Eaton Vance Corp	6.500		10/02/17		113,721
60,000		Franklin Resources, Inc	3.130	%	05/20/15		61,454
100,000	i	Goldman Sachs Capital II	5.790		12/30/49		75,500
100,000		Goldman Sachs Group, Inc	4.750		07/15/13		104,407
150,000		Goldman Sachs Group, Inc	5.350		01/15/16		155,188
50,000		Goldman Sachs Group, Inc	7.500		02/15/19		55,889
150,000		Goldman Sachs Group, Inc	5.380		03/15/20		148,217
25,000		Goldman Sachs Group, Inc	6.750		10/01/37		24,509
100,000	b,n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		10
50,000		Merrill Lynch & Co, Inc	6.050		08/15/12		53,162
300,000		Merrill Lynch & Co, Inc	5.450		02/05/13		314,710
50,000		Merrill Lynch & Co, Inc	6.400		08/28/17		52,137
150,000		Merrill Lynch & Co, Inc	6.880		04/25/18		160,017
175,000		Morgan Stanley	6.000		05/13/14		185,428
50,000		Morgan Stanley	6.000		04/28/15		52,254
100,000		Morgan Stanley	5.750		10/18/16		100,742
65,000		Morgan Stanley	6.630		04/01/18		68,129
150,000		Morgan Stanley	7.300		05/13/19		161,313
50,000		NASDAQ OMX Group, Inc	4.000		01/15/15		50,838
35,000		NASDAQ OMX Group, Inc	5.550		01/15/20		35,718
25,000		Nomura Holdings, Inc	5.000		03/04/15		26,417
		TOTAL SECURITY AND COMMODITY BROKERS					2,156,996

116

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.1%
$125,000		3M Co	5.700		03/15/37	$	142,910
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					142,910
TOBACCO PRODUCTS - 0.1%
100,000		Philip Morris International, Inc	6.880		03/17/14		115,696
		TOTAL TOBACCO PRODUCTS					115,696
TRANSPORTATION EQUIPMENT - 0.2%
100,000		Boeing Co	6.130		02/15/33		113,218
25,000		Embraer Overseas Ltd	6.380		01/15/20		25,655
55,000		Goodrich Corp	6.130		03/01/19		63,605
25,000	g	Meccanica Holdings USA	6.250		01/15/40		23,216
50,000		United Technologies Corp	4.500		04/15/20		54,095
		TOTAL TRANSPORTATION EQUIPMENT					279,789
WHOLESALE TRADE-DURABLE GOODS - 0.1%
25,000		Martin Marietta Materials, Inc	6.600		04/15/18		27,131
25,000		Vale Overseas Ltd	6.250		01/23/17		27,230
25,000		Vale Overseas Ltd	6.880		11/21/36		26,063
80,000		Vale Overseas Ltd	6.880		11/10/39		83,576
		TOTAL WHOLESALE TRADE-DURABLE GOODS					164,000
WHOLESALE TRADE-NONDURABLE GOODS - 0.1%
25,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		26,940
75,000	g	Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		78,414
25,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		28,577
50,000		McKesson Corp	6.500		02/15/14		57,130
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					191,061
		TOTAL CORPORATE BONDS (Cost $35,124,461)					36,858,689
GOVERNMENT BONDS - 62.3%
AGENCY SECURITIES - 6.5%
600,000		Federal Farm Credit Bank (FFCB)	2.630		04/21/11		610,607
500,000		FFCB	1.380		06/25/13		502,802
1,000,000		Federal Home Loan Bank (FHLB)	1.880		06/21/13		1,019,708
		Federal Home Loan Mortgage Corp (FHLMC)
2,000,000		FHLMC	2.130		09/21/12		2,056,387
300,000		FHLMC	2.500		04/23/14		310,610
1,500,000		FHLMC	5.130		10/18/16		1,717,175
56,642		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	%	04/01/23		60,466
100,000		Federal National Mortgage Association (FNMA)	3.250		08/12/10		100,345
100,000		FNMA	1.750		05/07/13		101,827
1,000,000		FNMA	3.000		09/16/14		1,049,401
150,000		FNMA	4.000		02/25/19		157,348
216,867		FNMA	6.000		06/01/36		237,778
500,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		482,185
250,000		Private Export Funding Corp	3.050		10/15/14		261,387
		TOTAL AGENCY SECURITIES					8,668,026
FOREIGN GOVERNMENT BONDS - 6.0%
100,000	g	Bahrain Government International Bond	5.500		03/31/20		100,567
100,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20		100,250

117

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$455,000	g	Belgium Government International Bond	2.880		09/15/14	$	459,409
150,000		Belgium Kingdom	2.750		03/05/15		149,545
200,000		Brazilian Government International Bond	5.880		01/15/19		219,500
200,000		Brazilian Government International Bond	4.880		01/22/21		200,300
25,000		Brazilian Government International Bond	7.130		01/20/37		29,500
150,000		Canada Government International Bond	2.380		09/10/14		153,955
100,000		China Development Bank	5.000		10/15/15		108,694
100,000		Eksportfinans A/S	5.000		02/14/12		106,071
100,000		European Investment Bank	4.880		02/15/36		105,443
250,000		Export Development Canada	2.250		05/28/15		252,840
100,000		Export-Import Bank of Korea	5.880		01/14/15		108,352
100,000		Export-Import Bank of Korea	5.130		06/29/20		100,402
175,000		Federative Republic of Brazil	6.000		01/17/17		192,500
100,000	g	Korea Expressway Corp	4.500		03/23/15		102,361
25,000		Peruvian Government International Bond	7.130		03/30/19		29,563
25,000		Peruvian Government International Bond	7.350		07/21/25		29,938
82,000		Poland Government International Bond	6.380		07/15/19		90,710
175,000		Province of British Columbia Canada	2.850		06/15/15		180,754
500,000		Province of Manitoba Canada	2.130		04/22/13		511,190
190,000		Province of Ontario Canada	3.130		09/08/10		190,916
1,000,000		Province of Ontario Canada	2.630		01/20/12		1,023,652
300,000		Province of Ontario Canada	4.100		06/16/14		322,620
300,000		Province of Ontario Canada	2.950		02/05/15		307,573
400,000		Province of Ontario Canada	2.700		06/16/15		403,417
1,000,000		Province of Ontario Canada	4.000		10/07/19		1,032,550
500,000		Province of Ontario Canada	4.400		04/14/20		531,285
110,000		Province of Quebec Canada	4.630		05/14/18		120,153
100,000		Republic of Hungary	6.250		01/29/20		98,423
100,000		Republic of Korea	5.750		04/16/14		109,019
100,000	g	Russian Foreign Bond-Eurobond	3.630		04/29/15		96,750
100,000	g	Russian Foreign Bond-Eurobond	5.000		04/29/20		96,500
100,000		South Africa Government International Bond	6.880		05/27/19		114,375
150,000		South Africa Government International Bond	5.500		03/09/20		155,063
52,000		United Mexican States	5.880		02/17/14		57,044
50,000		United Mexican States	5.950		03/19/19		55,500
100,000		United Mexican States	5.130		01/15/20		104,000
		TOTAL FOREIGN GOVERNMENT BONDS					8,150,684
MORTGAGE BACKED - 29.6%
75,967	i	Federal Home Loan Mortgage Corp (FHLMC)	2.640		02/01/36		78,710
282,602	i	FHLMC	5.780		07/01/36		300,415
50,217	i	FHLMC	3.280		09/01/36		52,066
41,891	i	FHLMC	5.890		09/01/36		44,537
146,071	i	FHLMC	6.050		09/01/36		154,767
130,810	i	FHLMC	5.540		03/01/37		138,637
246,793	i	FHLMC	5.880		04/01/37		265,359
78,146	i	FHLMC	5.720		05/01/37		84,077
245,121		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000		02/01/19		263,410
54,474		FGLMC	4.500	%	01/01/20		58,054
183,771		FGLMC	4.500		07/01/20		195,621
162,525		FGLMC	4.000		07/01/24		168,998
64,814		FGLMC	4.500		09/01/24		68,426
25,334		FGLMC	6.000		03/01/33		27,861
224,707		FGLMC	5.000		11/01/33		238,865
395,444		FGLMC	6.000		11/01/33		434,890
110,923		FGLMC	5.000		05/01/34		117,739
71,968		FGLMC	6.000		09/01/34		78,989
16,559		FGLMC	6.000		04/01/35		18,065
48,962		FGLMC	5.000		02/01/36		51,925
34,743		FGLMC	6.500		05/01/36		38,192
352,999		FGLMC	5.500		04/01/37		379,256
437,925		FGLMC	5.500		05/01/37		470,499

118

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$243,194		FGLMC	6.000		08/01/37	$	264,413
29,594		FGLMC	6.000		08/01/37		32,195
91,929		FGLMC	6.500		09/01/37		100,941
83,385		FGLMC	6.500		11/01/37		91,559
232,835		FGLMC	5.000		04/01/38		246,656
76,955		FGLMC	6.500		05/01/38		84,458
100,657		FGLMC	5.500		01/01/39		108,144
194,715		FGLMC	4.000		06/01/39		197,342
127,105		FGLMC	5.000		07/01/39		134,637
146,162		FGLMC	5.000		01/01/40		154,823
10,780		Federal National Mortgage Association (FNMA)	5.000		06/01/13		11,095
1,541,120		FNMA	4.570		01/01/15		1,648,718
81,566		FNMA	5.500		04/01/18		88,607
70,540		FNMA	5.500		05/01/18		76,608
76,689		FNMA	4.500		03/01/19		81,801
43,528		FNMA	4.500		06/01/19		46,430
225,197		FNMA	5.500		07/01/20		244,638
20,716		FNMA	4.500		11/01/20		22,097
153,553		FNMA	4.500		12/01/20		163,575
62,390		FNMA	5.000		12/01/20		67,006
91,644		FNMA	4.500		03/01/23		96,952
208,351		FNMA	5.000		04/01/23		222,626
197,786		FNMA	4.500		06/01/23		209,242
152,437		FNMA	5.000		07/01/23		162,857
167,288		FNMA	5.000		07/01/23		178,723
151,806		FNMA	5.500		02/01/24		164,358
460,566		FNMA	4.500		04/01/24		486,811
181,065		FNMA	4.000		05/01/24		188,587
339,223		FNMA	5.500		07/01/24		366,758
12,382		FNMA	5.500		09/01/24		13,387
585,371		FNMA	4.000		02/01/25		609,141
64,035		FNMA	6.500		07/01/32		71,494
91,409		FNMA	5.500		01/01/33		98,642
147,424		FNMA	5.500		07/01/33		158,996
715,689		FNMA	5.500		07/01/33		771,870
369,408		FNMA	5.500		07/01/33		398,407
383,685		FNMA	6.000		10/01/33		422,617
218,561		FNMA	5.000		11/01/33		232,435
826,048		FNMA	5.500		11/01/33		890,893
471,107		FNMA	5.000		03/01/34		501,013
840,958		FNMA	5.000		03/01/34		894,342
106,064		FNMA	5.500		04/01/34		114,225
70,784		FNMA	5.000		08/01/34		75,324
1,809,534		FNMA	5.000		09/01/34		1,922,987
100,738		FNMA	5.000		11/01/34		107,133
61,718		FNMA	6.500		02/01/35		68,501
203,350		FNMA	5.500		04/01/35		218,996
19,413		FNMA	7.500		06/01/35		21,905
58,706		FNMA	5.500		07/01/35		63,167
33,361		FNMA	7.500	%	07/01/35		37,643
85,071		FNMA	4.500		08/01/35		88,955
115,175		FNMA	5.000		08/01/35		122,252
283,080		FNMA	5.500		09/01/35		305,302
106,344		FNMA	5.500		10/01/35		114,426
125,873		FNMA	5.000		02/01/36		133,607
453,489		FNMA	6.000		04/01/36		493,552
143,721	i	FNMA	5.830		07/01/36		153,033
64,620		FNMA	6.500		09/01/36		70,975
96,028		FNMA	6.000		12/01/36		104,511
84,014		FNMA	5.000		02/01/37		89,028
329,962		FNMA	5.500		02/01/37		354,729
58,607		FNMA	7.000		02/01/37		65,182

119

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE		MATURITY DATE	VALUE
$212,959	FNMA	5.500		03/01/37	$	228,899
127,202	FNMA	7.000		04/01/37		141,472
91,544	FNMA	5.500		06/01/37		98,396
31,432	FNMA	6.500		08/01/37		34,475
89,812	FNMA	6.000		11/01/37		97,578
38,673	FNMA	7.000		11/01/37		43,011
134,528	FNMA	5.500		01/01/38		144,598
15,728	FNMA	6.500		01/01/38		17,251
1,158,423	FNMA	5.500		02/01/38		1,245,131
343,351	FNMA	5.500		02/01/38		369,051
5,674	FNMA	6.500		02/01/38		6,223
9,400	FNMA	6.500		03/01/38		10,308
23,323	FNMA	6.500		03/01/38		25,576
369,907	FNMA	5.000		04/01/38		391,981
188,182	FNMA	6.000		04/01/38		204,336
378,380	FNMA	4.000		01/01/39		383,721
156,116	FNMA	4.500		01/01/39		162,146
108,939	FNMA	5.500		01/01/39		117,093
104,798	FNMA	6.000		01/01/39		113,794
87,720	FNMA	6.000		01/01/39		95,250
143,870	FNMA	4.000		02/01/39		145,924
919,869	FNMA	4.500		02/01/39		955,399
145,048	FNMA	4.500		02/01/39		150,651
88,811	FNMA	5.500		02/01/39		95,459
1,850,113	FNMA	4.500		04/01/39		1,920,996
134,867	FNMA	5.000		04/01/39		142,902
482,018	FNMA	4.500		06/01/39		500,485
754,123	FNMA	4.000		07/01/39		764,767
532,738	FNMA	6.500		07/01/39		584,130
551,290	FNMA	4.500		08/01/39		572,412
822,887	FNMA	6.000		09/01/39		893,527
342,850	FNMA	4.500		10/01/39		355,985
390,268	FNMA	4.500		11/01/39		405,220
344,937	FNMA	4.500		11/01/39		358,152
237,722	FNMA	5.000		11/01/39		251,883
37,227	Government National Mortgage Association (GNMA)	5.500		07/15/33		40,523
253,619	GNMA	5.500		07/20/33		276,316
39,841	GNMA	5.000		03/15/34		42,774
199,236	GNMA	5.000		06/15/34		213,905
362,072	GNMA	5.500		02/15/37		392,090
299,764	GNMA	5.000		01/15/38		320,148
121,200	GNMA	5.000		04/15/38		129,442
307,627	GNMA	5.500		05/15/38		332,939
43,231	GNMA	6.000		08/15/38		47,194
46,733	GNMA	6.000		08/20/38		51,036
559,651	GNMA	5.500		07/15/39		605,700
167,901	GNMA	4.500		07/20/39		174,887
64,333	GNMA	5.000		07/20/39		68,564
72,112	GNMA	4.000		08/15/39		73,442
696,777	GNMA	4.500		03/15/40		727,413
249,330	GNMA	4.500	%	04/15/40		260,293
242,617	GNMA	5.000		04/15/40		259,115
498,562	GNMA	5.000		04/15/40		532,464
599,076	GNMA	5.000		05/20/40		638,412
197,216	GNMA	6.230		09/15/43		212,081
487,124	Fannie Mae Pool	4.000		08/01/39		494,000
499,112	Fannie Mae Pool	5.000		06/01/40		528,845
500,000	Fannie Mae Pool	5.500		07/01/40		537,375
500,000	Ginnie Mae I pool	4.500		06/15/40		521,984
500,000	Ginnie Mae I pool	5.000		06/15/40		534,000
	TOTAL MORTGAGE BACKED					39,503,809

120

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
MUNICIPAL BONDS - 0.7%
$150,000		Grant County Public Utility District No 2	5.630		01/01/27	$	158,298
500,000		Long Island Power Authority	5.850		05/01/41		500,874
150,000		State of California	7.630		03/01/40		162,071
175,000		State of Illinois	6.730		04/01/35		166,322
		TOTAL MUNICIPAL BONDS					987,565
U.S. TREASURY SECURITIES - 19.5%
443,000		United States Treasury Bond	8.000		11/15/21		644,288
842,500		United States Treasury Bond	5.250		02/15/29		1,013,897
2,082,000		United States Treasury Bond	4.380		11/15/39		2,247,583
115,000		United States Treasury Bond	4.630		02/15/40		129,267
1,415,000		United States Treasury Note	1.000		09/30/11		1,424,728
200,000		United States Treasury Note	1.000		12/31/11		201,461
450,000		United States Treasury Note	1.880		06/15/12		461,110
48,000		United States Treasury Note	1.380		10/15/12		48,713
697,000		United States Treasury Note	1.130		06/15/13		699,774
635,000		United States Treasury Note	2.000		11/30/13		651,867
4,377,000		United States Treasury Note	1.880		04/30/14		4,455,991
1,613,000		United States Treasury Note	2.250		05/31/14		1,664,288
799,000		United States Treasury Note	2.380		08/31/14		826,029
1,580,000		United States Treasury Note	2.380		10/31/14		1,630,116
1,600,000		United States Treasury Note	2.250		01/31/15		1,639,875
579,000		United States Treasury Note	2.500		04/30/15		599,582
2,061,000		United States Treasury Note	2.130		05/31/15		2,096,428
1,180,000		United States Treasury Note	1.880		06/30/15		1,184,517
860,000		United States Treasury Note	2.630		02/29/16		884,792
1,100,000		United States Treasury Note	2.380		03/31/16		1,116,243
1,100,000		United States Treasury Note	3.250		07/31/16		1,166,086
50,000		United States Treasury Note	3.000		02/28/17		51,906
913,800		United States Treasury Note	3.500		05/15/20		956,347
500,000	j	United States Treasury Strip Principal	0.000		08/15/27		255,450
		TOTAL U.S. TREASURY SECURITIES					26,050,338
		TOTAL GOVERNMENT BONDS (Cost $79,885,640)					83,360,422
STRUCTURED ASSETS - 6.8%
ASSET BACKED - 2.4%
61,650		AmeriCredit Automobile Receivables Trust	5.640		09/06/13		62,872
		Series - 2006 AF (Class A4)
100,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14		106,613
		Series - 2009 2A (Class A)
455,481		Centex Home Equity	5.540		01/25/32		436,526
		Series - 2002 A (Class AF6)
337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		127,534
		Series - 2004 2 (Class 1B)
341,152		CIT Group Home Equity Loan Trust	6.390		12/25/30		66,897
		Series - 2002 2 (Class MF2)
75,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		71,224
		Series - 2006 15 (Class A2)
1,000,000	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		800,293
		Series - 2007 1A (Class AF3)
142,221		GMAC Commercial Mortgage Securities, Inc	5.590	%	10/25/29		135,904
		Series - 2006 HLTV (Class A3)
250,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		175,706
		Series - 2006 HLTV (Class A4)
250,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		270,518
		Series - 2009 2A (Class A2)
162,416		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		162,886
		Series - 2007 1 (Class A1F)

121

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$50,000		Merrill Auto Trust Securitization	6.150		04/15/15	$	52,966
		Series - 2008 1 (Class A4A)
32,281	i	Morgan Stanley ABS Capital I	0.270		01/25/37		31,381
		Series - 2007 HE2 (Class A2A)
310,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		168,921
		Series - 2006 3 (Class AF3)
217,644		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		211,297
		Series - 2006 HI5 (Class A2)
100,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		32,083
		Series - 2006 HI1 (Class M2)
53,266	i	Securitized Asset Backed Receivables LLC Trust	0.500		03/25/36		49,752
		Series - 2006 NC2 (Class A2)
142,233	i	Sequoia Mortgage Trust	3.750		02/25/40		142,134
		Series - 2010 H1 (Class A1)
159,518	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		129,209
		Series - 2006 N1 (Class N1)
43,507	i	Wells Fargo Home Equity Trust	0.490		07/25/36		39,537
		Series - 2006 2 (Class A3)
		TOTAL ASSET BACKED					3,274,253
OTHER MORTGAGE BACKED - 4.4%
70,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		70,078
		Series - 2006 6 (Class A4)
125,000	i	Banc of America Commercial Mortgage, Inc	5.870		04/10/49		124,833
		Series - 2007 2 (Class A4)
285,249		Bank of America Alternative Loan Trust	6.000		08/25/34		287,081
		Series - 2004 7 (Class 2A1)
25,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		25,570
		Series - 2006 PW14 (Class A4)
45,000	i	Bear Stearns Commercial Mortgage Securities	5.620		03/11/39		47,812
		Series - 2006 PW11 (Class A4)
40,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		41,411
		Series - 2005 PWR8 (Class A4)
120,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41		128,351
		Series - 2004 PWR4 (Class A3)
80,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		68,885
		Series - 2006 PW13 (Class AM)
75,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		78,707
		Series - 2006 T24 (Class A4)
110,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		112,844
		Series - 2004 T16 (Class A6)
105,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		106,288
		Series - 2007 PW17 (Class A4)
100,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		101,138
		Series - 2007 PW18 (Class A4)
50,000		Citigroup, Inc	5.320		12/11/49		48,563
		Series - 2007 CD4 (Class A4)
85,000	i	Commercial Mortgage Pass Through Certificates	6.010		12/10/49		87,855
		Series - 2007 C9 (Class A4)
81,917		Countrywide Alternative Loan Trust	5.500		08/25/16		70,814
		Series - 2004 30CB (Class 1A15)
99,190		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		98,776
		Series - 2005 17 (Class 1A10)
44,310		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		42,856
		Series - 2005 J3 (Class 1A1)
50,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		49,919
		Series - 2003 C3 (Class B)
55,000	i	CS First Boston Mortgage Securities Corp	5.100	%	08/15/38		57,969
		Series - 2005 C5 (Class A4)
35,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		29,466
		Series - 2005 C5 (Class AJ)
62,720		First Horizon Asset Securities, Inc	5.500		11/25/33		62,984
		Series - 2003 9 (Class 1A4)

122

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
$40,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40	$	42,475
		Series - 2003 C3 (Class A4)
92,164	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		93,484
		Series - 2003 AR1 (Class A5)
495,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		426,007
		Series - 2006 GG7 (Class AM)
100,000	i	Greenwich Capital Commercial Funding Corp	6.090		07/10/38		104,528
		Series - 2006 GG7 (Class A4)
400,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		400,731
		Series - 2007 GG9 (Class A4)
85,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		67,494
		Series - 2007 GG9 (Class AM)
250,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		245,896
		Series - 2007 GG11 (Class A4)
70,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		72,024
		Series - 2006 GG6 (Class A4)
100,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		85,013
		Series - 2006 GG6 (Class AM)
125,000		GS Mortgage Securities Corp II	5.560		11/10/39		126,836
		Series - 2006 GG8 (Class A4)
44,586	i	GSR Mortgage Loan Trust	5.030		01/25/36		43,482
		Series - 2006 AR1 (Class 2A2)
50,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		54,703
		Series - 2009 IWST (Class A2)
165,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		163,077
		Series - 2006 LDP9 (Class A3)
65,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.940		02/12/49		52,427
		Series - 2007 CB19 (Class AM)
200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		195,674
		Series - 2007 LD11 (Class A4)
$50,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		52,729
		Series - 2005 C2 (Class A5)
220,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		219,025
		Series - 2007 C1 (Class A4)
115,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		115,348
		Series - 2007 C2 (Class A3)
75,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		74,403
		Series - 2007 C6 (Class A4)
190,000	i	Merrill Lynch & Co, Inc	5.170		12/12/49		187,596
		Series - 2006 4 (Class A3)
200,000	i	Merrill Lynch Mortgage Trust	5.400		11/12/37		214,075
		Series - 2005 CKI1 (Class A6)
41,024	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		37,557
		Series - 2005 CIP1 (Class AM)
75,000	i	Merrill Lynch Mortgage Trust	5.840		05/12/39		80,122
		Series - 2006 C1 (Class A4)
35,000	g,i	Merrill Lynch Mortgage Trust	6.460		02/12/51		11,876
		Series - 2008 C1 (Class C)
75,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.590		02/12/39		79,743
		Series - 2006 1 (Class A4)
65,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	6.150		08/12/49		52,843
		Series - 2007 8 (Class AM)
13,093		Morgan Stanley Capital I	4.690		06/13/41		13,159
		Series - 2004 T15 (Class A2)
80,000	i	Morgan Stanley Capital I	5.270		06/13/41		84,138
		Series - 2004 T15 (Class A4)
270,000	i	Morgan Stanley Capital I	5.450		02/12/44		268,319
		Series - 2007 HQ11 (Class A4)
85,000		Morgan Stanley Capital I	5.360	%	03/15/44		83,671
		Series - 2007 IQ13 (Class A4)
102,000	i	Morgan Stanley Capital I	5.730		07/12/44		109,294
		Series - 2006 HQ9 (Class A4)

123

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE
$30,000	i	Morgan Stanley Capital I	5.540	11/12/49	$	26,141
		Series - 2007 T25 (Class AM)
35,000		Morgan Stanley Capital I	4.770	07/15/56		29,422
		Series - 0 IQ9 (Class AJ)
34,443	i	Structured Adjustable Rate Mortgage Loan Trust	0.730	03/25/35		33,088
		Series - 2005 6XS (Class A3)
50,134	i	Structured Adjustable Rate Mortgage Loan Trust	6.050	07/25/36		49,923
		Series - 2006 6 (Class 2A1)
50,000	i	Wachovia Bank Commercial Mortgage Trust	6.100	02/15/51		49,113
		Series - 2007 C33 (Class A4)
		TOTAL OTHER MORTGAGE BACKED				5,787,636
		TOTAL STRUCTURED ASSETS (Cost $9,770,584)				9,061,889
		TOTAL BONDS (Cost $124,780,685)				129,281,000
SHARES		COMPANY
PREFERRED STOCKS - 0.0%
AGENCY SECURITIES - 0.0%
5,517		Federal Home Loan Mortgage Corp (FHLMC)	8.380	12/30/49		1,876
17,265		Federal National Mortgage Association (FNMA)	8.250	12/30/49		5,870
		TOTAL AGENCY SECURITIES				7,746
		TOTAL PREFERRED STOCKS (Cost $569,550)				7,746
		TOTAL INVESTMENTS - 96.7% (Cost $125,350,236)				129,288,746
		OTHER ASSETS & LIABILITIES, NET - 3.3%				4,453,259
		NET ASSETS - 100.0%			$	133,742,005

Abbreviation(s):

ABS Asset-Based Security

REIT Real Estate Investment Trust

b In bankruptcy.

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 6/30/10, the value of these securities amounted to $7,976,036 or 5.96% of net assets.

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

j Zero coupon.

m Indicates a security that has been deemed illiquid.

n In default.

124

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2010

PRINCIPAL	ISSUER	RATE	MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 99.0%
BANKER’S ACCEPTANCES - 3.0%
$500,000	JPMorgan Chase Bank NA		08/30/10	$	499,667
1,512,803	US Bank NA		08/10/10		1,512,063
	TOTAL BANKER’S ACCEPTANCES				2,011,730
CERTIFICATE OF DEPOSIT - 6.4%
500,000	Bank of Montreal	0.280	07/20/10		500,000
830,000	Bank of Nova Scotia	0.440	08/24/10		830,000
500,000	Barclays Bank plc	0.580	08/18/10		500,000
265,000	Rabobank Nederland NV	0.220	07/07/10		265,000
485,000	Royal Bank of Scotland plc	0.320	07/12/10		485,000
500,000	Toronto-Dominion Bank	0.250	07/08/10		500,000
400,000	Toronto-Dominion Bank	0.250	07/16/10		400,000
500,000	Toronto-Dominion Bank	0.320	08/06/10		500,000
400,000	Toronto-Dominion Bank	0.450	09/10/10		400,000
	TOTAL CERTIFICATE OF DEPOSIT				4,380,000
COMMERCIAL PAPER - 24.4%
470,000	American Honda Finance Corp		08/24/10		469,781
500,000	American Honda Finance Corp		09/22/10		499,574
500,000	Bank of Nova Scotia		08/18/10		499,713
500,000	Coca-Cola Co		08/23/10		499,798
500,000	Coca-Cola Co		08/31/10		499,754
415,000	Commonwealth Bank of Australia		09/10/10		414,615
500,000	Commonwealth Bank of Australia		09/27/10		499,389
300,000	Commonwealth Bank of Australia		09/29/10		299,700
740,000	Fairway Finance LLC		07/13/10		739,926
485,000	General Electric Capital Corp		08/27/10		484,785
500,000	Johnson & Johnson		08/02/10		499,898
400,000	Nestle Capital Corp		07/13/10		399,965
500,000	Nestle Capital Corp		07/20/10		499,936
300,000	Old Line Funding LLC		07/08/10		299,985
815,000	Old Line Funding LLC		07/09/10		814,954
317,000	Old Line Funding LLC		08/12/10		316,859
502,000	Old Line Funding LLC		09/07/10		501,555
765,000	Private Export Funding Corp		07/12/10		764,947
500,000	Private Export Funding Corp		08/05/10		499,864
500,000	Private Export Funding Corp		08/19/10		499,857
330,000	Procter & Gamble International Funding S.C.A		07/01/10		330,000
665,000	Procter & Gamble International Funding S.C.A		07/22/10		664,942
425,000	Province of Ontario Canada		09/20/10		424,751
400,000	Rabobank USA Financial Corp		08/11/10		399,836
820,000	Royal Bank of Canada		07/01/10		820,000
760,000	Royal Bank of Canada		08/24/10		759,555
395,000	Santander Central Hispano Finance Delaware, Inc		10/12/10		394,412
400,000	Sheffield Receivables Corp		07/14/10		399,960
500,000	Sheffield Receivables Corp		07/22/10		499,912
700,000	Straight-A Funding LLC		09/09/10		699,469
800,000	Straight-A Funding LLC		09/14/10		799,334
400,000	Straight-A Funding LLC		09/20/10		399,649
	TOTAL COMMERCIAL PAPER				16,596,675
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 50.3%
599,000	Federal Home Loan Bank (FHLB)		07/01/10		599,000
638,000	FHLB		07/07/10		637,978
500,000	FHLB		07/14/10		499,968
109,000	FHLB		07/16/10		108,988
1,040,000	FHLB		07/28/10		1,039,859

125

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE
$900,000		FHLB		08/03/10	$	899,826
500,000		FHLB		08/04/10		499,910
700,000		FHLB		08/06/10		699,867
775,000		FHLB		08/13/10		774,815
260,000		FHLB		08/25/10		259,897
300,000		FHLB		08/27/10		299,891
474,000		FHLB		09/03/10		473,874
385,000		FHLB		09/16/10		384,662
776,000		FHLB		09/17/10		775,689
1,000,000		FHLB		09/24/10		999,598
1,350,000		Federal Home Loan Mortgage Corp (FHLMC)		07/02/10		1,349,993
1,100,000		FHLMC		07/06/10		1,099,969
200,000		FHLMC		07/13/10		199,985
349,000		FHLMC		07/14/10		348,971
400,000		FHLMC		07/19/10		399,960
1,365,000		FHLMC		07/26/10		1,364,816
475,000		FHLMC		08/03/10		474,922
779,000		FHLMC		08/09/10		778,822
105,000		FHLMC		08/10/10		104,973
998,000		FHLMC		08/16/10		997,694
1,375,000		FHLMC		08/17/10		1,374,600
710,000		FHLMC		08/18/10		709,785
440,000		FHLMC		08/25/10		439,869
402,000		FHLMC		09/01/10		401,841
450,000		FHLMC		09/07/10		449,779
190,000		FHLMC		09/08/10		189,914
500,000		FHLMC		09/13/10		499,836
105,000		FHLMC		09/27/10		104,918
1,000,000		FHLMC		10/04/10		999,393
2,000,000		FHLMC		10/20/10		1,998,767
400,000		FHLMC		11/16/10		399,509
500,000		Federal National Mortgage Association (FNMA)		07/06/10		499,988
300,000		FNMA		07/09/10		299,985
455,000		FNMA		07/21/10		454,949
385,000		FNMA		07/27/10		384,944
642,000		FNMA		07/28/10		641,898
301,000		FNMA		08/02/10		300,946
489,000		FNMA		08/04/10		488,894
1,026,000		FNMA		08/11/10		1,025,777
239,000		FNMA		08/16/10		238,936
390,000		FNMA		08/23/10		389,879
528,000		FNMA		08/31/10		527,776
500,000		FNMA		09/13/10		499,702
895,000		FNMA		09/22/10		894,546
1,500,000		FNMA		10/05/10		1,499,108
700,000		FNMA		10/13/10		699,373
400,000		FNMA		10/25/10		399,678
1,000,000		FNMA		12/01/10		998,458
300,000		FNMA		04/11/11		298,935
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				34,185,910
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 2.2%
1,000,000	i	Federal Home Loan Bank (FHLB)	0.300	05/26/11		1,000,000
500,000	i	FHLB	0.350	06/01/11		500,093
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				1,500,093
U.S. TREASURY BILLS - 12.7%
1,500,000		United States Cash Management Bill		07/15/10		1,499,907
500,000		United States Treasury Bill		07/29/10		499,938
500,000		United States Treasury Bill		08/19/10		499,927
1,000,000		United States Treasury Bill		08/26/10		999,745
1,365,000		United States Treasury Bill		09/30/10		1,364,364
450,000		United States Treasury Bill		11/04/10		449,795
500,000		United States Treasury Bill		11/12/10		499,719
615,000		United States Treasury Bill		11/18/10		614,490

126

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL	ISSUER	RATE	MATURITY DATE	VALUE
$460,000	United States Treasury Bill		11/26/10	$	459,665
500,000	United States Treasury Note	2.750	07/31/10		500,970
500,000	United States Treasury Note	1.250	11/30/10		501,998
750,000	United States Treasury Note	0.880	01/31/11		752,232
	TOTAL U.S. TREASURY BILLS				8,642,750
	TOTAL SHORT-TERM INVESTMENTS (Cost $67,317,158)				67,317,158
	TOTAL PORTFOLIO - 99.0% (Cost $67,317,158)				67,317,158
	OTHER ASSETS & LIABILITIES, NET - 1.0%				701,769
	NET ASSETS - 100.0%			$	68,018,927

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

127

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 of 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 fiscal half year-end that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

SIGNATURES

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

	TIAA-CREF LIFE FUNDS
Dated: August 20, 2010	By:	/S/    SCOTT C. EVANS
		Scott C. Evans
		President and Principal Executive Officer

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 20, 2010	By:	/S/    SCOTT C. EVANS
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Dated: August 20, 2010	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