N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number    File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2011

Item 1. Reports to Stockholders.

2011 SEMIANNUAL REPORT

TIAA-CREF LIFE FUNDS

JUNE 30, 2011

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		10
International Equity Fund		13
Large-Cap Value Fund		16
Small-Cap Equity Fund		19
Stock Index Fund		22
Social Choice Equity Fund		25
Real Estate Securities Fund		28
Bond Fund		31
Money Market Fund		34
Summary portfolios of investments		37
Financial statements
Statements of assets and liabilities		70
Statements of operations		74
Statements of changes in net assets		78
Financial highlights		85
Notes to financial statements		95
Board renewal of the investment advisory agreement		104
How to reach us	Inside back cover

      

UNDERSTANDING YOUR TIAA-CREF LIFE FUNDS REPORT

This semiannual report contains information about the ten TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2011. The report contains three main sections:

  • The fund performance section compares each fund’s investment returns with those of its benchmark index.

  • The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2011.

  • 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 2011 Semiannual Report ¡ TIAA-CREF Life Funds

INFORMATION ON THE TIAA-CREF LIFE FUNDS

PORTFOLIO HOLDINGS

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Life 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 (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 800 842-2252 to request a copy 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 and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are 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 website at www.sec.gov. You can also call us at 800 223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

CONTACTING TIAA-CREF

There are three easy ways to contact us: by email, 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 ¡ 2011 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 Index measures the performance of the leading stocks in 22 developed countries outside North America—in Europe, Australasia and the Far East.

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 All 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 2011 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 corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

You cannot invest directly in an 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 ¡ 2011 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 and other fund expenses.

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. Information about these additional charges can be found in the product prospectuses.

The expense 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 mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2011 to June 30, 2011).

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, to estimate the expenses that you paid over the six-month period.

Simply divide your account 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 during period” to estimate the expenses you paid during the six-month period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table shows hypothetical account 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 the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

6 2011 Semiannual Report ¡ TIAA-CREF Life Funds

GROWTH EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Growth Equity Fund returned 6.87% for the period, compared with the 6.83% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended June 30, 2011, the fund returned 33.23%, versus 35.01% for the index.

Growth stocks outpace value issues

In the first half of 2011, large-cap growth stocks outperformed the 5.92% return of large-cap value issues, as measured by the Russell 1000 Value Index. This continued the trend of 2010, when large-cap growth outpaced large-cap value, by more than one percentage point.

However, for the ten years ended June 30, 2011, the Russell 1000 Growth Index posted an average annual return of 2.24%, significantly less than the 3.99% average return of its value counterpart.

Energy leads the way

All nine industry sectors of the fund’s benchmark posted positive results for the period, but gains differed sharply. Energy, which made up more than one-tenth of the market capitalization of the index at period-end, climbed 11.4% during the six months. The producer durables and consumer discretionary sectors, together accounting for more than one-quarter

of the index, rose 8.0% and 7.8%, respectively. Both were helped by increased demand from overseas.

Technology, the benchmark’s largest sector, making up more than one-quarter of its market cap, was up just 1.6% for the period. Signs that the economic recovery was faltering prompted some investors to move into the more defensive consumer and health care sectors.

Stock choices boost return

The fund outperformed its benchmark because of a number of favorable stock selections. Chief among them were out-of-benchmark holdings in Watson Pharmaceuticals and Chinese online search engine Baidu. Overweight positions in medical device manufacturer Intuitive Surgical and communications equipment maker Polycom, and an underweight in technology giant Cisco Systems, also helped relative performance.

These positive factors were partly offset by several positions that detracted from performance. One of the largest negative effects came from an underweight in Exxon Mobil. Overweights in three technology companies—Google, Juniper Networks and Akamai Technologies—also reduced the fund’s relative return.

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 7

GROWTH EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Growth Equity Fund		4/3/2000		6.87	%		33.23	%		5.17	%		1.42	%
Russell 1000® Growth Index		—		6.83			35.01			5.33			2.24

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

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Growth Equity Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,068.71		$2.67
5% annual hypothetical return		1,000.00		1,022.22		2.61

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

8 2011 Semiannual Report ¡ TIAA-CREF Life Funds

GROWTH EQUITY FUND

PORTFOLIO COMPOSITION

Sector	% of net assets as of 6/30/2011
Information technology		33.4
Consumer discretionary		19.4
Health care		13.8
Industrials		11.0
Energy		7.4
Materials		6.3
Consumer staples		4.2
Financials		3.9
Telecommunication services		1.1
Other assets & liabilities, net		–0.5
Total		100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2011
Over $15 billion		66.3
$4 billion–$15 billion		32.6
Under $4 billion		1.1
Total		100.0

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 9

GROWTH & INCOME FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Growth & Income Fund returned 7.94% for the period, compared with the 6.02% return of its benchmark, the S&P 500^® Index. For the one-year period ended June 30, 2011, the fund returned 33.30%, versus 30.69% for the index.

Large caps trail the broad market

The U.S. stock market rally that began in September 2010 continued into 2011. Investors were encouraged by strong corporate profits and increases in hiring by the private sector. For the first quarter of 2011, the large-cap stocks that make up the S&P 500 Index rose 5.92%. In the second quarter, however, disappointing jobs reports and the worsening sovereign debt situation in Europe prompted a stock sell-off, and the index ended the quarter flat.

For the six months, the S&P 500 Index lagged the 6.35% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. The stronger performance of the Russell index came from the 8.08% advance of mid-cap stocks, which made up more than one-quarter of the Russell’s market capitalization at period-end.

For the ten years ended June 30, 2011, the S&P 500 Index posted an average annual return of 2.72%, versus 3.44% for the Russell 3000 Index.

Nine benchmark sectors advance

For the period, nine of the benchmark’s ten industry sectors posted positive returns, with two scoring double-digit gains. The strongest performance came from the health care (up 13.9%) and energy (up 11.4%) sectors; together they made up almost one-quarter of the benchmark’s market capitalization on June 30, 2011. The large consumer discretionary (up 8.3%), consumer staples (up 7.9%) and industrial (up 8.0%) sectors also made substantial contributions to returns.

Weak performance from the benchmark’s two largest sectors undercut these gains; information technology rose just 2.1%, while financials lost 3.1%.

Stock selections boost performance

The fund outperformed its benchmark by nearly two percentage points because of favorable stock choices. Leading the way were out-of-benchmark holdings in drug manufacturers Valeant Pharmaceuticals and Pharmasset, and an overweight in Watson Pharmaceuticals. An underweight stake in Bank of America also aided relative returns.

These positive contributions were partly offset by an underweight in Chevron, whose stock rose 14.4% on the strength of rising energy prices. Overweights in Google and employment search website Monster Worldwide trimmed results as well.

10 2011 Semiannual Report ¡ TIAA-CREF Life Funds

GROWTH & INCOME FUND

PERFORMANCE AS OF JUNE 30, 2011

									Average annual
			Total return						total return
	Inception date		6 months			1 year			5 years			10 years
Growth & Income Fund		4/3/2000		7.94	%		33.30	%		6.62	%		4.17	%
S&P 500 Index		—		6.02			30.69			2.94			2.72

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Growth & Income Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid  during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,079.40		$2.68
5% annual hypothetical return		1,000.00		1,022.22		2.61

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 11

GROWTH & INCOME FUND

PORTFOLIO COMPOSITION

Sector	% of net assets  as of 6/30/2011
Information technology		18.0
Health care		13.5
Financials		12.9
Industrials		12.6
Consumer discretionary		11.5
Energy		11.5
Consumer staples		10.3
Materials		4.4
Telecommunication services		3.4
Utilities		1.2
Other assets & liabilities, net		0.7
Total		100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments  as of 6/30/2011
Over $15 billion		62.8
$4 billion–$15 billion		30.1
Under $4 billion		7.1
Total		100.0

12 2011 Semiannual Report ¡ TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The International Equity Fund returned 1.39% for the period, compared with the 4.98% return of its benchmark, the MSCI EAFE Index. For the one-year period ended June 30, 2011, the fund returned 34.29%, versus 30.36% for the index.

Foreign stocks underperform

In the first quarter of 2011, the MSCI EAFE Index, which measures stock performance in 22 developed nations outside North America, rose 3.36%. However the index gained just 1.56% in the second quarter due to concerns about the catastrophic earthquake in Japan and renewed worries about the European sovereign debt crisis and slowing global growth.

The MSCI EAFE returned just 0.18% in local currencies for the six months. Returns for U.S. investors were boosted by a stronger euro, pound and yen, but the EAFE still lagged the 6.35% return of U.S. issues, as measured by the Russell 3000^® Index.

Japan’s woes take a toll

The earthquake in Japan disrupted supply chains and jolted confidence, giving the second-largest national component of the benchmark a 4.8% loss for the six months. Other Pacific stocks rose 2.5%.

These results were more than offset by a 9.1% gain in the EAFE’s European segment, buoyed by

double-digit advances from France (up 15.5%) and Germany (up 14.2%). Both nations saw strong export demand from the developing world.

Stock selections trim returns

The fund lagged its benchmark because of unfavorable stock selections that included overweight positions in Chinese export company Li & Fung, British securities broker ICAP and Japan’s Nippon Electric Glass. An out-of-benchmark investment in China’s Nine Dragons Paper Holdings also reduced returns.

These effects were partially offset by successful stock choices, such as overweights in resorts operator Sands China and in two German companies: drug maker Bayer and consumer products maker Henkel.

The fund’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the fund’s benchmark index. They will, however, be taken into account in that day’s NAV to reflect the value of the fund’s holdings at the time the NAV is calculated.

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 13

INTERNATIONAL EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
International Equity Fund		4/3/2000		1.39	%		34.29	%		2.20	%		6.42	%
MSCI EAFE Index		—		4.98			30.36			1.48			5.68

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

International Equity Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,013.92		$3.00
5% annual hypothetical return		1,000.00		1,021.82		3.01

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

14 2011 Semiannual Report ¡ TIAA-CREF Life Funds

INTERNATIONAL EQUITY FUND

PORTFOLIO COMPOSITION

Sector	% of net assets  as of 6/30/2011
Industrials		24.1
Materials		22.6
Financials		15.1
Consumer staples		12.6
Health care		10.6
Consumer discretionary		10.4
Information technology		2.6
Energy		1.1
Utilities		0.7
Other assets & liabilities, net		0.2
Total		100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments  as of 6/30/2011
Over $15 billion		45.8
$4 billion–$15 billion		42.3
Under $4 billion		11.9
Total		100.0

HOLDINGS BY COUNTRY

Country	% of portfolio investments  as of 6/30/2011
Germany		25.1
United Kingdom		16.2
Switzerland		15.6
Japan		14.7
Sweden		6.0
Macau		5.0
China		4.9
India		4.0
France		2.5
6 other nations		6.0
Total		100.0

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 15

LARGE-CAP VALUE FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Large-Cap Value Fund returned 4.12% for the period, compared with the 5.92% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended June 30, 2011, the fund returned 30.28%, versus 28.94% for the index.

Financials constrain the benchmark

Large-cap value stocks trailed large-cap growth issues in 2010, and that pattern continued in the first half of 2011, mainly because the value index included a number of troubled banks. With the financial sector of the Russell 1000 Value Index posting a loss for the six months, the benchmark lagged the 6.83% return of the Russell 1000 Growth Index.

For the five years ended June 30, 2011, value issues in the large-cap category trailed their growth counterparts by a wide margin. The Russell 1000 Value Index posted an average annual return of 1.15%—more than four percentage points behind the 5.33% average return of the Russell 1000 Growth Index.

Seven of nine sectors advance

All but two of the nine industry sectors of the Russell 1000 Value Index scored solid gains for the period. Results were driven primarily by

the 16.1% jump in health care, the benchmark’s second-largest sector. Other sizable contributions came from energy (up 10.4%), consumer discretionary (up 9.7%) and utilities (up 8.9%). Together, these three sectors made up one-third of the market capitalization of the index at period-end.

Financial services, the benchmark’s largest sector, lost 3.0%, while technology slipped 0.8%.

Stock selections trim performance

The fund lagged its benchmark for the period because of several stock selections that failed to perform as anticipated. These included overweight positions in AOL, energy supplier Weatherford International and medical device maker Boston Scientific. A nonbenchmark investment in educational software provider Smart Technologies also detracted from relative returns.

These negative effects were partly offset by several positive contributors to relative performance, including overweight positions in UnitedHealth Group and Watson Pharmaceuticals. The fund also benefited from an underweight holding in Berkshire Hathaway.

16 2011 Semiannual Report ¡ TIAA-CREF Life Funds

LARGE-CAP VALUE FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		since     inception
Large-Cap Value Fund		10/28/2002		4.12%		30.28%		2.03%		8.49%
Russell 1000 Value Index		—		5.92		28.94		1.15		7.37

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Large-Cap Value Fund	Beginning   account value   (1/1/11)		Ending   account value   (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,041.19		$2.63
5% annual hypothetical return		1,000.00		1,022.22		2.61

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 17

LARGE-CAP VALUE FUND

PORTFOLIO COMPOSITION

	% of net assets
Sector	as of 6/30/2011
Financials		24.4
Health care		12.5
Industrials		11.8
Information technology		11.4
Energy		11.3
Consumer discretionary		9.1
Consumer staples		7.0
Utilities		5.6
Telecommunication services		5.3
Materials		2.7
Other assets & liabilities, net		–1.1
Total		100.0

HOLDINGS BY COMPANY SIZE

	% of equity investments
Market capitalization	as of 6/30/2011
Over $15 billion		63.1
$4 billion–$15 billion		23.3
Under $4 billion		13.6
Total		100.0

18 2011 Semiannual Report ¡ TIAA-CREF Life Funds

SMALL-CAP EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Small-Cap Equity Fund returned 7.79% for the period, compared with the 6.21% return of its benchmark, the Russell 2000^® Index. For the one-year period ended June 30, 2011, the fund returned 40.32%, versus 37.41% for the index.

Small caps lag the broad market

After outperforming the overall U.S. stock market by almost ten percentage points in 2010, small-cap stocks trailed the 6.35% return of the Russell 3000^® Index for the first half of 2011.

During the first quarter of 2011, small-cap issues outperformed the broad market, as rising corporate profits and strong overseas demand for U.S. products fueled investor optimism. However, small caps lagged the Russell 3000 in the second quarter, when investors grew concerned about the U.S. economic recovery and fled to less volatile parts of the stock market.

Nonetheless, for the five years ended June 30, 2011, small caps posted an average annual gain of 4.08%, versus 3.35% for the Russell 3000 Index.

Health care and technology drive the benchmark’s rise

For the six-month period, all nine industry sectors of the Russell 2000 Index advanced, and three achieved

double-digit gains. The largest contributions to the benchmark’s performance came from the health care and technology sectors, which rose 13.0% and 7.5%, respectively. Together, these two sectors made up almost 30% of the benchmark’s total market capitalization on June 30, 2011. Strong results from the energy sector also boosted the benchmark’s return.

Financial services—the benchmark’s largest sector—produced the smallest gain; it advanced just 1.1% during the period.

Stock choices boost the fund

The fund outperformed its benchmark by more than one-and-a-half percentage points on the strength of a number of favorable security selections. These included overweight holdings in Basic Energy Services and GT Solar International. An overweight position in network security appliance firm Fortinet also enhanced the fund’s relative performance.

These positive results were partly offset by overweight holdings in ION Geophysical, a seismic solutions company for the oil and gas industry, and Blue Coat Systems, a Web security provider. The exclusion of drug maker Pharmasset also trimmed relative returns.

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 19

SMALL-CAP EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Small-Cap Equity Fund		10/28/2002		7.79	%		40.32	%		3.90	%		11.51	%
Russell 2000® Index		—		6.21			37.41			4.08			11.19

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Small-Cap Equity Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,077.89		$2.83
5% annual hypothetical return		1,000.00		1,022.07		2.76

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.55%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

20 2011 Semiannual Report ¡ TIAA-CREF Life Funds

SMALL-CAP EQUITY FUND

PORTFOLIO COMPOSITION

Sector	% of net assets  as of 6/30/2011
Financials		19.6
Information technology		19.0
Industrials		14.6
Health care		13.4
Consumer discretionary		12.2
Energy		7.2
Materials		5.8
Consumer staples		3.6
Utilities		3.3
Telecommunication services		1.1
Other assets & liabilities, net		0.2
Total		100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments  as of 6/30/2011
$4 billion–$15 billion		0.5
Under $4 billion		99.5
Total		100.0

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 21

STOCK INDEX FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Stock Index Fund returned 6.30% for the period, compared with the 6.35% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2011, the fund returned 32.15%, versus 32.37% for the index.

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

U.S. stocks gain despite headwinds

U.S. stocks, as measured by the Russell 3000, finished the first half of 2011 with a substantial gain, despite growing concerns in the second quarter about the sustainability of the U.S. economic recovery. In the first quarter, the broad market climbed 6.38%, when rising corporate profits and strong growth overseas continued to propel the rally that had begun in September 2010. But U.S. stocks were flat in the second quarter, as global economic growth appeared to be slowing.

During the six months, mid-cap issues led the market with an 8.08% gain, outperforming large caps and small caps, which rose 6.37% and 6.21%, respectively. Growth stocks

within the Russell 3000 outperformed value issues, 6.98% to 5.74%. (Returns by investment-style and market capitalization are based on the Russell indexes.)

Health care and energy drive the index

Eight of the benchmark’s nine industry sectors advanced during the period, and two scored double-digit gains. Results were largely driven by solid contributions from the health care and energy sectors, which rose 13.9% and 10.9%, respectively. Together, these two sectors made up nearly one-fourth of the total market capitalization of the index on June 30, 2011. An 8.1% return from the sizable consumer discretionary sector also pushed the benchmark higher.

Overall returns were hampered, however, by disappointing results from the benchmark’s two largest sectors: financial services lost 0.8%, while technology gained just 1.8%.

Three leading stocks shine

Three of the five largest stocks in the Russell 3000 Index achieved double-digit gains for the period. Technology bellwether IBM climbed 17.9%. Energy giants Chevron and Exxon Mobil rose 14.4% and 12.5%, respectively. General Electric (up 4.7%) and Apple (up 4.1%) posted returns that lagged the overall market.

22 2011 Semiannual Report ¡ TIAA-CREF Life Funds

STOCK INDEX FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Stock Index Fund		1/4/1999		6.30	%		32.15	%		3.39	%		3.45%
Russell 3000 Index		—		6.35			32.37			3.35			3.44

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Stock Index Fund	Beginning   account value   (1/1/11)		Ending   account value   (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,063.01		$0.46
5% annual hypothetical return		1,000.00		1,024.35		0.45

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 23

STOCK INDEX FUND

PORTFOLIO COMPOSITION

	% of net assets
Sector	as of 6/30/2011
Information technology		17.6
Financials		16.5
Industrials		11.7
Health care		11.6
Consumer discretionary		11.5
Energy		11.5
Consumer staples		8.9
Materials		4.4
Utilities		3.4
Telecommunication services		2.7
Other assets & liabilities, net		0.2
Total		100.0

HOLDINGS BY COMPANY SIZE

	% of equity investments
Market capitalization	as of 6/30/2011
Over $15 billion		64.8
$4 billion–$15 billion		20.5
Under $4 billion		14.7
Total		100.0

24 2011 Semiannual Report ¡ TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Social Choice Equity Fund returned 5.42% for the period, compared with the 6.35% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2011, the fund returned 29.92%, versus 32.37% for the index. The fund screens investments according to social criteria, while the benchmark does not.

Stock exclusions reduce returns

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

The fund’s underperformance was due in part to the exclusion of several well-performing energy companies. The absence of Exxon Mobil (up 12.5%) and Chevron (up 14.4%), the largest and fourth-largest stocks in the index in terms of market capitalization on June 30, 2011, trimmed the fund’s relative results. The energy sector posted a double-digit advance during the six months as a result of rising oil prices. The absence of pharmaceutical giant Pfizer, UnitedHealth Group and Philip Morris International, which rose 20.0%, 43.7% and 16.3%, respectively, also reduced results.

In contrast, relative performance was enhanced by avoiding four large-cap financial companies: Bank of America, Goldman Sachs, Citigroup and JPMorgan Chase, all of which declined for the period because of the continued effects of the housing downturn.

Strategies help limit risks

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

During the six-month period, the fund’s performance was adversely affected by a number of overweight holdings, including technology giants Microsoft (down 5.7%), Cisco Systems (down 22.6%) and Google (down 14.8%). Overweight positions in Target and United States Steel also lowered relative results.

Partially offsetting these negative effects were positive contributions from overweight holdings in Marathon Oil, insurer Aetna, biotechnology firm Biogen Idec and energy company El Paso, four stocks that climbed 43.7%, 45.1%, 59.5% and 47.0%, respectively.

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 25

SOCIAL CHOICE EQUITY FUND

PERFORMANCE AS OF JUNE 30, 2011

							Average annual
			Total return				total return
	Inception date		6 months		1 year		5 years		10 years
Social Choice Equity Fund		4/3/2000		5.42%		29.92%		3.80%		3.90%
Russell 3000® Index		—		6.35		32.37		3.35		3.44

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Social Choice Equity Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,054.25		$1.12
5% annual hypothetical return		1,000.00		1,023.70		1.10

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

26 2011 Semiannual Report ¡ TIAA-CREF Life Funds

SOCIAL CHOICE EQUITY FUND

PORTFOLIO COMPOSITION

	% of net assets
Sector	as of 6/30/2011
Financials		18.0
Information technology		16.0
Industrials		12.2
Health care		11.5
Consumer discretionary		11.4
Energy		10.3
Consumer staples		8.3
Materials		5.4
Utilities		4.3
Telecommunication services		2.4
Other assets & liabilities, net		0.2
Total		100.0

HOLDINGS BY COMPANY SIZE

	% of equity investments
Market capitalization	as of 6/30/2011
Over $15 billion		68.4
$4 billion–$15 billion		24.1
Under $4 billion		7.5
Total		100.0

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 27

REAL ESTATE SECURITIES FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Real Estate Securities Fund returned 9.93% for the period, compared with the 10.62% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended June 30, 2011, the fund returned 35.30%, versus 34.09% for the index.

REITs top the broad markets

For the six-month period, real estate investment trusts (REITs) outpaced the 6.35% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. They also outperformed the 2.72% return of the U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index.

The fund’s benchmark gained 7.50% in the first quarter of 2011, when investors’ increased appetite for risk and strong corporate profits boosted prices for REITs. In the second quarter, however, the return of the REITs index narrowed, to 2.90%, as renewed concern about the U.S. economic recovery sent investors into less volatile parts of the investment markets.

For the five years ended June 30, 2011, the fund’s benchmark produced an average annual return of 2.61%, lagging the 3.35% average annual return of the Russell 3000 Index and the 6.52% return of the Barclays Capital aggregate index.

All but two sectors advance

All but two of the benchmark’s 13 property sectors posted gains for the period. The regional malls (up 15.8%) and apartments (up 14.1%) sectors drove the benchmark’s performance. Regional malls benefited from strong retail sales and expansion from a number of the nation’s biggest discount retailers. Apartments rose for the six months as a result of the continued downturn in the U.S. housing market.

Only the freestanding mall (down 3.3%) and lodging/resort (down 2.4%) sectors declined for the period. Free standing malls were hurt by rising vacancy rates, while the lodging/resort sector suffered from higher airfares and rising gas prices.

Stock selections limit returns

The fund trailed its benchmark in part because of nonbenchmark positions in Thomas Properties, an office, retail and multifamily property owner, and Orient Express Hotels. Underweight holdings in two forest products makers, Weyerhaeuser and Rayonier, also detracted from the fund’s relative return.

These results were partly offset by positive contributions from an overweight in office REIT Boston Properties and an underweight in regional mall operator General Growth Properties. A nonbenchmark investment in property management firm CB Richard Ellis also helped.

28 2011 Semiannual Report ¡ TIAA-CREF Life Funds

REAL ESTATE SECURITIES FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Real Estate Securities Fund		10/28/2002		9.93	%		35.30	%		2.25	%		11.84	%
FTSE NAREIT
All Equity REITs Index		—		10.62			34.09			2.61			12.32

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Real Estate Securities Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid   during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,099.28		$2.97
5% annual hypothetical return		1,000.00		1,021.97		2.86

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 29

REAL ESTATE SECURITIES FUND

PORTFOLIO COMPOSITION

Sector	% of net assets as of 6/30/2011
Specialized REITs		26.0
Retail REITs		24.3
Residential REITs		17.1
Office REITs		14.8
Diversified REITs		4.7
Industrial REITs		3.7
Real estate services		2.2
Real estate operating companies		1.6
Mortgage REITs		1.6
Hotels, resorts & cruise lines		1.1
Homebuilding		0.8
Security & alarm services		0.8
Gold		0.7
Real estate development		0.4
Other assets & liabilities, net		0.2
Total		100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2011
Over $15 billion		39.6
$4 billion–$15 billion		36.0
Under $4 billion		24.4
Total		100.0

30 2011 Semiannual Report ¡ TIAA-CREF Life Funds

BOND FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Bond Fund returned 2.57% for the period, compared with the 2.72% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the one-year period ended June 30, 2011, the fund returned 4.05%, versus 3.90% for the index.

Bonds gain as the recovery falters

During the period, economic growth in the United States slowed, constrained by persistently high unemployment, a depressed housing market and rising oil prices. Gross domestic product increased at a year-over-year rate of 1.6% in the second quarter of 2011, down sharply from the 3.1% rate in the last quarter of 2010.

To stimulate the economy, the Federal Reserve maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%. It also purchased U.S. Treasury securities, to try to lower long-term interest rates.

The Barclays Capital U.S. Aggregate Bond Index, which measures the U.S. investment-grade, fixed-rate bond market, returned 0.42% for the first quarter of 2011, when increased corporate profits and an uptick in private-sector jobs drove investors to seek the potentially higher returns of stocks. In the second quarter, disappointing jobs reports, Europe’s sovereign debt crisis and concerns

about the long-term effects of Japan’s earthquake prompted a stock sell-off. As many investors turned to bonds, the index gained 2.29%.

Corporate bonds outpace Treasuries

Corporate bonds, which made up one-fifth of the benchmark’s market capitalization, gained 3.2%. U.S. mortgage-backed securities and U.S. Treasuries, each representing about one-third of the index, returned 2.9% and 2.2%, respectively. The small commercial mortgage-backed sector gained 3.7%, while U.S. agencies trailed with a 1.9% return. The yield on 2-year Treasury notes fell from 0.61% at year-end 2010 to 0.45% on June 30, 2011. The 10-year yield slid from 3.30% to 3.18%.

The fund trails the benchmark

The fund lagged the Barclays Capital aggregate index primarily because of underweight positions in U.S. Treasury securities, which rallied in April and May. Underweights in U.S. mortgage-backed securities also trimmed returns.

Partly offsetting these detractors were the fund’s investments in corporate bonds, including overweight positions in investment-grade corporate securities and out-of-benchmark holdings in high-yield bonds. Overweight investments and favorable security selections in asset-backed securities also helped.

    TIAA-CREF Life Funds ¡ 2011 Semiannual Report 31

BOND FUND

PERFORMANCE AS OF JUNE 30, 2011

			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		since    inception
Bond Fund		7/8/2003		2.57%		4.05%		5.62%		4.37%
Barclays Capital
U.S. Aggregate Bond Index		—		2.72		3.90		6.52		4.91

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.

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

EXPENSE EXAMPLE

Six months ended June 30, 2011

Bond Fund	Beginning account value (1/1/11)		Ending account value (6/30/11)		Expenses paid  during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,025.72		$1.76
5% annual hypothetical return		1,000.00		1,023.06		1.76

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

32     2011 Semiannual Report ¡ TIAA-CREF Life Funds

BOND FUND

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2011
Mortgage-backed securities†		28.2
Corporate bonds		19.9
U.S. Treasury securities		16.1
Foreign government & corporate bonds denominated in U.S. dollars		14.5
U.S. agency securities		10.1
Commercial mortgage-backed securities		6.0
Asset-backed securities		2.0
Municipal bonds		0.7
Other assets & liabilities, net		2.5
Total		100.0

† Includes mortgage pass-through securities and collateralized mortgage obligations

HOLDINGS BY MATURITY

	% of fixed-income investments as of 6/30/2011
Less than 1 year		3.7
1–3 years		15.9
3–5 years		17.1
5–10 years		18.4
Over 10 years		44.9
Total		100.0

HOLDINGS BY CREDIT QUALITY*

	% of fixed-income investments as of 6/30/2011
Aaa/AAA		60.2
Aa/AA		9.0
A/A		13.7
Baa/BBB		14.3
Ba/BB		1.2
B/B		1.2
Below B/B		0.4
Total		100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

TIAA-CREF Life Funds ¡ 2011 Semiannual Report 33

MONEY MARKET FUND

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The Money Market Fund returned 0.03% 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.

Growth stalls, and the Fed holds firm

During the six months, economic growth in the United States was constrained by high unemployment, a depressed housing market and rising oil prices. Gross domestic product increased at a year-over-year rate of 1.6% in the second quarter of 2011, down sharply from the 3.1% rate in the last quarter of 2010. Unemployment rose to 9.2%.

In response, the Federal Reserve maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%. The Fed also continued to purchase U.S. Treasury securities until this initiative ended on June 30.

Treasuries rally, but LIBOR is flat

Europe’s sovereign debt problems, political change in the Middle East, Japan’s earthquake and the United States’ own debt issues all precipitated a flight-to-quality. As investors

sought high-quality issues, yields on short-term U.S. Treasuries fell to near zero.

Despite the challenging global picture, LIBOR yields moved little. (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 declined from 0.30% to 0.25%.

The fund edges ahead of the average money fund

Within the low interest rate environment, the fund narrowly outpaced the average iMoneyNet fund. In pursuit of relative value and to comply with SEC regulations, the fund maintained more than 40% of its portfolio in U.S. Treasury and agency securities. The fund also purchased high-quality corporate securities. On June 28, 2011, the fund’s weighted average maturity was 55 days, versus 41 days for the average iMoneyNet fund.

Beginning July 7, 2011, part or all of the investment management fees of the Money Market Fund are being voluntarily waived. Without this waiver, current and effective annualized yields and total returns would be lower. This fee waiver may be discontinued at any time without notice.

34 2011 Semiannual Report ¡ TIAA-CREF Life Funds

MONEY MARKET FUND

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED JUNE 28, 2011*

	Current yield			Effective yield
Money Market Fund		0.01	%		0.01	%
iMoneyNet Money Fund Report Averages—All Taxable†		0.02			0.02

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, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Money Market Fund		7/8/2003		0.03	%		0.07	%		2.29	%		2.37	%
iMoneyNet Money Fund
Report Averages—
All Taxable†		—		0.01			0.03			1.86			1.90	‡

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 ¡ 2011 Semiannual Report 35

MONEY MARKET FUND

EXPENSE EXAMPLE

Six months ended June 30, 2011

Money Market Fund	Beginning  account value  (1/1/11)		Ending  account value  (6/30/11)		Expenses paid  during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,000.26		$0.74
5% annual hypothetical return		1,000.00		1,024.05		0.75

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The fund’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the fund 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 of the fund would be higher and its performance lower.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2011
Commercial paper		47.5
U.S. government agency securities		24.7
U.S. Treasury securities		13.3
Certificates of deposit		5.7
Floating-rate securities, U.S. government		3.5
Bankers’ acceptances		2.6
Foreign government securities		0.7
Other assets & liabilities, net		2.0
Total		100.0

36 2011 Semiannual Report ¡ TIAA-CREF Life Funds

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH EQUITY FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	16,865		Johnson Controls, Inc	$	702,596		1.6	%
					702,596		1.6
	CAPITAL GOODS
	6,764		Boeing Co		500,063		1.2
	4,220		Caterpillar, Inc		449,261		1.0
	7,858		Danaher Corp		416,395		1.0
	12,145		Emerson Electric Co		683,156		1.6
	4,448		Goodrich Corp		424,784		1.0
	7,190		Precision Castparts Corp		1,183,833		2.7
	5,323		Roper Industries, Inc		443,406		1.0
	4,967		United Technologies Corp		439,629		1.0
					4,540,527		10.5
	CONSUMER DURABLES & APPAREL
	20,433		Burberry Group plc		475,162		1.2
	2,237		LVMH Moet Hennessy Louis Vuitton S.A.		401,982		0.9
			Other		671,908		1.5
					1,549,052		3.6
	CONSUMER SERVICES
	13,566	*	Las Vegas Sands Corp		572,621		1.3
	18,828		Starbucks Corp		743,518		1.8
			Other		429,856		0.9
					1,745,995		4.0
	DIVERSIFIED FINANCIALS
	1,467		CME Group, Inc		427,763		1.0
	4,541	*	IntercontinentalExchange, Inc		566,308		1.3
			Other		687,549		1.6
					1,681,620		3.9
	ENERGY
	8,024		Anadarko Petroleum Corp		615,922		1.5
	10,738		Cenovus Energy, Inc		404,393		0.9
	4,374	*	Concho Resources, Inc		401,752		0.9
	8,567		Crescent Point Energy Corp		395,906		0.9
	6,155		National Oilwell Varco, Inc		481,383		1.1
	10,252		Schlumberger Ltd		885,772		2.1
					3,185,128		7.4
	FOOD & STAPLES RETAILING
	7,907		Costco Wholesale Corp		642,365		1.5
					642,365		1.5
	FOOD, BEVERAGE & TOBACCO
	14,609		Coca-Cola Enterprises, Inc		426,291		1.0
					426,291		1.0
	HEALTH CARE EQUIPMENT & SERVICES
	7,120	*	Cerner Corp		435,103		1.0

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 37

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH EQUITY FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES — continued
	2,320	*	Intuitive Surgical, Inc	$	863,295		1.9	%
			Other		540,410		1.3
					1,838,808		4.2
	HOUSEHOLD & PERSONAL PRODUCTS
	7,188		Estee Lauder Cos (Class A)		756,106		1.7
					756,106		1.7
	MATERIALS
	20,261		Monsanto Co		1,469,733		3.4
	4,366		Walter Energy, Inc		505,583		1.2
			Other		738,852		1.7
					2,714,168		6.3
	MEDIA
	48,305		Interpublic Group of Cos, Inc		603,813		1.4
	27,361		Walt Disney Co		1,068,173		2.5
			Other		307,237		0.7
					1,979,223		4.6
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	11,198		Allergan, Inc		932,234		2.2
	4,192	*	Biogen Idec, Inc		448,208		1.0
	19,949		Pfizer, Inc		410,949		1.0
	14,278	*	Watson Pharmaceuticals, Inc		981,326		2.2
			Other		1,336,552		3.1
					4,109,269		9.5
	RETAILING
	8,916	*	Amazon.com, Inc		1,823,233		4.2
			Other		569,912		1.3
					2,393,145		5.5
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				674,236		1.7
	SOFTWARE & SERVICES
	6,831		Accenture plc		412,729		1.0
	14,363	*	Autodesk, Inc		554,412		1.3
	3,481	*	Google, Inc (Class A)		1,762,709		4.0
	24,143	*	Intuit, Inc		1,252,056		2.9
	31,073		Oracle Corp		1,022,612		2.4
	18,893	*	Red Hat, Inc		867,189		2.0
	7,437		Visa, Inc (Class A)		626,642		1.4
	4,883	*	VMware, Inc (Class A)		489,423		1.1
			Other		1,362,795		3.3
					8,350,567		19.4
	TECHNOLOGY HARDWARE & EQUIPMENT
	5,380	*	Apple, Inc		1,805,905		4.2
	16,144	*	EMC Corp		444,767		1.0
	23,177	*	Juniper Networks, Inc		730,076		1.7
	8,349	*	NetApp, Inc		440,660		1.0

38 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH EQUITY FUND  n  JUNE 30, 2011

Shares			Company		Value			% of net assets
	TECHNOLOGY HARDWARE & EQUIPMENT — continued
	7,264	*	Polycom, Inc		$	467,075			1.1	%
	18,703		Qualcomm, Inc			1,062,143			2.4
			Other			443,483			1.1
						5,394,109			12.5
	TELECOMMUNICATION SERVICES
	9,812	*	American Tower Corp (Class A)			513,462			1.1
						513,462			1.1
	TRANSPORTATION					231,743			0.5
			TOTAL COMMON STOCKS	(Cost $38,807,521)		43,428,410			100.5
			TOTAL PORTFOLIO	(Cost $38,807,521)		43,428,410			100.5
			OTHER ASSETS & LIABILITIES, NET			(198,640	)		(0.5	)
			NET ASSETS		$	43,229,770			100.0	%

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 39

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

GROWTH & INCOME FUND   n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	298,199		0.4	%
	BANKS
	9,981		PNC Financial Services Group, Inc		594,967		0.7
	55,482		Wells Fargo & Co		1,556,825		2.0
			Other		680,741		0.8
					2,832,533		3.5
	CAPITAL GOODS
	6,159		Caterpillar, Inc		655,687		0.8
	58,176		General Electric Co		1,097,199		1.4
	8,230		Goodrich Corp		785,965		1.0
	15,931		Honeywell International, Inc		949,328		1.1
	3,403		Precision Castparts Corp		560,304		0.7
			Other		3,013,088		3.7
					7,061,571		8.7
	COMMERCIAL & PROFESSIONAL SERVICES
	6,097	*	Stericycle, Inc		543,365		0.7
			Other		438,738		0.5
					982,103		1.2
	CONSUMER DURABLES & APPAREL				1,745,949		2.2
	CONSUMER SERVICES
	16,456		Starbucks Corp		649,847		0.8
			Other		1,010,651		1.3
					1,660,498		2.1
	DIVERSIFIED FINANCIALS
	29,897		Citigroup, Inc		1,244,911		1.6
	2,069		CME Group, Inc		603,300		0.7
	20,709		Discover Financial Services		553,965		0.7
	17,667		JPMorgan Chase & Co		723,287		0.9
			Other		2,599,506		3.2
					5,724,969		7.1
	ENERGY
	11,180		Anadarko Petroleum Corp		858,177		1.1
	37,793		Exxon Mobil Corp		3,075,593		3.8
	16,776		Halliburton Co		855,576		1.1
	10,034		Marathon Oil Corp		528,591		0.7
	9,984		Occidental Petroleum Corp		1,038,735		1.3
			Other		2,861,389		3.5
					9,218,061		11.5
	FOOD & STAPLES RETAILING				926,495		1.1
	FOOD, BEVERAGE & TOBACCO
	24,475		Coca-Cola Co		1,646,923		1.9
	5,610		Lorillard, Inc		610,761		0.8
	19,715		Philip Morris International, Inc		1,316,370		1.6
			Other		1,965,803		2.5
					5,539,857		6.8

40 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

GROWTH & INCOME FUND   n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	13,936		Cardinal Health, Inc	$	632,973		0.8	%
	7,369		Humana, Inc		593,499		0.7
			Other		1,831,272		2.3
					3,057,744		3.8
	HOUSEHOLD & PERSONAL PRODUCTS
	5,462		Estee Lauder Cos (Class A)		574,548		0.7
	16,664		Procter & Gamble Co		1,059,330		1.3
			Other		203,815		0.3
					1,837,693		2.3
	INSURANCE
	12,247		ACE Ltd		806,098		1.0
	13,965		Prudential Financial, Inc		888,034		1.1
			Other		156,548		0.2
					1,850,680		2.3
	MATERIALS
	13,274		Du Pont (E.I.) de Nemours & Co		717,459		0.8
	7,320		Monsanto Co		530,993		0.7
			Other		2,289,294		2.9
					3,537,746		4.4
	MEDIA
	25,897		Comcast Corp (Class A)		656,230		0.8
	15,677		Viacom, Inc (Class B)		799,526		1.0
	17,139		Walt Disney Co		669,107		0.8
			Other		623,052		0.8
					2,747,915		3.4
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	11,161		Biovail Corp		579,926		0.7
	23,446		Bristol-Myers Squibb Co		678,996		0.8
	21,709	*	Mylan Laboratories, Inc		535,561		0.7
	82,111		Pfizer, Inc		1,691,486		2.2
	11,512	*	Watson Pharmaceuticals, Inc		791,219		1.0
			Other		3,550,403		4.3
					7,827,591		9.7
	RETAILING
	21,644		Home Depot, Inc		783,945		0.9
			Other		2,056,863		2.6
					2,840,808		3.5
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	40,172		Intel Corp		890,211		1.1
			Other		1,110,523		1.4
					2,000,734		2.5
	SOFTWARE & SERVICES
	2,289	*	Google, Inc (Class A)		1,159,104		1.5
	3,774		International Business Machines Corp		647,430		0.8

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 41

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

GROWTH & INCOME FUND   n  JUNE 30, 2011

Shares			Company		Value		% of net assets
	SOFTWARE & SERVICES — continued
	24,072		Microsoft Corp		$	625,872		0.7	%
	33,765		Oracle Corp			1,111,206		1.4
	36,050	*	Symantec Corp			710,906		0.9
			Other			2,454,673		3.1
						6,709,191		8.4
	TECHNOLOGY HARD WARE & EQUIPMENT
	7,479	*	Apple, Inc			2,510,476		3.0
	21,410		Qualcomm, Inc			1,215,874		1.5
			Other			2,093,356		2.7
						5,819,706		7.2
	TELECOMMUNICATION SERVICES
	13,990		CenturyTel, Inc			565,616		0.7
	32,277		Verizon Communications, Inc			1,201,672		1.5
			Other			938,694		1.2
						2,705,982		3.4
	TRANSPORTATION
	9,085	*	Kansas City Southern Industries, Inc			539,013		0.7
	14,829		United Parcel Service, Inc (Class B)			1,081,479		1.3
			Other			511,833		0.6
						2,132,325		2.6
	UTILITIES					967,206		1.2
			TOTAL COMMON STOCKS	(Cost $71,272,102)		80,025,556		99.3
			TOTAL PORTFOLIO	(Cost $71,272,102)		80,025,556		99.3
			OTHER ASSETS & LIABILITIES, NET			583,210		0.7
			NET ASSETS		$	80,608,766		100.0	%

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

42 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	CHINA
	4,521,000		Agricultural Bank of China	$	2,387,206		2.2	%
	329,432		Asian Citrus Holdings Ltd		300,100		0.3
	1,415,614		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		2,710,491		2.5
					5,397,797		5.0
	FINLAND
	24,299		Fortum Oyj		704,556		0.6
					704,556		0.6
	FRANCE
	27,813		BNP Paribas		2,144,631		1.9
	11,722		Peugeot S.A.		525,864		0.5
			Other		22,743		0.0
					2,693,238		2.4
	GERMANY
	110,013		Bayer AG.		8,835,864		8.0
	83,334		Henkel KGaA (Preference)		5,794,891		5.3
	97,182		Lanxess AG.		7,971,700		7.2
	20,851		Rheinmetall AG.		1,844,533		1.7
	60,089		ThyssenKrupp AG.		3,122,082		2.9
					27,569,070		25.1
	HONG KONG
	1,069,282		Li & Fung Ltd		2,137,162		1.9
	426,000		Trinity Ltd		430,259		0.4
					2,567,421		2.3
	INDIA
	77,892		HDFC Bank Ltd		4,399,634		4.1
					4,399,634		4.1
	IRELAND
	50,325	*	Smurfit Kappa Group plc		599,886		0.5
					599,886		0.5
	ITALY
	9,197		Saipem S.p.A.		474,936		0.4
					474,936		0.4
	JAPAN
	41,000		Aeon Credit Service Co Ltd		561,572		0.5
	2,270		Canon, Inc		107,975		0.1
	850	*	Fanuc Ltd		142,140		0.1
	269,000		Hitachi Ltd		1,596,515		1.4
	47,800		JTEKT Corp		704,323		0.6
	23,016		Mitsubishi Electric Corp		267,356		0.2
	139,000		Mitsubishi Heavy Industries Ltd		653,609		0.6
	122,653		Mitsubishi UFJ Financial Group, Inc		597,729		0.5
	5,960		Mitsubishi UFJ Lease & Finance Co Ltd		230,658		0.2

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 43

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2011

Shares			Company		Value		% of net assets
	JAPAN — continued
	14,000		Nippon Electric Glass Co Ltd		$	179,636		0.2	%
	119,000		NTN Corp			677,901		0.6
	2,472	*	ORIX Corp			240,456		0.2
	66,800		Shin-Etsu Chemical Co Ltd			3,580,596		3.3
	591,000		Teijin Ltd			2,605,026		2.4
	4,800		United Arrows Ltd			101,453		0.1
	64,900		Ushio, Inc			1,283,222		1.2
	23,540		Yamada Denki Co Ltd			1,918,028		1.7
			Other			737,012		0.7
						16,185,207		14.6
	MACAU
	2,022,609	*	Sands China Ltd			5,482,379		5.0
						5,482,379		5.0
	NETHERLANDS					60,883		0.1
	SWEDEN
	76,428		Assa Abloy AB (Class B)			2,054,250		1.9
	156,641		SKF AB (B Shares)			4,535,495		4.1
						6,589,745		6.0
	SWITZERLAND
	75,155		Adecco S.A.			4,823,849		4.4
	4,653		Burckhardt Compression Holding AG.			1,417,518		1.3
	185,256	*	Clariant AG.			3,544,206		3.2
	7,121		Credit Suisse Group			277,521		0.3
	2,043		Givaudan S.A.			2,161,221		2.0
	34,268		Tecan Group AG.			2,868,242		2.6
	110,365	*	UBS AG. (Switzerland)			2,014,113		1.8
						17,106,670		15.6
	TAIWAN
	327,000		Formosa Plastics Corp			1,181,746		1.1
	30,000		High Tech Computer Corp			1,014,337		0.9
						2,196,083		2.0
	UNITED KINGDOM
	478,884		ICAP plc			3,632,020		3.3
	37,050		Pearson plc			700,884		0.6
	138,974		Reckitt Benckiser Group plc			7,675,820		7.0
	265,793		Smiths Group plc			5,126,931		4.6
	32,485		Tullow Oil plc			646,910		0.6
						17,782,565		16.1
			TOTAL COMMON STOCKS	(Cost $99,867,611)		109,810,070		99.8
			TOTAL PORTFOLIO	(Cost $99,867,611)		109,810,070		99.8
			OTHER ASSETS & LIABILITIES, NET			257,257		0.2
			NET ASSETS		$	110,067,327		100.0	%

44 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2011

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 45

SUMMARY OF MARKET VALUES BY SECTOR (UNAUDITED)

INTERNATIONAL EQUITY FUND  n  JUNE 30, 2011

Sector	Value		% of net assets
INDUSTRIALS	$	26,536,502		24.1	%
MATERIALS		24,862,226		22.6
FINANCIALS		16,589,660		15.1
CONSUMER STAPLES		13,870,808		12.6
HEALTH CARE		11,704,106		10.6
CONSUMER DISCRETIONARY		11,461,020		10.4
INFORMATION TECHNOLOGY		2,898,463		2.6
ENERGY		1,182,729		1.1
UTILITIES		704,556		0.7
OTHER ASSETS & LIABILITIES, NET		257,257		0.2
NET ASSETS	$	110,067,327		100.0	%

46 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

LARGE-CAP VALUE FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	44,244	*	American Axle & Manufacturing Holdings, Inc	$	503,497		0.7	%
			Other		424,211		0.6
					927,708		1.3
	BANKS
	33,776		US Bancorp		861,626		1.2
	70,924		Wells Fargo & Co		1,990,127		2.9
			Other		1,291,824		2.0
					4,143,577		6.1
	CAPITAL GOODS
	11,497		Boeing Co		849,974		1.2
	10,682		Danaher Corp		566,039		0.8
	82,420		General Electric Co		1,554,441		2.3
	7,929		Honeywell International, Inc		472,489		0.7
	37,531		Masco Corp		451,498		0.7
			Other		2,295,666		3.4
					6,190,107		9.1
	COMMERCIAL & PROFESSIONAL SERVICES
	18,617		Republic Services, Inc		574,334		0.9
			Other		291,351		0.4
					865,685		1.3
	CONSUMER DURABLES & APPAREL
	123,727	*	Pulte Homes, Inc		947,749		1.4
			Other		516,448		0.8
					1,464,197		2.2
	CONSUMER SERVICES				1,291,965		2.0
	DIVERSIFIED FINANCIALS
	121,577		Bank of America Corp		1,332,484		2.0
	42,387		Citigroup, Inc		1,764,995		2.6
	3,273		Goldman Sachs Group, Inc		435,605		0.6
	15,147		JPMorgan Chase & Co		620,118		0.9
			Other		2,240,257		3.4
					6,393,459		9.5
	ENERGY
	6,215		Anadarko Petroleum Corp		477,063		0.7
	12,682		Chevron Corp		1,304,216		1.9
	11,387		Ensco International plc (ADR)		606,927		0.9
	8,353		Marathon Oil Corp		440,036		0.7
	8,311		Occidental Petroleum Corp		864,676		1.3
	34,916	*	Weatherford International Ltd		654,676		1.0
			Other		3,227,098		4.8
					7,574,692		11.3
	FOOD & STAPLES RETAILING
	24,192		CVS Corp		909,135		1.4
					909,135		1.4

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 47

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

LARGE-CAP VALUE FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	FOOD, BEVERAGE & TOBACCO
	19,337		Kraft Foods, Inc (Class A)	$	681,243		1.0	%
	17,917		PepsiCo, Inc		1,261,894		1.8
			Other		374,375		0.6
					2,317,512		3.4
	HEALTH CARE EQUIPMENT & SERVICES
	28,407	*	Hologic, Inc		572,969		0.8
	15,281		UnitedHealth Group, Inc		788,194		1.2
			Other		1,146,491		1.7
					2,507,654		3.7
	HOUSEHOLD & PERSONAL PRODUCTS
	23,894		Procter & Gamble Co		1,518,942		2.3
					1,518,942		2.3
	INSURANCE
	6,219		ACE Ltd		409,335		0.6
	14,890		Allstate Corp		454,592		0.7
	27,469		Metlife, Inc		1,205,064		1.7
	11,676		Prudential Financial, Inc		742,477		1.1
			Other		1,594,327		2.4
					4,405,795		6.5
	MATERIALS				1,828,365		2.7
	MEDIA
	19,351		Walt Disney Co		755,463		1.1
			Other		325,788		0.5
					1,081,251		1.6
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	6,994	*	Amgen, Inc		408,101		0.7
	16,480		Johnson & Johnson		1,096,250		1.6
	15,461		Merck & Co, Inc		545,619		0.8
	107,275		Pfizer, Inc		2,209,865		3.4
	11,184	*	Watson Pharmaceuticals, Inc		768,676		1.1
			Other		1,144,669		1.6
					6,173,180		9.2
	REAL ESTATE				1,293,357		2.0
	RETAILING
	20,818		Lowe’s Cos, Inc		485,268		0.8
			Other		866,111		1.2
					1,351,379		2.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	29,609		Intel Corp		656,135		1.1
			Other		812,496		1.1
					1,468,631		2.2
	SOFTWARE & SERVICES
	50,628	*	AOL, Inc		1,005,473		1.5

48 2011 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, 2011

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES — continued
	19,304	*	eBay, Inc		$	622,940			0.9	%
			Other			1,177,472			1.7
						2,805,885			4.1
	TECHNOLOGY HARDWARE & EQUIPMENT
	58,051		Cisco Systems, Inc			906,176			1.4
	22,156		Hewlett-Packard Co			806,478			1.2
	41,842		Xerox Corp			435,575			0.6
			Other			1,225,109			1.8
						3,373,338			5.0
	TELECOMMUNICATION SERVICES
	37,480		AT&T, Inc			1,177,246			1.7
	16,441		CenturyTel, Inc			664,710			1.0
	98,789	*	Sprint Nextel Corp			532,473			0.8
	25,291		Verizon Communications, Inc			941,584			1.4
			Other			224,348			0.4
						3,540,361			5.3
	TRANSPORTATION					893,313			1.3
	UTILITIES
	11,075		Constellation Energy Group, Inc			420,407			0.6
	20,617		Public Service Enterprise Group, Inc			672,939			1.0
	169,185	*	RRI Energy, Inc			653,054			1.0
			Other			1,985,837			3.0
						3,732,237			5.6
			TOTAL COMMON STOCKS	(Cost $64,820,921)		68,051,725			101.1
			TOTAL PORTFOLIO	(Cost $64,820,921)		68,051,725			101.1
			OTHER ASSETS & LIABILITIES, NET			(717,664	)		(1.1	)
			NET ASSETS		$	67,334,061			100.0	%

ABBREVIATION(s):

ADR     American Depositary Receipt

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 49

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SMALL-CAP EQUITY FUND   n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	21,489	*	Dana Holding Corp	$	393,248		0.7	%
			Other		730,701		1.1
					1,123,949		1.8
	BANKS
	6,454	*	SVB Financial Group		385,367		0.7
			Other		3,475,326		5.3
					3,860,693		6.0
	CAPITAL GOODS
	8,057		Applied Industrial Technologies, Inc		286,910		0.4
	10,610	*	EMCOR Group, Inc		310,979		0.6
	6,162	*	EnPro Industries, Inc		296,208		0.4
	5,323		Heico Corp		291,381		0.4
	3,000		Triumph Group, Inc		298,739		0.5
			Other		4,051,524		6.3
					5,535,741		8.6
	COMMERCIAL & PROFESSIONAL SERVICES
	10,957		Brink’s Co		326,846		0.6
			Other		1,528,738		2.3
					1,855,584		2.9
	CONSUMER DURABLES & APPAREL
	12,567	*	CROCS, Inc		323,600		0.5
			Other		1,588,346		2.5
					1,911,946		3.0
	CONSUMER SERVICES
	9,736	*	Cheesecake Factory		305,417		0.5
	6,948		PF Chang’s China Bistro, Inc		279,588		0.4
			Other		1,651,425		2.6
					2,236,430		3.5
	DIVERSIFIED FINANCIALS				1,529,840		2.5
	ENERGY
	10,963	*	Basic Energy Services, Inc		345,006		0.5
	6,600	*	Bill Barrett Corp		305,910		0.5
	9,046	*	Energy XXI Bermuda Ltd		300,508		0.5
	16,700	*	Key Energy Services, Inc		300,600		0.5
	32,190	*	Newpark Resources, Inc		291,963		0.4
	20,289	*	Pioneer Drilling Co		309,204		0.5
	11,276	*	Stone Energy Corp		342,677		0.5
			Other		2,456,693		3.8
					4,652,561		7.2
	FOOD & STAPLES RETAILING
	8,141		Ruddick Corp		354,460		0.7
			Other		728,616		1.0
					1,083,076		1.7

50 2011 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, 2011

Shares			Company	Value		% of net assets
	FOOD, BEVERAGE & TOBACCO			$	543,559		0.8	%
	HEALTH CARE EQUIPMENT & SERVICES
	12,097	*	Molina Healthcare, Inc		328,071		0.5
	8,200	*	WellCare Health Plans, Inc		421,562		0.6
			Other		3,870,528		6.1
					4,620,161		7.2
	HOUSEHOLD & PERSONAL PRODUCTS				653,796		1.1
	INSURANCE
	47,919	*	Conseco, Inc		379,039		0.5
	5,450	*	ProAssurance Corp		381,501		0.5
			Other		1,256,310		2.1
					2,016,850		3.1
	MATERIALS
	15,400		Olin Corp		348,964		0.5
	7,746	*	OM Group, Inc		314,797		0.5
	24,158		PolyOne Corp		373,724		0.6
	8,300	*	RTI International Metals, Inc		318,471		0.5
			Other		2,386,714		3.7
					3,742,670		5.8
	MEDIA				252,541		0.4
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	10,202	*	Cubist Pharmaceuticals, Inc		367,171		0.6
	17,912	*	Viropharma, Inc		331,373		0.5
			Other		3,281,430		5.1
					3,979,974		6.2
	REAL ESTATE
	17,802		CBL & Associates Properties, Inc		322,750		0.5
	4,811		Equity Lifestyle Properties, Inc		300,399		0.5
	14,800		National Retail Properties, Inc		362,749		0.6
	13,038		Tanger Factory Outlet Centers, Inc		349,027		0.5
			Other		3,823,788		6.0
					5,158,713		8.1
	RETAILING
	11,520	*	Ann Taylor Stores Corp		300,672		0.5
	30,723	*	Pier 1 Imports, Inc		355,465		0.5
			Other		1,652,899		2.5
					2,309,036		3.5
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	22,714	*	GT Solar International, Inc		367,966		0.7
	6,804	*	Veeco Instruments, Inc		329,382		0.5
			Other		2,793,858		4.3
					3,491,206		5.5
	SOFTWARE & SERVICES
	7,800	*	Ancestry.com, Inc		322,843		0.5
	8,894	*	Commvault Systems, Inc		395,339		0.6

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 51

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SMALL-CAP EQUITY FUND   n  JUNE 30, 2011

Shares			Company		Value		% of net assets
	SOFTWARE & SERVICES — continued
	4,189		MAXIMUS, Inc		$	346,557		0.5	%
	2,076	*	MicroStrategy, Inc (Class A)			337,725		0.5
	17,922	*	Valueclick, Inc			297,505		0.5
			Other			4,092,812		6.4
						5,792,781		9.0
	TECHNOLOGY HARDWARE & EQUIPMENT					2,936,384		4.5
	TELECOMMUNICATION SERVICES					733,924		1.1
	TRANSPORTATION
	6,087	*	Alaska Air Group, Inc			416,716		0.6
	5,142	*	Atlas Air Worldwide Holdings, Inc			306,000		0.5
	4,163	*	Dollar Thrifty Automotive Group, Inc			306,979		0.5
			Other			927,438		1.4
						1,957,133		3.0
	UTILITIES
	11,689		Avista Corp			300,290		0.5
	14,161		Portland General Electric Co			357,989		0.6
	7,690		Southwest Gas Corp			296,911		0.5
	8,900		UIL Holdings Corp			287,915		0.4
	7,810		WGL Holdings, Inc			300,606		0.5
			Other			574,329		0.8
						2,118,040		3.3
			TOTAL COMMON STOCKS	(Cost $57,748,571)		64,096,588		99.8
			TOTAL PORTFOLIO	(Cost $57,748,571)		64,096,588		99.8
			OTHER ASSETS & LIABILITIES, NET			116,156		0.2
			NET ASSETS		$	64,212,744		100.0	%

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

52 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

STOCK INDEX FUND  n  JUNE 30, 2011

Shares		Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	2,060,410		1.1	%
	BANKS
	61,156	Wells Fargo & Co		1,716,036		1.0
		Other		4,067,612		2.1
				5,783,648		3.1
	CAPITAL GOODS
	8,832	3M Co		837,715		0.4
	9,175	Boeing Co		678,307		0.4
	7,961	Caterpillar, Inc		847,529		0.5
	131,816	General Electric Co		2,486,051		1.3
	11,375	United Technologies Corp		1,006,800		0.6
		Other		10,538,692		5.5
				16,395,094		8.7
	COMMERCIAL & PROFESSIONAL SERVICES			1,873,157		1.1
	CONSUMER DURABLES & APPAREL			2,573,213		1.5
	CONSUMER SERVICES
	12,897	McDonald’s Corp		1,087,476		0.7
		Other		3,095,547		1.5
				4,183,023		2.2
	DIVERSIFIED FINANCIALS
	13,059	American Express Co		675,150		0.4
	126,086	Bank of America Corp		1,381,903		0.7
	35,969	Citigroup, Inc		1,497,748		0.8
	6,435	Goldman Sachs Group, Inc		856,435		0.4
	17,069	iShares Russell 3000 Index Fund		1,353,402		0.7
	49,391	JPMorgan Chase & Co		2,022,067		1.1
		Other		4,928,411		2.6
				12,715,116		6.7
	ENERGY
	24,986	Chevron Corp		2,569,560		1.4
	17,570	ConocoPhillips		1,321,088		0.7
	61,227	Exxon Mobil Corp		4,982,653		2.6
	10,104	Occidental Petroleum Corp		1,051,220		0.6
	16,866	Schlumberger Ltd		1,457,221		0.8
		Other		10,264,192		5.4
				21,645,934		11.5
	FOOD & STAPLES RETAILING
	22,057	Wal-Mart Stores, Inc		1,172,108		0.7
		Other		2,405,596		1.2
				3,577,704		1.9
	FOOD, BEVERAGE & TOBACCO
	26,022	Altria Group, Inc		687,241		0.4
	24,557	Coca-Cola Co		1,652,441		0.9
	20,275	Kraft Foods, Inc (Class A)		714,288		0.4
	19,647	PepsiCo, Inc		1,383,738		0.7

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 53

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

STOCK INDEX FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	FOOD, BEVERAGE & TOBACCO — continued
	22,104		Philip Morris International, Inc	$	1,475,885		0.7	%
			Other		3,507,337		1.8
					9,420,930		4.9
	HEALTH CARE EQUIPMENT & SERVICES
	13,465		UnitedHealth Group, Inc		694,524		0.4
			Other		7,798,006		4.0
					8,492,530		4.4
	HOUSEHOLD & PERSONAL PRODUCTS
	34,694		Procter & Gamble Co		2,205,498		1.2
			Other		1,570,959		0.8
					3,776,457		2.0
	INSURANCE
	21,735	*	Berkshire Hathaway, Inc (Class B)		1,682,071		1.0
			Other		5,273,880		2.7
					6,955,951		3.7
	MATERIALS				8,308,345		4.4
	MEDIA
	34,282		Comcast Corp (Class A)		868,707		0.5
	23,495		Walt Disney Co		917,246		0.5
			Other		4,303,880		2.2
					6,089,833		3.2
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	19,318		Abbott Laboratories		1,016,513		0.5
	11,556	*	Amgen, Inc		674,292		0.4
	34,072		Johnson & Johnson		2,266,468		1.2
	38,362		Merck & Co, Inc		1,353,795		0.7
	98,203		Pfizer, Inc		2,022,982		1.1
			Other		5,982,286		3.2
					13,316,336		7.1
	REAL ESTATE				5,644,170		3.0
	RETAILING
	4,517	*	Amazon.com, Inc		923,681		0.5
	19,862		Home Depot, Inc		719,402		0.5
			Other		5,238,997		2.7
					6,882,080		3.7
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	65,896		Intel Corp		1,460,254		0.8
			Other		3,690,381		1.9
					5,150,635		2.7
	SOFTWARE & SERVICES
	3,121	*	Google, Inc (Class A)		1,580,413		0.9
	15,055		International Business Machines Corp		2,582,684		1.4
	92,235		Microsoft Corp		2,398,109		1.3
	47,742		Oracle Corp		1,571,188		0.8

54 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

STOCK INDEX FUND  n  JUNE 30, 2011

Shares			Company		Value		% of net assets
	SOFTWARE & SERVICES — continued
			Other		$	8,199,248		4.3	%
						16,331,642		8.7
	TECHNOLOGY HARDWARE & EQUIPMENT
	11,494	*	Apple, Inc			3,858,190		2.0
	68,364		Cisco Systems, Inc			1,067,161		0.6
	25,573	*	EMC Corp			704,536		0.4
	26,897		Hewlett-Packard Co			979,051		0.5
	20,737		Qualcomm, Inc			1,177,653		0.6
			Other			3,992,110		2.1
						11,778,701		6.2
	TELECOMMUNICATION SERVICES
	73,609		AT&T, Inc			2,312,058		1.2
	35,165		Verizon Communications, Inc			1,309,193		0.7
			Other			1,613,126		0.8
						5,234,377		2.7
	TRANSPORTATION
	6,096		Union Pacific Corp			636,421		0.4
	8,975		United Parcel Service, Inc (Class B)			654,546		0.3
			Other			2,452,426		1.2
						3,743,393		1.9
	UTILITIES					6,465,538		3.4
			TOTAL COMMON STOCKS	(Cost $164,100,963)		188,398,217		99.8
			TOTAL PORTFOLIO	(Cost $164,100,963)		188,398,217		99.8
			OTHER ASSETS & LIABILITIES, NET			338,226		0.2
			NET ASSETS		$	188,736,443		100.0	%

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 55

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	19,602	*	Ford Motor Co	$	270,312		0.7	%
	5,649		Johnson Controls, Inc		235,337		0.7
			Other		155,554		0.4
					661,203		1.8
	BANKS
	3,909		PNC Financial Services Group, Inc		233,015		0.6
	11,153		US Bancorp		284,513		0.7
			Other		692,372		1.8
					1,209,900		3.1
	CAPITAL GOODS
	3,577		3M Co		339,278		0.9
	3,333		Caterpillar, Inc		354,830		0.9
	4,807		Danaher Corp		254,723		0.7
	2,839		Deere & Co		234,075		0.6
	4,948		Emerson Electric Co		278,324		0.7
	4,330		Illinois Tool Works, Inc		244,601		0.6
			Other		1,620,911		4.2
					3,326,742		8.6
	COMMERCIAL & PROFESSIONAL SERVICES				241,201		0.6
	CONSUMER DURABLES & APPAREL
	2,746		Nike, Inc (Class B)		247,085		0.7
			Other		275,393		0.7
					522,478		1.4
	CONSUMER SERVICES
	5,014		McDonald’s Corp		422,781		1.1
			Other		451,926		1.2
					874,707		2.3
	DIVERSIFIED FINANCIALS
	6,078		American Express Co		314,233		0.9
	8,827		Bank of New York Mellon Corp		226,148		0.5
	1,764		Franklin Resources, Inc		231,595		0.6
			Other		1,608,060		4.2
					2,380,036		6.2
	ENERGY
	2,416		Apache Corp		298,111		0.8
	3,159		Devon Energy Corp		248,961		0.6
	5,361		Marathon Oil Corp		282,418		0.8
	3,354		National Oilwell Varco, Inc		262,317		0.7
			Other		2,865,768		7.4
					3,957,575		10.3
	FOOD & STAPLES RETAILING				375,069		1.0

56 2011 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, 2011

Shares			Company	Value		% of net assets
	FOOD, BEVERAGE & TOBACCO
	8,860		Kraft Foods, Inc (Class A)	$	312,138		0.9	%
	6,676		PepsiCo, Inc		470,191		1.2
			Other		825,023		2.0
					1,607,352		4.1
	HEALTH CARE EQUIPMENT & SERVICES
	4,424		Baxter International, Inc		264,069		0.7
	6,924		Medtronic, Inc		266,781		0.7
	3,433		WellPoint, Inc		270,418		0.8
			Other		735,410		1.8
					1,536,678		4.0
	HOUSEHOLD & PERSONAL PRODUCTS
	9,942		Procter & Gamble Co		632,014		1.6
			Other		584,774		1.5
					1,216,788		3.1
	INSURANCE
	6,478	*	Berkshire Hathaway, Inc (Class B)		501,332		1.3
	3,641		Prudential Financial, Inc		231,531		0.6
	3,921		Travelers Cos, Inc		228,908		0.6
			Other		1,233,811		3.2
					2,195,582		5.7
	MATERIALS
	2,379		Praxair, Inc		257,859		0.8
			Other		1,815,951		4.6
					2,073,810		5.4
	MEDIA
	3,070		Time Warner Cable, Inc		239,582		0.7
			Other		487,761		1.2
					727,343		1.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	7,190		Abbott Laboratories		378,338		1.0
	2,265	*	Biogen Idec, Inc		242,174		0.7
	10,254		Bristol-Myers Squibb Co		296,956		0.8
	6,296	*	Gilead Sciences, Inc		260,717		0.8
	9,723		Johnson & Johnson		646,773		1.6
	12,713		Merck & Co, Inc		448,642		1.2
			Other		627,446		1.5
					2,901,046		7.6
	REAL ESTATE
	2,087		Simon Property Group, Inc		242,572		0.7
			Other		879,685		2.2
					1,122,257		2.9
	RETAILING
	5,401		Target Corp		253,361		0.6
			Other		1,336,512		3.6
					1,589,873		4.2

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 57

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

SOCIAL CHOICE EQUITY FUND  n  JUNE 30, 2011

Shares			Company		Value		% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	21,136		Intel Corp		$	468,375		1.2	%
	8,187		Texas Instruments, Inc			268,779		0.7
			Other			432,439		1.1
						1,169,593		3.0
	SOFTWARE & SERVICES
	4,635		Accenture plc			280,047		0.7
	936	*	Google, Inc (Class A)			473,972		1.2
	4,250		International Business Machines Corp			729,088		1.9
	14,632		Oracle Corp			481,538		1.3
			Other			1,189,355		3.1
						3,154,000		8.2
	TECHNOLOGY HARDWARE & EQUIPMENT
	24,339		Cisco Systems, Inc			379,931		1.0
	14,070	*	Dell, Inc			234,547		0.6
	11,056	*	EMC Corp			304,593		0.8
	9,880		Hewlett-Packard Co			359,633		1.0
			Other			578,607		1.4
						1,857,311		4.8
	TELECOMMUNICATION SERVICES					928,826		2.4
	TRANSPORTATION
	3,125		Norfolk Southern Corp			234,155		0.6
	4,089		United Parcel Service, Inc (Class B)			298,210		0.8
			Other			604,736		1.5
						1,137,101		2.9
	UTILITIES					1,641,699		4.3
			TOTAL COMMON STOCKS	(Cost $33,332,309)		38,408,170		99.8
			TOTAL PORTFOLIO	(Cost $33,332,309)		38,408,170		99.8
			OTHER ASSETS & LIABILITIES, NET			83,775		0.2
			NET ASSETS		$	38,491,945		100.0	%

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

58 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

REAL ESTATE SECURITIES FUND  n  JUNE 30, 2011

Shares			Company	Value		% of net assets
	COMMON STOCKS
	DIVERSIFIED REITS
	41,000		Vornado Realty Trust	$	3,820,380		4.7	%
					3,820,380		4.7
	GOLD
	10,000		Newmont Mining Corp		539,700		0.7
					539,700		0.7
	HOMEBUILDING
	50,000	*	Pulte Homes, Inc		383,000		0.4
			Other		293,400		0.4
					676,400		0.8
	HOTELS, RESORTS & CRUISE LINES
	60,000	*	Orient-Express Hotels Ltd (Class A)		645,000		0.8
			Other		285,740		0.3
					930,740		1.1
	INDUSTRIAL REITS
	56,784		AMB Property Corp		2,035,139		2.5
	19,500		EastGroup Properties, Inc		828,945		1.0
			Other		171,750		0.2
					3,035,834		3.7
	MORTGAGE REITS
	30,000		CreXus Investment Corp		333,300		0.4
	40,000		Starwood Property Trust, Inc		820,400		1.0
			Other		144,500		0.2
					1,298,200		1.6
	OFFICE REITS
	19,000		Alexandria Real Estate Equities, Inc		1,470,980		1.8
	75,000		BioMed Realty Trust, Inc		1,443,000		1.8
	42,000		Boston Properties, Inc		4,458,720		5.4
	22,000		Digital Realty Trust, Inc		1,359,160		1.7
	18,000		Mack-Cali Realty Corp		592,920		0.7
	24,000		SL Green Realty Corp		1,988,880		2.4
			Other		852,355		1.0
					12,166,015		14.8
	REAL ESTATE DEVELOPMENT
	22,000	*	Forestar Real Estate Group, Inc		361,460		0.4
					361,460		0.4
	REAL ESTATE OPERATING COMPANIES
	407,000	*	Thomas Properties Group, Inc		1,306,470		1.6
					1,306,470		1.6
	REAL ESTATE SERVICES
	43,000	*	CB Richard Ellis Group, Inc (Class A)		1,079,730		1.3
	7,500		Jones Lang LaSalle, Inc		707,250		0.9
					1,786,980		2.2

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 59

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

REAL ESTATE SECURITIES FUND  n  JUNE 30, 2011

Shares			Company		Value		% of net assets
	RESIDENTIAL REITS
	40,000		American Campus Communities, Inc		$	1,420,800		1.7	%
	23,500		AvalonBay Communities, Inc			3,017,400		3.7
	7,000		BRE Properties, Inc (Class A)			349,160		0.4
	10,000		Camden Property Trust			636,200		0.8
	88,000		Equity Residential			5,280,000		6.4
	16,500		Essex Property Trust, Inc			2,232,285		2.7
	10,000		Post Properties, Inc			407,600		0.5
	15,000		UDR, Inc			368,250		0.4
			Other			325,000		0.5
						14,036,695		17.1
	RETAIL REITS
	130,000		Developers Diversified Realty Corp			1,833,000		2.3
	12,500		Federal Realty Investment Trust			1,064,750		1.3
	150,000		General Growth Properties, Inc			2,503,499		3.0
	35,000		Glimcher Realty Trust			332,500		0.4
	59,000		Kimco Realty Corp			1,099,760		1.3
	40,000		Macerich Co			2,140,000		2.6
	15,000		Realty Income Corp			502,350		0.6
	24,000		Regency Centers Corp			1,055,280		1.3
	72,000		Simon Property Group, Inc			8,368,560		10.2
	33,000		Tanger Factory Outlet Centers, Inc			883,410		1.1
			Other			207,200		0.2
						19,990,309		24.3
	SECURITY & ALARM SERVICES					624,140		0.8
	SPECIALIZED REITS
	26,000		Entertainment Properties Trust			1,214,200		1.5
	18,973		Extra Space Storage, Inc			404,694		0.5
	100,000	*	FelCor Lodging Trust, Inc			533,000		0.6
	75,000		HCP, Inc			2,751,750		3.4
	44,626		Health Care REIT, Inc			2,339,741		2.8
	110,000		Hersha Hospitality Trust			612,700		0.7
	180,000		Host Marriott Corp			3,051,000		3.7
	11,000		Nationwide Health Properties, Inc			455,510		0.6
	30,000		Plum Creek Timber Co, Inc			1,216,200		1.5
	28,500		Public Storage, Inc			3,249,285		3.9
	8,000		Sovran Self Storage, Inc			328,000		0.4
	60,000		U-Store-It Trust			631,200		0.8
	41,000		Ventas, Inc			2,161,110		2.6
	83,000		Weyerhaeuser Co			1,814,380		2.2
			Other			634,853		0.8
						21,397,623		26.0
			TOTAL COMMON STOCKS	(Cost $71,907,038)		81,970,946		99.8
			TOTAL PORTFOLIO	(Cost $71,907,038)		81,970,946		99.8
			OTHER ASSETS & LIABILITIES, NET			160,572		0.2
			NET ASSETS		$	82,131,518		100.0	%

60 2011 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, 2011

ABBREVIATION(s):

REIT     Real Estate Investment Trust

* Non-income producing.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 61

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

BOND FUND  n  JUNE 30, 2011

Principal			Issuer		Value		% of net assets
	BONDS
	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS				$	67,636		0.0	%
	BANKS
	$   750,000	g	Bank of Nova Scotia	1.650%, 10/29/15		737,147		0.6
	900,000	g	Depfa ACS Bank	5.130%, 03/16/37		625,495		0.4
			Other			3,095,564		2.1
						4,458,206		3.1
	CAPITAL GOODS					1,640,497		1.2
	COMMERCIAL & PROFESSIONAL SERVICES					168,826		0.1
	CONSUMER DURABLES & APPAREL					205,676		0.1
	CONSUMER SERVICES					374,911		0.2
	DIVERSIFIED FINANCIALS
	1,255,000		General Electric Capital Corp	1.880%–5.500%, 01/08/13–02/11/21		1,295,495		1.0
			Other			7,754,077		5.3
						9,049,572		6.3
	ENERGY					4,256,711		2.9
	FOOD & STAPLES RETAILING					164,386		0.1
	FOOD, BEVERAGE & TOBACCO					1,706,900		1.2
	HEALTH CARE EQUIPMENT & SERVICES					525,137		0.4
	HOUSEHOLD & PERSONAL PRODUCTS					176,336		0.1
	INSURANCE					1,851,693		1.3
	MATERIALS					2,632,011		1.8
	MEDIA					1,372,470		0.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,748,144		1.2
	REAL ESTATE					840,909		0.5
	RETAILING					655,383		0.5
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					404,771		0.3
	SOFTWARE & SERVICES					380,757		0.3
	TECHNOLOGY HARDWARE & EQUIPMENT					715,062		0.5
	TELECOMMUNICATION SERVICES					2,870,165		2.0
	TRANSPORTATION					1,165,550		0.8
	UTILITIES					3,675,394		2.5
			TOTAL CORPORATE BONDS	(Cost $39,910,774)		41,107,103		28.3
	GOVERNMENT BONDS
	AGENCY SECURITIES
	1,000,000		Bank of America Corp	2.380%, 06/22/12		1,020,456		0.7
	1,000,000		Citigroup Funding, Inc	1.880%, 10/22/12		1,019,448		0.7

62 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  n  JUNE 30, 2011

Principal			Issuer		Value		% of net assets
	AGENCY SECURITIES — continued
	$1,000,000		Citigroup, Inc	2.130%, 04/30/12	$	1,015,767		0.7	%
	1,000,000		Federal Home Loan Bank (FHLB)	1.880%, 06/21/13		1,026,853		0.7
	1,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750%, 03/28/13		1,005,134		0.7
	1,500,000		FHLMC	5.130%, 10/18/16		1,717,781		1.2
	1,000,000		Federal National Mortgage Association (FNMA)	3.000%, 09/16/14		1,061,632		0.7
	1,700,000		GMAC, Inc	2.200%, 12/19/12		1,743,154		1.2
	500,000		KeyBank NA	3.200%, 06/15/12		514,044		0.4
			Other			4,486,973		3.1
						14,611,242		10.1
	FOREIGN GOVERNMENT BONDS
	500,000	g	Bank of Montreal	2.850%, 06/09/15		518,041		0.4
	500,000		Province of Ontario Canada	4.400%, 04/14/20		530,299		0.4
			Other			7,859,867		5.3
						8,908,207		6.1
	MORTGAGE BACKED
	660,138		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500%, 07/01/40		684,989		0.5
	2,917,075		FGLMC	4.000%–6.500%, 02/01/19–01/01/40		3,148,978		2.1
	1,493,033		Federal National Mortgage Association (FNMA)	4.560%, 01/01/15		1,600,955		1.1
	629,721		FNMA	5.500%, 07/01/33		685,729		0.5
	587,401		FNMA	5.500%, 11/01/33		639,645		0.4
	615,818		FNMA	5.000%, 03/01/34		658,159		0.5
	1,311,545		FNMA	5.000%, 09/01/34		1,401,105		1.0
	750,677		FNMA	5.500%, 02/01/38		812,517		0.6
	762,502		FNMA	6.000%, 07/01/38		838,921		0.6
	758,431		FNMA	6.000%, 10/01/38		834,442		0.6
	667,672		FNMA	4.500%, 02/01/39		692,598		0.5
	1,512,119		FNMA	4.500%, 04/01/39		1,567,154		1.1
	700,551		FNMA	4.000%, 07/01/39		702,415		0.5
	669,658		FNMA	6.000%, 09/01/39		736,144		0.5
	992,719		FNMA	4.000%, 02/01/41		994,120		0.7
	22,602,646	i	FNMA	1.080%–7.500%, 06/01/13–01/01/41		17,022,181		11.7
	652,612		Government National Mortgage Association (GNMA)	4.500%, 03/15/40		690,070		0.5
	1,014,713		GNMA	4.500%, 04/20/40		1,070,153		0.7
	532,608		GNMA	5.000%, 05/20/40		578,851		0.4
	566,054		GNMA	4.000%, 07/15/40		577,758		0.4
	3,873,916		GNMA	4.000%–6.230%, 07/15/33–09/15/43		4,191,614		2.9
			Other			786,380		0.4
						40,914,878		28.2
	MUNICIPAL BONDS					988,135		0.7
	U.S. TREASURY SECURITIES
	842,500		United States Treasury Bond	5.250%, 02/15/29		972,166		0.7
	1,169,000		United States Treasury Bond	3.880%, 08/15/40		1,070,366		0.7

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 63

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

BOND FUND  n  JUNE 30, 2011

Principal		Issuer		Value		% of net assets
	U.S. TREASURY SECURITIES — continued
	$1,085,000	United States Treasury Bond	4.750%, 02/15/41	$	1,153,321		0.8	%
	2,000,000	United States Treasury Bond	4.380%, 05/15/41		1,996,879		1.3
	1,695,000	United States Treasury Note	0.630%, 01/31/13		1,701,687		1.2
	1,025,000	United States Treasury Note	0.750%, 09/15/13		1,029,885		0.7
	4,377,000	United States Treasury Note	1.880%, 04/30/14		4,513,782		3.1
	913,000	United States Treasury Note	2.250%, 05/31/14		951,731		0.7
	790,000	United States Treasury Note	0.750%, 06/15/14		789,074		0.5
	1,180,000	United States Treasury Note	2.380%, 10/31/14		1,234,114		0.8
	860,000	United States Treasury Note	2.630%, 02/29/16		900,043		0.6
	2,362,000	United States Treasury Note	2.250%, 03/31/16		2,429,365		1.7
	1,960,000	United States Treasury Note	1.750%, 05/31/16		1,963,058		1.4
	873,500	United States Treasury Note	3.130%, 05/15/21		871,045		0.6
		Other			1,894,756		1.3
					23,471,272		16.1
		TOTAL GOVERNMENT BONDS	(Cost $86,112,717)		88,893,734		61.2
	STRUCTURED ASSETS
	ASSET BACKED
		Flagstar Home Equity Loan Trust
	657,289	Series 2007-1A (Class AF3)	5.780%, 01/25/35		616,659		0.5
		Other			2,293,475		1.5
					2,910,134		2.0
	OTHER MORTGAGE BACKED
		Wachovia Bank Commercial Mortgage Trust
	540,000	Series 2006-C29 (Class AM)	5.340%, 11/15/48		533,232		0.4
	720,000	Series 2006-C29 (Class AJ)	5.370%, 11/15/48		608,329		0.4
		Morgan Stanley Capital I
	750,000	Series 2004-IQ8 (Class C)	5.300%, 06/15/40		730,884		0.5
		Greenwich Capital Commercial Funding Corp
	710,000	Series 2006-GG7 (Class AM)	5.890%, 07/10/38		729,517		0.5
		Other			6,059,140		4.2
					8,661,102		6.0
		TOTAL STRUCTURED ASSETS	(Cost $12,149,098)		11,571,236		8.0
		TOTAL BONDS	(Cost $138,172,589)		141,572,073		97.5

64 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

BOND FUND  n  JUNE 30, 2011

Shares			Value		% of net assets
PREFERRED STOCKS
BANKS			$	53,395		0.0	%
	TOTAL PREFERRED STOCKS	(Cost $569,550)		53,395		0.0
	TOTAL PORTFOLIO	(Cost $138,742,139)		141,625,468		97.5
	OTHER ASSETS & LIABILITIES, NET			3,666,233		2.5
	NET ASSETS		$	145,291,701		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 6/30/2011, the value of these securities amounted to $14,478,780 or 10.0% of net assets.

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

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 65

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

MONEY MARKET FUND  n  JUNE 30, 2011

Principal		Issuer		Value		% net assets
	SHORT-TERM INVESTMENTS
	BANKERS’ ACCEPTANCES
	$1,619,000	JPMorgan Chase Bank NA	0.150%–0.300%, 07/13/11–12/12/11	$	1,618,155		2.6	%
					1,618,155		2.6
	CERTIFICATE OF DEPOSIT
	1,000,000	Bank of Nova Scotia	0.190%, 09/02/11		1,000,000		1.6
	500,000	Toronto-Dominion Bank	0.270%, 07/07/11		500,000		0.8
	500,000	Toronto-Dominion Bank	0.150%, 07/21/11		500,000		0.8
	500,000	Toronto-Dominion Bank	0.165%, 08/18/11		500,000		0.8
		Other			1,015,054		1.7
					3,515,054		5.7
	COMMERCIAL PAPER
	840,000	Bank of Nova Scotia	0.100%–0.180%, 07/26/11–08/01/11		839,903		1.4
	1,140,000	BNP Paribas Finance, Inc	0.230%–0.400%, 08/26/11–10/03/11		1,139,318		1.8
	500,000	Coca-Cola Co	0.200%, 07/07/11		499,984		0.8
	1,432,000	Coca-Cola Co	0.120%–0.215%, 07/06/11–09/16/11		1,431,667		2.4
	600,000	Commonwealth Bank of Australia	0.150%, 07/05/11		599,990		1.0
	545,000	Commonwealth Bank of Australia	0.130%, 07/06/11		544,990		0.9
	700,000	Commonwealth Bank of Australia	0.150%–0.170%, 07/07/11–08/25/11		699,912		1.1
	500,000	Fairway Finance LLC	0.160%, 07/13/11		499,974		0.8
	740,000	Fairway Finance LLC	0.130%–0.205%, 07/08/11–07/19/11		739,951		1.2
	760,000	Falcon Asset Securitization Co LLC	0.120%–0.130%, 07/11/11		759,974		1.3
	650,000	Falcon Asset Securitization Co LLC	0.150%, 08/16/11		649,875		1.0
	600,000	General Electric Capital Corp	0.230%, 07/12/11		599,958		1.0
	700,000	General Electric Capital Corp	0.120%–0.230%, 09/27/11–12/06/11		699,590		1.1
	600,000	General Electric Co	0.130%, 09/28/11		599,807		1.0
	500,000	International Business Machines Corp	0.070%, 07/18/11		499,983		0.8
	500,000	Jupiter Securitization Co LLC	0.130%, 07/13/11		499,978		0.8
	500,000	Jupiter Securitization Co LLC	0.140%, 07/21/11		499,961		0.8
	925,000	Lloyds TSB Bank plc	0.235%–0.275%, 07/01/11–08/09/11		924,873		1.5
	500,000	National Australia Funding (Delaware)	0.190%, 07/11/11		499,974		0.8
	500,000	National Australia Funding (Delaware)	0.150%, 08/01/11		499,935		0.8
	600,000	Nestle Capital Corp	0.200%, 07/14/11		599,957		1.0
	600,000	Nestle Capital Corp	0.120%–0.200%, 07/25/11–08/15/11		599,915		1.0
	800,000	Old Line Funding LLC	0.170%, 09/21/11		799,689		1.4
	988,000	Old Line Funding LLC	0.120%–0.200%, 07/08/11–09/20/11		987,829		1.6
	1,000,000	Private Export Funding Corp	0.150%–0.165%, 10/04/11–10/27/11		999,536		1.5
	500,000	Procter & Gamble International Funding S.C.A	0.080%, 07/05/11		499,996		0.8
	520,000	Procter & Gamble International Funding S.C.A	0.090%, 07/15/11		519,981		0.8
	500,000	Sheffield Receivables Corp	0.200%, 07/19/11		499,950		0.8
	500,000	Sheffield Receivables Corp	0.175%, 07/20/11		499,953		0.8
	500,000	Sheffield Receivables Corp	0.140%, 07/28/11		499,948		0.8
	680,000	Straight-A Funding LLC	0.200%, 07/06/11		679,981		1.0
	552,000	Straight-A Funding LLC	0.170%, 08/10/11		551,896		0.9
	750,000	Straight-A Funding LLC	0.160%–0.170%, 08/09/11–08/22/11		749,850		1.2
	685,000	Variable Funding Capital Co LLC	0.200%, 07/14/11		684,950		1.1
	850,000	Variable Funding Capital Co LLC	0.150%–0.195%, 07/08/11–08/02/11		849,925		1.4

66 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

MONEY MARKET FUND  n  JUNE 30, 2011

Principal		Issuer		Value		% net assets
	COMMERCIAL PAPER — continued
	$   500,000	Westpac Banking Corp	0.190%, 07/25/11	$	499,937		0.8	%
	530,000	Westpac Banking Corp	0.180%, 08/03/11		529,912		0.8
	605,000	Westpac Banking Corp	0.240%–0.260%, 07/05/11–08/02/11		604,935		1.0
		Other			4,128,104		6.5
					29,515,841		47.5
	FOREIGN GOVERNMENT BONDS				404,774		0.7
	GOVERNMENT AGENCY DEBT
	500,000	Federal Home Loan Bank (FHLB)	0.035%, 07/06/11		499,998		0.8
	500,000	FHLB	0.040%, 07/15/11		499,992		0.8
	1,361,000	FHLB	0.070%–0.085%, 08/12/11		1,360,882		2.2
	500,000	FHLB	0.085%, 09/06/11		499,921		0.8
	1,204,000	FHLB	0.050%–0.090%, 07/27/11–09/07/11		1,203,878		1.9
	500,000	Federal Home Loan Mortgage Corp (FHLMC)	0.050%, 07/25/11		499,983		0.8
	600,000	FHLMC	0.060%, 08/08/11		599,962		1.0
	1,000,000	FHLMC	0.080%, 08/11/11		999,909		1.6
	1,500,000	FHLMC	0.065%, 08/23/11		1,499,857		2.4
	600,000	FHLMC	0.085%, 09/06/11		599,905		1.0
	3,021,000	FHLMC	0.070%–0.175%, 07/11/11–10/03/11		3,020,659		4.9
	500,000	Federal National Mortgage Association (FNMA)	0.040%, 07/12/11		499,994		0.8
	1,000,000	FNMA	0.045%, 07/21/11		999,975		1.6
	500,000	FNMA	0.110%, 08/01/11		499,953		0.8
	600,000	FNMA	0.100%, 09/27/11		599,853		1.0
	1,126,000	FNMA	0.075%–0.165%, 07/05/11–10/26/11		1,125,859		1.8
		Other			376,619		0.5
					15,387,199		24.7
	TREASURY DEBT
	500,000	United States Treasury Bill	0.059%, 10/06/11		499,921		0.8
	775,000	United States Treasury Bill	0.110%–0.156%, 10/20/11		774,682		1.2
	1,680,000	United States Treasury Bill	0.091%–0.096%, 11/17/11		1,679,386		2.8
	930,000	United States Treasury Bill	0.065%–0.163%, 08/25/11–12/08/11		929,704		1.5
	500,000	United States Treasury Note	1.000%, 08/31/11		500,602		0.8
	1,385,000	United States Treasury Note	1.000%, 10/31/11		1,388,751		2.3
	1,300,000	United States Treasury Note	0.750%, 11/30/11		1,302,936		2.1
	525,000	United States Treasury Note	1.125%, 12/15/11		527,263		0.8
	635,000	United States Treasury Note	0.750%–0.875%, 01/31/12–05/31/12		637,555		1.0
					8,240,800		13.3

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 67

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

MONEY MARKET FUND  n  JUNE 30, 2011

Principal			Issuer		Value	% net assets
	VARIABLE RATE NOTES
	$1,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.060%, 11/09/11	$  1,499,598		2.4	%
		i	Other		699,979		1.1
					2,199,577		3.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $60,881,400)	60,881,400		98.0
			TOTAL PORTFOLIO	(Cost $60,881,400)	60,881,400		98.0
			OTHER ASSETS & LIABILITIES, NET		1,220,066		2.0
			NET ASSETS		$62,101,466		100.0	%

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

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.

68 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

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TIAA-CREF Life Funds  n  2011 Semiannual Report 69

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  JUNE 30, 2011

	Growth Equity Fund
ASSETS
Portfolio investments, at value*	$	43,428,410
Cash		72,501
Cash – foreign**		—
Receivable from securities transactions		739,063
Receivable from Fund shares sold		26,515
Due from investment advisor		799
Dividends and interest receivable		27,570
Other		1,953
Total assets		44,296,811
LIABILITIES
Management fees payable		1,564
Overdraft payable		—
Payable for securities transactions		935,389
Payable for Fund shares redeemed		98,369
Due to affiliates		7,464
Accrued expenses & other payables		24,255
Total liabilities		1,067,041
NET ASSETS	$	43,229,770
NET ASSETS CONSIST OF:
Paid-in-capital	$	57,634,476
Undistributed net investment income (loss)		58,995
Accumulated net realized gain (loss) on total investments		(19,084,725	)
Net unrealized appreciation (depreciation) on total investments		4,621,024
NET ASSETS	$	43,229,770
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,527,021
Net asset value per share	$	17.11
*    Portfolio investments, cost	$	38,807,521
**  Foreign cash, cost	$	—

70 2011 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
$	80,025,556		$	109,810,070		$	68,051,725		$	64,096,588
	430,554			782,584			—			57,035
	487			309,459			578			—
	184,276			2,731,020			399,053			1,219,061
	214,280			64,384			103,085			70,069
	1,102			1,777			1,089			1,039
	79,804			280,859			76,921			63,609
	2,492			2,917			2,292			2,152
	80,938,551			113,983,070			68,634,743			65,509,553
	2,914			4,401			2,439			2,486
	—			—			517,146			—
	218,808			3,788,860			690,216			1,237,178
	60,917			47,710			45,746			15,181
	14,270			22,791			12,977			11,975
	32,876			51,981			32,158			29,989
	329,785			3,915,743			1,300,682			1,296,809
$	80,608,766		$	110,067,327		$	67,334,061		$	64,212,744
$	77,534,866		$	141,970,055		$	72,102,905		$	59,111,602
	399,362			2,357,493			922,898			83,892
	(6,078,954	)		(44,211,023	)		(8,922,689	)		(1,330,767	)
	8,753,492			9,950,802			3,230,947			6,348,017
$	80,608,766		$	110,067,327		$	67,334,061		$	64,212,744
	2,864,212			6,297,323			2,399,232			2,071,538
	$28.14			$17.48			$28.06			$31.00
$	71,272,102		$	99,867,611		$	64,820,921		$	57,748,571
$	485		$	309,126		$	574		$	—

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 71

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  JUNE 30, 2011

	Stock Index Fund
ASSETS
Portfolio investments, at value*	$	188,398,217
Cash		195,263
Receivable from securities transactions		4,517
Receivable from Fund shares sold		115,590
Due from investment advisor		2,669
Dividends and interest receivable		231,293
Other		3,955
Total assets		188,951,504
LIABILITIES
Management fees payable		913
Payable for securities transactions		—
Payable for Fund shares redeemed		126,207
Due to affiliates		35,457
Accrued expenses & other payables		52,484
Total liabilities		215,061
NET ASSETS	$	188,736,443
NET ASSETS CONSIST OF:
Paid-in-capital	$	166,851,241
Undistributed net investment income (loss)		2,116,658
Accumulated net realized gain (loss) on total investments		(4,528,711	)
Net unrealized appreciation (depreciation) on total investments		24,297,255
NET ASSETS	$	188,736,443
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,321,130
Net asset value per share		$29.86
*    Portfolio investments, cost	$	164,100,963

72 2011 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
$	38,408,170		$	81,970,946		$	141,625,468		$	60,881,400
	383,061			229,442			2,436,452			2,785
	271,921			—			194,929			—
	51,347			2,858			247,789			1,299,108
	840			918			2,242			1,383
	56,591			209,027			1,020,487			13,143
	1,911			2,322			3,416			2,715
	39,173,841			82,415,513			145,530,783			62,200,534
	465			3,336			3,584			500
	638,037			204,074			154,695			—
	6,259			30,159			729			43,024
	7,002			14,376			27,421			12,351
	30,133			32,050			52,653			43,193
	681,896			283,995			239,082			99,068
$	38,491,945		$	82,131,518		$	145,291,701		$	62,101,466
$	35,646,545		$	88,346,714		$	141,088,133		$	62,099,988
	498,088			227,956			2,518,824			667
	(2,728,549	)		(16,507,026	)		(1,198,585	)		811
	5,075,861			10,063,874			2,883,329			—
$	38,491,945		$	82,131,518		$	145,291,701		$	62,101,466
	1,456,436			3,156,712			5,693,244			62,099,989
	$26.43			$26.02			$25.52			$1.00
$	33,332,309		$	71,907,038		$	138,742,139		$	60,881,400

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 73

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD ENDED JUNE 30, 2011

	Growth Equity Fund
INVESTMENT INCOME
Dividends*	$	160,404
Interest		16
Total income		160,420
EXPENSES
Management fees		91,567
Fund administration fees		15,351
Custody and accounting fees		10,494
Professional fees		19,534
Shareholder reports		5,558
Shareholder servicing		1,141
Trustee fees and expenses		265
Compliance fees		4,910
Interest expense		294
Other expenses		2,793
Total expenses		151,907
Less: Expenses reimbursed by the investment advisor		(46,097	)
Net expenses		105,810
Net investment income (loss)		54,610
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,501,706
Futures transactions		—
Foreign currency transactions		(507	)
Net realized gain (loss) on total investments		2,501,199
Change in unrealized appreciation (depreciation) on:
Portfolio investments**		(59,994	)
Futures transactions		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		118
Net change in unrealized appreciation (depreciation) on total investments		(59,876	)
Net realized and unrealized gain (loss) on total investments		2,441,323
Net increase (decrease) resulting from operations	$	2,495,933
*    Net of foreign withholding taxes of	$	(3,885	)
**  Includes net change in unrealized foreign capital gains taxes of		—

74 2011 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
$	561,244		$	1,618,930		$	609,984		$	277,472
	19			119			11			—
	561,263			1,619,049			609,995			277,472
	172,964			276,383			150,444			149,683
	29,266			44,775			26,070			24,678
	15,425			38,158			17,771			18,705
	20,027			25,603			19,898			19,859
	10,958			13,857			8,933			8,221
	1,300			1,328			1,129			1,127
	504			748			442			427
	9,339			14,537			8,334			7,884
	22			1,205			794			221
	4,388			20,415			3,198			3,237
	264,193			437,009			237,013			234,042
	(64,323	)		(105,350	)		(63,166	)		(62,531	)
	199,870			331,659			173,847			171,511
	361,393			1,287,390			436,148			105,961
	4,118,546			7,327,402			3,398,941			6,919,207
	—			—			—			2,508
	(2,215	)		(47,242	)		(3,192	)		—
	4,116,331			7,280,160			3,395,749			6,921,715
	1,301,687			(7,203,557	)		(1,190,005	)		(2,439,070	)
	—			—			—			—
	43			13,037			21			—
	1,301,730			(7,190,520	)		(1,189,984	)		(2,439,070	)
	5,418,061			89,640			2,205,765			4,482,645
	$5,779,454			$1,377,030			$2,641,913			$4,588,606
$	(6,659	)	$	(165,443	)	$	(3,691	)	$	(20	)
	—			(15,703	)		—			—

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 75

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFE FUNDS  n  FOR THE PERIOD ENDED JUNE 30, 2011

	Stock Index Fund
INVESTMENT INCOME
Dividends*	$	1,647,043
Interest		87
Total income		1,647,130
EXPENSES
Management fees		55,599
Fund administration fees		72,073
Custody and accounting fees		29,704
Professional fees		22,630
Shareholder reports		23,800
Shareholder servicing		1,246
Trustee fees and expenses		1,234
Compliance fees		23,015
Interest expense		76
Other expenses		5,329
Total expenses		234,706
Less: Expenses reimbursed by the investment advisor		(151,307	)
Net expenses		83,399
Net investment income (loss)		1,563,731
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,423,356
Futures transactions		103,733
Net realized gain (loss) on total investments		2,527,089
Change in unrealized appreciation (depreciation) on:
Portfolio investments		7,076,176
Futures transactions		(7,233	)
Net change in unrealized appreciation (depreciation) on total investments		7,068,943
Net realized and unrealized gain (loss) on total investments		9,596,032
Net increase (decrease) resulting from operations	$	11,159,763
*    Net of foreign withholding taxes of	$	(672	)

76 2011 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
$	347,170		$	763,416		$	—		$	—
	—			75			2,730,782			61,729
	347,170			763,491			2,730,782			61,729
	27,764			195,642			207,957			30,472
	14,255			29,438			52,169			22,948
	7,909			4,378			40,686			20,960
	19,513			21,349			26,251			22,453
	8,611			9,247			17,128			13,272
	1,272			1,136			3,244			860
	244			507			869			392
	4,745			9,404			16,940			8,057
	15			129			47			6
	3,019			3,103			3,254			365
	87,347			274,333			368,545			119,785
	(46,626	)		(51,301	)		(125,928	)		(74,078	)
	40,721			223,032			242,617			45,707
	306,449			540,459			2,488,165			16,022
	54,975			2,736,490			239,667			811
	—			—			—			—
	54,975			2,736,490			239,667			811
	1,567,633			4,070,085			819,466			—
	—			—			—			—
	1,567,633			4,070,085			819,466			—
	1,622,608			6,806,575			1,059,133			811
$	1,929,057		$	7,347,034		$	3,547,298		$	16,833
$	(33	)	$	(36	)	$	—		$	—

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 77

STATEMENTS OF CHANGES IN NET ASSETS

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

	Growth Equity Fund
	June 30, 2011			December 31, 2010
	(unaudited)
OPERATIONS
Net investment income (loss)	$	54,610		$	166,962
Net realized gain (loss) on total investments		2,501,199			3,492,765
Net change in unrealized appreciation (depreciation) on total investments		(59,876	)		774,504
Net increase (decrease) from operations		2,495,933			4,434,231
DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(168,491	)
Total distributions		—			(168,491	)
SHAREHOLDER TRANSACTIONS
Subscriptions		6,286,132			5,578,422
Reinvestments of distributions		—			168,491
Redemptions		(3,104,367	)		(8,690,629	)
Net increase (decrease) from shareholder transactions		3,181,765			(2,943,716	)
Net increase (decrease) in net assets		5,677,698			1,322,024
NET ASSETS
Beginning of period		37,552,072			36,230,048
End of period	$	43,229,770		$	37,552,072
Undistributed net investment income (loss) included in net assets	$	58,995		$	4,385
CHANGE IN FUND SHARES
Shares sold		366,791			387,850
Shares reinvested		—			10,544
Shares redeemed		(185,404	)		(606,889	)
Net increase (decrease) from shareholder transactions		181,387			(208,495	)

78 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund						International Equity Fund
June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
(unaudited)						(unaudited)
$	361,393		$	834,055		$	1,287,390		$	1,225,506
	4,116,331			4,185,520			7,280,160			4,694,205
	1,301,730			3,493,880			(7,190,520	)		12,213,424
	5,779,454			8,513,455			1,377,030			18,133,135
	—			(869,222	)		—			(1,302,220	)
	—			(869,222	)		—			(1,302,220	)
	7,381,725			5,545,214			5,446,417			19,543,266
	—			869,222			—			1,302,220
	(4,581,538	)		(7,748,610	)		(8,487,755	)		(19,959,998	)
	2,800,187			(1,334,174	)		(3,041,338	)		885,488
	8,579,641			6,310,059			(1,664,308	)		17,716,403
	72,029,125			65,719,066			111,731,635			94,015,232
$	80,608,766		$	72,029,125		$	110,067,327		$	111,731,635
$	399,362		$	37,969		$	2,357,493		$	1,070,103
	266,584			233,377			310,795			1,257,583
	—			33,665			—			77,421
	(165,406	)		(328,067	)		(494,487	)		(1,303,919	)
	101,178			(61,025	)		(183,692	)		31,085

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 79

STATEMENTS OF CHANGES IN NET ASSETS

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

	Large-Cap Value Fund
	June 30, 2011			December 31, 2010
	(unaudited)
OPERATIONS
Net investment income (loss)	$	436,148		$	869,302
Net realized gain (loss) on total investments		3,395,749			4,807,360
Net change in unrealized appreciation (depreciation) on total investments		(1,189,984	)		4,164,409
Net increase (decrease) from operations		2,641,913			9,841,071
DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(927,129	)
Total distributions		—			(927,129	)
SHAREHOLDER TRANSACTIONS
Subscriptions		5,280,260			9,086,708
Reinvestments of distributions		—			927,129
Redemptions		(4,865,396	)		(9,097,195	)
Net increase (decrease) from shareholder transactions		414,864			916,642
Net increase in net assets		3,056,777			9,830,584
NET ASSETS
Beginning of period		64,277,284			54,446,700
End of period	$	67,334,061		$	64,277,284
Undistributed net investment income (loss) included in net assets	$	922,898		$	486,750
CHANGE IN FUND SHARES
Shares sold		187,281			370,508
Shares reinvested		—			35,065
Shares redeemed		(172,668	)		(377,320	)
Net increase (decrease) from shareholder transactions		14,613			28,253

80 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

continued

Small-Cap Equity Fund						Stock Index Fund
June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
(unaudited)						(unaudited)
$	105,961		$	369,633		$	1,563,731		$	2,913,412
	6,921,715			6,138,986			2,527,089			2,856,965
	(2,439,070	)		5,907,611			7,068,943			19,461,131
	4,588,606			12,416,230			11,159,763			25,231,508
	—			(397,085	)		—			(2,919,196	)
	—			(397,085	)		—			(2,919,196	)
	5,201,348			10,876,596			12,288,516			18,683,695
	—			397,085			—			2,919,196
	(6,012,152	)		(5,778,725	)		(11,985,821	)		(18,955,052	)
	(810,804	)		5,494,956			302,695			2,647,839
	3,777,802			17,514,101			11,462,458			24,960,151
	60,434,942			42,920,841			177,273,985			152,313,834
$	64,212,744		$	60,434,942		$	188,736,443		$	177,273,985
$	83,892		$	(22,069	)	$	2,116,658		$	552,927
	171,615			431,514			418,371			725,306
	—			13,884			—			105,083
	(201,334	)		(234,898	)		(407,271	)		(748,139	)
	(29,719	)		210,500			11,100			82,250

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 81

STATEMENTS OF CHANGES IN NET ASSETS

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

	Social Choice Equity Fund
	June 30, 2011			December 31, 2010
	(unaudited)
OPERATIONS
Net investment income (loss)	$	306,449		$	600,822
Net realized gain (loss) on total investments		54,975			20,787
Net change in unrealized appreciation (depreciation) on total investments		1,567,633			4,258,930
Net increase (decrease) from operations		1,929,057			4,880,539
DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(608,705	)
Total distributions		—			(608,705	)
SHAREHOLDER TRANSACTIONS
Subscriptions		2,032,598			2,274,241
Reinvestments of distributions		—			608,705
Redemptions		(813,296	)		(2,740,218	)
Net increase (decrease) from shareholder transactions		1,219,302			142,728
Net increase in net assets		3,148,359			4,414,562
NET ASSETS
Beginning of period		35,343,586			30,929,024
End of period	$	38,491,945		$	35,343,586
Undistributed net investment income (loss) included in net assets	$	498,088		$	191,639
CHANGE IN FUND SHARES
Shares sold		78,050			98,376
Shares reinvested		—			24,475
Shares redeemed		(31,272	)		(119,990	)
Net increase (decrease) from shareholder transactions		46,778			2,861

82 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

continued

Real Estate Securities Fund						Bond Fund
June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
(unaudited)						(unaudited)
$	540,459		$	1,025,706		$	2,488,165		$	4,840,686
	2,736,490			5,972,487			239,667			1,795,137
	4,070,085			9,906,137			819,466			1,778,354
	7,347,034			16,904,330			3,547,298			8,414,177
	—			(1,467,001	)		—			(4,828,498	)
	—			(1,467,001	)		—			(4,828,498	)
	5,125,473			9,038,745			8,948,953			30,893,827
	—			1,467,001			—			4,828,498
	(4,099,521	)		(5,749,400	)		(4,204,926	)		(18,172,693	)
	1,025,952			4,756,346			4,744,027			17,549,632
	8,372,986			20,193,675			8,291,325			21,135,311
	73,758,532			53,564,857			137,000,376			115,865,065
$	82,131,518		$	73,758,532		$	145,291,701		$	137,000,376
$	227,956		$	(312,503	)	$	2,518,824		$	30,659
	203,054			426,301			354,604			1,228,143
	—			64,654			—			194,776
	(162,282	)		(281,986	)		(167,933	)		(717,403	)
	40,772			208,969			186,671			705,516

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 83

STATEMENTS OF CHANGES IN NET ASSETS concluded

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

	Money Market Fund
	June 30, 2011			December 31, 2010
	(unaudited)
OPERATIONS
Net investment income (loss)	$	16,022		$	81,660
Net realized gain (loss) on total investments		811			257
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) from operations		16,833			81,917
DISTRIBUTION TO SHAREHOLDERS
From net investment income		(16,022	)		(81,660	)
Total distributions		(16,022	)		(81,660	)
SHAREHOLDER TRANSACTIONS
Subscriptions		31,747,734			50,692,667
Reinvestments of distributions		16,022			81,660
Redemptions		(31,429,136	)		(63,110,100	)
Net increase (decrease) from shareholder transactions		334,620			(12,335,773	)
Net increase (decrease) in net assets		335,431			(12,335,516	)
NET ASSETS
Beginning of period		61,766,035			74,101,551
End of period	$	62,101,466		$	61,766,035
Undistributed net investment income (loss) included in net assets	$	667		$	667
CHANGE IN FUND SHARES
Shares sold		31,747,734			50,692,667
Shares reinvested		16,022			81,660
Shares redeemed		(31,429,136	)		(63,110,100	)
Net increase (decrease) from shareholder transactions		334,620			(12,335,773	)

84 2011 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
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.01		$	14.18		$	10.55		$	18.02		$	14.91		$	14.23
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.02			0.07			0.11			0.14			0.13			0.11
Net realized and unrealized gain (loss) on total investments		1.08			1.83			3.63			(7.48	)		3.10			0.69
Total gain (loss) from investment operations		1.10			1.90			3.74			(7.34	)		3.23			0.80
Less distributions from:
Net investment income		—			(0.07	)		(0.11	)		(0.13	)		(0.12	)		(0.12	)
Total distributions		—			(0.07	)		(0.11	)		(0.13	)		(0.12	)		(0.12	)
Net asset value, end of period	$	17.11		$	16.01		$	14.18		$	10.55		$	18.02		$	14.91
TOTAL RETURN		6.87	%(b)		13.42	%		35.47	%		(40.71	)%		21.68	%		5.62	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	43,230		$	37,552		$	36,230		$	24,501		$	42,376		$	28,180
Ratio of expenses to average net assets before expense reimbursement		0.75	%(c)		0.63	%		0.26	%		0.28	%		0.26	%		0.25	%
Ratio of expenses to average net assets after expense reimbursement		0.52	%(c)		0.43	%		0.26	%		0.28	%		0.26	%		0.25	%
Ratio of net investment income (loss) to average net assets		0.27	%(c)		0.48	%		0.98	%		0.98	%		0.81	%		0.79	%
Portfolio turnover rate		79	%(b)		208	%		257	%		253	%		154	%		98	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 85

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

	Growth & Income Fund
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	26.07		$	23.27		$	18.50		$	29.06		$	24.82		$	21.56
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.13			0.30			0.36			0.46			0.43			0.37
Net realized and unrealized gain (loss) on total investments		1.94			2.82			4.77			(10.58	)		4.21			3.26
Total gain (loss) from investment operations		2.07			3.12			5.13			(10.12	)		4.64			3.63
Less distributions from:
Net investment income		—			(0.32	)		(0.36	)		(0.44	)		(0.40	)		(0.37	)
Total distributions		—			(0.32	)		(0.36	)		(0.44	)		(0.40	)		(0.37	)
Net asset value, end of period	$	28.14		$	26.07		$	23.27		$	18.50		$	29.06		$	24.82
TOTAL RETURN		7.94	%(b)		13.41	%		27.76	%		(34.80	)%		18.68	%		16.85	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	80,609		$	72,029		$	65,719		$	53,235		$	83,834		$	59,798
Ratio of expenses to average net assets before expense reimbursement		0.69	%(c)		0.56	%		0.23	%		0.23	%		0.24	%		0.23	%
Ratio of expenses to average net assets after expense reimbursement		0.52	%(c)		0.42	%		0.23	%		0.23	%		0.24	%		0.23	%
Ratio of net investment income (loss) to average net assets		0.94	%(c)		1.26	%		1.77	%		1.87	%		1.56	%		1.63	%
Portfolio turnover rate		56	%(b)		138	%		141	%		135	%		88	%		119	%

(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.

86 2011 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
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	17.24		$	14.58		$	11.43		$	24.02		$	25.01		$	19.54
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.20			0.19			0.22			0.51			0.42			0.35
Net realized and unrealized gain (loss) on total investments		0.04			2.67			3.40			(12.53	)		4.26			5.50
Total gain (loss) from investment operations		0.24			2.86			3.62			(12.02	)		4.68			5.85
Less distributions from:
Net investment income		—			(0.20	)		(0.47	)		(0.01	)		(0.53	)		(0.38	)
Net realized gains		—			—			—			(0.56	)		(5.14	)		—
Total distributions		—			(0.20	)		(0.47	)		(0.57	)		(5.67	)		(0.38	)
Net asset value, end of period	$	17.48		$	17.24		$	14.58		$	11.43		$	24.02		$	25.01
TOTAL RETURN		1.39	%(b)		19.63	%		31.74	%		(50.00	)%		19.34	%		29.95	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	110,067		$	111,732		$	94,015		$	68,240		$	160,045		$	111,142
Ratio of expenses to average net assets before expense reimbursement		0.79	%(c)		0.65	%		0.30	%		0.32	%		0.33	%		0.29	%
Ratio of expenses to average net assets after expense reimbursement		0.60	%(c)		0.50	%		0.30	%		0.32	%		0.33	%		0.29	%
Ratio of net investment income (loss) to average net assets		2.33	%(c)		1.30	%		1.78	%		2.79	%		1.51	%		1.59	%
Portfolio turnover rate		58	%(b)		117	%		116	%		185	%		190	%		146	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 87

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

	Large-Cap Value Fund
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	26.95		$	23.11		$	17.87		$	31.30		$	36.02		$	32.04
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.18			0.37			0.42			0.66			0.71			0.64
Net realized and unrealized gain (loss) on total investments		0.93			3.87			5.20			(13.42	)		(0.34	)		6.26
Total gain (loss) from investment operations		1.11			4.24			5.62			(12.76	)		0.37			6.90
Less distributions from:
Net investment income		—			(0.40	)		(0.38	)		(0.43	)		(0.76	)		(0.61	)
Net realized gains		—			—			—			(0.24	)		(4.33	)		(2.31	)
Total distributions		—			(0.40	)		(0.38	)		(0.67	)		(5.09	)		(2.92	)
Net asset value, end of period	$	28.06		$	26.95		$	23.11		$	17.87		$	31.30		$	36.02
TOTAL RETURN		4.12	%(b)		18.36	%		31.45	%		(40.74	)%		0.91	%		21.58	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	67,334		$	64,277		$	54,447		$	40,302		$	71,350		$	66,917
Ratio of expenses to average net assets before expense reimbursement		0.71	%(c)		0.59	%		0.25	%		0.26	%		0.27	%		0.24	%
Ratio of expenses to average net assets after expense reimbursement		0.52	%(c)		0.43	%		0.25	%		0.26	%		0.27	%		0.24	%
Ratio of net investment income (loss) to average net assets		1.30	%(c)		1.52	%		2.12	%		2.60	%		1.88	%		1.83	%
Portfolio turnover rate		37	%(b)		102	%		149	%		172	%		133	%		102	%

(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.

88 2011 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
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	28.76		$	22.70		$	17.99		$	27.17		$	32.12		$	30.02
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.05			0.19			0.25			0.34			0.37			0.37
Net realized and unrealized gain (loss) on total investments		2.19			6.06			4.74			(9.16	)		(2.10	)		4.95
Total gain (loss) from investment operations		2.24			6.25			4.99			(8.82	)		(1.73	)		5.32
Less distributions from:
Net investment income		—			(0.19	)		(0.28	)		(0.36	)		(0.44	)		(0.38	)
Net realized gains		—			—			—			—			(2.69	)		(2.84	)
Return of Capital		—			—			—			—			(0.09	)		—
Total distributions		—			(0.19	)		(0.28	)		(0.36	)		(3.22	)		(3.22	)
Net asset value, end of period	$	31.00		$	28.76		$	22.70		$	17.99		$	27.17		$	32.12
TOTAL RETURN		7.79	%(b)		27.55	%		27.75	%		(32.42	)%		(5.62	)%		17.84	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	64,213		$	60,435		$	42,921		$	34,609		$	51,868		$	57,190
Ratio of expenses to average net assets before expense reimbursement		0.75	%(c)		0.58	%		0.11	%		0.11	%		0.11	%		0.10	%
Ratio of expenses to average net assets after expense reimbursement		0.55	%(c)		0.41	%		0.11	%		0.11	%		0.11	%		0.10	%
Ratio of net investment income (loss) to average net assets		0.34	%(c)		0.75	%		1.33	%		1.45	%		1.13	%		1.12	%
Portfolio turnover rate		58	%(b)		98	%		107	%		123	%		135	%		246	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 89

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

	Stock Index Fund
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	28.09		$	24.46		$	19.39		$	31.70		$	30.94		$	27.45
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.25			0.47			0.44			0.58			0.59			0.51
Net realized and unrealized gain (loss) on total investments		1.52			3.63			5.05			(12.34	)		1.02			3.77
Total gain (loss) from investment operations		1.77			4.10			5.49			(11.76	)		1.61			4.28
Less distributions from:
Net investment income		—			(0.47	)		(0.42	)		(0.51	)		(0.60	)		(0.52	)
Net realized gains		—			—			—			(0.04	)		(0.25	)		(0.27	)
Total distributions		—			(0.47	)		(0.42	)		(0.55	)		(0.85	)		(0.79	)
Net asset value, end of period	$	29.86		$	28.09		$	24.46		$	19.39		$	31.70		$	30.94
TOTAL RETURN		6.30	%(b)		16.79	%		28.36	%		(37.08	)%		5.16	%		15.62	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	188,736		$	177,274		$	152,314		$	112,938		$	184,339		$	171,015
Ratio of expenses to average net assets before expense reimbursement		0.25	%(c)		0.21	%		0.06	%		0.06	%		0.06	%		0.06	%
Ratio of expenses to average net assets after expense reimbursement		0.09	%(c)		0.08	%		0.06	%		0.06	%		0.06	%		0.06	%
Ratio of net investment income (loss) to average net assets		1.69	%(c)		1.86	%		2.11	%		2.19	%		1.82	%		1.75	%
Portfolio turnover rate		5	%(b)		7	%		7	%		7	%		13	%		14	%

(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.

90 2011 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
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	25.07		$	21.99		$	16.91		$	27.12		$	26.94		$	24.02
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.21			0.43			0.40			0.48			0.51			0.43
Net realized and unrealized gain (loss) on total investments		1.15			3.09			5.09			(10.28	)		0.64			3.08
Total gain (loss) from investment operations		1.36			3.52			5.49			(9.80	)		1.15			3.51
Less distributions from:
Net investment income		—			(0.44	)		(0.41	)		(0.32	)		(0.51	)		(0.43	)
Net realized gains		—			—			—			(0.09	)		(0.46	)		(0.16	)
Total distributions		—			(0.44	)		(0.41	)		(0.41	)		(0.97	)		(0.59	)
Net asset value, end of period	$	26.43		$	25.07		$	21.99		$	16.91		$	27.12		$	26.94
TOTAL RETURN		5.42	%(b)		16.01	%		32.51	%		(36.09	)%		4.25	%		14.64	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	38,492		$	35,344		$	30,929		$	23,938		$	37,883		$	35,931
Ratio of expenses to average net assets before expense reimbursement		0.47	%(c)		0.42	%		0.08	%		0.07	%		0.07	%		0.07	%
Ratio of expenses to average net assets after expense reimbursement		0.22	%(c)		0.17	%		0.08	%		0.07	%		0.07	%		0.07	%
Ratio of net investment income (loss) to average net assets		1.66	%(c)		1.87	%		2.20	%		2.06	%		1.81	%		1.69	%
Portfolio turnover rate		14	%(b)		18	%		15	%		17	%		12	%		19	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 91

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

	Real Estate Securities Fund
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	23.67		$	18.43		$	15.24		$	26.50		$	38.04		$	30.98
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.17			0.35			0.49			0.70			0.60			0.82
Net realized and unrealized gain (loss) on total investments		2.18			5.37			3.32			(10.87	)		(6.68	)		9.63
Total gain (loss) from investment operations		2.35			5.72			3.81			(10.17	)		(6.08	)		10.45
Less distributions from:
Net investment income		—			(0.48	)		(0.62	)		(1.09	)		(1.31	)		(1.09	)
Net realized gains		—			—			—			—			(4.15	)		(2.30	)
Total distributions		—			(0.48	)		(0.62	)		(1.09	)		(5.46	)		(3.39	)
Net asset value, end of period	$	26.02		$	23.67		$	18.43		$	15.24		$	26.50		$	38.04
TOTAL RETURN		9.93	%(b)		31.16	%		25.11	%		(38.27	)%		(16.12	)%		34.05	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	82,132		$	73,759		$	53,565		$	43,646		$	74,751		$	104,705
Ratio of expenses to average net assets before expense reimbursement		0.70	%(c)		0.60	%		0.25	%		0.26	%		0.27	%		0.25	%
Ratio of expenses to average net assets after expense reimbursement		0.57	%(c)		0.48	%		0.25	%		0.26	%		0.27	%		0.25	%
Ratio of net investment income (loss) to average net assets		1.38	%(c)		1.63	%		3.37	%		2.94	%		1.62	%		2.30	%
Portfolio turnover rate		19	%(b)		66	%		65	%		97	%		111	%		117	%

(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.

92 2011 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
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	24.88		$	24.13		$	23.38		$	24.55		$	24.41		$	24.44
Gain (loss) from investment operations:
Net investment income (loss)(a)		0.45			0.93			1.06			1.29			1.29			1.21
Net realized and unrealized gain (loss) on total investments		0.19			0.73			0.68			(1.19	)		0.07			(0.06	)
Total gain (loss) from investment operations		0.64			1.66			1.74			0.10			1.36			1.15
Less distributions from:
Net investment income		—			(0.91	)		(0.99	)		(1.27	)		(1.22	)		(1.18	)
Total distributions		—			(0.91	)		(0.99	)		(1.27	)		(1.22	)		(1.18	)
Net asset value, end of period	$	25.52		$	24.88		$	24.13		$	23.38		$	24.55		$	24.41
TOTAL RETURN		2.57	%(b)		6.91	%		7.40	%		0.39	%		5.60	%		4.70	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	145,292		$	137,000		$	115,865		$	91,953		$	86,661		$	71,761
Ratio of expenses to average net assets before expense reimbursement		0.53	%(c)		0.41	%		0.10	%		0.10	%		0.10	%		0.10	%
Ratio of expenses to average net assets after expense reimbursement		0.35	%(c)		0.27	%		0.10	%		0.10	%		0.10	%		0.10	%
Ratio of net investment income (loss) to average net assets		3.59	(c)		3.66	%		4.41	%		5.27	%		5.18	%		4.88	%
Portfolio turnover rate		52	%(b)		67	%		147	%		92	%		97	%		76	%

(a) Based on average shares outstanding.

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

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

See notes to financial statements TIAA-CREF Life Funds  n  2011 Semiannual Report 93

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

	Money Market Fund
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(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 (loss)(a)		0.00	(d)		0.00	(d)		0.01			0.03			0.05			0.05
Net realized and unrealized gain (loss) on total investments		0.00	(d)		0.00	(d)		0.00	(d)		—			—			—
Total gain (loss) from investment operations		0.00	(d)		0.00	(d)		0.01			0.03			0.05			0.05
Less distributions from:
Net investment income		(0.00	)(d)		(0.00	)(d)		(0.01	)		(0.03	)		(0.05	)		(0.05	)
Total distributions		(0.00	)(d)		(0.00	)(d)		(0.01	)		(0.03	)		(0.05	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.03	%(b)		0.12	%		0.54	%		2.86	%		5.34	%		5.10	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	62,101		$	61,766		$	74,102		$	117,322		$	100,444		$	53,894
Ratio of expenses to average net assets before expense reimbursement		0.39	%(c)		0.27	%		0.09	%		0.07	%		0.06	%		0.06	%
Ratio of expenses to average net assets after expense reimbursement		0.15	%(c)		0.12	%		0.09	%		0.07	%		0.06	%		0.06	%
Ratio of net investment income (loss) to average net assets		0.05	%(c)		0.12	%		0.58	%		2.80	%		5.19	%		4.99	%

(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.

94 2011 Semiannual Report  n  TIAA-CREF Life Funds See notes to financial statements

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

TIAA-CREF LIFE FUNDS

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “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 amended (“1940 Act”), 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 Net Asset Value per share (“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. The following is a summary of the significant accounting policies consistently followed by the Funds.

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. 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.

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.

TIAA-CREF Life Funds  n  2011 Semiannual Report 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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 (2007-2010) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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 (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. The investment of deferred amounts and the offsetting payable to the trustees are included in other assets and accrued expenses and other payables in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. 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,

96 2011 Semiannual Report  n  TIAA-CREF Life Funds

continued

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events 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 will be valued at fair value in accordance with procedures adopted by the Board. 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 that 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.

TIAA-CREF Life Funds  n  2011 Semiannual Report 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. 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. For the period ended June 30, 2011, there were no significant transfers between levels by the Funds.

As of June 30, 2011, 100% of the value of 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, 2011, 100% of the value of investments in the International Equity Fund and the Money Market Fund were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of June 30, 2011:

Fund	Level 1		Level 2		Level 3		Total
Growth Equity
Consumer Discretionary	$	7,492,866	$	877,145	$	—	$	8,370,011
Consumer Staples		1,824,761		—		—		1,824,761
Energy		2,789,222		395,906		—		3,185,128
Financials		1,681,619		—		—		1,681,619
Health Care*		5,825,450		122,628		—		5,948,078
Industrials		4,772,271		—		—		4,772,271
Information Technology*		14,418,912		—		—		14,418,912
Materials		2,582,553		131,615		—		2,714,168
Telecommunication Services		513,462		—		—		513,462
Total	$	41,901,116	$	1,527,294	$	—	$	43,428,410
Growth & Income
Consumer Discretionary	$	9,247,349	$	46,020	$	—	$	9,293,369
Consumer Staples		7,767,406		536,640		—		8,304,046
Energy*		9,058,964		159,097		—		9,218,061
Financials		10,408,181		—		—		10,408,181
Health Care		10,080,659		804,676		—		10,885,335
Industrials		9,639,501		536,499		—		10,176,000
Information Technology		14,093,904		435,726		—		14,529,630
Materials		3,328,223		209,523		—		3,537,746
Telecommunication Services		2,705,982		—		—		2,705,982
Utilities		967,206		—		—		967,206
Total	$	77,297,375	$	2,728,181	$	—	$	80,025,556

98 2011 Semiannual Report  n  TIAA-CREF Life Funds

continued

Fund	Level 1		Level 2		Level 3		Total
Large-Cap Value
Consumer Discretionary	$	5,882,029	$	234,473	$	—	$	6,116,502
Consumer Staples		4,509,914		235,675		—		4,745,589
Energy*		7,306,519		268,173		—		7,574,692
Financials		15,828,847		407,341		—		16,236,188
Health Care		8,158,182		522,651		—		8,680,833
Industrials		7,032,893		916,212		—		7,949,105
Information Technology*		7,536,122		111,731				7,647,853
Materials		1,663,704		164,661		—		1,828,365
Telecommunication Services		3,540,361		—		—		3,540,361
Utilities		3,732,237		—		—		3,732,237
Total	$	65,190,808	$	2,860,917	$	—	$	68,051,725
Bond
Corporate Bonds	$	—	$	41,107,103	$	—	$	41,107,103
Government Bonds		—		88,893,734		—		88,893,734
Structured Assets		—		11,571,236		—		11,571,236
Preferred Stocks		53,395		—		—		53,395
Total	$	53,395		141,572,073	$	—	$	141,625,468

* Includes American Depositary Receipts in Level 1.

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the equity 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. Realized gain (loss) and unrealized appreciation (depreciation) on futures transactions are reported separately in the Statements of Operations. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded

TIAA-CREF Life Funds  n  2011 Semiannual Report 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default. During the period ended June 30, 2011, the Stock Index Fund had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2011, the Funds did not hold any futures contracts.

Note 4—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an 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 and compliance 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 extraordinary expenses) exceeds certain percentages. As of June 30, 2011, 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	Investment 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 the majority of expenses, including investment management fees.

The expense reimbursement arrangements will continue through at least April 30, 2012.

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

Fund expenses incurred for each Fund for the period ended June 30, 2011 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 Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

100 2011 Semiannual Report  n  TIAA-CREF Life Funds

continued

Certain registered separate accounts 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 Fund, TIAA, an affiliate, invested in each Fund.

The following is the percentage of the Funds’ shares owned by affiliates as of June 30, 2011:

Fund	Investments in Funds Held By TIAA-CREF Life				Investments in Funds Held By TIAA				Precentage of Net Assets
Growth Equity	$	43,229,770	100.0	%	$	—	—			100.0	%
Growth & Income		66,677,158	82.7			13,931,608	17.3	%		100.0	%
International Equity		83,086,595	75.5			26,980,732	24.5			100.0	%
Large-Cap Value		41,967,651	62.3			25,366,410	37.7			100.0	%
Small-Cap Equity		37,304,649	58.1			26,908,095	41.9			100.0	%
Stock Index		188,736,443	100.0			—	—			100.0	%
Social Choice Equity		25,618,074	66.6			12,873,871	33.4			100.0	%
Real Estate Securities		45,484,817	55.4			36,646,701	44.6			100.0	%
Bond		76,190,213	52.4			69,101,488	47.6			100.0	%
Money Market		62,101,466	100.0			—	—			100.0	%

Note 5—investments

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

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.

At June 30, 2011, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

TIAA-CREF Life Funds  n  2011 Semiannual Report 101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Growth Equity	$	38,853,264	$	5,109,779	$	(534,633	)	$	4,575,146
Growth & Income		71,461,457		11,287,485		(2,723,386	)		8,564,099
International Equity		99,978,313		12,203,942		(2,372,185	)		9,831,757
Large-Cap Value		66,134,678		5,561,605		(3,644,558	)		1,917,047
Small-Cap Equity		57,810,144		8,164,657		(1,878,213	)		6,286,444
Stock Index		167,122,074		50,234,620		(28,958,477	)		21,276,143
Social Choice Equity		33,467,771		8,818,615		(3,878,216	)		4,940,399
Real Estate Securities		73,994,719		10,799,898		(2,823,671	)		7,976,227
Bond		138,775,183		5,191,326		(2,341,041	)		2,850,285

Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended June 30, 2011 were as follows:

Fund	Non-U.S. Government Purchases		U.S. Government Purchases		Non-U.S. Government Sales		U.S. Government Sales
Growth Equity	$	35,741,481	$	—	$	32,606,317	$	—
Growth & Income		46,382,221		—		43,503,096		—
International Equity		64,664,585		—		69,444,815		—
Large-Cap Value		26,626,050		—		24,889,494		—
Small-Cap Equity		37,022,106		—		37,545,209		—
Stock Index		12,023,149		—		9,196,592		—
Social Choice Equity		6,743,451		—		5,315,716		—
Real Estate Securities		18,235,947		—		15,305,500		—
Bond		27,393,422		55,943,070		16,792,310		54,925,703

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended December 31, 2010 was as follows:

	2010
Fund	Ordinary Income		Long-Term Capital Gains		Total
Growth Equity	$	168,491	$	—	$	168,491
Growth & Income		869,222		—		869,222
International Equity		1,302,220		—		1,302,220
Large-Cap Value		927,129		—		927,129
Small-Cap Equity		397,085		—		397,085
Stock Index		2,919,196		—		2,919,196
Social Choice Equity		608,705		—		608,705
Real Estate Securities		1,467,001		—		1,467,001
Bond		4,828,498		—		4,828,498
Money Market		81,660		—		81,660

The tax character of the fiscal year 2011 distributions will be determined at the end of the fiscal year.

102 2011 Semiannual Report  n  TIAA-CREF Life Funds

concluded

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 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 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 other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended June 30, 2011, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the 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 9—subsequent event

Effective July 7, 2011, Advisors began waiving a portion of the management fees for the Money Market Fund. This waiver is voluntary in nature and can be discontinued at any time.

TIAA-CREF Life Funds  n  2011 Semiannual Report 103

BOARD RENEWAL OF THE INVESTMENT

ADVISORY 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 advisory agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each series of the Trust. Under the Agreement, TAI is responsible for providing investment advisory services to the Trust.

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 series of the Trust (the “Funds”) will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the renewal of the Agreement with respect to each series of the Trust (the “Funds”) 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 worked 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 Committee and to all Trustees in connection with the proposed contract renewal, and then helped evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2011 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. Note that the Agreement was first implemented on May 1, 2010; thus historical information based on the Trust’s 2010 fiscal year includes expense and performance data relating to both the Agreement and the Trust’s predecessor contract (under which the Funds’ expenses were lower), and historical information for prior years includes data under the predecessor contract only.

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

104 2011 Semiannual Report  n  TIAA-CREF Life Funds

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 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. Lipper also represented that it (and not management) had identified the selected comparative peer groups and universes and that it did so in a manner that was not intended to produce biased results for its clients. In considering Lipper’s data, the Board noted that the data on similar funds that underlie variable products 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 financial markets’ downturn and subsequent recovery.

Among other matters, the Operations Committee also requested and reviewed various sources of information provided by TAI to facilitate the Trustees’ evaluation of 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, 2011, 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 benchmark (for the Stock Index Fund only) 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 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

TIAA-CREF Life Funds  n  2011 Semiannual Report 105

BOARD RENEWAL OF THE INVESTMENT

ADVISORY AGREEMENT (UNAUDITED)

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 Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from 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 and 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, 2011, the Board voted unanimously to renew the Agreement for each

106 2011 Semiannual Report  n  TIAA-CREF Life Funds

continued

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 the 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; and reporting on the investment performance of the Funds to the Board on a regular basis. 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/universe of mutual funds that underlie variable products, or that, in the case of a Fund that had underperformed its benchmark or peer group/universe 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. The Board considered each Fund’s performance as compared to its peer group, peer universe 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 impacted the performance of many Funds. Despite these circumstances, the performance of most Funds generally compared favorably to their benchmarks

TIAA-CREF Life Funds  n  2011 Semiannual Report 107

BOARD RENEWAL OF THE INVESTMENT

ADVISORY AGREEMENT (UNAUDITED)

(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 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 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 2010 with respect to the Funds. 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 acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had incurred losses with respect to its services to the Funds under the Agreement, but that perhaps after a full fiscal year under the higher fee rates of the Agreement implemented on May 1, 2010, TAI might earn a profit on some of the Funds in the future.

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 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 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 comparable mutual funds that underlie variable products. Additionally, the Board 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

108 2011 Semiannual Report  n  TIAA-CREF Life Funds

continued

Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds that underlie variable 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 2010. The Board determined that the current fee rates at current asset levels generally were low compared to peer groups of mutual funds that underlie variable 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 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 from the rates charged to these other funds and accounts, this is due in part to the fact that these other funds and accounts: are offered through products that may 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 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 and the Funds may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

TIAA-CREF Life Funds  n  2011 Semiannual Report 109

BOARD RENEWAL OF THE INVESTMENT

ADVISORY AGREEMENT (UNAUDITED)

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, 2010. 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 2010 under the Agreement (and under the predecessor contract for the first four months of 2010).

GROWTH EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.45% of average daily net assets starting May 1, 2010 under the new Agreement.

• The Fund’s management fees and total expenses, after any waivers and reimbursements, 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-, two-, three- and ten-year periods, the Fund was in the 4th quintile of its universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the four- and five-year periods, the Fund was in the 2nd and 3rd quintiles, respectively, of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars.

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

• The Fund continues to utilize its investment discipline of purchasing investments with above average earnings growth, while increasing its investments in the health care research sector.

GROWTH & INCOME FUND

• The Fund’s annual contractual management fee rate was 0.45% of average daily net assets starting May 1, 2010 under the new Agreement.

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

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

• The Fund received an Overall Morningstar Rating of 4 stars.

110 2011 Semiannual Report  n  TIAA-CREF Life Funds

continued

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

INTERNATIONAL EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.50% of average daily net assets starting May 1, 2010 under the new Agreement.

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

• For the one-, two-, three-, four-, five- and 10-year periods, the Fund was in the 1st, 2nd, 5th, 4th, 3rd and 2nd quintiles, respectively, of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars.

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

LARGE-CAP VALUE FUND

• The Fund’s annual contractual management fee rate was 0.45% of average daily net assets starting May 1, 2010 under the new Agreement.

• The Fund’s management fees, after any waivers and reimbursements, were in the 2nd and 1st quintiles of its Expense Group and Expense Universe, respectively, and the Fund’s total expenses, after any waivers and reimbursements, were in the 1st quintile of its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 3 stars.

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

SMALL-CAP EQUITY FUND

• The Fund’s annual contractual management fee rate was 0.48% of average daily net assets starting May 1, 2010 under the new Agreement.

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

• For the one- and three-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.

• 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 starting May 1, 2010 under the new Agreement.

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

TIAA-CREF Life Funds  n  2011 Semiannual Report 111

BOARD RENEWAL OF THE INVESTMENT

ADVISORY AGREEMENT (UNAUDITED)

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

• For the one-, three- and five-year periods, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses) as compared to its benchmark, the Russell 3000^® Index, was -6, +14 and +10 basis points, respectively.

• The Fund received an Overall Morningstar Rating of 4 stars.

• 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 0.15% of average daily net assets starting May 1, 2010 under the new Agreement.

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

• For the one- and ten-year periods, 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 2nd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 4 stars.

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

REAL ESTATE SECURITIES FUND

• The Fund’s annual contractual management fee rate was 0.50% of average daily net assets starting May 1, 2010 under the new Agreement.

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

• For the one- and four-year periods, the Fund was in the 1st and 4th quintiles of its Performance Universe, respectively, and for the two-, three- and five-year periods was in the 3rd quintile of its Performance Universe.

• The Fund received an Overall Morningstar Rating of 3 stars.

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

BOND FUND

• The Fund’s annual contractual management fee rate was 0.30% of average daily net assets starting May 1, 2010 under the new Agreement.

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

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

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

112 2011 Semiannual Report  n  TIAA-CREF Life Funds

concluded

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

• The Fund’s tracking error and risk profile was moderately increased during 2010 in order to be more in line with its peers.

MONEY MARKET FUND

• The Fund’s annual contractual management fee rate was 0.10% of average daily net assets starting May 1, 2010 under the new Agreement.

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

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

• Money market funds are not rated by Morningstar.

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

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

TIAA-CREF Life Funds  n  2011 Semiannual Report 113

HOW TO REACH US

TIAA-CREF WEBSITE

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

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

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

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

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

800 842-2252

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

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 6 p.m. ET, Monday–Friday

FOR THE HEARING- OR

SPEECH-IMPAIRED

800 842-2755

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

TIAA-CREF BROKERAGE SERVICES

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

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

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

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition

to any banking service or activity, and may lose value. 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 Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206

730 Third Avenue New York, NY 10017-3206

Printed on recycled paper

eDelivery will save trees, conserve paper and reduce mailbox clutter.

Sign up today at www.tiaa-cref.org/eDelivery

C114 A10937 (8/11)

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, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.5%
AUTOMOBILES & COMPONENTS - 1.6%
16,865		Johnson Controls, Inc	$	702,596
		TOTAL AUTOMOBILES & COMPONENTS		702,596
CAPITAL GOODS - 10.5%
6,764		Boeing Co		500,063
4,220		Caterpillar, Inc		449,261
7,858		Danaher Corp		416,395
12,145		Emerson Electric Co		683,156
4,448		Goodrich Corp		424,784
7,190		Precision Castparts Corp		1,183,833
5,323		Roper Industries, Inc		443,406
4,967		United Technologies Corp		439,629
		TOTAL CAPITAL GOODS		4,540,527
CONSUMER DURABLES & APPAREL - 3.6%
20,433		Burberry Group plc		475,162
725	*	Fossil, Inc		85,347
5,807		Jarden Corp		200,399
2,237		LVMH Moet Hennessy Louis Vuitton S.A.		401,982
2,620		Nike, Inc (Class B)		235,748
2,230		Tupperware Corp		150,414
		TOTAL CONSUMER DURABLES & APPAREL		1,549,052
CONSUMER SERVICES - 4.0%
1,052	*	Chipotle Mexican Grill, Inc (Class A)		324,216
13,566	*	Las Vegas Sands Corp		572,621
9,827	*	Orient-Express Hotels Ltd (Class A)		105,640
18,828		Starbucks Corp		743,518
		TOTAL CONSUMER SERVICES		1,745,995
DIVERSIFIED FINANCIALS - 3.9%
1,730		BlackRock, Inc		331,832
4,959		Blackstone Group LP		82,121
16,632		Charles Schwab Corp		273,596
1,467		CME Group, Inc		427,763
4,541	*	IntercontinentalExchange, Inc		566,308
		TOTAL DIVERSIFIED FINANCIALS		1,681,620
ENERGY - 7.4%
8,024		Anadarko Petroleum Corp		615,922
10,738		Cenovus Energy, Inc		404,393
4,374	*	Concho Resources, Inc		401,752
8,567		Crescent Point Energy Corp		395,906
6,155		National Oilwell Varco, Inc		481,383
10,252		Schlumberger Ltd		885,772
		TOTAL ENERGY		3,185,128
FOOD & STAPLES RETAILING - 1.5%
7,907		Costco Wholesale Corp		642,365
		TOTAL FOOD & STAPLES RETAILING		642,365
FOOD, BEVERAGE & TOBACCO - 1.0%
14,609		Coca-Cola Enterprises, Inc		426,291
		TOTAL FOOD, BEVERAGE & TOBACCO		426,291
HEALTH CARE EQUIPMENT & SERVICES - 4.2%
7,120	*	Cerner Corp		435,103
3,816	*	Edwards Lifesciences Corp		332,679
10,299	*	Hologic, Inc		207,731
2,320	*	Intuitive Surgical, Inc		863,295
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,838,808

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
7,188		Estee Lauder Cos (Class A)	$	756,106
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		756,106
MATERIALS - 6.3%
1,506		Ashland, Inc		97,318
1,106		CF Industries Holdings, Inc		156,687
9,812		Dow Chemical Co		353,232
2,488		Freeport-McMoRan Copper & Gold, Inc (Class B)		131,615
20,261		Monsanto Co		1,469,733
4,366		Walter Energy, Inc		505,583
		TOTAL MATERIALS		2,714,168
MEDIA - 4.6%
48,305		Interpublic Group of Cos, Inc		603,813
17,358		News Corp (Class A)		307,237
27,361		Walt Disney Co		1,068,173
		TOTAL MEDIA		1,979,223
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.5%
6,018	*	Agilent Technologies, Inc		307,580
2,622	*	Alexion Pharmaceuticals, Inc		123,313
11,198		Allergan, Inc		932,234
4,192	*	Biogen Idec, Inc		448,208
4,739	*	Illumina, Inc		356,136
1,005	*	Mettler-Toledo International, Inc		169,513
19,949		Pfizer, Inc		410,949
2,732		Shire plc (ADR)		257,382
2,729		UCB S.A.		122,628
14,278	*	Watson Pharmaceuticals, Inc		981,326
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,109,269
RETAILING - 5.5%
8,916	*	Amazon.com, Inc		1,823,233
1,131	*	NetFlix, Inc		297,102
6,013		Petsmart, Inc		272,810
		TOTAL RETAILING		2,393,145
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
4,285		Avago Technologies Ltd		162,830
1,670	*	First Solar, Inc		220,891
2,819	*	Freescale Semiconductor Holdings Ltd		51,841
22,796	*	ON Semiconductor Corp		238,674
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		674,236
SOFTWARE & SERVICES - 19.4%
6,831		Accenture plc		412,729
14,363	*	Autodesk, Inc		554,412
2,319	*	Baidu, Inc (ADR)		324,961
5,803	*	Check Point Software Technologies		329,901
3,605	*	Citrix Systems, Inc		288,400
3,481	*	Google, Inc (Class A)		1,762,709
24,143	*	Intuit, Inc		1,252,056
1,571		Mercadolibre, Inc		124,643
13,735	*	Nuance Communications, Inc		294,890
31,073		Oracle Corp		1,022,612
18,893	*	Red Hat, Inc		867,189
7,437		Visa, Inc (Class A)		626,642
4,883	*	VMware, Inc (Class A)		489,423
		TOTAL SOFTWARE & SERVICES		8,350,567
TECHNOLOGY HARDWARE & EQUIPMENT - 12.5%
946	*	Acme Packet, Inc		66,343
5,380	*	Apple, Inc		1,805,905
16,144	*	EMC Corp		444,767
1,550	*	F5 Networks, Inc		170,888

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
23,177	*	Juniper Networks, Inc	$	730,076
8,349	*	NetApp, Inc		440,660
7,264	*	Polycom, Inc		467,075
18,703		Qualcomm, Inc		1,062,143
14,343		Telefonaktiebolaget Lm Ericsson (ADR)		206,252
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,394,109
TELECOMMUNICATION SERVICES - 1.1%
9,812	*	American Tower Corp (Class A)		513,462
		TOTAL TELECOMMUNICATION SERVICES		513,462
TRANSPORTATION - 0.5%
3,906	*	Kansas City Southern Industries, Inc		231,743
		TOTAL TRANSPORTATION		231,743
		TOTAL COMMON STOCKS (Cost $38,807,521)		43,428,410
		TOTAL INVESTMENTS - 100.5% (Cost $38,807,521)		43,428,410
		OTHER ASSETS & LIABILITIES, NET - (0.5)%		(198,640	)
		NET ASSETS - 100.0%	$	43,229,770

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing.

3

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 0.4%
4,359	*	Visteon Corp	$	298,199
		TOTAL AUTOMOBILES & COMPONENTS		298,199
BANKS - 3.5%
18,761		Fifth Third Bancorp		239,203
5,228	*	First Republic Bank		168,760
9,981		PNC Financial Services Group, Inc		594,967
55,482		Wells Fargo & Co		1,556,825
11,361		Zions Bancorporation		272,778
		TOTAL BANKS		2,832,533
CAPITAL GOODS - 8.7%
3,483		Ametek, Inc		156,386
6,159		Caterpillar, Inc		655,687
7,599		Dover Corp		515,212
9,782		Eaton Corp		503,284
14,032	*	FIAT Industrial S.p.A.		181,232
13,946	*	Gamesa Corp Tecnologica S.A.		112,673
58,176		General Electric Co		1,097,199
8,230		Goodrich Corp		785,965
3,863		Harsco Corp		125,934
15,931		Honeywell International, Inc		949,328
4,353		KBR, Inc		164,065
2,426		L-3 Communications Holdings, Inc		212,154
8,922		Paccar, Inc		455,825
3,403		Precision Castparts Corp		560,304
5,393		Stanley Works		388,566
8,376		Textron, Inc		197,757
		TOTAL CAPITAL GOODS		7,061,571
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
7,951		Accor Services		242,594
3,656		Manpower, Inc		196,144
6,097	*	Stericycle, Inc		543,365
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		982,103
CONSUMER DURABLES & APPAREL - 2.2%
4,920	*	Deckers Outdoor Corp		433,649
24,503		DR Horton, Inc		282,275
2,246	*	Fossil, Inc		264,399
11,953		Jarden Corp		412,498
7,597	*	Prada S.p.A		45,836
4,531	*	Tempur-Pedic International, Inc		307,292
		TOTAL CONSUMER DURABLES & APPAREL		1,745,949
CONSUMER SERVICES - 2.1%
850	*	Chipotle Mexican Grill, Inc (Class A)		261,962
7,409		Darden Restaurants, Inc		368,672
15,651	*	Orient-Express Hotels Ltd (Class A)		168,248
16,456		Starbucks Corp		649,847
2,806		Weight Watchers International, Inc		211,769
		TOTAL CONSUMER SERVICES		1,660,498
DIVERSIFIED FINANCIALS - 7.1%
7,901		American Express Co		408,482
23,617		Blackstone Group LP		391,098
29,897		Citigroup, Inc		1,244,911
2,069		CME Group, Inc		603,300
20,709		Discover Financial Services		553,965

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
14,373	*	E*Trade Financial Corp	$	198,347
3,354		Goldman Sachs Group, Inc		446,384
18,022		Invesco Ltd		421,715
17,667		JPMorgan Chase & Co		723,287
8,500		Lazard Ltd (Class A)		315,350
10,903		Moody’s Corp		418,130
		TOTAL DIVERSIFIED FINANCIALS		5,724,969
ENERGY - 11.5%
11,180		Anadarko Petroleum Corp		858,177
7,232		Baker Hughes, Inc		524,754
3,252		BG Group plc		73,840
7,671		Cenovus Energy, Inc		288,890
3,853		Chevron Corp		396,243
2,478	*	Concho Resources, Inc		227,604
18,545		El Paso Corp		374,609
6,553		Ensco International plc (ADR)		349,275
37,793		Exxon Mobil Corp		3,075,593
16,776		Halliburton Co		855,576
10,034		Marathon Oil Corp		528,591
9,984		Occidental Petroleum Corp		1,038,735
4,790		Petroleo Brasileiro S.A. (ADR)		162,189
1,651		Saipem S.p.A.		85,258
3,788		Suncor Energy, Inc (NY)		148,111
9,019		Valero Energy Corp		230,616
		TOTAL ENERGY		9,218,061
FOOD & STAPLES RETAILING - 1.1%
6,270		Costco Wholesale Corp		509,375
6,574		Whole Foods Market, Inc		417,120
		TOTAL FOOD & STAPLES RETAILING		926,495
FOOD, BEVERAGE & TOBACCO - 6.8%
24,475		Coca-Cola Co		1,646,923
8,329		Coca-Cola Enterprises, Inc		243,040
6,021		Corn Products International, Inc		332,841
5,539		Groupe Danone		413,503
5,483	*	Hansen Natural Corp		443,849
7,202		Hershey Co		409,434
5,610		Lorillard, Inc		610,761
19,715		Philip Morris International, Inc		1,316,370
1,464		Remy Cointreau S.A.		123,136
		TOTAL FOOD, BEVERAGE & TOBACCO		5,539,857
HEALTH CARE EQUIPMENT & SERVICES - 3.8%
13,936		Cardinal Health, Inc		632,973
6,786	*	Cerner Corp		414,692
2,427		Cooper Cos, Inc		192,315
11,836	*	Coventry Health Care, Inc		431,659
3,164	*	Edwards Lifesciences Corp		275,838
6,500	*	HCA Holdings, Inc		214,500
14,986	*	Hologic, Inc		302,268
7,369		Humana, Inc		593,499
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,057,744
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
5,462		Estee Lauder Cos (Class A)		574,548
3,536		Herbalife Ltd		203,815
16,664		Procter & Gamble Co		1,059,330
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,837,693
INSURANCE - 2.3%
12,247		ACE Ltd		806,098
13,965		Prudential Financial, Inc		888,034
2,238		RenaissanceRe Holdings Ltd		156,548
		TOTAL INSURANCE		1,850,680

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
MATERIALS - 4.4%
3,037		Agrium, Inc	$	266,527
6,443		Barrick Gold Corp		291,803
1,583		CF Industries Holdings, Inc		224,264
8,818		Christian Hansen Holding		209,523
7,854		Dow Chemical Co		282,744
13,274		Du Pont (E.I.) de Nemours & Co		717,459
4,013		Eastman Chemical Co		409,607
14,143		Huntsman Corp		266,596
18,548	*	Louisiana-Pacific Corp		150,981
7,320		Monsanto Co		530,993
1,617		Walter Energy, Inc		187,249
		TOTAL MATERIALS		3,537,746
MEDIA - 3.4%
6,765		Cablevision Systems Corp (Class A)		244,961
13,271		CBS Corp (Class B)		378,091
25,897		Comcast Corp (Class A)		656,230
15,677		Viacom, Inc (Class B)		799,526
17,139		Walt Disney Co		669,107
		TOTAL MEDIA		2,747,915
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.7%
4,965		Allergan, Inc		413,336
11,161		Biovail Corp		579,926
23,446		Bristol-Myers Squibb Co		678,996
8,262	*	Gilead Sciences, Inc		342,129
5,727	*	Human Genome Sciences, Inc		140,541
6,430		Johnson & Johnson		427,724
2,123	*	Mettler-Toledo International, Inc		358,086
21,709	*	Mylan Laboratories, Inc		535,561
82,111		Pfizer, Inc		1,691,486
3,251	*	Pharmasset, Inc		364,762
4,062		Sanofi-Aventis		326,750
10,300		Shire Ltd		322,047
3,469		UCB S.A.		155,880
5,437	*	United Therapeutics Corp		299,579
16,559		Warner Chilcott plc		399,569
11,512	*	Watson Pharmaceuticals, Inc		791,219
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,827,591
RETAILING - 3.5%
2,829		Abercrombie & Fitch Co (Class A)		189,317
1,665	*	Amazon.com, Inc		340,475
14,010		Foot Locker, Inc		332,878
8,479	*	GameStop Corp (Class A)		226,135
21,644		Home Depot, Inc		783,945
248	*	HomeAway, Inc		9,598
69	*	L’ Occitane International S.A.		185
15,596		Macy’s, Inc		456,027
3,641		Tiffany & Co		285,891
3,235		Tractor Supply Co		216,357
		TOTAL RETAILING		2,840,808
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
33,856		ARM Holdings plc		318,369
7,957		Avago Technologies Ltd		302,366
40,172		Intel Corp		890,211
32,110	*	Micron Technology, Inc		240,183
23,840	*	ON Semiconductor Corp		249,605
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,000,734
SOFTWARE & SERVICES - 8.4%
5,531		Accenture plc		334,183
9,287	*	Amdocs Ltd		282,232
5,266	*	BMC Software, Inc		288,050
8,319	*	Electronic Arts, Inc		196,328

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
2,289	*	Google, Inc (Class A)	$	1,159,104
3,774		International Business Machines Corp		647,430
3,139	*	Micros Systems, Inc		156,040
24,072		Microsoft Corp		625,872
1,013	*	MicroStrategy, Inc (Class A)		164,795
33,765		Oracle Corp		1,111,206
3,860	*	Quest Software, Inc		87,738
36,050	*	Symantec Corp		710,906
4,300		Tencent Holdings Ltd		117,357
6,720	*	Teradata Corp		404,544
4,923	*	VeriFone Systems, Inc		218,335
2,046	*	VMware, Inc (Class A)		205,071
		TOTAL SOFTWARE & SERVICES		6,709,191

TECHNOLOGY HARDWARE & EQUIPMENT - 7.2%
7,479	*	Apple, Inc		2,510,476
29,428		Cisco Systems, Inc		459,371
13,220	*	EMC Corp		364,211
7,850		Hewlett-Packard Co		285,740
29,718	*	JDS Uniphase Corp		495,102
5,003	*	Polycom, Inc		321,693
21,410		Qualcomm, Inc		1,215,874
4,597	*	Western Digital Corp		167,239
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,819,706
TELECOMMUNICATION SERVICES - 3.4%
8,124	*	American Tower Corp (Class A)		425,129
13,990		CenturyTel, Inc		565,616
63,006	*	Level 3 Communications, Inc		153,735
6,638	*	MetroPCS Communications, Inc		114,240
45,564	*	Sprint Nextel Corp		245,590
32,277		Verizon Communications, Inc		1,201,672
		TOTAL TELECOMMUNICATION SERVICES		2,705,982
TRANSPORTATION - 2.6%
6,067		Con-Way, Inc		235,460
45,307	*	JetBlue Airways Corp		276,373
9,085	*	Kansas City Southern Industries, Inc		539,013
14,829		United Parcel Service, Inc (Class B)		1,081,479
		TOTAL TRANSPORTATION		2,132,325
UTILITIES - 1.2%
4,227		American Electric Power Co, Inc		159,273
2,934		ITC Holdings Corp		210,573
22,925		NV Energy, Inc		351,899
8,820		PPL Corp		245,461
		TOTAL UTILITIES		967,206
		TOTAL COMMON STOCKS (Cost $71,272,102)		80,025,556
		TOTAL INVESTMENTS - 99.3% (Cost $71,272,102)		80,025,556
		OTHER ASSETS & LIABILITIES, NET - 0.7%		583,210
		NET ASSETS - 100.0%	$	80,608,766

Abbreviation(s):

ADR     American Depositary Receipt

* Non-income producing.

7

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
CHINA - 5.0%
4,521,000		Agricultural Bank of China	$	2,387,206
329,432		Asian Citrus Holdings Ltd		300,100
1,415,614		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		2,710,491
		TOTAL CHINA		5,397,797
FINLAND - 0.6%
24,299		Fortum Oyj		704,556
		TOTAL FINLAND		704,556
FRANCE - 2.4%
27,813		BNP Paribas		2,144,631
11,722		Peugeot S.A.		525,864
384		Societe Generale		22,743
		TOTAL FRANCE		2,693,238
GERMANY - 25.1%
110,013		Bayer AG.		8,835,864
83,334		Henkel KGaA (Preference)		5,794,891
97,182		Lanxess AG.		7,971,700
20,851		Rheinmetall AG.		1,844,533
60,089		ThyssenKrupp AG.		3,122,082
		TOTAL GERMANY		27,569,070
HONG KONG - 2.3%
1,069,282		Li & Fung Ltd		2,137,162
426,000		Trinity Ltd		430,259
		TOTAL HONG KONG		2,567,421
INDIA - 4.1%
77,892		HDFC Bank Ltd		4,399,634
		TOTAL INDIA		4,399,634
IRELAND - 0.5%
50,325	*	Smurfit Kappa Group plc		599,886
		TOTAL IRELAND		599,886
ITALY - 0.4%
9,197		Saipem S.p.A.		474,936
		TOTAL ITALY		474,936
JAPAN - 14.6%
41,000		Aeon Credit Service Co Ltd		561,572
2,270		Canon, Inc		107,975
500		Daikin Industries Ltd		17,723
1,172		Denso Corp		43,590
850	*	Fanuc Ltd		142,140
269,000		Hitachi Ltd		1,596,515
47,800		JTEKT Corp		704,323
3,803		Kao Corp		99,997
3,080		Komatsu Ltd		96,167
3,243		Mitsubishi Corp		81,003
23,016		Mitsubishi Electric Corp		267,356
139,000		Mitsubishi Heavy Industries Ltd		653,609
122,653		Mitsubishi UFJ Financial Group, Inc		597,729
5,960		Mitsubishi UFJ Lease & Finance Co Ltd		230,658
7,000		Mitsui Trust Holdings, Inc		24,365
14,000		Nippon Electric Glass Co Ltd		179,636
850		Nitto Denko Corp		43,189
2,850	*	NOK Corp		48,842
6,253	*	Nomura Holdings, Inc		30,857

8

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
119,000		NTN Corp	$	677,901
2,472	*	ORIX Corp		240,456
66,800		Shin-Etsu Chemical Co Ltd		3,580,596
2,750	*	Sony Corp		72,559
7,350		Sumitomo Corp		99,991
3,200		Sumitomo Metal Mining Co Ltd		52,574
3,000		Suruga Bank Ltd		26,155
591,000		Teijin Ltd		2,605,026
4,800		United Arrows Ltd		101,453
64,900		Ushio, Inc		1,283,222
23,540		Yamada Denki Co Ltd		1,918,028
		TOTAL JAPAN		16,185,207
MACAU - 5.0%
2,022,609	*	Sands China Ltd		5,482,379
		TOTAL MACAU		5,482,379
NETHERLANDS - 0.1%
1,711		Royal Dutch Shell plc (A Shares)		60,883
		TOTAL NETHERLANDS		60,883
SWEDEN - 6.0%
76,428		Assa Abloy AB (Class B)		2,054,250
156,641		SKF AB (B Shares)		4,535,495
		TOTAL SWEDEN		6,589,745
SWITZERLAND - 15.6%
75,155		Adecco S.A.		4,823,849
4,653		Burckhardt Compression Holding AG.		1,417,518
185,256	*	Clariant AG.		3,544,206
7,121		Credit Suisse Group		277,521
2,043		Givaudan S.A.		2,161,221
34,268		Tecan Group AG.		2,868,242
110,365	*	UBS AG. (Switzerland)		2,014,113
		TOTAL SWITZERLAND		17,106,670
TAIWAN - 2.0%
327,000		Formosa Plastics Corp		1,181,746
30,000		High Tech Computer Corp		1,014,337
		TOTAL TAIWAN		2,196,083
UNITED KINGDOM - 16.1%
478,884		ICAP plc		3,632,020
37,050		Pearson plc		700,884
138,974		Reckitt Benckiser Group plc		7,675,820
265,793		Smiths Group plc		5,126,931
32,485		Tullow Oil plc		646,910
		TOTAL UNITED KINGDOM		17,782,565
		TOTAL COMMON STOCKS (Cost $99,867,611)		109,810,070
		TOTAL INVESTMENTS - 99.8% (Cost $99,867,611)		109,810,070
		OTHER ASSETS & LIABILITIES, NET - 0.2%		257,257
		NET ASSETS - 100.0%	$	110,067,327

* Non-income producing.

9

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (Unaudited)

June 30, 2011

SECTOR	VALUE		% OF NET ASSETS
INDUSTRIALS	$	26,536,502		24.1	%
MATERIALS		24,862,226		22.6
FINANCIALS		16,589,660		15.1
CONSUMER STAPLES		13,870,808		12.6
HEALTH CARE		11,704,106		10.6
CONSUMER DISCRETIONARY		11,461,020		10.4
INFORMATION TECHNOLOGY		2,898,463		2.6
ENERGY		1,182,729		1.1
UTILITIES		704,556		0.7
OTHER ASSETS & LIABILITIES, NET		257,257		0.2
NET ASSETS	$	110,067,327		100.0	%

10

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 101.1%
AUTOMOBILES & COMPONENTS - 1.3%
44,244	*	American Axle & Manufacturing Holdings, Inc	$	503,497
12,174	*	Ford Motor Co		167,879
3,747	*	Visteon Corp		256,332
		TOTAL AUTOMOBILES & COMPONENTS		927,708
BANKS - 6.1%
13,863		Fifth Third Bancorp		176,753
48,048		Huntington Bancshares, Inc		315,195
4,781	*	MGIC Investment Corp		28,447
4,152		PNC Financial Services Group, Inc		247,501
10,023		SunTrust Banks, Inc		258,593
33,776		US Bancorp		861,626
70,924		Wells Fargo & Co		1,990,127
11,051		Zions Bancorporation		265,335
		TOTAL BANKS		4,143,577
CAPITAL GOODS - 9.1%
11,497		Boeing Co		849,974
16,389		CAE, Inc		221,080
10,682		Danaher Corp		566,039
31,263	*	FIAT Industrial S.p.A.		403,781
82,420		General Electric Co		1,554,441
9,164		Harsco Corp		298,746
7,929		Honeywell International, Inc		472,489
4,294		L-3 Communications Holdings, Inc		375,510
37,531		Masco Corp		451,498
4,114		SPX Corp		340,063
12,954		Textron, Inc		305,844
24,452	*	USG Corp		350,642
		TOTAL CAPITAL GOODS		6,190,107
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
9,549		Accor Services		291,351
18,617		Republic Services, Inc		574,334
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		865,685
CONSUMER DURABLES & APPAREL - 2.2%
9,190		Jarden Corp		317,147
12,630		Newell Rubbermaid, Inc		199,301
123,727	*	Pulte Homes, Inc		947,749
		TOTAL CONSUMER DURABLES & APPAREL		1,464,197
CONSUMER SERVICES - 2.0%
8,310	*	Las Vegas Sands Corp		350,764
4,913		Marriott International, Inc (Class A)		174,362
28,186	*	Orient-Express Hotels Ltd (Class A)		303,000
2,467		Sotheby’s (Class A)		107,315
3,973	*	WMS Industries, Inc		122,051
71,600		Wynn Macau Ltd		234,473
		TOTAL CONSUMER SERVICES		1,291,965
DIVERSIFIED FINANCIALS - 9.5%
10,682		Apollo Management LP		183,730
121,577		Bank of America Corp		1,332,484
5,386		Bank of New York Mellon Corp		137,989
1,024		BlackRock, Inc		196,413
23,662		Blackstone Group LP		391,843
42,387		Citigroup, Inc		1,764,995
453		CME Group, Inc		132,090

11

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
10,348		Discover Financial Services	$	276,809
13,634	*	E*Trade Financial Corp		188,149
3,273		Goldman Sachs Group, Inc		435,605
15,147		JPMorgan Chase & Co		620,118
13,740		Morgan Stanley		316,157
2,180	*	ORIX Corp		212,053
4,547		State Street Corp		205,024
		TOTAL DIVERSIFIED FINANCIALS		6,393,459
ENERGY - 11.3%
6,215		Anadarko Petroleum Corp		477,063
2,067		Apache Corp		255,047
1,933		Baker Hughes, Inc		140,258
2,828		Cabot Oil & Gas Corp		187,525
8,289		Cenovus Energy, Inc		312,164
815		Chesapeake Energy Corp		24,197
12,682		Chevron Corp		1,304,216
24,415	*	Cobalt International Energy, Inc		332,776
2,292	*	Concho Resources, Inc		210,520
3,603		ConocoPhillips		270,910
5,803	*,g,m	Crescent Point Energy Corp 144A		268,173
1,428	*	Devon Energy Corp		112,541
11,261		El Paso Corp		227,472
11,387		Ensco International plc (ADR)		606,927
1,782		Exxon Mobil Corp		145,019
8,353		Marathon Oil Corp		440,036
8,311		Occidental Petroleum Corp		864,676
1,821		Questar Market Resources, Inc		76,172
117		Southern Union Co		4,698
2,429	*	Southwestern Energy Co		104,156
332		Spectra Energy Corp		9,100
8,606		Suncor Energy, Inc (NY)		336,495
34,916	*	Weatherford International Ltd		654,676
6,938		Williams Cos, Inc		209,875
		TOTAL ENERGY		7,574,692
FOOD & STAPLES RETAILING - 1.4%
24,192		CVS Corp		909,135
		TOTAL FOOD & STAPLES RETAILING		909,135
FOOD, BEVERAGE & TOBACCO - 3.4%
19,337		Kraft Foods, Inc (Class A)		681,243
1,274		Lorillard, Inc		138,700
17,917		PepsiCo, Inc		1,261,894
2,802		Remy Cointreau S.A.		235,675
		TOTAL FOOD, BEVERAGE & TOBACCO		2,317,512
HEALTH CARE EQUIPMENT & SERVICES - 3.7%
4,299		Aetna, Inc		189,543
54,679	*	Boston Scientific Corp		377,832
5,728	*	CareFusion Corp		155,630
9,980	*	HCA Holdings, Inc		329,340
28,407	*	Hologic, Inc		572,969
1,593		Quest Diagnostics, Inc		94,146
15,281		UnitedHealth Group, Inc		788,194
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,507,654
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
23,894		Procter & Gamble Co		1,518,942
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,518,942
INSURANCE - 6.5%
6,219		ACE Ltd		409,335
5,096		Aflac, Inc		237,881
14,890		Allstate Corp		454,592
4,929		Axis Capital Holdings Ltd		152,602
3,971		Chubb Corp		248,624

12

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
2,238		Everest Re Group Ltd	$	182,957
7,354	*	Genworth Financial, Inc (Class A)		75,599
5,495		Lincoln National Corp		156,553
6,544		Marsh & McLennan Cos, Inc		204,107
2,061		Max Capital Group Ltd		45,960
27,469		Metlife, Inc		1,205,064
1,943		PartnerRe Ltd		133,776
11,676		Prudential Financial, Inc		742,477
2,234		RenaissanceRe Holdings Ltd		156,268
		TOTAL INSURANCE		4,405,795
MATERIALS - 2.7%
1,769		Akzo Nobel NV		111,767
3,096		Ashland, Inc		200,064
10,236		Dow Chemical Co		368,495
9,134	*	Ferro Corp		122,761
10,214	*	Georgia Gulf Corp		246,566
9,531		PolyOne Corp		147,445
6,121		Sonoco Products Co		217,540
12,000		Teijin Ltd		52,894
3,116		Walter Energy, Inc		360,833
		TOTAL MATERIALS		1,828,365
MEDIA - 1.6%
3,753		DISH Network Corp (Class A)		115,105
11,903		News Corp (Class A)		210,683
19,351		Walt Disney Co		755,463
		TOTAL MEDIA		1,081,251
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
6,994	*	Amgen, Inc		408,101
76,036	*	Biovitrum AB		300,940
16,480		Johnson & Johnson		1,096,250
2,830		Lonza Group AG.		221,711
15,461		Merck & Co, Inc		545,619
10,046	*	Mylan Laboratories, Inc		247,835
107,275		Pfizer, Inc		2,209,865
10,338	*	Vanda Pharmaceuticals, Inc		73,813
12,448		Warner Chilcott plc		300,370
11,184	*	Watson Pharmaceuticals, Inc		768,676
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,173,180
REAL ESTATE - 2.0%
323		Boston Properties, Inc		34,290
40,888		Chimera Investment Corp		141,472
3,969		General Growth Properties, Inc		66,243
15,265		Kimco Realty Corp		284,539
2,313		Rayonier, Inc		151,155
644		Regency Centers Corp		28,317
297		Simon Property Group, Inc		34,520
2,203		SL Green Realty Corp		182,562
5,587		Starwood Property Trust, Inc		114,589
8,000		Sumitomo Realty & Development Co Ltd		178,797
46,707	*	Unitech Corporate Parks plc		16,492
648		Vornado Realty Trust		60,381
		TOTAL REAL ESTATE		1,293,357
RETAILING - 2.0%
6,443		Kohl’s Corp		322,215
20,818		Lowe’s Cos, Inc		485,268
5,969	*	Talbots, Inc		19,936
6,376		Target Corp		299,098
7,988	*	Urban Outfitters, Inc		224,862
		TOTAL RETAILING		1,351,379
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
10,984	*	Freescale Semiconductor Holdings Ltd		201,996

13

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
29,609		Intel Corp	$	656,135
29,567	*	Micron Technology, Inc		221,161
36,481	*	RF Micro Devices, Inc		223,264
464,266		Solomon Systech International Ltd		22,706
7,440	*	Spansion, Inc		143,369
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,468,631
SOFTWARE & SERVICES - 4.1%
2,156	*	Alliance Data Systems Corp		202,815
50,628	*	AOL, Inc		1,005,473
3,459		DST Systems, Inc		182,635
19,304	*	eBay, Inc		622,940
38	*	LinkedIn Corp		3,423
13,848		Microsoft Corp		360,048
2,613		Visa, Inc (Class A)		220,172
13,855	*	Yahoo!, Inc		208,379
		TOTAL SOFTWARE & SERVICES		2,805,885
TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
12,803	*	AU Optronics Corp (ADR)		88,085
3,649	*	Ciena Corp		67,069
58,051		Cisco Systems, Inc		906,176
17,257		Corning, Inc		313,214
22,156		Hewlett-Packard Co		806,478
15,000		Hitachi Ltd		89,025
5,038	*	JDS Uniphase Corp		83,933
2,727	*	Motorola Mobility Holdings, Inc		60,103
3,116	*	Motorola, Inc		143,461
43		Qualcomm, Inc		2,442
12,506		Seagate Technology, Inc		202,097
30,821	*	Smart Technologies, Inc (Class A)		175,680
41,842		Xerox Corp		435,575
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,373,338
TELECOMMUNICATION SERVICES - 5.3%
37,480		AT&T, Inc		1,177,246
16,441		CenturyTel, Inc		664,710
6,604		Frontier Communications Corp		53,294
70,104	*	Level 3 Communications, Inc		171,054
98,789	*	Sprint Nextel Corp		532,473
25,291		Verizon Communications, Inc		941,584
		TOTAL TELECOMMUNICATION SERVICES		3,540,361
TRANSPORTATION - 1.3%
6,284		Con-Way, Inc		243,882
23,850	*	Swift Transportation Co, Inc		323,168
16,570		UTI Worldwide, Inc		326,263
		TOTAL TRANSPORTATION		893,313
UTILITIES - 5.6%
3,591		American Electric Power Co, Inc		135,309
17,648		Centerpoint Energy, Inc		341,489
11,075		Constellation Energy Group, Inc		420,407
715		Entergy Corp		48,820
5,464		FirstEnergy Corp		241,236
3,982		NextEra Energy, Inc		228,806
8,860		NV Energy, Inc		136,001
4,995		PG&E Corp		209,940
12,545		PPL Corp		349,127
20,617		Public Service Enterprise Group, Inc		672,939
169,185	*	RRI Energy, Inc		653,054
1,355		Sempra Energy		71,652
5,230		Utilities Select Sector SPDR F		175,100
1,990		Xcel Energy, Inc		48,357
		TOTAL UTILITIES		3,732,237

14

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES	COMPANY	VALUE
	TOTAL COMMON STOCKS (Cost $64,820,921)	$	68,051,725
	TOTAL INVESTMENTS - 101.1% (Cost $64,820,921)		68,051,725
	OTHER ASSETS & LIABILITIES, NET - (1.1)%		(717,664	)
	NET ASSETS - 100.0%	$	67,334,061

Abbreviation(s):

ADR      American Depositary Receipt

SPDR    Standard & Poor’s Depository Receipts

* 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, 2011, the value of these securities amounted to $268,173 or 0.4% of net assets.

m Indicates a security that has been deemed illiquid.

15

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.8%
11,200	*	American Axle & Manufacturing Holdings, Inc	$	127,456
13,361		Cooper Tire & Rubber Co		264,414
21,489	*	Dana Holding Corp		393,248
11,281	*	Exide Technologies		86,187
4,682		Standard Motor Products, Inc		71,307
4,926		Superior Industries International, Inc		108,914
4,094	*	Tower International, Inc		72,423
		TOTAL AUTOMOBILES & COMPONENTS		1,123,949
BANKS - 6.0%
1,090		1st Source Corp		22,607
12,746		Astoria Financial Corp		163,022
1,420		Berkshire Hills Bancorp, Inc		31,794
9,394		Brookline Bancorp, Inc		87,082
580		Century Bancorp, Inc		15,347
2,200		Chemical Financial Corp		41,272
800		City Holding Co		26,424
5,757		Columbia Banking System, Inc		99,136
1,792		Community Bank System, Inc		44,424
1,644		CVB Financial Corp		15,207
3,160		Dime Community Bancshares		45,946
10,712		East West Bancorp, Inc		216,490
670	*	First Defiance Financial Corp		9,842
8,515		First Financial Bancorp		142,115
3,412		First Financial Bankshares, Inc		117,543
1,500		First Interstate Bancsystem, Inc		22,110
670		First Merchants Corp		5,990
11,031		FirstMerit Corp		182,122
11,430		FNB Corp		118,301
4,041		Hancock Holding Co		125,190
790		IBERIABANK Corp		45,536
302		Independent Bank Corp		7,928
5,343		International Bancshares Corp		89,388
1,095		Lakeland Bancorp, Inc		10,928
1,423		MainSource Financial Group, Inc		11,811
4,643		National Penn Bancshares, Inc		36,819
2,912		NBT Bancorp, Inc		64,443
12,461		Northwest Bancshares, Inc		156,760
1,900		Oritani Financial Corp		24,301
6,200		PrivateBancorp, Inc		85,560
5,032		Prosperity Bancshares, Inc		220,501
10,548		Provident Financial Services, Inc		151,047
861		Republic Bancorp, Inc (Class A)		17,134
441		SCBT Financial Corp		12,648
959	*	Signature Bank		54,855
1,640		Simmons First National Corp (Class A)		42,082
1,117		Sterling Bancorp		10,600
1,660	*	Sun Bancorp, Inc		6,059
1,331		Susquehanna Bancshares, Inc		10,648
6,454	*	SVB Financial Group		385,367
1,730	*	The Bancorp, Inc		18,079
1,110		Trico Bancshares		16,206
600		Trustmark Corp		14,046
5,185		UMB Financial Corp		217,147
13,600		Umpqua Holdings Corp		157,352
610		Union Bankshares Corp		7,430
1,100		United Bankshares, Inc		26,928
2,182		United Financial Bancorp, Inc		33,668

16

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
6,340		Webster Financial Corp	$	133,267
610		WesBanco, Inc		11,993
9,508	*	Western Alliance Bancorp		67,507
5,615		Wintrust Financial Corp		180,691
		TOTAL BANKS		3,860,693
CAPITAL GOODS - 8.6%
740		A.O. Smith Corp		31,302
2,332		AAR Corp		63,174
7,480		Actuant Corp (Class A)		200,688
1,860		Alamo Group, Inc		44,082
3,820	*	Altra Holdings, Inc		91,642
2,136		Ampco-Pittsburgh Corp		50,089
8,057		Applied Industrial Technologies, Inc		286,910
3,073	*	Astec Industries, Inc		113,640
9,327		Barnes Group, Inc		231,403
5,311	*	Beacon Roofing Supply, Inc		121,197
2,000		Belden CDT, Inc		69,720
5,583	*	Blount International, Inc		97,535
2,695		Briggs & Stratton Corp		53,523
2,352		Cascade Corp		111,885
2,550	*	Ceradyne, Inc		99,425
2,021		Cubic Corp		103,051
8,616		Curtiss-Wright Corp		278,900
2,063		Ducommun, Inc		42,436
1,700	*	DXP Enterprises, Inc		43,095
10,610	*	EMCOR Group, Inc		310,979
1,270	*	EnerSys		43,713
6,162	*	EnPro Industries, Inc		296,208
18,864	*	Force Protection, Inc		93,660
2,500		Franklin Electric Co, Inc		117,375
12,165	*	GenCorp, Inc		78,099
8,589		Great Lakes Dredge & Dock Corp		47,927
5,323		Heico Corp		291,381
3,595	*	Kadant, Inc		113,278
2,156		Kaman Corp		76,473
2,710	*	Layne Christensen Co		82,221
1,470		LB Foster Co (Class A)		48,378
8,000	*	Mastec, Inc		157,760
6,928		Mueller Industries, Inc		262,640
1,200	*	MYR Group, Inc		28,080
1,621		Nacco Industries, Inc (Class A)		156,945
1,700	*	NCI Building Systems, Inc		19,363
2,270	*	Powell Industries, Inc		82,855
1,200		Primoris Services Corp		15,480
12,473		Quanex Building Products Corp		204,432
51		Seaboard Corp		123,318
3,230		Snap-On, Inc		201,810
2,494		Standex International Corp		76,491
3,695	*	Sterling Construction Co, Inc		50,880
3,000		Triumph Group, Inc		298,739
882		Watsco, Inc		59,967
900		Watts Water Technologies, Inc (Class A)		31,869
910		Woodward Governor Co		31,723
		TOTAL CAPITAL GOODS		5,535,741
COMMERCIAL & PROFESSIONAL SERVICES - 2.9%
6,091	*	Acacia Research (Acacia Technologies)		223,479
5,016		Administaff, Inc		148,524
1,996	*	Advisory Board Co		115,528
10,957		Brink’s Co		326,846
2,750	*	Consolidated Graphics, Inc		151,113
3,891		Corporate Executive Board Co		169,842
3,300	*	EnerNOC, Inc		51,942
1,694	*	Exponent, Inc		73,706
17,884		Steelcase, Inc (Class A)		203,699

17

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
6,471	*	SYKES Enterprises, Inc	$	139,321
5,766	*	Tetra Tech, Inc		129,735
7,323	*	TrueBlue, Inc		106,037
635		VSE Corp		15,812
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,855,584
CONSUMER DURABLES & APPAREL - 3.0%
2,800		American Greetings Corp (Class A)		67,312
3,866	*	Arctic Cat, Inc		51,920
5,000	*	Ascena Retail Group, Inc		170,250
1,636		Blyth, Inc		82,373
6,010		Brunswick Corp		122,604
12,567	*	CROCS, Inc		323,600
684	*	Deckers Outdoor Corp		60,288
25,670	*	Eastman Kodak Co		91,899
3,581	*	Helen of Troy Ltd		123,652
5,057	*	iRobot Corp		178,461
6,167	*	Jakks Pacific, Inc		113,534
3,207	*	Kenneth Cole Productions, Inc (Class A)		40,055
510		Polaris Industries, Inc		56,697
2,100		Pool Corp		62,601
11,300	*	Quiksilver, Inc		53,110
1,800		Sturm Ruger & Co, Inc		39,510
466	*	Timberland Co (Class A)		20,024
5,540	*	True Religion Apparel, Inc		161,103
1,779	*	Warnaco Group, Inc		92,953
		TOTAL CONSUMER DURABLES & APPAREL		1,911,946
CONSUMER SERVICES - 3.5%
2,013	*	American Public Education, Inc		89,599
5,061		Ameristar Casinos, Inc		119,996
4,900	*	Bridgepoint Education, Inc		122,500
3,260	*	Buffalo Wild Wings, Inc		216,171
5,657	*	California Pizza Kitchen, Inc		104,485
1,265	*	Capella Education Co		52,940
1,430		CBRL Group, Inc		70,513
2,818		CEC Entertainment, Inc		113,030
9,736	*	Cheesecake Factory		305,417
3,700	*	Coinstar, Inc		201,798
3,260	*	Papa John’s International, Inc		108,428
6,948		PF Chang’s China Bistro, Inc		279,588
1,000	*	Pinnacle Entertainment, Inc		14,900
4,660		Sotheby’s (Class A)		202,710
93	*	Steak N Shake Co		36,368
5,400		Texas Roadhouse, Inc (Class A)		94,689
5,225		Universal Technical Institute, Inc		103,298
		TOTAL CONSUMER SERVICES		2,236,430
DIVERSIFIED FINANCIALS - 2.5%
19,700	*	American Capital Ltd		195,620
10,420		BGC Partners, Inc (Class A)		80,547
4,024		Calamos Asset Management, Inc (Class A)		58,428
4,371		Cash America International, Inc		252,950
6,154	*	Dollar Financial Corp		133,234
200	*	DVI, Inc		0
5,539	*	E*Trade Financial Corp		76,438
4,258		Evercore Partners, Inc (Class A)		141,877
1,000		GAMCO Investors, Inc (Class A)		46,290
2,000		Hercules Technology Growth Capital, Inc		21,040
4,400	*	Investment Technology Group, Inc		61,688
5,338		Nelnet, Inc (Class A)		117,756
2,000	*	New Mountain Finance Corp		25,400
5,205	*	PHH Corp		106,807
2,733	*	Piper Jaffray Cos		78,738
2,700		Solar Capital Ltd		66,663
3,595		Triangle Capital Corp		66,364
		TOTAL DIVERSIFIED FINANCIALS		1,529,840

18

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
ENERGY - 7.2%
11,637		Alon USA Energy, Inc	$	131,149
10,963	*	Basic Energy Services, Inc		345,006
1,329		Berry Petroleum Co (Class A)		70,610
6,600	*	Bill Barrett Corp		305,910
12,100	*	Callon Petroleum Co		84,942
1,604	*	Complete Production Services, Inc		53,509
3,100	*	CVR Energy, Inc		76,322
1,470	*	Dawson Geophysical Co		50,201
6,907		Delek US Holdings, Inc		108,440
7,311	*	Energy Partners Ltd		108,276
9,046	*	Energy XXI Bermuda Ltd		300,508
5,868	*	Green Plains Renewable Energy, Inc		63,316
26,650	*	ION Geophysical Corp		252,109
6,098	*	James River Coal Co		126,960
16,700	*	Key Energy Services, Inc		300,600
2,300	*	Mitcham Industries, Inc		39,790
32,190	*	Newpark Resources, Inc		291,963
918	*	OYO Geospace Corp		91,800
20,289	*	Pioneer Drilling Co		309,204
5,700	*	Resolute Energy Corp		92,112
11,276	*	Stone Energy Corp		342,677
5,500	*	Swift Energy Co		204,985
3,356		Targa Resources Investments, Inc		112,292
2,408	*	Tesco Corp		46,739
16,129	*	Vaalco Energy, Inc		97,097
9,500		W&T Offshore, Inc		248,140
7,600	*	Western Refining, Inc		137,332
632	*	Westmoreland Coal Co		11,218
6,940		World Fuel Services Corp		249,354
		TOTAL ENERGY		4,652,561
FOOD & STAPLES RETAILING - 1.7%
2,185		Andersons, Inc		92,316
400		Nash Finch Co		14,324
6,273	*	Pantry, Inc		117,870
50,400	*	Rite Aid Corp		67,032
8,141		Ruddick Corp		354,460
700		Spartan Stores, Inc		13,671
4,320	*	United Natural Foods, Inc		184,334
510		Village Super Market (Class A)		14,132
2,058		Weis Markets, Inc		83,822
16,700	*	Winn-Dixie Stores, Inc		141,115
		TOTAL FOOD & STAPLES RETAILING		1,083,076
FOOD, BEVERAGE & TOBACCO - 0.8%
9,791	*	Alliance One International, Inc		31,625
1,100		Cal-Maine Foods, Inc		35,156
12,873	*	Chiquita Brands International, Inc		167,606
300		Coca-Cola Bottling Co Consolidated		20,298
3,915	*	Darling International, Inc		69,296
1,424		J&J Snack Foods Corp		70,986
6,400	*	Omega Protein Corp		88,320
1,600		Universal Corp		60,272
		TOTAL FOOD, BEVERAGE & TOBACCO		543,559
HEALTH CARE EQUIPMENT & SERVICES - 7.2%
10,208	*	Align Technology, Inc		232,742
2,977	*	Almost Family, Inc		81,570
6,808	*	Amedisys, Inc		181,297
300		Analogic Corp		15,777
4,275	*	Arthrocare Corp		143,084
3,919		Cantel Medical Corp		105,460
1,004	*	Catalyst Health Solutions, Inc		56,043
800	*	Conmed Corp		22,784
9,872	*	Continucare Corp		61,009
429	*	Cynosure, Inc (Class A)		5,191

19

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,478	*	DynaVox, Inc	$	26,433
800		Ensign Group, Inc		24,312
9,941	*	Five Star Quality Care, Inc		57,757
5,653	*	Greatbatch, Inc		151,613
1,899	*	ICU Medical, Inc		82,986
10,350	*	Immucor, Inc		211,347
7,964		Invacare Corp		264,326
2,153	*	Kensey Nash Corp		54,320
11,978	*	Kindred Healthcare, Inc		257,168
1,099	*	Magellan Health Services, Inc		60,159
6,788	*	Medidata Solutions, Inc		162,029
12,097	*	Molina Healthcare, Inc		328,071
2,250	*	MWI Veterinary Supply, Inc		181,733
12,055	*	NxStage Medical, Inc		250,986
6,152	*	Omnicell, Inc		95,910
5,566	*	OraSure Technologies, Inc		47,478
2,309	*	Orthofix International NV		98,063
6,533		Owens & Minor, Inc		225,323
1,917	*	Providence Service Corp		24,250
1,300	*	Quidel Corp		19,695
1,064	*	Sirona Dental Systems, Inc		56,498
2,774	*	SonoSite, Inc		97,562
3,400		STERIS Corp		118,932
10,227	*	Team Health Holdings, Inc		230,210
2,391	*	Triple-S Management Corp (Class B)		51,956
8,200	*	WellCare Health Plans, Inc		421,562
7,635	*	Wright Medical Group, Inc		114,525
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,620,161
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
3,528	*	Central Garden and Pet Co (Class A)		35,809
2,800	*	Elizabeth Arden, Inc		81,284
2,753		Inter Parfums, Inc		63,402
5,175	*	Medifast, Inc		122,803
5,114		Nu Skin Enterprises, Inc (Class A)		192,030
6,938	*	Prestige Brands Holdings, Inc		89,084
4,130	*	Revlon, Inc (Class A)		69,384
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		653,796
INSURANCE - 3.1%
2,087	*	American Safety Insurance Holdings Ltd		39,945
1,427		Argo Group International Holdings Ltd		42,410
47,919	*	Conseco, Inc		379,039
5,180		Crawford & Co (Class B)		36,623
4,702		FBL Financial Group, Inc (Class A)		151,169
16,798		First American Financial Corp		262,889
10,830		Horace Mann Educators Corp		169,056
300		Infinity Property & Casualty Corp		16,398
5,729		Maiden Holdings Ltd		52,134
8,064		Max Capital Group Ltd		179,827
4,755		Meadowbrook Insurance Group, Inc		47,122
2,481	*	National Financial Partners Corp		28,631
2,800		OneBeacon Insurance Group Ltd (Class A)		37,492
5,450	*	ProAssurance Corp		381,501
2,933		Selective Insurance Group, Inc		47,720
6,000		Symetra Financial Corp		80,580
2,700		Tower Group, Inc		64,314
		TOTAL INSURANCE		2,016,850
MATERIALS - 5.8%
1,200		A. Schulman, Inc		30,228
5,555	*	Brush Engineered Materials, Inc		205,368
8,013		Buckeye Technologies, Inc		216,191
7,100	*	Chemtura		129,220
257	*	Contango ORE, Inc		3,341
5,200		H.B. Fuller Co		126,984
2,300		Haynes International, Inc		142,439

20

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
35,700	*	Hecla Mining Co	$	274,533
2,100	*	Innospec, Inc		70,581
842		Kaiser Aluminum Corp		45,990
3,260	*	Metals USA Holdings Corp		48,574
3,764		Minerals Technologies, Inc		249,516
3,393	*	Noranda Aluminium Holding Corp		51,370
15,400		Olin Corp		348,964
700		Olympic Steel, Inc		19,271
7,746	*	OM Group, Inc		314,797
10,860	*	Omnova Solutions, Inc		75,586
8,700		PAN American Silver Corp		268,743
24,158		PolyOne Corp		373,724
1,149	*	Rockwood Holdings, Inc		63,528
8,300	*	RTI International Metals, Inc		318,471
3,780		Silgan Holdings, Inc		154,867
1,492		Stepan Co		105,783
500	*	Universal Stainless & Alloy		23,380
1,780	*	WR Grace & Co		81,221
		TOTAL MATERIALS		3,742,670
MEDIA - 0.4%
2,800		AH Belo Corp (Class A)		20,832
3,896	*	EW Scripps Co (Class A)		37,674
2,848	*	Global Sources Ltd		26,173
10,149	*	Journal Communications, Inc (Class A)		52,470
4,338		Scholastic Corp		115,392
		TOTAL MEDIA		252,541
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.2%
2,200	*	Acorda Therapeutics, Inc		71,082
4,000	*	Affymax, Inc		27,480
13,100	*	Akorn, Inc		91,700
9,207	*	Alkermes, Inc		171,250
4,315	*	AMAG Pharmaceuticals, Inc		81,122
11,200	*	Ariad Pharmaceuticals, Inc		126,896
8,575	*	Arqule, Inc		53,594
500	*	AVEO Pharmaceuticals, Inc		10,305
5,634	*	Caliper Life Sciences, Inc		45,692
14,500	*	Combinatorx, Inc		34,510
1,920	*	Cornerstone Therapeutics, Inc		17,203
10,202	*	Cubist Pharmaceuticals, Inc		367,171
3,536	*	Depomed, Inc		28,924
5,000	*	Dusa Pharmaceuticals, Inc		31,100
7,366	*	Emergent Biosolutions, Inc		166,103
4,800	*	Enzon Pharmaceuticals, Inc		48,240
3,689	*	Impax Laboratories, Inc		80,383
9,460	*	Incyte Corp		179,172
6,757	*	Jazz Pharmaceuticals, Inc		225,346
8,989	*	Medicines Co		148,408
1,392		Medicis Pharmaceutical Corp (Class A)		53,133
1,055	*	Medivation, Inc		22,609
11,075	*	Momenta Pharmaceuticals, Inc		215,520
13,187	*	Neurocrine Biosciences, Inc		106,155
6,494	*	NPS Pharmaceuticals, Inc		61,368
2,829	*	Onyx Pharmaceuticals, Inc		99,864
1,500	*	Optimer Pharmaceuticals, Inc		17,835
7,815	*	Par Pharmaceutical Cos, Inc		257,739
16,104		PDL BioPharma, Inc		94,530
4,297	*	Questcor Pharmaceuticals, Inc		103,558
610	*	Salix Pharmaceuticals Ltd		24,296
12,590	*	Santarus, Inc		42,428
5,610	*	Sciclone Pharmaceuticals, Inc		33,884
11,800	*	Sequenom, Inc		89,090
20,800	*	Spectrum Pharmaceuticals, Inc		192,712
7,612	*	SuperGen, Inc		22,684
4,897	*	Targacept, Inc		103,180

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
8,181	*	Vanda Pharmaceuticals, Inc	$	58,412
17,912	*	Viropharma, Inc		331,373
6,169	*	Xenoport, Inc		43,923
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,979,974
REAL ESTATE - 8.1%
2,752		Agree Realty Corp		61,452
140		Alexander’s, Inc		55,580
1,961		American Capital Agency Corp		57,085
7,121		Associated Estates Realty Corp		115,716
17,802		CBL & Associates Properties, Inc		322,750
10,300		DuPont Fabros Technology, Inc		259,560
5,430		Entertainment Properties Trust		253,581
4,811		Equity Lifestyle Properties, Inc		300,399
6,400		Equity One, Inc		119,296
11,750		Extra Space Storage, Inc		250,628
6,328		Getty Realty Corp		159,655
7,428		Highwoods Properties, Inc		246,090
1,678		Home Properties, Inc		102,157
4,510		Invesco Mortgage Capital, Inc		95,296
2,190		LaSalle Hotel Properties		57,685
6,800		Lexington Corporate Properties Trust		62,084
5,827		LTC Properties, Inc		162,107
1,270		Mid-America Apartment Communities, Inc		85,687
4,066		National Health Investors, Inc		180,652
14,800		National Retail Properties, Inc		362,749
23,973	*	Newcastle Investment Corp		138,564
9,107		Omega Healthcare Investors, Inc		191,338
3,355		Parkway Properties, Inc		57,236
4,719		Pennsylvania Real Estate Investment Trust		74,088
6,742		Pennymac Mortgage Investment Trust		111,715
5,855		Potlatch Corp		206,506
3,462		PS Business Parks, Inc		190,756
800		Sabra Healthcare REIT, Inc		13,368
2,097		Saul Centers, Inc		82,559
3,730		Sovran Self Storage, Inc		152,930
2,300		STAG Industrial, Inc		28,175
2,490		Sun Communities, Inc		92,902
13,038		Tanger Factory Outlet Centers, Inc		349,027
3,400		Urstadt Biddle Properties, Inc (Class A)		61,574
3,692		U-Store-It Trust		38,840
1,812		Washington Real Estate Investment Trust		58,926
		TOTAL REAL ESTATE		5,158,713
RETAILING - 3.5%
5,345	*	1-800-FLOWERS.COM, Inc (Class A)		16,570
11,520	*	Ann Taylor Stores Corp		300,672
3,600		Bebe Stores, Inc		21,996
3,286		Bon-Ton Stores, Inc/the		31,940
5,930		Cato Corp (Class A)		170,784
2,620	*	Children’s Place Retail Stores, Inc		116,564
1,634	*	Core-Mark Holding Co, Inc		58,334
1,111		Dillard’s, Inc (Class A)		57,927
1,122	*	DSW, Inc (Class A)		56,784
9,300		Express Parent LLC		202,740
11,297		Finish Line, Inc (Class A)		241,756
3,000	*	Hibbett Sports, Inc		122,130
3,600	*	HSN, Inc		118,512
5,060		Nutri/System, Inc		71,144
3,715	*	Overstock.com, Inc		56,542
4,559		PetMed Express, Inc		54,024
30,723	*	Pier 1 Imports, Inc		355,465
1,658	*	Shutterfly, Inc		95,202
35,783	*	Wet Seal, Inc (Class A)		159,950
		TOTAL RETAILING		2,309,036

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5%
9,061	*	Amkor Technology, Inc	$	55,906
4,139	*	Ceva, Inc		126,074
8,514	*	Cirrus Logic, Inc		135,373
24,622	*	Entegris, Inc		249,175
23,240	*	Entropic Communications, Inc		206,604
3,598	*	FEI Co		137,408
19,212	*	FSI International, Inc		52,641
22,714	*	GT Solar International, Inc		367,966
22,467	*	Kulicke & Soffa Industries, Inc		250,282
39,982	*	Lattice Semiconductor Corp		260,683
12,833	*	LTX-Credence Corp		114,727
18,114	*	Mindspeed Technologies, Inc		144,912
10,700	*	MIPS Technologies, Inc		73,937
4,779		MKS Instruments, Inc		126,261
6,786	*	Nanometrics, Inc		128,866
5,000	*	Omnivision Technologies, Inc		174,050
16,600	*	Photronics, Inc		140,602
31,814	*	RF Micro Devices, Inc		194,702
21,502	*	Silicon Image, Inc		138,903
4,828	*	Tessera Technologies, Inc		82,752
6,804	*	Veeco Instruments, Inc		329,382
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,491,206
SOFTWARE & SERVICES - 9.0%
4,400	*	ACI Worldwide, Inc		148,588
1,375	*	Acxiom Corp		18,026
7,800	*	Ancestry.com, Inc		322,843
1,270		Blackbaud, Inc		35,204
3,870	*	BroadSoft, Inc		147,563
2,480	*	CACI International, Inc (Class A)		156,438
7,896	*	Cardtronics, Inc		185,161
8,894	*	Commvault Systems, Inc		395,339
6,331	*	CSG Systems International, Inc		116,997
5,800	*	Demand Media, Inc		78,590
8,112		Earthlink, Inc		62,422
6,931	*	Euronet Worldwide, Inc		106,807
1,780		Forrester Research, Inc		58,669
2,254	*	Fortinet, Inc		61,512
8,900	*	Glu Mobile, Inc		46,903
3,800		iGate Corp		62,016
1,700	*	Infospace, Inc		15,504
3,799	*	Interactive Intelligence, Inc		133,155
3,827	*	j2 Global Communications, Inc		108,036
2,500	*	LogMeIn, Inc		96,425
13,000	*	Magma Design Automation, Inc		103,870
4,782	*	Manhattan Associates, Inc		164,692
4,189		MAXIMUS, Inc		346,557
2,076	*	MicroStrategy, Inc (Class A)		337,725
19,400	*	MoneyGram International, Inc		64,408
5,457	*	Netscout Systems, Inc		113,997
2,845		Opnet Technologies, Inc		116,474
4,306	*	Quest Software, Inc		97,875
7,181	*	RightNow Technologies, Inc		232,664
5,034	*	S1 Corp		37,654
5,413	*	SolarWinds, Inc		141,496
1,500	*	Sourcefire, Inc		44,580
8,600	*	Take-Two Interactive Software, Inc		131,408
3,900	*	TeleNav, Inc		69,147
5,868	*	TeleTech Holdings, Inc		123,697
2,161	*	TIBCO Software, Inc		62,712
4,250	*	Travelzoo, Inc		274,720
8,716	*	Unisys Corp		224,001
12,600		United Online, Inc		75,978
17,922	*	Valueclick, Inc		297,505
7,694	*	Vasco Data Security International		95,790

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
760	*	VeriFone Systems, Inc	$	33,706
1,300		VirnetX Holding Corp		37,622
8,021	*	Websense, Inc		208,305
		TOTAL SOFTWARE & SERVICES		5,792,781
TECHNOLOGY HARDWARE & EQUIPMENT - 4.5%
280	*	Acme Packet, Inc		19,636
4,377	*	Agilysys, Inc		36,504
18,409	*	Arris Group, Inc		213,729
8,590	*	Blue Coat Systems, Inc		187,777
11,870	*	Brightpoint, Inc		96,266
3,900		Cognex Corp		138,177
3,670	*	Coherent, Inc		202,841
7,149		Comtech Telecommunications Corp		200,458
1,500		Daktronics, Inc		16,185
1,662	*	DG FastChannel, Inc		53,267
13,408	*	Extreme Networks, Inc		43,442
1,700	*	Insight Enterprises, Inc		30,107
6,300	*	Kemet Corp		90,027
363	*	Loral Space & Communications, Inc		25,218
3,700	*	Netgear, Inc		161,764
9,773	*	Newport Corp		177,575
2,902	*	Oplink Communications, Inc		54,064
5,410	*	OSI Systems, Inc		232,630
4,940		Plantronics, Inc		180,458
24,677	*	Power-One, Inc		199,884
34,988	*	Powerwave Technologies, Inc		103,215
55,260	*	Quantum Corp		182,358
700	*	Riverbed Technology, Inc		27,713
4,753	*	Symmetricom, Inc		27,710
8,451	*	Synaptics, Inc		217,529
5,000	*	Westell Technologies, Inc		17,850
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,936,384
TELECOMMUNICATION SERVICES - 1.1%
2,000	*	Cbeyond Communications, Inc		26,460
12,300	*	Cincinnati Bell, Inc		40,836
1,600	*	Cogent Communications Group, Inc		27,216
737	*	Global Crossing Ltd		28,286
4,693		IDT Corp (Class B)		126,805
7,050	*	Neutral Tandem, Inc		122,811
6,061		USA Mobility, Inc		92,491
61,002	*	Vonage Holdings Corp		269,019
		TOTAL TELECOMMUNICATION SERVICES		733,924
TRANSPORTATION - 3.0%
6,087	*	Alaska Air Group, Inc		416,716
1,935	*	Amerco, Inc		186,050
5,142	*	Atlas Air Worldwide Holdings, Inc		306,000
12,900	*	Avis Budget Group, Inc		220,461
7,362	*	Celadon Group, Inc		102,774
4,163	*	Dollar Thrifty Automotive Group, Inc		306,979
8,300	*	Excel Maritime Carriers Ltd		25,730
1,600	*	Hawaiian Holdings, Inc		9,120
16,413	*	JetBlue Airways Corp		100,119
6,311	*	US Airways Group, Inc		56,231
9,060		Werner Enterprises, Inc		226,953
		TOTAL TRANSPORTATION		1,957,133
UTILITIES - 3.3%
11,689		Avista Corp		300,290
1,984		Chesapeake Utilities Corp		79,420
2,182		Cleco Corp		76,043
3,219		El Paso Electric Co		103,974
1,200		Empire District Electric Co		23,112
823		Idacorp, Inc		32,509
2,265		Laclede Group, Inc		85,685

24

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES	COMPANY	VALUE
450	MGE Energy, Inc	$	18,239
9,280	PNM Resources, Inc		155,347
14,161	Portland General Electric Co		357,989
7,690	Southwest Gas Corp		296,911
8,900	UIL Holdings Corp		287,915
7,810	WGL Holdings, Inc		300,606
	TOTAL UTILITIES		2,118,040
	TOTAL COMMON STOCKS (Cost $57,748,571)		64,096,588
	TOTAL INVESTMENTS - 99.8% (Cost $57,748,571)		64,096,588
	OTHER ASSETS & LIABILITIES, NET - 0.2%		116,156
	NET ASSETS - 100.0%	$	64,212,744
Abbreviation(s):
REIT    Real Estate Investment Trust

* Non-income producing.

25

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.1%
839	*	American Axle & Manufacturing Holdings, Inc	$	9,548
234	*	Amerigon, Inc (Class A)		4,067
1,100		Autoliv, Inc		86,295
1,361	*	BorgWarner, Inc		109,955
700		Cooper Tire & Rubber Co		13,853
1,719	*	Dana Holding Corp		31,458
133	*	Dorman Products, Inc		5,264
290		Drew Industries, Inc		7,169
816	*	Exide Technologies		6,234
261	*	Federal Mogul Corp (Class A)		5,959
46,101	*	Ford Motor Co		635,732
280	*	Fuel Systems Solutions, Inc		6,986
9,171	*	General Motors Co		278,432
1,773		Gentex Corp		53,598
3,033	*	Goodyear Tire & Rubber Co		50,863
2,938		Harley-Davidson, Inc		120,370
8,463		Johnson Controls, Inc		352,569
1,306		Lear Corp (New)		69,845
500	*	Modine Manufacturing Co		7,685
147	*	Motorcar Parts of America, Inc		2,206
355		Spartan Motors, Inc		1,917
188		Standard Motor Products, Inc		2,863
173	*	Stoneridge, Inc		2,550
280		Superior Industries International, Inc		6,191
743	*	Tenneco, Inc		32,744
639	*	Tesla Motors, Inc		18,614
552		Thor Industries, Inc		15,920
1,265	*	TRW Automotive Holdings Corp		74,673
635	*	Visteon Corp		43,440
353	*	Winnebago Industries, Inc		3,410
		TOTAL AUTOMOBILES & COMPONENTS		2,060,410
BANKS - 3.1%
180		1st Source Corp		3,733
266	*	1st United Bancorp, Inc		1,655
278		Abington Bancorp, Inc		2,900
51		Alliance Financial Corp		1,557
283	*	Ameris Bancorp		2,510
77		Ames National Corp		1,398
106		Arrow Financial Corp		2,594
2,146		Associated Banc-Corp		29,829
951		Astoria Financial Corp		12,163
130		Bancfirst Corp		5,018
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		5,161
46		Bancorp Rhode Island, Inc		2,085
1,007		Bancorpsouth, Inc		12,497
838		Bank Mutual Corp		3,075
762		Bank of Hawaii Corp		35,448
70		Bank of Kentucky Financial Corp		1,559
61		Bank of Marin Bancorp		2,158
221		Bank of the Ozarks, Inc		11,505
300		BankFinancial Corp		2,541
415		BankUnited		11,014
203		Banner Corp		3,553
8,698		BB&T Corp		233,453
392	*	Beneficial Mutual Bancorp, Inc		3,220

26

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
165		Berkshire Hills Bancorp, Inc	$	3,694
87	*	BofI Holding, Inc		1,254
457		BOK Financial Corp		25,030
826		Boston Private Financial Holdings, Inc		5,435
75		Bridge Bancorp, Inc		1,596
668		Brookline Bancorp, Inc		6,192
86		Bryn Mawr Bank Corp		1,742
87		Camden National Corp		2,854
140	*	Cape Bancorp, Inc		1,400
101		Capital City Bank Group, Inc		1,036
3,675		CapitalSource, Inc		23,704
2,084		Capitol Federal Financial		24,508
286		Cardinal Financial Corp		3,132
1,028		Cathay General Bancorp		16,849
150	*	Center Bancorp, Inc		1,566
431	*	Center Financial		2,737
261		Centerstate Banks of Florida, Inc		1,806
188	*	Central Pacific Financial Corp		2,632
168		Century Bancorp, Inc		4,445
294		Chemical Financial Corp		5,515
2,490	*	CIT Group, Inc		110,207
101		Citizens & Northern Corp		1,522
262		City Holding Co		8,654
710		City National Corp		38,518
112		Clifton Savings Bancorp, Inc		1,236
105		CNB Financial Corp		1,458
395		CoBiz, Inc		2,583
490		Columbia Banking System, Inc		8,438
2,263		Comerica, Inc		78,232
1,008		Commerce Bancshares, Inc		43,344
400		Community Bank System, Inc		9,916
182		Community Trust Bancorp, Inc		5,045
732		Cullen/Frost Bankers, Inc		41,614
933		CVB Financial Corp		8,630
241	m	Danvers Bancorp, Inc		5,247
309		Dime Community Bancshares		4,493
1,571	*	Doral Financial Corp		3,079
118	*	Eagle Bancorp, Inc		1,569
1,835		East West Bancorp, Inc		37,085
90		Enterprise Financial Services Corp		1,218
132		ESB Financial Corp		1,705
197		ESSA Bancorp, Inc		2,447
115		Federal Agricultural Mortgage Corp (Class C)		2,544
11,412		Fifth Third Bancorp		145,503
126		Financial Institutions, Inc		2,069
174		First Bancorp (NC)		1,782
107		First Bancorp, Inc		1,590
625		First Busey Corp		3,306
70		First Citizens Bancshares, Inc (Class A)		13,105
1,229		First Commonwealth Financial Corp		7,054
189		First Community Bancshares, Inc		2,646
120	*	First Defiance Financial Corp		1,763
747		First Financial Bancorp		12,467
448		First Financial Bankshares, Inc		15,434
188		First Financial Corp		6,155
133		First Financial Holdings, Inc		1,193
3,240		First Horizon National Corp		30,910
149		First Interstate Bancsystem, Inc		2,196
557		First Merchants Corp		4,980
893		First Midwest Bancorp, Inc		10,975
3,812		First Niagara Financial Group, Inc		50,318
66		First of Long Island Corp		1,841
110		First Pactrust Bancorp, Inc		1,635
915	*	First Republic Bank		29,536
1,352		FirstMerit Corp		22,322
2,443	*	Flagstar Bancorp, Inc		2,907

27

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
358		Flushing Financial Corp	$	4,654
1,572		FNB Corp		16,270
185		Fox Chase Bancorp, Inc		2,507
170	*	Franklin Financial Corp		2,050
2,887		Fulton Financial Corp		30,920
133		German American Bancorp, Inc		2,205
860		Glacier Bancorp, Inc		11,593
135		Great Southern Bancorp, Inc		2,558
120	*	Hampton Roads Bankshares, Inc		1,188
949		Hancock Holding Co		29,400
158		Heartland Financial USA, Inc		2,299
121		Heritage Financial Corp		1,565
266		Home Bancshares, Inc		6,288
199		Home Federal Bancorp, Inc		2,187
5,693		Hudson City Bancorp, Inc		46,626
156		Hudson Valley Holding Corp		3,012
10,738		Huntington Bancshares, Inc		70,441
323		IBERIABANK Corp		18,618
252		Independent Bank Corp		6,615
674		International Bancshares Corp		11,276
579	*	Investors Bancorp, Inc		8,222
227		Kearny Financial Corp		2,068
11,623		Keycorp		96,820
261		Lakeland Bancorp, Inc		2,605
147		Lakeland Financial Corp		3,272
1,560		M&T Bank Corp		137,202
216		MainSource Financial Group, Inc		1,793
6,483		Marshall & Ilsley Corp		51,670
661		MB Financial, Inc		12,718
60		Merchants Bancshares, Inc		1,468
119	*	Meridian Interstate Bancorp, Inc		1,629
2,499	*	MGIC Investment Corp		14,869
56		Midsouth Bancorp, Inc		763
460	*	Nara Bancorp, Inc		3,740
84		National Bankshares, Inc		2,103
1,529		National Penn Bancshares, Inc		12,125
374		NBT Bancorp, Inc		8,277
5,439		New York Community Bancorp, Inc		81,531
227		Northfield Bancorp, Inc		3,192
1,214		Northwest Bancshares, Inc		15,272
97		OceanFirst Financial Corp		1,256
892	*	Ocwen Financial Corp		11,382
1,045		Old National Bancorp		11,286
148	*	OmniAmerican Bancorp, Inc		2,216
458		Oriental Financial Group, Inc		5,904
670		Oritani Financial Corp		8,569
60		Orrstown Financial Services, Inc		1,579
50	*	Pacific Capital Bancorp		1,590
154		Pacific Continental Corp		1,409
369		PacWest Bancorp		7,590
165		Park National Corp		10,867
360	*	Park Sterling Bank		1,786
47		Penns Woods Bancorp, Inc		1,615
164	*	Pennsylvania Commerce Bancorp, Inc		1,873
75		Peoples Bancorp, Inc		845
4,595		People’s United Financial, Inc		61,757
400	*	Pinnacle Financial Partners, Inc		6,224
1,998	*	PMI Group, Inc		2,138
6,541		PNC Financial Services Group, Inc		389,908
12,307	*	Popular, Inc		33,967
630		PrivateBancorp, Inc		8,694
555		Prosperity Bancshares, Inc		24,320
753		Provident Financial Services, Inc		10,783
421		Provident New York Bancorp		3,520
2,812		Radian Group, Inc		11,895
15,720		Regions Financial Corp		97,464

28

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
195		Renasant Corp	$	2,826
120		Republic Bancorp, Inc (Class A)		2,388
147		Rockville Financial, Inc		1,455
100		Roma Financial Corp		1,050
300		S&T Bancorp, Inc		5,577
210		S.Y. Bancorp, Inc		4,883
250		Sandy Spring Bancorp, Inc		4,498
151		SCBT Financial Corp		4,331
900	*	Seacoast Banking Corp of Florida		1,350
87		Sierra Bancorp		985
475	*	Signature Bank		27,170
207		Simmons First National Corp (Class A)		5,312
197		Southside Bancshares, Inc		3,910
383	*	Southwest Bancorp, Inc		3,750
163		State Bancorp, Inc		2,174
397	*	State Bank & Trust Co		6,499
256		StellarOne Corp		3,100
318		Sterling Bancorp		3,018
994		Sterling Bancshares, Inc		8,111
335	*	Sterling Financial Corp		5,383
88		Suffolk Bancorp		1,228
470	*	Sun Bancorp, Inc		1,716
6,731		SunTrust Banks, Inc		173,660
1,616		Susquehanna Bancshares, Inc		12,928
520	*	SVB Financial Group		31,049
9,246		Synovus Financial Corp		19,232
118	*	Taylor Capital Group, Inc		963
1,924		TCF Financial Corp		26,551
150		Territorial Bancorp, Inc		3,108
429	*	Texas Capital Bancshares, Inc		11,081
956		TFS Financial Corp		9,254
265	*	The Bancorp, Inc		2,769
130		Tompkins Trustco, Inc		5,101
130		Tower Bancorp, Inc		3,562
232		TowneBank		3,104
171		Trico Bancshares		2,497
852		Trustco Bank Corp NY		4,175
774		Trustmark Corp		18,119
403		UMB Financial Corp		16,878
1,383		Umpqua Holdings Corp		16,001
167		Union Bankshares Corp		2,034
543		United Bankshares, Inc		13,293
281	*	United Community Banks, Inc		2,967
201		United Financial Bancorp, Inc		3,101
198		Univest Corp of Pennsylvania		3,095
23,945		US Bancorp		610,836
2,688		Valley National Bancorp		36,584
426		ViewPoint Financial Group		5,879
253	*	Virginia Commerce Bancorp		1,495
113		Washington Banking Co		1,494
1,416		Washington Federal, Inc		23,265
138		Washington Trust Bancorp, Inc		3,170
900		Webster Financial Corp		18,918
61,156		Wells Fargo & Co		1,716,036
301		WesBanco, Inc		5,918
189		West Bancorporation, Inc		1,665
225	*	West Coast Bancorp		3,771
390		Westamerica Bancorporation		19,208
712	*	Western Alliance Bancorp		5,055
366		Westfield Financial, Inc		2,972
167	*	Wilshire Bancorp, Inc		491
375		Wintrust Financial Corp		12,068
100		WSFS Financial Corp		3,965
2,222		Zions Bancorporation		53,350
		TOTAL BANKS		5,783,648

29

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
CAPITAL GOODS - 8.7%
852	*	3D Systems Corp	$	16,793
8,832		3M Co		837,715
429		A.O. Smith Corp		18,147
2,099	*	A123 Systems, Inc		11,167
194		Aaon, Inc		4,226
468		AAR Corp		12,678
503	*	Accuride Corp		6,353
282		Aceto Corp		1,892
1,022	*	Active Power, Inc		2,504
878		Actuant Corp (Class A)		23,557
572		Acuity Brands, Inc		31,906
1,483	*	Aecom Technology Corp		40,545
484	*	Aerovironment, Inc		17,109
1,180	*	AGCO Corp		58,245
433	*	Air Lease Corp		10,518
718		Aircastle Ltd		9,133
78		Alamo Group, Inc		1,849
301		Albany International Corp (Class A)		7,943
434		Alliant Techsystems, Inc		30,957
296	*	Altra Holdings, Inc		7,101
224	*	Ameresco, Inc		3,176
90	*	American Railcar Industries, Inc		2,111
140		American Science & Engineering, Inc		11,200
544	*	American Superconductor Corp		4,918
125		American Woodmark Corp		2,165
105		Ameron International Corp		6,896
1,997		Ametek, Inc		89,665
79		Ampco-Pittsburgh Corp		1,853
311		Apogee Enterprises, Inc		3,984
508		Applied Industrial Technologies, Inc		18,090
89	*	Argan, Inc		902
297		Armstrong World Industries, Inc		13,531
1,176	*	ArvinMeritor, Inc		18,863
237	*	Astec Industries, Inc		8,764
111	*	Astronics Corp		3,419
129		AZZ, Inc		5,908
1,463	*	Babcock & Wilcox Co		40,540
258		Badger Meter, Inc		9,543
677		Barnes Group, Inc		16,796
1,206	*	BE Aerospace, Inc		49,217
825	*	Beacon Roofing Supply, Inc		18,827
565		Belden CDT, Inc		19,696
570	*	Blount International, Inc		9,958
9,175		Boeing Co		678,307
586		Brady Corp (Class A)		18,787
600		Briggs & Stratton Corp		11,916
4,337	*	Broadwind Energy, Inc		6,289
1,010		Bucyrus International, Inc (Class A)		92,577
1,363	*	Builders FirstSource, Inc		2,930
232	*	CAI International, Inc		4,793
7,608	*	Capstone Turbine Corp		11,640
741		Carlisle Cos, Inc		36,479
126		Cascade Corp		5,994
7,961		Caterpillar, Inc		847,529
321	*	Ceradyne, Inc		12,516
405	*	Chart Industries, Inc		21,862
1,217		Chicago Bridge & Iron Co NV		47,341
170		CIRCOR International, Inc		7,281
615		Clarcor, Inc		29,077
311	*	CNH Global NV		12,020
242	*	Colfax Corp		6,002
196	*	Columbus McKinnon Corp		3,520
409		Comfort Systems USA, Inc		4,339
301	*	Commercial Vehicle Group, Inc		4,271
2,017		Cooper Industries plc		120,354

30

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
593		Crane Co	$	29,300
170		Cubic Corp		8,668
2,439		Cummins, Inc		252,412
554		Curtiss-Wright Corp		17,933
6,711		Danaher Corp		355,616
5,217		Deere & Co		430,142
434	*	DigitalGlobe, Inc		11,028
944		Donaldson Co, Inc		57,282
141		Douglas Dynamics, Inc		2,226
2,320		Dover Corp		157,296
121		Ducommun, Inc		2,489
82	*	DXP Enterprises, Inc		2,079
596	*	Dycom Industries, Inc		9,739
270		Dynamic Materials Corp		6,053
4,212		Eaton Corp		216,707
923	*	EMCOR Group, Inc		27,053
9,343		Emerson Electric Co		525,545
255		Encore Wire Corp		6,176
583	*	Ener1, Inc		641
404	*	Energy Recovery, Inc		1,321
579	*	EnerSys		19,929
215	*	EnPro Industries, Inc		10,335
317		ESCO Technologies, Inc		11,666
210	*	Essex Rental Corp		1,384
359	*	Esterline Technologies Corp		27,428
3,644		Fastenal Co		131,147
743		Federal Signal Corp		4,874
413	*	Flow International Corp		1,470
686		Flowserve Corp		75,385
2,167		Fluor Corp		140,117
1,262	*	Force Protection, Inc		6,266
277		Franklin Electric Co, Inc		13,005
227	*	Freightcar America, Inc		5,752
6,474	*	FuelCell Energy, Inc		8,481
408	*	Furmanite Corp		3,240
655		Gardner Denver, Inc		55,053
538		GATX Corp		19,971
575	*	GenCorp, Inc		3,692
233	*	Generac Holdings, Inc		4,520
640	*	General Cable Corp		27,251
4,130		General Dynamics Corp		307,768
131,816		General Electric Co		2,486,051
264	*	GeoEye, Inc		9,874
916	*	Gibraltar Industries, Inc		10,369
199	*	Global Power Equipment Group, Inc		5,277
1,565		Goodrich Corp		149,458
243		Gorman-Rupp Co		7,988
730		Graco, Inc		36,982
1,560	*	GrafTech International Ltd		31,621
128		Graham Corp		2,611
466		Granite Construction, Inc		11,431
670		Great Lakes Dredge & Dock Corp		3,739
231	*	Greenbrier Cos, Inc		4,565
686	*	Griffon Corp		6,915
334	*	H&E Equipment Services, Inc		4,673
969		Harsco Corp		31,589
517		Heico Corp		28,301
1,161	*	Hexcel Corp		25,414
9,629		Honeywell International, Inc		573,791
186		Houston Wire & Cable Co		2,892
728		Hubbell, Inc (Class B)		47,284
604	*	Huntington Ingalls		20,838
78	*	Hurco Cos, Inc		2,512
1,031		IDEX Corp		47,271
646	*	II-VI, Inc		16,538
5,571		Illinois Tool Works, Inc		314,706

31

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,055		Ingersoll-Rand plc	$	184,138
466	*	Insituform Technologies, Inc (Class A)		9,772
155		Insteel Industries, Inc		1,944
392	*	Interline Brands, Inc		7,201
2,210		ITT Industries, Inc		130,235
1,535	*	Jacobs Engineering Group, Inc		66,389
308		John Bean Technologies Corp		5,951
1,303		Joy Global, Inc		124,098
148	*	Kadant, Inc		4,663
380		Kaman Corp		13,479
428		Kaydon Corp		15,973
1,895		KBR, Inc		71,423
983		Kennametal, Inc		41,492
128	*	KEYW Holding Corp		1,586
192	*	Kratos Defense & Security Solutions, Inc		2,335
1,319		L-3 Communications Holdings, Inc		115,347
45		Lawson Products, Inc		885
220	*	Layne Christensen Co		6,675
111		LB Foster Co (Class A)		3,653
702		Lennox International, Inc		30,235
1,026		Lincoln Electric Holdings, Inc		36,782
136		Lindsay Manufacturing Co		9,357
101	*	LMI Aerospace, Inc		2,467
3,558		Lockheed Martin Corp		288,091
131		LSI Industries, Inc		1,040
201	*	Lydall, Inc		2,404
1,601		Manitowoc Co, Inc		26,961
4,339		Masco Corp		52,198
894	*	Mastec, Inc		17,630
171		Met-Pro Corp		1,946
80	*	Michael Baker Corp		1,690
218	*	Middleby Corp		20,501
115		Miller Industries, Inc		2,149
548	*	Moog, Inc (Class A)		23,849
556		MSC Industrial Direct Co (Class A)		36,868
447		Mueller Industries, Inc		16,946
2,364		Mueller Water Products, Inc (Class A)		9,409
209	*	MYR Group, Inc		4,891
66		Nacco Industries, Inc (Class A)		6,390
58		National Presto Industries, Inc		5,886
900	*	Navistar International Corp		50,814
222	*	NCI Building Systems, Inc		2,529
202	*	NN, Inc		3,022
814		Nordson Corp		44,648
3,638		Northrop Grumman Corp		252,295
96	*	Northwest Pipe Co		2,502
706	*	Orbital Sciences Corp		11,896
434	*	Orion Marine Group, Inc		4,084
1,078	*	Oshkosh Truck Corp		31,197
1,391	*	Owens Corning, Inc		51,954
4,586		Paccar, Inc		234,299
1,415		Pall Corp		79,565
1,937		Parker Hannifin Corp		173,826
1,234		Pentair, Inc		49,804
313		Perini Corp		6,003
200	*	Pike Electric Corp		1,768
144	*	PMFG, Inc		2,858
484	*	Polypore International, Inc		32,835
94	*	Powell Industries, Inc		3,431
222	*	PowerSecure International, Inc		1,603
1,787		Precision Castparts Corp		294,230
28		Preformed Line Products Co		1,993
237		Primoris Services Corp		3,057
450		Quanex Building Products Corp		7,376
2,673	*	Quanta Services, Inc		53,995
192		Raven Industries, Inc		10,696

32

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,428		Raytheon Co	$	220,736
262	*	RBC Bearings, Inc		9,893
464		Regal-Beloit Corp		30,981
596		Robbins & Myers, Inc		31,499
1,820		Rockwell Automation, Inc		157,903
1,914		Rockwell Collins, Inc		118,075
1,193		Roper Industries, Inc		99,377
820	*	RSC Holdings, Inc		9,807
333	*	Rush Enterprises, Inc (Class A)		6,337
2,251	*	SatCon Technology Corp		5,380
200	*	Sauer-Danfoss, Inc		10,078
4		Seaboard Corp		9,672
134		SeaCube Container Leasing Ltd		2,302
919	*	Shaw Group, Inc		27,763
459		Simpson Manufacturing Co, Inc		13,710
694		Snap-On, Inc		43,361
1,447	*	Spirit Aerosystems Holdings, Inc (Class A)		31,834
608		SPX Corp		50,257
151		Standex International Corp		4,631
1,944		Stanley Works		140,065
133	*	Sterling Construction Co, Inc		1,831
122		Sun Hydraulics Corp		5,832
200		TAL International Group, Inc		6,906
812	*	Taser International, Inc		3,695
208	*	Tecumseh Products Co (Class A)		2,122
433	*	Teledyne Technologies, Inc		21,806
200		Tennant Co		7,986
1,362	*	Terex Corp		38,749
112		Textainer Group Holdings Ltd		3,443
3,436		Textron, Inc		81,124
120	*	Thermon Group Holdings		1,440
645	*	Thomas & Betts Corp		34,733
1,085		Timken Co		54,684
512		Titan International, Inc		12,421
282	*	Titan Machinery, Inc		8,116
419		Toro Co		25,350
626		TransDigm Group, Inc		57,085
314		Tredegar Corp		5,762
189	*	Trex Co, Inc		4,627
321	*	Trimas Corp		7,945
964		Trinity Industries, Inc		33,624
234		Triumph Group, Inc		23,302
100		Twin Disc, Inc		3,863
5,828		Tyco International Ltd		288,078
747	*	United Rentals, Inc		18,974
11,375		United Technologies Corp		1,006,800
233		Universal Forest Products, Inc		5,583
1,020	*	URS Corp		45,635
813	*	USG Corp		11,658
282		Valmont Industries, Inc		27,182
200		Vicor Corp		3,234
710		W.W. Grainger, Inc		109,091
1,287	*	Wabash National Corp		12,059
870	*	WABCO Holdings, Inc		60,082
424		Watsco, Inc		28,828
573		Watts Water Technologies, Inc (Class A)		20,290
516	*	WESCO International, Inc		27,910
577		Westinghouse Air Brake Technologies Corp		37,920
728		Woodward Governor Co		25,378
95	*	Xerium Technologies, Inc		1,762
		TOTAL CAPITAL GOODS		16,395,094
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
655		ABM Industries, Inc		15,288
611	*	Acacia Research (Acacia Technologies)		22,418
684	*	ACCO Brands Corp		5,369

33

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
335		Administaff, Inc	$	9,919
188	*	Advisory Board Co		10,881
200		American Ecology Corp		3,420
412	*	American Reprographics Co		2,913
318	*	APAC Customer Services, Inc		1,695
120	*	AT Cross Co		1,367
1,360		Avery Dennison Corp		52,537
97		Barrett Business Services, Inc		1,389
550		Brink’s Co		16,407
297	*	Casella Waste Systems, Inc (Class A)		1,812
854	*	CBIZ, Inc		6,285
100		CDI Corp		1,329
676	*	Cenveo, Inc		4,326
1,569		Cintas Corp		51,824
309	*	Clean Harbors, Inc		31,904
100	*	Consolidated Graphics, Inc		5,495
1,065	*	Coolbrands International, Inc		5,996
792	*	Copart, Inc		36,907
387		Corporate Executive Board Co		16,893
1,411	*	Corrections Corp of America		30,548
313	*	CoStar Group, Inc		18,555
73		Courier Corp		807
1,513		Covanta Holding Corp		24,949
167	*	CRA International, Inc		4,524
567		Deluxe Corp		14,011
365	*	Dolan Media Co		3,092
647		Dun & Bradstreet Corp		48,874
904		EnergySolutions, Inc		4,466
236	*	EnerNOC, Inc		3,715
269		Ennis, Inc		4,681
1,500		Equifax, Inc		52,080
172	*	Exponent, Inc		7,484
148	*	Franklin Covey Co		1,433
571	*	FTI Consulting, Inc		21,664
190	*	Fuel Tech, Inc		1,260
387		G & K Services, Inc (Class A)		13,104
772	*	Geo Group, Inc		17,779
191	*	GP Strategies Corp		2,609
825		Healthcare Services Group		13,406
200		Heidrick & Struggles International, Inc		4,528
700		Herman Miller, Inc		19,054
384	*	Higher One Holdings, Inc		7,265
270	*	Hill International, Inc		1,555
567		HNI Corp		14,243
376	*	Hudson Highland Group, Inc		2,012
279	*	Huron Consulting Group, Inc		8,429
209	*	ICF International, Inc		5,304
675	*	IHS, Inc (Class A)		56,308
259	*	Innerworkings, Inc		2,160
597		Interface, Inc (Class A)		11,564
110		Intersections, Inc		2,002
2,177		Iron Mountain, Inc		74,214
343	*	KAR Auction Services, Inc		6,486
300	*	Kelly Services, Inc (Class A)		4,950
366	*	Kforce, Inc		4,787
300		Kimball International, Inc (Class B)		1,929
546		Knoll, Inc		10,958
500	*	Korn/Ferry International		10,995
107	*	M&F Worldwide Corp		2,765
1,074		Manpower, Inc		57,619
274		McGrath RentCorp		7,694
802	*	Metalico, Inc		4,732
352		Mine Safety Appliances Co		13,144
172	*	Mistras Group, Inc		2,786
400	*	Mobile Mini, Inc		8,476
105		Multi-Color Corp		2,592

34

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
631	*	Navigant Consulting, Inc	$	6,619
1,006	*	Nielson Holdings B.V.		31,347
817	*	Odyssey Marine Exploration, Inc		2,557
282	*	On Assignment, Inc		2,772
2,321		Pitney Bowes, Inc		53,360
313		Quad		12,163
2,582		R.R. Donnelley & Sons Co		50,633
3,913		Republic Services, Inc		120,716
514		Resources Connection, Inc		6,189
1,798		Robert Half International, Inc		48,600
772		Rollins, Inc		15,733
120	*	RPX Corp		3,364
100		Schawk, Inc (Class A)		1,656
241	*	School Specialty, Inc		3,468
624	*	Spherion Corp		5,672
189	*	Standard Parking Corp		3,018
838		Steelcase, Inc (Class A)		9,545
1,066	*	Stericycle, Inc		95,002
460	*	SYKES Enterprises, Inc		9,904
390	*	Team, Inc		9,411
728	*	Tetra Tech, Inc		16,380
159	*	TMS International Corp		2,075
712		Towers Watson & Co		46,786
220	*	TRC Cos, Inc		1,375
550	*	TrueBlue, Inc		7,964
330		Unifirst Corp		18,543
612		United Stationers, Inc		21,683
1,477	*	Verisk Analytics, Inc		51,134
263		Viad Corp		5,862
48		VSE Corp		1,195
1,413		Waste Connections, Inc		44,834
5,893		Waste Management, Inc		219,631
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,873,157
CONSUMER DURABLES & APPAREL - 1.5%
479		American Greetings Corp (Class A)		11,515
148	*	Arctic Cat, Inc		1,988
719	*	Ascena Retail Group, Inc		24,482
1,108	*	Beazer Homes USA, Inc		3,756
75		Blyth, Inc		3,776
1,127		Brunswick Corp		22,991
806		Callaway Golf Co		5,013
695	*	Carter’s, Inc		21,378
72	*	Cavco Industries, Inc		3,240
65		Cherokee, Inc		1,115
3,650		Coach, Inc		233,346
137		Columbia Sportswear Co		8,686
1,032	*	CROCS, Inc		26,574
46		CSS Industries, Inc		963
474	*	Deckers Outdoor Corp		41,778
67	*	Delta Apparel, Inc		1,139
3,350		DR Horton, Inc		38,592
3,150	*	Eastman Kodak Co		11,277
279		Ethan Allen Interiors, Inc		5,940
1,922		Fortune Brands, Inc		122,565
633	*	Fossil, Inc		74,517
642	*	Furniture Brands International, Inc		2,658
1,360		Garmin Ltd		44,921
205	*	G-III Apparel Group Ltd		7,068
1,141	*	Hanesbrands, Inc		32,576
852		Harman International Industries, Inc		38,826
1,546		Hasbro, Inc		67,916
334	*	Helen of Troy Ltd		11,533
988	*	Hovnanian Enterprises, Inc (Class A)		2,381
870	*	Iconix Brand Group, Inc		21,054
231	*	iRobot Corp		8,152

35

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
311	*	Jakks Pacific, Inc	$	5,726
1,231		Jarden Corp		42,482
1,084		Jones Apparel Group, Inc		11,761
919		KB Home		8,988
100	*	Kenneth Cole Productions, Inc (Class A)		1,249
330	*	K-Swiss, Inc (Class A)		3,508
628	*	La-Z-Boy, Inc		6,198
256	*	Leapfrog Enterprises, Inc		1,080
1,780		Leggett & Platt, Inc		43,396
1,951		Lennar Corp (Class A)		35,411
193	*	Libbey, Inc		3,130
112		Lifetime Brands, Inc		1,315
1,307	*	Liz Claiborne, Inc		6,992
385	*	M/I Homes, Inc		4,720
300	*	Maidenform Brands, Inc		8,298
4,516		Mattel, Inc		124,144
441		MDC Holdings, Inc		10,866
377	*	Meritage Homes Corp		8,505
664	*	Mohawk Industries, Inc		39,833
200		Movado Group, Inc		3,422
3,613		Newell Rubbermaid, Inc		57,013
4,437		Nike, Inc (Class B)		399,242
74	*	NVR, Inc		53,686
200		Oxford Industries, Inc		6,752
161	*	Perry Ellis International, Inc		4,065
741		Phillips-Van Heusen Corp		48,513
402		Polaris Industries, Inc		44,690
711		Polo Ralph Lauren Corp (Class A)		94,286
567		Pool Corp		16,902
4,066	*	Pulte Homes, Inc		31,146
1,598	*	Quiksilver, Inc		7,511
101		RG Barry Corp		1,139
506		Ryland Group, Inc		8,364
1,213	*	Sealy Corp		3,069
403	*	Skechers U.S.A., Inc (Class A)		5,835
100		Skyline Corp		1,750
635	*	Smith & Wesson Holding Corp		1,905
1,250	*	Standard-Pacific Corp		4,188
100	*	Steinway Musical Instruments, Inc		2,569
420	*	Steven Madden Ltd		15,754
228		Sturm Ruger & Co, Inc		5,005
875	*	Tempur-Pedic International, Inc		59,343
558	*	Timberland Co (Class A)		23,977
1,740	*	Toll Brothers, Inc		36,088
304	*	True Religion Apparel, Inc		8,840
822		Tupperware Corp		55,444
502	*	Under Armour, Inc (Class A)		38,810
340	*	Unifi, Inc		4,692
166	*	Universal Electronics, Inc		4,193
246	*	Vera Bradley, Inc		9,397
1,068		VF Corp		115,942
515	*	Warnaco Group, Inc		26,909
60		Weyco Group, Inc		1,476
946		Whirlpool Corp		76,928
600		Wolverine World Wide, Inc		25,050
		TOTAL CONSUMER DURABLES & APPAREL		2,573,213
CONSUMER SERVICES - 2.2%
208	*	AFC Enterprises		3,422
184		Ambassadors Group, Inc		1,625
224	*	American Public Education, Inc		9,970
320		Ameristar Casinos, Inc		7,587
1,498	*	Apollo Group, Inc (Class A)		65,432
146	*	Archipelago Learning, Inc		1,440
159	*	Ascent Media Corp (Series A)		8,422
701	*	Bally Technologies, Inc		28,517

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
170	*	Benihana, Inc	$	1,783
298	*	BJ’s Restaurants, Inc		15,603
379		Bob Evans Farms, Inc		13,254
704	*	Boyd Gaming Corp		6,125
141	*	Bravo Brio Restaurant Group, Inc		3,445
234	*	Bridgepoint Education, Inc		5,850
1,103		Brinker International, Inc		26,979
218	*	Buffalo Wild Wings, Inc		14,456
262	*	California Pizza Kitchen, Inc		4,839
202	*	Capella Education Co		8,454
812	*	Career Education Corp		17,174
5,332		Carnival Corp		200,643
288		CBRL Group, Inc		14,201
272		CEC Entertainment, Inc		10,910
746	*	Cheesecake Factory		23,402
385	*	Chipotle Mexican Grill, Inc (Class A)		118,653
370		Choice Hotels International, Inc		12,343
155		Churchill Downs, Inc		6,987
364	*	Coinstar, Inc		19,853
1,059	*	Corinthian Colleges, Inc		4,511
1,697		Darden Restaurants, Inc		84,443
949	*	Denny’s Corp		3,682
854		DeVry, Inc		50,497
223	*	DineEquity, Inc		11,656
767	*	Domino’s Pizza, Inc		19,359
519	*	Education Management Corp		12,425
424	*	Gaylord Entertainment Co		12,720
374	*	Grand Canyon Education, Inc		5,303
3,964		H&R Block, Inc		63,582
1,071		Hillenbrand, Inc		25,329
540	*	Hyatt Hotels Corp		22,043
3,723		International Game Technology		65,450
548		International Speedway Corp (Class A)		15,569
474	*	Interval Leisure Group, Inc		6,489
244	*	Isle of Capri Casinos, Inc		2,159
351	*	ITT Educational Services, Inc		27,462
678	*	Jack in the Box, Inc		15,445
738	*	Jamba, Inc		1,579
310	*	K12, Inc		10,273
587	*	Krispy Kreme Doughnuts, Inc		5,582
4,873	*	Las Vegas Sands Corp		205,689
484	*	Life Time Fitness, Inc		19,316
288		Lincoln Educational Services Corp		4,939
140		Mac-Gray Corp		2,163
200		Marcus Corp		1,976
3,456		Marriott International, Inc (Class A)		122,653
367		Matthews International Corp (Class A)		14,735
188	*	McCormick & Schmick’s Seafood Restaurants, Inc		1,615
12,897		McDonald’s Corp		1,087,476
4,384	*	MGM Mirage		57,913
200	*	Monarch Casino & Resort, Inc		2,088
510	*	Morgans Hotel Group Co		3,667
322	*	Multimedia Games, Inc		1,465
300	*	O’Charleys, Inc		2,193
1,101	*	Orient-Express Hotels Ltd (Class A)		11,836
360	*	Panera Bread Co (Class A)		45,238
263	*	Papa John’s International, Inc		8,747
149	*	Peet’s Coffee & Tea, Inc		8,597
929	*	Penn National Gaming, Inc		37,476
277		PF Chang’s China Bistro, Inc		11,146
793	*	Pinnacle Entertainment, Inc		11,816
154	*	Pre-Paid Legal Services, Inc		10,239
150	*	Red Robin Gourmet Burgers, Inc		5,457
674		Regis Corp		10,326
1,667	*	Royal Caribbean Cruises Ltd		62,746
779	*	Ruby Tuesday, Inc		8,398

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
200	*	Ruth’s Chris Steak House, Inc	$	1,122
774	*	Scientific Games Corp (Class A)		8,003
2,964		Service Corp International		34,620
646	*	Shuffle Master, Inc		6,043
468		Six Flags Entertainment Corp		17,527
729	*	Sonic Corp		7,749
810		Sotheby’s (Class A)		35,235
164		Speedway Motorsports, Inc		2,326
9,364		Starbucks Corp		369,784
2,434		Starwood Hotels & Resorts Worldwide, Inc		136,401
20	*	Steak N Shake Co		7,821
185	*	Steiner Leisure Ltd		8,451
1,142		Stewart Enterprises, Inc (Class A)		8,337
171		Strayer Education, Inc		21,613
687		Texas Roadhouse, Inc (Class A)		12,047
250	*	Town Sports International Holdings, Inc		1,903
228		Universal Technical Institute, Inc		4,508
437		Vail Resorts, Inc		20,198
406		Weight Watchers International, Inc		30,641
3,949		Wendy’s/Arby’s Group, Inc (Class A)		20,021
698	*	WMS Industries, Inc		21,443
2,126		Wyndham Worldwide Corp		71,540
970		Wynn Resorts Ltd		139,234
5,786		Yum! Brands, Inc		319,619
		TOTAL CONSUMER SERVICES		4,183,023
DIVERSIFIED FINANCIALS - 6.7%
700		Advance America Cash Advance Centers, Inc		4,823
647	*	Affiliated Managers Group, Inc		65,638
4,393	*	American Capital Ltd		43,622
13,059		American Express Co		675,150
3,011		Ameriprise Financial, Inc		173,674
2,330		Apollo Investment Corp		23,789
2,546		Ares Capital Corp		40,914
341		Artio Global Investors, Inc		3,853
126,086		Bank of America Corp		1,381,903
15,436		Bank of New York Mellon Corp		395,470
949		BGC Partners, Inc (Class A)		7,336
678		BlackRock Kelso Capital Corp		6,082
1,154		BlackRock, Inc		221,349
945	*	Broadpoint Securities Group, Inc		1,928
200		Calamos Asset Management, Inc (Class A)		2,904
5,708		Capital One Financial Corp		294,932
47		Capital Southwest Corp		4,337
400		Cash America International, Inc		23,148
656		CBOE Holdings, Inc		16,138
12,712		Charles Schwab Corp		209,112
35,969		Citigroup, Inc		1,497,748
841		CME Group, Inc		245,227
207		Cohen & Steers, Inc		6,862
398		Compass Diversified Trust		6,563
888	*	Cowen Group, Inc		3,339
82	*	Credit Acceptance Corp		6,927
22		Diamond Hill Investment Group, Inc		1,788
6,777		Discover Financial Services		181,285
450	*	Dollar Financial Corp		9,743
332		Duff & Phelps Corp		4,260
3,332	*	E*Trade Financial Corp		45,982
1,406		Eaton Vance Corp		42,503
161	*	Encore Capital Group, Inc		4,946
160		Epoch Holding Corp		2,856
186		Evercore Partners, Inc (Class A)		6,198
545	*	Ezcorp, Inc (Class A)		19,388
653	*	FBR Capital Markets Corp		2,220
1,409		Federated Investors, Inc (Class B)		33,591
834		Fifth Street Finance Corp		9,674

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
474	*	Financial Engines, Inc	$	12,286
363	*	First Cash Financial Services, Inc		15,242
641	*	First Marblehead Corp		1,135
1,800		Franklin Resources, Inc		236,322
80		Friedman Billings Ramsey Group, Inc (Class A)		2,511
69		GAMCO Investors, Inc (Class A)		3,194
704		GFI Group, Inc		3,231
239		Gladstone Capital Corp		2,208
252		Gladstone Investment Corp		1,799
6,435		Goldman Sachs Group, Inc		856,435
92		Golub Capital BDC, Inc		1,374
276	*	Green Dot Corp		9,378
354		Greenhill & Co, Inc		19,052
322	*	Harris & Harris Group, Inc		1,652
426		Hercules Technology Growth Capital, Inc		4,482
225	*	HFF, Inc (Class A)		3,395
441		Interactive Brokers Group, Inc (Class A)		6,902
960	*	IntercontinentalExchange, Inc		119,722
153	*	International Assets Holding Corp		3,704
405	*	Internet Capital Group, Inc		4,953
5,995		Invesco Ltd		140,283
524	*	Investment Technology Group, Inc		7,346
17,069		iShares Russell 3000 Index Fund		1,353,402
2,289		Janus Capital Group, Inc		21,608
1,634		Jefferies Group, Inc		33,334
173		JMP Group, Inc		1,216
49,391		JPMorgan Chase & Co		2,022,067
422		KBW, Inc		7,891
1,888	*	Knight Capital Group, Inc (Class A)		20,806
240	*	Kohlberg Capital Corp		1,908
1,144	*	Ladenburg Thalmann Financial Services, Inc		1,579
1,377		Lazard Ltd (Class A)		51,087
1,957		Legg Mason, Inc		64,111
2,393		Leucadia National Corp		81,601
425	*	LPL Investment Holdings, Inc		14,539
250		Main Street Capital Corp		4,738
383		MarketAxess Holdings, Inc		9,598
102	*	Marlin Business Services Corp		1,290
778		MCG Capital Corp		4,730
175		Medallion Financial Corp		1,706
2,044	*	MF Global Holdings Ltd		15,821
2,471		Moody’s Corp		94,763
19,195		Morgan Stanley		441,677
1,492	*	MSCI, Inc (Class A)		56,219
407		MVC Capital, Inc		5,385
1,637	*	Nasdaq Stock Market, Inc		41,416
320		Nelnet, Inc (Class A)		7,059
370	*	Netspend Holdings, Inc		3,700
341	*	NewStar Financial, Inc		3,642
300		NGP Capital Resources Co		2,460
120	*	Nicholas Financial, Inc		1,426
2,854		Northern Trust Corp		131,170
3,386		NYSE Euronext		116,038
116		Oppenheimer Holdings, Inc		3,272
480		optionsXpress Holdings, Inc		8,006
385		PennantPark Investment Corp		4,316
639	*	PHH Corp		13,112
272	*	Pico Holdings, Inc		7,888
236	*	Piper Jaffray Cos		6,799
205	*	Portfolio Recovery Associates, Inc		17,382
499	*	Primus Guaranty Ltd		2,620
1,269		Prospect Capital Corp		12,830
90		Pzena Investment Management, Inc (Class A)		511
1,266		Raymond James Financial, Inc		40,702
219	*	Safeguard Scientifics, Inc		4,135
209		Sanders Morris Harris Group, Inc		1,649

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,802		SEI Investments Co	$	40,563
6,449		SLM Corp		108,408
456		Solar Capital Ltd		11,259
6,265		State Street Corp		282,489
676	*	Stifel Financial Corp		24,241
289		SWS Group, Inc		1,731
3,302		T Rowe Price Group, Inc		199,243
2,921		TD Ameritrade Holding Corp		56,989
104		THL Credit, Inc		1,352
330		TICC Capital Corp		3,168
227		Triangle Capital Corp		4,190
56	*	Virtus Investment Partners, Inc		3,399
1,037		Waddell & Reed Financial, Inc (Class A)		37,695
61		Westwood Holdings Group, Inc		2,324
199	*	World Acceptance Corp		13,048
		TOTAL DIVERSIFIED FINANCIALS		12,715,116
ENERGY - 11.5%
2,642	*	Abraxas Petroleum Corp		10,119
142		Alon USA Energy, Inc		1,600
2,853	*	Alpha Natural Resources, Inc		129,640
218	*	Amyris Biotechnologies, Inc		6,124
6,185		Anadarko Petroleum Corp		474,761
4,765		Apache Corp		587,953
180		APCO Argentina, Inc		15,647
284	*	Approach Resources, Inc		6,438
2,042		Arch Coal, Inc		54,440
643	*	ATP Oil & Gas Corp		9,844
675	*	Atwood Oceanics, Inc		29,788
5,392		Baker Hughes, Inc		391,243
369	*	Basic Energy Services, Inc		11,612
617		Berry Petroleum Co (Class A)		32,781
553	*	Bill Barrett Corp		25,632
1,271	*	BPZ Energy, Inc		4,169
1,428	*	Brigham Exploration Co		42,740
433		Bristow Group, Inc		22,092
1,290		Cabot Oil & Gas Corp		85,540
1,143	*	Cal Dive International, Inc		6,835
354	*	Callon Petroleum Co		2,485
3,069	*	Cameron International Corp		154,340
235		CARBO Ceramics, Inc		38,293
483	*	Carrizo Oil & Gas, Inc		20,165
882	*	Cheniere Energy, Inc		8,079
8,173		Chesapeake Energy Corp		242,656
24,986		Chevron Corp		2,569,560
1,064		Cimarex Energy Co		95,675
90	*	Clayton Williams Energy, Inc		5,405
485	*	Clean Energy Fuels Corp		6,378
755	*	Cloud Peak Energy, Inc		16,082
1,471	*	Cobalt International Energy, Inc		20,050
935	*	Complete Production Services, Inc		31,192
599	*	Comstock Resources, Inc		17,245
1,248	*	Concho Resources, Inc		114,629
17,570		ConocoPhillips		1,321,088
2,815		Consol Energy, Inc		136,471
151	*	Contango Oil & Gas Co		8,824
365	*	Continental Resources, Inc		23,692
598		Core Laboratories NV		66,701
456		Crosstex Energy, Inc		5,426
1,093	*	CVR Energy, Inc		26,910
80	*	Dawson Geophysical Co		2,732
69		Delek US Holdings, Inc		1,083
4,935	*	Denbury Resources, Inc		98,700
5,257	*	Devon Energy Corp		414,304
449		DHT Maritime, Inc		1,720
829		Diamond Offshore Drilling, Inc		58,370

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
994	*	Dresser-Rand Group, Inc	$	53,428
416	*	Dril-Quip, Inc		28,217
9,620		El Paso Corp		194,324
780	*	Endeavour International Corp		11,755
866		Energen Corp		48,929
354	*	Energy Partners Ltd		5,243
938	*	Energy XXI Bermuda Ltd		31,160
3,337		EOG Resources, Inc		348,883
1,668		Equitable Resources, Inc		87,603
1,767		EXCO Resources, Inc		31,188
747	*	Exterran Holdings, Inc		14,813
61,227		Exxon Mobil Corp		4,982,653
2,987	*	FMC Technologies, Inc		133,788
1,348	*	Forest Oil Corp		36,005
1,325		Frontier Oil Corp		42,811
623		Frontline Ltd		9,183
386	*	FX Energy, Inc		3,389
1,809	*	Gastar Exploration Ltd		6,205
570		General Maritime Corp		770
153	*	Georesources, Inc		3,441
690	*	Global Geophysical Services, Inc		12,282
1,315	*	Global Industries Ltd		7,206
1,500	*	GMX Resources, Inc		6,675
457		Golar LNG Ltd		15,945
321	*	Goodrich Petroleum Corp		5,910
143	*	Green Plains Renewable Energy, Inc		1,543
190		Gulf Island Fabrication, Inc		6,133
287	*	Gulfmark Offshore, Inc		12,683
484	*	Gulfport Energy Corp		14,370
11,419		Halliburton Co		582,368
978	*	Harvest Natural Resources, Inc		10,787
1,341	*	Helix Energy Solutions Group, Inc		22,207
1,186		Helmerich & Payne, Inc		78,418
1,501	*	Hercules Offshore, Inc		8,271
3,751		Hess Corp		280,425
524		Holly Corp		36,366
301	*	Hornbeck Offshore Services, Inc		8,278
220		Houston American Energy Corp		3,989
1,947	*	Hyperdynamics Corp		8,372
1,704	*	ION Geophysical Corp		16,120
13	*	Isramco, Inc		859
420	*	James River Coal Co		8,744
1,861	*	Key Energy Services, Inc		33,498
1,756		Kinder Morgan, Inc		50,450
185		Knightsbridge Tankers Ltd		4,076
2,999	*	Kodiak Oil & Gas Corp		17,304
409	*	Kosmos Energy LLC		6,945
192	*	L&L Energy, Inc		985
400		Lufkin Industries, Inc		34,420
1,790	*	Magnum Hunter Resources Corp		12,100
8,852		Marathon Oil Corp		466,323
440	*	Matrix Service Co		5,887
2,913	*	McDermott International, Inc		57,707
1,294	*	McMoRan Exploration Co		23,913
1,226	*	Miller Petroleum, Inc		7,846
120	*	Mitcham Industries, Inc		2,076
2,424		Murphy Oil Corp		159,160
3,568	*	Nabors Industries Ltd		87,916
5,266		National Oilwell Varco, Inc		411,853
136	*	Natural Gas Services Group, Inc		2,198
1,672	*	Newfield Exploration Co		113,729
1,250	*	Newpark Resources, Inc		11,338
2,197		Noble Energy, Inc		196,917
562		Nordic American Tanker Shipping		12,780
746	*	Northern Oil And Gas, Inc		16,524
743	*	Oasis Petroleum, Inc		22,052

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
10,104		Occidental Petroleum Corp	$	1,051,220
1,326		Oceaneering International, Inc		53,703
637	*	Oil States International, Inc		50,903
443		Overseas Shipholding Group, Inc		11,934
42	*	OYO Geospace Corp		4,200
4,228	*	Pacific Asia Petroleum, Inc		5,623
85		Panhandle Oil and Gas, Inc (Class A)		2,507
1,722	*	Parker Drilling Co		10,074
1,236	*	Patriot Coal Corp		27,513
1,923		Patterson-UTI Energy, Inc		60,786
3,378		Peabody Energy Corp		198,998
551		Penn Virginia Corp		7,279
3,628	*	PetroHawk Energy Corp		89,503
229	*	Petroleum Development Corp		6,849
815	*	Petroquest Energy, Inc		5,721
149	*	PHI, Inc		3,238
568	*	Pioneer Drilling Co		8,656
1,462		Pioneer Natural Resources Co		130,951
1,680	*	Plains Exploration & Production Co		64,042
2,161		Questar Market Resources, Inc		90,395
1,420	*	Quicksilver Resources, Inc		20,959
1,969		Range Resources Corp		109,280
2,606	*	Rentech, Inc		2,762
460	*	Resolute Energy Corp		7,434
494	*	Rex Energy Corp		5,073
92	*	Rex Stores Corp		1,527
657	*	Rosetta Resources, Inc		33,862
1,533	*	Rowan Cos, Inc		59,496
505		RPC, Inc		12,393
5,100	*	SandRidge Energy, Inc		54,366
16,866		Schlumberger Ltd		1,457,221
156	*	Scorpio Tankers, Inc		1,558
272		SEACOR Holdings, Inc		27,189
517	*	SemGroup Corp		13,271
482		Ship Finance International Ltd		8,686
135	*	Solazyme, Inc		3,101
1,550		Southern Union Co		62,233
4,325	*	Southwestern Energy Co		185,456
8,242		Spectra Energy Corp		225,913
754		St. Mary Land & Exploration Co		55,404
539	*	Stone Energy Corp		16,380
1,505		Sunoco, Inc		62,774
943	*	Superior Energy Services		35,023
514	*	Swift Energy Co		19,157
5,451	*	Syntroleum Corp		8,013
200		Targa Resources Investments, Inc		6,692
480		Teekay Corp		14,822
320		Teekay Tankers Ltd (Class A)		3,008
364	*	Tesco Corp		7,065
1,783	*	Tesoro Corp		40,849
974	*	Tetra Technologies, Inc		12,399
645		Tidewater, Inc		34,707
522	*	Triangle Petroleum Corp		3,372
1,944	*	Ultra Petroleum Corp		89,035
300	*	Union Drilling, Inc		3,087
488	*	Unit Corp		29,734
797	*	Uranerz Energy Corp		2,407
1,254	*	Uranium Energy Corp		3,837
1,160	*	Uranium Resources, Inc		1,937
1,290	*	Ur-Energy, Inc		2,064
1,472	*	USEC, Inc		4,916
621	*	Vaalco Energy, Inc		3,738
7,139		Valero Energy Corp		182,544
5,036	*	Vantage Drilling Co		9,166
231	*	Venoco, Inc		2,943
580	*	Voyager Oil & Gas		1,723

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
414		W&T Offshore, Inc	$	10,814
580	*	Warren Resources, Inc		2,210
925	*	Western Refining, Inc		16,715
125	*	Westmoreland Coal Co		2,219
1,408	*	Whiting Petroleum Corp		80,129
1,032	*	Willbros Group, Inc		8,813
7,343		Williams Cos, Inc		222,126
874		World Fuel Services Corp		31,403
310	*	Zion Oil & Gas, Inc		1,845
		TOTAL ENERGY		21,645,934
FOOD & STAPLES RETAILING - 1.9%
207		Andersons, Inc		8,746
15		Arden Group, Inc (Class A)		1,380
650	*	BJ’s Wholesale Club, Inc		32,728
496		Casey’s General Stores, Inc		21,824
5,431		Costco Wholesale Corp		441,214
16,853		CVS Corp		633,336
350	*	Fresh Market, Inc		13,538
100		Ingles Markets, Inc (Class A)		1,655
7,540		Kroger Co		186,992
180		Nash Finch Co		6,446
248	*	Pantry, Inc		4,660
187		Pricesmart, Inc		9,580
7,015	*	Rite Aid Corp		9,330
610		Ruddick Corp		26,559
4,400		Safeway, Inc		102,828
217		Spartan Stores, Inc		4,238
2,554		Supervalu, Inc		24,033
91	*	Susser Holdings Corp		1,431
7,360		Sysco Corp		229,485
668	*	United Natural Foods, Inc		28,504
77		Village Super Market (Class A)		2,134
11,377		Walgreen Co		483,067
22,057		Wal-Mart Stores, Inc		1,172,108
133		Weis Markets, Inc		5,417
1,912		Whole Foods Market, Inc		121,316
610	*	Winn-Dixie Stores, Inc		5,155
		TOTAL FOOD & STAPLES RETAILING		3,577,704
FOOD, BEVERAGE & TOBACCO - 4.9%
100		Alico, Inc		2,562
1,062	*	Alliance One International, Inc		3,430
26,022		Altria Group, Inc		687,241
7,931		Archer Daniels Midland Co		239,120
571		B&G Foods, Inc (Class A)		11,774
100	*	Boston Beer Co, Inc (Class A)		8,960
1,312		Brown-Forman Corp (Class B)		97,993
1,858		Bunge Ltd		128,109
125		Calavo Growers, Inc		2,633
200		Cal-Maine Foods, Inc		6,392
2,226		Campbell Soup Co		76,908
841	*	Central European Distribution Corp		9,419
536	*	Chiquita Brands International, Inc		6,979
77		Coca-Cola Bottling Co Consolidated		5,210
24,557		Coca-Cola Co		1,652,441
4,042		Coca-Cola Enterprises, Inc		117,946
5,228		ConAgra Foods, Inc		134,935
2,181	*	Constellation Brands, Inc (Class A)		45,408
949		Corn Products International, Inc		52,461
1,454	*	Darling International, Inc		25,736
2,171	*	Dean Foods Co		26,638
262		Diamond Foods, Inc		20,001
433	*	Dole Food Co, Inc		5,854
2,800		Dr Pepper Snapple Group, Inc		117,404
200		Farmer Bros Co		2,028
1,421		Flowers Foods, Inc		31,308

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
476		Fresh Del Monte Produce, Inc	$	12,695
7,937		General Mills, Inc		295,415
1,528	*	Green Mountain Coffee Roasters, Inc		136,389
38		Griffin Land & Nurseries, Inc (Class A)		1,235
3,984		H.J. Heinz Co		212,268
490	*	Hain Celestial Group, Inc		16,346
870	*	Hansen Natural Corp		70,427
954	*	Heckmann Corp		5,762
1,934		Hershey Co		109,948
1,690		Hormel Foods Corp		50,379
125		Imperial Sugar Co		2,500
192		J&J Snack Foods Corp		9,571
1,442		J.M. Smucker Co		110,226
3,059		Kellogg Co		169,224
20,275		Kraft Foods, Inc (Class A)		714,288
260		Lancaster Colony Corp		15,813
591		Lance, Inc		12,783
101		Limoneira Co		2,282
1,787		Lorillard, Inc		194,551
1,734		McCormick & Co, Inc		85,954
2,541		Mead Johnson Nutrition Co		171,645
1,727		Molson Coors Brewing Co (Class B)		77,266
129		National Beverage Corp		1,890
245	*	Omega Protein Corp		3,381
19,647		PepsiCo, Inc		1,383,738
22,104		Philip Morris International, Inc		1,475,885
586	*	Pilgrim’s Pride Corp		3,170
751	*	Ralcorp Holdings, Inc		65,022
4,046		Reynolds American, Inc		149,904
272		Sanderson Farms, Inc		12,996
7,390		Sara Lee Corp		140,336
77	*	Seneca Foods Corp		1,970
718	*	Smart Balance, Inc		3,719
2,062	*	Smithfield Foods, Inc		45,096
1,331	*	Star Scientific, Inc		5,990
215	*	Synutra International, Inc		2,111
390		Tootsie Roll Industries, Inc		11,411
417	*	TreeHouse Foods, Inc		22,772
3,645		Tyson Foods, Inc (Class A)		70,786
302		Universal Corp		11,376
760		Vector Group Ltd		13,520
		TOTAL FOOD, BEVERAGE & TOBACCO		9,420,930
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
247	*	Abaxis, Inc		6,731
400	*	Abiomed, Inc		6,480
501	*	Accretive Health, Inc		14,424
682	*	Accuray, Inc		5,463
4,718		Aetna, Inc		208,017
114	*	Air Methods Corp		8,520
700	*	Align Technology, Inc		15,960
312	*	Alliance Imaging, Inc		1,186
2,366	*	Allscripts Healthcare Solutions, Inc		45,948
72	*	Almost Family, Inc		1,973
620	*	Alphatec Holdings, Inc		2,158
341	*	Amedisys, Inc		9,081
155	*	American Dental Partners, Inc		2,009
546	*	Amerigroup Corp		38,477
3,407		AmerisourceBergen Corp		141,050
357	*	AMN Healthcare Services, Inc		2,970
451	*	Amsurg Corp		11,785
150		Analogic Corp		7,889
275	*	Angiodynamics, Inc		3,913
844	*	Antares Pharma, Inc		1,865
325	*	Arthrocare Corp		10,878
264		Assisted Living Concepts, Inc (A Shares)		4,430

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
404	*	athenahealth, Inc	$	16,604
170	*	AtriCure, Inc		2,193
18		Atrion Corp		3,560
1,156		Bard (C.R.), Inc		126,998
7,088		Baxter International, Inc		423,083
2,719		Becton Dickinson & Co		234,296
350	*	Biolase Technology, Inc		1,799
412	*	Bio-Reference Labs, Inc		8,611
496	*	BioScrip, Inc		3,219
18,988	*	Boston Scientific Corp		131,207
1,200	*	Brookdale Senior Living, Inc		29,100
146		Cantel Medical Corp		3,929
236	*	Capital Senior Living Corp		2,192
4,480		Cardinal Health, Inc		203,482
291	*	CardioNet, Inc		1,545
160	*	Cardiovascular Systems, Inc		2,330
2,778	*	CareFusion Corp		75,478
560	*	Catalyst Health Solutions, Inc		31,259
390	*	CBaySystems Holdings Ltd		5,039
593	*	Centene Corp		21,069
1,766	*	Cerner Corp		107,920
449	*	Cerus Corp		1,347
281		Chemed Corp		18,411
128	*	Chindex International, Inc		1,743
3,363		Cigna Corp		172,959
1,183	*	Community Health Systems, Inc		30,379
185		Computer Programs & Systems, Inc		11,744
342	*	Conceptus, Inc		3,991
450	*	Conmed Corp		12,816
370	*	Continucare Corp		2,287
574		Cooper Cos, Inc		45,484
90	*	Corvel Corp		4,221
1,774	*	Coventry Health Care, Inc		64,698
6,161		Covidien plc		327,950
296	*	Cross Country Healthcare, Inc		2,250
253	*	CryoLife, Inc		1,417
327	*	Cyberonics, Inc		9,140
85	*	Cynosure, Inc (Class A)		1,029
1,187	*	DaVita, Inc		102,806
545	*	Delcath Systems, Inc		2,812
1,806		Dentsply International, Inc		68,772
689	*	DexCom, Inc		9,984
112	*	DynaVox, Inc		851
1,386	*	Edwards Lifesciences Corp		120,831
340	*	Emdeon, Inc		4,461
280	*	Emeritus Corp		5,950
536	*	Endologix, Inc		4,985
270		Ensign Group, Inc		8,205
78	*	Exactech, Inc		1,405
338	*	EXamWorks, Inc		8,582
6,575	*	Express Scripts, Inc		354,919
374	*	Five Star Quality Care, Inc		2,173
645	*	Gen-Probe, Inc		44,602
376	*	Gentiva Health Services, Inc		7,832
269	*	Greatbatch, Inc		7,215
360	*	Haemonetics Corp		23,173
414	*	Hanger Orthopedic Group, Inc		10,131
191	*	Hansen Medical, Inc		651
1,625	*	HCA Holdings, Inc		53,625
3,008	*	Health Management Associates, Inc (Class A)		32,426
1,131	*	Health Net, Inc		36,294
1,191	*	Healthsouth Corp		31,264
851	*	Healthspring, Inc		39,240
190	*	HealthStream, Inc		2,521
402	*	Healthways, Inc		6,102
149	*	HeartWare International, Inc		11,038

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,245	*	Henry Schein, Inc	$	89,130
759		Hill-Rom Holdings, Inc		34,944
335	*	HMS Holdings Corp		25,751
3,249	*	Hologic, Inc		65,532
2,092		Humana, Inc		168,490
154	*	ICU Medical, Inc		6,730
720	*	Idexx Laboratories, Inc		55,843
866	*	Immucor, Inc		17,684
573	*	Insulet Corp		12,703
289	*	Integra LifeSciences Holdings Corp		13,817
492	*	Intuitive Surgical, Inc		183,078
316		Invacare Corp		10,488
1,041	*	Inverness Medical Innovations, Inc		38,121
220	*	IPC The Hospitalist Co, Inc		10,197
205	*	IRIS International, Inc		2,048
66	*	Kensey Nash Corp		1,665
613	*	Kindred Healthcare, Inc		13,161
794	*	Kinetic Concepts, Inc		45,758
1,245	*	Laboratory Corp of America Holdings		120,504
174		Landauer, Inc		10,717
267	*	LHC Group, Inc		6,157
654	*	LifePoint Hospitals, Inc		25,558
1,219		Lincare Holdings, Inc		35,680
430	*	Magellan Health Services, Inc		23,538
397	*	MAKO Surgical Corp		11,803
611		Masimo Corp		18,134
3,133		McKesson Corp		262,075
486	*	MedAssets, Inc		6,493
164	*	Medcath Corp		2,229
4,971	*	Medco Health Solutions, Inc		280,961
147	*	Medical Action Industries, Inc		1,198
231	*	Medidata Solutions, Inc		5,514
13,302		Medtronic, Inc		512,526
314	*	Merge Healthcare, Inc		1,633
489		Meridian Bioscience, Inc		11,790
387	*	Merit Medical Systems, Inc		6,954
478	*	Metropolitan Health Networks, Inc		2,290
349	*	Molina Healthcare, Inc		9,465
131	*	MWI Veterinary Supply, Inc		10,581
100		National Healthcare Corp		4,957
316	*	Natus Medical, Inc		4,787
250	*	Neogen Corp		11,303
1,084	*	Neoprobe Corp		3,599
472	*	NuVasive, Inc		15,519
452	*	NxStage Medical, Inc		9,411
1,451		Omnicare, Inc		46,272
387	*	Omnicell, Inc		6,033
360	*	OraSure Technologies, Inc		3,071
181	*	Orthofix International NV		7,687
754		Owens & Minor, Inc		26,005
200	*	Palomar Medical Technologies, Inc		2,256
1,289		Patterson Cos, Inc		42,395
598	*	Pediatrix Medical Group, Inc		43,170
373	*	PharMerica Corp		4,759
97	*	Providence Service Corp		1,227
731	*	PSS World Medical, Inc		20,475
226		Quality Systems, Inc		19,730
1,841		Quest Diagnostics, Inc		108,803
333	*	Quidel Corp		5,045
380	*	RadNet, Inc		1,672
1,903	*	Resmed, Inc		58,898
198	*	Rockwell Medical Technologies, Inc		2,542
611	*	RTI Biologics, Inc		1,656
230	*	Rural		3,965
599	*	Select Medical Holdings Corp		5,313
694	*	Sirona Dental Systems, Inc		36,851

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
246	*	Skilled Healthcare Group, Inc (Class A)	$	2,327
685	*	Solta Medical, Inc		1,891
166	*	SonoSite, Inc		5,838
330	*	Spectranetics Corp		2,053
4,088		St. Jude Medical, Inc		194,916
407	*	Staar Surgical Co		2,157
300	*	Stereotaxis, Inc		1,053
745		STERIS Corp		26,060
3,896		Stryker Corp		228,656
199	*	Sun Healthcare Group, Inc		1,596
1,257	*	Sunrise Senior Living, Inc		11,979
147	*	SurModics, Inc		1,632
738	*	SXC Health Solutions Corp		43,483
376	*	Symmetry Medical, Inc		3,373
280	*	Synergetics USA, Inc		1,543
146	*	Synovis Life Technologies, Inc		2,543
332	*	Team Health Holdings, Inc		7,473
484		Teleflex, Inc		29,553
5,785	*	Tenet Healthcare Corp		36,098
682	*	Thoratec Corp		22,383
128	*	Tornier BV		3,450
76	*	Transcend Services, Inc		2,234
246	*	Triple-S Management Corp (Class B)		5,346
584	*	Unilife Corp		3,025
13,465		UnitedHealth Group, Inc		694,524
417		Universal American Corp		4,566
1,112		Universal Health Services, Inc (Class B)		57,301
260	*	Uroplasty, Inc		1,950
133		US Physical Therapy, Inc		3,289
1,505	*	Varian Medical Systems, Inc		105,380
200	*	Vascular Solutions, Inc		2,480
1,033	*	VCA Antech, Inc		21,900
603	*	Volcano Corp		19,471
530	*	WellCare Health Plans, Inc		27,247
4,565		WellPoint, Inc		359,585
397		West Pharmaceutical Services, Inc		17,373
456	*	Wright Medical Group, Inc		6,840
68		Young Innovations, Inc		1,939
2,443	*	Zimmer Holdings, Inc		154,398
255	*	Zoll Medical Corp		14,448
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		8,492,530
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
5,392		Avon Products, Inc		150,977
798	*	Central Garden and Pet Co (Class A)		8,100
1,786		Church & Dwight Co, Inc		72,404
1,657		Clorox Co		111,748
6,076		Colgate-Palmolive Co		531,103
350	*	Elizabeth Arden, Inc		10,161
867	*	Energizer Holdings, Inc		62,736
1,327		Estee Lauder Cos (Class A)		139,587
204		Female Health Co		1,020
1,488		Herbalife Ltd		85,768
140		Inter Parfums, Inc		3,224
4,882		Kimberly-Clark Corp		324,946
152	*	Medifast, Inc		3,607
140	*	Nature’s Sunshine Products, Inc		2,727
679		Nu Skin Enterprises, Inc (Class A)		25,496
127	*	Nutraceutical International Corp		1,953
63		Oil-Dri Corp of America		1,349
621	*	Prestige Brands Holdings, Inc		7,974
34,694		Procter & Gamble Co		2,205,498
238	*	Revlon, Inc (Class A)		3,998
217	*	Spectrum Brands, Inc		6,944
92	*	USANA Health Sciences, Inc		2,878
314		WD-40 Co		12,259
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		3,776,457

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
INSURANCE - 3.7%
4,194		ACE Ltd	$	276,049
5,812		Aflac, Inc		271,304
70	*	Alleghany Corp		23,318
599		Allied World Assurance Co Holdings Ltd		34,490
6,498		Allstate Corp		198,384
629		American Equity Investment Life Holding Co		7,995
1,036		American Financial Group, Inc		36,975
5,461	*	American International Group, Inc		160,117
85		American National Insurance Co		6,588
118	*	American Safety Insurance Holdings Ltd		2,259
202	*	Amerisafe, Inc		4,569
294		Amtrust Financial Services, Inc		6,697
4,185		AON Corp		214,691
1,780	*	Arch Capital Group Ltd		56,818
374		Argo Group International Holdings Ltd		11,115
1,551		Arthur J. Gallagher & Co		44,266
961		Aspen Insurance Holdings Ltd		24,727
1,198		Assurant, Inc		43,451
2,211		Assured Guaranty Ltd		36,061
1,609		Axis Capital Holdings Ltd		49,815
125		Baldwin & Lyons, Inc (Class B)		2,896
21,735	*	Berkshire Hathaway, Inc (Class B)		1,682,071
1,536		Brown & Brown, Inc		39,414
3,636		Chubb Corp		227,650
1,758		Cincinnati Financial Corp		51,298
387	*	Citizens, Inc (Class A)		2,639
303		CNA Financial Corp		8,802
2,903	*	Conseco, Inc		22,963
245		Crawford & Co (Class B)		1,732
571		Delphi Financial Group, Inc (Class A)		16,679
143		Donegal Group, Inc (Class A)		1,830
280	*	eHealth, Inc		3,741
60		EMC Insurance Group, Inc		1,146
620		Employers Holdings, Inc		10,397
551		Endurance Specialty Holdings Ltd		22,773
76	*	Enstar Group Ltd		7,941
363		Erie Indemnity Co (Class A)		25,671
631		Everest Re Group Ltd		51,584
155		FBL Financial Group, Inc (Class A)		4,983
2,808		Fidelity National Title Group, Inc (Class A)		44,198
1,253		First American Financial Corp		19,609
472		Flagstone Reinsurance Holdings Ltd		3,979
118	*	Fpic Insurance Group, Inc		4,918
5,894	*	Genworth Financial, Inc (Class A)		60,590
327	*	Greenlight Capital Re Ltd (Class A)		8,597
136	*	Hallmark Financial Services		1,070
539		Hanover Insurance Group, Inc		20,326
168		Harleysville Group, Inc		5,237
5,508		Hartford Financial Services Group, Inc		145,246
1,378		HCC Insurance Holdings, Inc		43,407
525	*	Hilltop Holdings, Inc		4,641
467		Horace Mann Educators Corp		7,290
205		Infinity Property & Casualty Corp		11,205
77		Kansas City Life Insurance Co		2,399
3,894		Lincoln National Corp		110,940
3,940		Loews Corp		165,835
553		Maiden Holdings Ltd		5,032
121	*	Markel Corp		48,014
6,815		Marsh & McLennan Cos, Inc		212,560
1,052		Max Capital Group Ltd		23,460
1,717	*	MBIA, Inc		14,921
694		Meadowbrook Insurance Group, Inc		6,878
303		Mercury General Corp		11,965
10,195		Metlife, Inc		447,255
855		Montpelier Re Holdings Ltd		15,390

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
667	*	National Financial Partners Corp	$	7,697
173		National Interstate Corp		3,962
27		National Western Life Insurance Co (Class A)		4,306
149	*	Navigators Group, Inc		7,003
3,022		Old Republic International Corp		35,509
313		OneBeacon Insurance Group Ltd (Class A)		4,191
896		PartnerRe Ltd		61,690
1,675	*	Phoenix Cos, Inc		4,121
543		Platinum Underwriters Holdings Ltd		18,049
200		Presidential Life Corp		2,088
424		Primerica, Inc		9,315
4,126		Principal Financial Group		125,513
400	*	ProAssurance Corp		28,000
8,090		Progressive Corp		172,964
1,036		Protective Life Corp		23,963
5,979		Prudential Financial, Inc		380,205
912		Reinsurance Group of America, Inc (Class A)		55,504
697		RenaissanceRe Holdings Ltd		48,755
224		RLI Corp		13,870
200		Safety Insurance Group, Inc		8,408
257		SeaBright Insurance Holdings, Inc		2,544
656		Selective Insurance Group, Inc		10,673
628		Stancorp Financial Group, Inc		26,495
200		State Auto Financial Corp		3,486
200		Stewart Information Services Corp		2,006
839		Symetra Financial Corp		11,268
993		Torchmark Corp		63,691
503		Tower Group, Inc		11,981
713		Transatlantic Holdings, Inc		34,944
5,206		Travelers Cos, Inc		303,926
257	*	United America Indemnity Ltd		5,700
234		United Fire & Casualty Co		4,065
614		Unitrin, Inc		18,217
4,006		UnumProvident Corp		102,073
962		Validus Holdings Ltd		29,774
1,419		W.R. Berkley Corp		46,032
92		White Mountains Insurance Group Ltd		38,655
3,842		XL Capital Ltd		84,447
		TOTAL INSURANCE		6,955,951
MATERIALS - 4.4%
412		A. Schulman, Inc		10,378
78	*	AEP Industries, Inc		2,277
2,633		Air Products & Chemicals, Inc		251,662
1,071		Airgas, Inc		75,013
1,349		AK Steel Holding Corp		21,260
1,140		Albemarle Corp		78,888
12,862		Alcoa, Inc		203,991
1,325		Allegheny Technologies, Inc		84,098
1,107	*	Allied Nevada Gold Corp		39,155
292		AMCOL International Corp		11,143
241		American Vanguard Corp		3,126
816		Aptargroup, Inc		42,709
297		Arch Chemicals, Inc		10,229
983		Ashland, Inc		63,521
331		Balchem Corp		14,491
2,222		Ball Corp		85,458
1,312		Bemis Co, Inc		44,319
1,302		Boise, Inc		10,143
300	*	Brush Engineered Materials, Inc		11,091
520		Buckeye Technologies, Inc		14,030
793		Cabot Corp		31,617
730	*	Calgon Carbon Corp		12,410
574		Carpenter Technology Corp		33,108
200	*	Castle (A.M.) & Co		3,322
1,861		Celanese Corp (Series A)		99,210

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
742	*	Century Aluminum Co	$	11,612
890		CF Industries Holdings, Inc		126,086
1,194	*	Chemtura		21,731
258	*	Clearwater Paper Corp		17,616
1,700		Cleveland-Cliffs, Inc		157,165
1,061	*	Coeur d’Alene Mines Corp		25,740
1,329		Commercial Metals Co		19,071
404		Compass Minerals International, Inc		34,772
2,027	*	Crown Holdings, Inc		78,688
584		Cytec Industries, Inc		33,399
127		Deltic Timber Corp		6,819
508		Domtar Corporation		48,118
14,514		Dow Chemical Co		522,504
11,424		Du Pont (E.I.) de Nemours & Co		617,467
525		Eagle Materials, Inc		14,632
868		Eastman Chemical Co		88,597
2,980		Ecolab, Inc		168,012
1,134	*	Ferro Corp		15,241
630	*	Flotek Industries, Inc		5,368
876		FMC Corp		75,354
11,813		Freeport-McMoRan Copper & Gold, Inc (Class B)		624,907
235	*	FutureFuel Corp		2,846
1,260	*	General Moly, Inc		5,620
403	*	Georgia Gulf Corp		9,728
553		Glatfelter		8,505
743		Globe Specialty Metals, Inc		16,658
351	*	Gold Resource Corp		8,750
152	*	Golden Minerals Co		2,703
3,083	*	Golden Star Resources Ltd		6,783
298	*	Graham Packaging Co, Inc		7,516
1,659	*	Graphic Packaging Holding Co		9,025
475		Greif, Inc (Class A)		30,889
605		H.B. Fuller Co		14,774
107		Hawkins, Inc		3,876
128		Haynes International, Inc		7,927
760	*	Headwaters, Inc		2,379
3,881	*	Hecla Mining Co		29,845
716	*	Horsehead Holding Corp		9,537
2,580		Huntsman Corp		48,633
229		Innophos Holdings, Inc		11,175
293	*	Innospec, Inc		9,848
1,000		International Flavors & Fragrances, Inc		64,240
5,257		International Paper Co		156,764
650	*	Intrepid Potash, Inc		21,125
1,794	*	Jaguar Mining, Inc		8,575
162		Kaiser Aluminum Corp		8,848
460	*	Kapstone Paper and Packaging Corp		7,622
75		KMG Chemicals, Inc		1,263
239		Koppers Holdings, Inc		9,065
396	*	Kraton Polymers LLC		15,511
274		Kronos Worldwide, Inc		8,617
230	*	Landec Corp		1,518
1,562	*	Louisiana-Pacific Corp		12,715
229	*	LSB Industries, Inc		9,829
799		Lubrizol Corp		107,282
3,892		LyondellBasell Industries AF S.C.A		149,920
547		Martin Marietta Materials, Inc		43,744
2,129		MeadWestvaco Corp		70,917
135	*	Metals USA Holdings Corp		2,012
990	*	Midway Gold Corp		1,940
246		Minerals Technologies, Inc		16,307
698	*	Molycorp, Inc		42,620
6,661		Monsanto Co		483,189
3,413		Mosaic Co		231,162
426		Myers Industries, Inc		4,379
1,723		Nalco Holding Co		47,917

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
162		Neenah Paper, Inc	$	3,447
125		NewMarket Corp		21,339
5,984		Newmont Mining Corp		322,955
113		NL Industries, Inc		2,075
133	*	Noranda Aluminium Holding Corp		2,014
3,989		Nucor Corp		164,427
943		Olin Corp		21,368
89		Olympic Steel, Inc		2,450
346	*	OM Group, Inc		14,061
511	*	Omnova Solutions, Inc		3,557
1,985	*	Owens-Illinois, Inc		51,233
1,223		Packaging Corp of America		34,232
1,476	*	Paramount Gold and Silver Corp		4,812
1,112		PolyOne Corp		17,203
1,966		PPG Industries, Inc		178,493
3,771		Praxair, Inc		408,739
116		Quaker Chemical Corp		4,989
928		Reliance Steel & Aluminum Co		46,075
843		Rock-Tenn Co (Class A)		55,925
850	*	Rockwood Holdings, Inc		46,997
686		Royal Gold, Inc		40,179
1,552		RPM International, Inc		35,727
362	*	RTI International Metals, Inc		13,890
246		Schnitzer Steel Industries, Inc (Class A)		14,170
221		Schweitzer-Mauduit International, Inc		12,409
554		Scotts Miracle-Gro Co (Class A)		28,426
1,913		Sealed Air Corp		45,510
479	*	Senomyx, Inc		2,462
600		Sensient Technologies Corp		22,242
1,157		Sherwin-Williams Co		97,038
1,590		Sigma-Aldrich Corp		116,674
650		Silgan Holdings, Inc		26,631
1,458	*	Solutia, Inc		33,315
1,203		Sonoco Products Co		42,755
2,115		Southern Copper Corp (NY)		69,520
370	*	Spartech Corp		2,253
2,595		Steel Dynamics, Inc		42,169
100		Stepan Co		7,090
1,282	*	Stillwater Mining Co		28,217
345	*	STR Holdings, Inc		5,147
1,260		Temple-Inland, Inc		37,472
298		Texas Industries, Inc		12,406
164	*	Texas Petrochemicals, Inc		6,432
2,060	*	Thompson Creek Metals Co, Inc		20,559
1,028		Titanium Metals Corp		18,833
30	*	United States Lime & Minerals, Inc		1,230
1,738		United States Steel Corp		80,018
72	*	Universal Stainless & Alloy		3,367
334	*	US Energy Corp Wyoming		1,426
1,134	*	US Gold Corp		6,838
1,208		Valspar Corp		43,560
851	*	Vista Gold Corp		2,408
1,590		Vulcan Materials Co		61,262
786		Walter Energy, Inc		91,019
784		Wausau Paper Corp		5,284
220		Westlake Chemical Corp		11,418
735		Worthington Industries, Inc		16,979
878	*	WR Grace & Co		40,063
247	*	Zagg, Inc		3,310
260		Zep, Inc		4,914
350	*	Zoltek Cos, Inc		3,686
		TOTAL MATERIALS		8,308,345
MEDIA - 3.2%
210		AH Belo Corp (Class A)		1,562
361		Arbitron, Inc		14,920

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
946	*	Belo (A.H.) Corp (Class A)	$	7,123
2,700		Cablevision Systems Corp (Class A)		97,767
8,315		CBS Corp (Class B)		236,894
463	*	Central European Media Enterprises Ltd (Class A) Nasdaq		9,144
686	*	Charter Communications, Inc		37,222
1,151		Cinemark Holdings, Inc		23,837
400	*	Clear Channel Outdoor Holdings, Inc (Class A)		5,080
34,282		Comcast Corp (Class A)		868,707
200	*	Crown Media Holdings, Inc (Class A)		382
9,544	*	DIRECTV		485,026
3,487	*	Discovery Communications, Inc (Class A)		142,828
2,532		DISH Network Corp (Class A)		77,656
943	*	DreamWorks Animation SKG, Inc (Class A)		18,954
285	*	Entercom Communications Corp (Class A)		2,474
599	*	Entravision Communications Corp (Class A)		1,108
354	*	EW Scripps Co (Class A)		3,423
52	*	Fisher Communications, Inc		1,551
2,876		Gannett Co, Inc		41,184
137	*	Global Sources Ltd		1,259
180	*	Global Traffic Network, Inc		2,068
591	*	Gray Television, Inc		1,560
700		Harte-Hanks, Inc		5,684
250	*	interCLICK, Inc		1,990
6,067		Interpublic Group of Cos, Inc		75,838
542		John Wiley & Sons, Inc (Class A)		28,189
474	*	Journal Communications, Inc (Class A)		2,451
284	*	Knology, Inc		4,217
736	*	Lamar Advertising Co (Class A)		20,144
3,043	*	Liberty Global, Inc (Class A)		137,057
878	*	Liberty Media Corp - Capital (Series A)		75,289
638	*	Liberty Media Corp - Starz		48,003
341	*	Lin TV Corp (Class A)		1,661
823	*	Lions Gate Entertainment Corp		5,448
1,699	*	Live Nation, Inc		19,488
715	*	Madison Square Garden, Inc		19,684
239	*	Martha Stewart Living Omnimedia, Inc (Class A)		1,037
732	*	McClatchy Co (Class A)		2,057
3,953		McGraw-Hill Cos, Inc		165,670
317		MDC Partners, Inc		5,725
426		Meredith Corp		13,261
303		Morningstar, Inc		18,416
760		National CineMedia, Inc		12,852
1,565	*	New York Times Co (Class A)		13,647
28,529		News Corp (Class A)		504,964
3,510		Omnicom Group, Inc		169,042
183		Outdoor Channel Holdings, Inc		1,252
485		Primedia, Inc		3,419
120	*	ReachLocal, Inc		2,500
1,035		Regal Entertainment Group (Class A)		12,782
114	*	Rentrak Corp		2,022
40	*	Saga Communications, Inc		1,480
365		Scholastic Corp		9,709
1,200		Scripps Networks Interactive (Class A)		58,656
540		Sinclair Broadcast Group, Inc (Class A)		5,929
50,576	*	Sirius XM Radio, Inc		110,761
4,730		Thomson Corp		177,659
4,180		Time Warner Cable, Inc		326,207
13,311		Time Warner, Inc		484,121
601	*	Valassis Communications, Inc		18,210
7,271		Viacom, Inc (Class B)		370,821
3,996		Virgin Media, Inc		119,600
23,495		Walt Disney Co		917,246
675	*	Warner Music Group Corp		5,549
62		Washington Post Co (Class B)		25,975
251		World Wrestling Entertainment, Inc (Class A)		2,392
		TOTAL MEDIA		6,089,833

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
19,318		Abbott Laboratories	$	1,016,513
488	*	Achillion Pharmaceuticals, Inc		3,631
457	*	Acorda Therapeutics, Inc		14,766
166	*	Affymax, Inc		1,140
766	*	Affymetrix, Inc		6,074
4,326	*	Agilent Technologies, Inc		221,102
1,200	*	Akorn, Inc		8,400
276	*	Albany Molecular Research, Inc		1,328
2,344	*	Alexion Pharmaceuticals, Inc		110,238
1,288	*	Alkermes, Inc		23,957
3,788		Allergan, Inc		315,351
955	*	Allos Therapeutics, Inc		2,044
434	*	Alnylam Pharmaceuticals, Inc		4,067
252	*	AMAG Pharmaceuticals, Inc		4,738
11,556	*	Amgen, Inc		674,292
250	*	Ampio Pharmaceuticals, Inc		1,948
1,697	*	Amylin Pharmaceuticals, Inc		22,672
249	*	Ardea Biosciences, Inc		6,340
955	*	Arena Pharmaceuticals, Inc		1,299
1,643	*	Ariad Pharmaceuticals, Inc		18,615
364	*	Arqule, Inc		2,275
600	*	Array Biopharma, Inc		1,344
567	*	Auxilium Pharmaceuticals, Inc		11,113
1,563	*	AVANIR Pharmaceuticals, Inc		5,252
330	*	AVEO Pharmaceuticals, Inc		6,801
937	*	AVI BioPharma, Inc		1,340
572	*	BioCryst Pharmaceuticals, Inc		2,185
3,004	*	Biogen Idec, Inc		321,188
1,375	*	BioMarin Pharmaceuticals, Inc		37,414
528	*	BioMimetic Therapeutics, Inc		2,703
247	*	Bio-Rad Laboratories, Inc (Class A)		29,482
794	*	Biosante Pharmaceuticals, Inc		2,184
45	*	Biospecifics Technologies Corp		1,008
252	*	Biotime, Inc		1,293
21,207		Bristol-Myers Squibb Co		614,155
1,049	*	Bruker BioSciences Corp		21,358
480	*	Cadence Pharmaceuticals, Inc		4,416
539	*	Caliper Life Sciences, Inc		4,371
206	*	Cambrex Corp		952
5,753	*	Celgene Corp		347,020
2,078	*	Cell Therapeutics, Inc		3,273
175	*	Celldex Therapeutics, Inc		621
947	*	Cephalon, Inc		75,665
712	*	Cepheid, Inc		24,664
716	*	Charles River Laboratories International, Inc		29,105
1,587	*	Chelsea Therapeutics International, Inc		8,094
313	*	Codexis, Inc		3,014
916	*	Columbia Laboratories, Inc		2,830
804	*	Combinatorx, Inc		1,914
492	*	Corcept Therapeutics, Inc		1,963
772	*	Covance, Inc		45,834
805	*	Cubist Pharmaceuticals, Inc		28,972
754	*	Curis, Inc		2,699
335	*	Cytori Therapeutics, Inc		1,605
1,787	*	Dendreon Corp		70,479
567	*	Depomed, Inc		4,638
698	*	Durect Corp		1,417
300	*	Dusa Pharmaceuticals, Inc		1,866
1,197	*	Dyax Corp		2,370
4,132	*	Dynavax Technologies Corp		11,363
12,707		Eli Lilly & Co		476,894
220	*	Emergent Biosolutions, Inc		4,961
1,415	*	Endo Pharmaceuticals Holdings, Inc		56,841
242	*	Enzo Biochem, Inc		1,029
551	*	Enzon Pharmaceuticals, Inc		5,538

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
723	*	eResearch Technology, Inc	$	4,606
422	*	Exact Sciences Corp		3,629
2,025	*	Exelixis, Inc		18,144
3,617	*	Forest Laboratories, Inc		142,293
104	*	Furiex Pharmaceuticals Inc		1,850
270	*	Genomic Health, Inc		7,536
1,585	*	Geron Corp		6,356
9,783	*	Gilead Sciences, Inc		405,113
867	*	Halozyme Therapeutics, Inc		5,991
290	*	Harvard Bioscience, Inc		1,546
118	*	Hi-Tech Pharmacal Co, Inc		3,414
2,098	*	Hospira, Inc		118,873
2,356	*	Human Genome Sciences, Inc		57,816
431	*	Idenix Pharmaceuticals, Inc		2,155
1,556	*	Illumina, Inc		116,933
811	*	Immunogen, Inc		9,886
1,809	*	Immunomedics, Inc		7,363
738	*	Impax Laboratories, Inc		16,081
1,128	*	Incyte Corp		21,364
224	*	Infinity Pharmaceuticals, Inc		1,850
620	*	Inhibitex, Inc		2,430
312	*	Insmed, Inc		3,741
614	*	InterMune, Inc		22,012
622	*	Ironwood Pharmaceuticals, Inc		9,778
1,170	*	Isis Pharmaceuticals, Inc		10,717
322	*	ISTA Pharmaceuticals, Inc		2,462
273	*	Jazz Pharmaceuticals, Inc		9,105
34,072		Johnson & Johnson		2,266,468
135	*	Kendle International, Inc		2,036
618	*	Keryx Biopharmaceuticals, Inc		2,923
640	*	KV Pharmaceutical Co (Class A)		1,741
2,404	*	Lexicon Pharmaceuticals, Inc		4,231
2,313	*	Life Technologies Corp		120,438
230	*	Ligand Pharmaceuticals, Inc (Class B)		2,749
588	*	Luminex Corp		12,289
641	*	MannKind Corp		2,436
269	*	MAP Pharmaceuticals, Inc		4,296
317		Maxygen, Inc		1,734
547	*	Medicines Co		9,031
767		Medicis Pharmaceutical Corp (Class A)		29,276
668	*	Medivation, Inc		14,315
90		Medtox Scientific, Inc		1,572
38,362		Merck & Co, Inc		1,353,795
431	*	Metabolix, Inc		3,077
437	*	Mettler-Toledo International, Inc		73,709
964	*	Micromet, Inc		5,533
571	*	Momenta Pharmaceuticals, Inc		11,112
5,458	*	Mylan Laboratories, Inc		134,649
1,132	*	Myriad Genetics, Inc		25,708
612	*	Nabi Biopharmaceuticals		3,293
1,670	*	Nektar Therapeutics		12,141
559	*	Neurocrine Biosciences, Inc		4,500
765	*	Novavax, Inc		1,545
1,652	*	NPS Pharmaceuticals, Inc		15,611
203	*	Obagi Medical Products, Inc		1,914
120	*	OncoGenex Pharmaceutical, Inc		2,044
517	*	Oncothyreon, Inc		4,751
797	*	Onyx Pharmaceuticals, Inc		28,134
2,882	*	Opko Health, Inc		10,635
571	*	Optimer Pharmaceuticals, Inc		6,789
224	*	Orexigen Therapeutics, Inc		356
170	*	Osiris Therapeutics, Inc		1,316
424	*	Pacific Biosciences of California, Inc		4,961
300		Pain Therapeutics, Inc		1,161
424	*	Par Pharmaceutical Cos, Inc		13,984
647	*	Parexel International Corp		15,243

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,837		PDL BioPharma, Inc	$	10,783
617	*	Peregrine Pharmaceuticals, Inc		1,148
1,408		PerkinElmer, Inc		37,889
1,060		Perrigo Co		93,142
98,203		Pfizer, Inc		2,022,982
1,248		Pharmaceutical Product Development, Inc		33,496
468	*	Pharmacyclics, Inc		4,886
463	*	Pharmasset, Inc		51,949
322	*	Pozen, Inc		1,352
300	*	Progenics Pharmaceuticals, Inc		2,154
2,905	*	Qiagen N.V.		55,253
891	*	Questcor Pharmaceuticals, Inc		21,473
401	*	Raptor Pharmaceutical Corp		2,482
904	*	Regeneron Pharmaceuticals, Inc		51,266
854	*	Rigel Pharmaceuticals, Inc		7,831
85	*	Sagent Pharmaceuticals		2,293
722	*	Salix Pharmaceuticals Ltd		28,757
410	*	Sangamo Biosciences, Inc		2,415
630	*	Santarus, Inc		2,123
739	*	Savient Pharmaceuticals, Inc		5,535
450	*	Sciclone Pharmaceuticals, Inc		2,718
1,200	*	Seattle Genetics, Inc		24,624
1,228	*	Sequenom, Inc		9,271
310	*	SIGA Technologies, Inc		3,019
394	*	Spectrum Pharmaceuticals, Inc		3,650
703	*	SuperGen, Inc		2,095
271	*	Synta Pharmaceuticals Corp		1,363
286	*	Targacept, Inc		6,026
580		Techne Corp		48,355
853	*	Theravance, Inc		18,945
4,763	*	Thermo Electron Corp		306,689
686	*	United Therapeutics Corp		37,799
317	*	Vanda Pharmaceuticals, Inc		2,263
2,562	*	Vertex Pharmaceuticals, Inc		133,198
423	*	Vical, Inc		1,743
931	*	Viropharma, Inc		17,224
979	*	Vivus, Inc		7,969
2,109		Warner Chilcott plc		50,890
1,221	*	Waters Corp		116,899
1,573	*	Watson Pharmaceuticals, Inc		108,112
288	*	Xenoport, Inc		2,051
599	*	ZIOPHARM Oncology, Inc		3,666
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		13,316,336
REAL ESTATE - 3.0%
483		Acadia Realty Trust		9,819
79		Agree Realty Corp		1,764
24		Alexander’s, Inc		9,528
749		Alexandria Real Estate Equities, Inc		57,988
5,157		AMB Property Corp		184,827
393		American Assets Trust,Inc		8,823
786		American Campus Communities, Inc		27,919
1,601		American Capital Agency Corp		46,605
10,085		Annaly Capital Management, Inc		181,933
1,428		Anworth Mortgage Asset Corp		10,724
1,446		Apartment Investment & Management Co (Class A)		36,916
131		Apollo Commercial Real Estate Finance, Inc		2,112
619	*	ARMOUR Residential REIT, Inc		4,550
1,263		Ashford Hospitality Trust, Inc		15,724
672		Associated Estates Realty Corp		10,920
1,044		AvalonBay Communities, Inc		134,050
110	*	Avatar Holdings, Inc		1,673
1,747		BioMed Realty Trust, Inc		33,612
1,810		Boston Properties, Inc		192,150
1,550		Brandywine Realty Trust		17,965
940		BRE Properties, Inc (Class A)		46,887

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
806		Camden Property Trust	$	51,278
373		Campus Crest Communities, Inc		4,827
1,088		Capital Lease Funding, Inc		5,342
838		Capstead Mortgage Corp		11,229
3,513	*	CB Richard Ellis Group, Inc (Class A)		88,212
1,729		CBL & Associates Properties, Inc		31,347
1,018		Cedar Shopping Centers, Inc		5,243
105		Chatham Lodging Trust		1,692
462		Chesapeake Lodging Trust		7,882
12,294		Chimera Investment Corp		42,537
509		Cogdell Spencer, Inc		3,049
1,235		Colonial Properties Trust		25,194
666		Colony Financial, Inc		12,035
59		Consolidated-Tomoka Land Co		1,687
238		Coresite Realty		3,903
851		Corporate Office Properties Trust		26,475
1,084		Cousins Properties, Inc		9,257
715		CreXus Investment Corp		7,944
1,094		Cypress Sharpridge Investments, Inc		14,014
3,066		DCT Industrial Trust, Inc		16,035
2,398		Developers Diversified Realty Corp		33,812
2,598		DiamondRock Hospitality Co		27,877
1,185		Digital Realty Trust, Inc		73,209
1,549		Douglas Emmett, Inc		30,810
2,789		Duke Realty Corp		39,074
734		DuPont Fabros Technology, Inc		18,497
1,055		Dynex Capital, Inc		10,212
305		EastGroup Properties, Inc		12,966
684		Education Realty Trust, Inc		5,862
580		Entertainment Properties Trust		27,086
365		Equity Lifestyle Properties, Inc		22,791
589		Equity One, Inc		10,979
3,485		Equity Residential		209,099
405		Essex Property Trust, Inc		54,792
183		Excel Trust, Inc		2,018
1,451		Extra Space Storage, Inc		30,950
774		Federal Realty Investment Trust		65,929
2,088	*	FelCor Lodging Trust, Inc		11,129
1,135	*	First Industrial Realty Trust, Inc		12,996
627		First Potomac Realty Trust		9,599
1,703	*	Forest City Enterprises, Inc (Class A)		31,795
498	*	Forestar Real Estate Group, Inc		8,182
839		Franklin Street Properties Corp		10,831
7,003		General Growth Properties, Inc		116,880
404		Getty Realty Corp		10,193
579		Gladstone Commercial Corp		10,034
1,568		Glimcher Realty Trust		14,896
625		Government Properties Income Trust		16,888
929		Hatteras Financial Corp		26,226
4,900		HCP, Inc		179,781
2,191		Health Care REIT, Inc		114,874
901		Healthcare Realty Trust, Inc		18,588
3,082		Hersha Hospitality Trust		17,167
856		Highwoods Properties, Inc		28,359
486		Home Properties, Inc		29,588
1,473		Hospitality Properties Trust		35,720
8,534		Host Marriott Corp		144,651
276	*	Howard Hughes Corp		17,951
898		HRPT Properties Trust		23,204
467		Hudson Pacific Properties		7,253
843		Inland Real Estate Corp		7,444
1,001		Invesco Mortgage Capital, Inc		21,151
895		Investors Real Estate Trust		7,751
1,264	*	iStar Financial, Inc		10,251
533		Jones Lang LaSalle, Inc		50,262
255		Kennedy-Wilson Holdings, Inc		3,124

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
707		Kilroy Realty Corp	$	27,919
5,056		Kimco Realty Corp		94,244
715		Kite Realty Group Trust		3,561
1,057		LaSalle Hotel Properties		27,841
2,104		Lexington Corporate Properties Trust		19,210
1,338		Liberty Property Trust		43,592
376		LTC Properties, Inc		10,460
1,628		Macerich Co		87,098
1,019		Mack-Cali Realty Corp		33,566
642	*	Maguire Properties, Inc		1,836
1,859		Medical Properties Trust, Inc		21,379
3,878		MFA Mortgage Investments, Inc		31,179
474		Mid-America Apartment Communities, Inc		31,981
220		Mission West Properties, Inc		1,932
237		Monmouth Real Estate Investment Corp (Class A)		2,003
478		National Health Investors, Inc		21,238
1,043		National Retail Properties, Inc		25,564
1,613		Nationwide Health Properties, Inc		66,794
1,580	*	Newcastle Investment Corp		9,132
2,419		NorthStar Realty Finance Corp		9,749
499		NRDC Acquisition Corp		5,369
1,261		Omega Healthcare Investors, Inc		26,494
498		One Liberty Properties, Inc		7,689
259		Parkway Properties, Inc		4,419
650		Pebblebrook Hotel Trust		13,124
759		Pennsylvania Real Estate Investment Trust		11,916
342		Pennymac Mortgage Investment Trust		5,667
2,149		Piedmont Office Realty Trust, Inc		43,818
1,962		Plum Creek Timber Co, Inc		79,539
588		Post Properties, Inc		23,967
481		Potlatch Corp		16,965
235		PS Business Parks, Inc		12,949
1,745		Public Storage, Inc		198,946
3,285		RAIT Investment Trust		6,899
459		Ramco-Gershenson Properties		5,682
964		Rayonier, Inc		62,997
1,494		Realty Income Corp		50,034
936		Redwood Trust, Inc		14,152
1,068		Regency Centers Corp		46,960
897		Resource Capital Corp		5,669
302		RLJ Lodging Trust		5,246
199		Sabra Healthcare REIT, Inc		3,325
133		Saul Centers, Inc		5,236
1,732		Senior Housing Properties Trust		40,546
3,651		Simon Property Group, Inc		424,355
1,006		SL Green Realty Corp		83,367
311		Sovran Self Storage, Inc		12,751
810	*	St. Joe Co		16,880
204		STAG Industrial, Inc		2,499
1,129		Starwood Property Trust, Inc		23,156
1,873	*	Strategic Hotels & Resorts, Inc		13,261
346		Summit Hotel Properties, Inc		3,927
236		Sun Communities, Inc		8,805
1,531	*	Sunstone Hotel Investors, Inc		14,192
1,058		Tanger Factory Outlet Centers, Inc		28,323
659		Taubman Centers, Inc		39,013
156	*	Tejon Ranch Co		5,320
108		Terreno Realty Corp		1,837
1,167		Two Harbors Investment Corp		12,545
2,210		UDR, Inc		54,256
120		UMH Properties, Inc		1,284
200		Universal Health Realty Income Trust		7,996
213		Urstadt Biddle Properties, Inc (Class A)		3,857
1,389		U-Store-It Trust		14,612
1,860		Ventas, Inc		98,041
2,228		Vornado Realty Trust		207,604

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
287		Walter Investment Management Corp	$	6,369
820		Washington Real Estate Investment Trust		26,666
1,502		Weingarten Realty Investors		37,790
6,692		Weyerhaeuser Co		146,287
242		Winthrop Realty Trust		2,889
		TOTAL REAL ESTATE		5,644,170
RETAILING - 3.7%
3,078	*	1-800-FLOWERS.COM, Inc (Class A)		9,542
521	*	99 Cents Only Stores		10,545
998		Aaron’s, Inc		28,203
1,092		Abercrombie & Fitch Co (Class A)		73,077
968		Advance Auto Parts, Inc		56,618
1,127	*	Aeropostale, Inc		19,723
4,517	*	Amazon.com, Inc		923,681
2,498		American Eagle Outfitters, Inc		31,850
122	*	America’s Car-Mart, Inc		4,026
671	*	Ann Taylor Stores Corp		17,513
359	*	Asbury Automotive Group, Inc		6,652
200	*	Audiovox Corp (Class A)		1,512
508	*	Autonation, Inc		18,598
332	*	Autozone, Inc		97,890
477		Barnes & Noble, Inc		7,909
380		Bebe Stores, Inc		2,322
3,095	*	Bed Bath & Beyond, Inc		180,655
3,933		Best Buy Co, Inc		123,536
334		Big 5 Sporting Goods Corp		2,625
961	*	Big Lots, Inc		31,857
158	*	Blue Nile, Inc		6,949
142	*	Body Central Corp		3,341
142		Bon-Ton Stores, Inc/the		1,380
482		Brown Shoe Co, Inc		5,133
310		Buckle, Inc		13,237
200	*	Build-A-Bear Workshop, Inc		1,302
535	*	Cabela’s, Inc		14,525
2,810	*	Carmax, Inc		92,927
514	*	Casual Male Retail Group, Inc		2,133
525		Cato Corp (Class A)		15,120
2,840	*	Charming Shoppes, Inc		11,814
2,122		Chico’s FAS, Inc		32,318
335	*	Children’s Place Retail Stores, Inc		14,904
390		Christopher & Banks Corp		2,243
243	*	Citi Trends, Inc		3,664
657	*	Coldwater Creek, Inc		920
922	*	Collective Brands, Inc		13,544
142	*	Conn’s, Inc		1,228
108	*	Core-Mark Holding Co, Inc		3,856
234	*	Cost Plus, Inc		2,340
118		Destination Maternity Corp		2,358
1,171	*	Dick’s Sporting Goods, Inc		45,025
433		Dillard’s, Inc (Class A)		22,577
931	*	Dollar General Corp		31,552
1,531	*	Dollar Tree, Inc		101,995
329	*	DSW, Inc (Class A)		16,651
2,472		Expedia, Inc		71,663
683		Express Parent LLC		14,889
1,521		Family Dollar Stores, Inc		79,944
681		Finish Line, Inc (Class A)		14,573
1,993		Foot Locker, Inc		47,354
480		Fred’s, Inc (Class A)		6,926
1,759	*	GameStop Corp (Class A)		46,913
5,018		Gap, Inc		90,826
349	*	Genesco, Inc		18,183
1,955		Genuine Parts Co		106,352
280	*	GNC Holdings, Inc		6,107
300		Group 1 Automotive, Inc		12,354

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
756		Guess?, Inc	$	31,797
166		Haverty Furniture Cos, Inc		1,911
176	*	hhgregg, Inc		2,358
373	*	Hibbett Sports, Inc		15,185
19,862		Home Depot, Inc		719,402
450		Hot Topic, Inc		3,348
475	*	HSN, Inc		15,637
2,054		JC Penney Co, Inc		70,945
349	*	JOS A Bank Clothiers, Inc		17,453
145	*	Kirkland’s, Inc		1,743
3,611		Kohl’s Corp		180,586
7,419	*	Liberty Media Holding Corp (Interactive A)		124,417
3,240		Limited Brands, Inc		124,578
205		Lithia Motors, Inc (Class A)		4,024
1,960	*	LKQ Corp		51,136
16,182		Lowe’s Cos, Inc		377,202
278	*	Lumber Liquidators, Inc		7,061
5,081		Macy’s, Inc		148,568
257	*	MarineMax, Inc		2,251
593		Men’s Wearhouse, Inc		19,984
361		Monro Muffler, Inc		13,462
647	*	NetFlix, Inc		169,960
512	*	New York & Co, Inc		2,534
1,992		Nordstrom, Inc		93,504
414		Nutri/System, Inc		5,821
3,305	*	Office Depot, Inc		13,947
1,103	*	OfficeMax, Inc		8,659
482	*	Orbitz Worldwide, Inc		1,200
1,737	*	O’Reilly Automotive, Inc		113,791
176	*	Overstock.com, Inc		2,679
886	*	Pacific Sunwear Of California, Inc		2,312
500		Penske Auto Group, Inc		11,370
614		PEP Boys - Manny Moe & Jack		6,711
278		PetMed Express, Inc		3,294
1,427		Petsmart, Inc		64,743
1,378	*	Pier 1 Imports, Inc		15,943
617	*	Priceline.com, Inc		315,861
1,485		RadioShack Corp		19,765
793		Rent-A-Center, Inc		24,234
1,475		Ross Stores, Inc		118,177
180	*	Rue21, Inc		5,850
1,641	*	Saks, Inc		18,330
1,125	*	Sally Beauty Holdings, Inc		19,238
481	*	Sears Holdings Corp		34,363
907	*	Select Comfort Corp		16,308
66	*	Shoe Carnival, Inc		1,990
369	*	Shutterfly, Inc		21,188
1,056	*	Signet Jewelers Ltd		49,431
481		Sonic Automotive, Inc (Class A)		7,047
411		Stage Stores, Inc		6,905
8,866		Staples, Inc		140,083
200		Stein Mart, Inc		1,928
151		Systemax, Inc		2,256
846	*	Talbots, Inc		2,826
8,567		Target Corp		401,879
1,588		Tiffany & Co		124,690
4,798		TJX Companies, Inc		252,039
898		Tractor Supply Co		60,058
228	*	Tuesday Morning Corp		1,060
564	*	Ulta Salon Cosmetics & Fragrance, Inc		36,423
1,468	*	Urban Outfitters, Inc		41,324
150	*	US Auto Parts Network, Inc		1,149
517	*	Valuevision International, Inc (Class A)		3,955
310	*	Vitamin Shoppe, Inc		14,186
178	*	West Marine, Inc		1,846
1,045	*	Wet Seal, Inc (Class A)		4,671

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,307		Williams-Sonoma, Inc	$	47,692
400	*	Zale Corp		2,240
245	*	Zumiez, Inc		6,118
		TOTAL RETAILING		6,882,080
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
395	*	Advanced Analogic Technologies, Inc		2,392
504	*	Advanced Energy Industries, Inc		7,454
7,126	*	Advanced Micro Devices, Inc		49,811
183	*	Alpha & Omega Semiconductor Lt		2,425
3,907		Altera Corp		181,088
1,245	*	Amkor Technology, Inc		7,682
118	*	Amtech Systems, Inc		2,436
891	*	Anadigics, Inc		2,860
3,619		Analog Devices, Inc		141,647
16,389		Applied Materials, Inc		213,220
891	*	Applied Micro Circuits Corp		7,894
5,710	*	Atmel Corp		80,340
395	*	ATMI, Inc		8,070
2,377		Avago Technologies Ltd		90,326
6,246	*	Axcelis Technologies, Inc		10,243
1,188	*	AXT, Inc		10,074
6,662		Broadcom Corp (Class A)		224,109
831	*	Brooks Automation, Inc		9,025
285	*	Cabot Microelectronics Corp		13,244
664	*	Cavium Networks, Inc		28,944
234	*	Ceva, Inc		7,128
821	*	Cirrus Logic, Inc		13,054
280		Cohu, Inc		3,671
1,347	*	Cree, Inc		45,246
364	*	Cymer, Inc		18,022
2,072		Cypress Semiconductor Corp		43,802
395	*	Diodes, Inc		10,310
289	*	DSP Group, Inc		2,514
1,676	*	Entegris, Inc		16,961
903	*	Entropic Communications, Inc		8,028
520	*	Exar Corp		3,292
1,583	*	Fairchild Semiconductor International, Inc		26,452
451	*	FEI Co		17,224
737	*	First Solar, Inc		97,483
593	*	Formfactor, Inc		5,373
537	*	Freescale Semiconductor Holdings Ltd		9,875
1,943	*	FSI International, Inc		5,324
234	*	GSI Technology, Inc		1,685
1,568	*	GT Solar International, Inc		25,402
459	*	Hittite Microwave Corp		28,417
252	*	Inphi Corp		4,385
1,945	*	Integrated Device Technology, Inc		15,288
306	*	Integrated Silicon Solution, Inc		2,959
65,896		Intel Corp		1,460,254
853	*	International Rectifier Corp		23,858
1,411		Intersil Corp (Class A)		18,131
257	*	IXYS Corp		3,850
2,049		Kla-Tencor Corp		82,944
800	*	Kopin Corp		3,768
848	*	Kulicke & Soffa Industries, Inc		9,447
1,524	*	Lam Research Corp		67,483
1,300	*	Lattice Semiconductor Corp		8,476
2,843		Linear Technology Corp		93,876
7,838	*	LSI Logic Corp		55,807
584	*	LTX-Credence Corp		5,221
6,576	*	Marvell Technology Group Ltd		97,095
3,678		Maxim Integrated Products, Inc		94,010
87	*	MaxLinear, Inc		753
2,748	*	MEMC Electronic Materials, Inc		23,440
797		Micrel, Inc		8,432

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,393		Microchip Technology, Inc	$	90,719
11,037	*	Micron Technology, Inc		82,557
1,063	*	Microsemi Corp		21,792
378	*	Mindspeed Technologies, Inc		3,024
766	*	MIPS Technologies, Inc		5,293
604		MKS Instruments, Inc		15,958
407	*	Monolithic Power Systems, Inc		6,276
316	*	MoSys, Inc		1,817
214	*	Nanometrics, Inc		4,064
3,158		National Semiconductor Corp		77,718
935	*	Netlogic Microsystems, Inc		37,793
1,139	*	Novellus Systems, Inc		41,163
55	*	NVE Corp		3,215
7,224	*	Nvidia Corp		115,114
721	*	Omnivision Technologies, Inc		25,098
5,369	*	ON Semiconductor Corp		56,213
268	*	PDF Solutions, Inc		1,597
304	*	Pericom Semiconductor Corp		2,718
666	*	Photronics, Inc		5,641
410	*	PLX Technology, Inc		1,423
2,763	*	PMC - Sierra, Inc		20,916
358		Power Integrations, Inc		13,758
1,317	*	Rambus, Inc		19,334
3,137	*	RF Micro Devices, Inc		19,198
149	*	Rubicon Technology, Inc		2,512
351	*	Rudolph Technologies, Inc		3,759
936	*	Semtech Corp		25,590
373	*	Sigma Designs, Inc		2,850
1,131	*	Silicon Image, Inc		7,306
618	*	Silicon Laboratories, Inc		25,499
2,390	*	Skyworks Solutions, Inc		54,922
622	*	Spansion, Inc		11,986
300	*	Standard Microsystems Corp		8,097
509	*	Sunpower Corp (Class A)		9,839
100	*	Supertex, Inc		2,240
2,167	*	Teradyne, Inc		32,072
605	*	Tessera Technologies, Inc		10,370
14,435		Texas Instruments, Inc		473,900
1,986	*	Triquint Semiconductor, Inc		20,237
267	*	Ultra Clean Holdings		2,424
283	*	Ultratech, Inc		8,598
938	*	Varian Semiconductor Equipment Associates, Inc		57,631
512	*	Veeco Instruments, Inc		24,786
288	*	Volterra Semiconductor Corp		7,102
3,271		Xilinx, Inc		119,292
619	*	Zoran Corp		5,200
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		5,150,635
SOFTWARE & SERVICES - 8.7%
552	*	Accelrys, Inc		3,925
8,024		Accenture plc		484,810
400	*	ACI Worldwide, Inc		13,508
149	*	Active Network, Inc		2,622
5,714		Activision Blizzard, Inc		66,740
620	*	Actuate Corp		3,627
1,008	*	Acxiom Corp		13,215
6,395	*	Adobe Systems, Inc		201,122
374	*	Advent Software, Inc		10,536
2,323	*	Akamai Technologies, Inc		73,105
664	*	Alliance Data Systems Corp		62,462
2,552	*	Amdocs Ltd		77,555
276		American Software, Inc (Class A)		2,294
395	*	Ancestry.com, Inc		16,349
1,142	*	Ansys, Inc		62,433
1,288	*	AOL, Inc		25,580
1,201	*	Ariba, Inc		41,398

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,054	*	Aspen Technology, Inc	$	18,108
2,855	*	Autodesk, Inc		110,203
6,211		Automatic Data Processing, Inc		327,195
538		Blackbaud, Inc		14,913
426	*	Blackboard, Inc		18,484
2,295	*	BMC Software, Inc		125,537
294	*	Booz Allen Hamilton Holding Co		5,618
421	*	Bottomline Technologies, Inc		10,403
1,693		Broadridge Financial Solutions, Inc		40,751
281	*	BroadSoft, Inc		10,715
4,795		CA, Inc		109,518
372	*	CACI International, Inc (Class A)		23,466
3,247	*	Cadence Design Systems, Inc		34,288
370	*	Callidus Software, Inc		2,165
531	*	Cardtronics, Inc		12,452
75		Cass Information Systems, Inc		2,832
834	*	Ciber, Inc		4,629
2,344	*	Citrix Systems, Inc		187,520
118	*,m	Clinical Data, Inc		112
3,779	*	Cognizant Technology Solutions Corp (Class A)		277,152
547	*	Commvault Systems, Inc		24,314
1,926		Computer Sciences Corp		73,111
174	*	Computer Task Group, Inc		2,292
2,948	*	Compuware Corp		28,772
399	*	comScore, Inc		10,334
555	*	Concur Technologies, Inc		27,789
342	*	Constant Contact, Inc		8,680
1,260	*	Convergys Corp		17,186
142	*	Cornerstone OnDemand, Inc		2,506
485	*	CSG Systems International, Inc		8,963
485	*	DealerTrack Holdings, Inc		11,131
235	*	Deltek, Inc		1,760
229	*	DemandTec, Inc		2,084
606	*	Dice Holdings, Inc		8,193
453	*	Digital River, Inc		14,568
85	*	DMRC Corp		2,978
426		DST Systems, Inc		22,493
110	*	Dynamics Research Corp		1,500
1,405		Earthlink, Inc		10,811
14,326	*	eBay, Inc		462,301
322	*	Ebix, Inc		6,134
134	*	Echo Global Logistics, Inc		2,379
4,129	*	Electronic Arts, Inc		97,444
94	*	Envestnet, Inc		1,396
405		EPIQ Systems, Inc		5,759
583	*	Equinix, Inc		58,895
589	*	Euronet Worldwide, Inc		9,076
250	*	ExlService Holdings, Inc		5,775
586		Factset Research Systems, Inc		59,960
602		Fair Isaac Corp		18,180
313	*	FalconStor Software, Inc		1,402
3,263		Fidelity National Information Services, Inc		100,468
1,223	*	First American Corp		20,436
1,804	*	Fiserv, Inc		112,985
178	*	FleetCor Technologies, Inc		5,276
178		Forrester Research, Inc		5,867
1,487	*	Fortinet, Inc		40,580
1,208	*	Gartner, Inc		48,670
1,564	*	Genpact Ltd		26,963
483	*	Global Cash Access, Inc		1,536
998		Global Payments, Inc		50,898
531	*	Glu Mobile, Inc		2,798
3,121	*	Google, Inc (Class A)		1,580,413
476	*	Hackett Group, Inc		2,423
451		Heartland Payment Systems, Inc		9,291
1,091	*	IAC/InterActiveCorp		41,643

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
384		iGate Corp	$	6,267
1,333	*	Informatica Corp		77,887
367	*	Infospace, Inc		3,347
174	*	Integral Systems, Inc		2,118
144	*	Interactive Intelligence, Inc		5,047
538	*	Internap Network Services Corp		3,954
15,055		International Business Machines Corp		2,582,684
3,760	*	Intuit, Inc		194,994
544	*	j2 Global Communications, Inc		15,357
1,014		Jack Henry & Associates, Inc		30,430
480	*	JDA Software Group, Inc		14,827
276	*	Kenexa Corp		6,618
168		Keynote Systems, Inc		3,634
444	*	KIT Digital, Inc		5,301
298	*	Knot, Inc		2,965
2,045	*	Lawson Software, Inc		22,945
1,154		Lender Processing Services, Inc		24,130
884	*	Limelight Networks, Inc		4,031
111	*	LinkedIn Corp		10,000
704	*	Lionbridge Technologies		2,239
163	*	Liquidity Services, Inc		3,848
493	*	Liveperson, Inc		6,971
252	*	LogMeIn, Inc		9,720
297	*	LoopNet, Inc		5,459
629	*	Magma Design Automation, Inc		5,026
311	*	Manhattan Associates, Inc		10,711
292		Mantech International Corp (Class A)		12,971
206		Marchex, Inc (Class B)		1,829
1,326		Mastercard, Inc (Class A)		399,577
241		MAXIMUS, Inc		19,938
1,291	*	Mentor Graphics Corp		16,538
1,140	*	Micros Systems, Inc		56,669
92,235		Microsoft Corp		2,398,109
100	*	MicroStrategy, Inc (Class A)		16,268
529		ModusLink Global Solutions, Inc		2,370
991	*	MoneyGram International, Inc		3,290
443	*	Monotype Imaging Holdings, Inc		6,260
1,517	*	Monster Worldwide, Inc		22,239
453	*	Motricity, Inc		3,502
2,786	*	Move, Inc		6,101
74	*	NCI, Inc (Class A)		1,681
411	*	Ness Technologies, Inc		3,111
467	*	Netscout Systems, Inc		9,756
340	*	NetSuite, Inc		13,328
874	*	NeuStar, Inc (Class A)		22,899
789		NIC, Inc		10,620
2,965	*	Nuance Communications, Inc		63,659
293	*	OpenTable, Inc		24,354
1,006	*	Openwave Systems, Inc		2,304
155		Opnet Technologies, Inc		6,346
47,742		Oracle Corp		1,571,188
1,404	*	Parametric Technology Corp		32,194
4,043		Paychex, Inc		124,201
162		Pegasystems, Inc		7,541
320	*	Perficient, Inc		3,283
240	*	PRG-Schultz International, Inc		1,716
831	*	Progress Software Corp		20,052
147	*	PROS Holdings, Inc		2,571
43	*	QAD, Inc (Class A)		439
873	*	QLIK Technologies, Inc		29,734
719	*	Quest Software, Inc		16,343
335	*	QuinStreet, Inc		4,348
1,281	*	Rackspace Hosting, Inc		54,750
500	*	Radiant Systems, Inc		10,450
485	*	RealD, Inc		11,344
1,196	*	RealNetworks, Inc		4,066

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
379	*	RealPage, Inc	$	10,032
2,400	*	Red Hat, Inc		110,160
100		Renaissance Learning, Inc		1,254
120	*	Responsys, Inc		2,128
307	*	RightNow Technologies, Inc		9,947
127	*	Rosetta Stone, Inc		2,050
1,436	*	Rovi Corp		82,369
792	*	S1 Corp		5,924
286	*	Saba Software, Inc		2,583
3,586	*	SAIC, Inc		60,317
1,657	*	Salesforce.com, Inc		246,859
1,239		Sapient Corp		18,622
561	*	SAVVIS, Inc		22,176
150	*	Sciquest, Inc		2,564
121	*	ServiceSource International LLC		2,689
527	*	Smith Micro Software, Inc		2,219
705	*	SolarWinds, Inc		18,429
1,004		Solera Holdings, Inc		59,397
328	*	Sourcefire, Inc		9,748
501	*	SRA International, Inc (Class A)		15,491
132	*	SRS Labs, Inc		1,266
317	*	SS&C Technologies Holdings, Inc		6,299
192		Stamps.com, Inc		2,561
979	*	SuccessFactors, Inc		28,783
513	*	SupportSoft, Inc		2,462
9,527	*	Symantec Corp		187,872
328	*	Synchronoss Technologies, Inc		10,407
1,849	*	Synopsys, Inc		47,538
190		Syntel, Inc		11,233
402	*	TA Indigo Holding Corp		6,947
925	*	Take-Two Interactive Software, Inc		14,134
481	*	Taleo Corp (Class A)		17,811
132	*	TechTarget, Inc		999
370	*	TeleCommunication Systems, Inc (Class A)		1,787
205	*	TeleNav, Inc		3,635
455	*	TeleTech Holdings, Inc		9,591
2,098	*	Teradata Corp		126,300
787	*	THQ, Inc		2,849
2,110	*	TIBCO Software, Inc		61,232
1,671	*	TiVo, Inc		17,195
303	*	TNS, Inc		5,030
1,957		Total System Services, Inc		36,361
174	*	Travelzoo, Inc		11,247
432	*	Tyler Technologies, Inc		11,569
295	*	Ultimate Software Group, Inc		16,057
586	*	Unisys Corp		15,060
1,056		United Online, Inc		6,368
1,094	*	Valueclick, Inc		18,160
248	*	Vasco Data Security International		3,088
1,109	*	VeriFone Systems, Inc		49,184
264	*	Verint Systems, Inc		9,779
2,200		VeriSign, Inc		73,613
628		VirnetX Holding Corp		18,174
156	*	Virtusa Corp		2,956
6,463		Visa, Inc (Class A)		544,572
527	*	VistaPrint Ltd		25,217
1,036	*	VMware, Inc (Class A)		103,838
202	*	Vocus, Inc		6,183
947	*	Wave Systems Corp		2,671
807	*	WebMD Health Corp (Class A)		36,783
564	*	Websense, Inc		14,647
367	*	Website Pros, Inc		4,521
8,141		Western Union Co		163,064
465	*	Wright Express Corp		24,213
16,381	*	Yahoo!, Inc		246,371
743	*	Zix Corp		2,853
		TOTAL SOFTWARE & SERVICES		16,331,642

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%
639	*	Acme Packet, Inc	$	44,813
806		Adtran, Inc		31,200
400	*	Agilysys, Inc		3,336
2,190		Amphenol Corp (Class A)		118,239
200	*	Anaren, Inc		4,250
356		Anixter International, Inc		23,261
11,494	*	Apple, Inc		3,858,190
1,549	*	Arris Group, Inc		17,984
1,424	*	Arrow Electronics, Inc		59,096
1,062	*	Aruba Networks, Inc		31,382
424	*	Avid Technology, Inc		7,988
1,830	*	Avnet, Inc		58,340
583		AVX Corp		8,885
245	*	AX Holding Corp		4,447
100		Bel Fuse, Inc (Class B)		2,169
750	*	Benchmark Electronics, Inc		12,375
386	*	BigBand Networks, Inc		838
226		Black Box Corp		7,067
479	*	Blue Coat Systems, Inc		10,471
1,360	*	Bookham, Inc		9,139
840	*	Brightpoint, Inc		6,812
5,865	*	Brocade Communications Systems, Inc		37,888
469	*	Calix Networks, Inc		9,765
500	*	Checkpoint Systems, Inc		8,940
1,099	*	Ciena Corp		20,200
68,364		Cisco Systems, Inc		1,067,161
459		Cognex Corp		16,262
306	*	Coherent, Inc		16,913
80		Communications Systems, Inc		1,434
330		Comtech Telecommunications Corp		9,253
19,614		Corning, Inc		355,995
347	*	Cray, Inc		2,221
409		CTS Corp		3,955
423		Daktronics, Inc		4,564
160		DDi Corp		1,526
20,368	*	Dell, Inc		339,535
300	*	DG FastChannel, Inc		9,615
772		Diebold, Inc		23,940
400	*	Digi International, Inc		5,200
633	*	Dolby Laboratories, Inc (Class A)		26,877
700	*	Dot Hill Systems Corp		1,988
179	*	DTS, Inc		7,258
330	*	Echelon Corp		3,000
485	*	EchoStar Corp (Class A)		17,669
248		Electro Rent Corp		4,246
300	*	Electro Scientific Industries, Inc		5,790
630	*	Electronics for Imaging, Inc		10,849
25,573	*	EMC Corp		704,536
1,120	*	EMCORE Corp		3,069
161	*	EMS Technologies, Inc		5,308
1,000	*	Emulex Corp		8,600
1,016	*	Extreme Networks, Inc		3,292
1,009	*	F5 Networks, Inc		111,242
252	*	Fabrinet		6,119
163	*	FARO Technologies, Inc		7,139
1,138	*	Finisar Corp		20,518
1,984		Flir Systems, Inc		66,882
299	*	Gerber Scientific, Inc		3,328
228	*	Globecomm Systems, Inc		3,548
327	*	GSI Group, Inc		3,940
1,150	*	Harmonic, Inc		8,315
1,563		Harris Corp		70,429
670	*	Harris Stratex Networks, Inc (Class A)		2,640
26,897		Hewlett-Packard Co		979,051

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
543	*	Hypercom Corp	$	5,338
400	*	Imation Corp		3,776
289	*	Immersion Corp		2,465
1,220	*	Infinera Corp		8,430
2,058	*	Ingram Micro, Inc (Class A)		37,332
655	*	Insight Enterprises, Inc		11,600
564		InterDigital, Inc		23,039
745	*	Intermec, Inc		8,225
278	*	Intevac, Inc		2,838
314	*	IPG Photonics Corp		22,831
477	*	Itron, Inc		22,972
345	*	Ixia		4,416
2,392		Jabil Circuit, Inc		48,318
2,820	*	JDS Uniphase Corp		46,981
6,612	*	Juniper Networks, Inc		208,278
548	*	Kemet Corp		7,831
172	*	KVH Industries, Inc		1,828
908	*	L-1 Identity Solutions, Inc		10,669
210	*	LeCroy Corp		2,528
972	*	Lexmark International, Inc (Class A)		28,441
261		Littelfuse, Inc		15,326
124	*	Loral Space & Communications, Inc		8,614
315	*	Maxwell Technologies, Inc		5,100
187	*	Measurement Specialties, Inc		6,676
375	*	Mercury Computer Systems, Inc		7,005
447		Methode Electronics, Inc		5,190
1,076	*	Microvision, Inc		1,313
1,677		Molex, Inc		43,216
3,325	*	Motorola Mobility Holdings, Inc		73,283
3,751	*	Motorola, Inc		172,696
221		MTS Systems Corp		9,244
160	*	Multi-Fineline Electronix, Inc		3,458
1,200		National Instruments Corp		35,628
2,098	*	NCR Corp		39,631
4,572	*	NetApp, Inc		241,310
454	*	Netgear, Inc		19,849
407	*	Newport Corp		7,395
435	*	Novatel Wireless, Inc		2,384
630	*	OCZ Technology Group, Inc		5,040
252	*	Oplink Communications, Inc		4,695
2,205	*	OpNext, Inc		5,027
430	*	Orbcomm, Inc		1,346
185	*	OSI Systems, Inc		7,955
232		Park Electrochemical Corp		6,484
554		Plantronics, Inc		20,238
511	*	Plexus Corp		17,788
1,096	*	Polycom, Inc		70,473
851	*	Power-One, Inc		6,893
3,137	*	Powerwave Technologies, Inc		9,254
140	*	Procera Networks, Inc		1,502
1,437	*	QLogic Corp		22,877
20,737		Qualcomm, Inc		1,177,653
4,721	*	Quantum Corp		15,579
301	*	Rackable Systems, Inc		5,177
187	*	Radisys Corp		1,363
181		Richardson Electronics Ltd		2,460
113		Rimage Corp		1,518
1,908	*	Riverbed Technology, Inc		75,538
383	*	Rofin-Sinar Technologies, Inc		13,079
200	*	Rogers Corp		9,240
2,948	*	SanDisk Corp		122,342
958	*	Sanmina-SCI Corp		9,896
321	*	Scansource, Inc		12,031
334	*	Seachange International, Inc		3,601
495	*	ShoreTel, Inc		5,049
817	*	Smart Modular Technologies WWH, Inc		7,484

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,028	*	Sonus Networks, Inc	$	9,811
488	*	STEC, Inc		8,301
234	*	Stratasys, Inc		7,886
258	*	Super Micro Computer, Inc		4,151
234		Sycamore Networks, Inc		5,204
396	*	Symmetricom, Inc		2,309
424	*	Synaptics, Inc		10,914
313	*	SYNNEX Corp		9,922
616	*	Tech Data Corp		30,116
579		Technitrol, Inc		2,559
806	*	Tekelec		7,359
4,811		Tellabs, Inc		22,179
1,525	*	Trimble Navigation Ltd		60,451
971	*	TTM Technologies, Inc		15,555
527	*	Universal Display Corp		18,492
399	*	Viasat, Inc		17,265
1,895	*	Vishay Intertechnology, Inc		28,501
161	*	Vishay Precision Group, Inc		2,718
662	*	Westell Technologies, Inc		2,363
2,890	*	Western Digital Corp		105,138
17,439		Xerox Corp		181,540
391	*	X-Rite, Inc		1,943
359	*	Xyratex Ltd		3,683
721	*	Zebra Technologies Corp (Class A)		30,405
198	*	Zygo Corp		2,618
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		11,778,701
TELECOMMUNICATION SERVICES - 2.7%
754	*	8x8, Inc		3,687
407		AboveNet, Inc		28,677
463		Alaska Communications Systems Group, Inc		4,107
4,930	*	American Tower Corp (Class A)		257,987
73,609		AT&T, Inc		2,312,058
105		Atlantic Tele-Network, Inc		4,028
277	*	Cbeyond Communications, Inc		3,665
7,410		CenturyTel, Inc		299,586
3,005	*	Cincinnati Bell, Inc		9,977
1,803	*	Clearwire Corp (Class A)		6,815
706	*	Cogent Communications Group, Inc		12,009
305		Consolidated Communications Holdings, Inc		5,929
3,627	*	Crown Castle International Corp		147,945
269	*	Fairpoint Communications, Inc		2,477
13,108		Frontier Communications Corp		105,782
464	*	General Communication, Inc (Class A)		5,600
358	*	Global Crossing Ltd		13,740
869	*	Globalstar, Inc		1,069
170	*	HickoryTech Corp		2,020
1,150	*	ICO Global Communications Holdings Ltd (Class A)		3,186
164		IDT Corp (Class B)		4,431
380	*	inContact, Inc		1,805
406	*	Iridium Communications, Inc		3,512
710	*	Leap Wireless International, Inc		11,523
21,207	*	Level 3 Communications, Inc		51,745
3,453	*	MetroPCS Communications, Inc		59,426
391	*	Neutral Tandem, Inc		6,811
2,115	*	NII Holdings, Inc (Class B)		89,634
363		NTELOS Holdings Corp		7,412
1,409	*	PAETEC Holding Corp		6,749
762	*	Premiere Global Services, Inc		6,081
1,524	*	SBA Communications Corp (Class A)		58,202
364		Shenandoah Telecom Co		6,195
37,374	*	Sprint Nextel Corp		201,446
180		SureWest Communications		3,010
1,124		Telephone & Data Systems, Inc		34,934
420	*	Towerstream Corp		2,096
1,772	*	tw telecom inc (Class A)		36,379

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
200	*	US Cellular Corp	$	9,684
250		USA Mobility, Inc		3,815
35,165		Verizon Communications, Inc		1,309,193
1,236	*	Vonage Holdings Corp		5,451
6,520		Windstream Corp		84,499
		TOTAL TELECOMMUNICATION SERVICES		5,234,377
TRANSPORTATION - 1.9%
776	*	Air Transport Services Group, Inc		5,316
445	*	Alaska Air Group, Inc		30,465
519		Alexander & Baldwin, Inc		24,995
191		Allegiant Travel Co		9,455
100	*	Amerco, Inc		9,615
4,021	*	AMR Corp		21,713
300		Arkansas Best Corp		7,119
331	*	Atlas Air Worldwide Holdings, Inc		19,698
1,259	*	Avis Budget Group, Inc		21,516
198		Baltic Trading Ltd		1,137
250	*	Celadon Group, Inc		3,490
2,041		CH Robinson Worldwide, Inc		160,912
648		Con-Way, Inc		25,149
371		Copa Holdings S.A. (Class A)		24,761
13,707		CSX Corp		359,398
10,646	*	Delta Air Lines, Inc		97,624
347	*	Dollar Thrifty Automotive Group, Inc		25,588
930	*	Eagle Bulk Shipping, Inc		2,306
469	*	Excel Maritime Carriers Ltd		1,454
2,624		Expeditors International Washington, Inc		134,323
3,943		FedEx Corp		373,994
548		Forward Air Corp		18,517
344	*	Genco Shipping & Trading Ltd		2,587
480	*	Genesee & Wyoming, Inc (Class A)		28,147
633	*	Hawaiian Holdings, Inc		3,608
666		Heartland Express, Inc		11,029
3,035	*	Hertz Global Holdings, Inc		48,196
500	*	Hub Group, Inc (Class A)		18,830
64		International Shipholding Corp		1,362
1,134		J.B. Hunt Transport Services, Inc		53,400
2,933	*	JetBlue Airways Corp		17,891
1,405	*	Kansas City Southern Industries, Inc		83,359
708	*	Kirby Corp		40,122
691		Knight Transportation, Inc		11,740
644		Landstar System, Inc		29,933
384		Marten Transport Ltd		8,294
4,390		Norfolk Southern Corp		328,943
733	*	Old Dominion Freight Line		27,341
443	*	Pacer International, Inc		2,091
96	*	Park-Ohio Holdings Corp		2,029
48	*	Patriot Transportation Holding, Inc		1,074
772	*	Quality Distribution, Inc		10,051
308	*	RailAmerica, Inc		4,620
421	*	Republic Airways Holdings, Inc		2,299
125	*	Roadrunner Transportation Services Holdings, Inc		1,885
655		Ryder System, Inc		37,237
133	*	Saia, Inc		2,254
692		Skywest, Inc		10,422
9,836		Southwest Airlines Co		112,326
190	*	Spirit Airlines, Inc		2,278
985	*	Swift Transportation Co, Inc		13,347
4,194	*	UAL Corp		94,910
833	*	Ultrapetrol Bahamas Ltd		4,115
6,096		Union Pacific Corp		636,421
8,975		United Parcel Service, Inc (Class B)		654,546
68	*	Universal Truckload Services, Inc		1,165
2,013	*	US Airways Group, Inc		17,936
1,203		UTI Worldwide, Inc		23,687

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
511		Werner Enterprises, Inc	$	12,801
126	*	Zipcar, Inc		2,572
		TOTAL TRANSPORTATION		3,743,393
UTILITIES - 3.4%
8,046	*	AES Corp		102,506
972		AGL Resources, Inc		39,570
597		Allete, Inc		24,501
1,335		Alliant Energy Corp		54,281
2,870		Ameren Corp		82,771
6,018		American Electric Power Co, Inc		226,758
225		American States Water Co		7,799
2,151		American Water Works Co, Inc		63,347
1,685		Aqua America, Inc		37,036
77		Artesian Resources Corp		1,388
847		Atlantic Power Corp		12,891
1,066		Atmos Energy Corp		35,445
658		Avista Corp		16,904
446		Black Hills Corp		13,420
130	*	Cadiz, Inc		1,412
468		California Water Service Group		8,756
4,146	*	Calpine Corp		66,875
5,061		Centerpoint Energy, Inc		97,930
110		Central Vermont Public Service Corp		3,977
250		CH Energy Group, Inc		13,315
107		Chesapeake Utilities Corp		4,283
757		Cleco Corp		26,381
3,237		CMS Energy Corp		63,737
98		Connecticut Water Service, Inc		2,507
3,530		Consolidated Edison, Inc		187,937
160		Consolidated Water Co, Inc		1,486
2,226		Constellation Energy Group, Inc		84,499
7,159		Dominion Resources, Inc		345,565
1,728		DPL, Inc		52,116
2,106		DTE Energy Co		105,342
16,453		Duke Energy Corp		309,810
1,127	*	Dynegy, Inc (Class A)		6,976
4,052		Edison International		157,015
600		El Paso Electric Co		19,380
648		Empire District Electric Co		12,480
2,213		Entergy Corp		151,104
8,234		Exelon Corp		352,746
5,213		FirstEnergy Corp		230,154
1,927		Great Plains Energy, Inc		39,947
1,196		Hawaiian Electric Industries, Inc		28,776
604		Idacorp, Inc		23,858
972		Integrys Energy Group, Inc		50,388
695		ITC Holdings Corp		49,880
400		Laclede Group, Inc		15,132
2,284		MDU Resources Group, Inc		51,390
287		MGE Energy, Inc		11,632
155		Middlesex Water Co		2,880
1,027		National Fuel Gas Co		74,766
646		New Jersey Resources Corp		28,818
5,211		NextEra Energy, Inc		299,424
545		Nicor, Inc		29,833
3,472		NiSource, Inc		70,308
2,119		Northeast Utilities		74,525
333		Northwest Natural Gas Co		15,028
435		NorthWestern Corp		14,403
2,998	*	NRG Energy, Inc		73,691
1,328		NSTAR		61,061
2,932		NV Energy, Inc		45,006
1,291		OGE Energy Corp		64,963
1,332		Oneok, Inc		98,581
240		Ormat Technologies, Inc		5,282

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
540		Otter Tail Corp	$	11,394
60		Pennichuck Corp		1,725
2,810		Pepco Holdings, Inc		55,160
4,955		PG&E Corp		208,259
903		Piedmont Natural Gas Co, Inc		27,325
1,280		Pinnacle West Capital Corp		57,062
1,049		PNM Resources, Inc		17,560
1,142		Portland General Electric Co		28,870
7,253		PPL Corp		201,851
3,645		Progress Energy, Inc		174,996
6,289		Public Service Enterprise Group, Inc		205,273
2,092		Questar Corp		37,049
9,167	*	RRI Energy, Inc		35,385
1,360		SCANA Corp		53,543
2,977		Sempra Energy		157,424
138		SJW Corp		3,345
377		South Jersey Industries, Inc		20,475
10,482		Southern Co		423,264
542		Southwest Gas Corp		20,927
2,675		TECO Energy, Inc		50,531
1,315		UGI Corp		41,935
895		UIL Holdings Corp		28,953
432		Unisource Energy Corp		16,127
126		Unitil Corp		3,314
980		Vectren Corp		27,303
1,530		Westar Energy, Inc		41,172
637		WGL Holdings, Inc		24,518
2,903		Wisconsin Energy Corp		91,009
5,904		Xcel Energy, Inc		143,467
142		York Water Co		2,350
		TOTAL UTILITIES		6,465,538
		TOTAL COMMON STOCKS (Cost $164,100,963)		188,398,217
		TOTAL INVESTMENTS - 99.8% (Cost $164,100,963)		188,398,217
		OTHER ASSETS & LIABILITIES, NET - 0.2%		338,226
		NET ASSETS - 100.0%	$	188,736,443

Abbreviation(s):

REIT    Real Estate Investment Trust

* Non-income producing.

m Indicates a security that has been deemed illiquid.

70

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.8%
749	*	American Axle & Manufacturing Holdings, Inc	$	8,524
400	*	BorgWarner, Inc		32,316
19,602	*	Ford Motor Co		270,312
64	*	Fuel Systems Solutions, Inc		1,597
1,501		Harley-Davidson, Inc		61,496
5,649		Johnson Controls, Inc		235,337
292	*	Modine Manufacturing Co		4,488
77		Spartan Motors, Inc		416
339		Superior Industries International, Inc		7,495
890	*	Tenneco, Inc		39,222
		TOTAL AUTOMOBILES & COMPONENTS		661,203
BANKS - 3.1%
125		Bank of Hawaii Corp		5,815
7,013		BB&T Corp		188,229
3,121	*	Citizens Republic Bancorp, Inc		2,154
984		Comerica, Inc		34,017
9,557		Fifth Third Bancorp		121,852
1,250		First Horizon National Corp		11,925
1,717		Hudson City Bancorp, Inc		14,062
8,429		Keycorp		70,214
1,075		M&T Bank Corp		94,546
125		MainSource Financial Group, Inc		1,038
1,718		Marshall & Ilsley Corp		13,692
1,341		New York Community Bancorp, Inc		20,101
145		Old National Bancorp		1,566
189		People’s United Financial, Inc		2,540
200	*	PMI Group, Inc		214
3,909		PNC Financial Services Group, Inc		233,015
14,830	*	Popular, Inc		40,931
355		Provident Financial Services, Inc		5,084
220		Radian Group, Inc		931
8,192		Regions Financial Corp		50,790
172	*	SVB Financial Group		10,270
11,153		US Bancorp		284,513
100		Zions Bancorporation		2,401
		TOTAL BANKS		1,209,900
CAPITAL GOODS - 8.6%
3,577		3M Co		339,278
40		A.O. Smith Corp		1,692
19	*	American Superconductor Corp		172
3,236		Ametek, Inc		145,296
100		Apogee Enterprises, Inc		1,281
400	*	ArvinMeritor, Inc		6,416
90	*	Astec Industries, Inc		3,328
800		Barnes Group, Inc		19,848
200		Briggs & Stratton Corp		3,972
515	*	Builders FirstSource, Inc		1,107
3,333		Caterpillar, Inc		354,830
201		Cooper Industries plc		11,994
1,716		Cummins, Inc		177,589
4,807		Danaher Corp		254,723
2,839		Deere & Co		234,075
217		Dover Corp		14,713
2,260		Eaton Corp		116,277
4,948		Emerson Electric Co		278,324
358	*	Energy Recovery, Inc		1,171

71

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
260		Fastenal Co	$	9,357
288		Fluor Corp		18,622
312	*	FuelCell Energy, Inc		409
17		Gardner Denver, Inc		1,429
350	*	Gibraltar Industries, Inc		3,962
500		Graco, Inc		25,330
377	*	GrafTech International Ltd		7,642
4,330		Illinois Tool Works, Inc		244,601
431		Ingersoll-Rand plc		19,572
80	*	Layne Christensen Co		2,427
301		LB Foster Co (Class A)		9,906
176		Lincoln Electric Holdings, Inc		6,310
2,605		Masco Corp		31,338
905	*	NCI Building Systems, Inc		10,308
1,014		Nordson Corp		55,618
760	*	Owens Corning, Inc		28,386
2,143		Paccar, Inc		109,486
343		Pall Corp		19,287
277		Pentair, Inc		11,180
178	*	Polypore International, Inc		12,076
1,343		Precision Castparts Corp		221,125
240		Quanex Building Products Corp		3,934
565	*	Quanta Services, Inc		11,413
480		Rockwell Automation, Inc		41,645
287		Roper Industries, Inc		23,907
671	*	Sensata Technologies Holding BV		25,263
147		Snap-On, Inc		9,185
1,411	*	Spirit Aerosystems Holdings, Inc (Class A)		31,042
760		Tennant Co		30,347
500		Tredegar Corp		9,175
2,876		Tyco International Ltd		142,161
880		W.W. Grainger, Inc		135,212
300	*	WABCO Holdings, Inc		20,718
128	*	WESCO International, Inc		6,924
325		Westinghouse Air Brake Technologies Corp		21,359
		TOTAL CAPITAL GOODS		3,326,742
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
1,239		Avery Dennison Corp		47,863
42		Corporate Executive Board Co		1,833
160		Deluxe Corp		3,954
550		Dun & Bradstreet Corp		41,548
68		Herman Miller, Inc		1,851
168		HNI Corp		4,220
498		Iron Mountain, Inc		16,977
280		Manpower, Inc		15,022
266		Pitney Bowes, Inc		6,115
600		R.R. Donnelley & Sons Co		11,766
949		Robert Half International, Inc		25,651
318	*	Tetra Tech, Inc		7,155
1,536		Waste Management, Inc		57,246
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		241,201
CONSUMER DURABLES & APPAREL - 1.4%
200		Callaway Golf Co		1,244
1,297		Coach, Inc		82,917
30	*	K-Swiss, Inc (Class A)		319
3,956		Mattel, Inc		108,750
200		Movado Group, Inc		3,422
2,746		Nike, Inc (Class B)		247,085
200		Oxford Industries, Inc		6,752
235		Phillips-Van Heusen Corp		15,385
71	*	Tempur-Pedic International, Inc		4,815
170		Tupperware Corp		11,467
310		VF Corp		33,654
82		Whirlpool Corp		6,668
		TOTAL CONSUMER DURABLES & APPAREL		522,478

72

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
CONSUMER SERVICES - 2.3%
521	*	AFC Enterprises	$	8,570
55		Bob Evans Farms, Inc		1,923
676		Choice Hotels International, Inc		22,551
793		Darden Restaurants, Inc		39,460
13	*	DineEquity, Inc		680
500	*	Gaylord Entertainment Co		15,000
2,186		Marriott International, Inc (Class A)		77,581
5,014		McDonald’s Corp		422,781
177	*	Sonic Corp		1,882
4,520		Starbucks Corp		178,495
907		Starwood Hotels & Resorts Worldwide, Inc		50,828
40		Weight Watchers International, Inc		3,019
460		Wyndham Worldwide Corp		15,479
660		Yum! Brands, Inc		36,458
		TOTAL CONSUMER SERVICES		874,707
DIVERSIFIED FINANCIALS - 6.2%
2,493	*	American Capital Ltd		24,755
6,078		American Express Co		314,233
1,284		Ameriprise Financial, Inc		74,061
8,827		Bank of New York Mellon Corp		226,148
944		BlackRock, Inc		181,069
4,060		Capital One Financial Corp		209,780
10,899		Charles Schwab Corp		179,289
421		CME Group, Inc		122,758
4,545		Discover Financial Services		121,579
226		Eaton Vance Corp		6,832
363		Evercore Partners, Inc (Class A)		12,095
1,764		Franklin Resources, Inc		231,595
653	*	IntercontinentalExchange, Inc		81,435
3,088		Invesco Ltd		72,259
653		Legg Mason, Inc		21,392
3,301	*	MF Global Holdings Ltd		25,550
595	*	Nasdaq Stock Market, Inc		15,054
1,392	*	NewStar Financial, Inc		14,867
1,631		Northern Trust Corp		74,961
1,939		NYSE Euronext		66,450
55	*	PHH Corp		1,129
679		SEI Investments Co		15,284
3,743		State Street Corp		168,772
1,967		T Rowe Price Group, Inc		118,689
		TOTAL DIVERSIFIED FINANCIALS		2,380,036
ENERGY - 10.3%
128		Alon USA Energy, Inc		1,443
2,416		Apache Corp		298,111
1,612	*	ATP Oil & Gas Corp		24,680
32	*	Atwood Oceanics, Inc		1,412
860		Cabot Oil & Gas Corp		57,027
1,512	*	Cameron International Corp		76,038
159		CARBO Ceramics, Inc		25,909
40	*	Carrizo Oil & Gas, Inc		1,670
5,347		Chesapeake Energy Corp		158,752
807		Cimarex Energy Co		72,565
1,962	*	Clean Energy Fuels Corp		25,800
355	*	Complete Production Services, Inc		11,843
47	*	Concho Resources, Inc		4,317
325	*	Contango Oil & Gas Co		18,993
1,646		Crosstex Energy, Inc		19,587
980	*	CVR Energy, Inc		24,128
112	*	Dawson Geophysical Co		3,825
3,247	*	Denbury Resources, Inc		64,940
3,159		Devon Energy Corp		248,961
1,624		Diamond Offshore Drilling, Inc		114,346
6,270		El Paso Corp		126,654

73

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,058		EOG Resources, Inc	$	215,164
2,652		Equitable Resources, Inc		139,283
49	*	Exterran Holdings, Inc		972
1,705	*	FMC Technologies, Inc		76,367
1,140	*	Global Industries Ltd		6,247
92	*	GMX Resources, Inc		409
369	*	Goodrich Petroleum Corp		6,793
166		Gulf Island Fabrication, Inc		5,358
437	*	Gulfmark Offshore, Inc		19,311
1,203	*	Hercules Offshore, Inc		6,629
2,858		Hess Corp		213,664
1,084	*	Hornbeck Offshore Services, Inc		29,810
564	*	ION Geophysical Corp		5,335
88	*	Kinder Morgan Management LLC		5,772
110		Lufkin Industries, Inc		9,466
5,361		Marathon Oil Corp		282,418
159	*	Matrix Service Co		2,127
3,354		National Oilwell Varco, Inc		262,317
1,087	*	Newfield Exploration Co		73,938
905		Noble Corp		35,666
2,220		Noble Energy, Inc		198,979
156		Oceaneering International, Inc		6,318
89	*	Oil States International, Inc		7,112
753	*	Parker Drilling Co		4,405
1,789	*	PetroHawk Energy Corp		44,135
200	*	Petroleum Development Corp		5,982
415	*	Petroquest Energy, Inc		2,913
697	*	Pioneer Drilling Co		10,622
1,292		Pioneer Natural Resources Co		115,724
2,139		Questar Market Resources, Inc		89,474
846	*	Quicksilver Resources, Inc		12,487
715		Range Resources Corp		39,683
6,716	*	Rentech, Inc		7,119
233	*	Rex Energy Corp		2,393
84	*	Rosetta Resources, Inc		4,329
248		RPC, Inc		6,086
1,719	*	Southwestern Energy Co		73,711
8,091		Spectra Energy Corp		221,774
653		St. Mary Land & Exploration Co		47,982
425		Sunoco, Inc		17,727
951	*	Ultra Petroleum Corp		43,556
300	*	Unit Corp		18,279
6,253	*	Weatherford International Ltd		117,244
2,362	*	Western Refining, Inc		42,681
682	*	Whiting Petroleum Corp		38,813
		TOTAL ENERGY		3,957,575
FOOD & STAPLES RETAILING - 1.0%
2,499		Kroger Co		61,975
3,161		Safeway, Inc		73,873
128		Spartan Stores, Inc		2,500
6,713		Sysco Corp		209,311
432		Whole Foods Market, Inc		27,410
		TOTAL FOOD & STAPLES RETAILING		375,069
FOOD, BEVERAGE & TOBACCO - 4.1%
2,616		Campbell Soup Co		90,383
615		ConAgra Foods, Inc		15,873
5,674		General Mills, Inc		211,186
569	*	Green Mountain Coffee Roasters, Inc		50,789
2,669		H.J. Heinz Co		142,204
94	*	Hansen Natural Corp		7,609
34		Hormel Foods Corp		1,014
273		J.M. Smucker Co		20,868
3,405		Kellogg Co		188,365
8,860		Kraft Foods, Inc (Class A)		312,138

74

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
51		Lancaster Colony Corp	$	3,102
146		McCormick & Co, Inc		7,237
6,676		PepsiCo, Inc		470,191
11	*	Ralcorp Holdings, Inc		952
4,376		Sara Lee Corp		83,100
80		Tootsie Roll Industries, Inc		2,341
		TOTAL FOOD, BEVERAGE & TOBACCO		1,607,352
HEALTH CARE EQUIPMENT & SERVICES - 4.0%
3,627		Aetna, Inc		159,914
55	*	Amsurg Corp		1,437
4,424		Baxter International, Inc		264,069
2,468		Becton Dickinson & Co		212,668
263	*	Centene Corp		9,344
75		Chemed Corp		4,914
1,128		Cigna Corp		58,013
12	*	Gen-Probe, Inc		830
85	*	Greatbatch, Inc		2,280
105	*	Henry Schein, Inc		7,517
507		Hill-Rom Holdings, Inc		23,342
737		Humana, Inc		59,358
292	*	Idexx Laboratories, Inc		22,648
33		Invacare Corp		1,095
341	*	Inverness Medical Innovations, Inc		12,487
200	*	Kinetic Concepts, Inc		11,526
337	*	LifePoint Hospitals, Inc		13,170
1,481	*	Medco Health Solutions, Inc		83,706
6,924		Medtronic, Inc		266,781
301	*	Molina Healthcare, Inc		8,163
104	*	MWI Veterinary Supply, Inc		8,400
61		Owens & Minor, Inc		2,104
522		Patterson Cos, Inc		17,169
164	*	Resmed, Inc		5,076
293		STERIS Corp		10,249
3,433		WellPoint, Inc		270,418
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,536,678
HOUSEHOLD & PERSONAL PRODUCTS - 3.1%
1,937		Avon Products, Inc		54,236
521		Clorox Co		35,136
2,317		Colgate-Palmolive Co		202,529
276		Estee Lauder Cos (Class A)		29,032
739		Herbalife Ltd		42,596
3,324		Kimberly-Clark Corp		221,245
9,942		Procter & Gamble Co		632,014
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,216,788
INSURANCE - 5.7%
2,267		ACE Ltd		149,214
4,452		Aflac, Inc		207,819
5	*	Alleghany Corp		1,666
360	*	Arch Capital Group Ltd		11,491
903		Aspen Insurance Holdings Ltd		23,234
748		Assurant, Inc		27,130
133		Axis Capital Holdings Ltd		4,118
6,478	*	Berkshire Hathaway, Inc (Class B)		501,332
3,341		Chubb Corp		209,180
3,179		Cincinnati Financial Corp		92,763
332		Endurance Specialty Holdings Ltd		13,722
32		Everest Re Group Ltd		2,616
5,147	*	Genworth Financial, Inc (Class A)		52,911
2,587		Lincoln National Corp		73,704
38	*	Markel Corp		15,079
765		Montpelier Re Holdings Ltd		13,770
320	*	National Financial Partners Corp		3,693
28		PartnerRe Ltd		1,928
6,686	*	Phoenix Cos, Inc		16,448

75

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
379		Platinum Underwriters Holdings Ltd	$	12,598
2,550		Principal Financial Group		77,571
6,856		Progressive Corp		146,581
300		Protective Life Corp		6,939
3,641		Prudential Financial, Inc		231,531
36		Stancorp Financial Group, Inc		1,519
3,921		Travelers Cos, Inc		228,908
992		W.R. Berkley Corp		32,180
1,635		XL Capital Ltd		35,937
		TOTAL INSURANCE		2,195,582
MATERIALS - 5.4%
2,298		Air Products & Chemicals, Inc		219,642
45		Airgas, Inc		3,152
8,717		Alcoa, Inc		138,251
516		Allegheny Technologies, Inc		32,751
1,459	*	Allied Nevada Gold Corp		51,605
900		AMCOL International Corp		34,344
157		Aptargroup, Inc		8,217
252		Ball Corp		9,692
627		Bemis Co, Inc		21,180
327		Buckeye Technologies, Inc		8,822
9	*	Clearwater Paper Corp		615
1,180		Cleveland-Cliffs, Inc		109,091
782	*	Coeur d’Alene Mines Corp		18,971
805		Commercial Metals Co		11,552
68		Compass Minerals International, Inc		5,853
103		Domtar Corporation		9,756
2,955		Ecolab, Inc		166,603
611		H.B. Fuller Co		14,921
182		Innophos Holdings, Inc		8,882
1,828		International Paper Co		54,511
898	*	Louisiana-Pacific Corp		7,310
428		Lubrizol Corp		57,468
3,591		LyondellBasell Industries AF S.C.A		138,325
1,778		MeadWestvaco Corp		59,225
176		Minerals Technologies, Inc		11,667
343		Nalco Holding Co		9,539
3,278		Nucor Corp		135,118
253	*	Owens-Illinois, Inc		6,530
2,379		Praxair, Inc		257,859
114		Rock-Tenn Co (Class A)		7,563
1,068		Royal Gold, Inc		62,553
382		Sealed Air Corp		9,088
1,560		Sigma-Aldrich Corp		114,473
810		Sonoco Products Co		28,787
297	*	Stillwater Mining Co		6,537
496		Titanium Metals Corp		9,087
2,878		United States Steel Corp		132,503
153	*	US Gold Corp		923
330		Valspar Corp		11,900
872		Vulcan Materials Co		33,598
79		Wausau Paper Corp		532
1,940		Worthington Industries, Inc		44,814
		TOTAL MATERIALS		2,073,810
MEDIA - 1.9%
1,705		Cablevision Systems Corp (Class A)		61,738
3,290	*	Discovery Communications, Inc (Class A)		134,757
423	*	Discovery Communications, Inc (Class C)		15,461
327	*	DreamWorks Animation SKG, Inc (Class A)		6,573
100	*	Fisher Communications, Inc		2,982
83		John Wiley & Sons, Inc (Class A)		4,317
2,109	*	Journal Communications, Inc (Class A)		10,904
2,132	*	Liberty Global, Inc (Class A)		96,025
1,421	*	New York Times Co (Class A)		12,391

76

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
3,070		Time Warner Cable, Inc	$	239,582
339	*	Valassis Communications, Inc		10,272
2,350		Virgin Media, Inc		70,336
148		Washington Post Co (Class B)		62,005
		TOTAL MEDIA		727,343
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
7,190		Abbott Laboratories		378,338
100	*	Affymetrix, Inc		793
2,370	*	Agilent Technologies, Inc		121,131
1,090	*	Akorn, Inc		7,630
2,635		Allergan, Inc		219,364
200	*	Amylin Pharmaceuticals, Inc		2,672
792	*	Ariad Pharmaceuticals, Inc		8,973
101	*	Auxilium Pharmaceuticals, Inc		1,980
2,265	*	Biogen Idec, Inc		242,174
10,254		Bristol-Myers Squibb Co		296,956
365	*	Cepheid, Inc		12,644
771	*	Endo Pharmaceuticals Holdings, Inc		30,971
300	*	Geron Corp		1,203
6,296	*	Gilead Sciences, Inc		260,717
767	*	Incyte Corp		14,527
9,723		Johnson & Johnson		646,773
1,049	*	Life Technologies Corp		54,621
12,713		Merck & Co, Inc		448,642
1,668	*	Nektar Therapeutics		12,126
377	*	Neurocrine Biosciences, Inc		3,035
1,904		PDL BioPharma, Inc		11,176
325	*	Pharmasset, Inc		36,465
852	*	Pozen, Inc		3,578
227	*	Progenics Pharmaceuticals, Inc		1,630
490	*	Salix Pharmaceuticals Ltd		19,517
311	*	SIGA Technologies, Inc		3,029
70		Techne Corp		5,836
88	*	United Therapeutics Corp		4,849
636	*	Vivus, Inc		5,177
465	*	Waters Corp		44,519
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,901,046
REAL ESTATE - 2.9%
2,169		AMB Property Corp		77,737
9,532		Annaly Capital Management, Inc		171,957
736		Boston Properties, Inc		78,134
1,107	*	CB Richard Ellis Group, Inc (Class A)		27,796
180		Digital Realty Trust, Inc		11,120
1,259		Duke Realty Corp		17,639
80		Federal Realty Investment Trust		6,814
1,987	*	First Industrial Realty Trust, Inc		22,751
4,445		General Growth Properties, Inc		74,187
3,260		HCP, Inc		119,609
559		Health Care REIT, Inc		29,308
4,628		Host Marriott Corp		78,445
15		Jones Lang LaSalle, Inc		1,415
325		Liberty Property Trust		10,589
265		Macerich Co		14,178
107		Mid-America Apartment Communities, Inc		7,219
38		Post Properties, Inc		1,549
6,300		RAIT Investment Trust		13,230
78		Regency Centers Corp		3,430
2,087		Simon Property Group, Inc		242,572
292		Ventas, Inc		15,391
1,043		Vornado Realty Trust		97,187
		TOTAL REAL ESTATE		1,122,257
RETAILING - 4.2%
15		Advance Auto Parts, Inc		877
600		American Eagle Outfitters, Inc		7,650

77

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
89	*	Ann Taylor Stores Corp	$	2,323
354	*	Autozone, Inc		104,377
1,343	*	Bed Bath & Beyond, Inc		78,391
2,271		Best Buy Co, Inc		71,332
215		Bon-Ton Stores, Inc/the		2,090
456	*	Carmax, Inc		15,080
400		Chico’s FAS, Inc		6,092
400		Foot Locker, Inc		9,504
246	*	GameStop Corp (Class A)		6,561
3,708		Gap, Inc		67,115
2,206		Genuine Parts Co		120,006
248	*	HSN, Inc		8,164
1,010		JC Penney Co, Inc		34,885
2,311		Kohl’s Corp		115,573
3,113	*	Liberty Media Holding Corp (Interactive A)		52,205
1,876		Limited Brands, Inc		72,132
9,465		Lowe’s Cos, Inc		220,629
800		Macy’s, Inc		23,392
750		Nordstrom, Inc		35,205
700	*	Office Depot, Inc		2,954
404	*	Orbitz Worldwide, Inc		1,006
224		Petsmart, Inc		10,163
200		RadioShack Corp		2,662
4,630		Staples, Inc		73,154
5,401		Target Corp		253,361
300		Tiffany & Co		23,556
3,156		TJX Companies, Inc		165,785
100		Williams-Sonoma, Inc		3,649
		TOTAL RETAILING		1,589,873
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
873	*	Advanced Energy Industries, Inc		12,912
5,624	*	Advanced Micro Devices, Inc		39,312
624		Analog Devices, Inc		24,423
15,093		Applied Materials, Inc		196,360
51	*	Cabot Microelectronics Corp		2,370
1,595	*	Entegris, Inc		16,141
21,136		Intel Corp		468,375
499	*	Lattice Semiconductor Corp		3,253
654	*	LTX-Credence Corp		5,847
3,605	*	Nvidia Corp		57,446
3,239	*	ON Semiconductor Corp		33,912
706	*	RF Micro Devices, Inc		4,321
210	*	Sigma Designs, Inc		1,604
487	*	Skyworks Solutions, Inc		11,191
689	*	Sunpower Corp (Class A)		13,318
248	*	Sunpower Corp (Class B)		4,124
50	*	Teradyne, Inc		740
8,187		Texas Instruments, Inc		268,779
170	*	Ultratech, Inc		5,165
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,169,593
SOFTWARE & SERVICES - 8.2%
4,635		Accenture plc		280,047
3,627	*	Adobe Systems, Inc		114,069
33	*	Ansys, Inc		1,804
1,149	*	Autodesk, Inc		44,351
61	*	Blackboard, Inc		2,647
749		Broadridge Financial Solutions, Inc		18,028
3,288		CA, Inc		75,098
2,835	*	Cognizant Technology Solutions Corp (Class A)		207,919
696	*	Compuware Corp		6,793
710		Earthlink, Inc		5,463
204	*	Equinix, Inc		20,608
130	*	Fortinet, Inc		3,548
936	*	Google, Inc (Class A)		473,972

78

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
584	*	Informatica Corp	$	34,123
4,250		International Business Machines Corp		729,088
2,472	*	Intuit, Inc		128,198
205	*	Liquidity Services, Inc		4,840
249		Marchex, Inc (Class B)		2,211
120	*	NeuStar, Inc (Class A)		3,144
1,258		NIC, Inc		16,933
14,632		Oracle Corp		481,538
1,293	*	Rackspace Hosting, Inc		55,263
758	*	Salesforce.com, Inc		112,927
6,316	*	Symantec Corp		124,552
146	*	Ultimate Software Group, Inc		7,947
13,224	*	Yahoo!, Inc		198,889
		TOTAL SOFTWARE & SERVICES		3,154,000
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
475	*	Acme Packet, Inc		33,312
660	*	Aruba Networks, Inc		19,503
97	*	Avid Technology, Inc		1,827
147	*	Benchmark Electronics, Inc		2,426
553	*	Bookham, Inc		3,716
24,339		Cisco Systems, Inc		379,931
1,082	*	Cray, Inc		6,925
14,070	*	Dell, Inc		234,547
24	*	DG FastChannel, Inc		769
11,056	*	EMC Corp		304,593
532	*	Finisar Corp		9,592
9,880		Hewlett-Packard Co		359,633
169		InterDigital, Inc		6,904
124	*	Intevac, Inc		1,266
185	*	IPG Photonics Corp		13,451
14	*	Itron, Inc		674
300	*	Lexmark International, Inc (Class A)		8,778
719	*	Motorola Mobility Holdings, Inc		15,847
3,096	*	Motorola, Inc		142,540
645	*	Oplink Communications, Inc		12,016
293		Plantronics, Inc		10,703
416	*	Polycom, Inc		26,749
1,208	*	Power-One, Inc		9,785
6,042	*	Quantum Corp		19,939
975	*	Radisys Corp		7,108
790	*	Smart Modular Technologies WWH, Inc		7,236
406	*	STEC, Inc		6,906
172	*	Super Micro Computer, Inc		2,767
40		Sycamore Networks, Inc		890
141	*	Synaptics, Inc		3,629
26	*	Tech Data Corp		1,271
1,492		Tellabs, Inc		6,878
281	*	Trimble Navigation Ltd		11,139
184	*	TTM Technologies, Inc		2,948
17,398		Xerox Corp		181,113
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,857,311
TELECOMMUNICATION SERVICES - 2.4%
3,827	*	American Tower Corp (Class A)		200,267
5,555		CenturyTel, Inc		224,588
1,541	*	Cincinnati Bell, Inc		5,116
1,175	*	Crown Castle International Corp		47,928
12,751		Frontier Communications Corp		102,901
2,464	*	MetroPCS Communications, Inc		42,405
1,573	*	NII Holdings, Inc (Class B)		66,664
90	*	SBA Communications Corp (Class A)		3,437
27,432	*	Sprint Nextel Corp		147,858
443	*	tw telecom inc (Class A)		9,095
18	*	US Cellular Corp		872
5,995		Windstream Corp		77,695
		TOTAL TELECOMMUNICATION SERVICES		928,826

79

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
TRANSPORTATION - 2.9%
215		CH Robinson Worldwide, Inc	$	16,951
8,580		CSX Corp		224,968
3,122	*	Delta Air Lines, Inc		28,629
199		Expeditors International Washington, Inc		10,187
2,335		FedEx Corp		221,475
34	*	Genesee & Wyoming, Inc (Class A)		1,994
500	*	Kansas City Southern Industries, Inc		29,665
3,125		Norfolk Southern Corp		234,155
68		Ryder System, Inc		3,866
5,867		Southwest Airlines Co		67,001
4,089		United Parcel Service, Inc (Class B)		298,210
		TOTAL TRANSPORTATION		1,137,101
UTILITIES - 4.3%
1,154		Alliant Energy Corp		46,922
1,100		Atmos Energy Corp		36,575
1,390	*	Calpine Corp		22,421
1,918		Centerpoint Energy, Inc		37,113
167		CH Energy Group, Inc		8,894
3,006		Cleco Corp		104,759
3,428		Consolidated Edison, Inc		182,506
175		DTE Energy Co		8,754
2,588		Idacorp, Inc		102,226
87		ITC Holdings Corp		6,244
222		Laclede Group, Inc		8,398
500		MGE Energy, Inc		20,265
197		New Jersey Resources Corp		8,788
3,805		NextEra Energy, Inc		218,635
728		Nicor, Inc		39,851
4,938		NiSource, Inc		99,995
1,413		Northeast Utilities		49,695
162		Northwest Natural Gas Co		7,311
819		NSTAR		37,658
3,211		NV Energy, Inc		49,289
665		Oneok, Inc		49,217
6,116		Pepco Holdings, Inc		120,057
2,273		PG&E Corp		95,534
1,421		Piedmont Natural Gas Co, Inc		42,999
2,949		PPL Corp		82,071
104		SCANA Corp		4,094
1,493		Sempra Energy		78,950
211		SJW Corp		5,115
560		South Jersey Industries, Inc		30,414
524		WGL Holdings, Inc		20,169
250		Wisconsin Energy Corp		7,838
368		Xcel Energy, Inc		8,942
		TOTAL UTILITIES		1,641,699
		TOTAL COMMON STOCKS (Cost $33,332,309)		38,408,170
		TOTAL INVESTMENTS - 99.8% (Cost $33,332,309)		38,408,170
		OTHER ASSETS & LIABILITIES, NET - 0.2%		83,775
		NET ASSETS - 100.0%	$	38,491,945

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing.

80

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
DIVERSIFIED REITS - 4.7%
41,000		Vornado Realty Trust	$	3,820,380
		TOTAL DIVERSIFIED REITS		3,820,380
GOLD - 0.7%
10,000		Newmont Mining Corp		539,700
		TOTAL GOLD		539,700
HOMEBUILDING - 0.8%
30,000		KB Home		293,400
50,000	*	Pulte Homes, Inc		383,000
		TOTAL HOMEBUILDING		676,400
HOTELS, RESORTS & CRUISE LINES - 1.1%
7,000	*	Hyatt Hotels Corp		285,740
60,000	*	Orient-Express Hotels Ltd (Class A)		645,000
		TOTAL HOTELS, RESORTS & CRUISE LINES		930,740
INDUSTRIAL REITS - 3.7%
56,784		AMB Property Corp		2,035,139
19,500		EastGroup Properties, Inc		828,945
15,000	*	First Industrial Realty Trust, Inc		171,750
		TOTAL INDUSTRIAL REITS		3,035,834
MORTGAGE REITS - 1.6%
30,000		CreXus Investment Corp		333,300
25,000	*	Newcastle Investment Corp		144,500
40,000		Starwood Property Trust, Inc		820,400
		TOTAL MORTGAGE REITS		1,298,200
OFFICE REITS - 14.8%
19,000		Alexandria Real Estate Equities, Inc		1,470,980
75,000		BioMed Realty Trust, Inc		1,443,000
42,000		Boston Properties, Inc		4,458,720
8,000		Corporate Office Properties Trust		248,880
22,000		Digital Realty Trust, Inc		1,359,160
7,500		Kilroy Realty Corp		296,175
18,000		Mack-Cali Realty Corp		592,920
35,000		Mission West Properties, Inc		307,300
24,000		SL Green Realty Corp		1,988,880
		TOTAL OFFICE REITS		12,166,015
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
28,800	*,g,m	People’s Choice Financial Corp		0
		TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
REAL ESTATE DEVELOPMENT - 0.4%
22,000	*	Forestar Real Estate Group, Inc		361,460
		TOTAL REAL ESTATE DEVELOPMENT		361,460
REAL ESTATE OPERATING COMPANIES - 1.6%
407,000	*	Thomas Properties Group, Inc		1,306,470
		TOTAL REAL ESTATE OPERATING COMPANIES		1,306,470
REAL ESTATE SERVICES - 2.2%
43,000	*	CB Richard Ellis Group, Inc (Class A)		1,079,730
7,500		Jones Lang LaSalle, Inc		707,250
		TOTAL REAL ESTATE SERVICES		1,786,980
RESIDENTIAL REITS - 17.1%
40,000		American Campus Communities, Inc		1,420,800

81

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
20,000		Associated Estates Realty Corp	$	325,000
23,500		AvalonBay Communities, Inc		3,017,400
7,000		BRE Properties, Inc (Class A)		349,160
10,000		Camden Property Trust		636,200
88,000		Equity Residential		5,280,000
16,500		Essex Property Trust, Inc		2,232,285
10,000		Post Properties, Inc		407,600
15,000		UDR, Inc		368,250
		TOTAL RESIDENTIAL REITS		14,036,695
RETAIL REITS - 24.3%
130,000		Developers Diversified Realty Corp		1,833,000
12,500		Federal Realty Investment Trust		1,064,750
150,000		General Growth Properties, Inc		2,503,499
35,000		Glimcher Realty Trust		332,500
59,000		Kimco Realty Corp		1,099,760
40,000		Macerich Co		2,140,000
15,000		Realty Income Corp		502,350
24,000		Regency Centers Corp		1,055,280
72,000		Simon Property Group, Inc		8,368,560
33,000		Tanger Factory Outlet Centers, Inc		883,410
3,500		Taubman Centers, Inc		207,200
		TOTAL RETAIL REITS		19,990,309
SECURITY & ALARM SERVICES - 0.8%
15,000	*	Corrections Corp of America		324,750
13,000	*	Geo Group, Inc		299,390
		TOTAL SECURITY & ALARM SERVICES		624,140
SPECIALIZED REITS - 26.0%
26,000		Entertainment Properties Trust		1,214,200
18,973		Extra Space Storage, Inc		404,694
100,000	*	FelCor Lodging Trust, Inc		533,000
75,000		HCP, Inc		2,751,750
44,626		Health Care REIT, Inc		2,339,741
110,000		Hersha Hospitality Trust		612,700
180,000		Host Marriott Corp		3,051,000
6,000		LaSalle Hotel Properties		158,040
11,000		Nationwide Health Properties, Inc		455,510
30,000		Plum Creek Timber Co, Inc		1,216,200
28,500		Public Storage, Inc		3,249,285
3,750		Rayonier, Inc		245,063
8,000		Sovran Self Storage, Inc		328,000
25,000	*	Sunstone Hotel Investors, Inc		231,750
60,000		U-Store-It Trust		631,200
41,000		Ventas, Inc		2,161,110
83,000		Weyerhaeuser Co		1,814,380
		TOTAL SPECIALIZED REITS		21,397,623
		TOTAL COMMON STOCKS (Cost $71,907,038)		81,970,946
		TOTAL INVESTMENTS - 99.8% (Cost $71,907,038)		81,970,946
		OTHER ASSETS & LIABILITIES, NET - 0.2%		160,572
		NET ASSETS - 100.0%	$	82,131,518

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, 2011, the value of these securities amounted to $0 or 0.0% of net assets.

m Indicates a security that has been deemed illiquid.

82

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
BONDS - 97.5%
CORPORATE BONDS - 28.3%
AUTOMOBILES & COMPONENTS - 0.0%
$   32,000	g	Delphi Corp		5.880	%		05/15/19	$	31,360
32,000		Ford Motor Co		7.450			07/16/31		36,276
		TOTAL AUTOMOBILES & COMPONENTS							67,636
BANKS - 3.1%
100,000	g	Banco de Credito del Peru		4.750			03/16/16		99,000
100,000	g	BanColombia S.A.		4.250			01/12/16		100,500
110,000	g	BanColombia S.A.		5.950			06/03/21		111,650
750,000	g	Bank of Nova Scotia		1.650			10/29/15		737,147
75,000		BB&T Corp		3.850			07/27/27		77,467
150,000	g	BBVA Bancomer S.A.		4.500			03/10/16		152,625
900,000	g	Depfa ACS Bank		5.130			03/16/37		625,495
100,000		Deutsche Bank AG		3.880			08/18/14		105,110
50,000		Discover Bank		7.000			04/15/20		55,535
50,000		First Horizon National Corp		5.380			12/15/15		53,196
100,000	g	HSBC Bank plc		3.500			06/28/15		102,613
150,000	g	HSBC Bank plc		4.130			08/12/20		145,200
100,000	g	ICICI Bank Ltd		5.500			03/25/15		105,013
60,000		JPMorgan Chase & Co		5.130			09/15/14		64,839
75,000		JPMorgan Chase & Co		3.450			03/01/16		76,398
200,000		JPMorgan Chase & Co		3.150			07/05/16		201,224
275,000		JPMorgan Chase & Co		4.250			10/15/20		269,041
100,000		JPMorgan Chase & Co		5.500			10/15/40		99,429
175,000		Northern Trust Corp		4.630			05/01/14		191,110
100,000		PNC Funding Corp		5.130			02/08/20		107,070
200,000	g	Shinhan Bank		4.130			10/04/16		203,663
100,000	g	Sumitomo Mitsui Banking Corp		3.150			07/22/15		102,303
150,000		Union Bank of California NA		5.950			05/11/16		164,028
25,000		USB Capital XIII Trust		6.630			12/15/39		25,698
25,000		Wachovia Bank NA		4.800			11/01/14		26,721
100,000		Wachovia Bank NA		5.850			02/01/37		100,671
100,000		Wells Fargo & Co		4.750			02/09/15		106,959
150,000		Wells Fargo & Co		3.680			06/15/16		154,101
50,000		Westpac Banking Corp		3.000			08/04/15		50,542
40,000		Zions Bancorporation		7.750			09/23/14		43,858
		TOTAL BANKS							4,458,206
CAPITAL GOODS - 1.2%
25,000		Black & Decker Corp		8.950			04/15/14		29,582
200,000		Caterpillar, Inc		1.380			05/27/14		200,810
130,000		Caterpillar, Inc		5.200			05/27/41		130,012
50,000		CRH America, Inc		4.130			01/15/16		51,156
250,000		Danaher Corp		1.300			06/23/14		249,855
250,000		Danaher Corp		2.300			06/23/16		249,801
55,000		Goodrich Corp		6.130			03/01/19		62,932
32,000	g	Huntington Ingalls		6.880			03/15/18		32,800
50,000		ITT Corp		4.900			05/01/14		54,544
100,000	g	Myriad International Holding BV		6.380			07/28/17		108,000
100,000		Pentair, Inc		5.000			05/15/21		99,854
150,000	g	Sigma Alimentos S.A.		5.630			04/14/18		153,000
50,000		Tyco International Finance S.A.		6.000			11/15/13		55,273
25,000		Tyco International Finance S.A.		4.130			10/15/14		26,594
25,000		United Technologies Corp		5.700			04/15/40		26,779
100,000		Valmont Industries, Inc		6.630			04/20/20		109,505
		TOTAL CAPITAL GOODS							1,640,497

83

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
$ 100,000	g	National Agricultural Cooperative Federation		4.250	%		01/28/16	$	102,426
40,000		Republic Services, Inc		6.200			03/01/40		41,994
25,000		Republic Services, Inc		5.700			05/15/41		24,406
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							168,826
CONSUMER DURABLES & APPAREL - 0.1%
100,000	g	Harley-Davidson Financial Services, Inc		3.880			03/15/16		101,705
75,000		Whirlpool Corp		8.000			05/01/12		79,243
25,000		Xerox Corp		4.500			05/15/21		24,728
		TOTAL CONSUMER DURABLES & APPAREL							205,676
CONSUMER SERVICES - 0.2%
60,000		McDonald’s Corp		3.500			07/15/20		59,958
200,000	g	Transnet Ltd		4.500			02/10/16		206,418
100,000		Walt Disney Co		4.500			12/15/13		108,535
		TOTAL CONSUMER SERVICES							374,911
DIVERSIFIED FINANCIALS - 6.3%
80,000		Abbey National Treasury Services plc		4.000			04/27/16		79,385
25,000		American Express Co		7.000			03/19/18		29,421
125,000		American Express Co		8.130			05/20/19		158,473
50,000		Ameriprise Financial, Inc		5.300			03/15/20		53,599
100,000	g	Banco Mercantil del Norte S.A.		4.380			07/19/15		101,625
100,000	g	Bangkok Bank PCL		4.800			10/18/20		94,691
185,000		Bank of America Corp		3.630			03/17/16		185,533
200,000		Bank of America Corp		5.300			03/15/17		206,149
75,000		Bank of America Corp		5.750			12/01/17		79,746
50,000		Bank of New York Mellon Corp		4.300			05/15/14		54,048
50,000		Bank of New York Mellon Corp		5.450			05/15/19		55,457
100,000	g	Banque PSA Finance		3.380			04/04/14		102,064
50,000		Barclays Bank plc		5.200			07/10/14		54,089
50,000		BlackRock, Inc		3.500			12/10/14		52,693
150,000		BlackRock, Inc		4.250			05/24/21		147,522
100,000	g	BM&FBOVESPA S.A.		5.500			07/16/20		103,550
50,000		Capital One Bank USA NA		8.800			07/15/19		61,362
50,000		Capital One Capital V		8.880			05/15/40		51,570
100,000		Citigroup, Inc		6.000			12/13/13		108,728
50,000		Citigroup, Inc		5.000			09/15/14		52,398
350,000		Citigroup, Inc		3.950			06/15/16		358,298
75,000		Citigroup, Inc		6.130			05/15/18		82,592
100,000		Citigroup, Inc		5.380			08/09/20		104,356
75,000		Citigroup, Inc		6.880			03/05/38		83,464
50,000		Citigroup, Inc		8.130			07/15/39		62,568
150,000		Credit Suisse		5.000			05/15/13		160,112
100,000		Credit Suisse		5.500			05/01/14		109,835
25,000		Credit Suisse		4.380			08/05/20		24,444
25,000		Credit Suisse AG.		5.400			01/14/20		25,309
100,000		Eaton Vance Corp		6.500			10/02/17		115,471
60,000		Franklin Resources, Inc		3.130			05/20/15		62,479
25,000		General Electric Capital Corp		2.800			01/08/13		25,635
200,000		General Electric Capital Corp		1.880			09/16/13		202,283
375,000		General Electric Capital Corp		5.500			06/04/14		412,340
150,000		General Electric Capital Corp		2.950			05/09/16		150,826
405,000		General Electric Capital Corp		4.380			09/16/20		400,357
100,000		General Electric Capital Corp		5.300			02/11/21		104,054
100,000	i	Goldman Sachs Capital II		5.790			12/30/49		80,000
100,000		Goldman Sachs Group, Inc		4.750			07/15/13		105,563
100,000		Goldman Sachs Group, Inc		3.700			08/01/15		101,827
240,000		Goldman Sachs Group, Inc		3.630			02/07/16		242,605
50,000		Goldman Sachs Group, Inc		7.500			02/15/19		58,177
25,000		Goldman Sachs Group, Inc		6.750			10/01/37		25,000
50,000		Goldman Sachs Group, Inc		6.250			02/01/41		50,409
200,000	g	Gruposura Finance		5.700			05/18/21		199,500
165,000		HSBC Finance Corp		4.750			07/15/13		174,721
100,000	g	Hyundai Capital America		3.750			04/06/16		100,355

84

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   35,000	g	International Lease Finance Corp		6.500	%		09/01/14	$	37,100
25,000		International Lease Finance Corp		8.630			09/15/15		27,094
90,000		International Lease Finance Corp		5.750			05/15/16		88,625
50,000		International Lease Finance Corp		8.250			12/15/20		54,000
100,000	g	Inversiones CMPC S.A.		4.750			01/19/18		99,904
500,000		Jefferies Group, Inc		5.130			04/13/18		501,008
50,000		Jefferies Group, Inc		6.250			01/15/36		46,632
200,000		John Deere Capital Corp		2.250			06/07/16		199,841
100,000	n	Lehman Brothers Holdings Capital Trust V		5.860			12/30/49		10
50,000		Lloyds TSB Bank plc		6.380			01/21/21		52,053
100,000		MBNA Corp		6.130			03/01/13		107,083
300,000		Merrill Lynch & Co, Inc		5.450			02/05/13		318,237
50,000		Merrill Lynch & Co, Inc		6.400			08/28/17		54,579
150,000		Merrill Lynch & Co, Inc		6.880			04/25/18		165,963
175,000		Morgan Stanley		6.000			05/13/14		190,596
50,000		Morgan Stanley		6.000			04/28/15		54,203
150,000		Morgan Stanley		3.800			04/29/16		148,258
100,000		Morgan Stanley		5.450			01/09/17		105,753
150,000		Morgan Stanley		7.300			05/13/19		170,104
60,000		Morgan Stanley		5.630			09/23/19		61,569
200,000		Morgan Stanley		5.750			01/25/21		202,366
50,000		NASDAQ OMX Group, Inc		4.000			01/15/15		50,579
35,000		NASDAQ OMX Group, Inc		5.550			01/15/20		34,887
55,000		National Rural Utilities Cooperative Finance Corp		2.610			09/16/12		56,260
50,000		National Rural Utilities Cooperative Finance Corp		10.380			11/01/18		69,246
65,000		Nomura Holdings, Inc		4.130			01/19/16		65,826
100,000	g	PTTEP Australia International Finance Pty Ltd		4.150			07/19/15		102,788
140,000	g,i	Rabobank Nederland NV		11.000			12/30/49		178,640
70,000	g	RCI Banque S.A.		3.400			04/11/14		71,295
75,000		State Street Corp		4.300			05/30/14		81,108
75,000		UBS AG.		4.880			08/04/20		75,859
95,000	g	Waha Aerospace BV		3.930			07/28/20		96,188
25,000	g	WT Finance Aust Pty Ltd		5.130			11/15/14		27,235
		TOTAL DIVERSIFIED FINANCIALS							9,049,572
ENERGY - 2.9%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		56,279
30,000		Anadarko Petroleum Corp		8.700			03/15/19		38,229
45,000		Anadarko Petroleum Corp		6.450			09/15/36		46,955
100,000		Apache Corp		5.100			09/01/40		96,052
55,000	g	Arch Coal, Inc		7.000			06/15/19		54,863
75,000		Baker Hughes, Inc		6.500			11/15/13		84,330
100,000		Baker Hughes, Inc		5.130			09/15/40		96,845
100,000		BP Capital Markets plc		3.130			03/10/12		101,734
310,000		BP Capital Markets plc		3.200			03/11/16		315,302
100,000		Burlington Resources Finance Co		7.200			08/15/31		121,503
32,000		Chesapeake Energy Corp		6.630			08/15/20		33,680
75,000		Chevron Corp		3.450			03/03/12		76,571
125,000		ConocoPhillips		4.600			01/15/15		138,069
100,000		ConocoPhillips		6.500			02/01/39		116,814
88,360		Dolphin Energy Ltd		5.890			06/15/19		95,208
100,000	g	Empresa Nacional del Petroleo		5.250			08/10/20		101,381
25,000		Enbridge Energy Partners LP		5.200			03/15/20		26,508
25,000		EnCana Corp		6.630			08/15/37		26,876
75,000		Enterprise Products Operating LLC		4.600			08/01/12		77,893
25,000		Enterprise Products Operating LLC		5.000			03/01/15		27,217
45,000		Enterprise Products Operating LLC		6.130			10/15/39		45,762
55,000		Enterprise Products Operating LLC		5.950			02/01/41		54,625
75,000		EOG Resources, Inc		4.100			02/01/21		74,075
25,000		Hess Corp		8.130			02/15/19		31,632
75,000		Hess Corp		5.600			02/15/41		73,310
50,000	g	Marathon Petroleum Corp		3.500			03/01/16		51,255
50,000	g	Marathon Petroleum Corp		5.130			03/01/21		51,402
25,000		Noble Holding International Ltd		3.450			08/01/15		25,877
75,000		Noble Holding International Ltd		4.900			08/01/20		77,959

85

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   100,000		Occidental Petroleum Corp		4.100	%		02/01/21	$	101,858
85,000		Pemex Project Funding Master Trust		6.630			06/15/35		89,592
25,000		Pemex Project Funding Master Trust		6.630			06/15/38		26,216
100,000		Petrobras International Finance Co		3.880			01/27/16		101,832
60,000		Petrobras International Finance Co		7.880			03/15/19		72,655
59,000		Petrobras International Finance Co		6.880			01/20/40		62,821
50,000		Petroleos Mexicanos		4.880			03/15/15		54,125
20,000		Petroleos Mexicanos		8.000			05/03/19		24,660
90,000		Petroleos Mexicanos		5.500			01/21/21		94,365
100,000	g	Petroleos Mexicanos		6.500			06/02/41		101,465
100,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750			08/14/19		120,750
100,000		Plains All American Pipeline LP		5.000			02/01/21		101,685
100,000	g	Reliance Holdings USA		4.500			10/19/20		93,432
50,000	g	Rockies Express Pipeline LLC		6.250			07/15/13		53,655
125,000	g	Schlumberger Norge AS.		4.200			01/15/21		126,390
125,000	g	Schlumberger Oilfield UK plc		4.200			01/15/21		126,390
50,000		SEACOR Holdings, Inc		7.380			10/01/19		54,890
75,000		Shell International Finance BV		4.300			09/22/19		78,765
25,000		Shell International Finance BV		6.380			12/15/38		28,987
25,000		Statoil ASA		2.900			10/15/14		26,229
100,000		TransCanada Pipelines Ltd		5.850			03/15/36		104,424
25,000		Vale Overseas Ltd		6.250			01/23/17		28,281
25,000		Vale Overseas Ltd		6.880			11/21/36		27,145
60,000		Vale Overseas Ltd		6.880			11/10/39		65,207
50,000		Valero Energy Corp		4.500			02/01/15		53,375
55,000		Weatherford Bermuda Holdings Ltd		5.130			09/15/20		56,156
100,000		XTO Energy, Inc		6.250			04/15/13		109,479
50,000		XTO Energy, Inc		4.630			06/15/13		53,676
		TOTAL ENERGY							4,256,711
FOOD & STAPLES RETAILING - 0.1%
50,000		CVS Caremark Corp		3.250			05/18/15		51,892
50,000		Delhaize Group S.A.		5.880			02/01/14		54,849
50,000		Delhaize Group S.A.		6.500			06/15/17		57,645
		TOTAL FOOD & STAPLES RETAILING							164,386
FOOD, BEVERAGE & TOBACCO - 1.2%
200,000		Anheuser-Busch InBev Worldwide, Inc		2.880			02/15/16		203,784
80,000		Anheuser-Busch InBev Worldwide, Inc		5.380			01/15/20		88,128
75,000		Anheuser-Busch InBev Worldwide, Inc		5.000			04/15/20		80,563
25,000		Anheuser-Busch InBev Worldwide, Inc		6.380			01/15/40		28,450
100,000		Coca-Cola Co		3.150			11/15/20		96,002
50,000		Coca-Cola Enterprises, Inc		4.250			03/01/15		54,429
7,000		ConAgra Foods, Inc		6.750			09/15/11		7,083
25,000		Dr Pepper Snapple Group, Inc		6.120			05/01/13		27,161
55,000		General Mills, Inc		5.200			03/17/15		61,251
200,000	g	Grupo Bimbo SAB de C.V.		4.880			06/30/20		200,678
100,000	g	HJ Heinz Finance Co		7.130			08/01/39		118,736
25,000		Kraft Foods, Inc		6.130			02/01/18		28,761
50,000		Kraft Foods, Inc		5.380			02/10/20		54,660
135,000		Kraft Foods, Inc		6.500			02/09/40		149,954
100,000		PepsiCo, Inc		0.880			10/25/13		99,944
250,000		PepsiCo, Inc		2.500			05/10/16		252,642
5,000		PepsiCo, Inc		7.900			11/01/18		6,444
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		33,410
100,000		Philip Morris International, Inc		6.880			03/17/14		114,820
		TOTAL FOOD, BEVERAGE & TOBACCO							1,706,900
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
50,000		Boston Scientific Corp		4.500			01/15/15		52,719
32,000		HCA, Inc		7.880			02/15/20		34,720
44,000		McKesson Corp		3.250			03/01/16		45,366
100,000		Medtronic, Inc		4.750			09/15/15		111,052
50,000		Medtronic, Inc		4.450			03/15/20		52,275
100,000		Quest Diagnostics, Inc		6.400			07/01/17		115,377
95,000		Thermo Fisher Scientific, Inc		3.200			03/01/16		97,830

86

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   15,000		Thermo Fisher Scientific, Inc		4.700	%		05/01/20	$	15,798
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							525,137
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
65,000		Procter & Gamble Co		5.550			03/05/37		69,485
50,000		Unilever Capital Corp		4.800			02/15/19		54,804
50,000		Unilever Capital Corp		4.250			02/10/21		52,047
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							176,336
INSURANCE - 1.3%
50,000		ACE INA Holdings, Inc		5.880			06/15/14		55,903
75,000		Allstate Corp		7.450			05/16/19		89,245
150,000		American International Group, Inc		3.650			01/15/14		152,864
100,000		Chubb Corp		6.000			05/11/37		104,872
20,000		CIGNA Corp		5.130			06/15/20		21,125
100,000		CIGNA Corp		4.500			03/15/21		99,853
50,000		Genworth Financial, Inc		7.200			02/15/21		50,036
75,000		Hartford Financial Services Group, Inc		4.000			03/30/15		77,314
75,000		Hartford Financial Services Group, Inc		5.500			03/30/20		77,311
50,000		Hartford Financial Services Group, Inc		6.630			03/30/40		51,006
25,000		Lincoln National Corp		7.000			06/15/40		28,191
250,000		Markel Corp		5.350			06/01/21		245,134
50,000		Metlife, Inc		5.000			06/15/15		54,552
100,000		Metlife, Inc		6.750			06/01/16		116,396
100,000	g	Principal Life Global Funding I		5.130			10/15/13		106,901
150,000		Prudential Financial, Inc		6.200			11/15/40		153,288
100,000	g	Prudential Funding LLC		6.750			09/15/23		112,749
25,000		Travelers Cos, Inc		5.800			05/15/18		28,014
25,000		Travelers Cos, Inc		5.900			06/02/19		27,765
20,000		Unum Group		5.630			09/15/20		20,944
150,000		Willis Group Holdings plc		4.130			03/15/16		152,930
25,000		WR Berkley Corp		5.380			09/15/20		25,300
		TOTAL INSURANCE							1,851,693
MATERIALS - 1.8%
125,000		3M Co		5.700			03/15/37		137,204
100,000		Air Products & Chemicals, Inc		4.150			02/01/13		105,009
35,000		Air Products & Chemicals, Inc		4.380			08/21/19		36,571
10,000		Airgas, Inc		4.500			09/15/14		10,707
250,000		Alcoa, Inc		5.400			04/15/21		250,771
220,000		AngloGold Ashanti Holdings plc		5.380			04/15/20		216,615
35,000		ArcelorMittal		3.750			08/05/15		35,788
100,000		ArcelorMittal		3.750			02/01/16		101,118
30,000		ArcelorMittal		7.000			10/15/39		30,333
100,000		ArcelorMittal		6.750			03/01/41		99,116
32,000		Ball Corp		6.750			09/15/20		33,960
250,000	g	Barrick North America Finance LLC		4.400			05/30/21		248,841
100,000		Cliffs Natural Resources, Inc		6.250			10/01/40		98,679
100,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750			11/04/20		95,007
32,000	g	Crown Americas LLC		6.250			02/01/21		32,320
50,000		EI Du Pont de Nemours & Co		3.250			01/15/15		52,393
200,000	g	Hyundai Steel Co		4.630			04/21/16		205,409
50,000		International Paper Co		7.300			11/15/39		54,395
25,000		Martin Marietta Materials, Inc		6.600			04/15/18		27,778
33,000	g	Polymer Group, Inc		7.750			02/01/19		33,083
140,000	g	POSCO		4.250			10/28/20		131,872
200,000	g	POSCO		5.250			04/14/21		202,117
50,000		Praxair, Inc		5.250			11/15/14		56,164
115,000		Rio Tinto Finance USA Ltd		3.500			11/02/20		110,056
100,000	g	Sinochem Corp		6.300			11/12/40		99,078
100,000	g	Sociedad Quimica y Minera de Chile S.A.		5.500			04/21/20		103,098
25,000		Teck Resources Ltd		6.000			08/15/40		24,529
		TOTAL MATERIALS							2,632,011

87

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
MEDIA - 0.9%
$   50,000		CBS Corp		4.300	%		02/15/21	$	48,813
75,000		Comcast Corp		5.650			06/15/35		73,465
50,000		Comcast Corp		6.400			03/01/40		53,511
140,000		DIRECTV Holdings LLC		3.500			03/01/16		144,510
127,000		Lamar Media Corp		6.630			08/15/15		128,429
25,000	g	NBC Universal, Inc		5.150			04/30/20		26,398
350,000	g	NBC Universal, Inc		4.380			04/01/21		346,343
25,000		News America, Inc		7.250			05/18/18		29,690
50,000		News America, Inc		6.200			12/15/34		51,063
50,000		News America, Inc		6.900			08/15/39		55,061
100,000		Time Warner Cable, Inc		8.750			02/14/19		127,421
125,000		Time Warner Cable, Inc		8.250			04/01/19		155,900
50,000		Time Warner, Inc		3.150			07/15/15		51,709
50,000		Time Warner, Inc		6.500			11/15/36		53,306
25,000		Viacom, Inc		4.380			09/15/14		26,851
		TOTAL MEDIA							1,372,470
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
50,000		Agilent Technologies, Inc		2.500			07/15/13		50,909
75,000		Amgen, Inc		3.450			10/01/20		71,513
75,000		Amgen, Inc		4.100			06/15/21		74,408
65,000		Eli Lilly & Co		3.550			03/06/12		66,421
70,000	g	Endo Pharmaceuticals Holdings, Inc		7.000			07/15/19		71,750
250,000		Gilead Sciences, Inc		4.500			04/01/21		250,415
25,000		GlaxoSmithKline Capital, Inc		5.650			05/15/18		28,516
150,000		Johnson & Johnson		2.150			05/15/16		150,356
50,000		Johnson & Johnson		5.850			07/15/38		55,107
65,000		Life Technologies Corp		3.500			01/15/16		66,481
50,000		Mead Johnson Nutrition Co		5.900			11/01/39		51,852
200,000		Merck & Co, Inc		3.880			01/15/21		198,534
32,000	g	Mylan, Inc		7.880			07/15/20		35,120
35,000		Novartis Capital Corp		4.130			02/10/14		37,719
200,000		Novartis Capital Corp		2.900			04/24/15		208,065
35,000		Novartis Capital Corp		4.400			04/24/20		36,964
35,000		Pfizer, Inc		5.350			03/15/15		39,462
250,000		Sanofi-Aventis S.A.		2.630			03/29/16		254,552
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,748,144
REAL ESTATE - 0.5%
15,000		AMB Property LP		7.630			08/15/14		17,087
30,000		AMB Property LP		4.500			08/15/17		30,019
15,000		Boston Properties LP		4.130			05/15/21		14,327
25,000		Brandywine Operating Partnership LP		7.500			05/15/15		28,674
150,000		Brandywine Operating Partnership LP		4.950			04/15/18		152,073
35,000		Camden Property Trust		4.630			06/15/21		34,496
100,000		Developers Diversified Realty Corp		4.750			04/15/18		98,575
40,000		Developers Diversified Realty Corp		7.880			09/01/20		45,863
15,000		HCP, Inc		3.750			02/01/16		15,254
100,000		Health Care REIT, Inc		3.630			03/15/16		100,632
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		25,536
32,000	g	Host Hotels & Resorts LP		5.880			06/15/19		32,040
25,000		Kilroy Realty Corp		5.000			11/03/15		26,056
10,000		Kimco Realty Corp		5.700			05/01/17		11,084
50,000		National Retail Properties, Inc		5.500			07/15/21		48,919
25,000		Nationwide Health Properties, Inc		6.250			02/01/13		26,595
25,000		Simon Property Group LP		5.250			12/01/16		27,462
40,000		Simon Property Group LP		10.350			04/01/19		55,368
50,000		Washington Real Estate Investment Trust		4.950			10/01/20		50,849
		TOTAL REAL ESTATE							840,909
RETAILING - 0.5%
115,000		Gap, Inc		5.950			04/12/21		110,482
150,000		Home Depot, Inc		5.950			04/01/41		154,473

88

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   32,000		Limited Brands, Inc		6.630	%		04/01/21	$	32,720
150,000		Macy’s Retail Holdings, Inc		5.900			12/01/16		168,384
55,000		O’Reilly Automotive, Inc		4.880			01/14/21		55,267
32,000	g	QVC Inc		7.380			10/15/20		33,680
25,000		Staples, Inc		9.750			01/15/14		29,762
75,000		Wal-Mart Stores, Inc		5.000			10/25/40		70,615
		TOTAL RETAILING							655,383
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
50,000		Analog Devices, Inc		5.000			07/01/14		55,072
50,000	g	Broadcom Corp		1.500			11/01/13		50,117
50,000	g	Broadcom Corp		2.380			11/01/15		49,506
250,000		Texas Instruments, Inc		2.380			05/16/16		250,076
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							404,771
SOFTWARE & SERVICES - 0.3%
75,000		International Business Machines Corp		1.000			08/05/13		75,216
35,000		Microsoft Corp		0.880			09/27/13		35,062
125,000		Microsoft Corp		1.630			09/25/15		123,676
50,000		Oracle Corp		3.750			07/08/14		53,603
25,000		Oracle Corp		5.750			04/15/18		28,612
65,000	g	Oracle Corp		3.880			07/15/20		64,588
		TOTAL SOFTWARE & SERVICES							380,757
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
50,000		Amphenol Corp		4.750			11/15/14		54,477
75,000		Hewlett-Packard Co		4.250			02/24/12		76,806
35,000		Hewlett-Packard Co		4.500			03/01/13		37,067
25,000		Hewlett-Packard Co		4.750			06/02/14		27,282
115,000		Hewlett-Packard Co		2.650			06/01/16		115,482
20,000		Hewlett-Packard Co		3.750			12/01/20		19,446
32,000		Jabil Circuit, Inc		5.630			12/15/20		31,360
100,000		Juniper Networks, Inc		3.100			03/15/16		101,891
50,000		L-3 Communications Corp		6.380			10/15/15		51,375
35,000		L-3 Communications Corp		5.200			10/15/19		36,239
100,000		L-3 Communications Corp		4.950			02/15/21		99,783
32,000		Scientific Games Corp		9.250			06/15/19		34,520
25,000		Xerox Corp		8.250			05/15/14		29,334
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							715,062
TELECOMMUNICATION SERVICES - 2.0%
40,000		America Movil SAB de C.V.		5.000			03/30/20		41,728
100,000		AT&T, Inc		6.150			09/15/34		103,526
125,000		AT&T, Inc		6.300			01/15/38		132,372
92,000		AT&T, Inc		5.350			09/01/40		87,204
100,000		BellSouth Corp		6.880			10/15/31		112,335
25,000		BellSouth Corp		6.550			06/15/34		26,899
175,000		Cellco Partnership		8.500			11/15/18		227,249
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		131,979
50,000		France Telecom S.A.		2.130			09/16/15		49,916
110,000	g	Qtel International Finance		4.750			02/16/21		107,250
100,000		Sprint Capital Corp		8.750			03/15/32		108,250
50,000		Telecom Italia Capital S.A.		6.180			06/18/14		53,804
25,000		Telecom Italia Capital S.A.		7.000			06/04/18		27,342
200,000		Telecom Italia Capital S.A.		7.180			06/18/19		220,817
150,000		Telefonica Emisiones SAU		3.990			02/16/16		151,728
135,000		Telefonica Emisiones SAU		5.130			04/27/20		133,821
250,000		Telefonica Emisiones SAU		5.460			02/16/21		253,793
100,000	g	Telefonica Moviles Chile S.A.		2.880			11/09/15		98,224
100,000		Telefonos de Mexico SAB de C.V.		5.500			11/15/19		105,414
100,000	g	Telemar Norte Leste S.A.		5.500			10/23/20		98,750
95,000		Verizon Communications, Inc		5.250			04/15/13		102,005
40,000		Verizon Communications, Inc		8.750			11/01/18		52,044
25,000		Verizon Communications, Inc		8.950			03/01/39		35,292
100,000		Verizon Communications, Inc		6.000			04/01/41		104,425

89

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   200,000	g,m	Vimpelcom Holdings		6.250	%		03/01/17	$	197,507
100,000	g	Virgin Media Secured Finance plc		5.250			01/15/21		106,491
		TOTAL TELECOMMUNICATION SERVICES							2,870,165
TRANSPORTATION - 0.8%
165,000	g	Asciano Finance		5.000			04/07/18		169,370
100,000		Boeing Co		6.130			02/15/33		113,336
75,000		Burlington Northern Santa Fe Corp		5.750			05/01/40		77,259
100,000		CSX Corp		5.500			04/15/41		97,574
250,000		Delta Air Lines, Inc		5.300			04/15/19		250,000
25,000		Embraer Overseas Ltd		6.380			01/15/20		27,250
100,000	g	Kazakhstan Temir Zholy Finance BV		6.380			10/06/20		106,800
50,000		Norfolk Southern Corp		5.750			04/01/18		56,605
100,000		Norfolk Southern Corp		5.590			05/17/25		108,041
65,000	g	Union Pacific Corp		4.160			07/15/22		64,345
100,000		United Parcel Service, Inc		3.130			01/15/21		94,970
		TOTAL TRANSPORTATION							1,165,550
UTILITIES - 2.5%
35,000	g	AES Corp		7.380			07/01/21		35,525
50,000		AGL Capital Corp		5.250			08/15/19		53,638
75,000		Alliant Energy Corp		4.000			10/15/14		78,901
75,000		Atmos Energy Corp		8.500			03/15/19		95,674
200,000		Carolina Power & Light Co		5.300			01/15/19		223,240
50,000		CenterPoint Energy Houston Electric LLC		7.000			03/01/14		57,167
100,000	g	CenterPoint Energy Resources Corp		5.850			01/15/41		101,855
100,000	g	Colbun S.A.		6.000			01/21/20		104,840
100,000	g	Comision Federal Electricidad		4.880			05/26/21		99,860
150,000		Commonwealth Edison Co		4.000			08/01/20		148,555
25,000		Connecticut Light & Power Co		5.500			02/01/19		28,108
35,000		Consolidated Edison Co of New York, Inc		5.700			06/15/40		36,957
150,000		Dominion Resources, Inc		4.450			03/15/21		152,855
100,000		Duke Energy Carolinas LLC		5.750			11/15/13		110,931
15,000		Duke Energy Carolinas LLC		4.300			06/15/20		15,555
100,000	g	Empresa Electrica del Norte Grande S.A.		5.630			01/15/21		102,721
165,000		Great Plains Energy, Inc		4.850			06/01/21		165,529
50,000		Indiana Michigan Power Co		7.000			03/15/19		59,632
25,000		Integrys Energy Group, Inc		4.170			11/01/20		24,361
100,000	g	Kentucky Utilities Co		3.750			11/15/20		94,260
100,000		Kinder Morgan Energy Partners LP		3.500			03/01/16		102,957
50,000		Kinder Morgan Energy Partners LP		6.500			09/01/39		51,919
100,000	g	Korea Hydro & Nuclear Power Co Ltd		3.130			09/16/15		98,942
50,000		Midamerican Energy Holdings Co		5.950			05/15/37		52,590
100,000		Nevada Power Co		6.650			04/01/36		115,449
50,000		Nevada Power Co		5.380			09/15/40		49,314
165,000		Nevada Power Co		5.450			05/15/41		164,047
75,000		Pacific Gas & Electric Co		8.250			10/15/18		96,264
50,000		PacifiCorp		6.000			01/15/39		55,201
75,000		Pepco Holdings, Inc		2.700			10/01/15		75,396
50,000		PG&E Corp		5.750			04/01/14		55,192
50,000		Progress Energy, Inc		7.050			03/15/19		59,978
75,000		Public Service Co of Colorado		3.200			11/15/20		71,152
100,000		Public Service Co of Oklahoma		5.150			12/01/19		106,242
32,000		Questar Market Resources, Inc		6.880			03/01/21		33,760
25,000		San Diego Gas & Electric Co		5.350			05/15/40		25,673
50,000		Sempra Energy		6.000			10/15/39		52,678
80,000		Southern California Edison Co		3.880			06/01/21		79,848
25,000		Veolia Environnement		5.250			06/03/13		26,804
100,000		Virginia Electric and Power Co		4.750			03/01/13		106,224
50,000		Williams Partners LP		3.800			02/15/15		52,375
75,000		Williams Partners LP		5.250			03/15/20		78,960
75,000		Williams Partners LP		6.300			04/15/40		77,752
200,000	g	Xinao Gas Holdings Ltd		6.000			05/13/21		196,513
		TOTAL UTILITIES							3,675,394
		TOTAL CORPORATE BONDS (Cost $39,910,774)							41,107,103

90

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
GOVERNMENT BONDS - 61.2%
AGENCY SECURITIES - 10.1%
		Federal Farm Credit Bank (FFCB)
$   500,000		FFCB		1.380	%		06/25/13	$	509,152
		Federal Home Loan Bank (FHLB)
1,000,000		FHLB		1.880			06/21/13		1,026,853
		Federal Home Loan Mortgage Corp (FHLMC)
1,000,000		FHLMC		0.750			03/28/13		1,005,134
200,000		FHLMC		2.500			04/23/14		208,863
1,500,000		FHLMC		5.130			10/18/16		1,717,781
277,205		FHLMC		4.000			06/15/34		35,567
		Federal National Mortgage Association (FNMA)
100,000		FNMA		1.250			08/20/13		101,367
1,000,000		FNMA		3.000			09/16/14		1,061,632
1,000,000		Bank of America Corp		2.380			06/22/12		1,020,456
1,000,000		Citigroup Funding, Inc		1.880			10/22/12		1,019,448
1,000,000		Citigroup, Inc		2.130			04/30/12		1,015,767
500,000	g,j	FDIC Structured Sale Guarantee		0.000			10/25/12		492,505
500,000		General Electric Capital Corp		2.250			03/12/12		507,187
200,000		General Electric Capital Corp		2.200			06/08/12		203,708
200,000		General Electric Capital Corp		2.130			12/21/12		204,767
450,000		GMAC, Inc		1.750			10/30/12		457,640
1,700,000		GMAC, Inc		2.200			12/19/12		1,743,154
500,000		KeyBank NA		3.200			06/15/12		514,044
250,000		New York Community Bank		3.000			12/16/11		253,288
250,000		Private Export Funding Corp		3.050			10/15/14		265,081
500,000		Sovereign Bancorp, Inc		2.750			01/17/12		506,593
350,000		State Street Corp		2.150			04/30/12		355,580
265,625		Totem Ocean Trailer Express, Inc		4.510			12/18/19		283,982
100,000		Wells Fargo & Co		2.130			06/15/12		101,693
		TOTAL AGENCY SECURITIES							14,611,242
FOREIGN GOVERNMENT BONDS - 6.1%
500,000	g	Bank of Montreal		2.850			06/09/15		518,041
250,000	g	Bank of Montreal		2.630			01/25/16		254,401
100,000		Brazilian Government International Bond		4.880			01/22/21		106,950
25,000		Brazilian Government International Bond		7.130			01/20/37		30,875
100,000		Brazilian Government International Bond		5.630			01/07/41		102,750
150,000		Canada Government International Bond		2.380			09/10/14		156,086
100,000	g	Canadian Imperial Bank of Commerce		2.000			02/04/13		101,877
200,000	g	Canadian Imperial Bank of Commerce		2.600			07/02/15		204,935
150,000		Chile Government International Bond		3.880			08/05/20		150,900
100,000	g	Croatia Government International Bond		6.630			07/14/20		105,875
100,000		Eksportfinans ASA		5.000			02/14/12		102,806
230,000		Eksportfinans ASA		2.000			09/15/15		229,382
200,000	g	Eskom Holdings Ltd		5.750			01/26/21		207,000
100,000		European Investment Bank		4.880			02/15/36		103,077
250,000		Export Development Canada		2.250			05/28/15		257,642
100,000		Export-Import Bank of Korea		5.130			06/29/20		101,197
175,000		Federative Republic of Brazil		6.000			01/17/17		204,488
66,000		Hungary Government International Bond		6.380			03/29/21		69,630
130,000		Hungary Government International Bond		7.630			03/29/41		140,238
100,000		Landwirtschaftliche Rentenbank		5.250			07/02/12		104,848
140,000		Mexico Government International Bond		6.050			01/11/40		148,960
250,000	g	National Bank of Canada		1.650			01/30/14		253,548
25,000		Peruvian Government International Bond		7.350			07/21/25		30,538
80,000		Poland Government International Bond		3.880			07/16/15		82,720
30,000		Poland Government International Bond		6.380			07/15/19		34,275
200,000		Poland Government International Bond		5.130			04/21/21		206,750
175,000		Province of British Columbia Canada		2.850			06/15/15		183,549
500,000		Province of Manitoba Canada		2.130			04/22/13		513,452
500,000		Province of New Brunswick Canada		2.750			06/15/18		493,171
500,000		Province of Nova Scotia Canada		2.380			07/21/15		512,396
300,000		Province of Ontario Canada		4.100			06/16/14		324,936
300,000		Province of Ontario Canada		2.950			02/05/15		314,588

91

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   400,000		Province of Ontario Canada		2.700	%		06/16/15	$	415,040
500,000		Province of Ontario Canada		4.400			04/14/20		530,299
110,000		Province of Quebec Canada		4.630			05/14/18		121,364
500,000		Province of Quebec Canada		3.500			07/29/20		495,085
100,000		Qatar Government International Bond		5.250			01/20/20		106,600
30,000		Republic of Hungary		6.250			01/29/20		31,680
100,000	g	Russian Foreign Bond - Eurobond		3.630			04/29/15		102,750
100,000		South Africa Government International Bond		6.880			05/27/19		119,250
100,000		South Africa Government International Bond		6.250			03/08/41		107,250
300,000	g	Toronto-Dominion Bank		2.200			07/29/15		303,991
52,000		United Mexican States		5.880			02/17/14		57,642
50,000		United Mexican States		5.950			03/19/19		57,375
100,000		United Mexican States		5.130			01/15/20		108,000
		TOTAL FOREIGN GOVERNMENT BONDS							8,908,207
MORTGAGE BACKED - 28.2%
		Federal Home Loan Mortgage Corp (FHLMC)
54,620	i	FHLMC		2.510			02/01/36		57,260
186,748	i	FHLMC		5.080			07/01/36		193,925
41,859	i	FHLMC		2.820			09/01/36		43,836
103,563	i	FHLMC		4.610			09/01/36		108,645
34,595	i	FHLMC		5.920			09/01/36		36,761
99,433	i	FHLMC		5.000			03/01/37		104,932
175,780	i	FHLMC		5.930			04/01/37		190,244
47,042	i	FHLMC		5.740			05/01/37		50,777
		Federal Home Loan Mortgage Corp Gold (FGLMC)
204,937		FGLMC		5.000			02/01/19		221,718
34,228		FGLMC		4.500			01/01/20		36,572
139,741		FGLMC		4.500			07/01/20		149,276
34,155		FGLMC		5.000			04/01/23		36,632
121,571		FGLMC		4.000			07/01/24		126,916
45,397		FGLMC		4.500			09/01/24		48,152
18,692		FGLMC		6.000			03/01/33		20,743
200,235		FGLMC		5.000			11/01/33		213,906
340,650		FGLMC		6.000			11/01/33		378,037
78,084		FGLMC		5.000			05/01/34		83,366
54,553		FGLMC		6.000			09/01/34		60,336
16,277		FGLMC		6.000			04/01/35		17,972
32,021		FGLMC		5.000			02/01/36		34,162
20,843		FGLMC		6.500			05/01/36		23,526
248,471		FGLMC		5.500			04/01/37		269,017
292,218		FGLMC		5.500			05/01/37		316,382
205,802		FGLMC		6.000			08/01/37		227,361
16,466		FGLMC		6.000			08/01/37		18,145
70,695		FGLMC		6.500			09/01/37		79,717
51,053		FGLMC		6.500			11/01/37		57,568
167,037		FGLMC		5.000			04/01/38		178,311
53,424		FGLMC		6.500			05/01/38		60,241
67,652		FGLMC		5.500			01/01/39		73,183
175,396		FGLMC		4.000			06/01/39		175,833
97,822		FGLMC		5.000			07/01/39		104,027
129,655		FGLMC		5.000			01/01/40		137,879
660,138		FGLMC		4.500			07/01/40		684,989
		Federal National Mortgage Association (FNMA)
5,502		FNMA		5.000			06/01/13		5,794
1,493,033		FNMA		4.560			01/01/15		1,600,955
60,596		FNMA		5.500			04/01/18		65,722
55,203		FNMA		5.500			05/01/18		60,056
150,000		FNMA		4.000			02/25/19		158,224
58,957		FNMA		4.500			03/01/19		63,069
30,806		FNMA		4.500			06/01/19		32,954
174,212		FNMA		5.500			07/01/20		190,669
14,711		FNMA		4.500			11/01/20		15,737
116,924		FNMA		4.500			12/01/20		125,060
43,679		FNMA		5.000			12/01/20		47,242

92

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   41,620		FNMA		4.500	%		03/01/23	$	44,249
129,211		FNMA		5.000			04/01/23		138,983
96,120		FNMA		4.500			06/01/23		102,193
96,203		FNMA		5.000			07/01/23		103,329
89,623		FNMA		5.000			07/01/23		96,262
116,300		FNMA		5.500			02/01/24		126,858
332,189		FNMA		4.500			04/01/24		352,969
137,019		FNMA		4.000			05/01/24		143,064
257,305		FNMA		5.500			07/01/24		280,663
9,219		FNMA		5.500			09/01/24		10,056
469,799		FNMA		4.000			02/01/25		490,379
49,533		FNMA		6.500			07/01/32		56,370
61,775		FNMA		5.500			01/01/33		67,269
104,743		FNMA		5.500			07/01/33		114,059
629,721		FNMA		5.500			07/01/33		685,729
251,273		FNMA		5.500			07/01/33		273,622
305,309		FNMA		6.000			10/01/33		338,675
158,673		FNMA		5.000			11/01/33		169,582
587,401		FNMA		5.500			11/01/33		639,645
6,766,535	i	FNMA		1.080			11/25/33		274,905
350,819		FNMA		5.000			03/01/34		374,940
615,818		FNMA		5.000			03/01/34		658,159
94,971		FNMA		5.500			04/01/34		103,418
51,930		FNMA		5.000			08/01/34		55,522
1,311,545		FNMA		5.000			09/01/34		1,401,105
60,292		FNMA		5.000			11/01/34		64,438
42,793		FNMA		6.500			02/01/35		48,914
156,651		FNMA		5.500			04/01/35		170,485
19,153		FNMA		7.500			06/01/35		22,383
33,027		FNMA		5.500			07/01/35		35,924
17,831		FNMA		7.500			07/01/35		20,838
60,188		FNMA		4.500			08/01/35		62,708
84,619		FNMA		5.000			08/01/35		90,345
210,567		FNMA		5.500			09/01/35		229,295
82,549		FNMA		5.500			10/01/35		89,762
92,203		FNMA		5.000			02/01/36		98,441
278,330		FNMA		6.000			04/01/36		306,747
174,548		FNMA		6.000			06/01/36		192,860
88,110	i	FNMA		6.040			07/01/36		91,521
52,140		FNMA		6.500			09/01/36		59,101
66,627		FNMA		6.000			12/01/36		73,429
45,453		FNMA		5.000			02/01/37		48,386
233,736		FNMA		5.500			02/01/37		253,466
40,708		FNMA		7.000			02/01/37		46,852
126,373		FNMA		5.500			03/01/37		136,901
102,831		FNMA		7.000			04/01/37		118,349
45,892		FNMA		5.500			06/01/37		49,716
27,390		FNMA		6.500			08/01/37		31,103
48,862		FNMA		6.000			11/01/37		53,759
23,677		FNMA		7.000			11/01/37		27,250
92,864		FNMA		5.500			01/01/38		100,601
8,778		FNMA		6.500			01/01/38		9,945
750,677		FNMA		5.500			02/01/38		812,517
205,996		FNMA		5.500			02/01/38		222,966
3,636		FNMA		6.500			02/01/38		4,122
6,096		FNMA		6.500			03/01/38		6,907
18,169		FNMA		6.500			03/01/38		20,588
274,719		FNMA		5.000			04/01/38		292,363
232,120		FNMA		5.000			04/01/38		247,028
156,720		FNMA		6.000			04/01/38		172,279
340,705		FNMA		5.500			05/01/38		368,772
340,984		FNMA		5.500			06/01/38		369,074
762,502		FNMA		6.000			07/01/38		838,921
758,431		FNMA		6.000			10/01/38		834,442
304,785		FNMA		4.000			01/01/39		305,597

93

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
$ 108,300	FNMA		4.500	%		01/01/39	$	112,343
67,764	FNMA		5.500			01/01/39		73,347
74,503	FNMA		6.000			01/01/39		81,900
58,614	FNMA		6.000			01/01/39		64,434
124,966	FNMA		4.000			02/01/39		125,455
111,632	FNMA		4.500			02/01/39		115,800
667,672	FNMA		4.500			02/01/39		692,598
58,572	FNMA		5.500			02/01/39		63,397
1,512,119	FNMA		4.500			04/01/39		1,567,154
92,100	FNMA		5.000			04/01/39		98,015
506,894	FNMA		4.000			05/01/39		508,718
414,682	FNMA		4.500			06/01/39		429,775
700,551	FNMA		4.000			07/01/39		702,415
385,621	FNMA		6.500			07/01/39		436,921
460,870	FNMA		4.000			08/01/39		462,097
469,202	FNMA		4.500			08/01/39		486,279
669,658	FNMA		6.000			09/01/39		736,144
295,107	FNMA		4.500			10/01/39		305,847
317,922	FNMA		4.500			11/01/39		329,493
328,489	FNMA		4.500			11/01/39		340,445
216,516	FNMA		5.000			11/01/39		230,422
500,000	FNMA		4.000			02/25/40		491,923
462,403	FNMA		5.000			06/01/40		493,690
420,868	FNMA		4.500			07/01/40		436,054
409,244	FNMA		4.500			07/01/40		424,011
466,813	FNMA		5.500			07/01/40		505,269
390,634	FNMA		4.500			11/01/40		404,730
487,391	FNMA		4.500			12/01/40		504,978
492,657	FNMA		3.500			01/01/41		471,729
992,719	FNMA		4.000			02/01/41		994,120
	Government National Mortgage Association (GNMA)
32,169	GNMA		5.500			07/15/33		35,617
207,418	GNMA		5.500			07/20/33		229,650
23,601	GNMA		5.000			03/15/34		25,737
182,540	GNMA		5.000			06/15/34		199,121
278,802	GNMA		5.500			02/15/37		307,205
219,870	GNMA		5.000			01/15/38		238,604
84,248	GNMA		5.000			04/15/38		91,427
163,866	GNMA		5.500			05/15/38		180,509
32,386	GNMA		6.000			08/15/38		36,107
33,141	GNMA		6.000			08/20/38		36,655
400,986	GNMA		5.500			07/15/39		441,711
153,552	GNMA		4.500			07/20/39		162,037
52,579	GNMA		5.000			07/20/39		57,177
66,761	GNMA		4.000			08/15/39		68,141
652,612	GNMA		4.500			03/15/40		690,070
237,800	GNMA		4.500			04/15/40		251,448
167,908	GNMA		5.000			04/15/40		182,216
414,291	GNMA		5.000			04/15/40		449,592
1,014,713	GNMA		4.500			04/20/40		1,070,153
532,608	GNMA		5.000			05/20/40		578,851
478,067	GNMA		4.500			06/15/40		505,506
448,455	GNMA		5.000			06/15/40		486,667
566,054	GNMA		4.000			07/15/40		577,758
195,478	GNMA		6.230			09/15/43		206,487
	TOTAL MORTGAGE BACKED							40,914,878
MUNICIPAL BONDS - 0.7%
150,000	Grant County Public Utility District No 2		5.630			01/01/27		155,517
500,000	Long Island Power Authority		5.850			05/01/41		485,044
150,000	State of California		7.630			03/01/40		172,682
175,000	State of Illinois		6.730			04/01/35		174,892
	TOTAL MUNICIPAL BONDS							988,135

94

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
U.S. TREASURY SECURITIES - 16.1%
$   842,500		United States Treasury Bond		5.250	%		02/15/29	$	972,166
1,169,000		United States Treasury Bond		3.880			08/15/40		1,070,366
1,085,000		United States Treasury Bond		4.750			02/15/41		1,153,321
2,000,000		United States Treasury Bond		4.380			05/15/41		1,996,879
200,000		United States Treasury Note		1.000			12/31/11		200,867
55,000		United States Treasury Note		0.630			06/30/12		55,215
48,000		United States Treasury Note		1.380			10/15/12		48,660
1,695,000		United States Treasury Note		0.630			01/31/13		1,701,687
1,025,000		United States Treasury Note		0.750			09/15/13		1,029,885
50,000	j	United States Treasury Note		0.500			10/15/13		49,922
4,377,000		United States Treasury Note		1.880			04/30/14		4,513,782
913,000		United States Treasury Note		2.250			05/31/14		951,731
790,000		United States Treasury Note		0.750			06/15/14		789,074
449,000		United States Treasury Note		2.380			08/31/14		469,801
1,180,000		United States Treasury Note		2.380			10/31/14		1,234,114
860,000		United States Treasury Note		2.630			02/29/16		900,043
2,362,000		United States Treasury Note		2.250			03/31/16		2,429,365
1,960,000		United States Treasury Note		1.750			05/31/16		1,963,058
315,000		United States Treasury Note		2.880			03/31/18		324,499
514,000		United States Treasury Note		2.630			11/15/20		495,046
873,500		United States Treasury Note		3.130			05/15/21		871,045
500,000	j	United States Treasury Strip Principal		0.000			08/15/27		250,746
		TOTAL U.S. TREASURY SECURITIES							23,471,272
		TOTAL GOVERNMENT BONDS (Cost $86,112,717)							88,893,734
STRUCTURED ASSETS - 8.0%
ASSET BACKED - 2.0%
50,000		AmeriCredit Automobile Receivables Trust		3.340			04/08/16		50,752
		Series - 2010 3 (Class C)
100,000	g	Avis Budget Rental Car Funding AESOP LLC		3.150			03/20/17		101,081
		Series - 2010 5A (Class A)
382,259		Centex Home Equity		5.540			01/25/32		382,242
		Series - 2002 A (Class AF6)
337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700			02/25/35		92,256
		Series - 2004 2 (Class 1B)
341,152		CIT Group Home Equity Loan Trust		6.390			12/25/30		54,353
		Series - 2002 2 (Class MF2)
68,827	i	Countrywide Asset-Backed Certificates		5.680			10/25/46		67,192
		Series - 2006 15 (Class A2)
30,000	g,i	DB/UBS Mortgage Trust		5.470			11/10/46		31,064
		Series - 2011 LC1A (Class B)
175,000	g,i	DB/UBS Mortgage Trust		5.730			11/10/46		167,201
		Series - 2011 LC1A (Class C)
657,289	g	Flagstar Home Equity Loan Trust		5.780			01/25/35		616,659
		Series - 2007 1A (Class AF3)
75,000		Ford Credit Auto Owner Trust		3.210			07/15/17		75,975
		Series - 2011 A (Class D)
57,095		GMAC Commercial Mortgage Securities, Inc		5.590			10/25/29		55,958
		Series - 2006 HLTV (Class A3)
250,000		GMAC Commercial Mortgage Securities, Inc		5.810			10/25/29		200,245
		Series - 2006 HLTV (Class A4)
42		HFC Home Equity Loan Asset Backed Certificates		5.910			03/20/36		42
		Series - 2007 1 (Class A1F)
261,294		Lehman XS Trust		6.500			06/25/46		150,866
		Series - 2006 13 (Class 2A1)
18,535	i	Morgan Stanley ABS Capital I		0.270			01/25/37		18,041
		Series - 2007 HE2 (Class A2A)
310,000		Renaissance Home Equity Loan Trust		5.590			11/25/36		149,736
		Series - 2006 3 (Class AF3)
30,000	i	Residential Asset Securities Corp		0.620			04/25/35		26,658
		Series - 2005 KS3 (Class M3)
69,124		Residential Funding Mortgage Securities II, Inc		5.520			04/25/21		68,263
		Series - 2006 HI5 (Class A2)

95

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$ 100,000		Residential Funding Mortgage Securities II, Inc		6.060	%		02/25/36	$	78,614
		Series - 2006 HI1 (Class M2)
32,468	i	Securitized Asset Backed Receivables LLC Trust		0.340			03/25/36		30,645
		Series - 2006 NC2 (Class A2)
100,000	g,m	SLM Student Loan Trust		4.370			04/17/28		103,618
		Series - 2011 A (Class A2)
60,000	g,m	SLM Student Loan Trust		3.740			02/15/29		59,975
		Series - 2011 B (Class A2)
95,312	i	Soundview Home Equity Loan Trust		0.300			10/25/36		93,214
		Series - 2006 EQ1 (Class A2)
100,000	g	Vornado DP LLC		5.280			09/13/28		94,830
		Series - 2010 VNO (Class C)
133,229	g,m	Wachovia Amortization Controlled Heloc NIM		5.680			08/12/47		109,914
		Series - 2006 N1 (Class N1)
34,994	i	Wells Fargo Home Equity Trust		0.330			07/25/36		30,740
		Series - 2006 2 (Class A3)
		TOTAL ASSET BACKED							2,910,134
OTHER MORTGAGE BACKED - 6.0%
80,000	i	Banc of America Commercial Mortgage, Inc		4.770			07/10/43		72,290
		Series - 2005 3 (Class AJ)
70,000		Banc of America Commercial Mortgage, Inc		5.360			10/10/45		74,985
		Series - 2006 6 (Class A4)
110,000		Banc of America Commercial Mortgage, Inc		5.680			07/10/46		109,313
		Series - 2006 4 (Class AM)
53,128		Bear Stearns Asset Backed Securities Trust		5.250			04/25/35		47,576
		Series - 2005 AC2 (Class 1A)
25,000		Bear Stearns Commercial Mortgage Securities		5.200			12/11/38		26,909
		Series - 2006 PW14 (Class A4)
80,000	i	Bear Stearns Commercial Mortgage Securities		5.580			09/11/41		81,226
		Series - 2006 PW13 (Class AM)
50,000	i	Bear Stearns Commercial Mortgage Securities		5.570			10/12/41		49,544
		Series - 2006 T24 (Class AM)
75,000	i	Bear Stearns Commercial Mortgage Securities		4.750			02/13/46		80,198
		Series - 2004 T16 (Class A6)
20,000	i	Bear Stearns Commercial Mortgage Securities		5.690			06/11/50		21,722
		Series - 2007 PW17 (Class A4)
34,633		Chase Mortgage Finance Corp		5.500			10/25/35		34,239
		Series - 2005 S2 (Class A24)
335,000	i	Commercial Mortgage Pass Through Certificates		5.650			12/10/49		330,836
		Series - 2007 C9 (Class AM)
70,414		Countrywide Alternative Loan Trust		5.500			08/25/16		69,229
		Series - 2004 30CB (Class 1A15)
36,937		Countrywide Home Loan Mortgage Pass Through Trust		5.250			05/25/35		36,341
		Series - 2005 12 (Class 1A5)
26,138		Countrywide Home Loan Mortgage Pass Through Trust		5.500			09/25/35		25,865
		Series - 2005 J3 (Class 1A1)
100,000	g	Credit Suisse Mortgage Capital Certificates		5.380			02/15/40		96,743
		Series - 2009 RR1 (Class A3C)
50,000		CS First Boston Mortgage Securities Corp		4.050			05/15/38		51,252
		Series - 2003 C3 (Class B)
35,000	i	CS First Boston Mortgage Securities Corp		5.100			08/15/38		33,508
		Series - 2005 C5 (Class AJ)
37,704		First Horizon Asset Securities, Inc		5.500			11/25/33		37,782
		Series - 2003 9 (Class 1A4)
72,932	i	GMAC Mortgage Corp Loan Trust		4.560			10/19/33		73,545
		Series - 2003 AR1 (Class A5)
710,000	i	Greenwich Capital Commercial Funding Corp		5.890			07/10/38		729,517
		Series - 2006 GG7 (Class AM)
400,000		Greenwich Capital Commercial Funding Corp		5.440			03/10/39		429,078
		Series - 2007 GG9 (Class A4)
70,000	i	GS Mortgage Securities Corp II		5.550			04/10/38		76,073
		Series - 2006 GG6 (Class A4)
25,000		GS Mortgage Securities Corp II		5.560			11/10/39		27,091
		Series - 2006 GG8 (Class A4)

96

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$ 100,000	g	GS Mortgage Securities Corp II		5.150	%		08/10/43	$	98,822
		Series - 2010 C1 (Class B)
120,000	g,i	GS Mortgage Securities Corp II		5.400			12/10/43		114,907
		Series - 2010 C2 (Class C)
70,000	g,i	GS Mortgage Securities Corp II		5.400			12/10/43		69,496
		Series - 2010 C2 (Class B)
28,016	i	GSR Mortgage Loan Trust		2.800			01/25/36		26,397
		Series - 2006 AR1 (Class 2A2)
15,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.070			11/15/43		14,858
		Series - 2010 C2 (Class B)
30,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.720			11/15/43		29,169
		Series - 2010 C2 (Class C)
140,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440			05/15/45		142,058
		Series - 2006 LDP8 (Class AM)
100,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp		5.250			07/15/46		92,724
		Series - 2011 C4 (Class C)
150,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.340			05/15/47		159,715
		Series - 2006 LDP9 (Class A3)
55,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440			06/12/47		58,782
		Series - 2007 CB18 (Class A4)
200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.820			06/15/49		215,700
		Series - 2007 LD11 (Class A4)
36,212	i	JP Morgan Mortgage Trust		4.290			04/25/35		35,832
		Series - 2005 A2 (Class 5A1)
50,000	i	LB-UBS Commercial Mortgage Trust		5.150			04/15/30		54,001
		Series - 2005 C2 (Class A5)
220,000		LB-UBS Commercial Mortgage Trust		5.420			02/15/40		237,109
		Series - 2007 C1 (Class A4)
115,000		LB-UBS Commercial Mortgage Trust		5.430			02/15/40		122,565
		Series - 2007 C2 (Class A3)
145,000		LB-UBS Commercial Mortgage Trust		5.460			02/15/40		140,927
		Series - 2007 C1 (Class AM)
75,000	i	LB-UBS Commercial Mortgage Trust		5.860			07/15/40		81,371
		Series - 2007 C6 (Class A4)
48,033		MASTR Asset Securitization Trust		5.000			05/25/35		48,256
		Series - 2005 1 (Class 2A5)
200,000	i	Merrill Lynch Mortgage Trust		5.390			11/12/37		218,769
		Series - 2005 CKI1 (Class A6)
41,024	i	Merrill Lynch Mortgage Trust		5.110			07/12/38		42,533
		Series - 2005 CIP1 (Class AM)
75,000	i	Merrill Lynch Mortgage Trust		5.860			05/12/39		82,916
		Series - 2006 C1 (Class A4)
75,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.610			02/12/39		81,848
		Series - 2006 1 (Class A4)
130,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.170			12/12/49		138,578
		Series - 2006 4 (Class A3)
750,000	i	Morgan Stanley Capital I		5.300			06/15/40		730,884
		Series - 2004 IQ8 (Class C)
270,000	i	Morgan Stanley Capital I		5.450			02/12/44		290,678
		Series - 2007 HQ11 (Class A4)
85,000		Morgan Stanley Capital I		5.360			03/15/44		90,190
		Series - 2007 IQ13 (Class A4)
40,000	g,i	Morgan Stanley Capital I		5.260			09/15/47		41,055
		Series - 2011 C1 (Class B)
290,000	g,i	Morgan Stanley Capital I		5.420			09/15/47		275,726
		Series - 2011 C1 (Class C)
60,000	g,i	Morgan Stanley Capital I		5.420			09/15/47		54,586
		Series - 2011 C1 (Class D)
30,000	i	Morgan Stanley Capital I		5.540			11/12/49		30,526
		Series - 2007 T25 (Class AM)
35,000		Morgan Stanley Capital I		4.770			07/15/56		33,962
		Series - 0 IQ9 (Class AJ)
75,000	g,i	RBSCF Trust		4.830			04/15/24		77,559
		Series - 2010 MB1 (Class D)
97,562		Residential Accredit Loans, Inc		6.000			06/25/36		60,344
		Series - 2006 QS7 (Class A3)

97

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$ 100,719	i	Residential Accredit Loans, Inc		0.380	%		05/25/46	$	63,209
		Series - 2006 QO5 (Class 2A1)
103,438	i	Residential Funding Mortgage Securities I, Inc		3.000			08/25/35		91,827
		Series - 2005 SA3 (Class 2A1)
19,702	i	Structured Adjustable Rate Mortgage Loan Trust		0.570			03/25/35		18,941
		Series - 2005 6XS (Class A3)
137	i	Structured Adjustable Rate Mortgage Loan Trust		5.620			07/25/36		137
		Series - 2006 6 (Class 2A1)
195,000		Wachovia Bank Commercial Mortgage Trust		5.380			12/15/43		176,315
		Series - 2007 C30 (Class AM)
290,000	i	Wachovia Bank Commercial Mortgage Trust		6.170			06/15/45		300,736
		Series - 2006 C26 (Class AM)
35,000	i	Wachovia Bank Commercial Mortgage Trust		5.820			05/15/46		32,979
		Series - 2007 C34 (Class AM)
85,000		Wachovia Bank Commercial Mortgage Trust		5.500			04/15/47		89,087
		Series - 2007 C31 (Class A5)
540,000		Wachovia Bank Commercial Mortgage Trust		5.340			11/15/48		533,232
		Series - 2006 C29 (Class AM)
720,000	i	Wachovia Bank Commercial Mortgage Trust		5.370			11/15/48		608,329
		Series - 2006 C29 (Class AJ)
50,000	i	Wachovia Bank Commercial Mortgage Trust		6.100			02/15/51		54,397
		Series - 2007 C33 (Class A4)
33,146	i	Wells Fargo Mortgage Backed Securities Trust		5.400			03/25/36		33,268
		Series - 2006 AR1 (Class 2A2)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.280			10/15/57		50,940
		Series - 2010 C1 (Class B)
		TOTAL OTHER MORTGAGE BACKED							8,661,102
		TOTAL STRUCTURED ASSETS (Cost $12,149,098)							11,571,236
		TOTAL BONDS (Cost $138,172,589)							141,572,073
SHARES		COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
5,517		Federal Home Loan Mortgage Corp		8.380			12/30/49		16,275
17,265		Federal National Mortgage Association		8.250			12/30/49		37,120
		TOTAL BANKS							53,395
		TOTAL PREFERRED STOCKS (Cost $569,550)							53,395
		TOTAL INVESTMENTS - 97.5% (Cost $138,742,139)							141,625,468
		OTHER ASSETS & LIABILITIES, NET - 2.5%							3,666,233
		NET ASSETS - 100.0%						$	145,291,701

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, 2011, the value of these securities amounted to $14,478,780 or 10.0% 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.

98

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2011

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 98.0%
BANKERS’ ACCEPTANCES - 2.6%
$   109,000	JPMorgan Chase Bank NA		0.210	%		07/13/11	$	108,992
145,000	JPMorgan Chase Bank NA		0.210			07/18/11		144,986
104,000	JPMorgan Chase Bank NA		0.280			07/20/11		103,985
117,000	JPMorgan Chase Bank NA		0.210			08/01/11		116,979
112,000	JPMorgan Chase Bank NA		0.300			08/08/11		111,965
146,000	JPMorgan Chase Bank NA		0.150			08/10/11		145,976
120,000	JPMorgan Chase Bank NA		0.270			09/21/11		119,926
126,000	JPMorgan Chase Bank NA		0.180			09/26/11		125,945
161,000	JPMorgan Chase Bank NA		0.260			10/06/11		160,887
125,000	JPMorgan Chase Bank NA		0.260			11/07/11		124,884
181,000	JPMorgan Chase Bank NA		0.240			11/14/11		180,835
173,000	JPMorgan Chase Bank NA		0.260			12/12/11		172,795
	TOTAL BANKERS’ ACCEPTANCES							1,618,155
CERTIFICATE OF DEPOSIT - 5.7%
1,000,000	Bank of Nova Scotia		0.190			09/02/11		1,000,000
400,000	Barclays Bank PLC		0.410			12/13/11		400,000
315,000	BNP Paribas		0.470			11/01/11		315,054
500,000	Toronto-Dominion Bank		0.270			07/07/11		500,000
500,000	Toronto-Dominion Bank		0.150			07/21/11		500,000
500,000	Toronto-Dominion Bank		0.165			08/18/11		500,000
300,000	Toronto-Dominion Bank		0.170			08/23/11		300,000
	TOTAL CERTIFICATE OF DEPOSIT							3,515,054
COMMERCIAL PAPER - 47.5%
260,000	Abbott Laboratories		0.140			08/01/11		259,969
289,000	Abbott Laboratories		0.150			08/23/11		288,936
290,000	Australia & New Zealand Banking Group Ltd		0.305			09/07/11		289,833
250,000	Bank of Nova Scotia		0.100			07/26/11		249,983
340,000	Bank of Nova Scotia		0.180			07/29/11		339,952
250,000	Bank of Nova Scotia		0.150			08/01/11		249,968
500,000	Barclays US Funding Corp		0.235			09/12/11		499,762
210,000	BNP Paribas Finance, Inc		0.300			08/26/11		209,902
200,000	BNP Paribas Finance, Inc		0.400			09/09/11		199,844
230,000	BNP Paribas Finance, Inc		0.250			09/19/11		229,872
500,000	BNP Paribas Finance, Inc		0.230			10/03/11		499,700
300,000	Coca-Cola Co		0.200			07/06/11		299,992
500,000	Coca-Cola Co		0.200			07/07/11		499,984
300,000	Coca-Cola Co		0.215			08/24/11		299,903
250,000	Coca-Cola Co		0.120			08/30/11		249,950
282,000	Coca-Cola Co		0.140			09/07/11		281,925
300,000	Coca-Cola Co		0.160			09/16/11		299,897
600,000	Commonwealth Bank of Australia		0.150			07/05/11		599,990
545,000	Commonwealth Bank of Australia		0.130			07/06/11		544,990
400,000	Commonwealth Bank of Australia		0.150			07/07/11		399,990
300,000	Commonwealth Bank of Australia		0.170			08/25/11		299,922
210,000	Credit Agricole North America, Inc		0.240			08/17/11		209,934
350,000	Fairway Finance LLC		0.130			07/08/11		349,991
500,000	Fairway Finance LLC		0.160			07/13/11		499,974
390,000	Fairway Finance LLC		0.205			07/19/11		389,960
760,000	Falcon Asset Securitization Co LLC		0.120-0.130			07/11/11		759,974
275,000	Falcon Asset Securitization Co LLC		0.130			07/18/11		274,983
650,000	Falcon Asset Securitization Co LLC		0.150			08/16/11		649,875
600,000	General Electric Capital Corp		0.230			07/12/11		599,958
250,000	General Electric Capital Corp		0.120			09/27/11		249,927
250,000	General Electric Capital Corp		0.190			10/11/11		249,865
200,000	General Electric Capital Corp		0.230			12/06/11		199,798

99

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
$   600,000	General Electric Co		0.130	%		09/28/11	$	599,807
500,000	International Business Machines Corp		0.070			07/18/11		499,983
500,000	Jupiter Securitization Co LLC		0.130			07/13/11		499,978
500,000	Jupiter Securitization Co LLC		0.140			07/21/11		499,961
425,000	Lloyds TSB Bank plc		0.275			07/01/11		425,000
500,000	Lloyds TSB Bank plc		0.235			08/09/11		499,873
500,000	Merck & Co, Inc		0.100			08/30/11		499,917
500,000	National Australia Funding (Delaware)		0.190			07/11/11		499,974
500,000	National Australia Funding (Delaware)		0.150			08/01/11		499,935
465,000	National Australia Funding (Delaware)		0.155			09/02/11		464,874
600,000	Nestle Capital Corp		0.200			07/14/11		599,957
300,000	Nestle Capital Corp		0.200			07/25/11		299,960
300,000	Nestle Capital Corp		0.120			08/15/11		299,955
400,000	Old Line Funding LLC		0.120			07/08/11		399,991
250,000	Old Line Funding LLC		0.200			07/25/11		249,967
338,000	Old Line Funding LLC		0.170			09/20/11		337,871
800,000	Old Line Funding LLC		0.170			09/21/11		799,689
500,000	Private Export Funding Corp		0.165			10/04/11		499,782
500,000	Private Export Funding Corp		0.150			10/27/11		499,754
500,000	Procter & Gamble International Funding S.C.A		0.080			07/05/11		499,996
520,000	Procter & Gamble International Funding S.C.A		0.090			07/15/11		519,981
400,000	Procter & Gamble International Funding S.C.A		0.085			07/20/11		399,982
100,000	Province of Ontario Canada		0.150			07/12/11		99,995
300,000	Province of Ontario Canada		0.080			07/29/11		299,982
100,000	Rabobank USA Financial Corp		0.140			07/05/11		99,998
175,000	Rabobank USA Financial Corp		0.300			08/03/11		174,952
500,000	Sheffield Receivables Corp		0.200			07/19/11		499,950
500,000	Sheffield Receivables Corp		0.175			07/20/11		499,953
500,000	Sheffield Receivables Corp		0.140			07/28/11		499,948
680,000	Straight-A Funding LLC		0.200			07/06/11		679,981
500,000	Straight-A Funding LLC		0.170			08/09/11		499,908
552,000	Straight-A Funding LLC		0.170			08/10/11		551,896
250,000	Straight-A Funding LLC		0.160			08/22/11		249,942
265,000	UBS Finance Delaware LLC		0.150			07/13/11		264,987
300,000	Variable Funding Capital Co LLC		0.160			07/08/11		299,991
685,000	Variable Funding Capital Co LLC		0.200			07/14/11		684,950
250,000	Variable Funding Capital Co LLC		0.195			07/20/11		249,974
300,000	Variable Funding Capital Co LLC		0.150			08/02/11		299,960
345,000	Westpac Banking Corp		0.260			07/05/11		344,990
500,000	Westpac Banking Corp		0.190			07/25/11		499,937
260,000	Westpac Banking Corp		0.240			08/02/11		259,945
530,000	Westpac Banking Corp		0.180			08/03/11		529,912
	TOTAL COMMERCIAL PAPER							29,515,841
FOREIGN GOVERNMENT BONDS - 0.7%
400,000	Province of Ontario Canada		2.625			01/20/12		404,774
	TOTAL FOREIGN GOVERNMENT BONDS							404,774
GOVERNMENT AGENCY DEBT - 24.7%
160,000	Federal Farm Credit Bank (FFCB)		0.100			09/07/11		159,970
217,000	FFCB		0.320			12/30/11		216,649
500,000	Federal Home Loan Bank (FHLB)		0.035			07/06/11		499,998
500,000	FHLB		0.040			07/15/11		499,992
394,000	FHLB		0.060			07/27/11		393,983
200,000	FHLB		0.070			08/05/11		199,986
110,000	FHLB		0.050			08/10/11		109,994
1,361,000	FHLB		0.070-0.085			08/12/11		1,360,882
500,000	FHLB		0.085			09/06/11		499,921
500,000	FHLB		0.090			09/07/11		499,915
200,000	Federal Home Loan Mortgage Corp (FHLMC)		0.080			07/11/11		199,996
200,000	FHLMC		0.100			07/22/11		199,988
500,000	FHLMC		0.050			07/25/11		499,983
330,000	FHLMC		0.070			07/29/11		329,982
361,000	FHLMC		0.090			08/02/11		360,971
600,000	FHLMC		0.060			08/08/11		599,962
305,000	FHLMC		0.080			08/10/11		304,973
1,000,000	FHLMC		0.080			08/11/11		999,909
490,000	FHLMC		0.080			08/15/11		489,951
200,000	FHLMC		0.070			08/16/11		199,982

100

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$   280,000		FHLMC		0.070	%		08/17/11	$	279,974
1,500,000		FHLMC		0.065			08/23/11		1,499,857
600,000		FHLMC		0.085			09/06/11		599,905
55,000		FHLMC		0.175			09/08/11		54,982
300,000		FHLMC		0.100			09/14/11		299,938
300,000		FHLMC		0.100			10/03/11		299,922
100,000		Federal National Mortgage Association (FNMA)		0.165			07/05/11		99,998
125,000		FNMA		0.080			07/07/11		124,998
500,000		FNMA		0.040			07/12/11		499,994
322,000		FNMA		0.075			07/13/11		321,992
1,000,000		FNMA		0.045			07/21/11		999,975
99,000		FNMA		0.075			07/25/11		98,995
500,000		FNMA		0.110			08/01/11		499,953
68,000		FNMA		0.100			08/03/11		67,994
268,000		FNMA		0.095			09/26/11		267,938
600,000		FNMA		0.100			09/27/11		599,853
144,000		FNMA		0.120			10/26/11		143,944
		TOTAL GOVERNMENT AGENCY DEBT							15,387,199
TREASURY DEBT - 13.3%
320,000		United States Treasury Bill		0.163			08/25/11		319,921
500,000		United States Treasury Bill		0.059			10/06/11		499,921
775,000		United States Treasury Bill		0.096-0.156			10/20/11		774,682
1,680,000		United States Treasury Bill		0.096-0.156			11/17/11		1,679,386
110,000		United States Treasury Bill		0.098			11/25/11		109,956
250,000		United States Treasury Bill		0.095			12/01/11		249,899
250,000		United States Treasury Bill		0.065			12/08/11		249,928
500,000		United States Treasury Note		1.000			08/31/11		500,602
1,385,000		United States Treasury Note		1.000			10/31/11		1,388,751
1,300,000		United States Treasury Note		0.750			11/30/11		1,302,936
525,000		United States Treasury Note		1.125			12/15/11		527,263
365,000		United States Treasury Note		0.875			01/31/12		366,410
270,000		United States Treasury Note		0.750			05/31/12		271,145
		TOTAL TREASURY DEBT							8,240,800
VARIABLE RATE NOTES - 3.5%
300,000	i	Federal Farm Credit Bank (FFCB)		0.140			02/13/12		299,990
400,000	i	Federal Home Loan Bank (FHLB)		0.150			01/13/12		399,989
1,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.060			11/09/11		1,499,598
		TOTAL VARIABLE RATE NOTES							2,199,577
		TOTAL SHORT-TERM INVESTMENTS (Cost $60,881,400)							60,881,400
		TOTAL PORTFOLIO - 98.0% (Cost $60,881,400)							60,881,400
		OTHER ASSETS & LIABILITIES, NET - 2.0%							1,220,066
		NET ASSETS - 100.0%						$	62,101,466

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

101

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 second fiscal quarter of the period covered by this report 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 16, 2011	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 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Dated: August 16, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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

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

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Scott C. Evans, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: August 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)

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

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Phillip G. Goff, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: August 16, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EX-99.12(B)

Exhibit 12(b)

CERTIFICATION

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

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

The report on Form N-CSR of the TIAA-CREF Life Funds (the “Funds”) dated June 30, 2011 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated: August 16, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Dated: August 16, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Accounting Officer, Principal Financial Officer and Treasurer
		(principal financial officer)