N-CSR/A 1 d460786dncsra.htm TIAA-CREF LIFE FUNDS TIAA-CREF Life Funds
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR/A

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: December 31, 2012

This filing is an amendment to the registrant’s Certified Annual Shareholder Report on Form N-CSR filed by the registrant on February 27, 2013, relating to its fiscal year ended December 31, 2012 (the “Annual N-CSR”). The purpose of this Form N-CSR/A (the “Amendment”) is to amend the Annual N-CSR to include a copy of the PricewaterhouseCoopers LLP audited report of the registrant’s Schedule of Investments dated February 19, 2013 (the “Report”). The Report was inadvertently omitted from the Annual N-CSR. The Amendment does not amend or restate any information previously provided in the Annual N-CSR.

Table of Contents

Item 1. Reports to Stockholders.

Table of Contents
LOGO     

    

   
    

    

    

   

 

    

 

2012 Annual Report

   
     TIAA-CREF Life Funds   
    

December 31, 2012

 

   
    

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   
    

Large-Cap Value Fund

      13   
    

Real Estate Securities Fund

      16   
    

Small-Cap Equity Fund

      19   
    

Social Choice Equity Fund

      22   
    

Stock Index Fund

      25   
    

International Equity Fund

      28   
    

Bond Fund

      31   
    

Money Market Fund

      34   
    

Summary portfolios of investments

     37   
    

Audited financial statements

   
    

Statements of assets and liabilities

      72   
    

Statements of operations

      76   
    

Statements of changes in net assets

      80   
LOGO     

Financial highlights

      87   
    

Notes to financial statements

      97   
    

 

Report of independent registered public accounting firm

     110   
    

Trustees and officers

      111   
    

Important tax information

      117   
    

How to reach us

     Inside back cover   
       
       

Table of Contents

Understanding your TIAA-CREF Life Funds report

This annual report contains information about the ten TIAA-CREF Life Funds and describes the funds’ results for the twelve months ended December 31, 2012. 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 December 31, 2012.

  •  

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

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Life Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

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     2012 Annual Report  ¡  TIAA-CREF Life Funds

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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 our 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  ¡  2012 Annual Report      3

Table of Contents

About the funds’ benchmarks

Equity Indexes

Broad market indexes

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.

The MSCI EAFE Index measures the performance of the leading stocks in 22 developed market countries outside North America—in Europe, Australasia and the Far East.

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 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     2012 Annual Report  ¡  TIAA-CREF Life Funds

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About the funds’ benchmarks

Fixed-income Index

The Barclays U.S. Aggregate Bond Index measures the performance of the domestic 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 any index. Index returns do not include a deduction for fees or expenses.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. 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. FTSE is a trademark of London Stock Exchange plc and The Financial Times Limited.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      5

Table of Contents

Important information about expenses

All shareholders of the TIAA-CREF Life Funds 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 only (in U.S. dollars) and do not reflect transactional costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds. Shareholders of the TIAA-CREF Life Funds do not incur a sales charge on purchases, on reinvested dividends or other distributions.

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 (July 1, 2012–December 31, 2012).

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 account 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. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

Hypothetical example for comparison purposes

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

 

6     2012 Annual Report  ¡  TIAA-CREF Life Funds

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Growth Equity Fund

Performance for the twelve months ended December 31, 2012

The Growth Equity Fund returned 16.99% for the year, compared with the 15.26% return of its benchmark, the Russell 1000® Growth Index.

U.S. stocks performed much better than in 2011, when they returned just 1.03%, as measured by the Russell 3000® Index. Most of the 16.42% gain of stocks in 2012 came in the first quarter. For much of the rest of the year, equity markets were overshadowed by concerns about slowing global growth, sovereign debt problems in Europe and political uncertainty in the United States.

Large-cap growth stocks, however, trailed the broad U.S. stock market by more than a percentage point. In the growth category, they outpaced the 14.59% return of small caps but lagged the 15.81% return of mid-cap issues. (Returns by capitalization size and investment style are based on the Russell indexes.)

For the ten years ended December 31, 2012, the Russell 1000 Growth Index posted an average annual return of 7.52%, slightly less than the 7.68% average return of the Russell 3000 Index.

Sound stock choices boost the fund’s relative return

All but one of the Russell 1000 Growth Index’s ten industry sectors scored positive results for 2012, and seven recorded double-digit gains. Information technology, the benchmark’s largest sector, returned 16.5% and made the biggest contribution to results. Consumer discretionary (up 20.2%) and health care (up 24.0%) also made significant contributions. Together these three sectors made up almost two-thirds of the index’s market capitalization on December 31, 2012. Utilities posted a 3.9% loss, and energy’s 8.8% return lagged the index, but because these two sectors made up less than 5% of the index they had a limited effect on its overall performance.

The fund surpassed its benchmark by more than one-and-a half percentage points because of numerous successful stock selections. These included overweight positions in casino operator Las Vegas Sands, Amazon, Visa and agricultural giant Monsanto. An underweight in Exxon Mobil, which posted gains but trailed the benchmark, also helped relative performance.

Those positive contributors were partly offset by detractions from other stock choices, such as overweights in Google and biotechnology firm Gilead Sciences. Nonbenchmark positions in Japanese social networking provider Gree, clothing retailer Burberry and Cisco Systems also constrained returns slightly.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      7

Table of Contents

Growth Equity Fund

Performance as of December 31, 2012

 

            Total
return		   Average annual
total return
      Inception date    1 year   5 years   10 years

Growth Equity Fund

        4/3/2000          16.99 %       1.65 %       7.22 %

Russell 1000® Growth Index

        —          15.26         3.12         7.52  

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$ 10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

8     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Growth Equity Fund

Expense example

Six months ended December 31, 2012

 

Growth Equity Fund    Beginning
account value
(7/1/12)		      Ending
account value
(12/31/12)		      Expenses paid
during period*
(7/1/12–12/31/12)		  

Actual return

      $1,000.00         $1,069.89         $2.71   

5% annual hypothetical return

      1,000.00         1,022.52         2.64   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector   

% of net assets

as of 12/31/2012

  

Information technology

      37.1   

Consumer discretionary

      19.9   

Health care

      14.1   

Industrials

      11.5   

Materials

      5.5   

Financials

      4.3   

Consumer staples

      3.6   

Energy

      3.3   

Telecommunication services

      0.5   

Short-term investments,
other assets & liabilities, net

      0.2   

Total

      100.0   

Holdings by company size

 

Market capitalization    % of equity investments
as of 12/31/2012		  

More than $50 billion

      40.1   

More than $15 billion–$50 billion

      31.8   

More than $2 billion–$15 billion

      27.9   

$2 billion or less

      0.2   

Total

      100.0   
 

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      9

Table of Contents

Growth & Income Fund

Performance for the twelve months ended December 31, 2012

The Growth & Income Fund returned 16.43% for the year, compared with the 16.00% return of its benchmark, the S&P 500® Index.

For the year, the large-cap stocks that make up the S&P 500 Index slightly underperformed the 16.42% return of the broad U.S. stock market, as measured by the Russell 3000® Index. More than one-third of the Russell 3000’s market capitalization is comprised of small- and mid-cap stocks, which gained 16.35% and 17.28%, respectively, for the twelve months.

Large-cap U.S. stocks have lagged the broad market over the last decade. For the ten years ended December 31, 2012, the S&P 500 posted an average annual return of 7.10%, versus 7.68% for the Russell 3000.

Surging financials set the pace

All ten industry sectors of the S&P 500 Index posted positive returns for the year, and eight had double-digit gains. Financial stocks performed best, climbing 28.8%, and made the largest contribution to the benchmark’s return. Many investors were drawn to financials because of their generally attractive valuations and improving business fundamentals. Consumer discretionary (up 23.9%), health care (up 17.9%) and information technology, the index’s largest sector, (up 14.8%) also did well. Together, these four sectors made up more than half of the index’s market capitalization at year-end. However, the overall performance of large-cap stocks was constrained somewhat by weak results from the energy and utilities sectors, which returned 4.6% and 1.3%, respectively. Traditionally viewed as a defensive sector, utilities were hindered by investor preference for riskier securities, particularly during the fourth quarter of the year.

For the year, the fund posted a strong absolute return and outperformed its benchmark on the strength of successful stock selections. The largest positive contributor to relative performance was an overweight position in biotechnology firm Gilead Sciences. Overweight positions in Discover Financial Services and Morgan Stanley also helped relative results, as did an underweight in AT&T and an out-of-benchmark holding in Ocwen Financial, a loan industry services provider.

These positive contributions were partly offset by other holdings that detracted from relative performance. Chief among these were underweight positions in Bank of America and Verizon, and overweight holdings in software firm Symantec and in energy companies Occidental Petroleum and Ensco.

 

10     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Growth & Income Fund

Performance as of December 31, 2012

 

              Total
return		     Average annual
total return		  
      Inception date      1 year     5 years     10 years  

Growth & Income Fund

      4/3/2000         16.43 %      2.52 %      8.81 % 

S&P 500 Index

      —         16.00        1.66        7.10   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      11

Table of Contents

Growth & Income Fund

Expense example

Six months ended December 31, 2012

 

Growth & Income Fund    Beginning
account value
(7/1/12)		      Ending
account value
(12/31/12)		      Expenses paid
during period*
(7/1/12–12/31/12)		  

Actual return

      $1,000.00         $1,062.24         $2.70   

5% annual hypothetical return

      1,000.00         1,022.52         2.64   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

Sector    % of net assets
as of 12/31/2012		  

Information technology

      18.6   

Financials

      14.3   

Consumer discretionary

      13.6   

Health care

      13.0   

Energy

      10.5   

Industrials

      10.1   

Consumer staples

      9.7   

Materials

      5.1   

Telecommunication services

      2.7   

Utilities

      2.0   

Short-term investments, other assets & liabilities, net

      0.4   

Total

      100.0   

Holdings by company size

Market capitalization    % of equity investments
as of 12/31/2012		  

More than $50 billion

      50.4   

More than $15 billion–$50 billion

      22.9   

More than $2 billion–$15 billion

      25.2   

$2 billion or less

      1.5   

Total

      100.0   
 

 

 

12     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Large-Cap Value Fund

Performance for the twelve months ended December 31, 2012

The Large-Cap Value Fund returned 20.14% for the year, compared with the 17.51% return of its benchmark, the Russell 1000® Value Index.

For the first time in four years, large-cap value stocks outperformed their growth counterparts, as the Russell 1000 Growth Index returned 15.26% for the period. Among value stocks of other sizes, however, the large-cap category lagged somewhat. Mid-cap value issues were up 18.51% and small caps 18.05%. (Returns by capitalization size and investment style are based on the Russell indexes.)

For the ten years ended December 31, 2012, the Russell 1000 Value Index posted an average annual return of 7.38%, slightly below the 7.52% average return of the Russell 1000 Growth Index.

The fund’s stock picks add significant value

All ten industry sectors of the Russell 1000 Value Index had positive results for the year, and seven stacked up double-digit gains. Financials, the benchmark’s largest sector in terms of market capitalization at period-end, drove the benchmark with a 27.5% return. Many investors were drawn to financials because of their generally attractive valuations and improving business fundamentals. Consumer discretionary posted a robust 34.6% return. Together, these two sectors made up more than a third of the market capitalization of the index at year-end.

Health care (up 15.8%) and industrials (up 20.1%) also made significant contributions to returns. Three sectors posted much smaller advances: information technology (up 7.5%), energy (up 3.6%) and utilities (up 1.8%).

The fund outperformed its benchmark by more than two-and-a-half percentage points because of numerous successful stock choices. These included overweight positions in homebuilder PulteGroup and in three Internet-based companies: travel agency Expedia, AOL and eBay. An out-of-benchmark holding in building products manufacturer Georgia Gulf was another major contributor.

These positive effects more than offset positions that constrained the fund’s gains. The chief detractor was an overweight stake in retailer J.C. Penney, whose stock price declined over the year. Others included overweights in energy provider Exelon and technology giant Hewlett-Packard and an out-of-benchmark holding in energy supplier Weatherford International.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      13

Table of Contents

Large-Cap Value Fund

Performance as of December 31, 2012

 

             

 

Total
return

    

 

Average annual
total return

  
      Inception
date		      1
year		     5 years     10 years  

Large-Cap Value Fund

      10/28/2002         20.14 %      0.82 %      8.00 % 

Russell 1000® Value Index

      —         17.51        0.59        7.38   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$ 10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

14     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Large-Cap Value Fund

Expense example

Six months ended December 31, 2012

 

Large-Cap Value Fund   

 

Beginning
account value
(7/1/12)

     

 

Ending
account value
(12/31/12)

     

 

Expenses paid
during period*
(7/1/12–12/31/12)

  

Actual return

      $1,000.00         $1,092.26         $2.73   

5% annual hypothetical return

      1,000.00         1,022.52         2.64   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector    % of net assets
as of 12/31/2012		  

Financials

      23.0   

Energy

      15.2   

Health care

      12.7   

Industrials

      10.3   

Consumer discretionary

      9.3   

Information technology

      8.9   

Consumer staples

      7.5   

Utilities

      4.7   

Materials

      4.3   

Telecommunication services

      2.6   

Short-term investments,
other assets & liabilities, net

      1.5   

Total

      100.0   

Holdings by company size

 

Market capitalization    % of equity investments
as of 12/31/2012		  

More than $50 billion

      39.7   

More than $15 billion–$50 billion

      26.0   

More than $2 billion–$15 billion

      29.2   

$2 billion or less

      5.1   

Total

      100.0   
 

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      15

Table of Contents

Real Estate Securities Fund

Performance for the twelve months ended December 31, 2012

The Real Estate Securities Fund returned 19.79% for the year, compared with the 19.70% return of its benchmark, the FTSE NAREIT All Equity REITs Index.

For the third consecutive year, real estate investment trusts (REITs) outperformed the broad U.S. stock market; the Russell 3000® Index gained 16.42% for 2012. The margin between the return of REITs and that of the investment-grade, fixed-rate bond market was even more marked. The return of the fund’s benchmark was more than 15 percentage points higher than that of the Barclays U.S. Aggregate Bond Index.

Several factors helped to lift REITs’ results: low yields on U.S. Treasury securities made REITs attractive to investors seeking income; the lack of new construction kept real estate valuations high; and the risk on/risk off approach of many investors favored REITs at several points during the year.

For the ten years ended December 31, 2012, the fund’s benchmark posted an average annual gain of 11.78%, far outpacing both the 5.18% average return of the Barclays aggregate index and the 7.68% return of the Russell 3000.

Stock selections boost the fund’s relative performance

All 13 of the benchmark’s property sectors had positive results for the year, and all but two generated double-digit gains. The largest contributions to the benchmark’s performance came from two sectors dependent on consumer spending: regional malls (up 28.2%) and shopping centers (up 25.0%). These sectors made up more than one-fifth of the benchmark’s market capitalization at year-end. With the market for single-family homes showing signs of improvement, the weakest returns came from manufactured homes (up 7.1%) and apartments (up 6.9%).

The fund outperformed its benchmark slightly because of several favorable stock choices. These included out-of-benchmark positions in Thomas Properties Group, an office, retail and multifamily property owner; KB Home; and home-builder PulteGroup. An overweight holding in shopping center operator DDR and an underweight in commercial real estate owner Vornado Realty Trust also helped.

These positive effects were partly offset by less successful positions, such as overweight holdings in three apartment REITs: UDR, AvalonBay Communities and Equity Residential. Underweights in forest products manufacturer Weyerhaeuser and in HCP, a health care REIT, trimmed relative results as well.

 

16     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Real Estate Securities Fund

Performance as of December 31, 2012

 

 

            Total
return		     Average annual
total return		  
      Inception date      1 year     5 years     10 years  

Real Estate Securities Fund

      10/28/2002         19.79 %      5.31 %      11.25 % 

FTSE NAREIT All Equity REITs Index

      —         19.70        5.74        11.78   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$ 10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

TIAA-CREF Life Funds  ¡   2012 Annual Report      17

Table of Contents

Real Estate Securities Fund

Expense example

Six months ended December 31, 2012

 

Real Estate Securities Fund   

Beginning

account value

(7/1/12)

     

Ending

account value

(12/31/12)

     

Expenses paid

during period*

(7/1/12–12/31/12)

  

Actual return

      $1,000.00         $1,030.57         $2.91   

5% annual hypothetical return

      1,000.00         1,022.27         2.90   

 

* “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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector    % of net assets
as of 12/31/2012		  

Specialized REITs

      29.9   

Retail REITs

      26.0   

Residential REITs

      19.6   

Office REITs

      9.2   

Industrial REITs

      6.5   

Diversified REITs

      2.4   

Real estate operating companies

      1.9   

Hotels, resorts & cruise lines

      1.0   

Casinos & gaming

      0.3   

Short-term investments,other assets & liabilities, net

      3.2   

Total

      100.0   

Holdings by company size

 

Market capitalization   

% of equity investments

as of 12/31/2012

  

More than $15 billion–$50 billion

      58.3   

More than $2 billion–$15 billion

      34.7   

$2 billion or less

      7.0   

Total

      100.0   
 

 

18     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Small-Cap Equity Fund

Performance for the twelve months ended December 31, 2012

The Small-Cap Equity Fund returned 14.02% for the year, compared with the 16.35% return of its benchmark, the Russell 2000® Index.

Small-cap stocks generated a strong gain for the year and performed in line with the broad U.S. stock market, which returned 16.42%, as measured by the Russell 3000® Index. Within the small-cap category, value issues easily outpaced their growth counterparts, 18.05% to 14.59%. (Returns by capitalization size and investment style are based on the Russell indexes.)

For the ten years ended December 31, 2012, the Russell 2000 posted an average annual gain of 9.72%, outperforming the 7.68% average return of the Russell 3000 by more than two percentage points.

Stock choices limit relative results

For the year, nine of the ten industry sectors of the Russell 2000 Index generated positive returns, with eight achieving double-digit gains. The largest contribution to the benchmark’s return came from three sizable sectors: financials, the benchmark’s largest sector; industrials and consumer discretionary. These sectors returned 21.7%, 18.5% and 23.8%, respectively. Health care also performed well, gaining 17.3%. Together, these four sectors made up almost two-thirds of the benchmark’s total market capitalization on December 31, 2012.

Energy, the only sector to post a loss, returned –3.5%. Energy stocks came under pressure due to falling oil and natural gas prices.

Despite its strong absolute return for the year, the fund underperformed its benchmark by more than two percentage points, largely because of numerous unfavorable stock selections. Chief among these were overweight positions in drug company ViroPharma, patent and licensing firm Acacia Research and wireless services operator BrightPoint. Underweights in Ocwen Financial, a loan-industry service provider, and Adtran, a supplier of networking and communications equipment, also trimmed relative results.

Other overweight holdings, however, partly offset these negative effects. They included software developer SolarWinds, title insurance provider First American Financial and self-storage company Extra Space Storage. An out-of-benchmark position in homebuilder PulteGroup, which rose an impressive 187.8% during the year, aided results as well.

 

TIAA-CREF Life Funds  ¡   2012 Annual Report      19

Table of Contents

Small-Cap Equity Fund

Performance as of December 31, 2012

 

              Total
  return  		     Average annual
total return		  
      Inception date      1 year     5 years     10 years  

Small-Cap Equity Fund

      10/28/2002         14.02 %      3.75 %      9.58 % 

Russell 2000® Index

      —         16.35        3.56        9.72   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

20     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Small-Cap Equity Fund

Expense example

Six months ended December 31, 2012

 

Small-Cap Equity Fund    Beginning
account value
(7/1/12)		      Ending
account value
(12/31/12)		      Expenses paid
during period*
(7/1/12–12/31/12)		  

Actual return

      $1,000.00         $1,062.60         $2.85   

5% annual hypothetical return

      1,000.00         1,022.37         2.80   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.55%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector    % of net assets
as of 12/31/2012		  

Financials

      24.2   

Information technology

      17.5   

Industrials

      15.1   

Consumer discretionary

      14.8   

Health care

      10.7   

Energy

      6.0   

Materials

      4.5   

Consumer staples

      3.2   

Utilities

      2.9   

Telecommunication services

      0.3   

Short-term investments, other assets & liabilities, net

      0.8   

Total

      100.0   

Holdings by company size

 

Market capitalization    % of equity investments
as of 12/31/2012		  

More than $15 billion–$50 billion

      0.2   

More than $2 billion–$15 billion

      35.6   

$2 billion or less

      64.2   

Total

      100.0   
 

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      21

Table of Contents

Social Choice Equity Fund

Performance for the twelve months ended December 31, 2012

The Social Choice Equity Fund returned 14.01% for the year, compared with the 16.42% return of its benchmark, the Russell 3000® Index. The fund screens investments according to social criteria, while the benchmark does not.

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

The fund’s underperformance was due in large part to its exclusion of Apple, the benchmark’s largest stock in terms of market capitalization on December 31, 2012. This stock rose 32.6% for the year, as a result of successful product releases. The absence of three well-performing financial companies—Bank of America (up 109.8%), Citigroup (up 50.6%) and JPMorgan Chase (up 36.2%)—reduced the fund’s results as well. Financials, aided by an improving economic landscape and a recovering housing market, was the best-performing sector in the Russell 3000 Index. Avoiding communications provider Comcast and retailer Home Depot, both of which registered outsized gains, also lowered returns.

In contrast, the fund’s exclusion of energy giants Exxon Mobil, Chevron and Occidental Petroleum, all of which significantly lagged the broad market, enhanced relative performance. Avoiding utility Exelon and Microsoft—the benchmark’s sixth-largest stock at period-end—helped results, too.

Fund trails the index in an upward market

To compensate for the fund’s exclusion of some stocks of the Russell 3000 Index, its managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of the index.

During the period, the fund’s results were negatively affected by several overweight positions in the technology sector that did not perform as expected. Chief among these were Hewlett-Packard, Dell and Intel, which lost 43.1%, 29.6% and 12.0%, respectively. Overweights in McDonald’s and Devon Energy trimmed returns as well.

These unfavorable results were partly offset by positive contributors to relative performance. These included overweight holdings in telecommunications provider Sprint Nextel (up 142.3%), chemical company LyondellBasell (up 92.6%), biotechnology firm Gilead Sciences (up 79.5%) and Time Warner Cable (up 57.0%).

 

22     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Social Choice Equity Fund

Performance as of December 31, 2012

 

              Total
return		     Average annual
total return		  
      Inception date      1 year     5 years     10 years  

Social Choice Equity Fund

      4/3/2000         14.01 %      2.28 %      7.67 % 

Russell 3000 Index

      —         16.42        2.04        7.68   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      23

Table of Contents

Social Choice Equity Fund

Expense example

Six months ended December 31, 2012

 

Social Choice Equity Fund    Beginning
account value
(7/1/12)		      Ending
account value
(12/31/12)		      Expenses paid
during period*
(7/1/12–12/31/12)		  

Actual return

      $1,000.00         $1,073.37         $1.15   

5% annual hypothetical return

      1,000.00         1,024.03         1.12   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector   

% of net assets

as of 12/31/2012

  

Financials

      19.3   

Information technology

      17.1   

Consumer discretionary

      12.5   

Health care

      11.0   

Industrials

      11.0   

Energy

      9.3   

Consumer staples

      8.3   

Materials

      4.9   

Utilities

      4.2   

Telecommunication services

      1.8   

Short-term investments,
other assets & liabilities, net

      0.6   

Total

      100.0   

Holdings by company size

 

Market capitalization    % of equity investments
as of 12/31/2012		  

More than $50 billion

      23.2   

More than $15 billion–$50 billion

      46.8   

More than $2 billion–$15 billion

      26.5   

$2 billion or less

      3.5   

Total

      100.0   
 

 

24     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Stock Index Fund

Performance for the twelve months ended December 31, 2012

The Stock Index Fund returned 16.35% for the year, compared with the 16.42% return of its benchmark, the Russell 3000® Index.

For the 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 does not. The fund benefited from participating in a securities lending program and had a risk profile similar to that of its benchmark.

U.S. stocks performed much better than in 2011, when they returned just 1.03%, as measured by the Russell 3000 Index. Most of the gain of stocks in 2012 came in the first quarter. For much of the rest of the year, equity markets were overshadowed by concerns about slowing global growth, sovereign debt problems in Europe and political uncertainty in the United States.

For the period, companies of different capitalization sizes performed within a narrow range. Mid-cap stocks led with a 17.28% gain, while large-and small-cap issues returned 16.42% and 16.35%, respectively. Value stocks outperformed their growth counterparts, 17.55% to 15.21%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Financials push the benchmark higher

For the year, all ten industry sectors of the Russell 3000 Index generated positive returns, and eight achieved double-digit gains. Financial stocks were the driving force; they soared 26.2% and were the benchmark’s second-largest sector in terms of market capitalization on December 31, 2012. Many investors were drawn to financials because of their generally attractive valuations and improving business fundamentals. The benchmark’s largest sector, information technology (up 14.0%), and consumer discretionary (up 24.8%) also gave the index a lift. Together, these three sectors made up almost half of the benchmark at period-end.

The two weakest sectors were energy and utilities, which returned 3.9% and 2.1%, respectively. Traditionally viewed as a defensive sector, utilities were hindered by investor preference for riskier securities, particularly during the fourth quarter of the year. Energy stocks were constrained by falling oil prices.

Two of the benchmark’s five largest stocks, in terms of market capitalization at period-end, scored exceptional gains for the year. Apple advanced 32.6%, and General Electric climbed 21.3%. The others, however—IBM, Chevron and Exxon Mobil—lagged far behind the broad market, returning 5.9%, 5.1% and 4.7%, respectively.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      25

Table of Contents

Stock Index Fund

Performance as of December 31, 2012

 

       
            Total
return		     Average annual
total return		  
      Inception date      1 year     5 years     10 years  

Stock Index Fund

      1/4/1999         16.35 %      2.07 %      7.66 % 

Russell 3000® Index

      —         16.42        2.04        7.68   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$ 10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

26     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Stock Index Fund

Expense example

Six months ended December 31, 2012

 

Stock Index Fund   

 

Beginning

account value

(7/1/12)

     

Ending

account value

(12/31/12)

     

Expenses paid

during period*

(7/1/12–12/31/12)

  

Actual return

    $ 1,000.00       $ 1,064.69       $ 0.47   

5% annual hypothetical return

      1,000.00         1,024.68         0.46   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector   

% of net assets

as of 12/31/2012

  

Information technology

      17.9   

Financials

      17.0   

Consumer discretionary

      12.4   

Health care

      11.6   

Industrials

      11.1   

Energy

      9.8   

Consumer staples

      9.2   

Materials

      4.0   

Utilities

      3.4   

Telecommunication services

      2.7   

Short-term investments,other assets & liabilities, net

      0.9   

Total

      100.0   

Holdings by company size

 

Market capitalization   

% of equity investments

as of 12/31/2012

  

More than $50 billion

      42.5   

More than $15 billion–$50 billion

      25.5   

More than $2 billion–$15 billion

      25.1   

$2 billion or less

      6.9   

Total

      100.0   
 

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      27

Table of Contents

International Equity Fund

Performance for the twelve months ended December 31, 2012

The International Equity Fund returned 31.27% for the year, compared with the 17.32% return of its benchmark, the MSCI EAFE Index.

Foreign stocks made a strong comeback in 2012. The MSCI EAFE Index, which measures stock performance in 22 developed market nations outside North America, more than made up its 12.14% loss in 2011. In fact, it outpaced the 16.42% return of U.S. stocks, as measured by the Russell 3000® Index. Investors took heart from signs of progress on Europe’s sovereign debt issues.

For the twelve months, the EAFE index performed nearly identically in U.S. dollars and local currencies. The yen weakened, relative to the dollar, while the euro and pound strengthened.

European stocks, which made up the largest regional segment of the EAFE index in terms of market capitalization on December 31, 2012, rose 19.1%, led by strong gains in Germany, the United Kingdom and France. Japan, the second-largest national component of the benchmark, lagged the index.

Stock choices lift the fund well above its benchmark

For the period, the fund outperformed its benchmark by almost 14 percentage points on the strength of numerous successful stock selections, leading to favorable allocations in outperforming national markets. These included overweight positions in British, German and Swiss stocks.

Among the largest individual contributors were overweights in three German companies: Bayer, chemical producer Lanxess and consumer products maker Henkel. A nonbenchmark investment in India’s HDFC Bank also boosted the fund’s relative results.

Of course, some positions did not perform as well. These included an overweight holding in British financial company Man Group and an out-of-benchmark position in Japanese consumer support website Kakaku.com.

The fund’s returns may sometimes diverge from the returns of its benchmark index more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated.

 

28    2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

International Equity Fund

Performance as of December 31, 2012

 

              Total
return		     Average annual
total return		  
      Inception date      1 year     5 years     10 years  

International Equity Fund

      4/3/2000         31.27 %      –4.67 %      8.84 % 

MSCI EAFE Index

      —         17.32        –3.69        8.21   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$10,000 over 10 years

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      29

Table of Contents

International Equity Fund

Expense example

Six months ended December 31, 2012

 

International Equity Fund    Beginning
account value
(7/1/12)		      Ending
account value
(12/31/12)		     

Expenses paid
during period*

(7/1/12–12/31/12)

  

Actual return

      $1,000.00         $1,216.20         $3.34   

5% annual hypothetical return

      1,000.00         1,022.12         3.05   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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

 

Sector    % of net assets
as of 12/31/2012		  

Materials

      20.4   

Financials

      18.5   

Industrials

      15.6   

Consumer discretionary

      14.9   

Health care

      13.0   

Consumer staples

      12.9   

Energy

      1.7   

Information technology

      1.4   

Utilities

      0.9   

Short-term investments, other assets & liabilities, net

      0.7   

Total

      100.0   

Holdings by company size

 

Market capitalization    % of equity investments
as of 12/31/2012		  

More than $50 billion

      17.2   

More than $15 billion–$50 billion

      30.6   

More than $2 billion–$15 billion

      47.6   

$2 billion or less

      4.6   

Total

      100.0   

Holdings by country

 

      % of portfolio investments
as of 12/31/2012		  

United Kingdom

      25.7   

Germany

      15.2   

Switzerland

      15.0   

France

      9.9   

Japan

      9.4   

Sweden

      6.6   

China

      2.8   

Hong Kong

      2.4   

7 other nations

      8.7   

Short-term investments

      4.3   

Total

      100.0   
 

 

30     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Bond Fund

Performance for the twelve months ended December 31, 2012

The Bond Fund returned 6.91% for the year, compared with the 4.21% return of its benchmark, the Barclays U.S. Aggregate Bond Index.

In 2012 the U.S. economy showed signs of improvement. Gross domestic product grew by 2.6% in the third quarter, on a year-over-year basis. Nevertheless, persistently high unemployment, stagnant household income and reduced business investment continued to restrain growth.

Aiming to stimulate the economy by further lowering long-term interest rates, the Federal Reserve extended its bond buying initiatives into 2013. The Fed also signaled its intention to keep its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% until unemployment falls below 6.5%.

The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 2.37% for the first half of 2012, when a global economic slowdown in the second quarter triggered a stock sell-off, and investors sought safety in U.S. Treasuries and other fixed-income securities. When growth resumed, however, newly confident investors once again sought higher yields in riskier investments, and the Barclays aggregate index returned just 1.80% for the second half of the year.

Corporate securities lead the index

Corporate bonds, which represented one-fifth of the benchmark at year-end, returned 9.8% in 2012, as strong demand pushed up their prices. U.S. mortgage-backed securities, comprising nearly one-third of the index, earned 2.6%, while the commercial mortgage-backed, asset-backed and U.S. agency sectors returned 9.7%, 3.7% and 3.0%, respectively.

The benchmark’s largest sector, U.S. Treasuries, returned 2.0% for the year. The yield on 10-year Treasuries fell from 1.89% at year-end 2011 to 1.78% on December 31, 2012.

The fund outperformed its benchmark by more than two-and-a-half percentage points mainly because of an overweight position in high-quality corporate bonds and astute security selections in that sector; these provided greater yields than Treasury and agency securities, while offering relative safety. Holdings in commercial mortgage-backed and asset-backed securities also boosted relative results, as did selective out-of-benchmark investments in high-yield and emerging market securities.

These positive results were partly offset by the negative effects of the fund’s long-standing underweight position in U.S. Treasury securities, which led the benchmark in the second quarter.

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      31

Table of Contents

Bond Fund

Performance as of December 31, 2012

 

              Total
return		     Average annual
total return		  
      Inception date      1 year     5 years     since
inception		  

Bond Fund

      7/8/2003         6.91 %      5.55 %      4.79 % 

Barclays U.S. Aggregate Bond Index

      —         4.21        5.95        5.11   

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

$10,000 since July 8, 2003 inception

 

 

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

 

32     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Bond Fund

Expense example

Six months ended December 31, 2012

 

Bond Fund    Beginning
account value
(7/1/12)		      Ending
account value
(12/31/12)		      Expenses paid
during period*
(7/1/12–12/31/12)		  

Actual return

      $1,000.00         $1,034.78         $1.79   

5% annual hypothetical return

      1,000.00         1,023.38         1.78   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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 12/31/2012

  

Corporate bonds

      32.9   

Mortgage-backed securities†

      24.3   

Foreign government & corporate bonds denominated in U.S. dollars

      20.2   

U.S. Treasury securities

      10.2   

Commercial mortgage-backed securities

      3.8   

Asset-backed securities

      3.0   

U.S. agency securities

      1.0   

Municipal bonds

      0.3   

Short-term investments, other assets & liabilities, net

      4.3   

Total

      100.0   

 

†

Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity

% of fixed-income investments (excluding
short-term investments) as of 12/31/2012		  

Less than 1 year

      6.0   

1–3 years

      23.6   

3–5 years

      27.6   

5–10 years

      31.3   

Over 10 years

      11.5   

Total

      100.0   

Holdings by credit quality‡

% of fixed-income investments (excluding
short-term investments) as of 12/31/2012		  

Aaa/AAA

      41.1   

Aa/AA

      6.0   

A/A

      22.3   

Baa/BBB

      24.7   

Ba/BB

      4.0   

B/B

      1.1   

Below B/B

      0.4   

Non-rated

      0.4   

Total

      100.0   

 

‡ 

Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

 

TIAA-CREF Life Funds  ¡  2012 Annual Report      33

Table of Contents

Money Market Fund

Performance for the twelve months ended December 31, 2012

The Money Market Fund returned 0.02% for the year, compared with the 0.03% 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.

During 2012, the U.S. economy slowly improved. Gross domestic product, which measures the value of all goods and services produced in the United States, grew by 2.6% in the third quarter, on a year-over-year basis. Nevertheless, persistently high unemployment, stagnant household income and reduced business investment continued to restrain growth.

Aiming to stimulate the economy by further lowering long-term interest rates, the Federal Reserve began a sizable new bond buying initiative and extended through year-end its purchases of longer-term U.S. Treasury securities and sales of shorter-term holdings. The Fed also signaled its intention to keep its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% until unemployment falls below 6.5%.

As the supply of short-term Treasuries increased in the marketplace, their prices fell, sending yields slightly higher. The yield on six-month Treasuries went from 0.06% at year-end 2011 to 0.11% one year later.

Conversely, LIBOR yields fell to a greater degree, following government investigations into possible rate manipulation by several major banks. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, has historically been the most widely used benchmark for short-term rates.) The yield on the three-month LIBOR declined from 0.58% at the end of 2011 to 0.31% on December 31, 2012.

Strategies focus on both safety and yield

In pursuit of relative value and to comply with SEC regulations, the fund maintained more than half of its portfolio in U.S. Treasury and agency securities. For additional yield, it purchased U.S. government floating-rate securities with one-year maturities and bought commercial paper issued by top-tier companies, such as Wal-Mart, Coca-Cola and Johnson & Johnson. Although some money market funds returned to the still-risky European market in search of higher yields, the fund continued to avoid that region in favor of high-quality Canadian and Australian banks. On December 24, 2012, the fund’s weighted average maturity was 52 days, versus 48 days for the average iMoneyNet fund.

 

34     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents

Money Market Fund

Net annualized yield for the 7 days ended December 24, 2012*

 

      Current yield     Effective yield  

Money Market Fund

      0.03 %      0.03 % 

iMoneyNet Money Fund Report Averages—All Taxable†

      0.02        0.02   

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

*

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

Performance as of December 31, 2012

 

              Total return     Average annual
total return		  
      Inception date      1 year     5 years     since
inception		  

Money Market Fund

      7/8/2003         0.02 %      0.71 %      1.99 % 

iMoneyNet Money Fund Report Averages—All Taxable†

      —         0.03        0.46        1.60 ‡ 

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

Investments in the TIAA-CREF Life Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 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  ¡  2012 Annual Report      35

Table of Contents

Money Market Fund

Expense example

Six months ended December 31, 2012

 

Money Market Fund    Beginning
account value
(7/1/12)		     

Ending

account value
(12/31/12)

     

Expenses paid
during period*

(7/1/12–12/31/12)

  

Actual return

      $1,000.00         $1,000.18         $0.75   

5% annual hypothetical return

      1,000.00         1,024.38         0.76   

 

*

“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 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without 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 12/31/2012		  

Commercial paper

      35.5   

U.S. government agency securities

      34.8   

U.S. Treasury securities

      18.9   

Floating rate securities, government

      9.5   

Certificates of deposit

      1.3   

Total

      100.0   

    

 

 

 

36     2012 Annual Report  ¡  TIAA-CREF Life Funds

Table of Contents
Summary portfolio of investments     

Growth Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
AUTOMOBILES & COMPONENTS      $ 448,844        1.1 % 
        

 

 

  
CAPITAL GOODS       
12,553     Boeing Co        945,994        2.2  
3,768     Cummins, Inc        408,263        1.0  
5,960     Precision Castparts Corp        1,128,943        2.7  
3,067     Roper Industries, Inc        341,909        0.8  
2,199     W.W. Grainger, Inc        445,012        1.0  
        

 

 

  
           3,270,121        7.7  
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES       
12,658   *   Nielsen Holdings NV        387,208        0.9  
9,065   *   Verisk Analytics, Inc        462,315        1.1  
        

 

 

  
           849,523        2.0  
        

 

 

  
CONSUMER DURABLES & APPAREL       
11,705     Luxottica Group S.p.A.        483,122        1.1  
11,092     Nike, Inc (Class B)        572,347        1.3  
3,989     Ralph Lauren Corp        598,031        1.4  
    Other        109,453        0.3  
        

 

 

  
    1,762,953        4.1  
        

 

 

  
CONSUMER SERVICES       
18,145     Las Vegas Sands Corp        837,573        1.9  
13,249     Starbucks Corp        710,412        1.7  
    Other        175,429        0.4  
        

 

 

  
           1,723,414        4.0  
        

 

 

  
DIVERSIFIED FINANCIALS       
14,858     Moody’s Corp        747,655        1.8  
    Other        985,908        2.3  
        

 

 

  
           1,733,563        4.1  
        

 

 

  
ENERGY       
14,541     Schlumberger Ltd        1,007,546        2.4  
    Other        404,315        0.9  
        

 

 

  
           1,411,861        3.3  
        

 

 

  
FOOD, BEVERAGE & TOBACCO        444,169        1.0  
        

 

 

  
HEALTH CARE EQUIPMENT & SERVICES       
1,101   *   Intuitive Surgical, Inc        539,897        1.3  
    Other        603,047        1.4  
        

 

 

  
           1,142,944        2.7  
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS       
4,485     Beiersdorf AG.        367,235        0.9   
12,328     Estee Lauder Cos (Class A)        737,954        1.7  
        

 

 

  
           1,105,189        2.6  
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     37   

Table of Contents
Summary portfolio of investments    continued

Growth Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
MATERIALS       
4,667     Ecolab, Inc      $ 335,557        0.8 %
13,460     Monsanto Co        1,273,989        3.0  
    Other        724,870        1.7  
        

 

 

  
           2,334,416        5.5  
        

 

 

  
MEDIA       
16,233     CBS Corp (Class B)        617,666        1.4  
22,830     Comcast Corp (Class A)        853,385        2.0  
8,605     Walt Disney Co        428,443        1.0  
    Other        109,249        0.3  
        

 

 

  
           2,008,743        4.7  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES       
4,486   *   Alexion Pharmaceuticals, Inc        420,832        1.0  
7,189     Allergan, Inc        659,447        1.5  
8,080     Amgen, Inc        697,465        1.6  
3,496   *   Biogen Idec, Inc        512,758        1.2  
13,267   *   Celgene Corp        1,044,378        2.4  
7,256   *   Gilead Sciences, Inc        532,953        1.3  
6,040   *,e   Illumina, Inc        335,764        0.8  
3,436     Perrigo Co        357,447        0.8  
    Other        326,803        0.8  
        

 

 

  
           4,887,847        11.4  
        

 

 

  
REAL ESTATE        95,921        0.2  
        

 

 

  
RETAILING       
5,095   *   Amazon.com, Inc        1,279,558        3.0  
7,338     Home Depot, Inc        453,855        1.1  
8,494     Limited Brands, Inc        399,728        0.9  
    Other        437,336        1.0  
        

 

 

  
           2,570,477        6.0  
        

 

 

  
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT       
11,787     Broadcom Corp (Class A)        391,446        0.9  
14,080     Maxim Integrated Products, Inc        413,952        1.0  
        

 

 

  
           805,398        1.9  
        

 

 

  
SOFTWARE & SERVICES       
21,867   *   Adobe Systems, Inc        823,949        1.9   
27,149   *   eBay, Inc        1,385,142        3.2  
18,630   *   Facebook, Inc        496,117        1.2  
1,568   *   Google, Inc (Class A)        1,112,292        2.6  
27,281     Intuit, Inc        1,623,219        3.8  
3,524   *   LinkedIn Corp        404,626        0.9  
1,755     Mastercard, Inc (Class A)        862,196        2.0  
20,284     Oracle Corp        675,863        1.6  
12,900   *   Red Hat, Inc        683,184        1.6  

 

38   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    concluded

Growth Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
SOFTWARE & SERVICES—continued       
7,742     Visa, Inc (Class A)      $ 1,173,532        2.8 %
    Other        973,652        2.3  
        

 

 

  
           10,213,772        23.9  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT       
5,179     Apple, Inc        2,760,562        6.5  
32,195   *   EMC Corp        814,534        1.9  
13,271     Qualcomm, Inc        823,067        1.9  
    Other        401,019        0.9  
        

 

 

  
           4,799,182        11.2  
        

 

 

  
TELECOMMUNICATION SERVICES        220,872        0.5  
        

 

 

  
TRANSPORTATION       
3,666     FedEx Corp        336,246        0.8  
    Other        461,682        1.1  
        

 

 

  
           797,928        1.9  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $38,088,615)     42,627,137        99.8  
        

 

 

  
SHORT-TERM INVESTMENTS    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
738,374   c   TIAA-CREF Short Term Lending Portfolio of the
State Street Navigator Securities Lending Trust		     738,374        1.7  
        

 

 

  
           738,374        1.7  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $738,374)     738,374        1.7  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $38,826,989)     43,365,511        101.5  
    OTHER ASSETS & LIABILITIES, NET        (655,073 )      (1.5 )
        

 

 

  
    NET ASSETS      $ 42,710,438        100.0 % 
        

 

 

  

 

* Non-income producing.
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $733,411.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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   §   2012 Annual Report     39   

Table of Contents
Summary portfolio of investments     

Growth & Income Fund  §  December 31, 2012

 

Shares        Company         Value    

% of net
assets

  
          
COMMON STOCKS       
AUTOMOBILES & COMPONENTS      $ 908,249        1.0 % 
        

 

 

  
BANKS       
28,707     US Bancorp        916,901        1.0  
47,670     Wells Fargo & Co        1,629,361        1.8  
    Other        141,851        0.1  
        

 

 

  
           2,688,113        2.9  
        

 

 

  
CAPITAL GOODS       
9,501     Boeing Co        715,995        0.8   
74,552     General Electric Co        1,564,847        1.7   
18,684     Honeywell International, Inc        1,185,873        1.3   
5,359     Roper Industries, Inc        597,421        0.6   
    Other        3,082,829        3.3   
        

 

 

  
           7,146,965        7.7   
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES        378,846        0.4   
        

 

 

  
CONSUMER DURABLES & APPAREL        1,206,290        1.3   
        

 

 

  
CONSUMER SERVICES        1,759,546        1.9   
        

 

 

  
DIVERSIFIED FINANCIALS       
9,631     Ameriprise Financial, Inc        603,189        0.7   
103,381     Bank of America Corp        1,199,220        1.3   
37,137     Citigroup, Inc        1,469,140        1.6   
21,035     Discover Financial Services        810,899        0.9   
23,484     JPMorgan Chase & Co        1,032,591        1.1   
43,355     Morgan Stanley        828,948        0.9   
    Other        1,047,522        1.1   
        

 

 

  
           6,991,509        7.6   
        

 

 

  

ENERGY

       
12,814     Anadarko Petroleum Corp        952,209        1.0   
12,830     Chevron Corp        1,387,436        1.5   
35,198     Exxon Mobil Corp        3,046,387        3.3   
12,169     Occidental Petroleum Corp        932,267        1.0   
16,144     Schlumberger Ltd        1,118,618        1.2   
    Other        2,263,786        2.5   
        

 

 

  
           9,700,703        10.5   
        

 

 

  
FOOD & STAPLES RETAILING       
6,648     Whole Foods Market, Inc        607,162        0.7   
        

 

 

  
           607,162        0.7   
        

 

 

  
FOOD, BEVERAGE & TOBACCO       
37,781     Coca-Cola Co        1,369,561        1.5   
11,454     Hershey Co        827,208        0.9  
13,100     Kellogg Co        731,635        0.8  

 

40   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

Growth & Income Fund  §  December 31, 2012

 

Shares        Company         Value    

% of net
assets

  
          
FOOD, BEVERAGE & TOBACCO—continued       
18,309     Philip Morris International, Inc      $ 1,531,365        1.6 %
    Other        2,209,053        2.4  
        

 

 

  
           6,668,822        7.2  
        

 

 

  
HEALTH CARE EQUIPMENT & SERVICES       
17,001     Abbott Laboratories        1,113,565        1.2  
16,777     Aetna, Inc        776,775        0.9  
    Other        842,743        0.9  
        

 

 

  
           2,733,083        3.0  
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS       
12,694     Procter & Gamble Co        861,796        0.9  
    Other        810,655        0.9  
        

 

 

  
           1,672,451        1.8  
        

 

 

  
INSURANCE       
12,598     ACE Ltd        1,005,320        1.1  
8,827     Travelers Cos, Inc        633,955        0.7  
    Other        1,394,916        1.5  
        

 

 

  
           3,034,191        3.3  
        

 

 

  
MATERIALS       
13,072     Monsanto Co        1,237,265        1.3  
    Other        3,514,614        3.8  
        

 

 

  
           4,751,879        5.1  
        

 

 

  
MEDIA       
30,180     Comcast Corp (Class A)        1,128,128        1.2  
14,081     Walt Disney Co        701,093        0.7  
    Other        1,172,024        1.3  
        

 

 

  
           3,001,245        3.2  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES       
7,851     Amgen, Inc        677,698        0.7  
6,235     Bayer AG.        594,581        0.7  
4,619   *   Biogen Idec, Inc        677,469        0.7  
15,924   *   Gilead Sciences, Inc        1,169,618        1.3  
13,554     Johnson & Johnson        950,135        1.0  
80,256     Pfizer, Inc        2,012,821        2.2  
7,310   *   Watson Pharmaceuticals, Inc        628,660        0.7  
    Other        2,578,226        2.8  
        

 

 

  
           9,289,208        10.1  
        

 

 

  
REAL ESTATE        467,270        0.5  
        

 

 

  
RETAILING       
3,089   *   Amazon.com, Inc        775,772        0.8   
20,985     Home Depot, Inc        1,297,922        1.4  
11,990     Target Corp        709,448        0.8  
    Other        2,866,408        3.1  
        

 

 

  
           5,649,550        6.1  
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     41   

Table of Contents
Summary portfolio of investments   

concluded

Growth & Income Fund  §  December 31, 2012

 

Shares        Company         Value    

% of net
assets

  
          
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT      $ 1,012,676        1.1 %
        

 

 

  
SOFTWARE & SERVICES       
19,412   *   eBay, Inc        990,400        1.1  
1,699   *,d   Google, Inc (Class A)        1,205,220        1.3  
6,609     International Business Machines Corp        1,265,954        1.3  
52,381     Microsoft Corp        1,400,144        1.5  
29,996     Oracle Corp        999,467        1.1  
    Other        2,857,298        3.1  
        

 

 

  
           8,718,483        9.4  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT       
7,126   d   Apple, Inc        3,798,372        4.1  
52,907     Cisco Systems, Inc        1,039,623        1.1  
18,015     Qualcomm, Inc        1,117,290        1.2  
    Other        1,632,937        1.8  
        

 

 

  
           7,588,222        8.2  
        

 

 

  
TELECOMMUNICATION SERVICES       
27,566     Verizon Communications, Inc        1,192,781        1.3  
    Other        1,291,292        1.4  
        

 

 

  
           2,484,073        2.7  
        

 

 

  
TRANSPORTATION        1,758,444        1.9  
        

 

 

  
UTILITIES        1,849,862        2.0  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $80,198,709)     92,066,842        99.6  
        

 

 

  
SHORT-TERM INVESTMENTS    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
928,346   c   TIAA-CREF Short Term Lending Portfolio of the
State Street Navigator Securities Lending Trust		     928,346        1.0  
        

 

 

  
        928,346        1.0  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $928,346)     928,346        1.0  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $81,127,055)     92,995,188        100.6  
    OTHER ASSETS & LIABILITIES, NET        (586,512 )      (0.6 )
        

 

 

  
    NET ASSETS      $ 92,408,676        100.0 % 
        

 

 

  

 

* Non-income producing.
c Investments made with cash collateral received from securities on loan.
d All or a portion of these Securities have been segregated to cover margin requirements on open written options contracts.

The aggregate value of securities on loan is $934,272.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments     

Large-Cap Value Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
AUTOMOBILES & COMPONENTS       
31,208     Ford Motor Co      $ 404,144        0.6 % 
    Other        324,744        0.4  
        

 

 

  
           728,888        1.0  
        

 

 

  
BANKS       
36,058     TCF Financial Corp        438,105        0.6  
57,335     Wells Fargo & Co        1,959,710        2.8  
    Other        1,233,321        1.7  
        

 

 

  
           3,631,136        5.1  
        

 

 

  
CAPITAL GOODS       
6,584     Boeing Co        496,170        0.7  
125,362     General Electric Co        2,631,348        3.7  
9,457     Pentair Ltd        464,812        0.6  
8,489     SPX Corp        595,503        0.8  
    Other        1,232,283        1.7  
        

 

 

  
           5,420,116        7.5  
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES       
9,520     ADT Corp        442,585        0.6  
    Other        263,455        0.4  
        

 

 

  
           706,040        1.0  
        

 

 

  
CONSUMER DURABLES & APPAREL        574,352        0.8  
        

 

 

  
CONSUMER SERVICES       
12,876     Carnival Corp        473,451        0.6  
10,215   *   Penn National Gaming, Inc        501,659        0.7  
    Other        1,206,834        1.7  
        

 

 

  
           2,181,944        3.0  
        

 

 

  
DIVERSIFIED FINANCIALS       
100,309     Bank of America Corp        1,163,584        1.6  
34,627     Citigroup, Inc        1,369,844        1.9  
26,200     JPMorgan Chase & Co        1,152,014        1.6  
43,632     Morgan Stanley        834,244        1.2  
10,041     State Street Corp        472,027        0.7  
    Other        1,727,334        2.4  
        

 

 

  
           6,719,047        9.4  
        

 

 

  
ENERGY           
6,249     Anadarko Petroleum Corp        464,363        0.6   
19,303     Baker Hughes, Inc        788,335        1.1  
16,465     Chevron Corp        1,780,525        2.5  
3,403     EOG Resources, Inc        411,048        0.6  
30,339     Exxon Mobil Corp        2,625,840        3.7  
14,650     Occidental Petroleum Corp        1,122,337        1.6  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     43   

Table of Contents
Summary portfolio of investments    continued

Large-Cap Value Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
ENERGY—continued       
61,591   *   Weatherford International Ltd      $ 689,203        0.9 %
    Other        3,020,970        4.2  
        

 

 

  
           10,902,621        15.2  
        

 

 

  

FOOD & STAPLES RETAILING

        302,190        0.4  
        

 

 

  
FOOD, BEVERAGE & TOBACCO       
10,500   *,e   Green Mountain Coffee Roasters, Inc        434,280        0.6  
10,754   *   Kraft Foods Group, Inc        488,984        0.7  
18,620     Mondelez International, Inc        474,252        0.7  
    Other        1,392,257        1.9  
        

 

 

  
           2,789,773        3.9  
        

 

 

  
HEALTH CARE EQUIPMENT & SERVICES       
13,876     Cardinal Health, Inc        571,414        0.8  
10,042     Medtronic, Inc        411,923        0.6  
12,829     UnitedHealth Group, Inc        695,845        0.9  
    Other        1,279,198        1.8  
        

 

 

  
           2,958,380        4.1  
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS       
23,532     Procter & Gamble Co        1,597,587        2.2  
    Other        711,329        1.0  
        

 

 

  
           2,308,916        3.2  
        

 

 

  
INSURANCE       
7,716     ACE Ltd        615,737        0.8  
15,417     Principal Financial Group        439,693        0.6  
7,842     Prudential Financial, Inc        418,214        0.6  
6,826     Travelers Cos, Inc        490,243        0.7  
    Other        2,520,490        3.5  
        

 

 

  
           4,484,377        6.2  
        

 

 

  
MATERIALS       
15,582     Cleveland-Cliffs, Inc        600,842        0.8  
    Other        2,490,302        3.5  
        

 

 

  
           3,091,144        4.3  
        

 

 

  
MEDIA       
11,444     Comcast Corp (Class A)        427,777        0.6   
11,910     Time Warner, Inc        569,655        0.8  
    Other        233,206        0.3  
        

 

 

  
           1,230,638        1.7  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES       
11,330     Johnson & Johnson        794,233        1.1  
23,576     Merck & Co, Inc        965,201        1.3  
82,450     Pfizer, Inc        2,067,846        2.9  

 

44   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

Large-Cap Value Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES—continued       
26,152     Teva Pharmaceutical Industries Ltd (ADR)      $ 976,516        1.4 %
    Other        1,345,858        1.9  
        

 

 

  
           6,149,654        8.6  
        

 

 

  
REAL ESTATE        1,722,632        2.4  
        

 

 

  
RETAILING       
11,658     Lowe’s Companies, Inc        414,092        0.6  
    Other        1,568,641        2.2  
        

 

 

  
           1,982,733        2.8  
        

 

 

  
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT       
59,060   *   ON Semiconductor Corp        416,373        0.6  
    Other        1,418,319        2.0  
        

 

 

  
           1,834,692        2.6  
        

 

 

  
SOFTWARE & SERVICES       
11,091   *   eBay, Inc        565,863        0.8  
20,049   *   Yahoo!, Inc        398,975        0.6  
    Other        743,047        1.0  
        

 

 

  
           1,707,885        2.4  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT       
68,689     Cisco Systems, Inc        1,349,739        1.9  
    Other        1,478,556        2.0  
        

 

 

  
           2,828,295        3.9  
        

 

 

  
TELECOMMUNICATION SERVICES       
48,456     AT&T, Inc        1,633,452        2.3  
    Other        194,193        0.3  
        

 

 

  
           1,827,645        2.6  
        

 

 

  
TRANSPORTATION       
29,756   *   Hertz Global Holdings, Inc        484,130        0.7  
    Other        745,280        1.0  
        

 

 

  
           1,229,410        1.7  
        

 

 

  
UTILITIES           
6,339     Duke Energy Corp        404,428        0.6   
17,025     Exelon Corp        506,324        0.7  
    Other        2,430,870        3.4  
        

 

 

  
           3,341,622        4.7  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $67,685,480)     70,654,130        98.5  
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     45   

Table of Contents
Summary portfolio of investments   

concluded

Large-Cap Value Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
SHORT-TERM INVESTMENTS    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
2,155,594   c   TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust      $ 2,155,594        3.0 %
        

 

 

  
           2,155,594        3.0  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $2,155,594)     2,155,594        3.0  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $69,841,074)     72,809,724        101.5  
    OTHER ASSETS & LIABILITIES, NET        (1,119,096 )      (1.5 )
        

 

 

  
    NET ASSETS      $ 71,690,628        100.0 % 
        

 

 

  

 

Abbreviation(s):

ADR     American Depositary Receipt

 

* Non-income producing.
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $2,120,034.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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.

 

46   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Portfolio of investments     

Real Estate Securities Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
CASINOS & GAMING       
5,000   *   Penn National Gaming, Inc      $ 245,550        0.3 % 
        

 

 

  
           245,550        0.3  
        

 

 

  
DIVERSIFIED REITS       
40,000     NRDC Acquisition Corp        514,400        0.5  
22,000     Vornado Realty Trust        1,761,760        1.9  
        

 

 

  
           2,276,160        2.4  
        

 

 

  
HOTELS, RESORTS & CRUISE LINES       
17,000     Starwood Hotels & Resorts Worldwide, Inc        975,120        1.0  
        

 

 

  
           975,120        1.0  
        

 

 

  
INDUSTRIAL REITS       
19,000     EastGroup Properties, Inc        1,022,390        1.1  
27,000   *   First Industrial Realty Trust, Inc        380,160        0.4  
100,000     Global Logistic Properties        231,271        0.1  
127,500    

Prologis, Inc

        4,652,475        4.9  
        

 

 

  
           6,286,296        6.5  
        

 

 

  
OFFICE REITS       
41,000     Boston Properties, Inc        4,338,210        4.5  
22,800     Digital Realty Trust, Inc        1,547,892        1.6  
8,000     Kilroy Realty Corp        378,960        0.4  
59,000     Mission West Properties, Inc        537,490        0.6  
27,000     SL Green Realty Corp        2,069,550        2.1  
        

 

 

  
           8,872,102        9.2  
        

 

 

  
OTHER DIVERSIFIED FINANCIAL SERVICES       
28,800   *,b,m   People’s Choice Financial Corp        0        0.0  
        

 

 

  
           0        0.0   
        

 

 

  
REAL ESTATE OPERATING COMPANIES       
341,116     Thomas Properties Group, Inc        1,845,438        1.9  
        

 

 

  
           1,845,438        1.9  
        

 

 

  
RESIDENTIAL REITS       
50,000     American Campus Communities, Inc        2,306,500        2.4   
20,000     Apartment Investment & Management Co (Class A)        541,200        0.5  
34,000     AvalonBay Communities, Inc        4,610,060        4.8  
10,000     BRE Properties, Inc (Class A)        508,300        0.5  
26,000     Camden Property Trust        1,773,460        1.8  
20,000     Education Realty Trust, Inc        212,800        0.2  
20,000     Equity Lifestyle Properties, Inc        1,345,800        1.4  
64,000     Equity Residential        3,626,880        3.8  
10,000     Essex Property Trust, Inc        1,466,500        1.5  
9,000     Home Properties, Inc        551,790        0.6  
40,000     Post Properties, Inc        1,998,000        2.1  
        

 

 

  
           18,941,290        19.6  
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     47   

Table of Contents
Portfolio of investments    concluded

Real Estate Securities Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
RETAIL REITS       
85,000     DDR Corp      $ 1,331,100        1.4 %
28,000     Equity One, Inc        588,280        0.6  
23,000     Federal Realty Investment Trust        2,392,460        2.5  
155,000     General Growth Properties, Inc        3,076,750        3.2  
16,000     Macerich Co        932,800        1.0  
23,000     Realty Income Corp        924,830        0.9  
20,000     Regency Centers Corp        942,400        1.0  
75,000     Simon Property Group, Inc        11,856,750        12.3  
17,000     Tanger Factory Outlet Centers, Inc        581,400        0.6  
31,000     Taubman Centers, Inc        2,440,320        2.5  
        

 

 

  
           25,067,090        26.0  
        

 

 

  
SPECIALIZED REITS       
60,000     American Tower Corp        4,636,200        4.8  
55,000     CubeSmart        801,350        0.8  
8,000     Entertainment Properties Trust        368,880        0.4  
30,000     Extra Space Storage, Inc        1,091,700        1.1  
88,000     HCP, Inc        3,975,840        4.1  
73,000     Health Care REIT, Inc        4,474,168        4.7  
100,000     Host Marriott Corp        1,567,000        1.6  
20,000     Plum Creek Timber Co, Inc        887,400        0.9  
32,000     Public Storage, Inc        4,638,720        4.8  
12,000     Rayonier, Inc        621,960        0.7  
110,000   *   Strategic Hotels & Resorts, Inc        704,000        0.8  
45,000   *   Sunstone Hotel Investors, Inc        481,950        0.5  
40,000     Ventas, Inc        2,588,800        2.7  
70,000     Weyerhaeuser Co        1,947,400        2.0  
        

 

 

  
           28,785,368        29.9  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $79,641,788)     93,294,414        96.8  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $79,641,788)     93,294,414        96.8  
    OTHER ASSETS & LIABILITIES, NET        3,126,404        3.2  
        

 

 

  
    NET ASSETS      $ 96,420,818        100.0 % 
        

 

 

  

 

Abbreviation(s):

REIT    Real Estate Investment Trust

 

* Non-income producing.
b In bankruptcy.
m Indicates a security that has been deemed illiquid.

 

48   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments     

Small-Cap Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
AUTOMOBILES & COMPONENTS       
19,819     Dana Holding Corp      $ 309,374        0.5 %
    Other        407,509        0.7   
        

 

 

  
           716,883        1.2   
        

 

 

  
BANKS       
25,129     FirstMerit Corp        356,580        0.6  
18,094     Home Loan Servicing Solutions Ltd        341,977        0.6  
5,200   *   Signature Bank        370,968        0.6  
32,937     Susquehanna Bancshares, Inc        345,180        0.6  
7,054   *   SVB Financial Group        394,812        0.6  
    Other        2,743,916        4.6  
        

 

 

  
           4,553,433        7.6  
        

 

 

  
CAPITAL GOODS       
9,000     Acuity Brands, Inc        609,570        1.0  
6,600     Alliant Techsystems, Inc        408,936        0.7  
9,100     Applied Industrial Technologies, Inc        382,291        0.6  
8,848   *   EnerSys        332,950        0.6  
5,080   *   Teledyne Technologies, Inc        330,556        0.5  
    Other        3,724,163        6.2  
        

 

 

  
           5,788,466        9.6  
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES       
10,600   *   Copart, Inc        312,700        0.5  
    Other        2,037,392        3.4  
        

 

 

  
           2,350,092        3.9  
        

 

 

  
CONSUMER DURABLES & APPAREL       
19,439   *,e   Beazer Homes USA, Inc        328,325        0.6  
18,800     Brunswick Corp        546,892        0.9  
8,491     Harman International Industries, Inc        379,038        0.6  
    Other        1,257,943        2.1  
        

 

 

  
           2,512,198        4.2  
        

 

 

  
CONSUMER SERVICES       
14,700     Hillenbrand, Inc        332,367        0.6  
    Other        2,604,880        4.3  
        

 

 

  
           2,937,247        4.9  
        

 

 

  
DIVERSIFIED FINANCIALS       
7,700     Greenhill & Co, Inc        400,323        0.7  
    Other        2,225,573        3.7  
        

 

 

  
           2,625,896        4.4  
        

 

 

  
ENERGY       
7,614     Bristow Group, Inc        408,567        0.7   
6,999     Targa Resources Investments, Inc        369,827        0.6  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     49   

Table of Contents
Summary portfolio of investments    continued

Small-Cap Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
ENERGY—continued       
12,000   e   Western Refining, Inc      $ 338,280        0.6 %
    Other        2,478,871        4.1  
        

 

 

  
           3,595,545        6.0  
        

 

 

  
FOOD & STAPLES RETAILING        420,827        0.7  
        

 

 

  
FOOD, BEVERAGE & TOBACCO       
8,200     Sanderson Farms, Inc        389,910        0.7  
    Other        749,732        1.2  
        

 

 

  
           1,139,642        1.9  
        

 

 

  
HEALTH CARE EQUIPMENT & SERVICES       
7,441   *   Cyberonics, Inc        390,876        0.6  
12,000   *   Team Health Holdings, Inc        345,240        0.6  
    Other        2,915,236        4.9  
        

 

 

  
           3,651,352        6.1  
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS        364,397        0.6  
        

 

 

  
INSURANCE       
13,200     Fidelity National Title Group, Inc (Class A)        310,860        0.5  
13,298     First American Financial Corp        320,349        0.5  
    Other        1,473,191        2.5  
        

 

 

  
           2,104,400        3.5  
        

 

 

  
MATERIALS       
8,268     Minerals Technologies, Inc        330,059        0.6  
1,200     NewMarket Corp        314,640        0.5  
30,400   *   Stillwater Mining Co        388,512        0.6  
    Other        1,670,262        2.8  
        

 

 

  
           2,703,473        4.5  
        

 

 

  
MEDIA        573,725        0.9  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES       
10,300   *   Cepheid, Inc        348,243        0.6  
14,000   *   Viropharma, Inc        318,640        0.5  
    Other        2,136,924        3.6  
        

 

 

  
           2,803,807        4.7  
        

 

 

  
REAL ESTATE       
4,699     Equity Lifestyle Properties, Inc        316,196        0.5   
12,910     Extra Space Storage, Inc        469,795        0.8  
5,368     Home Properties, Inc        329,112        0.6  
20,200     Omega Healthcare Investors, Inc        481,770        0.8  
7,630     Post Properties, Inc        381,119        0.6  
21,793     RLJ Lodging Trust        422,130        0.7  
5,919     Sovran Self Storage, Inc        367,570        0.6  
44,109   *   Sunstone Hotel Investors, Inc        472,407        0.8  
    Other        1,959,935        3.3  
        

 

 

  
           5,200,034        8.7  
        

 

 

  

 

50   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

Small-Cap Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
RETAILING       
10,270   *   Ann Taylor Stores Corp      $ 347,537        0.6 %
    Other        1,786,244        2.9  
        

 

 

  
           2,133,781        3.5  
        

 

 

  
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT       
19,300   *   Teradyne, Inc        325,977        0.5  
    Other        2,162,989        3.6  
        

 

 

  
           2,488,966        4.1  
        

 

 

  
SOFTWARE & SERVICES       
13,816   *   Aspen Technology, Inc        381,874        0.6  
7,834   *   Commvault Systems, Inc        546,108        0.9  
7,060     IAC/InterActiveCorp        333,938        0.6  
6,083   *   Manhattan Associates, Inc        367,048        0.6  
8,599     MAXIMUS, Inc        543,629        0.9  
27,236   *   TiVo, Inc        335,547        0.6  
    Other        2,885,362        4.8  
        

 

 

  
           5,393,506        9.0  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT       
17,000   *   Aruba Networks, Inc        352,750        0.6  
    Other        2,277,194        3.8  
        

 

 

  
           2,629,944        4.4  
        

 

 

  
TELECOMMUNICATION SERVICES        193,618        0.3  
        

 

 

  
TRANSPORTATION       
9,444   *   Alaska Air Group, Inc        406,942        0.7  
    Other        536,952        0.9  
        

 

 

  
           943,894        1.6  
        

 

 

  
UTILITIES       
11,300     Black Hills Corp        410,642        0.7  
    Other        1,344,247        2.2  
        

 

 

  
           1,754,889        2.9  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $54,870,360)     59,580,015        99.2   
        

 

 

  
SHORT-TERM INVESTMENTS    
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES    
3,179,901   c   TIAA-CREF Short Term Lending Portfolio of the
State Street Navigator Securities Lending Trust		     3,179,901        5.3  
        

 

 

  
           3,179,901        5.3  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $3,179,901)     3,179,901        5.3  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $58,050,261)     62,759,916        104.5  
    OTHER ASSETS & LIABILITIES, NET        (2,678,644 )      (4.5 )
        

 

 

  
    NET ASSETS      $ 60,081,272        100.0 % 
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     51   

Table of Contents
Summary portfolio of investments    concluded

Small-Cap Equity Fund  §  December 31, 2012

 

 

* Non-income producing.
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $3,191,327.

Securities have been segregated to cover margin or other requirements on open futures transactions.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments     

Social Choice Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
AUTOMOBILES & COMPONENTS       
24,135     Ford Motor Co      $ 312,548        0.7 % 
    Other        358,596        0.8  
        

 

 

  
           671,144        1.5  
        

 

 

  
BANKS       
4,644     PNC Financial Services Group, Inc        270,792        0.6  
11,696     US Bancorp        373,570        0.8  
    Other        726,129        1.7  
        

 

 

  
           1,370,491        3.1  
        

 

 

  
CAPITAL GOODS       
3,956     3M Co        367,315        0.8  
5,091     Danaher Corp        284,587        0.6  
5,715     Emerson Electric Co        302,666        0.7  
4,491     Illinois Tool Works, Inc        273,098        0.6  
1,507     Precision Castparts Corp        285,456        0.7  
    Other        2,005,550        4.6  
        

 

 

  
           3,518,672        8.0  
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES        391,261        0.9  
        

 

 

  
CONSUMER DURABLES & APPAREL        498,947        1.1  
        

 

 

  
CONSUMER SERVICES       
4,949     McDonald’s Corp        436,551        1.0  
5,671     Starbucks Corp        304,079        0.7  
    Other        290,433        0.7  
        

 

 

  
           1,031,063        2.4  
        

 

 

  
DIVERSIFIED FINANCIALS       
6,182     American Express Co        355,341        0.8  
11,079     Bank of New York Mellon Corp        284,730        0.7  
4,874     Capital One Financial Corp        282,351        0.6  
    Other        1,904,120        4.4  
        

 

 

  
           2,826,542        6.5  
        

 

 

  
ENERGY       
2,371     EOG Resources, Inc        286,393        0.6  
5,009     Phillips 66        265,978        0.6  
    Other        3,530,424        8.1  
        

 

 

  
           4,082,795        9.3  
        

 

 

  
FOOD & STAPLES RETAILING        402,151        0.9  
        

 

 

  
FOOD, BEVERAGE & TOBACCO       
6,951     PepsiCo, Inc        475,657        1.1   
    Other        1,240,868        2.8   
        

 

 

  
           1,716,525        3.9   
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     53   

Table of Contents
Summary portfolio of investments    continued

Social Choice Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
HEALTH CARE EQUIPMENT & SERVICES       
7,279     Abbott Laboratories      $ 476,775        1.1 % 
4,655     Baxter International, Inc        310,302        0.7   
7,769     Medtronic, Inc        318,684        0.8   
    Other        928,720        2.1   
        

 

 

  
           2,034,481        4.7   
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS       
3,110     Colgate-Palmolive Co        325,119        0.7   
3,355     Kimberly-Clark Corp        283,263        0.7   
10,410     Procter & Gamble Co        706,735        1.6   
    Other        178,801        0.4   
        

 

 

  
           1,493,918        3.4   
        

 

 

  
INSURANCE       
3,439     ACE Ltd        274,432        0.6  
7,053   *   Berkshire Hathaway, Inc (Class B)        632,654        1.5  
3,920     Travelers Cos, Inc        281,534        0.6  
    Other        1,390,390        3.2  
        

 

 

  
           2,579,010        5.9  
        

 

 

  
MATERIALS       
2,582     Praxair, Inc        282,600        0.7  
    Other        1,845,035        4.2  
        

 

 

  
           2,127,635        4.9  
        

 

 

  
MEDIA       
2,930     Time Warner Cable, Inc        284,767        0.6  
6,345     Time Warner, Inc        303,481        0.7  
    Other        728,714        1.7  
        

 

 

  
           1,316,962        3.0  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES       
2,010   *   Biogen Idec, Inc        294,807        0.7  
10,409     Bristol-Myers Squibb Co        339,229        0.8  
4,599   *   Gilead Sciences, Inc        337,797        0.8  
10,531     Johnson & Johnson        738,223        1.7  
12,885     Merck & Co, Inc        527,512        1.2  
    Other        539,467        1.2  
        

 

 

  
           2,777,035        6.4  
        

 

 

  
REAL ESTATE       
3,602     American Tower Corp        278,327        0.6   
2,103     Simon Property Group, Inc        332,463        0.8  
    Other        1,042,894        2.4  
        

 

 

  
           1,653,684        3.8  
        

 

 

  
RETAILING       
9,076     Lowe’s Companies, Inc        322,380        0.8  
4,946     Target Corp        292,655        0.7  
6,543     TJX Companies, Inc        277,750        0.6  
    Other        1,061,625        2.4  
        

 

 

  
           1,954,410        4.5  
        

 

 

  

 

54   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    concluded

Social Choice Equity Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT       
23,058     Intel Corp      $ 475,686        1.1 %
9,371     Texas Instruments, Inc        289,939        0.7  
    Other        408,109        0.9  
        

 

 

  
           1,173,734        2.7  
        

 

 

  
SOFTWARE & SERVICES       
4,757     Accenture plc        316,340        0.7  
989   *   Google, Inc (Class A)        701,567        1.6  
4,080     International Business Machines Corp        781,524        1.8  
16,643     Oracle Corp        554,545        1.3  
13,571   *   Yahoo!, Inc        270,063        0.6  
    Other        1,473,057        3.4  
        

 

 

  
           4,097,096        9.4  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT       
24,888     Cisco Systems, Inc        489,049        1.1  
13,142   *   EMC Corp        332,493        0.8  
7,074     Qualcomm, Inc        438,729        1.0  
    Other        916,722        2.1  
        

 

 

  
           2,176,993        5.0  
        

 

 

  
TELECOMMUNICATION SERVICES        801,797        1.8  
        

 

 

  
TRANSPORTATION       
4,382     United Parcel Service, Inc (Class B)        323,085        0.8  
    Other        575,418        1.3  
        

 

 

  
           898,503        2.1  
        

 

 

  
UTILITIES       
3,919     NextEra Energy, Inc        271,155        0.6  
    Other        1,577,078        3.6  
        

 

 

  
           1,848,233        4.2  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $37,903,603)     43,443,082        99.4  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $37,903,603)     43,443,082        99.4   
    OTHER ASSETS & LIABILITIES, NET        249,328        0.6  
        

 

 

  
    NET ASSETS      $ 43,692,410        100.0 % 
        

 

 

  

 

* Non-income producing.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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   §   2012 Annual Report     55   

Table of Contents
Summary portfolio of investments     

Stock Index Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
AUTOMOBILES & COMPONENTS      $ 2,049,576        1.0 % 
        

 

 

  
BANKS       
24,796     US Bancorp        791,984        0.4  
63,849     Wells Fargo & Co        2,182,359        1.1  
    Other        3,836,696        1.8  
        

 

 

  
           6,811,039        3.3  
        

 

 

  
CAPITAL GOODS       
9,020     3M Co        837,507        0.4  
9,805     Boeing Co        738,905        0.4  
8,520     Caterpillar, Inc        763,222        0.4  
138,100     General Electric Co        2,898,719        1.4  
11,811     United Technologies Corp        968,620        0.5  
    Other        10,775,596        5.1  
        

 

 

  
           16,982,569        8.2  
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES        2,232,893        1.1   
        

 

 

  
CONSUMER DURABLES & APPAREL        3,045,967        1.5  
        

 

 

  
CONSUMER SERVICES       
13,266     McDonald’s Corp        1,170,194        0.6  
    Other        3,328,112        1.6  
        

 

 

  
           4,498,306        2.2  
        

 

 

  
DIVERSIFIED FINANCIALS       
13,003     American Express Co        747,413        0.4   
139,899     Bank of America Corp        1,622,828        0.8   
38,246     Citigroup, Inc        1,513,012        0.7   
6,419     Goldman Sachs Group, Inc        818,808        0.4   
49,466     JPMorgan Chase & Co        2,175,020        1.0   
    Other        5,982,963        2.9   
        

 

 

  
           12,860,044        6.2   
        

 

 

  
ENERGY       
25,615     Chevron Corp        2,770,006        1.3   
16,368     ConocoPhillips        949,180        0.5   
60,930   d   Exxon Mobil Corp        5,273,492        2.5   
10,534     Occidental Petroleum Corp        807,010        0.4   
17,350     Schlumberger Ltd        1,202,181        0.6   
    Other        9,325,407        4.5   
        

 

 

  
           20,327,276        9.8   
        

 

 

  
FOOD & STAPLES RETAILING       
16,616     CVS Corp        803,383        0.4   
22,043     Wal-Mart Stores, Inc        1,503,994        0.7  
    Other        1,855,545        0.9  
        

 

 

  
           4,162,922        2.0  
        

 

 

  

 

56   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

Stock Index Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
FOOD, BEVERAGE & TOBACCO       
26,452     Altria Group, Inc      $ 831,122        0.4 %
50,244     Coca-Cola Co        1,821,345        0.9  
20,327     PepsiCo, Inc        1,390,976        0.6  
22,270     Philip Morris International, Inc        1,862,663        0.9  
    Other        4,760,491        2.3  
        

 

 

  
           10,666,597        5.1  
        

 

 

  
HEALTH CARE EQUIPMENT & SERVICES       
20,617     Abbott Laboratories        1,350,414        0.6  
13,568     UnitedHealth Group, Inc        735,928        0.4  
    Other        7,677,488        3.7  
        

 

 

  
           9,763,830        4.7  
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS       
35,797     Procter & Gamble Co        2,430,258        1.2  
    Other        1,785,981        0.8  
        

 

 

  
           4,216,239        2.0  
        

 

 

  
INSURANCE       
23,114   *   Berkshire Hathaway, Inc (Class B)        2,073,326        1.0  
    Other        5,734,446        2.8  
        

 

 

  
           7,807,772        3.8  
        

 

 

  
MATERIALS        8,245,796        4.0  
        

 

 

  
MEDIA       
35,238     Comcast Corp (Class A)        1,317,196        0.6  
23,416     Walt Disney Co        1,165,883        0.6  
    Other        4,953,321        2.4  
        

 

 

  
           7,436,400        3.6  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES       
10,133     Amgen, Inc        874,680        0.4  
35,878     Johnson & Johnson        2,515,048        1.2  
39,682     Merck & Co, Inc        1,624,581        0.8  
97,733     Pfizer, Inc        2,451,144        1.2  
    Other        6,869,171        3.3  
        

 

 

  
           14,334,624        6.9  
        

 

 

  
REAL ESTATE        7,635,974        3.7  
        

 

 

  
RETAILING       
4,712   *   Amazon.com, Inc        1,183,372        0.6   
20,017     Home Depot, Inc        1,238,051        0.6  
    Other        6,241,287        3.0  
        

 

 

  
           8,662,710        4.2  
        

 

 

  
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT       
65,759     Intel Corp        1,356,608        0.6  
    Other        3,045,137        1.5  
        

 

 

  
           4,401,745        2.1  
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     57   

Table of Contents
Summary portfolio of investments    continued

Stock Index Fund  §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
SOFTWARE & SERVICES       
15,029   *   eBay, Inc      $ 766,780        0.4 %
3,369   *   Google, Inc (Class A)        2,389,867        1.1  
14,193     International Business Machines Corp        2,718,669        1.3  
98,142     Microsoft Corp        2,623,336        1.3  
49,840     Oracle Corp        1,660,669        0.8  
6,800     Visa, Inc (Class A)        1,030,744        0.5  
    Other        8,015,460        3.9  
        

 

 

  
           19,205,525        9.3  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT       
12,159     Apple, Inc        6,481,112        3.1  
69,902     Cisco Systems, Inc        1,373,574        0.6  
22,360     Qualcomm, Inc        1,386,767        0.7  
    Other        4,348,778        2.1  
        

 

 

  
           13,590,231        6.5  
        

 

 

  
TELECOMMUNICATION SERVICES       
76,302     AT&T, Inc        2,572,141        1.2  
36,967     Verizon Communications, Inc        1,599,562        0.8  
    Other        1,357,600        0.7  
        

 

 

  
           5,529,303        2.7  
        

 

 

  
TRANSPORTATION           

6,225

     Union Pacific Corp        782,607        0.4  
    Other        3,023,741        1.4  
        

 

 

  
           3,806,348        1.8  
        

 

 

  
UTILITIES        7,040,420        3.4  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $170,587,880)     205,314,106        99.1  
        

 

 

  
RIGHTS/WARRANTS       
ENERGY        91        0.0  
        

 

 

  
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES        19        0.0  
        

 

 

  
    TOTAL RIGHTS/WARRANTS    (Cost $0)     110        0.0   
        

 

 

  
SHORT-TERM INVESTMENTS       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES       
4,219,980   c   TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust        4,219,980        2.0  
        

 

 

  
           4,219,980        2.0  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $4,219,980)     4,219,980        2.0  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $174,807,860)     209,534,196        101.1  
    OTHER ASSETS & LIABILITIES, NET        (2,444,473 )      (1.1 )
        

 

 

  
    NET ASSETS      $ 207,089,723        100.0 % 
        

 

 

  

 

* Non-income producing.
c Investments made with cash collateral received from securities on loan.
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

58   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    concluded

Stock Index Fund  §  December 31, 2012

 

 

The aggregate value of securities on loan is $4,181,940.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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   §   2012 Annual Report     59   

Table of Contents
Summary portfolio of investments     

International Equity Fund   §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
COMMON STOCKS       
BELGIUM       
13,874     UCB S.A.      $ 794,819        1.0 % 
        

 

 

  
           794,819        1.0  
        

 

 

  
CHINA       
588,500   e   Anhui Conch Cement Co Ltd        2,198,259        2.9  
        

 

 

  
           2,198,259        2.9  
        

 

 

  
FRANCE       
4,605     Atos Origin S.A.        323,394        0.4   
59,592     BNP Paribas        3,392,575        4.4   
22,424     Compagnie Generale d’Optique Essilor International S.A.        2,261,622        3.0   
19,988     Lafarge S.A.        1,290,671        1.7   
2,217     Technip S.A.        256,365        0.3   
    Other        382,397        0.5   
        

 

 

  
           7,907,024        10.3   
        

 

 

  
GERMANY       
49,480     Bayer AG.        4,718,503        6.1   
9,157     Beiersdorf AG.        749,781        1.0   
11,559     Continental AG.        1,347,239        1.7   
19,198     Henkel KGaA (Preference)        1,579,440        2.1   
31,150     Lanxess AG.        2,746,788        3.6   
7,887     Merck KGaA        1,039,466        1.3   
        

 

 

  
           12,181,217        15.8   
        

 

 

  
HONG KONG       
228,200     AIA Group Ltd        905,117        1.2   
214,000     Hang Lung Properties Ltd        861,225        1.1   
    Other        119,166        0.2   
        

 

 

  
           1,885,508        2.5   
        

 

 

  
INDIA       
142,740     HDFC Bank Ltd        1,779,528        2.3   
        

 

 

  
           1,779,528        2.3   
        

 

 

  
ITALY       
294,846   *   UniCredit S.p.A        1,451,955        1.9   
    Other        84,606        0.1   
        

 

 

  
           1,536,561        2.0   
        

 

 

  
JAPAN       
60,600     Asics Corp        925,759        1.2   
8,000     Daikin Industries Ltd        274,793        0.4  
7,422     Denso Corp        258,465        0.3  
1,600     Fast Retailing Co Ltd        408,337        0.5  
134,000   e   Hitachi Ltd        788,524        1.0  
45,200   e   LIXIL Group Corp        1,008,210        1.3  

 

60   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

International Equity Fund   §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
JAPAN—continued       
61,825   *,e   Olympus Corp      $ 1,199,449        1.6 %
18,150     Shin-Etsu Chemical Co Ltd        1,107,695        1.4  
14,000     Toyota Motor Corp        653,746        0.9  
    Other        907,455        1.2  
        

 

 

  
           7,532,433        9.8  
        

 

 

  
MACAU       
111,200     Sands China Ltd        497,138        0.6  
        

 

 

  
           497,138        0.6  
        

 

 

  
NETHERLANDS        14,509        0.0  
        

 

 

  
SINGAPORE       
1,722,000     Golden Agri-Resources Ltd        926,694        1.2  
        

 

 

  
           926,694        1.2  
        

 

 

  
SWEDEN       
26,158     Assa Abloy AB (Class B)        984,658        1.3  
141,327     SKF AB (B Shares)        3,579,472        4.6  
59,098     Trelleborg AB (B Shares)        739,098        1.0  
        

 

 

  
           5,303,228        6.9  
        

 

 

  
SWITZERLAND       
56,329     Adecco S.A.        2,983,084        3.9  
3,520     Burckhardt Compression Holding AG.        1,154,540        1.5  
204,455     Clariant AG.        2,788,710        3.6  
44,398     Holcim Ltd        3,270,136        4.2  
7,114     Swatch Group AG. Reg        615,397        0.8  
57,454     UBS AG. (Switzerland)        899,090        1.2  
    Other        305,515        0.4  
        

 

 

  
           12,016,472        15.6  
        

 

 

  
UNITED KINGDOM       
79,042     British Sky Broadcasting plc        996,909        1.3   
83,588     Carnival plc        3,245,910        4.2  
74,861     Drax Group plc        670,194        0.9  
229,060     Filtrona plc        2,060,054        2.7  
18,492     Imperial Tobacco Group plc        716,963        0.9  
3,521,403   *   Lloyds TSB Group plc        2,806,183        3.6  
32,635     Reckitt Benckiser Group plc        2,071,656        2.7  
184,916     Reed Elsevier plc        1,952,277        2.5  
302,094     Tate & Lyle plc        3,737,565        4.8  
39,175     Tullow Oil plc        816,697        1.1  
16,970     Wolseley plc        811,483        1.1  
    Other        616,400        0.8  
        

 

 

  
           20,502,291        26.6  
        

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     61   

Table of Contents
Summary portfolio of investments    concluded

International Equity Fund   §  December 31, 2012

 

Shares        Company         Value     % of net
assets		  
          
UNITED STATES       
25,272     iShares MSCI EAFE Index Fund      $ 1,435,955        1.8 %
        

 

 

  
           1,435,955        1.8  
        

 

 

  
    TOTAL COMMON STOCKS    (Cost $69,582,999)     76,511,636        99.3  
        

 

 

  
SHORT-TERM INVESTMENTS       
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES       
3,411,250   c   TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust        3,411,250        4.4  
        

 

 

  
           3,411,250        4.4  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $3,411,250)     3,411,250        4.4  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $72,994,249)     79,922,886        103.7  
    OTHER ASSETS & LIABILITIES, NET        (2,901,582 )      (3.7 )
        

 

 

  
    NET ASSETS      $ 77,021,304        100.0 % 
        

 

 

  

 

* Non-income producing.
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $3,222,952.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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.

 

62   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary of market values by sector     

International Equity Fund   §  December 31, 2012

 

Sector   Value     % of net
assets		  
MATERIALS   $ 15,652,554        20.4 % 
FINANCIALS     14,269,325        18.5  
INDUSTRIALS     12,035,299        15.6  
CONSUMER DISCRETIONARY     11,488,535        14.9  
HEALTH CARE     10,013,859        13.0  
CONSUMER STAPLES     9,946,738        12.9  
ENERGY     1,323,214        1.7  
INFORMATION TECHNOLOGY     1,111,918        1.4  
UTILITIES     670,194        0.9  
SHORT-TERM INVESTMENTS     3,411,250        4.4   
OTHER ASSETS & LIABILITIES, NET     (2,901,582 )      (3.7 ) 
 

 

 

  

NET ASSETS

   $ 77,021,304        100.0 % 
 

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     63   

Table of Contents
Summary portfolio of investments     

Bond Fund  §  December 31, 2012

 

Principal        Issuer         Value     % of net
assets		  
          
BONDS       
CORPORATE BONDS       
AUTOMOBILES & COMPONENTS      $ 182,210        0.1 % 
        

 

 

  
BANKS       
$  750,000     Citigroup, Inc    4.500%, 01/14/22     836,778        0.5  
800,000   g   Depfa ACS Bank    5.125%, 03/16/37     624,555        0.3  
750,000   g   Hutchison Whampoa International 12 II Ltd    2.000%, 11/08/17     749,440        0.4  
625,000     JPMorgan Chase & Co    5.400%, 01/06/42     753,190        0.4  
575,000   g   Mizuho Corporate Bank Ltd    1.550%, 10/17/17     575,577        0.3  
    Other        8,024,770        4.4   
        

 

 

  
           11,564,310        6.3  
        

 

 

  
CAPITAL GOODS        3,380,714        1.8  
        

 

 

  
COMMERCIAL & PROFESSIONAL SERVICES        1,491,478        0.8  
        

 

 

  
CONSUMER DURABLES & APPAREL        255,125        0.1  
        

 

 

  
CONSUMER SERVICES        1,523,743        0.8  
        

 

 

  
DIVERSIFIED FINANCIALS       
775,000     Bank of America Corp    5.700%, 01/24/22     931,975        0.5  
525,000     Bank of New York Mellon Corp    2.300%, 07/28/16     548,758        0.3  
1,185,000     General Electric Capital Corp    4.650%, 10/17/21     1,352,128        0.7  
875,000     Toyota Motor Credit Corp    0.875%, 07/17/15     878,604        0.5  
    Other        12,245,901        6.6   
        

 

 

  
           15,957,366        8.6  
        

 

 

  
ENERGY       
500,000     Southwestern Energy Co    7.500%, 02/01/18     612,728        0.4  
    Other        8,914,148        4.8   
        

 

 

  
           9,526,876        5.2  
        

 

 

  
FOOD & STAPLES RETAILING        1,064,292        0.6  
        

 

 

  
FOOD, BEVERAGE & TOBACCO        3,263,882        1.8  
        

 

 

  
HEALTH CARE EQUIPMENT & SERVICES        1,452,612        0.8  
        

 

 

  
HOUSEHOLD & PERSONAL PRODUCTS        174,868        0.1  
        

 

 

  
INSURANCE        3,471,006        1.9  
        

 

 

  
MATERIALS           
500,000     International Paper Co    4.750%, 02/15/22     565,768        0.3  
    Other        4,640,649        2.5   
        

 

 

  
           5,206,417        2.8   
        

 

 

  
MEDIA       
1,150,000     NBC Universal Media LLC    2.875%, 01/15/23     1,154,893        0.6  
    Other        3,289,171        1.8   
        

 

 

  
           4,444,064        2.4  
        

 

 

  
          

 

64   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

Bond Fund  §  December 31, 2012

 

Principal        Issuer         Value     % of net
assets		  
          
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES    
$  500,000     Amgen, Inc    3.625%, 05/15/22   $ 537,323        0.3 %
    Other        3,317,912        1.8   
        

 

 

  
           3,855,235        2.1  
        

 

 

  
REAL ESTATE        1,816,789        1.0  
        

 

 

  
RETAILING           
550,000     Macy’s Retail Holdings, Inc    2.875%, 02/15/23     538,578        0.3  
600,000     O’Reilly Automotive, Inc    3.800%, 09/01/22     624,292        0.4  
510,000   g   QVC Inc    7.375%, 10/15/20     567,445        0.3  
    Other        1,163,322        0.6   
        

 

 

  
           2,893,637        1.6  
        

 

 

  
SOFTWARE & SERVICES       
775,000     Oracle Corp    2.500%, 10/15/22     781,982        0.4  
    Other        1,977,234        1.1   
        

 

 

  
           2,759,216        1.5  
        

 

 

  
TECHNOLOGY HARDWARE & EQUIPMENT     1,924,125        1.0  
        

 

 

  
TELECOMMUNICATION SERVICES       
600,000     Verizon Communications, Inc    0.700%, 11/02/15     600,151        0.3  
    Other        3,525,833        1.9   
        

 

 

  
           4,125,984        2.2  
        

 

 

  
TRANSPORTATION        1,995,613        1.1  
        

 

 

  
UTILITIES        6,424,255        3.5  
        

 

 

  
    TOTAL CORPORATE
BONDS		    (Cost $84,204,316)     88,753,817        48.1  
        

 

 

  
          
GOVERNMENT BONDS       
AGENCY SECURITIES       
1,000,000     Federal National Mortgage Association (FNMA)    3.000%, 09/16/14     1,047,458        0.6  
    Other        739,523        0.4  
        

 

 

  
           1,786,981        1.0  
        

 

 

  
FOREIGN GOVERNMENT BONDS     8,731,941        4.7  
        

 

 

  
MORTGAGE BACKED       
797,455     Federal Home Loan Mortgage Corp Gold (FGLMC)    4.500%, 12/01/39     879,916        0.5  
487,791     FGLMC    4.500%, 07/01/40     538,231        0.3  
1,771,438     FGLMC    4.000%–6.500%, 02/01/19–01/01/40     1,938,443        1.1  
1,414,293     Federal National Mortgage Association (FNMA)    4.564%, 01/01/15     1,473,362        0.8  
739,390     FNMA    3.000%, 01/01/27     781,004        0.4   
507,466     FNMA    5.500%, 07/01/33     581,666        0.3  
696,087     FNMA    4.500%, 04/01/39     752,167        0.4  
500,000     FNMA    4.000%, 02/25/40     541,408        0.3  
550,050     FNMA    5.000%, 05/01/40     610,623        0.3  
938,635     FNMA    4.000%, 12/01/40     1,031,556        0.6  
764,032     FNMA    4.000%, 02/01/41     819,851        0.4  
829,271     FNMA    3.500%, 12/01/41     884,827        0.5  
1,304,121     FNMA    3.000%, 04/01/42     1,367,861        0.7  
996,689     FNMA    3.000%, 11/01/42     1,045,402        0.6  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     65   

Table of Contents
Summary portfolio of investments    continued

Bond Fund  §  December 31, 2012

 

Principal        Issuer         Value     % of net
assets		  
          
MORTGAGE BACKED—continued       
$  2,000,000   h   FNMA    3.000%, 12/01/42   $ 2,109,782        1.1 %
17,929,193   i   FNMA    2.500%–7.500%, 06/01/13–07/01/42     19,482,450        10.6  
561,610     Government National Mortgage Association (GNMA)    4.500%, 03/15/40     619,901        0.3  
765,575     GNMA    4.500%, 04/20/40     846,522        0.5  
515,311     GNMA    4.500%, 05/15/40     568,797        0.3  
488,650     GNMA    4.000%, 07/15/40     539,604        0.3  
919,274     GNMA    4.000%, 09/15/41     1,009,099        0.5  
994,649     GNMA    3.000%, 09/15/42     1,060,106        0.6  
992,851     GNMA    3.000%, 09/20/42     1,057,105        0.6  
3,265,709     GNMA    3.500%–6.000%, 07/15/33–12/20/41     3,595,651        1.9  
    Other        733,219        0.4  
        

 

 

  
           44,868,553        24.3  
        

 

 

  
MUNICIPAL BONDS        625,369        0.3  
        

 

 

  
U.S. TREASURY SECURITIES       
1,000,000     United States Treasury Note    0.250%, 05/31/14     1,000,469        0.5   
3,050,000     United States Treasury Note    0.250%, 06/30/14     3,051,193        1.7   
1,000,000     United States Treasury Note    0.250%, 09/30/14     1,000,234        0.5   
2,000,000     United States Treasury Note    0.250%, 11/30/14     2,000,078        1.1   
10,914,000     United States Treasury Note    0.375%, 11/15/15     10,924,237        5.9   
    Other        856,498        0.5  
        

 

 

  
           18,832,709        10.2  
        

 

 

  
    TOTAL GOVERNMENT BONDS    (Cost $71,846,514)     74,845,553        40.5  
        

 

 

  
STRUCTURED ASSETS       
ASSET BACKED        6,148,209        3.3  
        

 

 

  
OTHER MORTGAGE BACKED       

910,000

     Banc of America Commercial Mortgage, Inc       
    Series 2006-4 (Class AM)    5.675%, 07/10/46     1,028,983        0.6   

520,000

     Wachovia Bank Commercial Mortgage Trust       
    Series 2007-C30 (Class AM)    5.383%, 12/15/43     554,707        0.3   

540,000

     Wachovia Bank Commercial Mortgage Trust       
    Series 2006-C29 (Class AM)    5.339%, 11/15/48     605,621        0.3   
    Other        4,723,674        2.6  
        

 

 

  
           6,912,985        3.8  
        

 

 

  
   

TOTAL STRUCTURED ASSETS

    (Cost $12,742,066)     13,061,194        7.1   
        

 

 

  
   

TOTAL BONDS

    (Cost $168,792,896)     176,660,564        95.7  
        

 

 

  

Shares

      

Company    

                 
PREFERRED STOCKS       
BANKS        38,487        0.0  
        

 

 

  
    TOTAL PREFERRED STOCKS    (Cost $569,550)     38,487        0.0  
        

 

 

  

 

66   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    concluded

Bond Fund  §  December 31, 2012

 

Principal        Issuer         Value     % of net
assets		  
          
SHORT-TERM INVESTMENTS       
TREASURY DEBT       
$  3,000,000     United States Treasury Bill    0.040%, 01/03/13   $ 2,999,993        1.6 % 
2,300,000     United States Treasury Bill    0.025%, 01/10/13     2,299,986        1.3   
        

 

 

  
           5,299,979        2.9  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $5,299,979)     5,299,979        2.9  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $174,662,425)     181,999,030        98.6   
    OTHER ASSETS & LIABILITIES, NET        2,563,988       1.4   
        

 

 

  
    NET ASSETS      $ 184,563,018        100.0 % 
     

 

 

  

 

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 12/31/2012, the aggregate value of these securities including those in “other”, was $33,265,206 or 18.0% of net assets.
h All or a portion of these securities were purchased on a delayed delivery basis.
i Floating or variable rate security. Coupon rate reflects the rate at period end.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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   §   2012 Annual Report     67   

Table of Contents
Summary portfolio of investments     

Money Market Fund  §  December 31, 2012

 

Principal        Issuer         Value     % net
assets		  
          
SHORT-TERM INVESTMENTS       
CERTIFICATE OF DEPOSIT       
$  500,000     Toronto-Dominion Bank    0.220%, 02/05/13   $ 500,000        0.8 % 
    Other        329,000        0.5  
        

 

 

  
           829,000        1.3  
        

 

 

  
COMMERCIAL PAPER       
500,000     Australia & New Zealand Banking Group Ltd    0.190% , 02/08/13     499,900        0.8  
800,000     Australia & New Zealand Banking Group Ltd    0.200%–0.205%, 01/30/13–03/12/13     799,778        1.3  
1,215,000     Bank of Nova Scotia    0.130%–0.260%, 01/04/13–05/01/13     1,214,688        1.9  
500,000   y   Coca-Cola Co    0.150%, 03/08/13     499,863        0.8  
641,000   y   Coca-Cola Co    0.170%–0.210%, 01/11/13–02/20/13     640,886        1.0  
527,000   y   Fairway Finance LLC    0.200%, 01/24/13     526,933        0.8  
750,000   y   Fairway Finance LLC    0.190%, 02/07/13     749,854        1.2  
500,000     General Electric Capital Corp    0.160%, 01/25/13     499,947        0.8  
1,232,000     JPMorgan Chase Bank NA    0.210%–0.260%, 01/15/13–03/04/13     1,231,699        2.0  
1,000,000   y   National Australia Funding Delaware, Inc    0.200%, 02/06/13     999,800        1.6  
640,000   y   National Australia Funding Delaware, Inc    0.190%–0.210%, 01/03/13–01/10/13     639,980        1.0  
660,000   y   Nestle Capital Corp    0.200%–0.220%, 05/15/13–05/21/13     659,474        1.1  
500,000     PACCAR Financial Corp    0.150%, 02/01/13     499,935        0.8  
1,000,000   y   Procter & Gamble Co    0.160%, 02/04/13     999,849        1.6  
500,000   y   Procter & Gamble Co    0.165%, 02/08/13     499,913        0.8  
500,000     Province of Ontario Canada    0.165%, 02/14/13     499,899        0.8  
500,000     Province of Quebec Canada    0.140%, 01/17/13     499,969        0.8  
500,000     Province of Quebec Canada    0.165%, 02/20/13     499,885        0.8  
610,000     Province of Quebec Canada    0.155%–0.165%, 02/12/13–02/21/13     609,875        1.0  
740,000     Standard Chartered Bank NY    0.310%–0.330%, 03/11/13–04/02/13     739,488        1.2  
510,000     Straight-A Funding LLC    0.150%, 01/08/13     509,985        0.8  
1,000,000     Straight-A Funding LLC    0.190%, 03/05/13     999,668        1.6  
969,000     Thunder Bay Funding LLC    0.200%–0.220%, 01/29/13–03/12/13     968,677        1.5  
600,000   y   Unilever Capital Corp    0.150%, 01/11/13     599,975        1.0  
500,000     US Bank NA    0.180%, 03/18/13     499,810        0.8  
620,000   y   Variable Funding Capital Co LLC    0.170%, 01/22/13–01/29/13     619,928        1.0  
500,000   y   Wal-Mart Stores, Inc    0.110%, 01/24/13     499,965        0.8  
474,000   y   Wal-Mart Stores, Inc    0.100%, 02/05/13     473,954        0.8  
    Other        3,197,585        5.1  
        

 

 

  
           22,181,162        35.5  
        

 

 

  
GOVERNMENT AGENCY DEBT       
754,000     Federal Farm Credit Bank (FFCB)    0.150%, 01/14/13     753,959        1.2  
718,000     Federal Home Loan Bank (FHLB)    0.125%–0.160%, 01/04/13     717,992        1.2  
500,000     FHLB    0.150%–0.170%, 01/16/13     499,966        0.8  
650,000     FHLB    0.108%–0.160%, 02/13/13     649,907        1.0  
960,000     FHLB    0.100%–0.170%, 01/11/13–02/27/13     959,899        1.5  
630,000     Federal Home Loan Mortgage Corp (FHLMC)    0.150%–0.165%, 01/09/13     629,977        1.0  
646,000     FHLMC    0.140%, 01/18/13     645,957        1.0  

 

68   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Summary portfolio of investments    continued

Money Market Fund  §  December 31, 2012

 

Principal        Issuer         Value     % net
assets		  
          
GOVERNMENT AGENCY DEBT—continued       
$  644,000     FHLMC    0.100%–0.150%, 01/22/13   $ 643,946        1.0 %
765,000     FHLMC    0.120%, 01/28/13     764,931        1.2  
900,000     FHLMC    0.125%–0.160%, 02/11/13     899,856        1.4   
514,000     FHLMC    0.135%, 02/12/13     513,919        0.8  
500,000     FHLMC    0.100%, 03/25/13     499,885        0.8  
4,300,000     FHLMC    0.090%, 04/15/13     4,298,882        6.9  
2,673,000     FHLMC    0.120%–0.200%, 01/03/13–04/03/13     2,672,522        4.3  
1,029,000     Federal National Mortgage Association (FNMA)    0.115%–0.160%, 01/02/13     1,028,996        1.7  
500,000     FNMA    0.180%, 01/03/13     499,995        0.8  
500,000     FNMA    0.150%, 01/08/13     499,985        0.8  
500,000     FNMA    0.100%, 01/09/13     499,989        0.8  
1,000,000     FNMA    0.060%, 02/06/13     999,940        1.6  
865,000     FNMA    0.125%, 02/20/13     864,850        1.4  
800,000     FNMA    0.095%, 03/27/13     799,821        1.3  
1,457,000     FNMA    0.140%-0.160%, 01/07/13–03/06/13     1,456,766        2.3  
        

 

 

  
           21,801,940        34.8  
        

 

 

  
TREASURY DEBT           
500,000     United States Treasury Bill    0.103%, 01/10/13     499,987        0.8  
663,000     United States Treasury Bill    0.094%–0.123%, 02/07/13     662,921        1.1  
1,500,000     United States Treasury Bill    0.093%–0.126%, 03/07/13     1,499,689        2.4  
1,198,000     United States Treasury Bill    0.100%–0.104%, 04/04/13     1,197,689        1.9  
1,815,000     United States Treasury Bill    0.067%–0.132%, 02/14/13–06/27/13     1,814,424        2.9  
848,000     United States Treasury Note    1.375%, 02/15/13     849,257        1.4  
500,000     United States Treasury Note    0.625%, 02/28/13     500,357        0.8  
500,000     United States Treasury Note    1.375%, 05/15/13     502,177        0.8  
695,000     United States Treasury Note    0.500%, 05/31/13     695,926        1.1  
500,000     United States Treasury Note    0.125%, 09/30/13     499,695        0.8  
3,108,000     United States Treasury Note    0.375%–1.750%, 01/15/13–11/15/13     3,115,336        4.9  
        

 

 

  
           11,837,458        18.9  
        

 

 

  
VARIABLE RATE SECURITIES       
2,660,000   i   Federal Farm Credit Bank (FFCB)    0.222%–0.578%, 02/01/13–10/15/13     2,659,606        4.3  
500,000   i   Federal Home Loan Bank (FHLB)    0.360%, 08/16/13     500,000        0.8  
500,000   i   Federal Home Loan Mortgage Corp (FHLMC)    0.165%, 02/04/13     499,981        0.8  
830,000   i   FHLMC    0.163%, 05/06/13     829,857        1.3  
700,000   i   Royal Bank of Canada    0.470%–0.570%, 06/07/13–07/15/13     700,000        1.1  
    Other        749,943        1.2  
        

 

 

  
           5,939,387        9.5  
        

 

 

  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $62,588,947)     62,588,947        100.0  
        

 

 

  
    TOTAL PORTFOLIO    (Cost $62,588,947)     62,588,947        100.0  
    OTHER ASSETS & LIABILITIES, NET        9,497        0.0  
        

 

 

  
    NET ASSETS      $ 62,598,444        100.0 % 
     

 

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     69   

Table of Contents
Summary portfolio of investments   

concluded

Money Market Fund  §  December 31, 2012

 

 

i Floating or variable rate security. Coupon rate reflects the rate at period end.
y Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2012, the aggregate value of these securities, including those in “other”, was $10,475,981 or 16.7% of net assets.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

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.

 

70   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents

[This page intentionally left blank.]

 

TIAA-CREF Life Funds   §   2012 Annual Report     71   

Table of Contents
Statements of assets and liabilities     

TIAA-CREF Life Funds  §  December 31, 2012

 

       Growth
Equity
Fund		      

 

ASSETS

       

Portfolio investments, at value†*

      $ 43,365,511    

Cash

        133,647    

Receivable from securities transactions

        97,761    

Receivable from Fund shares sold

        2,271    

Due from affiliates

        1,393    

Dividends and interest receivable

        14,476    

Receivable for variation margin on open futures contracts

        —     

Other

        2,595    

 

Total assets

        43,617,654    

 

LIABILITIES

       

Management fees payable

        2,590    

Payable for collateral for securities loaned

        738,374    

Payable for securities transactions

        99,962    

Payable for Fund shares redeemed

        53,996    

Due to affiliates

        3,619    

Written options^

        —     

Accrued expenses & other payables

        8,675    

 

Total liabilities

        907,216    

 

NET ASSETS

      $ 42,710,438    

 

NET ASSETS CONSIST OF:

       

Paid-in-capital

      $ 44,353,636    

Undistributed net investment income (loss)

        11,641    

Accumulated net realized gain (loss) on total investments

        (6,193,361 )   

Net unrealized appreciation (depreciation) on total investments

        4,538,522    

 

NET ASSETS

      $ 42,710,438    

 

Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)

        2,260,990    

 

Net asset value per share

        $18.89    

 

†     Includes securities loaned of

      $ 733,411    

*    Portfolio investments, cost

      $ 38,826,989    

^    Written options premiums

      $  —     

 

72   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
      

 

    Growth &
Income
Fund		        Large-Cap
Value
Fund		        Real Estate
Securities
Fund		        Small-Cap
Equity
Fund		  

 

  
                
  $ 92,995,188        $ 72,809,724        $ 93,294,414        $ 62,759,916  
    358,437          968,736          3,213,652          560,090  
    279,865          —           —           286,400  
    11,273          2,851          1,441          8,274  
    1,947          1,610          1,641          1,663  
    67,845          100,555          241,244          61,477  
    —           —           —           10,950  
    3,672          3,226          3,527          2,999  

 

  
    93,718,227          73,886,702          96,755,919          63,691,769  

 

  
                
    5,617          4,353          6,550          3,881  
    928,346          2,155,594          —           3,179,901  
    282,601          —           —           291,040  
    66,033          17,271          307,482          118,455  
    6,052          4,573          7,200          4,374  
    5,293          —           —           —   
    15,609          14,283          13,869          12,846  

 

  
    1,309,551          2,196,074          335,101          3,610,497  

 

  
  $ 92,408,676        $ 71,690,628        $ 96,420,818        $ 60,081,272  

 

  
                
  $ 80,925,250        $ 73,212,982        $ 91,713,798        $ 55,518,798  
    20,885           493,302          222,038          (32,650 ) 
    (427,852 )         (4,984,298 )         (9,167,644 )         (124,944 ) 
    11,890,393          2,968,642          13,652,626          4,720,068  

 

  
  $ 92,408,676        $ 71,690,628        $ 96,420,818        $ 60,081,272  

 

  
    3,043,063          2,439,429          3,284,723          1,946,388  

 

  
  $ 30.37        $ 29.39        $ 29.35        $ 30.87  

 

  
  $ 934,272        $ 2,120,034        $  —         $ 3,191,327  
  $ 81,127,055        $ 69,841,074        $ 79,641,788        $ 58,050,261  
  $ 2,716        $  —         $  —         $  —   

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     73   

Table of Contents
Statements of assets and liabilities     

TIAA-CREF Life Funds  §  December 31, 2012

 

    Social Choice
Equity
Fund		      

 

ASSETS

    

Portfolio investments, at value†*

   $ 43,443,082    

Cash

     436,335    

Cash—foreign**

     —     

Receivable from securities transactions

     105,469    

Receivable from Fund shares sold

     3,238    

Due from affiliates

     1,293    

Dividends and interest receivable

     49,011    

Receivable for variation margin on open futures contracts

     —     

Other

     2,500    

 

Total assets

     44,040,928    

 

LIABILITIES

    

Management fees payable

     885    

Payable for collateral for securities loaned

     —     

Payable for securities transactions

     305,256    

Payable for delayed delivery securities

     —     

Payable for Fund shares redeemed

     32,242    

Due to affiliates

     2,746    

Accrued expenses & other payables

     7,389    

 

Total liabilities

     348,518    

 

NET ASSETS

   $ 43,692,410    

 

NET ASSETS CONSIST OF:

    

Paid-in-capital

   $ 39,002,266    

Undistributed net investment income (loss)

     217,207    

Accumulated net realized gain (loss) on total investments

     (1,097,858 )   

Net unrealized appreciation (depreciation) on total investments

     5,570,795    

 

NET ASSETS

   $ 43,692,410    

 

Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)

     1,586,885    

 

Net asset value per share

   $ 27.53    

 

†      Includes securities loaned of

   $  —     

*    Portfolio investments, cost

   $ 37,903,603    

**   Foreign cash, cost

   $ —     

 

74   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
     concluded

 

     Stock
Index
Fund		        International
Equity
Fund		        Bond
Fund		        Money
Market
Fund		  

 

  
                 
   $ 209,534,196        $ 79,922,886        $ 181,999,030        $ 62,588,947  
     1,772,454          1,189,079          4,157,653          6,175  
     —           55,081           —           —   
     228          1,132,674          —           —   
     27,333          120,042          11,851          —   
     4,438          2,709          3,996          2,082  
     241,396          59,095          1,201,026          24,306  
     44,595          —           —           —   
     6,581          4,189          5,680          2,912  

 

  
     211,631,221          82,485,755          187,379,236          62,624,422  

 

  
                 
     1,678          5,293          7,571          834  
     4,219,980          3,411,250          —           —   
     3,323          1,957,991          639,235          —   
     —           —           2,111,229          —   
     268,939          51,114          15,595          3,573  
     13,799          9,120          11,510          4,039  
     33,779          29,683          31,078          17,532  

 

  
     4,541,498          5,464,451          2,816,218          25,978  

 

  
   $ 207,089,723        $ 77,021,304        $ 184,563,018        $ 62,598,444  

 

  
                 
   $ 174,267,977        $ 115,788,585        $ 176,823,445        $ 62,600,050  
     545,119          1,807,186          (4,747 )         (1,606 )
     (2,444,369 )         (47,500,225 )         407,715          —   
     34,720,996          6,925,758          7,336,605          —   

 

  
   $ 207,089,723        $ 77,021,304        $ 184,563,018        $ 62,598,444  

 

  
     6,577,656          4,639,545          7,057,639          62,596,766  

 

  
     $31.48        $ 16.60        $ 26.15        $ 1.00  

 

  
   $ 4,181,940        $ 3,222,952        $  —         $  —   
   $ 174,807,860        $ 72,994,249        $ 174,662,425        $ 62,588,947  
   $ —         $ 54,827         $ —         $ —  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     75   

Table of Contents
Statements of operations     

TIAA-CREF Life Funds  §  For the year ended December 31, 2012

 

       Growth
Equity
Fund		      

 

INVESTMENT INCOME

       

Dividends*

      $ 512,610    

Interest

        26    

Income from securities lending

        18,357    

 

Total income

        530,993    

 

EXPENSES

       

Management fees

        197,635     

Shareholder servicing

        2,489     

Professional fees

        38,238     

Fund administration fees

        30,201     

Custody and accounting fees

        22,882     

Compliance fees

        16,350     

Shareholder reports

        10,715     

Trustee fees and expenses

        586     

Other expenses

        6,674     

 

Total expenses

        325,770    

Less: Expenses reimbursed by the investment advisor

        (96,782 )   

 

Net expenses

        228,988    

 

Net investment income (loss)

        302,005    

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS

       

Realized gain (loss):

       

Portfolio investments

        5,036,652    

Futures transactions

        —    

Written options

        —    

Foreign currency transactions

        (1,061 )   

 

Net realized gain (loss) on total investments

        5,035,591    

 

Change in unrealized appreciation (depreciation) on:

       

Portfolio investments

        1,397,582    

Futures transactions

        —    

Written options

        —    

Translation of assets (other than portfolio investments) and
liabilities denominated in foreign currencies

        (21 )   

 

Net change in unrealized appreciation (depreciation) on total investments

        1,397,561    

 

Net realized and unrealized gain (loss) on total investments

        6,433,152    

 

Net increase (decrease) in net assets from operations

      $ 6,735,157    

 

*    Net of foreign withholding taxes of

      $ 4,669     

 

76   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
      

 

     Growth &
Income
Fund		        Large-Cap
Value
Fund		        Real Estate
Securities
Fund		        Small-Cap
Equity
Fund		  

 

  
                 
   $ 1,675,975        $ 1,634,669        $ 1,956,927        $ 919,058  
     136          173          292          13  
     6,604          34,859          —           48,053  

 

  
     1,682,715          1,669,701          1,957,219          967,124  

 

  
                 
     393,178           299,897           452,067           283,898   
     3,257           2,516           2,600           2,555   
     40,997           40,446           46,731           40,640   
     58,932           44,605           61,062           39,873   
     28,296           29,966           14,667           28,583   
     31,638           24,129           32,993           21,524   
     17,837           15,790           22,227           15,885   
     1,144           871           1,181           761   
     23,413           6,632           6,254           9,592   

 

  
     598,692          464,852          639,782          443,311  
     (144,273 )         (118,109 )         (124,315 )         (117,836 ) 

 

  
     454,419          346,743          515,467          325,475  

 

  
     1,228,296          1,322,958          1,441,752          641,649  

 

  
                 
                 
     4,749,404          5,610,044          5,872,204          3,306,575  
     —           —           —           (78 ) 
     48,019          —           171,342          —   
     (804 )         (1,047 )         1,858          —   

 

  
     4,796,619          5,608,997          6,045,404          3,306,497  

 

  
                 
     6,676,568          5,095,038          8,126,182          3,610,607  
     —           —           —           10,413  
     (2,577 )         —           —           —   
  

 

(24

) 

        (26 )         —           —   

 

  
     6,673,967          5,095,012          8,126,182          3,621,020  

 

  
     11,470,586          10,704,009          14,171,586          6,927,517  

 

  
   $ 12,698,882        $ 12,026,967        $ 15,613,338        $ 7,569,166  

 

  
   $ 10,990         $ 10,587         $ 1,080         $ 24   

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     77   

Table of Contents
Statements of operations     

TIAA-CREF Life Funds  §  For the year ended December 31, 2012

 

     Social
Choice Equity
Fund		      

 

INVESTMENT INCOME

     

Dividends*

    $ 976,490    

Interest

      27    

Income from securities lending

      —     

 

Total income

      976,517    

 

EXPENSES

     

Management fees

      61,566     

Shareholder servicing

      2,844     

Professional fees

      38,203     

Fund administration fees

      27,705     

Custody and accounting fees

      20,707     

Compliance fees

      14,963     

Shareholder reports

      4,198     

Trustee fees and expenses

      515     

Other expenses

      7,144     

 

Total expenses

      177,845    

Less: Expenses reimbursed by the investment advisor

      (87,487 )   

 

Net expenses

      90,358    

 

Net investment income (loss)

      886,159    

 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS

     

Realized gain (loss):

     

Portfolio investments

      1,201,286    

Futures transactions

      —     

Written options

      —     

Foreign currency transactions

      (6 )   

 

Net realized gain (loss) on total investments

      1,201,280    

 

Change in unrealized appreciation (depreciation) on:

     

Portfolio investments**

      3,215,257    

Futures transactions

      —     

Written options

      —     

Translation of assets (other than portfolio investments) and
liabilities denominated in foreign currencies

   

 

—

  

  

 

Net change in unrealized appreciation (depreciation) on total investments

      3,215,257    

 

Net realized and unrealized gain (loss) on total investments

      4,416,537    

 

Net increase (decrease) in net assets from operations

    $ 5,302,696    

 

*    Net of foreign withholding taxes of

    $ 3,221     

**  Includes net change in unrealized foreign capital gains taxes

    $ —     

 

78   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
     concluded

 

       Stock
Index
Fund		        International
Equity
Fund		        Bond
Fund		        Money
Market
Fund		  

 

  
                   
     $ 4,436,796        $ 2,320,862        $ —         $ —   
       203          2,087          5,584,227          102,072  
       101,277          82,384          —           —   

 

  
       4,538,276          2,405,333          5,584,227          102,072  

 

  
                   
       117,948           428,010           513,001           58,542   
       2,749           2,911           5,889           1,777   
       49,278           54,038           54,908           47,751   
       133,039           58,572           115,291           40,028   
       68,328           71,926           95,430           43,770   
       71,441           31,946           62,366           21,708   
       38,276           20,650           40,956           9,532   
       2,677           1,144           2,268           859   
       8,938           15,416           7,816           5,049   

 

  
       492,674          684,613          897,925          229,016  
       (315,543 )         (170,396 )         (299,136 )         (141,133 ) 

 

  
       177,131          514,217          598,789          87,883  

 

  
       4,361,145          1,891,116          4,985,438          14,189  

 

  
                   
                   
       2,819,165          1,497,323          3,392,532          154  
       110,934          —           —           —   
       —           —           —           —   
       13          (57,635 )         —           —   

 

  
       2,930,112          1,439,688          3,392,532          154  

 

  
                   
       22,034,819          19,974,686          2,979,381          —   
       (6,744 )         —           —           —   
       —          —           —           —   
    

 

(1

) 

        2,039          —           —   

 

  
       22,028,074          19,976,725          2,979,381          —   

 

  
       24,958,186          21,416,413          6,371,913          154  

 

  
     $ 29,319,331        $ 23,307,529        $ 11,357,351        $ 14,343  

 

  
     $ 4,369         $ 124,925         $  —         $  —   
     $ —         $ (3,412 )       $ —         $ —   

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     79   

Table of Contents
Statements of changes in net assets     

TIAA-CREF Life Funds  §  For the year ended

 

    Growth Equity Fund      
    December 31, 2012     December 31, 2011      

 

OPERATIONS

      

Net investment income (loss)

   $ 302,005      $ 117,661     

Net realized gain (loss) on total investments

     5,035,591        1,852,553     

Net change in unrealized appreciation (depreciation) on total investments

     1,397,561        (1,539,939 )   

 

Net increase (decrease) in net assets from operations

     6,735,157        430,275     

 

DISTRIBUTION TO SHAREHOLDERS

      

From net investment income

     (298,477 )      (114,292 )   

 

Total distributions

     (298,477 )      (114,292 )   

 

SHAREHOLDER TRANSACTIONS

      

Subscriptions

     4,455,947        8,839,290     

Reinvestments of distributions

     298,477        114,292     

Redemptions

     (9,430,961 )      (5,871,342 )   

 

Net increase (decrease) from shareholder transactions

     (4,676,537 )      3,082,240     

 

Net increase (decrease) in net assets

     1,760,143        3,398,223     

NET ASSETS

      

Beginning of period

     40,950,295        37,552,072     

 

End of period

   $ 42,710,438      $ 40,950,295     

 

Undistributed net investment income (loss) included in
net assets

   $ 11,641      $ 5,422     

 

CHANGE IN FUND SHARES

      

Shares sold

     245,328        522,325     

Shares reinvested

     15,784        7,184     

Shares redeemed

     (518,843 )      (356,422 )   

 

Net increase (decrease) from shareholder transactions

     (257,731 )      173,087     

 

 

80   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
     continued

 

       Growth & Income Fund      Large-Cap Value Fund  
       December 31, 2012      December 31, 2011      December 31, 2012      December 31, 2011  

 

  
             
     $ 1,228,296       $ 825,401       $ 1,322,958       $ 989,490   
       4,796,619         3,437,911         5,608,997         1,708,804   
       6,673,967         (2,235,335 )       5,095,012         (6,547,301 ) 

 

  
       12,698,882         2,027,977         12,026,967         (3,849,007 ) 

 

  
             
       (1,589,188 )       (832,617 )       (1,313,141 )       (976,416 ) 

 

  
       (1,589,188 )       (832,617 )       (1,313,141 )       (976,416 ) 

 

  
             
       15,446,847         12,634,857         6,067,463         7,974,673   
       1,589,188         832,617         1,313,141         976,416   
       (11,977,388 )       (10,451,624 )       (6,844,318 )       (7,962,434 ) 

 

  
       5,058,647         3,015,850         536,286         988,655   

 

  
       16,168,341         4,211,210         11,250,112         (3,836,768 ) 
             
       76,240,335         72,029,125         60,440,516         64,277,284   

 

  
     $ 92,408,676       $ 76,240,335       $ 71,690,628       $ 60,440,516   

 

  
         
$		  
20,885		  
  		    $ 25,671       $ 493,302       $ 491,296   

 

  
             
       522,888         466,770         216,423         296,105   
       52,293         32,347         44,710         40,718   
       (404,918 )       (389,351 )       (247,176 )       (295,970 ) 

 

  
       170,263         109,766         13,957         40,853   

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     81   

Table of Contents
Statements of changes in net assets     

TIAA-CREF Life Funds  §  For the year ended

 

    Real Estate Securities Fund      
    December 31, 2012     December 31, 2011      

 

OPERATIONS

      

Net investment income (loss)

   $ 1,441,752      $ 1,185,530     

Net realized gain (loss) on total investments

     6,045,404        4,153,301     

Net change in unrealized appreciation (depreciation) on total investments

  

 

8,126,182

  

     (467,345 )   

 

Net increase (decrease) in net assets from operations

     15,613,338        4,871,486     

 

DISTRIBUTION TO SHAREHOLDERS

      

From net investment income

     (1,696,190 )      (967,504 )   

 

Total distributions

     (1,696,190 )      (967,504 )   

 

SHAREHOLDER TRANSACTIONS

      

Subscriptions

     11,678,264        10,383,740     

Reinvestments of distributions

     1,696,190        967,504     

Redemptions

     (10,405,385 )      (9,479,157 )   

 

Net increase (decrease) from shareholder transactions

     2,969,069        1,872,087     

 

Net increase (decrease) in net assets

     16,886,217        5,776,069     

NET ASSETS

      

Beginning of period

     79,534,601        73,758,532     

 

End of period

   $ 96,420,818      $ 79,534,601     

 

Undistributed net investment income (loss) included in
net assets

   $ 222,038      $ 356,754     

 

CHANGE IN FUND SHARES

      

Shares sold

     409,017        416,247     

Shares reinvested

     57,970        40,229     

Shares redeemed

     (370,698 )      (383,982 )   

 

Net increase (decrease) from shareholder transactions

     96,289        72,494     

 

 

82   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
     continued

 

       Small-Cap Equity Fund      Social Choice Equity Fund  
       December 31, 2012      December 31, 2011      December 31, 2012     December 31, 2011  

 

  
            
     $ 641,649       $ 285,772       $ 886,159      $ 624,966   
       3,306,497         4,813,977         1,201,280        474,579   
    

 

3,621,020

  

      (7,688,039 )       3,215,257        (1,152,690 ) 

 

  
       7,569,166         (2,588,290 )       5,302,696        (53,145 ) 

 

  
            
       (672,128 )       (317,153 )       (824,772 )      (650,978 ) 

 

  
       (672,128 )       (317,153 )       (824,772 )      (650,978 ) 

 

  
            
       4,209,450         7,198,137         3,961,395        4,071,913   
       672,128         317,153         824,772        650,978   
       (7,088,125 )       (9,654,008 )       (2,866,927 )      (2,067,108 ) 

 

  
       (2,206,547 )       (2,138,718 )       1,919,240        2,655,783   

 

  
       4,690,491         (5,044,161 )       6,397,164        1,951,660   
            
       55,390,781         60,434,942         37,295,246        35,343,586   

 

  
     $ 60,081,272       $ 55,390,781       $ 43,692,410      $ 37,295,246   

 

  
         
$		  
(32,650		  
) 		    $ (13,915 )     $ 217,207      $ 161,033   

 

  
            
       141,142         243,509         148,244        161,371   
       21,815         11,892         29,872        27,135   
       (239,442 )       (333,785 )       (106,869 )      (82,526 ) 

 

  
       (76,485 )       (78,384 )       71,247        105,980   

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     83   

Table of Contents
Statements of changes in net assets     

TIAA-CREF Life Funds  §  For the year ended

 

    Stock Index Fund      
    December 31, 2012     December 31, 2011      

 

OPERATIONS

      

Net investment income (loss)

   $ 4,361,145      $ 3,346,834     

Net realized gain (loss) on total investments

     2,930,112        2,962,017     

Net change in unrealized appreciation (depreciation) on total investments

     22,028,074        (4,535,390 )   

 

Net increase (decrease) in net assets from operations

     29,319,331        1,773,461     

 

DISTRIBUTION TO SHAREHOLDERS

      

From net investment income

     (4,344,154 )      (3,369,120 )   

From realized gains

     (1,283,210 )      —     

 

Total distributions

     (5,627,364 )      (3,369,120 )   

 

SHAREHOLDER TRANSACTIONS

      

Subscriptions

     21,175,293        21,626,371     

Reinvestments of distributions

     5,627,364        3,369,120     

Redemptions

     (23,660,941 )      (20,417,777 )   

 

Net increase (decrease) from shareholder transactions

     3,141,716        4,577,714     

 

Net increase in net assets

     26,833,683        2,982,055     

NET ASSETS

      

Beginning of period

     180,256,040        177,273,985     

 

End of period

   $ 207,089,723      $ 180,256,040     

 

Undistributed net investment income (loss) included in
net assets

   $ 545,119      $ 530,376     

 

CHANGE IN FUND SHARES

      

Shares sold

     684,667        759,475     

Shares reinvested

     178,420        124,921     

Shares redeemed

     (767,386 )      (712,471 )   

 

Net increase (decrease) from shareholder transactions

     95,701        171,925     

 

 

84   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
     continued

 

       International Equity Fund      Bond Fund  
       December 31, 2012      December 31, 2011      December 31, 2012      December 31, 2011  

 

  
             
     $ 1,891,116       $ 1,775,017       $ 4,985,438       $ 4,974,524   
       1,439,688         2,467,555         3,392,532         1,687,847   
    

 

19,976,725

  

      (30,192,289 )       2,979,381         2,293,361   

 

  
       23,307,529         (25,949,717 )       11,357,351         8,955,732   

 

  
             
       (1,219,392 )       (1,625,943 )       (4,986,269 )       (5,022,039 ) 
       —         —         (3,221,472 )       —   

 

  
       (1,219,392 )       (1,625,943 )       (8,207,741 )       (5,022,039 ) 

 

  
             
       15,111,568         9,639,161         24,296,772         20,921,306   
       1,219,392         1,625,943         8,207,741         5,022,039   
       (42,672,375 )       (14,146,497 )       (9,227,257 )       (8,741,262 ) 

 

  
       (26,341,415 )       (2,881,393 )       23,277,256         17,202,083   

 

  
       (4,253,278 )       (30,457,053 )       26,426,866         21,135,776   
             
       81,274,582         111,731,635         158,136,152         137,000,376   

 

  
     $ 77,021,304       $ 81,274,582       $ 184,563,018       $ 158,136,152   

 

  
    

$

1,807,186

  

    $ 1,190,062       $ (4,747 )     $ (3,916 ) 

 

  
             
       1,006,115         604,222         916,029         815,873   
       73,903         131,762         314,232         196,557   
       (2,764,871 )       (892,601 )       (349,303 )       (342,322 ) 

 

  
       (1,684,853 )       (156,617 )       880,958         670,108   

 

  

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     85   

Table of Contents
Statements of changes in net assets    concluded

TIAA-CREF Life Funds  §  For the year ended

 

    Money Market Fund      
    December 31, 2012     December 31, 2011      

 

OPERATIONS

      

Net investment income (loss)

   $ 14,189      $ 18,409     

Net realized gain (loss) on total investments

     154        858     

Net change in unrealized appreciation (depreciation) on total investments

     —        —     

 

Net increase (decrease) in net assets from operations

     14,343        19,267     

 

DISTRIBUTION TO SHAREHOLDERS

      

From net investment income

     (14,189 )      (18,409 )   

 

Total distributions

     (14,189 )      (18,409 )   

 

SHAREHOLDER TRANSACTIONS

      

Subscriptions

     75,744,818        61,563,740     

Reinvestments of distributions

     14,189        18,409     

Redemptions

     (72,983,200 )      (63,526,559 )   

 

Net increase (decrease) from shareholder transactions

     2,775,807        (1,944,410 )   

 

Net increase (decrease) in net assets

     2,775,961        (1,943,552 )   

NET ASSETS

      

Beginning of period

     59,822,483        61,766,035     

 

End of period

   $ 62,598,444      $ 59,822,483     

 

Undistributed net investment income (loss) included in
net assets

   $ (1,606 )    $ 1,525     

 

CHANGE IN FUND SHARES

      

Shares sold

     75,744,818        61,563,740     

Shares reinvested

     14,189        18,409     

Shares redeemed

     (72,983,200 )      (63,526,559 )   

 

Net increase (decrease) from shareholder transactions

     2,775,807        (1,944,410 )   

 

 

86   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Financial highlights     

TIAA-CREF Life Funds  §  For the year ended

 

    Growth Equity Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 16.26      $ 16.01      $ 14.18      $ 10.55      $ 18.02   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.12        0.05        0.07        0.11        0.14      

Net realized and unrealized gain (loss) on total investments

     2.64        0.25        1.83        3.63        (7.48 ) 

 

  

Total gain (loss) from investment operations

     2.76        0.30        1.90        3.74        (7.34 ) 

 

  

Less distributions from:

          

Net investment income

     (0.13 )      (0.05 )      (0.07 )      (0.11 )      (0.13 ) 

 

  

Total distributions

     (0.13 )      (0.05 )      (0.07 )      (0.11 )      (0.13 ) 

 

  

Net asset value, end of period

   $ 18.89      $ 16.26      $ 16.01      $ 14.18      $ 10.55   

 

  

TOTAL RETURN

     16.99 %      1.85 %      13.42 %      35.47 %      (40.71 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 42,710      $ 40,950      $ 37,552      $ 36,230      $ 24,501   

Ratio of expenses to average net assets before expense reimbursement

     0.74 %      0.76 %      0.63 %      0.26 %      0.28 % 

Ratio of expenses to average net assets after expense reimbursement

     0.52 %      0.52 %      0.43 %      0.26 %      0.28 % 

Ratio of net investment income (loss) to average net assets

     0.69 %      0.29 %      0.48 %      0.98 %      0.98 % 

Portfolio turnover rate

     155 %      136 %      208 %      257 %      253 % 

 

  

 

(a) Based on average shares outstanding.

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     87   

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Growth & Income Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 26.54      $ 26.07      $ 23.27      $ 18.50      $ 29.06   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.42        0.29        0.30        0.36        0.46      

Net realized and unrealized gain (loss) on total investments

     3.94        0.47        2.82        4.77        (10.58 ) 

 

  

Total gain (loss) from investment operations

     4.36        0.76        3.12        5.13        (10.12 ) 

 

  

Less distributions from:

          

Net investment income

     (0.53 )      (0.29 )      (0.32 )      (0.36 )      (0.44 ) 

 

  

Total distributions

     (0.53 )      (0.29 )      (0.32 )      (0.36 )      (0.44 ) 

 

  

Net asset value, end of period

   $ 30.37      $ 26.54      $ 26.07      $ 23.27      $ 18.50   

 

  

TOTAL RETURN

     16.43 %      2.96 %      13.41 %      27.76 %      (34.80 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 92,409      $ 76,240      $ 72,029      $ 65,719      $ 53,235   

Ratio of expenses to average net assets before expense reimbursement

     0.69 %      0.70 %      0.56 %      0.23 %      0.23 % 

Ratio of expenses to average net assets after expense reimbursement

     0.52 %      0.52 %      0.42 %      0.23 %      0.23 % 

Ratio of net investment income (loss) to average net assets

     1.41 %      1.09 %      1.26 %      1.77 %      1.87 % 

Portfolio turnover rate

     115 %      109 %      138 %      141 %      135 % 

 

  

 

(a) Based on average shares outstanding.

 

88   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Large-Cap Value Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 24.92      $ 26.95      $ 23.11      $ 17.87      $ 31.30   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.55        0.41        0.37        0.42        0.66      

Net realized and unrealized gain (loss) on total investments

     4.47        (2.03 )      3.87        5.20        (13.42 ) 

 

  

Total gain (loss) from investment operations

     5.02        (1.62 )      4.24        5.62        (12.76 ) 

 

  

Less distributions from:

          

Net investment income

     (0.55 )      (0.41 )      (0.40 )      (0.38 )      (0.43 ) 

Net realized gains

     —        —        —        —        (0.24 ) 

 

  

Total distributions

     (0.55 )      (0.41 )      (0.40 )      (0.38 )      (0.67 ) 

 

  

Net asset value, end of period

   $ 29.39      $ 24.92      $ 26.95      $ 23.11      $ 17.87   

 

  

TOTAL RETURN

     20.14 %      (5.95 )%      18.36 %      31.45 %      (40.74 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 71,691      $ 60,441      $ 64,277      $ 54,447      $ 40,302   

Ratio of expenses to average net assets before expense reimbursement

     0.70 %      0.71 %      0.59 %      0.25 %      0.26 % 

Ratio of expenses to average net assets after expense reimbursement

     0.52 %      0.52 %      0.43 %      0.25 %      0.26 % 

Ratio of net investment income (loss) to average net assets

     1.99 %      1.56 %      1.52 %      2.12 %      2.60 % 

Portfolio turnover rate

     77 %      80 %      102 %      149 %      172 % 

 

  

 

(a) Based on average shares outstanding.

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     89   

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Real Estate Securities Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 24.94      $ 23.67      $ 18.43      $ 15.24      $ 26.50   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.45        0.38        0.35        0.49        0.70      

Net realized and unrealized gain (loss) on total investments

     4.48        1.20        5.37        3.32        (10.87 ) 

 

  

Total gain (loss) from investment operations

     4.93        1.58        5.72        3.81        (10.17 ) 

 

  

Less distributions from:

          

Net investment income

     (0.52 )      (0.31 )      (0.48 )      (0.62 )      (1.09 ) 

 

  

Total distributions

     (0.52 )      (0.31 )      (0.48 )      (0.62 )      (1.09 ) 

 

  

Net asset value, end of period

   $ 29.35      $ 24.94      $ 23.67      $ 18.43      $ 15.24   

 

  

TOTAL RETURN

     19.79 %      6.73 %      31.16 %      25.11 %      (38.27 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 96,421      $ 79,535      $ 73,759      $ 53,565      $ 43,646   

Ratio of expenses to average net assets before expense reimbursement

     0.71 %      0.71 %      0.60 %      0.25 %      0.26 % 

Ratio of expenses to average net assets after expense reimbursement

     0.57 %      0.57 %      0.48 %      0.25 %      0.26 % 

Ratio of net investment income (loss) to average net assets

     1.59 %      1.53 %      1.63 %      3.37 %      2.94 % 

Portfolio turnover rate

     65 %      58 %      66 %      65 %      97 % 

 

  

 

(a) Based on average shares outstanding.

 

90   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Small-Cap Equity Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 27.38      $ 28.76      $ 22.70      $ 17.99      $ 27.17   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.32        0.14        0.19        0.25        0.34      

Net realized and unrealized gain (loss) on total investments

     3.52        (1.36 )      6.06        4.74        (9.16 ) 

 

  

Total gain (loss) from investment operations

     3.84        (1.22 )      6.25        4.99        (8.82 ) 

 

  

Less distributions from:

          

Net investment income

     (0.35 )      (0.16 )      (0.19 )      (0.28 )      (0.36 ) 

 

  

Total distributions

     (0.35 )      (0.16 )      (0.19 )      (0.28 )      (0.36 ) 

 

  

Net asset value, end of period

   $ 30.87      $ 27.38      $ 28.76      $ 22.70      $ 17.99   

 

  

TOTAL RETURN

     14.02 %      (4.23 )%      27.55 %      27.75 %      (32.42 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 60,081      $ 55,391      $ 60,435      $ 42,921      $ 34,609   

Ratio of expenses to average net assets before expense reimbursement

     0.75 %      0.76 %      0.58 %      0.11 %      0.11 % 

Ratio of expenses to average net assets after expense reimbursement

     0.55 %      0.55 %      0.41 %      0.11 %      0.11 % 

Ratio of net investment income (loss) to average net assets

     1.08 %      0.48 %      0.75 %      1.33 %      1.45 % 

Portfolio turnover rate

     118 %      100 %      98 %      107 %      123 % 

 

  

 

(a) Based on average shares outstanding.

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     91   

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Social Choice Equity Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 24.61      $ 25.07      $ 21.99      $ 16.91      $ 27.12   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.58        0.43        0.43        0.40        0.48      

Net realized and unrealized gain (loss) on total investments

     2.87        (0.45 )      3.09        5.09        (10.28 ) 

 

  

Total gain (loss) from investment operations

     3.45        (0.02 )      3.52        5.49        (9.80 ) 

 

  

Less distributions from:

          

Net investment income

     (0.53 )      (0.44 )      (0.44 )      (0.41 )      (0.32 ) 

Net realized gains

     —        —        —        —        (0.09 ) 

 

  

Total distributions

     (0.53 )      (0.44 )      (0.44 )      (0.41 )      (0.41 ) 

 

  

Net asset value, end of period

   $ 27.53      $ 24.61      $ 25.07      $ 21.99      $ 16.91   

 

  

TOTAL RETURN

     14.01 %      (0.05 )%      16.01 %      32.51 %      (36.09 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 43,692      $ 37,295      $ 35,344      $ 30,929      $ 23,938   

Ratio of expenses to average net assets before expense reimbursement

     0.43 %      0.49 %      0.42 %      0.08 %      0.07 % 

Ratio of expenses to average net assets after expense reimbursement

     0.22 %      0.22 %      0.17 %      0.08 %      0.07 % 

Ratio of net investment income (loss) to average net assets

     2.16 %      1.71 %      1.87 %      2.20 %      2.06 % 

Portfolio turnover rate

     16 %      18 %      18 %      15 %      17 % 

 

  

 

(a) Based on average shares outstanding.

 

92   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Stock Index Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 27.81      $ 28.09      $ 24.46      $ 19.39      $ 31.70   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.68        0.53        0.47        0.44        0.58      

Net realized and unrealized gain (loss) on total investments

     3.87        (0.28 )      3.63        5.05        (12.34 ) 

 

  

Total gain (loss) from investment operations

     4.55        0.25        4.10        5.49        (11.76 ) 

 

  

Less distributions from:

          

Net investment income

     (0.68 )      (0.53 )      (0.47 )      (0.42 )      (0.51 ) 

Net realized gains

     (0.20 )      —        —        —        (0.04 ) 

 

  

Total distributions

     (0.88 )      (0.53 )      (0.47 )      (0.42 )      (0.55 ) 

 

  

Net asset value, end of period

   $ 31.48      $ 27.81      $ 28.09      $ 24.46      $ 19.39   

 

  

TOTAL RETURN

     16.35 %      0.95 %      16.79 %      28.36 %      (37.08 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 207,090      $ 180,256      $ 177,274      $ 152,314      $ 112,938   

Ratio of expenses to average net assets before expense reimbursement

     0.25 %      0.26 %      0.21 %      0.06 %      0.06 % 

Ratio of expenses to average net assets after expense reimbursement

     0.09 %      0.09 %      0.08 %      0.06 %      0.06 % 

Ratio of net investment income (loss) to average net assets

     2.22 %      1.85 %      1.86 %      2.11 %      2.19 % 

Portfolio turnover rate

     6 %      6 %      7 %      7 %      7 % 

 

  

 

(a) Based on average shares outstanding.

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     93   

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    International Equity Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 12.85      $ 17.24      $ 14.58      $ 11.43      $ 24.02   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.32        0.28        0.19        0.22        0.51      

Net realized and unrealized gain (loss) on total investments

     3.70        (4.41 )      2.67        3.40        (12.53 ) 

 

  

Total gain (loss) from investment operations

     4.02        (4.13 )      2.86        3.62        (12.02 ) 

 

  

Less distributions from:

          

Net investment income

     (0.27 )      (0.26 )      (0.20 )      (0.47 )      (0.01 ) 

Net realized gains

     —        —        —        —        (0.56 ) 

 

  

Total distributions

     (0.27 )      (0.26 )      (0.20 )      (0.47 )      (0.57 ) 

 

  

Net asset value, end of period

   $ 16.60      $ 12.85      $ 17.24      $ 14.58      $ 11.43   

 

  

TOTAL RETURN

     31.27 %      (23.88 )%      19.63 %      31.74 %      (50.00 )% 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 77,021      $ 81,275      $ 111,732      $ 94,015      $ 68,240   

Ratio of expenses to average net assets before expense reimbursement

     0.80 %      0.81 %      0.65 %      0.30 %      0.32 % 

Ratio of expenses to average net assets after expense reimbursement

     0.60 %      0.60 %      0.50 %      0.30 %      0.32 % 

Ratio of net investment income (loss) to average net assets

     2.21 %      1.77 %      1.30 %      1.78 %      2.79 % 

Portfolio turnover rate

     111 %      108 %      117 %      116 %      185 % 

 

  

 

(a) Based on average shares outstanding.

 

94   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Financial highlights    continued

TIAA-CREF Life Funds  §  For the year ended

 

    Bond Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 25.60      $ 24.88      $ 24.13      $ 23.38      $ 24.55   

 

  

Gain (loss) from investment operations:

  

Net investment income (loss) (a)

     0.77        0.87        0.93        1.06        1.29      

Net realized and unrealized gain (loss) on total investments

     1.00        0.70        0.73        0.68        (1.19 ) 

 

  

Total gain (loss) from investment operations

     1.77        1.57        1.66        1.74        0.10   

 

  

Less distributions from:

          

Net investment income

     (0.74 )      (0.85 )      (0.91 )      (0.99 )      (1.27 ) 

Net realized gains

     (0.48 )      —        —        —        —   

 

  

Total distributions

     (1.22 )      (0.85 )      (0.91 )      (0.99 )      (1.27 ) 

 

  

Net asset value, end of period

   $ 26.15      $ 25.60      $ 24.88      $ 24.13      $ 23.38   

 

  

TOTAL RETURN

     6.91 %      6.31 %      6.91 %      7.40 %      0.39 % 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 184,563      $ 158,136      $ 137,000      $ 115,865      $ 91,953   

Ratio of expenses to average net assets before expense reimbursement

     0.53 %      0.53 %      0.41 %      0.10 %      0.10 % 

Ratio of expenses to average net assets after expense reimbursement

     0.35 %      0.35 %      0.27 %      0.10 %      0.10 % 

Ratio of net investment income (loss) to average net assets

     2.92 %      3.41 %      3.66 %      4.41 %      5.27 % 

Portfolio turnover rate

     174 %      92 %      67 %      147 %      92 % 

 

  

 

(a) Based on average shares outstanding.

 

See notes to financial statements   TIAA-CREF Life Funds   §   2012 Annual Report     95   

Table of Contents
Financial highlights    concluded

TIAA-CREF Life Funds  §  For the year ended

 

    Money Market Fund  
    12/31/12     12/31/11     12/31/10     12/31/09     12/31/08  

 

  

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

  

Net asset value, beginning of period

   $ 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)      0.00 (d)      0.01        0.03      

Net realized and unrealized gain (loss) on total investments

     0.00 (d)      0.00 (d)      0.00 (d)      0.00 (d)      —   

 

  

Total gain (loss) from investment operations

     0.00 (d)      0.00 (d)      0.00 (d)      0.01        0.03   

 

  

Less distributions from:

          

Net investment income

     (0.00 )(d)      (0.00 )(d)      (0.00 )(d)      (0.01 )      (0.03 ) 

 

  

Total distributions

     (0.00 )(d)      (0.00 )(d)      (0.00 )(d)      (0.01 )      (0.03 ) 

 

  

Net asset value, end of period

   $ 1.00      $ 1.00      $ 1.00      $ 1.00      $ 1.00   

 

  

TOTAL RETURN

     0.02 %      0.03 %      0.12 %      0.54 %      2.86 % 

RATIOS AND SUPPLEMENTAL DATA

  

Net assets at end of period (in thousands)

   $ 62,598      $ 59,822      $ 61,766      $ 74,102      $ 117,322   

Ratio of expenses to average net assets before expense reimbursement

     0.39 %      0.39 %      0.27 %      0.09 %      0.07 % 

Ratio of expenses to average net assets after expense reimbursement

     0.15 %      0.15 %      0.12 %      0.09 %      0.07 % 

Ratio of net investment income (loss) to average net assets

     0.02 %      0.03 %      0.12 %      0.58 %      2.80 % 

 

  

 

(a) Based on average shares outstanding.
(d) Amount represents less than $0.01 per share.

 

96   2012 Annual Report   §   TIAA-CREF Life Funds    See notes to financial statements

Table of Contents
Notes to financial statements     

TIAA-CREF Life Funds

 

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that 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 consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”). The Funds are currently 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 accreting or amortizing any discount or premium to its face value at a constant rate until maturity.

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.

Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases

 

TIAA-CREF Life Funds   §   2012 Annual Report     97   

Table of Contents
Notes to financial statements     

 

 

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.

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

Income taxes: Each Fund is treated separately for income tax purposes. 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. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2009–2012) 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.

For the year ended December 31, 2012, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of certain Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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 members of 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.

New accounting pronouncement: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update, “ASU”, No. 2011-11,

 

98   2012 Annual Report   §   TIAA-CREF Life Funds

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     continued

 

 

Disclosures about Offsetting Assets and Liabilities, and in January 2013, issued ASU 2013-01, Clarifying the Scope of Disclosures about offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Funds expect to adopt these new disclosure requirements for the June 30, 2013 semiannual report. Management is currently evaluating the impact of the Update’s adoption on the Funds’ financial statements and notes disclosures.

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 spreads, etc.)

•  

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and

 

TIAA-CREF Life Funds   §   2012 Annual Report     99   

Table of Contents
Notes to financial statements     

 

 

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

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures, 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.

Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange 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 catergorized 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 year ended December 31, 2012, there were no transfers between levels by the Funds.

As of December 31, 2012, the Small-Cap Equity Fund, the Social Choice Equity Fund and the Stock Index Fund held Level 3 securities valued at zero. All other investments were valued based on Level 1 inputs.

 

100   2012 Annual Report   §   TIAA-CREF Life Funds

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     continued

 

 

As of December 31, 2012, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs.

The following table summarizes the market value of the funds’ investments as of December 31,2012 based on the inputs used to value them:

 

Fund    Level 1     Level 2      Level 3      Total  

 

  

Growth Equity

           

Consumer discretionary

    $ 8,031,309      $ 483,121       $ —       $ 8,514,430   

Consumer staples

      1,182,123        367,235         —         1,549,358   

Energy

      1,411,861        —         —         1,411,861   

Financials

      1,829,483        —         —         1,829,483   

Health care

      6,030,792        —         —         6,030,792   

Industrials

      4,917,572        —         —         4,917,572   

Information technology

      15,818,353        —         —         15,818,353   

Materials

      2,334,416        —         —         2,334,416   

Telecommunication services

      220,872        —         —         220,872   

Short-term investments

      738,374        —         —         738,374   

 

  

Total

    $ 42,515,155      $ 850,356       $ —       $ 43,365,511   

 

  

Growth & Income

           

Consumer discretionary

    $ 12,321,867      $ 203,013       $ —       $ 12,524,880   

Consumer staples*

      8,146,360        802,074         —         8,948,434   

Energy

      9,700,703        —         —         9,700,703   

Financials

      13,181,084        —         —         13,181,084   

Health care

      10,723,373        1,298,918         —         12,022,291   

Industrials

      9,139,512        144,743         —         9,284,255   

Information technology

      17,145,483        173,898         —         17,319,381   

Materials

      4,751,879        —         —         4,751,879   

Telecommunication services

      2,484,073        —         —         2,484,073   

Utilities

      1,849,862        —         —         1,849,862   

Short-term investments

      928,346        —         —         928,346   

Written options**

      (5,293 )      —         —         (5,293 ) 

 

  

Total

    $ 90,367,249      $ 2,622,646       $ —       $ 92,989,895   

 

  

Large-Cap Value

           

Consumer discretionary

    $ 6,353,290      $ 345,264       $ —       $ 6,698,554   

Consumer staples

      4,572,766        828,113         —         5,400,879   

Energy

      10,731,673        170,948         —         10,902,621   

Financials

      16,154,081        403,112         —         16,557,193   

Health care*

      8,438,659        669,375         —         9,108,034   

Industrials*

      6,842,016        513,550         —         7,355,566   

Information technology

      6,300,258        70,614         —         6,370,872   

Materials

      3,091,144        —         —         3,091,144   

Telecommunication services

      1,827,645        —         —         1,827,645   

Utilities

      3,341,622        —         —         3,341,622   

Short-term investments

      2,155,594        —         —         2,155,594   

 

  

Total

    $ 69,808,748      $ 3,000,976       $ —       $ 72,809,724   

 

  

 

TIAA-CREF Life Funds   §   2012 Annual Report     101   

Table of Contents
Notes to financial statements     

 

 

Fund    Level 1      Level 2      Level 3      Total  

 

  

Real Estate Securities

            

Casinos & gaming

    $ 245,550       $ —       $ —       $ 245,550   

Diversified REITs

      2,276,160         —         —         2,276,160   

Hotels, resorts & cruise lines

      975,120         —         —         975,120   

Industrial REITs

      6,055,025         231,271         —         6,286,296   

Office REITs

      8,872,102         —         —         8,872,102   

Real estate operating companies

      1,845,438         —         —         1,845,438   

Residential REITs

      18,941,290         —         —         18,941,290   

Retail REITs

      25,067,090         —         —         25,067,090   

Specialized REITs

      28,785,368         —         —         28,785,368   

 

  

Total

    $ 93,063,143       $ 231,271       $ —       $ 93,294,414   

 

  

International Equity

            

China

    $ —       $ 2,198,259       $ —       $ 2,198,259   

France

      —         7,907,024         —         7,907,024   

Germany

      —         12,181,217         —         12,181,217   

Hong Kong

      —         1,885,508         —         1,885,508   

India

      —         1,779,528         —         1,779,528   

Japan

      —         7,532,433         —         7,532,433   

Sweden

      —         5,303,228         —         5,303,228   

Switzerland

      —         12,016,472         —         12,016,472   

United Kingdom

      —         20,502,291         —         20,502,291   

Other

      1,435,955         3,769,721         —         5,205,676   

Short-term investments

      3,411,250         —         —         3,411,250   

 

  

Total

    $ 4,847,205       $ 75,075,681       $ —       $ 79,922,886   

 

  

Bond

            

Corporate bonds

    $ —       $ 88,753,817       $ —       $ 88,753,817   

Government bonds

      —         74,845,553         —         74,845,553   

Structured assets

      —         13,061,194         —         13,061,194   

Preferred stocks

      38,487         —         —         38,487   

Short-term investments

      —         5,299,979         —         5,299,979   

 

  

Total

    $ 38,487       $ 181,960,543       $ —       $ 181,999,030   

 

  

 

* Includes American Depositary Receipts in Level 1.
** Derivative instruments are not reflected in the summary portfolio of investments.

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.

 

102   2012 Annual Report   §   TIAA-CREF Life Funds

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     continued

 

 

At December 31, 2012, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities:

 

                   Asset derivatives                                 Liabilities derivatives               
Derivative contracts      Location      Fair value
amount		        Location      Fair value
amount		  

 

  

Growth & Income Fund

                

Equity contracts

         $ —           Written options       $ 5,293   

 

  

Small-Cap Equity Fund

                

Equity contracts

        Futures *       10,413              —   

 

  

Stock Index Fund

                

Equity contracts

           —           Futures *       5,340   

 

  

 

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

For the year ended December 31, 2012, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

 

Derivative contracts    Location      Realized
gain(loss)		     Change in
unrealized
appreciation
(depreciation)		  

 

  

Growth & Income Fund

        

Equity contracts

      Written options       $ 48,019      $ (2,577 ) 

 

  

Real Estate Securities Fund

        

Equity contracts

      Written options         171,342        —     

 

  

Small-Cap Equity Fund

        

Equity contracts

      Futures transactions         (78 )      10,413   

 

  

Stock Index Fund

        

Equity contracts

      Futures transactions         110,934        (6,744 ) 

 

  

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds 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 daily changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended

 

TIAA-CREF Life Funds   §   2012 Annual Report     103   

Table of Contents
Notes to financial statements     

 

 

December 31, 2012, the Small-Cap Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets and 0% to 2% of net assets, respectively.

At December 31, 2012, the Funds held the following open futures contracts:

 

Fund   Futures   Number of
contracts		     Settlement
value		     Expiration
date		    Unrealized
gain (loss)		  

 

  

Small-Cap Equity

   Russell 2000 Mini Index     5      $ 423,300      March 2013    $ 10,413   

 

  

Stock Index

   S&P 500 E Mini Index     21        1,491,105      March 2013      (6,236 ) 
  Russell 2000 Mini Index     2        169,320      March 2013      1,168   
  S&P MidCap 400 E Mini Index     1        101,810      March 2013      (272 ) 

 

  
      $ 1,762,235         $ (5,340 ) 

 

  

 

  

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended December 31, 2012, the Growth & Income Fund and the Real Estate Securities Fund had exposure to options, based on underlying nominal values, generally between 0% and 2% of net assets and 0% to 5% of net assets, respectively.

Written options outstanding as of December 31, 2012 were as follows:

 

Fund    Contracts        Value  

 

  

Growth & Income Fund

        

Apple, Inc., Call, 01/04/13 at $530

      1         $ (900 ) 

Apple, Inc., Call, 01/04/13 at $540

      1           (470 ) 

Apple, Inc., Call, 01/04/13 at $545

      1           (310 ) 

Apple, Inc., Call, 01/11/13 at $540

      1           (1,025 ) 

Apple, Inc., Call, 01/11/13 at $545

      1           (798 ) 

Google, Inc., Call, 01/04/13 at $720

      1           (260 ) 

Herbalife Ltd., Call, 05/18/13 at $45

      9           (1,530 ) 

 

  

Total

      15         $ (5,293 ) 

 

  

 

104   2012 Annual Report   §   TIAA-CREF Life Funds

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     continued

 

 

Transactions in written options and related premiums received during the year ended December 31, 2012, were as follows:

 

     Number of
contracts		        Premiums  

 

  

Growth & Income Fund

        

Outstanding at beginning of period

      —         $ —     

Written

      619           60,245   

Purchased

      (171 )         (20,656 ) 

Exercised

      (46 )         (6,012 ) 

Expired

      (387 )         (30,861 ) 

 

  

Outstanding at end of period

      15         $ 2,716   

 

  

Real Estate Securities Fund

        

Outstanding at beginning of period

      —         $ —   

Written

      2,760           177,812   

Purchased

      (500 )         (12,500 ) 

Exercised

      (224 )         (34,343 ) 

Expired

      (2,036 )         (130,969 ) 

 

  

Outstanding at end of period

      —         $ —   

 

  

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 providing certain administrative and operational oversight services to the Funds.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of December 31, 2012, 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 % 

Large-Cap Value

      0.45 %         0.52 % 

Real Estate Securities

      0.50 %         0.57 % 

Small-Cap Equity

      0.48 %         0.55 % 

Social Choice Equity

      0.15 %         0.22 % 

Stock Index

      0.06 %         0.09 % 

International Equity

      0.50 %         0.60 % 

Bond

      0.30 %         0.35 % 

Money Market

      0.10 %         0.15 % 

 

  

 

TIAA-CREF Life Funds   §   2012 Annual Report     105   

Table of Contents
Notes to financial statements     

 

 

* Maximum expense amounts reflect the majority of expenses, excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2013. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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.

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 December 31, 2012:

 

Fund    Investments in
funds held by
TIAA-CREF Life		      Investments
in funds
held by TIAA		      Percentage
of shares		  

 

  

Growth Equity

      100 %       — %       100 % 

Growth & Income

      83         17         100   

Large-Cap Value

      62         38         100   

Real Estate Securities

      56         44         100   

Small-Cap Equity

      55         45         100   

Social Choice Equity

      68         32         100   

Stock Index

      100         —         100   

International Equity

      100         —         100   

Bond

      59         41         100   

Money Market

      100         —         100   

 

  

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan. Cash collateral received by a Fund will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. Securities lending income consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the lending agent. Such income is reflected separately in the Statements of Operations. In lending its securities, the Fund bears the market risk with respect to the collateral investment as well as the securities loaned and also bears the risk that the counterparty may default on its obligations to the Fund.

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities

 

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Table of Contents
     continued

 

 

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.

Net unrealized appreciation (depreciation): At December 31, 2012, 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:

 

Fund    Tax cost      Gross
unrealized
appreciation		      Gross
unrealized
(depreciation)		     Net unrealized
appreciation/
(depreciation)		  

 

  

Growth Equity

    $ 38,853,187       $ 4,823,019       $ (310,695 )    $ 4,512,324   

Growth & Income

      81,420,099         13,295,122         (1,720,033 )      11,575,089   

Large-Cap Value

      70,830,675         6,596,890         (4,617,841 )      1,979,049   

Real Estate Securities

      81,477,523         13,401,419         (1,584,528 )      11,816,891   

Small-Cap Equity

      58,126,648         6,473,419         (1,840,151 )      4,633,268   

Social Choice Equity

      37,951,997         9,956,569         (4,465,484 )      5,491,085   

Stock Index

      177,626,829         60,571,968         (28,664,600 )      31,907,368   

International Equity

      73,401,158         8,908,695         (2,386,713 )      6,521,982   

Bond

      174,677,701         8,201,824         (880,495 )      7,321,329   

 

  

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended December 31, 2012 were as follows:

 

Fund    Non-U.S.
government
purchases		      U.S.
government
purchases		      Non-U.S.
government
sales		      U.S.
government
sales		  

 

  

Growth Equity

    $ 67,407,247       $ —       $ 71,618,340       $ —   

Growth & Income

      104,474,655         —         99,640,964         —   

Large-Cap Value

      50,641,542         —         51,010,584         —   

Real Estate Securities

      60,097,170         —         57,104,365         —   

Small-Cap Equity

      69,366,293         —         71,934,073         —   

Social Choice Equity

      8,246,252         —         6,362,522         —   

Stock Index

      12,082,425         —         11,086,989         —   

International Equity

      93,120,232         —         118,225,380         —   

Bond

      112,444,963         210,571,829         80,992,881         211,575,070   

 

  

 

TIAA-CREF Life Funds   §   2012 Annual Report     107   

Table of Contents
Notes to financial statements     

 

 

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended December 31, 2012 and December 31, 2011 was as follows:

 

    2012         2011  
Fund   Ordinary
income		     Long-term
capital gains		     Total         Ordinary
income		     Long-term
capital gains		     Total  

 

  

Growth Equity

   $ 298,477      $ —      $ 298,477        $ 114,292      $ —      $ 114,292   

Growth & Income

     1,583,060        6,128        1,589,188          832,617        —        832,617   

Large-Cap Value

     1,313,141        —        1,313,141          976,416        —        976,416   

Real Estate Securities

     1,696,190        —        1,696,190          967,504        —        967,504   

Small-Cap Equity

     672,128        —        672,128          317,153        —        317,153   

Social Choice Equity

     824,772        —        824,772          650,978        —        650,978   

Stock Index

     4,344,154        1,283,210        5,627,364          3,369,120        —        3,369,120   

International Equity

     1,219,392        —        1,219,392          1,625,943        —        1,625,943   

Bond

     6,398,349        1,809,392        8,207,741          5,009,099        12,940        5,022,039   

Money Market

     14,189        —        14,189          18,409        —        18,409   

 

  

As of December 31, 2012, the components of accumulated earnings on a tax basis were as follows:

 

Fund  

Undistributed/
(overdistributed)

ordinary income

     Undistributed
long-term
capital gains		     Unrealized
appreciation
(depreciation)		     Capital
loss
carryover		     Post-October
losses		     Total  

 

  

Growth Equity

   $ (7,390 )    $ —      $ 4,512,325      $ (6,152,705 )    $ (224 )    $ (1,647,994 ) 

Growth & Income

     (364,758 )      —        11,572,492        —        (85,393 )      11,122,341   

Large-Cap Value

     468,061        —        1,979,041        (3,965,824 )      (406 )      (1,519,128 ) 

Real Estate Securities

     1,160,298        —        11,816,889        (7,773,740 )      (492,901 )      4,710,546   

Small-Cap Equity

     27,537        —        4,633,268        (83,608 )      (11,724 )      4,565,473   

Social Choice Equity

     196,870        —        5,491,085        (995,311 )      —        4,692,644   

Stock Index

     546,541        376,593        31,907,361        —        (2,168 )      32,828,327   

International Equity

     1,811,374        —        6,518,851        (47,093,317 )      —        (38,763,092 ) 

Bond

     141,570        282,353        7,321,330        —        —        7,745,253   

Money Market

     1,306        —        —        —        —        1,306   

 

  

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

 

108   2012 Annual Report   §   TIAA-CREF Life Funds

Table of Contents
     continued

 

 

At December 31, 2012, the Funds had capital loss carryovers, which will expire as follows:

 

      Growth
Equity		      Large-Cap
Value		     Real Estate
Securities		     Small-Cap
Equity		     Social
Choice
Equity		     International
Equity		  

12/31/16

    $ 2,375,903       $ 291,377      $ —      $ —      $ —      $ 24,929,424   

12/31/17

      3,776,802         3,674,447        7,773,740        83,608        974,062        22,163,893   

12/31/18

      —         —        —        —        21,249        —   

 

  

Total

    $ 6,152,705       $ 3,965,824      $ 7,773,740      $ 83,608      $ 995,311      $ 47,093,317   

 

  

For the year ended December 31, 2012, the Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund and International Equity Fund utilized $4,821,412, $4,874,906, $4,856,936, $5,051,239, $2,105,451, $1,178,697, $1,066,254 and $104,484, respectively, of their capital loss carryover from prior years.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

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. For the year ended December 31, 2012, 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 unlikely.

 

TIAA-CREF Life Funds   §   2012 Annual Report     109   

Table of Contents
Report of independent registered
public accounting firm

 

To the Board of Trustees and Shareholders of TIAA-CREF Life Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, and Money Market Fund (constituting TIAA-CREF Life Funds, hereafter referred to as the “Funds”) at December 31, 2012, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

LOGO

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 19, 2013

 

110   2012 Annual Report   §   TIAA-CREF Life Funds

Table of Contents
Trustees and officers (unaudited)     

TIAA-CREF Life Funds  §  December 31, 2012

 

Trustees

 

Name, address
and date of birth (“DOB”)		    Position(s)
held with
fund		   

Term of office
and length of

time served

    Principal occupation(s)
during past 5 years		    Number of
portfolios
in fund
complex
overseen
by trustee		    Other directorship(s)
held by trustee

Forrest Berkley

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 4/25/54

    Trustee    Indefinite term. Trustee since 2006.    Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).    77    Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.

Nancy A. Eckl

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 10/6/62

    Trustee    Indefinite term. Trustee since 2007.    Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.    77    Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.

Michael A. Forrester

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 11/05/67

    Trustee    Indefinite term. Trustee since 2007.    Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).    77    Director of Copper Rock Capital Partners, LLC (investment adviser).

 

TIAA-CREF Life Funds   §   2012 Annual Report     111   

Table of Contents
Trustees and officers (unaudited)    continued

TIAA-CREF Life Funds  §  December 31, 2012

 

Trustees—concluded

 

Name, address
and date of birth (“DOB”)		    Position(s)
held with
fund		   

Term of office
and length of

time served

    Principal occupation(s)
during past 5 years		    Number of
portfolios
in fund
complex
overseen
by trustee		    Other directorship(s)
held by trustee

Howell E. Jackson

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 1/4/54

    Chairman of the Board and Trustee    Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.    James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.    77    Director, D2D Fund.

Nancy L. Jacob

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 1/15/43

    Trustee    Indefinite term. Trustee since 2001.   

Former President and Founder

(2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).

    77    None

Thomas J. Kenny

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 3/27/63

    Trustee    Indefinite term. Trustee since 2011.    Partner (2004–2010) and Managing Director (1999–2010), Goldman Sachs Asset Management.    77    Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent, Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.

 

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Table of Contents

Bridget A. Macaskill

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 8/5/48

    Trustee    Indefinite term. Trustee since 2003.    Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).    77    Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.

James M. Poterba

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 7/13/58

    Trustee    Indefinite term. Trustee since 2006.    President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).    77    Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

Maceo K. Sloan

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 10/18/49

    Trustee    Indefinite term. Trustee since 2001.    Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Former Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).    77    Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.

Laura T. Starks

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

DOB: 2/17/50

    Trustee    Indefinite term. Trustee since 2006.    Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).    77    Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

 

TIAA-CREF Life Funds   §   2012 Annual Report     113   

Table of Contents
Trustees and officers (unaudited)    continued

TIAA-CREF Life Funds  §  December 31, 2012

 

Officers

 

Name, address

and date of birth (“DOB”)

   

Position(s)

held with

fund

    Term of office
and length of
time served		    Principal occupation(s) during past 5 years

Brandon Becker

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 3/19/54

    Executive Vice President and Chief Legal Officer    One-year term. Executive Vice President and Chief Legal Officer since 2009.    Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).

Richard S. Biegen

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 5/8/62

    Chief Compliance Officer    One-year term. Vice President and Chief Compliance Officer since 2008.    Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC. (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).

Roger W. Ferguson, Jr.

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 10/28/51

    President and Principal Executive Officer    One-year term. President and Principal Executive Officer since 2012.    Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds since 2012. President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2008). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Former Chairman, Head of Financial Services and Member of the Executive Committee, Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).

 

114   2012 Annual Report   §   TIAA-CREF Life Funds

Table of Contents

Phillip G. Goff

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 11/22/63

    Principal Financial Officer, Principal Accounting Officer and Treasurer    One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.    Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of T-C Life, (since 2012). Director of TIAA-CREF Trust Company, FSB (“Trust”) (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011). Former Chief Financial Officer, Van Kampen Funds (2005–2006).

Stephen Gruppo

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 9/25/59

    Executive Vice President    One-year term. Executive Vice President since 2009.    Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management (since 2009). Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director of T-C Life (2006–2008). Former Director of TPIS, Advisors and Investment Management (2008).

Ronald R. Pressman

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 4/11/58

    Executive Vice President    One-year term. Executive Vice President since 2012.    Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).

Phillip T. Rollock

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 3/31/62

    Senior Vice President and Corporate Secretary    One-year term. Senior Vice President and Corporate Secretary since 2012.    Senior Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2012). Former Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.

 

TIAA-CREF Life Funds   §   2012 Annual Report     115   

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Trustees and officers (unaudited)    concluded

TIAA-CREF Life Funds  §  December 31, 2012

 

Officers—concluded

 

Name, address

and date of birth (“DOB”)

   

Position(s)

held with

fund

    Term of office
and length of
time served		    Principal occupation(s) during past 5 years

Otha T. Spriggs, III

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 2/16/51

    Executive Vice President   

One-year term.

Executive Vice President since 2012

    Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).

Edward D. Van Dolsen

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 4/21/58

    Executive Vice President    One-year term. Executive Vice President since 2006.    Executive Vice President, President of Retirement and Individual Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Former Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Former Director (2007–2011) and Former Executive Vice President (2008–2010) of TCAM. Manager (since 2006), Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009) and Former Executive Vice President of T-C Life (2009-2010).

Constance K. Weaver

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

DOB: 9/26/52

    Executive Vice President   

One-year term.

Executive Vice President since 2010.

    Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Former Chief Communications Officer of TIAA (2010–2011). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

The Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by telephone at 800 223-1200.

 

116   2012 Annual Report   §   TIAA-CREF Life Funds

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Important tax information (unaudited)     

TIAA-CREF Life Funds

 

For the fiscal year ended December 31, 2012, the TIAA-CREF Life Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.

 

Fund      Section 1250
gains		        Long-term
capital gains		        Total  

 

  

Growth Equity

      $ —         $ —         $ —   

Growth & Income

        —           6,128           6,128   

Large-Cap Value

        —           —           —   

Real Estate Securities

        —           —           —   

Small-Cap Equity

        —           —           —   

Social Choice Equity

        —           —           —   

Stock Index

        —           1,283,210           1,283,210   

International Equity

        —           —           —   

Bond

        —           1,809,392           1,809,392   

Money Market

        —           —           —   

For the fiscal year ended December 31, 2012, the TIAA-CREF Life Funds designate the following percentages (or maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

 

Fund      Percentage  

 

  

Growth Equity

        100.00 % 

Growth & Income

        100.00 % 

Large-Cap Value

        100.00 % 

Real Estate Securities

        1.91 % 

Small-Cap Equity

        86.54 % 

Social Choice Equity

        97.64 % 

Stock Index

        88.49 % 

The TIAA-CREF Life International Equity Fund received income from foreign sources during the year ended December 31, 2012 of $1,514,033 ($0.33168 per share), and paid taxes to foreign countries during the year ended December 31, 2012 of $20,684 ($0.00453 per share).

 

TIAA-CREF Life Funds   §   2012 Annual Report     117   

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[This page intentionally left blank.]

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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

National contact 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 8 p.m. ET, Monday–Friday

For the hearing- or

speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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.

 

 

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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730 Third Avenue

New York, NY 10017-3206

   
    
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LOGO   Printed on paper containing recycled fiber

   
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Item 2. Code of Ethics.

2(a)   The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b)   No response required.

2(c)   During the reporting period, there were no amendments to the code of ethics.

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

2(e)   Not applicable.

2(f)   A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

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Item 3. Audit Committee Financial Expert.

3(a)(1)   The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2)   Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

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Item 4. Principal Accountant Fees and Services.

    PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a)   Audit Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $317,500 and $306,000, respectively.

4(b)   Audit Related Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0; respectively.

4(c)   Tax Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for tax services billed to the Registrant were $116,640 and $112,210, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d)   All Other Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for all other services billed to the Registrant were $1,500 and $7,000, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

    The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of

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its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2012 and December 31, 2011, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $417,730 and $256,730, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

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Item 5. Audited Committee of Listed Registrants.

Not Applicable.

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Item 6. Schedule of Investments.

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TIAA-CREF LIFE FUNDS - Growth Equity Fund

 

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 99.8%

  

AUTOMOBILES & COMPONENTS - 1.1%

   

7,490

   *   

Delphi Automotive plc

    $ 286,492   

2,531

   *   

General Motors Co

      72,969   

2,639

   *,e   

Tesla Motors, Inc

      89,383   
       

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

      448,844   
       

 

 

  

CAPITAL GOODS - 7.7%

   

12,553

     

Boeing Co

      945,994   

3,768

     

Cummins, Inc

      408,263   

5,960

     

Precision Castparts Corp

      1,128,943   

3,067

     

Roper Industries, Inc

      341,909   

2,199

     

W.W. Grainger, Inc

      445,012   
       

 

 

  
    

TOTAL CAPITAL GOODS

      3,270,121   
       

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 2.0%

   

12,658

   *   

Nielsen Holdings NV

      387,208   

9,065

   *   

Verisk Analytics, Inc

      462,315   
       

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

      849,523   
       

 

 

  

CONSUMER DURABLES & APPAREL - 4.1%

   

11,705

     

Luxottica Group S.p.A.

      483,122   

11,092

     

Nike, Inc (Class B)

      572,347   

3,989

     

Ralph Lauren Corp

      598,031   

725

     

VF Corp

      109,453   
       

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

      1,762,953   
       

 

 

  

CONSUMER SERVICES - 4.0%

   

2,287

   *   

Hyatt Hotels Corp

      88,210   

18,145

     

Las Vegas Sands Corp

      837,573   

1,776

   *   

Penn National Gaming, Inc

      87,219   

13,249

     

Starbucks Corp

      710,412   
       

 

 

  
    

TOTAL CONSUMER SERVICES

      1,723,414   
       

 

 

  

DIVERSIFIED FINANCIALS - 4.1%

   

2,224

   *   

Affiliated Managers Group, Inc

      289,454   

5,341

     

Ameriprise Financial, Inc

      334,507   

8,612

     

Blackstone Group LP

      134,261   

1,839

   *   

IntercontinentalExchange, Inc

      227,686   

14,858

     

Moody’s Corp

      747,655   
       

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

      1,733,563   
       

 

 

  

ENERGY - 3.3%

   

2,149

   *   

Concho Resources, Inc

      173,123   

1,914

     

EOG Resources, Inc

      231,192   

14,541

     

Schlumberger Ltd

      1,007,546   
       

 

 

  
    

TOTAL ENERGY

      1,411,861   
       

 

 

  

FOOD, BEVERAGE & TOBACCO - 1.0%

   

2,936

   *   

Constellation Brands, Inc (Class A)

      103,905   

3,502

   *   

Dean Foods Co

      57,818   

3,768

     *,e   

Green Mountain Coffee Roasters, Inc

      155,844   

1,753

     

Hershey Co

      126,602   
       

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

      444,169   
       

 

 

  

 

1

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TIAA-CREF LIFE FUNDS - Growth Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

HEALTH CARE EQUIPMENT & SERVICES - 2.7%

   

3,894

   *   

Cerner Corp

    $ 302,330   

3,335

   *   

Edwards Lifesciences Corp

      300,717   

1,101

   *   

Intuitive Surgical, Inc

      539,897   
       

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

      1,142,944   
       

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 2.6%

   

4,485

     

Beiersdorf AG.

      367,235   

12,328

     

Estee Lauder Cos (Class A)

      737,954   
       

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

      1,105,189   
       

 

 

  

MATERIALS - 5.5%

   

1,086

     

Ashland, Inc

      87,325   

967

     

CF Industries Holdings, Inc

      196,456   

2,927

     

Cleveland-Cliffs, Inc

      112,865   

4,667

     

Ecolab, Inc

      335,557   

13,460

     

Monsanto Co

      1,273,989   

2,425

     

PPG Industries, Inc

      328,224   
       

 

 

  
    

TOTAL MATERIALS

      2,334,416   
       

 

 

  

MEDIA - 4.7%

   

16,233

     

CBS Corp (Class B)

      617,666   

22,830

     

Comcast Corp (Class A)

      853,385   

1,721

   *   

Discovery Communications, Inc (Class A)

      109,249   

8,605

     

Walt Disney Co

      428,443   
       

 

 

  
    

TOTAL MEDIA

      2,008,743   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.4%

   

4,486

   *   

Alexion Pharmaceuticals, Inc

      420,832   

7,189

     

Allergan, Inc

      659,447   

8,080

     

Amgen, Inc

      697,465   

3,496

   *   

Biogen Idec, Inc

      512,758   

1,270

   *   

BioMarin Pharmaceuticals, Inc

      62,547   

13,267

   *   

Celgene Corp

      1,044,378   

7,256

   *   

Gilead Sciences, Inc

      532,953   

6,040

     *,e   

Illumina, Inc

      335,764   

2,741

   *   

Medivation, Inc

      140,230   

3,436

     

Perrigo Co

      357,447   

725

   *   

Regeneron Pharmaceuticals, Inc

      124,026   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      4,887,847   
       

 

 

  

REAL ESTATE - 0.2%

   

2,286

   *   

Realogy Holdings Corp

      95,921   
       

 

 

  
    

TOTAL REAL ESTATE

      95,921   
       

 

 

  

RETAILING - 6.0%

   

5,095

   *   

Amazon.com, Inc

      1,279,558   

3,002

   *   

Carmax, Inc

      112,695   

5,283

     

Expedia, Inc

      324,641   

7,338

     

Home Depot, Inc

      453,855   

8,494

     

Limited Brands, Inc

      399,728   
       

 

 

  
    

TOTAL RETAILING

      2,570,477   
       

 

 

  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%

   

11,787

     

Broadcom Corp (Class A)

      391,446   

14,080

     

Maxim Integrated Products, Inc

      413,952   
       

 

 

  
    

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

      805,398   
       

 

 

  

SOFTWARE & SERVICES - 23.9%

   

21,867

   *   

Adobe Systems, Inc

      823,949   

27,149

   *   

eBay, Inc

      1,385,142   

 

2

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TIAA-CREF LIFE FUNDS - Growth Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

18,630

   *   

Facebook, Inc

    $ 496,117   

6,487

   *   

Gartner, Inc

      298,532   

1,568

   *   

Google, Inc (Class A)

      1,112,292   

27,281

     

Intuit, Inc

      1,623,219   

3,524

   *   

LinkedIn Corp

      404,626   

1,755

     

Mastercard, Inc (Class A)

      862,196   

2,857

   *   

Nuance Communications, Inc

      63,768   

20,284

     

Oracle Corp

      675,863   

12,900

   *   

Red Hat, Inc

      683,184   

1,130

   *   

Salesforce.com, Inc

      189,953   

2,254

   *   

Sina Corp

      113,196   

4,097

   *   

TIBCO Software, Inc

      90,175   

7,742

     

Visa, Inc (Class A)

      1,173,532   

2,316

   *   

VMware, Inc (Class A)

      218,028   
       

 

 

  
    

TOTAL SOFTWARE & SERVICES

      10,213,772   
       

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 11.2%

   

5,179

     

Apple, Inc

      2,760,562   

32,195

   *   

EMC Corp

      814,534   

3,437

   *   

F5 Networks, Inc

      333,905   

3,412

   *   

Juniper Networks, Inc

      67,114   

13,271

     

Qualcomm, Inc

      823,067   
       

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

      4,799,182   
       

 

 

  

TELECOMMUNICATION SERVICES - 0.5%

   

3,110

   *   

SBA Communications Corp (Class A)

      220,872   
       

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

      220,872   
       

 

 

  

TRANSPORTATION - 1.9%

   

1,799

   e   

Canadian Pacific Railway Ltd

      182,814   

3,666

     

FedEx Corp

      336,246   

17,140

   *   

Hertz Global Holdings, Inc

      278,868   
       

 

 

  
    

TOTAL TRANSPORTATION

      797,928   
       

 

 

  
    

TOTAL COMMON STOCKS

(Cost $38,088,615)

      42,627,137   
       

 

 

  

SHORT-TERM INVESTMENTS - 1.7%

  

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%

   

738,374

   c    TIAA-CREF Short Term Lending Portfolio of the State Street
Navigator Securities Lending Trust		      738,374   
       

 

 

  
    

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

      738,374   
       

 

 

  
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $738,374)

      738,374   
       

 

 

  
    

TOTAL INVESTMENTS - 101.5%

(Cost $38,826,989)

      43,365,511   
    

OTHER ASSETS & LIABILITIES, NET - (1.5)%

      (655,073 ) 
       

 

 

  
     NET ASSETS - 100.0%    $ 42,710,438   
       

 

 

  

 

* Non-income producing.

 

c Investments made with cash collateral received from securities on loan.

 

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $733,411.

 

3

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TIAA-CREF LIFE FUNDS - Growth & Income Fund

 

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 99.6%

  

AUTOMOBILES & COMPONENTS - 1.0%

   

10,683

   *   

Delphi Automotive plc

    $ 408,625   

38,581

     

Ford Motor Co

      499,624   
       

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

      908,249   
       

 

 

  

BANKS - 2.9%

   

11,675

     

TCF Financial Corp

      141,851   

28,707

     

US Bancorp

      916,901   

47,670

     

Wells Fargo & Co

      1,629,361   
       

 

 

  
    

TOTAL BANKS

      2,688,113   
       

 

 

  

CAPITAL GOODS - 7.7%

   

9,501

     

Boeing Co

      715,995   

7,657

     

Eaton Corp

      415,009   

5,313

     

Emerson Electric Co

      281,377   

74,552

     

General Electric Co

      1,564,847   

18,684

     

Honeywell International, Inc

      1,185,873   

27,047

     

Invensys plc

      144,743   

3,636

     

Pall Corp

      219,105   

6,216

     

Pentair Ltd

      305,517   

2,135

     

Precision Castparts Corp

      404,412   

4,175

     

Rockwell Automation, Inc

      350,658   

5,581

     

Rockwell Collins, Inc

      324,647   

5,359

     

Roper Industries, Inc

      597,421   

2,973

     

SPX Corp

      208,556   

4,388

   *   

Teledyne Technologies, Inc

      285,527   

708

     

W.W. Grainger, Inc

      143,278   
       

 

 

  
    

TOTAL CAPITAL GOODS

      7,146,965   
       

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%

   

12,952

     

Tyco International Ltd

      378,846   
       

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

      378,846   
       

 

 

  

CONSUMER DURABLES & APPAREL - 1.3%

   

19,266

     

DR Horton, Inc

      381,082   

5,887

     

Jarden Corp

      304,358   

3,439

     

Phillips-Van Heusen Corp

      381,763   

2,866

   *,e   

Under Armour, Inc (Class A)

      139,087   
       

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

      1,206,290   
       

 

 

  

CONSUMER SERVICES - 1.9%

   

5,116

     

Las Vegas Sands Corp

      236,154   

1,903

   *   

Panera Bread Co (Class A)

      302,253   

8,616

   *   

Penn National Gaming, Inc

      423,132   

45,410

     

Sands China Ltd

      203,013   

4,613

     

Six Flags Entertainment Corp

      282,316   

4,709

     

Yum! Brands, Inc

      312,678   
       

 

 

  
    

TOTAL CONSUMER SERVICES

      1,759,546   
       

 

 

  

DIVERSIFIED FINANCIALS - 7.6%

   

9,081

     

American Express Co

      521,976   

9,631

     

Ameriprise Financial, Inc

      603,189   

103,381

     

Bank of America Corp

      1,199,220   

37,137

     

Citigroup, Inc

      1,469,140   

 

4

Table of Contents

TIAA-CREF LIFE FUNDS - Growth & Income Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

21,035

     

Discover Financial Services

    $ 810,899   

3,263

     

Goldman Sachs Group, Inc

      416,228   

23,484

     

JPMorgan Chase & Co

      1,032,591   

43,355

     

Morgan Stanley

      828,948   

1,023

   *   

Portfolio Recovery Associates, Inc

      109,318   
       

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

      6,991,509   
       

 

 

  

ENERGY - 10.5%

   

12,814

     

Anadarko Petroleum Corp

      952,209   

9,269

   *   

Cameron International Corp

      523,328   

10,623

   *   

Cheniere Energy, Inc

      199,500   

12,830

     

Chevron Corp

      1,387,436   

6,651

   *   

Cobalt International Energy, Inc

      163,348   

4,816

     

EOG Resources, Inc

      581,725   

35,198

     

Exxon Mobil Corp

      3,046,387   

12,169

     

Occidental Petroleum Corp

      932,267   

5,955

     

Phillips 66

      316,210   

16,144

     

Schlumberger Ltd

      1,118,618   

10,743

     

Transocean Ltd-NYSE

      479,675   
       

 

 

  
    

TOTAL ENERGY

      9,700,703   
       

 

 

  

FOOD & STAPLES RETAILING - 0.7%

   

6,648

     

Whole Foods Market, Inc

      607,162   
       

 

 

  
    

TOTAL FOOD & STAPLES RETAILING

      607,162   
       

 

 

  

FOOD, BEVERAGE & TOBACCO - 7.2%

   

4,918

     

Brown-Forman Corp (Class B)

      311,063   

37,781

     

Coca-Cola Co

      1,369,561   

16,018

   *   

D.E Master Blenders 1753 NV

      184,026   

18,122

   *   

Dean Foods Co

      299,194   

1,635

     

Diageo plc (ADR)

      190,608   

11,454

     

Hershey Co

      827,208   

7,311

     

Ingredion, Inc

      471,048   

13,100

     

Kellogg Co

      731,635   

8,720

   *   

Monster Beverage Corp

      461,114   

18,309

     

Philip Morris International, Inc

      1,531,365   

2,674

     

Remy Cointreau S.A.

      292,000   
       

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

      6,668,822   
       

 

 

  

HEALTH CARE EQUIPMENT & SERVICES - 3.0%

   

17,001

     

Abbott Laboratories

      1,113,565   

16,777

     

Aetna, Inc

      776,775   

9,064

   *   

Catamaran Corp

      427,005   

10,135

     

Medtronic, Inc

      415,738   
       

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

      2,733,083   
       

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%

   

3,982

     

Beiersdorf AG.

      326,049   

6,725

     

Church & Dwight Co, Inc

      360,258   

3,775

   d,e   

Herbalife Ltd

      124,348   

12,694

     

Procter & Gamble Co

      861,796   
       

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

      1,672,451   
       

 

 

  

INSURANCE - 3.3%

   

12,598

     

ACE Ltd

      1,005,320   

9,279

   *   

American International Group, Inc

      327,549   

7,807

     

Fidelity National Title Group, Inc (Class A)

      183,855   

22,500

     

Hartford Financial Services Group, Inc

      504,900   

11,494

     

Metlife, Inc

      378,612   

8,827

     

Travelers Cos, Inc

      633,955   
       

 

 

  
    

TOTAL INSURANCE

      3,034,191   
       

 

 

  

 

5

Table of Contents

TIAA-CREF LIFE FUNDS - Growth & Income Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

MATERIALS - 5.1%

   

2,744

     

Agnico-Eagle Mines Ltd

    $ 143,950   

4,984

     

Ashland, Inc

      400,764   

946

     

Celanese Corp (Series A)

      42,125   

264

     

CF Industries Holdings, Inc

      53,634   

11,459

     

Cleveland-Cliffs, Inc

      441,859   

6,558

     

Cytec Industries, Inc

      451,387   

4,401

     

FMC Corp

      257,547   

10,560

     

International Paper Co

      420,710   

6,076

     

LyondellBasell Industries AF S.C.A

      346,879   

13,072

     

Monsanto Co

      1,237,265   

3,844

     

PPG Industries, Inc

      520,285   

24,870

     

Sealed Air Corp

      435,474   
       

 

 

  
    

TOTAL MATERIALS

      4,751,879   
       

 

 

  

MEDIA - 3.2%

   

5,117

     

CBS Corp (Class B)

      194,702   

30,180

     

Comcast Corp (Class A)

      1,128,128   

10,143

     

Gannett Co, Inc

      182,675   

9,106

     

Time Warner, Inc

      435,540   

6,809

     

Viacom, Inc (Class B)

      359,107   

14,081

     

Walt Disney Co

      701,093   
       

 

 

  
    

TOTAL MEDIA

      3,001,245   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%

   

4,516

   *   

Alexion Pharmaceuticals, Inc

      423,646   

4,187

     

Allergan, Inc

      384,074   

7,851

     

Amgen, Inc

      677,698   

6,235

     

Bayer AG.

      594,581   

4,619

   *   

Biogen Idec, Inc

      677,469   

7,309

   *   

BioMarin Pharmaceuticals, Inc

      359,968   

15,924

   *   

Gilead Sciences, Inc

      1,169,618   

5,720

   *   

Jazz Pharmaceuticals plc

      304,304   

13,554

     

Johnson & Johnson

      950,135   

3,731

   *   

Medivation, Inc

      190,878   

7,679

   *   

Mylan Laboratories, Inc

      211,019   

80,256

     

Pfizer, Inc

      2,012,821   

1,563

     

Roche Holding AG.

      316,009   

4,095

     

Sanofi-Aventis

      388,328   

7,310

   *   

Watson Pharmaceuticals, Inc

      628,660   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      9,289,208   
       

 

 

  

REAL ESTATE - 0.5%

   

2,753

     

AvalonBay Communities, Inc

      373,279   

2,240

   *   

Realogy Holdings Corp

      93,991   
       

 

 

  
    

TOTAL REAL ESTATE

      467,270   
       

 

 

  

RETAILING - 6.1%

   

3,089

   *   

Amazon.com, Inc

      775,772   

5,331

     

Expedia, Inc

      327,590   

16,405

     

Foot Locker, Inc

      526,929   

20,985

     

Home Depot, Inc

      1,297,922   

14,574

     

Macy’s, Inc

      568,677   

1,077

   *,e   

NetFlix, Inc

      99,924   

4,706

     

Petsmart, Inc

      321,608   

11,990

     

Target Corp

      709,448   

3,040

     

Tiffany & Co

      174,314   

13,650

     

TJX Companies, Inc

      579,442   

6,807

   *   

Urban Outfitters, Inc

      267,924   
       

 

 

  
    

TOTAL RETAILING

      5,649,550   
       

 

 

  

 

6

Table of Contents

TIAA-CREF LIFE FUNDS - Growth & Income Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1%

   

13,503

     

Broadcom Corp (Class A)

    $ 448,435   

26,664

   *   

Imagination Technologies Group plc

      173,897   

13,277

     

Maxim Integrated Products, Inc

      390,344   
       

 

 

  
    

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

      1,012,676   
       

 

 

  

SOFTWARE & SERVICES - 9.4%

   

2,626

   *   

Alliance Data Systems Corp

      380,140   

10,805

   *   

Aspen Technology, Inc

      298,650   

2,154

   *   

BMC Software, Inc

      85,428   

19,412

   *   

eBay, Inc

      990,400   

3,841

   *   

Facebook, Inc

      102,286   

7,086

   *   

Fortinet, Inc

      149,302   

1,699

   *,d   

Google, Inc (Class A)

      1,205,220   

6,609

     

International Business Machines Corp

      1,265,954   

28,143

   *   

Jive Software, Inc

      408,918   

4,487

   *   

Micros Systems, Inc

      190,428   

52,381

     

Microsoft Corp

      1,400,144   

2,446

   *   

MicroStrategy, Inc (Class A)

      228,407   

29,996

     

Oracle Corp

      999,467   

17,174

   *   

Take-Two Interactive Software, Inc

      189,086   

10,920

   *   

TIBCO Software, Inc

      240,349   

8,800

   *   

TiVo, Inc

      108,416   

23,914

   *   

Yahoo!, Inc

      475,888   
       

 

 

  
    

TOTAL SOFTWARE & SERVICES

      8,718,483   
       

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 8.2%

   

7,126

   d   

Apple, Inc

      3,798,372   

52,907

     

Cisco Systems, Inc

      1,039,623   

20,156

   *   

EMC Corp

      509,947   

3,948

   *   

F5 Networks, Inc

      383,548   

33,118

   *   

JDS Uniphase Corp

      448,418   

18,015

     

Qualcomm, Inc

      1,117,290   

6,681

   *   

SanDisk Corp

      291,024   
       

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

      7,588,222   
       

 

 

  

TELECOMMUNICATION SERVICES - 2.7%

   

13,089

     

CenturyTel, Inc

      512,042   

7,500

   *   

SBA Communications Corp (Class A)

      532,650   

9,682

   *   

tw telecom inc (Class A)

      246,600   

27,566

     

Verizon Communications, Inc

      1,192,781   
       

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

      2,484,073   
       

 

 

  

TRANSPORTATION - 1.9%

   

4,840

   e   

Canadian Pacific Railway Ltd

      491,841   

4,129

     

CH Robinson Worldwide, Inc

      261,035   

25,737

   *   

Delta Air Lines, Inc

      305,498   

12,652

   *   

Hertz Global Holdings, Inc

      205,848   

3,031

     

Kansas City Southern Industries, Inc

      253,028   

7,036

   *   

Old Dominion Freight Line

      241,194   
       

 

 

  
    

TOTAL TRANSPORTATION

      1,758,444   
       

 

 

  

UTILITIES - 2.0%

   

9,609

     

American Water Works Co, Inc

      356,782   

13,215

   *   

Calpine Corp

      239,588   

11,986

     

Edison International

      541,647   

6,143

     

NextEra Energy, Inc

      425,034   

4,043

     

Sempra Energy

      286,811   
       

 

 

  
    

TOTAL UTILITIES

      1,849,862   
       

 

 

  
     TOTAL COMMON STOCKS
(Cost $80,198,709)		      92,066,842   
       

 

 

  

 

7

Table of Contents

TIAA-CREF LIFE FUNDS - Growth & Income Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

SHORT-TERM INVESTMENTS - 1.0%

   

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%

   

928,346

   c   

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

    $ 928,346   
       

 

 

  
    

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

      928,346   
       

 

 

  
     TOTAL SHORT-TERM INVESTMENTS
(Cost $928,346)		      928,346   
       

 

 

  
     TOTAL INVESTMENTS - 100.6%
(Cost $81,127, 055)		      92,995,188   
     OTHER ASSETS & LIABILITIES, NET - (0.6)%      (586,512 ) 
       

 

 

  
     NET ASSETS - 100.0%    $ 92,408,676   
       

 

 

  

 

Abbreviation(s):

ADR American Depositary Receipt

 

* Non-income producing.

 

c Investments made with cash collateral received from securities on loan.

 

d All or a portion of these securities have been segregated to cover margin requirements on open written options contracts.

 

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $934,272.

 

8

Table of Contents

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

 

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 98.5%

  

AUTOMOBILES & COMPONENTS - 1.0%

   

13,958

   *   

American Axle & Manufacturing Holdings, Inc

    $ 156,329   

4,403

   *   

Delphi Automotive plc

      168,415   

31,208

     

Ford Motor Co

      404,144   
       

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

      728,888   
       

 

 

  

BANKS - 5.1%

   

48,766

     

Barclays plc

      211,839   

2,911

     

BB&T Corp

      84,739   

37,229

     

Huntington Bancshares, Inc

      237,893   

33,550

     

Regions Financial Corp

      238,876   

29,322

   e   

Synovus Financial Corp

      71,839   

36,058

     

TCF Financial Corp

      438,105   

12,152

     

US Bancorp

      388,135   

57,335

     

Wells Fargo & Co

      1,959,710   
       

 

 

  
    

TOTAL BANKS

      3,631,136   
       

 

 

  

CAPITAL GOODS - 7.5%

   

6,584

     

Boeing Co

      496,170   

13,345

   *   

Edwards Group Ltd (ADR)

      81,138   

4,050

     

General Dynamics Corp

      280,543   

125,362

     

General Electric Co

      2,631,348   

41,955

     

Invensys plc

      224,524   

1,446

     

L-3 Communications Holdings, Inc

      110,793   

9,227

     

Masco Corp

      153,722   

9,457

     

Pentair Ltd

      464,812   

4,718

     *,e   

Polypore International, Inc

      219,387   

8,489

     

SPX Corp

      595,503   

6,542

     

Textron, Inc

      162,176   
       

 

 

  
    

TOTAL CAPITAL GOODS

      5,420,116   
       

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%

   

9,520

     

ADT Corp

      442,585   

9,007

     

Tyco International Ltd

      263,455   
       

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

      706,040   
       

 

 

  

CONSUMER DURABLES & APPAREL - 0.8%

   

6,256

     

Jarden Corp

      323,435   

13,817

   *   

Pulte Homes, Inc

      250,917   
       

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

      574,352   
       

 

 

  

CONSUMER SERVICES - 3.0%

   

7,158

   *   

Bloomin’ Brands, Inc

      111,951   

12,876

     

Carnival Corp

      473,451   

5,626

   *   

Hyatt Hotels Corp

      216,995   

9,794

     

Interval Leisure Group, Inc

      189,906   

4,847

     

Las Vegas Sands Corp

      223,737   

22,136

   *   

Orient-Express Hotels Ltd (Class A)

      258,770   

10,215

   *   

Penn National Gaming, Inc

      501,659   

2,217

     

Six Flags Entertainment Corp

      135,680   

2,076

     

Sotheby’s (Class A)

      69,795   
       

 

 

  
    

TOTAL CONSUMER SERVICES

      2,181,944   
       

 

 

  

 

9

Table of Contents

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

DIVERSIFIED FINANCIALS - 9.4%

   

3,688

     

American Express Co

    $ 211,986   

8,195

     

Apollo Management LP

      142,265   

100,309

     

Bank of America Corp

      1,163,584   

14,413

     

Blackstone Group LP

      224,699   

2,536

     

Capital One Financial Corp

      146,911   

34,627

     

Citigroup, Inc

      1,369,844   

9,076

     

Discover Financial Services

      349,880   

26,200

     

JPMorgan Chase & Co

      1,152,014   

10,643

     

Legg Mason, Inc

      273,738   

43,632

     

Morgan Stanley

      834,244   

7,533

     

Northern Trust Corp

      377,855   

10,041

     

State Street Corp

      472,027   
       

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

      6,719,047   
       

 

 

  

ENERGY - 15.2%

   

6,249

     

Anadarko Petroleum Corp

      464,363   

19,303

     

Baker Hughes, Inc

      788,335   

3,711

     

Cabot Oil & Gas Corp

      184,585   

4,906

     

Cenovus Energy, Inc

      164,547   

6,313

   *   

Cheniere Energy, Inc

      118,558   

16,465

     

Chevron Corp

      1,780,525   

11,758

   *   

Cobalt International Energy, Inc

      288,777   

710

   *   

Concho Resources, Inc

      57,198   

4,520

   e   

Crescent Point Energy Corp

      170,948   

5,575

     

Energy Transfer Partners LP

      239,335   

3,403

     

EOG Resources, Inc

      411,048   

936

     

Equitable Resources, Inc

      55,205   

33,661

   e   

EXCO Resources, Inc

      227,885   

30,339

     

Exxon Mobil Corp

      2,625,840   

38,755

   *   

Kodiak Oil & Gas Corp

      342,982   

4,524

     

Marathon Oil Corp

      138,706   

3,204

     

Marathon Petroleum Corp

      201,852   

16,715

   *   

Matador Resources Co

      137,063   

1,101

     

Noble Energy, Inc

      112,016   

14,650

     

Occidental Petroleum Corp

      1,122,337   

4,171

     

Phillips 66

      221,480   

5,345

   *   

Southwestern Energy Co

      178,576   

255

     

Spectra Energy Corp

      6,982   

61,591

   *   

Weatherford International Ltd

      689,203   

5,323

     

Williams Cos, Inc

      174,275   
       

 

 

  
    

TOTAL ENERGY

      10,902,621   
       

 

 

  

FOOD & STAPLES RETAILING - 0.4%

   

2,745

     

CVS Corp

      132,721   

4,579

     

Walgreen Co

      169,469   
       

 

 

  
    

TOTAL FOOD & STAPLES RETAILING

      302,190   
       

 

 

  

FOOD, BEVERAGE & TOBACCO - 3.9%

   

11,722

     

Altria Group, Inc

      368,305   

4,920

   *   

Constellation Brands, Inc (Class A)

      174,119   

29,829

   *   

D.E Master Blenders 1753 NV

      342,697   

10,500

   *,e   

Green Mountain Coffee Roasters, Inc

      434,280   

2,658

     

Kellogg Co

      148,449   

10,754

   *   

Kraft Foods Group, Inc

      488,984   

18,620

     

Mondelez International, Inc

      474,252   

1,360

     

Philip Morris International, Inc

      113,750   

2,174

     

Remy Cointreau S.A.

      237,400   

485

   *   

WhiteWave Foods Co

      7,537   
       

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

      2,789,773   
       

 

 

  

 

10

Table of Contents

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

HEALTH CARE EQUIPMENT & SERVICES - 4.1%

   

5,253

     

Abbott Laboratories

    $ 344,072   

2,649

     

Baxter International, Inc

      176,582   

24,408

   *   

Boston Scientific Corp

      139,858   

13,876

     

Cardinal Health, Inc

      571,414   

3,814

     

Cigna Corp

      203,897   

10,042

     

Medtronic, Inc

      411,923   

9,000

   *,e   

Olympus Corp

      174,606   

4,307

   *   

Tenet Healthcare Corp

      139,848   

12,829

     

UnitedHealth Group, Inc

      695,845   

1,647

     

WellPoint, Inc

      100,335   
       

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

      2,958,380   
       

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 3.2%

   

21,340

     

Avon Products, Inc

      306,442   

3,029

     

Beiersdorf AG.

      248,017   

4,234

     

Nu Skin Enterprises, Inc (Class A)

      156,870   

23,532

     

Procter & Gamble Co

      1,597,587   
       

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

      2,308,916   
       

 

 

  

INSURANCE - 6.2%

   

7,716

     

ACE Ltd

      615,737   

5,877

     

Allstate Corp

      236,079   

3,046

     

Aon plc

      169,358   

1

   *   

Berkshire Hathaway, Inc

      134,060   

3,783

   *   

Berkshire Hathaway, Inc (Class B)

      339,335   

17,441

     

Hartford Financial Services Group, Inc

      391,376   

11,365

     

Marsh & McLennan Cos, Inc

      391,751   

11,583

     

Metlife, Inc

      381,544   

1,490

     

PartnerRe Ltd

      119,930   

15,417

     

Principal Financial Group

      439,693   

7,842

     

Prudential Financial, Inc

      418,214   

1,715

     

RenaissanceRe Holdings Ltd

      139,361   

6,826

     

Travelers Cos, Inc

      490,243   

8,687

     

XL Capital Ltd

      217,696   
       

 

 

  
    

TOTAL INSURANCE

      4,484,377   
       

 

 

  

MATERIALS - 4.3%

   

3,273

     

Ashland, Inc

      263,182   

15,582

     

Cleveland-Cliffs, Inc

      600,842   

11,143

     

Dow Chemical Co

      360,142   

6,315

     

Georgia Gulf Corp

      260,683   

4,654

     

LyondellBasell Industries AF S.C.A

      265,697   

4,482

     

Mosaic Co

      253,816   

15,887

     

PolyOne Corp

      324,412   

22,714

     

Sealed Air Corp

      397,722   

10,163

     

Walter Energy, Inc

      364,648   
       

 

 

  
    

TOTAL MATERIALS

      3,091,144   
       

 

 

  

MEDIA - 1.7%

   

11,444

     

Comcast Corp (Class A)

      427,777   

9,131

     

News Corp (Class A)

      233,206   

11,910

     

Time Warner, Inc

      569,655   
       

 

 

  
    

TOTAL MEDIA

      1,230,638   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%

   

4,095

     

Amgen, Inc

      353,480   

3,130

     

Bayer AG.

      298,482   

34,685

   *   

Biovitrum AB

      196,286   

5,767

     

Eli Lilly & Co

      284,428   

11,330

     

Johnson & Johnson

      794,233   

2,593

   *   

Medivation, Inc

      132,658   

 

11

Table of Contents

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

23,576

     

Merck & Co, Inc

    $ 965,201   

82,450

     

Pfizer, Inc

      2,067,846   

26,152

     

Teva Pharmaceutical Industries Ltd (ADR)

      976,516   

6,688

     

Warner Chilcott plc

      80,524   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      6,149,654   
       

 

 

  

REAL ESTATE - 2.4%

   

900

     

Boston Properties, Inc

      95,229   

31,372

     

Chimera Investment Corp

      81,881   

11,694

   *   

Forest City Enterprises, Inc (Class A)

      188,858   

14,324

     

Kimco Realty Corp

      276,740   

8,796

     

Mack-Cali Realty Corp

      229,663   

4,099

     

Potlatch Corp

      160,640   

4,709

   *   

Realogy Holdings Corp

      197,590   

113

     

Rouse Properties, Inc

      1,912   

2,615

     

SL Green Realty Corp

      200,440   

4,286

     

Starwood Property Trust, Inc

      98,406   

24,000

     

Wharf Holdings Ltd

      191,273   
       

 

 

  
    

TOTAL REAL ESTATE

      1,722,632   
       

 

 

  

RETAILING - 2.8%

   

3,749

     

Abercrombie & Fitch Co (Class A)

      179,840   

16,122

     

Best Buy Co, Inc

      191,046   

4,887

     

Expedia, Inc

      300,306   

378,046

     

Hengdeli Holdings Ltd

      138,676   

14,655

   e   

JC Penney Co, Inc

      288,850   

48,000

   e   

Li & Fung Ltd

      86,615   

8,889

   *   

Liberty Media Holding Corp (Interactive A)

      174,935   

48,500

     

Lifestyle International Holdings Ltd

      119,973   

11,658

     

Lowe’s Companies, Inc

      414,092   

1,494

     

Target Corp

      88,400   
       

 

 

  
    

TOTAL RETAILING

      1,982,733   
       

 

 

  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%

   

4,492

     

Avago Technologies Ltd

      142,217   

7,804

     

Broadcom Corp (Class A)

      259,171   

28,620

   *,e   

Freescale Semiconductor Holdings Ltd

      315,106   

8,396

   *   

Lam Research Corp

      303,348   

31,497

     

Marvell Technology Group Ltd

      228,668   

4,508

     

Nvidia Corp

      55,403   

59,060

   *   

ON Semiconductor Corp

      416,373   

25,537

   *   

RF Micro Devices, Inc

      114,406   
       

 

 

  
    

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

      1,834,692   
       

 

 

  

SOFTWARE & SERVICES - 2.4%

   

4,843

   *   

Adobe Systems, Inc

      182,484   

9,083

     

AOL, Inc

      268,948   

2,654

     

DST Systems, Inc

      160,832   

11,091

   *   

eBay, Inc

      565,863   

3,980

   *,e   

VistaPrint Ltd

      130,783   

20,049

   *   

Yahoo!, Inc

      398,975   
       

 

 

  
    

TOTAL SOFTWARE & SERVICES

      1,707,885   
       

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%

   

8,072

   *   

Ciena Corp

      126,730   

68,689

     

Cisco Systems, Inc

      1,349,739   

21,269

     

Corning, Inc

      268,415   

26,888

     

Hewlett-Packard Co

      383,154   

12,000

   e   

Hitachi Ltd

      70,614   

19,208

   *   

JDS Uniphase Corp

      260,076   

13,954

   *   

Juniper Networks, Inc

      274,475   

2,183

   *   

SanDisk Corp

      95,092   
       

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

      2,828,295   
       

 

 

  

 

12

Table of Contents

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

TELECOMMUNICATION SERVICES - 2.6%

   

48,456

     

AT&T, Inc

    $ 1,633,452   

8,403

   *   

Level 3 Communications, Inc

      194,193   
       

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

      1,827,645   
       

 

 

  

TRANSPORTATION - 1.7%

   

158,000

     

Air China Ltd

      135,297   

1,804

     

FedEx Corp

      165,463   

24,400

   *   

Gol Linhas Aereas Inteligentes S.A.

      153,729   

29,756

   *   

Hertz Global Holdings, Inc

      484,130   

7,159

   *   

UAL Corp

      167,377   

9,210

     

UTI Worldwide, Inc

      123,414   
       

 

 

  
    

TOTAL TRANSPORTATION

      1,229,410   
       

 

 

  

UTILITIES - 4.7%

   

11,185

   *   

Calpine Corp

      202,784   

9,851

     

Centerpoint Energy, Inc

      189,632   

6,339

     

Duke Energy Corp

      404,428   

5,604

     

Edison International

      253,245   

551

     

Entergy Corp

      35,126   

17,025

     

Exelon Corp

      506,324   

5,077

     

FirstEnergy Corp

      212,015   

3,057

     

NextEra Energy, Inc

      211,514   

5,630

     

NRG Energy, Inc

      129,433   

6,154

     

PG&E Corp

      247,268   

7,675

     

PPL Corp

      219,735   

3,011

     

Sempra Energy

      213,600   

4,013

     

Utilities Select Sector SPDR Fund

      140,254   

14,087

     

Xcel Energy, Inc

      376,264   
       

 

 

  
    

TOTAL UTILITIES

      3,341,622   
       

 

 

  
     TOTAL COMMON STOCKS
(Cost $67,685,480)		      70,654,130   
       

 

 

  

SHORT-TERM INVESTMENTS - 3.0%

   

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.0%

   

2,155,594

   c   

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

      2,155,594   
       

 

 

  
    

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

      2,155,594   
       

 

 

  
     TOTAL SHORT-TERM INVESTMENTS
(Cost $2,155,594)		      2,155,594   
       

 

 

  
     TOTAL INVESTMENTS - 101.5%
(Cost $69,841,074)		      72,809,724   
       

 

 

  
    

OTHER ASSETS & LIABILITIES, NET - (1.5)%

      (1,119,096 ) 
       

 

 

  
     NET ASSETS - 100.0%    $ 71,690,628   
       

 

 

  

 

Abbreviation(s):

ADR American Depositary Receipt

SPDR Standard & Poor’s Depository Receipts

 

* Non-income producing.

 

c Investments made with cash collateral received from securities on loan.

 

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,120,034.

 

13

Table of Contents

TIAA-CREF LIFE FUNDS- Real Estate Securities Fund

 

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 96.8%

  

CASINOS & GAMING - 0.3%

  

5,000

   *   

Penn National Gaming, Inc

    $ 245,550   
       

 

 

  
    

TOTAL CASINOS & GAMING

      245,550   
       

 

 

  

DIVERSIFIED REITS - 2.4%

  

40,000

     

NRDC Acquisition Corp

      514,400   

22,000

     

Vornado Realty Trust

      1,761,760   
       

 

 

  
    

TOTAL DIVERSIFIED REITS

      2,276,160   
       

 

 

  

HOTELS, RESORTS & CRUISE LINES - 1.0%

  

17,000

     

Starwood Hotels & Resorts Worldwide, Inc

      975,120   
       

 

 

  
    

TOTAL HOTELS, RESORTS & CRUISE LINES

      975,120   
       

 

 

  

INDUSTRIAL REITS - 6.5%

  

19,000

     

EastGroup Properties, Inc

      1,022,390   

27,000

   *   

First Industrial Realty Trust, Inc

      380,160   

100,000

     

Global Logistic Properties

      231,271   

127,500

     

Prologis, Inc

      4,652,475   
       

 

 

  
    

TOTAL INDUSTRIAL REITS

      6,286,296   
       

 

 

  

OFFICE REITS - 9.2%

  

41,000

     

Boston Properties, Inc

      4,338,210   

22,800

     

Digital Realty Trust, Inc

      1,547,892   

8,000

     

Kilroy Realty Corp

      378,960   

59,000

     

Mission West Properties, Inc

      537,490   

27,000

     

SL Green Realty Corp

      2,069,550   
       

 

 

  
    

TOTAL OFFICE REITS

      8,872,102   
       

 

 

  

OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%

  

28,800

   *,b,m   

People’s Choice Financial Corp

      0   
       

 

 

  
    

TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES

      0   
       

 

 

  

REAL ESTATE OPERATING COMPANIES - 1.9%

  

341,116

     

Thomas Properties Group, Inc

      1,845,438   
       

 

 

  
    

TOTAL REAL ESTATE OPERATING COMPANIES

      1,845,438   
       

 

 

  

RESIDENTIAL REITS - 19.6%

  

50,000

     

American Campus Communities, Inc

      2,306,500   

20,000

     

Apartment Investment & Management Co (Class A)

      541,200   

34,000

     

AvalonBay Communities, Inc

      4,610,060   

10,000

     

BRE Properties, Inc (Class A)

      508,300   

26,000

     

Camden Property Trust

      1,773,460   

20,000

     

Education Realty Trust, Inc

      212,800   

20,000

     

Equity Lifestyle Properties, Inc

      1,345,800   

64,000

     

Equity Residential

      3,626,880   

10,000

     

Essex Property Trust, Inc

      1,466,500   

9,000

     

Home Properties, Inc

      551,790   

40,000

     

Post Properties, Inc

      1,998,000   
       

 

 

  
    

TOTAL RESIDENTIAL REITS

      18,941,290   
       

 

 

  

 

14

Table of Contents

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

RETAIL REITS - 26.0%

  

85,000

     

DDR Corp

    $ 1,331,100   

28,000

     

Equity One, Inc

      588,280   

23,000

     

Federal Realty Investment Trust

      2,392,460   

155,000

     

General Growth Properties, Inc

      3,076,750   

16,000

     

Macerich Co

      932,800   

23,000

     

Realty Income Corp

      924,830   

20,000

     

Regency Centers Corp

      942,400   

75,000

     

Simon Property Group, Inc

      11,856,750   

17,000

     

Tanger Factory Outlet Centers, Inc

      581,400   

31,000

     

Taubman Centers, Inc

      2,440,320   
       

 

 

  
    

TOTAL RETAIL REITS

      25,067,090   
       

 

 

  

SPECIALIZED REITS - 29.9%

  

60,000

     

American Tower Corp

      4,636,200   

55,000

     

CubeSmart

      801,350   

8,000

     

Entertainment Properties Trust

      368,880   

30,000

     

Extra Space Storage, Inc

      1,091,700   

88,000

     

HCP, Inc

      3,975,840   

73,000

     

Health Care REIT, Inc

      4,474,168   

100,000

     

Host Marriott Corp

      1,567,000   

20,000

     

Plum Creek Timber Co, Inc

      887,400   

32,000

     

Public Storage, Inc

      4,638,720   

12,000

     

Rayonier, Inc

      621,960   

110,000

   *   

Strategic Hotels & Resorts, Inc

      704,000   

45,000

   *   

Sunstone Hotel Investors, Inc

      481,950   

40,000

     

Ventas, Inc

      2,588,800   

70,000

     

Weyerhaeuser Co

      1,947,400   
       

 

 

  
    

TOTAL SPECIALIZED REITS

      28,785,368   
       

 

 

  
     TOTAL COMMON STOCKS
(Cost $79,641,788)		      93,294,414   
       

 

 

  
     TOTAL INVESTMENTS - 96.8%
(Cost $79,641,788)		      93,294,414   
    

OTHER ASSETS & LIABILITIES, NET - 3.2%

      3,126,404   
       

 

 

  
     NET ASSETS - 100.0%    $ 96,420,818   
       

 

 

  

 

Abbreviation(s):

 

REIT   Real Estate Investment Trust

 

*   Non-income producing.

 

b   In bankruptcy.

 

m   Indicates a security that has been deemed illiquid.

 

15

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 99.2%

  

AUTOMOBILES & COMPONENTS - 1.2%

   

1,300

     

Cooper Tire & Rubber Co

    $ 32,968   

19,819

     

Dana Holding Corp

      309,374   

2,600

     

Lear Corp

      121,784   

7,199

   *   

Tenneco, Inc

      252,757   
       

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

      716,883   
       

 

 

  

BANKS - 7.6%

        

10,174

     

Brookline Bancorp, Inc

      86,479   

420

     

Century Bancorp, Inc

      13,839   

5,400

     

Columbia Banking System, Inc

      96,876   

4,200

     

Community Bank System, Inc

      114,912   

13,800

     

CVB Financial Corp

      143,520   

1,877

     

Dime Community Bancshares

      26,072   

3,602

   e   

First Financial Bankshares, Inc

      140,514   

25,129

     

FirstMerit Corp

      356,580   

18,094

     

Home Loan Servicing Solutions Ltd

      341,977   

2,452

     

NBT Bancorp, Inc

      49,702   

7,593

   *   

Ocwen Financial Corp

      262,642   

11,250

     

Oritani Financial Corp

      172,350   

9,600

     

PrivateBancorp, Inc

      147,072   

5,382

     

Prosperity Bancshares, Inc

      226,044   

9,710

     

Provident Financial Services, Inc

      144,873   

29,740

   e   

Radian Group, Inc

      181,711   

5,200

   *   

Signature Bank

      370,968   

32,937

     

Susquehanna Bancshares, Inc

      345,180   

7,054

   *   

SVB Financial Group

      394,812   

3,700

   *   

Texas Capital Bancshares, Inc

      165,834   

5,995

     

UMB Financial Corp

      262,821   

7,680

     

Umpqua Holdings Corp

      90,547   

7,800

     

Webster Financial Corp

      160,290   

7,025

     

Wintrust Financial Corp

      257,818   
       

 

 

  
    

TOTAL BANKS

      4,553,433   
       

 

 

  

CAPITAL GOODS - 9.6%

        

2,470

     

A.O. Smith Corp

      155,783   

5,270

     

Actuant Corp (Class A)

      147,086   

9,000

     

Acuity Brands, Inc

      609,570   

6,600

     

Alliant Techsystems, Inc

      408,936   

1,400

     

American Science & Engineering, Inc

      91,294   

1,666

     

Ampco-Pittsburgh Corp

      33,287   

9,100

     

Applied Industrial Technologies, Inc

      382,291   

5,441

     

Belden CDT, Inc

      244,790   

5,162

     

Brady Corp (Class A)

      172,411   

3,800

   *   

Chart Industries, Inc

      253,346   

6,000

     

Crane Co

      277,680   

3,013

     

Cubic Corp

      144,533   

2,153

     

Curtiss-Wright Corp

      70,683   

2,462

   *   

DXP Enterprises, Inc

      120,810   

8,848

   *   

EnerSys

      332,950   

2,771

     

Franklin Electric Co, Inc

      172,273   

3,656

     

Granite Construction, Inc

      122,915   

3,275

     

H&E Equipment Services, Inc

      49,354   

7,700

   *   

Hexcel Corp

      207,592   

3,147

   *   

Kadant, Inc

      83,427   

3,470

     

LB Foster Co (Class A)

      150,737   

4,200

     

Mueller Industries, Inc

      210,126   

 

16

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

11,729

   *   

NCI Building Systems, Inc

    $ 163,033   

7,900

   *   

Oshkosh Truck Corp

      234,235   

4,000

     

Sauer-Danfoss, Inc

      213,480   

14,000

   *   

Taser International, Inc

      125,160   

5,080

   *   

Teledyne Technologies, Inc

      330,556   

3,200

     

Westinghouse Air Brake Technologies Corp

      280,128   
       

 

 

  
    

TOTAL CAPITAL GOODS

      5,788,466   
       

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 3.9%

   

5,196

   *   

Acacia Research (Acacia Technologies)

      133,277   

3,283

     

Administaff, Inc

      106,895   

6,462

   *   

Advisory Board Co

      302,357   

5,557

     

Brink’s Co

      158,541   

10,600

   *   

Copart, Inc

      312,700   

4,531

     

Corporate Executive Board Co

      215,041   

2,394

   *   

Exponent, Inc

      133,657   

9,400

     

Healthcare Services Group

      218,362   

9,200

   *   

Korn/Ferry International

      145,912   

10,146

     

Rollins, Inc

      223,618   

6,221

   *   

SYKES Enterprises, Inc

      94,684   

11,533

   *   

Tetra Tech, Inc

      305,048   
       

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

      2,350,092   
       

 

 

  

CONSUMER DURABLES & APPAREL - 4.2%

   

19,439

   *,e   

Beazer Homes USA, Inc

      328,325   

18,800

     

Brunswick Corp

      546,892   

2,700

   *   

Carter’s, Inc

      150,255   

18,107

   *   

CROCS, Inc

      260,560   

8,491

     

Harman International Industries, Inc

      379,038   

5,100

   *   

iRobot Corp

      95,574   

5,000

   *   

Skechers U.S.A., Inc (Class A)

      92,500   

4,400

   *   

Steven Madden Ltd

      185,988   

3,110

     

True Religion Apparel, Inc

      79,056   

6,600

   *   

Tumi Holdings, Inc

      137,610   

4,000

     

Tupperware Corp

      256,400   
       

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

      2,512,198   
       

 

 

  

CONSUMER SERVICES - 4.9%

   

3,951

     

Ameristar Casinos, Inc

      103,674   

28,300

   *,e   

Boyd Gaming Corp

      187,912   

3,000

   *   

Buffalo Wild Wings, Inc

      218,460   

846

     

Cheesecake Factory

      27,681   

4,070

   *,e   

Coinstar, Inc

      211,681   

11,000

   *   

Grand Canyon Education, Inc

      258,170   

14,700

     

Hillenbrand, Inc

      332,367   

3,085

   *   

Hyatt Hotels Corp

      118,988   

17,600

   *   

Krispy Kreme Doughnuts, Inc

      165,088   

16,000

   *   

MGM Mirage

      186,240   

6,200

   *   

Multimedia Games, Inc

      91,202   

500

   *   

Panera Bread Co (Class A)

      79,415   

5,073

   *   

Papa John’s International, Inc

      278,711   

16,631

   *   

Pinnacle Entertainment, Inc

      263,269   

16,800

   *   

SHFL Entertainment, Inc

      243,600   

5,080

     

Sotheby’s (Class A)

      170,789   
       

 

 

  
    

TOTAL CONSUMER SERVICES

      2,937,247   
       

 

 

  

DIVERSIFIED FINANCIALS - 4.4%

   

36,400

     

Apollo Investment Corp

      304,304   

200

   *,m   

DVI, Inc

      0   

6,400

   *   

Financial Engines, Inc

      177,600   

7,700

     

Greenhill & Co, Inc

      400,323   

1,200

   e   

iShares Russell 2000 Index Fund

      101,148   

7,780

     

MarketAxess Holdings, Inc

      274,634   

 

17

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

9,005

   *   

PHH Corp

    $ 204,864   

2,751

   *   

Piper Jaffray Cos

      88,389   

2,600

   *   

Portfolio Recovery Associates, Inc

      277,836   

25,800

     

Prospect Capital Corp

      280,446   

11,300

     

Solar Capital Ltd

      270,183   

7,700

   *   

Stifel Financial Corp

      246,169   
       

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

      2,625,896   
       

 

 

  

ENERGY - 6.0%

   

6,400

     

Alon USA Energy, Inc

      115,776   

26,400

     

Arch Coal, Inc

      193,248   

7,614

     

Bristow Group, Inc

      408,567   

4,000

     

Cimarex Energy Co

      230,920   

5,846

     

Energy XXI Bermuda Ltd

      188,183   

7,759

   *   

EPL Oil & Gas, Inc

      174,966   

5,800

   *   

Gulfport Energy Corp

      221,676   

13,500

   *   

McDermott International, Inc

      148,770   

25,575

     

Penn Virginia Corp

      112,786   

5,823

   *   

Rosetta Resources, Inc

      264,131   

15,900

   e   

RPC, Inc

      194,616   

5,036

   *   

Stone Energy Corp

      103,339   

5,300

   *   

Swift Energy Co

      81,567   

6,999

     

Targa Resources Investments, Inc

      369,827   

22,699

   *   

Vaalco Energy, Inc

      196,346   

8,900

     

W&T Offshore, Inc

      142,667   

12,000

   e   

Western Refining, Inc

      338,280   

20,500

   *   

Willbros Group, Inc

      109,880   
       

 

 

  
    

TOTAL ENERGY

      3,595,545   
       

 

 

  

FOOD & STAPLES RETAILING - 0.7%

   

851

     

Harris Teeter Supermarkets, Inc

      32,814   

215,500

   *   

Rite Aid Corp

      293,080   

640

   *   

United Natural Foods, Inc

      34,298   

1,548

     

Weis Markets, Inc

      60,635   
       

 

 

  
    

TOTAL FOOD & STAPLES RETAILING

      420,827   
       

 

 

  

FOOD, BEVERAGE & TOBACCO - 1.9%

   

6,543

   *,e   

Annie’s, Inc

      218,733   

992

   *   

Boston Beer Co, Inc (Class A)

      133,374   

3,061

     

J&J Snack Foods Corp

      195,720   

6,600

     

Lance, Inc

      159,126   

6,990

   *   

Omega Protein Corp

      42,779   

8,200

     

Sanderson Farms, Inc

      389,910   
       

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

      1,139,642   
       

 

 

  

HEALTH CARE EQUIPMENT & SERVICES - 6.1%

   

15,800

   *,e   

Accretive Health, Inc

      182,648   

1,416

   *   

Align Technology, Inc

      39,294   

7,400

   *   

Amedisys, Inc

      83,398   

2,272

     

Analogic Corp

      168,810   

4,805

   *   

Arthrocare Corp

      166,205   

3,583

     

Cantel Medical Corp

      106,523   

4,400

   *   

Centene Corp

      180,400   

3,434

     

Computer Programs & Systems, Inc

      172,867   

7,441

   *   

Cyberonics, Inc

      390,876   

4,188

   *   

Cynosure, Inc (Class A)

      100,973   

5,165

   *   

Magellan Health Services, Inc

      253,085   

12,300

     

Masimo Corp

      258,423   

7,011

   *   

Medidata Solutions, Inc

      274,761   

4,100

   *   

Molina Healthcare, Inc

      110,946   

1,912

   *   

MWI Veterinary Supply, Inc

      210,320   

5,042

   *   

Omnicell, Inc

      74,974   

2,509

   *   

Orthofix International NV

      98,679   

 

18

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

2,700

   *   

Sirona Dental Systems, Inc

    $ 174,042   

12,000

   *   

Team Health Holdings, Inc

      345,240   

6,900

   *   

Thoratec Corp

      258,888   
       

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

      3,651,352   
       

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 0.6%

   

8,174

     

Nu Skin Enterprises, Inc (Class A)

      302,847   

157

   *   

Revlon, Inc (Class A)

      2,276   

1,800

   *,e   

USANA Health Sciences, Inc

      59,274   
       

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

      364,397   
       

 

 

  

INSURANCE - 3.5%

   

2,600

     

Allied World Assurance Co Holdings Ltd

      204,880   

12,950

     

American Equity Investment Life Holding Co

      158,120   

7,800

     

Aspen Insurance Holdings Ltd

      250,224   

27,149

     

Conseco, Inc

      253,300   

4,500

     

Employers Holdings, Inc

      92,610   

13,200

     

Fidelity National Title Group, Inc (Class A)

      310,860   

13,298

     

First American Financial Corp

      320,349   

4,926

     

Horace Mann Educators Corp

      98,323   

4,300

     

Platinum Underwriters Holdings Ltd

      197,800   

16,790

     

Symetra Financial Corp

      217,934   
       

 

 

  
    

TOTAL INSURANCE

      2,104,400   
       

 

 

  

MATERIALS - 4.5%

   

4,200

     

Balchem Corp

      152,880   

4,470

   *   

Coeur d’Alene Mines Corp

      109,962   

257

   *,e   

Contango ORE, Inc

      2,241   

14,900

   *,e   

Flotek Industries, Inc

      181,780   

2,467

     

Haynes International, Inc

      127,963   

3,900

     

Kaiser Aluminum Corp

      240,591   

3,278

     

Koppers Holdings, Inc

      125,056   

1,843

     

Louisiana-Pacific Corp

      35,607   

2,530

   *   

LSB Industries, Inc

      89,613   

8,268

     

Minerals Technologies, Inc

      330,059   

1,200

     

NewMarket Corp

      314,640   

11,100

   *,e   

Resolute Forest Products

      146,964   

5,300

   *   

RTI International Metals, Inc

      146,068   

5,385

     

Schweitzer-Mauduit International, Inc

      210,176   

30,400

   *   

Stillwater Mining Co

      388,512   

3,900

     

Worthington Industries, Inc

      101,361   
       

 

 

  
    

TOTAL MATERIALS

      2,703,473   
       

 

 

  

MEDIA - 0.9%

   

3,109

     

Arbitron, Inc

      145,128   

3,122

   *   

EW Scripps Co (Class A)

      33,749   

18,949

   *   

Journal Communications, Inc (Class A)

      102,514   

31,400

   *   

Live Nation, Inc

      292,334   
       

 

 

  
    

TOTAL MEDIA

      573,725   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.7%

   

10,120

   *   

Acorda Therapeutics, Inc

      251,583   

5,557

   *   

Alkermes plc

      102,916   

5,135

   *   

AMAG Pharmaceuticals, Inc

      75,536   

26,500

   *   

Array Biopharma, Inc

      98,580   

9,300

   *   

Auxilium Pharmaceuticals, Inc

      172,329   

10,300

   *   

Cepheid, Inc

      348,243   

8,189

   *   

Impax Laboratories, Inc

      167,793   

4,670

   *,e   

InterMune, Inc

      45,252   

1,927

   *   

Jazz Pharmaceuticals plc

      102,516   

7,984

   *   

Medicines Co

      191,377   

28,820

   *,e   

Orexigen Therapeutics, Inc

      151,881   

9,900

   *   

Parexel International Corp

      292,941   

 

19

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

3,380

   *   

Pharmacyclics, Inc

    $ 195,702   

1,831

   e   

Questcor Pharmaceuticals, Inc

      48,924   

11,590

   *   

Santarus, Inc

      127,258   

23,800

   *,e   

Sequenom, Inc

      112,336   

14,000

   *   

Viropharma, Inc

      318,640   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      2,803,807   
       

 

 

  

REAL ESTATE - 8.7%

   

4,500

     

Acadia Realty Trust

      112,860   

10,931

     

Chesapeake Lodging Trust

      228,239   

7,700

     

DuPont Fabros Technology, Inc

      186,032   

4,699

     

Equity Lifestyle Properties, Inc

      316,196   

12,910

     

Extra Space Storage, Inc

      469,795   

5,368

     

Home Properties, Inc

      329,112   

29,600

     

Lexington Corporate Properties Trust

      309,320   

6,324

     

LTC Properties, Inc

      222,542   

20,200

     

Omega Healthcare Investors, Inc

      481,770   

7,452

     

Pennymac Mortgage Investment Trust

      188,461   

7,630

     

Post Properties, Inc

      381,119   

4,009

     

PS Business Parks, Inc

      260,505   

21,793

     

RLJ Lodging Trust

      422,130   

2,604

     

Saul Centers, Inc

      111,425   

5,919

     

Sovran Self Storage, Inc

      367,570   

13,300

   d   

Starwood Property Trust, Inc

      305,368   

882

     

Sun Communities, Inc

      35,183   

44,109

   *   

Sunstone Hotel Investors, Inc

      472,407   
       

 

 

  
    

TOTAL REAL ESTATE

      5,200,034   
       

 

 

  

RETAILING - 3.5%

   

4,100

     

Abercrombie & Fitch Co (Class A)

      196,677   

3,730

   *   

Aeropostale, Inc

      48,527   

10,270

   *   

Ann Taylor Stores Corp

      347,537   

2,800

   *,e   

Blue Nile, Inc

      107,800   

13,120

   *   

Express Parent LLC

      197,981   

10,500

   *,e   

Francesca’s Holdings Corp

      272,580   

6,200

   e   

GameStop Corp (Class A)

      155,558   

93,300

   *   

Office Depot, Inc

      306,024   

8,070

     

OfficeMax, Inc

      78,763   

1,063

     

Pier 1 Imports, Inc

      21,260   

3,500

   *,e   

Saks, Inc

      36,785   

9,110

   *   

Select Comfort Corp

      238,409   

3,000

   *   

TripAdvisor, Inc

      125,880   
       

 

 

  
    

TOTAL RETAILING

      2,133,781   
       

 

 

  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%

   

7,900

   *   

Cavium Networks, Inc

      246,559   

500

   *   

Cymer, Inc

      45,215   

23,412

   *   

Entegris, Inc

      214,922   

28,300

   *   

Entropic Communications, Inc

      149,707   

14,000

   *   

Integrated Device Technology, Inc

      102,200   

1,292

     

Micrel, Inc

      12,274   

4,631

     

MKS Instruments, Inc

      119,387   

30,883

   *   

Rambus, Inc

      150,709   

49,800

   *   

RF Micro Devices, Inc

      223,104   

10,300

   *   

Rudolph Technologies, Inc

      138,535   

28,600

   *   

Silicon Image, Inc

      141,856   

2,500

   *   

Silicon Laboratories, Inc

      104,525   

19,300

   *   

Teradyne, Inc

      325,977   

8,268

     

Tessera Technologies, Inc

      135,761   

6,780*

     

Ultratech, Inc

      252,894   

7,300*

     

Volterra Semiconductor Corp

      125,341   
       

 

 

  
    

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

      2,488,966   
       

 

 

  

 

20

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

SOFTWARE & SERVICES - 9.0%

   

13,816

   *   

Aspen Technology, Inc

    $ 381,874   

5,876

   *   

Blucora, Inc

      92,312   

4,662

   *   

Brightcove, Inc

      42,145   

11,000

   *   

Cadence Design Systems, Inc

      148,610   

7,834

   *   

Commvault Systems, Inc

      546,108   

6,300

     

Computer Sciences Corp

      252,315   

8,227

   *   

Cornerstone OnDemand, Inc

      242,943   

3,157

     

DST Systems, Inc

      191,314   

5,471

   *   

Euronet Worldwide, Inc

      129,116   

6,600

   *   

Gartner, Inc

      303,732   

2,100

     

Global Payments, Inc

      95,130   

5,300

   *   

Guidewire Software, Inc

      157,516   

7,380

     

Heartland Payment Systems, Inc

      217,710   

7,060

     

IAC/InterActiveCorp

      333,938   

7,100

   *   

Jive Software, Inc

      103,163   

600

   *   

LinkedIn Corp

      68,892   

6,083

   *   

Manhattan Associates, Inc

      367,048   

8,599

     

MAXIMUS, Inc

      543,629   

16,700

     *,e   

Monster Worldwide, Inc

      93,854   

13,100

   *   

QLIK Technologies, Inc

      284,532   

5,700

   *   

Sourcefire, Inc

      269,154   

3,600

     

Syntel, Inc

      192,924   

27,236

   *   

TiVo, Inc

      335,547   
       

 

 

  
    

TOTAL SOFTWARE & SERVICES

      5,393,506   
       

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 4.4%

   

4,377

   *   

Agilysys, Inc

      36,635   

16,600

   *   

Arris Group, Inc

      248,004   

17,000

   *   

Aruba Networks, Inc

      352,750   

12,100

   *   

Avid Technology, Inc

      91,718   

12,200

   *   

Calix Networks, Inc

      93,818   

2,268

     

Cognex Corp

      83,508   

8,602

   *   

Datalink Corp

      73,547   

8,400

     *,e   

InvenSense, Inc

      93,324   

10,200

   *   

Ixia

      173,196   

3,150

     

Littelfuse, Inc

      194,386   

1,500

     

Loral Space & Communications, Inc

      81,990   

3,790

   *   

OSI Systems, Inc

      242,712   

3,124

     

Plantronics, Inc

      115,182   

5,551

   *   

Plexus Corp

      143,216   

6,500

   *   

Procera Networks, Inc

      120,575   

14,200

   *   

QLogic Corp

      138,166   

8,630

   *   

Riverbed Technology, Inc

      170,184   

5,907

   *   

Synaptics, Inc

      177,033   
       

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

      2,629,944   
       

 

 

  

TELECOMMUNICATION SERVICES - 0.3%

   

26,200

   *   

8x8, Inc

      193,618   
       

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

      193,618   
       

 

 

  

TRANSPORTATION - 1.6%

   

9,444

   *   

Alaska Air Group, Inc

      406,942   

2,099

     

Amerco, Inc

      266,174   

6,340

     

Forward Air Corp

      221,963   

1,424

   *   

Old Dominion Freight Line

      48,815   
       

 

 

  
    

TOTAL TRANSPORTATION

      943,894   
       

 

 

  

UTILITIES - 2.9%

   

5,000

     

American States Water Co

      239,900   

11,300

     

Black Hills Corp

      410,642   

3,978

     

El Paso Electric Co

      126,938   

10,673

     

Empire District Electric Co

      217,516   

 

21

Table of Contents

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

6,268

     

Genie Energy Ltd

    $ 44,503   

2,600

     

Laclede Group, Inc

      100,386   

1,531

     

Piedmont Natural Gas Co, Inc

      47,936   

3,640

     

Southwest Gas Corp

      154,372   

5,941

     

UNS Energy Corp

      252,017   

4,100

     

WGL Holdings, Inc

      160,679   
       

 

 

  
    

TOTAL UTILITIES

      1,754,889   
       

 

 

  
    

TOTAL COMMON STOCKS

(Cost $54,870,360)

      59,580,015   
       

 

 

  

SHORT-TERM INVESTMENTS - 5.3%

   

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.3%

   

3,179,901

   c   

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

      3,179,901   
       

 

 

  
    

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

      3,179,901   
       

 

 

  
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,179,901)

      3,179,901   
       

 

 

  
    

TOTAL INVESTMENTS - 104.5%

(Cost $58,050,261)

      62,759,916   
    

OTHER ASSETS & LIABILITIES, NET - (4.5)%

      (2,678,644 ) 
       

 

 

  
     NET ASSETS - 100.0%    $ 60,081,272   
       

 

 

  

 

* Non-income producing.

 

c Investments made with cash collateral received from securities on loan.

 

d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,191,327.

 

m Indicates a security that has been deemed illiquid.

 

22

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 99.4%

  

AUTOMOBILES & COMPONENTS - 1.5%

   

937

   *   

American Axle & Manufacturing Holdings, Inc

    $ 10,494   

325

   *   

BorgWarner, Inc

      23,277   

24,135

     

Ford Motor Co

      312,548   

64

   *   

Fuel Systems Solutions, Inc

      941   

1,932

     

Harley-Davidson, Inc

      94,359   

6,093

     

Johnson Controls, Inc

      187,055   

292

   *   

Modine Manufacturing Co

      2,374   

202

     

Spartan Motors, Inc

      996   

339

     

Superior Industries International, Inc

      6,916   

853

   *   

Tenneco, Inc

      29,949   

66

   *   

Tesla Motors, Inc

      2,235   
       

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

      671,144   
       

 

 

  

BANKS - 3.1%

   

46

     

Associated Banc-Corp

      603   

196

     

Bank of Hawaii Corp

      8,634   

8,225

     

BB&T Corp

      239,430   

363

     

CapitalSource, Inc

      2,751   

38

     

Capitol Federal Financial

      444   

72

     

Centerstate Banks of Florida, Inc

      614   

513

   *   

Citizens Republic Bancorp, Inc

      9,732   

1,303

     

Comerica, Inc

      39,533   

22

     

Community Bank System, Inc

      602   

69

     

Cullen/Frost Bankers, Inc

      3,745   

880

     

First Horizon National Corp

      8,721   

1,717

     

Hudson City Bancorp, Inc

      13,959   

1,357

     

Huntington Bancshares, Inc

      8,671   

9,626

     

Keycorp

      81,051   

1,250

     

M&T Bank Corp

      123,087   

161

     

MainSource Financial Group, Inc

      2,040   

1,196

     

New York Community Bancorp, Inc

      15,668   

145

     

Old National Bancorp

      1,721   

18

     

Peoples Bancorp, Inc

      368   

189

     

People’s United Financial, Inc

      2,285   

4,644

     

PNC Financial Services Group, Inc

      270,792   

844

   *   

Popular, Inc

      17,547   

355

     

Provident Financial Services, Inc

      5,297   

5,607

     

Radian Group, Inc

      34,259   

10,988

     

Regions Financial Corp

      78,234   

223

   *   

SVB Financial Group

      12,481   

31

     

TCF Financial Corp

      377   

11,696

     

US Bancorp

      373,570   

107

     

Webster Financial Corp

      2,199   

1,000

   *   

Wilshire Bancorp, Inc

      5,870   

290

     

Zions Bancorporation

      6,206   
       

 

 

  
    

TOTAL BANKS

      1,370,491   
       

 

 

  

CAPITAL GOODS - 8.0%

   

3,956

     

3M Co

      367,315   

89

     

A.O. Smith Corp

      5,613   

103

     

Actuant Corp (Class A)

      2,875   

39

     

Acuity Brands, Inc

      2,641   

19

   *   

American Superconductor Corp

      50   

5,185

     

Ametek, Inc

      194,800   

100

     

Apogee Enterprises, Inc

      2,397   

17

     

Applied Industrial Technologies, Inc

      714   

 

23

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

400

   *   

ArvinMeritor, Inc

    $ 1,892   

90

     

Astec Industries, Inc

      3,000   

963

     

Barnes Group, Inc

      21,629   

200

     

Briggs & Stratton Corp

      4,216   

515

   *   

Builders FirstSource, Inc

      2,874   

33

   *   

Chart Industries, Inc

      2,200   

12

     

Clarcor, Inc

      573   

81

   *   

Colfax Corp

      3,268   

1,664

     

Cummins, Inc

      180,294   

5,091

     

Danaher Corp

      284,587   

3,049

     

Deere & Co

      263,495   

531

     

Dover Corp

      34,892   

2,695

     

Eaton Corp

      146,069   

5,715

     

Emerson Electric Co

      302,666   

1,417

     

Fastenal Co

      66,160   

312

   *   

FuelCell Energy, Inc

      286   

17

     

Gardner Denver, Inc

      1,164   

350

   *   

Gibraltar Industries, Inc

      5,572   

413

     

Graco, Inc

      21,265   

377

   *   

GrafTech International Ltd

      3,540   

117

   *   

Hexcel Corp

      3,154   

4,491

     

Illinois Tool Works, Inc

      273,098   

1,052

     

Ingersoll-Rand plc

      50,454   

55

     

Insteel Industries, Inc

      686   

80

   *   

Layne Christensen Co

      1,942   

301

     

LB Foster Co (Class A)

      13,075   

176

     

Lincoln Electric Holdings, Inc

      8,568   

3,652

     

Masco Corp

      60,842   

59

     

MSC Industrial Direct Co (Class A)

      4,447   

905

   *   

NCI Building Systems, Inc

      12,580   

1,172

     

Nordson Corp

      73,977   

1,302

   *   

Owens Corning, Inc

      48,161   

2,247

     

Paccar, Inc

      101,587   

380

     

Pall Corp

      22,899   

274

     

Parker Hannifin Corp

      23,306   

1,138

     

Pentair Ltd

      55,933   

342

   *   

Polypore International, Inc

      15,903   

1,507

     

Precision Castparts Corp

      285,456   

240

     

Quanex Building Products Corp

      4,898   

937

   *   

Quanta Services, Inc

      25,571   

741

     

Rockwell Automation, Inc

      62,237   

337

     

Rockwell Collins, Inc

      19,603   

400

     

Roper Industries, Inc

      44,592   

15

     

Simpson Manufacturing Co, Inc

      492   

147

     

Snap-On, Inc

      11,612   

1,656

   *   

Spirit Aerosystems Holdings, Inc (Class A)

      28,102   

787

     

Tennant Co

      34,589   

143

     

Timken Co

      6,840   

306

   *   

United Rentals, Inc

      13,929   

383

   *   

USG Corp

      10,751   

23

     

Valmont Industries, Inc

      3,141   

1,000

     

W.W. Grainger, Inc

      202,370   

326

   *   

WABCO Holdings, Inc

      21,252   

8

     

Watsco, Inc

      599   

215

   *   

WESCO International, Inc

      14,497   

333

     

Westinghouse Air Brake Technologies Corp

      29,151   

86

     

Xylem, Inc

      2,331   
       

 

 

  
    

TOTAL CAPITAL GOODS

      3,518,672   
       

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%

   

1,554

   *   

ACCO Brands Corp

      11,406   

1,453

     

Avery Dennison Corp

      50,739   

42

     

Corporate Executive Board Co

      1,993   

160

     

Deluxe Corp

      5,158   

650

     

Dun & Bradstreet Corp

      51,123   

 

24

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

176

     

Equifax, Inc

    $ 9,525   

68

     

Herman Miller, Inc

      1,457   

168

     

HNI Corp

      5,050   

73

   *   

IHS, Inc (Class A)

      7,008   

963

     

Iron Mountain, Inc

      29,901   

238

     

Manpower, Inc

      10,101   

266

     

Pitney Bowes, Inc

      2,830   

1,278

     

Robert Half International, Inc

      40,666   

318

   *   

Tetra Tech, Inc

      8,411   

3,724

     

Tyco International Ltd

      108,927   

1,392

     

Waste Management, Inc

      46,966   
       

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

      391,261   
       

 

 

  

CONSUMER DURABLES & APPAREL - 1.1%

   

200

     

Callaway Golf Co

      1,300   

91

   *   

Carter’s, Inc

      5,064   

5

     

Columbia Sportswear Co

      267   

14

   *   

Deckers Outdoor Corp

      564   

13

     

Hasbro, Inc

      467   

16

   *   

Iconix Brand Group, Inc

      357   

4,163

     

Mattel, Inc

      152,449   

76

   *   

Mohawk Industries, Inc

      6,876   

200

     

Movado Group, Inc

      6,136   

4,980

     

Nike, Inc (Class B)

      256,968   

152

     

Oxford Industries, Inc

      7,047   

217

     

Ryland Group, Inc

      7,920   

71

   *   

Tempur-Pedic International, Inc

      2,236   

7

     

True Religion Apparel, Inc

      178   

128

     

Tupperware Corp

      8,205   

202

   *   

Under Armour, Inc (Class A)

      9,803   

216

     

VF Corp

      32,609   

7

   *   

Warnaco Group, Inc

      501   
       

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

      498,947   
       

 

 

  

CONSUMER SERVICES - 2.4%

   

288

   *   

AFC Enterprises

      7,525   

55

     

Bob Evans Farms, Inc

      2,211   

200

     

Brinker International, Inc

      6,198   

61

   *   

Chipotle Mexican Grill, Inc (Class A)

      18,145   

816

     

Choice Hotels International, Inc

      27,434   

69

   *   

Coinstar, Inc

      3,589   

695

     

Darden Restaurants, Inc

      31,324   

13

   *   

DineEquity, Inc

      871   

128

     

Domino’s Pizza, Inc

      5,574   

60

     

Dunkin Brands Group, Inc

      1,991   

2,911

     

Marriott International, Inc (Class A)

      108,493   

4,949

     

McDonald’s Corp

      436,551   

29

   *   

Panera Bread Co (Class A)

      4,606   

266

     

Royal Caribbean Cruises Ltd

      9,044   

177

   *   

Sonic Corp

      1,843   

5,671

     

Starbucks Corp

      304,079   

1,068

     

Starwood Hotels & Resorts Worldwide, Inc

      61,260   

6

     

Vail Resorts, Inc

      325   
       

 

 

  
    

TOTAL CONSUMER SERVICES

      1,031,063   
       

 

 

  

DIVERSIFIED FINANCIALS - 6.5%

   

2,183

   *   

American Capital Ltd

      26,196   

6,182

     

American Express Co

      355,341   

1,543

     

Ameriprise Financial, Inc

      96,638   

11,079

     

Bank of New York Mellon Corp

      284,730   

1,234

     

BlackRock, Inc

      255,080   

4,874

     

Capital One Financial Corp

      282,351   

11,610

     

Charles Schwab Corp

      166,720   

2,527

     

CME Group, Inc

      128,144   

 

25

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

6,001

     

Discover Financial Services

    $ 231,339   

144

     

Eaton Vance Corp

      4,586   

363

     

Evercore Partners, Inc (Class A)

      10,959   

1,953

     

Franklin Resources, Inc

      245,492   

733

   *   

IntercontinentalExchange, Inc

      90,753   

3,992

     

Invesco Ltd

      104,151   

466

     

Janus Capital Group, Inc

      3,970   

566

     

Legg Mason, Inc

      14,558   

672

     

Nasdaq Stock Market, Inc

      16,807   

1,111

   *   

NewStar Financial, Inc

      15,565   

1,881

     

Northern Trust Corp

      94,351   

1,978

     

NYSE Euronext

      62,386   

176

   *   

PHH Corp

      4,004   

3,861

     

State Street Corp

      181,506   

2,269

     

T Rowe Price Group, Inc

      147,780   

123

     

Triangle Capital Corp

      3,135   
       

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

      2,826,542   
       

 

 

  

ENERGY - 9.3%

   

128

     

Alon USA Energy, Inc

      2,316   

2,543

     

Apache Corp

      199,625   

108

   *   

Atwood Oceanics, Inc

      4,945   

113

   *   

C&J Energy Services, Inc

      2,423   

2,135

   *   

Cameron International Corp

      120,542   

136

   *   

Carrizo Oil & Gas, Inc

      2,845   

1,448

   *   

Cheniere Energy, Inc

      27,193   

776

     

Cimarex Energy Co

      44,798   

1,962

   *   

Clean Energy Fuels Corp

      24,427   

246

   *   

Comstock Resources, Inc

      3,722   

232

   *   

Concho Resources, Inc

      18,690   

263

     

Contango Oil & Gas Co

      11,141   

1,156

   *   

Continental Resources, Inc

      84,954   

1,646

     

Crosstex Energy, Inc

      23,604   

135

   *   

CVR Energy, Inc

      6,587   

980

   *   

CVR Energy, Inc (Contingent value right)

      0   

112

   *   

Dawson Geophysical Co

      2,955   

3,831

   *   

Denbury Resources, Inc

      62,062   

3,550

     

Devon Energy Corp

      184,742   

2,371

     

EOG Resources, Inc

      286,393   

2,538

     

Equitable Resources, Inc

      149,691   

49

   *   

Exterran Holdings, Inc

      1,074   

2,419

   *   

FMC Technologies, Inc

      103,606   

66

   *   

Geospace Technologies Corp

      5,865   

512

   *   

Goodrich Petroleum Corp

      4,772   

166

     

Gulf Island Fabrication, Inc

      3,989   

1,203

   *   

Hercules Offshore, Inc

      7,435   

2,949

     

Hess Corp

      156,179   

1,199

   *   

Hornbeck Offshore Services, Inc

      41,174   

564

   *   

ION Geophysical Corp

      3,672   

344

   *   

Key Energy Services, Inc

      2,391   

262

     

Kinder Morgan Management LLC

      19,770   

5,337

   *   

Kodiak Oil & Gas Corp

      47,232   

6,053

     

Marathon Oil Corp

      185,585   

3,690

     

Marathon Petroleum Corp

      232,470   

159

   *   

Matrix Service Co

      1,828   

3,753

     

National Oilwell Varco, Inc

      256,518   

103

   *   

Natural Gas Services Group, Inc

      1,691   

871

   *   

Newfield Exploration Co

      23,325   

1,424

     

Noble Corp

      49,584   

2,437

     

Noble Energy, Inc

      247,940   

230

   *   

Northern Oil And Gas, Inc

      3,869   

166

   *   

Oasis Petroleum, Inc

      5,279   

307

     

Oceaneering International, Inc

      16,514   

227

   *   

Oil States International, Inc

      16,240   

753

   *   

Parker Drilling Co

      3,464   

 

26

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

259

   *   

PDC Energy, Inc

    $ 8,601   

415

   *   

Petroquest Energy, Inc

      2,054   

5,009

     

Phillips 66

      265,978   

697

   *   

Pioneer Energy Services Corp

      5,060   

1,663

     

Pioneer Natural Resources Co

      177,259   

290

   *   

Plains Exploration & Production Co

      13,613   

2,262

     

Questar Market Resources, Inc

      68,471   

846

   *   

Quicksilver Resources, Inc

      2,420   

1,223

     

Range Resources Corp

      76,841   

20,491

     

Rentech, Inc

      53,891   

233

   *   

Rex Energy Corp

      3,034   

5

     

SEACOR Holdings, Inc

      419   

2,662

   *   

Southwestern Energy Co

      88,937   

7,556

     

Spectra Energy Corp

      206,883   

942

     

St. Mary Land & Exploration Co

      49,182   

695

   *   

Superior Energy Services

      14,400   

640

   *   

Ultra Petroleum Corp

      11,603   

367

   *   

Unit Corp

      16,533   

7,360

   *   

Weatherford International Ltd

      82,358   

2,525

     

Western Refining, Inc

      71,180   

1,026

   *   

Whiting Petroleum Corp

      44,498   

3,496

     

Williams Cos, Inc

      114,459   
       

 

 

  
    

TOTAL ENERGY

      4,082,795   
       

 

 

  

FOOD & STAPLES RETAILING - 0.9%

   

11

     

Casey’s General Stores, Inc

      584   

8

     

Harris Teeter Supermarkets, Inc

      309   

2,965

     

Kroger Co

      77,149   

2,516

     

Safeway, Inc

      45,514   

128

     

Spartan Stores, Inc

      1,966   

6,623

     

Sysco Corp

      209,684   

733

     

Whole Foods Market, Inc

      66,945   
       

 

 

  
    

TOTAL FOOD & STAPLES RETAILING

      402,151   
       

 

 

  

FOOD, BEVERAGE & TOBACCO - 3.9%

   

125

     

Bunge Ltd

      9,086   

2,543

     

Campbell Soup Co

      88,725   

1,029

     

ConAgra Foods, Inc

      30,356   

151

   *   

Darling International, Inc

      2,422   

240

     

Dr Pepper Snapple Group, Inc

      10,603   

85

     

Flowers Foods, Inc

      1,978   

6,404

     

General Mills, Inc

      258,786   

554

   *   

Green Mountain Coffee Roasters, Inc

      22,913   

3,538

     

H.J. Heinz Co

      204,072   

45

   *   

Hain Celestial Group, Inc

      2,440   

431

     

Hillshire Brands Co

      12,128   

168

     

Hormel Foods Corp

      5,243   

312

     

J.M. Smucker Co

      26,907   

4,448

     

Kellogg Co

      248,421   

51

     

Lancaster Colony Corp

      3,529   

194

     

McCormick & Co, Inc

      12,325   

584

     

Mead Johnson Nutrition Co

      38,480   

10,221

     

Mondelez International, Inc

      260,329   

6,951

     

PepsiCo, Inc

      475,657   

82

     

Tootsie Roll Industries, Inc

      2,125   
       

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

      1,716,525   
       

 

 

  

HEALTH CARE EQUIPMENT & SERVICES - 4.7%

   

7,279

     

Abbott Laboratories

      476,775   

3,621

     

Aetna, Inc

      167,652   

55

   *   

Amsurg Corp

      1,651   

4,655

     

Baxter International, Inc

      310,302   

2,647

     

Becton Dickinson & Co

      206,969   

432

   *   

Centene Corp

      17,712   

 

27

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

41

     

Chemed Corp

    $ 2,812   

1,469

     

Cigna Corp

      78,533   

121

   *   

Edwards Lifesciences Corp

      10,911   

85

   *   

Greatbatch, Inc

      1,975   

147

   *   

Henry Schein, Inc

      11,828   

570

     

Hill-Rom Holdings, Inc

      16,245   

84

   *   

HMS Holdings Corp

      2,177   

945

     

Humana, Inc

      64,855   

337

   *   

Idexx Laboratories, Inc

      31,274   

33

     

Invacare Corp

      538   

479

   *   

Inverness Medical Innovations, Inc

      8,861   

434

   *   

LifePoint Hospitals, Inc

      16,384   

80

   *   

MAKO Surgical Corp

      1,030   

7,769

     

Medtronic, Inc

      318,684   

438

   *   

Molina Healthcare, Inc

      11,852   

70

   *   

MWI Veterinary Supply, Inc

      7,700   

61

     

Owens & Minor, Inc

      1,739   

96

   *   

Palomar Medical Technologies, Inc

      884   

674

     

Patterson Cos, Inc

      23,071   

307

     

Resmed, Inc

      12,762   

293

     

STERIS Corp

      10,176   

3,597

     

WellPoint, Inc

      219,129   
       

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

      2,034,481   
       

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 3.4%

   

171

     

Avon Products, Inc

      2,456   

320

     

Clorox Co

      23,430   

3,110

     

Colgate-Palmolive Co

      325,119   

2,225

     

Estee Lauder Cos (Class A)

      133,189   

179

     

Herbalife Ltd

      5,896   

3,355

     

Kimberly-Clark Corp

      283,263   

350

   *   

Medifast, Inc

      9,236   

124

     

Nu Skin Enterprises, Inc (Class A)

      4,594   

10,410

     

Procter & Gamble Co

      706,735   
       

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

      1,493,918   
       

 

 

  

INSURANCE - 5.9%

        

3,439

     

ACE Ltd

      274,432   

4,908

     

Aflac, Inc

      260,713   

487

   *   

Arch Capital Group Ltd

      21,438   

105

     

Arthur J. Gallagher & Co

      3,638   

1,032

     

Aspen Insurance Holdings Ltd

      33,107   

809

     

Assurant, Inc

      28,072   

239

     

Axis Capital Holdings Ltd

      8,279   

7,053

   *   

Berkshire Hathaway, Inc (Class B)

      632,654   

3,418

     

Chubb Corp

      257,444   

3,564

     

Cincinnati Financial Corp

      139,566   

155

     

Endurance Specialty Holdings Ltd

      6,152   

4,803

   *   

Genworth Financial, Inc (Class A)

      36,071   

48

   *   

Markel Corp

      20,804   

782

     

Marsh & McLennan Cos, Inc

      26,956   

969

     

Montpelier Re Holdings Ltd

      22,151   

436

   *   

National Financial Partners Corp

      7,473   

107

     

PartnerRe Ltd

      8,612   

171

   *   

Phoenix Cos, Inc

      4,229   

414

     

Platinum Underwriters Holdings Ltd

      19,044   

2,822

     

Principal Financial Group

      80,484   

14

     

ProAssurance Corp

      591   

7,684

     

Progressive Corp

      162,132   

300

     

Protective Life Corp

      8,574   

4,302

     

Prudential Financial, Inc

      229,426   

40

     

RenaissanceRe Holdings Ltd

      3,250   

8

     

RLI Corp

      517   

18

     

Selective Insurance Group, Inc

      347   

36

     

Stancorp Financial Group, Inc

      1,320   

 

28

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

3,920

     

Travelers Cos, Inc

    $ 281,534   
       

 

 

  
    

TOTAL INSURANCE

      2,579,010   
       

 

 

  

MATERIALS - 4.9%

   

19

   *   

AEP Industries, Inc

      1,125   

2,469

     

Air Products & Chemicals, Inc

      207,445   

7,098

     

Alcoa, Inc

      61,611   

546

     

Allegheny Technologies, Inc

      16,577   

1,222

   *   

Allied Nevada Gold Corp

      36,819   

1,033

     

AMCOL International Corp

      31,692   

204

     

Aptargroup, Inc

      9,735   

497

     

Ball Corp

      22,241   

338

     

Bemis Co, Inc

      11,309   

442

     

Buckeye Technologies, Inc

      12,690   

64

     

Carpenter Technology Corp

      3,304   

350

     

Celanese Corp (Series A)

      15,585   

18

   *   

Clearwater Paper Corp

      705   

1,669

     

Cleveland-Cliffs, Inc

      64,357   

1,032

     

Commercial Metals Co

      15,336   

110

     

Compass Minerals International, Inc

      8,218   

46

     

Domtar Corp

      3,842   

287

     

Eastman Chemical Co

      19,530   

3,353

     

Ecolab, Inc

      241,081   

265

   *   

Flotek Industries, Inc

      3,233   

609

   *   

General Moly, Inc

      2,442   

682

     

H.B. Fuller Co

      23,747   

182

     

Innophos Holdings, Inc

      8,463   

72

     

International Flavors & Fragrances, Inc

      4,791   

1,828

     

International Paper Co

      72,827   

97

   *   

Landec Corp

      921   

1,359

   *   

Louisiana-Pacific Corp

      26,256   

4,554

     

LyondellBasell Industries AF S.C.A

      259,988   

168

   *   

McEwen Mining, Inc

      643   

1,688

     

MeadWestvaco Corp

      53,797   

392

     

Minerals Technologies, Inc

      15,649   

286

   *   

Molycorp, Inc

      2,700   

4,198

     

Nucor Corp

      181,270   

506

   *   

Owens-Illinois, Inc

      10,763   

2,582

     

Praxair, Inc

      282,600   

54

     

Rock-Tenn Co (Class A)

      3,775   

124

     

Rockwood Holdings, Inc

      6,133   

1,198

     

Royal Gold, Inc

      97,409   

157

     

Sealed Air Corp

      2,749   

241

     

Sherwin-Williams Co

      37,071   

1,694

     

Sigma-Aldrich Corp

      124,644   

9

     

Sonoco Products Co

      268   

586

   *   

Stillwater Mining Co

      7,489   

231

   *   

SunCoke Energy, Inc

      3,601   

500

     

Tredegar Corp

      10,210   

473

     

Valspar Corp

      29,515   

79

     

Wausau Paper Corp

      684   

116

     

Westlake Chemical Corp

      9,199   

2,370

     

Worthington Industries, Inc

      61,596   
       

 

 

  
    

TOTAL MATERIALS

      2,127,635   
       

 

 

  

MEDIA - 3.0%

   

1,465

     

Cablevision Systems Corp (Class A)

      21,887   

156

     

Cinemark Holdings, Inc

      4,053   

24

   *   

Digital Generation, Inc

      261   

3,541

   *   

Discovery Communications, Inc (Class A)

      224,783   

423

   *   

Discovery Communications, Inc (Class C)

      24,745   

327

   *   

DreamWorks Animation SKG, Inc (Class A)

      5,418   

179

     

Fisher Communications, Inc

      4,831   

83

     

John Wiley & Sons, Inc (Class A)

      3,231   

2,109

   *   

Journal Communications, Inc (Class A)

      11,410   

 

29

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

2,524

   *   

Liberty Global, Inc (Class A)

    $ 158,987   

553

   *   

Liberty Interactive LLC

      64,153   

2,863

   *   

McClatchy Co (Class A)

      9,362   

1,806

   *   

New York Times Co (Class A)

      15,405   

118

     

Scripps Networks Interactive (Class A)

      6,835   

2,930

     

Time Warner Cable, Inc

      284,767   

6,345

     

Time Warner, Inc

      303,481   

432

   *   

Valassis Communications, Inc

      11,137   

2,824

     

Virgin Media, Inc

      103,782   

160

     

Washington Post Co (Class B)

      58,434   
       

 

 

  
    

TOTAL MEDIA

      1,316,962   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4%

   

100

   *   

Affymetrix, Inc

      317   

2,954

     

Agilent Technologies, Inc

      120,937   

856

   *   

Akorn, Inc

      11,436   

4,793

   *   

Ariad Pharmaceuticals, Inc

      91,930   

101

   *   

Auxilium Pharmaceuticals, Inc

      1,872   

2,010

   *   

Biogen Idec, Inc

      294,807   

10,409

     

Bristol-Myers Squibb Co

      339,229   

259

   *   

Cambrex Corp

      2,947   

420

   *   

Cepheid, Inc

      14,200   

1,016

   *   

Endo Pharmaceuticals Holdings, Inc

      26,690   

300

   *   

Geron Corp

      423   

4,599

   *   

Gilead Sciences, Inc

      337,797   

926

   *   

Incyte Corp

      15,381   

10,531

     

Johnson & Johnson

      738,223   

1,143

   *   

Life Technologies Corp

      56,098   

12,885

     

Merck & Co, Inc

      527,512   

1,668

   *   

Nektar Therapeutics

      12,360   

652

   *   

Neurocrine Biosciences, Inc

      4,877   

107

   *   

Onyx Pharmaceuticals, Inc

      8,082   

1,489

     

PDL BioPharma, Inc

      10,497   

96

     

PerkinElmer, Inc

      3,047   

659

   *   

Salix Pharmaceuticals Ltd

      26,676   

520

   *   

Sangamo Biosciences, Inc

      3,125   

1,729

   *   

Synta Pharmaceuticals Corp

      15,596   

70

     

Techne Corp

      4,784   

131

   *   

United Therapeutics Corp

      6,998   

763

   *   

Vertex Pharmaceuticals, Inc

      32,000   

1,988

   *   

Vivus, Inc

      26,679   

488

   *   

Waters Corp

      42,515   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      2,777,035   
       

 

 

  

REAL ESTATE - 3.8%

   

2,657

     

AMB Property Corp

      96,954   

83

     

American Campus Communities, Inc

      3,829   

3,602

     

American Tower Corp

      278,327   

10,364

     

Annaly Capital Management, Inc

      145,511   

941

     

Boston Properties, Inc

      99,567   

1,541

   *   

CBRE Group, Inc

      30,666   

93

     

Colonial Properties Trust

      1,987   

165

     

Douglas Emmett, Inc

      3,845   

1,443

     

Duke Realty Corp

      20,015   

29

     

Equity One, Inc

      609   

136

     

Federal Realty Investment Trust

      14,147   

2,363

   *   

First Industrial Realty Trust, Inc

      33,271   

4,352

     

HCP, Inc

      196,623   

842

     

Health Care REIT, Inc

      51,606   

89

     

Healthcare Realty Trust, Inc

      2,137   

5,793

     

Host Marriott Corp

      90,776   

15

     

Jones Lang LaSalle, Inc

      1,259   

14

     

Kilroy Realty Corp

      663   

125

     

LaSalle Hotel Properties

      3,174   

 

30

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

325

     

Liberty Property Trust

    $ 11,625   

426

     

Macerich Co

      24,836   

107

     

Mid-America Apartment Communities, Inc

      6,928   

105

     

Post Properties, Inc

      5,245   

2,100

     

RAIT Investment Trust

      11,865   

78

     

Regency Centers Corp

      3,675   

731

     

Ryman Hospitality Properties

      28,114   

2,103

     

Simon Property Group, Inc

      332,463   

917

     

Ventas, Inc

      59,348   

1,176

     

Vornado Realty Trust

      94,174   

17

     

Washington Real Estate Investment Trust

      445   
       

 

 

  
    

TOTAL REAL ESTATE

      1,653,684   
       

 

 

  

RETAILING - 4.5%

   

130

     

Advance Auto Parts, Inc

      9,405   

1,002

     

American Eagle Outfitters, Inc

      20,551   

253

   *   

Ann Taylor Stores Corp

      8,561   

386

   *   

Autozone, Inc

      136,810   

149

   *   

Barnes & Noble, Inc

      2,248   

1,687

   *   

Bed Bath & Beyond, Inc

      94,320   

1,674

     

Best Buy Co, Inc

      19,837   

62

   *   

Cabela’s, Inc

      2,588   

642

   *   

Carmax, Inc

      24,101   

8

     

Chico’s FAS, Inc

      148   

532

     

Foot Locker, Inc

      17,088   

6

     

GameStop Corp (Class A)

      151   

4,068

     

Gap, Inc

      126,271   

45

   *   

Genesco, Inc

      2,475   

2,394

     

Genuine Parts Co

      152,210   

184

     

GNC Holdings, Inc

      6,123   

312

     

HSN, Inc

      17,185   

411

     

JC Penney Co, Inc

      8,101   

2,105

     

Kohl’s Corp

      90,473   

5,810

   *   

Liberty Media Holding Corp (Interactive A)

      114,341   

38

   *   

LKQ Corp

      802   

9,076

     

Lowe’s Companies, Inc

      322,380   

1,601

     

Macy’s, Inc

      62,471   

16

     

Men’s Wearhouse, Inc

      499   

529

     

Nordstrom, Inc

      28,301   

700

   *   

Office Depot, Inc

      2,296   

73

   *   

O’Reilly Automotive, Inc

      6,528   

309

     

Petsmart, Inc

      21,117   

278

     

Pier 1 Imports, Inc

      5,560   

126

     

Ross Stores, Inc

      6,823   

184

   *   

Sally Beauty Holdings, Inc

      4,337   

71

   *   

Shutterfly, Inc

      2,121   

114

     

Signet Jewelers Ltd

      6,088   

4,706

     

Staples, Inc

      53,648   

4,946

     

Target Corp

      292,655   

135

     

Tiffany & Co

      7,741   

6,543

     

TJX Companies, Inc

      277,750   

7

     

Williams-Sonoma, Inc

      306   
       

 

 

  
    

TOTAL RETAILING

      1,954,410   
       

 

 

  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%

   

645

   *   

Advanced Energy Industries, Inc

      8,907   

6

   *   

Advanced Micro Devices, Inc

      14   

981

     

Analog Devices, Inc

      41,261   

17,284

     

Applied Materials, Inc

      197,729   

51

     

Cabot Microelectronics Corp

      1,811   

125

   *   

Cirrus Logic, Inc

      3,621   

174

     

Cypress Semiconductor Corp

      1,886   

930

   *   

Entegris, Inc

      8,537   

23,058

     

Intel Corp

      475,686   

 

31

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

170

   *   

Lam Research Corp

    $ 6,142   

499

   *   

Lattice Semiconductor Corp

      1,991   

232

   *   

LTX-Credence Corp

      1,522   

111

     

Microchip Technology, Inc

      3,618   

134

     

MKS Instruments, Inc

      3,455   

4,772

     

Nvidia Corp

      58,648   

146

   *   

Omnivision Technologies, Inc

      2,056   

4,262

   *   

ON Semiconductor Corp

      30,047   

706

   *   

RF Micro Devices, Inc

      3,163   

210

   *   

Sigma Designs, Inc

      1,082   

773

   *   

Skyworks Solutions, Inc

      15,692   

937

   *   

SunPower Corp

      5,266   

315

   *   

Teradyne, Inc

      5,320   

9,371

     

Texas Instruments, Inc

      289,939   

170

   *   

Ultratech, Inc

      6,341   
       

 

 

  
    

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

      1,173,734   
       

 

 

  

SOFTWARE & SERVICES - 9.4%

   

4,757

     

Accenture plc

      316,340   

4,302

   *   

Adobe Systems, Inc

      162,099   

2,001

     

AOL, Inc

      59,250   

1,585

   *   

Autodesk, Inc

      56,030   

100

   *   

Blucora, Inc

      1,571   

1,009

     

Broadridge Financial Solutions, Inc

      23,086   

3,828

     

CA, Inc

      84,139   

191

   *   

Cadence Design Systems, Inc

      2,580   

1,237

   *   

Citrix Systems, Inc

      81,333   

3,470

   *   

Cognizant Technology Solutions Corp (Class A)

      256,953   

847

   *   

Compuware Corp

      9,207   

155

     

Convergys Corp

      2,544   

710

     

Earthlink, Inc

      4,587   

49

     

Factset Research Systems, Inc

      4,315   

239

   *   

Fortinet, Inc

      5,036   

104

     

Global Payments, Inc

      4,711   

989

   *   

Google, Inc (Class A)

      701,567   

722

   *   

Informatica Corp

      21,891   

4,080

     

International Business Machines Corp

      781,524   

3,464

     

Intuit, Inc

      206,108   

205

   *   

Liquidity Services, Inc

      8,376   

55

   *   

NetSuite, Inc

      3,701   

120

   *   

NeuStar, Inc (Class A)

      5,032   

1,258

     

NIC, Inc

      20,556   

227

   *   

Nuance Communications, Inc

      5,067   

49

   *   

OpenTable, Inc

      2,391   

16,643

     

Oracle Corp

      554,545   

1,550

   *   

Salesforce.com, Inc

      260,555   

123

   *   

SolarWinds, Inc

      6,451   

7,478

   *   

Symantec Corp

      140,661   

340

   *   

Teradata Corp

      21,043   

146

   *   

Ultimate Software Group, Inc

      13,784   

13,571

   *   

Yahoo!, Inc

      270,063   
       

 

 

  
    

TOTAL SOFTWARE & SERVICES

      4,097,096   
       

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%

   

536

   *   

Acme Packet, Inc

      11,856   

914

   *   

Aruba Networks, Inc

      18,966   

97

   *   

Avid Technology, Inc

      735   

147

   *   

Benchmark Electronics, Inc

      2,443   

553

   *   

Bookham, Inc

      868   

24,888

     

Cisco Systems, Inc

      489,049   

21

     

Cognex Corp

      773   

1,633

     

Corning, Inc

      20,608   

1,868

   *   

Cray, Inc

      29,795   

16,887

     

Dell, Inc

      171,065   

9

   *   

DTS, Inc

      150   

 

32

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

13,142

   *   

EMC Corp

    $ 332,493   

810

   *   

Finisar Corp

      13,203   

707

   *   

Flextronics International Ltd

      4,391   

293

   *   

Fusion-io, Inc

      6,719   

11,684

     

Hewlett-Packard Co

      166,497   

345

   *   

Ingram Micro, Inc (Class A)

      5,837   

169

     

InterDigital, Inc

      6,946   

236

     

IPG Photonics Corp

      15,729   

14

   *   

Itron, Inc

      624   

462

     

Jabil Circuit, Inc

      8,912   

449

     

Lexmark International, Inc (Class A)

      10,412   

24

     

Molex, Inc

      656   

3,766

     

Motorola, Inc

      209,691   

60

   *   

Netgear, Inc

      2,365   

645

   *   

Oplink Communications, Inc

      10,049   

340

     

Plantronics, Inc

      12,536   

885

   *   

Polycom, Inc

      9,257   

1,566

   *   

Power-One, Inc

      6,436   

7,074

     

Qualcomm, Inc

      438,729   

6,652

   *   

Quantum Corp

      8,249   

406

   *   

STEC, Inc

      2,002   

172

   *   

Super Micro Computer, Inc

      1,754   

141

   *   

Synaptics, Inc

      4,226   

26

   *   

Tech Data Corp

      1,184   

1,492

     

Tellabs, Inc

      3,402   

184

   *   

TTM Technologies, Inc

      1,693   

87

   *   

Universal Display Corp

      2,229   

74

   *   

Vishay Precision Group, Inc

      978   

21,039

     

Xerox Corp

      143,486   
       

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

      2,176,993   
       

 

 

  

TELECOMMUNICATION SERVICES - 1.8%

   

6,446

     

CenturyTel, Inc

      252,167   

1,541

   *   

Cincinnati Bell, Inc

      8,445   

2,943

   *   

Crown Castle International Corp

      212,367   

13,018

     

Frontier Communications Corp

      55,717   

234

   *   

Level 3 Communications, Inc

      5,408   

185

   *   

SBA Communications Corp (Class A)

      13,139   

29,946

   *   

Sprint Nextel Corp

      169,794   

539

   *   

tw telecom inc (Class A)

      13,728   

18

   *   

US Cellular Corp

      634   

5,000

   *   

Vonage Holdings Corp

      11,850   

7,071

     

Windstream Corp

      58,548   
       

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

      801,797   
       

 

 

  

TRANSPORTATION - 2.1%

   

89

   *   

Alaska Air Group, Inc

      3,835   

6

     

Allegiant Travel Co

      440   

195

   *   

Avis Budget Group, Inc

      3,865   

198

     

CH Robinson Worldwide, Inc

      12,518   

8,721

     

CSX Corp

      172,065   

128

     

Expeditors International of Washington, Inc

      5,062   

34

   *   

Genesee & Wyoming, Inc (Class A)

      2,587   

28

     

Heartland Express, Inc

      366   

61

     

J.B. Hunt Transport Services, Inc

      3,642   

8

   *   

Kirby Corp

      495   

2,344

     

Norfolk Southern Corp

      144,953   

6

     

Ryder System, Inc

      300   

5,316

     

Southwest Airlines Co

      54,436   

1,359

     

Union Pacific Corp

      170,854   

4,382

     

United Parcel Service, Inc (Class B)

      323,085   
       

 

 

  
    

TOTAL TRANSPORTATION

      898,503   
       

 

 

  

 

33

Table of Contents

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

UTILITIES - 4.2%

   

102

     

American Water Works Co, Inc

    $ 3,787   

1,264

     

Atmos Energy Corp

      44,392   

2,028

   *   

Calpine Corp

      36,768   

1,918

     

Centerpoint Energy, Inc

      36,921   

167

     

CH Energy Group, Inc

      10,892   

3,262

     

Cleco Corp

      130,513   

3,410

     

Consolidated Edison, Inc

      189,391   

2,721

     

Idacorp, Inc

      117,955   

57

     

Integrys Energy Group, Inc

      2,976   

87

     

ITC Holdings Corp

      6,691   

103

     

MDU Resources Group, Inc

      2,188   

500

     

MGE Energy, Inc

      25,475   

197

     

New Jersey Resources Corp

      7,805   

3,919

     

NextEra Energy, Inc

      271,155   

4,938

     

NiSource, Inc

      122,907   

2,582

     

Northeast Utilities

      100,905   

162

     

Northwest Natural Gas Co

      7,160   

3,663

     

NV Energy, Inc

      66,447   

1,573

     

Oneok, Inc

      67,246   

6,738

     

Pepco Holdings, Inc

      132,132   

3,981

     

PG&E Corp

      159,957   

1,653

     

Piedmont Natural Gas Co, Inc

      51,755   

88

     

Pinnacle West Capital Corp

      4,486   

2,006

     

Sempra Energy

      142,306   

211

     

SJW Corp

      5,613   

447

     

South Jersey Industries, Inc

      22,497   

196

     

TECO Energy, Inc

      3,285   

77

     

UGI Corp

      2,519   

108

     

Westar Energy, Inc

      3,091   

524

     

WGL Holdings, Inc

      20,536   

327

     

Wisconsin Energy Corp

      12,050   

1,364

     

Xcel Energy, Inc

      36,432   
       

 

 

  
    

TOTAL UTILITIES

      1,848,233   
       

 

 

  
     TOTAL COMMON STOCKS
(Cost $37,903,603)		      43,443,082   
       

 

 

  
     TOTAL INVESTMENTS - 99.4%
(Cost $37,903,603)		      43,443,082   
    

OTHER ASSETS & LIABILITIES, NET - 0.6%

      249,328   
       

 

 

  
     NET ASSETS - 100.0%    $ 43,692,410   
       

 

 

  

 

Abbreviation(s):

 

REIT Real Estate Investment Trust

 

* Non-income producing.

 

34

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
                 

COMMON STOCKS - 99.1%

  

AUTOMOBILES & COMPONENTS - 1.0%

   

302

   e   

Allison Transmission Holdings, Inc

    $ 6,167   

839

   *   

American Axle & Manufacturing Holdings, Inc

      9,397   

1,484

   *   

BorgWarner, Inc

      106,284   

901

     

Cooper Tire & Rubber Co

      22,849   

2,007

     

Dana Holding Corp

      31,329   

4,166

   *   

Delphi Automotive plc

      159,350   

413

     

Dorman Products, Inc

      14,595   

290

     

Drew Industries, Inc

      9,352   

3,265

   *   

Exide Technologies

      11,166   

261

   *   

Federal Mogul Corp (Class A)

      2,093   

48,461

     

Ford Motor Co

      627,570   

280

   *   

Fuel Systems Solutions, Inc

      4,116   

10,169

   *   

General Motors Co

      293,172   

1,773

     

Gentex Corp

      33,368   

234

   *   

Gentherm, Inc

      3,112   

3,033

   *   

Goodyear Tire & Rubber Co

      41,886   

2,938

     

Harley-Davidson, Inc

      143,492   

8,671

     

Johnson Controls, Inc

      266,200   

1,264

     

Lear Corp

      59,206   

500

   *   

Modine Manufacturing Co

      4,065   

355

     

Spartan Motors, Inc

      1,750   

188

     

Standard Motor Products, Inc

      4,177   

173

   *   

Stoneridge, Inc

      886   

280

     

Superior Industries International, Inc

      5,712   

743

   *   

Tenneco, Inc

      26,087   

830

   *,e   

Tesla Motors, Inc

      28,112   

552

     

Thor Industries, Inc

      20,661   

1,265

   *   

TRW Automotive Holdings Corp

      67,817   

735

   *   

Visteon Corp

      39,558   

353

   *   

Winnebago Industries, Inc

      6,047   
       

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

      2,049,576   
       

 

 

  

BANKS - 3.3%

   

180

     

1st Source Corp

      3,976   

266

     

1st United Bancorp, Inc

      1,663   

90

     

Access National Corp

      1,170   

51

     

Alliance Financial Corp

      2,219   

98

     

American National Bankshares, Inc

      1,979   

283

   *   

Ameris Bancorp

      3,535   

77

     

Ames National Corp

      1,686   

430

     

Apollo Residential Mortgage

      8,682   

110

   e   

Arrow Financial Corp

      2,744   

2,146

     

Associated Banc-Corp

      28,156   

1,174

   e   

Astoria Financial Corp

      10,989   

130

     

Bancfirst Corp

      5,507   

298

     

Banco Latinoamericano de Exportaciones S.A. (Class E)

      6,425   

1,197

     

Bancorpsouth, Inc

      17,404   

838

     

Bank Mutual Corp

      3,603   

762

     

Bank of Hawaii Corp

      33,566   

70

     

Bank of Kentucky Financial Corp

      1,731   

61

     

Bank of Marin Bancorp

      2,285   

442

     

Bank of the Ozarks, Inc

      14,794   

300

     

BankFinancial Corp

      2,226   

415

     

BankUnited

      10,143   

203

     

Banner Corp

      6,238   

 

35

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

50

     

Bar Harbor Bankshares

    $ 1,682   

8,888

     

BB&T Corp

      258,730   

982

     

BBCN Bancorp, Inc

      11,362   

392

   *   

Beneficial Mutual Bancorp, Inc

      3,724   

50

     

Berkshire Bancorp, Inc

      410   

280

     

Berkshire Hills Bancorp, Inc

      6,681   

87

   *   

BofI Holding, Inc

      2,425   

410

     

BOK Financial Corp

      22,329   

826

     

Boston Private Financial Holdings, Inc

      7,442   

75

     

Bridge Bancorp, Inc

      1,525   

771

     

Brookline Bancorp, Inc

      6,553   

86

     

Bryn Mawr Bank Corp

      1,915   

100

   *   

BSB Bancorp, Inc

      1,223   

40

     

C&F Financial Corp

      1,558   

87

     

Camden National Corp

      2,955   

140

     

Cape Bancorp, Inc

      1,217   

101

   *   

Capital City Bank Group, Inc

      1,148   

3,675

     

CapitalSource, Inc

      27,857   

2,620

     

Capitol Federal Financial

      30,628   

286

     

Cardinal Financial Corp

      4,653   

1,028

     

Cathay General Bancorp

      20,046   

150

     

Center Bancorp, Inc

      1,737   

261

     

Centerstate Banks of Florida, Inc

      2,226   

188

   *   

Central Pacific Financial Corp

      2,931   

168

     

Century Bancorp, Inc

      5,536   

294

     

Chemical Financial Corp

      6,985   

2,537

   *   

CIT Group, Inc

      98,030   

101

     

Citizens & Northern Corp

      1,909   

503

   *   

Citizens Republic Bancorp, Inc

      9,542   

262

   e   

City Holding Co

      9,131   

647

     

City National Corp

      32,039   

112

     

Clifton Savings Bancorp, Inc

      1,262   

105

     

CNB Financial Corp

      1,720   

395

     

CoBiz, Inc

      2,951   

490

     

Columbia Banking System, Inc

      8,791   

2,498

     

Comerica, Inc

      75,789   

1,111

     

Commerce Bancshares, Inc

      38,948   

628

     

Community Bank System, Inc

      17,182   

182

     

Community Trust Bancorp, Inc

      5,966   

30

   *   

Crescent Financial Bancshares, Inc

      138   

732

     

Cullen/Frost Bankers, Inc

      39,726   

1,117

     

CVB Financial Corp

      11,617   

309

     

Dime Community Bancshares

      4,292   

5,371

   *   

Doral Financial Corp

      3,889   

118

   *   

Eagle Bancorp, Inc

      2,356   

1,835

     

East West Bancorp, Inc

      39,434   

90

     

Enterprise Financial Services Corp

      1,176   

132

     

ESB Financial Corp

      1,831   

197

     

ESSA Bancorp, Inc

      2,145   

275

     

EverBank Financial Corp

      4,100   

240

   e   

Farmers National Banc Corp

      1,488   

115

     

Federal Agricultural Mortgage Corp (Class C)

      3,738   

122

   *   

Fidelity Southern Corp

      1,165   

11,822

     

Fifth Third Bancorp

      179,576   

126

     

Financial Institutions, Inc

      2,347   

174

     

First Bancorp (NC)

      2,231   

906

   *   

First Bancorp (Puerto Rico)

      4,149   

107

     

First Bancorp, Inc

      1,762   

625

     

First Busey Corp

      2,906   

273

   *   

First California Financial Group, Inc

      2,108   

66

     

First Citizens Bancshares, Inc (Class A)

      10,791   

1,229

     

First Commonwealth Financial Corp

      8,382   

189

     

First Community Bancshares, Inc

      3,018   

570

     

First Connecticut Bancorp

      7,838   

120

     

First Defiance Financial Corp

      2,303   

40

   *,e   

First Federal Bancshares of Arkansas, Inc

      390   

 

36

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

747

     

First Financial Bancorp

    $ 10,921   

448

   e   

First Financial Bankshares, Inc

      17,476   

188

     

First Financial Corp

      5,685   

133

     

First Financial Holdings, Inc

      1,740   

200

   *   

First Financial Northwest, Inc

      1,510   

3,240

     

First Horizon National Corp

      32,108   

149

     

First Interstate Bancsystem, Inc

      2,299   

557

     

First Merchants Corp

      8,266   

893

     

First Midwest Bancorp, Inc

      11,180   

4,523

     

First Niagara Financial Group, Inc

      35,867   

66

     

First of Long Island Corp

      1,869   

110

     

First Pactrust Bancorp, Inc

      1,350   

1,383

     

First Republic Bank

      45,335   

1,352

     

FirstMerit Corp

      19,185   

358

     

Flushing Financial Corp

      5,492   

1,776

     

FNB Corp

      18,861   

130

   e   

FNB United Corp

      1,508   

185

     

Fox Chase Bancorp, Inc

      3,080   

170

     

Franklin Financial Corp

      2,819   

2,887

     

Fulton Financial Corp

      27,744   

133

     

German American Bancorp, Inc

      2,889   

860

     

Glacier Bancorp, Inc

      12,651   

135

     

Great Southern Bancorp, Inc

      3,436   

928

   *   

Guaranty Bancorp

      1,810   

222

   *,e   

Hampton Roads Bankshares, Inc

      264   

949

     

Hancock Holding Co

      30,121   

610

   *   

Hanmi Financial Corp

      8,290   

158

   e   

Heartland Financial USA, Inc

      4,132   

121

     

Heritage Financial Corp

      1,777   

110

     

Heritage Financial Group

      1,517   

260

   *   

Heritage Oaks Bancorp

      1,508   

20

     

Hingham Institution for Savings

      1,252   

90

   *   

Home Bancorp, Inc

      1,642   

266

     

Home Bancshares, Inc

      8,783   

199

     

Home Federal Bancorp, Inc

      2,474   

426

     

Home Loan Servicing Solutions Ltd

      8,051   

108

   *   

HomeStreet, Inc

      2,759   

265

   *   

HomeTrust Bancshares, Inc

      3,580   

75

     

Horizon Bancorp

      1,474   

6,700

     

Hudson City Bancorp, Inc

      54,471   

171

     

Hudson Valley Holding Corp

      2,662   

10,738

     

Huntington Bancshares, Inc

      68,616   

463

     

IBERIABANK Corp

      22,743   

252

   e   

Independent Bank Corp

      7,295   

674

     

International Bancshares Corp

      12,166   

579

     

Investors Bancorp, Inc

      10,295   

227

     

Kearny Financial Corp

      2,213   

12,323

     

Keycorp

      103,760   

274

     

Lakeland Bancorp, Inc

      2,789   

350

     

Lakeland Financial Corp

      9,044   

1,617

     

M&T Bank Corp

      159,226   

216

     

MainSource Financial Group, Inc

      2,737   

661

     

MB Financial, Inc

      13,055   

107

     

Mercantile Bank Corp

      1,765   

60

     

Merchants Bancshares, Inc

      1,606   

119

   *   

Meridian Interstate Bancorp, Inc

      1,997   

198

   *   

MetroCorp Bancshares, Inc

      2,176   

2,499

   *,e   

MGIC Investment Corp

      6,647   

70

     

Middleburg Financial Corp

      1,236   

56

     

Midsouth Bancorp, Inc

      916   

90

     

MidWestOne Financial Group, Inc

      1,846   

50

   *,e   

NASB Financial, Inc

      1,068   

84

     

National Bankshares, Inc

      2,721   

1,529

     

National Penn Bancshares, Inc

      14,250   

243

   *,e   

Nationstar Mortgage Holdings, Inc

      7,528   

627

     

NBT Bancorp, Inc

      12,709   

 

37

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

5,893

   e   

New York Community Bancorp, Inc

    $ 77,198   

227

     

Northfield Bancorp, Inc

      3,462   

80

     

Northrim BanCorp, Inc

      1,812   

1,214

     

Northwest Bancshares, Inc

      14,738   

97

     

OceanFirst Financial Corp

      1,334   

1,334

   *   

Ocwen Financial Corp

      46,143   

1,471

     

Old National Bancorp

      17,461   

148

   *   

OmniAmerican Bancorp, Inc

      3,423   

458

     

Oriental Financial Group, Inc

      6,114   

670

     

Oritani Financial Corp

      10,264   

154

     

Pacific Continental Corp

      1,498   

140

   *   

Pacific Mercantile Bancorp

      881   

369

     

PacWest Bancorp

      9,144   

165

   e   

Park National Corp

      10,664   

360

   *   

Park Sterling Bank

      1,883   

110

     

Peapack Gladstone Financial Corp

      1,549   

47

     

Penns Woods Bancorp, Inc

      1,758   

164

   *   

Pennsylvania Commerce Bancorp, Inc

      2,168   

75

     

Peoples Bancorp, Inc

      1,532   

80

     

Peoples Federal Bancshares, Inc

      1,391   

4,732

     

People’s United Financial, Inc

      57,210   

400

   *   

Pinnacle Financial Partners, Inc

      7,536   

6,855

     

PNC Financial Services Group, Inc

      399,715   

1,230

   *   

Popular, Inc

      25,572   

147

   *   

Preferred Bank

      2,087   

767

     

PrivateBancorp, Inc

      11,750   

603

     

Prosperity Bancshares, Inc

      25,326   

120

     

Provident Financial Holdings, Inc

      2,100   

753

     

Provident Financial Services, Inc

      11,235   

421

     

Provident New York Bancorp

      3,920   

2,812

   e   

Radian Group, Inc

      17,181   

18,020

     

Regions Financial Corp

      128,302   

323

     

Renasant Corp

      6,182   

120

     

Republic Bancorp, Inc (Class A)

      2,536   

807

     

Rockville Financial, Inc

      10,410   

100

     

Roma Financial Corp

      1,512   

300

     

S&T Bancorp, Inc

      5,421   

210

   e   

S.Y. Bancorp, Inc

      4,708   

250

     

Sandy Spring Bancorp, Inc

      4,855   

281

     

SCBT Financial Corp

      11,291   

900

   *   

Seacoast Banking Corp of Florida

      1,449   

130

     

SI Financial Group, Inc

      1,495   

87

     

Sierra Bancorp

      994   

615

   *   

Signature Bank

      43,874   

207

     

Simmons First National Corp (Class A)

      5,250   

110

     

Simplicity Bancorp, Inc

      1,645   

206

   e   

Southside Bancshares, Inc

      4,338   

383

   *   

Southwest Bancorp, Inc

      4,290   

397

     

State Bank & Trust Co

      6,304   

256

     

StellarOne Corp

      3,620   

318

     

Sterling Bancorp

      2,897   

335

     

Sterling Financial Corp

      6,995   

88

   *   

Suffolk Bancorp

      1,153   

470

   *   

Sun Bancorp, Inc

      1,664   

6,820

     

SunTrust Banks, Inc

      193,347   

2,349

     

Susquehanna Bancshares, Inc

      24,618   

561

   *   

SVB Financial Group

      31,399   

9,246

   e   

Synovus Financial Corp

      22,653   

137

   *   

Taylor Capital Group, Inc

      2,473   

1,924

     

TCF Financial Corp

      23,377   

150

     

Territorial Bancorp, Inc

      3,427   

505

   *   

Texas Capital Bancshares, Inc

      22,634   

956

   *   

TFS Financial Corp

      9,197   

265

   *   

The Bancorp, Inc

      2,907   

259

     

Tompkins Trustco, Inc

      10,267   

238

   e   

TowneBank

      3,687   

 

38

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

80

     

Tree.com, Inc

    $ 1,442   

171

     

Trico Bancshares

      2,864   

1,974

     

Trustco Bank Corp NY

      10,423   

774

     

Trustmark Corp

      17,384   

403

     

UMB Financial Corp

      17,668   

1,383

     

Umpqua Holdings Corp

      16,306   

167

     

Union Bankshares Corp

      2,634   

757

   e   

United Bankshares, Inc

      18,410   

526

   *   

United Community Banks, Inc

      4,955   

201

     

United Financial Bancorp, Inc

      3,160   

198

     

Univest Corp of Pennsylvania

      3,386   

24,796

     

US Bancorp

      791,984   

2,837

   e   

Valley National Bancorp

      26,384   

426

     

ViewPoint Financial Group

      8,920   

253

   *   

Virginia Commerce Bancorp

      2,264   

138

   *   

Walker & Dunlop, Inc

      2,299   

113

     

Washington Banking Co

      1,539   

1,416

     

Washington Federal, Inc

      23,888   

138

     

Washington Trust Bancorp, Inc

      3,631   

90

   *   

Waterstone Financial, Inc

      702   

900

     

Webster Financial Corp

      18,495   

63,849

     

Wells Fargo & Co

      2,182,359   

301

     

WesBanco, Inc

      6,688   

189

     

West Bancorporation, Inc

      2,037   

225

     

West Coast Bancorp

      4,984   

398

     

Westamerica Bancorporation

      16,951   

712

   *   

Western Alliance Bancorp

      7,497   

366

     

Westfield Financial, Inc

      2,646   

2,417

   *   

Wilshire Bancorp, Inc

      14,188   

461

     

Wintrust Financial Corp

      16,919   

100

     

WSFS Financial Corp

      4,225   

2,336

     

Zions Bancorporation

      49,990   
       

 

 

  
    

TOTAL BANKS

      6,811,039   
       

 

 

  

CAPITAL GOODS - 8.2%

   

9,020

     

3M Co

      837,507   

540

     

A.O. Smith Corp

      34,058   

193

     

Aaon, Inc

      4,028   

468

     

AAR Corp

      8,742   

1,673

   *   

Accuride Corp

      5,370   

282

     

Aceto Corp

      2,831   

878

     

Actuant Corp (Class A)

      24,505   

572

     

Acuity Brands, Inc

      38,742   

1,483

   *   

Aecom Technology Corp

      35,295   

466

   *   

Aegion Corp

      10,341   

484

   *   

Aerovironment, Inc

      10,522   

1,234

   *   

AGCO Corp

      60,614   

858

   *   

Air Lease Corp

      18,447   

718

     

Aircastle Ltd

      9,004   

78

     

Alamo Group, Inc

      2,546   

301

     

Albany International Corp (Class A)

      6,827   

429

     

Alliant Techsystems, Inc

      26,581   

296

     

Altra Holdings, Inc

      6,527   

224

   *   

Ameresco, Inc

      2,197   

90

     

American Railcar Industries, Inc

      2,856   

140

     

American Science & Engineering, Inc

      9,129   

2,074

   *,e   

American Superconductor Corp

      5,434   

125

   *   

American Woodmark Corp

      3,478   

3,063

     

Ametek, Inc

      115,077   

79

     

Ampco-Pittsburgh Corp

      1,578   

410

   *,e   

API Technologies Corp

      1,205   

311

     

Apogee Enterprises, Inc

      7,455   

508

     

Applied Industrial Technologies, Inc

      21,341   

89

     

Argan, Inc

      1,602   

297

     

Armstrong World Industries, Inc

      15,067   

 

39

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

2,065

   *   

ArvinMeritor, Inc

    $ 9,767   

237

     

Astec Industries, Inc

      7,899   

122

   *   

Astronics Corp

      2,791   

18

   *   

Astronics Corp (Class B)

      391   

258

     

AZZ, Inc

      9,915   

1,463

     

Babcock & Wilcox Co

      38,331   

677

     

Barnes Group, Inc

      15,205   

1,206

   *   

BE Aerospace, Inc

      59,576   

825

   *   

Beacon Roofing Supply, Inc

      27,456   

565

     

Belden CDT, Inc

      25,419   

570

   *   

Blount International, Inc

      9,017   

310

   *   

Bluelinx Holdings, Inc

      871   

9,805

     

Boeing Co

      738,905   

586

     

Brady Corp (Class A)

      19,572   

600

     

Briggs & Stratton Corp

      12,648   

1,363

   *   

Builders FirstSource, Inc

      7,606   

232

   *   

CAI International, Inc

      5,092   

7,608

   *,e   

Capstone Turbine Corp

      6,771   

790

     

Carlisle Cos, Inc

      46,420   

126

     

Cascade Corp

      8,102   

8,520

     

Caterpillar, Inc

      763,222   

405

   *   

Chart Industries, Inc

      27,001   

1,217

     

Chicago Bridge & Iron Co NV

      56,408   

170

     

CIRCOR International, Inc

      6,730   

615

     

Clarcor, Inc

      29,385   

311

     

CNH Global NV

      12,530   

628

   *   

Colfax Corp

      25,340   

196

   *   

Columbus McKinnon Corp

      3,238   

409

     

Comfort Systems USA, Inc

      4,973   

301

   *   

Commercial Vehicle Group, Inc

      2,471   

596

   *   

CPI Aerostructures, Inc

      5,966   

593

     

Crane Co

      27,444   

170

     

Cubic Corp

      8,155   

2,602

     

Cummins, Inc

      281,927   

554

     

Curtiss-Wright Corp

      18,188   

7,699

     

Danaher Corp

      430,374   

5,237

     

Deere & Co

      452,582   

434

   *,e   

DigitalGlobe, Inc

      10,607   

1,888

     

Donaldson Co, Inc

      62,002   

296

     

Douglas Dynamics, Inc

      4,259   

2,320

     

Dover Corp

      152,447   

82

   *   

DXP Enterprises, Inc

      4,024   

596

   *   

Dycom Industries, Inc

      11,801   

270

     

Dynamic Materials Corp

      3,753   

80

     

Eastern Co

      1,266   

5,853

     

Eaton Corp

      317,233   

190

   *   

Edgen Group, Inc

      1,341   

923

     

EMCOR Group, Inc

      31,945   

9,528

     

Emerson Electric Co

      504,603   

255

     

Encore Wire Corp

      7,729   

404

   *   

Energy Recovery, Inc

      1,374   

649

   *   

EnerSys

      24,422   

206

   *   

Engility Holdings, Inc

      3,968   

100

   *,e   

Enphase Energy, Inc

      365   

277

   *   

EnPro Industries, Inc

      11,329   

317

     

ESCO Technologies, Inc

      11,859   

388

   *   

Esterline Technologies Corp

      24,681   

2,210

     

Exelis, Inc

      24,907   

3,764

     

Fastenal Co

      175,741   

743

   *   

Federal Signal Corp

      5,654   

413

   *   

Flow International Corp

      1,446   

686

     

Flowserve Corp

      100,705   

2,167

     

Fluor Corp

      127,290   

2,026

   *   

Fortune Brands Home & Security, Inc

      59,200   

277

     

Franklin Electric Co, Inc

      17,221   

227

     

Freightcar America, Inc

      5,089   

 

40

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

6,474

   *,e   

FuelCell Energy, Inc

    $ 5,937   

408

   *   

Furmanite Corp

      2,191   

711

     

Gardner Denver, Inc

      48,704   

594

     

GATX Corp

      25,720   

575

   *   

GenCorp, Inc

      5,261   

317

     

Generac Holdings, Inc

      10,876   

640

   *   

General Cable Corp

      19,462   

4,035

     

General Dynamics Corp

      279,504   

138,100

     

General Electric Co

      2,898,719   

264

   *   

GeoEye, Inc

      8,113   

916

   *   

Gibraltar Industries, Inc

      14,583   

199

     

Global Power Equipment Group, Inc

      3,413   

242

     

Gorman-Rupp Co

      7,219   

730

     

Graco, Inc

      37,588   

1,560

   *   

GrafTech International Ltd

      14,648   

128

     

Graham Corp

      2,496   

466

     

Granite Construction, Inc

      15,667   

670

     

Great Lakes Dredge & Dock Corp

      5,983   

517

   *   

Greenbrier Cos, Inc

      8,360   

686

     

Griffon Corp

      7,862   

334

     

H&E Equipment Services, Inc

      5,033   

150

     

Hardinge, Inc

      1,491   

969

     

Harsco Corp

      22,772   

768

     

Heico Corp

      34,376   

1,310

   *   

Hexcel Corp

      35,318   

10,123

     

Honeywell International, Inc

      642,507   

186

     

Houston Wire & Cable Co

      2,282   

728

     

Hubbell, Inc (Class B)

      61,611   

604

     

Huntington Ingalls

      26,177   

78

   *   

Hurco Cos, Inc

      1,794   

132

     

Hyster-Yale Materials Handling, Inc

      6,442   

1,031

     

IDEX Corp

      47,972   

646

   *   

II-VI, Inc

      11,802   

5,517

     

Illinois Tool Works, Inc

      335,489   

3,857

     

Ingersoll-Rand plc

      184,982   

155

     

Insteel Industries, Inc

      1,934   

1,105

     

ITT Corp

      25,923   

1,705

   *   

Jacobs Engineering Group, Inc

      72,582   

308

     

John Bean Technologies Corp

      5,473   

1,343

     

Joy Global, Inc

      85,657   

148

   *   

Kadant, Inc

      3,923   

380

     

Kaman Corp

      13,984   

428

     

Kaydon Corp

      10,242   

1,895

     

KBR, Inc

      56,698   

983

     

Kennametal, Inc

      39,320   

128

   *   

KEYW Holding Corp

      1,624   

294

   *   

Kratos Defense & Security Solutions, Inc

      1,479   

1,237

     

L-3 Communications Holdings, Inc

      94,779   

220

   *   

Layne Christensen Co

      5,339   

111

     

LB Foster Co (Class A)

      4,822   

702

     

Lennox International, Inc

      36,869   

1,026

     

Lincoln Electric Holdings, Inc

      49,946   

136

   e   

Lindsay Manufacturing Co

      10,896   

101

   *   

LMI Aerospace, Inc

      1,953   

3,480

     

Lockheed Martin Corp

      321,169   

131

     

LSI Industries, Inc

      918   

201

   *   

Lydall, Inc

      2,882   

1,843

     

Manitowoc Co, Inc

      28,898   

4,530

     

Masco Corp

      75,470   

894

   *   

Mastec, Inc

      22,287   

171

     

Met-Pro Corp

      1,657   

80

     

Michael Baker Corp

      1,994   

238

   *   

Middleby Corp

      30,514   

115

     

Miller Industries, Inc

      1,754   

548

   *   

Moog, Inc (Class A)

      22,484   

284

   *   

MRC Global, Inc

      7,890   

 

41

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

556

     

MSC Industrial Direct Co (Class A)

    $ 41,911   

447

     

Mueller Industries, Inc

      22,363   

2,364

     

Mueller Water Products, Inc (Class A)

      13,262   

209

   *   

MYR Group, Inc

      4,650   

58

   e   

National Presto Industries, Inc

      4,008   

1,022

   *,e   

Navistar International Corp

      22,249   

222

   *   

NCI Building Systems, Inc

      3,086   

202

   *   

NN, Inc

      1,850   

814

     

Nordson Corp

      51,380   

100

   *   

Nortek, Inc

      6,625   

3,193

     

Northrop Grumman Corp

      215,783   

96

   *   

Northwest Pipe Co

      2,291   

706

   *   

Orbital Sciences Corp

      9,722   

434

   *   

Orion Marine Group, Inc

      3,173   

1,249

   *   

Oshkosh Truck Corp

      37,033   

1,547

   *   

Owens Corning, Inc

      57,224   

4,530

     

Paccar, Inc

      204,801   

1,472

     

Pall Corp

      88,703   

1,917

     

Parker Hannifin Corp

      163,060   

338

   *   

Patrick Industries, Inc

      5,259   

2,713

     

Pentair Ltd

      133,344   

313

   *   

Perini Corp

      4,288   

250

   *   

Pgt, Inc

      1,125   

200

     

Pike Electric Corp

      1,910   

144

   *   

PMFG, Inc

      1,309   

591

   *,e   

Polypore International, Inc

      27,481   

94

   *   

Powell Industries, Inc

      3,904   

1,845

     

Precision Castparts Corp

      349,480   

28

     

Preformed Line Products Co

      1,664   

237

     

Primoris Services Corp

      3,564   

64

   *   

Proto Labs, Inc

      2,523   

450

     

Quanex Building Products Corp

      9,185   

2,673

   *   

Quanta Services, Inc

      72,946   

460

     

Raven Industries, Inc

      12,126   

4,449

     

Raytheon Co

      256,084   

262

   *   

RBC Bearings, Inc

      13,118   

536

     

Regal-Beloit Corp

      37,772   

362

   *   

Rexnord Corp

      7,711   

596

     

Robbins & Myers, Inc

      35,432   

1,820

     

Rockwell Automation, Inc

      152,862   

1,970

     

Rockwell Collins, Inc

      114,595   

1,238

     

Roper Industries, Inc

      138,012   

333

   *   

Rush Enterprises, Inc (Class A)

      6,883   

200

     

Sauer-Danfoss, Inc

      10,674   

4

     

Seaboard Corp

      10,120   

134

     

SeaCube Container Leasing Ltd

      2,526   

919

   *   

Shaw Group, Inc

      42,835   

30

     

SIFCO Industries, Inc

      472   

533

     

Simpson Manufacturing Co, Inc

      17,477   

738

     

Snap-On, Inc

      58,295   

1,597

   *   

Spirit Aerosystems Holdings, Inc (Class A)

      27,101   

643

     

SPX Corp

      45,106   

151

     

Standex International Corp

      7,745   

2,154

     

Stanley Works

      159,331   

133

   *   

Sterling Construction Co, Inc

      1,322   

183

     

Sun Hydraulics Corp

      4,773   

368

     

TAL International Group, Inc

      13,388   

812

   *   

Taser International, Inc

      7,259   

466

   *   

Teledyne Technologies, Inc

      30,323   

200

     

Tennant Co

      8,790   

1,556

   *   

Terex Corp

      43,739   

112

   e   

Textainer Group Holdings Ltd

      3,524   

3,863

     

Textron, Inc

      95,764   

120

   *   

Thermon Group Holdings

      2,704   

1,085

     

Timken Co

      51,896   

624

   e   

Titan International, Inc

      13,553   

 

42

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

282

   *,e   

Titan Machinery, Inc

    $ 6,965   

838

     

Toro Co

      36,017   

663

     

TransDigm Group, Inc

      90,407   

189

   *   

Trex Co, Inc

      7,036   

321

   *   

Trimas Corp

      8,975   

964

     

Trinity Industries, Inc

      34,530   

680

     

Triumph Group, Inc

      44,404   

100

     

Twin Disc, Inc

      1,743   

1,167

   *   

United Rentals, Inc

      53,122   

11,811

     

United Technologies Corp

      968,620   

233

     

Universal Forest Products, Inc

      8,863   

959

     

URS Corp

      37,650   

911

   *,e   

USG Corp

      25,572   

282

     

Valmont Industries, Inc

      38,507   

200

   *   

Vicor Corp

      1,084   

813

     

W.W. Grainger, Inc

      164,527   

1,287

   *   

Wabash National Corp

      11,544   

820

   *   

WABCO Holdings, Inc

      53,456   

424

     

Watsco, Inc

      31,758   

573

     

Watts Water Technologies, Inc (Class A)

      24,633   

625

   *,e   

WESCO International, Inc

      42,144   

648

     

Westinghouse Air Brake Technologies Corp

      56,726   

70

   *   

Willis Lease Finance Corp

      1,002   

880

     

Woodward Governor Co

      33,554   

2,461

     

Xylem, Inc

      66,693   
       

 

 

  
    

TOTAL CAPITAL GOODS

      16,982,569   
       

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%

   

655

     

ABM Industries, Inc

      13,067   

611

   *   

Acacia Research (Acacia Technologies)

      15,672   

1,386

   *   

ACCO Brands Corp

      10,173   

217

     

Acorn Energy, Inc

      1,695   

335

     

Administaff, Inc

      10,908   

3,082

     

ADT Corp

      143,282   

413

   *   

Advisory Board Co

      19,324   

200

     

American Ecology Corp

      4,708   

412

   *   

ARC Document Solutions, Inc

      1,055   

120

   *   

AT Cross Co

      1,294   

1,360

     

Avery Dennison Corp

      47,491   

97

     

Barrett Business Services, Inc

      3,695   

550

     

Brink’s Co

      15,691   

297

   *   

Casella Waste Systems, Inc (Class A)

      1,301   

854

   *   

CBIZ, Inc

      5,047   

100

     

CDI Corp

      1,713   

90

     

Ceco Environmental Corp

      895   

676

   *,e   

Cenveo, Inc

      1,825   

1,396

     

Cintas Corp

      57,096   

652

   *   

Clean Harbors, Inc

      35,867   

100

   *   

Consolidated Graphics, Inc

      3,492   

1,065

   *,e   

Coolbrands International, Inc

      1,864   

1,448

   *   

Copart, Inc

      42,716   

451

     

Corporate Executive Board Co

      21,404   

1,325

     

Corrections Corp of America

      46,998   

73

     

Courier Corp

      803   

1,387

     

Covanta Holding Corp

      25,549   

167

   *   

CRA International, Inc

      3,302   

649

     

Deluxe Corp

      20,924   

365

   *   

Dolan Media Co

      1,420   

647

     

Dun & Bradstreet Corp

      50,887   

904

   *   

EnergySolutions, Inc

      2,820   

236

   *   

EnerNOC, Inc

      2,773   

269

     

Ennis, Inc

      4,161   

1,500

     

Equifax, Inc

      81,180   

172

   *   

Exponent, Inc

      9,603   

148

   *   

Franklin Covey Co

      1,909   

 

43

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

571

   *   

FTI Consulting, Inc

    $ 18,843   

387

     

G & K Services, Inc (Class A)

      13,216   

889

     

Geo Group, Inc

      25,070   

191

   *   

GP Strategies Corp

      3,944   

825

     

Healthcare Services Group

      19,165   

200

     

Heidrick & Struggles International, Inc

      3,052   

380

   *   

Heritage-Crystal Clean, Inc

      5,704   

700

     

Herman Miller, Inc

      14,994   

270

   *   

Hill International, Inc

      988   

567

     

HNI Corp

      17,044   

376

   *   

Hudson Highland Group, Inc

      1,684   

279

   *   

Huron Consulting Group, Inc

      9,400   

209

   *   

ICF International, Inc

      4,899   

1,150

   *   

ICO Global Communications Holdings Ltd

      1,460   

675

   *   

IHS, Inc (Class A)

      64,800   

259

   *,e   

Innerworkings, Inc

      3,569   

597

     

Interface, Inc

      9,600   

110

   e   

Intersections, Inc

      1,043   

2,110

     

Iron Mountain, Inc

      65,515   

343

     

KAR Auction Services, Inc

      6,942   

300

     

Kelly Services, Inc (Class A)

      4,722   

366

     

Kforce, Inc

      5,245   

300

     

Kimball International, Inc (Class B)

      3,483   

546

     

Knoll, Inc

      8,387   

500

   *   

Korn/Ferry International

      7,930   

1,020

     

Manpower, Inc

      43,289   

274

     

McGrath RentCorp

      7,951   

802

   *   

Metalico, Inc

      1,572   

352

     

Mine Safety Appliances Co

      15,034   

172

   *   

Mistras Group, Inc

      4,247   

400

   *   

Mobile Mini, Inc

      8,332   

105

     

Multi-Color Corp

      2,519   

631

   *   

Navigant Consulting, Inc

      7,042   

1,545

   *   

Nielsen Holdings NV

      47,262   

113

     

NL Industries, Inc

      1,294   

817

   *,e   

Odyssey Marine Exploration, Inc

      2,426   

549

   *   

On Assignment, Inc

      11,134   

2,162

   e   

Pitney Bowes, Inc

      23,004   

313

   e   

Quad

      6,382   

2,354

   e   

R.R. Donnelley & Sons Co

      21,186   

3,849

     

Republic Services, Inc

      112,891   

514

     

Resources Connection, Inc

      6,137   

1,798

     

Robert Half International, Inc

      57,212   

772

     

Rollins, Inc

      17,015   

275

   *   

RPX Corp

      2,486   

100

     

Schawk, Inc (Class A)

      1,316   

189

   *   

Standard Parking Corp

      4,156   

838

     

Steelcase, Inc (Class A)

      10,676   

1,080

   *   

Stericycle, Inc

      100,732   

460

   *   

SYKES Enterprises, Inc

      7,001   

390

   *   

Team, Inc

      14,836   

804

   *   

Tetra Tech, Inc

      21,266   

159

   *   

TMS International Corp

      1,991   

772

     

Towers Watson & Co

      43,394   

220

   *   

TRC Cos, Inc

      1,280   

550

   *   

TrueBlue, Inc

      8,662   

6,165

     

Tyco International Ltd

      180,326   

330

     

Unifirst Corp

      24,196   

612

     

United Stationers, Inc

      18,966   

1,903

   *   

Verisk Analytics, Inc

      97,053   

263

     

Viad Corp

      7,143   

48

     

VSE Corp

      1,176   

80

   *   

WageWorks, Inc

      1,424   

1,597

     

Waste Connections, Inc

      53,963   

5,946

     

Waste Management, Inc

      200,618   
       

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

      2,232,893   
       

 

 

  

 

44

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

CONSUMER DURABLES & APPAREL - 1.5%

   

479

   e   

American Greetings Corp (Class A)

    $ 8,090   

148

   *   

Arctic Cat, Inc

      4,942   

140

     

Bassett Furniture Industries, Inc

      1,746   

556

   *,e   

Beazer Homes USA, Inc

      9,391   

150

   e   

Blyth, Inc

      2,333   

1,286

     

Brunswick Corp

      37,410   

806

     

Callaway Golf Co

      5,239   

614

   *   

Carter’s, Inc

      34,169   

72

   *   

Cavco Industries, Inc

      3,599   

65

     

Cherokee, Inc

      891   

271

   *   

Clarus Corp

      2,222   

3,735

     

Coach, Inc

      207,330   

137

   e   

Columbia Sportswear Co

      7,310   

1,444

   *   

CROCS, Inc

      20,779   

46

     

CSS Industries, Inc

      1,007   

110

     

Culp, Inc

      1,651   

474

   *,e   

Deckers Outdoor Corp

      19,088   

67

   *   

Delta Apparel, Inc

      937   

3,350

     

DR Horton, Inc

      66,263   

279

     

Ethan Allen Interiors, Inc

      7,173   

1,307

   *   

Fifth & Pacific Cos, Inc

      16,272   

60

     

Flexsteel Industries, Inc

      1,287   

683

   *   

Fossil, Inc

      63,587   

1,360

   e   

Garmin Ltd

      55,515   

205

   *   

G-III Apparel Group Ltd

      7,017   

1,240

   *   

Hanesbrands, Inc

      44,417   

852

     

Harman International Industries, Inc

      38,033   

1,546

   e   

Hasbro, Inc

      55,501   

400

   *   

Helen of Troy Ltd

      13,356   

140

   e   

Hooker Furniture Corp

      2,034   

1,946

   *,e   

Hovnanian Enterprises, Inc (Class A)

      13,622   

870

   *   

Iconix Brand Group, Inc

      19,418   

429

   *   

iRobot Corp

      8,039   

257

     

Jakks Pacific, Inc

      3,218   

971

     

Jarden Corp

      50,201   

1,084

     

Jones Apparel Group, Inc

      11,989   

919

   e   

KB Home

      14,520   

1,949

   *,e   

K-Swiss, Inc (Class A)

      6,549   

628

     

La-Z-Boy, Inc

      8,886   

636

   *   

Leapfrog Enterprises, Inc

      5,489   

1,780

     

Leggett & Platt, Inc

      48,452   

1,951

   e   

Lennar Corp (Class A)

      75,445   

193

   *   

Libbey, Inc

      3,735   

112

     

Lifetime Brands, Inc

      1,188   

385

   *   

M/I Homes, Inc

      10,202   

300

   *   

Maidenform Brands, Inc

      5,847   

4,469

     

Mattel, Inc

      163,655   

441

     

MDC Holdings, Inc

      16,211   

377

   *   

Meritage Homes Corp

      14,081   

1,079

   *   

Michael Kors Holdings Ltd

      55,061   

785

   *   

Mohawk Industries, Inc

      71,019   

200

     

Movado Group, Inc

      6,136   

66

     

Nacco Industries, Inc (Class A)

      4,006   

3,613

     

Newell Rubbermaid, Inc

      80,462   

9,566

     

Nike, Inc (Class B)

      493,606   

70

   *   

NVR, Inc

      64,400   

200

     

Oxford Industries, Inc

      9,272   

161

     

Perry Ellis International, Inc

      3,204   

910

     

Phillips-Van Heusen Corp

      101,019   

804

     

Polaris Industries, Inc

      67,657   

567

     

Pool Corp

      23,995   

4,337

   *   

Pulte Homes, Inc

      78,760   

1,598

   *   

Quiksilver, Inc

      6,791   

802

     

Ralph Lauren Corp

      120,236   

 

45

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

101

     

RG Barry Corp

    $ 1,431   

506

     

Ryland Group, Inc

      18,469   

1,213

   *,e   

Sealy Corp

      2,632   

660

   *   

Skechers U.S.A., Inc (Class A)

      12,210   

208

   *   

Skullcandy, Inc

      1,620   

1,107

   *,e   

Smith & Wesson Holding Corp

      9,343   

1,997

   *,e   

Standard-Pacific Corp

      14,678   

100

   *   

Steinway Musical Instruments, Inc

      2,115   

501

   *   

Steven Madden Ltd

      21,177   

228

   e   

Sturm Ruger & Co, Inc

      10,351   

875

   *   

Tempur-Pedic International, Inc

      27,554   

1,801

   *   

Toll Brothers, Inc

      58,226   

304

     

True Religion Apparel, Inc

      7,728   

271

   *   

Tumi Holdings, Inc

      5,650   

709

     

Tupperware Corp

      45,447   

1,004

   *,e   

Under Armour, Inc (Class A)

      48,724   

340

   *   

Unifi, Inc

      4,423   

166

   *   

Universal Electronics, Inc

      3,212   

246

   *,e   

Vera Bradley, Inc

      6,175   

1,115

     

VF Corp

      168,332   

515

   *   

Warnaco Group, Inc

      36,859   

60

     

Weyco Group, Inc

      1,402   

1,000

     

Whirlpool Corp

      101,750   

600

     

Wolverine World Wide, Inc

      24,588   

939

   *,e   

Zagg, Inc

      6,911   
       

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

      3,045,967   
       

 

 

  

CONSUMER SERVICES - 2.2%

   

306

   *   

AFC Enterprises

      7,996   

224

   *,e   

American Public Education, Inc

      8,089   

660

     

Ameristar Casinos, Inc

      17,318   

1,296

   *   

Apollo Group, Inc (Class A)

      27,112   

159

   *   

Ascent Media Corp (Series A)

      9,848   

701

   *   

Bally Technologies, Inc

      31,342   

298

   *   

BJ’s Restaurants, Inc

      9,804   

226

   *   

Bloomin’ Brands, Inc

      3,535   

180

   *   

Bluegreen Corp

      1,688   

379

     

Bob Evans Farms, Inc

      15,236   

704

   *,e   

Boyd Gaming Corp

      4,675   

141

   *   

Bravo Brio Restaurant Group, Inc

      1,894   

234

   *,e   

Bridgepoint Education, Inc

      2,410   

1,103

     

Brinker International, Inc

      34,182   

218

   *   

Buffalo Wild Wings, Inc

      15,875   

540

   *,e   

Caesars Entertainment Corp

      3,737   

202

   *   

Capella Education Co

      5,702   

812

   *   

Career Education Corp

      2,858   

267

   *   

Caribou Coffee Co, Inc

      4,323   

5,280

     

Carnival Corp

      194,146   

200

     

Carriage Services, Inc

      2,374   

288

     

CBRL Group, Inc

      18,507   

272

     

CEC Entertainment, Inc

      9,028   

746

     

Cheesecake Factory

      24,409   

409

   *   

Chipotle Mexican Grill, Inc (Class A)

      121,661   

370

   e   

Choice Hotels International, Inc

      12,439   

155

     

Churchill Downs, Inc

      10,300   

84

   *   

Chuy’s Holdings, Inc

      1,877   

397

   *,e   

Coinstar, Inc

      20,648   

70

   e   

Collectors Universe

      702   

1,059

   *,e   

Corinthian Colleges, Inc

      2,584   

1,651

     

Darden Restaurants, Inc

      74,411   

949

   *   

Denny’s Corp

      4,631   

854

   e   

DeVry, Inc

      20,265   

223

   *   

DineEquity, Inc

      14,941   

767

     

Domino’s Pizza, Inc

      33,403   

1,035

     

Dunkin Brands Group, Inc

      34,341   

 

46

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

519

   *,e   

Education Management Corp

    $ 2,273   

200

   *   

Fiesta Restaurant Group, Inc

      3,064   

40

     

Frisch’s Restaurants, Inc

      740   

505

   *   

Grand Canyon Education, Inc

      11,852   

3,828

     

H&R Block, Inc

      71,086   

1,071

     

Hillenbrand, Inc

      24,215   

540

   *   

Hyatt Hotels Corp

      20,828   

80

   *   

Ignite Restaurant Group, Inc

      1,040   

3,723

     

International Game Technology

      52,755   

548

     

International Speedway Corp (Class A)

      15,136   

474

     

Interval Leisure Group, Inc

      9,191   

244

   *   

Isle of Capri Casinos, Inc

      1,366   

351

   *,e   

ITT Educational Services, Inc

      6,076   

678

   *   

Jack in the Box, Inc

      19,391   

738

   *   

Jamba, Inc

      1,653   

310

   *,e   

K12, Inc

      6,336   

587

   *   

Krispy Kreme Doughnuts, Inc

      5,506   

5,225

     

Las Vegas Sands Corp

      241,186   

545

   *   

Life Time Fitness, Inc

      26,819   

288

     

Lincoln Educational Services Corp

      1,610   

140

     

Mac-Gray Corp

      1,757   

200

     

Marcus Corp

      2,494   

3,228

     

Marriott International, Inc (Class A)

      120,308   

345

   *   

Marriott Vacations Worldwide Corp

      14,376   

367

     

Matthews International Corp (Class A)

      11,781   

13,266

     

McDonald’s Corp

      1,170,194   

5,009

   *   

MGM Mirage

      58,305   

200

   *   

Monarch Casino & Resort, Inc

      2,182   

510

   *   

Morgans Hotel Group Co

      2,825   

290

   *   

MTR Gaming Group, Inc

      1,209   

322

   *   

Multimedia Games, Inc

      4,737   

30

   *   

Nathan’s Famous, Inc

      1,011   

1,101

   *   

Orient-Express Hotels Ltd (Class A)

      12,871   

360

   *   

Panera Bread Co (Class A)

      57,179   

263

   *   

Papa John’s International, Inc

      14,449   

861

   *   

Penn National Gaming, Inc

      42,284   

793

   *   

Pinnacle Entertainment, Inc

      12,553   

330

   *,e   

Premier Exhibitions, Inc

      894   

150

   *   

Red Robin Gourmet Burgers, Inc

      5,293   

674

     

Regis Corp

      11,404   

1,926

     

Royal Caribbean Cruises Ltd

      65,484   

779

   *   

Ruby Tuesday, Inc

      6,123   

200

   *   

Ruth’s Chris Steak House, Inc

      1,454   

774

   *   

Scientific Games Corp (Class A)

      6,711   

2,758

     

Service Corp International

      38,088   

646

   *   

SHFL Entertainment, Inc

      9,367   

538

     

Six Flags Entertainment Corp

      32,926   

729

   *   

Sonic Corp

      7,589   

810

     

Sotheby’s (Class A)

      27,232   

164

     

Speedway Motorsports, Inc

      2,926   

9,810

     

Starbucks Corp

      526,012   

2,746

     

Starwood Hotels & Resorts Worldwide, Inc

      157,511   

20

   *   

Steak N Shake Co

      7,800   

185

   *   

Steiner Leisure Ltd

      8,915   

1,142

     

Stewart Enterprises, Inc (Class A)

      8,725   

171

     

Strayer Education, Inc

      9,605   

687

     

Texas Roadhouse, Inc (Class A)

      11,542   

250

     

Town Sports International Holdings, Inc

      2,662   

228

     

Universal Technical Institute, Inc

      2,289   

437

     

Vail Resorts, Inc

      23,637   

356

   e   

Weight Watchers International, Inc

      18,640   

3,949

     

Wendy’s

      18,560   

698

   *   

WMS Industries, Inc

      12,215   

1,852

     

Wyndham Worldwide Corp

      98,545   

1,012

     

Wynn Resorts Ltd

      113,840   

6,045

     

Yum! Brands, Inc

      401,388   
       

 

 

  
    

TOTAL CONSUMER SERVICES

      4,498,306   
       

 

 

  

 

47

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

DIVERSIFIED FINANCIALS - 6.2%

   

647

   *   

Affiliated Managers Group, Inc

    $ 84,207   

4,393

   *   

American Capital Ltd

      52,716   

13,003

     

American Express Co

      747,413   

2,781

     

Ameriprise Financial, Inc

      174,174   

2,330

     

Apollo Investment Corp

      19,479   

2,886

     

Ares Capital Corp

      50,505   

341

     

Artio Global Investors, Inc

      648   

200

   *   

Asset Acceptance Capital Corp

      900   

140

     

Asta Funding, Inc

      1,331   

139,899

     

Bank of America Corp

      1,622,828   

15,492

     

Bank of New York Mellon Corp

      398,144   

1,263

     

BGC Partners, Inc (Class A)

      4,370   

942

     

BlackRock Kelso Capital Corp

      9,477   

1,686

     

BlackRock, Inc

      348,513   

200

     

Calamos Asset Management, Inc (Class A)

      2,114   

7,516

     

Capital One Financial Corp

      435,402   

47

     

Capital Southwest Corp

      4,683   

400

     

Cash America International, Inc

      15,868   

1,112

     

CBOE Holdings, Inc

      32,760   

14,687

     

Charles Schwab Corp

      210,905   

38,246

     

Citigroup, Inc

      1,513,012   

4,395

     

CME Group, Inc

      222,870   

207

   e   

Cohen & Steers, Inc

      6,307   

888

   *   

Cowen Group, Inc

      2,176   

98

   *   

Credit Acceptance Corp

      9,965   

22

     

Diamond Hill Investment Group, Inc

      1,493   

7,134

     

Discover Financial Services

      275,016   

586

   *   

Dollar Financial Corp

      10,847   

332

     

Duff & Phelps Corp

      5,186   

3,622

   *   

E*Trade Financial Corp

      32,417   

1,406

     

Eaton Vance Corp

      44,781   

281

   *   

Encore Capital Group, Inc

      8,604   

160

     

Epoch Holding Corp

      4,464   

364

     

Evercore Partners, Inc (Class A)

      10,989   

545

   *   

Ezcorp, Inc (Class A)

      10,824   

653

   *   

FBR Capital Markets Corp

      2,527   

1,409

   e   

Federated Investors, Inc (Class B)

      28,504   

149

     

Fidus Investment Corp

      2,451   

1,049

     

Fifth Street Finance Corp

      10,931   

587

   *,e   

Financial Engines, Inc

      16,289   

363

   *   

First Cash Financial Services, Inc

      18,012   

641

   *,e   

First Marblehead Corp

      498   

110

   *   

Firsthand Technology Value Fund, Inc

      1,918   

1,873

     

Franklin Resources, Inc

      235,436   

80

     

Friedman Billings Ramsey Group, Inc (Class A)

      1,662   

215

   e   

FXCM, Inc

      2,165   

69

     

GAMCO Investors, Inc (Class A)

      3,662   

704

     

GFI Group, Inc

      2,281   

239

     

Gladstone Capital Corp

      1,950   

252

     

Gladstone Investment Corp

      1,754   

6,419

     

Goldman Sachs Group, Inc

      818,808   

92

   e   

Golub Capital BDC, Inc

      1,470   

276

   *,e   

Green Dot Corp

      3,367   

354

     

Greenhill & Co, Inc

      18,404   

240

   *,e   

GSV Capital Corp

      2,023   

322

   *   

Harris & Harris Group, Inc

      1,063   

635

     

Hercules Technology Growth Capital, Inc

      7,068   

409

     

HFF, Inc (Class A)

      6,094   

80

     

Horizon Technology Finance Corp

      1,191   

441

     

Interactive Brokers Group, Inc (Class A)

      6,033   

960

   *   

IntercontinentalExchange, Inc

      118,858   

153

   *   

International Assets Holding Corp

      2,664   

405

   *   

Internet Capital Group, Inc

      4,629   

5,831

     

Invesco Ltd

      152,131   

 

48

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

524

   *   

Investment Technology Group, Inc

    $ 4,716   

8,200

   e   

iShares Russell 3000 Index Fund

      694,376   

2,289

   e   

Janus Capital Group, Inc

      19,502   

1,790

     

Jefferies Group, Inc

      33,240   

173

     

JMP Group, Inc

      1,050   

49,466

     

JPMorgan Chase & Co

      2,175,020   

422

     

KBW, Inc

      6,457   

240

   e   

KCAP Financial, Inc

      2,206   

700

   *   

Knight Capital Group, Inc (Class A)

      2,457   

1,144

   *   

Ladenburg Thalmann Financial Services, Inc

      1,602   

1,450

     

Lazard Ltd (Class A)

      43,268   

1,857

     

Legg Mason, Inc

      47,762   

2,510

     

Leucadia National Corp

      59,713   

641

     

LPL Financial Holdings, Inc

      18,051   

250

   e   

Main Street Capital Corp

      7,627   

175

     

Manning & Napier, Inc

      2,205   

463

     

MarketAxess Holdings, Inc

      16,344   

102

     

Marlin Business Services Corp

      2,046   

778

     

MCG Capital Corp

      3,579   

175

     

Medallion Financial Corp

      2,054   

212

     

Medley Capital Corp

      3,087   

110

     

MicroFinancial, Inc

      801   

2,471

     

Moody’s Corp

      124,341   

19,595

     

Morgan Stanley

      374,656   

1,492

   *   

MSCI, Inc (Class A)

      46,237   

407

     

MVC Capital, Inc

      4,945   

1,637

     

Nasdaq Stock Market, Inc

      40,941   

320

     

Nelnet, Inc (Class A)

      9,533   

370

   *   

Netspend Holdings, Inc

      4,373   

175

     

New Mountain Finance Corp

      2,608   

341

   *   

NewStar Financial, Inc

      4,777   

300

     

NGP Capital Resources Co

      2,166   

120

   e   

Nicholas Financial, Inc

      1,488   

2,796

     

Northern Trust Corp

      140,247   

3,295

     

NYSE Euronext

      103,924   

116

     

Oppenheimer Holdings, Inc

      2,003   

725

     

PennantPark Investment Corp

      7,971   

639

   *   

PHH Corp

      14,537   

272

   *   

Pico Holdings, Inc

      5,513   

236

   *   

Piper Jaffray Cos

      7,583   

205

   *   

Portfolio Recovery Associates, Inc

      21,906   

2,016

     

Prospect Capital Corp

      21,914   

90

     

Pzena Investment Management, Inc (Class A)

      486   

1,443

     

Raymond James Financial, Inc

      55,599   

60

   *   

Regional Management Corp

      993   

150

     

Resource America, Inc (Class A)

      1,000   

219

   *   

Safeguard Scientifics, Inc

      3,230   

1,802

     

SEI Investments Co

      42,059   

6,277

     

SLM Corp

      107,525   

456

     

Solar Capital Ltd

      10,903   

125

     

Solar Senior Capital Ltd

      2,333   

6,327

     

State Street Corp

      297,432   

676

   *   

Stifel Financial Corp

      21,612   

289

   *   

SWS Group, Inc

      1,529   

3,354

     

T Rowe Price Group, Inc

      218,446   

70

     

TCP Capital Corp

      1,032   

3,277

     

TD Ameritrade Holding Corp

      55,086   

104

     

THL Credit, Inc

      1,538   

330

     

TICC Capital Corp

      3,340   

517

   e   

Triangle Capital Corp

      13,178   

56

   *   

Virtus Investment Partners, Inc

      6,773   

1,037

     

Waddell & Reed Financial, Inc (Class A)

      36,108   

462

   *   

Walter Investment Management Corp

      19,875   

61

     

Westwood Holdings Group, Inc

      2,495   

748

   *   

WisdomTree Investments, Inc

      4,578   

 

49

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

199

   *,e   

World Acceptance Corp

    $ 14,837   
       

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

      12,860,044   
       

 

 

  

ENERGY - 9.8%

        

2,642

   *,e   

Abraxas Petroleum Corp

      5,786   

30

     

Adams Resources & Energy, Inc

      1,052   

142

     

Alon USA Energy, Inc

      2,569   

2,853

   *,e   

Alpha Natural Resources, Inc

      27,788   

1,985

   *,e   

Amyris Biotechnologies, Inc

      6,193   

6,473

     

Anadarko Petroleum Corp

      481,009   

5,068

     

Apache Corp

      397,838   

180

     

APCO Argentina, Inc

      2,216   

503

   *   

Approach Resources, Inc

      12,580   

3,374

     

Arch Coal, Inc

      24,698   

675

   *   

Atwood Oceanics, Inc

      30,908   

5,569

     

Baker Hughes, Inc

      227,438   

823

   *,e   

Basic Energy Services, Inc

      9,390   

617

     

Berry Petroleum Co (Class A)

      20,700   

553

   *   

Bill Barrett Corp

      9,838   

110

     

Bolt Technology Corp

      1,570   

340

   *,e   

Bonanza Creek Energy, Inc

      9,449   

1,271

   *,e   

BPZ Energy, Inc

      4,004   

529

     

Bristow Group, Inc

      28,386   

564

   *   

C&J Energy Services, Inc

      12,092   

2,717

     

Cabot Oil & Gas Corp

      135,144   

4,328

   *,e   

Cal Dive International, Inc

      7,487   

354

   *   

Callon Petroleum Co

      1,664   

3,191

   *   

Cameron International Corp

      180,164   

235

     

CARBO Ceramics, Inc

      18,410   

483

   *   

Carrizo Oil & Gas, Inc

      10,104   

2,773

   *   

Cheniere Energy, Inc

      52,077   

8,437

   e   

Chesapeake Energy Corp

      140,223   

25,615

     

Chevron Corp

      2,770,006   

1,064

     

Cimarex Energy Co

      61,425   

90

   *   

Clayton Williams Energy, Inc

      3,600   

839

   *,e   

Clean Energy Fuels Corp

      10,446   

755

   *   

Cloud Peak Energy, Inc

      14,594   

2,316

   *   

Cobalt International Energy, Inc

      56,881   

599

   *   

Comstock Resources, Inc

      9,063   

1,328

   *   

Concho Resources, Inc

      106,984   

16,368

     

ConocoPhillips

      949,180   

2,890

     

Consol Energy, Inc

      92,769   

273

     

Contango Oil & Gas Co

      11,564   

568

   *   

Continental Resources, Inc

      41,742   

456

     

Crosstex Energy, Inc

      6,539   

212

   *   

CVR Energy, Inc

      10,343   

1,093

   *   

CVR Energy, Inc (Contingent value right)

      0   

80

   *   

Dawson Geophysical Co

      2,110   

213

     

Delek US Holdings, Inc

      5,393   

4,935

   *   

Denbury Resources, Inc

      79,947   

5,153

     

Devon Energy Corp

      268,162   

939

     

Diamond Offshore Drilling, Inc

      63,814   

994

   *   

Dresser-Rand Group, Inc

      55,803   

510

   *   

Dril-Quip, Inc

      37,255   

1,061

   *   

Emerald Oil, Inc

      5,560   

780

   *,e   

Endeavour International Corp

      4,040   

915

     

Energen Corp

      41,257   

1,096

     

Energy XXI Bermuda Ltd

      35,280   

3,503

     

EOG Resources, Inc

      423,127   

354

   *   

EPL Oil & Gas, Inc

      7,983   

1,668

     

Equitable Resources, Inc

      98,379   

1,767

   e   

EXCO Resources, Inc

      11,963   

747

   *   

Exterran Holdings, Inc

      16,374   

60,930

   d   

Exxon Mobil Corp

      5,273,492   

3,113

   *   

FMC Technologies, Inc

      133,330   

 

50

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

190

   *   

Forbes Energy Services Ltd

    $ 481   

2,133

   *   

Forest Oil Corp

      14,270   

284

   *   

Forum Energy Technologies, Inc

      7,029   

743

   *,e   

Frontline Ltd

      2,422   

1,633

   *   

FX Energy, Inc

      6,712   

291

     

GasLog Ltd

      3,617   

1,809

   *   

Gastar Exploration Ltd

      2,189   

164

   *   

Geospace Technologies Corp

      14,575   

3,125

   *,e   

Gevo, Inc

      4,812   

690

   *   

Global Geophysical Services, Inc

      2,656   

551

   e   

Golar LNG Ltd

      20,266   

321

   *,e   

Goodrich Petroleum Corp

      2,992   

790

   *   

Green Plains Renewable Energy, Inc

      6,249   

190

     

Gulf Island Fabrication, Inc

      4,566   

447

     

Gulfmark Offshore, Inc

      15,399   

710

   *   

Gulfport Energy Corp

      27,136   

1,633

   *   

Halcon Resources Corp

      11,300   

11,978

     

Halliburton Co

      415,517   

978

   *   

Harvest Natural Resources, Inc

      8,870   

1,688

   *,e   

Heckmann Corp

      6,803   

1,341

   *   

Helix Energy Solutions Group, Inc

      27,678   

1,186

     

Helmerich & Payne, Inc

      66,428   

2,471

   *   

Hercules Offshore, Inc

      15,271   

3,861

     

Hess Corp

      204,479   

2,628

     

Holly Corp

      122,333   

441

   *   

Hornbeck Offshore Services, Inc

      15,144   

1,704

   *   

ION Geophysical Corp

      11,093   

13

   *   

Isramco, Inc

      1,352   

2,609

   *   

Key Energy Services, Inc

      18,133   

6,205

     

Kinder Morgan, Inc

      219,223   

134

   *,e   

KiOR, Inc (Class A)

      859   

185

   e   

Knightsbridge Tankers Ltd

      971   

3,714

   *   

Kodiak Oil & Gas Corp

      32,869   

890

   *   

Kosmos Energy LLC

      10,991   

300

   *   

Laredo Petroleum Holdings, Inc

      5,448   

400

     

Lufkin Industries, Inc

      23,252   

3,031

   *,e   

Magnum Hunter Resources Corp

      12,094   

9,158

     

Marathon Oil Corp

      280,784   

4,379

     

Marathon Petroleum Corp

      275,877   

177

   *   

Matador Resources Co

      1,451   

440

   *   

Matrix Service Co

      5,060   

2,913

   *   

McDermott International, Inc

      32,101   

1,294

   *,e   

McMoRan Exploration Co

      20,769   

310

   *   

Midstates Petroleum Co, Inc

      2,136   

1,226

   *,e   

Miller Petroleum, Inc

      4,855   

120

   *   

Mitcham Industries, Inc

      1,636   

2,523

     

Murphy Oil Corp

      150,245   

3,568

   *   

Nabors Industries Ltd

      51,558   

5,535

     

National Oilwell Varco, Inc

      378,317   

136

   *   

Natural Gas Services Group, Inc

      2,233   

1,672

   *   

Newfield Exploration Co

      44,776   

1,250

   *   

Newpark Resources, Inc

      9,812   

2,265

     

Noble Energy, Inc

      230,441   

562

   e   

Nordic American Tanker Shipping

      4,917   

746

   *,e   

Northern Oil And Gas, Inc

      12,548   

1,014

   *   

Oasis Petroleum, Inc

      32,245   

10,534

     

Occidental Petroleum Corp

      807,010   

1,376

     

Oceaneering International, Inc

      74,015   

709

   *   

Oil States International, Inc

      50,722   

85

     

Panhandle Oil and Gas, Inc (Class A)

      2,400   

1,722

   *   

Parker Drilling Co

      7,921   

1,923

   e   

Patterson-UTI Energy, Inc

      35,825   

403

   *   

PDC Energy, Inc

      13,384   

3,457

     

Peabody Energy Corp

      91,991   

1,680

     

Penn Virginia Corp

      7,409   

815

   *   

Petroquest Energy, Inc

      4,034   

 

51

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
       

149

   *   

PHI, Inc

    $ 4,990   

8,110

     

Phillips 66

      430,641   

1,260

   *   

Pioneer Energy Services Corp

      9,148   

1,562

     

Pioneer Natural Resources Co

      166,494   

1,637

   *   

Plains Exploration & Production Co

      76,841   

2,264

     

Questar Market Resources, Inc

      68,531   

2,998

   *,e   

Quicksilver Resources, Inc

      8,574   

2,070

     

Range Resources Corp

      130,058   

2,606

     

Rentech, Inc

      6,854   

460

   *   

Resolute Energy Corp

      3,740   

494

   *   

Rex Energy Corp

      6,432   

92

   *   

Rex Stores Corp

      1,775   

160

   *   

RigNet, Inc

      3,269   

657

   *   

Rosetta Resources, Inc

      29,801   

1,533

   *   

Rowan Cos PLC

      47,937   

757

   e   

RPC, Inc

      9,266   

151

   *,e   

Sanchez Energy Corp

      2,718   

6,213

   *,e   

SandRidge Energy, Inc

      39,452   

230

   *   

Saratoga Resources, Inc

      814   

17,350

     

Schlumberger Ltd

      1,202,181   

156

   *   

Scorpio Tankers, Inc

      1,109   

272

     

SEACOR Holdings, Inc

      22,794   

517

   *   

SemGroup Corp

      20,204   

482

   e   

Ship Finance International Ltd

      8,016   

413

   *,e   

Solazyme, Inc

      3,246   

4,435

   *   

Southwestern Energy Co

      148,173   

8,242

     

Spectra Energy Corp

      225,666   

844

     

St. Mary Land & Exploration Co

      44,065   

626

   *   

Stone Energy Corp

      12,845   

2,001

   *   

Superior Energy Services

      41,461   

514

   *   

Swift Energy Co

      7,910   

500

   *   

Synergy Resources Corp

      2,695   

467

     

Targa Resources Investments, Inc

      24,676   

480

     

Teekay Corp

      15,408   

800

   e   

Teekay Tankers Ltd (Class A)

      2,320   

364

   *   

Tesco Corp

      4,146   

1,783

     

Tesoro Corp

      78,541   

974

   *   

Tetra Technologies, Inc

      7,393   

182

     

TGC Industries, Inc

      1,491   

645

     

Tidewater, Inc

      28,819   

522

   *   

Triangle Petroleum Corp

      3,127   

1,944

   *,e   

Ultra Petroleum Corp

      35,245   

615

   *   

Unit Corp

      27,706   

4,023

   *,e   

Uranerz Energy Corp

      5,592   

1,254

   *,e   

Uranium Energy Corp

      3,210   

621

   *   

Vaalco Energy, Inc

      5,372   

7,182

     

Valero Energy Corp

      245,050   

5,036

   *,e   

Vantage Drilling Co

      9,216   

414

     

W&T Offshore, Inc

      6,636   

580

   *   

Warren Resources, Inc

      1,630   

925

   e   

Western Refining, Inc

      26,076   

125

   *   

Westmoreland Coal Co

      1,167   

1,492

   *   

Whiting Petroleum Corp

      64,708   

1,032

   *   

Willbros Group, Inc

      5,531   

8,765

     

Williams Cos, Inc

      286,966   

874

     

World Fuel Services Corp

      35,983   

2,447

   *   

WPX Energy, Inc

      36,411   

2,938

   *   

ZaZa Energy Corp

      6,023   
       

 

 

  
    

TOTAL ENERGY

      20,327,276   
       

 

 

  

FOOD & STAPLES RETAILING - 2.0%

   

207

     

Andersons, Inc

      8,880   

15

     

Arden Group, Inc (Class A)

      1,350   

496

     

Casey’s General Stores, Inc

      26,338   

300

   *   

Chefs’ Warehouse Holdings, Inc

      4,743   

 

52

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

5,701

     

Costco Wholesale Corp

    $ 563,088   

16,616

     

CVS Corp

      803,383   

350

   *   

Fresh Market, Inc

      16,831   

610

     

Harris Teeter Supermarkets, Inc

      23,522   

100

     

Ingles Markets, Inc (Class A)

      1,726   

7,124

     

Kroger Co

      185,366   

180

     

Nash Finch Co

      3,830   

95

   *   

Natural Grocers by Vitamin C

      1,814   

248

   *   

Pantry, Inc

      3,008   

231

     

Pricesmart, Inc

      17,799   

8,671

   *   

Rite Aid Corp

      11,793   

245

   e   

Roundy’s, Inc

      1,090   

3,058

   e   

Safeway, Inc

      55,319   

217

     

Spartan Stores, Inc

      3,333   

2,554

   e   

Supervalu, Inc

      6,308   

91

   *   

Susser Holdings Corp

      3,139   

7,439

     

Sysco Corp

      235,519   

668

   *   

United Natural Foods, Inc

      35,798   

77

     

Village Super Market (Class A)

      2,530   

11,354

     

Walgreen Co

      420,211   

22,043

     

Wal-Mart Stores, Inc

      1,503,994   

133

     

Weis Markets, Inc

      5,210   

2,376

     

Whole Foods Market, Inc

      217,000   
       

 

 

  
    

TOTAL FOOD & STAPLES RETAILING

      4,162,922   
       

 

 

  

FOOD, BEVERAGE & TOBACCO - 5.1%

   

100

     

Alico, Inc

      3,663   

1,062

   *   

Alliance One International, Inc

      3,866   

26,452

     

Altria Group, Inc

      831,122   

62

   *,e   

Annie’s, Inc

      2,073   

8,364

     

Archer Daniels Midland Co

      229,090   

743

     

B&G Foods, Inc (Class A)

      21,034   

1,997

     

Beam, Inc

      121,997   

100

   *   

Boston Beer Co, Inc (Class A)

      13,445   

718

   *   

Boulder Brands, Inc

      9,262   

1,968

     

Brown-Forman Corp (Class B)

      124,476   

1,858

     

Bunge Ltd

      135,058   

125

   e   

Calavo Growers, Inc

      3,151   

200

     

Cal-Maine Foods, Inc

      8,044   

2,360

     

Campbell Soup Co

      82,340   

3,809

   *,e   

Central European Distribution Corp

      8,266   

536

   *   

Chiquita Brands International, Inc

      4,422   

77

     

Coca-Cola Bottling Co Consolidated

      5,121   

50,244

     

Coca-Cola Co

      1,821,345   

3,894

     

Coca-Cola Enterprises, Inc

      123,557   

5,396

     

ConAgra Foods, Inc

      159,182   

2,127

   *   

Constellation Brands, Inc (Class A)

      75,275   

1,454

   *   

Darling International, Inc

      23,322   

2,340

   *   

Dean Foods Co

      38,633   

262

   e   

Diamond Foods, Inc

      3,582   

433

   *   

Dole Food Co, Inc

      4,967   

2,800

     

Dr Pepper Snapple Group, Inc

      123,704   

200

   *   

Farmer Bros Co

      2,886   

1,633

     

Flowers Foods, Inc

      38,000   

669

     

Fresh Del Monte Produce, Inc

      17,628   

8,411

     

General Mills, Inc

      339,889   

1,751

   *,e   

Green Mountain Coffee Roasters, Inc

      72,421   

38

     

Griffin Land & Nurseries, Inc (Class A)

      1,026   

4,098

     

H.J. Heinz Co

      236,373   

490

   *   

Hain Celestial Group, Inc

      26,568   

1,934

     

Hershey Co

      139,673   

1,478

     

Hillshire Brands Co

      41,591   

1,898

     

Hormel Foods Corp

      59,237   

949

     

Ingredion, Inc

      61,144   

170

   *   

Inventure Foods, Inc

      1,103   

 

53

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

192

     

J&J Snack Foods Corp

    $ 12,276   

1,442

     

J.M. Smucker Co

      124,358   

100

     

John B. Sanfilippo & Son, Inc

      1,818   

3,183

     

Kellogg Co

      177,771   

7,871

   *   

Kraft Foods Group, Inc

      357,894   

260

     

Lancaster Colony Corp

      17,989   

591

     

Lance, Inc

      14,249   

101

     

Limoneira Co

      1,958   

1,657

     

Lorillard, Inc

      193,322   

1,734

     

McCormick & Co, Inc

      110,161   

2,588

     

Mead Johnson Nutrition Co

      170,523   

1,628

     

Molson Coors Brewing Co (Class B)

      69,662   

22,708

     

Mondelez International, Inc

      578,373   

1,886

   *   

Monster Beverage Corp

      99,732   

129

     

National Beverage Corp

      1,882   

245

   *   

Omega Protein Corp

      1,499   

20,327

     

PepsiCo, Inc

      1,390,976   

22,270

     

Philip Morris International, Inc

      1,862,663   

707

   *   

Pilgrim’s Pride Corp

      5,126   

375

   *   

Post Holdings, Inc

      12,844   

751

   *   

Ralcorp Holdings, Inc

      67,327   

4,216

     

Reynolds American, Inc

      174,669   

377

     

Sanderson Farms, Inc

      17,926   

77

   *   

Seneca Foods Corp

      2,341   

2,062

   *   

Smithfield Foods, Inc

      44,477   

215

   *   

Synutra International, Inc

      995   

401

   e   

Tootsie Roll Industries, Inc

      10,394   

511

   *   

TreeHouse Foods, Inc

      26,638   

3,645

     

Tyson Foods, Inc (Class A)

      70,713   

302

   e   

Universal Corp

      15,073   

836

   e   

Vector Group Ltd

      12,431   

150

   *   

Westway Group, Inc

      1,001   
       

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

      10,666,597   
       

 

 

  

HEALTH CARE EQUIPMENT & SERVICES - 4.7%

   

247

     

Abaxis, Inc

      9,164   

20,617

     

Abbott Laboratories

      1,350,414   

400

   *,e   

Abiomed, Inc

      5,384   

290

   *   

Acadia Healthcare Co, Inc

      6,766   

716

   *,e   

Accretive Health, Inc

      8,277   

682

   *   

Accuray, Inc

      4,385   

4,440

     

Aetna, Inc

      205,572   

489

     

Air Methods Corp

      18,039   

910

   *   

Align Technology, Inc

      25,252   

2,366

   *   

Allscripts Healthcare Solutions, Inc

      22,288   

72

     

Almost Family, Inc

      1,459   

620

   *   

Alphatec Holdings, Inc

      1,023   

341

   *   

Amedisys, Inc

      3,843   

3,356

     

AmerisourceBergen Corp

      144,912   

357

   *   

AMN Healthcare Services, Inc

      4,123   

451

   *   

Amsurg Corp

      13,535   

150

     

Analogic Corp

      11,145   

275

   *   

Angiodynamics, Inc

      3,022   

148

   *   

Anika Therapeutics, Inc

      1,471   

2,094

   *,e   

Antares Pharma, Inc

      7,978   

325

   *   

Arthrocare Corp

      11,242   

264

     

Assisted Living Concepts, Inc (A Shares)

      2,574   

454

   *,e   

athenahealth, Inc

      33,346   

170

   *   

AtriCure, Inc

      1,173   

18

     

Atrion Corp

      3,528   

1,100

     

Bard (C.R.), Inc

      107,514   

7,088

     

Baxter International, Inc

      472,486   

2,653

     

Becton Dickinson & Co

      207,438   

412

   *,e   

Bio-Reference Labs, Inc

      11,820   

496

   *   

BioScrip, Inc

      5,342   

 

54

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

18,203

   *   

Boston Scientific Corp

    $ 104,303   

1,200

   *   

Brookdale Senior Living, Inc

      30,384   

219

     

Cantel Medical Corp

      6,511   

517

   *   

Capital Senior Living Corp

      9,663   

4,480

     

Cardinal Health, Inc

      184,486   

160

   *   

Cardiovascular Systems, Inc

      2,008   

2,778

   *   

CareFusion Corp

      79,395   

2,652

   *   

Catamaran Corp

      124,936   

707

   *   

Centene Corp

      28,987   

1,840

   *   

Cerner Corp

      142,858   

449

   *,e   

Cerus Corp

      1,419   

281

     

Chemed Corp

      19,274   

128

   *   

Chindex International, Inc

      1,344   

3,627

     

Cigna Corp

      193,899   

1,183

     

Community Health Systems, Inc

      36,365   

185

     

Computer Programs & Systems, Inc

      9,313   

342

   *   

Conceptus, Inc

      7,185   

450

     

Conmed Corp

      12,577   

602

     

Cooper Cos, Inc

      55,673   

90

   *   

Corvel Corp

      4,035   

1,774

     

Coventry Health Care, Inc

      79,528   

6,124

     

Covidien plc

      353,600   

296

   *   

Cross Country Healthcare, Inc

      1,421   

253

     

CryoLife, Inc

      1,576   

327

   *   

Cyberonics, Inc

      17,177   

85

   *   

Cynosure, Inc (Class A)

      2,049   

1,187

   *   

DaVita, Inc

      131,199   

1,806

     

Dentsply International, Inc

      71,536   

120

   *,e   

Derma Sciences, Inc

      1,333   

874

   *   

DexCom, Inc

      11,895   

1,486

   *   

Edwards Lifesciences Corp

      133,993   

280

   *   

Emeritus Corp

      6,922   

697

   *   

Endologix, Inc

      9,925   

270

     

Ensign Group, Inc

      7,341   

320

   *,e   

EnteroMedics, Inc

      896   

228

   *   

ePocrates, Inc

      2,011   

78

   *   

Exactech, Inc

      1,322   

338

   *   

ExamWorks Group, Inc

      4,729   

10,543

   *   

Express Scripts Holding Co

      569,322   

374

   *   

Five Star Quality Care, Inc

      1,874   

456

   *   

Gentiva Health Services, Inc

      4,583   

269

   *   

Greatbatch, Inc

      6,252   

720

   *   

Haemonetics Corp

      29,405   

414

   *   

Hanger Orthopedic Group, Inc

      11,327   

2,485

   *,e   

Hansen Medical, Inc

      5,169   

2,135

     

HCA Holdings, Inc

      64,413   

3,008

   *   

Health Management Associates, Inc (Class A)

      28,035   

1,131

   *   

Health Net, Inc

      27,483   

1,191

   *   

Healthsouth Corp

      25,142   

190

   *   

HealthStream, Inc

      4,619   

402

   *   

Healthways, Inc

      4,301   

241

   *,e   

HeartWare International, Inc

      20,232   

1,218

   *   

Henry Schein, Inc

      98,000   

836

     

Hill-Rom Holdings, Inc

      23,826   

1,092

   *   

HMS Holdings Corp

      28,305   

3,358

   *   

Hologic, Inc

      67,261   

2,092

     

Humana, Inc

      143,574   

239

   *   

ICU Medical, Inc

      14,562   

720

   *   

Idexx Laboratories, Inc

      66,816   

573

   *   

Insulet Corp

      12,159   

289

   *   

Integra LifeSciences Holdings Corp

      11,262   

523

   *   

Intuitive Surgical, Inc

      256,464   

316

     

Invacare Corp

      5,151   

1,041

   *   

Inverness Medical Innovations, Inc

      19,258   

220

   *   

IPC The Hospitalist Co, Inc

      8,736   

613

   *   

Kindred Healthcare, Inc

      6,633   

 

55

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

1,245

   *   

Laboratory Corp of America Holdings

    $ 107,842   

174

     

Landauer, Inc

      10,651   

267

   *   

LHC Group, Inc

      5,687   

654

   *   

LifePoint Hospitals, Inc

      24,688   

405

   *   

Magellan Health Services, Inc

      19,845   

397

   *,e   

MAKO Surgical Corp

      5,109   

611

     

Masimo Corp

      12,837   

3,008

     

McKesson Corp

      291,656   

746

   *   

MedAssets, Inc

      12,510   

231

   *   

Medidata Solutions, Inc

      9,053   

13,616

     

Medtronic, Inc

      558,528   

1,254

   *,e   

Merge Healthcare, Inc

      3,097   

489

   e   

Meridian Bioscience, Inc

      9,902   

538

   *   

Merit Medical Systems, Inc

      7,478   

349

   *   

Molina Healthcare, Inc

      9,444   

161

   *   

MWI Veterinary Supply, Inc

      17,710   

212

     

National Healthcare Corp

      9,968   

316

   *   

Natus Medical, Inc

      3,533   

301

   *   

Neogen Corp

      13,641   

1,084

   *,e   

Neoprobe Corp

      3,068   

472

   *   

NuVasive, Inc

      7,297   

742

   *   

NxStage Medical, Inc

      8,347   

1,451

     

Omnicare, Inc

      52,381   

387

   *   

Omnicell, Inc

      5,755   

609

   *   

OraSure Technologies, Inc

      4,373   

239

   *   

Orthofix International NV

      9,400   

864

     

Owens & Minor, Inc

      24,633   

200

   *   

Palomar Medical Technologies, Inc

      1,842   

1,289

     

Patterson Cos, Inc

      44,122   

130

   *   

PDI, Inc

      988   

662

   *   

Pediatrix Medical Group, Inc

      52,642   

373

   *   

PharMerica Corp

      5,312   

164

   *,e   

PhotoMedex, Inc

      2,380   

97

   *   

Providence Service Corp

      1,648   

731

   *   

PSS World Medical, Inc

      21,111   

452

     

Quality Systems, Inc

      7,847   

1,981

     

Quest Diagnostics, Inc

      115,433   

333

   *,e   

Quidel Corp

      6,217   

1,903

     

Resmed, Inc

      79,108   

130

   *   

Rochester Medical Corp

      1,310   

198

   *,e   

Rockwell Medical Technologies, Inc

      1,594   

611

   *   

RTI Biologics, Inc

      2,609   

599

     

Select Medical Holdings Corp

      5,649   

694

   *   

Sirona Dental Systems, Inc

      44,735   

246

   *   

Skilled Healthcare Group, Inc (Class A)

      1,567   

685

   *   

Solta Medical, Inc

      1,829   

330

   *   

Spectranetics Corp

      4,874   

4,018

     

St. Jude Medical, Inc

      145,211   

407

   *   

Staar Surgical Co

      2,483   

745

     

STERIS Corp

      25,874   

4,025

     

Stryker Corp

      220,650   

1,257

   *,e   

Sunrise Senior Living, Inc

      18,076   

147

   *   

SurModics, Inc

      3,287   

376

   *   

Symmetry Medical, Inc

      3,956   

332

   *   

Team Health Holdings, Inc

      9,552   

519

     

Teleflex, Inc

      37,010   

1,361

   *   

Tenet Healthcare Corp

      44,192   

748

   *   

Thoratec Corp

      28,065   

128

   *   

Tornier BV

      2,149   

246

   *   

Triple-S Management Corp (Class B)

      4,544   

584

   *,e   

Unilife Corp

      1,326   

13,568

     

UnitedHealth Group, Inc

      735,928   

417

     

Universal American Corp

      3,582   

1,112

     

Universal Health Services, Inc (Class B)

      53,765   

133

     

US Physical Therapy, Inc

      3,663   

40

     

Utah Medical Products, Inc

      1,442   

 

56

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

376

   *   

Vanguard Health Systems, Inc

    $ 4,606   

1,463

   *   

Varian Medical Systems, Inc

      102,761   

200

   *   

Vascular Solutions, Inc

      3,160   

1,033

   *   

VCA Antech, Inc

      21,745   

84

   *   

Vocera Communications, Inc

      2,108   

677

   *   

Volcano Corp

      15,984   

530

   *   

WellCare Health Plans, Inc

      25,806   

3,948

     

WellPoint, Inc

      240,512   

490

     

West Pharmaceutical Services, Inc

      26,827   

456

   *   

Wright Medical Group, Inc

      9,571   

68

     

Young Innovations, Inc

      2,680   

2,255

     

Zimmer Holdings, Inc

      150,318   
       

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

      9,763,830   
       

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 2.0%

   

5,392

     

Avon Products, Inc

      77,429   

798

   *   

Central Garden and Pet Co (Class A)

      8,339   

1,786

     

Church & Dwight Co, Inc

      95,676   

1,657

     

Clorox Co

      121,326   

6,191

     

Colgate-Palmolive Co

      647,207   

350

   *   

Elizabeth Arden, Inc

      15,753   

830

     

Energizer Holdings, Inc

      66,383   

2,982

     

Estee Lauder Cos (Class A)

      178,502   

204

     

Female Health Co

      1,465   

532

   *   

Harbinger Group, Inc

      4,091   

1,488

   e   

Herbalife Ltd

      49,015   

140

     

Inter Parfums, Inc

      2,724   

5,092

     

Kimberly-Clark Corp

      429,918   

152

   *   

Medifast, Inc

      4,011   

140

     

Nature’s Sunshine Products, Inc

      2,027   

679

     

Nu Skin Enterprises, Inc (Class A)

      25,157   

127

     

Nutraceutical International Corp

      2,101   

63

     

Oil-Dri Corp of America

      1,739   

70

     

Orchids Paper Products Co

      1,415   

621

   *   

Prestige Brands Holdings, Inc

      12,439   

35,797

     

Procter & Gamble Co

      2,430,258   

238

   *   

Revlon, Inc (Class A)

      3,451   

291

     

Spectrum Brands, Inc

      13,075   

1,834

   *,e   

Star Scientific, Inc

      4,915   

92

   *,e   

USANA Health Sciences, Inc

      3,030   

314

     

WD-40 Co

      14,793   
       

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

      4,216,239   
       

 

 

  

INSURANCE - 3.8%

   

4,285

     

ACE Ltd

      341,943   

6,270

     

Aflac, Inc

      333,062   

220

   *   

Alleghany Corp

      73,792   

599

     

Allied World Assurance Co Holdings Ltd

      47,201   

6,227

     

Allstate Corp

      250,139   

629

     

American Equity Investment Life Holding Co

      7,680   

1,084

     

American Financial Group, Inc

      42,840   

8,521

   *   

American International Group, Inc

      300,791   

85

     

American National Insurance Co

      5,805   

118

   *   

American Safety Insurance Holdings Ltd

      2,233   

202

   *   

Amerisafe, Inc

      5,504   

323

   e   

Amtrust Financial Services, Inc

      9,267   

4,185

     

Aon plc

      232,686   

1,780

   *   

Arch Capital Group Ltd

      78,356   

374

     

Argo Group International Holdings Ltd

      12,563   

1,551

     

Arthur J. Gallagher & Co

      53,742   

961

     

Aspen Insurance Holdings Ltd

      30,829   

1,087

     

Assurant, Inc

      37,719   

2,211

     

Assured Guaranty Ltd

      31,463   

1,609

     

Axis Capital Holdings Ltd

      55,736   

125

     

Baldwin & Lyons, Inc (Class B)

      2,982   

 

57

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

23,114

   *   

Berkshire Hathaway, Inc (Class B)

    $ 2,073,326   

1,536

     

Brown & Brown, Inc

      39,107   

3,557

     

Chubb Corp

      267,913   

1,856

     

Cincinnati Financial Corp

      72,681   

387

   *   

Citizens, Inc (Class A)

      4,276   

303

     

CNA Financial Corp

      8,487   

2,903

     

Conseco, Inc

      27,085   

245

     

Crawford & Co (Class B)

      1,955   

143

     

Donegal Group, Inc (Class A)

      2,008   

80

     

Eastern Insurance Holdings, Inc

      1,366   

280

   *   

eHealth, Inc

      7,694   

60

     

EMC Insurance Group, Inc

      1,433   

620

     

Employers Holdings, Inc

      12,760   

551

     

Endurance Specialty Holdings Ltd

      21,869   

108

   *   

Enstar Group Ltd

      12,094   

363

     

Erie Indemnity Co (Class A)

      25,127   

670

     

Everest Re Group Ltd

      73,666   

155

     

FBL Financial Group, Inc (Class A)

      5,303   

2,808

     

Fidelity National Title Group, Inc (Class A)

      66,128   

1,253

     

First American Financial Corp

      30,185   

6,368

   *   

Genworth Financial, Inc (Class A)

      47,824   

327

   *   

Greenlight Capital Re Ltd (Class A)

      7,547   

136

   *   

Hallmark Financial Services

      1,277   

539

     

Hanover Insurance Group, Inc

      20,881   

5,508

     

Hartford Financial Services Group, Inc

      123,600   

1,326

     

HCC Insurance Holdings, Inc

      49,340   

525

   *   

Hilltop Holdings, Inc

      7,109   

90

   e   

Homeowners Choice, Inc

      1,871   

467

     

Horace Mann Educators Corp

      9,321   

205

     

Infinity Property & Casualty Corp

      11,939   

20

     

Investors Title Co

      1,200   

77

     

Kansas City Life Insurance Co

      2,938   

614

     

Kemper Corp

      18,113   

3,640

     

Lincoln National Corp

      94,276   

3,940

     

Loews Corp

      160,555   

553

     

Maiden Holdings Ltd

      5,082   

106

   *   

Markel Corp

      45,943   

7,012

     

Marsh & McLennan Cos, Inc

      241,704   

1,052

     

Max Capital Group Ltd

      29,656   

1,717

   *,e   

MBIA, Inc

      13,478   

694

     

Meadowbrook Insurance Group, Inc

      4,011   

361

     

Mercury General Corp

      14,328   

10,795

     

Metlife, Inc

      355,587   

855

     

Montpelier Re Holdings Ltd

      19,545   

667

   *   

National Financial Partners Corp

      11,432   

173

     

National Interstate Corp

      4,986   

27

     

National Western Life Insurance Co (Class A)

      4,259   

149

   *   

Navigators Group, Inc

      7,609   

3,288

     

Old Republic International Corp

      35,017   

313

     

OneBeacon Insurance Group Ltd (Class A)

      4,351   

896

     

PartnerRe Ltd

      72,119   

83

   *   

Phoenix Cos, Inc

      2,053   

543

     

Platinum Underwriters Holdings Ltd

      24,978   

595

     

Primerica, Inc

      17,856   

3,879

     

Principal Financial Group

      110,629   

800

     

ProAssurance Corp

      33,752   

7,806

     

Progressive Corp

      164,707   

1,036

     

Protective Life Corp

      29,609   

5,954

     

Prudential Financial, Inc

      317,527   

912

     

Reinsurance Group of America, Inc (Class A)

      48,810   

697

     

RenaissanceRe Holdings Ltd

      56,638   

268

     

RLI Corp

      17,329   

200

     

Safety Insurance Group, Inc

      9,234   

257

     

SeaBright Insurance Holdings, Inc

      2,845   

656

     

Selective Insurance Group, Inc

      12,641   

628

     

Stancorp Financial Group, Inc

      23,029   

 

58

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

200

     

State Auto Financial Corp

    $ 2,988   

200

   e   

Stewart Information Services Corp

      5,200   

1,030

     

Symetra Financial Corp

      13,369   

1,405

     

Torchmark Corp

      72,596   

503

     

Tower Group, Inc

      8,938   

5,047

     

Travelers Cos, Inc

      362,476   

257

   *   

United America Indemnity Ltd

      5,687   

234

     

United Fire & Casualty Co

      5,111   

3,572

     

UnumProvident Corp

      74,369   

1,352

     

Validus Holdings Ltd

      46,752   

1,419

     

W.R. Berkley Corp

      53,553   

78

     

White Mountains Insurance Group Ltd

      40,170   

4,279

     

XL Capital Ltd

      107,232   
       

 

 

  
    

TOTAL INSURANCE

      7,807,772   
       

 

 

  
       

MATERIALS - 4.0%

   

412

     

A. Schulman, Inc

      11,919   

112

   *,e   

ADA-ES, Inc

      1,891   

78

   *   

AEP Industries, Inc

      4,620   

2,707

     

Air Products & Chemicals, Inc

      227,442   

942

     

Airgas, Inc

      85,995   

2,596

   e   

AK Steel Holding Corp

      11,942   

1,140

     

Albemarle Corp

      70,817   

13,512

     

Alcoa, Inc

      117,284   

1,325

     

Allegheny Technologies, Inc

      40,227   

1,107

   *   

Allied Nevada Gold Corp

      33,354   

292

     

AMCOL International Corp

      8,959   

350

     

American Vanguard Corp

      10,875   

921

     

Aptargroup, Inc

      43,950   

254

   *   

Arabian American Development Co

      2,111   

983

     

Ashland, Inc

      79,043   

331

     

Balchem Corp

      12,048   

2,093

     

Ball Corp

      93,662   

1,461

     

Bemis Co, Inc

      48,885   

1,302

     

Boise, Inc

      10,351   

300

     

Brush Engineered Materials, Inc

      7,734   

520

     

Buckeye Technologies, Inc

      14,929   

793

     

Cabot Corp

      31,553   

730

   *   

Calgon Carbon Corp

      10,351   

574

     

Carpenter Technology Corp

      29,636   

200

   *   

Castle (A.M.) & Co

      2,954   

2,031

     

Celanese Corp (Series A)

      90,440   

742

   *   

Century Aluminum Co

      6,500   

854

     

CF Industries Holdings, Inc

      173,499   

1,194

   *   

Chemtura

      25,384   

316

   *   

Clearwater Paper Corp

      12,375   

1,810

     

Cleveland-Cliffs, Inc

      69,794   

1,061

   *   

Coeur d’Alene Mines Corp

      26,101   

1,329

     

Commercial Metals Co

      19,749   

470

     

Compass Minerals International, Inc

      35,114   

2,027

   *   

Crown Holdings, Inc

      74,614   

584

     

Cytec Industries, Inc

      40,197   

127

     

Deltic Timber Corp

      8,969   

458

     

Domtar Corp

      38,252   

15,577

     

Dow Chemical Co

      503,449   

12,176

     

Du Pont (E.I.) de Nemours & Co

      547,555   

633

     

Eagle Materials, Inc

      37,031   

1,923

     

Eastman Chemical Co

      130,860   

3,445

     

Ecolab, Inc

      247,695   

1,134

   *   

Ferro Corp

      4,740   

630

   *,e   

Flotek Industries, Inc

      7,686   

1,752

     

FMC Corp

      102,527   

12,321

     

Freeport-McMoRan Copper & Gold, Inc (Class B)

      421,378   

235

     

FutureFuel Corp

      2,782   

 

59

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

1,260

   *   

General Moly, Inc

    $ 5,053   

403

     

Georgia Gulf Corp

      16,636   

553

     

Glatfelter

      9,666   

743

     

Globe Specialty Metals, Inc

      10,216   

658

   *,e   

Gold Reserve, Inc

      2,178   

351

   e   

Gold Resource Corp

      5,409   

922

   *,e   

Golden Minerals Co

      4,232   

5,831

   *,e   

Golden Star Resources Ltd

      10,729   

2,111

   *   

Graphic Packaging Holding Co

      13,637   

475

     

Greif, Inc (Class A)

      21,138   

605

     

H.B. Fuller Co

      21,066   

107

     

Hawkins, Inc

      4,134   

128

     

Haynes International, Inc

      6,639   

770

   *   

Headwaters, Inc

      6,591   

3,881

   e   

Hecla Mining Co

      22,626   

716

   *   

Horsehead Holding Corp

      7,310   

2,580

     

Huntsman Corp

      41,022   

278

     

Innophos Holdings, Inc

      12,927   

293

     

Innospec, Inc

      10,106   

1,000

     

International Flavors & Fragrances, Inc

      66,540   

5,517

     

International Paper Co

      219,797   

650

     

Intrepid Potash, Inc

      13,838   

245

     

Kaiser Aluminum Corp

      15,114   

460

     

Kapstone Paper and Packaging Corp

      10,207   

75

     

KMG Chemicals, Inc

      1,318   

239

     

Koppers Holdings, Inc

      9,118   

396

   *   

Kraton Polymers LLC

      9,516   

274

   e   

Kronos Worldwide, Inc

      5,343   

230

   *   

Landec Corp

      2,183   

1,743

   *   

Louisiana-Pacific Corp

      33,675   

229

   *   

LSB Industries, Inc

      8,111   

4,087

     

LyondellBasell Industries AF S.C.A

      233,327   

572

   e   

Martin Marietta Materials, Inc

      53,928   

4,104

   *,e   

McEwen Mining, Inc

      15,718   

2,129

     

MeadWestvaco Corp

      67,851   

135

     

Metals USA Holdings Corp

      2,361   

990

   *,e   

Midway Gold Corp

      1,376   

492

     

Minerals Technologies, Inc

      19,641   

1,396

   *,e   

Molycorp, Inc

      13,178   

6,935

     

Monsanto Co

      656,398   

3,764

     

Mosaic Co

      213,155   

426

     

Myers Industries, Inc

      6,454   

162

     

Neenah Paper, Inc

      4,612   

111

     

NewMarket Corp

      29,104   

6,228

     

Newmont Mining Corp

      289,228   

419

     

Noranda Aluminium Holding Corp

      2,560   

3,989

     

Nucor Corp

      172,245   

943

     

Olin Corp

      20,359   

89

     

Olympic Steel, Inc

      1,970   

346

   *   

OM Group, Inc

      7,681   

511

   *   

Omnova Solutions, Inc

      3,582   

2,097

   *   

Owens-Illinois, Inc

      44,603   

1,223

     

Packaging Corp of America

      47,049   

3,632

   *,e   

Paramount Gold and Silver Corp

      8,426   

1,112

     

PolyOne Corp

      22,707   

1,934

     

PPG Industries, Inc

      261,767   

3,879

     

Praxair, Inc

      424,557   

166

     

Quaker Chemical Corp

      8,941   

928

     

Reliance Steel & Aluminum Co

      57,629   

1,198

   *,e   

Resolute Forest Products

      15,862   

920

     

Rock-Tenn Co (Class A)

      64,317   

850

     

Rockwood Holdings, Inc

      42,041   

838

     

Royal Gold, Inc

      68,138   

1,667

     

RPM International, Inc

      48,943   

362

   *   

RTI International Metals, Inc

      9,977   

246

     

Schnitzer Steel Industries, Inc (Class A)

      7,461   

 

60

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

442

     

Schweitzer-Mauduit International, Inc

    $ 17,251   

554

     

Scotts Miracle-Gro Co (Class A)

      24,404   

2,406

     

Sealed Air Corp

      42,129   

600

     

Sensient Technologies Corp

      21,336   

1,103

     

Sherwin-Williams Co

      169,663   

1,590

     

Sigma-Aldrich Corp

      116,992   

650

     

Silgan Holdings, Inc

      27,034   

1,370

     

Sonoco Products Co

      40,730   

2,137

     

Southern Copper Corp (NY)

      80,907   

370

   *   

Spartech Corp

      3,356   

2,782

     

Steel Dynamics, Inc

      38,197   

200

     

Stepan Co

      11,108   

1,856

   *,e   

Stillwater Mining Co

      23,720   

798

   *   

SunCoke Energy, Inc

      12,441   

1,028

   *   

Tahoe Resources, Inc

      18,833   

298

   *,e   

Texas Industries, Inc

      15,201   

314

     

Tredegar Corp

      6,412   

70

   *   

UFP Technologies, Inc

      1,254   

30

   *   

United States Lime & Minerals, Inc

      1,414   

1,738

   e   

United States Steel Corp

      41,486   

72

   *   

Universal Stainless & Alloy

      2,647   

691

   *   

US Antimony Corp

      1,216   

148

   e   

US Silica Holdings Inc

      2,476   

1,208

     

Valspar Corp

      75,379   

851

   *,e   

Vista Gold Corp

      2,298   

1,685

     

Vulcan Materials Co

      87,704   

952

     

Walter Energy, Inc

      34,158   

784

     

Wausau Paper Corp

      6,789   

220

   e   

Westlake Chemical Corp

      17,446   

735

     

Worthington Industries, Inc

      19,103   

949

   *   

WR Grace & Co

      63,801   

260

     

Zep, Inc

      3,754   

350

   *,e   

Zoltek Cos, Inc

      2,713   
       

 

 

  
    

TOTAL MATERIALS

      8,245,796   
       

 

 

  
       

MEDIA - 3.6%

        

725

   *   

AMC Networks, Inc

      35,888   

361

     

Arbitron, Inc

      16,851   

60

     

Beasley Broadcasting Group, Inc

      293   

946

     

Belo (A.H.) Corp (Class A)

      7,256   

2,700

     

Cablevision Systems Corp (Class A)

      40,338   

223

   *   

Carmike Cinemas, Inc

      3,345   

8,233

     

CBS Corp (Class B)

      313,266   

1,543

   *,e   

Central European Media Enterprises Ltd (Class A) Nasdaq

      9,459   

618

   *   

Charter Communications, Inc

      47,116   

1,460

     

Cinemark Holdings, Inc

      37,931   

400

     

Clear Channel Outdoor Holdings, Inc (Class A)

      2,808   

35,238

     

Comcast Corp (Class A)

      1,317,196   

200

   *,e   

Crown Media Holdings, Inc (Class A)

      370   

693

   *   

Cumulus Media, Inc (Class A)

      1,850   

10

   *   

Daily Journal Corp

      926   

300

   *,e   

Digital Generation, Inc

      3,258   

7,854

   *   

DIRECTV

      393,957   

3,238

   *   

Discovery Communications, Inc (Class A)

      205,548   

2,532

     

DISH Network Corp (Class A)

      92,165   

943

   *,e   

DreamWorks Animation SKG, Inc (Class A)

      15,626   

285

   *   

Entercom Communications Corp (Class A)

      1,989   

599

     

Entravision Communications Corp (Class A)

      994   

354

   *   

EW Scripps Co (Class A)

      3,827   

52

     

Fisher Communications, Inc

      1,403   

2,876

     

Gannett Co, Inc

      51,797   

137

   *   

Global Sources Ltd

      888   

700

     

Harte-Hanks, Inc

      4,130   

5,693

     

Interpublic Group of Cos, Inc

      62,737   

596

     

John Wiley & Sons, Inc (Class A)

      23,202   

 

61

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

474

   *   

Journal Communications, Inc (Class A)

    $ 2,564   

980

   *,e   

Lamar Advertising Co (Class A)

      37,975   

3,377

   *   

Liberty Global, Inc (Class A)

      212,717   

1,378

   *   

Liberty Interactive LLC

      159,862   

341

   *   

Lin TV Corp (Class A)

      2,568   

1,082

   *,e   

Lions Gate Entertainment Corp

      17,745   

1,699

   *   

Live Nation, Inc

      15,818   

715

   *   

Madison Square Garden, Inc

      31,710   

239

   *,e   

Martha Stewart Living Omnimedia, Inc (Class A)

      586   

2,225

   *,e   

McClatchy Co (Class A)

      7,276   

3,553

     

McGraw-Hill Cos, Inc

      194,243   

317

   e   

MDC Partners, Inc

      3,582   

426

   e   

Meredith Corp

      14,676   

303

     

Morningstar, Inc

      19,037   

760

     

National CineMedia, Inc

      10,739   

1,565

   *   

New York Times Co (Class A)

      13,349   

27,210

     

News Corp (Class A)

      694,943   

760

   *   

Nexstar Broadcasting Group, Inc (Class A)

      8,048   

3,672

     

Omnicom Group, Inc

      183,453   

183

     

Outdoor Channel Holdings, Inc

      1,391   

1,297

   *,e   

Pandora Media, Inc

      11,906   

120

   *   

ReachLocal, Inc

      1,549   

210

   *   

Reading International, Inc

      1,262   

1,232

   e   

Regal Entertainment Group (Class A)

      17,186   

114

   *   

Rentrak Corp

      2,222   

40

     

Saga Communications, Inc

      1,860   

130

     

Salem Communications

      710   

365

     

Scholastic Corp

      10,789   

1,131

     

Scripps Networks Interactive (Class A)

      65,508   

540

     

Sinclair Broadcast Group, Inc (Class A)

      6,815   

49,878

   e   

Sirius XM Radio, Inc

      144,147   

4,730

     

Thomson Corp

      137,454   

4,156

     

Time Warner Cable, Inc

      403,922   

12,558

     

Time Warner, Inc

      600,649   

601

   *,e   

Valassis Communications, Inc

      15,494   

6,963

     

Viacom, Inc (Class B)

      367,229   

3,576

   e   

Virgin Media, Inc

      131,418   

23,416

     

Walt Disney Co

      1,165,883   

54

     

Washington Post Co (Class B)

      19,721   

251

   e   

World Wrestling Entertainment, Inc (Class A)

      1,980   
       

 

 

  
    

TOTAL MEDIA

      7,436,400   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%

   

488

   *   

Achillion Pharmaceuticals, Inc

      3,914   

457

   *   

Acorda Therapeutics, Inc

      11,361   

275

   *,e   

Aegerion Pharmaceuticals, Inc

      6,982   

676

   *   

Affymax, Inc

      12,844   

766

   *,e   

Affymetrix, Inc

      2,428   

290

   *,e   

Agenus, Inc

      1,189   

4,413

     

Agilent Technologies, Inc

      180,668   

973

   *   

Akorn, Inc

      12,999   

2,497

   *   

Alexion Pharmaceuticals, Inc

      234,244   

1,556

   *   

Alkermes plc

      28,817   

3,873

     

Allergan, Inc

      355,270   

729

   *,e   

Alnylam Pharmaceuticals, Inc

      13,304   

252

   *   

AMAG Pharmaceuticals, Inc

      3,707   

10,133

     

Amgen, Inc

      874,680   

380

   *,e   

Amicus Therapeutics, Inc

      1,018   

250

   *,e   

Ampio Pharmaceuticals, Inc

      898   

3,077

   *,e   

Arena Pharmaceuticals, Inc

      27,755   

2,013

   *   

Ariad Pharmaceuticals, Inc

      38,609   

744

   *   

Arqule, Inc

      2,076   

600

   *   

Array Biopharma, Inc

      2,232   

703

   *   

Astex Pharmaceuticals

      2,046   

567

   *   

Auxilium Pharmaceuticals, Inc

      10,507   

 

62

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

1,563

   *,e   

AVANIR Pharmaceuticals, Inc

    $ 4,111   

489

   *,e   

AVEO Pharmaceuticals, Inc

      3,936   

572

   *,e   

BioCryst Pharmaceuticals, Inc

      812   

270

   *,e   

BioDelivery Sciences International, Inc

      1,164   

3,136

   *   

Biogen Idec, Inc

      459,957   

1,550

   *   

BioMarin Pharmaceuticals, Inc

      76,338   

247

   *   

Bio-Rad Laboratories, Inc (Class A)

      25,947   

45

   *   

Biospecifics Technologies Corp

      673   

252

   *,e   

Biotime, Inc

      791   

21,927

     

Bristol-Myers Squibb Co

      714,601   

1,180

   *   

Bruker BioSciences Corp

      18,019   

480

   *   

Cadence Pharmaceuticals, Inc

      2,299   

206

   *   

Cambrex Corp

      2,344   

5,715

   *   

Celgene Corp

      449,885   

758

   *   

Celldex Therapeutics, Inc

      5,086   

835

   *   

Cepheid, Inc

      28,231   

716

   *   

Charles River Laboratories International, Inc

      26,829   

250

   *,e   

Clovis Oncology, Inc

      4,000   

2,650

   *   

Codexis, Inc

      5,857   

492

   *,e   

Corcept Therapeutics, Inc

      704   

170

   *,e   

Coronado Biosciences, Inc

      767   

765

   *   

Covance, Inc

      44,194   

805

   *   

Cubist Pharmaceuticals, Inc

      33,858   

150

   *,e   

Cumberland Pharmaceuticals, Inc

      630   

754

   *   

Curis, Inc

      2,586   

335

   *,e   

Cytori Therapeutics, Inc

      945   

2,347

   *,e   

Dendreon Corp

      12,392   

567

   *   

Depomed, Inc

      3,510   

550

   *,e   

Discovery Laboratories, Inc

      1,161   

1,197

   *   

Dyax Corp

      4,166   

2,418

   *,e   

Dynavax Technologies Corp

      6,915   

13,449

     

Eli Lilly & Co

      663,305   

553

   *   

Emergent Biosolutions, Inc

      8,870   

1,490

   *   

Endo Pharmaceuticals Holdings, Inc

      39,142   

379

   *   

Endocyte, Inc

      3,403   

551

     

Enzon Pharmaceuticals, Inc

      2,441   

718

   *   

Exact Sciences Corp

      7,604   

2,025

   *,e   

Exelixis, Inc

      9,254   

259

   *   

Fluidigm Corp

      3,706   

3,567

   *   

Forest Laboratories, Inc

      125,986   

104

   *   

Furiex Pharmaceuticals Inc

      2,003   

270

   *,e   

Genomic Health, Inc

      7,360   

1,585

   *   

Geron Corp

      2,235   

9,881

   *   

Gilead Sciences, Inc

      725,759   

1,148

   *   

Halozyme Therapeutics, Inc

      7,703   

290

   *   

Harvard Bioscience, Inc

      1,270   

118

     

Hi-Tech Pharmacal Co, Inc

      4,128   

2,098

   *   

Hospira, Inc

      65,542   

931

   *   

Idenix Pharmaceuticals, Inc

      4,515   

1,556

   *,e   

Illumina, Inc

      86,498   

510

   *,e   

ImmunoCellular Therapeutics Ltd

      979   

977

   *,e   

Immunogen, Inc

      12,457   

1,809

   *,e   

Immunomedics, Inc

      5,282   

854

   *   

Impax Laboratories, Inc

      17,498   

1,220

   *,e   

Incyte Corp

      20,264   

224

   *,e   

Infinity Pharmaceuticals, Inc

      7,840   

825

   *,e   

InterMune, Inc

      7,994   

956

   *   

Ironwood Pharmaceuticals, Inc

      10,602   

1,170

   *,e   

Isis Pharmaceuticals, Inc

      12,238   

526

   *   

Jazz Pharmaceuticals plc

      27,983   

35,878

     

Johnson & Johnson

      2,515,048   

618

   *,e   

Keryx Biopharmaceuticals, Inc

      1,619   

2,404

   *   

Lexicon Pharmaceuticals, Inc

      5,337   

2,313

   *   

Life Technologies Corp

      113,522   

230

   *   

Ligand Pharmaceuticals, Inc (Class B)

      4,770   

588

   *   

Luminex Corp

      9,855   

 

63

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

641

   *,e   

MannKind Corp

    $ 1,481   

269

   *,e   

MAP Pharmaceuticals, Inc

      4,226   

317

     

Maxygen, Inc

      780   

897

   *   

Medicines Co

      21,501   

918

   *   

Medivation, Inc

      46,965   

39,682

     

Merck & Co, Inc

      1,624,581   

190

   *,e   

Merrimack Pharmaceuticals, Inc

      1,157   

437

   *   

Mettler-Toledo International, Inc

      84,472   

571

   *   

Momenta Pharmaceuticals, Inc

      6,726   

5,458

   *   

Mylan Laboratories, Inc

      149,986   

1,132

   *   

Myriad Genetics, Inc

      30,847   

1,670

   *   

Nektar Therapeutics

      12,375   

851

   *   

Neurocrine Biosciences, Inc

      6,365   

164

   *,e   

NewLink Genetics Corp

      2,050   

765

   *,e   

Novavax, Inc

      1,446   

1,652

   *   

NPS Pharmaceuticals, Inc

      15,033   

203

   *   

Obagi Medical Products, Inc

      2,759   

291

   *,e   

Omeros Corp

      1,510   

120

   *   

OncoGenex Pharmaceutical, Inc

      1,574   

517

   *,e   

Oncothyreon, Inc

      993   

864

   *   

Onyx Pharmaceuticals, Inc

      65,258   

2,882

   *,e   

Opko Health, Inc

      13,862   

571

   *,e   

Optimer Pharmaceuticals, Inc

      5,168   

781

   *,e   

Orexigen Therapeutics, Inc

      4,116   

170

   *,e   

Osiris Therapeutics, Inc

      1,527   

424

   *   

Pacific Biosciences of California, Inc

      721   

239

   *,e   

Pacira Pharmaceuticals, Inc

      4,175   

300

     

Pain Therapeutics, Inc

      813   

762

   *   

Parexel International Corp

      22,548   

1,837

   e   

PDL BioPharma, Inc

      12,951   

1,408

     

PerkinElmer, Inc

      44,690   

1,211

     

Perrigo Co

      125,980   

97,733

     

Pfizer, Inc

      2,451,144   

688

   *   

Pharmacyclics, Inc

      39,835   

322

   *   

Pozen, Inc

      1,613   

300

   *   

Progenics Pharmaceuticals, Inc

      894   

3,176

   *   

Qiagen N.V. (NASDAQ)

      57,644   

698

   e   

Questcor Pharmaceuticals, Inc

      18,651   

401

   *,e   

Raptor Pharmaceutical Corp

      2,346   

1,010

   *   

Regeneron Pharmaceuticals, Inc

      172,781   

390

   *   

Repligen Corp

      2,453   

190

   *   

Repros Therapeutics, Inc

      2,993   

854

   *   

Rigel Pharmaceuticals, Inc

      5,551   

85

   *   

Sagent Pharmaceuticals

      1,368   

722

   *   

Salix Pharmaceuticals Ltd

      29,227   

410

   *,e   

Sangamo Biosciences, Inc

      2,464   

630

   *   

Santarus, Inc

      6,917   

716

   *   

Sciclone Pharmaceuticals, Inc

      3,086   

1,200

   *,e   

Seattle Genetics, Inc

      27,840   

1,228

   *,e   

Sequenom, Inc

      5,796   

310

   *   

SIGA Technologies, Inc

      812   

823

   e   

Spectrum Pharmaceuticals, Inc

      9,209   

1,007

   *   

Sunesis Pharmaceuticals, Inc

      4,229   

40

   *   

Supernus Pharmaceuticals, Inc

      287   

116

   *   

Synageva BioPharma Corp

      5,370   

524

   *,e   

Synergy Pharmaceuticals, Inc

      2,756   

271

   *,e   

Synta Pharmaceuticals Corp

      2,444   

286

   *   

Targacept, Inc

      1,253   

580

     

Techne Corp

      39,637   

853

   *   

Theravance, Inc

      18,996   

4,901

     

Thermo Electron Corp

      312,586   

582

   *,e   

Threshold Pharmaceuticals, Inc

      2,450   

686

   *   

United Therapeutics Corp

      36,646   

317

   *   

Vanda Pharmaceuticals, Inc

      1,173   

160

   *,e   

Ventrus Biosciences, Inc

      346   

2,681

   *   

Vertex Pharmaceuticals, Inc

      112,441   

 

64

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

423

   *   

Vical, Inc

    $ 1,231   

931

   *   

Viropharma, Inc

      21,190   

1,259

   *,e   

Vivus, Inc

      16,896   

2,109

     

Warner Chilcott plc

      25,392   

1,161

   *   

Waters Corp

      101,146   

1,696

   *   

Watson Pharmaceuticals, Inc

      145,856   

288

   *   

Xenoport, Inc

      2,238   

852

   *,e   

XOMA Corp

      2,041   

599

   *,e   

ZIOPHARM Oncology, Inc

      2,492   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      14,334,624   
       

 

 

  

REAL ESTATE - 3.7%

      

588

     

Acadia Realty Trust

      14,747   

197

     

AG Mortgage Investment Trust

      4,626   

79

     

Agree Realty Corp

      2,116   

519

   *   

Alexander & Baldwin, Inc

      15,243   

24

     

Alexander’s, Inc

      7,939   

789

     

Alexandria Real Estate Equities, Inc

      54,694   

393

     

American Assets Trust, Inc

      10,977   

1,190

     

American Campus Communities, Inc

      54,895   

4,376

     

American Capital Agency Corp

      126,641   

459

     

American Capital Mortgage, Inc

      10,819   

2,014

     

American Realty Capital Trust, Inc

      23,262   

5,225

     

American Tower Corp

      403,736   

13,498

     

Annaly Capital Management, Inc

      189,512   

1,733

     

Anworth Mortgage Asset Corp

      10,017   

1,694

     

Apartment Investment & Management Co (Class A)

      45,840   

131

     

Apollo Commercial Real Estate Finance, Inc

      2,126   

100

     

Ares Commercial Real Estate Corp

      1,642   

3,847

     

ARMOUR Residential REIT, Inc

      24,890   

1,263

     

Ashford Hospitality Trust, Inc

      13,274   

672

     

Associated Estates Realty Corp

      10,833   

110

   *   

AV Homes, Inc

      1,564   

1,487

     

AvalonBay Communities, Inc

      201,622   

1,962

     

BioMed Realty Trust, Inc

      37,925   

2,022

     

Boston Properties, Inc

      213,948   

1,819

     

Brandywine Realty Trust

      22,174   

940

     

BRE Properties, Inc (Class A)

      47,780   

1,003

     

Camden Property Trust

      68,415   

373

     

Campus Crest Communities, Inc

      4,573   

1,088

     

Capital Lease Funding, Inc

      6,060   

1,194

     

Capstead Mortgage Corp

      13,695   

2,043

     

CBL & Associates Properties, Inc

      43,332   

4,167

   *   

CBRE Group, Inc

      82,923   

1,018

     

Cedar Shopping Centers, Inc

      5,375   

105

     

Chatham Lodging Trust

      1,615   

462

     

Chesapeake Lodging Trust

      9,647   

13,015

     

Chimera Investment Corp

      33,969   

1,235

     

Colonial Properties Trust

      26,392   

666

     

Colony Financial, Inc

      12,987   

238

     

Coresite Realty

      6,583   

851

     

Corporate Office Properties Trust

      21,258   

1,084

     

Cousins Properties, Inc

      9,051   

715

     

CreXus Investment Corp

      8,759   

1,560

     

CubeSmart

      22,729   

2,264

     

CYS Investments, Inc

      26,738   

3,066

     

DCT Industrial Trust, Inc

      19,898   

2,914

     

DDR Corp

      45,633   

2,598

     

DiamondRock Hospitality Co

      23,382   

1,549

     

Digital Realty Trust, Inc

      105,162   

1,771

     

Douglas Emmett, Inc

      41,264   

3,378

     

Duke Realty Corp

      46,853   

734

     

DuPont Fabros Technology, Inc

      17,733   

1,055

     

Dynex Capital, Inc

      9,959   

 

65

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

361

     

EastGroup Properties, Inc

    $ 19,425   

1,317

     

Education Realty Trust, Inc

      14,013   

580

     

Entertainment Properties Trust

      26,744   

560

     

Equity Lifestyle Properties, Inc

      37,682   

693

     

Equity One, Inc

      14,560   

4,205

     

Equity Residential

      238,297   

447

     

Essex Property Trust, Inc

      65,553   

424

     

Excel Trust, Inc

      5,372   

1,320

     

Extra Space Storage, Inc

      48,035   

812

     

Federal Realty Investment Trust

      84,464   

2,088

   *   

FelCor Lodging Trust, Inc

      9,751   

1,135

   *   

First Industrial Realty Trust, Inc

      15,981   

627

     

First Potomac Realty Trust

      7,750   

1,703

   *   

Forest City Enterprises, Inc (Class A)

      27,503   

498

   *   

Forestar Real Estate Group, Inc

      8,630   

839

     

Franklin Street Properties Corp

      10,328   

7,127

     

General Growth Properties, Inc

      141,471   

404

     

Getty Realty Corp

      7,296   

579

     

Gladstone Commercial Corp

      10,393   

1,772

     

Glimcher Realty Trust

      19,652   

625

     

Government Properties Income Trust

      14,981   

580

   *   

Gramercy Capital Corp

      1,705   

20

     

Gyrodyne Co of America, Inc

      1,441   

1,245

     

Hatteras Financial Corp

      30,888   

5,770

     

HCP, Inc

      260,689   

3,532

     

Health Care REIT, Inc

      216,476   

993

     

Healthcare Realty Trust, Inc

      23,842   

3,082

     

Hersha Hospitality Trust

      15,410   

939

     

Highwoods Properties, Inc

      31,410   

606

     

Home Properties, Inc

      37,154   

1,572

     

Hospitality Properties Trust

      36,816   

9,134

     

Host Marriott Corp

      143,130   

348

   *   

Howard Hughes Corp

      25,411   

1,208

     

HRPT Properties Trust

      19,135   

467

     

Hudson Pacific Properties

      9,835   

843

     

Inland Real Estate Corp

      7,064   

1,511

     

Invesco Mortgage Capital, Inc

      29,782   

895

     

Investors Real Estate Trust

      7,813   

1,264

   *   

iStar Financial, Inc

      10,302   

533

     

Jones Lang LaSalle, Inc

      44,740   

449

     

Kennedy-Wilson Holdings, Inc

      6,277   

869

     

Kilroy Realty Corp

      41,165   

5,170

     

Kimco Realty Corp

      99,884   

715

     

Kite Realty Group Trust

      3,997   

1,327

     

LaSalle Hotel Properties

      33,693   

2,104

     

Lexington Corporate Properties Trust

      21,987   

1,338

     

Liberty Property Trust

      47,860   

376

     

LTC Properties, Inc

      13,231   

1,684

     

Macerich Co

      98,177   

1,118

     

Mack-Cali Realty Corp

      29,191   

1,859

     

Medical Properties Trust, Inc

      22,234   

4,747

     

MFA Mortgage Investments, Inc

      38,498   

521

     

Mid-America Apartment Communities, Inc

      33,735   

516

     

Monmouth Real Estate Investment Corp (Class A)

      5,346   

478

     

National Health Investors, Inc

      27,021   

1,391

     

National Retail Properties, Inc

      43,399   

220

     

New York Mortgage Trust, Inc

      1,390   

2,419

     

NorthStar Realty Finance Corp

      17,030   

894

     

NRDC Acquisition Corp

      11,497   

1,261

     

Omega Healthcare Investors, Inc

      30,075   

498

     

One Liberty Properties, Inc

      10,104   

259

     

Parkway Properties, Inc

      3,623   

650

     

Pebblebrook Hotel Trust

      15,015   

759

     

Pennsylvania Real Estate Investment Trust

      13,389   

763

     

Pennymac Mortgage Investment Trust

      19,296   

2,149

     

Piedmont Office Realty Trust, Inc

      38,789   

 

66

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

2,049

     

Plum Creek Timber Co, Inc

    $ 90,914   

745

     

Post Properties, Inc

      37,213   

481

     

Potlatch Corp

      18,850   

5,849

     

Prologis, Inc

      213,430   

235

     

PS Business Parks, Inc

      15,270   

1,855

     

Public Storage, Inc

      268,901   

1,095

     

RAIT Investment Trust

      6,187   

459

     

Ramco-Gershenson Properties

      6,109   

1,593

     

Rayonier, Inc

      82,565   

641

   *   

Realogy Holdings Corp

      26,896   

1,684

     

Realty Income Corp

      67,714   

936

     

Redwood Trust, Inc

      15,809   

1,142

     

Regency Centers Corp

      53,811   

897

     

Resource Capital Corp

      5,023   

1,081

     

Retail Properties of America, Inc

      12,940   

1,353

     

RLJ Lodging Trust

      26,208   

262

     

Rouse Properties, Inc

      4,433   

479

     

Ryman Hospitality Properties

      18,422   

539

     

Sabra Healthcare REIT, Inc

      11,707   

133

     

Saul Centers, Inc

      5,691   

114

     

Select Income REIT

      2,824   

2,067

     

Senior Housing Properties Trust

      48,864   

4,021

     

Simon Property Group, Inc

      635,680   

1,116

     

SL Green Realty Corp

      85,541   

367

     

Sovran Self Storage, Inc

      22,791   

810

   *,e   

St. Joe Co

      18,695   

204

     

STAG Industrial, Inc

      3,666   

1,474

     

Starwood Property Trust, Inc

      33,843   

3,163

   *   

Strategic Hotels & Resorts, Inc

      20,243   

346

     

Summit Hotel Properties, Inc

      3,287   

337

     

Sun Communities, Inc

      13,443   

1,531

   *   

Sunstone Hotel Investors, Inc

      16,397   

1,271

     

Tanger Factory Outlet Centers, Inc

      43,468   

798

     

Taubman Centers, Inc

      62,819   

156

   *   

Tejon Ranch Co

      4,380   

108

     

Terreno Realty Corp

      1,668   

406

     

Thomas Properties Group, Inc

      2,196   

3,785

     

Two Harbors Investment Corp

      41,938   

3,422

     

UDR, Inc

      81,375   

120

     

UMH Properties, Inc

      1,240   

200

     

Universal Health Realty Income Trust

      10,122   

213

     

Urstadt Biddle Properties, Inc (Class A)

      4,192   

3,669

     

Ventas, Inc

      237,458   

2,502

     

Vornado Realty Trust

      200,360   

820

     

Washington Real Estate Investment Trust

      21,443   

1,502

     

Weingarten Realty Investors

      40,209   

99

     

Western Asset Mortgage Capital Corp

      1,957   

7,323

     

Weyerhaeuser Co

      203,726   

550

     

Whitestone REIT

      7,728   

242

     

Winthrop Realty Trust

      2,674   
       

 

 

  
    

TOTAL REAL ESTATE

      7,635,974   
       

 

 

  

RETAILING - 4.2%

        

3,078

   *   

1-800-FLOWERS.COM, Inc (Class A)

      11,296   

998

     

Aaron’s, Inc

      28,223   

1,092

     

Abercrombie & Fitch Co (Class A)

      52,383   

934

     

Advance Auto Parts, Inc

      67,575   

1,127

   *   

Aeropostale, Inc

      14,662   

4,712

   *   

Amazon.com, Inc

      1,183,372   

2,498

     

American Eagle Outfitters, Inc

      51,234   

122

   *   

America’s Car-Mart, Inc

      4,943   

671

   *   

Ann Taylor Stores Corp

      22,707   

359

   *   

Asbury Automotive Group, Inc

      11,499   

1,563

   *   

Ascena Retail Group, Inc

      28,900   

942

   *   

Audiovox Corp (Class A)

      6,340   

508

   *   

Autonation, Inc

      20,168   

 

67

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

489

   *   

Autozone, Inc

    $ 173,316   

477

   *,e   

Barnes & Noble, Inc

      7,198   

380

     

Bebe Stores, Inc

      1,516   

3,038

   *   

Bed Bath & Beyond, Inc

      169,855   

3,415

     

Best Buy Co, Inc

      40,468   

334

     

Big 5 Sporting Goods Corp

      4,375   

884

   *   

Big Lots, Inc

      25,159   

158

   *,e   

Blue Nile, Inc

      6,083   

142

   *   

Body Central Corp

      1,414   

564

   e   

Bon-Ton Stores, Inc

      6,836   

482

     

Brown Shoe Co, Inc

      8,854   

408

   e   

Buckle, Inc

      18,213   

535

   *   

Cabela’s, Inc

      22,336   

60

   *   

CafePress, Inc

      346   

2,896

   *   

Carmax, Inc

      108,716   

514

   *   

Casual Male Retail Group, Inc

      2,159   

525

     

Cato Corp (Class A)

      14,401   

2,122

     

Chico’s FAS, Inc

      39,172   

335

   *   

Children’s Place Retail Stores, Inc

      14,837   

243

   *   

Citi Trends, Inc

      3,344   

319

   *,e   

Conn’s, Inc

      9,787   

108

     

Core-Mark Holding Co, Inc

      5,114   

118

     

Destination Maternity Corp

      2,544   

1,171

     

Dick’s Sporting Goods, Inc

      53,269   

374

     

Dillard’s, Inc (Class A)

      31,330   

2,462

   *   

Dollar General Corp

      108,550   

2,944

   *   

Dollar Tree, Inc

      119,409   

417

     

DSW, Inc (Class A)

      27,393   

1,111

     

Expedia, Inc

      68,271   

1,135

   *   

Express Parent LLC

      17,127   

1,298

     

Family Dollar Stores, Inc

      82,306   

681

     

Finish Line, Inc (Class A)

      12,891   

140

   *,e   

Five Below, Inc

      4,486   

1,926

     

Foot Locker, Inc

      61,863   

443

   *,e   

Francesca’s Holdings Corp

      11,500   

480

     

Fred’s, Inc (Class A)

      6,389   

1,759

   e   

GameStop Corp (Class A)

      44,133   

3,844

     

Gap, Inc

      119,318   

311

   *   

Genesco, Inc

      17,105   

2,032

     

Genuine Parts Co

      129,195   

910

     

GNC Holdings, Inc

      30,285   

107

   *   

Gordmans Stores, Inc

      1,607   

300

     

Group 1 Automotive, Inc

      18,597   

511

   *,e   

Groupon, Inc

      2,494   

822

     

Guess?, Inc

      20,172   

166

     

Haverty Furniture Cos, Inc

      2,707   

176

   *,e   

HHgregg, Inc

      1,236   

335

   *   

Hibbett Sports, Inc

      17,654   

20,017

     

Home Depot, Inc

      1,238,051   

405

   *   

HomeAway, Inc

      8,910   

450

     

Hot Topic, Inc

      4,343   

475

     

HSN, Inc

      26,163   

2,054

   e   

JC Penney Co, Inc

      40,484   

349

   *   

JOS A Bank Clothiers, Inc

      14,860   

145

   *   

Kirkland’s, Inc

      1,536   

3,089

     

Kohl’s Corp

      132,765   

7,348

   *   

Liberty Media Holding Corp (Interactive A)

      144,609   

490

   *   

Liberty Ventures

      33,202   

3,064

     

Limited Brands, Inc

      144,192   

205

     

Lithia Motors, Inc (Class A)

      7,671   

3,744

   *   

LKQ Corp

      78,998   

14,619

     

Lowe’s Companies, Inc

      519,267   

351

   *   

Lumber Liquidators, Inc

      18,543   

5,264

     

Macy’s, Inc

      205,401   

257

   *   

MarineMax, Inc

      2,298   

139

   *,e   

Mattress Firm Holding Corp

      3,410   

 

68

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

593

     

Men’s Wearhouse, Inc

    $ 18,478   

361

   e   

Monro Muffler, Inc

      12,624   

855

   *,e   

NetFlix, Inc

      79,327   

512

   *   

New York & Co, Inc

      1,951   

1,992

     

Nordstrom, Inc

      106,572   

414

     

Nutri/System, Inc

      3,391   

4,794

   *   

Office Depot, Inc

      15,724   

1,103

     

OfficeMax, Inc

      10,765   

482

   *   

Orbitz Worldwide, Inc

      1,311   

1,602

   *   

O’Reilly Automotive, Inc

      143,251   

176

   *,e   

Overstock.com, Inc

      2,519   

500

     

Penske Auto Group, Inc

      15,045   

614

     

PEP Boys - Manny Moe & Jack

      6,036   

60

   *   

Perfumania Holdings, Inc

      295   

278

   e   

PetMed Express, Inc

      3,086   

1,378

     

Petsmart, Inc

      94,173   

1,228

     

Pier 1 Imports, Inc

      24,560   

646

   *   

Priceline.com, Inc

      401,295   

1,485

   e   

RadioShack Corp

      3,148   

793

     

Rent-A-Center, Inc

      27,247   

2,876

     

Ross Stores, Inc

      155,735   

180

   *   

Rue21, Inc

      5,110   

1,535

   *,e   

Saks, Inc

      16,133   

2,004

   *   

Sally Beauty Holdings, Inc

      47,234   

481

   *,e   

Sears Holdings Corp

      19,894   

159

   *   

Sears Hometown and Outlet Stores, Inc

      5,177   

717

   *   

Select Comfort Corp

      18,764   

326

     

Shoe Carnival, Inc

      6,680   

451

   *   

Shutterfly, Inc

      13,471   

1,056

     

Signet Jewelers Ltd

      56,390   

481

     

Sonic Automotive, Inc (Class A)

      10,048   

411

     

Stage Stores, Inc

      10,185   

8,866

     

Staples, Inc

      101,072   

200

     

Stein Mart, Inc

      1,508   

151

     

Systemax, Inc

      1,457   

8,581

     

Target Corp

      507,738   

1,588

     

Tiffany & Co

      91,056   

120

   *   

Tilly’s, Inc

      1,619   

9,605

     

TJX Companies, Inc

      407,732   

898

     

Tractor Supply Co

      79,347   

1,132

   *   

TripAdvisor, Inc

      47,499   

228

   *   

Tuesday Morning Corp

      1,425   

814

     

Ulta Salon Cosmetics & Fragrance, Inc

      79,984   

1,468

   *   

Urban Outfitters, Inc

      57,780   

150

   *   

US Auto Parts Network, Inc

      274   

280

   *,e   

Vitacost.com, Inc

      1,898   

425

   *   

Vitamin Shoppe, Inc

      24,378   

178

   *   

West Marine, Inc

      1,914   

1,045

   *   

Wet Seal, Inc (Class A)

      2,884   

524

   *   

WEX, Inc

      39,494   

1,141

     

Williams-Sonoma, Inc

      49,942   

245

   *,e   

Zumiez, Inc

      4,755   
       

 

 

  
    

TOTAL RETAILING

      8,662,710   
       

 

 

  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%

   

504

   *   

Advanced Energy Industries, Inc

      6,960   

8,180

   *,e   

Advanced Micro Devices, Inc

      19,632   

183

   *   

Alpha & Omega Semiconductor Ltd

      1,537   

4,086

     

Altera Corp

      140,722   

1,245

   *,e   

Amkor Technology, Inc

      5,291   

891

   *   

Anadigics, Inc

      2,245   

3,920

     

Analog Devices, Inc

      164,875   

16,283

     

Applied Materials, Inc

      186,278   

891

   *   

Applied Micro Circuits Corp

      7,484   

5,710

   *   

Atmel Corp

      37,401   

 

69

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

395

   *   

ATMI, Inc

    $ 8,248   

3,099

     

Avago Technologies Ltd

      98,114   

6,246

   *   

Axcelis Technologies, Inc

      8,682   

1,188

   *   

AXT, Inc

      3,338   

6,997

     

Broadcom Corp (Class A)

      232,370   

831

     

Brooks Automation, Inc

      6,690   

285

     

Cabot Microelectronics Corp

      10,120   

664

   *   

Cavium Networks, Inc

      20,723   

234

   *   

Ceva, Inc

      3,686   

821

   *   

Cirrus Logic, Inc

      23,784   

280

     

Cohu, Inc

      3,035   

1,474

   *,e   

Cree, Inc

      50,087   

422

   *   

Cymer, Inc

      38,161   

2,072

     

Cypress Semiconductor Corp

      22,460   

395

   *   

Diodes, Inc

      6,853   

289

   *   

DSP Group, Inc

      1,665   

1,676

   *   

Entegris, Inc

      15,386   

903

   *   

Entropic Communications, Inc

      4,777   

520

   *   

Exar Corp

      4,628   

1,829

   *   

Fairchild Semiconductor International, Inc

      26,338   

737

   *,e   

First Solar, Inc

      22,759   

593

   *   

Formfactor, Inc

      2,704   

537

   *,e   

Freescale Semiconductor Holdings Ltd

      5,912   

234

   *   

GSI Technology, Inc

      1,467   

1,568

   *,e   

GT Solar International, Inc

      4,735   

459

   *   

Hittite Microwave Corp

      28,504   

252

   *   

Inphi Corp

      2,414   

1,945

   *   

Integrated Device Technology, Inc

      14,198   

306

   *   

Integrated Silicon Solution, Inc

      2,754   

65,759

     

Intel Corp

      1,356,608   

853

   *   

International Rectifier Corp

      15,124   

1,619

     

Intersil Corp (Class A)

      13,422   

257

     

IXYS Corp

      2,349   

2,125

     

Kla-Tencor Corp

      101,490   

800

   *   

Kopin Corp

      2,664   

2,229

   *   

Lam Research Corp

      80,534   

1,300

   *   

Lattice Semiconductor Corp

      5,187   

3,060

     

Linear Technology Corp

      104,958   

7,838

   *   

LSI Logic Corp

      55,493   

584

   *   

LTX-Credence Corp

      3,831   

80

   *   

MA-COM Technology Solutions

      1,198   

6,576

     

Marvell Technology Group Ltd

      47,742   

740

   *   

Mattson Technology, Inc

      622   

3,850

     

Maxim Integrated Products, Inc

      113,190   

87

   *   

MaxLinear, Inc

      437   

2,748

   *   

MEMC Electronic Materials, Inc

      8,821   

797

     

Micrel, Inc

      7,572   

2,624

     

Microchip Technology, Inc

      85,516   

12,574

   *   

Micron Technology, Inc

      79,845   

1,063

   *   

Microsemi Corp

      22,366   

378

   *,e   

Mindspeed Technologies, Inc

      1,769   

766

   *   

MIPS Technologies, Inc

      5,990   

604

     

MKS Instruments, Inc

      15,571   

407

     

Monolithic Power Systems, Inc

      9,068   

316

   *   

MoSys, Inc

      1,100   

214

   *   

Nanometrics, Inc

      3,086   

55

   *   

NVE Corp

      3,052   

7,852

     

Nvidia Corp

      96,501   

721

   *   

Omnivision Technologies, Inc

      10,152   

5,763

   *   

ON Semiconductor Corp

      40,629   

268

   *   

PDF Solutions, Inc

      3,693   

304

   *   

Pericom Semiconductor Corp

      2,441   

666

   *   

Photronics, Inc

      3,969   

410

   *   

PLX Technology, Inc

      1,488   

2,763

   *   

PMC - Sierra, Inc

      14,395   

358

     

Power Integrations, Inc

      12,032   

 

70

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

490

   *,e   

QuickLogic Corp

    $ 1,063   

1,317

   *   

Rambus, Inc

      6,427   

3,137

   *   

RF Micro Devices, Inc

      14,054   

149

   *,e   

Rubicon Technology, Inc

      910   

351

   *   

Rudolph Technologies, Inc

      4,721   

936

   *   

Semtech Corp

      27,097   

373

   *   

Sigma Designs, Inc

      1,921   

1,131

   *   

Silicon Image, Inc

      5,610   

618

   *   

Silicon Laboratories, Inc

      25,839   

2,390

   *   

Skyworks Solutions, Inc

      48,517   

622

   *   

Spansion, Inc

      8,652   

345

   *,e   

STR Holdings, Inc

      869   

1,213

   *   

SunPower Corp

      6,817   

100

     

Supertex, Inc

      1,755   

2,374

   *   

Teradyne, Inc

      40,097   

605

     

Tessera Technologies, Inc

      9,934   

14,673

     

Texas Instruments, Inc

      453,983   

1,986

   *   

Triquint Semiconductor, Inc

      9,612   

267

   *   

Ultra Clean Holdings

      1,311   

283

   *   

Ultratech, Inc

      10,556   

512

   *   

Veeco Instruments, Inc

      15,114   

288

   *   

Volterra Semiconductor Corp

      4,945   

3,371

     

Xilinx, Inc

      121,019   
       

 

 

  
    

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

      4,401,745   
       

 

 

  

SOFTWARE & SERVICES - 9.3%

   

552

   *   

Accelrys, Inc

      4,996   

8,408

     

Accenture plc

      559,132   

503

   *   

ACI Worldwide, Inc

      21,976   

490

   *,e   

Active Network, Inc

      2,406   

5,714

     

Activision Blizzard, Inc

      60,683   

620

   *   

Actuate Corp

      3,472   

1,008

   *   

Acxiom Corp

      17,600   

6,395

   *   

Adobe Systems, Inc

      240,964   

374

   *   

Advent Software, Inc

      7,996   

2,323

   *   

Akamai Technologies, Inc

      95,034   

640

   *   

Alliance Data Systems Corp

      92,646   

2,552

     

Amdocs Ltd

      86,742   

276

     

American Software, Inc (Class A)

      2,142   

456

   *,e   

Angie’s List, Inc

      5,467   

1,184

   *   

Ansys, Inc

      79,731   

1,288

     

AOL, Inc

      38,138   

1,185

   *   

Aspen Technology, Inc

      32,753   

2,934

   *   

Autodesk, Inc

      103,717   

6,383

     

Automatic Data Processing, Inc

      363,895   

588

   *,e   

Bankrate, Inc

      7,321   

116

   *   

Bazaarvoice, Inc

      1,085   

538

     

Blackbaud, Inc

      12,283   

367

   *   

Blucora, Inc

      5,766   

2,153

   *   

BMC Software, Inc

      85,388   

294

     

Booz Allen Hamilton Holding Co

      4,092   

421

   *   

Bottomline Technologies, Inc

      11,110   

1,693

     

Broadridge Financial Solutions, Inc

      38,736   

440

   *   

BroadSoft, Inc

      15,985   

4,559

     

CA, Inc

      100,207   

372

   *   

CACI International, Inc (Class A)

      20,471   

3,489

   *   

Cadence Design Systems, Inc

      47,136   

370

   *,e   

Callidus Software, Inc

      1,680   

531

   *   

Cardtronics, Inc

      12,606   

90

     

Cass Information Systems, Inc

      3,798   

834

   *   

Ciber, Inc

      2,786   

2,423

   *   

Citrix Systems, Inc

      159,312   

118

   *,m   

Clinical Data, Inc

      112   

4,039

   *   

Cognizant Technology Solutions Corp (Class A)

      299,088   

547

   *   

Commvault Systems, Inc

      38,131   

 

71

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

1,926

     

Computer Sciences Corp

    $ 77,136   

174

   *   

Computer Task Group, Inc

      3,172   

2,948

   *   

Compuware Corp

      32,045   

399

   *   

comScore, Inc

      5,498   

276

   *   

Comverse, Inc

      7,874   

555

   *   

Concur Technologies, Inc

      37,474   

342

   *,e   

Constant Contact, Inc

      4,860   

1,480

     

Convergys Corp

      24,287   

431

   *   

Cornerstone OnDemand, Inc

      12,727   

350

   *   

CoStar Group, Inc

      31,279   

485

   *   

CSG Systems International, Inc

      8,817   

485

   *   

DealerTrack Holdings, Inc

      13,929   

379

   *,e   

Demand Media, Inc

      3,521   

86

   *,e   

Demandware, Inc

      2,350   

606

   *   

Dice Holdings, Inc

      5,563   

453

   *   

Digital River, Inc

      6,519   

85

     

DMRC Corp

      1,759   

426

     

DST Systems, Inc

      25,816   

1,405

     

Earthlink, Inc

      9,076   

15,029

   *   

eBay, Inc

      766,780   

322

   e   

Ebix, Inc

      5,175   

4,129

   *   

Electronic Arts, Inc

      59,994   

280

   *   

Ellie Mae, Inc

      7,770   

116

   *   

Eloqua, Inc

      2,736   

269

   *   

Envestnet, Inc

      3,753   

100

   *,e   

Envivio, Inc

      170   

405

     

EPIQ Systems, Inc

      5,176   

625

   *   

Equinix, Inc

      128,875   

589

   *   

Euronet Worldwide, Inc

      13,900   

122

   *,e   

ExactTarget, Inc

      2,440   

250

   *   

ExlService Holdings, Inc

      6,625   

5,350

   *   

Facebook, Inc

      142,470   

614

     

Factset Research Systems, Inc

      54,069   

602

     

Fair Isaac Corp

      25,302   

313

   *   

FalconStor Software, Inc

      729   

3,212

     

Fidelity National Information Services, Inc

      111,810   

1,356

   *   

First American Corp

      36,504   

1,765

   *   

Fiserv, Inc

      139,488   

617

   *   

FleetCor Technologies, Inc

      33,102   

178

     

Forrester Research, Inc

      4,770   

1,660

   *   

Fortinet, Inc

      34,976   

1,208

   *   

Gartner, Inc

      55,592   

1,564

     

Genpact Ltd

      24,242   

299

   *,e,m   

Gerber Scientific, Inc

      0   

824

   *   

Global Cash Access, Inc

      6,460   

1,079

     

Global Payments, Inc

      48,879   

531

   *,e   

Glu Mobile, Inc

      1,216   

3,369

   *   

Google, Inc (Class A)

      2,389,867   

200

   *   

Guidewire Software, Inc

      5,944   

476

     

Hackett Group, Inc

      2,037   

451

     

Heartland Payment Systems, Inc

      13,304   

384

   *,e   

Higher One Holdings, Inc

      4,047   

1,091

     

IAC/InterActiveCorp

      51,604   

384

   *   

iGate Corp

      6,056   

160

   *   

Imperva, Inc

      5,045   

99

   *   

Infoblox, Inc

      1,779   

1,333

   *   

Informatica Corp

      40,417   

279

   *   

Innodata Isogen, Inc

      1,055   

144

   *   

Interactive Intelligence, Inc

      4,830   

538

   *   

Internap Network Services Corp

      3,734   

14,193

     

International Business Machines Corp

      2,718,669   

3,877

     

Intuit, Inc

      230,681   

660

   *   

Ipass, Inc

      1,208   

544

   e   

j2 Global, Inc

      16,636   

1,107

     

Jack Henry & Associates, Inc

      43,461   

250

   *   

Jive Software, Inc

      3,632   

 

72

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

168

     

Keynote Systems, Inc

    $ 2,367   

298

   *   

Knot, Inc

      2,771   

1,154

     

Lender Processing Services, Inc

      28,411   

884

   *,e   

Limelight Networks, Inc

      1,962   

784

   *   

LinkedIn Corp

      90,019   

704

   *   

Lionbridge Technologies

      2,830   

325

   *   

Liquidity Services, Inc

      13,279   

697

   *   

Liveperson, Inc

      9,159   

252

   *   

LogMeIn, Inc

      5,647   

187

   *,e   

magicJack VocalTec Ltd

      3,405   

311

   *   

Manhattan Associates, Inc

      18,766   

292

   e   

Mantech International Corp (Class A)

      7,574   

206

   e   

Marchex, Inc (Class B)

      847   

280

   *   

Market Leader, Inc

      1,834   

1,417

     

Mastercard, Inc (Class A)

      696,144   

130

   *,e   

Mattersight Corp

      646   

482

     

MAXIMUS, Inc

      30,472   

1,291

   *   

Mentor Graphics Corp

      21,973   

1,140

   *   

Micros Systems, Inc

      48,382   

98,142

     

Microsoft Corp

      2,623,336   

100

   *   

MicroStrategy, Inc (Class A)

      9,338   

140

   *,e   

Millennial Media, Inc

      1,754   

529

   *   

ModusLink Global Solutions, Inc

      1,534   

278

   *   

MoneyGram International, Inc

      3,695   

443

     

Monotype Imaging Holdings, Inc

      7,079   

1,800

   *,e   

Monster Worldwide, Inc

      10,116   

696

   *   

Move, Inc

      5,283   

467

   *   

Netscout Systems, Inc

      12,137   

397

   *   

NetSuite, Inc

      26,718   

874

   *   

NeuStar, Inc (Class A)

      36,647   

789

     

NIC, Inc

      12,892   

3,067

   *   

Nuance Communications, Inc

      68,455   

293

   *   

OpenTable, Inc

      14,298   

49,840

     

Oracle Corp

      1,660,669   

1,520

   *   

Parametric Technology Corp

      34,215   

4,276

     

Paychex, Inc

      133,155   

162

   e   

Pegasystems, Inc

      3,674   

320

   *   

Perficient, Inc

      3,770   

170

   *   

Pervasive Software, Inc

      1,515   

240

   *   

PRG-Schultz International, Inc

      1,548   

831

   *   

Progress Software Corp

      17,443   

80

   *   

Proofpoint, Inc

      985   

283

   *   

PROS Holdings, Inc

      5,176   

43

     

QAD, Inc (Class A)

      619   

1,081

   *   

QLIK Technologies, Inc

      23,479   

335

   *   

QuinStreet, Inc

      2,251   

1,383

   *   

Rackspace Hosting, Inc

      102,715   

299

   *   

RealNetworks, Inc

      2,260   

475

   *,e   

RealPage, Inc

      10,246   

2,400

   *   

Red Hat, Inc

      127,104   

453

   *   

Responsys, Inc

      2,700   

127

   *   

Rosetta Stone, Inc

      1,567   

1,436

   *   

Rovi Corp

      22,157   

286

   *   

Saba Software, Inc

      2,500   

3,586

     

SAIC, Inc

      40,594   

1,821

   *   

Salesforce.com, Inc

      306,110   

170

   *,e   

Sapiens International Corp NV

      680   

1,557

   *   

Sapient Corp

      16,442   

150

   *   

Sciquest, Inc

      2,379   

334

   *   

Seachange International, Inc

      3,230   

184

   *,e   

ServiceNow, Inc

      5,526   

634

   *,e   

ServiceSource International LLC

      3,709   

782

   *   

SolarWinds, Inc

      41,016   

1,004

     

Solera Holdings, Inc

      53,684   

376

   *   

Sourcefire, Inc

      17,755   

150

   *,e   

Spark Networks, Inc

      1,170   

 

73

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

197

   *   

Splunk, Inc

    $ 5,717   

235

   *   

SPS Commerce, Inc

      8,758   

427

   *   

SS&C Technologies Holdings, Inc

      9,872   

192

   *   

Stamps.com, Inc

      4,838   

513

   *   

SupportSoft, Inc

      2,144   

9,430

   *   

Symantec Corp

      177,378   

90

   *,e   

Synacor, Inc

      492   

328

   *   

Synchronoss Technologies, Inc

      6,918   

1,849

   *   

Synopsys, Inc

      58,872   

190

     

Syntel, Inc

      10,182   

402

   *   

TA Indigo Holding Corp

      2,480   

925

   *   

Take-Two Interactive Software, Inc

      10,184   

383

   *   

Tangoe, Inc

      4,546   

132

   *   

TechTarget, Inc

      733   

205

   *   

TeleNav, Inc

      1,636   

455

   *   

TeleTech Holdings, Inc

      8,099   

2,163

   *   

Teradata Corp

      133,868   

2,110

   *   

TIBCO Software, Inc

      46,441   

1,671

   *   

TiVo, Inc

      20,587   

303

   *   

TNS, Inc

      6,281   

2,061

     

Total System Services, Inc

      44,147   

174

   *   

Travelzoo, Inc

      3,304   

432

   *   

Tyler Technologies, Inc

      20,926   

339

   *   

Ultimate Software Group, Inc

      32,005   

586

   *   

Unisys Corp

      10,138   

1,056

     

United Online, Inc

      5,903   

1,006

   *   

Unwired Planet, Inc

      1,207   

1,094

   *   

Valueclick, Inc

      21,235   

499

   *   

Vantiv, Inc

      10,190   

248

   *   

Vasco Data Security International

      2,024   

1,365

   *   

VeriFone Systems, Inc

      40,513   

264

   *   

Verint Systems, Inc

      7,751   

2,200

   *   

VeriSign, Inc

      85,404   

574

   *,e   

VirnetX Holding Corp

      16,807   

156

   *   

Virtusa Corp

      2,563   

6,800

     

Visa, Inc (Class A)

      1,030,744   

527

   *,e   

VistaPrint Ltd

      17,317   

1,149

   *   

VMware, Inc (Class A)

      108,167   

202

   *   

Vocus, Inc

      3,511   

807

   *   

WebMD Health Corp (Class A)

      11,572   

564

   *   

Websense, Inc

      8,483   

367

   *   

Website Pros, Inc

      5,432   

7,826

     

Western Union Co

      106,512   

331

   *   

Workday, Inc

      18,040   

16,331

   *   

Yahoo!, Inc

      324,987   

107

   *,e   

Yelp, Inc

      2,017   

743

   *   

Zix Corp

      2,080   

1,440

   *   

Zynga, Inc

      3,413   
       

 

 

  
    

TOTAL SOFTWARE & SERVICES

      19,205,525   
       

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 6.5%

   

645

   *,e   

3D Systems Corp

      34,411   

738

   *   

Acme Packet, Inc

      16,325   

806

     

Adtran, Inc

      15,749   

400

   *   

Agilysys, Inc

      3,348   

30

   *,e   

Ambient Corp

      90   

2,157

     

Amphenol Corp (Class A)

      139,558   

200

   *   

Anaren, Inc

      3,890   

356

     

Anixter International, Inc

      22,777   

12,159

     

Apple, Inc

      6,481,112   

1,549

   *   

Arris Group, Inc

      23,142   

1,424

   *   

Arrow Electronics, Inc

      54,226   

1,423

   *,e   

Aruba Networks, Inc

      29,527   

80

   *,e   

Audience, Inc

      831   

424

   *   

Avid Technology, Inc

      3,214   

 

74

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

1,830

   *   

Avnet, Inc

    $ 56,016   

583

     

AVX Corp

      6,285   

150

     

Aware, Inc

      822   

245

   *   

AX Holding Corp

      1,715   

258

     

Badger Meter, Inc

      12,232   

100

     

Bel Fuse, Inc (Class B)

      1,955   

750

   *   

Benchmark Electronics, Inc

      12,465   

226

     

Black Box Corp

      5,501   

1,360

   *   

Bookham, Inc

      2,135   

5,865

   *   

Brocade Communications Systems, Inc

      31,260   

358

   *   

CalAmp Corp

      2,979   

469

   *   

Calix Networks, Inc

      3,607   

500

   *   

Checkpoint Systems, Inc

      5,370   

1,254

   *   

Ciena Corp

      19,688   

69,902

     

Cisco Systems, Inc

      1,373,574   

542

     

Cognex Corp

      19,956   

306

     

Coherent, Inc

      15,490   

330

     

Comtech Telecommunications Corp

      8,375   

2,770

   *   

Comverse Technology, Inc

      10,637   

19,277

     

Corning, Inc

      243,276   

347

   *   

Cray, Inc

      5,535   

409

     

CTS Corp

      4,348   

423

     

Daktronics, Inc

      4,683   

185

   *   

Datalink Corp

      1,582   

19,104

     

Dell, Inc

      193,524   

772

     

Diebold, Inc

      23,631   

400

   *   

Digi International, Inc

      3,788   

633

   e   

Dolby Laboratories, Inc (Class A)

      18,566   

196

   *   

DTS, Inc

      3,273   

330

   *   

Echelon Corp

      809   

485

   *   

EchoStar Corp (Class A)

      16,597   

248

     

Electro Rent Corp

      3,814   

300

     

Electro Scientific Industries, Inc

      2,985   

630

   *   

Electronics for Imaging, Inc

      11,964   

27,224

   *   

EMC Corp

      688,767   

1,000

   *   

Emulex Corp

      7,300   

1,016

   *   

Extreme Networks, Inc

      3,698   

1,009

   *   

F5 Networks, Inc

      98,024   

252

   *   

Fabrinet

      3,311   

215

   *   

FARO Technologies, Inc

      7,671   

451

     

FEI Co

      25,013   

1,138

   *,e   

Finisar Corp

      18,549   

1,984

     

Flir Systems, Inc

      44,263   

1,128

   *,e   

Fusion-io, Inc

      25,865   

228

   *   

Globecomm Systems, Inc

      2,576   

327

   *   

GSI Group, Inc

      2,832   

1,150

   *   

Harmonic, Inc

      5,831   

1,483

     

Harris Corp

      72,608   

670

   *   

Harris Stratex Networks, Inc (Class A)

      2,204   

25,651

     

Hewlett-Packard Co

      365,527   

400

   *   

Imation Corp

      1,868   

289

   *   

Immersion Corp

      1,985   

1,220

   *,e   

Infinera Corp

      7,088   

2,058

   *   

Ingram Micro, Inc (Class A)

      34,821   

655

   *   

Insight Enterprises, Inc

      11,377   

564

   e   

InterDigital, Inc

      23,180   

745

   *   

Intermec, Inc

      7,346   

278

   *   

Intevac, Inc

      1,271   

466

   *,e   

InvenSense, Inc

      5,177   

407

   e   

IPG Photonics Corp

      27,127   

477

   *   

Itron, Inc

      21,250   

534

   *   

Ixia

      9,067   

2,392

     

Jabil Circuit, Inc

      46,142   

2,820

   *   

JDS Uniphase Corp

      38,183   

6,822

   *   

Juniper Networks, Inc

      134,189   

1,680

   *   

Kemet Corp

      8,450   

 

75

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

130

   *   

Key Tronic Corp

    $ 1,331   

172

   *   

KVH Industries, Inc

      2,405   

972

   e   

Lexmark International, Inc (Class A)

      22,541   

261

     

Littelfuse, Inc

      16,106   

124

     

Loral Space & Communications, Inc

      6,778   

315

   *,e   

Maxwell Technologies, Inc

      2,611   

187

   *   

Measurement Specialties, Inc

      6,425   

375

   *   

Mercury Computer Systems, Inc

      3,450   

30

     

Mesa Laboratories, Inc

      1,503   

447

     

Methode Electronics, Inc

      4,483   

1,677

   e   

Molex, Inc

      45,832   

3,903

     

Motorola, Inc

      217,319   

221

     

MTS Systems Corp

      11,256   

160

   *   

Multi-Fineline Electronix, Inc

      3,234   

1,200

     

National Instruments Corp

      30,972   

2,098

   *   

NCR Corp

      53,457   

290

   *,e   

Neonode, Inc

      1,409   

4,695

   *   

NetApp, Inc

      157,517   

454

   *   

Netgear, Inc

      17,897   

407

   *   

Newport Corp

      5,474   

3,625

   *,e   

OCZ Technology Group, Inc

      6,924   

252

   *   

Oplink Communications, Inc

      3,926   

252

   *   

OSI Systems, Inc

      16,138   

90

   *,e   

Palo Alto Networks, Inc

      4,817   

232

     

Park Electrochemical Corp

      5,969   

935

   *,e   

Parkervision, Inc

      1,898   

230

     

PC-Tel, Inc

      1,656   

554

     

Plantronics, Inc

      20,426   

511

   *   

Plexus Corp

      13,184   

2,192

   *   

Polycom, Inc

      22,928   

851

   *,e   

Power-One, Inc

      3,498   

248

   *   

Procera Networks, Inc

      4,600   

1,437

   *   

QLogic Corp

      13,982   

22,360

     

Qualcomm, Inc

      1,386,767   

4,721

   *,e   

Quantum Corp

      5,854   

301

   *,e   

Rackable Systems, Inc

      3,079   

187

   *   

Radisys Corp

      557   

485

   *,e   

RealD, Inc

      5,437   

181

     

Richardson Electronics Ltd

      2,049   

1,950

   *   

Riverbed Technology, Inc

      38,454   

383

   *   

Rofin-Sinar Technologies, Inc

      8,303   

200

   *   

Rogers Corp

      9,932   

3,074

   *   

SanDisk Corp

      133,903   

958

   *   

Sanmina Corp

      10,605   

321

   *   

Scansource, Inc

      10,198   

495

   *   

ShoreTel, Inc

      2,099   

3,028

   *   

Sonus Networks, Inc

      5,148   

488

   *   

STEC, Inc

      2,406   

234

   *   

Stratasys Ltd

      18,755   

258

   *   

Super Micro Computer, Inc

      2,632   

234

     

Sycamore Networks, Inc

      524   

396

   *   

Symmetricom, Inc

      2,285   

424

   *   

Synaptics, Inc

      12,707   

313

   *   

SYNNEX Corp

      10,761   

616

   *   

Tech Data Corp

      28,047   

4,811

     

Tellabs, Inc

      10,969   

210

     

Telular Corp

      1,989   

70

     

Tessco Technologies, Inc

      1,550   

1,589

   *   

Trimble Navigation Ltd

      94,990   

971

   *   

TTM Technologies, Inc

      8,933   

166

   e   

Ubiquiti Networks, Inc

      2,015   

527

   *   

Universal Display Corp

      13,502   

529

   *,e   

Viasat, Inc

      20,578   

1,895

   *   

Vishay Intertechnology, Inc

      20,144   

161

   *   

Vishay Precision Group, Inc

      2,128   

662

   *   

Westell Technologies, Inc

      1,225   

 

76

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

2,882

     

Western Digital Corp

    $ 122,456   

17,108

     

Xerox Corp

      116,677   

721

   *   

Zebra Technologies Corp (Class A)

      28,321   

198

   *   

Zygo Corp

      3,109   
       

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

      13,590,231   
       

 

 

  

TELECOMMUNICATION SERVICES - 2.7%

   

754

   *,e   

8x8, Inc

      5,572   

76,302

     

AT&T, Inc

      2,572,141   

105

     

Atlantic Tele-Network, Inc

      3,855   

201

   *,e   

Boingo Wireless, Inc

      1,518   

277

   *   

Cbeyond Communications, Inc

      2,504   

7,920

     

CenturyTel, Inc

      309,830   

3,005

   *   

Cincinnati Bell, Inc

      16,467   

6,625

   *   

Clearwire Corp (Class A)

      19,146   

706

     

Cogent Communications Group, Inc

      15,984   

526

     

Consolidated Communications Holdings, Inc

      8,374   

3,883

   *   

Crown Castle International Corp

      280,197   

269

   *,e   

Fairpoint Communications, Inc

      2,136   

13,108

   e   

Frontier Communications Corp

      56,102   

464

   *   

General Communication, Inc (Class A)

      4,450   

126

   *   

Hawaiian Telcom Holdco, Inc

      2,457   

170

     

HickoryTech Corp

      1,654   

164

     

IDT Corp (Class B)

      1,565   

380

   *   

inContact, Inc

      1,968   

641

   *,e   

Iridium Communications, Inc

      4,320   

710

   *,e   

Leap Wireless International, Inc

      4,721   

2,242

   *   

Level 3 Communications, Inc

      51,813   

181

     

Lumos Networks Corp

      1,814   

3,750

   *   

MetroPCS Communications, Inc

      37,275   

391

     

Neutral Tandem, Inc

      1,005   

2,115

   *,e   

NII Holdings, Inc (Class B)

      15,080   

181

     

NTELOS Holdings Corp

      2,373   

430

   *   

Orbcomm, Inc

      1,686   

762

   *   

Premiere Global Services, Inc

      7,452   

153

     

Primus Telecommunications Group, Inc

      1,663   

1,628

   *   

SBA Communications Corp (Class A)

      115,621   

364

     

Shenandoah Telecom Co

      5,573   

38,066

   *   

Sprint Nextel Corp

      215,834   

1,221

     

Telephone & Data Systems, Inc

      27,033   

420

   *,e   

Towerstream Corp

      1,365   

1,990

   *   

tw telecom inc (Class A)

      50,685   

200

   *   

US Cellular Corp

      7,048   

250

     

USA Mobility, Inc

      2,920   

36,967

     

Verizon Communications, Inc

      1,599,562   

1,236

   *   

Vonage Holdings Corp

      2,929   

7,924

   e   

Windstream Corp

      65,611   
       

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

      5,529,303   
       

 

 

  

TRANSPORTATION - 1.8%

   

776

   *   

Air Transport Services Group, Inc

      3,112   

1,022

   *   

Alaska Air Group, Inc

      44,038   

259

     

Allegiant Travel Co

      19,013   

100

     

Amerco, Inc

      12,681   

300

     

Arkansas Best Corp

      2,865   

331

   *   

Atlas Air Worldwide Holdings, Inc

      14,667   

1,259

   *   

Avis Budget Group, Inc

      24,953   

250

     

Celadon Group, Inc

      4,517   

2,041

     

CH Robinson Worldwide, Inc

      129,032   

795

     

Con-Way, Inc

      22,117   

448

     

Copa Holdings S.A. (Class A)

      44,554   

13,852

     

CSX Corp

      273,300   

10,863

   *   

Delta Air Lines, Inc

      128,944   

134

   *   

Echo Global Logistics, Inc

      2,408   

2,817

     

Expeditors International of Washington, Inc

      111,412   

 

77

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

4,164

     

FedEx Corp

    $ 381,922   

548

     

Forward Air Corp

      19,185   

2,210

   *,e   

Genco Shipping & Trading Ltd

      7,713   

552

   *   

Genesee & Wyoming, Inc (Class A)

      41,996   

633

   *   

Hawaiian Holdings, Inc

      4,159   

666

     

Heartland Express, Inc

      8,705   

3,035

   *   

Hertz Global Holdings, Inc

      49,379   

500

   *   

Hub Group, Inc (Class A)

      16,800   

64

     

International Shipholding Corp

      1,055   

1,134

     

J.B. Hunt Transport Services, Inc

      67,711   

2,933

   *   

JetBlue Airways Corp

      16,747   

1,469

     

Kansas City Southern Industries, Inc

      122,632   

708

   *   

Kirby Corp

      43,818   

691

     

Knight Transportation, Inc

      10,109   

644

     

Landstar System, Inc

      33,784   

384

     

Marten Transport Ltd

      7,062   

519

     

Matson, Inc

      12,830   

4,137

     

Norfolk Southern Corp

      255,832   

1,056

   *   

Old Dominion Freight Line

      36,200   

443

   *   

Pacer International, Inc

      1,728   

96

   *   

Park-Ohio Holdings Corp

      2,046   

48

   *   

Patriot Transportation Holding, Inc

      1,365   

772

   *   

Quality Distribution, Inc

      4,632   

220

   *,e   

Rand Logistics, Inc

      1,430   

421

   *   

Republic Airways Holdings, Inc

      2,391   

125

   *   

Roadrunner Transportation Services Holdings, Inc

      2,268   

655

     

Ryder System, Inc

      32,704   

133

   *   

Saia, Inc

      3,075   

692

     

Skywest, Inc

      8,622   

9,945

     

Southwest Airlines Co

      101,837   

538

   *   

Spirit Airlines, Inc

      9,533   

985

   *   

Swift Transportation Co, Inc

      8,983   

4,194

   *   

UAL Corp

      98,056   

6,225

     

Union Pacific Corp

      782,607   

9,461

     

United Parcel Service, Inc (Class B)

      697,560   

68

     

Universal Truckload Services, Inc

      1,241   

2,521

   *   

US Airways Group, Inc

      34,034   

1,203

     

UTI Worldwide, Inc

      16,120   

511

     

Werner Enterprises, Inc

      11,073   

239

   *,e   

Wesco Aircraft Holdings, Inc

      3,157   

220

   *,e   

XPO Logistics, Inc

      3,824   

341

   *,e   

Zipcar, Inc

      2,810   
       

 

 

  
    

TOTAL TRANSPORTATION

      3,806,348   
       

 

 

  

UTILITIES - 3.4%

   

8,727

     

AES Corp

      93,379   

1,553

     

AGL Resources, Inc

      62,073   

597

     

Allete, Inc

      24,465   

1,411

     

Alliant Energy Corp

      61,957   

2,990

     

Ameren Corp

      91,853   

310

   *,e   

American DG Energy, Inc

      716   

6,169

     

American Electric Power Co, Inc

      263,293   

335

     

American States Water Co

      16,073   

2,339

     

American Water Works Co, Inc

      86,847   

1,767

     

Aqua America, Inc

      44,917   

77

     

Artesian Resources Corp

      1,727   

1,866

   e   

Atlantic Power Corp

      21,328   

1,110

     

Atmos Energy Corp

      38,983   

749

     

Avista Corp

      18,058   

557

     

Black Hills Corp

      20,241   

130

   *,e   

Cadiz, Inc

      1,030   

468

     

California Water Service Group

      8,588   

5,138

   *   

Calpine Corp

      93,152   

5,394

     

Centerpoint Energy, Inc

      103,835   

250

     

CH Energy Group, Inc

      16,305   

 

78

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 

107

     

Chesapeake Utilities Corp

    $ 4,858   

757

     

Cleco Corp

      30,288   

3,237

     

CMS Energy Corp

      78,918   

98

     

Connecticut Water Service, Inc

      2,918   

3,719

     

Consolidated Edison, Inc

      206,553   

160

     

Consolidated Water Co, Inc

      1,184   

90

     

Delta Natural Gas Co, Inc

      1,760   

7,487

     

Dominion Resources, Inc

      387,827   

2,106

     

DTE Energy Co

      126,465   

9,252

     

Duke Energy Corp

      590,278   

4,138

     

Edison International

      186,996   

600

     

El Paso Electric Co

      19,146   

648

     

Empire District Electric Co

      13,206   

2,251

     

Entergy Corp

      143,501   

11,372

     

Exelon Corp

      338,203   

5,213

     

FirstEnergy Corp

      217,695   

164

     

Genie Energy Ltd

      1,164   

1,857

     

Great Plains Energy, Inc

      37,716   

1,196

     

Hawaiian Electric Industries, Inc

      30,067   

750

     

Idacorp, Inc

      32,513   

972

     

Integrys Energy Group, Inc

      50,758   

695

     

ITC Holdings Corp

      53,452   

400

     

Laclede Group, Inc

      15,444   

2,402

     

MDU Resources Group, Inc

      51,019   

419

     

MGE Energy, Inc

      21,348   

155

     

Middlesex Water Co

      3,032   

960

     

National Fuel Gas Co

      48,662   

646

     

New Jersey Resources Corp

      25,595   

5,534

     

NextEra Energy, Inc

      382,897   

3,472

     

NiSource, Inc

      86,418   

4,073

     

Northeast Utilities

      159,173   

333

     

Northwest Natural Gas Co

      14,719   

435

     

NorthWestern Corp

      15,108   

4,113

     

NRG Energy, Inc

      94,551   

2,932

     

NV Energy, Inc

      53,187   

1,291

     

OGE Energy Corp

      72,696   

2,664

     

Oneok, Inc

      113,886   

240

     

Ormat Technologies, Inc

      4,627   

540

     

Otter Tail Corp

      13,500   

3,101

     

Pepco Holdings, Inc

      60,811   

5,405

     

PG&E Corp

      217,173   

956

     

Piedmont Natural Gas Co, Inc

      29,932   

1,446

     

Pinnacle West Capital Corp

      73,717   

1,049

     

PNM Resources, Inc

      21,515   

1,142

     

Portland General Electric Co

      31,245   

7,253

     

PPL Corp

      207,653   

6,478

     

Public Service Enterprise Group, Inc

      198,227   

2,262

     

Questar Corp

      44,697   

1,500

     

SCANA Corp

      68,460   

3,061

     

Sempra Energy

      217,147   

138

     

SJW Corp

      3,671   

487

     

South Jersey Industries, Inc

      24,511   

11,461

     

Southern Co

      490,645   

587

     

Southwest Gas Corp

      24,895   

2,675

     

TECO Energy, Inc

      44,833   

1,412

     

UGI Corp

      46,187   

895

     

UIL Holdings Corp

      32,050   

126

     

Unitil Corp

      3,266   

511

     

UNS Energy Corp

      21,677   

980

     

Vectren Corp

      28,812   

1,603

     

Westar Energy, Inc

      45,878   

691

     

WGL Holdings, Inc

      27,080   

2,979

     

Wisconsin Energy Corp

      109,776   

6,137

     

Xcel Energy, Inc

      163,919   

142

     

York Water Co

      2,495   

 

79

Table of Contents

TIAA-CREF LIFE FUNDS - Stock Index Fund

 

SHARES                

       

COMPANY                

    VALUE  
                 
       

 

 

  
    

TOTAL UTILITIES

    $ 7,040,420   
       

 

 

  
     TOTAL COMMON STOCKS
(Cost $170,587,880)		      205,314,106   
       

 

 

  

RIGHTS / WARRANTS - 0.0%

   

ENERGY - 0.0%

        

178

   e   

Magnum Hunter Resources Corp

      91   
       

 

 

  
     TOTAL ENERGY      91   
       

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

   

955

     

Allos Therapeutics, Inc

      19   
       

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      19   
       

 

 

  
     TOTAL RIGHTS / WARRANTS
(Cost $0)		      110   
       

 

 

  

SHORT-TERM INVESTMENTS - 2.0%

  

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.0%

   

4,219,980

   c   

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

      4,219,980   
       

 

 

  
    

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

      4,219,980   
       

 

 

  
     TOTAL SHORT-TERM INVESTMENTS
(Cost $4,219,980)		      4,219,980   
       

 

 

  
    

TOTAL INVESTMENTS - 101.1%

(Cost $174,807,860)

      209,534,196   
    

OTHER ASSETS & LIABILITIES, NET - (1.1)%

      (2,444,473 ) 
       

 

 

  
     NET ASSETS - 100.0%    $ 207,089,723   
       

 

 

  

 

Abbreviation(s):

REIT    Real Estate Investment Trust

 

* Non-income producing.

 

c Investments made with cash collateral received from securities on loan.

 

d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

 

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,181,940.

 

m Indicates a security that has been deemed illiquid.

 

80

Table of Contents

TIAA-CREF LIFE FUNDS - International Equity Fund

 

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

SHARES                

       

COMPANY                

    VALUE  
       

COMMON STOCKS - 99.3%

  

BELGIUM - 1.0%

   

13,874

     

UCB S.A.

    $ 794,819   
       

 

 

  
    

TOTAL BELGIUM

      794,819   
       

 

 

  

CHINA - 2.9%

   

588,500

   e   

Anhui Conch Cement Co Ltd

      2,198,259   
       

 

 

  
    

TOTAL CHINA

      2,198,259   
       

 

 

  

FRANCE - 10.3%

   

4,605

     

Atos Origin S.A.

      323,394   

59,592

     

BNP Paribas

      3,392,575   

22,424

     

Compagnie Generale d’Optique Essilor International S.A.

      2,261,622   

19,988

     

Lafarge S.A.

      1,290,671   

5,174

     

Nexity

      175,506   

1,726

     

Societe BIC S.A.

      206,891   

2,217

     

Technip S.A.

      256,365   
       

 

 

  
    

TOTAL FRANCE

      7,907,024   
       

 

 

  

GERMANY - 15.8%

   

49,480

     

Bayer AG.

      4,718,503   

9,157

     

Beiersdorf AG.

      749,781   

11,559

     

Continental AG.

      1,347,239   

19,198

     

Henkel KGaA (Preference)

      1,579,440   

31,150

     

Lanxess AG.

      2,746,788   

7,887

     

Merck KGaA

      1,039,466   
       

 

 

  
    

TOTAL GERMANY

      12,181,217   
       

 

 

  

HONG KONG - 2.5%

   

228,200

     

AIA Group Ltd

      905,117   

214,000

     

Hang Lung Properties Ltd

      861,225   

180,000

   e   

Trinity Ltd

      119,166   
       

 

 

  
    

TOTAL HONG KONG

      1,885,508   
       

 

 

  

INDIA - 2.3%

        

142,740

     

HDFC Bank Ltd

      1,779,528   
       

 

 

  
    

TOTAL INDIA

      1,779,528   
       

 

 

  

ITALY - 2.0%

   

2,172

     

Saipem S.p.A.

      84,606   

294,846

   *   

UniCredit S.p.A

      1,451,955   
       

 

 

  
    

TOTAL ITALY

      1,536,561   
       

 

 

  

JAPAN - 9.8%

   

60,600

     

Asics Corp

      925,759   

8,000

     

Daikin Industries Ltd

      274,793   

7,422

     

Denso Corp

      258,465   

550

     

Fanuc Ltd

      102,327   

1,600

     

Fast Retailing Co Ltd

      408,337   

134,000

   e   

Hitachi Ltd

      788,524   

45,200

   e   

LIXIL Group Corp

      1,008,210   

1,203

     

Kao Corp

      31,347   

980

     

Komatsu Ltd

      25,147   

993

     

Mitsubishi Corp

      19,118   

8,016

     

Mitsubishi Electric Corp

      68,251   

 

81

Table of Contents

TIAA-CREF LIFE FUNDS - International Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
       

11,000

     

Mitsubishi Heavy Industries Ltd

    $ 53,209   

33,353

     

Mitsubishi UFJ Financial Group, Inc

      180,477   

5,000

     

Mitsui Trust Holdings, Inc

      17,616   

550

     

Nitto Denko Corp

      27,087   

1,050

   e   

NOK Corp

      16,442   

1,653

   e   

Nomura Holdings, Inc

      9,785   

61,825

   *,e   

Olympus Corp

      1,199,449   

18,150

     

Shin-Etsu Chemical Co Ltd

      1,107,695   

113,000

     

Shinsei Bank Ltd

      226,174   

950

     

Sony Corp

      10,655   

1,950

     

Sumitomo Corp

      25,018   

2,200

     

Sumitomo Metal Mining Co Ltd

      31,055   

2,000

     

Suruga Bank Ltd

      24,598   

14,000

     

Toyota Motor Corp

      653,746   

1,700

     

United Arrows Ltd

      39,149   
       

 

 

  
    

TOTAL JAPAN

      7,532,433   
       

 

 

  

MACAU - 0.6%

   

111,200

     

Sands China Ltd

      497,138   
       

 

 

  
    

TOTAL MACAU

      497,138   
       

 

 

  

NETHERLANDS - 0.0%

   

418

     

Royal Dutch Shell plc (A Shares)

      14,509   
       

 

 

  
    

TOTAL NETHERLANDS

      14,509   
       

 

 

  

SINGAPORE - 1.2%

   

1,722,000

     

Golden Agri-Resources Ltd

      926,694   
       

 

 

  
    

TOTAL SINGAPORE

      926,694   
       

 

 

  

SWEDEN - 6.9%

   

26,158

     

Assa Abloy AB (Class B)

      984,658   

141,327

     

SKF AB (B Shares)

      3,579,472   

59,098

     

Trelleborg AB (B Shares)

      739,098   
       

 

 

  
    

TOTAL SWEDEN

      5,303,228   
       

 

 

  

SWITZERLAND - 15.6%

   

56,329

     

Adecco S.A.

      2,983,084   

3,520

     

Burckhardt Compression Holding AG.

      1,154,540   

204,455

     

Clariant AG.

      2,788,710   

1,644

   e   

Credit Suisse Group

      40,124   

125

     

Givaudan S.A.

      132,099   

44,398

     

Holcim Ltd

      3,270,136   

2,043

     

Nestle S.A.

      133,292   

7,114

     

Swatch Group AG. Reg

      615,397   

57,454

     

UBS AG. (Switzerland)

      899,090   
       

 

 

  
    

TOTAL SWITZERLAND

      12,016,472   
       

 

 

  

UNITED KINGDOM - 26.6%

   

5,289*

     

Afren plc

      11,477   

55,001

     

Barclays plc

      238,923   

8,367

     

BG Group plc

      139,560   

79,042

     

British Sky Broadcasting plc

      996,909   

83,588

     

Carnival plc

      3,245,910   

74,861

     

Drax Group plc

      670,194   

229,060

     

Filtrona plc

      2,060,054   

18,492

     

Imperial Tobacco Group plc

      716,963   

3,521,403

   *   

Lloyds TSB Group plc

      2,806,183   

32,635

     

Reckitt Benckiser Group plc

      2,071,656   

184,916

     

Reed Elsevier plc

      1,952,277   

302,094

     

Tate & Lyle plc

      3,737,565   

39,175

     

Tullow Oil plc

      816,697   

5,635

     

Whitbread plc

      226,440   

16,970

     

Wolseley plc

      811,483   
       

 

 

  
    

TOTAL UNITED KINGDOM

    $ 20,502,291   
       

 

 

  

 

82

 

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TIAA-CREF LIFE FUNDS - International Equity Fund

 

SHARES                

       

COMPANY                

    VALUE  
       

UNITED STATES - 1.8%

   

25,272

     

iShares MSCI EAFE Index Fund

    $ 1,435,955   
       

 

 

  
    

TOTAL UNITED STATES

      1,435,955   
       

 

 

  
     TOTAL COMMON STOCKS
(Cost $69,582,999)		      76,511,636   
       

 

 

  

SHORT-TERM INVESTMENTS - 4.4%

   

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.4%

   

3,411,250

   c   

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

      3,411,250   
       

 

 

  
    

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

      3,411,250   
       

 

 

  
     TOTAL SHORT-TERM INVESTMENTS
(Cost $3,411,250)		      3,411,250   
       

 

 

  
     TOTAL INVESTMENTS - 103.7%
(Cost $72,994,249)		      79,922,886   
    

OTHER ASSETS & LIABILITIES, NET - (3.7)%

      (2,901,582 ) 
       

 

 

  
     NET ASSETS - 100.0%    $ 77,021,304   
       

 

 

  

 

* Non-income producing.

 

c Investments made with cash collateral received from securities on loan.

 

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,222,952.

 

83

 

Table of Contents

TIAA-CREF LIFE FUNDS - International Equity Fund

 

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

December 31, 2012

 

SECTOR

   

VALUE

    

% OF
NET
ASSETS

  

MATERIALS

    $ 15,652,554        20.4 % 

FINANCIALS

      14,269,325        18.5  

INDUSTRIALS

      12,035,299        15.6  

CONSUMER DISCRETIONARY

      11,488,535        14.9  

HEALTH CARE

      10,013,859        13.0  

CONSUMER STAPLES

      9,946,738        12.9  

ENERGY

      1,323,214        1.7  

INFORMATION TECHNOLOGY

      1,111,918        1.4  

UTILITIES

      670,194        0.9  

SHORT-TERM INVESTMENTS

      3,411,250        4.4   

OTHER ASSETS & LIABILITIES, NET

      (2,901,582 )      (3.7 ) 
  

 

 

    

 

 

  

NET ASSETS

    $ 77,021,304        100.0 % 
  

 

 

    

 

 

  

 

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TIAA-CREF LIFE FUNDS - Bond Fund

 

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

                    MATURITY       

PRINCIPAL                

       

ISSUER                

    RATE     DATE    VALUE  
            

BONDS - 95.7%

        

CORPORATE BONDS - 48.1%

        

AUTOMOBILES & COMPONENTS - 0.1%

        

$132,000

     

Delphi Corp

      5.875 %    05/15/19    $ 141,570   

32,000

     

Ford Motor Co

      7.450     07/16/31      40,640   
            

 

 

  
    

TOTAL AUTOMOBILES & COMPONENTS

           182,210   
            

 

 

  

BANKS - 6.3%

             

100,000

   g   

Abbey National Treasury Services plc

      3.875     11/10/14      103,761   

150,000

   g   

Akbank TAS

      3.875     10/24/17      154,248   

200,000

   g   

Banco de Credito del Peru

      5.375     09/16/20      221,500   

200,000

   g   

Banco del Estado de Chile

      2.000     11/09/17      199,667   

150,000

   g   

Banco del Estado de Chile

      3.875     02/08/22      159,199   

200,000

     

Banco do Brasil S.A.

      3.875     01/23/17      209,000   

200,000

     

Banco do Brasil S.A.

      3.875     10/10/22      201,500   

200,000

   g   

Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander

      4.125     11/09/22      203,500   

110,000

     

Bancolombia S.A.

      5.950     06/03/21      127,050   

125,000

     

Bancolombia S.A.

      5.125     09/11/22      130,000   

200,000

   g   

Bank Nederlandse Gemeenten

      1.375     09/27/17      200,940   

150,000

   g   

Bank of Tokyo-Mitsubishi UFJ Ltd

      2.350     02/23/17      156,041   

120,000

   g   

BBVA Banco Continental S.A.

      5.000     08/26/22      128,100   

200,000

   g   

Caixa Economica Federal

      2.375     11/06/17      198,500   

50,000

     

Capital One Capital V

      8.875     05/15/40      50,000   

67,000

     

Citigroup, Inc

      6.000     12/13/13      70,207   

50,000

     

Citigroup, Inc

      5.000     09/15/14      52,604   

100,000

     

Citigroup, Inc

      2.250     08/07/15      102,413   

23,000

     

Citigroup, Inc

      6.125     05/15/18      27,564   

750,000

     

Citigroup, Inc

      4.500     01/14/22      836,778   

350,000

     

Citigroup, Inc

      5.875     01/30/42      431,951   

800,000

   g   

Depfa ACS Bank

      5.125     03/16/37      624,555   

100,000

     

Deutsche Bank AG

      3.875     08/18/14      104,969   

50,000

     

Discover Bank

      7.000     04/15/20      62,085   

75,000

   g   

HSBC Bank plc

      3.100     05/24/16      79,295   

150,000

   g   

HSBC Bank plc

      4.125     08/12/20      166,944   

150,000

     

HSBC Holdings plc

      4.000     03/30/22      164,230   

225,000

     

HSBC USA, Inc

      2.375     02/13/15      231,441   

150,000

     

HSBC USA, Inc

      1.625     01/16/18      150,136   

750,000

   g   

Hutchison Whampoa International 12 II Ltd

      2.000     11/08/17      749,440   

100,000

   g   

ICICI Bank Ltd

      5.500     03/25/15      105,718   

60,000

     

JPMorgan Chase & Co

      5.125     09/15/14      63,813   

350,000

     

JPMorgan Chase & Co

      1.100     10/15/15      349,989   

135,000

     

JPMorgan Chase & Co

      3.150     07/05/16      143,026   

100,000

     

JPMorgan Chase & Co

      5.500     10/15/40      122,246   

625,000

     

JPMorgan Chase & Co

      5.400     01/06/42      753,190   

575,000

   g   

Mizuho Corporate Bank Ltd

      1.550      10/17/17      575,577   

200,000

   g   

PKO Finance AB

      4.630     09/26/22      210,500   

50,000

     

PNC Bank NA

      2.700     11/01/22      50,016   

175,000

   i   

PNC Financial Services Group, Inc

      2.854     11/09/22      176,019   

100,000

     

PNC Funding Corp

      5.125     02/08/20      118,933   

140,000

   g,i   

Rabobank Nederland NV

      11.000     12/30/49      189,350   

200,000

   g   

State Bank of India

      4.125     08/01/17      205,960   

100,000

   g   

Sumitomo Mitsui Banking Corp

      3.150     07/22/15      105,325   

50,000

     

Toronto-Dominion Bank

      2.500     07/14/16      52,602   

200,000

   g   

Turkiye Is Bankasi

      6.000     10/24/22      210,750   

150,000

     

Union Bank NA

      2.125     06/16/17      154,245   

150,000

     

Union Bank of California NA

      5.950     05/11/16      170,857   

 

85

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TIAA-CREF LIFE FUNDS - Bond Fund

 

                    MATURITY       

PRINCIPAL                

       

ISSUER                

    RATE     DATE    VALUE  
            

$125,000

     

UnionBanCal Corp

      3.500 %   06/18/22    $ 131,842   

200,000

     

US Bancorp

      1.650     05/15/17      203,780   

125,000

     

US Bancorp

      2.950     07/15/22      126,278   

100,000

     

Wachovia Bank NA

      5.850     02/01/37      124,071   

350,000

     

Wells Fargo & Co

      1.500     07/01/15      356,030   

200,000

     

Wells Fargo & Co

      2.100     05/08/17      206,774   

200,000

     

Wells Fargo & Co

      1.500     01/16/18      200,328   

100,000

     

Wells Fargo & Co

      3.500     03/08/22      106,665   

50,000

     

Westpac Banking Corp

      3.000     08/04/15      52,808   
            

 

 

  
    

TOTAL BANKS

           11,564,310   
            

 

 

  

CAPITAL GOODS - 1.8%

        

250,000

     

Caterpillar Financial Services Corp

      0.700     11/06/15      249,362   

350,000

     

Caterpillar Financial Services Corp

      1.250     11/06/17      349,736   

200,000

     

Caterpillar, Inc

      1.375     05/27/14      202,435   

250,000

     

Caterpillar, Inc

      1.500     06/26/17      253,196   

250,000

     

Danaher Corp

      1.300     06/23/14      252,742   

250,000

     

Danaher Corp

      2.300     06/23/16      261,430   

100,000

     

Deere & Co

      2.600     06/08/22      101,260   

32,000

     

Huntington Ingalls Industries, Inc

      6.875     03/15/18      34,800   

100,000

   g   

Myriad International Holding BV

      6.375     07/28/17      112,750   

525,000

   g   

Schneider Electric S.A.

      2.950     09/27/22      529,147   

150,000

     

Seagate HDD Cayman

      7.000     11/01/21      160,875   

111,000

   g   

Sealed Air Corp

      8.125     09/15/19      124,875   

111,000

   g   

Sealed Air Corp

      8.375     09/15/21      126,818   

120,000

     

SPX Corp

      6.875     09/01/17      133,800   

200,000

   g   

Turlock Corp

      1.500     11/02/17      200,409   

100,000

   g   

Turlock Corp

      4.000     11/02/32      102,851   

125,000

     

United Technologies Corp

      1.800     06/01/17      128,670   

50,000

     

United Technologies Corp

      4.500     06/01/42      55,558   
            

 

 

  
    

TOTAL CAPITAL GOODS

           3,380,714   
            

 

 

  

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%

        

100,000

   g   

ADT Corp

      2.250     07/15/17      99,206   

250,000

     

eBay, Inc

      0.700     07/15/15      250,936   

375,000

     

eBay, Inc

      1.350     07/15/17      379,367   

100,000

   g   

National Agricultural Cooperative Federation

      4.250     01/28/16      106,770   

75,000

     

Republic Services, Inc

      3.800     05/15/18      82,454   

250,000

     

Republic Services, Inc

      3.550     06/01/22      260,654   

40,000

     

Republic Services, Inc

      6.200     03/01/40      50,199   

250,000

     

Waste Management, Inc

      2.600      09/01/16      261,892   
            

 

 

  
    

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

           1,491,478   
            

 

 

  

CONSUMER DURABLES & APPAREL - 0.1%

        

130,000

     

Hanesbrands, Inc

      6.375     12/15/20      143,000   

100,000

     

Phillips-Van Heusen Corp

      7.375     05/15/20      112,125   
            

 

 

  
    

TOTAL CONSUMER DURABLES & APPAREL

           255,125   
            

 

 

  

CONSUMER SERVICES - 0.8%

        

100,000

     

Ameristar Casinos, Inc

      7.500     04/15/21      108,375   

150,000

     

DineEquity, Inc

      9.500     10/30/18      170,437   

150,000

     

GlaxoSmithKline Capital plc

      1.500     05/08/17      152,181   

150,000

   g   

SABMiller Holdings, Inc

      3.750     01/15/22      161,975   

100,000

   g   

SABMiller Holdings, Inc

      4.950     01/15/42      113,353   

200,000

   g   

Transnet Ltd

      4.500     02/10/16      212,630   

200,000

   g   

Transnet SOC Ltd

      4.000     07/26/22      201,250   

100,000

     

Walt Disney Co

      4.500     12/15/13      103,883   

100,000

     

Walt Disney Co

      0.450     12/01/15      99,507   

200,000

     

Walt Disney Co

      1.125     02/15/17      200,152   
            

 

 

  
    

TOTAL CONSUMER SERVICES

           1,523,743   
            

 

 

  

 

86

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TIAA-CREF LIFE FUNDS - Bond Fund

 

                    MATURITY         

PRINCIPAL                

       

ISSUER                

    RATE     DATE      VALUE  
            

DIVERSIFIED FINANCIALS - 8.6%

        

$40,000

     

Abbey National Treasury Services plc

      4.000 %     04/27/16       $ 42,295   

150,000

   g   

Ajecorp BV

      6.500       05/14/22         162,000   

250,000

     

American Express Centurion Bank

      0.875       11/13/15         249,816   

125,000

     

American Express Centurion Bank

      6.000       09/13/17         151,123   

225,000

     

American Express Credit Corp

      1.750       06/12/15         229,712   

50,000

     

American Express Credit Corp

      2.800       09/19/16         52,902   

225,000

   g   

Bangkok Bank PCL

      2.750       03/27/18         227,562   

100,000

   g   

Bangkok Bank PCL

      4.800       10/18/20         109,896   

220,000

   g   

Bangkok Bank PCL

      3.875       09/27/22         226,820   

400,000

     

Bank of America Corp

      1.500       10/09/15         402,045   

200,000

     

Bank of America Corp

      5.300       03/15/17         224,942   

75,000

     

Bank of America Corp

      5.750       12/01/17         87,420   

775,000

     

Bank of America Corp

      5.700       01/24/22         931,975   

150,000

     

Bank of America Corp

      5.875       02/07/42         187,138   

525,000

     

Bank of New York Mellon Corp

      2.300       07/28/16         548,758   

50,000

     

Bank of New York Mellon Corp

      5.450       05/15/19         59,748   

150,000

   g   

BBVA Bancomer S.A.

      4.500       03/10/16         159,375   

175,000

   g   

BBVA Bancomer S.A.

      6.750       09/30/22         196,875   

150,000

     

Berkshire Hathaway, Inc

      1.900       01/31/17         155,058   

50,000

     

BlackRock, Inc

      3.500       12/10/14         52,806   

150,000

     

BlackRock, Inc

      4.250       05/24/21         169,200   

100,000

     

BlackRock, Inc

      3.375       06/01/22         106,208   

50,000

     

Capital One Bank USA NA

      8.800       07/15/19         67,705   

50,000

     

Capital One Financial Corp

      3.150       07/15/16         53,084   

400,000

     

Capital One Financial Corp

      4.750       07/15/21         461,265   

75,000

     

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA

      3.875       02/08/22         80,709   

100,000

     

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA

      3.950       11/09/22         102,403   

150,000

     

Credit Suisse

      5.000       05/15/13         152,469   

100,000

     

Credit Suisse

      5.500       05/01/14         106,399   

65,000

     

Ford Motor Credit Co LLC

      4.250       02/03/17         69,634   

250,000

     

Ford Motor Credit Co LLC

      3.000        06/12/17         256,856   

35,000

     

Ford Motor Credit Co LLC

      6.625       08/15/17         40,896   

125,000

     

Ford Motor Credit Co LLC

      4.250       09/20/22         132,173   

25,000

     

General Electric Capital Corp

      2.800       01/08/13         25,007   

200,000

     

General Electric Capital Corp

      1.875       09/16/13         201,972   

450,000

     

General Electric Capital Corp

      2.300       04/27/17         466,596   

500,000

     

General Electric Capital Corp

      1.600       11/20/17         500,325   

1,185,000

     

General Electric Capital Corp

      4.650       10/17/21         1,352,128   

50,000

   i   

Goldman Sachs Capital II

      4.000       06/01/43         39,054   

150,000

     

Goldman Sachs Group, Inc

      3.300       05/03/15         156,339   

25,000

     

Goldman Sachs Group, Inc

      6.750       10/01/37         28,333   

50,000

     

Goldman Sachs Group, Inc

      6.250       02/01/41         61,346   

165,000

     

HSBC Finance Corp

      4.750       07/15/13         168,444   

100,000

   g   

Hyundai Capital America, Inc

      3.750       04/06/16         105,537   

200,000

   g   

Hyundai Capital Services, Inc

      3.500       09/13/17         211,202   

35,000

   g   

International Lease Finance Corp

      6.500       09/01/14         37,362   

25,000

     

International Lease Finance Corp

      8.625       09/15/15         28,094   

180,000

     

International Lease Finance Corp

      5.750       05/15/16         189,736   

150,000

     

International Lease Finance Corp

      5.875       08/15/22         158,882   

50,000

     

Jefferies Group, Inc

      6.250       01/15/36         51,750   

275,000

     

John Deere Capital Corp

      0.875       04/17/15         276,209   

200,000

     

John Deere Capital Corp

      2.250       06/07/16         209,252   

275,000

     

John Deere Capital Corp

      1.700       01/15/20         272,183   

450,000

     

John Deere Capital Corp

      2.750       03/15/22         458,591   

100,000

     

MBNA Corp

      6.125       03/01/13         100,841   

300,000

     

Merrill Lynch & Co, Inc

      5.450       02/05/13         301,302   

200,000

     

Merrill Lynch & Co, Inc

      6.400       08/28/17         234,871   

250,000

     

Morgan Stanley

      2.875       01/24/14         254,201   

250,000

     

Morgan Stanley

      6.375       07/24/42         293,076   

35,000

     

NASDAQ OMX Group, Inc

      5.550       01/15/20         38,127   

50,000

     

National Rural Utilities Cooperative Finance Corp

      10.375       11/01/18         73,911   

200,000

   g   

NongHyup Bank

      2.250       09/19/17         199,855   

175,000

     

Northern Trust Corp

      4.625       05/01/14         184,418   

 

87

Table of Contents

TIAA-CREF LIFE FUNDS - Bond Fund

 

                    MATURITY         

PRINCIPAL                

       

ISSUER                

    RATE     DATE      VALUE  
            

$100,000

   g   

Reliance Holdings USA

      4.500 %     10/19/20       $ 104,707   

500,000

     

Royal Bank of Canada

      1.200       09/19/17         501,200   

200,000

     

Sasol Financing International plc

      4.500       11/14/22         201,000   

200,000

     

Sberbank of Russia Via SB Capital S.A.

      5.180       06/28/19         219,000   

200,000

   g   

Sberbank of Russia Via SB Capital S.A.

      6.125       02/07/22         228,500   

75,000

     

State Street Corp

      4.300       05/30/14         79,048   

250,000

   g   

Temasek Financial I Ltd

      2.375       01/23/23         246,227   

875,000

     

Toyota Motor Credit Corp

      0.875       07/17/15         878,604   

100,000

     

Toyota Motor Credit Corp

      2.050       01/12/17         103,426   

250,000

   g   

UBS AG.

      1.875       01/23/15         256,083   

50,000

     

Unilever Capital Corp

      4.800       02/15/19         58,948   

50,000

     

Unilever Capital Corp

      4.250       02/10/21         57,712   

80,000

   g   

Waha Aerospace BV

      3.925       07/28/20         86,700   
            

 

 

  
    

TOTAL DIVERSIFIED FINANCIALS

           15,957,366   
            

 

 

  

ENERGY - 5.2%

             

50,000

     

Anadarko Petroleum Corp

      5.950       09/15/16         57,557   

30,000

     

Anadarko Petroleum Corp

      6.950       06/15/19         37,915   

45,000

     

Anadarko Petroleum Corp

      6.450       09/15/36         56,375   

100,000

     

Apache Corp

      1.750        04/15/17         102,686   

205,000

     

Apache Corp

      4.750       04/15/43         223,164   

310,000

     

BP Capital Markets plc

      3.200       03/11/16         330,684   

300,000

     

BP Capital Markets plc

      1.846       05/05/17         306,682   

250,000

     

Chevron Corp

      2.355       12/05/22         250,410   

155,000

     

Cimarex Energy Co

      5.875       05/01/22         169,725   

100,000

     

Cloud Peak Energy Resources LLC

      8.250       12/15/17         107,000   

200,000

   g   

CNOOC Finance 2012 Ltd

      3.875       05/02/22         212,536   

125,000

     

ConocoPhillips

      4.600       01/15/15         135,087   

100,000

     

ConocoPhillips

      6.500       02/01/39         141,814   

105,000

     

Continental Resources, Inc

      5.000       09/15/22         113,137   

175,000

     

Devon Energy Corp

      1.875       05/15/17         178,400   

150,000

     

Devon Energy Corp

      3.250       05/15/22         156,554   

50,000

     

Devon Energy Corp

      5.600       07/15/41         59,392   

50,000

     

Devon Energy Corp

      4.750       05/15/42         53,491   

75,630

     

Dolphin Energy Ltd

      5.888       06/15/19         85,273   

200,000

   g   

Dolphin Energy Ltd

      5.500       12/15/21         233,250   

162,000

   g   

Empresa Nacional del Petroleo

      4.750       12/06/21         173,603   

25,000

     

Enbridge Energy Partners LP

      5.200       03/15/20         28,198   

25,000

     

Enterprise Products Operating LLC

      5.000       03/01/15         27,048   

45,000

     

Enterprise Products Operating LLC

      6.125       10/15/39         54,364   

55,000

     

Enterprise Products Operating LLC

      5.950       02/01/41         66,400   

25,000

     

Enterprise Products Operating LLC

      5.700       02/15/42         29,279   

250,000

     

Enterprise Products Operating LLC

      4.450       02/15/43         253,127   

75,000

     

EOG Resources, Inc

      4.100       02/01/21         85,516   

200,000

   g   

Gazprom Neft OAO

      4.375       09/19/22         204,500   

25,000

     

Hess Corp

      8.125       02/15/19         32,903   

75,000

     

Hess Corp

      5.600       02/15/41         88,701   

50,000

     

Marathon Petroleum Corp

      3.500       03/01/16         53,225   

50,000

     

Newfield Exploration Co

      5.625       07/01/24         54,000   

25,000

     

Noble Holding International Ltd

      3.450       08/01/15         26,344   

75,000

     

Noble Holding International Ltd

      4.900       08/01/20         84,355   

200,000

   g   

Novatek OAO via Novatek Finance Ltd

      4.422       12/13/22         201,250   

75,000

     

Occidental Petroleum Corp

      1.500       02/15/18         75,963   

100,000

     

Occidental Petroleum Corp

      4.100       02/01/21         114,340   

85,000

     

Pemex Project Funding Master Trust

      6.625       06/15/35         107,950   

25,000

     

Pemex Project Funding Master Trust

      6.625       06/15/38         31,687   

200,000

   g   

Pertamina Persero PT

      6.000       05/03/42         225,750   

200,000

   g   

Pertamina PT

      5.250       05/23/21         223,000   

100,000

     

Petrobras International Finance Co

      3.875       01/27/16         105,500   

175,000

     

Petrobras International Finance Co

      3.500       02/06/17         183,531   

60,000

     

Petrobras International Finance Co

      7.875       03/15/19         74,945   

59,000

     

Petrobras International Finance Co

      6.875       01/20/40         74,952   

50,000

     

Petroleos Mexicanos

      4.875       03/15/15         53,875   

20,000

     

Petroleos Mexicanos

      8.000       05/03/19         26,150   

 

88

Table of Contents

TIAA-CREF LIFE FUNDS – Bond Fund

 

                    MATURITY         

PRINCIPAL                

       

ISSUER                

    RATE     DATE      VALUE  
            

$90,000

     

Petroleos Mexicanos

      5.500 %     01/21/21       $ 105,165   

155,000

     

Petroleos Mexicanos

      4.875       01/24/22         174,917   

155,000

     

Petroleos Mexicanos

      6.500       06/02/41         194,525   

125,000

     

Petroleos Mexicanos

      5.500       06/27/44         137,500   

100,000

   g   

Petroleum Co of Trinidad & Tobago Ltd

      9.750       08/14/19         132,900   

100,000

   g   

Phillips 66

      1.950       03/05/15         102,034   

100,000

   g   

Phillips 66

      4.300       04/01/22         111,742   

200,000

     

Plains All American Pipeline LP

      2.850        01/31/23         198,154   

45,000

     

Precision Drilling Corp

      6.500       12/15/21         47,925   

200,000

   g   

PTTEP Canada International Finance Ltd

      5.692       04/05/21         231,248   

200,000

   g   

Rosneft Oil Co via Rosneft International Finance Ltd

      4.199       03/06/22         203,500   

130,000

   g   

SandRidge Energy, Inc

      8.000       06/01/18         137,800   

125,000

   g   

Schlumberger Investment S.A.

      2.400       08/01/22         123,931   

75,000

     

Shell International Finance BV

      4.300       09/22/19         86,887   

25,000

     

Shell International Finance BV

      6.375       12/15/38         35,124   

500,000

     

Southwestern Energy Co

      7.500       02/01/18         612,728   

25,000

     

Statoil ASA

      2.900       10/15/14         26,017   

100,000

     

Statoil ASA

      1.200       01/17/18         100,018   

200,000

     

Statoil ASA

      2.450       01/17/23         199,532   

150,000

     

Total Capital International S.A.

      1.500       02/17/17         151,162   

100,000

     

TransCanada Pipelines Ltd

      5.850       03/15/36         126,256   

25,000

     

Vale Overseas Ltd

      5.625       09/15/19         28,425   

235,000

     

Vale Overseas Ltd

      4.375       01/11/22         250,864   

25,000

     

Vale Overseas Ltd

      6.875       11/21/36         30,990   

50,000

     

Valero Energy Corp

      4.500       02/01/15         53,481   

100,000

     

XTO Energy, Inc

      6.250       04/15/13         101,569   

50,000

     

XTO Energy, Inc

      4.625       06/15/13         50,894   
            

 

 

  
    

TOTAL ENERGY

           9,526,876   
            

 

 

  

FOOD & STAPLES RETAILING - 0.6%

        

50,000

     

CVS Caremark Corp

      3.250       05/18/15         53,009   

202,000

     

CVS Caremark Corp

      5.750       06/01/17         241,505   

460,000

     

CVS Caremark Corp

      4.125       05/15/21         518,848   

250,000

     

CVS Caremark Corp

      2.750       12/01/22         250,930   
            

 

 

  
    

TOTAL FOOD & STAPLES RETAILING

           1,064,292   
            

 

 

  

FOOD, BEVERAGE & TOBACCO - 1.8%

        

400,000

   g   

Anadolu Efes Biracilik Ve Malt Sanayii AS.

      3.375       11/01/22         394,000   

200,000

     

Anheuser-Busch InBev Worldwide, Inc

      2.875       02/15/16         211,820   

200,000

     

Anheuser-Busch InBev Worldwide, Inc

      1.375       07/15/17         202,106   

425,000

     

Anheuser-Busch InBev Worldwide, Inc

      2.500       07/15/22         427,660   

225,000

     

Anheuser-Busch InBev Worldwide, Inc

      3.750       07/15/42         226,040   

100,000

     

Coca-Cola Co

      0.750       03/13/15         100,762   

50,000

     

Coca-Cola Co

      1.800       09/01/16         51,642   

100,000

     

Coca-Cola Co

      3.150       11/15/20         108,818   

165,000

     

Coca-Cola Co

      3.300       09/01/21         181,895   

100,000

     

Diageo Capital plc

      1.500       05/11/17         101,414   

55,000

     

General Mills, Inc

      5.200       03/17/15         60,406   

300,000

   g   

Grupo Bimbo SAB de C.V.

      4.500       01/25/22         327,844   

100,000

   g   

Heineken NV

      4.000       10/01/42         96,716   

100,000

     

HJ Heinz Co

      1.500       03/01/17         101,393   

100,000

   g   

HJ Heinz Finance Co

      7.125       08/01/39         138,033   

25,000

     

Kraft Foods, Inc

      6.125       02/01/18         30,419   

50,000

     

Kraft Foods, Inc

      5.375       02/10/20         60,363   

135,000

     

Kraft Foods, Inc

      6.500       02/09/40         181,352   

5,000

     

PepsiCo, Inc

      7.900       11/01/18         6,747   

32,000

   g   

Pernod-Ricard S.A.

      5.750       04/07/21         38,276   

100,000

     

Philip Morris International, Inc

      6.875       03/17/14         107,676   

100,000

     

TreeHouse Foods, Inc

      7.750       03/01/18         108,500   
            

 

 

  
    

TOTAL FOOD, BEVERAGE & TOBACCO

         $ 3,263,882   
            

 

 

  

 

89

Table of Contents

TIAA-CREF LIFE FUNDS – Bond Fund

 

                    MATURITY         

PRINCIPAL                

       

ISSUER                

    RATE     DATE      VALUE  
            

HEALTH CARE EQUIPMENT & SERVICES - 0.8%

        

$50,000

     

Becton Dickinson and Co

      1.750 %     11/08/16       $ 51,477   

50,000

     

Boston Scientific Corp

      4.500       01/15/15         53,147   

100,000

     

Covidien International Finance S.A.

      1.350       05/29/15         101,353   

100,000

     

Covidien International Finance S.A.

      3.200       06/15/22         104,690   

130,000

   g   

Fresenius Medical Care Capital Trust

      5.750       02/15/21         139,100   

50,000

   g   

Fresenius Medical Care US Finance, Inc

      6.500       09/15/18         55,875   

40,000

     

HCA, Inc

      6.500       02/15/20         45,000   

97,000

     

HCA, Inc

      7.875       02/15/20         107,912   

150,000

     

HCA, Inc

      5.875       03/15/22         163,125   

100,000

     

McKesson Corp

      0.950       12/04/15         100,141   

44,000

     

McKesson Corp

      3.250       03/01/16         47,164   

100,000

     

McKesson Corp

      2.700       12/15/22         100,033   

100,000

     

Medtronic, Inc

      4.750       09/15/15         110,810   

80,000

     

Quest Diagnostics, Inc

      6.400       07/01/17         94,244   

95,000

     

Thermo Fisher Scientific, Inc

      3.200       03/01/16         100,887   

75,000

     

Thermo Fisher Scientific, Inc

      2.250       08/15/16         77,654   
            

 

 

  
    

TOTAL HEALTH CARE EQUIPMENT & SERVICES

           1,452,612   
            

 

 

  

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%

        

50,000

     

Colgate-Palmolive Co

      2.300       05/03/22         50,436   

125,000

     

Ecolab, Inc

      1.450       12/08/17         124,432   
            

 

 

  
    

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

           174,868   
            

 

 

  

INSURANCE - 1.9%

        

50,000

     

ACE INA Holdings, Inc

      5.875       06/15/14         53,695   

125,000

     

Aetna, Inc

      1.500       11/15/17         125,253   

75,000

     

Allstate Corp

      7.450       05/16/19         98,353   

150,000

     

American International Group, Inc

      3.650       01/15/14         154,012   

100,000

     

Chubb Corp

      6.000       05/11/37         130,490   

20,000

     

CIGNA Corp

      5.125       06/15/20         22,824   

100,000

     

CIGNA Corp

      4.500       03/15/21         112,017   

75,000

     

Hartford Financial Services Group, Inc

      4.000       03/30/15         79,251   

100,000

     

Hartford Financial Services Group, Inc

      4.000       10/15/17         109,240   

25,000

     

Lincoln National Corp

      7.000       06/15/40         32,539   

50,000

   g   

MetLife Institutional Funding II

      1.625       04/02/15         50,938   

100,000

     

MetLife, Inc

      6.750       06/01/16         118,435   

100,000

     

Principal Financial Group, Inc

      1.850       11/15/17         100,529   

100,000

   g   

Principal Life Global Funding I

      5.125       10/15/13         103,640   

150,000

     

Progressive Corp

      3.750       08/23/21         164,900   

150,000

     

Prudential Financial, Inc

      6.200       11/15/40         181,440   

475,000

   i   

Prudential Financial, Inc

      5.625       06/15/43         492,243   

100,000

   g   

Prudential Funding LLC

      6.750       09/15/23         118,596   

100,000

   g   

Swiss Re Treasury US Corp

      2.875       12/06/22         100,076   

125,000

   g   

Swiss Re Treasury US Corp

      4.250       12/06/42         123,867   

25,000

     

Travelers Cos, Inc

      5.800       05/15/18         30,284   

125,000

     

UnitedHealth Group, Inc

      0.850       10/15/15         125,409   

100,000

     

UnitedHealth Group, Inc

      1.400       10/15/17         100,156   

125,000

     

UnitedHealth Group, Inc

      3.950       10/15/42         124,474   

20,000

     

Unum Group

      5.625       09/15/20         22,852   

250,000

     

WellPoint, Inc

      3.125        05/15/22         252,611   

150,000

     

WellPoint, Inc

      4.625       05/15/42         154,922   

150,000

     

Willis Group Holdings plc

      4.125       03/15/16         159,993   

25,000

     

WR Berkley Corp

      5.375       09/15/20         27,967   
            

 

 

  
    

TOTAL INSURANCE

           3,471,006   
            

 

 

  

MATERIALS - 2.8%

        

125,000

     

3M Co

      5.700       03/15/37         169,783   

100,000

     

Air Products & Chemicals, Inc

      4.150       02/01/13         100,296   

35,000

     

Air Products & Chemicals, Inc

      4.375       08/21/19         40,384   

10,000

     

Airgas, Inc

      4.500       09/15/14         10,553   

200,000

     

Airgas, Inc

      2.900       11/15/22         197,525   

200,000

   g   

Anglo American Capital plc

      2.625       09/27/17         204,105   

25,000

   g   

Anglo American Capital plc

      4.450       09/27/20         26,481   

35,000

     

ArcelorMittal

      4.250       08/05/15         35,353   

 

90

Table of Contents

TIAA-CREF LIFE FUNDS – Bond Fund

 

                    MATURITY       

PRINCIPAL                

       

ISSUER                

    RATE     DATE    VALUE  
            

$60,000

     

ArcelorMittal

      5.000 %   02/25/17    $ 60,564   

32,000

     

Ball Corp

      6.750     09/15/20      35,280   

150,000

     

Barrick Gold Corp

      3.850     04/01/22      158,779   

125,000

     

Barrick North America Finance LLC

      4.400     05/30/21      137,080   

200,000

   g   

Braskem Finance Ltd

      5.375     05/02/22      207,000   

150,000

     

CF Industries, Inc

      6.875     05/01/18      183,242   

75,000

     

Clorox Co

      3.800     11/15/21      81,675   

100,000

     

Corning, Inc

      1.450     11/15/17      100,393   

200,000

   g   

Corp Nacional del Cobre de Chile-CODELCO

      3.875     11/03/21      217,926   

200,000

   g   

Corp Nacional del Cobre de Chile-CODELCO

      3.000     07/17/22      202,221   

400,000

   g   

Corp Nacional del Cobre de Chile-CODELCO

      4.250     07/17/42      407,179   

32,000

     

Crown Americas LLC

      6.250     02/01/21      35,080   

32,000

     

Graphic Packaging International, Inc

      9.500     06/15/17      34,560   

500,000

     

International Paper Co

      4.750     02/15/22      565,768   

50,000

     

International Paper Co

      7.300     11/15/39      67,778   

200,000

     

LyondellBasell Industries NV

      6.000     11/15/21      234,500   

100,000

     

Newmont Mining Corp

      3.500     03/15/22      103,136   

50,000

     

Praxair, Inc

      5.250     11/15/14      54,347   

150,000

     

Praxair, Inc

      2.450     02/15/22      150,763   

150,000

     

Precision Castparts Corp

      1.250     01/15/18      150,248   

200,000

     

Precision Castparts Corp

      2.500     01/15/23      201,282   

100,000

     

Precision Castparts Corp

      3.900     01/15/43      102,588   

50,000

     

Rio Tinto Finance USA Ltd

      2.250     09/20/16      51,871   

150,000

     

Rio Tinto Finance USA plc

      2.875     08/21/22      150,992   

225,000

     

Sherwin-Williams Co

      1.350     12/15/17      224,506   

100,000

   g   

Sociedad Quimica y Minera de Chile S.A.

      5.500     04/21/20      113,152   

100,000

     

Teck Resources Ltd

      2.500     02/01/18      102,081   

150,000

     

Teck Resources Ltd

      3.750     02/01/23      153,852   

25,000

     

Teck Resources Ltd

      6.000     08/15/40      28,296   

100,000

     

Teck Resources Ltd

      5.400     02/01/43      105,798   
            

 

 

  
    

TOTAL MATERIALS

           5,206,417   
            

 

 

  

MEDIA - 2.4%

             

100,000

     

CBS Corp

      1.950     07/01/17      101,879   

250,000

     

Comcast Corp

      4.650     07/15/42      263,516   

100,000

     

DIRECTV Holdings LLC

      2.400     03/15/17      102,432   

175,000

     

DIRECTV Holdings LLC

      5.150     03/15/42      177,001   

100,000

     

Discovery Communications LLC

      3.300      05/15/22      102,712   

150,000

     

DISH DBS Corp

      4.625     07/15/17      156,375   

350,000

     

Lamar Media Corp

      9.750     04/01/14      383,250   

100,000

     

Lamar Media Corp

      5.875     02/01/22      108,500   

1,150,000

     

NBC Universal Media LLC

      2.875     01/15/23      1,154,893   

125,000

     

NBC Universal Media LLC

      4.450     01/15/43      126,580   

25,000

     

News America, Inc

      7.250     05/18/18      31,473   

500,000

   g   

News America, Inc

      3.000     09/15/22      502,250   

50,000

     

News America, Inc

      6.900     08/15/39      65,463   

35,000

     

Nielsen Finance LLC

      7.750     10/15/18      39,112   

100,000

     

Time Warner Cable, Inc

      8.750     02/14/19      134,916   

125,000

     

Time Warner Cable, Inc

      8.250     04/01/19      166,342   

125,000

     

Time Warner Cable, Inc

      4.500     09/15/42      121,906   

50,000

     

Time Warner, Inc

      3.150     07/15/15      52,875   

50,000

     

Time Warner, Inc

      6.500     11/15/36      62,542   

250,000

     

Time Warner, Inc

      4.900     06/15/42      268,187   

200,000

     

Viacom, Inc

      1.250     02/27/15      201,953   

115,000

     

Viacom, Inc

      2.500     12/15/16      119,907   
            

 

 

  
    

TOTAL MEDIA

           4,444,064   
            

 

 

  

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%

   

300,000

   g   

AbbVie, Inc

      1.200     11/06/15      302,004   

250,000

   g   

AbbVie, Inc

      1.750     11/06/17      252,719   

100,000

   g   

AbbVie, Inc

      2.900     11/06/22      101,838   

500,000

     

Amgen, Inc

      3.625     05/15/22      537,323   

500,000

   g   

Aristotle Holding, Inc

      2.100     02/12/15      509,328   

100,000

   g   

Aristotle Holding, Inc

      3.900     02/15/22      107,825   

 

91

Table of Contents

TIAA-CREF LIFE FUNDS – Bond Fund

 

                    MATURITY       

PRINCIPAL                

       

ISSUER                

    RATE     DATE    VALUE  
            

$170,000

     

Endo Pharmaceuticals Holdings, Inc

      7.000 %   07/15/19    $ 181,262   

150,000

     

Johnson & Johnson

      2.150     05/15/16      156,733   

50,000

     

Johnson & Johnson

      5.850     07/15/38      68,539   

65,000

     

Life Technologies Corp

      3.500     01/15/16      68,413   

50,000

     

Mead Johnson Nutrition Co

      5.900     11/01/39      60,624   

200,000

     

Merck & Co, Inc

      3.875     01/15/21      224,449   

100,000

     

Merck & Co, Inc

      3.600     09/15/42      98,665   

172,000

   g   

Mylan, Inc

      7.875     07/15/20      203,263   

150,000

     

NBTY, Inc

      9.000     10/01/18      169,500   

35,000

     

Novartis Capital Corp

      4.125     02/10/14      36,401   

200,000

     

Novartis Capital Corp

      2.900     04/24/15      210,251   

100,000

     

Novartis Capital Corp

      3.700     09/21/42      99,567   

250,000

     

Sanofi-Aventis S.A.

      2.625     03/29/16      263,131   

100,000

     

Watson Pharmaceuticals, Inc

      1.875     10/01/17      101,315   

100,000

     

Watson Pharmaceuticals, Inc

      3.250     10/01/22      102,085   
            

 

 

  
    

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

      3,855,235   
            

 

 

  

REAL ESTATE - 1.0%

        

15,000

     

AMB Property LP

      7.625     08/15/14      16,409   

30,000

     

AMB Property LP

      4.500     08/15/17      32,715   

150,000

     

AvalonBay Communities, Inc

      2.850     03/15/23      148,090   

150,000

     

Brandywine Operating Partnership LP

      4.950     04/15/18      164,064   

35,000

     

Camden Property Trust

      4.625     06/15/21      38,590   

100,000

     

Developers Diversified Realty Corp

      4.750     04/15/18      110,827   

40,000

     

Developers Diversified Realty Corp

      7.875     09/01/20      51,277   

100,000

     

Federal Realty Investment Trust

      3.000      08/01/22      98,987   

250,000

     

HCP, Inc

      2.625     02/01/20      249,024   

25,000

     

Healthcare Realty Trust, Inc

      5.750     01/15/21      28,097   

147,000

     

Host Hotels & Resorts LP

      5.875     06/15/19      160,230   

25,000

     

Kilroy Realty Corp

      5.000     11/03/15      27,271   

100,000

     

Liberty Property LP

      3.375     06/15/23      98,946   

50,000

     

National Retail Properties, Inc

      5.500     07/15/21      56,961   

25,000

     

Nationwide Health Properties, Inc

      6.250     02/01/13      25,102   

25,000

     

Simon Property Group LP

      5.250     12/01/16      28,603   

100,000

     

Simon Property Group LP

      2.800     01/30/17      105,519   

40,000

     

Simon Property Group LP

      10.350     04/01/19      57,200   

100,000

     

Simon Property Group LP

      2.750     02/01/23      99,944   

15,000

     

Ventas Realty LP

      3.125     11/30/15      15,814   

150,000

     

Ventas Realty LP

      2.000     02/15/18      150,097   

50,000

     

Ventas Realty LP

      4.250     03/01/22      53,022   
            

 

 

  
    

TOTAL REAL ESTATE

           1,816,789   
            

 

 

  

RETAILING - 1.6%

        

130,000

     

AmeriGas Partners LP

      6.250     08/20/19      139,100   

132,000

     

Limited Brands, Inc

      6.625     04/01/21      151,140   

205,000

     

Limited Brands, Inc

      5.625     02/15/22      222,937   

64,000

     

Macy’s Retail Holdings, Inc

      5.900     12/01/16      75,201   

150,000

     

Macy’s Retail Holdings, Inc

      3.875     01/15/22      159,880   

550,000

     

Macy’s Retail Holdings, Inc

      2.875     02/15/23      538,578   

35,000

     

O’Reilly Automotive, Inc

      4.625     09/15/21      38,325   

600,000

     

O’Reilly Automotive, Inc

      3.800     09/01/22      624,292   

510,000

   g   

QVC Inc

      7.375     10/15/20      567,445   

100,000

   g   

QVC, Inc

      7.500     10/01/19      110,332   

100,000

   g   

QVC, Inc

      5.125     07/02/22      104,819   

61,000

     

Wal-Mart Stores, Inc

      4.250     04/15/21      70,841   

75,000

     

Wal-Mart Stores, Inc

      5.000     10/25/40      90,747   
            

 

 

  
    

TOTAL RETAILING

           2,893,637   
            

 

 

  

SOFTWARE & SERVICES - 1.5%

        

200,000

     

Fidelity National Information Services, Inc

      5.000     03/15/22      214,500   

50,000

     

International Business Machines Corp

      0.550     02/06/15      50,009   

250,000

     

International Business Machines Corp

      1.950     07/22/16      259,818   

100,000

     

International Business Machines Corp

      1.250     02/06/17      101,056   

 

92

Table of Contents

TIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$35,000

     

Microsoft Corp

      0.875 %   09/27/13    $ 35,152   

125,000

     

Microsoft Corp

      1.625     09/25/15      128,629   

400,000

     

Microsoft Corp

      2.125     11/15/22      396,082   

500,000

     

Microsoft Corp

      3.500     11/15/42      483,401   

50,000

     

Oracle Corp

      3.750     07/08/14      52,494   

225,000

     

Oracle Corp

      1.200     10/15/17      225,668   

25,000

     

Oracle Corp

      5.750     04/15/18      30,425   

775,000

     

Oracle Corp

      2.500     10/15/22      781,982   
            

 

 

  
    

TOTAL SOFTWARE & SERVICES

           2,759,216   
            

 

 

  

TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%

  

     

50,000

     

Amphenol Corp

      4.750     11/15/14      53,275   

130,000

     

Brocade Communications Systems, Inc

      6.875     01/15/20      140,075   

100,000

   g   

CC Holdings GS V LLC

      2.381     12/15/17      100,489   

100,000

   g   

CC Holdings GS V LLC

      3.849      04/15/23      101,731   

500,000

     

General Electric Co

      0.850     10/09/15      501,762   

250,000

     

General Electric Co

      2.700     10/09/22      254,827   

100,000

     

General Electric Co

      4.125     10/09/42      102,865   

25,000

     

Hewlett-Packard Co

      2.350     03/15/15      25,111   

132,000

     

Jabil Circuit, Inc

      5.625     12/15/20      146,520   

100,000

     

L-3 Communications Corp

      4.950     02/15/21      112,831   

100,000

     

Scientific Games Corp

      8.125     09/15/18      110,000   

32,000

     

Scientific Games Corp

      9.250     06/15/19      35,600   

25,000

     

Xerox Corp

      8.250     05/15/14      27,270   

200,000

     

Xerox Corp

      4.500     05/15/21      211,769   
            

 

 

  
    

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

           1,924,125   
            

 

 

  

TELECOMMUNICATION SERVICES - 2.2%

  

     

400,000

     

America Movil SAB de C.V.

      3.125     07/16/22      406,579   

50,000

     

American Tower Corp

      4.700     03/15/22      55,321   

125,000

     

AT&T, Inc

      1.400     12/01/17      125,024   

300,000

     

AT&T, Inc

      2.625     12/01/22      300,493   

125,000

     

AT&T, Inc

      6.300     01/15/38      160,278   

259,000

   g   

AT&T, Inc

      4.350     06/15/45      260,164   

175,000

     

Cellco Partnership

      8.500     11/15/18      240,747   

100,000

     

Deutsche Telekom International Finance BV

      8.750     06/15/30      149,824   

75,000

   g   

Deutsche Telekom International Finance BV

      4.875     03/06/42      80,062   

200,000

   g   

SK Telecom Co Ltd

      2.125     05/01/18      201,094   

50,000

     

Telecom Italia Capital S.A.

      6.175     06/18/14      52,700   

125,000

     

Telecom Italia Capital S.A.

      6.999     06/04/18      142,875   

100,000

     

Telecom Italia Capital S.A.

      7.175     06/18/19      116,050   

150,000

     

Telefonica Emisiones SAU

      3.992     02/16/16      156,075   

75,000

     

Telefonica Emisiones SAU

      5.462     02/16/21      79,969   

100,000

     

Telefonos de Mexico SAB de C.V.

      5.500     11/15/19      117,398   

95,000

     

Verizon Communications, Inc

      5.250     04/15/13      96,301   

600,000

     

Verizon Communications, Inc

      0.700     11/02/15      600,151   

26,000

     

Verizon Communications, Inc

      8.750     11/01/18      36,100   

425,000

     

Verizon Communications, Inc

      3.850     11/01/42      418,016   

200,000

   g   

Vimpelcom Holdings

      6.255     03/01/17      214,000   

100,000

     

Virgin Media Secured Finance plc

      5.250     01/15/21      116,763   
            

 

 

  
    

TOTAL TELECOMMUNICATION SERVICES

           4,125,984   
            

 

 

  

TRANSPORTATION - 1.1%

        

165,000

   g   

Asciano Finance

      5.000     04/07/18      178,305   

100,000

     

Boeing Co

      6.125     02/15/33      133,777   

150,000

     

Burlington Northern Santa Fe LLC

      3.450     09/15/21      161,433   

100,000

     

Burlington Northern Santa Fe LLC

      5.050     03/01/41      113,523   

100,000

     

CSX Corp

      4.100     03/15/44      98,714   

200,000

   g   

DP World Ltd

      6.850     07/02/37      234,250   

25,000

     

Embraer Overseas Ltd

      6.375     01/15/20      28,875   

100,000

   g   

ERAC USA Finance LLC

      3.300     10/15/22      101,245   

100,000

   g   

ERAC USA Finance LLC

      5.625     03/15/42      110,788   

100,000

   g   

Kazakhstan Temir Zholy Finance BV

      6.375     10/06/20      121,000   

 

93

Table of Contents

TIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$200,000

   g   

Kazakhstan Temir Zholy Finance BV

      6.950 %   07/10/42    $ 251,500   

50,000

     

Norfolk Southern Corp

      5.750     04/01/18      59,713   

89,000

   g   

Norfolk Southern Corp

      2.903     02/15/23      89,587   

19,000

     

Norfolk Southern Corp

      5.590      05/17/25      23,333   

75,000

     

Union Pacific Corp

      4.750     09/15/41      84,127   

100,000

     

United Parcel Service, Inc

      3.125     01/15/21      107,571   

100,000

     

United Parcel Service, Inc

      3.625     10/01/42      97,872   
            

 

 

  
    

TOTAL TRANSPORTATION

           1,995,613   
            

 

 

  

UTILITIES - 3.5%

        

200,000

   g   

Abu Dhabi National Energy Co

      3.625     01/12/23      206,000   

100,000

     

AES Corp

      7.375     07/01/21      111,000   

50,000

     

AGL Capital Corp

      5.250     08/15/19      59,593   

75,000

     

Alliant Energy Corp

      4.000     10/15/14      79,033   

75,000

     

Atmos Energy Corp

      8.500     03/15/19      100,713   

175,000

   g   

Calpine Corp

      7.500     02/15/21      193,375   

200,000

     

Carolina Power & Light Co

      5.300     01/15/19      240,534   

200,000

   g   

Centrais Eletricas Brasileiras S.A.

      5.750     10/27/21      215,000   

200,000

   g   

CEZ AS.

      4.250     04/03/22      214,088   

200,000

   g   

China Resources Gas Group Ltd

      4.500     04/05/22      219,978   

100,000

   g   

Comision Federal de Electricidad

      4.875     05/26/21      113,250   

200,000

   g   

Comision Federal de Electricidad

      5.750     02/14/42      226,500   

150,000

     

Commonwealth Edison Co

      4.000     08/01/20      167,682   

25,000

     

Connecticut Light & Power Co

      5.500     02/01/19      29,990   

35,000

     

Consolidated Edison Co of New York, Inc

      5.700     06/15/40      44,693   

100,000

     

Detroit Edison Co

      3.950     06/15/42      101,326   

50,000

     

Dominion Resources, Inc

      4.050     09/15/42      49,367   

100,000

     

Duke Energy Carolinas LLC

      5.750     11/15/13      104,473   

15,000

     

Duke Energy Carolinas LLC

      4.300     06/15/20      17,103   

50,000

     

Indiana Michigan Power Co

      7.000     03/15/19      63,187   

25,000

     

Integrys Energy Group, Inc

      4.170     11/01/20      27,864   

300,000

   g   

Israel Electric Corp Ltd

      7.250     01/15/19      325,950   

100,000

     

Kinder Morgan Energy Partners LP

      3.500     03/01/16      106,900   

100,000

   g   

Korea Hydro & Nuclear Power Co Ltd

      3.125     09/16/15      104,420   

200,000

   g   

Korea Hydro & Nuclear Power Co Ltd

      3.000     09/19/22      196,744   

100,000

     

LG&E and KU Energy LLC

      3.750     11/15/20      105,606   

50,000

     

Midamerican Energy Holdings Co

      5.950     05/15/37      61,735   

100,000

     

Nevada Power Co

      6.650     04/01/36      135,688   

100,000

     

Oncor Electric Delivery Co LLC

      4.550     12/01/41      101,222   

150,000

     

ONEOK Partners LP

      3.375     10/01/22      152,857   

75,000

     

Pacific Gas & Electric Co

      8.250     10/15/18      102,115   

50,000

     

PacifiCorp

      6.000     01/15/39      66,339   

75,000

     

Pepco Holdings, Inc

      2.700     10/01/15      77,634   

200,000

   g   

Perusahaan Listrik Negara PT

      5.500     11/22/21      226,000   

200,000

   g   

Perusahaan Listrik Negara PT

      5.250     10/24/42      206,000   

50,000

     

PG&E Corp

      5.750     04/01/14      52,993   

300,000

     

PPL Capital Funding, Inc

      4.200     06/15/22      322,621   

250,000

     

PPL Electric Utilities Corp

      3.000     09/15/21      264,817   

50,000

     

Progress Energy, Inc

      7.050     03/15/19      62,838   

75,000

     

Public Service Co of Colorado

      3.200     11/15/20      81,828   

80,000

     

Public Service Co of Colorado

      4.750     08/15/41      91,750   

100,000

     

Public Service Co of Oklahoma

      5.150     12/01/19      116,749   

32,000

     

Questar Market Resources, Inc

      6.875     03/01/21      36,880   

75,000

     

San Diego Gas & Electric Co

      3.000     08/15/21      79,407   

25,000

     

San Diego Gas & Electric Co

      3.950     11/15/41      25,769   

50,000

     

Sempra Energy

      6.000      10/15/39      63,214   

100,000

     

Tampa Electric Co

      4.100     06/15/42      104,850   

25,000

     

Veolia Environnement

      5.250     06/03/13      25,388   

100,000

     

Virginia Electric and Power Co

      4.750     03/01/13      100,708   

55,000

     

Virginia Electric and Power Co

      2.950     01/15/22      57,919   

50,000

     

Williams Partners LP

      3.800     02/15/15      52,869   

75,000

     

Williams Partners LP

      4.000     11/15/21      80,220   

100,000

     

Williams Partners LP

      3.350     08/15/22      101,679   

75,000

     

Williams Partners LP

      6.300     04/15/40      91,690   

 

94

Table of Contents

TIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$50,000

     

Xcel Energy, Inc

      4.800 %   09/15/41    $ 56,107   
            

 

 

  
    

TOTAL UTILITIES

           6,424,255   
            

 

 

  
     TOTAL CORPORATE BONDS
(Cost $84,204,316)		           88,753,817   
            

 

 

  

GOVERNMENT BONDS - 40.5%

   

AGENCY SECURITIES - 1.0%

   

500,000

     

Federal Farm Credit Bank (FFCB)

      1.375     06/25/13      503,150   

1,000,000

     

Federal National Mortgage Association (FNMA)

      3.000     09/16/14      1,047,458   

218,750

     

Totem Ocean Trailer Express, Inc

      4.514     12/18/19      236,373   
            

 

 

  
    

TOTAL AGENCY SECURITIES

           1,786,981   
            

 

 

  

FOREIGN GOVERNMENT BONDS - 4.7%

  

     

100,000

   g   

Barbados Government International Bond

      7.000     08/04/22      101,500   

240,000

     

Brazilian Government International Bond

      2.625     01/05/23      240,960   

25,000

     

Brazilian Government International Bond

      7.125     01/20/37      38,250   

100,000

     

Brazilian Government International Bond

      5.625     01/07/41      131,000   

150,000

     

Canada Government International Bond

      2.375     09/10/14      155,324   

250,000

     

Canada Government International Bond

      0.875     02/14/17      252,025   

150,000

     

Chile Government International Bond

      3.875     08/05/20      169,125   

200,000

     

Colombia Government International Bond

      4.375     07/12/21      230,300   

400,000

   g   

Costa Rica Government International Bond

      4.250     01/26/23      403,600   

200,000

   g   

Croatia Government International Bond

      6.250     04/27/17      219,300   

217,000

     

Eksportfinans ASA

      2.000     09/15/15      207,705   

200,000

   g   

El Salvador Government International Bond

      5.875     01/30/25      202,200   

100,000

     

European Investment Bank

      4.875     02/15/36      118,602   

200,000

     

Export-Import Bank of Korea

      1.250     11/20/15      200,332   

100,000

     

Export-Import Bank of Korea

      5.125     06/29/20      114,910   

175,000

     

Federative Republic of Brazil

      6.000     01/17/17      206,500   

200,000

   g   

Iceland Government International Bond

      5.875     05/11/22      223,290   

200,000

   g   

Indonesia Government International Bond

      3.750     04/25/22      213,250   

200,000

     

Israel Government International Bond

      4.000     06/30/22      217,750   

35,000

     

Italy Government International Bond

      6.875     09/27/23      40,647   

200,000

     

Korea Development Bank

      3.000     09/14/22      199,227   

100,000

   g   

Lithuania Government International Bond

      5.125     09/14/17      112,750   

200,000

   g   

Lithuania Government International Bond

      6.625     02/01/22      255,760   

150,000

     

Mexico Government International Bond

      3.625     03/15/22      164,063   

100,000

     

Mexico Government International Bond

      4.750     03/08/44      113,000   

200,000

   g   

Mongolia Government International Bond

      5.125     12/05/22      196,000   

200,000

   g   

Morocco Government International Bond

      4.250     12/11/22      201,500   

200,000

   g   

Namibia International Bonds

      5.500     11/03/21      224,000   

250,000

   g   

Nederlandse Waterschapsbank NV

      2.125      02/09/17      259,110   

25,000

     

Peruvian Government International Bond

      7.350     07/21/25      36,225   

80,000

     

Poland Government International Bond

      3.875     07/16/15      85,800   

30,000

     

Poland Government International Bond

      6.375     07/15/19      37,402   

50,000

     

Poland Government International Bond

      5.000     03/23/22      59,050   

195,000

     

Poland Government International Bond

      3.000     03/17/23      194,513   

300,000

     

Province of Ontario Canada

      4.100     06/16/14      316,193   

300,000

     

Province of Ontario Canada

      2.950     02/05/15      315,314   

100,000

     

Qatar Government International Bond

      5.250     01/20/20      119,500   

200,000

   g   

Republic of Indonesia

      5.250     01/17/42      232,250   

200,000

   g   

Republic of Latvia

      2.750     01/12/20      197,800   

200,000

   g   

Republic of Serbia

      7.250     09/28/21      230,000   

60,000

   g   

Romanian Government International Bond

      6.750     02/07/22      72,900   

100,000

   g   

Russian Foreign Bond - Eurobond

      3.625     04/29/15      105,650   

200,000

   g   

Russian Foreign Bond - Eurobond

      5.625     04/04/42      248,500   

200,000

   g   

Slovakia Government International Bond

      4.375     05/21/22      217,864   

100,000

     

South Africa Government International Bond

      6.875     05/27/19      125,400   

100,000

     

South Africa Government International Bond

      4.665     01/17/24      113,000   

200,000

   g   

Sri Lanka Government International Bond

      5.875     07/25/22      213,000   

100,000

     

Turkey Government International Bond

      5.625     03/30/21      118,750   

50,000

     

United Mexican States

      5.950     03/19/19      61,500   

 

95

Table of Contents

TIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$100,000

     

United Mexican States

      5.125 %   01/15/20    $ 119,500   

100,000

     

Uruguay Government International Bond

      4.125     11/20/45      99,850   
            

 

 

  
    

TOTAL FOREIGN GOVERNMENT BONDS

           8,731,941   
            

 

 

  

MORTGAGE BACKED - 24.3%

   

38,348

   i   

Federal Home Loan Mortgage Corp (FHLMC)

      2.386     02/01/36      40,669   

125,635

   i   

FHLMC

      2.375     07/01/36      134,293   

30,553

   i   

FHLMC

      2.605     09/01/36      32,600   

84,738

   i   

FHLMC

      2.637     09/01/36      90,544   

28,308

   i   

FHLMC

      2.794     09/01/36      29,927   

78,079

   i   

FHLMC

      2.890     03/01/37      83,476   

89,010

   i   

FHLMC

      5.925     04/01/37      96,686   

13,113

   i   

FHLMC

      5.921     05/01/37      14,165   

861,065

   i   

FHLMC (Interest Only)

      6.351     09/15/41      210,859   

148,102

     

Federal Home Loan Mortgage Corp Gold (FGLMC)

      5.000     02/01/19      161,607   

16,040

     

FGLMC

      4.500     01/01/20      17,097   

76,732

     

FGLMC

      4.500     07/01/20      83,370   

18,541

     

FGLMC

      5.000     04/01/23      19,884   

63,674

     

FGLMC

      4.000     07/01/24      67,336   

21,814

     

FGLMC

      4.500     09/01/24      23,211   

7,611

     

FGLMC

      6.000     03/01/33      8,464   

152,342

     

FGLMC

      5.000     11/01/33      171,546   

258,556

     

FGLMC

      6.000     11/01/33      287,513   

53,982

     

FGLMC

      5.000     05/01/34      58,357   

34,209

     

FGLMC

      6.000     09/01/34      37,634   

15,819

     

FGLMC

      6.000     04/01/35      17,323   

16,831

     

FGLMC

      5.000     02/01/36      18,175   

7,832

     

FGLMC

      6.500     05/01/36      8,908   

127,613

     

FGLMC

      5.500     04/01/37      137,858   

135,737

     

FGLMC

      5.500     05/01/37      146,634   

11,325

     

FGLMC

      6.000     08/01/37      12,339   

119,929

     

FGLMC

      6.000      08/01/37      131,937   

37,779

     

FGLMC

      6.500     09/01/37      42,996   

35,023

     

FGLMC

      6.500     11/01/37      39,860   

89,508

     

FGLMC

      5.000     04/01/38      98,531   

32,107

     

FGLMC

      6.500     05/01/38      36,192   

36,771

     

FGLMC

      5.500     01/01/39      39,700   

107,135

     

FGLMC

      4.000     06/01/39      114,406   

59,517

     

FGLMC

      5.000     07/01/39      64,044   

797,455

     

FGLMC

      4.500     12/01/39      879,916   

86,910

     

FGLMC

      5.000     01/01/40      93,521   

487,791

     

FGLMC

      4.500     07/01/40      538,231   

634

     

Federal National Mortgage Association (FNMA)

      5.000     06/01/13      655   

1,414,293

     

FNMA

      4.564     01/01/15      1,473,362   

38,397

     

FNMA

      5.500     04/01/18      41,340   

42,290

     

FNMA

      5.500     05/01/18      45,531   

140,969

     

FNMA

      4.000     02/25/19      148,307   

37,339

     

FNMA

      4.500     03/01/19      40,268   

16,766

     

FNMA

      4.500     06/01/19      18,081   

126,971

     

FNMA

      5.500     07/01/20      137,558   

8,536

     

FNMA

      4.500     11/01/20      9,206   

68,198

     

FNMA

      4.500     12/01/20      74,934   

23,598

     

FNMA

      5.000     12/01/20      25,645   

16,295

     

FNMA

      4.500     03/01/23      17,538   

66,707

     

FNMA

      5.000     04/01/23      72,306   

30,113

     

FNMA

      4.500     06/01/23      32,409   

43,063

     

FNMA

      5.000     07/01/23      46,630   

26,995

     

FNMA

      5.000     07/01/23      29,231   

72,341

     

FNMA

      5.500     02/01/24      79,324   

57,620

     

FNMA

      4.500     04/01/24      62,006   

39,353

     

FNMA

      4.000     05/01/24      42,164   

165,341

     

FNMA

      5.500     07/01/24      181,302   

5,748

     

FNMA

      5.500     09/01/24      6,303   

236,421

     

FNMA

      4.000     02/01/25      253,233   

 

96

Table of Contents

TIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$353,196

     

FNMA

      3.500 %   01/01/26    $ 380,300   

439,772

     

FNMA

      2.500     01/01/27      460,478   

739,390

     

FNMA

      3.000     01/01/27      781,004   

260,034

     

FNMA

      3.000     01/01/27      274,669   

32,168

     

FNMA

      6.500     07/01/32      36,643   

34,983

     

FNMA

      5.500     01/01/33      38,448   

507,466

     

FNMA

      5.500     07/01/33      581,666   

55,818

     

FNMA

      5.500     07/01/33      61,346   

241,307

     

FNMA

      5.500     07/01/33      274,252   

228,802

     

FNMA

      6.000     10/01/33      255,571   

86,485

     

FNMA

      5.000     11/01/33      94,225   

363,000

     

FNMA

      5.500     11/01/33      398,796   

61,702

     

FNMA

      5.500     04/01/34      68,256   

28,260

     

FNMA

      5.000     08/01/34      30,713   

31,191

     

FNMA

      5.000     11/01/34      33,983   

41,447

     

FNMA

      6.500     02/01/35      46,964   

96,877

     

FNMA

      5.500     04/01/35      105,987   

18,721

     

FNMA

      7.500     06/01/35      20,833   

31,968

     

FNMA

      5.500     07/01/35      35,364   

17,430

     

FNMA

      7.500      07/01/35      18,269   

31,205

     

FNMA

      4.500     08/01/35      33,758   

52,302

     

FNMA

      5.000     08/01/35      56,786   

128,252

     

FNMA

      5.500     09/01/35      140,953   

48,912

     

FNMA

      5.500     10/01/35      53,450   

50,146

     

FNMA

      5.000     02/01/36      54,537   

149,458

     

FNMA

      6.000     04/01/36      163,628   

114,705

     

FNMA

      6.000     06/01/36      128,089   

75,141

   i   

FNMA

      2.760     07/01/36      80,359   

37,678

     

FNMA

      6.500     09/01/36      42,572   

34,823

     

FNMA

      6.000     12/01/36      38,124   

19,278

     

FNMA

      5.000     02/01/37      20,883   

120,799

     

FNMA

      5.500     02/01/37      131,403   

32,763

     

FNMA

      7.000     02/01/37      38,996   

59,840

     

FNMA

      5.500     03/01/37      65,027   

74,313

     

FNMA

      7.000     04/01/37      88,449   

9,282

     

FNMA

      5.500     06/01/37      10,087   

17,625

     

FNMA

      6.500     08/01/37      19,821   

119,717

     

FNMA

      6.000     09/01/37      131,068   

21,562

     

FNMA

      6.000     11/01/37      23,607   

13,300

     

FNMA

      7.000     11/01/37      15,831   

48,526

     

FNMA

      5.500     01/01/38      52,732   

6,143

     

FNMA

      6.500     01/01/38      7,238   

88,589

     

FNMA

      5.500     02/01/38      96,255   

348,486

     

FNMA

      5.500     02/01/38      378,641   

1,489

     

FNMA

      6.500     02/01/38      1,678   

4,922

     

FNMA

      6.500     03/01/38      5,796   

8,877

     

FNMA

      6.500     03/01/38      9,973   

149,097

     

FNMA

      5.000     04/01/38      161,509   

117,946

     

FNMA

      5.000     04/01/38      127,765   

66,501

     

FNMA

      6.000     04/01/38      72,660   

155,283

     

FNMA

      5.500     05/01/38      168,719   

162,412

     

FNMA

      5.500     06/01/38      176,465   

394,997

     

FNMA

      6.000     07/01/38      432,447   

383,263

     

FNMA

      6.000     10/01/38      419,601   

169,148

     

FNMA

      4.000     01/01/39      181,453   

45,555

     

FNMA

      4.500     01/01/39      49,225   

35,571

     

FNMA

      5.500     01/01/39      38,649   

43,337

     

FNMA

      6.000     01/01/39      47,351   

29,584

     

FNMA

      6.000     01/01/39      32,324   

74,804

     

FNMA

      4.000     02/01/39      80,223   

292,943

     

FNMA

      4.500     02/01/39      316,543   

60,472

     

FNMA

      4.500     02/01/39      65,344   

32,625

     

FNMA

      5.500     02/01/39      35,448   

696,087

     

FNMA

      4.500     04/01/39      752,167   

41,442

     

FNMA

      5.000     04/01/39      44,892   

 

97

Table of Contents

TTIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$364,324

     

FNMA

      4.000 %   05/01/39    $ 405,856   

268,423

     

FNMA

      4.500     06/01/39      290,049   

432,105

     

FNMA

      4.000     07/01/39      463,539   

238,502

     

FNMA

      6.500     07/01/39      271,573   

330,945

     

FNMA

      4.000     08/01/39      355,020   

269,804

     

FNMA

      4.500     08/01/39      291,540   

369,383

     

FNMA

      6.000      09/01/39      403,596   

193,034

     

FNMA

      4.500     10/01/39      208,586   

205,181

     

FNMA

      4.500     11/01/39      221,711   

208,288

     

FNMA

      4.500     11/01/39      225,068   

147,180

     

FNMA

      5.000     11/01/39      159,415   

500,000

     

FNMA

      4.000     02/25/40      541,408   

550,050

     

FNMA

      5.000     05/01/40      610,623   

365,200

     

FNMA

      5.000     06/01/40      404,047   

208,139

     

FNMA

      4.500     07/01/40      225,558   

240,620

     

FNMA

      4.500     07/01/40      260,757   

351,121

     

FNMA

      5.500     07/01/40      385,015   

305,011

     

FNMA

      4.500     11/01/40      334,922   

293,002

     

FNMA

      5.000     11/01/40      324,170   

938,635

     

FNMA

      4.000     12/01/40      1,031,556   

146,789

     

FNMA

      4.000     12/01/40      157,513   

344,768

     

FNMA

      4.500     12/01/40      373,621   

412,268

     

FNMA

      3.500     01/01/41      443,237   

237,153

     

FNMA

      4.000     02/01/41      254,480   

764,032

     

FNMA

      4.000     02/01/41      819,851   

367,919

     

FNMA

      3.500     03/01/41      392,567   

221,694

     

FNMA

      4.000     04/01/41      243,640   

443,086

     

FNMA

      4.000     04/01/41      493,596   

442,797

     

FNMA

      4.500     04/01/41      486,220   

463,573

     

FNMA

      4.000     08/01/41      497,586   

152,833

     

FNMA

      4.000     08/01/41      164,047   

250,861

     

FNMA

      4.000     09/01/41      275,695   

221,830

     

FNMA

      3.500     10/01/41      236,691   

233,369

     

FNMA

      4.000     11/01/41      250,492   

318,928

     

FNMA

      3.500     12/01/41      340,294   

829,271

     

FNMA

      3.500     12/01/41      884,827   

443,538

     

FNMA

      3.500     02/01/42      473,253   

1,304,121

     

FNMA

      3.000     04/01/42      1,367,861   

290,913

     

FNMA

      3.500     04/01/42      315,858   

486,642

     

FNMA

      3.000     07/01/42      513,811   

996,689

     

FNMA

      3.000     11/01/42      1,045,402   

2,000,000

   h   

FNMA

      3.000     12/01/42      2,109,782   

22,743

     

Government National Mortgage Association (GNMA)

      5.500     07/15/33      25,128   

146,486

     

GNMA

      5.500     07/20/33      161,873   

20,085

     

GNMA

      5.000     03/15/34      22,113   

171,959

     

GNMA

      5.000     06/15/34      193,622   

145,921

     

GNMA

      5.500     02/15/37      160,132   

103,125

     

GNMA

      5.000     01/15/38      112,507   

39,776

     

GNMA

      5.000     04/15/38      43,395   

91,310

     

GNMA

      5.500     05/15/38      100,202   

20,529

     

GNMA

      6.000     08/15/38      22,917   

19,331

     

GNMA

      6.000     08/20/38      21,574   

262,951

     

GNMA

      5.500     07/15/39      288,559   

114,296

     

GNMA

      4.500     07/20/39      125,389   

36,717

     

GNMA

      5.000     07/20/39      40,527   

48,180

     

GNMA

      4.000     08/15/39      53,024   

561,610

     

GNMA

      4.500     03/15/40      619,901   

162,130

     

GNMA

      4.500     04/15/40      178,958   

75,637

     

GNMA

      5.000      04/15/40      83,204   

307,831

     

GNMA

      5.000     04/15/40      338,627   

765,575

     

GNMA

      4.500     04/20/40      846,522   

515,311

     

GNMA

      4.500     05/15/40      568,797   

374,713

     

GNMA

      5.000     05/20/40      415,234   

336,094

     

GNMA

      4.500     06/15/40      371,715   

308,372

     

GNMA

      5.000     06/15/40      339,223   

 

98

Table of Contents

TTIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$488,650

     

GNMA

      4.000 %   07/15/40    $ 539,604   

919,274

     

GNMA

      4.000     09/15/41      1,009,099   

457,522

     

GNMA

      3.500     12/20/41      497,728   

994,649

     

GNMA

      3.000     09/15/42      1,060,106   

992,851

     

GNMA

      3.000     09/20/42      1,057,105   
            

 

 

  
    

TOTAL MORTGAGE BACKED

           44,868,553   
            

 

 

  

MUNICIPAL BONDS - 0.3%

   

150,000

     

Grant County Public Utility District No 2

      5.630     01/01/27      186,658   

100,000

     

State of California

      5.450     04/01/15      109,838   

100,000

     

State of California

      5.950     04/01/16      112,168   

150,000

     

State of California

      7.625     03/01/40      216,705   
            

 

 

  
    

TOTAL MUNICIPAL BONDS

           625,369   
            

 

 

  

U.S. TREASURY SECURITIES - 10.2%

   

1,000,000

     

United States Treasury Note

      0.250     05/31/14      1,000,469   

3,050,000

     

United States Treasury Note

      0.250     06/30/14      3,051,193   

1,000,000

     

United States Treasury Note

      0.250     09/30/14      1,000,234   

2,000,000

     

United States Treasury Note

      0.250     11/30/14      2,000,078   

10,914,000

     

United States Treasury Note

      0.375     11/15/15      10,924,237   

339,000

     

United States Treasury Note

      0.625     11/30/17      337,862   

225,000

     

United States Treasury Note

      1.250     10/31/19      226,863   

295,000

     

United States Treasury Note

      1.625     11/15/22      291,773   
            

 

 

  
    

TOTAL U.S. TREASURY SECURITIES

           18,832,709   
            

 

 

  
    

TOTAL GOVERNMENT BONDS

(Cost $71,846,514)

           74,845,553   
            

 

 

  

STRUCTURED ASSETS - 7.1%

        

ASSET BACKED - 3.3%

   

200,000

   g   

Avis Budget Rental Car Funding AESOP LLC

      2.980     11/20/14      201,069   
    

Series - 2011 1A (Class B)

        

200,000

   g   

Avis Budget Rental Car Funding AESOP LLC

      4.740     11/20/17      215,553   
    

Series - 2011 3A (Class B)

        

200,000

   g   

Avis Budget Rental Car Funding AESOP LLC

      3.040     03/20/19      200,192   
    

Series - 2012 3A (Class B)

        

61,153

   i   

Bear Stearns Asset Backed Securities Trust

      0.580     11/25/39      58,606   
    

Series - 2005 SD3 (Class 2A1)

        

250,000

   g,i,m   

BlueMountain CLO Ltd

      3.364     07/20/23      253,750   
    

Series - 2012 1A (Class B)

        

200,000

   g,m   

Carlyle Global Market Strategies

      4.370     07/20/23      200,600   
    

Series - 2012 2A (Class B2)

        

252,180

     

Centex Home Equity

      5.540     01/25/32      253,803   
    

Series - 2002 A (Class AF6)

        

200,000

   g,m   

Commercial Industrial Finance Corp

      2.661      08/14/24      203,000   
    

Series - 2012 1A (Class A1F)

        

20,813

   i   

Countrywide Asset-Backed Certificates

      5.683     10/25/46      20,803   
    

Series - 2006 15 (Class A2)

        

175,000

   g,i   

DB/UBS Mortgage Trust

      5.557     11/10/46      205,206   
    

Series - 2011 LC1A (Class C)

        

288,591

   g,i   

Flagstar Home Equity Loan Trust

      5.781     01/25/35      283,821   
    

Series - 2007 1A (Class AF3)

        

75,000

     

Ford Credit Auto Owner Trust

      3.210     07/15/17      78,721   
    

Series - 2011 A (Class D)

        

200,000

     

Ford Credit Auto Owner Trust

      2.930     10/15/18      205,908   
    

Series - 2012 B (Class D)

        

200,000

     

Ford Credit Auto Owner Trust

      2.430     01/15/19      202,547   
    

Series - 2012 C (Class D)

        

200,000

   g   

Ford Credit Floorplan Master Owner Trust

      2.960     02/15/16      202,370   
    

Series - 2011 1 (Class D)

        

100,000

   g   

Hertz Vehicle Financing LLC

      4.170     03/25/16      103,941   
    

Series - 2011 1A (Class B1)

        

400,000

   g   

Hertz Vehicle Financing LLC

      5.930     03/25/16      427,953   
    

Series - 0 2A (Class B2)

        

 

99

Table of Contents

TTIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$213,811

     

Lehman XS Trust

      6.500 %   06/25/46    $ 132,419   
    

Series - 2006 13 (Class 2A1)

        

32,466

   i   

Long Beach Mortgage Loan Trust

      0.960     02/25/35      32,122   
    

Series - 2005 1 (Class M1)

        

310,000

   i   

Renaissance Home Equity Loan Trust

      5.586     11/25/36      171,506   
    

Series - 2006 3 (Class AF3)

        

23,401

   i   

Residential Asset Securities Corp

      0.640     04/25/35      22,882   
    

Series - 2005 KS3 (Class M3)

        

100,000

   i   

Residential Funding Mortgage Securities II, Inc

      6.060     02/25/36      99,493   
    

Series - 2006 HI1 (Class M2)

        

49,347

   i   

Securitized Asset Backed Receivables LLC

      0.510     10/25/35      47,470   
    

Series - 2006 OP1 (Class A2C)

        

162,694

   g   

Sierra Receivables Funding Co LLC

      3.350     04/20/26      168,681   
    

Series - 2011 1A (Class A)

        

162,694

   g   

Sierra Receivables Funding Co LLC

      4.230     04/20/26      166,510   
    

Series - 2011 1A (Class B)

        

150,751

   g   

Sierra Receivables Funding Co LLC

      4.250     05/20/28      153,102   
    

Series - 2011 2A (Class B)

        

121,201

   g,m   

Sierra Receivables Funding Co LLC

      4.360     07/20/28      124,813   
    

Series - 2011 3A (Class B)

        

310,281

   g   

Sierra Receivables Funding Co LLC

      3.420     03/20/29      317,902   
    

Series - 2012 2A (Class B)

        

415,000

   g   

SLM Student Loan Trust

      4.370     04/17/28      457,973   
    

Series - 2011 A (Class A2)

        

105,000

   g   

SLM Student Loan Trust

      3.740     02/15/29      113,821   
    

Series - 2011 B (Class A2)

        

400,000

   g   

SLM Student Loan Trust

      3.830     01/17/45      432,023   
    

Series - 2012 A (Class A2)

        

91,524

   i   

Soundview Home Equity Loan Trust

      0.510     11/25/35      88,647   
    

Series - 2005 OPT3 (Class A4)

        

27,202

   i   

Structured Asset Investment Loan Trust

      0.610     05/25/35      26,995   
    

Series - 2005 4 (Class M1)

        

39,940

   i   

Structured Asset Investment Loan Trust

      0.490      12/25/35      39,665   
    

Series - 2005 10 (Class A5)

        

100,000

   g   

Vornado DP LLC

      5.280     09/13/28      113,501   
    

Series - 2010 VNO (Class C)

        

103,430

   g,m   

Wachovia Amortization Controlled Heloc NIM

      5.683     08/12/47      99,551   
    

Series - 2006 N1 (Class N1)

        

21,558

   i   

Wells Fargo Home Equity Trust

      0.350     07/25/36      21,290   
    

Series - 2006 2 (Class A3)

        
            

 

 

  
    

TOTAL ASSET BACKED

           6,148,209   
            

 

 

  

OTHER MORTGAGE BACKED - 3.8%

   

910,000

     

Banc of America Commercial Mortgage, Inc

      5.675     07/10/46      1,028,983   
    

Series - 2006 4 (Class AM)

        

280,000

   i   

Bear Stearns Commercial Mortgage Securities

      5.582     09/11/41      312,774   
    

Series - 2006 PW13 (Class AM)

        

250,000

   i   

Bear Stearns Commercial Mortgage Securities

      5.568     10/12/41      280,390   
    

Series - 2006 T24 (Class AM)

        

335,000

   i   

Commercial Mortgage Pass Through Certificates

      5.650     12/10/49      383,040   
    

Series - 2007 C9 (Class AM)

        

51,884

     

Countrywide Alternative Loan Trust

      5.500     08/25/16      53,673   
    

Series - 2004 30CB (Class 1A15)

        

14,886

     

Countrywide Home Loan Mortgage Pass Through Trust

      5.250     05/25/35      14,951   
    

Series - 2005 12 (Class 1A5)

        

1,939

     

Countrywide Home Loan Mortgage Pass Through Trust

      5.500     09/25/35      1,937   
    

Series - 2005 J3 (Class 1A1)

        

125,000

   g   

Credit Suisse Mortgage Capital Certificates

      5.626     05/15/23      142,678   
    

Series - 2006 OMA (Class D)

        

100,000

   g   

Credit Suisse Mortgage Capital Certificates

      5.383     02/15/40      104,537   
    

Series - 2009 RR1 (Class A3C)

        

50,000

     

CS First Boston Mortgage Securities Corp

      4.052     05/15/38      50,369   
    

Series - 2003 C3 (Class B)

        

 

100

Table of Contents

TTIAA-CREF LIFE FUNDS - Bond Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$50,000

   g   

GS Mortgage Securities Corp II

      2.933 %   06/05/31    $ 52,704   
    

Series - 2012 SHOP (Class A)

        

295,000

   g   

GS Mortgage Securities Corp II

      3.551     04/10/34      318,668   
    

Series - 2012 ALOH (Class A)

        

400,000

   g   

GS Mortgage Securities Corp II

      4.049     04/10/34      434,457   
    

Series - 2012 ALOH (Class B)

        

100,000

   g,i,m   

GS Mortgage Securities Corp II

      4.276     04/10/34      104,420   
    

Series - 2012 GSMS (Class C)

        

70,000

   g,i   

GS Mortgage Securities Corp II

      5.227     12/10/43      81,478   
    

Series - 2010 C2 (Class B)

        

120,000

   g,i   

GS Mortgage Securities Corp II

      5.227     12/10/43      134,318   
    

Series - 2010 C2 (Class C)

        

33,321

   g,i   

JP Morgan Chase Commercial Mortgage Securities Corp

      0.584     07/15/19      32,452   
    

Series - 2007 FL1A (Class A1)

        

350,000

     

JP Morgan Chase Commercial Mortgage Securities Corp

      5.440     05/15/45      393,200   
    

Series - 2006 LDP8 (Class AM)

        

100,000

   g,i   

JP Morgan Chase Commercial Mortgage Securities Corp

      5.252     07/15/46      110,163   
    

Series - 2011 C4 (Class C)

        

6,330

   i   

JP Morgan Mortgage Trust

      4.295     04/25/35      6,411   
    

Series - 2005 A2 (Class 5A1)

        

10,597

     

MASTER Asset Securitization Trust

      5.000     05/25/35      10,609   
    

Series - 2005 1 (Class 2A5)

        

41,024

   i   

Merrill Lynch Mortgage Trust

      5.107      07/12/38      44,745   
    

Series - 2005 CIP1 (Class AM)

        

200,000

   i   

Morgan Stanley Capital I

      5.478     02/12/44      224,297   
    

Series - 2007 HQ11 (Class AM)

        

22,000

   g,i   

Morgan Stanley Capital I

      5.254     09/15/47      23,429   
    

Series - 2011 C1 (Class D)

        

252,000

   g,i   

Morgan Stanley Capital I

      5.254     09/15/47      282,743   
    

Series - 2011 C1 (Class C)

        

30,000

   i   

Morgan Stanley Capital I

      5.544     11/12/49      32,689   
    

Series - 2007 T25 (Class AM)

        

111,701

     

Residential Accredit Loans, Inc

      4.350     03/25/34      114,610   
    

Series - 2004 QS4 (Class A1)

        

188,839

   i   

Residential Accredit Loans, Inc

      0.400     05/25/46      125,850   
    

Series - 2006 QO5 (Class 2A1)

        

79,952

   g,i   

Springleaf Mortgage Loan Trust

      2.667     09/25/57      80,895   
    

Series - 2012 1A (Class A)

        

91,184

   g,i   

Springleaf Mortgage Loan Trust

      2.220     10/25/57      93,929   
    

Series - 0 2A (Class A)

        

4,434

   i   

Structured Adjustable Rate Mortgage Loan Trust

      0.970     03/25/35      4,431   
    

Series - 2005 6XS (Class A3)

        

250,000

     

Wachovia Bank Commercial Mortgage Trust

      5.342     12/15/43      286,436   
    

Series - 2007 C30 (Class A5)

        

520,000

     

Wachovia Bank Commercial Mortgage Trust

      5.383     12/15/43      554,707   
    

Series - 2007 C30 (Class AM)

        

200,000

   i   

Wachovia Bank Commercial Mortgage Trust

      5.968     06/15/45      225,883   
    

Series - 2006 C26 (Class AM)

        

85,000

     

Wachovia Bank Commercial Mortgage Trust

      5.500     04/15/47      98,153   
    

Series - 2007 C31 (Class A5)

        

540,000

     

Wachovia Bank Commercial Mortgage Trust

      5.339     11/15/48      605,621   
    

Series - 2006 C29 (Class AM)

        

4,599

     

Wells Fargo Mortgage Backed Securities Trust

      5.500     04/25/35      4,593   
    

Series - 2005 2 (Class 1A1)

        

50,000

   g,i   

Wells Fargo Mortgage Backed Securities Trust

      5.276     11/15/43      57,762   
    

Series - 2010 C1 (Class B)

        
            

 

 

  
    

TOTAL OTHER MORTGAGE BACKED

           6,912,985   
            

 

 

  
    

TOTAL STRUCTURED ASSETS

(Cost $12,742,066)

           13,061,194   
            

 

 

  
    

TOTAL BONDS

(Cost $168,792,896)

           176,660,564   
            

 

 

  

 

101

Table of Contents

TTIAA-CREF LIFE FUNDS - Bond Fund

 

SHARES                

       

COMPANY                

    RATE     MATURITY
DATE		    VALUE  
            

PREFERRED STOCKS - 0.0%

        

BANKS - 0.0%

        

$5,517

   *   

Federal Home Loan Mortgage Corp

      8.375 %   12/30/49    $ 9,655   

17,265

   *   

Federal National Mortgage Association

      8.250     12/30/49      28,832   
            

 

 

  
    

TOTAL BANKS

           38,487   
            

 

 

  
    

TOTAL PREFERRED STOCKS

(Cost $569,550)

           38,487   
            

 

 

  

PRINCIPAL            

       

ISSUER                    

                 

SHORT-TERM INVESTMENTS - 2.9%

        

TREASURY DEBT - 2.9%

        

$3,000,000

     

United States Treasury Bill

      0.040     01/03/13      2,999,993   

2,300,000

     

United States Treasury Bill

      0.025      01/10/13      2,299,986   
    

TOTAL TREASURY DEBT

           5,299,979   
            

 

 

  
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,299,979)

           5,299,979   
            

 

 

  
    

TOTAL INVESTMENTS - 98.6%

(Cost $174,662,425)

           181,999,030   
    

OTHER ASSETS & LIABILITIES, NET - 1.4%

           2,563,988   
            

 

 

  
    

NET ASSETS - 100.0%

         $ 184,563,018   
            

 

 

  

 

* Non-income producing.

 

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2012, the aggregate value of these securities amounted to $33,265,206 or 18.0% of net assets.

 

h All or a portion of these securities were purchased on a delayed delivery basis.

 

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

 

m Indicates a security that has been deemed illiquid.

 

102

Table of Contents

TIAA-CREF LIFE FUNDS - Money Market Fund

 

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

December 31, 2012

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

SHORT-TERM INVESTMENTS - 100.0%

        

CERTIFICATE OF DEPOSIT - 1.3%

        

$329,000

     

Toronto-Dominion Bank

      0.200 %    01/24/13    $ 329,000   

500,000

     

Toronto-Dominion Bank

      0.220     02/05/13      500,000   
            

 

 

  
    

TOTAL CERTIFICATE OF DEPOSIT

           829,000   
            

 

 

  

COMMERCIAL PAPER - 35.5%

        

250,000

     

Australia & New Zealand Banking Group Ltd

      0.200     01/30/13      249,960   

500,000

     

Australia & New Zealand Banking Group Ltd

      0.190     02/08/13      499,900   

300,000

     

Australia & New Zealand Banking Group Ltd

      0.200     02/19/13      299,918   

250,000

     

Australia & New Zealand Banking Group Ltd

      0.205     03/12/13      249,900   

250,000

     

Bank of Nova Scotia

      0.150     01/04/13      249,997   

250,000

     

Bank of Nova Scotia

      0.130     01/10/13      249,992   

465,000

     

Bank of Nova Scotia

      0.210     02/01/13      464,916   

250,000

     

Bank of Nova Scotia

      0.260     05/01/13      249,783   

300,000

   y   

Coca-Cola Co

      0.170     01/11/13      299,986   

341,000

   y   

Coca-Cola Co

      0.210     02/20/13      340,900   

500,000

   y   

Coca-Cola Co

      0.150     03/08/13      499,863   

300,000

   y   

Commonwealth Bank of Australia

      0.195     01/08/13      299,989   

527,000

   y   

Fairway Finance LLC

      0.200     01/24/13      526,933   

750,000

   y   

Fairway Finance LLC

      0.190     02/07/13      749,854   

250,000

   y   

Fairway Finance LLC

      0.190     02/12/13      249,944   

500,000

     

General Electric Capital Corp

      0.160     01/25/13      499,947   

180,000

     

General Electric Capital Corp

      0.200     04/18/13      179,893   

290,000

     

General Electric Co

      5.000     02/01/13      291,136   

202,000

     

JPMorgan Chase Bank NA

      0.220     01/15/13      201,983   

126,000

     

JPMorgan Chase Bank NA

      0.210     01/17/13      125,988   

337,000

     

JPMorgan Chase Bank NA

      0.215     01/22/13      336,958   

201,000

     

JPMorgan Chase Bank NA

      0.230     02/21/13      200,934   

366,000

     

JPMorgan Chase Bank NA

      0.260     03/04/13      365,836   

294,000

   y   

Liberty Street Funding LLC

      0.195     01/14/13      293,979   

411,000

     

Merck & Co, Inc

      0.130     01/16/13      410,978   

300,000

   y   

National Australia Funding Delaware, Inc

      0.210     01/03/13      299,996   

340,000

   y   

National Australia Funding Delaware, Inc

      0.190     01/10/13      339,984   

1,000,000

   y   

National Australia Funding Delaware, Inc

      0.200     02/06/13      999,800   

320,000

   y   

Nestle Capital Corp

      0.220     05/15/13      319,738   

340,000

   y   

Nestle Capital Corp

      0.200     05/21/13      339,736   

300,000

   y   

Old Line Funding LLC

      0.230     01/23/13      299,958   

500,000

     

PACCAR Financial Corp

      0.150     02/01/13      499,935   

250,000

   y   

Private Export Funding Corp

      0.280     03/22/13      249,844   

1,000,000

   y   

Procter & Gamble Co

      0.160     02/04/13      999,849   

500,000

   y   

Procter & Gamble Co

      0.165     02/08/13      499,913   

422,000

   y   

Procter & Gamble Co

      0.165     02/11/13      421,921   

250,000

     

Province of Ontario Canada

      0.150     01/29/13      249,971   

500,000

     

Province of Ontario Canada

      0.165     02/14/13      499,899   

500,000

     

Province of Quebec Canada

      0.140     01/17/13      499,969   

325,000

     

Province of Quebec Canada

      0.165     02/12/13      324,938   

500,000

     

Province of Quebec Canada

      0.165     02/20/13      499,885   

285,000

     

Province of Quebec Canada

      0.155     02/21/13      284,937   

440,000

     

Standard Chartered Bank NY

      0.310     03/11/13      439,738   

300,000

     

Standard Chartered Bank NY

      0.330     04/02/13      299,750   

510,000

     

Straight-A Funding LLC

      0.150     01/08/13      509,985   

1,000,000

     

Straight-A Funding LLC

      0.190     03/05/13      999,668   

265,000

     

Thunder Bay Funding LLC

      0.220     01/29/13      264,955   

404,000

     

Thunder Bay Funding LLC

      0.200     03/11/13      403,845   

300,000

     

Thunder Bay Funding LLC

      0.210     03/12/13      299,877   

600,000

   y   

Unilever Capital Corp

      0.150     01/11/13      599,975   

 

103

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TIAA-CREF LIFE FUNDS - Money Market Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$250,000

   y   

Unilever Capital Corp

      0.250 %   01/17/13    $ 249,972   

500,000

     

US Bank NA

      0.180     03/18/13      499,810   

300,000

   y   

Variable Funding Capital Co LLC

      0.170     01/22/13      299,970   

320,000

   y   

Variable Funding Capital Co LLC

      0.170     01/29/13      319,958   

500,000

   y   

Wal-Mart Stores, Inc

      0.110     01/24/13      499,965   

474,000

   y   

Wal-Mart Stores, Inc

      0.100     02/05/13      473,954   
            

 

 

  
    

TOTAL COMMERCIAL PAPER

           22,181,162   
            

 

 

  

GOVERNMENT AGENCY DEBT - 34.8%

        

754,000

     

Federal Farm Credit Bank (FFCB)

      0.150     01/14/13      753,959   

718,000

     

Federal Home Loan Bank (FHLB)

      0.125     01/04/13      717,992   

453,000

     

FHLB

      0.100     01/11/13      452,986   

500,000

     

FHLB

      0.150     01/16/13      499,966   

650,000

     

FHLB

      0.108     02/13/13      649,907   

257,000

     

FHLB

      0.135     02/27/13      256,937   

150,000

     

FHLB

      0.170     01/23/13      149,984   

100,000

     

FHLB

      0.120     01/24/13      99,992   

450,000

     

Federal Home Loan Mortgage Corp (FHLMC)

      0.160     01/03/13      449,996   

97,000

     

FHLMC

      0.160     01/08/13      96,997   

630,000

     

FHLMC

      0.150     01/09/13      629,977   

148,000

     

FHLMC

      0.195     01/14/13      147,990   

646,000

     

FHLMC

      0.140     01/18/13      645,957   

644,000

     

FHLMC

      0.100     01/22/13      643,946   

765,000

     

FHLMC

      0.120     01/28/13      764,931   

400,000

     

FHLMC

      0.130     01/29/13      399,960   

900,000

     

FHLMC

      0.125     02/11/13      899,856   

514,000

     

FHLMC

      0.135     02/12/13      513,919   

250,000

     

FHLMC

      0.200     02/14/13      249,939   

325,000

     

FHLMC

      0.140     02/19/13      324,938   

183,000

     

FHLMC

      0.120     02/25/13      182,967   

287,000

     

FHLMC

      0.145     02/26/13      286,935   

88,000

     

FHLMC

      0.125     03/04/13      87,981   

500,000

     

FHLMC

      0.100     03/25/13      499,885   

336,000

     

FHLMC

      0.165     04/01/13      335,861   

109,000

     

FHLMC

      0.150     04/03/13      108,958   

4,300,000

     

FHLMC

      0.090     04/15/13      4,298,882   

1,029,000

     

Federal National Mortgage Association (FNMA)

      0.115     01/02/13      1,028,996   

500,000

     

FNMA

      0.180     01/03/13      499,995   

325,000

     

FNMA

      0.140     01/07/13      324,993   

500,000

     

FNMA

      0.150      01/08/13      499,985   

500,000

     

FNMA

      0.100     01/09/13      499,989   

300,000

     

FNMA

      0.160     01/30/13      299,961   

1,000,000

     

FNMA

      0.060     02/06/13      999,940   

262,000

     

FNMA

      0.155     02/14/13      261,950   

865,000

     

FNMA

      0.125     02/20/13      864,850   

370,000

     

FNMA

      0.145     02/27/13      369,915   

200,000

     

FNMA

      0.150     03/06/13      199,947   

800,000

     

FNMA

      0.095     03/27/13      799,821   
            

 

 

  
    

TOTAL GOVERNMENT AGENCY DEBT

           21,801,940   
            

 

 

  

TREASURY DEBT - 18.9%

        

500,000

     

United States Treasury Bill

      0.103     01/10/13      499,987   

663,000

     

United States Treasury Bill

      0.094     02/07/13      662,921   

250,000

     

United States Treasury Bill

      0.126     02/14/13      249,962   

1,500,000

     

United States Treasury Bill

      0.093     03/07/13      1,499,689   

260,000

     

United States Treasury Bill

      0.075     03/14/13      259,961   

1,198,000

     

United States Treasury Bill

      0.100     04/04/13      1,197,689   

300,000

     

United States Treasury Bill

      0.067     04/18/13      299,940   

235,000

     

United States Treasury Bill

      0.106     04/25/13      234,921   

170,000

     

United States Treasury Bill

      0.085     05/23/13      169,943   

150,000

     

United States Treasury Bill

      0.132     05/30/13      149,918   

150,000

     

United States Treasury Bill

      0.106     06/06/13      149,931   

 

104

Table of Contents

TIAA-CREF LIFE FUNDS - Money Market Fund

 

PRINCIPAL                

       

ISSUER                

    RATE     MATURITY
DATE		    VALUE  
            

$300,000

     

United States Treasury Bill

      0.103 %   06/27/13    $ 299,848   

300,000

     

United States Treasury Note

      1.375     01/15/13      300,139   

400,000

     

United States Treasury Note

      0.625     01/31/13      400,148   

848,000

     

United States Treasury Note

      1.375     02/15/13      849,257   

500,000

     

United States Treasury Note

      0.625     02/28/13      500,357   

220,000

     

United States Treasury Note

      1.375     03/15/13      220,535   

438,000

     

United States Treasury Note

      1.750     04/15/13      440,041   

395,000

     

United States Treasury Note

      0.625     04/30/13      395,540   

500,000

     

United States Treasury Note

      1.375     05/15/13      502,177   

695,000

     

United States Treasury Note

      0.500     05/31/13      695,926   

250,000

     

United States Treasury Note

      1.000     07/15/13      251,125   

400,000

     

United States Treasury Note

      0.375     07/31/13      400,480   

405,000

     

United States Treasury Note

      0.750     08/15/13      406,558   

500,000

     

United States Treasury Note

      0.125     09/30/13      499,695   

300,000

     

United States Treasury Note

      0.500     11/15/13      300,770   
            

 

 

  
    

TOTAL TREASURY DEBT

           11,837,458   
            

 

 

  

VARIABLE RATE SECURITIES - 9.5%

        

250,000

   i   

Federal Farm Credit Bank (FFCB)

      0.240     02/01/13      249,996   

300,000

   i   

FFCB

      0.241     03/15/13      299,982   

200,000

   i   

FFCB

      0.266     03/28/13      200,000   

350,000

   i   

FFCB

      0.222     06/12/13      350,016   

250,000

   i   

FFCB

      0.578     08/19/13      249,921   

200,000

   i   

FFCB

      0.261     08/26/13      199,936   

310,000

   i   

FFCB

      0.370     08/26/13      309,980   

250,000

   i   

FFCB

      0.250     09/23/13      249,963   

300,000

   i   

FFCB

      0.390     09/23/13      299,991   

250,000

   i   

FFCB

      0.310     10/15/13      249,821   

250,000

   i   

Federal Home Loan Bank (FHLB)

      0.281      03/06/13      250,004   

500,000

   i   

FHLB

      0.360     08/16/13      500,000   

500,000

   i   

Federal Home Loan Mortgage Corp (FHLMC)

      0.165     02/04/13      499,981   

830,000

   i   

FHLMC

      0.163     05/06/13      829,857   

300,000

   i   

Federal National Mortgage Association (FNMA)

      0.221     03/14/13      299,983   

200,000

   i   

FNMA

      0.191     06/20/14      199,956   

300,000

   i   

Royal Bank of Canada

      0.570     06/07/13      300,000   

400,000

   i   

Royal Bank of Canada

      0.470     07/15/13      400,000   
            

 

 

  
    

TOTAL VARIABLE RATE SECURITIES

           5,939,387   
            

 

 

  
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $62,588,947)

           62,588,947   
            

 

 

  
    

TOTAL PORTFOLIO - 100.0%

(Cost $62,588,947)

           62,588,947   
    

OTHER ASSETS & LIABILITIES, NET - 0.0%

           9,497   
            

 

 

  
    

NET ASSETS - 100.0%

         $ 62,598,444   
            

 

 

  

 

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

 

y Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2012, the aggregate value of these securities was $10,475,981 or 16.7% of net assets.

 

105

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of the TIAA-CREF Life Funds:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, and Money Market Fund (constituting TIAA-CREF Life Funds, hereafter referred to as the “Funds” or each individually referred to as the “Fund”), at December 31, 2012 and for the year then ended, and have issued our unqualified report thereon dated February 19, 2013 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Fund’s schedule of investments in securities (the “Schedules”) as of December 31, 2012 appearing in Item 6 of this Form N-CSR. The Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/  PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

February 19, 2013

Boston, Massachusetts

 

 

106

Table of Contents

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

Not Applicable.

Table of Contents

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

Not Applicable.

Table of Contents

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

Not Applicable.

Table of Contents

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.

Table of Contents

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report 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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Table of Contents

Item 12. Exhibits.

12(a)(1) Copy of current Code of Ethics

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

Table of Contents

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: March 1, 2013     By:  

/s/ Roger W. Ferguson, Jr.

  
      Roger W. Ferguson, Jr.
      Principal Executive Officer and President

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

 

Dated: March 1, 2013     By:  

/s/ Roger W. Ferguson, Jr.

  
      Roger W. Ferguson, Jr.
      Principal Executive Officer and President
      (principal executive officer)

 

Dated: March 1, 2013     By:  

/s/ Phillip G. Goff

  
      Phillip G. Goff
      Principal Financial Officer, Principal Accounting
      Officer and Treasurer
      (principal financial officer)

Table of Contents

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics

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