UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-08961
TIAA-CREF LIFE FUNDS
(Exact name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip code)
Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-490-9000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2007
Item 1. Reports to Stockholders.
2007 SEMIANNUAL REPORT
TIAA-CREF
LIFE FUNDS
JUNE 30, 2007
Financial statements (unaudited)
including summary portfolios of investments
Growth Equity Stock Index
Growth & Income Social Choice Equity
International Equity Real Estate Securities
Large-Cap Value Bond
Small-Cap Equity Money Market
SIGN UP FOR ELECTRONIC DELIVERY AT
www.tiaa-cref.org
FINANCIAL SERVICES
FOR THE GREATER GOOD®
PERFORMANCE OVERVIEW AS OF JUNE 30, 2007
The TIAA-CREF Life Funds serve as investment vehicles for the TIAA-CREF Life Separate Account VA-1 (which offers Personal Annuity Select, Lifetime Variable Select and Single Premium Immediate Annuity contracts) and TIAA-CREF Life Separate Account VLI-1 (which offers the Variable Universal Life and Intelligent Life contracts). The returns of the TIAA-CREF Life Funds shown here do not reflect the administrative expense and the mortality and expense risk charges deducted by the products mentioned above. Because of these additional deductions, the returns on the investment subaccounts offered through the contracts that invest in these funds are lower, for the same periods, than the figures shown here.
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| Average annual compound rates |
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| Inception date |
| 1 year |
| 5 years |
| since |
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EQUITIES |
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Growth Equity Fund |
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| 4/3/2000 |
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| 18.43 | % |
| 8.48 | % |
| –5.75 | % |
Growth & Income Fund |
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| 4/3/2000 |
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| 26.18 |
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| 11.43 |
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| 1.66 |
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International Equity Fund |
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| 4/3/2000 |
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| 34.26 |
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| 19.65 |
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| 4.83 |
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Large-Cap Value Fund |
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| 10/28/2002 |
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| 24.88 |
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| — |
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| 19.27 |
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Small-Cap Equity Fund |
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| 10/28/2002 |
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| 15.32 |
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| — |
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| 20.84 |
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Stock Index Fund |
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| 1/4/1999 |
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| 19.99 |
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| 11.48 |
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| 4.91 |
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Social Choice Equity Fund |
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| 4/3/2000 |
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| 18.82 |
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| 11.59 |
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| 2.58 |
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Real Estate Securities Fund |
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| 10/28/2002 |
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| 12.85 |
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| — |
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| 23.10 |
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FIXED INCOME |
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Bond Fund |
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| 7/8/2003 |
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| 6.12 |
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| — |
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| 3.23 |
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Money Market Fund* |
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| 7/8/2003 |
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| 5.41 |
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| — |
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| 3.21 |
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NET ANNUALIZED YIELD |
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| NET ANNUALIZED YIELD |
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(30-day period ended 6/30/2007) |
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| (7-day period ended 6/26/2007) |
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| Effective |
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| Current |
| Effective |
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Bond Fund |
| 5.69% |
| Money Market Fund* |
| 5.29% |
| 5.43% |
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* | Investments in the TIAA-CREF Life Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund. |
The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 223-1200. |
UNDERSTANDING YOUR TIAA-CREF LIFE FUNDS REPORT
This report contains information about the TIAA-CREF Life Funds and describes the funds’ results for the six-month period that ended on June 30, 2007.
It includes a letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, that explains how returns among various types of investments differed during the period.
We have revised the report to give you additional information:
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• | Fund profiles provide key fund statistics at a glance, including the number of holdings and the portfolio turnover rate. For funds that invest in stocks, you will also see price-to-earnings ratios and dividend yields. For the Bond Fund, you will see information about credit quality, yields and maturities. |
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• | Portfolio composition tables show breakdowns of each fund’s holdings by industry or security type. |
We hope these enhancements will help you find the information you need more quickly so you can manage your investments more easily.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. Please visit our website at www.tiaa-cref.org, or call 800 223-1200, for contract and fund prospectuses that contain this and other important information. We urge you to read them carefully before investing.
CONTENTS
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| Financial statements |
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Fund performance |
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| Inside back cover | |||
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REPORT ON THE TIAA-CREF LIFE FUNDS
In the first half of 2007, both U.S. and foreign stocks scored strong gains, but share prices became more volatile. Global markets were jolted in late February by a sudden drop in Chinese stocks. Prices soon rebounded, but heightened volatility returned during the second quarter, as investors worried about the downturn in U.S. home sales and about problems in the credit markets.
During the six-month period, the Russell 3000® Index, one of the broadest measures of the U.S. stock market, rose 7.1%—just under the 7.6% average annual return of the index over the ten years that ended June 30, 2007. U.S. stocks continued to benefit from gains in corporate profits and moderate economic growth.
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Because stocks recently outperformed fixed-income investments, you may want to review your portfolio to check your asset allocation. |
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The MSCI EAFE® Index, which tracks 21 stock markets in developed nations outside North America, rose 10.7% in dollar terms. This robust return owed much to the increased value of the euro and pound versus the dollar, as well as to higher corporate profits in Europe. German stocks returned 24.1% in terms of dollars, while French stocks were up 13.0%. The average annual return for the index over the ten-year period was 8.0% in dollar terms.
Bond prices drop as expectations change
The Federal Reserve held short-term interest rates at 5.25% throughout the first half of 2007, keeping the bond market guessing about the future direction of rates. During the first quarter, many investors believed the Fed would cut rates later in the year, and yields on 10-year Treasury notes fell.
The Lehman Brothers U.S. Aggregate Index, which measures the return of investment-grade bonds, rose 1.5% in the first quarter.
When hopes of a rate cut faded during the second quarter, 10-year Treasury yields climbed, and the Lehman index posted a 0.5% loss. For the six-month period, the Lehman index returned 1.0%.
2 2007 Semiannual Report § TIAA-CREF Life Funds
Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.
Seven funds outperform
During the six-month period, six of the eight TIAA-CREF Life Funds that invest in stocks outperformed their benchmarks. In addition, the Money Market Fund outpaced the industry average.
Returns ranged from –5.7% for the Real Estate Securities Fund to 14.8% for the International Equity Fund.
Disappointing returns in the bond market had an adverse effect on the Bond Fund, which returned 0.8%.
With short-term interest rates on hold since June of 2006, there was little change in the performance of the Money Market Fund. It returned 2.7% for the six-month period, higher than the prevailing money market average, as measured by iMoneyNet.
Have the markets unbalanced your portfolio?
Because stocks recently outperformed fixed-income investments, you may want to review your portfolio’s asset allocation to ensure that your investment strategy stays on track. Many investors rebalance their portfolios once or twice each year, restoring their allocations in each asset class (stocks, bonds and cash) to the levels they originally intended.
Of course, your objectives may change over time. The right mix of investments depends on your financial needs and time horizon, as well as your attitude toward risk. If you would like help finding the mix that’s best for you, we invite you to visit our website or to call us.
/s/ Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.
TIAA-CREF Life Funds § 2007 Semiannual Report 3
MORE INFORMATION ON THE TIAA-CREF LIFE FUNDS
Portfolio listings
SEC rules intended to provide investors with more meaningful information about fund performance allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings. The funds file complete portfolio listings with the SEC, which are available to investors.
You can obtain a complete list of the TIAA-CREF Life Funds’ holdings (called “TIAA-CREF Life Funds Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended June 30, 2007) in the following ways:
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• | by visiting the TIAA-CREF website at www.tiaa-cref.org; or |
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• | by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Life Funds’ holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of December 31 or June 30; Form N-Q lists holdings as of March 31 or September 30.) Copies of these forms are available:
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• | through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or |
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• | at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.) |
Proxy voting
TIAA-CREF Life Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found at our website at www.tiaa-cref.org or on the SEC website at www.sec.gov. You may also call us at 800 223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found at our website or at www.sec.gov.
Contacting TIAA-CREF
There are three easy ways to contact us: by email, using the Contact Us link at the top of our homepage; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 223-1200.
Fund management
TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day operations of the funds.
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4 | 2007 Semiannual Report § TIAA-CREF Life Funds |
Agency securities are bonds issued by U.S. government entities such as Fannie Mae.
Asset-backed securities are bonds backed by loans or by the outstanding amounts owed to a bank, credit card company or other lender.
Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000® Index or S&P 500® Index, whose performance can be used as a standard by which to judge the performance of a fund.*
Commercial paper refers to short-term debt obligations issued to investors by banks, corporations and other borrowers. Maturities range from 1 to 270 days.
Emerging markets are nations with relatively low per capita income levels and above-average economic growth rates or prospects for growth.
Expense ratio is the amount that investors pay for the management of a fund. The amount is expressed as a percentage of the fund’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”
Market capitalization is the total value of a company’s outstanding stock. It is calculated by multiplying the total number of a company’s outstanding shares by the current market price per share.
Maturity date is the date on which the principal amount of a note, bond or other debt instrument becomes due or payable.
Mortgage-backed securities are bonds that represent an interest in a pool of mortgages usually issued by Ginnie Mae, Fannie Mae or other federal entities.
Overweight holding is a security held by a fund. In terms of market capitalization, its percentage of the fund is larger than that same security’s percentage of the benchmark. See also “Underweight holding.”
Peer groups are groupings of mutual funds with similar objectives whose performance can be compared with that of an individual mutual fund with a similar objective.
Price/earnings ratio (P/E) is calculated by dividing the market value of a portfolio’s assets by its earnings per share over a twelve-month period.
Portfolio turnover rate is calculated by dividing the market value of securities bought and sold during a given period by the average value of the fund’s assets during that period.
Relative performance is the return of a fund in relation to the return of its benchmark index.
Securities is a general name for stocks (also known as “equities”), bonds (also known as “fixed-income securities”) or other investments.
Total return is the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the investment.
Underweight holding is a security held by a fund. In terms of market capitalization, its percentage of the fund is smaller than that same security’s percentage of the benchmark. See also “Overweight holding.”
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* | Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc. |
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TIAA-CREF Life Funds § 2007 Semiannual Report | 5 |
IMPORTANT INFORMATION ABOUT EXPENSES
Shareholders in the TIAA-CREF Life Funds incur only one of two potential types of costs.
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• | Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees. |
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• | However, they do incur ongoing costs, including management fees. |
The TIAA-CREF Life Funds are the underlying investment vehicles for certain variable life insurance and variable annuity contracts issued by TIAA-CREF Life Insurance Company. These contracts have additional administrative expense fees and mortality and expense risk charges. Because of these additional deductions, the costs to investors will be higher than the figures shown in the expense examples.
The examples that appear on the performance pages are intended to help you understand your ongoing costs (in dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other funds.
The examples assume $1,000 was invested on January 1, 2007, and held for six months until June 30, 2007.
Actual expenses
The first line in each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.
Simply divide your fund value by $1,000 (for example, an $8,600 fund value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.
Hypothetical example for comparison purposes
The second line in the table shows hypothetical fund values and hypothetical expenses based on the fund’s actual expense ratio for the six-month period and an assumed annual rate of return of 5% before expenses—which is not the fund’s actual return.
Do not use the hypothetical fund values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual fund with the ongoing costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
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6 | 2007 Semiannual Report § TIAA-CREF Life Funds |
GROWTH EQUITY FUND LARGE-CAP GROWTH STOCKS
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Growth Equity Fund returned 9.05% for the period, compared with the 8.13% gain of its benchmark, the Russell 1000® Growth Index, and the 8.13% average return of the fund’s peer group, the Morningstar Large Growth category.
Large-cap growth overtakes large-cap value
For the six-month period, large-cap growth stocks recorded robust results and outpaced large-cap value issues, which rose 6.23%, as measured by the Russell 1000 Value Index. All of the outperformance occurred during the second quarter, when large-cap growth stocks advanced 6.86%, versus 4.93% for large-cap value stocks.
This marked the first time in the past six quarters that the Russell 1000 Growth Index had outperformed the Russell 1000 Value Index.
For the ten years ended June 30, 2007, large-cap growth produced an average annual return of 4.39%—less than half the 9.87% average annual return of large-cap value.
Broad-based advance lifts the index
All twelve sectors of the Russell 1000 Growth Index posted positive returns, including five that registered double-digit gains. The benchmark was boosted by strong performance from its largest sector, technology, which made up more than one-fifth of the benchmark’s market capitalization as of June 30, 2007, and rose 10.0%. Strong contributions from the health care and consumer discretionary sectors also drove the benchmark higher.
In contrast, the consumer staples and financial sectors posted lackluster returns.
Stock selections push the fund above the benchmark
For the period, the fund topped its benchmark on the strength of numerous successful stock selections. Among the chief contributors were overweight holdings, relative to the benchmark, in Apple and agricultural giant Monsanto. Two positions in nonbenchmark stocks also helped returns: electrical products maker Cooper Industries and Australia’s BHP Billiton, one of the world’s largest mining companies.
Positions that did not perform as anticipated and adversely affected returns included overweights in semiconductor maker Marvell Technology and International Game Technology.
On June 30, 2007, foreign securities made up 6.42% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.
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TIAA-CREF Life Funds § 2007 Semiannual Report | 7 |
GROWTH EQUITY FUND LARGE-CAP GROWTH STOCKS
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, style risk, large-cap risk, reorganization risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.1
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PERFORMANCE AS OF JUNE 30, 2007 |
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| Total |
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| 6 months |
| 1 year |
| 5 years |
| since |
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Growth Equity Fund (inception: 4/3/2000) |
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| 9.05 | % |
| 18.43 | % |
| 8.48 | % |
| –5.75 | % |
Russell 1000 Growth Index |
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| 8.13 |
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| 19.04 |
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| 9.28 |
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| –4.58 |
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Morningstar Large Growth |
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| 8.13 |
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| 17.17 |
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| 8.96 |
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| –2.82 |
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* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
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1 | Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. |
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8 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE APRIL 3, 2000 INCEPTION
An investment of $10,000 in this fund on April 3, 2000, would be worth $6,511 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
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* | Does not include returns from April 3, 2000, through December 31, 2000 |
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† | Partial year |
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TIAA-CREF Life Funds § 2007 Semiannual Report | 9 |
GROWTH EQUITY FUND LARGE-CAP GROWTH STOCKS
EXPENSE EXAMPLE
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Six months ended June 30, 2007 | ||||||||||
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Growth Equity Fund |
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| Expenses paid* |
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Actual return |
| $ | 1,000.00 |
| $ | 1,090.50 |
| $ | 1.35 |
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5% annual hypothetical return |
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| 1,000.00 |
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| 1,023.50 | † |
| 1.30 |
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* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.26%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
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† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
For more information about this expense example, please see page 6.
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FUND PROFILE | ||||
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Net assets | $30.66 million |
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Number of holdings |
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| 80 |
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Portfolio turnover rate |
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| 111% |
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Weighted median market capitalization | $43.9 billion |
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P/E ratio (weighted 12-month trailing average) |
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| 25.8 |
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Dividend yield | 0.87% | |||
2007 expense ratio‡ | 0.26% | |||
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‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
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PORTFOLIO COMPOSITION |
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% of portfolio investments | ||||
Manufacturing & materials |
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| 31.3 |
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Consumer products & services |
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| 29.5 |
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Technology |
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| 22.4 |
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Financial |
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| 10.3 |
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Energy |
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| 5.1 |
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Utilities |
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| 0.9 |
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Transportation |
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| 0.5 |
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Total |
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| 100.0 |
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HOLDINGS BY COMPANY SIZE |
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% of portfolio investments | ||||
Over $15 billion |
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| 85.3 |
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$4 billion–$15 billion |
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| 13.4 |
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Under $4 billion |
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| 1.3 |
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Total |
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| 100.0 |
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10 | 2007 Semiannual Report § TIAA-CREF Life Funds |
GROWTH & INCOME FUND LARGE-CAP, DIVIDEND-PAYING STOCKS
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Growth & Income Fund returned 10.84% for the period, compared with the 6.96% gain of its benchmark, the S&P 500® Index, and the 7.34% average return of the fund’s peer group, the Morningstar Large Blend category.
Large-caps lag the broad market
During the six-month period, the large-cap stocks of the S&P 500 registered strong results but fell short of the 7.11% gain of the broad-based Russell 3000® Index. The returns of the Russell 3000 were helped by the continued strength of mid-cap stocks, which constituted more than 15% of the Russell index during the period. The S&P 500 included few mid-cap stocks.
For the ten years ended June 30, 2007, the S&P 500 produced an average annual return of 7.12%—below the 7.61% average annual return of the Russell 3000 over the same period.
Three sectors drive the index
During the six-month period, nine of the ten sectors of the S&P 500 advanced, and four scored double-digit gains. The energy, industrials and information technology sectors, which together made up more than one-third of the benchmark’s total market capitalization on June 30, 2007, led the way, rising 17.2%, 11.0% and 9.3%, respectively.
The weakest results came from the benchmark’s largest sector, financials, which made up more than one-fifth of the benchmark and fell 0.8% during the period.
Successful stock picks propel the fund above the benchmark
During the period, the fund outpaced its benchmark by nearly four percentage points, largely because several nonbenchmark holdings posted strong returns. These included First Solar, a maker of grid-connected solar power plants; Cameron International, which provides equipment for gas and oil drilling; and Mosaic, one of the leading fertilizer producers. An overweight position in Medco Health Solutions also contributed to the fund’s stellar showing.
These positive effects on relative performance more than offset the negative impact of other holdings that included an underweight position in student loan provider SLM Corporation (Sallie Mae). Overweight positions in Liz Claiborne and semiconductor maker LSI also reduced the fund’s return slightly.
On June 30, 2007, foreign securities made up 7.72% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.
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TIAA-CREF Life Funds § 2007 Semiannual Report | 11 |
GROWTH & INCOME FUND LARGE-CAP, DIVIDEND-PAYING STOCKS
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return through both capital appreciation and investment income, primarily from income-producing equity securities.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, style risk, large-cap risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The S&P 500® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy. You cannot invest directly in this index.1
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PERFORMANCE AS OF JUNE 30, 2007 |
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| 1 year |
| 5 years |
| since |
| ||||
Growth & Income Fund (inception: 4/3/2000) |
|
| 10.84 | % |
| 26.18 | % |
| 11.43 | % |
| 1.66 | % |
S&P 500 Index |
|
| 6.96 |
|
| 20.59 |
|
| 10.70 |
|
| 1.71 |
|
Morningstar Large Blend |
|
| 7.34 |
|
| 19.50 |
|
| 10.29 |
|
| 2.57 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
1 | S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies. |
|
|
12 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE APRIL 3, 2000 INCEPTION
An investment of $10,000 in this fund on April 3, 2000, would have grown to $11,272 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from April 3, 2000, through December 31, 2000 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 13 |
GROWTH & INCOME FUND LARGE-CAP, DIVIDEND-PAYING STOCKS
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Growth & Income Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 1,108.40 |
| $ | 1.20 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,023.65 | † |
| 1.15 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.23%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
|
|
For more information about this expense example, please see page 6. |
|
FUND PROFILE |
|
|
|
|
|
Net assets |
|
| $69.98 million |
|
Number of holdings |
|
| 133 |
|
Portfolio turnover rate |
|
| 90% |
|
Weighted median market capitalization |
|
| $64.1 billion |
|
P/E ratio (weighted 12-month trailing average) |
|
| 19.7 |
|
Dividend yield |
|
| 1.59% |
|
2007 expense ratio‡ |
|
| 0.23% |
|
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
PORTFOLIO COMPOSITION |
|
|
|
|
|
|
| % of portfolio investments |
| |
| ||||
Manufacturing & materials |
|
| 25.1 |
|
Consumer products & services |
|
| 24.8 |
|
Financial |
|
| 19.5 |
|
Technology |
|
| 18.9 |
|
Energy |
|
| 9.1 |
|
Utilities |
|
| 2.6 |
|
| ||||
Total |
|
| 100.0 |
|
|
HOLDINGS BY COMPANY SIZE |
|
|
|
|
|
|
| % of portfolio investments |
| |
| ||||
Over $15 billion |
|
| 80.4 |
|
$4 billion–$15 billion |
|
| 13.9 |
|
Under $4 billion |
|
| 5.7 |
|
| ||||
Total |
|
| 100.0 |
|
|
|
14 | 2007 Semiannual Report § TIAA-CREF Life Funds |
INTERNATIONAL EQUITY FUND FOREIGN STOCKS
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The International Equity Fund returned 14.79% for the period, compared with the 10.74% gain of the fund’s benchmark, the MSCI EAFE® Index, and the 10.72% average return of the fund’s peer group, the Morningstar Foreign Large Blend category.
Foreign stocks outpace U.S. shares
For the six-month period, the return of the EAFE index, which measures stocks in developed foreign markets, was more than three and one-half percentage points higher than the 7.11% advance of the Russell 3000® Index, which measures the broad U.S. stock market. A weaker dollar contributed to this strong outperformance: in terms of local currencies, the EAFE advanced 9.46% for the six months, but the rising value of the euro and pound versus the dollar boosted this gain to 10.74% in dollar terms. For the ten years ended June 30, 2007, foreign and domestic stocks had nearly identical performance: the average annual return of the EAFE was 7.66% in dollars, compared with 7.61% for the Russell 3000.
European stocks lead the way
The benchmark’s European segment rose 12.49% in dollars, fueled by German, French and British stocks, which climbed 24.08%, 12.95% and 10.83%, respectively. Together these three components made up more than 40% of the EAFE’s market capitalization at the end of the period. The Pacific segment returned 6.89% in dollars, restrained by modest results in Japan. Japanese stocks were up 6.59% in yen terms, but a decline in the yen’s value versus the dollar reduced this gain to 2.85% in dollar terms.
Stock selections propel the fund above the benchmark
The fund surpassed its benchmark by a wide margin because of numerous favorable stock selections. Among the holdings that contributed the most to the fund’s outperformance were overweight positions in German drug maker Bayer and Italian car maker Fiat. Also boosting returns were nonbenchmark holdings that included China Coal Energy and two German stocks, steel company Kloeckner and engineering firm GEA Group.
The positive effects of these holdings were partly offset by overweights that did not perform as well as anticipated, including French retailing giant Carrefour and three Japanese companies—Sumitomo Osaka Cement, Nippon Sheet Glass and banking group Resona Holdings.
As of June 30, 2007, stocks of companies in emerging markets, which are not included in the benchmark, made up approximately 2.8% of the fund’s total portfolio investments.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 15 |
INTERNATIONAL EQUITY FUND FOREIGN STOCKS
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including foreign investment risks and small-cap risk. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The MSCI EAFE® (Europe, Australasia, Far East) Index measures the performance of the leading stocks in 21 developed countries outside North America. You cannot invest directly in this index.1
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Average annual compound |
| ||||||||
|
|
|
| ||||||||||
|
| 6 months |
| 1 year |
| 5 years |
| since |
| ||||
International Equity Fund (inception: 4/3/2000) |
|
| 14.79 | % |
| 34.26 | % |
| 19.65 | % |
| 4.83 | % |
MSCI EAFE Index |
|
| 10.74 |
|
| 27.00 |
|
| 17.72 |
|
| 5.80 |
|
Morningstar Foreign Large Blend |
|
| 10.72 |
|
| 26.76 |
|
| 16.02 |
|
| 4.06 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
1 | From May 31, 2001, through May 31, 2002, MSCI published both a “standard” and a “provisional” version of this index while its composition was being revised. The fund used the provisional version from July 1, 2001, through May 31, 2002, and the returns shown reflect this. EAFE is a trademark of Morgan Stanley Capital International, Inc. |
|
|
16 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE APRIL 3, 2000 INCEPTION
An investment of $10,000 in this fund on April 3, 2000, would have grown to $14,076 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from April 3, 2000, through December 31, 2000 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 17 |
INTERNATIONAL EQUITY FUND FOREIGN STOCKS
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
International Equity Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 1,147.90 |
| $ | 1.65 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,023.25 | † |
| 1.55 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.31%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
|
|
For more information about this expense example, please see page 6. |
|
|
|
|
|
FUND PROFILE | ||||
| ||||
Net assets |
|
| $143.15 million |
|
Number of holdings |
|
| 116 |
|
Portfolio turnover rate |
|
| 142% |
|
Weighted median market capitalization |
|
| $27.9 billion |
|
P/E ratio (weighted 12-month trailing average) |
|
| 19.7 |
|
Dividend yield |
|
| 1.66% |
|
2007 expense ratio‡ |
|
| 0.31% |
|
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
HOLDINGS BY COMPANY SIZE |
|
|
|
|
|
|
|
| % of portfolio investments |
|
Over $15 billion |
|
| 62.5 |
|
$4 billion–$15 billion |
|
| 19.0 |
|
Under $4 billion |
|
| 18.5 |
|
Total |
|
| 100.0 |
|
|
HOLDINGS BY COUNTRY |
|
|
|
|
|
Country |
| % of portfolio investments |
| |
Germany |
|
| 29.7 |
|
Japan |
|
| 20.2 |
|
France |
|
| 15.3 |
|
Switzerland |
|
| 8.4 |
|
United Kingdom |
|
| 5.7 |
|
Italy |
|
| 4.2 |
|
Hong Kong |
|
| 3.1 |
|
Finland |
|
| 2.7 |
|
Russia |
|
| 2.5 |
|
Australia |
|
| 1.4 |
|
8 other nations |
|
| 6.8 |
|
Total |
|
| 100.0 |
|
|
PORTFOLIO COMPOSITION |
|
|
|
|
|
|
| % of portfolio investments |
| |
Manufacturing & materials |
|
| 36.2 |
|
Financial |
|
| 24.1 |
|
Consumer products & services |
|
| 23.1 |
|
Transportation |
|
| 5.4 |
|
Energy |
|
| 4.3 |
|
Technology |
|
| 3.8 |
|
Utilities |
|
| 3.1 |
|
Total |
|
| 100.0 |
|
|
|
18 | 2007 Semiannual Report § TIAA-CREF Life Funds |
LARGE-CAP VALUE FUND VALUE STOCKS OF LARGER COMPANIES
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Large-Cap Value Fund returned 9.41% for the period, compared with the 6.23% gain of its benchmark, the Russell 1000® Value Index, and the 7.31% average return of the fund’s peer group, the Morningstar Large Value category.
Large-cap value trails large-cap growth
For the six-month period, large-cap value stocks posted a solid gain, but failed to match the 8.13% return of large-cap growth stocks, as measured by the Russell 1000 Growth Index. All of the underperformance occurred during the second quarter, when large-cap growth stocks advanced 6.86%, versus 4.93% for large-cap value stocks.
This marked the first time in the past six quarters that the Russell 1000 Growth Index had outperformed the Russell 1000 Value Index.
For the ten years ended June 30, 2007, however, large-cap value produced an average annual return of 9.87%—nearly five and one-half percentage points higher than the 4.39% average annual gain registered by large-cap growth.
Six sectors post double-digit gains
For the six-month period, eleven of the twelve benchmark sectors posted positive returns, including six with double-digit gains. The “other energy,” integrated oils and utilities sectors, which together made up more than 25% of the benchmark’s total market capitalization on June 30, 2007, climbed 28.5%, 13.1% and 10.3%, respectively.
The biggest detractor from performance came from financials, the largest sector of the index, which constituted more than one-third of the benchmark’s total market capitalization and fell 1.7% during the period.
Stock selections lift the fund above the benchmark
The fund outpaced its benchmark by more than three percentage points because of overweight positions in several stocks that posted strong gains. These included RadioShack, industrial conglomerate Honeywell International and Ford. An underweight position in Bank of America also aided returns.
Detractors from relative performance included out-of-benchmark holdings in HealthSouth, Accredited Home Lenders and Canadian paper manufacturer Abitibi-Consolidated.
On June 30, 2007, foreign securities made up 9.63% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 19 |
LARGE-CAP VALUE FUND VALUE STOCKS OF LARGER COMPANIES
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including large-cap risk, value investing risks, style risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Russell 1000® Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.1
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Average annual compound |
| |||||
|
|
| ||||||||
|
| 6 months |
| 1 year |
| since inception |
| |||
Large-Cap Value Fund (inception: 10/28/2002) |
|
| 9.41 | % |
| 24.88 | % |
| 19.27 | % |
Russell 1000 Value Index |
|
| 6.23 |
|
| 21.87 |
|
| 17.47 |
|
Morningstar Large Value |
|
| 7.31 |
|
| 20.98 |
|
| 15.71 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
1 | Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. |
|
|
20 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE OCTOBER 28, 2002 INCEPTION
An investment of $10,000 in this fund on October 28, 2002, would have grown to $22,825 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from October 28, 2002, through December 31, 2002 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 21 |
LARGE-CAP VALUE FUND VALUE STOCKS OF LARGER COMPANIES
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Large-Cap Value Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 1,094.10 |
| $ | 1.30 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,023.55 | † |
| 1.25 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.25%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
|
|
For more information about this expense example, please see page 6. |
|
FUND PROFILE |
|
|
|
|
|
Net assets |
| $80.18 million |
| |
Number of holdings |
|
| 164 |
|
Portfolio turnover rate |
|
| 110% |
|
Weighted median market capitalization |
|
| $30.2 billion |
|
P/E ratio (weighted 12-month trailing average) |
|
| 16.4 |
|
Dividend yield |
|
| 1.95% |
|
2007 expense ratio‡ |
|
| 0.25% |
|
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
PORTFOLIO COMPOSITION |
|
|
|
|
|
|
|
| % of portfolio investments |
|
Financial |
|
| 33.1 |
|
Consumer products & services |
|
| 18.7 |
|
Manufacturing & materials |
|
| 14.6 |
|
Technology |
|
| 13.2 |
|
Energy |
|
| 10.0 |
|
Utilities |
|
| 3.9 |
|
Transportation |
|
| 1.5 |
|
Short-term investments§ |
|
| 5.0 |
|
Total |
|
| 100.0 |
|
|
|
§ | Excludes $11.02 million of securities lending collateral |
|
HOLDINGS BY COMPANY SIZE |
|
|
|
|
|
|
|
| % of portfolio investments |
|
Over $15 billion |
|
| 66.9 |
|
$4 billion–$15 billion |
|
| 20.4 |
|
Under $4 billion |
|
| 12.7 |
|
Total |
|
| 100.0 |
|
|
|
22 | 2007 Semiannual Report § TIAA-CREF Life Funds |
SMALL-CAP EQUITY FUND STOCKS OF SMALLER COMPANIES
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Small-Cap Equity Fund returned 6.69% for the period, compared with the 6.45% gain of its benchmark, the Russell 2000® Index, and the 8.55% average return of the fund’s peer group, the Morningstar Small Blend category.
Small-caps trail the broad market
For the six-month period, small-cap stocks scored solid gains but failed to match the 7.11% return of the broader U.S. stock market, as measured by the Russell 3000® Index. The under-performance occurred early in the second quarter, when investors sought the relative safety of larger-cap, blue-chip stocks over their more aggressive small-cap counterparts in response to increasing volatility in the stock market. Large-cap stocks constituted approximately 60% of the Russell 3000 Index during the period.
For the ten-year period ended June 30, 2007, small caps produced an average annual return of 9.06%, well ahead of the 7.61% average annual return of the Russell 3000 Index.
Double-digit gains in key sectors drive the benchmark
For the six-month period, nine of the twelve benchmark sectors reported positive results, including six with double-digit gains. Returns were largely fueled by the materials and processing and consumer discretionary sectors, which climbed 19.4% and 7.8%, respectively; these constituted more than one-quarter of the index in terms of market capitalization as of June 30, 2007.
The weakest results came from the benchmark’s largest sector, financials, which fell 4.4% during the period.
Stock choices lift the fund above the benchmark
The fund topped its benchmark because of a number of successful stock selections. Among the largest contributors were overweight holdings, relative to the benchmark, in communications equipment provider CommScope, agricultural chemicals firm CF Industries Holdings and construction contractor Perini. Avoiding homebuilder Hovnanian Enterprises also boosted returns.
Several overweight holdings did not perform as well as anticipated and hindered results. These included drug maker The Medicines Company and managed health care provider Amerigroup. An underweight position in digital marketing firm aQuantive also reduced returns slightly.
The fund continued to use proprietary mathematical models to select small-cap stocks that appeared to be attractively priced.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 23 |
SMALL-CAP EQUITY FUND STOCKS OF SMALLER COMPANIES
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to small-cap risk. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000® Index, based on market capitalization. You cannot invest directly in these indexes.1
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Average annual compound |
| |||||
|
|
| ||||||||
|
| 6 months |
| 1 year |
| since inception |
| |||
Small-Cap Equity Fund (inception: 10/28/2002) |
|
| 6.69 | % |
| 15.32 | % |
| 20.84 | % |
Russell 2000 Index |
|
| 6.45 |
|
| 16.43 |
|
| 20.21 |
|
Morningstar Small Blend |
|
| 8.55 |
|
| 17.02 |
|
| 19.87 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
1 | Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. |
|
|
24 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE OCTOBER 28, 2002 INCEPTION
An investment of $10,000 in this fund on October 28, 2002, would have grown to $24,267 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from October 28, 2002, through December 31, 2002 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 25 |
SMALL-CAP EQUITY FUND STOCKS OF SMALLER COMPANIES
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Small-Cap Equity Fund |
| Starting |
| Ending | Expenses paid* |
| ||||
Actual return |
| $ | 1,000.00 |
| $ | 1,066.90 |
| $ | 0.56 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,024.25 | † |
| 0.55 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.11%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
| |
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
|
|
For more information about this expense example, please see page 6. |
|
FUND PROFILE |
|
|
|
Net assets | $61.77 million |
|
Number of holdings | 546 |
|
Portfolio turnover rate | 122% |
|
Weighted median market capitalization | $1.09 billion |
|
P/E ratio (weighted 12-month trailing average) | 19.1 |
|
Dividend yield | 0.91% |
|
2007 expense ratio‡ | 0.11% |
|
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
PORTFOLIO COMPOSITION |
|
|
|
|
|
% of portfolio investments |
| |||
Consumer products & services |
|
| 33.5 |
|
Manufacturing & materials |
|
| 26.6 |
|
Financial |
|
| 19.3 |
|
Technology |
|
| 11.3 |
|
Utilities |
|
| 4.8 |
|
Energy |
|
| 2.9 |
|
Transportation |
|
| 1.6 |
|
Total |
|
| 100.0 |
|
|
|
|
|
|
HOLDINGS BY COMPANY SIZE | ||||
|
|
|
|
|
% of portfolio investments |
| |||
Over $15 billion |
|
| 22.4 |
|
$4 billion–$15 billion |
|
| 0.5 |
|
Under $4 billion |
|
| 77.1 |
|
Total |
|
| 100.0 |
|
|
|
26 | 2007 Semiannual Report § TIAA-CREF Life Funds |
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Stock Index Fund returned 7.11% for the period, compared with the 7.11% gain of its benchmark, the Russell 3000® Index, and the 7.34% average return of the fund’s peer group, the Morningstar Large Blend category.
Second quarter propels stocks
Despite a volatile six months, the broad U.S. stock market, as represented by the Russell 3000 Index, delivered solid performance. A global sell-off in February, subprime lending woes in March and rising bond yields provided hurdles for equities, but the benchmark still rose 1.28% in the first quarter and 5.77% in the second.
Both growth and value stocks generated strong returns across all three capitalization sizes, as defined by the Russell indexes; mid-cap stocks gained 9.90% to lead the way. Within the cap categories, mid-cap growth stocks were the top producers, rising 10.97%, while small-cap value issues lagged other categories, increasing 3.80%.
Although domestic equities did well, foreign stocks performed even better. The MSCI EAFE® Index, which measures stocks in developed foreign markets, gained 10.74% in dollar terms. For the five years ended June 30, 2007, the average annual return of the EAFE index was 17.72% in dollar terms versus 11.52% for the Russell 3000.
A broad advance drives returns
Of the benchmark’s twelve industry sectors, eleven posted positive returns—six of them double digit gains. The largest sector, financial stocks, which made up nearly a quarter of the benchmark in terms of market capitalization as of June 30, dipped 0.6%. The next-largest sector, consumer discretionary, gained 5.8%, while the third-largest, technology, rose 9.8%.
The best-performing sectors, “other energy” and materials and processing, jumped 24.2% and 19.2%, respectively. Although these two sectors together constituted only about 8% of the benchmark’s market capitalization, they contributed more than one-fifth of the benchmark’s return.
Largest stocks deliver mixed results
In descending order according to cap size, the benchmark’s five largest holdings performed as follows: ExxonMobil, 10.4%; General Electric, 4.4%; AT&T, 18.4%; Citigroup, –6.1%; and Microsoft, –0.7%.
For the period, the fund’s return matched that of the benchmark, in spite of the effects of expenses and of some cash holdings for liquidity. The fund had a risk profile similar to that of the benchmark.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 27 |
STOCK INDEX FUND U.S. STOCKS
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return, mainly from capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including index risk and small-cap risk. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.1
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
| Average annual compound | |||||||
|
|
|
|
| |||||||||
|
|
| 6 months |
|
| 1 year |
|
| 5 years |
|
| since |
|
Stock Index Fund (inception: 1/4/1999) |
|
| 7.11 | % |
| 19.99 | % |
| 11.48 | % |
| 4.91 | % |
Russell 3000 Index |
|
| 7.11 |
|
| 20.07 |
|
| 11.52 |
|
| 4.88 |
|
Morningstar Large Blend |
|
| 7.34 |
|
| 19.50 |
|
| 10.29 |
|
| 4.65 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
1 | Russell 3000 is a trademark and a service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. |
|
|
28 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE JANUARY 4, 1999 INCEPTION
An investment of $10,000 in this fund on January 4, 1999, would have grown to $15,026 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 29 |
STOCK INDEX FUND U.S. STOCKS
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Stock Index Fund |
|
| Starting |
|
| Ending | Expenses paid* |
| ||
Actual return |
| $ | 1,000.00 |
| $ | 1,071.10 |
| $ | 0.31 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,024.50 | † |
| 0.30 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.06%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
|
|
For more information about this expense example, please see page 6. |
|
FUND PROFILE |
|
|
|
Net assets | $186.83 million |
|
Number of holdings | 2,847 |
|
Portfolio turnover rate | 16% |
|
Weighted median market capitalization | $33.1 billion |
|
P/E ratio (weighted 12-month trailing average) | 18.1 |
|
Dividend yield | 1.61% |
|
2007 expense ratio‡ | 0.06% |
|
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
PORTFOLIO COMPOSITION |
|
|
|
|
|
% of portfolio investments |
| |||
Consumer products & services |
|
| 23.7 |
|
Financial |
|
| 22.8 |
|
Manufacturing & materials |
|
| 22.2 |
|
Technology |
|
| 16.0 |
|
Energy |
|
| 9.1 |
|
Utilities |
|
| 4.1 |
|
Transportation |
|
| 2.1 |
|
Total |
|
| 100.0 |
|
|
HOLDINGS BY COMPANY SIZE |
|
|
|
|
|
% of portfolio investments |
| |||
Over $15 billion |
|
| 69.5 |
|
$4 billion–$15 billion |
|
| 16.6 |
|
Under $4 billion |
|
| 13.9 |
|
Total |
|
| 100.0 |
|
|
|
30 | 2007 Semiannual Report § TIAA-CREF Life Funds |
SOCIAL CHOICE EQUITY FUND SOCIALLY SCREENED STOCKS
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Social Choice Equity Fund returned 6.46% for the period, compared with the 7.11% gain of its benchmark, the Russell 3000® Index, and the 7.34% average return of the fund’s peer group, the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the fund does.
Exclusion of energy stocks hurts returns
Because of its social screens, the fund did not invest in several stocks that were sizable components of the Russell 3000 Index in terms of market capitalization. The exclusion of these stocks produced both positive and negative results, but the net effect was to lower the fund’s return compared with the return of its benchmark.
Steadily climbing oil prices boosted energy stocks during the six-month period. As a result, the absence of ExxonMobil and Chevron significantly detracted from the fund’s relative performance. ExxonMobil, the largest component of the benchmark on June 30, 2007, advanced 10.4%, while Chevron, another large component, rose 16.2%. The fund also suffered by excluding Caterpillar and copper and gold producer Freeport-McMoRan.
The financial sector, which lost 0.6% during the period, was the weakest performing sector of the Russell 3000. Performance versus the index benefited most from the exclusion of Citigroup, which fell 6.1%. Avoiding JPMorgan Chase, General Electric, insurer American International Group and drug maker Pfizer also contributed to returns.
Statistical techniques help limit the fund’s risks
Because the fund’s social screens prevent it from investing in some of the stocks in the Russell 3000, the fund’s managers use statistical techniques to ensure that the risk characteristics of the portfolio resemble those of the index. One method is to overweight or underweight certain stocks relative to each one’s percentage of capitalization in the benchmark.
The fund’s relative performance was helped in the period by overweight positions in AT&T and in two energy companies, Valero Energy and Apache. Other overweight holdings failed to perform as anticipated and detracted from return. These included Johnson & Johnson, financial giants Wachovia and Merrill Lynch, and home mortgage provider Freddie Mac. This last holding was adversely affected by the accelerating default rate among U.S. homeowners.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 31 |
SOCIAL CHOICE EQUITY FUND SOCIALLY SCREENED STOCKS
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain social criteria.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including the risk of socially screened investing, index risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.1
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
| Average annual compound | |||||||
|
|
|
|
| |||||||||
|
|
| 6 months |
|
| 1 year |
|
| 5 years |
|
| since |
|
Social Choice Equity Fund |
|
| 6.46 | % |
| 18.82 | % |
| 11.59 | % |
| 2.58 | % |
Russell 3000 Index |
|
| 7.11 |
|
| 20.07 |
|
| 11.52 |
|
| 2.39 |
|
Morningstar Large Blend |
|
| 7.34 |
|
| 19.50 |
|
| 10.29 |
|
| 2.57 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
1 | Russell 3000 is a trademark and a service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. |
|
|
32 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE APRIL 3, 2000 INCEPTION
An investment of $10,000 in this fund on April 3, 2000, would have grown to $12,032 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from April 3, 2000, through December 31, 2000 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 33 |
SOCIAL CHOICE EQUITY FUND SOCIALLY SCREENED STOCKS
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Social Choice Equity Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 1,064.60 |
| $ | 0.36 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,024.45 | † |
| 0.35 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.07%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
For more information about this expense example, please see page 6.
|
FUND PROFILE |
|
|
Net assets | $38.90 million |
Number of holdings | 860 |
Portfolio turnover rate | 7% |
Weighted median market capitalization | $26.1 billion |
P/E ratio (weighted 12-month trailing average) | 18.2 |
Dividend yield | 1.66% |
2007 expense ratio‡ | 0.07% |
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
PORTFOLIO COMPOSITION |
|
|
% of portfolio investments | |
Manufacturing & materials | 24.3 |
Consumer products & services | 22.6 |
Financial | 22.1 |
Technology | 14.8 |
Energy | 6.6 |
Utilities | 5.1 |
Transportation | 2.3 |
Short-term investments§ | 2.2 |
Total | 100.0 |
|
|
§ | Approximately $0.87 million of short-term investments are serving as collateral for the S&P 500 and Russell futures and are restricted from being sold. |
|
HOLDINGS BY COMPANY SIZE |
|
|
% of portfolio investments | |
Over $15 billion | 66.6 |
$4 billion–$15 billion | 20.7 |
Under $4 billion | 12.7 |
Total | 100.0 |
|
|
34 | 2007 Semiannual Report § TIAA-CREF Life Funds |
REAL ESTATE SECURITIES FUND REAL ESTATE SECURITIES
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Real Estate Securities Fund returned –5.70% for the period, compared with the –6.19% return of its benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the –4.54% average return of the fund’s peer group, the Morningstar Specialty Real Estate category.
REITs surge briefly before staggering
After advancing 9.12% in January, the benchmark dropped 2.30% in February and 2.83% in March, for a 3.59% first-quarter return. Dips in April and May combined with a 9.37% plunge in June to produce the benchmark’s worst quarter in nearly five years.
The retreat of real estate investment trusts (REITs) could be attributed to several factors, including profit-taking by investors and the acquisition of Equity Office Properties by private equity firm Blackstone Group. Some interpreted this purchase as a market top.
The sell-off could also be traced to rising Treasury yields. The 10-year note, a common benchmark for mortgage rates, hit a five-year high of 5.29% on June 12. Increasing borrowing costs have historically led to a drop in commercial real estate property values and acted as a drag on REITs’ future profits.
REITs trail stocks and bonds
After gaining just 1.28% in the first quarter, the broad U.S. stock market, as measured by the Russell 3000® Index, added 5.77% in the second. Meanwhile, investment-grade bonds, as represented by the Lehman Brothers U.S. Aggregate Index, also topped REITs, despite a meager 0.98% six-month gain.
Over the five years ended June 30, 2007, however, REITs generated an average annual return of 19.52%, compared with 11.52% for the Russell index and 4.48% for the Lehman index.
Stock selections trim losses
Despite its negative return, the fund topped the benchmark for the period. Key contributors included out-of-benchmark holdings in resort operator Sunterra, Starwood Hotels and Mission West Properties, a manager of research and development properties. Relative performance was also helped by underweight positions, such as Kimco Holdings, a firm that develops and owns shopping centers.
These positive contributions were partly offset by underperformance from overweight selections that included Corporate Office Properties and EastGroup Properties, an industrial developer. Returns were also reduced by stocks such as asset management firm GSC Capital, an out-of-benchmark holding, and Equity Office Properties, an underweight position.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 35 |
REAL ESTATE SECURITIES FUND REAL ESTATE SECURITIES
INVESTMENT OBJECTIVE
The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.
INVESTMENT RISKS
In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including real estate investing risks, real estate securities risk, small-cap risk, foreign investment risks, interest-rate risk and income volatility risk. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Dow Jones Wilshire Real Estate Securities Index measures the performance of publicly traded real estate securities, such as real estate investment trusts and real estate operating companies. You cannot invest directly in this index.
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Average annual compound |
| |||||
|
|
|
| |||||||
|
| 6 months |
| 1 year |
| since inception |
| |||
Real Estate Securities Fund |
|
|
|
|
|
|
|
|
|
|
(inception: 10/28/2002) |
|
| –5.70 | % |
| 12.85 | % |
| 23.10 | % |
Dow Jones Wilshire Real Estate Securities Index |
|
| –6.19 |
|
| 11.73 |
|
| 24.96 |
|
Morningstar Specialty Real Estate |
|
| –4.54 |
|
| 13.15 |
|
| 23.61 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
36 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE OCTOBER 28, 2002 INCEPTION
An investment of $10,000 in this fund on October 28, 2002, would have grown to $26,463 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from October 28, 2002, through December 31, 2002 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 37 |
REAL ESTATE SECURITIES FUND REAL ESTATE SECURITIES
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Securities Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 943.00 |
| $ | 1.30 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,023.45 | † |
| 1.35 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.27%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
For more information about this expense example, please see page 6.
|
FUND PROFILE |
|
|
Net assets | $94.85 million |
Number of holdings | 46 |
Portfolio turnover rate | 105% |
Weighted median market capitalization | $9.5 billion |
P/E ratio (weighted 12-month trailing average) | 34.7 |
Dividend yield | 3.13% |
2007 expense ratio‡ | 0.27% |
|
|
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
PORTFOLIO COMPOSITION |
|
|
% of portfolio investments | |
Retail | 28.8 |
Office | 20.8 |
Residential | 18.5 |
Specialized | 8.1 |
Hotels, restaurants & leisure | 7.0 |
Industrial | 6.2 |
Diversified | 5.3 |
Real estate management & development | 4.8 |
Office electronics | 0.5 |
Total | 100.0 |
|
HOLDINGS BY COMPANY SIZE |
|
|
% of portfolio investments | |
Over $15 billion | 15.6 |
$4 billion–$15 billion | 53.0 |
Under $4 billion | 31.4 |
Total | 100.0 |
|
|
38 | 2007 Semiannual Report § TIAA-CREF Life Funds |
BOND FUND INTERMEDIATE-TERM BONDS
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Bond Fund returned 0.82%, compared with the 0.98% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 0.73% average return of the fund’s peer group, the Morningstar Intermediate-Term Bond category.
A sagging second quarter lowers bond returns
Although the Federal Reserve kept the federal funds rate steady at 5.25% in its first four meetings of 2007, the Lehman Brothers U.S. Aggregate Index, which tracks the investment-grade U.S. bond market, endured a bumpy six months. It posted a solid 1.50% return for the first quarter, but then lost 0.52% in the second quarter. Bond prices fell (and yields rose) as expectations for a rate cut by the Federal Reserve dried up amid inflation fears and renewed vigor in the U.S. economy.
Longer-dated maturities regain lead
When the period began, the 2-year Treasury note, at 4.81%, yielded slightly more than the 10-year, an unusual relation because bondholders willing to invest for longer periods normally earn higher rates. By the end of March, though, the 10-year security provided a 4.65% to 4.58% advantage, and by the end of June the 10-year yield stood at 5.03%, versus 4.86% for the 2-year note.
The fund stays close to the benchmark
Narrow spreads among different types of securities made it difficult to add value during the period. In the first quarter, the fund’s 1.43% return lagged its benchmark’s by 0.07 of a percentage point.
Individual security selections in the agency and mortgage-backed security sectors made positive contributions to relative returns, but an overweight position, versus the benchmark, in asset-backed securities reduced performance slightly. In addition, maintaining a duration that was shorter than the benchmark’s trimmed returns in the first quarter when bond prices rose.
In the second quarter, the fund lost 0.61%, trailing the benchmark by 0.09 of a percentage point. This time the fund’s shorter duration helped performance when bond prices fell. Returns were again helped by security selections in agencies, but underweighting that sector hurt relative performance. Individual bond selections in the mortgage-backed security sector also trimmed returns.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 39 |
BOND FUND INTERMEDIATE-TERM BONDS
INVESTMENT OBJECTIVE
The fund seeks as favorable a long-term total return through income as is consistent with preserving capital, primarily from investment-grade, fixed-income securities.
INVESTMENT RISKS
In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including index risk and foreign investment risks. For a detailed discussion of risk, please see the prospectus.
THE FUND’S BENCHMARK
The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Average annual compound |
| |||||
|
|
|
| |||||||
|
| 6 months |
| 1 year |
| since inception |
| |||
Bond Fund (inception: 7/8/2003) |
|
| 0.82 | % |
| 6.12 | % |
| 3.23 | % |
Lehman Brothers U.S. Aggregate Index |
|
| 0.98 |
|
| 6.12 |
|
| 3.20 |
|
Morningstar Intermediate-Term Bond |
|
| 0.73 |
|
| 5.68 |
|
| 2.99 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
40 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE JULY 8, 2003 INCEPTION
An investment of $10,000 in this fund on July 8, 2003, would have grown to $11,351 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from July 8, 2003, through December 31, 2003 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 41 |
BOND FUND INTERMEDIATE-TERM BONDS
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Bond Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 1,008.20 |
| $ | 0.50 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,024.30 | † |
| 0.50 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.10%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
For more information about this expense example, please see page 6.
|
|
|
FUND PROFILE | ||
|
| |
Net assets | $77.30 million | |
Number of issues | 236 | |
Portfolio turnover rate | 91% | |
Average quality | AA1 | |
Option-adjusted duration | 4.07 years | |
Average coupon | 5.58% | |
Average yield to maturity | 5.75% | |
Average maturity | 6.01 years | |
2007 expense ratio‡ | 0.10% | |
|
| |
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
|
|
PORTFOLIO COMPOSITION | ||
| ||
% of portfolio investments | ||
Mortgage-backed securities and commercial mortgage-backed securities | 35.1 | |
Asset-backed securities | 22.7 | |
Corporate bonds | 19.8 | |
U.S. Treasury securities | 9.1 | |
U.S. agency securities | 7.9 | |
Foreign government and corporate bonds denominated in U.S. dollars | 4.0 | |
Short-term investments§ | 1.4 | |
Total | 100.0 | |
|
| |
§ | Excludes $5.80 million of securities lending collateral |
|
|
42 | 2007 Semiannual Report § TIAA-CREF Life Funds |
MONEY MARKET FUND CASH EQUIVALENTS
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007
The Money Market Fund returned 2.65% for the period, compared with the 2.37% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.
The Fed holds the short-term rate steady
In the first half of 2007, the Federal Reserve declined to change the federal funds rate at each of its four meetings. (The federal funds rate is the interest rate commercial U.S. banks charge one another for overnight loans.) The rate has remained at 5.25% since June 2006.
Economic growth continued the moderating trend begun in the second half of 2006. Solid gains in job creation and strong consumer spending partly offset the effects of a cooling housing market. As oil prices crept steadily upward, the Fed cautioned that inflation remained a concern and pointed out that the high percentage of the nation’s productive capacity currently in use could keep prices elevated.
LIBOR sees little change
The LIBOR remained fairly flat throughout the six months, reflecting the market’s strengthening conviction that the Fed would leave the short-term rate unchanged at least through the end of the year. (The LIBOR, the interest rate that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) Yields on securities with one-month maturities hovered around 5.32%; those on twelve-month issues fluctuated slightly, ending the period at 5.43%.
The fund takes advantage of longer-term rates
The fund increased its investments in securities with longer maturities to benefit from the higher yields they provided. As a result, on June 26, 2007, the fund’s weighted average maturity was 49 days, versus 43 days for the average iMoneyNet fund. During the period, the fund’s weighted average maturity fluctuated between 44 and 53 days.
Despite the limited supply of commercial paper, its portion of the portfolio rose to 86.6% from 80.2% six months earlier. (Commercial paper offers higher returns without significant additional risk.) U.S. agency securities declined to 4.8% from 9.1%, while certificates of deposit fell from 6.5% to 4.3%. Floating rate securities increased slightly to 4.3% from 4.2%.
On June 30, 2007, foreign securities made up 17.4% of the fund’s total portfolio investments.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 43 |
MONEY MARKET FUND CASH EQUIVALENTS
INVESTMENT OBJECTIVE
The fund seeks high current income consistent with maintaining liquidity and preserving capital.
INVESTMENT RISKS
The fund is subject to income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk, extension risk and foreign investment risks. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.
|
YIELD AND AVERAGE MATURITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Net annualized yield |
| Average maturity |
| |||||
|
|
|
| |||||||
|
| Current yield |
| Effective yield |
| Days |
| |||
Money Market Fund |
|
| 5.29 | % |
| 5.43 | % | 49 |
|
|
iMoneyNet Money Fund |
|
| 4.70 |
|
| 4.81 |
| 43 |
|
|
|
PERFORMANCE AS OF JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| Average annual compound |
| |||||
|
|
|
| |||||||
|
|
| 6 months |
|
| 1 year |
|
| since inception |
|
Money Market Fund (inception: 7/8/2003) |
|
| 2.65 | % |
| 5.41 | % |
| 3.21 | % |
iMoneyNet Money Fund |
|
| 2.37 |
|
| 4.83 |
|
| 2.65 |
|
|
|
* | The returns presented above and in the graphs 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 accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org. |
|
|
44 | 2007 Semiannual Report § TIAA-CREF Life Funds |
$10,000 SINCE JULY 8, 2003 INCEPTION
An investment of $10,000 in this fund on July 8, 2003, would have grown to $11,343 as of June 30, 2007, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period.
CALENDAR YEAR TOTAL RETURNS*
|
|
* | Does not include returns from July 8, 2003, through December 31, 2003 |
|
|
† | Partial year |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 45 |
MONEY MARKET FUND CASH EQUIVALENTS
EXPENSE EXAMPLE
|
Six months ended June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund |
| Starting |
| Ending |
| Expenses paid* |
| |||
Actual return |
| $ | 1,000.00 |
| $ | 1,026.50 |
| $ | 0.30 |
|
5% annual hypothetical return |
|
| 1,000.00 |
|
| 1,024.50 | † |
| 0.30 |
|
|
|
* | “Expenses paid” is equal to the fund’s annualized expense ratio of 0.06%, multiplied by the average fund value over the six-month period, multiplied by 181/365. There were 181 days in the first half of 2007. |
|
|
† | Ending fund value for the hypothetical example would be $1,024.80 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return. |
|
|
For more information about this expense example, please see page 6. |
|
|
|
FUND PROFILE |
| |
| ||
Net assets | $75.73 million | |
2007 expense ratio‡ | 0.06% | |
|
| |
‡ | This fund expense ratio does not include the administrative, mortality and expense risk charges that are deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the variable product prospectus. |
|
|
PORTFOLIO COMPOSITION |
|
| % of portfolio investments |
Commercial paper | 86.6 |
U.S. agency securities | 4.8 |
Certificates of deposit | 4.3 |
Floating-rate securities | 4.3 |
Total | 100.0 |
|
|
46 | 2007 Semiannual Report § TIAA-CREF Life Funds |
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)
GROWTH EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
|
| % of net |
| ||
COMMON STOCKS | ||||||||||||
| ||||||||||||
AMUSEMENT AND RECREATION SERVICES | ||||||||||||
| 14,573 |
| e* |
| Activision, Inc |
| $ | 272,078 |
|
| 0.89 | % |
|
|
|
|
| Other |
|
| 218,906 |
|
| 0.71 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 490,984 |
|
| 1.60 |
|
|
|
|
|
|
|
| ||||||
APPAREL AND OTHER TEXTILE PRODUCTS |
|
| 254,792 |
|
| 0.83 |
| |||||
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| |||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
|
|
|
|
|
| |||||
| 13,159 |
|
|
| Lowe’s Cos, Inc |
|
| 403,850 |
|
| 1.32 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 403,850 |
|
| 1.32 |
|
|
|
|
|
|
|
| ||||||
BUSINESS SERVICES |
|
|
|
|
|
|
| |||||
| 14,443 |
| * |
| Adobe Systems, Inc |
|
| 579,886 |
|
| 1.89 |
|
| 11,054 |
| * |
| eBay, Inc |
|
| 355,718 |
|
| 1.16 |
|
| 6,962 |
| * |
| Electronic Arts, Inc |
|
| 329,442 |
|
| 1.07 |
|
| 1,901 |
| * |
| Google, Inc (Class A) |
|
| 994,945 |
|
| 3.25 |
|
| 15,975 |
|
|
| Microsoft Corp |
|
| 470,783 |
|
| 1.54 |
|
| 8,376 |
| e |
| Omnicom Group, Inc |
|
| 443,258 |
|
| 1.45 |
|
| 15,781 |
| * |
| Oracle Corp |
|
| 311,043 |
|
| 1.01 |
|
| 14,309 |
| * |
| Yahoo!, Inc |
|
| 388,203 |
|
| 1.27 |
|
|
|
|
|
| Other |
|
| 211,953 |
|
| 0.69 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,085,231 |
|
| 13.33 |
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 12,442 |
|
|
| Abbott Laboratories |
|
| 666,269 |
|
| 2.17 |
|
| 8,911 |
|
|
| Colgate-Palmolive Co |
|
| 577,878 |
|
| 1.89 |
|
| 4,009 |
| * |
| Genentech, Inc |
|
| 303,321 |
|
| 0.99 |
|
| 14,976 |
| e* |
| Gilead Sciences, Inc |
|
| 580,619 |
|
| 1.89 |
|
| 11,237 |
|
|
| Merck & Co, Inc |
|
| 559,603 |
|
| 1.83 |
|
| 9,004 |
| e |
| Monsanto Co |
|
| 608,130 |
|
| 1.98 |
|
| 19,513 |
|
|
| Schering-Plough Corp |
|
| 593,976 |
|
| 1.94 |
|
| 12,279 |
|
|
| Teva Pharmaceutical Industries Ltd (ADR) |
|
| 506,509 |
|
| 1.65 |
|
|
|
|
|
| Other |
|
| 171,396 |
|
| 0.56 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,567,701 |
|
| 14.90 |
|
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
| |||||
| 5,651 |
|
|
| America Movil S.A. de C.V. (ADR) (Series L) |
|
| 349,966 |
|
| 1.14 |
|
|
|
|
|
| Other |
|
| 305,033 |
|
| 1.00 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 654,999 |
|
| 2.14 |
|
|
|
|
|
|
|
| ||||||
DEPOSITORY INSTITUTIONS |
|
| 208,664 |
|
| 0.68 |
| |||||
|
| |||||||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
| 261,385 |
|
| 0.85 |
| |||||
|
| |||||||||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
|
|
|
|
|
| |||||
| 6,928 |
| * |
| Apple Computer, Inc |
|
| 845,493 |
|
| 2.76 |
|
| 35,902 |
| * |
| Cisco Systems, Inc |
|
| 999,871 |
|
| 3.26 |
|
| 9,343 |
| e |
| Cooper Industries Ltd (Class A) |
|
| 533,392 |
|
| 1.74 |
|
| 16,102 |
|
|
| Intel Corp |
|
| 382,583 |
|
| 1.25 |
|
| 8,539 |
| e |
| Maxim Integrated Products, Inc |
|
| 285,288 |
|
| 0.93 |
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 47 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
GROWTH EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
|
| % of net |
| ||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT – continued |
| |||||||||||
| 7,215 |
| e* |
| Nvidia Corp |
| $ | 298,052 |
|
| 0.97 | % |
| 7,875 |
| e* |
| Polycom, Inc |
|
| 264,600 |
|
| 0.86 |
|
| 18,443 |
|
|
| Qualcomm, Inc |
|
| 800,242 |
|
| 2.61 |
|
|
|
|
|
| Other |
|
| 606,194 |
|
| 1.98 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,015,715 |
|
| 16.36 |
|
|
|
|
|
|
|
| ||||||
ENGINEERING AND MANAGEMENT SERVICES |
| |||||||||||
| 7,831 |
| e* |
| Celgene Corp |
|
| 448,951 |
|
| 1.46 |
|
|
|
|
|
| Other |
|
| 400,428 |
|
| 1.31 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 849,379 |
|
| 2.77 |
|
|
|
|
|
|
|
| ||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
| ||||||||
| 12,591 |
|
|
| PepsiCo, Inc |
|
| 816,526 |
|
| 2.66 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 816,526 |
|
| 2.66 |
|
|
|
|
|
|
|
| ||||||
FURNITURE AND HOME FURNISHINGS STORES |
| |||||||||||
| 7,657 |
| * |
| GameStop Corp (Class A) |
|
| 299,389 |
|
| 0.98 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 299,389 |
|
| 0.98 |
|
|
|
|
|
|
|
| ||||||
GENERAL MERCHANDISE STORES |
|
|
|
| ||||||||
| 9,281 |
| e |
| Target Corp |
|
| 590,272 |
|
| 1.93 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 590,272 |
|
| 1.93 |
|
|
|
|
|
|
|
| ||||||
HEALTH SERVICES |
|
| 237,168 |
|
| 0.77 |
| |||||
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
| 47,931 |
|
| 0.16 |
| |||||
|
|
|
|
|
|
| ||||||
HOTELS AND OTHER LODGING PLACES |
|
|
|
|
|
|
| |||||
| 13,154 |
|
|
| Hilton Hotels Corp |
|
| 440,264 |
|
| 1.44 |
|
|
|
|
|
| Other |
|
| 246,415 |
|
| 0.80 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 686,679 |
|
| 2.24 |
|
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
| |||||
| 2,191 |
|
|
| Alstom |
|
| 365,355 |
|
| 1.19 |
|
| 14,795 |
|
|
| Hewlett-Packard Co |
|
| 660,153 |
|
| 2.15 |
|
| 9,403 |
|
|
| International Game Technology |
|
| 373,299 |
|
| 1.22 |
|
|
|
|
|
| Other |
|
| 514,129 |
|
| 1.68 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,912,936 |
|
| 6.24 |
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
|
| |||||
| 14,367 |
|
|
| Emerson Electric Co |
|
| 672,376 |
|
| 2.19 |
|
| 4,549 |
| * |
| Zimmer Holdings, Inc |
|
| 386,165 |
|
| 1.26 |
|
|
|
|
|
| Other |
|
| 328,195 |
|
| 1.07 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,386,736 |
|
| 4.52 |
|
|
|
|
|
|
|
| ||||||
INSURANCE CARRIERS |
|
| 252,632 |
|
| 0.82 |
| |||||
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
LEATHER AND LEATHER PRODUCTS |
|
|
|
|
|
|
| |||||
| 8,332 |
| * |
| Coach, Inc |
|
| 394,853 |
|
| 1.29 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 394,853 |
|
| 1.29 |
|
|
|
|
|
|
|
|
|
|
|
48 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
GROWTH EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
| Value |
|
| % of net |
| |||
MISCELLANEOUS RETAIL |
|
|
|
|
|
|
| |||||||
| 14,318 |
|
|
| CVS Corp |
| $ | 521,891 |
|
| 1.70 | % | ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 521,891 |
|
| 1.70 |
| ||
|
|
|
|
|
|
| ||||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||||
| 10,558 |
|
|
| American Express Co |
|
| 645,938 |
|
| 2.11 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 645,938 |
|
| 2.11 |
| ||
|
|
|
|
|
|
| ||||||||
OIL AND GAS EXTRACTION |
|
|
|
|
|
|
| |||||||
| 6,468 |
| e |
| Schlumberger Ltd |
|
| 549,392 |
|
| 1.79 |
| ||
| 9,183 |
| e |
| XTO Energy, Inc |
|
| 551,898 |
|
| 1.80 |
| ||
|
|
|
|
| Other |
|
| 197,014 |
|
| 0.64 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 1,298,304 |
|
| 4.23 |
| ||
|
|
|
|
|
|
| ||||||||
PAPER AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||||
| 6,523 |
| * |
| Anglo American PLC |
|
| 382,977 |
|
| 1.25 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 382,977 |
|
| 1.25 |
| ||
|
|
|
|
|
|
| ||||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
|
| |||||||
| 3,705 |
|
|
| Apache Corp |
|
| 302,291 |
|
| 0.99 |
| ||
|
|
|
|
| Other |
|
| 170,039 |
|
| 0.55 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 472,330 |
|
| 1.54 |
| ||
|
|
|
|
|
|
| ||||||||
PRIMARY METAL INDUSTRIES |
|
| 252,371 |
|
| 0.82 |
| |||||||
|
|
|
|
|
|
| ||||||||
RAILROAD TRANSPORTATION |
|
| 155,210 |
|
| 0.51 |
| |||||||
|
|
|
|
|
|
| ||||||||
SECURITY AND COMMODITY BROKERS |
|
|
|
|
|
|
| |||||||
| 29,996 |
|
|
| Charles Schwab Corp |
|
| 615,518 |
|
| 2.01 |
| ||
| 716 |
| e |
| Chicago Mercantile Exchange Holdings, Inc |
|
| 382,602 |
|
| 1.25 |
| ||
| 2,932 |
|
|
| Goldman Sachs Group, Inc |
|
| 635,511 |
|
| 2.07 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 1,633,631 |
|
| 5.33 |
| ||
|
|
|
|
|
|
| ||||||||
TRANSPORTATION EQUIPMENT |
|
|
|
|
|
|
| |||||||
| 7,613 |
|
|
| Boeing Co |
|
| 732,066 |
|
| 2.39 |
| ||
| 5,609 |
| e |
| ITT Industries, Inc |
|
| 382,982 |
|
| 1.25 |
| ||
| 9,819 |
| e |
| United Technologies Corp |
|
| 696,462 |
|
| 2.27 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| 1,811,510 |
|
| 5.91 |
| ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
| TOTAL COMMON STOCKS |
| (Cost $26,686,946) |
|
| 30,591,984 |
|
| 99.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 49 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
GROWTH EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
| Value |
|
| % of net |
| |||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
| |||||||
| 7,451,409 |
|
|
| State Street Navigator Securities Lending Prime Portfolio |
| $ | 7,451,409 |
|
| 24.31 | % | ||
|
|
|
|
|
|
| ||||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS |
| (Cost $7,451,409) |
|
| 7,451,409 |
|
| 24.31 |
|
|
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||
|
|
|
|
| TOTAL PORTFOLIO |
| (Cost $34,138,355) |
|
| 38,043,393 |
|
| 124.10 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
|
| (7,387,230 | ) |
| (24.10 | ) |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
|
|
| $ | 30,656,163 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
|
|
ABBREVIATION: | |
| |
ADR | American Depositary Receipt |
* | Non-income producing |
|
|
e | All or a portion of these securities are out on loan. |
|
|
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
50 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)
GROWTH & INCOME FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
|
| Value |
|
| % of net |
|
COMMON STOCKS |
|
|
|
|
|
|
| |||||
AMUSEMENT AND RECREATION SERVICES |
| $ | 1,660,470 |
|
| 2.37 | % | |||||
|
| |||||||||||
APPAREL AND ACCESSORY STORES |
|
| 366,460 |
|
| 0.52 |
| |||||
|
|
|
|
|
|
| ||||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
| 492,859 |
|
| 0.70 |
| |||||
|
|
|
|
|
|
| ||||||
BUSINESS SERVICES |
|
|
|
|
|
|
| |||||
| 1,197 |
| * |
| Google, Inc (Class A) |
|
| 626,486 |
|
| 0.89 |
|
| 46,935 |
|
|
| Microsoft Corp |
|
| 1,383,174 |
|
| 1.98 |
|
|
|
|
|
| Other |
|
| 2,008,706 |
|
| 2.87 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,018,366 |
|
| 5.74 |
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 18,145 |
|
|
| Abbott Laboratories |
|
| 971,665 |
|
| 1.39 |
|
| 7,999 |
|
|
| Air Products & Chemicals, Inc |
|
| 642,880 |
|
| 0.92 |
|
| 8,809 |
|
|
| Colgate-Palmolive Co |
|
| 571,264 |
|
| 0.82 |
|
| 17,204 |
| * |
| Gilead Sciences, Inc |
|
| 666,999 |
|
| 0.95 |
|
| 22,999 |
|
|
| Merck & Co, Inc |
|
| 1,145,350 |
|
| 1.64 |
|
| 11,475 |
|
|
| Procter & Gamble Co |
|
| 702,155 |
|
| 1.00 |
|
| 19,529 |
|
|
| Schering-Plough Corp |
|
| 594,463 |
|
| 0.85 |
|
| 13,403 |
|
|
| Wyeth |
|
| 768,528 |
|
| 1.10 |
|
|
|
|
|
| Other |
|
| 3,241,286 |
|
| 4.63 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 9,304,590 |
|
| 13.30 |
|
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
| |||||
| 13,225 |
|
|
| AT&T, Inc |
|
| 548,838 |
|
| 0.78 |
|
| 21,423 |
|
|
| Verizon Communications, Inc |
|
| 881,985 |
|
| 1.26 |
|
|
|
|
|
| Other |
|
| 1,143,995 |
|
| 1.64 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,574,818 |
|
| 3.68 |
|
|
|
|
|
|
|
| ||||||
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 14,256 |
|
|
| Bank of America Corp |
|
| 696,976 |
|
| 1.00 |
|
| 27,434 |
|
|
| Citigroup, Inc |
|
| 1,407,090 |
|
| 2.01 |
|
| 25,642 |
|
|
| JPMorgan Chase & Co |
|
| 1,242,355 |
|
| 1.78 |
|
| 10,661 |
|
|
| Northern Trust Corp |
|
| 684,863 |
|
| 0.98 |
|
| 7,767 |
|
|
| SunTrust Banks, Inc |
|
| 665,943 |
|
| 0.95 |
|
| 34,279 |
| e |
| Wells Fargo & Co |
|
| 1,205,592 |
|
| 1.72 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,902,819 |
|
| 8.44 |
|
|
|
|
|
|
|
| ||||||
EATING AND DRINKING PLACES |
|
|
|
|
|
|
| |||||
| 11,538 |
|
|
| McDonald’s Corp |
|
| 585,669 |
|
| 0.83 |
|
|
|
|
|
| Other |
|
| 576,781 |
|
| 0.83 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,162,450 |
|
| 1.66 |
|
|
|
|
|
|
|
| ||||||
EDUCATIONAL SERVICES |
|
| 438,167 |
|
| 0.63 |
| |||||
|
| |||||||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
|
|
|
|
|
| |||||
| 6,976 |
|
|
| Constellation Energy Group, Inc |
|
| 608,098 |
|
| 0.87 |
|
|
|
|
|
| Other |
|
| 1,240,663 |
|
| 1.77 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,848,761 |
|
| 2.64 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 51 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
GROWTH & INCOME FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
|
| Value |
|
| % of net |
|
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
|
|
|
|
|
| |||||
| 7,181 |
| * |
| Apple Computer, Inc |
| $ | 876,369 |
|
| 1.25 | % |
| 55,349 |
| * |
| Cisco Systems, Inc |
|
| 1,541,470 |
|
| 2.20 |
|
| 17,187 |
|
|
| Emerson Electric Co |
|
| 804,352 |
|
| 1.15 |
|
| 12,360 |
|
|
| Honeywell International, Inc |
|
| 695,621 |
|
| 0.99 |
|
| 34,617 |
|
|
| Intel Corp |
|
| 822,500 |
|
| 1.18 |
|
| 15,781 |
|
|
| Qualcomm, Inc |
|
| 684,738 |
|
| 0.98 |
|
|
|
|
|
| Other |
|
| 1,935,986 |
|
| 2.77 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 7,361,036 |
|
| 10.52 |
|
|
|
|
|
|
|
| ||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
|
|
|
| |||||
| 10,100 |
|
|
| Coca-Cola Co |
|
| 528,331 |
|
| 0.76 |
|
| 11,518 |
|
|
| Kellogg Co |
|
| 596,517 |
|
| 0.85 |
|
| 15,571 |
|
|
| PepsiCo, Inc |
|
| 1,009,779 |
|
| 1.44 |
|
|
|
|
|
| Other |
|
| 666,059 |
|
| 0.95 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,800,686 |
|
| 4.00 |
|
|
|
|
|
|
|
| ||||||
GENERAL MERCHANDISE STORES |
|
|
|
|
|
|
| |||||
| 9,022 |
|
|
| Target Corp |
|
| 573,799 |
|
| 0.82 |
|
|
|
|
|
| Other |
|
| 904,789 |
|
| 1.29 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,478,588 |
|
| 2.11 |
|
|
|
|
|
|
|
| ||||||
HEALTH SERVICES |
|
|
|
|
|
|
| |||||
| 6,960 |
| * |
| Medco Health Solutions, Inc |
|
| 542,810 |
|
| 0.78 |
|
|
|
|
|
| Other |
|
| 155,978 |
|
| 0.22 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 698,788 |
|
| 1.00 |
|
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
| 600,079 |
|
| 0.86 |
| |||||
|
|
|
|
|
|
| ||||||
HOTELS AND OTHER LODGING PLACES |
|
| 971,433 |
|
| 1.39 |
| |||||
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
| |||||
| 3,610 |
| * |
| Alstom |
|
| 601,977 |
|
| 0.86 |
|
| 4,654 |
|
|
| Deere & Co |
|
| 561,924 |
|
| 0.80 |
|
| 47,629 |
|
|
| General Electric Co |
|
| 1,823,238 |
|
| 2.61 |
|
| 28,719 |
|
|
| Hewlett-Packard Co |
|
| 1,281,442 |
|
| 1.83 |
|
| 7,106 |
|
|
| International Business Machines Corp |
|
| 747,906 |
|
| 1.07 |
|
|
|
|
|
| Other |
|
| 686,428 |
|
| 0.98 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,702,915 |
|
| 8.15 |
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
| 1,228,449 |
|
| 1.75 |
| |||||
|
|
|
|
|
|
| ||||||
INSURANCE AGENTS, BROKERS AND SERVICE |
|
|
|
|
|
|
| |||||
| 5,906 |
|
|
| Hartford Financial Services Group, Inc |
|
| 581,800 |
|
| 0.83 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 581,800 |
|
| 0.83 |
|
|
|
|
|
|
|
|
|
|
|
52 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
|
|
GROWTH & INCOME FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
INSURANCE CARRIERS |
|
|
|
|
|
|
| |||||
| 14,017 |
|
|
| ACE Ltd |
| $ | 876,343 |
|
| 1.25 | % |
| 16,747 |
|
|
| American International Group, Inc |
|
| 1,172,792 |
|
| 1.68 |
|
|
|
|
|
| Other |
|
| 336,721 |
|
| 0.48 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,385,856 |
|
| 3.41 |
|
|
| |||||||||||
MISCELLANEOUS RETAIL |
|
| 338,959 |
|
| 0.48 |
| |||||
|
| |||||||||||
MOTION PICTURES |
|
| 939,988 |
|
| 1.34 |
| |||||
|
| |||||||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 11,849 |
|
|
| American Express Co |
|
| 724,922 |
|
| 1.04 |
|
| 10,926 |
|
|
| Fannie Mae |
|
| 713,796 |
|
| 1.02 |
|
| 11,386 |
|
|
| Morgan Stanley & Co |
|
| 792,807 |
|
| 1.13 |
|
|
|
|
|
| Other |
|
| 162,250 |
|
| 0.23 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,393,775 |
|
| 3.42 |
|
|
|
|
|
|
|
| ||||||
OIL AND GAS EXTRACTION |
|
|
|
|
|
|
| |||||
| 11,920 |
|
|
| Schlumberger Ltd |
|
| 1,012,485 |
|
| 1.45 |
|
|
|
|
|
| Other |
|
| 1,456,578 |
|
| 2.08 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,469,063 |
|
| 3.53 |
|
|
|
|
|
|
|
| ||||||
PAPER AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 9,370 |
|
|
| Anglo American PLC |
|
| 550,130 |
|
| 0.79 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 550,130 |
|
| 0.79 |
|
|
|
|
|
|
|
| ||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
|
| |||||
| 10,508 |
|
|
| Devon Energy Corp |
|
| 822,671 |
|
| 1.18 |
|
| 32,890 |
|
|
| Exxon Mobil Corp |
|
| 2,758,813 |
|
| 3.94 |
|
| 11,164 |
|
|
| Marathon Oil Corp |
|
| 669,393 |
|
| 0.96 |
|
|
|
|
|
| Other |
|
| 420,129 |
|
| 0.60 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,671,006 |
|
| 6.68 |
|
|
|
|
|
|
|
| ||||||
PRIMARY METAL INDUSTRIES |
|
| 105,459 |
|
| 0.15 |
| |||||
|
|
|
|
|
|
| ||||||
REAL ESTATE |
|
| 154,393 |
|
| 0.22 |
| |||||
|
|
|
|
|
|
| ||||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS |
|
| 482,164 |
|
| 0.69 |
| |||||
|
|
|
|
|
|
| ||||||
SECURITY AND COMMODITY BROKERS |
|
| 920,436 |
|
| 1.32 |
| |||||
|
|
|
|
|
|
| ||||||
STONE, CLAY, AND GLASS PRODUCTS |
|
| 200,658 |
|
| 0.29 |
| |||||
|
|
|
|
|
|
| ||||||
TOBACCO PRODUCTS |
|
|
|
|
|
|
| |||||
| 26,724 |
|
|
| Altria Group, Inc |
|
| 1,874,421 |
|
| 2.68 |
|
|
|
|
|
| Other |
|
| 224,418 |
|
| 0.32 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,098,839 |
|
| 3.00 |
|
|
|
|
|
|
|
| ||||||
TRANSPORTATION EQUIPMENT |
|
|
|
|
|
|
| |||||
| 10,967 |
|
|
| Boeing Co |
|
| 1,054,587 |
|
| 1.51 |
|
| 8,667 |
|
|
| ITT Industries, Inc |
|
| 591,783 |
|
| 0.85 |
|
|
|
|
|
| Other |
|
| 876,954 |
|
| 1.25 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,523,324 |
|
| 3.61 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 53 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
|
|
GROWTH & INCOME FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
| Value |
|
| % of net |
| ||
WHOLESALE TRADE-NONDURABLE GOODS |
| $ | 169,028 |
|
| 0.24 | % | ||||||
|
| ||||||||||||
|
|
|
|
| TOTAL COMMON STOCKS | (Cost $56,618,316) |
|
| 69,596,612 |
|
| 99.46 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
|
| |||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
|
| |||||
| 6,705,968 |
|
|
| State Street Navigator Securities Lending Prime Portfolio |
| 6,705,968 |
|
| 9.58 |
| ||
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $6,705,968) |
|
| 6,705,968 |
|
| 9.58 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PORTFOLIO | (Cost $63,324,284) |
|
| 76,302,580 |
|
| 109.04 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
| (6,324,077 | ) |
| (9.04 | ) |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
|
| $ | 69,978,503 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
|
* | Non-income producing |
e | All or a portion of these securities are out on loan. |
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
54 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) |
|
INTERNATIONAL EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares |
|
|
| Company |
|
|
| Value |
|
| % of net |
| |
COMMON STOCKS |
|
|
|
|
|
|
|
| |||||
AMUSEMENT AND RECREATION SERVICES |
|
| $ | 182,422 |
|
| 0.13 | % | |||||
|
|
| |||||||||||
BUSINESS SERVICES |
|
|
|
|
|
|
|
| |||||
| 56,302 |
|
|
| Adecco S.A. |
|
|
| 4,355,642 |
|
| 3.04 |
|
| 860,000 |
|
|
| Huabao International Holdings Ltd |
|
|
| 830,412 |
|
| 0.58 |
|
|
|
|
|
| Other |
|
|
| 407,512 |
|
| 0.29 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 5,593,566 |
|
| 3.91 |
|
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 61,100 |
|
|
| Daiichi Sankyo Co Ltd |
|
|
| 1,621,143 |
|
| 1.13 |
|
| 14,214 |
|
|
| Reckitt Benckiser plc |
|
|
| 778,153 |
|
| 0.55 |
|
|
|
|
|
| Other |
|
|
| 287,576 |
|
| 0.20 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 2,686,872 |
|
| 1.88 |
|
|
|
|
|
|
|
|
| ||||||
COAL MINING |
|
|
|
|
|
|
|
| |||||
| 1,394,700 |
| * |
| China Coal Energy Co |
|
|
| 2,093,918 |
|
| 1.46 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 2,093,918 |
|
| 1.46 |
|
|
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
|
| |||||
| 34,168 |
|
|
| Royal KPN NV |
|
|
| 566,874 |
|
| 0.40 |
|
|
|
|
|
| Other |
|
|
| 317,135 |
|
| 0.22 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 884,009 |
|
| 0.62 |
|
|
|
|
|
|
|
|
| ||||||
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
|
| |||||
| 34,212 |
|
|
| Fortis |
|
|
| 1,450,035 |
|
| 1.01 |
|
| 20,496 |
|
|
| Julius Baer Holding AG. |
|
|
| 1,466,484 |
|
| 1.03 |
|
| 60,728 |
|
|
| Nordea Bank AB |
|
|
| 948,504 |
|
| 0.66 |
|
| 7,291 |
|
|
| Societe Generale |
|
|
| 1,350,865 |
|
| 0.94 |
|
| 50 |
| e |
| Sumitomo Mitsui Financial Group, Inc |
|
|
| 466,120 |
|
| 0.33 |
|
|
|
|
|
| Other |
|
|
| 1,143,656 |
|
| 0.80 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 6,825,664 |
|
| 4.77 |
|
|
|
|
|
|
|
|
| ||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
|
|
|
|
|
|
| |||||
| 129,793 |
| e |
| Fortum Oyj |
|
|
| 4,055,705 |
|
| 2.83 |
|
|
|
|
|
| Other |
|
|
| 302,284 |
|
| 0.21 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 4,357,989 |
|
| 3.04 |
|
|
|
|
|
|
|
|
| ||||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
|
|
|
|
|
|
| |||||
| 42,600 |
|
|
| Hoya Corp |
|
|
| 1,413,175 |
|
| 0.99 |
|
| 16,400 |
|
|
| TDK Corp |
|
|
| 1,587,244 |
|
| 1.11 |
|
|
|
|
|
| Other |
|
|
| 839,191 |
|
| 0.58 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 3,839,610 |
|
| 2.68 |
|
|
|
|
|
|
|
|
| ||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 30,950 |
|
|
| Groupe Danone |
|
|
| 2,499,713 |
|
| 1.75 |
|
|
|
|
|
| Other |
|
|
| 93,802 |
|
| 0.06 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 2,593,515 |
|
| 1.81 |
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 55 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
|
|
INTERNATIONAL EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares |
|
|
| Company |
|
|
| Value |
| % of net |
| ||
FOOD STORES |
|
|
|
|
|
|
|
| |||||
| 140,214 |
|
|
| Carrefour S.A. |
|
| $ | 9,847,762 |
|
| 6.88 | % |
|
|
|
|
| Other |
|
|
| 606,431 |
|
| 0.42 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 10,454,193 |
|
| 7.30 |
|
|
|
|
|
|
|
|
| ||||||
GENERAL BUILDING CONTRACTORS |
|
|
| 469,228 |
|
| 0.33 |
| |||||
|
|
|
|
|
|
|
| ||||||
HEAVY CONSTRUCTION, EXCEPT BUILDING |
|
|
|
|
|
|
|
| |||||
| 48,220 |
| e |
| Vinci S.A. |
|
|
| 3,599,000 |
|
| 2.51 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 3,599,000 |
|
| 2.51 |
|
|
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
|
|
|
|
|
|
| |||||
| 340,419 |
|
|
| Ashmore Group plc |
|
|
| 1,834,253 |
|
| 1.28 |
|
| 65,011 |
|
|
| GEA Group AG. |
|
|
| 2,247,172 |
|
| 1.57 |
|
| 136,379 |
|
|
| Man Group plc |
|
|
| 1,658,904 |
|
| 1.16 |
|
|
|
|
|
| Other |
|
|
| 325,967 |
|
| 0.23 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 6,066,296 |
|
| 4.24 |
|
|
|
|
|
|
|
|
| ||||||
HOTELS AND OTHER LODGING PLACES |
|
|
|
|
|
|
|
| |||||
| 47,371 |
|
|
| Accor S.A. |
|
|
| 4,187,633 |
|
| 2.93 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 4,187,633 |
|
| 2.93 |
|
|
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
|
| |||||
| 8,870 |
|
|
| Canon, Inc |
|
|
| 520,164 |
|
| 0.36 |
|
| 47,835 |
| * |
| Deutz AG. |
|
|
| 620,466 |
|
| 0.43 |
|
| 11,949 |
|
|
| Krones AG. |
|
|
| 2,769,337 |
|
| 1.94 |
|
| 24,944 |
|
|
| Rheinmetall AG. |
|
|
| 2,313,341 |
|
| 1.62 |
|
|
|
|
|
| Other |
|
|
| 1,208,412 |
|
| 0.84 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 7,431,720 |
|
| 5.19 |
|
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 27,425 |
|
|
| Phonak Holding AG. |
|
|
| 2,458,359 |
|
| 1.71 |
|
| 14,663 |
|
|
| Tecan Group AG. |
|
|
| 984,663 |
|
| 0.69 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 3,443,022 |
|
| 2.40 |
|
|
|
|
|
|
|
|
| ||||||
INSURANCE AGENTS, BROKERS AND SERVICE |
|
|
| 87,413 |
|
| 0.06 |
| |||||
|
|
|
|
|
|
|
| ||||||
INSURANCE CARRIERS |
|
|
|
|
|
|
|
| |||||
| 3,589 |
|
|
| Zurich Financial Services AG. |
|
|
| 1,109,469 |
|
| 0.78 |
|
|
|
|
|
| Other |
|
|
| 464,240 |
|
| 0.32 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 1,573,709 |
|
| 1.10 |
|
|
|
|
|
|
|
|
| ||||||
| METAL MINING |
|
|
|
|
|
|
|
|
|
|
|
|
| 14,100 |
|
|
| BHP Billiton Ltd |
|
|
| 421,318 |
|
| 0.30 |
|
| 16,517 |
|
|
| MMC Norilsk Nickel (ADR) |
|
|
| 3,666,774 |
|
| 2.56 |
|
|
|
|
|
| Other |
|
|
| 147,399 |
|
| 0.10 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 4,235,491 |
|
| 2.96 |
|
|
|
|
|
|
|
|
| ||||||
MISCELLANEOUS RETAIL |
|
|
| 97,380 |
|
| 0.07 |
| |||||
|
|
|
|
|
|
|
| ||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
|
| |||||
| 36,517 |
| e |
| Deutsche Postbank AG. |
|
|
| 3,201,818 |
|
| 2.24 |
|
|
|
|
56 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
|
|
INTERNATIONAL EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares |
|
|
| Company |
|
|
| Value |
| % of net |
| ||
NONDEPOSITORY INSTITUTIONS – continued |
|
|
|
|
|
|
| ||||||
| 26,270 |
|
|
| Hypo Real Estate Holding AG. |
|
| $ | 1,697,846 |
|
| 1.18 | % |
| 103,742 |
|
|
| Tullett Prebon plc |
|
|
| 926,816 |
|
| 0.65 |
|
|
|
|
|
| Other |
|
|
| 418,676 |
|
| 0.29 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 6,245,156 |
|
| 4.36 |
|
|
|
|
|
|
|
|
| ||||||
OIL AND GAS EXTRACTION |
|
|
|
|
|
|
|
| |||||
| 3,591 |
| * |
| Compagnie Generale de Geophysique S.A. |
|
|
| 896,140 |
|
| 0.63 |
|
|
|
|
|
| Other |
|
|
| 499,548 |
|
| 0.35 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 1,395,688 |
|
| 0.98 |
|
|
|
|
|
|
|
|
| ||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 167,570 |
|
|
| BP plc |
|
|
| 2,016,255 |
|
| 1.41 |
|
| 18,222 |
|
|
| ENI S.p.A. |
|
|
| 660,683 |
|
| 0.46 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 2,676,938 |
|
| 1.87 |
|
|
|
|
|
|
|
|
| ||||||
PRIMARY METAL INDUSTRIES |
|
|
| 585,859 |
|
| 0.41 |
| |||||
|
|
|
|
|
|
|
| ||||||
RAILROAD TRANSPORTATION |
|
|
| 246,567 |
|
| 0.17 |
| |||||
|
|
|
|
|
|
|
| ||||||
REAL ESTATE |
|
|
|
|
|
|
|
| |||||
| 33,000 |
|
|
| Atrium Co Ltd |
|
|
| 894,878 |
|
| 0.63 |
|
| 430 |
|
|
| Risa Partners, Inc |
|
|
| 1,171,232 |
|
| 0.82 |
|
| 331,900 |
|
|
| Urban Corp |
|
|
| 6,028,574 |
|
| 4.21 |
|
|
|
|
|
| Other |
|
|
| 188,082 |
|
| 0.13 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 8,282,766 |
|
| 5.79 |
|
|
|
|
|
|
|
|
| ||||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 175,284 |
|
|
| Bayer AG. |
|
|
| 13,203,494 |
|
| 9.22 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 13,203,494 |
|
| 9.22 |
|
|
|
|
|
|
|
|
| ||||||
SECURITY AND COMMODITY BROKERS |
|
|
| 210,811 |
|
| 0.15 |
| |||||
|
|
|
|
|
|
|
| ||||||
SPECIAL TRADE CONTRACTORS |
|
|
| 90,654 |
|
| 0.06 |
| |||||
|
|
|
|
|
|
|
| ||||||
STONE, CLAY, AND GLASS PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 19,035 |
|
|
| Holcim Ltd |
|
|
| 2,055,735 |
|
| 1.44 |
|
| 1,060,000 |
|
|
| Nippon Sheet Glass Co Ltd |
|
|
| 4,838,945 |
|
| 3.38 |
|
| 1,016,000 |
|
|
| Sumitomo Osaka Cement Co Ltd |
|
|
| 2,691,361 |
|
| 1.88 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 9,586,041 |
|
| 6.70 |
|
|
|
|
|
|
|
|
| ||||||
TOBACCO PRODUCTS |
|
|
|
|
|
|
|
| |||||
| 453 |
|
|
| Japan Tobacco, Inc |
|
|
| 2,232,949 |
|
| 1.56 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 2,232,949 |
|
| 1.56 |
|
|
|
|
|
|
|
|
| ||||||
TRANSPORTATION EQUIPMENT |
|
|
|
|
|
|
|
| |||||
| 187,140 |
|
|
| Fiat S.p.A. |
|
|
| 5,558,597 |
|
| 3.88 |
|
| 33,765 |
|
|
| Siemens AG. |
|
|
| 4,835,205 |
|
| 3.38 |
|
| 15,820 |
|
|
| Toyota Motor Corp |
|
|
| 997,710 |
|
| 0.70 |
|
|
|
|
|
| Other |
|
|
| 106,381 |
|
| 0.07 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 11,497,893 |
|
| 8.03 |
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 57 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
|
|
INTERNATIONAL EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
|
| Value |
|
| % of net |
| |
TRUCKING AND WAREHOUSING |
|
|
|
|
|
|
|
| |||||
| 227,244 |
|
|
| Deutsche Post AG. |
|
| $ | 7,356,122 |
|
| 5.14 | % |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 7,356,122 |
|
| 5.14 |
|
|
|
|
|
|
|
|
| ||||||
WHOLESALE TRADE-DURABLE GOODS |
|
|
|
|
|
|
|
| |||||
| 79,738 |
|
|
| Kloeckner & Co AG. |
|
|
| 5,745,817 |
|
| 4.01 |
|
|
|
|
|
| Other |
|
|
| 194,963 |
|
| 0.14 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 5,940,780 |
|
| 4.15 |
|
|
|
|
|
|
|
|
| ||||||
WHOLESALE TRADE-NONDURABLE GOODS |
|
|
|
|
|
|
|
| |||||
| 1,962,000 |
|
|
| Sinochem Hong Kong Holding Ltd |
|
|
| 1,388,281 |
|
| 0.97 |
|
|
|
|
|
| Other |
|
|
| 142,539 |
|
| 0.10 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 1,530,820 |
|
| 1.07 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL COMMON STOCKS | (Cost $123,869,762) |
|
| 141,785,188 |
|
| 99.05 |
|
|
|
|
|
|
|
|
| ||||||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
|
| |||||
| 6,351,906 |
|
|
| State Street Navigator Securities Lending Prime Portfolio |
|
| 6,351,906 |
|
| 4.44 |
| |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $6,351,906) |
|
| 6,351,906 |
|
| 4.44 |
|
|
|
|
|
|
|
|
| ||||||
| |||||||||||||
|
|
|
|
| TOTAL PORTFOLIO | (Cost $130,221,668) |
|
| 148,137,094 |
|
| 103.49 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
| (4,991,274 | ) |
| (3.49 | ) |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
|
| $ | 143,145,820 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
ABBREVIATION: |
ADR American Depositary Receipt |
* Non-income producing |
e All or a portion of these securities are out on loan. |
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
58 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED) |
|
INTERNATIONAL EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
Country |
| Value |
| % of |
| ||
DOMESTIC |
|
|
|
|
|
|
|
UNITED STATES |
| $ | 6,351,906 |
|
| 4.29 | % |
|
| ||||||
TOTAL DOMESTIC |
|
| 6,351,906 |
|
| 4.29 |
|
|
| ||||||
| |||||||
FOREIGN |
|
|
|
|
|
|
|
AUSTRALIA |
|
| 2,041,736 |
|
| 1.38 |
|
BELGIUM |
|
| 1,450,035 |
|
| 0.98 |
|
CAYMAN ISLANDS |
|
| 156,593 |
|
| 0.11 |
|
FINLAND |
|
| 4,055,705 |
|
| 2.74 |
|
FRANCE |
|
| 22,587,905 |
|
| 15.25 |
|
GERMANY |
|
| 43,990,617 |
|
| 29.70 |
|
HONG KONG |
|
| 4,611,399 |
|
| 3.11 |
|
INDIA |
|
| 133,591 |
|
| 0.09 |
|
ITALY |
|
| 6,219,279 |
|
| 4.20 |
|
JAPAN |
|
| 29,985,038 |
|
| 20.24 |
|
NETHERLANDS |
|
| 566,874 |
|
| 0.38 |
|
NEW ZEALAND |
|
| 170,441 |
|
| 0.11 |
|
RUSSIA |
|
| 3,666,774 |
|
| 2.47 |
|
SINGAPORE |
|
| 364,031 |
|
| 0.25 |
|
SWEDEN |
|
| 948,504 |
|
| 0.64 |
|
SWITZERLAND |
|
| 12,430,351 |
|
| 8.39 |
|
UNITED KINGDOM |
|
| 8,406,315 |
|
| 5.67 |
|
|
| ||||||
TOTAL FOREIGN |
|
| 141,785,188 |
|
| 95.71 |
|
|
| ||||||
| |||||||
TOTAL PORTFOLIO |
| $ | 148,137,094 |
|
| 100.00 | % |
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 59 |
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)
LARGE-CAP VALUE FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
COMMON STOCKS |
|
|
|
|
|
|
| |||||
APPAREL AND ACCESSORY STORES |
|
|
|
|
|
|
| |||||
| 94,824 |
|
|
| Gap, Inc |
| $ | 1,811,138 |
|
| 2.26 | % |
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,811,138 |
|
| 2.26 |
|
|
|
|
|
|
|
| ||||||
APPAREL AND OTHER TEXTILE PRODUCTS |
|
| 58,873 |
|
| 0.07 |
| |||||
|
| |||||||||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
|
|
|
|
|
| |||||
| 14,501 |
|
|
| Home Depot, Inc |
|
| 570,614 |
|
| 0.71 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 570,614 |
|
| 0.71 |
|
|
|
|
|
|
|
| ||||||
BUSINESS SERVICES |
|
|
|
|
|
|
| |||||
| 9,532 |
|
|
| Fidelity National Information Services, Inc |
|
| 517,397 |
|
| 0.65 |
|
| 25,263 |
| * |
| Yahoo!, Inc |
|
| 685,385 |
|
| 0.85 |
|
|
|
|
|
| Other |
|
| 834,964 |
|
| 1.04 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,037,746 |
|
| 2.54 |
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 16,302 |
|
|
| Bristol-Myers Squibb Co |
|
| 514,491 |
|
| 0.64 |
|
| 43,872 |
|
|
| Pfizer, Inc |
|
| 1,121,807 |
|
| 1.40 |
|
| 7,692 |
|
|
| PPG Industries, Inc |
|
| 585,438 |
|
| 0.73 |
|
|
|
|
|
| Other |
|
| 2,390,001 |
|
| 2.98 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,611,737 |
|
| 5.75 |
|
|
|
|
|
|
|
| ||||||
COAL MINING |
|
|
|
|
|
|
| |||||
| 10,536 |
|
|
| Peabody Energy Corp |
|
| 509,732 |
|
| 0.63 |
|
|
|
|
|
| Other |
|
| 149,500 |
|
| 0.19 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 659,232 |
|
| 0.82 |
|
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
| |||||
| 36,259 |
|
|
| AT&T, Inc |
|
| 1,504,749 |
|
| 1.88 |
|
| 94,927 |
|
|
| Sprint Nextel Corp |
|
| 1,965,938 |
|
| 2.45 |
|
|
|
|
|
| Other |
|
| 1,122,734 |
|
| 1.40 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,593,421 |
|
| 5.73 |
|
|
|
|
|
|
|
| ||||||
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 45,679 |
|
|
| Bank of New York Co, Inc |
|
| 1,892,938 |
|
| 2.36 |
|
| 61,144 |
|
|
| Citigroup, Inc |
|
| 3,136,076 |
|
| 3.91 |
|
| 19,100 |
| e |
| First Horizon National Corp |
|
| 744,900 |
|
| 0.93 |
|
| 45,345 |
|
|
| JPMorgan Chase & Co |
|
| 2,196,965 |
|
| 2.74 |
|
| 23,473 |
|
|
| SunTrust Banks, Inc |
|
| 2,012,575 |
|
| 2.51 |
|
| 27,179 |
| e |
| TCF Financial Corp |
|
| 755,576 |
|
| 0.94 |
|
| 56,848 |
|
|
| Wells Fargo & Co |
|
| 1,999,344 |
|
| 2.50 |
|
|
|
|
|
| Other |
|
| 978,432 |
|
| 1.22 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 13,716,806 |
|
| 17.11 |
|
|
|
|
|
|
|
| ||||||
EATING AND DRINKING PLACES |
|
|
|
|
|
|
| |||||
| 22,042 |
| e |
| Darden Restaurants, Inc |
|
| 969,628 |
|
| 1.21 |
|
|
|
|
|
| Other |
|
| 433,512 |
|
| 0.54 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,403,140 |
|
| 1.75 |
|
|
|
|
|
|
|
|
|
|
|
60 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
LARGE-CAP VALUE FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
|
|
|
|
|
| |||||
| 13,262 |
|
|
| American Electric Power Co, Inc |
| $ | 597,320 |
|
| 0.74 | % |
| 23,932 |
| e |
| DPL, Inc |
|
| 678,233 |
|
| 0.85 |
|
|
|
|
|
| Other |
|
| 2,055,010 |
|
| 2.56 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,330,563 |
|
| 4.15 |
|
|
|
|
|
|
|
| ||||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
| 3,716,128 |
|
| 4.63 |
| |||||
|
| |||||||||||
ENGINEERING AND MANAGEMENT SERVICES |
|
| 7,163 |
|
| 0.01 |
| |||||
|
| |||||||||||
FABRICATED METAL PRODUCTS |
|
|
|
|
|
|
| |||||
| 18,937 |
|
|
| Illinois Tool Works, Inc |
|
| 1,026,196 |
|
| 1.28 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,026,196 |
|
| 1.28 |
|
|
|
|
|
|
|
| ||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
|
|
|
| |||||
| 39,784 |
|
|
| ConAgra Foods, Inc |
|
| 1,068,598 |
|
| 1.33 |
|
| 25,196 |
|
|
| Kraft Foods, Inc (Class A) |
|
| 888,159 |
|
| 1.11 |
|
| 11,917 |
|
|
| PepsiCo, Inc |
|
| 772,817 |
|
| 0.96 |
|
|
|
|
|
| Other |
|
| 140,348 |
|
| 0.18 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,869,922 |
|
| 3.58 |
|
|
|
|
|
|
|
| ||||||
FORESTRY |
|
|
|
|
|
| 225,700 |
|
| 0.28 |
| |
|
|
|
|
|
| |||||||
FURNITURE AND HOME FURNISHINGS STORES |
|
| 330,146 |
|
| 0.41 |
| |||||
|
| |||||||||||
GENERAL BUILDING CONTRACTORS |
|
| 511,135 |
|
| 0.64 |
| |||||
|
| |||||||||||
HEALTH SERVICES |
|
|
|
|
|
|
| |||||
| 29,020 |
| e* |
| Healthsouth Corp |
|
| 525,552 |
|
| 0.66 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 525,552 |
|
| 0.66 |
|
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
|
|
|
|
|
| |||||
| 31,259 |
|
|
| iShares Russell 1000 Value Index Fund |
|
| 2,711,406 |
|
| 3.38 |
|
|
|
|
|
| Other |
|
| 364,033 |
|
| 0.46 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,075,439 |
|
| 3.84 |
|
|
|
|
|
|
|
| ||||||
HOTELS AND OTHER LODGING PLACES |
|
|
|
|
|
|
| |||||
| 14,183 |
|
|
| Accor S.A. |
|
| 1,253,788 |
|
| 1.56 |
|
| 5,743 |
| e* |
| MGM Mirage |
|
| 473,683 |
|
| 0.59 |
|
| 11,188 |
| e |
| Orient-Express Hotels Ltd (Class A) |
|
| 597,439 |
|
| 0.75 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,324,910 |
|
| 2.90 |
|
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
| |||||
| 45,492 |
|
|
| General Electric Co |
|
| 1,741,434 |
|
| 2.17 |
|
|
|
|
|
| Other |
|
| 651,516 |
|
| 0.81 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,392,950 |
|
| 2.98 |
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
|
| |||||
| 9,711 |
| e |
| Cooper Cos, Inc |
|
| 517,791 |
|
| 0.65 |
|
| 18,981 |
| * |
| St. Jude Medical, Inc |
|
| 787,522 |
|
| 0.98 |
|
| 18,584 |
| * |
| Thermo Electron Corp |
|
| 961,164 |
|
| 1.20 |
|
|
|
|
|
| Other |
|
| 299,069 |
|
| 0.37 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,565,546 |
|
| 3.20 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 61 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
LARGE-CAP VALUE FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
INSURANCE AGENTS, BROKERS AND SERVICE |
|
|
|
|
|
|
| |||||
| 8,267 |
|
|
| Hartford Financial Services Group, Inc |
| $ | 814,382 |
|
| 1.02 | % |
|
|
|
|
| Other |
|
| 251,484 |
|
| 0.31 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,065,866 |
|
| 1.33 |
|
|
|
|
|
|
|
| ||||||
INSURANCE CARRIERS |
|
|
|
|
|
|
| |||||
| 15,715 |
|
|
| Aetna, Inc |
|
| 776,321 |
|
| 0.97 |
|
| 24,055 |
|
|
| Radian Group, Inc |
|
| 1,298,970 |
|
| 1.62 |
|
|
|
|
|
| Other |
|
| 2,229,321 |
|
| 2.78 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,304,612 |
|
| 5.37 |
|
|
|
|
|
|
|
| ||||||
METAL MINING |
|
|
| 43,431 |
|
| 0.05 |
| ||||
|
|
|
|
|
|
| ||||||
MISCELLANEOUS RETAIL |
|
|
|
|
|
|
| |||||
| 78,857 |
| e* |
| Rite Aid Corp |
|
| 503,108 |
|
| 0.63 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 503,108 |
|
| 0.63 |
|
|
|
|
|
|
|
| ||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 19,882 |
|
|
| Countrywide Financial Corp |
|
| 722,711 |
|
| 0.90 |
|
|
|
|
|
| Other |
|
| 1,064,359 |
|
| 1.33 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,787,070 |
|
| 2.23 |
|
|
|
|
|
|
|
| ||||||
OIL AND GAS EXTRACTION |
|
|
|
|
|
|
| |||||
| 10,279 |
|
|
| Anadarko Petroleum Corp |
|
| 534,405 |
|
| 0.67 |
|
| 14,904 |
|
|
| Halliburton Co |
|
| 514,188 |
|
| 0.64 |
|
| 16,636 |
| e* |
| Pride International, Inc |
|
| 623,185 |
|
| 0.78 |
|
|
|
|
|
| Other |
|
| 395,777 |
|
| 0.49 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,067,555 |
|
| 2.58 |
|
|
|
|
|
|
|
| ||||||
PAPER AND ALLIED PRODUCTS |
|
| 852,862 |
|
| 1.06 |
| |||||
|
|
| ||||||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
|
| |||||
| 20,406 |
|
|
| Chevron Corp |
|
| 1,719,001 |
|
| 2.14 |
|
| 11,208 |
|
|
| Devon Energy Corp |
|
| 877,474 |
|
| 1.10 |
|
| 18,601 |
|
|
| Occidental Petroleum Corp |
|
| 1,076,626 |
|
| 1.34 |
|
| 5,022 |
|
|
| Petroleo Brasileiro S.A. (ADR) |
|
| 609,018 |
|
| 0.76 |
|
|
|
|
|
| Other |
|
| 913,383 |
|
| 1.14 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,195,502 |
|
| 6.48 |
|
|
|
|
|
|
|
| ||||||
PIPELINES, EXCEPT NATURAL GAS |
|
| 39,329 |
|
| 0.05 |
| |||||
|
| |||||||||||
PRIMARY METAL INDUSTRIES |
|
| 309,014 |
|
| 0.39 |
| |||||
|
| |||||||||||
REAL ESTATE |
|
| 555,367 |
|
| 0.69 |
| |||||
|
| |||||||||||
SECURITY AND COMMODITY BROKERS |
|
|
|
|
|
|
| |||||
| 5,890 |
|
|
| Bear Stearns Cos, Inc |
|
| 824,600 |
|
| 1.03 |
|
| 8,218 |
|
|
| Morgan Stanley |
|
| 689,326 |
|
| 0.86 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,513,926 |
|
| 1.89 |
|
|
|
|
|
|
|
| ||||||
STONE, CLAY, AND GLASS PRODUCTS |
|
| 109,802 |
|
| 0.14 |
| |||||
|
| |||||||||||
TEXTILE MILL PRODUCTS |
|
| 257,482 |
|
| 0.32 |
| |||||
|
|
|
|
|
62 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
LARGE-CAP VALUE FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
TOBACCO PRODUCTS |
|
|
|
|
|
|
| |||||
| 27,739 |
|
|
| Altria Group, Inc |
| $ | 1,945,613 |
|
| 2.43 | % |
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,945,613 |
|
| 2.43 |
|
|
|
|
|
|
|
| ||||||
TRANSPORTATION BY AIR |
|
| 696,313 |
|
| 0.87 |
| |||||
|
| |||||||||||
TRANSPORTATION EQUIPMENT |
|
|
|
|
|
|
| |||||
| 115,927 |
| e* |
| Ford Motor Co |
|
| 1,092,032 |
|
| 1.36 |
|
|
|
|
|
| Other |
|
| 233,878 |
|
| 0.29 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,325,910 |
|
| 1.65 |
|
|
|
|
|
|
|
| ||||||
TRANSPORTATION SERVICES |
|
| 464,378 |
|
| 0.58 |
| |||||
|
| |||||||||||
WHOLESALE TRADE-DURABLE GOODS |
|
| 9,302 |
|
| 0.01 |
| |||||
|
| |||||||||||
WHOLESALE TRADE-NONDURABLE GOODS |
|
| 5,723 |
|
| 0.01 |
| |||||
|
| |||||||||||
|
|
|
|
| TOTAL COMMON STOCKS (Cost $66,691,670) |
|
| 75,416,222 |
|
| 94.06 |
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Issuer |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| ||||||
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES |
|
|
|
|
|
|
| |||||
$ | 4,000,000 |
|
|
| Federal Home Loan Bank 0.000%, 07/02/2007 |
|
| 4,000,000 |
|
| 4.99 |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
| |||||
| 11,024,860 |
|
|
| State Street Navigator Securities Lending Prime Portfolio |
|
| 11,024,860 |
|
| 13.75 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,024,327) |
|
| 15,024,860 |
|
| 18.74 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL PORTFOLIO (Cost $81,715,997) |
|
| 90,441,082 |
|
| 112.80 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
| (10,265,791 | ) |
| (12.80 | ) |
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
| $ | 80,175,291 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
e All or a portion of these securities are out on loan.
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 63 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) |
|
SMALL-CAP EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
COMMON STOCKS |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
AMUSEMENT AND RECREATION SERVICES |
| $ | 400,287 |
|
| 0.65 | % | |||||
|
|
|
|
|
|
| ||||||
APPAREL AND ACCESSORY STORES |
|
|
|
|
|
|
| |||||
| 11,900 |
| e |
| Brown Shoe Co, Inc |
|
| 289,408 |
|
| 0.47 |
|
| 10,700 |
| e* |
| Charlotte Russe Holding, Inc |
|
| 287,509 |
|
| 0.47 |
|
| 9,700 |
| d,e* |
| Payless Shoesource, Inc |
|
| 306,035 |
|
| 0.49 |
|
|
|
|
|
| Other |
|
| 342,714 |
|
| 0.55 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,225,666 |
|
| 1.98 |
|
|
|
|
|
|
|
| ||||||
APPAREL AND OTHER TEXTILE PRODUCTS |
|
|
|
|
|
|
| |||||
| 7,849 |
| * |
| Gymboree Corp |
|
| 309,329 |
|
| 0.50 |
|
|
|
|
|
| Other |
|
| 244,773 |
|
| 0.40 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 554,102 |
|
| 0.90 |
|
|
|
|
|
|
|
| ||||||
AUTO REPAIR, SERVICES AND PARKING |
|
| 3,427 |
|
| 0.01 |
| |||||
|
| |||||||||||
AUTOMOTIVE DEALERS AND SERVICE STATIONS |
|
| 232,035 |
|
| 0.38 |
| |||||
|
| |||||||||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
| 1,226 |
|
| 0.00 | ** | |||||
|
| |||||||||||
BUSINESS SERVICES |
|
|
|
|
|
|
| |||||
| 70,600 |
| * |
| 3Com Corp |
|
| 291,578 |
|
| 0.47 |
|
| 11,089 |
| e* |
| CSG Systems International, Inc |
|
| 293,969 |
|
| 0.48 |
|
| 14,200 |
| * |
| Sybase, Inc |
|
| 339,238 |
|
| 0.55 |
|
| 9,542 |
| e* |
| THQ, Inc |
|
| 291,222 |
|
| 0.47 |
|
| 7,200 |
| e |
| Viad Corp |
|
| 303,624 |
|
| 0.49 |
|
|
|
|
|
| Other |
|
| 5,956,810 |
|
| 9.64 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 7,476,441 |
|
| 12.10 |
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 7,205 |
|
|
| CF Industries Holdings, Inc |
|
| 431,507 |
|
| 0.70 |
|
| 9,134 |
| e* |
| OSI Pharmaceuticals, Inc |
|
| 330,742 |
|
| 0.53 |
|
|
|
|
|
| Other |
|
| 3,258,979 |
|
| 5.28 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,021,228 |
|
| 6.51 |
|
|
|
|
|
|
|
| ||||||
COAL MINING |
|
|
|
|
|
| 187,110 |
|
| 0.30 |
| |
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
|
|
|
| ||
| 5,100 |
| e* |
| Anixter International, Inc |
|
| 383,571 |
|
| 0.62 |
|
| 21,422 |
| e* |
| Brightpoint, Inc |
|
| 295,409 |
|
| 0.48 |
|
| 55,800 |
| e* |
| Cincinnati Bell, Inc |
|
| 322,524 |
|
| 0.52 |
|
|
|
|
|
| Other |
|
| 1,435,637 |
|
| 2.33 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,437,141 |
|
| 3.95 |
|
|
|
|
|
|
|
| ||||||
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 4,500 |
| e |
| Downey Financial Corp |
|
| 296,910 |
|
| 0.48 |
|
| 11,550 |
|
|
| Trustmark Corp |
|
| 298,683 |
|
| 0.48 |
|
|
|
|
|
| Other |
|
| 3,710,062 |
|
| 6.01 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,305,655 |
|
| 6.97 |
|
|
|
|
|
|
|
|
|
|
|
64 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
SMALL-CAP EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
EATING AND DRINKING PLACES | ||||||||||||
| 4,700 |
| e* |
| Jack in the Box, Inc |
| $ | 333,418 |
|
| 0.54 | % |
|
|
|
|
| Other |
|
| 953,059 |
|
| 1.54 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,286,477 |
|
| 2.08 |
|
|
|
|
|
|
|
| ||||||
EDUCATIONAL SERVICES |
|
| 129,276 |
|
| 0.21 |
| |||||
|
| |||||||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
|
|
|
|
|
| |||||
| 5,900 |
| e* |
| Clean Harbors, Inc |
|
| 291,578 |
|
| 0.47 |
|
| 5,900 |
| e |
| New Jersey Resources Corp |
|
| 301,018 |
|
| 0.49 |
|
| 10,343 |
| e |
| Portland General Electric Co |
|
| 283,812 |
|
| 0.46 |
|
|
|
|
|
| Other |
|
| 2,078,426 |
|
| 3.36 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,954,834 |
|
| 4.78 |
|
|
|
|
|
|
|
| ||||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
|
|
|
|
|
| |||||
| 22,000 |
| e* |
| Amkor Technology, Inc |
|
| 346,500 |
|
| 0.56 |
|
| 18,513 |
| e* |
| Arris Group, Inc |
|
| 325,644 |
|
| 0.53 |
|
| 6,441 |
| e* |
| Comtech Telecommunications Corp |
|
| 298,991 |
|
| 0.48 |
|
| 47,000 |
| e* |
| RF Micro Devices, Inc |
|
| 293,280 |
|
| 0.47 |
|
|
|
|
|
| Other |
|
| 2,609,651 |
|
| 4.23 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,874,066 |
|
| 6.27 |
|
|
|
|
|
|
|
| ||||||
ENGINEERING AND MANAGEMENT SERVICES |
|
| 1,490,775 |
|
| 2.41 |
| |||||
|
| |||||||||||
FABRICATED METAL PRODUCTS |
|
| 535,709 |
|
| 0.87 |
| |||||
|
| |||||||||||
FOOD AND KINDRED PRODUCTS |
|
| 560,461 |
|
| 0.91 |
| |||||
|
| |||||||||||
FOOD STORES |
|
| 533,127 |
|
| 0.86 |
| |||||
|
| |||||||||||
FURNITURE AND FIXTURES |
|
| 490,052 |
|
| 0.79 |
| |||||
|
| |||||||||||
FURNITURE AND HOME FURNISHINGS STORES |
|
| 259,840 |
|
| 0.42 |
| |||||
|
| |||||||||||
GENERAL BUILDING CONTRACTORS |
|
|
|
|
|
|
| |||||
| 5,700 |
| e* |
| Perini Corp |
|
| 350,721 |
|
| 0.57 |
|
|
|
|
|
|
|
| ||||||
|
| �� |
|
|
|
|
| 350,721 |
|
| 0.57 |
|
|
|
|
|
|
|
| ||||||
GENERAL MERCHANDISE STORES |
|
| 193,226 |
|
| 0.31 |
| |||||
|
| |||||||||||
HEALTH SERVICES |
|
|
| 314,415 |
|
| 0.51 |
| ||||
|
| |||||||||||
HEAVY CONSTRUCTION,EXCEPT BUILDING |
|
|
|
|
|
|
| |||||
| 5,000 |
| e |
| Granite Construction, Inc |
|
| 320,900 |
|
| 0.52 |
|
|
|
|
|
| Other |
|
| 265,920 |
|
| 0.43 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 586,820 |
|
| 0.95 |
|
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
|
|
|
|
|
| |||||
| 24,800 |
| e |
| Ashford Hospitality Trust, Inc |
|
| 291,648 |
|
| 0.47 |
|
| 16,300 |
| e |
| DiamondRock Hospitality Co |
|
| 311,004 |
|
| 0.50 |
|
| 13,200 |
| e |
| FelCor Lodging Trust, Inc |
|
| 343,596 |
|
| 0.56 |
|
| 6,127 |
|
|
| Home Properties, Inc |
|
| 318,175 |
|
| 0.52 |
|
| 7,000 |
| e |
| LaSalle Hotel Properties |
|
| 303,940 |
|
| 0.49 |
|
| 7,361 |
|
|
| Potlatch Corp |
|
| 316,891 |
|
| 0.51 |
|
| 7,900 |
| e |
| Tanger Factory Outlet Centers, Inc |
|
| 295,855 |
|
| 0.48 |
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 65 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
SMALL-CAP EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
| Value |
| % of net |
| ||
HOLDING AND OTHER INVESTMENT OFFICES — continued |
|
|
|
|
|
|
| |||||
|
|
|
|
| Other |
| $ | 1,889,765 |
|
| 3.06 | % |
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 4,070,874 |
|
| 6.59 |
|
|
|
|
|
|
|
| ||||||
HOTELS AND OTHER LODGING PLACES |
|
| 77,865 |
|
| 0.13 |
| |||||
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
| |||||
| 16,902 |
| * |
| Brooks Automation, Inc |
|
| 306,771 |
|
| 0.50 |
|
| 6,600 |
| * |
| NATCO Group, Inc (Class A) |
|
| 303,864 |
|
| 0.49 |
|
| 6,036 |
|
|
| Nordson Corp |
|
| 302,766 |
|
| 0.49 |
|
|
|
|
|
| Other |
|
| 1,979,964 |
|
| 3.20 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,893,365 |
|
| 4.68 |
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
|
| |||||
| 10,100 |
| e |
| STERIS Corp |
|
| 309,060 |
|
| 0.50 |
|
| 13,057 |
| e* |
| Zoll Medical Corp |
|
| 291,302 |
|
| 0.47 |
|
|
|
|
|
| Other |
|
| 2,557,004 |
|
| 4.14 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,157,366 |
|
| 5.11 |
|
|
|
|
|
|
|
| ||||||
INSURANCE AGENTS, BROKERS AND SERVICE |
|
| 125,030 |
|
| 0.20 |
| |||||
|
|
|
|
|
|
| ||||||
INSURANCE CARRIERS |
|
|
|
|
|
|
| |||||
| 12,300 |
| * |
| AMERIGROUP Corp |
|
| 292,740 |
|
| 0.48 |
|
| 6,900 |
|
|
| Odyssey Re Holdings Corp |
|
| 295,941 |
|
| 0.48 |
|
| 9,600 |
| e |
| Platinum Underwriters Holdings Ltd |
|
| 333,600 |
|
| 0.54 |
|
|
|
|
|
| Other |
|
| 1,428,658 |
|
| 2.31 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,350,939 |
|
| 3.81 |
|
|
|
|
|
|
|
| ||||||
LEATHER AND LEATHER PRODUCTS |
|
|
|
|
|
|
| |||||
| 8,600 |
| e |
| Steven Madden Ltd |
|
| 281,736 |
|
| 0.46 |
|
|
|
|
|
| Other |
|
| 45,342 |
|
| 0.07 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 327,078 |
|
| 0.53 |
|
|
|
|
|
|
|
| ||||||
LEGAL SERVICES |
|
| 173,251 |
|
| 0.28 |
| |||||
|
|
|
|
|
|
| ||||||
LUMBER AND WOOD PRODUCTS |
|
| 41,520 |
|
| 0.07 |
| |||||
|
|
|
|
|
|
| ||||||
METAL MINING |
|
| 117,322 |
|
| 0.19 |
| |||||
|
|
|
|
|
|
| ||||||
MISCELLANEOUS MANUFACTURING INDUSTRIES |
|
| 482,257 |
|
| 0.78 |
| |||||
|
|
|
|
|
|
| ||||||
MISCELLANEOUS RETAIL |
|
| 1,142,174 |
|
| 1.85 |
| |||||
|
|
|
|
|
|
| ||||||
MOTION PICTURES |
|
| 6,643 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
NONDEPOSITORY INSTITUTIONS |
|
| 405,121 |
|
| 0.66 |
| |||||
|
|
|
|
|
|
| ||||||
OIL AND GAS EXTRACTION |
|
| 1,606,344 |
|
| 2.60 |
| |||||
|
|
|
|
|
|
| ||||||
PAPER AND ALLIED PRODUCTS |
|
| 292,292 |
|
| 0.47 |
| |||||
|
|
|
|
|
|
| ||||||
PERSONAL SERVICES |
|
| 182,372 |
|
| 0.30 |
| |||||
|
|
|
|
|
|
| ||||||
PETROLEUM AND COAL PRODUCTS |
|
| 188,979 |
|
| 0.31 |
| |||||
|
|
|
|
|
|
| ||||||
PRIMARY METAL INDUSTRIES |
|
| 1,098,071 |
|
| 1.78 |
| |||||
|
|
|
|
|
|
| ||||||
PRINTING AND PUBLISHING |
|
| 513,509 |
|
| 0.83 |
| |||||
|
|
|
|
|
|
|
|
|
|
66 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
SMALL-CAP EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
| Value |
| % of net |
| ||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS |
|
|
|
|
|
|
| |||||
| 11,300 |
|
|
| Tupperware Corp |
| $ | 324,762 |
|
| 0.53 | % |
| 6,600 |
| e |
| West Pharmaceutical Services, Inc |
|
| 311,190 |
|
| 0.50 |
|
|
|
|
|
| Other |
|
| 440,752 |
|
| 0.71 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,076,704 |
|
| 1.74 |
|
|
|
|
|
|
|
| ||||||
SECURITY AND COMMODITY BROKERS |
|
| 661,133 |
|
| 1.07 |
| |||||
|
|
|
|
|
|
| ||||||
SOCIAL SERVICES |
|
| 57,118 |
|
| 0.09 |
| |||||
|
|
|
|
|
|
| ||||||
SPECIAL TRADE CONTRACTORS |
|
|
|
|
|
|
| |||||
| 4,600 |
| * |
| EMCOR Group, Inc |
|
| 335,340 |
|
| 0.54 |
|
|
|
|
|
| Other |
|
| 41,974 |
|
| 0.07 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 377,314 |
|
| 0.61 |
|
|
|
|
|
|
|
| ||||||
TEXTILE MILL PRODUCTS |
|
| 48,774 |
|
| 0.08 |
| |||||
|
|
|
|
|
|
| ||||||
TRANSPORTATION BY AIR |
|
| 449,650 |
|
| 0.73 |
| |||||
|
|
|
|
|
|
| ||||||
TRANSPORTATION EQUIPMENT |
|
| 1,719,492 |
|
| 2.78 |
| |||||
|
|
|
|
|
|
| ||||||
TRANSPORTATION SERVICES |
|
| 492,367 |
|
| 0.80 |
| |||||
|
|
|
|
|
|
| ||||||
TRUCKING AND WAREHOUSING |
|
| 8,614 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
WATER TRANSPORTATION |
|
| 160,524 |
|
| 0.26 |
| |||||
|
|
|
|
|
|
| ||||||
WHOLESALE TRADE-DURABLE GOODS |
|
|
|
|
|
|
| |||||
| 11,100 |
| e |
| Applied Industrial Technologies, Inc |
|
| 327,450 |
|
| 0.53 |
|
| 30,700 |
| e* |
| Genesis Microchip, Inc |
|
| 287,352 |
|
| 0.47 |
|
|
|
|
|
| Other |
|
| 1,013,066 |
|
| 1.64 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,627,868 |
|
| 2.64 |
|
|
|
|
|
|
|
| ||||||
WHOLESALE TRADE-NONDURABLE GOODS |
|
|
|
|
|
|
| |||||
| 30,800 |
| * |
| Alliance One International, Inc |
|
| 309,540 |
|
| 0.50 |
|
| 9,313 |
|
|
| Spartan Stores, Inc |
|
| 306,491 |
|
| 0.50 |
|
| 5,470 |
| * |
| United Stationers, Inc |
|
| 364,521 |
|
| 0.59 |
|
|
|
|
|
| Other |
|
| 435,279 |
|
| 0.70 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,415,831 |
|
| 2.29 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL COMMON STOCKS | (Cost $57,249,878) |
| 61,751,878 |
|
| 99.97 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 67 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
SMALL-CAP EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
| Value |
| % of net |
| ||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
| |||||
| 17,862,209 |
|
|
| State Street Navigator Securities Lending Prime Portfolio | $ | 17,862,209 |
|
| 28.92 | % | |
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $17,862,209) |
| 17,862,209 |
|
| 28.92 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PORTFOLIO | (Cost $75,112,087) |
| 79,614,087 |
|
| 128.89 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
| (17,847,028 | ) |
| (28.89 | ) |
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
| $ | 61,767,059 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
* | Non-income producing |
|
|
** | Percentage is less than 0.01% |
|
|
d | All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $6,625. |
|
|
e | All or a portion of these securities are out on loan. |
|
|
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
68 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)
STOCK INDEX FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
|
| Value |
|
| % of net |
|
COMMON STOCKS |
|
|
|
|
|
|
| |||||
AGRICULTURAL PRODUCTION-CROPS |
| $ | 8,323 |
|
| 0.00 | %** | |||||
|
| |||||||||||
AGRICULTURAL PRODUCTION-LIVESTOCK |
|
| 26,137 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
AGRICULTURAL SERVICES |
|
| 2,921 |
|
| 0.00 | ** | |||||
|
|
|
|
|
|
| ||||||
AMUSEMENT AND RECREATION SERVICES |
|
|
|
|
|
|
| |||||
| 21,683 |
|
|
| Walt Disney Co |
|
| 740,258 |
|
| 0.40 |
|
|
|
|
|
| Other |
|
| 456,583 |
|
| 0.24 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,196,841 |
|
| 0.64 |
|
|
|
|
|
|
|
| ||||||
APPAREL AND ACCESSORY STORES |
|
| 1,244,165 |
|
| 0.67 |
| |||||
|
|
|
|
|
|
| ||||||
APPAREL AND OTHER TEXTILE PRODUCTS |
|
| 372,263 |
|
| 0.20 |
| |||||
|
|
|
|
|
|
| ||||||
AUTO REPAIR, SERVICES AND PARKING |
|
| 170,508 |
|
| 0.09 |
| |||||
|
|
|
|
|
|
| ||||||
AUTOMOTIVE DEALERS AND SERVICE STATIONS |
|
| 334,477 |
|
| 0.18 |
| |||||
|
|
|
|
|
|
| ||||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
|
|
|
|
|
| |||||
| 21,548 |
|
|
| Home Depot, Inc |
|
| 847,914 |
|
| 0.45 |
|
|
|
|
|
| Other |
|
| 576,904 |
|
| 0.31 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,424,818 |
|
| 0.76 |
|
|
|
|
|
|
|
| ||||||
BUSINESS SERVICES |
|
|
|
|
|
|
| |||||
| 2,503 |
| * |
| Google, Inc (Class A) |
|
| 1,310,020 |
|
| 0.70 |
|
| 90,109 |
|
|
| Microsoft Corp |
|
| 2,655,512 |
|
| 1.42 |
|
| 42,180 |
| * |
| Oracle Corp |
|
| 831,368 |
|
| 0.45 |
|
|
|
|
|
| Other |
|
| 8,152,674 |
|
| 4.36 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 12,949,574 |
|
| 6.93 |
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 16,853 |
|
|
| Abbott Laboratories |
|
| 902,478 |
|
| 0.48 |
|
| 12,728 |
| * |
| Amgen, Inc |
|
| 703,731 |
|
| 0.38 |
|
| 21,531 |
|
|
| Bristol-Myers Squibb Co |
|
| 679,518 |
|
| 0.36 |
|
| 23,712 |
|
|
| Merck & Co, Inc |
|
| 1,180,858 |
|
| 0.63 |
|
| 76,786 |
|
|
| Pfizer, Inc |
|
| 1,963,418 |
|
| 1.05 |
|
| 34,451 |
|
|
| Procter & Gamble Co |
|
| 2,108,057 |
|
| 1.13 |
|
| 14,716 |
|
|
| Wyeth |
|
| 843,815 |
|
| 0.45 |
|
|
|
|
|
| Other |
|
| 8,011,297 |
|
| 4.29 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 16,393,172 |
|
| 8.77 |
|
|
|
|
|
|
|
| ||||||
COAL MINING |
|
| 329,343 |
|
| 0.18 |
| |||||
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
| |||||
| 67,458 |
|
|
| AT&T, Inc |
|
| 2,799,507 |
|
| 1.50 |
|
| 32,312 |
| * |
| Comcast Corp (Class A) |
|
| 908,613 |
|
| 0.49 |
|
| 31,892 |
|
|
| Verizon Communications, Inc |
|
| 1,312,994 |
|
| 0.70 |
|
|
|
|
|
| Other |
|
| 3,982,444 |
|
| 2.13 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 9,003,558 |
|
| 4.82 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 69 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
STOCK INDEX FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
|
| Value |
|
| % of net |
|
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 48,552 |
|
|
| Bank of America Corp |
| $ | 2,373,707 |
|
| 1.27 | % |
| 54,119 |
|
|
| Citigroup, Inc |
|
| 2,775,764 |
|
| 1.49 |
|
| 37,377 |
|
|
| JPMorgan Chase & Co |
|
| 1,810,916 |
|
| 0.97 |
|
| 20,933 |
|
|
| Wachovia Corp |
|
| 1,072,816 |
|
| 0.57 |
|
| 36,734 |
|
|
| Wells Fargo & Co |
|
| 1,291,935 |
|
| 0.69 |
|
|
|
|
|
| Other |
|
| 6,846,071 |
|
| 3.67 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 16,171,209 |
|
| 8.66 |
|
|
|
|
|
|
|
| ||||||
EATING AND DRINKING PLACES |
|
| 1,590,443 |
|
| 0.85 |
| |||||
|
|
|
|
|
|
| ||||||
EDUCATIONAL SERVICES |
|
| 268,217 |
|
| 0.14 |
| |||||
|
|
|
|
|
|
| ||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
| 7,369,556 |
|
| 3.94 |
| |||||
|
|
|
|
|
|
| ||||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
|
|
|
|
|
| |||||
| 9,463 |
| * |
| Apple Computer, Inc |
|
| 1,154,865 |
|
| 0.62 |
|
| 66,616 |
| * |
| Cisco Systems, Inc |
|
| 1,855,256 |
|
| 0.99 |
|
| 63,570 |
|
|
| Intel Corp |
|
| 1,510,423 |
|
| 0.81 |
|
| 18,237 |
|
|
| Qualcomm, Inc |
|
| 791,303 |
|
| 0.42 |
|
|
|
|
|
| Other |
|
| 6,218,898 |
|
| 3.33 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 11,530,745 |
|
| 6.17 |
|
|
|
|
|
|
|
| ||||||
ENGINEERING AND MANAGEMENT SERVICES |
|
| 1,552,131 |
|
| 0.83 |
| |||||
|
|
|
|
|
|
| ||||||
ENVIRONMENTAL QUALITY AND HOUSING |
|
| 5,896 |
|
| 0.00 | ** | |||||
|
|
|
|
|
|
| ||||||
FABRICATED METAL PRODUCTS |
|
| 976,789 |
|
| 0.52 |
| |||||
|
|
|
|
|
|
| ||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
|
|
|
| |||||
| 25,130 |
|
|
| Coca-Cola Co |
|
| 1,314,550 |
|
| 0.70 |
|
| 17,822 |
|
|
| PepsiCo, Inc |
|
| 1,155,757 |
|
| 0.62 |
|
|
|
|
|
| Other |
|
| 3,281,294 |
|
| 1.76 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,751,601 |
|
| 3.08 |
|
|
|
|
|
|
|
| ||||||
FOOD STORES |
|
| 629,047 |
|
| 0.34 |
| |||||
|
|
|
|
|
|
| ||||||
FORESTRY |
|
| 224,791 |
|
| 0.12 |
| |||||
|
|
|
|
|
|
| ||||||
FURNITURE AND FIXTURES |
|
| 590,708 |
|
| 0.32 |
| |||||
|
|
|
|
|
|
| ||||||
FURNITURE AND HOME FURNISHINGS STORES |
|
| 353,273 |
|
| 0.19 |
| |||||
|
|
|
|
|
|
| ||||||
GENERAL BUILDING CONTRACTORS |
|
| 474,199 |
|
| 0.25 |
| |||||
|
|
|
|
|
|
| ||||||
GENERAL MERCHANDISE STORES |
|
|
|
|
|
|
| |||||
| 26,381 |
|
|
| Wal-Mart Stores, Inc |
|
| 1,269,190 |
|
| 0.68 |
|
|
|
|
|
| Other |
|
| 1,698,254 |
|
| 0.91 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,967,444 |
|
| 1.59 |
|
|
|
|
|
|
|
| ||||||
HEALTH SERVICES |
|
| 2,457,562 |
|
| 1.32 |
| |||||
|
|
|
|
|
|
| ||||||
HEAVY CONSTRUCTION, EXCEPT BUILDING |
|
| 118,838 |
|
| 0.06 |
| |||||
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
|
|
|
|
|
| |||||
| 25,200 |
|
|
| iShares Russell 3000 Index Fund |
|
| 2,193,156 |
|
| 1.18 |
|
|
|
|
|
| Other |
|
| 4,152,121 |
|
| 2.22 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 6,345,277 |
|
| 3.40 |
|
|
|
|
|
|
|
|
|
|
|
70 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
STOCK INDEX FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| Company |
| Value |
| % of net |
| ||
HOTELS AND OTHER LODGING PLACES |
| $ | 982,666 |
|
| 0.53 | % | |||||
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
| |||||
| 25,010 |
| * |
| Dell, Inc |
|
| 714,036 |
|
| 0.38 |
|
| 112,559 |
|
|
| General Electric Co |
|
| 4,308,759 |
|
| 2.31 |
|
| 29,283 |
|
|
| Hewlett-Packard Co |
|
| 1,306,607 |
|
| 0.70 |
|
| 16,246 |
|
|
| International Business Machines Corp |
|
| 1,709,891 |
|
| 0.91 |
|
|
|
|
|
| Other |
|
| 4,763,526 |
|
| 2.55 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 12,802,819 |
|
| 6.85 |
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
|
| |||||
| 31,868 |
|
|
| Johnson & Johnson |
|
| 1,963,706 |
|
| 1.05 |
|
|
|
|
|
| Other |
|
| 5,858,025 |
|
| 3.14 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 7,821,731 |
|
| 4.19 |
|
|
|
|
|
|
|
| ||||||
INSURANCE AGENTS, BROKERS AND SERVICE |
|
| 841,548 |
|
| 0.45 |
| |||||
|
|
|
|
|
|
| ||||||
INSURANCE CARRIERS |
|
|
|
|
|
|
| |||||
| 24,522 |
|
|
| American International Group, Inc |
|
| 1,717,276 |
|
| 0.92 |
|
| 14,662 |
|
|
| UnitedHealth Group, Inc |
|
| 749,815 |
|
| 0.40 |
|
|
|
|
|
| Other |
|
| 6,477,435 |
|
| 3.47 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 8,944,526 |
|
| 4.79 |
|
|
|
|
|
|
|
| ||||||
JUSTICE, PUBLIC ORDER AND SAFETY |
|
| 54,793 |
|
| 0.03 |
| |||||
|
|
|
|
|
|
| ||||||
LEATHER AND LEATHER PRODUCTS |
|
| 298,520 |
|
| 0.16 |
| |||||
|
|
|
|
|
|
| ||||||
LEGAL SERVICES |
|
| 27,094 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
LOCAL AND INTERURBAN PASSENGER TRANSIT |
|
| 34,045 |
|
| 0.02 |
| |||||
|
|
|
|
|
|
| ||||||
LUMBER AND WOOD PRODUCTS |
|
| 51,973 |
|
| 0.03 |
| |||||
|
|
|
|
|
|
| ||||||
METAL MINING |
|
| 732,049 |
|
| 0.39 |
| |||||
|
|
|
|
|
|
| ||||||
MISCELLANEOUS MANUFACTURING INDUSTRIES |
|
|
|
|
|
|
| |||||
| 21,346 |
| * |
| Tyco International Ltd |
|
| 721,281 |
|
| 0.39 |
|
|
|
|
|
| Other |
|
| 381,546 |
|
| 0.20 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,102,827 |
|
| 0.59 |
|
|
|
|
|
|
|
| ||||||
MISCELLANEOUS RETAIL |
|
| 2,502,500 |
|
| 1.34 |
| |||||
|
|
|
|
|
|
| ||||||
MOTION PICTURES |
|
|
|
|
|
|
| |||||
| 41,460 |
|
|
| Time Warner, Inc |
|
| 872,318 |
|
| 0.47 |
|
|
|
|
|
| Other |
|
| 1,244,780 |
|
| 0.66 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,117,098 |
|
| 1.13 |
|
|
|
|
|
|
|
| ||||||
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS |
|
| 5,059 |
|
| 0.00 | ** | |||||
|
|
|
|
|
|
| ||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 11,330 |
|
|
| American Express Co |
|
| 693,169 |
|
| 0.37 |
|
| 10,645 |
|
|
| Fannie Mae |
|
| 695,438 |
|
| 0.37 |
|
|
|
|
|
| Other |
|
| 1,931,729 |
|
| 1.04 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,320,336 |
|
| 1.78 |
|
|
|
|
|
|
|
| ||||||
NONMETALLIC MINERALS, EXCEPT FUELS |
|
| 171,272 |
|
| 0.09 |
| |||||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 71 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
|
|
STOCK INDEX FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
OIL AND GAS EXTRACTION |
|
|
|
|
|
|
| |||||
| 12,894 |
|
|
| Schlumberger Ltd |
| $ | 1,095,216 |
|
| 0.58 | % |
|
|
|
|
| Other |
|
| 4,553,358 |
|
| 2.44 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,648,574 |
|
| 3.02 |
|
|
|
| ||||||||||
PAPER AND ALLIED PRODUCTS |
|
| 971,704 |
|
| 0.52 |
| |||||
|
|
| ||||||||||
PERSONAL SERVICES |
|
| 288,390 |
|
| 0.15 |
| |||||
|
|
| ||||||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
|
| |||||
| 23,515 |
|
|
| Chevron Corp |
|
| 1,980,904 |
|
| 1.06 |
|
| 17,881 |
|
|
| ConocoPhillips |
|
| 1,403,658 |
|
| 0.75 |
|
| 61,647 |
|
|
| Exxon Mobil Corp |
|
| 5,170,950 |
|
| 2.77 |
|
|
|
|
|
| Other |
|
| 3,168,616 |
|
| 1.70 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 11,724,128 |
|
| 6.28 |
|
|
|
|
|
|
|
| ||||||
PIPELINES, EXCEPT NATURAL GAS |
|
| 179,384 |
|
| 0.10 |
| |||||
|
|
|
|
|
|
| ||||||
PRIMARY METAL INDUSTRIES |
|
| 1,991,496 |
|
| 1.07 |
| |||||
|
|
|
|
|
|
| ||||||
PRINTING AND PUBLISHING |
|
| 1,092,863 |
|
| 0.58 |
| |||||
|
|
|
|
|
|
| ||||||
RAILROAD TRANSPORTATION |
|
| 1,189,599 |
|
| 0.64 |
| |||||
|
|
|
|
|
|
| ||||||
REAL ESTATE |
|
| 238,140 |
|
| 0.13 |
| |||||
|
|
|
|
|
|
| ||||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS |
|
| 561,549 |
|
| 0.30 |
| |||||
|
|
|
|
|
|
| ||||||
SECURITY AND COMMODITY BROKERS |
|
|
|
|
|
|
| |||||
| 4,442 |
|
|
| Goldman Sachs Group, Inc |
|
| 962,803 |
|
| 0.52 |
|
| 9,499 |
|
|
| Merrill Lynch & Co, Inc |
|
| 793,926 |
|
| 0.42 |
|
| 11,531 |
|
|
| Morgan Stanley |
|
| 967,220 |
|
| 0.52 |
|
|
|
|
|
| Other |
|
| 3,265,162 |
|
| 1.75 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 5,989,111 |
|
| 3.21 |
|
|
|
|
|
|
|
| ||||||
SOCIAL SERVICES |
|
| 21,287 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
SPECIAL TRADE CONTRACTORS |
|
| 136,650 |
|
| 0.07 |
| |||||
|
|
|
|
|
|
| ||||||
STONE, CLAY, AND GLASS PRODUCTS |
|
|
|
|
|
|
| |||||
| 7,979 |
|
|
| 3M Co |
|
| 692,497 |
|
| 0.37 |
|
|
|
|
|
| Other |
|
| 234,841 |
|
| 0.13 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 927,338 |
|
| 0.50 |
|
|
|
|
|
|
|
| ||||||
TEXTILE MILL PRODUCTS |
|
| 11,154 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
TOBACCO PRODUCTS |
|
|
|
|
|
|
| |||||
| 23,012 |
|
|
| Altria Group, Inc |
|
| 1,614,062 |
|
| 0.86 |
|
|
|
|
|
| Other |
|
| 337,073 |
|
| 0.18 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,951,135 |
|
| 1.04 |
|
|
|
|
|
|
|
| ||||||
TRANSPORTATION BY AIR |
|
| 951,646 |
|
| 0.51 |
| |||||
|
|
|
|
|
|
| ||||||
TRANSPORTATION EQUIPMENT |
|
|
|
|
|
|
| |||||
| 8,615 |
|
|
| Boeing Co |
|
| 828,418 |
|
| 0.45 |
|
| 10,879 |
|
|
| United Technologies Corp |
|
| 771,647 |
|
| 0.41 |
|
|
|
|
72 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
|
|
STOCK INDEX FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
|
| Value |
| % of net |
| |||
TRANSPORTATION EQUIPMENT — continued |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
| Other |
|
|
| $ | 3,069,905 |
|
| 1.64 | % |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| 4,669,970 |
|
| 2.50 |
|
|
|
|
|
|
|
|
|
| ||||||
TRANSPORTATION SERVICES |
|
|
|
| 330,436 |
|
| 0.18 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
TRUCKING AND WAREHOUSING |
|
|
|
| 709,107 |
|
| 0.38 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
WATER TRANSPORTATION |
|
|
|
| 522,699 |
|
| 0.28 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
WHOLESALE TRADE-DURABLE GOODS |
|
|
|
| 740,980 |
|
| 0.40 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
WHOLESALE TRADE-NONDURABLE GOODS |
|
|
|
| 1,146,129 |
|
| 0.61 |
| |||||
|
|
|
|
| ||||||||||
|
|
|
|
| TOTAL COMMON STOCKS |
| (Cost $149,955,544) |
|
| 186,638,151 |
|
| 99.90 |
|
|
|
|
|
|
|
|
|
| ||||||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
|
|
| |||||
| 17,437,186 |
|
|
| State Street Navigator Securities Lending Prime Portfolio |
|
| 17,437,186 |
|
| 9.33 |
| ||
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS |
| (Cost $17,437,186) |
|
| 17,437,186 |
|
| 9.33 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL PORTFOLIO |
| (Cost $167,392,730) |
|
| 204,075,337 |
|
| 109.23 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
|
| (17,243,075 | ) |
| (9.23 | ) |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
|
|
| $ | 186,832,262 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing |
| |
** | Percentage is less than 0.01% |
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 73 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) |
|
|
|
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
COMMON STOCKS |
|
|
|
|
|
|
| |||||
AGRICULTURAL PRODUCTION-CROPS |
| $ | 4,854 |
|
| 0.01 | % | |||||
|
|
|
|
|
|
| ||||||
AMUSEMENT AND RECREATION SERVICES |
|
|
|
|
|
|
| |||||
| 9,827 |
|
|
| Walt Disney Co |
|
| 335,494 |
|
| 0.86 |
|
|
|
|
|
| Other |
|
| 23,169 |
|
| 0.06 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 358,663 |
|
| 0.92 |
|
|
|
|
|
|
|
| ||||||
APPAREL AND ACCESSORY STORES |
|
| 284,987 |
|
| 0.73 |
| |||||
|
|
|
|
|
|
| ||||||
APPAREL AND OTHER TEXTILE PRODUCTS |
|
| 60,589 |
|
| 0.16 |
| |||||
|
|
|
|
|
|
| ||||||
AUTO REPAIR, SERVICES AND PARKING |
|
| 17,022 |
|
| 0.04 |
| |||||
|
|
|
|
|
|
| ||||||
AUTOMOTIVE DEALERS AND SERVICE STATIONS |
|
| 38,952 |
|
| 0.10 |
| |||||
|
|
|
|
|
|
| ||||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
|
|
|
|
|
| |||||
| 8,128 |
|
|
| Home Depot, Inc |
|
| 319,837 |
|
| 0.82 |
|
| 4,800 |
|
|
| Lowe’s Cos, Inc |
|
| 147,312 |
|
| 0.38 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 467,149 |
|
| 1.20 |
|
|
|
|
|
|
|
| ||||||
BUSINESS SERVICES |
|
|
|
|
|
|
| |||||
| 3,583 |
|
|
| Automatic Data Processing, Inc |
|
| 173,668 |
|
| 0.45 |
|
| 496 |
| * |
| Google, Inc (Class A) |
|
| 259,596 |
|
| 0.67 |
|
| 27,174 |
| d |
| Microsoft Corp |
|
| 800,818 |
|
| 2.06 |
|
|
|
|
|
| Other |
|
| 1,288,557 |
|
| 3.31 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,522,639 |
|
| 6.49 |
|
|
|
|
|
|
|
| ||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
|
| |||||
| 3,911 |
| * |
| Amgen, Inc |
|
| 216,239 |
|
| 0.56 |
|
| 7,609 |
|
|
| Bristol-Myers Squibb Co |
|
| 240,140 |
|
| 0.62 |
|
| 2,803 |
|
|
| Colgate-Palmolive Co |
|
| 181,775 |
|
| 0.47 |
|
| 8,394 |
|
|
| Merck & Co, Inc |
|
| 418,021 |
|
| 1.07 |
|
| 10,656 |
|
|
| Procter & Gamble Co |
|
| 652,041 |
|
| 1.68 |
|
|
|
|
|
| Other |
|
| 1,842,242 |
|
| 4.73 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,550,458 |
|
| 9.13 |
|
|
|
|
|
|
|
| ||||||
COMMUNICATIONS |
|
|
|
|
|
|
| |||||
| 20,058 |
|
|
| AT&T, Inc |
|
| 832,407 |
|
| 2.14 |
|
| 9,776 |
|
|
| Verizon Communications, Inc |
|
| 402,478 |
|
| 1.04 |
|
|
|
|
|
| Other |
|
| 820,906 |
|
| 2.11 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,055,791 |
|
| 5.29 |
|
|
|
|
|
|
|
| ||||||
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 14,050 |
|
|
| Bank of America Corp |
|
| 686,905 |
|
| 1.77 |
|
| 5,260 |
|
|
| Regions Financial Corp |
|
| 174,106 |
|
| 0.45 |
|
| 2,300 |
|
|
| SunTrust Banks, Inc |
|
| 197,202 |
|
| 0.51 |
|
| 8,800 |
|
|
| US Bancorp |
|
| 289,960 |
|
| 0.74 |
|
| 7,761 |
|
|
| Wachovia Corp |
|
| 397,751 |
|
| 1.02 |
|
| 4,890 |
|
|
| Washington Mutual, Inc |
|
| 208,510 |
|
| 0.54 |
|
| 13,300 |
|
|
| Wells Fargo & Co |
|
| 467,761 |
|
| 1.20 |
|
|
|
|
|
| Other |
|
| 1,186,814 |
|
| 3.05 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,609,009 |
|
| 9.28 |
|
|
|
|
|
|
|
|
|
|
|
74 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
|
|
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
EATING AND DRINKING PLACES |
|
|
|
|
|
|
| |||||
| 7,066 |
|
|
| McDonald’s Corp |
| $ | 358,670 |
|
| 0.92 | % |
|
|
|
|
| Other |
|
| 169,818 |
|
| 0.44 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 528,488 |
|
| 1.36 |
|
|
|
|
|
|
|
| ||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
| 1,979,816 |
|
| 5.09 |
| |||||
|
|
|
|
|
|
| ||||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT |
|
|
|
|
|
|
| |||||
| 2,142 |
| * |
| Apple Computer, Inc |
|
| 261,410 |
|
| 0.67 |
|
| 17,400 |
| * |
| Cisco Systems, Inc |
|
| 484,590 |
|
| 1.25 |
|
| 19,109 |
|
|
| Intel Corp |
|
| 454,030 |
|
| 1.17 |
|
| 5,500 |
|
|
| Qualcomm, Inc |
|
| 238,645 |
|
| 0.61 |
|
| 5,674 |
|
|
| Texas Instruments, Inc |
|
| 213,513 |
|
| 0.55 |
|
|
|
|
|
| Other |
|
| 568,534 |
|
| 1.46 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,220,722 |
|
| 5.71 |
|
|
|
|
|
|
|
| ||||||
ENGINEERING AND MANAGEMENT SERVICES |
|
| 274,274 |
|
| 0.71 |
| |||||
|
|
|
|
|
|
| ||||||
FABRICATED METAL PRODUCTS |
|
|
|
|
|
|
| |||||
| 3,402 |
|
|
| Illinois Tool Works, Inc |
|
| 184,354 |
|
| 0.47 |
|
|
|
|
|
| Other |
|
| 126,678 |
|
| 0.33 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 311,032 |
|
| 0.80 |
|
|
|
|
|
|
|
| ||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
|
|
|
| |||||
| 7,021 |
|
|
| PepsiCo, Inc |
|
| 455,312 |
|
| 1.17 |
|
|
|
|
|
| Other |
|
| 671,116 |
|
| 1.73 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,126,428 |
|
| 2.90 |
|
|
|
|
|
|
|
| ||||||
FOOD STORES |
|
| 102,347 |
|
| 0.26 |
| |||||
|
|
|
|
|
|
| ||||||
FORESTRY |
|
| 75,220 |
|
| 0.19 |
| |||||
|
|
|
|
|
|
| ||||||
FURNITURE AND FIXTURES |
|
| 231,132 |
|
| 0.59 |
| |||||
|
|
|
|
|
|
| ||||||
FURNITURE AND HOME FURNISHINGS STORES |
|
| 51,908 |
|
| 0.13 |
| |||||
|
|
|
|
|
|
| ||||||
GENERAL BUILDING CONTRACTORS |
|
| 117,514 |
|
| 0.30 |
| |||||
|
|
|
|
|
|
| ||||||
GENERAL MERCHANDISE STORES |
|
|
|
|
|
|
| |||||
| 3,100 |
|
|
| Target Corp |
|
| 197,160 |
|
| 0.51 |
|
|
|
|
|
| Other |
|
| 297,460 |
|
| 0.76 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 494,620 |
|
| 1.27 |
|
|
|
|
|
|
|
| ||||||
HEALTH SERVICES |
|
|
|
|
|
|
| |||||
| 2,512 |
| * |
| WellPoint, Inc |
|
| 200,533 |
|
| 0.51 |
|
|
|
|
|
| Other |
|
| 306,028 |
|
| 0.79 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 506,561 |
|
| 1.30 |
|
|
|
|
|
|
|
| ||||||
HEAVY CONSTRUCTION, EXCEPT BUILDING |
|
| 3,951 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
| 854,207 |
|
| 2.20 |
| |||||
|
|
|
|
|
|
| ||||||
HOTELS AND OTHER LODGING PLACES |
|
| 163,257 |
|
| 0.42 |
| |||||
|
|
|
|
|
|
| ||||||
INDUSTRIAL MACHINERY AND EQUIPMENT |
|
|
|
|
|
|
| |||||
| 1,500 |
|
|
| Deere & Co |
|
| 181,110 |
|
| 0.47 |
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report 75 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
|
|
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
| Value |
| % of net |
| |||
INDUSTRIAL MACHINERY AND EQUIPMENT — continued |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,700 |
| * |
| Dell, Inc |
| $ | 191,285 |
|
| 0.49 | % |
| 8,619 |
|
|
| Hewlett-Packard Co |
|
| 384,580 |
|
| 0.99 |
|
| 5,600 |
|
|
| International Business Machines Corp |
|
| 589,400 |
|
| 1.52 |
|
|
|
|
|
| Other |
|
| 713,756 |
|
| 1.83 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,060,131 |
|
| 5.30 |
|
|
|
|
|
|
|
| ||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
|
| |||||
| 3,100 |
|
|
| Baxter International, Inc |
|
| 174,654 |
|
| 0.45 |
|
| 6,356 |
|
|
| Emerson Electric Co |
|
| 297,461 |
|
| 0.76 |
|
| 10,936 |
|
|
| Johnson & Johnson |
|
| 673,876 |
|
| 1.73 |
|
| 4,266 |
|
|
| Medtronic, Inc |
|
| 221,235 |
|
| 0.57 |
|
|
|
|
|
| Other |
|
| 818,833 |
|
| 2.11 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 2,186,059 |
|
| 5.62 |
|
|
|
|
|
|
|
| ||||||
INSURANCE AGENTS, BROKERS AND SERVICE |
|
| 195,518 |
|
| 0.50 |
| |||||
|
|
|
|
|
|
| ||||||
INSURANCE CARRIERS |
|
|
|
|
|
|
| |||||
| 3,300 |
|
|
| Chubb Corp |
|
| 178,662 |
|
| 0.46 |
|
| 3,716 |
|
|
| Travelers Cos, Inc |
|
| 198,806 |
|
| 0.51 |
|
|
|
|
|
| Other |
|
| 1,138,676 |
|
| 2.93 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,516,144 |
|
| 3.90 |
|
|
|
|
|
|
|
| ||||||
LEATHER AND LEATHER PRODUCTS |
|
| 42,841 |
|
| 0.11 |
| |||||
|
|
|
|
|
|
| ||||||
LUMBER AND WOOD PRODUCTS |
|
| 3,932 |
|
| 0.01 |
| |||||
|
|
|
|
|
|
| ||||||
METAL MINING |
|
| 36,098 |
|
| 0.09 |
| |||||
|
|
|
|
|
|
| ||||||
MISCELLANEOUS MANUFACTURING INDUSTRIES |
|
| 180,480 |
|
| 0.46 |
| |||||
|
|
|
|
|
|
| ||||||
MISCELLANEOUS RETAIL |
|
| 370,710 |
|
| 0.95 |
| |||||
|
|
|
|
|
|
| ||||||
MOTION PICTURES |
|
|
|
|
|
|
| |||||
| 17,264 |
|
|
| Time Warner, Inc |
|
| 363,235 |
|
| 0.93 |
|
|
|
|
|
| Other |
|
| 171,211 |
|
| 0.44 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 534,446 |
|
| 1.37 |
|
|
|
|
|
|
|
| ||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
| |||||
| 5,653 |
|
|
| American Express Co |
|
| 345,851 |
|
| 0.89 |
|
| 3,700 |
|
|
| Freddie Mac |
|
| 224,590 |
|
| 0.58 |
|
|
|
|
|
| Other |
|
| 263,981 |
|
| 0.68 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 834,422 |
|
| 2.15 |
|
|
|
|
|
|
|
| ||||||
NONMETALLIC MINERALS, EXCEPT FUELS |
|
| 118,257 |
|
| 0.30 |
| |||||
|
|
|
|
|
|
| ||||||
OIL AND GAS EXTRACTION |
|
| 1,603,454 |
|
| 4.12 |
| |||||
|
|
|
|
|
|
| ||||||
PAPER AND ALLIED PRODUCTS |
|
| 330,019 |
|
| 0.85 |
| |||||
|
|
|
|
|
|
| ||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
|
| |||||
| 2,702 |
|
|
| Apache Corp |
|
| 220,456 |
|
| 0.57 |
|
| 2,934 |
|
|
| Devon Energy Corp |
|
| 229,703 |
|
| 0.59 |
|
| 2,600 |
|
|
| Valero Energy Corp |
|
| 192,036 |
|
| 0.49 |
|
|
|
|
|
| Other |
|
| 644,616 |
|
| 1.66 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,286,811 |
|
| 3.31 |
|
|
|
|
|
|
|
|
|
|
|
76 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
| Value |
|
| % of net |
| |
PIPELINES, EXCEPT NATURAL GAS |
| $ | 71,935 |
|
| 0.19 | % | |||||
|
| |||||||||||
PRIMARY METAL INDUSTRIES |
|
| 619,086 |
|
| 1.59 |
| |||||
|
| |||||||||||
PRINTING AND PUBLISHING |
|
| 363,611 |
|
| 0.94 |
| |||||
|
| |||||||||||
RAILROAD TRANSPORTATION |
|
| 288,121 |
|
| 0.74 |
| |||||
|
| |||||||||||
REAL ESTATE |
|
| 18,299 |
|
| 0.05 |
| |||||
|
| |||||||||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS |
|
| 150,443 |
|
| 0.39 |
| |||||
|
| |||||||||||
SECURITY AND COMMODITY BROKERS |
|
|
|
|
|
|
| |||||
| 1,610 |
|
|
| Goldman Sachs Group, Inc |
|
| 348,967 |
|
| 0.89 |
|
| 4,036 |
|
|
| Merrill Lynch & Co, Inc |
|
| 337,329 |
|
| 0.87 |
|
|
|
|
|
| Other |
|
| 649,691 |
|
| 1.67 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 1,335,987 |
|
| 3.43 |
|
|
|
|
|
|
|
| ||||||
SOCIAL SERVICES |
|
| 6,481 |
|
| 0.02 |
| |||||
|
| |||||||||||
SPECIAL TRADE CONTRACTORS |
|
| 20,859 |
|
| 0.05 |
| |||||
|
| |||||||||||
STONE, CLAY, AND GLASS PRODUCTS |
|
|
|
|
|
|
| |||||
| 3,766 |
|
|
| 3M Co |
|
| 326,851 |
|
| 0.84 |
|
|
|
|
|
| Other |
|
| 32,943 |
|
| 0.09 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 359,794 |
|
| 0.93 |
|
|
| |||||||||||
TEXTILE MILL PRODUCTS |
|
| 8,868 |
|
| 0.02 |
| |||||
|
| |||||||||||
TRANSPORTATION BY AIR |
|
| 248,820 |
|
| 0.64 |
| |||||
|
| |||||||||||
TRANSPORTATION EQUIPMENT |
|
| 429,244 |
|
| 1.10 |
| |||||
|
| |||||||||||
TRANSPORTATION SERVICES |
|
| 5,741 |
|
| 0.01 |
| |||||
|
| |||||||||||
TRUCKING AND WAREHOUSING |
|
|
|
|
|
|
| |||||
| 3,344 |
|
|
| United Parcel Service, Inc (Class B) |
|
| 244,112 |
|
| 0.63 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 244,112 |
|
| 0.63 |
|
|
| |||||||||||
WATER TRANSPORTATION |
|
| 32,116 |
|
| 0.08 |
| |||||
|
| |||||||||||
WHOLESALE TRADE-DURABLE GOODS |
|
| 235,090 |
|
| 0.60 |
| |||||
|
| |||||||||||
WHOLESALE TRADE-NONDURABLE GOODS |
|
| 171,994 |
|
| 0.44 |
| |||||
|
| |||||||||||
TOTAL COMMON STOCKS (Cost $32,564,552) |
|
| 37,921,513 |
|
| 97.48 |
| |||||
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 77 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
SOCIAL CHOICE EQUITY FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Principal |
|
|
| Issuer |
|
|
| Value |
|
| % of net |
| ||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
| |||||||
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES |
|
|
|
|
|
|
| |||||||
$ | 870,000 |
| d |
| Federal Home Loan Bank | 0.000%, 07/02/07 |
| $ | 870,000 |
|
| 2.24 | % | |
|
|
|
|
|
|
|
| |||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $869,883) |
|
| 870,000 |
|
| 2.24 |
| |
|
|
|
|
|
|
|
| |||||||
| ||||||||||||||
|
|
|
|
| TOTAL PORTFOLIO | (Cost $33,434,435) |
|
| 38,791,513 |
|
| 99.72 |
| |
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
| 108,745 |
|
| 0.28 |
| |
|
|
|
|
|
|
|
| |||||||
|
|
|
|
| NET ASSETS |
|
| $ | 38,900,258 |
|
| 100.00 | % | |
|
|
|
|
|
|
|
|
|
|
* | Non-income producing |
|
|
d | All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $928,592. |
|
|
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
78 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
PORTFOLIO OF INVESTMENTS (UNAUDITED)
REAL ESTATE SECURITIES FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
| Value |
|
| % of net |
| |
COMMON STOCKS |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
EATING AND DRINKING PLACES |
|
|
|
|
|
|
| |||||
| 6,300 |
|
|
| Darden Restaurants, Inc |
| $ | 277,137 |
|
| 0.29 | % |
|
| |||||||||||
|
|
|
|
|
|
|
| 277,137 |
|
| 0.29 |
|
|
| |||||||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
|
|
|
|
|
| |||||
| 39,400 |
| e |
| Acadia Realty Trust |
|
| 1,022,430 |
|
| 1.08 |
|
| 33,300 |
| e |
| Archstone-Smith Trust |
|
| 1,968,363 |
|
| 2.08 |
|
| 14,148 |
|
|
| Associated Estates Realty Corp |
|
| 220,567 |
|
| 0.23 |
|
| 50,700 |
|
|
| AvalonBay Communities, Inc |
|
| 6,027,216 |
|
| 6.35 |
|
| 44,600 |
|
|
| BioMed Realty Trust, Inc |
|
| 1,120,352 |
|
| 1.18 |
|
| 56,600 |
|
|
| Boston Properties, Inc |
|
| 5,780,558 |
|
| 6.09 |
|
| 42,200 |
| e |
| Camden Property Trust |
|
| 2,826,134 |
|
| 2.98 |
|
| 30,000 |
| e |
| CBL & Associates Properties, Inc |
|
| 1,081,500 |
|
| 1.14 |
|
| 52,077 |
| e |
| Corporate Office Properties Trust |
|
| 2,135,678 |
|
| 2.25 |
|
| 6,900 |
|
|
| Developers Diversified Realty Corp |
|
| 363,699 |
|
| 0.38 |
|
| 13,900 |
|
|
| Digital Realty Trust, Inc |
|
| 523,752 |
|
| 0.55 |
|
| 38,300 |
| e |
| Douglas Emmett, Inc |
|
| 947,542 |
|
| 1.00 |
|
| 52,900 |
|
|
| EastGroup Properties, Inc |
|
| 2,318,078 |
|
| 2.44 |
|
| 74,400 |
| e |
| Equity Residential |
|
| 3,394,872 |
|
| 3.58 |
|
| 13,600 |
| e |
| Essex Property Trust, Inc |
|
| 1,581,680 |
|
| 1.67 |
|
| 39,000 |
|
|
| Federal Realty Investment Trust |
|
| 3,013,140 |
|
| 3.18 |
|
| 61,560 |
| e |
| General Growth Properties, Inc |
|
| 3,259,602 |
|
| 3.44 |
|
| 23,300 |
| e |
| Glimcher Realty Trust |
|
| 582,500 |
|
| 0.61 |
|
| 20,000 | g, | m, | v* | GSC Capital Corp |
|
| 165,400 |
|
| 0.17 |
|
| 99,500 |
| e |
| Host Marriott Corp |
|
| 2,300,440 |
|
| 2.43 |
|
| 24,300 |
| e |
| Kilroy Realty Corp |
|
| 1,721,412 |
|
| 1.82 |
|
| 20,000 |
| e |
| Kimco Realty Corp |
|
| 761,400 |
|
| 0.80 |
|
| 32,700 |
| e |
| Macerich Co |
|
| 2,695,134 |
|
| 2.84 |
|
| 33,400 |
|
|
| Maguire Properties, Inc |
|
| 1,146,622 |
|
| 1.21 |
|
| 148,930 |
| e |
| Mission West Properties, Inc |
|
| 2,076,084 |
|
| 2.19 |
|
| 15,300 |
|
|
| Pennsylvania Real Estate Investment Trust |
|
| 678,249 |
|
| 0.72 |
|
| 28,400 |
|
|
| Post Properties, Inc |
|
| 1,480,492 |
|
| 1.56 |
|
| 63,200 |
|
|
| Prologis |
|
| 3,596,080 |
|
| 3.79 |
|
| 6,600 |
| e |
| PS Business Parks, Inc |
|
| 418,242 |
|
| 0.44 |
|
| 57,900 |
|
|
| Public Storage, Inc |
|
| 4,447,878 |
|
| 4.69 |
|
| 17,000 |
|
|
| Ramco-Gershenson Properties |
|
| 610,810 |
|
| 0.64 |
|
| 44,900 |
|
|
| Regency Centers Corp |
|
| 3,165,450 |
|
| 3.34 |
|
| 79,000 |
| e |
| Simon Property Group, Inc |
|
| 7,350,160 |
|
| 7.75 |
|
| 36,300 |
|
|
| SL Green Realty Corp |
|
| 4,497,207 |
|
| 4.74 |
|
| 34,100 |
|
|
| Strategic Hotels & Resorts, Inc |
|
| 766,909 |
|
| 0.81 |
|
| 54,400 |
| e |
| Taubman Centers, Inc |
|
| 2,698,784 |
|
| 2.85 |
|
| 41,800 |
|
|
| Vornado Realty Trust |
|
| 4,591,312 |
|
| 4.84 |
|
|
| |||||||||||
|
|
|
|
|
|
|
| 83,335,728 |
|
| 87.86 |
|
|
| |||||||||||
HOTELS AND OTHER LODGING PLACES |
|
|
|
|
|
|
| |||||
| 37,900 |
|
|
| Hilton Hotels Corp |
|
| 1,268,513 |
|
| 1.34 |
|
| 3,700 |
| * |
| MGM Mirage |
|
| 305,176 |
|
| 0.32 |
|
| 34,800 |
| e |
| Orient-Express Hotels Ltd (Class A) |
|
| 1,858,320 |
|
| 1.96 |
|
| 32,600 |
| e |
| Starwood Hotels & Resorts Worldwide, Inc |
|
| 2,186,482 |
|
| 2.30 |
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 79 |
|
|
PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
REAL ESTATE SECURITIES FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
| Company |
|
|
| Value |
|
| % of net |
| |
HOTELS AND OTHER LODGING PLACES — continued |
|
|
|
|
|
|
| ||||||
| 11,500 |
|
| e* | Vail Resorts, Inc |
|
| $ | 700,005 |
|
| 0.74 | % |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 6,318,496 |
|
| 6.66 |
|
|
|
|
|
|
|
|
| ||||||
JUSTICE, PUBLIC ORDER AND SAFETY |
|
|
|
|
|
|
|
| |||||
| 8,000 |
|
| * | Corrections Corp of America |
|
|
| 504,880 |
|
| 0.53 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 504,880 |
|
| 0.53 |
|
|
|
|
|
|
|
|
| ||||||
REAL ESTATE |
|
|
|
|
|
|
| ||||||
| 40,000 | g, | m, | v* | Asset Capital Corp, Inc |
|
|
| 245,600 |
|
| 0.26 |
|
| 83,300 |
|
| * | Brookfield Properties Corp |
|
|
| 2,025,023 |
|
| 2.14 |
|
| 20,600 |
|
| * | CB Richard Ellis Group, Inc (Class A) |
|
|
| 751,900 |
|
| 0.79 |
|
| 76,800 |
| e | Thomas Properties Group, Inc |
|
|
| 1,227,264 |
|
| 1.29 |
| |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| 4,249,787 |
|
| 4.48 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL COMMON STOCKS | (Cost $92,851,794) |
|
| 94,686,028 |
|
| 99.82 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
| ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
| ||||||
| 2,954,201 |
|
|
| State Street Navigator Securities Lending Prime Portfolio |
|
| 2,954,201 |
|
| 3.12 |
| |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $2,954,201) |
|
| 2,954,201 |
|
| 3.12 |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PORTFOLIO | (Cost $95,805,995) |
|
| 97,640,229 |
|
| 102.94 |
|
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
| (2,789,599 | ) |
| (2.94 | ) |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
| NET ASSETS |
|
| $ | 94,850,630 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
|
* | Non-income producing |
|
|
e | All or a portion of these securities are out on loan. |
|
|
g | Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transaction exempt from registration to qualified institutional buyers. |
|
|
| At June 30, 2007, the value of these securities amounted to $411,000 or 0.43% of net assets. |
|
|
m | Indicates a security has been deemed illiquid |
|
|
v | Security valued at fair value. |
|
|
For ease of presentation, we have grouped a number of industry classification categories together in the Portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
80 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)
BOND FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
| Issuer |
|
|
| Rating† |
| Value |
| % of net |
| ||
BONDS |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
CORPORATE BONDS |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
ASSET BACKED |
|
|
|
|
|
|
|
|
|
|
| |||||
$ | 500,000 |
|
|
| AmeriCredit Automobile Receivables Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2007-BF (Class A3A) |
| 5.160%, 04/06/12 |
| Aaa |
| $ | 498,083 |
|
| 0.64 | % |
| 481,481 |
|
|
| Bank of America Alternative Loan Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2004-7 (Class 2A1) |
| 6.000%, 08/25/34 |
| Aaa |
|
| 472,980 |
|
| 0.61 |
|
| 753,920 |
|
|
| Centex Home Equity Series 2002-A (Class AF6) |
| 5.540%, 01/25/32 |
| Aaa |
|
| 749,880 |
|
| 0.97 |
|
| 500,532 |
|
|
| Chase Funding Loan Acquisition Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2001-C2 (Class IA5) |
| 6.468%, 02/25/13 |
| Aaa |
|
| 500,281 |
|
| 0.65 |
|
| 500,000 |
| i |
| Citicorp Mortgage Securities, Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-1 (Class A3) |
| 5.706%, 07/25/36 |
| Aaa |
|
| 496,903 |
|
| 0.64 |
|
| 1,000,000 |
| i |
| Flagstar Home Equity Loan Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2007-1A (Class AF3) |
| 5.781%, 01/25/35 |
| Aaa |
|
| 985,854 |
|
| 1.28 |
|
| 1,000,000 |
| d |
| Hertz Vehicle Financing LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2005-1A (Class A3) |
| 5.010%, 02/25/11 |
| Aaa |
|
| 989,030 |
|
| 1.28 |
|
| 500,000 |
|
|
| Honda Auto Receivables Owner Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2007-1 (Class A4) |
| 5.090%, 07/18/13 |
| NR |
|
| 496,010 |
|
| 0.64 |
|
| 1,000,000 |
|
|
| Household Automotive Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-3 (Class A4) |
| 5.340%, 09/17/13 |
| Aaa |
|
| 999,437 |
|
| 1.29 |
|
| 698,844 |
|
|
| Marriott Vacation Club Owner Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-2A (Class A) |
| 5.362%, 10/20/28 |
| Aaa |
|
| 689,966 |
|
| 0.89 |
|
| 1,000,000 |
| i |
| Residential Funding Mortgage Securities II, Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-HSA2 (Class AI3) |
| 5.550%, 03/25/36 |
| Aaa |
|
| 992,717 |
|
| 1.28 |
|
| 993,672 |
| v |
| Sonic Capital LLC Series 2006-1A (Class A2) |
| 5.096%, 12/20/31 |
| Aaa |
|
| 970,655 |
|
| 1.26 |
|
| 2,660,000 |
| g,p |
| TRAINS Trust Series 10-2002 |
| 6.962%, 01/15/12 |
| A3 |
|
| 2,765,469 |
|
| 3.58 |
|
| 500,000 |
|
|
| Wachovia Auto Loan Owner Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-2A (Class A3) |
| 5.230%, 08/22/11 |
| Aaa |
|
| 499,201 |
|
| 0.65 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 4,578,332 |
|
| 5.92 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 16,684,798 |
|
| 21.58 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
BUILDING MATERIALS AND GARDEN SUPPLIES |
|
|
|
|
|
| 93,729 |
|
| 0.12 |
| |||||
|
|
|
|
|
| |||||||||||
CHEMICALS AND ALLIED PRODUCTS |
|
|
|
|
|
| 248,984 |
|
| 0.32 |
| |||||
|
|
|
|
|
| |||||||||||
COMMUNICATIONS |
|
|
|
|
|
| 1,993,657 |
|
| 2.58 |
| |||||
|
|
|
|
|
| |||||||||||
DEPOSITORY INSTITUTIONS |
|
|
|
|
|
| 2,573,696 |
|
| 3.33 |
| |||||
|
|
|
|
|
| |||||||||||
ELECTRIC, GAS, AND SANITARY SERVICES |
|
|
|
|
|
| 989,309 |
|
| 1.28 |
| |||||
|
|
|
|
|
| |||||||||||
FOOD AND KINDRED PRODUCTS |
|
|
|
|
|
| 351,413 |
|
| 0.45 |
| |||||
|
|
|
|
|
| |||||||||||
GENERAL MERCHANDISE STORES |
|
|
|
|
|
| 414,182 |
|
| 0.54 |
| |||||
|
|
|
|
|
| |||||||||||
HEALTH SERVICES |
|
|
|
|
|
| 100,946 |
|
| 0.13 |
| |||||
|
|
|
|
|
| |||||||||||
HOLDING AND OTHER INVESTMENT OFFICES |
|
|
|
|
|
| 240,825 |
|
| 0.31 |
| |||||
|
|
|
|
|
| |||||||||||
INSTRUMENTS AND RELATED PRODUCTS |
|
|
|
|
|
| 92,654 |
|
| 0.12 |
| |||||
|
|
|
|
|
| |||||||||||
INSURANCE CARRIERS |
|
|
|
|
|
| 734,817 |
|
| 0.95 |
| |||||
|
|
|
|
|
| |||||||||||
METAL MINING |
|
|
|
|
|
| 187,113 |
|
| 0.24 |
| |||||
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 81 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
BOND FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
| Issuer |
|
|
| Rating† |
| Value |
| % of net |
| ||
MISCELLANEOUS MANUFACTURING INDUSTRIES |
|
|
|
|
| $ | 100,250 |
|
| 0.13 | % | |||||
|
|
|
|
|
| |||||||||||
MISCELLANEOUS RETAIL |
|
|
|
|
|
| 96,476 |
|
| 0.12 |
| |||||
|
|
|
|
|
| |||||||||||
MOTION PICTURES |
|
|
|
|
|
| 294,478 |
|
| 0.38 |
| |||||
|
|
|
|
|
| |||||||||||
NONDEPOSITORY INSTITUTIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
$ | 600,000 |
| g |
| BA Covered Bond Issuer |
| 5.500%, 06/14/12 |
| Aaa |
|
| 602,033 |
|
| 0.78 |
|
| 500,000 |
| e |
| General Electric Capital Corp |
| 5.500%, 06/04/14 |
| Aaa |
|
| 494,230 |
|
| 0.64 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 1,716,509 |
|
| 2.22 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 2,812,772 |
|
| 3.64 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
OIL AND GAS EXTRACTION |
|
|
|
|
|
| 645,978 |
|
| 0.84 |
| |||||
|
|
|
|
|
| |||||||||||
OTHER MORTGAGE BACKED SECURITIES |
|
|
|
|
|
|
|
|
|
|
| |||||
| 912,854 |
| i |
| HFC Home Equity Loan Asset Backed Certificates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2007-1 (Class A1F) |
| 5.910%, 03/20/36 |
| Aaa |
|
| 912,075 |
|
| 1.18 |
|
| 750,000 |
|
|
| JP Morgan Chase Commercial Mortgage Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corp Series 2002-C1 (Class A3) |
| 5.376%, 07/12/37 |
| Aaa |
|
| 741,614 |
|
| 0.96 |
|
| 500,000 |
| i |
| Merrill Lynch Mortgage Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2004-BPC1 (Class AJ) |
| 4.922%, 10/12/41 |
| A |
|
| 472,660 |
|
| 0.61 |
|
| 721,170 |
|
|
| Wells Fargo Mortgage Backed Securities Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2005-1 (Class 2A1) |
| 5.000%, 01/25/20 |
| Aaa |
|
| 705,676 |
|
| 0.92 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 2,900,673 |
|
| 3.75 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 5,732,698 |
|
| 7.42 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
PAPER AND ALLIED PRODUCTS |
|
|
|
|
|
| 184,484 |
|
| 0.24 |
| |||||
|
|
|
|
|
| |||||||||||
PETROLEUM AND COAL PRODUCTS |
|
|
|
|
|
| 147,377 |
|
| 0.19 |
| |||||
|
|
|
|
|
| |||||||||||
PIPELINES, EXCEPT NATURAL GAS |
|
|
|
|
|
| 194,303 |
|
| 0.25 |
| |||||
|
|
|
|
|
| |||||||||||
PRINTING AND PUBLISHING |
|
|
|
|
|
| 207,750 |
|
| 0.27 |
| |||||
|
|
|
|
|
| |||||||||||
RAILROAD TRANSPORTATION |
|
|
|
|
|
| 237,124 |
|
| 0.31 |
| |||||
|
|
|
|
|
| |||||||||||
SECURITY AND COMMODITY BROKERS |
|
|
|
|
|
| 1,366,823 |
|
| 1.77 |
| |||||
|
|
|
|
|
| |||||||||||
TRANSPORTATION BY AIR |
|
|
|
|
|
| 49,924 |
|
| 0.06 |
| |||||
|
|
|
|
|
| |||||||||||
TRANSPORTATION EQUIPMENT |
|
|
|
|
|
| 537,448 |
|
| 0.70 |
| |||||
|
|
|
|
|
| |||||||||||
WHOLESALE TRADE-DURABLE GOODS |
|
|
|
|
|
| 100,338 |
|
| 0.13 |
| |||||
|
|
|
|
|
| |||||||||||
WHOLESALE TRADE-NONDURABLE GOODS |
|
|
|
|
|
| 190,608 |
|
| 0.25 |
| |||||
|
|
|
|
|
| |||||||||||
|
|
|
|
| TOTAL CORPORATE BONDS (Cost $38,539,756) |
|
|
| 37,604,954 |
|
| 48.65 |
| |||
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT BONDS |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 550,000 |
|
|
| Federal Farm Credit Bank (FFCB) |
| 3.375%, 07/15/08 |
| Aaa |
|
| 539,691 |
|
| 0.70 |
|
| 550,000 |
|
|
| FFCB |
| 4.125%, 04/15/09 |
| Aaa |
|
| 540,327 |
|
| 0.70 |
|
| 1,500,000 |
|
|
| Federal Home Loan Mortgage Corp (FHLMC) |
| 5.125%, 10/18/16 |
| Aaa |
|
| 1,463,557 |
|
| 1.89 |
|
| 1,750,000 |
|
|
| Federal National Mortgage Association (FNMA) |
| 5.000%, 09/15/08 |
| Aaa |
|
| 1,745,740 |
|
| 2.26 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 836,900 |
|
| 1.08 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 5,126,215 |
|
| 6.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | continued |
BOND FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
|
|
| Issuer |
|
|
| Rating† |
| Value |
| % of net |
| ||
FOREIGN GOVERNMENT BONDS |
|
|
|
|
|
|
|
|
|
|
| |||||
$ | 1,000,000 |
|
| e | Province of Manitoba Canada |
| 4.450%, 04/12/10 |
| Aa1 |
| $ | 979,652 |
|
| 1.27 | % |
| 500,000 |
|
|
| Province of Saskatchewan Canada |
| 8.000%, 02/01/13 |
| Aa1 |
|
| 562,410 |
|
| 0.73 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 1,704,373 |
|
| 2.20 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 3,246,435 |
|
| 4.20 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
MORTGAGE BACKED SECURITIES |
|
|
|
|
|
|
|
|
|
|
| |||||
| 500,000 |
|
|
| Federal Home Loan Mortgage Corp (FHLMC) |
| 5.500%, 08/20/12 |
|
|
|
| 503,923 |
|
| 0.65 |
|
| 1,545,032 |
|
| i | FHLMC |
| 5.009%–6.146%, 02/01/36–04/01/37 |
|
|
|
| 1,550,472 |
|
| 2.01 |
|
|
|
|
|
| Federal Home Loan Mortgage Corp Gold |
|
|
|
|
|
|
|
|
|
|
|
| 1,675,566 |
|
|
| (FGLMC) |
| 4.500%–6.500%, 02/01/19–12/01/36 |
|
|
|
| 1,604,807 |
|
| 2.08 |
|
| 594,889 |
|
|
| FGLMC |
| 6.000%, 11/01/33 |
|
|
|
| 592,368 |
|
| 0.77 |
|
| 695,363 |
|
|
| FGLMC |
| 5.500%, 04/01/37 |
|
|
|
| 670,671 |
|
| 0.87 |
|
| 793,809 |
|
|
| FGLMC |
| 5.500%, 05/01/37 |
|
|
|
| 765,621 |
|
| 0.99 |
|
|
|
|
|
| Federal National Mortgage Association |
|
|
|
|
|
|
|
|
|
|
|
| 5,729,662 |
|
|
| (FNMA) |
| 4.000%–7.500%, 12/01/08–04/01/37 |
|
|
|
| 5,544,460 |
|
| 7.17 |
|
| 1,750,576 |
|
|
| FNMA |
| 4.558%, 01/01/15 |
|
|
|
| 1,656,993 |
|
| 2.14 |
|
| 500,000 |
|
|
| FNMA |
| 5.375%, 06/12/17 |
|
|
|
| 495,967 |
|
| 0.64 |
|
| 617,126 |
|
|
| FNMA |
| 5.500%, 07/01/24 |
|
|
|
| 602,973 |
|
| 0.78 |
|
| 953,837 |
|
|
| FNMA |
| 5.500%, 07/01/33 |
|
|
|
| 924,166 |
|
| 1.19 |
|
| 585,551 |
|
|
| FNMA |
| 5.500%, 07/01/33 |
|
|
|
| 567,336 |
|
| 0.73 |
|
| 730,171 |
|
|
| FNMA |
| 6.000%, 10/01/33 |
|
|
|
| 725,891 |
|
| 0.94 |
|
| 1,644,492 |
|
|
| FNMA |
| 5.500%, 11/01/33 |
|
|
|
| 1,593,336 |
|
| 2.06 |
|
| 713,941 |
|
|
| FNMA |
| 5.000%, 03/01/34 |
|
|
|
| 672,508 |
|
| 0.87 |
|
| 1,279,953 |
|
|
| FNMA |
| 5.000%, 03/01/34 |
|
|
|
| 1,205,671 |
|
| 1.56 |
|
| 1,348,911 |
|
|
| FNMA |
| 5.000%, 02/25/35 |
|
|
|
| 1,310,156 |
|
| 1.69 |
|
| 483,916 |
|
|
| FNMA |
| 5.500%, 09/01/35 |
|
|
|
| 468,863 |
|
| 0.61 |
|
| 459,215 |
|
| i | FNMA |
| 5.949%, 07/01/36 |
|
|
|
| 461,594 |
|
| 0.60 |
|
| 665,614 |
|
|
| FNMA |
| 6.500%, 03/01/37 |
|
|
|
| 671,932 |
|
| 0.87 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 802,685 |
|
| 1.04 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 23,392,393 |
|
| 30.26 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
U.S. TREASURY SECURITIES |
|
|
|
|
|
|
|
|
|
|
| |||||
| 550,000 |
|
|
| United States Treasury Bond |
| 5.250%, 02/15/29 |
|
|
|
| 554,356 |
|
| 0.72 |
|
| 1,349,000 |
|
|
| United States Treasury Bond |
| 4.750%, 02/15/37 |
|
|
|
| 1,272,701 |
|
| 1.65 |
|
| 500,000 |
|
|
| United States Treasury Note |
| 2.625%, 05/15/08 |
|
|
|
| 489,770 |
|
| 0.63 |
|
| 1,279,000 |
|
|
| United States Treasury Note |
| 4.500%–4.875%, 02/29/12–06/30/12 |
|
|
|
| 1,264,691 |
|
| 1.64 |
|
| 650,000 |
|
|
| United States Treasury Note |
| 4.500%, 03/31/12 |
|
|
|
| 638,040 |
|
| 0.82 |
|
| 600,000 |
|
|
| United States Treasury Note |
| 3.625%, 05/15/13 |
|
|
|
| 560,976 |
|
| 0.73 |
|
| 2,000,000 |
|
|
| United States Treasury Note |
| 4.500%, 05/15/17 |
|
|
|
| 1,918,120 |
|
| 2.48 |
|
|
|
|
|
| Other |
|
|
|
|
|
| 386,624 |
|
| 0.50 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| 7,085,278 |
|
| 9.17 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
| TOTAL GOVERNMENT BONDS (Cost $39,905,401) |
|
| 38,850,321 |
|
| 50.26 |
| |||||
|
|
|
|
|
| |||||||||||
|
|
|
| TOTAL BONDS (Cost $78,445,157) |
|
| 76,455,275 |
|
| 98.91 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 83 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
BOND FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Company |
|
| Value |
| % of net |
| ||
PREFERRED STOCKS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| |
DEPOSITORY INSTITUTIONS |
|
| $ | 103,040 |
| 0.13 | % | |||
|
|
| ||||||||
|
| TOTAL PREFERRED STOCKS | (Cost $100,000) |
|
| 103,040 |
| 0.13 |
| |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| |
Principal |
| Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| |
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES |
|
|
|
|
|
|
| |||
$ 1,060,000 |
| Federal Home Loan Bank (FHLB) 0.000%, 07/02/07 |
|
| 1,060,000 |
| 1.37 |
| ||
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| |
Shares |
| Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED |
|
|
|
|
|
|
| |||
6,037,410 |
| State Street Navigator Securities Lending Prime Portfolio |
|
|
| 6,037,410 |
| 7.81 |
| |
|
|
|
|
| ||||||
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $7,097,269) |
|
| 7,097,410 |
| 9.18 |
| |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| |
|
| TOTAL PORTFOLIO | (Cost $85,642,426) |
|
| 83,655,725 |
| 108.22 |
| |
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
| (6,356,921 | ) | (8.22 | ) | |
|
|
|
|
| ||||||
|
| NET ASSETS |
|
| $ | 77,298,804 |
| 100.00 | % | |
|
|
|
|
|
|
|
ABBREVIATION: | |
NR | Not Rated |
|
|
† | As provided by Moody’s Investors Service (unaudited). |
|
|
d | All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis. |
|
|
e | All or a portion of these securities are out on loan. |
|
|
g | Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. |
|
|
| |
i | Floating rate or variable rate securities reflects the rate at June 30, 2007. |
|
|
p | “TRAINS” are a service mark of Lehman Brothers, Inc. |
|
|
v | Security valued at fair value. |
|
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. |
|
|
|
84 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) |
|
MONEY MARKET FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
| Issuer |
|
| Value |
| % of net |
| |||
SHORT-TERM INVESTMENTS |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
CERTIFICATES OF DEPOSIT |
|
|
|
|
|
|
|
| ||||
$ | 700,000 |
|
| American Express Bank FSB | 5.280%, 07/18/07 |
| $ | 700,003 |
|
| 0.92 | % |
| 710,000 |
|
| American Express Centurion Bank | 5.280%, 07/12/07 |
|
| 710,002 |
|
| 0.94 |
|
|
|
|
| Other |
|
|
| 1,780,035 |
|
| 2.35 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,190,040 |
|
| 4.21 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL PAPER |
|
|
|
|
|
|
|
| ||||
| 1,200,000 |
|
| Abbey National North America LLC | 0.000%, 10/04/07 |
|
| 1,183,438 |
|
| 1.56 |
|
| 800,000 |
|
| Alcon Capital Corp | 0.000%, 08/24/07 |
|
| 793,748 |
|
| 1.05 |
|
| 1,770,000 |
|
| American Honda Finance Corp | 0.000%, 07/12/07–09/05/07 |
|
| 1,759,778 |
|
| 2.32 |
|
| 800,000 |
|
| Barclays U.S. Funding Corp | 0.000%, 11/05/07 |
|
| 785,324 |
|
| 1.04 |
|
| 1,800,000 |
|
| Beta Finance, Inc | 0.000%, 07/17/07–09/24/07 |
|
| 1,785,780 |
|
| 2.36 |
|
| 1,747,000 |
|
| BMW US Capital Corp | 0.000%, 08/17/07–08/23/07 |
|
| 1,734,028 |
|
| 2.29 |
|
| 1,015,000 |
|
| Canadian Imperial Holding, Inc | 0.000%, 08/22/07 |
|
| 1,007,347 |
|
| 1.33 |
|
| 1,800,000 |
|
| CC (USA), Inc | 0.000%, 07/11/07–09/04/07 |
|
| 1,789,368 |
|
| 2.36 |
|
| 1,800,000 |
|
| Ciesco LLC | 0.000%, 07/03/07–08/08/07 |
|
| 1,795,292 |
|
| 2.37 |
|
| 1,800,000 |
|
| Citigroup Funding, Inc | 0.000%, 07/19/07–09/10/07 |
|
| 1,787,607 |
|
| 2.36 |
|
| 1,770,000 |
|
| Coca-Cola Co | 0.000%, 08/21/07–09/11/07 |
|
| 1,753,547 |
|
| 2.32 |
|
| 1,800,000 |
|
| Danske Corp | 0.000%, 08/01/07–10/12/07 |
|
| 1,784,941 |
|
| 2.36 |
|
| 1,195,000 |
|
| Dorada Finance, Inc | 0.000%, 08/28/07–09/12/07 |
|
| 1,183,419 |
|
| 1.56 |
|
| 715,000 |
|
| Edison Asset Securitization LLC | 0.000%, 07/06/07 |
|
| 714,481 |
|
| 0.94 |
|
| 1,554,000 |
|
| Fairway Finance Corp | 0.000%, 07/20/07 |
|
| 1,549,706 |
|
| 2.05 |
|
| 1,615,000 |
|
| General Electric Capital Corp | 0.000%, 07/09/07–08/06/07 |
|
| 1,609,575 |
|
| 2.13 |
|
| 1,780,000 |
|
| Govco LLC | 0.000%, 07/11/07–08/21/07 |
|
| 1,770,759 |
|
| 2.34 |
|
| 1,540,000 |
|
| Grampian Funding LLC | 0.000%, 09/12/07–09/25/07 |
|
| 1,521,741 |
|
| 2.01 |
|
| 1,550,000 |
|
| Greyhawk Funding LLC | 0.000%, 08/13/07 |
|
| 1,540,327 |
|
| 2.03 |
|
| 650,000 |
|
| Harley-Davidson Funding Corp | 0.000%, 08/03/07 |
|
| 646,896 |
|
| 0.85 |
|
| 1,570,000 |
|
| HBOS Treasury Services plc | 0.000%, 08/09/07 |
|
| 1,561,122 |
|
| 2.06 |
|
| 1,770,000 |
|
| HSBC Finance Corp | 0.000%, 08/17/07–09/14/07 |
|
| 1,755,476 |
|
| 2.32 |
|
| 1,000,000 |
|
| ING US Funding LLC | 0.000%, 09/13/07 |
|
| 989,249 |
|
| 1.31 |
|
| 1,560,000 |
|
| Johnson & Johnson, Inc | 0.000%, 07/24/07–09/07/07 |
|
| 1,547,937 |
|
| 2.04 |
|
| 1,700,000 |
|
| JPMorgan Chase & Co | 0.000%, 08/20/07–09/19/07 |
|
| 1,682,845 |
|
| 2.22 |
|
| 1,705,000 |
|
| Links Finance LLC | 0.000%, 08/28/07–09/18/07 |
|
| 1,686,933 |
|
| 2.23 |
|
| 1,115,000 |
|
| McGraw-Hill, Inc | 0.000%, 07/13/07 |
|
| 1,113,056 |
|
| 1.47 |
|
| 770,000 |
|
| Paccar Financial Corp | 0.000%, 09/26/07 |
|
| 760,268 |
|
| 1.00 |
|
| 1,770,000 |
|
| Park Avenue Receivables Corp | 0.000%, 07/17/07–08/24/07 |
|
| 1,761,912 |
|
| 2.33 |
|
| 900,000 |
|
| Private Export Funding Corp | 0.000%, 09/06/07–09/25/07 |
|
| 889,868 |
|
| 1.17 |
|
| 1,540,000 |
|
| Procter & Gamble International | 0.000%, 07/24/07–09/20/07 |
|
| 1,526,432 |
|
| 2.02 |
|
| 1,750,000 |
|
| Rabobank USA Financial Corp | 0.000%, 07/02/07–09/28/07 |
|
| 1,733,302 |
|
| 2.29 |
|
| 1,000,000 |
|
| Ranger Funding Co LLC | 0.000%, 07/26/07 |
|
| 996,365 |
|
| 1.32 |
|
| 1,460,000 |
|
| Scaldis Capital LLC | 0.000%, 07/16/07–08/14/07 |
|
| 1,452,724 |
|
| 1.92 |
|
| 1,500,000 |
|
| Sedna Finance, Inc | 0.000%, 07/05/07–07/25/07 |
|
| 1,497,716 |
|
| 1.98 |
|
| 1,100,000 |
|
| Sigma Finance, Inc | 0.000%, 09/19/07–11/29/07 |
|
| 1,082,157 |
|
| 1.43 |
|
| 1,765,000 |
|
| Societe Generale North America, Inc | 0.000%, 08/08/07–10/09/07 |
|
| 1,743,666 |
|
| 2.30 |
|
| 1,630,000 |
|
| Toronto-Dominion Holdings USA, Inc | 0.000%, 08/07/07 |
|
| 1,621,255 |
|
| 2.14 |
|
| 1,795,000 |
|
| Toyota Motor Credit Corp | 0.000%, 07/05/07–09/21/07 |
|
| 1,787,006 |
|
| 2.36 |
|
| 1,800,000 |
|
| UBS Finance, (Delaware), Inc | 0.000%, 07/16/07–08/06/07 |
|
| 1,793,005 |
|
| 2.37 |
|
| 695,000 |
|
| Variable Funding Capital Corp | 0.000%, 07/02/07 |
|
| 694,898 |
|
| 0.92 |
|
|
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 85 |
|
|
SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) | concluded |
MONEY MARKET FUND § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
| Issuer |
|
| Value |
| % of net |
| |||
COMMERCIAL PAPER — continued |
|
|
|
|
|
|
|
| ||||
$ | 985,000 |
|
| Wal-Mart Stores, Inc | 0.000%, 07/31/07 |
| $ | 980,748 |
|
| 1.29 | % |
| 1,742,000 |
|
| Yorktown Capital LLC 0.000%, 07/10/07–09/05/07 |
|
| 1,731,360 |
|
| 2.29 |
| |
|
|
|
| Other |
|
|
| 4,213,626 |
|
| 5.56 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 65,100,028 |
|
| 85.97 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES |
|
|
|
|
|
|
|
| ||||
| 1,305,000 |
|
| Federal Home Loan Mortgage Corp. (FHLMC) | 0.000%, 09/24/07 |
|
| 1,289,147 |
|
| 1.70 |
|
| 975,000 |
|
| FHLMC | 0.000%, 11/26/07 |
|
| 954,457 |
|
| 1.26 |
|
|
|
|
| Other |
|
|
| 1,377,318 |
|
| 1.82 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,620,922 |
|
| 4.78 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
VARIABLE NOTES |
|
|
|
|
|
|
|
| ||||
| 1,200,000 |
| i | PNC Bank NA | 5.265%, 01/02/08 |
|
| 1,199,848 |
|
| 1.59 |
|
| 1,000,000 |
| i | Suntrust Bank | 5.310%, 01/28/08 |
|
| 1,000,164 |
|
| 1.32 |
|
| 1,000,000 |
| i | US Bank NA | 5.290%, 11/30/07 |
|
| 1,000,019 |
|
| 1.32 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| 3,200,031 |
|
| 4.23 |
|
|
|
|
|
|
|
| ||||||
|
|
|
| TOTAL SHORT-TERM INVESTMENTS | (Cost $75,111,021) |
|
| 75,111,021 |
|
| 99.19 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PORTFOLIO | (Cost $75,111,021) |
|
| 75,111,021 |
|
| 99.19 |
|
|
|
|
| OTHER ASSETS & LIABILITIES, NET |
|
|
| 614,732 |
|
| 0.81 |
|
|
|
|
|
|
|
| ||||||
|
|
|
| NET ASSETS |
|
| $ | 75,725,753 |
|
| 100.00 | % |
|
|
|
|
|
|
|
|
|
i | Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007. |
|
|
|
86 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
This page intentionally left blank.
|
|
|
| TIAA-CREF Life Funds § 2007 Semiannual Report | 87 |
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
TIAA-CREF LIFE FUNDS § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Growth & |
| International |
| Large-Cap |
| Small-Cap |
| |||||
| ||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments, at cost |
| $ | 34,138,355 |
| $ | 63,324,284 |
| $ | 130,221,668 |
| $ | 81,715,997 |
| $ | 75,112,087 |
|
Net unrealized appreciation of portfolio investments |
|
| 3,905,038 |
|
| 12,978,296 |
|
| 17,915,426 |
|
| 8,725,085 |
|
| 4,502,000 |
|
Portfolio investments, at value (including securities loaned of $7,270,821, $6,626,053, $6,140,664, $10,700,577, and $17,336,681, respectively) |
|
| 38,043,393 |
|
| 76,302,580 |
|
| 148,137,094 |
|
| 90,441,082 |
|
| 79,614,087 |
|
Cash |
|
| — |
|
| 70,160 |
|
| — |
|
| 277,134 |
|
| — |
|
Cash – foreign (cost of $87,010, $179,657, $642,454, $521,437, and $—, respectively) |
|
| 86,993 |
|
| 181,266 |
|
| 659,831 |
|
| 522,913 |
|
| — |
|
Receivable from securities transactions |
|
| 793,440 |
|
| 124,491 |
|
| 13,429,122 |
|
| 854,987 |
|
| 2,698,397 |
|
Receivable for Fund shares sold |
|
| 2,371 |
|
| 48,847 |
|
| 187,306 |
|
| 1,186 |
|
| 15,745 |
|
Dividends and interest receivable |
|
| 12,166 |
|
| 80,399 |
|
| 284,680 |
|
| 147,005 |
|
| 141,204 |
|
Reclaims receivable |
|
| 1,527 |
|
| 3,740 |
|
| 69,930 |
|
| 1,421 |
|
| 25 |
|
Total assets |
|
| 38,939,890 |
|
| 76,811,483 |
|
| 162,767,963 |
|
| 92,245,728 |
|
| 82,469,458 |
|
| ||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees payable |
|
| 6,330 |
|
| 13,133 |
|
| 33,511 |
|
| 15,877 |
|
| 5,132 |
|
Due to custodian |
|
| 127,414 |
|
| — |
|
| 4,755,190 |
|
| — |
|
| 131,455 |
|
Payable for collateral for securities loaned – Note 1 |
|
| 7,451,409 |
|
| 6,705,968 |
|
| 6,351,906 |
|
| 11,024,860 |
|
| 17,862,209 |
|
Payable for securities transactions |
|
| 693,475 |
|
| 113,805 |
|
| 8,480,750 |
|
| 966,538 |
|
| 2,646,181 |
|
Payable for Fund shares redeemed |
|
| 5,099 |
|
| 74 |
|
| 786 |
|
| 63,162 |
|
| 57,422 |
|
Total liabilities |
|
| 8,283,727 |
|
| 6,832,980 |
|
| 19,622,143 |
|
| 12,070,437 |
|
| 20,702,399 |
|
NET ASSETS |
| $ | 30,656,163 |
| $ | 69,978,503 |
| $ | 143,145,820 |
| $ | 80,175,291 |
| $ | 61,767,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in-capital |
| $ | 64,195,489 |
| $ | 68,355,443 |
| $ | 109,838,857 |
| $ | 62,220,870 |
| $ | 52,267,607 |
|
Accumulated undistributed net investment income |
|
| 127,401 |
|
| 530,995 |
|
| 1,622,294 |
|
| 746,322 |
|
| 606,724 |
|
Accumulated undistributed net realized gain (loss) on total investments |
|
| (37,572,631 | ) |
| (11,887,994 | ) |
| 13,745,604 |
|
| 8,481,150 |
|
| 4,390,728 |
|
Net unrealized appreciation on total investments |
|
| 3,905,904 |
|
| 12,980,059 |
|
| 17,939,065 |
|
| 8,726,949 |
|
| 4,502,000 |
|
NET ASSETS |
| $ | 30,656,163 |
| $ | 69,978,503 |
| $ | 143,145,820 |
| $ | 80,175,291 |
| $ | 61,767,059 |
|
| ||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value) |
|
| 1,885,441 |
|
| 2,544,020 |
|
| 4,985,902 |
|
| 2,034,556 |
|
| 1,802,158 |
|
Net asset value per share |
| $ | 16.26 |
| $ | 27.51 |
| $ | 28.71 |
| $ | 39.41 |
| $ | 34.27 |
|
|
|
|
|
|
|
88 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 89 |
|
|
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) | concluded |
TIAA-CREF LIFE FUNDS § JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock |
| Social Choice |
| Real Estate |
| Bond |
| Money |
| |||||
| ||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments, at cost |
| $ | 167,392,730 |
| $ | 33,434,435 |
| $ | 95,805,995 |
| $ | 85,642,426 |
| $ | 75,111,021 |
|
Net unrealized appreciation (depreciation) of portfolio investments |
|
| 36,682,607 |
|
| 5,357,078 |
|
| 1,834,234 |
|
| (1,986,701 | ) |
| — |
|
Portfolio investments, at value (including securities loaned of $16,929,686, $—, $2,876,720, and $5,945,823, respectively) |
|
| 204,075,337 |
|
| 38,791,513 |
|
| 97,640,229 |
|
| 83,655,725 |
|
| 75,111,021 |
|
Cash |
|
| — |
|
| 9,382 |
|
| — |
|
| — |
|
| — |
|
Receivable from securities transactions |
|
| 121,081 |
|
| — |
|
| 865,483 |
|
| 125,024 |
|
| — |
|
Receivable for Fund shares sold |
|
| 87,327 |
|
| 78,074 |
|
| — |
|
| 30,982 |
|
| 635,643 |
|
Dividends and interest receivable |
|
| 237,614 |
|
| 33,548 |
|
| 411,646 |
|
| 603,336 |
|
| 5,255,448 |
|
Reclaims receivable |
|
| — |
|
| — |
|
| 1,802 |
|
| — |
|
| — |
|
Total assets |
|
| 204,521,359 |
|
| 38,912,517 |
|
| 98,919,160 |
|
| 84,415,067 |
|
| 81,002,112 |
|
| ||||||||||||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees payable |
|
| 9,310 |
|
| 2,252 |
|
| 20,531 |
|
| 6,321 |
|
| 3,630 |
|
Due to custodian |
|
| 117,806 |
|
| — |
|
| 760,453 |
|
| 13,258 |
|
| 5,223,366 |
|
Payable for collateral for securities loaned – Note 1 |
|
| 17,437,186 |
|
| — |
|
| 2,954,201 |
|
| 6,037,410 |
|
| — |
|
Payable for securities transactions |
|
| 37,102 |
|
| 3,875 |
|
| 331,446 |
|
| 1,059,185 |
|
| — |
|
Payable for Fund shares redeemed |
|
| 87,693 |
|
| 5,002 |
|
| 1,899 |
|
| 89 |
|
| 49,363 |
|
Payable for variation margin on open futures contracts |
|
| — |
|
| 1,130 |
|
| — |
|
| — |
|
| — |
|
Total liabilities |
|
| 17,689,097 |
|
| 12,259 |
|
| 4,068,530 |
|
| 7,116,263 |
|
| 5,276,359 |
|
NET ASSETS |
| $ | 186,832,262 |
| $ | 38,900,258 |
| $ | 94,850,630 |
| $ | 77,298,804 |
| $ | 75,725,753 |
|
| ||||||||||||||||
NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in-capital |
| $ | 150,896,514 |
| $ | 32,892,590 |
| $ | 81,748,659 |
| $ | 78,382,812 |
| $ | 75,726,191 |
|
Accumulated undistributed net investment income |
|
| 1,710,209 |
|
| 329,174 |
|
| 2,468,887 |
|
| 1,969,945 |
|
| 71 |
|
Accumulated undistributed net realized gain (loss) on total investments |
|
| (2,457,068 | ) |
| 318,836 |
|
| 8,798,850 |
|
| (1,067,252 | ) |
| (509 | ) |
Net unrealized appreciation (depreciation) on total investments |
|
| 36,682,607 |
|
| 5,359,658 |
|
| 1,834,234 |
|
| (1,986,701 | ) |
| — |
|
NET ASSETS |
| $ | 186,832,262 |
| $ | 38,900,258 |
| $ | 94,850,630 |
| $ | 77,298,804 |
| $ | 75,725,753 |
|
| ||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value) |
|
| 5,637,056 |
|
| 1,356,168 |
|
| 2,644,543 |
|
| 3,141,066 |
|
| 75,726,191 |
|
Net asset value per share |
| $ | 33.14 |
| $ | 28.68 |
| $ | 35.87 |
| $ | 24.61 |
| $ | 1.00 |
|
|
|
|
|
|
|
90 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 91 |
STATEMENTS OF OPERATIONS (UNAUDITED)
TIAA-CREF LIFE FUNDS § FOR THE SIX MONTHS ENDED JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Growth & |
| International |
| Large-Cap |
| Small-Cap |
| |||||
| ||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 5,595 |
| $ | 12,895 |
| $ | 95,397 |
| $ | 39,336 |
| $ | 31,129 |
|
Dividends |
|
| 158,699 |
|
| 592,925 |
|
| 2,211,647 |
|
| 823,245 |
|
| 634,583 |
|
Foreign taxes withheld |
|
| (5,110 | ) |
| (11,544 | ) |
| (284,995 | ) |
| (16,476 | ) |
| (425 | ) |
Total income |
|
| 159,184 |
|
| 594,276 |
|
| 2,022,049 |
|
| 846,105 |
|
| 665,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
| 36,422 |
|
| 72,830 |
|
| 180,970 |
|
| 86,595 |
|
| 29,829 |
|
Interest |
|
| 994 |
|
| 980 |
|
| 12,165 |
|
| 2,159 |
|
| 1,608 |
|
Net expenses |
|
| 37,416 |
|
| 73,810 |
|
| 193,135 |
|
| 88,754 |
|
| 31,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 121,768 |
|
| 520,466 |
|
| 1,828,914 |
|
| 757,351 |
|
| 633,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments |
|
| 1,134,920 |
|
| 2,512,450 |
|
| 12,166,094 |
|
| 6,933,783 |
|
| 3,531,072 |
|
Futures transactions |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 16,774 |
|
Foreign currency transactions |
|
| (763 | ) |
| (1,829 | ) |
| 121,583 |
|
| (10,181 | ) |
| — |
|
Net realized gain on total investments |
|
| 1,134,157 |
|
| 2,510,621 |
|
| 12,287,677 |
|
| 6,923,602 |
|
| 3,547,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments |
|
| 1,276,914 |
|
| 3,523,066 |
|
| 2,997,427 |
|
| (1,210,271 | ) |
| (281,508 | ) |
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies |
|
| 1,928 |
|
| 1,763 |
|
| 23,639 |
|
| 1,864 |
|
| — |
|
Net change in unrealized appreciation (depreciation) on total investments |
|
| 1,278,842 |
|
| 3,524,829 |
|
| 3,021,066 |
|
| (1,208,407 | ) |
| (281,508 | ) |
Net realized and unrealized gain on total investments |
|
| 2,412,999 |
|
| 6,035,450 |
|
| 15,308,743 |
|
| 5,715,195 |
|
| 3,266,338 |
|
Net increase in net assets resulting from operations |
| $ | 2,534,767 |
| $ | 6,555,916 |
| $ | 17,137,657 |
| $ | 6,472,546 |
| $ | 3,900,188 |
|
|
|
|
|
|
|
92 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 93 |
|
|
STATEMENTS OF OPERATIONS (UNAUDITED) | concluded |
TIAA-CREF LIFE FUNDS § FOR THE SIX MONTHS ENDED JUNE 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock |
| Social Choice |
| Real Estate |
| Bond |
| Money |
| |||||
| ||||||||||||||||
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 71,063 |
| $ | 19,069 |
| $ | 16,627 |
| $ | 1,978,218 |
| $ | 1,679,244 |
|
Dividends |
|
| 1,690,142 |
|
| 334,414 |
|
| 3,283,879 |
|
| 3,102 |
|
| — |
|
Foreign taxes withheld |
|
| (30 | ) |
| (17 | ) |
| (2,916 | ) |
| — |
|
| — |
|
Total income |
|
| 1,761,175 |
|
| 353,466 |
|
| 3,297,590 |
|
| 1,981,320 |
|
| 1,679,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
| 53,467 |
|
| 13,090 |
|
| 137,946 |
|
| 37,225 |
|
| 18,832 |
|
Interest |
|
| 81 |
|
| 26 |
|
| 9,677 |
|
| — |
|
| — |
|
Net expenses |
|
| 53,548 |
|
| 13,116 |
|
| 147,623 |
|
| 37,225 |
|
| 18,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 1,707,627 |
|
| 340,350 |
|
| 3,149,967 |
|
| 1,944,095 |
|
| 1,660,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments |
|
| 69,543 |
|
| 802,007 |
|
| 8,094,604 |
|
| (227,789 | ) |
| 6 |
|
Futures transactions |
|
| 4,329 |
|
| 37,975 |
|
| — |
|
| — |
|
| — |
|
Net realized gain (loss) on total investments |
|
| 73,872 |
|
| 839,982 |
|
| 8,094,604 |
|
| (227,789 | ) |
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments |
|
| 10,504,804 |
|
| 1,157,907 |
|
| (17,358,991 | ) |
| (1,148,174 | ) |
| — |
|
Futures transactions |
|
| 281 |
|
| 2,580 |
|
| — |
|
| — |
|
| — |
|
Net change in unrealized appreciation (depreciation) on total investments |
|
| 10,505,085 |
|
| 1,160,487 |
|
| (17,358,991 | ) |
| (1,148,174 | ) |
| — |
|
Net realized and unrealized gain (loss) on total investments |
|
| 10,578,957 |
|
| 2,000,469 |
|
| (9,264,387 | ) |
| (1,375,963 | ) |
| 6 |
|
Net increase (decrease) in net assets resulting from operations |
| $ | 12,286,584 |
| $ | 2,340,819 |
| $ | (6,114,420 | ) | $ | 568,132 |
| $ | 1,660,418 |
|
|
|
|
|
|
|
94 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 95 |
STATEMENTS OF CHANGES IN NET ASSETS
TIAA-CREF LIFE FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Equity Fund |
| Growth & Income Fund |
| International Equity Fund |
| ||||||||||||
|
|
|
|
| |||||||||||||||
|
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||
CHANGE IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 121,768 |
| $ | 225,805 |
| $ | 520,466 |
| $ | 891,132 |
| $ | 1,828,914 |
| $ | 1,455,045 |
|
Net realized gain on total investments |
|
| 1,134,157 |
|
| 679,126 |
|
| 2,510,621 |
|
| 2,009,776 |
|
| 12,287,677 |
|
| 15,436,266 |
|
Net change in unrealized appreciation on total investments |
|
| 1,278,842 |
|
| 616,831 |
|
| 3,524,829 |
|
| 5,717,440 |
|
| 3,021,066 |
|
| 6,625,077 |
|
Net increase from operations |
|
| 2,534,767 |
|
| 1,521,762 |
|
| 6,555,916 |
|
| 8,618,348 |
|
| 17,137,657 |
|
| 23,516,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
| — |
|
| (223,438 | ) |
| — |
|
| (884,077 | ) |
| — |
|
| (1,638,883 | ) |
Total distributions |
|
| — |
|
| (223,438 | ) |
| — |
|
| (884,077 | ) |
| — |
|
| (1,638,883 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDER TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
| 3,277,340 |
|
| 3,207,188 |
|
| 5,618,640 |
|
| 5,408,723 |
|
| 22,083,040 |
|
| 26,885,170 |
|
Reinvestment of distributions |
|
| — |
|
| 223,438 |
|
| — |
|
| 884,077 |
|
| — |
|
| 1,638,883 |
|
Redemptions |
|
| (3,335,459 | ) |
| (6,066,409 | ) |
| (1,993,637 | ) |
| (5,856,260 | ) |
| (7,216,753 | ) |
| (11,856,511 | ) |
Net increase (decrease) from shareholder transactions |
|
| (58,119 | ) |
| (2,635,783 | ) |
| 3,625,003 |
|
| 436,540 |
|
| 14,866,287 |
|
| 16,667,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets |
|
| 2,476,648 |
|
| (1,337,459 | ) |
| 10,180,919 |
|
| 8,170,811 |
|
| 32,003,944 |
|
| 38,545,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 28,179,515 |
|
| 29,516,974 |
|
| 59,797,584 |
|
| 51,626,773 |
|
| 111,141,876 |
|
| 72,596,829 |
|
End of period |
| $ | 30,656,163 |
| $ | 28,179,515 |
| $ | 69,978,503 |
| $ | 59,797,584 |
| $ | 143,145,820 |
| $ | 111,141,876 |
|
Accumulated undistributed (distributions in excess of) net investment income included in net assets |
| $ | 127,401 |
| $ | 6,842 |
| $ | 530,995 |
| $ | 16,379 |
| $ | 1,622,294 |
| $ | (196,818 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGE IN FUND SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period |
|
| 1,889,545 |
|
| 2,074,716 |
|
| 2,408,900 |
|
| 2,394,121 |
|
| 4,443,877 |
|
| 3,716,157 |
|
Shares sold |
|
| 212,451 |
|
| 224,967 |
|
| 212,877 |
|
| 235,343 |
|
| 814,943 |
|
| 1,206,983 |
|
Shares issued in reinvestment of distributions |
|
| — |
|
| 15,046 |
|
| — |
|
| 35,865 |
|
| — |
|
| 66,459 |
|
Shares redeemed |
|
| (216,555 | ) |
| (425,184 | ) |
| (77,757 | ) |
| (256,429 | ) |
| (272,918 | ) |
| (545,722 | ) |
Total net increase (decrease) in shares outstanding |
|
| (4,104 | ) |
| (185,171 | ) |
| 135,120 |
|
| 14,779 |
|
| 542,025 |
|
| 727,720 |
|
Shares outstanding, end of period |
|
| 1,885,441 |
|
| 1,889,545 |
|
| 2,544,020 |
|
| 2,408,900 |
|
| 4,985,902 |
|
| 4,443,877 |
|
|
|
|
|
|
|
96 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 97 |
|
|
STATEMENTS OF CHANGES IN NET ASSETS | continued |
TIAA-CREF LIFE FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Large-Cap Value Fund |
| Small-Cap Equity Fund |
| Stock Index Fund |
| ||||||||||||
|
|
|
|
| |||||||||||||||
|
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||
CHANGE IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 757,351 |
| $ | 1,019,904 |
| $ | 633,850 |
| $ | 589,430 |
| $ | 1,707,627 |
| $ | 2,779,126 |
|
Net realized gain on total investments |
|
| 6,923,602 |
|
| 5,132,965 |
|
| 3,547,846 |
|
| 5,556,775 |
|
| 73,872 |
|
| 1,734,610 |
|
Net change in unrealized appreciation on total investments |
|
| (1,208,407 | ) |
| 5,016,410 |
|
| (281,508 | ) |
| 2,181,316 |
|
| 10,505,085 |
|
| 18,722,252 |
|
Net increase from operations |
|
| 6,472,546 |
|
| 11,169,279 |
|
| 3,900,188 |
|
| 8,327,521 |
|
| 12,286,584 |
|
| 23,235,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
| — |
|
| (1,043,167 | ) |
| — |
|
| (622,582 | ) |
| — |
|
| (2,787,474 | ) |
From net realized gain on total investments |
|
| — |
|
| (3,948,741 | ) |
| — |
|
| (4,589,193 | ) |
| — |
|
| (1,485,780 | ) |
Total distributions |
|
| — |
|
| (4,991,908 | ) |
| — |
|
| (5,211,775 | ) |
| — |
|
| (4,273,254 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDER TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
| 12,280,373 |
|
| 17,832,473 |
|
| 5,683,164 |
|
| 15,270,679 |
|
| 11,312,758 |
|
| 18,645,937 |
|
Reinvestment of distributions |
|
| — |
|
| 4,991,908 |
|
| — |
|
| 5,211,776 |
|
| — |
|
| 4,273,223 |
|
Redemptions |
|
| (5,494,375 | ) |
| (11,112,731 | ) |
| (5,006,515 | ) |
| (11,740,344 | ) |
| (7,782,389 | ) |
| (23,802,361 | ) |
Net increase (decrease) from shareholder transactions |
|
| 6,785,998 |
|
| 11,711,650 |
|
| 676,649 |
|
| 8,742,111 |
|
| 3,530,369 |
|
| (883,201 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets |
|
| 13,258,544 |
|
| 17,889,021 |
|
| 4,576,837 |
|
| 11,857,857 |
|
| 15,816,953 |
|
| 18,079,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 66,916,747 |
|
| 49,027,726 |
|
| 57,190,222 |
|
| 45,332,365 |
|
| 171,015,309 |
|
| 152,935,776 |
|
End of period |
| $ | 80,175,291 |
| $ | 66,916,747 |
| $ | 61,767,059 |
| $ | 57,190,222 |
| $ | 186,832,262 |
| $ | 171,015,309 |
|
Accumulated undistributed (distributions in excess of) net investment income included in net assets |
| $ | 746,322 |
| $ | (8,749 | ) | $ | 606,724 |
| $ | (20,214 | ) | $ | 1,710,209 |
| $ | 29,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGE IN FUND SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period |
|
| 1,857,587 |
|
| 1,530,189 |
|
| 1,780,575 |
|
| 1,510,143 |
|
| 5,527,062 |
|
| 5,571,382 |
|
Shares sold |
|
| 323,584 |
|
| 505,797 |
|
| 171,434 |
|
| 461,331 |
|
| 352,529 |
|
| 640,679 |
|
Shares issued in reinvestment of distributions |
|
| — |
|
| 139,361 |
|
| — |
|
| 163,892 |
|
| — |
|
| 138,967 |
|
Shares redeemed |
|
| (146,615 | ) |
| (317,760 | ) |
| (149,851 | ) |
| (354,791 | ) |
| (242,535 | ) |
| (823,966 | ) |
Total net increase (decrease) in shares outstanding |
|
| 176,969 |
|
| 327,398 |
|
| 21,583 |
|
| 270,432 |
|
| 109,994 |
|
| (44,320 | ) |
Shares outstanding, end of period |
|
| 2,034,556 |
|
| 1,857,587 |
|
| 1,802,158 |
|
| 1,780,575 |
|
| 5,637,056 |
|
| 5,527,062 |
|
|
|
|
|
|
|
98 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 99 |
|
|
STATEMENTS OF CHANGES IN NET ASSETS | continued |
TIAA-CREF LIFE FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Social Choice Equity Fund |
| Real Estate Securities Fund |
| Bond Fund |
| ||||||||||||
|
|
|
|
| |||||||||||||||
|
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
CHANGE IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 340,350 |
| $ | 568,991 |
| $ | 3,149,967 |
| $ | 1,955,398 |
| $ | 1,944,095 |
| $ | 3,342,563 |
|
Net realized gain on total investments |
|
| 839,982 |
|
| 134,304 |
|
| 8,094,604 |
|
| 6,395,774 |
|
| (227,789 | ) |
| (349,576 | ) |
Net change in unrealized appreciation on total investments |
|
| 1,160,487 |
|
| 3,954,011 |
|
| (17,358,991 | ) |
| 16,835,996 |
|
| (1,148,174 | ) |
| 196,049 |
|
Net increase from operations |
|
| 2,340,819 |
|
| 4,657,306 |
|
| (6,114,420 | ) |
| 25,187,168 |
|
| 568,132 |
|
| 3,189,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
| — |
|
| (572,655 | ) |
| — |
|
| (2,744,180 | ) |
| — |
|
| (3,316,713 | ) |
From net realized gain on total investments |
|
| — |
|
| (209,262 | ) |
| — |
|
| (5,795,419 | ) |
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (781,917 | ) |
| — |
|
| (8,539,599 | ) |
| — |
|
| (3,316,713 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDER TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
| 2,389,751 |
|
| 3,214,490 |
|
| 12,868,258 |
|
| 22,483,173 |
|
| 6,671,418 |
|
| 6,519,790 |
|
Reinvestment of distributions |
|
| — |
|
| 781,918 |
|
| — |
|
| 8,539,599 |
|
| — |
|
| 3,316,713 |
|
Redemptions |
|
| (1,761,333 | ) |
| (4,498,072 | ) |
| (16,608,385 | ) |
| (13,624,438 | ) |
| (1,701,599 | ) |
| (4,382,023 | ) |
Net increase (decrease) from shareholder transactions |
|
| 628,418 |
|
| (501,664 | ) |
| (3,740,127 | ) |
| 17,398,334 |
|
| 4,969,819 |
|
| 5,454,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets |
|
| 2,969,237 |
|
| 3,373,725 |
|
| (9,854,547 | ) |
| 34,045,903 |
|
| 5,537,951 |
|
| 5,326,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 35,931,021 |
|
| 32,557,296 |
|
| 104,705,177 |
|
| 70,659,274 |
|
| 71,760,853 |
|
| 66,434,050 |
|
End of period |
| $ | 38,900,258 |
| $ | 35,931,021 |
| $ | 94,850,630 |
| $ | 104,705,177 |
| $ | 77,298,804 |
| $ | 71,760,853 |
|
Accumulated undistributed (distributions in excess of) net investment income included in net assets |
| $ | 329,174 |
| $ | 4,327 |
| $ | 2,468,887 |
| $ | (911,739 | ) | $ | 1,969,945 |
| $ | 25,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGE IN FUND SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period |
|
| 1,333,916 |
|
| 1,355,681 |
|
| 2,752,773 |
|
| 2,280,802 |
|
| 2,939,711 |
|
| 2,717,951 |
|
Shares sold |
|
| 85,673 |
|
| 127,354 |
|
| 322,025 |
|
| 623,922 |
|
| 270,362 |
|
| 263,841 |
|
Shares issued in reinvestment of distributions |
|
| — |
|
| 29,165 |
|
| — |
|
| 231,175 |
|
| — |
|
| 135,542 |
|
Shares redeemed |
|
| (63,421 | ) |
| (178,284 | ) |
| (430,255 | ) |
| (383,126 | ) |
| (69,007 | ) |
| (177,623 | ) |
Total net increase (decrease) in shares outstanding |
|
| 22,252 |
|
| (21,765 | ) |
| (108,230 | ) |
| 471,971 |
|
| 201,355 |
|
| 221,760 |
|
Shares outstanding, end of period |
|
| 1,356,168 |
|
| 1,333,916 |
|
| 2,644,543 |
|
| 2,752,773 |
|
| 3,141,066 |
|
| 2,939,711 |
|
|
|
|
|
|
|
100 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 101 |
|
|
STATEMENTS OF CHANGES IN NET ASSETS | concluded |
TIAA-CREF LIFE FUNDS
|
|
|
|
|
|
|
|
|
| Money Market Fund |
| ||||
|
|
| |||||
|
| For the |
| For the |
| ||
|
| (unaudited) |
|
|
|
| |
|
|
|
|
|
|
| |
CHANGE IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
Net investment income |
| $ | 1,660,412 |
| $ | 2,135,839 |
|
Net realized gain on total investments |
|
| 6 |
|
| (515 | ) |
Net increase from operations |
|
| 1,660,418 |
|
| 2,135,324 |
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
From net investment income |
|
| (1,660,412 | ) |
| (2,135,839 | ) |
Total distributions |
|
| (1,660,412 | ) |
| (2,135,839 | ) |
|
|
|
|
|
|
|
|
SHAREHOLDER TRANSACTIONS: |
|
|
|
|
|
|
|
Subscriptions |
|
| 36,031,669 |
|
| 62,394,641 |
|
Reinvestment of distributions |
|
| 1,660,412 |
|
| 1,590,518 |
|
Redemptions |
|
| (15,860,095 | ) |
| (47,276,256 | ) |
Net increase from shareholder transactions |
|
| 21,831,986 |
|
| 16,708,903 |
|
|
|
|
|
|
|
|
|
Net increase in net assets |
|
| 21,831,992 |
|
| 16,708,388 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
Beginning of period |
|
| 53,893,761 |
|
| 37,185,373 |
|
End of period |
| $ | 75,725,753 |
| $ | 53,893,761 |
|
Accumulated undistributed net investment income included in net assets |
| $ | 71 |
| $ | 71 |
|
|
|
|
|
|
|
|
|
CHANGE IN FUND SHARES: |
|
|
|
|
|
|
|
Shares outstanding, beginning of period |
|
| 53,894,205 |
|
| 37,185,302 |
|
Shares sold |
|
| 36,031,669 |
|
| 62,394,641 |
|
Shares issued in reinvestment of distributions |
|
| 1,660,412 |
|
| 1,590,518 |
|
Shares redeemed |
|
| (15,860,095 | ) |
| (47,276,256 | ) |
Total net increase in shares outstanding |
|
| 21,831,986 |
|
| 16,708,903 |
|
Shares outstanding, end of period |
|
| 75,726,191 |
|
| 53,894,205 |
|
|
|
|
102 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
This page intentionally left blank.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 103 |
TIAA-CREF LIFE FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Equity Fund | |||||||||||||||||
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Six |
| For the Years Ended December 31, | |||||||||||||||
|
|
| |||||||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| |||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.91 |
| $ | 14.23 |
| $ | 13.58 |
| $ | 12.88 |
| $ | 10.15 |
| $ | 14.60 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.06 |
|
| 0.11 |
|
| 0.09 |
|
| 0.12 |
|
| 0.09 |
|
| 0.07 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 1.29 |
|
| 0.69 |
|
| 0.65 |
|
| 0.70 |
|
| 2.78 |
|
| (4.45 | ) |
Total gain (loss) from investment operations |
|
| 1.35 |
|
| 0.80 |
|
| 0.74 |
|
| 0.82 |
|
| 2.87 |
|
| (4.38 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.12 | ) |
| (0.09 | ) |
| (0.12 | ) |
| (0.14 | ) |
| (0.07 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (0.12 | ) |
| (0.09 | ) |
| (0.12 | ) |
| (0.14 | ) |
| (0.07 | ) |
Net asset value, end of period |
| $ | 16.26 |
| $ | 14.91 |
| $ | 14.23 |
| $ | 13.58 |
| $ | 12.88 |
| $ | 10.15 |
|
TOTAL RETURN |
|
| 9.05 | %(d) |
| 5.62 | % |
| 5.43 | % |
| 6.39 | % |
| 28.30 | % |
| (30.01 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 30,656 |
| $ | 28,180 |
| $ | 29,517 |
| $ | 28,282 |
| $ | 28,319 |
| $ | 40,537 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.26 | %(c)(e) |
| 0.25 | % |
| 0.26 | %(c) |
| 0.25 | % |
| 0.25 | % |
| 0.43 | %(b) |
Ratio of expenses to average net assets after expense waiver |
|
| 0.26 | %(c)(e) |
| 0.25 | % |
| 0.26 | %(c) |
| 0.25 | % |
| 0.25 | % |
| 0.25 | % |
Ratio of net investment income to average net assets |
|
| 0.84 | %(e) |
| 0.79 | % |
| 0.66 | % |
| 0.95 | % |
| 0.82 | % |
| 0.61 | % |
Portfolio turnover rate |
|
| 111 | % |
| 98 | % |
| 106 | % |
| 79 | % |
| 78 | % |
| 54 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Includes 0.01% of overdraft charges included in interest expense. |
|
|
(d) | Not annualized. |
|
|
(e) | Annualized. |
|
|
|
|
|
|
104 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 105 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth & Income Fund | |||||||||||||||||
| �� | ||||||||||||||||||
|
| For the Six |
| For the Years Ended December 31, | |||||||||||||||
|
|
| |||||||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| |||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 24.82 |
| $ | 21.56 |
| $ | 20.49 |
| $ | 18.93 |
| $ | 15.22 |
| $ | 20.28 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.21 |
|
| 0.37 |
|
| 0.29 |
|
| 0.32 |
|
| 0.23 |
|
| 0.21 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 2.48 |
|
| 3.26 |
|
| 1.06 |
|
| 1.56 |
|
| 3.79 |
|
| (5.07 | ) |
Total gain (loss) from investment operations |
|
| 2.69 |
|
| 3.63 |
|
| 1.35 |
|
| 1.88 |
|
| 4.02 |
|
| (4.86 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.37 | ) |
| (0.28 | ) |
| (0.32 | ) |
| (0.31 | ) |
| (0.20 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (0.37 | ) |
| (0.28 | ) |
| (0.32 | ) |
| (0.31 | ) |
| (0.20 | ) |
Net asset value, end of period |
| $ | 27.51 |
| $ | 24.82 |
| $ | 21.56 |
| $ | 20.49 |
| $ | 18.93 |
| $ | 15.22 |
|
TOTAL RETURN |
|
| 10.84 | %(c) |
| 16.85 | % |
| 6.57 | % |
| 9.94 | % |
| 26.39 | % |
| (23.95 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 69,979 |
| $ | 59,798 |
| $ | 51,627 |
| $ | 47,748 |
| $ | 44,403 |
| $ | 51,553 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.23 | %(d) |
| 0.23 | % |
| 0.23 | % |
| 0.23 | % |
| 0.23 | % |
| 0.41 | %(b) |
Ratio of expenses to average net assets after expense waiver |
|
| 0.23 | %(d) |
| 0.23 | % |
| 0.23 | % |
| 0.23 | % |
| 0.23 | % |
| 0.23 | % |
Ratio of net investment income to average net assets |
|
| 1.64 | %(d) |
| 1.63 | % |
| 1.41 | % |
| 1.66 | % |
| 1.41 | % |
| 1.18 | % |
Portfolio turnover rate |
|
| 90 | % |
| 119 | % |
| 205 | % |
| 85 | % |
| 137 | % |
| 112 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Not annualized. |
|
|
(d) | Annualized. |
|
|
|
|
|
|
106 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 107 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Equity Fund |
| ||||||||||||||||
|
| ||||||||||||||||||
|
| For the Six |
| For the Years Ended December 31, |
| ||||||||||||||
|
|
| |||||||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| |||||||
|
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 25.01 |
| $ | 19.54 |
| $ | 17.25 |
| $ | 14.93 |
| $ | 10.76 |
| $ | 12.88 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.39 |
|
| 0.35 |
|
| 0.31 |
|
| 0.29 |
|
| 0.26 |
|
| 0.20 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 3.31 |
|
| 5.50 |
|
| 2.28 |
|
| 2.35 |
|
| 4.15 |
|
| (2.06 | ) |
Total gain (loss) from investment operations |
|
| 3.70 |
|
| 5.85 |
|
| 2.59 |
|
| 2.64 |
|
| 4.41 |
|
| (1.86 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.38 | ) |
| (0.30 | ) |
| (0.32 | ) |
| (0.24 | ) |
| (0.19 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.07 | ) |
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (0.38 | ) |
| (0.30 | ) |
| (0.32 | ) |
| (0.24 | ) |
| (0.26 | ) |
Net asset value, end of period |
| $ | 28.71 |
| $ | 25.01 |
| $ | 19.54 |
| $ | 17.25 |
| $ | 14.93 |
| $ | 10.76 |
|
TOTAL RETURN |
|
| 14.79 | %(d) |
| 29.95 | % |
| 15.01 | % |
| 17.72 | % |
| 41.06 | % |
| (14.40 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 143,146 |
| $ | 111,142 |
| $ | 72,597 |
| $ | 52,151 |
| $ | 47,879 |
| $ | 33,738 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.31 | %(c)(e) |
| 0.29 | % |
| 0.31 | %(c) |
| 0.29 | % |
| 0.29 | % |
| 0.49 | %(b) |
Ratio of expenses to average net assets after expense waiver |
|
| 0.31 | %(c)(e) |
| 0.29 | % |
| 0.31 | %(c) |
| 0.29 | % |
| 0.29 | % |
| 0.29 | % |
Ratio of net investment income to average net assets |
|
| 2.93 | %(e) |
| 1.59 | % |
| 1.75 | % |
| 1.87 | % |
| 2.15 | % |
| 1.68 | % |
Portfolio turnover rate |
|
| 142 | % |
| 149 | % |
| 153 | % |
| 158 | % |
| 139 | % |
| 53 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Includes 0.02% of overdraft charges included in interest expense. |
|
|
(d) | Not annualized. |
|
|
(e) | Annualized. |
|
|
|
|
|
|
108 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 109 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Large-Cap Value Fund |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||
|
| For the Six |
|
|
| For the Period |
| September 4, 2002 |
| |||||||||||||
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||
|
|
| For the Years Ended December 31, |
|
|
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
|
|
| ||||||||||
| ||||||||||||||||||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 36.02 |
| $ | 32.04 |
| $ | 33.07 |
| $ | 31.62 |
| $ | 24.84 |
| $ | 24.60 |
| $ | 25.00 |
|
| ||||||||||||||||||||||
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.39 |
|
| 0.64 |
|
| 0.72 |
|
| 0.74 |
|
| 0.60 |
|
| 0.12 |
|
| 0.17 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 3.00 |
|
| 6.26 |
|
| 0.95 |
|
| 5.82 |
|
| 7.65 |
|
| 0.28 |
|
| (0.17 | ) |
Total gain (loss) from investment operations |
|
| 3.39 |
|
| 6.90 |
|
| 1.67 |
|
| 6.56 |
|
| 8.25 |
|
| 0.40 |
|
| — |
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.61 | ) |
| (0.70 | ) |
| (0.67 | ) |
| (0.57 | ) |
| (0.16 | ) |
| (0.16 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| (2.31 | ) |
| (2.00 | ) |
| (4.44 | ) |
| (0.90 | ) |
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (2.92 | ) |
| (2.70 | ) |
| (5.11 | ) |
| (1.47 | ) |
| (0.16 | ) |
| (0.16 | ) |
Net asset value, end of period |
| $ | 39.41 |
| $ | 36.02 |
| $ | 32.04 |
| $ | 33.07 |
| $ | 31.62 |
| $ | 24.84 |
| $ | 24.84 |
|
TOTAL RETURN |
|
| 9.41 | %(d) |
| 21.58 | % |
| 4.94 | % |
| 20.76 | % |
| 33.23 | % |
| 1.63 | % |
| 0.01 | % |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 80,175 |
| $ | 66,917 |
| $ | 49,028 |
| $ | 42,428 |
| $ | 29,760 |
| $ | 20,178 |
| $ | 20,178 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.25 | %(c)(e) |
| 0.24 | % |
| 0.25 | %(c) |
| 0.24 | % |
| 0.24 | % |
| 0.04 | % |
| 0.08 | % |
Ratio of expenses to average net assets after expense waiver |
|
| 0.25 | %(c)(e) |
| 0.24 | % |
| 0.25 | %(c) |
| 0.24 | % |
| 0.24 | % |
| 0.04 | % |
| 0.08 | % |
Ratio of net investment income to average net assets |
|
| 2.10 | %(e) |
| 1.83 | % |
| 2.17 | % |
| 2.23 | % |
| 2.19 | % |
| 0.46 | % |
| 0.69 | % |
Portfolio turnover rate |
|
| 110 | % |
| 102 | % |
| 112 | % |
| 149 | % |
| 159 | % |
| 70 | % |
| 94 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Includes 0.01% of overdraft charges included in interest expense. |
|
|
(d) | Not annualized. |
|
|
(e) | Annualized. |
|
|
|
|
|
|
110 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 111 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Small-Cap Equity Fund |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||
|
|
|
|
|
| For the Period |
| For the Period |
| |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
|
| For the Six |
|
|
|
|
| |||||||||||||||
|
|
| For the Years Ended December 31, |
|
|
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
|
|
| ||||||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 32.12 |
| $ | 30.02 |
| $ | 33.43 |
| $ | 32.98 |
| $ | 24.63 |
| $ | 23.94 |
| $ | 25.00 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.35 |
|
| 0.37 |
|
| 0.33 |
|
| 0.39 |
|
| 0.39 |
|
| 0.08 |
|
| 0.13 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 1.80 |
|
| 4.95 |
|
| 1.30 |
|
| 6.17 |
|
| 11.71 |
|
| 0.73 |
|
| (0.38 | ) |
Total gain (loss) from investment operations |
|
| 2.15 |
|
| 5.32 |
|
| 1.63 |
|
| 6.56 |
|
| 12.10 |
|
| 0.81 |
|
| (0.25 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.38 | ) |
| (0.37 | ) |
| (0.39 | ) |
| (0.36 | ) |
| (0.12 | ) |
| (0.12 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| (2.84 | ) |
| (4.67 | ) |
| (5.72 | ) |
| (3.39 | ) |
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (3.22 | ) |
| (5.04 | ) |
| (6.11 | ) |
| (3.75 | ) |
| (0.12 | ) |
| (0.12 | ) |
Net asset value, end of period |
| $ | 34.27 |
| $ | 32.12 |
| $ | 30.02 |
| $ | 33.43 |
| $ | 32.98 |
| $ | 24.63 |
| $ | 24.63 |
|
TOTAL RETURN |
|
| 6.69 | %(e) |
| 17.84 | % |
| 4.58 | % |
| 19.83 | % |
| 48.95 | % |
| 3.40 | % |
| (0.98 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 61,767 |
| $ | 57,190 |
| $ | 45,332 |
| $ | 42,194 |
| $ | 34,459 |
| $ | 20,044 |
| $ | 20,044 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.11 | %(c)(f) |
| 0.10 | % |
| 0.12 | %(d) |
| 0.10 | % |
| 0.10 | % |
| 0.02 | % |
| 0.03 | % |
Ratio of expenses to average net assets after expense waiver |
|
| 0.11 | %(c)(f) |
| 0.10 | % |
| 0.12 | %(d) |
| 0.10 | % |
| 0.10 | % |
| 0.02 | % |
| 0.03 | % |
Ratio of net investment income to average net assets |
|
| 2.12 | %(f) |
| 1.12 | % |
| 1.01 | % |
| 1.13 | % |
| 1.32 | % |
| 0.32 | % |
| 0.55 | % |
Portfolio turnover rate |
|
| 122 | % |
| 246 | % |
| 400 | % |
| 221 | % |
| 237 | % |
| 43 | % |
| 57 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Includes 0.01% of overdraft charges included in interest expense. |
|
|
(d) | Includes 0.02% of overdraft charges included in interest expense. |
|
|
(e) | Not annualized. |
|
|
(f) | Annualized. |
|
|
|
|
|
|
112 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 113 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock Index Fund |
| ||||||||||||||||
|
| ||||||||||||||||||
|
| For the Six |
| For the Years Ended December 31, |
| ||||||||||||||
|
|
| |||||||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| |||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 30.94 |
| $ | 27.45 |
| $ | 26.31 |
| $ | 23.93 |
| $ | 18.86 |
| $ | 24.45 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.31 |
|
| 0.51 |
|
| 0.46 |
|
| 0.46 |
|
| 0.35 |
|
| 0.33 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 1.89 |
|
| 3.78 |
|
| 1.14 |
|
| 2.38 |
|
| 5.47 |
|
| (5.56 | ) |
Total gain (loss) from investment operations |
|
| 2.20 |
|
| 4.29 |
|
| 1.60 |
|
| 2.84 |
|
| 5.82 |
|
| (5.23 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.52 | ) |
| (0.46 | ) |
| (0.45 | ) |
| (0.36 | ) |
| (0.36 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| (0.28 | ) |
| — |
|
| (0.01 | ) |
| (0.39 | ) |
| — |
|
Total distributions |
|
| — |
|
| (0.80 | ) |
| (0.46 | ) |
| (0.46 | ) |
| (0.75 | ) |
| (0.36 | ) |
Net asset value, end of period |
| $ | 33.14 |
| $ | 30.94 |
| $ | 27.45 |
| $ | 26.31 |
| $ | 23.93 |
| $ | 18.86 |
|
TOTAL RETURN |
|
| 7.11 | %(c) |
| 15.62 | % |
| 6.04 | % |
| 11.89 | % |
| 30.85 | % |
| (21.38 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 186,832 |
| $ | 171,015 |
| $ | 152,936 |
| $ | 143,222 |
| $ | 118,320 |
| $ | 88,779 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.06 | %(d) |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.26 | %(b) |
Ratio of expenses to average net assets after expense waiver |
|
| 0.06 | %(d) |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.07 | % |
Ratio of net investment income to average net assets |
|
| 1.92 | %(d) |
| 1.75 | % |
| 1.73 | % |
| 1.88 | % |
| 1.68 | % |
| 1.56 | % |
Portfolio turnover rate |
|
| 16 | % |
| 14 | % |
| 8 | % |
| 12 | % |
| 26 | % |
| 9 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Not annualized. |
|
|
(d) | Annualized. |
|
|
|
|
|
|
114 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 115 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Social Choice Equity Fund | |||||||||||||||||
|
| ||||||||||||||||||
|
| For the Six |
| For the Years Ended December 31, | |||||||||||||||
|
| Months Ended |
| ||||||||||||||||
|
| June 30, 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| ||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
| ||||||
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 26.94 |
| $ | 24.02 |
| $ | 22.75 |
| $ | 20.60 |
| $ | 16.09 |
| $ | 20.61 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.25 |
|
| 0.43 |
|
| 0.38 |
|
| 0.39 |
|
| 0.29 |
|
| 0.26 |
|
Net realized and unrealized gain (loss) on total investments |
|
| 1.49 |
|
| 3.08 |
|
| 1.24 |
|
| 2.16 |
|
| 4.54 |
|
| (4.52 | ) |
Total gain (loss) from investment operations |
|
| 1.74 |
|
| 3.51 |
|
| 1.62 |
|
| 2.55 |
|
| 4.83 |
|
| (4.26 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (0.43 | ) |
| (0.35 | ) |
| (0.40 | ) |
| (0.32 | ) |
| (0.26 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| (0.16 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (0.59 | ) |
| (0.35 | ) |
| (0.40 | ) |
| (0.32 | ) |
| (0.26 | ) |
Net asset value, end of period |
| $ | 28.68 |
| $ | 26.94 |
| $ | 24.02 |
| $ | 22.75 |
| $ | 20.60 |
| $ | 16.09 |
|
TOTAL RETURN |
|
| 6.46 | %(c) |
| 14.64 | % |
| 7.11 | % |
| 12.39 | % |
| 30.03 | % |
| (20.68 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 38,900 |
| $ | 35,931 |
| $ | 32,557 |
| $ | 27,605 |
| $ | 26,510 |
| $ | 22,683 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.07 | %(d) |
| 0.07 | % |
| 0.07 | % |
| 0.07 | % |
| 0.07 | % |
| 0.34 | %(b) |
Ratio of expenses to average net assets after expense waiver |
|
| 0.07 | %(d) |
| 0.07 | % |
| 0.07 | % |
| 0.07 | % |
| 0.07 | % |
| 0.17 | % |
Ratio of net investment income to average net assets |
|
| 1.82 | %(d) |
| 1.69 | % |
| 1.63 | % |
| 1.82 | % |
| 1.64 | % |
| 1.43 | % |
Portfolio turnover rate |
|
| 7 | % |
| 19 | % |
| 8 | % |
| 5 | % |
| 15 | % |
| 27 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(b) | Waiver was eliminated effective October 28, 2002. |
|
|
(c) | Not annualized. |
|
|
(d) | Annualized. |
|
|
|
|
|
|
116 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 117 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Securities Fund | ||||||||||||||||||||
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| For the Period |
| For the Period |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| October 28, 2002 |
| September 4, 2002 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| (effective date of |
| (commencement of |
| |||||||
|
| For the Six |
| For the Years Ended December 31, |
| SEC registration) |
| operations) to |
| |||||||||||||
|
| Months Ended |
|
| to December 31, |
| December 31, |
| ||||||||||||||
|
| June 30, 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002(e) |
| 2002(e) |
| |||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 38.04 |
| $ | 30.98 |
| $ | 33.89 |
| $ | 30.00 |
| $ | 24.48 |
| $ | 23.67 |
| $ | 25.00 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 1.11 |
|
| 0.82 |
|
| 0.96 |
|
| 1.45 |
|
| 1.54 |
|
| 0.25 |
|
| 0.44 |
|
Net realized and unrealized gain (loss) on total investments |
|
| (3.28 | ) |
| 9.63 |
|
| 1.51 |
|
| 8.40 |
|
| 8.24 |
|
| 0.91 |
|
| (0.61 | ) |
Total gain (loss) from investment operations |
|
| (2.17 | ) |
| 10.45 |
|
| 2.47 |
|
| 9.85 |
|
| 9.78 |
|
| 1.16 |
|
| (0.17 | ) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (1.09 | ) |
| (1.38 | ) |
| (1.26 | ) |
| (1.39 | ) |
| (0.31 | ) |
| (0.31 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| (2.30 | ) |
| (4.00 | ) |
| (4.70 | ) |
| (2.87 | ) |
| (0.04 | ) |
| (0.04 | ) |
Total distributions |
|
| — |
|
| (3.39 | ) |
| (5.38 | ) |
| (5.96 | ) |
| (4.26 | ) |
| (0.35 | ) |
| (0.35 | ) |
Net asset value, end of period |
| $ | 35.87 |
| $ | 38.04 |
| $ | 30.98 |
| $ | 33.89 |
| $ | 30.00 |
| $ | 24.48 |
| $ | 24.48 |
|
TOTAL RETURN |
|
| (5.70 | )%(e) |
| 34.05 | % |
| 7.19 | % |
| 32.98 | % |
| 39.96 | % |
| 4.94 | % |
| (0.65 | )% |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 94,851 |
| $ | 104,705 |
| $ | 70,659 |
| $ | 63,899 |
| $ | 35,311 |
| $ | 20,194 |
| $ | 20,194 |
|
Ratio of expenses to average net assets before expense waiver |
|
| 0.27 | %(c)(f) |
| 0.25 | % |
| 0.29 | %(d) |
| 0.25 | % |
| 0.25 | % |
| 0.04 | % |
| 0.08 | % |
Ratio of expenses to average net assets after expense waiver |
|
| 0.27 | %(c)(f) |
| 0.25 | % |
| 0.29 | %(d) |
| 0.25 | % |
| 0.25 | % |
| 0.04 | % |
| 0.08 | % |
Ratio of net investment income to average net assets |
|
| 5.71 | %(f) |
| 2.30 | % |
| 2.80 | % |
| 4.41 | % |
| 5.32 | % |
| 1.03 | % |
| 1.80 | % |
Portfolio turnover rate |
|
| 105 | % |
| 117 | % |
| 239 | % |
| 315 | % |
| 189 | % |
| 100 | % |
| 117 | % |
|
|
(a) | Based on average shares outstanding. |
|
|
(c) | Includes 0.02% of overdraft charges included in interest expense. |
|
|
(d) | Includes 0.04% of overdraft charges included in interest expense. |
|
|
(e) | Not annualized. |
|
|
(f) | Annualized. |
|
|
|
|
|
|
118 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 119 |
|
|
FINANCIAL HIGHLIGHTS | continued |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bond Fund |
| |||||||||||||
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| For the Period |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| For the Six |
| For the Years Ended December 31, |
|
| ||||||||||
|
|
|
|
| ||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
|
| |||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
| |||||
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 24.41 |
| $ | 24.44 |
| $ | 24.88 |
| $ | 24.74 |
| $ | 25.00 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.64 |
|
| 1.21 |
|
| 1.10 |
|
| 0.95 |
|
| 0.40 |
|
Net realized and unrealized gain (loss) on total investments |
|
| (0.44 | ) |
| (0.06 | ) |
| (0.48 | ) |
| 0.09 |
|
| (0.24 | ) |
Total gain (loss) from investment operations |
|
| 0.20 |
|
| 1.15 |
|
| 0.62 |
|
| 1.04 |
|
| 0.16 |
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (1.18 | ) |
| (1.06 | ) |
| (0.90 | ) |
| (0.40 | ) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.02 | ) |
Total distributions |
|
| — |
|
| (1.18 | ) |
| (1.06 | ) |
| (0.90 | ) |
| (0.42 | ) |
Net asset value, end of period |
| $ | 24.61 |
| $ | 24.41 |
| $ | 24.44 |
| $ | 24.88 |
| $ | 24.74 |
|
TOTAL RETURN |
|
| 0.82 | %(b) |
| 4.70 | % |
| 2.51 | % |
| 4.21 | % |
| 0.67 | % |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 77,299 |
| $ | 71,761 |
| $ | 66,434 |
| $ | 58,375 |
| $ | 50,018 |
|
Ratio of expenses to average net assets |
|
| 0.10 | %(c) |
| 0.10 | % |
| 0.10 | % |
| 0.10 | % |
| 0.05 | % |
Ratio of net investment income to average net assets |
|
| 5.22 | %(c) |
| 4.88 | % |
| 4.35 | % |
| 3.78 | % |
| 1.63 | % |
Portfolio turnover rate |
|
| 91 | % |
| 76 | % |
| 78 | % |
| 103 | % |
| 272 | % |
|
|
(a) | Based on average shares outstanding. |
| |
(b) | Not annualized. |
| |
(c) | Annualized. |
|
|
|
|
|
|
120 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 121 |
|
|
FINANCIAL HIGHLIGHTS | concluded |
|
|
TIAA-CREF LIFE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Fund | ||||||||||||||
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| For the Period |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| For the Six |
| For the Years Ended December 31, |
|
| ||||||||||
|
|
|
|
| ||||||||||||
|
|
| 2006 |
| 2005 |
| 2004 |
|
| |||||||
|
| (Unaudited) |
|
|
|
|
|
|
|
|
| |||||
SELECTED PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 1.00 |
| $ | 1.00 |
| $ | 1.00 |
| $ | 1.00 |
| $ | 1.00 |
|
Gain (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
| 0.03 |
|
| 0.05 |
|
| 0.03 |
|
| 0.01 |
|
| 0.00 | (c) |
Net realized and unrealized gain (loss) on total investments |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total gain (loss) from investment operations |
|
| 0.03 |
|
| 0.05 |
|
| 0.03 |
|
| 0.01 |
|
| 0.00 | (c) |
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.03 | ) |
| (0.05 | ) |
| (0.03 | ) |
| (0.01 | ) |
| 0.00 | (c) |
In excess of net investment income |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| (0.03 | ) |
| (0.05 | ) |
| (0.03 | ) |
| (0.01 | ) |
| 0.00 | (c) |
Net asset value, end of period |
| $ | 1.00 |
| $ | 1.00 |
| $ | 1.00 |
| $ | 1.00 |
| $ | 1.00 |
|
TOTAL RETURN |
|
| 2.65 | %(b) |
| 5.10 | % |
| 3.25 | % |
| 1.34 | % |
| 0.49 | % |
RATIOS AND SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (in thousands) |
| $ | 75,726 |
| $ | 53,894 |
| $ | 37,185 |
| $ | 26,371 |
| $ | 20,824 |
|
Ratio of expenses to average net assets |
|
| 0.06 | %(d) |
| 0.06 | % |
| 0.06 | % |
| 0.06 | % |
| 0.03 | % |
Ratio of net investment income to average net assets |
|
| 5.29 | %(d) |
| 4.99 | % |
| 3.24 | % |
| 1.35 | % |
| 0.46 | % |
Portfolio turnover rate |
|
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
|
(a) | Based on average shares outstanding. |
| |
(b) | Not annualized. |
| |
(c) | Amount represents less than $0.01 per share. |
| |
(d) | Annualized. |
| |
N/A–Not applicable. |
|
|
|
|
|
|
122 | 2007 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements | TIAA-CREF Life Funds § 2007 Semiannual Report | 123 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
TIAA-CREF LIFE FUNDS
Note 1—significant accounting policies
TIAA-CREF Life Funds (the “Funds” or individually, the “Fund”) is a Delaware statutory trust that was organized on August 13, 1998, and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. The Funds consist of ten series (each referred to as a “Fund”). Certain registered separate accounts (“the Account”) of TIAA-CREF Life Insurance Company (“TIAA-CREF Life”), which is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), have various sub-accounts which correspond to and invest in the Funds. TIAA invested in each of the Funds at its commencement of operations. At June 30, 2007, TIAA held the following amounts in the Funds:
|
|
|
|
|
|
|
|
Fund |
| Investments in Funds Held By TIAA |
| Percentage of Net Assets |
| ||
Growth Equity |
| $ | — |
|
| — | % |
Growth & Income |
|
| 12,759,514 |
|
| 18.23 |
|
International Equity |
|
| 32,484,322 |
|
| 22.69 |
|
Large-Cap Value |
|
| 28,647,253 |
|
| 35.73 |
|
Small-Cap Equity |
|
| 25,627,931 |
|
| 41.49 |
|
Stock Index |
|
| — |
|
| — |
|
Social Choice Equity |
|
| 12,692,739 |
|
| 32.63 |
|
Real Estate Securities |
|
| 36,998,634 |
|
| 39.01 |
|
Bond |
|
| 55,794,776 |
|
| 72.18 |
|
Money Market |
|
| — |
|
| — |
|
The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.
Valuation of investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, all of its investments are valued using the amortized cost, or market value if market value is materially different from amortized cost. Investments in other registered investment companies are valued at their net asset value. Foreign investments are
|
|
124 | 2007 Semiannual Report § TIAA-CREF Life Funds |
valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. Dollars at the prevailing rates of exchange on the date of valuation. Stock and bond index futures and options, are valued at the last sale price as of the close of business on the board of trade or exchange on which they are traded.
Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time a Fund’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as American Depositary Receipts and futures contracts. Other factors may also be considered in determining fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.
Trading in securities on most foreign exchanges and over the counter markets is normally completed before the close of the domestic stock market and may also take place on days when the domestic market is closed. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. The Funds have retained an independent fair value pricing service to assist in the fair valuation process for Funds that primarily invest in international securities.
Accounting for investments: Securities transactions and investments in underlying funds are accounted for as of the trade date. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Funds are informed of the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method for both financial statement and federal income tax purposes.
Distributions received from Real Estate Investment Trusts (“REITs”) are recorded on the ex-dividend date. Each REIT reports annually the tax character of its distributions. Dividend income, realized gains and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by each REIT, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 125 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Mortgage dollar roll transactions: The Funds may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery and contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Funds’ policy is to record the dollar rolls using “to be announced” mortgage-backed securities as purchase and sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the trade date of the sale transaction. 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 dollar roll commitments. In addition, the Funds may receive compensation that is recorded as deferred income and amortized to income over the roll period. The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such a contract while it is the holder. Dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing their yields.
Cash: The Funds may hold cash in its account with the custodian. The Funds, throughout the year, may have a cash overdraft balance. A fee is incurred on this overdraft.
Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. Dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.
Forward foreign currency contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty non-performance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.
Forward foreign currency contracts will be used primarily to protect the Funds from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund’s investment securities; however, it does establish a rate of exchange that can be achieved in
|
|
126 | 2007 Semiannual Report § TIAA-CREF Life Funds |
continued
the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. There were no open forward foreign currency contracts for the six months ended June 30, 2007.
Securities lending: The Funds may lend portfolio securities to qualified borrowers, consisting of financial institutions and brokers. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest on collateral (after rebates and fees). Such income is included in interest income on the Statement of Operations. The value of loaned securities and the liability related to the cash collateral received are reflected on the Statements of Assets and Liabilities. The loans are secured by collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of securities loaned for foreign securities. All cash collateral (except for the Social Choice Equity Fund) is invested in the State Street Navigator Securities Lending Prime Portfolio. The market value of the loaned securities is determined at the close of each business day, and any additional required collateral is delivered to the Funds before the end of the following business day. The Funds continue to receive income (dividends and interest) paid on the securities loaned via payments “in lieu” received from the borrowers. The Funds have the right under the lending agreement to recover securities from the borrower on demand. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. However, the Funds are indemnified by their lending agent against any losses related to borrower defaults.
Futures contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.
Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts, that a change in the value of the
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 127 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
contract may not correlate with a change in the value of the underlying securities, or that the counterparty to a contract may default on its obligation to perform.
Securities purchased on a when-issued or delayed delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.
Treasury Inflation-Protected Securities (“TIPS”): The Bond Fund may invest in TIPS, which are specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation are reflected in interest income in the Statements of Operations. TIPS are backed by the full faith and credit of the U.S. Government. TIPS are subject to interest rate risk. However, because TIPS have better price protection through inflation adjustments, they tend to perform well in a rising rate environment if rates increase due to inflation.
Targeted Return Index Securities (“TRAINs”): The Funds may invest in TRAINs, which are investment vehicles structured as trusts. Each trust represents an undivided investment interest in the pool of securities (generally high yield securities) underlying the trust without the brokerage and other expenses associated with holding small positions in individual securities. The Funds carry on their books the current face value of the TRAIN which represents the current face value of the underlying securities. If a security is removed from the TRAIN the current face value will be reduced equal to the face value of the security. The holder will have the option of receiving their portion of the bond or cash. These securities accrual payments are based upon the underlying securities so that the payment dates coincide with the individual securities in the TRAIN.
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 which are widely held and publicly traded.
Distributions to shareholders: Distributions from net investment income, if any, are declared and paid annually for each of the Funds, except for the Money Market
|
|
128 | 2007 Semiannual Report § TIAA-CREF Life Funds |
continued
Fund, in which case distributions are declared daily and paid monthly.Distributions from realized gains, if any, are declared and paid annually for each of the Funds to the extent they exceed capital loss carryovers.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the Investment Company Act of 1940. These transactions are effected at market rates without incurring broker commissions.
Indemnification: In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred.
Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
Note 2—management agreement
Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Management Agreement between Advisors and the Funds. Under the terms of the Investment Management Agreement, each Fund pays a unitary fee for all services, including investment management services, based on the average daily net assets of each Fund. During the six months ended
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 129 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2007, Advisors received the following annualized percentage of each Fund’s average daily net assets:
|
|
Fund | Management Fee |
Growth Equity | 0.25% |
Growth & Income | 0.23% |
International Equity | 0.29% |
Large-Cap Value | 0.24% |
Small-Cap Equity | 0.10% |
Stock Index | 0.06% |
Social Choice Equity | 0.07% |
Real Estate Securities | 0.25% |
Bond | 0.10% |
Money Market | 0.06% |
The Trustees of the Funds, all of whom are independent, receive remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. TIAA oversees the administration and recordkeeping of these deferred compensation plans on behalf of the Funds.
Note 3—investments
At June 30, 2007, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Gross Unrealized |
|
| Gross Unrealized |
|
| Net Unrealized |
|
Growth Equity |
| $ | 4,506,907 |
| $ | (601,869 | ) | $ | 3,905,038 |
|
Growth & Income |
|
| 13,218,406 |
|
| (240,110 | ) |
| 12,978,296 |
|
International Equity |
|
| 20,982,085 |
|
| (3,066,659 | ) |
| 17,915,426 |
|
Large-Cap Value |
|
| 9,841,729 |
|
| (1,116,644 | ) |
| 8,725,085 |
|
Small-Cap Equity |
|
| 6,677,101 |
|
| (2,175,101 | ) |
| 4,502,000 |
|
Stock Index |
|
| 49,874,525 |
|
| (13,191,918 | ) |
| 36,682,607 |
|
Social Choice Equity |
|
| 9,517,363 |
|
| (4,160,285 | ) |
| 5,357,078 |
|
Real Estate Securities |
|
| 5,148,757 |
|
| (3,314,523 | ) |
| 1,834,234 |
|
Bond |
|
| 81,704 |
|
| (2,068,405 | ) |
| (1,986,701 | ) |
|
|
130 | 2007 Semiannual Report § TIAA-CREF Life Funds |
continued
At June 30, 2007, the following Fund held open futures contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund | Futures Contracts |
| Number of |
| Market |
| Expiration |
| Unrealized |
| |||
Social Choice Equity | E-mini S&P 500 Index |
|
| 9 |
| $ | 681,930 |
| September 2007 |
| $ | 2,557 |
|
| Mini Russell |
|
| 1 |
|
| 84,210 |
| September 2007 |
|
| 23 |
|
|
|
|
|
|
| $ | 766,140 |
|
|
| $ | 2,580 |
|
For the six months ended June 30, 2007, purchases and sales proceeds of investments, other than short-term investments, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
| Non-Government Purchases |
| Government |
| Non-Government |
| Government |
| ||||
Growth Equity |
| $ | 17,434,677 |
| $ | — |
| $ | 17,332,954 |
| $ | — |
|
Growth & Income |
|
| 34,800,732 |
|
| — |
|
| 30,993,805 |
|
| — |
|
International Equity |
|
| 111,996,631 |
|
| — |
|
| 94,860,335 |
|
| — |
|
Large-Cap Value |
|
| 45,013,333 |
|
| — |
|
| 42,173,186 |
|
| — |
|
Small-Cap Equity |
|
| 41,000,886 |
|
| — |
|
| 39,262,190 |
|
| — |
|
Stock Index |
|
| 22,726,853 |
|
| — |
|
| 15,229,331 |
|
| — |
|
Social Choice Equity |
|
| 2,771,268 |
|
| — |
|
| 2,735,441 |
|
| — |
|
Real Estate Securities |
|
| 61,933,491 |
|
| — |
|
| 62,996,379 |
|
| — |
|
Bond |
|
| 10,021,548 |
|
| 20,546,089 |
|
| 6,789,825 |
|
| 26,224,721 |
|
Note 4—distributions to shareholders
The tax character of distributions paid to shareholders during the year ended December 31, 2006 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| 2006 |
| |||||||
|
| |||||||||
Fund |
| Ordinary |
| Long-Term |
| Total |
| |||
Growth Equity |
| $ | 223,438 |
| $ | — |
| $ | 223,438 |
|
Growth & Income |
|
| 884,077 |
|
| — |
|
| 884,077 |
|
International Equity |
|
| 1,638,883 |
|
| — |
|
| 1,638,883 |
|
Large-Cap Value |
|
| 2,218,638 |
|
| 2,773,270 |
|
| 4,991,908 |
|
Small-Cap Equity |
|
| 3,103,838 |
|
| 2,107,937 |
|
| 5,211,775 |
|
Stock Index |
|
| 2,787,474 |
|
| 1,485,780 |
|
| 4,273,254 |
|
Social Choice Equity |
|
| 617,646 |
|
| 164,271 |
|
| 781,917 |
|
Real Estate Securities |
|
| 4,354,380 |
|
| 4,185,219 |
|
| 8,539,599 |
|
Bond |
|
| 3,316,713 |
|
| — |
|
| 3,316,713 |
|
Money Market |
|
| 2,135,839 |
|
| — |
|
| 2,135,839 |
|
The tax character of the fiscal year 2007 distributions will be determined at the end of the fiscal year.
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 131 |
|
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) | concluded |
Note 5—line of credit
Each of the Funds, except the Bond and Money Market Funds, participate in a $1.5 billion committed revolving credit facility dated August 7, 2006 that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by Advisors. Interest associated with any borrowing under the facility is charged to Advisors at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June 30, 2007, there were no borrowings under this credit facility by the Funds.
Note 6—new accounting pronouncements
In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for financial statements dated after June 29, 2007, and is to be applied to all open tax years as of the date of effectiveness. Management has evaluated the application of FIN 48 to the Funds’ financial statements for the period ended June 30, 2007 and has determined, under guidelines established by FIN 48 that no adjustments should be made to these financial statements.
In September 2006, FASB issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). This new standard applies to all entities that follow U.S. GAAP and their valuation techniques for assets and liabilities. SFAS 157 defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds’ financial statements.
|
|
132 | 2007 Semiannual Report § TIAA-CREF Life Funds |
BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Funds”) is responsible for overseeing the Funds’ corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940, as amended (the “1940 Act”), and other applicable laws. Among its duties, the Board is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between the Funds and Teachers Advisors, Inc. (“TAI”). Under the Agreement, TAI is responsible for providing to (or obtaining for) each Fund all of the services necessary for its ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.
Section 15(c) of the 1940 Act provides that, after an initial period, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Fund, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.
OVERVIEW OF THE RENEWAL PROCESS
The Board held a meeting on April 3, 2007, at which it considered the annual renewal of the Agreement. Prior to that meeting, the Board had implemented an enhanced process by which it determined to review and consider the renewal of the Agreement. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee was asked to work with management and legal counsel to the Trustees to develop more refined guidelines relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 3, 2007, the Operations Committee helped to develop such guidelines in consultation with management representatives and input from other Trustees and legal counsel to the Trustees, and then evaluated the information produced in accordance with those guidelines.
Among other matters, the Operations Committee helped to develop guidelines regarding reports to be provided to all Trustees with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their annual advisory contract renewal processes.
As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Fund against a suitable
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 133 |
BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT
universe of comparable investment companies and, in the case of the investment performance data, against a more selective peer group of mutual funds and against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act.
Among other matters, the Operations Committee also developed a framework of factors that could be considered by the Trustees in order to evaluate the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.
In advance of the Board meeting held on April 3, 2007, independent legal counsel for the Trustees requested, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew each Fund’s Agreement. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Fund’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fees under the Agreement as compared to any other comparable accounts managed by the TAI; (4) any “fall-out” benefits that accrued to TAI due to its relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interests confronted by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement; and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.
|
|
134 | 2007 Semiannual Report § TIAA-CREF Life Funds |
continued
In considering whether to renew the Agreement, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided by TAI to each Fund; (2) the investment performance of each Fund; (3) the costs of the services provided to each Fund and the profits (if any) realized by TAI and its affiliates from their relationship with the Funds; (4) the extent to which economies of scale have been realized as each Fund grows; (5) whether the fee schedules set forth in the Agreement reflect any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI from its relationship with the Funds. As a general matter, the Trustees viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.
In reaching its decisions regarding the renewal of each Fund’s Agreement, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from Kirkpatrick & Lockhart Preston Gates Ellis LLP, its independent legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.
While the Board considered the Agreement for all Funds at the same meeting on April 3, 2007, the Board received and considered Fund-specific information on a Fund-by-Fund basis and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew each Agreement, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew each Fund’s Agreement.
At its meeting on April 3, 2007, the Board voted unanimously to renew the particular Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds, followed by an outline of the specific factors the Board considered for each particular Fund.
THE NATURE, EXTENT AND QUALITY OF SERVICES
The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. The investment professionals at TAI also have managed various accounts of the College Retirement Equities Fund (“CREF”) since their inception. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 135 |
BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT
particular types of investments in question; and reporting on the investment performance of the Funds to the Boards on a regular basis. The Board considered that TAI has carried out these responsibilities in a professional manner.
The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In the course of its review of the quality of TAI’s services, the Board examined the investment performance of each Fund and concluded that it was reasonable when compared with Fund benchmarks and peer groups of mutual funds, and that, in the case of underperforming Funds, TAI represented that it had taken or was planning to implement affirmative steps to enhance the investment performance.
In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this connection, the Board considered that it intends to work with management during the next year in an effort to develop enhanced metrics for measuring the ongoing performance of certain affiliated and unaffiliated service providers. The Board also considered that, through these metrics and other actions, it intends to monitor progress with respect to ongoing improvements in services provided by those firms or through outsourcing to other firms, including, as appropriate, further enhancements to administrative and compliance services.
INVESTMENT PERFORMANCE
The Board considered the investment performance of each class of shares of each Fund, as applicable, over one-, two-, three-, four- and five-year periods and since inception of the Fund’s operations. The Board also considered each Fund’s performance as compared to its peer groups and benchmark indices. In this regard, the Board considered that most of the Funds achieved performance that compares favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that in those cases in which Funds had underperformed their benchmarks or peer groups of mutual funds, TAI had taken reasonable remedial actions or represented that it was in the process of taking such actions. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable. In addition, the Board considered that it intends to work with management during the coming year to review further the best execution and portfolio turnover practices of TAI with respect to certain Funds to assess whether those practices continue to be in the best interests of shareholders.
|
|
136 | 2007 Semiannual Report § TIAA-CREF Life Funds |
continued
COST AND PROFITABILITY
The Board considered financial and profitability data relating to TAI for the calendar year 2006. In this connection, the Board considered each Fund’s unitary fee structure under which TAI is obligated to provide (or arrange and pay for) all of the services necessary for each Fund’s ordinary operations, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI has consistently incurred losses based on its services to each of the Funds under the Agreement. Among other considerations, the Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources continue to be devoted to these functions. The Board also considered that it would continue to review the profitability levels of TAI annually during its yearly review of the Funds’ management arrangements to ensure that TAI’s fees remain fair and reasonable and that its profits (if any) for managing the Funds were not excessive.
FEES CHARGED BY OTHER ADVISERS
The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the fee rates charged to the Funds under the Agreement typically were lower or significantly lower than the fee rates charged by many or most comparable mutual funds. Based on all factors considered, the Board determined that the fee rates under the Agreement were reasonable in relation to those charged by appropriate groups of comparable mutual funds.
ECONOMIES OF SCALE
The Board considered whether TAI has or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses in 2006 with respect to its services provided to each of the Funds. The Board determined that current fee rates at current asset levels were low compared to peer groups of mutual funds. Thus, the Board determined that the Funds’ fee schedules were reasonable in light of current economies of scale considerations and current asset levels. In addition, the Board considered that it intends to work with management during the coming year to evaluate whether any material asset growth by the Funds has created or would create economies of scale for TAI and, if so, to determine whether any
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 137 |
BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT
portion of savings from such economies of scale could be passed on to Fund shareholders through the addition of fee schedule breakpoints.
FEE COMPARISON WITH OTHER TAI CLIENTS
The Board considered that TAI provides similar investment management services to other affiliated investment companies. In addition, TAI, through its TIAA-CREF Asset Management division, manages large institutional client assets through unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Board considered the schedule of fees for each of the comparable funds. The Board also considered TAI’s representation that, while management fee rates may differ for comparable funds, this is due in part to the unitary nature of each Fund’s fees and to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. In this connection, the Board considered TAI’s representation that because the comparable funds target different types of investors and use different distribution channels, these factors justify different pricing schedules.
OTHER BENEFITS
The Board also considered additional benefits to the Funds and to TAI arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Funds managed by TAI are managed in the same manner and by the same personnel as certain of the CREF Accounts, resulting in the possibility for benefits associated with economies of scale.
FUND-BY FUND FACTORS
The Funds’ Trustees considered the following specific factors (among others) during their determination to renew the Agreement for each Fund described in this Report. If a Fund is described in the following discussions as being in the “first” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All periods referenced below end as of December 31, 2006. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.
GROWTH EQUITY FUND
|
|
• | The Fund’s annual contractual management fee is 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of the group of comparable funds hand selected by Lipper for expense comparison |
|
|
138 | 2007 Semiannual Report § TIAA-CREF Life Funds |
continued
|
|
| purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”). |
|
|
• | For the one-year period, the Fund was in the 3rd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”) and in the 4th quintile of its Performance Universe for the two-, three-, four- and five-year periods. |
|
|
• | The Fund received an Overall Morningstar Rating of 2 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
GROWTH & INCOME FUND | |
| |
• | The Fund’s annual contractual management fee is 0.23% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe; while, for the four- and five-year periods, the Fund was in the 2nd and 3rd quintile of its Performance Universe, respectively. |
|
|
• | The Fund received an Overall Morningstar Rating of 3 stars for the one-year period. |
|
|
• | In March 2005, TAI added a new portfolio manager to the Fund. The Fund’s performance track record has continued to improve steadily since this change. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
INTERNATIONAL EQUITY FUND | |
| |
• | The Fund’s annual contractual management fee is 0.29% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one-, two-, three-, four- and five-year periods, the Fund was in the 1st quintile of its Performance Universe. |
|
|
• | For the three-year period, the Fund produced positive alpha relative to the Lipper category index. |
|
|
• | The Fund received an Overall Morningstar Rating of 4 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
LARGE-CAP VALUE FUND | |
| |
• | The Fund’s annual contractual management fee is 0.24% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 139 |
BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT
|
|
• | For the one-, three- and four-year periods, the Fund was in the 1st quintile of its Performance Universe, and was in the 2nd quintile of its Performance Universe for the two-year period. |
|
|
• | The Fund received an Overall Morningstar Rating of 5 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
SMALL-CAP EQUITY FUND | |
| |
• | The Fund’s annual contractual management fee is 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expense are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one-, two- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe. For the four-year period, the Fund was in the 1st quintile of its Performance Universe. |
|
|
• | The Fund received an Overall Morningstar Rating of 3 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
STOCK INDEX FUND | |
| |
• | The Fund’s annual contractual management fee is 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expense are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one- and two-year periods, the Fund was in the 2nd quintile of its Performance Universe, an improvement from its 3rd quintile ranking for these same periods ended December 31, 2005. For the three-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe. |
|
|
• | The Fund received an Overall Morningstar Rating of 4 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
SOCIAL CHOICE EQUITY FUND | |
| |
• | The Fund’s annual contractual management fee is 0.07% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe. For the two- and three-year periods, the Fund was in the 2nd quintile of its Performance Universe. |
|
|
• | The Fund received an Overall Morningstar Rating of 4 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
140 | 2007 Semiannual Report § TIAA-CREF Life Funds |
concluded
|
|
REAL ESTATE SECURITIES FUND | |
|
|
• | The Fund’s annual contractual management fee is 0.25% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the two-, three- and four-year periods, the Fund was in the 5th quintile of its Performance Universe. For the one-year period, the Fund was in the 4th quintile of its Performance Universe. |
|
|
• | The Fund received an Overall Morningstar Rating of 2 stars for the one-year period. |
|
|
• | To enhance the Fund’s performance, TAI changed the portfolio management team and added new analysts. These changes began to show positive short-term results in the 4th quarter of 2006. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
BOND FUND | |
| |
• | The Fund’s annual contractual management fee is 0.10% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expense are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe. |
|
|
• | The Fund received an Overall Morningstar Rating of 4 stars for the one-year period. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
|
|
MONEY MARKET FUND | |
| |
• | The Fund’s annual contractual management fee is 0.06% of average daily net assets. The Fund utilizes a unitary pricing structure. |
|
|
• | The Fund’s management fees and total expenses are in the 1st quintile of its Expense Group and Expense Universe. |
|
|
• | For the one-, two- and three-year periods, the Fund was in the 1st quintile of its Performance Universe. |
|
|
• | Money market funds are not rated by Morningstar. |
|
|
• | TAI incurred a net loss on the Fund for the one-year period. |
| |
|
|
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement. |
|
|
TIAA-CREF Life Funds § 2007 Semiannual Report | 141 |
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TIAA-CREF WEBSITE
Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options
www.tiaa-cref.org
24 hours a day, 7 days a week
AUTOMATED TELEPHONE SERVICE
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800 842-2252
24 hours a day, 7 days a week
TELEPHONE COUNSELING CENTER
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800 842-2776
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PLANNING AND SERVICE CENTER
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800 223-1200
8 a.m. to 10 p.m. ET, Monday-Friday
INSURANCE PLANNING CENTER
After-tax annuities and life insurance
800 223-1200
8 a.m. to 8 p.m. ET, Monday–Friday
FOR HEARING- OR SPEECH-IMPAIRED
PARTICIPANTS
800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday
TIAA-CREF 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
|
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members NASD, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800 223-1200 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuity products. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC, member NASD/SIPC. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.
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©2007 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206
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| A10937 | |
| 8/07 |
Item 2. Code of Ethics.
Not Applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF LIFE FUNDS - Growth Equity Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
GROWTH EQUITY FUND | ||||||
STATEMENT OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 99.79% | ||||||
AMUSEMENT AND RECREATION SERVICES - 1.60% | ||||||
14,573 | e* | Activision, Inc | $ | 272,078 | ||
600 | Nintendo Co Ltd | 218,906 | ||||
TOTAL AMUSEMENT AND RECREATION SERVICES | 490,984 | |||||
APPAREL AND OTHER TEXTILE PRODUCTS - 0.83% | ||||||
2,597 | e | Polo Ralph Lauren Corp | 254,792 | |||
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS | 254,792 | |||||
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.32% | ||||||
13,159 | Lowe's Cos, Inc | 403,850 | ||||
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES | 403,850 | |||||
BUSINESS SERVICES - 13.33% | ||||||
14,443 | * | Adobe Systems, Inc | 579,886 | |||
6,962 | * | Electronic Arts, Inc | 329,442 | |||
1,901 | * | Google, Inc (Class A) | 994,945 | |||
8,226 | e* | Juniper Networks, Inc | 207,048 | |||
248 | e* | Limelight Networks, Inc | 4,905 | |||
15,975 | Microsoft Corp | 470,783 | ||||
8,376 | e | Omnicom Group, Inc | 443,258 | |||
15,781 | * | Oracle Corp | 311,043 | |||
14,309 | * | Yahoo!, Inc | 388,203 | |||
11,054 | * | eBay, Inc | 355,718 | |||
TOTAL BUSINESS SERVICES | 4,085,231 | |||||
CHEMICALS AND ALLIED PRODUCTS - 14.90% | ||||||
12,442 | Abbott Laboratories | 666,269 | ||||
8,911 | Colgate-Palmolive Co | 577,878 | ||||
4,009 | * | Genentech, Inc | 303,321 | |||
14,976 | e* | Gilead Sciences, Inc | 580,619 | |||
3,878 | * | Keryx Biopharmaceuticals, Inc | 37,888 | |||
11,237 | Merck & Co, Inc | 559,603 | ||||
9,004 | e | Monsanto Co | 608,130 | |||
19,513 | Schering-Plough Corp | 593,976 | ||||
1,801 | Shire plc (ADR) | 133,508 | ||||
12,279 | Teva Pharmaceutical Industries Ltd (ADR) | 506,509 | ||||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 4,567,701 | |||||
COMMUNICATIONS - 2.14% | ||||||
5,932 | AT&T, Inc | 246,178 | ||||
5,651 | America Movil S.A. de C.V. (ADR) (Series L) | 349,966 | ||||
2,093 | * | Comcast Corp (Class A) | 58,855 | |||
TOTAL COMMUNICATIONS | 654,999 | |||||
1
TIAA-CREF LIFE FUNDS - Growth Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
DEPOSITORY INSTITUTIONS - 0.68% | ||||||
5,933 | e | Wells Fargo & Co | $ | 208,664 | ||
TOTAL DEPOSITORY INSTITUTIONS | 208,664 | |||||
ELECTRIC, GAS, AND SANITARY SERVICES - 0.85% | ||||||
8,365 | e | Fortum Oyj | 261,385 | |||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 261,385 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 16.36% | ||||||
6,928 | * | Apple Computer, Inc | 845,493 | |||
35,902 | * | Cisco Systems, Inc | 999,871 | |||
9,343 | e | Cooper Industries Ltd (Class A) | 533,392 | |||
16,102 | Intel Corp | 382,583 | ||||
3,273 | e* | MEMC Electronic Materials, Inc | 200,046 | |||
8,539 | e | Maxim Integrated Products, Inc | 285,288 | |||
4,865 | e | National Semiconductor Corp | 137,534 | |||
5,882 | e* | Network Appliance, Inc | 171,754 | |||
7,215 | e* | Nvidia Corp | 298,052 | |||
7,875 | e* | Polycom, Inc | 264,600 | |||
18,443 | Qualcomm, Inc | 800,242 | ||||
2,574 | Texas Instruments, Inc | 96,860 | ||||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 5,015,715 | |||||
ENGINEERING AND MANAGEMENT SERVICES - 2.77% | ||||||
7,831 | e* | Celgene Corp | 448,951 | |||
2,161 | e | Fluor Corp | 240,671 | |||
1,922 | * | McDermott International, Inc | 159,757 | |||
TOTAL ENGINEERING AND MANAGEMENT SERVICES | 849,379 | |||||
FOOD AND KINDRED PRODUCTS - 2.66% | ||||||
12,591 | PepsiCo, Inc | 816,526 | ||||
TOTAL FOOD AND KINDRED PRODUCTS | 816,526 | |||||
FURNITURE AND HOME FURNISHINGS STORES - 0.98% | ||||||
7,657 | * | GameStop Corp (Class A) | 299,389 | |||
TOTAL FURNITURE AND HOME FURNISHINGS STORES | 299,389 | |||||
GENERAL MERCHANDISE STORES - 1.93% | ||||||
9,281 | e | Target Corp | 590,272 | |||
TOTAL GENERAL MERCHANDISE STORES | 590,272 | |||||
HEALTH SERVICES - 0.77% | ||||||
3,041 | * | Medco Health Solutions, Inc | 237,168 | |||
TOTAL HEALTH SERVICES | 237,168 | |||||
HOLDING AND OTHER INVESTMENT OFFICES - 0.16% | ||||||
1,566 | * | Blackstone Group LP/The | 45,837 | |||
83 | e | Hugoton Royalty Trust | 2,094 | |||
TOTAL HOLDING AND OTHER INVESTMENT OFFICES | 47,931 | |||||
HOTELS AND OTHER LODGING PLACES - 2.24% | ||||||
13,154 | Hilton Hotels Corp | 440,264 | ||||
3,674 | e | Starwood Hotels & Resorts Worldwide, Inc | 246,415 | |||
TOTAL HOTELS AND OTHER LODGING PLACES | 686,679 |
2
TIAA-CREF LIFE FUNDS - Growth Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.24% | ||||||
2,191 | Alstom | $ | 365,355 | |||
2,020 | e | Caterpillar, Inc | 158,166 | |||
4,751 | * | Dell, Inc | 135,641 | |||
14,795 | Hewlett-Packard Co | 660,153 | ||||
9,403 | International Game Technology | 373,299 | ||||
2,741 | Manitowoc Co, Inc | 220,322 | ||||
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT | 1,912,936 | |||||
INSTRUMENTS AND RELATED PRODUCTS - 4.52% | ||||||
1,311 | Alcon, Inc | 176,867 | ||||
14,367 | Emerson Electric Co | 672,376 | ||||
2,736 | e* | Hologic, Inc | 151,328 | |||
4,549 | * | Zimmer Holdings, Inc | 386,165 | |||
TOTAL INSTRUMENTS AND RELATED PRODUCTS | 1,386,736 | |||||
INSURANCE CARRIERS - 0.82% | ||||||
5,114 | e | Aetna, Inc | 252,632 | |||
TOTAL INSURANCE CARRIERS | 252,632 | |||||
LEATHER AND LEATHER PRODUCTS - 1.29% | ||||||
8,332 | * | Coach, Inc | 394,853 | |||
TOTAL LEATHER AND LEATHER PRODUCTS | 394,853 | |||||
MISCELLANEOUS RETAIL - 1.70% | ||||||
14,318 | CVS Corp | 521,891 | ||||
TOTAL MISCELLANEOUS RETAIL | 521,891 | |||||
NONDEPOSITORY INSTITUTIONS - 2.11% | ||||||
10,558 | American Express Co | 645,938 | ||||
TOTAL NONDEPOSITORY INSTITUTIONS | 645,938 | |||||
OIL AND GAS EXTRACTION - 4.23% | ||||||
1,890 | e* | National Oilwell Varco, Inc | 197,014 | |||
6,468 | e | Schlumberger Ltd | 549,392 | |||
9,183 | e | XTO Energy, Inc | 551,898 | |||
TOTAL OIL AND GAS EXTRACTION | 1,298,304 | |||||
PAPER AND ALLIED PRODUCTS - 1.25% | ||||||
6,523 | * | Anglo American PLC | 382,977 | |||
TOTAL PAPER AND ALLIED PRODUCTS | 382,977 | |||||
PETROLEUM AND COAL PRODUCTS - 1.54% | ||||||
3,705 | Apache Corp | 302,291 | ||||
1,891 | * | Suncor Energy, Inc | 170,039 | |||
TOTAL PETROLEUM AND COAL PRODUCTS | 472,330 | |||||
PRIMARY METAL INDUSTRIES - 0.82% | ||||||
9,085 | BHP Billiton plc | 252,371 | ||||
TOTAL PRIMARY METAL INDUSTRIES | 252,371 | |||||
RAILROAD TRANSPORTATION - 0.51% | ||||||
3,443 | CSX Corp | 155,210 | ||||
TOTAL RAILROAD TRANSPORTATION | 155,210 |
3
TIAA-CREF LIFE FUNDS - Growth Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
SECURITY AND COMMODITY BROKERS - 5.33% | ||||||
29,996 | Charles Schwab Corp | $ | 615,518 | |||
716 | e | Chicago Mercantile Exchange Holdings, Inc | 382,602 | |||
2,932 | Goldman Sachs Group, Inc | 635,511 | ||||
TOTAL SECURITY AND COMMODITY BROKERS | 1,633,631 | |||||
TRANSPORTATION EQUIPMENT - 5.91% | ||||||
7,613 | Boeing Co | 732,066 | ||||
5,609 | e | ITT Industries, Inc | 382,982 | |||
9,819 | e | United Technologies Corp | 696,462 | |||
TOTAL TRANSPORTATION EQUIPMENT | 1,811,510 | |||||
TOTAL COMMON STOCKS | 30,591,984 | |||||
(Cost $26,686,946) | ||||||
SHORT-TERM INVESTMENTS - 24.31% | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 24.31% | ||||||
7,451,409 | State Street Navigator Securities Lending Prime Portfolio | 7,451,409 | ||||
TOTAL SHORT-TERM INVESTMENTS | 7,451,409 | |||||
(Cost $7,451,409) | ||||||
TOTAL PORTFOLIO - 124.10% | 38,043,393 | |||||
(Cost $34,138,355) | ||||||
OTHER ASSETS & LIABILITIES, NET - (24.10%) | (7,387,230 | ) | ||||
NET ASSETS - 100.00% | $ | 30,656,163 | ||||
| ||||||
ABBREVIATION: | ||||||
ADR - American Depositary Receipt | ||||||
| ||||||
* | Non-income producing | |||||
e | All or a portion of these securities are out on loan. |
4
TIAA-CREF LIFE FUNDS - Growth & Income Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
GROWTH & INCOME FUND | ||||||
STATEMENT OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 99.46% | ||||||
AMUSEMENT AND RECREATION SERVICES - 2.37% | ||||||
19,213 | * | Activision, Inc | $ | 358,707 | ||
1,000 | Nintendo Co Ltd | 364,843 | ||||
8,014 | e* | Penn National Gaming, Inc | 481,561 | |||
13,338 | Walt Disney Co | 455,359 | ||||
TOTAL AMUSEMENT AND RECREATION SERVICES | 1,660,470 | |||||
APPAREL AND ACCESSORY STORES - 0.52% | ||||||
6,775 | e* | J Crew Group, Inc | 366,460 | |||
TOTAL APPAREL AND ACCESSORY STORES | 366,460 | |||||
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.70% | ||||||
12,525 | Home Depot, Inc | 492,859 | ||||
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES | 492,859 | |||||
BUSINESS SERVICES - 5.74% | ||||||
11,372 | * | Adobe Systems, Inc | 456,586 | |||
7,885 | * | Autodesk, Inc | 371,226 | |||
14,591 | * | BEA Systems, Inc | 199,751 | |||
2,990 | e | Ctrip.com International Ltd (ADR) | 235,104 | |||
1,197 | * | Google, Inc (Class A) | 626,486 | |||
46,935 | Microsoft Corp | 1,383,174 | ||||
2,518 | * | Salesforce.com, Inc | 107,921 | |||
21,540 | WPP Group plc | 322,162 | ||||
11,646 | * | Yahoo!, Inc | 315,956 | |||
TOTAL BUSINESS SERVICES | 4,018,366 | |||||
CHEMICALS AND ALLIED PRODUCTS - 13.30% | ||||||
18,145 | Abbott Laboratories | 971,665 | ||||
7,999 | Air Products & Chemicals, Inc | 642,880 | ||||
4,648 | * | Amgen, Inc | 256,988 | |||
6,858 | e* | Chattem, Inc | 434,660 | |||
8,809 | Colgate-Palmolive Co | 571,264 | ||||
5,256 | Du Pont (E.I.) de Nemours & Co | 267,215 | ||||
11,215 | * | Elan Corp plc (ADR) | 245,945 | |||
2,585 | * | Genentech, Inc | 195,581 | |||
6,650 | * | Genzyme Corp | 428,260 | |||
17,204 | * | Gilead Sciences, Inc | 666,999 | |||
4,060 | DSM NV | 199,956 | ||||
22,999 | Merck & Co, Inc | 1,145,350 | ||||
7,549 | Monsanto Co | 509,859 | ||||
11,380 | * | Mosaic Co | 444,048 | |||
3,400 | PPG Industries, Inc | 258,774 | ||||
11,475 | Procter & Gamble Co | 702,155 | ||||
19,529 | Schering-Plough Corp | 594,463 |
5
TIAA-CREF LIFE FUNDS - Growth & Income Fund | ||||||
SHARES | COMPANY | VALUE | ||||
13,403 | Wyeth | $ | 768,528 | |||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 9,304,590 | |||||
COMMUNICATIONS - 3.68% | ||||||
13,225 | AT&T, Inc | 548,838 | ||||
5,643 | America Movil S.A. de C.V. (ADR) (Series L) | 349,471 | ||||
9,698 | * | Comcast Corp (Class A) | 272,708 | |||
4,420 | e | Manitoba Telecom Services, Inc | 194,559 | |||
4,965 | e | MetroPCS Communications, Inc | 164,044 | |||
6,554 | Telekom Austria AG. | 163,213 | ||||
21,423 | Verizon Communications, Inc | 881,985 | ||||
TOTAL COMMUNICATIONS | 2,574,818 | |||||
DEPOSITORY INSTITUTIONS - 8.44% | ||||||
14,256 | Bank of America Corp | 696,976 | ||||
27,434 | Citigroup, Inc | 1,407,090 | ||||
25,642 | JPMorgan Chase & Co | 1,242,355 | ||||
10,661 | Northern Trust Corp | 684,863 | ||||
7,767 | SunTrust Banks, Inc | 665,943 | ||||
34,279 | e | Wells Fargo & Co | 1,205,592 | |||
TOTAL DEPOSITORY INSTITUTIONS | 5,902,819 | |||||
EATING AND DRINKING PLACES - 1.66% | ||||||
2,857 | e* | Chipotle Mexican Grill, Inc (Class A) | 243,645 | |||
7,573 | e | Darden Restaurants, Inc | 333,136 | |||
11,538 | McDonald's Corp | 585,669 | ||||
TOTAL EATING AND DRINKING PLACES | 1,162,450 | |||||
EDUCATIONAL SERVICES - 0.63% | ||||||
7,499 | e* | Apollo Group, Inc (Class A) | 438,167 | |||
TOTAL EDUCATIONAL SERVICES | 438,167 | |||||
ELECTRIC, GAS, AND SANITARY SERVICES - 2.64% | ||||||
11,175 | * | AES Corp | 244,509 | |||
8,710 | American Electric Power Co, Inc | 392,298 | ||||
6,976 | Constellation Energy Group, Inc | 608,098 | ||||
13,350 | e | DPL, Inc | 378,339 | |||
5,425 | e* | NRG Energy, Inc | 225,517 | |||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 1,848,761 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.52% | ||||||
7,181 | * | Apple Computer, Inc | 876,369 | |||
55,349 | * | Cisco Systems, Inc | 1,541,470 | |||
17,187 | Emerson Electric Co | 804,352 | ||||
5,458 | e* | First Solar, Inc | 487,345 | |||
7,669 | Gamesa Corp Tecnologica S.A. | 277,433 | ||||
12,360 | Honeywell International, Inc | 695,621 | ||||
34,617 | Intel Corp | 822,500 | ||||
4,264 | L-3 Communications Holdings, Inc | 415,271 | ||||
1 | * | LSI Logic Corp | 8 | |||
5,963 | * | Marvell Technology Group Ltd | 108,586 | |||
10,200 | Motorola, Inc | 180,540 | ||||
11,300 | * | Nvidia Corp | 466,803 | |||
15,781 | Qualcomm, Inc | 684,738 | ||||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 7,361,036 |
6
TIAA-CREF LIFE FUNDS - Growth & Income Fund | ||||||
SHARES | COMPANY | VALUE | ||||
FOOD AND KINDRED PRODUCTS - 4.00% | ||||||
10,100 | Coca-Cola Co | $ | 528,331 | |||
4,264 | Groupe Danone | 344,387 | ||||
11,518 | Kellogg Co | 596,517 | ||||
15,571 | PepsiCo, Inc | 1,009,779 | ||||
9,962 | Unilever plc | 321,672 | ||||
TOTAL FOOD AND KINDRED PRODUCTS | 2,800,686 | |||||
GENERAL MERCHANDISE STORES - 2.11% | ||||||
13,746 | e | Saks, Inc | 293,477 | |||
14,308 | TJX Cos, Inc | 393,470 | ||||
9,022 | Target Corp | 573,799 | ||||
4,528 | Wal-Mart Stores, Inc | 217,842 | ||||
TOTAL GENERAL MERCHANDISE STORES | 1,478,588 | |||||
HEALTH SERVICES - 1.00% | ||||||
6,960 | * | Medco Health Solutions, Inc | 542,810 | |||
5,109 | e | Mindray Medical International Ltd (ADR) | 155,978 | |||
TOTAL HEALTH SERVICES | 698,788 | |||||
HOLDING AND OTHER INVESTMENT OFFICES - 0.86% | ||||||
1,051 | AvalonBay Communities, Inc | 124,943 | ||||
5,224 | e | Digital Realty Trust, Inc | 196,840 | |||
1,850 | SPDR Trust Series 1 | 278,296 | ||||
TOTAL HOLDING AND OTHER INVESTMENT OFFICES | 600,079 | |||||
HOTELS AND OTHER LODGING PLACES - 1.39% | ||||||
4,648 | Accor S.A. | 410,887 | ||||
2,639 | e* | MGM Mirage | 217,665 | |||
6,421 | e | Orient-Express Hotels Ltd (Class A) | 342,881 | |||
TOTAL HOTELS AND OTHER LODGING PLACES | 971,433 | |||||
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.15% | ||||||
3,610 | * | Alstom | 601,977 | |||
4,654 | Deere & Co | 561,924 | ||||
47,629 | General Electric Co | 1,823,238 | ||||
28,719 | Hewlett-Packard Co | 1,281,442 | ||||
7,106 | International Business Machines Corp | 747,906 | ||||
10,288 | International Game Technology | 408,434 | ||||
6,344 | * | Riverbed Technology, Inc | 277,994 | |||
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT | 5,702,915 | |||||
INSTRUMENTS AND RELATED PRODUCTS - 1.75% | ||||||
6,964 | Medtronic, Inc | 361,153 | ||||
5,555 | e* | Millipore Corp | 417,125 | |||
8,704 | * | Thermo Electron Corp | 450,171 | |||
TOTAL INSTRUMENTS AND RELATED PRODUCTS | 1,228,449 | |||||
INSURANCE AGENTS, BROKERS AND SERVICE - 0.83% | ||||||
5,906 | Hartford Financial Services Group, Inc | 581,800 | ||||
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE | 581,800 | |||||
7
TIAA-CREF LIFE FUNDS - Growth & Income Fund | ||||||
SHARES | COMPANY | VALUE | �� | |||
INSURANCE CARRIERS - 3.41% | ||||||
14,017 | ACE Ltd | $ | 876,343 | |||
6,551 | Aflac, Inc | 336,721 | ||||
16,747 | American International Group, Inc | 1,172,792 | ||||
TOTAL INSURANCE CARRIERS | 2,385,856 | |||||
MISCELLANEOUS RETAIL - 0.48% | ||||||
2,913 | e* | Nutri/System, Inc | 203,444 | |||
2,554 | Tiffany & Co | 135,515 | ||||
TOTAL MISCELLANEOUS RETAIL | 338,959 | |||||
MOTION PICTURES - 1.34% | ||||||
9,069 | * | Discovery Holding Co (Class A) | 208,496 | |||
8,605 | * | DreamWorks Animation SKG, Inc (Class A) | 248,168 | |||
11,610 | * | Viacom, Inc (Class B) | 483,324 | |||
TOTAL MOTION PICTURES | 939,988 | |||||
NONDEPOSITORY INSTITUTIONS - 3.42% | ||||||
11,386 | Morgan Stanley & Co | 792,807 | ||||
11,849 | American Express Co | 724,922 | ||||
5,693 | Discover Financial Services | 162,250 | ||||
10,926 | Fannie Mae | 713,796 | ||||
TOTAL NONDEPOSITORY INSTITUTIONS | 2,393,775 | |||||
OIL AND GAS EXTRACTION - 3.53% | ||||||
3,320 | Baker Hughes, Inc | 279,312 | ||||
6,471 | * | Cameron International Corp | 462,482 | |||
10,315 | * | Pride International, Inc | 386,400 | |||
11,920 | Schlumberger Ltd | 1,012,485 | ||||
5,600 | Smith International, Inc | 328,384 | ||||
TOTAL OIL AND GAS EXTRACTION | 2,469,063 | |||||
PAPER AND ALLIED PRODUCTS - 0.79% | ||||||
9,370 | Anglo American PLC | 550,130 | ||||
TOTAL PAPER AND ALLIED PRODUCTS | 550,130 | |||||
PETROLEUM AND COAL PRODUCTS - 6.68% | ||||||
7,173 | e | Cabot Oil & Gas Corp | 264,540 | |||
10,508 | Devon Energy Corp | 822,671 | ||||
32,890 | Exxon Mobil Corp | 2,758,813 | ||||
11,164 | Marathon Oil Corp | 669,393 | ||||
1,283 | Petroleo Brasileiro S.A. (ADR) | 155,589 | ||||
TOTAL PETROLEUM AND COAL PRODUCTS | 4,671,006 | |||||
PRIMARY METAL INDUSTRIES - 0.15% | ||||||
2,602 | Alcoa, Inc | 105,459 | ||||
TOTAL PRIMARY METAL INDUSTRIES | 105,459 | |||||
REAL ESTATE - 0.22% | ||||||
8,500 | Urban Corp | 154,393 | ||||
TOTAL REAL ESTATE | 154,393 | |||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.69% | ||||||
6,401 | Bayer AG. | 482,164 | ||||
TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS | 482,164 |
8
TIAA-CREF LIFE FUNDS - Growth & Income Fund | ||||||
SHARES | COMPANY | VALUE | ||||
SECURITY AND COMMODITY BROKERS - 1.32% | ||||||
4,337 | e | AllianceBernstein Holding LP | $ | 377,709 | ||
7,230 | e | Lazard Ltd (Class A) | 325,567 | |||
2,689 | Lehman Brothers Holdings, Inc | 200,384 | ||||
200 | Morgan Stanley | 16,776 | ||||
TOTAL SECURITY AND COMMODITY BROKERS | 920,436 | |||||
STONE, CLAY, AND GLASS PRODUCTS - 0.29% | ||||||
2,312 | 3M Co | 200,658 | ||||
TOTAL STONE, CLAY, AND GLASS PRODUCTS | 200,658 | |||||
TOBACCO PRODUCTS - 3.00% | ||||||
26,724 | Altria Group, Inc | 1,874,421 | ||||
3,442 | e | Reynolds American, Inc | 224,418 | |||
TOTAL TOBACCO PRODUCTS | 2,098,839 | |||||
TRANSPORTATION EQUIPMENT - 3.61% | ||||||
10,967 | Boeing Co | 1,054,587 | ||||
4,046 | Harsco Corp | 210,392 | ||||
8,667 | ITT Industries, Inc | 591,783 | ||||
6,013 | Raytheon Co | 324,041 | ||||
4,829 | United Technologies Corp | 342,521 | ||||
TOTAL TRANSPORTATION EQUIPMENT | 2,523,324 | |||||
WHOLESALE TRADE-NONDURABLE GOODS - 0.24% | ||||||
4,263 | e | Herbalife Ltd | 169,028 | |||
TOTAL WHOLESALE TRADE-NONDURABLE GOODS | 169,028 | |||||
TOTAL COMMON STOCKS | 69,596,612 | |||||
(Cost $56,618,316) | ||||||
SHORT-TERM INVESTMENTS - 9.58% | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.58% | ||||||
6,705,968 | State Street Navigator Securities Lending Prime Portfolio | 6,705,968 | ||||
TOTAL SHORT-TERM INVESTMENTS | 6,705,968 | |||||
(Cost $6,705,968) | ||||||
TOTAL PORTFOLIO - 109.04% | 76,302,580 | |||||
(Cost $63,324,284) | ||||||
OTHER ASSETS & LIABILITIES, NET - (9.04%) | (6,324,077 | ) | ||||
NET ASSETS - 100.00% | $ | 69,978,503 | ||||
| ||||||
ABBREVIATION: | ||||||
ADR - American Depositary Receipt | ||||||
| ||||||
* | Non-income producing | |||||
e | All or a portion of these securities are out on loan. |
9
TIAA-CREF LIFE FUNDS - International Equity Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
INTERNATIONAL EQUITY FUND | ||||||
STATEMENT OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 99.05% | ||||||
AMUSEMENT AND RECREATION SERVICES - 0.13% | ||||||
500 | Nintendo Co Ltd | $ | 182,422 | |||
TOTAL AMUSEMENT AND RECREATION SERVICES | 182,422 | |||||
BUSINESS SERVICES - 3.91% | ||||||
56,302 | Adecco S.A. | 4,355,642 | ||||
860,000 | Huabao International Holdings Ltd | 830,412 | ||||
25 | NTT Data Corp | 118,613 | ||||
19,316 | WPP Group plc | 288,899 | ||||
TOTAL BUSINESS SERVICES | 5,593,566 | |||||
CHEMICALS AND ALLIED PRODUCTS - 1.88% | ||||||
85 | * | Arkema | 5,556 | |||
61,100 | Daiichi Sankyo Co Ltd | 1,621,143 | ||||
14,214 | Reckitt Benckiser plc | 778,153 | ||||
3,950 | Shin-Etsu Chemical Co Ltd | 282,020 | ||||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 2,686,872 | |||||
COAL MINING - 1.46% | ||||||
1,394,700 | * | China Coal Energy Co | 2,093,918 | |||
TOTAL COAL MINING | 2,093,918 | |||||
COMMUNICATIONS - 0.62% | ||||||
29 | Nippon Telegraph & Telephone Corp | 128,334 | ||||
80 | NTT DoCoMo, Inc | 126,528 | ||||
34,168 | Royal KPN NV | 566,874 | ||||
28,000 | Singapore Telecommunications Ltd | 62,273 | ||||
TOTAL COMMUNICATIONS | 884,009 | |||||
DEPOSITORY INSTITUTIONS - 4.77% | ||||||
7,472 | Australia & New Zealand Banking Group Ltd | 183,521 | ||||
5,137 | Commonwealth Bank of Australia | 240,322 | ||||
5,017 | DBS Group Holdings Ltd | 74,751 | ||||
34,212 | Fortis | 1,450,035 | ||||
20,496 | Julius Baer Holding AG. | 1,466,484 | ||||
6,491 | National Australia Bank Ltd | 225,579 | ||||
60,728 | Nordea Bank AB | 948,504 | ||||
9,000 | Oversea-Chinese Banking Corp | 53,802 | ||||
7,291 | Societe Generale | 1,350,865 | ||||
50 | e | Sumitomo Mitsui Financial Group, Inc | 466,120 | |||
5,000 | United Overseas Bank Ltd | 71,878 | ||||
7,378 | Westpac Banking Corp | 160,212 | ||||
30,181 | * | Yes Bank Ltd | 133,591 | |||
TOTAL DEPOSITORY INSTITUTIONS | 6,825,664 | |||||
10
TIAA-CREF LIFE FUNDS - International Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
ELECTRIC, GAS, AND SANITARY SERVICES - 3.04% | ||||||
2,600 | Chubu Electric Power Co, Inc | $ | 68,986 | |||
129,793 | e | Fortum Oyj | 4,055,705 | |||
3,200 | Kansai Electric Power Co, Inc | 75,680 | ||||
4,900 | Tokyo Electric Power Co, Inc | 157,618 | ||||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 4,357,989 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.68% | ||||||
1,050 | Fanuc Ltd | 108,374 | ||||
42,600 | Hoya Corp | 1,413,175 | ||||
1,890 | Kyocera Corp | 200,788 | ||||
7,000 | Matsushita Electric Industrial Co Ltd | 138,720 | ||||
100 | Murata Manufacturing Co Ltd | 7,524 | ||||
5,000 | Sharp Corp | 94,787 | ||||
5,630 | Sony Corp | 288,998 | ||||
16,400 | TDK Corp | 1,587,244 | ||||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 3,839,610 | |||||
FOOD AND KINDRED PRODUCTS - 1.81% | ||||||
30,950 | Groupe Danone | 2,499,713 | ||||
46,500 | Olam International Ltd | 93,802 | ||||
TOTAL FOOD AND KINDRED PRODUCTS | 2,593,515 | |||||
FOOD STORES - 7.30% | ||||||
140,214 | Carrefour S.A. | 9,847,762 | ||||
3,300 | Seven & I Holdings Co Ltd | 94,332 | ||||
39,451 | Tesco plc | 330,075 | ||||
7,965 | Woolworths Ltd | 182,024 | ||||
TOTAL FOOD STORES | 10,454,193 | |||||
GENERAL BUILDING CONTRACTORS - 0.33% | ||||||
17,895 | Fletcher Building Ltd | 170,441 | ||||
530,000 | Shanghai Forte Land Co | 298,787 | ||||
TOTAL GENERAL BUILDING CONTRACTORS | 469,228 | |||||
HEAVY CONSTRUCTION, EXCEPT BUILDING - 2.51% | ||||||
48,220 | e | Vinci S.A. | 3,599,000 | |||
TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING | 3,599,000 | |||||
HOLDING AND OTHER INVESTMENT OFFICES - 4.24% | ||||||
340,419 | Ashmore Group plc | 1,834,253 | ||||
65,011 | GEA Group AG. | 2,247,172 | ||||
113 | GPT Group | 445 | ||||
29,000 | Japan Asia Investment Co Ltd | 181,253 | ||||
2,200 | JFE Holdings, Inc | 136,744 | ||||
136,379 | Man Group plc | 1,658,904 | ||||
6,680 | Noble Group Ltd | 7,525 | ||||
TOTAL HOLDING AND OTHER INVESTMENT OFFICES | 6,066,296 | |||||
HOTELS AND OTHER LODGING PLACES - 2.93% | ||||||
47,371 | Accor S.A. | 4,187,633 | ||||
TOTAL HOTELS AND OTHER LODGING PLACES | 4,187,633 | |||||
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.19% | ||||||
8,870 | Canon, Inc | 520,164 |
11
TIAA-CREF LIFE FUNDS - International Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
47,835 | * | Deutz AG. | $ | 620,466 | ||
4,740 | FUJIFILM Holdings Corp | 211,857 | ||||
10,230 | Komatsu Ltd | 296,497 | ||||
11,949 | Krones AG. | 2,769,337 | ||||
13,000 | Mitsubishi Heavy Industries Ltd | 83,259 | ||||
6,000 | Mitsui & Co Ltd | 119,742 | ||||
8,200 | e | Modec, Inc | 320,948 | |||
24,944 | Rheinmetall AG. | 2,313,341 | ||||
7,100 | Sumitomo Heavy Industries Ltd | 80,268 | ||||
11,000 | e | Toshiba Corp | 95,841 | |||
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT | 7,431,720 | |||||
INSTRUMENTS AND RELATED PRODUCTS - 2.40% | ||||||
27,425 | Phonak Holding AG. | 2,458,359 | ||||
14,663 | Tecan Group AG. | 984,663 | ||||
TOTAL INSTRUMENTS AND RELATED PRODUCTS | 3,443,022 | |||||
INSURANCE AGENTS, BROKERS AND SERVICE - 0.06% | ||||||
3,313 | QBE Insurance Group Ltd | 87,413 | ||||
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE | 87,413 | |||||
INSURANCE CARRIERS - 1.10% | ||||||
8,696 | Admiral Group plc | 154,284 | ||||
3,285 | Millea Holdings, Inc | 135,054 | ||||
6,000 | Mitsui Sumitomo Insurance Co Ltd | 76,978 | ||||
1,450 | T&D Holdings, Inc | 97,924 | ||||
3,589 | Zurich Financial Services AG. | 1,109,469 | ||||
TOTAL INSURANCE CARRIERS | 1,573,709 | |||||
METAL MINING - 2.96% | ||||||
14,100 | BHP Billiton Ltd | 421,318 | ||||
16,517 | MMC Norilsk Nickel (ADR) | 3,666,774 | ||||
1,767 | Rio Tinto Ltd | 147,399 | ||||
TOTAL METAL MINING | 4,235,491 | |||||
MISCELLANEOUS RETAIL - 0.07% | ||||||
11,581 | Origin Energy Ltd | 97,380 | ||||
TOTAL MISCELLANEOUS RETAIL | 97,380 | |||||
NONDEPOSITORY INSTITUTIONS - 4.36% | ||||||
95,154 | Collins Stewart plc | 418,676 | ||||
36,517 | e | Deutsche Postbank AG. | 3,201,818 | |||
26,270 | Hypo Real Estate Holding AG. | 1,697,846 | ||||
103,742 | Tullett Prebon plc | 926,816 | ||||
TOTAL NONDEPOSITORY INSTITUTIONS | 6,245,156 | |||||
OIL AND GAS EXTRACTION - 0.98% | ||||||
3,591 | * | Compagnie Generale de Geophysique S.A. | 896,140 | |||
8,604 | * | Integra Group Holdings (GDR) | 156,593 | |||
2,482 | Total S.A. | 201,236 | ||||
3,666 | Woodside Petroleum Ltd | 141,719 | ||||
TOTAL OIL AND GAS EXTRACTION | 1,395,688 | |||||
12
TIAA-CREF LIFE FUNDS - International Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
PETROLEUM AND COAL PRODUCTS - 1.87% | ||||||
167,570 | BP plc | $ | 2,016,255 | |||
18,222 | ENI S.p.A. | 660,683 | ||||
TOTAL PETROLEUM AND COAL PRODUCTS | 2,676,938 | |||||
PRIMARY METAL INDUSTRIES - 0.41% | ||||||
43,100 | Nippon Steel Corp | 303,187 | ||||
16,000 | Sumitomo Metal Industries Ltd | 94,067 | ||||
8,700 | Sumitomo Metal Mining Co Ltd | 188,605 | ||||
TOTAL PRIMARY METAL INDUSTRIES | 585,859 | |||||
RAILROAD TRANSPORTATION - 0.17% | ||||||
32 | East Japan Railway Co | 246,567 | ||||
TOTAL RAILROAD TRANSPORTATION | 246,567 | |||||
REAL ESTATE - 5.79% | ||||||
33,000 | Atrium Co Ltd | 894,878 | ||||
397 | ORIX Corp | 104,644 | ||||
430 | Risa Partners, Inc | 1,171,232 | ||||
331,900 | Urban Corp | 6,028,574 | ||||
4,945 | Westfield Group | 83,438 | ||||
TOTAL REAL ESTATE | 8,282,766 | |||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 9.22% | ||||||
175,284 | Bayer AG. | 13,203,494 | ||||
TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS | 13,203,494 | |||||
SECURITY AND COMMODITY BROKERS - 0.15% | ||||||
988 | Macquarie Bank Ltd | 70,963 | ||||
7,200 | Nomura Holdings, Inc | 139,848 | ||||
TOTAL SECURITY AND COMMODITY BROKERS | 210,811 | |||||
SPECIAL TRADE CONTRACTORS - 0.06% | ||||||
9,600 | Takasago Thermal Engineering Co Ltd | 90,654 | ||||
TOTAL SPECIAL TRADE CONTRACTORS | 90,654 | |||||
STONE, CLAY, AND GLASS PRODUCTS - 6.70% | ||||||
19,035 | Holcim Ltd | 2,055,735 | ||||
1,060,000 | Nippon Sheet Glass Co Ltd | 4,838,945 | ||||
1,016,000 | Sumitomo Osaka Cement Co Ltd | 2,691,361 | ||||
TOTAL STONE, CLAY, AND GLASS PRODUCTS | 9,586,041 | |||||
TOBACCO PRODUCTS - 1.56% | ||||||
453 | Japan Tobacco, Inc | 2,232,949 | ||||
TOTAL TOBACCO PRODUCTS | 2,232,949 | |||||
TRANSPORTATION EQUIPMENT - 8.03% | ||||||
2,720 | Denso Corp | 106,381 | ||||
187,140 | Fiat S.p.A. | 5,558,597 | ||||
33,765 | Siemens AG. | 4,835,205 | ||||
15,820 | Toyota Motor Corp | 997,710 | ||||
TOTAL TRANSPORTATION EQUIPMENT | 11,497,893 | |||||
TRUCKING AND WAREHOUSING - 5.14% | ||||||
227,244 | Deutsche Post AG. | 7,356,122 | ||||
TOTAL TRUCKING AND WAREHOUSING | 7,356,122 | |||||
13
TIAA-CREF LIFE FUNDS - International Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
WHOLESALE TRADE-DURABLE GOODS - 4.15% | ||||||
79,738 | Kloeckner & Co AG. | $ | 5,745,817 | |||
9,100 | Nissan Motor Co Ltd | 97,424 | ||||
5,350 | Sumitomo Corp | 97,539 | ||||
TOTAL WHOLESALE TRADE-DURABLE GOODS | 5,940,780 | |||||
WHOLESALE TRADE-NONDURABLE GOODS - 1.07% | ||||||
5,440 | Mitsubishi Corp | 142,539 | ||||
1,962,000 | Sinochem Hong Kong Holding Ltd | 1,388,281 | ||||
TOTAL WHOLESALE TRADE-NONDURABLE GOODS | 1,530,820 | |||||
TOTAL COMMON STOCKS | 141,785,188 | |||||
(Cost $123,869,762) | ||||||
SHORT-TERM INVESTMENTS - 4.44% | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.44% | ||||||
6,351,906 | State Street Navigator Securities Lending Prime Portfolio | 6,351,906 | ||||
TOTAL SHORT-TERM INVESTMENTS | 6,351,906 | |||||
(Cost $6,351,906) | ||||||
TOTAL PORTFOLIO - 103.49% | 148,137,094 | |||||
(Cost $130,221,668) | ||||||
OTHER ASSETS & LIABILITIES, NET - (3.49%) | (4,991,274 | ) | ||||
NET ASSETS - 100.00% | $ | 143,145,820 | ||||
| ||||||
ABBREVIATION: | ||||||
ADR - American Depositary Receipt | ||||||
GDR - Global Depositary Receipt | ||||||
| ||||||
* | Non-income producing | |||||
e | All or a portion of these securities are out on loan. |
14
TIAA-CREF LIFE FUNDS - International Equity Fund | |||||
TIAA-CREF LIFE FUNDS | |||||
INTERNATIONAL EQUITY FUND | |||||
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited) | |||||
June 30, 2007 | |||||
% OF | |||||
MARKET | |||||
COUNTRY | VALUE | VALUE | |||
DOMESTIC | |||||
UNITED STATES | $ | 6,351,906 | 4.29 | % | |
TOTAL DOMESTIC | 6,351,906 | 4.29 | % | ||
FOREIGN | |||||
AUSTRALIA | 2,041,736 | 1.38 | |||
BELGIUM | 1,450,035 | 0.98 | |||
CAYMAN ISLANDS | 156,593 | 0.11 | |||
FINLAND | 4,055,705 | 2.74 | |||
FRANCE | 22,587,905 | 15.25 | |||
GERMANY | 43,990,617 | 29.70 | |||
HONG KONG | 4,611,399 | 3.11 | |||
INDIA | 133,591 | 0.09 | |||
ITALY | 6,219,279 | 4.20 | |||
JAPAN | 29,985,038 | 20.24 | |||
NETHERLANDS | 566,874 | 0.38 | |||
NEW ZEALAND | 170,441 | 0.11 | |||
RUSSIA | 3,666,774 | 2.47 | |||
SINGAPORE | 364,031 | 0.25 | |||
SWEDEN | 948,504 | 0.64 | |||
SWITZERLAND | 12,430,351 | 8.39 | |||
UNITED KINGDOM | 8,406,315 | 5.67 | |||
TOTAL FOREIGN | 141,785,188 | 95.71 | |||
TOTAL PORTFOLIO | $ | 148,137,094 | 100.00 | % |
15
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
LARGE-CAP VALUE FUND | ||||||
STATEMENT OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 94.06% | ||||||
APPAREL AND ACCESSORY STORES - 2.26% | ||||||
94,824 | Gap, Inc | $ | 1,811,138 | |||
TOTAL APPAREL AND ACCESSORY STORES | 1,811,138 | |||||
APPAREL AND OTHER TEXTILE PRODUCTS - 0.07% | ||||||
584 | Liz Claiborne, Inc | 21,783 | ||||
405 | VF Corp | 37,090 | ||||
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS | 58,873 | |||||
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.71% | ||||||
14,501 | Home Depot, Inc | 570,614 | ||||
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES | 570,614 | |||||
BUSINESS SERVICES - 2.54% | ||||||
4,000 | * | Computer Sciences Corp | 236,600 | |||
9,532 | Fidelity National Information Services, Inc | 517,397 | ||||
613 | e | Limelight Networks, Inc | 12,125 | |||
46,730 | * | Novell, Inc | 364,027 | |||
1,553,556 | Solomon Systech International Ltd | 222,212 | ||||
25,263 | * | Yahoo!, Inc | 685,385 | |||
TOTAL BUSINESS SERVICES | 2,037,746 | |||||
CHEMICALS AND ALLIED PRODUCTS - 5.75% | ||||||
6,001 | * | Amgen, Inc | 331,795 | |||
16,302 | Bristol-Myers Squibb Co | 514,491 | ||||
6,754 | Colgate-Palmolive Co | 437,997 | ||||
4,534 | e* | Invitrogen Corp | 334,383 | |||
8,511 | Methanex Corp | 211,247 | ||||
7,692 | PPG Industries, Inc | 585,438 | ||||
43,872 | Pfizer, Inc | 1,121,807 | ||||
5,066 | Procter & Gamble Co | 309,989 | ||||
9 | Tronox, Inc (Class B) | 126 | ||||
6,768 | e* | Vertex Pharmaceuticals, Inc | 193,294 | |||
18,242 | e* | Warner Chilcott Ltd (Class A) | 329,998 | |||
4,206 | Wyeth | 241,172 | ||||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 4,611,737 | |||||
COAL MINING - 0.82% | ||||||
25,000 | e* | International Coal Group, Inc | 149,500 | |||
10,536 | Peabody Energy Corp | 509,732 | ||||
TOTAL COAL MINING | 659,232 | |||||
COMMUNICATIONS - 5.73% | ||||||
36,259 | AT&T, Inc | 1,504,749 | ||||
1,970 | * | Liberty Media Holding Corp (Interactive A) | 43,990 | |||
394 | * | Liberty Media Corp - Capital (Series A) | 46,366 |
16
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
SHARES | COMPANY | VALUE | ||||
6,400 | e | Manitoba Telecom Services, Inc | $ | 281,714 | ||
94,927 | Sprint Nextel Corp | 1,965,938 | ||||
17,500 | Telekom Austria AG. | 435,799 | ||||
1,411,900 | * | True Corp PCL | 314,865 | |||
TOTAL COMMUNICATIONS | 4,593,421 | |||||
DEPOSITORY INSTITUTIONS - 17.11% | ||||||
50,700 | AMMB Holdings BHD | 63,474 | ||||
7,166 | Astoria Financial Corp | 179,437 | ||||
4,811 | Bank of America Corp | 235,210 | ||||
45,679 | Bank of New York Co, Inc | 1,892,938 | ||||
61,144 | Citigroup, Inc | 3,136,076 | ||||
10,169 | e | Colonial Bancgroup, Inc | 253,920 | |||
19,100 | e | First Horizon National Corp | 744,900 | |||
45,345 | JPMorgan Chase & Co | 2,196,965 | ||||
86 | National City Corp | 2,866 | ||||
23,473 | SunTrust Banks, Inc | 2,012,575 | ||||
27,179 | e | TCF Financial Corp | 755,576 | |||
4,997 | US Bancorp | 164,651 | ||||
1,539 | Wachovia Corp | 78,874 | ||||
56,848 | Wells Fargo & Co | 1,999,344 | ||||
TOTAL DEPOSITORY INSTITUTIONS | 13,716,806 | |||||
EATING AND DRINKING PLACES - 1.75% | ||||||
62,782 | Compass Group plc | 433,512 | ||||
22,042 | e | Darden Restaurants, Inc | 969,628 | |||
TOTAL EATING AND DRINKING PLACES | 1,403,140 | |||||
ELECTRIC, GAS, AND SANITARY SERVICES - 4.15% | ||||||
30,000 | * | Allied Waste Industries, Inc | 403,800 | |||
13,262 | American Electric Power Co, Inc | 597,320 | ||||
2,897 | Constellation Energy Group, Inc | 252,531 | ||||
23,932 | e | DPL, Inc | 678,233 | |||
973 | Dominion Resources, Inc | 83,980 | ||||
3,030 | Duke Energy Corp | 55,449 | ||||
5,224 | FPL Group, Inc | 296,410 | ||||
2,138 | FirstEnergy Corp | 138,393 | ||||
774 | MDU Resources Group, Inc | 21,703 | ||||
4,306 | e* | Mirant Corp | 183,651 | |||
3,839 | PPL Corp | 179,627 | ||||
49,500 | * | Sojitz Holdings Corp | 221,247 | |||
3,390 | Southern Co | 116,243 | ||||
4,200 | Westar Energy, Inc | 101,976 | ||||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 3,330,563 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.63% | ||||||
9,000 | Advantest Corp | 391,860 | ||||
44,747 | * | Celestica Inc | 279,669 | |||
9,206 | * | Ciena Corp | 332,613 | |||
9,574 | e* | Cree, Inc | 247,488 | |||
4,000 | * | Fairchild Semiconductor International, Inc | 77,280 | |||
51,486 | e* | Finisar Corp | 194,617 | |||
850 | e* | First Solar, Inc | 75,897 | |||
8,614 | e* | Infineon Technologies AG. (ADR) | 142,389 |
17
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1 | * | LSI Logic Corp | $ | 8 | ||
15,574 | * | Marvell Technology Group Ltd | 283,603 | |||
13,914 | Maxim Integrated Products, Inc | 464,867 | ||||
19,500 | e* | Qimonda AG. (ADR) | 301,275 | |||
8,232 | Qualcomm, Inc | 357,186 | ||||
1,200 | Samsung Electronics Co Ltd (GDR) | 369,919 | ||||
17,741 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 197,457 | ||||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 3,716,128 | |||||
ENGINEERING AND MANAGEMENT SERVICES - 0.01% | ||||||
40 | * | Affymax, Inc | 1,078 | |||
232 | * | KBR, Inc | 6,085 | |||
TOTAL ENGINEERING AND MANAGEMENT SERVICES | 7,163 | |||||
FABRICATED METAL PRODUCTS - 1.28% | ||||||
18,937 | Illinois Tool Works, Inc | 1,026,196 | ||||
TOTAL FABRICATED METAL PRODUCTS | 1,026,196 | |||||
FOOD AND KINDRED PRODUCTS - 3.58% | ||||||
2,683 | Coca-Cola Co | 140,348 | ||||
39,784 | ConAgra Foods, Inc | 1,068,598 | ||||
25,196 | Kraft Foods, Inc (Class A) | 888,159 | ||||
11,917 | PepsiCo, Inc | 772,817 | ||||
TOTAL FOOD AND KINDRED PRODUCTS | 2,869,922 | |||||
FORESTRY - 0.28% | ||||||
5,000 | Rayonier, Inc | 225,700 | ||||
TOTAL FORESTRY | 225,700 | |||||
FURNITURE AND HOME FURNISHINGS STORES - 0.41% | ||||||
21,893 | e | Circuit City Stores, Inc | 330,146 | |||
TOTAL FURNITURE AND HOME FURNISHINGS STORES | 330,146 | |||||
GENERAL BUILDING CONTRACTORS - 0.64% | ||||||
42,000 | Daikyo, Inc | 190,324 | ||||
4,665 | e | Standard-Pacific Corp | 81,777 | |||
9,569 | e* | Toll Brothers, Inc | 239,034 | |||
TOTAL GENERAL BUILDING CONTRACTORS | 511,135 | |||||
HEALTH SERVICES - 0.66% | ||||||
29,020 | e* | Healthsouth Corp | 525,552 | |||
TOTAL HEALTH SERVICES | 525,552 | |||||
HOLDING AND OTHER INVESTMENT OFFICES - 3.84% | ||||||
3,752 | Blackstone Group LP | 109,821 | ||||
2 | e | Cross Timbers Royalty Trust | 85 | |||
411 | * | HFF, Inc (Class A) | 6,375 | |||
5,947 | e | Plum Creek Timber Co, Inc | 247,752 | |||
31,259 | iShares Russell 1000 Value Index Fund | 2,711,406 | ||||
TOTAL HOLDING AND OTHER INVESTMENT OFFICES | 3,075,439 | |||||
HOTELS AND OTHER LODGING PLACES - 2.90% | ||||||
14,183 | Accor S.A. | 1,253,788 | ||||
5,743 | e* | MGM Mirage | 473,683 |
18
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
SHARES | COMPANY | VALUE | ||||
11,188 | e | Orient-Express Hotels Ltd (Class A) | $ | 597,439 | ||
TOTAL HOTELS AND OTHER LODGING PLACES | 2,324,910 | |||||
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.98% | ||||||
1,433 | * | Alstom | 238,957 | |||
45,492 | General Electric Co | 1,741,434 | ||||
6,600 | International Game Technology | 262,020 | ||||
3,076 | * | SanDisk Corp | 150,539 | |||
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT | 2,392,950 | |||||
INSTRUMENTS AND RELATED PRODUCTS - 3.20% | ||||||
9,711 | e | Cooper Cos, Inc | 517,791 | |||
7,312 | e* | Eagle Test Systems, Inc | 117,431 | |||
3,284 | * | Hologic, Inc | 181,638 | |||
18,981 | * | St. Jude Medical, Inc | 787,522 | |||
18,584 | * | Thermo Electron Corp | 961,164 | |||
TOTAL INSTRUMENTS AND RELATED PRODUCTS | 2,565,546 | |||||
INSURANCE AGENTS, BROKERS AND SERVICE - 1.33% | ||||||
5,902 | AON Corp | 251,484 | ||||
8,267 | Hartford Financial Services Group, Inc | 814,382 | ||||
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE | 1,065,866 | |||||
INSURANCE CARRIERS - 5.37% | ||||||
3 | Aegon NV | 59 | ||||
15,715 | Aetna, Inc | 776,321 | ||||
6,954 | Aspen Insurance Holdings Ltd | 195,199 | ||||
1,565 | Everest Re Group Ltd | 170,022 | ||||
8,001 | e | Max Re Capital Ltd | 226,428 | |||
17,247 | e | Montpelier Re Holdings Ltd | 319,759 | |||
5,931 | e | PartnerRe Ltd | 459,653 | |||
8,677 | Platinum Underwriters Holdings Ltd | 301,526 | ||||
24,055 | Radian Group, Inc | 1,298,970 | ||||
2,526 | Travelers Cos, Inc/The | 135,141 | ||||
5,001 | XL Capital Ltd (Class A) | 421,534 | ||||
TOTAL INSURANCE CARRIERS | 4,304,612 | |||||
METAL MINING - 0.05% | ||||||
1,494 | * | Barrick Gold Corp | 43,431 | |||
TOTAL METAL MINING | 43,431 | |||||
MISCELLANEOUS RETAIL - 0.63% | ||||||
78,857 | e* | Rite Aid Corp | 503,108 | |||
TOTAL MISCELLANEOUS RETAIL | 503,108 | |||||
NONDEPOSITORY INSTITUTIONS - 2.23% | ||||||
3,384 | Capital One Financial Corp | 265,441 | ||||
19,882 | Countrywide Financial Corp | 722,711 | ||||
8,426 | Discover Financial Services | 240,141 | ||||
6,510 | Fannie Mae | 425,298 | ||||
2,199 | Freddie Mac | 133,479 | ||||
TOTAL NONDEPOSITORY INSTITUTIONS | 1,787,070 | |||||
19
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
SHARES | COMPANY | VALUE | ||||
OIL AND GAS EXTRACTION - 2.58% | ||||||
10,279 | Anadarko Petroleum Corp | $ | 534,405 | |||
440 | Equitable Resources, Inc | 21,806 | ||||
14,904 | Halliburton Co | 514,188 | ||||
12,000 | * | Integra Group Holdings (GDR) | 218,400 | |||
5,800 | * | KazMunaiGas Exploration Production (GDR) | 126,672 | |||
418 | e | Pogo Producing Co | 21,230 | |||
16,636 | e* | Pride International, Inc | 623,185 | |||
274 | W&T Offshore, Inc | 7,669 | ||||
TOTAL OIL AND GAS EXTRACTION | 2,067,555 | |||||
PAPER AND ALLIED PRODUCTS - 1.06% | ||||||
6,950 | Anglo American PLC | 408,047 | ||||
1,143 | * | Smurfit-Stone Container Corp | 15,213 | |||
6,982 | Temple-Inland, Inc | 429,602 | ||||
TOTAL PAPER AND ALLIED PRODUCTS | 852,862 | |||||
PETROLEUM AND COAL PRODUCTS - 6.48% | ||||||
3,189 | Apache Corp | 260,191 | ||||
20,406 | Chevron Corp | 1,719,001 | ||||
3,343 | ConocoPhillips | 262,426 | ||||
11,208 | Devon Energy Corp | 877,474 | ||||
1,813 | EOG Resources, Inc | 132,458 | ||||
4,308 | Marathon Oil Corp | 258,308 | ||||
18,601 | Occidental Petroleum Corp | 1,076,626 | ||||
5,022 | Petroleo Brasileiro S.A. (ADR) | 609,018 | ||||
TOTAL PETROLEUM AND COAL PRODUCTS | 5,195,502 | |||||
PIPELINES, EXCEPT NATURAL GAS - 0.05% | ||||||
1,515 | Spectra Energy Corp | 39,329 | ||||
TOTAL PIPELINES, EXCEPT NATURAL GAS | 39,329 | |||||
PRIMARY METAL INDUSTRIES - 0.39% | ||||||
3,788 | * | Alcan, Inc | 309,014 | |||
TOTAL PRIMARY METAL INDUSTRIES | 309,014 | |||||
REAL ESTATE - 0.69% | ||||||
135,467 | * | Unitech Corporate Parks plc | 246,582 | |||
17,000 | Urban Corp | 308,785 | ||||
TOTAL REAL ESTATE | 555,367 | |||||
SECURITY AND COMMODITY BROKERS - 1.89% | ||||||
5,890 | Bear Stearns Cos, Inc | 824,600 | ||||
8,218 | Morgan Stanley | 689,326 | ||||
TOTAL SECURITY AND COMMODITY BROKERS | 1,513,926 | |||||
STONE, CLAY, AND GLASS PRODUCTS - 0.14% | ||||||
3,265 | e | Owens Corning, Inc | 109,802 | |||
TOTAL STONE, CLAY, AND GLASS PRODUCTS | 109,802 | |||||
TEXTILE MILL PRODUCTS - 0.32% | ||||||
5,807 | Oxford Industries, Inc | 257,482 | ||||
TOTAL TEXTILE MILL PRODUCTS | 257,482 | |||||
20
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
SHARES | COMPANY | VALUE | ||||
TOBACCO PRODUCTS - 2.43% | ||||||
27,739 | Altria Group, Inc | $ | 1,945,613 | |||
TOTAL TOBACCO PRODUCTS | 1,945,613 | |||||
TRANSPORTATION BY AIR - 0.87% | ||||||
7,722 | * | AMR Corp | 203,475 | |||
23,217 | e* | JetBlue Airways Corp | 272,800 | |||
5,421 | e* | UAL Corp | 220,038 | |||
TOTAL TRANSPORTATION BY AIR | 696,313 | |||||
TRANSPORTATION EQUIPMENT - 1.65% | ||||||
115,927 | e* | Ford Motor Co | 1,092,032 | |||
4,380 | e | General Motors Corp | 165,564 | |||
67 | Genuine Parts Co | 3,323 | ||||
1,206 | Raytheon Co | 64,991 | ||||
TOTAL TRANSPORTATION EQUIPMENT | 1,325,910 | |||||
TRANSPORTATION SERVICES - 0.58% | ||||||
17,334 | e | UTI Worldwide, Inc | 464,378 | |||
TOTAL TRANSPORTATION SERVICES | 464,378 | |||||
WHOLESALE TRADE-DURABLE GOODS - 0.01% | ||||||
480 | e | Solera Holdings, Inc | 9,302 | |||
TOTAL WHOLESALE TRADE-DURABLE GOODS | 9,302 | |||||
WHOLESALE TRADE-NONDURABLE GOODS - 0.01% | ||||||
162 | e | Idearc, Inc | 5,723 | |||
TOTAL WHOLESALE TRADE-NONDURABLE GOODS | 5,723 | |||||
TOTAL COMMON STOCKS | 75,416,222 | |||||
(Cost $66,691,670) | ||||||
PRINCIPAL | ISSUER | |||||
SHORT-TERM INVESTMENTS - 18.74% | ||||||
U.S. GOVERNMENT AGENCIES AND DISCOUNT NOTES - 4.99% | ||||||
$ 4,000,000 | Federal Home Loan Bank, 0.00%, 07/02/2007 | 4,000,000 | ||||
SHARES | COMPANY | |||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 13.75% | ||||||
11,024,860 | State Street Navigator Securities Lending Prime Portfolio | 11,024,860 | ||||
TOTAL SHORT-TERM INVESTMENTS | 15,024,860 | |||||
(Cost $15,024,327) | ||||||
TOTAL PORTFOLIO - 112.80% | 90,441,082 | |||||
(Cost $81,715,997) | ||||||
OTHER ASSETS & LIABILITIES, NET - (12.80%) | (10,265,791 | ) | ||||
NET ASSETS - 100.00% | $ | 80,175,291 | ||||
| ||||||
ABBREVIATION: | ||||||
ADR - American Depositary Receipt | ||||||
GDR - Global Depositary Receipt |
21
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund | ||||||
| ||||||
* | Non-income producing | |||||
e | All or a portion of these securities are out on loan. | |||||
m | Indicates a security has been deemed illiquid | |||||
v | Security valued at fair value. |
22
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
SMALL-CAP EQUITY FUND | ||||||
SCHEDULE OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 99.97% | ||||||
AMUSEMENT AND RECREATION SERVICES - 0.65% | ||||||
136 | e | Dover Downs Gaming & Entertainment, Inc | $ | 2,041 | ||
15,600 | e* | Leapfrog Enterprises, Inc | 159,900 | |||
4,300 | e* | Live Nation, Inc | 96,234 | |||
8,800 | * | Magna Entertainment Corp | 25,696 | |||
1,635 | e | Speedway Motorsports, Inc | 65,367 | |||
7,100 | e* | Westwood One, Inc | 51,049 | |||
TOTAL AMUSEMENT AND RECREATION SERVICES | 400,287 | |||||
APPAREL AND ACCESSORY STORES - 1.98% | ||||||
11,900 | e | Brown Shoe Co, Inc | 289,408 | |||
5,426 | Cato Corp (Class A) | 119,046 | ||||
10,700 | e* | Charlotte Russe Holding, Inc | 287,509 | |||
10,900 | e* | Dress Barn, Inc | 223,668 | |||
9,700 | d,e* | Payless Shoesource, Inc | 306,035 | |||
TOTAL APPAREL AND ACCESSORY STORES | 1,225,666 | |||||
APPAREL AND OTHER TEXTILE PRODUCTS - 0.90% | ||||||
7,849 | * | Gymboree Corp | 309,329 | |||
10,800 | * | Maidenform Brands, Inc | 214,488 | |||
500 | Phillips-Van Heusen Corp | 30,285 | ||||
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS | 554,102 | |||||
AUTO REPAIR, SERVICES AND PARKING - 0.01% | ||||||
100 | e* | Wright Express Corp | 3,427 | |||
TOTAL AUTO REPAIR, SERVICES AND PARKING | 3,427 | |||||
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.38% | ||||||
9,300 | Asbury Automotive Group, Inc | 232,035 | ||||
TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS | 232,035 | |||||
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00%** | ||||||
100 | e* | Central Garden & Pet Co | 1,226 | |||
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES | 1,226 | |||||
BUSINESS SERVICES - 12.10% | ||||||
70,600 | * | 3Com Corp | 291,578 | |||
10,700 | e | ABM Industries, Inc | 276,167 | |||
12,500 | e* | AMN Healthcare Services, Inc | 275,000 | |||
16,193 | e* | Actuate Corp | 109,950 | |||
7,800 | Administaff, Inc | 261,222 | ||||
2,522 | Asset Acceptance Capital Corp | 44,639 | ||||
2,700 | e* | BISYS Group, Inc | 31,941 | |||
3,000 | e* | CACI International, Inc (Class A) | 146,550 | |||
9,582 | e* | CBIZ, Inc | 70,428 | |||
125,500 | e* | CMGI, Inc | 244,725 |
23
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,390 | e* | Commvault Systems, Inc | $ | 24,005 | ||
11,763 | * | COMSYS IT Partners, Inc | 268,314 | |||
11,089 | e* | CSG Systems International, Inc | 293,969 | |||
1,700 | Catalina Marketing Corp | 53,550 | ||||
6,032 | * | Covansys Corp | 204,666 | |||
3,717 | Deluxe Corp | 150,947 | ||||
800 | e* | Digital River, Inc | 36,200 | |||
17,500 | e* | Earthlink, Inc | 130,725 | |||
4,900 | e* | Gerber Scientific, Inc | 56,938 | |||
2,600 | e* | Heidrick & Struggles International, Inc | 133,224 | |||
1,900 | e* | ICT Group, Inc | 35,549 | |||
7,500 | e* | Informatica Corp | 110,775 | |||
105 | e | Infospace, Inc | 2,437 | |||
100 | e | Integral Systems, Inc | 2,431 | |||
2,861 | * | Interactive Intelligence, Inc | 58,937 | |||
1,500 | e* | Internap Network Services Corp | 21,630 | |||
1,316 | e | Kelly Services, Inc (Class A) | 36,137 | |||
4,165 | * | Kforce, Inc | 66,557 | |||
900 | e* | Korn/Ferry International | 23,634 | |||
11,400 | e* | Labor Ready, Inc | 263,454 | |||
14,500 | e* | MPS Group, Inc | 193,865 | |||
1,760 | * | Manhattan Associates, Inc | 49,122 | |||
5,813 | * | Mantech International Corp (Class A) | 179,215 | |||
2,400 | e* | Mentor Graphics Corp | 31,608 | |||
1,717 | e* | MicroStrategy, Inc (Class A) | 162,239 | |||
2,700 | e* | Ness Technologies, Inc | 35,127 | |||
2,000 | e* | NetFlix, Inc | 38,780 | |||
7,400 | e* | PRA International | 187,220 | |||
3,024 | * | Parametric Technology Corp | 65,349 | |||
1,400 | * | Progress Software Corp | 44,506 | |||
3,500 | e* | RealNetworks, Inc | 28,595 | |||
14,000 | * | S1 Corp | 111,860 | |||
3,000 | e* | SPSS, Inc | 132,420 | |||
1,400 | e* | SRA International, Inc (Class A) | 35,364 | |||
8,000 | * | SYNNEX Corp | 164,880 | |||
1,550 | e | Sotheby's | 71,331 | |||
12,500 | e* | Spherion Corp | 117,375 | |||
14,200 | * | Sybase, Inc | 339,238 | |||
10,000 | * | SYKES Enterprises, Inc | 189,900 | |||
9,542 | e* | THQ, Inc | 291,222 | |||
19,600 | e* | TIBCO Software, Inc | 177,380 | |||
1,800 | * | Take-Two Interactive Software, Inc | 35,946 | |||
1,900 | * | TeleTech Holdings, Inc | 61,712 | |||
2,639 | e | TheStreet.com, Inc | 28,712 | |||
202 | e* | Transaction Systems Architects, Inc | 6,799 | |||
6,700 | e* | Travelzoo, Inc | 178,153 | |||
8,500 | e* | Valueclick, Inc | 250,410 | |||
7,200 | e | Viad Corp | 303,624 | |||
2,314 | e* | Vignette Corp | 44,336 | |||
2,600 | * | Volt Information Sciences, Inc | 47,944 | |||
3,500 | e* | Wind River Systems, Inc | 38,500 | |||
12,434 | e* | eSpeed, Inc (Class A) | 107,430 | |||
TOTAL BUSINESS SERVICES | 7,476,441 |
24
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
CHEMICALS AND ALLIED PRODUCTS - 6.51% | ||||||
1,500 | e* | Acorda Therapeutics, Inc | $ | 25,590 | ||
900 | e* | Adams Respiratory Therapeutics, Inc | 35,451 | |||
9,700 | e* | Alkermes, Inc | 141,620 | |||
1,000 | e* | American Oriental Bioengineering, Inc | 8,900 | |||
1,570 | Arch Chemicals, Inc | 55,170 | ||||
3,600 | e* | Aventine Renewable Energy Holdings, Inc | 61,092 | |||
200 | e* | Bentley Pharmaceuticals, Inc | 2,428 | |||
7,205 | CF Industries Holdings, Inc | 431,507 | ||||
13,000 | e | Cambrex Corp | 172,510 | |||
200 | e* | Cell Genesys, Inc | 670 | |||
3,500 | e* | Dendreon Corp | 24,780 | |||
1,600 | e* | Digene Corp | 96,080 | |||
1,833 | * | Elizabeth Arden, Inc | 44,469 | |||
2,500 | e* | Enzon Pharmaceuticals, Inc | 19,625 | |||
4,200 | H.B. Fuller Co | 125,538 | ||||
100 | * | Hercules, Inc | 1,965 | |||
2,700 | e* | Immucor, Inc | 75,519 | |||
5,190 | e* | Indevus Pharmaceuticals, Inc | 34,929 | |||
10,300 | e* | InterMune, Inc | 267,182 | |||
3,600 | e* | KV Pharmaceutical Co (Class A) | 98,064 | |||
2,300 | Koppers Holdings, Inc | 77,464 | ||||
3,400 | e* | MGI Pharma, Inc | 76,058 | |||
262 | * | Martek Biosciences Corp | 6,804 | |||
5,904 | e* | Medicines Co | 104,028 | |||
5,200 | * | NBTY, Inc | 224,640 | |||
5,600 | e* | Nabi Biopharmaceuticals | 25,760 | |||
1,400 | NewMarket Corp | 67,718 | ||||
3,500 | * | OM Group, Inc | 185,220 | |||
9,134 | e* | OSI Pharmaceuticals, Inc | 330,742 | |||
1,946 | e* | OraSure Technologies, Inc | 15,918 | |||
333 | e* | Pain Therapeutics, Inc | 2,900 | |||
193 | * | Par Pharmaceutical Cos, Inc | 5,448 | |||
6,623 | Perrigo Co | 129,678 | ||||
3,800 | e* | Pharmion Corp | 110,010 | |||
3,301 | e* | Pioneer Cos, Inc | 113,455 | |||
23,900 | e* | PolyOne Corp | 171,841 | |||
4,238 | e* | Sciele Pharma, Inc | 99,847 | |||
1,100 | e | Stepan Co | 33,308 | |||
38,813 | e* | SuperGen, Inc | 215,800 | |||
1,800 | e* | USANA Health Sciences, Inc | 80,532 | |||
8,400 | e* | USEC, Inc | 184,632 | |||
1,800 | Valeant Pharmaceuticals International | 30,042 | ||||
257 | e* | WR Grace & Co | 6,294 | |||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 4,021,228 | |||||
COAL MINING - 0.30% | ||||||
9,000 | e* | Alpha Natural Resources, Inc | 187,110 | |||
TOTAL COAL MINING | 187,110 | |||||
COMMUNICATIONS - 3.95% | ||||||
5,100 | e* | Anixter International, Inc | 383,571 | |||
6,891 | e | Atlantic Tele-Network, Inc | 197,358 | |||
5,006 | e* | Authorize.Net Holdings, Inc | 89,557 |
25
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
21,422 | e* | Brightpoint, Inc | $ | 295,409 | ||
1,034 | CT Communications, Inc | 31,547 | ||||
55,800 | e* | Cincinnati Bell, Inc | 322,524 | |||
100 | Citadel Broadcasting Corp | 645 | ||||
3,300 | e | Entercom Communications Corp (Class A) | 82,137 | |||
772 | * | Eschelon Telecom, Inc | 22,851 | |||
7,175 | * | Foundry Networks, Inc | 119,536 | |||
11,700 | e* | General Communication, Inc (Class A) | 149,877 | |||
9,800 | * | Mastec, Inc | 155,036 | |||
2,600 | * | Nexstar Broadcasting Group, Inc (Class A) | 34,164 | |||
13,461 | RCN Corp | 252,932 | ||||
200 | * | Rural Cellular Corp (Class A) | 8,762 | |||
8,014 | USA Mobility, Inc | 214,455 | ||||
2,200 | e* | j2 Global Communications, Inc | 76,780 | |||
TOTAL COMMUNICATIONS | 2,437,141 | |||||
DEPOSITORY INSTITUTIONS - 6.97% | ||||||
400 | e | 1st Source Corp | 9,968 | |||
1,979 | e | Ameris Bancorp | 44,468 | |||
1,750 | e | Anchor Bancorp Wisconsin, Inc | 45,833 | |||
2,742 | e | Bancfirst Corp | 117,412 | |||
2,980 | * | Bancorp, Inc | 66,633 | |||
100 | Bank Mutual Corp | 1,153 | ||||
2,200 | e | BankAtlantic Bancorp, Inc (Class A) | 18,942 | |||
22 | e | BankUnited Financial Corp (Class A) | 442 | |||
3,209 | Banner Corp | 109,299 | ||||
700 | e | Capitol Bancorp Ltd | 19,131 | |||
7,098 | e* | Centennial Bank Holdings, Inc | 60,120 | |||
4,300 | e | Center Financial Corp | 72,756 | |||
1,622 | e | Central Pacific Financial Corp | 53,542 | |||
1,816 | e | Chemical Financial Corp | 46,980 | |||
2,400 | e | Chittenden Corp | 83,880 | |||
2,749 | e | City Holding Co | 105,369 | |||
1,600 | e* | Community Bancorp | 44,768 | |||
3,873 | e | Community Trust Bancorp, Inc | 125,098 | |||
3,270 | e | Corus Bankshares, Inc | 56,440 | |||
2,500 | * | Dollar Financial Corp | 71,250 | |||
4,500 | e | Downey Financial Corp | 296,910 | |||
3,281 | First Bancorp | 36,058 | ||||
2,142 | First Charter Corp | 41,705 | ||||
19,074 | e | First Niagara Financial Group, Inc | 249,869 | |||
1,300 | First Place Financial Corp | 27,456 | ||||
1,461 | * | First Regional Bancorp | 37,168 | |||
3,000 | e* | FirstFed Financial Corp | 170,190 | |||
2,900 | e | Fremont General Corp | 31,204 | |||
6,555 | Greater Bay Bancorp | 182,491 | ||||
3,103 | Hancock Holding Co | 116,518 | ||||
6,485 | e | Hanmi Financial Corp | 110,634 | |||
2,783 | e | Independent Bank Corp | 47,895 | |||
3,360 | e | Macatawa Bank Corp | 53,458 | |||
4,300 | e | Old National Bancorp | 71,423 | |||
6,214 | Oriental Financial Group, Inc | 67,795 | ||||
8,300 | PFF Bancorp, Inc | 231,819 | ||||
3,775 | Provident Bankshares Corp | 123,745 |
26
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
5,100 | e | Provident Financial Services, Inc | $ | 80,376 | ||
1,200 | e | Renasant Corp | 27,288 | |||
1,100 | e | Sierra Bancorp | 31,020 | |||
1,230 | e | Simmons First National Corp (Class A) | 33,936 | |||
6,785 | Southwest Bancorp, Inc | 163,111 | ||||
450 | e | Sterling Bancorp | 7,214 | |||
9,568 | e | Sterling Bancshares, Inc | 108,214 | |||
2,734 | e* | Sterling Financial Corp | 28,762 | |||
100 | e | Suffolk Bancorp | 3,192 | |||
201 | e* | Sun Bancorp, Inc | 3,391 | |||
8,281 | e | Susquehanna Bancshares, Inc | 185,246 | |||
4,964 | e | Taylor Capital Group, Inc | 136,659 | |||
1,561 | TierOne Corp | 46,986 | ||||
300 | Tompkins Trustco, Inc | 11,220 | ||||
11,550 | Trustmark Corp | 298,683 | ||||
1,000 | e | Umpqua Holdings Corp | 23,510 | |||
400 | e | WesBanco, Inc | 11,800 | |||
2,734 | e | Wilshire Bancorp, Inc | 33,300 | |||
500 | Wintrust Financial Corp | 21,925 | ||||
TOTAL DEPOSITORY INSTITUTIONS | 4,305,655 | |||||
EATING AND DRINKING PLACES - 2.08% | ||||||
1,400 | e | Bob Evans Farms, Inc | 51,590 | |||
6,200 | CBRL Group, Inc | 263,376 | ||||
1,350 | * | CEC Entertainment, Inc | 47,520 | |||
3,800 | CKE Restaurants, Inc | 76,266 | ||||
1,500 | e | Domino's Pizza, Inc | 27,405 | |||
4,700 | e* | Jack in the Box, Inc | 333,418 | |||
2,300 | e* | McCormick & Schmick's Seafood Restaurants, Inc | 59,662 | |||
6,500 | O'Charleys, Inc | 131,040 | ||||
9,442 | e* | Papa John's International, Inc | 271,552 | |||
880 | Ruby Tuesday, Inc | 23,170 | ||||
87 | * | Ruth's Chris Steak House, Inc | 1,478 | |||
TOTAL EATING AND DRINKING PLACES | 1,286,477 | |||||
EDUCATIONAL SERVICES - 0.21% | ||||||
3,800 | DeVry, Inc | 129,276 | ||||
TOTAL EDUCATIONAL SERVICES | 129,276 | |||||
ELECTRIC, GAS, AND SANITARY SERVICES - 4.78% | ||||||
11,500 | Avista Corp | 247,825 | ||||
5,800 | e | Black Hills Corp | 230,550 | |||
5,900 | e* | Clean Harbors, Inc | 291,578 | |||
5,400 | e | Idacorp, Inc | 173,016 | |||
8,700 | e | Laclede Group, Inc | 277,356 | |||
1,200 | e | Markwest Hydrocarbon, Inc | 68,916 | |||
6,000 | Metal Management, Inc | 264,420 | ||||
5,900 | e | New Jersey Resources Corp | 301,018 | |||
5,700 | e | Nicor, Inc | 244,644 | |||
1,655 | e | NorthWestern Corp | 52,646 | |||
10,343 | e | Portland General Electric Co | 283,812 | |||
2,500 | Southwest Gas Corp | 84,525 | ||||
8,000 | e | UIL Holdings Corp | 264,800 |
27
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
5,200 | e | WGL Holdings, Inc | $ | 169,728 | ||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 2,954,834 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.27% | ||||||
6,702 | e* | Adaptec, Inc | 25,535 | |||
10,280 | e* | Advanced Energy Industries, Inc | 232,945 | |||
3,300 | e* | Aeroflex, Inc | 46,761 | |||
22,000 | e* | Amkor Technology, Inc | 346,500 | |||
7,700 | e* | Andrew Corp | 111,188 | |||
18,513 | e* | Arris Group, Inc | 325,644 | |||
4,775 | e* | Benchmark Electronics, Inc | 108,011 | |||
1,600 | e* | Ceradyne, Inc | 118,336 | |||
800 | e* | Checkpoint Systems, Inc | 20,200 | |||
6,441 | e* | Comtech Telecommunications Corp | 298,991 | |||
1,967 | * | EMS Technologies, Inc | 43,392 | |||
400 | e* | First Solar, Inc | 35,716 | |||
4,200 | e* | Gemstar-TV Guide International, Inc | 20,664 | |||
900 | * | Genlyte Group, Inc | 70,686 | |||
1,200 | e* | GrafTech International Ltd | 20,208 | |||
3,631 | e* | Greatbatch, Inc | 117,644 | |||
3,900 | Imation Corp | 143,754 | ||||
874 | e* | Interdigital Communications Corp | 28,117 | |||
8,300 | e* | Kemet Corp | 58,515 | |||
500 | e* | Lamson & Sessions Co | 13,285 | |||
8,700 | e* | MRV Communications, Inc | 28,275 | |||
6,100 | e* | Mattson Technology, Inc | 59,170 | |||
108 | * | Multi-Fineline Electronix, Inc | 1,853 | |||
25,554 | e* | ON Semiconductor Corp | 273,939 | |||
9,000 | * | Oplink Communications, Inc | 135,000 | |||
8,800 | e* | Plexus Corp | 202,312 | |||
47,000 | e* | RF Micro Devices, Inc | 293,280 | |||
2,567 | e | Regal-Beloit Corp | 119,468 | |||
8,094 | e* | Silicon Image, Inc | 69,447 | |||
15,065 | e* | Silicon Storage Technology, Inc | 56,192 | |||
433 | * | Stoneridge, Inc | 5,343 | |||
2,600 | e* | Supertex, Inc | 81,484 | |||
6,800 | Technitrol, Inc | 194,956 | ||||
3,450 | * | Trident Microsystems, Inc | 63,308 | |||
527 | * | Triquint Semiconductor, Inc | 2,667 | |||
5,200 | e* | Utstarcom, Inc | 29,172 | |||
1,800 | e* | Varian Semiconductor Equipment Associates, Inc | 72,108 | |||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 3,874,066 | |||||
ENGINEERING AND MANAGEMENT SERVICES - 2.41% | ||||||
1,400 | e | CDI Corp | 45,080 | |||
5,326 | e | Diamond Management & Technology Consultants, Inc | 70,303 | |||
2,810 | e* | Exelixis, Inc | 34,001 | |||
10,876 | e* | Harris Interactive, Inc | 58,187 | |||
10,500 | e* | Incyte Corp | 63,000 | |||
200 | * | LECG Corp | 3,022 | |||
6,771 | e* | Lifecell Corp | 206,786 | |||
6,242 | e* | Luminex Corp | 76,839 | |||
2,400 | e* | MTC Technologies, Inc | 58,944 | |||
329 | e* | Myriad Genetics, Inc | 12,236 | |||
1,100 | * | Omnicell, Inc | 22,858 |
28
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
3,733 | e* | PharmaNet Development Group, Inc | $ | 119,008 | ||
3,200 | e* | Regeneron Pharmaceuticals, Inc | 57,344 | |||
318 | e* | Resources Connection, Inc | 10,551 | |||
2,200 | e* | Rigel Pharmaceuticals, Inc | 19,602 | |||
4,800 | e* | SAIC, Inc | 86,736 | |||
14,500 | e* | Savient Pharmaceuticals, Inc | 180,090 | |||
8,059 | e* | Seattle Genetics, Inc | 79,059 | |||
1,400 | e* | Washington Group International, Inc | 112,014 | |||
3,469 | Watson Wyatt & Co Holdings (Class A) | 175,115 | ||||
TOTAL ENGINEERING AND MANAGEMENT SERVICES | 1,490,775 | |||||
FABRICATED METAL PRODUCTS - 0.87% | ||||||
1,681 | Compx International, Inc | 31,099 | ||||
7,594 | e | Gulf Island Fabrication, Inc | 263,512 | |||
3,900 | e* | NCI Building Systems, Inc | 192,387 | |||
1,300 | e | Watts Water Technologies, Inc (Class A) | 48,711 | |||
TOTAL FABRICATED METAL PRODUCTS | 535,709 | |||||
FOOD AND KINDRED PRODUCTS - 0.91% | ||||||
4,900 | e | Flowers Foods, Inc | 163,464 | |||
8,274 | e | Imperial Sugar Co | 254,756 | |||
4,378 | e* | Performance Food Group Co | 142,241 | |||
TOTAL FOOD AND KINDRED PRODUCTS | 560,461 | |||||
FOOD STORES - 0.86% | ||||||
5,960 | e* | Pantry, Inc | 274,756 | |||
582 | Ruddick Corp | 17,530 | ||||
2,900 | * | Wild Oats Markets, Inc | 48,604 | |||
6,561 | * | Winn-Dixie Stores, Inc | 192,237 | |||
TOTAL FOOD STORES | 533,127 | |||||
FURNITURE AND FIXTURES - 0.79% | ||||||
5,881 | e | Cal-Maine Foods, Inc | 96,331 | |||
8,530 | Herman Miller, Inc | 269,548 | ||||
1,845 | Hooker Furniture Corp | 41,402 | ||||
5,103 | e* | Select Comfort Corp | 82,771 | |||
TOTAL FURNITURE AND FIXTURES | 490,052 | |||||
FURNITURE AND HOME FURNISHINGS STORES - 0.42% | ||||||
11,600 | Knoll, Inc | 259,840 | ||||
TOTAL FURNITURE AND HOME FURNISHINGS STORES | 259,840 | |||||
GENERAL BUILDING CONTRACTORS - 0.57% | ||||||
5,700 | e* | Perini Corp | 350,721 | |||
TOTAL GENERAL BUILDING CONTRACTORS | 350,721 | |||||
GENERAL MERCHANDISE STORES - 0.31% | ||||||
4,900 | e* | Big Lots, Inc | 144,158 | |||
1,800 | e | Casey's General Stores, Inc | 49,068 | |||
TOTAL GENERAL MERCHANDISE STORES | 193,226 | |||||
HEALTH SERVICES - 0.51% | ||||||
100 | e* | Amsurg Corp | 2,414 | |||
2,100 | e* | Apria Healthcare Group, Inc | 60,417 |
29
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,300 | * | Corvel Corp | $ | 33,982 | ||
1,700 | e* | Healthsouth Corp | 30,787 | |||
19,400 | * | Immunomedics, Inc | 80,510 | |||
685 | * | Magellan Health Services, Inc | 31,832 | |||
417 | e* | Odyssey HealthCare, Inc | 4,946 | |||
100 | e* | RehabCare Group, Inc | 1,424 | |||
4,700 | e* | Sun Healthcare Group, Inc | 68,103 | |||
TOTAL HEALTH SERVICES | 314,415 | |||||
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.95% | ||||||
5,000 | e | Granite Construction, Inc | 320,900 | |||
10,701 | * | Matrix Service Co | 265,920 | |||
TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING | 586,820 | |||||
HOLDING AND OTHER INVESTMENT OFFICES - 6.59% | ||||||
9,445 | e* | Affordable Residential Communities LP | 111,640 | |||
1,000 | e | Agree Realty Corp | 31,250 | |||
24,800 | e | Ashford Hospitality Trust, Inc | 291,648 | |||
300 | Associated Estates Realty Corp | 4,677 | ||||
3,100 | Compass Diversified Trust | 55,273 | ||||
9,600 | Cousins Properties, Inc | 278,496 | ||||
16,300 | e | DiamondRock Hospitality Co | 311,004 | |||
1,100 | e | Equity Inns, Inc | 24,640 | |||
5,000 | e | Equity Lifestyle Properties, Inc | 260,950 | |||
6,100 | e | Extra Space Storage, Inc | 100,650 | |||
13,200 | e | FelCor Lodging Trust, Inc | 343,596 | |||
599 | e | Gladstone Capital Corp | 12,855 | |||
5,774 | Highland Hospitality Corp | 110,861 | ||||
489 | e | Highwoods Properties, Inc | 18,338 | |||
6,127 | Home Properties, Inc | 318,175 | ||||
13,000 | Innkeepers U.S.A. Trust | 230,490 | ||||
7,000 | e | LaSalle Hotel Properties | 303,940 | |||
200 | Mid-America Apartment Communities, Inc | 10,496 | ||||
1,600 | e | National Health Investors, Inc | 50,752 | |||
1,000 | PS Business Parks, Inc | 63,370 | ||||
3,200 | Pennsylvania Real Estate Investment Trust | 141,856 | ||||
7,361 | Potlatch Corp | 316,891 | ||||
1,500 | Saul Centers, Inc | 68,025 | ||||
300 | e* | Star Maritime Acquisition Corp | 3,678 | |||
1,400 | Sun Communities, Inc | 41,678 | ||||
4,200 | e | Sunstone Hotel Investors, Inc | 119,238 | |||
7,900 | e | Tanger Factory Outlet Centers, Inc | 295,855 | |||
3,400 | * | Winston Hotels, Inc | 51,000 | |||
1,200 | iShares Russell 2000 Index Fund | 99,552 | ||||
TOTAL HOLDING AND OTHER INVESTMENT OFFICES | 4,070,874 | |||||
HOTELS AND OTHER LODGING PLACES - 0.13% | ||||||
2,900 | * | Monarch Casino & Resort, Inc | 77,865 | |||
TOTAL HOTELS AND OTHER LODGING PLACES | 77,865 | |||||
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.68% | ||||||
7,000 | e | Ampco-Pittsburgh Corp | 280,630 | |||
7,600 | * | Asyst Technologies, Inc | 54,948 | |||
1,800 | e | Black Box Corp | 74,484 |
30
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
29,912 | e* | Brocade Communications Systems, Inc | $ | 233,912 | ||
16,902 | * | Brooks Automation, Inc | 306,771 | |||
1,500 | e* | Dril-Quip, Inc | 67,425 | |||
13,556 | e* | Extreme Networks, Inc | 54,902 | |||
18,200 | e* | Gateway, Inc | 28,938 | |||
731 | * | Hurco Cos, Inc | 36,535 | |||
4,100 | e* | Intevac, Inc | 87,166 | |||
289 | e | Kaydon Corp | 15,063 | |||
3,068 | * | Kulicke & Soffa Industries, Inc | 32,122 | |||
3,921 | Lufkin Industries, Inc | 253,101 | ||||
3,100 | e* | Micros Systems, Inc | 168,640 | |||
6,600 | * | NATCO Group, Inc (Class A) | 303,864 | |||
1,000 | Nacco Industries, Inc (Class A) | 155,490 | ||||
1,300 | e* | Netgear, Inc | 47,125 | |||
6,036 | Nordson Corp | 302,766 | ||||
3,900 | e* | Oil States International, Inc | 161,226 | |||
8,000 | Palm, Inc | 128,080 | ||||
700 | * | Rimage Corp | 22,113 | |||
400 | Robbins & Myers, Inc | 21,252 | ||||
6,800 | e* | Safeguard Scientifics, Inc | 19,108 | |||
2,400 | e* | Tecumseh Products Co (Class A) | 37,704 | |||
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT | 2,893,365 | |||||
INSTRUMENTS AND RELATED PRODUCTS - 5.11% | ||||||
708 | e* | Affymetrix, Inc | 17,622 | |||
950 | e* | Bio-Rad Laboratories, Inc (Class A) | 71,791 | |||
29,896 | e* | Bruker BioSciences Corp | 269,363 | |||
1,039 | e* | Coherent, Inc | 31,700 | |||
630 | * | Conmed Corp | 18,446 | |||
2,300 | * | Credence Systems Corp | 8,280 | |||
1,800 | e* | Eagle Test Systems, Inc | 28,908 | |||
614 | * | Esterline Technologies Corp | 29,662 | |||
1,200 | * | Excel Technology, Inc | 33,528 | |||
1,700 | * | Haemonetics Corp | 89,437 | |||
1,900 | e* | Hologic, Inc | 105,089 | |||
4,700 | e* | ICU Medical, Inc | 201,818 | |||
950 | * | II-VI, Inc | 25,812 | |||
37,330 | e* | LTX Corp | 207,555 | |||
2,900 | e* | MKS Instruments, Inc | 80,330 | |||
3,617 | e | MTS Systems Corp | 161,571 | |||
7,550 | * | Medical Action Industries, Inc | 136,353 | |||
800 | e | Mentor Corp | 32,544 | |||
8,100 | e | Movado Group, Inc | 273,294 | |||
1,400 | e* | Wright Medical Group, Inc | 33,768 | |||
4,895 | e* | Palomar Medical Technologies, Inc | 169,905 | |||
10,100 | e | STERIS Corp | 309,060 | |||
2,100 | * | Teledyne Technologies, Inc | 96,495 | |||
1,800 | e | United Industrial Corp | 107,964 | |||
5,128 | * | Varian, Inc | 281,168 | |||
700 | e | Vital Signs, Inc | 38,885 | |||
13,057 | e* | Zoll Medical Corp | 291,302 | |||
400 | * | Zygo Corp | 5,716 | |||
TOTAL INSTRUMENTS AND RELATED PRODUCTS | 3,157,366 |
31
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
INSURANCE AGENTS, BROKERS AND SERVICE - 0.20% | ||||||
100 | Hilb Rogal & Hobbs Co | $ | 4,286 | |||
4,855 | * | United America Indemnity Ltd (Class A) | 120,744 | |||
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE | 125,030 | |||||
INSURANCE CARRIERS - 3.81% | ||||||
12,300 | * | AMERIGROUP Corp | 292,740 | |||
2,500 | * | Amerisafe, Inc | 49,075 | |||
5,000 | Argonaut Group, Inc | 156,050 | ||||
4,800 | Aspen Insurance Holdings Ltd | 134,736 | ||||
700 | Bristol West Holdings, Inc | 15,659 | ||||
700 | EMC Insurance Group, Inc | 17,374 | ||||
2,700 | * | Hallmark Financial Services | 32,724 | |||
82 | Harleysville Group, Inc | 2,736 | ||||
1,200 | e* | HealthExtras, Inc | 35,496 | |||
11,500 | * | Healthspring, Inc | 219,190 | |||
11,000 | * | Meadowbrook Insurance Group, Inc | 120,560 | |||
8,600 | e* | Molina Healthcare, Inc | 262,472 | |||
100 | National Interstate Corp | 2,608 | ||||
150 | * | Navigators Group, Inc | 8,085 | |||
6,900 | Odyssey Re Holdings Corp | 295,941 | ||||
5,067 | * | PMA Capital Corp (Class A) | 54,166 | |||
3,100 | Phoenix Cos, Inc | 46,531 | ||||
9,600 | e | Platinum Underwriters Holdings Ltd | 333,600 | |||
4,900 | e | Safety Insurance Group, Inc | 202,860 | |||
400 | Selective Insurance Group, Inc | 10,752 | ||||
2,706 | * | Universal American Financial Corp | 57,584 | |||
TOTAL INSURANCE CARRIERS | 2,350,939 | |||||
LEATHER AND LEATHER PRODUCTS - 0.53% | ||||||
8,600 | e | Steven Madden Ltd | 281,736 | |||
1,800 | * | Timberland Co (Class A) | 45,342 | |||
TOTAL LEATHER AND LEATHER PRODUCTS | 327,078 | |||||
LEGAL SERVICES - 0.28% | ||||||
2,694 | * | Pre-Paid Legal Services, Inc | 173,251 | |||
TOTAL LEGAL SERVICES | 173,251 | |||||
LUMBER AND WOOD PRODUCTS - 0.07% | ||||||
1,200 | e | American Woodmark Corp | 41,520 | |||
TOTAL LUMBER AND WOOD PRODUCTS | 41,520 | |||||
METAL MINING - 0.19% | ||||||
1,150 | e | Cleveland-Cliffs, Inc | 89,320 | |||
1,300 | * | Rosetta Resources, Inc | 28,002 | |||
TOTAL METAL MINING | 117,322 | |||||
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.78% | ||||||
700 | e | Blyth, Inc | 18,606 | |||
2,000 | e | Callaway Golf Co | 35,620 | |||
9,204 | e* | Jakks Pacific, Inc | 259,001 | |||
6,300 | e* | K2, Inc | 95,697 | |||
3,100 | e | Nautilus, Inc | 37,324 |
32
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
900 | e* | RC2 Corp | $ | 36,009 | ||
TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES | 482,257 | |||||
MISCELLANEOUS RETAIL - 1.85% | ||||||
19,895 | e* | Ezcorp, Inc (Class A) | 263,410 | |||
900 | e | Longs Drug Stores Corp | 47,268 | |||
18,655 | * | Stamps.com, Inc | 257,066 | |||
4,785 | Systemax, Inc | 99,576 | ||||
6,400 | e | World Fuel Services Corp | 269,184 | |||
2,992 | e* | Priceline.com, Inc | 205,670 | |||
TOTAL MISCELLANEOUS RETAIL | 1,142,174 | |||||
MOTION PICTURES - 0.01% | ||||||
221 | * | Macrovision Corp | 6,643 | |||
TOTAL MOTION PICTURES | 6,643 | |||||
NONDEPOSITORY INSTITUTIONS - 0.66% | ||||||
4,274 | e | Advance America Cash Advance Centers, Inc | 75,821 | |||
200 | b,v* | DVI, Inc | - | |||
3,300 | e* | Encore Capital Group, Inc | 41,184 | |||
1,900 | MCG Capital Corp | 30,438 | ||||
16,100 | e* | Ocwen Financial Corp | 214,613 | |||
2,900 | e | Patriot Capital Funding, Inc | 43,065 | |||
TOTAL NONDEPOSITORY INSTITUTIONS | 405,121 | |||||
OIL AND GAS EXTRACTION - 2.60% | ||||||
200 | e | APCO Argentina, Inc | 16,982 | |||
3,916 | Atlas America, Inc | 210,407 | ||||
6,800 | e* | Basic Energy Services, Inc | 173,876 | |||
60 | e* | Bill Barrett Corp | 2,210 | |||
6,900 | e* | Callon Petroleum Co | 97,773 | |||
1,700 | * | Dawson Geophysical Co | 104,482 | |||
6,600 | * | Energy Partners Ltd | 110,154 | |||
5,762 | * | Horizon Offshore, Inc | 110,630 | |||
5,700 | e* | Mariner Energy, Inc | 138,225 | |||
4,800 | * | Meridian Resource Corp | 14,496 | |||
4,600 | e | Penn Virginia Corp | 184,920 | |||
2,009 | e* | PetroHawk Energy Corp | 31,863 | |||
9,200 | e* | Petroquest Energy, Inc | 133,768 | |||
900 | * | Stone Energy Corp | 30,834 | |||
800 | e* | Swift Energy Co | 34,208 | |||
4,770 | e* | Trico Marine Services, Inc | 194,998 | |||
300 | * | Union Drilling, Inc | 4,926 | |||
2,400 | e* | Vaalco Energy, Inc | 11,592 | |||
TOTAL OIL AND GAS EXTRACTION | 1,606,344 | |||||
PAPER AND ALLIED PRODUCTS - 0.47% | ||||||
2,400 | e | Bowater, Inc | 59,880 | |||
7,327 | Rock-Tenn Co (Class A) | 232,412 | ||||
TOTAL PAPER AND ALLIED PRODUCTS | 292,292 | |||||
PERSONAL SERVICES - 0.30% | ||||||
2,200 | CPI Corp | 152,900 | ||||
600 | * | Steiner Leisure Ltd | 29,472 | |||
TOTAL PERSONAL SERVICES | 182,372 |
33
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
PETROLEUM AND COAL PRODUCTS - 0.31% | ||||||
3,900 | e | Alon USA Energy, Inc | $ | 171,639 | ||
300 | e | Western Refining, Inc | 17,340 | |||
TOTAL PETROLEUM AND COAL PRODUCTS | 188,979 | |||||
PRIMARY METAL INDUSTRIES - 1.78% | ||||||
6,500 | e* | AK Steel Holding Corp | 242,905 | |||
4,100 | e | Belden CDT, Inc | 226,935 | |||
1,000 | e* | Brush Engineered Materials, Inc | 41,990 | |||
400 | Chaparral Steel Co | 28,748 | ||||
800 | * | Coleman Cable, Inc | 20,688 | |||
4,280 | * | CommScope, Inc | 249,738 | |||
2,200 | e* | General Cable Corp | 166,650 | |||
764 | Matthews International Corp (Class A) | 33,318 | ||||
1,900 | e | Mueller Industries, Inc | 65,436 | |||
580 | e* | Superior Essex, Inc | 21,663 | |||
TOTAL PRIMARY METAL INDUSTRIES | 1,098,071 | |||||
PRINTING AND PUBLISHING - 0.83% | ||||||
3,100 | Belo (A.H.) Corp (Class A) | 63,829 | ||||
800 | CSS Industries, Inc | 31,688 | ||||
4,000 | e* | Consolidated Graphics, Inc | 277,120 | |||
2,500 | Ennis, Inc | 58,800 | ||||
2,000 | e* | Primedia, Inc | 5,700 | |||
2,125 | e* | Scholastic Corp | 76,372 | |||
TOTAL PRINTING AND PUBLISHING | 513,509 | |||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.74% | ||||||
3,538 | e* | AEP Industries, Inc | 159,245 | |||
5,146 | e | Cooper Tire & Rubber Co | 142,133 | |||
1,800 | Schulman (A.), Inc | 43,794 | ||||
3,600 | Spartech Corp | 95,580 | ||||
11,300 | Tupperware Corp | 324,762 | ||||
6,600 | e | West Pharmaceutical Services, Inc | 311,190 | |||
TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS | 1,076,704 | |||||
SECURITY AND COMMODITY BROKERS - 1.07% | ||||||
6,999 | Calamos Asset Management, Inc (Class A) | 178,824 | ||||
2,400 | * | Cowen Group, Inc | 42,984 | |||
1,600 | * | Interactive Brokers Group, Inc (Class A) | 43,408 | |||
1,000 | e | International Securities Exchange, Inc | 65,350 | |||
13,000 | * | Knight Capital Group, Inc (Class A) | 215,800 | |||
1,400 | * | Penson Worldwide, Inc | 34,342 | |||
900 | * | Piper Jaffray Cos | 50,157 | |||
1,400 | SWS Group, Inc | 30,268 | ||||
TOTAL SECURITY AND COMMODITY BROKERS | 661,133 | |||||
SOCIAL SERVICES - 0.09% | ||||||
170 | * | Bright Horizons Family Solutions, Inc | 6,615 | |||
2,389 | * | Res-Care, Inc | 50,503 | |||
TOTAL SOCIAL SERVICES | 57,118 | |||||
34
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
SPECIAL TRADE CONTRACTORS - 0.61% | ||||||
1,100 | Comfort Systems USA, Inc | $ | 15,598 | |||
4,600 | * | EMCOR Group, Inc | 335,340 | |||
800 | e* | Integrated Electrical Services, Inc | 26,376 | |||
TOTAL SPECIAL TRADE CONTRACTORS | 377,314 | |||||
TEXTILE MILL PRODUCTS - 0.08% | ||||||
1,100 | e | Oxford Industries, Inc | 48,774 | |||
TOTAL TEXTILE MILL PRODUCTS | 48,774 | |||||
TRANSPORTATION BY AIR - 0.73% | ||||||
21,533 | e* | ABX Air, Inc | 173,556 | |||
100 | e* | Airtran Holdings, Inc | 1,092 | |||
1,100 | * | Alaska Air Group, Inc | 30,646 | |||
998 | * | EGL, Inc | 46,387 | |||
12,300 | e* | ExpressJet Holdings, Inc | 73,554 | |||
6,000 | e* | Pinnacle Airlines Corp | 112,500 | |||
500 | e | Skywest, Inc | 11,915 | |||
TOTAL TRANSPORTATION BY AIR | 449,650 | |||||
TRANSPORTATION EQUIPMENT - 2.78% | ||||||
10,400 | e | ArvinMeritor, Inc | 230,880 | |||
987 | e* | BE Aerospace, Inc | 40,763 | |||
417 | Clarcor, Inc | 15,608 | ||||
6,400 | * | Comtech Group, Inc | 105,664 | |||
5,300 | e | Freightcar America, Inc | 253,552 | |||
6,044 | e | Group 1 Automotive, Inc | 243,815 | |||
9,700 | e* | Hayes Lemmerz International, Inc | 51,895 | |||
2,163 | e | Kaman Corp | 67,464 | |||
600 | * | Miller Industries, Inc | 15,060 | |||
5,500 | e* | Orbital Sciences Corp | 115,555 | |||
1,100 | e | Polaris Industries, Inc | 59,576 | |||
7,000 | e | A.O. Smith Corp | 279,230 | |||
1,000 | e | Triumph Group, Inc | 65,470 | |||
21,600 | e* | Visteon Corp | 174,960 | |||
TOTAL TRANSPORTATION EQUIPMENT | 1,719,492 | |||||
TRANSPORTATION SERVICES - 0.80% | ||||||
200 | * | Dynamex, Inc | 5,106 | |||
2,358 | e* | HUB Group, Inc (Class A) | 82,907 | |||
3,700 | * | Lear Corp | 131,757 | |||
11,590 | Pacer International, Inc | 272,597 | ||||
TOTAL TRANSPORTATION SERVICES | 492,367 | |||||
TRUCKING AND WAREHOUSING - 0.01% | ||||||
316 | * | Saia, Inc | 8,614 | |||
TOTAL TRUCKING AND WAREHOUSING | 8,614 | |||||
WATER TRANSPORTATION - 0.26% | ||||||
4,900 | Horizon Lines, Inc (Class A) | 160,524 | ||||
TOTAL WATER TRANSPORTATION | 160,524 | |||||
WHOLESALE TRADE-DURABLE GOODS - 2.64% | ||||||
9,152 | e | Agilysys, Inc | 205,920 | |||
11,100 | e | Applied Industrial Technologies, Inc | 327,450 |
35
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
300 | BlueLinx Holdings, Inc | $ | 3,147 | |||
185 | * | Digi International, Inc | 2,727 | |||
30,700 | e* | Genesis Microchip, Inc | 287,352 | |||
14,400 | IKON Office Solutions, Inc | 224,784 | ||||
5,270 | * | Insight Enterprises, Inc | 118,944 | |||
4,970 | * | Keystone Automotive Industries, Inc | 205,609 | |||
736 | e* | MWI Veterinary Supply, Inc | 29,359 | |||
9,798 | e* | PSS World Medical, Inc | 178,520 | |||
3,550 | * | Tyler Technologies, Inc | 44,056 | |||
TOTAL WHOLESALE TRADE-DURABLE GOODS | 1,627,868 | |||||
WHOLESALE TRADE-NONDURABLE GOODS - 2.29% | ||||||
30,800 | * | Alliance One International, Inc | 309,540 | |||
400 | e* | Core-Mark Holding Co, Inc | 14,392 | |||
7,900 | e | K-Swiss, Inc (Class A) | 223,807 | |||
2,700 | e | Men's Wearhouse, Inc | 137,889 | |||
1,211 | Myers Industries, Inc | 26,775 | ||||
9,313 | Spartan Stores, Inc | 306,491 | ||||
1,600 | Stride Rite Corp | 32,416 | ||||
5,470 | * | United Stationers, Inc | 364,521 | |||
TOTAL WHOLESALE TRADE-NONDURABLE GOODS | 1,415,831 | |||||
TOTAL COMMON STOCKS | 61,751,878 | |||||
(Cost $57,249,878) | ||||||
SHORT-TERM INVESTMENTS - 28.92% | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 28.92% | ||||||
17,862,209 | State Street Navigator Securities Lending Prime Portfolio | 17,862,209 | ||||
TOTAL SHORT-TERM INVESTMENTS | 17,862,209 | |||||
(Cost $17,862,209) | ||||||
TOTAL PORTFOLIO - 128.89% | 79,614,087 | |||||
(Cost $75,112,087) | ||||||
OTHER ASSETS & LIABILITIES, NET - (28.89%) | (17,847,028 | ) | ||||
NET ASSETS - 100.00% | $ | 61,767,059 | ||||
| ||||||
* | Non-income producing | |||||
** | Percentage is less than 0.01% | |||||
b | In bankruptcy | |||||
d | All or a portion of these securities have beeen segregated by the custodian to cover margin or other | |||||
requirements on open futures contracts in the amount of $6,625. | ||||||
e | All or a portion of these securities are out on loan. | |||||
m | Indicates a security has been deemed illiquid. | |||||
v | Security valued at fair value. |
36
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
STOCK INDEX FUND | ||||||
STATEMENT OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 99.90% | ||||||
AGRICULTURAL PRODUCTION-CROPS - 0.00%** | ||||||
439 | e | Chiquita Brands International, Inc | $ | 8,323 | ||
TOTAL AGRICULTURAL PRODUCTION-CROPS | 8,323 | |||||
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01% | ||||||
439 | e | Pilgrim's Pride Corp | 16,757 | |||
4 | e | Seaboard Corp | 9,380 | |||
TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK | 26,137 | |||||
AGRICULTURAL SERVICES - 0.00%** | ||||||
130 | e* | Cadiz, Inc | 2,921 | |||
TOTAL AGRICULTURAL SERVICES | 2,921 | |||||
AMUSEMENT AND RECREATION SERVICES - 0.64% | ||||||
3,008 | * | Activision, Inc | 56,159 | |||
604 | e* | Bally Technologies, Inc | 15,958 | |||
134 | e | Churchill Downs, Inc | 7,019 | |||
267 | Dover Downs Gaming & Entertainment, Inc | 4,008 | ||||
2,010 | Harrah's Entertainment, Inc | 171,373 | ||||
379 | International Speedway Corp (Class A) | 19,977 | ||||
250 | e* | Lakes Entertainment, Inc | 2,953 | |||
256 | e* | Leapfrog Enterprises, Inc | 2,624 | |||
387 | e* | Life Time Fitness, Inc | 20,600 | |||
749 | * | Live Nation, Inc | 16,763 | |||
194 | e* | MTR Gaming Group, Inc | 2,988 | |||
500 | * | Magna Entertainment Corp | 1,460 | |||
593 | e* | Marvel Entertainment, Inc | 15,110 | |||
488 | e* | Multimedia Games, Inc | 6,227 | |||
786 | * | Penn National Gaming, Inc | 47,231 | |||
573 | * | Pinnacle Entertainment, Inc | 16,130 | |||
1,200 | e* | Six Flags, Inc | 7,308 | |||
164 | e | Speedway Motorsports, Inc | 6,557 | |||
178 | * | Town Sports International Holdings, Inc | 3,439 | |||
442 | e* | WMS Industries, Inc | 12,756 | |||
21,683 | Walt Disney Co | 740,258 | ||||
675 | Warner Music Group Corp | 9,754 | ||||
859 | * | Westwood One, Inc | 6,176 | |||
251 | World Wrestling Entertainment, Inc | 4,013 | ||||
TOTAL AMUSEMENT AND RECREATION SERVICES | 1,196,841 | |||||
APPAREL AND ACCESSORY STORES - 0.67% | ||||||
944 | Abercrombie & Fitch Co (Class A) | 68,893 | ||||
589 | * | Aeropostale, Inc | 24,550 | |||
1,896 | American Eagle Outfitters, Inc | 48,651 | ||||
772 | * | AnnTaylor Stores Corp | 27,344 | |||
380 | e | Bebe Stores, Inc | 6,084 | |||
482 | Brown Shoe Co, Inc | 11,734 |
37
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
97 | Buckle, Inc | $ | 3,822 | |||
300 | e* | Cache, Inc | �� | 3,981 | ||
638 | e* | Carter's, Inc | 16,550 | |||
318 | e* | Casual Male Retail Group, Inc | 3,212 | |||
325 | Cato Corp (Class A) | 7,131 | ||||
270 | * | Charlotte Russe Holding, Inc | 7,255 | |||
1,400 | * | Charming Shoppes, Inc | 15,162 | |||
1,896 | * | Chico's FAS, Inc | 46,149 | |||
222 | e* | Children's Place Retail Stores, Inc | 11,464 | |||
390 | e | Christopher & Banks Corp | 6,689 | |||
100 | e* | Citi Trends, Inc | 3,796 | |||
200 | e* | DSW, Inc (Class A) | 6,964 | |||
46 | DEB Shops, Inc | 1,272 | ||||
600 | * | Dress Barn, Inc | 12,312 | |||
337 | e* | Eddie Bauer Holdings, Inc | 4,330 | |||
565 | Finish Line, Inc (Class A) | 5,147 | ||||
1,692 | Foot Locker, Inc | 36,886 | ||||
6,296 | Gap, Inc | 120,254 | ||||
1,034 | * | Hanesbrands, Inc | 27,949 | |||
450 | e* | HOT Topic, Inc | 4,892 | |||
390 | e* | J Crew Group, Inc | 21,095 | |||
180 | e* | JOS A Bank Clothiers, Inc | 7,465 | |||
242 | e* | Jo-Ann Stores, Inc | 6,880 | |||
3,513 | * | Kohl's Corp | 249,528 | |||
3,849 | Limited Brands, Inc | 105,655 | ||||
140 | * | New York & Co, Inc | 1,534 | |||
2,761 | Nordstrom, Inc | 141,142 | ||||
675 | * | Pacific Sunwear Of California, Inc | 14,850 | |||
733 | * | Payless Shoesource, Inc | 23,126 | |||
1,561 | Ross Stores, Inc | 48,079 | ||||
66 | * | Shoe Carnival, Inc | 1,814 | |||
411 | e | Stage Stores, Inc | 8,615 | |||
500 | e* | Syms Corp | 9,865 | |||
232 | e | Talbots, Inc | 5,807 | |||
359 | e* | Tween Brands, Inc | 16,011 | |||
311 | e* | Under Armour, Inc (Class A) | 14,197 | |||
1,238 | * | Urban Outfitters, Inc | 29,749 | |||
1,045 | e* | Wet Seal, Inc (Class A) | 6,280 | |||
TOTAL APPAREL AND ACCESSORY STORES | 1,244,165 | |||||
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20% | ||||||
165 | e | Columbia Sportswear Co | 11,332 | |||
541 | Guess ?, Inc | 25,990 | ||||
377 | * | Gymboree Corp | 14,858 | |||
1,198 | Jones Apparel Group, Inc | 33,844 | ||||
300 | e | Kellwood Co | 8,436 | |||
1,080 | e | Liz Claiborne, Inc | 40,284 | |||
300 | * | Maidenform Brands, Inc | 5,958 | |||
562 | Phillips-Van Heusen Corp | 34,040 | ||||
663 | Polo Ralph Lauren Corp | 65,047 | ||||
1,365 | * | Quiksilver, Inc | 19,287 | |||
141 | * | True Religion Apparel, Inc | 2,867 | |||
995 | VF Corp | 91,122 |
38
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
488 | * | Warnaco Group, Inc | $ | 19,198 | ||
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS | 372,263 | |||||
AUTO REPAIR, SERVICES AND PARKING - 0.09% | ||||||
100 | e* | Amerco, Inc | 7,550 | |||
268 | * | Dollar Thrifty Automotive Group, Inc | 10,945 | |||
665 | * | Exide Technologies | 6,185 | |||
3,315 | * | Hertz Global Holdings, Inc | 88,080 | |||
251 | * | Midas, Inc | 5,690 | |||
73 | Monro Muffler, Inc | 2,734 | ||||
662 | Ryder System, Inc | 35,616 | ||||
400 | e* | Wright Express Corp | 13,708 | |||
TOTAL AUTO REPAIR, SERVICES AND PARKING | 170,508 | |||||
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18% | ||||||
1,182 | Advance Auto Parts | 47,906 | ||||
200 | Asbury Automotive Group, Inc | 4,990 | ||||
1,724 | * | Autonation, Inc | 38,687 | |||
507 | * | Autozone, Inc | 69,266 | |||
495 | e* | CSK Auto Corp | 9,108 | |||
2,342 | * | Carmax, Inc | 59,721 | |||
817 | * | Copart, Inc | 24,992 | |||
220 | e | Lithia Motors, Inc (Class A) | 5,575 | |||
200 | e* | MarineMax, Inc | 4,004 | |||
1,230 | * | O'Reilly Automotive, Inc | 44,957 | |||
222 | * | Rush Enterprises, Inc (Class A) | 4,822 | |||
287 | e | Sonic Automotive, Inc (Class A) | 8,314 | |||
570 | United Auto Group, Inc | 12,135 | ||||
TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS | 334,477 | |||||
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.76% | ||||||
200 | e* | Builders FirstSource, Inc | 3,212 | |||
798 | e* | Central Garden and Pet Co (Class A) | 9,361 | |||
1,396 | e | Fastenal Co | 58,437 | |||
21,548 | Home Depot, Inc | 847,914 | ||||
16,484 | Lowe's Cos, Inc | 505,894 | ||||
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES | 1,424,818 | |||||
BUSINESS SERVICES - 6.93% | ||||||
523 | * | 24/7 Real Media, Inc | 6,135 | |||
4,200 | * | 3Com Corp | 17,346 | |||
128 | e* | 3D Systems Corp | 3,183 | |||
474 | e | ABM Industries, Inc | 12,234 | |||
269 | Aircastle Ltd | 10,709 | ||||
357 | * | AMN Healthcare Services, Inc | 7,854 | |||
556 | Aaron Rents, Inc | 16,235 | ||||
305 | e* | Acacia Research (Acacia Technologies) | 4,929 | |||
6,493 | Accenture Ltd (Class A) | 278,485 | ||||
620 | e* | Actuate Corp | 4,210 | |||
741 | Acxiom Corp | 19,599 | ||||
200 | Administaff, Inc | 6,698 | ||||
6,447 | * | Adobe Systems, Inc | 258,847 | |||
300 | e* | Advent Software, Inc | 9,765 | |||
1,024 | * | Affiliated Computer Services, Inc (Class A) | 58,081 | |||
455 | * | Agile Software Corp | 3,667 |
39
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,807 | e* | Akamai Technologies, Inc | $ | 87,892 | ||
883 | * | Alliance Data Systems Corp | 68,238 | |||
2,162 | * | Amdocs Ltd | 86,091 | |||
283 | e* | American Reprographics Co | 8,714 | |||
136 | * | Ansoft Corp | 4,011 | |||
845 | * | Ansys, Inc | 22,393 | |||
410 | Arbitron, Inc | 21,127 | ||||
706 | e* | Ariba, Inc | 6,996 | |||
1,213 | e* | Art Technology Group, Inc | 3,227 | |||
1,118 | * | Aspen Technology, Inc | 15,652 | |||
96 | Asset Acceptance Capital Corp | 1,699 | ||||
2,525 | * | Autodesk, Inc | 118,877 | |||
6,052 | Automatic Data Processing, Inc | 293,340 | ||||
1,088 | * | Avis Budget Group, Inc | 30,932 | |||
484 | e* | Avocent Corp | 14,041 | |||
4,115 | * | BEA Systems, Inc | 56,334 | |||
2,197 | * | BMC Software, Inc | 66,569 | |||
487 | e* | BPZ Energy, Inc | 2,717 | |||
140 | e* | Bankrate, Inc | 6,709 | |||
2,100 | e* | BearingPoint, Inc | 15,351 | |||
1,400 | * | BISYS Group, Inc | 16,562 | |||
479 | Blackbaud, Inc | 10,576 | ||||
304 | e* | Blackboard, Inc | 12,804 | |||
195 | e* | Blue Coat Systems, Inc | 9,656 | |||
600 | e* | Borland Software Corp | 3,564 | |||
300 | * | Bottomline Technologies, Inc | 3,705 | |||
549 | e | Brady Corp (Class A) | 20,390 | |||
477 | Brink's Co | 29,522 | ||||
4,506 | CA, Inc | 116,390 | ||||
357 | * | CACI International, Inc (Class A) | 17,439 | |||
854 | e* | CBIZ, Inc | 6,277 | |||
5,294 | * | CMGI, Inc | 10,323 | |||
1,627 | e* | CNET Networks, Inc | 13,325 | |||
386 | e* | Commvault Systems, Inc | 6,666 | |||
100 | * | COMSYS IT Partners, Inc | 2,281 | |||
485 | e* | CSG Systems International, Inc | 12,857 | |||
3,072 | * | Cadence Design Systems, Inc | 67,461 | |||
120 | * | Capella Education Co | 5,524 | |||
516 | Catalina Marketing Corp | 16,254 | ||||
1,580 | * | Ceridian Corp | 55,300 | |||
707 | e* | Cerner Corp | 39,217 | |||
873 | e* | Checkfree Corp | 35,095 | |||
852 | * | ChoicePoint, Inc | 36,167 | |||
338 | * | Chordiant Software, Inc | 5,293 | |||
532 | e* | Ciber, Inc | 4,352 | |||
1,981 | * | Citrix Systems, Inc | 66,700 | |||
400 | e* | Clear Channel Outdoor Holdings, Inc (Class A) | 11,336 | |||
183 | e* | CoStar Group, Inc | 9,677 | |||
546 | * | Cogent Communications Group, Inc | 16,309 | |||
473 | e* | Cogent, Inc | 6,948 | |||
459 | e | Cognex Corp | 10,332 | |||
1,572 | * | Cognizant Technology Solutions Corp (Class A) | 118,041 | |||
65 | e | Computer Programs & Systems, Inc | 2,014 | |||
1,894 | * | Computer Sciences Corp | 112,030 |
40
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
3,298 | e* | Compuware Corp | $ | 39,114 | ||
410 | e* | Concur Technologies, Inc | 9,369 | |||
1,524 | * | Convergys Corp | 36,942 | |||
339 | e* | Covansys Corp | 11,502 | |||
500 | e* | Cybersource Corp | 6,030 | |||
590 | * | DST Systems, Inc | 46,734 | |||
367 | * | DealerTrack Holdings, Inc | 13,520 | |||
567 | Deluxe Corp | 23,026 | ||||
453 | e* | Digital River, Inc | 20,498 | |||
259 | * | DivX, Inc | 3,885 | |||
510 | * | DynCorp International, Inc (Class A) | 11,215 | |||
135 | e* | EPIQ Systems, Inc | 2,182 | |||
1,405 | e* | Earthlink, Inc | 10,495 | |||
298 | e* | Echelon Corp | 4,658 | |||
518 | e* | Eclipsys Corp | 10,256 | |||
100 | e | Electro Rent Corp | 1,454 | |||
3,409 | * | Electronic Arts, Inc | 161,314 | |||
5,565 | Electronic Data Systems Corp | 154,317 | ||||
698 | * | Epicor Software Corp | 10,379 | |||
1,590 | Equifax, Inc | 70,628 | ||||
345 | e* | Equinix, Inc | 31,557 | |||
1,464 | e* | Evergreen Energy, Inc | 8,828 | |||
250 | e* | ExlService Holdings, Inc | 4,685 | |||
2,215 | e* | Expedia, Inc | 64,877 | |||
460 | * | F5 Networks, Inc | 37,076 | |||
300 | e | FTD Group, Inc | 5,523 | |||
455 | e | Factset Research Systems, Inc | 31,099 | |||
659 | Fair Isaac Corp | 26,439 | ||||
313 | * | FalconStor Software, Inc | 3,302 | |||
2,052 | Fidelity National Information Services, Inc | 111,383 | ||||
113 | e* | First Advantage Corp (Class A) | 2,600 | |||
8,255 | e | First Data Corp | 269,691 | |||
1,841 | * | Fiserv, Inc | 104,569 | |||
100 | * | Forrester Research, Inc | 2,813 | |||
739 | e* | Gartner, Inc | 18,172 | |||
244 | e* | Gerber Scientific, Inc | 2,835 | |||
565 | * | Getty Images, Inc | 27,013 | |||
252 | e | Gevity HR, Inc | 4,871 | |||
362 | * | Global Cash Access, Inc | 5,799 | |||
173 | e* | Global Sources Ltd | 3,927 | |||
2,503 | * | Google, Inc (Class A) | 1,310,020 | |||
180 | e* | H&E Equipment Services, Inc | 4,993 | |||
1,889 | * | HLTH Corp | 26,465 | |||
227 | * | HMS Holdings Corp | 4,345 | |||
492 | e | Healthcare Services Group | 14,514 | |||
100 | e | Heartland Payment Systems, Inc | 2,933 | |||
200 | * | Heidrick & Struggles International, Inc | 10,248 | |||
800 | Jack Henry & Associates, Inc | 20,600 | ||||
326 | * | Hudson Highland Group, Inc | 6,973 | |||
570 | e* | Hypercom Corp | 3,369 | |||
346 | * | IHS, Inc (Class A) | 15,916 | |||
2,143 | IMS Health, Inc | 68,855 | ||||
138 | e | Imergent, Inc | 3,375 | |||
392 | e* | Infocrossing, Inc | 7,240 |
41
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
974 | * | Informatica Corp | $ | 14,386 | ||
367 | e | Infospace, Inc | 8,518 | |||
259 | e* | Innerworkings, Inc | 4,149 | |||
300 | e* | Innovative Solutions & Support, Inc | 6,966 | |||
109 | e | Integral Systems, Inc | 2,650 | |||
387 | Interactive Data Corp | 10,364 | ||||
144 | * | Interactive Intelligence, Inc | 2,966 | |||
538 | e* | Internap Network Services Corp | 7,758 | |||
405 | e* | Internet Capital Group, Inc | 5,022 | |||
200 | Interpool, Inc | 5,380 | ||||
5,198 | e* | Interpublic Group of Cos, Inc | 59,257 | |||
401 | * | Interwoven, Inc | 5,630 | |||
3,685 | * | Intuit, Inc | 110,845 | |||
470 | e* | Ipass, Inc | 2,547 | |||
1,870 | * | Iron Mountain, Inc | 48,863 | |||
245 | e* | JDA Software Group, Inc | 4,809 | |||
6,193 | * | Juniper Networks, Inc | 155,878 | |||
300 | e | Kelly Services, Inc (Class A) | 8,238 | |||
276 | e* | Kenexa Corp | 10,408 | |||
168 | * | Keynote Systems, Inc | 2,755 | |||
271 | * | Kforce, Inc | 4,331 | |||
582 | * | Kinetic Concepts, Inc | 30,247 | |||
298 | e* | Knot, Inc | 6,017 | |||
500 | e* | Korn/Ferry International | 13,130 | |||
550 | * | Labor Ready, Inc | 12,711 | |||
905 | e | Lamar Advertising Co (Class A) | 56,798 | |||
1,343 | e* | Lawson Software, Inc | 13,282 | |||
638 | * | Lionbridge Technologies | 3,758 | |||
402 | e* | LivePerson, Inc | 2,151 | |||
176 | * | LoJack Corp | 3,923 | |||
1,117 | * | MPS Group, Inc | 14,934 | |||
477 | e* | MSC.Software Corp | 6,459 | |||
570 | e* | Magma Design Automation, Inc | 8,003 | |||
311 | * | Manhattan Associates, Inc | 8,680 | |||
925 | Manpower, Inc | 85,322 | ||||
139 | * | Mantech International Corp (Class A) | 4,285 | |||
206 | Marchex, Inc (Class B) | 3,362 | ||||
865 | e | Mastercard, Inc (Class A) | 143,478 | |||
1,730 | * | McAfee, Inc | 60,896 | |||
824 | * | Mentor Graphics Corp | 10,852 | |||
90,109 | Microsoft Corp | 2,655,512 | ||||
100 | * | MicroStrategy, Inc (Class A) | 9,449 | |||
300 | e* | Midway Games, Inc | 1,908 | |||
837 | MoneyGram International, Inc | 23,394 | ||||
1,346 | * | Monster Worldwide, Inc | 55,321 | |||
1,049 | * | Move, Inc | 4,700 | |||
1,071 | * | NAVTEQ Corp | 45,346 | |||
1,968 | * | NCR Corp | 103,399 | |||
310 | e | NIC, Inc | 2,120 | |||
400 | * | Ness Technologies, Inc | 5,204 | |||
510 | e* | NetFlix, Inc | 9,889 | |||
288 | * | Network Equipment Technologies, Inc | 2,748 | |||
4,067 | * | Novell, Inc | 31,682 | |||
1,532 | e* | Nuance Communications, Inc | 25,630 |
42
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
3,618 | Omnicom Group, Inc | $ | 191,465 | |||
433 | e* | Omniture, Inc | 9,924 | |||
282 | * | On Assignment, Inc | 3,023 | |||
222 | e* | Online Resources Corp | 2,438 | |||
903 | e* | Opsware, Inc | 8,588 | |||
42,180 | * | Oracle Corp | 831,368 | |||
300 | e* | PDF Solutions, Inc | 3,549 | |||
120 | e* | PRA International | 3,036 | |||
500 | e* | Packeteer, Inc | 3,905 | |||
1,140 | * | Parametric Technology Corp | 24,635 | |||
202 | e* | PeopleSupport, Inc | 2,293 | |||
320 | e* | Perficient, Inc | 6,624 | |||
953 | * | Perot Systems Corp (Class A) | 16,239 | |||
300 | * | Phase Forward, Inc | 5,049 | |||
176 | e | Portfolio Recovery Associates, Inc | 10,564 | |||
762 | * | Premiere Global Services, Inc | 9,921 | |||
395 | * | Progress Software Corp | 12,557 | |||
108 | e | QAD, Inc | 896 | |||
140 | e | Quality Systems, Inc | 5,316 | |||
829 | * | Quest Software, Inc | 13,422 | |||
237 | e* | Radiant Systems, Inc | 3,138 | |||
187 | e* | Radisys Corp | 2,319 | |||
754 | * | Raser Technologies, Inc | 5,572 | |||
1,196 | e* | RealNetworks, Inc | 9,771 | |||
2,113 | * | Red Hat, Inc | 47,078 | |||
100 | e | Renaissance Learning, Inc | 1,315 | |||
770 | * | Rent-A-Center, Inc | 20,197 | |||
200 | e* | RightNow Technologies, Inc | 3,282 | |||
1,561 | Robert Half International, Inc | 56,977 | ||||
311 | Rollins, Inc | 7,081 | ||||
792 | * | S1 Corp | 6,328 | |||
101 | e* | SI International, Inc | 3,335 | |||
200 | e* | SPSS, Inc | 8,828 | |||
419 | e* | SRA International, Inc (Class A) | 10,584 | |||
134 | e* | SYNNEX Corp | 2,762 | |||
1,037 | e* | Salesforce.com, Inc | 44,446 | |||
700 | * | Sapient Corp | 5,411 | |||
618 | e* | Secure Computing Corp | 4,691 | |||
3,204 | ServiceMaster Co | 49,534 | ||||
270 | e* | Smith Micro Software, Inc | 4,066 | |||
378 | e* | Sohu.com, Inc | 12,092 | |||
542 | * | SonicWALL, Inc | 4,656 | |||
3,028 | e* | Sonus Networks, Inc | 25,799 | |||
720 | Sotheby's | 33,134 | ||||
624 | * | Spherion Corp | 5,859 | |||
73 | * | Stratasys, Inc | 3,430 | |||
39,200 | * | Sun Microsystems, Inc | 206,192 | |||
1,054 | * | Sybase, Inc | 25,180 | |||
356 | * | SYKES Enterprises, Inc | 6,760 | |||
9,857 | * | Symantec Corp | 199,111 | |||
203 | * | Synchronoss Technologies, Inc | 5,956 | |||
1,602 | * | Synopsys, Inc | 42,341 | |||
140 | Syntel, Inc | 4,255 | ||||
200 | e | TAL International Group, Inc | 5,942 |
43
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
787 | * | THQ, Inc | $ | 24,019 | ||
2,110 | * | TIBCO Software, Inc | 19,096 | |||
259 | e | TNS, Inc | 3,732 | |||
685 | e* | Take-Two Interactive Software, Inc | 13,679 | |||
177 | * | Taleo Corp (Class A) | 3,988 | |||
455 | e* | TeleTech Holdings, Inc | 14,778 | |||
196 | e | TheStreet.com, Inc | 2,132 | |||
470 | e | Total System Services, Inc | 13,870 | |||
183 | e* | TradeStation Group, Inc | 2,132 | |||
400 | * | Transaction Systems Architects, Inc | 13,464 | |||
100 | e* | Travelzoo, Inc | 2,659 | |||
444 | * | Trizetto Group, Inc | 8,596 | |||
242 | e* | Ultimate Software Group, Inc | 7,001 | |||
3,813 | * | Unisys Corp | 34,851 | |||
750 | e | United Online, Inc | 12,368 | |||
864 | * | United Rentals, Inc | 28,115 | |||
329 | * | Universal Compression Holdings, Inc | 23,843 | |||
1,094 | e* | Valueclick, Inc | 32,229 | |||
248 | e* | Vasco Data Security International | 5,644 | |||
2,658 | * | VeriSign, Inc | 84,338 | |||
95 | e* | Vertrue, Inc | 4,634 | |||
263 | Viad Corp | 11,091 | ||||
306 | * | Vignette Corp | 5,863 | |||
200 | e* | Visual Sciences, Inc | 3,094 | |||
142 | * | Vocus, Inc | 3,566 | |||
150 | e* | Volt Information Sciences, Inc | 2,766 | |||
5,659 | Waste Management, Inc | 220,984 | ||||
51 | e* | WebMD Health Corp (Class A) | 2,401 | |||
564 | e* | Websense, Inc | 11,985 | |||
752 | * | Wind River Systems, Inc | 8,272 | |||
13,270 | * | Yahoo!, Inc | 360,015 | |||
774 | * | aQuantive, Inc | 49,381 | |||
12,556 | * | eBay, Inc | 404,052 | |||
122 | * | eCollege.com, Inc | 2,715 | |||
575 | e* | eFunds Corp | 20,292 | |||
248 | e* | eSpeed, Inc (Class A) | 2,143 | |||
400 | e* | i2 Technologies, Inc | 7,456 | |||
213 | * | iGate Corp | 1,708 | |||
306 | * | inVentiv Health, Inc | 11,203 | |||
311 | infoUSA, Inc | 3,178 | ||||
TOTAL BUSINESS SERVICES | 12,949,574 | |||||
CHEMICALS AND ALLIED PRODUCTS - 8.77% | ||||||
16,853 | Abbott Laboratories | 902,478 | ||||
303 | e* | Abraxis BioScience, Inc | 6,736 | |||
300 | e* | Acadia Pharmaceuticals, Inc | 4,101 | |||
232 | e* | Acorda Therapeutics, Inc | 3,958 | |||
240 | e* | Adams Respiratory Therapeutics, Inc | 9,454 | |||
157 | e* | Advanced Magnetics, Inc | 9,131 | |||
2,369 | Air Products & Chemicals, Inc | 190,397 | ||||
276 | * | Albany Molecular Research, Inc | 4,099 | |||
852 | Albemarle Corp | 32,828 | ||||
887 | Alberto-Culver Co | 21,040 | ||||
400 | e* | Alexion Pharmaceuticals, Inc | 18,024 |
44
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,288 | e* | Alkermes, Inc | $ | 18,805 | ||
468 | * | Allos Therapeutics, Inc | 2,069 | |||
344 | e* | Alnylam Pharmaceuticals, Inc | 5,225 | |||
534 | e* | Alpharma, Inc (Class A) | 13,889 | |||
479 | e* | American Oriental Bioengineering, Inc | 4,263 | |||
146 | e | American Vanguard Corp | 2,091 | |||
12,728 | * | Amgen, Inc | 703,731 | |||
200 | Arch Chemicals, Inc | 7,028 | ||||
492 | e* | Arena Pharmaceuticals, Inc | 5,407 | |||
364 | e* | Arqule, Inc | 2,566 | |||
600 | e* | Array Biopharma, Inc | 7,002 | |||
600 | e* | Auxilium Pharmaceuticals, Inc | 9,564 | |||
550 | e* | Aventine Renewable Energy Holdings, Inc | 9,334 | |||
1,186 | Avery Dennison Corp | 78,845 | ||||
4,800 | Avon Products, Inc | 176,400 | ||||
184 | e | Balchem Corp | 3,343 | |||
1,154 | * | Barr Pharmaceuticals, Inc | 57,965 | |||
111 | e* | Bentley Pharmaceuticals, Inc | 1,348 | |||
967 | e* | BioMarin Pharmaceuticals, Inc | 17,348 | |||
800 | * | Bioenvision, Inc | 4,624 | |||
3,745 | * | Biogen Idec, Inc | 200,358 | |||
400 | e* | Bradley Pharmaceuticals, Inc | 8,684 | |||
21,531 | Bristol-Myers Squibb Co | 679,518 | ||||
607 | CF Industries Holdings, Inc | 36,353 | ||||
696 | Cabot Corp | 33,185 | ||||
300 | e* | Calgon Carbon Corp | 3,480 | |||
206 | Cambrex Corp | 2,734 | ||||
1,384 | Celanese Corp (Series A) | 53,672 | ||||
300 | e* | Cell Genesys, Inc | 1,005 | |||
724 | e* | Cephalon, Inc | 58,202 | |||
749 | e* | Charles River Laboratories International, Inc | 38,663 | |||
149 | * | Chattem, Inc | 9,444 | |||
2,512 | Chemtura Corp | 27,908 | ||||
712 | e | Church & Dwight Co, Inc | 34,504 | |||
1,659 | Clorox Co | 103,024 | ||||
5,597 | Colgate-Palmolive Co | 362,965 | ||||
711 | e* | Cubist Pharmaceuticals, Inc | 14,014 | |||
565 | e* | Cypress Bioscience, Inc | 7,492 | |||
966 | * | CytRx Corp | 3,014 | |||
525 | Cytec Industries, Inc | 33,479 | ||||
898 | Dade Behring Holdings, Inc | 47,702 | ||||
1,113 | e* | Dendreon Corp | 7,880 | |||
236 | * | Digene Corp | 14,172 | |||
911 | e* | Discovery Laboratories, Inc | 2,578 | |||
10,430 | Dow Chemical Co | 461,215 | ||||
10,104 | Du Pont (E.I.) de Nemours & Co | 513,687 | ||||
698 | e* | Durect Corp | 2,687 | |||
889 | Eastman Chemical Co | 57,189 | ||||
1,912 | Ecolab, Inc | 81,642 | ||||
350 | e* | Elizabeth Arden, Inc | 8,491 | |||
2,400 | e* | Encysive Pharmaceuticals, Inc | 4,272 | |||
400 | e* | Enzon Pharmaceuticals, Inc | 3,140 | |||
1,252 | Estee Lauder Cos (Class A) | 56,979 | ||||
427 | FMC Corp | 38,170 |
45
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
396 | Ferro Corp | $ | 9,872 | |||
3,503 | e* | Forest Laboratories, Inc | 159,912 | |||
400 | e* | GTx, Inc | 6,476 | |||
5,167 | * | Genentech, Inc | 390,935 | |||
2,894 | * | Genzyme Corp | 186,374 | |||
400 | e | Georgia Gulf Corp | 7,244 | |||
1,012 | e* | Geron Corp | 7,124 | |||
10,264 | * | Gilead Sciences, Inc | 397,935 | |||
600 | H.B. Fuller Co | 17,934 | ||||
705 | e* | Halozyme Therapeutics, Inc | 6,507 | |||
1,169 | * | Hercules, Inc | 22,971 | |||
1,725 | * | Hospira, Inc | 67,344 | |||
1,379 | * | Human Genome Sciences, Inc | 12,301 | |||
982 | Huntsman Corp | 23,872 | ||||
135 | e* | Idenix Pharmaceuticals, Inc | 797 | |||
360 | * | Idexx Laboratories, Inc | 34,067 | |||
675 | * | ImClone Systems, Inc | 23,868 | |||
676 | * | Immucor, Inc | 18,908 | |||
507 | e* | Indevus Pharmaceuticals, Inc | 3,412 | |||
229 | e | Innophos Holdings, Inc | 3,275 | |||
131 | Innospec, Inc | 7,757 | ||||
94 | e | Inter Parfums, Inc | 2,502 | |||
314 | e* | InterMune, Inc | 8,145 | |||
990 | International Flavors & Fragrances, Inc | 51,619 | ||||
517 | e* | Inverness Medical Innovations, Inc | 26,377 | |||
524 | * | Invitrogen Corp | 38,645 | |||
453 | e* | Javelin Pharmaceuticals, Inc | 2,804 | |||
360 | e* | KV Pharmaceutical Co (Class A) | 9,806 | |||
162 | e | Kaiser Aluminum Corp | 11,807 | |||
230 | * | Keryx Biopharmaceuticals, Inc | 2,247 | |||
2,581 | * | King Pharmaceuticals, Inc | 52,807 | |||
193 | Koppers Holdings, Inc | 6,500 | ||||
56 | e | Kronos Worldwide, Inc | 1,433 | |||
230 | * | Landec Corp | 3,082 | |||
993 | e | Ligand Pharmaceuticals, Inc (Class B) | 6,832 | |||
10,952 | Eli Lilly & Co | 611,998 | ||||
722 | Lubrizol Corp | 46,605 | ||||
2,550 | e | Lyondell Chemical Co | 94,656 | |||
792 | * | MGI Pharma, Inc | 17,717 | |||
300 | e* | MannKind Corp | 3,699 | |||
342 | e | Mannatech, Inc | 5,434 | |||
338 | e* | Martek Biosciences Corp | 8,778 | |||
1,476 | e* | Medarex, Inc | 21,092 | |||
547 | e* | Medicines Co | 9,638 | |||
596 | e | Medicis Pharmaceutical Corp (Class A) | 18,202 | |||
232 | * | Medivation, Inc | 4,740 | |||
23,712 | Merck & Co, Inc | 1,180,858 | ||||
433 | e | Meridian Bioscience, Inc | 9,379 | |||
3,429 | * | Millennium Pharmaceuticals, Inc | 36,245 | |||
246 | e | Minerals Technologies, Inc | 16,470 | |||
528 | e* | Minrad International, Inc | 3,131 | |||
571 | e* | Momenta Pharmaceuticals, Inc | 5,756 | |||
6,020 | Monsanto Co | 406,591 | ||||
1,731 | * | Mosaic Co | 67,544 |
46
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
2,728 | * | Mylan Laboratories, Inc | $ | 49,622 | ||
580 | * | NBTY, Inc | 25,056 | |||
113 | e | NL Industries, Inc | 1,132 | |||
612 | e* | Nabi Biopharmaceuticals | 2,815 | |||
1,497 | Nalco Holding Co | 41,093 | ||||
187 | e* | Nastech Pharmaceutical Co, Inc | 2,040 | |||
559 | e* | Neurocrine Biosciences, Inc | 6,278 | |||
154 | NewMarket Corp | 7,449 | ||||
200 | e* | Noven Pharmaceuticals, Inc | 4,690 | |||
298 | * | OM Group, Inc | 15,770 | |||
596 | * | OSI Pharmaceuticals, Inc | 21,581 | |||
739 | Olin Corp | 15,519 | ||||
151 | e* | Omrix Biopharmaceuticals, Inc | 4,750 | |||
450 | e* | Onyx Pharmaceuticals, Inc | 12,105 | |||
360 | e* | OraSure Technologies, Inc | 2,945 | |||
1,273 | e* | PDL BioPharma, Inc | 29,661 | |||
1,796 | PPG Industries, Inc | 136,694 | ||||
235 | e* | Pacific Ethanol, Inc | 3,102 | |||
300 | * | Pain Therapeutics, Inc | 2,613 | |||
364 | * | Par Pharmaceutical Cos, Inc | 10,276 | |||
270 | * | Parexel International Corp | 11,356 | |||
252 | e* | Penwest Pharmaceuticals Co | 3,142 | |||
889 | Perrigo Co | 17,407 | ||||
199 | e* | PetMed Express, Inc | 2,555 | |||
76,786 | Pfizer, Inc | 1,963,418 | ||||
258 | e* | Pharmion Corp | 7,469 | |||
118 | e* | Pioneer Cos, Inc | 4,056 | |||
965 | * | PolyOne Corp | 6,938 | |||
200 | * | Pozen, Inc | 3,614 | |||
3,486 | Praxair, Inc | 250,957 | ||||
400 | e* | Prestige Brands Holdings, Inc | 5,192 | |||
34,451 | Procter & Gamble Co | 2,108,057 | ||||
300 | e* | Progenics Pharmaceuticals, Inc | 6,471 | |||
356 | * | Protalix BioTherapeutics, Inc | 9,608 | |||
333 | * | Quidel Corp | 5,847 | |||
1,300 | RPM International, Inc | 30,043 | ||||
1,643 | e* | Revlon, Inc (Class A) | 2,251 | |||
300 | * | Rockwood Holdings, Inc | 10,965 | |||
1,668 | Rohm & Haas Co | 91,206 | ||||
382 | e* | Salix Pharmaceuticals Ltd | 4,699 | |||
492 | e* | Santarus, Inc | 2,544 | |||
16,293 | Schering-Plough Corp | 495,959 | ||||
375 | e* | Sciele Pharma, Inc | 8,835 | |||
464 | Scotts Miracle-Gro Co (Class A) | 19,924 | ||||
600 | Sensient Technologies Corp | 15,234 | ||||
1,184 | * | Sepracor, Inc | 48,568 | |||
1,216 | Sherwin-Williams Co | 80,828 | ||||
1,508 | Sigma-Aldrich Corp | 64,346 | ||||
100 | e | Stepan Co | 3,028 | |||
900 | e* | SuperGen, Inc | 5,004 | |||
147 | e* | SurModics, Inc | 7,350 | |||
251 | e* | Tanox, Inc | 4,872 | |||
445 | Tronox, Inc (Class B) | 6,252 | ||||
500 | UAP Holding Corp | 15,070 |
47
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
92 | e* | USANA Health Sciences, Inc | $ | 4,116 | ||
864 | e* | USEC, Inc | 18,991 | |||
240 | e* | United Therapeutics Corp | 15,302 | |||
868 | * | VCA Antech, Inc | 32,715 | |||
1,091 | Valeant Pharmaceuticals International | 18,209 | ||||
1,088 | e | Valspar Corp | 30,910 | |||
289 | e* | Vanda Pharmaceuticals, Inc | 5,855 | |||
400 | e* | Verasun Energy Corp | 5,792 | |||
1,500 | * | Vertex Pharmaceuticals, Inc | 42,840 | |||
739 | e* | Viropharma, Inc | 10,198 | |||
802 | e* | WR Grace & Co | 19,641 | |||
994 | * | Warner Chilcott Ltd (Class A) | 17,981 | |||
1,123 | * | Watson Pharmaceuticals, Inc | 36,531 | |||
220 | e | Westlake Chemical Corp | 6,186 | |||
14,716 | Wyeth | 843,815 | ||||
1,452 | * | XOMA Ltd | 4,414 | |||
200 | e* | Xenoport, Inc | 8,884 | |||
405 | e* | Zymogenetics, Inc | 5,917 | |||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 16,393,172 | |||||
COAL MINING - 0.18% | ||||||
721 | e* | Alpha Natural Resources, Inc | 14,990 | |||
1,502 | e | Arch Coal, Inc | 52,270 | |||
1,992 | Consol Energy, Inc | 91,851 | ||||
1,234 | e* | International Coal Group, Inc | 7,379 | |||
848 | Massey Energy Co | 22,599 | ||||
2,899 | Peabody Energy Corp | 140,254 | ||||
TOTAL COAL MINING | 329,343 | |||||
COMMUNICATIONS - 4.82% | ||||||
67,458 | AT&T, Inc | 2,799,507 | ||||
463 | e | Alaska Communications Systems Group, Inc | 7,334 | |||
3,769 | Alltel Corp | 254,596 | ||||
4,600 | * | American Tower Corp (Class A) | 193,200 | |||
356 | e* | Anixter International, Inc | 26,775 | |||
105 | e | Atlantic Tele-Network, Inc | 3,007 | |||
200 | * | Audiovox Corp (Class A) | 2,594 | |||
296 | * | Authorize.Net Holdings, Inc | 5,295 | |||
4,921 | * | Avaya, Inc | 82,870 | |||
552 | e* | Brightpoint, Inc | 7,612 | |||
252 | * | Clearwire Corp (Class A) | 6,156 | |||
185 | e | CT Communications, Inc | 5,644 | |||
567 | e* | CTC Media, Inc | 15,388 | |||
2,359 | * | Cablevision Systems Corp (Class A) | 85,372 | |||
178 | e* | Cbeyond Communications, Inc | 6,855 | |||
100 | * | Centennial Communications Corp | 949 | |||
374 | * | Central European Media Enterprises Ltd (Class A) | 36,495 | |||
1,199 | CenturyTel, Inc | 58,811 | ||||
4,638 | e* | Charter Communications, Inc (Class A) | 18,784 | |||
3,005 | * | Cincinnati Bell, Inc | 17,369 | |||
2,372 | e | Citadel Broadcasting Corp | 15,299 | |||
3,769 | Citizens Communications Co | 57,553 | ||||
5,432 | Clear Channel Communications, Inc | 205,438 | ||||
32,312 | * | Comcast Corp (Class A) | 908,613 |
48
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
300 | e | Consolidated Communications Holdings, Inc | $ | 6,780 | ||
496 | e* | Cox Radio, Inc (Class A) | 7,063 | |||
2,538 | e* | Crown Castle International Corp | 92,053 | |||
200 | e* | Crown Media Holdings, Inc (Class A) | 1,440 | |||
671 | e* | Cumulus Media, Inc (Class A) | 6,274 | |||
145 | * | DG FastChannel,Inc | 2,955 | |||
8,249 | * | DIRECTV Group, Inc | 190,634 | |||
1,770 | * | Dobson Communications Corp (Class A) | 19,665 | |||
2,276 | * | EchoStar Communications Corp (Class A) | 98,710 | |||
1,652 | Embarq Corp | 104,687 | ||||
521 | e | Emmis Communications Corp (Class A) | 4,798 | |||
421 | e | Entercom Communications Corp (Class A) | 10,479 | |||
810 | * | Entravision Communications Corp (Class A) | 8,448 | |||
120 | * | Eschelon Telecom, Inc | 3,552 | |||
300 | e | Fairpoint Communications, Inc | 5,325 | |||
1,894 | e* | FiberTower Corp | 8,201 | |||
52 | e* | Fisher Communications, Inc | 2,641 | |||
1,594 | * | Foundry Networks, Inc | 26,556 | |||
464 | * | General Communication, Inc (Class A) | 5,944 | |||
193 | e* | GeoEye, Inc | 4,194 | |||
267 | e* | Global Crossing Ltd | 5,041 | |||
882 | Global Payments, Inc | 34,971 | ||||
177 | Golden Telecom, Inc | 9,737 | ||||
420 | Gray Television, Inc | 3,893 | ||||
260 | * | Harris Stratex Networks, Inc (Class A) | 4,675 | |||
327 | Hearst-Argyle Television, Inc | 7,881 | ||||
71 | e* | Hughes Communications, Inc | 3,705 | |||
1,912 | e* | IAC/InterActiveCorp | 66,174 | |||
1,142 | e* | ICO Global Communications Holdings Ltd | 3,974 | |||
614 | e | IDT Corp (Class B) | 6,336 | |||
361 | * | Ibasis, Inc | 3,628 | |||
167 | * | InPhonic, Inc | 778 | |||
400 | e | Iowa Telecommunications Services, Inc | 9,092 | |||
284 | e* | Knology, Inc | 4,933 | |||
558 | * | Leap Wireless International, Inc | 47,151 | |||
16,553 | e* | Level 3 Communications, Inc | 96,835 | |||
4,203 | e* | Liberty Global, Inc (Class A) | 172,491 | |||
7,127 | * | Liberty Media Holding Corp (Interactive A) | 159,146 | |||
1,411 | * | Liberty Media Corp - Capital (Series A) | 166,046 | |||
281 | * | Lin TV Corp (Class A) | 5,286 | |||
250 | e* | Lodgenet Entertainment Corp | 8,015 | |||
573 | e* | Mastec, Inc | 9,065 | |||
493 | e* | Mediacom Communications Corp (Class A) | 4,777 | |||
612 | * | MetroPCS Communications, Inc | 20,220 | |||
1,733 | * | NII Holdings, Inc | 139,922 | |||
307 | NTELOS Holdings Corp | 8,485 | ||||
832 | e* | NeuStar, Inc (Class A) | 24,103 | |||
301 | e* | Nextwave Wireless, Inc | 2,513 | |||
158 | e | North Pittsburgh Systems, Inc | 3,358 | |||
435 | e* | Novatel Wireless, Inc | 11,319 | |||
292 | * | Orbcomm, Inc | 4,792 | |||
994 | * | PAETEC Holding Corp | 11,222 | |||
17,458 | e* | Qwest Communications International, Inc | 169,343 | |||
242 | RCN Corp | 4,547 |
49
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
888 | * | Radio One, Inc (Class D) | $ | 6,269 | ||
132 | * | Rural Cellular Corp (Class A) | 5,783 | |||
300 | e* | SAVVIS, Inc | 14,853 | |||
1,078 | e* | SBA Communications Corp (Class A) | 36,210 | |||
87 | Salem Communications Corp (Class A) | 965 | ||||
58 | e | Shenandoah Telecom Co | 2,948 | |||
383 | e | Sinclair Broadcast Group, Inc (Class A) | 5,446 | |||
300 | e* | Spanish Broadcasting System, Inc (Class A) | 1,290 | |||
30,853 | Sprint Nextel Corp | 638,966 | ||||
122 | e | SureWest Communications | 3,323 | |||
137 | * | Switch & Data Facilities Co, Inc | 2,629 | |||
182 | * | Syniverse Holdings, Inc | 2,341 | |||
1,124 | Telephone & Data Systems, Inc | 70,329 | ||||
500 | e* | Terremark Worldwide, Inc | 3,225 | |||
1,542 | * | Time Warner Cable, Inc (Class A) | 60,400 | |||
932 | e* | TiVo, Inc | 5,396 | |||
200 | * | US Cellular Corp | 18,120 | |||
250 | USA Mobility, Inc | 6,690 | ||||
31,892 | Verizon Communications, Inc | 1,312,994 | ||||
336 | e* | Vonage Holdings Corp | 1,045 | |||
5,221 | Windstream Corp | 77,062 | ||||
3,259 | e* | XM Satellite Radio Holdings, Inc (Class A) | 38,358 | |||
180 | iPCS, Inc | 6,097 | ||||
500 | e* | j2 Global Communications, Inc | 17,450 | |||
TOTAL COMMUNICATIONS | 9,003,558 | |||||
DEPOSITORY INSTITUTIONS - 8.66% | ||||||
121 | 1st Source Corp | 3,015 | ||||
164 | e | Alabama National Bancorp | 10,142 | |||
200 | Amcore Financial, Inc | 5,798 | ||||
107 | e | AmericanWest Bancorp | 1,951 | |||
108 | e | Ameris Bancorp | 2,427 | |||
300 | e | Anchor Bancorp Wisconsin, Inc | 7,857 | |||
1,394 | Associated Banc-Corp | 45,584 | ||||
951 | Astoria Financial Corp | 23,813 | ||||
6,027 | BB&T Corp | 245,178 | ||||
237 | BOK Financial Corp | 12,661 | ||||
130 | Bancfirst Corp | 5,567 | ||||
298 | Banco Latinoamericano de Exportaciones S.A. | 5,602 | ||||
117 | * | Bancorp, Inc | 2,616 | |||
823 | Bancorpsouth, Inc | 20,131 | ||||
838 | Bank Mutual Corp | 9,662 | ||||
48,552 | Bank of America Corp | 2,373,707 | ||||
544 | Bank of Hawaii Corp | 28,092 | ||||
102 | e | Bank of the Ozarks, Inc | 2,843 | |||
8,307 | Bank of New York Co, Inc | 344,242 | ||||
452 | e | BankAtlantic Bancorp, Inc (Class A) | 3,892 | |||
300 | e | BankFinancial Corp | 4,635 | |||
400 | BankUnited Financial Corp (Class A) | 8,028 | ||||
79 | Banner Corp | 2,691 | ||||
57 | e | Berkshire Hills Bancorp, Inc | 1,796 | |||
381 | e | Boston Private Financial Holdings, Inc | 10,237 | |||
668 | e | Brookline Bancorp, Inc | 7,689 | |||
616 | e | CVB Financial Corp | 6,850 |
50
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
101 | e | Capital City Bank Group, Inc | $ | 3,165 | ||
93 | e | Capital Corp of the West | 2,228 | |||
140 | e | Capitol Bancorp Ltd | 3,826 | |||
332 | e | Capitol Federal Financial | 12,257 | |||
303 | e | Cascade Bancorp | 7,011 | |||
69 | Cass Information Systems, Inc | 2,502 | ||||
518 | e | Cathay General Bancorp | 17,374 | |||
600 | e* | Centennial Bank Holdings, Inc | 5,082 | |||
121 | e | Center Financial Corp | 2,047 | |||
311 | e | Central Pacific Financial Corp | 10,266 | |||
234 | e | Chemical Financial Corp | 6,054 | |||
453 | Chittenden Corp | 15,832 | ||||
54,119 | Citigroup, Inc | 2,775,764 | ||||
955 | e | Citizens Banking Corp | 17,477 | |||
121 | e | City Bank | 3,813 | |||
155 | e | City Holding Co | 5,941 | |||
477 | City National Corp | 36,295 | ||||
150 | e | CoBiz, Inc | 2,718 | |||
1,743 | Colonial Bancgroup, Inc | 43,523 | ||||
170 | e | Columbia Banking System, Inc | 4,973 | |||
1,708 | Comerica, Inc | 101,575 | ||||
2,074 | Commerce Bancorp, Inc | 76,717 | ||||
761 | Commerce Bancshares, Inc | 34,473 | ||||
113 | e* | Community Bancorp | 3,162 | |||
400 | e | Community Bank System, Inc | 8,008 | |||
245 | e | Community Banks, Inc | 7,894 | |||
139 | e | Community Trust Bancorp, Inc | 4,490 | |||
1,441 | Compass Bancshares, Inc | 99,400 | ||||
400 | e | Corus Bankshares, Inc | 6,904 | |||
656 | e | Cullen/Frost Bankers, Inc | 35,076 | |||
309 | e | Dime Community Bancshares | 4,076 | |||
300 | e* | Dollar Financial Corp | 8,550 | |||
257 | e | Downey Financial Corp | 16,957 | |||
663 | e | East West Bancorp, Inc | 25,777 | |||
90 | e | Enterprise Financial Services Corp | 2,237 | |||
589 | e* | Euronet Worldwide, Inc | 17,175 | |||
594 | e | FNB Corp | 9,944 | |||
6,008 | e | Fifth Third Bancorp | 238,938 | |||
100 | e | First Bancorp | 1,873 | |||
732 | First Bancorp | 8,045 | ||||
150 | e | First Busey Corp | 2,999 | |||
700 | e | First Charter Corp | 13,629 | |||
70 | First Citizens Bancshares, Inc (Class A) | 13,608 | ||||
739 | e | First Commonwealth Financial Corp | 8,070 | |||
270 | e | First Community Bancorp, Inc | 15,447 | |||
72 | e | First Community Bancshares, Inc | 2,246 | |||
315 | e | First Financial Bancorp | 4,722 | |||
189 | e | First Financial Bankshares, Inc | 7,335 | |||
188 | e | First Financial Corp | 5,520 | |||
133 | e | First Financial Holdings, Inc | 4,350 | |||
1,297 | e | First Horizon National Corp | 50,583 | |||
146 | First Indiana Corp | 3,230 | ||||
315 | First Merchants Corp | 7,569 | ||||
545 | e | First Midwest Bancorp, Inc | 19,353 |
51
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,301 | e | First Niagara Financial Group, Inc | $ | 17,043 | ||
100 | First Place Financial Corp | 2,112 | ||||
300 | * | First Regional Bancorp | 7,632 | |||
342 | First Republic Bank | 18,352 | ||||
88 | e | First South Bancorp, Inc | 2,367 | |||
156 | e | First State Bancorporation | 3,321 | |||
208 | e* | FirstFed Financial Corp | 11,800 | |||
953 | FirstMerit Corp | 19,946 | ||||
485 | e | Flagstar Bancorp, Inc | 5,844 | |||
150 | e | Flushing Financial Corp | 2,409 | |||
215 | e* | Franklin Bank Corp | 3,204 | |||
700 | e | Fremont General Corp | 7,532 | |||
537 | e | Frontier Financial Corp | 12,099 | |||
1,944 | e | Fulton Financial Corp | 28,032 | |||
580 | e | Glacier Bancorp, Inc | 11,803 | |||
104 | e | Great Southern Bancorp, Inc | 2,813 | |||
543 | Greater Bay Bancorp | 15,117 | ||||
95 | e | Greene County Bancshares, Inc | 2,970 | |||
294 | e | Hancock Holding Co | 11,040 | |||
384 | e | Hanmi Financial Corp | 6,551 | |||
302 | e | Harleysville National Corp | 4,868 | |||
158 | e | Heartland Financial USA, Inc | 3,839 | |||
126 | Heritage Commerce Corp | 2,984 | ||||
127 | e | Home Bancshares, Inc | 2,864 | |||
140 | e | Horizon Financial Corp | 3,051 | |||
5,959 | Hudson City Bancorp, Inc | 72,819 | ||||
2,582 | e | Huntington Bancshares, Inc | 58,715 | |||
125 | e | IBERIABANK Corp | 6,181 | |||
100 | e | Independent Bank Corp | 2,954 | |||
250 | e | Independent Bank Corp | 4,303 | |||
752 | e | IndyMac Bancorp, Inc | 21,936 | |||
161 | Integra Bank Corp | 3,457 | ||||
674 | e | International Bancshares Corp | 17,268 | |||
579 | * | Investors Bancorp, Inc | 7,776 | |||
771 | Investors Financial Services Corp | 47,548 | ||||
300 | e | Irwin Financial Corp | 4,491 | |||
242 | ITLA Capital Corp | 12,613 | ||||
37,377 | JPMorgan Chase & Co | 1,810,916 | ||||
247 | e | KNBT Bancorp, Inc | 3,631 | |||
227 | e | Kearny Financial Corp | 3,060 | |||
4,292 | Keycorp | 147,344 | ||||
126 | e | Lakeland Bancorp, Inc | 1,676 | |||
92 | e | Lakeland Financial Corp | 1,957 | |||
752 | M&T Bank Corp | 80,389 | ||||
375 | MAF Bancorp, Inc | 20,348 | ||||
400 | e | MB Financial, Inc | 13,896 | |||
125 | e | Macatawa Bank Corp | 1,989 | |||
90 | MainSource Financial Group, Inc | 1,511 | ||||
2,834 | Marshall & Ilsley Corp | 134,983 | ||||
4,557 | Mellon Financial Corp | 200,508 | ||||
85 | e | Midwest Banc Holdings, Inc | 1,233 | |||
100 | e | NASB Financial, Inc | 3,365 | |||
374 | e | NBT Bancorp, Inc | 8,437 | |||
186 | e | Nara Bancorp, Inc | 2,963 |
52
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
5,600 | National City Corp | $ | 186,592 | |||
572 | e | National Penn Bancshares, Inc | 9,541 | |||
523 | e* | Net 1 UEPS Technologies, Inc | 12,630 | |||
3,411 | e | New York Community Bancorp, Inc | 58,055 | |||
1,211 | e | NewAlliance Bancshares, Inc | 17,826 | |||
2,400 | Northern Trust Corp | 154,176 | ||||
200 | e | Northwest Bancorp, Inc | 5,228 | |||
869 | e | Old National Bancorp | 14,434 | |||
350 | e | Old Second Bancorp, Inc | 10,206 | |||
100 | e | Omega Financial Corp | 2,689 | |||
165 | e | Oriental Financial Group, Inc | 1,800 | |||
210 | PFF Bancorp, Inc | 5,865 | ||||
3,775 | PNC Financial Services Group, Inc | 270,215 | ||||
528 | e | Pacific Capital Bancorp | 14,245 | |||
165 | e | Park National Corp | 13,990 | |||
531 | Partners Trust Financial Group, Inc | 5,576 | ||||
2,094 | People's United Financial, Inc | 37,127 | ||||
75 | e | Peoples Bancorp, Inc | 2,030 | |||
200 | e* | Pinnacle Financial Partners, Inc | 5,872 | |||
2,921 | Popular, Inc | 46,940 | ||||
150 | Preferred Bank | 6,000 | ||||
20 | e | Premierwest Bancorp | 270 | |||
228 | e | PrivateBancorp, Inc | 6,566 | |||
328 | e | Prosperity Bancshares, Inc | 10,745 | |||
357 | e | Provident Bankshares Corp | 11,702 | |||
854 | e | Provident Financial Services, Inc | 13,459 | |||
421 | e | Provident New York Bancorp | 5,688 | |||
7,711 | e | Regions Financial Corp | 255,234 | |||
195 | e | Renasant Corp | 4,434 | |||
120 | e | Republic Bancorp, Inc (Class A) | 1,991 | |||
47 | e | Royal Bancshares of Pennsylvania (Class A) | 926 | |||
300 | e | S&T Bancorp, Inc | 9,870 | |||
210 | e | S.Y. Bancorp, Inc | 4,990 | |||
75 | SCBT Financial Corp | 2,730 | ||||
400 | e* | SVB Financial Group | 21,244 | |||
250 | e | Sandy Spring Bancorp, Inc | 7,860 | |||
121 | Santander BanCorp | 1,798 | ||||
102 | e | Seacoast Banking Corp of Florida | 2,219 | |||
200 | e | Security Bank Corp | 4,020 | |||
319 | e* | Signature Bank | 10,878 | |||
108 | e | Simmons First National Corp (Class A) | 2,980 | |||
1,239 | Sky Financial Group, Inc | 34,519 | ||||
800 | e | South Financial Group, Inc | 18,112 | |||
116 | e | Southside Bancshares, Inc | 2,520 | |||
94 | Southwest Bancorp, Inc | 2,260 | ||||
4,442 | Sovereign Bancorp, Inc | 93,904 | ||||
3,680 | State Street Corp | 251,712 | ||||
119 | e | Sterling Bancorp | 1,908 | |||
808 | Sterling Bancshares, Inc | 9,138 | ||||
320 | e* | Sterling Financial Corp | 3,366 | |||
561 | Sterling Financial Corp | 16,235 | ||||
88 | e | Suffolk Bancorp | 2,809 | |||
134 | e* | Sun Bancorp, Inc | 2,261 | |||
3,902 | SunTrust Banks, Inc | 334,557 |
53
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
700 | e* | Superior Bancorp | $ | 7,161 | ||
496 | e | Susquehanna Bancshares, Inc | 11,096 | |||
2,946 | Synovus Financial Corp | 90,442 | ||||
1,433 | e | TCF Financial Corp | 39,837 | |||
66 | e | Taylor Capital Group, Inc | 1,817 | |||
300 | e* | Texas Capital Bancshares, Inc | 6,705 | |||
238 | e | TierOne Corp | 7,164 | |||
119 | e | Tompkins Trustco, Inc | 4,451 | |||
92 | e | Trico Bancshares | 2,057 | |||
626 | e | Trustco Bank Corp NY | 6,185 | |||
491 | e | Trustmark Corp | 12,697 | |||
19,022 | US Bancorp | 626,775 | ||||
126 | e | USB Holding Co, Inc | 2,402 | |||
1,089 | e | UCBH Holdings, Inc | 19,896 | |||
372 | UMB Financial Corp | 13,716 | ||||
581 | e | Umpqua Holdings Corp | 13,659 | |||
103 | e | Union Bankshares Corp | 2,390 | |||
523 | UnionBanCal Corp | 31,223 | ||||
437 | e | United Bankshares, Inc | 13,897 | |||
335 | e | United Community Banks, Inc | 8,673 | |||
400 | e | United Community Financial Corp | 3,992 | |||
121 | e | Univest Corp of Pennsylvania | 2,725 | |||
1,507 | e | Valley National Bancorp | 33,892 | |||
20 | e | Vineyard National Bancorp | 459 | |||
126 | e* | Virginia Commerce Bancorp | 2,131 | |||
1,166 | e | W Holding Co, Inc | 3,078 | |||
100 | WSFS Financial Corp | 6,543 | ||||
20,933 | Wachovia Corp | 1,072,816 | ||||
958 | Washington Federal, Inc | 23,289 | ||||
9,654 | Washington Mutual, Inc | 411,647 | ||||
138 | e | Washington Trust Bancorp, Inc | 3,479 | |||
620 | Webster Financial Corp | 26,455 | ||||
36,734 | Wells Fargo & Co | 1,291,935 | ||||
200 | e | WesBanco, Inc | 5,900 | |||
200 | e | West Coast Bancorp | 6,078 | |||
390 | e | Westamerica Bancorporation | 17,254 | |||
143 | e* | Western Alliance Bancorp | 4,269 | |||
8,529 | Western Union Co | 177,659 | ||||
167 | Westfield Financial, Inc | 1,665 | ||||
750 | Whitney Holding Corp | 22,575 | ||||
772 | Wilmington Trust Corp | 32,046 | ||||
167 | e | Wilshire Bancorp, Inc | 2,034 | |||
248 | e | Wintrust Financial Corp | 10,875 | |||
254 | e | Yardville National Bancorp | 8,674 | |||
1,182 | Zions Bancorporation | 90,908 | ||||
TOTAL DEPOSITORY INSTITUTIONS | 16,171,209 | |||||
EATING AND DRINKING PLACES - 0.85% | ||||||
208 | e* | AFC Enterprises | 3,596 | |||
859 | Applebees International, Inc | 20,702 | ||||
113 | e* | BJ's Restaurants, Inc | 2,231 | |||
501 | Burger King Holdings, Inc | 13,196 | ||||
133 | * | Benihana, Inc (Class A) | 2,660 | |||
460 | Bob Evans Farms, Inc | 16,951 |
54
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,243 | Brinker International, Inc | $ | 36,383 | |||
144 | e* | Buffalo Wild Wings, Inc | 5,989 | |||
365 | e | CBRL Group, Inc | 15,505 | |||
343 | * | CEC Entertainment, Inc | 12,074 | |||
622 | CKE Restaurants, Inc | 12,484 | ||||
262 | * | California Pizza Kitchen, Inc | 5,628 | |||
378 | e* | Chipotle Mexican Grill, Inc (Class B) | 29,722 | |||
1,556 | Darden Restaurants, Inc | 68,448 | ||||
949 | * | Denny's Corp | 4,223 | |||
400 | e | Domino's Pizza, Inc | 7,308 | |||
182 | e | IHOP Corp | 9,906 | |||
339 | * | Jack in the Box, Inc | 24,049 | |||
587 | e* | Krispy Kreme Doughnuts, Inc | 5,436 | |||
273 | e | Landry's Restaurants, Inc | 8,261 | |||
127 | * | McCormick & Schmick's Seafood Restaurants, Inc | 3,294 | |||
13,064 | McDonald's Corp | 663,129 | ||||
300 | O'Charleys, Inc | 6,048 | ||||
277 | e* | PF Chang's China Bistro, Inc | 9,750 | |||
200 | e* | Papa John's International, Inc | 5,752 | |||
361 | * | Rare Hospitality International, Inc | 9,664 | |||
150 | e* | Red Robin Gourmet Burgers, Inc | 6,056 | |||
661 | e | Ruby Tuesday, Inc | 17,404 | |||
200 | e* | Ruth's Chris Steak House, Inc | 3,398 | |||
810 | e* | Sonic Corp | 17,917 | |||
8,127 | * | Starbucks Corp | 213,252 | |||
442 | e* | Texas Roadhouse, Inc (Class A) | 5,653 | |||
844 | e* | Cheesecake Factory | 20,695 | |||
400 | e* | Steak N Shake Co | 6,676 | |||
2,075 | Tim Hortons, Inc | 63,806 | ||||
672 | e | Triarc Cos (Class B) | 10,550 | |||
955 | Wendy's International, Inc | 35,096 | ||||
5,732 | Yum! Brands, Inc | 187,551 | ||||
TOTAL EATING AND DRINKING PLACES | 1,590,443 | |||||
EDUCATIONAL SERVICES - 0.14% | ||||||
1,527 | * | Apollo Group, Inc (Class A) | 89,223 | |||
1,003 | e* | Career Education Corp | 33,871 | |||
942 | e* | Corinthian Colleges, Inc | 15,345 | |||
587 | e | DeVry, Inc | 19,970 | |||
445 | * | ITT Educational Services, Inc | 52,234 | |||
481 | * | Laureate Education, Inc | 29,658 | |||
168 | e | Strayer Education, Inc | 22,127 | |||
228 | e* | Universal Technical Institute, Inc | 5,789 | |||
TOTAL EDUCATIONAL SERVICES | 268,217 | |||||
ELECTRIC, GAS, AND SANITARY SERVICES - 3.94% | ||||||
7,175 | * | AES Corp | 156,989 | |||
851 | AGL Resources, Inc | 34,448 | ||||
1,721 | * | Allegheny Energy, Inc | 89,045 | |||
338 | e | Allete, Inc | 15,903 | |||
1,255 | Alliant Energy Corp | 48,757 | ||||
2,801 | * | Allied Waste Industries, Inc | 37,701 | |||
2,267 | Ameren Corp | 111,106 | ||||
200 | e | American Ecology Corp | 4,284 |
55
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
4,360 | American Electric Power Co, Inc | $ | 196,374 | |||
150 | e | American States Water Co | 5,336 | |||
1,501 | Aqua America, Inc | 33,757 | ||||
3,770 | * | Aquila, Inc | 15,419 | |||
846 | Atmos Energy Corp | 25,431 | ||||
600 | Avista Corp | 12,930 | ||||
446 | e | Black Hills Corp | 17,729 | |||
250 | e | CH Energy Group, Inc | 11,243 | |||
2,460 | CMS Energy Corp | 42,312 | ||||
148 | e | California Water Service Group | 5,549 | |||
100 | Cascade Natural Gas Corp | 2,641 | ||||
100 | * | Casella Waste Systems, Inc (Class A) | 1,078 | |||
3,472 | Centerpoint Energy, Inc | 60,413 | ||||
110 | e | Central Vermont Public Service Corp | 4,145 | |||
162 | e* | Clean Harbors, Inc | 8,006 | |||
655 | e | Cleco Corp | 16,048 | |||
2,990 | Consolidated Edison, Inc | 134,909 | ||||
160 | e | Consolidated Water Co, Inc | 4,690 | |||
1,978 | Constellation Energy Group, Inc | 172,422 | ||||
1,225 | * | Covanta Holding Corp | 30,196 | |||
401 | e | Crosstex Energy, Inc | 11,521 | |||
1,497 | e | DPL, Inc | 42,425 | |||
1,926 | DTE Energy Co | 92,872 | ||||
3,832 | Dominion Resources, Inc | 330,740 | ||||
13,500 | Duke Energy Corp | 247,050 | ||||
3,687 | * | Dynegy, Inc (Class A) | 34,805 | |||
3,564 | Edison International | 200,012 | ||||
7,776 | El Paso Corp | 133,980 | ||||
600 | * | El Paso Electric Co | 14,736 | |||
239 | Empire District Electric Co | 5,346 | ||||
818 | Energen Corp | 44,941 | ||||
1,733 | Energy East Corp | 45,214 | ||||
57 | e | EnergySouth, Inc | 2,907 | |||
2,158 | Entergy Corp | 231,661 | ||||
7,358 | Exelon Corp | 534,191 | ||||
4,446 | FPL Group, Inc | 252,266 | ||||
3,334 | FirstEnergy Corp | 215,810 | ||||
1,141 | Great Plains Energy, Inc | 33,226 | ||||
966 | e | Hawaiian Electric Industries, Inc | 22,885 | |||
435 | ITC Holdings Corp | 17,674 | ||||
447 | e | Idacorp, Inc | 14,322 | |||
851 | e | Integrys Energy Group, Inc | 43,171 | |||
1,922 | KeySpan Corp | 80,686 | ||||
200 | e | Laclede Group, Inc | 6,376 | |||
1,959 | MDU Resources Group, Inc | 54,930 | ||||
287 | e | MGE Energy, Inc | 9,376 | |||
110 | Markwest Hydrocarbon, Inc | 6,317 | ||||
282 | Metal Management, Inc | 12,428 | ||||
2,799 | * | Mirant Corp | 119,377 | |||
2,651 | * | NRG Energy, Inc | 110,202 | |||
1,104 | NSTAR | 35,825 | ||||
962 | e | National Fuel Gas Co | 41,664 | |||
442 | e | New Jersey Resources Corp | 22,551 | |||
2,768 | NiSource, Inc | 57,325 |
56
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
493 | e | Nicor, Inc | $ | 21,160 | ||
379 | e | NorthWestern Corp | 12,056 | |||
1,671 | Northeast Utilities | 47,390 | ||||
333 | e | Northwest Natural Gas Co | 15,381 | |||
983 | OGE Energy Corp | 36,027 | ||||
1,227 | Oneok, Inc | 61,853 | ||||
100 | e | Ormat Technologies, Inc | 3,768 | |||
300 | e | Otter Tail Corp | 9,621 | |||
3,844 | PG&E Corp | 174,133 | ||||
681 | PNM Resources, Inc | 18,925 | ||||
4,222 | PPL Corp | 197,547 | ||||
1,997 | Pepco Holdings, Inc | 56,315 | ||||
167 | e* | Pico Holdings, Inc | 7,224 | |||
978 | Piedmont Natural Gas Co, Inc | 24,108 | ||||
200 | e* | Pike Electric Corp | 4,476 | |||
1,096 | Pinnacle West Capital Corp | 43,676 | ||||
291 | Portland General Electric Co | 7,985 | ||||
2,821 | Progress Energy, Inc | 128,609 | ||||
600 | m,v* | Progress Energy, Inc | 6 | |||
2,775 | Public Service Enterprise Group, Inc | 243,590 | ||||
1,370 | Puget Energy, Inc | 33,127 | ||||
1,890 | Questar Corp | 99,887 | ||||
3,766 | * | Reliant Energy, Inc | 101,494 | |||
1,839 | Republic Services, Inc | 56,347 | ||||
115 | e | Resource America, Inc (Class A) | 2,370 | |||
1,276 | SCANA Corp | 48,858 | ||||
387 | e* | SEMCO Energy, Inc | 3,007 | |||
138 | e | SJW Corp | 4,595 | |||
2,887 | Sempra Energy | 170,997 | ||||
2,425 | * | Sierra Pacific Resources | 42,583 | |||
260 | South Jersey Industries, Inc | 9,199 | ||||
8,228 | Southern Co | 282,138 | ||||
1,008 | Southern Union Co | 32,851 | ||||
398 | Southwest Gas Corp | 13,456 | ||||
129 | e | Southwest Water Co | 1,647 | |||
1,017 | * | Stericycle, Inc | 45,216 | |||
2,190 | TECO Energy, Inc | 37,624 | ||||
5,023 | TXU Corp | 338,048 | ||||
1,162 | UGI Corp | 31,699 | ||||
256 | e | UIL Holdings Corp | 8,474 | |||
365 | Unisource Energy Corp | 12,005 | ||||
1,078 | e | Vectren Corp | 29,031 | |||
514 | e | WGL Holdings, Inc | 16,777 | |||
871 | * | Waste Connections, Inc | 26,339 | |||
229 | e* | Waste Services, Inc | 2,782 | |||
1,015 | Westar Energy, Inc | 24,644 | ||||
6,475 | Williams Cos, Inc | 204,740 | ||||
1,306 | Wisconsin Energy Corp | 57,764 | ||||
4,413 | Xcel Energy, Inc | 90,334 | ||||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 7,369,556 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.17% | ||||||
1,296 | * | ADC Telecommunications, Inc | 23,756 | |||
632 | * | AMIS Holdings, Inc | 7,913 |
57
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
395 | * | ATMI, Inc | $ | 11,850 | ||
484 | AVX Corp | 8,102 | ||||
129 | e* | AZZ, Inc | 4,341 | |||
244 | e* | Acme Packet, Inc | 2,804 | |||
200 | * | Actel Corp | 2,782 | |||
520 | Acuity Brands, Inc | 31,346 | ||||
900 | * | Adaptec, Inc | 3,429 | |||
743 | Adtran, Inc | 19,296 | ||||
395 | * | Advanced Analogic Technologies, Inc | 3,832 | |||
504 | * | Advanced Energy Industries, Inc | 11,421 | |||
6,105 | e* | Advanced Micro Devices, Inc | 87,302 | |||
950 | e* | Aeroflex, Inc | 13,462 | |||
3,835 | Altera Corp | 84,869 | ||||
259 | e* | American Superconductor Corp | 5,001 | |||
1,200 | Ametek, Inc | 47,616 | ||||
1,105 | e* | Amkor Technology, Inc | 17,404 | |||
1,948 | Amphenol Corp (Class A) | 69,446 | ||||
891 | e* | Anadigics, Inc | 12,287 | |||
3,579 | Analog Devices, Inc | 134,714 | ||||
1,708 | * | Andrew Corp | 24,664 | |||
9,463 | * | Apple Computer, Inc | 1,154,865 | |||
3,565 | * | Applied Micro Circuits Corp | 8,913 | |||
1,300 | * | Arris Group, Inc | 22,867 | |||
567 | e* | Atheros Communications, Inc | 17,486 | |||
5,300 | * | Atmel Corp | 29,468 | |||
1,823 | e* | Avanex Corp | 3,281 | |||
1,581 | e* | Avnet, Inc | 62,671 | |||
500 | Baldor Electric Co | 24,640 | ||||
100 | e | Bel Fuse, Inc (Class B) | 3,403 | |||
750 | * | Benchmark Electronics, Inc | 16,965 | |||
5,140 | * | Broadcom Corp (Class A) | 150,345 | |||
539 | * | C-COR, Inc | 7,578 | |||
300 | e | CTS Corp | 3,798 | |||
266 | e* | Ceradyne, Inc | 19,673 | |||
500 | * | Checkpoint Systems, Inc | 12,625 | |||
932 | * | Ciena Corp | 33,673 | |||
66,616 | * | Cisco Systems, Inc | 1,855,256 | |||
200 | e* | Color Kinetics, Inc | 6,682 | |||
330 | * | Comtech Telecommunications Corp | 15,319 | |||
5,030 | e* | Conexant Systems, Inc | 6,941 | |||
1,952 | Cooper Industries Ltd (Class A) | 111,440 | ||||
884 | * | Cree, Inc | 22,851 | |||
300 | Cubic Corp | 9,054 | ||||
1,608 | e* | Cypress Semiconductor Corp | 37,450 | |||
289 | * | DSP Group, Inc | 5,916 | |||
179 | e* | DTS, Inc | 3,897 | |||
179 | e* | Diodes, Inc | 7,477 | |||
273 | * | Ditech Networks, Inc | 2,236 | |||
432 | * | Dolby Laboratories, Inc (Class A) | 15,297 | |||
161 | * | EMS Technologies, Inc | 3,552 | |||
1,603 | Eaton Corp | 149,079 | ||||
300 | e* | Electro Scientific Industries, Inc | 6,240 | |||
481 | * | EnerSys | 8,802 | |||
617 | e* | Energizer Holdings, Inc | 61,453 |
58
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
426 | e* | Energy Conversion Devices, Inc | $ | 13,129 | ||
1,523 | e* | Evergreen Solar, Inc | 14,164 | |||
520 | e* | Exar Corp | 6,968 | |||
1,414 | * | Fairchild Semiconductor International, Inc | 27,318 | |||
2,640 | e* | Finisar Corp | 9,979 | |||
344 | e* | First Solar, Inc | 30,716 | |||
234 | e | Franklin Electric Co, Inc | 11,040 | |||
600 | e* | FuelCell Energy, Inc | 4,752 | |||
1,265 | e | Garmin Ltd | 93,572 | |||
3,003 | * | Gemstar-TV Guide International, Inc | 14,775 | |||
312 | * | Genlyte Group, Inc | 24,504 | |||
1,200 | e* | GrafTech International Ltd | 20,208 | |||
269 | e* | Greatbatch, Inc | 8,716 | |||
713 | Harman International Industries, Inc | 83,278 | ||||
1,008 | e* | Harmonic, Inc | 8,941 | |||
1,469 | Harris Corp | 80,134 | ||||
334 | * | Helen of Troy Ltd | 9,018 | |||
1,016 | e* | Hexcel Corp | 21,407 | |||
140 | e* | Hittite Microwave Corp | 5,982 | |||
8,531 | Honeywell International, Inc | 480,125 | ||||
378 | e* | Hutchinson Technology, Inc | 7,110 | |||
257 | e* | IXYS Corp | 2,146 | |||
400 | Imation Corp | 14,744 | ||||
2,142 | * | Integrated Device Technology, Inc | 32,708 | |||
63,570 | Intel Corp | 1,510,423 | ||||
200 | Inter-Tel, Inc | 4,786 | ||||
359 | e* | InterVoice, Inc | 2,990 | |||
564 | e* | Interdigital Communications Corp | 18,144 | |||
735 | * | International Rectifier Corp | 27,386 | |||
1,418 | Intersil Corp (Class A) | 44,610 | ||||
2,222 | e* | JDS Uniphase Corp | 29,841 | |||
626 | * | Jarden Corp | 26,924 | |||
789 | e* | Kemet Corp | 5,562 | |||
1,326 | L-3 Communications Holdings, Inc | 129,139 | ||||
131 | LSI Industries, Inc | 2,345 | ||||
8,237 | * | LSI Logic Corp | 61,860 | |||
151 | e* | Lamson & Sessions Co | 4,012 | |||
1,300 | * | Lattice Semiconductor Corp | 7,436 | |||
462 | e | Lincoln Electric Holdings, Inc | 34,299 | |||
2,775 | e | Linear Technology Corp | 100,400 | |||
200 | e* | Littelfuse, Inc | 6,754 | |||
124 | * | Loral Space & Communications, Inc | 6,111 | |||
2,406 | * | MEMC Electronic Materials, Inc | 147,055 | |||
436 | e* | MIPS Technologies, Inc | 3,832 | |||
1,945 | e* | MRV Communications, Inc | 6,321 | |||
5,162 | * | Marvell Technology Group Ltd | 94,000 | |||
593 | * | Mattson Technology, Inc | 5,752 | |||
3,511 | Maxim Integrated Products, Inc | 117,303 | ||||
518 | e* | Medis Technologies Ltd | 7,609 | |||
223 | e* | Mercury Computer Systems, Inc | 2,721 | |||
300 | Methode Electronics, Inc | 4,695 | ||||
797 | Micrel, Inc | 10,138 | ||||
2,387 | Microchip Technology, Inc | 88,414 | ||||
8,393 | * | Micron Technology, Inc | 105,164 |
59
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
771 | e* | Microsemi Corp | $ | 18,465 | ||
1,000 | e* | Microtune, Inc | 5,230 | |||
1,511 | Molex, Inc | 45,345 | ||||
300 | e* | Monolithic Power Systems, Inc | 5,235 | |||
360 | * | Moog, Inc (Class A) | 15,880 | |||
25,400 | Motorola, Inc | 449,580 | ||||
160 | * | Multi-Fineline Electronix, Inc | 2,746 | |||
43 | e | National Presto Industries, Inc | 2,681 | |||
3,432 | National Semiconductor Corp | 97,023 | ||||
200 | e* | Netlogic Microsystems, Inc | 6,368 | |||
4,089 | * | Network Appliance, Inc | 119,399 | |||
1,397 | * | Novellus Systems, Inc | 39,633 | |||
3,969 | * | Nvidia Corp | 163,959 | |||
2,483 | e* | ON Semiconductor Corp | 26,618 | |||
205 | * | OpNext, Inc | 2,714 | |||
136 | e* | OSI Systems, Inc | 3,720 | |||
634 | e* | Omnivision Technologies, Inc | 11,482 | |||
1,242 | * | On2 Technologies, Inc | 3,726 | |||
1,027 | e | Openwave Systems, Inc | 6,429 | |||
123 | * | Oplink Communications, Inc | 1,845 | |||
410 | * | PLX Technology, Inc | 4,576 | |||
2,300 | e* | PMC - Sierra, Inc | 17,779 | |||
157 | e | Park Electrochemical Corp | 4,424 | |||
200 | * | Pericom Semiconductor Corp | 2,232 | |||
500 | * | Photronics, Inc | 7,440 | |||
472 | Plantronics, Inc | 12,376 | ||||
600 | e* | Plexus Corp | 13,794 | |||
1,022 | * | Polycom, Inc | 34,339 | |||
61 | e* | Powell Industries, Inc | 1,937 | |||
1,100 | e* | Power-One, Inc | 4,378 | |||
1,294 | e* | Powerwave Technologies, Inc | 8,670 | |||
1,796 | * | QLogic Corp | 29,903 | |||
18,237 | Qualcomm, Inc | 791,303 | ||||
1,976 | e* | RF Micro Devices, Inc | 12,330 | |||
1,485 | RadioShack Corp | 49,213 | ||||
1,152 | e* | Rambus, Inc | 20,713 | |||
138 | e | Raven Industries, Inc | 4,928 | |||
300 | e | Regal-Beloit Corp | 13,962 | |||
200 | e* | Rogers Corp | 7,400 | |||
5,316 | * | Sanmina-SCI Corp | 16,639 | |||
334 | * | Seachange International, Inc | 2,592 | |||
733 | e* | Semtech Corp | 12,703 | |||
1,131 | * | Silicon Image, Inc | 9,704 | |||
601 | * | Silicon Laboratories, Inc | 20,801 | |||
1,350 | e* | Silicon Storage Technology, Inc | 5,036 | |||
271 | e* | Sirenza Microdevices, Inc | 3,217 | |||
15,195 | e* | Sirius Satellite Radio, Inc | 45,889 | |||
1,872 | * | Skyworks Solutions, Inc | 13,759 | |||
549 | * | Smart Modular Technologies WWH, Inc | 7,554 | |||
1,064 | e* | Spansion, Inc (Class A) | 11,810 | |||
456 | e* | Spectrum Brands, Inc | 3,087 | |||
300 | * | Standard Microsystems Corp | 10,302 | |||
245 | * | Sunpower Corp (Class A) | 15,447 | |||
100 | e* | Supertex, Inc | 3,134 |
60
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,936 | e* | Sycamore Networks, Inc | $ | 7,783 | ||
396 | e* | Symmetricom, Inc | 3,326 | |||
283 | e* | Synaptics, Inc | 10,129 | |||
643 | e* | Syntax-Brillian Corp | 3,164 | |||
433 | * | TTM Technologies, Inc | 5,629 | |||
500 | Technitrol, Inc | 14,335 | ||||
163 | * | Techwell, Inc | 2,135 | |||
595 | e* | Tekelec | 8,580 | |||
437 | Teleflex, Inc | 35,738 | ||||
4,811 | * | Tellabs, Inc | 51,766 | |||
520 | * | Tessera Technologies, Inc | 21,086 | |||
15,684 | Texas Instruments, Inc | 590,189 | ||||
645 | * | Thomas & Betts Corp | 37,410 | |||
598 | e* | Trident Microsystems, Inc | 10,973 | |||
1,402 | e* | Triquint Semiconductor, Inc | 7,094 | |||
209 | e* | Ultra Clean Holdings | 2,922 | |||
269 | e* | Universal Display Corp | 4,226 | |||
100 | * | Universal Electronics, Inc | 3,632 | |||
1,002 | e* | Utstarcom, Inc | 5,621 | |||
940 | e* | Varian Semiconductor Equipment Associates, Inc | 37,656 | |||
219 | * | Viasat, Inc | 7,030 | |||
200 | e | Vicor Corp | 2,646 | |||
1,891 | * | Vishay Intertechnology, Inc | 29,916 | |||
159 | e* | Volterra Semiconductor Corp | 2,258 | |||
855 | e | Whirlpool Corp | 95,076 | |||
3,261 | Xilinx, Inc | 87,297 | ||||
200 | * | Zoltek Cos, Inc | 8,306 | |||
532 | * | Zoran Corp | 10,661 | |||
122 | e* | iRobot Corp | 2,422 | |||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 11,530,745 | |||||
ENGINEERING AND MANAGEMENT SERVICES - 0.83% | ||||||
443 | * | Aecom Technology Corp | 10,991 | |||
188 | e* | Advisory Board Co | 10,445 | |||
1,438 | e* | Amylin Pharmaceuticals, Inc | 59,188 | |||
758 | * | Applera Corp (Celera Genomics Group) | 9,399 | |||
556 | e* | Ariad Pharmaceuticals, Inc | 3,052 | |||
80 | * | Michael Baker Corp | 2,972 | |||
100 | e | CDI Corp | 3,220 | |||
167 | e* | CRA International, Inc | 8,049 | |||
865 | * | CV Therapeutics, Inc | 11,427 | |||
4,103 | * | Celgene Corp | 235,225 | |||
117 | e* | Cornell Cos, Inc | 2,874 | |||
436 | Corporate Executive Board Co | 28,301 | ||||
300 | Diamond Management & Technology Consultants, Inc | 3,960 | ||||
1,064 | e* | Exelixis, Inc | 12,874 | |||
172 | e* | Exponent, Inc | 3,848 | |||
953 | Fluor Corp | 106,136 | ||||
594 | e* | Gen-Probe, Inc | 35,889 | |||
237 | * | Greenfield Online, Inc | 3,771 | |||
340 | * | Harris Interactive, Inc | 1,819 | |||
1,037 | e* | Hewitt Associates, Inc (Class A) | 33,184 | |||
188 | e* | Huron Consulting Group, Inc | 13,726 | |||
755 | e* | Incyte Corp | 4,530 |
61
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
480 | * | Infrasource Services, Inc | $ | 17,808 | ||
780 | e* | Isis Pharmaceuticals, Inc | 7,550 | |||
1,274 | * | Jacobs Engineering Group, Inc | 73,268 | |||
1,791 | * | KBR, Inc | 46,978 | |||
135 | * | Kendle International, Inc | 4,964 | |||
454 | e* | Kosan Biosciences, Inc | 2,370 | |||
139 | * | LECG Corp | 2,100 | |||
84 | e | Landauer, Inc | 4,137 | |||
302 | e* | Lifecell Corp | 9,223 | |||
348 | e* | Luminex Corp | 4,284 | |||
241 | MAXIMUS, Inc | 10,455 | ||||
60 | e* | MTC Technologies, Inc | 1,474 | |||
317 | * | Maxygen, Inc | 2,717 | |||
1,218 | * | McDermott International, Inc | 101,240 | |||
2,480 | Moody's Corp | 154,256 | ||||
471 | e* | Myriad Genetics, Inc | 17,516 | |||
631 | e* | Navigant Consulting, Inc | 11,711 | |||
354 | * | Neurogen Corp | 2,351 | |||
292 | * | Omnicell, Inc | 6,068 | |||
3,710 | Paychex, Inc | 145,135 | ||||
282 | * | PharmaNet Development Group, Inc | 8,990 | |||
1,722 | e | Quest Diagnostics, Inc | 88,941 | |||
324 | * | Regeneration Technologies, Inc | 3,645 | |||
693 | e* | Regeneron Pharmaceuticals, Inc | 12,419 | |||
1,490 | e* | Rentech, Inc | 3,859 | |||
514 | * | Resources Connection, Inc | 17,055 | |||
207 | e* | Rigel Pharmaceuticals, Inc | 1,844 | |||
1,081 | e* | SAIC, Inc | 19,534 | |||
560 | e* | Savient Pharmaceuticals, Inc | 6,955 | |||
458 | * | Seattle Genetics, Inc | 4,493 | |||
219 | e* | Senomyx, Inc | 2,957 | |||
882 | e* | Shaw Group, Inc | 40,828 | |||
299 | e* | Symyx Technologies, Inc | 3,441 | |||
100 | e* | Tejon Ranch Co | 4,420 | |||
510 | e* | Telik, Inc | 1,724 | |||
677 | * | Tetra Tech, Inc | 14,589 | |||
556 | * | URS Corp | 26,994 | |||
188 | e* | Verenium Corp | 953 | |||
316 | * | Washington Group International, Inc | 25,283 | |||
512 | Watson Wyatt & Co Holdings (Class A) | 25,846 | ||||
723 | e* | eResearch Technology, Inc | 6,876 | |||
TOTAL ENGINEERING AND MANAGEMENT SERVICES | 1,552,131 | |||||
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%** | ||||||
986 | * | Home Solutions of America, Inc | 5,896 | |||
TOTAL ENVIRONMENTAL QUALITY AND HOUSING | 5,896 | |||||
FABRICATED METAL PRODUCTS - 0.52% | ||||||
383 | e* | Alliant Techsystems, Inc | 37,974 | |||
84 | e | Ameron International Corp | 7,576 | |||
778 | Aptargroup, Inc | 27,666 | ||||
1,163 | Ball Corp | 61,837 | ||||
170 | CIRCOR International, Inc | 6,873 | ||||
137 | * | Chart Industries, Inc | 3,896 |
62
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,236 | Commercial Metals Co | $ | 41,740 | |||
132 | * | Commercial Vehicle Group, Inc | 2,459 | |||
593 | Crane Co | 26,952 | ||||
1,813 | * | Crown Holdings, Inc | 45,271 | |||
327 | e | Dynamic Materials Corp | 12,263 | |||
420 | e* | Griffon Corp | 9,148 | |||
190 | Gulf Island Fabrication, Inc | 6,593 | ||||
155 | e | Insteel Industries, Inc | 2,790 | |||
5,440 | Illinois Tool Works, Inc | 294,794 | ||||
153 | * | Ladish Co, Inc | 6,579 | |||
100 | e | Lifetime Brands, Inc | 2,045 | |||
400 | * | Mobile Mini, Inc | 11,680 | |||
1,254 | e | Mueller Water Products, Inc (Class A) | 21,393 | |||
260 | e* | NCI Building Systems, Inc | 12,826 | |||
1,268 | e | Parker Hannifin Corp | 124,150 | |||
1,126 | Pentair, Inc | 43,430 | ||||
262 | Silgan Holdings, Inc | 14,483 | ||||
400 | e | Simpson Manufacturing Co, Inc | 13,496 | |||
314 | e* | Smith & Wesson Holding Corp | 5,260 | |||
657 | Snap-On, Inc | 33,185 | ||||
884 | e | Stanley Works | 53,659 | |||
248 | e* | Sturm Ruger & Co, Inc | 3,849 | |||
82 | e | Sun Hydraulics Corp | 4,039 | |||
812 | e* | Taser International, Inc | 11,336 | |||
203 | e | Valmont Industries, Inc | 14,770 | |||
341 | e | Watts Water Technologies, Inc (Class A) | 12,777 | |||
TOTAL FABRICATED METAL PRODUCTS | 976,789 | |||||
FOOD AND KINDRED PRODUCTS - 3.08% | ||||||
227 | e* | Altus Pharmaceuticals, Inc | 2,620 | |||
8,313 | Anheuser-Busch Cos, Inc | 433,606 | ||||
7,139 | Archer Daniels Midland Co | 236,230 | ||||
100 | * | Boston Beer Co, Inc (Class A) | 3,935 | |||
1,322 | Bunge Ltd | 111,709 | ||||
2,539 | Campbell Soup Co | 98,539 | ||||
77 | Coca-Cola Bottling Co Consolidated | 3,873 | ||||
25,130 | Coca-Cola Co | 1,314,550 | ||||
3,184 | Coca-Cola Enterprises, Inc | 76,416 | ||||
5,450 | ConAgra Foods, Inc | 146,387 | ||||
2,101 | e* | Constellation Brands, Inc (Class A) | 51,012 | |||
828 | Corn Products International, Inc | 37,633 | ||||
878 | e* | Darling International, Inc | 8,025 | |||
2,062 | Del Monte Foods Co | 25,074 | ||||
200 | e | Farmer Bros Co | 4,526 | |||
635 | Flowers Foods, Inc | 21,184 | ||||
3,788 | General Mills, Inc | 221,295 | ||||
3,554 | H.J. Heinz Co | 168,708 | ||||
720 | e* | Hansen Natural Corp | 30,946 | |||
1,842 | Hershey Co | 93,242 | ||||
830 | Hormel Foods Corp | 31,001 | ||||
125 | e | Imperial Sugar Co | 3,849 | |||
192 | J&J Snack Foods Corp | 7,246 | ||||
633 | J.M. Smucker Co | 40,297 | ||||
236 | e* | Jones Soda Co | 3,309 |
63
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
2,584 | Kellogg Co | $ | 133,825 | |||
17,549 | Kraft Foods, Inc (Class A) | 618,602 | ||||
317 | Lancaster Colony Corp | 13,279 | ||||
400 | e | Lance, Inc | 9,424 | |||
107 | e* | M&F Worldwide Corp | 7,124 | |||
101 | e | MGP Ingredients, Inc | 1,707 | |||
1,505 | McCormick & Co, Inc | 57,461 | ||||
612 | e | Molson Coors Brewing Co (Class B) | 56,586 | |||
149 | e* | Peet's Coffee & Tea, Inc | 3,670 | |||
1,476 | e | Pepsi Bottling Group, Inc | 49,712 | |||
737 | PepsiAmericas, Inc | 18,101 | ||||
17,822 | PepsiCo, Inc | 1,155,757 | ||||
493 | * | Performance Food Group Co | 16,018 | |||
343 | e* | Ralcorp Holdings, Inc | 18,333 | |||
236 | e | Reddy Ice Holdings, Inc | 6,731 | |||
189 | e | Sanderson Farms, Inc | 8,509 | |||
8,041 | Sara Lee Corp | 139,913 | ||||
1,076 | * | Smithfield Foods, Inc | 33,130 | |||
348 | e | Tootsie Roll Industries, Inc | 9,643 | |||
300 | e | Topps Co, Inc | 3,153 | |||
323 | e* | TreeHouse Foods, Inc | 8,595 | |||
2,623 | Tyson Foods, Inc (Class A) | 60,434 | ||||
2,652 | Wrigley (Wm.) Jr Co | 146,682 | ||||
TOTAL FOOD AND KINDRED PRODUCTS | 5,751,601 | |||||
FOOD STORES - 0.34% | ||||||
15 | e | Arden Group, Inc (Class A) | 2,046 | |||
174 | e* | Great Atlantic & Pacific Tea Co, Inc | 5,836 | |||
100 | Ingles Markets, Inc (Class A) | 3,445 | ||||
7,767 | Kroger Co | 218,486 | ||||
327 | e* | Panera Bread Co (Class A) | 15,062 | |||
248 | e* | Pantry, Inc | 11,433 | |||
545 | * | Pathmark Stores, Inc | 7,063 | |||
431 | Ruddick Corp | 12,982 | ||||
4,833 | Safeway, Inc | 164,467 | ||||
2,300 | Supervalu, Inc | 106,536 | ||||
188 | e | Weis Markets, Inc | 7,616 | |||
1,546 | e | Whole Foods Market, Inc | 59,212 | |||
261 | * | Wild Oats Markets, Inc | 4,374 | |||
358 | e* | Winn-Dixie Stores, Inc | 10,489 | |||
TOTAL FOOD STORES | 629,047 | |||||
FORESTRY - 0.12% | ||||||
848 | Rayonier, Inc | 38,279 | ||||
2,363 | Weyerhaeuser Co | 186,512 | ||||
TOTAL FORESTRY | 224,791 | |||||
FURNITURE AND FIXTURES - 0.32% | ||||||
369 | e | Ethan Allen Interiors, Inc | 12,638 | |||
642 | e | Furniture Brands International, Inc | 9,116 | |||
567 | HNI Corp | 23,247 | ||||
700 | Herman Miller, Inc | 22,120 | ||||
668 | Hillenbrand Industries, Inc | 43,420 | ||||
64 | Hooker Furniture Corp | 1,436 |
64
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
597 | Interface, Inc (Class A) | $ | 11,259 | |||
2,159 | Johnson Controls, Inc | 249,947 | ||||
300 | e | Kimball International, Inc (Class B) | 4,203 | |||
500 | e | La-Z-Boy, Inc | 5,730 | |||
1,986 | Leggett & Platt, Inc | 43,791 | ||||
4,134 | Masco Corp | 117,695 | ||||
489 | e | Sealy Corp | 8,078 | |||
580 | e* | Select Comfort Corp | 9,408 | |||
809 | e | Tempur-Pedic International, Inc | 20,953 | |||
322 | e* | Williams Scotsman International, Inc | 7,667 | |||
TOTAL FURNITURE AND FIXTURES | 590,708 | |||||
FURNITURE AND HOME FURNISHINGS STORES - 0.19% | ||||||
3,031 | * | Bed Bath & Beyond, Inc | 109,086 | |||
1,868 | e | Circuit City Stores, Inc | 28,169 | |||
1,638 | * | GameStop Corp (Class A) | 64,046 | |||
323 | e* | Guitar Center, Inc | 19,319 | |||
166 | e | Haverty Furniture Cos, Inc | 1,937 | |||
546 | Knoll, Inc | 12,230 | ||||
573 | e* | Mohawk Industries, Inc | 57,753 | |||
1,075 | e | Pier 1 Imports, Inc | 9,127 | |||
838 | Steelcase, Inc (Class A) | 15,503 | ||||
228 | e | Tuesday Morning Corp | 2,818 | |||
1,054 | e | Williams-Sonoma, Inc | 33,285 | |||
TOTAL FURNITURE AND HOME FURNISHINGS STORES | 353,273 | |||||
GENERAL BUILDING CONTRACTORS - 0.25% | ||||||
100 | e | Amrep Corp | 4,755 | |||
39 | e* | Avatar Holdings, Inc | 3,001 | |||
377 | e | Beazer Homes USA, Inc | 9,301 | |||
139 | e | Brookfield Homes Corp | 4,044 | |||
1,320 | Centex Corp | 52,932 | ||||
3,307 | DR Horton, Inc | 65,909 | ||||
439 | e* | Hovnanian Enterprises, Inc (Class A) | 7,257 | |||
857 | e | KB Home | 33,740 | |||
1,382 | Lennar Corp (Class A) | 50,526 | ||||
111 | e | M/I Homes, Inc | 2,953 | |||
338 | e | MDC Holdings, Inc | 16,346 | |||
274 | e | McGrath RentCorp | 9,231 | |||
264 | e* | Meritage Homes Corp | 7,062 | |||
50 | e* | NVR, Inc | 33,988 | |||
100 | e* | Palm Harbor Homes, Inc | 1,415 | |||
316 | e* | Perini Corp | 19,443 | |||
2,240 | Pulte Homes, Inc | 50,288 | ||||
506 | e | Ryland Group, Inc | 18,909 | |||
670 | e | Standard-Pacific Corp | 11,745 | |||
280 | e* | Team, Inc | 12,592 | |||
1,348 | e* | Toll Brothers, Inc | 33,673 | |||
518 | e* | WCI Communities, Inc | 8,640 | |||
568 | e | Walter Industries, Inc | 16,449 | |||
TOTAL GENERAL BUILDING CONTRACTORS | 474,199 | |||||
GENERAL MERCHANDISE STORES - 1.59% | ||||||
521 | e* | 99 Cents Only Stores | 6,830 |
65
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
713 | * | BJ's Wholesale Club, Inc | $ | 25,689 | ||
1,248 | e* | Big Lots, Inc | 36,716 | |||
139 | e | Bon-Ton Stores, Inc | 5,568 | |||
325 | e* | Cabela's, Inc | 7,192 | |||
547 | Casey's General Stores, Inc | 14,911 | ||||
100 | e* | Conn's, Inc | 2,856 | |||
4,886 | Costco Wholesale Corp | 285,929 | ||||
670 | e | Dillard's, Inc (Class A) | 24,073 | |||
3,435 | Dollar General Corp | 75,295 | ||||
1,650 | Family Dollar Stores, Inc | 56,628 | ||||
480 | e | Fred's, Inc | 6,422 | |||
2,471 | JC Penney Co, Inc | 178,851 | ||||
5,065 | Macy's, Inc | 201,486 | ||||
298 | e* | Retail Ventures, Inc | 4,807 | |||
1,433 | e | Saks, Inc | 30,595 | |||
200 | e | Stein Mart, Inc | 2,452 | |||
4,974 | TJX Cos, Inc | 136,785 | ||||
9,358 | Target Corp | 595,169 | ||||
26,381 | Wal-Mart Stores, Inc | 1,269,190 | ||||
TOTAL GENERAL MERCHANDISE STORES | 2,967,444 | |||||
HEALTH SERVICES - 1.32% | ||||||
664 | e* | Assisted Living Concepts, Inc (A Shares) | 7,072 | |||
107 | e* | Alliance Imaging, Inc | 1,005 | |||
288 | * | Amedisys, Inc | 10,463 | |||
134 | * | American Dental Partners, Inc | 3,480 | |||
2,092 | AmerisourceBergen Corp | 103,491 | ||||
282 | * | Amsurg Corp | 6,807 | |||
569 | e* | Apria Healthcare Group, Inc | 16,370 | |||
300 | e* | Bio-Reference Labs, Inc | 8,205 | |||
384 | e | Brookdale Senior Living, Inc | 17,499 | |||
3,150 | Cigna Corp | 164,493 | ||||
1,047 | e* | Community Health Systems, Inc | 42,351 | |||
90 | * | Corvel Corp | 2,353 | |||
683 | * | Covance, Inc | 46,826 | |||
1,712 | * | Coventry Health Care, Inc | 98,697 | |||
296 | * | Cross Country Healthcare, Inc | 4,937 | |||
253 | e* | CryoLife, Inc | 3,292 | |||
1,093 | * | DaVita, Inc | 58,891 | |||
660 | * | Edwards Lifesciences Corp | 32,564 | |||
60 | e* | Emeritus Corp | 1,859 | |||
242 | e* | Enzo Biochem, Inc | 3,618 | |||
2,544 | * | Express Scripts, Inc | 127,225 | |||
228 | * | Genesis HealthCare Corp | 15,600 | |||
300 | e* | Genomic Health, Inc | 5,640 | |||
285 | e* | Gentiva Health Services, Inc | 5,717 | |||
2,818 | Health Management Associates, Inc (Class A) | 32,012 | ||||
140 | * | Healthsouth Corp | 2,535 | |||
352 | e* | Healthways, Inc | 16,674 | |||
900 | e* | Hythiam, Inc | 7,785 | |||
634 | * | Immunomedics, Inc | 2,631 | |||
402 | * | Kindred Healthcare, Inc | 12,349 | |||
216 | e | LCA-Vision, Inc | 10,208 | |||
124 | e* | LHC Group, Inc | 3,249 |
66
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,297 | * | Laboratory Corp of America Holdings | $ | 101,503 | ||
634 | * | LifePoint Hospitals, Inc | 24,523 | |||
939 | * | Lincare Holdings, Inc | 37,419 | |||
488 | * | Magellan Health Services, Inc | 22,677 | |||
801 | Manor Care, Inc | 52,297 | ||||
300 | e* | Matria Healthcare, Inc | 9,084 | |||
3,250 | McKesson Corp | 193,830 | ||||
164 | * | Medcath Corp | 5,215 | |||
3,087 | * | Medco Health Solutions, Inc | 240,755 | |||
100 | e | National Healthcare Corp | 5,160 | |||
981 | e* | Nektar Therapeutics | 9,310 | |||
235 | * | Nighthawk Radiology Holdings, Inc | 4,242 | |||
336 | * | Odyssey HealthCare, Inc | 3,985 | |||
1,319 | Omnicare, Inc | 47,563 | ||||
187 | e | Option Care, Inc | 2,880 | |||
514 | * | Pediatrix Medical Group, Inc | 28,347 | |||
1,098 | Pharmaceutical Product Development, Inc | 42,020 | ||||
610 | e* | Psychiatric Solutions, Inc | 22,119 | |||
117 | e* | Radiation Therapy Services, Inc | 3,082 | |||
300 | e* | RehabCare Group, Inc | 4,272 | |||
611 | * | Sierra Health Services, Inc | 25,405 | |||
246 | * | Skilled Healthcare Group, Inc (Class A) | 3,815 | |||
300 | * | Stereotaxis, Inc | 3,918 | |||
722 | e* | Sun Healthcare Group, Inc | 10,462 | |||
483 | e* | Sunrise Senior Living, Inc | 19,315 | |||
183 | * | Symbion, Inc | 3,973 | |||
5,068 | e* | Tenet Healthcare Corp | 32,993 | |||
975 | * | Triad Hospitals, Inc | 52,416 | |||
497 | Universal Health Services, Inc (Class B) | 30,566 | ||||
6,714 | * | WellPoint, Inc | 535,979 | |||
133 | * | eHealth, Inc | 2,539 | |||
TOTAL HEALTH SERVICES | 2,457,562 | |||||
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.06% | ||||||
771 | * | Foster Wheeler Ltd | 82,489 | |||
396 | Granite Construction, Inc | 25,415 | ||||
440 | * | Matrix Service Co | 10,934 | |||
TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING | 118,838 | |||||
HOLDING AND OTHER INVESTMENT OFFICES - 3.40% | ||||||
1,090 | AMB Property Corp | 58,010 | ||||
400 | Acadia Realty Trust | 10,380 | ||||
353 | e* | Affiliated Managers Group, Inc | 45,452 | |||
1,026 | e* | Affordable Residential Communities LP | 12,127 | |||
79 | e | Agree Realty Corp | 2,469 | |||
614 | e | Alesco Financial, Inc | 4,992 | |||
24 | e* | Alexander's, Inc | 9,702 | |||
322 | Alexandria Real Estate Equities, Inc | 31,176 | ||||
1,704 | e | Allied Capital Corp | 52,756 | |||
481 | American Campus Communities, Inc | 13,607 | ||||
1,336 | American Financial Realty Trust | 13,788 | ||||
535 | e | American Home Mortgage Investment Corp | 9,833 | |||
2,882 | Annaly Mortgage Management, Inc | 41,558 | ||||
503 | Anthracite Capital, Inc | 5,885 |
67
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
734 | Anworth Mortgage Asset Corp | $ | 6,643 | |||
1,059 | e | Apartment Investment & Management Co (Class A) | 53,395 | |||
1,280 | Apollo Investment Corp | 27,546 | ||||
134 | Arbor Realty Trust, Inc | 3,459 | ||||
2,381 | Archstone-Smith Trust | 140,741 | ||||
1,067 | e | Ashford Hospitality Trust, Inc | 12,548 | |||
167 | Associated Estates Realty Corp | 2,604 | ||||
872 | AvalonBay Communities, Inc | 103,663 | ||||
557 | e | BRE Properties, Inc (Class A) | 33,025 | |||
630 | BioMed Realty Trust, Inc | 15,826 | ||||
1,121 | Boston Properties, Inc | 114,488 | ||||
918 | Brandywine Realty Trust | 26,236 | ||||
698 | CBL & Associates Properties, Inc | 25,163 | ||||
324 | e | CBRE Realty Finance, Inc | 3,852 | |||
612 | Camden Property Trust | 40,986 | ||||
472 | e | Capital Lease Funding, Inc | 5,074 | |||
47 | e | Capital Southwest Corp | 7,322 | |||
200 | e | Capital Trust, Inc (Class A) | 6,828 | |||
400 | e | Cedar Shopping Centers, Inc | 5,740 | |||
65 | e | Cherokee, Inc | 2,375 | |||
507 | Colonial Properties Trust | 18,480 | ||||
227 | e | Compass Diversified Trust | 4,047 | |||
429 | e | Corporate Office Properties Trust | 17,593 | |||
426 | Cousins Properties, Inc | 12,358 | ||||
820 | e | Crescent Real Estate Equities Co | 18,401 | |||
300 | Crystal River Capital, Inc | 7,284 | ||||
1,850 | e | DCT Industrial Trust, Inc | 19,906 | |||
560 | Deerfield Triarc Capital Corp | 8,193 | ||||
1,275 | Developers Diversified Realty Corp | 67,205 | ||||
1,064 | DiamondRock Hospitality Co | 20,301 | ||||
578 | Digital Realty Trust, Inc | 21,779 | ||||
1,038 | Douglas Emmett, Inc | 25,680 | ||||
1,402 | Duke Realty Corp | 50,009 | ||||
451 | e | EastGroup Properties, Inc | 19,763 | |||
231 | e | Education Realty Trust, Inc | 3,241 | |||
300 | e | Entertainment Properties Trust | 16,134 | |||
587 | e | Equity Inns, Inc | 13,149 | |||
238 | e | Equity Lifestyle Properties, Inc | 12,421 | |||
415 | e | Equity One, Inc | 10,603 | |||
3,130 | Equity Residential | 142,822 | ||||
267 | e | Essex Property Trust, Inc | 31,052 | |||
630 | Extra Space Storage, Inc | 10,395 | ||||
617 | Federal Realty Investment Trust | 47,669 | ||||
628 | FelCor Lodging Trust, Inc | 16,347 | ||||
500 | e | First Industrial Realty Trust, Inc | 19,380 | |||
172 | e | First Potomac Realty Trust | 4,006 | |||
538 | e | Franklin Street Properties Corp | 8,899 | |||
2,050 | e | Friedman Billings Ramsey Group, Inc (Class A) | 11,193 | |||
300 | GMH Communities Trust | 2,907 | ||||
2,246 | General Growth Properties, Inc | 118,926 | ||||
164 | e | Getty Realty Corp | 4,310 | |||
81 | e | Gladstone Capital Corp | 1,738 | |||
511 | e | Glimcher Realty Trust | 12,775 | |||
143 | e | Gramercy Capital Corp | 3,938 |
68
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
179 | * | HFF, Inc (Class A) | $ | 2,776 | ||
2,100 | HRPT Properties Trust | 21,840 | ||||
2,324 | Health Care Property Investors, Inc | 67,233 | ||||
817 | Health Care REIT, Inc | 32,974 | ||||
605 | e | Healthcare Realty Trust, Inc | 16,807 | |||
298 | e | Hersha Hospitality Trust | 3,522 | |||
768 | Highland Hospitality Corp | 14,746 | ||||
629 | Highwoods Properties, Inc | 23,588 | ||||
403 | Home Properties, Inc | 20,928 | ||||
984 | Hospitality Properties Trust | 40,826 | ||||
5,552 | Host Marriott Corp | 128,362 | ||||
862 | e | IMPAC Mortgage Holdings, Inc | 3,974 | |||
710 | e | Inland Real Estate Corp | 12,056 | |||
450 | Innkeepers U.S.A. Trust | 7,978 | ||||
678 | Investors Real Estate Trust | 7,004 | ||||
284 | e | JER Investors Trust, Inc | 4,260 | |||
567 | e* | Jamba, Inc | 5,182 | |||
348 | Kilroy Realty Corp | 24,652 | ||||
2,348 | Kimco Realty Corp | 89,388 | ||||
715 | Kite Realty Group Trust | 13,599 | ||||
249 | LTC Properties, Inc | 5,665 | ||||
442 | e | LaSalle Hotel Properties | 19,192 | |||
736 | Lexington Corporate Properties Trust | 15,309 | ||||
1,005 | e | Liberty Property Trust | 44,150 | |||
1,468 | e | Luminent Mortgage Capital, Inc | 14,812 | |||
808 | MFA Mortgage Investments, Inc | 5,882 | ||||
520 | MVC Capital, Inc | 9,781 | ||||
781 | Macerich Co | 64,370 | ||||
688 | Mack-Cali Realty Corp | 29,921 | ||||
527 | Maguire Properties, Inc | 18,092 | ||||
430 | e | Medical Properties Trust, Inc | 5,689 | |||
261 | Mid-America Apartment Communities, Inc | 13,697 | ||||
220 | e | Mission West Properties, Inc | 3,067 | |||
200 | e | National Health Investors, Inc | 6,344 | |||
658 | National Retail Properties, Inc | 14,384 | ||||
925 | Nationwide Health Properties, Inc | 25,160 | ||||
463 | e | Newcastle Investment Corp | 11,607 | |||
454 | e* | NexCen Brands, Inc | 5,058 | |||
800 | NorthStar Realty Finance Corp | 10,008 | ||||
714 | e | Novastar Financial, Inc | 4,984 | |||
735 | Omega Healthcare Investors, Inc | 11,635 | ||||
235 | PS Business Parks, Inc | 14,892 | ||||
149 | e | Parkway Properties, Inc | 7,156 | |||
216 | e | PennantPark Investment Corp | 3,033 | |||
385 | Pennsylvania Real Estate Investment Trust | 17,067 | ||||
1,970 | Plum Creek Timber Co, Inc | 82,070 | ||||
500 | Post Properties, Inc | 26,065 | ||||
449 | Potlatch Corp | 19,329 | ||||
2,813 | Prologis | 160,060 | ||||
218 | Prospect Capital Corp | 3,808 | ||||
1,335 | Public Storage, Inc | 102,555 | ||||
598 | e | RAIT Investment Trust | 15,560 | |||
201 | Ramco-Gershenson Properties | 7,222 | ||||
998 | Realty Income Corp | 25,140 |
69
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
209 | Redwood Trust, Inc | $ | 10,111 | |||
757 | Regency Centers Corp | 53,369 | ||||
270 | e | Republic Property Trust | 3,308 | |||
500 | e | Resource Capital Corp | 6,990 | |||
649 | SL Green Realty Corp | 80,405 | ||||
200 | Saul Centers, Inc | 9,070 | ||||
893 | Senior Housing Properties Trust | 18,173 | ||||
2,404 | Simon Property Group, Inc | 223,668 | ||||
187 | Sovran Self Storage, Inc | 9,006 | ||||
1,315 | Spirit Finance Corp | 19,146 | ||||
798 | e | Strategic Hotels & Resorts, Inc | 17,947 | |||
236 | Sun Communities, Inc | 7,026 | ||||
631 | Sunstone Hotel Investors, Inc | 17,914 | ||||
991 | * | TFS Financial Corp | 11,436 | |||
290 | e | Tanger Factory Outlet Centers, Inc | 10,860 | |||
106 | e* | Tarragon Corp | 897 | |||
574 | Taubman Centers, Inc | 28,476 | ||||
1,360 | Thornburg Mortgage, Inc | 35,605 | ||||
499 | e | U-Store-It Trust | 8,179 | |||
1,487 | e | UDR, Inc | 39,108 | |||
200 | e | Universal Health Realty Income Trust | 6,660 | |||
213 | Urstadt Biddle Properties, Inc (Class A) | 3,623 | ||||
1,470 | e | Ventas, Inc | 53,287 | |||
3,182 | Virgin Media, Inc | 77,545 | ||||
1,429 | Vornado Realty Trust | 156,961 | ||||
444 | e | Washington Real Estate Investment Trust | 15,096 | |||
842 | e | Weingarten Realty Investors | 34,606 | |||
400 | * | Winston Hotels, Inc | 6,000 | |||
1,100 | Winthrop Realty Trust | 7,601 | ||||
25,200 | iShares Russell 3000 Index Fund | 2,193,156 | ||||
1,431 | iStar Financial, Inc | 63,436 | ||||
TOTAL HOLDING AND OTHER INVESTMENT OFFICES | 6,345,277 | |||||
HOTELS AND OTHER LODGING PLACES - 0.53% | ||||||
226 | e | Ameristar Casinos, Inc | 7,851 | |||
459 | e* | Bluegreen Corp | 5,366 | |||
584 | Boyd Gaming Corp | 28,727 | ||||
370 | Choice Hotels International, Inc | 14,622 | ||||
424 | * | Gaylord Entertainment Co | 22,743 | |||
300 | e* | Great Wolf Resorts, Inc | 4,275 | |||
4,183 | Hilton Hotels Corp | 140,005 | ||||
162 | e* | Isle of Capri Casinos, Inc | 3,882 | |||
1,150 | e* | Las Vegas Sands Corp | 87,848 | |||
300 | e* | Lodgian, Inc | 4,509 | |||
1,294 | * | MGM Mirage | 106,729 | |||
200 | e | Marcus Corp | 4,752 | |||
3,640 | Marriott International, Inc (Class A) | 157,394 | ||||
200 | * | Monarch Casino & Resort, Inc | 5,370 | |||
190 | e* | Morgans Hotel Group Co | 4,632 | |||
465 | e | �� | Orient-Express Hotels Ltd (Class A) | 24,831 | ||
200 | e* | Riviera Holdings Corp | 7,270 | |||
2,333 | Starwood Hotels & Resorts Worldwide, Inc | 156,474 | ||||
482 | e | Station Casinos, Inc | 41,838 | |||
704 | e* | Trump Entertainment Resorts, Inc | 8,835 |
70
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
378 | e* | Vail Resorts, Inc | $ | 23,009 | ||
1,996 | * | Wyndham Worldwide Corp | 72,375 | |||
550 | e | Wynn Resorts Ltd | 49,329 | |||
TOTAL HOTELS AND OTHER LODGING PLACES | 982,666 | |||||
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.85% | ||||||
961 | * | AGCO Corp | 41,717 | |||
140 | e* | ASV, Inc | 2,419 | |||
86 | e | Aaon, Inc | 2,739 | |||
282 | e | Actuant Corp (Class A) | 17,783 | |||
301 | e | Albany International Corp (Class A) | 12,172 | |||
400 | e* | Allis-Chalmers Energy, Inc | 9,196 | |||
1,937 | American Standard Cos, Inc | 114,244 | ||||
79 | Ampco-Pittsburgh Corp | 3,167 | ||||
15,124 | Applied Materials, Inc | 300,514 | ||||
200 | * | Astec Industries, Inc | 8,444 | |||
800 | * | Asyst Technologies, Inc | 5,784 | |||
900 | * | Axcelis Technologies, Inc | 5,841 | |||
722 | Black & Decker Corp | 63,760 | ||||
243 | e | Black Box Corp | 10,055 | |||
315 | e* | Blount International, Inc | 4,120 | |||
547 | e | Briggs & Stratton Corp | 17,263 | |||
4,603 | * | Brocade Communications Systems, Inc | 35,995 | |||
831 | * | Brooks Automation, Inc | 15,083 | |||
410 | Bucyrus International, Inc (Class A) | 29,020 | ||||
638 | CDW Corp | 54,211 | ||||
678 | Carlisle Cos, Inc | 31,534 | ||||
126 | e | Cascade Corp | 9,883 | |||
7,007 | Caterpillar, Inc | 548,648 | ||||
1,000 | * | Cirrus Logic, Inc | 8,300 | |||
196 | * | Columbus McKinnon Corp | 6,311 | |||
347 | e* | Cray, Inc | 2,648 | |||
1,140 | Cummins, Inc | 115,379 | ||||
500 | Curtiss-Wright Corp | 23,305 | ||||
400 | * | Cymer, Inc | 16,080 | |||
2,483 | Deere & Co | 299,797 | ||||
25,010 | * | Dell, Inc | 714,036 | |||
772 | Diebold, Inc | 40,298 | ||||
818 | e | Donaldson Co, Inc | 29,080 | |||
2,236 | Dover Corp | 114,371 | ||||
938 | * | Dresser-Rand Group, Inc | 37,051 | |||
318 | * | Dril-Quip, Inc | 14,294 | |||
22,956 | * | EMC Corp | 415,504 | |||
507 | * | ENGlobal Corp | 6,160 | |||
630 | * | Electronics for Imaging, Inc | 17,779 | |||
1,000 | e* | Emulex Corp | 21,840 | |||
215 | e* | EnPro Industries, Inc | 9,200 | |||
1,363 | * | Entegris, Inc | 16,192 | |||
1,016 | e* | Extreme Networks, Inc | 4,115 | |||
715 | * | FMC Technologies, Inc | 56,642 | |||
101 | e* | Flotek Industries, Inc | 6,055 | |||
413 | e* | Flow International Corp | 5,204 | |||
623 | Flowserve Corp | 44,607 | ||||
190 | e* | Fuel Tech, Inc | 6,507 |
71
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
530 | * | Gardner Denver, Inc | $ | 22,551 | ||
2,668 | e* | Gateway, Inc | 4,242 | |||
106 | e* | Gehl Co | 3,218 | |||
112,559 | General Electric Co | 4,308,759 | ||||
409 | e* | Goodman Global, Inc | 9,088 | |||
156 | e | Gorman-Rupp Co | 4,970 | |||
771 | Graco, Inc | 31,056 | ||||
1,415 | * | Grant Prideco, Inc | 76,169 | |||
120 | Hardinge, Inc | 4,084 | ||||
29,283 | Hewlett-Packard Co | 1,306,607 | ||||
60 | * | Hurco Cos, Inc | 2,999 | |||
889 | IDEX Corp | 34,262 | ||||
289 | * | Immersion Corp | 4,329 | |||
3,302 | Ingersoll-Rand Co Ltd (Class A) | 181,016 | ||||
664 | e* | Intermec, Inc | 16,806 | |||
16,246 | International Business Machines Corp | 1,709,891 | ||||
3,639 | International Game Technology | 144,468 | ||||
278 | e* | Intevac, Inc | 5,910 | |||
1,988 | e | Jabil Circuit, Inc | 43,875 | |||
1,220 | Joy Global, Inc | 71,163 | ||||
85 | * | Kadant, Inc | 2,652 | |||
300 | e | Kaydon Corp | 15,636 | |||
426 | Kennametal, Inc | 34,945 | ||||
348 | e* | Komag, Inc | 11,098 | |||
631 | * | Kulicke & Soffa Industries, Inc | 6,607 | |||
1,500 | * | Lam Research Corp | 77,100 | |||
657 | Lennox International, Inc | 22,489 | ||||
1,076 | * | Lexmark International, Inc (Class A) | 53,058 | |||
100 | e | Lindsay Manufacturing Co | 4,429 | |||
200 | Lufkin Industries, Inc | 12,910 | ||||
696 | Manitowoc Co, Inc | 55,944 | ||||
400 | * | Micros Systems, Inc | 21,760 | |||
244 | e* | Middleby Corp | 14,596 | |||
500 | Modine Manufacturing Co | 11,300 | ||||
158 | * | NATCO Group, Inc (Class A) | 7,274 | |||
66 | Nacco Industries, Inc (Class A) | 10,262 | ||||
400 | e* | Netgear, Inc | 14,500 | |||
369 | Nordson Corp | 18,509 | ||||
540 | * | Oil States International, Inc | 22,324 | |||
1,385 | Pall Corp | 63,696 | ||||
1,132 | Palm, Inc | 18,123 | ||||
1,916 | * | Quantum Corp | 6,074 | |||
200 | * | RBC Bearings, Inc | 8,250 | |||
244 | * | Riverbed Technology, Inc | 10,692 | |||
301 | e* | Rackable Systems, Inc | 3,720 | |||
113 | * | Rimage Corp | 3,570 | |||
155 | Robbins & Myers, Inc | 8,235 | ||||
1,726 | e | Rockwell Automation, Inc | 119,853 | |||
623 | SPX Corp | 54,706 | ||||
1,316 | e* | Safeguard Scientifics, Inc | 3,698 | |||
2,531 | * | SanDisk Corp | 123,867 | |||
200 | e | Sauer-Danfoss, Inc | 5,952 | |||
266 | e* | Scansource, Inc | 8,509 | |||
702 | e* | Scientific Games Corp (Class A) | 24,535 |
72
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
5,947 | Seagate Technology, Inc | $ | 129,466 | |||
100 | e* | Semitool, Inc | 961 | |||
357 | e* | Sigma Designs, Inc | 9,314 | |||
10,117 | * | Solectron Corp | 37,231 | |||
678 | e* | SourceForge, Inc | 2,861 | |||
100 | Standex International Corp | 2,844 | ||||
618 | e* | Tecumseh Products Co (Class A) | 9,709 | |||
200 | Tennant Co | 7,300 | ||||
1,127 | * | Terex Corp | 91,625 | |||
1,037 | Timken Co | 37,446 | ||||
440 | Toro Co | 25,912 | ||||
555 | * | TurboChef Technologies, Inc | 7,726 | |||
50 | e | Twin Disc, Inc | 3,595 | |||
200 | e* | Ultratech, Inc | 2,666 | |||
1,402 | * | Varian Medical Systems, Inc | 59,599 | |||
678 | e* | VeriFone Holdings, Inc | 23,899 | |||
280 | Watsco, Inc | 15,232 | ||||
2,428 | * | Western Digital Corp | 46,982 | |||
340 | Woodward Governor Co | 18,248 | ||||
762 | * | Zebra Technologies Corp (Class A) | 29,520 | |||
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT | 12,802,819 | |||||
INSTRUMENTS AND RELATED PRODUCTS - 4.19% | ||||||
186 | e* | Abaxis, Inc | 3,880 | |||
400 | e* | Abiomed, Inc | 4,312 | |||
182 | * | Accuray, Inc | 4,037 | |||
708 | e* | Advanced Medical Optics, Inc | 24,695 | |||
766 | e* | Affymetrix, Inc | 19,066 | |||
4,447 | * | Agilent Technologies, Inc | 170,943 | |||
700 | e* | Align Technology, Inc | 16,912 | |||
3,364 | Allergan, Inc | 193,901 | ||||
728 | e* | American Medical Systems Holdings, Inc | 13,133 | |||
87 | e* | American Science & Engineering, Inc | 4,946 | |||
150 | Analogic Corp | 11,026 | ||||
200 | * | Anaren, Inc | 3,522 | |||
131 | e* | Angiodynamics, Inc | 2,359 | |||
2,057 | Applera Corp (Applied Biosystems Group) | 62,821 | ||||
94 | e* | Argon ST, Inc | 2,182 | |||
332 | e* | Armor Holdings, Inc | 28,841 | |||
272 | e | Arrow International, Inc | 10,412 | |||
300 | e* | Arthrocare Corp | 13,173 | |||
200 | e* | Aspect Medical Systems, Inc | 2,992 | |||
116 | e | Badger Meter, Inc | 3,278 | |||
1,133 | Bard (C.R.), Inc | 93,620 | ||||
605 | e | Bausch & Lomb, Inc | 42,011 | |||
7,161 | Baxter International, Inc | 403,451 | ||||
655 | Beckman Coulter, Inc | 42,365 | ||||
2,682 | Becton Dickinson & Co | 199,809 | ||||
208 | * | Bio-Rad Laboratories, Inc (Class A) | 15,719 | |||
2,685 | Biomet, Inc | 122,758 | ||||
178 | * | Biosite, Inc | 16,463 | |||
14,572 | * | Boston Scientific Corp | 223,534 | |||
873 | * | Bruker BioSciences Corp | 7,866 | |||
609 | e* | Cepheid, Inc | 8,891 |
73
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
324 | e* | Coherent, Inc | $ | 9,885 | ||
200 | e | Cohu, Inc | 4,450 | |||
450 | * | Conmed Corp | 13,176 | |||
464 | e | Cooper Cos, Inc | 24,740 | |||
2,018 | * | Credence Systems Corp | 7,265 | |||
148 | e* | Cutera, Inc | 3,688 | |||
200 | e* | Cyberonics, Inc | 3,364 | |||
85 | * | Cynosure, Inc (Class A) | 3,097 | |||
257 | e* | DJ Orthopedics, Inc | 10,606 | |||
446 | DRS Technologies, Inc | 25,542 | ||||
2,689 | Danaher Corp | 203,019 | ||||
100 | e | Datascope Corp | 3,828 | |||
1,662 | Dentsply International, Inc | 63,588 | ||||
284 | * | Dionex Corp | 20,161 | |||
137 | e | EDO Corp | 4,503 | |||
270 | e* | ESCO Technologies, Inc | 9,790 | |||
3,150 | e | Eastman Kodak Co | 87,664 | |||
8,746 | Emerson Electric Co | 409,313 | ||||
266 | * | Esterline Technologies Corp | 12,850 | |||
81 | * | Excel Technology, Inc | 2,263 | |||
163 | e* | FARO Technologies, Inc | 5,193 | |||
386 | * | FEI Co | 12,530 | |||
768 | e* | Flir Systems, Inc | 35,520 | |||
497 | e* | Formfactor, Inc | 19,035 | |||
469 | * | Fossil, Inc | 13,831 | |||
145 | e* | Foxhollow Technologies, Inc | 3,080 | |||
272 | * | Haemonetics Corp | 14,310 | |||
606 | e* | Hologic, Inc | 33,518 | |||
193 | e* | I-Flow Corp | 3,231 | |||
111 | e* | ICU Medical, Inc | 4,766 | |||
200 | e* | II-VI, Inc | 5,434 | |||
632 | e* | Illumina, Inc | 25,653 | |||
900 | e* | Input/Output, Inc | 14,049 | |||
159 | * | Integra LifeSciences Holdings Corp | 7,858 | |||
414 | * | Intuitive Surgical, Inc | 57,451 | |||
316 | e | Invacare Corp | 5,792 | |||
400 | * | Ionatron, Inc | 1,560 | |||
304 | e* | Itron, Inc | 23,694 | |||
345 | * | Ixia | 3,195 | |||
31,868 | Johnson & Johnson | 1,963,706 | ||||
2,097 | Kla-Tencor Corp | 115,230 | ||||
66 | e* | Kensey Nash Corp | 1,769 | |||
479 | e* | Kyphon, Inc | 23,064 | |||
699 | e* | L-1 Identity Solutions, Inc | 14,295 | |||
522 | e* | LTX Corp | 2,902 | |||
550 | * | MKS Instruments, Inc | 15,235 | |||
221 | e | MTS Systems Corp | 9,872 | |||
114 | e* | Measurement Specialties, Inc | 2,700 | |||
147 | * | Medical Action Industries, Inc | 2,655 | |||
12,573 | Medtronic, Inc | 652,036 | ||||
409 | e | Mentor Corp | 16,638 | |||
187 | * | Merit Medical Systems, Inc | 2,237 | |||
414 | * | Mettler-Toledo International, Inc | 39,541 | |||
167 | * | Micrus Endovascular Corp | 4,108 |
74
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
591 | e* | Millipore Corp | $ | 44,378 | ||
300 | e | Mine Safety Appliances Co | 13,128 | |||
200 | Movado Group, Inc | 6,748 | ||||
391 | e* | Wright Medical Group, Inc | 9,431 | |||
650 | National Instruments Corp | 21,170 | ||||
200 | e* | Natus Medical, Inc | 3,184 | |||
407 | e* | Newport Corp | 6,300 | |||
212 | * | Northstar Neuroscience, Inc | 2,466 | |||
360 | e* | NuVasive, Inc | 9,724 | |||
222 | e* | NxStage Medical, Inc | 2,870 | |||
42 | e* | OYO Geospace Corp | 3,116 | |||
200 | e | Oakley, Inc | 5,680 | |||
181 | e* | Orthofix International NV | 8,140 | |||
200 | e* | Palomar Medical Technologies, Inc | 6,942 | |||
1,291 | PerkinElmer, Inc | 33,643 | ||||
2,461 | Pitney Bowes, Inc | 115,224 | ||||
306 | e | PolyMedica Corp | 12,500 | |||
828 | e* | Resmed, Inc | 34,163 | |||
826 | * | Respironics, Inc | 35,179 | |||
1,832 | Rockwell Collins, Inc | 129,412 | ||||
162 | * | Rofin-Sinar Technologies, Inc | 11,178 | |||
988 | Roper Industries, Inc | 56,415 | ||||
351 | e* | Rudolph Technologies, Inc | 5,830 | |||
561 | e* | Sirf Technology Holdings, Inc | 11,635 | |||
182 | e* | Sirona Dental Systems, Inc | 6,885 | |||
293 | e* | Sonic Innovations, Inc | 2,564 | |||
326 | e* | Sonic Solutions, Inc | 4,111 | |||
150 | e* | SonoSite, Inc | 4,714 | |||
330 | e* | Spectranetics Corp | 3,802 | |||
3,714 | * | St. Jude Medical, Inc | 154,094 | |||
800 | STERIS Corp | 24,480 | ||||
3,338 | e | Stryker Corp | 210,594 | |||
376 | e* | Symmetry Medical, Inc | 6,020 | |||
450 | * | Techne Corp | 25,744 | |||
897 | Tektronix, Inc | 30,265 | ||||
385 | * | Teledyne Technologies, Inc | 17,691 | |||
2,014 | * | Teradyne, Inc | 35,406 | |||
4,610 | * | Thermo Electron Corp | 238,429 | |||
483 | e* | Thoratec Corp | 8,882 | |||
1,248 | * | Trimble Navigation Ltd | 40,186 | |||
100 | e | United Industrial Corp | 5,998 | |||
379 | * | Varian, Inc | 20,781 | |||
262 | e* | Veeco Instruments, Inc | 5,434 | |||
328 | e* | Ventana Medical Systems, Inc | 25,345 | |||
200 | e* | Vital Images, Inc | 5,432 | |||
119 | Vital Signs, Inc | 6,610 | ||||
623 | e* | Vivus, Inc | 3,258 | |||
263 | * | Volcano Corp | 5,315 | |||
1,105 | * | Waters Corp | 65,593 | |||
300 | e* | X-Rite, Inc | 4,431 | |||
10,256 | * | Xerox Corp | 189,531 | |||
2,595 | * | Zimmer Holdings, Inc | 220,290 | |||
200 | * | Zoll Medical Corp | 4,462 | |||
198 | * | Zygo Corp | 2,829 |
75
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
160 | e* | ev3, Inc | $ | 2,701 | ||
TOTAL INSTRUMENTS AND RELATED PRODUCTS | 7,821,731 | |||||
INSURANCE AGENTS, BROKERS AND SERVICE - 0.45% | ||||||
3,248 | AON Corp | 138,397 | ||||
1,188 | Brown & Brown, Inc | 29,866 | ||||
245 | e | Crawford & Co (Class B) | 1,656 | |||
1,275 | e | Gallagher (Arthur J.) & Co | 35,547 | |||
3,465 | Hartford Financial Services Group, Inc | 341,337 | ||||
394 | Hilb Rogal & Hobbs Co | 16,887 | ||||
97 | e | James River Group, Inc | 3,223 | |||
6,146 | Marsh & McLennan Cos, Inc | 189,788 | ||||
378 | e | National Financial Partners Corp | 17,505 | |||
271 | * | United America Indemnity Ltd (Class A) | 6,740 | |||
100 | White Mountains Insurance Group Ltd | 60,602 | ||||
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE | 841,548 | |||||
INSURANCE CARRIERS - 4.79% | ||||||
300 | e | 21st Century Insurance Group | 6,558 | |||
3,316 | ACE Ltd | 207,316 | ||||
539 | * | AMERIGROUP Corp | 12,828 | |||
5,607 | Aetna, Inc | 276,986 | ||||
5,464 | Aflac, Inc | 280,850 | ||||
321 | e | Alfa Corp | 4,998 | |||
60 | e* | Alleghany Corp | 24,390 | |||
661 | Allied World Assurance Holdings Ltd | 33,876 | ||||
6,646 | Allstate Corp | 408,795 | ||||
1,116 | Ambac Financial Group, Inc | 97,304 | ||||
629 | e | American Equity Investment Life Holding Co | 7,598 | |||
928 | e | American Financial Group, Inc | 31,691 | |||
24,522 | American International Group, Inc | 1,717,276 | ||||
167 | American National Insurance Co | 25,484 | ||||
130 | * | American Physicians Capital, Inc | 5,265 | |||
202 | * | Amerisafe, Inc | 3,965 | |||
600 | Amtrust Financial Services, Inc | 11,274 | ||||
556 | * | Arch Capital Group Ltd | 40,332 | |||
400 | Argonaut Group, Inc | 12,484 | ||||
961 | Aspen Insurance Holdings Ltd | 26,975 | ||||
1,325 | Assurant, Inc | 78,069 | ||||
742 | Assured Guaranty Ltd | 21,934 | ||||
1,682 | Axis Capital Holdings Ltd | 68,373 | ||||
125 | e | Baldwin & Lyons, Inc (Class B) | 3,247 | |||
1,930 | W.R. Berkley Corp | 62,802 | ||||
161 | Bristol West Holdings, Inc | 3,602 | ||||
303 | e | CNA Financial Corp | 14,450 | |||
100 | * | CNA Surety Corp | 1,891 | |||
444 | e* | Centene Corp | 9,510 | |||
4,393 | Chubb Corp | 237,837 | ||||
1,860 | Cincinnati Financial Corp | 80,724 | ||||
387 | e* | Citizens, Inc | 2,724 | |||
556 | e | Commerce Group, Inc | 19,304 | |||
2,054 | * | Conseco, Inc | 42,908 | |||
476 | Delphi Financial Group, Inc (Class A) | 19,906 | ||||
143 | Donegal Group, Inc (Class A) | 2,131 |
76
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
620 | e | Employers Holdings, Inc | $ | 13,169 | ||
641 | Endurance Specialty Holdings Ltd | 25,666 | ||||
76 | e* | Enstar Group Ltd | 9,174 | |||
583 | Erie Indemnity Co (Class A) | 31,505 | ||||
690 | Everest Re Group Ltd | 74,962 | ||||
155 | FBL Financial Group, Inc (Class A) | 6,095 | ||||
210 | e* | Fpic Insurance Group, Inc | 8,562 | |||
2,428 | Fidelity National Title Group, Inc (Class A) | 57,544 | ||||
180 | e* | First Acceptance Corp | 1,829 | |||
1,057 | First American Corp | 52,322 | ||||
136 | * | First Mercury Financial Corp | 2,852 | |||
4,760 | Genworth Financial, Inc (Class A) | 163,744 | ||||
68 | Great American Financial Resources, Inc | 1,645 | ||||
1,158 | HCC Insurance Holdings, Inc | 38,689 | ||||
600 | Hanover Insurance Group, Inc | 29,274 | ||||
206 | Harleysville Group, Inc | 6,872 | ||||
1,227 | * | Health Net, Inc | 64,786 | |||
276 | e* | HealthExtras, Inc | 8,164 | |||
521 | * | Healthspring, Inc | 9,930 | |||
467 | Horace Mann Educators Corp | 9,919 | ||||
1,774 | * | Humana, Inc | 108,054 | |||
699 | IPC Holdings Ltd | 22,571 | ||||
205 | e | Infinity Property & Casualty Corp | 10,400 | |||
77 | e | Kansas City Life Insurance Co | 3,582 | |||
200 | e | LandAmerica Financial Group, Inc | 19,298 | |||
1,742 | e | Leucadia National Corp | 61,405 | |||
2,963 | Lincoln National Corp | 210,225 | ||||
4,767 | Loews Corp | 243,022 | ||||
1,432 | MBIA, Inc | 89,099 | ||||
923 | e | MGIC Investment Corp | 52,482 | |||
116 | * | Markel Corp | 56,209 | |||
662 | Max Re Capital Ltd | 18,735 | ||||
288 | * | Meadowbrook Insurance Group, Inc | 3,156 | |||
288 | Mercury General Corp | 15,872 | ||||
5,159 | Metlife, Inc | 332,652 | ||||
70 | e | Midland Co | 3,286 | |||
110 | e* | Molina Healthcare, Inc | 3,357 | |||
1,226 | e | Montpelier Re Holdings Ltd | 22,730 | |||
65 | e | NYMAGIC, Inc | 2,613 | |||
173 | e | National Interstate Corp | 4,512 | |||
19 | National Western Life Insurance Co (Class A) | 4,805 | ||||
590 | e | Nationwide Financial Services, Inc (Class A) | 37,300 | |||
117 | * | Navigators Group, Inc | 6,306 | |||
311 | e | Odyssey Re Holdings Corp | 13,339 | |||
652 | Ohio Casualty Corp | 28,238 | ||||
2,437 | Old Republic International Corp | 51,811 | ||||
313 | OneBeacon Insurance Group Ltd | 7,928 | ||||
400 | e* | PMA Capital Corp (Class A) | 4,276 | |||
973 | PMI Group, Inc | 43,464 | ||||
649 | * | PXRE Group Ltd | 3,011 | |||
622 | PartnerRe Ltd | 48,205 | ||||
609 | * | Philadelphia Consolidated Holding Co | 25,456 | |||
1,122 | Phoenix Cos, Inc | 16,841 | ||||
654 | Platinum Underwriters Holdings Ltd | 22,726 |
77
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
200 | Presidential Life Corp | $ | 3,932 | |||
499 | e* | Primus Guaranty Ltd | 5,349 | |||
2,955 | Principal Financial Group | 172,247 | ||||
338 | * | ProAssurance Corp | 18,816 | |||
8,256 | Progressive Corp | 197,566 | ||||
737 | Protective Life Corp | 35,236 | ||||
5,067 | Prudential Financial, Inc | 492,664 | ||||
198 | * | RAM Holdings Ltd | 3,119 | |||
200 | RLI Corp | 11,190 | ||||
910 | Radian Group, Inc | 49,140 | ||||
310 | e | Reinsurance Group Of America, Inc | 18,674 | |||
790 | RenaissanceRe Holdings Ltd | 48,972 | ||||
1,171 | Safeco Corp | 72,906 | ||||
200 | Safety Insurance Group, Inc | 8,280 | ||||
731 | Scottish Re Group Ltd | 3,575 | ||||
169 | e* | SeaBright Insurance Holdings, Inc | 2,954 | |||
263 | Security Capital Assurance Ltd | 8,119 | ||||
656 | Selective Insurance Group, Inc | 17,633 | ||||
628 | e | Stancorp Financial Group, Inc | 32,957 | |||
200 | e | State Auto Financial Corp | 6,130 | |||
200 | Stewart Information Services Corp | 7,966 | ||||
1,044 | Torchmark Corp | 69,948 | ||||
176 | Tower Group, Inc | 5,614 | ||||
334 | e | Transatlantic Holdings, Inc | 23,757 | |||
7,264 | Travelers Cos, Inc/The | 388,624 | ||||
173 | e* | Triad Guaranty, Inc | 6,908 | |||
234 | e | United Fire & Casualty Co | 8,279 | |||
14,662 | UnitedHealth Group, Inc | 749,815 | ||||
500 | Unitrin, Inc | 24,590 | ||||
417 | e* | Universal American Financial Corp | 8,874 | |||
3,726 | UnumProvident Corp | 97,286 | ||||
421 | * | WellCare Health Plans, Inc | 38,105 | |||
20 | Wesco Financial Corp | 7,700 | ||||
1,891 | XL Capital Ltd (Class A) | 159,392 | ||||
401 | Zenith National Insurance Corp | 18,883 | ||||
TOTAL INSURANCE CARRIERS | 8,944,526 | |||||
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03% | ||||||
610 | * | Corrections Corp of America | 38,497 | |||
560 | e* | Geo Group, Inc | 16,296 | |||
TOTAL JUSTICE, PUBLIC ORDER AND SAFETY | 54,793 | |||||
LEATHER AND LEATHER PRODUCTS - 0.16% | ||||||
850 | e* | CROCS, Inc | 36,575 | |||
4,061 | * | Coach, Inc | 192,451 | |||
344 | e* | Genesco, Inc | 17,995 | |||
643 | * | Iconix Brand Group, Inc | 14,287 | |||
150 | Steven Madden Ltd | 4,914 | ||||
558 | * | Timberland Co (Class A) | 14,056 | |||
60 | e | Weyco Group, Inc | 1,616 | |||
600 | Wolverine World Wide, Inc | 16,626 | ||||
TOTAL LEATHER AND LEATHER PRODUCTS | 298,520 | |||||
78
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
LEGAL SERVICES - 0.01% | ||||||
452 | e* | FTI Consulting, Inc | $ | 17,190 | ||
154 | * | Pre-Paid Legal Services, Inc | 9,904 | |||
TOTAL LEGAL SERVICES | 27,094 | |||||
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02% | ||||||
101 | e* | Emergency Medical Services Corp (Class A) | 3,952 | |||
871 | Laidlaw International, Inc | 30,093 | ||||
TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT | 34,045 | |||||
LUMBER AND WOOD PRODUCTS - 0.03% | ||||||
80 | e | American Woodmark Corp | 2,768 | |||
1,056 | e* | Champion Enterprises, Inc | 10,380 | |||
100 | e | Deltic Timber Corp | 5,482 | |||
1,157 | Louisiana-Pacific Corp | 21,890 | ||||
100 | e | Skyline Corp | 3,001 | |||
200 | e | Universal Forest Products, Inc | 8,452 | |||
TOTAL LUMBER AND WOOD PRODUCTS | 51,973 | |||||
METAL MINING - 0.39% | ||||||
627 | * | Apex Silver Mines Ltd | 12,653 | |||
450 | e | Cleveland-Cliffs, Inc | 34,951 | |||
3,160 | e* | Coeur d'Alene Mines Corp | 11,344 | |||
496 | e | Foundation Coal Holdings, Inc | 20,157 | |||
4,171 | Freeport-McMoRan Copper & Gold, Inc (Class B) | 345,442 | ||||
1,552 | * | Hecla Mining Co | 13,254 | |||
520 | e* | Idaho General Mines, Inc | 3,297 | |||
4,655 | Newmont Mining Corp | 181,824 | ||||
607 | e* | Rosetta Resources, Inc | 13,075 | |||
264 | e | Royal Gold, Inc | 6,275 | |||
779 | e | Southern Copper Corp | 73,429 | |||
656 | * | Stillwater Mining Co | 7,223 | |||
516 | * | US Gold Corp | 2,838 | |||
570 | e* | Uranium Resources, Inc | 6,287 | |||
TOTAL METAL MINING | 732,049 | |||||
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.59% | ||||||
213 | * | Armstrong World Industries, Inc | 10,682 | |||
300 | Blyth, Inc | 7,974 | ||||
806 | e | Callaway Golf Co | 14,355 | |||
423 | e | Daktronics, Inc | 9,086 | |||
1,672 | Fortune Brands, Inc | 137,723 | ||||
1,744 | Hasbro, Inc | 54,779 | ||||
311 | e* | Jakks Pacific, Inc | 8,752 | |||
506 | e* | K2, Inc | 7,686 | |||
4,259 | Mattel, Inc | 107,710 | ||||
275 | e | Nautilus, Inc | 3,311 | |||
191 | * | RC2 Corp | 7,642 | |||
100 | * | Russ Berrie & Co, Inc | 1,863 | |||
393 | e* | Shuffle Master, Inc | 6,524 | |||
100 | Steinway Musical Instruments, Inc | 3,459 | ||||
21,346 | * | Tyco International Ltd | 721,281 | |||
TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES | 1,102,827 | |||||
79
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
MISCELLANEOUS RETAIL - 1.34% | ||||||
198 | e* | 1-800-FLOWERS.COM, Inc (Class A) | $ | 1,867 | ||
110 | e* | AC Moore Arts & Crafts, Inc | 2,157 | |||
3,331 | * | Amazon.com, Inc | 227,874 | |||
565 | Barnes & Noble, Inc | 21,736 | ||||
4,331 | Best Buy Co, Inc | 202,128 | ||||
334 | Big 5 Sporting Goods Corp | 8,517 | ||||
158 | * | Blue Nile, Inc | 9,543 | |||
155 | e | Books-A-Million, Inc | 2,626 | |||
792 | e | Borders Group, Inc | 15,096 | |||
200 | e* | Build-A-Bear Workshop, Inc | 5,228 | |||
558 | e* | CKX, Inc | 7,712 | |||
17,059 | CVS Corp | 621,801 | ||||
400 | Cash America International, Inc | 15,860 | ||||
679 | e* | Coldwater Creek, Inc | 15,773 | |||
443 | e* | Dick's Sporting Goods, Inc | 25,769 | |||
1,067 | * | Dollar Tree Stores, Inc | 46,468 | |||
393 | * | Ezcorp, Inc (Class A) | 5,203 | |||
324 | e* | GSI Commerce, Inc | 7,358 | |||
373 | e* | Hibbett Sports, Inc | 10,213 | |||
359 | Longs Drug Stores Corp | 18,855 | ||||
497 | MSC Industrial Direct Co (Class A) | 27,335 | ||||
353 | e* | Nutri/System, Inc | 24,654 | |||
3,008 | * | Office Depot, Inc | 91,142 | |||
769 | OfficeMax, Inc | 30,222 | ||||
93 | * | Overstock.com, Inc | 1,699 | |||
1,486 | Petsmart, Inc | 48,221 | ||||
145 | Pricesmart, Inc | 3,586 | ||||
5,097 | e* | Rite Aid Corp | 32,519 | |||
883 | * | Sears Holdings Corp | 149,669 | |||
160 | * | Shutterfly, Inc | 3,448 | |||
192 | e* | Stamps.com, Inc | 2,646 | |||
7,824 | Staples, Inc | 185,664 | ||||
220 | Systemax, Inc | 4,578 | ||||
1,527 | Tiffany & Co | 81,023 | ||||
180 | e* | Valuevision International, Inc (Class A) | 2,038 | |||
10,923 | Walgreen Co | 475,587 | ||||
362 | e | World Fuel Services Corp | 15,226 | |||
490 | e* | Zale Corp | 11,667 | |||
300 | e* | Zumiez, Inc | 11,334 | |||
414 | * | Priceline.com, Inc | 28,458 | |||
TOTAL MISCELLANEOUS RETAIL | 2,502,500 | |||||
MOTION PICTURES - 1.13% | ||||||
466 | e* | Avid Technology, Inc | 16,473 | |||
1,979 | e* | Blockbuster, Inc (Class A) | 8,529 | |||
7,027 | CBS Corp (Class B) | 234,140 | ||||
100 | e | Carmike Cinemas, Inc | 2,196 | |||
306 | e* | Cinemark Holdings Inc | 5,474 | |||
3,011 | * | Discovery Holding Co (Class A) | 69,223 | |||
723 | * | DreamWorks Animation SKG, Inc (Class A) | 20,851 | |||
171 | e* | Gaiam, Inc (Class A) | 3,117 | |||
524 | * | Macrovision Corp | 15,751 | |||
460 | * | National CineMedia, Inc | 12,885 | |||
24,932 | News Corp (Class A) | 528,808 |
80
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
750 | e | Regal Entertainment Group (Class A) | $ | 16,447 | ||
41,460 | Time Warner, Inc | 872,318 | ||||
1,640 | e* | Time Warner Telecom, Inc (Class A) | 32,964 | |||
6,676 | * | Viacom, Inc (Class B) | 277,922 | |||
TOTAL MOTION PICTURES | 2,117,098 | |||||
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%** | ||||||
321 | e* | Premier Exhibitions, Inc | 5,059 | |||
TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS | 5,059 | |||||
NONDEPOSITORY INSTITUTIONS - 1.78% | ||||||
200 | e* | Accredited Home Lenders Holding Co | 2,734 | |||
700 | e | Advance America Cash Advance Centers, Inc | 12,418 | |||
403 | Advanta Corp (Class B) | 12,549 | ||||
1,288 | * | AmeriCredit Corp | 34,196 | |||
1,746 | American Capital Strategies Ltd | 74,240 | ||||
11,330 | American Express Co | 693,169 | ||||
970 | e | Ares Capital Corp | 16,344 | |||
111 | e | Asta Funding, Inc | 4,266 | |||
1,592 | Broadridge Financial Solutions, Inc | 30,439 | ||||
2,098 | CIT Group, Inc | 115,033 | ||||
4,547 | Capital One Financial Corp | 356,667 | ||||
964 | CapitalSource, Inc | 23,705 | ||||
555 | e | Centerline Holding Co | 9,990 | |||
218 | e* | CompuCredit Corp | 7,634 | |||
6,494 | Countrywide Financial Corp | 236,057 | ||||
103 | e* | Credit Acceptance Corp | 2,763 | |||
10,645 | Fannie Mae | 695,438 | ||||
160 | e | Federal Agricultural Mortgage Corp (Class C) | 5,475 | |||
274 | e | Financial Federal Corp | 8,171 | |||
250 | * | First Cash Financial Services, Inc | 5,860 | |||
641 | e | First Marblehead Corp | 24,768 | |||
7,238 | Freddie Mac | 439,347 | ||||
1,040 | e* | Freedom Acquisition Holding, Inc | 11,450 | |||
255 | e | Hercules Technology Growth Capital, Inc | 3,445 | |||
838 | * | INVESTools, Inc | 8,346 | |||
347 | e* | Information Services Group, Inc | 2,655 | |||
160 | Kohlberg Capital Corp | 2,968 | ||||
412 | * | Marathon Acquisition Corp | 3,247 | |||
681 | e | MCG Capital Corp | 10,910 | |||
300 | e | NGP Capital Resources Co | 5,016 | |||
278 | e* | NTR Acquisition Co | 2,633 | |||
200 | Nelnet, Inc (Class A) | 4,888 | ||||
300 | e* | Ocwen Financial Corp | 3,999 | |||
544 | * | PHH Corp | 16,978 | |||
199 | e | Patriot Capital Funding, Inc | 2,955 | |||
4,501 | SLM Corp | 259,168 | ||||
42 | Student Loan Corp | 8,564 | ||||
200 | e | Technology Investment Capital Corp | 3,158 | |||
1,364 | Textron, Inc | 150,190 | ||||
199 | e* | World Acceptance Corp | 8,503 | |||
TOTAL NONDEPOSITORY INSTITUTIONS | 3,320,336 | |||||
81
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09% | ||||||
200 | e | AMCOL International Corp | $ | 5,462 | ||
350 | e | Compass Minerals International, Inc | 12,131 | |||
495 | Florida Rock Industries, Inc | 33,412 | ||||
1,050 | e | Vulcan Materials Co | 120,267 | |||
TOTAL NONMETALLIC MINERALS, EXCEPT FUELS | 171,272 | |||||
OIL AND GAS EXTRACTION - 3.02% | ||||||
191 | e* | ATP Oil & Gas Corp | 9,290 | |||
5,077 | Anadarko Petroleum Corp | 263,953 | ||||
117 | e* | Arena Resources, Inc | 6,799 | |||
339 | e | Atlas America, Inc | 18,214 | |||
282 | e* | Atwood Oceanics, Inc | 19,351 | |||
3,222 | BJ Services Co | 91,634 | ||||
3,511 | Baker Hughes, Inc | 295,380 | ||||
448 | e* | Basic Energy Services, Inc | 11,455 | |||
400 | e | Berry Petroleum Co (Class A) | 15,072 | |||
310 | e* | Bill Barrett Corp | 11,417 | |||
184 | e* | Bois d'Arc Energy, Inc | 3,134 | |||
400 | e* | Brigham Exploration Co | 2,348 | |||
200 | e* | Bronco Drilling Co, Inc | 3,282 | |||
303 | e* | CNX Gas Corp | 9,272 | |||
406 | * | Cal Dive International, Inc | 6,752 | |||
230 | * | Callon Petroleum Co | 3,259 | |||
1,204 | * | Cameron International Corp | 86,050 | |||
202 | e* | Carrizo Oil & Gas, Inc | 8,377 | |||
599 | e* | Cheniere Energy, Inc | 23,235 | |||
4,861 | e | Chesapeake Energy Corp | 168,191 | |||
900 | e | Cimarex Energy Co | 35,469 | |||
100 | * | Clayton Williams Energy, Inc | 2,647 | |||
471 | * | Complete Production Services, Inc | 12,175 | |||
432 | * | Comstock Resources, Inc | 12,947 | |||
145 | * | Contango Oil & Gas Co | 5,262 | |||
184 | * | Continental Resources, Inc | 2,944 | |||
80 | * | Dawson Geophysical Co | 4,917 | |||
892 | e* | Delta Petroleum Corp | 17,911 | |||
1,296 | * | Denbury Resources, Inc | 48,600 | |||
740 | e | Diamond Offshore Drilling, Inc | 75,154 | |||
1,653 | ENSCO International, Inc | 100,850 | ||||
676 | e* | EXCO Resources, Inc | 11,789 | |||
300 | e* | Edge Petroleum Corp | 4,203 | |||
520 | e* | Encore Acquisition Co | 14,456 | |||
453 | e* | Energy Partners Ltd | 7,561 | |||
1,290 | Equitable Resources, Inc | 63,932 | ||||
386 | e* | FX Energy, Inc | 3,532 | |||
879 | * | Forest Oil Corp | 37,147 | |||
87 | e* | GMX Resources, Inc | 3,010 | |||
1,000 | e* | GeoGlobal Resources, Inc | 5,090 | |||
1,009 | * | Global Industries Ltd | 27,061 | |||
2,495 | GlobalSantaFe Corp | 180,264 | ||||
111 | e* | Goodrich Petroleum Corp | 3,844 | |||
2,200 | e* | Grey Wolf, Inc | 18,128 | |||
520 | e* | Gulfport Energy Corp | 10,390 | |||
10,040 | Halliburton Co | 346,380 | ||||
1,026 | e* | Hanover Compressor Co | 24,470 |
82
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
318 | e* | Harvest Natural Resources, Inc | $ | 3,787 | ||
992 | e* | Helix Energy Solutions Group, Inc | 39,591 | |||
1,072 | Helmerich & Payne, Inc | 37,970 | ||||
291 | e* | Hercules Offshore, Inc | 9,423 | |||
359 | * | Horizon Offshore, Inc | 6,893 | |||
107 | Kayne Anderson Energy Development Co | 2,694 | ||||
917 | * | Mariner Energy, Inc | 22,237 | |||
254 | e* | McMoRan Exploration Co | 3,556 | |||
910 | e* | Meridian Resource Corp | 2,748 | |||
3,034 | * | Nabors Industries Ltd | 101,275 | |||
1,954 | * | National Oilwell Varco, Inc | 203,685 | |||
1,000 | e* | Newpark Resources, Inc | 7,750 | |||
1,435 | Noble Corp | 139,941 | ||||
597 | * | Oceaneering International, Inc | 31,426 | |||
1,155 | * | Oilsands Quest, Inc | 2,853 | |||
522 | e* | Parallel Petroleum Corp | 11,432 | |||
1,200 | * | Parker Drilling Co | 12,648 | |||
1,800 | Patterson-UTI Energy, Inc | 47,178 | ||||
440 | Penn Virginia Corp | 17,688 | ||||
1,798 | e* | PetroHawk Energy Corp | 28,516 | |||
165 | e* | Petroleum Development Corp | 7,834 | |||
435 | e* | Petroquest Energy, Inc | 6,325 | |||
452 | * | Pioneer Drilling Co | 6,739 | |||
1,352 | Pioneer Natural Resources Co | 65,856 | ||||
819 | * | Plains Exploration & Production Co | 39,156 | |||
564 | e | Pogo Producing Co | 28,646 | |||
1,760 | * | Pride International, Inc | 65,930 | |||
549 | e* | Quicksilver Resources, Inc | 24,474 | |||
337 | e | RPC, Inc | 5,742 | |||
1,620 | Range Resources Corp | 60,604 | ||||
1,179 | Rowan Cos, Inc | 48,315 | ||||
12,894 | Schlumberger Ltd | 1,095,216 | ||||
264 | * | SEACOR Holdings, Inc | 24,647 | |||
2,192 | e | Smith International, Inc | 128,539 | |||
1,884 | * | Southwestern Energy Co | 83,838 | |||
870 | St. Mary Land & Exploration Co | 31,859 | ||||
296 | * | Stone Energy Corp | 10,141 | |||
373 | e* | Sulphco, Inc | 1,347 | |||
868 | * | Superior Energy Services | 34,651 | |||
174 | e* | Superior Well Services, Inc | 4,421 | |||
327 | e* | Swift Energy Co | 13,983 | |||
311 | e* | TXCO Resources, Inc | 3,197 | |||
810 | * | Tetra Technologies, Inc | 22,842 | |||
617 | e | Tidewater, Inc | 43,733 | |||
672 | * | Todco | 31,725 | |||
248 | e* | Toreador Resources Corp | 3,720 | |||
3,105 | * | Transocean, Inc | 329,068 | |||
127 | * | Trico Marine Services, Inc | 5,192 | |||
300 | * | Union Drilling, Inc | 4,926 | |||
520 | * | Unit Corp | 32,713 | |||
621 | e* | Vaalco Energy, Inc | 2,999 | |||
137 | * | Venoco, Inc | 2,558 | |||
289 | e | W&T Offshore, Inc | 8,089 | |||
347 | * | W-H Energy Services, Inc | 21,483 |
83
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
580 | e* | Warren Resources, Inc | $ | 6,774 | ||
3,692 | * | Weatherford International Ltd | 203,946 | |||
413 | * | Whiting Petroleum Corp | 16,735 | |||
285 | * | Willbros Group, Inc | 8,459 | |||
4,031 | XTO Energy, Inc | 242,263 | ||||
TOTAL OIL AND GAS EXTRACTION | 5,648,574 | |||||
PAPER AND ALLIED PRODUCTS - 0.52% | ||||||
1,152 | Bemis Co | 38,223 | ||||
591 | e | Bowater, Inc | 14,745 | |||
600 | * | Buckeye Technologies, Inc | 9,282 | |||
676 | e* | Cenveo, Inc | 15,676 | |||
151 | e* | Chesapeake Corp | 1,898 | |||
4,819 | * | Domtar Corporation | 53,780 | |||
397 | e | Glatfelter | 5,395 | |||
556 | e* | Graphic Packaging Corp | 2,691 | |||
332 | Greif, Inc (Class A) | 19,791 | ||||
4,765 | International Paper Co | 186,073 | ||||
4,991 | Kimberly-Clark Corp | 333,848 | ||||
1,952 | MeadWestvaco Corp | 68,945 | ||||
500 | * | Mercer International, Inc | 5,100 | |||
162 | Neenah Paper, Inc | 6,684 | ||||
1,010 | Packaging Corp of America | 25,563 | ||||
618 | * | Playtex Products, Inc | 9,153 | |||
390 | Rock-Tenn Co (Class A) | 12,371 | ||||
136 | Schweitzer-Mauduit International, Inc | 4,216 | ||||
2,686 | * | Smurfit-Stone Container Corp | 35,751 | |||
1,093 | Sonoco Products Co | 46,791 | ||||
1,158 | Temple-Inland, Inc | 71,252 | ||||
334 | e | Wausau Paper Corp | 4,476 | |||
TOTAL PAPER AND ALLIED PRODUCTS | 971,704 | |||||
PERSONAL SERVICES - 0.15% | ||||||
57 | CPI Corp | 3,961 | ||||
1,456 | Cintas Corp | 57,410 | ||||
300 | Coinmach Service Corp (Class A) | 3,969 | ||||
300 | * | Coinstar, Inc | 9,444 | |||
387 | G & K Services, Inc (Class A) | 15,290 | ||||
3,605 | H&R Block, Inc | 84,249 | ||||
300 | e | Jackson Hewitt Tax Service, Inc | 8,433 | |||
542 | Regis Corp | 20,731 | ||||
887 | * | Sally Beauty Holdings, Inc | 7,983 | |||
3,226 | Service Corp International | 41,228 | ||||
185 | * | Steiner Leisure Ltd | 9,087 | |||
155 | Unifirst Corp | 6,828 | ||||
389 | e | Weight Watchers International, Inc | 19,777 | |||
TOTAL PERSONAL SERVICES | 288,390 | |||||
PETROLEUM AND COAL PRODUCTS - 6.28% | ||||||
142 | e | Alon USA Energy, Inc | 6,249 | |||
3,622 | Apache Corp | 295,519 | ||||
615 | Ashland, Inc | 39,329 | ||||
1,050 | Cabot Oil & Gas Corp | 38,724 | ||||
23,515 | Chevron Corp | 1,980,904 |
84
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
17,881 | ConocoPhillips | $ | 1,403,658 | |||
69 | e | Delek US Holdings, Inc | 1,839 | |||
4,869 | Devon Energy Corp | 381,194 | ||||
2,676 | EOG Resources, Inc | 195,509 | ||||
61,647 | Exxon Mobil Corp | 5,170,950 | ||||
1,200 | Frontier Oil Corp | 52,524 | ||||
474 | e* | Headwaters, Inc | 8,186 | |||
2,983 | Hess Corp | 175,878 | ||||
524 | Holly Corp | 38,876 | ||||
7,504 | Marathon Oil Corp | 449,940 | ||||
2,029 | Murphy Oil Corp | 120,604 | ||||
1,371 | e* | Newfield Exploration Co | 62,449 | |||
1,870 | Noble Energy, Inc | 116,669 | ||||
9,124 | Occidental Petroleum Corp | 528,097 | ||||
1,329 | Sunoco, Inc | 105,895 | ||||
1,494 | Tesoro Corp | 85,382 | ||||
6,007 | Valero Energy Corp | 443,677 | ||||
174 | WD-40 Co | 5,719 | ||||
283 | e | Western Refining, Inc | 16,357 | |||
TOTAL PETROLEUM AND COAL PRODUCTS | 11,724,128 | |||||
PIPELINES, EXCEPT NATURAL GAS - 0.10% | ||||||
6,910 | e | Spectra Energy Corp | 179,384 | |||
TOTAL PIPELINES, EXCEPT NATURAL GAS | 179,384 | |||||
PRIMARY METAL INDUSTRIES - 1.07% | ||||||
1,216 | e* | AK Steel Holding Corp | 45,442 | |||
9,511 | Alcoa, Inc | 385,481 | ||||
1,122 | Allegheny Technologies, Inc | 117,675 | ||||
500 | e | Belden CDT, Inc | 27,675 | |||
300 | e* | Brush Engineered Materials, Inc | 12,597 | |||
287 | Carpenter Technology Corp | 37,399 | ||||
256 | * | Century Aluminum Co | 13,985 | |||
482 | Chaparral Steel Co | 34,641 | ||||
94 | e* | Coleman Cable, Inc | 2,431 | |||
671 | * | CommScope, Inc | 39,153 | |||
17,251 | * | Corning, Inc | 440,763 | |||
255 | Encore Wire Corp | 7,507 | ||||
111 | e* | LB Foster Co (Class A) | 3,183 | |||
571 | e* | General Cable Corp | 43,253 | |||
250 | e | Gibraltar Industries, Inc | 5,537 | |||
128 | * | Haynes International, Inc | 10,807 | |||
649 | Hubbell, Inc (Class B) | 35,189 | ||||
337 | e | Matthews International Corp (Class A) | 14,697 | |||
372 | Mueller Industries, Inc | 12,812 | ||||
96 | e* | Northwest Pipe Co | 3,415 | |||
3,301 | Nucor Corp | 193,604 | ||||
89 | Olympic Steel, Inc | 2,551 | ||||
1,485 | Precision Castparts Corp | 180,220 | ||||
450 | e | Quanex Corp | 21,915 | |||
240 | * | RTI International Metals, Inc | 18,089 | |||
281 | Schnitzer Steel Industries, Inc (Class A) | 13,471 | ||||
1,060 | Steel Dynamics, Inc | 44,425 | ||||
179 | e* | Superior Essex, Inc | 6,686 |
85
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
298 | e | Texas Industries, Inc | $ | 23,366 | ||
748 | e* | Titanium Metals Corp | 23,861 | |||
314 | e | Tredegar Corp | 6,688 | |||
1,294 | United States Steel Corp | 140,722 | ||||
72 | e* | Universal Stainless & Alloy | 2,537 | |||
200 | e* | Wheeling-Pittsburgh Corp | 3,806 | |||
735 | e | Worthington Industries, Inc | 15,913 | |||
TOTAL PRIMARY METAL INDUSTRIES | 1,991,496 | |||||
PRINTING AND PUBLISHING - 0.58% | ||||||
594 | e* | ACCO Brands Corp | 13,692 | |||
600 | e | American Greetings Corp (Class A) | 16,998 | |||
946 | Belo (A.H.) Corp (Class A) | 19,478 | ||||
300 | Bowne & Co, Inc | 5,853 | ||||
46 | e | CSS Industries, Inc | 1,822 | |||
100 | * | Consolidated Graphics, Inc | 6,928 | |||
73 | e | Courier Corp | 2,920 | |||
653 | Dow Jones & Co, Inc | 37,515 | ||||
651 | Dun & Bradstreet Corp | 67,040 | ||||
269 | Ennis, Inc | 6,327 | ||||
2,567 | Gannett Co, Inc | 141,057 | ||||
165 | GateHouse Media, Inc | 3,061 | ||||
700 | Harte-Hanks, Inc | 17,976 | ||||
474 | e | Journal Communications, Inc (Class A) | 6,167 | |||
478 | e | Lee Enterprises, Inc | 9,971 | |||
239 | e | Martha Stewart Living Omnimedia, Inc (Class A) | 4,111 | |||
571 | e | McClatchy Co (Class A) | 14,452 | |||
3,861 | McGraw-Hill Cos, Inc | 262,857 | ||||
232 | Media General, Inc (Class A) | 7,719 | ||||
528 | Meredith Corp | 32,525 | ||||
1,565 | e | New York Times Co (Class A) | 39,751 | |||
100 | e* | Playboy Enterprises, Inc (Class B) | 1,133 | |||
2,914 | e* | Primedia, Inc | 8,305 | |||
716 | * | R.H. Donnelley Corp | 54,258 | |||
2,408 | e | R.R. Donnelley & Sons Co | 104,772 | |||
100 | e | Schawk, Inc | 2,002 | |||
376 | * | Scholastic Corp | 13,513 | |||
1,065 | e | EW Scripps Co (Class A) | 48,660 | |||
235 | Standard Register Co | 2,679 | ||||
621 | e* | Sun-Times Media Group, Inc (Class A) | 3,260 | |||
912 | Tribune Co | 26,813 | ||||
554 | e* | Valassis Communications, Inc | 9,523 | |||
470 | * | VistaPrint Ltd | 17,977 | |||
68 | Washington Post Co (Class B) | 52,774 | ||||
600 | John Wiley & Sons, Inc (Class A) | 28,974 | ||||
TOTAL PRINTING AND PUBLISHING | 1,092,863 | |||||
RAILROAD TRANSPORTATION - 0.64% | ||||||
3,897 | Burlington Northern Santa Fe Corp | 331,791 | ||||
4,784 | CSX Corp | 215,663 | ||||
405 | e | Florida East Coast Industries | 33,607 | |||
369 | * | Genesee & Wyoming, Inc (Class A) | 11,011 | |||
850 | e* | Kansas City Southern Industries, Inc | 31,909 | |||
4,302 | Norfolk Southern Corp | 226,156 |
86
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
2,948 | Union Pacific Corp | $ | 339,462 | |||
TOTAL RAILROAD TRANSPORTATION | 1,189,599 | |||||
REAL ESTATE - 0.13% | ||||||
2,075 | * | CB Richard Ellis Group, Inc (Class A) | 75,737 | |||
59 | e | Consolidated-Tomoka Land Co | 4,088 | |||
760 | e | Forest City Enterprises, Inc (Class A) | 46,725 | |||
389 | Jones Lang LaSalle, Inc | 44,151 | ||||
297 | e* | LoopNet, Inc | 6,929 | |||
1,250 | * | Meruelo Maddux Properties, Inc | 10,200 | |||
803 | e | St. Joe Co | 37,211 | |||
1,142 | e | Stewart Enterprises, Inc (Class A) | 8,896 | |||
263 | Thomas Properties Group, Inc | 4,203 | ||||
TOTAL REAL ESTATE | 238,140 | |||||
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30% | ||||||
78 | * | AEP Industries, Inc | 3,511 | |||
700 | Cooper Tire & Rubber Co | 19,334 | ||||
140 | e* | Deckers Outdoor Corp | 14,126 | |||
2,351 | e* | Goodyear Tire & Rubber Co | 81,721 | |||
158 | e* | Metabolix, Inc | 3,955 | |||
3,056 | Newell Rubbermaid, Inc | 89,938 | ||||
3,913 | Nike, Inc (Class B) | 228,089 | ||||
353 | Schulman (A.), Inc | 8,588 | ||||
1,782 | Sealed Air Corp | 55,278 | ||||
226 | * | Skechers U.S.A., Inc (Class A) | 6,599 | |||
267 | Spartech Corp | 7,089 | ||||
200 | Titan International, Inc | 6,322 | ||||
122 | e* | Trex Co, Inc | 2,395 | |||
661 | Tupperware Corp | 18,997 | ||||
331 | e | West Pharmaceutical Services, Inc | 15,607 | |||
TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS | 561,549 | |||||
SECURITY AND COMMODITY BROKERS - 3.21% | ||||||
850 | A.G. Edwards, Inc | 71,867 | ||||
2,567 | Ameriprise Financial, Inc | 163,184 | ||||
1,302 | Bear Stearns Cos, Inc | 182,280 | ||||
676 | e | BlackRock, Inc | 105,855 | |||
200 | Calamos Asset Management, Inc (Class A) | 5,110 | ||||
575 | e | Cbot Holdings, Inc (Class A) | 118,795 | |||
11,224 | Charles Schwab Corp | 230,316 | ||||
386 | Chicago Mercantile Exchange Holdings, Inc | 206,263 | ||||
144 | e | Cohen & Steers, Inc | 6,257 | |||
178 | * | Cowen Group, Inc | 3,188 | |||
4,641 | * | E*Trade Financial Corp | 102,520 | |||
1,207 | Eaton Vance Corp | 53,325 | ||||
95 | Evercore Partners, Inc (Class A) | 2,828 | ||||
63 | e* | FCStone Group, Inc | 3,611 | |||
943 | Federated Investors, Inc (Class B) | 36,145 | ||||
1,848 | Franklin Resources, Inc | 244,805 | ||||
69 | e | GAMCO Investors, Inc (Class A) | 3,867 | |||
176 | e* | GFI Group, Inc | 12,756 | |||
4,442 | Goldman Sachs Group, Inc | 962,803 | ||||
191 | e | Greenhill & Co, Inc | 13,124 |
87
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
441 | e* | Interactive Brokers Group, Inc (Class A) | $ | 11,964 | ||
771 | * | IntercontinentalExchange, Inc | 113,992 | |||
416 | e | International Securities Exchange, Inc | 27,186 | |||
452 | e* | Investment Technology Group, Inc | 19,585 | |||
2,042 | Janus Capital Group, Inc | 56,849 | ||||
1,289 | Jefferies Group, Inc | 34,777 | ||||
300 | e* | KBW, Inc | 8,814 | |||
1,234 | * | Knight Capital Group, Inc (Class A) | 20,484 | |||
600 | e* | LaBranche & Co, Inc | 4,428 | |||
1,077 | e* | Ladenburg Thalmann Financial Services, Inc | 2,477 | |||
565 | Lazard Ltd (Class A) | 25,442 | ||||
1,456 | Legg Mason, Inc | 143,241 | ||||
5,827 | Lehman Brothers Holdings, Inc | 434,228 | ||||
239 | e* | MarketAxess Holdings, Inc | 4,300 | |||
9,499 | Merrill Lynch & Co, Inc | 793,926 | ||||
11,531 | Morgan Stanley | 967,220 | ||||
154 | e* | Morningstar, Inc | 7,242 | |||
2,911 | e | NYSE Euronext | 214,308 | |||
1,231 | * | Nasdaq Stock Market, Inc | 36,573 | |||
861 | e | Nuveen Investments, Inc (Class A) | 53,511 | |||
990 | Nymex Holdings, Inc | 124,374 | ||||
300 | * | Penson Worldwide, Inc | 7,359 | |||
190 | * | Piper Jaffray Cos | 10,589 | |||
970 | Raymond James Financial, Inc | 29,973 | ||||
1,360 | e | SEI Investments Co | 39,494 | |||
181 | e | SWS Group, Inc | 3,913 | |||
209 | e | Sanders Morris Harris Group, Inc | 2,433 | |||
163 | e* | Stifel Financial Corp | 9,599 | |||
2,962 | T Rowe Price Group, Inc | 153,698 | ||||
2,718 | e* | TD Ameritrade Holding Corp | 54,360 | |||
200 | e* | Thomas Weisel Partners Group, Inc | 3,330 | |||
126 | e | US Global Investors, Inc (Class A) | 2,856 | |||
235 | e | WP Stewart & Co Ltd | 2,559 | |||
877 | Waddell & Reed Financial, Inc (Class A) | 22,811 | ||||
480 | e | optionsXpress Holdings, Inc | 12,317 | |||
TOTAL SECURITY AND COMMODITY BROKERS | 5,989,111 | |||||
SOCIAL SERVICES - 0.01% | ||||||
250 | e* | Bright Horizons Family Solutions, Inc | 9,728 | |||
236 | * | Capital Senior Living Corp | 2,223 | |||
97 | e* | Providence Service Corp | 2,592 | |||
319 | * | Res-Care, Inc | 6,744 | |||
TOTAL SOCIAL SERVICES | 21,287 | |||||
SPECIAL TRADE CONTRACTORS - 0.07% | ||||||
100 | e | Alico, Inc | 6,099 | |||
337 | * | AsiaInfo Holdings, Inc | 3,269 | |||
266 | Chemed Corp | 17,633 | ||||
409 | Comfort Systems USA, Inc | 5,800 | ||||
596 | e* | Dycom Industries, Inc | 17,868 | |||
372 | * | EMCOR Group, Inc | 27,119 | |||
400 | e* | Insituform Technologies, Inc (Class A) | 8,724 | |||
167 | e* | Integrated Electrical Services, Inc | 5,506 | |||
120 | e* | Layne Christensen Co | 4,914 |
88
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
1,295 | e* | Quanta Services, Inc | $ | 39,718 | ||
TOTAL SPECIAL TRADE CONTRACTORS | 136,650 | |||||
STONE, CLAY, AND GLASS PRODUCTS - 0.50% | ||||||
7,979 | 3M Co | 692,497 | ||||
311 | Apogee Enterprises, Inc | 8,652 | ||||
202 | e | CARBO Ceramics, Inc | 8,850 | |||
280 | e* | Cabot Microelectronics Corp | 9,937 | |||
582 | e | Eagle Materials, Inc | 28,547 | |||
1,606 | Gentex Corp | 31,622 | ||||
154 | Libbey, Inc | 3,322 | ||||
1,084 | e* | Owens Corning, Inc | 36,455 | |||
1,691 | * | Owens-Illinois, Inc | 59,185 | |||
363 | e* | US Concrete, Inc | 3,154 | |||
920 | e* | USG Corp | 45,117 | |||
TOTAL STONE, CLAY, AND GLASS PRODUCTS | 927,338 | |||||
TEXTILE MILL PRODUCTS - 0.01% | ||||||
200 | Oxford Industries, Inc | 8,868 | ||||
300 | e | Xerium Technologies, Inc | 2,286 | |||
TOTAL TEXTILE MILL PRODUCTS | 11,154 | |||||
TOBACCO PRODUCTS - 1.04% | ||||||
23,012 | Altria Group, Inc | 1,614,062 | ||||
1,071 | Loews Corp (Carolina Group) | 82,756 | ||||
1,874 | e | Reynolds American, Inc | 122,185 | |||
1,752 | e | UST, Inc | 94,100 | |||
341 | e | Universal Corp | 20,774 | |||
766 | e | Vector Group Ltd | 17,258 | |||
TOTAL TOBACCO PRODUCTS | 1,951,135 | |||||
TRANSPORTATION BY AIR - 0.51% | ||||||
608 | * | ABX Air, Inc | 4,900 | |||
2,594 | * | AMR Corp | 68,352 | |||
114 | e* | Air Methods Corp | 4,180 | |||
995 | e* | Airtran Holdings, Inc | 10,865 | |||
458 | e* | Alaska Air Group, Inc | 12,760 | |||
211 | e* | Atlas Air Worldwide Holdings, Inc | 12,436 | |||
281 | e* | Bristow Group, Inc | 13,924 | |||
1,063 | * | Continental Airlines, Inc (Class B) | 36,004 | |||
189 | Copa Holdings S.A. (Class A) | 12,708 | ||||
2,610 | * | Delta Air Lines, Inc | 51,417 | |||
356 | e* | EGL, Inc | 16,547 | |||
622 | e* | ExpressJet Holdings, Inc | 3,720 | |||
3,394 | FedEx Corp | 376,632 | ||||
1,884 | e* | JetBlue Airways Corp | 22,137 | |||
265 | e* | Midwest Air Group, Inc | 3,980 | |||
2,882 | * | Northwest Airlines Corp | 63,980 | |||
149 | e* | PHI, Inc | 4,439 | |||
220 | * | Pinnacle Airlines Corp | 4,125 | |||
300 | * | Republic Airways Holdings, Inc | 6,105 | |||
692 | e | Skywest, Inc | 16,490 | |||
8,635 | Southwest Airlines Co | 128,748 | ||||
1,265 | e* | UAL Corp | 51,346 |
89
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
854 | * | US Airways Group, Inc | $ | 25,851 | ||
TOTAL TRANSPORTATION BY AIR | 951,646 | |||||
TRANSPORTATION EQUIPMENT - 2.50% | ||||||
408 | e* | AAR Corp | 13,468 | |||
300 | * | Accuride Corp | 4,623 | |||
237 | * | Aftermarket Technology Corp | 7,034 | |||
449 | American Axle & Manufacturing Holdings, Inc | 13,299 | ||||
90 | American Railcar Industries, Inc | 3,510 | ||||
234 | * | Amerigon, Inc | 4,210 | |||
200 | e | Arctic Cat, Inc | 3,960 | |||
738 | e | ArvinMeritor, Inc | 16,384 | |||
871 | Autoliv, Inc | 49,534 | ||||
1,031 | e* | BE Aerospace, Inc | 42,580 | |||
8,615 | Boeing Co | 828,418 | ||||
975 | Brunswick Corp | 31,814 | ||||
540 | e | Clarcor, Inc | 20,212 | |||
211 | * | Comtech Group, Inc | 3,484 | |||
520 | e | Federal Signal Corp | 8,247 | |||
570 | e* | Fleetwood Enterprises, Inc | 5,158 | |||
744 | e* | Force Protection, Inc | 15,356 | |||
19,828 | e* | Ford Motor Co | 186,780 | |||
227 | e | Freightcar America, Inc | 10,860 | |||
575 | e* | GenCorp, Inc | 7,515 | |||
111 | e* | GenTek, Inc | 3,909 | |||
4,430 | General Dynamics Corp | 346,515 | ||||
5,276 | e | General Motors Corp | 199,433 | |||
1,862 | Genuine Parts Co | 92,355 | ||||
1,292 | Goodrich Corp | 76,952 | ||||
110 | e | Greenbrier Cos, Inc | 3,324 | |||
300 | Group 1 Automotive, Inc | 12,102 | ||||
2,817 | Harley-Davidson, Inc | 167,921 | ||||
936 | Harsco Corp | 48,672 | ||||
1,055 | e* | Hayes Lemmerz International, Inc | 5,644 | |||
225 | e | Heico Corp | 9,468 | |||
1,988 | ITT Industries, Inc | 135,741 | ||||
200 | Kaman Corp | 6,238 | ||||
3,852 | Lockheed Martin Corp | 362,589 | ||||
110 | * | Miller Industries, Inc | 2,761 | |||
220 | e | Monaco Coach Corp | 3,157 | |||
130 | e | Noble International Ltd | 2,657 | |||
3,776 | Northrop Grumman Corp | 294,037 | ||||
706 | * | Orbital Sciences Corp | 14,833 | |||
791 | Oshkosh Truck Corp | 49,770 | ||||
2,718 | Paccar, Inc | 236,575 | ||||
1,493 | * | Pactiv Corp | 47,612 | |||
433 | e | Polaris Industries, Inc | 23,451 | |||
4,856 | Raytheon Co | 261,690 | ||||
89 | * | Sequa Corp (Class A) | 9,968 | |||
223 | e | A.O. Smith Corp | 8,895 | |||
355 | Spartan Motors, Inc | 6,042 | ||||
800 | * | Spirit Aerosystems Holdings, Inc (Class A) | 28,840 | |||
177 | Standard Motor Products, Inc | 2,660 | ||||
200 | e | Superior Industries International, Inc | 4,352 |
90
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
456 | * | TRW Automotive Holdings Corp | $ | 16,794 | ||
547 | * | Tenneco, Inc | 19,167 | |||
400 | e | Thor Industries, Inc | 18,056 | |||
108 | * | TransDigm Group, Inc | 4,370 | |||
804 | e | Trinity Industries, Inc | 35,006 | |||
229 | Triumph Group, Inc | 14,993 | ||||
10,879 | United Technologies Corp | 771,647 | ||||
1,603 | e* | Visteon Corp | 12,984 | |||
270 | e | Wabash National Corp | 3,950 | |||
492 | Westinghouse Air Brake Technologies Corp | 17,973 | ||||
353 | e | Winnebago Industries, Inc | 10,421 | |||
TOTAL TRANSPORTATION EQUIPMENT | 4,669,970 | |||||
TRANSPORTATION SERVICES - 0.18% | ||||||
184 | e | Ambassadors Group, Inc | 6,538 | |||
100 | Ambassadors International, Inc | 3,326 | ||||
1,891 | CH Robinson Worldwide, Inc | 99,315 | ||||
121 | e* | Dynamex, Inc | 3,089 | |||
2,282 | Expeditors International Washington, Inc | 94,247 | ||||
538 | e | GATX Corp | 26,497 | |||
500 | * | HUB Group, Inc (Class A) | 17,580 | |||
875 | * | Lear Corp | 31,159 | |||
400 | e | Pacer International, Inc | 9,408 | |||
344 | Ship Finance International Ltd | 10,210 | ||||
1,085 | UTI Worldwide, Inc | 29,067 | ||||
TOTAL TRANSPORTATION SERVICES | 330,436 | |||||
TRUCKING AND WAREHOUSING - 0.38% | ||||||
300 | e | Arkansas Best Corp | 11,691 | |||
250 | e* | Celadon Group, Inc | 3,975 | |||
512 | Con-way, Inc | 25,723 | ||||
289 | e | Forward Air Corp | 9,852 | |||
770 | Heartland Express, Inc | 12,551 | ||||
1,085 | J.B. Hunt Transport Services, Inc | 31,812 | ||||
662 | Landstar System, Inc | 31,941 | ||||
160 | * | Marten Transport Ltd | 2,882 | |||
262 | e* | Old Dominion Freight Line | 7,899 | |||
133 | * | Saia, Inc | 3,626 | |||
7,325 | United Parcel Service, Inc (Class B) | 534,725 | ||||
457 | e | Werner Enterprises, Inc | 9,209 | |||
631 | e* | YRC Worldwide, Inc | 23,221 | |||
TOTAL TRUCKING AND WAREHOUSING | 709,107 | |||||
WATER TRANSPORTATION - 0.28% | ||||||
464 | e | Alexander & Baldwin, Inc | 24,643 | |||
672 | * | American Commercial Lines, Inc | 17,506 | |||
148 | e | Arlington Tankers Ltd | 4,245 | |||
4,564 | Carnival Corp | 222,586 | ||||
238 | e | Double Hull Tankers, Inc | 3,710 | |||
459 | e | Eagle Bulk Shipping, Inc | 10,286 | |||
523 | Frontline Ltd | 23,980 | ||||
194 | e | Genco Shipping & Trading Ltd | 8,004 | |||
315 | e | General Maritime Corp | 8,436 | |||
383 | Golar LNG Ltd | 6,381 |
91
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
249 | e* | Gulfmark Offshore, Inc | $ | 12,754 | ||
369 | Horizon Lines, Inc (Class A) | 12,088 | ||||
253 | e* | Hornbeck Offshore Services, Inc | 9,806 | |||
584 | * | Kirby Corp | 22,420 | |||
185 | Knightsbridge Tankers Ltd | 5,644 | ||||
295 | e | Nordic American Tanker Shipping | 12,048 | |||
438 | * | Odyssey Marine Exploration, Inc | 2,632 | |||
300 | Overseas Shipholding Group, Inc | 24,420 | ||||
1,457 | Royal Caribbean Cruises Ltd | 62,622 | ||||
424 | Teekay Corp | 24,554 | ||||
166 | * | Ultrapetrol Bahamas Ltd | 3,934 | |||
TOTAL WATER TRANSPORTATION | 522,699 | |||||
WHOLESALE TRADE-DURABLE GOODS - 0.40% | ||||||
400 | Agilysys, Inc | 9,000 | ||||
450 | Applied Industrial Technologies, Inc | 13,275 | ||||
1,274 | * | Arrow Electronics, Inc | 48,960 | |||
480 | e | Barnes Group, Inc | 15,206 | |||
474 | e* | Beacon Roofing Supply, Inc | 8,053 | |||
300 | BlueLinx Holdings, Inc | 3,147 | ||||
607 | BorgWarner, Inc | 52,226 | ||||
296 | e | Building Material Holding Corp | 4,200 | |||
200 | Castle (A.M.) & Co | 7,182 | ||||
244 | e* | Conceptus, Inc | 4,726 | |||
1,300 | * | Cytyc Corp | 56,043 | |||
400 | * | Digi International, Inc | 5,896 | |||
130 | e* | Drew Industries, Inc | 4,308 | |||
480 | * | Genesis Microchip, Inc | 4,493 | |||
186 | e* | Houston Wire & Cable Co | 5,284 | |||
1,300 | IKON Office Solutions, Inc | 20,293 | ||||
1,526 | * | Ingram Micro, Inc (Class A) | 33,129 | |||
468 | * | Insight Enterprises, Inc | 10,563 | |||
297 | * | Interline Brands, Inc | 7,746 | |||
164 | * | Keystone Automotive Industries, Inc | 6,785 | |||
600 | e | Knight Transportation, Inc | 11,628 | |||
489 | e* | LKQ Corp | 12,059 | |||
45 | Lawson Products, Inc | 1,741 | ||||
100 | e* | MWI Veterinary Supply, Inc | 3,989 | |||
467 | Martin Marietta Materials, Inc | 75,663 | ||||
419 | Owens & Minor, Inc | 14,640 | ||||
731 | e* | PSS World Medical, Inc | 13,319 | |||
1,536 | * | Patterson Cos, Inc | 57,247 | |||
614 | e | PEP Boys-Manny Moe & Jack | 12,378 | |||
567 | e | Pool Corp | 22,130 | |||
230 | * | RSC Holdings, Inc | 4,600 | |||
689 | Reliance Steel & Aluminum Co | 38,763 | ||||
300 | e | Ryerson Tull, Inc | 11,295 | |||
292 | e* | Solera Holdings, Inc | 5,659 | |||
616 | e* | Tech Data Corp | 23,691 | |||
125 | e* | TomoTherapy, Inc | 2,740 | |||
296 | * | Tyler Technologies, Inc | 3,673 | |||
776 | W.W. Grainger, Inc | 72,207 | ||||
525 | * | WESCO International, Inc | 31,736 |
92
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
95 | e* | West Marine, Inc | $ | 1,307 | ||
TOTAL WHOLESALE TRADE-DURABLE GOODS | 740,980 | |||||
WHOLESALE TRADE-NONDURABLE GOODS - 0.61% | ||||||
860 | Airgas, Inc | 41,194 | ||||
1,200 | e* | Akorn, Inc | 8,388 | |||
850 | * | Alliance One International, Inc | 8,543 | |||
605 | e* | Allscripts Healthcare Solutions, Inc | 15,415 | |||
140 | e | Andersons, Inc | 6,346 | |||
420 | e* | Bare Escentuals, Inc | 14,343 | |||
299 | e* | Beijing Med-Pharm Corp | 3,190 | |||
807 | e | Brown-Forman Corp (Class B) | 58,976 | |||
4,230 | Cardinal Health, Inc | 298,807 | ||||
385 | e* | Central European Distribution Corp | 13,329 | |||
108 | * | Core-Mark Holding Co, Inc | 3,886 | |||
1,480 | Dean Foods Co | 47,168 | ||||
1,446 | * | Endo Pharmaceuticals Holdings, Inc | 49,497 | |||
314 | e* | Fresh Del Monte Produce, Inc | 7,866 | |||
100 | e* | Green Mountain Coffee Roasters, Inc | 7,874 | |||
435 | e* | Hain Celestial Group, Inc | 11,806 | |||
971 | * | Henry Schein, Inc | 51,881 | |||
552 | Herbalife Ltd | 21,887 | ||||
1,606 | e | Idearc, Inc | 56,740 | |||
330 | e | K-Swiss, Inc (Class A) | 9,349 | |||
100 | e | Kenneth Cole Productions, Inc (Class A) | 2,470 | |||
161 | e* | LSB Industries, Inc | 3,442 | |||
593 | Men's Wearhouse, Inc | 30,285 | ||||
286 | Myers Industries, Inc | 6,323 | ||||
180 | e | Nash Finch Co | 8,910 | |||
559 | Nu Skin Enterprises, Inc (Class A) | 9,223 | ||||
113 | e* | Nuco2, Inc | 2,901 | |||
300 | e* | Perry Ellis International, Inc | 9,651 | |||
241 | e* | School Specialty, Inc | 8,541 | |||
348 | e* | Source Interlink Cos, Inc | 1,733 | |||
217 | Spartan Stores, Inc | 7,141 | ||||
400 | Stride Rite Corp | 8,104 | ||||
6,760 | Sysco Corp | 223,012 | ||||
1,014 | e* | Terra Industries, Inc | 25,776 | |||
390 | e* | Tractor Supply Co | 20,299 | |||
433 | e* | United Natural Foods, Inc | 11,509 | |||
323 | * | United Stationers, Inc | 21,525 | |||
100 | e | Valhi, Inc | 1,630 | |||
143 | e* | Volcom, Inc | 7,169 | |||
TOTAL WHOLESALE TRADE-NONDURABLE GOODS | 1,146,129 | |||||
TOTAL COMMON STOCKS | 186,638,151 | |||||
(Cost $149,955,544) | ||||||
93
TIAA-CREF LIFE FUNDS - Stock Index Fund | ||||||
SHARES | COMPANY | VALUE | ||||
SHORT- TERM INVESTMENTS - 9.33% | ||||||
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.33% | ||||||
17,437,186 | State Street Navigator Securities Lending Prime Portfolio | 17,437,186 | ||||
TOTAL SHORT-TERM INVESTMENTS | 17,437,186 | |||||
(Cost $17,437,186) | ||||||
TOTAL PORTFOLIO - 109.23% | 204,075,337 | |||||
(Cost $167,392,730) | ||||||
OTHER ASSETS & LIABILITIES, NET - (9.23%) | $ | (17,243,075 | ) | |||
�� | ||||||
NET ASSETS - 100.00% | $ | 186,832,262 | ||||
| ||||||
* | Non-income producing | |||||
** | percentage is less than 0.01% | |||||
e | All or a portion of these secutities are out on loan. | |||||
m | Indicates a security has been deemed illiquid | |||||
v | Security valued at fair value. |
94
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
TIAA-CREF LIFE FUNDS | ||||||
SOCIAL CHOICE EQUITY FUND | ||||||
STATEMENT OF INVESTMENTS (unaudited) | ||||||
June 30, 2007 | ||||||
SHARES | COMPANY | VALUE | ||||
COMMON STOCKS - 97.48% | ||||||
AGRICULTURAL PRODUCTION-CROPS - 0.01% | ||||||
256 | Chiquita Brands International, Inc | $ | 4,854 | |||
TOTAL AGRICULTURAL PRODUCTION-CROPS | 4,854 | |||||
AMUSEMENT AND RECREATION SERVICES - 0.92% | ||||||
1,241 | * | Activision, Inc | 23,169 | |||
9,827 | Walt Disney Co | 335,494 | ||||
TOTAL AMUSEMENT AND RECREATION SERVICES | 358,663 | |||||
APPAREL AND ACCESSORY STORES - 0.73% | ||||||
600 | American Eagle Outfitters, Inc | 15,396 | ||||
89 | * | AnnTaylor Stores Corp | 3,152 | |||
100 | * | Charming Shoppes, Inc | 1,083 | |||
400 | * | Chico's FAS, Inc | 9,736 | |||
400 | Foot Locker, Inc | 8,720 | ||||
3,091 | Gap, Inc | 59,038 | ||||
1,200 | * | Kohl's Corp | 85,236 | |||
1,800 | Limited Brands, Inc | 49,410 | ||||
800 | Nordstrom, Inc | 40,896 | ||||
400 | Ross Stores, Inc | 12,320 | ||||
TOTAL APPAREL AND ACCESSORY STORES | 284,987 | |||||
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16% | ||||||
300 | Liz Claiborne, Inc | 11,190 | ||||
200 | Phillips-Van Heusen Corp | 12,114 | ||||
100 | Polo Ralph Lauren Corp | 9,811 | ||||
300 | VF Corp | 27,474 | ||||
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS | 60,589 | |||||
AUTO REPAIR, SERVICES AND PARKING - 0.04% | ||||||
294 | * | Hertz Global Holdings, Inc | 7,812 | |||
68 | Ryder System, Inc | 3,658 | ||||
162 | * | Wright Express Corp | 5,552 | |||
TOTAL AUTO REPAIR, SERVICES AND PARKING | 17,022 | |||||
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10% | ||||||
200 | * | Autozone, Inc | 27,324 | |||
456 | * | Carmax, Inc | 11,628 | |||
TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS | 38,952 | |||||
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.20% | ||||||
8,128 | Home Depot, Inc | 319,837 | ||||
4,800 | Lowe's Cos, Inc | 147,312 | ||||
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES | 467,149 | |||||
95
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
BUSINESS SERVICES - 6.49% | ||||||
622 | * | 24/7 Real Media, Inc | $ | 7,296 | ||
140 | * | 3Com Corp | 578 | |||
281 | Accenture Ltd (Class A) | 12,052 | ||||
1,494 | * | Adobe Systems, Inc | 59,984 | |||
249 | * | Alliance Data Systems Corp | 19,243 | |||
337 | * | Ariba, Inc | 3,340 | |||
1,116 | * | Art Technology Group, Inc | 2,969 | |||
600 | * | Autodesk, Inc | 28,248 | |||
3,583 | Automatic Data Processing, Inc | 173,668 | ||||
733 | * | BEA Systems, Inc | 10,035 | |||
404 | * | BPZ Energy, Inc | 2,254 | |||
744 | * | BearingPoint, Inc | 5,439 | |||
100 | * | Blue Coat Systems, Inc | 4,952 | |||
370 | * | Bottomline Technologies, Inc | 4,570 | |||
2,141 | * | CMGI, Inc | 4,175 | |||
274 | * | CNET Networks, Inc | 2,244 | |||
100 | * | CSG Systems International, Inc | 2,651 | |||
200 | * | Cerner Corp | 11,094 | |||
100 | * | Checkfree Corp | 4,020 | |||
314 | * | Chordiant Software, Inc | 4,917 | |||
190 | * | Ciber, Inc | 1,554 | |||
1,121 | * | Cogent Communications Group, Inc | 33,484 | |||
460 | * | Cogent, Inc | 6,757 | |||
593 | * | Compuware Corp | 7,033 | |||
700 | * | Convergys Corp | 16,968 | |||
400 | * | DST Systems, Inc | 31,684 | |||
157 | * | Digital River, Inc | 7,104 | |||
647 | * | Earthlink, Inc | 4,833 | |||
900 | * | Electronic Arts, Inc | 42,588 | |||
100 | * | Equinix, Inc | 9,147 | |||
868 | * | Expedia, Inc | 25,424 | |||
169 | Fair Isaac Corp | 6,780 | ||||
706 | First Data Corp | 23,065 | ||||
700 | * | Fiserv, Inc | 39,760 | |||
46 | * | Getty Images, Inc | 2,199 | |||
496 | * | Google, Inc (Class A) | 259,596 | |||
200 | Jack Henry & Associates, Inc | 5,150 | ||||
850 | IMS Health, Inc | 27,311 | ||||
257 | * | Infocrossing, Inc | 4,747 | |||
336 | * | Informatica Corp | 4,963 | |||
2,350 | * | Innovative Solutions & Support, Inc | 54,567 | |||
400 | * | Internap Network Services Corp | 5,768 | |||
450 | * | Interwoven, Inc | 6,318 | |||
1,148 | * | Intuit, Inc | 34,532 | |||
369 | * | Iron Mountain, Inc | 9,642 | |||
200 | * | Kinetic Concepts, Inc | 10,394 | |||
300 | Lamar Advertising Co (Class A) | 18,828 | ||||
626 | * | Lawson Software, Inc | 6,191 | |||
242 | * | Lionbridge Technologies | 1,425 | |||
205 | * | Liquidity Services, Inc | 3,850 | |||
498 | * | Magma Design Automation, Inc | 6,992 | |||
100 | Manpower, Inc | 9,224 | ||||
249 | Marchex, Inc (Class B) | 4,064 | ||||
299 | Mastercard, Inc (Class A) | 49,595 |
96
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
271 | * | Mentor Graphics Corp | $ | 3,569 | ||
27,174 | d | Microsoft Corp | 800,818 | |||
448 | MoneyGram International, Inc | 12,522 | ||||
544 | * | Monster Worldwide, Inc | 22,358 | |||
900 | * | Novell, Inc | 7,011 | |||
1,800 | Omnicom Group, Inc | 95,256 | ||||
457 | * | Opsware, Inc | 4,346 | |||
268 | * | PDF Solutions, Inc | 3,170 | |||
290 | * | Parametric Technology Corp | 6,267 | |||
72 | Portfolio Recovery Associates, Inc | 4,321 | ||||
303 | * | Quest Software, Inc | 4,906 | |||
819 | * | RealNetworks, Inc | 6,691 | |||
600 | Robert Half International, Inc | 21,900 | ||||
200 | * | Salesforce.com, Inc | 8,572 | |||
500 | * | Sapient Corp | 3,865 | |||
411 | ServiceMaster Co | 6,354 | ||||
196 | * | Smith Micro Software, Inc | 2,952 | |||
231 | * | Sohu.com, Inc | 7,390 | |||
363 | * | SonicWALL, Inc | 3,118 | |||
1,340 | * | Sonus Networks, Inc | 11,417 | |||
520 | * | Spherion Corp | 4,883 | |||
10,400 | * | Sun Microsystems, Inc | 54,704 | |||
173 | * | Sybase, Inc | 4,133 | |||
3,119 | * | Symantec Corp | 63,004 | |||
1,069 | * | TIBCO Software, Inc | 9,674 | |||
859 | * | Tiens Biotech Group USA, Inc | 3,290 | |||
700 | Total System Services, Inc | 20,657 | ||||
165 | * | Travelzoo, Inc | 4,387 | |||
600 | * | Unisys Corp | 5,484 | |||
249 | United Online, Inc | 4,106 | ||||
228 | * | United Rentals, Inc | 7,419 | |||
400 | * | Valueclick, Inc | 11,784 | |||
273 | * | Vasco Data Security International | 6,213 | |||
700 | * | VeriSign, Inc | 22,211 | |||
200 | * | Visual Sciences, Inc | 3,094 | |||
114 | * | aQuantive, Inc | 7,273 | |||
3,364 | * | eBay, Inc | 108,254 | |||
TOTAL BUSINESS SERVICES | 2,522,639 | |||||
CHEMICALS AND ALLIED PRODUCTS - 9.13% | ||||||
400 | * | Abraxis BioScience, Inc | 8,892 | |||
1,900 | Air Products & Chemicals, Inc | 152,703 | ||||
100 | * | Alexion Pharmaceuticals, Inc | 4,506 | |||
100 | * | Alkermes, Inc | 1,460 | |||
847 | * | American Oriental Bioengineering, Inc | 7,538 | |||
3,911 | * | Amgen, Inc | 216,239 | |||
1,000 | Avery Dennison Corp | 66,480 | ||||
1,300 | Avon Products, Inc | 47,775 | ||||
525 | * | Barr Pharmaceuticals, Inc | 26,371 | |||
600 | * | Bentley Pharmaceuticals, Inc | 7,284 | |||
400 | * | BioMarin Pharmaceuticals, Inc | 7,176 | |||
192 | * | BioMimetic Therapeutics, Inc | 3,001 | |||
666 | * | Bioenvision, Inc | 3,849 | |||
302 | * | Bradley Pharmaceuticals, Inc | 6,556 |
97
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
7,609 | Bristol-Myers Squibb Co | $ | 240,140 | |||
325 | Cabot Corp | 15,496 | ||||
420 | * | Caraco Pharmaceutical Laboratories Ltd | 6,376 | |||
100 | * | Cephalon, Inc | 8,039 | |||
339 | Clorox Co | 21,052 | ||||
2,803 | Colgate-Palmolive Co | 181,775 | ||||
175 | * | Cypress Bioscience, Inc | 2,321 | |||
200 | Dade Behring Holdings, Inc | 10,624 | ||||
504 | * | Dendreon Corp | 3,568 | |||
93 | * | Digene Corp | 5,585 | |||
3,076 | * | Durect Corp | 11,843 | |||
1,600 | Ecolab, Inc | 68,320 | ||||
300 | * | Encysive Pharmaceuticals, Inc | 534 | |||
1,700 | * | Forest Laboratories, Inc | 77,605 | |||
1,711 | * | Genentech, Inc | 129,454 | |||
808 | * | Genzyme Corp | 52,035 | |||
300 | * | Geron Corp | 2,112 | |||
3,188 | * | Gilead Sciences, Inc | 123,599 | |||
536 | H.B. Fuller Co | 16,021 | ||||
500 | * | Human Genome Sciences, Inc | 4,460 | |||
261 | * | Inverness Medical Innovations, Inc | 13,316 | |||
100 | * | Invitrogen Corp | 7,375 | |||
617 | * | Javelin Pharmaceuticals, Inc | 3,819 | |||
1,196 | * | King Pharmaceuticals, Inc | 24,470 | |||
2,387 | Eli Lilly & Co | 133,386 | ||||
300 | Lubrizol Corp | 19,365 | ||||
200 | * | MGI Pharma, Inc | 4,474 | |||
200 | Mannatech, Inc | 3,178 | ||||
200 | * | Medarex, Inc | 2,858 | |||
600 | Medicis Pharmaceutical Corp (Class A) | 18,324 | ||||
8,394 | Merck & Co, Inc | 418,021 | ||||
800 | * | Millennium Pharmaceuticals, Inc | 8,456 | |||
1,501 | * | Mylan Laboratories, Inc | 27,303 | |||
400 | * | Nabi Biopharmaceuticals | 1,840 | |||
118 | * | Nastech Pharmaceutical Co, Inc | 1,287 | |||
238 | * | Neurocrine Biosciences, Inc | 2,673 | |||
442 | * | Noven Pharmaceuticals, Inc | 10,365 | |||
200 | * | OraSure Technologies, Inc | 1,636 | |||
200 | * | PDL BioPharma, Inc | 4,660 | |||
875 | PPG Industries, Inc | 66,596 | ||||
126 | * | Pacific Ethanol, Inc | 1,663 | |||
538 | * | Pain Therapeutics, Inc | 4,686 | |||
200 | * | Par Pharmaceutical Cos, Inc | 5,646 | |||
400 | * | Penwest Pharmaceuticals Co | 4,988 | |||
200 | * | Pharmion Corp | 5,790 | |||
200 | * | Pozen, Inc | 3,614 | |||
2,250 | Praxair, Inc | 161,978 | ||||
731 | * | Prestige Brands Holdings, Inc | 9,488 | |||
10,656 | Procter & Gamble Co | 652,041 | ||||
227 | * | Progenics Pharmaceuticals, Inc | 4,896 | |||
500 | RPM International, Inc | 11,555 | ||||
1,335 | Rohm & Haas Co | 72,998 | ||||
450 | * | Salix Pharmaceuticals Ltd | 5,535 | |||
5,380 | Schering-Plough Corp | 163,767 |
98
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
200 | * | Sciele Pharma, Inc | $ | 4,712 | ||
200 | * | Sepracor, Inc | 8,204 | |||
1,000 | Sigma-Aldrich Corp | 42,670 | ||||
186 | * | Somaxon Pharmaceuticals, Inc | 2,262 | |||
500 | * | SuperGen, Inc | 2,780 | |||
200 | * | Tanox, Inc | 3,882 | |||
58 | * | United Therapeutics Corp | 3,698 | |||
303 | * | VCA Antech, Inc | 11,420 | |||
300 | Valspar Corp | 8,523 | ||||
200 | * | Vertex Pharmaceuticals, Inc | 5,712 | |||
360 | * | Warner Chilcott Ltd (Class A) | 6,512 | |||
600 | * | Watson Pharmaceuticals, Inc | 19,518 | |||
529 | * | Zymogenetics, Inc | 7,729 | |||
TOTAL CHEMICALS AND ALLIED PRODUCTS | 3,550,458 | |||||
COMMUNICATIONS - 5.29% | ||||||
20,058 | AT&T, Inc | 832,407 | ||||
1,251 | Alltel Corp | 84,505 | ||||
800 | * | American Tower Corp (Class A) | 33,600 | |||
1,184 | * | Cablevision Systems Corp (Class A) | 42,849 | |||
2,354 | Citadel Broadcasting Corp | 15,183 | ||||
100 | Citizens Communications Co | 1,527 | ||||
283 | * | Crown Castle International Corp | 10,264 | |||
733 | * | Crown Media Holdings, Inc (Class A) | 5,278 | |||
125 | * | DG FastChannel,Inc | 2,548 | |||
409 | Embarq Corp | 25,918 | ||||
200 | Entercom Communications Corp (Class A) | 4,978 | ||||
418 | * | Entravision Communications Corp (Class A) | 4,360 | |||
100 | * | Fisher Communications, Inc | 5,079 | |||
150 | Global Payments, Inc | 5,948 | ||||
960 | Gray Television, Inc | 8,899 | ||||
1,244 | * | IAC/InterActiveCorp | 43,055 | |||
1,135 | * | Level 3 Communications, Inc | 6,640 | |||
1,812 | * | Liberty Global, Inc (Class A) | 74,364 | |||
3,274 | * | Liberty Media Holding Corp (Interactive A) | 73,108 | |||
774 | * | Liberty Media Corp - Capital (Series A) | 91,084 | |||
717 | * | Lin TV Corp (Class A) | 13,487 | |||
487 | * | Mediacom Communications Corp (Class A) | 4,719 | |||
300 | * | NII Holdings, Inc | 24,222 | |||
120 | * | NeuStar, Inc (Class A) | 3,476 | |||
239 | * | Nexstar Broadcasting Group, Inc (Class A) | 3,140 | |||
200 | * | Novatel Wireless, Inc | 5,204 | |||
829 | * | Radio One, Inc (Class D) | 5,853 | |||
113 | * | SAVVIS, Inc | 5,595 | |||
133 | * | SBA Communications Corp (Class A) | 4,467 | |||
1,152 | * | Spanish Broadcasting System, Inc (Class A) | 4,954 | |||
8,184 | Sprint Nextel Corp | 169,491 | ||||
902 | * | Terremark Worldwide, Inc | 5,818 | |||
279 | * | TiVo, Inc | 1,615 | |||
9,776 | Verizon Communications, Inc | 402,478 | ||||
1,293 | Windstream Corp | 19,085 | ||||
900 | * | XM Satellite Radio Holdings, Inc (Class A) | 10,593 | |||
TOTAL COMMUNICATIONS | 2,055,791 |
99
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
DEPOSITORY INSTITUTIONS - 9.28% | ||||||
3,500 | BB&T Corp | $ | 142,380 | |||
14,050 | Bank of America Corp | 686,905 | ||||
800 | Comerica, Inc | 47,576 | ||||
500 | Commerce Bancorp, Inc | 18,495 | ||||
200 | Compass Bancshares, Inc | 13,796 | ||||
3,600 | Fifth Third Bancorp | 143,172 | ||||
200 | First Horizon National Corp | 7,800 | ||||
755 | Fremont General Corp | 8,124 | ||||
463 | IndyMac Bancorp, Inc | 13,506 | ||||
2,600 | Keycorp | 89,258 | ||||
400 | M&T Bank Corp | 42,760 | ||||
900 | Marshall & Ilsley Corp | 42,867 | ||||
1,900 | Mellon Financial Corp | 83,600 | �� | |||
3,954 | National City Corp | 131,747 | ||||
577 | New York Community Bancorp, Inc | 9,821 | ||||
700 | Northern Trust Corp | 44,968 | ||||
2,249 | PNC Financial Services Group, Inc | 160,983 | ||||
520 | Popular, Inc | 8,356 | ||||
5,260 | Regions Financial Corp | 174,106 | ||||
1,030 | Sovereign Bancorp, Inc | 21,774 | ||||
1,500 | State Street Corp | 102,600 | ||||
2,300 | SunTrust Banks, Inc | 197,202 | ||||
900 | Synovus Financial Corp | 27,630 | ||||
8,800 | US Bancorp | 289,960 | ||||
300 | UnionBanCal Corp | 17,910 | ||||
7,761 | Wachovia Corp | 397,751 | ||||
4,890 | Washington Mutual, Inc | 208,510 | ||||
13,300 | Wells Fargo & Co | 467,761 | ||||
100 | Zions Bancorporation | 7,691 | ||||
TOTAL DEPOSITORY INSTITUTIONS | 3,609,009 | |||||
EATING AND DRINKING PLACES - 1.36% | ||||||
900 | * | AFC Enterprises | 15,561 | |||
400 | Applebees International, Inc | 9,640 | ||||
493 | Darden Restaurants, Inc | 21,687 | ||||
7,066 | McDonald's Corp | 358,670 | ||||
3,234 | * | Starbucks Corp | 84,860 | |||
760 | Tim Hortons, Inc | 23,370 | ||||
400 | Wendy's International, Inc | 14,700 | ||||
TOTAL EATING AND DRINKING PLACES | 528,488 | |||||
ELECTRIC, GAS, AND SANITARY SERVICES - 5.09% | ||||||
3,242 | * | AES Corp | 70,935 | |||
1,096 | AGL Resources, Inc | 44,366 | ||||
921 | Alliant Energy Corp | 35,781 | ||||
800 | Aqua America, Inc | 17,992 | ||||
1,100 | Atmos Energy Corp | 33,066 | ||||
2,028 | Avista Corp | 43,703 | ||||
990 | CMS Energy Corp | 17,028 | ||||
500 | Cascade Natural Gas Corp | 13,205 | ||||
1,160 | Centerpoint Energy, Inc | 20,184 | ||||
364 | Central Vermont Public Service Corp | 13,716 | ||||
1,447 | Cleco Corp | 35,451 |
100
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
3,139 | Consolidated Edison, Inc | $ | 141,632 | |||
600 | Crosstex Energy, Inc | 17,238 | ||||
4,082 | El Paso Corp | 70,333 | ||||
2,300 | Empire District Electric Co | 51,451 | ||||
300 | Energen Corp | 16,482 | ||||
1,736 | Energy East Corp | 45,292 | ||||
200 | EnergySouth, Inc | 10,200 | ||||
2,200 | Hawaiian Electric Industries, Inc | 52,118 | ||||
2,000 | Idacorp, Inc | 64,080 | ||||
1,845 | KeySpan Corp | 77,453 | ||||
500 | MGE Energy, Inc | 16,335 | ||||
400 | Markwest Hydrocarbon, Inc | 22,972 | ||||
400 | Metal Management, Inc | 17,628 | ||||
900 | NSTAR | 29,205 | ||||
1,500 | National Fuel Gas Co | 64,965 | ||||
4,686 | NiSource, Inc | 97,047 | ||||
592 | Nicor, Inc | 25,409 | ||||
1,093 | Northeast Utilities | 30,997 | ||||
2,800 | OGE Energy Corp | 102,620 | ||||
800 | Oneok, Inc | 40,328 | ||||
4,800 | Pepco Holdings, Inc | 135,360 | ||||
1,000 | Piedmont Natural Gas Co, Inc | 24,650 | ||||
4,159 | Puget Energy, Inc | 100,565 | ||||
1,652 | Questar Corp | 87,308 | ||||
200 | Resource America, Inc (Class A) | 4,122 | ||||
114 | Sempra Energy | 6,752 | ||||
2,000 | * | Sierra Pacific Resources | 35,120 | |||
500 | South Jersey Industries, Inc | 17,690 | ||||
2,976 | TECO Energy, Inc | 51,128 | ||||
400 | UGI Corp | 10,912 | ||||
200 | UIL Holdings Corp | 6,620 | ||||
1,155 | Unisource Energy Corp | 37,988 | ||||
287 | WGL Holdings, Inc | 9,368 | ||||
511 | * | Waste Services, Inc | 6,209 | |||
3,378 | Williams Cos, Inc | 106,812 | ||||
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES | 1,979,816 | |||||
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.71% | ||||||
1,662 | * | Advanced Micro Devices, Inc | 23,767 | |||
1,068 | Ametek, Inc | 42,378 | ||||
2,142 | * | Apple Computer, Inc | 261,410 | |||
537 | * | Arris Group, Inc | 9,446 | |||
215 | * | Atheros Communications, Inc | 6,631 | |||
161 | Baldor Electric Co | 7,934 | ||||
147 | * | Benchmark Electronics, Inc | 3,325 | |||
240 | * | C-COR, Inc | 3,374 | |||
17,400 | * | Cisco Systems, Inc | 484,590 | |||
2,976 | * | Conexant Systems, Inc | 4,107 | |||
308 | * | Cree, Inc | 7,962 | |||
100 | * | Ditech Networks, Inc | 819 | |||
178 | * | Dolby Laboratories, Inc (Class A) | 6,303 | |||
1,100 | * | Finisar Corp | 4,158 | |||
312 | * | FuelCell Energy, Inc | 2,471 | |||
184 | * | GrafTech International Ltd | 3,099 |
101
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||
SHARES | COMPANY | VALUE | ||||
100 | Harman International Industries, Inc | $ | 11,680 | |||
300 | * | Harmonic, Inc | 2,661 | |||
19,109 | Intel Corp | 454,030 | ||||
600 | * | InterVoice, Inc | 4,998 | |||
100 | * | Interdigital Communications Corp | 3,217 | |||
1,907 | * | LSI Logic Corp | 14,322 | |||
512 | * | Lattice Semiconductor Corp | 2,929 | |||
77 | Lincoln Electric Holdings, Inc | 5,716 | ||||
175 | * | Loral Space & Communications, Inc | 8,624 | |||
1,600 | * | MRV Communications, Inc | 5,200 | |||
181 | * | Medis Technologies Ltd | 2,659 | |||
1,950 | * | Micron Technology, Inc | 24,434 | |||
800 | Molex, Inc | 24,008 | ||||
7,700 | Motorola, Inc | 136,290 | ||||
236 | * | Novellus Systems, Inc | 6,695 | |||
951 | * | ON Semiconductor Corp | 10,195 | |||
293 | Plantronics, Inc | 7,682 | ||||
149 | * | Plexus Corp | 3,426 | |||
357 | * | Polycom, Inc | 11,995 | |||
200 | * | Power-One, Inc | 796 | |||
621 | * | Powerwave Technologies, Inc | 4,161 | |||
441 | * | QLogic Corp | 7,343 | |||
5,500 | Qualcomm, Inc | 238,645 | ||||
706 | * | RF Micro Devices, Inc | 4,405 | |||
200 | RadioShack Corp | 6,628 | ||||
760 | * | Silicon Storage Technology, Inc | 2,835 | |||
4,971 | * | Sirius Satellite Radio, Inc | 15,012 | |||
105 | * | Sunpower Corp (Class A) | 6,620 | |||
400 | * | Sycamore Networks, Inc | 1,608 | |||
568 | * | Symmetricom, Inc | 4,771 | |||
184 | * | TTM Technologies, Inc | 2,392 | |||
312 | * | Tekelec | 4,499 | |||
200 | Teleflex, Inc | 16,356 | ||||
1,300 | * | Tellabs, Inc | 13,988 | |||
135 | * | Tessera Technologies, Inc | 5,474 | |||
5,674 | Texas Instruments, Inc | 213,513 | ||||
338 | * | Thomas & Betts Corp | 19,604 | |||
944 | * | Triquint Semiconductor, Inc | 4,777 | |||
100 | Whirlpool Corp | 11,120 | ||||
800 | Xilinx, Inc | 21,416 | ||||
111 | * | Zoran Corp | 2,224 | |||
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT | 2,220,722 | |||||
ENGINEERING AND MANAGEMENT SERVICES - 0.71% | ||||||
200 | * | Amylin Pharmaceuticals, Inc | 8,232 | |||
200 | * | Applera Corp (Celera Genomics Group) | 2,480 | |||
200 | * | Ariad Pharmaceuticals, Inc | 1,098 | |||
100 | * | CV Therapeutics, Inc | 1,321 | |||
880 | * | Celgene Corp | 50,450 | |||
42 | Corporate Executive Board Co | 2,726 | ||||
716 | * | Harris Interactive, Inc | 3,831 | |||
767 | * | Incyte Corp | 4,602 | |||
435 | * | Isis Pharmaceuticals, Inc | 4,211 | |||
1,234 | Moody's Corp | 76,755 |
102
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund | ||||||