Tiaa Cref Life Fund NCSRS Certified semi-annual shareholder report (management investment company)

Tiaa Cref Life Fund N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-008961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Item 1. Reports to Stockholders.

LOGO


Contents

Understanding your TIAA-CREF Life Funds report		2

Information on the TIAA-CREF Life Funds		3

About the funds’ benchmarks		4

Important information about expenses		6

Fund performance
Growth Equity Fund		7
Growth & Income Fund		10
International Equity Fund		13
Large-Cap Value Fund		16
Small-Cap Equity Fund		19
Stock Index Fund		22
Social Choice Equity Fund		25
Real Estate Securities Fund		28
Bond Fund		31
Money Market Fund		34

Summary portfolios of investments		37

Financial statements (unaudited)
Statements of assets and liabilities		74
Statements of operations		78
Statements of changes in net assets		82
Financial highlights		89
Notes to financial statements		99

Board renewal of the investment advisory agreement		111

How to reach us	Inside back cover

LOGO

Understanding your TIAA-CREF Life Funds report

This semiannual report contains information about the ten TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2012. The report contains three main sections:

•

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

•

The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2012.

•

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

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

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

2 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Information on the TIAA-CREF Life Funds

Portfolio holdings

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Life Funds also file complete portfolio listings with the SEC, and they are available to the public.

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

•

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

•

By calling us at 800 842-2252 to request a copy free of charge.

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

•

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

•

From the SEC’s Office of Investor Education and Advocacy.

(Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 3

About the funds’ benchmarks

Equity Indexes

Broad market index

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

Large-cap indexes

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

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

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

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

Small-cap index

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

Specialty equity index

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

4 2012 Semiannual Report ¡ TIAA-CREF Life Funds

About the funds’ benchmarks

Fixed-income Index

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

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

In March 2012, Barclays Capital changed its name to Barclays.

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 5

Important information about expenses

All shareholders of the TIAA-CREF Life Funds incur ongoing costs, including management fees and other fund expenses.

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2012 to June 30, 2012).

Actual expenses

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

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

Hypothetical example for comparison purposes

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

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

6 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Performance for the six months ended June 30, 2012

The Growth Equity Fund returned 9.35% for the period, compared with the 10.08% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended June 30, 2012, the fund returned 4.21%, versus 5.76% for the index.

U.S. stocks got off to a strong start in the first quarter of 2012, climbing 12.87%, as measured by the Russell 3000^® Index. The rally was driven by positive U.S. economic data and easing concerns about the European sovereign debt crisis. In the second quarter, however, the market lost 3.15% on signs of slowing domestic growth and renewed worries about Europe. Nonetheless, U.S. stocks finished the first half of the year with a gain of 9.32%.

For the six-month period, large-cap growth issues outperformed the broad U.S. market. They also outpaced smaller companies in the growth category; small-cap stocks rose 8.81%, while mid-cap issues returned 8.10%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended June 30, 2012, the Russell 1000 Growth Index posted an average annual return of 6.03%, topping the 5.81% average return of the Russell 3000 Index.

Technology lifts the benchmark

Eight of the benchmark’s nine industry sectors registered positive returns for the period, and five scored double-digit advances. Technology, the benchmark’s largest sector, in terms of market capitalization at period-end, also made the largest contribution to the benchmark’s rise; it gained 15.8%. Strong results from the sizable health care, consumer discretionary and consumer staples sectors also helped; they returned 16.1%, 11.8% and 10.2%, respectively. Together, these four sectors made up nearly two-thirds of the index on June 30, 2012.

The only loss came from the energy sector, which fell 4.1% as a result of falling oil and natural gas prices.

The fund produced a strong absolute return but lagged its benchmark because of unfavorable stock selections. These included overweight investments in Google, Nike and biotechnology firm Gilead Sciences. An out-of-benchmark position in Japanese social networking provider Gree also trimmed performance slightly.

These detractors were partly offset by favorable results from several overweight stock choices. Chief among these were Walt Disney, online retailer Amazon and software provider Red Hat. The fund’s exclusion of Exxon Mobil and McDonald’s, which both lagged the benchmark during the period, aided returns as well.

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 7

Growth Equity Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Growth Equity Fund		4/3/2000		9.35	%		4.21	%		2.51	%		5.46	%
Russell 1000^® Growth Index		—		10.08			5.76			2.87			6.03

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

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

Expense example

Six months ended June 30, 2012


Growth Equity Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,093.48	$2.71
5% annual hypothetical return	1,000.00	1,022.28	2.61

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

8 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Information technology		38.4
Consumer discretionary		19.2
Health care		14.1
Industrials		10.1
Financials		4.8
Materials		4.6
Consumer staples		4.2
Energy		3.7
Telecommunication services		0.7
Short-term investments		1.0
Other assets & liabilities, net		-0.8

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		41.2
More than $15 billion-$50 billion		36.3
More than $2 billion-$15 billion		22.3
$2 billion or less		0.2

Total		100.0

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 9

Growth & Income Fund

Performance for the six months ended June 30, 2012

The Growth & Income Fund returned 9.61% for the period, compared with the 9.49% return of its benchmark, the S&P 500^® Index. For the one-year period ended June 30, 2012, the fund returned 4.55%, versus 5.45% for the index.

During the first half of 2012, the S&P 500 Index posted a solid gain and edged ahead of the 9.32% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. More than one-third of the market capitalization of the Russell index is made up of small- and mid-cap stocks, which lagged the large-cap stocks of the S&P 500 for the period.

For the ten years ended June 30, 2012, however, the average annual return of the S&P 500 Index lagged that of the Russell 3000 Index, 5.33% versus 5.81%.

Financials and technology lead the way

Nine of the benchmark’s ten industry sectors posted positive returns for the first half of 2012, and five achieved double-digit gains. The biggest contributions came from the index’s two largest sectors: financials (up 13.7%) and information technology (up 13.3%). Together, these two sectors made up more than one-third of the benchmark’s total market capitalization on June 30, 2012. The sizable consumer discretionary (up 13.0%) and health care (up 11.0%) sectors also helped. The one loss came from the energy sector, which was pressured by falling oil and natural gas prices; it returned –2.3%.

The fund generated a strong absolute return and outperformed the S&P 500 because of numerous favorable stock choices. Among the largest contributions to the fund’s relative performance were overweight positions in Apple and Discover Financial Services. Out-of-benchmark holdings in energy drink marketer Monster Beverage, pharmacy benefit manager SXC Health Solutions and athletic shoe retailer Foot Locker also lifted the fund’s relative performance.

These positive results were partly offset by detractors from performance, including underweight positions in Bank of America and Verizon, whose stock rose more than 10% during the period. An overweight in Anadarko Petroleum and an out-of-benchmark holding in energy services provider Ensco also trimmed results slightly.

10 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Growth & Income Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Growth & Income Fund		4/3/2000		9.61	%		4.55	%		2.68	%		6.97	%
S&P 500 Index		—		9.49			5.45			0.22			5.33

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

Expense example

Six months ended June 30, 2012


Growth & Income Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,096.08	$2.71
5% annual hypothetical return	1,000.00	1,022.28	2.61

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 11

Growth & Income Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Information technology		19.4
Financials		14.3
Health care		13.7
Consumer discretionary		12.7
Consumer staples		12.3
Energy		9.6
Industrials		8.7
Materials		3.0
Utilities		2.6
Telecommunication services		1.9
Short-term investments		1.7
Other assets & liabilities, net		0.1

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		49.7
More than $15 billion-$50 billion		24.7
More than $2 billion-$15 billion		24.6
$2 billion or less		1.0

Total		100.0

12 2012 Semiannual Report ¡ TIAA-CREF Life Funds

International Equity Fund

Performance for the six months ended June 30, 2012

The International Equity Fund returned 7.94% for the period, compared with the 2.96% return of its benchmark, the MSCI EAFE Index. For the one-year period ended June 30, 2012, the fund returned –18.96%, versus –13.83% for the index.

For the first quarter of 2012, the MSCI EAFE Index, which measures stock performance in 22 developed nations outside North America, gained 10.86%. Signs of improvement in the European sovereign debt crisis bolstered investor confidence. However, the index declined 7.13% in the second quarter on concerns about slowing global growth.

The MSCI EAFE Index gained 4.24% in local currencies for the six months. The euro and yen weakened versus the dollar, lowering returns for U.S. investors. The EAFE trailed the broad U.S. stock market, which rose 9.32%, as measured by the Russell 3000^® Index.

For the six months, European stocks, which made up the largest regional segment of the EAFE index in terms of market capitalization at period-end, rose 2.4%, supported by gains in the United Kingdom (up 3.4%), the benchmark’s largest country component, and Germany (up 5.9%). Japan, the second-largest component of the benchmark, returned 3.1%.

Stock selections propel the fund above its benchmark

The fund outperformed its benchmark by nearly five percentage points on the strength of numerous favorable stock selections. These included overweights in British cruise ship operator Carnival and in two German companies: chemical producer Lanxess and drug maker Bayer. A nonbenchmark investment in India’s HDFC Bank also benefited relative returns.

These positive effects were partly offset by results from unsuccessful stock choices, such as an overweight in British financial company Man Group and out-of-benchmark positions in Japanese consumer support website Kakaku.com and Indian commercial real estate developer DLF.

The fund’s returns may sometimes diverge from the returns of its benchmark index more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated.

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 13

International Equity Fund

Performance as of June 30, 2012

Total return

Average annual
total return

Inception date

6 months

1 year

5 years

10 years

International Equity Fund

4/3/2000

7.94

–18.96

–7.61

5.15

MSCI EAFE Index

—

2.96

–13.83

–6.10

5.14

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

Expense example

Six months ended June 30, 2012


International Equity Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1.079.38	$3.10
5% annual hypothetical return	1,000.00	1,021.88	3.02

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

14 2012 Semiannual Report ¡ TIAA-CREF Life Funds

International Equity Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Consumer discretionary		19.0
Materials		17.9
Industrials		17.6
Consumer staples		13.7
Health care		13.4
Financials		12.0
Energy		4.1
Information technology		3.2
Short-term investments		6.2
Other assets & liabilities, net		-7.1

Total		100.0

Holdings by company size

Market capitalization

% of equity investments

as of 6/30/2012


More than $50 billion					10.3
More than $15 billion-$50 billion					33.2
More than $2 billion-$15 billion					49.9
$2 billion or less					6.6

Total					100.0

Holdings by country


	% of portfolio investments as of 6/30/2012
United Kingdom		30.8
Germany		17.9
Switzerland		13.3
Japan		12.2
France		6.9
Sweden		4.1
India		3.9
Hong Kong		3.3
4 other nations		1.8
Short-term investments		5.8

Total		100.0

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 15

Large-Cap Value Fund

Performance for the six months ended June 30, 2012

The Large-Cap Value Fund returned 9.99% for the period, compared with the 8.68% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended June 30, 2012, the fund returned –0.65%, versus 3.01% for the benchmark.

Large-cap value stocks trailed large-cap growth issues in 2011 as they had in the previous two years. That pattern continued in the first half of 2012, largely because the Russell 1000 Value Index contained fewer high-performing technology stocks. For the period, the Russell 1000 Growth Index climbed 15.8%.

For the five years ended June 30, 2012, value issues in the large-cap category underperformed their growth counterparts by a wide margin. Over that period, the Russell 1000 Value Index posted an average annual return of –2.19%—more than five percentage points less than the 2.87% average return of the Russell 1000 Growth Index.

Eight of nine benchmark sectors advance

All but one of the nine industry sectors of the Russell 1000 Value Index advanced for the period, with three scoring double-digit gains. The largest sector, financial services, which made up one-quarter of the total market capitalization of the index on June 30, 2012, jumped 13.7%, and consumer discretionary returned a robust 16.0%. Producer durables (up 10.3%) and utilities (up 9.4%) also made significant contributions to returns. However, a 2.1% loss in the energy sector helped constrain overall results.

The fund outpaced its benchmark for the period by more than one-and-a-quarter percentage points because of numerous advantageous stock selections. These included overweight holdings in homebuilder PulteGroup, AOL and eBay. Nonbenchmark positions in building products supplier Masco and Cobalt International Energy also contributed significantly to the fund’s outperformance.

Partly offsetting these favorable results were several detractors, such as overweight positions in J.C. Penney, energy provider Exelon and technology giant Hewlett-Packard. Out-of-benchmark investments in energy supplier Weatherford International and Israeli drug manufacturer Teva Pharmaceuticals also detracted slightly from relative returns.

16 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Large-Cap Value Fund		10/28/2002		9.99	%		–0.65	%		–2.53	%		7.51	%
Russell 1000 Value Index		—		8.68			3.01			–2.19			6.91

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

Expense example

Six months ended June 30, 2012


Large-Cap Value Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,099.92	$2.71
5% annual hypothetical return	1,000.00	1,022.28	2.61

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 17

Large-Cap Value Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Financials		23.9
Energy		16.2
Health care		12.7
Industrials		10.2
Consumer discretionary		9.0
Information technology		8.5
Consumer staples		7.6
Utilities		5.4
Telecommunication services		4.3
Materials		2.1
Short-term investments		3.3
Other assets & liabilities, net		-3.2

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		43.4
More than $15 billion-$50 billion		25.4
More than $2 billion-$15 billion		26.6
$2 billion or less		4.6

Total		100.0

18 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance for the six months ended June 30, 2012

The Small-Cap Equity Fund returned 7.30% for the period, compared with the 8.53% return of its benchmark, the Russell 2000^® Index. For the one-year period ended June 30, 2012, the fund returned –4.66%, versus –2.08% for the index.

For the first quarter of 2012, U.S. stocks, as measured by the Russell 3000^® Index, gained 12.87%. The rally was driven by positive U.S. economic data and easing concerns about the European sovereign debt crisis. However, stocks lost 3.15% in the second quarter on signs the U.S. economy was slowing, as well as on renewed worries about the fiscal health of Greece, Spain and other European countries. Despite the second-quarter decline, stocks finished the first half of the year up 9.32%.

Small-cap issues posted a solid advance for the six months but failed to keep pace with the broad market. Within the small-cap category, growth stocks outpaced value issues, 8.81% to 8.23%. (Returns are based on the Russell indexes.)

For the five years ended June 30, 2012, the Russell 2000 Index registered an average annual gain of 0.54%, outpacing the 0.39% average return for the Russell 3000 Index.

Three large sectors drive the benchmark’s rise

For the six-month period, eight of the nine industry sectors of the Russell 2000 Index posted positive returns, with three scoring double-digit gains. The largest contributions came from the health care, financial services and consumer discretionary sectors, which rose 20.9%, 12.2% and 11.5%, respectively. Together, these three sectors made up more than half of the benchmark’s total market capitalization on June 30, 2012.

Energy, the only sector in the index to post a loss for the period, returned –10.7%. Energy stocks came under pressure as a result of falling oil and natural gas prices.

For the six months, the fund trailed its benchmark largely because several stock choices did not perform as expected. Chief among them were overweight positions in wireless services provider BrightPoint, drug company ViroPharma and women’s apparel company Ascena Retail Group. An underweight in drug developer Vivus and the exclusion of Arena Pharmaceuticals also trimmed relative results slightly.

These effects were partly offset by successful stock selections, including overweight holdings in U.S. Airways, online marketer Liquidity Services, medical device company NuVasive and software developer SolarWinds.

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 19

Small-Cap Equity Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Small-Cap Equity Fund		10/28/2002		7.30	%		–4.66	%		0.02	%		9.72	%
Russell 2000^® Index		—		8.53			–2.08			0.54			9.74

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

Expense example

Six months ended June 30, 2012


Small-Cap Equity Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,073.05	$2.83
5% annual hypothetical return	1,000.00	1,022.13	2.77

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.55%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

20 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Financials		20.6
Industrials		19.7
Information technology		16.9
Consumer discretionary		12.4
Health care		12.3
Energy		4.8
Materials		4.6
Consumer staples		4.5
Utilities		2.7
Telecommunication services		1.1
Short-term investments		7.0
Other assets & liabilities, net		-6.6

Total		100.0

Holdings by company size

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 21

Stock Index Fund

Performance for the six months ended June 30, 2012

The Stock Index Fund returned 9.28% for the period, compared with the 9.32% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2012, the fund returned 3.78%, versus 3.84% for the index.

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

For the first quarter of 2012, U.S. stocks, as measured by the Russell 3000 Index, gained 12.87%. The rally was driven by positive U.S. economic data and easing concerns about the European sovereign debt crisis. However, stocks lost 3.15% in the second quarter on signs that growth was slowing, as well as on renewed worries about the fiscal health of Greece, Spain and other European nations. Despite the second quarter decline, stocks finished the first half of the year with a strong gain.

For the six months, large-cap stocks rose 9.38%, while small- and mid-cap issues returned 8.53% and 7.97%, respectively. Growth stocks within the Russell 3000 outperformed value issues, 9.98% to 8.64%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Three largest sectors drive the benchmark’s advance

For the period, eight of the nine industry sectors of the Russell 3000 generated positive returns, with four achieving double-digit gains. The biggest contributions to performance came from the benchmark’s three largest sectors—technology, financial services and consumer discretionary—which rose 11.9%, 13.6% and 13.0%, respectively. Together, these three sectors made up nearly half of the benchmark’s total market capitalization at period-end. Solid contributions from health care (up 12.8%) and producer durables (up 7.3%) also boosted the benchmark’s return.

Energy, down 3.2%, was the only sector in the benchmark to post a loss for the period. Energy stocks struggled due to falling oil and natural gas prices.

Three of the five largest stocks in the Russell 3000 Index scored exceptional gains for the six-month period. Apple led the way, rising 44.2%, followed by Microsoft and General Electric, which climbed 19.4% and 18.4%, respectively. In contrast, IBM (up 7.2%) and Exxon Mobil (up 2.2%) trailed the market.

22 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Stock Index Fund		1/4/1999		9.28	%		3.78	%		0.43	%		5.81	%
Russell 3000 Index		—		9.32			3.84			0.39			5.81

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

Expense example

Six months ended June 30, 2012


Stock Index Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,092.77	$0.47
5% annual hypothetical return	1,000.00	1.024.42	0.45

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 23

Stock Index Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Information technology		18.9
Financials		16.0
Consumer discretionary		11.9
Health care		11.9
Industrials		11.0
Energy		9.7
Consumer staples		9.6
Materials		3.9
Utilities		3.7
Telecommunication services		2.8
Short-term investments		2.4
Other assets & liabilities, net		-1.8

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		42.2
More than $15 billion-$50 billion		24.9
More than $2 billion-$15 billion		25.5
$2 billion or less		7.4

Total		100.0

24 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Social Choice Equity Fund

Performance for the six months ended June 30, 2012

The Social Choice Equity Fund returned 6.22% for the period, compared with the 9.32% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2012, the fund returned 0.71%, versus 3.84% for the index. The fund screens investments according to social criteria, while the benchmark does not.

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

The biggest detraction from the fund’s relative performance resulted from the exclusion of Apple, the benchmark’s largest stock, which rose 44.2% during the first half of the year as the result of better-than-expected quarterly earnings. The absence of Bank of America (up 47.5%), AT&T (up 21.4%) and Wells Fargo (up 23.0%) trimmed relative returns as well. Avoiding Microsoft—the third largest stock in the index in terms of market capitalization on June 30, 2012—further reduced the fund’s results.

In contrast, relative performance was enhanced by the exclusion of four underperforming mega-cap energy companies: Exxon Mobil, Chevron, Schlumberger and Occidental Petroleum. Energy, constrained by falling oil and natural gas prices, was the only sector in the Russell 3000 Index to record a loss for the six months.

Quantitative modeling techniques help mitigate risks

To compensate for the fund’s exclusion of some stocks of the Russell 3000 Index, its managers use quantitative (mathematical) modeling and other techniques in an attempt to closely match, to the extent possible, the investment characteristics of the portfolio to those of the index. One such method is to overweight or underweight specific stocks relative to each one’s percentage of the overall capitalization of the benchmark.

During the period, the fund’s relative return was adversely affected by a number of overweight positions in the technology sector that did not perform as expected. Chief among these were Hewlett-Packard, Dell and Google, which fell 21.1%, 14.5% and 10.2%, respectively. Overweight holdings in McDonald’s and in three energy companies—Hess, Marathon Oil and Noble Energy—also lowered results.

Partly offsetting these detractors were positive contributions from overweight positions in Time Warner Cable, women’s apparel retailer TJX Companies, biotechnology firm Biogen Idec and chemical company LyondellBasell.

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 25

Social Choice Equity Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Social Choice Equity Fund		4/3/2000		6.22	%		0.71	%		0.42	%		5.86	%
Russell 3000^® Index		—		9.32			3.84			0.39			5.81

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

Expense example

Six months ended June 30, 2012


Social Choice Equity Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,062.17	$1.13
5% annual hypothetical return	1,000.00	1,023.77	1.11

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

26 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Social Choice Equity Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Financials		19.3
Information technology		17.1
Consumer discretionary		11.7
Health care		11.3
Industrials		11.2
Consumer staples		9.0
Energy		8.4
Materials		5.0
Utilities		4.8
Telecommunication services		1.5
Other assets & liabilities, net		0.7

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		23.7
More than $15 billion-$50 billion		44.0
More than $2 billion-$15 billion		28.7
$2 billion or less		3.6

Total		100.0

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 27

Real Estate Securities Fund

Performance for the six months ended June 30, 2012

The Real Estate Securities Fund returned 16.24% for the period, compared with the 14.91% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the one-year period ended June 30, 2012, the fund returned 12.85%, versus 12.48% for the index.

For the six-month period, real estate investment trusts (REITs) outpaced the broad U.S. stock market by more than five-and-a-half percentage points. The Russell 3000^® Index gained 9.32%. REITs also outperformed the 2.37% return of the domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

The FTSE NAREIT index gained 10.49% in the first quarter of 2012, when investors’ increased appetite for risk lifted prices for equity securities, including REITs. In the second quarter, the fund’s benchmark earned 4.00%, as investors grew increasingly concerned about slowing economic growth and Europe’s debt crisis.

For the five years ended June 30, 2012, the benchmark produced an average annual return of 2.60%, topping the 0.39% average annual return of the Russell 3000 Index but lagging the 6.79% average return of the Barclays aggregate index.

All property sectors post robust gains

All 13 of the benchmark’s property sectors posted vigorous gains for the six months. The largest contributions to the benchmark’s rise came from the regional mall, office and health care sectors, which returned 22.7%, 13.7% and 12.7%, respectively. These three sectors constituted almost 40% of the index’s total market capitalization at period-end. Strong results from apartments, shopping centers and diversified REITs also helped boost returns.

The fund generated a double-digit return and outperformed its benchmark index largely because of numerous successful stock choices. These included out-of-benchmark positions in KB Home and Thomas Properties Group, an office, retail and multifamily property owner. Overweight holdings in mall operator Simon Property Group and shopping center manager DDR also helped relative results.

These positive contributions were partly offset by negative effects from other holdings, such as overweights in Entertainment Properties Trust, an owner of movie theaters and retail centers, and Prologis, a distribution facilities owner. The fund’s exclusion of West Coast property developer Kilroy Realty, which returned 29.1% for the period, trimmed returns slightly as well.

28 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Real Estate Securities Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Real Estate Securities Fund		10/28/2002		16.24	%		12.85	%		2.25	%		11.95	%
FTSE NAREIT
All Equity REITs Index		—		14.91			12.48			2.60			12.33

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

Expense example

Six months ended June 30, 2012


Real Estate Securities Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,162.39	$3.06
5% annual hypothetical return	1,000.00	1,022.03	2.87

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 29

Real Estate Securities Fund

Portfolio composition


Sector	% of net assets as of 6/30/2012
Specialized REITs		33.2
Retail REITs		23.9
Residential REITs		17.2
Office REITs		9.6
Diversified REITs		4.4
Industrial REITs		3.7
Real estate operating companies		2.0
Mortgage REITs		0.5
Diversified capital markets		0.5
Diversified real estate activities		0.1
Short-term investments		3.2
Other assets & liabilities, net		1.7

Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 6/30/2012
More than $15 billion-$50 billion		45.6
More than $2 billion-$15 billion		44.2
$2 billion or less		10.2

Total		100.0

30 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Bond Fund

Performance for the six months ended June 30, 2012

The Bond Fund returned 3.32% for the period, compared with the 2.37% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended June 30, 2012, the fund returned 7.09%, versus 7.47% for the index.

During the first quarter of 2012, the U.S. economy appeared to gain momentum. The Federal Reserve continued its large-scale purchases of government bonds, seeking to lower long-term interest rates, and investors were encouraged by solid growth in gross domestic product in the fourth quarter of 2011 and an uptick in job creation. At the same time, Europe seemed to be making progress in addressing its sovereign debt problems. Stocks rallied, bond prices fell, and the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned just 0.30% for the quarter.

In April and May, however, global growth slowed, and many investors sought relative safety in fixed-income investments, particularly U.S. Treasury securities. That helped to push bond prices higher. As a result, the benchmark rose 2.06% for the second quarter.

Corporate securities benefit from investor uncertainty

In the changing market environment, the lower volatility and potentially higher yields of corporate bonds attracted some investors. The 4.7% gain of corporate securities, which represented one-fifth of the benchmark’s total market capitalization at period-end, led the returns of other major fixed-income sectors for the six-month period. The small commercial mortgage-backed sector rose 4.4%, while U.S. mortgage-backed securities, comprising nearly one-third of the benchmark, returned 1.7%.

U.S. Treasury securities, the benchmark’s largest sector, lagged with a 1.5% return for the period. The yield on 10-year Treasuries fell from 1.89% at year-end 2011 to 1.67% six months later.

With corporate bonds outpacing Treasuries for the six months, the fund’s long-standing overweight position in corporate securities helped it to surpass the benchmark for the period. This outperformance was generated in the first quarter of 2012, when overweights in investment-grade corporate bonds boosted returns. An overweight in commercial mortgage-backed securities—and successful security selections in that sector—along with a nonbenchmark investment in Canadian covered bonds, also aided results.

This outperformance was partly offset when the fund lagged the benchmark in the second quarter because of an underweight position in well-performing Treasury securities.

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 31

Bond Fund

Performance as of June 30, 2012


			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Bond Fund		7/8/2003		3.32	%		7.09	%		5.81	%		4.67	%
Barclays U.S. Aggregate Bond Index		—		2.37			7.47			6.79			5.20

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

Expense example

Six months ended June 30, 2012


Bond Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,033.20	$1.77
5% annual hypothetical return	1,000.00	1,023.12	1.76

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

32 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Bond Fund

Portfolio composition


	% of net assets as of 6/30/2012
Corporate bonds		28.4
Mortgage-backed securities*		26.9
U.S. Treasury securities		18.6
Foreign government & corporate bonds denominated in U.S. dollars		18.3
Commercial mortgage-backed securities		3.8
U.S. agency securities		2.3
Asset-backed securities		1.7
Municipal bonds		1.1
Short-term investments		0.5
Other assets & liabilities, net		-1.6

Total		100.0

*	Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity


	% of fixed-income investments (excluding short-term investments) as of 6/30/2012
Less than 1 year		4.8
1-3 years		20.6
3-5 years		26.3
5-10 years		38.0
Over 10 years		10.3

Total		100.0

Holdings by credit quality^†


	% of fixed-income investments (excluding short-term investments) as of 6/30/2012
Aaa/AAA		50.2
Aa/AA		6.0
A/A		20.4
Baa/BBB		17.4
Ba/BB		4.0
B/B		1.3
Below B/B		0.4
Non-rated		0.3

Total		100.0

^†

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 33

Money Market Fund

Performance for the six months ended June 30, 2012

The Money Market Fund returned 0.01% for the period, matching the 0.01% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average.

During the first quarter of 2012, the U.S. economy appeared to gain momentum, and job creation increased. At the same time, Europe seemed to make progress in addressing its sovereign debt problems. In April and May, however, growth slowed in many nations, igniting fears of a worldwide recession.

To bolster the flagging economy, the Federal Reserve announced it would maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until late 2014. Seeking to lower long-term interest rates, the Fed extended its program of buying longer-term U.S. Treasury securities, while selling its shorter-term holdings, through 2012.

Treasury and LIBOR yields move in opposite directions

As the supply of short-term U.S. Treasury securities increased, their yields rose. The yield on three-month Treasuries went from 0.02% at year-end 2011 to 0.09% six months later.

Despite the fact that many money market funds left the European credit market, LIBOR yields fell, as banks found alternative financing through the European Central Bank. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) The yield on three-month LIBOR declined from 0.58% to 0.46%. At period-end, investigations by U.S. and British regulators called LIBOR into question as a reliable indicator of money market conditions.

In pursuit of relative value and to comply with SEC regulations, the fund maintained more than half of its portfolio in U.S. Treasury and agency securities. For additional yield, it continued to buy U.S. government floating-rate securities with two-year maturities and participated in repurchase agreements. Avoiding Europe, the fund made selective investments in top-tier Canadian and Australian banks. On June 26, 2012, the fund’s weighted average maturity was 51 days, versus 45 days for the average iMoneyNet fund.

34 2012 Semiannual Report ¡ TIAA-CREF Life Funds

Money Market Fund

Net annualized yield for the 7 days ended June 26, 2012*


	Current yield			Effective yield
Money Market Fund		0.04	%		0.04	%
iMoneyNet Money Fund Report Averages—All Taxable^†		0.03			0.03

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

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

Performance as of June 30, 2012



			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			since inception
Money Market Fund		7/8/2003		0.01	%		0.01	%		1.23	%		2.10	%
iMoneyNet Money Fund Report Averages—All Taxable^†		—		0.01			0.02			0.91			1.69	^‡

Investments in the TIAA-CREF Life Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.

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

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

TIAA-CREF Life Funds ¡ 2012 Semiannual Report 35

Money Market Fund

Expense example

Six months ended June 30, 2012


Money Market Fund	Beginning account value (1/1/12)	Ending account value (6/30/12)	Expenses paid during period* (1/1/12–6/30/12)
Actual return	$1,000.00	$1,000.06	$0.75
5% annual hypothetical return	1,000.00	1,024.12	0.75

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The fund’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


	% of net assets as of 6/30/2012
Commercial paper		42.6
U.S. government agency securities		21.2
U.S. Treasury securities		19.7
Floating rate securities, U.S. government		10.8
Certificates of deposit		3.9
Bankers’ acceptances		0.5
Other assets & liabilities, net		1.3

Total		100.0

36 2012 Semiannual Report ¡ TIAA-CREF Life Funds


Summary portfolio of investments (unaudited)

Growth Equity Fund § June 30, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	82,574		0.2	%

CAPITAL GOODS
13,096		Boeing Co		973,033		2.2
9,855		Honeywell International, Inc		550,303		1.3
5,493		Precision Castparts Corp		903,544		2.0
4,870		Roper Industries, Inc		480,085		1.1
		Other		535,115		1.2

				3,442,080		7.8

COMMERCIAL & PROFESSIONAL SERVICES				554,707		1.3

CONSUMER DURABLES & APPAREL
9,309		Nike, Inc (Class B)		817,144		1.9
2,664		Ralph Lauren Corp		373,120		0.8
		Other		388,563		0.9

				1,578,827		3.6

CONSUMER SERVICES
20,777		Starbucks Corp		1,107,830		2.5
8,258		Starwood Hotels & Resorts Worldwide, Inc		438,004		1.0
4,191		Wynn Resorts Ltd		434,690		1.0
6,326		Yum! Brands, Inc		407,521		0.9
		Other		73,974		0.2

				2,462,019		5.6

DIVERSIFIED FINANCIALS
28,060		Blackstone Group LP		366,744		0.9
3,159	*	IntercontinentalExchange, Inc		429,561		1.0
11,339		Moody’s Corp		414,440		0.9
		Other		593,666		1.3

				1,804,411		4.1

ENERGY
6,859		National Oilwell Varco, Inc		441,994		1.0
8,409		Schlumberger Ltd		545,828		1.2
15,182		Suncor Energy, Inc		439,012		1.0
		Other		204,460		0.5

				1,631,294		3.7

FOOD & STAPLES RETAILING				215,042		0.5

FOOD, BEVERAGE & TOBACCO
8,425		Mead Johnson Nutrition Co		678,297		1.5
		Other		557,297		1.2

				1,235,594		2.7

HEALTH CARE EQUIPMENT & SERVICES
7,011	*	Cerner Corp		579,529		1.3


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


Summary portfolio of investments (unaudited)		continued

Growth Equity Fund § June 30, 2012


Shares		Company	Value		% of net assets

HEALTH CARE EQUIPMENT & SERVICES—continued
1,294	*	Intuitive Surgical, Inc	$	716,604		1.6	%
		Other		246,742		0.6

				1,542,875		3.5

HOUSEHOLD & PERSONAL PRODUCTS
7,805		Estee Lauder Cos (Class A)		422,407		1.0

				422,407		1.0

MATERIALS
9,535		Ecolab, Inc		653,433		1.5
15,232		Monsanto Co		1,260,905		2.8
		Other		137,645		0.3

				2,051,983		4.6

MEDIA
15,348		Comcast Corp (Class A)		490,676		1.1
9,211	*	DIRECTV		449,681		1.0
6,179		Scripps Networks Interactive (Class A)		351,338		0.8
20,785		Walt Disney Co		1,008,072		2.3
		Other		232,038		0.5

				2,531,805		5.7

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
6,167		Abbott Laboratories		397,586		0.9
7,625	*	Alexion Pharmaceuticals, Inc		757,163		1.7
7,143		Allergan, Inc		661,228		1.5
4,514	*	Biogen Idec, Inc		651,731		1.5
6,590		Johnson & Johnson		445,220		1.0
3,771		Novo Nordisk AS (Class B)		546,934		1.2
		Other		1,229,637		2.8

				4,689,499		10.6

REAL ESTATE				327,109		0.7

RETAILING
7,606	*	Amazon.com, Inc		1,736,830		3.9
		Other		71,280		0.2

				1,808,110		4.1

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				491,233		1.1

SOFTWARE & SERVICES
19,077	*	Adobe Systems, Inc		617,522		1.4
20,264	*	eBay, Inc		851,290		1.9
8,403	*	Gartner, Inc		361,749		0.8
2,312	*	Google, Inc (Class A)		1,341,122		3.0
28,350		Intuit, Inc		1,682,573		3.8
2,232		Mastercard, Inc (Class A)		960,006		2.2


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


Summary portfolio of investments (unaudited)		concluded

Growth Equity Fund § June 30, 2012


Shares		Company		Value			% of net assets

SOFTWARE & SERVICES—continued
43,308		Microsoft Corp		$	1,324,792			3.0	%
18,410	*	Nuance Communications, Inc			438,526			1.0
12,192	*	Red Hat, Inc			688,604			1.6
4,021	*	Salesforce.com, Inc			555,943			1.2
8,762		Visa, Inc (Class A)			1,083,246			2.4
		Other			1,383,248			3.2

					11,288,621			25.5

TECHNOLOGY HARDWARE & EQUIPMENT
5,667	*	Apple, Inc			3,309,528			7.5
34,225		Cisco Systems, Inc			587,643			1.3
34,831	*	EMC Corp			892,719			2.0
7,785		Qualcomm, Inc			433,469			1.0

					5,223,359			11.8

TELECOMMUNICATION SERVICES					306,058			0.7

TRANSPORTATION
4,957		FedEx Corp			454,111			1.0

					454,111			1.0

		TOTAL COMMON STOCKS	(Cost $39,804,792)		44,143,718			99.8


SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
429,488	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			429,488			1.0

					429,488			1.0

		TOTAL SHORT-TERM INVESTMENTS	(Cost $429,488)		429,488			1.0


		TOTAL PORTFOLIO	(Cost $40,234,280)		44,573,206			100.8
		OTHER ASSETS & LIABILITIES, NET			(371,318	)		(0.8	)

		NET ASSETS		$	44,201,888			100.0	%

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

The aggregate value of securities on loan is $425,550.

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

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


See notes to financial statements		TIAA-CREF Life Funds § 2012 Semiannual Report			39


Summary portfolio of investments (unaudited)

Growth & Income Fund § June 30, 2012


Shares	Company	Value		% of net assets

COMMON STOCKS
BANKS
27,735	US Bancorp	$	891,958		1.0	%
54,330	Wells Fargo & Co		1,816,795		2.1
	Other		888,994		1.1

			3,597,747		4.2

CAPITAL GOODS
58,636	General Electric Co		1,221,974		1.4
18,268	Honeywell International, Inc		1,020,085		1.2
3,512	Precision Castparts Corp		577,689		0.7
5,797	Roper Industries, Inc		571,468		0.7
	Other		2,709,198		3.1

			6,100,414		7.1

CONSUMER DURABLES & APPAREL			1,366,700		1.6

CONSUMER SERVICES
10,530	Starbucks Corp		561,460		0.6
	Other		1,552,276		1.8

			2,113,736		2.4

DIVERSIFIED FINANCIALS
10,101	American Express Co		587,980		0.7
22,140	Discover Financial Services		765,601		0.9
16,460	JPMorgan Chase & Co		588,116		0.7
	Other		2,444,551		2.7

			4,386,248		5.0

ENERGY
11,280	Anadarko Petroleum Corp		746,736		0.8
16,344	Chevron Corp		1,724,292		2.0
29,914	Exxon Mobil Corp		2,559,741		3.0
10,940	Occidental Petroleum Corp		938,324		1.1
8,299	Schlumberger Ltd		538,688		0.6
	Other		1,802,695		2.1

			8,310,476		9.6

FOOD & STAPLES RETAILING
11,276	Wal-Mart Stores, Inc		786,163		0.9
	Other		301,497		0.4

			1,087,660		1.3

FOOD, BEVERAGE & TOBACCO
20,715	Coca-Cola Co		1,619,706		1.9
11,226	Hershey Co		808,609		1.0
9,455	PepsiCo, Inc		668,090		0.8
20,736	Philip Morris International, Inc		1,809,423		2.1
	Other		3,078,450		3.5

			7,984,278		9.3


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


Summary portfolio of investments (unaudited)		continued

Growth & Income Fund § June 30, 2012


Shares		Company	Value		% of net assets

HEALTH CARE EQUIPMENT & SERVICES
16,091		Cardinal Health, Inc	$	675,822		0.8	%
11,475	*	Express Scripts Holding Co		640,649		0.7
		Other		720,370		0.8

				2,036,841		2.3

HOUSEHOLD & PERSONAL PRODUCTS
9,772		Procter & Gamble Co		598,535		0.7
		Other		936,500		1.1

				1,535,035		1.8

INSURANCE
12,327		ACE Ltd		913,801		1.1
8,625		Travelers Cos, Inc		550,620		0.6
		Other		1,285,203		1.5

				2,749,624		3.2

MATERIALS
11,011		Monsanto Co		911,490		1.1
		Other		1,701,526		1.9

				2,613,016		3.0

MEDIA
29,526		Comcast Corp (Class A)		943,946		1.1
15,995		Walt Disney Co		775,758		0.9
		Other		1,528,565		1.8

				3,248,269		3.8

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
16,993		Abbott Laboratories		1,095,539		1.3
6,395		Allergan, Inc		591,985		0.7
4,518	*	Biogen Idec, Inc		652,309		0.8
17,675	*	Gilead Sciences, Inc		906,374		1.0
19,273		Johnson & Johnson		1,302,084		1.5
86,725		Pfizer, Inc		1,994,675		2.3
		Other		3,246,513		3.8

				9,789,479		11.4

REAL ESTATE
10,759		American Tower Corp		752,162		0.9
		Other		882,508		1.0

				1,634,670		1.9

RETAILING
21,814		Home Depot, Inc		1,155,924		1.3
17,537		TJX Companies, Inc		752,863		0.9
		Other		2,302,759		2.7

				4,211,546		4.9


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


Summary portfolio of investments (unaudited)		continued

Growth & Income Fund § June 30, 2012


Shares		Company		Value		% of net assets

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
30,266		Intel Corp		$	806,589		0.9	%
		Other			880,809		1.1

					1,687,398		2.0

SOFTWARE & SERVICES
17,916	*	eBay, Inc			752,651		0.9
1,323	*,d	Google, Inc (Class A)			767,433		0.9
4,237		International Business Machines Corp			828,673		1.0
49,483		Microsoft Corp			1,513,685		1.8
39,065		Oracle Corp			1,160,231		1.3
		Other			2,407,103		2.7

					7,429,776		8.6

TECHNOLOGY HARDWARE & EQUIPMENT
7,317	*	Apple, Inc			4,273,128		5.0
51,463		Cisco Systems, Inc			883,620		1.0
16,279		Qualcomm, Inc			906,415		1.1
		Other			1,449,049		1.6

					7,512,212		8.7

TELECOMMUNICATION SERVICES
41,118		AT&T, Inc			1,466,268		1.7
		Other			135,126		0.2

					1,601,394		1.9

TRANSPORTATION
6,840		United Parcel Service, Inc (Class B)			538,718		0.6
		Other			886,271		1.0

					1,424,989		1.6

UTILITIES
13,797		Edison International			637,421		0.7
		Other			1,626,726		1.9

					2,264,147		2.6

		TOTAL COMMON STOCKS	(Cost $76,144,451)		84,685,655		98.2


42		2012 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		concluded

Growth & Income Fund § June 30, 2012

Principal

Issuer

Value

% of net
assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

$1,200,000

Federal Home Loan Bank (FHLB)

0.001%, 07/02/12

1,200,000

1.4

1,200,000

1.4

Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

293,603

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

293,602

0.3

293,602

0.3

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,493,603)

1,493,602

1.7

TOTAL PORTFOLIO

(Cost $77,638,054)

86,179,257

99.9

OTHER ASSETS & LIABILITIES, NET

58,261

0.1

NET ASSETS

86,237,518

100.0

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

d	All or a portion to these securities have been segregated by the custodian to cover requirements on open written options contracts.

The aggregate value of securities on loan is $298,867.

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


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


Summary portfolio of investments (unaudited)

International Equity Fund § June 30, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
BELGIUM
27,309		UCB S.A.	$	1,379,524		1.5	%

				1,379,524		1.5

FRANCE
60,136		BNP Paribas		2,318,524		2.7
15,233		Compagnie Generale d’Optique Essilor International S.A.		1,415,141		1.6
43,285	e	Lafarge S.A.		1,933,029		2.3
4,063		Technip S.A.		423,429		0.5
		Other		305,889		0.4

				6,396,012		7.5

GERMANY
87,623		Bayer AG.		6,314,048		7.3
15,973		Beiersdorf AG.		1,035,490		1.2
51,789		Henkel KGaA (Preference)		3,441,160		4.0
55,537		Lanxess AG.		3,514,631		4.0
14,247		Merck KGaA		1,422,796		1.6
17,053		Rheinmetall AG.		838,276		1.0

				16,566,401		19.1

HONG KONG
1,484,000		Li & Fung Ltd		2,873,395		3.3
		Other		148,233		0.2

				3,021,628		3.5

INDIA
214,478		DLF Ltd		770,856		0.9
242,153		HDFC Bank Ltd		2,466,404		2.9
		Other		350,795		0.4

				3,588,055		4.2

ITALY				190,340		0.2

JAPAN
44,100		Asics Corp		559,435		0.7
15,770	e	Canon, Inc		629,389		0.7
15,800		Daikin Industries Ltd		444,965		0.5
14,822		Denso Corp		506,482		0.6
3,200		Fast Retailing Co Ltd		640,293		0.8
265,000		Hitachi Ltd		1,633,948		1.9
16,700	e	Konami Corp		378,402		0.4
23,500		Sanrio Co Ltd		856,769		1.0
35,850		Shin-Etsu Chemical Co Ltd		1,974,188		2.3
317,500	e	Teijin Ltd		966,520		1.1
27,800		Toyota Motor Corp		1,122,069		1.3
		Other		1,593,953		1.8

				11,306,413		13.1


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


Summary portfolio of investments (unaudited)		continued

International Equity Fund § June 30, 2012


Shares		Company		Value		% of net assets

NETHERLANDS				$	27,662		0.1	%

SWEDEN
50,064		Assa Abloy AB (Class B)			1,398,089		1.6
120,048		SKF AB (B Shares)			2,366,384		2.7

					3,764,473		4.3

SWITZERLAND
64,899	e	Adecco S.A.			2,886,044		3.3
3,880		Burckhardt Compression Holding AG.			996,596		1.2
238,108	*	Clariant AG.			2,353,073		2.7
592		Givaudan S.A.			581,027		0.7
34,824		Holcim Ltd			1,929,439		2.2
12,985		Swatch Group AG. Reg			903,385		1.0
15,166		Tecan Group AG.			1,046,592		1.2
113,088	*	UBS AG. (Switzerland)			1,323,375		1.5
		Other			299,097		0.4

					12,318,628		14.2

TAIWAN					100,912		0.1

UNITED KINGDOM
487,364		Barclays plc			1,245,337		1.4
144,793		British Sky Broadcasting plc			1,578,518		1.8
125,786		Carnival plc			4,300,687		4.9
105,429		Compass Group plc			1,106,691		1.3
290,332		Filtrona plc			2,177,757		2.5
30,775		Imperial Tobacco Group plc			1,185,707		1.4
1,509,576		Man Group plc			1,806,312		2.1
34,229		Petrofac Ltd			747,127		0.9
64,246		Reckitt Benckiser Group plc			3,395,850		3.9
229,930		Reed Elsevier plc			1,842,923		2.2
106,113		Smiths Group plc			1,685,219		1.9
212,305		Tate & Lyle plc			2,156,154		2.5
76,031		Tullow Oil plc			1,757,272		2.0
90,998		Wolseley plc			3,391,739		3.9
		Other			360,092		0.4

					28,737,385		33.1

		TOTAL COMMON STOCKS	(Cost $96,398,583)		87,397,433		100.9


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


Summary portfolio of investments (unaudited)		concluded

International Equity Fund § June 30, 2012

Company

Value

% of net
assets

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

5,333,952

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

5,333,952

6.2

5,333,952

6.2

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,333,952)

5,333,952

6.2

TOTAL PORTFOLIO

(Cost $101,732,535)

92,731,385

107.1

OTHER ASSETS & LIABILITIES, NET

(6,153,139

)

(7.1

)

NET ASSETS

86,578,246

100.0

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,243,370.

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


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


Summary of market values by sector (unaudited)

International Equity Fund § June 30, 2012


Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	16,569,840			19.0	%
MATERIALS		15,497,859			17.9
INDUSTRIALS		15,273,458			17.6
CONSUMER STAPLES		11,860,301			13.7
HEALTH CARE		11,578,100			13.4
FINANCIALS		10,369,301			12.0
ENERGY		3,505,923			4.1
INFORMATION TECHNOLOGY		2,742,651			3.2
SHORT-TERM INVESTMENTS		5,333,952			6.2
OTHER ASSETS & LIABILITIES, NET		(6,153,139	)		(7.1	)

NET ASSETS	$	86,578,246			100.0	%


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


Summary portfolio of investments (unaudited)

Large-Cap Value Fund § June 30, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	274,231		0.4	%

BANKS
20,981		US Bancorp		674,749		1.0
50,275		Wells Fargo & Co		1,681,196		2.6
		Other		1,540,456		2.4

				3,896,401		6.0

CAPITAL GOODS
8,084		Boeing Co		600,641		0.9
102,492		General Electric Co		2,135,933		3.3
7,092		Honeywell International, Inc		396,017		0.6
12,401		Tyco International Ltd		655,393		1.0
		Other		2,127,813		3.3

				5,915,797		9.1

CONSUMER DURABLES & APPAREL
37,297	*	Pulte Homes, Inc		399,078		0.6
		Other		355,531		0.6

				754,609		1.2

CONSUMER SERVICES
13,888		Carnival Corp		475,942		0.7
		Other		586,925		0.9

				1,062,867		1.6

DIVERSIFIED FINANCIALS
86,219		Bank of America Corp		705,271		1.1
7,210		Capital One Financial Corp		394,099		0.6
37,346		Citigroup, Inc		1,023,654		1.6
14,890		Discover Financial Services		514,896		0.8
16,872		JPMorgan Chase & Co		602,837		0.9
42,415		Morgan Stanley		618,835		0.9
9,621		State Street Corp		429,481		0.7
		Other		1,040,389		1.6

				5,329,462		8.2

ENERGY
16,572		Chevron Corp		1,748,346		2.7
36,638		Exxon Mobil Corp		3,135,114		4.8
15,628		Occidental Petroleum Corp		1,340,414		2.1
13,142	*	Southwestern Energy Co		419,624		0.6
40,942	*	Weatherford International Ltd		517,097		0.8
		Other		3,415,969		5.2

				10,576,564		16.2

FOOD & STAPLES RETAILING				284,446		0.4


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


Summary portfolio of investments (unaudited)		continued

Large-Cap Value Fund § June 30, 2012


Shares		Company	Value		% of net assets

FOOD, BEVERAGE & TOBACCO
12,643		Altria Group, Inc	$	436,816		0.7	%
11,710	e	Consumer Staples Select Sector SPDR Fund		407,156		0.6
16,556		Kraft Foods, Inc (Class A)		639,393		1.0
5,645		PepsiCo, Inc		398,876		0.6
		Other		1,215,891		1.8

				3,098,132		4.7

HEALTH CARE EQUIPMENT & SERVICES
14,141		Cardinal Health, Inc		593,922		0.9
13,837		UnitedHealth Group, Inc		809,465		1.2
		Other		655,904		1.1

				2,059,291		3.2

HOUSEHOLD & PERSONAL PRODUCTS
23,895		Procter & Gamble Co		1,463,569		2.3
		Other		81,764		0.1

				1,545,333		2.4

INSURANCE
6,935		ACE Ltd		514,092		0.8
12,257		Marsh & McLennan Cos, Inc		395,043		0.6
12,493		Metlife, Inc		385,409		0.6
15,177		Principal Financial Group		398,093		0.6
8,457		Prudential Financial, Inc		409,573		0.6
7,362		Travelers Cos, Inc		469,990		0.7
		Other		1,806,704		2.8

				4,378,904		6.7

MATERIALS				1,333,668		2.1

MEDIA
16,399		Comcast Corp (Class A)		524,276		0.8
14,376		Walt Disney Co		697,236		1.1
		Other		877,023		1.3

				2,098,535		3.2

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
19,624		Johnson & Johnson		1,325,798		2.0
25,427		Merck & Co, Inc		1,061,577		1.6
83,407		Pfizer, Inc		1,918,361		3.0
21,702		Teva Pharmaceutical Industries Ltd (ADR)		855,927		1.3
		Other		1,060,691		1.6

				6,222,354		9.5

REAL ESTATE
27,176		Weyerhaeuser Co		607,655		0.9
		Other		1,455,589		2.3

				2,063,244		3.2


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


Summary portfolio of investments (unaudited)		continued

Large-Cap Value Fund § June 30, 2012


Shares		Company		Value			% of net assets

RETAILING
20,742	e	JC Penney Co, Inc		$	483,496			0.7	%
		Other			1,189,577			1.8

					1,673,073			2.5

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					1,122,409			1.7

SOFTWARE & SERVICES
13,285	*	eBay, Inc			558,103			0.8
		Other			932,088			1.5

					1,490,191			2.3

TECHNOLOGY HARDWARE & EQUIPMENT
53,277		Cisco Systems, Inc			914,766			1.4
40,771		Corning, Inc			527,169			0.8
34,787		Hewlett-Packard Co			699,567			1.1
		Other			765,237			1.2

					2,906,739			4.5

TELECOMMUNICATION SERVICES
69,330		AT&T, Inc			2,472,308			3.8
		Other			327,182			0.5

					2,799,490			4.3

TRANSPORTATION					734,761			1.1

UTILITIES
20,508		Duke Energy Corp			472,914			0.7
23,175		Exelon Corp			871,843			1.3
15,194		Xcel Energy, Inc			431,662			0.7
		Other			1,768,674			2.7

					3,545,093			5.4

		TOTAL COMMON STOCKS	(Cost $65,309,175)		65,165,594			99.9


SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
2,116,908	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			2,116,908			3.3

					2,116,908			3.3

		TOTAL SHORT-TERM INVESTMENTS	(Cost $2,116,908)		2,116,908			3.3


		TOTAL PORTFOLIO	(Cost $67,426,083)		67,282,502			103.2
		OTHER ASSETS & LIABILITIES, NET			(2,070,657	)		(3.2	)

		NET ASSETS		$	65,211,845			100.0	%


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


Summary portfolio of investments (unaudited)		concluded

Large-Cap Value Fund § June 30, 2012

Abbreviation(s):

ADR American Depositary Receipt

SPDR Standard & Poor’s Depository Receipts

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,112,219.

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


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


Summary portfolio of investments (unaudited)

Small-Cap Equity Fund § June 30, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	627,943		1.1	%

BANKS
12,112		East West Bancorp, Inc		284,147		0.5
17,929		FirstMerit Corp		296,187		0.5
7,154	*	SVB Financial Group		420,083		0.7
6,355		UMB Financial Corp		325,567		0.5
		Other		2,671,495		4.7

				3,997,479		6.9

CAPITAL GOODS
12,380		Actuant Corp (Class A)		336,241		0.6
7,900		Applied Industrial Technologies, Inc		291,115		0.5
8,641		Belden CDT, Inc		288,177		0.5
9,648	*	EnerSys		338,356		0.6
6,171		Franklin Electric Co, Inc		315,523		0.5
7,950		Robbins & Myers, Inc		332,469		0.6
5,380	*	Teledyne Technologies, Inc		331,677		0.6
15,700	*,e	USG Corp		299,085		0.5
		Other		4,184,579		7.3

				6,717,222		11.7

COMMERCIAL & PROFESSIONAL SERVICES
8,146	*	Acacia Research (Acacia Technologies)		303,357		0.5
8,062	*	Advisory Board Co		399,795		0.7
12,133	*	Tetra Tech, Inc		316,429		0.5
		Other		1,666,479		2.9

				2,686,060		4.6

CONSUMER DURABLES & APPAREL
14,500		Brunswick Corp		322,190		0.6
		Other		1,676,779		2.9

				1,998,969		3.5

CONSUMER SERVICES
5,270	*,e	Coinstar, Inc		361,838		0.6
9,470		Domino’s Pizza, Inc		292,718		0.5
		Other		1,687,831		2.9

				2,342,387		4.0

DIVERSIFIED FINANCIALS				946,130		1.6

ENERGY
9,846		Energy XXI Bermuda Ltd		308,081		0.5
		Other		2,499,338		4.3

				2,807,419		4.8


52		2012 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Small-Cap Equity Fund § June 30, 2012


Shares		Company	Value		% of net assets

FOOD & STAPLES RETAILING
7,051		Harris Teeter Supermarkets, Inc	$	289,021		0.5	%
		Other		600,702		1.0

				889,723		1.5

FOOD, BEVERAGE & TOBACCO
2,492	*,e	Boston Beer Co, Inc (Class A)		301,532		0.5
		Other		957,820		1.7

				1,259,352		2.2

HEALTH CARE EQUIPMENT & SERVICES
9,706	*	Align Technology, Inc		324,763		0.6
7,240	*	WellCare Health Plans, Inc		383,720		0.7
		Other		2,294,884		3.8

				3,003,367		5.1

HOUSEHOLD & PERSONAL PRODUCTS				460,701		0.8

INSURANCE
3,600		Allied World Assurance Co Holdings Ltd		286,092		0.5
19,598		First American Financial Corp		332,382		0.6
5,330		ProAssurance Corp		474,850		0.8
		Other		960,200		1.6

				2,053,524		3.5

MATERIALS				2,677,538		4.6

MEDIA				525,009		0.9

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
14,584	*	Medicines Co		334,557		0.6
4,350	*	Onyx Pharmaceuticals, Inc		289,057		0.5
6,786	*,e	Questcor Pharmaceuticals, Inc		361,287		0.6
		Other		3,162,120		5.4

				4,147,021		7.1

REAL ESTATE
5,699		Equity Lifestyle Properties, Inc		393,060		0.7
14,610		Extra Space Storage, Inc		447,066		0.8
4,968		Home Properties, Inc		304,836		0.5
13,500		LaSalle Hotel Properties		393,390		0.7
15,952		Pennymac Mortgage Investment Trust		314,733		0.5
7,830		Post Properties, Inc		383,278		0.7
14,600		Starwood Property Trust, Inc		311,126		0.5
11,047		Tanger Factory Outlet Centers, Inc		354,056		0.6
		Other		2,053,987		3.5

				4,955,532		8.5


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


Summary portfolio of investments (unaudited)		continued

Small-Cap Equity Fund § June 30, 2012


Shares		Company		Value		% of net assets

RETAILING				$	1,737,433		3.0	%

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
9,200	*	Ultratech, Inc			289,800		0.5
		Other			1,400,682		2.4

					1,690,482		2.9

SOFTWARE & SERVICES
14,516	*	Aspen Technology, Inc			336,045		0.6
7,834	*	Commvault Systems, Inc			388,331		0.7
6,760		IAC/InterActiveCorp			308,256		0.5
8,799		MAXIMUS, Inc			455,348		0.8
7,213	*	SolarWinds, Inc			314,198		0.5
		Other			3,640,170		6.3

					5,442,348		9.4

TECHNOLOGY HARDWARE & EQUIPMENT
9,200		Adtran, Inc			277,748		0.5
		Other			2,393,918		4.1

					2,671,666		4.6

TELECOMMUNICATION SERVICES
14,115	*	tw telecom inc (Class A)			362,191		0.6
		Other			303,013		0.5

					665,204		1.1

TRANSPORTATION
9,744	*	Alaska Air Group, Inc			349,810		0.6
23,041	*,e	US Airways Group, Inc			307,136		0.5
		Other			1,373,492		2.4

					2,030,438		3.5

UTILITIES
13,671		Portland General Electric Co			364,469		0.6
6,640		Southwest Gas Corp			289,836		0.5
		Other			913,263		1.6

					1,567,568		2.7

		TOTAL COMMON STOCKS	(Cost $53,865,570)		57,900,515		99.6


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


Summary portfolio of investments (unaudited)		concluded

Small-Cap Equity Fund § June 30, 2012

Company

Value

% of net
assets

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

4,053,417

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

4,053,417

7.0

4,053,417

7.0

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,053,417)

4,053,417

7.0

TOTAL PORTFOLIO

(Cost $57,918,987)

61,953,932

106.6

OTHER ASSETS & LIABILITIES, NET

(3,813,936

)

(6.6

)

NET ASSETS

58,139,996

100.0

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,070,093.

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


See notes to financial statements		TIAA-CREF Life Funds § 2012 Semiannual Report			55


Summary portfolio of investments (unaudited)

Stock Index Fund § June 30, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	1,615,775		0.8	%

BANKS
24,055		US Bancorp		773,609		0.4
62,216		Wells Fargo & Co		2,080,503		1.1
		Other		3,614,603		1.9

				6,468,715		3.4

CAPITAL GOODS
8,899		3M Co		797,350		0.4
9,495		Boeing Co		705,478		0.4
134,629		General Electric Co		2,805,668		1.5
11,601		United Technologies Corp		876,224		0.4
		Other		10,489,921		5.4

				15,674,641		8.1

COMMERCIAL & PROFESSIONAL SERVICES				1,792,741		0.9

CONSUMER DURABLES & APPAREL				2,557,466		1.3

CONSUMER SERVICES
12,905		McDonald’s Corp		1,142,480		0.6
		Other		3,254,712		1.7

				4,397,192		2.3

DIVERSIFIED FINANCIALS
12,716		American Express Co		740,198		0.4
136,846		Bank of America Corp		1,119,400		0.6
37,170		Citigroup, Inc		1,018,830		0.5
48,372		JPMorgan Chase & Co		1,728,332		0.9
		Other		5,766,225		3.0

				10,372,985		5.4

ENERGY
25,051		Chevron Corp		2,642,880		1.4
16,057		ConocoPhillips		897,265		0.5
59,380	d	Exxon Mobil Corp		5,081,147		2.6
10,329		Occidental Petroleum Corp		885,918		0.5
17,132		Schlumberger Ltd		1,112,038		0.6
		Other		8,166,253		4.1

				18,785,501		9.7

FOOD & STAPLES RETAILING
16,272		CVS Corp		760,391		0.4
21,461		Wal-Mart Stores, Inc		1,496,261		0.8
		Other		1,691,228		0.9

				3,947,880		2.1

FOOD, BEVERAGE & TOBACCO
25,840		Altria Group, Inc		892,772		0.5
24,665		Coca-Cola Co		1,928,556		1.0


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


Summary portfolio of investments (unaudited)		continued

Stock Index Fund § June 30, 2012


Shares		Company	Value		% of net assets

FOOD, BEVERAGE & TOBACCO—continued
22,126		Kraft Foods, Inc (Class A)	$	854,506		0.5	%
19,860		PepsiCo, Inc		1,403,308		0.7
21,659		Philip Morris International, Inc		1,889,964		1.0
		Other		3,786,715		1.9

				10,755,821		5.6

HEALTH CARE EQUIPMENT & SERVICES
13,174		UnitedHealth Group, Inc		770,679		0.4
		Other		7,469,454		3.9

				8,240,133		4.3

HOUSEHOLD & PERSONAL PRODUCTS
34,796		Procter & Gamble Co		2,131,255		1.1
		Other		1,758,901		0.9

				3,890,156		2.0

INSURANCE
22,243	*	Berkshire Hathaway, Inc (Class B)		1,853,509		1.0
		Other		5,198,726		2.7

				7,052,235		3.7

MATERIALS				7,496,486		3.9

MEDIA
34,103		Comcast Corp (Class A)		1,090,273		0.6
22,699		Walt Disney Co		1,100,901		0.6
		Other		4,211,676		2.1

				6,402,850		3.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
19,717		Abbott Laboratories		1,271,155		0.7
9,876		Amgen, Inc		721,343		0.4
21,449		Bristol-Myers Squibb Co		771,092		0.4
34,874		Johnson & Johnson		2,356,087		1.2
38,624		Merck & Co, Inc		1,612,552		0.8
95,090		Pfizer, Inc		2,187,070		1.1
		Other		5,690,116		3.0

				14,609,415		7.6

REAL ESTATE				7,040,610		3.7

RETAILING
4,601	*	Amazon.com, Inc		1,050,638		0.6
19,436		Home Depot, Inc		1,029,914		0.6
		Other		5,841,551		2.9

				7,922,103		4.1


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


Summary portfolio of investments (unaudited)		continued

Stock Index Fund § June 30, 2012


Shares		Company		Value		% of net assets

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
63,681		Intel Corp		$	1,697,099		0.9	%
		Other			3,020,738		1.6

					4,717,837		2.5

SOFTWARE & SERVICES
3,286	*	Google, Inc (Class A)			1,906,110		1.0
13,842		International Business Machines Corp			2,707,218		1.4
95,327		Microsoft Corp			2,916,053		1.5
48,849		Oracle Corp			1,450,815		0.8
6,645		Visa, Inc (Class A)			821,521		0.4
		Other			8,229,966		4.3

					18,031,683		9.4

TECHNOLOGY HARDWARE & EQUIPMENT
11,874	*	Apple, Inc			6,934,416		3.6
68,419		Cisco Systems, Inc			1,174,754		0.6
21,638		Qualcomm, Inc			1,204,804		0.7
		Other			4,294,022		2.1

					13,607,996		7.0

TELECOMMUNICATION SERVICES
74,453		AT&T, Inc			2,654,994		1.4
36,088		Verizon Communications, Inc			1,603,751		0.8
		Other			1,167,553		0.6

					5,426,298		2.8

TRANSPORTATION
6,047		Union Pacific Corp			721,468		0.4
9,200		United Parcel Service, Inc (Class B)			724,592		0.4
		Other			2,265,870		1.0

					3,711,930		1.8

UTILITIES					7,180,411		3.7

		TOTAL COMMON STOCKS	(Cost $166,107,324)		191,698,860		99.4


RIGHTS/WARRANTS
BANKS					87		0.0

ENERGY					0		0.0

		TOTAL RIGHTS/WARRANTS	(Cost $0)		87		0.0


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


Summary portfolio of investments (unaudited)		concluded

Stock Index Fund § June 30, 2012

Company

Value

% of net
assets

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

4,563,556

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

4,563,556

2.4

4,563,556

2.4

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,563,556)

4,563,556

2.4

TOTAL PORTFOLIO

(Cost $170,670,880)

196,262,503

101.8

OTHER ASSETS & LIABILITIES, NET

(3,434,556

)

(1.8

)

NET ASSETS

192,827,947

100.0

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.

The aggregate value of securities on loan is $4,551,522.

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


See notes to financial statements		TIAA-CREF Life Funds § 2012 Semiannual Report			59


Summary portfolio of investments (unaudited)

Social Choice Equity Fund § June 30, 2012


Shares	Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS		$	523,483		1.3	%

BANKS
8,225	BB&T Corp		253,741		0.6
4,452	PNC Financial Services Group, Inc		272,062		0.7
10,756	US Bancorp		345,913		0.9
	Other		394,658		1.0

			1,266,374		3.2

CAPITAL GOODS
3,910	3M Co		350,336		0.9
4,977	Danaher Corp		259,202		0.6
2,940	Deere & Co		237,758		0.6
5,628	Emerson Electric Co		262,152		0.7
1,507	Precision Castparts Corp		247,886		0.6
	Other		1,889,827		4.7

			3,247,161		8.1

COMMERCIAL & PROFESSIONAL SERVICES			262,586		0.7

CONSUMER DURABLES & APPAREL			443,932		1.1

CONSUMER SERVICES
4,695	McDonald’s Corp		415,648		1.0
5,443	Starbucks Corp		290,221		0.7
	Other		326,242		0.8

			1,032,111		2.5

DIVERSIFIED FINANCIALS
5,922	American Express Co		344,720		0.8
4,874	Capital One Financial Corp		266,413		0.7
	Other		1,921,077		4.8

			2,532,210		6.3

ENERGY
3,775	National Oilwell Varco, Inc		243,261		0.6
	Other		3,139,582		7.8

			3,382,843		8.4

FOOD & STAPLES RETAILING			378,017		0.9

FOOD, BEVERAGE & TOBACCO
6,404	General Mills, Inc		246,810		0.6
9,370	Kraft Foods, Inc (Class A)		361,869		0.9
6,774	PepsiCo, Inc		478,651		1.2
	Other		751,961		1.8

			1,839,291		4.5


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


Summary portfolio of investments (unaudited)		continued

Social Choice Equity Fund § June 30, 2012


Shares		Company	Value		% of net assets

HEALTH CARE EQUIPMENT & SERVICES
4,955		Baxter International, Inc	$	263,358		0.7	%
7,530		Medtronic, Inc		291,637		0.7
		Other		890,463		2.2

				1,445,458		3.6

HOUSEHOLD & PERSONAL PRODUCTS
3,044		Colgate-Palmolive Co		316,880		0.8
3,199		Kimberly-Clark Corp		267,980		0.7
10,166		Procter & Gamble Co		622,668		1.5
		Other		189,128		0.5

				1,396,656		3.5

INSURANCE
3,485		ACE Ltd		258,343		0.6
6,946	*	Berkshire Hathaway, Inc (Class B)		578,810		1.4
3,341		Chubb Corp		243,292		0.6
3,871		Travelers Cos, Inc		247,125		0.6
		Other		1,009,276		2.6

				2,336,846		5.8

MATERIALS
2,497		Praxair, Inc		271,499		0.7
		Other		1,745,987		4.3

				2,017,486		5.0

MEDIA
3,296		Time Warner Cable, Inc		270,602		0.7
		Other		636,778		1.6

				907,380		2.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
7,083		Abbott Laboratories		456,641		1.1
1,965	*	Biogen Idec, Inc		283,707		0.7
9,755		Bristol-Myers Squibb Co		350,692		0.9
5,960	*	Gilead Sciences, Inc		305,629		0.8
10,078		Johnson & Johnson		680,870		1.7
12,745		Merck & Co, Inc		532,104		1.3
		Other		497,377		1.2

				3,107,020		7.7

REAL ESTATE
3,952		American Tower Corp		276,284		0.7
2,143		Simon Property Group, Inc		333,579		0.8
		Other		1,012,778		2.6

				1,622,641		4.1

RETAILING
8,772		Lowe’s Companies, Inc		249,476		0.6
4,763		Target Corp		277,159		0.7


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


Summary portfolio of investments (unaudited)		continued

Social Choice Equity Fund § June 30, 2012


Shares		Company		Value		% of net assets

RETAILING—continued
6,543		TJX Companies, Inc		$	280,891		0.7	%
		Other			1,009,985		2.5

					1,817,511		4.5

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
20,054		Intel Corp			534,439		1.3
9,371		Texas Instruments, Inc			268,854		0.7
		Other			460,042		1.1

					1,263,335		3.1

SOFTWARE & SERVICES
4,757		Accenture plc			285,848		0.7
1,011	*	Google, Inc (Class A)			586,451		1.5
3,825		International Business Machines Corp			748,094		1.9
16,643		Oracle Corp			494,297		1.2
		Other			1,486,754		3.6

					3,601,444		8.9

TECHNOLOGY HARDWARE & EQUIPMENT
24,833		Cisco Systems, Inc			426,383		1.1
12,862	*	EMC Corp			329,653		0.8
5,782		Qualcomm, Inc			321,942		0.8
		Other			969,659		2.4

					2,047,637		5.1

TELECOMMUNICATION SERVICES
6,339		CenturyTel, Inc			250,327		0.6
		Other			370,568		0.9

					620,895		1.5

TRANSPORTATION
4,255		United Parcel Service, Inc (Class B)			335,124		0.8
		Other			654,908		1.6

					990,032		2.4

UTILITIES
3,987		NextEra Energy, Inc			274,345		0.7
		Other			1,666,809		4.1

					1,941,154		4.8

		TOTAL COMMON STOCKS	(Cost $36,510,020)		40,023,503		99.3


		TOTAL PORTFOLIO	(Cost $36,510,020)		40,023,503		99.3
		OTHER ASSETS & LIABILITIES, NET			298,603		0.7

		NET ASSETS		$	40,322,106		100.0	%


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


Summary portfolio of investments (unaudited)		concluded

Social Choice Equity Fund § June 30, 2012

*	Non-income producing.

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


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


Summary portfolio of investments (unaudited)

Real Estate Securities Fund § June 30, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
DIVERSIFIED CAPITAL MARKETS
34,000	*	HFF, Inc (Class A)	$	473,960		0.5	%

				473,960		0.5

DIVERSIFIED REAL ESTATE ACTIVITIES				83,414		0.1

DIVERSIFIED REITS
35,000		iShares Dow Jones US Real Estate Index Fund		2,238,950		2.4
40,000		NRDC Acquisition Corp		482,400		0.5
16,000		Vornado Realty Trust		1,343,680		1.5

				4,065,030		4.4

INDUSTRIAL REITS
71,000		AMB Property Corp		2,359,330		2.5
17,500		EastGroup Properties, Inc		932,750		1.0
100,000	*	Global Logistic Properties		166,476		0.2

				3,458,556		3.7

MORTGAGE REITS
30,000		Annaly Capital Management, Inc		503,400		0.5

				503,400		0.5

OFFICE REITS
41,200	d	Boston Properties, Inc		4,464,844		4.9
20,000		Digital Realty Trust, Inc		1,501,400		1.6
35,000		Mission West Properties, Inc		301,700		0.3
32,500		SL Green Realty Corp		2,607,800		2.8

				8,875,744		9.6

OTHER DIVERSIFIED FINANCIAL SERVICES				0		0.0

REAL ESTATE OPERATING COMPANIES
346,649		Thomas Properties Group, Inc		1,885,771		2.0

				1,885,771		2.0

RESIDENTIAL REITS
34,000		American Campus Communities, Inc		1,529,320		1.7
29,500		AvalonBay Communities, Inc		4,173,660		4.5
16,000		Equity Lifestyle Properties, Inc		1,103,520		1.2
70,000		Equity Residential		4,365,200		4.7
15,000		Home Properties, Inc		920,400		1.0
23,000		Post Properties, Inc		1,125,850		1.2
105,000		UDR, Inc		2,713,200		2.9

				15,931,150		17.2

RETAIL REITS
130,000		DDR Corp		1,903,200		2.1
28,000		Equity One, Inc		593,600		0.6
28,769		Federal Realty Investment Trust		2,994,565		3.2
60,000		General Growth Properties, Inc		1,085,400		1.2


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


Summary portfolio of investments (unaudited)		continued

Real Estate Securities Fund § June 30, 2012


Shares		Company		Value		% of net assets

RETAIL REITS—continued
16,000		Macerich Co		$	944,800		1.0	%
33,000		Regency Centers Corp			1,569,810		1.7
62,000		Simon Property Group, Inc			9,650,920		10.4
8,000		Tanger Factory Outlet Centers, Inc			256,400		0.3
30,301		Taubman Centers, Inc			2,338,025		2.5
80,000		Westfield Group			783,310		0.9

					22,120,030		23.9

SPECIALIZED REITS
66,000		American Tower Corp			4,614,060		5.0
15,000		Ashford Hospitality Trust, Inc			126,450		0.1
50,000		CubeSmart			583,500		0.6
70,741		DiamondRock Hospitality Co			721,558		0.8
28,000		Entertainment Properties Trust			1,151,080		1.3
28,000		Extra Space Storage, Inc			856,800		0.9
25,000	*	FelCor Lodging Trust, Inc			117,500		0.1
45,000		HCP, Inc			1,986,750		2.2
60,000		Health Care REIT, Inc			3,498,000		3.8
150,000		Hersha Hospitality Trust			792,000		0.9
110,000		Host Marriott Corp			1,740,200		1.9
30,000		Plum Creek Timber Co, Inc			1,191,000		1.3
7,000		Potlatch Corp			223,580		0.2
31,000		Public Storage, Inc			4,476,710		4.9
15,000		Rayonier, Inc			673,500		0.7
65,000	*	Strategic Hotels & Resorts, Inc			419,900		0.5
65,000	*	Sunstone Hotel Investors, Inc			714,350		0.8
70,000		Ventas, Inc			4,418,400		4.8
100,000		Weyerhaeuser Co			2,236,000		2.4

					30,541,338		33.2

		TOTAL COMMON STOCKS	(Cost $73,951,571)		87,938,393		95.1


Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCY DISCOUNT AND COUPON NOTES
$3,000,000		Federal Home Loan Bank (FHLB)	0.001%, 07/02/12		3,000,000		3.2

					3,000,000		3.2

		TOTAL SHORT-TERM INVESTMENTS	(Cost $3,000,000)		3,000,000		3.2


		TOTAL PORTFOLIO	(Cost $76,951,571)		90,938,393		98.3
		OTHER ASSETS & LIABILITIES, NET			1,529,854		1.7

		NET ASSETS		$	92,468,247		100.0	%


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


Summary portfolio of investments (unaudited)		concluded

Real Estate Securities Fund § June 30, 2012

Abbreviation(s):

REIT Real Estate Investment Trust

*	Non-income producing.

d	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.


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


Summary portfolio of investments (unaudited)

Bond Fund § June 30, 2012


Principal		Issuer		Value		% of net assets

BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	180,990		0.1	%

BANKS
$ 750,000		Bank of America Corp	5.700%, 01/24/22		825,971		0.5
900,000	g	Depfa ACS Bank	5.125%, 03/16/37		626,846		0.4
625,000		JPMorgan Chase & Co	5.400%, 01/06/42		686,263		0.4
		Other			7,552,325		4.5

					9,691,405		5.8

CAPITAL GOODS					2,279,353		1.2

COMMERCIAL & PROFESSIONAL SERVICES					918,631		0.6

CONSUMER DURABLES & APPAREL					299,460		0.2

CONSUMER SERVICES					1,546,768		0.9

DIVERSIFIED FINANCIALS
735,000		General Electric Capital Corp	4.650%, 10/17/21		816,237		0.5
775,000		Goldman Sachs Group, Inc	5.750%, 01/24/22		818,093		0.5
		Other			10,042,649		5.9

					11,676,979		6.9

ENERGY
500,000		Southwestern Energy Co	7.500%, 02/01/18		599,848		0.4
		Other			7,637,737		4.4

					8,237,585		4.8

FOOD & STAPLES RETAILING					664,200		0.4

FOOD, BEVERAGE & TOBACCO					2,052,477		1.3

HEALTH CARE EQUIPMENT & SERVICES					1,598,760		0.9

HOUSEHOLD & PERSONAL PRODUCTS					387,371		0.1

INSURANCE					2,235,236		1.3

MATERIALS					3,794,395		2.2

MEDIA
600,000		DIRECTV Holdings LLC	3.800%, 03/15/22		606,776		0.4
600,000		NBC Universal Media LLC	4.375%, 04/01/21		660,076		0.4
		Other			2,636,306		1.5

					3,903,158		2.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,058,701		1.2

REAL ESTATE					1,290,106		0.8


See notes to financial statements		TIAA-CREF Life Funds § 2012 Semiannual Report			67


Summary portfolio of investments (unaudited)		continued

Bond Fund § June 30, 2012


Principal		Issuer		Value		% of net assets

RETAILING
$ 510,000	g	QVC Inc	7.375%, 10/15/20	$	564,825		0.3	%
		Other			1,979,247		1.2

					2,544,072		1.5

SOFTWARE & SERVICES					931,306		0.5

TECHNOLOGY HARDWARE & EQUIPMENT					688,906		0.4

TELECOMMUNICATION SERVICES					2,495,193		1.5

TRANSPORTATION					1,957,889		1.1

UTILITIES					5,812,220		3.3

		TOTAL CORPORATE BONDS	(Cost $64,082,097)		67,245,161		39.3


GOVERNMENT BONDS
AGENCY SECURITIES
1,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750%, 03/28/13		1,003,614		0.6
1,000,000		Federal National Mortgage Association (FNMA)	3.000%, 09/16/14		1,058,069		0.6
700,000		GMAC, Inc	2.200%, 12/19/12		706,426		0.4
		Other			1,212,013		0.7

					3,980,122		2.3

FOREIGN GOVERNMENT BONDS
750,000	g	Bank of Nova Scotia	1.650%, 10/29/15		766,826		0.5
1,900,000	g	Caisse Centrale Desjardins du Quebec	1.600%, 03/06/17		1,921,299		1.1
		Other			9,578,238		5.5

					12,266,363		7.1

MORTGAGE BACKED
941,953		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500%, 12/01/39		1,029,678		0.6
567,408		FGLMC	4.500%, 07/01/40		620,251		0.4
2,167,519		FGLMC	4.000%–6.500%, 02/01/19–01/01/40		2,371,180		1.3
1,435,134		Federal National Mortgage Association (FNMA)	4.563%, 01/01/15		1,517,542		0.9
947,672		FNMA	3.000%, 01/01/27		994,111		0.6
539,056		FNMA	5.500%, 07/01/33		602,903		0.4
532,808		FNMA	5.500%, 02/01/38		581,430		0.3
535,173		FNMA	6.000%, 07/01/38		589,760		0.4
532,973		FNMA	6.000%, 10/01/38		587,336		0.4
936,858		FNMA	4.500%, 04/01/39		1,005,371		0.6
555,383		FNMA	4.000%, 07/01/39		591,857		0.4
631,935		FNMA	5.000%, 05/01/40		697,328		0.4
1,006,377		FNMA	4.000%, 12/01/40		1,085,993		0.6
879,919		FNMA	4.000%, 02/01/41		937,982		0.6
532,511		FNMA	4.000%, 08/01/41		567,816		0.3
968,317		FNMA	3.500%, 12/01/41		1,018,825		0.6


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


Summary portfolio of investments (unaudited)		continued

Bond Fund § June 30, 2012


Principal		Issuer		Value		% of net assets

MORTGAGE BACKED—continued
$ 1,490,740	h	FNMA	3.000%, 04/01/42	$	1,532,161		0.9	%
19,046,730	i	FNMA	2.385%–7.500%, 06/01/13–04/01/42		20,582,487		12.1
600,661		Government National Mortgage Association (GNMA)	4.500%, 03/15/40		658,846		0.4
868,788		GNMA	4.500%, 04/20/40		959,960		0.6
613,625		GNMA	4.500%, 05/15/40		673,067		0.4
968,609		GNMA	4.000%, 09/15/41		1,059,630		0.6
4,374,408		GNMA	3.500%–6.000%, 07/15/33–12/20/41		4,816,357		2.6
		Other			856,292		0.5

					45,938,163		26.9

MUNICIPAL BONDS
1,100,000		City of New York, NY	5.817%, 10/01/31		1,234,651		0.7
		Other			597,348		0.4

					1,831,999		1.1

U.S. TREASURY SECURITIES
675,000		United States Treasury Bond	5.375%, 02/15/31		983,602		0.6
1,000,000		United States Treasury Bond	3.000%, 05/15/42		1,047,344		0.6
1,695,000		United States Treasury Note	0.625%, 01/31/13		1,699,304		1.0
1,175,000		United States Treasury Note	0.125%, 12/31/13		1,171,879		0.7
1,000,000		United States Treasury Note	0.250%, 02/28/14		998,984		0.6
1,000,000		United States Treasury Note	0.250%, 05/31/14		998,750		0.6
1,180,000		United States Treasury Note	2.375%, 10/31/14		1,234,943		0.7
7,710,000		United States Treasury Note	0.375%, 06/15/15		7,703,377		4.5
7,648,000		United States Treasury Note	0.750%, 06/30/17		7,655,770		4.5
1,000,000		United States Treasury Note	2.625%, 01/31/18		1,095,938		0.6
3,000,000		United States Treasury Note	2.250%, 07/31/18		3,229,452		1.9
800,000		United States Treasury Note	1.375%, 12/31/18		817,875		0.5
1,000,000		United States Treasury Note	1.250%, 04/30/19		1,011,094		0.6
1,571,000		United States Treasury Note	1.750%, 05/15/22		1,583,764		0.9
		Other			491,614		0.3

					31,723,690		18.6

		TOTAL GOVERNMENT BONDS	(Cost $92,416,861)		95,740,337		56.0


STRUCTURED ASSETS
ASSET BACKED					3,340,783		2.0

OTHER MORTGAGE BACKED					6,467,460		3.8

		TOTAL STRUCTURED ASSETS	(Cost $10,233,110)		9,808,243		5.8

		TOTAL BONDS	(Cost $166,732,068)		172,793,741		101.1


Shares		Company

PREFERRED STOCKS
BANKS					40,114		0.0

		TOTAL PREFERRED STOCKS	(Cost $569,550)		40,114		0.0


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


Summary portfolio of investments (unaudited)		concluded

Bond Fund § June 30, 2012

Principal

Issuer

Value

% of net
assets

SHORT-TERM INVESTMENTS

TREASURY DEBT

$ 850,000

United States Treasury Bill

0.007%, 09/06/12

849,895

0.5

849,895

0.5

TOTAL SHORT-TERM INVESTMENTS

(Cost $849,895)

849,895

0.5

TOTAL PORTFOLIO

(Cost $168,151,513)

173,683,750

101.6

OTHER ASSETS & LIABILITIES, NET

(2,799,235

)

(1.6

)

NET ASSETS

170,884,515

100.0

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2012, the total value of these securities amounted to $24,548,235 or 14.4% of net assets.

h	All or a portion of these securities were purchased on a delayed delivery basis.

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

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


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


Summary portfolio of investments (unaudited)

Money Market Fund § June 30, 2012


Principal		Issuer		Value		% net assets

SHORT-TERM INVESTMENTS
BANKERS’ ACCEPTANCES				$	316,995		0.5	%

CERTIFICATE OF DEPOSIT
$ 1,000,000		Toronto-Dominion Bank	0.140%, 07/12/12		1,000,000		1.7
		Other			1,280,018		2.2

					2,280,018		3.9

COMMERCIAL PAPER
500,000		Australia & New Zealand Banking Group Ltd	0.250%, 07/25/12		499,917		0.9
750,000		Australia & New Zealand Banking Group Ltd	0.230%, 09/17/12		749,626		1.3
410,000		Bank of Nova Scotia	0.235%, 08/03/12		409,912		0.7
1,900,000		Coca-Cola Co	0.170%–0.230%, 08/01/12–10/03/12		1,899,415		3.2
400,000	y	Colgate-Palmolive Co	0.110%, 07/03/12		399,997		0.7
500,000	y	Commonwealth Bank of Australia	0.200%, 08/09/12		499,892		0.9
940,000	y	Commonwealth Bank of Australia	0.220%–0.250%, 07/06/12–09/07/12		939,760		1.6
683,000		Fairway Finance LLC	0.190%–0.195%, 08/16/12–08/17/12		682,830		1.2
500,000		General Electric Capital Corp	0.310%, 07/26/12		499,892		0.9
950,000		General Electric Capital Corp	0.310%, 07/30/12		949,782		1.6
500,000	y	Johnson & Johnson	0.140%, 07/09/12		499,985		0.9
500,000	y	Johnson & Johnson	0.150%, 07/23/12		499,954		0.8
400,000		Jupiter Securitization Co LLC	0.200%, 07/03/12		399,995		0.7
690,000		National Australia Funding (Delaware)	0.345%–0.350%, 09/17/12–09/18/12		689,477		1.2
750,000	y	Nestle Capital Corp	0.120%, 08/02/12		749,920		1.3
685,000	y	Nestle Capital Corp	0.160%–0.160%, 07/13/12–07/18/12		684,955		1.1
500,000	y	Novartis Finance Corp	0.150%, 08/07/12		499,923		0.9
500,000	y	Old Line Funding LLC	0.180%, 08/27/12		499,858		0.9
500,000	y	Old Line Funding LLC	0.220%, 09/04/12		499,801		0.9
870,000	y	Old Line Funding LLC	0.180%–0.210%, 08/15/12–09/25/12		869,690		1.4
500,000		PACCAR Financial Corp	0.150%, 07/10/12		499,981		0.9
500,000	y	Private Export Funding Corp	0.310%, 09/10/12		499,695		0.9
945,000		Province of British Columbia Canada	0.140%–0.180%, 07/09/12–09/24/12		944,839		1.6
550,000		Province of Quebec Canada	0.180%, 09/18/12		549,783		0.9
500,000		Straight-A Funding LLC	0.160%, 07/17/12		499,964		0.8
1,375,000		Straight-A Funding LLC	0.160%–0.180%, 07/02/12–08/14/12		1,374,810		2.4
551,000	y	Variable Funding Capital Co LLC	0.200%, 07/20/12		550,942		0.9
965,000	y	Variable Funding Capital Co LLC	0.190%–0.200%, 07/16/12–08/08/12		964,864		1.7
500,000	y	Wal-Mart Stores, Inc	0.110%, 07/10/12		499,986		0.8
584,000	y	Wal-Mart Stores, Inc	0.140%, 08/06/12		583,918		1.0
600,000	y	Westpac Banking Corp	0.250%, 09/05/12		599,725		1.0
		Other			3,926,222		6.6

					24,919,310		42.6

GOVERNMENT AGENCY DEBT
410,000		Federal Home Loan Bank (FHLB)	0.100%, 07/11/12		409,989		0.7
1,600,000		FHLB	0.140%, 08/29/12		1,599,702		2.7
716,000		FHLB	0.135%, 09/05/12		715,839		1.2
666,000		FHLB	0.120%, 07/27/12		665,942		1.1


See notes to financial statements		TIAA-CREF Life Funds § 2012 Semiannual Report			71


Summary portfolio of investments (unaudited)		continued

Money Market Fund § June 30, 2012


Principal		Issuer		Value		% net assets

GOVERNMENT AGENCY DEBT—continued
$ 950,000		FHLB	0.150%, 08/08/12	$	949,884		1.6	%
650,000		FHLB	0.150%, 08/10/12		649,904		1.1
524,000		FHLB	0.120%, 08/24/12		523,906		0.9
1,636,000		FHLB	0.110%–0.800%, 07/05/12–09/24/12		1,635,838		2.9
888,000		Federal Home Loan Mortgage Corp (FHLMC)	0.165%, 08/14/12		887,866		1.5
500,000		FHLMC	0.130%, 09/19/12		499,856		0.9
1,121,000		FHLMC	0.120%–0.160%, 07/10/12–01/08/13		1,120,747		1.9
740,000		Federal National Mortgage Association (FNMA)	0.170%, 10/01/12		739,678		1.3
1,910,000		FNMA	0.105%–0.224%, 07/05/12–06/20/14		1,909,530		3.2
		Other			156,962		0.2

					12,465,643		21.2

TREASURY DEBT
616,000		United States Treasury Bill	0.112%, 08/16/12		615,921		1.0
756,000		United States Treasury Bill	0.136%, 08/23/12		755,864		1.3
601,000		United States Treasury Bill	0.106%, 09/06/12		600,895		1.0
800,000		United States Treasury Bill	0.115%, 09/13/12		799,813		1.3
615,000		United States Treasury Bill	0.130%, 10/11/12		614,789		1.0
500,000		United States Treasury Bill	0.145%, 12/20/12		499,654		0.9
1,688,000		United States Treasury Bill	0.120%–0.950%, 07/19/12–10/25/12		1,687,538		2.9
835,000		United States Treasury Note	1.750%, 08/15/12		836,653		1.4
1,000,000		United States Treasury Note	1.375%, 10/15/12		1,003,539		1.7
971,000		United States Treasury Note	0.375%, 10/31/12		971,719		1.7
500,000		United States Treasury Note	1.375%, 11/15/12		502,278		0.9
658,000		United States Treasury Note	0.500%, 11/30/12		658,944		1.1
400,000		United States Treasury Note	0.625%, 01/31/13		401,055		0.7
1,631,000		United States Treasury Note	0.375%–1.500%, 07/15/12–02/28/13		1,634,806		2.8

					11,583,468		19.7

VARIABLE RATE SECURITIES
2,660,000	i	Federal Farm Credit Bank (FFCB)	0.240%–0.612%, 02/01/13–10/15/13		2,659,277		4.4
500,000	i	Federal Home Loan Bank (FHLB)	0.215%, 07/02/12		500,000		0.9
500,000	i	FHLB	0.340%, 08/16/13		500,000		0.9
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.189%, 02/04/13		499,880		0.9
830,000	i	FHLMC	0.189%, 05/06/13		829,646		1.4
500,000	i	Royal Bank of Canada	0.360%, 07/11/12		500,000		0.9
		Other			849,956		1.4

					6,338,759		10.8

		TOTAL SHORT-TERM INVESTMENTS	(Cost $57,904,193)		57,904,193		98.7


		TOTAL PORTFOLIO	(Cost $57,904,193)		57,904,193		98.7
		OTHER ASSETS & LIABILITIES, NET			774,805		1.3

		NET ASSETS		$	58,678,998		100.0	%


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


Summary portfolio of investments (unaudited)		concluded

Money Market Fund § June 30, 2012

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

Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2012, the aggregate value of these securities was $15,774,012 or 26.9% of net assets.

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


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


Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds § June 30, 2012


	Growth Equity Fund


ASSETS
Portfolio investments, at value^†*	$	44,573,206
Cash		455,303
Cash-foreign**		—
Receivable from securities transactions		871,136
Receivable from Fund shares sold		378
Due from affiliates		1,157
Dividends and interest receivable		19,137
Other		4,617

Total assets		45,924,934


LIABILITIES
Management fees payable		2,125
Payable for collateral for securities loaned		429,488
Payable for securities transactions		1,231,520
Payable for Fund shares redeemed		27,461
Due to affiliates		4,832
Written options^		—
Accrued expenses & other payables		27,620

Total liabilities		1,723,046

NET ASSETS	$	44,201,888


NET ASSETS CONSIST OF:
Paid-in-capital	$	48,473,139
Undistributed net investment income (loss)		90,070
Accumulated net realized gain (loss) on total investments		(8,700,122	)
Net unrealized appreciation (depreciation) on total investments		4,338,801

NET ASSETS	$	44,201,888


Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,486,471

Net asset value per share		$17.78


^† Includes securities loaned of	$	425,550
* Portfolio investments, cost	$	40,234,280
** Foreign cash, cost	$	—
^ Written options premiums	$	—


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


Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Small-Cap Equity Fund



$	86,179,257		$	92,731,385		$	67,282,502		$	61,953,932
	38,760			436,167			93,881			10,670
	—			49,043			462			—
	757,369			6,292,859			628,984			1,544,014
	17,355			36,045			13,751			1,897
	1,677			2,622			1,414			1,432
	82,848			108,917			123,685			71,305
	3,040			3,548			2,721			2,547

	87,080,306			99,660,586			68,147,400			63,585,797



	4,130			4,539			3,123			2,953
	293,603			5,333,952			2,116,908			4,053,417
	457,299			7,651,290			762,231			1,312,708
	40,737			18,835			14,258			38,950
	8,825			10,129			6,817			6,511
	6,646			—			—			—
	31,548			63,595			32,218			31,262

	842,788			13,082,340			2,935,555			5,445,801

$	86,237,518		$	86,578,246		$	65,211,845		$	58,139,996



$	78,832,478		$	140,967,546		$	71,400,102		$	56,486,299
	567,189			2,691,714			1,097,936			182,153
	(1,702,017	)		(48,080,056	)		(7,142,628	)		(2,563,401	)
	8,539,868			(9,000,958	)		(143,565	)		4,034,945

$	86,237,518		$	86,578,246		$	65,211,845		$	58,139,996



	2,964,006			6,241,059			2,378,865			1,978,763

	$29.09			$13.87			$27.41			$29.38


$	298,867		$	5,243,370		$	2,112,219		$	4,070,093
$	77,638,054		$	101,732,535		$	67,426,083		$	57,918,987
$	—		$	49,345		$	455		$	—
$	5,314		$	—		$	—		$	—


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


Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds § June 30, 2012


	Stock Index Fund


ASSETS
Portfolio investments, at value^†*	$	196,262,503
Cash		941,817
Receivable from securities transactions		117,351
Receivable from Fund shares sold		16,735
Receivable for delayed delivery securities		—
Due from affiliates		3,818
Dividends and interest receivable		281,521
Receivable for variation margin on open future contracts		20,400
Other		9,284

Total assets		197,653,429


LIABILITIES
Management fees payable		1,232
Payable for collateral for securities loaned		4,563,556
Payable for securities transactions		87,805
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		97,826
Due to affiliates		20,128
Written options^		—
Accrued expenses & other payables		54,935

Total liabilities		4,825,482

NET ASSETS	$	192,827,947


NET ASSETS CONSIST OF:
Paid-in-capital	$	166,907,783
Undistributed net investment income (loss)		2,443,992
Accumulated net realized gain (loss) on total investments		(2,136,065	)
Net unrealized appreciation (depreciation) on total investments		25,612,237

NET ASSETS	$	192,827,947


Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,344,579

Net asset value per share		$30.39


^† Includes securities loaned of	$	4,551,522
* Portfolio investments, cost	$	170,670,880
^ Written options premiums	$	—


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


		concluded


Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund		Money Market Fund



$	40,023,503		$	90,938,393		$	173,683,750	$	57,904,193
	318,630			333,876			313,255		538,462
	143,431			610,076			5,103,327		—
	11,878			456,700			1,294		982,518
	—			—			1,755,484		—
	1,099			1,415			3,340		2,162
	71,105			210,146			1,274,017		20,775
	—			—			—		—
	2,152			2,886			4,546		3,156

	40,571,798			92,553,492			182,139,013		59,451,266



	643			4,879			5,609		635
	—			—			—		—
	207,776			—			9,451,267		—
	—			—			1,724,483		—
	8,975			24,241			894		727,010
	4,151			8,331			15,490		5,234
	—			12,000			—		—
	28,147			35,794			56,755		39,389

	249,692			85,245			11,254,498		772,268

$	40,322,106		$	92,468,247		$	170,884,515	$	58,678,998



$	37,774,431		$	88,889,294		$	160,975,656	$	58,677,114
	575,235			1,168,287			2,558,207		1,957
	(1,541,043	)		(11,576,556	)		1,818,415		(73	)
	3,513,483			13,987,222			5,532,237		—

$	40,322,106		$	92,468,247		$	170,884,515	$	58,678,998



	1,542,263			3,190,361			6,461,305		58,677,115

	$26.14			$28.98			$26.45		$1.00


$	—		$	—		$	—	$	—
$	36,510,020		$	76,951,571		$	168,151,513	$	57,904,193
$	—		$	12,400		$	—	$	—


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


Statements of operations (unaudited)

TIAA-CREF Life Funds § For the period ended June 30, 2012


	Growth Equity Fund


INVESTMENT INCOME
Dividends*	$	198,906
Interest		14
Income from securities lending		2,479

Total income		201,399


EXPENSES
Management fees		100,943
Fund administration fees		17,123
Custody and accounting fees		9,917
Professional fees		18,196
Shareholder reports		4,256
Shareholder servicing		1,173
Trustee fees and expenses		328
Compliance fees		9,397
Interest expense		106
Other expenses		3,469

Total expenses		164,908
Less: Expenses reimbursed by the investment advisor		(48,157	)

Net expenses		116,751


Net investment income (loss)		84,648


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,532,708
Futures transactions		—
Written options		—
Foreign currency transactions		295

Net realized gain (loss) on total investments		2,533,003


Change in unrealized appreciation (depreciation) on:
Portfolio investments		1,197,986
Written options		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(146	)

Net change in unrealized appreciation (depreciation) on total investments		1,197,840

Net realized and unrealized gain (loss) on total investments		3,730,843

Net increase (decrease) in net assets from operations	$	3,815,491


* Net of foreign withholding taxes of	$	4,271


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


Growth & Income Fund			International Equity Fund				Large-Cap Value Fund			Small-Cap Equity Fund



$	731,133		$	1,702,404			$	767,236		$	339,986
	47			52				33			6
	3,963			66,869				8,209			19,470

	735,143			1,769,325				775,478			359,462



	189,046			222,891				146,069			142,536
	31,954			32,496				24,517			22,459
	12,466			35,155				14,128			14,088
	18,885			25,226				19,008			19,341
	6,462			7,622				6,476			7,088
	1,520			1,402				1,188			1,184
	573			593				402			379
	17,367			18,075				13,376			12,295
	27			203				47			71
	13,485			20,076		��		3,723			3,321

	291,785			363,739				228,934			222,762
	(73,305	)		(96,066	)			(60,096	)		(59,368	)

	218,480			267,673				168,838			163,394


	516,663			1,501,652				606,640			196,068




	3,528,897			975,263				3,458,597			867,990
	—			—				—			727
	600			—				—			—
	426			(60,806	)			(119	)		—

	3,529,923			914,457				3,458,478			868,717



	3,349,638			4,048,311				1,982,807			2,935,897
	(1,332	)		—				—			—

	(10	)		1,698				(2	)		—

	3,348,296			4,050,009				1,982,805			2,935,897

	6,878,219			4,964,466				5,441,283			3,804,614

$	7,394,882		$	6,466,118			$	6,047,923		$	4,000,682


$	6,039		$	111,539			$	6,407		$	23


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


Statements of operations (unaudited)

TIAA-CREF Life Funds § For the period ended June 30, 2012


	Stock Index Fund


INVESTMENT INCOME
Dividends*	$	1,950,408
Interest		8
Income from securities lending		49,436

Total income		1,999,852


EXPENSES
Management fees		57,388
Fund administration fees		73,145
Custody and accounting fees		33,498
Professional fees		21,472
Shareholder reports		14,431
Shareholder servicing		1,277
Trustee fees and expenses		1,345
Compliance fees		39,691
Interest expense		154
Other expenses		4,875

Total expenses		247,276
Less: Expenses reimbursed by the investment advisor		(161,040	)

Net expenses		86,236


Net investment income (loss)		1,913,616


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		1,921,120
Futures transactions		36,314
Written options		—
Foreign currency transactions		19

Net realized gain (loss) on total investments		1,957,453


Change in unrealized appreciation (depreciation) on:
Portfolio investments		12,900,106
Futures transactions		19,209
Written options		—

Net change in unrealized appreciation (depreciation)on total investments		12,919,315

Net realized and unrealized gain (loss) on total investments		14,876,768

Net increase (decrease) in net assets from operations	$	16,790,384


* Net of foreign withholding taxes of	$	1,064


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


		concluded


Social Choice Equity Fund			Real Estate Securities Fund			Bond Fund			Money Market Fund



$	425,510		$	1,055,274		$	—		$	—
	11			83			2,847,018			46,857
	—			—			—			—

	425,521			1,055,357			2,847,018			46,857



	29,828			213,860			243,998			28,947
	12,263			31,586			61,145			19,069
	10,115			7,508			46,964			21,837
	18,336			22,000			24,667			22,162
	1,167			10,448			18,828			2,100
	1,361			1,200			2,689			808
	285			588			1,102			418
	8,293			17,216			33,249			12,023
	8			24			230			16
	4,136			3,569			4,269			2,679

	85,792			307,999			437,141			110,059
	(42,037	)		(64,175	)		(152,246	)		(67,055	)

	43,755			243,824			284,895			43,004


	381,766			811,533			2,562,123			3,853




	764,428			3,456,840			1,581,760			(73	)
	—			—			—			—
	—			60,165			—			—
	—			(235	)		—			—

	764,428			3,516,770			1,581,760			(73	)



	1,189,261			8,460,378			1,175,013			—
	—			—			—			—
	—			400			—			—

	1,189,261			8,460,778			1,175,013			—

	1,953,689			11,977,548			2,756,773			(73	)

$	2,335,455		$	12,789,081		$	5,318,896		$	3,780


$	530		$	462		$	—		$	—


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Growth Equity Fund
	June 30, 2012			December 31, 2011

	(unaudited)

OPERATIONS
Net investment income (loss)	$	84,648		$	117,661
Net realized gain (loss) on total investments		2,533,003			1,852,553
Net change in unrealized appreciation (depreciation) on total investments		1,197,840			(1,539,939	)

Net increase (decrease) in net assets from operations		3,815,491			430,275


DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(114,292	)

Total distributions		—			(114,292	)


SHAREHOLDER TRANSACTIONS
Subscriptions		2,905,326			8,839,290
Reinvestments of distributions		—			114,292
Redemptions		(3,469,224	)		(5,871,342	)

Net increase (decrease) from shareholder transactions		(563,898	)		3,082,240


Net increase (decrease) in net assets		3,251,593			3,398,223

NET ASSETS
Beginning of period		40,950,295			37,552,072

End of period	$	44,201,888		$	40,950,295

Undistributed net investment income (loss) included in net assets	$	90,070		$	5,422


CHANGE IN FUND SHARES
Shares sold		161,572			522,325
Shares reinvested		—			7,184
Shares redeemed		(193,822	)		(356,422	)

Net increase (decrease) from shareholder transactions		(32,250	)		173,087


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


		continued


Growth & Income Fund						International Equity Fund
June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011

(unaudited)						(unaudited)


$	516,663		$	825,401		$	1,501,652		$	1,775,017
	3,529,923			3,437,911			914,457			2,467,555
	3,348,296			(2,235,335	)		4,050,009			(30,192,289	)

	7,394,882			2,027,977			6,466,118			(25,949,717	)



	—			(832,617	)		—			(1,625,943	)

	—			(832,617	)		—			(1,625,943	)



	8,390,753			12,634,857			4,830,363			9,639,161
	—			832,617			—			1,625,943
	(5,788,452	)		(10,451,624	)		(5,992,817	)		(14,146,497	)

	2,602,301			3,015,850			(1,162,454	)		(2,881,393	)


	9,997,183			4,211,210			5,303,664			(30,457,053	)


	76,240,335			72,029,125			81,274,582			111,731,635

$	86,237,518		$	76,240,335		$	86,578,246		$	81,274,582

$	567,189		$	25,671		$	2,691,714		$	1,190,062



	291,381			466,770			339,562			604,222
	—			32,347			—			131,762
	(200,175	)		(389,351	)		(422,901	)		(892,601	)

	91,206			109,766			(83,339	)		(156,617	)


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Large-Cap Value Fund
	June 30, 2012			December 31, 2011

	(unaudited)

OPERATIONS
Net investment income (loss)	$	606,640		$	989,490
Net realized gain (loss) on total investments		3,458,478			1,708,804
Net change in unrealized appreciation (depreciation) on total investments		1,982,805			(6,547,301	)

Net increase (decrease) in net assets from operations		6,047,923			(3,849,007	)


DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(976,416	)

Total distributions		—			(976,416	)


SHAREHOLDER TRANSACTIONS
Subscriptions		2,758,691			7,974,673
Reinvestments of distributions		—			976,416
Redemptions		(4,035,285	)		(7,962,434	)

Net increase (decrease) from shareholder transactions		(1,276,594	)		988,655


Net increase (decrease) in net assets		4,771,329			(3,836,768	)

NET ASSETS
Beginning of period		60,440,516			64,277,284

End of period	$	65,211,845		$	60,440,516

Undistributed net investment income (loss) included in net assets	$	1,097,936		$	491,296


CHANGE IN FUND SHARES
Shares sold		102,437			296,105
Shares reinvested		—			40,718
Shares redeemed		(149,044	)		(295,970	)

Net increase (decrease) from shareholder transactions		(46,607	)		40,853


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


		continued


Small-Cap Equity Fund						Stock Index Fund
June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011

(unaudited)						(unaudited)


$	196,068		$	285,772		$	1,913,616		$	3,346,834
	868,717			4,813,977			1,957,453			2,962,017

	2,935,897			(7,688,039	)		12,919,315			(4,535,390	)

	4,000,682			(2,588,290	)		16,790,384			1,773,461



	—			(317,153	)		—			(3,369,120	)

	—			(317,153	)		—			(3,369,120	)



	2,798,095			7,198,137			8,674,137			21,626,371
	—			317,153			—			3,369,120
	(4,049,562	)		(9,654,008	)		(12,892,614	)		(20,417,777	)

	(1,251,467	)		(2,138,718	)		(4,218,477	)		4,577,714


	2,749,215			(5,044,161	)		12,571,907			2,982,055


	55,390,781			60,434,942			180,256,040			177,273,985

$	58,139,996		$	55,390,781		$	192,827,947		$	180,256,040

$	182,153		$	(13,915	)	$	2,443,992		$	530,376



	94,625			243,509			288,866			759,475
	—			11,892			—			124,921
	(138,735	)		(333,785	)		(426,242	)		(712,471	)

	(44,110	)		(78,384	)		(137,376	)		171,925


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Social Choice Equity Fund
	June 30, 2012			December 31, 2011

	(unaudited)

OPERATIONS
Net investment income (loss)	$	381,766		$	624,966
Net realized gain (loss) on total investments		764,428			474,579
Net change in unrealized appreciation (depreciation) on total investments		1,189,261			(1,152,690	)

Net increase (decrease) in net assets from operations		2,335,455			(53,145	)


DISTRIBUTION TO SHAREHOLDERS
From net investment income		—			(650,978	)

Total distributions		—			(650,978	)


SHAREHOLDER TRANSACTIONS
Subscriptions		1,930,510			4,071,913
Reinvestments of distributions		—			650,978
Redemptions		(1,239,105	)		(2,067,108	)

Net increase (decrease) from shareholder transactions		691,405			2,655,783


Net increase in net assets		3,026,860			1,951,660

NET ASSETS
Beginning of period		37,295,246			35,343,586

End of period	$	40,322,106		$	37,295,246

Undistributed net investment income (loss) included in net assets	$	575,235		$	161,033


CHANGE IN FUND SHARES
Shares sold		73,726			161,371
Shares reinvested		—			27,135
Shares redeemed		(47,101	)		(82,526	)

Net increase (decrease) from shareholder transactions		26,625			105,980


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


		continued


Real Estate Securities Fund						Bond Fund
June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011

(unaudited)						(unaudited)


	$811,533		$	1,185,530		$	2,562,123		$	4,974,524
	3,516,770			4,153,301			1,581,760			1,687,847

	8,460,778			(467,345	)		1,175,013			2,293,361

	12,789,081			4,871,486			5,318,896			8,955,732



	—			(967,504	)		—			(5,022,039	)

	—			(967,504	)		—			(5,022,039	)



	4,834,862			10,383,740			12,243,846			20,921,306
	—			967,504			—			5,022,039
	(4,690,297	)		(9,479,157	)		(4,814,379	)		(8,741,262	)

	144,565			1,872,087			7,429,467			17,202,083


	12,933,646			5,776,069			12,748,363			21,135,776


	79,534,601			73,758,532			158,136,152			137,000,376

	$92,468,247		$	79,534,601		$	170,884,515		$	158,136,152


	$1,168,287		$	356,754		$	2,558,207		$	(3,916	)



	176,355			416,247			469,966			815,873
	—			40,229			—			196,557
	(174,428	)		(383,982	)		(185,342	)		(342,322	)

	1,927			72,494			284,624			670,108


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


Statements of changes in net assets		concluded

TIAA-CREF Life Funds § For the period or year ended


	Money Market Fund
	June 30, 2012			December 31, 2011

	(unaudited)

OPERATIONS
Net investment income (loss)	$	3,853		$	18,409
Net realized gain (loss) on total investments		(73	)		858
Net change in unrealized appreciation (depreciation) on total investments		—			—

Net increase (decrease) from operations		3,780			19,267


DISTRIBUTION TO SHAREHOLDERS
From net investment income		(3,421	)		(18,409	)

Total distributions		(3,421	)		(18,409	)


SHAREHOLDER TRANSACTIONS
Subscriptions		30,185,475			61,563,740
Reinvestments of distributions		3,421			18,409
Redemptions		(31,332,740	)		(63,526,559	)

Net increase (decrease) from shareholder transactions		(1,143,844	)		(1,944,410	)


Net decrease in net assets		(1,143,485	)		(1,943,552	)

NET ASSETS
Beginning of period		59,822,483			61,766,035

End of period	$	58,678,998		$	59,822,483

Undistributed net investment income (loss) included in net assets	$	1,957		$	1,525


CHANGE IN FUND SHARES
Shares sold		30,185,475			61,563,740
Shares reinvested		3,421			18,409
Shares redeemed		(31,332,740	)		(63,526,559	)

Net increase (decrease) from shareholder transactions		(1,143,844	)		(1,944,410	)


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


Financial highlights

TIAA-CREF Life Funds § For the period or year ended


	Growth Equity Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	16.26		$	16.01		$	14.18		$	10.55		$	18.02		$	14.91


Gain (loss) from investment operations:
Net investment income (loss)(a)		0.03			0.05			0.07			0.11			0.14			0.13
Net realized and unrealized gain (loss) on total investments		1.49			0.25			1.83			3.63			(7.48	)		3.10

Total gain (loss) from investment operations		1.52			0.30			1.90			3.74			(7.34	)		3.23


Less distributions from:
Net investment income		—			(0.05	)		(0.07	)		(0.11	)		(0.13	)		(0.12	)

Total distributions		—			(0.05	)		(0.07	)		(0.11	)		(0.13	)		(0.12	)

Net asset value, end of period	$	17.78		$	16.26		$	16.01		$	14.18		$	10.55		$	18.02

TOTAL RETURN		9.35%	(b)		1.85%			13.42%			35.47%			(40.71	)%		21.68%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	44,202		$	40,950		$	37,552		$	36,230		$	24,501		$	42,376
Ratio of expenses to average net assets before expense reimbursement		0.74%	(c)		0.76%			0.63%			0.26%			0.28%			0.26%
Ratio of expenses to average net assets after expense reimbursement		0.52%	(c)		0.52%			0.43%			0.26%			0.28%			0.26%
Ratio of net investment income (loss) to average net assets		0.38%	(c)		0.29%			0.48%			0.98%			0.98%			0.81%
Portfolio turnover rate		81%	(b)		136%			208%			257%			253%			154%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Growth & Income Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	26.54		$	26.07		$	23.27		$	18.50		$	29.06		$	24.82


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.18			0.29			0.30			0.36			0.46			0.43
Net realized and unrealized gain (loss) on total investments		2.37			0.47			2.82			4.77			(10.58	)		4.21

Total gain (loss) from investment operations		2.55			0.76			3.12			5.13			(10.12	)		4.64


Less distributions from:
Net investment income		—			(0.29	)		(0.32	)		(0.36	)		(0.44	)		(0.40	)

Total distributions		—			(0.29	)		(0.32	)		(0.36	)		(0.44	)		(0.40	)

Net asset value, end of period	$	29.09		$	26.54		$	26.07		$	23.27		$	18.50		$	29.06


TOTAL RETURN		9.61%	(b)		2.96%			13.41%			27.76%			(34.80	)%		18.68%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	86,238		$	76,240		$	72,029		$	65,719		$	53,235		$	83,834
Ratio of expenses to average net assets before expense reimbursement		0.69%	(c)		0.70%			0.56%			0.23%			0.23%			0.24%
Ratio of expenses to average net assets after expense reimbursement		0.52%	(c)		0.52%			0.42%			0.23%			0.23%			0.24%
Ratio of net investment income (loss) to average net assets		1.23%	(c)		1.09%			1.26%			1.77%			1.87%			1.56%
Portfolio turnover rate		56%	(b)		109%			138%			141%			135%			88%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	International Equity Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	12.85		$	17.24		$	14.58		$	11.43		$	24.02		$	25.01


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.24			0.28			0.19			0.22			0.51			0.42
Net realized and unrealized gain (loss) on total investments		0.78			(4.41	)		2.67			3.40			(12.53	)		4.26

Total gain (loss) from investment operations		1.02			(4.13	)		2.86			3.62			(12.02	)		4.68


Less distributions from:
Net investment income		—			(0.26	)		(0.20	)		(0.47	)		(0.01	)		(0.53	)
Net realized gains		—			—			—			—			(0.56	)		(5.14	)

Total distributions		—			(0.26	)		(0.20	)		(0.47	)		(0.57	)		(5.67	)

Net asset value, end of period	$	13.87		$	12.85		$	17.24		$	14.58		$	11.43		$	24.02


TOTAL RETURN		7.94%	(b)		(23.88	)%		19.63%			31.74%			(50.00	)%		19.34%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	86,578		$	81,275		$	111,732		$	94,015		$	68,240		$	160,045
Ratio of expenses to average net assets before expense reimbursement		0.82%	(c)		0.81%			0.65%			0.30%			0.32%			0.33%
Ratio of expenses to average net assets after expense reimbursement		0.60%	(c)		0.60%			0.50%			0.30%			0.32%			0.33%
Ratio of net investment income (loss) to average net assets		3.37%	(c)		1.77%			1.30%			1.78%			2.79%			1.51%
Portfolio turnover rate		54%	(b)		108%			117%			116%			185%			190%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Large-Cap Value Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	24.92		$	26.95		$	23.11		$	17.87		$	31.30		$	36.02

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.41			0.37			0.42			0.66			0.71
Net realized and unrealized gain (loss) on total investments		2.24			(2.03	)		3.87			5.20			(13.42	)		(0.34	)

Total gain (loss) from investment operations		2.49			(1.62	)		4.24			5.62			(12.76	)		0.37

Less distributions from:
Net investment income		—			(0.41	)		(0.40	)		(0.38	)		(0.43	)		(0.76	)
Net realized gains		—			—			—			—			(0.24	)		(4.33	)

Total distributions		—			(0.41	)		(0.40	)		(0.38	)		(0.67	)		(5.09	)

Net asset value, end of period	$	27.41		$	24.92		$	26.95		$	23.11		$	17.87		$	31.30


TOTAL RETURN		9.99%	(b)		(5.95	)%		18.36%			31.45%			(40.74	)%		0.91%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	65,212		$	60,441		$	64,277		$	54,447		$	40,302		$	71,350
Ratio of expenses to average net assets before expense reimbursement		0.71%	(c)		0.71%			0.59%			0.25%			0.26%			0.27%
Ratio of expenses to average net assets after expense reimbursement		0.52%	(c)		0.52%			0.43%			0.25%			0.26%			0.27%
Ratio of net investment income (loss) to average net assets		1.87%	(c)		1.56%			1.52%			2.12%			2.60%			1.88%
Portfolio turnover rate		46%	(b)		80%			102%			149%			172%			133%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Small-Cap Equity Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	27.38		$	28.76		$	22.70		$	17.99		$	27.17		$	32.12


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.14			0.19			0.25			0.34			0.37
Net realized and unrealized gain (loss) on total investments		1.90			(1.36	)		6.06			4.74			(9.16	)		(2.10	)

Total gain (loss) from investment operations		2.00			(1.22	)		6.25			4.99			(8.82	)		(1.73	)


Less distributions from:
Net investment income		—			(0.16	)		(0.19	)		(0.28	)		(0.36	)		(0.44	)
Net realized gains		—			—			—			—			—			(2.69	)
Return of Capital		—			—			—			—			—			(0.09	)

Total distributions		—			(0.16	)		(0.19	)		(0.28	)		(0.36	)		(3.22	)

Net asset value, end of period	$	29.38		$	27.38		$	28.76		$	22.70		$	17.99		$	27.17


TOTAL RETURN		7.30%	(b)		(4.23	)%		27.55%			27.75%			(32.42	)%		(5.62	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	58,140		$	55,391		$	60,435		$	42,921		$	34,609		$	51,868
Ratio of expenses to average net assets before expense reimbursement		0.75%	(c)		0.76%			0.58%			0.11%			0.11%			0.11%
Ratio of expenses to average net assets after expense reimbursement		0.55%	(c)		0.55%			0.41%			0.11%			0.11%			0.11%
Ratio of net investment income (loss) to average net assets		0.66%	(c)		0.48%			0.75%			1.33%			1.45%			1.13%
Portfolio turnover rate		60%	(b)		100%			98%			107%			123%			135%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Stock Index Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	27.81		$	28.09		$	24.46		$	19.39		$	31.70		$	30.94


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.30			0.53			0.47			0.44			0.58			0.59
Net realized and unrealized gain (loss) on total investments		2.28			(0.28	)		3.63			5.05			(12.34	)		1.02

Total gain (loss) from investment operations		2.58			0.25			4.10			5.49			(11.76	)		1.61


Less distributions from:
Net investment income		—			(0.53	)		(0.47	)		(0.42	)		(0.51	)		(0.60	)
Net realized gains		—			—			—			—			(0.04	)		(0.25	)

Total distributions		—			(0.53	)		(0.47	)		(0.42	)		(0.55	)		(0.85	)

Net asset value, end of period	$	30.39		$	27.81		$	28.09		$	24.46		$	19.39		$	31.70


TOTAL RETURN		9.28%	(b)		0.95%			16.79%			28.36%			(37.08	)%		5.16%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	192,828		$	180,256		$	177,274		$	152,314		$	112,938		$	184,339
Ratio of expenses to average net assets before expense reimbursement		0.26%	(c)		0.26%			0.21%			0.06%			0.06%			0.06%
Ratio of expenses to average net assets after expense reimbursement		0.09%	(c)		0.09%			0.08%			0.06%			0.06%			0.06%
Ratio of net investment income (loss) to average net assets		2.00%	(c)		1.85%			1.86%			2.11%			2.19%			1.82%
Portfolio turnover rate		3%	(b)		6%			7%			7%			7%			13%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Social Choice Equity Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	24.61		$	25.07		$	21.99		$	16.91		$	27.12		$	26.94


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.43			0.43			0.40			0.48			0.51
Net realized and unrealized gain (loss) on total investments		1.28			(0.45	)		3.09			5.09			(10.28	)		0.64

Total gain (loss) from investment operations		1.53			(0.02	)		3.52			5.49			(9.80	)		1.15


Less distributions from:
Net investment income		—			(0.44	)		(0.44	)		(0.41	)		(0.32	)		(0.51	)
Net realized gains		—			—			—			—			(0.09	)		(0.46	)

Total distributions		—			(0.44	)		(0.44	)		(0.41	)		(0.41	)		(0.97	)

Net asset value, end of period	$	26.14		$	24.61		$	25.07		$	21.99		$	16.91		$	27.12


TOTAL RETURN		6.22%	(b)		(0.05	)%		16.01%			32.51%			(36.09	)%		4.25%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	40,322		$	37,295		$	35,344		$	30,929		$	23,938		$	37,883
Ratio of expenses to average net assets before expense reimbursement		0.43%	(c)		0.49%			0.42%			0.08%			0.07%			0.07%
Ratio of expenses to average net assets after expense reimbursement		0.22%	(c)		0.22%			0.17%			0.08%			0.07%			0.07%
Ratio of net investment income (loss) to average net assets		1.92%	(c)		1.71%			1.87%			2.20%			2.06%			1.81%
Portfolio turnover rate		11%	(b)		18%			18%			15%			17%			12%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Real Estate Securities Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	24.94		$	23.67		$	18.43		$	15.24		$	26.50		$	38.04


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.26			0.38			0.35			0.49			0.70			0.60
Net realized and unrealized gain (loss) on total investments		3.78			1.20			5.37			3.32			(10.87	)		(6.68	)

Total gain (loss) from investment operations		4.04			1.58			5.72			3.81			(10.17	)		(6.08	)


Less distributions from:
Net investment income		—			(0.31	)		(0.48	)		(0.62	)		(1.09	)		(1.31	)
Net realized gains		—			—			—			—			—			(4.15	)

Total distributions		—			(0.31	)		(0.48	)		(0.62	)		(1.09	)		(5.46	)

Net asset value, end of period	$	28.98		$	24.94		$	23.67		$	18.43		$	15.24		$	26.50


TOTAL RETURN		16.24%	(b)		6.73%			31.16%			25.11%			(38.27	)%		(16.12	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	92,468		$	79,535		$	73,759		$	53,565		$	43,646		$	74,751
Ratio of expenses to average net assets before expense reimbursement		0.72%	(c)		0.71%			0.60%			0.25%			0.26%			0.27%
Ratio of expenses to average net assets after expense reimbursement		0.57%	(c)		0.57%			0.48%			0.25%			0.26%			0.27%
Ratio of net investment income (loss) to average net assets		1.90%	(c)		1.53%			1.63%			3.37%			2.94%			1.62%
Portfolio turnover rate		37%	(b)		58%			66%			65%			97%			111%

(a)	Based on average shares outstanding.

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

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


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


Financial highlights		continued

TIAA-CREF Life Funds § For the period or year ended


	Bond Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	25.60		$	24.88		$	24.13		$	23.38		$	24.55		$	24.41


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.41			0.87			0.93			1.06			1.29			1.29
Net realized and unrealized gain (loss) on total investments		0.44			0.70			0.73			0.68			(1.19	)		0.07

Total gain (loss) from investment operations		0.85			1.57			1.66			1.74			0.10			1.36


Less distributions from:
Net investment income		—			(0.85	)		(0.91	)		(0.99	)		(1.27	)		(1.22	)

Total distributions		—			(0.85	)		(0.91	)		(0.99	)		(1.27	)		(1.22	)

Net asset value, end of period	$	26.45		$	25.60		$	24.88		$	24.13		$	23.38		$	24.55


TOTAL RETURN		3.32%	(b)		6.31%			6.91%			7.40%			0.39%			5.60%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	170,885		$	158,136		$	137,000		$	115,865		$	91,953		$	86,661
Ratio of expenses to average net assets before expense reimbursement		0.54%	(c)		0.53%			0.41%			0.10%			0.10%			0.10%
Ratio of expenses to average net assets after expense reimbursement		0.35%	(c)		0.35%			0.27%			0.10%			0.10%			0.10%
Ratio of net investment income (loss) to average net assets		3.15%	(c)		3.41%			3.66%			4.41%			5.27%			5.18%
Portfolio turnover rate		79%	(b)		92%			67%			147%			92%			97%

(a)	Based on average shares outstanding.

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

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


See notes to financial statements		TIAA-CREF Life Funds § 2012 Semiannual Report			97


Financial highlights		concluded

TIAA-CREF Life Funds § For the period or year ended


	Money Market Fund
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07

	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Gain (loss) from investment operations:
Net investment income (loss)(a)		0.00	(d)		0.00	(d)		0.00	(d)		0.01			0.03			0.05
Net realized and unrealized gain (loss) on total investments		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		—			—

Total gain (loss) from investment operations		0.00	(d)		0.00	(d)		0.00	(d)		0.01			0.03			0.05


Less distributions from:
Net investment income		0.00	(d)		0.00	(d)		(0.00	)(d)		(0.01	)		(0.03	)		(0.05	)

Total distributions		0.00	(d)		0.00	(d)		(0.00	)(d)		(0.01	)		(0.03	)		(0.05	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

TOTAL RETURN		0.01%	(b)		0.03%			0.12%			0.54%			2.86%			5.34%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	58,679		$	59,822		$	61,766		$	74,102		$	117,322		$	100,444
Ratio of expenses to average net assets before expense reimbursement		0.38%	(c)		0.39%			0.27%			0.09%			0.07%			0.06%
Ratio of expenses to average net assets after expense reimbursement		0.15%	(c)		0.15%			0.12%			0.09%			0.07%			0.06%
Ratio of net investment income (loss) to average net assets		0.01%	(c)		0.03%			0.12%			0.58%			2.80%			5.19%

(a)	Based on average shares outstanding.

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

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

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


98		2012 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Notes to financial statements (unaudited)

TIAA-CREF Life Funds

Note 1—organization and significant accounting policies

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Net Asset Value per share (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

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

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

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.


TIAA-CREF Life Funds § 2012 Semiannual Report			99


Notes to financial statements (unaudited)

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

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2008–2011) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

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

New Accounting Pronouncements: In April 2011, the Financial Accounting Standards Board (“FASB”) adopted Accounting Standards Update (“ASU”) 2011-03, Reconsideration of Effective Control for Repurchase Agreements. ASU 2011-03 amends ASC 860, Transfers and Servicing in relation to the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem the financial assets before their maturity. ASU 2011-03 eliminates the collateral maintenance provision that an entity may use to determine whether a transfer of securities in a repurchase agreement or other agreement is accounted for as a sale or a secured borrowing. ASU 2011-03 applies to the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the implications of this guidance and has determined that the new requirements do not have a material impact to the Funds’ financial statements.

In May 2011, FASB adopted ASU No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure


100		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Management has evaluated the implications of this guidance and has determined that the new requirements do not have a material impact to the Funds’ financial statements and notes disclosure.

Note 2—valuation of investments

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

•

Level 1—quoted prices in active markets for identical securities

•

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

•

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.


TIAA-CREF Life Funds § 2012 Semiannual Report			101


Notes to financial statements (unaudited)

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

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

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

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

Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are catergorized in Level 1 of the fair value hierarchy.

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2012, there were no material transfers between levels by the Funds.

As of June 30, 2012, 100% of the value of investments in the Social Choice Equity Fund were valued based on Level 1 inputs.

As of June 30, 2012, the Stock Index Fund and the Small-Cap Equity Fund held Level 3 securities valued at zero. All other investments were valued based on Level 1 inputs.


102		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

As of June 30, 2012, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of June 30, 2012:


Fund	Level 1			Level 2		Level 3		Total

Growth Equity
Consumer discretionary	$	8,168,076		$	295,260	$	—	$	8,463,336
Consumer staples		1,873,042			—		—		1,873,042
Energy		1,192,282			439,012		—		1,631,294
Financials		2,131,521			—		—		2,131,521
Health care		5,685,440			546,933		—		6,232,373
Industrials		4,266,240			184,658		—		4,450,898
Information technology*		16,872,406			130,807		—		17,003,213
Materials		2,051,983			—		—		2,051,983
Telecommunication services		306,058			—		—		306,058
Short-term investments		429,488			—		—		429,488

Total	$	42,976,536		$	1,596,670	$	—	$	44,573,206

Growth & Income
Consumer discretionary	$	10,940,253		$	—	$	—	$	10,940,253
Consumer staples		9,691,976			914,996		—		10,606,972
Energy		8,310,476			—		—		8,310,476
Financials		12,368,288			—		—		12,368,288
Health care*		11,161,367			664,953		—		11,826,320
Industrials		7,433,146			92,258		—		7,525,404
Information technology		16,420,102			209,283		—		16,629,385
Materials		2,613,016			—		—		2,613,016
Telecommunication services		1,601,394			—		—		1,601,394
Utilities		2,264,147			—		—		2,264,147
Short-term investments		293,602			1,200,000		—		1,493,602
Written options**		(6,646	)		—		—		(6,646	)

Total	$	83,091,121		$	3,081,490	$	—	$	86,172,611

International Equity
France	$	—		$	6,396,012	$	—	$	6,396,012
Germany		—			16,566,401		—		16,566,401
Hong Kong		—			3,021,628		—		3,021,628
India		—			3,588,055		—		3,588,055
Japan		—			11,306,413		—		11,306,413
Sweden		—			3,764,473		—		3,764,473
Switzerland		—			12,318,628		—		12,318,628
United Kingdom		—			28,737,385		—		28,737,385
Other		—			1,698,438		—		1,698,438
Short-term investments		5,333,952			—		—		5,333,952

Total	$	5,333,952		$	87,397,433	$	—	$	92,731,385


TIAA-CREF Life Funds § 2012 Semiannual Report			103


Notes to financial statements (unaudited)


Fund	Level 1			Level 2		Level 3		Total

Large-Cap Value
Consumer discretionary	$	5,770,374		$	92,940	$	—	$	5,863,314
Consumer staples		4,670,385			257,525		—		4,927,910
Energy		10,394,607			181,957		—		10,576,564
Financials		15,014,260			653,751		—		15,668,011
Health care*		8,100,120			181,525		—		8,281,645
Industrials*		6,361,112			289,448		—		6,650,560
Information technology		5,426,851			92,488				5,519,339
Materials		1,297,138			36,530		—		1,333,668
Telecommunication services		2,799,490			—		—		2,799,490
Utilities		3,545,093			—		—		3,545,093
Short-term investments		2,116,908			—		—		2,116,908

Total	$	65,496,338		$	1,786,164	$	—	$	67,282,502

Real Estate Securities
Diversified capital markets	$	473,960		$	—	$	—	$	473,960
Diversified real estate activities		—			83,414		—		83,414
Diversified REITs		4,065,030			—		—		4,065,030
Industrial REITs		3,292,080			166,476		—		3,458,556
Mortgage REITs		503,400			—		—		503,400
Office REITs		8,875,744			—		—		8,875,744
Real estate operating companies		1,885,771			—		—		1,885,771
Residential REITs		15,931,150			—		—		15,931,150
Retail REITs		21,336,720			783,310		—		22,120,030
Specialized REITs		30,541,338			—		—		30,541,338
Short-term investments					3,000,000		—		3,000,000
Written options**		(12,000	)		—		—		(12,000	)

Total	$	86,893,193		$	4,033,200	$	—	$	90,926,393

Bond
Corporate bonds	$	—		$	67,245,161	$	—	$	67,245,161
Government bonds		—			95,740,337		—		95,740,337
Structured assets		—			9,808,243		—		9,808,243
Preferred stocks		40,114			—		—		40,114
Short-term investments		—			849,895		—		849,895

Total	$	40,114		$	173,643,636		—	$	173,683,750

*	Includes American Depositary Receipts in Level 1.

**	Derivatives instruments are not reflected in the summary portfolio of investments.

Note 3—derivative instruments

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


104		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

At June 30, 2012, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities:

Asset derivatives

Liabilities derivatives

Derivative contracts

Location

Fair value
amount

Location

Fair value
amount

Growth & Income Fund

Equity contracts

—

Written options

6,646

Stock Index Fund

Equity contracts

Futures

20,613

—

Real Estate Securities Fund

Equity contracts

—

Written options

12,000

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

For the period ended June 30, 2012, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:


Derivative contracts	Location		Realized gain (loss)		Change in unrealized appreciation (depreciation)
Growth & Income Fund
Equity contracts		Written options	$	600	$	(1,332	)

Stock Index Fund
Equity contracts		Futures transactions		36,314		19,209

Real Estate Securities Fund
Equity contracts		Written options		60,165		400

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded-funds, guarantees the futures against default. During the period ended June 30, 2012, the Small-Cap Equity Fund and Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.


TIAA-CREF Life Funds § 2012 Semiannual Report			105


Notes to financial statements (unaudited)

At June 30, 2012, the Stock Index Fund held 12 open futures contracts expiring in September 2012:

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses from writing options can exceed the premium received and can exceed the potential loss from an ordinary buy and sell transaction. During the period ended June 30, 2012, the Growth & Income Fund and the Real Estate Securities Fund had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets and 0% to 5% of net assets, respectively.

Written options outstanding as of June 30, 2012 were as follows:


Fund	Written options	Contracts		Value
Growth & Income Fund
	Amazon., Call, 07/21/12 at $110.00		1	$	(471	)
	Equinix, Inc., Call, 07/21/12 at $185.00		4		(720	)
	Google, Inc., Call, 06/29/12 at $570.00		2		(1,960	)
	Google, Inc., Call, 06/29/12 at $575.00		2		(980	)
	LinkedIn Corp., Call, 07/21/12 at $110.00		9		(2,340	)
	Monster Beverage Corp., Call, 07/21/12 at $82.50		5		(175	)
Total			23		(6,646	)
Real Estate Securities Fund
	Boston Properties Inc., Call, 07/21/12 at $115.00		400		(12,000	)

Transactions in written options and related premiums received during the period ended June 30, 2012, were as follows:


	Number of contracts			Premiums
Growth & Income Fund
Outstanding at beginning of period		—		$	—
Written		25			5,914
Exercised		—			—
Expired		(2	)		(600	)
Closed		—			—
Outstanding at end of period		23			5,314


106		2012 Semiannual Report § TIAA-CREF Life Funds


		continued


	Number of contracts			Premiums
Real Estate Securities Fund
Outstanding at beginning of period		—		$	—
Written		1,284			79,035
Purchased		(500	)		(12,500	)
Exercised		(224	)		(34,343	)
Expired		(160	)		(19,792	)
Closed		—			—
Outstanding at end of period		400			12,400

Note 4—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and operational oversight services to the Funds.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of June 30, 2012, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:


Fund	Investment management fee		Maximum expense amounts*

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

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

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


TIAA-CREF Life Funds § 2012 Semiannual Report			107


Notes to financial statements (unaudited)

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

The following is the percentage of the Funds’ shares owned by affiliates as of June 30, 2012:


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

Growth Equity		100.0	%		—	%		100.0%
Growth & Income		83.1			16.9			100.0%
International Equity		74.7			25.3			100.0%
Large-Cap Value		61.3			38.7			100.0%
Small-Cap Equity		55.9			44.1			100.0%
Stock Index		100.0			—			100.0%
Social Choice Equity		67.8			32.2			100.0%
Real Estate Securities		55.3			44.7			100.0%
Bond		56.7			43.3			100.0%
Money Market		100.0			—			100.0%

Note 5—investments

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

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


108		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

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

Net unrealized appreciation (depreciation): At June 30, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:


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

Growth Equity	$	40,303,333	$	5,348,843	$	(1,078,969	)	$	4,269,874
Growth & Income		77,856,141		11,509,356		(3,186,240	)		8,323,116
International Equity		102,354,153		2,149,239		(11,772,007	)		(9,622,768	)
Large-Cap Value		68,541,284		4,443,855		(5,702,637	)		(1,258,782	)
Small-Cap Equity		57,986,674		6,352,317		(2,385,059	)		3,967,258
Stock Index		173,544,289		53,754,150		(31,035,936	)		22,718,214
Social Choice Equity		36,618,134		8,128,547		(4,723,178	)		3,405,369
Real Estate Securities		78,545,855		13,989,702		(1,597,164	)		12,392,538
Bond		168,183,291		7,188,593		(1,688,134	)		5,500,459

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2012 were as follows:


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

Growth Equity	$	36,583,914	$	—	$	36,587,100	$	—
Growth & Income		48,596,862		—		46,575,240		—
International Equity		53,145,529		—		50,913,982		—
Large-Cap Value		30,235,945		—		30,842,821		—
Small-Cap Equity		36,775,366		—		37,937,648		—
Stock Index		5,257,958		—		7,912,297		—
Social Choice Equity		5,400,121		—		4,457,969		—
Real Estate Securities		31,281,997		—		32,065,035		—
Bond		49,001,695		101,366,542		33,540,968		94,393,237


TIAA-CREF Life Funds § 2012 Semiannual Report			109


Notes to financial statements (unaudited)		concluded

Note 6—distributions to shareholders and other tax items

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


	2011
Fund	Ordinary income		Long-term capital gains		Total

Growth Equity	$	114,292	$	—	$	114,292
Growth & Income		832,617		—		832,617
International Equity		1,625,943		—		1,625,943
Large-Cap Value		976,416		—		976,416
Small-Cap Equity		317,153		—		317,153
Stock Index		3,369,120		—		3,369,120
Social Choice Equity		650,978		—		650,978
Real Estate Securities		967,504		—		967,504
Bond		5,009,099		12,940		5,022,039
Money Market		18,409		—		18,409

The tax character of the fiscal year 2012 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2012, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

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


110		2012 Semiannual Report § TIAA-CREF Life Funds


Board renewal of the investment advisory agreement (unaudited)

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

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

Overview of the renewal process

The Board held a meeting on March 29, 2012, at which it considered the annual renewal of the Agreement with respect to each of the Funds using its previously established process for reviewing the Agreement. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to the Board in connection with the proposed contract renewals, and then helped evaluate the information provided in response to those guidelines. The Operations Committee reviewed such guidelines and requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Funds, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared certain of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable products with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment


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Board renewal of the investment advisory agreement (unaudited)

performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universes of funds that underlie variable products and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Operations Committee also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.

In advance of the Board meeting held on March 29, 2012, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed its Lipper peer group or (with respect to the Stock Index Fund only) benchmark by a specified amount over a three-year period, together with an explanation of any events that had had a material impact on the Fund’s performance during that period; (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 fee rate under the Agreement to the fee rates of any other comparable funds or accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the


112		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (5) fees charged by other advisers for managing similar funds; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

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

The Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 29, 2012, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are certain general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various funds or accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Funds and TIAA Separate Account VA-1. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing


TIAA-CREF Life Funds § 2012 Semiannual Report			113


Board renewal of the investment advisory agreement (unaudited)

orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Board considered the investment performance of each Fund, as applicable, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group, peer universe and benchmark index. In this regard, the Board considered that the performance of most Funds generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, the Funds ranked in the top three performance quintiles versus their peer groups and universes of mutual funds that underlie variable products. (For additional detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below.) The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds that underlie variable products for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Fund’s investment performance or TAI had represented that no remedial actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an acceptable range or that appropriate remedial actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2011 with respect to the Funds. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board acknowledged the reasonableness of having management fee rates that permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had earned profits with respect to certain Funds, but had incurred losses on other Funds. The Board


114		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

concluded that the profits earned by TAI with respect to certain Funds were not excessive in light of various relevant factors.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds that underlie variable products, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged by many or most comparable mutual funds that underlie variable products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds that underlie variable products are set and potentially material differences between a Fund and its comparable mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds that underlie variable products.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board determined that the current fee rates at current asset levels generally were low compared to peer groups of mutual funds that underlie variable products. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current and potential economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other affiliated investment companies. In addition, TAI manages institutional client assets through a small number of unregistered commingled funds and separate accounts with similar investment strategies and investment staff as certain of the Funds. The Board considered the schedule of management fee rates for each of these funds and accounts, and the management fee rates actually charged to clients with current separate accounts that are managed under similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates charged to these other funds and accounts, this is due in part to the fact that these other funds and accounts: are offered in different types of


TIAA-CREF Life Funds § 2012 Semiannual Report			115


Board renewal of the investment advisory agreement (unaudited)

markets; are provided with different types or levels of services by TAI; target different types of investors; and/or are packaged with other products, and that these factors, among others, justify different management fee rate schedules.

Other benefits

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

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below ended as of December 31, 2011. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2011 under the Agreement.

Growth Equity Fund

•

The Fund’s annual contractual management fee rate is 0.45% of average daily net assets.

•

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

•

For the one- and five-year periods, the Fund was in the 1st quintile of the group of comparable funds identified by Lipper for performance comparison purposes (“Performance Group”) and, for the two-, three-, four- and ten-year periods, the Fund was in the 3rd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). The Fund was in the 1st, 2nd, 3rd, 3rd, 1st and 4th quintiles, respectively, of its Performance Universe for the one-, two-, three-, four-, five- and ten-year periods.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI earned a net profit with respect to its services to the Fund for the one-year period.


116		2012 Semiannual Report § TIAA-CREF Life Funds


		continued

Growth & Income Fund

•

The Fund’s annual contractual management fee rate is 0.45% of average daily net assets.

•

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

•

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

•

The Fund received an Overall Morningstar Rating of 5 stars.

•

TAI earned a net profit with respect to its services to the Fund for the one-year period.

International Equity Fund

•

The Fund’s annual contractual management fee rate is 0.50% of average daily net assets.

•

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

•

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

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI earned a net profit with respect to its services to the Fund for the one-year period.

Large-Cap Value Fund

•

The Fund’s annual contractual management fee rate is 0.45% of average daily net assets.

•

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

•

The Fund was in the 4th quintile of its Performance Group for the two-, four- and five-year periods, and in the 5th and 1st quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund was in the 4th quintile of its Performance Universe for the one-, two-, four- and five-year periods and in the 3rd quintile of its Performance Universe for the three-year period.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI earned a net profit with respect to its services to the Fund for the one-year period.

Small-Cap Equity Fund

•

The Fund’s annual contractual management fee rate is 0.48% of average daily net assets.

•

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


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Board renewal of the investment advisory agreement (unaudited)

•

For the one-, two- and four-year periods, the Fund was in the 4th quintile of its Performance Group and, for the three- and five-year periods, the Fund was in the 5th quintile of its Performance Group. For the two- and four-year periods, the Fund was in the 2nd quintile of its Performance Universe and, for the one-, three- and five-year periods, the Fund was in the 3rd quintile of its Performance Universe.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI earned a net profit with respect to its services to the Fund for the one-year period.

Stock Index Fund

•

The Fund’s annual contractual management fee rate is 0.06% of average daily net assets.

•

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

•

The Fund was in the 1st, 2nd, 2nd, 2nd, 3rd and 3rd quintiles of its Performance Universe for the one-, two-, three-, four-, five- and ten-year periods, respectively.

•

For the one-, three-, five- and ten-year periods, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses) as compared to its benchmark, the Russell 3000^® Index, was +1, +1, +10 and +8 basis points, respectively.

•

The Fund received an Overall Morningstar Rating of 4 stars.

•

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

Social Choice Equity Fund

•

The Fund’s annual contractual management fee rate is 0.15% of average daily net assets.

•

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

•

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

•

The Fund received an Overall Morningstar Rating of 4 stars.

•

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

Real Estate Securities Fund

•

The Fund’s annual contractual management fee rate is 0.50% of average daily net assets.

•

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

•

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


118		2012 Semiannual Report § TIAA-CREF Life Funds


		concluded

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI earned a net profit with respect to its services to the Fund for the one-year period.

Bond Fund

•

The Fund’s annual contractual management fee rate is 0.30% of average daily net assets.

•

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

•

For the three-year period, the Fund was in the 5th quintile of its Performance Group and, for the one-, two-, four- and five-year periods, the Fund was in the 3rd quintile of its Performance Group. For the one- and two-year periods, the Fund was in the 3rd quintile of its Performance Universe and, for the three-, four- and five-year periods, the Fund was in the 4th quintile of its Performance Universe.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

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

Money Market Fund

•

The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

•

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

•

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

•

Money market funds are not rated by Morningstar.

•

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

•

TAI and its affiliates waived certain expenses of the Fund during the one-year period to prevent the Fund’s yield from being negative.

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


TIAA-CREF Life Funds § 2012 Semiannual Report			119

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How to reach us


TIAA-CREF website Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options tiaa-cref.org 24 hours a day, 7 days a week Automated telephone service Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums 800 842-2252 24 hours a day, 7 days a week National contact center Retirement saving and planning, income options and payments, beneficiary services and tax reporting 800 842-2252 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday Planning and service center TIAA-CREF mutual funds 800 223-1200 8 a.m. to 10 p.m. ET, Monday–Friday		Insurance planning center After-tax annuities and life insurance For an existing policy or contract 800 223-1200 To apply for a new policy or contract 877 825-0411 8 a.m. to 8p.m. ET, Monday–Friday For the hearing- or speech-impaired 800 842-2755 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday TIAA-CREF brokerage services Self-directed brokerage accounts for investing in stocks, bonds and mutual funds 800 927-3059 8 a.m. to 7 p.m. ET, Monday–Friday TIAA-CREF Trust Company, FSB Asset management, trust administration, estate planning, planned giving and endowment management 888 842-9001 9 a.m. to 6 p.m. ET, Monday–Friday Advisor services 888 842-0318 8 a.m. to 7:30 p.m. ET, Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200.Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition		to any banking service or activity, and may lose value. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC.TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.
©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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C5429

A10937 (8/12)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.2%
2,639	*,e	Tesla Motors, Inc	$	82,574

		TOTAL AUTOMOBILES & COMPONENTS		82,574

CAPITAL GOODS - 7.8%
13,096		Boeing Co		973,033
2,807		Caterpillar, Inc		238,342
5,203	e	European Aeronautic Defence and Space Co		184,658
9,855		Honeywell International, Inc		550,303
5,493		Precision Castparts Corp		903,544
4,870		Roper Industries, Inc		480,085
1,742		Stanley Works		112,115

		TOTAL CAPITAL GOODS		3,442,080

COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
8,080	*	Nielsen Holdings NV		211,858
6,960	*	Verisk Analytics, Inc		342,849

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		554,707

CONSUMER DURABLES & APPAREL - 3.6%
14,181		Burberry Group plc		295,260
2,230	*	Michael Kors Holdings Ltd		93,303
9,309		Nike, Inc (Class B)		817,144
2,664		Ralph Lauren Corp		373,120

		TOTAL CONSUMER DURABLES & APPAREL		1,578,827

CONSUMER SERVICES - 5.6%
8,838	*	Orient-Express Hotels Ltd (Class A)		73,974
20,777		Starbucks Corp		1,107,830
8,258		Starwood Hotels & Resorts Worldwide, Inc		438,004
4,191		Wynn Resorts Ltd		434,690
6,326		Yum! Brands, Inc		407,521

		TOTAL CONSUMER SERVICES		2,462,019

DIVERSIFIED FINANCIALS - 4.1%
5,777		American Express Co		336,279
3,624		Ameriprise Financial, Inc		189,390
28,060		Blackstone Group LP		366,744
1,244		Capital One Financial Corp		67,997
3,159	*	IntercontinentalExchange, Inc		429,561
11,339		Moody’s Corp		414,440

		TOTAL DIVERSIFIED FINANCIALS		1,804,411

ENERGY - 3.7%

2,269		EOG Resources, Inc		204,460
6,859		National Oilwell Varco, Inc		441,994
8,409		Schlumberger Ltd		545,828
15,182		Suncor Energy, Inc		439,012

		TOTAL ENERGY		1,631,294

FOOD & STAPLES RETAILING - 0.5%
2,256		Whole Foods Market, Inc		215,042

		TOTAL FOOD & STAPLES RETAILING		215,042

FOOD, BEVERAGE & TOBACCO - 2.7%
4,368		Hershey Co		314,627
8,425		Mead Johnson Nutrition Co		678,297
2,781		Philip Morris International, Inc		242,670

		TOTAL FOOD, BEVERAGE & TOBACCO		1,235,594

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 3.5%
7,011	*	Cerner Corp	$	579,529
1,651	*	Edwards Lifesciences Corp		170,549
1,294	*	Intuitive Surgical, Inc		716,604
768	*	SXC Health Solutions Corp		76,193

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,542,875

HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
7,805		Estee Lauder Cos (Class A)		422,407

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		422,407

MATERIALS - 4.6%
9,535		Ecolab, Inc		653,433
15,232		Monsanto Co		1,260,905
1,040		Sherwin-Williams Co		137,645

		TOTAL MATERIALS		2,051,983

MEDIA - 5.7%
15,348		Comcast Corp (Class A)		490,676
9,211	*	DIRECTV		449,681
4,297	*	Discovery Communications, Inc (Class A)		232,038
6,179		Scripps Networks Interactive (Class A)		351,338
20,785		Walt Disney Co		1,008,072

		TOTAL MEDIA		2,531,805

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.6%
6,167		Abbott Laboratories		397,586
8,392		Agilent Technologies, Inc		329,302
7,625	*	Alexion Pharmaceuticals, Inc		757,163
7,143		Allergan, Inc		661,228
4,514	*	Biogen Idec, Inc		651,731
4,706	*	BioMarin Pharmaceuticals, Inc		186,263
5,993	*	Gilead Sciences, Inc		307,321
4,671	*,e	Illumina, Inc		188,662
6,590		Johnson & Johnson		445,220
3,771		Novo Nordisk AS (Class B)		546,934
3,282	*	Onyx Pharmaceuticals, Inc		218,089

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,689,499

REAL ESTATE - 0.7%
4,679		American Tower Corp		327,109

		TOTAL REAL ESTATE		327,109

RETAILING - 4.1%
7,606	*	Amazon.com, Inc		1,736,830
800	*	Dollar Tree, Inc		43,040
340		Tractor Supply Co		28,240

		TOTAL RETAILING		1,808,110

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1%
4,805		Avago Technologies Ltd		172,499
9,430		Broadcom Corp (Class A)		318,734

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		491,233

SOFTWARE & SERVICES - 25.5%
19,077	*	Adobe Systems, Inc		617,522
8,709	*	Autodesk, Inc		304,728
1,160	*	Baidu, Inc (ADR)		133,377
5,845	*	Cognizant Technology Solutions Corp (Class A)		350,700
20,264	*	eBay, Inc		851,290
4,042	*,e	Facebook, Inc		125,787
8,403	*	Gartner, Inc		361,749
2,312	*	Google, Inc (Class A)		1,341,122
28,350		Intuit, Inc		1,682,573
2,232		Mastercard, Inc (Class A)		960,006
43,308		Microsoft Corp		1,324,792

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

18,410	*	Nuance Communications, Inc	$	438,526
12,192	*	Red Hat, Inc		688,604
4,021	*	Salesforce.com, Inc		555,943
2,209		SAP AG.		130,807
4,056	*	TIBCO Software, Inc		121,356
8,762		Visa, Inc (Class A)		1,083,246
2,378	*	VMware, Inc (Class A)		216,493

		TOTAL SOFTWARE & SERVICES		11,288,621

TECHNOLOGY HARDWARE & EQUIPMENT - 11.8%
5,667	*	Apple, Inc		3,309,528
34,225		Cisco Systems, Inc		587,643
34,831	*	EMC Corp		892,719
7,785		Qualcomm, Inc		433,469

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,223,359

TELECOMMUNICATION SERVICES - 0.7%
6,887		Verizon Communications, Inc		306,058

		TOTAL TELECOMMUNICATION SERVICES		306,058

TRANSPORTATION - 1.0%
4,957		FedEx Corp		454,111

		TOTAL TRANSPORTATION		454,111

		TOTAL COMMON STOCKS (Cost $39,804,792)		44,143,718

SHORT-TERM INVESTMENTS - 1.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
429,488	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		429,488

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		429,488

		TOTAL SHORT-TERM INVESTMENTS (Cost $429,488)		429,488

		TOTAL INVESTMENTS - 100.8% (Cost $40,234,280)		44,573,206
		OTHER ASSETS & LIABILITIES, NET - (0.8)%		(371,318	)

		NET ASSETS - 100.0%	$	44,201,888

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $425,550.

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 98.2%
BANKS - 4.2%
22,756		Fifth Third Bancorp	$	304,930
9,133	*	Ocwen Financial Corp		171,518
41,624		Regions Financial Corp		280,962
11,462		TCF Financial Corp		131,584
27,735		US Bancorp		891,958
54,330		Wells Fargo & Co		1,816,795

		TOTAL BANKS		3,597,747

CAPITAL GOODS - 7.1%
4,408		Ametek, Inc		220,003
6,104		Boeing Co		453,527
9,372		Eaton Corp		371,412
5,261		Emerson Electric Co		245,058
58,636		General Electric Co		1,221,974
18,268		Honeywell International, Inc		1,020,085
26,471		Invensys plc		92,258
7,565	*	Owens Corning, Inc		215,905
3,512		Precision Castparts Corp		577,689
5,797		Roper Industries, Inc		571,468
1,870		SPX Corp		122,149
4,297	*	Teledyne Technologies, Inc		264,910
11,430		Textron, Inc		284,264
8,320		Tyco International Ltd		439,712

		TOTAL CAPITAL GOODS		6,100,414

CONSUMER DURABLES & APPAREL - 1.6%
18,839		DR Horton, Inc		346,261
6,732		Jarden Corp		282,878
2,398		Phillips-Van Heusen Corp		186,540
2,010	*,e	Under Armour, Inc (Class A)		189,905
2,706		VF Corp		361,116

		TOTAL CONSUMER DURABLES & APPAREL		1,366,700

CONSUMER SERVICES - 2.4%
850	*	Chipotle Mexican Grill, Inc (Class A)		322,958
4,146		McDonald’s Corp		367,045
4,156	*	Penn National Gaming, Inc		185,316
10,530		Starbucks Corp		561,460
3,705		Starwood Hotels & Resorts Worldwide, Inc		196,513
7,458		Yum! Brands, Inc		480,444

		TOTAL CONSUMER SERVICES		2,113,736

DIVERSIFIED FINANCIALS - 5.0%
10,101		American Express Co		587,980
5,443		Ameriprise Financial, Inc		284,451
38,606		Bank of America Corp		315,797
28,852		Blackstone Group LP		377,096
16,796		Citigroup, Inc		460,378
22,140		Discover Financial Services		765,601
2,606		Goldman Sachs Group, Inc		249,811
1,602	*	IntercontinentalExchange, Inc		217,840
16,460		JPMorgan Chase & Co		588,116
16,486		Morgan Stanley		240,531
19,010		SLM Corp		298,647

		TOTAL DIVERSIFIED FINANCIALS		4,386,248

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

ENERGY - 9.6%
11,280		Anadarko Petroleum Corp	$	746,736
16,344		Chevron Corp		1,724,292
4,198	*	Cobalt International Energy, Inc		98,653
12,523		EXCO Resources, Inc		95,050
29,914		Exxon Mobil Corp		2,559,741
9,238		Kinder Morgan, Inc		297,648
4,762		National Oilwell Varco, Inc		306,863
2,716		Noble Energy, Inc		230,371
10,940		Occidental Petroleum Corp		938,324
3,366		Pioneer Natural Resources Co		296,915
8,299		Schlumberger Ltd		538,688
7,229	*	Southwestern Energy Co		230,822
5,508		Transocean Ltd		246,373

		TOTAL ENERGY		8,310,476

FOOD & STAPLES RETAILING - 1.3%
11,276		Wal-Mart Stores, Inc		786,163
3,163		Whole Foods Market, Inc		301,497

		TOTAL FOOD & STAPLES RETAILING		1,087,660

FOOD, BEVERAGE & TOBACCO - 9.3%
5,634		Anheuser-Busch InBev NV (ADR)		448,748
2,740	*	Annie’s, Inc		114,696
2,428		Beam, Inc		151,726
1,757		Brown-Forman Corp (Class B)		170,166
20,715		Coca-Cola Co		1,619,706
3,774		Groupe Danone		234,541
11,226		Hershey Co		808,609
7,163		Ingredion, Inc		354,712
4,024		Lorillard, Inc		530,967
4,676		Mead Johnson Nutrition Co		376,465
6,527	*,d	Monster Beverage Corp		464,722
9,455		PepsiCo, Inc		668,090
20,736		Philip Morris International, Inc		1,809,423
2,109		Remy Cointreau S.A.		231,707

		TOTAL FOOD, BEVERAGE & TOBACCO		7,984,278

HEALTH CARE EQUIPMENT & SERVICES - 2.3%
16,091		Cardinal Health, Inc		675,822
3,968	*	Cerner Corp		327,995
11,475	*	Express Scripts Holding Co		640,649
3,955	*	SXC Health Solutions Corp		392,375

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,036,841

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
4,286		Colgate-Palmolive Co		446,173
9,060		Estee Lauder Cos (Class A)		490,327
9,772		Procter & Gamble Co		598,535

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,535,035

INSURANCE - 3.2%
12,327		ACE Ltd		913,801
7,948		Aon plc		371,807
4,796	*	Berkshire Hathaway, Inc (Class B)		399,651
10,608		Prudential Financial, Inc		513,745
8,625		Travelers Cos, Inc		550,620

		TOTAL INSURANCE		2,749,624

MATERIALS - 3.0%
3,022		Ashland, Inc		209,455
7,037		Cytec Industries, Inc		412,650
6,131		Du Pont (E.I.) de Nemours & Co		310,044
4,310		FMC Corp		230,499
3,134		Georgia Gulf Corp		80,450
5,321		LyondellBasell Industries AF S.C.A		214,277

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

11,011		Monsanto Co	$	911,490
1,203		PPG Industries, Inc		127,662
2,309	*	WR Grace & Co		116,489

		TOTAL MATERIALS		2,613,016

MEDIA - 3.8%
10,014		CBS Corp (Class B)		328,259
3,743	*	Charter Communications, Inc		265,266
29,526		Comcast Corp (Class A)		943,946
3,976		Scripps Networks Interactive (Class A)		226,075
6,656		Time Warner, Inc		256,256
9,628		Viacom, Inc (Class B)		452,709
15,995		Walt Disney Co		775,758

		TOTAL MEDIA		3,248,269

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.4%
16,993		Abbott Laboratories		1,095,539
5,012	*	Alexion Pharmaceuticals, Inc		497,692
6,395		Allergan, Inc		591,985
5,897		Amgen, Inc		430,717
6,090		Bayer AG.		438,841
4,518	*	Biogen Idec, Inc		652,309
6,252	*	BioMarin Pharmaceuticals, Inc		247,454
8,725		Bristol-Myers Squibb Co		313,664
17,675	*	Gilead Sciences, Inc		906,374
3,919	*	Jazz Pharmaceuticals plc		176,394
19,273		Johnson & Johnson		1,302,084
1,559		Novo Nordisk AS (Class B)		226,112
86,725		Pfizer, Inc		1,994,675
9,780		Teva Pharmaceutical Industries Ltd (ADR)		385,723
7,162	*	Watson Pharmaceuticals, Inc		529,916

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		9,789,479

REAL ESTATE - 1.9%
10,759		American Tower Corp		752,162
3,350		Simon Property Group, Inc		521,461
16,147		Weyerhaeuser Co		361,047

		TOTAL REAL ESTATE		1,634,670

RETAILING - 4.9%
1,709	*,d	Amazon.com, Inc		390,250
16,055		Foot Locker, Inc		490,962
6,645		GNC Holdings, Inc		260,484
21,814		Home Depot, Inc		1,155,924
14,268		Macy’s, Inc		490,106
5,082		Petsmart, Inc		346,491
3,671		Tiffany & Co		194,379
17,537		TJX Companies, Inc		752,863
4,715	*	Urban Outfitters, Inc		130,087

		TOTAL RETAILING		4,211,546

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
12,534		Avago Technologies Ltd		449,971
28,563	*	Imagination Technologies Group plc		209,283
30,266		Intel Corp		806,589
31,205	*	ON Semiconductor Corp		221,555

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,687,398

SOFTWARE & SERVICES - 8.6%
10,003	*	Aspen Technology, Inc		231,570
17,916	*	eBay, Inc		752,651
993	*,d	Equinix, Inc		174,420
6,491		Fidelity National Information Services, Inc		221,213
1,323	*,d	Google, Inc (Class A)		767,433
9,770		IAC/InterActiveCorp		445,512
4,237		International Business Machines Corp		828,673

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

1,955	*,d,e	LinkedIn Corp	$	207,758
4,396	*	Micros Systems, Inc		225,075
49,483		Microsoft Corp		1,513,685
1,571	*	MicroStrategy, Inc (Class A)		204,010
39,065		Oracle Corp		1,160,231
34,881	*	Symantec Corp		509,611
11,872	*	Yahoo!, Inc		187,934

		TOTAL SOFTWARE & SERVICES		7,429,776

TECHNOLOGY HARDWARE & EQUIPMENT - 8.7%
7,317	*	Apple, Inc		4,273,128
51,463		Cisco Systems, Inc		883,620
537	*	Comverse Technology, Inc		3,125
15,096	*	EMC Corp		386,910
14,710		Hewlett-Packard Co		295,818
31,168	*	JDS Uniphase Corp		342,848
9,801	*	NetApp, Inc		311,868
16,279		Qualcomm, Inc		906,415
6,717	*	Riverbed Technology, Inc		108,480

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,512,212

TELECOMMUNICATION SERVICES - 1.9%
41,118		AT&T, Inc		1,466,268
5,266	*	tw telecom inc (Class A)		135,126

		TOTAL TELECOMMUNICATION SERVICES		1,601,394

TRANSPORTATION - 1.6%
20,400		CSX Corp		456,144
3,327		Kansas City Southern Industries, Inc		231,426
4,590	*	Old Dominion Freight Line		198,701
6,840		United Parcel Service, Inc (Class B)		538,718

		TOTAL TRANSPORTATION		1,424,989

UTILITIES - 2.6%
7,075		American Water Works Co, Inc		242,531
12,913	*	Calpine Corp		213,194
23,818		Centerpoint Energy, Inc		492,318
9,353		Duke Energy Corp		215,680
13,797		Edison International		637,421
4,485		Exelon Corp		168,726
11,890		NiSource, Inc		294,277

		TOTAL UTILITIES		2,264,147

		TOTAL COMMON STOCKS (Cost $76,144,451)		84,685,655

TIAA-CREF LIFE FUNDS - Growth & Income Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

SHORT-TERM INVESTMENTS - 1.7%

GOVERNMENT AGENCY DEBT - 1.4%

$1,200,000

Federal Home Loan Bank (FHLB)

0.001%

07/02/12

1,200,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%

293,603

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

293,602

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

293,602

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,493,603)

1,493,602

TOTAL INVESTMENTS - 99.9%

(Cost $77,638,054)

86,179,257

OTHER ASSETS & LIABILITIES, NET - 0.1%

58,261

NET ASSETS - 100.0%

86,237,518

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

d	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $298,867.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 100.9%
BELGIUM - 1.5%
27,309		UCB S.A.	$	1,379,524

		TOTAL BELGIUM		1,379,524

FRANCE - 7.5%
60,136		BNP Paribas		2,318,524
15,233		Compagnie Generale d’Optique Essilor International S.A.		1,415,141
10,790	e	Edenred		305,889
43,285	e	Lafarge S.A.		1,933,029
4,063		Technip S.A.		423,429

		TOTAL FRANCE		6,396,012

GERMANY - 19.1%
87,623		Bayer AG.		6,314,048
15,973		Beiersdorf AG.		1,035,490
51,789		Henkel KGaA (Preference)		3,441,160
55,537		Lanxess AG.		3,514,631
14,247		Merck KGaA		1,422,796
17,053		Rheinmetall AG.		838,276

		TOTAL GERMANY		16,566,401

HONG KONG - 3.5%
1,484,000		Li & Fung Ltd		2,873,395
234,000		Trinity Ltd		148,233

		TOTAL HONG KONG		3,021,628

INDIA - 4.2%
214,478		DLF Ltd		770,856
242,153		HDFC Bank Ltd		2,466,404
28,483		United Spirits Ltd		350,795

		TOTAL INDIA		3,588,055

ITALY - 0.2%
4,274		Saipem S.p.A.		190,340

		TOTAL ITALY		190,340

JAPAN - 13.1%
44,100		Asics Corp		559,435
15,770	e	Canon, Inc		629,389
15,800		Daikin Industries Ltd		444,965
14,822		Denso Corp		506,482
750	*	Fanuc Ltd		123,286
3,200		Fast Retailing Co Ltd		640,293
265,000		Hitachi Ltd		1,633,948
12,300		JS Group Corp		259,582
25,800		JTEKT Corp		267,123
2,003		Kao Corp		55,239
1,680		Komatsu Ltd		40,104
16,700	e	Konami Corp		378,402
1,693		Mitsubishi Corp		34,223
13,016		Mitsubishi Electric Corp		108,898
18,000		Mitsubishi Heavy Industries Ltd		73,173
65,853		Mitsubishi UFJ Financial Group, Inc		315,494
7,000		Mitsui Trust Holdings, Inc		20,920
750		Nitto Denko Corp		32,133
1,750	*	NOK Corp		37,365
3,253	e	Nomura Holdings, Inc		12,162
23,500		Sanrio Co Ltd		856,769

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE

35,850		Shin-Etsu Chemical Co Ltd	$	1,974,188
1,650	*,e	Sony Corp		23,594
3,850		Sumitomo Corp		53,868
3,200		Sumitomo Metal Mining Co Ltd		36,061
3,000	e	Suruga Bank Ltd		30,727
317,500	e	Teijin Ltd		966,520
27,800		Toyota Motor Corp		1,122,069
2,800	e	United Arrows Ltd		70,001

		TOTAL JAPAN		11,306,413

NETHERLANDS - 0.1%
821		Royal Dutch Shell plc (A Shares)		27,662

		TOTAL NETHERLANDS		27,662

SWEDEN - 4.3%
50,064		Assa Abloy AB (Class B)		1,398,089
120,048		SKF AB (B Shares)		2,366,384

		TOTAL SWEDEN		3,764,473

SWITZERLAND - 14.2%
64,899	e	Adecco S.A.		2,886,044
3,880		Burckhardt Compression Holding AG.		996,596
238,108	*	Clariant AG.		2,353,073
3,235		Credit Suisse Group		59,191
592		Givaudan S.A.		581,027
34,824		Holcim Ltd		1,929,439
4,020		Nestle S.A.		239,906
12,985		Swatch Group AG. Reg		903,385
15,166		Tecan Group AG.		1,046,592
113,088	*	UBS AG. (Switzerland)		1,323,375

		TOTAL SWITZERLAND		12,318,628

TAIWAN - 0.1%
342,000		Yageo Corp		100,912

		TOTAL TAIWAN		100,912

UNITED KINGDOM - 33.1%
6,781	*	Afren plc		11,023
487,364		Barclays plc		1,245,337
16,469		BG Group plc		337,145
144,793		British Sky Broadcasting plc		1,578,518
125,786		Carnival plc		4,300,687
105,429		Compass Group plc		1,106,691
290,332		Filtrona plc		2,177,757
30,775		Imperial Tobacco Group plc		1,185,707
1,509,576		Man Group plc		1,806,312
34,229		Petrofac Ltd		747,127
64,246		Reckitt Benckiser Group plc		3,395,850
229,930		Reed Elsevier plc		1,842,923
2,952	*	Rockhopper Exploration plc		11,924
106,113		Smiths Group plc		1,685,219
212,305		Tate & Lyle plc		2,156,154
76,031		Tullow Oil plc		1,757,272
90,998		Wolseley plc		3,391,739

		TOTAL UNITED KINGDOM		28,737,385

		TOTAL COMMON STOCKS (Cost $96,398,583)		87,397,433

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE

SHORT-TERM INVESTMENTS - 6.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 6.2%
5,333,952	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	5,333,952

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		5,333,952

		TOTAL SHORT-TERM INVESTMENTS (Cost $5,333,952)		5,333,952

		TOTAL INVESTMENTS - 107.1% (Cost $101,732,535)		92,731,385
		OTHER ASSETS & LIABILITIES, NET - (7.1)%		(6,153,139	)

		NET ASSETS - 100.0%	$	86,578,246

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $ 5,243,370.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2012


SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	16,569,840			19.0	%
MATERIALS		15,497,859			17.9
INDUSTRIALS		15,273,458			17.6
CONSUMER STAPLES		11,860,301			13.7
HEALTH CARE		11,578,100			13.4
FINANCIALS		10,369,301			12.0
ENERGY		3,505,923			4.1
INFORMATION TECHNOLOGY		2,742,651			3.2
SHORT - TERM INVESTMENTS		5,333,952			6.2
OTHER ASSETS & LIABILITIES, NET		(6,153,139	)		(7.1	)

NET ASSETS	$	86,578,246			100.0	%

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.4%
15,053	*	American Axle & Manufacturing Holdings, Inc	$	157,906
3,102	*	Visteon Corp		116,325

		TOTAL AUTOMOBILES & COMPONENTS		274,231

BANKS - 6.0%
3,139		BB&T Corp		96,838
101,500		BOC Hong Kong Holdings Ltd		312,463
11,758		Fifth Third Bancorp		157,557
10,498		First Horizon National Corp		90,808
40,153		Huntington Bancshares, Inc		256,979
975		PNC Financial Services Group, Inc		59,582
41,172		Regions Financial Corp		277,911
4,093		SunTrust Banks, Inc		99,173
16,476		TCF Financial Corp		189,145
20,981		US Bancorp		674,749
50,275		Wells Fargo & Co		1,681,196

		TOTAL BANKS		3,896,401

CAPITAL GOODS - 9.1%
8,084		Boeing Co		600,641
13,562		CAE, Inc		131,744
14,312	*	Edwards Group Ltd (ADR)		113,923
102,492		General Electric Co		2,135,933
7,092		Honeywell International, Inc		396,017
6,586		Illinois Tool Works, Inc		348,334
4,072		Ingersoll-Rand plc		171,757
45,249		Invensys plc		157,704
1,560		L-3 Communications Holdings, Inc		115,455
23,823		Masco Corp		330,425
5,088	*,e	Polypore International, Inc		205,504
5,779		SPX Corp		377,484
7,056		Textron, Inc		175,483
12,401		Tyco International Ltd		655,393

		TOTAL CAPITAL GOODS		5,915,797

CONSUMER DURABLES & APPAREL - 1.2%
8,461		Jarden Corp		355,531
37,297	*	Pulte Homes, Inc		399,078

		TOTAL CONSUMER DURABLES & APPAREL		754,609

CONSUMER SERVICES - 1.6%
13,888		Carnival Corp		475,942
562		Interval Leisure Group, Inc		10,684
19,859	*	Orient-Express Hotels Ltd (Class A)		166,220
7,521	*	Penn National Gaming, Inc		335,361
1,378		Six Flags Entertainment Corp		74,660

		TOTAL CONSUMER SERVICES		1,062,867

DIVERSIFIED FINANCIALS - 8.2%
8,838		Apollo Management LP		109,591
86,219		Bank of America Corp		705,271
28,302		Blackstone Group LP		369,907
7,210		Capital One Financial Corp		394,099
37,346		Citigroup, Inc		1,023,654
5,758		Deutsche Bank AG.		207,825
14,890		Discover Financial Services		514,896
1,261		Goldman Sachs Group, Inc		120,880
16,872		JPMorgan Chase & Co		602,837

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

42,415		Morgan Stanley	$	618,835
9,621		State Street Corp		429,481
19,828		UBS A.G.		232,186

		TOTAL DIVERSIFIED FINANCIALS		5,329,462

ENERGY - 16.2%
5,721		Anadarko Petroleum Corp		378,730
4,373		Baker Hughes, Inc		179,730
4,002		Cabot Oil & Gas Corp		157,679
5,291		Cenovus Energy, Inc		168,254
16,572		Chevron Corp		1,748,346
12,680	*	Cobalt International Energy, Inc		297,980
4,875	e	Crescent Point Energy Corp		181,957
8,245		Energy Transfer Partners LP		364,346
2,236		EOG Resources, Inc		201,486
1,009		Equitable Resources, Inc		54,113
36,305	e	EXCO Resources, Inc		275,555
36,638		Exxon Mobil Corp		3,135,114
27,207	*	Kodiak Oil & Gas Corp		223,369
3,455		Marathon Petroleum Corp		155,199
18,027	*	Matador Resources Co		193,610
1,188		Noble Energy, Inc		100,766
15,628		Occidental Petroleum Corp		1,340,414
1,027	*	Phillips 66		34,137
13,142	*	Southwestern Energy Co		419,624
274		Spectra Energy Corp		7,962
5		Sunoco, Inc		237
6,157		Transocean Ltd		275,403
40,942	*	Weatherford International Ltd		517,097
5,741		Williams Cos, Inc		165,456

		TOTAL ENERGY		10,576,564

FOOD & STAPLES RETAILING - 0.4%
2,960		CVS Corp		138,321
4,940		Walgreen Co		146,125

		TOTAL FOOD & STAPLES RETAILING		284,446

FOOD, BEVERAGE & TOBACCO - 4.7%
12,643		Altria Group, Inc		436,816
11,710	e	Consumer Staples Select Sector SPDR Fund		407,156
7,229	*	DE Master Blenders 1753 NV		81,511
3,797		General Mills, Inc		146,337
1,446	*	Hillshire Brands Co		41,914
16,556		Kraft Foods, Inc (Class A)		639,393
2,182		Lorillard, Inc		287,915
5,645		PepsiCo, Inc		398,876
1,466		Philip Morris International, Inc		127,923
4,087	*	Ralcorp Holdings, Inc		272,766
2,344		Remy Cointreau S.A.		257,525

		TOTAL FOOD, BEVERAGE & TOBACCO		3,098,132

HEALTH CARE EQUIPMENT & SERVICES - 3.2%
3,995		Baxter International, Inc		212,334
26,325	*	Boston Scientific Corp		149,263
14,141		Cardinal Health, Inc		593,922
4,114		Cigna Corp		181,016
13,837		UnitedHealth Group, Inc		809,465
1,776		WellPoint, Inc		113,291

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,059,291

HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
5,044		Avon Products, Inc		81,764
23,895		Procter & Gamble Co		1,463,569

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,545,333

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

INSURANCE - 6.7%
6,935		ACE Ltd	$	514,092
8,319		Allstate Corp		291,914
3,285		Aon plc		153,672
2	*	Berkshire Hathaway, Inc		249,890
4,079	*	Berkshire Hathaway, Inc (Class B)		339,903
1,852		Everest Re Group Ltd		191,663
4,565		Hartford Financial Services Group, Inc		80,481
12,257		Marsh & McLennan Cos, Inc		395,043
1,707		Max Capital Group Ltd		39,858
12,493		Metlife, Inc		385,409
1,607		PartnerRe Ltd		121,602
15,177		Principal Financial Group		398,093
8,457		Prudential Financial, Inc		409,573
1,850		RenaissanceRe Holdings Ltd		140,618
7,362		Travelers Cos, Inc		469,990
9,368		XL Capital Ltd		197,103

		TOTAL INSURANCE		4,378,904

MATERIALS - 2.1%
3,530		Ashland, Inc		244,664
9,595		Georgia Gulf Corp		246,304
17,135		PolyOne Corp		234,406
12,000	e	Teijin Ltd		36,530
6,847		Walter Energy, Inc		302,364
5,155	e	Westlake Chemical Corp		269,400

		TOTAL MATERIALS		1,333,668

MEDIA - 3.2%
16,399		Comcast Corp (Class A)		524,276
11,447		DISH Network Corp (Class A)		326,812
9,849		News Corp (Class A)		219,534
8,589		Time Warner, Inc		330,677
14,376		Walt Disney Co		697,236

		TOTAL MEDIA		2,098,535

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.5%
3,832		Amgen, Inc		279,889
53,251	*	Biovitrum AB		181,525
6,219		Eli Lilly & Co		266,857
19,624		Johnson & Johnson		1,325,798
25,427		Merck & Co, Inc		1,061,577
83,407		Pfizer, Inc		1,918,361
21,702		Teva Pharmaceutical Industries Ltd (ADR)		855,927
5,634	*	Viropharma, Inc		133,526
11,099		Warner Chilcott plc		198,894

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,222,354

REAL ESTATE - 3.2%
971		Boston Properties, Inc		105,227
33,835		Chimera Investment Corp		79,851
12,612	*	Forest City Enterprises, Inc (Class A)		184,135
3,287		General Growth Properties, Inc		59,462
15,448		Kimco Realty Corp		293,975
4,031		Mack-Cali Realty Corp		117,181
4,422		Potlatch Corp		141,239
121	*	Rouse Properties, Inc		1,640
2,441		SL Green Realty Corp		195,866
4,624		Starwood Property Trust, Inc		98,537
536		Vornado Realty Trust		45,013
27,176		Weyerhaeuser Co		607,655
24,000		Wharf Holdings Ltd		133,463

		TOTAL REAL ESTATE		2,063,244

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

RETAILING - 2.5%
4,044		Abercrombie & Fitch Co (Class A)	$	138,062
17,388		Best Buy Co, Inc		364,452
4,561		Expedia, Inc		219,247
20,742	e	JC Penney Co, Inc		483,496
48,000		Li & Fung Ltd		92,940
5,108		Lowe’s Companies, Inc		145,272
8,322	*	Urban Outfitters, Inc		229,604

		TOTAL RETAILING		1,673,073

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
4,845		Avago Technologies Ltd		173,936
5,524		Broadcom Corp (Class A)		186,711
14,264	*,e	Freescale Semiconductor Holdings Ltd		146,206
7,024	*	Lam Research Corp		265,086
32,875	*	ON Semiconductor Corp		233,412
27,543	*	RF Micro Devices, Inc		117,058

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,122,409

SOFTWARE & SERVICES - 2.3%
1,606	*	Alliance Data Systems Corp		216,810
13,203	*	AOL, Inc		370,740
2,862		DST Systems, Inc		155,435
13,285	*	eBay, Inc		558,103
326	*	Google, Inc (Class A)		189,103

		TOTAL SOFTWARE & SERVICES		1,490,191

TECHNOLOGY HARDWARE & EQUIPMENT - 4.5%
10,540	*	Ciena Corp		172,540
53,277		Cisco Systems, Inc		914,766
40,771		Corning, Inc		527,169
34,787		Hewlett-Packard Co		699,567
15,000		Hitachi Ltd		92,488
20,716	*	JDS Uniphase Corp		227,876
11,430	*	Juniper Networks, Inc		186,423
2,355	*	SanDisk Corp		85,910

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,906,739

TELECOMMUNICATION SERVICES - 4.3%
69,330		AT&T, Inc		2,472,308
3,197	*	Level 3 Communications, Inc		70,813
9,991	*	tw telecom inc (Class A)		256,369

		TOTAL TELECOMMUNICATION SERVICES		2,799,490

TRANSPORTATION - 1.1%
4,056		FedEx Corp		371,570
8,963	*	UAL Corp		218,070
9,933		UTI Worldwide, Inc		145,121

		TOTAL TRANSPORTATION		734,761

UTILITIES - 5.4%
12,065	*	Calpine Corp		199,193
10,625		Centerpoint Energy, Inc		219,619
20,508		Duke Energy Corp		472,914
593		Entergy Corp		40,259
23,175		Exelon Corp		871,843
5,853		FirstEnergy Corp		287,909
3,296		NextEra Energy, Inc		226,798
6,638		PG&E Corp		300,502
8,278		PPL Corp		230,211
60,871	*	RRI Energy, Inc		104,090
4,328	e	Utilities Select Sector SPDR Fund		160,093
15,194		Xcel Energy, Inc		431,662

		TOTAL UTILITIES		3,545,093

		TOTAL COMMON STOCKS (Cost $65,309,175)		65,165,594

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

SHORT-TERM INVESTMENTS - 3.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.3%
2,116,908	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	2,116,908

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,116,908

		TOTAL SHORT-TERM INVESTMENTS (Cost $2,116,908)		2,116,908

		TOTAL INVESTMENTS - 103.2% (Cost $67,426,083)		67,282,502
		OTHER ASSETS & LIABILITIES, NET - (3.2)%		(2,070,657	)

		NET ASSETS - 100.0%	$	65,211,845

Abbreviation(s):

ADR	American Depositary Receipt

SPDR	Standard & Poor’s Depository Receipts

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,112,219.

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.1%
7,619		Dana Holding Corp	$	97,600
4,100		Lear Corp		154,693
7,099	*	Tenneco, Inc		190,395
3,500	*	WABCO Holdings, Inc		185,255

		TOTAL AUTOMOBILES & COMPONENTS		627,943

BANKS - 6.9%
11,682		Astoria Financial Corp		114,484
10,174		Brookline Bancorp, Inc		90,040
7,600		Capitol Federal Financial		90,288
420		Century Bancorp, Inc		12,487
2,219		Columbia Banking System, Inc		41,762
2,538		Dime Community Bancshares		33,730
12,112		East West Bancorp, Inc		284,147
2,922		First Financial Bancorp		46,694
3,702	e	First Financial Bankshares, Inc		127,941
6,980	*	First Republic Bank		234,528
17,929		FirstMerit Corp		296,187
2,452		NBT Bancorp, Inc		52,939
10,850		Oritani Financial Corp		156,131
3,982		Prosperity Bancshares, Inc		167,363
9,910		Provident Financial Services, Inc		152,118
30,540	e	Radian Group, Inc		100,477
25,237		Susquehanna Bancshares, Inc		259,941
7,154	*	SVB Financial Group		420,083
3,900	*	Texas Capital Bancshares, Inc		157,521
6,355		UMB Financial Corp		325,567
16,180		Umpqua Holdings Corp		212,929
5,400		Webster Financial Corp		116,964
16,368	*	Western Alliance Bancorp		153,204
14,400	*	Wilshire Bancorp, Inc		78,912
7,635		Wintrust Financial Corp		271,042

		TOTAL BANKS		3,997,479

CAPITAL GOODS - 11.7%
5,070		A.O. Smith Corp		247,872
12,380		Actuant Corp (Class A)		336,241
3,100		Acuity Brands, Inc		157,821
1,666		Ampco-Pittsburgh Corp		30,538
7,900		Applied Industrial Technologies, Inc		291,115
8,641		Belden CDT, Inc		288,177
3,945		Brady Corp (Class A)		108,527
3,800	*	Chart Industries, Inc		261,288
3,100		Chicago Bridge & Iron Co NV		117,676
3,001		Cubic Corp		144,288
6,036		Curtiss-Wright Corp		187,418
3,100	*	DXP Enterprises, Inc		128,619
6,486	*	Dycom Industries, Inc		120,704
9,648	*	EnerSys		338,356
6,112	*	EnPro Industries, Inc		228,405
6,171		Franklin Electric Co, Inc		315,523
11,435	*	GenCorp, Inc		74,442
4,560		Granite Construction, Inc		119,062
9,208	*	H&E Equipment Services, Inc		138,396
5,171		Heico Corp		204,358
4,395	*	Kadant, Inc		103,063
2,270		LB Foster Co (Class A)		64,945
2,940	e	Lindsay Manufacturing Co		190,806

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

3,500		Mueller Industries, Inc	$	149,065
1,401		Nacco Industries, Inc (Class A)		162,866
9,229	*	NCI Building Systems, Inc		99,950
6,300	*	Oshkosh Truck Corp		131,985
7,950		Robbins & Myers, Inc		332,469
5,100		Sauer-Danfoss, Inc		178,143
3,857		Standex International Corp		164,192
5,380	*	Teledyne Technologies, Inc		331,677
3,550		Triumph Group, Inc		199,758
2,800		Universal Forest Products, Inc		109,144
3,200		URS Corp		111,616
15,700	*,e	USG Corp		299,085
3,200		Westinghouse Air Brake Technologies Corp		249,632

		TOTAL CAPITAL GOODS		6,717,222

COMMERCIAL & PROFESSIONAL SERVICES - 4.6%
8,146	*	Acacia Research (Acacia Technologies)		303,357
14,800	*	ACCO Brands Corp		153,032
5,361		Administaff, Inc		145,015
8,062	*	Advisory Board Co		399,795
5,757		Brink’s Co		133,447
2,350	*	Consolidated Graphics, Inc		68,267
4,731		Corporate Executive Board Co		193,403
2,394	*	Exponent, Inc		126,475
3,880	*	Korn/Ferry International		55,678
2,900	*	Portfolio Recovery Associates, Inc		264,654
7,770		Rollins, Inc		173,815
13,294		Steelcase, Inc (Class A)		120,045
6,931	*	SYKES Enterprises, Inc		110,619
12,133	*	Tetra Tech, Inc		316,429
7,883	*	TrueBlue, Inc		122,029

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,686,060

CONSUMER DURABLES & APPAREL - 3.5%
4,500	*	Ascena Retail Group, Inc		83,790
25,410	*	Beazer Homes USA, Inc		82,583
14,500		Brunswick Corp		322,190
11,207	*	CROCS, Inc		180,993
2,807	*	Kenneth Cole Productions, Inc (Class A)		42,245
4,980	*	La-Z-Boy, Inc		61,204
21,191	*	Leapfrog Enterprises, Inc		217,419
2,048		Oxford Industries, Inc		91,546
21,200	*	Pulte Homes, Inc		226,840
6,900	*	Skechers U.S.A., Inc (Class A)		140,553
5,026	e	Sturm Ruger & Co, Inc		201,794
6,910		True Religion Apparel, Inc		200,252
7,000	*,e	Vera Bradley, Inc		147,560

		TOTAL CONSUMER DURABLES & APPAREL		1,998,969

CONSUMER SERVICES - 4.0%
2,013	*,e	American Public Education, Inc		64,416
8,251		Ameristar Casinos, Inc		146,620
1,700	*	Buffalo Wild Wings, Inc		147,288
1,955	*	Capella Education Co		67,956
8,036	*	Cheesecake Factory		256,830
5,270	*,e	Coinstar, Inc		361,838
9,470		Domino’s Pizza, Inc		292,718
3,905	*	Papa John’s International, Inc		185,761
22,400		Service Corp International		277,088
15,700	*	Shuffle Master, Inc		216,660
5,280		Sotheby’s (Class A)		176,141
850	e	Strayer Education, Inc		92,667
4,175		Universal Technical Institute, Inc		56,404

		TOTAL CONSUMER SERVICES		2,342,387

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

DIVERSIFIED FINANCIALS - 1.6%
9,290		BGC Partners, Inc (Class A)	$	54,532
3,304		Calamos Asset Management, Inc (Class A)		37,831
9,180	*	Dollar Financial Corp		169,187
200	*,m	DVI, Inc		0
6,760	*	Ezcorp, Inc (Class A)		158,590
3,340	*	First Cash Financial Services, Inc		134,168
8,400		MarketAxess Holdings, Inc		223,776
8,005	*,e	PHH Corp		139,927
910	*	Stifel Financial Corp		28,119

		TOTAL DIVERSIFIED FINANCIALS		946,130

ENERGY - 4.8%
21,200	e	Arch Coal, Inc		146,068
5,030		Berry Petroleum Co (Class A)		199,490
5,800	*,e	C&J Energy Services, Inc		107,300
8,379	*	Energy Partners Ltd		141,605
9,846		Energy XXI Bermuda Ltd		308,081
3,400	*	Gulfport Energy Corp		70,142
10,600	*	Helix Energy Solutions Group, Inc		173,946
10,600	*	McDermott International, Inc		118,084
4,900	*	PDC Energy, Inc		120,148
19,500		Penn Virginia Corp		143,130
4,423	*	Rosetta Resources, Inc		162,059
9,236	*	Stone Energy Corp		234,040
3,846		Targa Resources Investments, Inc		164,224
11,500	e	Teekay Tankers Ltd (Class A)		52,440
12,648	*	Tetra Technologies, Inc		90,180
22,699	*	Vaalco Energy, Inc		195,893
12,300		Western Refining, Inc		273,921
16,512	*	Willbros Group, Inc		106,668

		TOTAL ENERGY		2,807,419

FOOD & STAPLES RETAILING - 1.5%
2,987	*	Fresh Market, Inc		160,193
7,051		Harris Teeter Supermarkets, Inc		289,021
76,503	*	Rite Aid Corp		107,104
4,740	*	United Natural Foods, Inc		260,036
1,648		Weis Markets, Inc		73,369

		TOTAL FOOD & STAPLES RETAILING		889,723

FOOD, BEVERAGE & TOBACCO - 2.2%
3,300	*	Annie’s, Inc		138,138
2,492	*,e	Boston Beer Co, Inc (Class A)		301,532
4,840	*	Hain Celestial Group, Inc		266,394
2,377		J&J Snack Foods Corp		140,481
6,990	*	Omega Protein Corp		51,446
10,982	*	Smart Balance, Inc		103,121
3,521	*	TreeHouse Foods, Inc		219,323
840		Universal Corp		38,917

		TOTAL FOOD, BEVERAGE & TOBACCO		1,259,352

HEALTH CARE EQUIPMENT & SERVICES - 5.1%
9,706	*	Align Technology, Inc		324,763
972		Analogic Corp		60,264
5,005	*	Arthrocare Corp		146,546
4,683		Cantel Medical Corp		127,612
3,234		Computer Programs & Systems, Inc		185,050
4,341	*	Cyberonics, Inc		195,085
1,600	*	Haemonetics Corp		118,576
8,900	*	Healthsouth Corp		207,014
4,875		Hill-Rom Holdings, Inc		150,394
8,538		Masimo Corp		191,080
5,211	*	Medidata Solutions, Inc		170,243
1,562	*	MWI Veterinary Supply, Inc		160,527
10,400	*	NuVasive, Inc		263,744

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

5,042	*	Omnicell, Inc	$	73,815
2,609	*	Orthofix International NV		107,621
5,700	*	Team Health Holdings, Inc		137,313
7,240	*	WellCare Health Plans, Inc		383,720

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,003,367

HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
3,983	*	Elizabeth Arden, Inc		154,580
5,274		Nu Skin Enterprises, Inc (Class A)		247,351
4,130	*	Revlon, Inc (Class A)		58,770

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		460,701

INSURANCE - 3.5%
3,600		Allied World Assurance Co Holdings Ltd		286,092
14,010	e	American Equity Investment Life Holding Co		154,250
30,449		Conseco, Inc		237,502
19,598		First American Financial Corp		332,382
5,835		Horace Mann Educators Corp		101,996
2,334		OneBeacon Insurance Group Ltd (Class A)		30,388
5,330		ProAssurance Corp		474,850
3,100		Protective Life Corp		91,171
1,700		RenaissanceRe Holdings Ltd		129,217
17,090		Symetra Financial Corp		215,676

		TOTAL INSURANCE		2,053,524

MATERIALS - 4.6%
21,900		Boise, Inc		144,102
8,236	*	Chemtura		119,422
8,470	*	Coeur d’Alene Mines Corp		148,733
19,700		Commercial Metals Co		249,008
257	*,e	Contango ORE, Inc		2,442
4,100		Cytec Industries, Inc		240,424
11,900	*,e	Flotek Industries, Inc		111,146
5,600	e	Gold Resource Corp		145,544
5,760		H.B. Fuller Co		176,832
2,567		Haynes International, Inc		130,763
2,400		Kaiser Aluminum Corp		124,416
4,078		Koppers Holdings, Inc		138,652
22,043	*	Louisiana-Pacific Corp		239,828
2,630	*	LSB Industries, Inc		81,293
3,606		Minerals Technologies, Inc		229,991
19,568		PolyOne Corp		267,690
100		Reliance Steel & Aluminum Co		5,050
5,400	*	RTI International Metals, Inc		122,202

		TOTAL MATERIALS		2,677,538

MEDIA - 0.9%
7,237		Arbitron, Inc		253,295
8,249	*	Journal Communications, Inc (Class A)		42,565
8,575		National CineMedia, Inc		130,082
3,518		Scholastic Corp		99,067

		TOTAL MEDIA		525,009

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
3,820	*	Acorda Therapeutics, Inc		89,999
12,557	*	Alkermes PLC		213,092
5,335	*	AMAG Pharmaceuticals, Inc		82,159
3,510	*	Ariad Pharmaceuticals, Inc		60,407
9,615	*	Arqule, Inc		57,017
9,200	*	Auxilium Pharmaceuticals, Inc		247,388
1,660	*,e	AVEO Pharmaceuticals, Inc		20,186
6,000	*	Cepheid, Inc		268,500
1,400	*	Cornerstone Therapeutics, Inc		8,862
3,398	*	Cubist Pharmaceuticals, Inc		128,818
7,911	*,e	Idenix Pharmaceuticals, Inc		81,483
4,670	*,e	InterMune, Inc		55,807

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

5,827	*	Jazz Pharmaceuticals plc	$	262,273
14,584	*	Medicines Co		334,557
6,607		Medicis Pharmaceutical Corp (Class A)		225,629
2,960	*	Medivation, Inc		270,544
10,647	*	Neurocrine Biosciences, Inc		84,218
4,350	*	Onyx Pharmaceuticals, Inc		289,057
16,820	*	Orexigen Therapeutics, Inc		93,183
5,811	*	Par Pharmaceutical Cos, Inc		210,009
8,700	*	Parexel International Corp		245,601
3,580	*,e	Pharmacyclics, Inc		195,504
6,786	*,e	Questcor Pharmaceuticals, Inc		361,287
11,590	*	Santarus, Inc		82,173
7,871	*	Spectrum Pharmaceuticals, Inc		122,473
1,990	*,e	Vivus, Inc		56,795

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,147,021

REAL ESTATE - 8.5%
4,400		CBL & Associates Properties, Inc		85,976
1,654		Colony Financial, Inc		28,614
4,250		EastGroup Properties, Inc		226,525
5,699		Equity Lifestyle Properties, Inc		393,060
14,610		Extra Space Storage, Inc		447,066
4,968		Home Properties, Inc		304,836
13,500		LaSalle Hotel Properties		393,390
6,124		LTC Properties, Inc		222,179
3,516		National Health Investors, Inc		179,035
23,640		Newcastle Investment Corp		158,388
18,783		NorthStar Realty Finance Corp		98,047
15,952		Pennymac Mortgage Investment Trust		314,733
7,830		Post Properties, Inc		383,278
4,009		PS Business Parks, Inc		271,489
1,607		Saul Centers, Inc		68,892
5,019		Sovran Self Storage, Inc		251,402
14,600		Starwood Property Trust, Inc		311,126
5,982		Sun Communities, Inc		264,644
15,437	*	Sunstone Hotel Investors, Inc		169,653
11,047		Tanger Factory Outlet Centers, Inc		354,056
2,813		Two Harbors Investment Corp		29,143

		TOTAL REAL ESTATE		4,955,532

RETAILING - 3.0%
12,830	*	Aeropostale, Inc		228,759
6,370	*	Ann Taylor Stores Corp		162,371
12,520		Express Parent LLC		227,488
6,800	*,e	Francesca’s Holdings Corp		183,668
3,840	*	Hibbett Sports, Inc		221,607
1,060		HSN, Inc		42,771
3,200	*	LKQ Corp		106,880
27,670	*	OfficeMax, Inc		140,010
4,850		Pier 1 Imports, Inc		79,686
3,810	*	Select Comfort Corp		79,705
6,679	*	Zumiez, Inc		264,488

		TOTAL RETAILING		1,737,433

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
11,500		Brooks Automation, Inc		108,560
2,484	*	Cirrus Logic, Inc		74,222
30,972	*	Entegris, Inc		264,501
18,912	*,e	FSI International, Inc		67,894
16,700	*	Integrated Device Technology, Inc		93,854
2,663	*	Kulicke & Soffa Industries, Inc		23,754
13,292		Micrel, Inc		126,673
4,976		MKS Instruments, Inc		143,956
16,685	*	RF Micro Devices, Inc		70,911
1,600	*	Silicon Laboratories, Inc		60,640
8,300	*	Teradyne, Inc		116,698

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

8,268		Tessera Technologies, Inc	$	127,079
9,200	*	Ultratech, Inc		289,800
5,200	*	Volterra Semiconductor Corp		121,940

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,690,482

SOFTWARE & SERVICES - 9.4%
6,708	*,e	Ancestry.com, Inc		184,671
14,516	*	Aspen Technology, Inc		336,045
7,057		Blackbaud, Inc		181,153
8,876	*	Blucora, Inc		109,352
8,066	*	Cardtronics, Inc		243,674
7,834	*	Commvault Systems, Inc		388,331
3,257		DST Systems, Inc		176,888
5,671	*	Euronet Worldwide, Inc		97,087
3,331		Fair Isaac Corp		140,835
2,100		Global Payments, Inc		90,783
8,880		Heartland Payment Systems, Inc		267,110
6,760		IAC/InterActiveCorp		308,256
7,222	*	Kenexa Corp		209,655
400	*,e	LinkedIn Corp		42,508
837	*	Liquidity Services, Inc		42,846
2,359	*	Liveperson, Inc		44,963
5,183	*	Manhattan Associates, Inc		236,915
8,799		MAXIMUS, Inc		455,348
1,756	*	MicroStrategy, Inc (Class A)		228,034
12,900	*	Monster Worldwide, Inc		109,650
9,900	*	QLIK Technologies, Inc		218,988
5,430	*	Quest Software, Inc		151,226
7,213	*	SolarWinds, Inc		314,198
3,700	*	Sourcefire, Inc		190,180
4,888	*	TeleTech Holdings, Inc		78,208
19,736	*	TiVo, Inc		163,217
1,530	*	Tyler Technologies, Inc		61,736
2,100	*	Ultimate Software Group, Inc		187,152
6,476	*	Unisys Corp		126,606
3,029	*	Websense, Inc		56,733

		TOTAL SOFTWARE & SERVICES		5,442,348

TECHNOLOGY HARDWARE & EQUIPMENT - 4.6%
9,200		Adtran, Inc		277,748
4,377	*	Agilysys, Inc		37,949
17,100	*	Arris Group, Inc		237,861
8,068		Cognex Corp		255,352
5,369		Comtech Telecommunications Corp		153,446
3,400	*	Dolby Laboratories, Inc (Class A)		140,420
13,408	*	Extreme Networks, Inc		46,124
7,840	*	Insight Enterprises, Inc		131,947
4,800	*,e	InvenSense, Inc		54,240
3,500		Littelfuse, Inc		199,115
3,240	*	Netgear, Inc		111,812
4,180	*	OSI Systems, Inc		264,761
3,609		Plantronics, Inc		120,541
6,851	*	Plexus Corp		193,198
11,700	*	QLogic Corp		160,173
27,590	*	Quantum Corp		56,008
3,830	*	Riverbed Technology, Inc		61,854
5,907	*,e	Synaptics, Inc		169,117

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,671,666

TELECOMMUNICATION SERVICES - 1.1%
39,838	*	Cincinnati Bell, Inc		148,197
6,330	*	Neutral Tandem, Inc		83,430
14,115	*	tw telecom inc (Class A)		362,191
5,551		USA Mobility, Inc		71,386

		TOTAL TELECOMMUNICATION SERVICES		665,204

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

TRANSPORTATION - 3.5%
9,744	*	Alaska Air Group, Inc	$	349,810
1,999		Amerco, Inc		179,850
3,400		Con-Way, Inc		122,774
2,800	*	Dollar Thrifty Automotive Group, Inc		226,688
5,040		Forward Air Corp		162,641
2,120		Landstar System, Inc		109,646
2,880		Marten Transport Ltd		61,230
5,540	*	Old Dominion Freight Line		239,827
28,660	*	Swift Transportation Co, Inc		270,836
23,041	*,e	US Airways Group, Inc		307,136

		TOTAL TRANSPORTATION		2,030,438

UTILITIES - 2.7%
2,505		American States Water Co		99,148
2,067		Avista Corp		55,189
5,878		El Paso Electric Co		194,915
11,073		Empire District Electric Co		233,640
6,268		Genie Energy Ltd		48,702
3,500		Piedmont Natural Gas Co, Inc		112,665
13,671		Portland General Electric Co		364,469
6,640		Southwest Gas Corp		289,836
4,400		UNS Energy Corp		169,004

		TOTAL UTILITIES		1,567,568

		TOTAL COMMON STOCKS (Cost $53,865,570)		57,900,515

SHORT-TERM INVESTMENTS - 7.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 7.0%
4,053,417	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		4,053,417

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,053,417

		TOTAL SHORT-TERM INVESTMENTS (Cost $4,053,417)		4,053,417

		TOTAL INVESTMENTS - 106.6% (Cost $57,918,987)		61,953,932
		OTHER ASSETS & LIABILITIES, NET - (6.6)%		(3,813,936	)

		NET ASSETS - 100.0%	$	58,139,996

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,070,093.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 0.8%
302		Allison Transmission Holdings, Inc	$	5,303
839	*	American Axle & Manufacturing Holdings, Inc		8,801
234	*	Amerigon, Inc (Class A)		2,689
1,361	*,e	BorgWarner, Inc		89,268
700		Cooper Tire & Rubber Co		12,278
2,007		Dana Holding Corp		25,710
4,166	*	Delphi Automotive plc		106,233
266	*	Dorman Products, Inc		6,674
290		Drew Industries, Inc		8,077
3,265	*	Exide Technologies		10,970
261	*	Federal Mogul Corp (Class A)		2,871
47,257		Ford Motor Co		453,195
280	*,e	Fuel Systems Solutions, Inc		4,673
9,727	*	General Motors Co		191,816
1,773		Gentex Corp		37,003
3,033	*	Goodyear Tire & Rubber Co		35,820
2,938		Harley-Davidson, Inc		134,355
8,671		Johnson Controls, Inc		240,273
1,264		Lear Corp		47,691
500	*	Modine Manufacturing Co		3,465
355		Spartan Motors, Inc		1,860
188		Standard Motor Products, Inc		2,647
173	*	Stoneridge, Inc		1,178
280		Superior Industries International, Inc		4,584
743	*	Tenneco, Inc		19,927
830	*,e	Tesla Motors, Inc		25,971
552		Thor Industries, Inc		15,130
1,265	*	TRW Automotive Holdings Corp		46,501
635	*	Visteon Corp		23,812
820	*	WABCO Holdings, Inc		43,403
353	*,e	Winnebago Industries, Inc		3,597

		TOTAL AUTOMOBILES & COMPONENTS		1,615,775

BANKS - 3.4%
180		1st Source Corp		4,068
266	*	1st United Bancorp, Inc		1,652
90		Access National Corp		1,179
51		Alliance Financial Corp		1,751
98	e	American National Bankshares, Inc		2,309
283	*	Ameris Bancorp		3,566
77	e	Ames National Corp		1,770
430		Apollo Residential Mortgage		8,290
109	e	Arrow Financial Corp		2,635
2,146		Associated Banc-Corp		28,306
951		Astoria Financial Corp		9,320
130		Bancfirst Corp		5,448
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		6,386
1,197		Bancorpsouth, Inc		17,380
838		Bank Mutual Corp		3,696
762		Bank of Hawaii Corp		35,014
70		Bank of Kentucky Financial Corp		1,865
61		Bank of Marin Bancorp		2,258
442		Bank of the Ozarks, Inc		13,295
300		BankFinancial Corp		2,259
415		BankUnited		9,786
203		Banner Corp		4,448
50		Bar Harbor Bankshares		1,800
8,888		BB&T Corp		274,195

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

982	*	BBCN Bancorp, Inc	$	10,694
392	*	Beneficial Mutual Bancorp, Inc		3,383
50	*	Berkshire Bancorp, Inc		440
280		Berkshire Hills Bancorp, Inc		6,160
87	*	BofI Holding, Inc		1,719
409		BOK Financial Corp		23,804
826		Boston Private Financial Holdings, Inc		7,376
75		Bridge Bancorp, Inc		1,769
771		Brookline Bancorp, Inc		6,823
86		Bryn Mawr Bank Corp		1,812
100	*	BSB Bancorp, Inc		1,275
40		C&F Financial Corp		1,606
87		Camden National Corp		3,186
140	*	Cape Bancorp, Inc		1,163
101	e	Capital City Bank Group, Inc		744
3,675		CapitalSource, Inc		24,696
2,620		Capitol Federal Financial		31,126
286		Cardinal Financial Corp		3,512
1,028		Cathay General Bancorp		16,972
150		Center Bancorp, Inc		1,687
261		Centerstate Banks of Florida, Inc		1,866
188	*,e	Central Pacific Financial Corp		2,655
168		Century Bancorp, Inc		4,995
294		Chemical Financial Corp		6,321
2,537	*	CIT Group, Inc		90,419
101		Citizens & Northern Corp		1,924
503	*	Citizens Republic Bancorp, Inc		8,616
262	e	City Holding Co		8,827
647		City National Corp		31,431
112		Clifton Savings Bancorp, Inc		1,166
105		CNB Financial Corp		1,713
395		CoBiz, Inc		2,473
490		Columbia Banking System, Inc		9,222
2,498		Comerica, Inc		76,714
1,058		Commerce Bancshares, Inc		40,098
628		Community Bank System, Inc		17,031
182		Community Trust Bancorp, Inc		6,095
30	*	Crescent Financial Bancshares, Inc		136
732		Cullen/Frost Bankers, Inc		42,083
1,117	e	CVB Financial Corp		13,013
309		Dime Community Bancshares		4,107
5,371	*	Doral Financial Corp		8,056
118	*	Eagle Bancorp, Inc		1,859
1,835		East West Bancorp, Inc		43,049
90		Enterprise Financial Services Corp		986
132		ESB Financial Corp		1,742
197		ESSA Bancorp, Inc		2,128
275	*	EverBank Financial Corp		2,989
240	e	Farmers National Banc Corp		1,495
115		Federal Agricultural Mortgage Corp (Class C)		3,016
120		Fidelity Southern Corp		1,037
11,822		Fifth Third Bancorp		158,415
126		Financial Institutions, Inc		2,127
174		First Bancorp (NC)		1,547
906	*	First Bancorp (Puerto Rico)		3,588
107	e	First Bancorp, Inc		1,819
625		First Busey Corp		3,019
273	*	First California Financial Group, Inc		1,878
70		First Citizens Bancshares, Inc (Class A)		11,666
1,229		First Commonwealth Financial Corp		8,271
189		First Community Bancshares, Inc		2,727
570		First Connecticut Bancorp		7,695
120		First Defiance Financial Corp		2,054
40	*	First Federal Bancshares of Arkansas, Inc		324
747		First Financial Bancorp		11,937
448	e	First Financial Bankshares, Inc		15,483

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

188		First Financial Corp	$	5,452
133		First Financial Holdings, Inc		1,426
200	*	First Financial Northwest, Inc		1,624
3,240		First Horizon National Corp		28,026
149		First Interstate Bancsystem, Inc		2,122
557		First Merchants Corp		6,940
893		First Midwest Bancorp, Inc		9,805
4,523		First Niagara Financial Group, Inc		34,601
66		First of Long Island Corp		1,912
110		First Pactrust Bancorp, Inc		1,305
1,296	*	First Republic Bank		43,546
1,352		FirstMerit Corp		22,335
358		Flushing Financial Corp		4,880
1,776		FNB Corp		19,305
130	*,e	FNB United Corp		1,689
185		Fox Chase Bancorp, Inc		2,671
170	*	Franklin Financial Corp		2,796
2,887		Fulton Financial Corp		28,841
133		German American Bancorp, Inc		2,727
860		Glacier Bancorp, Inc		13,321
135	e	Great Southern Bancorp, Inc		3,723
160	*,e	Greene County Bancshares, Inc		266
928	*	Guaranty Bancorp		1,958
949		Hancock Holding Co		28,888
610	*	Hanmi Financial Corp		6,393
158		Heartland Financial USA, Inc		3,792
121		Heritage Financial Corp		1,773
110		Heritage Financial Group		1,416
260	*,e	Heritage Oaks Bancorp		1,448
20	*	Hingham Institution for Savings		1,209
90	*	Home Bancorp, Inc		1,542
266		Home Bancshares, Inc		8,134
199		Home Federal Bancorp, Inc		2,090
170		Home Loan Servicing Solutions Ltd		2,278
50	e	Horizon Bancorp		1,315
6,700		Hudson City Bancorp, Inc		42,679
171		Hudson Valley Holding Corp		3,095
10,738		Huntington Bancshares, Inc		68,723
463		IBERIABANK Corp		23,358
252	e	Independent Bank Corp		7,361
674		International Bancshares Corp		13,156
579	*	Investors Bancorp, Inc		8,737
227		Kearny Financial Corp		2,200
12,323		Keycorp		95,380
110		K-Fed Bancorp		1,626
274		Lakeland Bancorp, Inc		2,882
147		Lakeland Financial Corp		3,944
1,606		M&T Bank Corp		132,607
216		MainSource Financial Group, Inc		2,555
661		MB Financial, Inc		14,238
107	*,e	Mercantile Bank Corp		1,974
60		Merchants Bancshares, Inc		1,653
119	*	Meridian Interstate Bancorp, Inc		1,656
198	*,e	MetroCorp Bancshares, Inc		2,113
2,499	*,e	MGIC Investment Corp		7,197
70		Middleburg Financial Corp		1,190
56		Midsouth Bancorp, Inc		788
90		MidWestOne Financial Group, Inc		1,935
50	*	NASB Financial, Inc		993
84		National Bankshares, Inc		2,530
1,529		National Penn Bancshares, Inc		14,633
243	*	Nationstar Mortgage Holdings, Inc		5,229
374		NBT Bancorp, Inc		8,075
5,439		New York Community Bancorp, Inc		68,151
227		Northfield Bancorp, Inc		3,226
80		Northrim BanCorp, Inc		1,719

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,214		Northwest Bancshares, Inc	$	14,216
97		OceanFirst Financial Corp		1,393
1,334	*	Ocwen Financial Corp		25,053
1,045		Old National Bancorp		12,550
148	*	OmniAmerican Bancorp, Inc		3,172
458		Oriental Financial Group, Inc		5,075
670		Oritani Financial Corp		9,641
50	*	Pacific Capital Bancorp		2,287
154		Pacific Continental Corp		1,366
140	*	Pacific Mercantile Bancorp		967
369		PacWest Bancorp		8,734
165	e	Park National Corp		11,509
360	*	Park Sterling Bank		1,696
110	e	Peapack Gladstone Financial Corp		1,706
47	e	Penns Woods Bancorp, Inc		1,871
164	*	Pennsylvania Commerce Bancorp, Inc		1,973
75		Peoples Bancorp, Inc		1,649
80	*,e	Peoples Federal Bancshares, Inc		1,336
4,527		People’s United Financial, Inc		52,558
400	*	Pinnacle Financial Partners, Inc		7,804
6,567		PNC Financial Services Group, Inc		401,309
1,230	*	Popular, Inc		20,430
147	*,e	Preferred Bank		1,964
767		PrivateBancorp, Inc		11,321
603		Prosperity Bancshares, Inc		25,344
120		Provident Financial Holdings, Inc		1,384
753		Provident Financial Services, Inc		11,559
421		Provident New York Bancorp		3,195
2,812	e	Radian Group, Inc		9,251
18,020		Regions Financial Corp		121,635
323		Renasant Corp		5,074
120	e	Republic Bancorp, Inc (Class A)		2,670
807		Rockville Financial, Inc		9,337
100	e	Roma Financial Corp		852
300	e	S&T Bancorp, Inc		5,541
210	e	S.Y. Bancorp, Inc		5,029
250		Sandy Spring Bancorp, Inc		4,500
151		SCBT Financial Corp		5,323
900	*	Seacoast Banking Corp of Florida		1,359
130		SI Financial Group, Inc		1,495
87	e	Sierra Bancorp		861
615	*	Signature Bank		37,497
207	e	Simmons First National Corp (Class A)		4,813
206	e	Southside Bancshares, Inc		4,631
383	*	Southwest Bancorp, Inc		3,604
397	*	State Bank & Trust Co		6,019
256		StellarOne Corp		3,195
318		Sterling Bancorp		3,174
335	*	Sterling Financial Corp		6,328
88	*	Suffolk Bancorp		1,141
470	*	Sun Bancorp, Inc		1,269
6,820		SunTrust Banks, Inc		165,249
2,349		Susquehanna Bancshares, Inc		24,195
561	*	SVB Financial Group		32,942
9,246	e	Synovus Financial Corp		18,307
137	*,e	Taylor Capital Group, Inc		2,245
1,924		TCF Financial Corp		22,088
150		Territorial Bancorp, Inc		3,415
429	*	Texas Capital Bancshares, Inc		17,327
956	*	TFS Financial Corp		9,130
265	*	The Bancorp, Inc		2,504
130		Tompkins Trustco, Inc		4,898
238	e	TowneBank		3,332
80	*	Tree.com, Inc		915
171	e	Trico Bancshares		2,633

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,974		Trustco Bank Corp NY	$	10,778
774		Trustmark Corp		18,948
403		UMB Financial Corp		20,646
1,383		Umpqua Holdings Corp		18,200
167		Union Bankshares Corp		2,413
757	e	United Bankshares, Inc		19,591
526	*,e	United Community Banks, Inc		4,508
201		United Financial Bancorp, Inc		2,890
198		Univest Corp of Pennsylvania		3,273
24,055		US Bancorp		773,609
2,837	e	Valley National Bancorp		30,072
426		ViewPoint Financial Group		6,663
253	*	Virginia Commerce Bancorp		2,133
113		Washington Banking Co		1,571
1,416		Washington Federal, Inc		23,916
138		Washington Trust Bancorp, Inc		3,364
90	*,e	Waterstone Financial, Inc		342
900		Webster Financial Corp		19,494
62,216		Wells Fargo & Co		2,080,503
301		WesBanco, Inc		6,399
189		West Bancorporation, Inc		1,797
225	*	West Coast Bancorp		4,421
390	e	Westamerica Bancorporation		18,404
712	*	Western Alliance Bancorp		6,664
366		Westfield Financial, Inc		2,672
2,417	*	Wilshire Bancorp, Inc		13,245
461	e	Wintrust Financial Corp		16,366
100		WSFS Financial Corp		4,041
2,336		Zions Bancorporation		45,365

		TOTAL BANKS		6,468,715

CAPITAL GOODS - 8.1%
8,899		3M Co		797,350
495		A.O. Smith Corp		24,201
2,099	*,e	A123 Systems, Inc		2,645
193		Aaon, Inc		3,638
468		AAR Corp		6,309
1,673	*,e	Accuride Corp		10,038
282		Aceto Corp		2,546
878		Actuant Corp (Class A)		23,846
572		Acuity Brands, Inc		29,120
1,483	*	Aecom Technology Corp		24,395
466	*	Aegion Corp		8,337
484	*	Aerovironment, Inc		12,734
1,234	*	AGCO Corp		56,431
858	*,e	Air Lease Corp		16,637
718		Aircastle Ltd		8,652
78		Alamo Group, Inc		2,447
301		Albany International Corp (Class A)		5,632
434		Alliant Techsystems, Inc		21,947
296		Altra Holdings, Inc		4,671
224	*	Ameresco, Inc		2,672
90	*	American Railcar Industries, Inc		2,439
140		American Science & Engineering, Inc		7,903
2,074	*,e	American Superconductor Corp		9,748
125		American Woodmark Corp		2,137
2,042		Ametek, Inc		101,916
79		Ampco-Pittsburgh Corp		1,448
410	*,e	API Technologies Corp		1,509
311		Apogee Enterprises, Inc		4,998
508		Applied Industrial Technologies, Inc		18,720
89		Argan, Inc		1,244
297		Armstrong World Industries, Inc		14,601
2,065	*	ArvinMeritor, Inc		10,779
237	*	Astec Industries, Inc		7,271
122	*	Astronics Corp		3,445

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

129		AZZ, Inc	$	7,903
1,463	*	Babcock & Wilcox Co		35,843
677		Barnes Group, Inc		16,444
1,206	*	BE Aerospace, Inc		52,654
825	*	Beacon Roofing Supply, Inc		20,806
565		Belden CDT, Inc		18,843
570	*	Blount International, Inc		8,351
310	*	Bluelinx Holdings, Inc		729
9,495		Boeing Co		705,478
586		Brady Corp (Class A)		16,121
600	e	Briggs & Stratton Corp		10,494
1,363	*	Builders FirstSource, Inc		6,461
232	*	CAI International, Inc		4,612
7,608	*,e	Capstone Turbine Corp		7,684
790		Carlisle Cos, Inc		41,886
126		Cascade Corp		5,928
8,192		Caterpillar, Inc		695,583
321		Ceradyne, Inc		8,234
405	*	Chart Industries, Inc		27,848
1,217		Chicago Bridge & Iron Co NV		46,197
170		CIRCOR International, Inc		5,795
615		Clarcor, Inc		29,618
311	*	CNH Global NV		12,085
552	*	Colfax Corp		15,219
196	*	Columbus McKinnon Corp		2,958
409		Comfort Systems USA, Inc		4,098
301	*	Commercial Vehicle Group, Inc		2,595
2,020		Cooper Industries plc		137,724
70	*	CPI Aerostructures, Inc		770
593		Crane Co		21,573
170		Cubic Corp		8,174
2,440		Cummins, Inc		236,460
554		Curtiss-Wright Corp		17,202
7,373		Danaher Corp		383,986
5,050		Deere & Co		408,393
434	*	DigitalGlobe, Inc		6,579
1,888		Donaldson Co, Inc		63,003
141	e	Douglas Dynamics, Inc		2,009
2,320		Dover Corp		124,375
82	*	DXP Enterprises, Inc		3,402
596	*	Dycom Industries, Inc		11,092
270		Dynamic Materials Corp		4,679
80		Eastern Co		1,292
4,288		Eaton Corp		169,933
190	*	Edgen Group, Inc		1,429
923		EMCOR Group, Inc		25,678
9,316		Emerson Electric Co		433,939
255		Encore Wire Corp		6,829
404	*,e	Energy Recovery, Inc		970
579	*	EnerSys		20,306
100	*	Enphase Energy, Inc		622
215	*	EnPro Industries, Inc		8,035
317		ESCO Technologies, Inc		11,551
388	*	Esterline Technologies Corp		24,192
2,210		Exelis, Inc		21,791
3,764		Fastenal Co		151,727
743	*	Federal Signal Corp		4,339
413	*	Flow International Corp		1,301
686		Flowserve Corp		78,719
2,167		Fluor Corp		106,920
2,026	*	Fortune Brands Home & Security, Inc		45,119
277		Franklin Electric Co, Inc		14,163
227		Freightcar America, Inc		5,214
6,474	*,e	FuelCell Energy, Inc		6,539
408	*	Furmanite Corp		1,983

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

655		Gardner Denver, Inc	$	34,656
594		GATX Corp		22,869
575	*	GenCorp, Inc		3,743
317	*	Generac Holdings, Inc		7,627
640	*	General Cable Corp		16,602
4,035		General Dynamics Corp		266,149
134,629		General Electric Co		2,805,668
264	*	GeoEye, Inc		4,087
916	*	Gibraltar Industries, Inc		9,508
199	e	Global Power Equipment Group, Inc		4,346
1,565		Goodrich Corp		198,598
242		Gorman-Rupp Co		7,212
730		Graco, Inc		33,638
1,560	*	GrafTech International Ltd		15,054
128		Graham Corp		2,383
466		Granite Construction, Inc		12,167
670		Great Lakes Dredge & Dock Corp		4,770
517	*	Greenbrier Cos, Inc		9,089
686		Griffon Corp		5,886
334	*	H&E Equipment Services, Inc		5,020
150		Hardinge, Inc		1,365
969		Harsco Corp		19,748
646		Heico Corp		25,530
1,310	*	Hexcel Corp		33,785
9,904		Honeywell International, Inc		553,039
186		Houston Wire & Cable Co		2,033
728		Hubbell, Inc (Class B)		56,740
604	*	Huntington Ingalls		24,305
78	*	Hurco Cos, Inc		1,598
1,031		IDEX Corp		40,188
646	*	II-VI, Inc		10,769
5,517		Illinois Tool Works, Inc		291,794
3,857		Ingersoll-Rand plc		162,688
155		Insteel Industries, Inc		1,728
392	*	Interline Brands, Inc		9,827
1,105		ITT Corp		19,448
1,582	*	Jacobs Engineering Group, Inc		59,894
308		John Bean Technologies Corp		4,180
1,345		Joy Global, Inc		76,302
148	*	Kadant, Inc		3,471
380		Kaman Corp		11,757
428		Kaydon Corp		9,155
1,895		KBR, Inc		46,825
983		Kennametal, Inc		32,586
128	*	KEYW Holding Corp		1,285
294	*	Kratos Defense & Security Solutions, Inc		1,717
1,237		L-3 Communications Holdings, Inc		91,550
220	*	Layne Christensen Co		4,552
111		LB Foster Co (Class A)		3,176
702		Lennox International, Inc		32,734
1,026		Lincoln Electric Holdings, Inc		44,929
136	e	Lindsay Manufacturing Co		8,826
101	*	LMI Aerospace, Inc		1,755
3,311		Lockheed Martin Corp		288,322
131		LSI Industries, Inc		933
201	*	Lydall, Inc		2,718
1,843	e	Manitowoc Co, Inc		21,563
4,530		Masco Corp		62,831
894	*	Mastec, Inc		13,446
171		Met-Pro Corp		1,575
80	*	Michael Baker Corp		2,087
238	*	Middleby Corp		23,707
115		Miller Industries, Inc		1,832
548	*	Moog, Inc (Class A)		22,660
284	*	MRC Global, Inc		6,044

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

556		MSC Industrial Direct Co (Class A)	$	36,446
447		Mueller Industries, Inc		19,038
2,364		Mueller Water Products, Inc (Class A)		8,179
209	*	MYR Group, Inc		3,566
66		Nacco Industries, Inc (Class A)		7,673
58	e	National Presto Industries, Inc		4,047
777	*	Navistar International Corp		22,043
222	*	NCI Building Systems, Inc		2,404
202	*	NN, Inc		2,062
814		Nordson Corp		41,750
100	*,e	Nortek, Inc		5,004
3,193		Northrop Grumman Corp		203,681
96	*	Northwest Pipe Co		2,329
706	*	Orbital Sciences Corp		9,121
434	*	Orion Marine Group, Inc		3,021
1,078	*	Oshkosh Truck Corp		22,584
1,547	*	Owens Corning, Inc		44,151
4,530		Paccar, Inc		177,531
1,472		Pall Corp		80,680
1,917		Parker Hannifin Corp		147,379
50	*	Patrick Industries, Inc		638
1,234	e	Pentair, Inc		47,238
313		Perini Corp		3,966
250	*	Pgt, Inc		758
200	*	Pike Electric Corp		1,544
144	*	PMFG, Inc		1,125
591	*,e	Polypore International, Inc		23,870
94	*	Powell Industries, Inc		3,512
1,845		Precision Castparts Corp		303,484
28		Preformed Line Products Co		1,621
237		Primoris Services Corp		2,844
64	*,e	Proto Labs, Inc		1,841
450	e	Quanex Building Products Corp		8,046
2,673	*	Quanta Services, Inc		64,339
230		Raven Industries, Inc		16,006
4,252		Raytheon Co		240,621
262	*	RBC Bearings, Inc		12,393
464		Regal-Beloit Corp		28,889
362	*	Rexnord Corp		7,254
596		Robbins & Myers, Inc		24,925
1,820		Rockwell Automation, Inc		120,229
1,843		Rockwell Collins, Inc		90,952
1,238		Roper Industries, Inc		122,042
333	*	Rush Enterprises, Inc (Class A)		5,445
200		Sauer-Danfoss, Inc		6,986
4	*	Seaboard Corp		8,532
134		SeaCube Container Leasing Ltd		2,287
919	*	Shaw Group, Inc		25,098
30		SIFCO Industries, Inc		689
459		Simpson Manufacturing Co, Inc		13,545
738		Snap-On, Inc		45,941
1,447	*	Spirit Aerosystems Holdings, Inc (Class A)		34,482
643		SPX Corp		42,001
151		Standex International Corp		6,428
2,154		Stanley Works		138,631
133	*	Sterling Construction Co, Inc		1,359
183		Sun Hydraulics Corp		4,445
130		Sypris Solutions, Inc		906
368		TAL International Group, Inc		12,324
812	*	Taser International, Inc		4,255
466	*	Teledyne Technologies, Inc		28,729
200		Tennant Co		7,990
1,432	*	Terex Corp		25,533
112	e	Textainer Group Holdings Ltd		4,133
3,528		Textron, Inc		87,741

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

120	*	Thermon Group Holdings	$	2,485
1,085		Timken Co		49,682
512	e	Titan International, Inc		12,559
282	*,e	Titan Machinery, Inc		8,564
419		Toro Co		30,709
626	*	TransDigm Group, Inc		84,072
189	*,e	Trex Co, Inc		5,687
321	*	Trimas Corp		6,452
964		Trinity Industries, Inc		24,081
628		Triumph Group, Inc		35,338
100		Twin Disc, Inc		1,849
5,879		Tyco International Ltd		310,705
1,167	*	United Rentals, Inc		39,725
11,601		United Technologies Corp		876,224
233		Universal Forest Products, Inc		9,082
959		URS Corp		33,450
911	*,e	USG Corp		17,355
282		Valmont Industries, Inc		34,114
200		Vicor Corp		1,388
710		W.W. Grainger, Inc		135,780
1,287	*	Wabash National Corp		8,520
424		Watsco, Inc		31,291
573		Watts Water Technologies, Inc (Class A)		19,104
545	*	WESCO International, Inc		31,365
619		Westinghouse Air Brake Technologies Corp		48,288
70	*	Willis Lease Finance Corp		862
880		Woodward Governor Co		34,707
2,461		Xylem, Inc		61,943

		TOTAL CAPITAL GOODS		15,674,641

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
655		ABM Industries, Inc		12,812
611	*	Acacia Research (Acacia Technologies)		22,754
1,386	*	ACCO Brands Corp		14,331
217		Acorn Energy, Inc		1,805
335		Administaff, Inc		9,062
413	*	Advisory Board Co		20,481
200		American Ecology Corp		3,548
412	*	American Reprographics Co		2,072
200	*	Asset Acceptance Capital Corp		1,360
140		Asta Funding, Inc		1,312
120	*	AT Cross Co		1,184
1,360		Avery Dennison Corp		37,182
97		Barrett Business Services, Inc		2,051
550		Brink’s Co		12,749
297	*	Casella Waste Systems, Inc (Class A)		1,737
854	*,e	CBIZ, Inc		5,073
100		CDI Corp		1,640
90		Ceco Environmental Corp		711
676	*,e	Cenveo, Inc		1,305
1,396		Cintas Corp		53,900
583	*	Clean Harbors, Inc		32,893
100	*	Consolidated Graphics, Inc		2,905
1,065	*,e	Coolbrands International, Inc		2,694
1,448	*	Copart, Inc		34,303
387		Corporate Executive Board Co		15,820
1,325		Corrections Corp of America		39,021
73		Courier Corp		967
1,387		Covanta Holding Corp		23,787
167	*	CRA International, Inc		2,453
649		Deluxe Corp		16,186
365	*	Dolan Media Co		2,456
647		Dun & Bradstreet Corp		46,047
281	*	Encore Capital Group, Inc		8,323
904	*,e	EnergySolutions, Inc		1,528

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

236	*,e	EnerNOC, Inc	$	1,709
269		Ennis, Inc		4,137
1,500		Equifax, Inc		69,900
172	*	Exponent, Inc		9,087
148	*	Franklin Covey Co		1,515
571	*	FTI Consulting, Inc		16,416
387		G & K Services, Inc (Class A)		12,071
772	*	Geo Group, Inc		17,540
191	*	GP Strategies Corp		3,528
825		Healthcare Services Group		15,989
200		Heidrick & Struggles International, Inc		3,500
380	*,e	Heritage-Crystal Clean, Inc		6,213
700		Herman Miller, Inc		12,964
270	*	Hill International, Inc		864
567		HNI Corp		14,600
376	*	Hudson Highland Group, Inc		1,568
279	*	Huron Consulting Group, Inc		8,830
209	*	ICF International, Inc		4,982
1,150	*	ICO Global Communications Holdings Ltd		1,288
675	*	IHS, Inc (Class A)		72,718
259	*,e	Innerworkings, Inc		3,504
597		Interface, Inc		8,137
110		Intersections, Inc		1,744
1,938		Iron Mountain, Inc		63,877
343	*	KAR Auction Services, Inc		5,896
300		Kelly Services, Inc (Class A)		3,873
366	*	Kforce, Inc		4,926
300		Kimball International, Inc (Class B)		2,310
546		Knoll, Inc		7,327
500	*	Korn/Ferry International		7,175
1,020		Manpower, Inc		37,383
274		McGrath RentCorp		7,261
802	*	Metalico, Inc		1,764
352		Mine Safety Appliances Co		14,165
172	*	Mistras Group, Inc		4,520
400	*	Mobile Mini, Inc		5,760
105		Multi-Color Corp		2,335
631	*	Navigant Consulting, Inc		7,976
1,545	*	Nielsen Holdings NV		40,510
113		NL Industries, Inc		1,409
817	*,e	Odyssey Marine Exploration, Inc		3,056
549	*	On Assignment, Inc		8,762
2,162	e	Pitney Bowes, Inc		32,365
205	*	Portfolio Recovery Associates, Inc		18,708
313	e	Quad		4,501
2,354	e	R.R. Donnelley & Sons Co		27,707
3,849		Republic Services, Inc		101,845
514		Resources Connection, Inc		6,322
1,798		Robert Half International, Inc		51,369
772		Rollins, Inc		17,270
275	*	RPX Corp		3,946
100		Schawk, Inc (Class A)		1,270
189	*	Standard Parking Corp		4,067
838		Steelcase, Inc (Class A)		7,567
1,080	*	Stericycle, Inc		99,004
460	*	SYKES Enterprises, Inc		7,342
390	*	Team, Inc		12,160
804	*	Tetra Tech, Inc		20,968
159	*	TMS International Corp		1,585
772		Towers Watson & Co		46,243
220	*	TRC Cos, Inc		1,338
550	*	TrueBlue, Inc		8,514
330		Unifirst Corp		21,038
612		United Stationers, Inc		16,493
1,528	*	Verisk Analytics, Inc		75,269

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

263		Viad Corp	$	5,260
48		VSE Corp		1,142
80	*	WageWorks, Inc		1,205
1,413		Waste Connections, Inc		42,277
5,881		Waste Management, Inc		196,425

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,792,741

CONSUMER DURABLES & APPAREL - 1.3%
479	e	American Greetings Corp (Class A)		7,003
148	*	Arctic Cat, Inc		5,411
1,563	*	Ascena Retail Group, Inc		29,103
140		Bassett Furniture Industries, Inc		1,443
1,108	*,e	Beazer Homes USA, Inc		3,601
150	e	Blyth, Inc		5,184
1,127		Brunswick Corp		25,042
806	e	Callaway Golf Co		4,764
614	*	Carter’s, Inc		32,296
72	*	Cavco Industries, Inc		3,692
65		Cherokee, Inc		905
271	*	Clarus Corp		2,561
3,648		Coach, Inc		213,335
137	e	Columbia Sportswear Co		7,346
1,444	*	CROCS, Inc		23,321
46		CSS Industries, Inc		945
110		Culp, Inc		1,128
474	*,e	Deckers Outdoor Corp		20,861
67	*	Delta Apparel, Inc		915
3,350		DR Horton, Inc		61,573
279		Ethan Allen Interiors, Inc		5,561
1,307	*	Fifth & Pacific Cos, Inc		14,024
60		Flexsteel Industries, Inc		1,187
683	*	Fossil, Inc		52,277
1,360	*,e	Garmin Ltd		52,074
205	*	G-III Apparel Group Ltd		4,856
1,240	*	Hanesbrands, Inc		34,385
852		Harman International Industries, Inc		33,739
1,546		Hasbro, Inc		52,363
400	*	Helen of Troy Ltd		13,556
140	*	Hooker Furniture Corp		1,651
988	*,e	Hovnanian Enterprises, Inc (Class A)		2,865
870	*	Iconix Brand Group, Inc		15,199
429	*,e	iRobot Corp		9,502
311	e	Jakks Pacific, Inc		4,979
971		Jarden Corp		40,802
1,084		Jones Apparel Group, Inc		10,363
919	e	KB Home		9,006
100	*	Kenneth Cole Productions, Inc (Class A)		1,505
330	*,e	K-Swiss, Inc (Class A)		1,016
628	*	La-Z-Boy, Inc		7,718
636	*	Leapfrog Enterprises, Inc		6,525
1,780		Leggett & Platt, Inc		37,611
1,951	e	Lennar Corp (Class A)		60,305
193	*	Libbey, Inc		2,966
112		Lifetime Brands, Inc		1,397
385	*	M/I Homes, Inc		6,668
300	*	Maidenform Brands, Inc		5,976
4,469		Mattel, Inc		144,974
441	e	MDC Holdings, Inc		14,408
377	*	Meritage Homes Corp		12,795
1,079	*	Michael Kors Holdings Ltd		45,145
702	*	Mohawk Industries, Inc		49,021
200		Movado Group, Inc		5,004
3,613		Newell Rubbermaid, Inc		65,540
4,577		Nike, Inc (Class B)		401,769
64	*	NVR, Inc		54,400

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

200		Oxford Industries, Inc	$	8,940
161	*	Perry Ellis International, Inc		3,341
823		Phillips-Van Heusen Corp		64,021
804		Polaris Industries, Inc		57,470
567		Pool Corp		22,941
4,337	*	Pulte Homes, Inc		46,406
1,598	*	Quiksilver, Inc		3,723
770		Ralph Lauren Corp		107,846
101		RG Barry Corp		1,373
506		Ryland Group, Inc		12,944
1,213	*,e	Sealy Corp		2,244
403	*	Skechers U.S.A., Inc (Class A)		8,209
208	*	Skullcandy, Inc		2,943
635	*	Smith & Wesson Holding Corp		5,277
1,250	*,e	Standard-Pacific Corp		7,738
100	*	Steinway Musical Instruments, Inc		2,450
501	*	Steven Madden Ltd		15,907
228	e	Sturm Ruger & Co, Inc		9,154
875	*	Tempur-Pedic International, Inc		20,466
1,801	*	Toll Brothers, Inc		53,544
304		True Religion Apparel, Inc		8,810
271	*,e	Tumi Holdings, Inc		4,743
709		Tupperware Corp		38,825
502	*,e	Under Armour, Inc (Class A)		47,429
340	*	Unifi, Inc		3,852
166	*	Universal Electronics, Inc		2,186
246	*,e	Vera Bradley, Inc		5,186
1,115		VF Corp		148,797
515	*	Warnaco Group, Inc		21,929
60		Weyco Group, Inc		1,391
946		Whirlpool Corp		57,857
600		Wolverine World Wide, Inc		23,268
247	*,e	Zagg, Inc		2,695

		TOTAL CONSUMER DURABLES & APPAREL		2,557,466

CONSUMER SERVICES - 2.3%
306	*	AFC Enterprises		7,081
224	*	American Public Education, Inc		7,168
660		Ameristar Casinos, Inc		11,728
1,296	*	Apollo Group, Inc (Class A)		46,902
159	*	Ascent Media Corp (Series A)		8,228
701	*	Bally Technologies, Inc		32,709
170		Benihana, Inc		2,739
298	*	BJ’s Restaurants, Inc		11,324
180	*,e	Bluegreen Corp		893
379		Bob Evans Farms, Inc		15,236
704	*,e	Boyd Gaming Corp		5,069
141	*	Bravo Brio Restaurant Group, Inc		2,514
234	*,e	Bridgepoint Education, Inc		5,101
1,103		Brinker International, Inc		35,153
218	*	Buffalo Wild Wings, Inc		18,887
540	*,e	Caesars Entertainment Corp		6,156
202	*	Capella Education Co		7,022
812	*	Career Education Corp		5,432
267	*	Caribou Coffee Co, Inc		3,447
5,280		Carnival Corp		180,946
200		Carriage Services, Inc		1,664
288		CBRL Group, Inc		18,086
272		CEC Entertainment, Inc		9,893
746	*	Cheesecake Factory		23,842
385	*	Chipotle Mexican Grill, Inc (Class A)		146,281
370		Choice Hotels International, Inc		14,774
155		Churchill Downs, Inc		9,112
397	*,e	Coinstar, Inc		27,258
70	e	Collectors Universe		1,028

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,059	*,e	Corinthian Colleges, Inc	$	3,061
1,651		Darden Restaurants, Inc		83,590
949	*	Denny’s Corp		4,214
854		DeVry, Inc		26,448
223	*	DineEquity, Inc		9,955
767		Domino’s Pizza, Inc		23,708
1,035		Dunkin Brands Group, Inc		35,542
519	*,e	Education Management Corp		3,607
200	*	Fiesta Restaurant Group, Inc		2,646
40		Frisch’s Restaurants, Inc		1,134
424	*	Gaylord Entertainment Co		16,349
505	*	Grand Canyon Education, Inc		10,575
3,828		H&R Block, Inc		61,171
1,071		Hillenbrand, Inc		19,685
540	*	Hyatt Hotels Corp		20,066
80	*,e	Ignite Restaurant Group, Inc		1,449
3,723		International Game Technology		58,637
548		International Speedway Corp (Class A)		14,347
474		Interval Leisure Group, Inc		9,011
244	*	Isle of Capri Casinos, Inc		1,505
351	*,e	ITT Educational Services, Inc		21,323
678	*	Jack in the Box, Inc		18,903
738	*	Jamba, Inc		1,446
310	*,e	K12, Inc		7,223
587	*	Krispy Kreme Doughnuts, Inc		3,751
4,967		Las Vegas Sands Corp		216,015
545	*	Life Time Fitness, Inc		25,348
288		Lincoln Educational Services Corp		1,872
140		Mac-Gray Corp		1,973
200		Marcus Corp		2,752
3,228		Marriott International, Inc (Class A)		126,538
345	*	Marriott Vacations Worldwide Corp		10,688
367		Matthews International Corp (Class A)		11,924
12,905		McDonald’s Corp		1,142,480
5,009	*	MGM Mirage		55,900
200	*	Monarch Casino & Resort, Inc		1,828
510	*	Morgans Hotel Group Co		2,397
290	*	MTR Gaming Group, Inc		1,377
322	*	Multimedia Games, Inc		4,508
30	*	Nathan’s Famous, Inc		885
1,101	*	Orient-Express Hotels Ltd (Class A)		9,215
360	*	Panera Bread Co (Class A)		50,198
263	*	Papa John’s International, Inc		12,511
149	*	Peet’s Coffee & Tea, Inc		8,946
861	*	Penn National Gaming, Inc		38,392
793	*	Pinnacle Entertainment, Inc		7,629
330	*,e	Premier Exhibitions, Inc		891
150	*	Red Robin Gourmet Burgers, Inc		4,576
674		Regis Corp		12,105
1,926		Royal Caribbean Cruises Ltd		50,134
779	*	Ruby Tuesday, Inc		5,305
200	*	Ruth’s Chris Steak House, Inc		1,320
774	*	Scientific Games Corp (Class A)		6,618
2,758		Service Corp International		34,117
646	*	Shuffle Master, Inc		8,915
468		Six Flags Entertainment Corp		25,356
729	*	Sonic Corp		7,305
810		Sotheby’s (Class A)		27,022
164		Speedway Motorsports, Inc		2,773
9,503		Starbucks Corp		506,700
2,477		Starwood Hotels & Resorts Worldwide, Inc		131,380
20	*	Steak N Shake Co		7,728
185	*	Steiner Leisure Ltd		8,586
1,142		Stewart Enterprises, Inc (Class A)		8,154

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

171	e	Strayer Education, Inc	$	18,642
687		Texas Roadhouse, Inc (Class A)		12,661
250	*	Town Sports International Holdings, Inc		3,322
228		Universal Technical Institute, Inc		3,080
437		Vail Resorts, Inc		21,885
356	e	Weight Watchers International, Inc		18,355
3,949		Wendy’s		18,639
698	*	WMS Industries, Inc		13,925
1,852		Wyndham Worldwide Corp		97,674
1,012		Wynn Resorts Ltd		104,965
5,847		Yum! Brands, Inc		376,664

		TOTAL CONSUMER SERVICES		4,397,192

DIVERSIFIED FINANCIALS - 5.4%
647	*	Affiliated Managers Group, Inc		70,814
4,393	*	American Capital Ltd		44,238
12,716		American Express Co		740,198
2,781		Ameriprise Financial, Inc		145,335
2,330		Apollo Investment Corp		17,894
2,886		Ares Capital Corp		46,061
341		Artio Global Investors, Inc		1,194
136,846		Bank of America Corp		1,119,400
15,145		Bank of New York Mellon Corp		332,433
1,263		BGC Partners, Inc (Class A)		7,414
942		BlackRock Kelso Capital Corp		9,194
1,617		BlackRock, Inc		274,599
200		Calamos Asset Management, Inc (Class A)		2,290
7,157		Capital One Financial Corp		391,202
47		Capital Southwest Corp		4,833
400		Cash America International, Inc		17,616
1,112		CBOE Holdings, Inc		30,780
13,638		Charles Schwab Corp		176,339
37,170		Citigroup, Inc		1,018,830
841		CME Group, Inc		225,480
207	e	Cohen & Steers, Inc		7,144
888	*	Cowen Group, Inc		2,362
82	*	Credit Acceptance Corp		6,923
22		Diamond Hill Investment Group, Inc		1,722
6,736		Discover Financial Services		232,931
450	*	Dollar Financial Corp		8,294
332		Duff & Phelps Corp		4,814
3,622	*	E*Trade Financial Corp		29,121
1,406		Eaton Vance Corp		37,892
160		Epoch Holding Corp		3,645
364		Evercore Partners, Inc (Class A)		8,514
545	*	Ezcorp, Inc (Class A)		12,786
653	*	FBR Capital Markets Corp		1,809
1,409	e	Federated Investors, Inc (Class B)		30,787
1,049	e	Fifth Street Finance Corp		10,469
587	*,e	Financial Engines, Inc		12,591
363	*	First Cash Financial Services, Inc		14,582
641	*,e	First Marblehead Corp		750
110	*	Firsthand Technology Value Fund, Inc		1,943
1,855		Franklin Resources, Inc		205,886
80	e	Friedman Billings Ramsey Group, Inc (Class A)		1,737
215	e	FXCM, Inc		2,528
69		GAMCO Investors, Inc (Class A)		3,063
704		GFI Group, Inc		2,506
239		Gladstone Capital Corp		1,886
252		Gladstone Investment Corp		1,862
6,261		Goldman Sachs Group, Inc		600,179
92	e	Golub Capital BDC, Inc		1,388
276	*,e	Green Dot Corp		6,105
354	e	Greenhill & Co, Inc		12,620
240	*	GSV Capital Corp		2,232

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

322	*	Harris & Harris Group, Inc	$	1,224
635		Hercules Technology Growth Capital, Inc		7,201
409	*	HFF, Inc (Class A)		5,701
80		Horizon Technology Finance Corp		1,319
441		Interactive Brokers Group, Inc (Class A)		6,491
960	*	IntercontinentalExchange, Inc		130,541
153	*	International Assets Holding Corp		2,961
405	*	Internet Capital Group, Inc		3,746
5,831		Invesco Ltd		131,781
524	*	Investment Technology Group, Inc		4,821
6,669		iShares Russell 3000 Index Fund		536,054
2,289		Janus Capital Group, Inc		17,900
1,790		Jefferies Group, Inc		23,252
173		JMP Group, Inc		1,069
48,372		JPMorgan Chase & Co		1,728,332
422	e	KBW, Inc		6,942
1,888	*	Knight Capital Group, Inc (Class A)		22,543
240	e	Kohlberg Capital Corp		1,742
1,144	*,e	Ladenburg Thalmann Financial Services, Inc		1,762
1,450		Lazard Ltd (Class A)		37,686
1,857		Legg Mason, Inc		48,969
2,510		Leucadia National Corp		53,388
641	*	LPL Financial Holdings, Inc		21,647
250		Main Street Capital Corp		6,050
175		Manning & Napier, Inc		2,490
463		MarketAxess Holdings, Inc		12,334
102		Marlin Business Services Corp		1,672
778		MCG Capital Corp		3,579
175		Medallion Financial Corp		1,859
212		Medley Capital Corp		2,552
110		MicroFinancial, Inc		891
2,471		Moody’s Corp		90,315
19,595		Morgan Stanley		285,891
1,492	*	MSCI, Inc (Class A)		50,758
407		MVC Capital, Inc		5,271
1,637		Nasdaq Stock Market, Inc		37,111
320		Nelnet, Inc (Class A)		7,360
370	*,e	Netspend Holdings, Inc		3,400
341	*	NewStar Financial, Inc		4,419
300		NGP Capital Resources Co		2,124
120	e	Nicholas Financial, Inc		1,538
2,796		Northern Trust Corp		128,672
3,295		NYSE Euronext		84,286
116		Oppenheimer Holdings, Inc		1,824
725		PennantPark Investment Corp		7,504
639	*,e	PHH Corp		11,170
272	*	Pico Holdings, Inc		6,096
236	*	Piper Jaffray Cos		5,529
1,541	e	Prospect Capital Corp		17,552
90		Pzena Investment Management, Inc (Class A)		399
1,443		Raymond James Financial, Inc		49,408
60	*,e	Regional Management Corp		987
150	*	Resource America, Inc (Class A)		957
219	*	Safeguard Scientifics, Inc		3,390
209	e	Sanders Morris Harris Group, Inc		1,818
1,802		SEI Investments Co		35,842
6,277		SLM Corp		98,612
456		Solar Capital Ltd		10,151
125		Solar Senior Capital Ltd		2,112
6,327		State Street Corp		282,437
676	*	Stifel Financial Corp		20,888
289		SWS Group, Inc		1,540
3,302		T Rowe Price Group, Inc		207,894
70		TCP Capital Corp		1,012
2,921		TD Ameritrade Holding Corp		49,657

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

104		THL Credit, Inc	$	1,401
330		TICC Capital Corp		3,201
517	e	Triangle Capital Corp		11,777
56	*	Virtus Investment Partners, Inc		4,536
1,037		Waddell & Reed Financial, Inc (Class A)		31,400
288		Walter Investment Management Corp		6,751
61		Westwood Holdings Group, Inc		2,273
748	*	WisdomTree Investments, Inc		4,914
199	*,e	World Acceptance Corp		13,094

		TOTAL DIVERSIFIED FINANCIALS		10,372,985

ENERGY - 9.7%
2,642	*,e	Abraxas Petroleum Corp		8,428
30		Adams Resources & Energy, Inc		1,258
142		Alon USA Energy, Inc		1,201
2,853	*	Alpha Natural Resources, Inc		24,850
218	*,e	Amyris Biotechnologies, Inc		966
6,322		Anadarko Petroleum Corp		418,516
4,964		Apache Corp		436,286
180	e	APCO Argentina, Inc		3,249
503	*,e	Approach Resources, Inc		12,847
2,629	e	Arch Coal, Inc		18,114
643	*,e	ATP Oil & Gas Corp		2,173
675	*	Atwood Oceanics, Inc		25,542
5,569		Baker Hughes, Inc		228,886
369	*,e	Basic Energy Services, Inc		3,808
617		Berry Petroleum Co (Class A)		24,470
553	*	Bill Barrett Corp		11,845
110		Bolt Technology Corp		1,651
340	*	Bonanza Creek Energy, Inc		5,654
1,271	*,e	BPZ Energy, Inc		3,216
433		Bristow Group, Inc		17,610
564	*,e	C&J Energy Services, Inc		10,434
2,580		Cabot Oil & Gas Corp		101,652
1,143	*	Cal Dive International, Inc		3,315
354	*	Callon Petroleum Co		1,508
3,069	*	Cameron International Corp		131,077
235	e	CARBO Ceramics, Inc		18,032
483	*	Carrizo Oil & Gas, Inc		11,355
2,370	*	Cheniere Energy, Inc		34,934
8,437	e	Chesapeake Energy Corp		156,928
25,051		Chevron Corp		2,642,880
1,064		Cimarex Energy Co		58,648
90	*,e	Clayton Williams Energy, Inc		4,354
839	*,e	Clean Energy Fuels Corp		13,005
755	*	Cloud Peak Energy, Inc		12,767
2,316	*	Cobalt International Energy, Inc		54,426
599	*	Comstock Resources, Inc		9,836
1,328	*	Concho Resources, Inc		113,039
16,057		ConocoPhillips		897,265
2,890		Consol Energy, Inc		87,394
151	*	Contango Oil & Gas Co		8,939
495	*	Continental Resources, Inc		32,977
90	*,e	CREDO Petroleum Corp		1,302
456		Crosstex Energy, Inc		6,384
212	*	CVR Energy, Inc		5,635
1,093	*	CVR Energy, Inc (Contingent value right)		0
80	*	Dawson Geophysical Co		1,906
213		Delek US Holdings, Inc		3,747
4,935	*	Denbury Resources, Inc		74,568
5,153	*	Devon Energy Corp		298,822
939	e	Diamond Offshore Drilling, Inc		55,523
994	*	Dresser-Rand Group, Inc		44,273
510	*	Dril-Quip, Inc		33,451
780	*,e	Endeavour International Corp		6,552

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

915		Energen Corp	$	41,294
354	*	Energy Partners Ltd		5,983
938		Energy XXI Bermuda Ltd		29,350
3,401		EOG Resources, Inc		306,464
1,668		Equitable Resources, Inc		89,455
1,767		EXCO Resources, Inc		13,412
747	*	Exterran Holdings, Inc		9,524
59,380	d	Exxon Mobil Corp		5,081,147
3,113	*	FMC Technologies, Inc		122,123
190	*,e	Forbes Energy Services Ltd		893
1,348	*	Forest Oil Corp		9,881
284	*	Forum Energy Technologies, Inc		5,592
743	e	Frontline Ltd		3,388
386	*	FX Energy, Inc		2,297
291	*	GasLog Ltd		2,954
1,809	*	Gastar Exploration Ltd		3,491
387	*	Georesources, Inc		14,168
690	*	Global Geophysical Services, Inc		4,223
551	e	Golar LNG Ltd		20,773
321	*,e	Goodrich Petroleum Corp		4,449
143	*,e	Green Plains Renewable Energy, Inc		892
190		Gulf Island Fabrication, Inc		5,360
287	*	Gulfmark Offshore, Inc		9,770
710	*	Gulfport Energy Corp		14,647
886	*,e	Halcon Resources Corp		8,364
11,722		Halliburton Co		332,788
978	*,e	Harvest Natural Resources, Inc		8,362
1,688	*,e	Heckmann Corp		5,705
1,341	*	Helix Energy Solutions Group, Inc		22,006
1,186		Helmerich & Payne, Inc		51,567
1,501	*	Hercules Offshore, Inc		5,314
3,861		Hess Corp		167,760
2,628		Holly Corp		93,110
441	*	Hornbeck Offshore Services, Inc		17,102
1,704	*	ION Geophysical Corp		11,229
13	*,e	Isramco, Inc		1,430
1,861	*	Key Energy Services, Inc		14,144
6,205		Kinder Morgan, Inc		199,925
134	*,e	KiOR, Inc (Class A)		1,199
185	e	Knightsbridge Tankers Ltd		1,506
3,714	*	Kodiak Oil & Gas Corp		30,492
890	*	Kosmos Energy LLC		9,834
300	*	Laredo Petroleum Holdings, Inc		6,240
400		Lufkin Industries, Inc		21,728
1,790	*,e	Magnum Hunter Resources Corp		7,482
8,885		Marathon Oil Corp		227,189
4,379		Marathon Petroleum Corp		196,705
177	*	Matador Resources Co		1,901
440	*	Matrix Service Co		4,994
2,913	*	McDermott International, Inc		32,451
1,294	*,e	McMoRan Exploration Co		16,395
310	*	Midstates Petroleum Co, Inc		3,010
1,226	*,e	Miller Petroleum, Inc		6,130
120	*	Mitcham Industries, Inc		2,036
2,424		Murphy Oil Corp		121,903
3,568	*	Nabors Industries Ltd		51,379
5,376		National Oilwell Varco, Inc		346,429
136	*	Natural Gas Services Group, Inc		2,016
1,672	*	Newfield Exploration Co		49,006
1,250	*	Newpark Resources, Inc		7,375
2,265		Noble Energy, Inc		192,117
562	e	Nordic American Tanker Shipping		7,626
746	*,e	Northern Oil And Gas, Inc		11,891
1,014	*	Oasis Petroleum, Inc		24,519
10,329		Occidental Petroleum Corp		885,918

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,376		Oceaneering International, Inc	$	65,855
637	*	Oil States International, Inc		42,169
443	e	Overseas Shipholding Group, Inc		4,922
82	*	OYO Geospace Corp		7,379
85		Panhandle Oil and Gas, Inc (Class A)		2,562
1,722	*	Parker Drilling Co		7,766
1,236	*,e	Patriot Coal Corp		1,508
1,923		Patterson-UTI Energy, Inc		27,999
403	*	PDC Energy, Inc		9,882
3,457		Peabody Energy Corp		84,766
551		Penn Virginia Corp		4,044
815	*,e	Petroquest Energy, Inc		4,075
149	*	PHI, Inc		4,144
7,943	*	Phillips 66		264,025
568	*	Pioneer Drilling Co		4,527
1,562		Pioneer Natural Resources Co		137,784
1,637	*	Plains Exploration & Production Co		57,590
2,264		Questar Market Resources, Inc		67,852
1,420	*,e	Quicksilver Resources, Inc		7,696
2,070		Range Resources Corp		128,071
2,606	*	Rentech, Inc		5,368
460	*,e	Resolute Energy Corp		4,402
494	*,e	Rex Energy Corp		5,538
92	*	Rex Stores Corp		1,796
160	*	RigNet, Inc		2,782
657	*	Rosetta Resources, Inc		24,072
1,533	*	Rowan Cos PLC		49,562
757	e	RPC, Inc		9,001
151	*	Sanchez Energy Corp		3,141
6,213	*,e	SandRidge Energy, Inc		41,565
230	*	Saratoga Resources, Inc		1,352
17,132		Schlumberger Ltd		1,112,038
156	*	Scorpio Tankers, Inc		997
272		SEACOR Holdings, Inc		24,311
517	*	SemGroup Corp		16,508
482	e	Ship Finance International Ltd		7,534
413	*,e	Solazyme, Inc		5,741
4,435	*	Southwestern Energy Co		141,610
8,242		Spectra Energy Corp		239,513
844		St. Mary Land & Exploration Co		41,449
626	*	Stone Energy Corp		15,863
1,329		Sunoco, Inc		63,127
2,001	*	Superior Energy Services		40,480
514	*	Swift Energy Co		9,566
500	*,e	Synergy Resources Corp		1,540
367		Targa Resources Investments, Inc		15,671
480		Teekay Corp		14,054
800	e	Teekay Tankers Ltd (Class A)		3,648
364	*	Tesco Corp		4,368
1,783	*	Tesoro Corp		44,504
974	*	Tetra Technologies, Inc		6,945
182	*	TGC Industries, Inc		1,767
645		Tidewater, Inc		29,902
522	*,e	Triangle Petroleum Corp		2,913
1,944	*,e	Ultra Petroleum Corp		44,848
300	*	Union Drilling, Inc		1,344
615	*	Unit Corp		22,687
4,023	*,e	Uranerz Energy Corp		5,833
1,254	*,e	Uranium Energy Corp		2,872
621	*	Vaalco Energy, Inc		5,359
7,017		Valero Energy Corp		169,461
5,036	*	Vantage Drilling Co		7,554
231	*	Venoco, Inc		2,312
580	*	Voyager Oil & Gas, Inc		1,021
414		W&T Offshore, Inc		6,334

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

580	*	Warren Resources, Inc	$	1,392
925		Western Refining, Inc		20,600
125	*,e	Westmoreland Coal Co		1,006
1,492	*	Whiting Petroleum Corp		61,351
1,032	*	Willbros Group, Inc		6,667
7,843		Williams Cos, Inc		226,035
874		World Fuel Services Corp		33,238
2,447	*	WPX Energy, Inc		39,592
320	*,e	ZaZa Energy Corp		1,446

		TOTAL ENERGY		18,785,501

FOOD & STAPLES RETAILING - 2.1%
207		Andersons, Inc		8,831
15		Arden Group, Inc (Class A)		1,308
496		Casey’s General Stores, Inc		29,259
300	*	Chefs’ Warehouse Holdings, Inc		5,415
5,501		Costco Wholesale Corp		522,595
16,272		CVS Corp		760,391
350	*	Fresh Market, Inc		18,770
610		Harris Teeter Supermarkets, Inc		25,004
100		Ingles Markets, Inc (Class A)		1,603
7,124		Kroger Co		165,206
180		Nash Finch Co		3,866
248	*	Pantry, Inc		3,646
231		Pricesmart, Inc		15,595
7,015	*	Rite Aid Corp		9,821
245	e	Roundy’s, Inc		2,501
3,058	e	Safeway, Inc		55,503
217		Spartan Stores, Inc		3,934
2,554	e	Supervalu, Inc		13,230
91	*	Susser Holdings Corp		3,382
7,439		Sysco Corp		221,757
668	*	United Natural Foods, Inc		36,646
77		Village Super Market (Class A)		2,509
10,956		Walgreen Co		324,078
21,461		Wal-Mart Stores, Inc		1,496,261
133		Weis Markets, Inc		5,921
2,212		Whole Foods Market, Inc		210,848

		TOTAL FOOD & STAPLES RETAILING		3,947,880

FOOD, BEVERAGE & TOBACCO - 5.6%
100		Alico, Inc		3,054
1,062	*,e	Alliance One International, Inc		3,675
25,840		Altria Group, Inc		892,772
62	*	Annie’s, Inc		2,595
8,364		Archer Daniels Midland Co		246,905
571		B&G Foods, Inc (Class A)		15,189
1,997		Beam, Inc		124,792
100	*,e	Boston Beer Co, Inc (Class A)		12,100
1,312		Brown-Forman Corp (Class B)		127,067
1,858		Bunge Ltd		116,571
125	e	Calavo Growers, Inc		3,198
200		Cal-Maine Foods, Inc		7,820
2,360		Campbell Soup Co		78,777
841	*,e	Central European Distribution Corp		2,405
536	*,e	Chiquita Brands International, Inc		2,680
77		Coca-Cola Bottling Co Consolidated		4,950
24,665		Coca-Cola Co		1,928,556
3,894		Coca-Cola Enterprises, Inc		109,188
5,228		ConAgra Foods, Inc		135,562
2,127	*	Constellation Brands, Inc (Class A)		57,557
1,454	*	Darling International, Inc		23,976
7,390	*	DE Master Blenders 1753 NV		83,327
2,340	*	Dean Foods Co		39,850
262	e	Diamond Foods, Inc		4,674

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

433	*,e	Dole Food Co, Inc	$	3,802
2,800		Dr Pepper Snapple Group, Inc		122,500
200	*	Farmer Bros Co		1,592
1,420		Flowers Foods, Inc		32,987
476		Fresh Del Monte Produce, Inc		11,172
8,222		General Mills, Inc		316,876
1,751	*,e	Green Mountain Coffee Roasters, Inc		38,137
38		Griffin Land & Nurseries, Inc (Class A)		1,064
4,098		H.J. Heinz Co		222,849
490	*	Hain Celestial Group, Inc		26,970
1,934		Hershey Co		139,306
1,478	*	Hillshire Brands Co		42,847
1,898		Hormel Foods Corp		57,737
949		Ingredion, Inc		46,994
170	*	Inventure Foods, Inc		1,071
192		J&J Snack Foods Corp		11,347
1,442		J.M. Smucker Co		108,900
100	*	John B. Sanfilippo & Son, Inc		1,785
3,183		Kellogg Co		157,017
22,126		Kraft Foods, Inc (Class A)		854,506
260		Lancaster Colony Corp		18,515
591		Lance, Inc		14,911
101	e	Limoneira Co		1,638
1,657		Lorillard, Inc		218,641
1,734		McCormick & Co, Inc		105,167
2,588		Mead Johnson Nutrition Co		208,360
1,628		Molson Coors Brewing Co (Class B)		67,741
1,789	*	Monster Beverage Corp		127,377
129		National Beverage Corp		1,927
245	*	Omega Protein Corp		1,803
19,860		PepsiCo, Inc		1,403,308
21,659		Philip Morris International, Inc		1,889,964
707	*,e	Pilgrim’s Pride Corp		5,055
375	*	Post Holdings, Inc		11,531
751	*	Ralcorp Holdings, Inc		50,122
4,216		Reynolds American, Inc		189,172
272		Sanderson Farms, Inc		12,463
77	*	Seneca Foods Corp		2,071
718	*	Smart Balance, Inc		6,742
2,062	*	Smithfield Foods, Inc		44,601
1,834	*,e	Star Scientific, Inc		8,363
215	*,e	Synutra International, Inc		1,161
401	e	Tootsie Roll Industries, Inc		9,568
511	*	TreeHouse Foods, Inc		31,830
3,645		Tyson Foods, Inc (Class A)		68,635
302		Universal Corp		13,992
797	e	Vector Group Ltd		13,565
150	*	Westway Group, Inc		899

		TOTAL FOOD, BEVERAGE & TOBACCO		10,755,821

HEALTH CARE EQUIPMENT & SERVICES - 4.3%
247	*	Abaxis, Inc		9,139
400	*,e	Abiomed, Inc		9,128
290	*	Acadia Healthcare Co, Inc		5,087
716	*,e	Accretive Health, Inc		7,847
682	*	Accuray, Inc		4,665
4,448		Aetna, Inc		172,449
163	*	Air Methods Corp		16,015
910	*	Align Technology, Inc		30,449
2,366	*	Allscripts Healthcare Solutions, Inc		25,860
72	*	Almost Family, Inc		1,608
620	*	Alphatec Holdings, Inc		1,141
341	*,e	Amedisys, Inc		4,245
584	*	Amerigroup Corp		38,491
3,356		AmerisourceBergen Corp		132,059

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

357	*	AMN Healthcare Services, Inc	$	2,117
451	*	Amsurg Corp		13,521
150		Analogic Corp		9,300
275	*	Angiodynamics, Inc		3,303
148	*	Anika Therapeutics, Inc		2,011
844	*,e	Antares Pharma, Inc		3,072
325	*	Arthrocare Corp		9,516
264		Assisted Living Concepts, Inc (A Shares)		3,754
454	*,e	athenahealth, Inc		35,943
170	*	AtriCure, Inc		1,634
18		Atrion Corp		3,690
1,100		Bard (C.R.), Inc		118,184
7,088		Baxter International, Inc		376,727
2,587		Becton Dickinson & Co		193,378
1	*	Biolase Technology, Inc		2
412	*,e	Bio-Reference Labs, Inc		10,827
496	*	BioScrip, Inc		3,685
18,203	*	Boston Scientific Corp		103,211
1,200	*	Brookdale Senior Living, Inc		21,288
219		Cantel Medical Corp		5,968
236	*	Capital Senior Living Corp		2,502
4,480		Cardinal Health, Inc		188,160
160	*,e	Cardiovascular Systems, Inc		1,566
2,778	*	CareFusion Corp		71,339
560	*	Catalyst Health Solutions, Inc		52,326
593	*	Centene Corp		17,885
1,840	*	Cerner Corp		152,094
449	*,e	Cerus Corp		1,491
281	e	Chemed Corp		16,984
128	*	Chindex International, Inc		1,254
3,627		Cigna Corp		159,588
1,183	*	Community Health Systems, Inc		33,160
185		Computer Programs & Systems, Inc		10,586
342	*,e	Conceptus, Inc		6,778
450		Conmed Corp		12,451
602		Cooper Cos, Inc		48,016
90	*	Corvel Corp		4,410
1,774		Coventry Health Care, Inc		56,395
6,124		Covidien plc		327,634
296	*	Cross Country Healthcare, Inc		1,294
253	*	CryoLife, Inc		1,323
327	*	Cyberonics, Inc		14,695
85	*	Cynosure, Inc (Class A)		1,798
1,187	*	DaVita, Inc		116,575
1,806		Dentsply International, Inc		68,285
120	*	Derma Sciences, Inc		1,142
874	*	DexCom, Inc		11,327
1,486	*	Edwards Lifesciences Corp		153,504
280	*	Emeritus Corp		4,712
697	*	Endologix, Inc		10,762
270		Ensign Group, Inc		7,633
320	*,e	EnteroMedics, Inc		1,104
228	*	ePocrates, Inc		1,829
78	*	Exactech, Inc		1,308
338	*	EXamWorks, Inc		4,472
10,227	*	Express Scripts Holding Co		570,973
374	*	Five Star Quality Care, Inc		1,148
627	*	Gen-Probe, Inc		51,539
456	*	Gentiva Health Services, Inc		3,160
269	*	Greatbatch, Inc		6,109
360	*	Haemonetics Corp		26,680
414	*	Hanger Orthopedic Group, Inc		10,615
191	*,e	Hansen Medical, Inc		434
1,845		HCA Holdings, Inc		56,143
3,008	*	Health Management Associates, Inc (Class A)		23,613

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,131	*	Health Net, Inc	$	27,449
1,191	*	Healthsouth Corp		27,703
190	*	HealthStream, Inc		4,940
402	*	Healthways, Inc		3,208
180	*,e	HeartWare International, Inc		15,984
1,218	*	Henry Schein, Inc		95,601
759		Hill-Rom Holdings, Inc		23,415
1,092	*	HMS Holdings Corp		36,375
3,358	*	Hologic, Inc		60,578
2,092		Humana, Inc		162,004
154	*	ICU Medical, Inc		8,221
720	*	Idexx Laboratories, Inc		69,214
573	*	Insulet Corp		12,245
289	*	Integra LifeSciences Holdings Corp		10,745
110	*	Integramed America, Inc		1,524
507	*	Intuitive Surgical, Inc		280,772
316		Invacare Corp		4,876
1,041	*	Inverness Medical Innovations, Inc		20,237
220	*	IPC The Hospitalist Co, Inc		9,970
205	*	IRIS International, Inc		2,316
613	*	Kindred Healthcare, Inc		6,026
1,245	*	Laboratory Corp of America Holdings		115,299
174		Landauer, Inc		9,975
267	*	LHC Group, Inc		4,528
654	*	LifePoint Hospitals, Inc		26,801
1,096	e	Lincare Holdings, Inc		37,286
405	*	Magellan Health Services, Inc		18,359
397	*,e	MAKO Surgical Corp		10,167
611		Masimo Corp		13,674
3,008		McKesson Corp		282,000
746	*	MedAssets, Inc		10,034
231	*	Medidata Solutions, Inc		7,547
50	*	Mediware Information Systems		730
13,313		Medtronic, Inc		515,612
1,254	*,e	Merge Healthcare, Inc		3,586
489	e	Meridian Bioscience, Inc		10,005
538	*	Merit Medical Systems, Inc		7,430
493	*	Metropolitan Health Networks, Inc		4,718
390	*	MModal, Inc		5,062
349	*	Molina Healthcare, Inc		8,188
161	*	MWI Veterinary Supply, Inc		16,546
100	e	National Healthcare Corp		4,523
316	*	Natus Medical, Inc		3,672
301	*	Neogen Corp		13,906
1,084	*,e	Neoprobe Corp		4,032
472	*	NuVasive, Inc		11,970
742	*	NxStage Medical, Inc		12,436
1,451		Omnicare, Inc		45,315
387	*	Omnicell, Inc		5,666
609	*	OraSure Technologies, Inc		6,845
239	*	Orthofix International NV		9,859
754		Owens & Minor, Inc		23,095
200	*	Palomar Medical Technologies, Inc		1,700
1,289		Patterson Cos, Inc		44,432
130	*	PDI, Inc		1,071
598	*	Pediatrix Medical Group, Inc		40,987
373	*	PharMerica Corp		4,073
164	*	PhotoMedex, Inc		1,993
97	*	Providence Service Corp		1,330
731	*	PSS World Medical, Inc		15,344
452		Quality Systems, Inc		12,434
1,981		Quest Diagnostics, Inc		118,662
333	*,e	Quidel Corp		5,221
1,903	*	Resmed, Inc		59,374
130	*	Rochester Medical Corp		1,399

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

198	*,e	Rockwell Medical Technologies, Inc	$	1,843
611	*	RTI Biologics, Inc		2,297
599	*	Select Medical Holdings Corp		6,056
694	*	Sirona Dental Systems, Inc		31,237
246	*	Skilled Healthcare Group, Inc (Class A)		1,545
685	*	Solta Medical, Inc		2,007
330	*	Spectranetics Corp		3,769
4,018		St. Jude Medical, Inc		160,358
407	*	Staar Surgical Co		3,162
745		STERIS Corp		23,371
4,025		Stryker Corp		221,777
199	*	Sun Healthcare Group, Inc		1,666
1,257	*	Sunrise Senior Living, Inc		9,164
147	*	SurModics, Inc		2,543
875	*	SXC Health Solutions Corp		86,809
376	*	Symmetry Medical, Inc		3,226
332	*	Team Health Holdings, Inc		7,998
519		Teleflex, Inc		31,612
5,447	*	Tenet Healthcare Corp		28,542
748	*	Thoratec Corp		25,118
128	*	Tornier BV		2,870
246	*	Triple-S Management Corp (Class B)		4,497
584	*,e	Unilife Corp		1,974
13,174		UnitedHealth Group, Inc		770,679
417		Universal American Corp		4,391
1,112		Universal Health Services, Inc (Class B)		47,994
133		US Physical Therapy, Inc		3,382
40		Utah Medical Products, Inc		1,341
376	*	Vanguard Health Systems, Inc		3,343
1,463	*	Varian Medical Systems, Inc		88,906
200	*	Vascular Solutions, Inc		2,512
1,033	*	VCA Antech, Inc		22,705
84	*	Vocera Communications, Inc		2,250
677	*	Volcano Corp		19,396
530	*	WellCare Health Plans, Inc		28,090
4,202		WellPoint, Inc		268,046
397		West Pharmaceutical Services, Inc		20,045
456	*	Wright Medical Group, Inc		9,736
68		Young Innovations, Inc		2,345
2,255		Zimmer Holdings, Inc		145,132

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		8,240,133

HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
5,392		Avon Products, Inc		87,404
798	*	Central Garden and Pet Co (Class A)		8,690
1,786		Church & Dwight Co, Inc		99,069
1,657		Clorox Co		120,066
6,059		Colgate-Palmolive Co		630,742
350	*	Elizabeth Arden, Inc		13,584
830	*	Energizer Holdings, Inc		62,458
2,834		Estee Lauder Cos (Class A)		153,376
204	e	Female Health Co		1,197
532	*	Harbinger Group, Inc		4,144
1,488		Herbalife Ltd		71,915
140		Inter Parfums, Inc		2,418
4,980		Kimberly-Clark Corp		417,175
152	*,e	Medifast, Inc		2,991
140		Nature’s Sunshine Products, Inc		2,114
679		Nu Skin Enterprises, Inc (Class A)		31,845
127	*	Nutraceutical International Corp		1,937
63		Oil-Dri Corp of America		1,380
70		Orchids Paper Products Co		1,238
621	*	Prestige Brands Holdings, Inc		9,818
34,796		Procter & Gamble Co		2,131,255
238	*	Revlon, Inc (Class A)		3,387

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

170		Schiff Nutrition International, Inc	$	3,052
291	*	Spectrum Brands, Inc		9,478
92	*,e	USANA Health Sciences, Inc		3,783
314		WD-40 Co		15,640

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		3,890,156

INSURANCE - 3.7%
4,285		ACE Ltd		317,647
5,947		Aflac, Inc		253,283
215	*	Alleghany Corp		73,046
599		Allied World Assurance Co Holdings Ltd		47,603
6,227		Allstate Corp		218,505
629	e	American Equity Investment Life Holding Co		6,925
1,084		American Financial Group, Inc		42,525
8,021	*	American International Group, Inc		257,394
85		American National Insurance Co		6,058
118	*	American Safety Insurance Holdings Ltd		2,213
202	*	Amerisafe, Inc		5,242
294	e	Amtrust Financial Services, Inc		8,735
4,185		Aon plc		195,774
1,780	*	Arch Capital Group Ltd		70,648
374		Argo Group International Holdings Ltd		10,947
1,551		Arthur J. Gallagher & Co		54,394
961		Aspen Insurance Holdings Ltd		27,773
1,087		Assurant, Inc		37,871
2,211		Assured Guaranty Ltd		31,175
1,609		Axis Capital Holdings Ltd		52,373
125		Baldwin & Lyons, Inc (Class B)		2,905
22,243	*	Berkshire Hathaway, Inc (Class B)		1,853,509
1,536		Brown & Brown, Inc		41,887
3,366		Chubb Corp		245,112
1,856		Cincinnati Financial Corp		70,658
387	*	Citizens, Inc (Class A)		3,773
303		CNA Financial Corp		8,399
2,903		Conseco, Inc		22,643
245		Crawford & Co (Class B)		1,002
143		Donegal Group, Inc (Class A)		1,899
80		Eastern Insurance Holdings, Inc		1,360
280	*	eHealth, Inc		4,511
60		EMC Insurance Group, Inc		1,212
620		Employers Holdings, Inc		11,185
551		Endurance Specialty Holdings Ltd		21,114
108	*	Enstar Group Ltd		10,686
363		Erie Indemnity Co (Class A)		25,994
670		Everest Re Group Ltd		69,338
155		FBL Financial Group, Inc (Class A)		4,342
2,808		Fidelity National Title Group, Inc (Class A)		54,082
1,253		First American Financial Corp		21,251
472		Flagstone Reinsurance Holdings Ltd		3,781
6,368	*	Genworth Financial, Inc (Class A)		36,043
327	*	Greenlight Capital Re Ltd (Class A)		8,312
136	*	Hallmark Financial Services		1,061
539		Hanover Insurance Group, Inc		21,091
5,508		Hartford Financial Services Group, Inc		97,106
1,326		HCC Insurance Holdings, Inc		41,636
525	*	Hilltop Holdings, Inc		5,413
90		Homeowners Choice, Inc		1,584
467		Horace Mann Educators Corp		8,163
205		Infinity Property & Casualty Corp		11,822
20		Investors Title Co		1,139
77		Kansas City Life Insurance Co		2,710
614		Kemper Corp		18,881
3,631		Lincoln National Corp		79,410
3,940		Loews Corp		161,185
553		Maiden Holdings Ltd		4,800

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

121	*	Markel Corp	$	53,446
7,012		Marsh & McLennan Cos, Inc		225,997
1,052		Max Capital Group Ltd		24,564
1,717	*,e	MBIA, Inc		18,561
694		Meadowbrook Insurance Group, Inc		6,100
303		Mercury General Corp		12,626
10,795		Metlife, Inc		333,026
855		Montpelier Re Holdings Ltd		18,203
667	*	National Financial Partners Corp		8,938
173		National Interstate Corp		4,600
27		National Western Life Insurance Co (Class A)		3,832
149	*	Navigators Group, Inc		7,457
3,288		Old Republic International Corp		27,258
313		OneBeacon Insurance Group Ltd (Class A)		4,075
896		PartnerRe Ltd		67,800
1,675	*	Phoenix Cos, Inc		3,099
543		Platinum Underwriters Holdings Ltd		20,688
200		Presidential Life Corp		1,966
595		Primerica, Inc		15,904
3,879		Principal Financial Group		101,746
400		ProAssurance Corp		35,636
7,758		Progressive Corp		161,599
1,036		Protective Life Corp		30,469
5,954		Prudential Financial, Inc		288,352
912		Reinsurance Group of America, Inc (Class A)		48,528
697		RenaissanceRe Holdings Ltd		52,979
268		RLI Corp		18,278
200		Safety Insurance Group, Inc		8,128
257		SeaBright Insurance Holdings, Inc		2,285
656		Selective Insurance Group, Inc		11,421
628		Stancorp Financial Group, Inc		23,336
200		State Auto Financial Corp		2,810
200		Stewart Information Services Corp		3,070
839		Symetra Financial Corp		10,588
1,405		Torchmark Corp		71,023
503		Tower Group, Inc		10,498
4,941		Travelers Cos, Inc		315,433
257	*	United America Indemnity Ltd		5,204
234		United Fire & Casualty Co		4,991
3,630		UnumProvident Corp		69,442
1,261		Validus Holdings Ltd		40,390
1,419		W.R. Berkley Corp		55,227
78		White Mountains Insurance Group Ltd		40,696
3,842		XL Capital Ltd		80,836

		TOTAL INSURANCE		7,052,235

MATERIALS - 3.9%
412		A. Schulman, Inc		8,178
112	*	ADA-ES, Inc		2,841
78	*	AEP Industries, Inc		3,397
2,707		Air Products & Chemicals, Inc		218,536
942		Airgas, Inc		79,137
1,349	e	AK Steel Holding Corp		7,919
1,140		Albemarle Corp		67,990
13,512		Alcoa, Inc		118,230
1,325		Allegheny Technologies, Inc		42,254
1,107	*	Allied Nevada Gold Corp		31,417
292		AMCOL International Corp		8,267
350		American Vanguard Corp		9,307
816		Aptargroup, Inc		41,657
254	*,e	Arabian American Development Co		2,461
983		Ashland, Inc		68,132
331		Balchem Corp		10,794
2,093		Ball Corp		85,918
1,312		Bemis Co, Inc		41,118

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,302		Boise, Inc	$	8,567
300		Brush Engineered Materials, Inc		6,909
520		Buckeye Technologies, Inc		14,815
793		Cabot Corp		32,275
730	*	Calgon Carbon Corp		10,381
574		Carpenter Technology Corp		27,460
200	*,e	Castle (A.M.) & Co		2,124
2,031		Celanese Corp (Series A)		70,313
742	*	Century Aluminum Co		5,439
830		CF Industries Holdings, Inc		160,804
1,194	*	Chemtura		17,313
316	*	Clearwater Paper Corp		10,782
1,810		Cleveland-Cliffs, Inc		89,215
1,061	*	Coeur d’Alene Mines Corp		18,631
1,329		Commercial Metals Co		16,799
404		Compass Minerals International, Inc		30,817
2,027	*	Crown Holdings, Inc		69,911
584		Cytec Industries, Inc		34,246
127		Deltic Timber Corp		7,744
458		Domtar Corp		35,133
14,987		Dow Chemical Co		472,091
11,792		Du Pont (E.I.) de Nemours & Co		596,321
525		Eagle Materials, Inc		19,604
1,736		Eastman Chemical Co		87,442
3,445		Ecolab, Inc		236,086
1,134	*	Ferro Corp		5,443
630	*,e	Flotek Industries, Inc		5,884
1,752		FMC Corp		93,697
12,037		Freeport-McMoRan Copper & Gold, Inc (Class B)		410,101
235		FutureFuel Corp		2,470
1,260	*,e	General Moly, Inc		3,956
403		Georgia Gulf Corp		10,345
553		Glatfelter		9,053
743		Globe Specialty Metals, Inc		9,979
658	*	Gold Reserve, Inc		2,296
351	e	Gold Resource Corp		9,123
922	*,e	Golden Minerals Co		4,158
3,083	*,e	Golden Star Resources Ltd		3,576
2,111	*	Graphic Packaging Holding Co		11,610
475		Greif, Inc (Class A)		19,475
605		H.B. Fuller Co		18,574
107		Hawkins, Inc		4,085
128		Haynes International, Inc		6,520
3,170	*	Headwaters, Inc		16,325
3,881	e	Hecla Mining Co		18,435
716	*	Horsehead Holding Corp		7,131
2,580		Huntsman Corp		33,385
278		Innophos Holdings, Inc		15,696
293	*	Innospec, Inc		8,676
1,000		International Flavors & Fragrances, Inc		54,800
5,517		International Paper Co		159,496
650	*	Intrepid Potash, Inc		14,794
245		Kaiser Aluminum Corp		12,701
460	*	Kapstone Paper and Packaging Corp		7,291
75		KMG Chemicals, Inc		1,446
239		Koppers Holdings, Inc		8,126
396	*	Kraton Polymers LLC		8,676
274	e	Kronos Worldwide, Inc		4,326
230	*	Landec Corp		1,969
1,743	*	Louisiana-Pacific Corp		18,964
229	*	LSB Industries, Inc		7,078
4,087		LyondellBasell Industries AF S.C.A		164,583
572	e	Martin Marietta Materials, Inc		45,085
2,503	*,e	McEwen Mining, Inc		7,534
2,129		MeadWestvaco Corp		61,209

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

135	*	Metals USA Holdings Corp	$	2,148
990	*,e	Midway Gold Corp		1,376
246		Minerals Technologies, Inc		15,690
838	*,e	Molycorp, Inc		18,059
6,773		Monsanto Co		560,669
3,764		Mosaic Co		206,117
426		Myers Industries, Inc		7,310
162		Neenah Paper, Inc		4,324
111		NewMarket Corp		24,043
6,228		Newmont Mining Corp		302,120
419		Noranda Aluminium Holding Corp		3,335
3,989		Nucor Corp		151,183
943		Olin Corp		19,699
89		Olympic Steel, Inc		1,461
346	*	OM Group, Inc		6,574
511	*	Omnova Solutions, Inc		3,853
2,097	*	Owens-Illinois, Inc		40,199
1,223		Packaging Corp of America		34,538
1,476	*,e	Paramount Gold and Silver Corp		3,542
1,112		PolyOne Corp		15,212
1,934		PPG Industries, Inc		205,236
3,793		Praxair, Inc		412,413
166		Quaker Chemical Corp		7,671
928		Reliance Steel & Aluminum Co		46,864
771	*	Resolute Forest Products		8,928
843		Rock-Tenn Co (Class A)		45,986
850		Rockwood Holdings, Inc		37,698
776		Royal Gold, Inc		60,838
1,667		RPM International, Inc		45,342
362	*	RTI International Metals, Inc		8,192
246		Schnitzer Steel Industries, Inc (Class A)		6,893
221		Schweitzer-Mauduit International, Inc		15,059
554	e	Scotts Miracle-Gro Co (Class A)		22,780
2,406		Sealed Air Corp		37,149
600		Sensient Technologies Corp		22,038
1,103		Sherwin-Williams Co		145,982
1,590		Sigma-Aldrich Corp		117,549
650		Silgan Holdings, Inc		27,749
1,563		Solutia, Inc		43,842
1,203		Sonoco Products Co		36,270
2,137		Southern Copper Corp (NY)		67,337
370	*	Spartech Corp		1,913
2,782		Steel Dynamics, Inc		32,689
100		Stepan Co		9,418
1,856	*	Stillwater Mining Co		15,850
798	*	SunCoke Energy, Inc		11,691
1,028	*	Tahoe Resources, Inc		14,279
298	e	Texas Industries, Inc		11,625
164	*	Texas Petrochemicals, Inc		6,060
1,028		Titanium Metals Corp		11,627
314		Tredegar Corp		4,572
70	*	UFP Technologies, Inc		1,183
30	*	United States Lime & Minerals, Inc		1,400
1,738	e	United States Steel Corp		35,803
72	*	Universal Stainless & Alloy		2,959
691	*,e	US Antimony Corp		2,792
1,208		Valspar Corp		63,408
851	*,e	Vista Gold Corp		2,476
1,590		Vulcan Materials Co		63,139
786		Walter Energy, Inc		34,710
784		Wausau Paper Corp		7,628
220	e	Westlake Chemical Corp		11,497
735		Worthington Industries, Inc		15,045
949	*	WR Grace & Co		47,877
260		Zep, Inc		3,570

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

350	*,e	Zoltek Cos, Inc	$	3,161

		TOTAL MATERIALS		7,496,486

MEDIA - 3.3%
725	*	AMC Networks, Inc		25,774
361		Arbitron, Inc		12,635
60	*	Beasley Broadcasting Group, Inc		353
946		Belo (A.H.) Corp (Class A)		6,092
2,700		Cablevision Systems Corp (Class A)		35,883
223	*	Carmike Cinemas, Inc		3,267
8,233		CBS Corp (Class B)		269,878
463	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		2,352
618	*	Charter Communications, Inc		43,798
1,460		Cinemark Holdings, Inc		33,361
400		Clear Channel Outdoor Holdings, Inc (Class A)		2,408
34,103		Comcast Corp (Class A)		1,090,273
200	*,e	Crown Media Holdings, Inc (Class A)		350
693	*	Cumulus Media, Inc (Class A)		2,086
10	*	Daily Journal Corp		858
300	*,e	Digital Generation, Inc		3,711
8,316	*	DIRECTV		405,987
3,238	*	Discovery Communications, Inc (Class A)		174,852
2,532		DISH Network Corp (Class A)		72,289
943	*,e	DreamWorks Animation SKG, Inc (Class A)		17,974
285	*,e	Entercom Communications Corp (Class A)		1,716
599		Entravision Communications Corp (Class A)		725
354	*	EW Scripps Co (Class A)		3,402
52	*	Fisher Communications, Inc		1,555
2,876		Gannett Co, Inc		42,363
137	*	Global Sources Ltd		904
700		Harte-Hanks, Inc		6,398
5,693		Interpublic Group of Cos, Inc		61,769
596		John Wiley & Sons, Inc (Class A)		29,198
474	*	Journal Communications, Inc (Class A)		2,446
284	*	Knology, Inc		5,586
980	*,e	Lamar Advertising Co (Class A)		28,028
3,377	*	Liberty Global, Inc (Class A)		167,601
1,378	*	Liberty Interactive LLC		121,140
341	*	Lin TV Corp (Class A)		1,030
1,082	*,e	Lions Gate Entertainment Corp		15,949
1,699	*	Live Nation, Inc		15,597
715	*	Madison Square Garden, Inc		26,770
239	e	Martha Stewart Living Omnimedia, Inc (Class A)		813
732	*,e	McClatchy Co (Class A)		1,610
3,553		McGraw-Hill Cos, Inc		159,885
317	e	MDC Partners, Inc		3,595
426	e	Meredith Corp		13,606
303		Morningstar, Inc		17,526
760		National CineMedia, Inc		11,529
1,565	*	New York Times Co (Class A)		12,207
26,603		News Corp (Class A)		592,981
760	*	Nexstar Broadcasting Group, Inc (Class A)		5,122
3,494		Omnicom Group, Inc		169,808
183		Outdoor Channel Holdings, Inc		1,338
1,297	*,e	Pandora Media, Inc		14,098
120	*	ReachLocal, Inc		1,320
210	*	Reading International, Inc		1,136
1,035	e	Regal Entertainment Group (Class A)		14,242
114	*	Rentrak Corp		2,354
40	*	Saga Communications, Inc		1,484
130		Salem Communications		711
365		Scholastic Corp		10,278
1,131		Scripps Networks Interactive (Class A)		64,309
540		Sinclair Broadcast Group, Inc (Class A)		4,892
49,878	*	Sirius XM Radio, Inc		92,274

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

4,730		Thomson Corp	$	134,568
3,969		Time Warner Cable, Inc		325,855
12,191		Time Warner, Inc		469,353
601	*,e	Valassis Communications, Inc		13,072
6,726		Viacom, Inc (Class B)		316,257
3,576	e	Virgin Media, Inc		87,219
22,699		Walt Disney Co		1,100,901
54	e	Washington Post Co (Class B)		20,186
251	e	World Wrestling Entertainment, Inc (Class A)		1,963

		TOTAL MEDIA		6,402,850

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
19,717		Abbott Laboratories		1,271,155
488	*,e	Achillion Pharmaceuticals, Inc		3,026
457	*	Acorda Therapeutics, Inc		10,767
275	*	Aegerion Pharmaceuticals, Inc		4,081
676	*	Affymax, Inc		8,707
766	*	Affymetrix, Inc		3,593
290	*	Agenus, Inc		1,520
4,413		Agilent Technologies, Inc		173,166
973	*	Akorn, Inc		15,344
2,439	*	Alexion Pharmaceuticals, Inc		242,193
1,556	*	Alkermes PLC		26,405
3,873		Allergan, Inc		358,524
955	*	Allos Therapeutics, Inc		1,709
434	*,e	Alnylam Pharmaceuticals, Inc		5,065
252	*	AMAG Pharmaceuticals, Inc		3,881
9,876		Amgen, Inc		721,343
380	*,e	Amicus Therapeutics, Inc		2,090
250	*,e	Ampio Pharmaceuticals, Inc		1,270
2,069	*	Amylin Pharmaceuticals, Inc		58,408
2,512	*,e	Arena Pharmaceuticals, Inc		25,070
2,013	*	Ariad Pharmaceuticals, Inc		34,644
744	*	Arqule, Inc		4,412
600	*	Array Biopharma, Inc		2,082
703	*	Astex Pharmaceuticals		1,469
567	*	Auxilium Pharmaceuticals, Inc		15,247
1,563	*,e	AVANIR Pharmaceuticals, Inc		6,127
489	*,e	AVEO Pharmaceuticals, Inc		5,946
572	*,e	BioCryst Pharmaceuticals, Inc		2,277
270	*,e	BioDelivery Sciences International, Inc		1,210
3,045	*	Biogen Idec, Inc		439,637
1,550	*	BioMarin Pharmaceuticals, Inc		61,349
247	*	Bio-Rad Laboratories, Inc (Class A)		24,703
45	*	Biospecifics Technologies Corp		845
252	*,e	Biotime, Inc		1,159
21,449		Bristol-Myers Squibb Co		771,092
1,180	*	Bruker BioSciences Corp		15,706
480	*,e	Cadence Pharmaceuticals, Inc		1,714
206	*	Cambrex Corp		1,938
5,611	*	Celgene Corp		360,002
758	*,e	Celldex Therapeutics, Inc		3,934
835	*	Cepheid, Inc		37,366
716	*	Charles River Laboratories International, Inc		23,456
250	*	Clovis Oncology, Inc		5,420
313	*,e	Codexis, Inc		1,171
492	*,e	Corcept Therapeutics, Inc		2,209
170	*	Coronado Biosciences, Inc		858
706	*	Covance, Inc		33,782
805	*	Cubist Pharmaceuticals, Inc		30,517
150	*,e	Cumberland Pharmaceuticals, Inc		969
754	*,e	Curis, Inc		4,072
335	*,e	Cytori Therapeutics, Inc		904
2,347	*,e	Dendreon Corp		17,368
567	*	Depomed, Inc		3,226

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

550	*	Discovery Laboratories, Inc	$	1,276
300	*	Dusa Pharmaceuticals, Inc		1,566
1,197	*	Dyax Corp		2,550
3,618	*,e	Dynavax Technologies Corp		15,630
13,023		Eli Lilly & Co		558,817
220	*	Emergent Biosolutions, Inc		3,333
1,490	*	Endo Pharmaceuticals Holdings, Inc		46,160
379	*,e	Endocyte, Inc		3,115
551	*,e	Enzon Pharmaceuticals, Inc		3,785
723	*	eResearch Technology, Inc		5,777
718	*	Exact Sciences Corp		7,697
2,025	*,e	Exelixis, Inc		11,198
259	*	Fluidigm Corp		3,895
3,567	*	Forest Laboratories, Inc		124,809
104	*	Furiex Pharmaceuticals Inc		2,179
270	*	Genomic Health, Inc		9,018
1,585	*,e	Geron Corp		2,726
9,629	*	Gilead Sciences, Inc		493,775
1,148	*,e	Halozyme Therapeutics, Inc		10,171
290	*	Harvard Bioscience, Inc		1,093
118	*	Hi-Tech Pharmacal Co, Inc		3,823
2,098	*	Hospira, Inc		73,388
2,356	*,e	Human Genome Sciences, Inc		30,934
931	*,e	Idenix Pharmaceuticals, Inc		9,589
1,556	*,e	Illumina, Inc		62,847
510	*	ImmunoCellular Therapeutics Ltd		1,912
977	*,e	Immunogen, Inc		16,394
1,809	*,e	Immunomedics, Inc		6,458
854	*	Impax Laboratories, Inc		17,311
1,220	*,e	Incyte Corp		27,694
224	*,e	Infinity Pharmaceuticals, Inc		3,037
825	*	InterMune, Inc		9,859
956	*	Ironwood Pharmaceuticals, Inc		13,174
1,170	*,e	Isis Pharmaceuticals, Inc		14,040
526	*	Jazz Pharmaceuticals plc		23,675
34,874		Johnson & Johnson		2,356,087
618	*,e	Keryx Biopharmaceuticals, Inc		1,112
2,404	*	Lexicon Pharmaceuticals, Inc		5,409
2,313	*	Life Technologies Corp		104,062
230	*	Ligand Pharmaceuticals, Inc (Class B)		3,896
588	*	Luminex Corp		14,400
641	*,e	MannKind Corp		1,468
269	*,e	MAP Pharmaceuticals, Inc		4,030
317		Maxygen, Inc		1,889
897	*	Medicines Co		20,577
767		Medicis Pharmaceutical Corp (Class A)		26,193
459	*	Medivation, Inc		41,953
90		Medtox Scientific, Inc		2,426
38,624		Merck & Co, Inc		1,612,552
190	*,e	Merrimack Pharmaceuticals, Inc		1,383
437	*	Mettler-Toledo International, Inc		68,106
571	*	Momenta Pharmaceuticals, Inc		7,720
5,458	*	Mylan Laboratories, Inc		116,637
1,132	*	Myriad Genetics, Inc		26,908
1,670	*,e	Nektar Therapeutics		13,477
851	*	Neurocrine Biosciences, Inc		6,731
164	*,e	NewLink Genetics Corp		2,457
765	*,e	Novavax, Inc		1,193
1,652	*	NPS Pharmaceuticals, Inc		14,224
203	*	Obagi Medical Products, Inc		3,100
291	*	Omeros Corp		2,910
120	*,e	OncoGenex Pharmaceutical, Inc		1,613
517	*,e	Oncothyreon, Inc		2,419
797	*	Onyx Pharmaceuticals, Inc		52,961
2,882	*,e	Opko Health, Inc		13,257

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

571	*,e	Optimer Pharmaceuticals, Inc	$	8,862
781	*	Orexigen Therapeutics, Inc		4,327
170	*,e	Osiris Therapeutics, Inc		1,865
424	*,e	Pacific Biosciences of California, Inc		920
239	*	Pacira Pharmaceuticals, Inc		3,834
300		Pain Therapeutics, Inc		1,407
424	*	Par Pharmaceutical Cos, Inc		15,323
762	*	Parexel International Corp		21,511
1,837		PDL BioPharma, Inc		12,179
1,408		PerkinElmer, Inc		36,326
1,117		Perrigo Co		131,728
95,090		Pfizer, Inc		2,187,070
688	*,e	Pharmacyclics, Inc		37,572
322	*	Pozen, Inc		2,009
300	*	Progenics Pharmaceuticals, Inc		2,934
2,905	*,e	Qiagen N.V. (NASDAQ)		48,514
698	*,e	Questcor Pharmaceuticals, Inc		37,161
401	*,e	Raptor Pharmaceutical Corp		2,242
981	*	Regeneron Pharmaceuticals, Inc		112,050
390	*	Repligen Corp		1,677
190	*,e	Repros Therapeutics, Inc		1,725
854	*	Rigel Pharmaceuticals, Inc		7,942
85	*,e	Sagent Pharmaceuticals		1,537
722	*	Salix Pharmaceuticals Ltd		39,306
410	*,e	Sangamo Biosciences, Inc		2,263
630	*	Santarus, Inc		4,467
716	*,e	Sciclone Pharmaceuticals, Inc		5,019
1,200	*,e	Seattle Genetics, Inc		30,468
1,228	*,e	Sequenom, Inc		4,986
310	*,e	SIGA Technologies, Inc		890
823	*	Spectrum Pharmaceuticals, Inc		12,806
40	*,e	Supernus Pharmaceuticals, Inc		374
116	*	Synageva BioPharma Corp		4,705
524	*	Synergy Pharmaceuticals, Inc		2,489
271	*,e	Synta Pharmaceuticals Corp		1,482
286	*	Targacept, Inc		1,230
580		Techne Corp		43,036
853	*	Theravance, Inc		18,954
4,705		Thermo Electron Corp		244,237
582	*	Threshold Pharmaceuticals, Inc		4,307
686	*	United Therapeutics Corp		33,875
317	*	Vanda Pharmaceuticals, Inc		1,395
160	*,e	Ventrus Biosciences, Inc		683
2,681	*	Vertex Pharmaceuticals, Inc		149,921
423	*	Vical, Inc		1,523
931	*	Viropharma, Inc		22,065
1,259	*,e	Vivus, Inc		35,932
2,109		Warner Chilcott plc		37,793
1,161	*	Waters Corp		92,265
1,573	*	Watson Pharmaceuticals, Inc		116,386
288	*,e	Xenoport, Inc		1,740
852	*,e	XOMA Corp		2,556
599	*,e	ZIOPHARM Oncology, Inc		3,564

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		14,609,415

REAL ESTATE - 3.7%
483		Acadia Realty Trust		11,196
197		AG Mortgage Investment Trust		4,234
79		Agree Realty Corp		1,748
24		Alexander’s, Inc		10,347
789		Alexandria Real Estate Equities, Inc		57,376
5,849		AMB Property Corp		194,362
393		American Assets Trust,Inc		9,530
937		American Campus Communities, Inc		42,146
3,568		American Capital Agency Corp		119,920

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

459		American Capital Mortgage, Inc	$	10,961
2,014	*	American Realty Capital Trust, Inc		21,993
5,033		American Tower Corp		351,857
12,424		Annaly Capital Management, Inc		208,475
1,733		Anworth Mortgage Asset Corp		12,218
1,694		Apartment Investment & Management Co (Class A)		45,789
131		Apollo Commercial Real Estate Finance, Inc		2,105
100		Ares Commercial Real Estate Corp		1,748
2,257	*	ARMOUR Residential REIT, Inc		16,047
1,263		Ashford Hospitality Trust, Inc		10,647
672		Associated Estates Realty Corp		10,046
110	*	AV Homes, Inc		1,604
1,169		AvalonBay Communities, Inc		165,390
1,962		BioMed Realty Trust, Inc		36,650
1,903		Boston Properties, Inc		206,228
1,819		Brandywine Realty Trust		22,446
940		BRE Properties, Inc (Class A)		47,019
1,003		Camden Property Trust		67,873
373		Campus Crest Communities, Inc		3,875
1,088		Capital Lease Funding, Inc		4,515
1,194		Capstead Mortgage Corp		16,609
2,043		CBL & Associates Properties, Inc		39,920
4,167	*	CBRE Group, Inc		68,172
1,018		Cedar Shopping Centers, Inc		5,141
105		Chatham Lodging Trust		1,499
462		Chesapeake Lodging Trust		7,956
13,015		Chimera Investment Corp		30,715
1,235		Colonial Properties Trust		27,343
666		Colony Financial, Inc		11,522
59		Consolidated-Tomoka Land Co		1,698
238		Coresite Realty		6,145
851		Corporate Office Properties Trust		20,007
1,084		Cousins Properties, Inc		8,401
715		CreXus Investment Corp		7,272
1,560		CubeSmart		18,205
1,504		CYS Investments, Inc		20,710
3,066		DCT Industrial Trust, Inc		19,316
2,914		DDR Corp		42,661
2,598		DiamondRock Hospitality Co		26,500
1,279		Digital Realty Trust, Inc		96,015
1,771		Douglas Emmett, Inc		40,910
3,378		Duke Realty Corp		49,454
734		DuPont Fabros Technology, Inc		20,963
1,055		Dynex Capital, Inc		10,951
361		EastGroup Properties, Inc		19,241
1,317		Education Realty Trust, Inc		14,592
580		Entertainment Properties Trust		23,844
524		Equity Lifestyle Properties, Inc		36,140
693		Equity One, Inc		14,692
3,818		Equity Residential		238,090
447		Essex Property Trust, Inc		68,802
424		Excel Trust, Inc		5,071
1,320		Extra Space Storage, Inc		40,392
812		Federal Realty Investment Trust		84,521
2,088	*	FelCor Lodging Trust, Inc		9,814
1,135	*	First Industrial Realty Trust, Inc		14,324
627		First Potomac Realty Trust		7,380
1,703	*	Forest City Enterprises, Inc (Class A)		24,864
498	*	Forestar Real Estate Group, Inc		6,379
839		Franklin Street Properties Corp		8,877
6,700		General Growth Properties, Inc		121,203
404		Getty Realty Corp		7,737
579		Gladstone Commercial Corp		9,646
1,772		Glimcher Realty Trust		18,110
625		Government Properties Income Trust		14,137

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

580	*	Gramercy Capital Corp	$	1,450
20	*	Gyrodyne Co of America, Inc		2,286
1,245		Hatteras Financial Corp		35,607
5,090		HCP, Inc		224,724
2,714		Health Care REIT, Inc		158,226
993		Healthcare Realty Trust, Inc		23,673
3,082		Hersha Hospitality Trust		16,273
939		Highwoods Properties, Inc		31,597
606		Home Properties, Inc		37,184
1,572		Hospitality Properties Trust		38,938
9,134		Host Marriott Corp		144,500
348	*	Howard Hughes Corp		21,451
1,208		HRPT Properties Trust		23,097
467		Hudson Pacific Properties		8,130
843		Inland Real Estate Corp		7,064
1,511		Invesco Mortgage Capital, Inc		27,712
895		Investors Real Estate Trust		7,071
1,264	*	iStar Financial, Inc		8,153
533		Jones Lang LaSalle, Inc		37,507
449	e	Kennedy-Wilson Holdings, Inc		6,290
869		Kilroy Realty Corp		42,068
5,170		Kimco Realty Corp		98,385
715		Kite Realty Group Trust		3,568
1,327		LaSalle Hotel Properties		38,669
2,104		Lexington Corporate Properties Trust		17,821
1,338		Liberty Property Trust		49,292
376		LTC Properties, Inc		13,641
1,684		Macerich Co		99,440
1,118		Mack-Cali Realty Corp		32,500
1,859		Medical Properties Trust, Inc		17,884
4,747		MFA Mortgage Investments, Inc		37,454
521		Mid-America Apartment Communities, Inc		35,553
220		Mission West Properties, Inc		1,896
516		Monmouth Real Estate Investment Corp (Class A)		6,048
478		National Health Investors, Inc		24,340
1,356		National Retail Properties, Inc		38,361
220		New York Mortgage Trust, Inc		1,553
2,419		NorthStar Realty Finance Corp		12,627
499		NRDC Acquisition Corp		6,018
1,261		Omega Healthcare Investors, Inc		28,373
498		One Liberty Properties, Inc		9,377
259		Parkway Properties, Inc		2,963
650		Pebblebrook Hotel Trust		15,152
759		Pennsylvania Real Estate Investment Trust		11,370
525		Pennymac Mortgage Investment Trust		10,358
2,149		Piedmont Office Realty Trust, Inc		36,984
2,049		Plum Creek Timber Co, Inc		81,345
688		Post Properties, Inc		33,678
481		Potlatch Corp		15,363
235		PS Business Parks, Inc		15,914
1,793		Public Storage, Inc		258,927
1,095		RAIT Investment Trust		5,059
459		Ramco-Gershenson Properties		5,770
1,593		Rayonier, Inc		71,526
1,684		Realty Income Corp		70,341
936		Redwood Trust, Inc		11,681
1,142		Regency Centers Corp		54,325
897		Resource Capital Corp		4,781
1,081		Retail Properties of America, Inc		10,507
1,353		RLJ Lodging Trust		24,530
262	*	Rouse Properties, Inc		3,550
539		Sabra Healthcare REIT, Inc		9,222
133		Saul Centers, Inc		5,702
114	*	Select Income REIT		2,709
2,067		Senior Housing Properties Trust		46,135

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

3,728		Simon Property Group, Inc	$	580,300
1,116		SL Green Realty Corp		89,548
367		Sovran Self Storage, Inc		18,383
810	*,e	St. Joe Co		12,806
204		STAG Industrial, Inc		2,974
1,474		Starwood Property Trust, Inc		31,411
3,163	*	Strategic Hotels & Resorts, Inc		20,433
346		Summit Hotel Properties, Inc		2,896
337		Sun Communities, Inc		14,909
1,531	*	Sunstone Hotel Investors, Inc		16,826
1,174		Tanger Factory Outlet Centers, Inc		37,627
746		Taubman Centers, Inc		57,561
156	*	Tejon Ranch Co		4,465
108		Terreno Realty Corp		1,632
406		Thomas Properties Group, Inc		2,209
2,667		Two Harbors Investment Corp		27,630
3,138		UDR, Inc		81,086
120		UMH Properties, Inc		1,288
200		Universal Health Realty Income Trust		8,306
213		Urstadt Biddle Properties, Inc (Class A)		4,211
3,669		Ventas, Inc		231,587
2,341		Vornado Realty Trust		196,597
820		Washington Real Estate Investment Trust		23,329
1,502		Weingarten Realty Investors		39,563
99	*	Western Asset Mortgage Capital Corp		1,930
6,824		Weyerhaeuser Co		152,585
550		Whitestone REIT		7,596
242		Winthrop Realty Trust		2,943

		TOTAL REAL ESTATE		7,040,610

RETAILING - 4.1%
3,078	*	1-800-FLOWERS.COM, Inc (Class A)		10,742
998		Aaron’s, Inc		28,253
1,092		Abercrombie & Fitch Co (Class A)		37,281
934		Advance Auto Parts, Inc		63,717
1,127	*	Aeropostale, Inc		20,094
4,601	*	Amazon.com, Inc		1,050,638
2,498		American Eagle Outfitters, Inc		49,286
122	*	America’s Car-Mart, Inc		4,740
671	*	Ann Taylor Stores Corp		17,104
359	*	Asbury Automotive Group, Inc		8,505
200	*	Audiovox Corp (Class A)		1,864
508	*,e	Autonation, Inc		17,922
439	*	Autozone, Inc		161,188
477	*,e	Barnes & Noble, Inc		7,851
380		Bebe Stores, Inc		2,231
2,952	*	Bed Bath & Beyond, Inc		182,434
3,415		Best Buy Co, Inc		71,578
334		Big 5 Sporting Goods Corp		2,525
884	*	Big Lots, Inc		36,058
158	*,e	Blue Nile, Inc		4,694
142	*,e	Body Central Corp		1,278
142	e	Bon-Ton Stores, Inc		1,109
482		Brown Shoe Co, Inc		6,223
310	e	Buckle, Inc		12,267
535	*	Cabela’s, Inc		20,228
60	*,e	CafePress, Inc		893
2,896	*	Carmax, Inc		75,122
514	*	Casual Male Retail Group, Inc		1,866
525		Cato Corp (Class A)		15,991
2,122		Chico’s FAS, Inc		31,490
335	*	Children’s Place Retail Stores, Inc		16,693
243	*	Citi Trends, Inc		3,752
922	*	Collective Brands, Inc		19,749
142	*,e	Conn’s, Inc		2,102

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

108		Core-Mark Holding Co, Inc	$	5,199
118		Destination Maternity Corp		2,549
1,171		Dick’s Sporting Goods, Inc		56,208
374	e	Dillard’s, Inc (Class A)		23,816
2,132	*	Dollar General Corp		115,959
2,944	*	Dollar Tree, Inc		158,387
417		DSW, Inc (Class A)		22,685
1,111		Expedia, Inc		53,406
1,135		Express Parent LLC		20,623
1,227		Family Dollar Stores, Inc		81,571
681		Finish Line, Inc (Class A)		14,240
1,926		Foot Locker, Inc		58,897
443	*,e	Francesca’s Holdings Corp		11,965
480		Fred’s, Inc (Class A)		7,339
1,759	e	GameStop Corp (Class A)		32,295
3,844		Gap, Inc		105,172
311	*	Genesco, Inc		18,707
1,955		Genuine Parts Co		117,788
910		GNC Holdings, Inc		35,672
107	*	Gordmans Stores, Inc		1,766
300		Group 1 Automotive, Inc		13,683
511	*,e	Groupon, Inc		5,432
822	e	Guess?, Inc		24,964
166		Haverty Furniture Cos, Inc		1,854
176	*,e	HHgregg, Inc		1,991
335	*	Hibbett Sports, Inc		19,333
19,436		Home Depot, Inc		1,029,914
405	*,e	HomeAway, Inc		8,805
450		Hot Topic, Inc		4,360
475		HSN, Inc		19,166
2,054	e	JC Penney Co, Inc		47,879
349	*	JOS A Bank Clothiers, Inc		14,819
145	*	Kirkland’s, Inc		1,631
3,089		Kohl’s Corp		140,519
7,348	*	Liberty Media Holding Corp (Interactive A)		130,721
3,064		Limited Brands, Inc		130,312
205		Lithia Motors, Inc (Class A)		4,725
1,872	*	LKQ Corp		62,525
15,225		Lowe’s Companies, Inc		432,999
351	*,e	Lumber Liquidators, Inc		11,860
5,264		Macy’s, Inc		180,818
257	*	MarineMax, Inc		2,444
139	*	Mattress Firm Holding Corp		4,213
593		Men’s Wearhouse, Inc		16,687
361		Monro Muffler, Inc		12,000
716	*,e	NetFlix, Inc		49,025
512	*	New York & Co, Inc		1,782
1,992		Nordstrom, Inc		98,983
414	e	Nutri/System, Inc		4,786
3,305	*	Office Depot, Inc		7,139
1,103	*	OfficeMax, Inc		5,581
482	*	Orbitz Worldwide, Inc		1,759
1,602	*	O’Reilly Automotive, Inc		134,200
176	*,e	Overstock.com, Inc		1,216
500	e	Penske Auto Group, Inc		10,620
614	e	PEP Boys - Manny Moe & Jack		6,079
60	*,e	Perfumania Holdings, Inc		497
278	e	PetMed Express, Inc		3,381
1,378		Petsmart, Inc		93,952
1,228		Pier 1 Imports, Inc		20,176
631	*	Priceline.com, Inc		419,312
1,485	e	RadioShack Corp		5,702
793		Rent-A-Center, Inc		26,756
2,876		Ross Stores, Inc		179,664
180	*,e	Rue21, Inc		4,543

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

1,535	*,e	Saks, Inc	$	16,348
1,665	*	Sally Beauty Holdings, Inc		42,857
481	*,e	Sears Holdings Corp		28,716
717	*	Select Comfort Corp		15,000
99		Shoe Carnival, Inc		2,127
451	*,e	Shutterfly, Inc		13,841
1,056		Signet Jewelers Ltd		46,475
481	e	Sonic Automotive, Inc (Class A)		6,575
411		Stage Stores, Inc		7,529
8,866		Staples, Inc		115,701
200		Stein Mart, Inc		1,590
151	*	Systemax, Inc		1,785
846	*,e	Talbots, Inc		2,132
8,395		Target Corp		488,505
1,588		Tiffany & Co		84,085
120	*	Tilly’s, Inc		1,926
9,407		TJX Companies, Inc		403,842
898		Tractor Supply Co		74,588
1,132	*	TripAdvisor, Inc		50,589
228	*	Tuesday Morning Corp		978
749		Ulta Salon Cosmetics & Fragrance, Inc		69,942
1,468	*	Urban Outfitters, Inc		40,502
150	*	US Auto Parts Network, Inc		627
280	*,e	Vitacost.com, Inc		1,652
340	*	Vitamin Shoppe, Inc		18,676
178	*	West Marine, Inc		2,091
1,045	*	Wet Seal, Inc (Class A)		3,302
1,141		Williams-Sonoma, Inc		39,901
245	*	Zumiez, Inc		9,702

		TOTAL RETAILING		7,922,103

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
504	*	Advanced Energy Industries, Inc		6,764
8,180	*	Advanced Micro Devices, Inc		46,871
183	*	Alpha & Omega Semiconductor Lt		1,674
4,086		Altera Corp		138,270
1,245	*,e	Amkor Technology, Inc		6,076
891	*	Anadigics, Inc		1,613
3,796		Analog Devices, Inc		142,995
16,283		Applied Materials, Inc		186,603
891	*	Applied Micro Circuits Corp		5,097
5,710	*	Atmel Corp		38,257
395	*	ATMI, Inc		8,125
565	*	AuthenTec, Inc		2,446
3,099		Avago Technologies Ltd		111,254
6,246	*	Axcelis Technologies, Inc		7,495
1,188	*	AXT, Inc		4,693
6,997		Broadcom Corp (Class A)		236,499
831		Brooks Automation, Inc		7,845
285		Cabot Microelectronics Corp		8,325
664	*	Cavium Networks, Inc		18,592
234	*,e	Ceva, Inc		4,121
821	*	Cirrus Logic, Inc		24,531
280		Cohu, Inc		2,845
1,474	*,e	Cree, Inc		37,838
364	*	Cymer, Inc		21,458
2,072		Cypress Semiconductor Corp		27,392
395	*	Diodes, Inc		7,414
289	*	DSP Group, Inc		1,832
1,676	*	Entegris, Inc		14,313
903	*,e	Entropic Communications, Inc		5,093
520	*	Exar Corp		4,243
1,583	*	Fairchild Semiconductor International, Inc		22,320
737	*,e	First Solar, Inc		11,099
593	*	Formfactor, Inc		3,837

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

537	*,e	Freescale Semiconductor Holdings Ltd	$	5,504
1,943	*,e	FSI International, Inc		6,975
234	*	GSI Technology, Inc		1,109
1,568	*	GT Solar International, Inc		8,279
459	*	Hittite Microwave Corp		23,464
252	*	Inphi Corp		2,389
1,945	*	Integrated Device Technology, Inc		10,931
306	*	Integrated Silicon Solution, Inc		3,088
63,681		Intel Corp		1,697,099
853	*	International Rectifier Corp		17,051
1,619		Intersil Corp (Class A)		17,242
257	*	IXYS Corp		2,871
2,125		Kla-Tencor Corp		104,656
800	*	Kopin Corp		2,752
2,519	*	Lam Research Corp		95,067
1,300	*	Lattice Semiconductor Corp		4,901
2,925		Linear Technology Corp		91,640
7,838	*	LSI Logic Corp		49,928
584	*	LTX-Credence Corp		3,913
80	*	M		1,480
6,576		Marvell Technology Group Ltd		74,177
740	*	Mattson Technology, Inc		1,295
3,678		Maxim Integrated Products, Inc		94,304
87	*	MaxLinear, Inc		432
2,748	*,e	MEMC Electronic Materials, Inc		5,963
797		Micrel, Inc		7,595
2,459	e	Microchip Technology, Inc		81,344
12,574	*	Micron Technology, Inc		79,342
1,063	*	Microsemi Corp		19,655
378	*,e	Mindspeed Technologies, Inc		930
766	*	MIPS Technologies, Inc		5,109
604		MKS Instruments, Inc		17,474
407	*	Monolithic Power Systems, Inc		8,087
316	*	MoSys, Inc		1,024
214	*	Nanometrics, Inc		3,287
55	*,e	NVE Corp		2,956
7,852	*	Nvidia Corp		108,515
721	*	Omnivision Technologies, Inc		9,633
5,763	*	ON Semiconductor Corp		40,917
268	*	PDF Solutions, Inc		2,645
304	*	Pericom Semiconductor Corp		2,736
666	*	Photronics, Inc		4,063
410	*	PLX Technology, Inc		2,603
2,763	*	PMC - Sierra, Inc		16,965
358		Power Integrations, Inc		13,353
490	*,e	QuickLogic Corp		1,230
1,317	*,e	Rambus, Inc		7,560
3,137	*	RF Micro Devices, Inc		13,332
149	*,e	Rubicon Technology, Inc		1,520
351	*	Rudolph Technologies, Inc		3,061
936	*	Semtech Corp		22,764
373	*	Sigma Designs, Inc		2,380
1,131	*	Silicon Image, Inc		4,682
618	*	Silicon Laboratories, Inc		23,422
2,390	*	Skyworks Solutions, Inc		65,414
622	*	Spansion, Inc		6,830
300	*	Standard Microsystems Corp		11,067
345	*,e	STR Holdings, Inc		1,573
1,213	*	SunPower Corp		5,835
100	*	Supertex, Inc		1,885
2,374	*	Teradyne, Inc		33,378
605		Tessera Technologies, Inc		9,299
14,673		Texas Instruments, Inc		420,968
1,986	*	Triquint Semiconductor, Inc		10,923
267	*	Ultra Clean Holdings		1,717

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

283	*	Ultratech, Inc	$	8,914
512	*,e	Veeco Instruments, Inc		17,592
288	*	Volterra Semiconductor Corp		6,754
3,371		Xilinx, Inc		113,164

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,717,837

SOFTWARE & SERVICES - 9.4%
552	*	Accelrys, Inc		4,466
8,176		Accenture plc		491,296
503	*	ACI Worldwide, Inc		22,238
490	*,e	Active Network, Inc		7,541
5,714		Activision Blizzard, Inc		68,511
620	*	Actuate Corp		4,297
1,008	*	Acxiom Corp		15,231
6,395	*	Adobe Systems, Inc		207,006
374	*	Advent Software, Inc		10,139
2,323	*	Akamai Technologies, Inc		73,755
640	*	Alliance Data Systems Corp		86,400
2,552	*	Amdocs Ltd		75,845
276	*	American Software, Inc (Class A)		2,194
395	*,e	Ancestry.com, Inc		10,874
456	*,e	Angie’s List, Inc		7,223
1,184	*	Ansys, Inc		74,722
1,288	*	AOL, Inc		36,167
1,201	*	Ariba, Inc		53,757
1,185	*	Aspen Technology, Inc		27,433
2,934	*	Autodesk, Inc		102,661
6,341		Automatic Data Processing, Inc		352,940
588	*,e	Bankrate, Inc		10,813
116	*,e	Bazaarvoice, Inc		2,111
538		Blackbaud, Inc		13,810
367	*	Blucora, Inc		4,521
2,153	*	BMC Software, Inc		91,890
294	e	Booz Allen Hamilton Holding Co		4,492
421	*	Bottomline Technologies, Inc		7,599
1,693		Broadridge Financial Solutions, Inc		36,010
281	*,e	BroadSoft, Inc		8,138
4,559		CA, Inc		123,503
372	*,e	CACI International, Inc (Class A)		20,467
3,489	*	Cadence Design Systems, Inc		38,344
370	*,e	Callidus Software, Inc		1,843
531	*	Cardtronics, Inc		16,042
82		Cass Information Systems, Inc		3,300
834	*	Ciber, Inc		3,595
2,423	*	Citrix Systems, Inc		203,387
118	*,m	Clinical Data, Inc		112
3,871	*	Cognizant Technology Solutions Corp (Class A)		232,260
547	*	Commvault Systems, Inc		27,115
1,926		Computer Sciences Corp		47,803
174	*	Computer Task Group, Inc		2,608
2,948	*	Compuware Corp		27,387
399	*	comScore, Inc		6,568
555	*	Concur Technologies, Inc		37,795
342	*,e	Constant Contact, Inc		6,115
1,480		Convergys Corp		21,860
431	*,e	Cornerstone OnDemand, Inc		10,262
323	*	CoStar Group, Inc		26,228
485	*	CSG Systems International, Inc		8,381
485	*	DealerTrack Holdings, Inc		14,603
235	*	Deltek, Inc		2,724
379	*	Demand Media, Inc		4,245
86	*	Demandware, Inc		2,037
606	*	Dice Holdings, Inc		5,690
453	*	Digital River, Inc		7,529
85		DMRC Corp		2,181

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

426		DST Systems, Inc	$	23,136
1,405		Earthlink, Inc		10,453
394	*	EasyLink Services International Corp		2,853
14,729	*	eBay, Inc		618,765
322	e	Ebix, Inc		6,424
4,129	*	Electronic Arts, Inc		50,993
280	*	Ellie Mae, Inc		5,040
269	*	Envestnet, Inc		3,228
100	*	Envivio, Inc		641
405		EPIQ Systems, Inc		4,961
583	*	Equinix, Inc		102,404
589	*	Euronet Worldwide, Inc		10,084
122	*	ExactTarget, Inc		2,667
250	*	ExlService Holdings, Inc		6,160
5,350	*,e	Facebook, Inc		166,492
586		Factset Research Systems, Inc		54,463
602		Fair Isaac Corp		25,453
313	*	FalconStor Software, Inc		817
3,212		Fidelity National Information Services, Inc		109,465
1,356	*	First American Corp		24,828
1,765	*	Fiserv, Inc		127,468
617	*	FleetCor Technologies, Inc		21,620
178		Forrester Research, Inc		6,027
1,660	*	Fortinet, Inc		38,545
1,208	*	Gartner, Inc		52,004
1,564	*	Genpact Ltd		26,009
299	*,e,m	Gerber Scientific, Inc		0
824	*	Global Cash Access, Inc		5,941
998		Global Payments, Inc		43,144
531	*,e	Glu Mobile, Inc		2,947
3,286	*	Google, Inc (Class A)		1,906,110
200	*,e	Guidewire Software, Inc		5,624
476	*	Hackett Group, Inc		2,651
451		Heartland Payment Systems, Inc		13,566
384	*,e	Higher One Holdings, Inc		4,692
1,091		IAC/InterActiveCorp		49,750
384	*	iGate Corp		6,536
160	*,e	Imperva, Inc		4,611
99	*	Infoblox, Inc		2,270
1,333	*	Informatica Corp		56,466
279	*	Innodata Isogen, Inc		1,908
144	*	Interactive Intelligence, Inc		4,062
538	*	Internap Network Services Corp		3,502
13,842		International Business Machines Corp		2,707,218
3,877		Intuit, Inc		230,100
660	*	Ipass, Inc		1,571
544	e	j2 Global, Inc		14,373
1,107		Jack Henry & Associates, Inc		38,214
480	*	JDA Software Group, Inc		14,251
250	*,e	Jive Software, Inc		5,247
349	*	Kenexa Corp		10,131
168		Keynote Systems, Inc		2,495
444	*,e	KIT Digital, Inc		1,905
298	*	Knot, Inc		2,643
1,154		Lender Processing Services, Inc		29,173
884	*,e	Limelight Networks, Inc		2,590
784	*,e	LinkedIn Corp		83,316
704	*	Lionbridge Technologies		2,218
325	*	Liquidity Services, Inc		16,637
697	*	Liveperson, Inc		13,285
252	*	LogMeIn, Inc		7,691
187	*,e	magicJack VocalTec Ltd		3,553
311	*	Manhattan Associates, Inc		14,216
292	e	Mantech International Corp (Class A)		6,853
206	e	Marchex, Inc (Class B)		744

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

280	*	Market Leader, Inc	$	1,422
1,371		Mastercard, Inc (Class A)		589,681
130	*	Mattersight Corp		1,037
482		MAXIMUS, Inc		24,944
1,291	*	Mentor Graphics Corp		19,365
1,140	*	Micros Systems, Inc		58,368
95,327		Microsoft Corp		2,916,053
100	*	MicroStrategy, Inc (Class A)		12,986
140	*	Millennial Media, Inc		1,847
529		ModusLink Global Solutions, Inc		1,582
278	*	MoneyGram International, Inc		4,059
443	*	Monotype Imaging Holdings, Inc		7,429
1,517	*	Monster Worldwide, Inc		12,895
696	*	Move, Inc		6,341
467	*	Netscout Systems, Inc		10,083
397	*	NetSuite, Inc		21,744
874	*	NeuStar, Inc (Class A)		29,192
789		NIC, Inc		10,020
3,067	*	Nuance Communications, Inc		73,056
293	*,e	OpenTable, Inc		13,188
155		Opnet Technologies, Inc		4,121
48,849		Oracle Corp		1,450,815
1,520	*	Parametric Technology Corp		31,859
4,119		Paychex, Inc		129,378
162	e	Pegasystems, Inc		5,343
320	*	Perficient, Inc		3,594
170	*	Pervasive Software, Inc		1,273
240	*	PRG-Schultz International, Inc		1,908
831	*	Progress Software Corp		17,343
80	*	Proofpoint, Inc		1,356
283	*	PROS Holdings, Inc		4,760
43	*	QAD, Inc (Class A)		611
1,081	*	QLIK Technologies, Inc		23,912
719	*	Quest Software, Inc		20,024
335	*,e	QuinStreet, Inc		3,102
1,383	*	Rackspace Hosting, Inc		60,769
299		RealNetworks, Inc		2,583
379	*,e	RealPage, Inc		8,778
2,400	*	Red Hat, Inc		135,552
453	*,e	Responsys, Inc		5,490
127	*	Rosetta Stone, Inc		1,758
1,436	*	Rovi Corp		28,174
286	*	Saba Software, Inc		2,654
3,586		SAIC, Inc		43,462
1,740	*	Salesforce.com, Inc		240,572
170	*,e	Sapiens International Corp NV		612
1,557		Sapient Corp		15,679
150	*	Sciquest, Inc		2,694
334	*	Seachange International, Inc		2,749
634	*,e	ServiceSource International LLC		8,781
782	*	SolarWinds, Inc		34,064
1,004		Solera Holdings, Inc		41,957
376	*	Sourcefire, Inc		19,326
150	*,e	Spark Networks, Inc		774
197	*,e,m	Splunk, Inc		5,536
235	*	SPS Commerce, Inc		7,139
132	*	SRS Labs, Inc		1,188
427	*	SS&C Technologies Holdings, Inc		10,675
192		Stamps.com, Inc		4,737
513	*	SupportSoft, Inc		1,636
9,430	*	Symantec Corp		137,772
90	*,e	Synacor, Inc		1,233
328	*	Synchronoss Technologies, Inc		6,058
1,849	*	Synopsys, Inc		54,416
190		Syntel, Inc		11,533

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

402	*	TA Indigo Holding Corp	$	1,761
925	*	Take-Two Interactive Software, Inc		8,750
383	*	Tangoe, Inc		8,162
132	*	TechTarget, Inc		665
205	*	TeleNav, Inc		1,257
455	*	TeleTech Holdings, Inc		7,280
2,098	*	Teradata Corp		151,077
2,110	*	TIBCO Software, Inc		63,131
1,671	*	TiVo, Inc		13,819
303	*	TNS, Inc		5,436
2,061		Total System Services, Inc		49,320
174	*,e	Travelzoo, Inc		3,953
432	*	Tyler Technologies, Inc		17,431
339	*	Ultimate Software Group, Inc		30,212
586	*	Unisys Corp		11,456
1,056		United Online, Inc		4,456
1,006	*	Unwired Planet, Inc		2,314
1,094	*	Valueclick, Inc		17,931
499	*	Vantiv, Inc		11,622
248	*	Vasco Data Security International		2,029
1,365	*	VeriFone Systems, Inc		45,168
264	*	Verint Systems, Inc		7,791
2,200		VeriSign, Inc		95,854
574	*,e	VirnetX Holding Corp		20,233
156	*	Virtusa Corp		2,083
6,645		Visa, Inc (Class A)		821,521
527	*,e	VistaPrint Ltd		17,022
1,083	*	VMware, Inc (Class A)		98,596
202	*	Vocus, Inc		3,757
807	*,e	WebMD Health Corp (Class A)		16,552
564	*	Websense, Inc		10,564
367	*	Website Pros, Inc		6,723
7,937		Western Union Co		133,659
465	*	Wright Express Corp		28,700
15,470	*	Yahoo!, Inc		244,890
107	*,e	Yelp, Inc		2,432
743	*	Zix Corp		1,932
1,440	*,e	Zynga, Inc		7,834

		TOTAL SOFTWARE & SERVICES		18,031,683

TECHNOLOGY HARDWARE & EQUIPMENT - 7.0%
581	*,e	3D Systems Corp		19,835
738	*,e	Acme Packet, Inc		13,764
806		Adtran, Inc		24,333
400	*	Agilysys, Inc		3,468
30	*,e	Ambient Corp		164
2,157		Amphenol Corp (Class A)		118,463
200	*	Anaren, Inc		3,920
356		Anixter International, Inc		18,886
11,874	*	Apple, Inc		6,934,416
1,549	*	Arris Group, Inc		21,547
1,424	*	Arrow Electronics, Inc		46,721
1,423	*,e	Aruba Networks, Inc		21,416
80	*	Audience, Inc		1,542
424	*	Avid Technology, Inc		3,150
1,830	*	Avnet, Inc		56,474
583		AVX Corp		6,232
150		Aware, Inc		967
245	*,e	AX Holding Corp		1,482
258		Badger Meter, Inc		9,688
100		Bel Fuse, Inc (Class B)		1,761
750	*	Benchmark Electronics, Inc		10,463
226		Black Box Corp		6,486
1,360	*,e	Bookham, Inc		4,134
840	*	Brightpoint, Inc		4,544

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

5,865	*	Brocade Communications Systems, Inc	$	28,914
358	*	CalAmp Corp		2,624
469	*	Calix Networks, Inc		3,855
500	*	Checkpoint Systems, Inc		4,355
1,254	*,e	Ciena Corp		20,528
68,419		Cisco Systems, Inc		1,174,754
542		Cognex Corp		17,154
306	*	Coherent, Inc		13,250
330		Comtech Telecommunications Corp		9,431
2,770	*	Comverse Technology, Inc		16,121
19,277		Corning, Inc		249,252
347	*	Cray, Inc		4,192
409		CTS Corp		3,853
423		Daktronics, Inc		2,923
185	*	Datalink Corp		1,767
18,929	*	Dell, Inc		236,991
772		Diebold, Inc		28,494
400	*	Digi International, Inc		4,096
633	*	Dolby Laboratories, Inc (Class A)		26,143
179	*	DTS, Inc		4,668
330	*	Echelon Corp		1,148
485	*	EchoStar Corp (Class A)		12,814
248		Electro Rent Corp		4,025
300		Electro Scientific Industries, Inc		3,546
630	*	Electronics for Imaging, Inc		10,237
26,666	*	EMC Corp		683,450
1,000	*	Emulex Corp		7,200
1,016	*	Extreme Networks, Inc		3,495
1,009	*	F5 Networks, Inc		100,456
252	*	Fabrinet		3,163
215	*	FARO Technologies, Inc		9,047
451	*	FEI Co		21,576
1,138	*	Finisar Corp		17,024
1,984		Flir Systems, Inc		38,688
859	*,e	Fusion-io, Inc		17,944
228	*	Globecomm Systems, Inc		2,312
327	*	GSI Group, Inc		3,747
1,150	*	Harmonic, Inc		4,899
1,483		Harris Corp		62,064
670	*	Harris Stratex Networks, Inc (Class A)		1,876
25,111		Hewlett-Packard Co		504,982
400	*	Imation Corp		2,364
289	*	Immersion Corp		1,627
1,220	*	Infinera Corp		8,345
2,058	*	Ingram Micro, Inc (Class A)		35,953
655	*	Insight Enterprises, Inc		11,024
564	e	InterDigital, Inc		16,644
745	*	Intermec, Inc		4,619
278	*	Intevac, Inc		2,091
466	*,e	InvenSense, Inc		5,266
407	*,e	IPG Photonics Corp		17,741
477	*	Itron, Inc		19,672
534	*	Ixia		6,419
2,392		Jabil Circuit, Inc		48,629
2,820	*	JDS Uniphase Corp		31,020
6,822	*	Juniper Networks, Inc		111,267
548	*	Kemet Corp		3,294
130	*	Key Tronic Corp		1,071
172	*	KVH Industries, Inc		2,150
210	*	LeCroy Corp		2,995
972		Lexmark International, Inc (Class A)		25,836
261		Littelfuse, Inc		14,848
124		Loral Space & Communications, Inc		8,351
315	*	Maxwell Technologies, Inc		2,066
187	*	Measurement Specialties, Inc		6,079

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

375	*	Mercury Computer Systems, Inc	$	4,849
30		Mesa Laboratories, Inc		1,395
447		Methode Electronics, Inc		3,804
1,677	e	Molex, Inc		40,147
3,709		Motorola, Inc		178,440
221		MTS Systems Corp		8,520
160	*	Multi-Fineline Electronix, Inc		3,942
1,200		National Instruments Corp		32,232
2,098	*	NCR Corp		47,688
290	*	Neonode, Inc		1,784
4,695	*	NetApp, Inc		149,395
454	*	Netgear, Inc		15,668
407	*	Newport Corp		4,892
630	*,e	OCZ Technology Group, Inc		3,339
252	*	Oplink Communications, Inc		3,410
252	*	OSI Systems, Inc		15,962
232		Park Electrochemical Corp		6,004
935	*,e	Parkervision, Inc		2,225
230		PC-Tel, Inc		1,488
554		Plantronics, Inc		18,504
511	*	Plexus Corp		14,410
2,192	*	Polycom, Inc		23,060
851	*,e	Power-One, Inc		3,847
248	*	Procera Networks, Inc		6,029
1,437	*	QLogic Corp		19,673
21,638		Qualcomm, Inc		1,204,804
4,721	*	Quantum Corp		9,584
301	*,e	Rackable Systems, Inc		1,932
187	*	Radisys Corp		1,174
485	*,e	RealD, Inc		7,256
181		Richardson Electronics Ltd		2,232
1,908	*	Riverbed Technology, Inc		30,814
383	*	Rofin-Sinar Technologies, Inc		7,250
200	*	Rogers Corp		7,922
3,074	*	SanDisk Corp		112,140
958	*	Sanmina-SCI Corp		7,846
321	*	Scansource, Inc		9,835
495	*	ShoreTel, Inc		2,168
3,028	*	Sonus Networks, Inc		6,510
488	*	STEC, Inc		3,806
234	*,e	Stratasys, Inc		11,595
258	*	Super Micro Computer, Inc		4,092
234		Sycamore Networks, Inc		3,398
396	*	Symmetricom, Inc		2,372
424	*,e	Synaptics, Inc		12,139
313	*	SYNNEX Corp		10,795
616	*	Tech Data Corp		29,673
4,811		Tellabs, Inc		16,021
210		Telular Corp		1,940
70		Tessco Technologies, Inc		1,544
1,589	*	Trimble Navigation Ltd		73,110
971	*	TTM Technologies, Inc		9,137
527	*,e	Universal Display Corp		18,940
529	*	Viasat, Inc		19,980
1,895	*	Vishay Intertechnology, Inc		17,870
161	*	Vishay Precision Group, Inc		2,246
662	*	Westell Technologies, Inc		1,576
3,030	*	Western Digital Corp		92,354
17,108		Xerox Corp		134,640
721	*	Zebra Technologies Corp (Class A)		24,773
198	*	Zygo Corp		3,536

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		13,607,996

TELECOMMUNICATION SERVICES - 2.8%
754	*,e	8x8, Inc		3,167

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

407		AboveNet, Inc	$	34,188
74,453		AT&T, Inc		2,654,994
105		Atlantic Tele-Network, Inc		3,542
201	*,e	Boingo Wireless, Inc		2,336
277	*	Cbeyond Communications, Inc		1,875
7,773		CenturyTel, Inc		306,956
3,005	*	Cincinnati Bell, Inc		11,179
4,469	*,e	Clearwire Corp (Class A)		5,005
706	*	Cogent Communications Group, Inc		13,590
305	e	Consolidated Communications Holdings, Inc		4,514
3,720	*	Crown Castle International Corp		218,215
269	*,e	Fairpoint Communications, Inc		1,654
13,108	e	Frontier Communications Corp		50,204
464	*	General Communication, Inc (Class A)		3,856
126	*,e	Hawaiian Telcom Holdco, Inc		2,458
170		HickoryTech Corp		1,889
164		IDT Corp (Class B)		1,609
380	*	inContact, Inc		1,904
641	*	Iridium Communications, Inc		5,743
710	*,e	Leap Wireless International, Inc		4,565
2,035	*	Level 3 Communications, Inc		45,075
181		Lumos Networks Corp		1,710
3,750	*	MetroPCS Communications, Inc		22,688
391	*	Neutral Tandem, Inc		5,153
2,115	*	NII Holdings, Inc (Class B)		21,637
181		NTELOS Holdings Corp		3,412
430	*	Orbcomm, Inc		1,402
762	*	Premiere Global Services, Inc		6,393
153	e	Primus Telecommunications Group, Inc		2,382
1,524	*	SBA Communications Corp (Class A)		86,944
364		Shenandoah Telecom Co		4,954
38,066	*	Sprint Nextel Corp		124,095
180		SureWest Communications		3,793
1,221		Telephone & Data Systems, Inc		25,995
420	*,e	Towerstream Corp		1,743
1,912	*	tw telecom inc (Class A)		49,062
200	*	US Cellular Corp		7,724
250		USA Mobility, Inc		3,215
36,088		Verizon Communications, Inc		1,603,751
1,236	*	Vonage Holdings Corp		2,484
7,168	e	Windstream Corp		69,243

		TOTAL TELECOMMUNICATION SERVICES		5,426,298

TRANSPORTATION - 1.8%
776	*	Air Transport Services Group, Inc		4,035
905	*	Alaska Air Group, Inc		32,489
519		Alexander & Baldwin Holdings, Inc		27,637
191	*	Allegiant Travel Co		13,309
100		Amerco, Inc		8,997
300		Arkansas Best Corp		3,780
331	*	Atlas Air Worldwide Holdings, Inc		14,402
1,259	*	Avis Budget Group, Inc		19,137
250		Celadon Group, Inc		4,095
2,041		CH Robinson Worldwide, Inc		119,460
711		Con-Way, Inc		25,674
448		Copa Holdings S.A. (Class A)		36,951
13,258		CSX Corp		296,449
10,646	*	Delta Air Lines, Inc		116,574
347	*	Dollar Thrifty Automotive Group, Inc		28,093
134	*	Echo Global Logistics, Inc		2,554
2,624		Expeditors International Washington, Inc		101,680
4,014		FedEx Corp		367,722
548		Forward Air Corp		17,684
344	*,e	Genco Shipping & Trading Ltd		1,049
480	*	Genesee & Wyoming, Inc (Class A)		25,363

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

633	*	Hawaiian Holdings, Inc	$	4,121
666		Heartland Express, Inc		9,530
3,035	*	Hertz Global Holdings, Inc		38,848
500	*	Hub Group, Inc (Class A)		18,100
64		International Shipholding Corp		1,207
1,134		J.B. Hunt Transport Services, Inc		67,586
2,933	*	JetBlue Airways Corp		15,545
1,405		Kansas City Southern Industries, Inc		97,732
708	*	Kirby Corp		33,333
691		Knight Transportation, Inc		11,049
644		Landstar System, Inc		33,308
384		Marten Transport Ltd		8,164
4,137		Norfolk Southern Corp		296,913
704	*	Old Dominion Freight Line		30,476
443	*	Pacer International, Inc		2,401
96	*	Park-Ohio Holdings Corp		1,827
48	*	Patriot Transportation Holding, Inc		1,129
772	*	Quality Distribution, Inc		8,561
308	*	RailAmerica, Inc		7,454
220	*	Rand Logistics, Inc		1,870
421	*	Republic Airways Holdings, Inc		2,337
125	*	Roadrunner Transportation Services Holdings, Inc		2,111
655		Ryder System, Inc		23,587
133	*	Saia, Inc		2,911
692		Skywest, Inc		4,519
9,836		Southwest Airlines Co		90,688
190	*	Spirit Airlines, Inc		3,697
985	*	Swift Transportation Co, Inc		9,308
4,194	*	UAL Corp		102,040
6,047		Union Pacific Corp		721,468
9,200		United Parcel Service, Inc (Class B)		724,592
68		Universal Truckload Services, Inc		1,029
2,013	*,e	US Airways Group, Inc		26,833
1,203		UTI Worldwide, Inc		17,576
511		Werner Enterprises, Inc		12,208
239	*,e	Wesco Aircraft Holdings, Inc		3,042
220	*	XPO Logistics, Inc		3,696
341	*,e	Zipcar, Inc		4,000

		TOTAL TRANSPORTATION		3,711,930

UTILITIES - 3.7%
8,046	*	AES Corp		103,230
1,470		AGL Resources, Inc		56,962
597		Allete, Inc		24,955
1,411		Alliant Energy Corp		64,299
2,990		Ameren Corp		100,285
310	*,e	American DG Energy, Inc		704
6,169		American Electric Power Co, Inc		246,143
225		American States Water Co		8,906
2,229		American Water Works Co, Inc		76,410
1,767		Aqua America, Inc		44,104
77		Artesian Resources Corp		1,659
1,442	e	Atlantic Power Corp		18,472
1,110		Atmos Energy Corp		38,928
749		Avista Corp		19,998
557		Black Hills Corp		17,919
130	*,e	Cadiz, Inc		937
468		California Water Service Group		8,644
5,138	*	Calpine Corp		84,828
5,394		Centerpoint Energy, Inc		111,494
250		CH Energy Group, Inc		16,422
107		Chesapeake Utilities Corp		4,678
757		Cleco Corp		31,665
3,237		CMS Energy Corp		76,069
98		Connecticut Water Service, Inc		2,840

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

3,719		Consolidated Edison, Inc	$	231,285
160		Consolidated Water Co, Inc		1,327
90		Delta Natural Gas Co, Inc		1,956
7,199		Dominion Resources, Inc		388,746
2,106		DTE Energy Co		124,949
17,069		Duke Energy Corp		393,611
4,138		Edison International		191,176
600		El Paso Electric Co		19,896
648		Empire District Electric Co		13,673
2,251		Entergy Corp		152,820
10,822		Exelon Corp		407,124
5,213		FirstEnergy Corp		256,427
164		Genie Energy Ltd		1,274
1,857		Great Plains Energy, Inc		39,758
1,196		Hawaiian Electric Industries, Inc		34,110
750		Idacorp, Inc		31,560
972		Integrys Energy Group, Inc		55,278
695		ITC Holdings Corp		47,892
400		Laclede Group, Inc		15,924
2,402		MDU Resources Group, Inc		51,907
419		MGE Energy, Inc		19,819
155		Middlesex Water Co		2,945
960		National Fuel Gas Co		45,101
646		New Jersey Resources Corp		28,172
5,297		NextEra Energy, Inc		364,487
3,472		NiSource, Inc		85,932
3,861		Northeast Utilities		149,845
333		Northwest Natural Gas Co		15,851
435		NorthWestern Corp		15,965
2,998	*	NRG Energy, Inc		52,045
2,932		NV Energy, Inc		51,545
1,291		OGE Energy Corp		66,861
2,664		Oneok, Inc		112,714
240	e	Ormat Technologies, Inc		5,134
540		Otter Tail Corp		12,350
2,810		Pepco Holdings, Inc		54,992
5,405		PG&E Corp		244,684
938		Piedmont Natural Gas Co, Inc		30,194
1,348		Pinnacle West Capital Corp		69,745
1,049		PNM Resources, Inc		20,497
1,142		Portland General Electric Co		30,446
7,253		PPL Corp		201,706
3,757		Progress Energy, Inc		226,059
6,478		Public Service Enterprise Group, Inc		210,535
2,262		Questar Corp		47,185
9,167	*	RRI Energy, Inc		15,676
1,500		SCANA Corp		71,760
3,061		Sempra Energy		210,842
138		SJW Corp		3,313
487		South Jersey Industries, Inc		24,822
10,807		Southern Co		500,364
587		Southwest Gas Corp		25,623
2,675		TECO Energy, Inc		48,310
1,412		UGI Corp		41,555
895		UIL Holdings Corp		32,095
126		Unitil Corp		3,339
511		UNS Energy Corp		19,627
980		Vectren Corp		28,930
1,603		Westar Energy, Inc		48,010
637		WGL Holdings, Inc		25,321
2,979		Wisconsin Energy Corp		117,879
6,137		Xcel Energy, Inc		174,352
142	e	York Water Co		2,540

		TOTAL UTILITIES		7,180,411

TIAA-CREF LIFE FUNDS- Stock Index Fund


SHARES		COMPANY	VALUE

		TOTAL COMMON STOCKS (Cost $166,107,324)	$	191,698,860

RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
120		Hampton Roads Bankshares, Inc		87
120		Hampton Roads Bankshares, Inc (2nd Entitlements)		0

		TOTAL BANKS		87

ENERGY - 0.0%
178	e,m	Magnum Hunter Resources Corp		0

		TOTAL ENERGY		0

		TOTAL RIGHTS / WARRANTS (Cost $0)		87

SHORT-TERM INVESTMENTS - 2.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
4,563,556	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		4,563,556

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,563,556

		TOTAL SHORT-TERM INVESTMENTS (Cost $4,563,556)		4,563,556

		TOTAL INVESTMENTS - 101.8% (Cost $170,670,880)		196,262,503
		OTHER ASSETS & LIABILITIES, NET - (1.8)%		(3,434,556	)

		NET ASSETS - 100.0%	$	192,827,947

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing.

c	Investments made with cash collateral received from securities on loan.

d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,551,522.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.3%
749	*	American Axle & Manufacturing Holdings, Inc	$	7,857
325	*	BorgWarner, Inc		21,317
20,194		Ford Motor Co		193,661
64	*	Fuel Systems Solutions, Inc		1,068
1,866		Harley-Davidson, Inc		85,332
5,972		Johnson Controls, Inc		165,484
292	*	Modine Manufacturing Co		2,024
202		Spartan Motors, Inc		1,059
339		Superior Industries International, Inc		5,549
853	*	Tenneco, Inc		22,877
326	*	WABCO Holdings, Inc		17,255

		TOTAL AUTOMOBILES & COMPONENTS		523,483

BANKS - 3.2%
46		Associated Banc-Corp		607
196		Bank of Hawaii Corp		9,006
8,225		BB&T Corp		253,741
363		CapitalSource, Inc		2,439
38		Capitol Federal Financial		452
72		Centerstate Banks of Florida, Inc		515
513	*	Citizens Republic Bancorp, Inc		8,788
1,303		Comerica, Inc		40,015
22		Community Bank System, Inc		597
69		Cullen/Frost Bankers, Inc		3,967
880		First Horizon National Corp		7,612
34		Home Federal Bancorp, Inc		357
1,717		Hudson City Bancorp, Inc		10,937
1,357		Huntington Bancshares, Inc		8,685
9,626		Keycorp		74,505
1,250		M&T Bank Corp		103,212
161		MainSource Financial Group, Inc		1,905
1,196		New York Community Bancorp, Inc		14,986
145		Old National Bancorp		1,741
18		Peoples Bancorp, Inc		396
189		People’s United Financial, Inc		2,194
4,452		PNC Financial Services Group, Inc		272,062
355		Provident Financial Services, Inc		5,449
220		Radian Group, Inc		724
10,988		Regions Financial Corp		74,169
223	*	SVB Financial Group		13,094
31		TCF Financial Corp		356
10,756		US Bancorp		345,913
107		Webster Financial Corp		2,317
290		Zions Bancorporation		5,633

		TOTAL BANKS		1,266,374

CAPITAL GOODS - 8.1%
3,910		3M Co		350,336
89		A.O. Smith Corp		4,351
103		Actuant Corp (Class A)		2,798
39		Acuity Brands, Inc		1,986
19	*	American Superconductor Corp		89
3,457		Ametek, Inc		172,539
100		Apogee Enterprises, Inc		1,607
17		Applied Industrial Technologies, Inc		627
400	*	ArvinMeritor, Inc		2,088
90	*	Astec Industries, Inc		2,761

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

963		Barnes Group, Inc	$	23,391
200		Briggs & Stratton Corp		3,498
515	*	Builders FirstSource, Inc		2,441
33	*	Chart Industries, Inc		2,269
12		Clarcor, Inc		578
81	*	Colfax Corp		2,233
403		Cooper Industries plc		27,477
1,664		Cummins, Inc		161,258
4,977		Danaher Corp		259,202
2,940		Deere & Co		237,758
531		Dover Corp		28,467
2,383		Eaton Corp		94,438
5,628		Emerson Electric Co		262,152
1,133		Fastenal Co		45,671
312	*	FuelCell Energy, Inc		315
17		Gardner Denver, Inc		899
350	*	Gibraltar Industries, Inc		3,633
548		Graco, Inc		25,252
377	*	GrafTech International Ltd		3,638
117	*	Hexcel Corp		3,017
4,428		Illinois Tool Works, Inc		234,197
1,052		Ingersoll-Rand plc		44,373
55		Insteel Industries, Inc		614
80	*	Layne Christensen Co		1,655
301		LB Foster Co (Class A)		8,612
176		Lincoln Electric Holdings, Inc		7,707
3,652		Masco Corp		50,653
59		MSC Industrial Direct Co (Class A)		3,868
905	*	NCI Building Systems, Inc		9,801
1,172		Nordson Corp		60,112
1,302	*	Owens Corning, Inc		37,159
2,247		Paccar, Inc		88,060
380		Pall Corp		20,828
274		Parker Hannifin Corp		21,065
245		Pentair, Inc		9,379
342	*	Polypore International, Inc		13,813
1,507		Precision Castparts Corp		247,886
240		Quanex Building Products Corp		4,291
937	*	Quanta Services, Inc		22,554
741		Rockwell Automation, Inc		48,950
337		Rockwell Collins, Inc		16,631
400		Roper Industries, Inc		39,432
15		Simpson Manufacturing Co, Inc		443
147		Snap-On, Inc		9,151
1,656	*	Spirit Aerosystems Holdings, Inc (Class A)		39,463
832		Tennant Co		33,238
143		Timken Co		6,548
3,655		Tyco International Ltd		193,167
306	*	United Rentals, Inc		10,416
383	*	USG Corp		7,296
23		Valmont Industries, Inc		2,782
962		W.W. Grainger, Inc		183,973
8		Watsco, Inc		590
215	*	WESCO International, Inc		12,373
348		Westinghouse Air Brake Technologies Corp		27,147
86		Xylem, Inc		2,165

		TOTAL CAPITAL GOODS		3,247,161

COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
1,554	*	ACCO Brands Corp		16,068
1,453		Avery Dennison Corp		39,725
42		Corporate Executive Board Co		1,717
160		Deluxe Corp		3,990
650		Dun & Bradstreet Corp		46,261
176		Equifax, Inc		8,202

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

68		Herman Miller, Inc	$	1,259
168		HNI Corp		4,326
73	*	IHS, Inc (Class A)		7,864
885		Iron Mountain, Inc		29,170
238		Manpower, Inc		8,723
266		Pitney Bowes, Inc		3,982
1,278		Robert Half International, Inc		36,512
318	*	Tetra Tech, Inc		8,294
1,392		Waste Management, Inc		46,493

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		262,586

CONSUMER DURABLES & APPAREL - 1.1%
200		Callaway Golf Co		1,182
91	*	Carter’s, Inc		4,787
5		Columbia Sportswear Co		268
14	*	Deckers Outdoor Corp		616
13		Hasbro, Inc		440
16	*	Iconix Brand Group, Inc		280
4,163		Mattel, Inc		135,048
76	*	Mohawk Industries, Inc		5,307
200		Movado Group, Inc		5,004
2,490		Nike, Inc (Class B)		218,572
152		Oxford Industries, Inc		6,794
217		Ryland Group, Inc		5,551
71	*	Tempur-Pedic International, Inc		1,661
7		True Religion Apparel, Inc		203
128		Tupperware Corp		7,009
101	*	Under Armour, Inc (Class A)		9,542
310		VF Corp		41,370
7	*	Warnaco Group, Inc		298

		TOTAL CONSUMER DURABLES & APPAREL		443,932

CONSUMER SERVICES - 2.5%
288	*	AFC Enterprises		6,664
55		Bob Evans Farms, Inc		2,211
200		Brinker International, Inc		6,374
61	*	Chipotle Mexican Grill, Inc (Class A)		23,177
816		Choice Hotels International, Inc		32,583
69	*	Coinstar, Inc		4,738
695		Darden Restaurants, Inc		35,188
13	*	DineEquity, Inc		580
128		Domino’s Pizza, Inc		3,956
60		Dunkin Brands Group, Inc		2,060
646	*	Gaylord Entertainment Co		24,910
2,911		Marriott International, Inc (Class A)		114,111
4,695		McDonald’s Corp		415,648
29	*	Panera Bread Co (Class A)		4,044
266		Royal Caribbean Cruises Ltd		6,924
177	*	Sonic Corp		1,774
5,443		Starbucks Corp		290,221
1,068		Starwood Hotels & Resorts Worldwide, Inc		56,647
6		Vail Resorts, Inc		301

		TOTAL CONSUMER SERVICES		1,032,111

DIVERSIFIED FINANCIALS - 6.3%
2,183	*	American Capital Ltd		21,983
5,922		American Express Co		344,720
1,543		Ameriprise Financial, Inc		80,637
10,701		Bank of New York Mellon Corp		234,887
1,158		BlackRock, Inc		196,651
4,874		Capital One Financial Corp		266,413
11,299		Charles Schwab Corp		146,096
491		CME Group, Inc		131,642
5,399		Discover Financial Services		186,697
144		Eaton Vance Corp		3,881
363		Evercore Partners, Inc (Class A)		8,491

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

1,926		Franklin Resources, Inc	$	213,767
733	*	IntercontinentalExchange, Inc		99,673
3,992		Invesco Ltd		90,219
466		Janus Capital Group, Inc		3,644
566		Legg Mason, Inc		14,925
672		Nasdaq Stock Market, Inc		15,234
1,111	*	NewStar Financial, Inc		14,399
1,881		Northern Trust Corp		86,564
1,978		NYSE Euronext		50,597
176	*	PHH Corp		3,077
3,861		State Street Corp		172,355
2,269		T Rowe Price Group, Inc		142,856
123		Triangle Capital Corp		2,802

		TOTAL DIVERSIFIED FINANCIALS		2,532,210

ENERGY - 8.4%
128		Alon USA Energy, Inc		1,083
2,492		Apache Corp		219,022
1,749	*	ATP Oil & Gas Corp		5,912
108	*	Atwood Oceanics, Inc		4,087
113	*	C&J Energy Services, Inc		2,090
2,135	*	Cameron International Corp		91,186
181		CARBO Ceramics, Inc		13,888
40	*	Carrizo Oil & Gas, Inc		940
1,448	*	Cheniere Energy, Inc		21,344
3,583		Chesapeake Energy Corp		66,644
776		Cimarex Energy Co		42,773
1,962	*	Clean Energy Fuels Corp		30,411
246	*	Comstock Resources, Inc		4,039
232	*	Concho Resources, Inc		19,748
344	*	Contango Oil & Gas Co		20,365
1,156	*	Continental Resources, Inc		77,013
1,646		Crosstex Energy, Inc		23,044
135	*	CVR Energy, Inc		3,588
980	*	CVR Energy, Inc (Contingent value right)		0
112	*	Dawson Geophysical Co		2,668
3,831	*	Denbury Resources, Inc		57,886
3,415	*	Devon Energy Corp		198,036
95	*	Dresser-Rand Group, Inc		4,231
2,575		EOG Resources, Inc		232,033
2,538		Equitable Resources, Inc		136,113
49	*	Exterran Holdings, Inc		625
2,419	*	FMC Technologies, Inc		94,897
512	*	Goodrich Petroleum Corp		7,096
166		Gulf Island Fabrication, Inc		4,683
1,203	*	Hercules Offshore, Inc		4,259
2,896		Hess Corp		125,831
1,199	*	Hornbeck Offshore Services, Inc		46,497
564	*	ION Geophysical Corp		3,717
344	*	Key Energy Services, Inc		2,614
255	*	Kinder Morgan Management LLC		18,722
5,337	*	Kodiak Oil & Gas Corp		43,817
5,925		Marathon Oil Corp		151,502
159	*	Matrix Service Co		1,805
3,775		National Oilwell Varco, Inc		243,261
103	*	Natural Gas Services Group, Inc		1,526
871	*	Newfield Exploration Co		25,529
1,424		Noble Corp		46,323
2,353		Noble Energy, Inc		199,582
230	*	Northern Oil And Gas, Inc		3,666
166	*	Oasis Petroleum, Inc		4,014
307		Oceaneering International, Inc		14,693
227	*	Oil States International, Inc		15,027
33	*	OYO Geospace Corp		2,970
753	*	Parker Drilling Co		3,396

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

259	*	PDC Energy, Inc	$	6,351
415	*	Petroquest Energy, Inc		2,075
697	*	Pioneer Drilling Co		5,555
1,595		Pioneer Natural Resources Co		140,695
290	*	Plains Exploration & Production Co		10,202
2,262		Questar Market Resources, Inc		67,792
846	*	Quicksilver Resources, Inc		4,585
1,135		Range Resources Corp		70,222
7,841	*	Rentech, Inc		16,153
233	*	Rex Energy Corp		2,612
5		SEACOR Holdings, Inc		447
2,662	*	Southwestern Energy Co		84,998
7,556		Spectra Energy Corp		219,577
858		St. Mary Land & Exploration Co		42,136
582		Sunoco, Inc		27,645
695	*	Superior Energy Services		14,060
67		Tidewater, Inc		3,106
640	*	Ultra Petroleum Corp		14,765
367	*	Unit Corp		13,539
7,360	*	Weatherford International Ltd		92,957
2,525		Western Refining, Inc		56,232
1,026	*	Whiting Petroleum Corp		42,189
3,496		Williams Cos, Inc		100,754

		TOTAL ENERGY		3,382,843

FOOD & STAPLES RETAILING - 0.9%
11		Casey’s General Stores, Inc		649
8		Harris Teeter Supermarkets, Inc		328
2,965		Kroger Co		68,758
2,516		Safeway, Inc		45,665
128		Spartan Stores, Inc		2,321
6,388		Sysco Corp		190,426
733		Whole Foods Market, Inc		69,870

		TOTAL FOOD & STAPLES RETAILING		378,017

FOOD, BEVERAGE & TOBACCO - 4.5%
125		Bunge Ltd		7,842
2,543		Campbell Soup Co		84,885
1,029		ConAgra Foods, Inc		26,682
151	*	Darling International, Inc		2,490
5,570	*	DE Master Blenders 1753 NV		62,805
240		Dr Pepper Snapple Group, Inc		10,500
6,404		General Mills, Inc		246,810
554	*	Green Mountain Coffee Roasters, Inc		12,066
3,481		H.J. Heinz Co		189,297
45	*	Hain Celestial Group, Inc		2,477
1,114	*	Hillshire Brands Co		32,295
168		Hormel Foods Corp		5,111
312		J.M. Smucker Co		23,562
4,342		Kellogg Co		214,191
9,370		Kraft Foods, Inc (Class A)		361,869
51		Lancaster Colony Corp		3,632
194		McCormick & Co, Inc		11,766
584		Mead Johnson Nutrition Co		47,018
188	*	Monster Beverage Corp		13,385
6,774		PepsiCo, Inc		478,651
82		Tootsie Roll Industries, Inc		1,957

		TOTAL FOOD, BEVERAGE & TOBACCO		1,839,291

HEALTH CARE EQUIPMENT & SERVICES - 3.6%
209	*	Accretive Health, Inc		2,291
3,561		Aetna, Inc		138,060
113	*	Amerigroup Corp		7,448
55	*	Amsurg Corp		1,649
4,955		Baxter International, Inc		263,358
2,535		Becton Dickinson & Co		189,491

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

29	*	Catalyst Health Solutions, Inc	$	2,710
432	*	Centene Corp		13,029
41		Chemed Corp		2,478
1,469		Cigna Corp		64,636
121	*	Edwards Lifesciences Corp		12,499
49	*	Gen-Probe, Inc		4,028
85	*	Greatbatch, Inc		1,930
147	*	Henry Schein, Inc		11,538
570		Hill-Rom Holdings, Inc		17,585
84	*	HMS Holdings Corp		2,798
945		Humana, Inc		73,181
337	*	Idexx Laboratories, Inc		32,396
33		Invacare Corp		509
479	*	Inverness Medical Innovations, Inc		9,312
434	*	LifePoint Hospitals, Inc		17,785
80	*	MAKO Surgical Corp		2,049
7,530		Medtronic, Inc		291,637
438	*	Molina Healthcare, Inc		10,275
70	*	MWI Veterinary Supply, Inc		7,194
61		Owens & Minor, Inc		1,868
96	*	Palomar Medical Technologies, Inc		816
674		Patterson Cos, Inc		23,233
307	*	Resmed, Inc		9,578
293		STERIS Corp		9,192
3,463		WellPoint, Inc		220,905

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,445,458

HOUSEHOLD & PERSONAL PRODUCTS - 3.5%
1,491		Avon Products, Inc		24,169
320		Clorox Co		23,187
3,044		Colgate-Palmolive Co		316,880
2,225		Estee Lauder Cos (Class A)		120,417
179		Herbalife Ltd		8,651
3,199		Kimberly-Clark Corp		267,980
350	*	Medifast, Inc		6,888
124		Nu Skin Enterprises, Inc (Class A)		5,816
10,166		Procter & Gamble Co		622,668

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,396,656

INSURANCE - 5.8%
3,485		ACE Ltd		258,343
4,736		Aflac, Inc		201,706
487	*	Arch Capital Group Ltd		19,329
105		Arthur J. Gallagher & Co		3,682
1,032		Aspen Insurance Holdings Ltd		29,825
809		Assurant, Inc		28,186
239		Axis Capital Holdings Ltd		7,779
6,946	*	Berkshire Hathaway, Inc (Class B)		578,810
3,341		Chubb Corp		243,292
3,506		Cincinnati Financial Corp		133,473
429		Endurance Specialty Holdings Ltd		16,439
4,803	*	Genworth Financial, Inc (Class A)		27,185
41	*	Markel Corp		18,110
782		Marsh & McLennan Cos, Inc		25,204
969		Montpelier Re Holdings Ltd		20,630
436	*	National Financial Partners Corp		5,842
107		PartnerRe Ltd		8,097
3,435	*	Phoenix Cos, Inc		6,355
414		Platinum Underwriters Holdings Ltd		15,773
2,822		Principal Financial Group		74,021
7		ProAssurance Corp		624
7,333		Progressive Corp		152,746
300		Protective Life Corp		8,823
4,134		Prudential Financial, Inc		200,210
40		RenaissanceRe Holdings Ltd		3,040

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

8		RLI Corp	$	546
18		Selective Insurance Group, Inc		313
36		Stancorp Financial Group, Inc		1,338
3,871		Travelers Cos, Inc		247,125

		TOTAL INSURANCE		2,336,846

MATERIALS - 5.0%
19	*	AEP Industries, Inc		827
2,440		Air Products & Chemicals, Inc		196,981
7,098		Alcoa, Inc		62,108
546		Allegheny Technologies, Inc		17,412
1,222	*	Allied Nevada Gold Corp		34,680
949		AMCOL International Corp		26,866
204		Aptargroup, Inc		10,414
497		Ball Corp		20,402
711		Bemis Co, Inc		22,283
442		Buckeye Technologies, Inc		12,593
64		Carpenter Technology Corp		3,062
350		Celanese Corp (Series A)		12,117
18	*	Clearwater Paper Corp		614
1,669		Cleveland-Cliffs, Inc		82,265
1,372	*	Coeur d’Alene Mines Corp		24,092
1,032		Commercial Metals Co		13,045
110		Compass Minerals International, Inc		8,391
46		Domtar Corp		3,529
287		Eastman Chemical Co		14,456
3,353		Ecolab, Inc		229,781
265	*	Flotek Industries, Inc		2,475
609	*	General Moly, Inc		1,912
682		H.B. Fuller Co		20,937
182		Innophos Holdings, Inc		10,276
72		International Flavors & Fragrances, Inc		3,946
1,828		International Paper Co		52,847
97	*	Landec Corp		830
1,359	*	Louisiana-Pacific Corp		14,786
5,454		LyondellBasell Industries AF S.C.A		219,633
153	*	McEwen Mining, Inc		461
1,688		MeadWestvaco Corp		48,530
196		Minerals Technologies, Inc		12,501
286	*	Molycorp, Inc		6,163
4,198		Nucor Corp		159,104
506	*	Owens-Illinois, Inc		9,700
2,497		Praxair, Inc		271,499
54		Rock-Tenn Co (Class A)		2,946
124		Rockwood Holdings, Inc		5,499
1,141		Royal Gold, Inc		89,454
157		Sealed Air Corp		2,424
241		Sherwin-Williams Co		31,896
1,694		Sigma-Aldrich Corp		125,238
869		Sonoco Products Co		26,200
586	*	Stillwater Mining Co		5,005
231	*	SunCoke Energy, Inc		3,384
572		Titanium Metals Corp		6,469
500		Tredegar Corp		7,280
473		Valspar Corp		24,828
79		Wausau Paper Corp		769
116		Westlake Chemical Corp		6,062
2,370		Worthington Industries, Inc		48,514

		TOTAL MATERIALS		2,017,486

MEDIA - 2.3%
1,465		Cablevision Systems Corp (Class A)		19,470
156		Cinemark Holdings, Inc		3,565
24	*	Digital Generation, Inc		297
3,409	*	Discovery Communications, Inc (Class A)		184,086

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

423	*	Discovery Communications, Inc (Class C)	$	21,188
327	*	DreamWorks Animation SKG, Inc (Class A)		6,233
179	*	Fisher Communications, Inc		5,354
83		John Wiley & Sons, Inc (Class A)		4,066
2,109	*	Journal Communications, Inc (Class A)		10,882
2,338	*	Liberty Global, Inc (Class A)		116,035
196	*	Liberty Interactive LLC		17,230
1,806	*	New York Times Co (Class A)		14,087
118		Scripps Networks Interactive (Class A)		6,709
3,296		Time Warner Cable, Inc		270,602
2,377		Time Warner, Inc		91,515
339	*	Valassis Communications, Inc		7,373
2,824		Virgin Media, Inc		68,877
160		Washington Post Co (Class B)		59,811

		TOTAL MEDIA		907,380

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
7,083		Abbott Laboratories		456,641
100	*	Affymetrix, Inc		469
2,954		Agilent Technologies, Inc		115,915
856	*	Akorn, Inc		13,499
514	*	Amylin Pharmaceuticals, Inc		14,510
1,205	*	Ariad Pharmaceuticals, Inc		20,738
101	*	Auxilium Pharmaceuticals, Inc		2,716
1,965	*	Biogen Idec, Inc		283,707
9,755		Bristol-Myers Squibb Co		350,692
259	*	Cambrex Corp		2,437
420	*	Cepheid, Inc		18,795
1,016	*	Endo Pharmaceuticals Holdings, Inc		31,476
300	*	Geron Corp		516
5,960	*	Gilead Sciences, Inc		305,629
406	*	Human Genome Sciences, Inc		5,331
926	*	Incyte Corp		21,020
10,078		Johnson & Johnson		680,870
1,143	*	Life Technologies Corp		51,424
12,745		Merck & Co, Inc		532,104
1,668	*	Nektar Therapeutics		13,461
652	*	Neurocrine Biosciences, Inc		5,157
107	*	Onyx Pharmaceuticals, Inc		7,110
1,489		PDL BioPharma, Inc		9,872
96		PerkinElmer, Inc		2,477
227	*	Progenics Pharmaceuticals, Inc		2,220
659	*	Salix Pharmaceuticals Ltd		35,876
520	*	Sangamo Biosciences, Inc		2,870
1,294	*	SIGA Technologies, Inc		3,714
109	*	Synta Pharmaceuticals Corp		596
70		Techne Corp		5,194
131	*	United Therapeutics Corp		6,469
143	*	Vertex Pharmaceuticals, Inc		7,997
1,988	*	Vivus, Inc		56,737
488	*	Waters Corp		38,781

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,107,020

REAL ESTATE - 4.1%
2,657		AMB Property Corp		88,292
83		American Campus Communities, Inc		3,733
3,952		American Tower Corp		276,284
10,364		Annaly Capital Management, Inc		173,908
941		Boston Properties, Inc		101,976
1,541	*	CBRE Group, Inc		25,211
93		Colonial Properties Trust		2,059
165		Douglas Emmett, Inc		3,811
1,443		Duke Realty Corp		21,126
29		Equity One, Inc		615
136		Federal Realty Investment Trust		14,156

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

2,363	*	First Industrial Realty Trust, Inc	$	29,821
4,199		HCP, Inc		185,386
745		Health Care REIT, Inc		43,434
89		Healthcare Realty Trust, Inc		2,122
5,793		Host Marriott Corp		91,645
15		Jones Lang LaSalle, Inc		1,055
14		Kilroy Realty Corp		678
125		LaSalle Hotel Properties		3,643
325		Liberty Property Trust		11,973
426		Macerich Co		25,155
107		Mid-America Apartment Communities, Inc		7,302
105		Post Properties, Inc		5,140
2,100		RAIT Investment Trust		9,702
78		Regency Centers Corp		3,710
2,143		Simon Property Group, Inc		333,579
917		Ventas, Inc		57,881
1,176		Vornado Realty Trust		98,760
17		Washington Real Estate Investment Trust		484

		TOTAL REAL ESTATE		1,622,641

RETAILING - 4.5%
130		Advance Auto Parts, Inc		8,869
1,002		American Eagle Outfitters, Inc		19,769
253	*	Ann Taylor Stores Corp		6,449
386	*	Autozone, Inc		141,728
149	*	Barnes & Noble, Inc		2,453
1,687	*	Bed Bath & Beyond, Inc		104,257
1,674		Best Buy Co, Inc		35,087
62	*	Cabela’s, Inc		2,344
642	*	Carmax, Inc		16,653
8		Chico’s FAS, Inc		119
163	*	Collective Brands, Inc		3,491
532		Foot Locker, Inc		16,269
6		GameStop Corp (Class A)		110
4,068		Gap, Inc		111,300
45	*	Genesco, Inc		2,707
2,355		Genuine Parts Co		141,889
184		GNC Holdings, Inc		7,213
312		HSN, Inc		12,589
411		JC Penney Co, Inc		9,580
2,105		Kohl’s Corp		95,757
3,852	*	Liberty Media Holding Corp (Interactive A)		68,527
19	*	LKQ Corp		634
8,772		Lowe’s Companies, Inc		249,476
1,601		Macy’s, Inc		54,994
16		Men’s Wearhouse, Inc		450
529		Nordstrom, Inc		26,286
700	*	Office Depot, Inc		1,512
73	*	O’Reilly Automotive, Inc		6,115
309		Petsmart, Inc		21,068
278		Pier 1 Imports, Inc		4,568
200		RadioShack Corp		768
126		Ross Stores, Inc		7,871
184	*	Sally Beauty Holdings, Inc		4,736
114		Signet Jewelers Ltd		5,017
4,706		Staples, Inc		61,413
4,763		Target Corp		277,159
135		Tiffany & Co		7,148
6,543		TJX Companies, Inc		280,891
7		Williams-Sonoma, Inc		245

		TOTAL RETAILING		1,817,511

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
645	*	Advanced Energy Industries, Inc		8,656
8,596	*	Advanced Micro Devices, Inc		49,255

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

981		Analog Devices, Inc	$	36,954
16,960		Applied Materials, Inc		194,362
51		Cabot Microelectronics Corp		1,490
125	*	Cirrus Logic, Inc		3,735
174		Cypress Semiconductor Corp		2,300
930	*	Entegris, Inc		7,942
20,054		Intel Corp		534,439
170	*	Lam Research Corp		6,416
499	*	Lattice Semiconductor Corp		1,881
232	*	LTX-Credence Corp		1,554
111		Microchip Technology, Inc		3,672
134		MKS Instruments, Inc		3,877
4,772	*	Nvidia Corp		65,949
146	*	Omnivision Technologies, Inc		1,951
4,262	*	ON Semiconductor Corp		30,260
706	*	RF Micro Devices, Inc		3,000
210	*	Sigma Designs, Inc		1,340
773	*	Skyworks Solutions, Inc		21,157
937	*	SunPower Corp		4,507
315	*	Teradyne, Inc		4,429
9,371		Texas Instruments, Inc		268,854
170	*	Ultratech, Inc		5,355

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,263,335

SOFTWARE & SERVICES - 8.9%
4,757		Accenture plc		285,848
4,164	*	Adobe Systems, Inc		134,789
171	*	AOL, Inc		4,802
1,585	*	Autodesk, Inc		55,459
1,009		Broadridge Financial Solutions, Inc		21,462
3,828		CA, Inc		103,700
191	*	Cadence Design Systems, Inc		2,099
813	*	Citrix Systems, Inc		68,243
3,332	*	Cognizant Technology Solutions Corp (Class A)		199,920
847	*	Compuware Corp		7,869
155		Convergys Corp		2,289
710		Earthlink, Inc		5,282
49		Factset Research Systems, Inc		4,554
239	*	Fortinet, Inc		5,550
104		Global Payments, Inc		4,496
1,011	*	Google, Inc (Class A)		586,451
722	*	Informatica Corp		30,584
3,825		International Business Machines Corp		748,094
3,388		Intuit, Inc		201,078
205	*	Liquidity Services, Inc		10,494
55	*	NetSuite, Inc		3,012
120	*	NeuStar, Inc (Class A)		4,008
1,258		NIC, Inc		15,977
227	*	Nuance Communications, Inc		5,407
49	*	OpenTable, Inc		2,205
16,643		Oracle Corp		494,297
1,486	*	Salesforce.com, Inc		205,454
123	*	SolarWinds, Inc		5,358
7,478	*	Symantec Corp		109,254
340	*	Teradata Corp		24,483
146	*	Ultimate Software Group, Inc		13,012
14,903	*	Yahoo!, Inc		235,914

		TOTAL SOFTWARE & SERVICES		3,601,444

TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%
536	*	Acme Packet, Inc		9,996
914	*	Aruba Networks, Inc		13,756
97	*	Avid Technology, Inc		721
147	*	Benchmark Electronics, Inc		2,051
553	*	Bookham, Inc		1,681

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	��	VALUE

24,833		Cisco Systems, Inc		$	426,383
21		Cognex Corp			665
1,633		Corning, Inc			21,115
1,082	*	Cray, Inc			13,070
16,057	*	Dell, Inc			201,034
9	*	DTS, Inc			235
12,862	*	EMC Corp			329,653
810	*	Finisar Corp			12,118
707	*	Flextronics International Ltd			4,383
293	*	Fusion-io, Inc			6,121
11,183		Hewlett-Packard Co			224,890
345	*	Ingram Micro, Inc (Class A)			6,027
169		InterDigital, Inc			4,987
124	*	Intevac, Inc			932
236	*	IPG Photonics Corp			10,287
14	*	Itron, Inc			577
462		Jabil Circuit, Inc			9,393
361		Lexmark International, Inc (Class A)			9,595
24		Molex, Inc			575
3,693		Motorola, Inc			177,670
645	*	Oplink Communications, Inc			8,727
340		Plantronics, Inc			11,356
885	*	Polycom, Inc			9,310
1,566	*	Power-One, Inc			7,078
5,782		Qualcomm, Inc			321,942
6,652	*	Quantum Corp			13,504
1,076	*	Radisys Corp			6,757
406	*	STEC, Inc			3,167
172	*	Super Micro Computer, Inc			2,728
40		Sycamore Networks, Inc			581
141	*	Synaptics, Inc			4,037
26	*	Tech Data Corp			1,252
1,492		Tellabs, Inc			4,968
184	*	TTM Technologies, Inc			1,732
15	*	Universal Display Corp			539
74	*	Vishay Precision Group, Inc			1,032
20,459		Xerox Corp			161,012

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT			2,047,637

TELECOMMUNICATION SERVICES - 1.5%
48		AboveNet, Inc			4,032
6,339		CenturyTel, Inc			250,327
1,541	*	Cincinnati Bell, Inc			5,732
2,286	*	Crown Castle International Corp			134,097
13,018		Frontier Communications Corp			49,859
234	*	Level 3 Communications, Inc			5,183
185	*	SBA Communications Corp (Class A)			10,554
24,815	*	Sprint Nextel Corp			80,897
539	*	tw telecom inc (Class A)			13,831
18	*	US Cellular Corp			695
6,800		Windstream Corp			65,688

		TOTAL TELECOMMUNICATION SERVICES			620,895

TRANSPORTATION - 2.4%
89	*	Alaska Air Group, Inc			3,195
6	*	Allegiant Travel Co			418
195	*	Avis Budget Group, Inc			2,964
352		CH Robinson Worldwide, Inc			20,602
8,453		CSX Corp			189,009
128		Expeditors International Washington, Inc			4,960
34	*	Genesee & Wyoming, Inc (Class A)			1,796
28		Heartland Express, Inc			401
27		International Shipholding Corp			509
61		J.B. Hunt Transport Services, Inc			3,636
8	*	Kirby Corp			377

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

3,005		Norfolk Southern Corp	$	215,669
6		Ryder System, Inc		216
5,316		Southwest Airlines Co		49,014
1,359		Union Pacific Corp		162,142
4,255		United Parcel Service, Inc (Class B)		335,124

		TOTAL TRANSPORTATION		990,032

UTILITIES - 4.8%
1,194		Alliant Energy Corp		54,411
102		American Water Works Co, Inc		3,497
1,264		Atmos Energy Corp		44,329
2,028	*	Calpine Corp		33,482
1,918		Centerpoint Energy, Inc		39,645
167		CH Energy Group, Inc		10,970
3,108		Cleco Corp		130,008
3,449		Consolidated Edison, Inc		214,493
175		DTE Energy Co		10,383
2,625		Idacorp, Inc		110,460
57		Integrys Energy Group, Inc		3,242
87		ITC Holdings Corp		5,995
103		MDU Resources Group, Inc		2,226
500		MGE Energy, Inc		23,650
197		New Jersey Resources Corp		8,591
3,987		NextEra Energy, Inc		274,345
4,938		NiSource, Inc		122,215
2,582		Northeast Utilities		100,207
162		Northwest Natural Gas Co		7,711
3,663		NV Energy, Inc		64,396
1,573		Oneok, Inc		66,554
6,482		Pepco Holdings, Inc		126,853
3,830		PG&E Corp		173,384
1,622		Piedmont Natural Gas Co, Inc		52,212
88		Pinnacle West Capital Corp		4,553
2,006		Sempra Energy		138,173
211		SJW Corp		5,066
560		South Jersey Industries, Inc		28,543
196		TECO Energy, Inc		3,540
77		UGI Corp		2,266
108		Westar Energy, Inc		3,235
524		WGL Holdings, Inc		20,829
327		Wisconsin Energy Corp		12,939
1,364		Xcel Energy, Inc		38,751

		TOTAL UTILITIES		1,941,154

		TOTAL COMMON STOCKS		40,023,503

		(Cost $36,510,020)
		TOTAL INVESTMENTS - 99.3%		40,023,503
		(Cost $36,510,020)
		OTHER ASSETS & LIABILITIES, NET - 0.7%		298,603

		NET ASSETS - 100.0%	$	40,322,106

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing.

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 95.1%
DIVERSIFIED CAPITAL MARKETS - 0.5%
34,000	*	HFF, Inc (Class A)	$	473,960

		TOTAL DIVERSIFIED CAPITAL MARKETS		473,960

DIVERSIFIED REAL ESTATE ACTIVITIES - 0.1%
15,000		Wharf Holdings Ltd		83,414

		TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES		83,414

DIVERSIFIED REITS - 4.4%
35,000		iShares Dow Jones US Real Estate Index Fund		2,238,950
40,000		NRDC Acquisition Corp		482,400
16,000		Vornado Realty Trust		1,343,680

		TOTAL DIVERSIFIED REITS		4,065,030

INDUSTRIAL REITS - 3.7%
71,000		AMB Property Corp		2,359,330
17,500		EastGroup Properties, Inc		932,750
100,000	*	Global Logistic Properties		166,476

		TOTAL INDUSTRIAL REITS		3,458,556

MORTGAGE REITS - 0.5%
30,000		Annaly Capital Management, Inc		503,400

		TOTAL MORTGAGE REITS		503,400

OFFICE REITS - 9.6%
41,200	d	Boston Properties, Inc		4,464,844
20,000		Digital Realty Trust, Inc		1,501,400
35,000		Mission West Properties, Inc		301,700
32,500		SL Green Realty Corp		2,607,800

		TOTAL OFFICE REITS		8,875,744

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

		TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0

REAL ESTATE OPERATING COMPANIES - 2.0%
346,649		Thomas Properties Group, Inc		1,885,771

		TOTAL REAL ESTATE OPERATING COMPANIES		1,885,771

RESIDENTIAL REITS - 17.2%
34,000		American Campus Communities, Inc		1,529,320
29,500		AvalonBay Communities, Inc		4,173,660
16,000		Equity Lifestyle Properties, Inc		1,103,520
70,000		Equity Residential		4,365,200
15,000		Home Properties, Inc		920,400
23,000		Post Properties, Inc		1,125,850
105,000		UDR, Inc		2,713,200

		TOTAL RESIDENTIAL REITS		15,931,150

RETAIL REITS - 23.9%
130,000		DDR Corp		1,903,200
28,000		Equity One, Inc		593,600
28,769		Federal Realty Investment Trust		2,994,565
60,000		General Growth Properties, Inc		1,085,400
16,000		Macerich Co		944,800
33,000		Regency Centers Corp		1,569,810
62,000		Simon Property Group, Inc		9,650,920
8,000		Tanger Factory Outlet Centers, Inc		256,400
30,301		Taubman Centers, Inc		2,338,025

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund


SHARES		COMPANY	RATE			MATURITY DATE		VALUE

80,000		Westfield Group						$	783,310

		TOTAL RETAIL REIT’S							22,120,030

SPECIALIZED REITS - 33.2%
66,000		American Tower Corp							4,614,060
15,000		Ashford Hospitality Trust, Inc							126,450
50,000		CubeSmart							583,500
70,741		DiamondRock Hospitality Co							721,558
28,000		Entertainment Properties Trust							1,151,080
28,000		Extra Space Storage, Inc							856,800
25,000	*	FelCor Lodging Trust, Inc							117,500
45,000		HCP, Inc							1,986,750
60,000		Health Care REIT, Inc							3,498,000
150,000		Hersha Hospitality Trust							792,000
110,000		Host Marriott Corp							1,740,200
30,000		Plum Creek Timber Co, Inc							1,191,000
7,000		Potlatch Corp							223,580
31,000		Public Storage, Inc							4,476,710
15,000		Rayonier, Inc							673,500
65,000	*	Strategic Hotels & Resorts, Inc							419,900
65,000	*	Sunstone Hotel Investors, Inc							714,350
70,000		Ventas, Inc							4,418,400
100,000		Weyerhaeuser Co							2,236,000

		TOTAL SPECIALIZED REITS							30,541,338

		TOTAL COMMON STOCKS (Cost $73,951,571)							87,938,393


PRINCIPAL		ISSUER

SHORT-TERM INVESTMENTS - 3.2%
GOVERNMENT AGENCY DEBT - 3.2%
$3,000,000		Federal Home Loan Bank (FHLB)		0.001	%		07/02/12		3,000,000

									3,000,000

		TOTAL SHORT-TERM INVESTMENTS (Cost $3,000,000)							3,000,000

		TOTAL INVESTMENTS - 98.3% (Cost $76,951,571)							90,938,393
		OTHER ASSETS & LIABILITIES, NET - 1.7%							1,529,854

		NET ASSETS - 100.0%						$	92,468,247

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing.

d	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2012, the total value of these securities amounted to $0 or 0.0% of net assets.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

BONDS - 101.1%
CORPORATE BONDS - 39.3%
AUTOMOBILES & COMPONENTS - 0.1%
$ 132,000		Delphi Corp		5.875	%		05/15/19	$	140,910
32,000		Ford Motor Co		7.450			07/16/31		40,080

		TOTAL AUTOMOBILES & COMPONENTS							180,990

BANKS - 5.8%
80,000		Abbey National Treasury Services plc		4.000			04/27/16		78,826
100,000	g	Banco de Credito del Peru		4.750			03/16/16		102,750
150,000	g	Banco del Estado de Chile		3.875			02/08/22		152,573
200,000		Banco do Brasil S.A.		3.875			01/23/17		205,000
110,000		BanColombia S.A.		5.950			06/03/21		117,425
325,000		Bank of America Corp		3.750			07/12/16		327,644
200,000		Bank of America Corp		5.300			03/15/17		208,226
75,000		Bank of America Corp		5.750			12/01/17		80,040
750,000		Bank of America Corp		5.700			01/24/22		825,971
150,000		Bank of America Corp		5.875			02/07/42		164,307
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			02/23/17		153,307
75,000		BB&T Corp		3.850			07/27/27		75,158
150,000	g	BBVA Bancomer S.A.		4.500			03/10/16		150,750
50,000		Capital One Bank USA NA		8.800			07/15/19		62,968
50,000		Capital One Capital V		8.875			05/15/40		50,813
50,000		Capital One Financial Corp		3.150			07/15/16		51,780
100,000		Citigroup, Inc		6.000			12/13/13		105,095
50,000		Citigroup, Inc		5.000			09/15/14		51,253
350,000		Citigroup, Inc		3.953			06/15/16		358,630
125,000		Citigroup, Inc		4.450			01/10/17		131,030
75,000		Citigroup, Inc		6.125			05/15/18		83,743
300,000	h	Citigroup, Inc		4.500			01/14/22		309,856
75,000		Citigroup, Inc		6.875			03/05/38		91,739
50,000		Citigroup, Inc		8.125			07/15/39		66,725
300,000		Citigroup, Inc		5.875			01/30/42		327,650
900,000	g	Depfa ACS Bank		5.125			03/16/37		626,846
100,000		Deutsche Bank AG		3.875			08/18/14		104,112
100,000		Deutsche Bank AG		3.250			01/11/16		102,915
50,000		Discover Bank		7.000			04/15/20		58,194
100,000	g	HSBC Bank plc		3.500			06/28/15		104,573
150,000	g	HSBC Bank plc		4.125			08/12/20		156,345
150,000		HSBC Holdings plc		4.000			03/30/22		155,760
225,000		HSBC USA, Inc		2.375			02/13/15		227,565
100,000	g	ICICI Bank Ltd		5.500			03/25/15		102,401
60,000		JPMorgan Chase & Co		5.125			09/15/14		63,743
135,000		JPMorgan Chase & Co		3.150			07/05/16		138,835
250,000		JPMorgan Chase & Co		4.350			08/15/21		263,850
100,000		JPMorgan Chase & Co		5.500			10/15/40		110,315
625,000		JPMorgan Chase & Co		5.400			01/06/42		686,263
100,000		PNC Funding Corp		5.125			02/08/20		115,651
50,000		PNC Funding Corp		3.300			03/08/22		50,990
140,000	g,i	Rabobank Nederland NV		11.000			12/30/49		176,120
200,000	g	Shinhan Bank		4.125			10/04/16		210,533
100,000	g	Sumitomo Mitsui Banking Corp		3.150			07/22/15		105,024
50,000		Toronto-Dominion Bank		2.500			07/14/16		51,805
250,000	g	Toronto-Dominion Bank		1.625			09/14/16		254,639
150,000		Union Bank NA		2.125			06/16/17		150,027
150,000		Union Bank of California NA		5.950			05/11/16		167,584
125,000		UnionBanCal Corp		3.500			06/18/22		126,257
200,000		US Bancorp		1.650			05/15/17		201,460

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 25,000		USB Capital XIII Trust		6.625	%		12/15/39	$	25,204
100,000		Wachovia Bank NA		5.850			02/01/37		115,735
350,000		Wells Fargo & Co		1.500			07/01/15		350,265
200,000		Wells Fargo & Co		2.100			05/08/17		200,447
100,000		Wells Fargo & Co		3.500			03/08/22		102,896
50,000		Westpac Banking Corp		3.000			08/04/15		51,792

		TOTAL BANKS							9,691,405

CAPITAL GOODS - 1.2%
200,000		Caterpillar, Inc		1.375			05/27/14		202,551
275,000		Caterpillar, Inc		0.950			06/26/15		276,016
250,000		Caterpillar, Inc		1.500			06/26/17		250,346
50,000		CRH America, Inc		4.125			01/15/16		50,827
250,000		Danaher Corp		1.300			06/23/14		252,601
250,000		Danaher Corp		2.300			06/23/16		261,007
100,000		Deere & Co		2.600			06/08/22		99,825
100,000		Deere & Co		3.900			06/09/42		99,350
32,000		Huntington Ingalls Industries, Inc		6.875			03/15/18		33,360
100,000	g	Myriad International Holding BV		6.375			07/28/17		110,196
111,000	g	Sealed Air Corp		8.125			09/15/19		123,765
111,000	g	Sealed Air Corp		8.375			09/15/21		125,430
120,000		SPX Corp		6.875			09/01/17		130,800
50,000		Tyco International Finance S.A.		6.000			11/15/13		53,723
25,000		Tyco International Finance S.A.		4.125			10/15/14		26,981
125,000		United Technologies Corp		1.800			06/01/17		127,655
50,000		United Technologies Corp		4.500			06/01/42		54,920

		TOTAL CAPITAL GOODS							2,279,353

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
100,000	g,h	ADT Corp		2.250			07/15/17		100,469
75,000	g,h	ADT Corp		3.500			07/15/22		75,252
100,000	g	National Agricultural Cooperative Federation		4.250			01/28/16		105,304
75,000		Republic Services, Inc		3.800			05/15/18		80,237
250,000		Republic Services, Inc		3.550			06/01/22		252,702
40,000		Republic Services, Inc		6.200			03/01/40		48,124
250,000		Waste Management, Inc		2.600			09/01/16		256,543

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							918,631

CONSUMER DURABLES & APPAREL - 0.2%
130,000		Hanesbrands, Inc		6.375			12/15/20		136,825
100,000		Phillips-Van Heusen Corp		7.375			05/15/20		110,750
50,000		Xerox Corp		4.500			05/15/21		51,885

		TOTAL CONSUMER DURABLES & APPAREL							299,460

CONSUMER SERVICES - 0.9%
100,000		Ameristar Casinos, Inc		7.500			04/15/21		107,000
150,000		DineEquity, Inc		9.500			10/30/18		164,250
550,000		GlaxoSmithKline Capital plc		0.750			05/08/15		549,937
150,000		GlaxoSmithKline Capital plc		1.500			05/08/17		150,272
150,000	g	SABMiller Holdings, Inc		3.750			01/15/22		159,518
100,000	g	SABMiller Holdings, Inc		4.950			01/15/42		110,686
100,000		Walt Disney Co		4.500			12/15/13		105,875
200,000		Walt Disney Co		1.125			02/15/17		199,230

		TOTAL CONSUMER SERVICES							1,546,768

DIVERSIFIED FINANCIALS - 6.9%
150,000	g	Ajecorp BV		6.500			05/14/22		154,125
125,000		American Express Centurion Bank		6.000			09/13/17		147,623
125,000		American Express Co		8.125			05/20/19		166,450
225,000		American Express Credit Corp		1.750			06/12/15		227,555
50,000		American Express Credit Corp		2.800			09/19/16		52,158
100,000	g	Banco Mercantil del Norte S.A.		4.375			07/19/15		103,000
100,000	g	Bangkok Bank PCL		4.800			10/18/20		101,980
525,000		Bank of New York Mellon Corp		2.300			07/28/16		541,685
50,000		Bank of New York Mellon Corp		5.450			05/15/19		58,969

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 150,000		Berkshire Hathaway, Inc		1.900	%		01/31/17	$	152,967
50,000		BlackRock, Inc		3.500			12/10/14		53,036
150,000		BlackRock, Inc		4.250			05/24/21		164,037
100,000		BlackRock, Inc		3.375			06/01/22		101,473
400,000		Capital One Financial Corp		4.750			07/15/21		436,472
150,000		Credit Suisse		5.000			05/15/13		154,684
100,000		Credit Suisse		5.500			05/01/14		106,014
25,000		Credit Suisse		4.375			08/05/20		26,764
100,000		Diageo Investment Corp		2.875			05/11/22		102,725
100,000		Diageo Investment Corp		4.250			05/11/42		105,826
65,000		Ford Motor Credit Co LLC		4.250			02/03/17		68,135
35,000		Ford Motor Credit Co LLC		6.625			08/15/17		39,812
200,000		Ford Motor Credit Co LLC		5.875			08/02/21		222,502
25,000		General Electric Capital Corp		2.800			01/08/13		25,291
200,000		General Electric Capital Corp		1.875			09/16/13		202,086
250,000		General Electric Capital Corp		5.500			06/04/14		269,455
325,000		General Electric Capital Corp		2.150			01/09/15		330,477
450,000		General Electric Capital Corp		5.300			02/11/21		505,072
735,000		General Electric Capital Corp		4.650			10/17/21		816,237
100,000	i	Goldman Sachs Capital II		4.000			06/01/43		67,702
150,000		Goldman Sachs Group, Inc		3.300			05/03/15		149,979
50,000		Goldman Sachs Group, Inc		7.500			02/15/19		57,020
775,000		Goldman Sachs Group, Inc		5.750			01/24/22		818,093
25,000		Goldman Sachs Group, Inc		6.750			10/01/37		24,501
50,000		Goldman Sachs Group, Inc		6.250			02/01/41		52,138
165,000		HSBC Finance Corp		4.750			07/15/13		170,312
100,000	g	Hyundai Capital America, Inc		3.750			04/06/16		103,704
200,000	g	Hyundai Capital Services, Inc		3.500			09/13/17		201,687
35,000	g	International Lease Finance Corp		6.500			09/01/14		36,925
25,000		International Lease Finance Corp		8.625			09/15/15		27,625
180,000		International Lease Finance Corp		5.750			05/15/16		182,625
100,000	g	Inversiones CMPC S.A.		4.750			01/19/18		104,049
150,000	g	Inversiones CMPC S.A.		4.500			04/25/22		148,468
50,000		Jefferies Group, Inc		6.250			01/15/36		45,000
275,000		John Deere Capital Corp		0.875			04/17/15		275,309
200,000		John Deere Capital Corp		2.250			06/07/16		207,312
450,000		John Deere Capital Corp		2.750			03/15/22		452,277
250,000		KFW		2.625			01/25/22		257,823
100,000		Landwirtschaftliche Rentenbank		5.250			07/02/12		100,000
100,000		MBNA Corp		6.125			03/01/13		102,724
300,000		Merrill Lynch & Co, Inc		5.450			02/05/13		306,032
200,000		Merrill Lynch & Co, Inc		6.400			08/28/17		217,550	��
250,000		Morgan Stanley		2.875			01/24/14		247,187
50,000		Morgan Stanley		6.000			04/28/15		51,685
100,000		Morgan Stanley		5.375			10/15/15		102,222
100,000		Morgan Stanley		5.450			01/09/17		100,989
300,000		Morgan Stanley		4.750			03/22/17		299,341
150,000		Morgan Stanley		7.300			05/13/19		162,036
60,000		Morgan Stanley		5.625			09/23/19		59,382
50,000		NASDAQ OMX Group, Inc		4.000			01/15/15		51,697
35,000		NASDAQ OMX Group, Inc		5.550			01/15/20		36,417
55,000		National Rural Utilities Cooperative Finance Corp		2.625			09/16/12		55,217
50,000		National Rural Utilities Cooperative Finance Corp		10.375			11/01/18		72,449
175,000		Northern Trust Corp		4.625			05/01/14		187,262
100,000	g	PTTEP Australia International Finance Pty Ltd		4.152			07/19/15		102,365
75,000		State Street Corp		4.300			05/30/14		79,849
100,000		Toyota Motor Credit Corp		2.050			01/12/17		102,214
250,000	g	UBS AG.		1.875			01/23/15		252,499
75,000		UBS AG.		4.875			08/04/20		80,132
85,000	g	Waha Aerospace BV		3.925			07/28/20		88,571

		TOTAL DIVERSIFIED FINANCIALS							11,676,979

ENERGY - 4.8%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		56,739

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 30,000		Anadarko Petroleum Corp		6.950	%		06/15/19	$	36,766
45,000		Anadarko Petroleum Corp		6.450			09/15/36		52,026
100,000		Apache Corp		1.750			04/15/17		101,979
150,000		Apache Corp		3.250			04/15/22		156,632
205,000		Apache Corp		4.750			04/15/43		227,708
310,000		BP Capital Markets plc		3.200			03/11/16		329,718
300,000		BP Capital Markets plc		1.846			05/05/17		302,984
250,000		BP Capital Markets plc		3.245			05/06/22		258,848
32,000		Chesapeake Energy Corp		6.625			08/15/20		31,680
100,000		Chesapeake Energy Corp		6.875			11/15/20		98,500
155,000		Cimarex Energy Co		5.875			05/01/22		161,006
100,000		Cloud Peak Energy Resources LLC		8.250			12/15/17		103,500
200,000	g	CNOOC FINANCE 2012 Ltd		3.875			05/02/22		206,856
125,000		ConocoPhillips		4.600			01/15/15		136,849
100,000		ConocoPhillips		6.500			02/01/39		138,481
105,000	g	Continental Resources, Inc		5.000			09/15/22		106,575
175,000		Devon Energy Corp		1.875			05/15/17		175,031
50,000		Devon Energy Corp		5.600			07/15/41		58,013
50,000		Devon Energy Corp		4.750			05/15/42		52,468
80,040		Dolphin Energy Ltd		5.888			06/15/19		87,644
200,000	g	Dolphin Energy Ltd		5.500			12/15/21		222,760
162,000	g	Empresa Nacional del Petroleo		4.750			12/06/21		169,252
25,000		Enbridge Energy Partners LP		5.200			03/15/20		28,330
75,000		Enterprise Products Operating LLC		4.600			08/01/12		75,217
25,000		Enterprise Products Operating LLC		5.000			03/01/15		27,307
45,000		Enterprise Products Operating LLC		6.125			10/15/39		50,977
55,000		Enterprise Products Operating LLC		5.950			02/01/41		62,197
25,000		Enterprise Products Operating LLC		5.700			02/15/42		27,659
75,000		EOG Resources, Inc		4.100			02/01/21		83,228
25,000		Hess Corp		8.125			02/15/19		32,180
75,000		Hess Corp		5.600			02/15/41		79,587
50,000		Marathon Petroleum Corp		3.500			03/01/16		52,412
50,000		Newfield Exploration Co		5.625			07/01/24		51,125
25,000		Noble Holding International Ltd		3.450			08/01/15		26,316
75,000		Noble Holding International Ltd		4.900			08/01/20		81,447
100,000		Occidental Petroleum Corp		1.750			02/15/17		101,687
100,000		Occidental Petroleum Corp		4.100			02/01/21		112,111
85,000		Pemex Project Funding Master Trust		6.625			06/15/35		101,150
25,000		Pemex Project Funding Master Trust		6.625			06/15/38		29,750
200,000	g	Pertamina Persero PT		6.000			05/03/42		198,000
200,000	g	Pertamina PT		5.250			05/23/21		208,000
60,000		Petrobras International Finance Co		7.875			03/15/19		72,981
59,000		Petrobras International Finance Co		6.875			01/20/40		70,182
100,000		Petrobras International Finance Co-Pifco		3.875			01/27/16		103,244
175,000		Petrobras International Finance Co-Pifco		3.500			02/06/17		179,635
50,000		Petroleos Mexicanos		4.875			03/15/15		53,938
20,000		Petroleos Mexicanos		8.000			05/03/19		25,400
90,000		Petroleos Mexicanos		5.500			01/21/21		101,700
155,000	g	Petroleos Mexicanos		4.875			01/24/22		167,400
100,000		Petroleos Mexicanos		6.500			06/02/41		116,750
55,000	g	Petroleos Mexicanos		6.500			06/02/41		64,213
125,000	g	Petroleos Mexicanos		5.500			06/27/44		127,813
100,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750			08/14/19		122,650
100,000	g	Phillips 66		1.950			03/05/15		100,716
100,000	g	Phillips 66		4.300			04/01/22		105,197
175,000		Plains All American Pipeline LP		3.650			06/01/22		178,704
45,000		Precision Drilling Corp		6.500			12/15/21		45,900
100,000	g	Reliance Holdings USA		4.500			10/19/20		93,978
130,000	g	SandRidge Energy, Inc		8.000			06/01/18		131,625
265,000	g	Schlumberger Investment S.A.		3.300			09/14/21		277,639
75,000		Shell International Finance BV		4.300			09/22/19		87,024
25,000		Shell International Finance BV		6.375			12/15/38		35,377
500,000		Southwestern Energy Co		7.500			02/01/18		599,848
25,000		Statoil ASA		2.900			10/15/14		26,220

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 150,000		Total Capital International S.A.		1.500	%		02/17/17	$	150,594
100,000		TransCanada Pipelines Ltd		5.850			03/15/36		125,181
25,000		Vale Overseas Ltd		6.250			01/23/17		28,432
35,000		Vale Overseas Ltd		4.375			01/11/22		35,641
25,000		Vale Overseas Ltd		6.875			11/21/36		28,999
60,000		Vale Overseas Ltd		6.875			11/10/39		70,103
50,000		Valero Energy Corp		4.500			02/01/15		53,765
100,000		XTO Energy, Inc		6.250			04/15/13		104,219
50,000		XTO Energy, Inc		4.625			06/15/13		51,822

		TOTAL ENERGY							8,237,585

FOOD & STAPLES RETAILING - 0.4%
50,000		CVS Caremark Corp		3.250			05/18/15		52,630
460,000		CVS Caremark Corp		4.125			05/15/21		503,365
50,000		Delhaize Group S.A.		5.875			02/01/14		52,651
50,000		Delhaize Group S.A.		6.500			06/15/17		55,554

		TOTAL FOOD & STAPLES RETAILING							664,200

FOOD, BEVERAGE & TOBACCO - 1.3%
200,000		Anheuser-Busch InBev Worldwide, Inc		2.875			02/15/16		211,286
75,000		Anheuser-Busch InBev Worldwide, Inc		5.375			01/15/20		89,372
100,000		Coca-Cola Co		0.750			03/13/15		100,202
50,000		Coca-Cola Co		1.800			09/01/16		51,354
100,000		Coca-Cola Co		3.150			11/15/20		107,139
165,000		Coca-Cola Co		3.300			09/01/21		176,997
100,000		Diageo Capital plc		1.500			05/11/17		100,368
55,000		General Mills, Inc		5.200			03/17/15		61,053
300,000	g	Grupo Bimbo SAB de C.V.		4.500			01/25/22		319,139
100,000		HJ Heinz Co		1.500			03/01/17		99,771
100,000	g	HJ Heinz Finance Co		7.125			08/01/39		133,954
25,000		Kraft Foods, Inc		6.125			02/01/18		29,958
50,000		Kraft Foods, Inc		5.375			02/10/20		59,168
135,000		Kraft Foods, Inc		6.500			02/09/40		173,420
5,000		PepsiCo, Inc		7.900			11/01/18		6,680
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		36,125
75,000	g	Pernod-Ricard S.A.		4.450			01/15/22		77,711
100,000		Philip Morris International, Inc		6.875			03/17/14		110,405
100,000		TreeHouse Foods, Inc		7.750			03/01/18		108,375

		TOTAL FOOD, BEVERAGE & TOBACCO							2,052,477

HEALTH CARE EQUIPMENT & SERVICES - 0.9%
50,000		Becton Dickinson and Co		1.750			11/08/16		51,115
50,000		Boston Scientific Corp		4.500			01/15/15		53,278
100,000		Covidien International Finance S.A.		1.350			05/29/15		100,130
100,000		Covidien International Finance S.A.		3.200			06/15/22		103,097
170,000		Endo Pharmaceuticals Holdings, Inc		7.000			07/15/19		184,875
130,000	g	Fresenius Medical Care Capital Trust		5.750			02/15/21		135,362
50,000	g	Fresenius Medical Care US Finance, Inc		6.500			09/15/18		54,375
40,000		HCA, Inc		6.500			02/15/20		43,350
97,000		HCA, Inc		7.875			02/15/20		107,670
150,000		HCA, Inc		5.875			03/15/22		156,750
44,000		McKesson Corp		3.250			03/01/16		47,231
100,000		Medtronic, Inc		4.750			09/15/15		112,250
100,000		Quest Diagnostics, Inc		6.400			07/01/17		118,335
95,000		Thermo Fisher Scientific, Inc		3.200			03/01/16		101,700
75,000		Thermo Fisher Scientific, Inc		2.250			08/15/16		77,565
15,000		Thermo Fisher Scientific, Inc		4.700			05/01/20		17,228
125,000		Thermo Fisher Scientific, Inc		3.600			08/15/21		134,449

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							1,598,760

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
75,000		Clorox Co		3.800			11/15/21		78,181
50,000		Colgate-Palmolive Co		2.300			05/03/22		50,307
50,000		Ecolab, Inc		4.350			12/08/21		55,418
65,000		Procter & Gamble Co		5.550			03/05/37		86,541

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 50,000		Unilever Capital Corp		4.800	%		02/15/19	$	58,595
50,000		Unilever Capital Corp		4.250			02/10/21		58,329

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							387,371

INSURANCE - 1.3%
50,000		ACE INA Holdings, Inc		5.875			06/15/14		54,503
75,000		Allstate Corp		7.450			05/16/19		96,043
150,000		American International Group, Inc		3.650			01/15/14		153,213
100,000		Chubb Corp		6.000			05/11/37		128,380
20,000		CIGNA Corp		5.125			06/15/20		22,120
100,000		CIGNA Corp		4.500			03/15/21		107,591
75,000		Hartford Financial Services Group, Inc		4.000			03/30/15		78,658
100,000		Hartford Financial Services Group, Inc		4.000			10/15/17		100,415
100,000	g	Liberty Mutual Group, Inc		6.500			05/01/42		101,220
25,000		Lincoln National Corp		7.000			06/15/40		29,487
50,000		Metlife, Inc		5.000			06/15/15		54,970
100,000		Metlife, Inc		6.750			06/01/16		117,260
100,000	g	Principal Life Global Funding I		5.125			10/15/13		104,678
150,000		Progressive Corp		3.750			08/23/21		161,913
150,000		Prudential Financial, Inc		6.200			11/15/40		163,677
100,000	g	Prudential Funding LLC		6.750			09/15/23		119,025
25,000		Travelers Cos, Inc		5.800			05/15/18		30,196
20,000		Unum Group		5.625			09/15/20		21,512
250,000		WellPoint, Inc		3.125			05/15/22		252,004
150,000		WellPoint, Inc		4.625			05/15/42		154,632
150,000		Willis Group Holdings plc		4.125			03/15/16		156,812
25,000		WR Berkley Corp		5.375			09/15/20		26,927

		TOTAL INSURANCE							2,235,236

MATERIALS - 2.2%
125,000		3M Co		5.700			03/15/37		170,032
100,000		Air Products & Chemicals, Inc		4.150			02/01/13		102,069
35,000		Air Products & Chemicals, Inc		4.375			08/21/19		39,897
10,000		Airgas, Inc		4.500			09/15/14		10,686
25,000	g	Anglo American Capital plc		4.450			09/27/20		26,391
220,000		AngloGold Ashanti Holdings plc		5.375			04/15/20		226,101
35,000		ArcelorMittal		3.750			08/05/15		35,194
60,000		ArcelorMittal		4.500			02/25/17		59,082
150,000		ArcelorMittal		6.250			02/25/22		146,911
32,000		Ball Corp		6.750			09/15/20		35,200
150,000		Barrick Gold Corp		3.850			04/01/22		155,299
125,000		Barrick North America Finance LLC		4.400			05/30/21		134,728
200,000	g	Braskem Finance Ltd		5.375			05/02/22		201,000
150,000		CF Industries, Inc		6.875			05/01/18		177,938
50,000		Cliffs Natural Resources, Inc		6.250			10/01/40		49,103
100,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750			11/04/20		104,289
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875			11/03/21		210,377
32,000		Crown Americas LLC		6.250			02/01/21		34,960
75,000		Domtar Corp		4.400			04/01/22		73,481
78,000		Dow Chemical Co		4.125			11/15/21		83,663
50,000		EI Du Pont de Nemours & Co		3.250			01/15/15		53,184
32,000		Graphic Packaging International, Inc		9.500			06/15/17		35,200
300,000		International Paper Co		4.750			02/15/22		327,461
50,000		International Paper Co		7.300			11/15/39		62,426
50,000		International Paper Co		6.000			11/15/41		56,371
200,000	g	LyondellBasell Industries NV		6.000			11/15/21		219,500
100,000		Newmont Mining Corp		3.500			03/15/22		98,700
50,000		Newmont Mining Corp		4.875			03/15/42		48,755
50,000		Praxair, Inc		5.250			11/15/14		55,111
150,000		Praxair, Inc		2.450			02/15/22		147,969
50,000		Rio Tinto Finance USA Ltd		2.250			09/20/16		51,687
100,000	g	Sociedad Quimica y Minera de Chile S.A.		5.500			04/21/20		108,420
130,000		Solutia, Inc		7.875			03/15/20		152,100
200,000		Teck Resources Ltd		10.250			05/15/16		223,250
25,000		Teck Resources Ltd		6.000			08/15/40		26,198

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 50,000	g	Xstrata Canada Financial Corp		4.950	%		11/15/21	$	51,662

		TOTAL MATERIALS							3,794,395

MEDIA - 2.3%
100,000		CBS Corp		1.950			07/01/17		99,900
250,000		Comcast Corp		4.650			07/15/42		250,115
100,000		DIRECTV Holdings LLC		2.400			03/15/17		100,658
600,000		DIRECTV Holdings LLC		3.800			03/15/22		606,776
200,000		DIRECTV Holdings LLC		5.150			03/15/42		201,290
100,000		Discovery Communications LLC		3.300			05/15/22		100,922
250,000	g	DISH DBS Corp		4.625			07/15/17		250,313
350,000		Lamar Media Corp		9.750			04/01/14		392,000
100,000	g	Lamar Media Corp		5.875			02/01/22		102,500
25,000		NBC Universal Media LLC		5.150			04/30/20		28,702
600,000		NBC Universal Media LLC		4.375			04/01/21		660,076
25,000		News America, Inc		7.250			05/18/18		29,976
50,000		News America, Inc		6.900			08/15/39		59,744
35,000		Nielsen Finance LLC		7.750			10/15/18		38,762
100,000		Time Warner Cable, Inc		8.750			02/14/19		132,957
125,000		Time Warner Cable, Inc		8.250			04/01/19		163,337
50,000		Time Warner, Inc		3.150			07/15/15		52,731
50,000		Time Warner, Inc		6.500			11/15/36		59,172
250,000		Time Warner, Inc		4.900			06/15/42		253,662
200,000		Viacom, Inc		1.250			02/27/15		200,498
115,000		Viacom, Inc		2.500			12/15/16		119,067

		TOTAL MEDIA							3,903,158

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.2%
500,000	g	Aristotle Holding, Inc		2.100			02/12/15		504,889
100,000	g	Aristotle Holding, Inc		3.900			02/15/22		103,651
150,000		Johnson & Johnson		2.150			05/15/16		156,976
50,000		Johnson & Johnson		5.850			07/15/38		69,356
65,000		Life Technologies Corp		3.500			01/15/16		67,671
50,000		Mead Johnson Nutrition Co		5.900			11/01/39		61,787
200,000		Merck & Co, Inc		3.875			01/15/21		224,924
172,000	g	Mylan, Inc		7.875			07/15/20		192,855
150,000		NBTY, Inc		9.000			10/01/18		165,750
35,000		Novartis Capital Corp		4.125			02/10/14		36,949
200,000		Novartis Capital Corp		2.900			04/24/15		211,591
250,000		Sanofi-Aventis S.A.		2.625			03/29/16		262,302

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							2,058,701

REAL ESTATE - 0.8%
15,000		AMB Property LP		7.625			08/15/14		16,500
30,000		AMB Property LP		4.500			08/15/17		31,362
25,000		Brandywine Operating Partnership LP		7.500			05/15/15		27,761
150,000		Brandywine Operating Partnership LP		4.950			04/15/18		153,613
35,000		Camden Property Trust		4.625			06/15/21		37,609
100,000		Developers Diversified Realty Corp		4.750			04/15/18		103,720
40,000		Developers Diversified Realty Corp		7.875			09/01/20		47,828
110,000		Health Care REIT, Inc		3.625			03/15/16		113,079
50,000		Health Care REIT, Inc		4.125			04/01/19		50,788
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		26,359
147,000		Host Hotels & Resorts LP		5.875			06/15/19		158,760
25,000		Kilroy Realty Corp		5.000			11/03/15		26,609
10,000		Kimco Realty Corp		5.700			05/01/17		11,075
50,000		National Retail Properties, Inc		5.500			07/15/21		52,999
25,000		Nationwide Health Properties, Inc		6.250			02/01/13		25,675
25,000		Simon Property Group LP		5.250			12/01/16		28,098
100,000		Simon Property Group LP		2.800			01/30/17		102,941
40,000		Simon Property Group LP		10.350			04/01/19		56,112
100,000		Simon Property Group LP		3.375			03/15/22		100,442
15,000		Ventas Realty LP		3.125			11/30/15		15,271
50,000		Ventas Realty LP		4.250			03/01/22		50,346

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 50,000		Washington Real Estate Investment Trust		4.950	%		10/01/20	$	53,159

		TOTAL REAL ESTATE							1,290,106

RETAILING - 1.5%
130,000		AmeriGas Partners LP		6.250			08/20/19		130,650
61,000		Home Depot, Inc		4.400			04/01/21		70,408
132,000		Limited Brands, Inc		6.625			04/01/21		144,210
205,000		Limited Brands, Inc		5.625			02/15/22		211,150
150,000		Macy’s Retail Holdings, Inc		5.900			12/01/16		172,899
150,000		Macy’s Retail Holdings, Inc		3.875			01/15/22		157,706
35,000		O’Reilly Automotive, Inc		4.625			09/15/21		36,577
510,000	g	QVC Inc		7.375			10/15/20		564,825
100,000	g	QVC, Inc		7.500			10/01/19		111,000
100,000	g	QVC, Inc		5.125			07/02/22		102,077
25,000		Staples, Inc		9.750			01/15/14		27,943
200,000		Target Corp		2.900			01/15/22		204,354
75,000		Wal-Mart Stores, Inc		5.000			10/25/40		89,684
400,000		Wal-Mart Stores, Inc		5.625			04/15/41		520,589

		TOTAL RETAILING							2,544,072

SOFTWARE & SERVICES - 0.5%
200,000	g	Fidelity National Information Services, Inc		5.000			03/15/22		203,500
50,000		International Business Machines Corp		0.550			02/06/15		49,676
250,000		International Business Machines Corp		1.950			07/22/16		257,175
100,000		International Business Machines Corp		1.250			02/06/17		100,262
35,000		Microsoft Corp		0.875			09/27/13		35,231
125,000		Microsoft Corp		1.625			09/25/15		129,269
50,000		Oracle Corp		3.750			07/08/14		53,092
25,000		Oracle Corp		5.750			04/15/18		30,332
65,000		Oracle Corp		3.875			07/15/20		72,769

		TOTAL SOFTWARE & SERVICES							931,306

TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
50,000		Amphenol Corp		4.750			11/15/14		53,796
130,000		Brocade Communications Systems, Inc		6.875			01/15/20		140,725
25,000		Hewlett-Packard Co		2.350			03/15/15		25,390
132,000		Jabil Circuit, Inc		5.625			12/15/20		139,590
50,000		L-3 Communications Corp		6.375			10/15/15		51,094
100,000		L-3 Communications Corp		4.950			02/15/21		108,145
100,000		Scientific Games Corp		8.125			09/15/18		107,250
32,000		Scientific Games Corp		9.250			06/15/19		35,040
25,000		Xerox Corp		8.250			05/15/14		27,876

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							688,906

TELECOMMUNICATION SERVICES - 1.5%
240,000		America Movil SAB de C.V.		5.000			03/30/20		272,555
150,000		American Tower Corp		4.700			03/15/22		153,988
100,000		AT&T, Inc		6.150			09/15/34		120,511
125,000		AT&T, Inc		6.300			01/15/38		155,699
100,000		BellSouth Corp		6.875			10/15/31		121,513
25,000		BellSouth Corp		6.550			06/15/34		29,360
175,000		Cellco Partnership		8.500			11/15/18		239,467
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		138,803
75,000	g	Deutsche Telekom International Finance BV		4.875			03/06/42		71,253
50,000		Telecom Italia Capital S.A.		6.175			06/18/14		50,375
25,000		Telecom Italia Capital S.A.		6.999			06/04/18		24,875
200,000		Telecom Italia Capital S.A.		7.175			06/18/19		199,000
150,000		Telefonica Emisiones SAU		3.992			02/16/16		134,097
100,000	g	Telefonica Moviles Chile S.A.		2.875			11/09/15		100,512
100,000		Telefonos de Mexico SAB de C.V.		5.500			11/15/19		116,327
95,000		Verizon Communications, Inc		5.250			04/15/13		98,430
40,000		Verizon Communications, Inc		8.750			11/01/18		54,982
25,000		Verizon Communications, Inc		8.950			03/01/39		41,177
200,000	g	Vimpelcom Holdings		6.255			03/01/17		191,240
63,000		Virgin Media Finance plc		9.500			08/15/16		70,245

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Virgin Media Secured Finance plc		5.250	%		01/15/21	$	110,784

		TOTAL TELECOMMUNICATION SERVICES							2,495,193

TRANSPORTATION - 1.1%
200,000		ABB Finance USA, Inc		2.875			05/08/22		202,311
165,000	g	Asciano Finance		5.000			04/07/18		172,354
100,000		Boeing Co		6.125			02/15/33		130,856
150,000		Burlington Northern Santa Fe LLC		3.450			09/15/21		156,940
100,000		Burlington Northern Santa Fe LLC		3.050			03/15/22		100,900
100,000		Burlington Northern Santa Fe LLC		5.050			03/01/41		110,054
100,000		Burlington Northern Santa Fe LLC		4.400			03/15/42		100,699
200,000	g	DP World Ltd		6.850			07/02/37		196,500
25,000		Embraer Overseas Ltd		6.375			01/15/20		27,812
100,000	g	Kazakhstan Temir Zholy Finance BV		6.375			10/06/20		110,000
50,000		Norfolk Southern Corp		5.750			04/01/18		59,308
100,000		Norfolk Southern Corp		5.590			05/17/25		120,805
200,000	g	Transnet Ltd		4.500			02/10/16		208,508
65,000		Union Pacific Corp		4.163			07/15/22		72,416
75,000		Union Pacific Corp		4.750			09/15/41		81,350
100,000		United Parcel Service, Inc		3.125			01/15/21		107,076

		TOTAL TRANSPORTATION							1,957,889

UTILITIES - 3.3%
200,000	g	Abu Dhabi National Energy Co		5.875			12/13/21		221,250
100,000	g	AES Corp		7.375			07/01/21		111,250
35,000	g	AES Gener S.A.		5.250			08/15/21		36,996
50,000		AGL Capital Corp		5.250			08/15/19		57,917
75,000		Alliant Energy Corp		4.000			10/15/14		78,895
75,000		Atmos Energy Corp		8.500			03/15/19		100,330
195,000	g	Calpine Corp		7.500			02/15/21		210,600
200,000		Carolina Power & Light Co		5.300			01/15/19		240,065
50,000		CenterPoint Energy Houston Electric LLC		7.000			03/01/14		55,074
100,000		CenterPoint Energy Resources Corp		5.850			01/15/41		120,526
200,000	g	Centrais Eletricas Brasileiras S.A.		5.750			10/27/21		218,600
200,000	g	CEZ AS.		4.250			04/03/22		204,914
200,000	g	China Resources Gas Group Ltd		4.500			04/05/22		204,702
100,000	g	Comision Federal de Electricidad		4.875			05/26/21		108,000
200,000	g	Comision Federal de Electricidad		5.750			02/14/42		210,000
150,000		Commonwealth Edison Co		4.000			08/01/20		166,816
25,000		Connecticut Light & Power Co		5.500			02/01/19		29,921
35,000		Consolidated Edison Co of New York, Inc		5.700			06/15/40		44,907
100,000		Detroit Edison Co		3.950			06/15/42		101,642
50,000		Dominion Resources, Inc		4.900			08/01/41		56,508
100,000		Duke Energy Carolinas LLC		5.750			11/15/13		106,735
15,000		Duke Energy Carolinas LLC		4.300			06/15/20		17,155
50,000		Indiana Michigan Power Co		7.000			03/15/19		62,183
25,000		Integrys Energy Group, Inc		4.170			11/01/20		26,967
100,000		Kinder Morgan Energy Partners LP		3.500			03/01/16		105,728
100,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125			09/16/15		102,176
100,000		LG&E and KU Energy LLC		3.750			11/15/20		102,452
50,000		Midamerican Energy Holdings Co		5.950			05/15/37		62,017
100,000		Nevada Power Co		6.650			04/01/36		134,609
100,000	g	Oncor Electric Delivery Co LLC		4.550			12/01/41		95,216
75,000		Pacific Gas & Electric Co		8.250			10/15/18		101,095
100,000		Pacific Gas & Electric Co		4.450			04/15/42		104,973
50,000		PacifiCorp		6.000			01/15/39		65,694
75,000		Pepco Holdings, Inc		2.700			10/01/15		76,985
200,000	g	Perusahaan Listrik Negara PT		5.500			11/22/21		209,000
50,000		PG&E Corp		5.750			04/01/14		53,798
300,000		PPL Capital Funding, Inc		4.200			06/15/22		300,962
250,000		PPL Electric Utilities Corp		3.000			09/15/21		258,955
50,000		Progress Energy, Inc		7.050			03/15/19		62,852
75,000		Public Service Co of Colorado		3.200			11/15/20		80,342
80,000		Public Service Co of Colorado		4.750			08/15/41		92,428
100,000		Public Service Co of Oklahoma		5.150			12/01/19		115,689

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 32,000		Questar Market Resources, Inc		6.875	%		03/01/21	$	35,520
75,000		San Diego Gas & Electric Co		3.000			08/15/21		79,229
25,000		San Diego Gas & Electric Co		3.950			11/15/41		26,311
50,000		Sempra Energy		6.000			10/15/39		62,105
100,000		Tampa Electric Co		4.100			06/15/42		100,737
25,000		Veolia Environnement		5.250			06/03/13		25,806
100,000		Virginia Electric and Power Co		4.750			03/01/13		102,762
55,000		Virginia Electric and Power Co		2.950			01/15/22		56,662
125,000		Westar Energy, Inc		4.125			03/01/42		130,883
50,000		Williams Partners LP		3.800			02/15/15		52,599
75,000		Williams Partners LP		4.000			11/15/21		77,908
75,000		Williams Partners LP		6.300			04/15/40		88,823
50,000		Xcel Energy, Inc		4.800			09/15/41		55,951

		TOTAL UTILITIES							5,812,220

		TOTAL CORPORATE BONDS (Cost $64,082,097)							67,245,161

GOVERNMENT BONDS - 56.0%
AGENCY SECURITIES - 2.3%
500,000		Federal Farm Credit Bank (FFCB)		1.375			06/25/13		505,561
1,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.750			03/28/13		1,003,614
1,000,000		Federal National Mortgage Association (FNMA)		3.000			09/16/14		1,058,069
450,000		GMAC, Inc		1.750			10/30/12		452,197
700,000		GMAC, Inc		2.200			12/19/12		706,426
234,375		Totem Ocean Trailer Express, Inc		4.514			12/18/19		254,255

		TOTAL AGENCY SECURITIES							3,980,122

FOREIGN GOVERNMENT BONDS - 7.1%
250,000	g	Bank of Montreal		2.625			01/25/16		263,910
230,000	g	Bank of Nova Scotia		1.450			07/26/13		232,332
750,000	g	Bank of Nova Scotia		1.650			10/29/15		766,826
200,000		Brazilian Government International Bond		4.875			01/22/21		231,300
25,000		Brazilian Government International Bond		7.125			01/20/37		36,063
100,000		Brazilian Government International Bond		5.625			01/07/41		122,650
1,900,000	g	Caisse Centrale Desjardins du Quebec		1.600			03/06/17		1,921,299
150,000		Canada Government International Bond		2.375			09/10/14		156,545
250,000		Canada Government International Bond		0.875			02/14/17		251,288
200,000	g	Canadian Imperial Bank of Commerce		2.600			07/02/15		210,348
150,000		Chile Government International Bond		3.875			08/05/20		166,500
200,000		Colombia Government International Bond		4.375			07/12/21		224,600
200,000	g	Croatia Government International Bond		6.250			04/27/17		199,461
100,000	g	Dominican Republic International Bond		7.500			05/06/21		106,500
117,000		Eksportfinans ASA		2.000			09/15/15		104,709
100,000		European Investment Bank		4.875			02/15/36		116,019
250,000		Export Development Canada		2.250			05/28/15		262,535
100,000		Export-Import Bank of Korea		5.125			06/29/20		111,527
175,000		Federative Republic of Brazil		6.000			01/17/17		206,150
200,000	g	Guatemala Government Bond		5.750			06/06/22		208,000
66,000		Hungary Government International Bond		6.375			03/29/21		64,284
56,000		Hungary Government International Bond		7.625			03/29/41		54,740
200,000	g	Iceland Government International Bond		5.875			05/11/22		193,956
200,000	g	Indonesia Government International Bond		3.750			04/25/22		199,500
200,000		Israel Government International Bond		4.000			06/30/22		206,954
35,000		Italy Government International Bond		6.875			09/27/23		35,504
100,000	g	Lithuania Government International Bond		5.125			09/14/17		105,500
200,000	g	Lithuania Government International Bond		6.625			02/01/22		229,000
100,000		Mexico Government International Bond		3.625			03/15/22		106,150
100,000		Mexico Government International Bond		4.750			03/08/44		107,750
200,000	g	Namibia International Bonds		5.500			11/03/21		208,000
250,000	g	National Bank of Canada		1.650			01/30/14		254,263
250,000	g	Nederlandse Waterschapsbank NV		2.125			02/09/17		252,356
25,000		Peruvian Government International Bond		7.350			07/21/25		35,125
80,000		Poland Government International Bond		3.875			07/16/15		84,464
30,000		Poland Government International Bond		6.375			07/15/19		35,335

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 50,000		Poland Government International Bond		5.000	%		03/23/22	$	54,575
500,000		Province of Manitoba Canada		2.125			04/22/13		507,098
500,000		Province of Nova Scotia Canada		2.375			07/21/15		522,869
300,000		Province of Ontario Canada		4.100			06/16/14		320,088
300,000		Province of Ontario Canada		2.950			02/05/15		316,505
500,000		Province of Quebec Canada		3.500			07/29/20		550,000
200,000	g	Qatar Government International Bond		3.125			01/20/17		208,500
100,000		Qatar Government International Bond		5.250			01/20/20		115,300
30,000		Republic of Hungary		6.250			01/29/20		29,235
200,000	g	Republic of Indonesia		5.250			01/17/42		209,250
200,000		Republic of Turkey		6.000			01/14/41		210,500
60,000	g	Romanian Government International Bond		6.750			02/07/22		62,550
100,000	g	Russian Foreign Bond - Eurobond		3.625			04/29/15		103,447
200,000	g	Russian Foreign Bond - Eurobond		5.625			04/04/42		213,960
200,000	g	Slovakia Government International Bond		4.375			05/21/22		197,000
100,000		South Africa Government International Bond		6.875			05/27/19		122,750
100,000		South Africa Government International Bond		4.665			01/17/24		108,250
100,000		Turkey Government International Bond		5.625			03/30/21		109,125
52,000		United Mexican States		5.875			02/17/14		55,718
50,000		United Mexican States		5.950			03/19/19		60,950
100,000		United Mexican States		5.125			01/15/20		117,250

		TOTAL FOREIGN GOVERNMENT BONDS							12,266,363

MORTGAGE BACKED - 26.9%
245,108		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)		4.000			06/15/34		16,928
45,421	h,i	FHLMC		2.380			02/01/36		48,252
142,379	h,i	FHLMC		2.469			07/01/36		150,735
87,379	h,i	FHLMC		2.603			09/01/36		93,377
35,097	h,i	FHLMC		2.605			09/01/36		37,241
32,216	h,i	FHLMC		2.828			09/01/36		34,210
85,823	h,i	FHLMC		2.835			03/01/37		91,706
114,368	h,i	FHLMC		5.932			04/01/37		124,362
28,328	h,i	FHLMC		5.758			05/01/37		30,635
932,614	i	FHLMC (Interest Only)		6.318			09/15/41		228,847
164,968		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000			02/01/19		178,778
21,436		FGLMC		4.500			01/01/20		22,911
93,467		FGLMC		4.500			07/01/20		101,108
22,875		FGLMC		5.000			04/01/23		24,486
74,799		FGLMC		4.000			07/01/24		79,093
28,565		FGLMC		4.500			09/01/24		30,375
14,163		FGLMC		6.000			03/01/33		15,880
177,987		FGLMC		5.000			11/01/33		198,004
289,040		FGLMC		6.000			11/01/33		324,077
69,017		FGLMC		5.000			05/01/34		74,600
40,695		FGLMC		6.000			09/01/34		45,081
15,976		FGLMC		6.000			04/01/35		17,603
21,821		FGLMC		5.000			02/01/36		23,522
9,637		FGLMC		6.500			05/01/36		10,821
174,700		FGLMC		5.500			04/01/37		190,097
188,164		FGLMC		5.500			05/01/37		204,746
11,418		FGLMC		6.000			08/01/37		12,542
144,014		FGLMC		6.000			08/01/37		159,572
50,271		FGLMC		6.500			09/01/37		56,448
42,147		FGLMC		6.500			11/01/37		47,324
115,788		FGLMC		5.000			04/01/38		126,964
35,560		FGLMC		6.500			05/01/38		40,243
50,043		FGLMC		5.500			01/01/39		54,407
136,437		FGLMC		4.000			06/01/39		144,886
72,200		FGLMC		5.000			07/01/39		77,612
941,953		FGLMC		4.500			12/01/39		1,029,678
102,329		FGLMC		5.000			01/01/40		110,000
567,408		FGLMC		4.500			07/01/40		620,251
1,875		Federal National Mortgage Association (FNMA)		5.000			06/01/13		1,949
1,435,134		FNMA		4.563			01/01/15		1,517,542

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 44,746		FNMA		5.500	%		04/01/18	$	49,030
46,856		FNMA		5.500			05/01/18		51,343
150,000		FNMA		4.000			02/25/19		158,726
43,544		FNMA		4.500			03/01/19		46,860
20,996		FNMA		4.500			06/01/19		22,595
144,371		FNMA		5.500			07/01/20		158,239
10,340		FNMA		4.500			11/01/20		11,128
84,768		FNMA		4.500			12/01/20		92,707
28,817		FNMA		5.000			12/01/20		31,205
21,433		FNMA		4.500			03/01/23		22,991
84,393		FNMA		5.000			04/01/23		91,138
41,861		FNMA		4.500			06/01/23		44,905
42,476		FNMA		5.000			07/01/23		45,825
53,097		FNMA		5.000			07/01/23		57,282
85,427		FNMA		5.500			02/01/24		94,131
96,675		FNMA		4.500			04/01/24		103,691
59,963		FNMA		4.000			05/01/24		63,809
194,618		FNMA		5.500			07/01/24		214,202
6,877		FNMA		5.500			09/01/24		7,569
308,924		FNMA		4.000			02/01/25		328,734
400,320		FNMA		3.500			01/01/26		428,438
485,409		FNMA		2.500			01/01/27		501,095
947,672		FNMA		3.000			01/01/27		994,111
289,430		FNMA		3.000			01/01/27		303,613
37,856		FNMA		6.500			07/01/32		43,332
46,501		FNMA		5.500			01/01/33		51,152
70,984		FNMA		5.500			07/01/33		78,038
244,721		FNMA		5.500			07/01/33		271,871
539,056		FNMA		5.500			07/01/33		602,903
293,724		FNMA		6.000			10/01/33		330,751
110,315		FNMA		5.000			11/01/33		120,041
447,767		FNMA		5.500			11/01/33		492,266
77,216		FNMA		5.500			04/01/34		85,227
36,023		FNMA		5.000			08/01/34		39,117
39,725		FNMA		5.000			11/01/34		43,228
41,904		FNMA		6.500			02/01/35		48,005
118,689		FNMA		5.500			04/01/35		130,411
18,871		FNMA		7.500			06/01/35		20,959
32,337		FNMA		5.500			07/01/35		35,692
17,570		FNMA		7.500			07/01/35		18,406
40,946		FNMA		4.500			08/01/35		43,991
66,837		FNMA		5.000			08/01/35		72,521
157,582		FNMA		5.500			09/01/35		173,243
61,079		FNMA		5.500			10/01/35		66,996
65,234		FNMA		5.000			02/01/36		70,942
185,917		FNMA		6.000			04/01/36		204,881
131,101		FNMA		6.000			06/01/36		146,071
75,424	i	FNMA		2.385			07/01/36		79,220
45,910		FNMA		6.500			09/01/36		51,834
47,079		FNMA		6.000			12/01/36		51,881
28,233		FNMA		5.000			02/01/37		30,564
163,757		FNMA		5.500			02/01/37		178,905
36,659		FNMA		7.000			02/01/37		42,667
86,930		FNMA		5.500			03/01/37		94,862
82,825		FNMA		7.000			04/01/37		96,398
20,752		FNMA		5.500			06/01/37		22,646
22,052		FNMA		6.500			08/01/37		25,077
177,117		FNMA		6.000			09/01/37		195,183
32,094		FNMA		6.000			11/01/37		35,368
19,974		FNMA		7.000			11/01/37		23,247
61,748		FNMA		5.500			01/01/38		67,383
7,661		FNMA		6.500			01/01/38		8,649
532,808		FNMA		5.500			02/01/38		581,430
125,930		FNMA		5.500			02/01/38		137,422
1,503		FNMA		6.500			02/01/38		1,712

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 10,172		FNMA		6.500	%		03/01/38	$	11,462
4,958		FNMA		6.500			03/01/38		5,586
201,683		FNMA		5.000			04/01/38		218,331
159,509		FNMA		5.000			04/01/38		172,676
81,116		FNMA		6.000			04/01/38		89,212
214,179		FNMA		5.500			05/01/38		233,724
233,594		FNMA		5.500			06/01/38		254,910
535,173		FNMA		6.000			07/01/38		589,760
532,973		FNMA		6.000			10/01/38		587,336
224,631		FNMA		4.000			01/01/39		239,384
66,865		FNMA		4.500			01/01/39		71,755
47,995		FNMA		5.500			01/01/39		52,375
41,572		FNMA		6.000			01/01/39		45,721
54,008		FNMA		6.000			01/01/39		59,399
98,818		FNMA		4.000			02/01/39		105,277
80,278		FNMA		4.500			02/01/39		86,149
413,052		FNMA		4.500			02/01/39		443,259
39,680		FNMA		5.500			02/01/39		43,301
936,858		FNMA		4.500			04/01/39		1,005,371
59,848		FNMA		5.000			04/01/39		64,788
422,187		FNMA		4.000			05/01/39		457,697
320,793		FNMA		4.500			06/01/39		344,252
555,383		FNMA		4.000			07/01/39		591,857
273,800		FNMA		6.500			07/01/39		308,273
395,864		FNMA		4.000			08/01/39		421,862
341,114		FNMA		4.500			08/01/39		366,060
483,511		FNMA		6.000			09/01/39		531,770
226,913		FNMA		4.500			10/01/39		243,507
257,812		FNMA		4.500			11/01/39		276,666
249,763		FNMA		4.500			11/01/39		268,028
189,476		FNMA		5.000			11/01/39		205,116
500,000		FNMA		4.000			02/25/40		545,645
631,935		FNMA		5.000			05/01/40		697,328
402,083		FNMA		5.000			06/01/40		441,177
274,830		FNMA		4.500			07/01/40		295,787
300,218		FNMA		4.500			07/01/40		323,112
386,111		FNMA		5.500			07/01/40		425,207
349,077		FNMA		4.500			11/01/40		378,799
328,879		FNMA		5.000			11/01/40		360,856
188,855		FNMA		4.000			12/01/40		201,317
1,006,377		FNMA		4.000			12/01/40		1,085,993
404,907		FNMA		4.500			12/01/40		435,784
463,399		FNMA		3.500			01/01/41		489,308
276,940		FNMA		4.000			02/01/41		295,215
879,919		FNMA		4.000			02/01/41		937,982
439,942		FNMA		3.500			03/01/41		462,889
235,352		FNMA		4.000			04/01/41		253,971
470,398		FNMA		4.000			04/01/41		509,964
506,164		FNMA		4.500			04/01/41		549,315
532,511		FNMA		4.000			08/01/41		567,816
199,502		FNMA		4.000			08/01/41		212,729
281,527		FNMA		4.000			09/01/41		303,799
276,377		FNMA		3.500			10/01/41		290,793
276,070		FNMA		4.000			11/01/41		294,373
968,317		FNMA		3.500			12/01/41		1,018,825
377,095		FNMA		3.500			12/01/41		396,765
491,705		FNMA		3.500			02/01/42		517,353
1,490,740	h	FNMA		3.000			04/01/42		1,532,161
298,345		FNMA		3.500			04/01/42		316,425
26,235		Government National Mortgage Association (GNMA)		5.500			07/15/33		29,301
168,709		GNMA		5.500			07/20/33		188,531
23,028		GNMA		5.000			03/15/34		25,531
176,524		GNMA		5.000			06/15/34		196,044
186,416		GNMA		5.500			02/15/37		206,979

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 145,421		GNMA		5.000	%		01/15/38	$	160,093
57,120		GNMA		5.000			04/15/38		62,883
125,086		GNMA		5.500			05/15/38		138,884
26,012		GNMA		6.000			08/15/38		29,233
24,496		GNMA		6.000			08/20/38		27,474
361,009		GNMA		5.500			07/15/39		400,830
131,610		GNMA		4.500			07/20/39		145,060
43,094		GNMA		5.000			07/20/39		47,625
56,358		GNMA		4.000			08/15/39		61,742
600,661		GNMA		4.500			03/15/40		658,846
191,321		GNMA		4.500			04/15/40		209,854
345,925		GNMA		5.000			04/15/40		381,907
96,103		GNMA		5.000			04/15/40		106,099
868,788		GNMA		4.500			04/20/40		959,960
613,625		GNMA		4.500			05/15/40		673,067
428,025		GNMA		5.000			05/20/40		475,434
395,537		GNMA		4.500			06/15/40		435,273
361,554		GNMA		5.000			06/15/40		399,162
513,258		GNMA		4.000			07/15/40		562,291
968,609		GNMA		4.000			09/15/41		1,059,630
491,569		GNMA		3.500			12/20/41		526,126

		TOTAL MORTGAGE BACKED							45,938,163

MUNICIPAL BONDS - 1.1%
1,100,000		City of New York, NY		5.817			10/01/31		1,234,651
150,000		Grant County Public Utility District No 2		5.630			01/01/27		178,182
100,000		State of California		5.450			04/01/15		110,615
100,000		State of California		5.950			04/01/16		114,625
150,000		State of California		7.625			03/01/40		193,926

		TOTAL MUNICIPAL BONDS							1,831,999

U.S. TREASURY SECURITIES - 18.6%
675,000		United States Treasury Bond		5.375			02/15/31		983,602
95,000		United States Treasury Bond		3.125			02/15/42		102,036
1,000,000		United States Treasury Bond		3.000			05/15/42		1,047,344
1,695,000		United States Treasury Note		0.625			01/31/13		1,699,304
50,000		United States Treasury Note		0.125			08/31/13		49,916
50,000		United States Treasury Note		0.500			10/15/13		50,137
50,000		United States Treasury Note		0.250			10/31/13		49,977
1,175,000		United States Treasury Note		0.125			12/31/13		1,171,879
1,000,000		United States Treasury Note		0.250			02/28/14		998,984
1,000,000		United States Treasury Note		0.250			05/31/14		998,750
50,000		United States Treasury Note		0.250			06/30/14		49,937
1,180,000		United States Treasury Note		2.375			10/31/14		1,234,943
7,710,000		United States Treasury Note		0.375			06/15/15		7,703,377
45,000		United States Treasury Note		0.625			05/31/17		44,793
7,648,000		United States Treasury Note		0.750			06/30/17		7,655,770
1,000,000		United States Treasury Note		2.625			01/31/18		1,095,938
3,000,000		United States Treasury Note		2.250			07/31/18		3,229,452
800,000		United States Treasury Note		1.375			12/31/18		817,875
1,000,000		United States Treasury Note		1.250			04/30/19		1,011,094
140,100		United States Treasury Note		2.000			02/15/22		144,818
1,571,000		United States Treasury Note		1.750			05/15/22		1,583,764

		TOTAL U.S. TREASURY SECURITIES							31,723,690

		TOTAL GOVERNMENT BONDS (Cost $92,416,861)							95,740,337

STRUCTURED ASSETS - 5.8%
ASSET BACKED - 2.0%
50,000		AmeriCredit Automobile Receivables Trust		3.340			04/08/16		51,883
		Series - 2010 3 (Class C)
100,000	g	Avis Budget Rental Car Funding AESOP LLC		3.150			03/20/17		104,944
		Series - 2010 5A (Class A)
74,395	i	Bear Stearns Asset Backed Securities Trust		0.615			11/25/39		67,142
		Series - 2005 SD3 (Class 2A1)

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 250,000	g,i	BlueMountain CLO Ltd		3.364	%		07/20/23	$	242,500
		Series - 2012 1A (Class B)
200,000	g	Carlyle Global Market Strategies		4.370			07/20/23		200,000
		Series - 2012 2A (Class B2)
292,018		Centex Home Equity		5.540			01/25/32		294,205
		Series - 2002 A (Class AF6)
337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700			02/25/35		75,201
		Series - 2004 2 (Class 1B)
334,749		CIT Group Home Equity Loan Trust		6.390			12/25/30		47,129
		Series - 2002 2 (Class MF2)
200,000	g,h	Commercial Industrial Finance Corp		2.661			08/14/24		200,000
		Series - 2012 1A (Class A1F)
33,279	i	Countrywide Asset-Backed Certificates		5.683			10/25/46		33,312
		Series - 2006 15 (Class A2)
175,000	g,i	DB/UBS Mortgage Trust		5.728			11/10/46		179,818
		Series - 2011 LC1A (Class C)
412,514	g	Flagstar Home Equity Loan Trust		5.781			01/25/35		394,054
		Series - 2007 1A (Class AF3)
75,000		Ford Credit Auto Owner Trust		3.210			07/15/17		78,031
		Series - 2011 A (Class D)
200,000		Hertz Vehicle Financing LLC		5.930			03/25/16		216,319
221,695		Lehman XS Trust		6.500			06/25/46		123,627
		Series - 2006 13 (Class 2A1)
43,412	i	Long Beach Mortgage Loan Trust		0.995			02/25/35		42,874
		Series - 2005 1 (Class M1)
695	i	Morgan Stanley ABS Capital I		0.285			01/25/37		692
		Series - 2007 HE2 (Class A2A)
310,000		Renaissance Home Equity Loan Trust		5.586			11/25/36		145,686
		Series - 2006 3 (Class AF3)
26,718	i	Residential Asset Securities Corp		0.675			04/25/35		25,188
		Series - 2005 KS3 (Class M3)
100,000		Residential Funding Mortgage Securities II, Inc		6.060			02/25/36		86,787
		Series - 2006 HI1 (Class M2)
51,474	i	Securitized Asset Backed Receivables LLC		0.545			10/25/35		49,021
		Series - 2006 OP1 (Class A2C)
173,611	g,m	Sierra Receivables Funding Co LLC		3.580			11/20/28		175,388
		Series - 2012 1A (Class B)
60,000	g	SLM Student Loan Trust		3.740			02/15/29		61,982
		Series - 2011 B (Class A2)
109,980	i	Soundview Home Equity Loan Trust		0.545			11/25/35		102,984
		Series - 2005 OPT3 (Class A4)
20,313	i	Soundview Home Equity Loan Trust		0.355			10/25/36		20,165
		Series - 2006 EQ1 (Class A2)
35,026	i	Structured Asset Investment Loan Trust		0.645			05/25/35		33,648
		Series - 2005 4 (Class M1)
57,339	i	Structured Asset Investment Loan Trust		0.525			12/25/35		56,836
		Series - 2005 10 (Class A5)
100,000	g	Vornado DP LLC		5.280			09/13/28		105,939
		Series - 2010 VNO (Class C)
112,304	g,m	Wachovia Amortization Controlled Heloc NIM		5.683			08/12/47		102,197
		Series - 2006 N1 (Class N1)
25,546	i	Wells Fargo Home Equity Trust		0.385			07/25/36		23,231
		Series - 2006 2 (Class A3)

		TOTAL ASSET BACKED							3,340,783

OTHER MORTGAGE BACKED - 3.8%
110,000		Banc of America Commercial Mortgage, Inc		5.675			07/10/46		116,945
		Series - 2006 4 (Class AM)
200,000	g,i	Banc of America Large Loan, Inc		0.552			03/15/22		196,010
		Series - 2005 MIB1 (Class C)
46,857		Bear Stearns Asset Backed Securities Trust		5.250			04/25/35		40,550
		Series - 2005 AC2 (Class 1A)
25,000		Bear Stearns Commercial Mortgage Securities		5.201			12/11/38		28,239
		Series - 2006 PW14 (Class A4)

100

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 80,000	i	Bear Stearns Commercial Mortgage Securities		5.582	%		09/11/41	$	85,640
		Series - 2006 PW13 (Class AM)
50,000	i	Bear Stearns Commercial Mortgage Securities		5.568			10/12/41		53,636
		Series - 2006 T24 (Class AM)
75,000	i	Bear Stearns Commercial Mortgage Securities		4.750			02/13/46		79,942
		Series - 2004 T16 (Class A6)
365,000	g	Commercial Mortgage Pass Through Certificates		4.305			12/10/24		367,255
		Series - 2011 STRT (Class B)
200,000	g	Commercial Mortgage Pass Through Certificates		4.755			12/10/24		201,111
		Series - 2011 STRT (Class C)
185,000	g	Commercial Mortgage Pass Through Certificates		2.365			02/10/29		189,240
		Series - 2012 9W57 (Class A)
335,000	i	Commercial Mortgage Pass Through Certificates		5.650			12/10/49		352,826
		Series - 2007 C9 (Class AM)
58,232		Countrywide Alternative Loan Trust		5.500			08/25/16		59,861
		Series - 2004 30CB (Class 1A15)
22,437		Countrywide Home Loan Mortgage Pass Through Trust		5.250			05/25/35		22,305
		Series - 2005 12 (Class 1A5)
9,456		Countrywide Home Loan Mortgage Pass Through Trust		5.500			09/25/35		9,481
		Series - 2005 J3 (Class 1A1)
125,000	g	Credit Suisse Mortgage Capital Certificates		5.626			05/15/23		140,050
		Series - 2006 OMA (Class D)
100,000	g	Credit Suisse Mortgage Capital Certificates		5.383			02/15/40		97,909
		Series - 2009 RR1 (Class A3C)
50,000		CS First Boston Mortgage Securities Corp		4.052			05/15/38		50,825
		Series - 2003 C3 (Class B)
100,000	g,i,m	GS Mortgage Securities Corp II		4.276			04/10/34		101,616
		Series - 2012 GSMS (Class C)
70,000	g,i	GS Mortgage Securities Corp II		5.403			12/10/43		75,794
		Series - 2010 C2 (Class B)
120,000	g,i	GS Mortgage Securities Corp II		5.403			12/10/43		119,072
		Series - 2010 C2 (Class C)
50,000	g,i	HVB Mortgage Capital Corp		2.291			09/10/22		48,325
		Series - 2003 FL1A (Class J)
112,559	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		0.617			07/15/19		108,901
		Series - 2007 FL1A (Class A1)
180,663	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		7.931			10/12/37		182,325
		Series - 2002 CIB5 (Class S1)
64,522	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		8.648			10/12/37		65,006
		Series - 2002 CIB5 (Class S2)
140,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440			05/15/45		150,278
		Series - 2006 LDP8 (Class AM)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.431			07/15/46		95,234
		Series - 2011 C4 (Class C)
150,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.336			05/15/47		165,952
		Series - 2006 LDP9 (Class A3)
200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.009			06/15/49		219,561
		Series - 2007 LD11 (Class A4)
14,736	i	JP Morgan Mortgage Trust		4.277			04/25/35		14,860
		Series - 2005 A2 (Class 5A1)
50,000	i	LB-UBS Commercial Mortgage Trust		5.150			04/15/30		54,927
		Series - 2005 C2 (Class A5)
220,000		LB-UBS Commercial Mortgage Trust		5.424			02/15/40		248,206
		Series - 2007 C1 (Class A4)
50,000		LB-UBS Commercial Mortgage Trust		5.430			02/15/40		55,813
		Series - 2007 C2 (Class A3)
75,000	i	LB-UBS Commercial Mortgage Trust		5.858			07/15/40		85,655
		Series - 2007 C6 (Class A4)
21,901		MASTER Asset Securitization Trust		5.000			05/25/35		22,000
		Series - 2005 1 (Class 2A5)
41,024	i	Merrill Lynch Mortgage Trust		5.107			07/12/38		44,200
		Series - 2005 CIP1 (Class AM)
75,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.607			02/12/39		84,115
		Series - 2006 1 (Class A4)

101

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 130,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.172	%		12/12/49	$	144,033
		Series - 2006 4 (Class A3)
270,000	i	Morgan Stanley Capital I		5.447			02/12/44		305,288
		Series - 2007 HQ11 (Class A4)
22,000	g,i	Morgan Stanley Capital I		5.422			09/15/47		19,971
		Series - 2011 C1 (Class D)
252,000	g,i	Morgan Stanley Capital I		5.422			09/15/47		251,231
		Series - 2011 C1 (Class C)
30,000	i	Morgan Stanley Capital I		5.544			11/12/49		31,071
		Series - 2007 T25 (Class AM)
132,570		Residential Accredit Loans, Inc		4.350			03/25/34		136,487
		Series - 2004 QS4 (Class A1)
195,433	i	Residential Accredit Loans, Inc		0.435			05/25/46		103,443
		Series - 2006 QO5 (Class 2A1)
92,451	g,i	Springleaf Mortgage Loan Trust		2.667			09/25/57		92,392
		Series - 2012 1A (Class A)
9,027	i	Structured Adjustable Rate Mortgage Loan Trust		1.005			03/25/35		8,897
		Series - 2005 6XS (Class A3)
16,769		Wachovia Bank Commercial Mortgage Trust		5.246			12/15/43		17,367
		Series - 2007 C30 (Class A3)
200,000		Wachovia Bank Commercial Mortgage Trust		5.342			12/15/43		215,821
		Series - 2007 C30 (Class A5)
290,000	i	Wachovia Bank Commercial Mortgage Trust		6.171			06/15/45		316,648
		Series - 2006 C26 (Class AM)
85,000		Wachovia Bank Commercial Mortgage Trust		5.500			04/15/47		92,666
		Series - 2007 C31 (Class A5)
540,000		Wachovia Bank Commercial Mortgage Trust		5.339			11/15/48		563,163
		Series - 2006 C29 (Class AM)
50,000	i	Wachovia Bank Commercial Mortgage Trust		6.097			02/15/51		56,031
		Series - 2007 C33 (Class A4)
23,718		Wells Fargo Mortgage Backed Securities Trust		5.500			04/25/35		23,710
		Series - 2005 2 (Class 1A1)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276			11/15/43		55,576
		Series - 2010 C1 (Class B)

		TOTAL OTHER MORTGAGE BACKED							6,467,460

		TOTAL STRUCTURED ASSETS (Cost $10,233,110)							9,808,243

		TOTAL BONDS							172,793,741

		(Cost $166,732,068)

SHARES		COMPANY

PREFERRED STOCKS - 0.0%
BANKS - 0.0%
5,517	*	Federal Home Loan Mortgage Corp		8.375			12/30/49		11,972
17,265	*	Federal National Mortgage Association		8.250			12/30/49		28,142

		TOTAL BANKS							40,114

		TOTAL PREFERRED STOCKS (Cost $569,550)							40,114

102

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL

ISSUER

VALUE

SHORT-TERM INVESTMENTS - 0.5%

TREASURY DEBT - 0.5%

$ 850,000

United States Treasury Bill

0.007

09/06/12

849,895

TOTAL TREASURY DEBT

849,895

TOTAL SHORT-TERM INVESTMENTS

(Cost $849,895)

849,895

TOTAL INVESTMENTS - 101.6%
(Cost $168,151,513)

173,683,750

OTHER ASSETS & LIABILITIES, NET - (1.6)%

(2,799,235

)

NET ASSETS - 100.0%

170,884,515

Abbreviation(s):

ABS Asset-Based Security

REIT Real Estate Investment Trust

*	Non-income producing.

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2012, the aggregate value of these securities amounted to $24,548,235 or 14.4% of net assets.

h	All or a portion of these securities were purchased on a delayed delivery basis.

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

m	Indicates a security that has been deemed illiquid.

103

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2012


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

SHORT-TERM INVESTMENTS - 98.7%
BANKERS’ ACCEPTANCES - 0.5%
$ 130,000		JPMorgan Chase Bank NA		0.200	%		07/02/12	$	129,999
187,000		JPMorgan Chase Bank NA		0.240			07/05/12		186,996

		TOTAL BANKERS’ ACCEPTANCES							316,995

CERTIFICATE OF DEPOSIT - 3.9%
295,000		Bank of Nova Scotia		0.340			12/11/12		295,000
300,000		Canadian Imperial Bank of Commerce		0.150			07/06/12		300,000
300,000		Standard Chartered Bank NY		0.510			10/17/12		300,018
1,000,000		Toronto-Dominion Bank		0.140			07/12/12		1,000,000
385,000		Toronto-Dominion Bank		0.210			09/18/12		385,000

		TOTAL CERTIFICATE OF DEPOSIT							2,280,018

COMMERCIAL PAPER - 42.6%
500,000		Australia & New Zealand Banking Group Ltd		0.250			07/25/12		499,917
750,000		Australia & New Zealand Banking Group Ltd		0.230			09/17/12		749,626
295,000		Bank of Nova Scotia		0.220			07/17/12		294,971
410,000		Bank of Nova Scotia		0.235			08/03/12		409,912
350,000	y	Coca-Cola Co		0.200			08/01/12		349,940
250,000	y	Coca-Cola Co		0.210			08/02/12		249,953
400,000	y	Coca-Cola Co		0.230			08/13/12		399,890
250,000	y	Coca-Cola Co		0.170			08/24/12		249,936
400,000	y	Coca-Cola Co		0.200			09/13/12		399,836
250,000	y	Coca-Cola Co		0.215			10/03/12		249,860
400,000	y	Colgate-Palmolive Co		0.110			07/03/12		399,997
300,000	y	Commonwealth Bank of Australia		0.220			07/06/12		299,991
250,000	y	Commonwealth Bank of Australia		0.250			08/01/12		249,946
500,000	y	Commonwealth Bank of Australia		0.200			08/09/12		499,892
390,000	y	Commonwealth Bank of Australia		0.240			09/07/12		389,823
398,000	y	Fairway Finance LLC		0.195			08/16/12		397,901
285,000	y	Fairway Finance LLC		0.190			08/17/12		284,929
500,000		General Electric Capital Corp		0.310			07/26/12		499,892
950,000		General Electric Capital Corp		0.310			07/30/12		949,782
500,000	y	Johnson & Johnson		0.140			07/09/12		499,985
500,000	y	Johnson & Johnson		0.150			07/23/12		499,954
400,000	y	Jupiter Securitization Co LLC		0.200			07/03/12		399,995
370,000	y	Jupiter Securitization Co LLC		0.290			08/23/12		369,842
322,000		Merck & Co, Inc		0.140			07/03/12		321,997
340,000	y	National Australia Funding(Delaware)		0.350			09/17/12		339,742
350,000	y	National Australia Funding(Delaware)		0.345			09/18/12		349,735
300,000	y	Nestle Capital Corp		0.160			07/13/12		299,984
385,000	y	Nestle Capital Corp		0.160			07/18/12		384,971
750,000	y	Nestle Capital Corp		0.120			08/02/12		749,920
300,000		Novartis Finance Corp		0.140			07/09/12		299,991
500,000		Novartis Finance Corp		0.150			08/07/12		499,923
250,000	y	Old Line Funding LLC		0.200			08/15/12		249,938
500,000	y	Old Line Funding LLC		0.180			08/27/12		499,858
300,000	y	Old Line Funding LLC		0.180			08/28/12		299,913
500,000	y	Old Line Funding LLC		0.220			09/04/12		499,801
320,000	y	Old Line Funding LLC		0.210			09/25/12		319,839
500,000		PACCAR Financial Corp		0.150			07/10/12		499,981
295,000	y	Private Export Funding Corp		0.255			08/23/12		294,889
500,000	y	Private Export Funding Corp		0.310			09/10/12		499,695
250,000	y	Private Export Funding Corp		0.235			09/24/12		249,861
250,000	y	Procter & Gamble Co		0.150			08/20/12		249,948
300,000		Province of British Columbia Canada		0.160			07/09/12		299,989

104

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 350,000		Province of British Columbia Canada		0.140	%		07/19/12	$	349,975
295,000		Province of British Columbia Canada		0.180			09/24/12		294,875
550,000		Province of Quebec Canada		0.180			09/18/12		549,783
250,000		Standard Chartered Bank		0.185			07/19/12		249,977
274,000		Straight-A Funding LLC		0.180			07/02/12		273,999
500,000		Straight-A Funding LLC		0.160			07/17/12		499,964
302,000		Straight-A Funding LLC		0.180			07/24/12		301,965
399,000		Straight-A Funding LLC		0.180			08/03/12		398,934
400,000		Straight-A Funding LLC		0.180			08/14/12		399,912
395,000	y	Toronto-Dominion Holdings USA, Inc		0.180			07/26/12		394,951
300,000	y	Unilever Capital Corp		0.225			08/31/12		299,886
260,000		US Bank NA		0.200			07/19/12		260,000
240,000		US Bank NA		0.250			08/10/12		239,933
335,000	y	Variable Funding Capital Co LLC		0.190			07/16/12		334,974
551,000	y	Variable Funding Capital Co LLC		0.200			07/20/12		550,942
300,000	y	Variable Funding Capital Co LLC		0.200			07/25/12		299,960
330,000	y	Variable Funding Capital Co LLC		0.200			08/08/12		329,930
500,000	y	Wal-Mart Stores, Inc		0.110			07/10/12		499,986
400,000	y	Wal-Mart Stores, Inc		0.130			07/18/12		399,976
584,000	y	Wal-Mart Stores, Inc		0.140			08/06/12		583,918
600,000	y	Westpac Banking Corp		0.250			09/05/12		599,725

		TOTAL COMMERCIAL PAPER							24,919,310

GOVERNMENT AGENCY DEBT - 21.2%
157,000		Federal Farm Credit Bank (FFCB)		0.150			08/28/12		156,962
400,000		Federal Home Loan Bank (FHLB)		0.150			07/05/12		399,993
200,000		FHLB		0.110			07/06/12		199,997
410,000		FHLB		0.100			07/11/12		409,989
400,000		FHLB		0.800			07/13/12		399,989
109,000		FHLB		0.150			07/25/12		108,989
666,000		FHLB		0.120			07/27/12		665,942
170,000		FHLB		0.120			08/03/12		169,981
950,000		FHLB		0.150			08/08/12		949,884
650,000		FHLB		0.150			08/10/12		649,904
100,000		FHLB		0.175			08/17/12		99,977
524,000		FHLB		0.120			08/24/12		523,906
1,600,000		FHLB		0.140			08/29/12		1,599,702
716,000		FHLB		0.135			09/05/12		715,839
257,000		FHLB		0.145			09/24/12		256,912
105,000		Federal Home Loan Mortgage Corp (FHLMC)		0.120			07/10/12		104,997
125,000		FHLMC		0.160			07/30/12		124,984
374,000		FHLMC		0.140			08/06/12		373,953
220,000		FHLMC		0.120			08/10/12		219,971
888,000		FHLMC		0.165			08/14/12		887,866
500,000		FHLMC		0.130			09/19/12		499,856
200,000		FHLMC		0.145			10/03/12		199,924
97,000		FHLMC		0.160			01/08/13		96,918
250,000		Federal National Mortgage Association (FNMA)		0.110			07/05/12		249,997
250,000		FNMA		0.110			07/16/12		249,988
267,000		FNMA		0.120			07/25/12		266,979
78,000		FNMA		0.135			08/01/12		77,991
300,000		FNMA		0.150			08/22/12		299,935
79,000		FNMA		0.105			08/31/12		78,986
195,000		FNMA		0.140			09/12/12		194,945
740,000		FNMA		0.170			10/01/12		739,678
91,000		FNMA		0.155			10/17/12		90,958
200,000		FNMA		0.200			12/19/12		199,810
200,000		FNMA		0.224			06/20/14		199,941

		TOTAL GOVERNMENT AGENCY DEBT							12,465,643

TREASURY DEBT - 19.7%
210,000		United States Treasury Bill		0.680			07/19/12		209,993
178,000		United States Treasury Bill		0.935			08/09/12		177,982
616,000		United States Treasury Bill		0.112			08/16/12		615,921
756,000		United States Treasury Bill		0.136			08/23/12		755,864

105

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 601,000		United States Treasury Bill		0.106	%		09/06/12	$	600,895
800,000		United States Treasury Bill		0.115			09/13/12		799,813
400,000		United States Treasury Bill		0.120			09/20/12		399,892
300,000		United States Treasury Bill		0.950			09/27/12		299,930
615,000		United States Treasury Bill		0.130			10/11/12		614,789
300,000		United States Treasury Bill		0.143			10/18/12		299,871
300,000		United States Treasury Bill		0.135			10/25/12		299,870
500,000		United States Treasury Bill		0.145			12/20/12		499,654
260,000		United States Treasury Note		1.500			07/15/12		260,142
238,000		United States Treasury Note		0.625			07/31/12		238,096
835,000		United States Treasury Note		1.750			08/15/12		836,653
398,000		United States Treasury Note		0.375			08/31/12		398,154
85,000		United States Treasury Note		0.375			09/30/12		85,047
1,000,000		United States Treasury Note		1.375			10/15/12		1,003,539
971,000		United States Treasury Note		0.375			10/31/12		971,719
500,000		United States Treasury Note		1.375			11/15/12		502,278
658,000		United States Treasury Note		0.500			11/30/12		658,944
250,000		United States Treasury Note		1.125			12/15/12		251,090
400,000		United States Treasury Note		0.625			01/31/13		401,055
250,000		United States Treasury Note		1.375			02/15/13		251,856
150,000		United States Treasury Note		0.625			02/28/13		150,421

		TOTAL TREASURY DEBT							11,583,468

VARIABLE RATE SECURITIES - 10.8%
250,000	i	Federal Farm Credit Bank (FFCB)		0.240			02/01/13		249,970
300,000	i	FFCB		0.276			03/15/13		299,936
200,000	i	FFCB		0.321			03/28/13		200,000
350,000	i	FFCB		0.251			06/12/13		350,035
250,000	i	FFCB		0.612			08/19/13		249,857
200,000	i	FFCB		0.296			08/26/13		199,885
310,000	i	FFCB		0.350			08/26/13		309,964
250,000	i	FFCB		0.250			09/23/13		249,938
300,000	i	FFCB		0.370			09/23/13		299,985
250,000	i	FFCB		0.290			10/15/13		249,707
500,000	i	Federal Home Loan Bank (FHLB)		0.215			07/02/12		500,000
250,000	i	FHLB		0.316			03/06/13		250,017
500,000	i	FHLB		0.340			08/16/13		500,000
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.189			02/04/13		499,880
830,000	i	FHLMC		0.189			05/06/13		829,646
300,000	i	Federal National Mortgage Association (FNMA)		0.256			03/14/13		299,939
500,000	i	Royal Bank of Canada		0.360			07/11/12		500,000
300,000	i	Royal Bank of Canada		0.550			06/07/13		300,000

		TOTAL VARIABLE RATE SECURITIES							6,338,759

		TOTAL SHORT-TERM INVESTMENTS (Cost $57,904,193)							57,904,193

		TOTAL INVESTMENTS- 98.7% (Cost $57,904,193)							57,904,193
		OTHER ASSETS & LIABILITIES, NET - 1.3%							774,805

		NET ASSETS - 100.0%							$58,678,998

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

106

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

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

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

SIGNATURES

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

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

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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

Market capitalization

% of equity investments
as of 6/30/2012

More than $2 billion-$15 billion

$2 billion or less