Tiaa Cref Life Fund NCSR/A Certified annual shareholder report (management investment company) (amended)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2012

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

Item 1. Reports to Stockholders.


				2012 Annual Report

				TIAA-CREF Life Funds

				December 31, 2012

				Contents

				Understanding your TIAA-CREF Life Funds report			2

				Information on the TIAA-CREF Life Funds			3

				About the funds’ benchmarks			4

				Important information about expenses			6

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

				Summary portfolios of investments			37

				Audited financial statements
				Statements of assets and liabilities			72
				Statements of operations			76
				Statements of changes in net assets			80
				Financial highlights			87
				Notes to financial statements			97
				Report of independent registered public accounting firm			110
				Trustees and officers			111
				Important tax information			117
				How to reach us			Inside back cover

Understanding your TIAA-CREF Life Funds report

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

•

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

•

The summary portfolios of investments list the industries and types of securities in which each fund had investments as of December 31, 2012.

•

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

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

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

2 2012 Annual Report ¡ TIAA-CREF Life Funds

Information on the TIAA-CREF Life Funds

Portfolio holdings

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

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

•

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

•

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

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

•

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

•

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 3

About the funds’ benchmarks

Equity Indexes

Broad market indexes

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

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

Large-cap indexes

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

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

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

Small-cap index

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

Specialty equity index

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

4 2012 Annual Report ¡ TIAA-CREF Life Funds

About the funds’ benchmarks

Fixed-income Index

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 5

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2012–December 31, 2012).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

6 2012 Annual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Performance for the twelve months ended December 31, 2012

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

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

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

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

Sound stock choices boost the fund’s relative return

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 7

Growth Equity Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Growth Equity Fund		4/3/2000		16.99	%		1.65	%		7.22	%
Russell 1000^® Growth Index		—		15.26			3.12			7.52

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

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

$ 10,000 over 10 years

LOGO

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

8 2012 Annual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Expense example

Six months ended December 31, 2012


Growth Equity Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,069.89		$2.71
5% annual hypothetical return		1,000.00		1,022.52		2.64

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Information technology		37.1
Consumer discretionary		19.9
Health care		14.1
Industrials		11.5
Materials		5.5
Financials		4.3
Consumer staples		3.6
Energy		3.3
Telecommunication services		0.5
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		40.1
More than $15 billion–$50 billion		31.8
More than $2 billion–$15 billion		27.9
$2 billion or less		0.2
Total		100.0

TIAA-CREF Life Funds ¡ 2012 Annual Report 9

Growth & Income Fund

Performance for the twelve months ended December 31, 2012

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

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

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

Surging financials set the pace

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

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

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

10 2012 Annual Report ¡ TIAA-CREF Life Funds

Growth & Income Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Growth & Income Fund		4/3/2000		16.43	%		2.52	%		8.81	%
S&P 500 Index		—		16.00			1.66			7.10

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

$10,000 over 10 years

LOGO

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 11

Growth & Income Fund

Expense example

Six months ended December 31, 2012


Growth & Income Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,062.24		$2.70
5% annual hypothetical return		1,000.00		1,022.52		2.64

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Information technology		18.6
Financials		14.3
Consumer discretionary		13.6
Health care		13.0
Energy		10.5
Industrials		10.1
Consumer staples		9.7
Materials		5.1
Telecommunication services		2.7
Utilities		2.0
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		50.4
More than $15 billion–$50 billion		22.9
More than $2 billion–$15 billion		25.2
$2 billion or less		1.5
Total		100.0

12 2012 Annual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Performance for the twelve months ended December 31, 2012

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

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

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

The fund’s stock picks add significant value

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

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 13

Large-Cap Value Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Large-Cap Value Fund		10/28/2002		20.14	%		0.82	%		8.00	%
Russell 1000^® Value Index		—		17.51			0.59			7.38

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

$ 10,000 over 10 years

LOGO

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

14 2012 Annual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Expense example

Six months ended December 31, 2012


Large-Cap Value Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,092.26		$2.73
5% annual hypothetical return		1,000.00		1,022.52		2.64

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Financials		23.0
Energy		15.2
Health care		12.7
Industrials		10.3
Consumer discretionary		9.3
Information technology		8.9
Consumer staples		7.5
Utilities		4.7
Materials		4.3
Telecommunication services		2.6
Short-term investments, other assets & liabilities, net		1.5
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		39.7
More than $15 billion–$50 billion		26.0
More than $2 billion–$15 billion		29.2
$2 billion or less		5.1
Total		100.0

TIAA-CREF Life Funds ¡ 2012 Annual Report 15

Real Estate Securities Fund

Performance for the twelve months ended December 31, 2012

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

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

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

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

Stock selections boost the fund’s relative performance

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

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

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

16 2012 Annual Report ¡ TIAA-CREF Life Funds

Real Estate Securities Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Real Estate Securities Fund		10/28/2002		19.79	%		5.31	%		11.25	%
FTSE NAREIT All Equity REITs Index		—		19.70			5.74			11.78

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

$ 10,000 over 10 years

LOGO

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 17

Real Estate Securities Fund

Expense example

Six months ended December 31, 2012


Real Estate Securities Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,030.57		$2.91
5% annual hypothetical return		1,000.00		1,022.27		2.90

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Specialized REITs		29.9
Retail REITs		26.0
Residential REITs		19.6
Office REITs		9.2
Industrial REITs		6.5
Diversified REITs		2.4
Real estate operating companies		1.9
Hotels, resorts & cruise lines		1.0
Casinos & gaming		0.3
Short-term investments,other assets & liabilities, net		3.2
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $15 billion–$50 billion		58.3
More than $2 billion–$15 billion		34.7
$2 billion or less		7.0
Total		100.0

18 2012 Annual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance for the twelve months ended December 31, 2012

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

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

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

Stock choices limit relative results

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

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 19

Small-Cap Equity Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Small-Cap Equity Fund		10/28/2002		14.02	%		3.75	%		9.58	%
Russell 2000^® Index		—		16.35			3.56			9.72

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

$10,000 over 10 years

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

20 2012 Annual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Expense example

Six months ended December 31, 2012


Small-Cap Equity Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,062.60		$2.85
5% annual hypothetical return		1,000.00		1,022.37		2.80

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.55%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Financials		24.2
Information technology		17.5
Industrials		15.1
Consumer discretionary		14.8
Health care		10.7
Energy		6.0
Materials		4.5
Consumer staples		3.2
Utilities		2.9
Telecommunication services		0.3
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $15 billion–$50 billion		0.2
More than $2 billion–$15 billion		35.6
$2 billion or less		64.2
Total		100.0

TIAA-CREF Life Funds ¡ 2012 Annual Report 21

Social Choice Equity Fund

Performance for the twelve months ended December 31, 2012

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

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

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

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

Fund trails the index in an upward market

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

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

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

22 2012 Annual Report ¡ TIAA-CREF Life Funds

Social Choice Equity Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Social Choice Equity Fund		4/3/2000		14.01	%		2.28	%		7.67	%
Russell 3000 Index		—		16.42			2.04			7.68

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

$10,000 over 10 years

LOGO

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 23

Social Choice Equity Fund

Expense example

Six months ended December 31, 2012


Social Choice Equity Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,073.37		$1.15
5% annual hypothetical return		1,000.00		1,024.03		1.12

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Financials		19.3
Information technology		17.1
Consumer discretionary		12.5
Health care		11.0
Industrials		11.0
Energy		9.3
Consumer staples		8.3
Materials		4.9
Utilities		4.2
Telecommunication services		1.8
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		23.2
More than $15 billion–$50 billion		46.8
More than $2 billion–$15 billion		26.5
$2 billion or less		3.5
Total		100.0

24 2012 Annual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Performance for the twelve months ended December 31, 2012

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

For the period, the fund’s return trailed that of its benchmark primarily because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund benefited from participating in a securities lending program and had a risk profile similar to that of its benchmark.

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

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

Financials push the benchmark higher

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 25

Stock Index Fund

Performance as of December 31, 2012



			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
Stock Index Fund		1/4/1999		16.35	%		2.07	%		7.66	%
Russell 3000^® Index		—		16.42			2.04			7.68

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

$ 10,000 over 10 years

LOGO

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

26 2012 Annual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Expense example

Six months ended December 31, 2012


Stock Index Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return	$	1,000.00	$	1,064.69	$	0.47
5% annual hypothetical return		1,000.00		1,024.68		0.46

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Information technology		17.9
Financials		17.0
Consumer discretionary		12.4
Health care		11.6
Industrials		11.1
Energy		9.8
Consumer staples		9.2
Materials		4.0
Utilities		3.4
Telecommunication services		2.7
Short-term investments,other assets & liabilities, net		0.9
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		42.5
More than $15 billion–$50 billion		25.5
More than $2 billion–$15 billion		25.1
$2 billion or less		6.9
Total		100.0

TIAA-CREF Life Funds ¡ 2012 Annual Report 27

International Equity Fund

Performance for the twelve months ended December 31, 2012

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

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

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

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

Stock choices lift the fund well above its benchmark

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

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

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

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

28 2012 Annual Report ¡ TIAA-CREF Life Funds

International Equity Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
International Equity Fund		4/3/2000		31.27	%		–4.67	%		8.84	%
MSCI EAFE Index		—		17.32			–3.69			8.21

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

$10,000 over 10 years

LOGO

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 29

International Equity Fund

Expense example

Six months ended December 31, 2012


International Equity Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,216.20		$3.34
5% annual hypothetical return		1,000.00		1,022.12		3.05

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


Sector	% of net assets as of 12/31/2012
Materials		20.4
Financials		18.5
Industrials		15.6
Consumer discretionary		14.9
Health care		13.0
Consumer staples		12.9
Energy		1.7
Information technology		1.4
Utilities		0.9
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size


Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		17.2
More than $15 billion–$50 billion		30.6
More than $2 billion–$15 billion		47.6
$2 billion or less		4.6
Total		100.0

Holdings by country


	% of portfolio investments as of 12/31/2012
United Kingdom		25.7
Germany		15.2
Switzerland		15.0
France		9.9
Japan		9.4
Sweden		6.6
China		2.8
Hong Kong		2.4
7 other nations		8.7
Short-term investments		4.3
Total		100.0

30 2012 Annual Report ¡ TIAA-CREF Life Funds

Bond Fund

Performance for the twelve months ended December 31, 2012

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

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

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

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

Corporate securities lead the index

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

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 31

Bond Fund

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			since inception
Bond Fund		7/8/2003		6.91	%		5.55	%		4.79	%
Barclays U.S. Aggregate Bond Index		—		4.21			5.95			5.11

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

$10,000 since July 8, 2003 inception

LOGO

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

32 2012 Annual Report ¡ TIAA-CREF Life Funds

Bond Fund

Expense example

Six months ended December 31, 2012


Bond Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,034.78		$1.79
5% annual hypothetical return		1,000.00		1,023.38		1.78

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


% of net assets as of 12/31/2012
Corporate bonds			32.9
Mortgage-backed securities^†			24.3
Foreign government & corporate bonds denominated in U.S. dollars			20.2
U.S. Treasury securities			10.2
Commercial mortgage-backed securities			3.8
Asset-backed securities			3.0
U.S. agency securities			1.0
Municipal bonds			0.3
Short-term investments, other assets & liabilities, net			4.3
Total			100.0

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

Holdings by maturity


% of fixed-income investments (excluding short-term investments) as of 12/31/2012
Less than 1 year			6.0
1–3 years			23.6
3–5 years			27.6
5–10 years			31.3
Over 10 years			11.5
Total			100.0

Holdings by credit quality^‡


% of fixed-income investments (excluding short-term investments) as of 12/31/2012
Aaa/AAA			41.1
Aa/AA			6.0
A/A			22.3
Baa/BBB			24.7
Ba/BB			4.0
B/B			1.1
Below B/B			0.4
Non-rated			0.4
Total			100.0

^‡

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 33

Money Market Fund

Performance for the twelve months ended December 31, 2012

The Money Market Fund returned 0.02% for the year, compared with the 0.03% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

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

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

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

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

Strategies focus on both safety and yield

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

34 2012 Annual Report ¡ TIAA-CREF Life Funds

Money Market Fund

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


	Current yield			Effective yield
Money Market Fund		0.03	%		0.03	%
iMoneyNet Money Fund Report Averages—All Taxable^†		0.02			0.02

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

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

Performance as of December 31, 2012


			Total return			Average annual total return
	Inception date		1 year			5 years			since inception
Money Market Fund		7/8/2003		0.02	%		0.71	%		1.99	%
iMoneyNet Money Fund Report Averages—All Taxable^†		—		0.03			0.46			1.60	^‡

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

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

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

TIAA-CREF Life Funds ¡ 2012 Annual Report 35

Money Market Fund

Expense example

Six months ended December 31, 2012


Money Market Fund	Beginning account value (7/1/12)		Ending account value (12/31/12)		Expenses paid during period* (7/1/12–12/31/12)
Actual return		$1,000.00		$1,000.18		$0.75
5% annual hypothetical return		1,000.00		1,024.38		0.76

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2012. The fund’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition


	% of net assets as of 12/31/2012
Commercial paper		35.5
U.S. government agency securities		34.8
U.S. Treasury securities		18.9
Floating rate securities, government		9.5
Certificates of deposit		1.3
Total		100.0

36 2012 Annual Report ¡ TIAA-CREF Life Funds


Summary portfolio of investments

Growth Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	448,844		1.1	%

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

				3,270,121		7.7

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

				849,523		2.0

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

				1,762,953		4.1

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

				1,723,414		4.0

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

				1,733,563		4.1

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

				1,411,861		3.3

FOOD, BEVERAGE & TOBACCO				444,169		1.0

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

				1,142,944		2.7

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

				1,105,189		2.6


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


Summary portfolio of investments		continued

Growth Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

MATERIALS
4,667		Ecolab, Inc	$	335,557		0.8	%
13,460		Monsanto Co		1,273,989		3.0
		Other		724,870		1.7

				2,334,416		5.5

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

				2,008,743		4.7

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

				4,887,847		11.4

REAL ESTATE				95,921		0.2

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

				2,570,477		6.0

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

				805,398		1.9

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


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


Summary portfolio of investments		concluded

Growth Equity Fund § December 31, 2012


Shares		Company		Value			% of net assets

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

					10,213,772			23.9

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

					4,799,182			11.2

TELECOMMUNICATION SERVICES					220,872			0.5

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

					797,928			1.9

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


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

					738,374			1.7

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


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

		NET ASSETS		$	42,710,438			100.0	%

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $733,411.

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

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


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


Summary portfolio of investments

Growth & Income Fund § December 31, 2012


Shares	Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS		$	908,249		1.0	%

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

			2,688,113		2.9

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

			7,146,965		7.7

COMMERCIAL & PROFESSIONAL SERVICES			378,846		0.4

CONSUMER DURABLES & APPAREL			1,206,290		1.3

CONSUMER SERVICES			1,759,546		1.9

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

			6,991,509		7.6

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

			9,700,703		10.5

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

			607,162		0.7

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


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


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2012


Shares		Company	Value		% of net assets

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

				6,668,822		7.2

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

				2,733,083		3.0

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

				1,672,451		1.8

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

				3,034,191		3.3

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

				4,751,879		5.1

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

				3,001,245		3.2

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

				9,289,208		10.1

REAL ESTATE				467,270		0.5

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

				5,649,550		6.1


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


Summary portfolio of investments		concluded

Growth & Income Fund § December 31, 2012


Shares		Company		Value			% of net assets

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

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

					8,718,483			9.4

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

					7,588,222			8.2

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

					2,484,073			2.7

TRANSPORTATION					1,758,444			1.9

UTILITIES					1,849,862			2.0

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


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

					928,346			1.0

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


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

		NET ASSETS		$	92,408,676			100.0	%

*	Non-income producing.

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

d	All or a portion of these Securities have been segregated to cover margin requirements on open written options contracts.

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

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


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


Summary portfolio of investments

Large-Cap Value Fund § December 31, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS
31,208		Ford Motor Co	$	404,144		0.6	%
		Other		324,744		0.4

				728,888		1.0

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

				3,631,136		5.1

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

				5,420,116		7.5

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

				706,040		1.0

CONSUMER DURABLES & APPAREL				574,352		0.8

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

				2,181,944		3.0

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

				6,719,047		9.4

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


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


Summary portfolio of investments		continued

Large-Cap Value Fund § December 31, 2012


Shares		Company	Value		% of net assets

ENERGY—continued
61,591	*	Weatherford International Ltd	$	689,203		0.9	%
		Other		3,020,970		4.2

				10,902,621		15.2

FOOD & STAPLES RETAILING				302,190		0.4

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

				2,789,773		3.9

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

				2,958,380		4.1

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

				2,308,916		3.2

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

				4,484,377		6.2

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

				3,091,144		4.3

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

				1,230,638		1.7

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


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


Summary portfolio of investments		continued

Large-Cap Value Fund § December 31, 2012


Shares		Company		Value		% of net assets

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

					6,149,654		8.6

REAL ESTATE					1,722,632		2.4

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

					1,982,733		2.8

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

					1,834,692		2.6

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

					1,707,885		2.4

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

					2,828,295		3.9

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

					1,827,645		2.6

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

					1,229,410		1.7

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

					3,341,622		4.7

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


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


Summary portfolio of investments		concluded

Large-Cap Value Fund § December 31, 2012

Company

Value

% of net
assets

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

2,155,594

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

2,155,594

3.0

2,155,594

3.0

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,155,594)

2,155,594

3.0

TOTAL PORTFOLIO

(Cost $69,841,074)

72,809,724

101.5

OTHER ASSETS & LIABILITIES, NET

(1,119,096

)

(1.5

)

NET ASSETS

71,690,628

100.0

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $2,120,034.

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


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


Portfolio of investments

Real Estate Securities Fund § December 31, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
CASINOS & GAMING
5,000	*	Penn National Gaming, Inc	$	245,550		0.3	%

				245,550		0.3

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

				2,276,160		2.4

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

				975,120		1.0

INDUSTRIAL REITS
19,000		EastGroup Properties, Inc		1,022,390		1.1
27,000	*	First Industrial Realty Trust, Inc		380,160		0.4
100,000		Global Logistic Properties		231,271		0.1
127,500		Prologis, Inc		4,652,475		4.9

				6,286,296		6.5

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

				8,872,102		9.2

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

				0		0.0

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

				1,845,438		1.9

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

				18,941,290		19.6


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


Portfolio of investments		concluded

Real Estate Securities Fund § December 31, 2012


Shares		Company		Value		% of net assets

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

					25,067,090		26.0

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

					28,785,368		29.9

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


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

		NET ASSETS		$	96,420,818		100.0	%

Abbreviation(s):

REIT Real Estate Investment Trust

*	Non-income producing.

b	In bankruptcy.

m	Indicates a security that has been deemed illiquid.


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


Summary portfolio of investments

Small-Cap Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS
19,819		Dana Holding Corp	$	309,374		0.5	%
		Other		407,509		0.7

				716,883		1.2

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

				4,553,433		7.6

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

				5,788,466		9.6

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

				2,350,092		3.9

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

				2,512,198		4.2

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

				2,937,247		4.9

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

				2,625,896		4.4

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


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


Summary portfolio of investments		continued

Small-Cap Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

ENERGY—continued
12,000	e	Western Refining, Inc	$	338,280		0.6	%
		Other		2,478,871		4.1

				3,595,545		6.0

FOOD & STAPLES RETAILING				420,827		0.7

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

				1,139,642		1.9

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

				3,651,352		6.1

HOUSEHOLD & PERSONAL PRODUCTS				364,397		0.6

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

				2,104,400		3.5

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

				2,703,473		4.5

MEDIA				573,725		0.9

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

				2,803,807		4.7

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

				5,200,034		8.7


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


Summary portfolio of investments		continued

Small-Cap Equity Fund § December 31, 2012


Shares		Company			Value			% of net assets

RETAILING
10,270	*	Ann Taylor Stores Corp			$	347,537			0.6	%
		Other				1,786,244			2.9

						2,133,781			3.5

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

						2,488,966			4.1

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

						5,393,506			9.0
			��
TECHNOLOGY HARDWARE & EQUIPMENT
17,000	*	Aruba Networks, Inc				352,750			0.6
		Other				2,277,194			3.8

						2,629,944			4.4

TELECOMMUNICATION SERVICES						193,618			0.3

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

						943,894			1.6

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

						1,754,889			2.9

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

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

						3,179,901			5.3

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


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

		NET ASSETS			$	60,081,272			100.0	%


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


Summary portfolio of investments		concluded

Small-Cap Equity Fund § December 31, 2012

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $3,191,327.

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

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


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


Summary portfolio of investments

Social Choice Equity Fund § December 31, 2012


Shares	Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS
24,135	Ford Motor Co	$	312,548		0.7	%
	Other		358,596		0.8

			671,144		1.5

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

			1,370,491		3.1

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

			3,518,672		8.0

COMMERCIAL & PROFESSIONAL SERVICES			391,261		0.9

CONSUMER DURABLES & APPAREL			498,947		1.1

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

			1,031,063		2.4

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

			2,826,542		6.5

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

			4,082,795		9.3

FOOD & STAPLES RETAILING			402,151		0.9

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

			1,716,525		3.9


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


Summary portfolio of investments		continued

Social Choice Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

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

				2,034,481		4.7

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

				1,493,918		3.4

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

				2,579,010		5.9

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

				2,127,635		4.9

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

				1,316,962		3.0

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

				2,777,035		6.4

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

				1,653,684		3.8

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

				1,954,410		4.5


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


Summary portfolio of investments		concluded

Social Choice Equity Fund § December 31, 2012


Shares		Company		Value		% of net assets

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

					1,173,734		2.7

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

					4,097,096		9.4

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

					2,176,993		5.0

TELECOMMUNICATION SERVICES					801,797		1.8

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

					898,503		2.1

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

					1,848,233		4.2

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


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

		NET ASSETS		$	43,692,410		100.0	%

*	Non-income producing.

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


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


Summary portfolio of investments

Stock Index Fund § December 31, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	2,049,576		1.0	%

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

				6,811,039		3.3

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

				16,982,569		8.2

COMMERCIAL & PROFESSIONAL SERVICES				2,232,893		1.1

CONSUMER DURABLES & APPAREL				3,045,967		1.5

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

				4,498,306		2.2

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

				12,860,044		6.2

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

				20,327,276		9.8

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

				4,162,922		2.0


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


Summary portfolio of investments		continued

Stock Index Fund § December 31, 2012


Shares		Company	Value		% of net assets

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

				10,666,597		5.1

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

				9,763,830		4.7

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

				4,216,239		2.0

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

				7,807,772		3.8

MATERIALS				8,245,796		4.0

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

				7,436,400		3.6

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

				14,334,624		6.9

REAL ESTATE				7,635,974		3.7

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

				8,662,710		4.2

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

				4,401,745		2.1


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


Summary portfolio of investments		continued

Stock Index Fund § December 31, 2012


Shares		Company		Value			% of net assets

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

					19,205,525			9.3

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

					13,590,231			6.5

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

					5,529,303			2.7

TRANSPORTATION
6,225		Union Pacific Corp			782,607			0.4
		Other			3,023,741			1.4

					3,806,348			1.8

UTILITIES					7,040,420			3.4

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

RIGHTS/WARRANTS
ENERGY					91			0.0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					19			0.0

		TOTAL RIGHTS/WARRANTS	(Cost $0)		110			0.0


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

					4,219,980			2.0

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


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

		NET ASSETS		$	207,089,723			100.0	%

*	Non-income producing.

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

d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.


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


Summary portfolio of investments		concluded

Stock Index Fund § December 31, 2012

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

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


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


Summary portfolio of investments

International Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

COMMON STOCKS
BELGIUM
13,874		UCB S.A.	$	794,819		1.0	%

				794,819		1.0

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

				2,198,259		2.9

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

				7,907,024		10.3

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

				12,181,217		15.8

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

				1,885,508		2.5

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

				1,779,528		2.3

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

				1,536,561		2.0

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


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


Summary portfolio of investments		continued

International Equity Fund § December 31, 2012


Shares		Company	Value		% of net assets

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

				7,532,433		9.8

MACAU
111,200		Sands China Ltd		497,138		0.6

				497,138		0.6

NETHERLANDS				14,509		0.0

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

				926,694		1.2

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

				5,303,228		6.9

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

				12,016,472		15.6

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

				20,502,291		26.6


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


Summary portfolio of investments		concluded

International Equity Fund § December 31, 2012


Shares		Company		Value			% of net assets

UNITED STATES
25,272		iShares MSCI EAFE Index Fund		$	1,435,955			1.8	%

					1,435,955			1.8

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

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

					3,411,250			4.4

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


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

		NET ASSETS		$	77,021,304			100.0	%

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “other”, is $3,222,952.

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


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


Summary of market values by sector

International Equity Fund § December 31, 2012


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

NET ASSETS	$	77,021,304			100.0	%


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


Summary portfolio of investments

Bond Fund § December 31, 2012


Principal		Issuer		Value		% of net assets

BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	182,210		0.1	%

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

					11,564,310		6.3

CAPITAL GOODS					3,380,714		1.8

COMMERCIAL & PROFESSIONAL SERVICES					1,491,478		0.8

CONSUMER DURABLES & APPAREL					255,125		0.1

CONSUMER SERVICES					1,523,743		0.8

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

					15,957,366		8.6

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

					9,526,876		5.2

FOOD & STAPLES RETAILING					1,064,292		0.6

FOOD, BEVERAGE & TOBACCO					3,263,882		1.8

HEALTH CARE EQUIPMENT & SERVICES					1,452,612		0.8

HOUSEHOLD & PERSONAL PRODUCTS					174,868		0.1

INSURANCE					3,471,006		1.9

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

					5,206,417		2.8

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

					4,444,064		2.4


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


Summary portfolio of investments		continued

Bond Fund § December 31, 2012


Principal		Issuer		Value		% of net assets

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

					3,855,235		2.1

REAL ESTATE					1,816,789		1.0

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

					2,893,637		1.6

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

					2,759,216		1.5

TECHNOLOGY HARDWARE & EQUIPMENT					1,924,125		1.0

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

					4,125,984		2.2

TRANSPORTATION					1,995,613		1.1

UTILITIES					6,424,255		3.5

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


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

					1,786,981		1.0

FOREIGN GOVERNMENT BONDS					8,731,941		4.7

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


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


Summary portfolio of investments		continued

Bond Fund § December 31, 2012


Principal		Issuer		Value		% of net assets

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

					44,868,553		24.3

MUNICIPAL BONDS					625,369		0.3

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

					18,832,709		10.2

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

STRUCTURED ASSETS
ASSET BACKED					6,148,209		3.3

OTHER MORTGAGE BACKED
910,000		Banc of America Commercial Mortgage, Inc
		Series 2006-4 (Class AM)	5.675%, 07/10/46		1,028,983		0.6
520,000		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C30 (Class AM)	5.383%, 12/15/43		554,707		0.3
540,000		Wachovia Bank Commercial Mortgage Trust
		Series 2006-C29 (Class AM)	5.339%, 11/15/48		605,621		0.3
		Other			4,723,674		2.6

					6,912,985		3.8

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

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


Shares		Company
PREFERRED STOCKS
BANKS					38,487		0.0

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


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


Summary portfolio of investments		concluded

Bond Fund § December 31, 2012

Principal

Issuer

Value

% of net
assets

SHORT-TERM INVESTMENTS

TREASURY DEBT

$ 3,000,000

United States Treasury Bill

0.040%, 01/03/13

2,999,993

1.6

2,300,000

United States Treasury Bill

0.025%, 01/10/13

2,299,986

1.3

5,299,979

2.9

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,299,979)

5,299,979

2.9

TOTAL PORTFOLIO

(Cost $174,662,425)

181,999,030

98.6

OTHER ASSETS & LIABILITIES, NET

2,563,988

1.4

NET ASSETS

184,563,018

100.0

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be re-sold in transactions exempt from registration to qualified institutional buyers. At 12/31/2012, the aggregate value of these securities including those in “other”, was $33,265,206 or 18.0% of net assets.

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

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

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


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


Summary portfolio of investments

Money Market Fund § December 31, 2012


Principal		Issuer		Value		% net assets

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

					829,000		1.3

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

					22,181,162		35.5

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


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


Summary portfolio of investments		continued

Money Market Fund § December 31, 2012


Principal		Issuer		Value		% net assets

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

					21,801,940		34.8

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

					11,837,458		18.9

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

					5,939,387		9.5

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


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

		NET ASSETS		$	62,598,444		100.0	%


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


Summary portfolio of investments		concluded

Money Market Fund § December 31, 2012

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

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

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


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

[This page intentionally left blank.]


TIAA-CREF Life Funds § 2012 Annual Report			71


Statements of assets and liabilities

TIAA-CREF Life Funds § December 31, 2012


	Growth Equity Fund


ASSETS
Portfolio investments, at value^†*	$	43,365,511
Cash		133,647
Receivable from securities transactions		97,761
Receivable from Fund shares sold		2,271
Due from affiliates		1,393
Dividends and interest receivable		14,476
Receivable for variation margin on open futures contracts		—
Other		2,595

Total assets		43,617,654


LIABILITIES
Management fees payable		2,590
Payable for collateral for securities loaned		738,374
Payable for securities transactions		99,962
Payable for Fund shares redeemed		53,996
Due to affiliates		3,619
Written options^		—
Accrued expenses & other payables		8,675

Total liabilities		907,216

NET ASSETS	$	42,710,438


NET ASSETS CONSIST OF:
Paid-in-capital	$	44,353,636
Undistributed net investment income (loss)		11,641
Accumulated net realized gain (loss) on total investments		(6,193,361	)
Net unrealized appreciation (depreciation) on total investments		4,538,522

NET ASSETS	$	42,710,438


Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,260,990

Net asset value per share		$18.89


^† Includes securities loaned of	$	733,411
* Portfolio investments, cost	$	38,826,989
^ Written options premiums	$	—


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


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



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

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



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

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

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



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

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


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

$	30.37		$	29.39		$	29.35		$	30.87


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


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


Statements of assets and liabilities

TIAA-CREF Life Funds § December 31, 2012


	Social Choice Equity Fund


ASSETS
Portfolio investments, at value^†*	$	43,443,082
Cash		436,335
Cash—foreign**		—
Receivable from securities transactions		105,469
Receivable from Fund shares sold		3,238
Due from affiliates		1,293
Dividends and interest receivable		49,011
Receivable for variation margin on open futures contracts		—
Other		2,500

Total assets		44,040,928


LIABILITIES
Management fees payable		885
Payable for collateral for securities loaned		—
Payable for securities transactions		305,256
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		32,242
Due to affiliates		2,746
Accrued expenses & other payables		7,389

Total liabilities		348,518

NET ASSETS	$	43,692,410


NET ASSETS CONSIST OF:
Paid-in-capital	$	39,002,266
Undistributed net investment income (loss)		217,207
Accumulated net realized gain (loss) on total investments		(1,097,858	)
Net unrealized appreciation (depreciation) on total investments		5,570,795

NET ASSETS	$	43,692,410


Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,586,885

Net asset value per share	$	27.53


^† Includes securities loaned of	$	—
* Portfolio investments, cost	$	37,903,603
** Foreign cash, cost	$	—


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


		concluded


Stock Index Fund			International Equity Fund			Bond Fund			Money Market Fund



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

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



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

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

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



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

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


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

	$31.48		$	16.60		$	26.15		$	1.00


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


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


Statements of operations

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


	Growth Equity Fund


INVESTMENT INCOME
Dividends*	$	512,610
Interest		26
Income from securities lending		18,357

Total income		530,993


EXPENSES
Management fees		197,635
Shareholder servicing		2,489
Professional fees		38,238
Fund administration fees		30,201
Custody and accounting fees		22,882
Compliance fees		16,350
Shareholder reports		10,715
Trustee fees and expenses		586
Other expenses		6,674

Total expenses		325,770
Less: Expenses reimbursed by the investment advisor		(96,782	)

Net expenses		228,988


Net investment income (loss)		302,005


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		5,036,652
Futures transactions		—
Written options		—
Foreign currency transactions		(1,061	)

Net realized gain (loss) on total investments		5,035,591


Change in unrealized appreciation (depreciation) on:
Portfolio investments		1,397,582
Futures transactions		—
Written options		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(21	)

Net change in unrealized appreciation (depreciation) on total investments		1,397,561

Net realized and unrealized gain (loss) on total investments		6,433,152

Net increase (decrease) in net assets from operations	$	6,735,157


* Net of foreign withholding taxes of	$	4,669


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


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



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

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



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

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

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


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




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

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



	6,676,568			5,095,038			8,126,182			3,610,607
	—			—			—			10,413
	(2,577	)		—			—			—
	(24	)		(26	)		—			—

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

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

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


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


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


Statements of operations

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


	Social Choice Equity Fund


INVESTMENT INCOME
Dividends*	$	976,490
Interest		27
Income from securities lending		—

Total income		976,517


EXPENSES
Management fees		61,566
Shareholder servicing		2,844
Professional fees		38,203
Fund administration fees		27,705
Custody and accounting fees		20,707
Compliance fees		14,963
Shareholder reports		4,198
Trustee fees and expenses		515
Other expenses		7,144

Total expenses		177,845
Less: Expenses reimbursed by the investment advisor		(87,487	)

Net expenses		90,358


Net investment income (loss)		886,159


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		1,201,286
Futures transactions		—
Written options		—
Foreign currency transactions		(6	)

Net realized gain (loss) on total investments		1,201,280


Change in unrealized appreciation (depreciation) on:
Portfolio investments**		3,215,257
Futures transactions		—
Written options		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—

Net change in unrealized appreciation (depreciation) on total investments		3,215,257

Net realized and unrealized gain (loss) on total investments		4,416,537

Net increase (decrease) in net assets from operations	$	5,302,696


* Net of foreign withholding taxes of	$	3,221
** Includes net change in unrealized foreign capital gains taxes	$	—


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


		concluded


Stock Index Fund			International Equity Fund			Bond Fund			Money Market Fund



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

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



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

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

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


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




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

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



	22,034,819			19,974,686			2,979,381			—
	(6,744	)		—			—			—
	—			—			—			—
	(1	)		2,039			—			—

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

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

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


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


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


	Growth Equity Fund
	December 31, 2012			December 31, 2011


OPERATIONS
Net investment income (loss)	$	302,005		$	117,661
Net realized gain (loss) on total investments		5,035,591			1,852,553
Net change in unrealized appreciation (depreciation) on total investments		1,397,561			(1,539,939	)

Net increase (decrease) in net assets from operations		6,735,157			430,275


DISTRIBUTION TO SHAREHOLDERS
From net investment income		(298,477	)		(114,292	)

Total distributions		(298,477	)		(114,292	)


SHAREHOLDER TRANSACTIONS
Subscriptions		4,455,947			8,839,290
Reinvestments of distributions		298,477			114,292
Redemptions		(9,430,961	)		(5,871,342	)

Net increase (decrease) from shareholder transactions		(4,676,537	)		3,082,240


Net increase (decrease) in net assets		1,760,143			3,398,223

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

End of period	$	42,710,438		$	40,950,295

Undistributed net investment income (loss) included in net assets	$	11,641		$	5,422


CHANGE IN FUND SHARES
Shares sold		245,328			522,325
Shares reinvested		15,784			7,184
Shares redeemed		(518,843	)		(356,422	)

Net increase (decrease) from shareholder transactions		(257,731	)		173,087


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


		continued


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



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

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



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

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



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

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


	16,168,341			4,211,210			11,250,112			(3,836,768	)


	76,240,335			72,029,125			60,440,516			64,277,284

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

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



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

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


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


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


OPERATIONS
Net investment income (loss)	$	1,441,752		$	1,185,530
Net realized gain (loss) on total investments		6,045,404			4,153,301
Net change in unrealized appreciation (depreciation) on total investments		8,126,182			(467,345	)

Net increase (decrease) in net assets from operations		15,613,338			4,871,486


DISTRIBUTION TO SHAREHOLDERS
From net investment income		(1,696,190	)		(967,504	)

Total distributions		(1,696,190	)		(967,504	)


SHAREHOLDER TRANSACTIONS
Subscriptions		11,678,264			10,383,740
Reinvestments of distributions		1,696,190			967,504
Redemptions		(10,405,385	)		(9,479,157	)

Net increase (decrease) from shareholder transactions		2,969,069			1,872,087


Net increase (decrease) in net assets		16,886,217			5,776,069

NET ASSETS
Beginning of period		79,534,601			73,758,532

End of period	$	96,420,818		$	79,534,601

Undistributed net investment income (loss) included in net assets	$	222,038		$	356,754


CHANGE IN FUND SHARES
Shares sold		409,017			416,247
Shares reinvested		57,970			40,229
Shares redeemed		(370,698	)		(383,982	)

Net increase (decrease) from shareholder transactions		96,289			72,494


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


		continued


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



$	641,649		$	285,772		$	886,159		$	624,966
	3,306,497			4,813,977			1,201,280			474,579
	3,621,020			(7,688,039	)		3,215,257			(1,152,690	)

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



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

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



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

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


	4,690,491			(5,044,161	)		6,397,164			1,951,660


	55,390,781			60,434,942			37,295,246			35,343,586

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

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



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

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


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


	Stock Index Fund
	December 31, 2012			December 31, 2011


OPERATIONS
Net investment income (loss)	$	4,361,145		$	3,346,834
Net realized gain (loss) on total investments		2,930,112			2,962,017
Net change in unrealized appreciation (depreciation) on total investments		22,028,074			(4,535,390	)

Net increase (decrease) in net assets from operations		29,319,331			1,773,461


DISTRIBUTION TO SHAREHOLDERS
From net investment income		(4,344,154	)		(3,369,120	)
From realized gains		(1,283,210	)		—

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


SHAREHOLDER TRANSACTIONS
Subscriptions		21,175,293			21,626,371
Reinvestments of distributions		5,627,364			3,369,120
Redemptions		(23,660,941	)		(20,417,777	)

Net increase (decrease) from shareholder transactions		3,141,716			4,577,714


Net increase in net assets		26,833,683			2,982,055

NET ASSETS
Beginning of period		180,256,040			177,273,985

End of period	$	207,089,723		$	180,256,040

Undistributed net investment income (loss) included in net assets	$	545,119		$	530,376


CHANGE IN FUND SHARES
Shares sold		684,667			759,475
Shares reinvested		178,420			124,921
Shares redeemed		(767,386	)		(712,471	)

Net increase (decrease) from shareholder transactions		95,701			171,925


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


		continued


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



$	1,891,116		$	1,775,017		$	4,985,438		$	4,974,524
	1,439,688			2,467,555			3,392,532			1,687,847
	19,976,725			(30,192,289	)		2,979,381			2,293,361

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



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

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



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

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


	(4,253,278	)		(30,457,053	)		26,426,866			21,135,776


	81,274,582			111,731,635			158,136,152			137,000,376

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

$	1,807,186		$	1,190,062		$	(4,747	)	$	(3,916	)



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

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


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


Statements of changes in net assets		concluded

TIAA-CREF Life Funds § For the year ended


	Money Market Fund
	December 31, 2012			December 31, 2011


OPERATIONS
Net investment income (loss)	$	14,189		$	18,409
Net realized gain (loss) on total investments		154			858
Net change in unrealized appreciation (depreciation) on total investments		—			—

Net increase (decrease) in net assets from operations		14,343			19,267


DISTRIBUTION TO SHAREHOLDERS
From net investment income		(14,189	)		(18,409	)

Total distributions		(14,189	)		(18,409	)


SHAREHOLDER TRANSACTIONS
Subscriptions		75,744,818			61,563,740
Reinvestments of distributions		14,189			18,409
Redemptions		(72,983,200	)		(63,526,559	)

Net increase (decrease) from shareholder transactions		2,775,807			(1,944,410	)


Net increase (decrease) in net assets		2,775,961			(1,943,552	)

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

End of period	$	62,598,444		$	59,822,483

Undistributed net investment income (loss) included in net assets	$	(1,606	)	$	1,525


CHANGE IN FUND SHARES
Shares sold		75,744,818			61,563,740
Shares reinvested		14,189			18,409
Shares redeemed		(72,983,200	)		(63,526,559	)

Net increase (decrease) from shareholder transactions		2,775,807			(1,944,410	)


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


Financial highlights

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.12			0.05			0.07			0.11			0.14
Net realized and unrealized gain (loss) on total investments		2.64			0.25			1.83			3.63			(7.48	)

Total gain (loss) from investment operations		2.76			0.30			1.90			3.74			(7.34	)


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

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

Net asset value, end of period	$	18.89		$	16.26		$	16.01		$	14.18		$	10.55


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	42,710		$	40,950		$	37,552		$	36,230		$	24,501
Ratio of expenses to average net assets before expense reimbursement		0.74	%		0.76	%		0.63	%		0.26	%		0.28	%
Ratio of expenses to average net assets after expense reimbursement		0.52	%		0.52	%		0.43	%		0.26	%		0.28	%
Ratio of net investment income (loss) to average net assets		0.69	%		0.29	%		0.48	%		0.98	%		0.98	%
Portfolio turnover rate		155	%		136	%		208	%		257	%		253	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.42			0.29			0.30			0.36			0.46
Net realized and unrealized gain (loss) on total investments		3.94			0.47			2.82			4.77			(10.58	)

Total gain (loss) from investment operations		4.36			0.76			3.12			5.13			(10.12	)


Less distributions from:
Net investment income		(0.53	)		(0.29	)		(0.32	)		(0.36	)		(0.44	)

Total distributions		(0.53	)		(0.29	)		(0.32	)		(0.36	)		(0.44	)

Net asset value, end of period	$	30.37		$	26.54		$	26.07		$	23.27		$	18.50


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	92,409		$	76,240		$	72,029		$	65,719		$	53,235
Ratio of expenses to average net assets before expense reimbursement		0.69	%		0.70	%		0.56	%		0.23	%		0.23	%
Ratio of expenses to average net assets after expense reimbursement		0.52	%		0.52	%		0.42	%		0.23	%		0.23	%
Ratio of net investment income (loss) to average net assets		1.41	%		1.09	%		1.26	%		1.77	%		1.87	%
Portfolio turnover rate		115	%		109	%		138	%		141	%		135	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.55			0.41			0.37			0.42			0.66
Net realized and unrealized gain (loss) on total investments		4.47			(2.03	)		3.87			5.20			(13.42	)

Total gain (loss) from investment operations		5.02			(1.62	)		4.24			5.62			(12.76	)


Less distributions from:
Net investment income		(0.55	)		(0.41	)		(0.40	)		(0.38	)		(0.43	)
Net realized gains		—			—			—			—			(0.24	)

Total distributions		(0.55	)		(0.41	)		(0.40	)		(0.38	)		(0.67	)

Net asset value, end of period	$	29.39		$	24.92		$	26.95		$	23.11		$	17.87


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	71,691		$	60,441		$	64,277		$	54,447		$	40,302
Ratio of expenses to average net assets before expense reimbursement		0.70	%		0.71	%		0.59	%		0.25	%		0.26	%
Ratio of expenses to average net assets after expense reimbursement		0.52	%		0.52	%		0.43	%		0.25	%		0.26	%
Ratio of net investment income (loss) to average net assets		1.99	%		1.56	%		1.52	%		2.12	%		2.60	%
Portfolio turnover rate		77	%		80	%		102	%		149	%		172	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.45			0.38			0.35			0.49			0.70
Net realized and unrealized gain (loss) on total investments		4.48			1.20			5.37			3.32			(10.87	)

Total gain (loss) from investment operations		4.93			1.58			5.72			3.81			(10.17	)


Less distributions from:
Net investment income		(0.52	)		(0.31	)		(0.48	)		(0.62	)		(1.09	)

Total distributions		(0.52	)		(0.31	)		(0.48	)		(0.62	)		(1.09	)

Net asset value, end of period	$	29.35		$	24.94		$	23.67		$	18.43		$	15.24


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	96,421		$	79,535		$	73,759		$	53,565		$	43,646
Ratio of expenses to average net assets before expense reimbursement		0.71	%		0.71	%		0.60	%		0.25	%		0.26	%
Ratio of expenses to average net assets after expense reimbursement		0.57	%		0.57	%		0.48	%		0.25	%		0.26	%
Ratio of net investment income (loss) to average net assets		1.59	%		1.53	%		1.63	%		3.37	%		2.94	%
Portfolio turnover rate		65	%		58	%		66	%		65	%		97	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.32			0.14			0.19			0.25			0.34
Net realized and unrealized gain (loss) on total investments		3.52			(1.36	)		6.06			4.74			(9.16	)

Total gain (loss) from investment operations		3.84			(1.22	)		6.25			4.99			(8.82	)


Less distributions from:
Net investment income		(0.35	)		(0.16	)		(0.19	)		(0.28	)		(0.36	)

Total distributions		(0.35	)		(0.16	)		(0.19	)		(0.28	)		(0.36	)

Net asset value, end of period	$	30.87		$	27.38		$	28.76		$	22.70		$	17.99


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	60,081		$	55,391		$	60,435		$	42,921		$	34,609
Ratio of expenses to average net assets before expense reimbursement		0.75	%		0.76	%		0.58	%		0.11	%		0.11	%
Ratio of expenses to average net assets after expense reimbursement		0.55	%		0.55	%		0.41	%		0.11	%		0.11	%
Ratio of net investment income (loss) to average net assets		1.08	%		0.48	%		0.75	%		1.33	%		1.45	%
Portfolio turnover rate		118	%		100	%		98	%		107	%		123	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.58			0.43			0.43			0.40			0.48
Net realized and unrealized gain (loss) on total investments		2.87			(0.45	)		3.09			5.09			(10.28	)

Total gain (loss) from investment operations		3.45			(0.02	)		3.52			5.49			(9.80	)


Less distributions from:
Net investment income		(0.53	)		(0.44	)		(0.44	)		(0.41	)		(0.32	)
Net realized gains		—			—			—			—			(0.09	)

Total distributions		(0.53	)		(0.44	)		(0.44	)		(0.41	)		(0.41	)

Net asset value, end of period	$	27.53		$	24.61		$	25.07		$	21.99		$	16.91


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	43,692		$	37,295		$	35,344		$	30,929		$	23,938
Ratio of expenses to average net assets before expense reimbursement		0.43	%		0.49	%		0.42	%		0.08	%		0.07	%
Ratio of expenses to average net assets after expense reimbursement		0.22	%		0.22	%		0.17	%		0.08	%		0.07	%
Ratio of net investment income (loss) to average net assets		2.16	%		1.71	%		1.87	%		2.20	%		2.06	%
Portfolio turnover rate		16	%		18	%		18	%		15	%		17	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.68			0.53			0.47			0.44			0.58
Net realized and unrealized gain (loss) on total investments		3.87			(0.28	)		3.63			5.05			(12.34	)

Total gain (loss) from investment operations		4.55			0.25			4.10			5.49			(11.76	)


Less distributions from:
Net investment income		(0.68	)		(0.53	)		(0.47	)		(0.42	)		(0.51	)
Net realized gains		(0.20	)		—			—			—			(0.04	)

Total distributions		(0.88	)		(0.53	)		(0.47	)		(0.42	)		(0.55	)

Net asset value, end of period	$	31.48		$	27.81		$	28.09		$	24.46		$	19.39


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	207,090		$	180,256		$	177,274		$	152,314		$	112,938
Ratio of expenses to average net assets before expense reimbursement		0.25	%		0.26	%		0.21	%		0.06	%		0.06	%
Ratio of expenses to average net assets after expense reimbursement		0.09	%		0.09	%		0.08	%		0.06	%		0.06	%
Ratio of net investment income (loss) to average net assets		2.22	%		1.85	%		1.86	%		2.11	%		2.19	%
Portfolio turnover rate		6	%		6	%		7	%		7	%		7	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.32			0.28			0.19			0.22			0.51
Net realized and unrealized gain (loss) on total investments		3.70			(4.41	)		2.67			3.40			(12.53	)

Total gain (loss) from investment operations		4.02			(4.13	)		2.86			3.62			(12.02	)


Less distributions from:
Net investment income		(0.27	)		(0.26	)		(0.20	)		(0.47	)		(0.01	)
Net realized gains		—			—			—			—			(0.56	)

Total distributions		(0.27	)		(0.26	)		(0.20	)		(0.47	)		(0.57	)

Net asset value, end of period	$	16.60		$	12.85		$	17.24		$	14.58		$	11.43


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

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	77,021		$	81,275		$	111,732		$	94,015		$	68,240
Ratio of expenses to average net assets before expense reimbursement		0.80	%		0.81	%		0.65	%		0.30	%		0.32	%
Ratio of expenses to average net assets after expense reimbursement		0.60	%		0.60	%		0.50	%		0.30	%		0.32	%
Ratio of net investment income (loss) to average net assets		2.21	%		1.77	%		1.30	%		1.78	%		2.79	%
Portfolio turnover rate		111	%		108	%		117	%		116	%		185	%

(a)	Based on average shares outstanding.


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


Financial highlights		continued

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.77			0.87			0.93			1.06			1.29
Net realized and unrealized gain (loss) on total investments		1.00			0.70			0.73			0.68			(1.19	)

Total gain (loss) from investment operations		1.77			1.57			1.66			1.74			0.10


Less distributions from:
Net investment income		(0.74	)		(0.85	)		(0.91	)		(0.99	)		(1.27	)
Net realized gains		(0.48	)		—			—			—			—

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

Net asset value, end of period	$	26.15		$	25.60		$	24.88		$	24.13		$	23.38


TOTAL RETURN		6.91	%		6.31	%		6.91	%		7.40	%		0.39	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	184,563		$	158,136		$	137,000		$	115,865		$	91,953
Ratio of expenses to average net assets before expense reimbursement		0.53	%		0.53	%		0.41	%		0.10	%		0.10	%
Ratio of expenses to average net assets after expense reimbursement		0.35	%		0.35	%		0.27	%		0.10	%		0.10	%
Ratio of net investment income (loss) to average net assets		2.92	%		3.41	%		3.66	%		4.41	%		5.27	%
Portfolio turnover rate		174	%		92	%		67	%		147	%		92	%

(a)	Based on average shares outstanding.


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


Financial highlights		concluded

TIAA-CREF Life Funds § For the year ended


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


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


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.00	(d)		0.00	(d)		0.00	(d)		0.01			0.03
Net realized and unrealized gain (loss) on total investments		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		—

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


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

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

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


TOTAL RETURN		0.02	%		0.03	%		0.12	%		0.54	%		2.86	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	62,598		$	59,822		$	61,766		$	74,102		$	117,322
Ratio of expenses to average net assets before expense reimbursement		0.39	%		0.39	%		0.27	%		0.09	%		0.07	%
Ratio of expenses to average net assets after expense reimbursement		0.15	%		0.15	%		0.12	%		0.09	%		0.07	%
Ratio of net investment income (loss) to average net assets		0.02	%		0.03	%		0.12	%		0.58	%		2.80	%

(a)	Based on average shares outstanding.

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


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


Notes to financial statements

TIAA-CREF Life Funds

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund and the Money Market Fund (collectively the “Funds” or individually, the “Fund”). The Funds are currently available only through the purchase of variable annuity contracts or variable life insurance policies issued by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).

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

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

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

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

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


TIAA-CREF Life Funds § 2012 Annual Report			97


Notes to financial statements

and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2009–2012) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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

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

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

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


98		2012 Annual Report § TIAA-CREF Life Funds


		continued

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

Note 2—valuation of investments

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

•

Level 1—quoted prices in active markets for identical securities

•

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

•

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

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

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

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


TIAA-CREF Life Funds § 2012 Annual Report			99


Notes to financial statements

the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

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

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2012, there were no transfers between levels by the Funds.

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


100		2012 Annual Report § TIAA-CREF Life Funds


		continued

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

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


Fund	Level 1			Level 2		Level 3		Total

Growth Equity
Consumer discretionary	$	8,031,309		$	483,121	$	—	$	8,514,430
Consumer staples		1,182,123			367,235		—		1,549,358
Energy		1,411,861			—		—		1,411,861
Financials		1,829,483			—		—		1,829,483
Health care		6,030,792			—		—		6,030,792
Industrials		4,917,572			—		—		4,917,572
Information technology		15,818,353			—		—		15,818,353
Materials		2,334,416			—		—		2,334,416
Telecommunication services		220,872			—		—		220,872
Short-term investments		738,374			—		—		738,374

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

Growth & Income
Consumer discretionary	$	12,321,867		$	203,013	$	—	$	12,524,880
Consumer staples*		8,146,360			802,074		—		8,948,434
Energy		9,700,703			—		—		9,700,703
Financials		13,181,084			—		—		13,181,084
Health care		10,723,373			1,298,918		—		12,022,291
Industrials		9,139,512			144,743		—		9,284,255
Information technology		17,145,483			173,898		—		17,319,381
Materials		4,751,879			—		—		4,751,879
Telecommunication services		2,484,073			—		—		2,484,073
Utilities		1,849,862			—		—		1,849,862
Short-term investments		928,346			—		—		928,346
Written options**		(5,293	)		—		—		(5,293	)

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

Large-Cap Value
Consumer discretionary	$	6,353,290		$	345,264	$	—	$	6,698,554
Consumer staples		4,572,766			828,113		—		5,400,879
Energy		10,731,673			170,948		—		10,902,621
Financials		16,154,081			403,112		—		16,557,193
Health care*		8,438,659			669,375		—		9,108,034
Industrials*		6,842,016			513,550		—		7,355,566
Information technology		6,300,258			70,614		—		6,370,872
Materials		3,091,144			—		—		3,091,144
Telecommunication services		1,827,645			—		—		1,827,645
Utilities		3,341,622			—		—		3,341,622
Short-term investments		2,155,594			—		—		2,155,594

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


TIAA-CREF Life Funds § 2012 Annual Report			101


Notes to financial statements


Fund	Level 1		Level 2		Level 3		Total

Real Estate Securities
Casinos & gaming	$	245,550	$	—	$	—	$	245,550
Diversified REITs		2,276,160		—		—		2,276,160
Hotels, resorts & cruise lines		975,120		—		—		975,120
Industrial REITs		6,055,025		231,271		—		6,286,296
Office REITs		8,872,102		—		—		8,872,102
Real estate operating companies		1,845,438		—		—		1,845,438
Residential REITs		18,941,290		—		—		18,941,290
Retail REITs		25,067,090		—		—		25,067,090
Specialized REITs		28,785,368		—		—		28,785,368

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

International Equity
China	$	—	$	2,198,259	$	—	$	2,198,259
France		—		7,907,024		—		7,907,024
Germany		—		12,181,217		—		12,181,217
Hong Kong		—		1,885,508		—		1,885,508
India		—		1,779,528		—		1,779,528
Japan		—		7,532,433		—		7,532,433
Sweden		—		5,303,228		—		5,303,228
Switzerland		—		12,016,472		—		12,016,472
United Kingdom		—		20,502,291		—		20,502,291
Other		1,435,955		3,769,721		—		5,205,676
Short-term investments		3,411,250		—		—		3,411,250

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

Bond
Corporate bonds	$	—	$	88,753,817	$	—	$	88,753,817
Government bonds		—		74,845,553		—		74,845,553
Structured assets		—		13,061,194		—		13,061,194
Preferred stocks		38,487		—		—		38,487
Short-term investments		—		5,299,979		—		5,299,979

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

*	Includes American Depositary Receipts in Level 1.

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

Note 3—derivative instruments

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


102		2012 Annual Report § TIAA-CREF Life Funds


		continued

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

Asset derivatives

Liabilities derivatives

Derivative contracts

Location

Fair value
amount

Location

Fair value
amount

Growth & Income Fund

Equity contracts

—

Written options

5,293

Small-Cap Equity Fund

Equity contracts

Futures

10,413

—

Stock Index Fund

Equity contracts

—

Futures

5,340

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

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


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

Growth & Income Fund
Equity contracts		Written options	$	48,019		$	(2,577	)

Real Estate Securities Fund
Equity contracts		Written options		171,342			—

Small-Cap Equity Fund
Equity contracts		Futures transactions		(78	)		10,413

Stock Index Fund
Equity contracts		Futures transactions		110,934			(6,744	)

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


TIAA-CREF Life Funds § 2012 Annual Report			103


Notes to financial statements

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

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


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

Small-Cap Equity	Russell 2000 Mini Index		5	$	423,300	March 2013	$	10,413

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

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

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

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


Fund	Contracts		Value

Growth & Income Fund
Apple, Inc., Call, 01/04/13 at $530		1	$	(900	)
Apple, Inc., Call, 01/04/13 at $540		1		(470	)
Apple, Inc., Call, 01/04/13 at $545		1		(310	)
Apple, Inc., Call, 01/11/13 at $540		1		(1,025	)
Apple, Inc., Call, 01/11/13 at $545		1		(798	)
Google, Inc., Call, 01/04/13 at $720		1		(260	)
Herbalife Ltd., Call, 05/18/13 at $45		9		(1,530	)

Total		15	$	(5,293	)


104		2012 Annual Report § TIAA-CREF Life Funds


		continued

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


	Number of contracts			Premiums

Growth & Income Fund
Outstanding at beginning of period		—		$	—
Written		619			60,245
Purchased		(171	)		(20,656	)
Exercised		(46	)		(6,012	)
Expired		(387	)		(30,861	)

Outstanding at end of period		15		$	2,716

Real Estate Securities Fund
Outstanding at beginning of period		—		$	—
Written		2,760			177,812
Purchased		(500	)		(12,500	)
Exercised		(224	)		(34,343	)
Expired		(2,036	)		(130,969	)

Outstanding at end of period		—		$	—

Note 4—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and operational oversight services to the Funds.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of December 31, 2012, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:


Fund	Investment management fee			Maximum expense amounts*

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


TIAA-CREF Life Funds § 2012 Annual Report			105


Notes to financial statements

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

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

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

The following is the percentage of the Funds’ shares owned by affiliates as of December 31, 2012:


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

Growth Equity		100	%		—	%		100	%
Growth & Income		83			17			100
Large-Cap Value		62			38			100
Real Estate Securities		56			44			100
Small-Cap Equity		55			45			100
Social Choice Equity		68			32			100
Stock Index		100			—			100
International Equity		100			—			100
Bond		59			41			100
Money Market		100			—			100

Note 5—investments

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

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


106		2012 Annual Report § TIAA-CREF Life Funds


		continued

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

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

Net unrealized appreciation (depreciation): At December 31, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:


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

Growth Equity	$	38,853,187	$	4,823,019	$	(310,695	)	$	4,512,324
Growth & Income		81,420,099		13,295,122		(1,720,033	)		11,575,089
Large-Cap Value		70,830,675		6,596,890		(4,617,841	)		1,979,049
Real Estate Securities		81,477,523		13,401,419		(1,584,528	)		11,816,891
Small-Cap Equity		58,126,648		6,473,419		(1,840,151	)		4,633,268
Social Choice Equity		37,951,997		9,956,569		(4,465,484	)		5,491,085
Stock Index		177,626,829		60,571,968		(28,664,600	)		31,907,368
International Equity		73,401,158		8,908,695		(2,386,713	)		6,521,982
Bond		174,677,701		8,201,824		(880,495	)		7,321,329

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


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

Growth Equity	$	67,407,247	$	—	$	71,618,340	$	—
Growth & Income		104,474,655		—		99,640,964		—
Large-Cap Value		50,641,542		—		51,010,584		—
Real Estate Securities		60,097,170		—		57,104,365		—
Small-Cap Equity		69,366,293		—		71,934,073		—
Social Choice Equity		8,246,252		—		6,362,522		—
Stock Index		12,082,425		—		11,086,989		—
International Equity		93,120,232		—		118,225,380		—
Bond		112,444,963		210,571,829		80,992,881		211,575,070


TIAA-CREF Life Funds § 2012 Annual Report			107


Notes to financial statements

Note 6—distributions to shareholders and other tax items

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


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

Growth Equity	$	298,477	$	—	$	298,477	$	114,292	$	—	$	114,292
Growth & Income		1,583,060		6,128		1,589,188		832,617		—		832,617
Large-Cap Value		1,313,141		—		1,313,141		976,416		—		976,416
Real Estate Securities		1,696,190		—		1,696,190		967,504		—		967,504
Small-Cap Equity		672,128		—		672,128		317,153		—		317,153
Social Choice Equity		824,772		—		824,772		650,978		—		650,978
Stock Index		4,344,154		1,283,210		5,627,364		3,369,120		—		3,369,120
International Equity		1,219,392		—		1,219,392		1,625,943		—		1,625,943
Bond		6,398,349		1,809,392		8,207,741		5,009,099		12,940		5,022,039
Money Market		14,189		—		14,189		18,409		—		18,409

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


Fund	Undistributed/ (overdistributed) ordinary income			Undistributed long-term capital gains		Unrealized appreciation (depreciation)		Capital loss carryover			Post-October losses			Total

Growth Equity	$	(7,390	)	$	—	$	4,512,325	$	(6,152,705	)	$	(224	)	$	(1,647,994	)
Growth & Income		(364,758	)		—		11,572,492		—			(85,393	)		11,122,341
Large-Cap Value		468,061			—		1,979,041		(3,965,824	)		(406	)		(1,519,128	)
Real Estate Securities		1,160,298			—		11,816,889		(7,773,740	)		(492,901	)		4,710,546
Small-Cap Equity		27,537			—		4,633,268		(83,608	)		(11,724	)		4,565,473
Social Choice Equity		196,870			—		5,491,085		(995,311	)		—			4,692,644
Stock Index		546,541			376,593		31,907,361		—			(2,168	)		32,828,327
International Equity		1,811,374			—		6,518,851		(47,093,317	)		—			(38,763,092	)
Bond		141,570			282,353		7,321,330		—			—			7,745,253
Money Market		1,306			—		—		—			—			1,306

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


108		2012 Annual Report § TIAA-CREF Life Funds


		continued

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


	Growth Equity		Large-Cap Value		Real Estate Securities		Small-Cap Equity		Social Choice Equity		International Equity
12/31/16	$	2,375,903	$	291,377	$	—	$	—	$	—	$	24,929,424
12/31/17		3,776,802		3,674,447		7,773,740		83,608		974,062		22,163,893
12/31/18		—		—		—		—		21,249		—

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

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

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

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2012, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

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


TIAA-CREF Life Funds § 2012 Annual Report			109

Report of independent registered
public accounting firm

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

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

LOGO

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 19, 2013


110		2012 Annual Report § TIAA-CREF Life Funds


Trustees and officers (unaudited)

TIAA-CREF Life Funds § December 31, 2012

Trustees


Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	77	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	77	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	77	Director of Copper Rock Capital Partners, LLC (investment adviser).


TIAA-CREF Life Funds § 2012 Annual Report			111


Trustees and officers (unaudited)		continued

TIAA-CREF Life Funds § December 31, 2012

Trustees—concluded


Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	77	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 2001.	Former President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	77	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2010), Goldman Sachs Asset Management.	77	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent, Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.


112		2012 Annual Report § TIAA-CREF Life Funds


Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	77	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	77	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Former Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	77	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).	77	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.


TIAA-CREF Life Funds § 2012 Annual Report			113


Trustees and officers (unaudited)		continued

TIAA-CREF Life Funds § December 31, 2012

Officers


Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC. (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/28/51	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2012.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds since 2012. President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2008). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Former Chairman, Head of Financial Services and Member of the Executive Committee, Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).


114		2012 Annual Report § TIAA-CREF Life Funds


Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of T-C Life, (since 2012). Director of TIAA-CREF Trust Company, FSB (“Trust”) (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011). Former Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management (since 2009). Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director of T-C Life (2006–2008). Former Director of TPIS, Advisors and Investment Management (2008).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President and Corporate Secretary since 2012.	Senior Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2012). Former Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.


TIAA-CREF Life Funds § 2012 Annual Report			115


Trustees and officers (unaudited)		concluded

TIAA-CREF Life Funds § December 31, 2012

Officers—concluded


Name, address and date of birth (“DOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Former Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Former Director (2007–2011) and Former Executive Vice President (2008–2010) of TCAM. Manager (since 2006), Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009) and Former Executive Vice President of T-C Life (2009-2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Former Chief Communications Officer of TIAA (2010–2011). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

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


116		2012 Annual Report § TIAA-CREF Life Funds


Important tax information (unaudited)

TIAA-CREF Life Funds

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


Fund	Section 1250 gains		Long-term capital gains		Total

Growth Equity	$	—	$	—	$	—
Growth & Income		—		6,128		6,128
Large-Cap Value		—		—		—
Real Estate Securities		—		—		—
Small-Cap Equity		—		—		—
Social Choice Equity		—		—		—
Stock Index		—		1,283,210		1,283,210
International Equity		—		—		—
Bond		—		1,809,392		1,809,392
Money Market		—		—		—

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


Fund	Percentage

Growth Equity		100.00	%
Growth & Income		100.00	%
Large-Cap Value		100.00	%
Real Estate Securities		1.91	%
Small-Cap Equity		86.54	%
Social Choice Equity		97.64	%
Stock Index		88.49	%

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


TIAA-CREF Life Funds § 2012 Annual Report			117

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How to reach us

TIAA-CREF website

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

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

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

800 842-2252

24 hours a day, 7 days a week

National contact center

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

800 842-2252

8 a.m. to 10 p.m. ET, Monday–Friday

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

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. ET, Monday–Friday

For the hearing- or

speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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

TIAA-CREF brokerage services

Self-directed brokerage accounts for investing

in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration,

estate planning, planned giving and

endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

Advisor services

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

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

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


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C8285

A10847 (2/13)

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $317,500 and $306,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0; respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for tax services billed to the Registrant were $116,640 and $112,210, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for all other services billed to the Registrant were $1,500 and $7,000, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of

its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2012 and December 31, 2011 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2012 and December 31, 2011, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $417,730 and $256,730, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 1.1%
7,490	*	Delphi Automotive plc	$	286,492
2,531	*	General Motors Co		72,969
2,639	*,e	Tesla Motors, Inc		89,383

		TOTAL AUTOMOBILES & COMPONENTS		448,844


CAPITAL GOODS - 7.7%
12,553		Boeing Co		945,994
3,768		Cummins, Inc		408,263
5,960		Precision Castparts Corp		1,128,943
3,067		Roper Industries, Inc		341,909
2,199		W.W. Grainger, Inc		445,012

		TOTAL CAPITAL GOODS		3,270,121


COMMERCIAL & PROFESSIONAL SERVICES - 2.0%
12,658	*	Nielsen Holdings NV		387,208
9,065	*	Verisk Analytics, Inc		462,315

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		849,523


CONSUMER DURABLES & APPAREL - 4.1%
11,705		Luxottica Group S.p.A.		483,122
11,092		Nike, Inc (Class B)		572,347
3,989		Ralph Lauren Corp		598,031
725		VF Corp		109,453

		TOTAL CONSUMER DURABLES & APPAREL		1,762,953


CONSUMER SERVICES - 4.0%
2,287	*	Hyatt Hotels Corp		88,210
18,145		Las Vegas Sands Corp		837,573
1,776	*	Penn National Gaming, Inc		87,219
13,249		Starbucks Corp		710,412

		TOTAL CONSUMER SERVICES		1,723,414


DIVERSIFIED FINANCIALS - 4.1%
2,224	*	Affiliated Managers Group, Inc		289,454
5,341		Ameriprise Financial, Inc		334,507
8,612		Blackstone Group LP		134,261
1,839	*	IntercontinentalExchange, Inc		227,686
14,858		Moody’s Corp		747,655

		TOTAL DIVERSIFIED FINANCIALS		1,733,563


ENERGY - 3.3%
2,149	*	Concho Resources, Inc		173,123
1,914		EOG Resources, Inc		231,192
14,541		Schlumberger Ltd		1,007,546

		TOTAL ENERGY		1,411,861


FOOD, BEVERAGE & TOBACCO - 1.0%
2,936	*	Constellation Brands, Inc (Class A)		103,905
3,502	*	Dean Foods Co		57,818
3,768	*,e	Green Mountain Coffee Roasters, Inc		155,844
1,753		Hershey Co		126,602

		TOTAL FOOD, BEVERAGE & TOBACCO		444,169

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE


HEALTH CARE EQUIPMENT & SERVICES - 2.7%
3,894	*	Cerner Corp	$	302,330
3,335	*	Edwards Lifesciences Corp		300,717
1,101	*	Intuitive Surgical, Inc		539,897

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,142,944


HOUSEHOLD & PERSONAL PRODUCTS - 2.6%
4,485		Beiersdorf AG.		367,235
12,328		Estee Lauder Cos (Class A)		737,954

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,105,189


MATERIALS - 5.5%
1,086		Ashland, Inc		87,325
967		CF Industries Holdings, Inc		196,456
2,927		Cleveland-Cliffs, Inc		112,865
4,667		Ecolab, Inc		335,557
13,460		Monsanto Co		1,273,989
2,425		PPG Industries, Inc		328,224

		TOTAL MATERIALS		2,334,416


MEDIA - 4.7%
16,233		CBS Corp (Class B)		617,666
22,830		Comcast Corp (Class A)		853,385
1,721	*	Discovery Communications, Inc (Class A)		109,249
8,605		Walt Disney Co		428,443

		TOTAL MEDIA		2,008,743


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.4%
4,486	*	Alexion Pharmaceuticals, Inc		420,832
7,189		Allergan, Inc		659,447
8,080		Amgen, Inc		697,465
3,496	*	Biogen Idec, Inc		512,758
1,270	*	BioMarin Pharmaceuticals, Inc		62,547
13,267	*	Celgene Corp		1,044,378
7,256	*	Gilead Sciences, Inc		532,953
6,040	*,e	Illumina, Inc		335,764
2,741	*	Medivation, Inc		140,230
3,436		Perrigo Co		357,447
725	*	Regeneron Pharmaceuticals, Inc		124,026

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,887,847


REAL ESTATE - 0.2%
2,286	*	Realogy Holdings Corp		95,921

		TOTAL REAL ESTATE		95,921


RETAILING - 6.0%
5,095	*	Amazon.com, Inc		1,279,558
3,002	*	Carmax, Inc		112,695
5,283		Expedia, Inc		324,641
7,338		Home Depot, Inc		453,855
8,494		Limited Brands, Inc		399,728

		TOTAL RETAILING		2,570,477


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
11,787		Broadcom Corp (Class A)		391,446
14,080		Maxim Integrated Products, Inc		413,952

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		805,398


SOFTWARE & SERVICES - 23.9%
21,867	*	Adobe Systems, Inc		823,949
27,149	*	eBay, Inc		1,385,142

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

18,630	*	Facebook, Inc	$	496,117
6,487	*	Gartner, Inc		298,532
1,568	*	Google, Inc (Class A)		1,112,292
27,281		Intuit, Inc		1,623,219
3,524	*	LinkedIn Corp		404,626
1,755		Mastercard, Inc (Class A)		862,196
2,857	*	Nuance Communications, Inc		63,768
20,284		Oracle Corp		675,863
12,900	*	Red Hat, Inc		683,184
1,130	*	Salesforce.com, Inc		189,953
2,254	*	Sina Corp		113,196
4,097	*	TIBCO Software, Inc		90,175
7,742		Visa, Inc (Class A)		1,173,532
2,316	*	VMware, Inc (Class A)		218,028

		TOTAL SOFTWARE & SERVICES		10,213,772


TECHNOLOGY HARDWARE & EQUIPMENT - 11.2%
5,179		Apple, Inc		2,760,562
32,195	*	EMC Corp		814,534
3,437	*	F5 Networks, Inc		333,905
3,412	*	Juniper Networks, Inc		67,114
13,271		Qualcomm, Inc		823,067

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		4,799,182


TELECOMMUNICATION SERVICES - 0.5%
3,110	*	SBA Communications Corp (Class A)		220,872

		TOTAL TELECOMMUNICATION SERVICES		220,872


TRANSPORTATION - 1.9%
1,799	e	Canadian Pacific Railway Ltd		182,814
3,666		FedEx Corp		336,246
17,140	*	Hertz Global Holdings, Inc		278,868

		TOTAL TRANSPORTATION		797,928

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


SHORT-TERM INVESTMENTS - 1.7%

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

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		738,374

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

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

		NET ASSETS - 100.0%	$	42,710,438

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $733,411.

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.0%
10,683	*	Delphi Automotive plc	$	408,625
38,581		Ford Motor Co		499,624

		TOTAL AUTOMOBILES & COMPONENTS		908,249


BANKS - 2.9%
11,675		TCF Financial Corp		141,851
28,707		US Bancorp		916,901
47,670		Wells Fargo & Co		1,629,361

		TOTAL BANKS		2,688,113


CAPITAL GOODS - 7.7%
9,501		Boeing Co		715,995
7,657		Eaton Corp		415,009
5,313		Emerson Electric Co		281,377
74,552		General Electric Co		1,564,847
18,684		Honeywell International, Inc		1,185,873
27,047		Invensys plc		144,743
3,636		Pall Corp		219,105
6,216		Pentair Ltd		305,517
2,135		Precision Castparts Corp		404,412
4,175		Rockwell Automation, Inc		350,658
5,581		Rockwell Collins, Inc		324,647
5,359		Roper Industries, Inc		597,421
2,973		SPX Corp		208,556
4,388	*	Teledyne Technologies, Inc		285,527
708		W.W. Grainger, Inc		143,278

		TOTAL CAPITAL GOODS		7,146,965


COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
12,952		Tyco International Ltd		378,846

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		378,846


CONSUMER DURABLES & APPAREL - 1.3%
19,266		DR Horton, Inc		381,082
5,887		Jarden Corp		304,358
3,439		Phillips-Van Heusen Corp		381,763
2,866	*,e	Under Armour, Inc (Class A)		139,087

		TOTAL CONSUMER DURABLES & APPAREL		1,206,290


CONSUMER SERVICES - 1.9%
5,116		Las Vegas Sands Corp		236,154
1,903	*	Panera Bread Co (Class A)		302,253
8,616	*	Penn National Gaming, Inc		423,132
45,410		Sands China Ltd		203,013
4,613		Six Flags Entertainment Corp		282,316
4,709		Yum! Brands, Inc		312,678

		TOTAL CONSUMER SERVICES		1,759,546


DIVERSIFIED FINANCIALS - 7.6%
9,081		American Express Co		521,976
9,631		Ameriprise Financial, Inc		603,189
103,381		Bank of America Corp		1,199,220
37,137		Citigroup, Inc		1,469,140

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY		VALUE

21,035		Discover Financial Services		$	810,899
3,263		Goldman Sachs Group, Inc			416,228
23,484		JPMorgan Chase & Co			1,032,591
43,355		Morgan Stanley			828,948
1,023	*	Portfolio Recovery Associates, Inc			109,318

		TOTAL DIVERSIFIED FINANCIALS	��		6,991,509


ENERGY - 10.5%
12,814		Anadarko Petroleum Corp			952,209
9,269	*	Cameron International Corp			523,328
10,623	*	Cheniere Energy, Inc			199,500
12,830		Chevron Corp			1,387,436
6,651	*	Cobalt International Energy, Inc			163,348
4,816		EOG Resources, Inc			581,725
35,198		Exxon Mobil Corp			3,046,387
12,169		Occidental Petroleum Corp			932,267
5,955		Phillips 66			316,210
16,144		Schlumberger Ltd			1,118,618
10,743		Transocean Ltd-NYSE			479,675

		TOTAL ENERGY			9,700,703


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

		TOTAL FOOD & STAPLES RETAILING			607,162


FOOD, BEVERAGE & TOBACCO - 7.2%
4,918		Brown-Forman Corp (Class B)			311,063
37,781		Coca-Cola Co			1,369,561
16,018	*	D.E Master Blenders 1753 NV			184,026
18,122	*	Dean Foods Co			299,194
1,635		Diageo plc (ADR)			190,608
11,454		Hershey Co			827,208
7,311		Ingredion, Inc			471,048
13,100		Kellogg Co			731,635
8,720	*	Monster Beverage Corp			461,114
18,309		Philip Morris International, Inc			1,531,365
2,674		Remy Cointreau S.A.			292,000

		TOTAL FOOD, BEVERAGE & TOBACCO			6,668,822


HEALTH CARE EQUIPMENT & SERVICES - 3.0%
17,001		Abbott Laboratories			1,113,565
16,777		Aetna, Inc			776,775
9,064	*	Catamaran Corp			427,005
10,135		Medtronic, Inc			415,738

		TOTAL HEALTH CARE EQUIPMENT & SERVICES			2,733,083


HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
3,982		Beiersdorf AG.			326,049
6,725		Church & Dwight Co, Inc			360,258
3,775	d,e	Herbalife Ltd			124,348
12,694		Procter & Gamble Co			861,796

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS			1,672,451


INSURANCE - 3.3%
12,598		ACE Ltd			1,005,320
9,279	*	American International Group, Inc			327,549
7,807		Fidelity National Title Group, Inc (Class A)			183,855
22,500		Hartford Financial Services Group, Inc			504,900
11,494		Metlife, Inc			378,612
8,827		Travelers Cos, Inc			633,955

		TOTAL INSURANCE			3,034,191

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE


MATERIALS - 5.1%
2,744		Agnico-Eagle Mines Ltd	$	143,950
4,984		Ashland, Inc		400,764
946		Celanese Corp (Series A)		42,125
264		CF Industries Holdings, Inc		53,634
11,459		Cleveland-Cliffs, Inc		441,859
6,558		Cytec Industries, Inc		451,387
4,401		FMC Corp		257,547
10,560		International Paper Co		420,710
6,076		LyondellBasell Industries AF S.C.A		346,879
13,072		Monsanto Co		1,237,265
3,844		PPG Industries, Inc		520,285
24,870		Sealed Air Corp		435,474

		TOTAL MATERIALS		4,751,879


MEDIA - 3.2%
5,117		CBS Corp (Class B)		194,702
30,180		Comcast Corp (Class A)		1,128,128
10,143		Gannett Co, Inc		182,675
9,106		Time Warner, Inc		435,540
6,809		Viacom, Inc (Class B)		359,107
14,081		Walt Disney Co		701,093

		TOTAL MEDIA		3,001,245


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
4,516	*	Alexion Pharmaceuticals, Inc		423,646
4,187		Allergan, Inc		384,074
7,851		Amgen, Inc		677,698
6,235		Bayer AG.		594,581
4,619	*	Biogen Idec, Inc		677,469
7,309	*	BioMarin Pharmaceuticals, Inc		359,968
15,924	*	Gilead Sciences, Inc		1,169,618
5,720	*	Jazz Pharmaceuticals plc		304,304
13,554		Johnson & Johnson		950,135
3,731	*	Medivation, Inc		190,878
7,679	*	Mylan Laboratories, Inc		211,019
80,256		Pfizer, Inc		2,012,821
1,563		Roche Holding AG.		316,009
4,095		Sanofi-Aventis		388,328
7,310	*	Watson Pharmaceuticals, Inc		628,660

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		9,289,208


REAL ESTATE - 0.5%
2,753		AvalonBay Communities, Inc		373,279
2,240	*	Realogy Holdings Corp		93,991

		TOTAL REAL ESTATE		467,270


RETAILING - 6.1%
3,089	*	Amazon.com, Inc		775,772
5,331		Expedia, Inc		327,590
16,405		Foot Locker, Inc		526,929
20,985		Home Depot, Inc		1,297,922
14,574		Macy’s, Inc		568,677
1,077	*,e	NetFlix, Inc		99,924
4,706		Petsmart, Inc		321,608
11,990		Target Corp		709,448
3,040		Tiffany & Co		174,314
13,650		TJX Companies, Inc		579,442
6,807	*	Urban Outfitters, Inc		267,924

		TOTAL RETAILING		5,649,550

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1%
13,503		Broadcom Corp (Class A)	$	448,435
26,664	*	Imagination Technologies Group plc		173,897
13,277		Maxim Integrated Products, Inc		390,344

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,012,676


SOFTWARE & SERVICES - 9.4%
2,626	*	Alliance Data Systems Corp		380,140
10,805	*	Aspen Technology, Inc		298,650
2,154	*	BMC Software, Inc		85,428
19,412	*	eBay, Inc		990,400
3,841	*	Facebook, Inc		102,286
7,086	*	Fortinet, Inc		149,302
1,699	*,d	Google, Inc (Class A)		1,205,220
6,609		International Business Machines Corp		1,265,954
28,143	*	Jive Software, Inc		408,918
4,487	*	Micros Systems, Inc		190,428
52,381		Microsoft Corp		1,400,144
2,446	*	MicroStrategy, Inc (Class A)		228,407
29,996		Oracle Corp		999,467
17,174	*	Take-Two Interactive Software, Inc		189,086
10,920	*	TIBCO Software, Inc		240,349
8,800	*	TiVo, Inc		108,416
23,914	*	Yahoo!, Inc		475,888

		TOTAL SOFTWARE & SERVICES		8,718,483


TECHNOLOGY HARDWARE & EQUIPMENT - 8.2%
7,126	d	Apple, Inc		3,798,372
52,907		Cisco Systems, Inc		1,039,623
20,156	*	EMC Corp		509,947
3,948	*	F5 Networks, Inc		383,548
33,118	*	JDS Uniphase Corp		448,418
18,015		Qualcomm, Inc		1,117,290
6,681	*	SanDisk Corp		291,024

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,588,222


TELECOMMUNICATION SERVICES - 2.7%
13,089		CenturyTel, Inc		512,042
7,500	*	SBA Communications Corp (Class A)		532,650
9,682	*	tw telecom inc (Class A)		246,600
27,566		Verizon Communications, Inc		1,192,781

		TOTAL TELECOMMUNICATION SERVICES		2,484,073


TRANSPORTATION - 1.9%
4,840	e	Canadian Pacific Railway Ltd		491,841
4,129		CH Robinson Worldwide, Inc		261,035
25,737	*	Delta Air Lines, Inc		305,498
12,652	*	Hertz Global Holdings, Inc		205,848
3,031		Kansas City Southern Industries, Inc		253,028
7,036	*	Old Dominion Freight Line		241,194

		TOTAL TRANSPORTATION		1,758,444


UTILITIES - 2.0%
9,609		American Water Works Co, Inc		356,782
13,215	*	Calpine Corp		239,588
11,986		Edison International		541,647
6,143		NextEra Energy, Inc		425,034
4,043		Sempra Energy		286,811

		TOTAL UTILITIES		1,849,862

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

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

SHORT-TERM INVESTMENTS - 1.0%

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

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		928,346

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

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

		NET ASSETS - 100.0%	$	92,408,676

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing.

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

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $934,272.

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 98.5%

AUTOMOBILES & COMPONENTS - 1.0%
13,958	*	American Axle & Manufacturing Holdings, Inc	$	156,329
4,403	*	Delphi Automotive plc		168,415
31,208		Ford Motor Co		404,144

		TOTAL AUTOMOBILES & COMPONENTS		728,888


BANKS - 5.1%
48,766		Barclays plc		211,839
2,911		BB&T Corp		84,739
37,229		Huntington Bancshares, Inc		237,893
33,550		Regions Financial Corp		238,876
29,322	e	Synovus Financial Corp		71,839
36,058		TCF Financial Corp		438,105
12,152		US Bancorp		388,135
57,335		Wells Fargo & Co		1,959,710

		TOTAL BANKS		3,631,136


CAPITAL GOODS - 7.5%
6,584		Boeing Co		496,170
13,345	*	Edwards Group Ltd (ADR)		81,138
4,050		General Dynamics Corp		280,543
125,362		General Electric Co		2,631,348
41,955		Invensys plc		224,524
1,446		L-3 Communications Holdings, Inc		110,793
9,227		Masco Corp		153,722
9,457		Pentair Ltd		464,812
4,718	*,e	Polypore International, Inc		219,387
8,489		SPX Corp		595,503
6,542		Textron, Inc		162,176

		TOTAL CAPITAL GOODS		5,420,116


COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
9,520		ADT Corp		442,585
9,007		Tyco International Ltd		263,455

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		706,040


CONSUMER DURABLES & APPAREL - 0.8%
6,256		Jarden Corp		323,435
13,817	*	Pulte Homes, Inc		250,917

		TOTAL CONSUMER DURABLES & APPAREL		574,352


CONSUMER SERVICES - 3.0%
7,158	*	Bloomin’ Brands, Inc		111,951
12,876		Carnival Corp		473,451
5,626	*	Hyatt Hotels Corp		216,995
9,794		Interval Leisure Group, Inc		189,906
4,847		Las Vegas Sands Corp		223,737
22,136	*	Orient-Express Hotels Ltd (Class A)		258,770
10,215	*	Penn National Gaming, Inc		501,659
2,217		Six Flags Entertainment Corp		135,680
2,076		Sotheby’s (Class A)		69,795

		TOTAL CONSUMER SERVICES		2,181,944

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE


DIVERSIFIED FINANCIALS - 9.4%
3,688		American Express Co	$	211,986
8,195		Apollo Management LP		142,265
100,309		Bank of America Corp		1,163,584
14,413		Blackstone Group LP		224,699
2,536		Capital One Financial Corp		146,911
34,627		Citigroup, Inc		1,369,844
9,076		Discover Financial Services		349,880
26,200		JPMorgan Chase & Co		1,152,014
10,643		Legg Mason, Inc		273,738
43,632		Morgan Stanley		834,244
7,533		Northern Trust Corp		377,855
10,041		State Street Corp		472,027

		TOTAL DIVERSIFIED FINANCIALS		6,719,047


ENERGY - 15.2%
6,249		Anadarko Petroleum Corp		464,363
19,303		Baker Hughes, Inc		788,335
3,711		Cabot Oil & Gas Corp		184,585
4,906		Cenovus Energy, Inc		164,547
6,313	*	Cheniere Energy, Inc		118,558
16,465		Chevron Corp		1,780,525
11,758	*	Cobalt International Energy, Inc		288,777
710	*	Concho Resources, Inc		57,198
4,520	e	Crescent Point Energy Corp		170,948
5,575		Energy Transfer Partners LP		239,335
3,403		EOG Resources, Inc		411,048
936		Equitable Resources, Inc		55,205
33,661	e	EXCO Resources, Inc		227,885
30,339		Exxon Mobil Corp		2,625,840
38,755	*	Kodiak Oil & Gas Corp		342,982
4,524		Marathon Oil Corp		138,706
3,204		Marathon Petroleum Corp		201,852
16,715	*	Matador Resources Co		137,063
1,101		Noble Energy, Inc		112,016
14,650		Occidental Petroleum Corp		1,122,337
4,171		Phillips 66		221,480
5,345	*	Southwestern Energy Co		178,576
255		Spectra Energy Corp		6,982
61,591	*	Weatherford International Ltd		689,203
5,323		Williams Cos, Inc		174,275

		TOTAL ENERGY		10,902,621


FOOD & STAPLES RETAILING - 0.4%
2,745		CVS Corp		132,721
4,579		Walgreen Co		169,469

		TOTAL FOOD & STAPLES RETAILING		302,190


FOOD, BEVERAGE & TOBACCO - 3.9%
11,722		Altria Group, Inc		368,305
4,920	*	Constellation Brands, Inc (Class A)		174,119
29,829	*	D.E Master Blenders 1753 NV		342,697
10,500	*,e	Green Mountain Coffee Roasters, Inc		434,280
2,658		Kellogg Co		148,449
10,754	*	Kraft Foods Group, Inc		488,984
18,620		Mondelez International, Inc		474,252
1,360		Philip Morris International, Inc		113,750
2,174		Remy Cointreau S.A.		237,400
485	*	WhiteWave Foods Co		7,537

		TOTAL FOOD, BEVERAGE & TOBACCO		2,789,773

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE


HEALTH CARE EQUIPMENT & SERVICES - 4.1%
5,253		Abbott Laboratories	$	344,072
2,649		Baxter International, Inc		176,582
24,408	*	Boston Scientific Corp		139,858
13,876		Cardinal Health, Inc		571,414
3,814		Cigna Corp		203,897
10,042		Medtronic, Inc		411,923
9,000	*,e	Olympus Corp		174,606
4,307	*	Tenet Healthcare Corp		139,848
12,829		UnitedHealth Group, Inc		695,845
1,647		WellPoint, Inc		100,335

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,958,380


HOUSEHOLD & PERSONAL PRODUCTS - 3.2%
21,340		Avon Products, Inc		306,442
3,029		Beiersdorf AG.		248,017
4,234		Nu Skin Enterprises, Inc (Class A)		156,870
23,532		Procter & Gamble Co		1,597,587

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,308,916


INSURANCE - 6.2%
7,716		ACE Ltd		615,737
5,877		Allstate Corp		236,079
3,046		Aon plc		169,358
1	*	Berkshire Hathaway, Inc		134,060
3,783	*	Berkshire Hathaway, Inc (Class B)		339,335
17,441		Hartford Financial Services Group, Inc		391,376
11,365		Marsh & McLennan Cos, Inc		391,751
11,583		Metlife, Inc		381,544
1,490		PartnerRe Ltd		119,930
15,417		Principal Financial Group		439,693
7,842		Prudential Financial, Inc		418,214
1,715		RenaissanceRe Holdings Ltd		139,361
6,826		Travelers Cos, Inc		490,243
8,687		XL Capital Ltd		217,696

		TOTAL INSURANCE		4,484,377


MATERIALS - 4.3%
3,273		Ashland, Inc		263,182
15,582		Cleveland-Cliffs, Inc		600,842
11,143		Dow Chemical Co		360,142
6,315		Georgia Gulf Corp		260,683
4,654		LyondellBasell Industries AF S.C.A		265,697
4,482		Mosaic Co		253,816
15,887		PolyOne Corp		324,412
22,714		Sealed Air Corp		397,722
10,163		Walter Energy, Inc		364,648

		TOTAL MATERIALS		3,091,144


MEDIA - 1.7%
11,444		Comcast Corp (Class A)		427,777
9,131		News Corp (Class A)		233,206
11,910		Time Warner, Inc		569,655

		TOTAL MEDIA		1,230,638


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%
4,095		Amgen, Inc		353,480
3,130		Bayer AG.		298,482
34,685	*	Biovitrum AB		196,286
5,767		Eli Lilly & Co		284,428
11,330		Johnson & Johnson		794,233
2,593	*	Medivation, Inc		132,658

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

23,576		Merck & Co, Inc	$	965,201
82,450		Pfizer, Inc		2,067,846
26,152		Teva Pharmaceutical Industries Ltd (ADR)		976,516
6,688		Warner Chilcott plc		80,524

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,149,654


REAL ESTATE - 2.4%
900		Boston Properties, Inc		95,229
31,372		Chimera Investment Corp		81,881
11,694	*	Forest City Enterprises, Inc (Class A)		188,858
14,324		Kimco Realty Corp		276,740
8,796		Mack-Cali Realty Corp		229,663
4,099		Potlatch Corp		160,640
4,709	*	Realogy Holdings Corp		197,590
113		Rouse Properties, Inc		1,912
2,615		SL Green Realty Corp		200,440
4,286		Starwood Property Trust, Inc		98,406
24,000		Wharf Holdings Ltd		191,273

		TOTAL REAL ESTATE		1,722,632


RETAILING - 2.8%
3,749		Abercrombie & Fitch Co (Class A)		179,840
16,122		Best Buy Co, Inc		191,046
4,887		Expedia, Inc		300,306
378,046		Hengdeli Holdings Ltd		138,676
14,655	e	JC Penney Co, Inc		288,850
48,000	e	Li & Fung Ltd		86,615
8,889	*	Liberty Media Holding Corp (Interactive A)		174,935
48,500		Lifestyle International Holdings Ltd		119,973
11,658		Lowe’s Companies, Inc		414,092
1,494		Target Corp		88,400

		TOTAL RETAILING		1,982,733


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
4,492		Avago Technologies Ltd		142,217
7,804		Broadcom Corp (Class A)		259,171
28,620	*,e	Freescale Semiconductor Holdings Ltd		315,106
8,396	*	Lam Research Corp		303,348
31,497		Marvell Technology Group Ltd		228,668
4,508		Nvidia Corp		55,403
59,060	*	ON Semiconductor Corp		416,373
25,537	*	RF Micro Devices, Inc		114,406

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,834,692


SOFTWARE & SERVICES - 2.4%
4,843	*	Adobe Systems, Inc		182,484
9,083		AOL, Inc		268,948
2,654		DST Systems, Inc		160,832
11,091	*	eBay, Inc		565,863
3,980	*,e	VistaPrint Ltd		130,783
20,049	*	Yahoo!, Inc		398,975

		TOTAL SOFTWARE & SERVICES		1,707,885


TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%
8,072	*	Ciena Corp		126,730
68,689		Cisco Systems, Inc		1,349,739
21,269		Corning, Inc		268,415
26,888		Hewlett-Packard Co		383,154
12,000	e	Hitachi Ltd		70,614
19,208	*	JDS Uniphase Corp		260,076
13,954	*	Juniper Networks, Inc		274,475
2,183	*	SanDisk Corp		95,092

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,828,295

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE


TELECOMMUNICATION SERVICES - 2.6%
48,456		AT&T, Inc	$	1,633,452
8,403	*	Level 3 Communications, Inc		194,193

		TOTAL TELECOMMUNICATION SERVICES		1,827,645


TRANSPORTATION - 1.7%
158,000		Air China Ltd		135,297
1,804		FedEx Corp		165,463
24,400	*	Gol Linhas Aereas Inteligentes S.A.		153,729
29,756	*	Hertz Global Holdings, Inc		484,130
7,159	*	UAL Corp		167,377
9,210		UTI Worldwide, Inc		123,414

		TOTAL TRANSPORTATION		1,229,410


UTILITIES - 4.7%
11,185	*	Calpine Corp		202,784
9,851		Centerpoint Energy, Inc		189,632
6,339		Duke Energy Corp		404,428
5,604		Edison International		253,245
551		Entergy Corp		35,126
17,025		Exelon Corp		506,324
5,077		FirstEnergy Corp		212,015
3,057		NextEra Energy, Inc		211,514
5,630		NRG Energy, Inc		129,433
6,154		PG&E Corp		247,268
7,675		PPL Corp		219,735
3,011		Sempra Energy		213,600
4,013		Utilities Select Sector SPDR Fund		140,254
14,087		Xcel Energy, Inc		376,264

		TOTAL UTILITIES		3,341,622

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


SHORT-TERM INVESTMENTS - 3.0%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.0%
2,155,594	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		2,155,594

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,155,594

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

		TOTAL INVESTMENTS - 101.5% (Cost $69,841,074)		72,809,724

		OTHER ASSETS & LIABILITIES, NET - (1.5)%		(1,119,096	)

		NET ASSETS - 100.0%	$	71,690,628

Abbreviation(s):

ADR American Depositary Receipt

SPDR Standard & Poor’s Depository Receipts

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,120,034.

TIAA-CREF LIFE FUNDS- Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE


COMMON STOCKS - 96.8%

CASINOS & GAMING - 0.3%
5,000	*	Penn National Gaming, Inc	$	245,550

		TOTAL CASINOS & GAMING		245,550


DIVERSIFIED REITS - 2.4%
40,000		NRDC Acquisition Corp		514,400
22,000		Vornado Realty Trust		1,761,760

		TOTAL DIVERSIFIED REITS		2,276,160


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

		TOTAL HOTELS, RESORTS & CRUISE LINES		975,120


INDUSTRIAL REITS - 6.5%
19,000		EastGroup Properties, Inc		1,022,390
27,000	*	First Industrial Realty Trust, Inc		380,160
100,000		Global Logistic Properties		231,271
127,500		Prologis, Inc		4,652,475

		TOTAL INDUSTRIAL REITS		6,286,296


OFFICE REITS - 9.2%
41,000		Boston Properties, Inc		4,338,210
22,800		Digital Realty Trust, Inc		1,547,892
8,000		Kilroy Realty Corp		378,960
59,000		Mission West Properties, Inc		537,490
27,000		SL Green Realty Corp		2,069,550

		TOTAL OFFICE REITS		8,872,102


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

		TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0


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

		TOTAL REAL ESTATE OPERATING COMPANIES		1,845,438


RESIDENTIAL REITS - 19.6%
50,000		American Campus Communities, Inc		2,306,500
20,000		Apartment Investment & Management Co (Class A)		541,200
34,000		AvalonBay Communities, Inc		4,610,060
10,000		BRE Properties, Inc (Class A)		508,300
26,000		Camden Property Trust		1,773,460
20,000		Education Realty Trust, Inc		212,800
20,000		Equity Lifestyle Properties, Inc		1,345,800
64,000		Equity Residential		3,626,880
10,000		Essex Property Trust, Inc		1,466,500
9,000		Home Properties, Inc		551,790
40,000		Post Properties, Inc		1,998,000

		TOTAL RESIDENTIAL REITS		18,941,290

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund


SHARES		COMPANY	VALUE


RETAIL REITS - 26.0%
85,000		DDR Corp	$	1,331,100
28,000		Equity One, Inc		588,280
23,000		Federal Realty Investment Trust		2,392,460
155,000		General Growth Properties, Inc		3,076,750
16,000		Macerich Co		932,800
23,000		Realty Income Corp		924,830
20,000		Regency Centers Corp		942,400
75,000		Simon Property Group, Inc		11,856,750
17,000		Tanger Factory Outlet Centers, Inc		581,400
31,000		Taubman Centers, Inc		2,440,320

		TOTAL RETAIL REITS		25,067,090


SPECIALIZED REITS - 29.9%
60,000		American Tower Corp		4,636,200
55,000		CubeSmart		801,350
8,000		Entertainment Properties Trust		368,880
30,000		Extra Space Storage, Inc		1,091,700
88,000		HCP, Inc		3,975,840
73,000		Health Care REIT, Inc		4,474,168
100,000		Host Marriott Corp		1,567,000
20,000		Plum Creek Timber Co, Inc		887,400
32,000		Public Storage, Inc		4,638,720
12,000		Rayonier, Inc		621,960
110,000	*	Strategic Hotels & Resorts, Inc		704,000
45,000	*	Sunstone Hotel Investors, Inc		481,950
40,000		Ventas, Inc		2,588,800
70,000		Weyerhaeuser Co		1,947,400

		TOTAL SPECIALIZED REITS		28,785,368

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

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

		NET ASSETS - 100.0%	$	96,420,818

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing.

b	In bankruptcy.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 1.2%
1,300		Cooper Tire & Rubber Co	$	32,968
19,819		Dana Holding Corp		309,374
2,600		Lear Corp		121,784
7,199	*	Tenneco, Inc		252,757

		TOTAL AUTOMOBILES & COMPONENTS		716,883


BANKS - 7.6%
10,174		Brookline Bancorp, Inc		86,479
420		Century Bancorp, Inc		13,839
5,400		Columbia Banking System, Inc		96,876
4,200		Community Bank System, Inc		114,912
13,800		CVB Financial Corp		143,520
1,877		Dime Community Bancshares		26,072
3,602	e	First Financial Bankshares, Inc		140,514
25,129		FirstMerit Corp		356,580
18,094		Home Loan Servicing Solutions Ltd		341,977
2,452		NBT Bancorp, Inc		49,702
7,593	*	Ocwen Financial Corp		262,642
11,250		Oritani Financial Corp		172,350
9,600		PrivateBancorp, Inc		147,072
5,382		Prosperity Bancshares, Inc		226,044
9,710		Provident Financial Services, Inc		144,873
29,740	e	Radian Group, Inc		181,711
5,200	*	Signature Bank		370,968
32,937		Susquehanna Bancshares, Inc		345,180
7,054	*	SVB Financial Group		394,812
3,700	*	Texas Capital Bancshares, Inc		165,834
5,995		UMB Financial Corp		262,821
7,680		Umpqua Holdings Corp		90,547
7,800		Webster Financial Corp		160,290
7,025		Wintrust Financial Corp		257,818

		TOTAL BANKS		4,553,433


CAPITAL GOODS - 9.6%
2,470		A.O. Smith Corp		155,783
5,270		Actuant Corp (Class A)		147,086
9,000		Acuity Brands, Inc		609,570
6,600		Alliant Techsystems, Inc		408,936
1,400		American Science & Engineering, Inc		91,294
1,666		Ampco-Pittsburgh Corp		33,287
9,100		Applied Industrial Technologies, Inc		382,291
5,441		Belden CDT, Inc		244,790
5,162		Brady Corp (Class A)		172,411
3,800	*	Chart Industries, Inc		253,346
6,000		Crane Co		277,680
3,013		Cubic Corp		144,533
2,153		Curtiss-Wright Corp		70,683
2,462	*	DXP Enterprises, Inc		120,810
8,848	*	EnerSys		332,950
2,771		Franklin Electric Co, Inc		172,273
3,656		Granite Construction, Inc		122,915
3,275		H&E Equipment Services, Inc		49,354
7,700	*	Hexcel Corp		207,592
3,147	*	Kadant, Inc		83,427
3,470		LB Foster Co (Class A)		150,737
4,200		Mueller Industries, Inc		210,126

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

11,729	*	NCI Building Systems, Inc	$	163,033
7,900	*	Oshkosh Truck Corp		234,235
4,000		Sauer-Danfoss, Inc		213,480
14,000	*	Taser International, Inc		125,160
5,080	*	Teledyne Technologies, Inc		330,556
3,200		Westinghouse Air Brake Technologies Corp		280,128

		TOTAL CAPITAL GOODS		5,788,466


COMMERCIAL & PROFESSIONAL SERVICES - 3.9%
5,196	*	Acacia Research (Acacia Technologies)		133,277
3,283		Administaff, Inc		106,895
6,462	*	Advisory Board Co		302,357
5,557		Brink’s Co		158,541
10,600	*	Copart, Inc		312,700
4,531		Corporate Executive Board Co		215,041
2,394	*	Exponent, Inc		133,657
9,400		Healthcare Services Group		218,362
9,200	*	Korn/Ferry International		145,912
10,146		Rollins, Inc		223,618
6,221	*	SYKES Enterprises, Inc		94,684
11,533	*	Tetra Tech, Inc		305,048

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,350,092


CONSUMER DURABLES & APPAREL - 4.2%
19,439	*,e	Beazer Homes USA, Inc		328,325
18,800		Brunswick Corp		546,892
2,700	*	Carter’s, Inc		150,255
18,107	*	CROCS, Inc		260,560
8,491		Harman International Industries, Inc		379,038
5,100	*	iRobot Corp		95,574
5,000	*	Skechers U.S.A., Inc (Class A)		92,500
4,400	*	Steven Madden Ltd		185,988
3,110		True Religion Apparel, Inc		79,056
6,600	*	Tumi Holdings, Inc		137,610
4,000		Tupperware Corp		256,400

		TOTAL CONSUMER DURABLES & APPAREL		2,512,198


CONSUMER SERVICES - 4.9%
3,951		Ameristar Casinos, Inc		103,674
28,300	*,e	Boyd Gaming Corp		187,912
3,000	*	Buffalo Wild Wings, Inc		218,460
846		Cheesecake Factory		27,681
4,070	*,e	Coinstar, Inc		211,681
11,000	*	Grand Canyon Education, Inc		258,170
14,700		Hillenbrand, Inc		332,367
3,085	*	Hyatt Hotels Corp		118,988
17,600	*	Krispy Kreme Doughnuts, Inc		165,088
16,000	*	MGM Mirage		186,240
6,200	*	Multimedia Games, Inc		91,202
500	*	Panera Bread Co (Class A)		79,415
5,073	*	Papa John’s International, Inc		278,711
16,631	*	Pinnacle Entertainment, Inc		263,269
16,800	*	SHFL Entertainment, Inc		243,600
5,080		Sotheby’s (Class A)		170,789

		TOTAL CONSUMER SERVICES		2,937,247


DIVERSIFIED FINANCIALS - 4.4%
36,400		Apollo Investment Corp		304,304
200	*,m	DVI, Inc		0
6,400	*	Financial Engines, Inc		177,600
7,700		Greenhill & Co, Inc		400,323
1,200	e	iShares Russell 2000 Index Fund		101,148
7,780		MarketAxess Holdings, Inc		274,634

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

9,005	*	PHH Corp	$	204,864
2,751	*	Piper Jaffray Cos		88,389
2,600	*	Portfolio Recovery Associates, Inc		277,836
25,800		Prospect Capital Corp		280,446
11,300		Solar Capital Ltd		270,183
7,700	*	Stifel Financial Corp		246,169

		TOTAL DIVERSIFIED FINANCIALS		2,625,896


ENERGY - 6.0%
6,400		Alon USA Energy, Inc		115,776
26,400		Arch Coal, Inc		193,248
7,614		Bristow Group, Inc		408,567
4,000		Cimarex Energy Co		230,920
5,846		Energy XXI Bermuda Ltd		188,183
7,759	*	EPL Oil & Gas, Inc		174,966
5,800	*	Gulfport Energy Corp		221,676
13,500	*	McDermott International, Inc		148,770
25,575		Penn Virginia Corp		112,786
5,823	*	Rosetta Resources, Inc		264,131
15,900	e	RPC, Inc		194,616
5,036	*	Stone Energy Corp		103,339
5,300	*	Swift Energy Co		81,567
6,999		Targa Resources Investments, Inc		369,827
22,699	*	Vaalco Energy, Inc		196,346
8,900		W&T Offshore, Inc		142,667
12,000	e	Western Refining, Inc		338,280
20,500	*	Willbros Group, Inc		109,880

		TOTAL ENERGY		3,595,545


FOOD & STAPLES RETAILING - 0.7%
851		Harris Teeter Supermarkets, Inc		32,814
215,500	*	Rite Aid Corp		293,080
640	*	United Natural Foods, Inc		34,298
1,548		Weis Markets, Inc		60,635

		TOTAL FOOD & STAPLES RETAILING		420,827


FOOD, BEVERAGE & TOBACCO - 1.9%
6,543	*,e	Annie’s, Inc		218,733
992	*	Boston Beer Co, Inc (Class A)		133,374
3,061		J&J Snack Foods Corp		195,720
6,600		Lance, Inc		159,126
6,990	*	Omega Protein Corp		42,779
8,200		Sanderson Farms, Inc		389,910

		TOTAL FOOD, BEVERAGE & TOBACCO		1,139,642


HEALTH CARE EQUIPMENT & SERVICES - 6.1%
15,800	*,e	Accretive Health, Inc		182,648
1,416	*	Align Technology, Inc		39,294
7,400	*	Amedisys, Inc		83,398
2,272		Analogic Corp		168,810
4,805	*	Arthrocare Corp		166,205
3,583		Cantel Medical Corp		106,523
4,400	*	Centene Corp		180,400
3,434		Computer Programs & Systems, Inc		172,867
7,441	*	Cyberonics, Inc		390,876
4,188	*	Cynosure, Inc (Class A)		100,973
5,165	*	Magellan Health Services, Inc		253,085
12,300		Masimo Corp		258,423
7,011	*	Medidata Solutions, Inc		274,761
4,100	*	Molina Healthcare, Inc		110,946
1,912	*	MWI Veterinary Supply, Inc		210,320
5,042	*	Omnicell, Inc		74,974
2,509	*	Orthofix International NV		98,679

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

2,700	*	Sirona Dental Systems, Inc	$	174,042
12,000	*	Team Health Holdings, Inc		345,240
6,900	*	Thoratec Corp		258,888

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,651,352


HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
8,174		Nu Skin Enterprises, Inc (Class A)		302,847
157	*	Revlon, Inc (Class A)		2,276
1,800	*,e	USANA Health Sciences, Inc		59,274

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		364,397


INSURANCE - 3.5%
2,600		Allied World Assurance Co Holdings Ltd		204,880
12,950		American Equity Investment Life Holding Co		158,120
7,800		Aspen Insurance Holdings Ltd		250,224
27,149		Conseco, Inc		253,300
4,500		Employers Holdings, Inc		92,610
13,200		Fidelity National Title Group, Inc (Class A)		310,860
13,298		First American Financial Corp		320,349
4,926		Horace Mann Educators Corp		98,323
4,300		Platinum Underwriters Holdings Ltd		197,800
16,790		Symetra Financial Corp		217,934

		TOTAL INSURANCE		2,104,400


MATERIALS - 4.5%
4,200		Balchem Corp		152,880
4,470	*	Coeur d’Alene Mines Corp		109,962
257	*,e	Contango ORE, Inc		2,241
14,900	*,e	Flotek Industries, Inc		181,780
2,467		Haynes International, Inc		127,963
3,900		Kaiser Aluminum Corp		240,591
3,278		Koppers Holdings, Inc		125,056
1,843		Louisiana-Pacific Corp		35,607
2,530	*	LSB Industries, Inc		89,613
8,268		Minerals Technologies, Inc		330,059
1,200		NewMarket Corp		314,640
11,100	*,e	Resolute Forest Products		146,964
5,300	*	RTI International Metals, Inc		146,068
5,385		Schweitzer-Mauduit International, Inc		210,176
30,400	*	Stillwater Mining Co		388,512
3,900		Worthington Industries, Inc		101,361

		TOTAL MATERIALS		2,703,473


MEDIA - 0.9%
3,109		Arbitron, Inc		145,128
3,122	*	EW Scripps Co (Class A)		33,749
18,949	*	Journal Communications, Inc (Class A)		102,514
31,400	*	Live Nation, Inc		292,334

		TOTAL MEDIA		573,725


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.7%
10,120	*	Acorda Therapeutics, Inc		251,583
5,557	*	Alkermes plc		102,916
5,135	*	AMAG Pharmaceuticals, Inc		75,536
26,500	*	Array Biopharma, Inc		98,580
9,300	*	Auxilium Pharmaceuticals, Inc		172,329
10,300	*	Cepheid, Inc		348,243
8,189	*	Impax Laboratories, Inc		167,793
4,670	*,e	InterMune, Inc		45,252
1,927	*	Jazz Pharmaceuticals plc		102,516
7,984	*	Medicines Co		191,377
28,820	*,e	Orexigen Therapeutics, Inc		151,881
9,900	*	Parexel International Corp		292,941

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

3,380	*	Pharmacyclics, Inc	$	195,702
1,831	e	Questcor Pharmaceuticals, Inc		48,924
11,590	*	Santarus, Inc		127,258
23,800	*,e	Sequenom, Inc		112,336
14,000	*	Viropharma, Inc		318,640

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,803,807


REAL ESTATE - 8.7%
4,500		Acadia Realty Trust		112,860
10,931		Chesapeake Lodging Trust		228,239
7,700		DuPont Fabros Technology, Inc		186,032
4,699		Equity Lifestyle Properties, Inc		316,196
12,910		Extra Space Storage, Inc		469,795
5,368		Home Properties, Inc		329,112
29,600		Lexington Corporate Properties Trust		309,320
6,324		LTC Properties, Inc		222,542
20,200		Omega Healthcare Investors, Inc		481,770
7,452		Pennymac Mortgage Investment Trust		188,461
7,630		Post Properties, Inc		381,119
4,009		PS Business Parks, Inc		260,505
21,793		RLJ Lodging Trust		422,130
2,604		Saul Centers, Inc		111,425
5,919		Sovran Self Storage, Inc		367,570
13,300	d	Starwood Property Trust, Inc		305,368
882		Sun Communities, Inc		35,183
44,109	*	Sunstone Hotel Investors, Inc		472,407

		TOTAL REAL ESTATE		5,200,034


RETAILING - 3.5%
4,100		Abercrombie & Fitch Co (Class A)		196,677
3,730	*	Aeropostale, Inc		48,527
10,270	*	Ann Taylor Stores Corp		347,537
2,800	*,e	Blue Nile, Inc		107,800
13,120	*	Express Parent LLC		197,981
10,500	*,e	Francesca’s Holdings Corp		272,580
6,200	e	GameStop Corp (Class A)		155,558
93,300	*	Office Depot, Inc		306,024
8,070		OfficeMax, Inc		78,763
1,063		Pier 1 Imports, Inc		21,260
3,500	*,e	Saks, Inc		36,785
9,110	*	Select Comfort Corp		238,409
3,000	*	TripAdvisor, Inc		125,880

		TOTAL RETAILING		2,133,781


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%
7,900	*	Cavium Networks, Inc		246,559
500	*	Cymer, Inc		45,215
23,412	*	Entegris, Inc		214,922
28,300	*	Entropic Communications, Inc		149,707
14,000	*	Integrated Device Technology, Inc		102,200
1,292		Micrel, Inc		12,274
4,631		MKS Instruments, Inc		119,387
30,883	*	Rambus, Inc		150,709
49,800	*	RF Micro Devices, Inc		223,104
10,300	*	Rudolph Technologies, Inc		138,535
28,600	*	Silicon Image, Inc		141,856
2,500	*	Silicon Laboratories, Inc		104,525
19,300	*	Teradyne, Inc		325,977
8,268		Tessera Technologies, Inc		135,761
6,780*		Ultratech, Inc		252,894
7,300*		Volterra Semiconductor Corp		125,341

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,488,966

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE


SOFTWARE & SERVICES - 9.0%
13,816	*	Aspen Technology, Inc	$	381,874
5,876	*	Blucora, Inc		92,312
4,662	*	Brightcove, Inc		42,145
11,000	*	Cadence Design Systems, Inc		148,610
7,834	*	Commvault Systems, Inc		546,108
6,300		Computer Sciences Corp		252,315
8,227	*	Cornerstone OnDemand, Inc		242,943
3,157		DST Systems, Inc		191,314
5,471	*	Euronet Worldwide, Inc		129,116
6,600	*	Gartner, Inc		303,732
2,100		Global Payments, Inc		95,130
5,300	*	Guidewire Software, Inc		157,516
7,380		Heartland Payment Systems, Inc		217,710
7,060		IAC/InterActiveCorp		333,938
7,100	*	Jive Software, Inc		103,163
600	*	LinkedIn Corp		68,892
6,083	*	Manhattan Associates, Inc		367,048
8,599		MAXIMUS, Inc		543,629
16,700	*,e	Monster Worldwide, Inc		93,854
13,100	*	QLIK Technologies, Inc		284,532
5,700	*	Sourcefire, Inc		269,154
3,600		Syntel, Inc		192,924
27,236	*	TiVo, Inc		335,547

		TOTAL SOFTWARE & SERVICES		5,393,506


TECHNOLOGY HARDWARE & EQUIPMENT - 4.4%
4,377	*	Agilysys, Inc		36,635
16,600	*	Arris Group, Inc		248,004
17,000	*	Aruba Networks, Inc		352,750
12,100	*	Avid Technology, Inc		91,718
12,200	*	Calix Networks, Inc		93,818
2,268		Cognex Corp		83,508
8,602	*	Datalink Corp		73,547
8,400	*,e	InvenSense, Inc		93,324
10,200	*	Ixia		173,196
3,150		Littelfuse, Inc		194,386
1,500		Loral Space & Communications, Inc		81,990
3,790	*	OSI Systems, Inc		242,712
3,124		Plantronics, Inc		115,182
5,551	*	Plexus Corp		143,216
6,500	*	Procera Networks, Inc		120,575
14,200	*	QLogic Corp		138,166
8,630	*	Riverbed Technology, Inc		170,184
5,907	*	Synaptics, Inc		177,033

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,629,944


TELECOMMUNICATION SERVICES - 0.3%
26,200	*	8x8, Inc		193,618

		TOTAL TELECOMMUNICATION SERVICES		193,618


TRANSPORTATION - 1.6%
9,444	*	Alaska Air Group, Inc		406,942
2,099		Amerco, Inc		266,174
6,340		Forward Air Corp		221,963
1,424	*	Old Dominion Freight Line		48,815

		TOTAL TRANSPORTATION		943,894


UTILITIES - 2.9%
5,000		American States Water Co		239,900
11,300		Black Hills Corp		410,642
3,978		El Paso Electric Co		126,938
10,673		Empire District Electric Co		217,516

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

6,268		Genie Energy Ltd	$	44,503
2,600		Laclede Group, Inc		100,386
1,531		Piedmont Natural Gas Co, Inc		47,936
3,640		Southwest Gas Corp		154,372
5,941		UNS Energy Corp		252,017
4,100		WGL Holdings, Inc		160,679

		TOTAL UTILITIES		1,754,889

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


SHORT-TERM INVESTMENTS - 5.3%

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

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		3,179,901

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

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

		NET ASSETS - 100.0%	$	60,081,272

*	Non-income producing.

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

d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,191,327.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.5%
937	*	American Axle & Manufacturing Holdings, Inc	$	10,494
325	*	BorgWarner, Inc		23,277
24,135		Ford Motor Co		312,548
64	*	Fuel Systems Solutions, Inc		941
1,932		Harley-Davidson, Inc		94,359
6,093		Johnson Controls, Inc		187,055
292	*	Modine Manufacturing Co		2,374
202		Spartan Motors, Inc		996
339		Superior Industries International, Inc		6,916
853	*	Tenneco, Inc		29,949
66	*	Tesla Motors, Inc		2,235

		TOTAL AUTOMOBILES & COMPONENTS		671,144


BANKS - 3.1%
46		Associated Banc-Corp		603
196		Bank of Hawaii Corp		8,634
8,225		BB&T Corp		239,430
363		CapitalSource, Inc		2,751
38		Capitol Federal Financial		444
72		Centerstate Banks of Florida, Inc		614
513	*	Citizens Republic Bancorp, Inc		9,732
1,303		Comerica, Inc		39,533
22		Community Bank System, Inc		602
69		Cullen/Frost Bankers, Inc		3,745
880		First Horizon National Corp		8,721
1,717		Hudson City Bancorp, Inc		13,959
1,357		Huntington Bancshares, Inc		8,671
9,626		Keycorp		81,051
1,250		M&T Bank Corp		123,087
161		MainSource Financial Group, Inc		2,040
1,196		New York Community Bancorp, Inc		15,668
145		Old National Bancorp		1,721
18		Peoples Bancorp, Inc		368
189		People’s United Financial, Inc		2,285
4,644		PNC Financial Services Group, Inc		270,792
844	*	Popular, Inc		17,547
355		Provident Financial Services, Inc		5,297
5,607		Radian Group, Inc		34,259
10,988		Regions Financial Corp		78,234
223	*	SVB Financial Group		12,481
31		TCF Financial Corp		377
11,696		US Bancorp		373,570
107		Webster Financial Corp		2,199
1,000	*	Wilshire Bancorp, Inc		5,870
290		Zions Bancorporation		6,206

		TOTAL BANKS		1,370,491


CAPITAL GOODS - 8.0%
3,956		3M Co		367,315
89		A.O. Smith Corp		5,613
103		Actuant Corp (Class A)		2,875
39		Acuity Brands, Inc		2,641
19	*	American Superconductor Corp		50
5,185		Ametek, Inc		194,800
100		Apogee Enterprises, Inc		2,397
17		Applied Industrial Technologies, Inc		714

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

400	*	ArvinMeritor, Inc	$	1,892
90		Astec Industries, Inc		3,000
963		Barnes Group, Inc		21,629
200		Briggs & Stratton Corp		4,216
515	*	Builders FirstSource, Inc		2,874
33	*	Chart Industries, Inc		2,200
12		Clarcor, Inc		573
81	*	Colfax Corp		3,268
1,664		Cummins, Inc		180,294
5,091		Danaher Corp		284,587
3,049		Deere & Co		263,495
531		Dover Corp		34,892
2,695		Eaton Corp		146,069
5,715		Emerson Electric Co		302,666
1,417		Fastenal Co		66,160
312	*	FuelCell Energy, Inc		286
17		Gardner Denver, Inc		1,164
350	*	Gibraltar Industries, Inc		5,572
413		Graco, Inc		21,265
377	*	GrafTech International Ltd		3,540
117	*	Hexcel Corp		3,154
4,491		Illinois Tool Works, Inc		273,098
1,052		Ingersoll-Rand plc		50,454
55		Insteel Industries, Inc		686
80	*	Layne Christensen Co		1,942
301		LB Foster Co (Class A)		13,075
176		Lincoln Electric Holdings, Inc		8,568
3,652		Masco Corp		60,842
59		MSC Industrial Direct Co (Class A)		4,447
905	*	NCI Building Systems, Inc		12,580
1,172		Nordson Corp		73,977
1,302	*	Owens Corning, Inc		48,161
2,247		Paccar, Inc		101,587
380		Pall Corp		22,899
274		Parker Hannifin Corp		23,306
1,138		Pentair Ltd		55,933
342	*	Polypore International, Inc		15,903
1,507		Precision Castparts Corp		285,456
240		Quanex Building Products Corp		4,898
937	*	Quanta Services, Inc		25,571
741		Rockwell Automation, Inc		62,237
337		Rockwell Collins, Inc		19,603
400		Roper Industries, Inc		44,592
15		Simpson Manufacturing Co, Inc		492
147		Snap-On, Inc		11,612
1,656	*	Spirit Aerosystems Holdings, Inc (Class A)		28,102
787		Tennant Co		34,589
143		Timken Co		6,840
306	*	United Rentals, Inc		13,929
383	*	USG Corp		10,751
23		Valmont Industries, Inc		3,141
1,000		W.W. Grainger, Inc		202,370
326	*	WABCO Holdings, Inc		21,252
8		Watsco, Inc		599
215	*	WESCO International, Inc		14,497
333		Westinghouse Air Brake Technologies Corp		29,151
86		Xylem, Inc		2,331

		TOTAL CAPITAL GOODS		3,518,672


COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
1,554	*	ACCO Brands Corp		11,406
1,453		Avery Dennison Corp		50,739
42		Corporate Executive Board Co		1,993
160		Deluxe Corp		5,158
650		Dun & Bradstreet Corp		51,123

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

176		Equifax, Inc	$	9,525
68		Herman Miller, Inc		1,457
168		HNI Corp		5,050
73	*	IHS, Inc (Class A)		7,008
963		Iron Mountain, Inc		29,901
238		Manpower, Inc		10,101
266		Pitney Bowes, Inc		2,830
1,278		Robert Half International, Inc		40,666
318	*	Tetra Tech, Inc		8,411
3,724		Tyco International Ltd		108,927
1,392		Waste Management, Inc		46,966

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		391,261


CONSUMER DURABLES & APPAREL - 1.1%
200		Callaway Golf Co		1,300
91	*	Carter’s, Inc		5,064
5		Columbia Sportswear Co		267
14	*	Deckers Outdoor Corp		564
13		Hasbro, Inc		467
16	*	Iconix Brand Group, Inc		357
4,163		Mattel, Inc		152,449
76	*	Mohawk Industries, Inc		6,876
200		Movado Group, Inc		6,136
4,980		Nike, Inc (Class B)		256,968
152		Oxford Industries, Inc		7,047
217		Ryland Group, Inc		7,920
71	*	Tempur-Pedic International, Inc		2,236
7		True Religion Apparel, Inc		178
128		Tupperware Corp		8,205
202	*	Under Armour, Inc (Class A)		9,803
216		VF Corp		32,609
7	*	Warnaco Group, Inc		501

		TOTAL CONSUMER DURABLES & APPAREL		498,947


CONSUMER SERVICES - 2.4%
288	*	AFC Enterprises		7,525
55		Bob Evans Farms, Inc		2,211
200		Brinker International, Inc		6,198
61	*	Chipotle Mexican Grill, Inc (Class A)		18,145
816		Choice Hotels International, Inc		27,434
69	*	Coinstar, Inc		3,589
695		Darden Restaurants, Inc		31,324
13	*	DineEquity, Inc		871
128		Domino’s Pizza, Inc		5,574
60		Dunkin Brands Group, Inc		1,991
2,911		Marriott International, Inc (Class A)		108,493
4,949		McDonald’s Corp		436,551
29	*	Panera Bread Co (Class A)		4,606
266		Royal Caribbean Cruises Ltd		9,044
177	*	Sonic Corp		1,843
5,671		Starbucks Corp		304,079
1,068		Starwood Hotels & Resorts Worldwide, Inc		61,260
6		Vail Resorts, Inc		325

		TOTAL CONSUMER SERVICES		1,031,063


DIVERSIFIED FINANCIALS - 6.5%
2,183	*	American Capital Ltd		26,196
6,182		American Express Co		355,341
1,543		Ameriprise Financial, Inc		96,638
11,079		Bank of New York Mellon Corp		284,730
1,234		BlackRock, Inc		255,080
4,874		Capital One Financial Corp		282,351
11,610		Charles Schwab Corp		166,720
2,527		CME Group, Inc		128,144

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

6,001		Discover Financial Services	$	231,339
144		Eaton Vance Corp		4,586
363		Evercore Partners, Inc (Class A)		10,959
1,953		Franklin Resources, Inc		245,492
733	*	IntercontinentalExchange, Inc		90,753
3,992		Invesco Ltd		104,151
466		Janus Capital Group, Inc		3,970
566		Legg Mason, Inc		14,558
672		Nasdaq Stock Market, Inc		16,807
1,111	*	NewStar Financial, Inc		15,565
1,881		Northern Trust Corp		94,351
1,978		NYSE Euronext		62,386
176	*	PHH Corp		4,004
3,861		State Street Corp		181,506
2,269		T Rowe Price Group, Inc		147,780
123		Triangle Capital Corp		3,135

		TOTAL DIVERSIFIED FINANCIALS		2,826,542


ENERGY - 9.3%
128		Alon USA Energy, Inc		2,316
2,543		Apache Corp		199,625
108	*	Atwood Oceanics, Inc		4,945
113	*	C&J Energy Services, Inc		2,423
2,135	*	Cameron International Corp		120,542
136	*	Carrizo Oil & Gas, Inc		2,845
1,448	*	Cheniere Energy, Inc		27,193
776		Cimarex Energy Co		44,798
1,962	*	Clean Energy Fuels Corp		24,427
246	*	Comstock Resources, Inc		3,722
232	*	Concho Resources, Inc		18,690
263		Contango Oil & Gas Co		11,141
1,156	*	Continental Resources, Inc		84,954
1,646		Crosstex Energy, Inc		23,604
135	*	CVR Energy, Inc		6,587
980	*	CVR Energy, Inc (Contingent value right)		0
112	*	Dawson Geophysical Co		2,955
3,831	*	Denbury Resources, Inc		62,062
3,550		Devon Energy Corp		184,742
2,371		EOG Resources, Inc		286,393
2,538		Equitable Resources, Inc		149,691
49	*	Exterran Holdings, Inc		1,074
2,419	*	FMC Technologies, Inc		103,606
66	*	Geospace Technologies Corp		5,865
512	*	Goodrich Petroleum Corp		4,772
166		Gulf Island Fabrication, Inc		3,989
1,203	*	Hercules Offshore, Inc		7,435
2,949		Hess Corp		156,179
1,199	*	Hornbeck Offshore Services, Inc		41,174
564	*	ION Geophysical Corp		3,672
344	*	Key Energy Services, Inc		2,391
262		Kinder Morgan Management LLC		19,770
5,337	*	Kodiak Oil & Gas Corp		47,232
6,053		Marathon Oil Corp		185,585
3,690		Marathon Petroleum Corp		232,470
159	*	Matrix Service Co		1,828
3,753		National Oilwell Varco, Inc		256,518
103	*	Natural Gas Services Group, Inc		1,691
871	*	Newfield Exploration Co		23,325
1,424		Noble Corp		49,584
2,437		Noble Energy, Inc		247,940
230	*	Northern Oil And Gas, Inc		3,869
166	*	Oasis Petroleum, Inc		5,279
307		Oceaneering International, Inc		16,514
227	*	Oil States International, Inc		16,240
753	*	Parker Drilling Co		3,464

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

259	*	PDC Energy, Inc	$	8,601
415	*	Petroquest Energy, Inc		2,054
5,009		Phillips 66		265,978
697	*	Pioneer Energy Services Corp		5,060
1,663		Pioneer Natural Resources Co		177,259
290	*	Plains Exploration & Production Co		13,613
2,262		Questar Market Resources, Inc		68,471
846	*	Quicksilver Resources, Inc		2,420
1,223		Range Resources Corp		76,841
20,491		Rentech, Inc		53,891
233	*	Rex Energy Corp		3,034
5		SEACOR Holdings, Inc		419
2,662	*	Southwestern Energy Co		88,937
7,556		Spectra Energy Corp		206,883
942		St. Mary Land & Exploration Co		49,182
695	*	Superior Energy Services		14,400
640	*	Ultra Petroleum Corp		11,603
367	*	Unit Corp		16,533
7,360	*	Weatherford International Ltd		82,358
2,525		Western Refining, Inc		71,180
1,026	*	Whiting Petroleum Corp		44,498
3,496		Williams Cos, Inc		114,459

		TOTAL ENERGY		4,082,795


FOOD & STAPLES RETAILING - 0.9%
11		Casey’s General Stores, Inc		584
8		Harris Teeter Supermarkets, Inc		309
2,965		Kroger Co		77,149
2,516		Safeway, Inc		45,514
128		Spartan Stores, Inc		1,966
6,623		Sysco Corp		209,684
733		Whole Foods Market, Inc		66,945

		TOTAL FOOD & STAPLES RETAILING		402,151


FOOD, BEVERAGE & TOBACCO - 3.9%
125		Bunge Ltd		9,086
2,543		Campbell Soup Co		88,725
1,029		ConAgra Foods, Inc		30,356
151	*	Darling International, Inc		2,422
240		Dr Pepper Snapple Group, Inc		10,603
85		Flowers Foods, Inc		1,978
6,404		General Mills, Inc		258,786
554	*	Green Mountain Coffee Roasters, Inc		22,913
3,538		H.J. Heinz Co		204,072
45	*	Hain Celestial Group, Inc		2,440
431		Hillshire Brands Co		12,128
168		Hormel Foods Corp		5,243
312		J.M. Smucker Co		26,907
4,448		Kellogg Co		248,421
51		Lancaster Colony Corp		3,529
194		McCormick & Co, Inc		12,325
584		Mead Johnson Nutrition Co		38,480
10,221		Mondelez International, Inc		260,329
6,951		PepsiCo, Inc		475,657
82		Tootsie Roll Industries, Inc		2,125

		TOTAL FOOD, BEVERAGE & TOBACCO		1,716,525


HEALTH CARE EQUIPMENT & SERVICES - 4.7%
7,279		Abbott Laboratories		476,775
3,621		Aetna, Inc		167,652
55	*	Amsurg Corp		1,651
4,655		Baxter International, Inc		310,302
2,647		Becton Dickinson & Co		206,969
432	*	Centene Corp		17,712

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

41		Chemed Corp	$	2,812
1,469		Cigna Corp		78,533
121	*	Edwards Lifesciences Corp		10,911
85	*	Greatbatch, Inc		1,975
147	*	Henry Schein, Inc		11,828
570		Hill-Rom Holdings, Inc		16,245
84	*	HMS Holdings Corp		2,177
945		Humana, Inc		64,855
337	*	Idexx Laboratories, Inc		31,274
33		Invacare Corp		538
479	*	Inverness Medical Innovations, Inc		8,861
434	*	LifePoint Hospitals, Inc		16,384
80	*	MAKO Surgical Corp		1,030
7,769		Medtronic, Inc		318,684
438	*	Molina Healthcare, Inc		11,852
70	*	MWI Veterinary Supply, Inc		7,700
61		Owens & Minor, Inc		1,739
96	*	Palomar Medical Technologies, Inc		884
674		Patterson Cos, Inc		23,071
307		Resmed, Inc		12,762
293		STERIS Corp		10,176
3,597		WellPoint, Inc		219,129

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,034,481


HOUSEHOLD & PERSONAL PRODUCTS - 3.4%
171		Avon Products, Inc		2,456
320		Clorox Co		23,430
3,110		Colgate-Palmolive Co		325,119
2,225		Estee Lauder Cos (Class A)		133,189
179		Herbalife Ltd		5,896
3,355		Kimberly-Clark Corp		283,263
350	*	Medifast, Inc		9,236
124		Nu Skin Enterprises, Inc (Class A)		4,594
10,410		Procter & Gamble Co		706,735

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,493,918


INSURANCE - 5.9%
3,439		ACE Ltd		274,432
4,908		Aflac, Inc		260,713
487	*	Arch Capital Group Ltd		21,438
105		Arthur J. Gallagher & Co		3,638
1,032		Aspen Insurance Holdings Ltd		33,107
809		Assurant, Inc		28,072
239		Axis Capital Holdings Ltd		8,279
7,053	*	Berkshire Hathaway, Inc (Class B)		632,654
3,418		Chubb Corp		257,444
3,564		Cincinnati Financial Corp		139,566
155		Endurance Specialty Holdings Ltd		6,152
4,803	*	Genworth Financial, Inc (Class A)		36,071
48	*	Markel Corp		20,804
782		Marsh & McLennan Cos, Inc		26,956
969		Montpelier Re Holdings Ltd		22,151
436	*	National Financial Partners Corp		7,473
107		PartnerRe Ltd		8,612
171	*	Phoenix Cos, Inc		4,229
414		Platinum Underwriters Holdings Ltd		19,044
2,822		Principal Financial Group		80,484
14		ProAssurance Corp		591
7,684		Progressive Corp		162,132
300		Protective Life Corp		8,574
4,302		Prudential Financial, Inc		229,426
40		RenaissanceRe Holdings Ltd		3,250
8		RLI Corp		517
18		Selective Insurance Group, Inc		347
36		Stancorp Financial Group, Inc		1,320

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

3,920		Travelers Cos, Inc	$	281,534

		TOTAL INSURANCE		2,579,010


MATERIALS - 4.9%
19	*	AEP Industries, Inc		1,125
2,469		Air Products & Chemicals, Inc		207,445
7,098		Alcoa, Inc		61,611
546		Allegheny Technologies, Inc		16,577
1,222	*	Allied Nevada Gold Corp		36,819
1,033		AMCOL International Corp		31,692
204		Aptargroup, Inc		9,735
497		Ball Corp		22,241
338		Bemis Co, Inc		11,309
442		Buckeye Technologies, Inc		12,690
64		Carpenter Technology Corp		3,304
350		Celanese Corp (Series A)		15,585
18	*	Clearwater Paper Corp		705
1,669		Cleveland-Cliffs, Inc		64,357
1,032		Commercial Metals Co		15,336
110		Compass Minerals International, Inc		8,218
46		Domtar Corp		3,842
287		Eastman Chemical Co		19,530
3,353		Ecolab, Inc		241,081
265	*	Flotek Industries, Inc		3,233
609	*	General Moly, Inc		2,442
682		H.B. Fuller Co		23,747
182		Innophos Holdings, Inc		8,463
72		International Flavors & Fragrances, Inc		4,791
1,828		International Paper Co		72,827
97	*	Landec Corp		921
1,359	*	Louisiana-Pacific Corp		26,256
4,554		LyondellBasell Industries AF S.C.A		259,988
168	*	McEwen Mining, Inc		643
1,688		MeadWestvaco Corp		53,797
392		Minerals Technologies, Inc		15,649
286	*	Molycorp, Inc		2,700
4,198		Nucor Corp		181,270
506	*	Owens-Illinois, Inc		10,763
2,582		Praxair, Inc		282,600
54		Rock-Tenn Co (Class A)		3,775
124		Rockwood Holdings, Inc		6,133
1,198		Royal Gold, Inc		97,409
157		Sealed Air Corp		2,749
241		Sherwin-Williams Co		37,071
1,694		Sigma-Aldrich Corp		124,644
9		Sonoco Products Co		268
586	*	Stillwater Mining Co		7,489
231	*	SunCoke Energy, Inc		3,601
500		Tredegar Corp		10,210
473		Valspar Corp		29,515
79		Wausau Paper Corp		684
116		Westlake Chemical Corp		9,199
2,370		Worthington Industries, Inc		61,596

		TOTAL MATERIALS		2,127,635


MEDIA - 3.0%
1,465		Cablevision Systems Corp (Class A)		21,887
156		Cinemark Holdings, Inc		4,053
24	*	Digital Generation, Inc		261
3,541	*	Discovery Communications, Inc (Class A)		224,783
423	*	Discovery Communications, Inc (Class C)		24,745
327	*	DreamWorks Animation SKG, Inc (Class A)		5,418
179		Fisher Communications, Inc		4,831
83		John Wiley & Sons, Inc (Class A)		3,231
2,109	*	Journal Communications, Inc (Class A)		11,410

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

2,524	*	Liberty Global, Inc (Class A)	$	158,987
553	*	Liberty Interactive LLC		64,153
2,863	*	McClatchy Co (Class A)		9,362
1,806	*	New York Times Co (Class A)		15,405
118		Scripps Networks Interactive (Class A)		6,835
2,930		Time Warner Cable, Inc		284,767
6,345		Time Warner, Inc		303,481
432	*	Valassis Communications, Inc		11,137
2,824		Virgin Media, Inc		103,782
160		Washington Post Co (Class B)		58,434

		TOTAL MEDIA		1,316,962


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4%
100	*	Affymetrix, Inc		317
2,954		Agilent Technologies, Inc		120,937
856	*	Akorn, Inc		11,436
4,793	*	Ariad Pharmaceuticals, Inc		91,930
101	*	Auxilium Pharmaceuticals, Inc		1,872
2,010	*	Biogen Idec, Inc		294,807
10,409		Bristol-Myers Squibb Co		339,229
259	*	Cambrex Corp		2,947
420	*	Cepheid, Inc		14,200
1,016	*	Endo Pharmaceuticals Holdings, Inc		26,690
300	*	Geron Corp		423
4,599	*	Gilead Sciences, Inc		337,797
926	*	Incyte Corp		15,381
10,531		Johnson & Johnson		738,223
1,143	*	Life Technologies Corp		56,098
12,885		Merck & Co, Inc		527,512
1,668	*	Nektar Therapeutics		12,360
652	*	Neurocrine Biosciences, Inc		4,877
107	*	Onyx Pharmaceuticals, Inc		8,082
1,489		PDL BioPharma, Inc		10,497
96		PerkinElmer, Inc		3,047
659	*	Salix Pharmaceuticals Ltd		26,676
520	*	Sangamo Biosciences, Inc		3,125
1,729	*	Synta Pharmaceuticals Corp		15,596
70		Techne Corp		4,784
131	*	United Therapeutics Corp		6,998
763	*	Vertex Pharmaceuticals, Inc		32,000
1,988	*	Vivus, Inc		26,679
488	*	Waters Corp		42,515

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,777,035


REAL ESTATE - 3.8%
2,657		AMB Property Corp		96,954
83		American Campus Communities, Inc		3,829
3,602		American Tower Corp		278,327
10,364		Annaly Capital Management, Inc		145,511
941		Boston Properties, Inc		99,567
1,541	*	CBRE Group, Inc		30,666
93		Colonial Properties Trust		1,987
165		Douglas Emmett, Inc		3,845
1,443		Duke Realty Corp		20,015
29		Equity One, Inc		609
136		Federal Realty Investment Trust		14,147
2,363	*	First Industrial Realty Trust, Inc		33,271
4,352		HCP, Inc		196,623
842		Health Care REIT, Inc		51,606
89		Healthcare Realty Trust, Inc		2,137
5,793		Host Marriott Corp		90,776
15		Jones Lang LaSalle, Inc		1,259
14		Kilroy Realty Corp		663
125		LaSalle Hotel Properties		3,174

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

325		Liberty Property Trust	$	11,625
426		Macerich Co		24,836
107		Mid-America Apartment Communities, Inc		6,928
105		Post Properties, Inc		5,245
2,100		RAIT Investment Trust		11,865
78		Regency Centers Corp		3,675
731		Ryman Hospitality Properties		28,114
2,103		Simon Property Group, Inc		332,463
917		Ventas, Inc		59,348
1,176		Vornado Realty Trust		94,174
17		Washington Real Estate Investment Trust		445

		TOTAL REAL ESTATE		1,653,684


RETAILING - 4.5%
130		Advance Auto Parts, Inc		9,405
1,002		American Eagle Outfitters, Inc		20,551
253	*	Ann Taylor Stores Corp		8,561
386	*	Autozone, Inc		136,810
149	*	Barnes & Noble, Inc		2,248
1,687	*	Bed Bath & Beyond, Inc		94,320
1,674		Best Buy Co, Inc		19,837
62	*	Cabela’s, Inc		2,588
642	*	Carmax, Inc		24,101
8		Chico’s FAS, Inc		148
532		Foot Locker, Inc		17,088
6		GameStop Corp (Class A)		151
4,068		Gap, Inc		126,271
45	*	Genesco, Inc		2,475
2,394		Genuine Parts Co		152,210
184		GNC Holdings, Inc		6,123
312		HSN, Inc		17,185
411		JC Penney Co, Inc		8,101
2,105		Kohl’s Corp		90,473
5,810	*	Liberty Media Holding Corp (Interactive A)		114,341
38	*	LKQ Corp		802
9,076		Lowe’s Companies, Inc		322,380
1,601		Macy’s, Inc		62,471
16		Men’s Wearhouse, Inc		499
529		Nordstrom, Inc		28,301
700	*	Office Depot, Inc		2,296
73	*	O’Reilly Automotive, Inc		6,528
309		Petsmart, Inc		21,117
278		Pier 1 Imports, Inc		5,560
126		Ross Stores, Inc		6,823
184	*	Sally Beauty Holdings, Inc		4,337
71	*	Shutterfly, Inc		2,121
114		Signet Jewelers Ltd		6,088
4,706		Staples, Inc		53,648
4,946		Target Corp		292,655
135		Tiffany & Co		7,741
6,543		TJX Companies, Inc		277,750
7		Williams-Sonoma, Inc		306

		TOTAL RETAILING		1,954,410


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
645	*	Advanced Energy Industries, Inc		8,907
6	*	Advanced Micro Devices, Inc		14
981		Analog Devices, Inc		41,261
17,284		Applied Materials, Inc		197,729
51		Cabot Microelectronics Corp		1,811
125	*	Cirrus Logic, Inc		3,621
174		Cypress Semiconductor Corp		1,886
930	*	Entegris, Inc		8,537
23,058		Intel Corp		475,686

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

170	*	Lam Research Corp	$	6,142
499	*	Lattice Semiconductor Corp		1,991
232	*	LTX-Credence Corp		1,522
111		Microchip Technology, Inc		3,618
134		MKS Instruments, Inc		3,455
4,772		Nvidia Corp		58,648
146	*	Omnivision Technologies, Inc		2,056
4,262	*	ON Semiconductor Corp		30,047
706	*	RF Micro Devices, Inc		3,163
210	*	Sigma Designs, Inc		1,082
773	*	Skyworks Solutions, Inc		15,692
937	*	SunPower Corp		5,266
315	*	Teradyne, Inc		5,320
9,371		Texas Instruments, Inc		289,939
170	*	Ultratech, Inc		6,341

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,173,734


SOFTWARE & SERVICES - 9.4%
4,757		Accenture plc		316,340
4,302	*	Adobe Systems, Inc		162,099
2,001		AOL, Inc		59,250
1,585	*	Autodesk, Inc		56,030
100	*	Blucora, Inc		1,571
1,009		Broadridge Financial Solutions, Inc		23,086
3,828		CA, Inc		84,139
191	*	Cadence Design Systems, Inc		2,580
1,237	*	Citrix Systems, Inc		81,333
3,470	*	Cognizant Technology Solutions Corp (Class A)		256,953
847	*	Compuware Corp		9,207
155		Convergys Corp		2,544
710		Earthlink, Inc		4,587
49		Factset Research Systems, Inc		4,315
239	*	Fortinet, Inc		5,036
104		Global Payments, Inc		4,711
989	*	Google, Inc (Class A)		701,567
722	*	Informatica Corp		21,891
4,080		International Business Machines Corp		781,524
3,464		Intuit, Inc		206,108
205	*	Liquidity Services, Inc		8,376
55	*	NetSuite, Inc		3,701
120	*	NeuStar, Inc (Class A)		5,032
1,258		NIC, Inc		20,556
227	*	Nuance Communications, Inc		5,067
49	*	OpenTable, Inc		2,391
16,643		Oracle Corp		554,545
1,550	*	Salesforce.com, Inc		260,555
123	*	SolarWinds, Inc		6,451
7,478	*	Symantec Corp		140,661
340	*	Teradata Corp		21,043
146	*	Ultimate Software Group, Inc		13,784
13,571	*	Yahoo!, Inc		270,063

		TOTAL SOFTWARE & SERVICES		4,097,096


TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
536	*	Acme Packet, Inc		11,856
914	*	Aruba Networks, Inc		18,966
97	*	Avid Technology, Inc		735
147	*	Benchmark Electronics, Inc		2,443
553	*	Bookham, Inc		868
24,888		Cisco Systems, Inc		489,049
21		Cognex Corp		773
1,633		Corning, Inc		20,608
1,868	*	Cray, Inc		29,795
16,887		Dell, Inc		171,065
9	*	DTS, Inc		150

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

13,142	*	EMC Corp	$	332,493
810	*	Finisar Corp		13,203
707	*	Flextronics International Ltd		4,391
293	*	Fusion-io, Inc		6,719
11,684		Hewlett-Packard Co		166,497
345	*	Ingram Micro, Inc (Class A)		5,837
169		InterDigital, Inc		6,946
236		IPG Photonics Corp		15,729
14	*	Itron, Inc		624
462		Jabil Circuit, Inc		8,912
449		Lexmark International, Inc (Class A)		10,412
24		Molex, Inc		656
3,766		Motorola, Inc		209,691
60	*	Netgear, Inc		2,365
645	*	Oplink Communications, Inc		10,049
340		Plantronics, Inc		12,536
885	*	Polycom, Inc		9,257
1,566	*	Power-One, Inc		6,436
7,074		Qualcomm, Inc		438,729
6,652	*	Quantum Corp		8,249
406	*	STEC, Inc		2,002
172	*	Super Micro Computer, Inc		1,754
141	*	Synaptics, Inc		4,226
26	*	Tech Data Corp		1,184
1,492		Tellabs, Inc		3,402
184	*	TTM Technologies, Inc		1,693
87	*	Universal Display Corp		2,229
74	*	Vishay Precision Group, Inc		978
21,039		Xerox Corp		143,486

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,176,993


TELECOMMUNICATION SERVICES - 1.8%
6,446		CenturyTel, Inc		252,167
1,541	*	Cincinnati Bell, Inc		8,445
2,943	*	Crown Castle International Corp		212,367
13,018		Frontier Communications Corp		55,717
234	*	Level 3 Communications, Inc		5,408
185	*	SBA Communications Corp (Class A)		13,139
29,946	*	Sprint Nextel Corp		169,794
539	*	tw telecom inc (Class A)		13,728
18	*	US Cellular Corp		634
5,000	*	Vonage Holdings Corp		11,850
7,071		Windstream Corp		58,548

		TOTAL TELECOMMUNICATION SERVICES		801,797


TRANSPORTATION - 2.1%
89	*	Alaska Air Group, Inc		3,835
6		Allegiant Travel Co		440
195	*	Avis Budget Group, Inc		3,865
198		CH Robinson Worldwide, Inc		12,518
8,721		CSX Corp		172,065
128		Expeditors International of Washington, Inc		5,062
34	*	Genesee & Wyoming, Inc (Class A)		2,587
28		Heartland Express, Inc		366
61		J.B. Hunt Transport Services, Inc		3,642
8	*	Kirby Corp		495
2,344		Norfolk Southern Corp		144,953
6		Ryder System, Inc		300
5,316		Southwest Airlines Co		54,436
1,359		Union Pacific Corp		170,854
4,382		United Parcel Service, Inc (Class B)		323,085

		TOTAL TRANSPORTATION		898,503

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE


UTILITIES - 4.2%
102		American Water Works Co, Inc	$	3,787
1,264		Atmos Energy Corp		44,392
2,028	*	Calpine Corp		36,768
1,918		Centerpoint Energy, Inc		36,921
167		CH Energy Group, Inc		10,892
3,262		Cleco Corp		130,513
3,410		Consolidated Edison, Inc		189,391
2,721		Idacorp, Inc		117,955
57		Integrys Energy Group, Inc		2,976
87		ITC Holdings Corp		6,691
103		MDU Resources Group, Inc		2,188
500		MGE Energy, Inc		25,475
197		New Jersey Resources Corp		7,805
3,919		NextEra Energy, Inc		271,155
4,938		NiSource, Inc		122,907
2,582		Northeast Utilities		100,905
162		Northwest Natural Gas Co		7,160
3,663		NV Energy, Inc		66,447
1,573		Oneok, Inc		67,246
6,738		Pepco Holdings, Inc		132,132
3,981		PG&E Corp		159,957
1,653		Piedmont Natural Gas Co, Inc		51,755
88		Pinnacle West Capital Corp		4,486
2,006		Sempra Energy		142,306
211		SJW Corp		5,613
447		South Jersey Industries, Inc		22,497
196		TECO Energy, Inc		3,285
77		UGI Corp		2,519
108		Westar Energy, Inc		3,091
524		WGL Holdings, Inc		20,536
327		Wisconsin Energy Corp		12,050
1,364		Xcel Energy, Inc		36,432

		TOTAL UTILITIES		1,848,233

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

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

		NET ASSETS - 100.0%	$	43,692,410

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing.

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.1%

AUTOMOBILES & COMPONENTS - 1.0%
302	e	Allison Transmission Holdings, Inc	$	6,167
839	*	American Axle & Manufacturing Holdings, Inc		9,397
1,484	*	BorgWarner, Inc		106,284
901		Cooper Tire & Rubber Co		22,849
2,007		Dana Holding Corp		31,329
4,166	*	Delphi Automotive plc		159,350
413		Dorman Products, Inc		14,595
290		Drew Industries, Inc		9,352
3,265	*	Exide Technologies		11,166
261	*	Federal Mogul Corp (Class A)		2,093
48,461		Ford Motor Co		627,570
280	*	Fuel Systems Solutions, Inc		4,116
10,169	*	General Motors Co		293,172
1,773		Gentex Corp		33,368
234	*	Gentherm, Inc		3,112
3,033	*	Goodyear Tire & Rubber Co		41,886
2,938		Harley-Davidson, Inc		143,492
8,671		Johnson Controls, Inc		266,200
1,264		Lear Corp		59,206
500	*	Modine Manufacturing Co		4,065
355		Spartan Motors, Inc		1,750
188		Standard Motor Products, Inc		4,177
173	*	Stoneridge, Inc		886
280		Superior Industries International, Inc		5,712
743	*	Tenneco, Inc		26,087
830	*,e	Tesla Motors, Inc		28,112
552		Thor Industries, Inc		20,661
1,265	*	TRW Automotive Holdings Corp		67,817
735	*	Visteon Corp		39,558
353	*	Winnebago Industries, Inc		6,047

		TOTAL AUTOMOBILES & COMPONENTS		2,049,576


BANKS - 3.3%
180		1st Source Corp		3,976
266		1st United Bancorp, Inc		1,663
90		Access National Corp		1,170
51		Alliance Financial Corp		2,219
98		American National Bankshares, Inc		1,979
283	*	Ameris Bancorp		3,535
77		Ames National Corp		1,686
430		Apollo Residential Mortgage		8,682
110	e	Arrow Financial Corp		2,744
2,146		Associated Banc-Corp		28,156
1,174	e	Astoria Financial Corp		10,989
130		Bancfirst Corp		5,507
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		6,425
1,197		Bancorpsouth, Inc		17,404
838		Bank Mutual Corp		3,603
762		Bank of Hawaii Corp		33,566
70		Bank of Kentucky Financial Corp		1,731
61		Bank of Marin Bancorp		2,285
442		Bank of the Ozarks, Inc		14,794
300		BankFinancial Corp		2,226
415		BankUnited		10,143
203		Banner Corp		6,238

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES			COMPANY	VALUE

50			Bar Harbor Bankshares	$	1,682
8,888			BB&T Corp		258,730
982			BBCN Bancorp, Inc		11,362
392	*		Beneficial Mutual Bancorp, Inc		3,724
50			Berkshire Bancorp, Inc		410
280			Berkshire Hills Bancorp, Inc		6,681
87	*		BofI Holding, Inc		2,425
410			BOK Financial Corp		22,329
826			Boston Private Financial Holdings, Inc		7,442
75			Bridge Bancorp, Inc		1,525
771			Brookline Bancorp, Inc		6,553
86			Bryn Mawr Bank Corp		1,915
100	*		BSB Bancorp, Inc		1,223
40			C&F Financial Corp		1,558
87			Camden National Corp		2,955
140			Cape Bancorp, Inc		1,217
101	*		Capital City Bank Group, Inc		1,148
3,675			CapitalSource, Inc		27,857
2,620			Capitol Federal Financial		30,628
286			Cardinal Financial Corp		4,653
1,028			Cathay General Bancorp		20,046
150			Center Bancorp, Inc		1,737
261			Centerstate Banks of Florida, Inc		2,226
188	*		Central Pacific Financial Corp		2,931
168			Century Bancorp, Inc		5,536
294			Chemical Financial Corp		6,985
2,537	*		CIT Group, Inc		98,030
101			Citizens & Northern Corp		1,909
503	*		Citizens Republic Bancorp, Inc		9,542
262	e		City Holding Co		9,131
647			City National Corp		32,039
112			Clifton Savings Bancorp, Inc		1,262
105			CNB Financial Corp		1,720
395			CoBiz, Inc		2,951
490			Columbia Banking System, Inc		8,791
2,498			Comerica, Inc		75,789
1,111			Commerce Bancshares, Inc		38,948
628			Community Bank System, Inc		17,182
182			Community Trust Bancorp, Inc		5,966
30	*		Crescent Financial Bancshares, Inc		138
732			Cullen/Frost Bankers, Inc		39,726
1,117			CVB Financial Corp		11,617
309			Dime Community Bancshares		4,292
5,371	*		Doral Financial Corp		3,889
118	*		Eagle Bancorp, Inc		2,356
1,835			East West Bancorp, Inc		39,434
90			Enterprise Financial Services Corp		1,176
132			ESB Financial Corp		1,831
197			ESSA Bancorp, Inc		2,145
275			EverBank Financial Corp		4,100
240	e		Farmers National Banc Corp		1,488
115			Federal Agricultural Mortgage Corp (Class C)		3,738
122	*		Fidelity Southern Corp		1,165
11,822			Fifth Third Bancorp		179,576
126			Financial Institutions, Inc		2,347
174			First Bancorp (NC)		2,231
906	*		First Bancorp (Puerto Rico)		4,149
107			First Bancorp, Inc		1,762
625			First Busey Corp		2,906
273	*		First California Financial Group, Inc		2,108
66			First Citizens Bancshares, Inc (Class A)		10,791
1,229			First Commonwealth Financial Corp		8,382
189			First Community Bancshares, Inc		3,018
570		��	First Connecticut Bancorp		7,838
120			First Defiance Financial Corp		2,303
40	*,e		First Federal Bancshares of Arkansas, Inc		390

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

747		First Financial Bancorp	$	10,921
448	e	First Financial Bankshares, Inc		17,476
188		First Financial Corp		5,685
133		First Financial Holdings, Inc		1,740
200	*	First Financial Northwest, Inc		1,510
3,240		First Horizon National Corp		32,108
149		First Interstate Bancsystem, Inc		2,299
557		First Merchants Corp		8,266
893		First Midwest Bancorp, Inc		11,180
4,523		First Niagara Financial Group, Inc		35,867
66		First of Long Island Corp		1,869
110		First Pactrust Bancorp, Inc		1,350
1,383		First Republic Bank		45,335
1,352		FirstMerit Corp		19,185
358		Flushing Financial Corp		5,492
1,776		FNB Corp		18,861
130	e	FNB United Corp		1,508
185		Fox Chase Bancorp, Inc		3,080
170		Franklin Financial Corp		2,819
2,887		Fulton Financial Corp		27,744
133		German American Bancorp, Inc		2,889
860		Glacier Bancorp, Inc		12,651
135		Great Southern Bancorp, Inc		3,436
928	*	Guaranty Bancorp		1,810
222	*,e	Hampton Roads Bankshares, Inc		264
949		Hancock Holding Co		30,121
610	*	Hanmi Financial Corp		8,290
158	e	Heartland Financial USA, Inc		4,132
121		Heritage Financial Corp		1,777
110		Heritage Financial Group		1,517
260	*	Heritage Oaks Bancorp		1,508
20		Hingham Institution for Savings		1,252
90	*	Home Bancorp, Inc		1,642
266		Home Bancshares, Inc		8,783
199		Home Federal Bancorp, Inc		2,474
426		Home Loan Servicing Solutions Ltd		8,051
108	*	HomeStreet, Inc		2,759
265	*	HomeTrust Bancshares, Inc		3,580
75		Horizon Bancorp		1,474
6,700		Hudson City Bancorp, Inc		54,471
171		Hudson Valley Holding Corp		2,662
10,738		Huntington Bancshares, Inc		68,616
463		IBERIABANK Corp		22,743
252	e	Independent Bank Corp		7,295
674		International Bancshares Corp		12,166
579		Investors Bancorp, Inc		10,295
227		Kearny Financial Corp		2,213
12,323		Keycorp		103,760
274		Lakeland Bancorp, Inc		2,789
350		Lakeland Financial Corp		9,044
1,617		M&T Bank Corp		159,226
216		MainSource Financial Group, Inc		2,737
661		MB Financial, Inc		13,055
107		Mercantile Bank Corp		1,765
60		Merchants Bancshares, Inc		1,606
119	*	Meridian Interstate Bancorp, Inc		1,997
198	*	MetroCorp Bancshares, Inc		2,176
2,499	*,e	MGIC Investment Corp		6,647
70		Middleburg Financial Corp		1,236
56		Midsouth Bancorp, Inc		916
90		MidWestOne Financial Group, Inc		1,846
50	*,e	NASB Financial, Inc		1,068
84		National Bankshares, Inc		2,721
1,529		National Penn Bancshares, Inc		14,250
243	*,e	Nationstar Mortgage Holdings, Inc		7,528
627		NBT Bancorp, Inc		12,709

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY		VALUE

5,893	e	New York Community Bancorp, Inc		$	77,198
227		Northfield Bancorp, Inc			3,462
80		Northrim BanCorp, Inc			1,812
1,214		Northwest Bancshares, Inc			14,738
97		OceanFirst Financial Corp			1,334
1,334	*	Ocwen Financial Corp			46,143
1,471		Old National Bancorp			17,461
148	*	OmniAmerican Bancorp, Inc			3,423
458		Oriental Financial Group, Inc			6,114
670		Oritani Financial Corp			10,264
154		Pacific Continental Corp			1,498
140	*	Pacific Mercantile Bancorp			881
369		PacWest Bancorp			9,144
165	e	Park National Corp			10,664
360	*	Park Sterling Bank			1,883
110		Peapack Gladstone Financial Corp			1,549
47		Penns Woods Bancorp, Inc			1,758
164	*	Pennsylvania Commerce Bancorp, Inc			2,168
75		Peoples Bancorp, Inc			1,532
80		Peoples Federal Bancshares, Inc			1,391
4,732		People’s United Financial, Inc			57,210
400	*	Pinnacle Financial Partners, Inc			7,536
6,855		PNC Financial Services Group, Inc			399,715
1,230	*	Popular, Inc			25,572
147	*	Preferred Bank			2,087
767		PrivateBancorp, Inc			11,750
603		Prosperity Bancshares, Inc			25,326
120		Provident Financial Holdings, Inc			2,100
753		Provident Financial Services, Inc			11,235
421		Provident New York Bancorp			3,920
2,812	e	Radian Group, Inc			17,181
18,020		Regions Financial Corp			128,302
323		Renasant Corp			6,182
120		Republic Bancorp, Inc (Class A)			2,536
807		Rockville Financial, Inc			10,410
100		Roma Financial Corp	��		1,512
300		S&T Bancorp, Inc			5,421
210	e	S.Y. Bancorp, Inc			4,708
250		Sandy Spring Bancorp, Inc			4,855
281		SCBT Financial Corp			11,291
900	*	Seacoast Banking Corp of Florida			1,449
130		SI Financial Group, Inc			1,495
87		Sierra Bancorp			994
615	*	Signature Bank			43,874
207		Simmons First National Corp (Class A)			5,250
110		Simplicity Bancorp, Inc			1,645
206	e	Southside Bancshares, Inc			4,338
383	*	Southwest Bancorp, Inc			4,290
397		State Bank & Trust Co			6,304
256		StellarOne Corp			3,620
318		Sterling Bancorp			2,897
335		Sterling Financial Corp			6,995
88	*	Suffolk Bancorp			1,153
470	*	Sun Bancorp, Inc			1,664
6,820		SunTrust Banks, Inc			193,347
2,349		Susquehanna Bancshares, Inc			24,618
561	*	SVB Financial Group			31,399
9,246	e	Synovus Financial Corp			22,653
137	*	Taylor Capital Group, Inc			2,473
1,924		TCF Financial Corp			23,377
150		Territorial Bancorp, Inc			3,427
505	*	Texas Capital Bancshares, Inc			22,634
956	*	TFS Financial Corp			9,197
265	*	The Bancorp, Inc			2,907
259		Tompkins Trustco, Inc			10,267
238	e	TowneBank			3,687

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

80		Tree.com, Inc	$	1,442
171		Trico Bancshares		2,864
1,974		Trustco Bank Corp NY		10,423
774		Trustmark Corp		17,384
403		UMB Financial Corp		17,668
1,383		Umpqua Holdings Corp		16,306
167		Union Bankshares Corp		2,634
757	e	United Bankshares, Inc		18,410
526	*	United Community Banks, Inc		4,955
201		United Financial Bancorp, Inc		3,160
198		Univest Corp of Pennsylvania		3,386
24,796		US Bancorp		791,984
2,837	e	Valley National Bancorp		26,384
426		ViewPoint Financial Group		8,920
253	*	Virginia Commerce Bancorp		2,264
138	*	Walker & Dunlop, Inc		2,299
113		Washington Banking Co		1,539
1,416		Washington Federal, Inc		23,888
138		Washington Trust Bancorp, Inc		3,631
90	*	Waterstone Financial, Inc		702
900		Webster Financial Corp		18,495
63,849		Wells Fargo & Co		2,182,359
301		WesBanco, Inc		6,688
189		West Bancorporation, Inc		2,037
225		West Coast Bancorp		4,984
398		Westamerica Bancorporation		16,951
712	*	Western Alliance Bancorp		7,497
366		Westfield Financial, Inc		2,646
2,417	*	Wilshire Bancorp, Inc		14,188
461		Wintrust Financial Corp		16,919
100		WSFS Financial Corp		4,225
2,336		Zions Bancorporation		49,990

		TOTAL BANKS		6,811,039


CAPITAL GOODS - 8.2%
9,020		3M Co		837,507
540		A.O. Smith Corp		34,058
193		Aaon, Inc		4,028
468		AAR Corp		8,742
1,673	*	Accuride Corp		5,370
282		Aceto Corp		2,831
878		Actuant Corp (Class A)		24,505
572		Acuity Brands, Inc		38,742
1,483	*	Aecom Technology Corp		35,295
466	*	Aegion Corp		10,341
484	*	Aerovironment, Inc		10,522
1,234	*	AGCO Corp		60,614
858	*	Air Lease Corp		18,447
718		Aircastle Ltd		9,004
78		Alamo Group, Inc		2,546
301		Albany International Corp (Class A)		6,827
429		Alliant Techsystems, Inc		26,581
296		Altra Holdings, Inc		6,527
224	*	Ameresco, Inc		2,197
90		American Railcar Industries, Inc		2,856
140		American Science & Engineering, Inc		9,129
2,074	*,e	American Superconductor Corp		5,434
125	*	American Woodmark Corp		3,478
3,063		Ametek, Inc		115,077
79		Ampco-Pittsburgh Corp		1,578
410	*,e	API Technologies Corp		1,205
311		Apogee Enterprises, Inc		7,455
508		Applied Industrial Technologies, Inc		21,341
89		Argan, Inc		1,602
297		Armstrong World Industries, Inc		15,067

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,065	*	ArvinMeritor, Inc	$	9,767
237		Astec Industries, Inc		7,899
122	*	Astronics Corp		2,791
18	*	Astronics Corp (Class B)		391
258		AZZ, Inc		9,915
1,463		Babcock & Wilcox Co		38,331
677		Barnes Group, Inc		15,205
1,206	*	BE Aerospace, Inc		59,576
825	*	Beacon Roofing Supply, Inc		27,456
565		Belden CDT, Inc		25,419
570	*	Blount International, Inc		9,017
310	*	Bluelinx Holdings, Inc		871
9,805		Boeing Co		738,905
586		Brady Corp (Class A)		19,572
600		Briggs & Stratton Corp		12,648
1,363	*	Builders FirstSource, Inc		7,606
232	*	CAI International, Inc		5,092
7,608	*,e	Capstone Turbine Corp		6,771
790		Carlisle Cos, Inc		46,420
126		Cascade Corp		8,102
8,520		Caterpillar, Inc		763,222
405	*	Chart Industries, Inc		27,001
1,217		Chicago Bridge & Iron Co NV		56,408
170		CIRCOR International, Inc		6,730
615		Clarcor, Inc		29,385
311		CNH Global NV		12,530
628	*	Colfax Corp		25,340
196	*	Columbus McKinnon Corp		3,238
409		Comfort Systems USA, Inc		4,973
301	*	Commercial Vehicle Group, Inc		2,471
596	*	CPI Aerostructures, Inc		5,966
593		Crane Co		27,444
170		Cubic Corp		8,155
2,602		Cummins, Inc		281,927
554		Curtiss-Wright Corp		18,188
7,699		Danaher Corp		430,374
5,237		Deere & Co		452,582
434	*,e	DigitalGlobe, Inc		10,607
1,888		Donaldson Co, Inc		62,002
296		Douglas Dynamics, Inc		4,259
2,320		Dover Corp		152,447
82	*	DXP Enterprises, Inc		4,024
596	*	Dycom Industries, Inc		11,801
270		Dynamic Materials Corp		3,753
80		Eastern Co		1,266
5,853		Eaton Corp		317,233
190	*	Edgen Group, Inc		1,341
923		EMCOR Group, Inc		31,945
9,528		Emerson Electric Co		504,603
255		Encore Wire Corp		7,729
404	*	Energy Recovery, Inc		1,374
649	*	EnerSys		24,422
206	*	Engility Holdings, Inc		3,968
100	*,e	Enphase Energy, Inc		365
277	*	EnPro Industries, Inc		11,329
317		ESCO Technologies, Inc		11,859
388	*	Esterline Technologies Corp		24,681
2,210		Exelis, Inc		24,907
3,764		Fastenal Co		175,741
743	*	Federal Signal Corp		5,654
413	*	Flow International Corp		1,446
686		Flowserve Corp		100,705
2,167		Fluor Corp		127,290
2,026	*	Fortune Brands Home & Security, Inc		59,200
277		Franklin Electric Co, Inc		17,221
227		Freightcar America, Inc		5,089

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

6,474	*,e	FuelCell Energy, Inc	$	5,937
408	*	Furmanite Corp		2,191
711		Gardner Denver, Inc		48,704
594		GATX Corp		25,720
575	*	GenCorp, Inc		5,261
317		Generac Holdings, Inc		10,876
640	*	General Cable Corp		19,462
4,035		General Dynamics Corp		279,504
138,100		General Electric Co		2,898,719
264	*	GeoEye, Inc		8,113
916	*	Gibraltar Industries, Inc		14,583
199		Global Power Equipment Group, Inc		3,413
242		Gorman-Rupp Co		7,219
730		Graco, Inc		37,588
1,560	*	GrafTech International Ltd		14,648
128		Graham Corp		2,496
466		Granite Construction, Inc		15,667
670		Great Lakes Dredge & Dock Corp		5,983
517	*	Greenbrier Cos, Inc		8,360
686		Griffon Corp		7,862
334		H&E Equipment Services, Inc		5,033
150		Hardinge, Inc		1,491
969		Harsco Corp		22,772
768		Heico Corp		34,376
1,310	*	Hexcel Corp		35,318
10,123		Honeywell International, Inc		642,507
186		Houston Wire & Cable Co		2,282
728		Hubbell, Inc (Class B)		61,611
604		Huntington Ingalls		26,177
78	*	Hurco Cos, Inc		1,794
132		Hyster-Yale Materials Handling, Inc		6,442
1,031		IDEX Corp		47,972
646	*	II-VI, Inc		11,802
5,517		Illinois Tool Works, Inc		335,489
3,857		Ingersoll-Rand plc		184,982
155		Insteel Industries, Inc		1,934
1,105		ITT Corp		25,923
1,705	*	Jacobs Engineering Group, Inc		72,582
308		John Bean Technologies Corp		5,473
1,343		Joy Global, Inc		85,657
148	*	Kadant, Inc		3,923
380		Kaman Corp		13,984
428		Kaydon Corp		10,242
1,895		KBR, Inc		56,698
983		Kennametal, Inc		39,320
128	*	KEYW Holding Corp		1,624
294	*	Kratos Defense & Security Solutions, Inc		1,479
1,237		L-3 Communications Holdings, Inc		94,779
220	*	Layne Christensen Co		5,339
111		LB Foster Co (Class A)		4,822
702		Lennox International, Inc		36,869
1,026		Lincoln Electric Holdings, Inc		49,946
136	e	Lindsay Manufacturing Co		10,896
101	*	LMI Aerospace, Inc		1,953
3,480		Lockheed Martin Corp		321,169
131		LSI Industries, Inc		918
201	*	Lydall, Inc		2,882
1,843		Manitowoc Co, Inc		28,898
4,530		Masco Corp		75,470
894	*	Mastec, Inc		22,287
171		Met-Pro Corp		1,657
80		Michael Baker Corp		1,994
238	*	Middleby Corp		30,514
115		Miller Industries, Inc		1,754
548	*	Moog, Inc (Class A)		22,484
284	*	MRC Global, Inc		7,890

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

556		MSC Industrial Direct Co (Class A)	$	41,911
447		Mueller Industries, Inc		22,363
2,364		Mueller Water Products, Inc (Class A)		13,262
209	*	MYR Group, Inc		4,650
58	e	National Presto Industries, Inc		4,008
1,022	*,e	Navistar International Corp		22,249
222	*	NCI Building Systems, Inc		3,086
202	*	NN, Inc		1,850
814		Nordson Corp		51,380
100	*	Nortek, Inc		6,625
3,193		Northrop Grumman Corp		215,783
96	*	Northwest Pipe Co		2,291
706	*	Orbital Sciences Corp		9,722
434	*	Orion Marine Group, Inc		3,173
1,249	*	Oshkosh Truck Corp		37,033
1,547	*	Owens Corning, Inc		57,224
4,530		Paccar, Inc		204,801
1,472		Pall Corp		88,703
1,917		Parker Hannifin Corp		163,060
338	*	Patrick Industries, Inc		5,259
2,713		Pentair Ltd		133,344
313	*	Perini Corp		4,288
250	*	Pgt, Inc		1,125
200		Pike Electric Corp		1,910
144	*	PMFG, Inc		1,309
591	*,e	Polypore International, Inc		27,481
94	*	Powell Industries, Inc		3,904
1,845		Precision Castparts Corp		349,480
28		Preformed Line Products Co		1,664
237		Primoris Services Corp		3,564
64	*	Proto Labs, Inc		2,523
450		Quanex Building Products Corp		9,185
2,673	*	Quanta Services, Inc		72,946
460		Raven Industries, Inc		12,126
4,449		Raytheon Co		256,084
262	*	RBC Bearings, Inc		13,118
536		Regal-Beloit Corp		37,772
362	*	Rexnord Corp		7,711
596		Robbins & Myers, Inc		35,432
1,820		Rockwell Automation, Inc		152,862
1,970		Rockwell Collins, Inc		114,595
1,238		Roper Industries, Inc		138,012
333	*	Rush Enterprises, Inc (Class A)		6,883
200		Sauer-Danfoss, Inc		10,674
4		Seaboard Corp		10,120
134		SeaCube Container Leasing Ltd		2,526
919	*	Shaw Group, Inc		42,835
30		SIFCO Industries, Inc		472
533		Simpson Manufacturing Co, Inc		17,477
738		Snap-On, Inc		58,295
1,597	*	Spirit Aerosystems Holdings, Inc (Class A)		27,101
643		SPX Corp		45,106
151		Standex International Corp		7,745
2,154		Stanley Works		159,331
133	*	Sterling Construction Co, Inc		1,322
183		Sun Hydraulics Corp		4,773
368		TAL International Group, Inc		13,388
812	*	Taser International, Inc		7,259
466	*	Teledyne Technologies, Inc		30,323
200		Tennant Co		8,790
1,556	*	Terex Corp		43,739
112	e	Textainer Group Holdings Ltd		3,524
3,863		Textron, Inc		95,764
120	*	Thermon Group Holdings		2,704
1,085		Timken Co		51,896
624	e	Titan International, Inc		13,553

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

282	*,e	Titan Machinery, Inc	$	6,965
838		Toro Co		36,017
663		TransDigm Group, Inc		90,407
189	*	Trex Co, Inc		7,036
321	*	Trimas Corp		8,975
964		Trinity Industries, Inc		34,530
680		Triumph Group, Inc		44,404
100		Twin Disc, Inc		1,743
1,167	*	United Rentals, Inc		53,122
11,811		United Technologies Corp		968,620
233		Universal Forest Products, Inc		8,863
959		URS Corp		37,650
911	*,e	USG Corp		25,572
282		Valmont Industries, Inc		38,507
200	*	Vicor Corp		1,084
813		W.W. Grainger, Inc		164,527
1,287	*	Wabash National Corp		11,544
820	*	WABCO Holdings, Inc		53,456
424		Watsco, Inc		31,758
573		Watts Water Technologies, Inc (Class A)		24,633
625	*,e	WESCO International, Inc		42,144
648		Westinghouse Air Brake Technologies Corp		56,726
70	*	Willis Lease Finance Corp		1,002
880		Woodward Governor Co		33,554
2,461		Xylem, Inc		66,693

		TOTAL CAPITAL GOODS		16,982,569


COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
655		ABM Industries, Inc		13,067
611	*	Acacia Research (Acacia Technologies)		15,672
1,386	*	ACCO Brands Corp		10,173
217		Acorn Energy, Inc		1,695
335		Administaff, Inc		10,908
3,082		ADT Corp		143,282
413	*	Advisory Board Co		19,324
200		American Ecology Corp		4,708
412	*	ARC Document Solutions, Inc		1,055
120	*	AT Cross Co		1,294
1,360		Avery Dennison Corp		47,491
97		Barrett Business Services, Inc		3,695
550		Brink’s Co		15,691
297	*	Casella Waste Systems, Inc (Class A)		1,301
854	*	CBIZ, Inc		5,047
100		CDI Corp		1,713
90		Ceco Environmental Corp		895
676	*,e	Cenveo, Inc		1,825
1,396		Cintas Corp		57,096
652	*	Clean Harbors, Inc		35,867
100	*	Consolidated Graphics, Inc		3,492
1,065	*,e	Coolbrands International, Inc		1,864
1,448	*	Copart, Inc		42,716
451		Corporate Executive Board Co		21,404
1,325		Corrections Corp of America		46,998
73		Courier Corp		803
1,387		Covanta Holding Corp		25,549
167	*	CRA International, Inc		3,302
649		Deluxe Corp		20,924
365	*	Dolan Media Co		1,420
647		Dun & Bradstreet Corp		50,887
904	*	EnergySolutions, Inc		2,820
236	*	EnerNOC, Inc		2,773
269		Ennis, Inc		4,161
1,500		Equifax, Inc		81,180
172	*	Exponent, Inc		9,603
148	*	Franklin Covey Co		1,909

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

571	*	FTI Consulting, Inc	$	18,843
387		G & K Services, Inc (Class A)		13,216
889		Geo Group, Inc		25,070
191	*	GP Strategies Corp		3,944
825		Healthcare Services Group		19,165
200		Heidrick & Struggles International, Inc		3,052
380	*	Heritage-Crystal Clean, Inc		5,704
700		Herman Miller, Inc		14,994
270	*	Hill International, Inc		988
567		HNI Corp		17,044
376	*	Hudson Highland Group, Inc		1,684
279	*	Huron Consulting Group, Inc		9,400
209	*	ICF International, Inc		4,899
1,150	*	ICO Global Communications Holdings Ltd		1,460
675	*	IHS, Inc (Class A)		64,800
259	*,e	Innerworkings, Inc		3,569
597		Interface, Inc		9,600
110	e	Intersections, Inc		1,043
2,110		Iron Mountain, Inc		65,515
343		KAR Auction Services, Inc		6,942
300		Kelly Services, Inc (Class A)		4,722
366		Kforce, Inc		5,245
300		Kimball International, Inc (Class B)		3,483
546		Knoll, Inc		8,387
500	*	Korn/Ferry International		7,930
1,020		Manpower, Inc		43,289
274		McGrath RentCorp		7,951
802	*	Metalico, Inc		1,572
352		Mine Safety Appliances Co		15,034
172	*	Mistras Group, Inc		4,247
400	*	Mobile Mini, Inc		8,332
105		Multi-Color Corp		2,519
631	*	Navigant Consulting, Inc		7,042
1,545	*	Nielsen Holdings NV		47,262
113		NL Industries, Inc		1,294
817	*,e	Odyssey Marine Exploration, Inc		2,426
549	*	On Assignment, Inc		11,134
2,162	e	Pitney Bowes, Inc		23,004
313	e	Quad		6,382
2,354	e	R.R. Donnelley & Sons Co		21,186
3,849		Republic Services, Inc		112,891
514		Resources Connection, Inc		6,137
1,798		Robert Half International, Inc		57,212
772		Rollins, Inc		17,015
275	*	RPX Corp		2,486
100		Schawk, Inc (Class A)		1,316
189	*	Standard Parking Corp		4,156
838		Steelcase, Inc (Class A)		10,676
1,080	*	Stericycle, Inc		100,732
460	*	SYKES Enterprises, Inc		7,001
390	*	Team, Inc		14,836
804	*	Tetra Tech, Inc		21,266
159	*	TMS International Corp		1,991
772		Towers Watson & Co		43,394
220	*	TRC Cos, Inc		1,280
550	*	TrueBlue, Inc		8,662
6,165		Tyco International Ltd		180,326
330		Unifirst Corp		24,196
612		United Stationers, Inc		18,966
1,903	*	Verisk Analytics, Inc		97,053
263		Viad Corp		7,143
48		VSE Corp		1,176
80	*	WageWorks, Inc		1,424
1,597		Waste Connections, Inc		53,963
5,946		Waste Management, Inc		200,618

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,232,893

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE


CONSUMER DURABLES & APPAREL - 1.5%
479	e	American Greetings Corp (Class A)	$	8,090
148	*	Arctic Cat, Inc		4,942
140		Bassett Furniture Industries, Inc		1,746
556	*,e	Beazer Homes USA, Inc		9,391
150	e	Blyth, Inc		2,333
1,286		Brunswick Corp		37,410
806		Callaway Golf Co		5,239
614	*	Carter’s, Inc		34,169
72	*	Cavco Industries, Inc		3,599
65		Cherokee, Inc		891
271	*	Clarus Corp		2,222
3,735		Coach, Inc		207,330
137	e	Columbia Sportswear Co		7,310
1,444	*	CROCS, Inc		20,779
46		CSS Industries, Inc		1,007
110		Culp, Inc		1,651
474	*,e	Deckers Outdoor Corp		19,088
67	*	Delta Apparel, Inc		937
3,350		DR Horton, Inc		66,263
279		Ethan Allen Interiors, Inc		7,173
1,307	*	Fifth & Pacific Cos, Inc		16,272
60		Flexsteel Industries, Inc		1,287
683	*	Fossil, Inc		63,587
1,360	e	Garmin Ltd		55,515
205	*	G-III Apparel Group Ltd		7,017
1,240	*	Hanesbrands, Inc		44,417
852		Harman International Industries, Inc		38,033
1,546	e	Hasbro, Inc		55,501
400	*	Helen of Troy Ltd		13,356
140	e	Hooker Furniture Corp		2,034
1,946	*,e	Hovnanian Enterprises, Inc (Class A)		13,622
870	*	Iconix Brand Group, Inc		19,418
429	*	iRobot Corp		8,039
257		Jakks Pacific, Inc		3,218
971		Jarden Corp		50,201
1,084		Jones Apparel Group, Inc		11,989
919	e	KB Home		14,520
1,949	*,e	K-Swiss, Inc (Class A)		6,549
628		La-Z-Boy, Inc		8,886
636	*	Leapfrog Enterprises, Inc		5,489
1,780		Leggett & Platt, Inc		48,452
1,951	e	Lennar Corp (Class A)		75,445
193	*	Libbey, Inc		3,735
112		Lifetime Brands, Inc		1,188
385	*	M/I Homes, Inc		10,202
300	*	Maidenform Brands, Inc		5,847
4,469		Mattel, Inc		163,655
441		MDC Holdings, Inc		16,211
377	*	Meritage Homes Corp		14,081
1,079	*	Michael Kors Holdings Ltd		55,061
785	*	Mohawk Industries, Inc		71,019
200		Movado Group, Inc		6,136
66		Nacco Industries, Inc (Class A)		4,006
3,613		Newell Rubbermaid, Inc		80,462
9,566		Nike, Inc (Class B)		493,606
70	*	NVR, Inc		64,400
200		Oxford Industries, Inc		9,272
161		Perry Ellis International, Inc		3,204
910		Phillips-Van Heusen Corp		101,019
804		Polaris Industries, Inc		67,657
567		Pool Corp		23,995
4,337	*	Pulte Homes, Inc		78,760
1,598	*	Quiksilver, Inc		6,791
802		Ralph Lauren Corp		120,236

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

101		RG Barry Corp	$	1,431
506		Ryland Group, Inc		18,469
1,213	*,e	Sealy Corp		2,632
660	*	Skechers U.S.A., Inc (Class A)		12,210
208	*	Skullcandy, Inc		1,620
1,107	*,e	Smith & Wesson Holding Corp		9,343
1,997	*,e	Standard-Pacific Corp		14,678
100	*	Steinway Musical Instruments, Inc		2,115
501	*	Steven Madden Ltd		21,177
228	e	Sturm Ruger & Co, Inc		10,351
875	*	Tempur-Pedic International, Inc		27,554
1,801	*	Toll Brothers, Inc		58,226
304		True Religion Apparel, Inc		7,728
271	*	Tumi Holdings, Inc		5,650
709		Tupperware Corp		45,447
1,004	*,e	Under Armour, Inc (Class A)		48,724
340	*	Unifi, Inc		4,423
166	*	Universal Electronics, Inc		3,212
246	*,e	Vera Bradley, Inc		6,175
1,115		VF Corp		168,332
515	*	Warnaco Group, Inc		36,859
60		Weyco Group, Inc		1,402
1,000		Whirlpool Corp		101,750
600		Wolverine World Wide, Inc		24,588
939	*,e	Zagg, Inc		6,911

		TOTAL CONSUMER DURABLES & APPAREL		3,045,967


CONSUMER SERVICES - 2.2%
306	*	AFC Enterprises		7,996
224	*,e	American Public Education, Inc		8,089
660		Ameristar Casinos, Inc		17,318
1,296	*	Apollo Group, Inc (Class A)		27,112
159	*	Ascent Media Corp (Series A)		9,848
701	*	Bally Technologies, Inc		31,342
298	*	BJ’s Restaurants, Inc		9,804
226	*	Bloomin’ Brands, Inc		3,535
180	*	Bluegreen Corp		1,688
379		Bob Evans Farms, Inc		15,236
704	*,e	Boyd Gaming Corp		4,675
141	*	Bravo Brio Restaurant Group, Inc		1,894
234	*,e	Bridgepoint Education, Inc		2,410
1,103		Brinker International, Inc		34,182
218	*	Buffalo Wild Wings, Inc		15,875
540	*,e	Caesars Entertainment Corp		3,737
202	*	Capella Education Co		5,702
812	*	Career Education Corp		2,858
267	*	Caribou Coffee Co, Inc		4,323
5,280		Carnival Corp		194,146
200		Carriage Services, Inc		2,374
288		CBRL Group, Inc		18,507
272		CEC Entertainment, Inc		9,028
746		Cheesecake Factory		24,409
409	*	Chipotle Mexican Grill, Inc (Class A)		121,661
370	e	Choice Hotels International, Inc		12,439
155		Churchill Downs, Inc		10,300
84	*	Chuy’s Holdings, Inc		1,877
397	*,e	Coinstar, Inc		20,648
70	e	Collectors Universe		702
1,059	*,e	Corinthian Colleges, Inc		2,584
1,651		Darden Restaurants, Inc		74,411
949	*	Denny’s Corp		4,631
854	e	DeVry, Inc		20,265
223	*	DineEquity, Inc		14,941
767		Domino’s Pizza, Inc		33,403
1,035		Dunkin Brands Group, Inc		34,341

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

519	*,e	Education Management Corp	$	2,273
200	*	Fiesta Restaurant Group, Inc		3,064
40		Frisch’s Restaurants, Inc		740
505	*	Grand Canyon Education, Inc		11,852
3,828		H&R Block, Inc		71,086
1,071		Hillenbrand, Inc		24,215
540	*	Hyatt Hotels Corp		20,828
80	*	Ignite Restaurant Group, Inc		1,040
3,723		International Game Technology		52,755
548		International Speedway Corp (Class A)		15,136
474		Interval Leisure Group, Inc		9,191
244	*	Isle of Capri Casinos, Inc		1,366
351	*,e	ITT Educational Services, Inc		6,076
678	*	Jack in the Box, Inc		19,391
738	*	Jamba, Inc		1,653
310	*,e	K12, Inc		6,336
587	*	Krispy Kreme Doughnuts, Inc		5,506
5,225		Las Vegas Sands Corp		241,186
545	*	Life Time Fitness, Inc		26,819
288		Lincoln Educational Services Corp		1,610
140		Mac-Gray Corp		1,757
200		Marcus Corp		2,494
3,228		Marriott International, Inc (Class A)		120,308
345	*	Marriott Vacations Worldwide Corp		14,376
367		Matthews International Corp (Class A)		11,781
13,266		McDonald’s Corp		1,170,194
5,009	*	MGM Mirage		58,305
200	*	Monarch Casino & Resort, Inc		2,182
510	*	Morgans Hotel Group Co		2,825
290	*	MTR Gaming Group, Inc		1,209
322	*	Multimedia Games, Inc		4,737
30	*	Nathan’s Famous, Inc		1,011
1,101	*	Orient-Express Hotels Ltd (Class A)		12,871
360	*	Panera Bread Co (Class A)		57,179
263	*	Papa John’s International, Inc		14,449
861	*	Penn National Gaming, Inc		42,284
793	*	Pinnacle Entertainment, Inc		12,553
330	*,e	Premier Exhibitions, Inc		894
150	*	Red Robin Gourmet Burgers, Inc		5,293
674		Regis Corp		11,404
1,926		Royal Caribbean Cruises Ltd		65,484
779	*	Ruby Tuesday, Inc		6,123
200	*	Ruth’s Chris Steak House, Inc		1,454
774	*	Scientific Games Corp (Class A)		6,711
2,758		Service Corp International		38,088
646	*	SHFL Entertainment, Inc		9,367
538		Six Flags Entertainment Corp		32,926
729	*	Sonic Corp		7,589
810		Sotheby’s (Class A)		27,232
164		Speedway Motorsports, Inc		2,926
9,810		Starbucks Corp		526,012
2,746		Starwood Hotels & Resorts Worldwide, Inc		157,511
20	*	Steak N Shake Co		7,800
185	*	Steiner Leisure Ltd		8,915
1,142		Stewart Enterprises, Inc (Class A)		8,725
171		Strayer Education, Inc		9,605
687		Texas Roadhouse, Inc (Class A)		11,542
250		Town Sports International Holdings, Inc		2,662
228		Universal Technical Institute, Inc		2,289
437		Vail Resorts, Inc		23,637
356	e	Weight Watchers International, Inc		18,640
3,949		Wendy’s		18,560
698	*	WMS Industries, Inc		12,215
1,852		Wyndham Worldwide Corp		98,545
1,012		Wynn Resorts Ltd		113,840
6,045		Yum! Brands, Inc		401,388

		TOTAL CONSUMER SERVICES		4,498,306

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE


DIVERSIFIED FINANCIALS - 6.2%
647	*	Affiliated Managers Group, Inc	$	84,207
4,393	*	American Capital Ltd		52,716
13,003		American Express Co		747,413
2,781		Ameriprise Financial, Inc		174,174
2,330		Apollo Investment Corp		19,479
2,886		Ares Capital Corp		50,505
341		Artio Global Investors, Inc		648
200	*	Asset Acceptance Capital Corp		900
140		Asta Funding, Inc		1,331
139,899		Bank of America Corp		1,622,828
15,492		Bank of New York Mellon Corp		398,144
1,263		BGC Partners, Inc (Class A)		4,370
942		BlackRock Kelso Capital Corp		9,477
1,686		BlackRock, Inc		348,513
200		Calamos Asset Management, Inc (Class A)		2,114
7,516		Capital One Financial Corp		435,402
47		Capital Southwest Corp		4,683
400		Cash America International, Inc		15,868
1,112		CBOE Holdings, Inc		32,760
14,687		Charles Schwab Corp		210,905
38,246		Citigroup, Inc		1,513,012
4,395		CME Group, Inc		222,870
207	e	Cohen & Steers, Inc		6,307
888	*	Cowen Group, Inc		2,176
98	*	Credit Acceptance Corp		9,965
22		Diamond Hill Investment Group, Inc		1,493
7,134		Discover Financial Services		275,016
586	*	Dollar Financial Corp		10,847
332		Duff & Phelps Corp		5,186
3,622	*	E*Trade Financial Corp		32,417
1,406		Eaton Vance Corp		44,781
281	*	Encore Capital Group, Inc		8,604
160		Epoch Holding Corp		4,464
364		Evercore Partners, Inc (Class A)		10,989
545	*	Ezcorp, Inc (Class A)		10,824
653	*	FBR Capital Markets Corp		2,527
1,409	e	Federated Investors, Inc (Class B)		28,504
149		Fidus Investment Corp		2,451
1,049		Fifth Street Finance Corp		10,931
587	*,e	Financial Engines, Inc		16,289
363	*	First Cash Financial Services, Inc		18,012
641	*,e	First Marblehead Corp		498
110	*	Firsthand Technology Value Fund, Inc		1,918
1,873		Franklin Resources, Inc		235,436
80		Friedman Billings Ramsey Group, Inc (Class A)		1,662
215	e	FXCM, Inc		2,165
69		GAMCO Investors, Inc (Class A)		3,662
704		GFI Group, Inc		2,281
239		Gladstone Capital Corp		1,950
252		Gladstone Investment Corp		1,754
6,419		Goldman Sachs Group, Inc		818,808
92	e	Golub Capital BDC, Inc		1,470
276	*,e	Green Dot Corp		3,367
354		Greenhill & Co, Inc		18,404
240	*,e	GSV Capital Corp		2,023
322	*	Harris & Harris Group, Inc		1,063
635		Hercules Technology Growth Capital, Inc		7,068
409		HFF, Inc (Class A)		6,094
80		Horizon Technology Finance Corp		1,191
441		Interactive Brokers Group, Inc (Class A)		6,033
960	*	IntercontinentalExchange, Inc		118,858
153	*	International Assets Holding Corp		2,664
405	*	Internet Capital Group, Inc		4,629
5,831		Invesco Ltd		152,131

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES			COMPANY	VALUE

524		*	Investment Technology Group, Inc	$	4,716
8,200		e	iShares Russell 3000 Index Fund		694,376
2,289		e	Janus Capital Group, Inc		19,502
1,790			Jefferies Group, Inc		33,240
173			JMP Group, Inc		1,050
49,466			JPMorgan Chase & Co		2,175,020
422			KBW, Inc		6,457
240		e	KCAP Financial, Inc		2,206
700		*	Knight Capital Group, Inc (Class A)		2,457
1,144		*	Ladenburg Thalmann Financial Services, Inc		1,602
1,450			Lazard Ltd (Class A)		43,268
1,857			Legg Mason, Inc		47,762
2,510			Leucadia National Corp		59,713
641			LPL Financial Holdings, Inc		18,051
250		e	Main Street Capital Corp		7,627
175			Manning & Napier, Inc		2,205
463			MarketAxess Holdings, Inc		16,344
102			Marlin Business Services Corp		2,046
778			MCG Capital Corp		3,579
175			Medallion Financial Corp		2,054
212			Medley Capital Corp		3,087
110			MicroFinancial, Inc		801
2,471			Moody’s Corp		124,341
19,595			Morgan Stanley		374,656
1,492		*	MSCI, Inc (Class A)		46,237
407			MVC Capital, Inc		4,945
1,637			Nasdaq Stock Market, Inc		40,941
320			Nelnet, Inc (Class A)		9,533
370		*	Netspend Holdings, Inc		4,373
175			New Mountain Finance Corp		2,608
341		*	NewStar Financial, Inc		4,777
300			NGP Capital Resources Co		2,166
120		e	Nicholas Financial, Inc		1,488
2,796			Northern Trust Corp		140,247
3,295			NYSE Euronext		103,924
116			Oppenheimer Holdings, Inc		2,003
725			PennantPark Investment Corp		7,971
639		*	PHH Corp		14,537
272		*	Pico Holdings, Inc		5,513
236		*	Piper Jaffray Cos		7,583
205		*	Portfolio Recovery Associates, Inc		21,906
2,016			Prospect Capital Corp		21,914
90			Pzena Investment Management, Inc (Class A)		486
1,443			Raymond James Financial, Inc		55,599
60		*	Regional Management Corp		993
150			Resource America, Inc (Class A)		1,000
219		*	Safeguard Scientifics, Inc		3,230
1,802			SEI Investments Co		42,059
6,277			SLM Corp		107,525
456			Solar Capital Ltd		10,903
125			Solar Senior Capital Ltd		2,333
6,327			State Street Corp		297,432
676		*	Stifel Financial Corp		21,612
289		*	SWS Group, Inc		1,529
3,354			T Rowe Price Group, Inc		218,446
70			TCP Capital Corp		1,032
3,277			TD Ameritrade Holding Corp		55,086
104			THL Credit, Inc		1,538
330	��		TICC Capital Corp		3,340
517		e	Triangle Capital Corp		13,178
56		*	Virtus Investment Partners, Inc		6,773
1,037			Waddell & Reed Financial, Inc (Class A)		36,108
462		*	Walter Investment Management Corp		19,875
61			Westwood Holdings Group, Inc		2,495
748		*	WisdomTree Investments, Inc		4,578

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

199	*,e	World Acceptance Corp	$	14,837

		TOTAL DIVERSIFIED FINANCIALS		12,860,044


ENERGY - 9.8%
2,642	*,e	Abraxas Petroleum Corp		5,786
30		Adams Resources & Energy, Inc		1,052
142		Alon USA Energy, Inc		2,569
2,853	*,e	Alpha Natural Resources, Inc		27,788
1,985	*,e	Amyris Biotechnologies, Inc		6,193
6,473		Anadarko Petroleum Corp		481,009
5,068		Apache Corp		397,838
180		APCO Argentina, Inc		2,216
503	*	Approach Resources, Inc		12,580
3,374		Arch Coal, Inc		24,698
675	*	Atwood Oceanics, Inc		30,908
5,569		Baker Hughes, Inc		227,438
823	*,e	Basic Energy Services, Inc		9,390
617		Berry Petroleum Co (Class A)		20,700
553	*	Bill Barrett Corp		9,838
110		Bolt Technology Corp		1,570
340	*,e	Bonanza Creek Energy, Inc		9,449
1,271	*,e	BPZ Energy, Inc		4,004
529		Bristow Group, Inc		28,386
564	*	C&J Energy Services, Inc		12,092
2,717		Cabot Oil & Gas Corp		135,144
4,328	*,e	Cal Dive International, Inc		7,487
354	*	Callon Petroleum Co		1,664
3,191	*	Cameron International Corp		180,164
235		CARBO Ceramics, Inc		18,410
483	*	Carrizo Oil & Gas, Inc		10,104
2,773	*	Cheniere Energy, Inc		52,077
8,437	e	Chesapeake Energy Corp		140,223
25,615		Chevron Corp		2,770,006
1,064		Cimarex Energy Co		61,425
90	*	Clayton Williams Energy, Inc		3,600
839	*,e	Clean Energy Fuels Corp		10,446
755	*	Cloud Peak Energy, Inc		14,594
2,316	*	Cobalt International Energy, Inc		56,881
599	*	Comstock Resources, Inc		9,063
1,328	*	Concho Resources, Inc		106,984
16,368		ConocoPhillips		949,180
2,890		Consol Energy, Inc		92,769
273		Contango Oil & Gas Co		11,564
568	*	Continental Resources, Inc		41,742
456		Crosstex Energy, Inc		6,539
212	*	CVR Energy, Inc		10,343
1,093	*	CVR Energy, Inc (Contingent value right)		0
80	*	Dawson Geophysical Co		2,110
213		Delek US Holdings, Inc		5,393
4,935	*	Denbury Resources, Inc		79,947
5,153		Devon Energy Corp		268,162
939		Diamond Offshore Drilling, Inc		63,814
994	*	Dresser-Rand Group, Inc		55,803
510	*	Dril-Quip, Inc		37,255
1,061	*	Emerald Oil, Inc		5,560
780	*,e	Endeavour International Corp		4,040
915		Energen Corp		41,257
1,096		Energy XXI Bermuda Ltd		35,280
3,503		EOG Resources, Inc		423,127
354	*	EPL Oil & Gas, Inc		7,983
1,668		Equitable Resources, Inc		98,379
1,767	e	EXCO Resources, Inc		11,963
747	*	Exterran Holdings, Inc		16,374
60,930	d	Exxon Mobil Corp		5,273,492
3,113	*	FMC Technologies, Inc		133,330

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

190	*	Forbes Energy Services Ltd	$	481
2,133	*	Forest Oil Corp		14,270
284	*	Forum Energy Technologies, Inc		7,029
743	*,e	Frontline Ltd		2,422
1,633	*	FX Energy, Inc		6,712
291		GasLog Ltd		3,617
1,809	*	Gastar Exploration Ltd		2,189
164	*	Geospace Technologies Corp		14,575
3,125	*,e	Gevo, Inc		4,812
690	*	Global Geophysical Services, Inc		2,656
551	e	Golar LNG Ltd		20,266
321	*,e	Goodrich Petroleum Corp		2,992
790	*	Green Plains Renewable Energy, Inc		6,249
190		Gulf Island Fabrication, Inc		4,566
447		Gulfmark Offshore, Inc		15,399
710	*	Gulfport Energy Corp		27,136
1,633	*	Halcon Resources Corp		11,300
11,978		Halliburton Co		415,517
978	*	Harvest Natural Resources, Inc		8,870
1,688	*,e	Heckmann Corp		6,803
1,341	*	Helix Energy Solutions Group, Inc		27,678
1,186		Helmerich & Payne, Inc		66,428
2,471	*	Hercules Offshore, Inc		15,271
3,861		Hess Corp		204,479
2,628		Holly Corp		122,333
441	*	Hornbeck Offshore Services, Inc		15,144
1,704	*	ION Geophysical Corp		11,093
13	*	Isramco, Inc		1,352
2,609	*	Key Energy Services, Inc		18,133
6,205		Kinder Morgan, Inc		219,223
134	*,e	KiOR, Inc (Class A)		859
185	e	Knightsbridge Tankers Ltd		971
3,714	*	Kodiak Oil & Gas Corp		32,869
890	*	Kosmos Energy LLC		10,991
300	*	Laredo Petroleum Holdings, Inc		5,448
400		Lufkin Industries, Inc		23,252
3,031	*,e	Magnum Hunter Resources Corp		12,094
9,158		Marathon Oil Corp		280,784
4,379		Marathon Petroleum Corp		275,877
177	*	Matador Resources Co		1,451
440	*	Matrix Service Co		5,060
2,913	*	McDermott International, Inc		32,101
1,294	*,e	McMoRan Exploration Co		20,769
310	*	Midstates Petroleum Co, Inc		2,136
1,226	*,e	Miller Petroleum, Inc		4,855
120	*	Mitcham Industries, Inc		1,636
2,523		Murphy Oil Corp		150,245
3,568	*	Nabors Industries Ltd		51,558
5,535		National Oilwell Varco, Inc		378,317
136	*	Natural Gas Services Group, Inc		2,233
1,672	*	Newfield Exploration Co		44,776
1,250	*	Newpark Resources, Inc		9,812
2,265		Noble Energy, Inc		230,441
562	e	Nordic American Tanker Shipping		4,917
746	*,e	Northern Oil And Gas, Inc		12,548
1,014	*	Oasis Petroleum, Inc		32,245
10,534		Occidental Petroleum Corp		807,010
1,376		Oceaneering International, Inc		74,015
709	*	Oil States International, Inc		50,722
85		Panhandle Oil and Gas, Inc (Class A)		2,400
1,722	*	Parker Drilling Co		7,921
1,923	e	Patterson-UTI Energy, Inc		35,825
403	*	PDC Energy, Inc		13,384
3,457		Peabody Energy Corp		91,991
1,680		Penn Virginia Corp		7,409
815	*	Petroquest Energy, Inc		4,034

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

149	*	PHI, Inc	$	4,990
8,110		Phillips 66		430,641
1,260	*	Pioneer Energy Services Corp		9,148
1,562		Pioneer Natural Resources Co		166,494
1,637	*	Plains Exploration & Production Co		76,841
2,264		Questar Market Resources, Inc		68,531
2,998	*,e	Quicksilver Resources, Inc		8,574
2,070		Range Resources Corp		130,058
2,606		Rentech, Inc		6,854
460	*	Resolute Energy Corp		3,740
494	*	Rex Energy Corp		6,432
92	*	Rex Stores Corp		1,775
160	*	RigNet, Inc		3,269
657	*	Rosetta Resources, Inc		29,801
1,533	*	Rowan Cos PLC		47,937
757	e	RPC, Inc		9,266
151	*,e	Sanchez Energy Corp		2,718
6,213	*,e	SandRidge Energy, Inc		39,452
230	*	Saratoga Resources, Inc		814
17,350		Schlumberger Ltd		1,202,181
156	*	Scorpio Tankers, Inc		1,109
272		SEACOR Holdings, Inc		22,794
517	*	SemGroup Corp		20,204
482	e	Ship Finance International Ltd		8,016
413	*,e	Solazyme, Inc		3,246
4,435	*	Southwestern Energy Co		148,173
8,242		Spectra Energy Corp		225,666
844		St. Mary Land & Exploration Co		44,065
626	*	Stone Energy Corp		12,845
2,001	*	Superior Energy Services		41,461
514	*	Swift Energy Co		7,910
500	*	Synergy Resources Corp		2,695
467		Targa Resources Investments, Inc		24,676
480		Teekay Corp		15,408
800	e	Teekay Tankers Ltd (Class A)		2,320
364	*	Tesco Corp		4,146
1,783		Tesoro Corp		78,541
974	*	Tetra Technologies, Inc		7,393
182		TGC Industries, Inc		1,491
645		Tidewater, Inc		28,819
522	*	Triangle Petroleum Corp		3,127
1,944	*,e	Ultra Petroleum Corp		35,245
615	*	Unit Corp		27,706
4,023	*,e	Uranerz Energy Corp		5,592
1,254	*,e	Uranium Energy Corp		3,210
621	*	Vaalco Energy, Inc		5,372
7,182		Valero Energy Corp		245,050
5,036	*,e	Vantage Drilling Co		9,216
414		W&T Offshore, Inc		6,636
580	*	Warren Resources, Inc		1,630
925	e	Western Refining, Inc		26,076
125	*	Westmoreland Coal Co		1,167
1,492	*	Whiting Petroleum Corp		64,708
1,032	*	Willbros Group, Inc		5,531
8,765		Williams Cos, Inc		286,966
874		World Fuel Services Corp		35,983
2,447	*	WPX Energy, Inc		36,411
2,938	*	ZaZa Energy Corp		6,023

		TOTAL ENERGY		20,327,276


FOOD & STAPLES RETAILING - 2.0%
207		Andersons, Inc		8,880
15		Arden Group, Inc (Class A)		1,350
496		Casey’s General Stores, Inc		26,338
300	*	Chefs’ Warehouse Holdings, Inc		4,743

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

5,701		Costco Wholesale Corp	$	563,088
16,616		CVS Corp		803,383
350	*	Fresh Market, Inc		16,831
610		Harris Teeter Supermarkets, Inc		23,522
100		Ingles Markets, Inc (Class A)		1,726
7,124		Kroger Co		185,366
180		Nash Finch Co		3,830
95	*	Natural Grocers by Vitamin C		1,814
248	*	Pantry, Inc		3,008
231		Pricesmart, Inc		17,799
8,671	*	Rite Aid Corp		11,793
245	e	Roundy’s, Inc		1,090
3,058	e	Safeway, Inc		55,319
217		Spartan Stores, Inc		3,333
2,554	e	Supervalu, Inc		6,308
91	*	Susser Holdings Corp		3,139
7,439		Sysco Corp		235,519
668	*	United Natural Foods, Inc		35,798
77		Village Super Market (Class A)		2,530
11,354		Walgreen Co		420,211
22,043		Wal-Mart Stores, Inc		1,503,994
133		Weis Markets, Inc		5,210
2,376		Whole Foods Market, Inc		217,000

		TOTAL FOOD & STAPLES RETAILING		4,162,922


FOOD, BEVERAGE & TOBACCO - 5.1%
100		Alico, Inc		3,663
1,062	*	Alliance One International, Inc		3,866
26,452		Altria Group, Inc		831,122
62	*,e	Annie’s, Inc		2,073
8,364		Archer Daniels Midland Co		229,090
743		B&G Foods, Inc (Class A)		21,034
1,997		Beam, Inc		121,997
100	*	Boston Beer Co, Inc (Class A)		13,445
718	*	Boulder Brands, Inc		9,262
1,968		Brown-Forman Corp (Class B)		124,476
1,858		Bunge Ltd		135,058
125	e	Calavo Growers, Inc		3,151
200		Cal-Maine Foods, Inc		8,044
2,360		Campbell Soup Co		82,340
3,809	*,e	Central European Distribution Corp		8,266
536	*	Chiquita Brands International, Inc		4,422
77		Coca-Cola Bottling Co Consolidated		5,121
50,244		Coca-Cola Co		1,821,345
3,894		Coca-Cola Enterprises, Inc		123,557
5,396		ConAgra Foods, Inc		159,182
2,127	*	Constellation Brands, Inc (Class A)		75,275
1,454	*	Darling International, Inc		23,322
2,340	*	Dean Foods Co		38,633
262	e	Diamond Foods, Inc		3,582
433	*	Dole Food Co, Inc		4,967
2,800		Dr Pepper Snapple Group, Inc		123,704
200	*	Farmer Bros Co		2,886
1,633		Flowers Foods, Inc		38,000
669		Fresh Del Monte Produce, Inc		17,628
8,411		General Mills, Inc		339,889
1,751	*,e	Green Mountain Coffee Roasters, Inc		72,421
38		Griffin Land & Nurseries, Inc (Class A)		1,026
4,098		H.J. Heinz Co		236,373
490	*	Hain Celestial Group, Inc		26,568
1,934		Hershey Co		139,673
1,478		Hillshire Brands Co		41,591
1,898		Hormel Foods Corp		59,237
949		Ingredion, Inc		61,144
170	*	Inventure Foods, Inc		1,103

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

192		J&J Snack Foods Corp	$	12,276
1,442		J.M. Smucker Co		124,358
100		John B. Sanfilippo & Son, Inc		1,818
3,183		Kellogg Co		177,771
7,871	*	Kraft Foods Group, Inc		357,894
260		Lancaster Colony Corp		17,989
591		Lance, Inc		14,249
101		Limoneira Co		1,958
1,657		Lorillard, Inc		193,322
1,734		McCormick & Co, Inc		110,161
2,588		Mead Johnson Nutrition Co		170,523
1,628		Molson Coors Brewing Co (Class B)		69,662
22,708		Mondelez International, Inc		578,373
1,886	*	Monster Beverage Corp		99,732
129		National Beverage Corp		1,882
245	*	Omega Protein Corp		1,499
20,327		PepsiCo, Inc		1,390,976
22,270		Philip Morris International, Inc		1,862,663
707	*	Pilgrim’s Pride Corp		5,126
375	*	Post Holdings, Inc		12,844
751	*	Ralcorp Holdings, Inc		67,327
4,216		Reynolds American, Inc		174,669
377		Sanderson Farms, Inc		17,926
77	*	Seneca Foods Corp		2,341
2,062	*	Smithfield Foods, Inc		44,477
215	*	Synutra International, Inc		995
401	e	Tootsie Roll Industries, Inc		10,394
511	*	TreeHouse Foods, Inc		26,638
3,645		Tyson Foods, Inc (Class A)		70,713
302	e	Universal Corp		15,073
836	e	Vector Group Ltd		12,431
150	*	Westway Group, Inc		1,001

		TOTAL FOOD, BEVERAGE & TOBACCO		10,666,597


HEALTH CARE EQUIPMENT & SERVICES - 4.7%
247		Abaxis, Inc		9,164
20,617		Abbott Laboratories		1,350,414
400	*,e	Abiomed, Inc		5,384
290	*	Acadia Healthcare Co, Inc		6,766
716	*,e	Accretive Health, Inc		8,277
682	*	Accuray, Inc		4,385
4,440		Aetna, Inc		205,572
489		Air Methods Corp		18,039
910	*	Align Technology, Inc		25,252
2,366	*	Allscripts Healthcare Solutions, Inc		22,288
72		Almost Family, Inc		1,459
620	*	Alphatec Holdings, Inc		1,023
341	*	Amedisys, Inc		3,843
3,356		AmerisourceBergen Corp		144,912
357	*	AMN Healthcare Services, Inc		4,123
451	*	Amsurg Corp		13,535
150		Analogic Corp		11,145
275	*	Angiodynamics, Inc		3,022
148	*	Anika Therapeutics, Inc		1,471
2,094	*,e	Antares Pharma, Inc		7,978
325	*	Arthrocare Corp		11,242
264		Assisted Living Concepts, Inc (A Shares)		2,574
454	*,e	athenahealth, Inc		33,346
170	*	AtriCure, Inc		1,173
18		Atrion Corp		3,528
1,100		Bard (C.R.), Inc		107,514
7,088		Baxter International, Inc		472,486
2,653		Becton Dickinson & Co		207,438
412	*,e	Bio-Reference Labs, Inc		11,820
496	*	BioScrip, Inc		5,342

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

18,203	*	Boston Scientific Corp	$	104,303
1,200	*	Brookdale Senior Living, Inc		30,384
219		Cantel Medical Corp		6,511
517	*	Capital Senior Living Corp		9,663
4,480		Cardinal Health, Inc		184,486
160	*	Cardiovascular Systems, Inc		2,008
2,778	*	CareFusion Corp		79,395
2,652	*	Catamaran Corp		124,936
707	*	Centene Corp		28,987
1,840	*	Cerner Corp		142,858
449	*,e	Cerus Corp		1,419
281		Chemed Corp		19,274
128	*	Chindex International, Inc		1,344
3,627		Cigna Corp		193,899
1,183		Community Health Systems, Inc		36,365
185		Computer Programs & Systems, Inc		9,313
342	*	Conceptus, Inc		7,185
450		Conmed Corp		12,577
602		Cooper Cos, Inc		55,673
90	*	Corvel Corp		4,035
1,774		Coventry Health Care, Inc		79,528
6,124		Covidien plc		353,600
296	*	Cross Country Healthcare, Inc		1,421
253		CryoLife, Inc		1,576
327	*	Cyberonics, Inc		17,177
85	*	Cynosure, Inc (Class A)		2,049
1,187	*	DaVita, Inc		131,199
1,806		Dentsply International, Inc		71,536
120	*,e	Derma Sciences, Inc		1,333
874	*	DexCom, Inc		11,895
1,486	*	Edwards Lifesciences Corp		133,993
280	*	Emeritus Corp		6,922
697	*	Endologix, Inc		9,925
270		Ensign Group, Inc		7,341
320	*,e	EnteroMedics, Inc		896
228	*	ePocrates, Inc		2,011
78	*	Exactech, Inc		1,322
338	*	ExamWorks Group, Inc		4,729
10,543	*	Express Scripts Holding Co		569,322
374	*	Five Star Quality Care, Inc		1,874
456	*	Gentiva Health Services, Inc		4,583
269	*	Greatbatch, Inc		6,252
720	*	Haemonetics Corp		29,405
414	*	Hanger Orthopedic Group, Inc		11,327
2,485	*,e	Hansen Medical, Inc		5,169
2,135		HCA Holdings, Inc		64,413
3,008	*	Health Management Associates, Inc (Class A)		28,035
1,131	*	Health Net, Inc		27,483
1,191	*	Healthsouth Corp		25,142
190	*	HealthStream, Inc		4,619
402	*	Healthways, Inc		4,301
241	*,e	HeartWare International, Inc		20,232
1,218	*	Henry Schein, Inc		98,000
836		Hill-Rom Holdings, Inc		23,826
1,092	*	HMS Holdings Corp		28,305
3,358	*	Hologic, Inc		67,261
2,092		Humana, Inc		143,574
239	*	ICU Medical, Inc		14,562
720	*	Idexx Laboratories, Inc		66,816
573	*	Insulet Corp		12,159
289	*	Integra LifeSciences Holdings Corp		11,262
523	*	Intuitive Surgical, Inc		256,464
316		Invacare Corp		5,151
1,041	*	Inverness Medical Innovations, Inc		19,258
220	*	IPC The Hospitalist Co, Inc		8,736
613	*	Kindred Healthcare, Inc		6,633

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,245	*	Laboratory Corp of America Holdings	$	107,842
174		Landauer, Inc		10,651
267	*	LHC Group, Inc		5,687
654	*	LifePoint Hospitals, Inc		24,688
405	*	Magellan Health Services, Inc		19,845
397	*,e	MAKO Surgical Corp		5,109
611		Masimo Corp		12,837
3,008		McKesson Corp		291,656
746	*	MedAssets, Inc		12,510
231	*	Medidata Solutions, Inc		9,053
13,616		Medtronic, Inc		558,528
1,254	*,e	Merge Healthcare, Inc		3,097
489	e	Meridian Bioscience, Inc		9,902
538	*	Merit Medical Systems, Inc		7,478
349	*	Molina Healthcare, Inc		9,444
161	*	MWI Veterinary Supply, Inc		17,710
212		National Healthcare Corp		9,968
316	*	Natus Medical, Inc		3,533
301	*	Neogen Corp		13,641
1,084	*,e	Neoprobe Corp		3,068
472	*	NuVasive, Inc		7,297
742	*	NxStage Medical, Inc		8,347
1,451		Omnicare, Inc		52,381
387	*	Omnicell, Inc		5,755
609	*	OraSure Technologies, Inc		4,373
239	*	Orthofix International NV		9,400
864		Owens & Minor, Inc		24,633
200	*	Palomar Medical Technologies, Inc		1,842
1,289		Patterson Cos, Inc		44,122
130	*	PDI, Inc		988
662	*	Pediatrix Medical Group, Inc		52,642
373	*	PharMerica Corp		5,312
164	*,e	PhotoMedex, Inc		2,380
97	*	Providence Service Corp		1,648
731	*	PSS World Medical, Inc		21,111
452		Quality Systems, Inc		7,847
1,981		Quest Diagnostics, Inc		115,433
333	*,e	Quidel Corp		6,217
1,903		Resmed, Inc		79,108
130	*	Rochester Medical Corp		1,310
198	*,e	Rockwell Medical Technologies, Inc		1,594
611	*	RTI Biologics, Inc		2,609
599		Select Medical Holdings Corp		5,649
694	*	Sirona Dental Systems, Inc		44,735
246	*	Skilled Healthcare Group, Inc (Class A)		1,567
685	*	Solta Medical, Inc		1,829
330	*	Spectranetics Corp		4,874
4,018		St. Jude Medical, Inc		145,211
407	*	Staar Surgical Co		2,483
745		STERIS Corp		25,874
4,025		Stryker Corp		220,650
1,257	*,e	Sunrise Senior Living, Inc		18,076
147	*	SurModics, Inc		3,287
376	*	Symmetry Medical, Inc		3,956
332	*	Team Health Holdings, Inc		9,552
519		Teleflex, Inc		37,010
1,361	*	Tenet Healthcare Corp		44,192
748	*	Thoratec Corp		28,065
128	*	Tornier BV		2,149
246	*	Triple-S Management Corp (Class B)		4,544
584	*,e	Unilife Corp		1,326
13,568		UnitedHealth Group, Inc		735,928
417		Universal American Corp		3,582
1,112		Universal Health Services, Inc (Class B)		53,765
133		US Physical Therapy, Inc		3,663
40		Utah Medical Products, Inc		1,442

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

376	*	Vanguard Health Systems, Inc	$	4,606
1,463	*	Varian Medical Systems, Inc		102,761
200	*	Vascular Solutions, Inc		3,160
1,033	*	VCA Antech, Inc		21,745
84	*	Vocera Communications, Inc		2,108
677	*	Volcano Corp		15,984
530	*	WellCare Health Plans, Inc		25,806
3,948		WellPoint, Inc		240,512
490		West Pharmaceutical Services, Inc		26,827
456	*	Wright Medical Group, Inc		9,571
68		Young Innovations, Inc		2,680
2,255		Zimmer Holdings, Inc		150,318

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		9,763,830


HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
5,392		Avon Products, Inc		77,429
798	*	Central Garden and Pet Co (Class A)		8,339
1,786		Church & Dwight Co, Inc		95,676
1,657		Clorox Co		121,326
6,191		Colgate-Palmolive Co		647,207
350	*	Elizabeth Arden, Inc		15,753
830		Energizer Holdings, Inc		66,383
2,982		Estee Lauder Cos (Class A)		178,502
204		Female Health Co		1,465
532	*	Harbinger Group, Inc		4,091
1,488	e	Herbalife Ltd		49,015
140		Inter Parfums, Inc		2,724
5,092		Kimberly-Clark Corp		429,918
152	*	Medifast, Inc		4,011
140		Nature’s Sunshine Products, Inc		2,027
679		Nu Skin Enterprises, Inc (Class A)		25,157
127		Nutraceutical International Corp		2,101
63		Oil-Dri Corp of America		1,739
70		Orchids Paper Products Co		1,415
621	*	Prestige Brands Holdings, Inc		12,439
35,797		Procter & Gamble Co		2,430,258
238	*	Revlon, Inc (Class A)		3,451
291		Spectrum Brands, Inc		13,075
1,834	*,e	Star Scientific, Inc		4,915
92	*,e	USANA Health Sciences, Inc		3,030
314		WD-40 Co		14,793

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		4,216,239


INSURANCE - 3.8%
4,285		ACE Ltd		341,943
6,270		Aflac, Inc		333,062
220	*	Alleghany Corp		73,792
599		Allied World Assurance Co Holdings Ltd		47,201
6,227		Allstate Corp		250,139
629		American Equity Investment Life Holding Co		7,680
1,084		American Financial Group, Inc		42,840
8,521	*	American International Group, Inc		300,791
85		American National Insurance Co		5,805
118	*	American Safety Insurance Holdings Ltd		2,233
202	*	Amerisafe, Inc		5,504
323	e	Amtrust Financial Services, Inc		9,267
4,185		Aon plc		232,686
1,780	*	Arch Capital Group Ltd		78,356
374		Argo Group International Holdings Ltd		12,563
1,551		Arthur J. Gallagher & Co		53,742
961		Aspen Insurance Holdings Ltd		30,829
1,087		Assurant, Inc		37,719
2,211		Assured Guaranty Ltd		31,463
1,609		Axis Capital Holdings Ltd		55,736
125		Baldwin & Lyons, Inc (Class B)		2,982

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

23,114	*	Berkshire Hathaway, Inc (Class B)	$	2,073,326
1,536		Brown & Brown, Inc		39,107
3,557		Chubb Corp		267,913
1,856		Cincinnati Financial Corp		72,681
387	*	Citizens, Inc (Class A)		4,276
303		CNA Financial Corp		8,487
2,903		Conseco, Inc		27,085
245		Crawford & Co (Class B)		1,955
143		Donegal Group, Inc (Class A)		2,008
80		Eastern Insurance Holdings, Inc		1,366
280	*	eHealth, Inc		7,694
60		EMC Insurance Group, Inc		1,433
620		Employers Holdings, Inc		12,760
551		Endurance Specialty Holdings Ltd		21,869
108	*	Enstar Group Ltd		12,094
363		Erie Indemnity Co (Class A)		25,127
670		Everest Re Group Ltd		73,666
155		FBL Financial Group, Inc (Class A)		5,303
2,808		Fidelity National Title Group, Inc (Class A)		66,128
1,253		First American Financial Corp		30,185
6,368	*	Genworth Financial, Inc (Class A)		47,824
327	*	Greenlight Capital Re Ltd (Class A)		7,547
136	*	Hallmark Financial Services		1,277
539		Hanover Insurance Group, Inc		20,881
5,508		Hartford Financial Services Group, Inc		123,600
1,326		HCC Insurance Holdings, Inc		49,340
525	*	Hilltop Holdings, Inc		7,109
90	e	Homeowners Choice, Inc		1,871
467		Horace Mann Educators Corp		9,321
205		Infinity Property & Casualty Corp		11,939
20		Investors Title Co		1,200
77		Kansas City Life Insurance Co		2,938
614		Kemper Corp		18,113
3,640		Lincoln National Corp		94,276
3,940		Loews Corp		160,555
553		Maiden Holdings Ltd		5,082
106	*	Markel Corp		45,943
7,012		Marsh & McLennan Cos, Inc		241,704
1,052		Max Capital Group Ltd		29,656
1,717	*,e	MBIA, Inc		13,478
694		Meadowbrook Insurance Group, Inc		4,011
361		Mercury General Corp		14,328
10,795		Metlife, Inc		355,587
855		Montpelier Re Holdings Ltd		19,545
667	*	National Financial Partners Corp		11,432
173		National Interstate Corp		4,986
27		National Western Life Insurance Co (Class A)		4,259
149	*	Navigators Group, Inc		7,609
3,288		Old Republic International Corp		35,017
313		OneBeacon Insurance Group Ltd (Class A)		4,351
896		PartnerRe Ltd		72,119
83	*	Phoenix Cos, Inc		2,053
543		Platinum Underwriters Holdings Ltd		24,978
595		Primerica, Inc		17,856
3,879		Principal Financial Group		110,629
800		ProAssurance Corp		33,752
7,806		Progressive Corp		164,707
1,036		Protective Life Corp		29,609
5,954		Prudential Financial, Inc		317,527
912		Reinsurance Group of America, Inc (Class A)		48,810
697		RenaissanceRe Holdings Ltd		56,638
268		RLI Corp		17,329
200		Safety Insurance Group, Inc		9,234
257		SeaBright Insurance Holdings, Inc		2,845
656		Selective Insurance Group, Inc		12,641
628		Stancorp Financial Group, Inc		23,029

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

200		State Auto Financial Corp	$	2,988
200	e	Stewart Information Services Corp		5,200
1,030		Symetra Financial Corp		13,369
1,405		Torchmark Corp		72,596
503		Tower Group, Inc		8,938
5,047		Travelers Cos, Inc		362,476
257	*	United America Indemnity Ltd		5,687
234		United Fire & Casualty Co		5,111
3,572		UnumProvident Corp		74,369
1,352		Validus Holdings Ltd		46,752
1,419		W.R. Berkley Corp		53,553
78		White Mountains Insurance Group Ltd		40,170
4,279		XL Capital Ltd		107,232

		TOTAL INSURANCE		7,807,772



MATERIALS - 4.0%
412		A. Schulman, Inc		11,919
112	*,e	ADA-ES, Inc		1,891
78	*	AEP Industries, Inc		4,620
2,707		Air Products & Chemicals, Inc		227,442
942		Airgas, Inc		85,995
2,596	e	AK Steel Holding Corp		11,942
1,140		Albemarle Corp		70,817
13,512		Alcoa, Inc		117,284
1,325		Allegheny Technologies, Inc		40,227
1,107	*	Allied Nevada Gold Corp		33,354
292		AMCOL International Corp		8,959
350		American Vanguard Corp		10,875
921		Aptargroup, Inc		43,950
254	*	Arabian American Development Co		2,111
983		Ashland, Inc		79,043
331		Balchem Corp		12,048
2,093		Ball Corp		93,662
1,461		Bemis Co, Inc		48,885
1,302		Boise, Inc		10,351
300		Brush Engineered Materials, Inc		7,734
520		Buckeye Technologies, Inc		14,929
793		Cabot Corp		31,553
730	*	Calgon Carbon Corp		10,351
574		Carpenter Technology Corp		29,636
200	*	Castle (A.M.) & Co		2,954
2,031		Celanese Corp (Series A)		90,440
742	*	Century Aluminum Co		6,500
854		CF Industries Holdings, Inc		173,499
1,194	*	Chemtura		25,384
316	*	Clearwater Paper Corp		12,375
1,810		Cleveland-Cliffs, Inc		69,794
1,061	*	Coeur d’Alene Mines Corp		26,101
1,329		Commercial Metals Co		19,749
470		Compass Minerals International, Inc		35,114
2,027	*	Crown Holdings, Inc		74,614
584		Cytec Industries, Inc		40,197
127		Deltic Timber Corp		8,969
458		Domtar Corp		38,252
15,577		Dow Chemical Co		503,449
12,176		Du Pont (E.I.) de Nemours & Co		547,555
633		Eagle Materials, Inc		37,031
1,923		Eastman Chemical Co		130,860
3,445		Ecolab, Inc		247,695
1,134	*	Ferro Corp		4,740
630	*,e	Flotek Industries, Inc		7,686
1,752		FMC Corp		102,527
12,321		Freeport-McMoRan Copper & Gold, Inc (Class B)		421,378
235		FutureFuel Corp		2,782

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,260	*	General Moly, Inc	$	5,053
403		Georgia Gulf Corp		16,636
553		Glatfelter		9,666
743		Globe Specialty Metals, Inc		10,216
658	*,e	Gold Reserve, Inc		2,178
351	e	Gold Resource Corp		5,409
922	*,e	Golden Minerals Co		4,232
5,831	*,e	Golden Star Resources Ltd		10,729
2,111	*	Graphic Packaging Holding Co		13,637
475		Greif, Inc (Class A)		21,138
605		H.B. Fuller Co		21,066
107		Hawkins, Inc		4,134
128		Haynes International, Inc		6,639
770	*	Headwaters, Inc		6,591
3,881	e	Hecla Mining Co		22,626
716	*	Horsehead Holding Corp		7,310
2,580		Huntsman Corp		41,022
278		Innophos Holdings, Inc		12,927
293		Innospec, Inc		10,106
1,000		International Flavors & Fragrances, Inc		66,540
5,517		International Paper Co		219,797
650		Intrepid Potash, Inc		13,838
245		Kaiser Aluminum Corp		15,114
460		Kapstone Paper and Packaging Corp		10,207
75		KMG Chemicals, Inc		1,318
239		Koppers Holdings, Inc		9,118
396	*	Kraton Polymers LLC		9,516
274	e	Kronos Worldwide, Inc		5,343
230	*	Landec Corp		2,183
1,743	*	Louisiana-Pacific Corp		33,675
229	*	LSB Industries, Inc		8,111
4,087		LyondellBasell Industries AF S.C.A		233,327
572	e	Martin Marietta Materials, Inc		53,928
4,104	*,e	McEwen Mining, Inc		15,718
2,129		MeadWestvaco Corp		67,851
135		Metals USA Holdings Corp		2,361
990	*,e	Midway Gold Corp		1,376
492		Minerals Technologies, Inc		19,641
1,396	*,e	Molycorp, Inc		13,178
6,935		Monsanto Co		656,398
3,764		Mosaic Co		213,155
426		Myers Industries, Inc		6,454
162		Neenah Paper, Inc		4,612
111		NewMarket Corp		29,104
6,228		Newmont Mining Corp		289,228
419		Noranda Aluminium Holding Corp		2,560
3,989		Nucor Corp		172,245
943		Olin Corp		20,359
89		Olympic Steel, Inc		1,970
346	*	OM Group, Inc		7,681
511	*	Omnova Solutions, Inc		3,582
2,097	*	Owens-Illinois, Inc		44,603
1,223		Packaging Corp of America		47,049
3,632	*,e	Paramount Gold and Silver Corp		8,426
1,112		PolyOne Corp		22,707
1,934		PPG Industries, Inc		261,767
3,879		Praxair, Inc		424,557
166		Quaker Chemical Corp		8,941
928		Reliance Steel & Aluminum Co		57,629
1,198	*,e	Resolute Forest Products		15,862
920		Rock-Tenn Co (Class A)		64,317
850		Rockwood Holdings, Inc		42,041
838		Royal Gold, Inc		68,138
1,667		RPM International, Inc		48,943
362	*	RTI International Metals, Inc		9,977
246		Schnitzer Steel Industries, Inc (Class A)		7,461

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

442		Schweitzer-Mauduit International, Inc	$	17,251
554		Scotts Miracle-Gro Co (Class A)		24,404
2,406		Sealed Air Corp		42,129
600		Sensient Technologies Corp		21,336
1,103		Sherwin-Williams Co		169,663
1,590		Sigma-Aldrich Corp		116,992
650		Silgan Holdings, Inc		27,034
1,370		Sonoco Products Co		40,730
2,137		Southern Copper Corp (NY)		80,907
370	*	Spartech Corp		3,356
2,782		Steel Dynamics, Inc		38,197
200		Stepan Co		11,108
1,856	*,e	Stillwater Mining Co		23,720
798	*	SunCoke Energy, Inc		12,441
1,028	*	Tahoe Resources, Inc		18,833
298	*,e	Texas Industries, Inc		15,201
314		Tredegar Corp		6,412
70	*	UFP Technologies, Inc		1,254
30	*	United States Lime & Minerals, Inc		1,414
1,738	e	United States Steel Corp		41,486
72	*	Universal Stainless & Alloy		2,647
691	*	US Antimony Corp		1,216
148	e	US Silica Holdings Inc		2,476
1,208		Valspar Corp		75,379
851	*,e	Vista Gold Corp		2,298
1,685		Vulcan Materials Co		87,704
952		Walter Energy, Inc		34,158
784		Wausau Paper Corp		6,789
220	e	Westlake Chemical Corp		17,446
735		Worthington Industries, Inc		19,103
949	*	WR Grace & Co		63,801
260		Zep, Inc		3,754
350	*,e	Zoltek Cos, Inc		2,713

		TOTAL MATERIALS		8,245,796


MEDIA - 3.6%
725	*	AMC Networks, Inc		35,888
361		Arbitron, Inc		16,851
60		Beasley Broadcasting Group, Inc		293
946		Belo (A.H.) Corp (Class A)		7,256
2,700		Cablevision Systems Corp (Class A)		40,338
223	*	Carmike Cinemas, Inc		3,345
8,233		CBS Corp (Class B)		313,266
1,543	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		9,459
618	*	Charter Communications, Inc		47,116
1,460		Cinemark Holdings, Inc		37,931
400		Clear Channel Outdoor Holdings, Inc (Class A)		2,808
35,238		Comcast Corp (Class A)		1,317,196
200	*,e	Crown Media Holdings, Inc (Class A)		370
693	*	Cumulus Media, Inc (Class A)		1,850
10	*	Daily Journal Corp		926
300	*,e	Digital Generation, Inc		3,258
7,854	*	DIRECTV		393,957
3,238	*	Discovery Communications, Inc (Class A)		205,548
2,532		DISH Network Corp (Class A)		92,165
943	*,e	DreamWorks Animation SKG, Inc (Class A)		15,626
285	*	Entercom Communications Corp (Class A)		1,989
599		Entravision Communications Corp (Class A)		994
354	*	EW Scripps Co (Class A)		3,827
52		Fisher Communications, Inc		1,403
2,876		Gannett Co, Inc		51,797
137	*	Global Sources Ltd		888
700		Harte-Hanks, Inc		4,130
5,693		Interpublic Group of Cos, Inc		62,737
596		John Wiley & Sons, Inc (Class A)		23,202

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

474	*	Journal Communications, Inc (Class A)	$	2,564
980	*,e	Lamar Advertising Co (Class A)		37,975
3,377	*	Liberty Global, Inc (Class A)		212,717
1,378	*	Liberty Interactive LLC		159,862
341	*	Lin TV Corp (Class A)		2,568
1,082	*,e	Lions Gate Entertainment Corp		17,745
1,699	*	Live Nation, Inc		15,818
715	*	Madison Square Garden, Inc		31,710
239	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		586
2,225	*,e	McClatchy Co (Class A)		7,276
3,553		McGraw-Hill Cos, Inc		194,243
317	e	MDC Partners, Inc		3,582
426	e	Meredith Corp		14,676
303		Morningstar, Inc		19,037
760		National CineMedia, Inc		10,739
1,565	*	New York Times Co (Class A)		13,349
27,210		News Corp (Class A)		694,943
760	*	Nexstar Broadcasting Group, Inc (Class A)		8,048
3,672		Omnicom Group, Inc		183,453
183		Outdoor Channel Holdings, Inc		1,391
1,297	*,e	Pandora Media, Inc		11,906
120	*	ReachLocal, Inc		1,549
210	*	Reading International, Inc		1,262
1,232	e	Regal Entertainment Group (Class A)		17,186
114	*	Rentrak Corp		2,222
40		Saga Communications, Inc		1,860
130		Salem Communications		710
365		Scholastic Corp		10,789
1,131		Scripps Networks Interactive (Class A)		65,508
540		Sinclair Broadcast Group, Inc (Class A)		6,815
49,878	e	Sirius XM Radio, Inc		144,147
4,730		Thomson Corp		137,454
4,156		Time Warner Cable, Inc		403,922
12,558		Time Warner, Inc		600,649
601	*,e	Valassis Communications, Inc		15,494
6,963		Viacom, Inc (Class B)		367,229
3,576	e	Virgin Media, Inc		131,418
23,416		Walt Disney Co		1,165,883
54		Washington Post Co (Class B)		19,721
251	e	World Wrestling Entertainment, Inc (Class A)		1,980

		TOTAL MEDIA		7,436,400


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
488	*	Achillion Pharmaceuticals, Inc		3,914
457	*	Acorda Therapeutics, Inc		11,361
275	*,e	Aegerion Pharmaceuticals, Inc		6,982
676	*	Affymax, Inc		12,844
766	*,e	Affymetrix, Inc		2,428
290	*,e	Agenus, Inc		1,189
4,413		Agilent Technologies, Inc		180,668
973	*	Akorn, Inc		12,999
2,497	*	Alexion Pharmaceuticals, Inc		234,244
1,556	*	Alkermes plc		28,817
3,873		Allergan, Inc		355,270
729	*,e	Alnylam Pharmaceuticals, Inc		13,304
252	*	AMAG Pharmaceuticals, Inc		3,707
10,133		Amgen, Inc		874,680
380	*,e	Amicus Therapeutics, Inc		1,018
250	*,e	Ampio Pharmaceuticals, Inc		898
3,077	*,e	Arena Pharmaceuticals, Inc		27,755
2,013	*	Ariad Pharmaceuticals, Inc		38,609
744	*	Arqule, Inc		2,076
600	*	Array Biopharma, Inc		2,232
703	*	Astex Pharmaceuticals		2,046
567	*	Auxilium Pharmaceuticals, Inc		10,507

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,563	*,e	AVANIR Pharmaceuticals, Inc	$	4,111
489	*,e	AVEO Pharmaceuticals, Inc		3,936
572	*,e	BioCryst Pharmaceuticals, Inc		812
270	*,e	BioDelivery Sciences International, Inc		1,164
3,136	*	Biogen Idec, Inc		459,957
1,550	*	BioMarin Pharmaceuticals, Inc		76,338
247	*	Bio-Rad Laboratories, Inc (Class A)		25,947
45	*	Biospecifics Technologies Corp		673
252	*,e	Biotime, Inc		791
21,927		Bristol-Myers Squibb Co		714,601
1,180	*	Bruker BioSciences Corp		18,019
480	*	Cadence Pharmaceuticals, Inc		2,299
206	*	Cambrex Corp		2,344
5,715	*	Celgene Corp		449,885
758	*	Celldex Therapeutics, Inc		5,086
835	*	Cepheid, Inc		28,231
716	*	Charles River Laboratories International, Inc		26,829
250	*,e	Clovis Oncology, Inc		4,000
2,650	*	Codexis, Inc		5,857
492	*,e	Corcept Therapeutics, Inc		704
170	*,e	Coronado Biosciences, Inc		767
765	*	Covance, Inc		44,194
805	*	Cubist Pharmaceuticals, Inc		33,858
150	*,e	Cumberland Pharmaceuticals, Inc		630
754	*	Curis, Inc		2,586
335	*,e	Cytori Therapeutics, Inc		945
2,347	*,e	Dendreon Corp		12,392
567	*	Depomed, Inc		3,510
550	*,e	Discovery Laboratories, Inc		1,161
1,197	*	Dyax Corp		4,166
2,418	*,e	Dynavax Technologies Corp		6,915
13,449		Eli Lilly & Co		663,305
553	*	Emergent Biosolutions, Inc		8,870
1,490	*	Endo Pharmaceuticals Holdings, Inc		39,142
379	*	Endocyte, Inc		3,403
551		Enzon Pharmaceuticals, Inc		2,441
718	*	Exact Sciences Corp		7,604
2,025	*,e	Exelixis, Inc		9,254
259	*	Fluidigm Corp		3,706
3,567	*	Forest Laboratories, Inc		125,986
104	*	Furiex Pharmaceuticals Inc		2,003
270	*,e	Genomic Health, Inc		7,360
1,585	*	Geron Corp		2,235
9,881	*	Gilead Sciences, Inc		725,759
1,148	*	Halozyme Therapeutics, Inc		7,703
290	*	Harvard Bioscience, Inc		1,270
118		Hi-Tech Pharmacal Co, Inc		4,128
2,098	*	Hospira, Inc		65,542
931	*	Idenix Pharmaceuticals, Inc		4,515
1,556	*,e	Illumina, Inc		86,498
510	*,e	ImmunoCellular Therapeutics Ltd		979
977	*,e	Immunogen, Inc		12,457
1,809	*,e	Immunomedics, Inc		5,282
854	*	Impax Laboratories, Inc		17,498
1,220	*,e	Incyte Corp		20,264
224	*,e	Infinity Pharmaceuticals, Inc		7,840
825	*,e	InterMune, Inc		7,994
956	*	Ironwood Pharmaceuticals, Inc		10,602
1,170	*,e	Isis Pharmaceuticals, Inc		12,238
526	*	Jazz Pharmaceuticals plc		27,983
35,878		Johnson & Johnson		2,515,048
618	*,e	Keryx Biopharmaceuticals, Inc		1,619
2,404	*	Lexicon Pharmaceuticals, Inc		5,337
2,313	*	Life Technologies Corp		113,522
230	*	Ligand Pharmaceuticals, Inc (Class B)		4,770
588	*	Luminex Corp		9,855

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

641	*,e	MannKind Corp	$	1,481
269	*,e	MAP Pharmaceuticals, Inc		4,226
317		Maxygen, Inc		780
897	*	Medicines Co		21,501
918	*	Medivation, Inc		46,965
39,682		Merck & Co, Inc		1,624,581
190	*,e	Merrimack Pharmaceuticals, Inc		1,157
437	*	Mettler-Toledo International, Inc		84,472
571	*	Momenta Pharmaceuticals, Inc		6,726
5,458	*	Mylan Laboratories, Inc		149,986
1,132	*	Myriad Genetics, Inc		30,847
1,670	*	Nektar Therapeutics		12,375
851	*	Neurocrine Biosciences, Inc		6,365
164	*,e	NewLink Genetics Corp		2,050
765	*,e	Novavax, Inc		1,446
1,652	*	NPS Pharmaceuticals, Inc		15,033
203	*	Obagi Medical Products, Inc		2,759
291	*,e	Omeros Corp		1,510
120	*	OncoGenex Pharmaceutical, Inc		1,574
517	*,e	Oncothyreon, Inc		993
864	*	Onyx Pharmaceuticals, Inc		65,258
2,882	*,e	Opko Health, Inc		13,862
571	*,e	Optimer Pharmaceuticals, Inc		5,168
781	*,e	Orexigen Therapeutics, Inc		4,116
170	*,e	Osiris Therapeutics, Inc		1,527
424	*	Pacific Biosciences of California, Inc		721
239	*,e	Pacira Pharmaceuticals, Inc		4,175
300		Pain Therapeutics, Inc		813
762	*	Parexel International Corp		22,548
1,837	e	PDL BioPharma, Inc		12,951
1,408		PerkinElmer, Inc		44,690
1,211		Perrigo Co		125,980
97,733		Pfizer, Inc		2,451,144
688	*	Pharmacyclics, Inc		39,835
322	*	Pozen, Inc		1,613
300	*	Progenics Pharmaceuticals, Inc		894
3,176	*	Qiagen N.V. (NASDAQ)		57,644
698	e	Questcor Pharmaceuticals, Inc		18,651
401	*,e	Raptor Pharmaceutical Corp		2,346
1,010	*	Regeneron Pharmaceuticals, Inc		172,781
390	*	Repligen Corp		2,453
190	*	Repros Therapeutics, Inc		2,993
854	*	Rigel Pharmaceuticals, Inc		5,551
85	*	Sagent Pharmaceuticals		1,368
722	*	Salix Pharmaceuticals Ltd		29,227
410	*,e	Sangamo Biosciences, Inc		2,464
630	*	Santarus, Inc		6,917
716	*	Sciclone Pharmaceuticals, Inc		3,086
1,200	*,e	Seattle Genetics, Inc		27,840
1,228	*,e	Sequenom, Inc		5,796
310	*	SIGA Technologies, Inc		812
823	e	Spectrum Pharmaceuticals, Inc		9,209
1,007	*	Sunesis Pharmaceuticals, Inc		4,229
40	*	Supernus Pharmaceuticals, Inc		287
116	*	Synageva BioPharma Corp		5,370
524	*,e	Synergy Pharmaceuticals, Inc		2,756
271	*,e	Synta Pharmaceuticals Corp		2,444
286	*	Targacept, Inc		1,253
580		Techne Corp		39,637
853	*	Theravance, Inc		18,996
4,901		Thermo Electron Corp		312,586
582	*,e	Threshold Pharmaceuticals, Inc		2,450
686	*	United Therapeutics Corp		36,646
317	*	Vanda Pharmaceuticals, Inc		1,173
160	*,e	Ventrus Biosciences, Inc		346
2,681	*	Vertex Pharmaceuticals, Inc		112,441

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

423	*	Vical, Inc	$	1,231
931	*	Viropharma, Inc		21,190
1,259	*,e	Vivus, Inc		16,896
2,109		Warner Chilcott plc		25,392
1,161	*	Waters Corp		101,146
1,696	*	Watson Pharmaceuticals, Inc		145,856
288	*	Xenoport, Inc		2,238
852	*,e	XOMA Corp		2,041
599	*,e	ZIOPHARM Oncology, Inc		2,492

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		14,334,624


REAL ESTATE - 3.7%
588		Acadia Realty Trust		14,747
197		AG Mortgage Investment Trust		4,626
79		Agree Realty Corp		2,116
519	*	Alexander & Baldwin, Inc		15,243
24		Alexander’s, Inc		7,939
789		Alexandria Real Estate Equities, Inc		54,694
393		American Assets Trust, Inc		10,977
1,190		American Campus Communities, Inc		54,895
4,376		American Capital Agency Corp		126,641
459		American Capital Mortgage, Inc		10,819
2,014		American Realty Capital Trust, Inc		23,262
5,225		American Tower Corp		403,736
13,498		Annaly Capital Management, Inc		189,512
1,733		Anworth Mortgage Asset Corp		10,017
1,694		Apartment Investment & Management Co (Class A)		45,840
131		Apollo Commercial Real Estate Finance, Inc		2,126
100		Ares Commercial Real Estate Corp		1,642
3,847		ARMOUR Residential REIT, Inc		24,890
1,263		Ashford Hospitality Trust, Inc		13,274
672		Associated Estates Realty Corp		10,833
110	*	AV Homes, Inc		1,564
1,487		AvalonBay Communities, Inc		201,622
1,962		BioMed Realty Trust, Inc		37,925
2,022		Boston Properties, Inc		213,948
1,819		Brandywine Realty Trust		22,174
940		BRE Properties, Inc (Class A)		47,780
1,003		Camden Property Trust		68,415
373		Campus Crest Communities, Inc		4,573
1,088		Capital Lease Funding, Inc		6,060
1,194		Capstead Mortgage Corp		13,695
2,043		CBL & Associates Properties, Inc		43,332
4,167	*	CBRE Group, Inc		82,923
1,018		Cedar Shopping Centers, Inc		5,375
105		Chatham Lodging Trust		1,615
462		Chesapeake Lodging Trust		9,647
13,015		Chimera Investment Corp		33,969
1,235		Colonial Properties Trust		26,392
666		Colony Financial, Inc		12,987
238		Coresite Realty		6,583
851		Corporate Office Properties Trust		21,258
1,084		Cousins Properties, Inc		9,051
715		CreXus Investment Corp		8,759
1,560		CubeSmart		22,729
2,264		CYS Investments, Inc		26,738
3,066		DCT Industrial Trust, Inc		19,898
2,914		DDR Corp		45,633
2,598		DiamondRock Hospitality Co		23,382
1,549		Digital Realty Trust, Inc		105,162
1,771		Douglas Emmett, Inc		41,264
3,378		Duke Realty Corp		46,853
734		DuPont Fabros Technology, Inc		17,733
1,055		Dynex Capital, Inc		9,959

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

361		EastGroup Properties, Inc	$	19,425
1,317		Education Realty Trust, Inc		14,013
580		Entertainment Properties Trust		26,744
560		Equity Lifestyle Properties, Inc		37,682
693		Equity One, Inc		14,560
4,205		Equity Residential		238,297
447		Essex Property Trust, Inc		65,553
424		Excel Trust, Inc		5,372
1,320		Extra Space Storage, Inc		48,035
812		Federal Realty Investment Trust		84,464
2,088	*	FelCor Lodging Trust, Inc		9,751
1,135	*	First Industrial Realty Trust, Inc		15,981
627		First Potomac Realty Trust		7,750
1,703	*	Forest City Enterprises, Inc (Class A)		27,503
498	*	Forestar Real Estate Group, Inc		8,630
839		Franklin Street Properties Corp		10,328
7,127		General Growth Properties, Inc		141,471
404		Getty Realty Corp		7,296
579		Gladstone Commercial Corp		10,393
1,772		Glimcher Realty Trust		19,652
625		Government Properties Income Trust		14,981
580	*	Gramercy Capital Corp		1,705
20		Gyrodyne Co of America, Inc		1,441
1,245		Hatteras Financial Corp		30,888
5,770		HCP, Inc		260,689
3,532		Health Care REIT, Inc		216,476
993		Healthcare Realty Trust, Inc		23,842
3,082		Hersha Hospitality Trust		15,410
939		Highwoods Properties, Inc		31,410
606		Home Properties, Inc		37,154
1,572		Hospitality Properties Trust		36,816
9,134		Host Marriott Corp		143,130
348	*	Howard Hughes Corp		25,411
1,208		HRPT Properties Trust		19,135
467		Hudson Pacific Properties		9,835
843		Inland Real Estate Corp		7,064
1,511		Invesco Mortgage Capital, Inc		29,782
895		Investors Real Estate Trust		7,813
1,264	*	iStar Financial, Inc		10,302
533		Jones Lang LaSalle, Inc		44,740
449		Kennedy-Wilson Holdings, Inc		6,277
869		Kilroy Realty Corp		41,165
5,170		Kimco Realty Corp		99,884
715		Kite Realty Group Trust		3,997
1,327		LaSalle Hotel Properties		33,693
2,104		Lexington Corporate Properties Trust		21,987
1,338		Liberty Property Trust		47,860
376		LTC Properties, Inc		13,231
1,684		Macerich Co		98,177
1,118		Mack-Cali Realty Corp		29,191
1,859		Medical Properties Trust, Inc		22,234
4,747		MFA Mortgage Investments, Inc		38,498
521		Mid-America Apartment Communities, Inc		33,735
516		Monmouth Real Estate Investment Corp (Class A)		5,346
478		National Health Investors, Inc		27,021
1,391		National Retail Properties, Inc		43,399
220		New York Mortgage Trust, Inc		1,390
2,419		NorthStar Realty Finance Corp		17,030
894		NRDC Acquisition Corp		11,497
1,261		Omega Healthcare Investors, Inc		30,075
498		One Liberty Properties, Inc		10,104
259		Parkway Properties, Inc		3,623
650		Pebblebrook Hotel Trust		15,015
759		Pennsylvania Real Estate Investment Trust		13,389
763		Pennymac Mortgage Investment Trust		19,296
2,149		Piedmont Office Realty Trust, Inc		38,789

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,049		Plum Creek Timber Co, Inc	$	90,914
745		Post Properties, Inc		37,213
481		Potlatch Corp		18,850
5,849		Prologis, Inc		213,430
235		PS Business Parks, Inc		15,270
1,855		Public Storage, Inc		268,901
1,095		RAIT Investment Trust		6,187
459		Ramco-Gershenson Properties		6,109
1,593		Rayonier, Inc		82,565
641	*	Realogy Holdings Corp		26,896
1,684		Realty Income Corp		67,714
936		Redwood Trust, Inc		15,809
1,142		Regency Centers Corp		53,811
897		Resource Capital Corp		5,023
1,081		Retail Properties of America, Inc		12,940
1,353		RLJ Lodging Trust		26,208
262		Rouse Properties, Inc		4,433
479		Ryman Hospitality Properties		18,422
539		Sabra Healthcare REIT, Inc		11,707
133		Saul Centers, Inc		5,691
114		Select Income REIT		2,824
2,067		Senior Housing Properties Trust		48,864
4,021		Simon Property Group, Inc		635,680
1,116		SL Green Realty Corp		85,541
367		Sovran Self Storage, Inc		22,791
810	*,e	St. Joe Co		18,695
204		STAG Industrial, Inc		3,666
1,474		Starwood Property Trust, Inc		33,843
3,163	*	Strategic Hotels & Resorts, Inc		20,243
346		Summit Hotel Properties, Inc		3,287
337		Sun Communities, Inc		13,443
1,531	*	Sunstone Hotel Investors, Inc		16,397
1,271		Tanger Factory Outlet Centers, Inc		43,468
798		Taubman Centers, Inc		62,819
156	*	Tejon Ranch Co		4,380
108		Terreno Realty Corp		1,668
406		Thomas Properties Group, Inc		2,196
3,785		Two Harbors Investment Corp		41,938
3,422		UDR, Inc		81,375
120		UMH Properties, Inc		1,240
200		Universal Health Realty Income Trust		10,122
213		Urstadt Biddle Properties, Inc (Class A)		4,192
3,669		Ventas, Inc		237,458
2,502		Vornado Realty Trust		200,360
820		Washington Real Estate Investment Trust		21,443
1,502		Weingarten Realty Investors		40,209
99		Western Asset Mortgage Capital Corp		1,957
7,323		Weyerhaeuser Co		203,726
550		Whitestone REIT		7,728
242		Winthrop Realty Trust		2,674

		TOTAL REAL ESTATE		7,635,974


RETAILING - 4.2%
3,078	*	1-800-FLOWERS.COM, Inc (Class A)		11,296
998		Aaron’s, Inc		28,223
1,092		Abercrombie & Fitch Co (Class A)		52,383
934		Advance Auto Parts, Inc		67,575
1,127	*	Aeropostale, Inc		14,662
4,712	*	Amazon.com, Inc		1,183,372
2,498		American Eagle Outfitters, Inc		51,234
122	*	America’s Car-Mart, Inc		4,943
671	*	Ann Taylor Stores Corp		22,707
359	*	Asbury Automotive Group, Inc		11,499
1,563	*	Ascena Retail Group, Inc		28,900
942	*	Audiovox Corp (Class A)		6,340
508	*	Autonation, Inc		20,168

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

489	*	Autozone, Inc	$	173,316
477	*,e	Barnes & Noble, Inc		7,198
380		Bebe Stores, Inc		1,516
3,038	*	Bed Bath & Beyond, Inc		169,855
3,415		Best Buy Co, Inc		40,468
334		Big 5 Sporting Goods Corp		4,375
884	*	Big Lots, Inc		25,159
158	*,e	Blue Nile, Inc		6,083
142	*	Body Central Corp		1,414
564	e	Bon-Ton Stores, Inc		6,836
482		Brown Shoe Co, Inc		8,854
408	e	Buckle, Inc		18,213
535	*	Cabela’s, Inc		22,336
60	*	CafePress, Inc		346
2,896	*	Carmax, Inc		108,716
514	*	Casual Male Retail Group, Inc		2,159
525		Cato Corp (Class A)		14,401
2,122		Chico’s FAS, Inc		39,172
335	*	Children’s Place Retail Stores, Inc		14,837
243	*	Citi Trends, Inc		3,344
319	*,e	Conn’s, Inc		9,787
108		Core-Mark Holding Co, Inc		5,114
118		Destination Maternity Corp		2,544
1,171		Dick’s Sporting Goods, Inc		53,269
374		Dillard’s, Inc (Class A)		31,330
2,462	*	Dollar General Corp		108,550
2,944	*	Dollar Tree, Inc		119,409
417		DSW, Inc (Class A)		27,393
1,111		Expedia, Inc		68,271
1,135	*	Express Parent LLC		17,127
1,298		Family Dollar Stores, Inc		82,306
681		Finish Line, Inc (Class A)		12,891
140	*,e	Five Below, Inc		4,486
1,926		Foot Locker, Inc		61,863
443	*,e	Francesca’s Holdings Corp		11,500
480		Fred’s, Inc (Class A)		6,389
1,759	e	GameStop Corp (Class A)		44,133
3,844		Gap, Inc		119,318
311	*	Genesco, Inc		17,105
2,032		Genuine Parts Co		129,195
910		GNC Holdings, Inc		30,285
107	*	Gordmans Stores, Inc		1,607
300		Group 1 Automotive, Inc		18,597
511	*,e	Groupon, Inc		2,494
822		Guess?, Inc		20,172
166		Haverty Furniture Cos, Inc		2,707
176	*,e	HHgregg, Inc		1,236
335	*	Hibbett Sports, Inc		17,654
20,017		Home Depot, Inc		1,238,051
405	*	HomeAway, Inc		8,910
450		Hot Topic, Inc		4,343
475		HSN, Inc		26,163
2,054	e	JC Penney Co, Inc		40,484
349	*	JOS A Bank Clothiers, Inc		14,860
145	*	Kirkland’s, Inc		1,536
3,089		Kohl’s Corp		132,765
7,348	*	Liberty Media Holding Corp (Interactive A)		144,609
490	*	Liberty Ventures		33,202
3,064		Limited Brands, Inc		144,192
205		Lithia Motors, Inc (Class A)		7,671
3,744	*	LKQ Corp		78,998
14,619		Lowe’s Companies, Inc		519,267
351	*	Lumber Liquidators, Inc		18,543
5,264		Macy’s, Inc		205,401
257	*	MarineMax, Inc		2,298
139	*,e	Mattress Firm Holding Corp		3,410

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

593		Men’s Wearhouse, Inc	$	18,478
361	e	Monro Muffler, Inc		12,624
855	*,e	NetFlix, Inc		79,327
512	*	New York & Co, Inc		1,951
1,992		Nordstrom, Inc		106,572
414		Nutri/System, Inc		3,391
4,794	*	Office Depot, Inc		15,724
1,103		OfficeMax, Inc		10,765
482	*	Orbitz Worldwide, Inc		1,311
1,602	*	O’Reilly Automotive, Inc		143,251
176	*,e	Overstock.com, Inc		2,519
500		Penske Auto Group, Inc		15,045
614		PEP Boys - Manny Moe & Jack		6,036
60	*	Perfumania Holdings, Inc		295
278	e	PetMed Express, Inc		3,086
1,378		Petsmart, Inc		94,173
1,228		Pier 1 Imports, Inc		24,560
646	*	Priceline.com, Inc		401,295
1,485	e	RadioShack Corp		3,148
793		Rent-A-Center, Inc		27,247
2,876		Ross Stores, Inc		155,735
180	*	Rue21, Inc		5,110
1,535	*,e	Saks, Inc		16,133
2,004	*	Sally Beauty Holdings, Inc		47,234
481	*,e	Sears Holdings Corp		19,894
159	*	Sears Hometown and Outlet Stores, Inc		5,177
717	*	Select Comfort Corp		18,764
326		Shoe Carnival, Inc		6,680
451	*	Shutterfly, Inc		13,471
1,056		Signet Jewelers Ltd		56,390
481		Sonic Automotive, Inc (Class A)		10,048
411		Stage Stores, Inc		10,185
8,866		Staples, Inc		101,072
200		Stein Mart, Inc		1,508
151		Systemax, Inc		1,457
8,581		Target Corp		507,738
1,588		Tiffany & Co		91,056
120	*	Tilly’s, Inc		1,619
9,605		TJX Companies, Inc		407,732
898		Tractor Supply Co		79,347
1,132	*	TripAdvisor, Inc		47,499
228	*	Tuesday Morning Corp		1,425
814		Ulta Salon Cosmetics & Fragrance, Inc		79,984
1,468	*	Urban Outfitters, Inc		57,780
150	*	US Auto Parts Network, Inc		274
280	*,e	Vitacost.com, Inc		1,898
425	*	Vitamin Shoppe, Inc		24,378
178	*	West Marine, Inc		1,914
1,045	*	Wet Seal, Inc (Class A)		2,884
524	*	WEX, Inc		39,494
1,141		Williams-Sonoma, Inc		49,942
245	*,e	Zumiez, Inc		4,755

		TOTAL RETAILING		8,662,710


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
504	*	Advanced Energy Industries, Inc		6,960
8,180	*,e	Advanced Micro Devices, Inc		19,632
183	*	Alpha & Omega Semiconductor Ltd		1,537
4,086		Altera Corp		140,722
1,245	*,e	Amkor Technology, Inc		5,291
891	*	Anadigics, Inc		2,245
3,920		Analog Devices, Inc		164,875
16,283		Applied Materials, Inc		186,278
891	*	Applied Micro Circuits Corp		7,484
5,710	*	Atmel Corp		37,401

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

395	*	ATMI, Inc	$	8,248
3,099		Avago Technologies Ltd		98,114
6,246	*	Axcelis Technologies, Inc		8,682
1,188	*	AXT, Inc		3,338
6,997		Broadcom Corp (Class A)		232,370
831		Brooks Automation, Inc		6,690
285		Cabot Microelectronics Corp		10,120
664	*	Cavium Networks, Inc		20,723
234	*	Ceva, Inc		3,686
821	*	Cirrus Logic, Inc		23,784
280		Cohu, Inc		3,035
1,474	*,e	Cree, Inc		50,087
422	*	Cymer, Inc		38,161
2,072		Cypress Semiconductor Corp		22,460
395	*	Diodes, Inc		6,853
289	*	DSP Group, Inc		1,665
1,676	*	Entegris, Inc		15,386
903	*	Entropic Communications, Inc		4,777
520	*	Exar Corp		4,628
1,829	*	Fairchild Semiconductor International, Inc		26,338
737	*,e	First Solar, Inc		22,759
593	*	Formfactor, Inc		2,704
537	*,e	Freescale Semiconductor Holdings Ltd		5,912
234	*	GSI Technology, Inc		1,467
1,568	*,e	GT Solar International, Inc		4,735
459	*	Hittite Microwave Corp		28,504
252	*	Inphi Corp		2,414
1,945	*	Integrated Device Technology, Inc		14,198
306	*	Integrated Silicon Solution, Inc		2,754
65,759		Intel Corp		1,356,608
853	*	International Rectifier Corp		15,124
1,619		Intersil Corp (Class A)		13,422
257		IXYS Corp		2,349
2,125		Kla-Tencor Corp		101,490
800	*	Kopin Corp		2,664
2,229	*	Lam Research Corp		80,534
1,300	*	Lattice Semiconductor Corp		5,187
3,060		Linear Technology Corp		104,958
7,838	*	LSI Logic Corp		55,493
584	*	LTX-Credence Corp		3,831
80	*	MA-COM Technology Solutions		1,198
6,576		Marvell Technology Group Ltd		47,742
740	*	Mattson Technology, Inc		622
3,850		Maxim Integrated Products, Inc		113,190
87	*	MaxLinear, Inc		437
2,748	*	MEMC Electronic Materials, Inc		8,821
797		Micrel, Inc		7,572
2,624		Microchip Technology, Inc		85,516
12,574	*	Micron Technology, Inc		79,845
1,063	*	Microsemi Corp		22,366
378	*,e	Mindspeed Technologies, Inc		1,769
766	*	MIPS Technologies, Inc		5,990
604		MKS Instruments, Inc		15,571
407		Monolithic Power Systems, Inc		9,068
316	*	MoSys, Inc		1,100
214	*	Nanometrics, Inc		3,086
55	*	NVE Corp		3,052
7,852		Nvidia Corp		96,501
721	*	Omnivision Technologies, Inc		10,152
5,763	*	ON Semiconductor Corp		40,629
268	*	PDF Solutions, Inc		3,693
304	*	Pericom Semiconductor Corp		2,441
666	*	Photronics, Inc		3,969
410	*	PLX Technology, Inc		1,488
2,763	*	PMC - Sierra, Inc		14,395
358		Power Integrations, Inc		12,032

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

490	*,e	QuickLogic Corp	$	1,063
1,317	*	Rambus, Inc		6,427
3,137	*	RF Micro Devices, Inc		14,054
149	*,e	Rubicon Technology, Inc		910
351	*	Rudolph Technologies, Inc		4,721
936	*	Semtech Corp		27,097
373	*	Sigma Designs, Inc		1,921
1,131	*	Silicon Image, Inc		5,610
618	*	Silicon Laboratories, Inc		25,839
2,390	*	Skyworks Solutions, Inc		48,517
622	*	Spansion, Inc		8,652
345	*,e	STR Holdings, Inc		869
1,213	*	SunPower Corp		6,817
100		Supertex, Inc		1,755
2,374	*	Teradyne, Inc		40,097
605		Tessera Technologies, Inc		9,934
14,673		Texas Instruments, Inc		453,983
1,986	*	Triquint Semiconductor, Inc		9,612
267	*	Ultra Clean Holdings		1,311
283	*	Ultratech, Inc		10,556
512	*	Veeco Instruments, Inc		15,114
288	*	Volterra Semiconductor Corp		4,945
3,371		Xilinx, Inc		121,019

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,401,745


SOFTWARE & SERVICES - 9.3%
552	*	Accelrys, Inc		4,996
8,408		Accenture plc		559,132
503	*	ACI Worldwide, Inc		21,976
490	*,e	Active Network, Inc		2,406
5,714		Activision Blizzard, Inc		60,683
620	*	Actuate Corp		3,472
1,008	*	Acxiom Corp		17,600
6,395	*	Adobe Systems, Inc		240,964
374	*	Advent Software, Inc		7,996
2,323	*	Akamai Technologies, Inc		95,034
640	*	Alliance Data Systems Corp		92,646
2,552		Amdocs Ltd		86,742
276		American Software, Inc (Class A)		2,142
456	*,e	Angie’s List, Inc		5,467
1,184	*	Ansys, Inc		79,731
1,288		AOL, Inc		38,138
1,185	*	Aspen Technology, Inc		32,753
2,934	*	Autodesk, Inc		103,717
6,383		Automatic Data Processing, Inc		363,895
588	*,e	Bankrate, Inc		7,321
116	*	Bazaarvoice, Inc		1,085
538		Blackbaud, Inc		12,283
367	*	Blucora, Inc		5,766
2,153	*	BMC Software, Inc		85,388
294		Booz Allen Hamilton Holding Co		4,092
421	*	Bottomline Technologies, Inc		11,110
1,693		Broadridge Financial Solutions, Inc		38,736
440	*	BroadSoft, Inc		15,985
4,559		CA, Inc		100,207
372	*	CACI International, Inc (Class A)		20,471
3,489	*	Cadence Design Systems, Inc		47,136
370	*,e	Callidus Software, Inc		1,680
531	*	Cardtronics, Inc		12,606
90		Cass Information Systems, Inc		3,798
834	*	Ciber, Inc		2,786
2,423	*	Citrix Systems, Inc		159,312
118	*,m	Clinical Data, Inc		112
4,039	*	Cognizant Technology Solutions Corp (Class A)		299,088
547	*	Commvault Systems, Inc		38,131

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,926		Computer Sciences Corp	$	77,136
174	*	Computer Task Group, Inc		3,172
2,948	*	Compuware Corp		32,045
399	*	comScore, Inc		5,498
276	*	Comverse, Inc		7,874
555	*	Concur Technologies, Inc		37,474
342	*,e	Constant Contact, Inc		4,860
1,480		Convergys Corp		24,287
431	*	Cornerstone OnDemand, Inc		12,727
350	*	CoStar Group, Inc		31,279
485	*	CSG Systems International, Inc		8,817
485	*	DealerTrack Holdings, Inc		13,929
379	*,e	Demand Media, Inc		3,521
86	*,e	Demandware, Inc		2,350
606	*	Dice Holdings, Inc		5,563
453	*	Digital River, Inc		6,519
85		DMRC Corp		1,759
426		DST Systems, Inc		25,816
1,405		Earthlink, Inc		9,076
15,029	*	eBay, Inc		766,780
322	e	Ebix, Inc		5,175
4,129	*	Electronic Arts, Inc		59,994
280	*	Ellie Mae, Inc		7,770
116	*	Eloqua, Inc		2,736
269	*	Envestnet, Inc		3,753
100	*,e	Envivio, Inc		170
405		EPIQ Systems, Inc		5,176
625	*	Equinix, Inc		128,875
589	*	Euronet Worldwide, Inc		13,900
122	*,e	ExactTarget, Inc		2,440
250	*	ExlService Holdings, Inc		6,625
5,350	*	Facebook, Inc		142,470
614		Factset Research Systems, Inc		54,069
602		Fair Isaac Corp		25,302
313	*	FalconStor Software, Inc		729
3,212		Fidelity National Information Services, Inc		111,810
1,356	*	First American Corp		36,504
1,765	*	Fiserv, Inc		139,488
617	*	FleetCor Technologies, Inc		33,102
178		Forrester Research, Inc		4,770
1,660	*	Fortinet, Inc		34,976
1,208	*	Gartner, Inc		55,592
1,564		Genpact Ltd		24,242
299	*,e,m	Gerber Scientific, Inc		0
824	*	Global Cash Access, Inc		6,460
1,079		Global Payments, Inc		48,879
531	*,e	Glu Mobile, Inc		1,216
3,369	*	Google, Inc (Class A)		2,389,867
200	*	Guidewire Software, Inc		5,944
476		Hackett Group, Inc		2,037
451		Heartland Payment Systems, Inc		13,304
384	*,e	Higher One Holdings, Inc		4,047
1,091		IAC/InterActiveCorp		51,604
384	*	iGate Corp		6,056
160	*	Imperva, Inc		5,045
99	*	Infoblox, Inc		1,779
1,333	*	Informatica Corp		40,417
279	*	Innodata Isogen, Inc		1,055
144	*	Interactive Intelligence, Inc		4,830
538	*	Internap Network Services Corp		3,734
14,193		International Business Machines Corp		2,718,669
3,877		Intuit, Inc		230,681
660	*	Ipass, Inc		1,208
544	e	j2 Global, Inc		16,636
1,107		Jack Henry & Associates, Inc		43,461
250	*	Jive Software, Inc		3,632

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

168		Keynote Systems, Inc	$	2,367
298	*	Knot, Inc		2,771
1,154		Lender Processing Services, Inc		28,411
884	*,e	Limelight Networks, Inc		1,962
784	*	LinkedIn Corp		90,019
704	*	Lionbridge Technologies		2,830
325	*	Liquidity Services, Inc		13,279
697	*	Liveperson, Inc		9,159
252	*	LogMeIn, Inc		5,647
187	*,e	magicJack VocalTec Ltd		3,405
311	*	Manhattan Associates, Inc		18,766
292	e	Mantech International Corp (Class A)		7,574
206	e	Marchex, Inc (Class B)		847
280	*	Market Leader, Inc		1,834
1,417		Mastercard, Inc (Class A)		696,144
130	*,e	Mattersight Corp		646
482		MAXIMUS, Inc		30,472
1,291	*	Mentor Graphics Corp		21,973
1,140	*	Micros Systems, Inc		48,382
98,142		Microsoft Corp		2,623,336
100	*	MicroStrategy, Inc (Class A)		9,338
140	*,e	Millennial Media, Inc		1,754
529	*	ModusLink Global Solutions, Inc		1,534
278	*	MoneyGram International, Inc		3,695
443		Monotype Imaging Holdings, Inc		7,079
1,800	*,e	Monster Worldwide, Inc		10,116
696	*	Move, Inc		5,283
467	*	Netscout Systems, Inc		12,137
397	*	NetSuite, Inc		26,718
874	*	NeuStar, Inc (Class A)		36,647
789		NIC, Inc		12,892
3,067	*	Nuance Communications, Inc		68,455
293	*	OpenTable, Inc		14,298
49,840		Oracle Corp		1,660,669
1,520	*	Parametric Technology Corp		34,215
4,276		Paychex, Inc		133,155
162	e	Pegasystems, Inc		3,674
320	*	Perficient, Inc		3,770
170	*	Pervasive Software, Inc		1,515
240	*	PRG-Schultz International, Inc		1,548
831	*	Progress Software Corp		17,443
80	*	Proofpoint, Inc		985
283	*	PROS Holdings, Inc		5,176
43		QAD, Inc (Class A)		619
1,081	*	QLIK Technologies, Inc		23,479
335	*	QuinStreet, Inc		2,251
1,383	*	Rackspace Hosting, Inc		102,715
299	*	RealNetworks, Inc		2,260
475	*,e	RealPage, Inc		10,246
2,400	*	Red Hat, Inc		127,104
453	*	Responsys, Inc		2,700
127	*	Rosetta Stone, Inc		1,567
1,436	*	Rovi Corp		22,157
286	*	Saba Software, Inc		2,500
3,586		SAIC, Inc		40,594
1,821	*	Salesforce.com, Inc		306,110
170	*,e	Sapiens International Corp NV		680
1,557	*	Sapient Corp		16,442
150	*	Sciquest, Inc		2,379
334	*	Seachange International, Inc		3,230
184	*,e	ServiceNow, Inc		5,526
634	*,e	ServiceSource International LLC		3,709
782	*	SolarWinds, Inc		41,016
1,004		Solera Holdings, Inc		53,684
376	*	Sourcefire, Inc		17,755
150	*,e	Spark Networks, Inc		1,170

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

197	*	Splunk, Inc	$	5,717
235	*	SPS Commerce, Inc		8,758
427	*	SS&C Technologies Holdings, Inc		9,872
192	*	Stamps.com, Inc		4,838
513	*	SupportSoft, Inc		2,144
9,430	*	Symantec Corp		177,378
90	*,e	Synacor, Inc		492
328	*	Synchronoss Technologies, Inc		6,918
1,849	*	Synopsys, Inc		58,872
190		Syntel, Inc		10,182
402	*	TA Indigo Holding Corp		2,480
925	*	Take-Two Interactive Software, Inc		10,184
383	*	Tangoe, Inc		4,546
132	*	TechTarget, Inc		733
205	*	TeleNav, Inc		1,636
455	*	TeleTech Holdings, Inc		8,099
2,163	*	Teradata Corp		133,868
2,110	*	TIBCO Software, Inc		46,441
1,671	*	TiVo, Inc		20,587
303	*	TNS, Inc		6,281
2,061		Total System Services, Inc		44,147
174	*	Travelzoo, Inc		3,304
432	*	Tyler Technologies, Inc		20,926
339	*	Ultimate Software Group, Inc		32,005
586	*	Unisys Corp		10,138
1,056		United Online, Inc		5,903
1,006	*	Unwired Planet, Inc		1,207
1,094	*	Valueclick, Inc		21,235
499	*	Vantiv, Inc		10,190
248	*	Vasco Data Security International		2,024
1,365	*	VeriFone Systems, Inc		40,513
264	*	Verint Systems, Inc		7,751
2,200	*	VeriSign, Inc		85,404
574	*,e	VirnetX Holding Corp		16,807
156	*	Virtusa Corp		2,563
6,800		Visa, Inc (Class A)		1,030,744
527	*,e	VistaPrint Ltd		17,317
1,149	*	VMware, Inc (Class A)		108,167
202	*	Vocus, Inc		3,511
807	*	WebMD Health Corp (Class A)		11,572
564	*	Websense, Inc		8,483
367	*	Website Pros, Inc		5,432
7,826		Western Union Co		106,512
331	*	Workday, Inc		18,040
16,331	*	Yahoo!, Inc		324,987
107	*,e	Yelp, Inc		2,017
743	*	Zix Corp		2,080
1,440	*	Zynga, Inc		3,413

		TOTAL SOFTWARE & SERVICES		19,205,525


TECHNOLOGY HARDWARE & EQUIPMENT - 6.5%
645	*,e	3D Systems Corp		34,411
738	*	Acme Packet, Inc		16,325
806		Adtran, Inc		15,749
400	*	Agilysys, Inc		3,348
30	*,e	Ambient Corp		90
2,157		Amphenol Corp (Class A)		139,558
200	*	Anaren, Inc		3,890
356		Anixter International, Inc		22,777
12,159		Apple, Inc		6,481,112
1,549	*	Arris Group, Inc		23,142
1,424	*	Arrow Electronics, Inc		54,226
1,423	*,e	Aruba Networks, Inc		29,527
80	*,e	Audience, Inc		831
424	*	Avid Technology, Inc		3,214

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,830	*	Avnet, Inc	$	56,016
583		AVX Corp		6,285
150		Aware, Inc		822
245	*	AX Holding Corp		1,715
258		Badger Meter, Inc		12,232
100		Bel Fuse, Inc (Class B)		1,955
750	*	Benchmark Electronics, Inc		12,465
226		Black Box Corp		5,501
1,360	*	Bookham, Inc		2,135
5,865	*	Brocade Communications Systems, Inc		31,260
358	*	CalAmp Corp		2,979
469	*	Calix Networks, Inc		3,607
500	*	Checkpoint Systems, Inc		5,370
1,254	*	Ciena Corp		19,688
69,902		Cisco Systems, Inc		1,373,574
542		Cognex Corp		19,956
306		Coherent, Inc		15,490
330		Comtech Telecommunications Corp		8,375
2,770	*	Comverse Technology, Inc		10,637
19,277		Corning, Inc		243,276
347	*	Cray, Inc		5,535
409		CTS Corp		4,348
423		Daktronics, Inc		4,683
185	*	Datalink Corp		1,582
19,104		Dell, Inc		193,524
772		Diebold, Inc		23,631
400	*	Digi International, Inc		3,788
633	e	Dolby Laboratories, Inc (Class A)		18,566
196	*	DTS, Inc		3,273
330	*	Echelon Corp		809
485	*	EchoStar Corp (Class A)		16,597
248		Electro Rent Corp		3,814
300		Electro Scientific Industries, Inc		2,985
630	*	Electronics for Imaging, Inc		11,964
27,224	*	EMC Corp		688,767
1,000	*	Emulex Corp		7,300
1,016	*	Extreme Networks, Inc		3,698
1,009	*	F5 Networks, Inc		98,024
252	*	Fabrinet		3,311
215	*	FARO Technologies, Inc		7,671
451		FEI Co		25,013
1,138	*,e	Finisar Corp		18,549
1,984		Flir Systems, Inc		44,263
1,128	*,e	Fusion-io, Inc		25,865
228	*	Globecomm Systems, Inc		2,576
327	*	GSI Group, Inc		2,832
1,150	*	Harmonic, Inc		5,831
1,483		Harris Corp		72,608
670	*	Harris Stratex Networks, Inc (Class A)		2,204
25,651		Hewlett-Packard Co		365,527
400	*	Imation Corp		1,868
289	*	Immersion Corp		1,985
1,220	*,e	Infinera Corp		7,088
2,058	*	Ingram Micro, Inc (Class A)		34,821
655	*	Insight Enterprises, Inc		11,377
564	e	InterDigital, Inc		23,180
745	*	Intermec, Inc		7,346
278	*	Intevac, Inc		1,271
466	*,e	InvenSense, Inc		5,177
407	e	IPG Photonics Corp		27,127
477	*	Itron, Inc		21,250
534	*	Ixia		9,067
2,392		Jabil Circuit, Inc		46,142
2,820	*	JDS Uniphase Corp		38,183
6,822	*	Juniper Networks, Inc		134,189
1,680	*	Kemet Corp		8,450

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

130	*	Key Tronic Corp	$	1,331
172	*	KVH Industries, Inc		2,405
972	e	Lexmark International, Inc (Class A)		22,541
261		Littelfuse, Inc		16,106
124		Loral Space & Communications, Inc		6,778
315	*,e	Maxwell Technologies, Inc		2,611
187	*	Measurement Specialties, Inc		6,425
375	*	Mercury Computer Systems, Inc		3,450
30		Mesa Laboratories, Inc		1,503
447		Methode Electronics, Inc		4,483
1,677	e	Molex, Inc		45,832
3,903		Motorola, Inc		217,319
221		MTS Systems Corp		11,256
160	*	Multi-Fineline Electronix, Inc		3,234
1,200		National Instruments Corp		30,972
2,098	*	NCR Corp		53,457
290	*,e	Neonode, Inc		1,409
4,695	*	NetApp, Inc		157,517
454	*	Netgear, Inc		17,897
407	*	Newport Corp		5,474
3,625	*,e	OCZ Technology Group, Inc		6,924
252	*	Oplink Communications, Inc		3,926
252	*	OSI Systems, Inc		16,138
90	*,e	Palo Alto Networks, Inc		4,817
232		Park Electrochemical Corp		5,969
935	*,e	Parkervision, Inc		1,898
230		PC-Tel, Inc		1,656
554		Plantronics, Inc		20,426
511	*	Plexus Corp		13,184
2,192	*	Polycom, Inc		22,928
851	*,e	Power-One, Inc		3,498
248	*	Procera Networks, Inc		4,600
1,437	*	QLogic Corp		13,982
22,360		Qualcomm, Inc		1,386,767
4,721	*,e	Quantum Corp		5,854
301	*,e	Rackable Systems, Inc		3,079
187	*	Radisys Corp		557
485	*,e	RealD, Inc		5,437
181		Richardson Electronics Ltd		2,049
1,950	*	Riverbed Technology, Inc		38,454
383	*	Rofin-Sinar Technologies, Inc		8,303
200	*	Rogers Corp		9,932
3,074	*	SanDisk Corp		133,903
958	*	Sanmina Corp		10,605
321	*	Scansource, Inc		10,198
495	*	ShoreTel, Inc		2,099
3,028	*	Sonus Networks, Inc		5,148
488	*	STEC, Inc		2,406
234	*	Stratasys Ltd		18,755
258	*	Super Micro Computer, Inc		2,632
234		Sycamore Networks, Inc		524
396	*	Symmetricom, Inc		2,285
424	*	Synaptics, Inc		12,707
313	*	SYNNEX Corp		10,761
616	*	Tech Data Corp		28,047
4,811		Tellabs, Inc		10,969
210		Telular Corp		1,989
70		Tessco Technologies, Inc		1,550
1,589	*	Trimble Navigation Ltd		94,990
971	*	TTM Technologies, Inc		8,933
166	e	Ubiquiti Networks, Inc		2,015
527	*	Universal Display Corp		13,502
529	*,e	Viasat, Inc		20,578
1,895	*	Vishay Intertechnology, Inc		20,144
161	*	Vishay Precision Group, Inc		2,128
662	*	Westell Technologies, Inc		1,225

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,882		Western Digital Corp	$	122,456
17,108		Xerox Corp		116,677
721	*	Zebra Technologies Corp (Class A)		28,321
198	*	Zygo Corp		3,109

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		13,590,231


TELECOMMUNICATION SERVICES - 2.7%
754	*,e	8x8, Inc		5,572
76,302		AT&T, Inc		2,572,141
105		Atlantic Tele-Network, Inc		3,855
201	*,e	Boingo Wireless, Inc		1,518
277	*	Cbeyond Communications, Inc		2,504
7,920		CenturyTel, Inc		309,830
3,005	*	Cincinnati Bell, Inc		16,467
6,625	*	Clearwire Corp (Class A)		19,146
706		Cogent Communications Group, Inc		15,984
526		Consolidated Communications Holdings, Inc		8,374
3,883	*	Crown Castle International Corp		280,197
269	*,e	Fairpoint Communications, Inc		2,136
13,108	e	Frontier Communications Corp		56,102
464	*	General Communication, Inc (Class A)		4,450
126	*	Hawaiian Telcom Holdco, Inc		2,457
170		HickoryTech Corp		1,654
164		IDT Corp (Class B)		1,565
380	*	inContact, Inc		1,968
641	*,e	Iridium Communications, Inc		4,320
710	*,e	Leap Wireless International, Inc		4,721
2,242	*	Level 3 Communications, Inc		51,813
181		Lumos Networks Corp		1,814
3,750	*	MetroPCS Communications, Inc		37,275
391		Neutral Tandem, Inc		1,005
2,115	*,e	NII Holdings, Inc (Class B)		15,080
181		NTELOS Holdings Corp		2,373
430	*	Orbcomm, Inc		1,686
762	*	Premiere Global Services, Inc		7,452
153		Primus Telecommunications Group, Inc		1,663
1,628	*	SBA Communications Corp (Class A)		115,621
364		Shenandoah Telecom Co		5,573
38,066	*	Sprint Nextel Corp		215,834
1,221		Telephone & Data Systems, Inc		27,033
420	*,e	Towerstream Corp		1,365
1,990	*	tw telecom inc (Class A)		50,685
200	*	US Cellular Corp		7,048
250		USA Mobility, Inc		2,920
36,967		Verizon Communications, Inc		1,599,562
1,236	*	Vonage Holdings Corp		2,929
7,924	e	Windstream Corp		65,611

		TOTAL TELECOMMUNICATION SERVICES		5,529,303


TRANSPORTATION - 1.8%
776	*	Air Transport Services Group, Inc		3,112
1,022	*	Alaska Air Group, Inc		44,038
259		Allegiant Travel Co		19,013
100		Amerco, Inc		12,681
300		Arkansas Best Corp		2,865
331	*	Atlas Air Worldwide Holdings, Inc		14,667
1,259	*	Avis Budget Group, Inc		24,953
250		Celadon Group, Inc		4,517
2,041		CH Robinson Worldwide, Inc		129,032
795		Con-Way, Inc		22,117
448		Copa Holdings S.A. (Class A)		44,554
13,852		CSX Corp		273,300
10,863	*	Delta Air Lines, Inc		128,944
134	*	Echo Global Logistics, Inc		2,408
2,817		Expeditors International of Washington, Inc		111,412

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

4,164		FedEx Corp	$	381,922
548		Forward Air Corp		19,185
2,210	*,e	Genco Shipping & Trading Ltd		7,713
552	*	Genesee & Wyoming, Inc (Class A)		41,996
633	*	Hawaiian Holdings, Inc		4,159
666		Heartland Express, Inc		8,705
3,035	*	Hertz Global Holdings, Inc		49,379
500	*	Hub Group, Inc (Class A)		16,800
64		International Shipholding Corp		1,055
1,134		J.B. Hunt Transport Services, Inc		67,711
2,933	*	JetBlue Airways Corp		16,747
1,469		Kansas City Southern Industries, Inc		122,632
708	*	Kirby Corp		43,818
691		Knight Transportation, Inc		10,109
644		Landstar System, Inc		33,784
384		Marten Transport Ltd		7,062
519		Matson, Inc		12,830
4,137		Norfolk Southern Corp		255,832
1,056	*	Old Dominion Freight Line		36,200
443	*	Pacer International, Inc		1,728
96	*	Park-Ohio Holdings Corp		2,046
48	*	Patriot Transportation Holding, Inc		1,365
772	*	Quality Distribution, Inc		4,632
220	*,e	Rand Logistics, Inc		1,430
421	*	Republic Airways Holdings, Inc		2,391
125	*	Roadrunner Transportation Services Holdings, Inc		2,268
655		Ryder System, Inc		32,704
133	*	Saia, Inc		3,075
692		Skywest, Inc		8,622
9,945		Southwest Airlines Co		101,837
538	*	Spirit Airlines, Inc		9,533
985	*	Swift Transportation Co, Inc		8,983
4,194	*	UAL Corp		98,056
6,225		Union Pacific Corp		782,607
9,461		United Parcel Service, Inc (Class B)		697,560
68		Universal Truckload Services, Inc		1,241
2,521	*	US Airways Group, Inc		34,034
1,203		UTI Worldwide, Inc		16,120
511		Werner Enterprises, Inc		11,073
239	*,e	Wesco Aircraft Holdings, Inc		3,157
220	*,e	XPO Logistics, Inc		3,824
341	*,e	Zipcar, Inc		2,810

		TOTAL TRANSPORTATION		3,806,348


UTILITIES - 3.4%
8,727		AES Corp		93,379
1,553		AGL Resources, Inc		62,073
597		Allete, Inc		24,465
1,411		Alliant Energy Corp		61,957
2,990		Ameren Corp		91,853
310	*,e	American DG Energy, Inc		716
6,169		American Electric Power Co, Inc		263,293
335		American States Water Co		16,073
2,339		American Water Works Co, Inc		86,847
1,767		Aqua America, Inc		44,917
77		Artesian Resources Corp		1,727
1,866	e	Atlantic Power Corp		21,328
1,110		Atmos Energy Corp		38,983
749		Avista Corp		18,058
557		Black Hills Corp		20,241
130	*,e	Cadiz, Inc		1,030
468		California Water Service Group		8,588
5,138	*	Calpine Corp		93,152
5,394		Centerpoint Energy, Inc		103,835
250		CH Energy Group, Inc		16,305

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES	COMPANY	VALUE

107	Chesapeake Utilities Corp	$	4,858
757	Cleco Corp		30,288
3,237	CMS Energy Corp		78,918
98	Connecticut Water Service, Inc		2,918
3,719	Consolidated Edison, Inc		206,553
160	Consolidated Water Co, Inc		1,184
90	Delta Natural Gas Co, Inc		1,760
7,487	Dominion Resources, Inc		387,827
2,106	DTE Energy Co		126,465
9,252	Duke Energy Corp		590,278
4,138	Edison International		186,996
600	El Paso Electric Co		19,146
648	Empire District Electric Co		13,206
2,251	Entergy Corp		143,501
11,372	Exelon Corp		338,203
5,213	FirstEnergy Corp		217,695
164	Genie Energy Ltd		1,164
1,857	Great Plains Energy, Inc		37,716
1,196	Hawaiian Electric Industries, Inc		30,067
750	Idacorp, Inc		32,513
972	Integrys Energy Group, Inc		50,758
695	ITC Holdings Corp		53,452
400	Laclede Group, Inc		15,444
2,402	MDU Resources Group, Inc		51,019
419	MGE Energy, Inc		21,348
155	Middlesex Water Co		3,032
960	National Fuel Gas Co		48,662
646	New Jersey Resources Corp		25,595
5,534	NextEra Energy, Inc		382,897
3,472	NiSource, Inc		86,418
4,073	Northeast Utilities		159,173
333	Northwest Natural Gas Co		14,719
435	NorthWestern Corp		15,108
4,113	NRG Energy, Inc		94,551
2,932	NV Energy, Inc		53,187
1,291	OGE Energy Corp		72,696
2,664	Oneok, Inc		113,886
240	Ormat Technologies, Inc		4,627
540	Otter Tail Corp		13,500
3,101	Pepco Holdings, Inc		60,811
5,405	PG&E Corp		217,173
956	Piedmont Natural Gas Co, Inc		29,932
1,446	Pinnacle West Capital Corp		73,717
1,049	PNM Resources, Inc		21,515
1,142	Portland General Electric Co		31,245
7,253	PPL Corp		207,653
6,478	Public Service Enterprise Group, Inc		198,227
2,262	Questar Corp		44,697
1,500	SCANA Corp		68,460
3,061	Sempra Energy		217,147
138	SJW Corp		3,671
487	South Jersey Industries, Inc		24,511
11,461	Southern Co		490,645
587	Southwest Gas Corp		24,895
2,675	TECO Energy, Inc		44,833
1,412	UGI Corp		46,187
895	UIL Holdings Corp		32,050
126	Unitil Corp		3,266
511	UNS Energy Corp		21,677
980	Vectren Corp		28,812
1,603	Westar Energy, Inc		45,878
691	WGL Holdings, Inc		27,080
2,979	Wisconsin Energy Corp		109,776
6,137	Xcel Energy, Inc		163,919
142	York Water Co		2,495

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE


		TOTAL UTILITIES	$	7,040,420

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

RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%
178	e	Magnum Hunter Resources Corp		91

		TOTAL ENERGY		91


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
955		Allos Therapeutics, Inc		19

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		19

		TOTAL RIGHTS / WARRANTS (Cost $0)		110

SHORT-TERM INVESTMENTS - 2.0%

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

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,219,980

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

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

		NET ASSETS - 100.0%	$	207,089,723

Abbreviation(s):

REIT Real Estate Investment Trust

*	Non-income producing.

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

d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,181,940.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.3%

BELGIUM - 1.0%
13,874		UCB S.A.	$	794,819

		TOTAL BELGIUM		794,819


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

		TOTAL CHINA		2,198,259


FRANCE - 10.3%
4,605		Atos Origin S.A.		323,394
59,592		BNP Paribas		3,392,575
22,424		Compagnie Generale d’Optique Essilor International S.A.		2,261,622
19,988		Lafarge S.A.		1,290,671
5,174		Nexity		175,506
1,726		Societe BIC S.A.		206,891
2,217		Technip S.A.		256,365

		TOTAL FRANCE		7,907,024


GERMANY - 15.8%
49,480		Bayer AG.		4,718,503
9,157		Beiersdorf AG.		749,781
11,559		Continental AG.		1,347,239
19,198		Henkel KGaA (Preference)		1,579,440
31,150		Lanxess AG.		2,746,788
7,887		Merck KGaA		1,039,466

		TOTAL GERMANY		12,181,217


HONG KONG - 2.5%
228,200		AIA Group Ltd		905,117
214,000		Hang Lung Properties Ltd		861,225
180,000	e	Trinity Ltd		119,166

		TOTAL HONG KONG		1,885,508


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

		TOTAL INDIA		1,779,528


ITALY - 2.0%
2,172		Saipem S.p.A.		84,606
294,846	*	UniCredit S.p.A		1,451,955

		TOTAL ITALY		1,536,561


JAPAN - 9.8%
60,600		Asics Corp		925,759
8,000		Daikin Industries Ltd		274,793
7,422		Denso Corp		258,465
550		Fanuc Ltd		102,327
1,600		Fast Retailing Co Ltd		408,337
134,000	e	Hitachi Ltd		788,524
45,200	e	LIXIL Group Corp		1,008,210
1,203		Kao Corp		31,347
980		Komatsu Ltd		25,147
993		Mitsubishi Corp		19,118
8,016		Mitsubishi Electric Corp		68,251

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE

11,000		Mitsubishi Heavy Industries Ltd	$	53,209
33,353		Mitsubishi UFJ Financial Group, Inc		180,477
5,000		Mitsui Trust Holdings, Inc		17,616
550		Nitto Denko Corp		27,087
1,050	e	NOK Corp		16,442
1,653	e	Nomura Holdings, Inc		9,785
61,825	*,e	Olympus Corp		1,199,449
18,150		Shin-Etsu Chemical Co Ltd		1,107,695
113,000		Shinsei Bank Ltd		226,174
950		Sony Corp		10,655
1,950		Sumitomo Corp		25,018
2,200		Sumitomo Metal Mining Co Ltd		31,055
2,000		Suruga Bank Ltd		24,598
14,000		Toyota Motor Corp		653,746
1,700		United Arrows Ltd		39,149

		TOTAL JAPAN		7,532,433


MACAU - 0.6%
111,200		Sands China Ltd		497,138

		TOTAL MACAU		497,138


NETHERLANDS - 0.0%
418		Royal Dutch Shell plc (A Shares)		14,509

		TOTAL NETHERLANDS		14,509


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

		TOTAL SINGAPORE		926,694


SWEDEN - 6.9%
26,158		Assa Abloy AB (Class B)		984,658
141,327		SKF AB (B Shares)		3,579,472
59,098		Trelleborg AB (B Shares)		739,098

		TOTAL SWEDEN		5,303,228


SWITZERLAND - 15.6%
56,329		Adecco S.A.		2,983,084
3,520		Burckhardt Compression Holding AG.		1,154,540
204,455		Clariant AG.		2,788,710
1,644	e	Credit Suisse Group		40,124
125		Givaudan S.A.		132,099
44,398		Holcim Ltd		3,270,136
2,043		Nestle S.A.		133,292
7,114		Swatch Group AG. Reg		615,397
57,454		UBS AG. (Switzerland)		899,090

		TOTAL SWITZERLAND		12,016,472


UNITED KINGDOM - 26.6%
5,289*		Afren plc		11,477
55,001		Barclays plc		238,923
8,367		BG Group plc		139,560
79,042		British Sky Broadcasting plc		996,909
83,588		Carnival plc		3,245,910
74,861		Drax Group plc		670,194
229,060		Filtrona plc		2,060,054
18,492		Imperial Tobacco Group plc		716,963
3,521,403	*	Lloyds TSB Group plc		2,806,183
32,635		Reckitt Benckiser Group plc		2,071,656
184,916		Reed Elsevier plc		1,952,277
302,094		Tate & Lyle plc		3,737,565
39,175		Tullow Oil plc		816,697
5,635		Whitbread plc		226,440
16,970		Wolseley plc		811,483

		TOTAL UNITED KINGDOM	$	20,502,291

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE


UNITED STATES - 1.8%
25,272		iShares MSCI EAFE Index Fund	$	1,435,955

		TOTAL UNITED STATES		1,435,955

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

SHORT-TERM INVESTMENTS - 4.4%

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

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		3,411,250

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

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

		NET ASSETS - 100.0%	$	77,021,304

*	Non-income producing.

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,222,952.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

December 31, 2012


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

NET ASSETS	$	77,021,304			100.0	%

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE

BONDS - 95.7%

CORPORATE BONDS - 48.1%

AUTOMOBILES & COMPONENTS - 0.1%
$132,000		Delphi Corp		5.875	%	05/15/19	$	141,570
32,000		Ford Motor Co		7.450		07/16/31		40,640

		TOTAL AUTOMOBILES & COMPONENTS						182,210


BANKS - 6.3%
100,000	g	Abbey National Treasury Services plc		3.875		11/10/14		103,761
150,000	g	Akbank TAS		3.875		10/24/17		154,248
200,000	g	Banco de Credito del Peru		5.375		09/16/20		221,500
200,000	g	Banco del Estado de Chile		2.000		11/09/17		199,667
150,000	g	Banco del Estado de Chile		3.875		02/08/22		159,199
200,000		Banco do Brasil S.A.		3.875		01/23/17		209,000
200,000		Banco do Brasil S.A.		3.875		10/10/22		201,500
200,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		203,500
110,000		Bancolombia S.A.		5.950		06/03/21		127,050
125,000		Bancolombia S.A.		5.125		09/11/22		130,000
200,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		200,940
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		156,041
120,000	g	BBVA Banco Continental S.A.		5.000		08/26/22		128,100
200,000	g	Caixa Economica Federal		2.375		11/06/17		198,500
50,000		Capital One Capital V		8.875		05/15/40		50,000
67,000		Citigroup, Inc		6.000		12/13/13		70,207
50,000		Citigroup, Inc		5.000		09/15/14		52,604
100,000		Citigroup, Inc		2.250		08/07/15		102,413
23,000		Citigroup, Inc		6.125		05/15/18		27,564
750,000		Citigroup, Inc		4.500		01/14/22		836,778
350,000		Citigroup, Inc		5.875		01/30/42		431,951
800,000	g	Depfa ACS Bank		5.125		03/16/37		624,555
100,000		Deutsche Bank AG		3.875		08/18/14		104,969
50,000		Discover Bank		7.000		04/15/20		62,085
75,000	g	HSBC Bank plc		3.100		05/24/16		79,295
150,000	g	HSBC Bank plc		4.125		08/12/20		166,944
150,000		HSBC Holdings plc		4.000		03/30/22		164,230
225,000		HSBC USA, Inc		2.375		02/13/15		231,441
150,000		HSBC USA, Inc		1.625		01/16/18		150,136
750,000	g	Hutchison Whampoa International 12 II Ltd		2.000		11/08/17		749,440
100,000	g	ICICI Bank Ltd		5.500		03/25/15		105,718
60,000		JPMorgan Chase & Co		5.125		09/15/14		63,813
350,000		JPMorgan Chase & Co		1.100		10/15/15		349,989
135,000		JPMorgan Chase & Co		3.150		07/05/16		143,026
100,000		JPMorgan Chase & Co		5.500		10/15/40		122,246
625,000		JPMorgan Chase & Co		5.400		01/06/42		753,190
575,000	g	Mizuho Corporate Bank Ltd		1.550		10/17/17		575,577
200,000	g	PKO Finance AB		4.630		09/26/22		210,500
50,000		PNC Bank NA		2.700		11/01/22		50,016
175,000	i	PNC Financial Services Group, Inc		2.854		11/09/22		176,019
100,000		PNC Funding Corp		5.125		02/08/20		118,933
140,000	g,i	Rabobank Nederland NV		11.000		12/30/49		189,350
200,000	g	State Bank of India		4.125		08/01/17		205,960
100,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		105,325
50,000		Toronto-Dominion Bank		2.500		07/14/16		52,602
200,000	g	Turkiye Is Bankasi		6.000		10/24/22		210,750
150,000		Union Bank NA		2.125		06/16/17		154,245
150,000		Union Bank of California NA		5.950		05/11/16		170,857

TIAA-CREF LIFE FUNDS - Bond Fund


							MATURITY
PRINCIPAL		ISSUER		RATE			DATE	VALUE

$125,000		UnionBanCal Corp			3.500	%	06/18/22	$	131,842
200,000		US Bancorp			1.650		05/15/17		203,780
125,000		US Bancorp	��		2.950		07/15/22		126,278
100,000		Wachovia Bank NA			5.850		02/01/37		124,071
350,000		Wells Fargo & Co			1.500		07/01/15		356,030
200,000		Wells Fargo & Co			2.100		05/08/17		206,774
200,000		Wells Fargo & Co			1.500		01/16/18		200,328
100,000		Wells Fargo & Co			3.500		03/08/22		106,665
50,000		Westpac Banking Corp			3.000		08/04/15		52,808

		TOTAL BANKS							11,564,310


CAPITAL GOODS - 1.8%
250,000		Caterpillar Financial Services Corp			0.700		11/06/15		249,362
350,000		Caterpillar Financial Services Corp			1.250		11/06/17		349,736
200,000		Caterpillar, Inc			1.375		05/27/14		202,435
250,000		Caterpillar, Inc			1.500		06/26/17		253,196
250,000		Danaher Corp			1.300		06/23/14		252,742
250,000		Danaher Corp			2.300		06/23/16		261,430
100,000		Deere & Co			2.600		06/08/22		101,260
32,000		Huntington Ingalls Industries, Inc			6.875		03/15/18		34,800
100,000	g	Myriad International Holding BV			6.375		07/28/17		112,750
525,000	g	Schneider Electric S.A.			2.950		09/27/22		529,147
150,000		Seagate HDD Cayman			7.000		11/01/21		160,875
111,000	g	Sealed Air Corp			8.125		09/15/19		124,875
111,000	g	Sealed Air Corp			8.375		09/15/21		126,818
120,000		SPX Corp			6.875		09/01/17		133,800
200,000	g	Turlock Corp			1.500		11/02/17		200,409
100,000	g	Turlock Corp			4.000		11/02/32		102,851
125,000		United Technologies Corp			1.800		06/01/17		128,670
50,000		United Technologies Corp			4.500		06/01/42		55,558

		TOTAL CAPITAL GOODS							3,380,714


COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
100,000	g	ADT Corp			2.250		07/15/17		99,206
250,000		eBay, Inc			0.700		07/15/15		250,936
375,000		eBay, Inc			1.350		07/15/17		379,367
100,000	g	National Agricultural Cooperative Federation			4.250		01/28/16		106,770
75,000		Republic Services, Inc			3.800		05/15/18		82,454
250,000		Republic Services, Inc			3.550		06/01/22		260,654
40,000		Republic Services, Inc			6.200		03/01/40		50,199
250,000		Waste Management, Inc			2.600		09/01/16		261,892

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,491,478


CONSUMER DURABLES & APPAREL - 0.1%
130,000		Hanesbrands, Inc			6.375		12/15/20		143,000
100,000		Phillips-Van Heusen Corp			7.375		05/15/20		112,125

		TOTAL CONSUMER DURABLES & APPAREL							255,125


CONSUMER SERVICES - 0.8%
100,000		Ameristar Casinos, Inc			7.500		04/15/21		108,375
150,000		DineEquity, Inc			9.500		10/30/18		170,437
150,000		GlaxoSmithKline Capital plc			1.500		05/08/17		152,181
150,000	g	SABMiller Holdings, Inc			3.750		01/15/22		161,975
100,000	g	SABMiller Holdings, Inc			4.950		01/15/42		113,353
200,000	g	Transnet Ltd			4.500		02/10/16		212,630
200,000	g	Transnet SOC Ltd			4.000		07/26/22		201,250
100,000		Walt Disney Co			4.500		12/15/13		103,883
100,000		Walt Disney Co			0.450		12/01/15		99,507
200,000		Walt Disney Co			1.125		02/15/17		200,152

		TOTAL CONSUMER SERVICES							1,523,743

TIAA-CREF LIFE FUNDS - Bond Fund


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE		VALUE


DIVERSIFIED FINANCIALS - 8.6%
$40,000		Abbey National Treasury Services plc		4.000	%		04/27/16	$	42,295
150,000	g	Ajecorp BV		6.500			05/14/22		162,000
250,000		American Express Centurion Bank		0.875			11/13/15		249,816
125,000		American Express Centurion Bank		6.000			09/13/17		151,123
225,000		American Express Credit Corp		1.750			06/12/15		229,712
50,000		American Express Credit Corp		2.800			09/19/16		52,902
225,000	g	Bangkok Bank PCL		2.750			03/27/18		227,562
100,000	g	Bangkok Bank PCL		4.800			10/18/20		109,896
220,000	g	Bangkok Bank PCL		3.875			09/27/22		226,820
400,000		Bank of America Corp		1.500			10/09/15		402,045
200,000		Bank of America Corp		5.300			03/15/17		224,942
75,000		Bank of America Corp		5.750			12/01/17		87,420
775,000		Bank of America Corp		5.700			01/24/22		931,975
150,000		Bank of America Corp		5.875			02/07/42		187,138
525,000		Bank of New York Mellon Corp		2.300			07/28/16		548,758
50,000		Bank of New York Mellon Corp		5.450			05/15/19		59,748
150,000	g	BBVA Bancomer S.A.		4.500			03/10/16		159,375
175,000	g	BBVA Bancomer S.A.		6.750			09/30/22		196,875
150,000		Berkshire Hathaway, Inc		1.900			01/31/17		155,058
50,000		BlackRock, Inc		3.500			12/10/14		52,806
150,000		BlackRock, Inc		4.250			05/24/21		169,200
100,000		BlackRock, Inc		3.375			06/01/22		106,208
50,000		Capital One Bank USA NA		8.800			07/15/19		67,705
50,000		Capital One Financial Corp		3.150			07/15/16		53,084
400,000		Capital One Financial Corp		4.750			07/15/21		461,265
75,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875			02/08/22		80,709
100,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950			11/09/22		102,403
150,000		Credit Suisse		5.000			05/15/13		152,469
100,000		Credit Suisse		5.500			05/01/14		106,399
65,000		Ford Motor Credit Co LLC		4.250			02/03/17		69,634
250,000		Ford Motor Credit Co LLC		3.000			06/12/17		256,856
35,000		Ford Motor Credit Co LLC		6.625			08/15/17		40,896
125,000		Ford Motor Credit Co LLC		4.250			09/20/22		132,173
25,000		General Electric Capital Corp		2.800			01/08/13		25,007
200,000		General Electric Capital Corp		1.875			09/16/13		201,972
450,000		General Electric Capital Corp		2.300			04/27/17		466,596
500,000		General Electric Capital Corp		1.600			11/20/17		500,325
1,185,000		General Electric Capital Corp		4.650			10/17/21		1,352,128
50,000	i	Goldman Sachs Capital II		4.000			06/01/43		39,054
150,000		Goldman Sachs Group, Inc		3.300			05/03/15		156,339
25,000		Goldman Sachs Group, Inc		6.750			10/01/37		28,333
50,000		Goldman Sachs Group, Inc		6.250			02/01/41		61,346
165,000		HSBC Finance Corp		4.750			07/15/13		168,444
100,000	g	Hyundai Capital America, Inc		3.750			04/06/16		105,537
200,000	g	Hyundai Capital Services, Inc		3.500			09/13/17		211,202
35,000	g	International Lease Finance Corp		6.500			09/01/14		37,362
25,000		International Lease Finance Corp		8.625			09/15/15		28,094
180,000		International Lease Finance Corp		5.750			05/15/16		189,736
150,000		International Lease Finance Corp		5.875			08/15/22		158,882
50,000		Jefferies Group, Inc		6.250			01/15/36		51,750
275,000		John Deere Capital Corp		0.875			04/17/15		276,209
200,000		John Deere Capital Corp		2.250			06/07/16		209,252
275,000		John Deere Capital Corp		1.700			01/15/20		272,183
450,000		John Deere Capital Corp		2.750			03/15/22		458,591
100,000		MBNA Corp		6.125			03/01/13		100,841
300,000		Merrill Lynch & Co, Inc		5.450			02/05/13		301,302
200,000		Merrill Lynch & Co, Inc		6.400			08/28/17		234,871
250,000		Morgan Stanley		2.875			01/24/14		254,201
250,000		Morgan Stanley		6.375			07/24/42		293,076
35,000		NASDAQ OMX Group, Inc		5.550			01/15/20		38,127
50,000		National Rural Utilities Cooperative Finance Corp		10.375			11/01/18		73,911
200,000	g	NongHyup Bank		2.250			09/19/17		199,855
175,000		Northern Trust Corp		4.625			05/01/14		184,418

TIAA-CREF LIFE FUNDS - Bond Fund


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE		VALUE

$100,000	g	Reliance Holdings USA		4.500	%		10/19/20	$	104,707
500,000		Royal Bank of Canada		1.200			09/19/17		501,200
200,000		Sasol Financing International plc		4.500			11/14/22		201,000
200,000		Sberbank of Russia Via SB Capital S.A.		5.180			06/28/19		219,000
200,000	g	Sberbank of Russia Via SB Capital S.A.		6.125			02/07/22		228,500
75,000		State Street Corp		4.300			05/30/14		79,048
250,000	g	Temasek Financial I Ltd		2.375			01/23/23		246,227
875,000		Toyota Motor Credit Corp		0.875			07/17/15		878,604
100,000		Toyota Motor Credit Corp		2.050			01/12/17		103,426
250,000	g	UBS AG.		1.875			01/23/15		256,083
50,000		Unilever Capital Corp		4.800			02/15/19		58,948
50,000		Unilever Capital Corp		4.250			02/10/21		57,712
80,000	g	Waha Aerospace BV		3.925			07/28/20		86,700

		TOTAL DIVERSIFIED FINANCIALS							15,957,366


ENERGY - 5.2%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		57,557
30,000		Anadarko Petroleum Corp		6.950			06/15/19		37,915
45,000		Anadarko Petroleum Corp		6.450			09/15/36		56,375
100,000		Apache Corp		1.750			04/15/17		102,686
205,000		Apache Corp		4.750			04/15/43		223,164
310,000		BP Capital Markets plc		3.200			03/11/16		330,684
300,000		BP Capital Markets plc		1.846			05/05/17		306,682
250,000		Chevron Corp		2.355			12/05/22		250,410
155,000		Cimarex Energy Co		5.875			05/01/22		169,725
100,000		Cloud Peak Energy Resources LLC		8.250			12/15/17		107,000
200,000	g	CNOOC Finance 2012 Ltd		3.875			05/02/22		212,536
125,000		ConocoPhillips		4.600			01/15/15		135,087
100,000		ConocoPhillips		6.500			02/01/39		141,814
105,000		Continental Resources, Inc		5.000			09/15/22		113,137
175,000		Devon Energy Corp		1.875			05/15/17		178,400
150,000		Devon Energy Corp		3.250			05/15/22		156,554
50,000		Devon Energy Corp		5.600			07/15/41		59,392
50,000		Devon Energy Corp		4.750			05/15/42		53,491
75,630		Dolphin Energy Ltd		5.888			06/15/19		85,273
200,000	g	Dolphin Energy Ltd		5.500			12/15/21		233,250
162,000	g	Empresa Nacional del Petroleo		4.750			12/06/21		173,603
25,000		Enbridge Energy Partners LP		5.200			03/15/20		28,198
25,000		Enterprise Products Operating LLC		5.000			03/01/15		27,048
45,000		Enterprise Products Operating LLC		6.125			10/15/39		54,364
55,000		Enterprise Products Operating LLC		5.950			02/01/41		66,400
25,000		Enterprise Products Operating LLC		5.700			02/15/42		29,279
250,000		Enterprise Products Operating LLC		4.450			02/15/43		253,127
75,000		EOG Resources, Inc		4.100			02/01/21		85,516
200,000	g	Gazprom Neft OAO		4.375			09/19/22		204,500
25,000		Hess Corp		8.125			02/15/19		32,903
75,000		Hess Corp		5.600			02/15/41		88,701
50,000		Marathon Petroleum Corp		3.500			03/01/16		53,225
50,000		Newfield Exploration Co		5.625			07/01/24		54,000
25,000		Noble Holding International Ltd		3.450			08/01/15		26,344
75,000		Noble Holding International Ltd		4.900			08/01/20		84,355
200,000	g	Novatek OAO via Novatek Finance Ltd		4.422			12/13/22		201,250
75,000		Occidental Petroleum Corp		1.500			02/15/18		75,963
100,000		Occidental Petroleum Corp		4.100			02/01/21		114,340
85,000		Pemex Project Funding Master Trust		6.625			06/15/35		107,950
25,000		Pemex Project Funding Master Trust		6.625			06/15/38		31,687
200,000	g	Pertamina Persero PT		6.000			05/03/42		225,750
200,000	g	Pertamina PT		5.250			05/23/21		223,000
100,000		Petrobras International Finance Co		3.875			01/27/16		105,500
175,000		Petrobras International Finance Co		3.500			02/06/17		183,531
60,000		Petrobras International Finance Co		7.875			03/15/19		74,945
59,000		Petrobras International Finance Co		6.875			01/20/40		74,952
50,000		Petroleos Mexicanos		4.875			03/15/15		53,875
20,000		Petroleos Mexicanos		8.000			05/03/19		26,150

TIAA-CREF LIFE FUNDS – Bond Fund


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE		VALUE

$90,000		Petroleos Mexicanos		5.500	%		01/21/21	$	105,165
155,000		Petroleos Mexicanos		4.875			01/24/22		174,917
155,000		Petroleos Mexicanos		6.500			06/02/41		194,525
125,000		Petroleos Mexicanos		5.500			06/27/44		137,500
100,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750			08/14/19		132,900
100,000	g	Phillips 66		1.950			03/05/15		102,034
100,000	g	Phillips 66		4.300			04/01/22		111,742
200,000		Plains All American Pipeline LP		2.850			01/31/23		198,154
45,000		Precision Drilling Corp		6.500			12/15/21		47,925
200,000	g	PTTEP Canada International Finance Ltd		5.692			04/05/21		231,248
200,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		4.199			03/06/22		203,500
130,000	g	SandRidge Energy, Inc		8.000			06/01/18		137,800
125,000	g	Schlumberger Investment S.A.		2.400			08/01/22		123,931
75,000		Shell International Finance BV		4.300			09/22/19		86,887
25,000		Shell International Finance BV		6.375			12/15/38		35,124
500,000		Southwestern Energy Co		7.500			02/01/18		612,728
25,000		Statoil ASA		2.900			10/15/14		26,017
100,000		Statoil ASA		1.200			01/17/18		100,018
200,000		Statoil ASA		2.450			01/17/23		199,532
150,000		Total Capital International S.A.		1.500			02/17/17		151,162
100,000		TransCanada Pipelines Ltd		5.850			03/15/36		126,256
25,000		Vale Overseas Ltd		5.625			09/15/19		28,425
235,000		Vale Overseas Ltd		4.375			01/11/22		250,864
25,000		Vale Overseas Ltd		6.875			11/21/36		30,990
50,000		Valero Energy Corp		4.500			02/01/15		53,481
100,000		XTO Energy, Inc		6.250			04/15/13		101,569
50,000		XTO Energy, Inc		4.625			06/15/13		50,894

		TOTAL ENERGY							9,526,876


FOOD & STAPLES RETAILING - 0.6%
50,000		CVS Caremark Corp		3.250			05/18/15		53,009
202,000		CVS Caremark Corp		5.750			06/01/17		241,505
460,000		CVS Caremark Corp		4.125			05/15/21		518,848
250,000		CVS Caremark Corp		2.750			12/01/22		250,930

		TOTAL FOOD & STAPLES RETAILING							1,064,292


FOOD, BEVERAGE & TOBACCO - 1.8%
400,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375			11/01/22		394,000
200,000		Anheuser-Busch InBev Worldwide, Inc		2.875			02/15/16		211,820
200,000		Anheuser-Busch InBev Worldwide, Inc		1.375			07/15/17		202,106
425,000		Anheuser-Busch InBev Worldwide, Inc		2.500			07/15/22		427,660
225,000		Anheuser-Busch InBev Worldwide, Inc		3.750			07/15/42		226,040
100,000		Coca-Cola Co		0.750			03/13/15		100,762
50,000		Coca-Cola Co		1.800			09/01/16		51,642
100,000		Coca-Cola Co		3.150			11/15/20		108,818
165,000		Coca-Cola Co		3.300			09/01/21		181,895
100,000		Diageo Capital plc		1.500			05/11/17		101,414
55,000		General Mills, Inc		5.200			03/17/15		60,406
300,000	g	Grupo Bimbo SAB de C.V.		4.500			01/25/22		327,844
100,000	g	Heineken NV		4.000			10/01/42		96,716
100,000		HJ Heinz Co		1.500			03/01/17		101,393
100,000	g	HJ Heinz Finance Co		7.125			08/01/39		138,033
25,000		Kraft Foods, Inc		6.125			02/01/18		30,419
50,000		Kraft Foods, Inc		5.375			02/10/20		60,363
135,000		Kraft Foods, Inc		6.500			02/09/40		181,352
5,000		PepsiCo, Inc		7.900			11/01/18		6,747
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		38,276
100,000		Philip Morris International, Inc		6.875			03/17/14		107,676
100,000		TreeHouse Foods, Inc		7.750			03/01/18		108,500

		TOTAL FOOD, BEVERAGE & TOBACCO						$	3,263,882

TIAA-CREF LIFE FUNDS – Bond Fund


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE		VALUE


HEALTH CARE EQUIPMENT & SERVICES - 0.8%
$50,000		Becton Dickinson and Co		1.750	%		11/08/16	$	51,477
50,000		Boston Scientific Corp		4.500			01/15/15		53,147
100,000		Covidien International Finance S.A.		1.350			05/29/15		101,353
100,000		Covidien International Finance S.A.		3.200			06/15/22		104,690
130,000	g	Fresenius Medical Care Capital Trust		5.750			02/15/21		139,100
50,000	g	Fresenius Medical Care US Finance, Inc		6.500			09/15/18		55,875
40,000		HCA, Inc		6.500			02/15/20		45,000
97,000		HCA, Inc		7.875			02/15/20		107,912
150,000		HCA, Inc		5.875			03/15/22		163,125
100,000		McKesson Corp		0.950			12/04/15		100,141
44,000		McKesson Corp		3.250			03/01/16		47,164
100,000		McKesson Corp		2.700			12/15/22		100,033
100,000		Medtronic, Inc		4.750			09/15/15		110,810
80,000		Quest Diagnostics, Inc		6.400			07/01/17		94,244
95,000		Thermo Fisher Scientific, Inc		3.200			03/01/16		100,887
75,000		Thermo Fisher Scientific, Inc		2.250			08/15/16		77,654

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							1,452,612


HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
50,000		Colgate-Palmolive Co		2.300			05/03/22		50,436
125,000		Ecolab, Inc		1.450			12/08/17		124,432

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							174,868


INSURANCE - 1.9%
50,000		ACE INA Holdings, Inc		5.875			06/15/14		53,695
125,000		Aetna, Inc		1.500			11/15/17		125,253
75,000		Allstate Corp		7.450			05/16/19		98,353
150,000		American International Group, Inc		3.650			01/15/14		154,012
100,000		Chubb Corp		6.000			05/11/37		130,490
20,000		CIGNA Corp		5.125			06/15/20		22,824
100,000		CIGNA Corp		4.500			03/15/21		112,017
75,000		Hartford Financial Services Group, Inc		4.000			03/30/15		79,251
100,000		Hartford Financial Services Group, Inc		4.000			10/15/17		109,240
25,000		Lincoln National Corp		7.000			06/15/40		32,539
50,000	g	MetLife Institutional Funding II		1.625			04/02/15		50,938
100,000		MetLife, Inc		6.750			06/01/16		118,435
100,000		Principal Financial Group, Inc		1.850			11/15/17		100,529
100,000	g	Principal Life Global Funding I		5.125			10/15/13		103,640
150,000		Progressive Corp		3.750			08/23/21		164,900
150,000		Prudential Financial, Inc		6.200			11/15/40		181,440
475,000	i	Prudential Financial, Inc		5.625			06/15/43		492,243
100,000	g	Prudential Funding LLC		6.750			09/15/23		118,596
100,000	g	Swiss Re Treasury US Corp		2.875			12/06/22		100,076
125,000	g	Swiss Re Treasury US Corp		4.250			12/06/42		123,867
25,000		Travelers Cos, Inc		5.800			05/15/18		30,284
125,000		UnitedHealth Group, Inc		0.850			10/15/15		125,409
100,000		UnitedHealth Group, Inc		1.400			10/15/17		100,156
125,000		UnitedHealth Group, Inc		3.950			10/15/42		124,474
20,000		Unum Group		5.625			09/15/20		22,852
250,000		WellPoint, Inc		3.125			05/15/22		252,611
150,000		WellPoint, Inc		4.625			05/15/42		154,922
150,000		Willis Group Holdings plc		4.125			03/15/16		159,993
25,000		WR Berkley Corp		5.375			09/15/20		27,967

		TOTAL INSURANCE							3,471,006


MATERIALS - 2.8%
125,000		3M Co		5.700			03/15/37		169,783
100,000		Air Products & Chemicals, Inc		4.150			02/01/13		100,296
35,000		Air Products & Chemicals, Inc		4.375			08/21/19		40,384
10,000		Airgas, Inc		4.500			09/15/14		10,553
200,000		Airgas, Inc		2.900			11/15/22		197,525
200,000	g	Anglo American Capital plc		2.625			09/27/17		204,105
25,000	g	Anglo American Capital plc		4.450			09/27/20		26,481
35,000		ArcelorMittal		4.250			08/05/15		35,353

TIAA-CREF LIFE FUNDS – Bond Fund


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE

$60,000		ArcelorMittal		5.000	%	02/25/17	$	60,564
32,000		Ball Corp		6.750		09/15/20		35,280
150,000		Barrick Gold Corp		3.850		04/01/22		158,779
125,000		Barrick North America Finance LLC		4.400		05/30/21		137,080
200,000	g	Braskem Finance Ltd		5.375		05/02/22		207,000
150,000		CF Industries, Inc		6.875		05/01/18		183,242
75,000		Clorox Co		3.800		11/15/21		81,675
100,000		Corning, Inc		1.450		11/15/17		100,393
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		217,926
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		202,221
400,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		407,179
32,000		Crown Americas LLC		6.250		02/01/21		35,080
32,000		Graphic Packaging International, Inc		9.500		06/15/17		34,560
500,000		International Paper Co		4.750		02/15/22		565,768
50,000		International Paper Co		7.300		11/15/39		67,778
200,000		LyondellBasell Industries NV		6.000		11/15/21		234,500
100,000		Newmont Mining Corp		3.500		03/15/22		103,136
50,000		Praxair, Inc		5.250		11/15/14		54,347
150,000		Praxair, Inc		2.450		02/15/22		150,763
150,000		Precision Castparts Corp		1.250		01/15/18		150,248
200,000		Precision Castparts Corp		2.500		01/15/23		201,282
100,000		Precision Castparts Corp		3.900		01/15/43		102,588
50,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		51,871
150,000		Rio Tinto Finance USA plc		2.875		08/21/22		150,992
225,000		Sherwin-Williams Co		1.350		12/15/17		224,506
100,000	g	Sociedad Quimica y Minera de Chile S.A.		5.500		04/21/20		113,152
100,000		Teck Resources Ltd		2.500		02/01/18		102,081
150,000		Teck Resources Ltd		3.750		02/01/23		153,852
25,000		Teck Resources Ltd		6.000		08/15/40		28,296
100,000		Teck Resources Ltd		5.400		02/01/43		105,798

		TOTAL MATERIALS						5,206,417


MEDIA - 2.4%
100,000		CBS Corp		1.950		07/01/17		101,879
250,000		Comcast Corp		4.650		07/15/42		263,516
100,000		DIRECTV Holdings LLC		2.400		03/15/17		102,432
175,000		DIRECTV Holdings LLC		5.150		03/15/42		177,001
100,000		Discovery Communications LLC		3.300		05/15/22		102,712
150,000		DISH DBS Corp		4.625		07/15/17		156,375
350,000		Lamar Media Corp		9.750		04/01/14		383,250
100,000		Lamar Media Corp		5.875		02/01/22		108,500
1,150,000		NBC Universal Media LLC		2.875		01/15/23		1,154,893
125,000		NBC Universal Media LLC		4.450		01/15/43		126,580
25,000		News America, Inc		7.250		05/18/18		31,473
500,000	g	News America, Inc		3.000		09/15/22		502,250
50,000		News America, Inc		6.900		08/15/39		65,463
35,000		Nielsen Finance LLC		7.750		10/15/18		39,112
100,000		Time Warner Cable, Inc		8.750		02/14/19		134,916
125,000		Time Warner Cable, Inc		8.250		04/01/19		166,342
125,000		Time Warner Cable, Inc		4.500		09/15/42		121,906
50,000		Time Warner, Inc		3.150		07/15/15		52,875
50,000		Time Warner, Inc		6.500		11/15/36		62,542
250,000		Time Warner, Inc		4.900		06/15/42		268,187
200,000		Viacom, Inc		1.250		02/27/15		201,953
115,000		Viacom, Inc		2.500		12/15/16		119,907

		TOTAL MEDIA						4,444,064


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%
300,000	g	AbbVie, Inc		1.200		11/06/15		302,004
250,000	g	AbbVie, Inc		1.750		11/06/17		252,719
100,000	g	AbbVie, Inc		2.900		11/06/22		101,838
500,000		Amgen, Inc		3.625		05/15/22		537,323
500,000	g	Aristotle Holding, Inc		2.100		02/12/15		509,328
100,000	g	Aristotle Holding, Inc		3.900		02/15/22		107,825

TIAA-CREF LIFE FUNDS – Bond Fund


						MATURITY
PRINCIPAL		ISSUER	RATE			DATE	VALUE

$170,000		Endo Pharmaceuticals Holdings, Inc		7.000	%	07/15/19	$	181,262
150,000		Johnson & Johnson		2.150		05/15/16		156,733
50,000		Johnson & Johnson		5.850		07/15/38		68,539
65,000		Life Technologies Corp		3.500		01/15/16		68,413
50,000		Mead Johnson Nutrition Co		5.900		11/01/39		60,624
200,000		Merck & Co, Inc		3.875		01/15/21		224,449
100,000		Merck & Co, Inc		3.600		09/15/42		98,665
172,000	g	Mylan, Inc		7.875		07/15/20		203,263
150,000		NBTY, Inc		9.000		10/01/18		169,500
35,000		Novartis Capital Corp		4.125		02/10/14		36,401
200,000		Novartis Capital Corp		2.900		04/24/15		210,251
100,000		Novartis Capital Corp		3.700		09/21/42		99,567
250,000		Sanofi-Aventis S.A.		2.625		03/29/16		263,131
100,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		101,315
100,000		Watson Pharmaceuticals, Inc		3.250		10/01/22		102,085

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						3,855,235


REAL ESTATE - 1.0%
15,000		AMB Property LP		7.625		08/15/14		16,409
30,000		AMB Property LP		4.500		08/15/17		32,715
150,000		AvalonBay Communities, Inc		2.850		03/15/23		148,090
150,000		Brandywine Operating Partnership LP		4.950		04/15/18		164,064
35,000		Camden Property Trust		4.625		06/15/21		38,590
100,000		Developers Diversified Realty Corp		4.750		04/15/18		110,827
40,000		Developers Diversified Realty Corp		7.875		09/01/20		51,277
100,000		Federal Realty Investment Trust		3.000		08/01/22		98,987
250,000		HCP, Inc		2.625		02/01/20		249,024
25,000		Healthcare Realty Trust, Inc		5.750		01/15/21		28,097
147,000		Host Hotels & Resorts LP		5.875		06/15/19		160,230
25,000		Kilroy Realty Corp		5.000		11/03/15		27,271
100,000		Liberty Property LP		3.375		06/15/23		98,946
50,000		National Retail Properties, Inc		5.500		07/15/21		56,961
25,000		Nationwide Health Properties, Inc		6.250		02/01/13		25,102
25,000		Simon Property Group LP		5.250		12/01/16		28,603
100,000		Simon Property Group LP		2.800		01/30/17		105,519
40,000		Simon Property Group LP		10.350		04/01/19		57,200
100,000		Simon Property Group LP		2.750		02/01/23		99,944
15,000		Ventas Realty LP		3.125		11/30/15		15,814
150,000		Ventas Realty LP		2.000		02/15/18		150,097
50,000		Ventas Realty LP		4.250		03/01/22		53,022

		TOTAL REAL ESTATE						1,816,789


RETAILING - 1.6%
130,000		AmeriGas Partners LP		6.250		08/20/19		139,100
132,000		Limited Brands, Inc		6.625		04/01/21		151,140
205,000		Limited Brands, Inc		5.625		02/15/22		222,937
64,000		Macy’s Retail Holdings, Inc		5.900		12/01/16		75,201
150,000		Macy’s Retail Holdings, Inc		3.875		01/15/22		159,880
550,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		538,578
35,000		O’Reilly Automotive, Inc		4.625		09/15/21		38,325
600,000		O’Reilly Automotive, Inc		3.800		09/01/22		624,292
510,000	g	QVC Inc		7.375		10/15/20		567,445
100,000	g	QVC, Inc		7.500		10/01/19		110,332
100,000	g	QVC, Inc		5.125		07/02/22		104,819
61,000		Wal-Mart Stores, Inc		4.250		04/15/21		70,841
75,000		Wal-Mart Stores, Inc		5.000		10/25/40		90,747

		TOTAL RETAILING						2,893,637


SOFTWARE & SERVICES - 1.5%
200,000		Fidelity National Information Services, Inc		5.000		03/15/22		214,500
50,000		International Business Machines Corp		0.550		02/06/15		50,009
250,000		International Business Machines Corp		1.950		07/22/16		259,818
100,000		International Business Machines Corp		1.250		02/06/17		101,056

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$35,000		Microsoft Corp		0.875	%	09/27/13	$	35,152
125,000		Microsoft Corp		1.625		09/25/15		128,629
400,000		Microsoft Corp		2.125		11/15/22		396,082
500,000		Microsoft Corp		3.500		11/15/42		483,401
50,000		Oracle Corp		3.750		07/08/14		52,494
225,000		Oracle Corp		1.200		10/15/17		225,668
25,000		Oracle Corp		5.750		04/15/18		30,425
775,000		Oracle Corp		2.500		10/15/22		781,982

		TOTAL SOFTWARE & SERVICES						2,759,216


TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
50,000		Amphenol Corp		4.750		11/15/14		53,275
130,000		Brocade Communications Systems, Inc		6.875		01/15/20		140,075
100,000	g	CC Holdings GS V LLC		2.381		12/15/17		100,489
100,000	g	CC Holdings GS V LLC		3.849		04/15/23		101,731
500,000		General Electric Co		0.850		10/09/15		501,762
250,000		General Electric Co		2.700		10/09/22		254,827
100,000		General Electric Co		4.125		10/09/42		102,865
25,000		Hewlett-Packard Co		2.350		03/15/15		25,111
132,000		Jabil Circuit, Inc		5.625		12/15/20		146,520
100,000		L-3 Communications Corp		4.950		02/15/21		112,831
100,000		Scientific Games Corp		8.125		09/15/18		110,000
32,000		Scientific Games Corp		9.250		06/15/19		35,600
25,000		Xerox Corp		8.250		05/15/14		27,270
200,000		Xerox Corp		4.500		05/15/21		211,769

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						1,924,125


TELECOMMUNICATION SERVICES - 2.2%
400,000		America Movil SAB de C.V.		3.125		07/16/22		406,579
50,000		American Tower Corp		4.700		03/15/22		55,321
125,000		AT&T, Inc		1.400		12/01/17		125,024
300,000		AT&T, Inc		2.625		12/01/22		300,493
125,000		AT&T, Inc		6.300		01/15/38		160,278
259,000	g	AT&T, Inc		4.350		06/15/45		260,164
175,000		Cellco Partnership		8.500		11/15/18		240,747
100,000		Deutsche Telekom International Finance BV		8.750		06/15/30		149,824
75,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		80,062
200,000	g	SK Telecom Co Ltd		2.125		05/01/18		201,094
50,000		Telecom Italia Capital S.A.		6.175		06/18/14		52,700
125,000		Telecom Italia Capital S.A.		6.999		06/04/18		142,875
100,000		Telecom Italia Capital S.A.		7.175		06/18/19		116,050
150,000		Telefonica Emisiones SAU		3.992		02/16/16		156,075
75,000		Telefonica Emisiones SAU		5.462		02/16/21		79,969
100,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		117,398
95,000		Verizon Communications, Inc		5.250		04/15/13		96,301
600,000		Verizon Communications, Inc		0.700		11/02/15		600,151
26,000		Verizon Communications, Inc		8.750		11/01/18		36,100
425,000		Verizon Communications, Inc		3.850		11/01/42		418,016
200,000	g	Vimpelcom Holdings		6.255		03/01/17		214,000
100,000		Virgin Media Secured Finance plc		5.250		01/15/21		116,763

		TOTAL TELECOMMUNICATION SERVICES						4,125,984


TRANSPORTATION - 1.1%
165,000	g	Asciano Finance		5.000		04/07/18		178,305
100,000		Boeing Co		6.125		02/15/33		133,777
150,000		Burlington Northern Santa Fe LLC		3.450		09/15/21		161,433
100,000		Burlington Northern Santa Fe LLC		5.050		03/01/41		113,523
100,000		CSX Corp		4.100		03/15/44		98,714
200,000	g	DP World Ltd		6.850		07/02/37		234,250
25,000		Embraer Overseas Ltd		6.375		01/15/20		28,875
100,000	g	ERAC USA Finance LLC		3.300		10/15/22		101,245
100,000	g	ERAC USA Finance LLC		5.625		03/15/42		110,788
100,000	g	Kazakhstan Temir Zholy Finance BV		6.375		10/06/20		121,000

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$200,000	g	Kazakhstan Temir Zholy Finance BV		6.950	%	07/10/42	$	251,500
50,000		Norfolk Southern Corp		5.750		04/01/18		59,713
89,000	g	Norfolk Southern Corp		2.903		02/15/23		89,587
19,000		Norfolk Southern Corp		5.590		05/17/25		23,333
75,000		Union Pacific Corp		4.750		09/15/41		84,127
100,000		United Parcel Service, Inc		3.125		01/15/21		107,571
100,000		United Parcel Service, Inc		3.625		10/01/42		97,872

		TOTAL TRANSPORTATION						1,995,613


UTILITIES - 3.5%
200,000	g	Abu Dhabi National Energy Co		3.625		01/12/23		206,000
100,000		AES Corp		7.375		07/01/21		111,000
50,000		AGL Capital Corp		5.250		08/15/19		59,593
75,000		Alliant Energy Corp		4.000		10/15/14		79,033
75,000		Atmos Energy Corp		8.500		03/15/19		100,713
175,000	g	Calpine Corp		7.500		02/15/21		193,375
200,000		Carolina Power & Light Co		5.300		01/15/19		240,534
200,000	g	Centrais Eletricas Brasileiras S.A.		5.750		10/27/21		215,000
200,000	g	CEZ AS.		4.250		04/03/22		214,088
200,000	g	China Resources Gas Group Ltd		4.500		04/05/22		219,978
100,000	g	Comision Federal de Electricidad		4.875		05/26/21		113,250
200,000	g	Comision Federal de Electricidad		5.750		02/14/42		226,500
150,000		Commonwealth Edison Co		4.000		08/01/20		167,682
25,000		Connecticut Light & Power Co		5.500		02/01/19		29,990
35,000		Consolidated Edison Co of New York, Inc		5.700		06/15/40		44,693
100,000		Detroit Edison Co		3.950		06/15/42		101,326
50,000		Dominion Resources, Inc		4.050		09/15/42		49,367
100,000		Duke Energy Carolinas LLC		5.750		11/15/13		104,473
15,000		Duke Energy Carolinas LLC		4.300		06/15/20		17,103
50,000		Indiana Michigan Power Co		7.000		03/15/19		63,187
25,000		Integrys Energy Group, Inc		4.170		11/01/20		27,864
300,000	g	Israel Electric Corp Ltd		7.250		01/15/19		325,950
100,000		Kinder Morgan Energy Partners LP		3.500		03/01/16		106,900
100,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		104,420
200,000	g	Korea Hydro & Nuclear Power Co Ltd		3.000		09/19/22		196,744
100,000		LG&E and KU Energy LLC		3.750		11/15/20		105,606
50,000		Midamerican Energy Holdings Co		5.950		05/15/37		61,735
100,000		Nevada Power Co		6.650		04/01/36		135,688
100,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		101,222
150,000		ONEOK Partners LP		3.375		10/01/22		152,857
75,000		Pacific Gas & Electric Co		8.250		10/15/18		102,115
50,000		PacifiCorp		6.000		01/15/39		66,339
75,000		Pepco Holdings, Inc		2.700		10/01/15		77,634
200,000	g	Perusahaan Listrik Negara PT		5.500		11/22/21		226,000
200,000	g	Perusahaan Listrik Negara PT		5.250		10/24/42		206,000
50,000		PG&E Corp		5.750		04/01/14		52,993
300,000		PPL Capital Funding, Inc		4.200		06/15/22		322,621
250,000		PPL Electric Utilities Corp		3.000		09/15/21		264,817
50,000		Progress Energy, Inc		7.050		03/15/19		62,838
75,000		Public Service Co of Colorado		3.200		11/15/20		81,828
80,000		Public Service Co of Colorado		4.750		08/15/41		91,750
100,000		Public Service Co of Oklahoma		5.150		12/01/19		116,749
32,000		Questar Market Resources, Inc		6.875		03/01/21		36,880
75,000		San Diego Gas & Electric Co		3.000		08/15/21		79,407
25,000		San Diego Gas & Electric Co		3.950		11/15/41		25,769
50,000		Sempra Energy		6.000		10/15/39		63,214
100,000		Tampa Electric Co		4.100		06/15/42		104,850
25,000		Veolia Environnement		5.250		06/03/13		25,388
100,000		Virginia Electric and Power Co		4.750		03/01/13		100,708
55,000		Virginia Electric and Power Co		2.950		01/15/22		57,919
50,000		Williams Partners LP		3.800		02/15/15		52,869
75,000		Williams Partners LP		4.000		11/15/21		80,220
100,000		Williams Partners LP		3.350		08/15/22		101,679
75,000		Williams Partners LP		6.300		04/15/40		91,690

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$50,000		Xcel Energy, Inc		4.800	%	09/15/41	$	56,107

		TOTAL UTILITIES						6,424,255

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


GOVERNMENT BONDS - 40.5%

AGENCY SECURITIES - 1.0%
500,000		Federal Farm Credit Bank (FFCB)		1.375		06/25/13		503,150
1,000,000		Federal National Mortgage Association (FNMA)		3.000		09/16/14		1,047,458
218,750		Totem Ocean Trailer Express, Inc		4.514		12/18/19		236,373

		TOTAL AGENCY SECURITIES						1,786,981


FOREIGN GOVERNMENT BONDS - 4.7%
100,000	g	Barbados Government International Bond		7.000		08/04/22		101,500
240,000		Brazilian Government International Bond		2.625		01/05/23		240,960
25,000		Brazilian Government International Bond		7.125		01/20/37		38,250
100,000		Brazilian Government International Bond		5.625		01/07/41		131,000
150,000		Canada Government International Bond		2.375		09/10/14		155,324
250,000		Canada Government International Bond		0.875		02/14/17		252,025
150,000		Chile Government International Bond		3.875		08/05/20		169,125
200,000		Colombia Government International Bond		4.375		07/12/21		230,300
400,000	g	Costa Rica Government International Bond		4.250		01/26/23		403,600
200,000	g	Croatia Government International Bond		6.250		04/27/17		219,300
217,000		Eksportfinans ASA		2.000		09/15/15		207,705
200,000	g	El Salvador Government International Bond		5.875		01/30/25		202,200
100,000		European Investment Bank		4.875		02/15/36		118,602
200,000		Export-Import Bank of Korea		1.250		11/20/15		200,332
100,000		Export-Import Bank of Korea		5.125		06/29/20		114,910
175,000		Federative Republic of Brazil		6.000		01/17/17		206,500
200,000	g	Iceland Government International Bond		5.875		05/11/22		223,290
200,000	g	Indonesia Government International Bond		3.750		04/25/22		213,250
200,000		Israel Government International Bond		4.000		06/30/22		217,750
35,000		Italy Government International Bond		6.875		09/27/23		40,647
200,000		Korea Development Bank		3.000		09/14/22		199,227
100,000	g	Lithuania Government International Bond		5.125		09/14/17		112,750
200,000	g	Lithuania Government International Bond		6.625		02/01/22		255,760
150,000		Mexico Government International Bond		3.625		03/15/22		164,063
100,000		Mexico Government International Bond		4.750		03/08/44		113,000
200,000	g	Mongolia Government International Bond		5.125		12/05/22		196,000
200,000	g	Morocco Government International Bond		4.250		12/11/22		201,500
200,000	g	Namibia International Bonds		5.500		11/03/21		224,000
250,000	g	Nederlandse Waterschapsbank NV		2.125		02/09/17		259,110
25,000		Peruvian Government International Bond		7.350		07/21/25		36,225
80,000		Poland Government International Bond		3.875		07/16/15		85,800
30,000		Poland Government International Bond		6.375		07/15/19		37,402
50,000		Poland Government International Bond		5.000		03/23/22		59,050
195,000		Poland Government International Bond		3.000		03/17/23		194,513
300,000		Province of Ontario Canada		4.100		06/16/14		316,193
300,000		Province of Ontario Canada		2.950		02/05/15		315,314
100,000		Qatar Government International Bond		5.250		01/20/20		119,500
200,000	g	Republic of Indonesia		5.250		01/17/42		232,250
200,000	g	Republic of Latvia		2.750		01/12/20		197,800
200,000	g	Republic of Serbia		7.250		09/28/21		230,000
60,000	g	Romanian Government International Bond		6.750		02/07/22		72,900
100,000	g	Russian Foreign Bond - Eurobond		3.625		04/29/15		105,650
200,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		248,500
200,000	g	Slovakia Government International Bond		4.375		05/21/22		217,864
100,000		South Africa Government International Bond		6.875		05/27/19		125,400
100,000		South Africa Government International Bond		4.665		01/17/24		113,000
200,000	g	Sri Lanka Government International Bond		5.875		07/25/22		213,000
100,000		Turkey Government International Bond		5.625		03/30/21		118,750
50,000		United Mexican States		5.950		03/19/19		61,500

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$100,000		United Mexican States		5.125	%	01/15/20	$	119,500
100,000		Uruguay Government International Bond		4.125		11/20/45		99,850

		TOTAL FOREIGN GOVERNMENT BONDS						8,731,941


MORTGAGE BACKED - 24.3%
38,348	i	Federal Home Loan Mortgage Corp (FHLMC)		2.386		02/01/36		40,669
125,635	i	FHLMC		2.375		07/01/36		134,293
30,553	i	FHLMC		2.605		09/01/36		32,600
84,738	i	FHLMC		2.637		09/01/36		90,544
28,308	i	FHLMC		2.794		09/01/36		29,927
78,079	i	FHLMC		2.890		03/01/37		83,476
89,010	i	FHLMC		5.925		04/01/37		96,686
13,113	i	FHLMC		5.921		05/01/37		14,165
861,065	i	FHLMC (Interest Only)		6.351		09/15/41		210,859
148,102		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000		02/01/19		161,607
16,040		FGLMC		4.500		01/01/20		17,097
76,732		FGLMC		4.500		07/01/20		83,370
18,541		FGLMC		5.000		04/01/23		19,884
63,674		FGLMC		4.000		07/01/24		67,336
21,814		FGLMC		4.500		09/01/24		23,211
7,611		FGLMC		6.000		03/01/33		8,464
152,342		FGLMC		5.000		11/01/33		171,546
258,556		FGLMC		6.000		11/01/33		287,513
53,982		FGLMC		5.000		05/01/34		58,357
34,209		FGLMC		6.000		09/01/34		37,634
15,819		FGLMC		6.000		04/01/35		17,323
16,831		FGLMC		5.000		02/01/36		18,175
7,832		FGLMC		6.500		05/01/36		8,908
127,613		FGLMC		5.500		04/01/37		137,858
135,737		FGLMC		5.500		05/01/37		146,634
11,325		FGLMC		6.000		08/01/37		12,339
119,929		FGLMC		6.000		08/01/37		131,937
37,779		FGLMC		6.500		09/01/37		42,996
35,023		FGLMC		6.500		11/01/37		39,860
89,508		FGLMC		5.000		04/01/38		98,531
32,107		FGLMC		6.500		05/01/38		36,192
36,771		FGLMC		5.500		01/01/39		39,700
107,135		FGLMC		4.000		06/01/39		114,406
59,517		FGLMC		5.000		07/01/39		64,044
797,455		FGLMC		4.500		12/01/39		879,916
86,910		FGLMC		5.000		01/01/40		93,521
487,791		FGLMC		4.500		07/01/40		538,231
634		Federal National Mortgage Association (FNMA)		5.000		06/01/13		655
1,414,293		FNMA		4.564		01/01/15		1,473,362
38,397		FNMA		5.500		04/01/18		41,340
42,290		FNMA		5.500		05/01/18		45,531
140,969		FNMA		4.000		02/25/19		148,307
37,339		FNMA		4.500		03/01/19		40,268
16,766		FNMA		4.500		06/01/19		18,081
126,971		FNMA		5.500		07/01/20		137,558
8,536		FNMA		4.500		11/01/20		9,206
68,198		FNMA		4.500		12/01/20		74,934
23,598		FNMA		5.000		12/01/20		25,645
16,295		FNMA		4.500		03/01/23		17,538
66,707		FNMA		5.000		04/01/23		72,306
30,113		FNMA		4.500		06/01/23		32,409
43,063		FNMA		5.000		07/01/23		46,630
26,995		FNMA		5.000		07/01/23		29,231
72,341		FNMA		5.500		02/01/24		79,324
57,620		FNMA		4.500		04/01/24		62,006
39,353		FNMA		4.000		05/01/24		42,164
165,341		FNMA		5.500		07/01/24		181,302
5,748		FNMA		5.500		09/01/24		6,303
236,421		FNMA		4.000		02/01/25		253,233

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$353,196		FNMA		3.500	%	01/01/26	$	380,300
439,772		FNMA		2.500		01/01/27		460,478
739,390		FNMA		3.000		01/01/27		781,004
260,034		FNMA		3.000		01/01/27		274,669
32,168		FNMA		6.500		07/01/32		36,643
34,983		FNMA		5.500		01/01/33		38,448
507,466		FNMA		5.500		07/01/33		581,666
55,818		FNMA		5.500		07/01/33		61,346
241,307		FNMA		5.500		07/01/33		274,252
228,802		FNMA		6.000		10/01/33		255,571
86,485		FNMA		5.000		11/01/33		94,225
363,000		FNMA		5.500		11/01/33		398,796
61,702		FNMA		5.500		04/01/34		68,256
28,260		FNMA		5.000		08/01/34		30,713
31,191		FNMA		5.000		11/01/34		33,983
41,447		FNMA		6.500		02/01/35		46,964
96,877		FNMA		5.500		04/01/35		105,987
18,721		FNMA		7.500		06/01/35		20,833
31,968		FNMA		5.500		07/01/35		35,364
17,430		FNMA		7.500		07/01/35		18,269
31,205		FNMA		4.500		08/01/35		33,758
52,302		FNMA		5.000		08/01/35		56,786
128,252		FNMA		5.500		09/01/35		140,953
48,912		FNMA		5.500		10/01/35		53,450
50,146		FNMA		5.000		02/01/36		54,537
149,458		FNMA		6.000		04/01/36		163,628
114,705		FNMA		6.000		06/01/36		128,089
75,141	i	FNMA		2.760		07/01/36		80,359
37,678		FNMA		6.500		09/01/36		42,572
34,823		FNMA		6.000		12/01/36		38,124
19,278		FNMA		5.000		02/01/37		20,883
120,799		FNMA		5.500		02/01/37		131,403
32,763		FNMA		7.000		02/01/37		38,996
59,840		FNMA		5.500		03/01/37		65,027
74,313		FNMA		7.000		04/01/37		88,449
9,282		FNMA		5.500		06/01/37		10,087
17,625		FNMA		6.500		08/01/37		19,821
119,717		FNMA		6.000		09/01/37		131,068
21,562		FNMA		6.000		11/01/37		23,607
13,300		FNMA		7.000		11/01/37		15,831
48,526		FNMA		5.500		01/01/38		52,732
6,143		FNMA		6.500		01/01/38		7,238
88,589		FNMA		5.500		02/01/38		96,255
348,486		FNMA		5.500		02/01/38		378,641
1,489		FNMA		6.500		02/01/38		1,678
4,922		FNMA		6.500		03/01/38		5,796
8,877		FNMA		6.500		03/01/38		9,973
149,097		FNMA		5.000		04/01/38		161,509
117,946		FNMA		5.000		04/01/38		127,765
66,501		FNMA		6.000		04/01/38		72,660
155,283		FNMA		5.500		05/01/38		168,719
162,412		FNMA		5.500		06/01/38		176,465
394,997		FNMA		6.000		07/01/38		432,447
383,263		FNMA		6.000		10/01/38		419,601
169,148		FNMA		4.000		01/01/39		181,453
45,555		FNMA		4.500		01/01/39		49,225
35,571		FNMA		5.500		01/01/39		38,649
43,337		FNMA		6.000		01/01/39		47,351
29,584		FNMA		6.000		01/01/39		32,324
74,804		FNMA		4.000		02/01/39		80,223
292,943		FNMA		4.500		02/01/39		316,543
60,472		FNMA		4.500		02/01/39		65,344
32,625		FNMA		5.500		02/01/39		35,448
696,087		FNMA		4.500		04/01/39		752,167
41,442		FNMA		5.000		04/01/39		44,892

TTIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$364,324		FNMA		4.000	%	05/01/39	$	405,856
268,423		FNMA		4.500		06/01/39		290,049
432,105		FNMA		4.000		07/01/39		463,539
238,502		FNMA		6.500		07/01/39		271,573
330,945		FNMA		4.000		08/01/39		355,020
269,804		FNMA		4.500		08/01/39		291,540
369,383		FNMA		6.000		09/01/39		403,596
193,034		FNMA		4.500		10/01/39		208,586
205,181		FNMA		4.500		11/01/39		221,711
208,288		FNMA		4.500		11/01/39		225,068
147,180		FNMA		5.000		11/01/39		159,415
500,000		FNMA		4.000		02/25/40		541,408
550,050		FNMA		5.000		05/01/40		610,623
365,200		FNMA		5.000		06/01/40		404,047
208,139		FNMA		4.500		07/01/40		225,558
240,620		FNMA		4.500		07/01/40		260,757
351,121		FNMA		5.500		07/01/40		385,015
305,011		FNMA		4.500		11/01/40		334,922
293,002		FNMA		5.000		11/01/40		324,170
938,635		FNMA		4.000		12/01/40		1,031,556
146,789		FNMA		4.000		12/01/40		157,513
344,768		FNMA		4.500		12/01/40		373,621
412,268		FNMA		3.500		01/01/41		443,237
237,153		FNMA		4.000		02/01/41		254,480
764,032		FNMA		4.000		02/01/41		819,851
367,919		FNMA		3.500		03/01/41		392,567
221,694		FNMA		4.000		04/01/41		243,640
443,086		FNMA		4.000		04/01/41		493,596
442,797		FNMA		4.500		04/01/41		486,220
463,573		FNMA		4.000		08/01/41		497,586
152,833		FNMA		4.000		08/01/41		164,047
250,861		FNMA		4.000		09/01/41		275,695
221,830		FNMA		3.500		10/01/41		236,691
233,369		FNMA		4.000		11/01/41		250,492
318,928		FNMA		3.500		12/01/41		340,294
829,271		FNMA		3.500		12/01/41		884,827
443,538		FNMA		3.500		02/01/42		473,253
1,304,121		FNMA		3.000		04/01/42		1,367,861
290,913		FNMA		3.500		04/01/42		315,858
486,642		FNMA		3.000		07/01/42		513,811
996,689		FNMA		3.000		11/01/42		1,045,402
2,000,000	h	FNMA		3.000		12/01/42		2,109,782
22,743		Government National Mortgage Association (GNMA)		5.500		07/15/33		25,128
146,486		GNMA		5.500		07/20/33		161,873
20,085		GNMA		5.000		03/15/34		22,113
171,959		GNMA		5.000		06/15/34		193,622
145,921		GNMA		5.500		02/15/37		160,132
103,125		GNMA		5.000		01/15/38		112,507
39,776		GNMA		5.000		04/15/38		43,395
91,310		GNMA		5.500		05/15/38		100,202
20,529		GNMA		6.000		08/15/38		22,917
19,331		GNMA		6.000		08/20/38		21,574
262,951		GNMA		5.500		07/15/39		288,559
114,296		GNMA		4.500		07/20/39		125,389
36,717		GNMA		5.000		07/20/39		40,527
48,180		GNMA		4.000		08/15/39		53,024
561,610		GNMA		4.500		03/15/40		619,901
162,130		GNMA		4.500		04/15/40		178,958
75,637		GNMA		5.000		04/15/40		83,204
307,831		GNMA		5.000		04/15/40		338,627
765,575		GNMA		4.500		04/20/40		846,522
515,311		GNMA		4.500		05/15/40		568,797
374,713		GNMA		5.000		05/20/40		415,234
336,094		GNMA		4.500		06/15/40		371,715
308,372		GNMA		5.000		06/15/40		339,223

TTIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$488,650		GNMA		4.000	%	07/15/40	$	539,604
919,274		GNMA		4.000		09/15/41		1,009,099
457,522		GNMA		3.500		12/20/41		497,728
994,649		GNMA		3.000		09/15/42		1,060,106
992,851		GNMA		3.000		09/20/42		1,057,105

		TOTAL MORTGAGE BACKED						44,868,553


MUNICIPAL BONDS - 0.3%
150,000		Grant County Public Utility District No 2		5.630		01/01/27		186,658
100,000		State of California		5.450		04/01/15		109,838
100,000		State of California		5.950		04/01/16		112,168
150,000		State of California		7.625		03/01/40		216,705

		TOTAL MUNICIPAL BONDS						625,369


U.S. TREASURY SECURITIES - 10.2%
1,000,000		United States Treasury Note		0.250		05/31/14		1,000,469
3,050,000		United States Treasury Note		0.250		06/30/14		3,051,193
1,000,000		United States Treasury Note		0.250		09/30/14		1,000,234
2,000,000		United States Treasury Note		0.250		11/30/14		2,000,078
10,914,000		United States Treasury Note		0.375		11/15/15		10,924,237
339,000		United States Treasury Note		0.625		11/30/17		337,862
225,000		United States Treasury Note		1.250		10/31/19		226,863
295,000		United States Treasury Note		1.625		11/15/22		291,773

		TOTAL U.S. TREASURY SECURITIES						18,832,709

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

STRUCTURED ASSETS - 7.1%

ASSET BACKED - 3.3%
200,000	g	Avis Budget Rental Car Funding AESOP LLC		2.980		11/20/14		201,069
		Series - 2011 1A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740		11/20/17		215,553
		Series - 2011 3A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040		03/20/19		200,192
		Series - 2012 3A (Class B)
61,153	i	Bear Stearns Asset Backed Securities Trust		0.580		11/25/39		58,606
		Series - 2005 SD3 (Class 2A1)
250,000	g,i,m	BlueMountain CLO Ltd		3.364		07/20/23		253,750
		Series - 2012 1A (Class B)
200,000	g,m	Carlyle Global Market Strategies		4.370		07/20/23		200,600
		Series - 2012 2A (Class B2)
252,180		Centex Home Equity		5.540		01/25/32		253,803
		Series - 2002 A (Class AF6)
200,000	g,m	Commercial Industrial Finance Corp		2.661		08/14/24		203,000
		Series - 2012 1A (Class A1F)
20,813	i	Countrywide Asset-Backed Certificates		5.683		10/25/46		20,803
		Series - 2006 15 (Class A2)
175,000	g,i	DB/UBS Mortgage Trust		5.557		11/10/46		205,206
		Series - 2011 LC1A (Class C)
288,591	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		283,821
		Series - 2007 1A (Class AF3)
75,000		Ford Credit Auto Owner Trust		3.210		07/15/17		78,721
		Series - 2011 A (Class D)
200,000		Ford Credit Auto Owner Trust		2.930		10/15/18		205,908
		Series - 2012 B (Class D)
200,000		Ford Credit Auto Owner Trust		2.430		01/15/19		202,547
		Series - 2012 C (Class D)
200,000	g	Ford Credit Floorplan Master Owner Trust		2.960		02/15/16		202,370
		Series - 2011 1 (Class D)
100,000	g	Hertz Vehicle Financing LLC		4.170		03/25/16		103,941
		Series - 2011 1A (Class B1)
400,000	g	Hertz Vehicle Financing LLC		5.930		03/25/16		427,953
		Series - 0 2A (Class B2)

TTIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$213,811		Lehman XS Trust		6.500	%	06/25/46	$	132,419
		Series - 2006 13 (Class 2A1)
32,466	i	Long Beach Mortgage Loan Trust		0.960		02/25/35		32,122
		Series - 2005 1 (Class M1)
310,000	i	Renaissance Home Equity Loan Trust		5.586		11/25/36		171,506
		Series - 2006 3 (Class AF3)
23,401	i	Residential Asset Securities Corp		0.640		04/25/35		22,882
		Series - 2005 KS3 (Class M3)
100,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		99,493
		Series - 2006 HI1 (Class M2)
49,347	i	Securitized Asset Backed Receivables LLC		0.510		10/25/35		47,470
		Series - 2006 OP1 (Class A2C)
162,694	g	Sierra Receivables Funding Co LLC		3.350		04/20/26		168,681
		Series - 2011 1A (Class A)
162,694	g	Sierra Receivables Funding Co LLC		4.230		04/20/26		166,510
		Series - 2011 1A (Class B)
150,751	g	Sierra Receivables Funding Co LLC		4.250		05/20/28		153,102
		Series - 2011 2A (Class B)
121,201	g,m	Sierra Receivables Funding Co LLC		4.360		07/20/28		124,813
		Series - 2011 3A (Class B)
310,281	g	Sierra Receivables Funding Co LLC		3.420		03/20/29		317,902
		Series - 2012 2A (Class B)
415,000	g	SLM Student Loan Trust		4.370		04/17/28		457,973
		Series - 2011 A (Class A2)
105,000	g	SLM Student Loan Trust		3.740		02/15/29		113,821
		Series - 2011 B (Class A2)
400,000	g	SLM Student Loan Trust		3.830		01/17/45		432,023
		Series - 2012 A (Class A2)
91,524	i	Soundview Home Equity Loan Trust		0.510		11/25/35		88,647
		Series - 2005 OPT3 (Class A4)
27,202	i	Structured Asset Investment Loan Trust		0.610		05/25/35		26,995
		Series - 2005 4 (Class M1)
39,940	i	Structured Asset Investment Loan Trust		0.490		12/25/35		39,665
		Series - 2005 10 (Class A5)
100,000	g	Vornado DP LLC		5.280		09/13/28		113,501
		Series - 2010 VNO (Class C)
103,430	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		99,551
		Series - 2006 N1 (Class N1)
21,558	i	Wells Fargo Home Equity Trust		0.350		07/25/36		21,290
		Series - 2006 2 (Class A3)

		TOTAL ASSET BACKED						6,148,209


OTHER MORTGAGE BACKED - 3.8%
910,000		Banc of America Commercial Mortgage, Inc		5.675		07/10/46		1,028,983
		Series - 2006 4 (Class AM)
280,000	i	Bear Stearns Commercial Mortgage Securities		5.582		09/11/41		312,774
		Series - 2006 PW13 (Class AM)
250,000	i	Bear Stearns Commercial Mortgage Securities		5.568		10/12/41		280,390
		Series - 2006 T24 (Class AM)
335,000	i	Commercial Mortgage Pass Through Certificates		5.650		12/10/49		383,040
		Series - 2007 C9 (Class AM)
51,884		Countrywide Alternative Loan Trust		5.500		08/25/16		53,673
		Series - 2004 30CB (Class 1A15)
14,886		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		14,951
		Series - 2005 12 (Class 1A5)
1,939		Countrywide Home Loan Mortgage Pass Through Trust		5.500		09/25/35		1,937
		Series - 2005 J3 (Class 1A1)
125,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		142,678
		Series - 2006 OMA (Class D)
100,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		104,537
		Series - 2009 RR1 (Class A3C)
50,000		CS First Boston Mortgage Securities Corp		4.052		05/15/38		50,369
		Series - 2003 C3 (Class B)

100

TTIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$50,000	g	GS Mortgage Securities Corp II		2.933	%	06/05/31	$	52,704
		Series - 2012 SHOP (Class A)
295,000	g	GS Mortgage Securities Corp II		3.551		04/10/34		318,668
		Series - 2012 ALOH (Class A)
400,000	g	GS Mortgage Securities Corp II		4.049		04/10/34		434,457
		Series - 2012 ALOH (Class B)
100,000	g,i,m	GS Mortgage Securities Corp II		4.276		04/10/34		104,420
		Series - 2012 GSMS (Class C)
70,000	g,i	GS Mortgage Securities Corp II		5.227		12/10/43		81,478
		Series - 2010 C2 (Class B)
120,000	g,i	GS Mortgage Securities Corp II		5.227		12/10/43		134,318
		Series - 2010 C2 (Class C)
33,321	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		0.584		07/15/19		32,452
		Series - 2007 FL1A (Class A1)
350,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440		05/15/45		393,200
		Series - 2006 LDP8 (Class AM)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.252		07/15/46		110,163
		Series - 2011 C4 (Class C)
6,330	i	JP Morgan Mortgage Trust		4.295		04/25/35		6,411
		Series - 2005 A2 (Class 5A1)
10,597		MASTER Asset Securitization Trust		5.000		05/25/35		10,609
		Series - 2005 1 (Class 2A5)
41,024	i	Merrill Lynch Mortgage Trust		5.107		07/12/38		44,745
		Series - 2005 CIP1 (Class AM)
200,000	i	Morgan Stanley Capital I		5.478		02/12/44		224,297
		Series - 2007 HQ11 (Class AM)
22,000	g,i	Morgan Stanley Capital I		5.254		09/15/47		23,429
		Series - 2011 C1 (Class D)
252,000	g,i	Morgan Stanley Capital I		5.254		09/15/47		282,743
		Series - 2011 C1 (Class C)
30,000	i	Morgan Stanley Capital I		5.544		11/12/49		32,689
		Series - 2007 T25 (Class AM)
111,701		Residential Accredit Loans, Inc		4.350		03/25/34		114,610
		Series - 2004 QS4 (Class A1)
188,839	i	Residential Accredit Loans, Inc		0.400		05/25/46		125,850
		Series - 2006 QO5 (Class 2A1)
79,952	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		80,895
		Series - 2012 1A (Class A)
91,184	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		93,929
		Series - 0 2A (Class A)
4,434	i	Structured Adjustable Rate Mortgage Loan Trust		0.970		03/25/35		4,431
		Series - 2005 6XS (Class A3)
250,000		Wachovia Bank Commercial Mortgage Trust		5.342		12/15/43		286,436
		Series - 2007 C30 (Class A5)
520,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		554,707
		Series - 2007 C30 (Class AM)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.968		06/15/45		225,883
		Series - 2006 C26 (Class AM)
85,000		Wachovia Bank Commercial Mortgage Trust		5.500		04/15/47		98,153
		Series - 2007 C31 (Class A5)
540,000		Wachovia Bank Commercial Mortgage Trust		5.339		11/15/48		605,621
		Series - 2006 C29 (Class AM)
4,599		Wells Fargo Mortgage Backed Securities Trust		5.500		04/25/35		4,593
		Series - 2005 2 (Class 1A1)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		57,762
		Series - 2010 C1 (Class B)

		TOTAL OTHER MORTGAGE BACKED						6,912,985

		TOTAL STRUCTURED ASSETS (Cost $12,742,066)						13,061,194

		TOTAL BONDS (Cost $168,792,896)						176,660,564

101

TTIAA-CREF LIFE FUNDS - Bond Fund

SHARES

COMPANY

RATE

MATURITY
DATE

VALUE

PREFERRED STOCKS - 0.0%

BANKS - 0.0%

$5,517

Federal Home Loan Mortgage Corp

8.375

12/30/49

9,655

17,265

Federal National Mortgage Association

8.250

12/30/49

28,832

TOTAL BANKS

38,487

TOTAL PREFERRED STOCKS

(Cost $569,550)

38,487

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 2.9%

TREASURY DEBT - 2.9%

$3,000,000

United States Treasury Bill

0.040

01/03/13

2,999,993

2,300,000

United States Treasury Bill

0.025

01/10/13

2,299,986

TOTAL TREASURY DEBT

5,299,979

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,299,979)

5,299,979

TOTAL INVESTMENTS - 98.6%

(Cost $174,662,425)

181,999,030

OTHER ASSETS & LIABILITIES, NET - 1.4%

2,563,988

NET ASSETS - 100.0%

184,563,018

*	Non-income producing.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2012, the aggregate value of these securities amounted to $33,265,206 or 18.0% of net assets.

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

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

m	Indicates a security that has been deemed illiquid.

102

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

December 31, 2012


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

SHORT-TERM INVESTMENTS - 100.0%

CERTIFICATE OF DEPOSIT - 1.3%
$329,000		Toronto-Dominion Bank		0.200	%	01/24/13	$	329,000
500,000		Toronto-Dominion Bank		0.220		02/05/13		500,000

		TOTAL CERTIFICATE OF DEPOSIT						829,000


COMMERCIAL PAPER - 35.5%
250,000		Australia & New Zealand Banking Group Ltd		0.200		01/30/13		249,960
500,000		Australia & New Zealand Banking Group Ltd		0.190		02/08/13		499,900
300,000		Australia & New Zealand Banking Group Ltd		0.200		02/19/13		299,918
250,000		Australia & New Zealand Banking Group Ltd		0.205		03/12/13		249,900
250,000		Bank of Nova Scotia		0.150		01/04/13		249,997
250,000		Bank of Nova Scotia		0.130		01/10/13		249,992
465,000		Bank of Nova Scotia		0.210		02/01/13		464,916
250,000		Bank of Nova Scotia		0.260		05/01/13		249,783
300,000	y	Coca-Cola Co		0.170		01/11/13		299,986
341,000	y	Coca-Cola Co		0.210		02/20/13		340,900
500,000	y	Coca-Cola Co		0.150		03/08/13		499,863
300,000	y	Commonwealth Bank of Australia		0.195		01/08/13		299,989
527,000	y	Fairway Finance LLC		0.200		01/24/13		526,933
750,000	y	Fairway Finance LLC		0.190		02/07/13		749,854
250,000	y	Fairway Finance LLC		0.190		02/12/13		249,944
500,000		General Electric Capital Corp		0.160		01/25/13		499,947
180,000		General Electric Capital Corp		0.200		04/18/13		179,893
290,000		General Electric Co		5.000		02/01/13		291,136
202,000		JPMorgan Chase Bank NA		0.220		01/15/13		201,983
126,000		JPMorgan Chase Bank NA		0.210		01/17/13		125,988
337,000		JPMorgan Chase Bank NA		0.215		01/22/13		336,958
201,000		JPMorgan Chase Bank NA		0.230		02/21/13		200,934
366,000		JPMorgan Chase Bank NA		0.260		03/04/13		365,836
294,000	y	Liberty Street Funding LLC		0.195		01/14/13		293,979
411,000		Merck & Co, Inc		0.130		01/16/13		410,978
300,000	y	National Australia Funding Delaware, Inc		0.210		01/03/13		299,996
340,000	y	National Australia Funding Delaware, Inc		0.190		01/10/13		339,984
1,000,000	y	National Australia Funding Delaware, Inc		0.200		02/06/13		999,800
320,000	y	Nestle Capital Corp		0.220		05/15/13		319,738
340,000	y	Nestle Capital Corp		0.200		05/21/13		339,736
300,000	y	Old Line Funding LLC		0.230		01/23/13		299,958
500,000		PACCAR Financial Corp		0.150		02/01/13		499,935
250,000	y	Private Export Funding Corp		0.280		03/22/13		249,844
1,000,000	y	Procter & Gamble Co		0.160		02/04/13		999,849
500,000	y	Procter & Gamble Co		0.165		02/08/13		499,913
422,000	y	Procter & Gamble Co		0.165		02/11/13		421,921
250,000		Province of Ontario Canada		0.150		01/29/13		249,971
500,000		Province of Ontario Canada		0.165		02/14/13		499,899
500,000		Province of Quebec Canada		0.140		01/17/13		499,969
325,000		Province of Quebec Canada		0.165		02/12/13		324,938
500,000		Province of Quebec Canada		0.165		02/20/13		499,885
285,000		Province of Quebec Canada		0.155		02/21/13		284,937
440,000		Standard Chartered Bank NY		0.310		03/11/13		439,738
300,000		Standard Chartered Bank NY		0.330		04/02/13		299,750
510,000		Straight-A Funding LLC		0.150		01/08/13		509,985
1,000,000		Straight-A Funding LLC		0.190		03/05/13		999,668
265,000		Thunder Bay Funding LLC		0.220		01/29/13		264,955
404,000		Thunder Bay Funding LLC		0.200		03/11/13		403,845
300,000		Thunder Bay Funding LLC		0.210		03/12/13		299,877
600,000	y	Unilever Capital Corp		0.150		01/11/13		599,975

103

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$250,000	y	Unilever Capital Corp		0.250	%	01/17/13	$	249,972
500,000		US Bank NA		0.180		03/18/13		499,810
300,000	y	Variable Funding Capital Co LLC		0.170		01/22/13		299,970
320,000	y	Variable Funding Capital Co LLC		0.170		01/29/13		319,958
500,000	y	Wal-Mart Stores, Inc		0.110		01/24/13		499,965
474,000	y	Wal-Mart Stores, Inc		0.100		02/05/13		473,954

		TOTAL COMMERCIAL PAPER						22,181,162


GOVERNMENT AGENCY DEBT - 34.8%
754,000		Federal Farm Credit Bank (FFCB)		0.150		01/14/13		753,959
718,000		Federal Home Loan Bank (FHLB)		0.125		01/04/13		717,992
453,000		FHLB		0.100		01/11/13		452,986
500,000		FHLB		0.150		01/16/13		499,966
650,000		FHLB		0.108		02/13/13		649,907
257,000		FHLB		0.135		02/27/13		256,937
150,000		FHLB		0.170		01/23/13		149,984
100,000		FHLB		0.120		01/24/13		99,992
450,000		Federal Home Loan Mortgage Corp (FHLMC)		0.160		01/03/13		449,996
97,000		FHLMC		0.160		01/08/13		96,997
630,000		FHLMC		0.150		01/09/13		629,977
148,000		FHLMC		0.195		01/14/13		147,990
646,000		FHLMC		0.140		01/18/13		645,957
644,000		FHLMC		0.100		01/22/13		643,946
765,000		FHLMC		0.120		01/28/13		764,931
400,000		FHLMC		0.130		01/29/13		399,960
900,000		FHLMC		0.125		02/11/13		899,856
514,000		FHLMC		0.135		02/12/13		513,919
250,000		FHLMC		0.200		02/14/13		249,939
325,000		FHLMC		0.140		02/19/13		324,938
183,000		FHLMC		0.120		02/25/13		182,967
287,000		FHLMC		0.145		02/26/13		286,935
88,000		FHLMC		0.125		03/04/13		87,981
500,000		FHLMC		0.100		03/25/13		499,885
336,000		FHLMC		0.165		04/01/13		335,861
109,000		FHLMC		0.150		04/03/13		108,958
4,300,000		FHLMC		0.090		04/15/13		4,298,882
1,029,000		Federal National Mortgage Association (FNMA)		0.115		01/02/13		1,028,996
500,000		FNMA		0.180		01/03/13		499,995
325,000		FNMA		0.140		01/07/13		324,993
500,000		FNMA		0.150		01/08/13		499,985
500,000		FNMA		0.100		01/09/13		499,989
300,000		FNMA		0.160		01/30/13		299,961
1,000,000		FNMA		0.060		02/06/13		999,940
262,000		FNMA		0.155		02/14/13		261,950
865,000		FNMA		0.125		02/20/13		864,850
370,000		FNMA		0.145		02/27/13		369,915
200,000		FNMA		0.150		03/06/13		199,947
800,000		FNMA		0.095		03/27/13		799,821

		TOTAL GOVERNMENT AGENCY DEBT						21,801,940


TREASURY DEBT - 18.9%
500,000		United States Treasury Bill		0.103		01/10/13		499,987
663,000		United States Treasury Bill		0.094		02/07/13		662,921
250,000		United States Treasury Bill		0.126		02/14/13		249,962
1,500,000		United States Treasury Bill		0.093		03/07/13		1,499,689
260,000		United States Treasury Bill		0.075		03/14/13		259,961
1,198,000		United States Treasury Bill		0.100		04/04/13		1,197,689
300,000		United States Treasury Bill		0.067		04/18/13		299,940
235,000		United States Treasury Bill		0.106		04/25/13		234,921
170,000		United States Treasury Bill		0.085		05/23/13		169,943
150,000		United States Treasury Bill		0.132		05/30/13		149,918
150,000		United States Treasury Bill		0.106		06/06/13		149,931

104

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE

$300,000		United States Treasury Bill		0.103	%	06/27/13	$	299,848
300,000		United States Treasury Note		1.375		01/15/13		300,139
400,000		United States Treasury Note		0.625		01/31/13		400,148
848,000		United States Treasury Note		1.375		02/15/13		849,257
500,000		United States Treasury Note		0.625		02/28/13		500,357
220,000		United States Treasury Note		1.375		03/15/13		220,535
438,000		United States Treasury Note		1.750		04/15/13		440,041
395,000		United States Treasury Note		0.625		04/30/13		395,540
500,000		United States Treasury Note		1.375		05/15/13		502,177
695,000		United States Treasury Note		0.500		05/31/13		695,926
250,000		United States Treasury Note		1.000		07/15/13		251,125
400,000		United States Treasury Note		0.375		07/31/13		400,480
405,000		United States Treasury Note		0.750		08/15/13		406,558
500,000		United States Treasury Note		0.125		09/30/13		499,695
300,000		United States Treasury Note		0.500		11/15/13		300,770

		TOTAL TREASURY DEBT						11,837,458


VARIABLE RATE SECURITIES - 9.5%
250,000	i	Federal Farm Credit Bank (FFCB)		0.240		02/01/13		249,996
300,000	i	FFCB		0.241		03/15/13		299,982
200,000	i	FFCB		0.266		03/28/13		200,000
350,000	i	FFCB		0.222		06/12/13		350,016
250,000	i	FFCB		0.578		08/19/13		249,921
200,000	i	FFCB		0.261		08/26/13		199,936
310,000	i	FFCB		0.370		08/26/13		309,980
250,000	i	FFCB		0.250		09/23/13		249,963
300,000	i	FFCB		0.390		09/23/13		299,991
250,000	i	FFCB		0.310		10/15/13		249,821
250,000	i	Federal Home Loan Bank (FHLB)		0.281		03/06/13		250,004
500,000	i	FHLB		0.360		08/16/13		500,000
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.165		02/04/13		499,981
830,000	i	FHLMC		0.163		05/06/13		829,857
300,000	i	Federal National Mortgage Association (FNMA)		0.221		03/14/13		299,983
200,000	i	FNMA		0.191		06/20/14		199,956
300,000	i	Royal Bank of Canada		0.570		06/07/13		300,000
400,000	i	Royal Bank of Canada		0.470		07/15/13		400,000

		TOTAL VARIABLE RATE SECURITIES						5,939,387

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

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

		NET ASSETS - 100.0%					$	62,598,444

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

105

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, and Money Market Fund (constituting TIAA-CREF Life Funds, hereafter referred to as the “Funds” or each individually referred to as the “Fund”), at December 31, 2012 and for the year then ended, and have issued our unqualified report thereon dated February 19, 2013 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Fund’s schedule of investments in securities (the “Schedules”) as of December 31, 2012 appearing in Item 6 of this Form N-CSR. The Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

February 19, 2013

Boston, Massachusetts

106

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current Code of Ethics

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

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

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

SIGNATURES

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


	TIAA-CREF LIFE FUNDS

Dated: March 1, 2013	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


Dated: March 1, 2013	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President
		(principal executive officer)


Dated: March 1, 2013	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics

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

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

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

Tiaa Cref Life Fund N-CSR/ACertified annual shareholder report (management investment company) (amended)