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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number  File No. 811-08961

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)

Terry H. Lin, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Item 1. Reports to Stockholders.

	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
	Balanced Fund	37
	Summary portfolios of investments	40
	Financial statements (unaudited)
	Statements of assets and liabilities	76
	Statements of operations	80
	Statements of changes in net assets	84
	Financial highlights	92
	Notes to financial statements	98
	Renewal of the investment management agreement	112
	Additional information about index providers	122
	How to reach us	Inside back cover

Understanding your TIAA-CREF Life Funds report

This semiannual report contains information about the eleven TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2015. The report contains three main sections:

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2015.

• 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.

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Information on the TIAA-CREF Life Funds

Portfolio holdings

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

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

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

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

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

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

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

(Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF,

730 Third Avenue, New York, NY 10017–3206; or by phone at 800 223-1200.

Fund management

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

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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 21 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 leading 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 certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.

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About the funds’ benchmarks

Fixed-income Index

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

Composite Index

The Balanced Fund Composite Index is a composite of three unmanaged benchmark indexes, each of which represents one of the three market sectors in which the underlying funds invest: domestic equity (Russell 3000 Index), international equity (MSCI EAFE Index), and fixed income (Barclays U.S. Aggregate Bond Index). The fund’s composite benchmark combines those public indexes in proportions that reflect the fund’s target market sector allocations.

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   ¡   2015 Semiannual Report      5

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2015–June 30, 2015).

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.

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Growth Equity Fund

Performance for the six months ended June 30, 2015

The Growth Equity Fund returned 6.36% for the period, compared with the 3.96% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2015, the fund returned 14.64%, versus 10.56% for the index.

The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 1.94% for the reporting period, compared with 5.25% for the previous six months. Investors were in a cautious mode, as economic indicators in the United States were mixed and concerns about Greece and China weighed on stock returns. For the period, investors favored small-capitalization stocks over mid- and large-cap equities, and growth stocks outshined their value counterparts.

For the six-month period, growth equities outperformed the broad U.S. equity market by more than two percentage points. Within the growth category, large-cap stocks returned 3.96%, underperforming small-caps, which climbed 8.74%, and mid-caps, which rose 4.18%. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended June 30, 2015, the Russell 1000 Growth Index had an average annual return of 9.10%, versus the 8.15% average annual gain of the Russell 3000 Index.

Stock selections boost the fund’s return

Seven of the ten industry sectors of the Russell 1000 Growth Index produced positive returns for the period. The best performing sectors were health care (up 11.2%), consumer discretionary (up 7.7%), information technology (up 4.4%) and energy (up 3.3%). These four sectors made up approximately two-thirds of the benchmark’s total market capitalization on June 30, 2015.

Aided by stock selection, the fund outpaced its benchmark by more than two percentage points in the first six months of 2015. Overweight positions in Amazon.com and Starbucks were the top contributors to relative performance followed by an out-of-benchmark position in NXP Semiconductors.

The contribution these holdings made was somewhat mitigated by detractors, including an out-of-benchmark position in Yahoo, as well as overweight positions in Groupon and agricultural giant Monsanto. An underweight position in Netflix also hurt relative returns.

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Growth Equity Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Growth Equity Fund		4/3/2000		6.36%		14.64%		19.72%		9.56%
Russell 1000® Growth Index		—		3.96		10.56		18.59		9.10

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

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

Expense example

Six months ended June 30, 2015

Growth Equity Fund	Beginning  account value  (1/1/15)		Ending  account value  (6/30/15)		Expenses paid    during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$1,063.63		$2.66
5% annual hypothetical return		1,000.00		1,022.22		2.61

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

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Growth Equity Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Information technology		36.9
Consumer discretionary		20.8
Health care		20.4
Financials		5.0
Consumer staples		5.0
Materials		4.4
Industrials		4.4
Energy		2.0
Telecommunication services		0.9
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $50 billion		47.5
More than $15 billion–$50 billion		38.6
More than $2 billion–$15 billion		13.9
Total		100.0

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      9

Growth & Income Fund

Performance for the six months ended June 30, 2015

The Growth & Income Fund returned 4.48% for the period, compared with the 1.23% return of its benchmark, the S&P 500^® Index. For the twelve months ended June 30, 2015, the fund returned 8.83%, versus 7.42% for the index.

Investors were in a cautious mode, as economic indicators in the United States were mixed and concerns about Greece and China weighed on stock returns. For the period, investors favored small-capitalization stocks over those of mid- and large-cap equities, and growth stocks outshined their value counterparts.

For the first half of the year, the S&P 500, a market capitalization-weighted index comprised of 500 leading companies in major industries of the U.S. economy, lagged the 1.94% return of the broad U.S. market, as measured by the Russell 3000^® Index. Small- and mid-cap stocks, which comprise more than one-third of the market capitalization of the Russell 3000, helped it to outpace the S&P 500 for the period.

For the ten years ended June 30, 2015, the S&P 500 Index posted an average annual return of 7.89%, versus 8.15% for the Russell 3000 Index.

Stock selections boost the fund’s return

Five of the ten industry sectors of the S&P 500 posted gains for the period led by health care (up 9.6%). The other sectors with positive returns were consumer discretionary (up 6.8%), telecommunication services (up 3.2%), information technology (up 0.8%) and materials (up 0.5%). These five sectors made up more than half of the index’s market capitalization as of June 30, 2015. The utilities and energy sectors were the biggest laggards.

Over the past six months, driven by strong stock selection, the fund outperformed the S&P 500 by over three percentage points. The top contributor to relative performance was an overweight position in Netflix. The fund’s other leading contributors were biopharmaceutical firm Pharmacyclics, health insurance provider Humana and NXP Semiconductors.

The contribution from these holdings was partly mitigated by detractors, including an out-of-benchmark position in insulin infusion systems developer Insulet, as well as underweight positions in Amazon.com and biotechnology company Gilead Sciences. An out-of-benchmark holding of apparel and accessories designer Kate Spade also hurt relative returns.

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Growth & Income Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Growth & Income Fund		4/3/2000		4.48%		8.83%		18.22%		10.10%
S&P 500 Index		—		1.23		7.42		17.34		7.89

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.

Expense example

Six months ended June 30, 2015

Growth & Income Fund	Beginning  account value  (1/1/15)		Ending  account value  (6/30/15)		Expenses paid    during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$1,044.75		$2.64
5% annual hypothetical return		1,000.00		1,022.22		2.61

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

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Growth & Income Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Information technology		22.3
Consumer discretionary		17.6
Health care		15.8
Financials		12.8
Consumer staples		9.8
Industrials		9.0
Energy		6.0
Materials		3.0
Telecommunication services		2.2
Utilities		1.4
Short-term investments, other assets & liabilities, net		0.1
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $50 billion		48.6
More than $15 billion–$50 billion		26.5
More than $2 billion–$15 billion		23.7
$2 billion or less		1.2
Total		100.0

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Large-Cap Value Fund

Performance for the six months ended June 30, 2015

The Large-Cap Value Fund returned 1.11% for the period, compared with the –0.61% return of its benchmark, the Russell 1000^® Value Index. For the one-year period ended June 30, 2015, the fund returned 4.00%, versus 4.13% for the index.

The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 1.94% for the reporting period, compared with 5.25% for the previous six months. Investors were in a cautious mode, as economic indicators in the United States were mixed, and concerns about Greece and China and uncertainties regarding interest rates weighed on stock returns. For the period, investors favored small-capitalization stocks over mid- and large-cap equities, and growth stocks outshined their value counterparts. (Returns by investment style and market capitalization are based on the Russell indexes.)

For the ten years ended June 30, 2015, the Russell 1000 Value index posted an average annual return of 7.05%, compared with the 9.10% average annual return of the Russell 1000 Growth Index.

The fund outperforms its benchmark

For the six months, half of the ten industry sectors of the Russell 1000 Value Index posted positive returns. Health care led with a return of 10.3%, followed by telecommunication services (up 5.7%), consumer discretionary (up 1.7%) and financials (up 0.6%). Together, these four sectors represented approximately half of the benchmark’s total market capitalization on June 30, 2015. The detractors from relative performance included the interest rate-sensitive utilities sector (down 10.9%), information technology (down 7.6%) and energy (down 7.0%).

For the period, the fund outpaced its benchmark due in part to favorable weightings as well as stock choices. The largest contributors included a position in nonbenchmark holding Kraft Foods, overweights in Pinnacle Foods and E*TRADE Financial Corporation, the absence of benchmark stock Wal-Mart Stores and a position in nonbenchmark holding Diamondback Energy.

These positive effects were partly offset by the fund’s overweight in Yahoo and positions in nonbenchmark stocks Groupon and Hertz Global Holdings. The absence of benchmark health care company Cigna from the fund and an overweight in engineered solutions provider SPX Corporation also limited the fund’s relative returns.

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Large-Cap Value Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Large-Cap Value Fund		10/28/2002		1.11%		4.00%		15.91%		7.15%
Russell 1000® Value Index		—		–0.61		4.13		16.50		7.05

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.

Expense example

Six months ended June 30, 2015

Large-Cap Value Fund	Beginning  account value  (1/1/15)		Ending  account value  (6/30/15)		Expenses paid     during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$1,011.14		$2.59
5% annual hypothetical return		1,000.00		1,022.22		2.61

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

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Large-Cap Value Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Financials		27.4
Information technology		13.2
Health care		11.7
Energy		11.7
Industrials		9.6
Consumer discretionary		9.1
Consumer staples		6.0
Materials		4.0
Utilities		3.8
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $50 billion		39.3
More than $15 billion–$50 billion		21.7
More than $2 billion–$15 billion		37.8
$2 billion or less		1.2
Total		100.0

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Real Estate Securities Fund

Performance for the six months ended June 30, 2015

The Real Estate Securities Fund returned –4.56% for the period, compared with the –5.44% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the twelve months ended June 30, 2015, the fund returned 6.13%, versus 4.14% for the index.

After posting double-digit gains for 2014, real estate investment trusts (REITs), as measured by the FTSE index, underperformed the 1.94% return of the Russell 3000^® Index by more than seven percentage points. REITs also trailed the domestic investment-grade, fixed-rate bond market, which returned –0.10%, as measured by the Barclays U.S. Aggregate Bond Index. Prices of REITs, which are sensitive to interest rates, lagged as many of their yields appeared less attractive relative to U.S. Treasuries, whose yields rose and prices dropped, triggered by uncertainties regarding the timing of potential interest rate hikes.

For the ten years ended June 30, 2015, the fund’s benchmark posted an average annual return of 7.05%, underperforming the 8.15% return of the Russell 3000 Index, but outperforming the 4.44% return of the Barclays index.

Stock choices aid relative returns

All but three of the benchmark’s 14 property sectors and subsectors posted negative returns for the six months. The worst performers were health care (down 11.7%), industrials (down 11.3%), lodging (down 10.4%), free standing (down 8.8%) and timber (down 8.5%). The contributors were manufactured homes (up 3.8%), self-storage (up 3.7%), residential (up 1.0%) and apartments (up 0.8%).

The fund beat its benchmark largely due to favorable stock choices. The biggest contributions to relative performance came from nonbenchmark holdings in real estate brokerage firm Marcus & Millichap and commercial real estate services provider HFF. An underweight position in healthcare REIT HCP as well as nonbenchmark holdings in Starwood Hotels also aided relative returns.

These positive contributions were partly offset by the absence of benchmark holding Crown Castle International, which provides wireless telecommunication services. The fund’s nonbenchmark holdings in Northstar Asset Management Group, an overweight in diversified REIT Spirit Realty Capital and the fund’s lack of exposure to residential property owner UDR trimmed relative returns as well.

During the six months, the fund also held stocks of several companies that are not REITs but engage in activities related to real estate.

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Real Estate Securities Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Real Estate Securities Fund		10/28/2002		–4.56%		6.13%		14.48%		6.29%
FTSE NAREIT All Equity REITs Index		—		–5.44		4.14		14.36		7.05

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.

Expense example

Six months ended June 30, 2015

Real Estate Securities Fund	Beginning  account value  (1/1/15)		Ending          account value  (6/30/15)		Expenses paid    during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$   954.42		$2.76
5% annual hypothetical return		1,000.00		1,021.97		2.86

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

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Real Estate Securities Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Specialized REITs		22.7
Retail REITs		21.9
Residential REITs		17.3
Office REITs		14.7
Industrial REITs		8.2
Diversified REITs		3.3
Real estate services		2.8
Internet software & services		1.7
Diversified capital markets		1.1
Mortgage REITs		1.0
Hotels, resorts & cruise lines		1.0
Real estate operating companies		1.0
Asset management & custody banks		1.0
Short-term investments, other assets & liabilities, net		2.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $50 billion		9.0
More than $15 billion–$50 billion		37.3
More than $2 billion–$15 billion		44.0
$2 billion or less		9.7
Total		100.0

18      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance for the six months ended June 30, 2015

The Small-Cap Equity Fund returned 5.66% for the period, compared with the 4.75% return of its benchmark, the Russell 2000^® Index. For the twelve months ended June 30, 2015, the fund returned 8.42%, versus 6.49% for the index.

Investors were in a cautious mode, as economic indicators in the United States were mixed and concerns about Greece and China weighed on stock returns. For the period, investors favored small-capitalization stocks over those of mid- and large-cap equities and growth stocks outshined their value counterparts. The broad U.S. stock market, as measured by the Russell 3000^® Index, returned 1.94% for the reporting period, compared with 5.25% for the previous six months.

Small-cap stocks outperformed large caps by more than three percentage points and outpaced the broader equity market by nearly three percentage points. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended June 30, 2015, the Russell 2000 Index posted an average annual return of 8.40%, versus the 8.15% average annual return of the broad-based Russell 3000 Index.

Stock choices lift the fund’s return

Five of the ten industry sectors of the Russell 2000 Index had positive returns for the six-month period led by health care (up 18.8%). The information technology, consumer discretionary, financials and industrials sectors also had gains, rising 7.5%, 4.8%, 2.0% and 0.4%, respectively. These five sectors combined made up almost seven-eighths of the index’s market capitalization as of June 30, 2015.

The fund bested its benchmark by close to one percentage point, aided by stock selection. The top contributors to relative performance were overweight positions in life science company Cambrex and health care workforce solutions provider AMN Healthcare. An out-of-benchmark position in diversified electronics company Acuity Brands and an overweight in biotechnology firm Prothena also contributed.

These positive effects were partly offset by overweight positions in WageWorks and LivePerson. Not holding Synageva BioPharma and holding an out-of-benchmark position in financial guarantee insurance provider MBIA also weighed on relative performance.

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      19

Small-Cap Equity Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Small-Cap Equity Fund		10/28/2002		5.66%		8.42%		17.55%		8.37%
Russell 2000®Index		—		4.75		6.49		17.08		8.40

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.

Expense example

Six months ended June 30, 2015

Small-Cap Equity Fund	Beginning  account value  (1/1/15)		Ending          account value  (6/30/15)		Expenses paid    during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$1,056.60		$2.70
5% annual hypothetical return		1,000.00		1,022.17		2.66

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.53%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

20      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Small-Cap Equity Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Financials		21.1
Health care		18.7
Information technology		18.5
Industrials		14.1
Consumer discretionary		12.4
Materials		4.3
Energy		4.2
Consumer staples		3.3
Utilities		2.9
Telecommunication services		1.7
Short-term investments, other assets & liabilities, net		–1.2
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $2 billion–$15 billion		48.6
$2 billion or less		51.4
Total		100.0

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      21

Social Choice Equity Fund

Performance for the six months ended June 30, 2015

The Social Choice Equity Fund returned –0.54% for the period, compared with the 1.94% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2015, the fund returned 3.07%, versus 7.29% for the index. The fund uses certain social criteria, while the benchmark does not. Because of its social criteria, the fund did not invest in a number of stocks that were included in the Russell 3000 Index. The net effect of avoiding these companies partly caused the fund to trail its benchmark.

For example, the fund underperformed in part because of its exclusion of benchmark holdings Apple, Amazon.com, UnitedHealth Group and banking giant JPMorgan Chase. Apple stock, in particular, rose in response to solid earnings reports driven by strong iPhone sales. However, these negative effects were partly offset by the fund’s omission of Exxon Mobil, Chevron, Wal-Mart Stores and Microsoft. Shares in energy giants Exxon Mobil and Chevron fell due to the decline in oil prices over the past year.

Stock positions hurt the fund’s performance

To compensate for the fund’s exclusion of some stocks in 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.

The fund’s relative performance was hurt most by overweight positions in Hewlett-Packard and Yahoo. An overweight position in semiconductor manufacturing equipment supplier Applied Materials also detracted from relative returns.

These negative effects were partly offset by overweight positions in Starbucks and insurer Aetna—both companies produced sizable returns. Chemical company LyondellBasell Industries was next in line. Strong operation and business performance contributed to an increase in its earnings.

22      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Social Choice Equity Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Social Choice Equity Fund		4/3/2000		–0.54%		3.07%		15.76%		7.89%
Russell 3000® Index		—		1.94		7.29		17.54		8.15

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.

Expense example

Six months ended June 30, 2015

Social Choice Equity Fund	Beginning  account value  (1/1/15)		Ending          account value  (6/30/15)		Expenses paid    during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$   994.57		$1.09
5% annual hypothetical return		1,000.00		1,023.70		1.10

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      23

Social Choice Equity Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Financials		20.9
Information technology		18.1
Health care		13.0
Consumer discretionary		11.8
Industrials		10.5
Consumer staples		7.6
Energy		7.2
Materials		4.8
Utilities		3.4
Telecommunication services		2.0
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $50 billion		38.8
More than $15 billion–$50 billion		43.6
More than $2 billion–$15 billion		15.1
$2 billion or less		2.5
Total		100.0

24      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Stock Index Fund

Performance for the six months ended June 30, 2015

The Stock Index Fund returned 1.94% for the period, compared with the 1.94% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2015, the fund returned 7.22%, versus 7.29% for the index.

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

Investors were in a cautious mode during the six-month period. Economic indicators in the United States were mixed, and concerns about Greece and China, along with uncertainty regarding interest rates, produced greater volatility in the equity markets. As a result, returns for the period were modest, albeit positive. Investors generally favored small-capitalization stocks over those of mid- and large-cap equities, while growth stocks outshined their value counterparts. (Returns by investment style and market capitalization are based on the Russell indexes.)

Health care outperforms, utilities lag

For the six months, six of the ten industry sectors of the Russell 3000 Index posted positive returns. Health care led with a return of 11.4%, followed by consumer discretionary, telecommunication services and information technology, which returned 6.1%, 3.6% and 1.9%, respectively. Together, these four sectors represented nearly one-half of the benchmark’s total market capitalization on June 30, 2015.

The worst performing sectors were utilities, which are highly sensitive to interest rates, and energy and industrials, which returned –10.6%, –4.1% and –2.1%, respectively. Energy stock prices retreated in reaction to the sharp drop in crude oil prices early in the period.

Only two of the five largest stocks in the index in terms of market capitalization at period-end, Apple and General Electric, beat the benchmark. The other large securities, Microsoft, Exxon Mobil and Johnson & Johnson, posted negative returns for the period.

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      25

Stock Index Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		5 years		10 years
Stock Index Fund		1/4/1999		1.94%		7.22%		17.43%		8.14%
Russell 3000®Index		—		1.94		7.29		17.54		8.15

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.

Expense example

Six months ended June 30, 2015

Stock Index Fund	Beginning  account value  (1/1/15)		Ending          account value  (6/30/15)		Expenses paid    during period*   (1/1/15–6/30/15)
Actual return		$1,000.00		$1,019.37		$0.45
5% annual hypothetical return		1,000.00		1,024.35		0.45

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

26      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Stock Index Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Information technology		18.8
Financials		18.1
Health care		15.1
Consumer discretionary		13.3
Industrials		10.7
Consumer staples		8.1
Energy		7.2
Materials		3.5
Utilities		2.8
Telecommunication services		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 6/30/2015
More than $50 billion		49.2
More than $15 billion–$50 billion		23.2
More than $2 billion–$15 billion		22.7
$2 billion or less		4.9
Total		100.0

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      27

International Equity Fund

Performance for the six months ended June 30, 2015

The International Equity Fund returned 9.40% for the period, compared with the 5.52% return of its benchmark, the MSCI EAFE Index. For the twelve months ended June 30, 2015, the fund returned –2.07%, versus –4.22% for the index.

Developed foreign markets gained 4.88% in the first quarter of 2015, but advanced more modestly in the following quarter at 0.62%. Central banks in some European markets and Japan boosted efforts to stimulate their sluggish economies, helping to fuel demand for foreign equities. However, Greece’s debt default and a broad-based slowdown in corporate earnings resulted in a sell-off in June. Foreign stocks, as measured by the MSCI EAFE Index, surpassed the 1.94% return of U.S. equities, as measured by the Russell 3000^® Index.

Market performance varied significantly across countries. Japanese stocks gained 13.6%. Switzerland and France also produced sizable results, climbing 5.8% and 5.0%, respectively. New Zealand and Australia were the worst-performing nations in the benchmark, declining 14.6% and 3.3%, respectively.

U.S. dollar strength was a headwind as index results were reduced for U.S. investors. In terms of local currencies, the MSCI EAFE Index rose 8.82% for the six months.

The fund surpasses its benchmark

The fund’s outperformance of its benchmark was driven by strong stock selection. An overweight position in French automaker Renault was the largest contributor to relative returns, followed by overweight investments in Sony and European television entertainment provider Sky. All three companies produced substantial gains.

These positive effects were partly offset by an overweight holding in poorly performing Mazda Motor. Next in line were out-of-benchmark positions in Greece’s Piraeus Bank and National Bank of Greece, respectively, as the country’s financial institutions suffered major losses upon defaulting on their government debt obligations.

The fund’s returns may sometimes diverge from the returns of its benchmark 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; these are known as fair value pricing adjustments.

28      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

International Equity Fund

Performance as of June 30, 2015

			Total return				Average annual      total return
	Inception date		6 months		1 year		5 years		10 years
International Equity Fund		4/3/2000		9.40%		–2.07%		10.61%		6.02%
MSCI EAFE Index		—		5.52		–4.22		9.54		5.12

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.

Expense example

Six months ended June 30, 2015

International Equity Fund	Beginning  account value  (1/1/15)		Ending  account value  (6/30/15)		Expenses paid    during period*  (1/1/15–6/30/15)
Actual return		$1,000.00		$1,093.99		$3.12
5% annual hypothetical return		1,000.00		1,021.82		3.01

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. 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.

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      29

International Equity Fund

Portfolio composition

Sector	% of net assets  as of 6/30/2015
Consumer discretionary		32.4
Industrials		24.8
Financials		15.9
Health care		9.3
Materials		6.8
Consumer staples		4.4
Information technology		3.7
Energy		0.9
Utilities		0.5
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments  as of 6/30/2015
More than $50 billion		7.4
More than $15 billion–$50 billion		57.4
More than $2 billion–$15 billion		32.5
$2 billion or less		2.7
Total		100.0

Holdings by country

	% of portfolio investments  as of 6/30/2015
France		20.4
Japan		18.2
United Kingdom		17.0
Germany		13.6
India		9.8
Netherlands		5.2
Switzerland		4.9
Sweden		4.7
6 other nations		2.5
Short-term investments		3.7
Total		100.0

30      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Bond Fund

Performance for the six months ended June 30, 2015

The Bond Fund returned 0.27% for the six-month period, compared with the –0.10% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2015, the fund returned 1.68%, versus 1.86% for the index.

The U.S. economy’s slow start in the first three months of 2015 was attributed mainly to severe winter weather, while the strong dollar also limited growth for the entire six-month period. On the positive side, energy prices stabilized during the period after falling precipitously in the last half of 2014 and good news on the employment front aided consumer confidence. Meanwhile, inflation remained below the Federal Reserve’s target.

While central banks overseas cut interest rates, uncertainty regarding the timing of potential interest rate hikes in the U.S. weighed on the prices of bonds. The broad domestic bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.10% for the six months, as rising long-term interest rates lowered the prices of many existing fixed-income securities. The rise in long-term rates occurred primarily in the second half of the period, as an improving outlook for the U.S. economy fueled concerns that the Fed might soon start raising its key policy rate, though at present that decision remains data dependent.

Sector weightings drive outperformance

In the first six months of the year, bonds with shorter maturities did better than longer-term bonds as investors steeled themselves for the Fed to begin raising interest rates. Asset-backed and commercial mortgage-backed securities (CMBS) had the strongest performance for the period, helped by an improving real estate market, low interest rates and low inflation.

The fund outperformed its benchmark, driven by favorable selection of CMBS and corporate bonds and by overweight positions in these groups. The fund’s selection of government agency bonds also contributed to relative performance.

The gains from these securities were somewhat offset by the fund’s selection of and yield curve positioning in U.S. Treasuries.

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      31

Bond Fund

Performance as of June 30, 2015

			Total return				Average annual      total return
	Inception date		6 months		1 year		5 years		10 years
Bond Fund		7/8/2003		0.27%		1.68%		3.72%		4.18%
Barclays U.S. Aggregate Bond Index		—		–0.10		1.86		3.35		4.44

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

Expense example

Six months ended June 30, 2015

Bond Fund	Beginning  account value  (1/1/15)		Ending  account value  (6/30/15)		Expenses paid    during period*  (1/1/15–6/30/15)
Actual return		$1,000.00		$1,002.74		$1.74
5% annual hypothetical return		1,000.00		1,023.06		1.76

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

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

32      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Bond Fund

Portfolio composition

% of net assets as of 6/30/2015
Corporate bonds	32.7
Mortgage-backed securities†	17.5
Foreign government & corporate bonds denominated in U.S. dollars	14.7
Commercial mortgage-backed securities	13.2
U.S. Treasury securities	13.0
Asset-backed securities	5.1
Bank loan obligations	1.2
Municipal bonds	0.7
U.S. agency securities	0.3
Short-term investments, other assets & liabilities, net	1.6
Total	100.0

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

Holdings by maturity

	% of fixed-income investments  (excluding short-term investments)  as of 6/30/2015
Less than 1 year		5.0
1–3 years		20.1
3–5 years		21.5
5–10 years		41.8
Over 10 years		11.6
Total		100.0

Holdings by credit quality^‡

	% of fixed-income investments  (excluding short-term investments)  as of 6/30/2015
Aaa/AAA		33.3
Aa/AA		4.1
A/A		16.6
Baa/BBB		30.8
Ba/BB		4.5
B/B		6.7
Below B/B		3.0
Non-rated		1.0
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   ¡   2015 Semiannual Report      33

Money Market Fund

Performance for the six months ended June 30, 2015

The Money Market Fund returned 0.00% for the six-month period, compared with the 0.01% return of the iMoneyNet Money Fund 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.

The Federal Reserve’s target for short-term interest rates remained between 0.00% and 0.25% during the period, despite speculation regarding a June rate hike. Expectations are for a rate hike to begin in late 2015, with the Fed’s decision to raise rates remaining data dependent. Short-term U.S. Treasury supply continued on a moderate decline during the reporting period, while the commercial paper market also remained tight, with outstanding issuance down by more than $1 trillion since mid-2007. Commercial paper issuance remains low in shorter maturities as banks need to issue longer-maturity debt to comply with liquidity coverage ratio requirements for maturities that come due within 30 days.

LIBOR yields rose during the second quarter, with longer-dated rates climbing the most. The steepening of the yield curve still reflects market expectations for higher rates in 2015, as one- and twelve-month LIBOR yields rose approximately one basis point (0.01%) and eight basis points (0.08%), respectively, by June 30, 2015. The yield on three-month Treasuries went from 0.04% on December 31, 2014 to 0.01% at period-end.

Portfolio strategies focus on safety and yield

To comply with SEC regulations and in pursuit of additional yield, the fund remained committed to holding longer-dated, floating-rate government agency paper (with one- to two-year maturities) in order to capture slightly higher yields. Our commercial paper exposure is diversified across industries and issuers, nearly all of which are U.S.-domiciled. The fund has limited exposure in Europe with the exception of a recently added program in Denmark. The fund has also made selective investments in top-tier Pacific Rim banks. As of June 30, 2015, the fund’s weighted average maturity was 52 days, versus 38 days for the average iMoneyNet fund.

In response to the historically low interest rates, part or all of the Money Market Fund’s investment management fees were voluntarily withheld (waived) by TIAA to prevent the fund’s yield from turning negative.

34      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Money Market Fund

Net annualized yield for the 7 days ended June 30, 2015*

	Current yield		Effective yield
Money Market Fund†		0.00%		0.00%
iMoneyNet Money Fund 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 June 30, 2015

			Total return				Average annual      total return
	Inception date		6 months		1 year		5 years		10 years
Money Market Fund†		7/8/2003		0.00%		0.00%		0.02%		1.57%
iMoneyNet Money Fund Averages—All Taxable‡		—		0.01		0.02		0.02		1.30

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

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

^†  Beginning May 29, 2013, part or all of the investment management fees of the TIAA-CREF Life Money Market Fund are being voluntarily waived. Without this waiver, the total returns and 7-day current and effective net annualized yields would have been lower. This voluntary fee waiver may be discontinued at any time without notice.

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

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      35

Money Market Fund

Expense example

Six months ended June 30, 2015

Money Market Fund	Beginning  account value  (1/1/15)		Ending  account value  (6/30/15)		Expenses paid    during period*  (1/1/15–6/30/15)
Actual return		$1,000.00		$1,000.00		$0.64
5% annual hypothetical return		1,000.00		1,024.15		0.65

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.13%. The expense charges of the fund reflect a voluntary waiver and 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 waiver and reimbursement, the expenses of the fund would be higher and its performance lower.

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

Portfolio composition

% of net assets  as of 6/30/2015
Commercial paper	42.3
U.S. government agency securities	31.5
U.S. Treasury securities	16.0
Floating rate securities, government	5.6
Certificates of deposit	1.4
Other assets & liabilities, net	3.2
Total	100.0

36      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Balanced Fund

Performance for the six months ended June 30, 2015

The Balanced Fund returned 2.39% for the period, compared with the 1.36% return of its benchmark, the Balanced Fund Composite Index. For the twelve months ended June 30, 2015, the fund returned 4.06%, versus 3.50% for the index.

For the six months, stock markets in developed countries around the world climbed higher, lifted by accommodative monetary policy. The European Central Bank launched a bond-buying program, the Bank of Japan maintained its record stimulus measures and the Federal Reserve held short-term interest rates near zero. Gains were limited by mixed U.S. economic indicators and a June flare-up in the Greek debt crisis. The broad U.S. equity market, as measured by the Russell 3000^® Index, earned 1.94% for the six-month period, while the MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, gained 5.52%.

The broad domestic bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.10% for the six months, as rising long-term interest rates lowered the prices of many existing fixed-income securities. Long-term rates increased in the second half of the period as an improving outlook for the U.S. economy fueled concerns that the Fed might soon start raising its key policy rate.

Widespread gains boost the fund’s return

For the period, the fund’s absolute performance benefited from positive returns from U.S. stocks, international stocks and domestic bonds held by the Balanced Fund’s underlying funds. The fund’s U.S. and international stock holdings contributed the most to performance.

The fund’s return exceeded the return of its composite benchmark by more than one percentage point for the six-month period. During that time, nearly all of the underlying funds outperformed the broad market indexes used to calculate the benchmark.

The majority of the fund’s outperformance versus its benchmark was due to the strong performance of its underlying funds, led by the International Equity Fund, Growth & Income Fund and Growth Equity Fund. The Large-Cap Value Fund and the Bond Fund also had a positive impact on relative results. The Stock Index Fund’s return matched that of its benchmark for the six-month period. (Performance for the Balanced Fund’s underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      37

Balanced Fund

Performance as of June 30, 2015

			Total return				Average annual    total return
	Inception date		6 months		1 year		since inception
Balanced Fund		1/31/2014		2.39%		4.06%		6.84%
Balanced Fund Composite Index*		—		1.36		3.50		6.97†
Broad market indexes
Barclays U.S. Aggregate Bond Index		—		–0.10		1.86		3.04†
Russell 3000® Index		—		1.94		7.29		12.77†

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.

* On June 30, 2015, the Balanced Fund Composite Index consisted of: 50.0% Barclays U.S. Aggregate Bond Index, 40.0% Russell 3000 Index and 10.0% MSCI EAFE Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†  Performance is calculated from the inception date of the fund.

Expense example

Period ended June 30, 2015

Balanced Fund	Beginning  account  value  (1/1/15)		Ending  account  value  (6/30/15)		Expenses paid   during period* (1/1/15-6/30/2015)		Effective   expenses paid   during period†  (1/1/15–6/30/15)
Actual return		$1,000.00		$1,023.92		$0.50		$2.56
5% annual hypothetical return		1,000.00		1,024.30		0.50		2.56

* “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2015. The fund’s annualized six-month expense ratio for that period was 0.10%. The expense charges of the fund reflect a voluntary waiver and 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 waiver and reimbursement, the expenses of the fund would be higher and its performance lower.

^†  “Effective expenses paid during period” is based on each fund’s total expense ratio from the commencement of operations through period-end, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the period, the total weighted average expense ratio was 0.51%.

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

38      2015 Semiannual Report   ¡   TIAA-CREF Life Funds

Balanced Fund

Asset allocation

	% of net assets  as of 6/30/2015
Equity
U.S. equity		39.9
International equity		9.9
Fixed income		50.3
Other assets & liabilities, net		–0.1
Total		100.0

Target allocation

TIAA-CREF Life Funds   ¡   2015 Semiannual Report      39

Summary portfolio of investments (unaudited)

Growth Equity Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	2,839	*,e	Tesla Motors, Inc	$	761,590		1.0	%
					761,590		1.0
	CAPITAL GOODS
	4,092		Roper Industries, Inc		705,706		0.9
			Other		1,519,400		2.0
					2,225,106		2.9
	COMMERCIAL & PROFESSIONAL SERVICES
	12,839	*	Verisk Analytics, Inc		934,166		1.2
					934,166		1.2
	CONSUMER DURABLES & APPAREL
	15,078		Nike, Inc (Class B)		1,628,725		2.1
			Other		725,886		1.0
					2,354,611		3.1
	CONSUMER SERVICES
	17,597	*	Norwegian Cruise Line Holdings Ltd		986,136		1.3
	37,121		Starbucks Corp		1,990,242		2.6
			Other		521,281		0.6
					3,497,659		4.5
	DIVERSIFIED FINANCIALS
	23,853		Charles Schwab Corp		778,800		1.0
	3,211		IntercontinentalExchange Group, Inc		718,012		0.9
	7,313		McGraw-Hill Financial, Inc		734,591		1.0
	8,218		Moody’s Corp		887,215		1.2
					3,118,618		4.1
	ENERGY
	6,213	*	Concho Resources, Inc		707,412		0.9
	7,490		EOG Resources, Inc		655,750		0.9
			Other		145,208		0.2
					1,508,370		2.0
	FOOD & STAPLES RETAILING				394,139		0.5
	FOOD, BEVERAGE & TOBACCO
	8,674	*	Monster Beverage Corp		1,162,489		1.5
			Other		611,977		0.8
					1,774,466		2.3
	HEALTH CARE EQUIPMENT & SERVICES
	11,485	*	Cerner Corp		793,154		1.0
	1,870	*	Intuitive Surgical, Inc		906,015		1.2
			Other		252,712		0.3
					1,951,881		2.5
	HOUSEHOLD & PERSONAL PRODUCTS
	19,044		Estee Lauder Cos (Class A)		1,650,353		2.1
					1,650,353		2.1

40 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Growth Equity Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	MATERIALS
	16,567		Monsanto Co	$	1,765,876		2.3	%
	7,394		PPG Industries, Inc		848,240		1.1
			Other		798,507		1.0
					3,412,623		4.4
	MEDIA
	9,321		Time Warner, Inc		814,749		1.0
	14,725		Walt Disney Co		1,680,711		2.2
					2,495,460		3.2
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	9,279	*	Alexion Pharmaceuticals, Inc		1,677,365		2.2
	5,883	*	Allergan plc		1,785,255		2.3
	3,029	*	Biogen Idec, Inc		1,223,534		1.6
	3,168	*	Biovail Corp		703,771		0.9
	11,939		Bristol-Myers Squibb Co		794,421		1.0
	14,567	*	Celgene Corp		1,685,912		2.2
	14,620		Eli Lilly & Co		1,220,624		1.6
	11,600		Gilead Sciences, Inc		1,358,128		1.8
	4,011	*	Illumina, Inc		875,842		1.1
	6,728		Thermo Electron Corp		873,025		1.1
			Other		1,583,854		2.1
					13,781,731		17.9
	REAL ESTATE
	19,686	*	CBRE Group, Inc		728,382		1.0
					728,382		1.0
	RETAILING
	6,804	*	Amazon.com, Inc		2,953,549		3.9
	5,875		Expedia, Inc		642,431		0.8
	15,294		Home Depot, Inc		1,699,622		2.2
			Other		1,636,775		2.1
					6,932,377		9.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	14,278		ARM Holdings plc (ADR)		703,477		0.9
			Other		762,106		1.0
					1,465,583		1.9
	SOFTWARE & SERVICES
	27,788	*	Adobe Systems, Inc		2,251,106		2.9
	27,056	*	Facebook, Inc		2,320,458		3.0
	3,173	*	Google, Inc		1,651,578		2.1
	2,457	*	Google, Inc (Class A)		1,326,878		1.7
	25,576		Intuit, Inc		2,577,294		3.4
	2,963	*	LinkedIn Corp		612,245		0.8
	21,230		Mastercard, Inc (Class A)		1,984,580		2.6
	15,367	*	Red Hat, Inc		1,166,816		1.5
	21,478	*	Salesforce.com, Inc		1,495,513		1.9

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 41

Summary portfolio of investments (unaudited) concluded

Growth Equity Fund  §  June 30, 2015

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES—continued
	24,830		Visa, Inc (Class A)		$	1,667,335			2.2	%
	23,437	*	Yahoo!, Inc			920,840			1.2
			Other			3,694,180			4.8
						21,668,823			28.1
	TECHNOLOGY HARDWARE & EQUIPMENT
	27,836		Apple, Inc			3,491,330			4.6
	53,618		Cisco Systems, Inc			1,472,350			1.9
			Other			323,545			0.4
						5,287,225			6.9
	TELECOMMUNICATION SERVICES
	12,895	*	Level 3 Communications, Inc			679,180			0.9
						679,180			0.9
	TRANSPORTATION					221,135			0.3
			TOTAL COMMON STOCKS	(Cost $58,962,942)		76,843,478			99.8
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	999,403	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			999,403			1.3
						999,403			1.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $999,403)		999,403			1.3
			TOTAL PORTFOLIO	(Cost $59,962,345)		77,842,881			101.1
			OTHER ASSETS & LIABILITIES, NET			(840,275	)		(1.1	)
			NET ASSETS		$	77,002,606			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 is $989,996.

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

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

42 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Growth & Income Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	1,195,062		0.8	%
	BANKS
	118,095		Bank of America Corp		2,009,977		1.3
	46,883		Citigroup, Inc		2,589,817		1.7
	34,756		JPMorgan Chase & Co		2,355,067		1.5
	35,401		Wells Fargo & Co		1,990,952		1.3
			Other		709,226		0.5
					9,655,039		6.3
	CAPITAL GOODS
	100,321		General Electric Co		2,665,529		1.8
	10,897		Honeywell International, Inc		1,111,167		0.7
			Other		5,978,709		3.9
					9,755,405		6.4
	COMMERCIAL & PROFESSIONAL SERVICES				758,214		0.5
	CONSUMER DURABLES & APPAREL
	19,422	*	Jarden Corp		1,005,088		0.7
	27,424		Newell Rubbermaid, Inc		1,127,401		0.7
			Other		4,477,123		2.9
					6,609,612		4.3
	CONSUMER SERVICES				2,245,761		1.5
	DIVERSIFIED FINANCIALS
	11,302		Moody’s Corp		1,220,164		0.8
	34,211		Morgan Stanley		1,327,045		0.9
			Other		2,477,984		1.6
					5,025,193		3.3
	ENERGY
	12,935		Anadarko Petroleum Corp		1,009,706		0.7
	12,648		Chevron Corp		1,220,153		0.8
	13,596		EOG Resources, Inc		1,190,330		0.8
			Other		5,656,859		3.7
					9,077,048		6.0
	FOOD & STAPLES RETAILING
	12,882		CVS Corp		1,351,064		0.9
	21,001		Kroger Co		1,522,783		1.0
			Other		1,163,955		0.8
					4,037,802		2.7
	FOOD, BEVERAGE & TOBACCO
	27,374		Mondelez International, Inc		1,126,166		0.8
	21,507		PepsiCo, Inc		2,007,464		1.3
			Other		5,020,386		3.3
					8,154,016		5.4

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 43

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	4,448		McKesson Corp	$	999,955		0.7	%
	7,034		Universal Health Services, Inc (Class B)		999,532		0.6
			Other		3,995,257		2.6
					5,994,744		3.9
	HOUSEHOLD & PERSONAL PRODUCTS
	20,975		Procter & Gamble Co		1,641,084		1.1
			Other		1,093,873		0.7
					2,734,957		1.8
	INSURANCE
	10,232	p	ACE Ltd		1,040,390		0.7
	27,632		Hartford Financial Services Group, Inc		1,148,662		0.7
			Other		1,466,794		1.0
					3,655,846		2.4
	MATERIALS
	20,918		Dow Chemical Co		1,070,374		0.7
			Other		3,478,113		2.3
					4,548,487		3.0
	MEDIA
	19,527		Comcast Corp (Class A)		1,174,354		0.8
	14,597		Time Warner, Inc		1,275,924		0.9
	21,834		Walt Disney Co		2,492,133		1.6
			Other		1,559,114		1.0
					6,501,525		4.3
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	21,727		AbbVie, Inc		1,459,837		1.0
	5,761	*	Allergan plc		1,748,233		1.1
	8,564		Amgen, Inc		1,314,745		0.9
	3,356	*,p	Biogen Idec, Inc		1,355,623		0.9
	12,218	*	Celgene Corp		1,414,050		0.9
	29,933		Merck & Co, Inc		1,704,086		1.1
	52,573		Pfizer, Inc		1,762,773		1.2
			Other		7,327,874		4.8
					18,087,221		11.9
	REAL ESTATE				1,156,673		0.8
	RETAILING
	3,201	*	Amazon.com, Inc		1,389,522		0.9
	21,561		Home Depot, Inc		2,396,074		1.6
	1,606	*	NetFlix, Inc		1,055,046		0.7
			Other		5,427,042		3.5
					10,267,684		6.7
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	31,994		Intel Corp		973,098		0.7
	9,652	*	NXP Semiconductors NV		947,826		0.6
			Other		3,092,919		2.0
					5,013,843		3.3

44 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2015

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES
	27,090	*	Facebook, Inc		$	2,323,374			1.5	%
	5,255	*	Google, Inc			2,735,280			1.8
	17,414		Mastercard, Inc (Class A)			1,627,861			1.1
	65,528		Microsoft Corp			2,893,061			1.9
	28,729	p	Oracle Corp			1,157,779			0.7
	17,286	*	Salesforce.com, Inc			1,203,624			0.8
			Other			6,995,059			4.6
						18,936,038			12.4
	TECHNOLOGY HARDWARE & EQUIPMENT
	54,186		Apple, Inc			6,796,279			4.4
	76,321		Cisco Systems, Inc			2,095,775			1.4
			Other			1,057,433			0.7
						9,949,487			6.5
	TELECOMMUNICATION SERVICES
	41,158		AT&T, Inc			1,461,932			1.0
			Other			1,889,861			1.2
						3,351,793			2.2
	TRANSPORTATION
	24,557		Delta Air Lines, Inc			1,008,801			0.7
			Other			2,167,392			1.4
						3,176,193			2.1
	UTILITIES
	11,270		NextEra Energy, Inc			1,104,798			0.7
			Other			1,069,401			0.7
						2,174,199			1.4
			TOTAL COMMON STOCKS	(Cost $120,748,852)		152,061,842			99.9
	PURCHASED OPTIONS
	CAPITAL GOODS					48			0.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					36			0.0
			TOTAL PURCHASED OPTIONS	(Cost $970)		84			0.0
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,092,699	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			2,092,699			1.4
						2,092,699			1.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $2,092,699)		2,092,699			1.4
			TOTAL PORTFOLIO	(Cost $122,842,521)		154,154,625			101.3
			OTHER ASSETS & LIABILITIES, NET			(1,924,068	)		(1.3	)
			NET ASSETS		$	152,230,557			100.0	%

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 45

Summary portfolio of investments (unaudited) concluded

Growth & Income Fund  §  June 30, 2015

* Non-income producing

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

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

At 6/30/15, the aggregate value of securities on loan is $2,049,374.

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

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

46 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Large-Cap Value Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	367,950		0.4	%
	BANKS
	168,535		Bank of America Corp		2,868,465		3.1
	23,730		Citigroup, Inc		1,310,845		1.4
	23,176		JPMorgan Chase & Co		1,570,406		1.7
	40,339		Keycorp		605,892		0.6
	42,995		Wells Fargo & Co		2,418,039		2.6
			Other		2,429,569		2.6
					11,203,216		12.0
	CAPITAL GOODS
	70,110		General Electric Co		1,862,823		2.0
	13,901		SPX Corp		1,006,293		1.1
	31,547		Terex Corp		733,468		0.8
			Other		3,414,275		3.6
					7,016,859		7.5
	CONSUMER DURABLES & APPAREL
	16,034	*	Jarden Corp		829,760		0.9
			Other		1,428,688		1.5
					2,258,448		2.4
	CONSUMER SERVICES
	19,736		ARAMARK Holdings Corp		611,224		0.6
			Other		2,117,284		2.3
					2,728,508		2.9
	DIVERSIFIED FINANCIALS
	32,853	*	E*Trade Financial Corp		983,948		1.1
	29,347		Morgan Stanley		1,138,370		1.2
	11,802		State Street Corp		908,754		1.0
	32,653	*	Synchrony Financial		1,075,263		1.1
			Other		1,714,533		1.8
					5,820,868		6.2
	ENERGY
	19,744		Apache Corp		1,137,847		1.2
	16,085		Chevron Corp		1,551,720		1.7
	9,450	*	Diamondback Energy, Inc		712,341		0.8
	7,229		EOG Resources, Inc		632,899		0.7
	16,255		Exxon Mobil Corp		1,352,416		1.4
	5,859		Pioneer Natural Resources Co		812,585		0.9
	10,869		Schlumberger Ltd		936,799		1.0
			Other		3,792,123		4.0
					10,928,730		11.7
	FOOD & STAPLES RETAILING
	6,729		CVS Corp		705,738		0.8
			Other		236,685		0.2
					942,423		1.0

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 47

Summary portfolio of investments (unaudited) continued

Large-Cap Value Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	FOOD, BEVERAGE & TOBACCO
	21,561		Pinnacle Foods, Inc	$	981,888		1.1	%
			Other		1,902,931		2.0
					2,884,819		3.1
	HEALTH CARE EQUIPMENT & SERVICES
	6,683		UnitedHealth Group, Inc		815,326		0.9
			Other		2,021,570		2.1
					2,836,896		3.0
	HOUSEHOLD & PERSONAL PRODUCTS
	22,542		Procter & Gamble Co		1,763,686		1.9
					1,763,686		1.9
	INSURANCE
	6,803		ACE Ltd		691,729		0.7
	9,878		Allstate Corp		640,786		0.7
	10,077		American International Group, Inc		622,960		0.7
	6,791	*	Berkshire Hathaway, Inc (Class B)		924,323		1.0
	15,884		Hartford Financial Services Group, Inc		660,298		0.7
			Other		2,700,428		2.9
					6,240,524		6.7
	MATERIALS
	71,304	*	Louisiana-Pacific Corp		1,214,307		1.3
	12,677		Sealed Air Corp		651,344		0.7
			Other		1,892,864		2.0
					3,758,515		4.0
	MEDIA				851,549		0.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	17,281		Agilent Technologies, Inc		666,701		0.7
	11,644	*	Endo International plc		927,444		1.0
	12,599		Johnson & Johnson		1,227,898		1.3
	19,312		Merck & Co, Inc		1,099,432		1.2
	61,537		Pfizer, Inc		2,063,336		2.2
			Other		2,112,051		2.3
					8,096,862		8.7
	REAL ESTATE
	28,725		Starwood Property Trust, Inc		619,598		0.7
			Other		1,621,645		1.7
					2,241,243		2.4
	RETAILING
	75,283	*,e	JC Penney Co, Inc		637,647		0.7
			Other		1,649,747		1.8
					2,287,394		2.5

48 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Large-Cap Value Fund  §  June 30, 2015

Shares				Company		Value			% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	16,751			Broadcom Corp (Class A)		$	862,509			0.9	%
	45,211			Marvell Technology Group Ltd			596,107			0.7
				Other			2,068,864			2.2
							3,527,480			3.8
	SOFTWARE & SERVICES
	21,166			Microsoft Corp			934,479			1.0
	29,278	*		Yahoo!, Inc			1,150,332			1.3
				Other			3,001,730			3.2
							5,086,541			5.5
	TECHNOLOGY HARDWARE & EQUIPMENT
	41,959			Cisco Systems, Inc			1,152,194			1.2
				Other			2,604,822			2.8
							3,757,016			4.0
	TELECOMMUNICATION SERVICES
	31,329			AT&T, Inc			1,112,806			1.1
	15,766	*		Level 3 Communications, Inc			830,395			0.9
	20,927			Telephone & Data Systems, Inc			615,254			0.7
							2,558,455			2.7
	TRANSPORTATION						1,985,268			2.1
	UTILITIES
	31,088		��	FirstEnergy Corp			1,011,914			1.1
	10,256			NextEra Energy, Inc			1,005,396			1.1
				Other			1,549,440			1.6
							3,566,750			3.8
				TOTAL COMMON STOCKS	(Cost $77,174,840)		92,710,000			99.2
	RIGHTS / WARRANTS
	MATERIALS						7,405			0.0
				TOTAL RIGHTS / WARRANTS	(Cost $8,402)		7,405			0.0
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,465,284	c		TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			2,465,284			2.6
							2,465,284			2.6
				TOTAL SHORT-TERM INVESTMENTS	(Cost $2,465,284)		2,465,284			2.6
				TOTAL PORTFOLIO	(Cost $79,648,526)		95,182,689			101.8
				OTHER ASSETS & LIABILITIES, NET			(1,752,444	)		(1.8	)
				NET ASSETS		$	93,430,245			100.0	%

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 49

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Fund  §  June 30, 2015

* 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 $2,376,808.

“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.

50 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Real Estate Securities Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	ASSET MANAGEMENT & CUSTODY BANKS
	55,000		NorthStar Asset Management Group, Inc	$	1,016,950		1.0	%
					1,016,950		1.0
	DIVERSIFIED CAPITAL MARKETS
	26,600		HFF, Inc (Class A)		1,110,018		1.1
					1,110,018		1.1
	DIVERSIFIED REITS
	14,700		American Assets Trust,Inc		576,387		0.6
	93,300		NorthStar Realty Finance Corp		1,483,470		1.4
	136,800		Spirit Realty Capital, Inc		1,322,856		1.3
					3,382,713		3.3
	HOTELS, RESORTS & CRUISE LINES
	13,000		Starwood Hotels & Resorts Worldwide, Inc		1,054,170		1.0
					1,054,170		1.0
	INDUSTRIAL REITS
	109,200		Prologis, Inc		4,051,320		4.0
	191,700		Rexford Industrial Realty, Inc		2,794,986		2.7
	76,700		Terreno Realty Corp		1,510,990		1.5
					8,357,296		8.2
	INTERNET SOFTWARE & SERVICES
	6,600		Equinix, Inc		1,676,400		1.7
					1,676,400		1.7
	MORTGAGE REITS
	38,300		Starwood Property Trust, Inc		826,131		0.8
			Other		230,906		0.2
					1,057,037		1.0
	OFFICE REITS
	36,200		Boston Properties, Inc		4,381,648		4.2
	55,420		Gramercy Property Trust, Inc		1,295,165		1.3
	63,300		Hudson Pacific Properties		1,795,821		1.8
	30,300		Kilroy Realty Corp		2,034,645		2.0
	23,800		SL Green Realty Corp		2,615,382		2.6
	29,700		Vornado Realty Trust		2,819,421		2.8
					14,942,082		14.7
	REAL ESTATE OPERATING COMPANIES
	47,000	*	Forest City Enterprises, Inc (Class A)		1,038,700		1.0
					1,038,700		1.0
	REAL ESTATE SERVICES
	17,300	*	CBRE Group, Inc		640,100		0.6
	43,300		Kennedy-Wilson Holdings, Inc		1,064,747		1.0

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 51

Summary portfolio of investments (unaudited) continued

Real Estate Securities Fund  §  June 30, 2015

Shares			Company		Value		% of net assets
	REAL ESTATE SERVICES—continued
	21,600	*	Marcus & Millichap, Inc		$	996,624		1.0	%
			Other			156,849		0.2
						2,858,320		2.8
	RESIDENTIAL REITS
	34,700		Apartment Investment & Management Co (Class A)			1,281,471		1.3
	27,500		AvalonBay Communities, Inc			4,396,425		4.3
	8,600		Camden Property Trust			638,808		0.6
	25,300		Equity Lifestyle Properties, Inc			1,330,274		1.3
	65,000		Equity Residential			4,561,050		4.5
	15,100		Essex Property Trust, Inc			3,208,750		3.2
	19,500		Post Properties, Inc			1,060,215		1.0
	15,100		Sun Communities, Inc			933,633		0.9
			Other			200,630		0.2
						17,611,256		17.3
	RETAIL REITS
	21,600		Acadia Realty Trust			628,776		0.6
	53,300		Equity One, Inc			1,244,022		1.2
	17,300		Federal Realty Investment Trust			2,215,957		2.2
	135,000		General Growth Properties, Inc			3,464,100		3.4
	18,300		Macerich Co			1,365,180		1.3
	34,700		Regency Centers Corp			2,046,606		2.0
	43,300		Retail Opportunities Investment Corp			676,346		0.7
	52,000		Simon Property Group, Inc			8,997,040		8.9
	23,800		Taubman Centers, Inc			1,654,100		1.6
						22,292,127		21.9
	SPECIALIZED REITS
	34,700		American Tower Corp			3,237,163		3.2
	20,000		Chatham Lodging Trust			529,400		0.5
	70,000		CubeSmart			1,621,200		1.6
	71,700		DiamondRock Hospitality Co			918,477		0.9
	26,600		Extra Space Storage, Inc			1,734,852		1.7
	43,590		Health Care REIT, Inc			2,860,812		2.8
	53,300		Healthcare Trust of America, Inc			1,276,535		1.3
	60,000		Host Marriott Corp			1,189,800		1.2
	14,300		Public Storage, Inc			2,636,491		2.6
	163,400	*	Strategic Hotels & Resorts, Inc			1,980,408		1.9
	115,000		Sunstone Hotel Investors, Inc			1,726,150		1.7
	51,700		Ventas, Inc			3,210,053		3.1
			Other			182,350		0.2
						23,103,691		22.7
			TOTAL COMMON STOCKS	(Cost $80,443,019)		99,500,760		97.7
			TOTAL PORTFOLIO	(Cost $80,443,019)		99,500,760		97.7
			OTHER ASSETS & LIABILITIES, NET			2,317,615		2.3
			NET ASSETS		$	101,818,375		100.0	%

52 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Real Estate Securities Fund  §  June 30, 2015

Abbreviation(s):

REIT    Real Estate Investment Trust

* Non-income producing

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 53

Summary portfolio of investments (unaudited)

Small-Cap Equity Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	6,629	*	Tenneco, Inc	$	380,770		0.7	%
			Other		413,049		0.8
					793,819		1.5
	BANKS
	14,382		Cathay General Bancorp		466,696		0.9
	13,049		FirstMerit Corp		271,811		0.5
	31,224		Investors Bancorp, Inc		384,055		0.7
	38,762	*	MGIC Investment Corp		441,112		0.8
	24,642		National Penn Bancshares, Inc		277,962		0.5
	8,969		PrivateBancorp, Inc		357,146		0.7
	5,825		Prosperity Bancshares, Inc		336,335		0.7
	13,890		Provident Financial Services, Inc		263,771		0.5
	17,600		Umpqua Holdings Corp		316,624		0.6
	11,300	*	Western Alliance Bancorp		381,488		0.7
			Other		1,659,663		3.2
					5,156,663		9.8
	CAPITAL GOODS
	6,297		EMCOR Group, Inc		300,808		0.6
	2,490	*	Teledyne Technologies, Inc		262,720		0.5
			Other		3,301,910		6.2
					3,865,438		7.3
	COMMERCIAL & PROFESSIONAL SERVICES
	8,197		ABM Industries, Inc		269,435		0.5
	7,632		Korn/Ferry International		265,365		0.5
	13,341		Rollins, Inc		380,619		0.7
	10,413	*	TrueBlue, Inc		311,349		0.6
			Other		1,121,626		2.1
					2,348,394		4.4
	CONSUMER DURABLES & APPAREL				1,285,329		2.4
	CONSUMER SERVICES
	3,600		Jack in the Box, Inc		317,376		0.6
	11,187		Service Corp International		329,233		0.7
	3,900		Vail Resorts, Inc		425,880		0.8
			Other		1,385,630		2.6
					2,458,119		4.7
	DIVERSIFIED FINANCIALS
	6,038		Evercore Partners, Inc (Class A)		325,810		0.6
			Other		276,614		0.5
					602,424		1.1
	ENERGY				2,206,825		4.2

54 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Small-Cap Equity Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	FOOD & STAPLES RETAILING
	3,328		Casey’s General Stores, Inc	$	318,623		0.6	%
			Other		238,807		0.5
					557,430		1.1
	FOOD, BEVERAGE & TOBACCO
	2,950		Lancaster Colony Corp		268,007		0.5
			Other		923,590		1.8
					1,191,597		2.3
	HEALTH CARE EQUIPMENT & SERVICES
	8,918	*	AMN Healthcare Services, Inc		281,720		0.5
	7,454	*	Cynosure, Inc (Class A)		287,575		0.6
			Other		3,865,128		7.3
					4,434,423		8.4
	INSURANCE
	5,363		Aspen Insurance Holdings Ltd		256,888		0.5
			Other		1,153,392		2.2
					1,410,280		2.7
	MATERIALS
	9,700	*	Berry Plastics Group, Inc		314,280		0.6
	4,988		Minerals Technologies, Inc		339,832		0.6
			Other		1,631,333		3.1
					2,285,445		4.3
	MEDIA
	10,760	*	Live Nation, Inc		295,792		0.6
			Other		176,257		0.3
					472,049		0.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	4,526	*	Cepheid, Inc		276,765		0.5
	8,162	*	PRA Health Sciences, Inc		296,525		0.6
			Other		4,850,963		9.2
					5,424,253		10.3
	REAL ESTATE
	12,557		CubeSmart		290,820		0.6
	26,248		DiamondRock Hospitality Co		336,237		0.6
	9,340		DuPont Fabros Technology, Inc		275,063		0.5
	6,200		Entertainment Properties Trust		339,636		0.6
	4,007		Sovran Self Storage, Inc		348,248		0.7
			Other		2,387,454		4.5
					3,977,458		7.5
	RETAILING
	14,900	e	American Eagle Outfitters, Inc		256,578		0.5
			Other		1,296,190		2.4
					1,552,768		2.9

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 55

Summary portfolio of investments (unaudited) continued

Small-Cap Equity Fund  §  June 30, 2015

Shares			Company		Value			% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				$	1,942,326			3.7	%
	SOFTWARE & SERVICES
	7,390	*	Aspen Technology, Inc			336,614			0.6
	4,686	*	EPAM Systems, Inc			333,784			0.6
	5,970	*	Manhattan Associates, Inc			356,111			0.7
	4,439		MAXIMUS, Inc			291,775			0.5
	10,621	*	Progress Software Corp			292,078			0.6
	2,902	*	Tyler Technologies, Inc			375,461			0.7
			Other			3,319,567			6.3
						5,305,390			10.0
	TECHNOLOGY HARDWARE & EQUIPMENT
	14,367	*	Sanmina Corp			289,639			0.6
			Other			2,236,636			4.2
						2,526,275			4.8
	TELECOMMUNICATION SERVICES
	15,792		Inteliquent, Inc			290,573			0.6
	55,815	*	Vonage Holdings Corp			274,051			0.5
			Other			333,901			0.6
						898,525			1.7
	TRANSPORTATION
	8,246		Matson, Inc			346,662			0.6
			Other			889,293			1.7
						1,235,955			2.3
	UTILITIES
	6,890		American States Water Co			257,617			0.5
	8,583		Avista Corp			263,069			0.5
			Other			1,026,432			1.9
						1,547,118			2.9
			TOTAL COMMON STOCKS	(Cost $46,546,260)		53,478,303			101.2
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,550,522	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			2,550,522			4.8
						2,550,522			4.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $2,550,522)		2,550,522			4.8
			TOTAL PORTFOLIO	(Cost $49,096,782)		56,028,825			106.0
			OTHER ASSETS & LIABILITIES, NET			(3,173,791	)		(6.0	)
			NET ASSETS		$	52,855,034			100.0	%

56 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Small-Cap Equity Fund  §  June 30, 2015

* 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 $2,547,193.

“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   §   2015 Semiannual Report 57

Summary portfolio of investments (unaudited)

Social Choice Equity Fund  §  June 30, 2015

Shares		Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	30,738	Ford Motor Co	$	461,378		0.7	%
		Other		849,240		1.4
				1,310,618		2.1
	BANKS
	4,648	PNC Financial Services Group, Inc		444,581		0.7
	11,680	US Bancorp		506,912		0.8
		Other		1,519,420		2.4
				2,470,913		3.9
	CAPITAL GOODS
	3,771	3M Co		581,865		0.9
	5,316	Danaher Corp		454,997		0.7
		Other		3,343,531		5.4
				4,380,393		7.0
	COMMERCIAL & PROFESSIONAL SERVICES			438,748		0.7
	CONSUMER DURABLES & APPAREL
	4,850	Nike, Inc (Class B)		523,897		0.8
		Other		217,595		0.4
				741,492		1.2
	CONSUMER SERVICES
	5,916	McDonald’s Corp		562,434		0.9
	9,824	Starbucks Corp		526,714		0.9
		Other		694,683		1.1
				1,783,831		2.9
	DIVERSIFIED FINANCIALS
	6,348	American Express Co		493,366		0.8
	10,330	Bank of New York Mellon Corp		433,550		0.7
	1,205	BlackRock, Inc		416,906		0.6
		Other		2,940,705		4.7
				4,284,527		6.8
	ENERGY
	4,762	EOG Resources, Inc		416,913		0.7
		Other		4,096,409		6.5
				4,513,322		7.2
	FOOD & STAPLES RETAILING			650,568		1.0
	FOOD, BEVERAGE & TOBACCO
	7,132	General Mills, Inc		397,395		0.6
	12,226	Mondelez International, Inc		502,977		0.8
	7,423	PepsiCo, Inc		692,863		1.1
		Other		879,490		1.4
				2,472,725		3.9

58 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Social Choice Equity Fund  §  June 30, 2015

Shares			Company		Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES				$	1,844,728		2.9	%
	HOUSEHOLD & PERSONAL PRODUCTS
	7,199		Colgate-Palmolive Co			470,887		0.8
	10,806		Procter & Gamble Co			845,462		1.3
			Other			349,229		0.6
						1,665,578		2.7
	INSURANCE
	7,249	*	Berkshire Hathaway, Inc (Class B)			986,661		1.6
	4,628		Prudential Financial, Inc			405,043		0.6
			Other	��		2,231,705		3.6
						3,623,409		5.8
	MATERIALS
	4,061		LyondellBasell Industries AF S.C.A			420,395		0.7
			Other			2,605,279		4.1
						3,025,674		4.8
	MEDIA
	2,469		Time Warner Cable, Inc			439,902		0.7
	5,773		Time Warner, Inc			504,618		0.8
			Other			766,459		1.2
						1,710,979		2.7
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	4,004		Amgen, Inc			614,694		1.0
	1,403	*	Biogen Idec, Inc			566,728		0.9
	9,206		Bristol-Myers Squibb Co			612,567		1.0
	6,760		Gilead Sciences, Inc			791,461		1.3
	10,883		Johnson & Johnson			1,060,657		1.7
	13,355		Merck & Co, Inc			760,300		1.2
			Other			1,911,208		3.0
						6,317,615		10.1
	REAL ESTATE
	4,397		American Tower Corp			410,196		0.7
	2,645		Simon Property Group, Inc			457,638		0.7
			Other			1,867,985		3.0
						2,735,819		4.4
	RETAILING
	7,056		Lowe’s Companies, Inc			472,540		0.7
			Other			1,364,243		2.2
						1,836,783		2.9
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	23,401		Intel Corp			711,741		1.1
	8,734		Texas Instruments, Inc			449,888		0.7
			Other			529,689		0.9
						1,691,318		2.7

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 59

Summary portfolio of investments (unaudited) concluded

Social Choice Equity Fund  §  June 30, 2015

Shares			Company		Value		% of net assets
	SOFTWARE & SERVICES
	4,938		Accenture plc		$	477,900		0.8	%
	5,104	*	Adobe Systems, Inc			413,475		0.7
	6,617	*	Cognizant Technology Solutions Corp (Class A)			404,232		0.6
	1,362	*	Google, Inc			708,935		1.1
	1,327	*	Google, Inc (Class A)			716,633		1.1
	4,463		International Business Machines Corp			725,951		1.2
	4,829		Mastercard, Inc (Class A)			451,415		0.7
	16,562		Oracle Corp			667,449		1.1
	5,815	*	Salesforce.com, Inc			404,898		0.7
	10,178	*	Yahoo!, Inc			399,894		0.6
			Other			1,714,496		2.7
						7,085,278		11.3
	TECHNOLOGY HARDWARE & EQUIPMENT
	24,900		Cisco Systems, Inc			683,754		1.1
	16,718		EMC Corp			441,188		0.7
	14,683		Hewlett-Packard Co			440,637		0.7
	9,257		Qualcomm, Inc			579,766		0.9
			Other			436,993		0.7
						2,582,338		4.1
	TELECOMMUNICATION SERVICES
	17,905		Verizon Communications, Inc			834,552		1.3
			Other			420,936		0.7
						1,255,488		2.0
	TRANSPORTATION
	4,997		United Parcel Service, Inc (Class B)			484,259		0.8
			Other			1,253,298		2.0
						1,737,557		2.8
	UTILITIES
	4,248		NextEra Energy, Inc			416,431		0.7
			Other			1,706,842		2.7
						2,123,273		3.4
			TOTAL COMMON STOCKS	(Cost $41,766,421)		62,282,974		99.3
	RIGHTS/WARRANTS
			TOTAL PORTFOLIO	(Cost $41,766,421)		62,282,974		99.3
			OTHER ASSETS & LIABILITIES, NET			424,218		0.7
			NET ASSETS		$	62,707,192		100.0	%

* Non-income producing

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

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

60 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Stock Index Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	3,931,977		1.2	%
	BANKS
	153,258		Bank of America Corp		2,608,451		0.8
	44,280		Citigroup, Inc		2,446,027		0.7
	54,140		JPMorgan Chase & Co		3,668,527		1.1
	67,964		Wells Fargo & Co		3,822,295		1.1
			Other		8,305,761		2.5
					20,851,061		6.2
	CAPITAL GOODS
	9,265		3M Co		1,429,589		0.4
	10,100		Boeing Co		1,401,072		0.4
	146,987		General Electric Co		3,905,445		1.2
	13,001		United Technologies Corp		1,442,201		0.4
			Other		17,090,490		5.1
					25,268,797		7.5
	COMMERCIAL & PROFESSIONAL SERVICES				3,570,248		1.1
	CONSUMER DURABLES & APPAREL				5,646,087		1.7
	CONSUMER SERVICES				7,488,789		2.2
	DIVERSIFIED FINANCIALS				13,453,443		4.0
	ENERGY
	27,441		Chevron Corp		2,647,233		0.8
	60,985	d	Exxon Mobil Corp		5,073,952		1.5
	18,351		Schlumberger Ltd		1,581,673		0.5
			Other		14,864,321		4.4
					24,167,179		7.2
	FOOD & STAPLES RETAILING
	16,474		CVS Corp		1,727,793		0.5
	23,065		Wal-Mart Stores, Inc		1,636,001		0.5
			Other		3,410,521		1.0
					6,774,315		2.0
	FOOD, BEVERAGE & TOBACCO
	28,642		Altria Group, Inc		1,400,880		0.4
	57,232		Coca-Cola Co		2,245,211		0.7
	21,546		PepsiCo, Inc		2,011,104		0.6
	22,550		Philip Morris International, Inc		1,807,833		0.5
			Other		7,369,622		2.2
					14,834,650		4.4
	HEALTH CARE EQUIPMENT & SERVICES
	20,811		Medtronic plc		1,542,095		0.5
	13,899		UnitedHealth Group, Inc		1,695,678		0.5
			Other		14,940,446		4.4
					18,178,219		5.4

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 61

Summary portfolio of investments (unaudited) continued

Stock Index Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	HOUSEHOLD & PERSONAL PRODUCTS
	39,584		Procter & Gamble Co	$	3,097,052		0.9	%
			Other		2,466,656		0.8
					5,563,708		1.7
	INSURANCE
	27,133	*	Berkshire Hathaway, Inc (Class B)		3,693,073		1.1
			Other		9,838,489		2.9
					13,531,562		4.0
	MATERIALS				11,671,706		3.5
	MEDIA
	30,992		Comcast Corp (Class A)		1,863,859		0.6
	24,759		Walt Disney Co		2,825,992		0.8
			Other		7,193,075		2.2
					11,882,926		3.6
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	25,551		AbbVie, Inc		1,716,772		0.5
	5,726	*	Allergan plc		1,737,612		0.5
	11,102		Amgen, Inc		1,704,379		0.5
	3,436	*	Biogen Idec, Inc		1,387,938		0.4
	24,342		Bristol-Myers Squibb Co		1,619,717		0.5
	11,586	*	Celgene Corp		1,340,906		0.4
	21,447		Gilead Sciences, Inc		2,511,015		0.7
	40,453		Johnson & Johnson		3,942,549		1.2
	41,231		Merck & Co, Inc		2,347,281		0.7
	89,846		Pfizer, Inc		3,012,536		0.9
			Other		11,119,029		3.4
					32,439,734		9.7
	REAL ESTATE				12,931,692		3.9
	RETAILING
	5,563	*	Amazon.com, Inc		2,414,843		0.7
	18,961		Home Depot, Inc		2,107,136		0.6
			Other		11,187,128		3.4
					15,709,107		4.7
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	69,246		Intel Corp		2,106,117		0.6
			Other		5,854,505		1.8
					7,960,622		2.4
	SOFTWARE & SERVICES
	31,578	*	Facebook, Inc		2,708,287		0.8
	4,293	*	Google, Inc		2,234,549		0.7
	4,207	*	Google, Inc (Class A)		2,271,948		0.7
	13,254		International Business Machines Corp		2,155,896		0.6
	14,602		Mastercard, Inc (Class A)		1,364,995		0.4
	117,990		Microsoft Corp		5,209,258		1.5

62 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Fund  §  June 30, 2015

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES—continued
	46,255		Oracle Corp		$	1,864,077			0.6	%
	28,575		Visa, Inc (Class A)			1,918,811			0.6
			Other			15,553,487			4.5
						35,281,308			10.4
	TECHNOLOGY HARDWARE & EQUIPMENT
	84,006		Apple, Inc			10,536,453			3.1
	74,239		Cisco Systems, Inc			2,038,603			0.6
	23,807		Qualcomm, Inc			1,491,032			0.5
			Other			6,067,563			1.8
						20,133,651			6.0
	TELECOMMUNICATION SERVICES
	75,727		AT&T, Inc			2,689,823			0.8
	59,513		Verizon Communications, Inc			2,773,901			0.8
			Other			1,274,847			0.4
						6,738,571			2.0
	TRANSPORTATION					7,217,117			2.0
	UTILITIES					9,521,517			2.8
			TOTAL COMMON STOCKS	(Cost $200,244,529)		334,747,986			99.6
	RIGHTS/WARRANTS
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1,193			0.0
	TELECOMMUNICATION SERVICES					1,789			0.0
			TOTAL RIGHTS/WARRANTS	(Cost $2,812)		2,982			0.0
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	7,283,610	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			7,283,610			2.1
						7,283,610			2.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $7,283,610)		7,283,610			2.1
			TOTAL PORTFOLIO	(Cost $207,530,951)		342,034,578			101.7
			OTHER ASSETS & LIABILITIES, NET			(5,867,806	)		(1.7	)
			NET ASSETS		$	336,166,772			100.0	%

* Non-income producing

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

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

At 6/30/15, the aggregate value of securities on loan is $7,125,358.

“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   §   2015 Semiannual Report 63

Summary portfolio of investments (unaudited)

International Equity Fund  §  June 30, 2015

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUSTRALIA
	24,075		BHP Billiton Ltd	$	491,102		0.5	%
			Other		33,249		0.0
					524,351		0.5
	BELGIUM				227,120		0.2
	FRANCE
	108,044		Accor S.A.		5,468,117		5.4
	3,854		Aeroports de Paris		435,350		0.4
	24,514		Compagnie de Saint-Gobain		1,106,596		1.1
	21,555		Edenred		532,597		0.5
	49,455	g	Elior Participations S.C.A		991,859		1.0
	40,480		Essilor International S.A.		4,849,521		4.8
	40,172		Renault S.A.		4,211,928		4.1
	103,058		Rexel S.A.		1,663,008		1.6
	25,396		Vinci S.A.		1,473,926		1.4
			Other		545,038		0.6
					21,277,940		20.9
	GERMANY
	67,785		Adidas-Salomon AG.		5,186,521		5.1
	249,362	*	Commerzbank AG.		3,187,745		3.1
	14,218		Henkel KGaA (Preference)		1,595,487		1.6
	22,361		Linde AG.		4,237,708		4.2
					14,207,461		14.0
	HONG KONG				18,005		0.0
	INDIA
	58,464		Ceat Ltd		607,006		0.6
	8,972		Eicher Motors Ltd		2,756,432		2.7
	158,064	*	HDFC Bank Ltd		2,646,014		2.6
	140,221		IndusInd Bank Ltd		1,919,905		1.9
	80,711		Larsen & Toubro Ltd		2,255,916		2.2
					10,185,273		10.0
	INDONESIA
	976,500		PT Indofood Sukses Makmur Tbk		480,511		0.5
					480,511		0.5
	JAPAN
	31,800		Don Quijote Co Ltd		1,353,057		1.3
	4,100	e	Fast Retailing Co Ltd		1,859,231		1.8
	36,700		Hoya Corp		1,469,825		1.4
	46,300		Mazda Motor Corp		906,035		0.9
	20,100		Murata Manufacturing Co Ltd		3,507,758		3.4
	31,000	e	NGK Insulators Ltd		797,662		0.8
	15,800		NKSJ Holdings, Inc		578,536		0.6
	84,425	e	Olympus Corp		2,914,774		2.9

64 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

International Equity Fund  §  June 30, 2015

Shares			Company		Value		% of net assets
	JAPAN—continued
	121,250	*	Sony Corp		$	3,443,119		3.4	%
	12,300		Toyota Motor Corp			823,082		0.8
			Other			1,300,559		1.3
						18,953,638		18.6
	NETHERLANDS
	24,440	*,g	GrandVision NV			603,792		0.6
	24,352		Heineken NV			1,851,418		1.8
	171,524		ING Groep NV			2,848,219		2.8
			Other			144,163		0.1
						5,447,592		5.3
	NORWAY
	49,540		Statoil ASA			885,924		0.9
						885,924		0.9
	SPAIN
	26,683	e	Endesa S.A.			511,023		0.5
						511,023		0.5
	SWEDEN
	68,297		SKF AB (B Shares)			1,558,402		1.5
	271,729		Volvo AB (B Shares)			3,374,201		3.3
						4,932,603		4.8
	SWITZERLAND
	3,572		Burckhardt Compression Holding AG.			1,353,089		1.3
	2,280		Geberit AG.			760,139		0.8
	9,813		Holcim Ltd			724,058		0.7
	12,469		Swatch Group AG. (Registered)			936,611		0.9
	3,751		Zurich Financial Services AG.			1,141,916		1.1
			Other			165,612		0.2
						5,081,425		5.0
	UNITED KINGDOM
	10,349		Associated British Foods plc			466,348		0.5
	356,506		Barclays plc			1,461,193		1.4
	76,662		Essentra plc			1,195,543		1.2
	953,075		Group 4 Securicor plc			4,018,667		4.0
	623,004		Man Group plc			1,535,496		1.5
	446,285		Sky plc			7,268,928		7.1
	57,703		Weir Group plc			1,537,913		1.5
			Other			285,849		0.3
						17,769,937		17.5
			TOTAL COMMON STOCKS	(Cost $91,869,416)		100,502,803		98.7

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 65

Summary portfolio of investments (unaudited) concluded

International Equity Fund  §  June 30, 2015

Shares			Company		Value			% of net assets
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	3,818,026	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	3,818,026			3.8	%
						3,818,026			3.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $3,818,026)		3,818,026			3.8
			TOTAL PORTFOLIO	(Cost $95,687,442)		104,320,829			102.5
			OTHER ASSETS & LIABILITIES, NET			(2,547,006	)		(2.5	)
			NET ASSETS		$	101,773,823			100.0	%

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,627,113.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2015, the aggregate value of these securities was $1,595,651 or 1.6% of net assets.

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

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

66 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary of market values by sector (unaudited)

International Equity Fund  §  June 30, 2015

Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	33,119,453			32.4	%
INDUSTRIALS		25,244,608			24.8
FINANCIALS		16,139,733			15.9
HEALTH CARE		9,490,436			9.3
MATERIALS		6,904,465			6.8
CONSUMER STAPLES		4,445,062			4.4
INFORMATION TECHNOLOGY		3,760,544			3.7
ENERGY		887,479			0.9
UTILITIES		511,023			0.5
SHORT-TERM INVESTMENTS		3,818,026			3.8
OTHER ASSETS & LIABILITES, NET		(2,547,006	)		(2.5	)
NET ASSETS	$	101,773,823			100.0	%

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 67

Summary portfolio of investments (unaudited)

Bond Fund  §  June 30, 2015

Principal			Issuer		Value		% of net assets
	BANK LOAN OBLIGATIONS
	AUTOMOBILES & COMPONENTS				$	243,181		0.1	%
	COMMERCIAL & PROFESSIONAL SERVICES					323,706		0.2
	CONSUMER DURABLES & APPAREL					91,576		0.0
	CONSUMER SERVICES					132,950		0.1
	DIVERSIFIED FINANCIALS					98,054		0.0
	ENERGY					70,360		0.0
	FOOD, BEVERAGE & TOBACCO					54,305		0.1
	HEALTH CARE EQUIPMENT & SERVICES					232,057		0.0
	INSURANCE					44,830		0.0
	MATERIALS					356,078		0.2
	MEDIA					410,535		0.2
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					12,524		0.0
	SOFTWARE & SERVICES					406,549		0.2
	TECHNOLOGY HARDWARE & EQUIPMENT					89,225		0.0
	TELECOMMUNICATION SERVICES					99,792		0.1
			TOTAL BANK LOAN OBLIGATIONS	(Cost $2,672,204)		2,665,722		1.2
	BONDS
	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS					387,352		0.2
	BANKS
	$  1,025,000		Capital One Bank USA NA	2.950%, 07/23/21		1,006,778		0.5
			Other			12,334,436		5.5
						13,341,214		6.0
	CAPITAL GOODS
	925,000		John Deere Capital Corp	1.950%, 03/04/19		926,251		0.4
			Other			2,675,224		1.2
						3,601,475		1.6
	COMMERCIAL & PROFESSIONAL SERVICES					2,455,308		1.1
	CONSUMER DURABLES & APPAREL					199,458		0.1
	CONSUMER SERVICES					524,442		0.2
	DIVERSIFIED FINANCIALS
	1,325,000		American Express Credit Corp	1.300%, 07/29/16		1,329,104		0.6
	725,000		American Express Credit Corp	2.250%, 08/15/19		725,665		0.3
	750,000	g,i	Armor Re Ltd	4.080%, 12/15/16		741,000		0.3
	750,000		Ford Motor Credit Co LLC	2.597%, 11/04/19		743,933		0.4

68 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Bond Fund  §  June 30, 2015

Principal		Issuer		Value		% of net assets
	DIVERSIFIED FINANCIALS—continued
	$   750,000	General Electric Capital Corp	3.100%, 01/09/23	$	746,993		0.4	%
		Other			8,189,107		3.7
					12,475,802		5.7
	ENERGY				7,692,065		3.6
	FOOD & STAPLES RETAILING				932,552		0.4
	FOOD, BEVERAGE & TOBACCO				2,707,667		1.3
	HEALTH CARE EQUIPMENT & SERVICES				3,430,991		1.7
	HOUSEHOLD & PERSONAL PRODUCTS				351,030		0.2
	INSURANCE				4,277,496		2.0
	MATERIALS
	598,000	International Paper Co	4.750%, 02/15/22		646,646		0.3
		Other			4,420,247		2.0
					5,066,893		2.3
	MEDIA				4,879,366		2.2
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				3,242,818		1.5
	REAL ESTATE				2,651,603		1.2
	RETAILING
	725,000	O’Reilly Automotive, Inc	3.800%, 09/01/22		738,662		0.3
		Other			1,522,251		0.7
					2,260,913		1.0
	SOFTWARE & SERVICES
	1,170,000	Fidelity National Information Services, Inc	5.000%, 03/15/22		1,234,704		0.6
		Other			1,478,298		0.7
					2,713,002		1.3
	TECHNOLOGY HARDWARE & EQUIPMENT				2,587,947		1.2
	TELECOMMUNICATION SERVICES
	1,045,000	Verizon Communications, Inc	2.625%, 02/21/20		1,041,766		0.5
	675,000	Verizon Communications, Inc	3.450%, 03/15/21		687,352		0.3
		Other			4,603,511		2.1
					6,332,629		2.9
	TRANSPORTATION				3,889,910		1.8
	UTILITIES				8,724,035		4.0
		TOTAL CORPORATE BONDS	(Cost $95,235,698)		94,725,968		43.5
	GOVERNMENT BONDS
	AGENCY SECURITIES				554,441		0.3
	FOREIGN GOVERNMENT BONDS				8,111,179		3.8

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 69

Summary portfolio of investments (unaudited) continued

Bond Fund  §  June 30, 2015

Principal			Issuer		Value		% of net assets
	MORTGAGE BACKED
	$  5,121,331		Federal Home Loan Mortgage Corp Gold (FGLMC)	3.500%, 05/01/44	$	5,288,188		2.4	%
	952,036		Federal National Mortgage Association (FNMA)	2.500%, 10/01/27		969,234		0.4
	734,120		FNMA	3.000%, 03/01/28		762,469		0.3
	956,517		FNMA	3.000%, 01/01/35		972,647		0.4
	1,279,877		FNMA	5.500%, 07/01/40		1,438,255		0.7
	633,745		FNMA	6.000%, 10/01/40		721,630		0.3
	1,772,544		FNMA	4.500%, 11/01/40		1,919,236		0.9
	3,403,833		FNMA	3.000%, 02/01/43		3,400,429		1.6
	1,529,648		FNMA	3.000%, 05/01/43		1,526,697		0.7
	2,387,705		FNMA	4.000%, 11/01/43		2,540,448		1.2
	1,351,833		FNMA	4.000%, 07/01/44		1,443,790		0.7
	987,106		FNMA	4.500%, 11/01/44		1,086,584		0.5
	990,098		FNMA	4.000%, 12/01/44		1,055,517		0.5
	983,192		FNMA	4.000%, 01/01/45		1,052,499		0.5
	7,248,397	i	FNMA	0.537%–7.500%, 04/01/18–10/01/44		7,313,401		3.3
	1,627,241		Government National Mortgage Association (GNMA)	3.500%, 11/15/42		1,697,856		0.8
	866,441		GNMA	3.000%, 02/20/43		877,876		0.4
	2,691,990		GNMA	3.500%–6.000%, 07/15/33–02/15/45		2,233,989		1.0
			Other			1,914,473		0.9
						38,215,218		17.5
	MUNICIPAL BONDS					1,532,041		0.7
	U.S. TREASURY SECURITIES
	1,255,000		United States Treasury Bond	5.375%, 02/15/31		1,683,660		0.8
	750,000		United States Treasury Bond	4.750%, 02/15/37		968,320		0.4
	2,035,000		United States Treasury Bond	2.500%, 02/15/45		1,782,534		0.8
	1,300,000		United States Treasury Note	0.625%, 05/31/17		1,299,289		0.6
	4,600,000		United States Treasury Note	1.125%, 06/15/18		4,614,734		2.1
	13,567,000		United States Treasury Note	1.500%, 05/31/20		13,479,032		6.2
	1,234,000		United States Treasury Note	2.750%, 02/15/24		1,279,504		0.6
	727,600		United States Treasury Note	2.125%, 05/15/25		713,218		0.3
			Other			2,517,215		1.2
						28,337,506		13.0
			TOTAL GOVERNMENT BONDS	(Cost $76,885,351)		76,750,385		35.3
	STRUCTURED ASSETS
	ASSET BACKED
	1,000,000		Capital Automotive REIT
			Series 2014-1A (Class A)	3.660%, 10/15/44		995,484		0.4
	815,900		Santander Drive Auto Receivables Trust
			Series 2014-3 (Class A2A)	0.540%, 08/15/17		815,257		0.4
			Other			9,817,499		4.4
						11,628,240		5.2
	OTHER MORTGAGE BACKED
	2,000,000		Banc of America Commercial Mortgage Trust
			Series 2006-2 (Class AJ)	5.954%, 05/10/45		2,060,862		0.9
	1,175,000		Bear Stearns Commercial Mortgage Securities
			Series 2007-T28 (Class AJ)	6.118%, 09/11/42		1,256,176		0.6
	2,735,000		COBALT CMBS Commercial Mortgage Trust

70 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Bond Fund  §  June 30, 2015

Principal				Issuer		Value		% of net assets
	OTHER MORTGAGE BACKED—continued
				Series 2007-C3 (Class AM)	5.771%, 05/15/46	$	2,862,300		1.3	%
	$  1,000,000			LB-UBS Commercial Mortgage Trust
				Series 2007-C6 (Class AM)	6.114%, 07/15/40		1,069,917		0.5
	1,200,000			Morgan Stanley Capital I Trust
				Series 2006-HQ10 (Class AJ)	5.389%, 11/12/41		1,231,969		0.6
	1,000,000			Structured Agency Credit Risk Debt Note (STACR)
				Series 2015-HQ1 (Class M2)	2.387%, 03/25/25		992,822		0.5
	1,250,000			Wachovia Bank Commercial Mortgage Trust
				Series 2007-C30 (Class AM)	5.383%, 12/15/43		1,313,400		0.6
	980,000			Wachovia Bank Commercial Mortgage Trust
				Series 2007-C34 (Class AM)	5.818%, 05/15/46		1,052,299		0.5
	1,200,000			Wachovia Bank Commercial Mortgage Trust
				Series 2007-C34 (Class AJ)	6.144%, 05/15/46		1,251,643		0.6
	2,150,000			Wachovia Bank Commercial Mortgage Trust
				Series 2007-C31 (Class AM)	5.591%, 04/15/47		2,280,817		1.0
	1,500,000		g	Wachovia Bank Commercial Mortgage Trust
				Series 2007-C32 (Class AMFX)	5.703%, 06/15/49		1,591,737		0.7
	1,260,000			Wachovia Bank Commercial Mortgage Trust
				Series 2007-C32 (Class AJ)	5.750%, 06/15/49		1,291,768		0.6
				Other			10,533,843		4.8
							28,789,553		13.2
				TOTAL STRUCTURED ASSETS	(Cost $40,275,635)		40,417,793		18.4
				TOTAL BONDS	(Cost $212,396,684)		211,894,146		97.2
Shares				Company
	PREFERRED STOCKS
	BANKS						85,433		0.0
				TOTAL PREFERRED STOCKS	(Cost $569,550)		85,433		0.0
		��
Principal				Issuer
	SHORT-TERM INVESTMENTS
	TREASURY DEBT						400,002		0.2
							400,002		0.2
				TOTAL SHORT-TERM INVESTMENTS	(Cost $399,959)		400,002		0.2
				TOTAL PORTFOLIO	(Cost $216,038,397)		215,045,303		98.6
				OTHER ASSETS & LIABILITIES, NET			3,088,243		1.4
				NET ASSETS		$	218,133,546		100.0	%

Abbreviation(s):

REIT    Real Estate Investment Trust

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2015, the aggregate value of these securities, including those in “Other,” was $31,747,424 or 14.6% of net assets.

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

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 71

Summary portfolio of investments (unaudited)

Money Market Fund  §  June 30, 2015

Principal			Issuer		Value		% net assets
	SHORT-TERM INVESTMENTS
	CERTIFICATE OF DEPOSIT
	$    500,000		Banco Del Estado De Chile	0.210%, 07/08/15	$	500,000		0.7	%
	500,000		Banco Del Estado De Chile	0.210%, 07/20/15		500,000		0.7
						1,000,000		1.4
	COMMERCIAL PAPER
	910,000		American Honda Finance Corp	0.120%–0.125%, 07/07/15		909,981		1.3
	1,000,000	y	Apple, Inc	0.095%, 07/23/15		999,942		1.4
	570,000	y	Ciesco LLC	0.200%, 09/14/15		569,762		0.8
	515,000	y	Coca-Cola Co	0.110%, 07/10/15		514,986		0.7
	700,000	y	Coca-Cola Co	0.150%, 09/10/15		699,793		1.0
	800,000	y	Commonwealth Bank of Australia	0.200%–0.245%, 08/17/15–10/02/15		799,605		1.1
	700,000	y	DBS Bank Ltd	0.150%–0.190%, 07/13/15–08/25/15		699,869		1.0
	1,000,000		Exxon Mobil Corp	0.100%–0.125%, 08/24/15–09/22/15		999,781		1.4
	600,000	y	Fairway Finance LLC	0.160%, 07/06/15		599,987		0.8
	750,000	y	Fairway Finance LLC	0.180%–0.210%, 08/24/15–09/21/15		749,745		1.1
	670,000		General Electric Capital Corp	0.240%, 08/04/15		669,848		0.9
	895,000	y	Johnson & Johnson	0.100%, 09/14/15		894,814		1.3
	1,302,000		JPMorgan Chase Bank NA	0.210%–0.300%, 07/20/15–09/15/15		1,301,526		1.8
	1,000,000	y	National Australia Bank Ltd	0.170%–0.190%, 08/25/15–09/01/15		999,707		1.4
	1,000,000	y	Nestle Capital Corp	0.140%, 07/08/15		999,973		1.4
	540,000	y	Novartis Finance Corp	0.150%, 08/11/15		539,908		0.8
	1,350,000	y	Old Line Funding LLC	0.150%–0.260%, 07/15/15–09/18/15		1,349,684		1.9
	1,185,000		PACCAR Financial Corp	0.110%–0.150%, 07/17/15–08/17/15		1,184,892		1.7
	1,000,000		Province of Ontario Canada	0.100%, 07/30/15		999,919		1.4
	850,000	y	Province of Quebec Canada	0.130%, 09/17/15		849,761		1.2
	1,913,000	y	PSP Capital, Inc	0.155%–0.190%, 07/02/15–09/10/15		1,912,794		2.7
	500,000	y	Toronto-Dominion Holdings USA, Inc	0.175%, 07/02/15		499,998		0.7
	770,000		Toyota Motor Credit Corp	0.140%, 07/27/15		769,922		1.1
	775,000	y	United Overseas Bank Ltd	0.200%–0.240%, 08/26/15		774,739		1.1
	1,000,000	y	Wal-Mart Stores, Inc	0.110%, 07/31/15		999,908		1.4
			Other			7,758,228		10.9
						30,049,072		42.3
	GOVERNMENT AGENCY DEBT
	1,000,000		Federal Home Loan Bank (FHLB)	0.053%, 07/01/15		1,000,000		1.4
	500,000		Federal Home Loan Mortgage Corp (FHLMC)	0.070%, 07/06/15		499,995		0.7
	1,871,000		FHLMC	0.060%–0.155%, 07/07/15–10/19/15		1,870,770		2.6
	700,000		FHLB	0.075%, 07/08/15		699,990		1.0
	550,000		FHLB	0.080%–0.100%, 07/10/15		549,988		0.8
	2,279,000		FHLB	0.053%–0.120%, 07/14/15–09/16/15		2,278,725		3.2
	500,000		FHLB	0.065%, 07/16/15		499,986		0.7
	600,000		FHLB	0.075%, 07/17/15		599,980		0.9
	737,000		FHLMC	0.070%, 07/24/15		736,967		1.0
	1,307,000		FHLB	0.075%–0.100%, 07/29/15		1,306,914		1.8
	1,119,000		FNMA	0.090%–0.155%, 08/03/15–11/18/15		1,118,712		1.6
	1,300,000		FHLB	0.085%–0.095%, 08/05/15		1,299,886		1.8
	1,400,000		FHLB	0.068%–0.090%, 08/07/15		1,399,892		2.0
	1,144,000		FHLB	0.072%–0.080%, 08/12/15		1,143,903		1.6
	1,000,000		FHLB	0.055%, 08/17/15		999,928		1.4

72 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Money Market Fund  §  June 30, 2015

Principal			Issuer		Value		% net assets
	GOVERNMENT AGENCY DEBT—continued
	$    640,000		FHLB	0.063%, 08/19/15	$	639,945		0.9	%
	615,000		FHLB	0.075%–0.085%, 08/21/15		614,930		0.9
	2,000,000		FHLB	0.080%–0.090%, 08/28/15		1,999,737		2.8
	1,010,000		FHLB	0.075%–0.095%, 09/02/15		1,009,856		1.4
	820,000		FHLB	0.080%–0.115%, 09/04/15		819,870		1.2
	1,259,000		FHLB	0.100%, 10/21/15		1,258,608		1.8
						22,348,582		31.5
	TREASURY DEBT
	664,000		United States Treasury Bill	0.060%–0.101%, 08/20/15		663,921		0.9
	799,000		United States Treasury Bill	0.058%–0.160%, 11/12/15		798,784		1.1
	2,757,000		United States Treasury Bill	0.028%–0.198%, 07/23/15–02/04/16		2,756,322		3.9
	1,050,000		United States Treasury Note	0.250%, 07/15/15		1,050,045		1.5
	790,000		United States Treasury Note	0.375%, 08/31/15		790,309		1.1
	525,000		United States Treasury Note	0.250%, 09/15/15		525,134		0.7
	500,000		United States Treasury Note	0.250%, 09/30/15		500,186		0.7
	665,000		United States Treasury Note	0.250%, 10/15/15		665,113		0.9
	800,000		United States Treasury Note	0.250%, 11/30/15		800,418		1.1
	678,000		United States Treasury Note	0.375%, 01/15/16		678,874		1.0
	2,150,000		United States Treasury Note	0.250%–0.375%, 07/31/15–03/31/16		2,151,389		3.1
						11,380,495		16.0
	VARIABLE RATE SECURITIES
	500,000	i	Federal Farm Credit Bank (FFCB)	0.200%, 08/10/15		500,014		0.7
	500,000	i	FFCB	0.184%, 03/02/17		500,002		0.7
	1,000,000	i	FFCB	0.140%–0.167%, 03/29/16–01/24/17		999,811		1.4
	500,000	i	Federal Home Loan Bank (FHLB)	0.220%, 08/14/15		500,021		0.7
	500,000	i	FHLB	0.200%, 08/19/15		500,000		0.7
	500,000	i	Wells Fargo Bank NA	0.330%, 03/10/16		500,000		0.7
			Other			499,924		0.7
						3,999,772		5.6
			TOTAL SHORT-TERM INVESTMENTS	(Cost $68,777,921)		68,777,921		96.8
			TOTAL PORTFOLIO	(Cost $68,777,921)		68,777,921		96.8
			OTHER ASSETS & LIABILITIES, NET			2,266,907		3.2
			NET ASSETS		$	71,044,828		100.0	%

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

y Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed to be liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2015, the aggregate value of these securities was $20,898,829 or 29.4% of net assets.

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 73

Portfolio of investments (unaudited)

Balanced Fund  §  June 30, 2015

Shares		Security		Value			% of net assets
	TIAA-CREF LIFE FUNDS - 100.1% (a)
	FIXED INCOME - 50.3%
	956,176	TIAA-CREF Life Bond Fund		$	24,487,662			50.3	%
	TOTAL FIXED INCOME				24,487,662			50.3
	INTERNATIONAL EQUITY - 9.9%
	241,373	TIAA-CREF Life International Equity Fund			4,832,279			9.9
	TOTAL INTERNATIONAL EQUITY				4,832,279			9.9
	U.S. EQUITY - 39.9%
	158,456	TIAA-CREF Life Growth Equity Fund			4,555,623			9.3
	124,334	TIAA-CREF Life Growth & Income Fund			4,876,367			10.0
	112,878	TIAA-CREF Life Large-Cap Value Fund			4,200,205			8.6
	28,190	TIAA-CREF Life Real Estate Securities Fund			985,790			2.0
	27,413	TIAA-CREF Life Small-Cap Equity Fund			972,330			2.0
	84,345	TIAA-CREF Life Stock Index Fund			3,906,023			8.0
	TOTAL U.S. EQUITY				19,496,338			39.9
		TOTAL TIAA-CREF LIFE FUNDS	(Cost $48,043,391)		48,816,279			100.1
		TOTAL PORTFOLIO	(Cost $48,043,391)		48,816,279			100.1
		OTHER ASSETS AND LIABILITIES, NET			(39,391	)		(0.1	)
		NET ASSETS		$	48,776,888			100.0	%

(a) The Fund invests its assets in the affiliated TIAA-CREF Life Funds.

74 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

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TIAA-CREF Life Funds   §   2015 Semiannual Report 75

Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds  §  June 30, 2015

	Growth Equity Fund
ASSETS
Portfolio investments, at value*†	$	77,842,881
Cash		1,446,699
Receivable from securities transactions		261,331
Receivable from Fund shares sold		1,715
Dividends and interest receivable		25,512
Due from affiliates		529
Receivable for variation margin on open futures contracts		—
Other		4,533
Total assets		79,583,200
LIABILITIES
Management fees payable		4,862
Due to affiliates		786
Payable for collateral for securities loaned		999,403
Payable for securities transactions		108,111
Payable for Fund shares redeemed		1,438,762
Written options§		270
Payable for trustee compensation		4,726
Accrued expenses and other payables		23,674
Total liabilities		2,580,594
NET ASSETS	$	77,002,606
NET ASSETS CONSIST OF:
Paid-in-capital	$	55,359,287
Undistributed net investment income (loss)		96,767
Accumulated net realized gain (loss) on total investments		3,665,808
Net unrealized appreciation (depreciation) on total investments		17,880,744
NET ASSETS	$	77,002,606
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,678,777
Net asset value per share		$28.75
*    Includes securities loaned of	$	989,996
†     Portfolio investments, cost	$	59,962,345
§    Written options premiums	$	478

76 2015 Semiannual 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
$	154,154,625	$	95,182,689	$	99,500,760	$	56,028,825
	291,043		283,574		1,965,210		860,336
	341,399		778,195		—		942,894
	1,905		1,282		48,832		2,571
	138,728		156,062		362,500		41,276
	630		741		346		694
	—		—		—		2,450
	7,387		6,213		6,837		4,774
	154,935,717		96,408,756		101,884,485		57,883,820
	9,551		5,849		7,188		3,465
	1,360		998		1,284		517
	2,092,699		2,465,284		—		2,550,522
	165,459		404,725		—		1,112,057
	387,468		70,776		26,292		1,332,985
	6,045		—		—		—
	7,768		6,498		7,177		4,921
	34,810		24,381		24,169		24,319
	2,705,160		2,978,511		66,110		5,028,786
$	152,230,557	$	93,430,245	$	101,818,375	$	52,855,034
$	111,512,645	$	74,226,142	$	78,411,507	$	41,624,972
	778,385		621,367		1,106,315		190,552
	8,629,512		3,048,590		3,242,812		4,112,928
	31,310,015		15,534,146		19,057,741		6,926,582
$	152,230,557	$	93,430,245	$	101,818,375	$	52,855,034
	3,881,730		2,510,715		2,911,763		1,490,242
	$39.22		$37.21		$34.97		$35.47
$	2,049,374	$	2,376,808	$	—	$	2,547,193
$	122,842,521	$	79,648,526	$	80,443,019	$	49,096,782
$	3,892	$	—	$	—	$	—

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 77

Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds  §  June 30, 2015

	Social Choice Equity Fund
ASSETS
Unaffiliated investments, at value*†	$	62,282,974
Affiliated investments, at value‡		—
Cash		430,518
Cash—foreign^		—
Receivable from securities transactions		4,016
Receivable for delayed delivery securities		—
Receivable from Fund shares sold		367
Dividends and interest receivable		83,069
Due from affiliates		424
Receivable for variation margin on open futures contracts		—
Other		4,488
Total assets		62,805,856
LIABILITIES
Management fees payable		1,307
Due to affiliates		738
Payable for collateral for securities loaned		—
Payable for securities transactions		2,957
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		68,337
Payable for trustee compensation		4,667
Accrued expenses and other payables		20,658
Total liabilities		98,664
NET ASSETS	$	62,707,192
NET ASSETS CONSIST OF:
Paid-in-capital	$	39,287,937
Undistributed net investment income (loss)		666,044
Accumulated net realized gain (loss) on total investments		2,236,658
Net unrealized appreciation (depreciation) on total investments		20,516,553
NET ASSETS	$	62,707,192
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,630,495
Net asset value per share		$38.46
*    Includes securities loaned of	$	—
†     Unaffiliated investments, cost	$	41,766,421
‡     Affiliated investments, cost	$	—
^    Foreign cash, cost	$	—

78 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

Stock Index Fund			International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund
$	342,034,578		$	104,320,829		$	215,045,303		$	68,777,921		$	—
	—			—			—			—			48,816,279
	5,629,480			1,074,480			108,381			1,084			47,655
	—			388			—			—			—
	7,763,908			566,334			1,113,013			—			—
	—			—			5,846,065			—			—
	87,157			416,412			3,813			2,284,709			—
	422,617			175,947			1,388,567			7,444			—
	812			940			1,114			984			739
	33,500			—			—			—			—
	14,393			7,206			9,873			1,130			350
	355,986,445			106,562,536			223,516,129			71,073,272			48,865,023
	2,801			7,177			9,087			956			674
	3,194			1,029			2,153			592			216
	7,283,610			3,818,026			—			—			—
	12,020,468			881,270			589,551			—			—
	—			—			684,358			—			—
	450,996			33,666			4,031,673			1,524			75,376
	15,259			7,471			12,174			1,317			432
	43,345			40,074			53,587			24,055			11,437
	19,819,673			4,788,713			5,382,583			28,444			88,135
$	336,166,772		$	101,773,823		$	218,133,546		$	71,044,828		$	48,776,888
$	203,107,323		$	124,291,612		$	214,409,187		$	71,045,778		$	47,434,925
	4,362,344			2,352,037			3,125,927			(996	)		(21,646	)
	(5,784,443	)		(33,500,497	)		1,591,492			46			590,721
	134,481,548			8,630,671			(993,060	)		—			772,888
$	336,166,772		$	101,773,823		$	218,133,546		$	71,044,828		$	48,776,888
	7,259,795			5,082,880			8,515,843			71,042,493			4,558,666
	$46.31			$20.02			$25.62			$1.00			$10.70
$	7,125,358		$	3,627,113		$	—		$	—		$	—
$	207,530,951		$	95,687,442		$	216,038,397		$	68,777,921		$	—
$	—		$	—		$	—		$	—		$	48,043,391
$	—		$	388		$	—		$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 79

Statements of operations (unaudited)

TIAA-CREF Life Funds  §  For the period or year ended June 30, 2015

	Growth Equity Fund
INVESTMENT INCOME
Dividends*	$	270,781
Income from securities lending		1,979
Interest		42
Total income		272,802
EXPENSES
Management fees		169,491
Shareholder servicing		1,478
Professional fees		18,320
Custody and accounting fees		10,921
Shareholder reports		6,693
Administrative service fees		1,856
Trustee fees and expenses		431
Other expenses		5,119
Total expenses		214,309
Less: Expenses reimbursed by the investment adviser		(18,425	)
Net expenses		195,884
Net investment income (loss)		76,918
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		2,764,044
Futures transactions		—
Purchased options		—
Written options		881
Foreign currency transactions		(1,023	)
Net realized gain (loss) on total investments		2,763,902
Change in unrealized appreciation (depreciation) on:
Portfolio investments		1,704,477
Futures transactions		—
Purchased options		—
Written options		208
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		853
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		1,705,538
Net realized and unrealized gain (loss) on total investments		4,469,440
Net increase (decrease) in net assets from operations	$	4,546,358
*    Net of foreign withholding taxes of	$	1,821

80 2015 Semiannual 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
$	1,138,476		$	921,015		$	1,122,070		$	284,558
	8,050			9,649			—			8,639
	35			32			116			6
	1,146,561			930,696			1,122,186			293,203
	340,274			249,669			328,763			121,719
	1,742			1,477			1,497			1,164
	17,848			17,983			18,522			17,143
	23,983			17,254			7,905			11,162
	10,913			8,767			10,144			5,664
	3,729			2,706			3,479			1,190
	865			656			792			214
	15,761			8,366			5,944			6,432
	415,115			306,878			377,046			164,688
	(21,877	)		(18,057	)		(2,229	)		(23,905	)
	393,238			288,821			374,817			140,783
	753,323			641,875			747,369			152,420
	7,699,320			4,483,790			3,480,338			3,244,580
	—			—			—			15,838
	(7,710	)		—			—			—
	136,792			—			—			—
	(2,612	)		1,899			—			—
	7,825,790			4,485,689			3,480,338			3,260,418
	(1,953,070	)		(3,393,557	)		(9,702,557	)		(496,871	)
	—			—			—			(4,205	)
	(886	)		—			—			—
	(2,854	)		—			1,700			—
	944			96			—			—
	(1,955,866	)		(3,393,461	)		(9,700,857	)		(501,076	)
	5,869,924			1,092,228			(6,220,519	)		2,759,342
$	6,623,247		$	1,734,103		$	(5,473,150	)	$	2,911,762
$	8,830		$	2,765		$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 81

Statements of operations (unaudited)

TIAA-CREF Life Funds  §  For the period or year ended June 30, 2015

	Social Choice Equity Fund
INVESTMENT INCOME
Dividends*	$	670,152
Income from securities lending		—
Interest		14		��
Total income		670,166
EXPENSES
Management fees		52,454
Shareholder servicing		1,664
Professional fees		15,463
Custody and accounting fees		5,685
Shareholder reports		7,127
Administrative service fees		1,735
Trustee fees and expenses		408
Other expenses		5,516
Total expenses		90,052
Less: Expenses reimbursed by the investment adviser		(13,000	)
Fee waiver by investment adviser		—
Net expenses		77,052
Net investment income (loss)		593,114
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated investments		2,180,699
Affiliated investments		—
Futures transactions		—
Foreign currency transactions		—
Net realized gain (loss) on total investments		2,180,699
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated investments**		(3,013,110	)
Affiliated investments		—
Futures transactions		—
Unfunded loan commitment		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(3,013,110	)
Net realized and unrealized gain (loss) on total investments		(832,411	)
Net increase (decrease) in net assets from operations	$	(239,297	)
*    Net of foreign withholding taxes of	$	7
**   Includes net change in unrealized foreign capital gains taxes of	$	—

82 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

Stock Index Fund			International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund
$	4,212,558		$	1,322,133		$	—		$	—		$	—
	68,039			44,914			—			—			—
	17			66			3,498,614			41,766			7
	4,280,614			1,367,113			3,498,614			41,766			7
	99,910			246,051			350,164			32,642			21,855
	1,583			1,481			1,232			937			1,468
	21,551			21,722			23,977			14,112			11,997
	14,379			29,416			39,228			18,026			5,769
	20,652			7,878			14,695			6,498			5,735
	8,111			2,248			5,683			1,650			653
	1,872			482			1,319			366			183
	8,279			14,948			3,767			2,670			2,541
	176,337			324,226			440,065			76,901			50,201
	(26,438	)		(28,437	)		(31,513	)		(27,911	)		(28,250	)
	—			—			—			(7,224	)		—
	149,899			295,789			408,552			41,766			21,951
	4,130,715			1,071,324			3,090,062			—			(21,944	)
	1,487,018			(2,217,548	)		1,272,011			46			459
	—			—			—			—			(39,533	)
	39,614			—			—			—			—
	—			(31,810	)		(50,186	)		—			—
	1,526,632			(2,249,358	)		1,221,825			46			(39,074	)
	727,106			9,714,413			(3,638,147	)		—			—
	—			—			—			—			936,993
	(30,122	)		—			—			—			—
	—			—			(425	)		—			—
	—			(311	)		1,825			—			—
	696,984			9,714,102			(3,636,747	)		—			936,993
	2,223,616			7,464,744			(2,414,922	)		46			897,919
	$6,354,331		$	8,536,068		$	675,140		$	46			$875,975
$	1,458		$	152,407		$	—		$	—		$	—
$	—		$	7,169		$	—		$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 83

Statements of changes in net assets

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

	Growth Equity Fund
	June 30, 2015			December 31, 2014
	(unaudited)
OPERATIONS
Net investment income (loss)	$	76,918		$	222,897
Net realized gain (loss) on total investments		2,763,902			5,865,458
Net change in unrealized appreciation (depreciation) on total investments		1,705,538			944,698
Net increase (decrease) in net assets from operations		4,546,358			7,033,053
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		—			(200,087	)
From realized gains		—			(5,437,368	)
Total distributions		—			(5,637,455	)
SHAREHOLDER TRANSACTIONS
Subscriptions		7,772,576			11,000,241
Reinvestments of distributions		—			5,637,455
Redemptions		(5,808,434	)		(9,343,682	)
Net increase (decrease) from shareholder transactions		1,964,142			7,294,014
Net increase (decrease) in net assets		6,510,500			8,689,612
NET ASSETS
Beginning of period		70,492,106			61,802,494
End of period	$	77,002,606		$	70,492,106
Undistributed net investment income (loss) included in net assets	$	96,767		$	19,849
CHANGE IN FUND SHARES
Shares sold		274,676			406,384
Shares reinvested		—			206,803
Shares redeemed		(203,653	)		(349,109	)
Net increase (decrease) from shareholder transactions		71,023			264,078

84 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund						Large-Cap Value Fund
June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014
(unaudited)						(unaudited)
$	753,323		$	1,356,660		$	641,875		$	1,875,803
	7,825,790			11,045,076			4,485,689			4,885,189
	(1,955,866	)		2,411,922			(3,393,461	)		2,627,383
	6,623,247			14,813,658			1,734,103			9,388,375
	—			(1,393,308	)		—			(1,920,379	)
	—			(11,582,263	)		—			(6,962,082	)
	—			(12,975,571	)		—			(8,882,461	)
	5,453,306			15,887,789			3,430,012			12,992,437
	—			12,975,571			—			8,882,461
	(7,719,249	)		(14,425,379	)		(24,377,302	)		(14,606,261	)
	(2,265,943	)		14,437,981			(20,947,290	)		7,268,637
	4,357,304			16,276,068			(19,213,187	)		7,774,551
	147,873,253			131,597,185			112,643,432			104,868,881
$	152,230,557		$	147,873,253		$	93,430,245		$	112,643,432
$	778,385		$	25,062		$	621,367		$	(20,508	)
	141,079			414,657			92,238			343,938
	—			343,997			—			240,978
	(198,849	)		(374,167	)		(642,441	)		(386,431	)
	(57,770	)		384,487			(550,203	)		198,485

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 85

Statements of changes in net assets

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

	Real Estate Securities Fund
	June 30, 2015			December 31, 2014
	(unaudited)
OPERATIONS
Net investment income (loss)	$	747,369		$	1,971,623
Net realized gain (loss) on total investments		3,480,338			4,830,657
Net change in unrealized appreciation (depreciation) on total investments		(9,700,857	)		21,149,002
Net increase (decrease) in net assets from operations		(5,473,150	)		27,951,282
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(1,916,352	)
From realized gains		—			(1,766,677	)
Total distributions		—			(3,683,029	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		7,209,169			15,313,674
Reinvestments of distributions		—			3,683,029
Redemptions		(28,570,580	)		(10,814,277	)
Net increase (decrease) from shareholder transactions		(21,361,411	)		8,182,426
Net increase (decrease) in net assets		(26,834,561	)		32,450,679
NET ASSETS
Beginning of period		128,652,936			96,202,257
End of period	$	101,818,375		$	128,652,936
Undistributed net investment income (loss) included in net assets	$	1,106,315		$	358,946
CHANGE IN FUND SHARES:
Shares sold		190,660			457,838
Shares reinvested		—			100,465
Shares redeemed		(790,206	)		(323,501	)
Net increase (decrease) from shareholder transactions		(599,546	)		234,802

86 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

Small-Cap Equity Fund						Social Choice Equity Fund
June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014
(unaudited)						(unaudited)
$	152,420		$	378,897		$	593,114		$	1,144,434
	3,260,418			5,783,413			2,180,699			2,054,766
	(501,076	)		(2,728,985	)		(3,013,110	)		3,925,842
	2,911,762			3,433,325			(239,297	)		7,125,042
	—			(369,606	)		—			(1,272,574	)
	—			(6,738,049	)		—			(1,804,914	)
	—			(7,107,655	)		—			(3,077,488	)
	3,759,512			7,459,772			1,277,528			5,010,304
	—			7,107,655			—			3,077,488
	(6,550,549	)		(9,595,425	)		(10,298,309	)		(5,099,000	)
	(2,791,037	)		4,972,002			(9,020,781	)		2,988,792
	120,725			1,297,672			(9,260,078	)		7,036,346
	52,734,309			51,436,637			71,967,270			64,930,924
$	52,855,034		$	52,734,309		$	62,707,192		$	71,967,270
$	190,552		$	38,132		$	666,044		$	72,930
	107,626			205,283			33,002			131,771
	—			213,187			—			79,133
	(188,196	)		(263,823	)		(263,509	)		(133,971	)
	(80,570	)		154,647			(230,507	)		76,933

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 87

Statements of changes in net assets

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

	Stock Index Fund
	June 30, 2015			December 31, 2014
	(unaudited)
OPERATIONS
Net investment income (loss)	$	4,130,715		$	5,621,788
Net realized gain (loss) on total investments		1,526,632			(2,109,409	)
Net change in unrealized appreciation (depreciation) on total investments		696,984			32,426,092
Net increase (decrease) in net assets from operations		6,354,331			35,938,471
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(5,819,205	)
From realized gains		—			(781,353	)
Total distributions		—			(6,600,558	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		17,961,597			54,752,143
Reinvestments of distributions		—			6,600,558
Redemptions		(16,877,107	)		(45,079,185	)
Net increase (decrease) from shareholder transactions		1,084,490			16,273,515
Net increase (decrease) in net assets		7,438,821			45,611,428
NET ASSETS
Beginning of period		328,727,951			283,116,523
End of period	$	336,166,772		$	328,727,951
Undistributed net investment income (loss) included in net assets	$	4,362,344		$	231,629
CHANGE IN FUND SHARES:
Shares sold		387,657			1,254,772
Shares reinvested		—			144,844
Shares redeemed		(363,518	)		(1,031,928	)
Net increase (decrease) from shareholder transactions		24,139			367,688

88 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

International Equity Fund						Bond Fund
June 30, 2015			December 31, 2014			June 30, 2015			December 31, 2014
(unaudited)						(unaudited)
$	1,071,324		$	1,416,405		$	3,090,062		$	4,983,115
	(2,249,358	)		3,671,464			1,221,825			2,322,328
	9,714,102			(12,802,952	)		(3,636,747	)		3,574,387
	8,536,068			(7,715,083	)		675,140			10,879,830
	—			(1,271,623	)		—			(4,939,268	)
	—			—			—			(1,903,517	)
	—			(1,271,623	)		—			(6,842,785	)
	7,998,263			19,044,794			16,460,915			40,090,282
	—			1,271,623			—			6,842,785
	(5,440,247	)		(18,755,813	)		(29,825,790	)		(9,555,431	)
	2,558,016			1,560,604			(13,364,875	)		37,377,636
	11,094,084			(7,426,102	)		(12,689,735	)		41,414,681
	90,679,739			98,105,841			230,823,281			189,408,600
$	101,773,823		$	90,679,739		$	218,133,546		$	230,823,281
$	2,352,037		$	1,280,713		$	3,125,927		$	35,865
	403,656			957,517			636,708			1,553,339
	—			68,736			—			268,555
	(275,606	)		(939,770	)		(1,159,973	)		(371,789	)
	128,050			86,483			(523,265	)		1,450,105

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 89

Statements of changes in net assets

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

	Money Market Fund
	June 30, 2015			December 31, 2014
	(unaudited)
OPERATIONS
Net investment income (loss)	$	—		$	—
Net realized gain (loss) on total investments		46			134
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) in net assets from operations		46			134
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			—
From realized gains		—			—
Total distributions		—			—
SHAREHOLDER TRANSACTIONS:
Subscriptions		42,136,103			94,829,356
Reinvestments of distributions		—			—
Redemptions		(39,718,949	)		(99,608,107	)
Net increase (decrease) from shareholder transactions		2,417,154			(4,778,751	)
Net increase (decrease) in net assets		2,417,200			(4,778,617	)
NET ASSETS
Beginning of period		68,627,628			73,406,245
End of period	$	71,044,828		$	68,627,628
Undistributed net investment income (loss) included in net assets	$	(996	)	$	(996	)
CHANGE IN FUND SHARES:
Shares sold		42,136,103			94,829,356
Shares reinvested		—			—
Shares redeemed		(39,718,949	)		(99,608,107	)
Net increase (decrease) from shareholder transactions		2,417,154			(4,778,751	)

* For the period January 31, 2014 to December 31, 2014.

90 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

Balanced Fund
June 30, 2015			December 31, 2014*
(unaudited)
$	(21,944	)	$	573,504
	(39,074	)		961,302
	936,993			(164,105	)
	875,975			1,370,701
	—			(897,987	)
	—			(6,726	)
	—			(904,713	)
	12,095,422			36,989,915
	—			904,713
	(1,126,773	)		(1,428,352	)
	10,968,649			36,466,276
	11,844,624			36,932,264
	36,932,264			—
$	48,776,888		$	36,932,264
$	(21,646	)	$	298
	1,128,997			3,583,815
	—			86,492
	(104,903	)		(135,735	)
	1,024,094			3,534,572

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 91

Financial highlights

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

				Selected per share data
						Gain (loss) from investment operations								Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a		Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
GROWTH EQUITY FUND
		6/30/15	§	$	27.03	$	0.03	$	1.69		$	1.72		$	—		$	—
		12/31/14			26.37		0.09		2.89			2.98			(0.08	)		(2.24	)
		12/31/13			18.89		0.07		7.47			7.54			(0.06	)		—
		12/31/12			16.26		0.12		2.64			2.76			(0.13	)		—
		12/31/11			16.01		0.05		0.25			0.30			(0.05	)		—
		12/31/10			14.18		0.07		1.83			1.90			(0.07	)		—
GROWTH & INCOME FUND
		6/30/15	§		37.54		0.19		1.49			1.68			—			—
		12/31/14			37.02		0.38		3.75			4.13			(0.39	)		(3.22	)
		12/31/13			30.37		0.40		9.98			10.38			(0.39	)		(3.34	)
		12/31/12			26.54		0.42		3.94			4.36			(0.53	)		—
		12/31/11			26.07		0.29		0.47			0.76			(0.29	)		—
		12/31/10			23.27		0.30		2.82			3.12			(0.32	)		—
LARGE-CAP VALUE FUND
		6/30/15	§		36.80		0.21		0.20			0.41			—			—
		12/31/14			36.64		0.66		2.64			3.30			(0.68	)		(2.46	)
		12/31/13			29.39		0.54		9.49			10.03			(0.69	)		(2.09	)
		12/31/12			24.92		0.55		4.47			5.02			(0.55	)		—
		12/31/11			26.95		0.41		(2.03	)		(1.62	)		(0.41	)		—
		12/31/10			23.11		0.37		3.87			4.24			(0.40	)		—
REAL ESTATE SECURITIES FUND
		6/30/15	§		36.64		0.21		(1.88	)		(1.67	)		—			—
		12/31/14			29.36		0.59		7.77			8.36			(0.56	)		(0.52	)
		12/31/13			29.35		0.53		0.02			0.55			(0.54	)		—
		12/31/12			24.94		0.45		4.48			4.93			(0.52	)		—
		12/31/11			23.67		0.38		1.20			1.58			(0.31	)		—
		12/31/10			18.43		0.35		5.37			5.72			(0.48	)		—
SMALL-CAP EQUITY FUND
		6/30/15	§		33.57		0.10		1.80			1.90			—			—
		12/31/14			36.32		0.27		2.18			2.45			(0.27	)		(4.93	)
		12/31/13			30.87		0.27		11.93			12.20			(0.25	)		(6.50	)
		12/31/12			27.38		0.32		3.52			3.84			(0.35	)		—
		12/31/11			28.76		0.14		(1.36	)		(1.22	)		(0.16	)		—
		12/31/10			22.70		0.19		6.06			6.25			(0.19	)		—

92 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

								Ratios and supplemental data
										Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate
$	—		$	28.75		6.36	%b	$	77,003		0.57	%c		0.52	%c		0.20	%c		43	%b
	(2.32	)		27.03		11.25			70,492		0.59			0.52			0.35			103
	(0.06	)		26.37		39.94			61,802		0.66			0.52			0.29			105
	(0.13	)		18.89		16.99			42,710		0.74			0.52			0.69			155
	(0.05	)		16.26		1.85			40,950		0.76			0.52			0.29			136
	(0.07	)		16.01		13.42			37,552		0.63			0.43			0.48			208
	—			39.22		4.48	b		152,231		0.55	c		0.52	c		1.00	c		44	b
	(3.61	)		37.54		11.09			147,873		0.56			0.52			0.98			103
	(3.73	)		37.02		34.38			131,597		0.61			0.52			1.15			141
	(0.53	)		30.37		16.43			92,409		0.69			0.52			1.41			115
	(0.29	)		26.54		2.96			76,240		0.70			0.52			1.09			109
	(0.32	)		26.07		13.41			72,029		0.56			0.42			1.26			138
	—			37.21		1.11	b		93,430		0.55	c		0.52	c		1.16	c		31	b
	(3.14	)		36.80		8.98			112,643		0.56			0.52			1.75			60
	(2.78	)		36.64		34.31			104,869		0.60			0.52			1.54			58
	(0.55	)		29.39		20.14			71,691		0.70			0.52			1.99			77
	(0.41	)		24.92		(5.95	)		60,441		0.71			0.52			1.56			80
	(0.40	)		26.95		18.36			64,277		0.59			0.43			1.52			102
	—			34.97		(4.56	)b		101,818		0.57	c		0.57	c		1.14	c		17	b
	(1.08	)		36.64		28.47			128,653		0.58			0.57			1.76			45
	(0.54	)		29.36		1.89			96,202		0.63			0.57			1.72			58
	(0.52	)		29.35		19.79			96,421		0.71			0.57			1.59			65
	(0.31	)		24.94		6.73			79,535		0.71			0.57			1.53			58
	(0.48	)		23.67		31.16			73,759		0.60			0.48			1.63			66
	—			35.47		5.66	b		52,855		0.62	c		0.53	c		0.58	c		47	b
	(5.20	)		33.57		6.85			52,734		0.64			0.54			0.73			98
	(6.75	)		36.32		39.87			51,437		0.73			0.55			0.72			87
	(0.35	)		30.87		14.02			60,081		0.75			0.55			1.08			118
	(0.16	)		27.38		(4.23	)		55,391		0.76			0.55			0.48			100
	(0.19	)		28.76		27.55			60,435		0.58			0.41			0.75			98

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 93

Financial highlights

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

				Selected per share data
						Gain (loss) from investment operations									Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
SOCIAL CHOICE EQUITY FUND
		6/30/15	§	$	38.67	$	0.33		$	(0.54	)	$	(0.21	)	$	—		$	—
		12/31/14			36.39		0.64			3.36			4.00			(0.71	)		(1.01	)
		12/31/13			27.53		0.55			8.84			9.39			(0.53	)		—
		12/31/12			24.61		0.58			2.87			3.45			(0.53	)		—
		12/31/11			25.07		0.43			(0.45	)		(0.02	)		(0.44	)		—
		12/31/10			21.99		0.43			3.09			3.52			(0.44	)		—
STOCK INDEX FUND
		6/30/15	§		45.43		0.57			0.31			0.88			—			—
		12/31/14			41.22		0.80			4.34			5.14			(0.82	)		(0.11	)
		12/31/13			31.48		0.70			9.81			10.51			(0.71	)		(0.06	)
		12/31/12			27.81		0.68			3.87			4.55			(0.68	)		(0.20	)
		12/31/11			28.09		0.53			(0.28	)		0.25			(0.53	)		—
		12/31/10			24.46		0.47			3.63			4.10			(0.47	)		—
INTERNATIONAL EQUITY FUND
		6/30/15	§		18.30		0.21			1.51			1.72			—			—
		12/31/14			20.15		0.29			(1.88	)		(1.59	)		(0.26	)		—
		12/31/13			16.60		0.33			3.67			4.00			(0.45	)		—
		12/31/12			12.85		0.32			3.70			4.02			(0.27	)		—
		12/31/11			17.24		0.28			(4.41	)		(4.13	)		(0.26	)		—
		12/31/10			14.58		0.19			2.67			2.86			(0.20	)		—
BOND FUND
		6/30/15	§		25.54		0.34			(0.26	)		0.08			—			—
		12/31/14			24.96		0.61			0.76			1.37			(0.57	)		(0.22	)
		12/31/13			26.15		0.64			(1.04	)		(0.40	)		(0.62	)		(0.17	)
		12/31/12			25.60		0.77			1.00			1.77			(0.74	)		(0.48	)
		12/31/11			24.88		0.87			0.70			1.57			(0.85	)		—
		12/31/10			24.13		0.93			0.73			1.66			(0.91	)		—
MONEY MARKET FUND
		6/30/15	§		1.00		—			0.00	d		0.00	d		—			—
		12/31/14			1.00		—			0.00	d		0.00	d		—			—
		12/31/13			1.00		0.00	d		—			0.00	d		(0.00	)d		—
		12/31/12			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—
		12/31/11			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—
		12/31/10			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—

94 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

								Ratios and supplemental data
										Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate
$	—		$	38.46		(0.54	)%b	$	62,707		0.26	%c		0.22	%c		1.70	%c		4	%b
	(1.72	)		38.67		10.98			71,967		0.26			0.22			1.68			10
	(0.53	)		36.39		34.13			64,931		0.33			0.22			1.68			11
	(0.53	)		27.53		14.01			43,692		0.43			0.22			2.16			16
	(0.44	)		24.61		(0.05)			37,295		0.49			0.22			1.71			18
	(0.44	)		25.07		16.01			35,344		0.42			0.17			1.87			18
	—			46.31		1.94	b		336,167		0.11	c		0.09	c		2.48	c		5	b
	(0.93	)		45.43		12.46			328,728		0.12			0.09			1.86			8
	(0.77	)		41.22		33.43			283,117		0.16			0.09			1.90			5
	(0.88	)		31.48		16.35			207,090		0.25			0.09			2.22			6
	(0.53	)		27.81		0.95			180,256		0.26			0.09			1.85			6
	(0.47	)		28.09		16.79			177,274		0.21			0.08			1.86			7
	—			20.02		9.40	b		101,774		0.66	c		0.60	c		2.18	c		37	b
	(0.26	)		18.30		(7.90	)		90,680		0.66			0.60			1.46			91
	(0.45	)		20.15		24.15			98,106		0.74			0.60			1.79			133
	(0.27	)		16.60		31.27			77,021		0.80			0.60			2.21			111
	(0.26	)		12.85		(23.88	)		81,275		0.81			0.60			1.77			108
	(0.20	)		17.24		19.63			111,732		0.65			0.50			1.30			117
	—			25.62		0.27	b		218,134		0.38	c		0.35	c		2.65	c		76	b
	(0.79	)		25.54		5.47			230,823		0.39			0.35			2.38			180
	(0.79	)		24.96		(1.54	)		189,409		0.44			0.35			2.46			133
	(1.22	)		26.15		6.91			184,563		0.53			0.35			2.92			174
	(0.85	)		25.60		6.31			158,136		0.53			0.35			3.41			92
	(0.91	)		24.88		6.91			137,000		0.41			0.27			3.66			67
	—			1.00		0.00	b		71,045		0.24	c		0.13	c		0.00	c		—
	—			1.00		0.00			68,628		0.23			0.11			0.00			—
	(0.00	)d		1.00		0.01			73,406		0.27			0.13			0.00			—
	(0.00	)d		1.00		0.02			62,598		0.39			0.15			0.02			—
	(0.00	)d		1.00		0.03			59,822		0.39			0.15			0.03			—
	(0.00	)d		1.00		0.12			61,766		0.27			0.12			0.12			—

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 95

Financial highlights

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

				Selected per share data
						Gain (loss) from investment operations							Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a			Net realized and unrealized gain (loss) on total investments		Total gain (loss) from investment operations		Net investment income			Net realized gains
BALANCED FUND
		6/30/15	§	$	10.45	$	(0.01	)	$	0.26	$	0.25	$	—		$	—
		12/31/14	‡		10.00		0.29			0.43		0.72		(0.27	)		(0.00	)d

^§  Unaudited

^a  Based on average shares outstanding.

^b  The percentages shown for this period are not annualized.

^c  The percentages shown for this period are annualized.

^d  Amount represents less than $0.01 per share.

^e  The Fund’s expenses do not include the expenses of the Underlying Funds.

^‡  The Fund commenced operations on January 31, 2014.

96 2015 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

								Ratios and supplemental data
										Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate
	$      —		$	10.70		2.39	%b	$	48,777		0.23	%ce		0.10	%ce		(0.10	)%c		8	%b
	(0.27	)		10.45		7.21	b		36,932		0.49	ce		0.10	ce		2.99	c		59	b

See notes to financial statements TIAA-CREF Life Funds   §   2015 Semiannual Report 97

Notes to financial statements (unaudited)

TIAA-CREF Life Funds

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“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, Money Market Fund and Balanced 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“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. Dividends from affiliated investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from affiliated investments on the Statements of Operations. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. 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 gains are recorded as a reduction of cost of investments and/or as a realized gain.

98 2015 Semiannual Report   §   TIAA-CREF Life Funds

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

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

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. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included 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.

TIAA-CREF Life Funds   §   2015 Semiannual Report 99

Notes to financial statements (unaudited)

New accounting pronouncement: In June 2014, the FASB issued Accounting Standards Update No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures (the “Update”). The Update will require, among other items, additional disclosures for transactions that are accounted for as secured borrowings, such as loaned securities. The Update is effective for annual reporting periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Funds adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Funds’ financial statements and notes disclosures.

New rule issuance: In July 2014, the Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Fund’s financial statements and related 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.

100 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

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.

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: Prior to January 2, 2015, short-term investments with maturities of 60 days or less were valued at amortized cost. Short-term investments with maturities in excess of 60 days were valued in the same manner as debt securities. Effective January 2, 2015, all short-term investments are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized in Level 2 of 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 commodity exchanges, are valued at the last sale price as of the close of such commodity 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 categorized in Level 1 of the fair value hierarchy.

Unfunded loan commitment: Unfunded loan commitments are marked-to-market daily based upon a price supplied by a pricing service. Unfunded loan commitments are generally categorized as Level 2 in the fair value hierarchy.

Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

TIAA-CREF Life Funds   §   2015 Semiannual Report 101

Notes to financial statements (unaudited)

categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2015, there were no material transfers between levels by the Funds.

As of June 30, 2015, 100% of the value of investments in the Real Estate Securities Fund, the Small-Cap Equity Fund, the Social Choice Equity Fund, and the Balanced Fund was valued based on Level 1 inputs.

As of June 30, 2015, 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 June 30, 2015, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth Equity
Equity investments:
Consumer discretionary	$	15,769,615		$	272,083	$	—	$	16,041,698
Information technology		27,911,720			509,911		—		28,421,631
All other equity investments*		32,380,149			—		—		32,380,149
Short-term investments		999,403			—		—		999,403
Written options**		(270	)		—		—		(270	)
Total	$	77,060,617		$	781,994	$	—	$	77,842,611
Growth & Income
Equity investments:
Consumer discretionary	$	26,459,634		$	360,011	$	—	$	26,819,645
Consumer staples		13,368,412			1,558,363		—		14,926,775
Financials		18,679,926			812,824		—		19,492,750
Health care		22,208,653			1,873,312		—		24,081,965
Information technology		33,098,548			800,819		—		33,899,367
Materials		3,602,049			946,438		—		4,548,487
All other equity investments*		28,292,853			—		—		28,292,853
Short-term investments		2,092,699			—		—		2,092,699
Purchased options**		84			—		—		84
Written options**		(6,045	)		—		—		(6,045	)
Total	$	147,796,813		$	6,351,767	$	—	$	154,148,580
Large-Cap Value
Equity investments:
Consumer discretionary	$	7,945,167		$	548,682	$	—	$	8,493,849
Consumer staples		5,049,402			541,526		—		5,590,928
Financials		25,247,662			258,189				25,505,851
Health care		10,402,002			531,756		—		10,933,758
Industrials		8,765,346			236,621		160		9,002,127
Information technology		12,144,120			226,917		—		12,371,037
Materials		3,398,578			367,342		—		3,765,920
All other equity investments*		17,053,935			—		—		17,053,935
Short-term investments		2,465,284			—		—		2,465,284
Total	$	92,471,496		$	2,711,033	$	160	$	95,182,689

102 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

Fund	Level 1			Level 2		Level 3		Total
Stock Index
Equity investments:
Health care	$	50,617,953		$	—	$	1,193	$	50,619,146
Telecommunication services		6,738,571			—		1,789		6,740,360
All other equity investments*		277,391,462			—		—		277,391,462
Short-term investments		7,283,610			—		—		7,283,610
Futures**		(22,079	)		—		—		(22,079	)
Total	$	342,009,517		$	—	$	2,982	$	342,012,499
International Equity
Equity Investments:
Asia	$	—		$	29,138,911	$	—	$	29,138,911
Australasia		—			524,351		—		524,351
Europe		—			69,602,882		—		69,602,882
All other equity investments*		—			1,236,659		—		1,236,659
Short-term investments		3,818,026			—		—		3,818,026
Total	$	3,818,026		$	100,502,803	$	—	$	104,320,829
Bond
Bank loan obligations	$	—		$	2,665,722	$	—	$	2,665,722
Corporate bonds		—			94,725,968		—		94,725,968
Government bonds		—			76,750,385		—		76,750,385
Structured assets		—			40,321,156		96,637		40,417,793
Preferred stocks		85,433			—		—		85,433
Short-term investments					400,002	��	—		400,002
Unfunded loan commitment		—			25		—		25
Total	$	85,433		$	214,863,258	$	96,637	$	215,045,328

* For detailed categories, see the accompanying Summary Portfolio of Investments.

** Derivative instruments, excluding purchased options, are not reflected in the Summary Portfolio of Investments.

Note 3—derivative instruments

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

At June 30, 2015, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Asset derivatives				Liabilities derivatives
Derivative contract	Location		Fair value amount		Location		Fair value amount
Growth Equity Fund
Equity contracts						Written options	$	(270	)
Growth & Income Fund
Equity contracts		Portfolio investments	$	84
Equity contracts						Written options		(6,045	)

TIAA-CREF Life Funds   §   2015 Semiannual Report 103

Notes to financial statements (unaudited)

	Asset derivatives		Liabilities derivatives
Derivative contract	Location	Fair value amount	Location			Fair value amount
Small-Cap Equity Fund
Equity contracts				Futures	*	$	(5,461	)
Stock Index Fund
Equity contracts				Futures	*		(22,079	)

* 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 period ended June 30, 2015, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contract	Location		Realized gain (loss)			Change in unrealized appreciation (depreciation)
Growth Equity Fund
Equity contracts		Written options	$	881		$	208
Growth & Income Fund
Equity contracts		Purchased options		(7,710	)		(886	)
Equity contracts		Written options		136,792			(2,854	)
Real Estate Securities Fund
Equity contracts		Written options		—			1,700
Small-Cap Equity Fund
Equity contracts		Futures transactions		15,838			(4,205	)
Stock Index Fund
Equity contracts		Futures transactions		39,614			(30,122	)

Futures contracts: The 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 receipts or payments are settled daily reflecting 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 period ended June 30, 2015, 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.

104 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

At June 30, 2015, 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	$	625,200	September 2015	$	(5,461	)
Stock Index	S&P 500 E Mini Index		11		1,129,920	September 2015		(22,079	)

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. Purchased options are included in the summary portfolio of investments, and 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 that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2015, the Growth Equity Fund and the Growth & Income Fund had exposure to options, based on underlying nominal values, generally between 0% and 2% of net assets.

The Growth & Income Fund had purchased options outstanding as of June 30, 2015:

	Number of contracts		Value
Growth & Income Fund
Nvidia Corp., Call, 7/2/15 at $22		9	$	27
Eaton Corp., plc, Call, 7/2/15 at $72		6		48
Micron Technology, Inc., Call, 7/2/15 at $26		9		9
Total		24	$	84

TIAA-CREF Life Funds   §   2015 Semiannual Report 105

Notes to financial statements (unaudited)

Written options outstanding as of June 30, 2015 were as follows:

	Number of contracts		Value
Growth Equity Fund
Perrigo Co., plc, Call, 7/17/15 at $220		2	$	(70	)
Perrigo Co., plc, Put, 7/17/15 at $170		2		(200	)
Total		4	$	(270	)
Growth & Income Fund
Ace Ltd., Put, 7/17/15 at $100		6	$	(480	)
Biogen, Inc., Put, 7/2/15 at $375		3		(15	)
Diplomat Pharmacy, Inc., Call, 7/17/15 at $45		6		(1,050	)
Eli Lilly & Co., Put, 7/2/15 at $80		9		(108	)
Mead Johnson Nutrition Co., Put, 7/17/15 at $85		9		(522	)
Oracle Corp., Put, 7/10/15 at $40.5		18		(1,206	)
Sonic Corp., Put, 7/17/15 at $30		18		(2,664	)
Total		69	$	(6,045	)

Transactions in written options and related premiums received during the period ended June 30, 2015 were as follows:

	Number of contracts			Premiums
Growth Equity Fund
Outstanding at beginning of period		—		$	—
Written		11			3,820
Purchased		—			—
Exercised		(4	)		(2,461	)
Expired		(3	)		(881	)
Outstanding at end of period		4		$	478
Growth & Income Fund
Outstanding at beginning of period		21		$	1,737
Written		3,595			179,104
Purchased		(631	)		(37,725	)
Exercised		(557	)		(24,925	)
Expired		(2,359	)		(114,299	)
Outstanding at end of period		69		$	3,892
Real Estate Securities Fund
Outstanding at beginning of period		100		$	9,800
Written		—			—
Purchased		—			—
Exercised		(100	)		(9,800	)
Expired		—			—
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

106 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

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 compliance services to the Funds.

Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of TIAA, distributes the Funds’ shares. Under the terms of the distribution agreement, TPIS is not compensated. TPIS does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds.

Beginning May 29, 2013, Advisors began waiving a portion of the investment management fees for the Money Market Fund. This waiver is voluntary in nature and can be discontinued at any time. The amounts waived are disclosed on the Statements of Operations.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of June 30, 2015, 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		0.46%		0.53%
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%
Balanced		0.10%		0.10%

* Maximum expense amounts reflect all 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, 2016. 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. During the six months ended June 30, 2015, TIAA received total proceeds of $18,300,000, $21,000,000, $7,000,000 and $22,200,000 from

TIAA-CREF Life Funds   §   2015 Semiannual Report 107

Notes to financial statements (unaudited)

redemptions from the Large-Cap Value Fund, Real Estate Securities Fund, Social Choice Equity Fund, and Bond Fund, respectively.

The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2015:

Underlying Fund	Investments in funds held by TIAA-CREF Life			Investments in funds held by TIAA			Investments in funds held by Life Balanced			Total
Growth Equity		94	%		—	%		6	%		100	%
Growth & Income		81			16			3			100
Large-Cap Value		71			25			4			100
Real Estate Securities		67			32			1			100
Small-Cap Equity		98			—			2			100
Social Choice Equity		78			22			��			100
Stock Index		99			—			1			100
International Equity		95			—			5			100
Bond		63			26			11			100
Money Market		100			—			—			100
Balanced		77			23			—			100

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Balanced Fund invests its assets in shares of the affiliated TIAA-CREF Life Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at December 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at June 30, 2015
TIAA-CREF Life Balanced Fund
TIAA-CREF Life Growth Equity	$	3,379,374	$	1,099,282	$	169,912	$	(4,152	)	$	—	$	4,555,623
TIAA-CREF Life Growth & Income		3,705,141		1,097,845		113,360		(6,741	)		—		4,876,367
TIAA-CREF Life Large-Cap Value		3,290,586		1,029,324		158,503		(8,586	)		—		4,200,205
TIAA-CREF Life Real Estate Securities		738,902		352,487		52,800		267			—		985,790
TIAA-CREF Life Small Cap Equity		742,402		236,088		54,241		(4,559	)		—		972,330
TIAA-CREF Life Stock Index		2,962,068		971,755		87,926		(367	)		—		3,906,023
TIAA-CREF Life International Equity		3,597,330		1,198,510		336,942		(7,615	)		—		4,832,279
TIAA-CREF Life Bond		18,481,266		6,738,934		728,791		(7,780	)		—		24,487,662
	$	36,897,069	$	12,724,225	$	1,702,475	$	(39,533	)	$	—	$	48,816,279

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; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the

108 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

securities lending agent (“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. As of June 30, 2015, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Unfunded loan commitment: The Bond Fund entered into a loan commitment to fund a portion of a delayed draw term-loan facility. The Fund is obligated to fund this loan commitment at the borrower’s discretion. The Fund reserves against such contingent obligation by segregating short-term securities or cash. At June 30, 2015, the Fund had an unfunded loan commitment of $4,945. The unfunded loan commitment is marked-to-market daily and any unrealized appreciation (depreciation) is included in other assets on the Statements of Assets and Liabilities. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of Operations.

Net unrealized appreciation (depreciation): At June 30, 2015, 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	$	60,138,176	$	18,340,642	$	(635,937	)	$	17,704,705
Growth & Income		123,627,109		32,199,224		(1,671,708	)		30,527,516

TIAA-CREF Life Funds   §   2015 Semiannual Report 109

Notes to financial statements (unaudited)

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation)
Large-Cap Value	$	81,334,020	$	15,671,475	$	(1,822,806	)	$	13,848,669
Real Estate Securities		81,693,067		18,756,431		(948,738	)		17,807,693
Small-Cap Equity		49,132,568		8,752,330		(1,856,073	)		6,896,257
Social Choice Equity		41,842,737		21,728,907		(1,288,670	)		20,440,237
Stock Index		214,896,542		137,109,325		(9,971,289	)		127,138,036
International Equity		96,050,774		13,010,545		(4,740,490	)		8,270,055
Bond		216,218,384		1,893,532		(3,066,613	)		(1,173,081	)
Balanced		48,097,409		848,036		(129,166	)		718,870

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2015 were as follows:

Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Growth Equity	$	34,441,147	$	—	$	32,154,352	$	—
Growth & Income		65,593,539		—		66,524,092		—
Large-Cap Value		33,439,306		—		54,112,268		—
Real Estate Securities		21,451,776		—		40,328,990		—
Small-Cap Equity		24,558,334		—		26,598,066		—
Social Choice Equity		3,003,520		—		11,748,478		—
Stock Index		21,494,779		—		16,376,875		—
International Equity		38,929,180		—		36,210,848		—
Bond		60,981,724		112,010,042		55,941,656		119,246,729
Balanced		14,524,817		—		3,503,525		—

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended December 31, 2014 was as follows:

	2014
Fund	Ordinary income		Long-term capital gains		Total
Growth Equity	$	2,076,259	$	3,561,196	$	5,637,455
Growth & Income		4,851,074		8,124,497		12,975,571
Large-Cap Value		4,468,495		4,413,966		8,882,461
Real Estate Securities		1,916,352		1,766,677		3,683,029
Small-Cap Equity		1,616,315		5,491,340		7,107,655
Social Choice Equity		1,272,574		1,804,914		3,077,488
Stock Index		6,600,558		—		6,600,558
International Equity		1,271,623		—		1,271,623
Bond		5,720,077		1,122,708		6,842,785
Money Market		—		—		—
Balanced		904,713		—		904,713

110 2015 Semiannual Report   §   TIAA-CREF Life Funds

concluded

The tax character of the fiscal year 2015 distributions will be determined at the end of the fiscal year. 

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. 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 accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2015, 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   §   2015 Semiannual Report 111

Renewal of investment
management agreement (unaudited)

Board renewal of the investment management

agreement for the TIAA-CREF Life Funds

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

Overview of the renewal process

The Board held meetings on March 12, 2015 and March 26, 2015, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2014 renewal process. During a series of meetings held prior to the March 12 and March 26, 2015 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee

112 2015 Semiannual Report   §   TIAA-CREF Life Funds

rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Lipper (and not TAI).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this regard, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Board meetings held on March 12 and March 26, 2015, legal counsel to the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of

TIAA-CREF Life Funds   §   2015 Semiannual Report 113

Renewal of investment
management agreement (unaudited)

interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel to the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) fees charged by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 26, 2015, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are certain general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI or its affiliates also manage accounts of the College Retirement Equities Fund (“CREF”), the

114 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

TIAA-CREF Funds and the TIAA Separate Account VA-1. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios and, with respect to the Balanced Fund, which is a fund of funds that invests its assets in other investment companies managed by TAI and potentially in other affiliated and unaffiliated investment companies or pools, referred to as “underlying funds,” selecting underlying funds and allocating the Balanced Fund’s assets among the underlying funds; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an acceptable range or that appropriate actions, if any, had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2014. The Board considered TAI’s profit calculations with respect to its services to each Fund. The Board acknowledged the reasonableness of having management

TIAA-CREF Life Funds   §   2015 Semiannual Report 115

Renewal of investment
management agreement (unaudited)

fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board considered that TAI had incurred losses with respect to each of the Funds. The Board also acknowledged the permanent reduction in the contractual annual management fee rate of the Small-Cap Equity Fund from 0.48% to 0.46% of average daily net assets starting May 1, 2014.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management and other functions, especially any effect of the purchase of Nuveen Investments by TAI’s parent on such resources, so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this regard, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds that underlie variable insurance products are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. Additionally, the Board also considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because TAI operated each Fund at a loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. The Board also considered that the management fee rate of the Balanced Fund matched the contractual fee rates of other funds of funds managed by TAI like the Lifecycle, Lifecycle Index and Lifestyle Funds (although TAI currently waives its entire management fee for the Lifecycle Funds and a portion of its management fee for certain of the Lifecycle Index Funds).

116 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

In addition, in the future TAI may manage institutional client assets through unregistered commingled funds or separate accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies that are managed using similar investment strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other investment companies, this is due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI or its affiliates; (4) may target different types of investors; and/or (5) may be packaged with other products, and that these factors, among others, could justify different management fee rate schedules.

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as certain of the CREF Accounts. TAI and the Funds may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Funds are utilized as investment options for other variable insurance products offered by TAI and its affiliates.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below are ended December 31, 2014. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. “Gross performance” means a Fund’s performance without any reductions for fees or expenses, including the effect of NAV rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries. For reference, one basis point is equal to 0.01%. Statements below regarding “net loss” refer to TAI incurring a loss for the services that it rendered to a Fund during 2014 under the Agreement.

TIAA-CREF Life Funds   §   2015 Semiannual Report 117

Renewal of investment
management agreement (unaudited)

Growth Equity Fund

• The Fund’s annual contractual management fee rate is 0.45% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).

• The Fund was in the 3rd, 2nd, 1st and 1st quintiles of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”). The Fund was in the 2nd, 1st, 1st and 1st quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.

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

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

• Terrance Kontos was added as a co-portfolio manager of the Fund in May 2014.

Growth & Income Fund

• The Fund’s annual contractual management fee rate is 0.45% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 4th, 3rd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

Large-Cap Value Fund

• The Fund’s annual contractual management fee rate is 0.45% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 2nd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 3rd, 4th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

118 2015 Semiannual Report   §   TIAA-CREF Life Funds

continued

Real Estate Securities Fund

• The Fund’s annual contractual management fee rate is 0.50% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 3rd, 1st and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 1st, 1st and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

Small-Cap Equity Fund

• The Fund’s annual contractual management fee rate is 0.46% of average daily net assets. This reflects a permanent reduction in this rate from 0.48% to 0.46% of average daily net assets starting May 1, 2014.

• The Fund’s total expenses, actual management fees and contractual management fees were in each the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 2nd, 2nd, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 2nd, 2nd and 3rd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively.

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

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

Social Choice Equity Fund

• The Fund’s annual contractual management fee rate is 0.15% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 5th, 2nd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 3rd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

TIAA-CREF Life Funds   §   2015 Semiannual Report 119

Renewal of investment
management agreement (unaudited)

Stock Index Fund

• The Fund’s annual contractual management fee rate is 0.06% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund did not have a Performance Group. The Fund was in the 1st, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• For the one- and three-year periods, the Fund’s relative gross performance as compared to its benchmark, the Russell 3000^® Index, was –5 and –4 basis points, respectively.

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

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

International Equity Fund

• The Fund’s annual contractual management fee rate is 0.50% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 5th, 1st, 2nd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 1st, 2nd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

Bond Fund

• The Fund’s annual contractual management fee rate is 0.30% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 3rd, 3rd, 5th and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 3rd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

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

120 2015 Semiannual Report   §   TIAA-CREF Life Funds

concluded

Money Market Fund

• The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were in the 2nd, 1st and 1st quintiles, respectively, of both its Expense Group and Expense Universe.

• The Fund was in the 3rd, 1st, 1st and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st, and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• Money market funds are not rated by Morningstar.

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

• TAI and its affiliates have voluntarily waived or reimbursed over $42 million in fees since December 31, 2014.

Balanced Fund

• The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.

• The Fund’s total expenses, actual management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

• The Fund was in the 2nd quintile of its Expense Group and in the 3rd quintile of its Expense Universe for the since-inception period.

• The Fund is too new to have received an Overall Morningstar Rating.

• TAI incurred a net loss with respect to its services to the Fund since inception.

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

TIAA-CREF Life Funds   §   2015 Semiannual Report 121

Additional information about
index providers (unaudited)

Russell Indexes

The Russell 1000^® Index, the Russell 2000^® Index, the Russell 3000^® Index, the Russell 1000 Value Index, and the Russell 1000 Growth Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

Standard & Poor’s Index

The S&P 500^® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the fund.

MSCI Indexes

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI

122 2015 Semiannual Report   §   TIAA-CREF Life Funds

index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE FUNDS, OWNERS OF THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of these securities, products or funds, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

TIAA-CREF Life Funds   §   2015 Semiannual Report 123

[This page intentionally left blank.]

How to reach us

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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.

©2015 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF),

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Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES             ��		COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.0%
2,839	*,e	Tesla Motors, Inc	$	761,590
		TOTAL AUTOMOBILES & COMPONENTS		761,590
CAPITAL GOODS - 2.9%
2,162	*	Middleby Corp		242,641
6,308		Rockwell Collins, Inc		582,544
4,092		Roper Industries, Inc		705,706
5,114	*	Univar, Inc		133,118
2,371		W.W. Grainger, Inc		561,097
		TOTAL CAPITAL GOODS		2,225,106
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
12,839	*	Verisk Analytics, Inc		934,166
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		934,166
CONSUMER DURABLES & APPAREL - 3.1%
10,336		Mattel, Inc		265,532
15,078		Nike, Inc (Class B)		1,628,725
6,601		VF Corp		460,354
		TOTAL CONSUMER DURABLES & APPAREL		2,354,611
CONSUMER SERVICES - 4.5%
9,178		ARAMARK Holdings Corp		284,243
4,509		Las Vegas Sands Corp		237,038
17,597	*	Norwegian Cruise Line Holdings Ltd		986,136
37,121		Starbucks Corp		1,990,242
		TOTAL CONSUMER SERVICES		3,497,659
DIVERSIFIED FINANCIALS - 4.1%
23,853		Charles Schwab Corp		778,800
3,211		IntercontinentalExchange Group, Inc		718,012
7,313		McGraw-Hill Financial, Inc		734,591
8,218		Moody’s Corp		887,215
		TOTAL DIVERSIFIED FINANCIALS		3,118,618
ENERGY - 2.0%
6,213	*	Concho Resources, Inc		707,412
7,490		EOG Resources, Inc		655,750
1,047		Pioneer Natural Resources Co		145,208
		TOTAL ENERGY		1,508,370
FOOD & STAPLES RETAILING - 0.5%
3,758		CVS Corp		394,139
		TOTAL FOOD & STAPLES RETAILING		394,139
FOOD, BEVERAGE & TOBACCO - 2.3%
2,590		Mead Johnson Nutrition Co		233,670
8,674	*	Monster Beverage Corp		1,162,489
6,066		Pinnacle Foods, Inc		276,246
2,088	*	WhiteWave Foods Co (Class A)		102,061
		TOTAL FOOD, BEVERAGE & TOBACCO		1,774,466

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 2.5%
11,485	*	Cerner Corp	$	793,154
3,940	*	Idexx Laboratories, Inc		252,712
1,870	*	Intuitive Surgical, Inc		906,015
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,951,881
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
19,044		Estee Lauder Cos (Class A)		1,650,353
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,650,353
MATERIALS - 4.4%
3,774		Albemarle Corp		208,589
16,567		Monsanto Co		1,765,876
7,394		PPG Industries, Inc		848,240
2,145		Sherwin-Williams Co		589,918
		TOTAL MATERIALS		3,412,623
MEDIA - 3.2%
9,321		Time Warner, Inc		814,749
14,725		Walt Disney Co		1,680,711
		TOTAL MEDIA		2,495,460
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 17.9%
9,279	*	Alexion Pharmaceuticals, Inc		1,677,365
5,883	*	Allergan plc		1,785,255
3,029	*	Biogen Idec, Inc		1,223,534
3,457	*	BioMarin Pharmaceuticals, Inc		472,848
3,168	*	Biovail Corp		703,771
11,939		Bristol-Myers Squibb Co		794,421
14,567	*	Celgene Corp		1,685,912
14,620		Eli Lilly & Co		1,220,624
11,600		Gilead Sciences, Inc		1,358,128
4,011	*	Illumina, Inc		875,842
1,923	*	Incyte Corp		200,396
3,238	*	Mylan NV		219,731
2,571		Novartis AG. (ADR)		252,832
2,370	p	Perrigo Co plc		438,047
6,728		Thermo Electron Corp		873,025
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		13,781,731
REAL ESTATE - 1.0%
19,686	*	CBRE Group, Inc		728,382
		TOTAL REAL ESTATE		728,382
RETAILING - 9.0%
6,804	*	Amazon.com, Inc		2,953,549
8,595	*	Carmax, Inc		569,075
5,875		Expedia, Inc		642,431
600	e	Fast Retailing Co Ltd		272,083
59,713	*	Groupon, Inc		300,356
15,294		Home Depot, Inc		1,699,622
5,395		Tiffany & Co		495,261
		TOTAL RETAILING		6,932,377
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
14,278		ARM Holdings plc (ADR)		703,477
7,735		Broadcom Corp (Class A)		398,275
3,705	*	NXP Semiconductors NV		363,831
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,465,583

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
SOFTWARE & SERVICES - 28.1%
27,788	*	Adobe Systems, Inc	$	2,251,106
3,060	*	Akamai Technologies, Inc		213,649
1,961	*	Alliance Data Systems Corp		572,494
10,019	*	Autodesk, Inc		501,701
2,267	*	Baidu, Inc (ADR)		451,314
9,673	*	eBay, Inc		582,702
27,056	*	Facebook, Inc		2,320,458
3,173	*	Google, Inc		1,651,578
2,457	*	Google, Inc (Class A)		1,326,878
25,576		Intuit, Inc		2,577,294
2,963	*	LinkedIn Corp		612,245
21,230		Mastercard, Inc (Class A)		1,984,580
3,777	*	Mobileye NV		200,823
15,367	*	Red Hat, Inc		1,166,816
16,607		Sabre Corp		395,247
21,478	*	Salesforce.com, Inc		1,495,513
2,525	*	ServiceNow, Inc		187,633
25,500		Tencent Holdings Ltd		509,911
2,173	*	Twitter, Inc		78,706
24,830		Visa, Inc (Class A)		1,667,335
23,437	*	Yahoo!, Inc		920,840
		TOTAL SOFTWARE & SERVICES		21,668,823
TECHNOLOGY HARDWARE & EQUIPMENT - 6.9%
27,836		Apple, Inc		3,491,330
53,618		Cisco Systems, Inc		1,472,350
1,852	*	Palo Alto Networks, Inc		323,545
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,287,225
TELECOMMUNICATION SERVICES - 0.9%
12,895	*	Level 3 Communications, Inc		679,180
		TOTAL TELECOMMUNICATION SERVICES		679,180
TRANSPORTATION - 0.3%
5,383		Delta Air Lines, Inc		221,135
		TOTAL TRANSPORTATION		221,135
		TOTAL COMMON STOCKS (Cost $58,962,942)		76,843,478
SHORT-TERM INVESTMENTS - 1.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
999,403	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		999,403
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		999,403
		TOTAL SHORT-TERM INVESTMENTS (Cost $999,403)		999,403
		TOTAL INVESTMENTS - 101.1% (Cost $59,962,345)		77,842,881
		OTHER ASSETS & LIABILITIES, NET - (1.1)%		(840,275	)
		NET ASSETS - 100.0%	$	77,002,606

Abbreviation(s):

ADR American Depositary Receipt

3

TIAA-CREF LIFE FUNDS - Growth Equity Fund

* 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 $989,996.

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

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.8%
9,696		Delphi Automotive plc	$	825,032
11,102		General Motors Co		370,030
		TOTAL AUTOMOBILES & COMPONENTS		1,195,062
BANKS - 6.3%
118,095		Bank of America Corp		2,009,977
46,883		Citigroup, Inc		2,589,817
11,538	*	Commerzbank AG.		147,497
12,533		East West Bancorp, Inc		561,729
34,756		JPMorgan Chase & Co		2,355,067
35,401		Wells Fargo & Co		1,990,952
		TOTAL BANKS		9,655,039
CAPITAL GOODS - 6.4%
1,918		Acuity Brands, Inc		345,202
8,283		Caesarstone Sdot-Yam Ltd		567,717
11,128		Eaton Corp		751,029
5,672		General Dynamics Corp		803,666
100,321		General Electric Co		2,665,529
10,897		Honeywell International, Inc		1,111,167
7,904		Illinois Tool Works, Inc		725,508
4,010		Northrop Grumman Corp		636,106
6,008		Rockwell Collins, Inc		554,839
2,457		Snap-On, Inc		391,277
12,051	*	Univar, Inc		313,687
14,714	*,e	USG Corp		408,902
3,886	*	WABCO Holdings, Inc		480,776
		TOTAL CAPITAL GOODS		9,755,405
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
4,829		Equifax, Inc		468,848
3,977	*	Verisk Analytics, Inc		289,366
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		758,214
CONSUMER DURABLES & APPAREL - 4.3%
9,341	*	GoPro, Inc		492,458
11,664		Hanesbrands, Inc		388,645
5,129		Harman International Industries, Inc		610,043
19,422	*	Jarden Corp		1,005,088
18,376	*	Kate Spade & Co		395,819
24,532		Mattel, Inc		630,227
3,048	*	Mohawk Industries, Inc		581,863
27,424		Newell Rubbermaid, Inc		1,127,401
8,590		Nike, Inc (Class B)		927,892
30	e	Prada S.p.A		144
6,453		VF Corp		450,032
		TOTAL CONSUMER DURABLES & APPAREL		6,609,612
CONSUMER SERVICES - 1.5%
23,398	*	Hilton Worldwide Holdings, Inc		644,615
10,646	*	Norwegian Cruise Line Holdings Ltd		596,602

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
13,993		Restaurant Brands International, Inc	$	534,672
16,315	p	Sonic Corp		469,872
		TOTAL CONSUMER SERVICES		2,245,761
DIVERSIFIED FINANCIALS - 3.3%
40,067		ING Groep NV		665,327
12,354		Lazard Ltd (Class A)		694,789
9,631		Legg Mason, Inc		496,285
11,302		Moody’s Corp		1,220,164
34,211		Morgan Stanley		1,327,045
13,376		Voya Financial, Inc		621,583
		TOTAL DIVERSIFIED FINANCIALS		5,025,193
ENERGY - 6.0%
12,935		Anadarko Petroleum Corp		1,009,706
11,549		Baker Hughes, Inc		712,573
12,648		Chevron Corp		1,220,153
6,418		Columbia Pipeline Partners LP		161,733
8,244	*	Concho Resources, Inc		938,662
21,238	*	Continental Resources, Inc		900,279
9,101	*	Diamondback Energy, Inc		686,033
10,483		Energen Corp		715,989
13,596		EOG Resources, Inc		1,190,330
4,752		Pioneer Natural Resources Co		659,055
14,098		Valero Energy Corp		882,535
		TOTAL ENERGY		9,077,048
FOOD & STAPLES RETAILING - 2.7%
6,529		Costco Wholesale Corp		881,806
12,882		CVS Corp		1,351,064
6,305	*	Diplomat Pharmacy, Inc		282,149
21,001		Kroger Co		1,522,783
		TOTAL FOOD & STAPLES RETAILING		4,037,802
FOOD, BEVERAGE & TOBACCO - 5.4%
57,539		Britvic plc		648,273
5,368		Brown-Forman Corp (Class B)		537,766
10,188		Coca-Cola Enterprises, Inc		442,567
5,183		Constellation Brands, Inc (Class A)		601,332
10,723	*	Diamond Foods, Inc		336,488
2,787		General Mills, Inc		155,292
5,465	p	Mead Johnson Nutrition Co		493,052
27,374		Mondelez International, Inc		1,126,166
5,470	*	Monster Beverage Corp		733,089
21,507		PepsiCo, Inc		2,007,464
9,726		SABMiller plc		504,297
11,625	*	WhiteWave Foods Co (Class A)		568,230
		TOTAL FOOD, BEVERAGE & TOBACCO		8,154,016
HEALTH CARE EQUIPMENT & SERVICES - 3.9%
4,418		Aetna Inc		563,118
4,311		Cigna Corp		698,382
4,857	*	Edwards Lifesciences Corp		691,783
17,857	*	Hologic, Inc		679,637
2,380		Humana, Inc		455,246
4,448		McKesson Corp		999,955
7,348		Medtronic plc		544,487
5,627	e	STERIS Corp		362,604
7,034		Universal Health Services, Inc (Class B)		999,532
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,994,744

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
7,940		Estee Lauder Cos (Class A)	$	688,080
2,268		L’Oreal S.A.		405,793
20,975		Procter & Gamble Co		1,641,084
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,734,957
INSURANCE - 2.4%
10,232	p	ACE Ltd		1,040,390
27,632		Hartford Financial Services Group, Inc		1,148,662
11,150		Metlife, Inc		624,288
22,648		XL Capital Ltd		842,506
		TOTAL INSURANCE		3,655,846
MATERIALS - 3.0%
8,846		Akzo Nobel NV		645,838
20,918		Dow Chemical Co		1,070,374
3,226		LyondellBasell Industries AF S.C.A		333,955
6,327		Novozymes AS		300,600
7,780		PPG Industries, Inc		892,522
4,518		Scotts Miracle-Gro Co (Class A)		267,511
17,338		Sealed Air Corp		890,826
534		Sherwin-Williams Co		146,861
		TOTAL MATERIALS		4,548,487
MEDIA - 4.3%
9,859	*	AMC Networks, Inc		806,959
19,527		Comcast Corp (Class A)		1,174,354
13,619	e	Lions Gate Entertainment Corp		504,584
14,597		Time Warner, Inc		1,275,924
3,830		Viacom, Inc (Class B)		247,571
21,834		Walt Disney Co		2,492,133
		TOTAL MEDIA		6,501,525
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.9%
21,727		AbbVie, Inc		1,459,837
923	*	Alexion Pharmaceuticals, Inc		166,851
5,761	*	Allergan plc		1,748,233
8,564		Amgen, Inc		1,314,745
3,356	*,p	Biogen Idec, Inc		1,355,623
4,385	*	BioMarin Pharmaceuticals, Inc		599,780
2,649	*	Biovail Corp		588,475
9,416		Bristol-Myers Squibb Co		626,541
12,218	*	Celgene Corp		1,414,050
9,976	p	Eli Lilly & Co		832,896
18,607	*	H Lundbeck AS		358,008
3,512	*	Illumina, Inc		766,880
1,005	*,e	Intercept Pharmaceuticals, Inc		242,587
8,741		Ipsen		484,504
4,175	*	Jazz Pharmaceuticals plc		735,092
4,544	*	Mallinckrodt plc		534,920
29,933		Merck & Co, Inc		1,704,086
5,313	*	Mylan NV		360,540
7,383		Novartis AG.		726,195
52,573		Pfizer, Inc		1,762,773
3,791		Shire Ltd		304,605
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		18,087,221
REAL ESTATE - 0.8%
14,145		Brixmor Property Group, Inc		327,174
10,330		Crown Castle International Corp		829,499
		TOTAL REAL ESTATE		1,156,673

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
RETAILING - 6.7%
3,201	*	Amazon.com, Inc	$	1,389,522
1,186	*	AutoZone, Inc		790,943
15,346		Best Buy Co, Inc		500,433
2,156		Expedia, Inc		235,759
21,561		Home Depot, Inc		2,396,074
3,384		HSN, Inc		237,523
11,033		Inditex S.A.		359,867
65,072	*,e	JC Penney Co, Inc		551,160
1,606	*	NetFlix, Inc		1,055,046
2,882	*	O’Reilly Automotive, Inc		651,274
6,983		Target Corp		570,022
6,882		Tiffany & Co		631,768
2,219	*	Ulta Salon Cosmetics & Fragrance, Inc		342,724
6,753		Williams-Sonoma, Inc		555,569
		TOTAL RETAILING		10,267,684
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
8,139		Analog Devices, Inc		522,402
4,929		Avago Technologies Ltd		655,212
17,384		Broadcom Corp (Class A)		895,102
6,275	*	Cavium Networks, Inc		431,783
31,994		Intel Corp		973,098
10,998		Marvell Technology Group Ltd		145,009
9,652	*	NXP Semiconductors NV		947,826
5,524	*	Qorvo, Inc		443,411
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		5,013,843
SOFTWARE & SERVICES - 12.4%
2,526	*	Alliance Data Systems Corp		737,440
6,909	*	Check Point Software Technologies		549,611
6,076		Dassault Systemes S.A.		441,082
7,852	*	Electronic Arts, Inc		522,158
27,090	*	Facebook, Inc		2,323,374
6,247	*,e	FireEye, Inc		305,541
17,226	*	Fortinet, Inc		711,951
5,255	*	Google, Inc		2,735,280
9,026	*	GrubHub, Inc		307,516
1,685	*	LinkedIn Corp		348,172
6,055	*	Manhattan Associates, Inc		361,181
17,414		Mastercard, Inc (Class A)		1,627,861
65,528		Microsoft Corp		2,893,061
2,669	*	MicroStrategy, Inc (Class A)		453,943
3,906	*	Mobileye NV		207,682
28,729	p	Oracle Corp		1,157,779
17,286	*	Salesforce.com, Inc		1,203,624
17,946	*	Take-Two Interactive Software, Inc		494,771
17,990		Tencent Holdings Ltd		359,737
12,219	*	VeriFone Systems, Inc		414,957
19,835	*	Yahoo!, Inc		779,317
		TOTAL SOFTWARE & SERVICES		18,936,038
TECHNOLOGY HARDWARE & EQUIPMENT - 6.5%
54,186		Apple, Inc		6,796,279
23,480	*	Ciena Corp		556,006
76,321		Cisco Systems, Inc		2,095,775
9,616	*	Fitbit, Inc		367,620
11,555	*	JDS Uniphase Corp		133,807
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		9,949,487

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
TELECOMMUNICATION SERVICES - 2.2%
41,158		AT&T, Inc	$	1,461,932
14,085	*	Level 3 Communications, Inc		741,857
10,474		Telephone & Data Systems, Inc		307,936
21,668	*	T-Mobile US, Inc		840,068
		TOTAL TELECOMMUNICATION SERVICES		3,351,793
TRANSPORTATION - 2.1%
24,557		Delta Air Lines, Inc		1,008,801
4,348		FedEx Corp		740,899
6,697		Kansas City Southern Industries, Inc		610,767
2,568	*	Old Dominion Freight Line		176,178
7,320		Ryder System, Inc		639,548
		TOTAL TRANSPORTATION		3,176,193
UTILITIES - 1.4%
9,413		American Water Works Co, Inc		457,754
11,270		NextEra Energy, Inc		1,104,798
6,182		Sempra Energy		611,647
		TOTAL UTILITIES		2,174,199
		TOTAL COMMON STOCKS (Cost $120,748,852)		152,061,842
PURCHASED OPTIONS - 0.0%
CAPITAL GOODS - 0.0%
600		Eaton Corp plc		48
		TOTAL CAPITAL GOODS		48
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
900		Micron Technology, Inc		9
900		NVIDIA Corp		27
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		36
		TOTAL PURCHASED OPTIONS (Cost $970)		84
SHORT-TERM INVESTMENTS - 1.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
2,092,699	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		2,092,699
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,092,699
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,092,699)		2,092,699
		TOTAL INVESTMENTS - 101.3% (Cost $122,842,521)		154,154,625
		OTHER ASSETS & LIABILITIES, NET - (1.3)%		(1,924,068	)
		NET ASSETS - 100.0%	$	152,230,557

* 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 $2,049,374.

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

9

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.2%
AUTOMOBILES & COMPONENTS - 0.4%
6,690	*	American Axle & Manufacturing Holdings, Inc	$	139,888
15,194		Ford Motor Co		228,062
		TOTAL AUTOMOBILES & COMPONENTS		367,950
BANKS - 12.0%
168,535		Bank of America Corp		2,868,465
23,730		Citigroup, Inc		1,310,845
20,126	*	Commerzbank AG.		257,283
11,736	*	Hilltop Holdings, Inc		282,720
37,657		Huntington Bancshares, Inc		425,901
22,464		Investors Bancorp, Inc		276,307
23,176		JPMorgan Chase & Co		1,570,406
40,339		Keycorp		605,892
43,575		Regions Financial Corp		451,437
20,462		TCF Financial Corp		339,874
2,010		US Bancorp		87,234
42,995		Wells Fargo & Co		2,418,039
9,731		Zions Bancorporation		308,813
		TOTAL BANKS		11,203,216
CAPITAL GOODS - 7.5%
6,729	*	AerCap Holdings NV		308,121
8,522		Allegion plc		512,513
1,778		General Dynamics Corp		251,925
70,110		General Electric Co		1,862,823
1,098		Hubbell, Inc (Class B)		118,891
3,744		Joy Global, Inc		135,533
959		L-3 Communications Holdings, Inc		108,731
16,346		Masco Corp		435,948
13,901		SPX Corp		1,006,293
31,547		Terex Corp		733,468
69,000		Toshiba Corp		236,621
6,980		Triumph Group, Inc		460,610
4,928		United Technologies Corp		546,663
5,319	*	Univar, Inc		138,454
5,767	*,e	USG Corp		160,265
		TOTAL CAPITAL GOODS		7,016,859
CONSUMER DURABLES & APPAREL - 2.4%
3,279	*	Deckers Outdoor Corp		235,990
16,034	*	Jarden Corp		829,760
15,669		Mattel, Inc		402,537
22,435		Pulte Homes, Inc		452,065
11,909	*	Sony Corp (ADR)		338,096
		TOTAL CONSUMER DURABLES & APPAREL		2,258,448
CONSUMER SERVICES - 2.9%
19,736		ARAMARK Holdings Corp		611,224
5,373		Carnival Corp		265,373
22,304		Extended Stay America, Inc		418,646
4,097		Interval Leisure Group, Inc		93,616
20,777	*	MGM Resorts International		379,180
146		Restaurant Brands International LP		5,322
14,643		Restaurant Brands International, Inc		559,509
4,879		Starwood Hotels & Resorts Worldwide, Inc		395,638
		TOTAL CONSUMER SERVICES		2,728,508

10

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
DIVERSIFIED FINANCIALS - 6.2%
2,483		American Express Co	$	192,979
2,172		Capital One Financial Corp		191,071
32,853	*	E*Trade Financial Corp		983,948
2,052		Goldman Sachs Group, Inc		428,437
19,281		ING Groep NV (ADR)		319,679
3,469	e	Janus Capital Group, Inc		59,389
10,149		Legg Mason, Inc		522,978
29,347		Morgan Stanley		1,138,370
11,802		State Street Corp		908,754
32,653	*	Synchrony Financial		1,075,263
		TOTAL DIVERSIFIED FINANCIALS		5,820,868
ENERGY - 11.7%
4,597		Anadarko Petroleum Corp		358,842
19,744		Apache Corp		1,137,847
8,433		Baker Hughes, Inc		520,316
16,085		Chevron Corp		1,551,720
2,022		Cimarex Energy Co		223,047
2,957		Columbia Pipeline Partners LP		74,516
4,162	*	Concho Resources, Inc		473,885
9,450	*	Diamondback Energy, Inc		712,341
7,229		EOG Resources, Inc		632,899
16,255		Exxon Mobil Corp		1,352,416
7,769	*,e	Laredo Petroleum Holdings, Inc		97,734
19,862	*	Matador Resources Co		496,550
20,081		Nabors Industries Ltd		289,769
7,951	*	Parsley Energy, Inc		138,506
5,859		Pioneer Natural Resources Co		812,585
20,141	*	RSP Permian, Inc		566,164
10,869		Schlumberger Ltd		936,799
1	*	Seventy Seven Energy, Inc		4
141		Valero Energy Corp		8,827
26,634	*	Weatherford International Ltd		326,799
3,784		Williams Cos, Inc		217,164
		TOTAL ENERGY		10,928,730
FOOD & STAPLES RETAILING - 1.0%
6,729		CVS Corp		705,738
2,803		Walgreens Boots Alliance, Inc		236,685
		TOTAL FOOD & STAPLES RETAILING		942,423
FOOD, BEVERAGE & TOBACCO - 3.1%
13,571		ConAgra Foods, Inc		593,324
3,063		Kraft Foods Group, Inc		260,784
12,331		Mondelez International, Inc		507,297
21,561		Pinnacle Foods, Inc		981,888
10,444		SABMiller plc		541,526
		TOTAL FOOD, BEVERAGE & TOBACCO		2,884,819
HEALTH CARE EQUIPMENT & SERVICES - 3.0%
944		Anthem, Inc		154,948
1,837		Baxter International, Inc		128,461
29,166	*	Boston Scientific Corp		516,238
5,200		Medtronic plc		385,320
9,600	e	Olympus Corp		331,440
6,683		UnitedHealth Group, Inc		815,326
5,955	*	WellCare Health Plans, Inc		505,163
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,836,896

11

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
22,542		Procter & Gamble Co	$	1,763,686
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,763,686
INSURANCE - 6.7%
6,803		ACE Ltd		691,729
6,936		Aflac, Inc		431,419
9,878		Allstate Corp		640,786
10,077		American International Group, Inc		622,960
6,791	*	Berkshire Hathaway, Inc (Class B)		924,323
15,884		Hartford Financial Services Group, Inc		660,298
9,463		Metlife, Inc		529,833
9,353		Principal Financial Group		479,715
4,422		Prudential Financial, Inc		387,014
3,678		Travelers Cos, Inc		355,516
13,896		XL Capital Ltd		516,931
		TOTAL INSURANCE		6,240,524
MATERIALS - 4.0%
15,732		Acerinox S.A.		217,764
3,542		Albemarle Corp		195,766
9,771		Axiall Corp		352,245
33,344	*	Cemex SAB de C.V. (ADR)		305,431
11,727	*	Constellium NV		138,730
19,511		Freeport-McMoRan Copper & Gold, Inc (Class B)		363,295
71,304	*	Louisiana-Pacific Corp		1,214,307
12,677		Sealed Air Corp		651,344
2,577	e	Southern Copper Corp (NY)		75,790
3,788	*,e	Trinseo S.A.		101,670
1,376	e	Wacker Chemie AG.		142,173
		TOTAL MATERIALS		3,758,515
MEDIA - 0.9%
1,284		Naspers Ltd (N Shares)		199,668
4,452		Time Warner, Inc		389,149
4,921		Tribune Co		262,732
		TOTAL MEDIA		851,549
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
1,363		AbbVie, Inc		91,580
17,281		Agilent Technologies, Inc		666,701
866	*	Allergan plc		262,796
15,106	*	Biovitrum AB		200,317
6,620		Eli Lilly & Co		552,704
11,644	*	Endo International plc		927,444
5,352	*,e	Insys Therapeutics, Inc		192,244
12,599		Johnson & Johnson		1,227,898
4,328	*	Mallinckrodt plc		509,492
19,312		Merck & Co, Inc		1,099,432
61,537		Pfizer, Inc		2,063,336
6,282		Zoetis Inc		302,918
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		8,096,862
REAL ESTATE - 2.4%
11,751		Brixmor Property Group, Inc		271,801
3,867		Home Properties, Inc		282,484
2,325	*,e	Lifestyle Properties Development Ltd		906
4,688		Mack-Cali Realty Corp		86,400
6,519		Post Properties, Inc		354,438
2,717		Potlatch Corp		95,965
5,950	*	Realogy Holdings Corp		277,984
28,725		Starwood Property Trust, Inc		619,598
782		Vornado Realty Trust		74,235
13,114		WP GLIMCHER, Inc		177,432
		TOTAL REAL ESTATE		2,241,243

12

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
RETAILING - 2.5%
12,339		Best Buy Co, Inc	$	402,375
2,516		Expedia, Inc		275,125
65,042	*	Groupon, Inc		327,161
203,050	e	Hengdeli Holdings Ltd		40,602
232,871	*	Intime Retail Group Co Ltd		308,412
75,283	*,e	JC Penney Co, Inc		637,647
3,627		Target Corp		296,072
		TOTAL RETAILING		2,287,394
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
33,064		Atmel Corp		325,846
16,751		Broadcom Corp (Class A)		862,509
11,417		Intel Corp		347,248
45,211		Marvell Technology Group Ltd		596,107
7,974		Maxim Integrated Products, Inc		275,701
7,385	*	Mellanox Technologies Ltd		358,837
45,707	*	ON Semiconductor Corp		534,315
200		Samsung Electronics Co Ltd		226,917
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,527,480
SOFTWARE & SERVICES - 5.5%
6,446	*	Autodesk, Inc		322,784
2,398	*,e	Cimpress NV		201,816
1,777	*	Citrix Systems, Inc		124,674
8,709	*	eBay, Inc		524,630
10,589	*	Fortinet, Inc		437,643
2,607		International Business Machines Corp		424,055
21,166		Microsoft Corp		934,479
8,054		Oracle Corp		324,576
6,767	*	PTC, Inc		277,582
5,588	*	Rackspace Hosting, Inc		207,818
6,561		Sabre Corp		156,152
29,278	*	Yahoo!, Inc		1,150,332
		TOTAL SOFTWARE & SERVICES		5,086,541
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%
43,722		Alcatel-Lucent (ADR)		158,274
5,345	*	Ciena Corp		126,570
41,959		Cisco Systems, Inc		1,152,194
7,596		Corning, Inc		149,869
19,231		EMC Corp		507,506
18,949		Hewlett-Packard Co		568,659
41,428	*	JDS Uniphase Corp		479,736
8,584		Juniper Networks, Inc		222,926
6,517	*,e	Knowles Corp		117,958
17,344		Nokia Corp		118,806
3,253		Seagate Technology, Inc		154,518
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,757,016
TELECOMMUNICATION SERVICES - 2.7%
31,329		AT&T, Inc		1,112,806
15,766	*	Level 3 Communications, Inc		830,395
20,927		Telephone & Data Systems, Inc		615,254
		TOTAL TELECOMMUNICATION SERVICES		2,558,455
TRANSPORTATION - 2.1%
10,759		American Airlines Group, Inc		429,661
15,994	*,b,m	AMR Corp (Escrow)		160
13,996		Con-Way, Inc		537,026
2,039		FedEx Corp		347,446
24,896	*	Hertz Global Holdings, Inc		451,115

13

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
2,997	*	United Continental Holdings, Inc	$	158,871
6,105	*	UTI Worldwide, Inc		60,989
		TOTAL TRANSPORTATION		1,985,268
UTILITIES - 3.8%
2,267	*	8Point3 Energy Partners LP		42,212
4,903		Duke Energy Corp		346,250
3,712		Edison International		206,313
6,026		Exelon Corp		189,337
31,088		FirstEnergy Corp		1,011,914
10,256		NextEra Energy, Inc		1,005,396
16,080		NRG Energy, Inc		367,910
4,076		PG&E Corp		200,132
1,994		Sempra Energy		197,286
		TOTAL UTILITIES		3,566,750
		TOTAL COMMON STOCKS (Cost $77,174,840)		92,710,000
RIGHTS / WARRANTS - 0.0%
MATERIALS - 0.0%
16,647		Acerinox S.A.		7,405
		TOTAL MATERIALS		7,405
		TOTAL RIGHTS / WARRANTS (Cost $8,402)		7,405
SHORT-TERM INVESTMENTS - 2.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.6%
2,465,284	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		2,465,284
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,465,284
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,465,284)		2,465,284
		TOTAL INVESTMENTS - 101.8% (Cost $79,648,526)		95,182,689
		OTHER ASSETS & LIABILITIES, NET - (1.8)%		(1,752,444	)
		NET ASSETS - 100.0%	$	93,430,245

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

b In bankruptcy

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 $2,376,808.

m Indicates a security that has been deemed illiquid.

14

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 97.7%
ASSET MANAGEMENT & CUSTODY BANKS - 1.0%
55,000		NorthStar Asset Management Group, Inc	$	1,016,950
		TOTAL ASSET MANAGEMENT & CUSTODY BANKS		1,016,950
DIVERSIFIED CAPITAL MARKETS - 1.1%
26,600		HFF, Inc (Class A)		1,110,018
		TOTAL DIVERSIFIED CAPITAL MARKETS		1,110,018
DIVERSIFIED REITS - 3.3%
14,700		American Assets Trust,Inc		576,387
93,300		NorthStar Realty Finance Corp		1,483,470
136,800		Spirit Realty Capital, Inc		1,322,856
		TOTAL DIVERSIFIED REITS		3,382,713
HOTELS, RESORTS & CRUISE LINES - 1.0%
13,000		Starwood Hotels & Resorts Worldwide, Inc		1,054,170
		TOTAL HOTELS, RESORTS & CRUISE LINES		1,054,170
INDUSTRIAL REITS - 8.2%
109,200		Prologis, Inc		4,051,320
191,700		Rexford Industrial Realty, Inc		2,794,986
76,700		Terreno Realty Corp		1,510,990
		TOTAL INDUSTRIAL REITS		8,357,296
INTERNET SOFTWARE & SERVICES - 1.7%
6,600		Equinix, Inc		1,676,400
		TOTAL INTERNET SOFTWARE & SERVICES		1,676,400
MORTGAGE REITS - 1.0%
8,300		Blackstone Mortgage Trust, Inc		230,906
38,300		Starwood Property Trust, Inc		826,131
		TOTAL MORTGAGE REITS		1,057,037
OFFICE REITS - 14.7%
36,200		Boston Properties, Inc		4,381,648
55,420		Gramercy Property Trust, Inc		1,295,165
63,300		Hudson Pacific Properties		1,795,821
30,300		Kilroy Realty Corp		2,034,645
23,800		SL Green Realty Corp		2,615,382
29,700		Vornado Realty Trust		2,819,421
		TOTAL OFFICE REITS		14,942,082
REAL ESTATE OPERATING COMPANIES - 1.0%
47,000	*	Forest City Enterprises, Inc (Class A)		1,038,700
		TOTAL REAL ESTATE OPERATING COMPANIES		1,038,700
REAL ESTATE SERVICES - 2.8%
17,300	*	CBRE Group, Inc		640,100
43,300		Kennedy-Wilson Holdings, Inc		1,064,747

15

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
21,600	*	Marcus & Millichap, Inc	$	996,624
2,100		Vanguard REIT ETF		156,849
		TOTAL REAL ESTATE SERVICES		2,858,320
RESIDENTIAL REITS - 17.3%
34,700		Apartment Investment & Management Co (Class A)		1,281,471
27,500		AvalonBay Communities, Inc		4,396,425
8,600		Camden Property Trust		638,808
5,000		Education Realty Trust, Inc		156,800
25,300		Equity Lifestyle Properties, Inc		1,330,274
65,000		Equity Residential		4,561,050
15,100		Essex Property Trust, Inc		3,208,750
600		Home Properties, Inc		43,830
19,500		Post Properties, Inc		1,060,215
15,100		Sun Communities, Inc		933,633
		TOTAL RESIDENTIAL REITS		17,611,256
RETAIL REITS - 21.9%
21,600		Acadia Realty Trust		628,776
53,300		Equity One, Inc		1,244,022
17,300		Federal Realty Investment Trust		2,215,957
135,000		General Growth Properties, Inc		3,464,100
18,300		Macerich Co		1,365,180
34,700		Regency Centers Corp		2,046,606
43,300		Retail Opportunities Investment Corp		676,346
52,000		Simon Property Group, Inc		8,997,040
23,800		Taubman Centers, Inc		1,654,100
		TOTAL RETAIL REITS		22,292,127
SPECIALIZED REITS - 22.7%
34,700		American Tower Corp		3,237,163
20,000		Chatham Lodging Trust		529,400
70,000		CubeSmart		1,621,200
71,700		DiamondRock Hospitality Co		918,477
26,600		Extra Space Storage, Inc		1,734,852
5,000		HCP, Inc		182,350
43,590		Health Care REIT, Inc		2,860,812
53,300		Healthcare Trust of America, Inc		1,276,535
60,000		Host Marriott Corp		1,189,800
14,300		Public Storage, Inc		2,636,491
163,400	*	Strategic Hotels & Resorts, Inc		1,980,408
115,000		Sunstone Hotel Investors, Inc		1,726,150
51,700		Ventas, Inc		3,210,053
		TOTAL SPECIALIZED REITS		23,103,691
		TOTAL COMMON STOCKS (Cost $80,443,019)		99,500,760
		TOTAL INVESTMENTS - 97.7% (Cost $80,443,019)		99,500,760
		OTHER ASSETS & LIABILITIES, NET - 2.3%		2,317,615
		NET ASSETS - 100.0%	$	101,818,375

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

16

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 101.2%
AUTOMOBILES & COMPONENTS - 1.5%
10,300	*	American Axle & Manufacturing Holdings, Inc	$	215,373
3,600	*	Gentherm, Inc		197,676
6,629	*	Tenneco, Inc		380,770
		TOTAL AUTOMOBILES & COMPONENTS		793,819
BANKS - 9.8%
4,309		Banner Corp		206,530
14,630		Brookline Bancorp, Inc		165,173
18,881		Capitol Federal Financial		227,327
14,382		Cathay General Bancorp		466,696
6,300		Columbia Banking System, Inc		205,002
10,930		First Commonwealth Financial Corp		104,819
13,049		FirstMerit Corp		271,811
9,200	*	Hilltop Holdings, Inc		221,628
31,224		Investors Bancorp, Inc		384,055
38,762	*	MGIC Investment Corp		441,112
24,642		National Penn Bancshares, Inc		277,962
8,513		Oritani Financial Corp		136,633
8,111	*	Popular, Inc		234,083
8,969		PrivateBancorp, Inc		357,146
5,825		Prosperity Bancshares, Inc		336,335
13,890		Provident Financial Services, Inc		263,771
7,191		Sterling Bancorp/DE		105,708
17,600		Umpqua Holdings Corp		316,624
1,334		Webster Financial Corp		52,760
11,300	*	Western Alliance Bancorp		381,488
		TOTAL BANKS		5,156,663
CAPITAL GOODS - 7.3%
1,330		Acuity Brands, Inc		239,373
4,644	*	Aerovironment, Inc		121,116
4,335	*	American Woodmark Corp		237,775
3,300		Apogee Enterprises, Inc		173,712
3,716		Applied Industrial Technologies, Inc		147,339
2,750		Clarcor, Inc		171,160
6,189		Comfort Systems USA, Inc		142,038
2,768		Cubic Corp		131,701
2,793		Curtiss-Wright Corp		202,325
2,575	*	DXP Enterprises, Inc		119,737
6,297		EMCOR Group, Inc		300,808
3,000		Encore Wire Corp		132,870
7,800		General Cable Corp		153,894
1,600		IDEX Corp		125,728
4,700		ITT Corp		196,648
4,487		John Bean Technologies Corp		168,666
8,600	*	MRC Global, Inc		132,784
5,255		Mueller Industries, Inc		182,454
2,490	*	Teledyne Technologies, Inc		262,720
2,708		Tennant Co		176,941
7,443	*	Thermon Group Holdings		179,153
3,200		Universal Forest Products, Inc		166,496
		TOTAL CAPITAL GOODS		3,865,438
COMMERCIAL & PROFESSIONAL SERVICES - 4.4%
8,197		ABM Industries, Inc		269,435
3,700		Administaff, Inc		188,330

17

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
4,288		Exponent, Inc	$	192,017
7,632		Korn/Ferry International		265,365
4,070	*	On Assignment, Inc		159,869
6,679		Resources Connection, Inc		107,465
13,341		Rollins, Inc		380,619
11,357	*	RPX Corp		191,933
10,413	*	TrueBlue, Inc		311,349
3,536		Viad Corp		95,861
4,602	*	WageWorks, Inc		186,151
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,348,394
CONSUMER DURABLES & APPAREL - 2.4%
2,750		Brunswick Corp		139,865
2,550		Columbia Sportswear Co		154,173
2,520	*	G-III Apparel Group Ltd		177,282
1,500	*	GoPro, Inc		79,080
5,220		La-Z-Boy, Inc		137,495
1,496		Oxford Industries, Inc		130,825
5,471	*	Steven Madden Ltd		234,049
15,200	*	TRI Pointe Homes, Inc		232,560
		TOTAL CONSUMER DURABLES & APPAREL		1,285,329
CONSUMER SERVICES - 4.7%
14,002	*	Belmond Ltd.		174,885
1,500	*	Buffalo Wild Wings, Inc		235,035
1,679		Domino’s Pizza, Inc		190,399
6,045	*	Grand Canyon Education, Inc		256,308
4,445	*	Hyatt Hotels Corp		251,987
3,600		Jack in the Box, Inc		317,376
6,573	*	K12, Inc		83,148
2,113		Marriott Vacations Worldwide Corp		193,868
11,187		Service Corp International		329,233
3,900		Vail Resorts, Inc		425,880
		TOTAL CONSUMER SERVICES		2,458,119
DIVERSIFIED FINANCIALS - 1.1%
5,166	*	Enova International, Inc		96,501
6,038		Evercore Partners, Inc (Class A)		325,810
8,200	e	WisdomTree Investments, Inc		180,113
		TOTAL DIVERSIFIED FINANCIALS		602,424
ENERGY - 4.2%
5,200	*	Cobalt International Energy, Inc		50,492
4,027		Delek US Holdings, Inc		148,274
2,100	*	Diamondback Energy, Inc		158,298
6,900		Green Plains Renewable Energy, Inc		190,095
14,215	*	Kosmos Energy LLC		119,832
7,497	*	Matrix Service Co		137,045
35,100	*,e	McDermott International, Inc		187,434
3,700	*	Memorial Resource Development Corp		70,189
21,368	*	Pioneer Energy Services Corp		135,473
6,300		Questar Market Resources, Inc		116,613
12,108	*	Renewable Energy Group, Inc		139,969
1,439	*	Rex Stores Corp		91,578
23,713		Scorpio Tankers, Inc		239,264
3,520	e	US Silica Holdings Inc		103,347
17,329	*	Vaalco Energy, Inc		37,084
3,280		Western Refining, Inc		143,074
11,300	*	WPX Energy, Inc		138,764
		TOTAL ENERGY		2,206,825
FOOD & STAPLES RETAILING - 1.1%
3,328		Casey’s General Stores, Inc		318,623
26,200	*	Supervalu, Inc		211,958
637		Weis Markets, Inc		26,849
		TOTAL FOOD & STAPLES RETAILING		557,430

18

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
FOOD, BEVERAGE & TOBACCO - 2.3%
11,300		Dean Foods Co	$	182,721
1,482		J&J Snack Foods Corp		164,013
2,950		Lancaster Colony Corp		268,007
4,100	*	Post Holdings, Inc		221,113
2,080	e	Sanderson Farms, Inc		156,333
8,500	e	Vector Group Ltd		199,410
		TOTAL FOOD, BEVERAGE & TOBACCO		1,191,597
HEALTH CARE EQUIPMENT & SERVICES - 8.4%
3,340	*	Abiomed, Inc		219,538
8,918	*	AMN Healthcare Services, Inc		281,720
3,660	*	Angiodynamics, Inc		60,024
2,108	*	Anika Therapeutics, Inc		69,627
7,454	*	Cynosure, Inc (Class A)		287,575
18,832	*	Five Star Quality Care, Inc		90,394
6,632	*	Globus Medical, Inc		170,243
3,600	*	Health Net, Inc		230,832
6,622	*	HealthStream, Inc		201,441
4,100		Hill-Rom Holdings, Inc		222,753
2,660	*	ICU Medical, Inc		254,456
7,840		Kindred Healthcare, Inc		159,074
10,781	*	MedAssets, Inc		237,829
3,078	*	Molina Healthcare, Inc		216,383
4,741	*	Natus Medical, Inc		201,777
4,030	*	NuVasive, Inc		190,941
4,646	*	Omnicell, Inc		175,201
17,827	*	OraSure Technologies, Inc		96,087
5,681	*	PharMerica Corp		189,177
4,973	*	Premier, Inc		191,262
12,077		Quality Systems, Inc		200,116
3,600	*	Team Health Holdings, Inc		235,188
4,208	*	Thoratec Corp		187,551
769	*	WellCare Health Plans, Inc		65,234
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,434,423
INSURANCE - 2.7%
5,363		Aspen Insurance Holdings Ltd		256,888
5,594		HCI Group, Inc		247,311
11,375		Maiden Holdings Ltd		179,498
18,030	*	MBIA, Inc		108,360
6,196		Old Republic International Corp		96,843
5,500		Selective Insurance Group, Inc		154,275
9,401	*	Third Point Reinsurance Ltd		138,665
5,193		Validus Holdings Ltd		228,440
		TOTAL INSURANCE		1,410,280
MATERIALS - 4.3%
4,756		A. Schulman, Inc		207,932
9,700	*	Berry Plastics Group, Inc		314,280
31,564	*,e	Coeur Mining, Inc		180,230
15,081		Commercial Metals Co		242,503
4,555		Innospec, Inc		205,157
4,988		Minerals Technologies, Inc		339,832
5,393		OM Group, Inc		181,205
3,100		Reliance Steel & Aluminum Co		187,488
6,689		Schnitzer Steel Industries, Inc (Class A)		116,857
2,687		Sensient Technologies Corp		183,630
10,900	*	Stillwater Mining Co		126,331
		TOTAL MATERIALS		2,285,445
MEDIA - 0.9%
10,760	*	Live Nation, Inc		295,792
7,660		Time, Inc		176,257
		TOTAL MEDIA		472,049

19

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.3%
4,160	*,e	Acadia Pharmaceuticals, Inc	$	174,221
891	*	Acceleron Pharma, Inc		28,191
5,450	*,e	Achillion Pharmaceuticals, Inc		48,287
3,730	*	Acorda Therapeutics, Inc		124,321
6,182	*,e	Affymetrix, Inc		67,507
2,190	*	Alder Biopharmaceuticals, Inc		116,004
1,100	*,e	ANI Pharmaceuticals, Inc		68,255
3,140	*,e	Arrowhead Research Corp		22,451
1,000	*	Bluebird Bio, Inc		168,370
4,553	*	Cambrex Corp		200,059
2,234	*	Cara Therapeutics Inc		27,143
7,668	*	Catalent, Inc		224,902
3,510	*,e	Celldex Therapeutics, Inc		88,522
4,526	*	Cepheid, Inc		276,765
1,100	*,e	Clovis Oncology, Inc		96,668
14,831	*,e	CTI BioPharma Corp		28,920
8,161	*	Cytokinetics, Inc		54,842
6,571	*,e	Depomed, Inc		141,014
2,884	*	Dyax Corp		76,426
2,100	*	Five Prime Therapeutics, Inc		52,164
4,600	*	Horizon Pharma plc		159,804
3,172	*	Impax Laboratories, Inc		145,658
5,894	*	INC Research Holdings, Inc		236,467
7,400	*	Infinity Pharmaceuticals, Inc		81,030
3,790	*	Insmed, Inc		92,552
3,260	*,e	Isis Pharmaceuticals, Inc		187,613
1,010	*,e	Karyopharm Therapeutics, Inc		27,482
1,200	*	KYTHERA Biopharmaceuticals, Inc		90,372
2,200	*	MacroGenics, Inc		83,534
5,779	*	Medicines Co		165,337
6,000	*,e	Merrimack Pharmaceuticals, Inc		74,190
3,526	*	Momenta Pharmaceuticals, Inc		80,428
3,700	*	Neurocrine Biosciences, Inc		176,712
3,560	*	Parexel International Corp		228,944
8,162	*	PRA Health Sciences, Inc		296,525
4,820	*	Prestige Brands Holdings, Inc		222,877
2,767	*	Prothena Corp plc		145,738
890	*,e	Puma Biotechnology, Inc		103,908
6,200	*	Raptor Pharmaceutical Corp		97,898
740	*	Receptos, Inc		140,637
2,100	*	Retrophin, Inc		69,615
2,935	*	Sagent Pharmaceuticals		71,350
4,675	*	Sangamo Biosciences, Inc		51,846
789	*,e	Spark Therapeutics, Inc		47,553
8,700	*,e	Spectrum Pharmaceuticals, Inc		59,508
6,024	*	Supernus Pharmaceuticals, Inc		102,288
1,690	*,e	TESARO, Inc		99,355
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,424,253
REAL ESTATE - 7.5%
3,200		American Assets Trust,Inc		125,472
21,614		Cousins Properties, Inc		224,353
12,557		CubeSmart		290,820
26,248		DiamondRock Hospitality Co		336,237
9,340		DuPont Fabros Technology, Inc		275,063
2,680		EastGroup Properties, Inc		150,697
6,200		Entertainment Properties Trust		339,636
20,168		FelCor Lodging Trust, Inc		199,260
6,462		Kennedy-Wilson Holdings, Inc		158,901
26,506		Lexington Realty Trust		224,771
14,200		New Residential Investment Corp		216,408
2,309		PS Business Parks, Inc		166,594
10,700		Retail Opportunities Investment Corp		167,134
7,700		RLJ Lodging Trust		229,306
1,882		Saul Centers, Inc		92,576

20

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
4,007		Sovran Self Storage, Inc	$	348,248
14,735		Summit Hotel Properties, Inc		191,702
16,008		Sunstone Hotel Investors, Inc		240,280
		TOTAL REAL ESTATE		3,977,458
RETAILING - 2.9%
5,476		Aaron’s, Inc		198,286
14,900	e	American Eagle Outfitters, Inc		256,578
1,757	*	America’s Car-Mart, Inc		86,655
2,000		Children’s Place Retail Stores, Inc		130,820
3,900		DSW, Inc (Class A)		130,143
9,820	*	Express Parent LLC		177,840
2,100		Group 1 Automotive, Inc		190,743
4,700	*	MarineMax, Inc		110,497
8,400	*	Office Depot, Inc		72,744
6,600	*	Select Comfort Corp		198,462
		TOTAL RETAILING		1,552,768
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
3,985	*	Advanced Energy Industries, Inc		109,548
2,955	*	Cabot Microelectronics Corp		139,210
2,900	*	Cavium Networks, Inc		199,549
7,600	*	Inphi Corp		173,736
7,163	*	Integrated Device Technology, Inc		155,437
12,405		Intersil Corp (Class A)		155,187
15,714	*	Lattice Semiconductor Corp		92,555
3,026		Monolithic Power Systems, Inc		153,448
5,459	*	Photronics, Inc		51,915
21,578	*	PMC - Sierra, Inc		184,708
9,752	*	Rudolph Technologies, Inc		117,122
3,300	*	Silicon Laboratories, Inc		178,233
6,100		Tessera Technologies, Inc		231,678
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,942,326
SOFTWARE & SERVICES - 10.0%
7,390	*	Aspen Technology, Inc		336,614
4,500	*	BroadSoft, Inc		155,565
4,494	*	Constant Contact, Inc		129,247
4,686	*	EPAM Systems, Inc		333,784
8,227	*	Everyday Health, Inc		105,141
5,800	*	ExlService Holdings, Inc		200,564
4,200	*	GrubHub, Inc		143,094
3,100	*	Imperva, Inc		209,870
6,407	*	Infoblox, Inc		167,927
12,849	*	Liveperson, Inc		126,049
3,028	*	LogMeIn, Inc		195,276
3,302	*	Luxoft Holding, Inc		186,728
5,970	*	Manhattan Associates, Inc		356,111
4,439		MAXIMUS, Inc		291,775
9,237		NIC, Inc		168,852
10,600	*	Nuance Communications, Inc		185,606
10,621	*	Progress Software Corp		292,078
5,030	*	QLIK Technologies, Inc		175,849
9,414	*	Rubicon Project, Inc		140,833
3,400	*	SolarWinds, Inc		156,842
3,992		Solera Holdings, Inc		177,884
1,865	*	SPS Commerce, Inc		122,717
3,251		SS&C Technologies Holdings, Inc		203,188
4,000	*	Synchronoss Technologies, Inc		182,920
15,568	*	TA Indigo Holding Corp		185,415
2,902	*	Tyler Technologies, Inc		375,461
		TOTAL SOFTWARE & SERVICES		5,305,390

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
5,754		Alliance Fiber Optic Products, Inc	$	106,737
7,549	*	Benchmark Electronics, Inc		164,417
9,980	*	Ciena Corp		236,326
2,573	*	Coherent, Inc		163,334
8,471	*	II-VI, Inc		160,780
9,727	*	Immersion Corp		123,241
1,313		InterDigital, Inc		74,696
11,432	*	Ixia		142,214
6,400		Jabil Circuit, Inc		136,256
5,361	*	Plexus Corp		235,241
13,000	*	Polycom, Inc		148,720
15,700	*	QLogic Corp		222,783
14,367	*	Sanmina Corp		289,639
6,510	*	Super Micro Computer, Inc		192,566
2,500	*	Universal Display Corp		129,325
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,526,275
TELECOMMUNICATION SERVICES - 1.7%
24,889	*	8x8, Inc		223,006
15,792		Inteliquent, Inc		290,573
10,777	*	Premiere Global Services, Inc		110,895
55,815	*	Vonage Holdings Corp		274,051
		TOTAL TELECOMMUNICATION SERVICES		898,525
TRANSPORTATION - 2.3%
15,417	*	Air Transport Services Group, Inc		161,724
4,000	*	Atlas Air Worldwide Holdings, Inc		219,840
3,469	*	Echo Global Logistics, Inc		113,298
8,246		Matson, Inc		346,662
11,111		Skywest, Inc		167,109
10,800	*,e	UTI Worldwide, Inc		107,892
9,201	*	YRC Worldwide, Inc		119,430
		TOTAL TRANSPORTATION		1,235,955
UTILITIES - 2.9%
721		Allete, Inc		33,447
6,890		American States Water Co		257,617
8,583		Avista Corp		263,069
5,754		Black Hills Corp		251,162
7,413		California Water Service Group		169,387
6,438		New Jersey Resources Corp		177,367
4,103		Southwest Gas Corp		218,321
10,300	*	Talen Energy Corp		176,748
		TOTAL UTILITIES		1,547,118
		TOTAL COMMON STOCKS (Cost $46,546,260)		53,478,303
SHORT-TERM INVESTMENTS - 4.8%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.8%
2,550,522	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		2,550,522
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,550,522
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,550,522)		2,550,522
		TOTAL INVESTMENTS - 106.0% (Cost $49,096,782)		56,028,825
		OTHER ASSETS & LIABILITIES, NET - (6.0)%		(3,173,791	)
		NET ASSETS - 100.0%	$	52,855,034

* 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 $2,547,193.

22

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 2.1%
229		BorgWarner, Inc	$	13,016
30,738		Ford Motor Co		461,378
2,462		Harley-Davidson, Inc		138,734
7,791		Johnson Controls, Inc		385,888
292	*	Modine Manufacturing Co		3,133
247	*	Tenneco, Inc		14,188
1,097	*	Tesla Motors, Inc		294,281
		TOTAL AUTOMOBILES & COMPONENTS		1,310,618
BANKS - 3.9%
470		Associated Banc-Corp		9,527
196		Bank of Hawaii Corp		13,069
9,566		BB&T Corp		385,605
200		Boston Private Financial Holdings, Inc		2,682
207		Camden National Corp		8,011
38		Capitol Federal Financial		458
72		Centerstate Banks of Florida, Inc		973
1,091		CIT Group, Inc		50,721
1,775		Comerica, Inc		91,093
22		Community Bank System, Inc		831
69		Cullen/Frost Bankers, Inc		5,422
290		Federal Agricultural Mortgage Corp (Class C)		8,427
717		First Community Bancshares, Inc		13,064
414		HomeStreet, Inc		9,448
581	*	HomeTrust Bancshares, Inc		9,738
88		IBERIABANK Corp		6,004
17,438		Keycorp		261,919
2,808		M&T Bank Corp		350,803
528	*	MGIC Investment Corp		6,009
1,477		New York Community Bancorp, Inc		27,147
333		OFG Bancorp		3,553
145		Old National Bancorp		2,097
199		PacWest Bancorp		9,305
18		Peoples Bancorp, Inc		420
189		People’s United Financial, Inc		3,064
4,648		PNC Financial Services Group, Inc		444,581
1,276	*	Popular, Inc		36,825
188		PrivateBancorp, Inc		7,486
355		Provident Financial Services, Inc		6,741
6,255		Radian Group, Inc		117,344
35	*	Signature Bank		5,124
160		Susquehanna Bancshares, Inc		2,259
269	*	SVB Financial Group		38,731
31		TCF Financial Corp		515
50		UMB Financial Corp		2,851
102		United Bankshares, Inc		4,103
11,680		US Bancorp		506,912
107		Webster Financial Corp		4,232
49		Westamerica Bancorporation		2,482
169		Wilshire Bancorp, Inc		2,134
290		Zions Bancorporation		9,203
		TOTAL BANKS		2,470,913
CAPITAL GOODS - 7.0%
3,771		3M Co		581,865
178		A.O. Smith Corp		12,812

23

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
4,742		Ametek, Inc	$	259,767
17		Applied Industrial Technologies, Inc		674
400	*	ArvinMeritor, Inc		5,248
1,187		Barnes Group, Inc		46,281
200		Briggs & Stratton Corp		3,852
1,027	*	Builders FirstSource, Inc		13,187
174		Caterpillar, Inc		14,759
33	*	Chart Industries, Inc		1,180
81	*	Colfax Corp		3,738
2,265		Cummins, Inc		297,145
5,316		Danaher Corp		454,997
3,808		Deere & Co		369,566
644		Dover Corp		45,196
3,579		Eaton Corp		241,547
72		EnerSys		5,061
509	*	Enphase Energy, Inc		3,873
139	*	Esterline Technologies Corp		13,252
1,660		Fastenal Co		70,019
123		Fluor Corp		6,520
710		Graco, Inc		50,431
117		Hexcel Corp		5,820
4,101		Illinois Tool Works, Inc		376,431
1,368		Ingersoll-Rand plc		92,231
245		Lincoln Electric Holdings, Inc		14,918
4,981		Masco Corp		132,843
1,227		Nordson Corp		95,571
1,724		Owens Corning, Inc		71,115
2,930		Paccar, Inc		186,963
313		Pall Corp		38,953
361		Parker Hannifin Corp		41,995
1,081		Pentair plc		74,319
457	*	Polypore International, Inc		27,365
1,788		Precision Castparts Corp		357,368
1,131	*	Quanta Services, Inc		32,595
990		Rockwell Automation, Inc		123,394
205		Rockwell Collins, Inc		18,932
400		Roper Industries, Inc		68,984
55		TAL International Group, Inc		1,738
818		Tennant Co		53,448
143		Timken Co		5,229
377	*	United Rentals, Inc		33,033
23		Valmont Industries, Inc		2,734
44		W.W. Grainger, Inc		10,413
179		Woodward Governor Co		9,843
86		Xylem, Inc		3,188
		TOTAL CAPITAL GOODS		4,380,393
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
302		Acacia Research (Acacia Technologies)		2,649
2,963	*	ACCO Brands Corp		23,022
297		CDI Corp		3,861
93		CEB, Inc		8,097
245		Deluxe Corp		15,190
837		Dun & Bradstreet Corp		102,114
217		Equifax, Inc		21,068
507		Heidrick & Struggles International, Inc		13,223
168		HNI Corp		8,593
73	*	IHS, Inc (Class A)		9,390
190		Interface, Inc		4,759
291		Manpower, Inc		26,010
1,111		R.R. Donnelley & Sons Co		19,365
1,573		Robert Half International, Inc		87,301
160	*	RPX Corp		2,704
282		Tetra Tech, Inc		7,230
1,816		Waste Management, Inc		84,172
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		438,748

24

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
CONSUMER DURABLES & APPAREL - 1.2%
200		Callaway Golf Co	$	1,788
10		Columbia Sportswear Co		605
14	*	Deckers Outdoor Corp		1,008
13		Hasbro, Inc		972
4,378		Mattel, Inc		112,471
72	*	Meritage Homes Corp		3,390
95	*	Mohawk Industries, Inc		18,135
200		Movado Group, Inc		5,432
4,850		Nike, Inc (Class B)		523,897
71	*	Tempur-Pedic International, Inc		4,679
2		Tupperware Corp		129
366	*	Under Armour, Inc (Class A)		30,539
323		VF Corp		22,526
92		Whirlpool Corp		15,921
		TOTAL CONSUMER DURABLES & APPAREL		741,492
CONSUMER SERVICES - 2.9%
55		Bob Evans Farms, Inc		2,808
200		Brinker International, Inc		11,530
1,063		Choice Hotels International, Inc		57,668
932		Darden Restaurants, Inc		66,246
13		DineEquity, Inc		1,288
128		Domino’s Pizza, Inc		14,515
60		Dunkin Brands Group, Inc		3,300
3,895		Marriott International, Inc (Class A)		289,749
5,916		McDonald’s Corp		562,434
4,705	*	MGM Resorts International		85,866
111	*	Popeyes Louisiana Kitchen, Inc		6,659
333		Royal Caribbean Cruises Ltd		26,204
1,081	*	Ruby Tuesday, Inc		6,778
177		Sonic Corp		5,098
9,824		Starbucks Corp		526,714
1,429		Starwood Hotels & Resorts Worldwide, Inc		115,878
6		Vail Resorts, Inc		655
91	*	Weight Watchers International, Inc		441
		TOTAL CONSUMER SERVICES		1,783,831
DIVERSIFIED FINANCIALS - 6.8%
6,348		American Express Co		493,366
10,330		Bank of New York Mellon Corp		433,550
1,205		BlackRock, Inc		416,906
12,098		Charles Schwab Corp		395,000
3,291		CME Group, Inc		306,260
34	*	Credit Acceptance Corp		8,370
6,202		Discover Financial Services		357,359
6,258		Franklin Resources, Inc		306,830
221	*	Green Dot Corp		4,226
1,429		IntercontinentalExchange Group, Inc		319,539
5,317		Invesco Ltd		199,334
466		Janus Capital Group, Inc		7,978
566		Legg Mason, Inc		29,166
785		NASDAQ OMX Group, Inc		38,316
4,648		Northern Trust Corp		355,386
176	*	PHH Corp		4,581
4,943		State Street Corp		380,611
2,930		T Rowe Price Group, Inc		227,749
		TOTAL DIVERSIFIED FINANCIALS		4,284,527
ENERGY - 7.2%
3,370		Apache Corp		194,213
767		Baker Hughes, Inc		47,324
1,540	*	Callon Petroleum Co		12,813
1,826	*	Cameron International Corp		95,628

25

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
56		CARBO Ceramics, Inc	$	2,331
1,640	*	Cheniere Energy, Inc		113,586
1,000		Cimarex Energy Co		110,310
2,376	*	Clean Energy Fuels Corp		13,353
299	*	Concho Resources, Inc		34,044
433	*	Contango Oil & Gas Co		5,313
2,122	*	Continental Resources, Inc		89,952
4,666		Devon Energy Corp		277,580
4,762		EOG Resources, Inc		416,913
1,907		EQT Corp		155,115
49		Exterran Holdings, Inc		1,600
25	*	FMC Technologies, Inc		1,037
66	*	Geospace Technologies Corp		1,521
2,831		Hess Corp		189,337
2,038	*	ION Geophysical Corp		2,181
344	*	Key Energy Services, Inc		619
8,202		Marathon Oil Corp		217,681
7,042		Marathon Petroleum Corp		368,367
22	*	Matrix Service Co		402
5,023		National Oilwell Varco, Inc		242,510
347	*	Natural Gas Services Group, Inc		7,919
3,125		Noble Energy, Inc		133,375
4,516		Occidental Petroleum Corp		351,209
4		Oceaneering International, Inc		186
2	*	Oil States International, Inc		74
1,573		Oneok, Inc		62,102
3	*	PDC Energy, Inc		161
4,571		Phillips 66		368,240
1,370		Pioneer Natural Resources Co		190,005
12		Range Resources Corp		593
233	*	Rex Energy Corp		1,303
5	*	SEACOR Holdings, Inc		355
1,768	*	Southwestern Energy Co		40,187
9,859		Spectra Energy Corp		321,403
731		St. Mary Land & Exploration Co		33,714
893		Superior Energy Services		18,789
81		Tesoro Corp		6,837
377	*	Ultra Petroleum Corp		4,720
278	*	Unit Corp		7,539
2,167		Western Refining, Inc		94,525
221	*	Whiting Petroleum Corp		7,426
4,686		Williams Cos, Inc		268,930
		TOTAL ENERGY		4,513,322
FOOD & STAPLES RETAILING - 1.0%
3,726		Kroger Co		270,172
128		Spartan Stores, Inc		4,165
8,404		Sysco Corp		303,385
1,847		Whole Foods Market, Inc		72,846
		TOTAL FOOD & STAPLES RETAILING		650,568
FOOD, BEVERAGE & TOBACCO - 3.9%
286		Bunge Ltd		25,111
2,696		Campbell Soup Co		128,464
1,284		ConAgra Foods, Inc		56,136
151	*	Darling International, Inc		2,214
302		Dr Pepper Snapple Group, Inc		22,016
127		Flowers Foods, Inc		2,686
7,132		General Mills, Inc		397,395
41		Hormel Foods Corp		2,311
413		J.M. Smucker Co		44,773
5,263		Kellogg Co		329,990
801		Keurig Green Mountain, Inc		61,381
1,534		Kraft Foods Group, Inc		130,605
97	*	Landec Corp		1,400
771		Mead Johnson Nutrition Co		69,560

26

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
12,226		Mondelez International, Inc	$	502,977
7,423		PepsiCo, Inc		692,863
88		Tootsie Roll Industries, Inc		2,843
		TOTAL FOOD, BEVERAGE & TOBACCO		2,472,725
HEALTH CARE EQUIPMENT & SERVICES - 2.9%
114	*	Acadia Healthcare Co, Inc		8,930
79	*	Align Technology, Inc		4,954
648	*	Amedisys, Inc		25,745
1,455		AmerisourceBergen Corp		154,725
246	*	AMN Healthcare Services, Inc		7,771
55	*	Amsurg Corp		3,847
342		Anthem, Inc		56,136
142	*	athenahealth, Inc		16,270
2,705		Becton Dickinson & Co		383,163
1,906	*	BioScrip, Inc		6,919
386	*	Brookdale Senior Living, Inc		13,394
809	*	Capital Senior Living Corp		19,821
1,016		Cardinal Health, Inc		84,989
1,158	*	Centene Corp		93,103
275	*	Cerner Corp		18,992
2,506	*	Cerus Corp		13,006
41		Chemed Corp		5,375
1,981		Cigna Corp		320,922
55		Dentsply International, Inc		2,835
121	*	Edwards Lifesciences Corp		17,234
434	*	ExamWorks Group, Inc		16,969
85	*	Greatbatch, Inc		4,583
875	*	Healthways, Inc		10,483
147	*	Henry Schein, Inc		20,892
84	*	HMS Holdings Corp		1,442
1,316		Humana, Inc		251,725
836	*	Idexx Laboratories, Inc		53,621
599	*	Inverness Medical Innovations, Inc		31,597
132	*	LHC Group, Inc		5,049
548	*	LifePoint Hospitals, Inc		47,649
534	*	Molina Healthcare, Inc		37,540
1,080	*	OraSure Technologies, Inc		5,821
61		Owens & Minor, Inc		2,074
905		Patterson Cos, Inc		44,028
321	*	Providence Service Corp		14,214
35	*	Sirona Dental Systems, Inc		3,515
1,177		Universal American Corp		11,911
340		US Physical Therapy, Inc		18,618
425	*	Vocera Communications, Inc		4,866
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,844,728
HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
5		Clorox Co		520
7,199		Colgate-Palmolive Co		470,887
1,614		Estee Lauder Cos (Class A)		139,869
1,864		Kimberly-Clark Corp		197,528
350	*	Medifast, Inc		11,312
10,806		Procter & Gamble Co		845,462
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,665,578
INSURANCE - 5.8%
3,692		ACE Ltd		375,403
6,079		Aflac, Inc		378,114
105		Arthur J. Gallagher & Co		4,966
959		Aspen Insurance Holdings Ltd		45,936
239		Axis Capital Holdings Ltd		12,755
7,249	*	Berkshire Hathaway, Inc (Class B)		986,661
3,650		Chubb Corp		347,261

27

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,825		Hartford Financial Services Group, Inc	$	117,435
1,559		Marsh & McLennan Cos, Inc		88,395
104		PartnerRe Ltd		13,364
3,647		Principal Financial Group		187,055
14		ProAssurance Corp		647
9,489		Progressive Corp		264,079
4,628		Prudential Financial, Inc		405,043
156		RenaissanceRe Holdings Ltd		15,836
124		Stewart Information Services Corp		4,935
3,885		Travelers Cos, Inc		375,524
		TOTAL INSURANCE		3,623,409
MATERIALS - 4.8%
2,650		Air Products & Chemicals, Inc		362,599
59		Albemarle Corp		3,261
47		Aptargroup, Inc		2,997
1,830		Avery Dennison Corp		111,520
611		Ball Corp		42,862
6		Bemis Co, Inc		270
64		Carpenter Technology Corp		2,476
456		Celanese Corp (Series A)		32,777
699	*	Century Aluminum Co		7,291
18	*	Clearwater Paper Corp		1,031
1,284		Commercial Metals Co		20,647
110		Compass Minerals International, Inc		9,035
344		Eastman Chemical Co		28,146
3,347		Ecolab, Inc		378,445
265	*	Flotek Industries, Inc		3,320
695		H.B. Fuller Co		28,231
182		Innophos Holdings, Inc		9,580
72		International Flavors & Fragrances, Inc		7,869
2,624		International Paper Co		124,876
1,627	*	Louisiana-Pacific Corp		27,708
4,061		LyondellBasell Industries AF S.C.A		420,395
2,132		MeadWestvaco Corp		100,609
394		Minerals Technologies, Inc		26,843
1,185		Mosaic Co		55,517
5,754		Nucor Corp		253,579
121		PolyOne Corp		4,740
3,153		Praxair, Inc		376,941
102		Reliance Steel & Aluminum Co		6,169
394	*	Resolute Forest Products		4,433
108		Rock-Tenn Co (Class A)		6,502
1,512		Royal Gold, Inc		93,124
157		Sealed Air Corp		8,067
209		Sherwin-Williams Co		57,479
2,186		Sigma-Aldrich Corp		304,619
586	*	Stillwater Mining Co		6,792
580		Valspar Corp		47,456
79		Wausau Paper Corp		725
1,555	*	Worthington Industries, Inc		46,743
		TOTAL MATERIALS		3,025,674
MEDIA - 2.7%
51	*	Charter Communications, Inc		8,734
156		Cinemark Holdings, Inc		6,266
1,162		Clear Channel Outdoor Holdings, Inc (Class A)		11,771
1,337	*	DIRECTV		124,060
3,202	*	Discovery Communications, Inc (Class A)		106,499
5,307	*	Discovery Communications, Inc (Class C)		164,942
496	*	DreamWorks Animation SKG, Inc (Class A)		13,084
1,222		Entravision Communications Corp (Class A)		10,057
83		John Wiley & Sons, Inc (Class A)		4,513
2,180		New York Times Co (Class A)		29,757
149		Scripps Networks Interactive (Class A)		9,740

28

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
610		Sinclair Broadcast Group, Inc (Class A)	$	17,025
2,469		Time Warner Cable, Inc		439,902
5,773		Time Warner, Inc		504,618
2,278		Walt Disney Co		260,011
		TOTAL MEDIA		1,710,979
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
53	*	Acadia Pharmaceuticals, Inc		2,220
702	*	Affymetrix, Inc		7,666
3,910		Agilent Technologies, Inc		150,848
1,737	*	Akorn, Inc		75,837
936	*	Alexion Pharmaceuticals, Inc		169,201
4,004		Amgen, Inc		614,694
882	*	Aratana Therapeutics, Inc		13,336
521	*	Ariad Pharmaceuticals, Inc		4,309
1,403	*	Biogen Idec, Inc		566,728
377	*	BioMarin Pharmaceuticals, Inc		51,566
24		Bio-Techne Corp		2,363
647	*	Bluebird Bio, Inc		108,935
9,206		Bristol-Myers Squibb Co		612,567
853	*	Cambrex Corp		37,481
1,572	*	Celgene Corp		181,935
906	*	Cempra, Inc		31,130
555	*	Cepheid, Inc		33,938
1,912	*	Depomed, Inc		41,031
1,116	*	Endocyte, Inc		5,792
6,760		Gilead Sciences, Inc		791,461
2,304	*	Immunomedics, Inc		9,354
600	*	Intra-Cellular Therapies, Inc		19,170
10,883		Johnson & Johnson		1,060,657
6,614	*	MannKind Corp		37,634
13,355		Merck & Co, Inc		760,300
23	*	Mettler-Toledo International, Inc		7,854
1,266	*	MiMedx Group, Inc		14,673
2,535	*	Nektar Therapeutics		31,713
2,037	*	Opko Health, Inc		32,755
5,364	*	Orexigen Therapeutics, Inc		26,552
122	*	PerkinElmer, Inc		6,422
549	*	Prothena Corp plc		28,916
621	*	Relypsa, Inc		20,549
1,256	*	Sangamo Biosciences, Inc		13,929
1,223	*	Sarepta Therapeutics, Inc		37,216
534	*	Sucampo Pharmaceuticals, Inc (Class A)		8,774
923	*	Tetraphase Pharmaceuticals, Inc		43,787
1,486		Thermo Electron Corp		192,823
1,658	*	Vertex Pharmaceuticals, Inc		204,730
170	*	Vital Therapies, Inc		3,587
3,936	*	Vivus, Inc		9,289
640	*	Waters Corp		82,163
2,533	*	Xenoport, Inc		15,527
3,032		Zoetis Inc		146,203
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,317,615
REAL ESTATE - 4.4%
203		American Campus Communities, Inc		7,651
4,397		American Tower Corp		410,196
16,129		Annaly Capital Management, Inc		148,225
1,224		Boston Properties, Inc		148,153
1,999	*	CBRE Group, Inc		73,963
183		Coresite Realty		8,316
3,476		Crown Castle International Corp		279,123
64		Digital Realty Trust, Inc		4,268
165		Douglas Emmett, Inc		4,445
1,687		Duke Realty Corp		31,328
29		Equity One, Inc		677
1,322		Equity Residential		92,765

29

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
3,064		First Industrial Realty Trust, Inc	$	57,389
5,733		HCP, Inc		209,083
1,109		Health Care REIT, Inc		72,784
89		Healthcare Realty Trust, Inc		2,070
7,799		Host Marriott Corp		154,654
1,389		Iron Mountain, Inc		43,059
15		Jones Lang LaSalle, Inc		2,565
14		Kilroy Realty Corp		940
325		Liberty Property Trust		10,471
554		Macerich Co		41,328
213		Mid-America Apartment Communities, Inc		15,509
5,524		Prologis, Inc		204,940
930		Ryman Hospitality Properties		49,392
2,645		Simon Property Group, Inc		457,638
988		Ventas, Inc		61,345
1,458		Vornado Realty Trust		138,408
17		Washington REIT		441
149		Weyerhaeuser Co		4,693
		TOTAL REAL ESTATE		2,735,819
RETAILING - 2.9%
1,088	*	1-800-FLOWERS.COM, Inc (Class A)		11,380
77		Aaron’s, Inc		2,788
1,224		American Eagle Outfitters, Inc		21,077
316	*	Ann Taylor Stores Corp		15,260
473	*	AutoZone, Inc		315,444
1,702	*	Bed Bath & Beyond, Inc		117,404
1,355		Best Buy Co, Inc		44,187
62	*	Cabela’s, Inc		3,099
852	*	Carmax, Inc		56,411
8		Chico’s FAS, Inc		133
244	*	FTD Cos, Inc		6,878
6		GameStop Corp (Class A)		258
5,233		Gap, Inc		199,744
259		GNC Holdings, Inc		11,520
270		HSN, Inc		18,951
2,402		Kohl’s Corp		150,389
202	*	LKQ Corp		6,109
7,056		Lowe’s Companies, Inc		472,540
223	*	NetFlix, Inc		146,498
701		Nordstrom, Inc		52,225
1,890	*	Office Depot, Inc		16,367
1,437	*	Orbitz Worldwide, Inc		16,411
69		Outerwall, Inc		5,252
278		Pier 1 Imports, Inc		3,511
320		Ross Stores, Inc		15,555
503	*	Shutterfly, Inc		24,048
5,903		Staples, Inc		90,375
135		Tiffany & Co		12,393
7		Williams-Sonoma, Inc		576
		TOTAL RETAILING		1,836,783
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
652	*	Advanced Micro Devices, Inc		1,565
9		Analog Devices, Inc		578
18,076		Applied Materials, Inc		347,421
125	*	Cirrus Logic, Inc		4,254
23,401		Intel Corp		711,741
227		Lam Research Corp		18,466
111		Microchip Technology, Inc		5,264
5,688	*	ON Semiconductor Corp		66,493
471		Skyworks Solutions, Inc		49,031
1,075	*	SunPower Corp		30,541
315		Teradyne, Inc		6,076
8,734		Texas Instruments, Inc		449,888
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,691,318

30

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
SOFTWARE & SERVICES - 11.3%
4,938		Accenture plc	$	477,900
1,147	*	Actua Corp		16,356
5,104	*	Adobe Systems, Inc		413,475
882	*	Angie’s List, Inc		5,433
2,129	*	Autodesk, Inc		106,610
1,228		Broadridge Financial Solutions, Inc		61,412
5,119		CA, Inc		149,936
191	*	Cadence Design Systems, Inc		3,755
6,617	*	Cognizant Technology Solutions Corp (Class A)		404,232
918	*	comScore, Inc		48,893
155		Convergys Corp		3,951
388	*	Ellie Mae, Inc		27,079
49		Factset Research Systems, Inc		7,963
54		Fair Isaac Corp		4,902
598	*	FireEye, Inc		29,248
239	*	Fortinet, Inc		9,878
3,848	*	Glu Mobile, Inc		23,896
1,362	*	Google, Inc		708,935
1,327	*	Google, Inc (Class A)		716,633
515	*	HomeAway, Inc		16,027
883	*	Informatica Corp		42,799
1,513	*	Internap Network Services Corp		13,995
4,463		International Business Machines Corp		725,951
3,700		Intuit, Inc		372,849
162		j2 Global, Inc		11,006
533	*	Liquidity Services, Inc		5,133
675	*	Marketo, Inc		18,940
4,829		Mastercard, Inc (Class A)		451,415
1,680	*	Monster Worldwide, Inc		10,987
55	*	NetSuite, Inc		5,046
189	*	NeuStar, Inc (Class A)		5,521
16,562		Oracle Corp		667,449
523	*	Qualys, Inc		21,103
656	*	Rackspace Hosting, Inc		24,397
1,014	*	Rally Software Development Corp		19,722
5,815	*	Salesforce.com, Inc		404,898
1,102	*	ServiceSource International LLC		6,028
123	*	SolarWinds, Inc		5,674
428	*	Stamps.com, Inc		31,488
10,112		Symantec Corp		235,104
118	*	Syntel, Inc		5,603
214	*	Teradata Corp		7,918
67	*	Ultimate Software Group, Inc		11,011
150	*	Unisys Corp		2,998
337	*	Vasco Data Security International		10,174
441	*	Workday, Inc		33,688
28,005		Xerox Corp		297,973
10,178	*	Yahoo!, Inc		399,894
		TOTAL SOFTWARE & SERVICES		7,085,278
TECHNOLOGY HARDWARE & EQUIPMENT - 4.1%
41		Belden CDT, Inc		3,330
147	*	Benchmark Electronics, Inc		3,202
681		Black Box Corp		13,620
24,900		Cisco Systems, Inc		683,754
42		Cognex Corp		2,020
3,600		Corning, Inc		71,028
1,781	*	Cray, Inc		52,557
16,718		EMC Corp		441,188
1,050	*	Finisar Corp		18,763
14,683		Hewlett-Packard Co		440,637
550	*	Ingram Micro, Inc (Class A)		13,766
169		InterDigital, Inc		9,614
306	*	IPG Photonics Corp		26,064

31

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
14	*	Itron, Inc	$	482
462		Jabil Circuit, Inc		9,836
554		Lexmark International, Inc (Class A)		24,487
2,042		Motorola, Inc		117,088
60	*	Netgear, Inc		1,801
18		Plantronics, Inc		1,014
494	*	QLogic Corp		7,010
9,257		Qualcomm, Inc		579,766
227	*	RealD, Inc		2,799
676		SanDisk Corp		39,357
963	*	Silicon Graphics International Corp		6,231
172	*	Super Micro Computer, Inc		5,088
26	*	Tech Data Corp		1,497
184	*	TTM Technologies, Inc		1,838
87	*	Universal Display Corp		4,501
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,582,338
TELECOMMUNICATION SERVICES - 2.0%
1,016	*	Boingo Wireless, Inc		8,392
9,478		CenturyTel, Inc		278,464
1,541	*	Cincinnati Bell, Inc		5,887
469		IDT Corp (Class B)		8,479
705	*	Level 3 Communications, Inc		37,132
16,804	*	Sprint Corp		76,626
17,905		Verizon Communications, Inc		834,552
1,213	*	Vonage Holdings Corp		5,956
		TOTAL TELECOMMUNICATION SERVICES		1,255,488
TRANSPORTATION - 2.8%
8		Allegiant Travel Co		1,423
903	*	Avis Budget Group, Inc		39,804
6		CH Robinson Worldwide, Inc		374
10,193		CSX Corp		332,802
2,704		Norfolk Southern Corp		236,221
6		Ryder System, Inc		524
8,610		Southwest Airlines Co		284,905
330	*	Spirit Airlines, Inc		20,493
3,531		Union Pacific Corp		336,752
4,997		United Parcel Service, Inc (Class B)		484,259
		TOTAL TRANSPORTATION		1,737,557
UTILITIES - 3.4%
102		American Water Works Co, Inc		4,960
2,497		Centerpoint Energy, Inc		47,518
4,677		Consolidated Edison, Inc		270,705
2,949		Duke Energy Corp		208,258
3,345		Eversource Energy		151,896
4		ITC Holdings Corp		129
103		MDU Resources Group, Inc		2,012
886		MGE Energy, Inc		34,315
220		New Jersey Resources Corp		6,061
4,248		NextEra Energy, Inc		416,431
6,329		NiSource, Inc		288,539
8,717		Pepco Holdings, Inc		234,836
2,079		Piedmont Natural Gas Co, Inc		73,410
3		Pinnacle West Capital Corp		171
326		Public Service Enterprise Group, Inc		12,805
2,619		Sempra Energy		259,124
956		South Jersey Industries, Inc		23,642
926		TECO Energy, Inc		16,353
478	*	WEC Energy Group, Inc		21,509
280		WGL Holdings, Inc		15,201
1,100		Xcel Energy, Inc		35,398
		TOTAL UTILITIES		2,123,273
		TOTAL COMMON STOCKS (Cost $41,766,421)		62,282,974

32

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES	COMPANY	VALUE
RIGHTS / WARRANTS - 0.0%
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
5	BioScrip, Inc	$	0
	TOTAL HEALTH CARE EQUIPMENT & SERVICES		0
	TOTAL RIGHTS / WARRANTS (Cost $0)		0
	TOTAL INVESTMENTS - 99.3% (Cost $41,766,421)		62,282,974
	OTHER ASSETS & LIABILITIES, NET - 0.7%		424,218
	NET ASSETS - 100.0%	$	62,707,192

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

33

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.2%
1,089	*	American Axle & Manufacturing Holdings, Inc	$	22,771
3,256		BorgWarner, Inc		185,071
852		Cooper Tire & Rubber Co		28,823
195	*	Cooper-Standard Holding, Inc		11,987
2,343		Dana Holding Corp		48,219
4,198		Delphi Automotive plc		357,208
376	*,e	Dorman Products, Inc		17,920
349		Drew Industries, Inc		20,249
425	*	Federal Mogul Corp (Class A)		4,824
56,161		Ford Motor Co		842,977
243	*	Fox Factory Holding Corp		3,907
23,426		General Motors Co		780,789
4,344		Gentex Corp		71,328
573	*	Gentherm, Inc		31,463
3,887		Goodyear Tire & Rubber Co		117,193
2,995		Harley-Davidson, Inc		168,768
9,422		Johnson Controls, Inc		466,672
1,159		Lear Corp		130,109
387		Metaldyne Performance Group, Inc		7,024
671	*	Modine Manufacturing Co		7,200
364	*	Motorcar Parts of America, Inc		10,953
398		Remy International, Inc		8,800
289		Standard Motor Products, Inc		10,150
449	*	Stoneridge, Inc		5,258
47		Strattec Security Corp		3,229
336		Superior Industries International, Inc		6,152
882	*	Tenneco, Inc		50,662
1,430	*,e	Tesla Motors, Inc		383,612
658		Thor Industries, Inc		37,032
428	*	Tower International, Inc		11,149
652	*	Visteon Corp		68,447
510	e	Winnebago Industries, Inc		12,031
		TOTAL AUTOMOBILES & COMPONENTS		3,931,977
BANKS - 6.2%
214		1st Source Corp		7,302
101		Access National Corp		1,963
98		American National Bankshares, Inc		2,333
459		Ameris Bancorp		11,608
129		Ames National Corp		3,238
430		Apollo Residential Mortgage		6,317
162		Arrow Financial Corp		4,379
2,146		Associated Banc-Corp		43,499
1,306		Astoria Financial Corp		18,010
110		Banc of California, Inc		1,512
130		Bancfirst Corp		8,508
541		Banco Latinoamericano de Exportaciones S.A. (Class E)		17,409
1,389		Bancorpsouth, Inc		35,781
838		Bank Mutual Corp		6,427
153,258		Bank of America Corp		2,608,451
757	e	Bank of Hawaii Corp		50,477
87		Bank of Marin Bancorp		4,426
1,130		Bank of the Ozarks, Inc		51,697
300		BankFinancial Corp		3,534
1,410		BankUnited		50,661
303		Banner Corp		14,523
89		Bar Harbor Bankshares		3,153

34

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
10,425		BB&T Corp	$	420,227
982		BBCN Bancorp, Inc		14,524
90	*,e	BBX Capital Corp		1,462
194	*	Bear State Financial, Inc		1,812
1,199	*	Beneficial Bancorp, Inc		14,976
428		Berkshire Hills Bancorp, Inc		12,189
400	*	Blue Hills Bancorp, Inc		5,600
359		BNC Bancorp		6,939
257	*,e	BofI Holding, Inc		27,167
603	e	BOK Financial Corp		41,957
1,073		Boston Private Financial Holdings, Inc		14,389
156		Bridge Bancorp, Inc		4,164
132	*	Bridge Capital Holdings		3,934
771		Brookline Bancorp, Inc		8,705
253		Bryn Mawr Bank Corp		7,630
124	*	BSB Bancorp, Inc		2,742
89	*	C1 Financial, Inc		1,725
87		Camden National Corp		3,367
321	*	Capital Bank Financial Corp		9,331
156		Capital City Bank Group, Inc		2,382
2,036		Capitol Federal Financial		24,513
459		Cardinal Financial Corp		10,002
333	*	Cascade Bancorp		1,725
1,068		Cathay General Bancorp		34,657
659		Centerstate Banks of Florida, Inc		8,903
335		Central Pacific Financial Corp		7,956
47		Century Bancorp, Inc		1,911
244		Charter Financial Corp		3,028
486		Chemical Financial Corp		16,067
2,656		CIT Group, Inc		123,477
44,280		Citigroup, Inc		2,446,027
167		Citizens & Northern Corp		3,432
4,534		Citizens Financial Group, Inc		123,824
211	e	City Holding Co		10,392
690		City National Corp		62,369
623		Clifton Bancorp, Inc		8,716
194		CNB Financial Corp		3,570
534		CoBiz, Inc		6,979
830		Columbia Banking System, Inc		27,008
2,437		Comerica, Inc		125,067
1,456		Commerce Bancshares, Inc		68,097
628	e	Community Bank System, Inc		23,720
222		Community Trust Bancorp, Inc		7,741
130	*	CommunityOne Bancorp		1,400
422		ConnectOne Bancorp, Inc		9,086
246	*	CU Bancorp		5,451
907		Cullen/Frost Bankers, Inc		71,272
384	*	Customers Bancorp, Inc		10,326
1,534		CVB Financial Corp		27,014
451		Dime Community Bancshares		7,640
430	*	Eagle Bancorp, Inc		18,903
2,157		East West Bancorp, Inc		96,677
100		Enterprise Bancorp, Inc		2,344
265		Enterprise Financial Services Corp		6,034
767	*	Essent Group Ltd		20,977
1,397		EverBank Financial Corp		27,451
102	*	Farmers Capital Bank Corp		2,900
407	*	FCB Financial Holdings, Inc		12,943
115		Federal Agricultural Mortgage Corp (Class C)		3,342
222		Fidelity Southern Corp		3,872
11,649		Fifth Third Bancorp		242,532
202		Financial Institutions, Inc		5,018
264		First Bancorp (NC)		4,404
1,662	*	First Bancorp (Puerto Rico)		8,011
162		First Bancorp, Inc		3,149
972		First Busey Corp		6,386
204		First Business Financial Services, Inc		9,564

35

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
154		First Citizens Bancshares, Inc (Class A)	$	40,508
1,229		First Commonwealth Financial Corp		11,786
242		First Community Bancshares, Inc		4,409
240		First Connecticut Bancorp		3,809
120		First Defiance Financial Corp		4,504
747		First Financial Bancorp		13,401
1,215	e	First Financial Bankshares, Inc		42,088
188		First Financial Corp		6,723
3,378		First Horizon National Corp		52,933
284		First Interstate Bancsystem, Inc		7,878
557		First Merchants Corp		13,758
1,128		First Midwest Bancorp, Inc		21,398
221	*	First NBC Bank Holding Co		7,956
5,097		First Niagara Financial Group, Inc		48,116
162		First of Long Island Corp		4,491
2,002		First Republic Bank		126,186
2,387		FirstMerit Corp		49,721
298	*	Flagstar Bancorp, Inc		5,507
358		Flushing Financial Corp		7,522
2,437		FNB Corp		34,898
185		Fox Chase Bancorp, Inc		3,130
76	*	Franklin Financial Network, Inc		1,743
2,541		Fulton Financial Corp		33,185
177		German American Bancorp, Inc		5,213
1,082		Glacier Bancorp, Inc		31,832
135		Great Southern Bancorp, Inc		5,689
592		Great Western Bancorp, Inc		14,273
155	*	Green Bancorp, Inc		2,381
185		Guaranty Bancorp		3,054
222	*,e	Hampton Roads Bankshares, Inc		462
1,231		Hancock Holding Co		39,281
554		Hanmi Financial Corp		13,761
259		Heartland Financial USA, Inc		9,640
279		Heritage Commerce Corp		2,681
434		Heritage Financial Corp		7,756
135		Heritage Financial Group		4,074
260		Heritage Oaks Bancorp		2,046
1,094	*	Hilltop Holdings, Inc		26,354
817		Home Bancshares, Inc		29,870
314		HomeStreet, Inc		7,165
265	*	HomeTrust Bancshares, Inc		4,441
123		Horizon Bancorp		3,070
7,991		Hudson City Bancorp, Inc		78,951
218		Hudson Valley Holding Corp		6,150
11,643		Huntington Bancshares, Inc		131,682
463		IBERIABANK Corp		31,590
119	*	Impac Mortgage Holdings, Inc		2,278
374		Independent Bank Corp (MA)		17,537
308		Independent Bank Corp (MI)		4,176
123		Independent Bank Group, Inc		5,277
774		International Bancshares Corp		20,797
4,963		Investors Bancorp, Inc		61,045
54,140		JPMorgan Chase & Co		3,668,527
1,603	*	Kearny Financial Corp		17,889
12,707		Keycorp		190,859
569		Ladder Capital Corp		9,872
509		Lakeland Bancorp, Inc		6,052
350		Lakeland Financial Corp		15,180
693		LegacyTexas Financial Group, Inc		20,929
80	*	LendingTree, Inc		6,289
1,913		M&T Bank Corp		238,991
318		MainSource Financial Group, Inc		6,980
1,081		MB Financial, Inc		37,230
226		Mercantile Bank Corp		4,839
60		Merchants Bancshares, Inc		1,984
291	*	Meridian Bancorp, Inc		3,902

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,883	*	MGIC Investment Corp	$	55,569
113		MidWestOne Financial Group, Inc		3,720
684		National Bank Holdings Corp		14,248
84	e	National Bankshares, Inc		2,458
85	*	National Commerce Corp		2,193
2,023		National Penn Bancshares, Inc		22,819
569	*,e	Nationstar Mortgage Holdings, Inc		9,559
636		NBT Bancorp, Inc		16,644
6,269	e	New York Community Bancorp, Inc		115,224
451		NewBridge Bancorp		4,027
644	*	NMI Holdings, Inc		5,165
669		Northfield Bancorp, Inc		10,068
1,214		Northwest Bancshares, Inc		15,563
180		OceanFirst Financial Corp		3,357
1,552	*,e	Ocwen Financial Corp		15,830
596		OFG Bancorp		6,359
1,471		Old National Bancorp		21,271
150		Opus Bank		5,427
670		Oritani Financial Corp		10,754
241		Pacific Continental Corp		3,261
300	*	Pacific Premier Bancorp, Inc		5,088
1,518		PacWest Bancorp		70,982
69		Palmetto Bancshares, Inc		1,364
188	e	Park National Corp		16,426
651		Park Sterling Bank		4,687
225		Peapack Gladstone Financial Corp		5,000
67		Penns Woods Bancorp, Inc		2,954
164		Pennsylvania Commerce Bancorp, Inc		4,287
165	*	PennyMac Financial Services, Inc		2,990
261		Peoples Bancorp, Inc		6,092
101		Peoples Financial Services Corp		4,001
4,161		People’s United Financial, Inc		67,450
519		Pinnacle Financial Partners, Inc		28,218
7,578		PNC Financial Services Group, Inc		724,836
1,355	*	Popular, Inc		39,105
147		Preferred Bank		4,417
1,130		PrivateBancorp, Inc		44,997
935		Prosperity Bancshares, Inc		53,987
753		Provident Financial Services, Inc		14,299
170		QCR Holdings, Inc		3,699
2,750		Radian Group, Inc		51,590
20,164		Regions Financial Corp		208,899
458	e	Renasant Corp		14,931
120		Republic Bancorp, Inc (Class A)		3,084
499		S&T Bancorp, Inc		14,765
330		Sandy Spring Bancorp, Inc		9,233
332	*	Seacoast Banking Corp of Florida		5,246
319		ServisFirst Bancshares, Inc		11,985
163		Sierra Bancorp		2,822
719	*	Signature Bank		105,254
431		Simmons First National Corp (Class A)		20,119
350		South State Corp		26,597
362	e	Southside Bancshares, Inc		10,581
265		Southwest Bancorp, Inc		4,932
240	*	Square Financial, Inc		6,564
397		State Bank & Trust Co		8,615
1,320		Sterling Bancorp/DE		19,404
210		Stock Yards Bancorp, Inc		7,936
134		Stonegate Bank		3,976
192	*	Stonegate Mortgage Corp		1,933
155		Suffolk Bancorp		3,977
137	*	Sun Bancorp, Inc		2,637
7,423		SunTrust Banks, Inc		319,337
2,620		Susquehanna Bancshares, Inc		36,994
747	*	SVB Financial Group		107,553
2,139		Synovus Financial Corp		65,924

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
790		Talmer Bancorp Inc	$	13,233
2,235		TCF Financial Corp		37,123
150		Territorial Bancorp, Inc		3,639
578	*	Texas Capital Bancshares, Inc		35,975
2,132		TFS Financial Corp		35,860
434	*	The Bancorp, Inc		4,028
216		Tompkins Trustco, Inc		11,604
634	e	TowneBank		10,328
330		Trico Bancshares		7,937
296	*	Tristate Capital Holdings, Inc		3,827
207	*	Triumph Bancorp, Inc		2,722
1,974		Trustco Bank Corp NY		13,877
970		Trustmark Corp		24,231
569		UMB Financial Corp		32,444
3,165		Umpqua Holdings Corp		56,938
621		Union Bankshares Corp		14,432
1,151	e	United Bankshares, Inc		46,305
716		United Community Banks, Inc		14,943
680		United Community Financial Corp		3,638
707		United Financial Bancorp, Inc (New)		9,509
282		Univest Corp of Pennsylvania		5,742
24,482		US Bancorp		1,062,519
3,310		Valley National Bancorp		34,126
387	*	Walker & Dunlop, Inc		10,348
1,359		Washington Federal, Inc		31,733
217		Washington Trust Bancorp, Inc		8,567
486		Waterstone Financial, Inc		6,415
1,184		Webster Financial Corp		46,827
67,964		Wells Fargo & Co		3,822,295
549		WesBanco, Inc		18,677
239		West Bancorporation, Inc		4,742
667	e	Westamerica Bancorporation		33,784
1,115	*	Western Alliance Bancorp		37,642
1,094		Wilshire Bancorp, Inc		13,817
624		Wintrust Financial Corp		33,309
360		WSFS Financial Corp		9,846
362	*	Yadkin Financial Corp		7,584
2,937		Zions Bancorporation		93,206
		TOTAL BANKS		20,851,061
CAPITAL GOODS - 7.5%
9,265		3M Co		1,429,589
1,112		A.O. Smith Corp		80,042
587		Aaon, Inc		13,219
511		AAR Corp		16,286
654	*	Accuride Corp		2,518
865		Actuant Corp (Class A)		19,973
624		Acuity Brands, Inc		112,308
487		Advanced Drainage Systems, Inc		14,284
2,168	*	Aecom Technology Corp		71,717
522	*	Aegion Corp		9,887
908	*,e	Aerojet Rocketdyne Holdings, Inc		18,714
288	*	Aerovironment, Inc		7,511
1,090	e	AGCO Corp		61,890
1,500		Air Lease Corp		50,850
892		Aircastle Ltd		20,222
140		Alamo Group, Inc		7,650
401		Albany International Corp (Class A)		15,960
1,314		Allegion plc		79,024
87		Allied Motion Technologies, Inc		1,954
2,586		Allison Transmission Holdings, Inc		75,666
326		Altra Holdings, Inc		8,861
224	*	Ameresco, Inc		1,714
127	e	American Railcar Industries, Inc		6,177
105		American Science & Engineering, Inc		4,600
184	*	American Woodmark Corp		10,092
3,473		Ametek, Inc		190,251

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
418		Apogee Enterprises, Inc	$	22,004
560		Applied Industrial Technologies, Inc		22,204
250		Argan, Inc		10,083
566	*	Armstrong World Industries, Inc		30,156
1,404	*	ArvinMeritor, Inc		18,420
261		Astec Industries, Inc		10,915
301	*	Astronics Corp		21,338
343		AZZ, Inc		17,767
1,536		Babcock & Wilcox Co		50,381
677		Barnes Group, Inc		26,396
1,469		BE Aerospace, Inc		80,648
752	*	Beacon Roofing Supply, Inc		24,981
739	*	Blount International, Inc		8,070
10,100		Boeing Co		1,401,072
600		Briggs & Stratton Corp		11,556
673	*	Builders FirstSource, Inc		8,641
232	*	CAI International, Inc		4,777
902		Carlisle Cos, Inc		90,308
8,831		Caterpillar, Inc		749,045
435	*	Chart Industries, Inc		15,551
1,410	e	Chicago Bridge & Iron Co NV		70,556
248		CIRCOR International, Inc		13,523
719		Clarcor, Inc		44,751
1,383	*,e	Colfax Corp		63,825
262		Columbus McKinnon Corp		6,550
536		Comfort Systems USA, Inc		12,301
414	*	Commercial Vehicle Group, Inc		2,985
453	*	Continental Building Products Inc		9,599
636		Crane Co		37,352
262		Cubic Corp		12,466
2,663		Cummins, Inc		349,359
654		Curtiss-Wright Corp		47,376
9,057		Danaher Corp		775,189
4,895		Deere & Co		475,060
1,031	*	DigitalGlobe, Inc		28,651
1,968		Donaldson Co, Inc		70,454
296		Douglas Dynamics, Inc		6,358
2,309		Dover Corp		162,046
139	*	Ducommun, Inc		3,568
174	*	DXP Enterprises, Inc		8,091
489	*	Dycom Industries, Inc		28,778
6,849		Eaton Corp		462,239
900		EMCOR Group, Inc		42,993
9,791		Emerson Electric Co		542,715
295		Encore Wire Corp		13,066
629		EnerSys		44,212
236		Engility Holdings, Inc		5,938
558	*,e	Enphase Energy, Inc		4,246
330		EnPro Industries, Inc		18,883
371		ESCO Technologies, Inc		13,879
456	*	Esterline Technologies Corp		43,475
4,312	e	Fastenal Co		181,880
743		Federal Signal Corp		11,078
1,937		Flowserve Corp		102,002
2,196		Fluor Corp		116,410
2,295		Fortune Brands Home & Security, Inc		105,157
640		Franklin Electric Co, Inc		20,691
165		Freightcar America, Inc		3,445
5,190	*,e	FuelCell Energy, Inc		5,070
505	*	Furmanite Corp		4,101
618		GATX Corp		32,847
994	*,e	Generac Holdings, Inc		39,512
705		General Cable Corp		13,910
4,269		General Dynamics Corp		604,875
146,987		General Electric Co		3,905,445
472	*	Gibraltar Industries, Inc		9,615
278		Global Brass & Copper Holdings, Inc		4,729

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
253		Gorman-Rupp Co	$	7,104
825		Graco, Inc		58,600
2,166	*	GrafTech International Ltd		10,743
128		Graham Corp		2,623
466		Granite Construction, Inc		16,548
890	*	Great Lakes Dredge & Dock Corp		5,304
454	e	Greenbrier Cos, Inc		21,270
686		Griffon Corp		10,921
450		H&E Equipment Services, Inc		8,987
1,086		Harsco Corp		17,919
271	*	HC2 Holdings, Inc		2,425
2,395	*	HD Supply Holdings, Inc		84,256
279	e	HEICO Corp		16,266
574	*	HEICO Corp (Class A)		29,142
1,458		Hexcel Corp		72,521
856		Hillenbrand, Inc		26,279
11,422		Honeywell International, Inc		1,164,701
833		Hubbell, Inc (Class B)		90,197
699		Huntington Ingalls		78,700
78		Hurco Cos, Inc		2,700
138		Hyster-Yale Materials Handling, Inc		9,561
1,119		IDEX Corp		87,931
4,303		Illinois Tool Works, Inc		394,972
3,806		Ingersoll-Rand plc		256,601
267		Insteel Industries, Inc		4,993
1,286		ITT Corp		53,806
1,819	*	Jacobs Engineering Group, Inc		73,888
372		John Bean Technologies Corp		13,983
1,398		Joy Global, Inc		50,608
148		Kadant, Inc		6,986
380		Kaman Corp		15,937
2,113		KBR, Inc		41,161
1,135		Kennametal, Inc		38,726
488	*,e	KEYW Holding Corp		4,548
734	*	KLX, Inc		32,391
600	*	Kratos Defense & Security Solutions, Inc		3,780
1,186		L-3 Communications Holdings, Inc		134,469
87	*	Lawson Products, Inc		2,043
151		LB Foster Co (Class A)		5,226
581		Lennox International, Inc		62,568
1,089		Lincoln Electric Holdings, Inc		66,309
169	e	Lindsay Manufacturing Co		14,857
3,970		Lockheed Martin Corp		738,023
289		LSI Industries, Inc		2,699
242	*	Lydall, Inc		7,154
1,952		Manitowoc Co, Inc		38,259
5,104		Masco Corp		136,124
395	*	Masonite International Corp		27,693
961	*	Mastec, Inc		19,095
820	*	Middleby Corp		92,029
168		Miller Industries, Inc		3,352
555	*	Moog, Inc (Class A)		39,227
1,441	*	MRC Global, Inc		22,249
703		MSC Industrial Direct Co (Class A)		49,048
803		Mueller Industries, Inc		27,880
2,137		Mueller Water Products, Inc (Class A)		19,447
301	*	MYR Group, Inc		9,319
58		National Presto Industries, Inc		4,659
755	*,e	Navistar International Corp		17,086
446	*	NCI Building Systems, Inc		6,721
157	*	Neff Corp		1,584
271		NN, Inc		6,916
877		Nordson Corp		68,310
140	*	Nortek, Inc		11,638
2,842		Northrop Grumman Corp		450,826
128	*	Northwest Pipe Co		2,607
1,544	*,e	NOW, Inc		30,741
71	*	NV5 Holdings, Inc		1,722

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
44		Omega Flex, Inc	$	1,657
924		Orbital ATK, Inc		67,785
434	*	Orion Marine Group, Inc		3,133
1,154		Oshkosh Truck Corp		48,907
1,694		Owens Corning, Inc		69,878
5,107		Paccar, Inc		325,878
1,536		Pall Corp		191,155
1,995		Parker Hannifin Corp		232,078
181	*	Patrick Industries, Inc		6,887
2,586		Pentair plc		177,788
702	*	Perini Corp		15,149
692	*	Pgt, Inc		10,041
2,919	*,e	Plug Power, Inc		7,152
412	*	Ply Gem Holdings, Inc		4,857
713	*	Polypore International, Inc		42,694
125		Powell Industries, Inc		4,396
69	*,e	Power Solutions International, Inc		3,727
415	*	PowerSecure International, Inc		6,125
2,028		Precision Castparts Corp		405,336
28		Preformed Line Products Co		1,056
560		Primoris Services Corp		11,088
423	*,e	Proto Labs, Inc		28,544
492		Quanex Building Products Corp		10,544
2,937	*	Quanta Services, Inc		84,644
551		Raven Industries, Inc		11,202
4,476		Raytheon Co		428,264
312		RBC Bearings, Inc		22,389
605		Regal-Beloit Corp		43,917
1,304	*	Rexnord Corp		31,179
1,936		Rockwell Automation, Inc		241,303
1,903		Rockwell Collins, Inc		175,742
1,445		Roper Industries, Inc		249,205
626	*	Rush Enterprises, Inc (Class A)		16,407
554		Simpson Manufacturing Co, Inc		18,836
882		Snap-On, Inc		140,459
852	*,e	SolarCity Corp		45,625
136	*	Sparton Corp		3,716
2,039	*	Spirit Aerosystems Holdings, Inc (Class A)		112,369
588		SPX Corp		42,565
183		Standex International Corp		14,627
2,266		Stanley Works		238,474
290	*	Stock Building Supply Holdings, Inc		5,670
279		Sun Hydraulics Corp		10,633
480	e	TAL International Group, Inc		15,168
773	*,e	Taser International, Inc		25,749
508	*	Teledyne Technologies, Inc		53,599
247		Tennant Co		16,139
1,508		Terex Corp		35,061
401	e	Textainer Group Holdings Ltd		10,430
4,107		Textron, Inc		183,295
267	*,e	The ExOne Company		2,964
460	*	Thermon Group Holdings		11,072
1,085		Timken Co		39,678
591	e	Titan International, Inc		6,347
282	*	Titan Machinery, Inc		4,154
803		Toro Co		54,427
764	*	TransDigm Group, Inc		171,648
467	*	Trex Co, Inc		23,084
649	*	Trimas Corp		19,210
2,205		Trinity Industries, Inc		58,278
710		Triumph Group, Inc		46,853
100		Twin Disc, Inc		1,864
1,396	*	United Rentals, Inc		122,318
13,001		United Technologies Corp		1,442,201
289		Universal Forest Products, Inc		15,037
1,341	*,e	USG Corp		37,266
340	e	Valmont Industries, Inc		40,416
156	*	Vectrus, Inc		3,880

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
112	*	Veritiv Corp	$	4,084
200	*	Vicor Corp		2,438
987		W.W. Grainger, Inc		233,574
976	*	Wabash National Corp		12,239
811	*	WABCO Holdings, Inc		100,337
376		Watsco, Inc		46,526
382		Watts Water Technologies, Inc (Class A)		19,807
635	*,e	WESCO International, Inc		43,586
1,389		Westinghouse Air Brake Technologies Corp		130,899
895		Woodward Governor Co		49,216
147	*	Xerium Technologies, Inc		2,675
2,609		Xylem, Inc		96,716
		TOTAL CAPITAL GOODS		25,268,797
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
807		ABM Industries, Inc		26,526
731	e	Acacia Research (Acacia Technologies)		6,411
1,951	*	ACCO Brands Corp		15,159
287		Administaff, Inc		14,608
2,463	e	ADT Corp		82,683
661	*	Advisory Board Co		36,137
314		American Ecology Corp		15,298
601	*	ARC Document Solutions, Inc		4,574
97		Barrett Business Services, Inc		3,523
688		Brady Corp (Class A)		17,021
650		Brink’s Co		19,129
524	*	Casella Waste Systems, Inc (Class A)		2,940
557	*	CBIZ, Inc		5,369
189		CDI Corp		2,457
480		CEB, Inc		41,789
282		Ceco Environmental Corp		3,195
1,373		Cintas Corp		116,142
1,580		Civeo Corp		4,851
842	*	Clean Harbors, Inc		45,249
1,823	*	Copart, Inc		64,680
1,616		Covanta Holding Corp		34,243
128	*	CRA International, Inc		3,567
719		Deluxe Corp		44,578
550		Dun & Bradstreet Corp		67,100
351		Ennis, Inc		6,525
1,712		Equifax, Inc		166,218
528		Essendant, Inc		20,724
456		Exponent, Inc		20,420
148	*	Franklin Covey Co		3,003
598	*	FTI Consulting, Inc		24,662
286		G & K Services, Inc (Class A)		19,774
191	*	GP Strategies Corp		6,349
1,030		Healthcare Services Group		34,041
200		Heidrick & Struggles International, Inc		5,216
347	*	Heritage-Crystal Clean, Inc		5,101
842		Herman Miller, Inc		24,359
315	*	Hill International, Inc		1,657
641		HNI Corp		32,787
306	*	Huron Consulting Group, Inc		21,448
261	*	ICF International, Inc		9,098
2,113	*	ICO Global Communications Holdings Ltd		2,895
1,005	*	IHS, Inc (Class A)		129,273
491	*	Innerworkings, Inc		3,275
897		Interface, Inc		22,470
1,926		KAR Auction Services, Inc		72,032
439		Kelly Services, Inc (Class A)		6,739
366		Kforce, Inc		8,370
460		Kimball International, Inc (Class B)		5,594
669		Knoll, Inc		16,745
641		Korn/Ferry International		22,288

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,126		Manpower, Inc	$	100,642
398		Matthews International Corp (Class A)		21,150
379		McGrath RentCorp		11,533
220	*	Mistras Group, Inc		4,176
656		Mobile Mini, Inc		27,578
420		MSA Safety, Inc		20,374
167		Multi-Color Corp		10,668
700	*	Navigant Consulting, Inc		10,409
5,425		Nielsen Holdings NV		242,877
113		NL Industries, Inc		837
725	*	On Assignment, Inc		28,478
2,896		Pitney Bowes, Inc		60,266
313		Quad		5,794
2,519		R.R. Donnelley & Sons Co		43,906
3,678		Republic Services, Inc		144,067
514		Resources Connection, Inc		8,270
2,048		Robert Half International, Inc		113,664
1,379		Rollins, Inc		39,343
778	*	RPX Corp		13,148
241	*	SP Plus Corp		6,293
1,106		Steelcase, Inc (Class A)		20,914
1,260	*	Stericycle, Inc		168,727
294	*	Team, Inc		11,833
864		Tetra Tech, Inc		22,153
1,030		Towers Watson & Co		129,574
235	*	TRC Cos, Inc		2,385
590	*	TriNet Group, Inc		14,957
550	*	TrueBlue, Inc		16,445
6,134		Tyco International plc		236,036
213		Unifirst Corp		23,824
2,442	*	Verisk Analytics, Inc		177,680
291		Viad Corp		7,889
145	*	Volt Information Sciences, Inc		1,408
48		VSE Corp		2,568
563	*	WageWorks, Inc		22,773
1,932		Waste Connections, Inc		91,036
6,736		Waste Management, Inc		312,214
866		West Corp		26,067
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,570,248
CONSUMER DURABLES & APPAREL - 1.7%
171		Arctic Cat, Inc		5,679
106		Bassett Furniture Industries, Inc		3,012
565	*,e	Beazer Homes USA, Inc		11,272
271	*	Black Diamond, Inc		2,504
1,325		Brunswick Corp		67,390
1,140		Callaway Golf Co		10,192
770		Carter’s, Inc		81,851
119	*	Cavco Industries, Inc		8,977
221	*	Century Communities, Inc		4,449
244	*	Cherokee, Inc		6,876
4,055		Coach, Inc		140,344
492		Columbia Sportswear Co		29,746
1,231	*	CROCS, Inc		18,108
125		CSS Industries, Inc		3,781
110		Culp, Inc		3,410
498	*	Deckers Outdoor Corp		35,841
4,717		DR Horton, Inc		129,057
279	e	Ethan Allen Interiors, Inc		7,349
81		Flexsteel Industries, Inc		3,490
607	*	Fossil Group, Inc		42,102
1,834	e	Garmin Ltd		80,568
575	*	G-III Apparel Group Ltd		40,451
1,285	*	GoPro, Inc		67,745
191	*	Green Brick Partners, Inc		2,091

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,732		Hanesbrands, Inc	$	190,990
1,035		Harman International Industries, Inc		123,103
1,601		Hasbro, Inc		119,739
411	*	Helen of Troy Ltd		40,068
156		Hooker Furniture Corp		3,917
2,631	*,e	Hovnanian Enterprises, Inc (Class A)		6,998
753	*	Iconix Brand Group, Inc		18,802
287	*	Installed Building Products Inc		7,026
429	*	iRobot Corp		13,677
257	*,e	Jakks Pacific, Inc		2,542
2,737	*	Jarden Corp		141,640
70		Johnson Outdoors, Inc		1,649
1,827	*	Kate Spade & Co		39,354
1,135	e	KB Home		18,841
702		La-Z-Boy, Inc		18,491
1,983		Leggett & Platt, Inc		96,532
143	*	Lennar Corp (B Shares)		6,166
2,523		Lennar Corp (Class A)		128,774
192	*,e	LGI Homes, Inc		3,798
365		Libbey, Inc		15,085
112		Lifetime Brands, Inc		1,654
1,680	*	Lululemon Athletica, Inc		109,704
385	*	M/I Homes, Inc		9,498
200	*	Malibu Boats Inc		4,018
156		Marine Products Corp		973
4,985		Mattel, Inc		128,065
558	e	MDC Holdings, Inc		16,723
567	*	Meritage Homes Corp		26,700
2,855	*	Michael Kors Holdings Ltd		120,167
900	*	Mohawk Industries, Inc		171,810
227		Movado Group, Inc		6,165
66		Nacco Industries, Inc (Class A)		4,010
727	*	Nautilus, Inc		15,638
112	*	New Home Co Inc		1,930
3,869		Newell Rubbermaid, Inc		159,055
9,909		Nike, Inc (Class B)		1,070,370
59	*	NVR, Inc		79,060
200		Oxford Industries, Inc		17,490
365	*	Performance Sports Group Ltd		6,570
161	*	Perry Ellis International, Inc		3,827
1,190		Phillips-Van Heusen Corp		137,088
977		Polaris Industries, Inc		144,704
626		Pool Corp		43,933
5,283		Pulte Homes, Inc		106,452
892		Ralph Lauren Corp		118,065
705		Ryland Group, Inc		32,691
386	*,e	Sequential Brands Group, Inc		5,902
589	*	Skechers U.S.A., Inc (Class A)		64,666
334	*	Skullcandy, Inc		2,562
768	*,e	Smith & Wesson Holding Corp		12,741
2,096	*	Standard-Pacific Corp		18,675
798	*	Steven Madden Ltd		34,138
272		Sturm Ruger & Co, Inc		15,626
100		Superior Uniform Group, Inc		1,654
680	*	Taylor Morrison Home Corp		13,845
899	*	Tempur-Pedic International, Inc		59,244
2,547	*	Toll Brothers, Inc		97,270
2,322	*	TRI Pointe Homes, Inc		35,527
647	*	Tumi Holdings, Inc		13,276
719		Tupperware Corp		46,404
2,570	*	Under Armour, Inc (Class A)		214,441
226	*	Unifi, Inc		7,571
213	*	Universal Electronics, Inc		10,616
246	*,e	Vera Bradley, Inc		2,772
4,863		VF Corp		339,146
234	*	Vince Holding Corp		2,803

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
917	*	Vista Outdoor, Inc	$	41,173
226	*	WCI Communities, Inc		5,512
99		Weyco Group, Inc		2,952
1,145		Whirlpool Corp		198,142
428	*	William Lyon Homes, Inc		10,987
1,589		Wolverine World Wide, Inc		45,255
423	*	Zagg, Inc		3,350
		TOTAL CONSUMER DURABLES & APPAREL		5,646,087
CONSUMER SERVICES - 2.2%
342	*	2U, Inc		11,009
224	*	American Public Education, Inc		5,761
1,363	*	Apollo Group, Inc (Class A)		17,555
2,776		ARAMARK Holdings Corp		85,973
193	*	Ascent Media Corp (Series A)		8,249
1,433	*	Belmond Ltd.		17,898
298	*	BJ’s Restaurants, Inc		14,438
1,790		Bloomin’ Brands, Inc		38,217
331		Bob Evans Farms, Inc		16,898
120	*	Bojangles’, Inc		2,863
1,534	*	Boyd Gaming Corp		22,933
246	*	Bravo Brio Restaurant Group, Inc		3,333
192	*	Bridgepoint Education, Inc		1,836
538	*	Bright Horizons Family Solutions		31,096
928		Brinker International, Inc		53,499
271	*	Buffalo Wild Wings, Inc		42,463
674	*,e	Caesars Acquisition Co		4,637
785	*,e	Caesars Entertainment Corp		4,804
164		Capella Education Co		8,802
1,960	*	Career Education Corp		6,468
6,079		Carnival Corp		300,242
234		Carriage Services, Inc		5,588
507	*	Carrols Restaurant Group, Inc		5,273
701		Cheesecake Factory		38,229
1,106	*,e	Chegg, Inc		8,671
459	*	Chipotle Mexican Grill, Inc (Class A)		277,690
591		Choice Hotels International, Inc		32,062
194		Churchill Downs, Inc		24,260
215	*,e	Chuy’s Holdings, Inc		5,760
628		ClubCorp Holdings, Inc		14,997
92		Collectors Universe		1,834
295	e	Cracker Barrel Old Country Store, Inc		44,002
1,845		Darden Restaurants, Inc		131,143
327	*	Dave & Buster’s Entertainment, Inc		11,801
331	*	Del Frisco’s Restaurant Group, Inc		6,167
1,168	*	Denny’s Corp		13,560
918		DeVry, Inc		27,522
602	*	Diamond Resorts International, Inc		18,993
243		DineEquity, Inc		24,079
794		Domino’s Pizza, Inc		90,040
1,398	e	Dunkin Brands Group, Inc		76,890
196	*,e	El Pollo Loco Holdings, Inc		4,059
195	*	Empire Resorts, Inc		993
868		Extended Stay America, Inc		16,292
366	*	Fiesta Restaurant Group, Inc		18,300
48		Graham Holdings Co		51,602
675	*	Grand Canyon Education, Inc		28,620
3,955		H&R Block, Inc		117,266
163	*	Habit Restaurants, Inc		5,100
7,669	*	Hilton Worldwide Holdings, Inc		211,281
1,975	*	Houghton Mifflin Harcourt Co		49,770
490	*	Hyatt Hotels Corp		27,778
1,368	*	International Game Technology plc		24,296
373		International Speedway Corp (Class A)		13,678
474		Interval Leisure Group, Inc		10,831
251	*	Intrawest Resorts Holdings Inc		2,917

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
353	*	Isle of Capri Casinos, Inc	$	6,407
571		Jack in the Box, Inc		50,339
192	*,e	Jamba, Inc		2,974
461	*	K12, Inc		5,832
117	*	Kona Grill, Inc		2,271
940	*	Krispy Kreme Doughnuts, Inc		18,104
1,351	*	La Quinta Holdings, Inc		30,870
5,271		Las Vegas Sands Corp		277,096
83		Liberty Tax, Inc		2,054
1,352	*	LifeLock, Inc		22,173
271		Marcus Corp		5,198
3,016		Marriott International, Inc (Class A)		224,360
481		Marriott Vacations Worldwide Corp		44,132
14,055		McDonald’s Corp		1,336,209
6,405	*	MGM Resorts International		116,891
139	*	Monarch Casino & Resort, Inc		2,858
706	*	Morgans Hotel Group Co		4,758
279	*	Noodles & Co		4,073
1,892	*	Norwegian Cruise Line Holdings Ltd		106,028
364	*	Panera Bread Co (Class A)		63,616
450		Papa John’s International, Inc		34,025
1,142	*	Penn National Gaming, Inc		20,956
1,029	*	Pinnacle Entertainment, Inc		38,361
334	*	Popeyes Louisiana Kitchen, Inc		20,037
320	*,e	Potbelly Corp		3,920
204	*	Red Robin Gourmet Burgers, Inc		17,507
674	*	Regis Corp		10,622
2,504		Royal Caribbean Cruises Ltd		197,040
779	*	Ruby Tuesday, Inc		4,884
473		Ruth’s Chris Steak House, Inc		7,625
719	*,e	Scientific Games Corp (Class A)		11,173
956		SeaWorld Entertainment, Inc		17,629
2,996		Service Corp International		88,172
1,478	*	ServiceMaster Global Holdings, Inc		53,459
85	*	Shake Shack, Inc		5,123
1,042		Six Flags Entertainment Corp		46,734
729		Sonic Corp		20,995
897		Sotheby’s (Class A)		40,580
164		Speedway Motorsports, Inc		3,715
21,924		Starbucks Corp		1,175,455
2,457		Starwood Hotels & Resorts Worldwide, Inc		199,238
24	*	Steak N Shake Co		9,930
185	*	Steiner Leisure Ltd		9,949
149	*	Strayer Education, Inc		6,422
997		Texas Roadhouse, Inc (Class A)		37,318
228		Universal Technical Institute, Inc		1,961
514		Vail Resorts, Inc		56,129
541	*,e	Weight Watchers International, Inc		2,624
3,688	e	Wendy’s		41,601
1,708		Wyndham Worldwide Corp		139,902
1,204		Wynn Resorts Ltd		118,799
6,318		Yum! Brands, Inc		569,125
274	*,e	Zoe’s Kitchen, Inc		11,218
		TOTAL CONSUMER SERVICES		7,488,789
DIVERSIFIED FINANCIALS - 4.0%
787	*	Affiliated Managers Group, Inc		172,038
6,932	*	Ally Financial, Inc		155,485
12,632		American Express Co		981,759
2,666		Ameriprise Financial, Inc		333,063
359	e	Arlington Asset Investment Corp (Class A)		7,022
514		Artisan Partners Asset Management, Inc		23,880
10	*	Ashford, Inc		873
16,413		Bank of New York Mellon Corp		688,854
2,631		BGC Partners, Inc (Class A)		23,021
1,837		BlackRock, Inc		635,565

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
267		Calamos Asset Management, Inc (Class A)	$	3,271
7,996		Capital One Financial Corp		703,408
400		Cash America International, Inc		10,476
1,274		CBOE Holdings, Inc		72,898
16,784		Charles Schwab Corp		547,998
4,647		CME Group, Inc		432,450
291		Cohen & Steers, Inc		9,917
1,548	*	Cowen Group, Inc		9,907
113	*	Credit Acceptance Corp		27,818
42		Diamond Hill Investment Group, Inc		8,386
6,367		Discover Financial Services		366,867
3,871	*	E*Trade Financial Corp		115,937
1,765		Eaton Vance Corp		69,064
375	*,e	Encore Capital Group, Inc		16,028
366	*	Enova International, Inc		6,837
499		Evercore Partners, Inc (Class A)		26,926
690	*	Ezcorp, Inc (Class A)		5,127
1,349		Federated Investors, Inc (Class B)		45,178
99		Fifth Street Asset Management, Inc		1,018
745	e	Financial Engines, Inc		31,648
403	*	First Cash Financial Services, Inc		18,373
1,222	*	FNFV Group		18,794
5,754		Franklin Resources, Inc		282,119
464		Gain Capital Holdings, Inc		4,436
86		GAMCO Investors, Inc (Class A)		5,909
6,336		Goldman Sachs Group, Inc		1,322,893
662	*	Green Dot Corp		12,657
424		Greenhill & Co, Inc		17,524
440		HFF, Inc (Class A)		18,361
824		Interactive Brokers Group, Inc (Class A)		34,245
1,639		IntercontinentalExchange Group, Inc		366,497
215	*	INTL FCStone, Inc		7,147
6,194		Invesco Ltd		232,213
524		Investment Technology Group, Inc		12,995
9,500		iShares Russell 3000 Index Fund		1,177,810
2,141		Janus Capital Group, Inc		36,654
158	*,e	JG Wentworth Co		1,454
767	*	KCG Holdings, Inc		9,457
1,533	*,e	Ladenburg Thalmann Financial Services, Inc		5,366
1,815		Lazard Ltd (Class A)		102,076
1,408		Legg Mason, Inc		72,554
5,119		Leucadia National Corp		124,289
1,173	e	LPL Financial Holdings, Inc		54,533
536		MarketAxess Holdings, Inc		49,725
102		Marlin Business Services Corp		1,722
4,016		McGraw-Hill Financial, Inc		403,407
249		Moelis & Co		7,149
2,643		Moody’s Corp		285,338
22,417		Morgan Stanley		869,555
1,620		MSCI, Inc (Class A)		99,711
1,567		NASDAQ OMX Group, Inc		76,485
5,649		Navient Corp		102,868
339		Nelnet, Inc (Class A)		14,682
341	*	NewStar Financial, Inc		3,751
3,357		Northern Trust Corp		256,676
2,792		NorthStar Asset Management Group, Inc		51,624
349		OM Asset Management plc		6,209
158	*	On Deck Capital, Inc		1,830
147		Oppenheimer Holdings, Inc		3,863
717	*	PHH Corp		18,664
324	*	Pico Holdings, Inc		4,769
236	*	Piper Jaffray Cos		10,299
754	*,e	PRA Group, Inc		46,982
189		Pzena Investment Management, Inc (Class A)		2,088
1,837		Raymond James Financial, Inc		109,449
143	*	Regional Management Corp		2,554
238		Resource America, Inc (Class A)		2,002

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
296	*	Safeguard Scientifics, Inc	$	5,760
1,279		Santander Consumer USA Holdings, Inc		32,704
2,006		SEI Investments Co		98,354
6,344		SLM Corp		62,615
740	*	Springleaf Holdings, Inc		33,973
6,036		State Street Corp		464,772
977	*	Stifel Financial Corp		56,412
1,815	*	Synchrony Financial		59,768
3,817		T Rowe Price Group, Inc		296,695
3,844		TD Ameritrade Holding Corp		141,536
433		Tiptree Financial, Inc		3,139
95		Virtus Investment Partners, Inc		12,564
3,297		Voya Financial, Inc		153,212
1,207		Waddell & Reed Financial, Inc (Class A)		57,103
743	*,e	Walter Investment Management Corp		16,992
113		Westwood Holdings Group, Inc		6,731
1,867	e	WisdomTree Investments, Inc		41,009
124	*,e	World Acceptance Corp		7,627
		TOTAL DIVERSIFIED FINANCIALS		13,453,443
ENERGY - 7.2%
1,395	*	Abraxas Petroleum Corp		4,115
30		Adams Resources & Energy, Inc		1,338
730		Alon USA Energy, Inc		13,797
7,439		Anadarko Petroleum Corp		580,688
1,004	*,e	Antero Resources Corp		34,477
5,439		Apache Corp		313,450
833	*,e	Approach Resources, Inc		5,706
242		Ardmore Shipping Corp		2,931
929	e	Atwood Oceanics, Inc		24,563
6,250		Baker Hughes, Inc		385,625
1,513	*,e	Basic Energy Services, Inc		11,423
901	*,e	Bill Barrett Corp		7,740
1,097	*	Bonanza Creek Energy, Inc		20,020
499		Bristow Group, Inc		26,597
1,330	*	C&J Energy Services Ltd		17,556
6,133		Cabot Oil & Gas Corp		193,435
5,505		California Resources Corp		33,250
966	*	Callon Petroleum Co		8,037
2,751	*	Cameron International Corp		144,070
335	e	CARBO Ceramics, Inc		13,946
743	*	Carrizo Oil & Gas, Inc		36,585
3,450	*	Cheniere Energy, Inc		238,947
8,435	e	Chesapeake Energy Corp		94,219
27,441		Chevron Corp		2,647,233
1,360		Cimarex Energy Co		150,022
90	*,e	Clayton Williams Energy, Inc		5,918
2,148	*,e	Clean Energy Fuels Corp		12,072
817	*,e	Cloud Peak Energy, Inc		3,807
5,265	*	Cobalt International Energy, Inc		51,123
1,748	*	Concho Resources, Inc		199,027
17,793		ConocoPhillips		1,092,668
3,293		Consol Energy, Inc		71,590
368	*	Contango Oil & Gas Co		4,515
1,246	*	Continental Resources, Inc		52,818
212	e	CVR Energy, Inc		7,980
967		Delek US Holdings, Inc		35,605
5,212	e	Denbury Resources, Inc		33,148
5,778		Devon Energy Corp		343,733
1,169		DHT Holdings, Inc		9,083
904	e	Diamond Offshore Drilling, Inc		23,332
908	*	Diamondback Energy, Inc		68,445
532	*	Dorian LPG Ltd		8,874
1,107	*	Dresser-Rand Group, Inc		94,294
548	*	Dril-Quip, Inc		41,237
713	*,e	Eclipse Resources Corp		3,750

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,009		Energen Corp	$	68,915
612	*	Energy Fuels, Inc		2,723
3,370		Ensco plc		75,050
7,909		EOG Resources, Inc		692,433
521	*,e	EP Energy Corp		6,632
2,146		EQT Corp		174,556
272	*	Era Group, Inc		5,571
1,867	*	Erin Energy Corp		7,300
468		Evolution Petroleum Corp		3,084
3,099	e	EXCO Resources, Inc		3,657
999		Exterran Holdings, Inc		32,617
60,985	d	Exxon Mobil Corp		5,073,952
3,313	*	FMC Technologies, Inc		137,456
1,740	*,e	FMSA Holdings, Inc		14,251
847	*	Forum Energy Technologies, Inc		17,177
467		Frank’s International NV		8,798
1,979	*,e	Frontline Ltd		4,829
690		GasLog Ltd		13,766
1,444	*	Gastar Exploration, Inc		4,462
310	*,e	Geospace Technologies Corp		7,146
1,362		Golar LNG Ltd		63,742
569		Green Plains Renewable Energy, Inc		15,676
359	e	Gulfmark Offshore, Inc		4,164
1,429	*	Gulfport Energy Corp		57,517
5,395	*,e	Halcon Resources Corp		6,258
153	e	Hallador Petroleum Co		1,276
12,113		Halliburton Co		521,707
1,588	*	Helix Energy Solutions Group, Inc		20,056
1,353		Helmerich & Payne, Inc		95,278
3,627		Hess Corp		242,574
2,837		HollyFrontier Corp		121,112
615	*,e	Hornbeck Offshore Services, Inc		12,626
1,960	*	ION Geophysical Corp		2,097
13	*	Isramco, Inc		1,794
402	*,e	Jones Energy, Inc (Class A)		3,638
2,420	*	Key Energy Services, Inc		4,356
25,985		Kinder Morgan, Inc		997,564
2,251	*	Kosmos Energy LLC		18,976
2,320	*,e	Laredo Petroleum Holdings, Inc		29,186
3,083	*,e	Magnum Hunter Resources Corp		5,765
9,699		Marathon Oil Corp		257,411
7,896		Marathon Petroleum Corp		413,040
1,143	*	Matador Resources Co		28,575
383	*	Matrix Service Co		7,001
4,745	*,e	McDermott International, Inc		25,338
1,191	*	Memorial Resource Development Corp		22,593
2,559		Murphy Oil Corp		106,378
5,154		Nabors Industries Ltd		74,372
5,580		National Oilwell Varco, Inc		269,402
180	*	Natural Gas Services Group, Inc		4,108
764		Navios Maritime Acq Corp		2,743
2,360	*	Newfield Exploration Co		85,243
1,448	*	Newpark Resources, Inc		11,772
3,347		Noble Corp plc		51,510
5,541		Noble Energy, Inc		236,490
430	e	Nordic American Offshore Ltd		3,500
1,193	e	Nordic American Tanker Shipping		16,976
1,478	e	North Atlantic Drilling Ltd		1,759
911	*,e	Northern Oil And Gas, Inc		6,167
2,205	*	Oasis Petroleum, Inc		34,949
11,050		Occidental Petroleum Corp		859,359
1,421		Oceaneering International, Inc		66,204
745	*	Oil States International, Inc		27,736
3,004		Oneok, Inc		118,598
627	*,e	Pacific Ethanol, Inc		6,471
355		Panhandle Oil and Gas, Inc (Class A)		7,345

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
234	*	Par Petroleum Corp	$	4,380
2,470	*	Parker Drilling Co		8,200
1,195	*	Parsley Energy, Inc		20,817
2,118		Patterson-UTI Energy, Inc		39,850
1,166		PBF Energy, Inc		33,138
707	*	PDC Energy, Inc		37,924
4,087	e	Peabody Energy Corp		8,951
2,469	*,e	Penn Virginia Corp		10,814
176	*	PHI, Inc		5,284
7,894		Phillips 66		635,941
1,182	*	Pioneer Energy Services Corp		7,494
2,172		Pioneer Natural Resources Co		301,235
2,504		Questar Market Resources, Inc		46,349
2,345		Range Resources Corp		115,796
641	*	Renewable Energy Group, Inc		7,410
727	*,e	Rex Energy Corp		4,064
92	*	Rex Stores Corp		5,855
1,390	*,e	Rice Energy, Inc		28,954
159	*	RigNet, Inc		4,861
707	*	Ring Energy, Inc		7,911
1,397	*	Rosetta Resources, Inc		32,327
1,813		Rowan Cos plc		38,272
849	e	RPC, Inc		11,742
787	*	RSP Permian, Inc		22,123
847	*,e	Sanchez Energy Corp		8,301
7,671	*,e	SandRidge Energy, Inc		6,727
18,351		Schlumberger Ltd		1,581,673
2,573		Scorpio Tankers, Inc		25,962
346	*	SEACOR Holdings, Inc		24,545
5,991	e	Seadrill Ltd		61,947
633		SemGroup Corp		50,311
2,351	*	Seventy Seven Energy, Inc		10,086
859	e	Ship Finance International Ltd		14,019
5,536	*	Southwestern Energy Co		125,833
9,730		Spectra Energy Corp		317,198
1,025		St. Mary Land & Exploration Co		47,273
864	*	Stone Energy Corp		10,878
2,173		Superior Energy Services		45,720
2,117	*	Synergy Resources Corp		24,197
752		Targa Resources Investments, Inc		67,093
674		Teekay Corp		28,861
1,211		Teekay Tankers Ltd (Class A)		8,005
465		Tesco Corp		5,069
1,825		Tesoro Corp		154,048
1,686	*	Tetra Technologies, Inc		10,757
680	e	Tidewater, Inc		15,456
1,702	*	TransAtlantic Petroleum Ltd		8,697
1,272	*,e	Triangle Petroleum Corp		6,385
2,775	*,e	Ultra Petroleum Corp		34,743
722	*	Unit Corp		19,581
5,822	*	Uranium Energy Corp		9,257
1,014	e	US Silica Holdings Inc		29,771
7,459		Valero Energy Corp		466,933
923	e	W&T Offshore, Inc		5,058
11,035	*	Weatherford International Ltd		135,399
1,189		Western Refining, Inc		51,864
254	*	Westmoreland Coal Co		5,278
3,161	*	Whiting Petroleum Corp		106,210
10,771		Williams Cos, Inc		618,148
1,038		World Fuel Services Corp		49,772
3,165	*	WPX Energy, Inc		38,866
		TOTAL ENERGY		24,167,179

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
FOOD & STAPLES RETAILING - 2.0%
418		Andersons, Inc	$	16,302
546		Casey’s General Stores, Inc		52,274
300	*,e	Chefs’ Warehouse Holdings, Inc		6,372
6,434		Costco Wholesale Corp		868,976
16,474		CVS Corp		1,727,793
524	*	Diplomat Pharmacy, Inc		23,449
325	*,e	Fairway Group Holdings Corp		1,157
638	*,e	Fresh Market, Inc		20,505
248		Ingles Markets, Inc (Class A)		11,847
7,148		Kroger Co		518,302
95	*,e	Natural Grocers by Vitamin C		2,339
278		Pricesmart, Inc		25,365
14,229	*	Rite Aid Corp		118,812
389	*	Smart & Final Stores, Inc		6,952
546		Spartan Stores, Inc		17,767
2,229	*	Sprouts Farmers Market, Inc		60,138
3,759	*	Supervalu, Inc		30,410
8,544		Sysco Corp		308,438
759	*	United Natural Foods, Inc		48,333
77		Village Super Market (Class A)		2,440
12,565		Walgreens Boots Alliance, Inc		1,060,989
23,065		Wal-Mart Stores, Inc		1,636,001
148		Weis Markets, Inc		6,238
5,150		Whole Foods Market, Inc		203,116
		TOTAL FOOD & STAPLES RETAILING		6,774,315
FOOD, BEVERAGE & TOBACCO - 4.4%
100	e	Alico, Inc		4,536
28,642		Altria Group, Inc		1,400,880
8,922		Archer Daniels Midland Co		430,219
832		B&G Foods, Inc (Class A)		23,737
130	*	Boston Beer Co, Inc (Class A)		30,159
817	*,e	Boulder Brands, Inc		5,670
398		Brown-Forman Corp		44,345
1,815		Brown-Forman Corp (Class B)		181,827
2,110		Bunge Ltd		185,258
271		Calavo Growers, Inc		14,073
486	e	Cal-Maine Foods, Inc		25,369
2,561	e	Campbell Soup Co		122,032
870	*	Castle Brands, Inc		1,209
62		Coca-Cola Bottling Co Consolidated		9,366
57,232		Coca-Cola Co		2,245,211
3,350		Coca-Cola Enterprises, Inc		145,524
6,023		ConAgra Foods, Inc		263,326
2,386		Constellation Brands, Inc (Class A)		276,824
142	*	Craft Brewers Alliance, Inc		1,571
2,386	*	Darling International, Inc		34,979
1,357		Dean Foods Co		21,943
382	*	Diamond Foods, Inc		11,987
2,759		Dr Pepper Snapple Group, Inc		201,131
200	*	Farmer Bros Co		4,700
2,611		Flowers Foods, Inc		55,223
482		Fresh Del Monte Produce, Inc		18,634
307	*	Freshpet, Inc		5,710
8,699		General Mills, Inc		484,708
1,478	*	Hain Celestial Group, Inc		97,341
2,140		Hershey Co		190,096
1,917		Hormel Foods Corp		108,061
1,024		Ingredion, Inc		81,725
281	*,e	Inventure Foods, Inc		2,852
209		J&J Snack Foods Corp		23,130
1,741		J.M. Smucker Co		188,742
121		John B. Sanfilippo & Son, Inc		6,280
3,771		Kellogg Co		236,442

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,893		Keurig Green Mountain, Inc	$	145,061
8,641		Kraft Foods Group, Inc		735,695
259		Lancaster Colony Corp		23,530
689		Lance, Inc		22,234
359	*	Landec Corp		5,180
244	*	Lifeway Foods, Inc		4,682
150	e	Limoneira Co		3,335
1,877		McCormick & Co, Inc		151,943
2,915		Mead Johnson Nutrition Co		262,991
162		Mgp Ingredients, Inc		2,725
1,938		Molson Coors Brewing Co (Class B)		135,292
23,700		Mondelez International, Inc		975,018
2,206	*	Monster Beverage Corp		295,648
162	*	National Beverage Corp		3,643
311	*	Omega Protein Corp		4,276
21,546		PepsiCo, Inc		2,011,104
22,550		Philip Morris International, Inc		1,807,833
922	e	Pilgrim’s Pride Corp		21,178
1,676		Pinnacle Foods, Inc		76,325
788	*,e	Post Holdings, Inc		42,497
6,008		Reynolds American, Inc		448,557
320	e	Sanderson Farms, Inc		24,051
4	*	Seaboard Corp		14,396
134	*	Seneca Foods Corp		3,721
309	*	Synutra International, Inc		2,209
349	e	Tootsie Roll Industries, Inc		11,276
616	*	TreeHouse Foods, Inc		49,915
4,298		Tyson Foods, Inc (Class A)		183,224
446	e	Universal Corp		25,565
1,430	e	Vector Group Ltd		33,548
2,520	*	WhiteWave Foods Co (Class A)		123,178
		TOTAL FOOD, BEVERAGE & TOBACCO		14,834,650
HEALTH CARE EQUIPMENT & SERVICES - 5.4%
115	*	AAC Holdings, Inc		5,009
317	e	Abaxis, Inc		16,319
21,757		Abbott Laboratories		1,067,834
588	*	Abiomed, Inc		38,649
741	*	Acadia Healthcare Co, Inc		58,043
1,151	*,e	Accuray, Inc		7,758
413		Aceto Corp		10,172
85	*	Addus HomeCare Corp		2,368
91	*,e	Adeptus Health, Inc		8,644
5,112		Aetna Inc		651,576
564	*	Air Methods Corp		23,316
1,163	*	Align Technology, Inc		72,932
67	*	Alliance HealthCare Services, Inc		1,252
2,611	*	Allscripts Healthcare Solutions, Inc		35,718
101	*	Almost Family, Inc		4,031
403	*	Amedisys, Inc		16,011
3,217		AmerisourceBergen Corp		342,096
688	*	AMN Healthcare Services, Inc		21,734
698	*	Amsurg Corp		48,825
177		Analogic Corp		13,965
364	*	Angiodynamics, Inc		5,970
183	*	Anika Therapeutics, Inc		6,044
2,094	*	Antares Pharma, Inc		4,356
3,838		Anthem, Inc		629,969
581	*,e	athenahealth, Inc		66,571
403	*	AtriCure, Inc		9,930
29		Atrion Corp		11,377
1,075		Bard (C.R.), Inc		183,502
7,972		Baxter International, Inc		557,482
3,071		Becton Dickinson & Co		435,007
412	*	Bio-Reference Labs, Inc		16,995
918	*,e	BioScrip, Inc		3,332

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
354	*	BioTelemetry, Inc	$	3,338
19,694	*	Boston Scientific Corp		348,584
2,647	*	Brookdale Senior Living, Inc		91,851
484		Cantel Medical Corp		25,976
442	*	Capital Senior Living Corp		10,829
4,855		Cardinal Health, Inc		406,121
459	*	Cardiovascular Systems, Inc		12,141
470	*	Castlight Health, Inc		3,826
2,990	*	Catamaran Corp		182,629
1,708	*	Centene Corp		137,323
4,312	*	Cerner Corp		297,787
1,390	*,e	Cerus Corp		7,214
278	e	Chemed Corp		36,446
3,768		Cigna Corp		610,416
172	*	Civitas Solutions, Inc		3,669
1,700	*	Community Health Systems, Inc		107,049
168	e	Computer Programs & Systems, Inc		8,975
397		Conmed Corp		23,133
100	*	Connecture, Inc		1,056
735		Cooper Cos, Inc		130,808
312	*	Corindus Vascular Robotics, Inc		1,095
180	*	Corvel Corp		5,764
459	*	Cross Country Healthcare, Inc		5,820
377		CryoLife, Inc		4,253
202	*	Cutera, Inc		3,127
377	*	Cyberonics, Inc		22,416
319	*	Cynosure, Inc (Class A)		12,307
2,536	*	DaVita, Inc		201,536
2,083		Dentsply International, Inc		107,379
1,191	*	DexCom, Inc		95,256
1,539	*	Edwards Lifesciences Corp		219,200
960	*,e	Endologix, Inc		14,726
367		Ensign Group, Inc		18,739
75	*	Entellus Medical, Inc		1,940
2,674	*	Envision Healthcare Holdings, Inc		105,570
131	*	Exactech, Inc		2,729
598	*	ExamWorks Group, Inc		23,382
10,608	*	Express Scripts Holding Co		943,476
635	*	Five Star Quality Care, Inc		3,048
548	*	Genesis Health Care, Inc		3,617
665	*,e	GenMark Diagnostics, Inc		6,025
1,078	*	Globus Medical, Inc		27,672
367	*	Greatbatch, Inc		19,789
745	*	Haemonetics Corp		30,813
725	*,e	Halyard Health, Inc		29,362
506	*	Hanger Orthopedic Group, Inc		11,861
4,654	*	HCA Holdings, Inc		422,211
1,110	*	Health Net, Inc		71,173
518	*	HealthEquity, Inc		16,602
1,313		Healthsouth Corp		60,477
367	*	HealthStream, Inc		11,164
402	*	Healthways, Inc		4,816
241	*	HeartWare International, Inc		17,518
1,218	*	Henry Schein, Inc		173,102
815		Hill-Rom Holdings, Inc		44,279
1,267	*,e	HMS Holdings Corp		21,754
3,539	*	Hologic, Inc		134,694
2,170		Humana, Inc		415,078
202	*	ICU Medical, Inc		19,323
1,356	*	Idexx Laboratories, Inc		86,974
126	*	Imprivata, Inc		2,061
1,943	*	IMS Health Holdings, Inc		59,553
219	*	Inogen Inc		9,767
277	*	Inovalon Holdings, Inc		7,728
877	*	Insulet Corp		27,174
367	*	Integra LifeSciences Holdings Corp		24,725
530	*	Intuitive Surgical, Inc		256,785

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
463		Invacare Corp	$	10,015
1,225	*	Inverness Medical Innovations, Inc		64,619
376	*	InVivo Therapeutics Holdings Corp		6,072
249	*	IPC The Hospitalist Co, Inc		13,792
44	*	iRadimed Corp		1,024
199	*	K2M Group Holdings, Inc		4,780
1,162		Kindred Healthcare, Inc		23,577
1,463	*	Laboratory Corp of America Holdings		177,345
128		Landauer, Inc		4,562
309	*	LDR Holding Corp		13,364
185		LeMaitre Vascular, Inc		2,231
267	*	LHC Group, Inc		10,213
658	*	LifePoint Hospitals, Inc		57,213
405	*	Magellan Health Services, Inc		28,378
633	*	Masimo Corp		24,522
3,387		McKesson Corp		761,431
873	*	MedAssets, Inc		19,258
793	*	Medidata Solutions, Inc		43,076
20,811		Medtronic plc		1,542,095
1,254	*	Merge Healthcare, Inc		6,019
601		Meridian Bioscience, Inc		11,203
638	*	Merit Medical Systems, Inc		13,743
506	*	Molina Healthcare, Inc		35,572
138		National Healthcare Corp		8,969
133	e	National Research Corp		1,890
470	*	Natus Medical, Inc		20,003
594	*	Neogen Corp		28,179
217	*	Nevro Corp		11,664
459	*	Nobilis Health Corp		3,121
695	*	NuVasive, Inc		32,929
920	*	NxStage Medical, Inc		13,142
1,411		Omnicare, Inc		132,987
517	*	Omnicell, Inc		19,496
749	*	OraSure Technologies, Inc		4,037
267	*	Orthofix International NV		8,843
999		Owens & Minor, Inc		33,966
286	*,e	Oxford Immunotec Global plc		3,961
1,239		Patterson Cos, Inc		60,277
1,412	*	Pediatrix Medical Group, Inc		104,643
435	*	PharMerica Corp		14,485
546	*	Premier, Inc		20,999
151	*	Press Ganey Holdings, Inc		4,329
199	*	Providence Service Corp		8,812
724		Quality Systems, Inc		11,997
2,065		Quest Diagnostics, Inc		149,754
382	*	Quidel Corp		8,767
415	*	RadNet, Inc		2,776
2,026	e	Resmed, Inc		114,206
726	*,e	Rockwell Medical Technologies, Inc		11,703
837	*	RTI Biologics, Inc		5,407
167	*	Second Sight Medical Products, Inc		2,273
1,504		Select Medical Holdings Corp		24,365
237	*	Sientra, Inc		5,980
815	*	Sirona Dental Systems, Inc		81,842
592	*,e	Spectranetics Corp		13,622
4,044		St. Jude Medical, Inc		295,495
515	*,e	Staar Surgical Co		4,975
845		STERIS Corp		54,452
4,952		Stryker Corp		473,263
351	*	Surgical Care Affiliates, Inc		13,471
332	*	SurModics, Inc		7,775
255	*	Tandem Diabetes Care, Inc		2,764
1,034	*	Team Health Holdings, Inc		67,551
593		Teleflex, Inc		80,322
1,416	*	Tenet Healthcare Corp		81,958
780	*	Thoratec Corp		34,765

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
547	*	Tornier BV	$	13,670
385	*,e	TransEnterix, Inc		1,155
334	*	Triple-S Management Corp (Class B)		8,570
239	*	Trupanion, Inc		1,969
1,710	*,e	Unilife Corp		3,677
13,899		UnitedHealth Group, Inc		1,695,678
720		Universal American Corp		7,286
1,337		Universal Health Services, Inc (Class B)		189,988
178		US Physical Therapy, Inc		9,747
52		Utah Medical Products, Inc		3,101
1,462	*	Varian Medical Systems, Inc		123,290
249	*	Vascular Solutions, Inc		8,645
1,259	*	VCA Antech, Inc		68,496
1,018	*	Veeva Systems, Inc		28,535
202	*,e	Veracyte, Inc		2,250
375	*	Vocera Communications, Inc		4,294
632	*	WellCare Health Plans, Inc		53,613
1,037		West Pharmaceutical Services, Inc		60,229
750	*	Wright Medical Group, Inc		19,695
438	*	Zeltiq Aesthetics, Inc		12,908
2,447		Zimmer Holdings, Inc		267,286
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		18,178,219
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
5,788	e	Avon Products, Inc		36,233
580	*	Central Garden and Pet Co (Class A)		6,618
1,968		Church & Dwight Co, Inc		159,664
1,888		Clorox Co		196,390
13,228		Colgate-Palmolive Co		865,243
1,117		Coty, Inc		35,710
373	*,e	Elizabeth Arden, Inc		5,319
894	*	Energizer Holdings, Inc		117,606
3,016		Estee Lauder Cos (Class A)		261,366
1,076	*,e	Herbalife Ltd		59,277
1,236	*	HRG Group, Inc		16,068
223		Inter Parfums, Inc		7,566
5,313		Kimberly-Clark Corp		563,019
152	*	Medifast, Inc		4,913
111		Natural Health Trends Corp		4,602
140		Nature’s Sunshine Products, Inc		1,925
843		Nu Skin Enterprises, Inc (Class A)		39,731
127	*	Nutraceutical International Corp		3,142
63		Oil-Dri Corp of America		1,914
108		Orchids Paper Products Co		2,599
39,584		Procter & Gamble Co		3,097,052
162	*	Revlon, Inc (Class A)		5,947
403		Spectrum Brands, Inc		41,102
92	*,e	USANA Health Sciences, Inc		12,573
208		WD-40 Co		18,129
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		5,563,708
INSURANCE - 4.0%
4,787		ACE Ltd		486,742
6,368		Aflac, Inc		396,090
231	*	Alleghany Corp		108,284
1,373		Allied World Assurance Co Holdings Ltd		59,341
6,004		Allstate Corp		389,480
653	*	AMBAC Financial Group, Inc		10,866
836		American Equity Investment Life Holding Co		22,555
972		American Financial Group, Inc		63,219
19,482		American International Group, Inc		1,204,377
105		American National Insurance Co		10,744
276		Amerisafe, Inc		12,989
523	e	Amtrust Financial Services, Inc		34,262
4,135		Aon plc		412,177

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,888	*	Arch Capital Group Ltd	$	126,421
403		Argo Group International Holdings Ltd		22,447
2,413		Arthur J. Gallagher & Co		114,135
878		Aspen Insurance Holdings Ltd		42,056
961		Assurant, Inc		64,387
2,304		Assured Guaranty Ltd		55,273
154	*	Atlas Financial Holdings, Inc		3,054
1,450		Axis Capital Holdings Ltd		77,387
125		Baldwin & Lyons, Inc (Class B)		2,878
27,133	*	Berkshire Hathaway, Inc (Class B)		3,693,073
1,663		Brown & Brown, Inc		54,646
3,304		Chubb Corp		314,343
2,559		Cincinnati Financial Corp		128,411
590	*,e	Citizens, Inc (Class A)		4,401
303		CNA Financial Corp		11,578
2,903		Conseco, Inc		53,270
375		Crawford & Co (Class B)		3,161
143		Donegal Group, Inc (Class A)		2,178
90		EMC Insurance Group, Inc		2,256
458		Employers Holdings, Inc		10,433
666		Endurance Specialty Holdings Ltd		43,756
148	*	Enstar Group Ltd		22,933
435		Erie Indemnity Co (Class A)		35,700
639		Everest Re Group Ltd		116,304
130		FBL Financial Group, Inc (Class A)		7,504
201		Federated National Holding Co		4,864
1,423		First American Financial Corp		52,950
3,879		FNF Group		143,484
7,337	*	Genworth Financial, Inc (Class A)		55,541
420	*	Greenlight Capital Re Ltd (Class A)		12,251
198	*	Hallmark Financial Services		2,253
634		Hanover Insurance Group, Inc		46,935
6,042		Hartford Financial Services Group, Inc		251,166
1,340		HCC Insurance Holdings, Inc		102,966
121		HCI Group, Inc		5,349
362	*	Heritage Insurance Holdings, Inc		8,322
467		Horace Mann Educators Corp		16,989
102		Independence Holding Co		1,345
166		Infinity Property & Casualty Corp		12,589
162		James River Group Holdings Ltd		4,191
51		Kansas City Life Insurance Co		2,331
614		Kemper Corp		23,670
3,512		Lincoln National Corp		207,981
4,751		Loews Corp		182,961
553		Maiden Holdings Ltd		8,726
207	*	Markel Corp		165,741
7,874		Marsh & McLennan Cos, Inc		446,456
2,232	*	MBIA, Inc		13,414
694		Meadowbrook Insurance Group, Inc		5,968
494		Mercury General Corp		27,491
13,704		Metlife, Inc		767,287
525		Montpelier Re Holdings Ltd		20,738
515		National General Holdings Corp		10,727
95		National Interstate Corp		2,595
90		National Western Life Insurance Co (Class A)		21,554
149	*	Navigators Group, Inc		11,556
3,761		Old Republic International Corp		58,784
313		OneBeacon Insurance Group Ltd (Class A)		4,542
686		PartnerRe Ltd		88,151
736		Primerica, Inc		33,628
4,232		Principal Financial Group		217,059
1,060		ProAssurance Corp		48,983
8,440		Progressive Corp		234,885
6,634		Prudential Financial, Inc		580,608
952		Reinsurance Group of America, Inc (Class A)		90,316
685		RenaissanceRe Holdings Ltd		69,534
768		RLI Corp		39,468
216		Safety Insurance Group, Inc		12,465

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES			COMPANY	VALUE
819			Selective Insurance Group, Inc	$	22,973
587			Stancorp Financial Group, Inc		44,383
200			State Auto Financial Corp		4,790
436			State National Cos, Inc		4,722
329			Stewart Information Services Corp		13,094
1,030			Symetra Financial Corp		24,895
1,221	*		Third Point Reinsurance Ltd		18,010
1,815			Torchmark Corp		105,669
4,674			Travelers Cos, Inc		451,789
110	*		United America Indemnity Ltd		3,089
234			United Fire & Casualty Co		7,666
255			United Insurance Holdings Corp		3,963
456			Universal Insurance Holdings, Inc		11,035
3,453			UnumProvident Corp		123,445
1,218			Validus Holdings Ltd		53,580
1,346			W.R. Berkley Corp		69,898
98			White Mountains Insurance Group Ltd		64,184
4,367			XL Capital Ltd		162,452
			TOTAL INSURANCE		13,531,562
MATERIALS - 3.5%
412			A. Schulman, Inc		18,013
78	*		AEP Industries, Inc		4,306
3,078			Air Products & Chemicals, Inc		421,163
1,095			Airgas, Inc		115,829
2,568	*,e		AK Steel Holding Corp		9,938
1,557			Albemarle Corp		86,055
17,435			Alcoa, Inc		194,400
1,514			Allegheny Technologies, Inc		45,723
429	e		American Vanguard Corp		5,920
1,019			Aptargroup, Inc		64,982
1,086			Ashland, Inc		132,383
1,310			Avery Dennison Corp		79,831
1,447	*		Axalta Coating Systems Ltd		47,867
1,085			Axiall Corp		39,114
437			Balchem Corp		24,350
1,984			Ball Corp		139,178
1,495			Bemis Co, Inc		67,290
1,716	*		Berry Plastics Group, Inc		55,598
571	*		Boise Cascade Co		20,944
300			Brush Engineered Materials, Inc		10,575
912			Cabot Corp		34,009
730			Calgon Carbon Corp		14,147
723			Carpenter Technology Corp		27,966
2,200			Celanese Corp (Series A)		158,136
742	*,e		Century Aluminum Co		7,739
3,384			CF Industries Holdings, Inc		217,524
90			Chase Corp		3,578
1,111	*		Chemtura		31,452
372	*		Clearwater Paper Corp		21,316
1,010	e		Cliffs Natural Resources, Inc		4,373
1,968	*,e		Coeur Mining, Inc		11,237
1,538			Commercial Metals Co		24,731
486			Compass Minerals International, Inc		39,920
115	*		Core Molding Technologies, Inc		2,627
1,975	*		Crown Holdings, Inc		104,497
1,027		��	Cytec Industries, Inc		62,164
156			Deltic Timber Corp		10,552
915			Domtar Corp		37,881
16,587			Dow Chemical Co		848,757
13,021			Du Pont (E.I.) de Nemours & Co		832,693
723			Eagle Materials, Inc		55,187
2,137			Eastman Chemical Co		174,849
3,799			Ecolab, Inc		429,553
1,059	*		Ferro Corp		17,770
835	*,e		Flotek Industries, Inc		10,463

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,884		FMC Corp	$	99,004
14,945		Freeport-McMoRan Copper & Gold, Inc (Class B)		278,276
353		FutureFuel Corp		4,543
553		Glatfelter		12,161
856		Globe Specialty Metals, Inc		15,151
4,735		Graphic Packaging Holding Co		65,959
417		Greif, Inc (Class A)		14,950
728		H.B. Fuller Co		29,571
142		Hawkins, Inc		5,735
166		Haynes International, Inc		8,187
1,060	*	Headwaters, Inc		19,313
7,872	e	Hecla Mining Co		20,703
814	*,e	Horsehead Holding Corp		9,540
2,705		Huntsman Corp		59,699
294		Innophos Holdings, Inc		15,476
351		Innospec, Inc		15,809
1,133		International Flavors & Fragrances, Inc		123,826
6,054		International Paper Co		288,110
748	*,e	Intrepid Potash, Inc		8,931
245		Kaiser Aluminum Corp		20,355
1,230		Kapstone Paper and Packaging Corp		28,438
139		KMG Chemicals, Inc		3,536
296		Koppers Holdings, Inc		7,317
448	*	Kraton Polymers LLC		10,698
274		Kronos Worldwide, Inc		3,003
2,147	*	Louisiana-Pacific Corp		36,563
285	*	LSB Industries, Inc		11,639
5,611		LyondellBasell Industries AF S.C.A		580,851
971		Martin Marietta Materials, Inc		137,406
2,307		MeadWestvaco Corp		108,867
492		Minerals Technologies, Inc		33,520
6,966		Monsanto Co		742,506
5,071		Mosaic Co		237,576
371		Myers Industries, Inc		7,049
240		Neenah Paper, Inc		14,150
129		NewMarket Corp		57,262
7,205		Newmont Mining Corp		168,309
4,590		Nucor Corp		202,281
1,054	e	Olin Corp		28,405
170		Olympic Steel, Inc		2,965
431		OM Group, Inc		14,482
1,204	*	Omnova Solutions, Inc		9,018
2,323	*	Owens-Illinois, Inc		53,290
1,406		Packaging Corp of America		87,861
1,731	*	Platform Specialty Products Corp		44,279
1,282		PolyOne Corp		50,216
3,911		PPG Industries, Inc		448,670
4,228		Praxair, Inc		505,457
190		Quaker Chemical Corp		16,880
593	e	Rayonier Advanced Materials, Inc		9,642
362	*	Real Industry, Inc		4,109
1,071		Reliance Steel & Aluminum Co		64,774
3,188	*	Rentech, Inc		3,411
3,801		Rock-Tenn Co (Class A)		228,820
932		Royal Gold, Inc		57,402
1,857		RPM International, Inc		90,937
439	*	RTI International Metals, Inc		13,837
268	*,e	Ryerson Holding Corp		2,439
387		Schnitzer Steel Industries, Inc (Class A)		6,761
409		Schweitzer-Mauduit International, Inc		16,311
647		Scotts Miracle-Gro Co (Class A)		38,309
2,998		Sealed Air Corp		154,037
570	*,e	Senomyx, Inc		3,055
694		Sensient Technologies Corp		47,428
1,200		Sherwin-Williams Co		330,024
1,734		Sigma-Aldrich Corp		241,633

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
587		Silgan Holdings, Inc	$	30,970
1,453		Sonoco Products Co		62,276
1,642	e	Southern Copper Corp (NY)		48,291
3,403		Steel Dynamics, Inc		70,493
281		Stepan Co		15,205
1,739	*	Stillwater Mining Co		20,155
368	*	Summit Materials, Inc		9,384
936		SunCoke Energy, Inc		12,168
2,292		Tahoe Resources, Inc		27,802
579		TimkenSteel Corp		15,627
254	*	Trecora Resources		3,835
333		Tredegar Corp		7,363
261	*,e	Trinseo S.A.		7,005
929		Tronox Ltd		13,591
30		United States Lime & Minerals, Inc		1,744
2,110	e	United States Steel Corp		43,508
210	*	US Concrete, Inc		7,957
251		Valhi, Inc		1,421
1,192		Valspar Corp		97,530
1,817		Vulcan Materials Co		152,501
624		Wausau Paper Corp		5,728
546		Westlake Chemical Corp		37,450
54	*	WHX Corp		1,871
702	*	Worthington Industries, Inc		21,102
1,091	*	WR Grace & Co		109,427
		TOTAL MATERIALS		11,671,706
MEDIA - 3.6%
301		AMC Entertainment Holdings, Inc		9,235
861	*	AMC Networks, Inc		70,473
2,916		Cablevision Systems Corp (Class A)		69,809
409	*	Carmike Cinemas, Inc		10,855
7,223		CBS Corp (Class B)		400,876
3,129	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		6,821
1,129	*	Charter Communications, Inc		193,341
1,629		Cinemark Holdings, Inc		65,437
566		Clear Channel Outdoor Holdings, Inc (Class A)		5,734
30,992		Comcast Corp (Class A)		1,863,859
5,481		Comcast Corp (Special Class A)		328,531
465	*	Crown Media Holdings, Inc (Class A)		2,102
3,076	*	Cumulus Media, Inc (Class A)		6,244
18	*,e	Daily Journal Corp		3,537
6,920	*	DIRECTV		642,107
2,526	*,e	Discovery Communications, Inc (Class A)		84,015
3,942	*	Discovery Communications, Inc (Class C)		122,517
3,129	*	DISH Network Corp (Class A)		211,865
1,127	*,e	DreamWorks Animation SKG, Inc (Class A)		29,730
375	*	Entercom Communications Corp (Class A)		4,282
931		Entravision Communications Corp (Class A)		7,662
403	*	Eros International plc		10,123
852		EW Scripps Co (Class A)		19,468
1,573	*	Gannett Co, Inc		21,999
667	*,e	Global Eagle Entertainment, Inc		8,684
966	*	Gray Television, Inc		15,147
700		Harte-Hanks, Inc		4,172
133	*	Hemisphere Media Group, Inc		1,583
869	*	Imax Corp		34,995
5,939		Interpublic Group of Cos, Inc		114,445
670		John Wiley & Sons, Inc (Class A)		36,428
220		Journal Media Group, Inc		1,824
373	*	Liberty Broadband Corp (Class A)		19,012
1,023	*	Liberty Broadband Corp (Class C)		52,337
1,500	*	Liberty Media Corp		54,060
2,880	*	Liberty Media Corp (Class C)		103,392
1,362	e	Lions Gate Entertainment Corp		50,462
2,089	*	Live Nation, Inc		57,427

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
187	*	Loral Space & Communications, Inc	$	11,803
895	*	Madison Square Garden, Inc		74,724
440	*	Martha Stewart Living Omnimedia, Inc (Class A)		2,746
554		MDC Partners, Inc		10,914
1,381	*	Media General, Inc		22,814
465		Meredith Corp		24,250
279		Morningstar, Inc		22,194
760		National CineMedia, Inc		12,130
651		New Media Investment Group, Inc		11,672
1,789		New York Times Co (Class A)		24,420
5,520	*	News Corp		80,537
1,178	*	News Corp (Class B)		16,775
512		Nexstar Broadcasting Group, Inc (Class A)		28,672
3,516		Omnicom Group, Inc		244,327
444	*	Reading International, Inc		6,149
1,186	e	Regal Entertainment Group (Class A)		24,799
185	*	Rentrak Corp		12,913
51		Saga Communications, Inc		1,930
365		Scholastic Corp		16,107
1,321	e	Scripps Networks Interactive (Class A)		86,354
1,237	*,e	SFX Entertainment, Inc		5,554
955	e	Sinclair Broadcast Group, Inc (Class A)		26,654
35,836	*	Sirius XM Holdings, Inc		133,668
300	*	Sizmek, Inc		2,130
1,255	*	Starz-Liberty Capital		56,124
3,145		TEGNA, Inc		100,860
5,062		Thomson Corp		192,710
4,136		Time Warner Cable, Inc		736,911
12,052		Time Warner, Inc		1,053,465
1,479		Time, Inc		34,032
99	*	Townsquare Media, Inc		1,344
1,158		Tribune Co		61,826
322		Tribune Publishing Co		5,004
18,435		Twenty-First Century Fox, Inc		599,967
6,955		Twenty-First Century Fox, Inc (Class B)		224,090
150		Viacom, Inc		9,731
4,988		Viacom, Inc (Class B)		322,424
24,759		Walt Disney Co		2,825,992
583	e	World Wrestling Entertainment, Inc (Class A)		9,620
		TOTAL MEDIA		11,882,926
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.7%
25,551		AbbVie, Inc		1,716,772
149	*	Abeona Therapeutics, Inc		754
1,146	*	Acadia Pharmaceuticals, Inc		47,994
305	*,e	Accelerate Diagnostics, Inc		7,872
314	*	Acceleron Pharma, Inc		9,935
1,630	*,e	Achillion Pharmaceuticals, Inc		14,442
533	*	Acorda Therapeutics, Inc		17,765
143	*	Adamas Pharmaceuticals, Inc		3,749
121	*	Aduro Biotech, Inc		3,670
440	*	Advaxis, Inc		8,945
373	*,e	Aegerion Pharmaceuticals, Inc		7,076
287	*,e	Aerie Pharmaceuticals, Inc		5,066
214	*	Affimed NV		2,883
1,123	*,e	Affymetrix, Inc		12,263
1,104	*,e	Agenus, Inc		9,528
150	*	Agile Therapeutics, Inc		1,288
4,923		Agilent Technologies, Inc		189,929
369	*,e	Agios Pharmaceuticals, Inc		41,011
189	*,e	Akebia Therapeutics, Inc		1,945
1,130	*	Akorn, Inc		49,336
359	*,e	Albany Molecular Research, Inc		7,259
299	*	Alder Biopharmaceuticals, Inc		15,838
3,121	*	Alexion Pharmaceuticals, Inc		564,183

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
352	*,e	Alimera Sciences, Inc	$	1,623
2,136	*	Alkermes plc		137,430
5,726	*	Allergan plc		1,737,612
1,068	*	Alnylam Pharmaceuticals, Inc		128,021
410	*	AMAG Pharmaceuticals, Inc		28,315
11,102		Amgen, Inc		1,704,379
1,391	*	Amicus Therapeutics, Inc		19,683
453	*	Amphastar Pharmaceuticals, Inc		7,964
588	*	Anacor Pharmaceuticals, Inc		45,529
112	*,e	ANI Pharmaceuticals, Inc		6,950
506	*	Anthera Pharmaceuticals, Inc		4,362
121	*	Applied Genetic Technologies Corp		1,856
434	*	Aratana Therapeutics, Inc		6,562
181	*	Ardelyx, Inc		2,891
3,482	*,e	Arena Pharmaceuticals, Inc		16,156
2,403	*,e	Ariad Pharmaceuticals, Inc		19,873
2,149	*,e	Array Biopharma, Inc		15,494
1,229	*,e	Arrowhead Research Corp		8,787
203	*	Assembly Biosciences, Inc		3,910
224	*,e	Atara Biotherapeutics, Inc		11,818
93	*	aTyr Pharma, Inc		1,722
291	*	Avalanche Biotechnologies, Inc		4,726
120	*	Bellicum Pharmaceuticals, Inc		2,552
1,046	*,e	BioCryst Pharmaceuticals, Inc		15,617
659	*	BioDelivery Sciences International, Inc		5,246
3,436	*	Biogen Idec, Inc		1,387,938
2,306	*	BioMarin Pharmaceuticals, Inc		315,415
297	*	Bio-Rad Laboratories, Inc (Class A)		44,731
73	*	Biospecifics Technologies Corp		3,767
590		Bio-Techne Corp		58,097
734	*,e	BioTime, Inc		2,664
469	*	Bluebird Bio, Inc		78,966
130	*	Blueprint Medicines Corp		3,444
24,342		Bristol-Myers Squibb Co		1,619,717
1,601	*	Bruker BioSciences Corp		32,676
186	*,e	Calithera Biosciences, Inc		1,328
449	*	Cambrex Corp		19,729
240	*	Cara Therapeutics Inc		2,916
187	*	Carbylan Therapeutics, Inc		1,337
1,202	*	Catalent, Inc		35,255
1,105	*	Catalyst Pharmaceuticals, Inc		4,564
11,586	*	Celgene Corp		1,340,906
1,468	*,e	Celldex Therapeutics, Inc		37,023
138	*	Cellular Biomedicine Group, Inc		5,176
472	*	Cempra, Inc		16,218
1,032	*	Cepheid, Inc		63,107
740	*	Charles River Laboratories International, Inc		52,052
316	*	ChemoCentryx, Inc		2,601
595	*	Chimerix, Inc		27,489
68	*	Cidara Therapeutics, Inc		953
364	*	Clovis Oncology, Inc		31,988
338	*	Coherus Biosciences, Inc		9,768
95	*	Collegium Pharmaceutical, Inc		1,695
219	*	Concert Pharmaceuticals Inc		3,261
898	*,e	Corcept Therapeutics, Inc		5,397
123	*	Corium International, Inc		1,684
431	*	CorMedix, Inc		1,672
2,422	*	CTI BioPharma Corp		4,723
1,644	*	Curis, Inc		5,442
503	*	Cytokinetics, Inc		3,380
748	*,e	CytRx Corp		2,783
867	*,e	Depomed, Inc		18,606
185	*	Dermira, Inc		3,247
226	*	Dicerna Pharmaceuticals Inc		3,153
1,634	*	Durect Corp		3,905
2,090	*	Dyax Corp		55,385
414	*,e	Dynavax Technologies Corp		9,698

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
122	*	Eagle Pharmaceuticals, Inc	$	9,865
14,296		Eli Lilly & Co		1,193,573
433	*	Emergent Biosolutions, Inc		14,267
232	*,e	Enanta Pharmaceuticals, Inc		10,438
2,570	*	Endo International plc		204,700
543	*,e	Endocyte, Inc		2,818
424	*,e	Epizyme, Inc		10,176
183	*	Esperion Thereapeutics, Inc		14,962
1,326	*,e	Exact Sciences Corp		39,435
3,210	*,e	Exelixis, Inc		12,070
352	*	Fibrocell Science, Inc		1,855
691	*	FibroGen, Inc		16,238
307	*	Five Prime Therapeutics, Inc		7,626
86	*	Flex Pharma, Inc		1,479
200	*	Flexion Therapeutics Inc		4,378
419	*,e	Fluidigm Corp		10,140
320	*	Foamix Pharmaceuticals Ltd		3,280
173	*	Foundation Medicine, Inc		5,854
2,273	*,e	Galena Biopharma, Inc		3,864
255	*,e	Genocea Biosciences Inc		3,501
270	*,e	Genomic Health, Inc		7,503
2,277	*,e	Geron Corp		9,746
21,447		Gilead Sciences, Inc		2,511,015
1,523	*,e	Halozyme Therapeutics, Inc		34,389
512	*	Harvard Bioscience, Inc		2,918
591	*,e	Heron Therapeutics, Inc		18,416
80	*	Heska Corp		2,375
2,553	*	Hospira, Inc		226,477
1,665	*,e	Idera Pharmaceuticals, Inc		6,177
903	*,e	IGI Laboratories, Inc		5,689
268	*	Ignyta, Inc		4,044
2,105	*	Illumina, Inc		459,648
247	*,e	Immune Design Corp		5,101
1,233	*	Immunogen, Inc		17,731
1,305	*,e	Immunomedics, Inc		5,298
1,034	*	Impax Laboratories, Inc		47,481
255	*	INC Research Holdings, Inc		10,231
2,249	*	Incyte Corp		234,368
696	*	Infinity Pharmaceuticals, Inc		7,621
1,045	*,e	Inovio Pharmaceuticals, Inc		8,527
884	*	Insmed, Inc		21,587
340	*,e	Insys Therapeutics, Inc		12,213
229	*,e	Intercept Pharmaceuticals, Inc		55,276
199	*	Intersect ENT, Inc		5,697
316	*,e	Intra-Cellular Therapies, Inc		10,096
667	*,e	Intrexon Corp		32,550
110	*	Invitae Corp		1,637
1,820	*	Ironwood Pharmaceuticals, Inc		21,949
1,742	*,e	Isis Pharmaceuticals, Inc		100,252
879	*	Jazz Pharmaceuticals plc		154,766
40,453		Johnson & Johnson		3,942,549
188	*,e	Juno Therapeutics, Inc		10,026
336	*,e	Karyopharm Therapeutics, Inc		9,143
1,483	*,e	Keryx Biopharmaceuticals, Inc		14,800
416	*,e	Kite Pharma, Inc		25,364
371	*	KYTHERA Biopharmaceuticals, Inc		27,940
166	*	La Jolla Pharmaceutical Co		4,069
380	*,e	Lannett Co, Inc		22,587
585	*,e	Lexicon Pharmaceuticals, Inc		4,709
257	*,e	Ligand Pharmaceuticals, Inc (Class B)		25,931
664	*	Lion Biotechnologies, Inc		6,089
120	*	Loxo Oncology, Inc		2,164
588	*	Luminex Corp		10,149
401	*	MacroGenics, Inc		15,226
1,684	*	Mallinckrodt plc		198,240
3,540	*,e	MannKind Corp		20,143

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
222	*	Medgenics, Inc	$	1,361
952	*	Medicines Co		27,237
1,131	*	Medivation, Inc		129,160
41,231		Merck & Co, Inc		2,347,281
1,570	*,e	Merrimack Pharmaceuticals, Inc		19,413
441	*	Mettler-Toledo International, Inc		150,584
1,555	*,e	MiMedx Group, Inc		18,022
140	*,e	Mirati Therapeutics, Inc		4,406
872	*	Momenta Pharmaceuticals, Inc		19,890
6,166	*	Mylan NV		418,425
1,155	*,e	Myriad Genetics, Inc		39,258
188	*,e	NanoString Technologies, Inc		2,899
2,022	*,e	Navidea Biopharmceuticals, Inc		3,255
1,889	*,e	Nektar Therapeutics		23,631
749	*	NeoGenomics, Inc		4,052
1,232	*	Neurocrine Biosciences, Inc		58,840
298	*	NewLink Genetics Corp		13,192
660	*,e	Northwest Biotherapeutics, Inc		6,554
3,846	*	Novavax, Inc		42,844
506	*	Ocata Therapeutics, Inc		2,667
185	*	Ocular Therapeutix, Inc		3,891
548	*,e	Omeros Corp		9,859
240	*,e	OncoMed Pharmaceuticals, Inc		5,400
1,471	*	Oncothyreon, Inc		5,502
339	*	Ophthotech Corp		17,648
3,367	*,e	Opko Health, Inc		54,141
1,769	*,e	Orexigen Therapeutics, Inc		8,757
1,167	*,e	Organovo Holdings, Inc		4,400
254	*,e	Osiris Therapeutics, Inc		4,943
219	*	Otonomy, Inc		5,035
356	*,e	OvaScience, Inc		10,299
772	*,e	Pacific Biosciences of California, Inc		4,447
522	*,e	Pacira Pharmaceuticals, Inc		36,916
180		Paratek Pharmaceuticals, Inc		4,639
876	*	Parexel International Corp		56,336
2,346	e	PDL BioPharma, Inc		15,085
2,703	*,e	Peregrine Pharmaceuticals, Inc		3,541
1,628	*	PerkinElmer, Inc		85,698
708	*	Pernix Therapeutics Holdings, Inc		4,191
2,143		Perrigo Co plc		396,091
236	*	Pfenex, Inc		4,578
89,846		Pfizer, Inc		3,012,536
251		Phibro Animal Health Corp		9,774
677	*	Portola Pharmaceuticals, Inc		30,837
423		Pozen, Inc		4,361
287	*	PRA Health Sciences, Inc		10,427
795	*	Prestige Brands Holdings, Inc		36,761
933	*,e	Progenics Pharmaceuticals, Inc		6,960
105	*	Proteon Therapeutics, Inc		1,875
455	*,e	Prothena Corp plc		23,965
488	*	PTC Therapeutics, Inc		23,487
358	*,e	Puma Biotechnology, Inc		41,796
3,176	*	Qiagen NV (NASDAQ)		78,733
1,140	*	Quintiles Transnational Holdings, Inc		82,775
419	*,e	Radius Health, Inc		28,366
1,157	*,e	Raptor Pharmaceutical Corp		18,269
490	*	Receptos, Inc		93,124
1,138	*	Regeneron Pharmaceuticals, Inc		580,528
412	*,e	Regulus Therapeutics, Inc		4,516
468	*	Relypsa, Inc		15,486
475	*	Repligen Corp		19,603
500	*	Retrophin, Inc		16,575
228	*,e	Revance Therapeutics, Inc		7,291
1,285	*	Rigel Pharmaceuticals, Inc		4,125
200	*	Sage Therapeutics, Inc		14,600
340	*	Sagent Pharmaceuticals		8,265

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
987	*	Sangamo Biosciences, Inc	$	10,946
552	*,e	Sarepta Therapeutics, Inc		16,797
716	*	Sciclone Pharmaceuticals, Inc		7,031
1,356	*,e	Seattle Genetics, Inc		65,630
1,561	*,e	Sequenom, Inc		4,745
405	*	Sorrento Therapeutics, Inc		7,136
129	*,e	Spark Therapeutics, Inc		7,775
972	*,e	Spectrum Pharmaceuticals, Inc		6,648
213	*	Stemline Therapeutics, Inc		2,507
357	*,e	Sucampo Pharmaceuticals, Inc (Class A)		5,866
486	*	Supernus Pharmaceuticals, Inc		8,252
1,430	*,e	Synergy Pharmaceuticals, Inc		11,869
2,144	*,e	Synta Pharmaceuticals Corp		4,781
130	*	T2 Biosystems, Inc		2,110
334	*,e	TESARO, Inc		19,636
502	*	Tetraphase Pharmaceuticals, Inc		23,815
516	*,e	TG Therapeutics, Inc		8,560
1,825	*	TherapeuticsMD, Inc		14,345
367	*,e	Theravance Biopharma, Inc		4,778
1,228	e	Theravance, Inc		22,190
5,823		Thermo Electron Corp		755,592
949	*,e	Threshold Pharmaceuticals, Inc		3,834
146	*	Tokai Pharmaceuticals, Inc		1,942
355	*	Trevena, Inc		2,222
349	*	Trovagene, Inc		3,542
517	*	Ultragenyx Pharmaceutical, Inc		52,936
689	*	United Therapeutics Corp		119,852
604	*,e	Vanda Pharmaceuticals, Inc		7,665
708	*,e	Verastem, Inc		5,338
322	*	Versartis, Inc		4,901
3,575	*	Vertex Pharmaceuticals, Inc		441,441
185	*	Vitae Pharmaceuticals, Inc		2,664
197	*,e	Vital Therapies, Inc		4,157
1,259	*,e	Vivus, Inc		2,971
390	*	VWR Corp		10,425
1,189	*	Waters Corp		152,644
51	*	XBiotech, Inc		922
407	*	Xencor Inc		8,942
827	*	Xenoport, Inc		5,070
1,173	*,e	XOMA Corp		4,551
240	*,e	Zafgen, Inc		8,311
1,695	*,e	ZIOPHARM Oncology, Inc		20,340
7,138		Zoetis Inc		344,194
2,303	*,e	Zogenix, Inc		3,869
262	*,e	ZS Pharma, Inc		13,726
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		32,439,734
REAL ESTATE - 3.9%
770		Acadia Realty Trust		22,415
587		AG Mortgage Investment Trust		10,143
248		Agree Realty Corp		7,234
934		Alexander & Baldwin, Inc		36,800
30		Alexander’s, Inc		12,300
1,036		Alexandria Real Estate Equities, Inc		90,609
13	*,e	Altisource Asset Management Corp		1,876
196	*,e	Altisource Portfolio Solutions S.A.		6,035
766		Altisource Residential Corp		12,907
684		American Assets Trust,Inc		26,820
1,619		American Campus Communities, Inc		61,020
5,242		American Capital Agency Corp		96,296
1,068		American Capital Mortgage, Inc		17,077
2,594		American Homes 4 Rent		41,608
11,261	*	American Realty Capital Properties, Inc		91,552
432	*	American Residential Properties, Inc		7,992
6,196		American Tower Corp		578,025
14,133		Annaly Capital Management, Inc		129,882

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,539		Anworth Mortgage Asset Corp	$	7,587
2,250		Apartment Investment & Management Co (Class A)		83,093
836		Apollo Commercial Real Estate Finance, Inc		13,736
2,676		Apple Hospitality REIT, Inc		50,496
100		Ares Commercial Real Estate Corp		1,139
357		Armada Hoffler Properties, Inc		3,566
4,902	*	ARMOUR Residential REIT, Inc		13,775
354		Ashford Hospitality Prime, Inc		5,317
1,205		Ashford Hospitality Trust, Inc		10,194
959		Associated Estates Realty Corp		27,456
179	*	AV Homes, Inc		2,572
1,827		AvalonBay Communities, Inc		292,083
2,924		BioMed Realty Trust, Inc		56,550
262		Bluerock Residential Growth REIT, Inc		3,317
2,206		Boston Properties, Inc		267,014
2,577		Brandywine Realty Trust		34,223
2,486		Brixmor Property Group, Inc		57,501
1,148		Camden Property Trust		85,273
868		Campus Crest Communities, Inc		4,809
1,382		Capstead Mortgage Corp		15,340
460		CareTrust REIT, Inc		5,828
568		CatchMark Timber Trust Inc		6,572
2,404		CBL & Associates Properties, Inc		38,945
4,118	*	CBRE Group, Inc		152,366
1,224		Cedar Shopping Centers, Inc		7,834
3,408		Chambers Street Properties		27,094
640		Chatham Lodging Trust		16,941
862		Chesapeake Lodging Trust		26,274
3,282		Chimera Investment Corp		44,996
1,604		Colony Financial, Inc		36,331
1,793		Columbia Property Trust, Inc		44,018
1,690	*	Communications Sales & Leasing, Inc		41,777
74		Consolidated-Tomoka Land Co		4,265
347		Coresite Realty		15,768
1,358		Corporate Office Properties Trust		31,967
1,921		Corrections Corp of America		63,547
3,372		Cousins Properties, Inc		35,001
4,899		Crown Castle International Corp		393,390
2,390		CubeSmart		55,352
767		CyrusOne, Inc		22,588
2,918		CYS Investments, Inc		22,556
1,403		DCT Industrial Trust, Inc		44,110
4,364		DDR Corp		67,467
2,875		DiamondRock Hospitality Co		36,829
2,032		Digital Realty Trust, Inc		135,494
2,099		Douglas Emmett, Inc		56,547
4,964		Duke Realty Corp		92,181
1,063		DuPont Fabros Technology, Inc		31,305
776		Dynex Capital, Inc		5,913
570		EastGroup Properties, Inc		32,051
693		Education Realty Trust, Inc		21,732
1,593		Empire State Realty Trust, Inc		27,177
888		Entertainment Properties Trust		48,645
1,973	*	Equity Commonwealth		50,647
1,211		Equity Lifestyle Properties, Inc		63,674
1,054		Equity One, Inc		24,600
5,344		Equity Residential		374,988
940		Essex Property Trust, Inc		199,750
919		Excel Trust, Inc		14,493
1,746		Extra Space Storage, Inc		113,874
1,053		Federal Realty Investment Trust		134,879
2,066		FelCor Lodging Trust, Inc		20,412
1,594		First Industrial Realty Trust, Inc		29,856
788		First Potomac Realty Trust		8,116
3,147	*	Forest City Enterprises, Inc (Class A)		69,549
498	*	Forestar Real Estate Group, Inc		6,554
1,291		Franklin Street Properties Corp		14,601

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
102	*	FRP Holdings, Inc	$	3,308
1,247		Gaming and Leisure Properties, Inc		45,715
8,516		General Growth Properties, Inc		218,521
1,075		Geo Group, Inc		36,722
343		Getty Realty Corp		5,611
475		Gladstone Commercial Corp		7,866
1,014		Government Properties Income Trust		18,810
820		Gramercy Property Trust, Inc		19,163
73		Great Ajax Corp		1,035
430		Hannon Armstrong Sustainable Infrastructure Capital, Inc		8,622
1,505		Hatteras Financial Corp		24,532
6,637		HCP, Inc		242,051
4,786		Health Care REIT, Inc		314,105
1,448		Healthcare Realty Trust, Inc		33,680
1,941		Healthcare Trust of America, Inc		46,487
712		Hersha Hospitality Trust		18,262
1,490		Highwoods Properties, Inc		59,526
834		Home Properties, Inc		60,924
2,156		Hospitality Properties Trust		62,136
10,898		Host Marriott Corp		216,107
581	*	Howard Hughes Corp		83,397
1,069		Hudson Pacific Properties		30,328
346		Independence Realty Trust, Inc		2,605
1,253		Inland Real Estate Corp		11,803
1,774		Invesco Mortgage Capital, Inc		25,404
1,762		Investors Real Estate Trust		12,581
3,030		Iron Mountain, Inc		93,930
1,225	*	iStar Financial, Inc		16,317
698		Jones Lang LaSalle, Inc		119,358
1,291		Kennedy-Wilson Holdings, Inc		31,746
1,268		Kilroy Realty Corp		85,146
5,803		Kimco Realty Corp		130,800
1,204		Kite Realty Group Trust		29,462
1,168		Lamar Advertising Co		67,137
1,627		LaSalle Hotel Properties		57,693
2,959		Lexington Realty Trust		25,092
2,147		Liberty Property Trust		69,176
513		LTC Properties, Inc		21,341
2,277		Macerich Co		169,864
1,487		Mack-Cali Realty Corp		27,405
194	*	Marcus & Millichap, Inc		8,951
3,006		Medical Properties Trust, Inc		39,409
5,647		MFA Mortgage Investments, Inc		41,731
1,085		Mid-America Apartment Communities, Inc		78,999
851		Monmouth Real Estate Investment Corp (Class A)		8,272
2,397		Monogram Residential Trust, Inc		21,621
577		National Health Investors, Inc		35,947
2,087		National Retail Properties, Inc		73,066
2,611		New Residential Investment Corp		39,792
959		New Senior Investment Group, Inc		12,822
1,563		New York Mortgage Trust, Inc		11,691
1,236	*	New York REIT, Inc		12,298
280		NexPoint Residential Trust, Inc		3,760
4,719		NorthStar Realty Finance Corp		75,032
2,628		Omega Healthcare Investors, Inc		90,219
251		One Liberty Properties, Inc		5,341
262		Orchid Island Capital, Inc		2,937
1,976		Outfront Media, Inc		49,874
3,025		Paramount Group, Inc		51,909
1,208		Parkway Properties, Inc		21,068
1,026		Pebblebrook Hotel Trust		43,995
999		Pennsylvania REIT		21,319
1,079		Pennymac Mortgage Investment Trust		18,807
1,008		Physicians Realty Trust		15,483
2,219		Piedmont Office Realty Trust, Inc		39,032
2,713		Plum Creek Timber Co, Inc		110,066

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
905		Post Properties, Inc	$	49,205
659		Potlatch Corp		23,276
331		Preferred Apartment Communities, Inc		3,293
7,711		Prologis, Inc		286,078
373		PS Business Parks, Inc		26,912
2,113		Public Storage, Inc		389,574
345		QTS Realty Trust, Inc		12,575
1,095		RAIT Investment Trust		6,690
1,144		Ramco-Gershenson Properties		18,670
1,826		Rayonier, Inc		46,654
170		Re/Max Holdings, Inc		6,037
2,169	*	Realogy Holdings Corp		101,336
3,450		Realty Income Corp		153,146
1,217		Redwood Trust, Inc		19,107
1,534		Regency Centers Corp		90,475
1,691		Resource Capital Corp		6,544
1,382		Retail Opportunities Investment Corp		21,587
4,003		Retail Properties of America, Inc		55,762
791		Rexford Industrial Realty, Inc		11,533
1,906		RLJ Lodging Trust		56,761
518		Rouse Properties, Inc		8,469
623		Ryman Hospitality Properties		33,088
929		Sabra Healthcare REIT, Inc		23,912
133		Saul Centers, Inc		6,542
894		Select Income REIT		18,452
3,548		Senior Housing Properties Trust		62,267
516		Silver Bay Realty Trust Corp		8,406
4,553		Simon Property Group, Inc		787,760
1,433		SL Green Realty Corp		157,472
592		Sovran Self Storage, Inc		51,451
6,338		Spirit Realty Capital, Inc		61,288
810	*,e	St. Joe Co		12,579
933		STAG Industrial, Inc		18,660
3,418		Starwood Property Trust, Inc		73,726
534		Starwood Waypoint Residential Trust		12,688
661		STORE Capital Corp		13,286
4,015	*	Strategic Hotels & Resorts, Inc		48,662
1,404		Summit Hotel Properties, Inc		18,266
688		Sun Communities, Inc		42,539
2,998		Sunstone Hotel Investors, Inc		45,000
1,512		Tanger Factory Outlet Centers, Inc		47,930
971		Taubman Centers, Inc		67,485
200	*	Tejon Ranch Co		5,142
620		Terreno Realty Corp		12,214
285		Trade Street Residential, Inc		1,898
5,406		Two Harbors Investment Corp		52,654
3,723		UDR, Inc		119,248
258		UMH Properties, Inc		2,528
438		United Development Funding IV		7,656
302		Universal Health Realty Income Trust		14,031
1,349		Urban Edge Properties		28,046
405		Urstadt Biddle Properties, Inc (Class A)		7,565
4,866		Ventas, Inc		302,130
2,773		Vornado Realty Trust		263,241
1,428		Washington REIT		37,057
1,782		Weingarten Realty Investors		58,254
614		Western Asset Mortgage Capital Corp		9,069
7,632		Weyerhaeuser Co		240,408
550		Whitestone REIT		7,161
1,613		WP Carey, Inc		95,070
2,677		WP GLIMCHER, Inc		36,220
1,622		Xenia Hotels & Resorts, Inc		35,262
		TOTAL REAL ESTATE		12,931,692
RETAILING - 4.7%
426	*	1-800-FLOWERS.COM, Inc (Class A)		4,456
930		Aaron’s, Inc		33,675

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
976	e	Abercrombie & Fitch Co (Class A)	$	20,994
1,062		Advance Auto Parts, Inc		169,166
5,563	*	Amazon.com, Inc		2,414,843
2,903	e	American Eagle Outfitters, Inc		49,990
122	*	America’s Car-Mart, Inc		6,017
627	*	Ann Taylor Stores Corp		30,278
411	*	Asbury Automotive Group, Inc		37,245
2,144	*	Ascena Retail Group, Inc		35,708
1,043	*	Autonation, Inc		65,688
453	*	AutoZone, Inc		302,106
735	*	Barnes & Noble, Inc		19,081
380		Bebe Stores, Inc		760
2,464	*	Bed Bath & Beyond, Inc		169,967
4,367		Best Buy Co, Inc		142,408
334		Big 5 Sporting Goods Corp		4,746
777		Big Lots, Inc		34,957
158	*	Blue Nile, Inc		4,802
176	*	Boot Barn Holdings, Inc		5,632
378	e	Buckle, Inc		17,301
165	*	Build-A-Bear Workshop, Inc		2,638
1,083	*	Burlington Stores, Inc		55,450
729	*,e	Cabela’s, Inc		36,435
657		Caleres, Inc		20,879
3,010	*	Carmax, Inc		199,292
368		Cato Corp (Class A)		14,264
2,056		Chico’s FAS, Inc		34,191
297		Children’s Place Retail Stores, Inc		19,427
469	*	Christopher & Banks Corp		1,881
243	*	Citi Trends, Inc		5,881
424	*,e	Conn’s, Inc		16,833
231	*,e	Container Store Group, Inc		3,897
340		Core-Mark Holding Co, Inc		20,145
1,158		CST Brands, Inc		45,232
514	*	Destination XL Group, Inc		2,575
1,324		Dick’s Sporting Goods, Inc		68,544
344		Dillard’s, Inc (Class A)		36,185
4,462		Dollar General Corp		346,876
2,966	*	Dollar Tree, Inc		234,284
1,144		DSW, Inc (Class A)		38,175
284	*	Etsy, Inc		3,990
512	*	EVINE Live, Inc		1,377
1,458		Expedia, Inc		159,432
1,489	*	Express Parent LLC		26,966
1,448		Family Dollar Stores, Inc		114,117
183	*	Fenix Parts, Inc		1,834
647		Finish Line, Inc (Class A)		18,000
780	*	Five Below, Inc		30,833
2,014		Foot Locker, Inc		134,958
753	*	Francesca’s Holdings Corp		10,143
543		Fred’s, Inc (Class A)		10,474
254	*	FTD Cos, Inc		7,160
1,566	e	GameStop Corp (Class A)		67,275
3,431		Gap, Inc		130,961
343	*	Genesco, Inc		22,648
2,270		Genuine Parts Co		203,233
1,267		GNC Holdings, Inc		56,356
376		Group 1 Automotive, Inc		34,152
7,150	*	Groupon, Inc		35,965
822		Guess?, Inc		15,758
270		Haverty Furniture Cos, Inc		5,837
444	*,e	Hibbett Sports, Inc		20,682
18,961		Home Depot, Inc		2,107,136
475		HSN, Inc		33,340
4,378	*,e	JC Penney Co, Inc		37,082
247		Kirkland’s, Inc		6,884
2,919		Kohl’s Corp		182,759
3,601		L Brands, Inc		308,714

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY		VALUE
221	*,e	Lands’ End, Inc		$	5,487
6,931	*	Liberty Interactive Corp			192,335
1,061	*	Liberty TripAdvisor Holdings, Inc			34,185
2,046	*	Liberty Ventures			80,346
344		Lithia Motors, Inc (Class A)			38,927
4,504	*	LKQ Corp			136,224
13,913		Lowe’s Companies, Inc			931,754
368	*,e	Lumber Liquidators, Inc			7,621
5,020		Macy’s, Inc			338,699
333	*	MarineMax, Inc			7,829
324	*,e	Mattress Firm Holding Corp			19,748
696		Men’s Wearhouse, Inc			44,593
907	*	Michaels Cos, Inc			24,407
459		Monro Muffler, Inc			28,531
703	*	Murphy USA, Inc			39,241
888	*	NetFlix, Inc			583,363
2,054		Nordstrom, Inc			153,023
414		Nutri/System, Inc			10,300
7,892	*	Office Depot, Inc			68,345
1,619	*,e	Orbitz Worldwide, Inc			18,489
1,484	*	O’Reilly Automotive, Inc			335,354
275	e	Outerwall, Inc			20,930
176	*	Overstock.com, Inc			3,967
363	*	Party City Holdco, Inc			7,358
613		Penske Auto Group, Inc			31,943
774	*	PEP Boys - Manny Moe & Jack			9,497
278	e	PetMed Express, Inc			4,801
1,303	e	Pier 1 Imports, Inc			16,457
758	*	Priceline.com, Inc			872,738
765		Rent-A-Center, Inc			21,688
484	*	Restoration Hardware Holdings, Inc			47,253
5,952		Ross Stores, Inc			289,327
2,313	*	Sally Beauty Holdings, Inc			73,045
188	*,e	Sears Holdings Corp			5,020
757	*	Select Comfort Corp			22,763
203		Shoe Carnival, Inc			5,859
541	*	Shutterfly, Inc			25,865
1,147		Signet Jewelers Ltd			147,091
661		Sonic Automotive, Inc (Class A)	��		15,752
131	*,e	Sportsman’s Warehouse Holdings, Inc			1,489
411		Stage Stores, Inc			7,205
9,245		Staples, Inc			141,541
372		Stein Mart, Inc			3,895
151	*	Systemax, Inc			1,305
9,340		Target Corp			762,424
1,658		Tiffany & Co			152,204
376	*	Tile Shop Holdings, Inc			5,335
174	*	Tilly’s, Inc			1,683
9,786		TJX Companies, Inc			647,540
1,964		Tractor Supply Co			176,642
1,535	e	Travelport Worldwide Ltd			21,152
1,612	*	TripAdvisor, Inc			140,470
632	*	Tuesday Morning Corp			7,119
926	*	Ulta Salon Cosmetics & Fragrance, Inc			143,021
1,403	*	Urban Outfitters, Inc			49,105
432	*	Vitamin Shoppe, Inc			16,101
286	*	VOXX International Corp (Class A)			2,368
286	*	Wayfair, Inc			10,765
258	*	West Marine, Inc			2,487
1,340		Williams-Sonoma, Inc			110,242
32		Winmark Corp			3,152
949	*,e	zulily, Inc			12,375
314	*	Zumiez, Inc			8,362
		TOTAL RETAILING			15,709,107

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
667	*	Advanced Energy Industries, Inc	$	18,336
9,659	*,e	Advanced Micro Devices, Inc		23,182
302	*	Alpha & Omega Semiconductor Ltd		2,639
4,380		Altera Corp		224,256
521	*	Ambarella, Inc		53,501
1,424	*	Amkor Technology, Inc		8,516
4,566		Analog Devices, Inc		293,069
18,093		Applied Materials, Inc		347,747
1,648	*,e	Applied Micro Circuits Corp		11,124
5,910		Atmel Corp		58,243
3,744		Avago Technologies Ltd		497,690
2,300	*	Axcelis Technologies, Inc		6,808
8,082		Broadcom Corp (Class A)		416,142
977		Brooks Automation, Inc		11,187
353	*	Cabot Microelectronics Corp		16,630
171	*	Cascade Microtech, Inc		2,603
794	*	Cavium Networks, Inc		54,635
293	*	Ceva, Inc		5,693
912	*	Cirrus Logic, Inc		31,035
379		Cohu, Inc		5,014
1,573	*,e	Cree, Inc		40,945
4,786		Cypress Semiconductor Corp		56,283
534	*	Diodes, Inc		12,875
289	*	DSP Group, Inc		2,985
2,008	*	Entegris, Inc		29,257
520	*	Exar Corp		5,086
1,676	*	Fairchild Semiconductor International, Inc		29,129
1,092	*	First Solar, Inc		51,302
821	*	Formfactor, Inc		7,553
1,596	*	Freescale Semiconductor Holdings Ltd		63,792
592	*	Inphi Corp		13,533
2,132	*	Integrated Device Technology, Inc		46,264
450		Integrated Silicon Solution, Inc		9,963
69,246		Intel Corp		2,106,117
1,885		Intersil Corp (Class A)		23,581
353		IXYS Corp		5,401
2,303		Kla-Tencor Corp		129,452
800	*	Kopin Corp		2,760
2,279		Lam Research Corp		185,397
1,579	*	Lattice Semiconductor Corp		9,300
3,463		Linear Technology Corp		153,168
336	*,e	MA-COM Technology Solutions		12,852
6,507		Marvell Technology Group Ltd		85,795
1,057	*	Mattson Technology, Inc		3,541
4,037		Maxim Integrated Products, Inc		139,579
962	*	MaxLinear, Inc		11,640
598		Micrel, Inc		8,312
3,000	e	Microchip Technology, Inc		142,275
15,639	*	Micron Technology, Inc		294,639
1,371	*	Microsemi Corp		47,916
698		MKS Instruments, Inc		26,482
598		Monolithic Power Systems, Inc		30,325
321	*	Nanometrics, Inc		5,175
414	*	NeoPhotonics Corp Ltd		3,780
68		NVE Corp		5,331
7,735		Nvidia Corp		155,551
840	*	Omnivision Technologies, Inc		22,004
6,173	*	ON Semiconductor Corp		72,162
409	*	PDF Solutions, Inc		6,544
304		Pericom Semiconductor Corp		3,998
970	*	Photronics, Inc		9,225
2,499	*	PMC - Sierra, Inc		21,391
425		Power Integrations, Inc		19,201
2,240	*	Qorvo, Inc		179,805
1,707	*	Rambus, Inc		24,734
456	*	Rudolph Technologies, Inc		5,477

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
936	*	Semtech Corp	$	18,580
497	*	Sigma Designs, Inc		5,929
618	*	Silicon Laboratories, Inc		33,378
2,818		Skyworks Solutions, Inc		293,354
3,916	*	SunEdison, Inc		117,128
750	*	SunPower Corp		21,308
2,891		Teradyne, Inc		55,767
753		Tessera Technologies, Inc		28,599
15,218		Texas Instruments, Inc		783,879
395	*	Ultra Clean Holdings	��	2,461
367	*	Ultratech, Inc		6,812
512	*	Veeco Instruments, Inc		14,715
584	*	Xcerra Corp		4,421
3,722		Xilinx, Inc		164,364
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		7,960,622
SOFTWARE & SERVICES - 10.4%
264	*	6D Global Technologies, Inc		1,727
482	*	A10 Networks, Inc		3,104
9,185		Accenture plc		888,924
1,674	*	ACI Worldwide, Inc		41,130
6,991		Activision Blizzard, Inc		169,252
552	*	Actua Corp		7,872
1,122	*	Acxiom Corp		19,725
7,326	*	Adobe Systems, Inc		593,479
760		Advent Software, Inc		33,600
2,568	*	Akamai Technologies, Inc		179,298
893	*	Alliance Data Systems Corp		260,702
120	*,e	Amber Road, Inc		842
2,313		Amdocs Ltd		126,267
370	*	American Software, Inc (Class A)		3,515
555	*	Angie’s List, Inc		3,419
1,417	*	Ansys, Inc		129,287
1,235	*	Aspen Technology, Inc		56,254
3,320	*	Autodesk, Inc		166,249
7,020		Automatic Data Processing, Inc		563,215
591	*	AVG Technologies NV		16,081
899	*	Bankrate, Inc		9,431
106	*	Barracuda Networks, Inc		4,200
857	*,e	Bazaarvoice, Inc		5,048
111	*,e	Benefitfocus, Inc		4,867
303	*	Black Knight Financial Services, Inc		9,354
735		Blackbaud, Inc		41,858
780	*	Blackhawk Network Holdings, Inc		32,136
583	*	Blucora, Inc		9,415
1,464		Booz Allen Hamilton Holding Co		36,951
528	*	Bottomline Technologies, Inc		14,684
193	*	Box, Inc		3,598
460	*	Brightcove, Inc		3,156
1,849		Broadridge Financial Solutions, Inc		92,468
423	*	BroadSoft, Inc		14,623
4,657		CA, Inc		136,404
350	*	CACI International, Inc (Class A)		28,311
3,884	*	Cadence Design Systems, Inc		76,359
790	*	Callidus Software, Inc		12,308
238	*	Carbonite, Inc		2,811
644	*	Cardtronics, Inc		23,860
271	*,e	Care.com, Inc		1,604
155		Cass Information Systems, Inc		8,714
2,307		CDK Global, Inc		124,532
278	*,e	ChannelAdvisor Corp		3,322
1,042	*	Ciber, Inc		3,595
503	*,e	Cimpress NV		42,332
2,344	*	Citrix Systems, Inc		164,455
8,944	*	Cognizant Technology Solutions Corp (Class A)		546,389
633	*	Commvault Systems, Inc		26,846

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,093		Computer Sciences Corp	$	137,385
492	*	comScore, Inc		26,204
320	*	Comverse, Inc		6,426
465	*	Constant Contact, Inc		13,373
1,361		Convergys Corp		34,692
779	*	Cornerstone OnDemand, Inc		27,109
481	*	CoStar Group, Inc		96,806
888	*,e	Coupons.com, Inc		9,582
485		CSG Systems International, Inc		15,355
342	*,e	Cvent, Inc		8,817
421	*	Cyan, Inc		2,206
185	*	Datalink Corp		1,654
788	*	DealerTrack Holdings, Inc		49,479
479	*,e	Demandware, Inc		34,047
606	*	DHI Group, Inc		5,387
110	e	Digimarc Corp		4,965
730	*	Digital Turbine, Inc		2,205
529		DST Systems, Inc		66,643
1,405		EarthLink Holdings Corp		10,523
17,755	*	eBay, Inc		1,069,561
405	e	Ebix, Inc		13,207
4,519	*	Electronic Arts, Inc		300,513
423	*	Ellie Mae, Inc		29,521
845	*,e	Endurance International Group Holdings, Inc		17,458
382	*	EnerNOC, Inc		3,705
505	*	Envestnet, Inc		20,417
705	*	EPAM Systems, Inc		50,217
472		EPIQ Systems, Inc		7,967
80	*	ePlus, Inc		6,132
819		Equinix, Inc		208,026
747	*	Euronet Worldwide, Inc		46,090
941		EVERTEC, Inc		19,987
101	*	Everyday Health, Inc		1,291
484	*	ExlService Holdings, Inc		16,737
31,578	*	Facebook, Inc		2,708,287
623		Factset Research Systems, Inc		101,244
458		Fair Isaac Corp		41,577
4,079		Fidelity National Information Services, Inc		252,082
1,984	*,e	FireEye, Inc		97,037
1,462	*	First American Corp		58,027
3,694	*	Fiserv, Inc		305,974
351	*	Five9, Inc		1,836
1,321	*	FleetCor Technologies, Inc		206,155
552	*,e	FleetMatics Group plc		25,850
178		Forrester Research, Inc		6,412
2,056	*	Fortinet, Inc		84,974
1,313	*	Gartner, Inc		112,629
2,284	*	Genpact Ltd		48,718
435	*	Gigamon, Inc		14,351
928	*	Global Cash Access, Inc		7,183
961		Global Payments, Inc		99,415
220	*	Globant S.A.		6,695
1,739	*,e	Glu Mobile, Inc		10,799
341	*	GoDaddy, Inc		9,613
805	*,e	Gogo, Inc		17,251
4,293	*	Google, Inc		2,234,549
4,207	*	Google, Inc (Class A)		2,271,948
1,083	*	GrubHub, Inc		36,898
354	*	GTT Communications, Inc		8,450
239	*,e	Guidance Software, Inc		2,024
1,007	*	Guidewire Software, Inc		53,301
476		Hackett Group, Inc		6,393
526		Heartland Payment Systems, Inc		28,430
1,367	*	HomeAway, Inc		42,541
109	*	Hortonworks, Inc		2,760
268	*	HubSpot, Inc		13,287
1,056		IAC/InterActiveCorp		84,121

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
520	*	iGate Corp	$	24,799
395	*	Imperva, Inc		26,741
889	*	Infoblox, Inc		23,301
1,603	*	Informatica Corp		77,697
225	*	Interactive Intelligence, Inc		10,006
729	*	Internap Network Services Corp		6,743
13,254		International Business Machines Corp		2,155,896
4,045		Intuit, Inc		407,615
745		j2 Global, Inc		50,615
1,354		Jack Henry & Associates, Inc		87,604
661	*	Jive Software, Inc		3,470
1,321		King Digital Entertainment plc		18,824
376	*	Knot, Inc		6,148
958		Leidos Holdings, Inc		38,674
963	*,e	LendingClub Corp		14,204
884	*	Limelight Networks, Inc		3,483
1,575	*	LinkedIn Corp		325,442
915	*	Lionbridge Technologies		5,646
325	*,e	Liquidity Services, Inc		3,130
827	*	Liveperson, Inc		8,113
352	*	LogMeIn, Inc		22,700
261	*	Luxoft Holding, Inc		14,760
1,063	*	Manhattan Associates, Inc		63,408
349		Mantech International Corp (Class A)		10,121
441		Marchex, Inc (Class B)		2,183
353	*,e	Marin Software, Inc		2,379
500	*,e	Marketo, Inc		14,030
14,602		Mastercard, Inc (Class A)		1,364,995
946		MAXIMUS, Inc		62,181
118	*	MAXPOINT INTERACTIVE,Inc		953
1,291		Mentor Graphics Corp		34,121
117,990		Microsoft Corp		5,209,258
133	*	MicroStrategy, Inc (Class A)		22,621
1,686	*,e	Millennial Media, Inc		2,731
577	*	MobileIron, Inc		3,410
259	*	Model N, Inc		3,085
529	*,e	ModusLink Global Solutions, Inc		1,799
445	*	MoneyGram International, Inc		4,090
572		Monotype Imaging Holdings, Inc		13,791
1,321	*	Monster Worldwide, Inc		8,639
538	*,e	Netscout Systems, Inc		19,728
605	*	NetSuite, Inc		55,509
808	*,e	NeuStar, Inc (Class A)		23,602
81	*	New Relic, Inc		2,850
949		NIC, Inc		17,348
3,638	*	Nuance Communications, Inc		63,701
385	*,e	OPOWER, Inc		4,431
46,255		Oracle Corp		1,864,077
3,044	*	Pandora Media, Inc		47,304
128	*,e	Park City Group, Inc		1,586
4,926		Paychex, Inc		230,931
454	*	Paycom Software, Inc		15,504
218	*	Paylocity Holding Corp		7,815
508		Pegasystems, Inc		11,628
509	*	Perficient, Inc		9,793
1,174	*	Progress Software Corp		32,285
567	*	Proofpoint, Inc		36,101
336	*	PROS Holdings, Inc		7,093
1,652	*	PTC, Inc		67,765
279	*	Q2 Holdings, Inc		7,882
43		QAD, Inc (Class A)		1,136
1,203	*	QLIK Technologies, Inc		42,057
354	*,e	Qualys, Inc		14,284
335	*	QuinStreet, Inc		2,161
1,775	*	Rackspace Hosting, Inc		66,012
334	*	Rally Software Development Corp		6,496
299	*	RealNetworks, Inc		1,618

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
755	*	RealPage, Inc	$	14,398
2,637	*	Red Hat, Inc		200,227
111		Reis, Inc		2,462
560	*	RetailMeNot, Inc		9,985
392	*,e	Rocket Fuel, Inc		3,214
1,271	*	Rovi Corp		20,272
364	*	Rubicon Project, Inc		5,445
1,637		Sabre Corp		38,961
9,601	*	Salesforce.com, Inc		668,518
329	e	Sapiens International Corp NV		3,415
661		Science Applications International Corp		34,934
368	*	Sciquest, Inc		5,450
488	*	Seachange International, Inc		3,421
2,213	*	ServiceNow, Inc		164,448
819	*	ServiceSource International LLC		4,480
346	*,e	Shutterstock, Inc		20,289
710	*,e	Silver Spring Networks, Inc		8,811
958	*	SolarWinds, Inc		44,193
962		Solera Holdings, Inc		42,867
1,801	*	Splunk, Inc		125,386
235	*	SPS Commerce, Inc		15,463
1,045		SS&C Technologies Holdings, Inc		65,313
205	*	Stamps.com, Inc		15,082
566	*	Sykes Enterprises, Inc		13,726
9,790		Symantec Corp		227,618
472	*	Synchronoss Technologies, Inc		21,585
2,495	*	Synopsys, Inc		126,372
547	*	Syntel, Inc		25,972
527	*	TA Indigo Holding Corp		6,277
710	*	Tableau Software, Inc		81,863
1,302	*	Take-Two Interactive Software, Inc		35,896
519	*	Tangoe, Inc		6,529
222	*	TechTarget, Inc		1,982
646	*	TeleCommunication Systems, Inc (Class A)		2,138
397	*	TeleNav, Inc		3,196
235		TeleTech Holdings, Inc		6,364
2,241	*,e	Teradata Corp		82,917
280	*,e	Textura Corp		7,792
1,541	*	TiVo, Inc		15,626
2,490		Total System Services, Inc		104,007
86	*	Travelzoo, Inc		970
708	*,e	TrueCar, Inc		8,489
210	*	TubeMogul, Inc		3,001
8,336	*	Twitter, Inc		301,930
485	*	Tyler Technologies, Inc		62,749
411	*	Ultimate Software Group, Inc		67,544
686	*	Unisys Corp		13,713
2,060	*	Vantiv, Inc		78,671
124	*,e	Varonis Systems, Inc		2,739
418	*,e	Vasco Data Security International		12,619
1,621	*	VeriFone Systems, Inc		55,049
843	*	Verint Systems, Inc		51,208
1,618	*,e	VeriSign, Inc		99,863
631	*	VirnetX Holding Corp		2,650
427	*	Virtusa Corp		21,948
28,575		Visa, Inc (Class A)		1,918,811
1,284	*	VMware, Inc (Class A)		110,090
510	*	WebMD Health Corp (Class A)		22,583
695	*	Website Pros, Inc		16,833
7,422		Western Union Co		150,889
555	*	WEX, Inc		63,253
260	*	Wix.com Ltd		6,141
1,528	*	Workday, Inc		116,724
97	*	Workiva, Inc		1,342
15,887		Xerox Corp		169,038
454	*,e	Xoom Corp		9,559
13,723	*	Yahoo!, Inc		539,177

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
936	*	Yelp, Inc	$	40,276
272	*	Yodlee, Inc		3,928
775	*	Zendesk, Inc		17,213
668	*,e	Zillow Group, Inc		57,942
743	*	Zix Corp		3,841
10,999	*	Zynga, Inc		31,457
		TOTAL SOFTWARE & SERVICES		35,281,308
TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
1,599	*,e	3D Systems Corp		31,212
806		Adtran, Inc		13,098
317	*,e	Aerohive Networks, Inc		2,213
400	*	Agilysys, Inc		3,672
211		Alliance Fiber Optic Products, Inc		3,914
4,441		Amphenol Corp (Class A)		257,445
412		Anixter International, Inc		26,842
84,006		Apple, Inc		10,536,453
411	*,e	Applied Optoelectronics, Inc		7,135
485	*	Arista Networks, Inc		39,644
1,961	*	ARRIS Group, Inc		60,007
1,379	*	Arrow Electronics, Inc		76,948
470	*	Avid Technology, Inc		6,270
1,923		Avnet, Inc		79,055
655		AVX Corp		8,816
194		Badger Meter, Inc		12,317
144		Bel Fuse, Inc (Class B)		2,955
612		Belden CDT, Inc		49,713
750	*	Benchmark Electronics, Inc		16,335
226		Black Box Corp		4,520
6,014		Brocade Communications Systems, Inc		71,446
528	*,e	CalAmp Corp		9,641
643	*	Calix Networks, Inc		4,893
1,918		CDW Corp		65,749
606		Checkpoint Systems, Inc		6,169
1,695	*	Ciena Corp		40,138
74,239		Cisco Systems, Inc		2,038,603
153	*,e	Clearfield, Inc		2,434
1,253		Cognex Corp		60,269
334	*	Coherent, Inc		21,202
1,530	*	CommScope Holding Co, Inc		46,680
234		Comtech Telecommunications Corp		6,798
305	*,e	Control4 Corp		2,711
18,482		Corning, Inc		364,650
518	*	Cray, Inc		15,286
485		CTS Corp		9,346
548		Daktronics, Inc		6,499
936		Diebold, Inc		32,760
400	*	Digi International, Inc		3,820
716		Dolby Laboratories, Inc (Class A)		28,411
805	*	Dot Hill Systems Corp		4,927
255	*	DTS, Inc		7,775
250	*,e	Eastman Kodak Co		4,200
637	*	EchoStar Corp (Class A)		31,009
248		Electro Rent Corp		2,693
630	*	Electronics for Imaging, Inc		27,411
28,414		EMC Corp		749,845
381	*	EMCORE Corp		2,294
1,428	*	Extreme Networks, Inc		3,841
1,071	*	F5 Networks, Inc		128,895
508	*	Fabrinet		9,515
215	*	FARO Technologies, Inc		10,041
597		FEI Co		49,509
1,298	*	Finisar Corp		23,195
2,138		Flir Systems, Inc		65,893
497	*	GSI Group, Inc		7,470
1,256	*	Harmonic, Inc		8,578

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,906		Harris Corp	$	146,590
26,585		Hewlett-Packard Co		797,816
747	*	II-VI, Inc		14,178
163	*	Imation Corp		662
400	*	Immersion Corp		5,068
1,872	*	Infinera Corp		39,275
2,335	*	Ingram Micro, Inc (Class A)		58,445
620	*	Insight Enterprises, Inc		18,544
520		InterDigital, Inc		29,583
1,144	*,e	InvenSense, Inc		17,274
497	*	IPG Photonics Corp		42,332
653	*	Itron, Inc		22,489
867	*	Ixia		10,785
2,873		Jabil Circuit, Inc		61,166
3,054	*	JDS Uniphase Corp		35,365
5,675		Juniper Networks, Inc		147,380
2,350	*	Keysight Technologies, Inc		73,297
411	*	Kimball Electronics, Inc		5,996
1,229	*,e	Knowles Corp		22,245
172	*	KVH Industries, Inc		2,313
882		Lexmark International, Inc (Class A)		38,984
323		Littelfuse, Inc		30,649
497	*	Mercury Computer Systems, Inc		7,276
41	e	Mesa Laboratories, Inc		3,645
657		Methode Electronics, Inc		18,035
3,035		Motorola, Inc		174,027
221		MTS Systems Corp		15,238
160	*	Multi-Fineline Electronix, Inc		3,498
1,621		National Instruments Corp		47,755
2,356	*	NCR Corp		70,916
4,486		NetApp, Inc		141,578
454	*	Netgear, Inc		13,629
535	*	Newport Corp		10,144
727	*	Nimble Storage, Inc		20,400
576	*	Novatel Wireless, Inc		1,872
2,855	*,e	Oclaro, Inc		6,452
283	*	OSI Systems, Inc		20,034
1,044	*	Palo Alto Networks, Inc		182,387
291		Park Electrochemical Corp		5,576
196		PC Connection, Inc		4,849
554		Plantronics, Inc		31,196
511	*	Plexus Corp		22,423
1,944	*	Polycom, Inc		22,239
1,170	*	QLogic Corp		16,602
23,807		Qualcomm, Inc		1,491,032
4,721	*	Quantum Corp		7,931
485	*	RealD, Inc		5,980
383	*	Rofin-Sinar Technologies, Inc		10,571
267	*	Rogers Corp		17,659
1,077	*	Ruckus Wireless, Inc		11,136
2,991		SanDisk Corp		174,136
1,189	*	Sanmina Corp		23,970
410	*	Scansource, Inc		15,605
839	*	ShoreTel, Inc		5,688
435	*,e	Silicon Graphics International Corp		2,814
704	*	Sonus Networks, Inc		4,872
703	*,e	Stratasys Ltd		24,556
463	*	Super Micro Computer, Inc		13,696
529	*	Synaptics, Inc		45,883
382		SYNNEX Corp		27,959
512	*	Tech Data Corp		29,471
3,730	*	Trimble Navigation Ltd		87,506
846	*	TTM Technologies, Inc		8,452
443	e	Ubiquiti Networks, Inc		14,138
579	*	Universal Display Corp		29,952
617	*	Viasat, Inc		37,180
1,934	*,e	Violin Memory, Inc		4,738

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,815		Vishay Intertechnology, Inc	$	21,199
161	*	Vishay Precision Group, Inc		2,425
3,324		Western Digital Corp		260,668
730	*	Zebra Technologies Corp (Class A)		81,067
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		20,133,651
TELECOMMUNICATION SERVICES - 2.0%
1,188	*	8x8, Inc		10,645
75,727		AT&T, Inc		2,689,823
105		Atlantic Tele-Network, Inc		7,253
201	*	Boingo Wireless, Inc		1,660
8,190		CenturyTel, Inc		240,622
3,005	*	Cincinnati Bell, Inc		11,479
675		Cogent Communications Group, Inc		22,842
945	e	Consolidated Communications Holdings, Inc		19,854
533	*	Fairpoint Communications, Inc		9,711
14,458		Frontier Communications Corp		71,567
464	*	General Communication, Inc (Class A)		7,893
6,783	*,e	Globalstar, Inc		14,312
126	*	Hawaiian Telcom Holdco, Inc		3,289
238		IDT Corp (Class B)		4,303
814	*	inContact, Inc		8,034
391		Inteliquent, Inc		7,194
367	*,e	Intelsat S.A.		3,641
1,082	*,e	Iridium Communications, Inc		9,835
4,056	*	Level 3 Communications, Inc		213,630
323		Lumos Networks Corp		4,777
181	*,e	NTELOS Holdings Corp		836
877	*	Orbcomm, Inc		5,920
184	*	Pacific DataVision, Inc		7,752
679	*	Premiere Global Services, Inc		6,987
774	*	RingCentral, Inc		14,311
1,900	*	SBA Communications Corp (Class A)		218,443
364		Shenandoah Telecom Co		12,460
309		Spok Holdings, Inc		5,204
10,684	*,e	Sprint Corp		48,719
349	*	Straight Path Communications, Inc		11,444
1,155		Telephone & Data Systems, Inc		33,957
3,999	*	T-Mobile US, Inc		155,041
200	*	US Cellular Corp		7,534
59,513		Verizon Communications, Inc		2,773,901
2,337	*	Vonage Holdings Corp		11,475
1,408	e	Windstream Holdings, Inc		8,983
2,070	*	Zayo Group Holdings, Inc		53,240
		TOTAL TELECOMMUNICATION SERVICES		6,738,571
TRANSPORTATION - 2.0%
776	*	Air Transport Services Group, Inc		8,140
1,857		Alaska Air Group, Inc		119,647
198		Allegiant Travel Co		35,220
105		Amerco, Inc		34,326
10,167		American Airlines Group, Inc		406,019
378		Arkansas Best Corp		12,020
363	*	Atlas Air Worldwide Holdings, Inc		19,951
1,524	*	Avis Budget Group, Inc		67,178
390		Celadon Group, Inc		8,065
2,096		CH Robinson Worldwide, Inc		130,769
826		Con-Way, Inc		31,694
473	e	Copa Holdings S.A. (Class A)		39,065
169	*	Covenant Transportation Group, Inc		4,235
14,485		CSX Corp		472,935
11,806		Delta Air Lines, Inc		484,990
342	*	Eagle Bulk Shipping, Inc		2,384
427	*	Echo Global Logistics, Inc		13,946
2,753		Expeditors International of Washington, Inc		126,927
4,152		FedEx Corp		707,501

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
419		Forward Air Corp	$	21,897
756	*	Genesee & Wyoming, Inc (Class A)		57,592
928	*,e	Golden Ocean Group Ltd (Oslo)		3,573
985	*	Hawaiian Holdings, Inc		23,394
666		Heartland Express, Inc		13,473
6,017	*	Hertz Global Holdings, Inc		109,028
500	*	Hub Group, Inc (Class A)		20,170
1,324		J.B. Hunt Transport Services, Inc		108,687
4,853	*	JetBlue Airways Corp		100,748
1,589		Kansas City Southern Industries, Inc		144,917
791	*	Kirby Corp		60,638
937		Knight Transportation, Inc		25,055
644		Landstar System, Inc		43,064
1,005		Macquarie Infrastructure Co LLC		83,043
319		Marten Transport Ltd		6,922
698		Matson, Inc		29,344
1,614		Navios Maritime Holdings, Inc		6,004
4,411		Norfolk Southern Corp		385,345
1,017	*	Old Dominion Freight Line		69,771
118		Park-Ohio Holdings Corp		5,718
423	*	Quality Distribution, Inc		6,540
958	*	Radiant Logistics, Inc		7,003
908	*	Republic Airways Holdings, Inc		8,335
411	*	Roadrunner Transportation Services Holdings, Inc		10,604
808		Ryder System, Inc		70,595
1,151		Safe Bulkers, Inc		3,706
358	*	Saia, Inc		14,066
4,131	*,e	Scorpio Bulkers, Inc		6,734
748		Skywest, Inc		11,250
9,692		Southwest Airlines Co		320,708
1,048	*	Spirit Airlines, Inc		65,081
1,289	*	Swift Transportation Co, Inc		29,222
12,792		Union Pacific Corp		1,219,973
5,496	*	United Continental Holdings, Inc		291,343
10,255		United Parcel Service, Inc (Class B)		993,812
122		Universal Truckload Services, Inc		2,679
139	*	USA Truck, Inc		2,951
1,203	*,e	UTI Worldwide, Inc		12,018
407	*,e	Virgin America, Inc		11,184
627		Werner Enterprises, Inc		16,459
849	*	Wesco Aircraft Holdings, Inc		12,862
1,103	*,e	XPO Logistics, Inc		49,834
521	*	YRC Worldwide, Inc		6,763
		TOTAL TRANSPORTATION		7,217,117
UTILITIES - 2.8%
710	e	Abengoa Yield plc		22,237
9,820		AES Corp		130,213
1,710		AGL Resources, Inc		79,618
719		Allete, Inc		33,354
1,628		Alliant Energy Corp		93,968
3,432		Ameren Corp		129,318
7,002		American Electric Power Co, Inc		370,896
543		American States Water Co		20,303
2,584		American Water Works Co, Inc		125,660
2,635		Aqua America, Inc		64,531
111		Artesian Resources Corp		2,341
1,866	e	Atlantic Power Corp		5,747
1,407		Atmos Energy Corp		72,151
912		Avista Corp		27,953
656		Black Hills Corp		28,634
641		California Water Service Group		14,647
5,965	*	Calpine Corp		107,310
5,931		Centerpoint Energy, Inc		112,867
207		Chesapeake Utilities Corp		11,147
937		Cleco Corp		50,457
3,809		CMS Energy Corp		121,279

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
146		Connecticut Water Service, Inc	$	4,987
4,332		Consolidated Edison, Inc		250,736
213		Consolidated Water Co, Inc		2,684
8,691		Dominion Resources, Inc		581,167
2,581		DTE Energy Co		192,646
10,119		Duke Energy Corp		714,604
1,845	*	Dynegy, Inc		53,966
4,658		Edison International		258,892
600		El Paso Electric Co		20,796
864	e	Empire District Electric Co		18,835
2,533		Entergy Corp		178,576
4,467		Eversource Energy		202,846
12,198		Exelon Corp		383,261
6,034		FirstEnergy Corp		196,407
182		Genie Energy Ltd		1,906
2,223		Great Plains Energy, Inc		53,708
1,618		Hawaiian Electric Industries, Inc		48,103
750		Idacorp, Inc		42,105
2,232		ITC Holdings Corp		71,826
609		Laclede Group, Inc		31,705
2,800		MDU Resources Group, Inc		54,684
501		MGE Energy, Inc		19,404
214		Middlesex Water Co		4,828
1,140	e	National Fuel Gas Co		67,135
1,226		New Jersey Resources Corp		33,776
6,502		NextEra Energy, Inc		637,391
4,449		NiSource, Inc		202,830
392		Northwest Natural Gas Co		16,535
823		NorthWestern Corp		40,121
4,874		NRG Energy, Inc		111,517
495	e	NRG Yield, Inc (Class A)		10,885
402	e	NRG Yield, Inc (Class C)		8,800
2,807		OGE Energy Corp		80,196
863		ONE Gas, Inc		36,729
539	e	Ormat Technologies, Inc		20,310
489		Otter Tail Corp		13,007
860		Pattern Energy Group, Inc		24,407
3,547		Pepco Holdings, Inc		95,556
6,987		PG&E Corp		343,062
1,130		Piedmont Natural Gas Co, Inc		39,900
1,829		Pinnacle West Capital Corp		104,052
1,143		PNM Resources, Inc		28,118
1,142		Portland General Electric Co		37,869
9,612		PPL Corp		283,266
7,371		Public Service Enterprise Group, Inc		289,533
3,138		Questar Corp		65,616
2,025		SCANA Corp		102,566
3,609		Sempra Energy		357,074
210		SJW Corp		6,445
884		South Jersey Industries, Inc		21,861
13,304		Southern Co		557,438
672		Southwest Gas Corp		35,757
449		Spark Energy, Inc		7,076
1,205	*	Talen Energy Corp		20,678
3,378		TECO Energy, Inc		59,655
744		TerraForm Power, Inc		28,257
2,418		UGI Corp		83,300
895		UIL Holdings Corp		41,009
205		Unitil Corp		6,769
1,188		Vectren Corp		45,714
298	*,e	Vivint Solar, Inc		3,627
4,475	*	WEC Energy Group, Inc		201,239
1,868		Westar Energy, Inc		63,923
691		WGL Holdings, Inc		37,514
7,268		Xcel Energy, Inc		233,884
183		York Water Co		3,817
		TOTAL UTILITIES		9,521,517
		TOTAL COMMON STOCKS (Cost $200,244,529)		334,747,986

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
303	e,m	Magnum Hunter Resources Corp	$	0
		TOTAL ENERGY		0
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
2		BioScrip, Inc		0
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
118	m	Forest Laboratories, Inc CVR		112
104	m	Furiex Pharmaceuticals, Inc		1,016
499	m	Trius Therapeutics, Inc		65
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,193
SOFTWARE & SERVICES - 0.0%
299	m	Gerber Scientific, Inc		0
		TOTAL SOFTWARE & SERVICES		0
TELECOMMUNICATION SERVICES - 0.0%
710	m	Leap Wireless International, Inc		1,789
		TOTAL TELECOMMUNICATION SERVICES		1,789
		TOTAL RIGHTS / WARRANTS (Cost $2,812)		2,982
SHORT-TERM INVESTMENTS - 2.1%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1%
7,283,610	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		7,283,610
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		7,283,610
		TOTAL SHORT-TERM INVESTMENTS (Cost $7,283,610)		7,283,610
		TOTAL INVESTMENTS - 101.7% (Cost $207,530,951)		342,034,578
		OTHER ASSETS & LIABILITIES, NET - (1.7)%		(5,867,806	)
		NET ASSETS - 100.0%	$	336,166,772

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

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

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $7,125,358.

m Indicates a security that has been deemed illiquid.

80

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.7%
AUSTRALIA - 0.5%
24,075		BHP Billiton Ltd	$	491,102
24,075	*	South32 Ltd		33,249
		TOTAL AUSTRALIA		524,351
BELGIUM - 0.2%
5,489		Fagron NV		227,120
		TOTAL BELGIUM		227,120
FRANCE - 20.9%
108,044		Accor S.A.		5,468,117
3,854	e	Aeroports de Paris		435,350
6,606		BNP Paribas		400,870
24,514		Compagnie de Saint-Gobain		1,106,596
21,555		Edenred		532,597
1,730		Eiffage S.A.		96,331
49,455	g	Elior Participations S.C.A		991,859
40,480		Essilor International S.A.		4,849,521
1,219		Nexity		47,837
40,172		Renault S.A.		4,211,928
103,058		Rexel S.A.		1,663,008
25,396		Vinci S.A.		1,473,926
		TOTAL FRANCE		21,277,940
GERMANY - 14.0%
67,785		Adidas-Salomon AG.		5,186,521
249,362	*	Commerzbank AG.		3,187,745
14,218		Henkel KGaA (Preference)		1,595,487
22,361		Linde AG.		4,237,708
		TOTAL GERMANY		14,207,461
HONG KONG - 0.0%
511		Hong Kong Exchanges and Clearing Ltd		18,005
		TOTAL HONG KONG		18,005
INDIA - 10.0%
58,464		Ceat Ltd		607,006
8,972		Eicher Motors Ltd		2,756,432
158,064	*	HDFC Bank Ltd		2,646,014
140,221		IndusInd Bank Ltd		1,919,905
80,711		Larsen & Toubro Ltd		2,255,916
		TOTAL INDIA		10,185,273
INDONESIA - 0.5%
976,500		PT Indofood Sukses Makmur Tbk		480,511
		TOTAL INDONESIA		480,511
JAPAN - 18.6%
1,600		Daikin Industries Ltd		115,021
31,800		Don Quijote Co Ltd		1,353,057
550		Fanuc Ltd		112,539
4,100	e	Fast Retailing Co Ltd		1,859,231
36,700		Hoya Corp		1,469,825
1,103		Kao Corp		51,297
980		Komatsu Ltd		19,662

81

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
46,300		Mazda Motor Corp	$	906,035
993		Mitsubishi Corp		21,830
8,016		Mitsubishi Electric Corp		103,508
11,000		Mitsubishi Heavy Industries Ltd		66,869
29,153		Mitsubishi UFJ Financial Group, Inc		209,740
20,100		Murata Manufacturing Co Ltd		3,507,758
31,000	e	NGK Insulators Ltd		797,662
550		Nitto Denko Corp		45,167
15,800		NKSJ Holdings, Inc		578,536
1,050		NOK Corp		32,533
1,453		Nomura Holdings, Inc		9,810
84,425	e	Olympus Corp		2,914,774
230,400	*	Pioneer Corp		419,492
121,250	*	Sony Corp		3,443,119
12,300		Toyota Motor Corp		823,082
14,600	e	Yumeshin Holdings Co Ltd		93,091
		TOTAL JAPAN		18,953,638
NETHERLANDS - 5.3%
1,371		ASML Holding NV		142,608
24,440	*,g	GrandVision NV		603,792
24,352		Heineken NV		1,851,418
171,524		ING Groep NV		2,848,219
55		Royal Dutch Shell plc (A Shares)		1,555
		TOTAL NETHERLANDS		5,447,592
NORWAY - 0.9%
49,540		Statoil ASA		885,924
		TOTAL NORWAY		885,924
SPAIN - 0.5%
26,683	e	Endesa S.A.		511,023
		TOTAL SPAIN		511,023
SWEDEN - 4.8%
68,297		SKF AB (B Shares)		1,558,402
271,729		Volvo AB (B Shares)		3,374,201
		TOTAL SWEDEN		4,932,603
SWITZERLAND - 5.0%
3,572		Burckhardt Compression Holding AG.		1,353,089
2,280		Geberit AG.		760,139
18		Givaudan S.A.		31,163
9,813		Holcim Ltd		724,058
12,469		Swatch Group AG. (Registered)		936,611
6,337		UBS AG.		134,449
3,751		Zurich Financial Services AG.		1,141,916
		TOTAL SWITZERLAND		5,081,425
UNITED KINGDOM - 17.5%
6,733		ARM Holdings plc		110,178
10,349		Associated British Foods plc		466,348
356,506		Barclays plc		1,461,193
76,662		Essentra plc		1,195,543
953,075		Group 4 Securicor plc		4,018,667
8,266	*	Indivior plc		29,197
623,004		Man Group plc		1,535,496
3,561		Rio Tinto plc		146,474
446,285		Sky plc		7,268,928
57,703		Weir Group plc		1,537,913
		TOTAL UNITED KINGDOM		17,769,937
		TOTAL COMMON STOCKS (Cost $91,869,416)		100,502,803

82

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
SHORT-TERM INVESTMENTS - 3.8%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.8%
3,818,026	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	3,818,026
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		3,818,026
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,818,026)		3,818,026
		TOTAL INVESTMENTS - 102.5% (Cost $95,687,442)		104,320,829
		OTHER ASSETS & LIABILITIES, NET - (2.5)%		(2,547,006	)
		NET ASSETS - 100.0%	$	101,773,823

* 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 $3,627,113.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/15, the aggregate value of these securities was $1,595,651 or 1.6% of net assets.

83

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2015

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	33,119,453			32.4	%
INDUSTRIALS		25,244,608			24.8
FINANCIALS		16,139,733			15.9
HEALTH CARE		9,490,436			9.3
MATERIALS		6,904,465			6.8
CONSUMER STAPLES		4,445,062			4.4
INFORMATION TECHNOLOGY		3,760,544			3.7
ENERGY		887,479			0.9
UTILITIES		511,023			0.5
SHORT-TERM INVESTMENTS		3,818,026			3.8
OTHER ASSETS & LIABILITES, NET		(2,547,006	)		(2.5	)
NET ASSETS	$	101,773,823			100.0	%

84

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
BANK LOAN OBLIGATIONS - 1.2%
AUTOMOBILES & COMPONENTS - 0.1%
$        49,750	i	Dealer Tire LLC		5.500	%		12/22/21	$	50,082
74,438	i	Gates Global LLC		4.250			07/05/21		73,228
119,423	i	INA Beteiligungsgesellschaft mbH		4.250			05/15/20		119,871
		TOTAL AUTOMOBILES & COMPONENTS							243,181
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
148,626	i	AECOM Technology Corp		3.750			10/17/21		148,700
90,179	i	Capital Safety North America		3.750			03/29/21		89,915
59,700	i	Creative Artists Agency LLC		5.500			12/17/21		60,148
25,000	i	Staples, Inc		3.500			04/24/21		24,943
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							323,706
CONSUMER DURABLES & APPAREL - 0.0%
91,576	i	Otter Products LLC		5.750			06/03/20		91,576
		TOTAL CONSUMER DURABLES & APPAREL							91,576
CONSUMER SERVICES - 0.1%
133,577	i	Spin Holdco, Inc		4.250			11/14/19		132,950
		TOTAL CONSUMER SERVICES							132,950
DIVERSIFIED FINANCIALS - 0.0%
98,998	i	TransUnion LLC		3.750			04/09/21		98,054
		TOTAL DIVERSIFIED FINANCIALS							98,054
ENERGY - 0.0%
2,950	i	Granite Acquisition, Inc		5.000			12/19/21		2,980
66,715	i	Granite Acquisition, Inc		5.000			12/19/21		67,380
		TOTAL ENERGY							70,360
FOOD, BEVERAGE & TOBACCO - 0.1%
54,587	i	Post Holdings, Inc		3.750			06/02/21		54,305
		TOTAL FOOD, BEVERAGE & TOBACCO							54,305
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
87,881	i	Capsugel Holdings US, Inc		3.500			08/01/18		87,787
45,123	i	CHS/Community Health Systems		4.000			01/27/21		45,170
99,186	i	DaVita HealthCare Partners, Inc		3.500			06/24/21		99,100
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							232,057
INSURANCE - 0.0%
45,055	h,i	Acrisure LLC		5.250			05/19/22		44,830
		TOTAL INSURANCE							44,830
MATERIALS - 0.2%
69,650	i	Eco Services Operations LLC		4.750			12/04/21		69,128
72,571	h,i	Minerals Technologies, Inc		3.750			05/09/21		72,511
20,000	h,i	Minerals Technologies, Inc		3.750			05/09/21		19,983
157,778	i	Signode Industrial Group US, Inc		3.750			05/01/21		155,806
40,000	i	Solenis International LP		7.750			07/31/22		38,650
		TOTAL MATERIALS							356,078

85

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
MEDIA - 0.2%
$      100,000	h,i	CDS US Intermediate Holdings, Inc		5.000	%		06/30/22	$	99,875
124,870	i	CSC Holdings LLC		2.687			04/17/20		123,434
90,510	i	MTL Publishing LLC		3.750			06/29/18		90,306
97,722	i	Univision Communications, Inc		4.000			03/01/20		96,920
		TOTAL MEDIA							410,535
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
12,500	h,i	Endo Luxembourg Finance I Co Sarl		3.750			06/24/22		12,524
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							12,524
SOFTWARE & SERVICES - 0.2%
155,000	i	Evergreen Skills Lux S.a.r.l.		9.250			04/28/22		144,537
69,472	i	IMS Health, Inc		3.500			03/17/21		69,038
48,943	i	Mitchell International, Inc		4.500			10/12/20		48,821
44,348	i	P2 Lower Acquisition LLC		5.500			10/22/20		44,403
74,625	i	ProQuest LLC		5.250			10/24/21		74,765
4,596	h	SS&C Technologies Holdings Europe SARL		4.000			06/23/22		4,594
20,404	h	SS&C Technologies Holdings, Inc		4.000			06/23/22		20,391
		TOTAL SOFTWARE & SERVICES							406,549
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
69,650	i	Sensata Technologies BV		3.000			10/11/21		69,762
19,273	i	Zebra Technologies Corp		4.750			10/27/21		19,463
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							89,225
TELECOMMUNICATION SERVICES - 0.1%
100,000	h,i	CommScope Holding Co, Inc		3.750			05/29/22		99,792
		TOTAL TELECOMMUNICATION SERVICES							99,792
		TOTAL BANK LOAN OBLIGATIONS (Cost $2,672,204)							2,665,722
BONDS - 97.2%
CORPORATE BONDS - 43.5%
AUTOMOBILES & COMPONENTS - 0.2%
75,000	g	Gates Global LLC		6.000			07/15/22		67,875
175,000		Magna International, Inc		3.625			06/15/24		172,102
150,000	g	ZF North America Capital, Inc		4.500			04/29/22		147,375
		TOTAL AUTOMOBILES & COMPONENTS							387,352
BANKS - 6.0%
200,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125			11/09/22		199,100
200,000		Bank of America Corp		5.300			03/15/17		211,806
500,000		Bank of America Corp		4.000			01/22/25		486,426
275,000		Bank of America Corp		3.950			04/21/25		265,219
200,000		Bank of America Corp		4.750			04/21/45		184,811
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			02/23/17		152,007
225,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			09/08/19		224,540
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250			09/08/24		147,998
200,000		Barclays plc		2.750			11/08/19		198,559
325,000		Barclays plc		3.650			03/16/25		307,384
250,000		Branch Banking & Trust Co		2.300			10/15/18		253,667
1,025,000		Capital One Bank USA NA		2.950			07/23/21		1,006,778
60,000		Capital One Bank USA NA		3.375			02/15/23		58,210
100,000		Citigroup, Inc		2.550			04/08/19		100,762
525,000		Citigroup, Inc		3.300			04/27/25		504,055
325,000		Citigroup, Inc		4.400			06/10/25		323,301
200,000		Citigroup, Inc		5.300			05/06/44		203,050
100,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950			11/09/22		99,867

86

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      125,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625	%		12/01/23	$	128,795
300,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750			12/01/43		328,265
150,000	g	Credit Agricole S.A.		2.750			06/10/20		149,902
175,000	g	Credit Agricole S.A.		4.375			03/17/25		167,636
200,000	g	DBS Group Holdings Ltd		2.246			07/16/19		200,047
225,000		Discover Bank		3.100			06/04/20		224,577
200,000	g	Export Credit Bank of Turkey		5.000			09/23/21		201,238
200,000		Fifth Third Bancorp		2.375			04/25/19		200,131
200,000	g	HSBC Bank plc		1.500			05/15/18		198,640
150,000	g	HSBC Bank plc		4.125			08/12/20		160,885
150,000		HSBC USA, Inc		2.250			06/23/19		148,726
375,000		JPMorgan Chase & Co		2.750			06/23/20		374,717
500,000		JPMorgan Chase & Co		3.875			02/01/24		507,454
300,000		JPMorgan Chase & Co		4.950			06/01/45		290,575
100,000	i	JPMorgan Chase & Co		5.150			12/30/49		95,160
205,000		KeyBank NA		2.500			12/15/19		205,717
150,000		KeyBank NA		2.250			03/16/20		148,598
350,000		KeyBank NA		3.300			06/01/25		339,310
100,000	g	Macquarie Bank Ltd		2.600			06/24/19		100,483
225,000		Manufacturers & Traders Trust Co		2.100			02/06/20		221,640
175,000		PNC Bank NA		2.200			01/28/19		175,723
225,000		PNC Bank NA		2.250			07/02/19		224,690
150,000		PNC Bank NA		2.700			11/01/22		144,183
600,000		PNC Bank NA		2.950			01/30/23		579,758
140,000	g	Rabobank Nederland NV		11.000			12/30/49		177,450
500,000		Royal Bank of Canada		1.200			09/19/17		499,135
175,000		Royal Bank of Canada		2.200			07/27/18		177,886
200,000	g	Societe Generale S.A.		4.250			04/14/25		187,773
75,000		Sumitomo Mitsui Banking Corp		2.500			07/19/18		76,400
150,000		Sumitomo Mitsui Banking Corp		2.450			01/16/20		150,215
100,000		SunTrust Banks, Inc		2.750			05/01/23		96,098
50,000		Toronto-Dominion Bank		2.500			07/14/16		50,848
200,000	g	Turkiye Garanti Bankasi AS.		4.750			10/17/19		202,250
150,000		Union Bank NA		2.125			06/16/17		152,129
125,000		UnionBanCal Corp		3.500			06/18/22		126,568
200,000		US Bancorp		1.650			05/15/17		202,382
370,000		US Bank NA		2.800			01/27/25		353,457
50,000		Westpac Banking Corp		3.000			08/04/15		50,112
200,000		Westpac Banking Corp		2.250			01/17/19		202,371
200,000	g	Zenith Bank plc		6.250			04/22/19		191,750
		TOTAL BANKS							13,341,214
CAPITAL GOODS - 1.6%
150,000		Caterpillar Financial Services Corp		2.250			12/01/19		151,185
125,000		Caterpillar Financial Services Corp		3.250			12/01/24		123,595
250,000		Caterpillar, Inc		1.500			06/26/17		252,348
150,000	g	CRH America, Inc		3.875			05/18/25		148,413
100,000		Eaton Corp		4.000			11/02/32		96,513
400,000		Embraer Netherlands Finance BV		5.050			06/15/25		400,000
125,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550			11/01/24		122,126
925,000		John Deere Capital Corp		1.950			03/04/19		926,251
125,000		Rockwell Automation, Inc		2.050			03/01/20		124,001
115,000		Rockwell Automation, Inc		2.875			03/01/25		111,352
100,000	g	Schaeffler Finance BV		4.750			05/15/21		100,500
70,000	g	Sealed Air Corp		5.250			04/01/23		70,438
150,000	g	Siemens Financieringsmaatschappij NV		4.400			05/27/45		147,376
100,000	g	Stena AB		7.000			02/01/24		96,500
425,000		Timken Co		3.875			09/01/24		410,796
125,000		United Technologies Corp		1.800			06/01/17		126,802
50,000		United Technologies Corp		4.500			06/01/42		50,609
150,000		United Technologies Corp		4.150			05/15/45		142,670
		TOTAL CAPITAL GOODS							3,601,475

87

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
$      500,000		21st Century Fox America, Inc		3.000	%		09/15/22	$	487,933
50,000		21st Century Fox America, Inc		6.900			08/15/39		62,347
100,000		ADT Corp		6.250			10/15/21		105,000
25,000	g	AECOM Technology Corp		5.750			10/15/22		25,312
50,000	g	AECOM Technology Corp		5.875			10/15/24		50,688
250,000		Air Lease Corp		3.875			04/01/21		252,500
10,000	g	CEB, Inc		5.625			06/15/23		10,050
250,000	g	Daimler Finance North America LLC		3.300			05/19/25		245,843
150,000		Fluor Corp		3.500			12/15/24		150,173
75,000		Republic Services, Inc		3.800			05/15/18		78,860
250,000		Republic Services, Inc		3.550			06/01/22		253,007
150,000		Republic Services, Inc		3.200			03/15/25		144,047
75,000		United Rentals North America, Inc		5.500			07/15/25		72,469
250,000		Waste Management, Inc		2.600			09/01/16		254,361
100,000		Waste Management, Inc		2.900			09/15/22		98,177
50,000		Waste Management, Inc		3.900			03/01/35		45,702
50,000		Waste Management, Inc		4.100			03/01/45		45,433
75,000	g	XPO Logistics, Inc		6.500			06/15/22		73,406
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							2,455,308
CONSUMER DURABLES & APPAREL - 0.1%
100,000		PVH Corp		4.500			12/15/22		99,000
100,000		Whirlpool Corp		3.700			03/01/23		100,458
		TOTAL CONSUMER DURABLES & APPAREL							199,458
CONSUMER SERVICES - 0.2%
200,000	g	1011778 BC / New Red Fin		6.000			04/01/22		205,500
50,000		GLP Capital LP		4.375			11/01/18		51,313
150,000	g	SABMiller Holdings, Inc		3.750			01/15/22		154,819
43,000	g	Six Flags Entertainment Corp		5.250			01/15/21		43,860
70,000		Speedway Motorsports, Inc		5.125			02/01/23		68,950
		TOTAL CONSUMER SERVICES							524,442
DIVERSIFIED FINANCIALS - 5.7%
40,000		Abbey National Treasury Services plc		4.000			04/27/16		40,930
125,000		American Express Centurion Bank		6.000			09/13/17		136,631
1,325,000		American Express Credit Corp		1.300			07/29/16		1,329,104
725,000		American Express Credit Corp		2.250			08/15/19		725,665
750,000	g,i	Armor Re Ltd		4.080			12/15/16		741,000
50,000		Bank of New York Mellon Corp		5.450			05/15/19		55,960
225,000	g	Bayer US Finance LLC		2.375			10/08/19		225,620
200,000	g	Bayer US Finance LLC		3.375			10/08/24		198,650
200,000	g,i	BBVA Bancomer S.A.		5.350			11/12/29		199,000
75,000		Capital One Financial Corp		1.000			11/06/15		74,887
200,000	g	Comcel Trust		6.875			02/06/24		210,500
125,000		Credit Suisse		2.300			05/28/19		124,692
125,000		Credit Suisse		3.000			10/29/21		123,886
150,000	g	Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		144,182
250,000	g	Credit Suisse Group Funding Guernsey Ltd		4.875			05/15/45		239,679
65,000		Ford Motor Credit Co LLC		4.250			02/03/17		67,551
250,000		Ford Motor Credit Co LLC		3.000			06/12/17		255,685
35,000		Ford Motor Credit Co LLC		6.625			08/15/17		38,392
750,000		Ford Motor Credit Co LLC		2.597			11/04/19		743,933
100,000		General Electric Capital Corp		2.200			01/09/20		99,888
750,000		General Electric Capital Corp		3.100			01/09/23		746,993
40,000		General Motors Financial Co, Inc		4.375			09/25/21		41,449
200,000		Goldman Sachs Group, Inc		3.625			01/22/23		198,493
525,000		Goldman Sachs Group, Inc		3.500			01/23/25		508,371
400,000		Goldman Sachs Group, Inc		3.750			05/22/25		394,127
25,000		Goldman Sachs Group, Inc		6.750			10/01/37		29,275
125,000		Goldman Sachs Group, Inc		4.800			07/08/44		123,708
250,000		Goldman Sachs Group, Inc		5.150			05/22/45		240,341

88

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      100,000	g	Hyundai Capital America		2.600	%		03/19/20	$	99,948
100,000		Icahn Enterprises LP		4.875			03/15/19		100,770
130,000		International Lease Finance Corp		5.750			05/15/16		133,250
100,000		International Lease Finance Corp		3.875			04/15/18		100,500
100,000		International Lease Finance Corp		5.875			08/15/22		108,125
100,000		Legg Mason, Inc		2.700			07/15/19		100,833
100,000		Legg Mason, Inc		3.950			07/15/24		100,983
325,000		Morgan Stanley		1.875			01/05/18		325,714
225,000		Morgan Stanley		2.650			01/27/20		224,411
450,000		Morgan Stanley		2.800			06/16/20		450,797
475,000		Morgan Stanley		3.700			10/23/24		472,379
200,000		Morgan Stanley		3.950			04/23/27		188,248
250,000		Morgan Stanley		6.375			07/24/42		306,364
50,000		National Rural Utilities Cooperative Finance Corp		10.375			11/01/18		63,595
50,000	g	NewStar Financial, Inc		7.250			05/01/20		51,313
100,000	g	SUAM Finance BV		4.875			04/17/24		100,750
100,000		Textron, Inc		3.875			03/01/25		98,292
100,000		Toyota Motor Credit Corp		1.375			01/10/18		100,013
375,000		Toyota Motor Credit Corp		2.150			03/12/20		374,559
175,000		Unilever Capital Corp		2.200			03/06/19		176,483
50,000		Unilever Capital Corp		4.250			02/10/21		54,909
350,000		Wells Fargo & Co		1.500			07/01/15		350,000
200,000		Wells Fargo & Co		4.100			06/03/26		200,512
150,000		Wells Fargo & Co		3.900			05/01/45		134,462
		TOTAL DIVERSIFIED FINANCIALS							12,475,802
ENERGY - 3.6%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		52,704
30,000		Anadarko Petroleum Corp		6.950			06/15/19		34,823
100,000		Apache Corp		1.750			04/15/17		100,396
330,000		Ashland, Inc		3.875			04/15/18		339,075
250,000		BP Capital Markets plc		1.375			05/10/18		248,511
300,000		BP Capital Markets plc		2.315			02/13/20		298,681
165,000		Calumet Specialty Products Partners LP		6.500			04/15/21		162,525
50,000	i	Chesapeake Energy Corp		3.525			04/15/19		45,750
250,000		Chevron Corp		2.355			12/05/22		238,941
150,000		Concho Resources, Inc		5.500			04/01/23		150,000
105,000		Continental Resources, Inc		5.000			09/15/22		102,966
50,000		Devon Energy Corp		4.750			05/15/42		47,545
150,000		Devon Energy Corp		5.000			06/15/45		147,550
400,000		Ecopetrol S.A.		5.375			06/26/26		396,000
25,000		Enbridge Energy Partners LP		5.200			03/15/20		26,935
200,000		Enterprise Products Operating LLC		3.750			02/15/25		195,719
250,000		Enterprise Products Operating LLC		5.100			02/15/45		242,308
25,000	g	EP Energy LLC		6.375			06/15/23		25,062
75,000		Exterran Partners LP		6.000			10/01/22		71,250
100,000		Husky Energy, Inc		3.950			04/15/22		99,993
250,000	g	Indo Energy Finance II BV		6.375			01/24/23		165,625
50,000		Marathon Petroleum Corp		3.500			03/01/16		50,842
100,000		Marathon Petroleum Corp		3.625			09/15/24		98,189
100,000		Noble Energy, Inc		3.900			11/15/24		98,452
25,000		Noble Energy, Inc		5.250			11/15/43		24,274
25,000		Noble Holding International Ltd		3.450			08/01/15		25,025
100,000		Noble Holding International Ltd		4.000			03/16/18		102,333
75,000		Noble Holding International Ltd		3.950			03/15/22		69,033
200,000		ONE Gas, Inc		2.070			02/01/19		200,058
100,000		ONE Gas, Inc		3.610			02/01/24		103,046
100,000	i	Petrobras Global Finance BV		1.896			05/20/16		98,519
50,000		Petrobras Global Finance BV		2.000			05/20/16		49,409
50,000		Petrobras Global Finance BV		3.250			03/17/17		49,192
100,000	i	Petrobras Global Finance BV		2.415			01/15/19		92,450
25,000		Petrobras Global Finance BV		4.875			03/17/20		23,771
50,000		Petrobras Global Finance BV		6.250			03/17/24		48,274
25,000		Petrobras International Finance Co		3.875			01/27/16		25,107
50,000		Petrobras International Finance Co		3.500			02/06/17		49,462

89

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$        50,000		Petroleos Mexicanos		3.500	%		07/18/18	$	51,535
20,000		Petroleos Mexicanos		8.000			05/03/19		23,500
100,000	g	Petroleos Mexicanos		3.500			07/23/20		101,098
80,000	g	Petroleos Mexicanos		4.250			01/15/25		77,912
100,000	g	Petroleos Mexicanos		4.500			01/23/26		97,740
40,000		Petroleos Mexicanos		5.500			06/27/44		36,800
175,000	g	Petroleum Co of Trinidad & Tobago Ltd		6.000			05/08/22		180,950
200,000	g	Petronas Capital Ltd		3.125			03/18/22		199,143
125,000		Phillips 66		4.875			11/15/44		118,967
45,000		Pioneer Natural Resources Co		7.500			01/15/20		52,906
575,000		Plains All American Pipeline LP		3.600			11/01/24		554,173
45,000		Precision Drilling Corp		6.500			12/15/21		43,650
32,000		Questar Market Resources, Inc		6.875			03/01/21		33,200
17,000		Regency Energy Partners LP		5.875			03/01/22		18,078
250,000	g	Reliance Industries Ltd		4.125			01/28/25		243,525
100,000		Rosetta Resources, Inc		5.625			05/01/21		106,250
75,000		Shell International Finance BV		2.375			08/21/22		72,408
125,000		Southwestern Energy Co		4.050			01/23/20		128,359
100,000		Southwestern Energy Co		4.100			03/15/22		97,986
100,000		Statoil ASA		1.200			01/17/18		99,567
200,000		Statoil ASA		2.450			01/17/23		191,453
125,000		Statoil ASA		4.250			11/23/41		121,385
125,000		Suncor Energy, Inc		3.600			12/01/24		124,204
50,000		Talisman Energy, Inc		3.750			02/01/21		49,451
50,000	g	Targa Resources Partners LP		5.000			01/15/18		51,125
150,000		Total Capital International S.A.		1.500			02/17/17		151,203
100,000		TransCanada PipeLines Ltd		5.850			03/15/36		109,959
55,000	g	Ultra Petroleum Corp		6.125			10/01/24		48,263
85,000		Vale Overseas Ltd		4.375			01/11/22		83,369
25,000		Vale Overseas Ltd		6.875			11/21/36		24,111
		TOTAL ENERGY							7,692,065
FOOD & STAPLES RETAILING - 0.4%
175,000		CVS Caremark Corp		3.375			08/12/24		171,692
140,000		Ingles Markets, Inc		5.750			06/15/23		142,282
150,000		Kroger Co		2.950			11/01/21		149,257
225,000		Walgreens Boots Alliance, Inc		2.700			11/18/19		225,123
250,000		Walgreens Boots Alliance, Inc		3.800			11/18/24		244,198
		TOTAL FOOD & STAPLES RETAILING							932,552
FOOD, BEVERAGE & TOBACCO - 1.3%
200,000		Anheuser-Busch InBev Worldwide, Inc		1.375			07/15/17		200,909
100,000		Constellation Brands, Inc		3.875			11/15/19		101,500
150,000		Diageo Capital plc		2.625			04/29/23		142,769
150,000		Fomento Economico Mexicano SAB de C.V.		2.875			05/10/23		141,516
100,000		General Mills, Inc		2.200			10/21/19		99,344
250,000	g,h	HJ Heinz Co		2.800			07/02/20		249,967
125,000	g,h	HJ Heinz Co		3.950			07/15/25		125,704
85,000	g	JM Smucker Co		3.500			03/15/25		83,011
100,000		Mondelez International, Inc		4.125			02/09/16		101,895
300,000		Mondelez International, Inc		4.000			02/01/24		310,303
5,000		PepsiCo, Inc		7.900			11/01/18		5,967
100,000		PepsiCo, Inc		4.250			10/22/44		97,267
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		35,993
175,000	g	Pernod-Ricard S.A.		4.250			07/15/22		182,165
200,000		Philip Morris International, Inc		3.250			11/10/24		196,581
150,000		Reynolds American, Inc		3.250			06/12/20		151,800
300,000		Reynolds American, Inc		4.450			06/12/25		305,194
75,000		Tyson Foods, Inc		3.950			08/15/24		75,444
100,000		Tyson Foods, Inc		4.875			08/15/34		100,338
		TOTAL FOOD, BEVERAGE & TOBACCO							2,707,667

90

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.7%
$      110,000		Baxter International, Inc		3.200	%		06/15/23	$	112,411
50,000		Becton Dickinson & Co		1.750			11/08/16		50,386
100,000		Becton Dickinson & Co		3.734			12/15/24		99,515
125,000		Becton Dickinson & Co		4.685			12/15/44		121,841
100,000		CHS/Community Health Systems		6.875			02/01/22		105,625
100,000		Covidien International Finance S.A.		3.200			06/15/22		99,503
100,000		Express Scripts Holding Co		3.900			02/15/22		102,218
130,000	g	Fresenius Medical Care Capital Trust		5.750			02/15/21		138,450
40,000		HCA, Inc		6.500			02/15/20		44,700
150,000		HCA, Inc		5.875			03/15/22		163,125
100,000		Laboratory Corp of America Holdings		2.625			02/01/20		99,100
100,000		Laboratory Corp of America Holdings		3.600			02/01/25		95,307
100,000		Mallinckrodt International Finance S.A.		3.500			04/15/18		100,250
375,000		McKesson Corp		4.883			03/15/44		372,177
225,000	g	Medtronic, Inc		2.500			03/15/20		225,181
200,000	g	Medtronic, Inc		3.500			03/15/25		199,335
200,000	g	Medtronic, Inc		4.625			03/15/45		201,705
200,000		Quest Diagnostics, Inc		3.500			03/30/25		189,505
75,000		Thermo Fisher Scientific, Inc		2.250			08/15/16		75,754
100,000		Thermo Fisher Scientific, Inc		2.400			02/01/19		99,825
100,000		Thermo Fisher Scientific, Inc		3.300			02/15/22		98,708
125,000		Thermo Fisher Scientific, Inc		3.150			01/15/23		121,720
250,000		Zimmer Holdings, Inc		2.700			04/01/20		248,493
275,000		Zimmer Holdings, Inc		3.550			04/01/25		266,157
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							3,430,991
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
75,000		Clorox Co		3.800			11/15/21		79,252
125,000		Clorox Co		3.500			12/15/24		123,410
150,000		Ecolab, Inc		2.250			01/12/20		148,368
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							351,030
INSURANCE - 2.0%
125,000		Aetna, Inc		1.500			11/15/17		125,286
100,000		Allstate Corp		3.150			06/15/23		99,996
100,000		Allstate Corp		4.500			06/15/43		100,524
200,000		American International Group, Inc		2.300			07/16/19		199,493
300,000		American International Group, Inc		4.500			07/16/44		284,321
200,000		Children’s Hospital Medic		4.268			05/15/44		183,262
100,000		Chubb Corp		6.000			05/11/37		123,149
20,000		Cigna Corp		5.125			06/15/20		22,406
100,000		Cigna Corp		4.500			03/15/21		108,617
125,000		Cigna Corp		3.250			04/15/25		119,715
100,000	g	Five Corners Funding Trust		4.419			11/15/23		103,160
25,000		Lincoln National Corp		7.000			06/15/40		31,260
350,000	g,i	Merna Reinsurance IV Ltd		2.500			04/08/16		350,525
300,000		MetLife, Inc		4.368			09/15/23		318,685
225,000		MetLife, Inc		3.000			03/01/25		215,215
150,000	i	MetLife, Inc		5.250			12/30/49		148,688
100,000		Principal Financial Group, Inc		1.850			11/15/17		100,698
150,000		Progressive Corp		3.750			08/23/21		159,899
175,000		Prudential Financial, Inc		5.400			06/13/35		187,861
100,000		Prudential Financial, Inc		5.100			08/15/43		102,460
325,000	i	Prudential Financial, Inc		5.375			05/15/45		319,719
100,000	g	Prudential Funding LLC		6.750			09/15/23		120,528
100,000	g	Swiss Re Treasury US Corp		2.875			12/06/22		96,708
125,000	g	Swiss Re Treasury US Corp		4.250			12/06/42		120,162
25,000		Travelers Cos, Inc		5.800			05/15/18		27,888
100,000		UnitedHealth Group, Inc		1.400			10/15/17		100,094
250,000		WellPoint, Inc		3.125			05/15/22		242,679
150,000		WellPoint, Inc		4.625			05/15/42		136,636
25,000		WR Berkley Corp		5.375			09/15/20		27,862
		TOTAL INSURANCE							4,277,496

91

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
MATERIALS - 2.3%
$        35,000		Air Products & Chemicals, Inc		4.375	%		08/21/19	$	37,861
50,000		Alcoa, Inc		5.125			10/01/24		50,625
125,000	g	Anglo American Capital plc		3.625			05/14/20		124,906
100,000	g	Anglo American Capital plc		4.875			05/14/25		97,284
200,000		Barrick North America Finance LLC		4.400			05/30/21		204,095
200,000		Celulosa Arauco y Constitucion S.A.		4.500			08/01/24		202,614
100,000		Corning, Inc		1.450			11/15/17		99,567
107,000		Crown Americas LLC		6.250			02/01/21		111,547
105,000		Crown Americas LLC		4.500			01/15/23		99,160
425,000		Dow Chemical Co		3.500			10/01/24		416,415
100,000		Eastman Chemical Co		3.800			03/15/25		99,672
100,000		Fibria Overseas Finance Ltd		5.250			05/12/24		100,250
200,000	g	Georgia-Pacific LLC		2.539			11/15/19		199,650
525,000	g	Glencore Funding LLC		2.875			04/16/20		514,144
125,000	g	Glencore Funding LLC		4.625			04/29/24		123,888
150,000	g	Glencore Funding LLC		4.000			04/16/25		139,322
50,000		Hexion US Finance Corp		8.875			02/01/18		45,125
50,000		Hexion US Finance Corp		6.625			04/15/20		45,875
598,000		International Paper Co		4.750			02/15/22		646,646
50,000		International Paper Co		4.800			06/15/44		46,202
200,000	g	Klabin Finance S.A.		5.250			07/16/24		194,900
150,000		LyondellBasell Industries NV		4.625			02/26/55		131,578
100,000		Monsanto Co		2.200			07/15/22		91,258
100,000		Monsanto Co		4.200			07/15/34		90,860
125,000		Nucor Corp		4.000			08/01/23		126,676
150,000		Packaging Corp of America		3.650			09/15/24		146,775
50,000		Rio Tinto Finance USA Ltd		2.250			09/20/16		50,732
85,000		Rio Tinto Finance USA plc		2.250			12/14/18		85,426
225,000		Sherwin-Williams Co		1.350			12/15/17		224,286
25,000		Steel Dynamics, Inc		5.125			10/01/21		25,050
100,000		Teck Resources Ltd		2.500			02/01/18		97,767
100,000		Teck Resources Ltd		3.750			02/01/23		85,916
25,000		Teck Resources Ltd		6.000			08/15/40		19,738
25,000		Teck Resources Ltd		5.200			03/01/42		18,102
225,000	g	Union Andina de Cementos SAA		5.875			10/30/21		227,531
45,000	g	Univar, Inc		6.750			07/15/23		45,450
		TOTAL MATERIALS							5,066,893
MEDIA - 2.2%
100,000		AMC Entertainment, Inc		5.875			02/15/22		101,500
150,000		CBS Corp		2.300			08/15/19		148,133
50,000		CBS Corp		4.600			01/15/45		44,486
100,000		Cinemark USA, Inc		4.875			06/01/23		96,125
475,000		Comcast Corp		4.250			01/15/33		463,131
150,000		Comcast Corp		4.600			08/15/45		148,151
175,000		DIRECTV Holdings LLC		4.450			04/01/24		178,590
175,000		DISH DBS Corp		4.250			04/01/18		178,062
15,000	g	Gannett Co, Inc		4.875			09/15/21		14,887
80,000	g	Gannett Co, Inc		5.500			09/15/24		79,200
200,000		Grupo Televisa SAB		5.000			05/13/45		190,800
100,000		Lamar Media Corp		5.875			02/01/22		103,500
100,000	g	NBC Universal Enterprise, Inc		1.662			04/15/18		100,154
125,000	g	NBC Universal Enterprise, Inc		1.974			04/15/19		124,020
50,000	g	Nielsen Finance LLC		5.000			04/15/22		49,125
120,000	g	Numericable Group S.A.		6.000			05/15/22		118,275
200,000		Outfront Media Capital LLC		5.250			02/15/22		202,500
200,000		Scripps Networks Interactive, Inc		2.800			06/15/20		196,848
175,000	g	Sky plc		2.625			09/16/19		173,681
200,000		Time Warner Cable, Inc		4.000			09/01/21		205,117
75,000		Time Warner Cable, Inc		5.875			11/15/40		72,391
50,000		Time Warner, Inc		3.150			07/15/15		50,052
450,000		Time Warner, Inc		2.100			06/01/19		446,717
425,000		Time Warner, Inc		3.600			07/15/25		412,740
50,000		Time Warner, Inc		6.500			11/15/36		58,557

92

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      250,000		Time Warner, Inc		4.900	%		06/15/42	$	245,158
150,000		Time Warner, Inc		4.650			06/01/44		142,082
104,000	g	Time, Inc		5.750			04/15/22		100,620
200,000	g	Univision Communications, Inc		5.125			05/15/23		194,000
115,000		Viacom, Inc		2.500			12/15/16		116,745
125,000		Viacom, Inc		5.850			09/01/43		124,019
		TOTAL MEDIA							4,879,366
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
150,000		Abbott Laboratories		2.000			03/15/20		148,725
375,000		Abbott Laboratories		2.950			03/15/25		359,941
425,000		AbbVie, Inc		2.500			05/14/20		420,456
275,000		AbbVie, Inc		3.600			05/14/25		271,386
100,000		Actavis Funding SCS		3.000			03/12/20		100,271
150,000		Actavis Funding SCS		3.800			03/15/25		147,125
275,000		Amgen, Inc		2.200			05/22/19		274,071
150,000		Amgen, Inc		4.400			05/01/45		138,589
100,000		Gilead Sciences, Inc		2.350			02/01/20		100,274
275,000		Gilead Sciences, Inc		3.700			04/01/24		280,620
65,000		Life Technologies Corp		3.500			01/15/16		65,807
75,000		Mylan, Inc		2.550			03/28/19		74,296
172,000	g	Mylan, Inc		7.875			07/15/20		179,176
100,000		Perrigo Co plc		4.000			11/15/23		101,209
100,000		Perrigo Finance plc		4.900			12/15/44		96,129
275,000	g	Roche Holdings, Inc		2.250			09/30/19		276,670
100,000	g	Valeant Pharmaceuticals International, Inc		6.375			10/15/20		105,313
100,000	g	Valeant Pharmaceuticals International, Inc		5.625			12/01/21		102,760
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,242,818
REAL ESTATE - 1.2%
30,000		AMB Property LP		4.500			08/15/17		31,800
150,000		Brandywine Operating Partnership LP		4.100			10/01/24		147,721
35,000		Camden Property Trust		4.625			06/15/21		37,805
100,000		Camden Property Trust		2.950			12/15/22		95,156
100,000		DCT Industrial Operating Partnership LP		4.500			10/15/23		101,681
100,000		Developers Diversified Realty Corp		4.750			04/15/18		106,645
40,000		Developers Diversified Realty Corp		7.875			09/01/20		48,924
100,000		Equity One, Inc		3.750			11/15/22		98,760
75,000		Essex Portfolio LP		3.375			01/15/23		73,651
200,000		Health Care REIT, Inc		4.000			06/01/25		197,410
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		27,657
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		97,586
175,000		Healthcare Realty Trust, Inc		3.875			05/01/25		168,535
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		96,448
225,000		Kilroy Realty LP		3.800			01/15/23		224,118
100,000		Mid-America Apartments LP		4.300			10/15/23		103,497
125,000		Mid-America Apartments LP		3.750			06/15/24		123,312
50,000		National Retail Properties, Inc		3.800			10/15/22		50,459
100,000		National Retail Properties, Inc		3.300			04/15/23		96,786
100,000		Simon Property Group LP		2.800			01/30/17		102,344
40,000		Simon Property Group LP		10.350			04/01/19		50,780
200,000	g	Trust F		5.250			12/15/24		208,000
15,000		Ventas Realty LP		3.125			11/30/15		15,121
50,000		Weingarten Realty Investors		3.375			10/15/22		48,550
100,000		Weingarten Realty Investors		3.500			04/15/23		97,464
100,000		Weingarten Realty Investors		4.450			01/15/24		103,500
100,000		Weingarten Realty Investors		3.850			06/01/25		97,893
		TOTAL REAL ESTATE							2,651,603
RETAILING - 1.0%
100,000	g	Argos Merger Sub, Inc		7.125			03/15/23		104,750
300,000		AutoZone, Inc		2.500			04/15/21		293,634
100,000		AutoZone, Inc		3.250			04/15/25		96,411
15,000	g	Family Tree Escrow LLC		5.750			03/01/23		15,675
125,000		Home Depot, Inc		2.250			09/10/18		127,844

93

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      325,000		Home Depot, Inc		2.625	%		06/01/22	$	319,730
132,000		Limited Brands, Inc		6.625			04/01/21		145,118
70,000		Men’s Wearhouse, Inc		7.000			07/01/22		74,900
35,000		O’Reilly Automotive, Inc		4.625			09/15/21		38,417
725,000		O’Reilly Automotive, Inc		3.800			09/01/22		738,662
100,000		QVC, Inc		5.125			07/02/22		102,864
100,000		Sally Holdings LLC		5.750			06/01/22		104,750
100,000		Tiffany & Co		3.800			10/01/24		98,158
		TOTAL RETAILING							2,260,913
SOFTWARE & SERVICES - 1.3%
200,000		Baidu, Inc		3.000			06/30/20		199,437
100,000		Equinix, Inc		4.875			04/01/20		101,000
1,170,000		Fidelity National Information Services, Inc		5.000			03/15/22		1,234,704
150,000		Microsoft Corp		3.500			02/12/35		136,687
100,000		NCR Corp		5.875			12/15/21		103,000
50,000	g	Open Text Corp		5.625			01/15/23		49,500
375,000		Oracle Corp		2.500			05/15/22		363,772
375,000		Oracle Corp		2.950			05/15/25		360,636
150,000		Oracle Corp		4.125			05/15/45		139,016
25,000	g,h	SS&C Technologies Holdings, Inc		5.875			07/15/23		25,250
		TOTAL SOFTWARE & SERVICES							2,713,002
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
200,000		Amphenol Corp		3.125			09/15/21		199,924
100,000		CC Holdings GS V LLC		2.381			12/15/17		101,137
82,000		Flextronics International Ltd		4.625			02/15/20		84,152
100,000		General Electric Co		4.125			10/09/42		95,854
175,000		General Electric Co		4.500			03/11/44		176,916
200,000		Hewlett-Packard Co		2.750			01/14/19		202,038
100,000		Hewlett-Packard Co		3.750			12/01/20		102,952
65,000	g	International Game Technology		5.625			02/15/20		63,537
275,000	g	Keysight Technologies, Inc		4.550			10/30/24		265,054
100,000		L-3 Communications Corp		4.950			02/15/21		106,623
200,000	g	Millicom International Cellular S.A.		6.000			03/15/25		193,000
150,000	g	NXP BV		3.750			06/01/18		151,125
150,000		QUALCOMM, Inc		3.450			05/20/25		145,944
200,000	g	Seagate HDD Cayman		4.750			01/01/25		198,712
200,000	g	Seagate HDD Cayman		4.875			06/01/27		194,087
100,000		Tyco Electronics Group S.A.		2.375			12/17/18		101,069
150,000		Tyco Electronics Group S.A.		3.500			02/03/22		151,698
50,000	g	Zebra Technologies Corp		7.250			10/15/22		54,125
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,587,947
TELECOMMUNICATION SERVICES - 2.9%
400,000	g	Alibaba Group Holding Ltd		2.500			11/28/19		395,313
50,000		American Tower Corp		3.500			01/31/23		47,969
125,000		AT&T, Inc		1.400			12/01/17		124,156
225,000		AT&T, Inc		2.450			06/30/20		220,359
150,000		AT&T, Inc		2.625			12/01/22		140,890
275,000		AT&T, Inc		3.400			05/15/25		261,106
300,000		AT&T, Inc		4.500			05/15/35		274,966
100,000		AT&T, Inc		4.750			05/15/46		90,531
200,000	g	Bharti Airtel International Netherlands BV		5.350			05/20/24		211,493
75,000	g	CommScope Holding Co, Inc		5.000			06/15/21		73,406
75,000	g	CommScope Holding Co, Inc		5.500			06/15/24		72,938
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		140,443
75,000	g	Deutsche Telekom International Finance BV		4.875			03/06/42		74,753
125,000		Intelsat Jackson Holdings S.A.		5.500			08/01/23		110,625
50,000		Orange S.A.		5.500			02/06/44		52,224
100,000	g	SES		3.600			04/04/23		101,459
100,000	g	SES Global Americas Holdings GP		2.500			03/25/19		99,570
100,000		Sprint Corp		7.250			09/15/21		98,438

94

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      150,000		Telefonica Emisiones SAU		3.992	%		02/16/16	$	152,571
200,000		Telefonica Emisiones SAU		4.570			04/27/23		209,754
100,000		T-Mobile USA, Inc		6.731			04/28/22		104,250
50,000		T-Mobile USA, Inc		6.375			03/01/25		51,313
1,045,000		Verizon Communications, Inc		2.625			02/21/20		1,041,766
675,000		Verizon Communications, Inc		3.450			03/15/21		687,352
400,000		Verizon Communications, Inc		4.150			03/15/24		410,014
425,000		Verizon Communications, Inc		4.400			11/01/34		397,777
433,000	g	Verizon Communications, Inc		4.272			01/15/36		388,374
237,000		Verizon Communications, Inc		5.012			08/21/54		216,644
100,000		Windstream Corp		6.375			08/01/23		82,175
		TOTAL TELECOMMUNICATION SERVICES							6,332,629
TRANSPORTATION - 1.8%
275,000	g	AP Moeller-Maersk A.S.		2.550			09/22/19		276,679
250,000	g	AP Moeller-Maersk A.S.		3.750			09/22/24		254,762
165,000	g	Asciano Finance Ltd		5.000			04/07/18		176,745
100,000		Boeing Co		3.500			03/01/45		88,082
100,000	g	Bombardier, Inc		5.500			09/15/18		99,000
225,000		Canadian Pacific Railway Co		2.900			02/01/25		211,463
100,000	g	ERAC USA Finance LLC		3.300			10/15/22		97,963
100,000	g	ERAC USA Finance LLC		5.625			03/15/42		106,813
125,000		FedEx Corp		2.300			02/01/20		124,132
125,000		FedEx Corp		3.200			02/01/25		121,768
100,000		FedEx Corp		4.100			02/01/45		89,481
221,000		GATX Corp		1.250			03/04/17		220,320
200,000		GATX Corp		2.500			07/30/19		197,925
125,000		GATX Corp		3.250			03/30/25		117,296
200,000		GATX Corp		5.200			03/15/44		201,557
150,000		GATX Corp		4.500			03/30/45		138,226
400,000		Kansas City Southern de Mexico S.A. de C.V.		2.350			05/15/20		389,884
250,000		Norfolk Southern Corp		4.450			06/15/45		238,957
100,000		Southwest Airlines Co		2.750			11/06/19		101,381
200,000	g	Transnet SOC Ltd		4.000			07/26/22		192,080
250,000	g	TTX Co		3.600			01/15/25		250,591
100,000		United Parcel Service, Inc		3.125			01/15/21		104,039
100,000		United Parcel Service, Inc		3.625			10/01/42		90,766
		TOTAL TRANSPORTATION							3,889,910
UTILITIES - 4.0%
25,000	i	AES Corp		3.283			06/01/19		25,000
100,000		AES Corp		7.375			07/01/21		109,750
100,000		AES Corp		4.875			05/15/23		94,000
100,000		AGL Capital Corp		4.400			06/01/43		99,053
100,000		Alabama Power Co		3.550			12/01/23		102,185
100,000		Alabama Power Co		4.150			08/15/44		95,333
130,000		AmeriGas Partners LP		6.250			08/20/19		132,600
75,000		Atmos Energy Corp		8.500			03/15/19		91,045
200,000		Atmos Energy Corp		4.125			10/15/44		190,294
100,000		Berkshire Hathaway Energy Co		3.500			02/01/25		99,431
100,000		Berkshire Hathaway Energy Co		5.150			11/15/43		106,349
125,000		Berkshire Hathaway Energy Co		4.500			02/01/45		121,666
200,000		Black Hills Corp		4.250			11/30/23		206,536
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		191,926
50,000		California Resources Corp		5.000			01/15/20		44,000
200,000		Carolina Power & Light Co		5.300			01/15/19		222,743
200,000	g	CEZ AS.		4.250			04/03/22		209,094
150,000		Commonwealth Edison Co		4.000			08/01/20		160,044
150,000		Commonwealth Edison Co		3.700			03/01/45		134,139
25,000		Connecticut Light & Power Co		5.500			02/01/19		28,001
200,000		Connecticut Light & Power Co		4.300			04/15/44		197,165
150,000		Consolidated Edison Co of New York, Inc		3.950			03/01/43		136,422
100,000		Dominion Gas Holdings LLC		3.600			12/15/24		99,441
125,000		Dominion Gas Holdings LLC		4.600			12/15/44		117,390

95

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$        15,000		Duke Energy Carolinas LLC		4.300	%		06/15/20	$	16,408
75,000		Duke Energy Ohio, Inc		3.800			09/01/23		77,852
150,000		Duke Energy Progress, Inc		4.150			12/01/44		144,397
150,000	g,i	Electricite de France		5.625			12/30/49		152,550
200,000	g	Empresa Electrica Angamos S.A.		4.875			05/25/29		196,690
25,000		Empresa Nacional de Electricidad S.A.		4.250			04/15/24		25,267
200,000		Exelon Corp		3.950			06/15/25		200,876
50,000		Ferrellgas Partners LP		6.750			01/15/22		50,125
150,000	g	FirstEnergy Transmission LLC		4.350			01/15/25		153,684
50,000		Indiana Michigan Power Co		7.000			03/15/19		58,157
25,000		Integrys Energy Group, Inc		4.170			11/01/20		26,579
200,000	g	KazMunayGas National Co JSC		4.875			05/07/25		182,200
100,000		LG&E and KU Energy LLC		3.750			11/15/20		104,392
250,000	g	Molex Electronic Technologies LLC		2.878			04/15/20		245,949
200,000	g	Molex Electronic Technologies LLC		3.900			04/15/25		193,497
50,000		NiSource Finance Corp		4.800			02/15/44		50,798
100,000		Northeast Utilities		1.450			05/01/18		99,360
150,000		Northeast Utilities		3.150			01/15/25		144,710
100,000		NRG Energy, Inc		6.250			05/01/24		99,250
250,000		NSTAR Electric Co		4.400			03/01/44		248,903
200,000		NTPC Ltd		5.625			07/14/21		219,832
125,000		Oncor Electric Delivery Co LLC		2.150			06/01/19		123,904
100,000	g	Oncor Electric Delivery Co LLC		3.750			04/01/45		89,015
150,000		ONEOK Partners LP		3.800			03/15/20		153,044
150,000		ONEOK Partners LP		3.375			10/01/22		137,830
125,000		Pacific Gas & Electric Co		4.300			03/15/45		119,600
75,000		Pepco Holdings, Inc		2.700			10/01/15		75,296
300,000		PPL Capital Funding, Inc		4.200			06/15/22		315,326
250,000		PPL Electric Utilities Corp		3.000			09/15/21		252,907
50,000		Progress Energy, Inc		7.050			03/15/19		58,076
75,000		Public Service Co of Colorado		3.200			11/15/20		78,117
80,000		Public Service Co of Colorado		4.750			08/15/41		85,723
100,000		Public Service Co of Oklahoma		5.150			12/01/19		110,894
75,000		San Diego Gas & Electric Co		3.000			08/15/21		76,827
125,000		Sempra Energy		2.875			10/01/22		121,049
300,000		Southern California Edison Co		3.600			02/01/45		266,330
150,000		Spectra Energy Partners LP		4.500			03/15/45		132,406
100,000		Tampa Electric Co		4.100			06/15/42		95,035
200,000	g	Three Gorges Finance I Cayman Islands Ltd		3.700			06/10/25		201,397
55,000		Virginia Electric and Power Co		2.950			01/15/22		54,775
100,000		WEC Energy Group, Inc		3.550			06/15/25		99,580
75,000		Williams Partners LP		3.600			03/15/22		72,754
100,000		Williams Partners LP		4.500			11/15/23		100,673
75,000		Williams Partners LP		4.900			01/15/45		64,136
100,000		Xcel Energy, Inc		3.300			06/01/25		98,087
35,000		Xcel Energy, Inc		4.800			09/15/41		36,171
		TOTAL UTILITIES							8,724,035
		TOTAL CORPORATE BONDS (Cost $95,235,698)							94,725,968
GOVERNMENT BONDS - 35.3%
AGENCY SECURITIES - 0.3%
400,000		Private Export Funding Corp (PEFCO)		2.250			03/15/20		405,132
140,625		Totem Ocean Trailer Express, Inc		4.514			12/18/19		149,309
		TOTAL AGENCY SECURITIES							554,441
FOREIGN GOVERNMENT BONDS - 3.8%
200,000	g	Banque Centrale de Tunisie S.A.		5.750			01/30/25		195,250
350,000		Brazil Notas do Tesouro Nacional Serie F		10.000			01/01/21		101,228
100,000		Brazilian Government International Bond		2.625			01/05/23		88,500
25,000		Brazilian Government International Bond		7.125			01/20/37		28,250
55,000		Brazilian Government International Bond		5.000			01/27/45		47,575
100,000	g	Caisse d’Amortissement de la Dette Sociale		3.375			03/20/24		105,429

96

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      250,000		Canada Government International Bond		0.875	%		02/14/17	$	250,869
200,000		Colombia Government International Bond		2.625			03/15/23		183,200
200,000		Colombia Government International Bond		4.000			02/26/24		199,000
200,000		Colombia Government International Bond		5.625			02/26/44		202,500
200,000	g	Costa Rica Government International Bond		7.158			03/12/45		195,000
200,000	g	Croatia Government International Bond		6.250			04/27/17		211,750
DOP   4,500,000	g	Dominican Republic International Bond		10.000			01/05/17		102,152
$      200,000	g	Dominican Republic International Bond		5.500			01/27/25		200,500
200,000	g	Ecuador Government International Bond		10.500			03/24/20		200,500
200,000	g	Egypt Government International Bond		5.875			06/11/25		195,300
100,000		European Investment Bank		4.875			02/15/36		122,089
200,000		Export-Import Bank of Korea		1.250			11/20/15		200,152
200,000		Export-Import Bank of Korea		1.750			02/27/18		199,716
200,000		Export-Import Bank of Korea		2.250			01/21/20		197,898
175,000		Federative Republic of Brazil		6.000			01/17/17		186,812
200,000	g	Gabonese Republic		6.950			06/16/25		198,500
240,000	g	Hellenic Republic Government Bond		4.750			04/17/19		147,210
100,000		Hungary Government International Bond		5.375			03/25/24		108,375
200,000		Israel Government International Bond		4.500			01/30/43		196,000
35,000		Italy Government International Bond		6.875			09/27/23		43,399
200,000	g	Kazakhstan Government International Bond		3.875			10/14/24		188,000
200,000	g	Kenya Government International Bond		5.875			06/24/19		204,200
200,000	g,i	Kommunalbanken AS.		0.456			02/20/18		200,711
100,000		Korea Development Bank		2.500			03/11/20		100,278
250,000	g	Korea Housing Finance Corp		1.625			09/15/18		246,473
200,000		Mexico Government International Bond		4.600			01/23/46		185,500
NGN 20,000,000		Nigeria Government Bond		15.100			04/27/17		100,678
$      200,000		Panama Government International Bond		4.000			09/22/24		201,000
200,000		Philippine Government International Bond		4.200			01/21/24		218,000
175,000		Poland Government International Bond		4.000			01/22/24		183,094
250,000		Republic of Angola Via Northern Lights III BV		7.000			08/16/19		249,562
200,000	g	Republic of Azerbaijan International Bond		4.750			03/18/24		203,760
200,000	g	Russian Foreign Bond - Eurobond		4.875			09/16/23		197,800
ZAR   2,952,000		South Africa Government Bond		8.250			09/15/17		247,618
$      200,000		South Africa Government International Bond		5.375			07/24/44		199,454
100,000		Turkey Government International Bond		5.625			03/30/21		107,790
200,000		Turkey Government International Bond		3.250			03/23/23		186,000
200,000		Turkey Government International Bond		5.750			03/22/24		216,500
200,000		Turkey Government International Bond		4.250			04/14/26		190,632
100,000		United Mexican States		5.125			01/15/20		110,300
70,000		Uruguay Government International Bond		5.100			06/18/50		66,675
200,000	g	Vietnam Government International Bond		4.800			11/19/24		200,000
		TOTAL FOREIGN GOVERNMENT BONDS							8,111,179
MORTGAGE BACKED - 17.5%
160,059	i	Federal Home Loan Mortgage Corp (FHLMC)		0.796			07/15/37		162,694
192,356	i	FHLMC		0.636			09/15/42		194,121
73,236		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000			02/01/19		77,495
5,850		FGLMC		4.500			01/01/20		6,092
28,881		FGLMC		4.500			07/01/20		30,390
7,179		FGLMC		5.000			04/01/23		7,776
24,452		FGLMC		4.000			07/01/24		25,844
8,507		FGLMC		4.500			09/01/24		9,075
1,661		FGLMC		6.000			03/01/33		1,877
97,702		FGLMC		5.000			11/01/33		108,327
148,998		FGLMC		6.000			11/01/33		170,699
23,340		FGLMC		5.000			05/01/34		25,916
17,280		FGLMC		6.000			09/01/34		19,740
14,950		FGLMC		6.000			04/01/35		16,921
6,303		FGLMC		5.000			02/01/36		6,962
246		FGLMC		6.500			05/01/36		281
51,820		FGLMC		6.000			08/01/37		58,779
15,424		FGLMC		6.500			09/01/37		17,659
10,729		FGLMC		6.500			11/01/37		12,284
37,484		FGLMC		5.000			04/01/38		41,443

97

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$          7,256		FGLMC		6.500	%		05/01/38	$	8,308
6,981		FGLMC		5.500			01/01/39		7,812
29,867		FGLMC		5.000			07/01/39		32,912
55,189		FGLMC		5.000			01/01/40		60,880
5,121,331		FGLMC		3.500			05/01/44		5,288,188
278,035		FGLMC		4.000			08/01/44		296,583
498,270		FGLMC		3.500			04/01/45		513,603
12,753		Federal National Mortgage Association (FNMA)		5.500			04/01/18		13,296
8,905		FNMA		5.500			05/01/18		9,223
14,309		FNMA		4.500			03/01/19		14,926
5,771		FNMA		4.500			06/01/19		6,024
76,017		FNMA		5.500			07/01/20		82,280
3,167		FNMA		4.500			11/01/20		3,306
25,910		FNMA		4.500			12/01/20		27,192
7,142		FNMA		5.000			12/01/20		7,658
100,325		FNMA		6.000			08/01/21		109,415
86,088		FNMA		2.500			03/01/23		88,106
6,268		FNMA		4.500			03/01/23		6,680
25,271		FNMA		5.000			04/01/23		27,499
12,218		FNMA		4.500			06/01/23		13,003
19,191		FNMA		5.000			07/01/23		20,815
5,911		FNMA		5.000			07/01/23		6,408
19,382		FNMA		4.500			04/01/24		20,673
13,114		FNMA		4.000			05/01/24		13,814
2,612		FNMA		5.500			09/01/24		2,930
99,767		FNMA		4.000			02/01/25		105,645
197,935		FNMA		3.500			01/01/26		209,281
315,586		FNMA		2.500			01/01/27		321,277
406,024		FNMA		3.000			01/01/27		421,013
161,824		FNMA		3.000			01/01/27		167,817
952,036		FNMA		2.500			10/01/27		969,234
734,120		FNMA		3.000			03/01/28		762,469
388,059		FNMA		2.500			04/01/28		394,599
309,592		FNMA		3.500			12/01/28		326,406
478,054		FNMA		2.500			01/01/30		483,523
375,420		FNMA		3.500			06/01/32		392,036
16,275		FNMA		6.500			07/01/32		18,864
399,077		FNMA		5.500			03/01/34		450,081
956,517		FNMA		3.000			01/01/35		972,647
26,417		FNMA		6.500			02/01/35		30,326
11,599		FNMA		7.500			06/01/35		12,575
7,967		FNMA		7.500			07/01/35		7,967
6,545		FNMA		6.500			09/01/36		7,513
20,180		FNMA		7.000			02/01/37		23,573
31,018		FNMA		7.000			04/01/37		35,214
4,757		FNMA		6.500			08/01/37		5,461
5,474		FNMA		7.000			11/01/37		5,988
1,175		FNMA		6.500			02/01/38		1,349
3,567		FNMA		6.500			03/01/38		4,095
151,877		FNMA		6.500			07/01/39		175,303
292,898		FNMA		4.500			09/01/39		320,885
262,997		FNMA		4.500			10/01/39		288,147
123,144		FNMA		5.000			03/01/40		138,103
1,279,877		FNMA		5.500			07/01/40		1,438,255
633,745		FNMA		6.000			10/01/40		721,630
1,772,544		FNMA		4.500			11/01/40		1,919,236
214,653		FNMA		5.000			02/01/41		242,705
225,861	i	FNMA		0.687			08/25/42		229,158
207,296	i	FNMA		0.587			11/25/42		207,486
452,283		FNMA		3.500			11/25/42		102,679
3,403,833		FNMA		3.000			02/01/43		3,400,429
137,689	i	FNMA		0.537			03/25/43		138,291
1,529,648		FNMA		3.000			05/01/43		1,526,697
2,387,705		FNMA		4.000			11/01/43		2,540,448
1,351,833		FNMA		4.000			07/01/44		1,443,790

98

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
$      305,178	FNMA		4.500	%		08/01/44	$	335,889
334,662	FNMA		3.500			10/01/44		346,428
338,827	FNMA		3.500			10/01/44		350,719
490,363	FNMA		4.500			10/01/44		539,757
987,106	FNMA		4.500			11/01/44		1,086,584
990,098	FNMA		4.000			12/01/44		1,055,517
983,192	FNMA		4.000			01/01/45		1,052,499
9,545	Government National Mortgage Association (GNMA)		5.500			07/15/33		11,013
78,754	GNMA		5.500			07/20/33		89,662
8,043	GNMA		5.000			03/15/34		8,903
102,524	GNMA		5.000			06/15/34		115,220
51,732	GNMA		5.500			02/15/37		58,791
26,945	GNMA		5.000			01/15/38		29,861
12,875	GNMA		5.000			04/15/38		14,284
26,571	GNMA		5.500			05/15/38		29,992
7,427	GNMA		6.000			08/15/38		8,493
7,351	GNMA		6.000			08/20/38		8,354
147,391	GNMA		5.500			07/15/39		166,080
19,118	GNMA		5.000			07/20/39		21,289
50,106	GNMA		4.500			04/15/40		54,411
126,585	GNMA		5.000			04/15/40		140,931
23,458	GNMA		5.000			04/15/40		25,968
195,485	GNMA		5.000			05/20/40		217,674
130,901	GNMA		5.000			06/15/40		145,231
788,148	GNMA		3.500			10/20/42		172,475
1,627,241	GNMA		3.500			11/15/42		1,697,856
866,441	GNMA		3.000			02/20/43		877,876
379,981	GNMA		3.500			09/20/44		395,795
499,049	GNMA		3.500			02/15/45		519,562
	TOTAL MORTGAGE BACKED							38,215,218
MUNICIPAL BONDS - 0.7%
250,000	Florida Hurricane Catastrophe Fund Finance Corp		1.298			07/01/16		251,207
200,000	New York State Urban Development Corp		1.350			03/15/18		199,542
200,000	State of California		1.050			02/01/16		200,586
100,000	State of California		5.950			04/01/16		103,929
590,000	State of Illinois		3.860			04/01/21		577,097
200,000	University of Massachusetts Building Authority		0.770			11/01/16		199,680
	TOTAL MUNICIPAL BONDS							1,532,041
U.S. TREASURY SECURITIES - 13.0%
255,000	United States Treasury Bond		5.250			11/15/28		331,779
1,255,000	United States Treasury Bond		5.375			02/15/31		1,683,660
750,000	United States Treasury Bond		4.750			02/15/37		968,320
200,000	United States Treasury Bond		3.500			02/15/39		214,656
385,000	United States Treasury Bond		2.875			05/15/43		365,149
2,035,000	United States Treasury Bond		2.500			02/15/45		1,782,534
400,000	United States Treasury Bond		3.000			05/15/45		390,125
1,300,000	United States Treasury Note		0.625			05/31/17		1,299,289
4,600,000	United States Treasury Note		1.125			06/15/18		4,614,734
13,567,000	United States Treasury Note		1.500			05/31/20		13,479,032
500,000	United States Treasury Note		1.625			06/30/20		499,492
630,000	United States Treasury Note		1.750			03/31/22		617,991
100,000	United States Treasury Note		1.750			04/30/22		98,023
1,234,000	United States Treasury Note		2.750			02/15/24		1,279,504
727,600	United States Treasury Note		2.125			05/15/25		713,218
	TOTAL U.S. TREASURY SECURITIES							28,337,506
	TOTAL GOVERNMENT BONDS (Cost $76,885,351)							76,750,385

99

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
STRUCTURED ASSETS - 18.4%
ASSET BACKED - 5.2%
$      215,360	i	ACE Securities Corp Home Equity Loan Trust		0.922	%		08/25/35	$	212,567
		Series - 2005 HE5 (Class M2)
500,000		AmeriCredit Automobile Receivables Trust		2.420			05/08/18		503,850
		Series - 2012 3 (Class C)
200,000		AmeriCredit Automobile Receivables Trust		1.790			03/08/19		200,274
		Series - 2013 2 (Class C)
300,000		AmeriCredit Automobile Receivables Trust		1.270			07/08/19		300,632
		Series - 2014 4 (Class A3)
140,715	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635			07/25/35		139,893
		Series - 2005 HE7 (Class M2)
33,333	g	Avis Budget Rental Car Funding AESOP LLC		2.054			08/20/16		33,375
		Series - 2012 1A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110			03/20/17		203,755
		Series - 2010 5A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740			11/20/17		206,896
		Series - 2011 3A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802			05/20/18		204,680
		Series - 2012 2A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040			03/20/19		202,185
		Series - 2012 3A (Class B)
14,256	i	Bear Stearns Asset Backed Securities Trust		0.927			11/25/39		14,164
		Series - 2005 SD3 (Class 2A1)
173,399		Capital Auto Receivables Asset Trust		1.040			11/21/16		173,469
		Series - 2013 3 (Class A2)
146,060		Capital Auto Receivables Asset Trust		0.790			06/20/17		146,104
		Series - 2013 1 (Class A3)
191,344	g	Capital Automotive REIT		4.700			07/15/42		196,479
		Series - 2012 1A (Class A)
1,000,000	g	Capital Automotive REIT		3.660			10/15/44		995,484
		Series - 2014 1A (Class A)
259,778	g,i	CBRE Realty Finance		0.571			04/07/52		96,637
		Series - 2007 1A (Class A2)
186,573	i,m	CCR, Inc		0.630			07/10/17		183,596
		Series - 2010 CX (Class C)
69,339		Centex Home Equity		5.540			01/25/32		69,558
		Series - 2002 A (Class AF6)
498,750	g	DB Master Finance LLC		3.262			02/20/45		500,340
		Series - 2015 1A (Class A2I)
175,000	g,i	DB/UBS Mortgage Trust		5.735			11/10/46		194,267
		Series - 2011 LC1A (Class C)
200,000		Ford Credit Auto Owner Trust		2.930			10/15/18		203,988
		Series - 2012 B (Class D)
200,000		Ford Credit Auto Owner Trust		2.430			01/15/19		203,000
		Series - 2012 C (Class D)
260,000		Ford Credit Auto Owner Trust		1.860			08/15/19		261,944
		Series - 2013 A (Class D)
500,000		Ford Credit Auto Owner Trust		1.560			02/15/20		503,094
		Series - 2014 C (Class A4)
250,000	g,i	FREMF Mortgage Trust		3.714			04/25/48		234,849
		Series - 2015 K45 (Class B)
200,000	g	Hertz Vehicle Financing LLC		3.740			02/25/17		202,454
		Series - 2010 1A (Class A2)
152,691	i	Lehman XS Trust		6.500			06/25/46		119,432
		Series - 2006 13 (Class 2A1)
151,993	g	Orange Lake Timeshare Trust		3.030			07/09/29		151,864
		Series - 2014 AA (Class B)
4,440	i	Residential Asset Securities Corp		0.832			04/25/35		4,440
		Series - 2005 KS3 (Class M3)
100,000	i	Residential Funding Mortgage Securities II, Inc		6.060			02/25/36		103,262
		Series - 2006 HI1 (Class M2)
815,900		Santander Drive Auto Receivables Trust		0.540			08/15/17		815,257
		Series - 2014 3 (Class A2A)

100

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      625,000		Santander Drive Auto Receivables Trust		4.740	%		09/15/17	$	640,354
		Series - 2011 4 (Class D)
250,000		Santander Drive Auto Receivables Trust		3.870			02/15/18		255,708
		Series - 2012 2 (Class D)
625,000		Santander Drive Auto Receivables Trust		1.590			10/15/18		626,959
		Series - 2014 1 (Class B)
26,064	i	Securitized Asset Backed Receivables LLC		0.487			10/25/35		25,781
		Series - 2006 OP1 (Class A2C)
41,516	g	Sierra Receivables Funding Co LLC		3.350			04/20/26		41,775
		Series - 2011 1A (Class A)
48,067	g	Sierra Receivables Funding Co LLC		4.250			05/20/28		48,861
		Series - 2011 2A (Class B)
43,352	g	Sierra Receivables Funding Co LLC		3.420			03/20/29		43,933
		Series - 2012 2A (Class B)
72,148	g	Sierra Receivables Funding Co LLC		1.590			11/20/29		71,559
		Series - 2013 1A (Class A)
115,437	g	Sierra Receivables Funding Co LLC		2.390			11/20/29		115,408
		Series - 2013 1A (Class B)
415,000	g	SLM Student Loan Trust		4.370			04/17/28		440,417
		Series - 2011 A (Class A2)
105,000	g	SLM Student Loan Trust		3.740			02/15/29		110,223
		Series - 2011 B (Class A2)
400,000	g	SLM Student Loan Trust		3.830			01/17/45		421,414
		Series - 2012 A (Class A2)
195,497	g	SolarCity LMC		4.020			07/20/44		197,251
		Series - 2014 2 (Class A)
20,722	i	Soundview Home Equity Loan Trust		0.487			11/25/35		20,615
		Series - 2005 OPT3 (Class A4)
559,134	g	SpringCastle America Funding LLC		2.700			05/25/23		562,556
		Series - 2014 AA (Class A)
71,820	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.407			10/25/36		71,260
		Series - 2006 GEL4 (Class A2)
200,000	g,i	Vitality Re IV Ltd		2.750			01/09/17		202,540
		Series - 2013 IV B (Class )
72,801	g	Volvo Financial Equipment LLC		0.740			03/15/17		72,802
		Series - 2013 1A (Class A3)
70,430	g,m	Wachovia Amortization Controlled Heloc NIM		5.683			08/12/47		71,662
		Series - 2006 N1 (Class N1)
5,391	i	Wells Fargo Home Equity Trust Series - 2006 2 (Class A3)		0.327			07/25/36		5,373
		TOTAL ASSET BACKED							11,628,240
OTHER MORTGAGE BACKED - 13.2%
2,000,000	i	Banc of America Commercial Mortgage Trust		5.954			05/10/45		2,060,862
		Series - 2006 2 (Class AJ)
200,000		Banc of America Commercial Mortgage Trust		5.480			10/10/45		201,012
		Series - 2006 6 (Class B)
200,000	g	Banc of America Commercial Mortgage Trust		5.416			01/15/49		208,459
		Series - 2007 1 (Class AM)
235,000	i	Banc of America Commercial Mortgage Trust		5.482			01/15/49		245,007
		Series - 2007 1 (Class AMFX)
500,000	g,i	Banc of America Commercial Mortgage Trust		5.821			02/10/51		477,441
		Series - 2007 4 (Class E)
1,175,000	i	Bear Stearns Commercial Mortgage Securities		6.118			09/11/42		1,256,176
		Series - 2007 T28 (Class AJ)
223,873	i	CHL Mortgage Pass-Through Trust		2.494			02/20/35		221,023
		Series - 2004 HYB9 (Class 1A1)
349,904	i	Citigroup Commercial Mortgage Trust		5.713			12/10/49		358,779
		Series - 2007 C6 (Class ASB)
1,235,000	i	COBALT CMBS Commercial Mortgage Trust		5.771			05/15/46		1,319,580
		Series - 2007 C3 (Class AM)
1,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771			05/15/46		1,542,720
		Series - 2007 C3 (Class AJ)
320,000	i	COBALT CMBS Commercial Mortgage Trust		5.526			04/15/47		340,338
		Series - 2007 C2 (Class AMFX)

101

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      400,000	i	Commercial Mortgage Trust		5.238	%		04/10/37	$	402,683
		Series - 2005 GG5 (Class AJ)
17,407		Countrywide Alternative Loan Trust		5.500			08/25/16		17,712
		Series - 2004 30CB (Class 1A15)
200,000	i	Credit Suisse Commercial Mortgage Trust		5.903			09/15/39		207,462
		Series - 2007 C4 (Class A1AJ)
75,000	g	Credit Suisse Commercial Mortgage Trust		5.383			02/15/40		77,625
		Series - 2009 RR1 (Class A3C)
500,000	i	Credit Suisse Commercial Mortgage Trust		5.625			01/15/49		505,846
		Series - 2007 C2 (Class AJ)
28,036		Credit Suisse First Boston Mortgage Securities Corp		4.771			07/15/37		28,026
		Series - 2005 C3 (Class AJ)
60,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100			08/15/38		60,249
		Series - 2005 C5 (Class C)
200,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100			08/15/38		200,344
		Series - 2005 C5 (Class AM)
135,000	i	GE Commercial Mortgage Corp		5.606			12/10/49		140,835
		Series - 2007 C1 (Class AM)
200,000	i	GS Mortgage Securities Trust		5.553			04/10/38		201,987
		Series - 2006 GG6 (Class B)
51,350	i	Harborview Mortgage Loan Trust		0.408			07/19/47		43,672
		Series - 2007 4 (Class 2A1)
370,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911			07/15/42		370,944
		Series - 2005 LDP2 (Class C)
364,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.753			02/15/46		394,837
		Series - 2011 C3 (Class D)
200,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.753			02/15/46		213,416
		Series - 2011 C3 (Class E)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.459			07/15/46		109,389
		Series - 2011 C4 (Class C)
330,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192			02/15/51		354,447
		Series - 2007 LD12 (Class AM)
200,000	i	LB-UBS Commercial Mortgage Trust		6.049			06/15/38		206,151
		Series - 2006 C4 (Class B)
400,000	i	LB-UBS Commercial Mortgage Trust		5.533			02/15/40		406,412
		Series - 2007 C1 (Class C)
250,000	i	LB-UBS Commercial Mortgage Trust		5.563			02/15/40		246,957
		Series - 2007 C1 (Class D)
1,000,000	i	LB-UBS Commercial Mortgage Trust		6.114			07/15/40		1,069,917
		Series - 2007 C6 (Class AM)
275,000	i	LB-UBS Commercial Mortgage Trust		5.057			09/15/40		275,727
		Series - 2005 C5 (Class AJ)
170,000	i	Merrill Lynch Mortgage Trust		6.475			02/12/51		183,973
		Series - 0 C1 (Class AJA)
300,000	i	ML-CFC Commercial Mortgage Trust		5.526			03/12/51		309,757
		Series - 2007 6 (Class AM)
90,000	g,i	Morgan Stanley Capital I Trust		6.010			08/12/41		92,799
		Series - 2006 T23 (Class B)
1,200,000	i	Morgan Stanley Capital I Trust		5.389			11/12/41		1,231,969
		Series - 2006 HQ10 (Class AJ)
361,598	i	Morgan Stanley Capital I Trust		5.378			01/14/42		361,542
		Series - 2005 HQ5 (Class E)
55,000	i	Morgan Stanley Capital I Trust		5.832			07/12/44		56,485
		Series - 2006 HQ9 (Class B)
100,000	i	Morgan Stanley Capital I Trust		5.842			07/12/44		103,258
		Series - 2006 HQ9 (Class C)
22,000	g,i	Morgan Stanley Capital I Trust		5.418			09/15/47		23,646
		Series - 2011 C1 (Class D)
400,000	i	Morgan Stanley Capital I Trust		5.907			06/11/49		398,994
		Series - 2007 IQ15 (Class AJ)
14,718		Residential Accredit Loans, Inc		4.350			03/25/34		14,830
		Series - 2004 QS4 (Class A1)
34,176	g,i	Springleaf Mortgage Loan Trust		2.220			10/25/57		34,261
		Series - 0 2A (Class A)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.387			09/25/24		248,200
		Series - 2014 HQ2 (Class M2)

102

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      217,864	i	Structured Agency Credit Risk Debt Note (STACR)		1.437	%		01/25/25	$	217,656
		Series - 2015 DN1 (Class M1)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.587			01/25/25		251,572
		Series - 2015 DN1 (Class M2)
1,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.387			03/25/25		992,822
		Series - 2015 HQ1 (Class M2)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.987			03/25/25		246,426
		Series - 2015 HQ1 (Class M3)
248,447	i	Structured Agency Credit Risk Debt Note (STACR)		1.287			05/25/25		247,603
		Series - 2015 HQ2 (Class M1)
275,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.137			05/25/25		270,468
		Series - 2015 HQ2 (Class M2)
200,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.385			12/15/43		193,729
		Series - 2007 C30 (Class AMFL)
1,250,000		Wachovia Bank Commercial Mortgage Trust		5.383			12/15/43		1,313,400
		Series - 2007 C30 (Class AM)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.731			01/15/45		199,193
		Series - 2006 C23 (Class F)
980,000	i	Wachovia Bank Commercial Mortgage Trust		5.818			05/15/46		1,052,299
		Series - 2007 C34 (Class AM)
1,200,000	i	Wachovia Bank Commercial Mortgage Trust		6.144			05/15/46		1,251,643
		Series - 2007 C34 (Class AJ)
2,150,000	i	Wachovia Bank Commercial Mortgage Trust		5.591			04/15/47		2,280,817
		Series - 2007 C31 (Class AM)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.860			04/15/47		195,292
		Series - 2007 C31 (Class C)
1,500,000	g	Wachovia Bank Commercial Mortgage Trust		5.703			06/15/49		1,591,737
		Series - 2007 C32 (Class AMFX)
1,260,000	i	Wachovia Bank Commercial Mortgage Trust		5.750			06/15/49		1,291,768
		Series - 2007 C32 (Class AJ)
70,000	i	Wachovia Bank Commercial Mortgage Trust		5.953			02/15/51		75,030
		Series - 2007 C33 (Class AM)
90,101	i	WaMu Mortgage Pass-Through Certificates		0.537			12/25/45		82,708
		Series - 2005 AR19 (Class A1B3)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276			11/15/43		55,505
		Series - 2010 C1 (Class B)
154,676		WF-RBS Commercial Mortgage Trust		0.735			03/15/48		154,136
		Series - 2013 C12 (Class A1)
		TOTAL OTHER MORTGAGE BACKED							28,789,553
		TOTAL STRUCTURED ASSETS (Cost $40,275,635)							40,417,793
		TOTAL BONDS (Cost $212,396,684)							211,894,146
SHARES		COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
5,517	*	Federal Home Loan Mortgage Corp		8.375			12/30/49		20,689
17,265	*	Federal National Mortgage Association		8.250			12/30/49		64,744
		TOTAL BANKS							85,433
		TOTAL PREFERRED STOCKS (Cost $569,550)							85,433
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.2%
TREASURY DEBT - 0.2%
400,000	d	United States Treasury Bill		0.065			08/27/15		400,002
		TOTAL TREASURY DEBT							400,002
		TOTAL SHORT-TERM INVESTMENTS (Cost $399,959)							400,002
		TOTAL INVESTMENTS - 98.6% (Cost $216,038,397)							215,045,303
		OTHER ASSETS & LIABILITIES, NET - 1.4%							3,088,243
		NET ASSETS - 100.0%							$218,133,546

103

TIAA-CREF LIFE FUNDS - Bond Fund

Abbreviation(s):
DOP	Dominican Peso
NGN	Nigerian Naira
REIT	Real Estate Investment Trust
ZAR	South African Rand

* Non-income producing

d All or a portion of this security has been segregated by the custodian to cover collateral requirements on unfunded loan commitments.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/15, the aggregate value of these securities was $31,747,424 or 14.6% of net assets.

h These securities were purchased on a delayed delivery basis.

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

m Indicates a security that has been deemed illiquid.

104

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 96.8%
CERTIFICATE OF DEPOSIT - 1.4%
$    500,000		Banco Del Estado De Chile		0.210	%		07/08/15	$	500,000
500,000		Banco Del Estado De Chile		0.210			07/20/15		500,000
		TOTAL CERTIFICATE OF DEPOSIT							1,000,000
COMMERCIAL PAPER - 42.3%
910,000		American Honda Finance Corp		0.120 - 0.125			07/07/15		909,981
400,000		American Honda Finance Corp		0.150			07/22/15		399,965
500,000	y	Apple, Inc		0.105			07/16/15		499,978
1,000,000	y	Apple, Inc		0.095			07/23/15		999,942
400,000	y	Australia & New Zealand Banking Group Ltd		0.150			07/30/15		399,952
250,000	y	Bedford Row Funding Corp		0.260			08/03/15		249,940
250,000		CAFCO LLC		0.230			09/22/15		249,867
440,000		Ciesco LLC		0.200			08/10/15		439,902
570,000	y	Ciesco LLC		0.200			09/14/15		569,762
445,000	y	Coca-Cola Co		0.110			07/09/15		444,989
515,000	y	Coca-Cola Co		0.110			07/10/15		514,986
700,000	y	Coca-Cola Co		0.150			09/10/15		699,793
300,000	y	Commonwealth Bank of Australia		0.200			08/17/15		299,922
500,000	y	Commonwealth Bank of Australia		0.245			10/02/15		499,683
300,000	y	DBS Bank Ltd		0.150			07/13/15		299,985
400,000	y	DBS Bank Ltd		0.190			08/25/15		399,884
500,000		Exxon Mobil Corp		0.100			08/24/15		499,925
500,000		Exxon Mobil Corp		0.125			09/22/15		499,856
600,000	y	Fairway Finance LLC		0.160			07/06/15		599,987
500,000	y	Fairway Finance LLC		0.180			08/24/15		499,865
250,000	y	Fairway Finance LLC		0.210			09/21/15		249,880
670,000		General Electric Capital Corp		0.240			08/04/15		669,848
500,000		General Electric Capital Corp		0.170			08/31/15		499,856
335,000	y	Hydro-Quebec		0.130			08/13/15		334,948
895,000	y	Johnson & Johnson		0.100			09/14/15		894,814
122,000		JPMorgan Chase Bank NA		0.220			07/20/15		121,986
132,000		JPMorgan Chase Bank NA		0.300			07/29/15		131,969
104,000		JPMorgan Chase Bank NA		0.250			08/11/15		103,970
102,000		JPMorgan Chase Bank NA		0.280			08/21/15		101,960
289,000		JPMorgan Chase Bank NA		0.210 - 0.260			08/24/15		288,898
192,000		JPMorgan Chase Bank NA		0.260			09/09/15		191,903
361,000		JPMorgan Chase Bank NA		0.210			09/15/15		360,840
300,000		Korea Development Bank		0.230			09/09/15		299,866
500,000	y	National Australia Bank Ltd		0.170			08/25/15		499,870
500,000	y	National Australia Bank Ltd		0.190			09/01/15		499,837
1,000,000	y	Nestle Capital Corp		0.140			07/08/15		999,973
250,000	y	Nestle Capital Corp		0.135			08/11/15		249,962
380,000	y	Nestle Capital Corp		0.095			09/03/15		379,936
425,000	y	Nordea Bank AB		0.260			09/16/15		424,764
500,000	y	Novartis Finance Corp		0.110			07/13/15		499,982
540,000	y	Novartis Finance Corp		0.150			08/11/15		539,908
500,000	y	Old Line Funding LLC		0.200			07/15/15		499,961
300,000	y	Old Line Funding LLC		0.150			07/20/15		299,976
250,000	y	Old Line Funding LLC		0.260			09/03/15		249,885
300,000	y	Old Line Funding LLC		0.210			09/18/15		299,862
425,000		Oversea-Chinese Banking Corp Ltd		0.210			08/03/15		424,918
400,000		PACCAR Financial Corp		0.120			07/17/15		399,979
500,000		PACCAR Financial Corp		0.110			07/21/15		499,969
285,000		PACCAR Financial Corp		0.150			08/17/15		284,944
1,000,000		Province of Ontario Canada		0.100			07/30/15		999,919
500,000	y	Province of Quebec Canada		0.130			09/08/15		499,875

105

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    850,000	y	Province of Quebec Canada		0.130	%		09/17/15	$	849,761
283,000	y	PSP Capital, Inc		0.170			07/02/15		282,999
480,000	y	PSP Capital, Inc		0.160			07/06/15		479,989
350,000	y	PSP Capital, Inc		0.160			07/13/15		349,981
500,000	y	PSP Capital, Inc		0.155			07/30/15		499,937
300,000	y	PSP Capital, Inc		0.190			09/10/15		299,888
300,000	y	Svenska Handelsbanken AB		0.195			08/17/15		299,924
300,000	y	Svenska Handelsbanken AB		0.190			08/18/15		299,924
500,000	y	Toronto-Dominion Holdings USA, Inc		0.175			07/02/15		499,998
310,000	y	Toronto-Dominion Holdings USA, Inc		0.200			07/13/15		309,979
300,000	y	Toronto-Dominion Holdings USA, Inc		0.200			09/09/15		299,883
770,000		Toyota Motor Credit Corp		0.140			07/27/15		769,922
775,000	y	United Overseas Bank Ltd		0.200 - 0.240			08/26/15		774,739
250,000	y	United Overseas Bank Ltd		0.350			09/14/15		249,818
1,000,000	y	Wal-Mart Stores, Inc		0.110			07/31/15		999,908
		TOTAL COMMERCIAL PAPER							30,049,072
GOVERNMENT AGENCY DEBT - 31.5%
1,000,000		Federal Home Loan Bank (FHLB)		0.053			07/01/15		1,000,000
700,000		FHLB		0.075			07/08/15		699,990
550,000		FHLB		0.080 - 0.100			07/10/15		549,988
355,000		FHLB		0.088			07/14/15		354,989
500,000		FHLB		0.065			07/16/15		499,986
600,000		FHLB		0.075			07/17/15		599,980
500,000		FHLB		0.090			07/22/15		499,974
1,307,000		FHLB		0.075 - 0.100			07/29/15		1,306,914
137,000		FHLB		0.075			07/31/15		136,991
1,300,000		FHLB		0.085 - 0.095			08/05/15		1,299,886
1,400,000		FHLB		0.068 - 0.090			08/07/15		1,399,892
1,144,000		FHLB		0.072 - 0.080			08/12/15		1,143,903
150,000		FHLB		0.120			08/14/15		149,978
1,000,000		FHLB		0.055			08/17/15		999,928
640,000		FHLB		0.063			08/19/15		639,945
615,000		FHLB		0.075 - 0.085			08/21/15		614,930
2,000,000		FHLB		0.080 - 0.090			08/28/15		1,999,737
1,010,000		FHLB		0.075 - 0.095			09/02/15		1,009,856
820,000		FHLB		0.080 - 0.115			09/04/15		819,870
437,000		FHLB		0.085 - 0.090			09/08/15		436,926
400,000		FHLB		0.090			09/11/15		399,928
300,000		FHLB		0.095			09/16/15		299,939
1,259,000		FHLB		0.100			10/21/15		1,258,608
500,000		Federal Home Loan Mortgage Corp (FHLMC)		0.070			07/06/15		499,995
300,000		FHLMC		0.100			07/07/15		299,995
125,000		FHLMC		0.155			07/21/15		124,989
737,000		FHLMC		0.070			07/24/15		736,967
500,000		FHLMC		0.060			07/27/15		499,978
196,000		FHLMC		0.075			08/07/15		195,985
130,000		FHLMC		0.085			08/14/15		129,987
300,000		FHLMC		0.100			08/27/15		299,953
150,000		FHLMC		0.130			09/11/15		149,961
170,000		FHLMC		0.150			10/19/15		169,922
420,000		Federal National Mortgage Association (FNMA)		0.090			08/03/15		419,965
280,000		FNMA		0.100			09/23/15		279,935
224,000		FNMA		0.115			10/07/15		223,930
195,000		FNMA		0.155			11/18/15		194,882
		TOTAL GOVERNMENT AGENCY DEBT							22,348,582
TREASURY DEBT - 16.0%
165,000		United States Treasury Bill		0.061			07/23/15		164,994
423,000		United States Treasury Bill		0.056 - 0.081			08/06/15		422,973
110,000		United States Treasury Bill		0.081			08/13/15		109,989
664,000		United States Treasury Bill		0.060 - 0.101			08/20/15		663,921
500,000		United States Treasury Bill		0.071			08/27/15		499,944
148,000		United States Treasury Bill		0.028 - 0.056			09/03/15		147,988
100,000		United States Treasury Bill		0.071			09/10/15		99,986

106

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    200,000		United States Treasury Bill		0.113	%		09/24/15	$	199,947
48,000		United States Treasury Bill		0.101			10/01/15		47,988
270,000		United States Treasury Bill		0.087 - 0.088			10/22/15		269,926
320,000		United States Treasury Bill		0.075 - 0.078			11/05/15		319,914
799,000		United States Treasury Bill		0.058 - 0.160			11/12/15		798,784
90,000		United States Treasury Bill		0.076 - 0.135			12/10/15		89,951
100,000		United States Treasury Bill		0.081			12/17/15		99,962
110,000		United States Treasury Bill		0.061			12/24/15		109,967
173,000		United States Treasury Bill		0.196 - 0.198			02/04/16		172,793
1,050,000		United States Treasury Note		0.250			07/15/15		1,050,045
400,000		United States Treasury Note		0.250			07/31/15		400,059
790,000		United States Treasury Note		0.375			08/31/15		790,309
525,000		United States Treasury Note		0.250			09/15/15		525,134
500,000		United States Treasury Note		0.250			09/30/15		500,186
665,000		United States Treasury Note		0.250			10/15/15		665,113
100,000		United States Treasury Note		0.375			11/15/15		100,108
800,000		United States Treasury Note		0.250			11/30/15		800,418
200,000		United States Treasury Note		0.250			12/15/15		200,123
200,000		United States Treasury Note		0.250			12/31/15		200,074
678,000		United States Treasury Note		0.375			01/15/16		678,874
200,000		United States Treasury Note		0.375			02/15/16		200,288
450,000		United States Treasury Note		0.250			02/29/16		450,105
300,000		United States Treasury Note		0.375			03/15/16		300,337
300,000		United States Treasury Note		0.375			03/31/16		300,295
		TOTAL TREASURY DEBT							11,380,495
VARIABLE RATE SECURITIES - 5.6%
500,000	i	Federal Farm Credit Bank (FFCB)		0.200			08/10/15		500,014
500,000	i	FFCB		0.140			03/29/16		499,849
500,000	i	FFCB		0.167			01/24/17		499,963
500,000	i	FFCB		0.184			03/02/17		500,002
500,000	i	Federal Home Loan Bank (FHLB)		0.220			08/14/15		500,021
500,000	i	FHLB		0.200			08/19/15		500,000
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.191			01/13/17		499,923
500,000	i	Wells Fargo Bank NA		0.330			03/10/16		500,000
		TOTAL VARIABLE RATE SECURITIES							3,999,772
		TOTAL SHORT-TERM INVESTMENTS (Cost $68,777,921)							68,777,921
		TOTAL PORTFOLIO - 96.8% (Cost $68,777,921)							68,777,921
		OTHER ASSETS & LIABILITIES, NET - 3.2%							2,266,907
		NET ASSETS - 100.0%							$71,044,828

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

y Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed to be liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.”At 6/30/2015, the aggregate value of these securities was $20,898,829 or 29.4% of net assets.

107

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2015

SHARES	SECURITY	VALUE
TIAA-CREF LIFE FUNDS - 100.1%(a)
FIXED INCOME - 50.3%
956,176	TIAA-CREF Life Bond Fund	$	24,487,662
	TOTAL FIXED INCOME		24,487,662
INTERNATIONAL EQUITY - 9.9%
241,373	TIAA-CREF Life International Equity Fund		4,832,279
	TOTAL INTERNATIONAL EQUITY		4,832,279
U.S. EQUITY - 39.9%
158,456	TIAA-CREF Life Growth Equity Fund		4,555,623
124,334	TIAA-CREF Life Growth & Income Fund		4,876,367
112,878	TIAA-CREF Life Large-Cap Value Fund		4,200,205
28,190	TIAA-CREF Life Real Estate Securities Fund		985,790
27,413	TIAA-CREF Life Small-Cap Equity Fund		972,330
84,345	TIAA-CREF Life Stock Index Fund		3,906,023
	TOTAL U.S. EQUITY		19,496,338
	TOTAL TIAA-CREF LIFE FUNDS (Cost $48,043,391)		48,816,279
	TOTAL INVESTMENTS - 100.1% (Cost $48,043,391)		48,816,279
	OTHER ASSETS AND LIABILITIES, NET - (0.1)%		(39,391	)
	NET ASSETS - 100.0%		$48,776,888

(a) The Fund invests its assets in the affiliated TIAA-CREF Life Funds.

108

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 semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-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)(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
Date:    August 6, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Date:    August 6, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer (principal executive officer)

Date:    August 6, 2015	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)

 EXHIBIT INDEX

Item 12. Exhibits.

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

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

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