UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-08961
TIAA-CREF LIFE FUNDS
--------------------
(Exact name of registrant as specified in charter)
730 Third Avenue, New York, New York 10017
------------------------------------------
(Address of principal executive offices) (Zip code)
Lisa Snow, 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, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
June 30, 2003
[TIAA CREF LOGO]
Financial statements (unaudited)
including statement of investments
TIAA-CREF Life Funds
Semiannual Report 2003
GROWTH EQUITY FUND SOCIAL CHOICE EQUITY FUND
GROWTH & INCOME FUND LARGE-CAP VALUE FUND
INTERNATIONAL EQUITY FUND SMALL-CAP EQUITY FUND
STOCK INDEX FUND REAL ESTATE SECURITIES FUND
Contents
TIAA-CREF LIFE FUNDS
Growth Equity Fund Performance Report.............................2
Growth & Income Fund Performance Report...........................3
International Equity Fund Performance Report......................4
Stock Index Fund Performance Report...............................5
Social Choice Equity Fund Performance Report......................6
Large-Cap Value Fund Performance Report...........................7
Small-Cap Equity Fund Performance Report..........................8
Real Estate Securities Fund Performance Report....................9
STATEMENT OF INVESTMENTS
Growth Equity Fund...............................................10
Growth & Income Fund.............................................16
International Equity Fund........................................22
Stock Index Fund.................................................26
Social Choice Equity Fund........................................52
Large-Cap Value Fund.............................................61
Small-Cap Equity Fund............................................65
Real Estate Securities Fund......................................77
FINANCIAL STATEMENTS
Statements of Assets and Liabilities.............................78
Statements of Operations.........................................80
Statements of Changes in Net Assets..............................82
Financial Highlights.............................................84
Notes to Financial Statements....................................88
PRODUCTS FROM THE
TIAA-CREF GROUP OF COMPANIES........................INSIDE BACK COVER
FUND MANAGEMENT: The TIAA-CREF Life Funds are managed by Teachers Advisors, Inc.
The Investment Company Act of 1940 requires the TIAA-CREF Life Separate Account
VA-1 and Separate Account VLI-1 to provide their contract owners with an annual
report on the financial condition and portfolio holdings of the funds in which
the accounts invest. The funding vehicles for the accounts are the TIAA-CREF
Life Funds. An annual report is also provided each year towards the end of
February.
TIAA-CREF Individual & Institutional Services, Inc., and Teachers Personal
Investors Services, Inc., distribute securities products. This report must be
accompanied or preceded by a prospectus. For additional copies or for more
complete information on securities products, please call 877 518-9161. Read them
carefully before you invest. Teachers Insurance and Annuity Association (TIAA),
New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance
and annuities. TIAA-CREF Trust Company, FSB, provides trust services. INVESTMENT
PRODUCTS ARE NOT FDIC INSURED, MAY LOSE VALUE, AND ARE NOT BANK GUARANTEED.
Two new TIAA-CREF Life Funds were launched on July 21, 2003: the Bond Fund and
the Money Market Fund. These new investment options can be used as funding
vehicles for the Personal Annuity Select and Single Premium Immediate Annuities.
Since the funds were launched after the end of the period covered by this
report, no performance information appears herein. Full performance information
details will appear in the TIAA-CREF Life Funds Annual Report, which will cover
the 12-month period ending December 31, 2003.
(C)2003 Teachers Insurance and Annuity Association-College Retirement Equities
Fund (TIAA-CREF), New York, NY 10017
From the Vice Chairman
[PHOTO OF MARTIN L. LEIBOWITZ]
MARTIN L. LEIBOWITZ
VICE CHAIRMAN
OF TIAA-CREF
This report contains the performance and financial statements for the TIAA-CREF
Life Funds for the six months ended June 30, 2003. These funds serve as the
underlying investment vehicles for the variable accounts of the Personal Annuity
Select, the Single Premium Immediate Annuities, and the Flexible Premium
Variable Universal Life Policies.
A worldwide rally in stocks during the second quarter boosted equity
returns for the six-month period. As of June 30, the S&P 500(R) Index was up
11.76% for the first half of the year -- its best six-month performance in more
than three years. The Russell 3000(R) Index, which tracks approximately 98% of
the domestic stock market, registered a gain of 12.71%. Markets around the world
were advancing too. While gains varied widely -- from Japan's modest 2.92% to
Germany's 20.67% -- the Morgan Stanley EAFE(R) Index, tracking stocks in Europe,
Australasia, and the Far East, posted a return of 9.47%, in terms of dollars.
Many stocks in foreign markets saw their returns boosted by the increased value
of their currencies versus the dollar.
These strongly positive returns were the result of an upward surge in
stock prices in the second quarter, following a small decline during the first
quarter. Investors were encouraged by improved earnings prospects among S&P 500
companies, historically low interest rates, and the tax cuts approved by
Congress.
However, the economy's overall growth rate remained low. During the first
six months of 2003, gross domestic product (GDP) increased at an annualized rate
of 1.9% -- well below the long-term trend, which has ranged from 3.00% to 3.25%.
At the same time, unemployment increased from 5.7% in January to 6.4% at the end
of June. The shortage of jobs has slowed the growth of consumer spending, which
accounts for more than two-thirds of GDP.
Despite these conflicting economic indicators, investment capital poured
into the stock market during the second quarter, helping to fuel the rise in
stock prices. According to data from the Investment Company Institute, the net
inflow of money into U.S. stock funds totaled $46.7 billion in the second
quarter, reversing the outflow of $11.8 billion during the first three months of
2003.
While the stock market's advance was broadly positive, individual market
areas did not share in it equally. Among companies of different sizes, small
caps led the advance, with the Russell 2000(R) climbing 17.88% during the
six-month period. In the broader market, technology stocks climbed 18%, and
financial stocks rose 12.3%; the lagging oil sector gained only 7.1%, and
consumer staples returned 5.3%.
The seven equity offerings of the TIAA-CREF Life Funds are fully invested
and participated in the worldwide advance in equities. Returns ranged from 9.29%
for the International Equity Fund to 18.51% for the Small-Cap Equity Fund. Three
of the six funds that make individual stock selections outperformed their
benchmarks, while the Stock Index Fund closely tracked the broad domestic
market, as it is designed to do. The Real Estate Securities Fund surpassed the
return of its benchmark by more than four percentage points on the strength of
effective sector allocations within its market. This report provides details of
each fund's holdings and performance as of June 30, 2003.
Despite the much-improved performance of the equity market over the last
six months, during the past twelve months returns for the overall domestic
market were only about even, with the Russell 3000 posting a twelve-month return
of 0.77%. During this period, many contract owners have benefited by
diversifying their portfolios through the use of our fixed accounts. These
accounts, which guarantee principal and a minimum interest rate, are backed by
TIAA-CREF Life's claims-paying ability. If you would like to know more about how
our fixed accounts work, one of our consultants would be happy to talk with you
about them.
/s/ Martin L. Leibowitz
TIAA-CREF
Growth Equity Fund Life Funds
PORTFOLIO PROFILE
- - Invests at least 80% of the fund's assets in stocks that present the
opportunity for growth.
- - Generally invests in stocks of large-cap companies in new and emerging
areas of the U.S. economy and those with distinctive products or promising
markets.
- - Uses TIAA-CREF's Dual Investment Management Strategy(R), which integrates
two equity management techniques:
Active managers identify stocks they believe will offer superior
returns and those that may detract from performance.
Quantitative managers build a portfolio reflecting the overall risk
and investment characteristics of the fund's benchmark index, the
Russell 1000(R) Growth Index. They also may try to outperform the
fund's benchmark by buying more or less of certain stocks than index
weightings based on proprietary scoring models.
- - May invest up to 20% of the fund's portfolio in foreign securities.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
The Growth Equity Fund returned 12.51% for the period, compared with 13.09% for
its benchmark, the Russell 1000 Growth Index, and the 12.70% average return for
similar funds, as measured by the Morningstar Large Growth category.
Growth stocks did well during the first six months of the year, propelled
by double-digit gains among many technology stocks. The return of the large-cap
Russell 1000 Growth Index surpassed that of the Russell 1000 Value Index, which
returned 11.57%. The Russell 3000(R) Index, which represents the broader market,
advanced 12.71%.
During the period, the fund's return lagged that of the benchmark because
of a number of stock selections that did not perform as anticipated. The largest
detractors were Automated Data Processing and health care companies Baxter
International and Schering-Plough. The fund held larger weightings of these
stocks than the benchmark. Also negatively affecting performance were
underweight holdings that included General Electric, health care company
Genentech, and EMC, an automated data storage firm.
Positive contributions to relative performance came from such holdings as
Sun Microsystems and health care companies Amgen and Anthem. The fund had larger
weightings of these stocks than the benchmark. The fund also benefited by its
below-benchmark weightings in firms that included American International Group
and health care companies HCA and Boston Scientific.
INVESTMENT OBJECTIVE
The Growth Equity Fund seeks a favorable long-term return, mainly through
capital appreciation, primarily from equity securities.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
Russell Morningstar Russell
Growth 3000 Large 1000
Date Equity Growth Growth Growth
Apr 00 $10000 $10000 $10000 $10000
Apr 30/2000 9576 9486 9361 9524
May 31/2000 9022 8984 8795 9045
Jun 30/2000 9751 9697 9484 9730
Jul 31/2000 9308 9263 9283 9324
Aug 31/2000 10232 10110 10125 10169
Sep 30/2000 9238 9184 9506 9207
Oct 31/2000 8818 8728 9002 8771
Nov 30/2000 7481 7421 7788 7478
Dec 31/2000 7270 7231 7833 7242
Jan 31/2001 7738 7736 8032 7742
Feb 28/2001 6359 6441 6874 6428
Mar 30/2001 5627 5748 6189 5728
Apr 30/2001 6359 6474 6835 6453
May 31/2001 6282 6396 6770 6358
Jun 30/2001 6144 6273 6599 6210
Jul 31/2001 5952 6090 6349 6055
Aug 31/2001 5427 5600 5843 5560
Sep 30/2001 4849 5018 5217 5005
Oct 31/2001 5109 5294 5452 5267
Nov 30/2001 5626 5799 5955 5773
Dec 31/2001 5611 5812 5993 5763
Jan 31/2002 5499 5702 5865 5661
Feb 28/2002 5219 5456 5591 5426
Mar 31/2002 5419 5664 5832 5614
Apr 30/2002 4965 5225 5468 5155
May 31/2002 4831 5086 5341 5031
Jun 30/2002 4331 4618 4901 4565
Jul 31/2002 4070 4333 4524 4314
Aug 31/2002 4085 4345 4529 4327
Sep 30/2002 3659 3902 4143 3878
Oct 31/2002 3997 4250 4445 4234
Nov 30/2002 4224 4493 4648 4464
Dec 31/2002 3927 4182 4332 4156
Jan 31/2003 3827 4080 4247 4055
Feb 28/2003 3830 4056 4207 4036
Mar 31/2003 3892 4130 4276 4111
Apr 30/2003 4183 4441 4582 4415
May 31/2003 4372 4680 4830 4636
Jun 30/2003 4419 4747 4882 4700
</Table>
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
- ------- ---------- ------------
Pfizer, Inc 6.36 $3,057,006
General Electric Co 5.50 2,641,543
Microsoft Corp 4.58 2,201,384
Johnson & Johnson 3.10 1,490,563
Amgen, Inc 3.04 1,462,709
Cisco Systems, Inc 2.87 1,380,636
Wal-Mart Stores, Inc 2.85 1,367,834
IBM Corp 2.54 1,219,680
Intel Corp 2.51 1,203,830
Fannie Mae 2.38 1,141,220
PERFORMANCE AT A GLANCE AS OF 6/30/03
AVERAGE ANNUAL COMPOUND
RATES OF TOTAL RETURN(1) CUMULATIVE RATES OF TOTAL RETURN(1)
------------------------ -----------------------------------
NET
2003 ASSETS
SINCE SINCE ANNUAL (IN
1 YEAR INCEPTION(2) 6 MONTHS 1 YEAR INCEPTION(2) EXPENSES MILLIONS)
------ ----------- -------- ------ ----------- -------- ---------
GROWTH EQUITY FUND(3) 2.01% -22.22% 12.51% 2.01% -55.80% 0.25% $ 48.04
Russell 1000 Growth Index(4) 2.94 -20.74 13.09 2.94 -53.00 -- --
Russell 3000 Growth Index(4) 2.79 -20.49 13.49 2.79 -52.53 -- --
Morningstar Large Growth category -0.46 -19.04 12.70 -0.46 -47.91 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Growth Equity Fund was 4/3/2000.
3 There are special risks associated with investments in foreign securities,
including erratic market conditions, economic and political instability,
and fluctuations in currency exchange rates.
4 Russell 1000 and 3000 are trademarks and service marks of the Frank
Russell Company.
2 2003 SEMIANNUAL REPORT TIAA-CREF Life Funds
TIAA-CREF
Growth & Income Fund Life Funds
PORTFOLIO PROFILE
- - Invests at least 80% of the fund's assets in income-producing (i.e.,
dividend-paying) stocks.
- - Looks for stocks that are attractively priced and show the potential to
increase in value faster than the rest of the market.
- - Uses TIAA-CREF's Dual Investment Management Strategy(R), which integrates
two equity management techniques:
Active managers identify stocks they believe will offer superior
returns and those that may detract from performance.
Quantitative managers build a portfolio reflecting the overall risk
and investment characteristics of the fund's benchmark index, the
S&P 500(R) Index. They also may try to outperform the fund's
benchmark by buying more or less of certain stocks than index
weightings based on proprietary scoring models.
- - May invest up to 20% of the fund's portfolio in foreign securities.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
The Growth & Income Fund returned 10.12% for the period, compared with 11.76%
for its benchmark, the S&P 500 Index, and the 10.88% average return for similar
funds, as measured by the Morningstar Large Blend category.
Concerns about slow economic growth in the United States and war in Iraq
contributed to a decline of 3.15% in the S&P 500 Index during the first quarter.
An improved corporate earnings picture and the fall of Saddam Hussein helped
spark a rally that produced a 15.39% return for the second quarter.
Year-to-date, all ten sectors of the S&P 500 Index posted gains. The sectors
with the largest gains were information technology and consumer discretionary
goods; consumer staples and materials were among those with the smallest gains.
During the quarter, the fund's return lagged that of the benchmark because
of a number of stock selections that did not perform as anticipated. These
included above-benchmark holdings in Pepsi Bottling Group, software company
Oracle, and Comcast, a broadband cable firm. Also negatively affecting
performance were underweight holdings that included Intel, Tyco International,
and J.P. Morgan Chase.
Positive contributions to relative performance came from such holdings as
Sun Microsystems, insurer Aetna, and biotechnology firm Amgen. The fund had
larger weightings of these stocks than the benchmark. The fund also benefited by
its below-benchmark weightings in firms that included Boston Scientific, SBC
Communications, and American International Group.
INVESTMENT OBJECTIVE
The Growth & Income Fund seeks a favorable long-term return through capital
appreciation and investment income, primarily from income-producing securities.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
Morningstar
Large
Date Growth/Income S&P 500 Blend
Apr 2000 $ 10000 $ 10000 $ 10000
Apr 30/2000 9713 9699 9679
May 31/2000 9504 9500 9438
Jun 30/2000 9766 9734 9724
Jul 31/2000 9661 9582 9582
Aug 31/2000 10287 10177 10216
Sep 30/2000 9713 9640 9728
Oct 31/2000 9654 9599 9610
Nov 30/2000 8845 8843 8821
Dec 31/2000 8898 8886 8953
Jan 31/2001 9196 9201 9189
Feb 28/2001 8332 8362 8379
Mar 31/2001 7754 7832 7825
Apr 30/2001 8354 8441 8429
May 31/2001 8411 8498 8463
Jun 30/2001 8177 8291 8243
Jul 31/2001 8083 8209 8104
Aug 31/2001 7559 7695 7620
Sep 30/2001 6985 7074 6980
Oct 31/2001 7132 7209 7142
Nov 30/2001 7661 7762 7663
Dec 31/2001 7731 7830 7742
Jan 31/2002 7540 7715 7597
Feb 28/2002 7345 7567 7433
Mar 31/2002 7650 7851 7718
Apr 30/2002 7196 7375 7319
May 31/2002 7097 7321 7246
Jun 30/2002 6560 6799 6777
Jul 31/2002 6034 6269 6264
Aug 31/2002 6091 6310 6298
Sep 30/2002 5473 5625 5699
Oct 31/2002 5931 6120 6089
Nov 30/2002 6262 6480 6378
Dec 31/2002 5879 6099 6037
Jan 31/2003 5739 5939 5884
Feb 28/2003 5654 5850 5788
Mar 31/2003 5674 5907 5833
Apr 30/2003 6152 6394 6272
May 31/2003 6407 6731 6619
Jun 30/2003 6472 6816 6694
</Table>
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
------- ---------- ------------
ExxonMobil Corp 3.45 $2,089,567
General Electric Co 3.34 2,024,865
Pfizer, Inc 3.05 1,849,291
Citigroup, Inc 2.69 1,631,793
Procter & Gamble Co 2.57 1,553,872
Microsoft Corp 2.56 1,548,125
IBM Corp 2.33 1,411,740
Fannie Mae 1.92 1,161,452
Verizon Communications, Inc 1.86 1,124,286
Amgen, Inc 1.85 1,119,705
PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND
RATES OF TOTAL RETURN(1) CUMULATIVE RATES OF TOTAL RETURN(1)
------------------------ -----------------------------------
NET
2003 ASSETS
SINCE SINCE ANNUAL (IN
1 YEAR INCEPTION(2) 6 MONTHS 1 YEAR INCEPTION(2) EXPENSES MILLIONS)
------ ----------- -------- ------ ----------- -------- ---------
GROWTH & INCOME FUND(3) -1.32% -12.53% 10.12% -1.32% -35.28% 0.23% $ 60.57
S&P 500 Index 0.25 -11.13 11.76 0.25 -31.84 -- --
Morningstar Large Blend category -1.23 -10.88 10.88 -1.23 -29.72 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Growth & Income Fund was 4/3/2000.
3 There are special risks associated with investments in foreign securities,
including erratic market conditions, economic and political instability,
and fluctuations in currency exchange rates.
TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT 3
TIAA-CREF
International Equity Fund Life Funds
PORTFOLIO PROFILE
- - Invests at least 80% of the fund's assets in equity securities of foreign
issuers. Uses TIAA-CREF's Dual Investment Management Strategy(R), which
integrates two equity management techniques:
Active managers identify stocks they believe will offer superior
returns and those that may detract from performance.
Quantitative managers build a portfolio reflecting the overall risk
and investment characteristics of the fund's benchmark index, the
Morgan Stanley EAFE(R) (Europe, Australasia, Far East) Index. They
also may try to outperform the fund's benchmark by buying more or
less of certain stocks than index weightings based on proprietary
scoring models.
- - The active managers select individual stocks and let the fund's country
and regional asset allocations evolve from those stock selections.
However, sector and country exposure are monitored to control risk.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
The International Equity Fund returned 9.29% for the period, compared with the
9.47% for its benchmark, the Morgan Stanley EAFE Index, and the 9.40% average
return for similar funds, as measured by the Morningstar Foreign Stock category.
Foreign stocks lost ground during the first quarter. On March 31, the EAFE
index was down nearly 59% since April 1, 2000. With the fall of Saddam Hussein
in April and some signs of improved business prospects in the United States,
investors saw many stocks as undervalued, producing a robust rally during April
and May. Gains in many markets were helped by the strength of other currencies
versus the dollar.
The fund underperformed mainly because of individual stock selections in
the Asian-Pacific region that did not perform as expected. Relative performance
was hurt by overweight holdings in several Asian-Pacific stocks, including
Mabuchi Motor, Fuji Film, and Sony. These more than offset the positive
contributions from underweight positions versus the benchmark in companies such
as Mitsubishi Tokyo Financial Group and Sumitomo Mitsui Banking Corporation.
In the European segment, relative performance was negatively affected by
overweight positions that included British consumer goods provider Reckitt
Benckiser and Swiss biotechnology firm Lonza Group. An underweight position in
British home improvement retailer Kingfisher also had a negative effect on
returns. These roughly offset the positive performance, relative to the
benchmark, from several overweight holdings that included Swiss health care
company Centerpulse, Swiss testing firm SGS Group, and Spanish bank Banco
Santander.
INVESTMENT OBJECTIVE
The International Equity Fund seeks a favorable long-term return, mainly through
capital appreciation, primarily from equity securities of foreign issuers.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
Morningstar
International MS Foreign
Date Equity EAFE Index Stock
Apr 00 $ 10000 $ 10000 $ 10000
Apr 30/2000 9092 9474 9317
May 31/2000 8508 9242 8995
Jun 30/2000 8938 9604 9412
Jul 31/2000 8478 9201 9089
Aug 31/2000 8706 9281 9275
Sep 30/2000 8135 8829 8751
Oct 31/2000 7850 8621 8389
Nov 30/2000 7293 8297 7964
Dec 31/2000 7576 8592 8234
Jan 31/2001 7501 8588 8286
Feb 28/2001 6851 7944 7651
Mar 31/2001 6391 7414 7043
Apr 30/2001 6789 7930 7508
May 31/2001 6559 7650 7319
Jun 30/2001 6276 7337 7056
Jul 31/2001 6148 7158 6839
Aug 31/2001 5989 6992 6646
Sep 30/2001 5371 6313 5912
Oct 31/2001 5574 6491 6092
Nov 30/2001 5725 6695 6343
Dec 31/2001 5773 6740 6428
Jan 31/2002 5468 6387 6170
Feb 28/2002 5513 6432 6192
Mar 31/2002 5849 6779 6519
Apr 30/2002 5858 6821 6547
May 31/2002 5939 6931 6619
Jun 30/2002 5737 6655 6351
Jul 31/2002 5185 5998 5736
Aug 31/2002 5158 5984 5708
Sep 30/2002 4634 5341 5107
Oct 31/2002 4898 5629 5328
Nov 30/2002 5096 5884 5556
Dec 31/2002 4941 5686 5378
Jan 31/2003 4729 5449 5174
Feb 28/2003 4642 5324 5043
Mar 31/2003 4564 5219 4945
Apr 30/2003 4996 5731 5406
May 31/2003 5313 6078 5751
Jun 30/2003 5400 6225 5883
</Table>
TEN LARGEST HOLDINGS AS OF 6/30/03
PERCENT OF
COMPANY COUNTRY NET ASSETS MARKET VALUE
------- ------- ---------- ------------
Royal Bank
Of Scotland Group plc United Kingdom 2.97 $1,122,915
GlaxoSmithKline plc United Kingdom 2.73 1,031,548
BP plc United Kingdom 2.18 824,889
iShares MSCI EAFE Index United States 2.06 779,507
Fund
Reckitt Benckiser plc United Kingdom 2.01 760,868
Man Group plc United Kingdom 1.98 748,164
Synthes-Stratec, Inc Switzerland 1.89 713,292
ASML Holding NV Netherlands 1.88 710,383
SGS Societe Generale
Surveillance Holdings S.A Switzerland 1.79 675,236
Nobel Biocare Holding AG Switzerland 1.77 668,751
PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND
RATES OF TOTAL RETURN(1) CUMULATIVE RATES OF TOTAL RETURN(1)
------------------------ -----------------------------------
NET
2003 ASSETS
SINCE SINCE ANNUAL (IN
1 YEAR INCEPTION(2) 6 MONTHS 1 YEAR INCEPTION(2) EXPENSES MILLIONS)
------ ----------- -------- ------ ----------- -------- ---------
INTERNATIONAL EQUITY FUND(3) -5.86% -17.27% 9.29% -5.86% -46.00% 0.29% $ 37.77
Morgan Stanley EAFE Index -6.46 -13.58 9.47 -6.46 -37.75 -- --
Morningstar Foreign Stock category -7.41 -14.74 9.40 -7.41 -34.04 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the International Equity Fund was 4/3/2000.
3 There are special risks associated with investments in foreign securities,
including erratic market conditions, economic and political instability,
and fluctuations in currency exchange rates.
4 2003 SEMIANNUAL REPORT TIAA-CREF Life Funds
TIAA-CREF
Stock Index Fund Life Funds
PORTFOLIO PROFILE
- - Benchmarked to the Russell 3000(R) Index.
- - May use a sampling approach to create a portfolio that closely matches the
investment characteristics of the Russell 3000 Index without actually
investing in all stocks in the index.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
The Stock Index Fund returned 12.62% for the period, closely tracking the 12.71%
return for its benchmark, the Russell 3000 Index, and topping the 10.88% average
return for similar funds as measured by the Morningstar Large Blend category.
After a decline of 3.04% during the first quarter, the Russell 3000 Index
posted strong gains during April, May, and early June. For the second quarter as
a whole, the index was up 16.24% -- its largest quarterly gain since 1998. The
largest contributions came from the financial, technology, and consumer
discretionary sectors. In many sectors, small-cap stocks led the advance. The
Russell 2000(R) Index, which tracks small caps and is a subset of the Russell
3000, rose 23.42% during the second quarter.
Stocks were helped by the perception that many issues were undervalued:
between April 1, 2000 and March 31, 2003, the Russell 3000 had declined more
than 47%. With the fall of Saddam Hussein and some signs of improved business
prospects, investors looked for the economic recovery in the United States to
gain momentum, although high unemployment remained a concern.
An indexed portfolio seeks to match the risk/return profile of its
benchmark in order to produce an identical return. Differences between the
return of the portfolio and that of the benchmark are caused by the deviations
in their respective compositions during the period, some of which are the
inevitable result of the fund's cash flows. The return of the fund is determined
by the performance of the portfolio minus an expense charge, which the return of
the benchmark does not include.
INVESTMENT OBJECTIVE
The Stock Index Fund seeks a favorable long-term return mainly from capital
appreciation, by investing in a portfolio of equity securities selected to track
the overall United States equity markets.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
Russell
Date Stock Index 3000
Jan 99 $ 10000 $ 10000
Jan 31/1999 10380 10340
Feb 28/1999 10034 9973
Mar 31/1999 10392 10339
Apr 30/1999 10845 10806
May 31/1999 10626 10601
Jun 30/1999 11175 11136
Jul 31/1999 10849 10799
Aug 31/1999 10741 10676
Sep 30/1999 10461 10403
Oct 31/1999 11098 11056
Nov 30/1999 11401 11365
Dec 31/1999 12119 12090
Jan 31/2000 11628 11616
Feb 28/2000 11730 11724
Mar 31/2000 12629 12642
Apr 30/2000 12205 12197
May 31/2000 11874 11854
Jun 30/2000 12221 12205
Jul 31/2000 12011 11990
Aug 31/2000 12910 12879
Sep 30/2000 12318 12296
Oct 31/2000 12157 12121
Nov 30/2000 11044 11003
Dec 31/2000 11225 11188
Jan 31/2001 11607 11571
Feb 28/2001 10550 10514
Mar 31/2001 9868 9828
Apr 30/2001 10651 10617
May 31/2001 10735 10702
Jun 30/2001 10539 10505
Jul 31/2001 10370 10331
Aug 31/2001 9760 9722
Sep 30/2001 8900 8864
Oct 31/2001 9104 9070
Nov 30/2001 9804 9769
Dec 31/2001 9941 9906
Jan 31/2002 9815 9782
Feb 28/2002 9615 9582
Mar 31/2002 10030 10002
Apr 30/2002 9509 9477
May 31/2002 9400 9368
Jun 30/2002 8725 8693
Jul 31/2002 8042 8002
Aug 31/2002 8079 8040
Sep 30/2002 7237 7195
Oct 31/2002 7810 7768
Nov 30/2002 8282 8238
Dec 31/2002 7815 7772
Jan 31/2003 7624 7582
Feb 29/2003 7500 7458
Mar 31/2003 7579 7536
Apr 30/2003 8192 8151
May 31/2003 8685 8643
Jun 30/2003 8801 8760
</Table>
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
- ------- ---------- ------------
TIAA-CREF Institutional Equity Index Fund 4.48 $4,992,448
General Electric Co 2.71 3,017,279
Pfizer, Inc 2.55 2,837,899
ExxonMobil Corp 2.27 2,524,832
Microsoft Corp 2.16 2,410,951
Citigroup, Inc 2.08 2,319,332
Johnson & Johnson 1.45 1,615,677
Wal-Mart Stores, Inc 1.35 1,501,472
Intel Corp 1.28 1,429,524
Merck & Co, Inc 1.28 1,429,222
PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND
RATES OF TOTAL RETURN(1) CUMULATIVE RATES OF TOTAL RETURN(1)
------------------------ -----------------------------------
NET
2003 ASSETS
SINCE SINCE ANNUAL (IN
1 YEAR INCEPTION(2) 6 MONTHS 1 YEAR INCEPTION(2) EXPENSES MILLIONS)
------ ----------- -------- ------ ----------- -------- ---------
STOCK INDEX FUND 0.87% -2.80% 12.62% 0.87% -11.99% 0.06% $111.39
Russell 3000 Index(3) 0.77 -2.90 12.71 0.77 -12.40 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Stock Index Fund was 1/4/1999.
3 Russell 2000 and 3000 are trademarks and service marks of the Frank
Russell Company.
TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT 5
TIAA-CREF
Social Choice Equity Fund Life Funds
PORTFOLIO PROFILE
- - Invests primarily in stocks from the Russell 3000(R) Index that pass two
kinds of social screens:
First, the account excludes certain companies deriving revenues from
involvement with alcohol, tobacco, gambling, weapons production, or
nuclear power.
The remaining companies are then evaluated and selected according to
additional criteria, such as respect for the environment and for
human rights, charitable giving, fair labor and governance
practices, quality products, and leadership in research and
development.
- - Because its social criteria exclude some investments, the fund may not be
able to take advantage of the same opportunities or market trends as do
funds that do not use such criteria.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
The Social Choice Equity Fund returned 12.93%, outperforming both the 12.71%
return for its benchmark, the Russell 3000 Index, and the 10.88% average return
for similar funds as measured by the Morningstar Large Blend category. The
benchmark and Morningstar do not screen investments for social criteria.
The fund's social screens boosted performance, relative to the benchmark,
by excluding stocks that significantly underperformed the index. Among them were
ExxonMobil, Wal-Mart Stores, and health care companies Schering-Plough and HCA,
Inc. These positive factors were partially offset by the exclusion, due to the
account's screens, of certain well-performing stocks, including Citigroup,
General Electric, biotechnology company Genentech, and Cendant, a provider of
travel and real estate services.
Because the social screens prevent the fund's owning some of the stocks in
the Russell 3000 Index, the fund's managers use statistical techniques to ensure
that the risk characteristics of the portfolio closely resemble those of the
index. As a result, the fund had overweight holdings in several stocks,
including Procter & Gamble, Johnson & Johnson, and American International Group,
that underperformed the index. This had a negative, but minor, effect on
relative performance.
INVESTMENT OBJECTIVE
The Social Choice Equity Fund seeks favorable long-term returns that track the
investment performance of the U.S. stock market while giving special
consideration to certain social criteria.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
MORNINGSTAR RUSSELL
SOCIAL LARGE 3000
DATE CHOICE S&P 500 BLEND INDEX
APR 30/2000 $ 10000 $ 10000 $ 10000 10000
APR 30/2000 9727 9699 9679 9648
MAY 31/2000 9585 9500 9438 9377
JUN 30/2000 9844 9734 9724 9654
JUL 31/2000 9724 9582 9582 9484
AUG 31/2000 10259 10177 10216 10187
SEP 30/2000 9724 9640 9728 9726
OCT 31/2000 9657 9599 9610 9587
NOV 30/2000 8945 8843 8821 8704
DEC 31/2000 9099 8886 8953 8850
JAN 31/2001 9385 9201 9189 9153
FEB 28/2001 8498 8362 8379 8316
MAR 31/2001 7991 7832 7825 7774
APR 30/2001 8524 8441 8429 8398
MAY 31/2001 8558 8498 8463 8465
JUN 30/2001 8327 8291 8243 8309
JUL 31/2001 8300 8209 8104 8172
AUG 31/2001 7805 7695 7620 7690
SEP 30/2001 7223 7074 6980 7011
OCT 31/2001 7372 7209 7142 7174
NOV 30/2001 7886 7762 7663 7727
DEC 31/2001 7943 7830 7742 7836
JAN 31/2002 7843 7715 7597 7738
FEB 28/2002 7681 7567 7433 7579
MAR 31/2002 7993 7851 7718 7912
APR 30/2002 7577 7375 7319 7497
MAY 31/2002 7523 7321 7246 7410
JUN 30/2002 6953 6799 6777 6876
JUL 31/2002 6406 6269 6264 6330
AUG 31/2002 6440 6310 9298 6360
SEP 30/2002 5808 5625 5699 5691
OCT 31/2002 6294 6120 6089 6145
NOV 30/2002 6657 6480 6378 6516
DEC 31/2002 6301 6099 6037 6148
JAN 31/2003 6160 5939 5884 5998
FEB 28/2003 6042 5850 5788 5899
MAR 31/2003 6113 5907 5833 5961
APR 30/2003 6611 6394 6272 6448
MAY 31/2003 7034 6731 6619 6837
JUN 30/2003 7116 6816 6694 6929
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
- ------- ---------- ------------
Microsoft Corp 2.60 $732,446
Johnson & Johnson 2.30 648,111
Merck & Co, Inc 2.26 635,412
Bank of America Corp 2.00 562,852
Procter & Gamble Co 1.93 542,749
IBM Corp 1.90 536,250
American International Group, Inc 1.76 496,620
Intel Corp 1.72 483,166
Coca-Cola Co 1.53 431,613
Wells Fargo & Co 1.49 418,320
PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND
RATES OF TOTAL RETURN(1) CUMULATIVE RATES OF TOTAL RETURN(1)
------------------------ -----------------------------------
NET
2003 ASSETS
SINCE SINCE ANNUAL (IN
1 YEAR INCEPTION(2) 6 MONTHS 1 YEAR INCEPTION(2) EXPENSES MILLIONS)
------ ----------- -------- ------ ----------- -------- ---------
SOCIAL CHOICE EQUITY FUND 2.33% -9.95% 12.93% 2.33% -28.87% 0.07% $ 28.16
S&P 500 Index 0.25 -11.13 11.76 0.25 -31.84 -- --
Russell 3000 Index(3) 0.77 -10.68 12.71 0.77 -30.71 -- --
Morningstar Large Blend category -1.23 -10.88 10.88 -1.23 -29.72 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Social Choice Equity Fund was 4/3/2000.
3 Russell 3000 is a trademark and a service mark of the Frank Russell
Company.
6 2003 SEMIANNUAL REPORT TIAA-CREF Life Funds
TIAA-CREF
LARGE-CAP VALUE FUND Life Funds
PORTFOLIO PROFILE
- - Invests at least 80% of the fund's assets in stocks of large domestic
companies (as defined by the fund's benchmark index, the Russell 1000(R)
Value Index) that appear undervalued.
- - Uses TIAA-CREF's Dual Investment Management Strategy(R), which integrates
two equity management techniques:
Active managers identify stocks they believe will offer superior
returns and those that may detract from performance.
Quantitative managers build a portfolio reflecting the overall risk
and investment characteristics of the fund's benchmark. They also
may try to outperform the fund's benchmark by buying more or less of
certain stocks than index weightings based on proprietary scoring
models.
- - May invest up to 20% of its assets in foreign investments.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
For the period, the Large-Cap Value Fund returned 11.71%, compared with 11.57%
for its benchmark, the Russell 1000 Value Index, and the 10.74% average return
for similar funds as measured by the Morningstar Large Value category.
Value stocks posted solid gains during the six-month period, though growth
stocks performed even better, with the Russell 1000 Growth Index returning
13.09%. Among value stocks, the small-cap Russell 2000(R) Value Index outpaced
the Russell Midcap(R) Value Index by over three percentage points and the
large-cap Russell 1000 Value Index by nearly five percentage points.
The fund's return surpassed that of the benchmark primarily because of
stock selections that included agricultural products company Monsanto, insurer
Aetna, and Altria, the parent company of Philip Morris. The fund had larger
weightings of these stocks than the benchmark. The fund also benefited by
reduced holdings, relative to the benchmark, in Lockheed Martin, ExxonMobil, and
Eastman Kodak.
Detractors from relative performance included higher-than-benchmark
weightings in Freddie Mac, AT&T, and financial services company UnumProvident.
Underweight holdings in Hewlett-Packard, McDonald's, and Cendant, a provider of
travel and real estate services, also affected relative performance adversely.
Positive performance factors, however, more than offset negative ones, enabling
the fund to outperform its benchmark for the period.
INVESTMENT OBJECTIVE
The fund seeks a favorable long-term total return, mainly through capital
appreciation, primarily from equity securities of large domestic companies.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
LARGECAP RUSSELL
DATE VALUE 1000 MORNINGSTAR
OCT 31/2002 $ 10000 $ 10000 $ 10000
OCT 31/2002 9927 9926 9916
NOV 30/2002 10585 10552 10550
DEC 31/2002 10163 10093 10063
JAN 31/2003 9934 9849 9803
FEB 28/2003 9623 9587 9544
MAR 31/2003 9578 9602 9545
APR 30/2003 10356 10448 10333
MAY 31/2003 11146 11122 11006
JUN 30/2003 11354 11261 11144
</Table>
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
- ------- ---------- ------------
ExxonMobil Corp 5.12 $1,235,304
Citigroup, Inc 4.70 1,132,830
Altria Group, Inc 4.03 972,825
Freddie Mac 2.85 686,715
Wells Fargo Co 2.67 644,616
SBC Communications, Inc 2.55 614,171
Bank of America Corp 2.42 584,822
Monsanto Co 2.36 568,981
Wachovia Corp 2.31 558,161
U.S. Bancorp 2.24 540,029
PERFORMANCE AT A GLANCE AS OF 6/30/2003
TOTAL RETURN(1) 2003 NET ASSETS
SINCE ANNUAL (IN
6 MONTHS INCEPTION(2) EXPENSES MILLIONS)
-------- ----------- -------- ---------
LARGE-CAP VALUE FUND(3),(4) 11.71% 13.54% 0.24% $ 24.12
Russell 1000 Value Index(5) 11.57 12.61 -- --
Morningstar Large Value category 10.74 11.60 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Large-Cap Value Fund was 10/28/02.
3 This fund has been operating for only a short time, so the returns cited
above may not be a good indication of how the fund might perform over long
time frames, particularly in light of recent market volatility.
4 There are special risks associated with investments in foreign securities,
including erratic market conditions, economic and political instability,
and fluctuations in currency exchange rates.
5 Russell 1000, 2000, and Midcap are trademarks and service marks of the
Frank Russell Company.
TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT 7
TIAA-CREF
Small-Cap Equity Fund Life Funds
PORTFOLIO PROFILE
- - Invests at least 80% of the fund's assets in stocks of smaller domestic
companies, across a wide range of sectors, growth rates, and valuations,
that appear to have favorable prospects for significant long-term capital
appreciation.
- - Seeks to add incremental return over that of its benchmark index, the
Russell 2000(R) Index, while also managing the relative risk of the fund
versus its benchmark.
- - Uses proprietary mathematical models to evaluate and score stocks. These
models weigh many variables, including the valuation of the stock versus
the market or its peers, earnings and growth prospects, and the stock's
price and volume trends. Managers build a portfolio based on this scoring
process, while considering weightings of the stock and its sector in the
benchmark index, correlations between the performance of stocks in the
index, and trading costs.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
For the six-month period, the Small-Cap Equity Fund returned 18.51%, beating the
17.88% return of its benchmark, the Russell 2000 Index, and the 15.10% average
return of similar funds, as measured by the Morningstar Small Blend category.
Domestic stocks lost ground during the first quarter, primarily because of
concerns about the war in Iraq and a weak economy. However, with signs of
improved business prospects in the United States, stock prices moved upwards in
April and May. Although momentum slowed in June, the Russell 3000(R) Index,
which tracks the broad domestic market, gained 16.24% in the second quarter --
its the best quarterly advance since the fourth quarter of 1998.
The small-cap stocks tracked by the Russell 2000 Index outpaced the
overall market, gaining 23.4%, its largest quarterly advance since 1991. For the
six-month period, its 17.88% return topped the performance of the other broad
capitalization categories, including the 12.34% return of the Russell 1000(R)
Index, which tracks large caps, and the 15.47% return of the Russell Midcap(R)
Index.
The fund outperformed its benchmark index largely because of holdings in
building materials manufacturer USG Corporation, computer networks provider
Quanta Services, and Metris, a financial services company. Underweight holdings,
versus the benchmark, in Sonus Networks and pharmaceutical company Sepracor,
both of which performed better than anticipated, detracted from relative
performance. Overweight investments in Mercury Computer Systems and Cincinnati
Bell also detracted slightly from the fund's returns.
INVESTMENT OBJECTIVE
The Small-Cap Equity Fund seeks a favorable long-term total return, mainly
through capital appreciation, primarily from equity securities of smaller
domestic companies.
$10,000 OVER LIFE OF FUND
[LINE CHART]
<Table>
<Caption>
SmallCap Russell
Equity 2000 Morningstar
Date
Oct 31/2002 10000 10000 10000
Oct 31/2002 10025 10027 9981
Nov 30/2002 10944 10922 10627
Dec 31/2002 10340 10314 10197
Jan 31/2003 10063 10028 9907
Feb 28/2003 9781 9725 9606
Mar 31/2003 9903 9850 9691
Apr 30/2003 10834 10784 10504
May 31/2003 11976 11942 11471
Jun 30/2003 12253 12158 11737
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
- ------- ---------- ------------
iShares Russell 2000 Index Fund 0.50 $129,972
Pacific Capital Bancorp 0.47 122,675
Health Care REIT, Inc 0.47 122,000
Techne Corp 0.47 121,360
Sybase, Inc 0.47 121,017
Cytyc Corp 0.46 118,876
AmerUs Group Co 0.46 118,398
Covance, Inc 0.45 117,650
Kronos, Inc 0.45 116,863
CACI International, Inc (Class A) 0.45 116,620
PERFORMANCE AT A GLANCE AS OF 6/30/2003
TOTAL RETURN(1) 2003 NET ASSETS
SINCE ANNUAL (IN
6 MONTHS INCEPTION(2) EXPENSES MILLIONS)
-------- ------------ -------- ---------
SMALL-CAP EQUITY FUND(3) 18.51% 22.54% 0.10% $25.98
Russell 2000 Index(4) 17.88 21.58 -- --
Morningstar Small Blend category 15.10 17.69 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Small-Cap Equity Fund was 10/28/02.
3 Small-cap stocks may have limited marketability and may be subject to more
abrupt or erratic market movements than large-cap stocks.
4 Russell 2000 and 3000 are trademarks and service marks of the Frank
Russell Company.
8 2003 SEMIANNUAL REPORT TIAA-CREF Life Funds
TIAA-CREF
REAL ESTATE SECURITIES FUND Life Funds
PORTFOLIO PROFILE
- - Invests at least 80% of its assets in equity and fixed-income securities
of companies that are principally engaged in, or related to, the real
estate industry, including those that own significant real estate assets,
such as real estate investment trusts ("REITs"). The fund does not make
direct investments in real estate.
- - Uses a research-oriented process with a focus on cash flows, asset values,
and our belief in management's ability to increase shareholder value.
- - May invest up to 10% of the fund's assets in real estate securities of
foreign issuers and up to 20% of its assets in equity or debt securities
of issuers that are not engaged in, or related to, the real estate
industry.
PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003
For the period, the Real Estate Securities Fund returned 17.52%, significantly
outpacing both the 13.47% return of its benchmark, the Wilshire Real Estate
Securities Index, and the 14.19% average return of similar funds, as measured by
the Morningstar Specialty Real Estate category.
Large amounts of money flowed into REITs (Real Estate Investment Trusts),
the real estate securities in which the fund invests, particularly during the
second quarter. Investors were seeking alternatives to the historically low
interest rates in the credit markets. This boosted returns in the REITs market,
despite lagging performance in the real estate industry, where cash flows were
down 3 to 4 percent.
The fund was able to add substantial additional value beyond the return of
the benchmark, mainly through judicious sector allocations. The fund benefited
from oversized exposure, in comparison with the benchmark, in local shopping
centers, factory outlets, and industrial space, all of which are less sensitive
than other kinds of properties to downturns in the economy.
In addition, the fund's performance was helped by reduced exposure,
relative to the benchmark, in the apartment sector. This market area has
suffered as low interest rates continue to encourage renters to buy homes of
their own. Reduced exposure to regional malls and lodging, both dependent on
discretionary spending, and to the office sector, where vacancy rates were high,
also boosted performance.
Throughout the quarter, the fund maintained a well-diversified portfolio
in nine sectors and across all three cap sizes in order to reduce the risk of
underperforming its benchmark.
INVESTMENT OBJECTIVE
The fund seeks to obtain a favorable, long-term total return through both
capital appreciation and current income, by investing primarily in equity and
fixed-income securities of companies principally engaged in, or related to, the
real estate industry.
$10,000 OVER LIFE OF FUND
[LINE CHART]
REAL ESTATE WILSHIRE MORNINGSTAR
--------------- --------------- ---------------
OCT 31/2002 10000 10000 10000
OCT 31/2002 9941 9920 9947
NOV 30/2002 10287 10411 10345
DEC 31/2002 10494 10563 10471
JAN 31/2003 10365 10254 10223
FEB 28/2003 10541 10405 10377
MAR 31/2003 10794 10669 10602
APR 30/2003 11278 11118 11048
MAY 31/2003 11999 11756 11687
JUN 30/2003 12334 11986 11957
TEN LARGEST HOLDINGS AS OF 6/30/2003
PERCENT OF
COMPANY NET ASSETS MARKET VALUE
- ------- ---------- ------------
Vornado Realty Trust 4.48 $1,290,560
Colonial Properties Trust 4.42 1,272,600
Simon Property Group, Inc 4.06 1,170,900
Eastgroup Properties, Inc 3.75 1,080,000
Ramco-Gershenson Properties 3.41 982,105
Boston Properties, Inc 2.99 862,860
Hospitality Properties Trust 2.96 853,500
General Growth Properties, Inc 2.82 811,720
Equity Office Properties Trust 2.81 810,300
Nationwide Health Properties, Inc 2.76 796,500
PERFORMANCE AT A GLANCE AS OF 6/30/2003
TOTAL RETURN(1) 2003 NET ASSETS
------------------------ --------------------
SINCE ANNUAL (IN
6 MONTHS INCEPTION(2) EXPENSES MILLIONS)
-------- ----------- -------- ---------
REAL ESTATE SECURITIES FUND(3) 17.52% 23.32% 0.25% $28.81
Wilshire Real Estate Securities Index 13.47 19.86 -- --
Morningstar Specialty Real Estate category 14.19 19.69 -- --
1 Past performance is no guarantee of future results. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
2 Inception date of the Real Estate Securities Fund was 10/28/02.
3 The Real Estate Securities Fund is not diversified by sector, and this
concentration can lead to greater price volatility. The real estate
industry is subject to various risks, including fluctuations in underlying
property values, expenses and income, and potential environmental risks.
TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT 9
Statement of Investments (Unaudited) - GROWTH EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary by Industry
VALUE %
-------------------------------------------------------------------
COMMON STOCK:
Amusement and Recreation Services............ $ 3,951 0.01%
Apparel and Accessory Stores................. 552,393 1.15
Apparel and Other Textile Products........... 5,141 0.01
Automotive Dealers and Service Stations...... 48,957 0.10
Building Materials and Garden Supplies....... 1,249,597 2.60
Business Services............................ 5,986,069 12.46
Chemicals and Allied Products................ 9,486,799 19.75
Coal Mining.................................. 4,548 0.01
Communications............................... 1,382,921 2.88
Depository Institutions...................... 1,012,987 2.11
Eating and Drinking Places................... 319,835 0.66
Educational Services......................... 206,634 0.43
Electric, Gas, and Sanitary Services......... 33,017 0.07
Electronic and Other Electric Equipment...... 5,717,377 11.90
Engineering and Management Services.......... 201,317 0.42
Fabricated Metal Products.................... 176,123 0.37
Food and Kindred Products.................... 2,127,535 4.43
Food Stores.................................. 114,489 0.24
Furniture and Fixtures....................... 190,026 0.40
Furniture and Homefurnishings Stores......... 184,176 0.38
General Building Contractors................. 27,403 0.06
General Merchandise Stores................... 1,867,804 3.89
Health Services.............................. 673,414 1.40
Holding and Other Investment Offices......... 27,131 0.06
Hotels and Other Lodging Places.............. 317,703 0.66
Industrial Machinery and Equipment........... 4,762,559 9.91
Instruments and Related Products............. 1,808,456 3.76
Insurance Agents, Brokers and Service........ 291,062 0.61
Insurance Carriers........................... 1,443,649 3.01
Leather and Leather Products................. 53,448 0.11
Metal Mining................................. 35,706 0.07
Miscellaneous Manufacturing Industries....... 2,644 0.01
Miscellaneous Retail......................... 607,335 1.26
Motion Pictures.............................. 6,527 0.01
Nondepository Institutions................... 2,084,665 4.34
Oil and Gas Extraction....................... 271,288 0.56
Paper and Allied Products.................... 130,350 0.27
Personal Services............................ 112,509 0.23
Petroleum and Coal Products.................. 28,404 0.06
Printing and Publishing...................... 208,034 0.43
Real Estate.................................. 22,560 0.05
Rubber and Miscellaneous Plastics Products... 60,428 0.13
Security and Commodity Brokers............... 309,516 0.64
Textile Mill Products........................ 27,765 0.06
Tobacco Products............................. 426,033 0.89
Transportation By Air........................ 69,358 0.14
Transportation Equipment..................... 757,958 1.58
Transportation Services...................... 101,821 0.21
Trucking and Warehousing..................... 241,276 0.50
Wholesale Trade-Durable Goods................ 1,555,363 3.24
Wholesale Trade-Nondurable Goods............. 392,288 0.82
----------- ------
TOTAL COMMON STOCK (Cost $56,772,602)........ 47,728,349 99.35
----------- ------
TOTAL PORTFOLIO (Cost $56,772,602)........... 47,728,349 99.35
OTHER ASSETS & LIABILITIES, NET.............. 312,615 0.65
----------- ------
NET ASSETS................................... $48,040,964 100.00%
=========== ======
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCK--99.35%
AMUSEMENT AND RECREATION SERVICES--0.01%
100 International Speedway Corp (Class A)... $ 3,951
-----------
TOTAL AMUSEMENT AND RECREATION SERVICES 3,951
-----------
APPAREL AND ACCESSORY STORES--1.15%
800 *Abercrombie & Fitch Co (Class A)....... 22,728
425 *American Eagle Outfitters, Inc. ....... 7,701
711 *Chico's FAS, Inc. ..................... 14,967
500 Foot Locker, Inc. ...................... 6,625
18,092 Gap, Inc. .............................. 339,406
1,600 Limited Brands, Inc. ................... 24,800
800 Ross Stores, Inc. ...................... 34,192
200 Talbots, Inc. .......................... 5,890
5,100 TJX Cos, Inc. .......................... 96,084
-----------
TOTAL APPAREL AND ACCESSORY STORES 552,393
-----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.01%
100 *Columbia Sportswear Co. ............... 5,141
-----------
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 5,141
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.10%
139 *Advance Auto Parts..................... 8,465
694 *Carmax, Inc. .......................... 20,924
600 *Copart, Inc. .......................... 5,670
285 *O'Reilly Automotive, Inc. ............. 9,516
200 *Sonic Automotive, Inc. ................ 4,382
-----------
TOTAL AUTOMOTIVE DEALERS AND SERVICE
STATIONS 48,957
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--2.60%
600 Fastenal Co. ........................... 20,364
15,445 Home Depot, Inc. ....................... 511,538
16,710 Lowe's Cos.............................. 717,695
-----------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 1,249,597
-----------
BUSINESS SERVICES--12.46%
750 *Activision, Inc. ...................... 9,690
500 *Acxiom Corp. .......................... 7,545
400 Adobe Systems, Inc. .................... 12,828
300 *Advent Software, Inc. ................. 5,073
421 *Affiliated Computer Services, Inc
(Class A)............................. 19,252
400 *Alliance Data Systems Corp. ........... 9,360
100 *AMN Healthcare Services, Inc. ......... 1,270
19,900 *AOL Time Warner, Inc. ................. 320,191
300 Autodesk, Inc. ......................... 4,848
11,778 Automatic Data Processing, Inc. ........ 398,803
13,101 *BEA Systems, Inc. ..................... 142,277
1,000 *Bisys Group, Inc. ..................... 18,370
1,300 *BMC Software, Inc. .................... 21,229
2,456 *Brocade Communications Systems,
Inc. ................................. 14,466
2,500 *Cadence Design Systems, Inc. .......... 30,150
400 *Catalina Marketing Corp. .............. 7,060
1,100 *Ceridian Corp. ........................ 18,667
300 *Cerner Corp. .......................... 6,885
600 *Certegy, Inc. ......................... 16,650
300 *Checkfree Corp. ....................... 8,352
801 *ChoicePoint, Inc. ..................... 27,651
100 *Computer Sciences Corp. ............... 3,812
1,400 *Compuware Corp. ....................... 8,078
1,600 *Convergys Corp. ....................... 25,600
500 *CSG Systems International, Inc. ....... 7,065
600 *D&B Corp. ............................. 24,660
600 Deluxe Corp. ........................... 26,880
5,122 *DST Systems, Inc. ..................... 194,636
</Table>
10 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - GROWTH EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
1,300 Equifax, Inc. .......................... $ 33,800
451 Fair Isaac Corp. ....................... 23,204
4,733 First Data Corp. ....................... 196,136
1,800 *Fiserv, Inc. .......................... 64,098
100 *Genesisintermedia, Inc. ............... 0
200 *Getty Images, Inc. .................... 8,260
400 GTECH Holdings Corp. ................... 15,060
600 Henry (Jack) & Associates, Inc. ........ 10,674
37 *Hudson Highland Group, Inc. ........... 703
1,400 *i2 Technologies, Inc. ................. 1,414
2,448 IMS Health, Inc. ....................... 44,040
2 *InterWorld Corp. ...................... 0
900 *Intuit, Inc. .......................... 40,077
400 *Iron Mountain, Inc. ................... 14,836
1,000 *J.D. Edwards & Co. .................... 14,330
500 *Lamar Advertising Co. ................. 17,605
400 *Macromedia, Inc. ...................... 8,416
500 Manpower, Inc. ......................... 18,545
85,958 Microsoft Corp. ........................ 2,201,384
399 *Mindspeed Technologies, Inc. .......... 1,069
500 *Monster Worldwide, Inc. ............... 9,865
300 *National Instruments Corp. ............ 11,334
1,423 *Network Associates, Inc. .............. 18,044
260 Omnicom Group, Inc. .................... 18,642
62,003 *Oracle Corp. .......................... 745,276
5,311 *Peoplesoft, Inc. ...................... 93,420
600 *Perot Systems Corp (Class A)........... 6,816
200 *Pixar, Inc. ........................... 12,168
700 *RealNetworks, Inc. .................... 4,746
300 *Rent-A-Center, Inc. ................... 22,743
600 Reynolds & Reynolds Co (Class A)........ 17,136
1,500 *Robert Half International, Inc. ....... 28,410
6,636 SAP AG. (Spon ADR)...................... 193,904
48,920 *Sun Microsystems, Inc. ................ 225,032
2,000 *SunGard Data Systems, Inc. ............ 51,820
400 *Sybase, Inc. .......................... 5,564
4,642 *Symantec Corp. ........................ 203,598
725 *Titan Corp. ........................... 7,460
300 Total System Services, Inc. ............ 6,690
500 *Unisys Corp. .......................... 6,140
100 *United Rentals, Inc. .................. 1,389
1,000 *VeriSign, Inc. ........................ 13,830
700 Viad Corp. ............................. 15,673
1,400 *WebMD Corp. ........................... 15,162
700 *Westwood One, Inc. .................... 23,751
3,738 *Yahoo!, Inc. .......................... 122,457
-----------
TOTAL BUSINESS SERVICES 5,986,069
-----------
CHEMICALS AND ALLIED PRODUCTS--19.75%
22,605 Abbott Laboratories..................... 989,195
3,733 Alcon, Inc. ............................ 170,598
21,838 *Amgen, Inc. ........................... 1,462,709
600 *Andrx Corp. ........................... 11,940
700 Avery Dennison Corp. ................... 35,140
5,327 Avon Products, Inc. .................... 331,339
1,306 *Barr Laboratories, Inc. ............... 85,543
4,102 Bristol-Myers Squibb Co. ............... 111,369
80 Cabot Corp. 2,296
400 *Charles River Laboratories
International, Inc. .................. 12,872
900 *Chiron Corp. .......................... 39,348
200 Church & Dwight Co, Inc. ............... 6,546
800 Clorox Co. ............................. 34,120
4,551 Colgate-Palmolive Co. .................. 263,730
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
200 Diagnostic Products Corp. .............. $ 8,210
500 Dial Corp............................... 9,725
2,400 Ecolab, Inc............................. 61,440
700 Estee Lauder Cos (Class A).............. 23,471
3,070 *Forest Laboratories, Inc............... 168,083
600 *Genentech, Inc......................... 43,272
5,895 Gillette Co............................. 187,815
600 *Human Genome Sciences, Inc............. 7,632
200 ICN Pharmaceuticals, Inc................ 3,352
300 International Flavors & Fragrances,
Inc................................... 9,579
228 *Invitrogen Corp........................ 8,748
1,400 *IVAX Corp.............................. 24,990
2,254 Lilly (Eli) & Co........................ 155,458
200 Medicis Pharmaceutical Corp (Class A)... 11,340
10,474 Merck & Co, Inc......................... 634,201
800 *Millennium Pharmaceuticals, Inc........ 12,584
3,331 Mylan Laboratories, Inc................. 115,819
29 *OM Group, Inc.......................... 427
176 b*Organogenesis, Inc.................... 12
89,517 Pfizer, Inc............................. 3,057,006
3,728 Procter & Gamble Co..................... 332,463
200 *Ribapharm, Inc......................... 1,290
51 *Scotts Co (Class A).................... 2,525
1,000 *SICOR, Inc............................. 20,340
100 Sigma-Aldrich Corp...................... 5,418
150 Valspar Corp............................ 6,333
400 *Watson Pharmaceuticals, Inc............ 16,148
22,006 Wyeth................................... 1,002,373
-----------
TOTAL CHEMICALS AND ALLIED PRODUCTS 9,486,799
-----------
COAL MINING--0.01%
200 Consol Energy, Inc...................... 4,548
-----------
TOTAL COAL MINING 4,548
-----------
COMMUNICATIONS--2.88%
310 b*Arch Wireless, Inc.................... 0
400 *Avaya, Inc............................. 2,584
7,620 *Clear Channel Communications, Inc...... 323,012
200 *Comcast Corp Special................... 5,766
200 *Cox Radio, Inc (Class A)............... 4,622
100 *Cumulus Media, Inc (Class A)........... 1,893
300 *Entercom Communications Corp........... 14,703
2 b*Focal Communications Corp............. 0
15 b*Focal Communications Corp Wts
12/14/07.............................. 0
600 *Fox Entertainment Group, Inc (Class
A).................................... 17,268
300 Global Payments, Inc.................... 10,650
400 *Hispanic Broadcasting Corp............. 10,180
7,524 *InterActiveCorp........................ 297,725
18,900 *Level 3 Communications, Inc............ 125,496
110 *Lin TV Corp (Class A).................. 2,591
2,900 *Nextel Communications, Inc (Class A)... 52,432
100 *PanAmSat Corp.......................... 1,843
400 *Radio One, Inc (Class D)............... 7,108
9 *Spectrasite, Inc....................... 231
100 *UnitedGlobalcom, Inc (Class A)......... 517
11,427 *Viacom, Inc (Class B).................. 498,903
200 *West Corp.............................. 5,330
464 b*WorldCom, Inc (MCI Group)............. 67
-----------
TOTAL COMMUNICATIONS 1,382,921
-----------
DEPOSITORY INSTITUTIONS--2.11%
6,328 Citigroup, Inc.......................... 270,838
558 Commerce Bancorp, Inc................... 20,702
4,800 *Concord EFS, Inc....................... 70,656
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 11
Statement of Investments (Unaudited) - GROWTH EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
4,883 Fifth Third Bancorp..................... $ 279,991
100 Hudson United Bancorp................... 3,415
400 New York Community Bancorp, Inc......... 11,636
400 North Fork Bancorp, Inc................. 13,624
900 Northern Trust Corp..................... 37,611
200 Provident Financial Group, Inc.......... 5,126
2,887 Synovus Financial Corp.................. 62,071
400 TCF Financial Corp...................... 15,936
4,307 Wells Fargo & Co........................ 217,073
100 Westamerica Bancorp..................... 4,308
-----------
TOTAL DEPOSITORY INSTITUTIONS 1,012,987
-----------
EATING AND DRINKING PLACES--0.66%
500 Applebee's International, Inc........... 15,715
300 *Aramark Corp (Class B)................. 6,726
4,871 *Brinker International, Inc............. 175,453
76 CBRL Group, Inc......................... 2,953
200 *CEC Entertainment, Inc................. 7,386
1,600 Darden Restaurants, Inc................. 30,368
400 *Krispy Kreme Doughnuts, Inc............ 16,472
300 Outback Steakhouse, Inc................. 11,700
600 Ruby Tuesday, Inc....................... 14,838
500 *The Cheesecake Factory, Inc............ 17,945
700 Wendy's International, Inc.............. 20,279
-----------
TOTAL EATING AND DRINKING PLACES 319,835
-----------
EDUCATIONAL SERVICES--0.43%
2,354 *Apollo Group, Inc (Class A)............ 145,383
144 *Apollo Group, Inc (University Of
Phoenix Online)....................... 7,301
431 *Career Education Corp.................. 29,489
500 *DeVry, Inc............................. 11,645
241 *Education Management Corp.............. 12,816
-----------
TOTAL EDUCATIONAL SERVICES 206,634
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--0.07%
1,600 *AES Corp............................... 10,160
1,000 *Allied Waste Industries, Inc........... 10,050
1,028 *Calpine Corp........................... 6,785
100 b*Covanta Energy Corp................... 1
700 *Mirant Corp............................ 2,030
100 b*NewPower Holdings, Inc................ 41
500 Williams Cos, Inc....................... 3,950
-----------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 33,017
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--11.90%
3,100 *ADC Telecommunications, Inc............ 7,217
400 *Advanced Fibre Communications, Inc..... 6,508
1,000 *Advanced Micro Devices, Inc............ 6,410
2,200 *Agere Systems, Inc (Class A)........... 5,126
6,433 *Agere Systems, Inc (Class B)........... 14,796
9,238 *Altera Corp............................ 151,503
200 American Power Conversion Corp.......... 3,118
500 *Amkor Technology, Inc.................. 6,570
200 *Amphenol Corp (Class A)................ 9,364
3,076 *Analog Devices, Inc.................... 107,106
1,400 *Applied Micro Circuits Corp............ 8,470
2,700 *Atmel Corp............................. 6,831
1,200 *Conexant Systems, Inc.................. 4,920
900 *Cypress Semiconductor Corp............. 10,800
100 *Energizer Holdings, Inc................ 3,140
1,000 *Fairchild Semiconductor International,
Inc................................... 12,790
1,000 *Gemstar-TV Guide International, Inc.... 5,090
92,104 General Electric Co..................... 2,641,543
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
253 Harman International Industries, Inc.... $ 20,022
300 Harris Corp............................. 9,015
400 *Integrated Circuit Systems, Inc........ 12,572
600 *Integrated Device Technology, Inc...... 6,630
57,921 Intel Corp.............................. 1,203,830
500 *International Rectifier Corp........... 13,410
700 *Intersil Corp (Class A)................ 18,627
1,300 *Jabil Circuit, Inc..................... 28,730
5,600 *JDS Uniphase Corp...................... 19,656
1,800 *LSI Logic Corp......................... 12,744
8,127 Maxim Integrated Products, Inc.......... 277,862
700 Maytag Corp............................. 17,094
600 *Micrel, Inc............................ 6,234
1,900 Microchip Technology, Inc............... 46,550
1,100 Molex, Inc.............................. 29,689
1,411 *National Semiconductor Corp............ 27,825
6,744 *Novellus Systems, Inc.................. 246,972
1,200 *Nvidia Corp............................ 27,612
1,600 *PMC-Sierra, Inc........................ 18,768
700 *Polycom, Inc........................... 9,702
844 *QLogic Corp............................ 40,791
4,770 Qualcomm, Inc........................... 170,528
1,500 *RF Micro Devices, Inc.................. 9,030
100 Rockwell Collins, Inc................... 2,463
400 *Sanmina-SCI Corp....................... 2,524
600 *Semtech Corp........................... 8,544
1,800 *Tellabs, Inc........................... 11,826
8,164 Texas Instruments, Inc.................. 143,686
600 *Utstarcom, Inc......................... 21,342
298 *Vishay Intertechnology, Inc............ 3,934
9,398 *Xilinx, Inc............................ 237,863
-----------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 5,717,377
-----------
ENGINEERING AND MANAGEMENT SERVICES--0.42%
500 *Affymetrix, Inc........................ 9,855
1,600 *BearingPoint, Inc...................... 15,440
700 *Celgene Corp........................... 21,280
73 *Corporate Executive Board Co........... 2,980
100 Fluor Corp.............................. 3,364
1,082 Halliburton Co.......................... 24,886
300 *Jacobs Engineering Group, Inc.......... 12,645
3,100 Paychex, Inc............................ 90,861
400 *Pharmaceutical Product Development,
Inc................................... 11,492
600 *Quintiles Transnational Corp........... 8,514
-----------
TOTAL ENGINEERING AND MANAGEMENT
SERVICES 201,317
-----------
FABRICATED METAL PRODUCTS--0.37%
300 *Alliant Techsystems, Inc............... 15,573
100 Ball Corp............................... 4,551
1,057 Danaher Corp............................ 71,929
1,000 Illinois Tool Works, Inc................ 65,850
200 Masco Corp.............................. 4,770
200 *Shaw Group, Inc........................ 2,410
400 Stanley Works........................... 11,040
-----------
TOTAL FABRICATED METAL PRODUCTS 176,123
-----------
FOOD AND KINDRED PRODUCTS--4.43%
3,208 Anheuser-Busch Cos, Inc................. 163,768
14,139 Coca-Cola Co............................ 656,191
300 *Constellation Brands, Inc (Class A).... 9,420
200 Dreyer's Grand Ice Cream Holdings,
Inc................................... 15,724
2,500 General Mills, Inc...................... 118,525
75 H.J. Heinz Co........................... 2,474
436 Hershey Foods Corp...................... 30,372
</Table>
12 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - GROWTH EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
FOOD AND KINDRED PRODUCTS--(CONTINUED)
700 Kraft Foods, Inc (Class A).............. $ 22,785
700 McCormick & Co, Inc (Non-Vote).......... 19,040
1,600 Pepsi Bottling Group, Inc............... 32,032
20,928 PepsiCo, Inc............................ 931,296
3,200 Sara Lee Corp........................... 60,192
206 Tootsie Roll Industries, Inc............ 6,281
1,057 Wrigley (Wm.) Jr Co..................... 59,435
-----------
TOTAL FOOD AND KINDRED PRODUCTS 2,127,535
-----------
FOOD STORES--0.24%
3,700 *Starbucks Corp......................... 90,724
500 *Whole Foods Market, Inc................ 23,765
-----------
TOTAL FOOD STORES 114,489
-----------
FURNITURE AND FIXTURES--0.40%
166 Ethan Allen Interiors, Inc.............. 5,837
300 *Furniture Brands International, Inc.... 7,830
700 Herman Miller, Inc...................... 14,147
600 Leggett & Platt, Inc.................... 12,300
5,354 Newell Rubbermaid, Inc.................. 149,912
-----------
TOTAL FURNITURE AND FIXTURES 190,026
-----------
FURNITURE AND HOMEFURNISHINGS STORES--0.38%
2,800 *Bed Bath & Beyond, Inc................. 108,668
300 Circuit City Stores, Inc (Circuit City
Group)................................ 2,640
100 *Gamestop Corp.......................... 1,292
300 Pier 1 Imports, Inc..................... 6,120
1,600 RadioShack Corp......................... 42,096
800 *Williams-Sonoma, Inc................... 23,360
-----------
TOTAL FURNITURE AND HOMEFURNISHINGS
STORES 184,176
-----------
GENERAL BUILDING CONTRACTORS--0.06%
200 D.R. Horton, Inc........................ 5,620
53 *NVR, Inc............................... 21,783
-----------
TOTAL GENERAL BUILDING CONTRACTORS 27,403
-----------
GENERAL MERCHANDISE STORES--3.89%
400 *99 Cents Only Stores................... 13,728
600 *Big Lots, Inc.......................... 9,024
700 *BJ's Wholesale Club, Inc............... 10,542
2,200 *Costco Wholesale Corp.................. 80,520
2,600 Dollar General Corp..................... 47,476
1,100 *Dollar Tree Stores, Inc................ 34,903
1,500 Family Dollar Stores, Inc............... 57,225
1,156 *Kohl's Corp............................ 59,395
4,946 Target Corp............................. 187,157
25,486 Wal-Mart Stores, Inc.................... 1,367,834
-----------
TOTAL GENERAL MERCHANDISE STORES 1,867,804
-----------
HEALTH SERVICES--1.40%
450 *Accredo Health, Inc.................... 9,810
300 *Community Health Systems, Inc.......... 5,787
200 *Coventry Health Care, Inc.............. 9,232
550 *DaVita, Inc............................ 14,729
4,814 *Express Scripts, Inc................... 328,363
1,000 *First Health Group Corp................ 27,620
3,352 HCA, Inc................................ 107,398
2,300 Health Management Associates, Inc (Class
A).................................... 42,435
200 *Healthsouth Corp....................... 104
400 *LifePoint Hospitals, Inc............... 8,376
1,000 *Lincare Holdings, Inc.................. 31,510
400 *Manor Care, Inc........................ 10,004
401 *Orthodontic Centers Of America, Inc.... 3,212
400 *Renal Care Group, Inc.................. 14,084
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
2,875 *Tenet Healthcare Corp.................. $ 33,494
300 *Triad Hospitals, Inc................... 7,446
500 *Universal Health Services, Inc (Class
B).................................... 19,810
-----------
TOTAL HEALTH SERVICES 673,414
-----------
HOLDING AND OTHER INVESTMENT OFFICES--0.06%
797 Allied Capital Corp..................... 18,411
100 Greater Bay Bancorp..................... 2,054
100 *Pinnacle Holdings, Inc (Old)........... 0
74 Popular, Inc............................ 2,856
100 Rouse Co................................ 3,810
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 27,131
-----------
HOTELS AND OTHER LODGING PLACES--0.66%
200 *Extended Stay America, Inc............. 2,698
11,018 Starwood Hotels & Resorts Worldwide,
Inc................................... 315,005
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 317,703
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--9.91%
922 3M Co................................... 118,920
500 *Adaptec, Inc........................... 3,890
400 *AGCO Corp.............................. 6,832
29,033 *Applied Materials, Inc................. 460,463
6,975 Baker Hughes, Inc....................... 234,151
700 Black & Decker Corp..................... 30,415
83,221 *Cisco Systems, Inc..................... 1,380,636
400 *Cooper Cameron Corp.................... 20,152
300 *Cymer, Inc............................. 9,603
19,258 *Dell Computer Corp..................... 615,486
253 Donaldson Co, Inc....................... 11,246
7,727 *EMC Corp............................... 80,902
600 *Emulex Corp............................ 13,662
500 *Flowserve Corp......................... 9,835
500 Graco, Inc.............................. 16,000
1,000 *Grant Prideco, Inc..................... 11,750
14,784 International Business Machines Corp.... 1,219,680
2,600 International Game Technology........... 266,058
74 ITT Industries, Inc..................... 4,844
1,200 *Lam Research Corp...................... 21,852
601 *Lexmark International, Inc............. 42,533
500 *National-Oilwell, Inc.................. 11,000
2,800 *Network Appliance, Inc................. 45,388
100 Pall Corp............................... 2,250
1,400 Pitney Bowes, Inc....................... 53,774
1,000 *Smith International, Inc............... 36,740
200 *Storage Technology Corp................ 5,148
1,100 Symbol Technologies, Inc................ 14,311
200 *Zebra Technologies Corp (Class A)...... 15,038
-----------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 4,762,559
-----------
INSTRUMENTS AND RELATED PRODUCTS--3.76%
1,300 *Agilent Technologies, Inc.............. 25,415
1,900 Applera Corp (Applied Biosystems
Group)................................ 36,157
600 Beckman Coulter, Inc.................... 24,384
400 Becton Dickinson & Co................... 15,540
2,500 Biomet, Inc............................. 71,650
7,067 *Boston Scientific Corp................. 431,794
1,100 *Cytyc Corp............................. 11,572
700 Dentsply International, Inc............. 28,630
400 *Edwards Lifesciences Corp.............. 12,856
500 *Fisher Scientific International, Inc... 17,450
286 Guidant Corp............................ 12,696
17,364 Medtronic, Inc.......................... 832,951
300 *Mettler-Toledo International, Inc...... 10,995
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 13
Statement of Investments (Unaudited) - GROWTH EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED)
473 *Millipore Corp......................... $ 20,987
200 *MKS Instruments, Inc................... 3,614
462 PerkinElmer, Inc........................ 6,380
93 *Respironics, Inc....................... 3,489
1,500 *St. Jude Medical, Inc.................. 86,250
600 *Steris Corp............................ 13,854
818 Stryker Corp............................ 56,745
100 *Tektronix, Inc......................... 2,160
500 *Thermo Electron Corp................... 10,510
650 *Varian Medical Systems, Inc............ 37,421
1,200 *Waters Corp............................ 34,956
-----------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,808,456
-----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.61%
500 Brown & Brown, Inc...................... 16,250
800 Gallagher (Arthur J.) & Co.............. 21,760
4,955 Marsh & McLennan Cos, Inc............... 253,052
-----------
TOTAL INSURANCE AGENTS, BROKERS AND
SERVICE 291,062
-----------
INSURANCE CARRIERS--3.01%
700 *AdvancePCS............................. 26,761
2,400 Aflac, Inc.............................. 73,800
51 Ambac Financial Group, Inc.............. 3,379
6,133 American International Group, Inc....... 338,419
9,566 *Anthem, Inc............................ 738,017
87 HCC Insurance Holdings, Inc............. 2,573
200 *Health Net, Inc........................ 6,590
462 *Mid Atlantic Medical Services, Inc..... 24,163
800 *Oxford Health Plans, Inc............... 33,624
1,100 Progressive Corp........................ 80,410
1,375 *Wellpoint Health Networks, Inc......... 115,913
-----------
TOTAL INSURANCE CARRIERS 1,443,649
-----------
LEATHER AND LEATHER PRODUCTS--0.11%
862 *Coach, Inc............................. 42,876
200 *Timberland Co (Class A)................ 10,572
-----------
TOTAL LEATHER AND LEATHER PRODUCTS 53,448
-----------
METAL MINING--0.07%
1,100 Newmont Mining Corp..................... 35,706
-----------
TOTAL METAL MINING 35,706
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.01%
200 Callaway Golf Co........................ 2,644
-----------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 2,644
-----------
MISCELLANEOUS RETAIL--1.26%
110 *Amazon.com, Inc........................ 4,014
100 *Barnes & Noble, Inc.................... 2,305
1,160 *eBay, Inc.............................. 120,849
600 Michaels Stores, Inc.................... 22,836
200 *MSC Industrial Direct Co (Class A)..... 3,580
400 Omnicare, Inc........................... 13,516
100 *Petco Animal Supplies, Inc............. 2,174
1,300 Petsmart, Inc........................... 21,671
1,500 *Rite Aid Corp.......................... 6,675
4,400 *Staples, Inc........................... 80,740
1,043 Tiffany & Co............................ 34,085
9,797 Walgreen Co............................. 294,890
-----------
TOTAL MISCELLANEOUS RETAIL 607,335
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
MOTION PICTURES--0.01%
100 Blockbuster, Inc (Class A).............. $ 1,685
200 *Metro-Goldwyn-Mayer, Inc............... 2,484
100 Regal Entertainment Group (Class A)..... 2,358
-----------
TOTAL MOTION PICTURES 6,527
-----------
NONDEPOSITORY INSTITUTIONS--4.34%
13,567 American Express Co..................... 567,236
1,100 *AmeriCredit Corp....................... 9,405
450 Doral Financial Corp.................... 20,093
16,922 Fannie Mae.............................. 1,141,220
8 Freddie Mac............................. 406
16,173 MBNA Corp............................... 337,045
1,000 *Providian Financial Corp............... 9,260
-----------
TOTAL NONDEPOSITORY INSTITUTIONS 2,084,665
-----------
OIL AND GAS EXTRACTION--0.56%
2,614 Apache Corp............................. 170,067
200 *Cimarex Energy Co...................... 4,750
496 Devon Energy Corp....................... 26,486
2,000 b*Enron Corp............................ 98
200 *Forest Oil Corp........................ 5,024
20 *Magnum Hunter Resources, Inc Wts
03/21/05.............................. 7
298 *Newfield Exploration Co................ 11,190
300 Noble Energy, Inc....................... 11,340
600 *Patterson-UTI Energy, Inc.............. 19,440
100 Pogo Producing Co....................... 4,275
300 Tidewater, Inc.......................... 8,811
500 *Varco International, Inc............... 9,800
-----------
TOTAL OIL AND GAS EXTRACTION 271,288
-----------
PAPER AND ALLIED PRODUCTS--0.27%
2,500 Kimberly-Clark Corp..................... 130,350
-----------
TOTAL PAPER AND ALLIED PRODUCTS 130,350
-----------
PERSONAL SERVICES--0.23%
1,100 Cintas Corp............................. 38,984
1,700 H & R Block, Inc........................ 73,525
-----------
TOTAL PERSONAL SERVICES 112,509
-----------
PETROLEUM AND COAL PRODUCTS--0.06%
540 Murphy Oil Corp......................... 28,404
-----------
TOTAL PETROLEUM AND COAL PRODUCTS 28,404
-----------
PRINTING AND PUBLISHING--0.43%
300 Dow Jones & Co, Inc..................... 12,909
400 Harte-Hanks, Inc........................ 7,600
1,600 McGraw-Hill Cos, Inc.................... 99,200
52 Meredith Corp........................... 2,288
900 New York Times Co (Class A)............. 40,950
200 R.R. Donnelley & Sons Co................ 5,228
300 Reader's Digest Association, Inc (Class
A).................................... 4,044
100 *Scholastic Corp........................ 2,978
252 Scripps (E.W.) Co (Class A)............. 22,357
400 Wiley (John) & Sons, Inc (Class A)...... 10,480
-----------
TOTAL PRINTING AND PUBLISHING 208,034
-----------
REAL ESTATE--0.05%
600 *Catellus Development Corp.............. 13,200
300 St. Joe Co.............................. 9,360
-----------
TOTAL REAL ESTATE 22,560
-----------
</Table>
14 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - GROWTH EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.13%
506 Nike, Inc (Class B)..................... $ 27,066
700 *Sealed Air Corp........................ 33,362
-----------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 60,428
-----------
SECURITY AND COMMODITY BROKERS--0.64%
200 *Affiliated Managers Group, Inc......... 12,190
200 *Blackrock, Inc......................... 9,008
10,463 Charles Schwab Corp..................... 105,572
1,200 *E*trade Group, Inc..................... 10,200
600 Eaton Vance Corp........................ 18,960
800 Federated Investors, Inc (Class B)...... 21,936
500 *Investment Technology Group, Inc....... 9,300
600 Investors Financial Services Corp....... 17,406
300 Janus Capital Group, Inc................ 4,920
353 Legg Mason, Inc......................... 22,927
500 Neuberger Berman, Inc................... 19,955
200 Nuveen Investments, Inc................. 5,448
700 SEI Investments Co...................... 22,400
300 T Rowe Price Group, Inc................. 11,325
700 Waddell & Reed Financial, Inc (Class
A).................................... 17,969
-----------
TOTAL SECURITY AND COMMODITY BROKERS 309,516
-----------
TEXTILE MILL PRODUCTS--0.06%
500 *Mohawk Industries, Inc................. 27,765
-----------
TOTAL TEXTILE MILL PRODUCTS 27,765
-----------
TOBACCO PRODUCTS--0.89%
8,759 Altria Group, Inc....................... 398,009
800 UST, Inc................................ 28,024
-----------
TOTAL TOBACCO PRODUCTS 426,033
-----------
TRANSPORTATION BY AIR--0.14%
300 Skywest, Inc............................ 5,718
3,700 Southwest Airlines Co................... 63,640
-----------
TOTAL TRANSPORTATION BY AIR 69,358
-----------
TRANSPORTATION EQUIPMENT--1.58%
3,184 Boeing Co............................... 109,275
400 General Dynamics Corp................... 29,000
700 *Gentex Corp............................ 21,427
2,900 Harley-Davidson, Inc.................... 115,594
200 Polaris Industries, Inc................. 12,280
6,641 United Technologies Corp................ 470,382
-----------
TOTAL TRANSPORTATION EQUIPMENT 757,958
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
TRANSPORTATION SERVICES--0.21%
600 C.H. Robinson Worldwide, Inc............ $ 21,336
193 *Expedia, Inc........................... 14,799
900 Expeditors International Of Washington,
Inc................................... 31,176
1,400 Sabre Holdings Corp..................... 34,510
-----------
TOTAL TRANSPORTATION SERVICES 101,821
-----------
TRUCKING AND WAREHOUSING--0.50%
300 *Swift Transportation Co, Inc........... 5,586
3,700 United Parcel Service, Inc (Class B).... 235,690
-----------
TOTAL TRUCKING AND WAREHOUSING 241,276
-----------
WHOLESALE TRADE-DURABLE GOODS--3.24%
500 *Apogent Technologies, Inc.............. 10,000
200 *Arrow Electronics, Inc................. 3,048
23 *Brightpoint, Inc....................... 283
522 *CDW Corp............................... 23,908
200 *Ingram Micro, Inc (Class A)............ 2,200
28,831 Johnson & Johnson....................... 1,490,563
500 *Patterson Dental Co.................... 22,690
100 *Tech Data Corp......................... 2,671
-----------
TOTAL WHOLESALE TRADE-DURABLE GOODS 1,555,363
-----------
WHOLESALE TRADE-NONDURABLE GOODS--0.82%
267 Brown-Forman Corp (Class B)............. 20,992
2,401 Cardinal Health, Inc.................... 154,384
259 *Henry Schein, Inc...................... 13,556
300 *Performance Food Group Co.............. 11,100
6,400 Sysco Corp.............................. 192,256
-----------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 392,288
-----------
TOTAL COMMON STOCK
(Cost $56,772,602) 47,728,349
-----------
TOTAL PORTFOLIO--99.35%
(Cost $56,772,602) 47,728,349
OTHER ASSETS & LIABILITIES, NET--0.65% 312,615
-----------
NET ASSETS--100.00% $48,040,964
===========
</Table>
- ------------
* Non-income producing
b In bankruptcy
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 15
Statement of Investments (Unaudited) - GROWTH & INCOME - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary By Industry
VALUE %
- ---------------------------------------------------------------------
COMMON STOCK:
Amusement and Recreation Services.............. $ 16,378 0.03%
Apparel and Accessory Stores................... 486,061 0.80
Apparel and Other Textile Products............. 27,889 0.05
Auto Repair, Services and Parking.............. 8,762 0.01
Automotive Dealers and Service Stations........ 482 0.00
Building Materials and Garden Supplies......... 1,348,544 2.23
Business Services.............................. 4,831,864 7.97
Chemicals and Allied Products.................. 8,236,409 13.60
Communications................................. 4,100,853 6.77
Depository Institutions........................ 5,843,187 9.64
Eating and Drinking Places..................... 83,805 0.14
Electric, Gas, and Sanitary Services........... 1,693,925 2.80
Electronic and Other Electric Equipment........ 3,995,900 6.60
Engineering and Management Services............ 281,219 0.46
Fabricated Metal Products...................... 221,192 0.36
Food and Kindred Products...................... 2,484,905 4.10
Food Stores.................................... 675,596 1.12
Forestry....................................... 250,614 0.41
Furniture and Fixtures......................... 223,653 0.37
Furniture and Homefurnishings Stores........... 92,958 0.15
General Building Contractors................... 1,867 0.00
General Merchandise Stores..................... 1,465,107 2.42
Health Services................................ 365,446 0.60
Holding and Other Investment Offices........... 265,727 0.44
Hotels and Other Lodging Places................ 132,897 0.22
Industrial Machinery and Equipment............. 5,643,113 9.32
Instruments and Related Products............... 1,522,813 2.51
Insurance Agents, Brokers and Service.......... 82,862 0.14
Insurance Carriers............................. 3,753,325 6.20
Leather and Leather Products................... 286,254 0.47
Lumber and Wood Products....................... 28,558 0.05
Miscellaneous Manufacturing Industries......... 22,064 0.04
Miscellaneous Retail........................... 372,817 0.61
Motion Pictures................................ 277,962 0.46
Nondepository Institutions..................... 2,585,982 4.27
Nonmetallic Minerals, Except Fuels............. 8,749 0.01
Oil and Gas Extraction......................... 967,045 1.60
Paper and Allied Products...................... 198,432 0.33
Personal Services.............................. 26,798 0.04
Petroleum and Coal Products.................... 2,342,783 3.87
Primary Metal Industries....................... 184,902 0.31
Printing and Publishing........................ 108,554 0.18
Railroad Transportation........................ 145,918 0.24
Rubber and Miscellaneous Plastics Products..... 161,682 0.27
Security and Commodity Brokers................. 619,608 1.02
Stone, Clay, and Glass Products................ 687 0.00
Tobacco Products............................... 39,439 0.07
Transportation by Air.......................... 117,445 0.19
Transportation Equipment....................... 1,721,140 2.84
Transportation Services........................ 16,146 0.03
Trucking and Warehousing....................... 961,870 1.59
Water Transportation........................... 3,023 0.01
Wholesale Trade-Durable Goods.................. 795,502 1.31
Wholesale Trade-Nondurable Goods............... 170,186 0.28
----------- ------
TOTAL COMMON STOCK (Cost $59,905,734).......... 60,300,899 99.55
----------- ------
TOTAL PORTFOLIO (Cost $59,905,734)............. 60,300,899 99.55
OTHER ASSETS & LIABILITIES, NET................ 273,072 0.45
----------- ------
NET ASSETS..................................... $60,573,971 100.00%
=========== ======
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCK--99.55%
AMUSEMENT AND RECREATION SERVICES--0.03%
407 *Harrah's Entertainment, Inc............ $ 16,378
-----------
TOTAL AMUSEMENT AND RECREATION SERVICES 16,378
-----------
APPAREL AND ACCESSORY STORES--0.80%
20,297 Gap, Inc................................ 380,772
3,616 Limited Brands, Inc..................... 56,048
932 Nordstrom, Inc.......................... 18,193
1,648 TJX Cos, Inc............................ 31,048
-----------
TOTAL APPAREL AND ACCESSORY STORES 486,061
-----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.05%
821 VF Corp................................. 27,889
-----------
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 27,889
-----------
AUTO REPAIR, SERVICES AND PARKING--0.01%
342 Ryder System, Inc....................... 8,762
-----------
TOTAL AUTO REPAIR, SERVICES AND PARKING 8,762
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00%
16 *Carmax, Inc............................ 482
-----------
TOTAL AUTOMOTIVE DEALERS AND SERVICE
STATIONS 482
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--2.23%
15,958 Home Depot, Inc......................... 528,529
29 *Louisiana-Pacific Corp................. 314
19,085 Lowe's Cos.............................. 819,701
-----------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 1,348,544
-----------
BUSINESS SERVICES--7.97%
58 Adobe Systems, Inc...................... 1,860
29,528 *AOL Time Warner, Inc................... 475,106
200 Autodesk, Inc........................... 3,232
3,912 Automatic Data Processing, Inc.......... 132,460
14,760 *BMC Software, Inc...................... 241,031
6,463 *Cendant Corp........................... 118,402
16 *Citrix Systems, Inc.................... 326
276 *Cognizant Technology Solutions Corp.... 6,723
53 Computer Associates International,
Inc................................... 1,181
588 *Computer Sciences Corp................. 22,415
2,527 *Compuware Corp......................... 14,581
500 *Convergys Corp......................... 8,000
167 Deluxe Corp............................. 7,482
2,800 Electronic Data Systems Corp............ 60,060
629 Equifax, Inc............................ 16,354
756 First Data Corp......................... 31,329
800 *Fiserv, Inc............................ 28,488
1,120 IMS Health, Inc......................... 20,149
2,359 *Interpublic Group Of Cos, Inc.......... 31,563
60,450 Microsoft Corp.......................... 1,548,125
700 *Monster Worldwide, Inc................. 13,811
24 *NCR Corp............................... 615
72 *Novell, Inc............................ 222
517 Omnicom Group, Inc...................... 37,069
68,776 *Oracle Corp............................ 826,688
1,725 *Parametric Technology Corp............. 5,261
8,100 *Peoplesoft, Inc........................ 142,479
800 *Robert Half International, Inc......... 15,152
2,000 Seiko Epson Corp........................ 59,463
74,500 *Sun Microsystems, Inc.................. 342,700
1,800 *SunGard Data Systems, Inc.............. 46,638
13,062 *Symantec Corp.......................... 572,899
-----------
TOTAL BUSINESS SERVICES 4,831,864
-----------
</Table>
16 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - GROWTH & INCOME - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
CHEMICALS AND ALLIED PRODUCTS--13.60%
16,672 Abbott Laboratories..................... $ 729,567
7,202 Air Products & Chemicals, Inc........... 299,603
100 Alberto-Culver Co (Class B)............. 5,110
16,717 *Amgen, Inc............................. 1,119,705
362 Avery Dennison Corp..................... 18,172
48 *Biogen, Inc............................ 1,824
1,143 Clorox Co............................... 48,749
9,581 Dow Chemical Co......................... 296,628
25 Du Pont (E.I.) de Nemours & Co.......... 1,041
482 Eastman Chemical Co..................... 15,265
55 *Genzyme Corp (General Division)........ 2,299
3,294 *Gilead Sciences, Inc................... 183,081
5,486 Gillette Co............................. 174,784
300 Great Lakes Chemical Corp............... 6,120
542 International Flavors & Fragrances,
Inc................................... 17,306
1,500 *King Pharmaceuticals, Inc.............. 22,140
3,438 Lilly (Eli) & Co........................ 237,119
7,836 Merck & Co, Inc......................... 474,470
54,152 Pfizer, Inc............................. 1,849,291
508 PPG Industries, Inc..................... 25,776
17,424 Procter & Gamble Co..................... 1,553,872
8,504 Rohm & Haas Co.......................... 263,879
980 Sherwin-Williams Co..................... 26,342
18,974 Wyeth................................... 864,266
-----------
TOTAL CHEMICALS AND ALLIED PRODUCTS 8,236,409
-----------
COMMUNICATIONS--6.77%
629 Alltel Corp............................. 30,330
6,773 AT&T Corp............................... 130,380
11,419 *AT&T Wireless Services, Inc............ 93,750
73 *Avaya, Inc............................. 472
11,938 BellSouth Corp.......................... 317,909
425 CenturyTel, Inc......................... 14,811
3,878 *Clear Channel Communications, Inc...... 164,388
28,774 *Comcast Corp........................... 868,399
50 *Cox Communications, Inc (Class A)...... 1,595
41,229 *Level 3 Communications, Inc............ 273,761
24,476 *Lucent Technologies, Inc............... 49,686
25 *Nextel Communications, Inc (Class A)... 452
10,230 *Qwest Communications International,
Inc................................... 48,899
9,513 SBC Communications, Inc................. 243,057
5,826 Sprint Corp (FON Group)................. 83,894
7,004 *Sprint Corp (PCS Group)................ 40,273
1,500 *Univision Communications, Inc (Class
A).................................... 45,600
28,499 Verizon Communications, Inc............. 1,124,286
1,614 *Viacom, Inc (Class A).................. 70,532
11,415 *Viacom, Inc (Class B).................. 498,379
-----------
TOTAL COMMUNICATIONS 4,100,853
-----------
DEPOSITORY INSTITUTIONS--9.64%
2,221 AmSouth Bancorp......................... 48,507
10,252 Bank Of America Corp.................... 810,216
5,062 Bank Of New York Co, Inc................ 145,533
2,557 Bank One Corp........................... 95,069
25 BB&T Corp............................... 858
62 Charter One Financial, Inc.............. 1,933
38,126 Citigroup, Inc.......................... 1,631,793
1,070 Comerica, Inc........................... 49,755
2,600 *Concord EFS, Inc....................... 38,272
87 Fifth Third Bancorp..................... 4,989
1,054 FleetBoston Financial Corp.............. 31,314
6 Huntington Bancshares, Inc.............. 117
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
6,156 J.P. Morgan Chase & Co.................. $ 210,412
2,749 KeyCorp................................. 69,467
2,785 Mellon Financial Corp................... 77,284
69 National City Corp...................... 2,257
1,000 North Fork Bancorp, Inc................. 34,060
1,512 Northern Trust Corp..................... 63,186
1,790 PNC Financial Services Group, Inc....... 87,370
21 Regions Financial Corp.................. 709
2,148 State Street Corp....................... 84,631
54 SunTrust Banks, Inc..................... 3,204
1,981 Synovus Financial Corp.................. 42,592
34,232 U.S. Bancorp............................ 838,684
1,308 Union Planters Corp..................... 40,587
21,219 Wachovia Corp........................... 847,911
11,055 Wells Fargo & Co........................ 557,172
500 Zions Bancorp........................... 25,305
-----------
TOTAL DEPOSITORY INSTITUTIONS 5,843,187
-----------
EATING AND DRINKING PLACES--0.14%
695 Darden Restaurants, Inc................. 13,191
35 McDonald's Corp......................... 772
464 Wendy's International, Inc.............. 13,442
1,908 *Yum! Brands, Inc....................... 56,400
-----------
TOTAL EATING AND DRINKING PLACES 83,805
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--2.80%
2,160 *AES Corp............................... 13,716
700 *Allegheny Energy, Inc.................. 5,915
1,309 *Allied Waste Industries, Inc........... 13,155
1,030 Ameren Corp............................. 45,423
1,172 American Electric Power Co, Inc......... 34,961
1,400 *Calpine Corp........................... 9,240
2,181 Centerpoint Energy, Inc................. 17,775
976 Cinergy Corp............................ 35,907
846 *CMS Energy Corp........................ 6,853
1,413 Consolidated Edison, Inc................ 61,155
1,051 Constellation Energy Group, Inc......... 36,049
1,566 Dominion Resources, Inc................. 100,647
638 DTE Energy Co........................... 24,652
2,000 Duke Energy Corp........................ 39,900
12,500 *Dynegy, Inc (Class A).................. 52,500
5,950 E.ON AG................................. 305,899
2,208 *Edison International................... 36,277
3,635 El Paso Corp............................ 29,371
1,313 FirstEnergy Corp........................ 50,485
718 FPL Group, Inc.......................... 47,998
1,000 KeySpan Corp............................ 35,450
2,787 *Mirant Corp............................ 8,082
1,300 Nicor, Inc.............................. 48,243
1,707 NiSource, Inc........................... 32,433
108 *NiSource, Inc (Sails).................. 240
200 Peoples Energy Corp..................... 8,578
2,694 *PG&E Corp.............................. 56,978
2,198 Pinnacle West Capital Corp.............. 82,315
1,142 PPL Corp................................ 49,106
1,476 Progress Energy, Inc.................... 64,796
224 *Progress Energy, Inc (Cvo)............. 101
805 Public Service Enterprise Group, Inc.... 34,011
1,350 Sempra Energy........................... 38,516
4,800 TECO Energy, Inc........................ 57,552
4 Texas Genco Holdings, Inc............... 93
2,248 TXU Corp................................ 50,468
4,001 Waste Management, Inc................... 96,384
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 17
Statement of Investments (Unaudited) - GROWTH & INCOME - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED)
3,600 Williams Cos, Inc....................... $ 28,440
2,278 Xcel Energy, Inc........................ 34,261
-----------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 1,693,925
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--6.60%
98 *Advanced Micro Devices, Inc............ 628
14 *Agere Systems, Inc (Class A)........... 33
900 *Altera Corp............................ 14,760
26 American Power Conversion Corp.......... 405
2,388 *Analog Devices, Inc.................... 83,150
50 *Broadcom Corp (Class A)................ 1,246
2,800 *CIENA Corp............................. 14,532
73 *Comverse Technology, Inc............... 1,097
1,104 Cooper Industries Ltd (Class A)......... 45,595
2,497 Emerson Electric Co..................... 127,597
70,602 General Electric Co..................... 2,024,865
41,915 Intel Corp.............................. 871,161
2,497 *LSI Logic Corp......................... 17,679
2,100 Maxim Integrated Products, Inc.......... 71,799
488 Maytag Corp............................. 11,917
14,345 *Micron Technology, Inc................. 166,832
453 Molex, Inc.............................. 12,226
4 *National Semiconductor Corp............ 79
1,000 *Nvidia Corp............................ 23,010
1,100 *PMC-Sierra, Inc........................ 12,903
700 Qualcomm, Inc........................... 25,025
1,336 Rockwell Collins, Inc................... 32,906
3,822 *Sanmina-SCI Corp....................... 24,117
62 Scientific-Atlanta, Inc................. 1,478
15,723 *Taiwan Semiconductor Manufacturing Co
Ltd (Spon ADR)........................ 158,488
2,730 *Tellabs, Inc........................... 17,936
11,742 Texas Instruments, Inc.................. 206,659
300 *Thomas & Betts Corp.................... 4,335
368 Whirlpool Corp.......................... 23,442
-----------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 3,995,900
-----------
ENGINEERING AND MANAGEMENT SERVICES--0.46%
473 Fluor Corp.............................. 15,912
24 Halliburton Co.......................... 552
322 *McDermott International, Inc........... 2,038
6,571 Monsanto Co............................. 142,196
2,467 Paychex, Inc............................ 72,308
600 *Quest Diagnostics, Inc................. 38,280
700 *Quintiles Transnational Corp........... 9,933
-----------
TOTAL ENGINEERING AND MANAGEMENT
SERVICES 281,219
-----------
FABRICATED METAL PRODUCTS--0.36%
944 Crane Co................................ 21,363
328 Danaher Corp............................ 22,320
700 Fortune Brands, Inc..................... 36,540
499 Illinois Tool Works, Inc................ 32,859
3,235 Masco Corp.............................. 77,155
300 Snap-On, Inc............................ 8,709
806 Stanley Works........................... 22,246
-----------
TOTAL FABRICATED METAL PRODUCTS 221,192
-----------
FOOD AND KINDRED PRODUCTS--4.10%
3,704 Anheuser-Busch Cos, Inc................. 189,089
4,276 Archer Daniels Midland Co............... 55,032
3,993 Campbell Soup Co........................ 97,829
8,637 Coca-Cola Co............................ 400,843
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
3,500 Conagra Foods, Inc...................... $ 82,600
200 Coors (Adolph) Co (Class B)............. 9,796
9,300 *Dean Foods Co.......................... 292,950
716 *Del Monte Foods Co..................... 6,329
9,103 General Mills, Inc...................... 431,573
2,327 H.J. Heinz Co........................... 76,744
707 *Hercules, Inc.......................... 6,999
700 Hershey Foods Corp...................... 48,762
2,400 Kellogg Co.............................. 82,488
15,204 PepsiCo, Inc............................ 676,578
1,451 Sara Lee Corp........................... 27,293
-----------
TOTAL FOOD AND KINDRED PRODUCTS 2,484,905
-----------
FOOD STORES--1.12%
2,501 Albertson's, Inc........................ 48,019
34,175 *Kroger Co.............................. 570,039
2,290 *Safeway, Inc........................... 46,853
868 Winn-Dixie Stores, Inc.................. 10,685
-----------
TOTAL FOOD STORES 675,596
-----------
FORESTRY--0.41%
4,641 Weyerhaeuser Co......................... 250,614
-----------
TOTAL FORESTRY 250,614
-----------
FURNITURE AND FIXTURES--0.37%
398 Johnson Controls, Inc................... 34,069
1,255 Leggett & Platt, Inc.................... 25,728
5,852 Newell Rubbermaid, Inc.................. 163,856
-----------
TOTAL FURNITURE AND FIXTURES 223,653
-----------
FURNITURE AND HOMEFURNISHINGS STORES--0.15%
1,414 *Best Buy Co, Inc....................... 62,103
71 Circuit City Stores, Inc (Circuit City
Group)................................ 625
1,149 RadioShack Corp......................... 30,230
-----------
TOTAL FURNITURE AND HOMEFURNISHINGS
STORES 92,958
-----------
GENERAL BUILDING CONTRACTORS--0.00%
24 Centex Corp............................. 1,867
-----------
TOTAL GENERAL BUILDING CONTRACTORS 1,867
-----------
GENERAL MERCHANDISE STORES--2.42%
60 *Big Lots, Inc.......................... 902
900 *Costco Wholesale Corp.................. 32,940
443 Dillard's, Inc (Class A)................ 5,967
2,278 Dollar General Corp..................... 41,596
938 Family Dollar Stores, Inc............... 35,785
1,182 Federated Department Stores, Inc........ 43,557
1,800 J.C. Penney Co, Inc..................... 30,330
558 *Kohl's Corp............................ 28,670
4,276 May Department Stores Co................ 95,184
1,968 Sears Roebuck & Co...................... 66,204
946 Target Corp............................. 35,797
19,530 Wal-Mart Stores, Inc.................... 1,048,175
-----------
TOTAL GENERAL MERCHANDISE STORES 1,465,107
-----------
HEALTH SERVICES--0.60%
3,501 *Express Scripts, Inc................... 238,803
1,400 HCA, Inc................................ 44,856
1,500 Health Management Associates, Inc (Class
A).................................... 27,675
564 *Manor Care, Inc........................ 14,106
3,434 *Tenet Healthcare Corp.................. 40,006
-----------
TOTAL HEALTH SERVICES 365,446
-----------
</Table>
18 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - GROWTH & INCOME - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--0.44%
100 Apartment Investment & Management Co
(Class A)............................. $ 3,460
2,700 Equity Office Properties Trust.......... 72,927
1,000 Equity Residential...................... 25,950
1,100 Plum Creek Timber Co, Inc............... 28,545
3,265 Washington Mutual, Inc.................. 134,845
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 265,727
-----------
HOTELS AND OTHER LODGING PLACES--0.22%
2,479 Hilton Hotels Corp...................... 31,706
1,592 Marriott International, Inc (Class A)... 61,165
1,400 Starwood Hotels & Resorts Worldwide,
Inc................................... 40,026
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 132,897
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--9.32%
632 3M Co................................... 81,515
46 *Apple Computer, Inc.................... 880
43,901 *Applied Materials, Inc................. 696,270
8,719 Baker Hughes, Inc....................... 292,697
198 Black & Decker Corp..................... 8,603
541 Caterpillar, Inc........................ 30,112
57,511 *Cisco Systems, Inc..................... 954,107
200 Cummins, Inc............................ 7,178
19,131 Deere & Co.............................. 874,287
17,953 *Dell Computer Corp..................... 573,778
1,271 Dover Corp.............................. 38,079
369 Eaton Corp.............................. 29,007
28 *EMC Corp............................... 293
34 *Gateway, Inc........................... 124
20,715 Hewlett-Packard Co...................... 441,230
1,085 Ingersoll-Rand Co (Class A)............. 51,342
17,112 International Business Machines Corp.... 1,411,740
610 ITT Industries, Inc..................... 39,931
96 *Lexmark International, Inc............. 6,794
94 *Network Appliance, Inc................. 1,524
793 Pall Corp............................... 17,843
761 Parker Hannifin Corp.................... 31,954
1,318 Pitney Bowes, Inc....................... 50,624
856 *Solectron Corp......................... 3,201
-----------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 5,643,113
-----------
INSTRUMENTS AND RELATED PRODUCTS--2.51%
65 *Agilent Technologies, Inc.............. 1,271
77 Applera Corp (Applied Biosystems
Group)................................ 1,465
261 Bausch & Lomb, Inc...................... 9,788
1,681 Becton Dickinson & Co................... 65,307
9,300 *Boston Scientific Corp................. 568,230
1,549 Eastman Kodak Co........................ 42,365
713 Guidant Corp............................ 31,650
14 *KLA-Tencor Corp........................ 651
1,776 Medtronic, Inc.......................... 85,195
100 *Millipore Corp......................... 4,437
724 PerkinElmer, Inc........................ 9,998
2,686 Raytheon Co............................. 88,208
36 Rockwell Automation, Inc................ 858
7,194 *St. Jude Medical, Inc.................. 413,655
220 Synthes-Stratec, Inc.................... 158,030
1,195 *Teradyne, Inc.......................... 20,685
1,000 *Thermo Electron Corp................... 21,020
-----------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,522,813
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
INSURANCE AGENTS, BROKERS AND SERVICE--0.14%
2,088 AON Corp................................ $ 50,279
638 Marsh & McLennan Cos, Inc............... 32,583
-----------
TOTAL INSURANCE AGENTS, BROKERS AND
SERVICE 82,862
-----------
INSURANCE CARRIERS--6.20%
1,500 ACE Ltd................................. 51,435
12,845 Aetna, Inc.............................. 773,269
17,336 American International Group, Inc....... 956,600
900 *Anthem, Inc............................ 69,435
1,103 Chubb Corp.............................. 66,180
926 Cigna Corp.............................. 43,466
335 b*Conseco, Inc.......................... 10
1,807 Hartford Financial Services Group,
Inc................................... 91,001
1,111 *Humana, Inc............................ 16,776
663 Jefferson-Pilot Corp.................... 27,488
1,000 John Hancock Financial Services, Inc.... 30,730
1,142 Lincoln National Corp................... 40,689
1,194 Loews Corp.............................. 56,464
892 MBIA, Inc............................... 43,485
541 MGIC Investment Corp.................... 25,232
17,161 Safeco Corp............................. 605,440
4,520 St. Paul Cos, Inc....................... 165,025
42,400 Travelers Property Casualty Corp (Class
B).................................... 668,648
1,637 UnumProvident Corp...................... 21,952
-----------
TOTAL INSURANCE CARRIERS 3,753,325
-----------
LEATHER AND LEATHER PRODUCTS--0.47%
5,755 *Coach, Inc............................. 286,254
-----------
TOTAL LEATHER AND LEATHER PRODUCTS 286,254
-----------
LUMBER AND WOOD PRODUCTS--0.05%
1,507 Georgia-Pacific Corp.................... 28,558
-----------
TOTAL LUMBER AND WOOD PRODUCTS 28,558
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.04%
1,162 Hasbro, Inc............................. 20,323
92 Mattel, Inc............................. 1,741
-----------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 22,064
-----------
MISCELLANEOUS RETAIL--0.61%
2,519 CVS Corp................................ 70,608
2,100 *eBay, Inc.............................. 218,778
1,965 *Office Depot, Inc...................... 28,512
300 Tiffany & Co............................ 9,804
1,368 *Toys 'R' Us, Inc....................... 16,580
948 Walgreen Co............................. 28,535
-----------
TOTAL MISCELLANEOUS RETAIL 372,817
-----------
MOTION PICTURES--0.46%
14,074 Walt Disney Co.......................... 277,962
-----------
TOTAL MOTION PICTURES 277,962
-----------
NONDEPOSITORY INSTITUTIONS--4.27%
21,569 American Express Co..................... 901,800
1,453 Capital One Financial Corp.............. 71,459
17,222 Fannie Mae.............................. 1,161,452
3,148 Freddie Mac............................. 159,824
13,985 MBNA Corp............................... 291,447
-----------
TOTAL NONDEPOSITORY INSTITUTIONS 2,585,982
-----------
NONMETALLIC MINERALS, EXCEPT FUELS--0.01%
236 Vulcan Materials Co..................... 8,749
-----------
TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 8,749
-----------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 19
Statement of Investments (Unaudited) - GROWTH & INCOME - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
OIL AND GAS EXTRACTION--1.60%
1,600 Anadarko Petroleum Corp................. $ 71,152
3,935 Apache Corp............................. 256,011
5,659 Burlington Resources, Inc............... 305,982
623 Kerr-McGee Corp......................... 27,910
1,999 Marathon Oil Corp....................... 52,674
800 *Noble Corp............................. 27,440
2,777 Schlumberger Ltd........................ 132,102
2,077 *Transocean, Inc........................ 45,632
1,678 Unocal Corp............................. 48,142
-----------
TOTAL OIL AND GAS EXTRACTION 967,045
-----------
PAPER AND ALLIED PRODUCTS--0.33%
300 Bemis Co................................ 14,040
300 Boise Cascade Corp...................... 7,170
11 International Paper Co.................. 393
3,363 Kimberly-Clark Corp..................... 175,347
60 MeadWestvaco Corp....................... 1,482
-----------
TOTAL PAPER AND ALLIED PRODUCTS 198,432
-----------
PERSONAL SERVICES--0.04%
700 Cintas Corp............................. 24,808
46 H & R Block, Inc........................ 1,990
-----------
TOTAL PERSONAL SERVICES 26,798
-----------
PETROLEUM AND COAL PRODUCTS--3.87%
515 Amerada Hess Corp....................... 25,328
362 Ashland, Inc............................ 11,106
2,783 ChevronTexaco Corp...................... 200,932
230 ConocoPhillips.......................... 12,604
58,189 ExxonMobil Corp......................... 2,089,567
86 Sunoco, Inc............................. 3,246
-----------
TOTAL PETROLEUM AND COAL PRODUCTS 2,342,783
-----------
PRIMARY METAL INDUSTRIES--0.31%
5,616 Alcoa, Inc.............................. 143,208
519 Allegheny Technologies, Inc............. 3,425
185 *Andrew Corp............................ 1,702
796 Engelhard Corp.......................... 19,717
602 United States Steel Corp................ 9,855
522 Worthington Industries, Inc............. 6,995
-----------
TOTAL PRIMARY METAL INDUSTRIES 184,902
-----------
PRINTING AND PUBLISHING--0.18%
35 *American Greetings Corp (Class A)...... 687
510 Dow Jones & Co, Inc..................... 21,945
3,287 R.R. Donnelley & Sons Co................ 85,922
-----------
TOTAL PRINTING AND PUBLISHING 108,554
-----------
RAILROAD TRANSPORTATION--0.24%
1,839 Burlington Northern Santa Fe Corp....... 52,301
1,472 CSX Corp................................ 44,292
2,569 Norfolk Southern Corp................... 49,325
-----------
TOTAL RAILROAD TRANSPORTATION 145,918
-----------
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.27%
200 Cooper Tire & Rubber Co................. 3,518
1,060 *Goodyear Tire & Rubber Co.............. 5,565
1,779 Nike, Inc (Class B)..................... 95,159
4,000 Tupperware Corp......................... 57,440
-----------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 161,682
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
SECURITY AND COMMODITY BROKERS--1.02%
374 Bear Stearns Cos, Inc................... $ 27,085
3,454 Charles Schwab Corp..................... 34,851
784 Franklin Resources, Inc................. 30,631
3,100 Goldman Sachs Group, Inc................ 259,625
908 Janus Capital Group, Inc................ 14,891
52 Lehman Brothers Holdings, Inc........... 3,457
14 Merrill Lynch & Co, Inc................. 654
5,387 Morgan Stanley.......................... 230,294
480 T Rowe Price Group, Inc................. 18,120
-----------
TOTAL SECURITY AND COMMODITY BROKERS 619,608
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.00%
93 *Corning, Inc........................... 687
-----------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 687
-----------
TOBACCO PRODUCTS--0.07%
13 Altria Group, Inc....................... 591
1,109 UST, Inc................................ 38,848
-----------
TOTAL TOBACCO PRODUCTS 39,439
-----------
TRANSPORTATION BY AIR--0.19%
952 *AMR Corp............................... 10,472
217 Delta Air Lines, Inc.................... 3,186
147 FedEx Corp.............................. 9,118
5,504 Southwest Airlines Co................... 94,669
-----------
TOTAL TRANSPORTATION BY AIR 117,445
-----------
TRANSPORTATION EQUIPMENT--2.84%
19,762 Autoliv, Inc............................ 535,155
5,588 Boeing Co............................... 191,780
830 Brunswick Corp.......................... 20,767
88 Dana Corp............................... 1,017
3,633 Delphi Corp............................. 31,353
3,153 Ford Motor Co........................... 34,651
718 General Motors Corp..................... 25,848
918 Genuine Parts Co........................ 29,385
954 Goodrich Corp........................... 20,034
718 Harley-Davidson, Inc.................... 28,619
4,943 Honeywell International, Inc............ 132,720
3,031 Lockheed Martin Corp.................... 144,185
39,400 Nissan Motor Co Ltd..................... 376,691
1,120 Northrop Grumman Corp................... 96,645
26 Paccar, Inc............................. 1,753
348 Textron, Inc............................ 13,579
515 United Technologies Corp................ 36,477
70 Visteon Corp............................ 481
-----------
TOTAL TRANSPORTATION EQUIPMENT 1,721,140
-----------
TRANSPORTATION SERVICES--0.03%
655 Sabre Holdings Corp..................... 16,146
-----------
TOTAL TRANSPORTATION SERVICES 16,146
-----------
TRUCKING AND WAREHOUSING--1.59%
15,100 United Parcel Service, Inc (Class B).... 961,870
-----------
TOTAL TRUCKING AND WAREHOUSING 961,870
-----------
WATER TRANSPORTATION--0.01%
93 Carnival Corp........................... 3,023
-----------
TOTAL WATER TRANSPORTATION 3,023
-----------
</Table>
20 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - GROWTH & INCOME - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
WHOLESALE TRADE-DURABLE GOODS--1.31%
14,922 Johnson & Johnson....................... $ 771,467
514 W.W. Grainger, Inc...................... 24,035
-----------
TOTAL WHOLESALE TRADE-DURABLE GOODS 795,502
-----------
WHOLESALE TRADE-NONDURABLE GOODS--0.28%
700 AmerisourceBergen Corp.................. 48,545
347 Brown-Forman Corp (Class B)............. 27,281
100 Cardinal Health, Inc.................... 6,430
1,853 McKesson Corp........................... 66,226
1,018 Supervalu, Inc.......................... 21,704
-----------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 170,186
-----------
TOTAL COMMON STOCK
(Cost $59,905,734) 60,300,899
-----------
TOTAL PORTFOLIO--99.55%
(Cost $59,905,734) 60,300,899
OTHER ASSETS & LIABILITIES--0.45% 273,072
-----------
NET ASSETS--100.00% $60,573,971
===========
</Table>
- ------------
* Non-income producing
b In bankruptcy
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 21
Statement of Investments (Unaudited) - INTERNATIONAL EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary by Industry
VALUE %
- ---------------------------------------------------------------------
PREFERRED STOCK:
Printing and Publishing........................ $ 80,462 0.21%
----------- ------
TOTAL PREFERRED STOCK (Cost $77,286)........... 80,462 0.21
----------- ------
</Table>
<Table>
COMMON STOCK:
Apparel and Accessory Stores................... 2,418 0.01
Building Materials and Garden Supplies......... 402,102 1.07
Business Services.............................. 2,933,452 7.77
Chemicals and Allied Products.................. 3,734,103 9.89
Coal Mining.................................... 96,976 0.26
Communications................................. 3,347,095 8.86
Depository Institutions........................ 6,457,699 17.10
Eating and Drinking Places..................... 10,707 0.03
Electric, Gas, and Sanitary Services........... 1,822,132 4.82
Electronic and Other Electric Equipment........ 3,146,455 8.33
Fabricated Metal Products...................... 386,425 1.02
Food and Kindred Products...................... 1,036,046 2.74
Food Stores.................................... 1,536 0.00
General Building Contractors................... 83,976 0.22
General Merchandise Stores..................... 28,957 0.08
Heavy Construction, Except Building............ 949,420 2.51
Holding and Other Investment Offices........... 1,813,172 4.80
Hotels and Other Lodging Places................ 11,435 0.03
Industrial Machinery and Equipment............. 912,628 2.42
Instruments and Related Products............... 1,693,126 4.48
Insurance Carriers............................. 548,121 1.45
Leather and Leather Products................... 94,657 0.25
Local and Interurban Passenger Transit......... 49,781 0.13
Metal Mining................................... 220,366 0.58
Miscellaneous Manufacturing Industries......... 7,629 0.02
Miscellaneous Retail........................... 11,789 0.03
Nondepository Institutions..................... 180,254 0.48
Oil and Gas Extraction......................... 1,390,030 3.68
Paper and Allied Products...................... 100,708 0.27
Petroleum and Coal Products.................... 1,793,262 4.75
Primary Metal Industries....................... 120,960 0.32
Printing and Publishing........................ 85,869 0.23
Real Estate.................................... 267,672 0.71
Rubber and Miscellaneous Plastics Products..... 193,432 0.51
Security and Commodity Brokers................. 1,064,271 2.82
Special Trade Contractors...................... 77,193 0.20
Stone, Clay, and Glass Products................ 1,647 0.00
Textile Mill Products.......................... 81,807 0.22
Transportation By Air.......................... 1,021 0.00
Transportation Equipment....................... 1,381,205 3.66
Transportation Services........................ 97,984 0.26
Wholesale Trade-Durable Goods.................. 203,008 0.54
Wholesale Trade-Nondurable Goods............... 543,117 1.44
----------- ------
TOTAL COMMON STOCK (Cost $39,193,782).......... 37,385,643 98.99
----------- ------
TOTAL PORTFOLIO (Cost $39,271,068)............. 37,466,105 99.20
OTHER ASSETS & LIABILITIES, NET................ 303,497 0.80
----------- ------
NET ASSETS..................................... $37,769,602 100.00%
=========== ======
</Table>
<Table>
<Caption>
Summary by Country
VALUE %
- ---------------------------------------------------------------------
DOMESTIC:
United States.................................. $ 779,508 2.08%
----------- ------
TOTAL DOMESTIC................................. 779,508 2.08
----------- ------
FOREIGN:
Australia...................................... 2,003,508 5.35
Austria........................................ 231,429 0.62
Belgium........................................ 390,893 1.04
Canada......................................... 373,088 1.00
China.......................................... 96,976 0.26
Denmark........................................ 344,732 0.92
Finland........................................ 492,670 1.32
France......................................... 2,957,030 7.89
Germany........................................ 2,181,572 5.82
Greece......................................... 16,258 0.04
Hong Kong...................................... 387,328 1.04
Ireland........................................ 80,800 0.22
Italy.......................................... 829,779 2.22
Japan.......................................... 7,511,768 20.05
Netherlands.................................... 2,293,784 6.12
New Zealand.................................... 147,673 0.39
Portugal....................................... 6,520 0.02
Singapore...................................... 98,825 0.26
Spain.......................................... 1,511,434 4.03
Sweden......................................... 1,211,890 3.23
Switzerland.................................... 3,582,523 9.56
Taiwan......................................... 37,879 0.10
United Kingdom................................. 9,898,238 26.42
----------- ------
TOTAL FOREIGN.................................. 36,686,597 97.92
----------- ------
TOTAL PORTFOLIO................................ $37,466,105 100.00%
=========== ======
</Table>
---------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
PREFERRED STOCK--0.21%
PRINTING AND PUBLISHING--0.21%
13,055 News Corp Ltd........................... $ 80,462
-----------
TOTAL PREFERRED STOCK (Cost $77,286) 80,462
-----------
COMMON STOCK--98.99%
APPAREL AND ACCESSORY STORES--0.01%
112 Douglas Holding AG...................... 2,418
-----------
TOTAL APPAREL AND ACCESSORY STORES 2,418
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.07%
36,356 Wolseley plc............................ 402,102
-----------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 402,102
-----------
BUSINESS SERVICES--7.77%
161 *Altran Technologies S.A. .............. 1,429
85,545 Chubb plc............................... 106,577
13,900 *Cognos, Inc............................ 373,088
200 Diamond Lease Co Ltd.................... 3,340
4 Faith, Inc.............................. 22,719
717 *Getronics NV........................... 922
143 Intracom S.A. .......................... 946
44,127 Rentokil Initial plc.................... 137,804
3,272 SAP AG.................................. 385,885
7,100 Secom Co Ltd............................ 208,137
41,412 Securicor plc........................... 50,910
731 Securitas AB (B Shs).................... 7,488
</Table>
22 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - INTERNATIONAL EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
11,000 Seiko Epson Corp........................ $ 327,046
1,729 SGS Societe Generale Surveillance
Holdings S.A. ........................ 675,236
600 Sumisho Lease Co Ltd.................... 10,418
79,292 WPP Group plc........................... 621,507
-----------
TOTAL BUSINESS SERVICES 2,933,452
-----------
CHEMICALS AND ALLIED PRODUCTS--9.89%
16,256 Akzo Nobel NV........................... 430,848
7,204 AstraZeneca plc (United Kingdom)........ 288,870
700 Daicel Chemical Industries Ltd.......... 2,221
981 *Elan Corp plc.......................... 5,531
51,114 GlaxoSmithKline plc..................... 1,031,548
100 Hogy Medical Co Ltd..................... 3,923
20,554 Imperial Chemical Industries plc........ 41,633
900 Kao Corp................................ 16,752
800 Kose Corp............................... 26,117
2 L'Air Liquide S.A. ..................... 297
1,302 L'Oreal S.A. ........................... 91,802
10,473 Novartis AG. (Regd)..................... 414,420
41,465 Reckitt Benckiser plc................... 760,868
96 Roche Holding AG. (Genusscheine)........ 7,530
200 Shin-Etsu Chemical Co Ltd............... 6,829
11,000 Shionogi & Co Ltd....................... 149,049
9,900 Takeda Chemical Industries Ltd.......... 365,247
39,000 Toray Industries, Inc................... 90,618
-----------
TOTAL CHEMICALS AND ALLIED PRODUCTS 3,734,103
-----------
COAL MINING--0.26%
43,090 Byd Co Ltd (H Shs)...................... 96,976
-----------
TOTAL COAL MINING 96,976
-----------
COMMUNICATIONS--8.86%
40,857 *British Sky Broadcasting Group plc..... 452,726
35,610 BT Group plc............................ 119,727
72,633 *Cable & Wireless plc................... 135,436
6,189 *Deutsche Telekom AG. (Regd)............ 94,454
430,479 *Ericsson(LM)(B Shs).................... 462,479
1,570 *France Telecom S.A. ................... 38,510
618 Hellenic Telecommunications Organization
S.A. ................................. 7,310
42 KDDI Corp............................... 162,648
154 *Marconi Corp plc....................... 47
15 Nippon Telegraph & Telephone Corp....... 58,838
830 Nippon Television Network Corp.......... 98,916
77 NTT Docomo, Inc......................... 166,729
48,137 Telecom Corp of New Zealand Ltd......... 147,673
49,846 Telefonica S.A. ........................ 578,703
70,944 TIM S.p.A. ............................. 349,500
242,095 Vodafone Group plc...................... 473,399
-----------
TOTAL COMMUNICATIONS 3,347,095
-----------
DEPOSITORY INSTITUTIONS--17.10%
92 Abbey National plc...................... 714
29,218 ABN Amro Holding NV..................... 558,649
207 Allied Irish Banks plc.................. 3,112
408 Alpha Bank S.A. ........................ 7,112
60,000 *Ashikaga Financial Group, Inc.......... 88,944
6,981 Australia & New Zealand Banking Group
Ltd................................... 87,128
7,167 Banco Bilbao Vizcaya Argentaria S.A. ... 75,307
3,711 Banco Comercial Portugues S.A. (Regd)... 6,520
69,410 Banco Santander Central Hispano S.A..... 608,164
2,500 Bank Of Ireland (Dublin)................ 30,288
2,543 Bank Of Ireland (London)................ 30,692
18,760 Barclays plc............................ 139,306
8,416 BNP Paribas............................. 427,655
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
3,278 Commonwealth Bank of Australia.......... $ 64,962
17,702 Danske Bank a/s......................... 344,732
6,019 DBS Group Holdings Ltd.................. 35,205
2,321 Deutsche Bank AG. (Regd)................ 150,537
2,619 Erste Bank Der Oesterreichischen
Sparkassen AG......................... 231,429
22,022 Fortis.................................. 382,369
3,400 Hang Seng Bank Ltd...................... 35,970
54,000 Hokuriku Bank Ltd....................... 82,748
54,856 HSBC Holdings plc (United Kingdom)...... 648,127
191 KBC Bancassurance Holding NV............ 7,499
14,679 Lloyds TSB Group plc.................... 104,217
42 Mitsubishi Tokyo Financial Group, Inc... 189,931
12,672 National Australia Bank Ltd............. 284,699
26,675 Nordea AB (Sweden)...................... 128,627
40,029 Royal Bank Of Scotland Group plc........ 1,122,915
36,650 Standard Chartered plc.................. 445,118
1,520 UBS AG. (Regd).......................... 84,554
4,631 Westpac Banking Corp.................... 50,469
-----------
TOTAL DEPOSITORY INSTITUTIONS 6,457,699
-----------
EATING AND DRINKING PLACES--0.03%
800 Doutor Coffee Co Ltd.................... 10,707
-----------
TOTAL EATING AND DRINKING PLACES 10,707
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--4.82%
701,720 *AWG plc................................ 1,158
4,277 BG Group plc............................ 18,950
3,800 Chubu Electric Power Co, Inc............ 69,307
12,786 E.ON AG................................. 657,349
30 *Exmar NV............................... 1,025
600 Hong Kong & China Gas Co Ltd............ 758
7,000 Kyushu Electric Power Co, Inc........... 108,957
3,817 Puma AG. Rudolf Dassler Sport........... 379,151
10,900 Tokyo Electric Power Co, Inc............ 208,332
4,374 United Utilities plc.................... 42,513
18,385 *Vivendi Universal S.A.................. 334,632
-----------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 1,822,132
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--8.33%
5,140 Advantest Corp.......................... 227,731
419 *Alstom................................. 1,443
1 *ARM Holdings plc....................... 1
74,802 *ASML Holding NV........................ 710,383
400 Futaba Corp............................. 9,344
3,700 Hirose Electric Co Ltd.................. 305,984
85,420 Johnson Electric Holdings Ltd........... 105,705
6,000 Kyocera Corp............................ 343,285
5,000 Matsushita Electric Industrial Co Ltd... 49,511
800 Melco, Inc.............................. 15,324
29,918 Nokia Oyj............................... 492,670
9,800 Rinnai Corp............................. 206,080
16,900 Sony Corp............................... 475,719
10,000 Stanley Electric Co Ltd................. 142,494
23,000 *Taiwan Semiconductor Manufacturing Co
Ltd................................... 37,879
11 Thine Electronics, Inc.................. 22,902
-----------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 3,146,455
-----------
FABRICATED METAL PRODUCTS--1.02%
1,244 Geberit AG. (Regd)...................... 382,967
240 Tostem Inax Holding Corp................ 3,458
-----------
TOTAL FABRICATED METAL PRODUCTS 386,425
-----------
FOOD AND KINDRED PRODUCTS--2.74%
100 Asahi Breweries Ltd..................... 604
26,684 Coca-Cola Amatil Ltd.................... 102,184
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 23
Statement of Investments (Unaudited) - INTERNATIONAL EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
FOOD AND KINDRED PRODUCTS--(CONTINUED)
5,974 Diageo plc.............................. $ 63,781
800 Fuji Oil Co Ltd......................... 6,249
3,504 Groupe Danone........................... 484,870
359 Nestle S.A. (Regd)...................... 74,077
2,980 Pernod-Ricard........................... 265,896
6,347 Scottish & Newcastle plc................ 38,385
-----------
TOTAL FOOD AND KINDRED PRODUCTS 1,036,046
-----------
FOOD STORES--0.00%
17 *Casino Guichard-Perrachon A Wts
12/15/03.............................. 3
17 *Casino Guichard-Perrachon B Wts
12/15/05.............................. 16
1,000 *Mycal Corp............................. 8
417 Tesco plc............................... 1,509
-----------
TOTAL FOOD STORES 1,536
-----------
GENERAL BUILDING CONTRACTORS--0.22%
892 Allgreen Properties Ltd................. 486
24,000 Nishimatsu Construction Co Ltd.......... 81,549
700 Shimizu Corp............................ 1,941
-----------
TOTAL GENERAL BUILDING CONTRACTORS 83,976
-----------
GENERAL MERCHANDISE STORES--0.08%
4,985 Marks & Spencer Group plc............... 25,974
600 Takashimaya Co Ltd...................... 2,983
-----------
TOTAL GENERAL MERCHANDISE STORES 28,957
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING--2.51%
9,178 Grupo Ferrovial S.A..................... 249,260
800 Kajima Corp............................. 1,899
10,000 Okumura Corp............................ 32,646
9,866 Vinci S.A............................... 665,615
-----------
TOTAL HEAVY CONSTRUCTION, EXCEPT
BUILDING 949,420
-----------
HOLDING AND OTHER INVESTMENT OFFICES--4.80%
94,895 Deutsche Office Trust................... 71,278
1,900 Hutchison Whampoa Ltd................... 11,573
7,197 iShares MSCI EAFE Index Fund............ 779,507
75,255 Macquarie Infrastructure Group.......... 181,186
10,015 Nobel Biocare Holding AG................ 668,751
43,599 Westfield Trust (Units)................. 100,877
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 1,813,172
-----------
HOTELS AND OTHER LODGING PLACES--0.03%
3,766 Hilton Group plc........................ 11,435
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 11,435
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--2.42%
48,868 Aggreko plc............................. 99,187
182 Athens Water Supply & Sewage Co S.A..... 890
51,715 FKI plc................................. 68,057
144 *Logitech International S.A. (Regd)..... 5,400
46,000 Mitsubishi Heavy Industries Ltd......... 119,142
23,226 Sandvik AB.............................. 607,855
700 Sato Corp............................... 12,097
-----------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 912,628
-----------
INSTRUMENTS AND RELATED PRODUCTS--4.48%
11,000 Canon, Inc.............................. 504,768
1,000 Fuji Photo Film Co Ltd.................. 28,899
222,190 *Invensys plc........................... 75,163
1,900 Keyence Corp............................ 348,116
354 Luxottica Group S.p.A................... 4,833
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
993 Synthes-Stratec, Inc.................... $ 713,292
800 Tokyo Seimitsu Co Ltd................... 18,055
-----------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,693,126
-----------
INSURANCE CARRIERS--1.45%
3,701 Aviva plc............................... 25,696
700 Fuji Fire & Marine Insurance Co Ltd..... 1,248
3,974 Insurance Australia Group Ltd........... 9,062
14,440 Legal & General Group plc............... 20,016
3,342 Prudential plc.......................... 20,239
2,045 Skandia Forsakrings AB.................. 5,441
3,912 Zurich Financial Services AG............ 466,419
-----------
TOTAL INSURANCE CARRIERS 548,121
-----------
LEATHER AND LEATHER PRODUCTS--0.25%
37,000 Yue Yuen Industrial Holdings............ 94,657
-----------
TOTAL LEATHER AND LEATHER PRODUCTS 94,657
-----------
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.13%
5 East Japan Railway Co................... 22,236
24,000 MTR Corp................................ 27,545
-----------
TOTAL LOCAL AND INTERURBAN PASSENGER
TRANSIT 49,781
-----------
METAL MINING--0.58%
40,285 Alumina Ltd............................. 109,960
46,902 *WMC Resources Ltd...................... 110,406
-----------
TOTAL METAL MINING 220,366
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.02%
200 Bandai Co Ltd........................... 7,629
-----------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 7,629
-----------
MISCELLANEOUS RETAIL--0.03%
696 Next plc................................ 11,789
-----------
TOTAL MISCELLANEOUS RETAIL 11,789
-----------
NONDEPOSITORY INSTITUTIONS--0.48%
12,250 HBOS plc................................ 158,581
722 Irish Life & Permanent plc.............. 7,794
150 SFCG Co Ltd............................. 13,879
-----------
TOTAL NONDEPOSITORY INSTITUTIONS 180,254
-----------
OIL AND GAS EXTRACTION--3.68%
100 CNOOC Ltd............................... 147
6,726 IHC Caland NV........................... 343,400
55,283 Origin Energy Ltd....................... 150,156
38,215 Shell Transport & Trading Co plc........ 252,242
4,262 Total S.A............................... 644,085
-----------
TOTAL OIL AND GAS EXTRACTION 1,390,030
-----------
PAPER AND ALLIED PRODUCTS--0.27%
25 Nippon Unipac Holding................... 97,647
700 OJI Paper Co Ltd........................ 3,061
-----------
TOTAL PAPER AND ALLIED PRODUCTS 100,708
-----------
PETROLEUM AND COAL PRODUCTS--4.75%
42,173 BHP Billiton Ltd........................ 244,368
118,950 BP plc.................................. 824,889
31,437 ENI S.p.A............................... 475,446
5,355 Royal Dutch Petroleum Co................ 248,559
-----------
TOTAL PETROLEUM AND COAL PRODUCTS 1,793,262
-----------
</Table>
24 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - INTERNATIONAL EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
PRIMARY METAL INDUSTRIES--0.32%
88,000 Nippon Steel Corp....................... $ 120,924
1 Pechiney S.A. .......................... 36
-----------
TOTAL PRIMARY METAL INDUSTRIES 120,960
-----------
PRINTING AND PUBLISHING--0.23%
9,160 News Corp Ltd........................... 68,803
2,051 Reed Elsevier plc....................... 17,066
-----------
TOTAL PRINTING AND PUBLISHING 85,869
-----------
REAL ESTATE--0.71%
87,512 CapitaLand Ltd.......................... 61,621
600 Cheung Kong Holdings Ltd................ 3,609
600 City Developments Ltd................... 1,513
5,349 Commonwealth Property Office Fund....... 4,305
42,813 General Property Trust.................. 83,841
155 Hang Lung Properties Ltd................ 140
100 Henderson Land Development Co Ltd....... 287
900 Mitsui Fudosan Co Ltd................... 5,749
21,100 Sun Hung Kai Properties Ltd............. 106,607
-----------
TOTAL REAL ESTATE 267,672
-----------
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.51%
14,000 Bridgestone Corp........................ 190,048
470 *Ryanair Holdings plc................... 3,384
-----------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 193,432
-----------
SECURITY AND COMMODITY BROKERS--2.82%
1,513 Amvescap plc............................ 10,436
20,000 Daiwa Securities Group, Inc............. 114,928
229 Hong Kong Exchanges & Clearing Ltd...... 329
37,909 Man Group plc........................... 748,164
73,000 Marubeni Corp........................... 94,841
8,000 Nikko Cordial Corp...................... 32,113
5,000 Nomura Holdings, Inc.................... 63,460
-----------
TOTAL SECURITY AND COMMODITY BROKERS 1,064,271
-----------
SPECIAL TRADE CONTRACTORS--0.20%
23,000 Kinden Corp............................. 77,193
-----------
TOTAL SPECIAL TRADE CONTRACTORS 77,193
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.00%
41 *Heidelberger Zement AG. (Germany)...... 905
275 *Lafarge S.A. .......................... 742
-----------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 1,647
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
TEXTILE MILL PRODUCTS--0.22%
47,000 Toyobo Co Ltd........................... $ 81,807
-----------
TOTAL TEXTILE MILL PRODUCTS 81,807
-----------
TRANSPORTATION BY AIR--0.00%
121 KLM (Royal Dutch Airlines) NV........... 1,021
-----------
TOTAL TRANSPORTATION BY AIR 1,021
-----------
TRANSPORTATION EQUIPMENT--3.66%
21,672 BAE Systems plc......................... 50,961
2,381 DaimlerChrysler AG. (Regd).............. 83,120
9,900 Honda Motor Co Ltd...................... 375,141
7,000 Nissan Motor Co Ltd..................... 66,925
12,045 Patrick Corp Ltd........................ 101,379
20,800 Toyota Industries Corp.................. 338,482
14,100 Toyota Motor Corp....................... 365,197
-----------
TOTAL TRANSPORTATION EQUIPMENT 1,381,205
-----------
TRANSPORTATION SERVICES--0.26%
20,636 Toll Holdings Ltd....................... 97,984
-----------
TOTAL TRANSPORTATION SERVICES 97,984
-----------
WHOLESALE TRADE-DURABLE GOODS--0.54%
334 *Centerpulse AG. (Regd)................. 89,877
23,319 SSL International plc................... 113,131
-----------
TOTAL WHOLESALE TRADE-DURABLE GOODS..... 203,008
-----------
WHOLESALE TRADE-NONDURABLE GOODS--1.44%
6,780 Altana AG............................... 427,752
10,169 British American Tobacco plc............ 115,365
-----------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 543,117
-----------
TOTAL COMMON STOCK (Cost $39,193,782) 37,385,643
-----------
TOTAL PORTFOLIO--99.20% (Cost
$39,271,068) 37,466,105
OTHER ASSETS & LIABILITIES, NET--0.80% 303,497
-----------
NET ASSETS--100.00% $37,769,602
===========
</Table>
- ------------
* Non-income producing
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 25
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary by Industry
VALUE %
- ---------------------------------------------------------------------
COMMON STOCK:
Agricultural Production-Crops................. $ 6,594 0.01%
Amusement and Recreation Services............. 129,222 0.12
Apparel and Accessory Stores.................. 568,372 0.51
Apparel and Other Textile Products............ 151,135 0.14
Auto Repair, Services and Parking............. 27,137 0.02
Automotive Dealers and Service Stations....... 181,923 0.16
Building Materials and Garden Supplies........ 1,185,617 1.06
Business Services............................. 8,070,927 7.25
Chemicals and Allied Products................. 13,567,985 12.18
Coal Mining................................... 30,686 0.03
Communications................................ 6,043,473 5.43
Depository Institutions....................... 11,436,727 10.27
Eating and Drinking Places.................... 730,734 0.66
Educational Services.......................... 217,006 0.19
Electric, Gas, and Sanitary Services.......... 3,857,282 3.46
Electronic and Other Electric Equipment....... 7,907,686 7.10
Engineering and Management Services........... 828,457 0.74
Environmental Quality and Housing............. 41 0.00
Fabricated Metal Products..................... 626,088 0.56
Food and Kindred Products..................... 3,813,630 3.42
Food Stores................................... 467,627 0.42
Forestry...................................... 120,204 0.11
Furniture and Fixtures........................ 347,769 0.31
Furniture and Homefurnishings Stores.......... 408,863 0.37
General Building Contractors.................. 339,608 0.31
General Merchandise Stores.................... 2,742,622 2.46
Health Services............................... 758,467 0.68
Heavy Construction, Except Building........... 9,207 0.01
Holding and Other Investment Offices.......... 2,359,682 2.12
Hotels and Other Lodging Places............... 286,682 0.26
Industrial Machinery and Equipment............ 7,256,411 6.52
Instruments and Related Products.............. 2,998,614 2.69
Insurance Agents, Brokers and Service......... 414,494 0.37
Insurance Carriers............................ 4,892,828 4.39
Justice, Public Order and Safety.............. 1,371 0.00
Leather and Leather Products.................. 77,453 0.07
Legal Services................................ 4,047 0.00
Lumber and Wood Products...................... 79,328 0.07
Metal Mining.................................. 199,055 0.18
Miscellaneous Manufacturing Industries........ 166,399 0.15
Miscellaneous Retail.......................... 1,178,060 1.06
Motion Pictures............................... 780,582 0.70
Nondepository Institutions.................... 2,376,724 2.13
Nonmetallic Minerals, Except Fuels............ 38,670 0.03
Oil and Gas Extraction........................ 1,503,426 1.35
Paper and Allied Products..................... 726,926 0.65
Personal Services............................. 189,385 0.17
Petroleum and Coal Products................... 3,964,295 3.56
Primary Metal Industries...................... 444,656 0.40
Printing and Publishing....................... 886,953 0.80
Railroad Transportation....................... 430,097 0.39
Real Estate................................... 62,144 0.06
Rubber and Miscellaneous Plastics Products.... 219,894 0.20
Security and Commodity Brokers................ 2,050,652 1.84
Social Services............................... 4,195 0.00
Special Trade Contractors..................... 36,379 0.03
Stone, Clay, and Glass Products............... 169,447 0.15
Textile Mill Products......................... 33,849 0.03
Tobacco Products.............................. 1,080,846 0.97
Transportation By Air......................... 466,329 0.42
Transportation Equipment...................... 2,490,119 2.24
Transportation Services....................... 138,969 0.12
</Table>
<Table>
<Caption>
VALUE %
- ---------------------------------------------------------------------
Trucking and Warehousing...................... $ 430,826 0.39%
Water Transportation.......................... 27,150 0.02
Wholesale Trade-Durable Goods................. 1,965,739 1.77
Wholesale Trade-Nondurable Goods.............. 912,714 0.82
------------ ------
TOTAL COMMON STOCK (Cost $128,860,537)........ 105,920,479 95.10
TOTAL TIAA-CREF MUTUAL FUND (Cost
$4,559,704)................................. 4,992,448 4.48
------------ ------
TOTAL PORTFOLIO (Cost $133,420,241)........... 110,912,927 99.58
OTHER ASSETS & LIABILITIES, NET............... 476,600 0.42
------------ ------
NET ASSETS.................................... $111,389,527 100.00%
============ ======
</Table>
---------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCK--95.10%
AGRICULTURAL PRODUCTION-CROPS--0.01%
300 Delta & Pine Land Co................... $ 6,594
------------
TOTAL AGRICULTURAL PRODUCTION-CROPS 6,594
------------
AMUSEMENT AND RECREATION SERVICES--0.12%
704 *Alliance Gaming Corp.................. 13,313
240 *Argosy Gaming Co...................... 5,018
300 *Aztar Corp............................ 4,833
300 *Bally Total Fitness Holding Corp...... 2,709
134 Churchill Downs, Inc................... 5,134
70 Dover Downs Gaming & Entertainment,
Inc.................................. 648
100 Dover Motorsport, Inc.................. 410
200 *Gaylord Entertainment Co.............. 3,914
1,149 *Harrah's Entertainment, Inc........... 46,236
254 International Speedway Corp (Class
A)................................... 10,036
162 *Isle Of Capri Casinos, Inc............ 2,678
500 *Magna Entertainment Corp (Class A).... 2,500
194 *MTR Gaming Group, Inc................. 1,498
94 *Multimedia Games, Inc................. 2,397
324 *Penn National Gaming, Inc............. 6,658
800 *Six Flags, Inc........................ 5,424
100 Speedway Motorsports, Inc.............. 2,680
356 *Station Casinos, Inc.................. 8,989
200 *WMS Industries, Inc................... 3,118
100 World Wrestling Federation
Entertainment, Inc................... 1,029
------------
TOTAL AMUSEMENT AND RECREATION SERVICES 129,222
------------
APPAREL AND ACCESSORY STORES--0.51%
884 *Abercrombie & Fitch Co (Class A)...... 25,114
114 *Aeropostale, Inc...................... 2,449
568 *American Eagle Outfitters, Inc........ 10,292
460 *AnnTaylor Stores Corp................. 13,317
100 *Bebe Stores, Inc...................... 1,913
65 *Buckle, Inc........................... 1,250
200 Burlington Coat Factory Warehouse
Corp................................. 3,580
318 *Casual Male Retail Group, Inc......... 1,650
100 Cato Corp (Class A).................... 2,108
70 *Charlotte Russe Holding, Inc.......... 722
1,100 *Charming Shoppes, Inc................. 5,467
768 *Chico's FAS, Inc...................... 16,166
100 *Children's Place Retail Stores, Inc... 1,986
260 *Christopher & Banks Corp.............. 9,617
489 Claire's Stores, Inc................... 12,401
46 Deb Shops, Inc......................... 865
300 *Dress Barn, Inc....................... 3,801
300 *Finish Line, Inc (Class A)............ 6,663
1,491 Foot Locker, Inc....................... 19,756
200 *Footstar, Inc......................... 2,600
6,698 Gap, Inc............................... 125,654
</Table>
26 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
APPAREL AND ACCESSORY STORES--(CONTINUED)
200 *Genesco, Inc.......................... $ 3,540
145 Goody's Family Clothing, Inc........... 1,254
277 *Gymboree Corp......................... 4,648
300 *Hot Topic, Inc........................ 8,073
47 *JOS A. Bank Clothiers, Inc............ 1,571
4,705 Limited Brands, Inc.................... 72,928
43 *Mothers Work, Inc..................... 1,151
990 Nordstrom, Inc......................... 19,325
100 Oshkosh B'gosh, Inc (Class A).......... 2,700
417 *Pacific Sunwear Of California, Inc.... 10,046
600 *Payless Shoesource, Inc............... 7,500
827 Ross Stores, Inc....................... 35,346
66 *Shoe Carnival, Inc.................... 974
183 *Stage Stores, Inc..................... 4,301
232 Talbots, Inc........................... 6,832
5,668 TJX Cos, Inc........................... 106,785
359 *Too, Inc.............................. 7,270
100 *Urban Outfitters, Inc................. 3,590
229 *Wet Seal, Inc (Class A)............... 2,446
100 *Wilsons The Leather Experts, Inc...... 721
------------
TOTAL APPAREL AND ACCESSORY STORES 568,372
------------
APPAREL AND OTHER TEXTILE PRODUCTS--0.14%
182 *Collins & Aikman Corp................. 537
100 *Columbia Sportswear Co................ 5,141
100 *Guess?, Inc........................... 600
1,170 *Jones Apparel Group, Inc.............. 34,234
300 Kellwood Co............................ 9,489
1,010 Liz Claiborne, Inc..................... 35,603
269 *Nautica Enterprises, Inc.............. 3,451
100 Oxford Industries, Inc................. 4,152
262 Phillips-Van Heusen Corp............... 3,571
392 Polo Ralph Lauren Corp................. 10,110
571 *Quiksilver, Inc....................... 9,416
881 VF Corp................................ 29,928
364 *Warnaco Group, Inc.................... 4,896
300 b*Westpoint Stevens, Inc............... 7
------------
TOTAL APPAREL AND OTHER TEXTILE
PRODUCTS 151,135
------------
AUTO REPAIR, SERVICES AND PARKING--0.02%
100 b*Amerco, Inc.......................... 712
300 Central Parking Corp................... 3,708
241 *Dollar Thrifty Automotive Group,
Inc.................................. 4,471
51 *Midas, Inc............................ 618
49 *Monro Muffler Brake, Inc.............. 1,385
634 Ryder System, Inc...................... 16,243
------------
TOTAL AUTO REPAIR, SERVICES AND PARKING 27,137
------------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.16%
184 *Advance Auto Parts.................... 11,206
43 *America's Car Mart, Inc............... 786
200 *Asbury Automotive Group, Inc.......... 2,696
1,839 *Autonation, Inc....................... 28,909
766 *Autozone, Inc......................... 58,193
1,009 *Carmax, Inc........................... 30,421
617 *Copart, Inc........................... 5,831
350 *CSK Auto Corp......................... 5,058
300 *Group 1 Automotive, Inc............... 9,723
100 *Lithia Motors, Inc (Class A).......... 1,617
200 *MarineMax, Inc........................ 2,800
400 *O'Reilly Automotive, Inc.............. 13,356
287 *Sonic Automotive, Inc................. 6,288
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
155 *United Auto Group, Inc................ $ 3,376
95 *West Marine, Inc...................... 1,663
------------
TOTAL AUTOMOTIVE DEALERS AND SERVICE
STATIONS 181,923
------------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.06%
100 Building Materials Holding Corp........ 1,481
166 *Central Garden & Pet Co............... 3,959
700 Fastenal Co............................ 23,758
24,145 Home Depot, Inc........................ 799,682
1,200 *Louisiana-Pacific Corp................ 13,008
8,003 Lowe's Cos............................. 343,729
------------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 1,185,617
------------
BUSINESS SERVICES--7.25%
3,800 *3Com Corp............................. 17,784
100 Aaron Rents, Inc....................... 2,580
347 ABM Industries, Inc.................... 5,344
369 *ActivCard Corp........................ 3,469
892 *Activision, Inc....................... 11,525
734 *Acxiom Corp........................... 11,076
200 *Administaff, Inc...................... 2,060
2,500 Adobe Systems, Inc..................... 80,175
300 *Advent Software, Inc.................. 5,073
174 *Advo, Inc............................. 7,726
383 *Aether Systems, Inc................... 1,877
1,076 *Affiliated Computer Services, Inc
(Class A)............................ 49,205
455 *Agile Software Corp................... 4,391
1,400 *Akamai Technologies, Inc.............. 6,804
334 *Alliance Data Systems Corp............ 7,816
90 *Altiris, Inc.......................... 1,805
371 *American Management Systems, Inc...... 5,298
190 *AMN Healthcare Services, Inc.......... 2,413
68 *Ansoft Corp........................... 722
107 *Ansys, Inc............................ 3,328
137 *Anteon International Corp............. 3,824
45,406 *AOL Time Warner, Inc.................. 730,583
200 *APAC Customer Services, Inc........... 510
800 *Aquantive, Inc........................ 8,400
380 *Arbitron, Inc......................... 13,566
4,227 *Ariba, Inc............................ 12,554
200 *Armor Holdings, Inc................... 2,680
662 *Ascential Software Corp............... 10,883
313 *Asiainfo Holdings, Inc................ 2,567
364 *Ask Jeeves, Inc....................... 5,005
400 *Aspect Communications Corp............ 1,548
300 *Aspen Technology, Inc................. 1,440
274 *At Road, Inc.......................... 2,992
140 *Atari, Inc............................ 623
294 *Autobytel, Inc........................ 1,835
1,300 Autodesk, Inc.......................... 21,008
6,420 Automatic Data Processing, Inc......... 217,381
148 *Barra, Inc............................ 5,284
3,815 *BEA Systems, Inc...................... 41,431
1,100 *Bisys Group, Inc...................... 20,207
2,654 *BMC Software, Inc..................... 43,340
600 *Borland Software Corp................. 5,862
170 Brady Corp (Class A)................... 5,670
496 Brink's Co............................. 7,227
270 *Broadvision, Inc...................... 1,536
2,295 *Brocade Communications Systems, Inc... 13,518
250 *CACI International, Inc (Class A)..... 8,575
2,766 *Cadence Design Systems, Inc........... 33,358
304 *Catalina Marketing Corp............... 5,366
113 *CCC Information Services Group, Inc... 1,639
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 27
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
100 *CDI Corp.............................. $ 2,596
10,960 *Cendant Corp.......................... 200,787
1,559 *Ceridian Corp......................... 26,456
322 *Cerner Corp........................... 7,390
678 *Certegy, Inc.......................... 18,815
573 *Checkfree Corp........................ 15,952
837 *ChoicePoint, Inc...................... 28,893
532 *Ciber, Inc............................ 3,735
1,754 *Citrix Systems, Inc................... 35,711
3,885 *CMGI, Inc............................. 6,488
965 *CNET Networks, Inc.................... 6,012
783 *Cognizant Technology Solutions Corp... 19,074
4,989 Computer Associates International,
Inc.................................. 111,155
288 *Computer Horizons Corp................ 1,308
65 Computer Programs & Systems, Inc....... 1,301
1,792 *Computer Sciences Corp................ 68,311
3,600 *Compuware Corp........................ 20,772
146 *Concord Communications, Inc........... 2,005
241 *Concur Technologies, Inc.............. 2,427
1,645 *Convergys Corp........................ 26,320
140 *CoStar Group, Inc..................... 4,180
485 *CSG Systems International, Inc........ 6,853
107 *Cyberguard Corp....................... 760
789 *D&B Corp.............................. 32,428
100 *Datastream Systems, Inc............... 1,059
600 Deluxe Corp............................ 26,880
500 *Dendrite International, Inc........... 6,440
100 *Digimarc Corp......................... 1,570
500 *Digital Insight Corp.................. 9,525
246 *Digital River, Inc.................... 4,748
370 *Digitalthink, Inc..................... 1,166
400 *Documentum, Inc....................... 7,868
1,000 *DoubleClick, Inc...................... 9,250
945 *DST Systems, Inc...................... 35,910
1,050 *E.piphany, Inc........................ 5,366
1,705 *Earthlink, Inc........................ 13,452
298 *Echelon Corp.......................... 4,103
318 *Eclipsys Corp......................... 3,320
122 *eCollege.com, Inc..................... 1,401
375 *eFunds Corp........................... 4,324
100 *Electro Rent Corp..................... 1,078
1,241 *Electronic Arts, Inc.................. 91,822
4,950 Electronic Data Systems Corp........... 106,178
100 *Embarcadero Technologies, Inc......... 700
1,737 *Enterasys Networks, Inc............... 5,263
400 *Entrust, Inc.......................... 1,176
398 *Epicor Software Corp.................. 2,384
90 *EPIQ Systems, Inc..................... 1,545
1,500 Equifax, Inc........................... 39,000
248 *eSpeed, Inc (Class A)................. 4,900
24 *Expedia, Inc Wts 02/04/09............. 1,309
1,016 *Extreme Networks, Inc................. 5,385
300 *F5 Networks, Inc...................... 5,055
200 Factset Research Systems, Inc.......... 8,810
555 Fair Isaac Corp........................ 28,555
119 *Fidelity National Information
Solutions, Inc....................... 3,104
300 *Filenet Corp.......................... 5,412
117 *FindWhat.com.......................... 2,201
7,873 First Data Corp........................ 326,257
2,048 *Fiserv, Inc........................... 72,929
360 *Freemarkets, Inc...................... 2,506
220 *Gerber Scientific, Inc................ 1,465
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
274 *Getty Images, Inc..................... $ 11,316
144 Gevity HR, Inc......................... 1,702
5 Grey Global Group, Inc................. 3,863
95 *Group 1 Software, Inc................. 1,741
100 *GSI Commerce, Inc..................... 668
627 GTECH Holdings Corp.................... 23,607
340 *Harris Interactive, Inc............... 2,241
85 *Healthcare Services Group............. 1,221
200 *Heidrick & Struggles International,
Inc.................................. 2,524
600 Henry (Jack) & Associates, Inc......... 10,674
600 *Homestore, Inc........................ 1,062
63 *Hudson Highland Group, Inc............ 1,198
400 *Hyperion Solutions Corp............... 13,504
2,523 *i2 Technologies, Inc.................. 2,548
128 *iDine Rewards Network, Inc............ 1,759
200 *IDX Systems Corp...................... 3,104
213 *iGate Corp............................ 739
300 Imation Corp........................... 11,346
2,796 IMS Health, Inc........................ 50,300
674 *Informatica Corp...................... 4,657
267 *Infospace, Inc........................ 3,623
311 *infoUSA, Inc.......................... 2,519
100 *Integral Systems, Inc................. 1,988
516 *Intelidata Technologies Corp.......... 1,579
275 *Interactive Data Corp................. 4,648
460 *Intergraph Corp....................... 9,890
1,121 *Interland, Inc........................ 1,099
452 *Internet Security Systems, Inc........ 6,549
52 Interpool, Inc......................... 854
4,277 *Interpublic Group Of Cos, Inc......... 57,226
805 *Interwoven, Inc....................... 1,787
152 *Intrado, Inc.......................... 2,400
2,010 *Intuit, Inc........................... 89,505
769 *Iron Mountain, Inc.................... 28,522
1,215 *J.D. Edwards & Co..................... 17,411
245 *JDA Software Group, Inc............... 2,742
3,856 *Juniper Networks, Inc................. 47,699
243 *Kana Software, Inc.................... 736
500 *Keane, Inc............................ 6,815
300 Kelly Services, Inc (Class A).......... 7,035
200 *Keynote Systems, Inc.................. 2,096
264 *KFX ,Inc.............................. 1,024
300 *Korn/Ferry International.............. 2,430
556 *Kroll, Inc............................ 15,045
299 *Kronos, Inc........................... 15,192
350 *Labor Ready, Inc...................... 2,510
821 *Lamar Advertising Co.................. 28,907
868 *Legato Systems, Inc................... 7,283
100 *LendingTree, Inc...................... 2,448
882 *Liberate Technologies................. 2,628
238 *Lionbridge Technologies............... 1,211
628 *Looksmart Ltd......................... 1,777
720 *Macromedia, Inc....................... 15,149
400 *Macrovision Corp...................... 7,968
170 *Magma Design Automation, Inc.......... 2,916
311 *Manhattan Associates, Inc............. 8,077
800 Manpower, Inc.......................... 29,672
139 *Mantech International Corp (Class
A)................................... 2,666
500 *Manugistics Group, Inc................ 2,055
680 *Matrixone, Inc........................ 3,903
85 McGrath RentCorp....................... 2,273
71 *Medical Staffing Network Holdings,
Inc.................................. 497
136 *MedQuist, Inc......................... 2,753
</Table>
28 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
100 *Memberworks, Inc...................... $ 1,975
600 *Mentor Graphics Corp.................. 8,688
883 *Mercury Interactive Corp.............. 34,093
700 *Micromuse, Inc........................ 5,593
94,141 Microsoft Corp......................... 2,410,951
100 *MicroStrategy, Inc.................... 3,643
300 *Midway Games, Inc..................... 1,089
852 *Monster Worldwide, Inc................ 16,810
800 *MPS Group, Inc........................ 5,504
300 *MRO Software, Inc..................... 2,589
306 *MSC.Software Corp..................... 2,062
142 *Nassda Corp........................... 1,096
300 *National Instruments Corp............. 11,334
200 *National Processing, Inc.............. 3,216
172 *NCO Group, Inc........................ 3,081
797 *NCR Corp.............................. 20,419
300 NDCHealth Corp......................... 5,505
82 *Neoforma, Inc......................... 895
146 *Neoware Systems, Inc.................. 2,240
247 *Netegrity, Inc........................ 1,442
398 *NETIQ Corp............................ 6,153
100 *Netratings, Inc....................... 914
100 *Netscout Systems, Inc................. 537
371 *NetScreen Technologies, Inc........... 8,366
1,486 *Network Associates, Inc............... 18,842
238 *Network Equipment Technologies, Inc... 2,004
310 *NIC, Inc.............................. 905
3,967 *Novell, Inc........................... 12,218
158 *Nuance Communications, Inc............ 853
200 *NYFIX, Inc............................ 1,270
2,021 Omnicom Group, Inc..................... 144,906
1,540 *Openwave Systems, Inc................. 3,003
100 *Opnet Technologies, Inc............... 1,219
503 *Opsware, Inc.......................... 2,022
40,785 *Oracle Corp........................... 490,236
621 *Overture Services, Inc................ 11,259
200 *Packeteer, Inc........................ 3,114
2,279 *Parametric Technology Corp............ 6,951
207 *PC-Tel, Inc........................... 2,455
300 *PDF Solutions, Inc.................... 3,465
76 *PDI, Inc.............................. 772
62 *PEC Solutions, Inc.................... 998
261 *Pegasus Solutions, Inc................ 4,241
2,975 *Peoplesoft, Inc....................... 52,330
600 *Perot Systems Corp (Class A).......... 6,816
163 *Pixar, Inc............................ 9,917
1,311 *Portal Software, Inc.................. 2,622
200 *ProcureNet, Inc....................... 30
300 *Progress Software Corp................ 6,219
390 *Pumatech, Inc......................... 1,326
108 *QAD, Inc.............................. 801
249 *Quadramed Corp........................ 423
35 *Quality Systems, Inc.................. 967
295 *Quest Software, Inc................... 3,511
276 *R.H. Donnelley Corp................... 10,066
300 *Radiant Systems, Inc.................. 2,022
187 *Radisys Corp.......................... 2,468
397 *Raindance Communications, Inc......... 989
732 *RealNetworks, Inc..................... 4,963
1,031 *Red Hat, Inc.......................... 7,805
1,134 *Redback Networks, Inc................. 1,021
344 *Register.com, Inc..................... 2,016
100 *Renaissance Learning, Inc............. 2,190
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
354 *Rent-A-Center, Inc.................... $ 26,837
200 *Rent-Way, Inc......................... 930
567 *Retek, Inc............................ 3,629
633 Reynolds & Reynolds Co (Class A)....... 18,078
1,613 *Robert Half International, Inc........ 30,550
150 Rollins, Inc........................... 2,828
200 *Roxio, Inc............................ 1,338
850 *RSA Security, Inc..................... 9,138
900 *S1 Corp............................... 3,636
90 *SafeNet, Inc.......................... 2,518
273 *SAFLINK Corp.......................... 1,775
100 *Sanchez Computer Associates, Inc...... 520
700 *Sapient Corp.......................... 1,939
478 *Scansoft, Inc......................... 2,596
336 *Secure Computing Corp................. 2,933
175 *Seebeyond Technology Corp............. 404
446 *Serena Software, Inc.................. 9,312
4,575 *Siebel Systems, Inc................... 43,646
128 *SM&A.................................. 1,454
178 *Sohu.com, Inc......................... 6,080
700 b*SONICblue, Inc....................... 4
542 *SonicWALL, Inc........................ 2,602
375 *Sotheby's Holdings, Inc (Class A)..... 2,790
122 *Source Interlink Cos, Inc............. 926
180 *SpeechWorks International, Inc........ 846
624 *Spherion Corp......................... 4,337
100 *SPSS, Inc............................. 1,674
89 *SRA International, Inc (Class A)...... 2,848
72 *SS&C Technologies, Inc................ 1,148
100 *Startek, Inc.......................... 2,630
185 *Stellent, Inc......................... 999
1,046 *StorageNetworks, Inc.................. 1,454
49 *Stratasys, Inc........................ 1,723
34,450 *Sun Microsystems, Inc................. 158,470
2,900 *SunGard Data Systems, Inc............. 75,139
261 *SupportSoft, Inc...................... 1,694
854 *Sybase, Inc........................... 11,879
200 *Sykes Enterprises, Inc................ 978
1,500 *Symantec Corp......................... 65,790
791 *Synopsys, Inc......................... 48,923
100 *Synplicity, Inc....................... 523
300 *Systems & Computer Technology Corp.... 2,700
557 *Take-Two Interactive Software, Inc.... 15,785
143 Talx Corp.............................. 3,230
300 *TeleTech Holdings, Inc................ 1,269
525 *THQ, Inc.............................. 9,450
1,067 *TIBCO Software, Inc................... 5,431
132 *Tier Technologies, Inc (Class B)...... 1,023
600 *Titan Corp............................ 6,174
300 Total System Services, Inc............. 6,690
183 *TradeStation Group, Inc............... 1,878
300 *Transaction Systems Architects, Inc
(Class A)............................ 2,688
200 *Trizetto Group, Inc................... 1,208
296 *Tyler Technologies, Inc............... 1,258
3,057 *Unisys Corp........................... 37,540
300 *United Online, Inc.................... 7,602
484 *United Rentals, Inc................... 6,723
150 *Universal Compression Holdings, Inc... 3,129
631 *Valueclick, Inc....................... 3,805
236 *Vastera, Inc.......................... 1,409
111 *Veridian Corp......................... 3,873
65 *Verint Systems, Inc................... 1,652
2,338 *VeriSign, Inc......................... 32,335
4,265 *Veritas Software Corp................. 122,278
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 29
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
236 *Verity, Inc........................... $ 2,988
853 Viad Corp.............................. 19,099
2,103 *Vignette Corp......................... 4,374
328 *VitalWorks, Inc....................... 1,296
150 *Vitria Technology, Inc................ 860
100 *Volt Information Sciences, Inc........ 1,365
200 *WatchGuard Technologies, Inc.......... 920
227 *WebEx Communications, Inc............. 3,167
2,998 *WebMD Corp............................ 32,468
481 *webMethods, Inc....................... 3,911
390 *Websense, Inc......................... 6,107
935 *Westwood One, Inc..................... 31,725
592 *Wind River Systems, Inc............... 2,256
5,110 *Yahoo!, Inc........................... 167,404
------------
TOTAL BUSINESS SERVICES 8,070,927
------------
CHEMICALS AND ALLIED PRODUCTS--12.18%
16,431 Abbott Laboratories.................... 719,021
745 *Abgenix, Inc.......................... 7,815
139 *Able Laboratories, Inc................ 2,752
93 Aceto Corp............................. 1,730
309 *Adolor Corp........................... 3,791
2,391 Air Products & Chemicals, Inc.......... 99,466
276 *Albany Molecular Research, Inc........ 4,168
237 Albemarle Corp......................... 6,629
425 Alberto-Culver Co (Class B)............ 21,718
200 *Alexion Pharmaceuticals, Inc.......... 3,410
502 *Alkermes, Inc......................... 5,397
1,435 Allergan, Inc.......................... 110,639
334 Alpharma, Inc (Class A)................ 7,214
355 *Alteon, Inc........................... 1,722
82 *American Pharmaceutical Partners,
Inc.................................. 2,780
13,508 *Amgen, Inc............................ 904,766
800 *Amylin Pharmaceuticals, Inc........... 17,512
570 *Andrx Corp............................ 11,343
226 *Aphton Corp........................... 1,862
200 Arch Chemicals, Inc.................... 3,820
111 *Arena Pharmaceuticals, Inc............ 737
383 *Atherogenics, Inc..................... 5,718
188 *Atrix Laboratories, Inc............... 4,134
637 *Avant Immunotherapeutics, Inc......... 1,898
1,077 Avery Dennison Corp.................... 54,065
218 *AVI BioPharma, Inc.................... 1,336
2,464 Avon Products, Inc..................... 153,261
532 *Barr Laboratories, Inc................ 34,846
111 *Benthley Pharmaceuticals, Inc......... 1,460
1,666 *Biogen, Inc........................... 63,308
667 *BioMarin Pharmaceutical, Inc.......... 6,510
321 *Biopure Corp.......................... 1,961
100 *Biosite, Inc.......................... 4,810
100 *Bone Care International, Inc.......... 1,390
85 *Bradley Pharmaceuticals, Inc.......... 1,403
20,404 Bristol-Myers Squibb Co................ 553,969
104 Bruker Biosciences Corp................ 554
600 Cabot Corp............................. 17,220
300 Calgon Carbon Corp..................... 1,725
206 Cambrex Corp........................... 4,742
300 *Cell Genesys, Inc..................... 2,592
300 *Cell Therapeutics, Inc................ 2,919
430 *Cephalon, Inc......................... 17,699
486 *Charles River Laboratories
International, Inc................... 15,639
149 *Chattem, Inc.......................... 2,801
957 *Chiron Corp........................... 41,840
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
331 Church & Dwight Co, Inc................ $ 10,834
151 *Cima Labs, Inc........................ 4,060
1,585 Clorox Co.............................. 67,600
5,664 Colgate-Palmolive Co................... 328,229
81 *Collagenex Pharmaceuticals, Inc....... 1,102
317 *Columbia Laboratories, Inc............ 3,566
300 *Connetics Corp........................ 4,491
400 *Corixa Corp........................... 3,092
1,000 Crompton Corp.......................... 7,050
311 *Cubist Pharmaceuticals, Inc........... 3,315
400 *Cytec Industries, Inc................. 13,520
244 *Dade Behring Holdings, Inc............ 5,658
48 *DEL Laboratories, Inc................. 1,128
200 Diagnostic Products Corp............... 8,210
1,000 Dial Corp.............................. 19,450
131 *Digene Corp........................... 3,567
297 *Discovery Laboratories, Inc........... 1,889
110 *Dov Pharmaceutical, Inc............... 1,265
9,637 Dow Chemical Co........................ 298,362
10,484 Du Pont (E.I.) de Nemours & Co......... 436,554
241 *Durect Corp........................... 581
800 Eastman Chemical Co.................... 25,336
2,155 Ecolab, Inc............................ 55,168
170 *Elizabeth Arden, Inc.................. 2,239
300 *Encysive Pharmaceuticals, Inc......... 1,440
400 *Enzon, Inc............................ 5,008
90 *Eon Labs, Inc......................... 3,164
114 *EPIX Medical, Inc..................... 1,613
310 *Esperion Therapeutics, Inc............ 6,073
1,063 Estee Lauder Cos (Class A)............. 35,642
154 *Ethyl Corp............................ 1,532
298 Ferro Corp............................. 6,714
175 *First Horizon Pharmaceutical.......... 691
377 *FMC Corp.............................. 8,532
3,516 *Forest Laboratories, Inc.............. 192,501
2,159 *Genentech, Inc........................ 155,707
494 *Genta, Inc............................ 6,580
1,987 *Genzyme Corp (General Division)....... 83,057
300 Georgia Gulf Corp...................... 5,940
312 *Geron Corp............................ 2,296
2,026 *Gilead Sciences, Inc.................. 112,605
10,749 Gillette Co............................ 342,463
483 Great Lakes Chemical Corp.............. 9,853
243 *GTC Biotherapeutics, Inc.............. 833
158 *Guilford Pharmaceuticals, Inc......... 717
300 H.B. Fuller Co......................... 6,606
46 *Hi-Tech Pharmacal Co, Inc............. 1,858
71 *Hollis-Eden Pharmaceuticals........... 897
1,297 *Human Genome Sciences, Inc............ 16,498
700 ICN Pharmaceuticals, Inc............... 11,732
631 *ICOS Corp............................. 23,189
1,234 *IDEC Pharmaceuticals Corp............. 41,956
300 *Idexx Laboratories, Inc............... 10,104
344 *Ilex Oncology, Inc.................... 6,677
1,000 IMC Global, Inc........................ 6,710
512 *ImClone Systems, Inc.................. 16,189
134 *Immucor, Inc.......................... 2,920
300 *Immunogen, Inc........................ 1,281
439 *Immunomedics, Inc..................... 2,770
289 *Impax Laboratories, Inc............... 3,465
267 *Indevus Pharmaceuticals, Inc.......... 1,666
295 *Inspire Pharmaceuticals, Inc.......... 3,186
314 *InterMune, Inc........................ 5,059
766 International Flavors & Fragrances,
Inc.................................. 24,458
</Table>
30 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
CHEMICALS AND ALLIED PRODUCTS--(CONTINUED)
107 *Inverness Medical Innovations, Inc.... $ 2,065
492 *Invitrogen Corp....................... 18,878
400 *Isis Pharmaceuticals, Inc............. 2,120
1,394 *IVAX Corp............................. 24,883
2,481 *King Pharmaceuticals, Inc............. 36,620
110 *Kos Pharmaceuticals, Inc.............. 2,582
240 *KV Pharmaceutical Co (Class A)........ 6,672
338 *La Jolla Pharmaceutical Co............ 1,105
62 *Lannett Co, Inc....................... 1,453
699 *Ligand Pharmaceuticals, Inc (Class
B)................................... 9,499
10,159 Lilly (Eli) & Co....................... 700,666
200 MacDermid, Inc......................... 5,260
338 *Martek Biosciences Corp............... 14,514
776 *Medarex, Inc.......................... 5,114
247 *Medicines Co.......................... 4,920
300 Medicis Pharmaceutical Corp (Class
A)................................... 17,010
2,615 *MedImmune, Inc........................ 95,108
23,604 Merck & Co, Inc........................ 1,429,222
103 Meridian Bioscience, Inc............... 966
267 *MGI Pharma, Inc....................... 6,843
600 Millennium Chemicals, Inc.............. 5,706
3,294 *Millennium Pharmaceuticals, Inc....... 51,815
246 Minerals Technologies, Inc............. 11,970
1,924 Mylan Laboratories, Inc................ 66,897
412 *Nabi Biopharmaceuticals............... 2,826
100 Nature's Sunshine Products, Inc........ 801
377 *NBTY, Inc............................. 7,940
981 *Nektar Therapeutics................... 9,055
100 *Neose Technologies, Inc............... 1,001
259 *Neurocrine Biosciences, Inc........... 12,934
113 NL Industries, Inc..................... 1,921
200 *Noven Pharmaceuticals, Inc............ 2,048
400 *NPS Pharmaceuticals, Inc.............. 9,736
90 Octel Corp............................. 1,251
481 Olin Corp.............................. 8,225
298 *OM Group, Inc......................... 4,390
300 *Omnova Solutions, Inc................. 1,212
250 *Onyx Pharmaceuticals, Inc............. 3,083
360 *OraSure Technologies, Inc............. 2,686
400 *OSI Pharmaceuticals, Inc.............. 12,884
100 *Pain Therapeutics, Inc................ 646
440 *Palatin Technologies, Inc............. 1,404
145 *Penwest Pharmaceuticals Co............ 3,534
800 *Peregrine Pharmaceuticals, Inc........ 1,192
83,101 Pfizer, Inc............................ 2,837,899
263 *Pharmaceutical Resources, Inc......... 12,798
100 PolyMedica Corp........................ 4,579
965 *PolyOne Corp.......................... 4,294
200 *Pozen, Inc............................ 2,196
1,853 PPG Industries, Inc.................... 94,021
380 *Praecis Pharmaceuticals, Inc.......... 1,862
1,700 Praxair, Inc........................... 102,170
13,629 Procter & Gamble Co.................... 1,215,434
100 *Progenics Pharmaceuticals............. 1,506
754 *Protein Design Labs, Inc.............. 10,541
100 Quaker Chemical Corp................... 2,505
235 *Quidel Corp........................... 1,462
134 *Revlon, Inc (Class A)................. 402
238 *Ribapharm, Inc........................ 1,535
1,640 Rohm & Haas Co......................... 50,889
1,200 RPM International, Inc................. 16,500
163 *Salix Pharmaceuticals Ltd............. 1,710
279 *Sangstat Medical Corp................. 3,652
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
15,462 Schering-Plough Corp................... $ 287,593
395 *Sciclone Pharmaceuticals, Inc......... 3,381
232 *Scotts Co (Class A)................... 11,484
1,037 *Sepracor, Inc......................... 18,697
199 *Serologicals Corp..................... 2,712
1,456 Sherwin-Williams Co.................... 39,137
775 *SICOR, Inc............................ 15,764
754 Sigma-Aldrich Corp..................... 40,852
1,200 Solutia, Inc........................... 2,616
100 Stepan Co.............................. 2,260
200 *SuperGen, Inc......................... 1,080
147 *SurModics, Inc........................ 4,484
251 *Tanox, Inc............................ 4,029
252 *Third Wave Technologies, Inc.......... 1,134
400 *Unifi, Inc............................ 2,480
183 *United Therapeutics Corp.............. 3,986
46 *USANA Health Sciences, Inc............ 2,034
864 USEC, Inc.............................. 6,065
500 Valspar Corp........................... 21,110
695 *Vertex Pharmaceuticals, Inc........... 10,147
734 *Vicuron Pharmaceuticals, Inc.......... 10,408
1,006 *Watson Pharmaceuticals, Inc........... 40,612
300 Wellman, Inc........................... 3,360
100 West Pharmaceutical Services, Inc...... 2,450
602 *WR Grace & Co......................... 2,655
13,979 Wyeth.................................. 636,743
134 *Zymogenetics, Inc..................... 1,560
------------
TOTAL CHEMICALS AND ALLIED PRODUCTS 13,567,985
------------
COAL MINING--0.03%
448 Arch Coal, Inc......................... 10,295
200 Consol Energy, Inc..................... 4,548
600 Massey Energy Co....................... 7,890
201 Peabody Energy Corp.................... 6,752
66 *Westmoreland Coal Co.................. 1,201
------------
TOTAL COAL MINING 30,686
------------
COMMUNICATIONS--5.43%
200 *Acme Communication, Inc............... 1,520
200 *AirGate PCS, Inc...................... 240
598 *Alamosa Holdings, Inc................. 915
798 b*Allegiance Telecom, Inc.............. 44
3,261 Alltel Corp............................ 157,245
2,013 *American Tower Corp (Class A)......... 17,815
8,060 AT&T Corp.............................. 155,155
23,746 *AT&T Wireless Services, Inc........... 194,955
3,906 *Avaya, Inc............................ 25,233
100 *Beasley Broadcast Group, Inc (Class
A)................................... 1,368
19,441 BellSouth Corp......................... 517,714
168 *Boston Communications Group........... 2,878
1,073 *Cablevision Systems Corp (Class A).... 22,275
100 *Centennial Communications Corp........ 400
1,500 CenturyTel, Inc........................ 52,275
1,567 *Charter Communications, Inc (Class
A)................................... 6,221
1,762 *Cincinnati Bell, Inc.................. 11,805
5,545 *Clear Channel Communications, Inc..... 235,053
13,850 *Comcast Corp.......................... 417,993
9,059 *Comcast Corp Special.................. 261,171
130 *Commonwealth Telephone Enterprises,
Inc.................................. 5,716
2,406 *Cox Communications, Inc (Class A)..... 76,751
300 *Cox Radio, Inc (Class A).............. 6,933
1,410 *Crown Castle International Corp....... 10,956
200 *Crown Media Holdings, Inc (Class A)... 826
185 CT Communications, Inc................. 1,989
370 *Cumulus Media, Inc (Class A).......... 7,004
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 31
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
COMMUNICATIONS--(CONTINUED)
135 D&E Communications, Inc................ $ 1,546
202 *Dobson Communications Corp (Class
A)................................... 1,101
2,521 *EchoStar Communications Corp (Class
A)................................... 87,277
358 *Emmis Communications Corp (Class A)... 8,216
421 *Entercom Communications Corp.......... 20,633
390 *Entravision Communications Corp (Class
A)................................... 4,427
52 *Fisher Communications, Inc............ 2,543
2 b*Focal Communications Corp............ 0
15 b*Focal Communications Corp Wts
12/14/07............................. 0
929 *Foundry Networks, Inc................. 13,378
1,689 *Fox Entertainment Group, Inc (Class
A)................................... 48,609
464 *General Communication, Inc (Class
A)................................... 4,018
360 Global Payments, Inc................... 12,780
100 *Golden Telecom, Inc................... 2,244
420 Gray Television, Inc................... 5,208
126 *Hearst-Argyle Television, Inc......... 3,263
100 Hickory Tech Corp...................... 1,120
556 *Hispanic Broadcasting Corp............ 14,150
400 *IDT Corp.............................. 7,160
200 *IDT Corp (Class B).................... 3,520
400 *Infonet Services Corp (Class B)....... 636
500 *Insight Communications Co, Inc........ 6,590
3,209 *InterActiveCorp....................... 126,980
100 *j2 Global Communications, Inc......... 4,598
4,558 *Level 3 Communications, Inc........... 30,265
200 Liberty Corp........................... 8,500
286 *Lightbridge, Inc...................... 2,505
281 *Lin TV Corp (Class A)................. 6,618
100 *Lodgenet Entertainment Corp........... 1,095
41,362 *Lucent Technologies, Inc.............. 83,965
173 *Mastec, Inc........................... 996
245 *McLeodUSA, Inc (Class A).............. 370
493 *Mediacom Communications Corp.......... 4,866
233 *Metro One Telecommunications, Inc..... 1,202
200 *Net2Phone, Inc........................ 866
8,364 *Nextel Communications, Inc (Class
A)................................... 151,221
700 *Nextel Partners, Inc (Class A)........ 5,110
158 North Pittsburgh Systems, Inc.......... 2,381
329 *NTL, Inc.............................. 11,225
300 *PanAmSat Corp......................... 5,529
300 *Paxson Communications Corp............ 1,797
33 *Pegasus Communications Corp........... 976
400 *Price Communications Corp............. 5,164
517 *Primus Telecommunications Group....... 2,657
434 *PTEK Holdings, Inc.................... 2,105
14,374 *Qwest Communications International,
Inc.................................. 68,708
400 *Radio One, Inc (Class A).............. 7,144
400 *Radio One, Inc (Class D).............. 7,108
400 *RCN Corp.............................. 792
400 *Regent Communications, Inc............ 2,360
125 *Saga Communications, Inc (Class A).... 2,431
87 *Salem Communications Corp (Class A)... 1,741
34,973 SBC Communications, Inc................ 893,560
29 Shenandoah Telecom Co.................. 1,391
383 *Sinclair Broadcast Group, Inc (Class
A)................................... 4,447
300 *Spanish Broadcasting System, Inc
(Class A)............................ 2,445
9,497 Sprint Corp (FON Group)................ 136,757
7,943 *Sprint Corp (PCS Group)............... 45,672
122 SureWest Communications................ 3,691
211 *Talk America Holdings, Inc............ 2,302
614 Telephone & Data Systems, Inc.......... 30,516
500 *Time Warner Telecom, Inc (Class A).... 3,185
332 *Tivo, Inc............................. 4,100
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
900 b*Touch America Holdings, Inc.......... $ 59
179 *Triton PCS Holdings, Inc (Class A).... 904
100 *U.S. Cellular Corp.................... 2,545
711 *U.S. Unwired, Inc (Class A)........... 306
894 *UnitedGlobalcom, Inc (Class A)........ 4,622
1,264 *Univision Communications, Inc (Class
A)................................... 38,426
28,850 Verizon Communications, Inc............ 1,138,133
16,303 *Viacom, Inc (Class B)................. 711,789
19 Warwick Valley Telephone Co............ 1,559
174 *West Corp............................. 4,637
500 *Western Wireless Corp (Class A)....... 5,765
281 *Wireless Facilities, Inc.............. 3,344
820 *XM Satellite Radio Holdings, Inc...... 9,061
100 *Young Broadcasting, Inc (Class A)..... 2,113
------------
TOTAL COMMUNICATIONS 6,043,473
------------
DEPOSITORY INSTITUTIONS--10.27%
110 1st Source Corp........................ 2,042
90 ABC Bancorp............................ 1,290
53 American National Bankshares, Inc...... 1,425
97 *AmericanWest Bancorp.................. 1,574
3,835 AmSouth Bancorp........................ 83,756
200 Anchor Bancorp Wisconsin, Inc.......... 4,778
105 Arrow Financial Corp................... 3,504
804 Associated Banc-Corp................... 29,844
776 Astoria Financial Corp................. 21,674
100 Bancfirst Corp......................... 5,186
1,023 Bancorpsouth, Inc...................... 21,330
100 Bank Mutual Corp....................... 3,250
15,769 Bank Of America Corp................... 1,246,224
125 Bank Of Granite Corp................... 2,131
700 Bank Of Hawaii Corp.................... 23,205
7,644 Bank Of New York Co, Inc............... 219,765
51 Bank Of The Ozarks, Inc................ 1,977
12,025 Bank One Corp.......................... 447,090
300 BankAtlantic Bancorp, Inc (Class A).... 3,567
1,551 Banknorth Group, Inc................... 39,582
200 *BankUnited Financial Corp (Class A)... 4,030
79 Banner Corp............................ 1,619
546 *Bay View Capital Corp................. 3,156
5,027 BB&T Corp.............................. 172,426
57 Berkshire Hills Bancorp, Inc........... 1,619
109 *BOK Financial Corp.................... 4,211
287 Boston Private Financial Holdings,
Inc.................................. 6,050
34 Bryn Mawr Bank Corp.................... 1,260
100 BSB Bancorp, Inc....................... 2,482
35 C&F Financial Corp..................... 1,369
79 Camco Financial Corp................... 1,232
74 Camden National Corp................... 2,035
81 Capital City Bank Group, Inc........... 2,932
52 *Capital Corp of the West.............. 1,319
232 Capitol Federal Financial.............. 6,522
114 Cascade Bancorp........................ 1,976
200 Cathay Bancorp, Inc.................... 8,916
33 CB Bancshares, Inc..................... 2,050
64 CCBT Financial Cos, Inc................ 1,529
79 Center Bancorp, Inc.................... 1,194
74 *Central Coast Bancorp................. 1,241
200 Central Pacific Financial Corp......... 5,540
120 CFS Bancorp, Inc....................... 1,692
36 Charter Financial Corp................. 1,017
2,303 Charter One Financial, Inc............. 71,808
223 Chemical Financial Corp................ 6,645
363 Chittenden Corp........................ 9,928
</Table>
32 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
54,190 Citigroup, Inc......................... $ 2,319,332
500 Citizens Banking Corp.................. 13,385
83 Citizens First Bancorp, Inc............ 1,813
94 Citizens South Banking Corp............ 1,245
81 City Bank.............................. 2,192
155 City Holding Co........................ 4,537
400 City National Corp..................... 17,824
38 CNB Financial Corp..................... 1,709
39 Coastal Bancorp, Inc................... 1,108
83 Coastal Financial Corp................. 1,079
100 CoBiz, Inc............................. 1,332
1,300 Colonial Bancgroup, Inc................ 18,031
53 Columbia Bancorp....................... 1,272
79 Columbia Bancorp (Oregon).............. 1,055
105 Columbia Banking System, Inc........... 1,881
1,937 Comerica, Inc.......................... 90,071
510 Commerce Bancorp, Inc.................. 18,921
613 Commerce Bancshares, Inc............... 23,876
36 Commercial Bankshares, Inc............. 1,070
53 *Commercial Capital Bancorp, Inc....... 814
400 Commercial Federal Corp................ 8,480
200 Community Bank System, Inc............. 7,600
116 Community Trust Bancorp, Inc........... 3,032
1,457 Compass Bancshares, Inc................ 50,893
5,408 *Concord EFS, Inc...................... 79,606
100 Corus Bankshares, Inc.................. 4,843
500 Cullen/Frost Bankers, Inc.............. 16,050
327 CVB Financial Corp..................... 6,383
206 Dime Community Bancshares.............. 5,243
197 Downey Financial Corp.................. 8,136
200 East West Bancorp, Inc................. 7,228
51 Eastern Virginia Bankshares, Inc....... 1,168
75 ESB Financial Corp..................... 1,013
131 *Euronet Worldwide, Inc................ 1,416
44 EverTrust Financial Group, Inc......... 1,012
29 Exchange National Bancshares, Inc...... 1,615
100 Farmers Capital Bank Corp.............. 3,193
43 FFLC Bancorp, Inc...................... 1,116
117 Fidelity Bankshares, Inc............... 2,609
5,277 Fifth Third Bancorp.................... 302,583
100 Financial Institutions, Inc............ 2,350
67 First Bancorp (North Carolina)......... 1,736
300 First Bancorp (Puerto Rico)............ 8,235
33 First Bell Bancorp, Inc................ 834
100 First Busey Corp (Class A)............. 2,424
300 First Charter Corp..................... 5,220
44 First Citizens Banc Corp............... 1,139
55 First Citizens Bancshares, Inc (Class
A)................................... 5,546
500 First Commonwealth Financial Corp...... 6,480
130 First Community Bancorp................ 4,079
66 First Community Bancshares, Inc........ 2,330
100 First Essex Bancorp, Inc............... 4,714
159 First Federal Capital Corp............. 3,156
33 First Federal Financial Of Kentucky.... 1,078
315 First Financial Bancorp................ 5,040
142 First Financial Bankshares, Inc........ 4,751
150 First Financial Corp (Indiana)......... 7,935
133 First Financial Holdings, Inc.......... 3,596
110 First Merchants Corp................... 2,674
545 First Midwest Bancorp, Inc............. 15,701
69 First National Corp.................... 1,702
39 First Oak Brook Bancshares, Inc........ 1,287
36 First Of Long Island Corp.............. 1,436
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
110 *First Republic Bank................... $ 2,926
200 First Sentinel Bancorp, Inc............ 3,194
25 First South Bancorp, Inc............... 832
78 First State Bancorp.................... 2,146
1,261 First Tennessee National Corp.......... 55,371
822 *First Virginia Banks, Inc............. 35,445
57 Firstbank Corp......................... 1,732
77 Firstfed America Bancorp, Inc.......... 2,657
158 *FirstFed Financial Corp............... 5,576
853 FirstMerit Corp........................ 19,500
69 Flag Financial Corp.................... 946
485 Flagstar Bancorp, Inc.................. 11,858
11,058 FleetBoston Financial Corp............. 328,533
57 FloridaFirst Bancorp, Inc.............. 1,360
100 Flushing Financial Corp................ 2,217
458 FNB Corp............................... 13,885
53 FNB Corp (Virginia).................... 1,435
52 FNB Corp, Inc.......................... 1,301
35 Franklin Financial Corp................ 1,052
148 Frontier Financial Corp................ 4,205
1,139 Fulton Financial Corp.................. 22,637
47 GB&T Bancshares, Inc................... 1,142
100 GBC Bancorp............................ 3,840
188 Glacier Bancorp, Inc................... 4,631
400 Gold Banc Corp, Inc.................... 4,204
1,353 Golden West Financial Corp............. 108,254
52 Great Southern Bancorp, Inc............ 2,004
62 Greene County Bancshares, Inc.......... 1,311
829 Greenpoint Financial Corp.............. 42,229
123 Hancock Holding Co..................... 5,788
80 Hanmi Financial Corp................... 1,398
200 Harbor Florida Bancshares, Inc......... 4,792
210 Harleysville National Corp............. 5,683
57 Heritage Financial Corp................ 1,207
1,646 Hibernia Corp (Class A)................ 29,891
112 Horizon Financial Corp................. 1,767
901 Hudson City Bancorp, Inc............... 23,039
160 Hudson River Bancorp, Inc.............. 4,467
443 Hudson United Bancorp.................. 15,128
98 Humboldt Bancorp....................... 1,466
2,510 Huntington Bancshares, Inc............. 48,995
100 IberiaBank Corp........................ 4,880
27 IBT Bancorp, Inc....................... 1,350
100 Independent Bank Corp
(Massachusetts)...................... 2,259
139 Independent Bank Corp (Michigan)....... 3,571
557 IndyMac Bancorp, Inc................... 14,159
161 Integra Bank Corp...................... 2,771
200 *Intercept, Inc........................ 1,672
78 Interchange Financial Services Corp.... 1,546
261 International Bancshares Corp.......... 9,281
100 Irwin Financial Corp................... 2,590
42 *Itla Capital Corp..................... 1,698
21,257 J.P. Morgan Chase & Co................. 726,564
4,419 KeyCorp................................ 111,668
110 Lakeland Bancorp, Inc.................. 1,758
46 Lakeland Financial Corp................ 1,397
77 LSB Bancshares, Inc.................... 1,333
751 M & T Bank Corp........................ 63,249
64 Macatawa Bank Corp..................... 1,542
166 MAF Bancorp, Inc....................... 6,154
141 Main Street Banks, Inc................. 3,567
53 MainSource Financial Group, Inc........ 1,292
2,289 Marshall & Ilsley Corp................. 69,998
100 MB Financial, Inc...................... 4,004
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 33
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
4,658 Mellon Financial Corp.................. $ 129,260
51 Mercantile Bank Corp................... 1,457
743 Mercantile Bankshares Corp............. 29,259
36 Merchants Bancshares, Inc.............. 936
200 Mid-State Bancshares................... 3,950
85 Midwest Banc Holdings, Inc............. 1,651
46 MutualFirst Financial, Inc............. 1,074
93 Nara Bancorp, Inc...................... 1,767
37 National Bankshares, Inc............... 1,454
5,858 National City Corp..................... 191,615
2,190 National Commerce Financial Corp....... 48,596
218 National Penn Bancshares, Inc.......... 6,121
64 NBC Capital Corp....................... 1,619
274 NBT Bancorp, Inc....................... 5,302
505 NetBank, Inc........................... 6,646
1,385 New York Community Bancorp, Inc........ 40,290
1,607 North Fork Bancorp, Inc................ 54,734
2,003 Northern Trust Corp.................... 83,705
200 Northwest Bancorp, Inc................. 3,200
35 Oak Hill Financial, Inc................ 876
150 OceanFirst Financial Corp.............. 3,765
300 *Ocwen Financial Corp.................. 1,362
683 Old National Bancorp................... 15,709
147 Old Second Bancorp, Inc................ 6,299
100 Omega Financial Corp................... 3,420
321 Pacific Capital Bancorp................ 11,251
97 Pacific Union Bank 1,317
158 Park National Corp..................... 18,052
44 Parkvale Financial Corp................ 1,082
69 Partners Trust Financial Group, Inc.... 1,317
54 Peapack Gladstone Financial Corp....... 1,730
45 Pennfed Financial Services, Inc........ 1,249
63 Pennrock Financial Services Corp....... 1,702
72 Peoples Bancorp, Inc................... 1,819
200 People's Bank.......................... 5,798
158 Peoples Holding Co..................... 6,992
100 PFF Bancorp, Inc....................... 3,865
3,069 PNC Financial Services Group, Inc...... 149,798
215 Provident Bankshares Corp.............. 5,463
387 Provident Financial Group, Inc......... 9,919
36 Provident Financial Holdings........... 1,056
275 Provident Financial Services, Inc...... 5,239
193 R & G Financial Corp (Class B)......... 5,732
2,365 Regions Financial Corp................. 79,890
520 Republic Bancorp, Inc.................. 6,978
100 Republic Bancorp, Inc (Class A)
(Kentucky)........................... 1,483
100 Republic Bancshares, Inc............... 2,501
31 Resource Bankshares Corp............... 1,061
100 Riggs National Corp.................... 1,522
690 Roslyn Bancorp, Inc.................... 14,828
45 Royal Bancshares Of Pennsylvania (Class
A)................................... 961
400 S & T Bancorp, Inc..................... 10,972
100 S.Y. Bancorp, Inc...................... 3,537
110 Santander Bancorp...................... 1,800
93 Seacoast Banking Corp Of Florida....... 1,585
243 Seacoast Financial Services Corp....... 4,811
100 Second Bancorp, Inc.................... 2,580
57 Shore Bancshares, Inc.................. 1,753
400 *Silicon Valley Bancshares............. 9,524
108 Simmons First National Corp (Class
A)................................... 2,161
1,041 Sky Financial Group, Inc............... 22,611
139 Sound Federal Bancorp, Inc............. 1,889
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
500 South Financial Group, Inc............. $ 11,665
58 Southern Financial Bancorp, Inc........ 1,772
89 Southside Bancshares, Inc.............. 1,597
3,604 SouthTrust Corp........................ 98,029
200 *Southwest Bancorp Of Texas, Inc....... 6,502
47 Southwest Bancorp, Inc................. 1,288
2,479 Sovereign Bancorp, Inc................. 38,796
100 St. Francis Capital Corp............... 2,907
70 State Bancorp, Inc..................... 1,377
54 State Financial Services Corp (Class
A)................................... 1,196
3,509 State Street Corp...................... 138,255
578 Staten Island Bancorp, Inc............. 11,259
76 Sterling Bancorp....................... 2,120
400 Sterling Bancshares, Inc............... 5,232
205 Sterling Financial Corp
(Pennsylvania)....................... 4,766
156 *Sterling Financial Corp (Spokane)..... 3,800
48 Summit Bancshares, Inc................. 1,127
45 Sun Bancorp, Inc (Pennsylvania)........ 908
2,669 SunTrust Banks, Inc.................... 158,378
3,116 Synovus Financial Corp................. 66,994
870 TCF Financial Corp..................... 34,661
222 Texas Regional Bancshares, Inc (Class
A)................................... 7,703
238 *TierOne Corp.......................... 4,634
46 Trico Bancshares....................... 1,170
69 Troy Financial Corp.................... 1,873
171 Trust Co Of New Jersey................. 5,181
626 Trustco Bank Corp NY................... 6,936
491 Trustmark Corp......................... 12,506
20,208 U.S. Bancorp........................... 495,096
110 U.S.B. Holding Co, Inc................. 1,953
370 UCBH Holdings, Inc..................... 10,612
251 UMB Financial Corp..................... 10,642
297 Umpqua Holdings Corp................... 5,640
69 Union Bankshares Corp.................. 1,951
2,101 Union Planters Corp.................... 65,194
654 UnionBanCal Corp....................... 27,056
337 United Bankshares, Inc................. 9,655
152 United Community Banks, Inc............ 3,797
400 United Community Financial Corp........ 3,696
34 United Securities Bancshares........... 1,535
36 United Security Bancshares............. 783
232 Unizan Financial Corp.................. 4,076
966 Valley National Bancorp................ 25,454
50 *Virginia Commerce Bancorp............. 987
67 Virginia Financial Group, Inc.......... 1,876
367 W Holding Co, Inc...................... 6,218
13,480 Wachovia Corp.......................... 538,661
33 Warwick Community Bancorp.............. 965
778 Washington Federal, Inc................ 17,995
138 Washington Trust Bancorp, Inc.......... 3,173
469 Webster Financial Corp................. 17,728
17,633 Wells Fargo & Co....................... 888,703
200 Wesbanco, Inc.......................... 4,860
169 West Bancorp........................... 3,013
200 West Coast Bancorp..................... 3,640
330 Westamerica Bancorp.................... 14,216
35 *Western Sierra Bancorp................ 1,164
400 Whitney Holding Corp................... 12,788
117 Willow Grove Bancorp, Inc.............. 1,985
700 Wilmington Trust Corp.................. 20,545
100 Wintrust Financial Corp................ 2,960
100 WSFS Financial Corp.................... 3,840
82 Yadkin Valley Bank and Trust Co........ 1,305
</Table>
34 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
54 Yardville National Bancorp............. $ 1,053
1,044 Zions Bancorp.......................... 52,837
------------
TOTAL DEPOSITORY INSTITUTIONS 11,436,727
------------
EATING AND DRINKING PLACES--0.66%
100 *AFC Enterprises, Inc.................. 1,624
495 Applebee's International, Inc.......... 15,558
554 *Aramark Corp (Class B)................ 12,421
300 Bob Evans Farms, Inc................... 8,289
1,100 *Brinker International, Inc............ 39,622
175 *California Pizza Kitchen, Inc......... 3,763
500 CBRL Group, Inc........................ 19,430
329 *CEC Entertainment, Inc................ 12,150
113 *Chicago Pizza & Brewery, Inc.......... 1,130
467 *CKE Restaurants, Inc.................. 2,611
1,630 Darden Restaurants, Inc................ 30,937
101 *Dave & Buster's, Inc.................. 1,101
182 IHOP Corp.............................. 5,746
339 *Jack In The Box, Inc.................. 7,560
487 *Krispy Kreme Doughnuts, Inc........... 20,055
405 Landry's Restaurants, Inc.............. 9,558
176 Lone Star Steakhouse & Saloon, Inc..... 3,832
13,393 McDonald's Corp........................ 295,450
300 *O'Charley's, Inc...................... 6,459
552 Outback Steakhouse, Inc................ 21,528
315 *P.F. Chang's China Bistro, Inc........ 15,501
100 *Papa John's International, Inc........ 2,805
160 *Rare Hospitality International, Inc... 5,229
92 *Red Robin Gourmet Burgers, Inc........ 1,744
599 Ruby Tuesday, Inc...................... 14,813
450 *Ryan's Family Steak Houses, Inc....... 6,300
335 *Sonic Corp............................ 8,519
463 *The Cheesecake Factory, Inc........... 16,617
400 *The Steak n Shake Co.................. 6,100
100 *Triarc Cos, Inc....................... 2,999
1,341 Wendy's International, Inc............. 38,849
3,127 *Yum! Brands, Inc...................... 92,434
------------
TOTAL EATING AND DRINKING PLACES 730,734
------------
EDUCATIONAL SERVICES--0.19%
1,288 *Apollo Group, Inc (Class A)........... 79,547
246 *Apollo Group, Inc (University Of
Phoenix Online)...................... 12,472
555 *Career Education Corp................. 37,973
371 *Corinthian Colleges, Inc.............. 18,019
525 *DeVry, Inc............................ 12,227
400 *Education Management Corp............. 21,272
390 *ITT Educational Services, Inc......... 11,408
100 *Learning Tree International, Inc...... 1,563
147 *Princeton Review, Inc................. 867
168 Strayer Education, Inc................. 13,348
300 *Sylvan Learning Systems, Inc.......... 6,852
95 *Whitman Education Group............... 1,458
------------
TOTAL EDUCATIONAL SERVICES 217,006
------------
ELECTRIC, GAS, AND SANITARY SERVICES--3.46%
5,048 *AES Corp.............................. 32,055
800 AGL Resources, Inc..................... 20,352
1,221 *Allegheny Energy, Inc................. 10,317
716 Allete, Inc............................ 19,010
1,000 Alliant Energy Corp.................... 19,030
2,207 *Allied Waste Industries, Inc.......... 22,180
1,793 Ameren Corp............................ 79,071
4,094 American Electric Power Co, Inc........ 122,124
150 American States Water Co............... 4,095
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
1,797 *Aquila, Inc........................... $ 4,636
509 Atmos Energy Corp...................... 12,623
400 Avista Corp............................ 5,660
246 Black Hills Corp....................... 7,552
148 California Water Service Group......... 4,162
3,812 *Calpine Corp.......................... 25,159
100 Cascade Natural Gas Corp............... 1,910
100 *Casella Waste Systems, Inc (Class
A)................................... 903
2,772 Centerpoint Energy, Inc................ 22,592
86 Central Vermont Public Service Corp.... 1,681
250 CH Energy Group, Inc................... 11,250
59 Chesapeake Utilities Corp.............. 1,333
1,936 Cinergy Corp........................... 71,225
3,310 *Citizens Communications Co............ 42,666
82 *Clean Harbors, Inc.................... 781
400 Cleco Corp............................. 6,928
1,655 *CMS Energy Corp....................... 13,406
100 Connecticut Water Service, Inc......... 2,555
2,274 Consolidated Edison, Inc............... 98,419
1,600 Constellation Energy Group, Inc........ 54,880
3,311 Dominion Resources, Inc................ 212,798
1,383 DPL, Inc............................... 22,045
700 DQE, Inc............................... 10,549
1,661 DTE Energy Co.......................... 64,181
9,388 Duke Energy Corp....................... 187,291
2,900 *Dynegy, Inc (Class A)................. 12,180
3,256 *Edison International.................. 53,496
6,151 El Paso Corp........................... 49,700
400 *El Paso Electric Co................... 4,932
239 Empire District Electric Co............ 5,198
400 Energen Corp........................... 13,320
1,554 Energy East Corp....................... 32,261
38 EnergySouth, Inc....................... 1,246
2,296 Entergy Corp........................... 121,183
600 Equitable Resources, Inc............... 24,444
3,476 Exelon Corp............................ 207,900
2,937 FirstEnergy Corp....................... 112,928
1,866 FPL Group, Inc......................... 124,742
800 Great Plains Energy, Inc............... 23,104
483 Hawaiian Electric Industries, Inc...... 22,146
345 Idacorp, Inc........................... 9,056
1,700 KeySpan Corp........................... 60,265
944 Kinder Morgan, Inc..................... 51,590
200 Laclede Group, Inc..................... 5,360
751 MDU Resources Group, Inc............... 25,151
187 MGE Energy, Inc........................ 5,891
70 Middlesex Water Co..................... 1,725
4,317 *Mirant Corp........................... 12,519
760 National Fuel Gas Co................... 19,798
300 New Jersey Resources Corp.............. 10,650
440 Nicor, Inc............................. 16,328
2,478 NiSource, Inc.......................... 47,082
305 *NiSource, Inc (Sails)................. 677
1,192 Northeast Utilities.................... 19,954
233 Northwest Natural Gas Co............... 6,349
652 NSTAR.................................. 29,699
169 NUI Corp............................... 2,623
900 OGE Energy Corp........................ 19,233
700 Oneok, Inc............................. 13,741
300 Otter Tail Corp........................ 8,094
326 Peoples Energy Corp.................... 13,982
1,600 Pepco Holdings, Inc.................... 30,656
4,300 *PG&E Corp............................. 90,945
687 Philadelphia Suburban Corp............. 16,749
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 35
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED)
303 Piedmont Natural Gas Co, Inc........... $ 11,759
986 Pinnacle West Capital Corp............. 36,926
369 PNM Resources, Inc..................... 9,871
1,884 PPL Corp............................... 81,012
2,347 Progress Energy, Inc................... 103,033
600 *Progress Energy, Inc (Cvo)............ 270
2,345 Public Service Enterprise Group, Inc... 99,076
1,170 Puget Energy, Inc...................... 27,928
745 Questar Corp........................... 24,935
3,138 *Reliant Resources, Inc................ 19,236
1,439 *Republic Services, Inc................ 32,622
115 Resource America, Inc (Class A)........ 1,190
1,138 SCANA Corp............................. 39,011
200 SEMCO Energy, Inc...................... 1,164
1,800 Sempra Energy.......................... 51,354
900 *Sierra Pacific Resources.............. 5,346
23 SJW Corp............................... 1,961
130 South Jersey Industries, Inc........... 4,791
7,605 Southern Co............................ 236,972
336 *Southern Union Co..................... 5,692
300 Southwest Gas Corp..................... 6,354
89 Southwest Water Co..................... 1,243
400 *Stericycle, Inc....................... 15,392
2,191 TECO Energy, Inc....................... 26,270
123 Texas Genco Holdings, Inc.............. 2,860
3,335 TXU Corp............................... 74,871
479 UGI Corp............................... 15,184
100 UIL Holdings Corp...................... 4,055
270 Unisource Energy Corp.................. 5,076
883 Vectren Corp........................... 22,119
300 *Waste Connections, Inc................ 10,515
6,054 Waste Management, Inc.................. 145,841
515 Westar Energy, Inc..................... 8,358
295 Western Gas Resources, Inc............. 11,682
546 WGL Holdings, Inc...................... 14,578
5,649 Williams Cos, Inc...................... 44,627
1,280 Wisconsin Energy Corp.................. 37,120
300 WPS Resources Corp..................... 12,060
4,163 Xcel Energy, Inc....................... 62,612
------------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 3,857,282
------------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--7.10%
200 *Actel Corp............................ 4,100
246 b*Acterna Corp......................... 12
8,544 *ADC Telecommunications, Inc........... 19,890
200 *Adtran, Inc........................... 10,204
218 *Advanced Energy Industries, Inc....... 3,107
759 *Advanced Fibre Communications, Inc.... 12,349
4,055 *Advanced Micro Devices, Inc........... 25,993
950 *Aeroflex, Inc......................... 7,353
5,644 *Agere Systems, Inc (Class A).......... 13,151
11,506 *Agere Systems, Inc (Class B).......... 26,464
293 *Allen Telecom, Inc.................... 4,840
200 *Alliance Semiconductor Corp........... 968
4,128 *Altera Corp........................... 67,699
2,006 American Power Conversion Corp......... 31,274
300 Ametek, Inc............................ 10,995
805 *Amkor Technology, Inc................. 10,578
183 *Amphenol Corp (Class A)............... 8,568
3,832 *Analog Devices, Inc................... 133,430
200 *Anaren Microwave, Inc................. 1,874
201 Applica, Inc........................... 1,709
3,146 *Applied Micro Circuits Corp........... 19,033
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
92 Applied Signal Technology, Inc......... $ 1,552
900 *Arris Group, Inc...................... 4,464
300 *Artesyn Technologies, Inc............. 1,683
300 *Artisan Components, Inc............... 6,783
5,954 *Atmel Corp............................ 15,064
282 *ATMI, Inc............................. 7,042
608 *Avanex Corp........................... 2,432
484 AVX Corp............................... 5,319
259 Baldor Electric Co..................... 5,335
100 Bel Fuse, Inc (Class B)................ 2,290
200 *Benchmark Electronics, Inc............ 6,152
2,279 *Broadcom Corp (Class A)............... 56,770
200 C&D Technologies, Inc.................. 2,872
300 *C-COR.net Corp........................ 1,470
308 *Centillium Communications, Inc........ 3,052
74 *Ceradyne, Inc......................... 1,386
300 *Checkpoint Systems, Inc............... 4,245
942 *ChipPAC, Inc.......................... 7,225
4,466 *CIENA Corp............................ 23,179
80 *Comtech Telecommunications............ 2,259
1,718 *Comverse Technology, Inc.............. 25,822
2,200 *Conexant Systems, Inc................. 9,020
3,219 *Corvis Corp........................... 4,829
700 *Cree, Inc............................. 11,396
300 CTS Corp............................... 3,135
100 Cubic Corp............................. 2,222
1,299 *Cypress Semiconductor Corp............ 15,588
404 *DDI Corp.............................. 28
44 *Diodes, Inc........................... 836
273 *Ditech Communications Corp............ 1,360
77 *Drexler Technology Corp............... 1,194
289 *DSP Group, Inc........................ 6,222
100 *Dupont Photomasks, Inc................ 1,883
300 *Electro Scientific Industries, Inc.... 4,548
4,431 Emerson Electric Co.................... 226,424
174 *Emerson Radio Corp.................... 1,169
96 *EMS Technologies, Inc................. 1,256
940 *Energizer Holdings, Inc............... 29,516
178 *Energy Conversion Devices, Inc........ 1,620
494 *Entegris, Inc......................... 6,639
300 *ESS Technology, Inc................... 2,925
600 *Exar Corp............................. 9,498
1,314 *Fairchild Semiconductor International,
Inc.................................. 16,806
1,100 *Finisar Corp.......................... 1,705
64 Franklin Electric Co, Inc.............. 3,562
300 *FuelCell Energy, Inc.................. 2,457
2,003 *Gemstar-TV Guide International, Inc... 10,195
105,205 General Electric Co.................... 3,017,279
280 *Genesis Microchip, Inc................ 3,791
100 *Genlyte Group, Inc.................... 3,497
1,111 *GlobespanVirata, Inc.................. 9,166
500 *GrafTech International Ltd............ 2,725
239 Harman International Industries, Inc... 18,914
508 *Harmonic, Inc......................... 2,068
564 Harris Corp............................ 16,948
275 Helix Technology Corp.................. 3,638
100 *Hexcel Corp........................... 320
549 Hubbell, Inc (Class B)................. 18,172
378 *Hutchinson Technology, Inc............ 12,432
100 *Inet Technologies, Inc................ 997
160 *Innovex, Inc.......................... 1,616
779 *Integrated Circuit Systems, Inc....... 24,484
1,000 *Integrated Device Technology, Inc..... 11,050
200 *Integrated Silicon Solution, Inc...... 1,388
</Table>
36 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED)
68,780 Intel Corp............................. $ 1,429,524
500 *Interdigital Communications Corp...... 11,685
700 *International Rectifier Corp.......... 18,774
1,264 *Intersil Corp (Class A)............... 33,635
200 Inter-Tel, Inc......................... 4,244
359 *InterVoice, Inc....................... 1,773
100 *IXYS Corp............................. 797
1,812 *Jabil Circuit, Inc.................... 40,045
13,963 *JDS Uniphase Corp..................... 49,010
242 *JNI Corp.............................. 1,193
789 *Kemet Corp............................ 7,969
731 *Kopin Corp............................ 4,474
835 *L-3 Communications Holdings, Inc...... 36,314
800 *Lattice Semiconductor Corp............ 6,584
50 *Lifeline Systems, Inc................. 1,420
3,357 Linear Technology Corp................. 108,129
200 *Littelfuse, Inc....................... 4,472
105 LSI Industries, Inc.................... 1,166
3,712 *LSI Logic Corp........................ 26,281
100 *Manufacturers Services Ltd............ 485
193 *Mattson Technology, Inc............... 596
3,370 Maxim Integrated Products, Inc......... 115,220
900 Maytag Corp............................ 21,978
781 *McData Corp (Class A)................. 11,457
169 *Medis Technologies Ltd................ 1,205
667 *MEMC Electronic Materials, Inc........ 6,537
223 *Mercury Computer Systems, Inc......... 4,050
300 Methode Electronics, Inc (Class A)..... 3,225
21 *Metrologic Instruments, Inc........... 698
560 *Micrel, Inc........................... 5,818
2,042 Microchip Technology, Inc.............. 50,029
5,638 *Micron Technology, Inc................ 65,570
300 *Microsemi Corp........................ 4,800
270 *Microtune, Inc........................ 864
733 *Mindspeed Technologies, Inc........... 1,979
138 *MIPS Technologies, Inc (Class B)...... 341
1,511 Molex, Inc............................. 40,782
164 *Monolithic System Technology, Inc..... 1,486
160 *Moog, Inc (Class A)................... 5,560
24,189 Motorola, Inc.......................... 228,102
1,045 *MRV Communications, Inc............... 2,100
338 *Mykrolis Corp......................... 3,431
43 National Presto Industries, Inc........ 1,359
1,848 *National Semiconductor Corp........... 36,443
492 *New Focus, Inc........................ 1,840
1,571 *Novellus Systems, Inc................. 57,532
1,366 *Nvidia Corp........................... 31,432
593 *Oak Technology, Inc................... 3,683
217 *Omnivision Technologies, Inc.......... 6,770
300 *ON Semiconductor Corp................. 810
865 *Oplink Communications, Inc............ 1,618
136 *OSI Systems, Inc...................... 2,184
157 Park Electrochemical Corp.............. 3,132
160 *Parthusceva, Inc...................... 1,304
262 *Pemstar, Inc.......................... 1,098
200 *Pericom Semiconductor Corp............ 1,860
300 *Photronics, Inc....................... 5,235
363 *Pixelworks, Inc....................... 2,156
488 *Plantronics, Inc...................... 10,575
400 *Plexus Corp........................... 4,612
100 *Plug Power, Inc....................... 467
1,800 *PMC-Sierra, Inc....................... 21,114
920 *Polycom, Inc.......................... 12,751
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
61 *Powell Industries, Inc................ $ 893
270 *Power Integrations, Inc............... 6,566
500 *Power-One, Inc........................ 3,575
694 *Powerwave Technologies, Inc........... 4,351
1,877 *Proxim Corp (Class A)................. 2,740
898 *QLogic Corp........................... 43,400
8,191 Qualcomm, Inc.......................... 292,828
700 *Rambus, Inc........................... 11,599
69 Raven Industries, Inc.................. 1,367
294 *Rayovac Corp.......................... 3,807
198 b*Read-Rite Corp....................... 13
200 Regal-Beloit Corp...................... 3,820
535 *Remec, Inc............................ 3,724
1,775 *RF Micro Devices, Inc................. 10,686
1,921 Rockwell Collins, Inc.................. 47,314
200 *Rogers Corp........................... 6,660
5,316 *Sanmina-SCI Corp...................... 33,544
456 *SBA Communications Corp............... 1,386
100 *SBS Technologies, Inc................. 983
1,653 Scientific-Atlanta, Inc................ 39,408
200 *Seachange International, Inc.......... 1,908
562 *Semtech Corp.......................... 8,003
731 *Silicon Image, Inc.................... 4,079
241 *Silicon Laboratories, Inc............. 6,420
700 *Silicon Storage Technology, Inc....... 2,933
53 *Siliconix, Inc........................ 1,913
200 *Sipex Corp............................ 980
10,500 *Sirius Satellite Radio, Inc........... 17,745
1,772 *Skyworks Solutions, Inc............... 11,996
153 Smith (A.O.) Corp...................... 4,307
1,316 *Sonus Networks, Inc................... 6,619
100 *Spectralink Corp...................... 988
100 *Standard Microsystems Corp............ 1,517
100 *Stoneridge, Inc....................... 1,365
700 *Stratex Networks, Inc................. 2,240
520 *Superconductor Technologies........... 1,196
100 *Supertex, Inc......................... 1,837
1,936 *Sycamore Networks, Inc................ 7,415
396 *Symmetricom, Inc...................... 1,742
172 *Synaptics, Inc........................ 2,315
500 *Technitrol, Inc....................... 7,525
400 *Tekelec............................... 4,520
4,649 *Tellabs, Inc.......................... 30,544
1,023 *Tellium, Inc.......................... 951
500 *Terayon Communication Systems, Inc.... 1,365
18,203 Texas Instruments, Inc................. 320,373
399 *Thomas & Betts Corp................... 5,766
200 *Three-Five Systems, Inc............... 1,380
143 *Tollgrade Communications, Inc......... 2,667
1,200 *Transmeta Corp........................ 1,920
1,402 *Triquint Semiconductor, Inc........... 5,832
100 *TTM Technologies, Inc................. 469
200 *Turnstone Systems, Inc................ 502
100 *Ulticom, Inc.......................... 950
100 *Universal Display Corp................ 892
100 *Universal Electronics, Inc............ 1,268
602 *Utstarcom, Inc........................ 21,413
521 *Valence Technology, Inc............... 1,558
318 *Varian Semiconductor Equipment
Associates, Inc...................... 9,464
944 *Verso Technologies, Inc............... 1,709
2 *Vialta, Inc........................... 1
219 *Viasat, Inc........................... 3,140
200 *Vicor Corp............................ 1,920
100 *Virage Logic Corp..................... 724
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 37
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED)
1,466 *Vishay Intertechnology, Inc........... $ 19,351
1,800 *Vitesse Semiconductor Corp............ 8,856
466 *Westell Technologies, Inc............. 4,031
690 Whirlpool Corp......................... 43,953
161 *White Electronic Designs Corp......... 1,705
269 *Wilson Greatbatch Technologies, Inc... 9,711
100 Woodhead Industries, Inc............... 1,252
200 *Xicor, Inc............................ 1,254
3,487 *Xilinx, Inc........................... 88,256
------------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 7,907,686
------------
ENGINEERING AND MANAGEMENT SERVICES--0.74%
150 *aaiPharma, Inc........................ 2,982
102 *Advisory Board Co..................... 4,133
703 *Affymetrix, Inc....................... 13,856
300 *Antigenics, Inc....................... 3,456
758 *Applera Corp (Celera Genomics
Group)............................... 7,823
200 *Ariad Pharmaceuticals, Inc............ 898
2,100 *BearingPoint, Inc..................... 20,265
53 *Bioreliance Corp...................... 1,124
1,000 *Celgene Corp.......................... 30,400
854 *Century Business Services, Inc........ 2,776
67 *Charles River Associates, Inc......... 1,894
226 *Ciphergen Biosystems, Inc............. 2,317
120 *Cornell Cos, Inc...................... 1,817
440 *Corporate Executive Board Co.......... 17,961
220 *Corrections Corp Of America........... 5,573
600 *Covance, Inc.......................... 10,860
360 *CuraGen Corp.......................... 1,998
400 *CV Therapeutics, Inc.................. 11,864
328 *Decode Genetics, Inc.................. 1,023
87 *Digitas, Inc.......................... 432
188 *Diversa Corp.......................... 1,848
188 *eResearch Technology, Inc............. 4,166
100 *Exact Sciences Corp................... 1,096
753 *Exelixis, Inc......................... 5,226
435 *Exult, Inc............................ 3,728
100 *First Consulting Group, Inc........... 467
841 Fluor Corp............................. 28,291
100 *Forrester Research, Inc............... 1,636
255 *FTI Consulting, Inc................... 6,367
1,100 *Gartner, Inc (Class A)................ 8,338
91 *Gartner, Inc (Class B)................ 683
327 *Gene Logic, Inc....................... 1,952
100 *Genencor International, Inc........... 1,647
147 *Gen-Probe, Inc........................ 6,008
4,508 Halliburton Co......................... 103,684
184 *Hewitt Associates, Inc................ 4,333
755 *Incyte Corp........................... 3,503
400 *Jacobs Engineering Group, Inc......... 16,860
100 *Kosan Biosciences, Inc................ 590
84 Landauer, Inc.......................... 3,514
300 *Lexicon Genetics, Inc................. 2,013
182 *Luminex Corp.......................... 939
141 *MAXIMUS, Inc.......................... 3,896
317 *Maxygen, Inc.......................... 3,477
2,698 Monsanto Co............................ 58,385
1,400 Moody's Corp........................... 73,794
60 *MTC Technologies, Inc................. 1,408
284 *Myriad Genetics, Inc.................. 3,865
440 *Navigant Consulting, Inc.............. 5,214
95 *Neopharm, Inc......................... 1,322
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
270 *Parexel International Corp............ $ 3,767
3,413 Paychex, Inc........................... 100,035
300 *Per-Se Technologies, Inc.............. 3,369
500 *Pharmaceutical Product Development,
Inc.................................. 14,365
200 *Pharmacopeia, Inc..................... 1,650
187 *PracticeWorks, Inc.................... 3,609
300 *PRG-Schultz International, Inc........ 1,770
834 *Quest Diagnostics, Inc................ 53,209
1,308 *Quintiles Transnational Corp.......... 18,561
245 *Regeneration Technologies, Inc........ 3,256
360 *Regeneron Pharmaceuticals, Inc........ 5,670
288 *Repligen Corp......................... 1,492
100 *Research Frontiers, Inc............... 1,400
207 *Resources Connection, Inc............. 4,939
22 *Rigel Pharmaceuticals, Inc............ 238
152 *Right Management Consultants, Inc..... 1,923
500 *Savient Pharmaceuticals, Inc.......... 2,320
100 *Seattle Genetics, Inc................. 515
3,176 Servicemaster Co....................... 33,983
55 *SFBC International, Inc............... 996
160 *Sourcecorp............................ 3,456
200 *Symyx Technologies, Inc............... 3,264
100 *Tejon Ranch Co........................ 3,010
610 *Telik, Inc............................ 9,803
777 *Tetra Tech, Inc....................... 13,310
277 *Transkaryotic Therapies, Inc.......... 3,197
124 *TRC Cos, Inc.......................... 1,830
148 *Trimeris, Inc......................... 6,761
462 *Tularik, Inc.......................... 4,592
674 *U.S. Oncology, Inc.................... 4,981
300 *URS Corp.............................. 5,838
263 *Washington Group International, Inc... 5,775
167 *Watson Wyatt & Co Holdings............ 3,871
------------
TOTAL ENGINEERING AND MANAGEMENT
SERVICES 828,457
------------
ENVIRONMENTAL QUALITY AND HOUSING--0.00%
300 *Cadiz, Inc............................ 41
------------
TOTAL ENVIRONMENTAL QUALITY AND HOUSING 41
------------
FABRICATED METAL PRODUCTS--0.56%
337 *Alliant Techsystems, Inc.............. 17,494
622 Ball Corp.............................. 28,307
100 CIRCOR International, Inc.............. 1,783
481 Crane Co............................... 10,885
1,500 *Crown Holdings, Inc................... 10,710
1,194 Danaher Corp........................... 81,252
65 *Drew Industries, Inc.................. 1,183
1,585 Fortune Brands, Inc.................... 82,737
220 *Griffon Corp.......................... 3,520
100 *Gulf Island Fabrication, Inc.......... 1,692
368 Harsco Corp............................ 13,266
2,643 Illinois Tool Works, Inc............... 174,042
173 *Intermagnetics General Corp........... 3,432
792 *Jacuzzi Brands, Inc................... 4,190
5,146 Masco Corp............................. 122,732
93 Material Sciences Corp................. 902
100 *Mobile Mini, Inc...................... 1,633
200 *NCI Building Systems, Inc............. 3,340
382 *Raytech Corp.......................... 1,624
400 *Shaw Group, Inc....................... 4,820
100 *Silgan Holdings, Inc.................. 3,128
200 *Simpson Manufacturing Co, Inc......... 7,320
600 Snap-On, Inc........................... 17,418
73 *SPS Technologies, Inc................. 1,974
629 Stanley Works.......................... 17,360
</Table>
38 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
FABRICATED METAL PRODUCTS--(CONTINUED)
200 Sturm Ruger & Co, Inc.................. $ 2,000
700 *Tower Automotive, Inc................. 2,562
154 Valmont Industries, Inc................ 2,997
100 Watts Industries, Inc (Class A)........ 1,785
------------
TOTAL FABRICATED METAL PRODUCTS 626,088
------------
FOOD AND KINDRED PRODUCTS--3.42%
200 *American Italian Pasta Co (Class A)... 8,330
8,783 Anheuser-Busch Cos, Inc................ 448,372
5,795 Archer Daniels Midland Co.............. 74,582
100 *Boston Beer Co, Inc (Class A)......... 1,440
2,363 Campbell Soup Co....................... 57,894
22,468 Coca-Cola Co........................... 1,042,740
2,562 Coca-Cola Enterprises, Inc............. 46,500
5,654 Conagra Foods, Inc..................... 133,434
675 *Constellation Brands, Inc (Class A)... 21,195
319 Coors (Adolph) Co (Class B)............ 15,625
300 Corn Products International, Inc....... 9,009
588 *Darling International, Inc............ 1,411
1,543 *Dean Foods Co......................... 48,605
1,706 *Del Monte Foods Co.................... 15,081
188 Dreyer's Grand Ice Cream Holdings,
Inc.................................. 14,781
490 Flowers Foods, Inc..................... 9,682
3,919 General Mills, Inc..................... 185,800
3,701 H.J. Heinz Co.......................... 122,059
747 *Hercules, Inc......................... 7,395
986 Hershey Foods Corp..................... 68,685
60 *Horizon Organic Holding Corp.......... 1,430
958 Hormel Foods Corp...................... 22,705
100 *International Multifoods Corp 2,291
400 Interstate Bakeries Corp............... 5,080
156 *J & J Snack Foods Corp................ 4,934
431 J.M. Smucker Co........................ 17,193
2,603 Kellogg Co............................. 89,465
2,939 Kraft Foods, Inc (Class A)............. 95,664
300 Lancaster Colony Corp.................. 11,598
200 Lance, Inc............................. 1,826
107 *M&F Worldwide Corp.................... 770
1,400 McCormick & Co, Inc (Non-Vote)......... 38,080
79 *Peets Coffee & Tea, Inc............... 1,379
1,997 Pepsi Bottling Group, Inc.............. 39,980
935 PepsiAmericas Inc...................... 11,744
18,086 PepsiCo, Inc........................... 804,827
100 Pilgrim's Pride Corp (Class B)......... 967
275 *Ralcorp Holdings, Inc................. 6,864
55 Riviana Foods, Inc..................... 1,480
86 *Robert Mondavi Corp (Class A)......... 2,177
8,261 Sara Lee Corp.......................... 155,389
400 Sensient Technologies Corp............. 9,196
1,059 *Smithfield Foods, Inc................. 24,272
218 Tootsie Roll Industries, Inc........... 6,647
300 Topps Co, Inc.......................... 2,577
2,219 Tyson Foods, Inc (Class A)............. 23,566
1,759 Wrigley (Wm.) Jr Co.................... 98,909
------------
TOTAL FOOD AND KINDRED PRODUCTS 3,813,630
------------
FOOD STORES--0.42%
240 *7-Eleven, Inc......................... 2,532
3,725 Albertson's, Inc....................... 71,520
15 *Arden Group, Inc (Class A)............ 885
174 *Great Atlantic & Pacific Tea Co,
Inc.................................. 1,531
100 Ingles Markets, Inc (Class A).......... 1,010
8,200 *Kroger Co............................. 136,776
276 *Panera Bread Co (Class A)............. 11,040
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
325 *Pathmark Stores, Inc.................. $ 2,486
300 Ruddick Corp........................... 4,716
4,646 *Safeway, Inc.......................... 95,057
4,082 *Starbucks Corp........................ 100,091
100 Weis Markets, Inc...................... 3,102
562 *Whole Foods Market, Inc............... 26,712
261 *Wild Oats Markets, Inc................ 2,845
595 Winn-Dixie Stores, Inc................. 7,324
------------
TOTAL FOOD STORES 467,627
------------
FORESTRY--0.11%
2,226 Weyerhaeuser Co........................ 120,204
------------
TOTAL FORESTRY 120,204
------------
FURNITURE AND FIXTURES--0.31%
100 Bassett Furniture Industries, Inc...... 1,328
291 Ethan Allen Interiors, Inc............. 10,232
561 *Furniture Brands International, Inc... 14,642
900 Herman Miller, Inc..................... 18,189
474 Hillenbrand Industries, Inc............ 23,913
641 HON Industries, Inc.................... 19,551
32 Hooker Furniture Corp.................. 787
950 Johnson Controls, Inc.................. 81,320
300 Kimball International, Inc (Class B)... 4,680
600 La-Z-Boy, Inc.......................... 13,428
754 *Lear Corp............................. 34,699
1,869 Leggett & Platt, Inc................... 38,315
2,807 Newell Rubbermaid, Inc................. 78,596
207 *Select Comfort Corp................... 3,391
47 Stanley Furniture Co, Inc.............. 1,288
290 Steelcase, Inc (Class A)............... 3,410
------------
TOTAL FURNITURE AND FIXTURES 347,769
------------
FURNITURE AND HOMEFURNISHINGS STORES--0.37%
3,215 *Bed Bath & Beyond, Inc................ 124,774
2,702 *Best Buy Co, Inc...................... 118,672
2,568 Circuit City Stores, Inc (Circuit City
Group)............................... 22,598
327 *Cost Plus, Inc........................ 11,661
140 *Electronics Boutique Holdings Corp.... 3,235
166 *Gamestop Corp......................... 2,145
142 *Guitar Center, Inc.................... 4,118
166 Haverty Furniture Cos, Inc............. 2,905
650 *Intertan, Inc......................... 5,330
113 *Kirkland's, Inc....................... 1,825
300 *Linens 'n Things, Inc................. 7,083
900 Pier 1 Imports, Inc.................... 18,360
1,800 RadioShack Corp........................ 47,358
164 *Restoration Hardware, Inc............. 738
77 *Rex Stores Corp....................... 932
304 *The Bombay Co, Inc.................... 3,232
200 *Trans World Entertainment Corp........ 1,024
200 *Tweeter Home Entertainment Group,
Inc.................................. 1,736
101 *Ultimate Electronics, Inc............. 1,295
1,022 *Williams-Sonoma, Inc.................. 29,842
------------
TOTAL FURNITURE AND HOMEFURNISHINGS
STORES 408,863
------------
GENERAL BUILDING CONTRACTORS--0.31%
187 *Beazer Homes U.S.A., Inc.............. 15,615
636 Centex Corp............................ 49,474
843 Clayton Homes, Inc..................... 10,580
1,314 D.R. Horton, Inc....................... 36,923
39 *Dominion Homes, Inc................... 930
199 *Hovnanian Enterprises, Inc (Class
A)................................... 11,731
464 KB Home................................ 28,759
48 Lennar Corp............................ 3,298
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 39
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
GENERAL BUILDING CONTRACTORS--(CONTINUED)
566 Lennar Corp (Class A).................. $ 40,469
111 M/I Schottenstein Homes, Inc........... 4,737
196 MDC Holdings, Inc...................... 9,506
182 *Meritage Corp......................... 8,965
69 *NVR, Inc.............................. 28,359
100 *Palm Harbor Homes, Inc................ 1,894
173 *Perini Corp........................... 1,375
579 Pulte Homes, Inc....................... 35,701
200 Ryland Group, Inc...................... 13,880
435 Standard-Pacific Corp.................. 14,425
609 *Toll Brothers, Inc.................... 17,241
264 Walter Industries, Inc................. 3,102
63 *WCI Communities, Inc.................. 1,211
45 *William Lyon Homes, Inc............... 1,433
------------
TOTAL GENERAL BUILDING CONTRACTORS 339,608
------------
GENERAL MERCHANDISE STORES--2.46%
312 *99 Cents Only Stores.................. 10,708
1,266 *Big Lots, Inc......................... 19,041
655 *BJ's Wholesale Club, Inc.............. 9,864
77 *Brookstone, Inc....................... 1,559
300 Casey's General Stores, Inc............ 4,242
4,778 *Costco Wholesale Corp................. 174,875
633 Dillard's, Inc (Class A)............... 8,527
3,101 Dollar General Corp.................... 56,624
1,145 *Dollar Tree Stores, Inc............... 36,331
1,670 Family Dollar Stores, Inc.............. 63,711
2,062 Federated Department Stores, Inc....... 75,985
187 Fred's, Inc............................ 6,953
2,800 J.C. Penney Co, Inc.................... 47,180
3,081 *Kohl's Corp........................... 158,302
3,048 May Department Stores Co............... 67,848
400 *Neiman Marcus Group, Inc (Class A).... 14,640
1,100 *Saks, Inc............................. 10,670
3,084 Sears Roebuck & Co..................... 103,746
288 *ShopKo Stores, Inc.................... 3,744
200 *Stein Mart, Inc....................... 1,198
9,587 Target Corp............................ 362,772
100 *Tuesday Morning Corp.................. 2,630
27,976 Wal-Mart Stores, Inc................... 1,501,472
------------
TOTAL GENERAL MERCHANDISE STORES 2,742,622
------------
HEALTH SERVICES--0.68%
406 *Accredo Health, Inc................... 8,851
138 *American Healthways, Inc.............. 4,985
188 *Amsurg Corp........................... 5,734
400 *Apria Healthcare Group, Inc........... 9,952
900 *Beverly Enterprises, Inc.............. 3,150
2,579 *Caremark Rx, Inc...................... 66,229
132 *Chronimed, Inc........................ 1,298
434 *Community Health Systems, Inc......... 8,372
60 *Corvel Corp........................... 2,160
401 *Coventry Health Care, Inc............. 18,510
296 *Cross Country Healthcare, Inc......... 3,904
151 *CryoLife, Inc......................... 1,563
94 *Curative Health Services, Inc......... 1,598
712 *DaVita, Inc........................... 19,067
202 *Dynacq International, Inc............. 3,389
231 *Enzo Biochem, Inc..................... 4,971
682 *Express Scripts, Inc.................. 46,519
1,009 *First Health Group Corp............... 27,869
257 *Genesis Health Ventures, Inc.......... 4,536
175 *Gentiva Health Services, Inc.......... 1,575
5,135 HCA, Inc............................... 164,525
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
2,300 Health Management Associates, Inc
(Class A)............................ $ 42,435
3,600 *Healthsouth Corp...................... 1,872
500 Hooper Holmes, Inc..................... 3,220
65 *IMPAC Medical Systems, Inc............ 1,357
137 *Impath, Inc........................... 1,937
72 *Inveresk Research Group, Inc.......... 1,303
103 *Kindred Healthcare, Inc............... 1,838
48 *LabOne, Inc........................... 1,035
1,511 *Laboratory Corp Of America Holdings... 45,557
384 *LifePoint Hospitals, Inc.............. 8,041
1,085 *Lincare Holdings, Inc................. 34,188
922 *Manor Care, Inc....................... 23,059
200 *Matria Healthcare, Inc................ 3,530
210 *MIM Corp.............................. 1,371
100 *National Healthcare Corp.............. 1,968
224 *Odyssey HealthCare, Inc............... 8,307
125 *Option Care, Inc...................... 1,441
358 *Orthodontic Centers Of America, Inc... 2,868
218 *Pediatrix Medical Group, Inc.......... 7,772
675 *Province Healthcare Co................ 7,472
300 *RehabCare Group, Inc.................. 4,395
560 *Renal Care Group, Inc................. 19,718
100 *Select Medical Corp................... 2,483
200 *Specialty Laboratories, Inc........... 2,050
164 *Sunrise Senior Living, Inc............ 3,670
5,268 *Tenet Healthcare Corp................. 61,372
769 *Triad Hospitals, Inc.................. 19,087
200 *U.S. Physical Therapy, Inc............ 2,510
181 *United Surgical Partners
International, Inc................... 4,089
596 *Universal Health Services, Inc (Class
B)................................... 23,614
164 *VCA Antech, Inc....................... 3,209
121 *VistaCare, Inc (Class A).............. 2,942
------------
TOTAL HEALTH SERVICES 758,467
------------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.01%
296 Granite Construction, Inc.............. 5,671
200 *Insituform Technologies, Inc (Class
A)................................... 3,536
------------
TOTAL HEAVY CONSTRUCTION, EXCEPT
BUILDING 9,207
------------
HOLDING AND OTHER INVESTMENT OFFICES--2.12%
300 *4Kids Entertainment, Inc.............. 5,580
200 Acadia Realty Trust.................... 1,830
90 Alabama National Bancorp............... 4,363
74 *Alexander's, Inc...................... 6,178
200 Alexandria Real Estate Equities, Inc... 9,000
108 Allegiant Bancorp, Inc................. 2,187
1,050 Allied Capital Corp.................... 24,255
925 AMB Property Corp...................... 26,057
200 Amcore Financial, Inc.................. 4,656
54 American Land Lease, Inc............... 907
85 American Mortgage Acceptance Co........ 1,476
148 AMLI Residential Properties Trust...... 3,485
834 Annaly Mortgage Management, Inc........ 16,605
503 Anthracite Capital, Inc................ 6,066
334 Anworth Mortgage Asset Corp............ 5,150
864 Apartment Investment & Management Co
(Class A)............................ 29,894
268 Apex Mortgage Capital, Inc............. 1,466
1,820 Archstone-Smith Trust.................. 43,680
700 Arden Realty, Inc...................... 18,165
100 Associated Estates Realty Corp......... 657
623 AvalonBay Communities, Inc............. 26,565
300 Bedford Property Investors, Inc........ 8,520
645 Boston Properties, Inc................. 28,251
300 *Boykin Lodging Co..................... 2,340
232 Brandywine Realty Trust................ 5,712
</Table>
40 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED)
600 BRE Properties, Inc (Class A).......... $ 19,920
518 Brookline Bancorp, Inc................. 7,252
331 Camden Property Trust.................. 11,568
260 Capital Automotive REIT................ 7,277
70 Capitol Bancorp Ltd.................... 1,897
100 Capstead Mortgage Corp................. 1,127
703 CarrAmerica Realty Corp................ 19,550
186 CBL & Associates Properties, Inc....... 7,998
300 Centerpoint Properties Trust........... 18,375
200 Chateau Communities, Inc............... 5,918
355 Chelsea Property Group, Inc............ 14,310
65 *Cherokee, Inc......................... 1,301
139 Colonial Properties Trust.............. 4,891
365 Commercial Net Lease Realty, Inc....... 6,293
110 Community Banks, Inc................... 3,279
500 Community First Bankshares, Inc........ 13,650
116 Connecticut Bancshares, Inc............ 4,553
575 Cornerstone Realty Income Trust, Inc... 4,203
306 Corporate Office Properties Trust...... 5,181
65 Correctional Properties Trust.......... 1,820
526 Cousins Properties, Inc................ 14,675
749 Crescent Real Estate Equities Co....... 12,441
275 Crown American Realty Trust............ 2,954
674 Developers Diversified Realty Corp..... 19,169
1,392 Duke Realty Corp....................... 38,350
161 Eastgroup Properties, Inc.............. 4,347
300 Entertainment Properties Trust......... 8,625
427 Equity Inns, Inc....................... 2,946
4,397 Equity Office Properties Trust......... 118,763
300 Equity One, Inc........................ 4,920
3,000 Equity Residential..................... 77,850
232 Essex Property Trust, Inc.............. 13,282
100 F & M Bancorp.......................... 4,932
327 Federal Realty Investment Trust........ 10,464
408 *FelCor Lodging Trust, Inc............. 3,203
100 First Defiance Financial Corp.......... 1,984
125 First Indiana Corp..................... 2,140
400 First Industrial Realty Trust, Inc..... 12,640
433 First Niagara Financial Group, Inc..... 6,045
100 First Place Financial Corp............. 1,732
800 Fremont General Corp................... 10,960
967 Friedman Billings Ramsey Group, Inc.... 12,958
402 Gables Residential Trust............... 12,152
600 General Growth Properties, Inc......... 37,464
110 German American Bancorp................ 1,920
81 Gladstone Capital Corp................. 1,671
210 Glenborough Realty Trust, Inc.......... 4,022
511 Glimcher Realty Trust.................. 11,446
149 Great Lakes REIT....................... 2,384
451 Greater Bay Bancorp.................... 9,264
81 *Hawthorne Financial Corp.............. 2,807
724 Health Care Property Investors, Inc.... 30,661
439 Health Care REIT, Inc.................. 13,390
400 Healthcare Realty Trust, Inc........... 11,660
165 Heritage Property Investment Trust..... 4,468
500 Highwoods Properties, Inc.............. 11,150
242 Home Properties Of New York, Inc....... 8,528
700 Hospitality Properties Trust........... 21,875
2,500 *Host Marriott Corp.................... 22,875
1,400 HRPT Properties Trust.................. 12,880
562 IMPAC Mortgage Holdings, Inc........... 9,380
577 Independence Community Bank Corp....... 16,283
208 Innkeepers U.S.A. Trust................ 1,414
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
378 Investors Real Estate Trust............ $ 4,079
926 iStar Financial, Inc................... 33,799
191 Keystone Property Trust................ 3,535
254 Kilroy Realty Corp..................... 6,985
1,050 Kimco Realty Corp...................... 39,795
178 Koger Equity, Inc...................... 3,067
312 Kramont Realty Trust................... 5,148
1,264 *La Quinta Corp........................ 5,448
200 LaSalle Hotel Properties............... 2,956
576 Lexington Corporate Properties Trust... 10,195
800 Liberty Property Trust................. 27,680
177 *Local Financial Corp.................. 2,556
129 LTC Properties, Inc.................... 1,232
428 Macerich Co............................ 15,036
488 Mack-Cali Realty Corp.................. 17,753
100 Manufactured Home Communities, Inc..... 3,511
35 MASSBANK Corp.......................... 1,266
300 *Meristar Hospitality Corp............. 1,542
488 MFA Mortgage Investments, Inc.......... 4,900
300 Mid Atlantic Realty Trust.............. 6,282
161 Mid-America Apartment Communities,
Inc.................................. 4,349
223 Mills Corp............................. 7,482
114 Mission West Properties, Inc........... 1,296
200 National Health Investors, Inc......... 3,688
54 National Health Realty, Inc............ 863
400 Nationwide Health Properties, Inc...... 6,372
928 New Plan Excel Realty Trust............ 19,813
216 Newcastle Investment Corp.............. 4,229
95 Novastar Financial, Inc................ 5,676
147 *Omega Healthcare Investors, Inc....... 772
137 Oriental Financial Group, Inc.......... 3,520
200 Pacific Northwest Bancorp.............. 6,952
508 Pan Pacific Retail Properties, Inc..... 19,990
100 Parkway Properties, Inc................ 4,205
154 Pennsylvania Real Estate Investment
Trust................................ 4,612
1,870 Plum Creek Timber Co, Inc.............. 48,527
1,403 Popular, Inc........................... 54,142
100 Port Financial Corp.................... 5,388
300 Post Properties, Inc................... 7,950
453 Prentiss Properties Trust.............. 13,585
600 *Price Legacy Corp..................... 2,250
49 PrivateBancorp, Inc.................... 1,336
1,677 Prologis............................... 45,782
101 Prosperity Bancshares, Inc............. 1,944
38 Provident Bancorp, Inc................. 1,220
135 PS Business Parks, Inc................. 4,766
1,014 Public Storage, Inc.................... 34,344
53 *Quaker City Bancorp, Inc.............. 2,176
208 RAIT Investment Trust.................. 5,512
113 Ramco-Gershenson Properties............ 2,633
300 Realty Income Corp..................... 11,424
503 Reckson Associates Realty Corp......... 10,493
133 Redwood Trust, Inc..................... 5,308
200 Regency Centers Corp................... 6,996
300 RFS Hotel Investors, Inc............... 3,696
890 Rouse Co............................... 33,909
250 Sandy Spring Bancorp, Inc.............. 7,900
100 Saul Centers, Inc...................... 2,560
479 Senior Housing Properties Trust........ 6,495
287 Shurgard Storage Centers, Inc (Class
A)................................... 9,494
1,400 Simon Property Group, Inc.............. 54,642
105 Sizeler Property Investors............. 1,076
242 SL Green Realty Corp................... 8,443
137 Sovran Self Storage, Inc............... 4,316
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 41
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED)
88 Suffolk Bancorp........................ $ 2,834
248 Summit Properties, Inc................. 5,121
136 Sun Communities, Inc................... 5,345
64 Superior Financial Corp................ 1,536
400 Susquehanna Bancshares, Inc............ 9,340
47 Tanger Factory Outlet Centers, Inc..... 1,555
300 Taubman Centers, Inc................... 5,748
576 Thornburg Mortgage, Inc................ 14,227
149 Tompkins Trustco, Inc.................. 6,653
151 Town & Country Trust................... 3,511
827 Trizec Properties, Inc................. 9,403
180 U.S. Restaurant Properties, Inc........ 2,826
1,187 United Dominion Realty Trust, Inc...... 20,440
58 United Mobile Homes, Inc............... 879
143 United National Bancorp................ 3,945
100 Universal Health Realty Income Trust... 2,700
213 Urstadt Biddle Properties, Inc (Class
A)................................... 2,739
1,100 Ventas, Inc............................ 16,665
762 Vornado Realty Trust................... 33,223
9,795 Washington Mutual, Inc................. 404,534
338 Washington Real Estate Investment
Trust................................ 9,194
306 Waypoint Financial Corp................ 5,520
587 Weingarten Realty Investors............ 24,595
51 Westfield Financial, Inc............... 959
100 Winston Hotels, Inc.................... 817
------------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 2,359,682
------------
HOTELS AND OTHER LODGING PLACES--0.26%
113 *Ameristar Casinos, Inc................ 2,413
300 *Boca Resorts, Inc (Class A)........... 3,900
300 *Boyd Gaming Corp...................... 5,178
215 *Choice Hotels International, Inc...... 5,872
889 *Extended Stay America, Inc............ 11,993
3,226 Hilton Hotels Corp..................... 41,261
373 Mandalay Resort Group.................. 11,880
200 Marcus Corp............................ 2,990
2,038 Marriott International, Inc (Class
A)................................... 78,300
700 *MGM Mirage............................ 23,926
3,470 *Park Place Entertainment Corp......... 31,542
200 *Pinnacle Entertainment, Inc........... 1,360
400 *Prime Hospitality Corp................ 2,684
2,153 Starwood Hotels & Resorts Worldwide,
Inc.................................. 61,554
78 *Vail Resorts, Inc..................... 1,051
44 *Wynn Resorts Ltd...................... 778
------------
TOTAL HOTELS AND OTHER LODGING PLACES 286,682
------------
INDUSTRIAL MACHINERY AND EQUIPMENT--6.52%
4,114 3M Co.................................. 530,624
86 *Aaon, Inc............................. 1,593
111 *Actuant Corp.......................... 5,253
900 *Adaptec, Inc.......................... 7,002
652 *Advanced Digital Information Corp..... 6,513
849 *AGCO Corp............................. 14,501
645 *American Standard Cos, Inc............ 47,685
3,817 *Apple Computer, Inc................... 72,981
17,393 *Applied Materials, Inc................ 275,853
100 *Astec Industries, Inc................. 872
70 *ASV, Inc.............................. 1,018
300 *Asyst Technologies, Inc............... 2,007
383 *Avocent Corp.......................... 11,463
900 *Axcelis Technologies, Inc............. 5,508
3,574 Baker Hughes, Inc...................... 119,979
41 BHA Group Holdings, Inc................ 812
839 Black & Decker Corp.................... 36,455
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
243 Black Box Corp......................... $ 8,797
200 Briggs & Stratton Corp................. 10,100
388 *Brooks Automation, Inc................ 4,400
86 Cascade Corp........................... 1,496
3,664 Caterpillar, Inc....................... 203,938
600 *Cirrus Logic, Inc..................... 2,412
73,882 *Cisco Systems, Inc.................... 1,225,702
300 *Computer Network Technology Corp...... 2,430
500 *Concurrent Computer Corp.............. 1,460
446 *Cooper Cameron Corp................... 22,469
688 *Cray, Inc............................. 5,435
318 Cummins, Inc........................... 11,413
200 *Cuno, Inc............................. 7,224
300 *Cymer, Inc............................ 9,603
2,466 Deere & Co............................. 112,696
23,862 *Dell Computer Corp.................... 762,630
700 Diebold, Inc........................... 30,275
453 Donaldson Co, Inc...................... 20,136
281 *Dot Hill Systems Corp................. 3,681
2,173 Dover Corp............................. 65,103
59 *Dril-Quip, Inc........................ 1,074
745 Eaton Corp............................. 58,564
500 *Electronics For Imaging, Inc.......... 10,145
23,448 *EMC Corp.............................. 245,501
900 *Emulex Corp........................... 20,493
118 Engineered Support Systems, Inc........ 4,938
215 *EnPro Industries, Inc................. 2,298
200 *Esterline Technologies Corp........... 3,482
313 *FalconStor Software, Inc.............. 2,094
121 *Fargo Electronics, Inc................ 1,177
500 *Flowserve Corp........................ 9,835
688 *FMC Technologies, Inc................. 14,482
169 *Gardner Denver, Inc................... 3,458
1,600 *Gateway, Inc.......................... 5,840
100 *General Binding Corp.................. 1,200
258 *Global Power Equipment Group, Inc..... 1,200
100 Gorman-Rupp Co......................... 2,400
614 Graco, Inc............................. 19,648
817 *Grant Prideco, Inc.................... 9,600
200 *Handspring, Inc....................... 226
31,928 Hewlett-Packard Co..................... 680,066
96 *Hydril Co............................. 2,616
310 *Hypercom Corp......................... 1,287
255 IDEX Corp.............................. 9,241
300 *InFocus Corp.......................... 1,416
17,044 International Business Machines Corp... 1,406,130
929 International Game Technology.......... 95,065
420 *Iomega Corp........................... 4,452
908 ITT Industries, Inc.................... 59,438
400 JLG Industries, Inc.................... 2,720
396 *Joy Global, Inc....................... 5,849
85 *Kadant, Inc........................... 1,594
300 Kaydon Corp............................ 6,240
286 Kennametal, Inc........................ 9,678
248 *Komag, Inc............................ 2,934
400 *Kulicke & Soffa Industries, Inc....... 2,556
1,400 *Lam Research Corp..................... 25,494
400 Lennox International, Inc.............. 5,148
1,297 *Lexmark International, Inc............ 91,789
300 Lincoln Electric Holdings, Inc......... 6,123
100 Lindsay Manufacturing Co............... 2,322
100 Lufkin Industries, Inc................. 2,435
278 Manitowoc Co, Inc...................... 6,199
2,460 *Maxtor Corp........................... 18,475
</Table>
42 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED)
200 *Micros Systems, Inc................... $ 6,596
164 Milacron, Inc.......................... 802
300 Modine Manufacturing Co................ 5,811
120 Nacco Industries, Inc (Class A)........ 7,073
905 *National-Oilwell, Inc................. 19,910
3,460 *Network Appliance, Inc................ 56,087
200 Nordson Corp........................... 4,770
267 *Oil States International, Inc......... 3,231
300 *Omnicell, Inc......................... 3,072
69 *Overland Storage, Inc................. 1,403
1,143 Pall Corp.............................. 25,718
306 *Palm, Inc............................. 4,979
1,203 Parker Hannifin Corp................... 50,514
300 *Paxar Corp............................ 3,300
553 Pentair, Inc........................... 21,600
2,519 Pitney Bowes, Inc...................... 96,755
147 *Planar Systems, Inc................... 2,875
300 *Presstek, Inc......................... 1,869
200 *ProQuest Co........................... 5,160
1,410 *Quantum Corp.......................... 5,711
200 *Rainbow Technologies, Inc............. 1,682
986 *Riverstone Networks, Inc.............. 1,163
78 Robbins & Myers, Inc................... 1,443
557 *Sandisk Corp.......................... 22,475
200 Sauer-Danfoss, Inc..................... 2,150
100 Schawk, Inc............................ 1,048
519 *Scientific Games Corp (Class A)....... 4,879
100 *Semitool, Inc......................... 493
168 *Sigma Designs, Inc.................... 1,824
1,700 *Silicon Graphics, Inc................. 1,938
1,003 *Smith International, Inc.............. 36,850
9,670 *Solectron Corp........................ 36,166
800 *SPX Corp.............................. 35,248
100 Standex International Corp............. 2,100
400 Stewart & Stevenson Services, Inc...... 6,300
1,074 *Storage Technology Corp............... 27,645
519 *Surebeam Corp (Class A)............... 1,375
2,350 Symbol Technologies, Inc............... 30,574
139 Tecumseh Products Co (Class A)......... 5,325
100 Tennant Co............................. 3,675
458 *Terex Corp............................ 8,940
100 Thomas Industries, Inc................. 2,705
748 Timken Co.............................. 13,097
300 Toro Co................................ 11,925
200 *Ultratech, Inc........................ 3,698
400 *UNOVA, Inc............................ 4,440
262 *Veeco Instruments, Inc................ 4,462
2,100 *Western Digital Corp.................. 21,630
67 Woodward Governor Co................... 2,881
7,703 *Xerox Corp............................ 81,575
362 York International Corp................ 8,471
300 *Zebra Technologies Corp (Class A)..... 22,557
------------
TOTAL INDUSTRIAL MACHINERY AND
EQUIPMENT 7,256,411
------------
INSTRUMENTS AND RELATED PRODUCTS--2.69%
255 *Aclara BioSciences, Inc............... 1,079
274 *Advanced Medical Optics, Inc.......... 4,672
127 *Advanced Neuromodulation Systems,
Inc.................................. 6,575
5,077 *Agilent Technologies, Inc............. 99,255
400 *Aksys Ltd............................. 5,180
300 *Alaris Medical Systems, Inc........... 3,885
800 *Align Technology, Inc................. 10,040
190 *American Medical Systems Holdings,
Inc.................................. 3,205
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
100 Analogic Corp.......................... $ 4,876
2,353 Applera Corp (Applied Biosystems
Group)............................... 44,778
86 Arrow International, Inc............... 3,797
200 *Arthrocare Corp....................... 3,352
494 Bard (C.R.), Inc....................... 35,227
560 Bausch & Lomb, Inc..................... 21,000
6,384 Baxter International, Inc.............. 165,984
600 Beckman Coulter, Inc................... 24,384
2,794 Becton Dickinson & Co.................. 108,547
80 BEI Technologies, Inc.................. 960
198 *Biolase Technology, Inc............... 2,125
2,766 Biomet, Inc............................ 79,274
256 *Bio-Rad Laboratories, Inc (Class A)... 14,170
3,381 *Boston Scientific Corp................ 206,579
104 *Bruker Daltonics, Inc................. 554
81 *Candela Corp.......................... 933
61 *Cantel Medical Corp................... 819
504 *Cardiac Science, Inc.................. 1,351
300 *Cardiodynamics International Corp..... 1,023
209 *Cepheid, Inc.......................... 1,032
177 *Cerus Corp............................ 1,333
107 *Cholestech Corp....................... 1,056
100 *Closure Medical Corp.................. 1,888
359 *Cognex Corp........................... 8,024
265 *Coherent, Inc......................... 6,275
200 Cohu, Inc.............................. 3,120
100 *Cole National Corp.................... 1,252
200 *Conceptus, Inc........................ 2,810
200 *Concord Camera Corp................... 1,418
450 *Conmed Corp........................... 8,217
453 Cooper Cos, Inc........................ 15,751
664 *Credence Systems Corp................. 5,624
200 *Cyberonics, Inc....................... 4,302
1,100 *Cytyc Corp............................ 11,572
100 Datascope Corp......................... 2,969
841 Dentsply International, Inc............ 34,397
184 *Dionex Corp........................... 7,314
251 *DRS Technologies, Inc................. 7,008
3,134 Eastman Kodak Co....................... 85,715
137 EDO Corp............................... 2,425
648 *Edwards Lifesciences Corp............. 20,827
100 *Endocare, Inc......................... 410
100 *ESCO Technologies, Inc................ 4,400
62 *Exactech, Inc......................... 893
81 *Excel Technology, Inc................. 1,849
177 *FEI Co................................ 3,321
500 *Fisher Scientific International,
Inc.................................. 17,450
250 *Flir Systems, Inc..................... 7,538
150 *Fossil, Inc........................... 3,534
3,215 Guidant Corp........................... 142,714
151 *Haemonetics Corp...................... 2,824
177 *Hanger Orthopedic Group, Inc.......... 2,027
109 *Herley Industries, Inc................ 1,851
177 *Hologic, Inc.......................... 2,333
111 *ICU Medical, Inc...................... 3,458
286 *Igen International, Inc............... 8,980
100 *Ii-Vi, Inc............................ 2,308
100 *Inamed Corp........................... 5,369
400 *Input/Output, Inc..................... 2,152
159 *Integra LifeSciences Holding.......... 4,194
64 *Integrated Defense Technology, Inc.... 993
158 *Interpore International............... 2,011
328 *Intuitive Surgical, Inc............... 2,486
316 Invacare Corp.......................... 10,428
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 43
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED)
181 *Invision Technologies, Inc............ $ 4,539
200 *Ionics, Inc........................... 4,474
162 *I-Stat Corp........................... 1,456
304 *Itron, Inc............................ 6,554
213 *Ixia.................................. 1,370
100 Keithley Instruments, Inc.............. 1,445
66 *Kensey Nash Corp...................... 1,727
2,096 *KLA-Tencor Corp....................... 97,443
102 *KVH Industries, Inc................... 2,522
189 *Kyphon, Inc........................... 2,858
137 *Laserscope............................ 1,095
561 *Lexar Media, Inc...................... 5,352
522 *LTX Corp.............................. 4,500
82 *Medical Action Industries, Inc........ 1,339
12,837 Medtronic, Inc......................... 615,791
370 Mentor Corp............................ 7,171
105 *Merit Medical Systems, Inc............ 2,098
333 *Mettler-Toledo International, Inc..... 12,204
552 *Millipore Corp........................ 24,492
100 Mine Safety Appliances Co.............. 4,362
229 *MKS Instruments, Inc.................. 4,138
100 *Molecular Devices Corp................ 1,591
100 Movado Group, Inc...................... 2,175
221 MTS Systems Corp....................... 3,258
407 *Newport Corp.......................... 6,024
172 *Novoste Corp.......................... 1,032
200 *Oakley, Inc........................... 2,354
155 *Ocular Sciences, Inc.................. 3,077
485 *Orbital Sciences Corp................. 3,541
293 *Orthologic Corp....................... 1,345
161 *Osteotech, Inc........................ 2,188
1,191 PerkinElmer, Inc....................... 16,448
200 *Photon Dynamics, Inc.................. 5,526
500 *Pinnacle Systems, Inc................. 5,350
164 *Possis Medical, Inc................... 2,250
4,194 Raytheon Co............................ 137,731
314 *Resmed, Inc........................... 12,309
382 *Respironics, Inc...................... 14,333
1,703 Rockwell Automation, Inc............... 40,600
122 *Rofin-Sinar Technologies, Inc......... 1,715
400 Roper Industries, Inc.................. 14,880
100 *Rudolph Technologies, Inc............. 1,596
168 *Sola International, Inc............... 2,923
126 *Sonic Solutions, Inc.................. 1,086
150 *SonoSite, Inc......................... 2,993
1,820 *St. Jude Medical, Inc................. 104,650
180 *Staar Surgical Co..................... 2,088
258 *Star Scientific, Inc.................. 888
700 *Steris Corp........................... 16,163
1,485 Stryker Corp........................... 103,014
400 *Sybron Dental Specialties, Inc........ 9,440
89 *Synovis Life Technologies, Inc........ 1,771
400 *Techne Corp........................... 12,136
774 *Tektronix, Inc........................ 16,718
458 Teleflex, Inc.......................... 19,488
1,914 *Teradyne, Inc......................... 33,131
300 *Theragenics Corp...................... 1,290
203 *Therasense, Inc....................... 2,030
1,697 *Thermo Electron Corp.................. 35,671
483 *Thoratec Corp......................... 7,197
333 *Trimble Navigation Ltd................ 7,636
200 *TriPath Imaging, Inc.................. 1,366
100 United Industrial Corp................. 1,630
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
642 *Varian Medical Systems, Inc........... $ 36,960
283 *Varian, Inc........................... 9,812
100 *Ventana Medical Systems, Inc.......... 2,718
204 *Viasys Healthcare, Inc................ 4,223
400 *Visx, Inc............................. 6,940
94 *Vital Images, Inc..................... 1,728
61 Vital Signs, Inc....................... 1,584
302 *Vivus, Inc............................ 1,552
1,300 *Waters Corp........................... 37,869
143 *Wright Medical Group, Inc............. 2,717
300 X-Rite, Inc............................ 2,973
43 *Young Innovations, Inc................ 1,226
2,067 *Zimmer Holdings, Inc.................. 93,118
100 *Zoll Medical Corp..................... 3,356
100 *Zygo Corp............................. 800
------------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 2,998,614
------------
INSURANCE AGENTS, BROKERS AND SERVICE--0.37%
2,801 AON Corp............................... 67,448
644 Brown & Brown, Inc..................... 20,930
200 *Clark, Inc............................ 2,390
245 Crawford & Co (Class B)................ 1,203
900 Gallagher (Arthur J.) & Co............. 24,480
300 Hilb, Rogal & Hamilton Co.............. 10,212
5,636 Marsh & McLennan Cos, Inc.............. 287,831
------------
TOTAL INSURANCE AGENTS, BROKERS AND
SERVICE 414,494
------------
INSURANCE CARRIERS--4.39%
300 21st Century Insurance Group........... 4,290
678 *AdvancePCS............................ 25,920
1,542 Aetna, Inc............................. 92,828
5,441 Aflac, Inc............................. 167,311
321 Alfa Corp.............................. 4,080
42 *Alleghany Corp........................ 8,022
500 *Allmerica Financial Corp.............. 8,995
7,410 Allstate Corp.......................... 264,167
927 Ambac Financial Group, Inc............. 61,414
281 American Financial Group, Inc.......... 6,407
24,162 American International Group, Inc...... 1,333,259
120 *American Medical Security Group,
Inc.................................. 2,292
100 American National Insurance Co......... 8,639
87 *American Physicians Capital, Inc...... 2,110
217 *AMERIGROUP Corp....................... 8,072
424 AmerUs Group Co........................ 11,953
1,501 *Anthem, Inc........................... 115,802
200 *Argonaut Group, Inc................... 2,466
125 Baldwin & Lyons, Inc (Class B)......... 2,969
548 Berkley (W.R.) Corp.................... 28,880
103 *Centene Corp.......................... 4,007
1,736 Chubb Corp............................. 104,160
1,391 Cigna Corp............................. 65,294
1,458 Cincinnati Financial Corp.............. 54,077
230 *Citizens, Inc......................... 1,672
303 *CNA Financial Corp.................... 7,454
100 *CNA Surety Corp....................... 985
100 *Cobalt Corp........................... 2,055
225 Commerce Group, Inc.................... 8,145
100 Delphi Financial Group, Inc (Class
A)................................... 4,680
32 *Enstar Group, Inc..................... 1,261
354 Erie Indemnity Co (Class A)............ 14,603
79 FBL Financial Group, Inc (Class A)..... 1,592
1,460 Fidelity National Financial, Inc....... 44,910
72 Financial Industries Corp.............. 1,061
600 First American Corp.................... 15,810
68 Great American Financial Resources,
Inc.................................. 891
</Table>
44 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INSURANCE CARRIERS--(CONTINUED)
316 Harleysville Group, Inc................ $ 7,274
2,607 Hartford Financial Services Group,
Inc.................................. 131,289
672 HCC Insurance Holdings, Inc............ 19,871
1,025 *Health Net, Inc....................... 33,774
100 *HealthExtras, Inc..................... 782
347 Horace Mann Educators Corp............. 5,597
1,700 *Humana, Inc........................... 25,670
1,581 Jefferson-Pilot Corp................... 65,548
2,975 John Hancock Financial Services, Inc... 91,422
77 Kansas City Life Insurance Co.......... 3,299
200 Landamerica Financial Group, Inc....... 9,500
431 Leucadia National Corp................. 15,999
1,800 Lincoln National Corp.................. 64,134
1,333 Loews Corp............................. 63,038
106 *Markel Corp........................... 27,136
1,458 MBIA, Inc.............................. 71,078
237 Mercury General Corp................... 10,819
3,133 MetLife, Inc........................... 88,727
849 MGIC Investment Corp................... 39,597
533 *Mid Atlantic Medical Services, Inc.... 27,876
70 Midland Co............................. 1,555
618 MONY Group, Inc........................ 16,655
19 *National Western Life Insurance Co
(Class A)............................ 2,098
456 Nationwide Financial Services, Inc
(Class A)............................ 14,820
37 *Navigators Group, Inc................. 1,103
154 Odyssey Re Holdings Corp............... 3,249
468 *Ohio Casualty Corp.................... 6,168
1,400 Old Republic International Corp........ 47,978
900 *Oxford Health Plans, Inc.............. 37,827
400 *Pacificare Health Systems, Inc........ 19,732
203 *Philadelphia Consolidated Holding
Corp................................. 8,201
922 Phoenix Cos, Inc....................... 8,326
61 *Pico Holdings, Inc.................... 793
400 PMA Capital Corp (Class A)............. 5,028
906 PMI Group, Inc......................... 24,317
200 Presidential Life Corp................. 2,822
3,028 Principal Financial Group.............. 97,653
196 *ProAssurance Corp..................... 5,290
2,071 Progressive Corp....................... 151,390
731 Protective Life Corp................... 19,554
5,930 Prudential Financial, Inc.............. 199,545
1,027 Radian Group, Inc...................... 37,640
350 Reinsurance Group Of America, Inc...... 11,235
200 RLI Corp............................... 6,580
1,383 Safeco Corp............................ 48,792
237 Selective Insurance Group, Inc......... 5,937
245 *Sierra Health Services, Inc........... 4,900
2,300 St. Paul Cos, Inc...................... 83,973
333 Stancorp Financial Group, Inc.......... 17,389
100 State Auto Financial Corp.............. 2,245
200 *Stewart Information Services Corp..... 5,570
1,317 Torchmark Corp......................... 49,058
250 Transatlantic Holdings, Inc............ 17,288
4,556 Travelers Property Casualty Corp (Class
A)................................... 72,440
4,551 Travelers Property Casualty Corp (Class
B)................................... 71,769
73 *Triad Guaranty, Inc................... 2,770
354 *UICI.................................. 5,335
67 United Fire & Casualty Co.............. 2,177
5,760 UnitedHealth Group, Inc................ 289,440
400 Unitrin, Inc........................... 10,848
215 *Universal American Financial Corp..... 1,370
2,900 UnumProvident Corp..................... 38,889
88 *WellChoice, Inc....................... 2,577
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
1,537 *Wellpoint Health Networks, Inc........ $ 129,569
10 Wesco Financial Corp................... 3,120
100 Zenith National Insurance Corp......... 2,850
------------
TOTAL INSURANCE CARRIERS 4,892,828
------------
JUSTICE, PUBLIC ORDER AND SAFETY--0.00%
100 *Wackenhut Corrections Corp............ 1,371
------------
TOTAL JUSTICE, PUBLIC ORDER AND SAFETY 1,371
------------
LEATHER AND LEATHER PRODUCTS--0.07%
162 Brown Shoe Co, Inc..................... 4,828
872 *Coach, Inc............................ 43,373
200 K-Swiss, Inc (Class A)................. 6,904
126 *Maxwell Shoe Co, Inc (Class A)........ 1,814
100 *Steven Madden Ltd..................... 2,184
184 *Timberland Co (Class A)............... 9,726
20 Weyco Group, Inc....................... 920
400 Wolverine World Wide, Inc.............. 7,704
------------
TOTAL LEATHER AND LEATHER PRODUCTS 77,453
------------
LEGAL SERVICES--0.00%
165 *Pre-Paid Legal Services, Inc.......... 4,047
------------
TOTAL LEGAL SERVICES 4,047
------------
LUMBER AND WOOD PRODUCTS--0.07%
40 American Woodmark Corp................. 1,862
400 *Champion Enterprises, Inc............. 2,072
100 Deltic Timber Corp..................... 2,845
2,617 Georgia-Pacific Corp................... 49,592
100 *Modtech Holdings, Inc................. 919
450 Rayonier, Inc.......................... 14,850
100 Skyline Corp........................... 3,000
200 Universal Forest Products, Inc......... 4,188
------------
TOTAL LUMBER AND WOOD PRODUCTS 79,328
------------
METAL MINING--0.18%
100 *Cleveland-Cliffs, Inc................. 1,785
1,560 *Coeur D'alene Mines Corp.............. 2,168
1,002 Freeport-McMoRan Copper & Gold, Inc
(Class A)............................ 24,549
1,152 *Hecla Mining Co....................... 4,873
3,847 Newmont Mining Corp.................... 124,874
872 *Phelps Dodge Corp..................... 33,432
168 Royal Gold, Inc........................ 3,610
113 Southern Peru Copper Corp.............. 1,729
396 *Stillwater Mining Co.................. 2,035
------------
TOTAL METAL MINING 199,055
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.15%
300 Blyth, Inc............................. 8,160
625 Callaway Golf Co....................... 8,263
149 *Daktronics, Inc....................... 2,436
1,267 Hasbro, Inc............................ 22,160
919 *Identix, Inc.......................... 5,836
211 *Jakks Pacific, Inc.................... 2,804
300 *K2, Inc............................... 3,675
56 *Leapfrog Enterprises, Inc............. 1,781
100 *Lydall, Inc........................... 1,070
4,580 Mattel, Inc............................ 86,654
275 Nautilus Group, Inc.................... 3,410
200 Oneida Ltd............................. 1,350
89 Penn Engineering & Manufacturing
Corp................................. 1,215
141 *RC2 Corp.............................. 2,398
100 Russ Berrie & Co, Inc.................. 3,651
175 *Shuffle Master, Inc................... 5,143
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 45
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
MISCELLANEOUS MANUFACTURING INDUSTRIES--(CONTINUED)
100 *Steinway Musical Instruments, Inc..... $ 1,540
209 *Yankee Candle Co, Inc................. 4,853
------------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 166,399
------------
MISCELLANEOUS RETAIL--1.06%
198 *1-800-Flowers.com, Inc (Class A)...... 1,632
110 *AC Moore Arts & Crafts, Inc........... 2,203
247 *Alloy, Inc............................ 1,593
2,197 *Amazon.com, Inc....................... 80,169
409 *Barnes & Noble, Inc................... 9,427
134 *Big 5 Sporting Goods Corp............. 1,679
73 Blair Corp............................. 1,621
115 *Blue Rhino Corp....................... 1,379
800 *Borders Group, Inc.................... 14,088
200 Cash America International, Inc........ 2,644
150 *Coldwater Creek, Inc.................. 1,850
4,106 CVS Corp............................... 115,091
133 *Dick's Sporting Goods, Inc............ 4,878
333 *Drugstore.com, Inc.................... 1,945
265 *Duane Reade, Inc...................... 3,909
2,164 *eBay, Inc............................. 225,446
200 *Finlay Enterprises, Inc............... 3,310
178 Friedman's, Inc (Class A).............. 2,024
95 *Galyans Trading Co, Inc............... 1,362
84 *Gart Sports Co........................ 2,382
200 Hancock Fabrics, Inc................... 3,230
65 *Hibbett Sporting Goods, Inc........... 2,141
318 *Jill (J.) Group, Inc.................. 5,355
131 *Jo-Ann Stores, Inc (Class A).......... 3,314
300 Longs Drug Stores Corp................. 4,980
400 *Marvel Enterprises, Inc............... 7,640
700 Michaels Stores, Inc................... 26,642
257 *MSC Industrial Direct Co (Class A).... 4,600
3,250 *Office Depot, Inc..................... 47,158
1,600 *OfficeMax, Inc........................ 10,480
919 Omnicare, Inc.......................... 31,053
93 *Overstock.com, Inc.................... 1,349
106 *Party City Corp....................... 1,089
100 *PC Connection, Inc.................... 680
185 *Petco Animal Supplies, Inc............ 4,022
1,200 Petsmart, Inc.......................... 20,004
133 *Priceline.com, Inc.................... 2,978
4,231 *Rite Aid Corp......................... 18,828
99 *Sharper Image Corp.................... 2,700
384 *Stamps.com, Inc....................... 1,843
4,896 *Staples, Inc.......................... 89,842
375 *Summit America Television, Inc........ 1,084
300 *The Sports Authority, Inc............. 3,210
1,124 Tiffany & Co........................... 36,732
2,026 *Toys 'R' Us, Inc...................... 24,555
180 *Valuevision International, Inc (Class
A)................................... 2,453
10,789 Walgreen Co............................ 324,749
102 *Whitehall Jewellers, Inc.............. 925
81 World Fuel Services Corp............... 1,992
345 *Zale Corp............................. 13,800
------------
TOTAL MISCELLANEOUS RETAIL 1,178,060
------------
MOTION PICTURES--0.70%
300 *AMC Entertainment, Inc................ 3,432
300 *Avid Technology, Inc.................. 10,521
400 Blockbuster, Inc (Class A)............. 6,740
500 *Hollywood Entertainment Corp.......... 8,600
26,738 *Liberty Media Corp (Class A).......... 309,091
413 *Metro-Goldwyn-Mayer, Inc.............. 5,129
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
255 *Movie Gallery, Inc.................... $ 4,705
112 *NetFlix, Inc.......................... 2,862
145 *Reading International, Inc............ 805
166 Regal Entertainment Group (Class A).... 3,914
21,508 Walt Disney Co......................... 424,783
------------
TOTAL MOTION PICTURES 780,582
------------
NONDEPOSITORY INSTITUTIONS--2.13%
102 *Accredited Home Lenders Holding Co.... 2,001
200 Advanta Corp (Class A)................. 1,968
736 American Capital Strategies Ltd........ 18,356
12,096 American Express Co.................... 505,734
120 American Home Mortgage Holdings, Inc... 2,350
1,656 *AmeriCredit Corp...................... 14,159
2,224 Capital One Financial Corp............. 109,376
655 Charter Municipal Mortgage Acceptance
Co................................... 12,452
1,902 CIT Group, Inc......................... 46,884
100 *CompuCredit Corp...................... 1,215
1,234 Countrywide Financial Corp............. 85,849
100 *Credit Acceptance Corp................ 1,009
673 Doral Financial Corp................... 30,049
100 *DVI, Inc.............................. 467
471 *E-Loan, Inc........................... 2,746
10,314 Fannie Mae............................. 695,576
60 *Federal Agricultural Mortgage Corp
(Class C)............................ 1,341
100 *Financial Federal Corp................ 2,440
7,325 Freddie Mac............................ 371,890
11,196 MBNA Corp.............................. 233,325
185 MCG Capital Corp....................... 2,683
270 Metris Cos, Inc........................ 1,499
300 New Century Financial Corp............. 13,095
3,246 *Providian Financial Corp.............. 30,058
258 *Saxon Capital, Inc.................... 4,484
4,443 SLM Corp............................... 174,032
29 Student Loan Corp...................... 3,654
121 Westcorp............................... 3,388
90 *WFS Financial, Inc.................... 3,016
100 *World Acceptance Corp................. 1,628
------------
TOTAL NONDEPOSITORY INSTITUTIONS 2,376,724
------------
NONMETALLIC MINERALS, EXCEPT FUELS--0.03%
200 Amcol International Corp............... 1,600
1,000 Vulcan Materials Co.................... 37,070
------------
TOTAL NONMETALLIC MINERALS, EXCEPT
FUELS 38,670
------------
OIL AND GAS EXTRACTION--1.35%
2,582 Anadarko Petroleum Corp................ 114,822
1,696 Apache Corp............................ 110,342
69 *Atwood Oceanics, Inc.................. 1,873
200 Berry Petroleum Co (Class A)........... 3,590
1,641 *BJ Services Co........................ 61,308
2,051 Burlington Resources, Inc.............. 110,898
278 Cabot Oil & Gas Corp (Class A)......... 7,676
300 *Cal Dive International, Inc........... 6,540
2,000 Chesapeake Energy Corp................. 20,200
614 *Cimarex Energy Co..................... 14,583
300 *Comstock Resources, Inc............... 4,104
360 *Denbury Resources, Inc................ 4,835
2,351 Devon Energy Corp...................... 125,543
520 Diamond Offshore Drilling, Inc......... 10,915
100 *Encore Acquisition Co................. 1,915
164 *Energy Partners Ltd................... 1,894
1,553 ENSCO International, Inc............... 41,776
1,267 EOG Resources, Inc..................... 53,011
175 *Evergreen Resources, Inc.............. 9,504
</Table>
46 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
OIL AND GAS EXTRACTION--(CONTINUED)
54 *Exco Resources, Inc................... $ 967
280 *Forest Oil Corp....................... 7,034
900 *Global Industries Ltd................. 4,338
1,800 *Grey Wolf, Inc........................ 7,272
444 *Hanover Compressor Co................. 5,017
318 *Harvest Natural Resources, Inc........ 2,026
500 Helmerich & Payne, Inc................. 14,600
278 *Horizon Offshore, Inc................. 1,384
100 *Houston Exploration Co................ 3,470
358 *KCS Energy, Inc....................... 1,930
1,027 Kerr-McGee Corp........................ 46,010
1,700 *Key Energy Services, Inc.............. 18,224
705 *Magnum Hunter Resources, Inc.......... 5,633
43 *Magnum Hunter Resources, Inc Wts
03/21/05............................. 15
3,249 Marathon Oil Corp...................... 85,611
124 *McMoRan Exploration Co................ 1,381
371 *Meridian Resource Corp................ 1,755
553 *Newfield Exploration Co............... 20,765
1,000 *Newpark Resources, Inc................ 5,480
715 Noble Energy, Inc...................... 27,027
185 *Nuevo Energy Co....................... 3,228
4,049 Occidental Petroleum Corp.............. 135,844
200 *Oceaneering International, Inc........ 5,110
700 *Parker Drilling Co.................... 2,037
312 Patina Oil & Gas Corp.................. 10,031
700 *Patterson-UTI Energy, Inc............. 22,680
60 Penn Virginia Corp..................... 2,580
165 *Petroleum Development Corp............ 1,516
1,177 *Pioneer Natural Resources Co.......... 30,720
285 *Plains Exploration & Production Co.... 3,081
674 Pogo Producing Co...................... 28,814
1,382 *Pride International, Inc.............. 26,009
100 *Prima Energy Corp..................... 2,088
100 *Quicksilver Resources, Inc............ 2,395
757 *Range Resources Corp.................. 4,746
219 *Remington Oil & Gas Corp.............. 4,025
979 *Rowan Cos, Inc........................ 21,930
100 RPC, Inc............................... 1,100
160 *Seacor Smit, Inc...................... 5,838
500 *Southwestern Energy Co................ 7,505
260 *Spinnaker Exploration Co.............. 6,812
300 St. Mary Land & Exploration Co......... 8,190
239 *Stone Energy Corp..................... 10,019
400 *Superior Energy Services, Inc......... 3,792
270 *Swift Energy Co....................... 2,970
89 *Tetra Technologies, Inc............... 2,639
656 Tidewater, Inc......................... 19,267
300 *Tom Brown, Inc........................ 8,337
200 *Transmontaigne, Inc................... 1,296
300 *Unit Corp............................. 6,273
2,690 Unocal Corp............................ 77,176
894 *Varco International, Inc.............. 17,522
300 *Veritas DGC, Inc...................... 3,450
500 Vintage Petroleum, Inc................. 5,640
148 *Westport Resources Corp............... 3,367
237 *W-H Energy Services, Inc.............. 4,617
1,766 XTO Energy, Inc........................ 35,514
------------
TOTAL OIL AND GAS EXTRACTION 1,503,426
------------
PAPER AND ALLIED PRODUCTS--0.65%
562 Bemis Co............................... 26,302
463 Boise Cascade Corp..................... 11,066
570 Bowater, Inc........................... 21,347
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
200 *Buckeye Technologies, Inc............. $ 1,360
200 *Caraustar Industries, Inc............. 1,602
151 Chesapeake Corp........................ 3,299
97 Glatfelter............................. 1,431
208 *Graphic Packaging International
Corp................................. 938
136 Greif, Inc (Class A)................... 3,128
5,055 International Paper Co................. 180,615
5,355 Kimberly-Clark Corp.................... 279,210
500 Longview Fibre Co...................... 4,100
1,933 MeadWestvaco Corp...................... 47,745
700 *Packaging Corp Of America............. 12,901
1,654 *Pactiv Corp........................... 32,600
200 *Playtex Products, Inc................. 1,284
200 Pope & Talbot, Inc..................... 2,210
300 Potlatch Corp.......................... 7,725
100 Rock-Tenn Co (Class A)................. 1,695
136 Schweitzer-Mauduit International,
Inc.................................. 3,283
2,270 *Smurfit-Stone Container Corp.......... 29,578
1,000 Sonoco Products Co..................... 24,020
600 Temple-Inland, Inc..................... 25,746
334 Wausau-Mosinee Paper Corp.............. 3,741
------------
TOTAL PAPER AND ALLIED PRODUCTS 726,926
------------
PERSONAL SERVICES--0.17%
367 *Alderwoods Group, Inc................. 2,004
79 Angelica Corp.......................... 1,339
1,391 Cintas Corp............................ 49,297
200 *Coinstar, Inc......................... 3,772
66 CPI Corp............................... 1,165
187 G & K Services, Inc (Class A).......... 5,535
1,987 H & R Block, Inc....................... 85,938
352 Regis Corp............................. 10,226
3,100 *Service Corp International............ 11,997
100 Unifirst Corp.......................... 2,190
350 *Weight Watchers International, Inc.... 15,922
------------
TOTAL PERSONAL SERVICES 189,385
------------
PETROLEUM AND COAL PRODUCTS--3.56%
725 Amerada Hess Corp...................... 35,656
638 Ashland, Inc........................... 19,574
11,246 ChevronTexaco Corp..................... 811,961
7,145 ConocoPhillips......................... 391,546
200 ElkCorp................................ 4,500
70,310 ExxonMobil Corp........................ 2,524,832
300 Frontier Oil Corp...................... 4,560
274 *Headwaters, Inc....................... 4,025
100 Holly Corp............................. 2,760
500 Lubrizol Corp.......................... 15,495
1,285 Lyondell Chemical Co................... 17,386
776 Murphy Oil Corp........................ 40,818
165 *Premcor, Inc.......................... 3,556
846 Sunoco, Inc............................ 31,928
1,000 *Tesoro Petroleum Corp................. 6,880
1,207 Valero Energy Corp..................... 43,850
174 WD-40 Co............................... 4,968
------------
TOTAL PETROLEUM AND COAL PRODUCTS 3,964,295
------------
PRIMARY METAL INDUSTRIES--0.40%
1,000 *AK Steel Holding Corp................. 3,620
8,989 Alcoa, Inc............................. 229,220
700 Allegheny Technologies, Inc............ 4,620
1,200 *Andrew Corp........................... 11,040
200 Belden, Inc............................ 3,178
100 *Brush Engineered Materials, Inc....... 835
400 *Cable Design Technologies Corp........ 2,860
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 47
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
PRIMARY METAL INDUSTRIES--(CONTINUED)
200 Carpenter Technology Corp.............. $ 3,120
100 *Century Aluminum Co................... 703
400 *CommScope, Inc........................ 3,800
100 Curtiss-Wright Corp.................... 6,320
100 *Encore Wire Corp...................... 950
1,279 Engelhard Corp......................... 31,681
300 *General Cable Corp.................... 1,620
78 Gibraltar Steel Corp................... 1,597
262 *Lone Star Technologies, Inc........... 5,549
272 Matthews International Corp (Class
A)................................... 6,735
300 *Maverick Tube Corp.................... 5,745
283 *Mueller Industries, Inc............... 7,672
100 NN, Inc................................ 1,266
200 *NS Group, Inc......................... 1,950
917 Nucor Corp............................. 44,795
500 Precision Castparts Corp............... 15,550
124 Quanex Corp............................ 3,685
200 *RTI International Metals, Inc......... 2,166
200 Ryerson Tull, Inc...................... 1,756
47 Schnitzer Steel Industries, Inc (Class
A)................................... 2,074
346 *Steel Dynamics, Inc................... 4,740
200 Texas Industries, Inc.................. 4,760
314 Tredegar Corp.......................... 4,707
1,118 United States Steel Corp............... 18,302
600 Worthington Industries, Inc............ 8,040
------------
TOTAL PRIMARY METAL INDUSTRIES 444,656
------------
PRINTING AND PUBLISHING--0.80%
600 *American Greetings Corp (Class A)..... 11,784
230 Banta Corp............................. 7,445
855 Belo Corp (Class A).................... 19,118
300 Bowne & Co, Inc........................ 3,909
100 *Consolidated Graphics, Inc............ 2,288
33 Courier Corp........................... 1,700
35 CSS Industries, Inc.................... 1,349
529 Dow Jones & Co, Inc.................... 22,763
149 Ennis Business Forms, Inc.............. 2,167
2,853 Gannett Co, Inc........................ 219,139
268 Harland (John H.) Co................... 7,011
600 Harte-Hanks, Inc....................... 11,400
621 Hollinger International, Inc........... 6,688
112 *Information Holdings, Inc............. 2,044
201 *Journal Register Co................... 3,636
809 Knight Ridder, Inc..................... 55,764
500 Lee Enterprises, Inc................... 18,765
300 *Mail-Well, Inc........................ 756
100 *Martha Stewart Living Omnimedia, Inc
(Class A)............................ 939
169 McClatchy Co (Class A)................. 9,738
2,052 McGraw-Hill Cos, Inc................... 127,224
100 Media General, Inc (Class A)........... 5,720
400 Meredith Corp.......................... 17,600
100 New England Business Services, Inc..... 3,000
1,407 New York Times Co (Class A)............ 64,019
100 *Playboy Enterprises, Inc (Class B).... 1,360
1,202 *Primedia, Inc......................... 3,666
83 Pulitzer, Inc.......................... 4,102
1,281 R.R. Donnelley & Sons Co............... 33,485
1,000 Reader's Digest Association, Inc (Class
A)................................... 13,480
300 *Scholastic Corp....................... 8,934
309 Scripps (E.W.) Co (Class A)............ 27,414
235 Standard Register Co................... 3,873
200 *Thomas Nelson, Inc.................... 2,500
2,087 Tribune Co............................. 100,802
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
566 *Valassis Communications, Inc.......... $ 14,558
46 Washington Post Co (Class B)........... 33,713
500 Wiley (John) & Sons, Inc (Class A)..... 13,100
------------
TOTAL PRINTING AND PUBLISHING 886,953
------------
RAILROAD TRANSPORTATION--0.39%
4,024 Burlington Northern Santa Fe Corp...... 114,443
2,253 CSX Corp............................... 67,793
133 Florida East Coast Industries, Inc
(Class A)............................ 3,398
46 Florida East Coast Industries, Inc
(Class B)............................ 1,145
106 *Genesee & Wyoming, Inc (Class A)...... 2,180
850 *Kansas City Southern Industries,
Inc.................................. 10,226
4,064 Norfolk Southern Corp.................. 78,029
2,635 Union Pacific Corp..................... 152,883
------------
TOTAL RAILROAD TRANSPORTATION 430,097
------------
REAL ESTATE--0.06%
39 *Avatar Holdings, Inc.................. 1,178
842 *Catellus Development Corp............. 18,524
59 Consolidated-Tomoka Land Co............ 1,482
303 Forest City Enterprises, Inc (Class
A)................................... 12,559
200 *Insignia Financial Group, Inc......... 2,222
300 *Jones Lang LaSalle, Inc............... 4,740
200 LNR Property Corp...................... 7,480
200 St. Joe Co............................. 6,240
800 *Stewart Enterprises, Inc (Class A).... 3,440
57 *Tarragon Realty Investors, Inc........ 831
325 *Trammell Crow Co...................... 3,448
------------
TOTAL REAL ESTATE 62,144
------------
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.20%
101 *Applied Films Corp.................... 2,614
400 Aptargroup, Inc........................ 14,400
100 Bandag, Inc............................ 3,727
600 Cooper Tire & Rubber Co................ 10,554
2,309 *Goodyear Tire & Rubber Co............. 12,122
57 *Gundle/SLT Environmental, Inc......... 776
151 *Jarden Corp........................... 4,178
151 Myers Industries, Inc.................. 1,435
1,654 Nike, Inc (Class B).................... 88,472
61 Quixote Corp........................... 1,557
554 *Reebok International Ltd.............. 18,631
353 Schulman (A.), Inc..................... 5,669
891 *Sealed Air Corp....................... 42,465
100 *Skechers U.S.A., Inc (Class A)........ 740
100 Spartech Corp.......................... 2,121
60 *Trex Co, Inc.......................... 2,355
500 Tupperware Corp........................ 7,180
100 *Vans, Inc............................. 898
------------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 219,894
------------
SECURITY AND COMMODITY BROKERS--1.84%
918 A.G. Edwards, Inc...................... 31,396
200 *Affiliated Managers Group, Inc........ 12,190
3,046 *Ameritrade Holding Corp............... 22,571
986 Bear Stearns Cos, Inc.................. 71,406
127 *Blackrock, Inc........................ 5,720
11,564 Charles Schwab Corp.................... 116,681
4,028 *E*trade Group, Inc.................... 34,238
594 Eaton Vance Corp....................... 18,770
843 Federated Investors, Inc (Class B)..... 23,115
70 First Albany Cos, Inc.................. 870
1,770 Franklin Resources, Inc................ 69,154
69 *Gabelli Asset Management, Inc (Class
A)................................... 2,491
</Table>
48 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
SECURITY AND COMMODITY BROKERS--(CONTINUED)
2,945 Goldman Sachs Group, Inc............... $ 246,644
339 Instinet Group, Inc.................... 1,580
452 *Investment Technology Group, Inc...... 8,407
674 Investors Financial Services Corp...... 19,553
2,786 Janus Capital Group, Inc............... 45,690
178 Jefferies Group, Inc................... 8,863
800 *Knight Trading Group, Inc............. 4,976
600 LaBranche & Co, Inc.................... 12,414
616 Legg Mason, Inc........................ 40,009
2,589 Lehman Brothers Holdings, Inc.......... 172,117
9,757 Merrill Lynch & Co, Inc................ 455,457
11,159 Morgan Stanley......................... 477,047
615 Neuberger Berman, Inc.................. 24,545
365 Nuveen Investments, Inc................ 9,943
500 Raymond James Financial, Inc........... 16,525
880 SEI Investments Co..................... 28,160
140 *SoundView Technology Group, Inc....... 1,417
121 SWS Group, Inc......................... 2,438
1,210 T Rowe Price Group, Inc................ 45,678
802 Waddell & Reed Financial, Inc (Class
A)................................... 20,587
------------
TOTAL SECURITY AND COMMODITY BROKERS 2,050,652
------------
SOCIAL SERVICES--0.00%
125 *Bright Horizons Family Solutions,
Inc.................................. 4,195
------------
TOTAL SOCIAL SERVICES 4,195
------------
SPECIAL TRADE CONTRACTORS--0.03%
750 *Dycom Industries, Inc................. 12,225
136 *EMCOR Group, Inc...................... 6,713
333 *Integrated Electrical Services, Inc... 2,414
84 *Matrix Service Co..................... 1,443
1,376 *Quanta Services, Inc.................. 9,770
100 Roto-Rooter, Inc....................... 3,814
------------
TOTAL SPECIAL TRADE CONTRACTORS 36,379
------------
STONE, CLAY, AND GLASS PRODUCTS--0.15%
54 Ameron International Corp.............. 1,878
311 Apogee Enterprises, Inc................ 2,805
280 *Cabot Microelectronics Corp........... 14,132
85 CARBO Ceramics, Inc.................... 3,166
100 Centex Construction Products, Inc...... 4,009
13,812 *Corning, Inc.......................... 102,071
182 Florida Rock Industries, Inc........... 7,513
300 Lafarge North America, Inc............. 9,270
141 Libbey, Inc............................ 3,201
1,023 *Owens-Illinois, Inc................... 14,087
385 b*USG Corp............................. 7,315
------------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 169,447
------------
TEXTILE MILL PRODUCTS--0.03%
209 Albany International Corp (Class A).... 5,727
400 *Interface, Inc (Class A).............. 1,856
473 *Mohawk Industries, Inc................ 26,266
------------
TOTAL TEXTILE MILL PRODUCTS 33,849
------------
TOBACCO PRODUCTS--0.97%
21,314 Altria Group, Inc...................... 968,508
239 Loews Corp (Carolina Group)............ 6,453
912 R.J. Reynolds Tobacco Holdings, Inc.... 33,936
241 Universal Corp......................... 10,194
1,653 UST, Inc............................... 57,905
220 Vector Group Ltd....................... 3,850
------------
TOTAL TOBACCO PRODUCTS 1,080,846
------------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
TRANSPORTATION BY AIR--0.42%
400 Airborne, Inc.......................... $ 8,360
695 *Airtran Holdings, Inc................. 7,277
248 *Alaska Air Group, Inc................. 5,320
313 *America West Holdings Corp (Class
B)................................... 2,128
1,400 *AMR Corp.............................. 15,400
438 *Atlantic Coast Airlines Holdings,
Inc.................................. 5,909
620 *Continental Airlines, Inc (Class B)... 9,281
1,100 Delta Air Lines, Inc................... 16,148
276 *ExpressJet Holdings, Inc.............. 4,168
3,193 FedEx Corp............................. 198,062
100 *Forward Air Corp...................... 2,537
550 *Frontier Airlines, Inc................ 4,994
485 *JetBlue Airways Corp.................. 20,511
200 *Mesa Air Group, Inc................... 1,600
100 *Mesaba Holdings, Inc.................. 617
400 *Northwest Airlines Corp............... 4,516
181 *Offshore Logistics, Inc............... 3,937
38 *Petroleum Helicopters (Vote).......... 1,199
700 Skywest, Inc........................... 13,342
8,199 Southwest Airlines Co.................. 141,023
------------
TOTAL TRANSPORTATION BY AIR 466,329
------------
TRANSPORTATION EQUIPMENT--2.24%
335 *AAR Corp.............................. 2,365
148 *Aftermarket Technology Corp........... 1,555
241 *American Axle & Manufacturing
Holdings, Inc........................ 5,760
200 Arctic Cat, Inc........................ 3,832
600 ArvinMeritor, Inc...................... 12,108
1,000 Autoliv, Inc........................... 27,080
7,707 Boeing Co.............................. 264,504
900 Brunswick Corp......................... 22,518
300 Clarcor, Inc........................... 11,565
200 Coachmen Industries, Inc............... 2,390
25 Curtiss-Wright Corp (Class B).......... 1,558
1,800 Dana Corp.............................. 20,808
5,541 Delphi Corp............................ 47,819
63 *Ducommun, Inc......................... 888
100 *Dura Automotive Systems, Inc.......... 946
400 Federal Signal Corp.................... 7,028
300 *Fleetwood Enterprises, Inc............ 2,220
18,894 Ford Motor Co.......................... 207,645
300 GenCorp, Inc........................... 2,667
1,889 General Dynamics Corp.................. 136,953
4,985 General Motors Corp.................... 179,460
9,540 *General Motors Corp-Hughes Electronics
Corp................................. 122,207
800 *Gentex Corp........................... 24,488
1,900 Genuine Parts Co....................... 60,819
1,386 Goodrich Corp.......................... 29,106
3,167 Harley-Davidson, Inc................... 126,237
100 Heico Corp............................. 1,220
8,743 Honeywell International, Inc........... 234,750
200 Kaman Corp (Class A)................... 2,338
3,964 Lockheed Martin Corp................... 188,567
220 *Monaco Coach Corp..................... 3,373
640 *Navistar International Corp........... 20,883
1,779 Northrop Grumman Corp.................. 153,510
137 Oshkosh Truck Corp..................... 8,127
1,094 Paccar, Inc............................ 73,757
300 Polaris Industries, Inc................ 18,420
156 *Sequa Corp (Class A).................. 5,351
200 *Sports Resorts International, Inc..... 976
100 Standard Motor Products, Inc........... 1,110
32 *Strattec Security Corp................ 1,702
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 49
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
TRANSPORTATION EQUIPMENT--(CONTINUED)
200 Superior Industries International,
Inc.................................. $ 8,340
285 *Teledyne Technologies, Inc............ 3,734
347 *Tenneco Automotive, Inc............... 1,249
1,188 Textron, Inc........................... 46,356
200 Thor Industries, Inc................... 8,164
329 Trinity Industries, Inc................ 6,090
129 *Triumph Group, Inc.................... 3,634
194 *United Defense Industries, Inc........ 5,032
4,925 United Technologies Corp............... 348,838
1,203 Visteon Corp........................... 8,265
270 *Wabash National Corp.................. 3,788
304 Wabtec Corp............................ 4,229
100 Winnebago Industries, Inc.............. 3,790
------------
TOTAL TRANSPORTATION EQUIPMENT 2,490,119
------------
TRANSPORTATION SERVICES--0.12%
52 *Ambassadors Group, Inc................ 726
691 C.H. Robinson Worldwide, Inc........... 24,572
300 *EGL, Inc.............................. 4,560
312 *Expedia, Inc.......................... 23,924
1,032 Expeditors International Of Washington,
Inc.................................. 35,748
438 GATX Corp.............................. 7,161
100 *Navigant International, Inc........... 1,290
262 *RailAmerica, Inc...................... 2,214
1,573 Sabre Holdings Corp.................... 38,774
------------
TOTAL TRANSPORTATION SERVICES 138,969
------------
TRUCKING AND WAREHOUSING--0.39%
200 Arkansas Best Corp..................... 4,758
512 CNF, Inc............................... 12,995
100 *Covenant Transport, Inc (Class A)..... 1,700
252 *Heartland Express, Inc................ 5,607
168 *Hunt (J.B.) Transport Services, Inc... 6,342
190 *Landstar System, Inc.................. 11,942
117 *Old Dominion Freight Line............. 2,530
60 *P.A.M. Transportation Services........ 1,452
100 Roadway Corp........................... 2,853
133 *SCS Transportation, Inc............... 1,680
770 *Swift Transportation Co, Inc.......... 14,337
200 *U.S. Xpress Enterprises, Inc (Class
A)................................... 2,132
5,334 United Parcel Service, Inc (Class B)... 339,776
247 USF Corp............................... 6,662
466 Werner Enterprises, Inc................ 9,879
267 *Yellow Corp........................... 6,181
------------
TOTAL TRUCKING AND WAREHOUSING 430,826
------------
WATER TRANSPORTATION--0.02%
400 Alexander & Baldwin, Inc............... 10,612
200 *Gulfmark Offshore, Inc................ 3,376
156 *Kirby Corp............................ 4,399
73 Maritrans, Inc......................... 1,069
300 Overseas Shipholding Group, Inc........ 6,603
123 *Seabulk International, Inc............ 1,091
------------
TOTAL WATER TRANSPORTATION 27,150
------------
WHOLESALE TRADE-DURABLE GOODS--1.77%
100 *1-800 Contacts, Inc................... 2,448
162 Action Performance Cos, Inc............ 3,078
107 *Alliance Imaging, Inc................. 471
500 *Anixter International, Inc............ 11,715
1,134 *Apogent Technologies, Inc............. 22,680
200 Applied Industrial Technologies, Inc... 4,220
1,200 *Arrow Electronics, Inc................ 18,288
200 *Audiovox Corp (Class A)............... 2,238
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
208 *Aviall, Inc........................... $ 2,365
1,039 *Avnet, Inc............................ 13,175
100 Barnes Group, Inc...................... 2,176
344 BorgWarner, Inc........................ 22,154
164 *Boyds Collection Ltd.................. 772
300 Carlisle Cos, Inc...................... 12,648
542 *CDW Corp.............................. 24,824
200 Commercial Metals Co................... 3,558
300 *Compucom Systems, Inc................. 1,356
101 *Department 56, Inc.................... 1,548
156 *Global Imaging Systems, Inc........... 3,613
251 *Handleman Co.......................... 4,016
300 Hughes Supply, Inc..................... 10,410
1,300 IKON Office Solutions, Inc............. 11,570
249 *Imagistics International, Inc......... 6,424
700 *Ingram Micro, Inc (Class A)........... 7,700
468 *Insight Enterprises, Inc.............. 4,708
100 *Insurance Auto Auctions, Inc.......... 1,256
31,251 Johnson & Johnson...................... 1,615,677
94 *Keystone Automotive Industries, Inc... 1,716
180 *Knight Transportation, Inc............ 4,482
45 Lawson Products, Inc................... 1,239
446 Martin Marietta Materials, Inc......... 14,990
400 b*MCSi, Inc............................ 24
300 Owens & Minor, Inc..................... 6,705
556 *Patterson Dental Co................... 25,231
506 Pep Boys-Manny Moe & Jack.............. 6,836
200 Pioneer-Standard Electronics, Inc...... 1,696
100 *Pomeroy IT Solutions, Inc............. 1,106
600 *PSS World Medical, Inc................ 3,450
200 Reliance Steel & Aluminum Co........... 4,140
1,256 *Safeguard Scientifics, Inc............ 3,391
84 *Scansource, Inc....................... 2,247
188 *SCP Pool Corp......................... 6,467
200 *TBC Corp.............................. 3,810
578 *Tech Data Corp........................ 15,438
800 W.W. Grainger, Inc..................... 37,408
200 Watsco, Inc............................ 3,312
200 *WESCO International, Inc.............. 1,200
300 *Zoran Corp............................ 5,763
------------
TOTAL WHOLESALE TRADE-DURABLE GOODS 1,965,739
------------
WHOLESALE TRADE-NONDURABLE GOODS--0.82%
380 Acuity Brands, Inc..................... 6,905
100 Advanced Marketing Services, Inc....... 1,300
700 Airgas, Inc............................ 11,725
200 *Allscripts Healthcare Solutions,
Inc.................................. 734
1,164 AmerisourceBergen Corp................. 80,723
422 Brown-Forman Corp (Class B)............ 33,178
4,713 Cardinal Health, Inc................... 303,046
73 *Central European Distribution Corp.... 1,470
330 *Chiquita Brands International, Inc.... 4,785
118 D&K Healthcare Resources, Inc.......... 1,905
232 b*Daisytek International Corp.......... 16
437 DIMON, Inc............................. 3,129
200 *Endo Pharmaceuticals Holdings, Inc.... 3,384
363 b Fleming Cos, Inc..................... 40
164 Getty Realty Corp...................... 3,660
217 *Hain Celestial Group, Inc............. 3,470
468 *Henry Schein, Inc..................... 24,495
100 *Kenneth Cole Productions, Inc (Class
A)................................... 1,949
2,975 McKesson Corp.......................... 106,327
283 *Men's Wearhouse, Inc.................. 6,184
80 Nash Finch Co.......................... 1,332
</Table>
50 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
WHOLESALE TRADE-NONDURABLE GOODS--(CONTINUED)
300 Nu Skin Enterprises, Inc (Class A)..... $ 3,135
500 *Performance Food Group Co............. 18,500
700 Perrigo Co............................. 10,948
200 *Plains Resources, Inc................. 2,830
200 *Priority Healthcare Corp (Class B).... 3,710
277 Russell Corp........................... 5,263
171 *School Specialty, Inc................. 4,867
100 *Smart & Final, Inc.................... 463
100 Standard Commercial Corp............... 1,700
400 Stride Rite Corp....................... 3,984
1,356 Supervalu, Inc......................... 28,910
6,838 Sysco Corp............................. 204,802
146 *Tractor Supply Co..................... 6,972
175 *United Natural Foods, Inc............. 4,925
279 *United Stationers, Inc................ 10,091
193 Valhi, Inc............................. 1,857
------------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 912,714
------------
TOTAL COMMON STOCK
(Cost $128,860,537) 105,920,479
------------
TIAA-CREF MUTUAL FUND--4.48%
639,238 TIAA-CREF Institutional Equity Index
Fund................................. 4,992,448
------------
TOTAL TIAA-CREF MUTUAL FUND
(Cost $4,559,704) 4,992,448
------------
TOTAL PORTFOLIO--99.58%
(Cost $133,420,241) 110,912,927
OTHER ASSETS & LIABILITIES--0.42% 476,600
------------
NET ASSETS--100.00% $111,389,527
============
</Table>
- ------------
* Non-income producing
b bankruptcy
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 51
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary By Industry
VALUE %
- ---------------------------------------------------------------------
COMMON STOCK:
Amusement and Recreation Services.............. $ 3,914 0.01%
Apparel and Accessory Stores................... 135,136 0.48
Apparel and Other Textile Products............. 55,007 0.20
Auto Repair, Services and Parking.............. 1,742 0.01
Automotive Dealers and Service Stations........ 22,068 0.08
Building Materials and Garden Supplies......... 413,626 1.47
Business Services.............................. 2,045,525 7.27
Chemicals and Allied Products.................. 3,167,579 11.25
Communications................................. 1,459,423 5.18
Depository Institutions........................ 3,111,650 11.05
Eating and Drinking Places..................... 216,540 0.77
Educational Services........................... 28,533 0.10
Electric, Gas, and Sanitary Services........... 1,426,475 5.07
Electronic and Other Electric Equipment........ 1,438,885 5.11
Engineering and Management Services............ 168,293 0.60
Fabricated Metal Products...................... 262,178 0.93
Food and Kindred Products...................... 1,105,916 3.93
Food Stores.................................... 197,587 0.70
Furniture and Fixtures......................... 127,185 0.45
Furniture and Homefurnishings Stores........... 101,336 0.36
General Building Contractors................... 51,810 0.18
General Merchandise Stores..................... 470,571 1.67
Health Services................................ 145,416 0.52
Holding and Other Investment Offices........... 761,412 2.71
Hotels and Other Lodging Places................ 25,876 0.09
Industrial Machinery and Equipment............. 2,464,561 8.75
Instruments and Related Products............... 968,646 3.44
Insurance Agents, Brokers and Service.......... 225,984 0.80
Insurance Carriers............................. 1,414,037 5.02
Leather and Leather Products................... 6,267 0.02
Lumber and Wood Products....................... 2,072 0.01
Metal Mining................................... 26,626 0.10
Miscellaneous Manufacturing Industries......... 54,059 0.19
Miscellaneous Retail........................... 374,189 1.33
Motion Pictures................................ 342,595 1.22
Nondepository Institutions..................... 1,122,062 3.99
Nonmetallic Minerals, Except Fuels............. 37,656 0.13
Oil and Gas Extraction......................... 757,524 2.69
Paper and Allied Products...................... 213,825 0.76
Personal Services.............................. 28,026 0.10
Petroleum and Coal Products.................... 100,373 0.36
Primary Metal Industries....................... 164,156 0.58
Printing and Publishing........................ 284,224 1.01
Railroad Transportation........................ 88,032 0.31
Real Estate.................................... 430 0.00
Rubber and Miscellaneous Plastics Products..... 14,375 0.05
Security and Commodity Brokers................. 515,563 1.83
Special Trade Contractors...................... 6,751 0.02
Stone, Clay, and Glass Products................ 36,221 0.13
Transportation By Air.......................... 208,932 0.74
Transportation Equipment....................... 284,659 1.01
Transportation Services........................ 20,393 0.07
Trucking and Warehousing....................... 155,683 0.55
Wholesale Trade-Durable Goods.................. 739,974 2.63
Wholesale Trade-Nondurable Goods............... 363,725 1.29
----------- ------
TOTAL COMMON STOCK (Cost $34,161,879).......... 27,965,303 99.32
----------- ------
TOTAL PORTFOLIO (Cost $34,161,879)............. 27,965,303 99.32
OTHER ASSETS & LIABILITIES, NET................ 191,142 0.68
----------- ------
NET ASSETS..................................... $28,156,445 100.00%
=========== ======
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCK--99.32%
AMUSEMENT AND RECREATION SERVICES--0.01%
200 *Gaylord Entertainment Co............... $ 3,914
-----------
TOTAL AMUSEMENT AND RECREATION SERVICES 3,914
-----------
APPAREL AND ACCESSORY STORES--0.48%
100 *Charming Shoppes, Inc.................. 497
100 *Factory 2-U Stores, Inc................ 498
400 Foot Locker, Inc........................ 5,300
600 *Footstar, Inc.......................... 7,800
2,991 Gap, Inc................................ 56,111
500 Nordstrom, Inc.......................... 9,760
200 Ross Stores, Inc........................ 8,548
2,400 TJX Cos, Inc............................ 45,216
195 *Wilsons The Leather Experts, Inc....... 1,406
-----------
TOTAL APPAREL AND ACCESSORY STORES 135,136
-----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.20%
400 *Collins & Aikman Corp.................. 1,180
400 Liz Claiborne, Inc...................... 14,100
100 Oxford Industries, Inc.................. 4,152
200 Phillips-Van Heusen Corp................ 2,726
967 VF Corp................................. 32,849
-----------
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 55,007
-----------
AUTO REPAIR, SERVICES AND PARKING--0.01%
68 Ryder System, Inc....................... 1,742
-----------
TOTAL AUTO REPAIR, SERVICES AND PARKING 1,742
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.08%
200 *Autozone, Inc.......................... 15,194
228 *Carmax, Inc............................ 6,874
-----------
TOTAL AUTOMOTIVE DEALERS AND SERVICE
STATIONS 22,068
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.47%
8,728 Home Depot, Inc......................... 289,071
2,900 Lowe's Cos.............................. 124,555
-----------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 413,626
-----------
BUSINESS SERVICES--7.27%
1,900 *3Com Corp.............................. 8,892
651 Adobe Systems, Inc...................... 20,878
257 *Akamai Technologies, Inc............... 1,249
14,264 *AOL Time Warner, Inc................... 229,508
536 *APAC Customer Services, Inc............ 1,367
3,283 Automatic Data Processing, Inc.......... 111,162
933 *BEA Systems, Inc....................... 10,132
271 *Bisys Group, Inc....................... 4,978
379 *BMC Software, Inc...................... 6,189
500 *Brocade Communications Systems, Inc.... 2,945
550 *Cadence Design Systems, Inc............ 6,633
500 *Ceridian Corp.......................... 8,485
200 *Certegy, Inc........................... 5,550
100 *Checkfree Corp......................... 2,784
190 *Ciber, Inc............................. 1,334
190 *Citrix Systems, Inc.................... 3,868
774 *CNET Networks, Inc..................... 4,822
210 *Cognizant Technology Solutions Corp.... 5,116
800 *Computer Horizons Corp................. 3,632
1,193 *Compuware Corp......................... 6,884
900 *Convergys Corp......................... 14,400
100 *CSG Systems International, Inc......... 1,413
200 *D&B Corp............................... 8,220
600 *DST Systems, Inc....................... 22,800
300 *Electronic Arts, Inc................... 22,197
</Table>
52 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
3,351 Electronic Data Systems Corp............ $ 71,879
77 *Fidelity National Information
Solutions, Inc........................ 2,008
900 *Fiserv, Inc............................ 32,049
46 *Getty Images, Inc...................... 1,900
540 *GSI Commerce, Inc...................... 3,607
200 Henry (Jack) & Associates, Inc.......... 3,558
2,239 *Homestore, Inc......................... 3,963
1,050 IMS Health, Inc......................... 18,890
866 *Interland, Inc......................... 849
2,600 *Interpublic Group Of Cos, Inc.......... 34,788
524 *Intuit, Inc............................ 23,334
164 *Iron Mountain, Inc..................... 6,083
995 *Juniper Networks, Inc.................. 12,308
100 *Keynote Systems, Inc................... 1,048
300 *Lamar Advertising Co................... 10,563
100 Manpower, Inc........................... 3,709
253 *Mercury Interactive Corp............... 9,768
28,600 Microsoft Corp.......................... 732,446
644 *Monster Worldwide, Inc................. 12,706
100 *National Processing, Inc............... 1,608
625 *NIC, Inc............................... 1,825
2,000 *Novell, Inc............................ 6,160
306 *Nuance Communications, Inc............. 1,652
1,100 Omnicom Group, Inc...................... 78,870
300 *Openwave Systems, Inc.................. 585
13,400 *Oracle Corp............................ 161,068
300 *PDI, Inc............................... 3,048
700 *Peoplesoft, Inc........................ 12,313
300 *Perot Systems Corp (Class A)........... 3,408
100 *Pixar, Inc............................. 6,084
100 *Portal Software, Inc................... 200
100 *QRS Corp............................... 530
200 *Quovadx, Inc........................... 598
100 *RMH Teleservices, Inc.................. 433
600 *Robert Half International, Inc......... 11,364
500 *Sapient Corp........................... 1,385
1,400 *Siebel Systems, Inc.................... 13,356
400 *Sitel Corp............................. 620
100 *SpeechWorks International, Inc......... 470
520 *Spherion Corp.......................... 3,614
2,000 *StorageNetworks, Inc................... 2,780
12,400 *Sun Microsystems, Inc.................. 57,040
1,179 *SunGard Data Systems, Inc.............. 30,548
277 *Symantec Corp.......................... 12,149
85 *Synopsys, Inc.......................... 5,257
900 Total System Services, Inc.............. 20,070
600 *Unisys Corp............................ 7,368
700 *VeriSign, Inc.......................... 9,681
1,300 *Veritas Software Corp.................. 37,271
150 *Vitria Technology, Inc................. 860
1,600 *Yahoo!, Inc............................ 52,416
-----------
TOTAL BUSINESS SERVICES 2,045,525
-----------
CHEMICALS AND ALLIED PRODUCTS--11.25%
200 *Abgenix, Inc........................... 2,098
71 *Able Laboratories, Inc................. 1,406
279 *Acacia Research - CombiMatrix.......... 667
100 *Adolor Corp............................ 1,227
1,800 Air Products & Chemicals, Inc........... 74,880
100 *Alexion Pharmaceuticals, Inc........... 1,705
100 *Alkermes, Inc.......................... 1,075
1,200 Allergan, Inc........................... 92,520
649 Alpharma, Inc (Class A)................. 14,018
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
4,476 *Amgen, Inc............................. $ 299,802
200 *Amylin Pharmaceuticals, Inc............ 4,378
900 *Andrx Corp............................. 17,910
500 *Aphton Corp............................ 4,120
100 *Arena Pharmaceuticals, Inc............. 664
300 *Arqule, Inc............................ 1,260
100 *Atherogenics, Inc...................... 1,493
300 *Atrix Laboratories, Inc................ 6,597
1,300 Avery Dennison Corp..................... 65,260
200 *Avigen, Inc............................ 692
700 Avon Products, Inc...................... 43,540
450 *Barr Laboratories, Inc................. 29,475
600 *Benthley Pharmaceuticals, Inc.......... 7,890
641 *Biogen, Inc............................ 24,358
400 *BioMarin Pharmaceutical, Inc........... 3,904
500 *Biopure Corp........................... 3,055
100 *Biosite, Inc........................... 4,810
524 *Bone Care International, Inc........... 7,284
200 *Bradley Pharmaceuticals, Inc........... 3,300
425 Cabot Corp.............................. 12,198
300 *Cell Therapeutics, Inc................. 2,919
100 *Cephalon, Inc.......................... 4,116
200 *Chattem, Inc........................... 3,760
300 *Cima Labs, Inc......................... 8,067
839 Clorox Co............................... 35,783
2,203 Colgate-Palmolive Co.................... 127,664
703 *Collagenex Pharmaceuticals, Inc........ 9,568
1,000 *Columbia Laboratories, Inc............. 11,250
200 *Cubist Pharmaceuticals, Inc............ 2,132
474 Diagnostic Products Corp................ 19,458
93 *Digene Corp............................ 2,532
518 *Dov Pharmaceutical, Inc................ 5,957
3,136 *Durect Corp............................ 7,558
2,200 Ecolab, Inc............................. 56,320
100 *Embrex, Inc............................ 1,020
700 *Encysive Pharmaceuticals, Inc.......... 3,360
300 *Eon Labs, Inc.......................... 10,545
200 *EPIX Medical, Inc...................... 2,830
772 *Esperion Therapeutics, Inc............. 15,123
2,132 *First Horizon Pharmaceutical........... 8,421
1,900 *Forest Laboratories, Inc............... 104,025
1,400 *Genzyme Corp (Biosurgery Division)..... 2,772
900 *Genzyme Corp (General Division)........ 37,620
300 *Geron Corp............................. 2,208
747 *Gilead Sciences, Inc................... 41,518
5,014 Gillette Co............................. 159,746
378 *GTC Biotherapeutics, Inc............... 1,297
600 *Guilford Pharmaceuticals, Inc.......... 2,724
268 H.B. Fuller Co.......................... 5,901
441 *Hollis-Eden Pharmaceuticals............ 5,570
500 *Human Genome Sciences, Inc............. 6,360
200 *ICOS Corp.............................. 7,350
467 *IDEC Pharmaceuticals Corp.............. 15,878
300 *Idexx Laboratories, Inc................ 10,104
300 *Ilex Oncology, Inc..................... 5,823
700 *Immunogen, Inc......................... 2,989
392 *Immunomedics, Inc...................... 2,474
700 *Impax Laboratories, Inc................ 8,393
100 *Indevus Pharmaceuticals, Inc........... 624
261 *Inverness Medical Innovations, Inc..... 5,037
100 *Invitrogen Corp........................ 3,837
435 *Isis Pharmaceuticals, Inc.............. 2,306
1,500 *IVAX Corp.............................. 26,775
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 53
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
CHEMICALS AND ALLIED PRODUCTS--(CONTINUED)
1,496 *King Pharmaceuticals, Inc.............. $ 22,081
200 *KV Pharmaceutical Co (Class A)......... 5,560
300 *La Jolla Pharmaceutical Co............. 981
327 *Lannett Co, Inc........................ 7,665
234 *Ligand Pharmaceuticals, Inc (Class
B).................................... 3,180
300 *Martek Biosciences Corp................ 12,882
200 *Medarex, Inc........................... 1,318
300 Medicis Pharmaceutical Corp (Class A)... 17,010
968 *MedImmune, Inc......................... 35,206
10,494 Merck & Co, Inc......................... 635,412
100 *MGI Pharma, Inc........................ 2,563
1,100 *Millennium Pharmaceuticals, Inc........ 17,303
1,401 Mylan Laboratories, Inc................. 48,713
1,000 *Nabi Biopharmaceuticals................ 6,860
300 *Napro Biotherapeutics, Inc............. 453
600 *Nastech Pharmaceutical Co.............. 6,000
231 *NBTY, Inc.............................. 4,865
300 *Nektar Therapeutics.................... 2,769
300 *Neose Technologies, Inc................ 3,003
300 *Neurogen Corp.......................... 1,368
442 *Noven Pharmaceuticals, Inc............. 4,526
100 *NPS Pharmaceuticals, Inc............... 2,434
488 *OM Group, Inc.......................... 7,188
300 *Onyx Pharmaceuticals, Inc.............. 3,699
200 *OraSure Technologies, Inc.............. 1,492
100 *OSI Pharmaceuticals, Inc............... 3,221
1,100 *Pain Therapeutics, Inc................. 7,106
1,870 *Palatin Technologies, Inc.............. 5,965
400 *Penwest Pharmaceuticals Co............. 9,748
1,600 *Peregrine Pharmaceuticals, Inc......... 2,384
200 *Pharmaceutical Resources, Inc.......... 9,732
600 *Pozen, Inc............................. 6,588
800 *Praecis Pharmaceuticals, Inc........... 3,920
775 Praxair, Inc............................ 46,578
6,086 Procter & Gamble Co..................... 542,749
327 *Progenics Pharmaceuticals.............. 4,925
200 *Protein Design Labs, Inc............... 2,796
1,035 Rohm & Haas Co.......................... 32,116
300 *Salix Pharmaceuticals Ltd.............. 3,147
200 *Sepracor, Inc.......................... 3,606
300 *SICOR, Inc............................. 6,102
700 Sigma-Aldrich Corp...................... 37,926
500 *SuperGen, Inc.......................... 2,700
200 *Tanox, Inc............................. 3,210
200 *Unifi, Inc............................. 1,240
58 *United Therapeutics Corp............... 1,263
200 *Vertex Pharmaceuticals, Inc............ 2,920
600 *Vical, Inc............................. 2,610
800 *Watson Pharmaceuticals, Inc............ 32,296
700 *Women First Healthcare, Inc............ 742
529 *Zymogenetics, Inc...................... 6,158
-----------
TOTAL CHEMICALS AND ALLIED PRODUCTS 3,167,579
-----------
COMMUNICATIONS--5.18%
951 Alltel Corp............................. 45,857
2,591 AT&T Corp............................... 49,877
5,900 *AT&T Wireless Services, Inc............ 48,439
1,200 *Avaya, Inc............................. 7,752
7,000 BellSouth Corp.......................... 186,410
400 *Cablevision Systems Corp (Class A)..... 8,304
1,000 *Charter Communications, Inc (Class
A).................................... 3,970
4,429 *Comcast Corp........................... 133,667
3,200 *Comcast Corp Special................... 92,256
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
100 *Infonet Services Corp (Class B)........ $ 159
1,242 *InterActiveCorp........................ 49,146
17,300 *Lucent Technologies, Inc............... 35,119
100 *Mastec, Inc............................ 576
1,425 *Nextel Communications, Inc (Class A)... 25,764
350 *Paxson Communications Corp............. 2,097
13,048 SBC Communications, Inc................. 333,376
2,888 Sprint Corp (FON Group)................. 41,587
1,579 *Sprint Corp (PCS Group)................ 9,079
400 *Univision Communications, Inc (Class
A).................................... 12,160
9,476 Verizon Communications, Inc............. 373,828
-----------
TOTAL COMMUNICATIONS 1,459,423
-----------
DEPOSITORY INSTITUTIONS--11.05%
1,100 AmSouth Bancorp......................... 24,024
7,122 Bank Of America Corp.................... 562,852
6,100 Bank One Corp........................... 226,798
2,400 BB&T Corp............................... 82,320
420 Charter One Financial, Inc.............. 13,096
600 Comerica, Inc........................... 27,900
2,000 *Concord EFS, Inc....................... 29,440
2,500 Fifth Third Bancorp..................... 143,350
6,100 FleetBoston Financial Corp.............. 181,231
800 Golden West Financial Corp.............. 64,008
300 Greenpoint Financial Corp............... 15,282
300 *Intercept, Inc......................... 2,508
8,100 J.P. Morgan Chase & Co.................. 276,858
2,200 KeyCorp................................. 55,594
1,800 Mellon Financial Corp................... 49,950
3,505 National City Corp...................... 114,649
133 New York Community Bancorp, Inc......... 3,869
100 North Fork Bancorp, Inc................. 3,406
700 Northern Trust Corp..................... 29,253
1,749 PNC Financial Services Group, Inc....... 85,369
1,000 Regions Financial Corp.................. 33,780
400 Sovereign Bancorp, Inc.................. 6,260
1,200 State Street Corp....................... 47,280
1,400 SunTrust Banks, Inc..................... 83,076
700 Synovus Financial Corp.................. 15,050
9,300 U.S. Bancorp............................ 227,850
400 Union Planters Corp..................... 12,412
100 UnionBanCal Corp........................ 4,137
6,800 Wachovia Corp........................... 271,728
8,300 Wells Fargo & Co........................ 418,320
-----------
TOTAL DEPOSITORY INSTITUTIONS 3,111,650
-----------
EATING AND DRINKING PLACES--0.77%
100 *CKE Restaurants, Inc................... 559
693 Darden Restaurants, Inc................. 13,153
300 *Luby's, Inc............................ 675
8,566 McDonald's Corp......................... 188,966
41 Outback Steakhouse, Inc................. 1,599
400 Wendy's International, Inc.............. 11,588
-----------
TOTAL EATING AND DRINKING PLACES 216,540
-----------
EDUCATIONAL SERVICES--0.10%
462 *Apollo Group, Inc (Class A)............ 28,533
-----------
TOTAL EDUCATIONAL SERVICES 28,533
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--5.07%
3,750 *AES Corp............................... 23,813
996 AGL Resources, Inc...................... 25,338
3,461 *Allegheny Energy, Inc.................. 29,245
1,200 Allete, Inc............................. 31,860
</Table>
54 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED)
5,059 *Aquila, Inc............................ $ 13,052
1,728 Avista Corp............................. 24,451
700 Black Hills Corp........................ 21,490
3,092 *Calpine Corp........................... 20,407
400 *Casella Waste Systems, Inc (Class A)... 3,612
100 *Citizens Communications Co............. 1,289
2,047 Cleco Corp.............................. 35,454
4,307 DPL, Inc................................ 68,654
1,600 Empire District Electric Co............. 34,800
1,700 Equitable Resources, Inc................ 69,258
1,400 Hawaiian Electric Industries, Inc....... 64,190
2,500 Idacorp, Inc............................ 65,625
2,645 KeySpan Corp............................ 93,765
1,315 Kinder Morgan, Inc...................... 71,865
500 MGE Energy, Inc......................... 15,750
7,535 *Mirant Corp............................ 21,852
2,800 National Fuel Gas Co.................... 72,940
1,192 Nicor, Inc.............................. 44,235
3,683 NiSource, Inc........................... 69,977
841 *NiSource, Inc (Sails).................. 1,867
4,400 *Northwestern Corp...................... 8,800
5,000 OGE Energy Corp......................... 106,850
246 Otter Tail Corp......................... 6,637
979 Peoples Energy Corp..................... 41,989
3,200 Pepco Holdings, Inc..................... 61,312
5,059 Puget Energy, Inc....................... 120,758
1,226 Questar Corp............................ 41,034
200 Resource America, Inc (Class A)......... 2,070
100 SEMCO Energy, Inc....................... 582
1,700 *Sierra Pacific Resources............... 10,098
100 *Stericycle, Inc........................ 3,848
200 UGI Corp................................ 6,340
1,155 Unisource Energy Corp................... 21,714
400 Unitil Corp............................. 9,640
100 *Waste Connections, Inc................. 3,505
400 Western Gas Resources, Inc.............. 15,840
287 WGL Holdings, Inc....................... 7,663
4,178 Williams Cos, Inc....................... 33,006
-----------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 1,426,475
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--5.11%
300 *Active Power, Inc...................... 504
4,200 *ADC Telecommunications, Inc............ 9,778
1,562 *Advanced Micro Devices, Inc............ 10,012
119 *Agere Systems, Inc (Class A)........... 277
2,920 *Agere Systems, Inc (Class B)........... 6,716
200 *Allen Telecom, Inc..................... 3,304
1,400 *Altera Corp............................ 22,960
800 American Power Conversion Corp.......... 12,472
300 *American Superconductor Corp........... 1,749
756 Ametek, Inc............................. 27,707
1,100 *Analog Devices, Inc.................... 38,302
500 *Artesyn Technologies, Inc.............. 2,805
700 *Avanex Corp............................ 2,800
635 AVX Corp................................ 6,979
461 Baldor Electric Co...................... 9,497
800 *Broadcom Corp (Class A)................ 19,928
600 *Caliper Technologies Corp.............. 2,730
800 *Capstone Turbine Corp.................. 872
240 *C-COR.net Corp......................... 1,176
1,400 *CIENA Corp............................. 7,266
300 *Comverse Technology, Inc............... 4,509
1,361 *Corvis Corp............................ 2,042
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
100 *Emcore Corp............................ $ 328
3,778 Emerson Electric Co..................... 193,056
400 Hubbell, Inc (Class B).................. 13,240
23,247 Intel Corp.............................. 483,166
100 *Intersil Corp (Class A)................ 2,661
389 *Jabil Circuit, Inc..................... 8,597
4,657 *JDS Uniphase Corp...................... 16,346
142 *Kemet Corp............................. 1,434
1,777 *LSI Logic Corp......................... 12,581
300 *Magnetek, Inc.......................... 762
1,000 Maxim Integrated Products, Inc.......... 34,190
155 *McData Corp (Class A).................. 2,274
200 Microchip Technology, Inc............... 4,900
2,032 *Micron Technology, Inc................. 23,632
800 Molex, Inc.............................. 21,592
9,600 Motorola, Inc........................... 90,528
1,600 *MRV Communications, Inc................ 3,216
174 *Mykrolis Corp.......................... 1,766
700 *National Semiconductor Corp............ 13,804
208 *Netro Corp............................. 599
100 *New Focus, Inc......................... 374
236 *Novellus Systems, Inc.................. 8,643
260 *Nvidia Corp............................ 5,983
321 *Parthusceva, Inc....................... 2,616
200 *Power-One, Inc......................... 1,430
100 Proton Energy Systems................... 214
848 *Proxim Corp (Class A).................. 1,238
2,600 Qualcomm, Inc........................... 92,950
352 Scientific-Atlanta, Inc................. 8,392
2,892 *Sirius Satellite Radio, Inc............ 4,887
200 *Stratex Networks, Inc.................. 640
30 *Stratos Lightwave, Inc................. 149
400 *Sycamore Networks, Inc................. 1,532
1,900 *Tellabs, Inc........................... 12,483
2,500 *Tellium, Inc........................... 2,325
6,774 Texas Instruments, Inc.................. 119,222
538 *Thomas & Betts Corp.................... 7,774
110 *Utstarcom, Inc......................... 3,913
800 *Vishay Intertechnology, Inc............ 10,560
541 *Vitesse Semiconductor Corp............. 2,662
1,100 *Xilinx, Inc............................ 27,841
-----------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT 1,438,885
-----------
ENGINEERING AND MANAGEMENT SERVICES--0.60%
150 *aaiPharma, Inc......................... 2,982
100 *Affymetrix, Inc........................ 1,971
500 *Answerthink, Inc....................... 965
200 *Antigenics, Inc........................ 2,304
200 *Applera Corp (Celera Genomics Group)... 2,064
400 *Applied Molecular Evolution............ 1,712
200 *Ariad Pharmaceuticals, Inc............. 898
744 *BearingPoint, Inc...................... 7,180
360 *Ciphergen Biosystems, Inc.............. 3,690
100 *Covance, Inc........................... 1,810
300 *CuraGen Corp........................... 1,665
100 *CV Therapeutics, Inc................... 2,966
1,000 *Decode Genetics, Inc................... 3,120
2,300 *Deltagen, Inc.......................... 299
400 *DiamondCluster International, Inc
(Class A)............................. 1,484
87 *Digitas, Inc........................... 432
100 *Discovery Partners International,
Inc................................... 444
360 *Gene Logic, Inc........................ 2,149
867 *Incyte Corp............................ 4,023
100 *Kosan Biosciences, Inc................. 590
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 55
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ENGINEERING AND MANAGEMENT SERVICES--(CONTINUED)
100 *Lexicon Genetics, Inc.................. $ 671
200 *Luminex Corp........................... 1,032
617 Moody's Corp............................ 32,522
1,852 Paychex, Inc............................ 54,282
700 *Quintiles Transnational Corp........... 9,933
211 *Regeneron Pharmaceuticals, Inc......... 3,323
600 *Sangamo Biosciences, Inc............... 1,710
300 *Savient Pharmaceuticals, Inc........... 1,392
800 *Seattle Genetics, Inc.................. 4,120
1,700 *Sequenom, Inc.......................... 4,624
100 *Symyx Technologies, Inc................ 1,632
312 *Transkaryotic Therapies, Inc........... 3,600
152 *TRC Cos, Inc........................... 2,244
300 *Tularik, Inc........................... 2,982
200 *U.S. Oncology, Inc..................... 1,478
-----------
TOTAL ENGINEERING AND MANAGEMENT
SERVICES 168,293
-----------
FABRICATED METAL PRODUCTS--0.93%
100 Butler Manufacturing Co................. 1,653
1,600 *Crown Holdings, Inc.................... 11,424
230 Harsco Corp............................. 8,292
2,201 Illinois Tool Works, Inc................ 144,936
100 *Jacuzzi Brands, Inc.................... 529
2,840 Masco Corp.............................. 67,734
200 Material Sciences Corp.................. 1,940
147 Snap-On, Inc............................ 4,267
700 Stanley Works........................... 19,320
569 *Tower Automotive, Inc.................. 2,083
-----------
TOTAL FABRICATED METAL PRODUCTS 262,178
-----------
FOOD AND KINDRED PRODUCTS--3.93%
1,703 Campbell Soup Co........................ 41,724
9,300 Coca-Cola Co............................ 431,613
762 Coca-Cola Enterprises, Inc.............. 13,830
1,400 General Mills, Inc...................... 66,374
1,708 H.J. Heinz Co........................... 56,330
582 Hershey Foods Corp...................... 40,542
1,464 Kellogg Co.............................. 50,318
300 Pepsi Bottling Group, Inc............... 6,006
7,454 PepsiCo, Inc............................ 331,703
1,200 Wrigley (Wm.) Jr Co..................... 67,476
-----------
TOTAL FOOD AND KINDRED PRODUCTS 1,105,916
-----------
FOOD STORES--0.70%
2,373 Albertson's, Inc........................ 45,562
3,600 *Kroger Co.............................. 60,048
400 *Pathmark Stores, Inc................... 3,060
2,408 *Safeway, Inc........................... 49,268
1,617 *Starbucks Corp......................... 39,649
-----------
TOTAL FOOD STORES 197,587
-----------
FURNITURE AND FIXTURES--0.45%
300 Hillenbrand Industries, Inc............. 15,135
700 Johnson Controls, Inc................... 59,920
200 *Lear Corp.............................. 9,204
500 Leggett & Platt, Inc.................... 10,250
1,167 Newell Rubbermaid, Inc.................. 32,676
-----------
TOTAL FURNITURE AND FIXTURES 127,185
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
FURNITURE AND HOMEFURNISHINGS STORES--0.36%
1,065 *Bed Bath & Beyond, Inc................. $ 41,333
900 *Best Buy Co, Inc....................... 39,528
500 Circuit City Stores, Inc (Circuit City
Group)................................ 4,400
500 RadioShack Corp......................... 13,155
100 *Williams-Sonoma, Inc................... 2,920
-----------
TOTAL FURNITURE AND HOMEFURNISHINGS
STORES 101,336
-----------
GENERAL BUILDING CONTRACTORS--0.18%
100 Centex Corp............................. 7,779
200 Clayton Homes, Inc...................... 2,510
321 D.R. Horton, Inc........................ 9,020
10 Lennar Corp............................. 687
100 Lennar Corp (Class A)................... 7,150
400 Pulte Homes, Inc........................ 24,664
-----------
TOTAL GENERAL BUILDING CONTRACTORS 51,810
-----------
GENERAL MERCHANDISE STORES--1.67%
100 *Big Lots, Inc.......................... 1,504
1,900 *Costco Wholesale Corp.................. 69,540
1,053 Dollar General Corp..................... 19,228
248 *Dollar Tree Stores, Inc................ 7,869
500 Family Dollar Stores, Inc............... 19,075
1,100 J.C. Penney Co, Inc..................... 18,535
1,200 *Kohl's Corp............................ 61,656
2,800 May Department Stores Co................ 62,328
100 *Neiman Marcus Group, Inc (Class A)..... 3,660
500 *Saks, Inc.............................. 4,850
1,740 Sears Roebuck & Co...................... 58,534
3,800 Target Corp............................. 143,792
-----------
TOTAL GENERAL MERCHANDISE STORES 470,571
-----------
HEALTH SERVICES--0.52%
100 *Apria Healthcare Group, Inc............ 2,488
100 *Bio-Reference Labs, Inc................ 704
1,000 *Caremark Rx, Inc....................... 25,680
100 *Coventry Health Care, Inc.............. 4,616
165 *DaVita, Inc............................ 4,419
300 *Express Scripts, Inc................... 20,463
500 *First Health Group Corp................ 13,810
100 *Genesis Health Ventures, Inc........... 1,765
100 *Gentiva Health Services, Inc........... 900
1,100 Health Management Associates, Inc (Class
A).................................... 20,295
100 Hooper Holmes, Inc...................... 644
100 *LifePoint Hospitals, Inc............... 2,094
500 *Lincare Holdings, Inc.................. 15,755
400 *Manor Care, Inc........................ 10,004
200 *Option Care, Inc....................... 2,306
100 *Orthodontic Centers Of America, Inc.... 801
80 *Specialty Laboratories, Inc............ 820
400 *Triad Hospitals, Inc................... 9,928
200 *Universal Health Services, Inc (Class
B).................................... 7,924
-----------
TOTAL HEALTH SERVICES 145,416
-----------
HOLDING AND OTHER INVESTMENT OFFICES--2.71%
1,240 Allied Capital Corp..................... 28,644
300 AMB Property Corp....................... 8,451
1,317 Archstone-Smith Trust................... 31,608
100 AvalonBay Communities, Inc.............. 4,264
200 Boston Properties, Inc.................. 8,760
700 Crescent Real Estate Equities Co........ 11,627
508 Duke Realty Corp........................ 13,995
4,146 Equity Office Properties Trust.......... 111,983
2,418 Equity Residential...................... 62,747
</Table>
56 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED)
300 iStar Financial, Inc.................... $ 10,950
600 Kimco Realty Corp....................... 22,740
2,400 Plum Creek Timber Co, Inc............... 62,280
800 Prologis................................ 21,840
700 Public Storage, Inc..................... 23,709
97 Rouse Co................................ 3,696
1,300 Simon Property Group, Inc............... 50,739
500 Vornado Realty Trust.................... 21,800
5,800 Washington Mutual, Inc.................. 239,540
526 Weingarten Realty Investors............. 22,039
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 761,412
-----------
HOTELS AND OTHER LODGING PLACES--0.09%
500 *Boca Resorts, Inc (Class A)............ 6,500
500 *Extended Stay America, Inc............. 6,745
200 Marcus Corp............................. 2,990
1,236 *Prime Hospitality Corp................. 8,294
100 *Vail Resorts, Inc...................... 1,347
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 25,876
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--8.75%
2,283 3M Co................................... 294,461
200 *American Standard Cos, Inc............. 14,786
1,371 *Apple Computer, Inc.................... 26,214
5,800 *Applied Materials, Inc................. 91,988
4,700 Baker Hughes, Inc....................... 157,779
200 Black & Decker Corp..................... 8,690
100 *Cirrus Logic, Inc...................... 402
23,800 *Cisco Systems, Inc..................... 394,842
434 Cummins, Inc............................ 15,576
1,300 Deere & Co.............................. 59,410
7,800 *Dell Computer Corp..................... 249,288
200 Diebold, Inc............................ 8,650
7,641 *EMC Corp............................... 80,001
138 *Emulex Corp............................ 3,142
1,054 *Gateway, Inc........................... 3,847
1,300 *Global Power Equipment Group, Inc...... 6,045
589 Graco, Inc.............................. 18,848
1,390 *Grant Prideco, Inc..................... 16,333
11,519 Hewlett-Packard Co...................... 245,355
355 *InFocus Corp........................... 1,676
6,500 International Business Machines Corp.... 536,250
74 *Lam Research Corp...................... 1,348
400 *Lexmark International, Inc............. 28,308
77 Lincoln Electric Holdings, Inc.......... 1,572
292 Modine Manufacturing Co................. 5,656
1,400 *Network Appliance, Inc................. 22,694
500 Nordson Corp............................ 11,925
220 *Palm, Inc.............................. 3,579
100 Pentair, Inc............................ 3,906
2,000 Pitney Bowes, Inc....................... 76,820
508 *Semitool, Inc.......................... 2,504
344 *Smith International, Inc............... 12,639
4,588 *Solectron Corp......................... 17,159
200 *SPX Corp............................... 8,812
92 *Storage Technology Corp................ 2,368
394 Symbol Technologies, Inc................ 5,126
139 *Western Digital Corp................... 1,432
2,373 *Xerox Corp............................. 25,130
-----------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 2,464,561
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
INSTRUMENTS AND RELATED PRODUCTS--3.44%
200 *Abiomed, Inc........................... $ 1,152
100 *ADE Corp............................... 858
177 *Advanced Medical Optics, Inc........... 3,018
97 *Aksys Ltd.............................. 1,256
158 *Align Technology, Inc.................. 1,983
1,700 Applera Corp (Applied Biosystems
Group)................................ 32,351
100 Bard (C.R.), Inc........................ 7,131
283 Bausch & Lomb, Inc...................... 10,613
3,300 Baxter International, Inc............... 85,800
200 Beckman Coulter, Inc.................... 8,128
1,600 Becton Dickinson & Co................... 62,160
1,100 Biomet, Inc............................. 31,526
1,560 *Boston Scientific Corp................. 95,316
20 *Britesmile, Inc........................ 525
200 *Bruker Daltonics, Inc.................. 1,066
300 *Cardiac Science, Inc................... 804
200 *Cerus Corp............................. 1,506
350 *Closure Medical Corp................... 6,608
200 *Concord Camera Corp.................... 1,418
100 *Cytyc Corp............................. 1,052
300 Dentsply International, Inc............. 12,270
100 *DJ Orthopedics, Inc.................... 1,096
100 *Edwards Lifesciences Corp.............. 3,214
1,340 Guidant Corp............................ 59,483
300 *Illumina, Inc.......................... 945
720 *Invision Technologies, Inc............. 18,058
500 *KLA-Tencor Corp........................ 23,245
5,640 Medtronic, Inc.......................... 270,551
71 *MKS Instruments, Inc................... 1,283
100 Movado Group, Inc....................... 2,175
100 *Oakley, Inc............................ 1,177
400 *Orthologic Corp........................ 1,836
900 PerkinElmer, Inc........................ 12,429
100 *Rita Medical Systems, Inc.............. 350
100 *Sola International, Inc................ 1,740
800 *St. Jude Medical, Inc.................. 46,000
900 Stryker Corp............................ 62,433
200 Teleflex, Inc........................... 8,510
500 *Therasense, Inc........................ 5,000
700 *Thermo Electron Corp................... 14,714
300 *TriPath Imaging, Inc................... 2,049
200 *Varian Medical Systems, Inc............ 11,514
100 *Vivus, Inc............................. 514
300 *Waters Corp............................ 8,739
1,000 *Zimmer Holdings, Inc................... 45,050
-----------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 968,646
-----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.80%
1,700 AON Corp................................ 40,936
100 Brown & Brown, Inc...................... 3,250
300 Gallagher (Arthur J.) & Co.............. 8,160
3,400 Marsh & McLennan Cos, Inc............... 173,638
-----------
TOTAL INSURANCE AGENTS, BROKERS AND
SERVICE 225,984
-----------
INSURANCE CARRIERS--5.02%
200 *AdvancePCS............................. 7,646
541 Aetna, Inc.............................. 32,568
2,300 Aflac, Inc.............................. 70,725
84 *Alleghany Corp......................... 16,044
100 Ambac Financial Group, Inc.............. 6,625
9,000 American International Group, Inc....... 496,620
606 *Anthem, Inc............................ 46,753
500 Chubb Corp.............................. 30,000
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 57
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INSURANCE CARRIERS--(CONTINUED)
600 Cigna Corp.............................. $ 28,164
800 Cincinnati Financial Corp............... 29,672
400 Erie Indemnity Co (Class A)............. 16,500
949 Hartford Financial Services Group,
Inc................................... 47,792
600 *Health Net, Inc........................ 19,770
1,100 *Humana, Inc............................ 16,610
400 Jefferson-Pilot Corp.................... 16,584
1,100 Lincoln National Corp................... 39,193
300 MBIA, Inc............................... 14,625
100 MGIC Investment Corp.................... 4,664
100 *Mid Atlantic Medical Services, Inc..... 5,230
400 *Oxford Health Plans, Inc............... 16,812
100 *Pacificare Health Systems, Inc......... 4,933
468 Phoenix Cos, Inc........................ 4,226
1,300 Principal Financial Group............... 41,925
700 Progressive Corp........................ 51,170
2,950 Prudential Financial, Inc............... 99,268
500 Safeco Corp............................. 17,640
800 St. Paul Cos, Inc....................... 29,208
2,600 UnitedHealth Group, Inc................. 130,650
1,000 UnumProvident Corp...................... 13,410
700 *Wellpoint Health Networks, Inc......... 59,010
-----------
TOTAL INSURANCE CARRIERS 1,414,037
-----------
LEATHER AND LEATHER PRODUCTS--0.02%
126 *Coach, Inc............................. 6,267
-----------
TOTAL LEATHER AND LEATHER PRODUCTS 6,267
-----------
LUMBER AND WOOD PRODUCTS--0.01%
400 *Champion Enterprises, Inc.............. 2,072
-----------
TOTAL LUMBER AND WOOD PRODUCTS 2,072
-----------
METAL MINING--0.10%
367 *Cleveland-Cliffs, Inc.................. 6,551
700 Royal Gold, Inc......................... 15,043
979 *Stillwater Mining Co................... 5,032
-----------
TOTAL METAL MINING 26,626
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.19%
200 Callaway Golf Co........................ 2,644
271 *K2, Inc................................ 3,320
2,542 Mattel, Inc............................. 48,095
-----------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 54,059
-----------
MISCELLANEOUS RETAIL--1.33%
586 *Amazon.com, Inc........................ 21,383
258 *Blue Rhino Corp........................ 3,093
1,700 CVS Corp................................ 47,651
691 *eBay, Inc.............................. 71,988
100 Michaels Stores, Inc.................... 3,806
900 *Office Depot, Inc...................... 13,059
400 Omnicare, Inc........................... 13,516
200 Petsmart, Inc........................... 3,334
16 *Priceline.com, Inc..................... 358
1,807 *Staples, Inc........................... 33,158
300 Tiffany & Co............................ 9,804
604 *Toys 'R' Us, Inc....................... 7,320
4,400 Walgreen Co............................. 132,440
540 World Fuel Services Corp................ 13,279
-----------
TOTAL MISCELLANEOUS RETAIL 374,189
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
MOTION PICTURES--1.22%
100 *Ascent Media Group, Inc................ $ 124
10,685 *Liberty Media Corp (Class A)........... 123,519
1,400 *Metro-Goldwyn-Mayer, Inc............... 17,388
200 Regal Entertainment Group (Class A)..... 4,716
9,967 Walt Disney Co.......................... 196,848
-----------
TOTAL MOTION PICTURES 342,595
-----------
NONDEPOSITORY INSTITUTIONS--3.99%
200 Advanta Corp (Class A).................. 1,968
299 American Capital Strategies Ltd......... 7,457
6,053 American Express Co..................... 253,076
850 Capital One Financial Corp.............. 41,803
923 CIT Group, Inc.......................... 22,752
400 Countrywide Financial Corp.............. 27,828
5,000 Fannie Mae.............................. 337,200
3,400 Freddie Mac............................. 172,618
5,771 MBNA Corp............................... 120,268
2,023 *Providian Financial Corp............... 18,733
2,700 SLM Corp................................ 105,759
100 Student Loan Corp....................... 12,600
-----------
TOTAL NONDEPOSITORY INSTITUTIONS 1,122,062
-----------
NONMETALLIC MINERALS, EXCEPT FUELS--0.13%
1,000 Amcol International Corp................ 8,000
800 Vulcan Materials Co..................... 29,656
-----------
TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 37,656
-----------
OIL AND GAS EXTRACTION--2.69%
2,306 Anadarko Petroleum Corp................. 102,548
1,851 Apache Corp............................. 120,426
1,391 Chesapeake Energy Corp.................. 14,049
267 *Cimarex Energy Co...................... 6,341
74 *Clayton Williams Energy, Inc........... 1,366
200 *Comstock Resources, Inc................ 2,736
600 *Denbury Resources, Inc................. 8,058
2,317 Devon Energy Corp....................... 123,728
500 *Energy Partners Ltd.................... 5,775
400 ENSCO International, Inc................ 10,760
1,888 EOG Resources, Inc...................... 78,994
499 *Forest Oil Corp........................ 12,535
100 *Global Industries Ltd.................. 482
200 *Harvest Natural Resources, Inc......... 1,274
504 Helmerich & Payne, Inc.................. 14,717
1,015 *Horizon Offshore, Inc.................. 5,055
118 *Houston Exploration Co................. 4,095
358 *Magnum Hunter Resources, Inc........... 2,860
1,100 *Meridian Resource Corp................. 5,203
300 *Newfield Exploration Co................ 11,265
1,327 Noble Energy, Inc....................... 50,161
300 *Nuevo Energy Co........................ 5,235
328 *Patterson-UTI Energy, Inc.............. 10,627
700 *Petroquest Energy, Inc................. 1,645
1,209 *Pioneer Natural Resources Co........... 31,555
485 *Plains Exploration & Production Co..... 5,243
600 Pogo Producing Co....................... 25,650
400 *Range Resources Corp................... 2,508
359 *Rowan Cos, Inc......................... 8,042
100 *Stone Energy Corp...................... 4,192
400 *Swift Energy Co........................ 4,400
1,200 *Syntroleum Corp........................ 3,192
200 Tidewater, Inc.......................... 5,874
181 *Tom Brown, Inc......................... 5,030
2,991 *Transmontaigne, Inc.................... 19,382
</Table>
58 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
OIL AND GAS EXTRACTION--(CONTINUED)
100 *Veritas DGC, Inc....................... $ 1,150
731 Vintage Petroleum, Inc.................. 8,246
428 *Westport Resources Corp................ 9,737
1,163 XTO Energy, Inc......................... 23,388
-----------
TOTAL OIL AND GAS EXTRACTION 757,524
-----------
PAPER AND ALLIED PRODUCTS--0.76%
2,900 Kimberly-Clark Corp..................... 151,206
1,000 MeadWestvaco Corp....................... 24,700
1,400 Sonoco Products Co...................... 33,628
100 Temple-Inland, Inc...................... 4,291
-----------
TOTAL PAPER AND ALLIED PRODUCTS 213,825
-----------
PERSONAL SERVICES--0.10%
741 Cintas Corp............................. 26,261
100 CPI Corp................................ 1,765
-----------
TOTAL PERSONAL SERVICES 28,026
-----------
PETROLEUM AND COAL PRODUCTS--0.36%
456 Frontier Oil Corp....................... 6,931
548 *Headwaters, Inc........................ 8,050
1,300 Sunoco, Inc............................. 49,062
1,000 Valero Energy Corp...................... 36,330
-----------
TOTAL PETROLEUM AND COAL PRODUCTS 100,373
-----------
PRIMARY METAL INDUSTRIES--0.58%
200 *Andrew Corp............................ 1,840
989 *Century Aluminum Co.................... 6,953
1,300 Engelhard Corp.......................... 32,201
100 Gibraltar Steel Corp.................... 2,048
200 *Imco Recycling, Inc.................... 1,328
500 Intermet Corp........................... 1,685
800 *Liquidmetal Technologies, Inc.......... 4,104
100 *Lone Star Technologies, Inc............ 2,118
197 *Mueller Industries, Inc................ 5,341
500 *NS Group, Inc.......................... 4,875
640 Nucor Corp.............................. 31,264
700 Roanoke Electric Steel Corp............. 5,243
1,305 Ryerson Tull, Inc....................... 11,458
224 Schnitzer Steel Industries, Inc (Class
A).................................... 9,883
259 *Steel Dynamics, Inc.................... 3,548
3,005 Worthington Industries, Inc............. 40,267
-----------
TOTAL PRIMARY METAL INDUSTRIES 164,156
-----------
PRINTING AND PUBLISHING--1.01%
400 Dow Jones & Co, Inc..................... 17,212
1,243 McGraw-Hill Cos, Inc.................... 77,066
622 New York Times Co (Class A)............. 28,301
500 R.R. Donnelley & Sons Co................ 13,070
100 Scripps (E.W.) Co (Class A)............. 8,872
1,375 Tribune Co.............................. 66,413
100 Washington Post Co (Class B)............ 73,290
-----------
TOTAL PRINTING AND PUBLISHING 284,224
-----------
RAILROAD TRANSPORTATION--0.31%
4,585 Norfolk Southern Corp................... 88,032
-----------
TOTAL RAILROAD TRANSPORTATION 88,032
-----------
REAL ESTATE--0.00%
100 *Stewart Enterprises, Inc (Class A)..... 430
-----------
TOTAL REAL ESTATE 430
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.05%
67 Bandag, Inc............................. $ 2,497
200 Cooper Tire & Rubber Co................. 3,518
100 *Reebok International Ltd............... 3,363
70 *Sealed Air Corp........................ 3,336
185 *Vans, Inc.............................. 1,661
-----------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 14,375
-----------
SECURITY AND COMMODITY BROKERS--1.83%
300 A.G. Edwards, Inc....................... 10,260
611 *Ameritrade Holding Corp................ 4,528
4,900 Charles Schwab Corp..................... 49,441
100 Eaton Vance Corp........................ 3,160
400 Federated Investors, Inc (Class B)...... 10,968
1,300 Franklin Resources, Inc................. 50,791
1,410 Goldman Sachs Group, Inc................ 118,088
3,600 Instinet Group, Inc..................... 16,776
700 Janus Capital Group, Inc................ 11,480
200 Legg Mason, Inc......................... 12,990
3,836 Merrill Lynch & Co, Inc................. 179,064
200 Neuberger Berman, Inc................... 7,982
400 SEI Investments Co...................... 12,800
80 *SoundView Technology Group, Inc........ 810
700 T Rowe Price Group, Inc................. 26,425
-----------
TOTAL SECURITY AND COMMODITY BROKERS 515,563
-----------
SPECIAL TRADE CONTRACTORS--0.02%
600 *Comfort Systems U.S.A., Inc............ 1,578
500 *Integrated Electrical Services, Inc.... 3,625
218 *Quanta Services, Inc................... 1,548
-----------
TOTAL SPECIAL TRADE CONTRACTORS 6,751
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.13%
100 Apogee Enterprises, Inc................. 902
51 *Cabot Microelectronics Corp............ 2,574
4,327 *Corning, Inc........................... 31,977
200 *U.S. Concrete, Inc..................... 768
-----------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 36,221
-----------
TRANSPORTATION BY AIR--0.74%
1,345 *AMR Corp............................... 14,795
300 *ATA Holdings Corp...................... 2,277
700 *Continental Airlines, Inc (Class B).... 10,479
1,100 Delta Air Lines, Inc.................... 16,148
1,138 FedEx Corp.............................. 70,590
321 *Frontier Airlines, Inc................. 2,915
100 *JetBlue Airways Corp................... 4,229
190 *Mesa Air Group, Inc.................... 1,520
200 *Midwest Express Holdings, Inc.......... 524
100 *Petroleum Helicopters (Vote)........... 3,155
267 Skywest, Inc............................ 5,089
4,489 Southwest Airlines Co................... 77,211
-----------
TOTAL TRANSPORTATION BY AIR 208,932
-----------
TRANSPORTATION EQUIPMENT--1.01%
100 ArvinMeritor, Inc....................... 2,018
1,100 Autoliv, Inc............................ 29,788
4,000 *BE Aerospace, Inc...................... 13,240
558 Brunswick Corp.......................... 13,961
900 Dana Corp............................... 10,404
5,100 Delphi Corp............................. 44,013
904 *Fleetwood Enterprises, Inc............. 6,690
200 *Gentex Corp............................ 6,122
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 59
Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
TRANSPORTATION EQUIPMENT--(CONTINUED)
1,800 Genuine Parts Co........................ $ 57,618
1,629 Harley-Davidson, Inc.................... 64,932
1,600 Heico Corp.............................. 19,520
200 *IMPCO Technologies, Inc................ 1,232
300 *Sports Resorts International, Inc...... 1,464
1,700 Visteon Corp............................ 11,679
141 *Wabash National Corp................... 1,978
-----------
TOTAL TRANSPORTATION EQUIPMENT 284,659
-----------
TRANSPORTATION SERVICES--0.07%
24 *Expedia, Inc........................... 1,840
500 GATX Corp............................... 8,175
421 Sabre Holdings Corp..................... 10,378
-----------
TOTAL TRANSPORTATION SERVICES 20,393
-----------
TRUCKING AND WAREHOUSING--0.55%
2,444 United Parcel Service, Inc (Class B).... 155,683
-----------
TOTAL TRUCKING AND WAREHOUSING 155,683
-----------
WHOLESALE TRADE-DURABLE GOODS--2.63%
100 *Apogent Technologies, Inc.............. 2,000
500 Barnes Group, Inc....................... 10,880
300 *Castle (A.M.) & Co..................... 1,965
100 *CDW Corp............................... 4,580
80 Commercial Metals Co.................... 1,423
1,000 IKON Office Solutions, Inc.............. 8,900
100 *Ingram Micro, Inc (Class A)............ 1,100
12,536 Johnson & Johnson....................... 648,111
200 *Patterson Dental Co.................... 9,076
450 Reliance Steel & Aluminum Co............ 9,315
200 *Safeguard Scientifics, Inc............. 540
900 W.W. Grainger, Inc...................... 42,084
-----------
TOTAL WHOLESALE TRADE-DURABLE GOODS 739,974
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
WHOLESALE TRADE-NONDURABLE GOODS--1.29%
600 *Allscripts Healthcare Solutions, Inc... $ 2,202
2,394 Cardinal Health, Inc.................... 153,934
437 D&K Healthcare Resources, Inc........... 7,053
100 *Henry Schein, Inc...................... 5,234
2,100 McKesson Corp........................... 75,043
1,206 Perrigo Co.............................. 18,862
1,220 *Plains Resources, Inc.................. 17,263
478 *Priority Healthcare Corp (Class B)..... 8,867
100 Russell Corp............................ 1,900
200 Stride Rite Corp........................ 1,992
2,376 Sysco Corp.............................. 71,375
-----------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 363,725
-----------
TOTAL COMMON STOCK
(Cost $34,161,879) 27,965,303
-----------
TOTAL PORTFOLIO--99.32%
(Cost $34,161,879) 27,965,303
OTHER ASSETS & LIABILITIES, NET--0.68% 191,142
-----------
NET ASSETS--100.00% $28,156,445
===========
</Table>
- ------------
* Non-income producing
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
60 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - LARGE-CAP VALUE FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary By Industry
VALUE %
- ---------------------------------------------------------------------
COMMON STOCK:
Apparel and Other Textile Products............. $ 31,213 0.13%
Business Services.............................. 924,301 3.83
Chemicals and Allied Products.................. 997,657 4.14
Communications................................. 1,969,545 8.17
Depository Institutions........................ 4,579,385 18.99
Eating and Drinking Places..................... 96,292 0.40
Electric, Gas, and Sanitary Services........... 1,413,073 5.86
Electronic and Other Electric Equipment........ 274,735 1.14
Engineering and Management Services............ 568,981 2.36
Food and Kindred Products...................... 517,734 2.15
Food Stores.................................... 426,624 1.77
Forestry....................................... 486,594 2.02
Furniture and Fixtures......................... 359,850 1.49
General Merchandise Stores..................... 204,804 0.85
Holding and Other Investment Offices........... 869,948 3.61
Hotels and Other Lodging Places................ 200,959 0.83
Industrial Machinery and Equipment............. 1,761,577 7.31
Instruments and Related Products............... 1,997 0.01
Insurance Carriers............................. 1,853,322 7.69
Metal Mining................................... 168,500 0.70
Miscellaneous Retail........................... 190,163 0.79
Motion Pictures................................ 490,452 2.03
Nondepository Institutions..................... 689,361 2.86
Oil and Gas Extraction......................... 446,783 1.85
Paper and Allied Products...................... 239,740 0.99
Petroleum and Coal Products.................... 1,889,132 7.83
Primary Metal Industries....................... 86,617 0.36
Printing and Publishing........................ 160,104 0.66
Railroad Transportation........................ 278,242 1.15
Rubber and Miscellaneous Plastics Products..... 6,726 0.03
Security and Commodity Brokers................. 569,895 2.36
Stone, Clay, and Glass Products................ 3,468 0.01
Tobacco Products............................... 972,825 4.03
Transportation by Air.......................... 58,618 0.24
Transportation Equipment....................... 301,493 1.25
Trucking and Warehousing....................... 2,982 0.01
Wholesale Trade-Nondurable Goods............... 2,775 0.01
----------- ------
TOTAL COMMON STOCK (Cost $21,339,998).......... 24,096,467 99.91
----------- ------
TOTAL PORTFOLIO (Cost $21,339,998)............. 24,096,467 99.91
OTHER ASSETS & LIABILITIES, NET................ 21,834 0.09
----------- ------
NET ASSETS..................................... $24,118,301 100.00%
=========== ======
</Table>
---------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCK--99.91%
APPAREL AND OTHER TEXTILE PRODUCTS--0.13%
500 Liz Claiborne, Inc...................... $ 17,625
400 VF Corp................................. 13,588
-----------
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 31,213
-----------
BUSINESS SERVICES--3.83%
29,969 *AOL Time Warner, Inc................... 482,201
8,802 *BMC Software, Inc...................... 143,737
1,842 *Computer Sciences Corp................. 70,217
49,597 *Sun Microsystems, Inc.................. 228,146
-----------
TOTAL BUSINESS SERVICES 924,301
-----------
CHEMICALS AND ALLIED PRODUCTS--4.14%
200 Alberto-Culver Co (Class B)............. 10,220
4,973 Bristol-Myers Squibb Co................. 135,017
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
400 Clorox Co............................... $ 17,060
300 Colgate-Palmolive Co.................... 17,385
200 Dial Corp............................... 3,890
1,735 Du Pont (E.I.) de Nemours & Co.......... 72,245
130 International Flavors & Fragrances,
Inc................................... 4,151
7,606 Merck & Co, Inc......................... 460,543
83 *Neurocrine Biosciences, Inc............ 4,145
4,606 Rohm & Haas Co.......................... 142,924
5,022 Schering-Plough Corp.................... 93,409
805 Wyeth................................... 36,668
-----------
TOTAL CHEMICALS AND ALLIED PRODUCTS 997,657
-----------
COMMUNICATIONS--8.17%
1,600 Alltel Corp............................. 77,152
8,936 AT&T Corp............................... 172,018
7,287 BellSouth Corp.......................... 194,053
10,038 *Comcast Corp........................... 302,947
21,267 *Lucent Technologies, Inc............... 43,172
24,038 SBC Communications, Inc................. 614,171
12,636 Verizon Communications, Inc............. 498,490
1,547 *Viacom, Inc (Class B).................. 67,542
-----------
TOTAL COMMUNICATIONS 1,969,545
-----------
DEPOSITORY INSTITUTIONS--18.99%
7,400 Bank Of America Corp.................... 584,822
300 Bank Of Hawaii Corp..................... 9,945
2,646 Bank One Corp........................... 98,378
86 *BOK Financial Corp..................... 3,317
100 Capitol Federal Financial............... 2,811
6,883 Charter One Financial, Inc.............. 214,612
26,468 Citigroup, Inc.......................... 1,132,830
240 First Midwest Bancorp, Inc.............. 6,914
600 First Tennessee National Corp........... 26,346
300 *First Virginia Banks, Inc.............. 12,936
1,300 FleetBoston Financial Corp.............. 38,623
315 FNB Corp................................ 9,532
543 Fulton Financial Corp................... 10,789
640 Golden West Financial Corp.............. 51,206
8,617 Hibernia Corp (Class A)................. 156,485
300 Hudson City Bancorp, Inc................ 7,671
209 Hudson United Bancorp................... 7,137
134 International Bancshares Corp........... 4,765
6,921 J.P. Morgan Chase & Co.................. 236,560
343 M & T Bank Corp......................... 28,887
227 New York Community Bancorp, Inc......... 6,603
59 Park National Corp...................... 6,741
100 People's Bank........................... 2,899
1,569 SouthTrust Corp......................... 42,677
250 Trustmark Corp.......................... 6,368
22,042 U.S. Bancorp............................ 540,029
2,939 Union Planters Corp..................... 91,197
183 United Bankshares, Inc.................. 5,243
370 Valley National Bancorp................. 9,750
13,968 Wachovia Corp........................... 558,161
330 Washington Federal, Inc................. 7,633
200 Webster Financial Corp.................. 7,560
12,790 Wells Fargo & Co........................ 644,616
124 Westamerica Bancorp..................... 5,342
-----------
TOTAL DEPOSITORY INSTITUTIONS 4,579,385
-----------
EATING AND DRINKING PLACES--0.40%
4,365 McDonald's Corp......................... 96,292
-----------
TOTAL EATING AND DRINKING PLACES 96,292
-----------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 61
Statement of Investments (Unaudited) - LARGE-CAP VALUE FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRIC, GAS, AND SANITARY SERVICES--5.86%
326 AGL Resources, Inc...................... $ 8,293
20,530 *Allegheny Energy, Inc.................. 173,479
6,104 Constellation Energy Group, Inc......... 209,367
1,500 Dominion Resources, Inc................. 96,405
4,500 Entergy Corp............................ 237,510
321 Equitable Resources, Inc................ 13,078
4,683 Exelon Corp............................. 280,090
93 Kinder Morgan, Inc...................... 5,082
382 MDU Resources Group, Inc................ 12,793
300 National Fuel Gas Co.................... 7,815
126 NSTAR................................... 5,739
407 OGE Energy Corp......................... 8,698
185 Peoples Energy Corp..................... 7,935
350 Philadelphia Suburban Corp.............. 8,533
161 Piedmont Natural Gas Co, Inc............ 6,248
900 PPL Corp................................ 38,700
1,100 Progress Energy, Inc.................... 48,290
425 Questar Corp............................ 14,225
500 SCANA Corp.............................. 17,140
8,122 TXU Corp................................ 182,339
216 UGI Corp................................ 6,847
300 Vectren Corp............................ 7,515
91 Western Gas Resources, Inc.............. 3,604
250 WGL Holdings, Inc....................... 6,675
166 WPS Resources Corp...................... 6,673
-----------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 1,413,073
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--1.14%
89 Ametek, Inc............................. 3,262
14,600 *ASML Holding NV (New York Shs)......... 139,576
300 *Energizer Holdings, Inc................ 9,420
9,576 *Micron Technology, Inc................. 111,369
451 Rockwell Collins, Inc................... 11,108
-----------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT............................. 274,735
-----------
ENGINEERING AND MANAGEMENT SERVICES--2.36%
26,293 Monsanto Co............................. 568,981
-----------
TOTAL ENGINEERING AND MANAGEMENT
SERVICES 568,981
-----------
FOOD AND KINDRED PRODUCTS--2.15%
3,428 Coca-Cola Co............................ 159,093
3,790 Coors (Adolph) Co (Class B)............. 185,634
750 *Dean Foods Co.......................... 23,625
923 General Mills, Inc...................... 43,759
200 Hershey Foods Corp...................... 13,932
300 Hormel Foods Corp....................... 7,110
256 J.M. Smucker Co......................... 10,212
644 Kellogg Co.............................. 22,134
100 Lancaster Colony Corp................... 3,866
300 McCormick & Co, Inc (Non-Vote).......... 8,160
506 PepsiCo, Inc............................ 22,517
426 *Smithfield Foods, Inc.................. 9,764
141 Wrigley (Wm.) Jr Co..................... 7,928
-----------
TOTAL FOOD AND KINDRED PRODUCTS 517,734
-----------
FOOD STORES--1.77%
25,577 *Kroger Co.............................. 426,624
-----------
TOTAL FOOD STORES 426,624
-----------
FORESTRY--2.02%
9,011 Weyerhaeuser Co......................... 486,594
-----------
TOTAL FORESTRY 486,594
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
FURNITURE AND FIXTURES--1.49%
6,201 *Lear Corp.............................. $ 285,370
2,660 Newell Rubbermaid, Inc.................. 74,480
-----------
TOTAL FURNITURE AND FIXTURES 359,850
-----------
GENERAL MERCHANDISE STORES--0.85%
183 *Neiman Marcus Group, Inc (Class A)..... 6,698
5,889 Sears Roebuck & Co...................... 198,106
-----------
TOTAL GENERAL MERCHANDISE STORES 204,804
-----------
HOLDING AND OTHER INVESTMENT OFFICES--3.61%
237 BRE Properties, Inc (Class A)........... 7,868
107 CBL & Associates Properties, Inc........ 4,601
119 Centerpoint Properties Trust............ 7,289
129 Chelsea Property Group, Inc............. 5,200
125 Cousins Properties, Inc................. 3,488
388 Developers Diversified Realty Corp...... 11,035
609 Duke Realty Corp........................ 16,778
225 Federal Realty Investment Trust......... 7,200
300 General Growth Properties, Inc.......... 18,732
200 Health Care Property Investors, Inc..... 8,470
8,559 Highwoods Properties, Inc............... 190,866
3,836 iShares Russell 1000 Value Index Fund... 193,987
510 iStar Financial, Inc.................... 18,615
474 Kimco Realty Corp....................... 17,965
403 Liberty Property Trust.................. 13,944
270 Macerich Co............................. 9,485
121 Mills Corp.............................. 4,060
408 New Plan Excel Realty Trust............. 8,711
205 Pan Pacific Retail Properties, Inc...... 8,067
481 Popular, Inc............................ 18,562
839 Prologis................................ 22,905
513 Public Storage, Inc..................... 17,375
180 Realty Income Corp...................... 6,854
200 Regency Centers Corp.................... 6,996
397 Rouse Co................................ 15,126
185 Shurgard Storage Centers, Inc (Class
A).................................... 6,120
675 Simon Property Group, Inc............... 26,345
306 Thornburg Mortgage, Inc................. 7,558
577 United Dominion Realty Trust, Inc....... 9,936
4,054 Washington Mutual, Inc.................. 167,430
200 Weingarten Realty Investors............. 8,380
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 869,948
-----------
HOTELS AND OTHER LODGING PLACES--0.83%
7,029 Starwood Hotels & Resorts Worldwide,
Inc................................... 200,959
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 200,959
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--7.31%
398 Baker Hughes, Inc....................... 13,361
3,094 Cummins, Inc............................ 111,044
7,222 Deere & Co.............................. 330,045
12,841 Hewlett-Packard Co...................... 273,513
6,325 International Business Machines Corp.... 521,813
3,569 Pitney Bowes, Inc....................... 137,085
89 *Smith International, Inc............... 3,270
57,248 *Solectron Corp......................... 214,108
3,571 *SPX Corp............................... 157,338
-----------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 1,761,577
-----------
INSTRUMENTS AND RELATED PRODUCTS--0.01%
28 Bard (C.R.), Inc........................ 1,997
-----------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,997
-----------
</Table>
62 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - LARGE-CAP VALUE FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INSURANCE CARRIERS--7.69%
6,415 Aetna, Inc.............................. $ 386,183
963 Aflac, Inc.............................. 29,612
3,619 Allstate Corp........................... 129,017
395 Ambac Financial Group, Inc.............. 26,169
5,356 American International Group, Inc....... 295,544
53 American National Insurance Co.......... 4,579
200 Berkley (W.R.) Corp..................... 10,540
123 Erie Indemnity Co (Class A)............. 5,074
643 Fidelity National Financial, Inc........ 19,779
345 First American Corp..................... 9,091
193 HCC Insurance Holdings, Inc............. 5,707
208 Leucadia National Corp.................. 7,721
5,025 Lincoln National Corp................... 179,041
27 *Markel Corp............................ 6,912
134 Mercury General Corp.................... 6,117
620 Old Republic International Corp......... 21,247
1,493 Principal Financial Group............... 48,149
2,301 Prudential Financial, Inc............... 77,429
4,165 Safeco Corp............................. 146,941
149 Stancorp Financial Group, Inc........... 7,781
597 Torchmark Corp.......................... 22,238
100 Transatlantic Holdings, Inc............. 6,915
25,462 Travelers Property Casualty Corp (Class
B).................................... 401,536
-----------
TOTAL INSURANCE CARRIERS 1,853,322
-----------
METAL MINING--0.70%
5,191 Newmont Mining Corp..................... 168,500
-----------
TOTAL METAL MINING 168,500
-----------
MISCELLANEOUS RETAIL--0.79%
8,250 *Barnes & Noble, Inc.................... 190,163
-----------
TOTAL MISCELLANEOUS RETAIL 190,163
-----------
MOTION PICTURES--2.03%
39,705 *Liberty Media Corp (Class A)........... 458,990
1,593 Walt Disney Co.......................... 31,462
-----------
TOTAL MOTION PICTURES 490,452
-----------
NONDEPOSITORY INSTITUTIONS--2.86%
13,526 Freddie Mac............................. 686,715
21 Student Loan Corp....................... 2,646
-----------
TOTAL NONDEPOSITORY INSTITUTIONS 689,361
-----------
OIL AND GAS EXTRACTION--1.85%
831 Apache Corp............................. 54,065
1,032 Burlington Resources, Inc............... 55,800
257 Helmerich & Payne, Inc.................. 7,504
1,593 Marathon Oil Corp....................... 41,976
6,456 Noble Energy, Inc....................... 244,037
580 Occidental Petroleum Corp............... 19,459
318 Pogo Producing Co....................... 13,595
138 *Varco International, Inc............... 2,705
380 XTO Energy, Inc......................... 7,642
-----------
TOTAL OIL AND GAS EXTRACTION 446,783
-----------
PAPER AND ALLIED PRODUCTS--0.99%
4,598 Kimberly-Clark Corp..................... 239,740
-----------
TOTAL PAPER AND ALLIED PRODUCTS 239,740
-----------
PETROLEUM AND COAL PRODUCTS--7.83%
111 Amerada Hess Corp....................... 5,459
5,493 ChevronTexaco Corp...................... 396,595
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
3,490 ConocoPhillips.......................... $ 191,252
34,400 ExxonMobil Corp......................... 1,235,304
392 Murphy Oil Corp......................... 20,619
172 *Premcor, Inc........................... 3,707
394 Sunoco, Inc............................. 14,870
587 Valero Energy Corp...................... 21,326
-----------
TOTAL PETROLEUM AND COAL PRODUCTS 1,889,132
-----------
PRIMARY METAL INDUSTRIES--0.36%
3,385 Alcoa, Inc.............................. 86,318
16,600 b*Bethlehem Steel Corp.................. 299
-----------
TOTAL PRIMARY METAL INDUSTRIES 86,617
-----------
PRINTING AND PUBLISHING--0.66%
1,300 Gannett Co, Inc......................... 99,849
65 Meredith Corp........................... 2,860
900 Tribune Co.............................. 43,470
19 Washington Post Co (Class B)............ 13,925
-----------
TOTAL PRINTING AND PUBLISHING 160,104
-----------
RAILROAD TRANSPORTATION--1.15%
9,247 CSX Corp................................ 278,242
-----------
TOTAL RAILROAD TRANSPORTATION 278,242
-----------
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.03%
200 *Reebok International Ltd............... 6,726
-----------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 6,726
-----------
SECURITY AND COMMODITY BROKERS--2.36%
509 Bear Stearns Cos, Inc................... 36,862
108 Franklin Resources, Inc................. 4,220
604 Goldman Sachs Group, Inc................ 50,585
10,176 Janus Capital Group, Inc................ 166,886
98 Jefferies Group, Inc.................... 4,879
3,225 Merrill Lynch & Co, Inc................. 150,543
3,355 Morgan Stanley.......................... 143,426
201 Raymond James Financial, Inc............ 6,643
155 T Rowe Price Group, Inc................. 5,851
-----------
TOTAL SECURITY AND COMMODITY BROKERS 569,895
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.01%
84 Florida Rock Industries, Inc............ 3,468
-----------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 3,468
-----------
TOBACCO PRODUCTS--4.03%
21,409 Altria Group Inc........................ 972,825
-----------
TOTAL TOBACCO PRODUCTS 972,825
-----------
TRANSPORTATION BY AIR--0.24%
945 FedEx Corp.............................. 58,618
-----------
TOTAL TRANSPORTATION BY AIR 58,618
-----------
TRANSPORTATION EQUIPMENT--1.25%
3,844 Boeing Co............................... 131,926
1,416 Lockheed Martin Corp.................... 67,359
1,443 United Technologies Corp................ 102,208
-----------
TOTAL TRANSPORTATION EQUIPMENT 301,493
-----------
TRUCKING AND WAREHOUSING--0.01%
79 *Hunt (J.B.) Transport Services, Inc.... 2,982
-----------
TOTAL TRUCKING AND WAREHOUSING 2,982
-----------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 63
Statement of Investments (Unaudited) - LARGE-CAP VALUE FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
WHOLESALE TRADE-NONDURABLE GOODS--0.01%
75 *Performance Food Group Co.............. $ 2,775
-----------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 2,775
-----------
TOTAL COMMON STOCK
(Cost $21,339,998) 24,096,467
-----------
TOTAL PORTFOLIO--99.91%
(Cost $21,339,998) 24,096,467
OTHER ASSETS & LIABILITIES, NET--0.09% 21,834
-----------
NET ASSETS--100.00% $24,118,301
===========
</Table>
- ------------
* Non-income producing
b In bankruptcy
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
64 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
Summary By Industry
VALUE %
- ---------------------------------------------------------------------
COMMON STOCK:
Agricultural Production-Crops................. $ 30,414 0.12%
Amusement and Recreation Services............. 185,018 0.71
Apparel and Accessory Stores.................. 572,871 2.20
Apparel and Other Textile Products............ 33,946 0.13
Auto Repair, Services and Parking............. 15,552 0.06
Automotive Dealers and Service Stations....... 36,786 0.14
Building Materials and Garden Supplies........ 113,896 0.44
Business Services............................. 2,601,032 10.01
Chemicals and Allied Products................. 1,692,680 6.51
Coal Mining................................... 80,729 0.31
Communications................................ 666,456 2.56
Depository Institutions....................... 2,214,627 8.52
Eating and Drinking Places.................... 424,955 1.64
Educational Services.......................... 36,924 0.14
Electric, Gas, and Sanitary Services.......... 825,511 3.18
Electronic and Other Electric Equipment....... 2,167,112 8.34
Engineering and Management Services........... 732,685 2.82
Environmental Quality and Housing............. 162 0.00
Executive, Legislative and General............ 1,020 0.00
Fabricated Metal Products..................... 188,689 0.73
Food and Kindred Products..................... 309,451 1.19
Food Stores................................... 134,306 0.52
Furniture and Fixtures........................ 53,760 0.21
Furniture and Homefurnishings Stores.......... 104,867 0.40
General Building Contractors.................. 138,516 0.53
General Merchandise Stores.................... 116,042 0.45
Health Services............................... 435,471 1.68
Heavy Construction, Except Building........... 14,144 0.05
Holding and Other Investment Offices.......... 2,212,937 8.52
Hotels and Other Lodging Places............... 153,827 0.59
Industrial Machinery and Equipment............ 1,514,941 5.83
Instruments and Related Products.............. 1,567,583 6.03
Insurance Agents, Brokers and Service......... 7,939 0.03
Insurance Carriers............................ 874,942 3.37
Leather and Leather Products.................. 129,524 0.50
Legal Services................................ 83,402 0.32
Lumber and Wood Products...................... 40,572 0.16
Metal Mining.................................. 12,894 0.05
Miscellaneous Manufacturing Industries........ 266,718 1.03
Miscellaneous Retail.......................... 437,210 1.68
Motion Pictures............................... 127,463 0.49
Nondepository Institutions.................... 391,528 1.51
Nonmetallic Minerals, Except Fuels............ 19,200 0.07
Oil and Gas Extraction........................ 775,404 2.98
Paper and Allied Products..................... 107,920 0.42
Personal Services............................. 39,946 0.15
Petroleum and Coal Products................... 128,389 0.49
Primary Metal Industries...................... 217,812 0.84
Printing and Publishing....................... 354,787 1.37
Railroad Transportation....................... 12,775 0.05
Real Estate................................... 45,780 0.18
Rubber and Miscellaneous Plastics Products.... 176,812 0.68
Security and Commodity Brokers................ 120,026 0.46
Special Trade Contractors..................... 75,621 0.29
Stone, Clay, and Glass Products............... 257,699 0.99
Textile Mill Products......................... 19,688 0.08
Tobacco Products.............................. 38,070 0.15
Transportation By Air......................... 283,176 1.09
Transportation Equipment...................... 285,184 1.10
Transportation Services....................... 118,519 0.46
Trucking and Warehousing...................... 208,566 0.80
</Table>
<Table>
<Caption>
VALUE %
- ---------------------------------------------------------------------
Water Transportation.......................... $ 84,729 0.33%
Wholesale Trade-Durable Goods................. 441,943 1.70
Wholesale Trade-Nondurable Goods.............. 393,359 1.51
----------- -------
TOTAL COMMON STOCK (Cost $23,806,348)......... 25,954,507 99.89
----------- -------
TOTAL PORTFOLIO (Cost $23,806,348)............ 25,954,507 99.89
OTHER ASSETS & LIABILITIES, NET............... 29,771 0.11
----------- -------
NET ASSETS $25,984,278 100.00%
=========== =======
</Table>
---------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
COMMON STOCK--99.89%
AGRICULTURAL PRODUCTION-CROPS--0.12%
1,300 Delta & Pine Land Co.................... $ 28,574
500 *Seminis, Inc (Class A)................. 1,840
-----------
TOTAL AGRICULTURAL PRODUCTION-CROPS 30,414
-----------
AMUSEMENT AND RECREATION SERVICES--0.71%
800 *Argosy Gaming Co....................... 16,728
1,000 *Aztar Corp............................. 16,110
1,100 *Bally Total Fitness Holding Corp....... 9,933
200 *Championship Auto Racing Teams, Inc.... 500
200 *Churchill Downs, Inc................... 7,662
300 *Dover Downs Gaming & Entertainment,
Inc................................... 2,775
500 *Dover Motorsport, Inc.................. 2,050
400 *Gaylord Entertainment Co............... 7,828
500 *Isle Of Capri Casinos, Inc............. 8,265
4,900 *Penn National Gaming, Inc.............. 100,695
800 *WMS Industries, Inc.................... 12,472
-----------
TOTAL AMUSEMENT AND RECREATION SERVICES 185,018
-----------
APPAREL AND ACCESSORY STORES--2.20%
700 *Aeropostale, Inc....................... 15,036
1,900 *American Eagle Outfitters, Inc......... 34,428
1,600 *AnnTaylor Stores Corp.................. 46,320
20,500 *Charming Shoppes, Inc.................. 101,885
800 *Christopher & Banks Corp............... 29,592
700 *Dress Barn, Inc........................ 8,869
600 *Finish Line, Inc (Class A)............. 13,326
600 *Footstar, Inc.......................... 7,800
4,000 *Hot Topic, Inc......................... 107,640
1,200 *Oshkosh B'gosh, Inc (Class A).......... 32,400
1,700 *Pacific Sunwear Of California, Inc..... 40,953
2,400 *Payless Shoesource, Inc................ 30,000
300 *Shoe Carnival, Inc..................... 4,428
3,900 *Stage Stores, Inc...................... 91,650
800 *Wet Seal, Inc (Class A)................ 8,544
-----------
TOTAL APPAREL AND ACCESSORY STORES 572,871
-----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.13%
300 *Guess?, Inc............................ 1,800
900 *Nautica Enterprises, Inc............... 11,547
200 Oxford Industries, Inc.................. 8,304
900 Phillips-Van Heusen Corp................ 12,267
1,200 b*Westpoint Stevens, Inc................ 28
-----------
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 33,946
-----------
AUTO REPAIR, SERVICES AND PARKING--0.06%
100 b*Amerco, Inc........................... 712
800 *Dollar Thrifty Automotive Group, Inc... 14,840
-----------
TOTAL AUTO REPAIR, SERVICES AND PARKING 15,552
-----------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 65
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.14%
1,200 *CSK Auto Corp.......................... $ 17,340
600 *Group 1 Automotive, Inc................ 19,446
-----------
TOTAL AUTOMOTIVE DEALERS AND SERVICE
STATIONS 36,786
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--0.44%
400 Building Materials Holding Corp......... 5,924
2,800 *Central Garden & Pet Co................ 66,780
3,800 *Louisiana-Pacific Corp................. 41,192
-----------
TOTAL BUILDING MATERIALS AND GARDEN
SUPPLIES 113,896
-----------
BUSINESS SERVICES--10.01%
1,400 ABM Industries, Inc..................... 21,560
600 *Administaff, Inc....................... 6,180
1,400 *Advo, Inc.............................. 62,160
1,300 *Aether Systems, Inc.................... 6,370
6,900 *AMN Healthcare Services, Inc........... 87,630
500 *Ansys, Inc............................. 15,550
2,800 *APAC Customer Services, Inc............ 7,140
1,100 *Arbitron, Inc.......................... 39,270
9,700 *Ariba, Inc............................. 28,809
700 *Armor Holdings, Inc.................... 9,380
2,100 *Ascential Software Corp................ 34,524
1,200 *Ask Jeeves, Inc........................ 16,500
1,100 *Aspect Communications Corp............. 4,257
9,800 *Atari, Inc............................. 43,610
200 *Bankrate, Inc.......................... 2,424
600 *Brady Corp (Class A)................... 20,010
3,400 *CACI International, Inc (Class A)...... 116,620
5,600 *Catalina Marketing Corp................ 98,840
400 *CCC Information Services Group, Inc.... 5,800
1,800 *Ciber, Inc............................. 12,636
3,600 *CNET Networks, Inc..................... 22,428
5,900 *Computer Horizons Corp................. 26,786
400 *Convera Corp........................... 1,592
300 b*Cross Media Marketing Corp............ 72
400 *Cyberguard Corp........................ 2,840
600 *Datastream Systems, Inc................ 6,354
1,100 *Dendrite International, Inc............ 14,168
900 *Digital River, Inc..................... 17,370
2,000 *E.piphany, Inc......................... 10,220
4,200 *Earthlink, Inc......................... 33,138
1,300 *Eclipsys Corp.......................... 13,572
1,700 *eFunds Corp............................ 19,601
200 *Electro Rent Corp...................... 2,156
6,700 *Embarcadero Technologies, Inc.......... 46,900
1,700 *Entrust, Inc........................... 4,998
3,500 *Extreme Networks, Inc.................. 18,550
800 *F5 Networks, Inc....................... 13,480
500 *Fidelity National Information
Solutions, Inc........................ 13,040
3,100 *Gerber Scientific, Inc................. 20,646
600 *GSI Commerce, Inc...................... 4,008
900 *Healthcare Services Group.............. 12,933
600 *Heidrick & Struggles International,
Inc................................... 7,572
100 *Hyperion Solutions Corp................ 3,376
200 *ICT Group, Inc......................... 2,092
700 *iGate Corp............................. 2,429
6,600 *Infospace, Inc......................... 89,562
400 *Integral Systems, Inc.................. 7,952
5,200 *Intergraph Corp........................ 111,800
4,400 *Interland, Inc......................... 4,312
1,300 *Internet Security Systems, Inc......... 18,837
500 *Intrado, Inc........................... 7,895
7,600 *Keane, Inc............................. 103,588
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
600 Kelly Services, Inc (Class A)........... $ 14,070
700 *Keynote Systems, Inc................... 7,336
1,100 *Korn/Ferry International............... 8,910
2,300 *Kronos, Inc............................ 116,863
1,400 *Labor Ready, Inc....................... 10,038
600 *LendingTree, Inc....................... 14,688
2,700 *Looksmart Ltd.......................... 7,641
1,500 *Macrovision Corp....................... 29,880
2,200 *Manugistics Group, Inc................. 9,042
600 *MAPICS, Inc............................ 4,920
200 *Marketwatch.com, Inc................... 1,672
1,200 McGrath RentCorp........................ 32,088
1,000 *MedQuist, Inc.......................... 20,240
4,100 *Memberworks, Inc....................... 80,975
4,200 *Micromuse, Inc......................... 33,558
1,200 *Mobius Management Systems, Inc......... 8,964
3,400 *MPS Group, Inc......................... 23,392
900 *MSC.Software Corp...................... 6,066
300 *National Processing, Inc............... 4,824
700 *NCO Group, Inc......................... 12,537
900 *Netegrity, Inc......................... 5,256
100 *Netscout Systems, Inc.................. 537
210 *Nuance Communications, Inc............. 1,134
300 *Onyx Software Corp..................... 291
2,300 *Overture Services, Inc................. 41,699
7,700 *Parametric Technology Corp............. 23,485
7,500 *PC-Tel, Inc............................ 88,950
200 *PDI, Inc............................... 2,032
900 *Pegasus Solutions, Inc................. 14,625
500 *Penton Media, Inc...................... 295
900 *Progress Software Corp................. 18,657
1,200 *QAD, Inc............................... 8,904
600 *Radiant Systems, Inc................... 4,044
5,500 *Redback Networks, Inc.................. 4,950
300 *Renaissance Learning, Inc.............. 6,570
800 *Rent-Way, Inc.......................... 3,720
700 Rollins, Inc............................ 13,195
9,600 *RSA Security, Inc...................... 103,200
2,500 *S1 Corp................................ 10,100
2,800 *Sapient Corp........................... 7,756
1,800 *Scansoft, Inc.......................... 9,774
10,700 *Seebeyond Technology Corp.............. 24,717
600 *Sohu.com, Inc.......................... 20,496
2,900 b*SONICblue, Inc........................ 15
1,900 *SonicWALL, Inc......................... 9,120
400 *Source Interlink Cos, Inc.............. 3,036
2,100 *Spherion Corp.......................... 14,595
2,300 *SRA International, Inc (Class A)....... 73,600
300 *SS&C Technologies, Inc................. 4,785
400 *Startek, Inc........................... 10,520
8,700 *Sybase, Inc............................ 121,017
900 *Sykes Enterprises, Inc................. 4,401
400 *Synplicity, Inc........................ 2,092
1,400 *Take-Two Interactive Software, Inc..... 39,676
500 Talx Corp............................... 11,295
1,400 *TeleTech Holdings, Inc................. 5,922
500 *TheStreet.com, Inc..................... 2,350
1,400 *THQ, Inc............................... 25,200
500 *Tier Technologies, Inc (Class B)....... 3,875
1,200 *Transaction Systems Architects, Inc
(Class A)............................. 10,752
1,000 *United Online, Inc..................... 25,340
200 *Verint Systems, Inc.................... 5,082
800 *Verity, Inc............................ 10,128
</Table>
66 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
BUSINESS SERVICES--(CONTINUED)
7,400 *Vignette Corp.......................... $ 15,392
1,300 *VitalWorks, Inc........................ 5,135
700 *Vitria Technology, Inc................. 4,011
300 *Volt Information Sciences, Inc......... 4,095
1,600 *webMethods, Inc........................ 13,008
700 *Websense, Inc.......................... 10,962
-----------
TOTAL BUSINESS SERVICES 2,601,032
-----------
CHEMICALS AND ALLIED PRODUCTS--6.51%
3,200 *Abgenix, Inc........................... 33,568
1,100 *Adolor Corp............................ 13,497
600 *Alexion Pharmaceuticals, Inc........... 10,230
1,700 *Alkermes, Inc.......................... 18,275
800 *Aphton Corp............................ 6,592
700 Arch Chemicals, Inc..................... 13,370
700 *Arena Pharmaceuticals, Inc............. 4,648
400 *Biosite, Inc........................... 19,240
4,800 *Bradley Pharmaceuticals, Inc........... 79,200
4,000 Cambrex Corp............................ 92,080
9,100 *Cell Therapeutics, Inc................. 88,543
500 *Chattem, Inc........................... 9,400
500 *Cima Labs, Inc......................... 13,445
300 *Collagenex Pharmaceuticals, Inc........ 4,083
1,000 *Connetics Corp......................... 14,970
1,500 *Corixa Corp............................ 11,595
4,100 Crompton Corp........................... 28,905
200 *Dendreon Corp.......................... 1,188
900 *Durect Corp............................ 2,169
379 *Elizabeth Arden, Inc................... 4,991
1,600 *Enzon, Inc............................. 20,032
1,100 *Esperion Therapeutics, Inc............. 21,549
1,500 *Ethyl Corp............................. 14,925
700 *First Horizon Pharmaceutical........... 2,765
3,100 *FMC Corp............................... 70,153
1,700 *Genta, Inc............................. 22,644
1,000 Georgia Gulf Corp....................... 19,800
1,300 Great Lakes Chemical Corp............... 26,520
800 *Guilford Pharmaceuticals, Inc.......... 3,632
1,000 H.B. Fuller Co.......................... 22,020
1,200 *Ilex Oncology, Inc..................... 23,292
3,900 IMC Global, Inc......................... 26,169
1,450 *Immunogen, Inc......................... 6,192
1,400 *Indevus Pharmaceuticals, Inc........... 8,736
100 Inter Parfums, Inc...................... 740
900 *InterMune, Inc......................... 14,499
3,700 *Kos Pharmaceuticals, Inc............... 86,839
800 *KV Pharmaceutical Co (Class A)......... 22,240
2,100 *Ligand Pharmaceuticals, Inc (Class
B).................................... 28,539
400 Meridian Bioscience, Inc................ 3,752
900 *MGI Pharma, Inc........................ 23,067
2,300 Millennium Chemicals, Inc............... 21,873
2,200 Minerals Technologies, Inc.............. 107,052
1,400 *Nabi Biopharmaceuticals................ 9,604
1,800 Nature's Sunshine Products, Inc......... 14,418
1,000 *NBTY, Inc.............................. 21,060
1,700 *Nektar Therapeutics.................... 15,691
300 NL Industries, Inc...................... 5,100
8,300 *Noven Pharmaceuticals, Inc............. 84,992
400 Octel Corp.............................. 5,560
1,100 *Omnova Solutions, Inc.................. 4,444
1,400 *OSI Pharmaceuticals, Inc............... 45,094
500 *Penwest Pharmaceuticals Co............. 12,185
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
3,700 *Peregrine Pharmaceuticals, Inc......... $ 5,513
300 PolyMedica Corp......................... 13,737
800 *Pozen, Inc............................. 8,784
1,600 *Praecis Pharmaceuticals, Inc........... 7,840
1,000 *Quidel Corp............................ 6,220
300 *Revlon, Inc (Class A).................. 900
600 *Salix Pharmaceuticals Ltd.............. 6,294
1,000 *Sangstat Medical Corp.................. 13,090
200 *Sirna Therapeutics, Inc................ 1,762
20,500 Solutia, Inc............................ 44,690
500 Stepan Co............................... 11,300
5,700 *Tanox, Inc............................. 91,485
8,200 *Unifi, Inc............................. 50,840
3,000 USEC, Inc............................... 21,060
300 *Vertex Pharmaceuticals, Inc............ 4,380
300 *Virbac Corp............................ 1,818
1,100 Wellman, Inc............................ 12,320
400 West Pharmaceutical Services, Inc....... 9,800
400 *Women First Healthcare, Inc............ 424
21,600 *WR Grace & Co.......................... 95,256
-----------
TOTAL CHEMICALS AND ALLIED PRODUCTS 1,692,680
-----------
COAL MINING--0.31%
1,700 Arch Coal, Inc.......................... 39,066
2,200 Massey Energy Co........................ 28,930
700 *Westmoreland Coal Co................... 12,733
-----------
TOTAL COAL MINING 80,729
-----------
COMMUNICATIONS--2.56%
300 *Acme Communication, Inc................ 2,280
800 *AirGate PCS, Inc....................... 960
2,500 *Alamosa Holdings, Inc.................. 3,825
2,300 b*Allegiance Telecom, Inc............... 127
100 *Beasley Broadcast Group, Inc (Class
A).................................... 1,368
400 *Centennial Communications Corp......... 1,600
9,300 *Charter Communications, Inc (Class
A).................................... 36,921
6,200 *Cincinnati Bell, Inc................... 41,540
500 *Crown Media Holdings, Inc (Class A).... 2,065
500 D&E Communications, Inc................. 5,725
13,500 *Digital Generation Systems............. 25,920
2,400 *Dobson Communications Corp (Class A)... 13,080
200 *Fisher Communications, Inc............. 9,782
500 *Golden Telecom, Inc.................... 11,220
500 Hickory Tech Corp....................... 5,600
800 *Hungarian Telephone & Cable............ 7,320
28,100 *Infonet Services Corp (Class B)........ 44,679
600 Liberty Corp............................ 25,500
5,100 *Lightbridge, Inc....................... 44,676
400 *Lodgenet Entertainment Corp............ 4,380
9,800 *Mediacom Communications Corp........... 96,726
5,600 *Metro One Telecommunications, Inc...... 28,896
500 North Pittsburgh Systems, Inc........... 7,535
1,700 *Pegasus Communications Corp............ 50,286
8,200 *PTEK Holdings, Inc..................... 39,770
2,000 *RCN Corp............................... 3,960
500 *Saga Communications, Inc (Class A)..... 9,725
300 *Salem Communications Corp (Class A).... 6,003
100 Shenandoah Telecom Co................... 4,796
8,000 *Talk America Holdings, Inc............. 87,280
1,400 *Time Warner Telecom, Inc (Class A)..... 8,918
3,500 b*Touch America Holdings, Inc........... 231
3,000 *U.S. Unwired, Inc (Class A)............ 1,290
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 67
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
COMMUNICATIONS--(CONTINUED)
1,900 *Western Wireless Corp (Class A)........ $ 21,907
500 *Young Broadcasting, Inc (Class A)...... 10,565
-----------
TOTAL COMMUNICATIONS 666,456
-----------
DEPOSITORY INSTITUTIONS--8.52%
500 1st Source Corp......................... 9,280
400 ABC Bancorp............................. 5,732
200 American National Bankshares, Inc....... 5,378
2,200 Anchor Bancorp Wisconsin, Inc........... 52,558
210 Arrow Financial Corp.................... 7,008
500 Bancfirst Corp.......................... 25,930
400 Bank Mutual Corp........................ 13,000
700 Bank Of Granite Corp.................... 11,935
1,500 BankAtlantic Bancorp, Inc (Class A)..... 17,835
1 Banknorth Group, Inc.................... 26
400 Banner Corp............................. 8,196
2,300 *Bay View Capital Corp.................. 13,294
200 Berkshire Hills Bancorp, Inc............ 5,680
100 Bryn Mawr Bank Corp..................... 3,707
300 BSB Bancorp, Inc........................ 7,446
300 Camden National Corp.................... 8,250
300 Capital City Bank Group, Inc............ 10,860
200 Cascade Bancorp......................... 3,466
300 CCBT Financial Cos, Inc................. 7,167
300 *Central Coast Bancorp.................. 5,031
100 Century Bancorp, Inc (Class A).......... 2,978
300 CFS Bancorp, Inc........................ 4,230
100 Charter Financial Corp.................. 2,825
900 Chemical Financial Corp................. 26,820
300 Citizens First Bancorp, Inc............. 6,552
100 City Bank............................... 2,706
1,500 City Holding Co......................... 43,905
100 Coastal Financial Corp.................. 1,291
200 Columbia Bancorp........................ 4,800
300 Columbia Bancorp (Oregon)............... 4,005
500 Columbia Banking System, Inc............ 8,955
5,100 Commercial Federal Corp................. 108,120
100 Community Bank of North Virginia........ 1,164
400 Community Bank System, Inc.............. 15,200
700 Community Trust Bancorp, Inc............ 18,298
300 Corus Bankshares, Inc................... 14,529
1,200 CVB Financial Corp...................... 23,424
700 Dime Community Bancshares............... 17,815
800 East West Bancorp, Inc.................. 28,912
200 EverTrust Financial Group, Inc.......... 4,598
200 Farmers Capital Bank Corp............... 6,386
500 Fidelity Bankshares, Inc................ 11,150
100 First Bell Bancorp, Inc................. 2,526
300 First Busey Corp (Class A).............. 7,272
1,100 First Charter Corp...................... 19,140
200 First Citizens Bancshares, Inc (Class
A).................................... 20,168
300 First Community Bancshares, Inc......... 10,590
600 First Federal Capital Corp.............. 11,910
1,200 First Financial Bancorp................. 19,200
500 First Financial Bankshares, Inc......... 16,730
200 First Financial Corp (Indiana).......... 10,580
500 First Financial Holdings, Inc........... 13,520
300 First National Corp..................... 7,398
100 First Of Long Island Corp............... 3,990
400 *First Republic Bank.................... 10,640
800 First Sentinel Bancorp, Inc............. 12,776
100 First South Bancorp, Inc................ 3,326
300 Firstfed America Bancorp, Inc........... 10,350
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
2,900 *FirstFed Financial Corp................ $ 102,341
1,100 Flagstar Bancorp, Inc................... 26,895
200 FloridaFirst Bancorp, Inc............... 4,772
300 Flushing Financial Corp................. 6,651
100 FMS Financial Corp...................... 1,640
200 FNB Corp (Virginia)..................... 5,414
603 Frontier Financial Corp................. 17,131
400 GA Financial, Inc....................... 10,060
200 Great Southern Bancorp, Inc............. 7,708
200 Greene County Bancshares, Inc........... 4,230
1,000 Hancock Holding Co...................... 47,060
800 Harbor Florida Bancshares, Inc.......... 19,168
700 Harleysville National Corp.............. 18,942
200 Heritage Financial Corp................. 4,234
500 Hudson River Bancorp, Inc............... 13,960
2,100 Humboldt Bancorp........................ 31,416
200 IberiaBank Corp......................... 9,760
400 Independent Bank Corp (Massachusetts)... 9,036
600 Independent Bank Corp (Michigan)........ 15,414
600 Integra Bank Corp....................... 10,326
600 Irwin Financial Corp.................... 15,540
600 *Itla Capital Corp...................... 24,258
200 Lakeland Financial Corp................. 6,076
700 MAF Bancorp, Inc........................ 25,949
210 MainSource Financial Group, Inc......... 5,118
100 Merchants Bancshares, Inc............... 2,600
1,800 Mid-State Bancshares.................... 35,550
200 MutualFirst Financial, Inc.............. 4,670
100 NASB Financial, Inc..................... 2,900
100 National Bankshares, Inc................ 3,931
200 NBC Capital Corp........................ 5,060
300 NBT Bancorp, Inc........................ 5,805
1,700 NetBank, Inc............................ 22,372
400 Northwest Bancorp, Inc.................. 6,400
200 OceanFirst Financial Corp............... 5,020
100 Old Second Bancorp, Inc................. 4,285
300 Omega Financial Corp.................... 10,260
100 Oneida Financial Corp................... 2,239
3,500 Pacific Capital Bancorp................. 122,675
700 Pacific Union Bank...................... 9,506
200 Parkvale Financial Corp................. 4,916
200 Partners Trust Financial Group, Inc..... 3,816
600 Pennfed Financial Services, Inc......... 16,650
200 Pennrock Financial Services Corp........ 5,402
200 Peoples Holding Co...................... 8,850
300 PFF Bancorp, Inc........................ 11,595
3,100 Provident Bankshares Corp............... 78,771
100 Provident Financial Holdings............ 2,934
1,900 Republic Bancorp, Inc................... 25,498
300 Republic Bancorp, Inc (Class A)
(Kentucky)............................ 4,449
206 Royal Bancshares Of Pennsylvania (Class
A).................................... 4,398
900 S & T Bancorp, Inc...................... 24,687
200 S.Y. Bancorp, Inc....................... 7,074
200 Santander Bancorp....................... 3,272
800 Seacoast Financial Services Corp........ 15,840
300 Second Bancorp, Inc..................... 7,740
4,600 *Silicon Valley Bancshares.............. 109,526
500 Simmons First National Corp (Class A)... 10,005
1,700 South Financial Group, Inc.............. 39,661
300 St. Francis Capital Corp................ 8,721
215 State Bancorp, Inc...................... 4,208
200 State Financial Services Corp (Class
A).................................... 4,428
5,700 Staten Island Bancorp, Inc.............. 111,036
</Table>
68 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
DEPOSITORY INSTITUTIONS--(CONTINUED)
400 Sterling Bancorp........................ $ 11,156
600 Sterling Financial Corp
(Pennsylvania)........................ 13,950
500 *Sterling Financial Corp (Spokane)...... 12,180
200 Summit Bancshares, Inc.................. 4,696
205 *Sun Bancorp, Inc (New Jersey).......... 4,080
800 Texas Regional Bancshares, Inc (Class
A).................................... 27,760
200 Troy Financial Corp..................... 5,430
700 Trust Co Of New Jersey.................. 21,210
400 U.S.B. Holding Co, Inc.................. 7,100
600 UMB Financial Corp...................... 25,440
1,000 Umpqua Holdings Corp.................... 18,990
300 Union Bankshares Corp................... 8,481
700 United Community Banks, Inc............. 17,486
1,100 United Community Financial Corp......... 10,164
800 Unizan Financial Corp................... 14,056
300 Virginia Financial Group, Inc........... 8,400
300 Warwick Community Bancorp............... 8,775
600 Wesbanco, Inc........................... 14,580
500 West Coast Bancorp...................... 9,100
100 West Essex Bancorp, Inc................. 3,506
200 WSFS Financial Corp..................... 7,680
-----------
TOTAL DEPOSITORY INSTITUTIONS 2,214,627
-----------
EATING AND DRINKING PLACES--1.64%
500 *AFC Enterprises, Inc................... 8,120
1,300 Bob Evans Farms, Inc.................... 35,919
100 *Champps Entertainment, Inc............. 502
1,700 *CKE Restaurants, Inc................... 9,503
400 *Dave & Buster's, Inc................... 4,360
4,700 *Jack In The Box, Inc................... 104,810
800 Landry's Restaurants, Inc............... 18,880
4,100 Lone Star Steakhouse & Saloon, Inc...... 89,257
100 *P.F. Chang's China Bistro, Inc......... 4,921
400 *Papa John's International, Inc......... 11,220
1,500 *Ryan's Family Steak Houses, Inc........ 21,000
4,100 *Sonic Corp............................. 104,263
800 *The Steak n Shake Co................... 12,200
-----------
TOTAL EATING AND DRINKING PLACES 424,955
-----------
EDUCATIONAL SERVICES--0.14%
300 *Learning Tree International, Inc....... 4,689
2,100 *Whitman Education Group................ 32,235
-----------
TOTAL EDUCATIONAL SERVICES 36,924
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--3.18%
4,600 *Allegheny Energy, Inc.................. 38,870
6,600 *Aquila, Inc............................ 17,028
1,600 Atmos Energy Corp....................... 39,680
1,700 Avista Corp............................. 24,055
3,700 Black Hills Corp........................ 113,590
500 California Water Service Group.......... 14,060
400 Cascade Natural Gas Corp................ 7,640
500 *Casella Waste Systems, Inc (Class A)... 4,515
3,100 Central Vermont Public Service Corp..... 60,605
500 CH Energy Group, Inc.................... 22,500
4,900 *CMS Energy Corp........................ 39,690
300 *Duratek, Inc........................... 2,349
1,300 Energen Corp............................ 43,290
700 Laclede Group, Inc...................... 18,760
600 MGE Energy, Inc......................... 18,900
1,800 New Jersey Resources Corp............... 63,900
900 Northwest Natural Gas Co................ 24,525
600 NUI Corp................................ 9,312
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
300 Otter Tail Corp......................... $ 8,094
500 Resource America, Inc (Class A)......... 5,175
1,100 Southwest Gas Corp...................... 23,298
2,300 UIL Holdings Corp....................... 93,265
1,000 Unisource Energy Corp................... 18,800
7,000 Westar Energy, Inc...................... 113,610
-----------
TOTAL ELECTRIC, GAS, AND SANITARY
SERVICES 825,511
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--8.34%
1,900 *Aeroflex, Inc.......................... 14,706
5,500 *Allen Telecom, Inc..................... 90,860
900 *Alliance Semiconductor Corp............ 4,356
800 *Anaren Microwave, Inc.................. 7,496
2,000 Applied Signal Technology, Inc.......... 33,740
16,400 *Arris Group, Inc....................... 81,344
600 *Artisan Components, Inc................ 13,566
1,000 *ATMI, Inc.............................. 24,970
2,000 *Avanex Corp............................ 8,000
4,800 Baldor Electric Co...................... 98,880
400 Bel Fuse, Inc (Class B)................. 9,160
900 *Benchmark Electronics, Inc............. 27,684
6,400 C&D Technologies, Inc................... 91,904
1,000 *Catapult Communications Corp........... 10,620
100 *ClearOne Communications, Inc........... 220
600 Cubic Corp.............................. 13,332
1,600 *DDI Corp............................... 112
1,400 *Diodes, Inc............................ 26,614
400 *Dupont Photomasks, Inc................. 7,532
1,000 *Electro Scientific Industries, Inc..... 15,160
400 *EMS Technologies, Inc.................. 5,232
200 *Energy Conversion Devices, Inc......... 1,820
1,900 *Entegris, Inc.......................... 25,536
9,600 *ESS Technology, Inc.................... 93,600
6,100 *FuelCell Energy, Inc................... 49,959
1,300 *Genlyte Group, Inc..................... 45,461
13,400 *GlobespanVirata, Inc................... 110,550
2,200 *Harmonic, Inc.......................... 8,954
900 Helix Technology Corp................... 11,907
2,000 *Hexcel Corp............................ 6,400
3,300 *Hutchinson Technology, Inc............. 108,537
4,000 *Inet Technologies, Inc................. 39,880
1,800 *InterVoice, Inc........................ 8,892
2,500 *Kopin Corp............................. 15,300
1,800 *Littelfuse, Inc........................ 40,248
500 LSI Industries, Inc..................... 5,550
2,700 *Mercury Computer Systems, Inc.......... 49,032
1,203 Methode Electronics, Inc (Class A)...... 12,932
100 *Metrologic Instruments, Inc............ 3,325
2,000 *Micrel, Inc............................ 20,780
1,000 *Microsemi Corp......................... 16,000
11,600 *Microtune, Inc......................... 37,120
500 *Moog, Inc (Class A).................... 17,375
1,200 *Mykrolis Corp.......................... 12,180
200 National Presto Industries, Inc......... 6,320
200 *New Focus, Inc......................... 748
2,000 *Oak Technology, Inc.................... 12,420
700 *Omnivision Technologies, Inc........... 21,840
1,000 *ON Semiconductor Corp.................. 2,700
3,400 *Oplink Communications, Inc............. 6,358
500 *Optical Communication Products, Inc.... 900
600 Park Electrochemical Corp............... 11,970
4,900 *Plantronics, Inc....................... 106,183
8,200 *Plexus Corp............................ 94,546
100 *Plug Power, Inc........................ 467
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 69
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED)
200 *Powell Industries, Inc................. $ 2,928
900 *Power Integrations, Inc................ 21,888
2,400 *Powerwave Technologies, Inc............ 15,048
4,400 *Proxim Corp (Class A).................. 6,424
1,200 *Rayovac Corp........................... 15,540
580 b*Read-Rite Corp........................ 38
200 Richardson Electronics Ltd.............. 1,620
600 *Rogers Corp............................ 19,980
1,600 *SBA Communications Corp................ 4,864
500 *SBS Technologies, Inc.................. 4,916
900 *Seachange International, Inc........... 8,586
7,300 *Semtech Corp........................... 103,952
1,600 *Siliconix, Inc......................... 57,760
100 *Sipex Corp............................. 490
5,000 *Skyworks Solutions, Inc................ 33,850
700 Smith (A.O.) Corp....................... 19,705
7,100 *Sonus Networks, Inc.................... 35,713
1,800 *Spectralink Corp....................... 17,784
400 *Standard Microsystems Corp............. 6,068
4,200 *Stoneridge, Inc........................ 57,330
3,000 *Stratex Networks, Inc.................. 9,600
100 *Suntron Corp........................... 282
300 *Supertex, Inc.......................... 5,511
1,400 *Technitrol, Inc........................ 21,070
2,400 *Terayon Communication Systems, Inc..... 6,552
1,500 *Thomas & Betts Corp.................... 21,675
800 *Three-Five Systems, Inc................ 5,520
100 *Trikon Technologies, Inc............... 362
4,800 *Triquint Semiconductor, Inc............ 19,968
1,200 *Turnstone Systems, Inc................. 3,012
500 *Universal Display Corp................. 4,460
500 *Universal Electronics, Inc............. 6,340
700 *Vicor Corp............................. 6,720
700 *Wilson Greatbatch Technologies, Inc.... 25,270
400 Woodhead Industries, Inc................ 5,008
-----------
TOTAL ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT............................. 2,167,112
-----------
ENGINEERING AND MANAGEMENT SERVICES--2.82%
500 *aaiPharma, Inc......................... 9,940
2,600 *Applera Corp (Celera Genomics Group)... 26,832
300 *Charles River Associates, Inc.......... 8,481
3,300 *Cornell Cos, Inc....................... 49,962
6,500 *Covance, Inc........................... 117,650
1,500 *CuraGen Corp........................... 8,325
1,000 *CV Therapeutics, Inc................... 29,660
200 *Deltagen, Inc.......................... 26
3,700 *Digitas, Inc........................... 18,352
700 *Diversa Corp........................... 6,881
1,500 *Exelixis, Inc.......................... 10,410
500 *Forrester Research, Inc................ 8,180
2,800 *Gartner, Inc (Class A)................. 21,224
1,100 *Gene Logic, Inc........................ 6,567
2,200 *Genencor International, Inc............ 36,234
700 *Gen-Probe, Inc......................... 28,609
600 *Kosan Biosciences, Inc................. 3,540
300 Landauer, Inc........................... 12,549
1,100 *Lexicon Genetics, Inc.................. 7,381
3,100 *MAXIMUS, Inc........................... 85,653
800 *Maxygen, Inc........................... 8,776
500 *Neopharm, Inc.......................... 6,925
300 *Newtek Business Services, Inc.......... 1,593
1,000 *Per-Se Technologies, Inc............... 11,230
900 *Pharmacopeia, Inc...................... 7,425
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
1,000 *Repligen Corp.......................... $ 5,180
600 *Right Management Consultants, Inc...... 7,590
2,100 *Savient Pharmaceuticals, Inc........... 9,744
500 *Sourcecorp............................. 10,800
800 *Symyx Technologies, Inc................ 13,056
1,800 *Tetra Tech, Inc........................ 30,834
12,400 *U.S. Oncology, Inc..................... 91,636
600 *URS Corp............................... 11,676
900 *Washington Group International, Inc.... 19,764
-----------
TOTAL ENGINEERING AND MANAGEMENT
SERVICES 732,685
-----------
ENVIRONMENTAL QUALITY AND HOUSING--0.00%
1,200 *Cadiz, Inc............................. 162
-----------
TOTAL ENVIRONMENTAL QUALITY AND HOUSING 162
-----------
EXECUTIVE, LEGISLATIVE AND GENERAL--0.00%
200 *Omega Protein Corp..................... 1,020
-----------
TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL 1,020
-----------
FABRICATED METAL PRODUCTS--0.73%
300 *Gulf Island Fabrication, Inc........... 5,076
3,400 Material Sciences Corp.................. 32,980
3,200 *Raytech Corp........................... 13,600
6,700 *Shaw Group, Inc........................ 80,735
300 *SPS Technologies, Inc.................. 8,112
2,000 *Tower Automotive, Inc.................. 7,320
2,100 Valmont Industries, Inc................. 40,866
-----------
TOTAL FABRICATED METAL PRODUCTS 188,689
-----------
FOOD AND KINDRED PRODUCTS--1.19%
500 *American Italian Pasta Co (Class A).... 20,825
900 *Aurora Foods, Inc...................... 315
4,300 *Boston Beer Co, Inc (Class A).......... 61,920
100 Corn Products International, Inc........ 3,003
1,200 Flowers Foods, Inc...................... 23,712
700 *J & J Snack Foods Corp................. 22,141
100 *National Beverage Corp................. 1,390
500 Pilgrim's Pride Corp (Class B).......... 4,835
4,000 *Ralcorp Holdings, Inc.................. 99,840
200 Riviana Foods, Inc...................... 5,382
300 *Robert Mondavi Corp (Class A).......... 7,593
600 Sanderson Farms, Inc.................... 16,860
1,400 Sensient Technologies Corp.............. 32,186
1,100 Topps Co, Inc........................... 9,449
-----------
TOTAL FOOD AND KINDRED PRODUCTS 309,451
-----------
FOOD STORES--0.52%
3,800 *7-Eleven, Inc.......................... 40,090
100 *Arden Group, Inc (Class A)............. 5,900
500 *Great Atlantic & Pacific Tea Co, Inc... 4,400
300 Ingles Markets, Inc (Class A)........... 3,030
200 *Pantry, Inc............................ 1,578
1,000 *Pathmark Stores, Inc................... 7,650
300 b*Penn Traffic Co....................... 60
1,200 Ruddick Corp............................ 18,864
1,700 Weis Markets, Inc....................... 52,734
-----------
TOTAL FOOD STORES 134,306
-----------
FURNITURE AND FIXTURES--0.21%
400 Bassett Furniture Industries, Inc....... 5,312
1,700 Kimball International, Inc (Class B).... 26,520
800 Stanley Furniture Co, Inc............... 21,928
-----------
TOTAL FURNITURE AND FIXTURES 53,760
-----------
</Table>
70 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
FURNITURE AND HOMEFURNISHINGS STORES--0.40%
3,900 *Electronics Boutique Holdings Corp..... $ 90,129
400 *EUniverse, Inc......................... 1,448
700 *Intertan, Inc.......................... 5,740
200 *Rex Stores Corp........................ 2,422
400 *Ultimate Electronics, Inc.............. 5,128
-----------
TOTAL FURNITURE AND HOMEFURNISHINGS
STORES 104,867
-----------
GENERAL BUILDING CONTRACTORS--0.53%
500 *Beazer Homes U.S.A., Inc............... 41,750
400 M/I Schottenstein Homes, Inc............ 17,072
1,100 *Palm Harbor Homes, Inc................. 20,834
1,300 *Perini Corp............................ 10,335
1,200 Standard-Pacific Corp................... 39,792
100 *Technical Olympic U.S.A., Inc.......... 2,363
200 *William Lyon Homes, Inc................ 6,370
-----------
TOTAL GENERAL BUILDING CONTRACTORS 138,516
-----------
GENERAL MERCHANDISE STORES--0.45%
2,500 *BJ's Wholesale Club, Inc............... 37,650
300 *Brookstone, Inc........................ 6,075
1,600 Casey's General Stores, Inc............. 22,624
3,500 *ShopKo Stores, Inc..................... 45,500
700 *Stein Mart, Inc........................ 4,193
-----------
TOTAL GENERAL MERCHANDISE STORES 116,042
-----------
HEALTH SERVICES--1.68%
1,700 *Accredo Health, Inc.................... 37,060
600 *Amsurg Corp............................ 18,300
3,300 *Beverly Enterprises, Inc............... 11,550
2,000 *Chronimed, Inc......................... 19,660
200 *Corvel Corp............................ 7,200
700 *Cross Country Healthcare, Inc.......... 9,233
1 *Dynacq International, Inc.............. 14
4,140 *Enzo Biochem, Inc...................... 89,093
4,000 *Genesis Health Ventures, Inc........... 70,600
600 *Impath, Inc............................ 8,484
800 *MIM Corp............................... 5,224
200 *National Healthcare Corp............... 3,936
3,200 *Pediatrix Medical Group, Inc........... 114,080
1,700 *Province Healthcare Co................. 18,819
600 *RehabCare Group, Inc................... 8,790
600 *Sunrise Senior Living, Inc............. 13,428
-----------
TOTAL HEALTH SERVICES 435,471
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.05%
800 *Insituform Technologies, Inc (Class
A).................................... 14,144
-----------
TOTAL HEAVY CONSTRUCTION, EXCEPT
BUILDING 14,144
-----------
HOLDING AND OTHER INVESTMENT OFFICES--8.52%
500 Acadia Realty Trust..................... 4,575
900 Amcore Financial, Inc................... 20,952
2,000 American Mortgage Acceptance Co......... 34,720
100 *American Realty Investors, Inc......... 1,225
3,200 AMLI Residential Properties Trust....... 75,360
600 Associated Estates Realty Corp.......... 3,942
500 Bedford Property Investors, Inc......... 14,200
900 Brandywine Realty Trust................. 22,158
2,100 Brookline Bancorp, Inc.................. 29,400
100 BRT Realty Trust........................ 1,590
700 Chateau Communities, Inc................ 20,713
1,300 Commercial Net Lease Realty, Inc........ 22,412
315 Community Banks, Inc.................... 9,368
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
1,300 Community First Bankshares, Inc......... $ 35,490
1,300 Connecticut Bancshares, Inc............. 51,025
300 Correctional Properties Trust........... 8,400
7,600 Crown American Realty Trust............. 81,624
600 Eastgroup Properties, Inc............... 16,200
600 Entertainment Properties Trust.......... 17,250
1,500 Equity Inns, Inc........................ 10,350
5,800 Equity One, Inc......................... 95,120
400 F & M Bancorp........................... 19,728
1,800 *FelCor Lodging Trust, Inc.............. 14,130
200 First Defiance Financial Corp........... 3,968
400 First Indiana Corp...................... 6,848
1,400 First Industrial Realty Trust, Inc...... 44,240
2,400 First Niagara Financial Group, Inc...... 33,504
400 First Place Financial Corp.............. 6,928
2,200 Fremont General Corp.................... 30,140
900 Gables Residential Trust................ 27,207
300 German American Bancorp................. 5,235
300 Gladstone Capital Corp.................. 6,189
1,900 Greater Bay Bancorp..................... 39,026
4,000 Health Care REIT, Inc................... 122,000
200 Highwoods Properties, Inc............... 4,460
1,000 Home Properties Of New York, Inc........ 35,240
6,400 IMPAC Mortgage Holdings, Inc............ 106,816
1,462 iShares Russell 2000 Index Fund......... 129,972
700 Keystone Property Trust................. 12,957
900 Kilroy Realty Corp...................... 24,750
700 Koger Equity, Inc....................... 12,061
800 Kramont Realty Trust.................... 13,200
5,000 *La Quinta Corp......................... 21,550
1,100 Lexington Corporate Properties Trust.... 19,470
3,100 *Local Financial Corp................... 44,764
600 Mid-America Apartment Communities,
Inc................................... 16,206
800 National Health Investors, Inc.......... 14,752
2,100 Nationwide Health Properties, Inc....... 33,453
1,700 Novastar Financial, Inc................. 101,575
2,000 Oriental Financial Group, Inc........... 51,380
200 Port Financial Corp..................... 10,776
1,100 Post Properties, Inc.................... 29,150
1,100 Prentiss Properties Trust............... 32,989
200 *Quaker City Bancorp, Inc............... 8,210
3,600 RAIT Investment Trust................... 95,400
600 Ramco-Gershenson Properties............. 13,980
1,800 Reckson Associates Realty Corp.......... 37,548
1,100 RFS Hotel Investors, Inc................ 13,552
500 Sandy Spring Bancorp, Inc............... 15,800
400 Saul Centers, Inc....................... 10,240
1,600 Senior Housing Properties Trust......... 21,696
400 Sizeler Property Investors.............. 4,100
400 Suffolk Bancorp......................... 12,880
500 Sun Communities, Inc.................... 19,650
900 Superior Financial Corp................. 21,600
1,400 Susquehanna Bancshares, Inc............. 32,690
2,500 Tanger Factory Outlet Centers, Inc...... 82,700
1,600 Taubman Centers, Inc.................... 30,656
300 Tompkins Trustco, Inc................... 13,395
500 Town & Country Trust.................... 11,625
100 *Transcontinental Realty Investors,
Inc................................... 1,470
2,900 U.S. Restaurant Properties, Inc......... 45,530
400 Universal Health Realty Income Trust.... 10,800
100 Ventas, Inc............................. 1,515
1,300 Washington Real Estate Investment
Trust................................. 35,360
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 71
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED)
1,000 Waypoint Financial Corp................. $ 18,040
200 Westfield Financial, Inc................ 3,762
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 2,212,937
-----------
HOTELS AND OTHER LODGING PLACES--0.59%
900 *Boca Resorts, Inc (Class A)............ 11,700
5,700 *Boyd Gaming Corp....................... 98,382
700 *Choice Hotels International, Inc....... 19,117
700 Marcus Corp............................. 10,465
800 *Pinnacle Entertainment, Inc............ 5,440
1,300 *Prime Hospitality Corp................. 8,723
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 153,827
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--5.83%
300 *Aaon, Inc.............................. 5,556
9,700 *Advanced Digital Information Corp...... 96,903
200 Alamo Group, Inc........................ 2,444
200 Ampco-Pittsburgh Corp................... 2,680
500 *Astec Industries, Inc.................. 4,360
2,700 Black Box Corp.......................... 97,740
1,300 *Blount International, Inc.............. 7,410
2,300 Briggs & Stratton Corp.................. 116,150
1,300 *Brooks Automation, Inc................. 14,742
400 Cascade Corp............................ 6,960
2,500 *Cirrus Logic, Inc...................... 10,050
11,600 *Computer Network Technology Corp....... 93,960
16,700 *Concurrent Computer Corp............... 48,764
500 *Cuno, Inc.............................. 18,060
1,200 *Cymer, Inc............................. 38,412
200 *Dril-Quip, Inc......................... 3,640
1,700 *Electronics For Imaging, Inc........... 34,493
400 Engineered Support Systems, Inc......... 16,740
3,700 *EnPro Industries, Inc.................. 39,553
800 *Esterline Technologies Corp............ 13,928
800 *FalconStor Software, Inc............... 5,352
1,700 *Flowserve Corp......................... 33,439
600 *Gardner Denver, Inc.................... 12,276
7,800 *Gateway, Inc........................... 28,470
200 *General Binding Corp................... 2,400
900 *Global Power Equipment Group, Inc...... 4,185
300 Gorman-Rupp Co.......................... 7,200
2,100 *Handspring, Inc........................ 2,373
900 *Hypercom Corp.......................... 3,735
1,000 IDEX Corp............................... 36,240
1,800 *Iomega Corp............................ 19,080
1,600 JLG Industries, Inc..................... 10,880
400 *Kadant, Inc............................ 7,500
1,000 Kaydon Corp............................. 20,800
1,800 *Kulicke & Soffa Industries, Inc........ 11,502
1,600 Lennox International, Inc............... 20,592
1,200 Lincoln Electric Holdings, Inc.......... 24,492
200 Lufkin Industries, Inc.................. 4,870
100 *Mestek, Inc............................ 1,800
600 *Micros Systems, Inc.................... 19,788
2,800 Modine Manufacturing Co................. 54,236
200 Nacco Industries, Inc (Class A)......... 11,788
500 *Omnicell, Inc.......................... 5,120
1,300 *Palm, Inc.............................. 21,151
1,000 *Paxar Corp............................. 11,000
3,600 *Presstek, Inc.......................... 22,428
900 *ProQuest Co............................ 23,220
5,100 *Quantum Corp........................... 20,655
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
4,300 *Rainbow Technologies, Inc.............. $ 36,163
36,700 *Riverstone Networks, Inc............... 43,306
1,000 Sauer-Danfoss, Inc...................... 10,750
300 Schawk, Inc............................. 3,144
600 *Semitool, Inc.......................... 2,958
4,800 *Sigma Designs, Inc..................... 52,128
300 *Simpletech, Inc........................ 1,203
400 Standex International Corp.............. 8,400
1,000 Stewart & Stevenson Services, Inc....... 15,750
300 Tennant Co.............................. 11,025
2,800 Toro Co................................. 111,300
700 *Ultratech, Inc......................... 12,943
1,700 *UNOVA, Inc............................. 18,870
800 *Veeco Instruments, Inc................. 13,624
500 Woodward Governor Co.................... 21,500
1,400 York International Corp................. 32,760
-----------
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 1,514,941
-----------
INSTRUMENTS AND RELATED PRODUCTS--6.03%
1,000 *Aksys Ltd.............................. 12,950
300 Analogic Corp........................... 14,628
400 Arrow International, Inc................ 17,660
600 *Arthrocare Corp........................ 10,056
300 *Aspect Medical Systems, Inc............ 2,214
400 BEI Technologies, Inc................... 4,800
1 *Britesmile, Inc........................ 26
600 *Bruker AXS, Inc........................ 1,842
400 *Bruker Daltonics, Inc.................. 2,132
1,900 *Cardiac Science, Inc................... 5,092
200 *Closure Medical Corp................... 3,776
4,700 *Cognex Corp............................ 105,045
1,100 *Coherent, Inc.......................... 26,048
800 Cohu, Inc............................... 12,480
400 *Cole National Corp..................... 5,008
1,100 Cooper Cos, Inc......................... 38,247
700 *Cyberonics, Inc........................ 15,057
11,300 *Cytyc Corp............................. 118,876
400 Datascope Corp.......................... 11,876
600 *Dionex Corp............................ 23,850
200 *DJ Orthopedics, Inc.................... 2,192
600 EDO Corp................................ 10,620
400 *ESCO Technologies, Inc................. 17,600
300 *Excel Technology, Inc.................. 6,849
900 *FEI Co................................. 16,884
600 *Haemonetics Corp....................... 11,220
700 *Hanger Orthopedic Group, Inc........... 8,015
400 *Herley Industries, Inc................. 6,792
400 *ICU Medical, Inc....................... 12,460
400 *Ii-Vi, Inc............................. 9,232
3,600 *Integra LifeSciences Holding........... 94,968
600 *Interpore International................ 7,638
900 Invacare Corp........................... 29,700
600 *Ionics, Inc............................ 13,422
700 *Itron, Inc............................. 15,092
400 Keithley Instruments, Inc............... 5,780
5,500 Mentor Corp............................. 106,590
400 *Micro Therapeutics, Inc................ 1,696
200 Mine Safety Appliances Co............... 8,724
3,000 *Molecular Devices Corp................. 47,730
300 Movado Group, Inc....................... 6,525
2,800 MTS Systems Corp........................ 41,272
600 *Novoste Corp........................... 3,600
900 *Oakley, Inc............................ 10,593
600 *Osteotech, Inc......................... 8,154
</Table>
72 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED)
600 *Photon Dynamics, Inc................... $ 16,578
600 *Possis Medical, Inc.................... 8,232
200 *Retractable Technologies, Inc.......... 1,698
100 *Rita Medical Systems, Inc.............. 350
1,000 Roper Industries, Inc................... 37,200
500 *SonoSite, Inc.......................... 9,975
5,700 *Staar Surgical Co...................... 66,120
1,400 *Sybron Dental Specialties, Inc......... 33,040
200 Sypris Solutions, Inc................... 2,066
4,000 *Techne Corp............................ 121,360
1,000 *Theragenics Corp....................... 4,300
7,300 *Thoratec Corp.......................... 108,770
800 *TriPath Imaging, Inc................... 5,464
1,100 *Varian, Inc............................ 38,137
400 *Ventana Medical Systems, Inc........... 10,872
900 *Viasys Healthcare, Inc................. 18,630
5,900 *Visx, Inc.............................. 102,365
200 Vital Signs, Inc........................ 5,192
1,200 *Vivus, Inc............................. 6,168
600 *Wright Medical Group, Inc.............. 11,400
700 X-Rite, Inc............................. 6,937
100 *Young Innovations, Inc................. 2,850
300 *Zoll Medical Corp...................... 10,068
600 *Zygo Corp.............................. 4,800
-----------
TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,567,583
-----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.03%
500 *Clark, Inc............................. 5,975
400 Crawford & Co (Class B)................. 1,964
-----------
TOTAL INSURANCE AGENTS, BROKERS AND
SERVICE 7,939
-----------
INSURANCE CARRIERS--3.37%
1,900 *Allmerica Financial Corp............... 34,181
300 *American Physicians Capital, Inc....... 7,275
700 *AMERIGROUP Corp........................ 26,040
4,200 AmerUs Group Co......................... 118,398
500 *Argonaut Group, Inc.................... 6,165
300 Baldwin & Lyons, Inc (Class B).......... 7,125
600 *CNA Surety Corp........................ 5,910
2,900 Commerce Group, Inc..................... 104,980
100 Donegal Group, Inc...................... 1,352
100 EMC Insurance Group, Inc................ 1,855
100 *Enstar Group, Inc...................... 3,941
200 Great American Financial Resources,
Inc................................... 2,622
100 Independence Holding Co................. 2,111
100 Kansas City Life Insurance Co........... 4,284
2,300 Landamerica Financial Group, Inc........ 109,250
300 Midland Co.............................. 6,663
100 *National Western Life Insurance Co
(Class A)............................. 11,043
100 *Navigators Group, Inc.................. 2,982
100 NYMAGIC, Inc............................ 2,026
600 *Philadelphia Consolidated Holding
Corp.................................. 24,240
3,400 Phoenix Cos, Inc........................ 30,702
200 *Pico Holdings, Inc..................... 2,600
800 PMA Capital Corp (Class A).............. 10,056
900 *ProAssurance Corp...................... 24,291
4,600 *Sierra Health Services, Inc............ 92,000
500 State Auto Financial Corp............... 11,225
3,200 *Stewart Information Services Corp...... 89,120
294 *Triad Guaranty, Inc.................... 11,157
6,500 *UICI................................... 97,955
300 United Fire & Casualty Co............... 9,747
800 *Universal American Financial Corp...... 5,096
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
300 Zenith National Insurance Corp.......... $ 8,550
-----------
TOTAL INSURANCE CARRIERS 874,942
-----------
LEATHER AND LEATHER PRODUCTS--0.50%
3,200 Brown Shoe Co, Inc...................... 95,360
500 *Maxwell Shoe Co, Inc (Class A)......... 7,200
1,400 Wolverine World Wide, Inc............... 26,964
-----------
TOTAL LEATHER AND LEATHER PRODUCTS 129,524
-----------
LEGAL SERVICES--0.32%
3,400 *Pre-Paid Legal Services, Inc........... 83,402
-----------
TOTAL LEGAL SERVICES 83,402
-----------
LUMBER AND WOOD PRODUCTS--0.16%
500 American Woodmark Corp.................. 23,280
300 Deltic Timber Corp...................... 8,535
300 *Modtech Holdings, Inc.................. 2,757
200 Skyline Corp............................ 6,000
-----------
TOTAL LUMBER AND WOOD PRODUCTS 40,572
-----------
METAL MINING--0.05%
600 Royal Gold, Inc......................... 12,894
-----------
TOTAL METAL MINING 12,894
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--1.03%
8,000 Callaway Golf Co........................ 105,760
500 *Daktronics, Inc........................ 8,175
900 *Jakks Pacific, Inc..................... 11,961
800 *K2, Inc................................ 9,800
7,300 Nautilus Group, Inc..................... 90,520
500 Oneida Ltd.............................. 3,375
400 Penn Engineering & Manufacturing Corp... 5,460
300 Russ Berrie & Co, Inc................... 10,953
600 *Shuffle Master, Inc.................... 17,634
200 *Steinway Musical Instruments, Inc...... 3,080
-----------
TOTAL MISCELLANEOUS MANUFACTURING
INDUSTRIES 266,718
-----------
MISCELLANEOUS RETAIL--1.68%
200 Blair Corp.............................. 4,440
6,800 Cash America International, Inc......... 89,896
800 *Duane Reade, Inc....................... 11,800
200 *Finlay Enterprises, Inc................ 3,310
100 *FTD, Inc (Class A)..................... 2,018
200 *Galyans Trading Co, Inc................ 2,868
500 Hancock Fabrics, Inc.................... 8,075
500 *Jo-Ann Stores, Inc (Class A)........... 12,650
5,600 Longs Drug Stores Corp.................. 92,960
4,200 *Overstock.com, Inc..................... 60,942
200 *PC Connection, Inc..................... 1,360
2,400 *Priceline.com, Inc..................... 53,736
4,000 *Stamps.com, Inc........................ 19,200
100 *Summit America Television, Inc......... 289
300 *Systemax, Inc.......................... 1,020
1,200 *The Sports Authority, Inc.............. 12,840
600 *Valuevision International, Inc (Class
A).................................... 8,178
400 *Whitehall Jewellers, Inc............... 3,628
1,200 *Zale Corp.............................. 48,000
-----------
TOTAL MISCELLANEOUS RETAIL 437,210
-----------
MOTION PICTURES--0.49%
200 *Ascent Media Group, Inc................ 248
1,900 *Hollywood Entertainment Corp........... 32,680
3,700 *NetFlix, Inc........................... 94,535
-----------
TOTAL MOTION PICTURES 127,463
-----------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 73
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
NONDEPOSITORY INSTITUTIONS--1.51%
300 *Accredited Home Lenders Holding Co..... $ 5,886
300 Advanta Corp (Class A).................. 2,952
1,500 Charter Municipal Mortgage Acceptance
Co.................................... 28,515
6,900 *CompuCredit Corp....................... 83,835
500 *Credit Acceptance Corp................. 5,045
300 *Federal Agricultural Mortgage Corp
(Class C)............................. 6,705
800 MCG Capital Corp........................ 11,600
8,600 Metris Cos, Inc......................... 47,730
2,500 New Century Financial Corp.............. 109,125
1,000 *Saxon Capital, Inc..................... 17,380
100 *United PanAm Financial Corp............ 1,224
400 Westcorp................................ 11,200
100 *WFS Financial, Inc..................... 3,351
3,500 *World Acceptance Corp.................. 56,980
-----------
TOTAL NONDEPOSITORY INSTITUTIONS 391,528
-----------
NONMETALLIC MINERALS, EXCEPT FUELS--0.07%
2,400 Amcol International Corp................ 19,200
-----------
TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 19,200
-----------
OIL AND GAS EXTRACTION--2.98%
300 *Atwood Oceanics, Inc................... 8,145
600 Berry Petroleum Co (Class A)............ 10,770
3,600 Cabot Oil & Gas Corp (Class A).......... 99,396
1,500 *Cimarex Energy Co...................... 35,625
100 *Clayton Williams Energy, Inc........... 1,846
300 *Encore Acquisition Co.................. 5,745
100 *Exploration Co Of Delaware, Inc........ 448
16,400 *Global Industries Ltd.................. 79,048
6,100 *Grey Wolf, Inc......................... 24,644
1,900 *Hanover Compressor Co.................. 21,470
1,300 *Harvest Natural Resources, Inc......... 8,281
4,200 *McMoRan Exploration Co................. 46,788
1,300 *Meridian Resource Corp................. 6,149
100 *North Coast Energy, Inc................ 928
600 *Nuevo Energy Co........................ 10,470
3,800 *Oceaneering International, Inc......... 97,090
3,500 Patina Oil & Gas Corp................... 112,525
300 Penn Virginia Corp...................... 12,900
200 *Petrocorp, Inc......................... 2,230
1,400 *Petroleum Development Corp............. 12,866
200 *Petroquest Energy, Inc................. 470
1,000 *Plains Exploration & Production Co..... 10,810
300 *Prima Energy Corp...................... 6,264
300 RPC, Inc................................ 3,300
600 *Seacor Smit, Inc....................... 21,894
1,000 St. Mary Land & Exploration Co.......... 27,300
600 *Stone Energy Corp...................... 25,152
1,700 *Superior Energy Services, Inc.......... 16,116
100 *Syntroleum Corp........................ 266
500 *Tetra Technologies, Inc................ 14,825
1,100 *Tom Brown, Inc......................... 30,569
1,300 *Transmontaigne, Inc.................... 8,424
1,100 *Veritas DGC, Inc....................... 12,650
-----------
TOTAL OIL AND GAS EXTRACTION 775,404
-----------
PAPER AND ALLIED PRODUCTS--0.42%
900 *Caraustar Industries, Inc.............. 7,209
800 *Graphic Packaging International Corp... 3,608
500 Greif, Inc (Class A).................... 11,500
1,800 Longview Fibre Co....................... 14,760
600 Pope & Talbot, Inc...................... 6,630
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
900 Potlatch Corp........................... $ 23,175
1,700 Schweitzer-Mauduit International, Inc... 41,038
-----------
TOTAL PAPER AND ALLIED PRODUCTS 107,920
-----------
PERSONAL SERVICES--0.15%
1,300 *Alderwoods Group, Inc.................. 7,098
800 *Coinstar, Inc.......................... 15,088
600 G & K Services, Inc (Class A)........... 17,760
-----------
TOTAL PERSONAL SERVICES 39,946
-----------
PETROLEUM AND COAL PRODUCTS--0.49%
5,900 Frontier Oil Corp....................... 89,680
900 *Headwaters, Inc........................ 13,221
400 Holly Corp.............................. 11,040
2,100 *Tesoro Petroleum Corp.................. 14,448
-----------
TOTAL PETROLEUM AND COAL PRODUCTS 128,389
-----------
PRIMARY METAL INDUSTRIES--0.84%
3,500 *AK Steel Holding Corp.................. 12,670
200 Allegheny Technologies, Inc............. 1,320
3,900 *Brush Engineered Materials, Inc........ 32,565
1,900 *CommScope, Inc......................... 18,050
300 Curtiss-Wright Corp..................... 18,960
400 *Encore Wire Corp....................... 3,800
2,300 *General Cable Corp..................... 12,420
900 *Lone Star Technologies, Inc............ 19,062
1,500 *Maverick Tube Corp..................... 28,725
400 NN, Inc................................. 5,064
500 *NS Group, Inc.......................... 4,875
600 Quanex Corp............................. 17,832
700 *RTI International Metals, Inc.......... 7,581
800 Ryerson Tull, Inc....................... 7,024
200 Schnitzer Steel Industries, Inc (Class
A).................................... 8,824
800 Texas Industries, Inc................... 19,040
-----------
TOTAL PRIMARY METAL INDUSTRIES 217,812
-----------
PRINTING AND PUBLISHING--1.37%
2,200 *American Greetings Corp (Class A)...... 43,208
800 Banta Corp.............................. 25,896
1,200 Bowne & Co, Inc......................... 15,636
400 *Consolidated Graphics, Inc............. 9,152
100 CSS Industries, Inc..................... 3,855
600 Ennis Business Forms, Inc............... 8,730
4,000 Harland (John H.) Co.................... 104,640
8,500 Hollinger International, Inc............ 91,545
1,100 *Journal Register Co.................... 19,899
400 New England Business Services, Inc...... 12,000
200 Pulitzer, Inc........................... 9,884
400 Standard Register Co.................... 6,592
300 *Thomas Nelson, Inc..................... 3,750
-----------
TOTAL PRINTING AND PUBLISHING 354,787
-----------
RAILROAD TRANSPORTATION--0.05%
500 Florida East Coast Industries, Inc
(Class A)............................. 12,775
-----------
TOTAL RAILROAD TRANSPORTATION 12,775
-----------
REAL ESTATE--0.18%
700 LNR Property Corp....................... 26,180
100 *Orleans Homebuilders, Inc.............. 1,070
3,500 *Stewart Enterprises, Inc (Class A)..... 15,050
100 United Capital Corp..................... 3,480
-----------
TOTAL REAL ESTATE 45,780
-----------
</Table>
74 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS--0.68%
400 *Applied Films Corp..................... $ 10,352
400 Bandag, Inc............................. 14,908
200 Cooper Tire & Rubber Co................. 3,518
5,400 *Goodyear Tire & Rubber Co.............. 28,350
200 Quixote Corp............................ 5,106
5,100 Schulman (A.), Inc...................... 81,906
1,900 Tupperware Corp......................... 27,284
600 *Vans, Inc.............................. 5,388
-----------
TOTAL RUBBER AND MISCELLANEOUS PLASTICS
PRODUCTS 176,812
-----------
SECURITY AND COMMODITY BROKERS--0.46%
800 *Affiliated Managers Group, Inc......... 48,760
1,400 First Albany Cos, Inc................... 17,402
1,700 *Investment Technology Group, Inc....... 31,620
2,600 *Knight Trading Group, Inc.............. 16,172
600 *SoundView Technology Group, Inc........ 6,072
-----------
TOTAL SECURITY AND COMMODITY BROKERS 120,026
-----------
SPECIAL TRADE CONTRACTORS--0.29%
1,700 *Dycom Industries, Inc.................. 27,710
500 *EMCOR Group, Inc....................... 24,680
1,100 *Integrated Electrical Services, Inc.... 7,975
400 Roto-Rooter, Inc........................ 15,256
-----------
TOTAL SPECIAL TRADE CONTRACTORS 75,621
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.99%
2,800 Ameron International Corp............... 97,356
800 Apogee Enterprises, Inc................. 7,216
700 *Cabot Microelectronics Corp............ 35,329
200 Centex Construction Products, Inc....... 8,018
400 Libbey, Inc............................. 9,080
5,300 b*USG Corp.............................. 100,700
-----------
TOTAL STONE, CLAY, AND GLASS PRODUCTS 257,699
-----------
TEXTILE MILL PRODUCTS--0.08%
100 *Hampshire Group Ltd.................... 2,984
3,600 *Interface, Inc (Class A)............... 16,704
-----------
TOTAL TEXTILE MILL PRODUCTS 19,688
-----------
TOBACCO PRODUCTS--0.15%
900 Universal Corp.......................... 38,070
-----------
TOTAL TOBACCO PRODUCTS 38,070
-----------
TRANSPORTATION BY AIR--1.09%
1,700 Airborne, Inc........................... 35,530
800 *Alaska Air Group, Inc.................. 17,160
8,700 *America West Holdings Corp (Class B)... 59,160
5,600 *AMR Corp............................... 61,600
1,100 *ExpressJet Holdings, Inc............... 16,610
400 *Forward Air Corp....................... 10,148
4,600 *Mesa Air Group, Inc.................... 36,800
300 *Mesaba Holdings, Inc................... 1,851
2,200 *Northwest Airlines Corp................ 24,838
700 *Offshore Logistics, Inc................ 15,225
100 *Petroleum Helicopters (Vote)........... 3,155
1,400 b*UAL Corp.............................. 1,099
-----------
TOTAL TRANSPORTATION BY AIR 283,176
-----------
TRANSPORTATION EQUIPMENT--1.10%
1,900 Arctic Cat, Inc......................... 36,404
900 Clarcor, Inc............................ 34,695
500 Coachmen Industries, Inc................ 5,975
200 *Ducommun, Inc.......................... 2,820
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
400 *Fairchild Corp (Class A)............... $ 1,612
1,300 *Fleetwood Enterprises, Inc............. 9,620
1,100 GenCorp, Inc............................ 9,779
600 *Greenbrier Cos, Inc.................... 6,510
500 Heico Corp.............................. 6,100
800 Kaman Corp (Class A).................... 9,352
200 Marine Products Corp.................... 2,170
500 Oshkosh Truck Corp...................... 29,660
100 *Sequa Corp (Class A)................... 3,430
1,300 *Sports Resorts International, Inc...... 6,344
200 Standard Motor Products, Inc............ 2,220
300 *Strattec Security Corp................. 15,960
1,200 *Teledyne Technologies, Inc............. 15,720
1,300 Trinity Industries, Inc................. 24,063
4,700 Visteon Corp............................ 32,289
1,100 Wabtec Corp............................. 15,301
400 Winnebago Industries, Inc............... 15,160
-----------
TOTAL TRANSPORTATION EQUIPMENT 285,184
-----------
TRANSPORTATION SERVICES--0.46%
200 *Ambassadors Group, Inc................. 2,794
6,000 *EGL, Inc............................... 91,200
1,500 GATX Corp............................... 24,525
-----------
TOTAL TRANSPORTATION SERVICES 118,519
-----------
TRUCKING AND WAREHOUSING--0.80%
800 Arkansas Best Corp...................... 19,032
300 *Covenant Transport, Inc (Class A)...... 5,100
1,100 *Heartland Express, Inc................. 24,475
1,800 *Landstar System, Inc................... 113,130
400 Roadway Corp............................ 11,412
500 *SCS Transportation, Inc................ 6,315
200 *U.S. Xpress Enterprises, Inc (Class
A).................................... 2,132
1,000 USF Corp................................ 26,970
-----------
TOTAL TRUCKING AND WAREHOUSING 208,566
-----------
WATER TRANSPORTATION--0.33%
1,500 Alexander & Baldwin, Inc................ 39,795
500 *Gulfmark Offshore, Inc................. 8,440
700 *Kirby Corp............................. 19,740
600 Overseas Shipholding Group, Inc......... 13,206
400 *Seabulk International, Inc............. 3,548
-----------
TOTAL WATER TRANSPORTATION 84,729
-----------
WHOLESALE TRADE-DURABLE GOODS--1.70%
200 *1-800 Contacts, Inc.................... 4,896
600 Action Performance Cos, Inc............. 11,400
400 *Alliance Imaging, Inc.................. 1,760
2,000 *Anixter International, Inc............. 46,860
600 Applied Industrial Technologies, Inc.... 12,660
600 *Audiovox Corp (Class A)................ 6,714
400 Barnes Group, Inc....................... 8,704
800 *Boyds Collection Ltd................... 3,768
900 *Handleman Co........................... 14,400
800 Hughes Supply, Inc...................... 27,760
600 *Imagistics International, Inc.......... 15,480
300 *Insurance Auto Auctions, Inc........... 3,768
900 *Knight Transportation, Inc............. 22,410
200 Lawson Products, Inc.................... 5,508
700 b*MCSi, Inc............................. 41
1,100 Owens & Minor, Inc...................... 24,585
1,700 Pep Boys-Manny Moe & Jack............... 22,967
1,000 Pioneer-Standard Electronics, Inc....... 8,480
300 *Pomeroy IT Solutions, Inc.............. 3,318
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 75
Statement of Investments (Unaudited) - SMALL-CAP EQUITY FUND - June 30, 2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
WHOLESALE TRADE-DURABLE GOODS--(CONTINUED)
2,400 *PSS World Medical, Inc................. $ 13,800
900 Reliance Steel & Aluminum Co............ 18,630
23,400 *Safeguard Scientifics, Inc............. 63,180
600 *TBC Corp............................... 11,430
5,400 Watsco, Inc............................. 89,424
-----------
TOTAL WHOLESALE TRADE-DURABLE GOODS 441,943
-----------
WHOLESALE TRADE-NONDURABLE GOODS--1.51%
1,500 Acuity Brands, Inc...................... 27,255
1,200 *Chiquita Brands International, Inc..... 17,400
500 D&K Healthcare Resources, Inc........... 8,070
300 b*Daisytek International Corp........... 21
1,500 DIMON, Inc.............................. 10,740
1,400 b Fleming Cos, Inc...................... 155
2,800 Getty Realty Corp....................... 62,496
100 *Green Mountain Coffee, Inc............. 1,900
800 *Hain Celestial Group, Inc.............. 12,792
200 *Kenneth Cole Productions, Inc (Class
A).................................... 3,898
100 *Maui Land & Pineapple Co............... 2,248
400 Nash Finch Co........................... 6,660
7,200 Perrigo Co.............................. 112,608
100 *Perry Ellis International, Inc......... 1,952
700 *Plains Resources, Inc.................. 9,905
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
900 Russell Corp............................ $ 17,100
600 *School Specialty, Inc.................. 17,076
400 *Smart & Final, Inc..................... 1,852
400 Standard Commercial Corp................ 6,800
1,300 Stride Rite Corp........................ 12,948
700 *United Natural Foods, Inc.............. 19,696
1,100 *United Stationers, Inc................. 39,787
-----------
TOTAL WHOLESALE TRADE-NONDURABLE GOODS 393,359
-----------
TOTAL COMMON STOCK
(Cost $23,806,348) 25,954,507
-----------
TOTAL PORTFOLIO--99.89%
(Cost $23,806,348) 25,954,507
OTHER ASSETS & LIABILITIES, NET--0.11% 29,771
-----------
NET ASSETS--100.00% $25,984,278
===========
</Table>
- ------------
* Non-income producing
b In bankruptcy
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
76 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
Statement of Investments (Unaudited) - REAL ESTATE SECURITIES FUND - June 30,
2003
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES VALUE
------ -----
PREFERRED STOCK--13.78%
HOLDING AND OTHER INVESTMENT OFFICES--13.78%
10,000 Anthracite Capital, Inc................. $ 257,000
30,000 Boykin Lodging Co....................... 787,500
15,000 Colonial Properties Trust............... 392,850
12,000 Developers Diversified Realty Corp...... 313,800
15,000 *Health Care REIT, Inc.................. 375,000
20,000 Hospitality Properties Trust............ 541,000
5,000 Keystone Property Trust................. 138,750
10,000 Lexington Corporate Properties Trust.... 257,000
10,000 Mills Corp.............................. 275,000
10,000 New Plan Excel Realty Trust............. 266,000
5,000 Parkway Properties, Inc................. 133,000
8,500 Ramco-Gershenson Properties............. 234,175
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 3,971,075
-----------
TOTAL PREFERRED STOCK
(Cost $3,762,000) 3,971,075
-----------
COMMON STOCK--84.02%
HOLDING AND OTHER INVESTMENT OFFICES--78.73%
20,000 AMB Property Corp....................... 563,400
20,000 American Financial Realty Trust......... 298,200
20,000 Annaly Mortgage Management, Inc......... 398,200
10,000 Apartment Investment & Management Co
(Class A)............................. 346,000
25,200 Archstone-Smith Trust................... 604,800
9,600 AvalonBay Communities, Inc.............. 409,344
19,700 Boston Properties, Inc.................. 862,860
5,000 Capital Automotive REIT................. 139,950
9,000 CarrAmerica Realty Corp................. 250,290
5,000 Centerpoint Properties Trust............ 306,250
10,000 Chelsea Property Group, Inc............. 403,100
25,000 Colonial Properties Trust............... 879,750
20,000 Corporate Office Properties Trust....... 338,600
2,900 Crescent Real Estate Equities Co........ 48,169
40,000 Eastgroup Properties, Inc............... 1,080,000
30,000 Equity Office Properties Trust.......... 810,300
20,000 Equity One, Inc......................... 328,000
27,000 Equity Residential...................... 700,650
13,000 General Growth Properties, Inc.......... 811,720
10,000 Heritage Property Investment Trust...... 270,800
20,000 Highwoods Properties, Inc............... 446,000
5,000 Home Properties Of New York, Inc........ 176,200
10,000 Hospitality Properties Trust............ 312,500
38,300 *Host Marriott Corp..................... 350,445
25,000 Keystone Property Trust................. 462,750
26,533 Kramont Realty Trust.................... 437,794
</Table>
<Table>
<Caption>
SHARES VALUE
------ -----
25,000 Lexington Corporate Properties Trust.... $ 442,500
10,000 Macerich Co............................. 351,300
35,000 *Maguire Properties, Inc................ 673,750
11,600 Manufactured Home Communities, Inc...... 407,276
12,500 Mills Corp.............................. 419,375
16,000 Mission West Properties, Inc............ 181,920
50,000 Nationwide Health Properties, Inc....... 796,500
20,000 Post Properties, Inc.................... 530,000
8,600 Prentiss Properties Trust............... 257,915
24,000 Prologis................................ 655,200
11,000 PS Business Parks, Inc.................. 388,300
13,700 Public Storage, Inc..................... 464,019
32,100 Ramco-Gershenson Properties............. 747,930
31,200 Reckson Associates Realty Corp.......... 650,831
15,000 Regency Centers Corp.................... 524,700
30,000 Simon Property Group, Inc............... 1,170,900
5,000 SL Green Realty Corp.................... 174,450
15,200 Sovran Self Storage, Inc................ 478,800
1,100 Sun Communities, Inc.................... 43,230
29,600 Vornado Realty Trust.................... 1,290,560
-----------
TOTAL HOLDING AND OTHER INVESTMENT
OFFICES 22,685,528
-----------
HOTELS AND OTHER LODGING PLACES--3.94%
12,500 Fairmont Hotels & Resorts............... 292,500
10,000 Hilton Hotels Corp...................... 127,900
25,000 Starwood Hotels & Resorts Worldwide,
Inc................................... 714,750
-----------
TOTAL HOTELS AND OTHER LODGING PLACES 1,135,150
-----------
REAL ESTATE--1.35%
7,600 Brookfield Properties Corp.............. 161,500
400 *Catellus Development Corp.............. 8,800
7,000 St. Joe Co.............................. 218,400
-----------
TOTAL REAL ESTATE 388,700
-----------
TOTAL COMMON STOCK
(Cost $22,278,097) 24,209,378
-----------
TOTAL PORTFOLIO--97.80%
(Cost $26,040,097) 28,180,453
OTHER ASSETS & LIABILITIES, NET--2.20% 633,894
-----------
NET ASSETS--100.00% $28,814,347
===========
</Table>
- ------------
* Non-income producing
Note that the funds may use more specific industry categories in following their
investment limitations on industry concentration.
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 77
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
June 30, 2003
<Table>
<Caption>
GROWTH GROWTH & INTERNATIONAL STOCK
EQUITY INCOME EQUITY INDEX
FUND FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------
ASSETS
Portfolio investments, at cost $ 56,772,602 $ 59,905,734 $ 39,271,068 $133,420,241
Net unrealized appreciation (depreciation) of portfolio
investments (9,044,253) 395,165 (1,804,963) (22,507,314)
- -----------------------------------------------------------------------------------------------------------------------------
Portfolio investments, at value 47,728,349 60,300,899 37,466,105 110,912,927
Cash 208,109 164,375 1,388,375 992,641
Receivable from securities transactions 1,526,645 53,966 1,791,459 1,734,831
Dividends and interest receivable 41,770 68,607 42,597 126,098
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 49,504,873 60,587,847 40,688,536 113,766,497
- -----------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses 14,038 13,876 12,287 10,114
Due to custodian -- -- -- --
Payable for securities transactions 1,449,871 -- 2,906,647 2,366,856
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,463,909 13,876 2,918,934 2,376,970
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 48,040,964 $ 60,573,971 $ 37,769,602 $111,389,527
=============================================================================================================================
NET ASSETS CONSIST OF:
Paid-in-capital $ 92,052,060 $ 84,659,289 $ 68,089,099 $137,808,572
Accumulated undistributed net investment income 185,494 408,418 543,404 819,566
Accumulated undistributed net realized gain (loss) on
total investments (35,152,337) (24,888,849) (29,060,796) (4,731,297)
Accumulated undistributed appreciation (depreciation) on
total investments (9,044,253) 395,113 (1,802,105) (22,507,314)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 48,040,964 $ 60,573,971 $ 37,769,602 $111,389,527
=============================================================================================================================
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value) 4,206,222 3,613,944 3,210,854 5,244,002
NET ASSET VALUE PER SHARE $11.42 $16.76 $11.76 $21.24
=============================================================================================================================
</Table>
78 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
(UNAUDITED)
<Table>
<Caption>
SOCIAL CHOICE LARGE-CAP SMALL-CAP REAL ESTATE
EQUITY VALUE EQUITY SECURITIES
FUND FUND FUND FUND
- --------------------------------------------------------------
$34,161,879 $21,339,998 $23,806,348 $26,040,097
(6,196,576) 2,756,469 2,148,159 2,140,356
- --------------------------------------------------------------
27,965,303 24,096,467 25,954,507 28,180,453
125,414 -- 112,416 1,102,990
723,226 3,954,507 11,011,404 1,101,136
28,603 33,843 25,056 160,194
- --------------------------------------------------------------
28,842,546 28,084,817 37,103,383 30,544,773
- --------------------------------------------------------------
2,864 4,674 2,021 5,481
-- 9,310 -- --
683,237 3,952,532 11,117,084 1,724,945
- --------------------------------------------------------------
686,101 3,966,516 11,119,105 1,730,426
- --------------------------------------------------------------
$28,156,445 $24,118,301 $25,984,278 $28,814,347
==============================================================
$35,907,115 $21,794,774 $22,408,742 $25,339,044
202,852 243,778 149,807 756,773
(1,756,946) (676,720) 1,277,570 578,174
(6,196,576) 2,756,469 2,148,159 2,140,356
- --------------------------------------------------------------
$28,156,445 $724,118,301 $25,984,278 $28,814,347
==============================================================
869,124 890,325 1,001,545
1,549,994
$18.17 $27.75 $29.19 $28.77
==============================================================
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 79
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2003
<Table>
<Caption>
GROWTH GROWTH & INTERNATIONAL STOCK SOCIAL CHOICE
EQUITY INCOME EQUITY INDEX EQUITY
FUND FUND FUND FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 1,404 $ 12,279 $ 1,885 $ 5,018 $ 792
Dividends 227,239 443,028 651,674 823,272 207,879
Foreign taxes withheld (718) (377) (55,000) (35) --
- ---------------------------------------------------------------------------------------------------------------------------------
Total income 227,925 454,930 598,559 828,255 208,671
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fee 53,090 62,118 49,243 28,574 8,475
Trustee fees and expenses 815 914 571 2,128 389
- ---------------------------------------------------------------------------------------------------------------------------------
Total expenses 53,905 63,032 49,814 30,702 8,864
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income 174,020 391,898 548,745 797,553 199,807
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL
INVESTMENTS
Net realized gain (loss) on:
Portfolio investments (2,208,570) (1,572,937) (3,431,836) 51,572 235,006
Foreign currency transactions -- 738 (19,473) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on total investments (2,208,570) (1,572,199) (3,451,309) 51,572 235,006
- ---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) on:
Portfolio investments 7,211,703 6,647,113 6,105,677 11,144,694 2,702,190
Translation of assets (other than portfolio
investments) and liabilities denominated in
foreign currencies -- (91) 2,171 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) on total investments 7,211,703 6,647,022 6,107,848 11,144,694 2,702,190
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on total
investments 5,003,133 5,074,823 2,656,539 11,196,266 2,937,196
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,177,153 $ 5,466,721 $ 3,205,284 $11,993,819 $3,137,003
=================================================================================================================================
</Table>
80 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
(UNAUDITED)
<Table>
<Caption>
LARGE-CAP SMALL-CAP REAL ESTATE
VALUE EQUITY SECURITIES
FUND FUND FUND
- ----------------------------------------------------------------------
$ 155 $ 423 $ 7,021
261,702 153,267 705,786
-- (30) (603)
- ----------------------------------------------------------------------
261,857 153,660 712,204
- ----------------------------------------------------------------------
24,958 10,579 28,348
84 84 84
- ----------------------------------------------------------------------
25,042 10,663 28,432
- ----------------------------------------------------------------------
236,815 142,997 683,772
- ----------------------------------------------------------------------
207,813 2,012,786 741,757
-- -- --
- ----------------------------------------------------------------------
207,813 2,012,786 741,757
- ----------------------------------------------------------------------
1,722,994 2,447,312
2,003,817
-- --
--
- ----------------------------------------------------------------------
2,003,817 1,722,994 2,447,312
- ----------------------------------------------------------------------
2,211,630 3,735,780 3,189,069
- ----------------------------------------------------------------------
$2,448,445 $3,878,777 $3,872,841
======================================================================
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 81
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROWTH EQUITY FUND GROWTH & INCOME FUND INTERNATIONAL EQUITY FUND
---------------------------- ---------------------------- ----------------------------
FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS FOR THE YEAR MONTHS FOR THE YEAR MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CHANGE IN NET ASSETS
OPERATIONS:
Net investment income $ 174,020 $ 281,247 $ 391,898 $ 665,099 $ 548,745 $ 580,831
Net realized gain (loss) on total
investments (2,208,570) (14,732,929) (1,572,199) (12,119,650) (3,451,309) (3,056,339)
Net change in unrealized
appreciation (depreciation) on
total investments 7,211,703 (2,621,841) 6,647,022 (4,415,577) 6,107,848 (2,823,733)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
operations 5,177,153 (17,073,523) 5,466,721 (15,870,128) 3,205,284 (5,299,241)
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income -- (270,048) -- (675,134) -- (789,947)
In excess of net investment
income -- -- -- -- -- (6,442)
From net realized gain on total
investments -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions -- (270,048) -- (675,134) -- (796,389)
- ---------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDER TRANSACTIONS
Seed money subscriptions -- -- -- -- -- --
Subscriptions 3,620,078 7,630,220 4,363,440 8,790,097 2,669,827 6,132,071
Reinvestment of distributions -- 270,048 -- 675,134 -- 796,389
Redemptions (1,293,007) (2,538,510) (809,226) (3,679,492) (1,843,494) (2,109,307)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase from shareholder
transactions 2,327,071 5,361,758 3,554,214 5,785,739 826,333 4,819,153
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets 7,504,224 (11,981,813) 9,020,935 (10,759,523) 4,031,617 (1,276,477)
NET ASSETS
Beginning of period 40,536,740 52,518,553 51,553,036 62,312,559 33,737,985 35,014,462
- ---------------------------------------------------------------------------------------------------------------------------------
End of period $48,040,964 $40,536,740 $60,573,971 $51,553,036 $37,769,602 $ 33,737,985
=================================================================================================================================
CHANGE IN FUND SHARES:
Shares outstanding, beginning of
period 3,992,282 3,597,705 3,388,289 3,073,175 3,136,806 2,718,045
- ---------------------------------------------------------------------------------------------------------------------------------
Seed money shares sold -- -- -- -- -- --
Shares sold 337,368 596,359 277,749 483,960 238,374 515,573
Shares issued in reinvestment of
distributions -- 26,685 -- 44,446 -- 75,344
Shares redeemed (123,428) (228,467) (52,094) (213,292) (164,326) (172,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase in shares
outstanding 213,940 394,577 225,655 315,114 74,048 418,761
- ---------------------------------------------------------------------------------------------------------------------------------
Shares outstanding, end of period 4,206,222 3,992,282 3,613,944 3,388,289 3,210,854 3,136,806
=================================================================================================================================
</Table>
82 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
STOCK INDEX FUND SOCIAL CHOICE EQUITY FUND LARGE-CAP VALUE FUND SMALL-CAP EQUITY FUND
--------------------------- -------------------------- ------------------------------- -------------------------------
FOR THE PERIOD FOR THE PERIOD
SEPTEMBER 4, SEPTEMBER 4,
FOR THE SIX FOR THE SIX FOR THE SIX 2002 FOR THE SIX 2002
MONTHS FOR THE YEAR MONTHS FOR THE YEAR MONTHS (COMMENCEMENT MONTHS (COMMENCEMENT
ENDED ENDED ENDED ENDED ENDED OF OPERATIONS) TO ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002 2003 2002
- --------------------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 797,553 $ 1,442,486 $ 199,807 $ 338,716 $ 236,815 $ 137,113 $ 142,997 $ 107,425
51,572 (1,309,538) 235,006 (1,768,445) 207,813 (884,533) 2,012,786 (735,216)
11,144,694 (23,026,345) 2,702,190 (4,155,500) 2,003,817 752,652 1,722,994 425,165
- --------------------------------------------------------------------------------------------------------------------------------
11,993,819 (22,893,397) 3,137,003 (5,585,229) 2,448,445 5,232 3,878,777 (202,626)
- --------------------------------------------------------------------------------------------------------------------------------
-- (1,662,404) -- (354,834) -- (130,150) -- (100,615)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
-- (1,662,404) -- (354,834) -- (130,150) -- (100,615)
- --------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- 20,100,000 -- 20,100,000
12,621,156 25,290,068 2,583,840 3,513,699 1,543,987 73,481 2,151,072 147,184
-- 1,662,404 -- 354,834 -- 130,150 -- 100,615
(2,004,921) (8,133,758) (247,468) (578,729) (52,344) (500) (89,902) (227)
- --------------------------------------------------------------------------------------------------------------------------------
10,616,235 18,818,714 2,336,372 3,289,804 1,491,643 20,303,131 2,061,170 20,347,572
- --------------------------------------------------------------------------------------------------------------------------------
22,610,054 (5,737,087) 5,473,375 (2,650,259) 3,940,088 20,178,213 5,939,947 20,044,331
88,779,473 94,516,560 22,683,070 25,333,329 20,178,213 -- 20,044,331 --
- --------------------------------------------------------------------------------------------------------------------------------
$111,389,527 $88,779,473 $28,156,445 $22,683,070 $24,118,301 $20,178,213 $25,984,278 $20,044,331
================================================================================================================================
4,707,430 3,865,957 1,410,166 1,229,008 812,199 -- 813,822 --
- --------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- 804,000 -- 804,000
638,181 1,147,575 154,374 190,868 58,942 2,952 79,989 5,757
-- 88,567 -- 22,163 -- 5,267 -- 4,074
(101,609) (394,669) (14,546) (31,873) (2,017) (20) (3,486) (9)
- --------------------------------------------------------------------------------------------------------------------------------
536,572 841,473 139,828 181,158 56,925 812,199 76,503 813,822
- --------------------------------------------------------------------------------------------------------------------------------
5,244,002 4,707,430 1,549,994 1,410,166 869,124 812,199 890,325 813,822
================================================================================================================================
<Caption>
REAL ESTATE SECURITIES FUND
-------------------------------
FOR THE PERIOD
SEPTEMBER 4,
FOR THE SIX 2002
MONTHS (COMMENCEMENT
ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31,
2003 2002
-------------------------------
(UNAUDITED)
$ 683,772 $ 351,280
741,757 (173,897)
2,447,312 (306,956)
- -----------------------------------
3,872,841 (129,573)
- -----------------------------------
-- (254,446)
-- --
-- (34,374)
- -----------------------------------
-- (288,820)
- -----------------------------------
-- 20,100,000
4,897,658 410,934
-- 288,820
(150,180) (187,333)
- -----------------------------------
4,747,478 20,612,421
- -----------------------------------
8,620,319 20,194,028
20,194,028 --
- -----------------------------------
$28,814,347 $20,194,028
===================================
825,017 --
- -----------------------------------
-- 804,000
182,149 16,761
-- 11,886
(5,621) (7,630)
- -----------------------------------
176,528 825,017
- -----------------------------------
1,001,545 825,017
===================================
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 83
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROWTH EQUITY FUND
------------------------------------------------------
FOR THE PERIOD
FOR THE MARCH 1, 2000
SIX MONTHS FOR THE YEARS ENDED (COMMENCEMENT
ENDED DECEMBER 31, OF OPERATIONS) TO
JUNE 30, -------------------- DECEMBER 31,
2003(A) 2002 2001 2000(A)
- ----------------------------------------------------------------------------------------------------
(UNAUDITED)
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 10.15 $ 14.60 $ 18.97 $ 25.00
- ----------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.04(b) 0.07(b) 0.05 0.05
Net realized and unrealized gain (loss) on
total investments 1.23 (4.45) (4.37) (6.03)
- ----------------------------------------------------------------------------------------------------
Total gain (loss) from investment
operations 1.27 (4.38) (4.32) (5.98)
- ----------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.07) (0.05) (0.05)
In excess of net investment income -- -- -- --
Net realized gains -- -- -- --
- ----------------------------------------------------------------------------------------------------
Total distributions -- (0.07) (0.05) (0.05)
- ----------------------------------------------------------------------------------------------------
Net asset value, end of period $11.42 $10.15 $14.60 $18.97
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
TOTAL RETURN 12.51% (30.01)% (22.81)% (23.89)%
RATIOS AND
SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $48,041 $40,537 $52,519 $57,369
Ratio of expenses to average net assets
before expense waiver -- 0.43% 0.46% 0.39%
Ratio or expenses to average net assets
after expense waiver 0.13% 0.25% 0.25% 0.21%
Ratio of net investment income to average
net assets 0.41% 0.61% 0.35% 0.25%
Portfolio turnover rate 20.59% 54.09% 41.77% 35.54%
(a) The percentages shown for this period
are not annualized.
(b) Based on average shares outstanding.
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<Caption>
GROWTH & INCOME FUND
------------------------------------------------------
FOR THE PERIOD
FOR THE MARCH 1, 2000
SIX MONTHS FOR THE YEARS ENDED (COMMENCEMENT
ENDED DECEMBER 31, OF OPERATIONS) TO
JUNE 30, -------------------- DECEMBER 31,
2003(A) 2002 2001 2000(A)
- -------------------------------------------- ------------------------------------------------------
(UNAUDITED)
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 15.22 $ 20.28 $ 23.57 $ 25.00
- ----------------------------------------------------------------------------------------------------
Gain (loss) from investment operations:
Net investment income 0.11(b) 0.21(b) 0.20 0.19
Net realized and unrealized gain (loss) on
total investments 1.43 (5.07) (3.29) (1.33)
- ----------------------------------------------------------------------------------------------------
Total gain (loss) from investment
operations 1.54 (4.86) (3.09) (1.14)
- ----------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.20) (0.20) (0.18)
In excess of net investment income -- -- -- (0.01)
Net realized gains -- -- -- (0.10)
- ----------------------------------------------------------------------------------------------------
Total distributions -- (0.20) (0.20) (0.29)
- ----------------------------------------------------------------------------------------------------
Net asset value, end of period $16.76 $15.22 $20.28 $23.57
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
TOTAL RETURN 10.12% (23.95)% (13.13)% (4.55)%
RATIOS AND
SUPPLEMENTAL DATA
Net assets at end of period (in thousands) $60,574 $51,553 $62,313 $60,066
Ratio of expenses to average net assets
before expense waiver -- 0.41% 0.44% 0.37%
Ratio or expenses to average net assets
after expense waiver 0.12% 0.23% 0.23% 0.19%
Ratio of net investment income to average
net assets 0.75% 1.18% 1.04% 0.84%
Portfolio turnover rate 63.14% 112.35% 61.92% 20.43%
(a) The percentages shown for this period
are not annualized.
(b) Based on average shares outstanding.
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</Table>
84 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
INTERNATIONAL EQUITY FUND STOCK INDEX FUND
- --------------------------------------------------------- -----------------------------------------------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE MARCH 1, 2000 FOR THE DECEMBER 1, 1998
SIX MONTHS FOR THE YEARS ENDED (COMMENCEMENT SIX MONTHS (COMMENCEMENT
ENDED DECEMBER 31, OF OPERATIONS) TO ENDED FOR THE YEARS ENDED DECEMBER 31, OF OPERATIONS) TO
JUNE 30, ------------------- DECEMBER 31, JUNE 30, ------------------------------------- DECEMBER 31,
2003(A) 2002 2001 2000(A) 2003(A) 2002 2001 2000 1999 1998(A)
- -----------------------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
$ 10.76 $ 12.88 $ 17.14 $ 25.00 $ 18.86 $ 24.45 $ 27.94 $ 31.11 $ 26.05 $ 25.00
- -----------------------------------------------------------------------------------------------------------------------------------
0.17(b) 0.20(b) 0.18 0.15 0.16(b) 0.33(b) 0.30 0.29 0.26 0.05
0.83 (2.06) (4.26) (7.89) 2.22 (5.56) (3.50) (2.58) 5.26 1.05
- -----------------------------------------------------------------------------------------------------------------------------------
1.00 (1.86) (4.08) (7.74) 2.38 (5.23) (3.20) (2.29) 5.52 1.10
- -----------------------------------------------------------------------------------------------------------------------------------
-- (0.19) (0.18) (0.12) -- (0.36) (0.23) (0.29) (0.26) (0.05)
-- (0.07) -- -- -- -- -- -- -- --
-- -- -- -- -- -- (0.06) (0.59) (0.20) --
- -----------------------------------------------------------------------------------------------------------------------------------
-- (0.26) (0.18) (0.12) -- (0.36) (0.29) (0.88) (0.46) (0.05)
- -----------------------------------------------------------------------------------------------------------------------------------
$11.76 $10.76 $12.88 $17.14 $21.24 $18.86 $24.45 $27.94 $31.11 $26.05
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
9.29% (14.40)% (23.81)% (30.94)% 12.62% (21.38)% (11.44)% (7.38)% 21.20% 4.41%
$37,770 $33,738 $35,014 $42,006 $111,390 $88,779 $94,517 $89,321 $54,341 $26,212
-- 0.49% 0.53% 0.44% -- 0.26% 0.30% 0.30% 0.30% 0.30%
0.15% 0.29% 0.29% 0.25% 0.03% 0.07% 0.07% 0.07% 0.07% 0.01%
1.60% 1.68% 1.33% 0.88% 0.83% 1.56% 1.28% 1.14% 1.28% 0.22%
82.57% 52.82% 102.48% 79.47% 2.53% 8.68% 7.85% 16.48% 14.22% 0.00%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 85
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SOCIAL CHOICE EQUITY FUND LARGE-CAP VALUE FUND
------------------------------------------------------ -------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE MARCH 1, 2000 FOR THE SIX SEPTEMBER 4, 2002
SIX MONTHS FOR THE YEARS ENDED (COMMENCEMENT MONTHS (COMMENCEMENT
ENDED DECEMBER 31, OF OPERATIONS) TO ENDED OF OPERATIONS) TO
JUNE 30, -------------------- DECEMBER 31, JUNE 30, DECEMBER 31,
2003(A) 2002 2001 2000(A) 2003(A) 2002(A)
- ---------------------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 16.09 $ 20.61 $ 23.90 $ 25.00 $ 24.84 $ 25.00
- ---------------------------------------------------------------------------------------------------------------------------------
Gain (loss) from investment
operations:
Net investment income 0.14(b) 0.26(b) 0.24 0.23 0.28(b) (0.17)(b)
Net realized and unrealized gain
(loss) on total investments 1.94 (4.52) (3.28) (0.93) 2.63 0.17
- ---------------------------------------------------------------------------------------------------------------------------------
Total gain (loss) from investment
operations 2.08 (4.26) (3.04) (0.70) 2.91 --
- ---------------------------------------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.26) (0.22) (0.23) -- (0.16)
Net realized gains -- -- (0.03) (0.17) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions (0.26) (0.25) (0.40) -- (0.16)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.17 $16.09 $20.61 $23.90 $27.75 $24.84
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 12.93% (20.68)% (12.72)% (2.80)% 11.71% 0.01%
RATIOS AND
SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $28,156 $22,683 $25,333 $25,977 $24,118 $20,178
Ratio of expenses to average net
assets before expense waiver -- 0.34% 0.39% 0.33% -- --
Ratio or expenses to average net
assets after expense waiver 0.04% 0.17% 0.18% 0.15% 0.12% 0.08%
Ratio of net investment income to
average net assets 0.82% 1.43% 1.15% 0.92% 1.13% 0.69%
Portfolio turnover rate 3.39% 27.21% 9.83% 4.94% 85.50% 94.30%
(a) The percentages shown for this
period are not annualized.
(b) Based on average shares
outstanding.
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
86 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
See Notes To Financial Statements
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SMALL-CAP EQUITY FUND REAL ESTATE SECURITIES FUND
- ------------------------------------ -------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SEPTEMBER 4, 2002 FOR THE SIX SEPTEMBER 4, 2002
SIX MONTHS (COMMENCEMENT MONTHS (COMMENCEMENT
ENDED OF OPERATIONS) TO ENDED OF OPERATIONS) TO
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003(A) 2002(A) 2003(A) 2002(A)
- ----------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
$ 24.63 $ 25.00 $ 24.48 $ 25.00
- ----------------------------------------------------------------------
0.17(b) 0.13(b) 0.77(b) 0.44(b)
4.39 (0.38) 3.52 (0.61)
- ----------------------------------------------------------------------
4.56 (0.25) 4.29 (0.17)
- ----------------------------------------------------------------------
-- (0.12) -- (0.31)
-- -- -- (0.04)
- ----------------------------------------------------------------------
-- (0.12) -- (0.35)
- ----------------------------------------------------------------------
$29.19 $24.63 $28.77 $24.48
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
18.51% (0.98)% 17.52% (0.65)%
$25,984 $20,044 $28,814 $20,194
-- -- -- --
0.05% 0.03% 0.12% 0.08%
0.67% 0.55% 2.96% 1.80%
135.35% 57.41% 50.13% 117.16%
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
</Table>
See Notes To Financial Statements
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 87
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Unaudited)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
TIAA-CREF Life Funds (the "Funds") is a Delaware business trust that was
organized on August 13, 1998 and is registered with the Securities and Exchange
Commission ("Commission") under the Investment Company Act of 1940 as an
open-end management investment company. The Funds consist of eight currently
active series (each referred to as a "Fund"). TIAA-CREF Life Separate Accounts
(the "Accounts"), which are registered with the Commission as unit investment
trusts under the 1940 Act, have various sub-accounts which correspond to and
invest in each of the Funds. The Accounts are separate accounts of TIAA-CREF
Life Insurance Company ("TIAA-CREF Life"), which is a wholly-owned subsidiary of
Teachers Insurance and Annuity Association of America ("TIAA"). The Stock Index
Fund commenced operations on December 1, 1988 with a seed money investment by
TIAA. The Growth Equity, Growth & Income, International Equity and Social Choice
Equity Funds commenced operations on March 1, 2000 with a seed money investment
by TIAA. The Large-Cap Value, Small-Cap Equity and Real Estate Securities Funds
commenced operations on September 4, 2002 with a seed money investment by TIAA.
Subsequent to June 30, 2003, TIAA redeemed its seed money investments in the
Funds as indicated below. At June 30, 2003, the Accounts and TIAA held the
following amounts in the Funds:
<Table>
<Caption>
TIAA SEED
MONEY
REDEMPTIONS
SUBSEQUENT TO
ACCOUNTS TIAA JUNE 30, 2003
----------- ----------- -------------
Growth Equity Fund $24,902,892 $23,138,072 $20,140,000
Growth & Income Fund 25,854,651 34,719,320 20,695,000
International Equity Fund 13,146,457 24,623,145 --
Stock Index Fund 88,408,126 22,981,401 22,380,000
Social Choice Equity Fund 9,164,906 18,991,539 5,325,000
Large-Cap Value Fund 1,773,247 22,345,054 315,000
Small-Cap Equity Fund 2,519,088 23,465,190 190,000
Real Estate Securities Fund 5,461,618 23,352,729 1,000,000
</Table>
The accompanying financial statements were prepared in accordance with
accounting principles generally accepted in the United States which require the
use of estimates made by management. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
consistently followed by the Funds.
VALUATION OF INVESTMENTS: Equity securities listed or traded on a national
market or exchange are valued based on their sale price on such market or
exchange at the close of business on the date of valuation, or at the mean of
the closing bid and asked prices if no sale is reported. Debt securities, other
than money market instruments, are valued at the most recent bid price or the
equivalent quoted yield for such securities (or those of comparable maturity,
quality and type). Money market instruments, with maturities of one year or
less, are valued in the same manner as debt securities or derived from a pricing
matrix that has various types of money market instruments along one axis and
various maturities along the other. Foreign investments are valued at the
closing values of such securities as of the date of valuation under the
generally accepted valuation method in the country where traded, converted to
U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock
index futures and options, which are traded on commodities exchanges, are valued
at the last sale prices as of the close of such commodities exchanges. Portfolio
securities for which market quotations are not readily available are valued at
fair value as determined in good faith under the direction of the Board of
Trustees. Portfolio securities may also be valued at fair value as determined in
good faith under the direction of the Board of Trustees if events that have a
significant effect on their value occur between the time their price is
determined and the time a Fund's net asset value is calculated.
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
trade date. Interest income is recorded as earned and includes amortization of
discounts and premiums. Dividend income is recorded on the ex-dividend date or,
for certain foreign securities, as soon thereafter as the Funds are informed of
the ex-dividend date. Realized gains and losses on securities transactions are
based upon the specific identification method for both financial statement and
federal income tax purposes.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Portfolio investments and other
assets and liabilities denominated in foreign currencies are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of securities, income receipts and expense payments made in
foreign currencies are translated into U.S. dollars at the exchange rates
prevailing on the respective dates of the transactions. The effects of changes
in foreign currency exchange rates on portfolio investments are included in the
net realized and unrealized gains and losses on investments. Net realized gains
and losses on foreign currency transactions include maturities of forward
foreign currency contracts, disposition of foreign currencies, and
88 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Unaudited) -- (Continued)
currency gains and losses between the accrual and receipt dates of portfolio
investment income and between the trade and settlement dates of portfolio
investment transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may use forward foreign currency
contracts to facilitate transactions in securities denominated in foreign
currencies. Such contracts are entered into directly with a counterparty and are
"marked-to-market" at the end of each day's trading. The Funds are also exposed
to credit risk associated with counterparty nonperformance on these forward
currency exchange contracts which is typically limited to the unrealized gain on
each open contract.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated.
RESTRICTED SECURITIES: Restricted securities held by the Funds, if any, may not
be sold except in exempt transactions or in a public offering registered under
the Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in securities which are widely held
and publicly traded.
DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income and realized
gains, if any, are declared and paid annually. Undistributed net investment
income and accumulated undistributed net realized gain (loss) on total
investments may include temporary book and tax differences which will reverse in
a subsequent period. Any permanent book and tax basis differences relating to
shareholder distributions will result in reclassifications among the respective
components of net assets.
FEDERAL INCOME TAXES: The Funds intend to continue to qualify as regulated
investment companies under Subchapter M of the Internal Revenue Code, and will
not be subject to federal income taxes to the extent that they distribute
substantially all taxable income each year and comply with various other
requirements.
NOTE 2. MANAGEMENT AGREEMENT
Teachers Advisors, Inc. ("Advisors"), a wholly-owned subsidiary of TIAA and a
registered investment adviser, provides investment advisory services for the
Funds pursuant to an Investment Management Agreement between Advisors and the
Funds. Under the terms of the Investment Management Agreement, each Fund pays a
fee for investment management services, based on the average daily net assets of
each Fund. Through October 27, 2002, Advisors waived its right to receive a
portion of its fee from each Fund as indicated below. Effective October 28,
2002, for the following Funds the waiver was eliminated and the investment
management fee was lowered to the amount that was previously the net fee, except
for the Stock Index Fund and the Social Choice Equity Fund where the fee was
lowered to 0.06% and 0.07%, respectively. For the periods indicated, Advisors
received the following annual percentage of each Fund's average daily net
assets:
<Table>
<Caption>
EFFECTIVE THROUGH OCTOBER 27, 2002 EFFECTIVE
------------------------------------------ OCTOBER 28, 2002
MANAGEMENT FEE ----------------
MANAGEMENT FEE WAIVER AFTER WAIVER MANAGEMENT FEE
-------------- ------ -------------- ----------------
Growth Equity Fund 0.46% 0.21% 0.25% 0.25%
Growth & Income Fund 0.44% 0.21% 0.23% 0.23%
International Equity
Fund 0.53% 0.24% 0.29% 0.29%
Stock Index Fund 0.30% 0.23% 0.07% 0.06%
Social Choice Equity
Fund 0.39% 0.21% 0.18% 0.07%
</Table>
<Table>
<Caption>
EFFECTIVE SEPTEMBER 4, 2002
---------------------------
MANAGEMENT FEE
---------------------------
Large-Cap Value Fund 0.24%
Small-Cap Equity Fund 0.10%
Real Estate Securities Fund 0.25%
</Table>
2003 SEMIANNUAL REPORT TIAA-CREF Life Funds 89
TIAA-CREF LIFE FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements -- (Unaudited) -- (Concluded)
NOTE 3. INVESTMENTS
At June 30, 2003, the net unrealized appreciation (depreciation) of portfolio
investments, consisting of gross unrealized appreciation and gross unrealized
depreciation, for the Funds was as follows:
<Table>
<Caption>
NET UNREALIZED
GROSS UNREALIZED GROSS UNREALIZED APPRECIATION
APPRECIATION DEPRECIATION (DEPRECIATION)
---------------- ---------------- --------------
Growth Equity Fund $2,216,969 $11,261,222 $ (9,044,253)
Growth & Income Fund 3,499,593 3,104,428 395,165
International Equity Fund 1,203,501 3,008,464 (1,804,963)
Stock Index Fund 8,404,960 30,912,274 (22,507,314)
Social Choice Equity Fund 2,806,255 9,002,831 (6,196,576)
Large-Cap Value Fund 2,936,235 179,766 2,756,469
Small-Cap Equity Fund 2,355,669 207,510 2,148,159
Real Estate Securities Fund 2,330,078 189,722 2,140,356
</Table>
Purchases and sales of securities, other than short-term money market
instruments, for the six months ended June 30, 2003 were as follows:
<Table>
<Caption>
NON-GOVERNMENT GOVERNMENT NON-GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
-------------- ---------- -------------- ----------
Growth Equity Fund $11,161,159 $ -- $ 8,734,869 $ --
Growth & Income Fund 38,126,416 -- 33,963,015 --
International Equity 29,117,903 -- 28,092,931 --
Stock Index Fund 14,938,992 -- 2,412,038 --
Social Choice Equity Fund 3,429,244 -- 820,604 --
Large-Cap Value Fund 19,705,740 -- 17,910,380 --
Small-Cap Equity Fund 31,852,531 -- 29,313,650 --
Real Estate Securities Fund 18,208,355 -- 11,130,792 --
</Table>
At June 30, 2003, the Stock Index Fund owned 639,238 shares of the Equity Index
Fund of the TIAA-CREF Institutional Mutual Funds, totaling $4,992,449 and
representing 0.38% of the outstanding shares.
NOTE 4. TRUSTEE FEES
The Funds pay their Trustees, who are not also officers or affiliated persons of
the Funds, certain remuneration for their services, plus travel and other
expenses incurred in attending Board meetings. Trustees who are also officers or
affiliated persons receive no remuneration for their services as Trustees.
NOTE 5. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid to shareholders during 2002 were as
follows:
<Table>
<Caption>
LONG-TERM
ORDINARY CAPITAL
INCOME GAIN TOTAL
---------- --------- ----------
Growth Equity Fund $ 270,048 $ -- $ 270,048
Growth & Income Fund 675,134 -- 675,134
International Equity 796,389 -- 796,389
Stock Index Fund 1,662,404 -- 1,662,404
Social Choice Equity Fund 354,834 -- 354,834
Large-Cap Value Fund 130,150 -- 130,150
Small-Cap Equity Fund 100,615 -- 100,615
Real Estate Securities Fund 278,624 10,196 288,820
</Table>
The tax character of the 2003 distributions will be determined at the end of the
year.
90 TIAA-CREF Life Funds 2003 SEMIANNUAL REPORT
[This page intentionally left blank]
PRODUCTS FROM THE
TIAA-CREF GROUP OF
COMPANIES
PRODUCTS AVAILABLE TO EVERYONE
- - TIAA-CREF Mutual Funds
- - Individual Life and Long-Term Care Insurance
- - TIAA-CREF IRAs (Roth and Traditional)
- - Tuition Financing Programs
- - Investment Management and Related Trust Services
PRODUCTS AVAILABLE TO PEOPLE IN EDUCATION AND RESEARCH
- - TIAA-CREF Retirement Annuities
- - TIAA-CREF Supplemental Retirement Annuities (SRAs)
- - Keoghs from TIAA-CREF
- - 457(b) Deferred Compensation Plans
TIAA-CREF SERVICES
[Computer icon] INTERNET ACCESS
Visit our World Wide Web site:
TIAA-CREF.ORG
Fund performance, personal account information and transactions, product
information, and form and booklet requests.
[Telephone icon] AUTOMATED TELEPHONE SERVICE
800 842-2252
24 hours a day, 7 days a week
Fund performance, personal account information and transactions, and product
information.
[Telephone icon] PERSONAL ASSISTANCE
800 223-1200
8 a.m. to 10 p.m. ET, Monday - Friday
For questions about TIAA-CREF Mutual Funds, after-tax annuities, and long-term
care and life insurance.
800 842-2776
8 a.m. to 10 p.m. ET, Monday - Friday
9 a.m. to 6 p.m. ET, Saturday
For questions about retirement saving and planning, quarterly and annual
benefits reports, income payments and options, and tax reports.
[Telephone icon] TIAA-CREF TRUST COMPANY, FSB
888 842-9001
8 a.m. to 5 p.m. CT, Monday - Friday
Asset management, trust administration, estate planning, planned giving, and
endowment management.
[Telephone icon] TIAA-CREF TUITION FINANCING, INC.
888 381-8283
8 a.m. to 11 p.m. ET, Monday - Friday
For information on tuition financing programs.
[Computer icon] MUTUAL FUND INFORMATION ONLINE
TIAA-CREF
www.tiaa-cref.org/mfs/index.html
MORNINGSTAR
www.morningstar.com
[TIAA CREF LOGO]
730 Third Avenue
New York, NY 10017-3206
[Recycling Logo] Printed on Recycled Paper AF 30030
08/03
ITEM 9. CONTROLS AND PROCEDURES.
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. An evaluation was
performed within 90 days from the date hereof under the supervision of the
registrant's management, including the principal executive officer and principal
financial officer, of the effectiveness of the design and operation of the
registrant's disclosure controls and procedures. Based on that evaluation, the
registrant's management, including the principal executive officer and principal
financial officer, concluded that the registrant's disclosure controls and
procedures were effective for this semi-annual reporting period.
(b) CHANGES IN INTERNAL CONTROLS. There were no changes in the
registrant's internal controls over financial reporting that occurred during the
registrant's last fiscal half-year that materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 10. EXHIBITS.
10(a)(2)(i) Section 302 certification of the principal executive officer
(EX-99.CERT)
10(a)(2)(ii) Section 302 certification of the principal financial officer
(EX-99.CERT)
10(b) Section 906 certification.(EX-99.906CERT)
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 21, 2003 By: /s/ Bertram L. Scott
------------------------
Bertram L. Scott
Executive Vice President
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Date: August 21, 2003 By: /s/ Bertram L. Scott
-----------------------------
Bertram L. Scott
Executive Vice President
(principal executive officer)
Date: August 21, 2003 By: /s/ Richard L. Gibbs
-----------------------------
Richard L. Gibbs
Executive Vice President
(principal financial officer)
EXHIBIT LIST
ITEM 10. EXHIBITS.
10(a)(2)(i) Section 302 certification of the principal executive officer
(EX-99.CERT)
10(a)(2)(ii) Section 302 certification of the principal financial officer
(EX-99.CERT)
10(b) Section 906 certification.(EX-99.906CERT)