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, 2004

Item 1. Reports to Stockholders.

2004 semiannual report

TIAA-CREF
Life Funds
Financial statements (unaudited)
including top holdings
June 30, 2004

growth equity	large-cap value
growth & income	small-cap equity
international equity	real estate securities
stock index	bond
social choice equity	money market

The Investment Company Act of 1940 requires the TIAA-CREF Life Separate Account VA-1 and Separate Account VLI-1 to provide investors with periodic reports 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. The returns of the TIAA-CREF Life Funds shown here do not include the administrative expense and mortality and expense risk charges deducted under the Personal Annuity Select, Lifetime Variable Select, Variable Universal Life, and Single Premium Immediate Annuities contracts. Because of these additional deductions, the returns on the investment accounts offered through the contracts that invest in these funds are lower, for the same periods, than the figures shown here.

Performance Overview as of 6/30/2004

			Average Annual Compound Rates
			of Total Return
	Inception Date		1 year			Since Inception
Equities
Growth Equity Fund		4/3/2000		16.42	%		-14.47	%
Growth & Income Fund		4/3/2000		17.81			-6.18
International Equity Fund		4/3/2000		35.98			-7.01
Stock Index Fund		1/4/1999		20.36			1.05
Social Choice Equity Fund		4/3/2000		20.51			-3.56
Large-Cap Value Fund		10/28/2002		25.22			23.27
Small-Cap Equity Fund		10/28/2002		34.91			34.83
Real Estate Securities Fund		10/28/2002		24.84			29.25
Fixed Income						Total Return Since Inception
Bond Fund		7/8/2003					1.28	%
Money Market Fund*		7/8/2003					1.01

Net Annualized Yield
(30-Day Period Ended 6/30/04)

	Current
Bond		3.91	%

Net Annualized Yield
(7-Day Period Ended 6/29/04)

	Current			Effective
Money Market*		1.12	%		1.12	%

* Investments in the Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. We will attempt to maintain a stable net asset value of $1.00 per share of this fund, but it is possible to lose money by investing in this fund. The current yield more closely reflects current earnings than does the total return.

Due to market volatility, recent performance of the TIAA-CREF Life Funds may differ from the figures shown in the table above. For more current performance, including performance to the most recent month-end, visit www.tiaa-cref.org/lifefunds. Past performance should not be taken as a guarantee of future rates of return. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less upon redemption.

A new way to look at your investments

To make it easier for investors to get meaningful information about their investments, the Securities and Exchange Commission (SEC) has issued new rules regarding financial reporting. The SEC has also required additional information about expenses and their effect on investment returns and about proxy voting policies and procedures. This is our first report to follow these new rules.

     Beginning with this performance period, annual and semiannual reports will now list each fund’s 50 largest holdings, as well as any other holding that constitutes 1% or more of a fund’s investment portfolio. These are the holdings most likely to affect your investment results. We will continue to file a complete list of holdings with the SEC, and this will now be done on a quarterly basis, rather than semiannually, as in the past. To access this information easily, please see page 4.

     This semiannual report also contains a more detailed explanation of our funds’ expense charges, including examples that enable you to compare our expenses with those of any other U.S. variable annuities and mutual funds. Long before expenses made headlines, TIAA-CREF urged investors to consider the effect of expenses, particularly over long periods of time. Please see page 6 for details.

     As always, you should carefully consider the investment objectives, risks, and charges and expenses of any fund before investing. Please visit the Web Center or call 800 223-1200 for a prospectus that contains this and other important information. Read it carefully before investing.

     Please remember that, by signing up for e-delivery of these reports at our Web Center, you can get your financial information more quickly—and in an electronic format that can be easily archived for future reference.

Contents
Report on TIAA-CREF Life Funds		2
More Information about the Report		4
Special Terms		4
Important Information about Expenses		6
Fund Performance
Growth Equity Fund		7
Growth & Income Fund		11
International Equity Fund		15
Stock Index Fund		19
Social Choice Equity Fund		23
Large-Cap Value Fund		27
Small-Cap Equity Fund		31
Real Estate Securities Fund		35
Bond Fund		39
Money Market Fund		43
Top Holdings		47
Financial Statements
Statements of Assets and Liabilities		86
Statements of Operations		90
Statement of Cash Flows		94
Statements of Changes in Net Assets		96
Financial Highlights		102
Notes to Financial Statements		110
Management		118
For More Information	Inside Back Cover
EX-99.CERT: CERTIFICATIONS
EX-99.906CERT: CERTIFICATIONS

Report on TIAA-CREF Life Funds

This report contains the performance and financial statements for the TIAA-CREF Life Funds for the six months ended June 30, 2004. The variable accounts of the Personal Annuity Select, the Lifetime Variable Select Annuities, the Single Premium Immediate Annuities, and the Flexible Premium Variable Universal Life policies invest in these funds.

     During the first six months of 2004, rising stock prices lost momentum after a period of extraordinary gains. In 2003 the Russell 3000^® Index, which tracks the broad U.S. stock market, was up 31.06%. The MSCI World Index^SM, which tracks stocks in 23 nations, soared 33.11%.

     As of June 30 this year, the Russell’s return for 2004 was 3.59%, while the World Index posted a gain of 3.52%. Both six-month returns are the equivalent of an annual gain of more than 7%.

     Many factors contributed to this moderation in prices. Higher valuations made some stocks less attractive to investors. At the same time, higher interest rates and more expensive petroleum posed a threat to the U.S. recovery, and, in turn, to world trade.

     We know that investors are concerned about volatility in the markets and with good reason. During the three-year period that ended on December 31, 2003, the Russell 3000 posted annual returns of -11.46%, -21.54%, and 31.06%, sequentially. Performance in the bond market varied widely, too, during the years 2001- 2003, with returns of 8.44%, 10.26%, and 4.10% as measured by the Lehman Brothers U.S. Aggregate Index.

     Returns over a longer time frame, the 20 years from 1984 to 2003, show that a high level of volatility persisted.

2      2004 Semiannual Report TIAA-CREF Life Funds

The gray bars in the chart show the average annual return of the Russell 3000 in the four consecutive five-year periods from 1984 to 2003. Even over those longer periods, average annual returns for U.S. stocks ranged widely, from 0.37% to 22.26%.

     As TIAA-CREF has long maintained, diversification is the best tool for reducing the effects of market swings like this, although diversification does not guarantee against losses. A combination of U.S. stocks, foreign stocks, and bonds over the same periods produced a far more stable rate of return, ranging from 2.97% to 16.57%. In technical terms, the standard deviation of the combined portfolio was 11.70%, while that of stocks was a much higher 17.05%. And, over the entire 20-year period, the extra risk of a 100% allocation to U.S. equities would have earned an investor 0.90 percentage points more per year—at the cost of far greater volatility.

     Of course, no single asset allocation formula is right for everyone. Finding the best mix depends on many factors, including an investor’s age, time frame, other assets, and his or her attitude toward risk. At the TIAA-CREF Web Center (www.tiaa-cref.org), you can find a feature entitled “Investing Today,” which can help you find the right mix for your situation. Just use the “Publications” link at the top of our home page.

     The following pages provide a detailed explanation of how the TIAA-CREF Life Funds performed during the first half of 2004. Our equity funds were affected by the worldwide moderation in stock prices during the period. Returns ranged from 2.10% for the Growth Equity Fund to 7.34% for the Small-Cap Equity Fund. In a very tight fixed-income market, both the Bond Fund, up 0.61%, and the Money Market Fund, which gained 0.52%, topped their benchmarks.

     While recent investment results in many asset classes have been lackluster or disappointing, we continue to seek out new opportunities in every market in which we invest.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice President and
Chief Investment Officer

TIAA-CREF Life Funds 2004 Semiannual Report      3

More Information about the Report

Portfolio Listings

The SEC recently approved new rules intended to provide investors with more meaningful information about fund performance. Investment companies can now provide listings of the top holdings for each fund in their annual and semiannual reports instead of the complete portfolio listings they provided previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

For the periods ending June 30 and December 31, you can obtain a complete listing of the TIAA-Life Funds’ holdings on Form N-CSR:

• through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s Web site at www.sec.gov;

• at the SEC’s Public Reference Room by calling 800 SEC-0330;

• from TIAA-CREF’s Web Center at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 223-1200 to request a copy, which will be provided free of charge.

For the periods ending March 31 and September 30, you can obtain a compete listing of the TIAA-CREF Life Funds’ holdings on Form N-Q.

Proxy voting

TIAA-CREF Life Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found at our Web Center at www.tiaa-cref.org, by calling us at 800 223-1200 to request a free copy, or on the SEC Web site at www.sec.gov. A report of how the funds voted during the 12 months ended June 30, 2004, can be found at our Web Center or at www.sec.gov.

Contacting TIAA-CREF

The three easy ways to contact us are by e-mail, using the Contact/Help link at the top of our home page, by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206, or by phone at 800 223-1200.

Fund Management

TIAA-CREF Life Funds are managed by Teachers Advisors, Inc.’s portfolio management teams, whose members are responsible for the day-to-day operations of the funds.

Special Terms

Agency securities bonds issued by U.S. government entities such as Fannie Mae (Federal National Mortgage Association).

4      2004 Semiannual Report TIAA-CREF Life Funds

Annuity An annuity is designed for retirement savings or for other long-term goals. It offers several payment options, including lifetime income. Payments from variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns.

Asset-backed securities bonds backed by loans or by the outstanding amounts owed to a bank, credit card company, or other lender.

Benchmark (benchmark index) a group of securities, such as the Russell 3000^® Index or S&P 500^® Index, used to compare the performance of an investment.

Commercial paper short-term debt obligations issued to investors by banks, corporations, and other borrowers. Maturities range from 1 to 270 days.

Expense ratio the amount that investors pay for the management of a mutual fund. The amount is expressed as a percentage of the fund’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”

Market capitalization the total value of a company’s outstanding stock. It is calculated by multiplying the total number of a company’s outstanding shares by the current market price per share.

Maturity the amount of time until a bond expires and the borrower is repaid in full.

Mortgage-backed securities bonds that represent an interest in a pool of mortgages issued by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), or other federal entities.

Overweight holdings A security is said to be “overweight” if the percentage of a fund invested in that security is larger than that security’s percentage of a benchmark, in terms of market capitalization. Fund managers may overweight those securities they think will produce higher returns than the benchmark. See also “Underweight holdings.”

Peer group a group of mutual funds with a similar objective whose performance is compared with the performance of a single mutual fund.

Relative performance the return of a mutual fund in relationship to the return of its benchmark index.

Securities a general name for stocks (also known as “equities”), bonds (also known as “fixed income”), or other investments.

Total return the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the fund’s holdings.

Underweight holdings A security is said to be “underweight” if the percentage of a fund invested in that security is smaller than that security’s percentage of a benchmark, in terms of market capitalization. Fund managers may underweight those securities they think will produce smaller returns than the benchmark. See also “Overweight holdings.”

TIAA-CREF Life Funds 2004 Semiannual Report      5

Important Information about Expenses

D I S C L O S U R E

Shareholders in the TIAA-CREF Life Funds incur only one of two potential types of costs.

• Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends, or on other distributions. There are also no redemption fees or exchange fees.

• However, they do incur ongoing costs, including management fees and other fund expenses.

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

     The examples that appear on the Performance pages are intended to help you understand your ongoing costs (in dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other funds.

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004.

Actual expenses

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

     Simply divide your fund value by $1,000 (for example, an $8,600 fund value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid” to estimate the expenses you paid during this period.

Hypothetical example for comparison purposes

The second line in the table shows hypothetical fund values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses—which is not the fund’s actual return.

     Do not use the hypothetical fund values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual fund with the ongoing costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

6      2004 Semiannual Report TIAA-CREF Life Funds

Growth Equity Fund      Large-Cap Growth Stocks

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Growth Equity Fund returned 2.10% for the period, compared with 2.74% for its benchmark, the Russell 1000^® Growth Index, and the 2.42% average return of similar funds, as measured by the Morningstar Large Growth category.

Stocks post small gains

After surging 29.75% in 2003, the large-cap stocks of the Russell 1000 Growth Index delivered only 0.79% in the first quarter of 2004 and 1.94% in the second. Its modest 2.74% six-month return trailed that of its value counterpart, the Russell 1000 Value Index, which gained 3.94%, following a 30.03% increase in 2003.

     The overall U.S. stock market, as measured by the Russell 3000^® Index, rose 3.59% during the first half of the year. Its advance was led by the solid gains of the small-cap Russell 2000^® Index, up 6.76%, and the Russell Midcap^® Index, up 6.67%. (These two indexes are subsets of the Russell 3000.)

Fund contributors and detractors

The fund lagged its benchmark because of a number of stock selections that did not perform as anticipated. These included media giant Clear Channel Communications, software provider Intuit, and Novellus Systems, which manufactures parts for microprocessor makers. The fund had larger weightings of these stocks than the benchmark. Underweight holdings that included Yahoo, biotechnology company Biogen Idec, and AT&T Wireless also detracted from performance.

     These detractors were partly offset by positive contributions to relative performance from holdings such as online auctioneer eBay, Starwood Hotels, and St. Jude Medical, which makes heart valves and other surgical implants. The fund had larger weightings of these stocks than the benchmark. The fund also benefited from a holding in Monsanto, which is not included in the benchmark index, and from its below-benchmark weightings in firms such as Intel, the microprocessor maker; global media conglomerate Viacom; and Applied Materials, a supplier of products and services for semiconductor companies.

     The fund invested 3.88% of its total invested assets in foreign securities as of June 30, 2004. (Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. Also, due to their relatively high valuations, growth stocks are typically more volatile than value stocks.)

TIAA-CREF Life Funds 2004 Semiannual Report      7

Growth Equity Fund      Large-Cap Growth Stocks

Investment Objective

Seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities

The Fund’s Benchmark

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Growth Index represents those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. Both indexes are weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in these indexes.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
Growth Equity Fund		16.42	%		-14.47	%		2.10	%		-48.55	%
Benchmark:
Russell 1000 Growth Index2		17.88			-12.97			2.74			-44.60
Peer group:
Morningstar Large Growth		16.58			-11.69			2.42			-39.39

*	The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/lifefunds.
1	Inception date: 4/3/2000
2	Russell 1000 is a trademark and service mark of the Frank Russell Company.

8      2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on April 3, 2000, would be worth $5,145 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 15.72%, for the quarter ended December 31, 2001.

Worst quarter: -22.60%, for the quarter ended March 31, 2001.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report      9

Growth Equity Fund      Large-Cap Growth Stocks

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Growth Equity Fund Expense Example
	Starting Fund Value		Ending Fund Value			Expenses Paid†
	(12/31/03)		(6/30/04)			(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,021.00		$	1.21
5% annual hypothetical return	$	1,000.00	$	1,023.78	‡	$	1.22

†	Expenses Paid is based on the fund’s actual expense ratio of 0.12% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date	4/3/2000
Net Assets (6/30/2004)	$27.94 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		93.93
Middle: $1 billion-$5 billion		6.07
Total		100.00

10      2004 Semiannual Report TIAA-CREF Life Funds

Growth & Income Fund      Large-Cap, Dividend-Paying Stocks

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Growth & Income Fund returned 2.64% for the period, compared with 3.44% for the fund’s benchmark, the S&P 500^® Index, and the 2.78% average return of similar funds, as measured by the Morningstar Large Blend category.

S&P 500 trails the broad market

After rising 28.68% in 2003, the large-cap stocks of the S&P 500 returned 1.69% in the first quarter of 2004 and 1.72% in the second. The Russell 3000^® Index, which tracks domestic stocks of all sizes, had quarterly returns of 2.23% and 1.33% and posted a six-month gain of 3.59%. The Russell 3000 slightly outperformed the S&P 500 because of the solid gains of the small-cap Russell 2000^® Index, up 6.76%, and the Russell Midcap^® Index, up 6.67%. (These two indexes are subsets of the Russell 3000.)

Reasons for underperformance

The fund’s return trailed the benchmark’s because of several overweight holdings in companies that underperformed the index. Among these were Novellus, which manufactures parts for microprocessors, and Cisco Systems. Holdings in several stocks not listed in the index, including software provider Bea Systems and Canadian National Railway, also detracted from returns, as did below-benchmark weightings in several well-performing stocks such as General Electric and Yahoo.

     Positive contributions to relative performance came from overweight holdings such as Monsanto, PepsiCo, and St. Jude Medical, which makes heart valves and other surgical implants. The fund also benefited by selecting strong performers that did not appear in the benchmark, including French utilities operator Vinci and Royal Caribbean Cruises. Below-benchmark weightings in underperforming firms such as Intel and Hewlett Packard also helped relative performance.

     The fund invested 1.46% of its total invested assets in foreign securities as of June 30, 2004. (Please note that investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation and political and economic changes. Also, due to their relatively high valuations, growth stocks are typically more volatile than value stocks.)

TIAA-CREF Life Funds 2004 Semiannual Report      11

Growth & Income Fund      Large-Cap, Dividend-Paying Stocks

Investment Objective

Seeks a favorable long-term total return through both capital appreciation and investment income, primarily from income-producing equity securities

The Fund’s Benchmark

The S&P 500^® Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in this index.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
Growth & Income Fund		17.81	%		-6.18	%		2.64	%		-23.76	%
Benchmark:
S&P 500® Index		19.11			-4.78			3.44			-18.81
Peer group:
Morningstar Large Blend		17.63			-4.57			2.78			-17.08

*

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

1

Inception date: 4/3/2000

12      2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on April 3, 2000, would be worth $7,624 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 14.09%, for the quarter ended June 30, 2003.

Worst quarter: -16.56%, for the quarter ended September 30, 2002.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report      13

Growth & Income Fund      Large-Cap, Dividend-Paying Stocks

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Growth & Income Fund Expense Example
	Starting Fund Value		Ending Fund Value			Expenses Paid†
	(12/31/03)		(6/30/04)			(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,026.40		$	1.22
5% annual hypothetical return	$	1,000.00	$	1,023.78	‡	$	1.22

†	Expenses Paid is based on the fund’s actual expense ratio of 0.12% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date	4/3/2000
Net Assets (6/30/2004)	$45.35 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		94.96
Middle: $1 billion-$5 billion		4.81
Small: Under $1 billion		0.23
Total		100.00

14      2004 Semiannual Report TIAA-CREF Life Funds

International Equity Fund Foreign Stocks

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The International Equity Fund returned 5.36% for the period, outperforming both the 4.56% return of the fund’s benchmark, the Morgan Stanley EAFE^® Index, and the 3.12% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign stock prices level off

In the first quarter, the EAFE’s results were driven by a 15.14% surge in its Japan component. European results were much weaker: British stocks, the best-performing in Europe, gained only 1.81%, and the EAFE returned 4.34% for the quarter.

     Second-quarter gains were constrained by relatively high valuations and by worries about rising interest rates. Even so, the EAFE advanced 2.41%, as denominated in local currencies, versus the 1.33% return of the Russell 3000^® Index, a broad measure of the U.S. stock market. With the pound, the euro, and the yen all down against the dollar, however, the EAFE’s second-quarter gain was trimmed to 0.22% in dollar terms.

Stock selections beat the benchmark

The fund’s returns exceeded the benchmark’s because of successful stock selection in both the European and Asia-Pacific regions.

     The European segment benefited from holdings such as Reckitt Benckiser, a British consumer products company; Nobel Biocare Holding, a Swedish dental implant company; and Puma, a German athletic goods manufacturer. Detractors from relative performance included holdings in British food service company Compass Group and Swiss temporary help company Adecco.

     Relative performance in the Asia-Pacific segment was helped by several Japanese holdings, including internet software company Access and financial services company Orient, two firms that did not appear in the EAFE Index as of June 30. The fund also benefited from underweight positions in companies such as telecommunications company NTT DoCoMo and overweight holdings in such firms as Daido Life Insurance Company.

     Detractors from relative performance included underweight holdings in companies such as Mizuho Financial Group, and overweight positions in firms such as Shin-Etsu Chemical and Shinsei Bank. These three companies are based in Japan.

     (Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.)

TIAA-CREF Life Funds 2004 Semiannual Report      15

International Equity Fund      Foreign Stocks

Investment Objective

Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers

The Fund’s Benchmark

The Morgan Stanley Capital International EAFE^® (Europe, Australasia, Far East) Index tracks the performance of stocks in developed countries around the world, excluding the United States and Canada. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in this index.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
International Equity Fund		35.98	%		-7.01	%		5.36	%		-26.57	%
Benchmark:
Morgan Stanley EAFE Index		32.37			-4.45			4.56			-17.60
Peer group:
Morningstar Foreign Large Blend		27.79			-6.46			3.12			-23.69

*

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

1

Inception date: 4/3/2000

16      2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on April 3, 2000, would be worth $7,343 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 18.58%, for the quarter ended December 31, 2003.

Worst quarter: -19.22%, for the quarter ended September 30, 2002.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report      17

International Equity Fund      Foreign Stocks

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	International Equity Fund Expense Example
	Starting Fund Value		Ending Fund Value			Expenses Paid†
	(12/31/03)		(6/30/04)			(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,053.60		$	1.44
5% annual hypothetical return	$	1,000.00	$	1,023.58	‡	$	1.42

†	Expenses Paid is based on the fund’s actual expense ratio of 0.14% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Diversification Among World Markets

	Percent of
Country	Net Assets
United Kingdom		23.76
Japan		23.76
Switzerland		12.84
France		9.52
Germany		8.15
Australia		4.49
Netherlands		4.01
Italy		3.72
14 others		9.75
Total		100.00

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		79.25
Middle: $1 billion-$5 billion		16.52
Small: Under $1 billion		4.23
Total		100.00

Fund Facts

Inception Date	4/3/2000
Net Assets (6/30/2004)	$48.27 million

18      2004 Semiannual Report TIAA-CREF Life Funds

Stock Index Fund      U.S. Stocks

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Stock Index Fund gained 3.59% for the period, matching the 3.59% return of its benchmark, the Russell 3000^® Index, and topping the 2.78% average return of similar funds, as measured by the Morningstar Large Blend category.

Stocks slow down

Stocks delivered double-digit returns in the fourth quarter of 2003, but then their prices began to moderate. During the first quarter of 2004, the Russell 3000 gained 2.23%, a modest appreciation that masked a highly volatile trading period. Persistently high unemployment numbers slowed the advance, and the market was jolted in March by the Madrid bombing.

     In the second quarter, the Russell 3000 added only 1.33% despite plenty of positive economic news, which included surging corporate profits, record home sales, and rising employment numbers. However, fears of terrorism, worries over the handover of power in Iraq, and concerns about rising interest rates tempered returns. The benchmark’s return for the first half of 2004 trailed the 4.56% gain of the Morgan Stanley EAFE^® Index, which tracks stocks in Europe and the Pacific region, including Australia and New Zealand.

Value stocks and small caps performed best

For the six-month period, value stocks outperformed growth stocks. The Russell 3000 Value Index, which tracks value stocks of all sizes, gained 4.23%, while its growth counterpart, the Russell 3000 Growth Index, returned 2.96%. Across companies of various sizes, the small-cap stocks of the Russell 2000^® Index increased 6.76%, edging out the Russell Midcap^® Index, up 6.67%, and more than doubling the return of the predominantly large-cap Russell 1000^® Index, up 3.33%.

     Within the benchmark Russell 3000, industry segment returns ranged from 19.8% for non-petroleum energy companies to -1.7% for the technology sector.

     (Although the Stock Index Fund attempts to track closely the investment performance of its benchmark index, it does not duplicate the composition of that index. Also, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.)

TIAA-CREF Life Funds 2004 Semiannual Report      19

Stock Index Fund      U.S. Stocks

Investment Objective

Seeks a favorable long-term total return, mainly from capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets

The Fund’s Benchmark

The Russell 3000^® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents about 98% of the publicly traded U.S. equity market. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in this index.

Performance as of 6/30/2004

	Average Annual Compound									Cumulative Rates
	Rates of Total Return*									of Total Return*
							since									since
	1 year			5 years			inception1			6 months			5 years			inception1
Stock Index Fund		20.36	%		-1.06	%		1.05	%		3.59	%		-5.20	%		5.94	%
Benchmark:
Russell 3000 Index2		20.46			-1.07			0.98			3.59			-5.24			5.52
Peer group:
Morningstar Large Blend		17.63			-1.76			0.39			2.78			-8.49			3.45

*	The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/lifefunds.
1	Inception date: 1/4/1999
2	Russell 3000 is a trademark and service mark of the Frank Russell Company.

20      2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on January 4, 1999, would have grown to $10,594 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 16.13%, for the quarter ended June 30, 2003.

Worst quarter: -17.05%, for the quarter ended September 30, 2002.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report      21

Stock Index Fund      U.S. Stocks

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

      The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Stock Index Fund Expense Example
	Starting Fund Value		Ending Fund Value			Expenses Paid†
	(12/31/03)		(6/30/04)			(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,035.90		$	0.31
5% annual hypothetical return	$	1,000.00	$	1,024.70	‡	$	0.30

     ^† Expenses Paid is based on the fund’s actual expense ratio of 0.03% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.

     ^‡ Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date	1/4/1999
Net Assets (6/30/2004)	$132.50 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		80.52
Middle: $1 billion-$5 billion		14.88
Small: Under $1 billion		4.60
Total		100.00

22      2004 Semiannual Report TIAA-CREF Life Funds

Social Choice Equity Fund      Socially Screened Stocks

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Social Choice Equity Fund returned 4.66% for the period, outperforming both the 3.59% return of its benchmark, the Russell 3000^® Index, and the 2.78% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments for social criteria, as does the fund.

A boost from screened companies

The fund’s performance benefited from the fact that its social screens excluded several stocks that significantly underperformed the index during the period. Among these were Pfizer, Viacom, and Citigroup. The positive effects of its screens were partly offset by the exclusion of other stocks that did well during the period, including ExxonMobil, ChevronTexaco, and General Electric.

Selected holdings adjusted to control risk

Because the social screens prevent the fund from owning some of the stocks in the Russell 3000 Index, the fund’s managers use statistical methods to ensure that the risk characteristics of the portfolio closely track those of the index. One technique is to overweight or underweight certain stocks relative to each one’s size within the Russell 3000.

     During the period, overweight holdings in Procter & Gamble, PepsiCo, Illinois Tool Works, and Valero Energy helped relative performance, while an underweight in Bank of America and an overweight in Intel detracted. (Because its social screens exclude some investments, the fund may not be able to take advantage of the same opportunities or market trends as funds that do not use such criteria.)

TIAA-CREF Life Funds 2004 Semiannual Report      23

Social Choice Equity Fund      Socially Screened Stocks

Investment Objective

Seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain social criteria

The Fund’s Benchmark

The Russell 3000^® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents about 98% of the publicly traded U.S. equity market. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in this index.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
Social Choice Equity Fund		20.51	%		-3.56	%		4.66	%		-14.28	%
Benchmark:
Russell 3000 Index2		20.46			-4.16			3.59			-16.53
Peer group:
Morningstar Large Blend		17.63			-4.57			2.78			-17.08

*	The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/lifefunds.
1	Inception date: 4/3/2000
2	Russell 3000 is a trademark and service mark of the Frank Russell Company.

24      2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,572 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 16.40%, for the quarter ended June 30, 2003.

Worst quarter: -16.46%, for the quarter ended September 30, 2002.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report      25

Social Choice Equity Fund      Socially Screened Stocks

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Social Choice Equity Fund Expense Example
	Starting Fund Value		Ending Fund Value			Expenses Paid†
	(12/31/03)		(6/30/04)			(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,046.60		$	0.31
5% annual hypothetical return	$	1,000.00	$	1,024.70	‡	$	0.30

†	Expenses Paid is based on the fund’s actual expense ratio of 0.03% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date	4/3/2000
Net Assets (6/30/2004)	$26.69 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		82.78
Middle: $1 billion-$5 billion		12.21
Small: Under $1 billion		5.01
Total		100.00

26      2004 Semiannual Report TIAA-CREF Life Funds

Large-Cap Value Fund Large-Cap Value

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Large-Cap Value Fund gained 5.00% for the period, topping both the 3.94% return for its benchmark, the Russell 1000® Value Index, and the 3.46% average return of similar funds, as measured by the Morningstar Large Value category.

Value trumps growth

For the first half of 2004, value stocks as a group outperformed growth stocks, as they did in the last quarter of 2003. The Russell 3000® Value Index, which tracks value stocks of all sizes, advanced 4.23%, while its growth counterpart, the Russell 3000 Growth Index, increased 2.96%.

     Company size, however, continued to matter more than growth-value distinctions. Among value stocks, the 3.94% return of the predominantly large-cap Russell 1000 Value Index trailed both the 7.17% increase in the Russell Midcap® Value Index and the 7.83% rise of the small-cap Russell 2000® Value Index. In general, returns were a far cry from 2003, when large-cap value issues gained 30.03%.

Stock picks beat the benchmark

The fund’s superior performance versus the benchmark during the six-month period resulted from successful stock selection across a variety of industries. Top performers were Monsanto, Aetna, and energy company TXU, all of which outperformed the benchmark. Returns were helped by investments in companies not included in the index as of June 30, such as retailers American Eagle Outfitters and Talbots.

     The positive effect of those holdings was partly offset by positions in companies such as network storage producer Emulex and Altria, the parent company of Philip Morris. The fund had larger weightings of these stocks than the benchmark, and they did not perform as anticipated. Several underweight positions, including AT&T Wireless and Motorola, also detracted from returns, as did a number of holdings outside the index, such as business software maker Manugistics and home mortgage provider Fannie Mae.

     The fund invested 2.18% of its total invested assets in foreign securities. (Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. Also, the fund is subject to style risk in that value investing may fall out of favor with investors.)

TIAA-CREF Life Funds 2004 Semiannual Report 27

Large-Cap Value Fund Large-Cap Value

Investment Objective

Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies

The Fund’s Benchmark

The Russell 1000® Value Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Value Index represents those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. Both indexes are weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in these indexes.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
Large-Cap Value Fund		25.22	%		23.27	%		5.00	%		42.18	%
Benchmark:
Russell 1000 Value Index2		21.13			20.27			3.94			36.41
Peer group:
Morningstar Large Value		19.70			18.96			3.46			33.86

*	The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/lifefunds.
1	Inception date: 10/28/2002
2	Russell 1000 is a trademark and service mark of the Frank Russell Company.

28 2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on October 28, 2002, would have grown to $14,218 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 18.54%, for the quarter ended June 30, 2003.

Worst quarter: -5.76%, for the quarter ended March 31, 2003.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report 29

Large-Cap Value Fund   Large-Cap Value

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Large-Cap Value Fund Expense Example
	Starting Fund Value		Ending Fund Value		Expenses Paid†
	(12/31/03)		(6/30/04)		(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,050.00	$	1.23
5% annual hypothetical return	$	1,000.00	$	1,023.78‡	$	1.22

†	Expenses Paid is based on the fund’s actual expense ratio of 0.12% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date		10/28/2002
Net Assets (6/30/2004)	$32.16 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		85.67
Middle: $1 billion-$5 billion		12.18
Small: Under $1 billion		2.15
Total		100.00

30   2004 Semiannual Report  TIAA-CREF Life Funds

Small-Cap Equity Fund   Small-Cap Blend

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Small-Cap Equity Fund returned 7.34%, topping the 6.76% return of its benchmark, the Russell 2000® Index, and the 7.11% average return of similar funds, as measured by the Morningstar Small Blend category.

Small caps lead the market

The small-cap stocks tracked by the Russell 2000 outpaced stocks of other cap sizes during the six-month period: the predominantly large-cap Russell 1000® Index rose just 3.33%, and the Russell Midcap® Index returned 6.67%. The Russell 2000 nearly doubled the 3.59% gain of the Russell 3000® Index, which measures the overall domestic stock market.

     Among small caps, value topped growth in both quarters, returning 7.83% for the six-month period, versus the 5.68% return of growth issues. While substantial, none of these gains came near to matching small caps’ extraordinary performance in 2003, when the Russell 2000 surged 47.25%.

Astute stock selection beats the benchmark

The fund’s return topped the benchmark primarily because of successful stock selection across a variety of industries. Top performers during the period included Patina Oil & Gas, Tenneco Automotive, Noven Pharmaceuticals, US Oncology, home builder Champion Enterprises, and Sohu, a network of Chinese Internet sites.

     The positive effect of those holdings was partly offset by lower-than-expected returns from several other stocks including semiconductor designer ESS Technology, customer management firm TeleTech Holdings, and Tower Automotive. Underweight holdings in firms such as OSI Pharmaceuticals and global communications systems equipment supplier Andrew Corporation hampered returns.

     (Please note that small-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks.)

TIAA-CREF Life Funds   2004 Semiannual Report   31

Small-Cap Equity Fund   Small-Cap Blend

Investment Objective

Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies

The Fund’s Benchmark

The Russell 2000® Index tracks the stocks of the 2,000 smallest companies in the Russell 3000® Index, based on total market capitalization. Both indexes are weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole. You cannot invest directly in these indexes.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
Small-Cap Equity Fund		34.91	%		34.83	%		7.34	%		65.32	%
Benchmark:
Russell 2000 Index2		33.37			33.28			6.76			62.14
Peer group:
Morningstar Small Blend category		33.12			30.61			7.11			56.86

*	The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/lifefunds.
1	Inception date: 10/28/2002
2	Russell 2000 is a trademark and service mark of the Frank Russell Company.

32   2004 Semiannual Report   TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on October 28, 2002, would have grown to $16,532 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 23.74%, for the quarter ended June 30, 2003.

Worst quarter: -4.22%, for the quarter ended March 31, 2003.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report   33

Small-Cap Equity Fund   Small-Cap Blend

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Small-Cap Equity Fund Expense Example
	Starting Fund Value		Ending Fund Value		Expenses Paid†
	(12/31/03)		(6/30/04)		(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,073.40	$	0.52
5% annual hypothetical return	$	1,000.00	$	1,024.49‡	$	0.51

†	Expenses Paid is based on the fund’s actual expense ratio of 0.05% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date		10/28/2002
Net Assets (6/30/2004)	$37.25 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		0.01
Middle: $1 billion-$5 billion		39.79
Small: Under $1 billion		60.20
Total		100.00

34   2004 Semiannual Report TIAA-CREF Life Funds

Real Estate Securities Fund   Real Estate

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Real Estate Securities Fund gained 4.83% for the period, trailing the 6.96% return of its benchmark, the Wilshire Real Estate Securities Index, and the 5.51% average return of similar funds, as measured by the Morningstar Specialty Real Estate category.

A turbulent market

During the first half of 2004, the real estate investment trusts (REITs) in which the fund invests experienced a level of volatility unprecedented since the modern REIT era began in 1992. The rally in these securities that began in March 2003 pushed the fund’s benchmark up 52.15% as of March 31, 2004. Much of this upward movement resulted from yield-oriented investors abandoning bonds for REITs.

     A strong jobs report on April 1 sent bond yields climbing, and many investors moved funds out of REITs and into bonds. By May 10, REITs were down more than 17%. The market rebounded during the next seven weeks as bond yields moderated, and the benchmark ended the period off just 4.60% for the second quarter and still positive year to date.

The fund takes a defensive stance

Despite the strong performance in REITs through the first quarter, fundamental factors in the real estate industry remained weak, with vacancy rates relatively high in many sectors. With this in mind, the fund’s managers took defensive positions, including greater exposure to preferred stocks and investments in properties with shorter lease terms. This strategy worked well during the initial plunge in REITs prices, and the fund led the index by two percentage points on May 10.

     However, when the market bounced back sooner than expected, this defensive stance kept the fund from matching the full upswing in the benchmark. In addition, the fund had overweight positions, relative to the benchmark, in the underperforming retail and health care sectors. During the rebound of May and June, the best returns came from the apartment and office sectors, in which the fund had underweight holdings.

     Throughout the period, the fund maintained a portfolio broadly diversified among nine real estate sectors and across all three cap sizes. (The Real Estate Securities Fund, however, 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, higher expenses or lower income than expected, and potential environmental problems and liability.)

TIAA-CREF Life Funds 2004 Semiannual Report   35

Real Estate Securities Fund   Real Estate

Investment Objective

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

The Fund’s Benchmark

The Wilshire Real Estate Securities Index tracks the performance of publicly traded real estate securities, such as real estate investment trusts and real estate operating companies. Companies in the index generally have a market capitalization of at least $100 million. You cannot invest directly in this index.

Performance as of 6/30/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
				since						since
	1 year			inception1			6 months			inception1
Real Estate Securities Fund		24.84	%		29.25	%		4.83	%		53.96	%
Benchmark:
Wilshire Real Estate Securities Index		29.21			29.70			6.96			54.87
Peer group:
Morningstar Specialty Real Estate		26.57			28.18			5.51			51.68

*

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

1

Inception date: 10/28/2002

36   2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on October 28, 2002, would have grown to $15,396 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 14.26%, for the quarter ended June 30, 2003.

Worst quarter: -6.09%, for the quarter ended June 30, 2004.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report   37

Real Estate Securities Fund   Real Estate

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Real Estate Securities Fund Expense Example
	Starting Fund Value		Ending Fund Value		Expenses Paid†
	(12/31/03)		(6/30/04)		(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,048.30	$	1.23
5% annual hypothetical return	$	1,000.00	$	1,023.78‡	$	1.22

†	Expenses Paid is based on the fund’s actual expense ratio of 0.12% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date		10/28/2002
Net Assets (6/30/2004)	$40.32 million

Capitalization (as of 6/30/2004)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion		19.34
Middle: $1 billion-$5 billion		34.77
Small: Under $1 billion		45.89
Total		100.00

38   2004 Semiannual Report TIAA-CREF Life Funds

Bond Fund   Intermediate-Term Bonds

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Bond Fund returned 0.61% for the period, far outpacing the 0.15% return of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the -0.17% average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category.

     Investor demand for bonds increased in the first quarter, as momentum from last year’s stock market rally slowed on news of continued high unemployment. The Lehman index rose 2.66%.

     By the second quarter, reports of greater jobs growth, plus a substantial rise in the Consumer Price Index, convinced many bond investors that the economy was heating up. Bond yields rose, sending bond prices—which move inversely to yields—downward. In one of its worst quarters in a decade, the Lehman index sank 2.44%.

TIPS overtake corporate bonds

Demand for U.S. Treasury inflation-protected securities (TIPS) increased during the period, and they outperformed all other fixed-income sectors, including corporate bonds, which had produced the best returns during 2003. The performance of lower-quality issues (triple-B-rated) and mortgage- and asset-backed securities remained positive. The yield of the 10-year Treasury note varied widely, from 4.25% at the start of the year, to 3.82% after three months, to 4.57% by the end of June.

Defensive strategies limit gains

Keeping the fund’s duration close to the benchmark’s helped performance in the first quarter, when interest rates fell. However, a defensive position throughout the period in mortgage-backed securities of shorter duration—our attempt to counter rising interest rates—did not work as anticipated, nor did an overweight position in corporate bonds, which generally perform well in a rising-rate environment.

     The fund’s overall option-adjusted duration—a measure of the portfolio’s sensitivity to interest-rate changes—was 4.36 years as of June 30, 2004, versus 4.77 for the benchmark. Keeping the fund’s duration close to that of the benchmark index helps mitigate the risk that the fund will underperform the index. (Fixed-income investments are subject to a number of risks, including credit risk, current income risk, and interest rate risk. Interest rate increases can cause bond prices to decline.)

TIAA-CREF Life Funds 2004 Semiannual Report   39

Bond Fund   Intermediate-Term Bonds

Investment Objective

Seeks as favorable a long-term total return through income as is consistent with preserving capital, primarily from investment-grade fixed-income securities

The Fund’s Benchmark

The Lehman Brothers U.S. Aggregate Index tracks the performance of the U.S. investment-grade fixed-rate bond market, including government and agency securities, corporate bonds, and mortgage-backed and asset-backed securities. You cannot invest directly in this index.

Performance as of 6/30/2004

	Total Return*
				since
	6 months			inception1
Bond Fund		0.61	%		1.28	%
Benchmark:
Lehman Brothers U.S. Aggregate Index		0.15			0.84
Peer group:
Morningstar Intermediate-Term Bond		-0.17			0.73

*

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

1

Inception date: 7/8/2003

40   2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on July 8, 2003, would have grown to $10,128 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 2.75%, for the quarter ended March 31, 2004.

Worst quarter: -2.08%, for the quarter ended June 30, 2004.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report   41

Bond Fund   Intermediate-Term Bonds

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Bond Fund Expense Example
	Starting Fund Value		Ending Fund Value		Expenses Paid†
	(12/31/03)		(6/30/04)		(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,006.10	$	0.50
5% annual hypothetical return	$	1,000.00	$	1,024.49‡	$	0.51

†	Expenses Paid is based on the fund’s actual expense ratio of 0.05% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Risk Characteristics*:

Bond Fund vs. Benchmark (as of 6/30/2004)

			Option-Adjusted
	Average Maturity		Duration
	(In Years)		(In Years)
Bond Fund		6.38		4.36
Lehman Brothers U.S. Aggregate Index		7.47		4.77

* As calculated using an analytical model developed by CMS Bond Edge, a widely recognized risk analytic software package

Fund Facts

Inception Date		7/8/2003
Net Assets (6/30/2004)	$53.97 million

Holdings by Market Sector (as of 6/30/2004)

Mortgage-backed securities*	36.2	%
U.S. government securities	36.8
Corporate bonds	23.0
Money market instruments	4.0
Total	100.0	%

* Includes government-backed, private-label, and asset-backed securities

About Duration

Duration indicates the sensitivity of a bond to changes in interest rates and is measured in years: the lower the duration, the lower the bond’s potential volatility. In order to minimize risk, we seek to keep the fund’s average duration similar to the benchmark’s.

42   2004 Semiannual Report TIAA-CREF Life Funds

Money Market Fund   Cash Equivalents

D I S C U S S I O N

Performance in the six months ended June 30, 2004

The Money Market Fund returned 0.52% for the period, topping the 0.26% return of its benchmark, the iMoneyNet Money Fund Report Averages^TM-All Taxable.

     The period began with the short-term federal funds interest rate at a historically low 1%. (This rate is the one commercial U.S. banks charge one another for overnight loans.) Following forecasts of higher jobs growth, February’s employment report disappointed investors; the Federal Reserve left interest rates unchanged. However, with reports of strong jobs growth in March and April-and other signs as the second quarter progressed that the economy was heating up-the Fed raised the federal funds rate to 1.25% on June 30.

A tight market

During the first quarter, the London Interbank Offered Rate (LIBOR) curve was relatively flat, and spreads between short-term instruments remained tight. (The LIBOR is the interest rate that banks charge one another to borrow money on the London market and is the most widely used benchmark for short-term interest rates.)

     With the supply of high-quality commercial paper limited (mostly due to regulatory factors), there were few opportunities to exceed benchmark returns during most of the period. However, as a Fed rate increase became more of a certainty during the second quarter, the LIBOR jumped, and supply increased.

Asset allocations add value

Because of the shortage of high-quality offerings, the fund continued to invest fairly heavily in government agency securities, which made up approximately 51% of its holdings. The other 49% of the fund’s holdings was invested in commercial paper, distributed almost equally between corporate and asset-backed securities.

     Anticipating a rate increase, many money managers began favoring securities with shorter maturities. At the end of the second quarter, the fund’s weighted average maturity was 46 days, down from a high of 62 days earlier in the period, and the weighted average maturity of the benchmark was 46 days.

A schedule of investments is available

We have not included a list of the portfolio’s 50 largest holdings in this report because the portfolio contains a large number of relatively small holdings and a summary of them would not provide a representative view of the fund’s investments.

     A complete schedule of investments for the Money Market Fund is available without charge, on request, by calling TIAA-CREF at 800 223-1200. It can be accessed electronically at www.tiaa-cref.org, by using the “Publications” link at the top of our home page, or by visiting the SEC’s Web site at www.sec.gov.

TIAA-CREF Life Funds 2004 Semiannual Report   43

Money Market Fund   Cash Equivalents

Investment Objective

Seeks high current income consistent with maintaining liquidity and preserving capital

The Fund’s Benchmark

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

Net Annualized Yield (for the 7 days ending 6/29/2004)

	Current Yield			Effective Yield
Money Market Fund		1.12	%		1.12	%
iMoneyNet Money Fund Report Averages- All Taxable		0.59	%		0.59	%

Average Maturity (as of 6/29/2004)

	Days
Money Market Fund		46
iMoneyNet Money Fund Report Averages-All Taxable		46

Performance as of 6/30/2004

	Total Return*
				since
	6 months			inception1
Money Market Fund		0.52	%		1.01	%
Benchmark:
iMoneyNet Money Fund Report Averages-All Taxable		0.26			0.53

*

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

1

Inception date: 7/8/2003

An investment in the Money Market Fund is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.

44   2004 Semiannual Report TIAA-CREF Life Funds

P E R F O R M A N C E

An investment of $10,000 in this fund on July 8, 2003, would have grown to $10,101 as of June 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Best quarter: 0.26%, for the quarter ended June 30, 2004.

Worst quarter: 0.23%, for the quarter ended September 30, 2003.

* Partial year

TIAA-CREF Life Funds 2004 Semiannual Report   45

Money Market Fund   Cash Equivalents

P E R F O R M A N C E

Fund Expenses

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each fund. They are also designed to help you compare these costs with the ongoing costs of investing in other funds. (The costs shown do not reflect any separate account fees or expenses deducted under the variable annuity or variable life insurance contracts using the TIAA-CREF Life Funds. If those fees or expenses were included, the costs would be higher.)

     The examples assume $1,000 was invested on December 31, 2003, and held for six months until June 30, 2004. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Money Market Fund Expense Example
	Starting Fund Value		Ending Fund Value		Expenses Paid†
	(12/31/03)		(6/30/04)		(1/1/04-6/30/04)
Actual return	$	1,000.00	$	1,005.20	$	0.30
5% annual hypothetical return	$	1,000.00	$	1,024.70‡	$	0.30

†	Expenses Paid is based on the fund’s actual expense ratio of 0.03% for the period. This was converted into dollars and cents by the following process: the ratio was annualized, multiplied by the average fund value during the period, and then multiplied by 182/366, the number of days in the first half of 2004.
‡	Ending Fund Value for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Fund Facts

Inception Date		7/8/2003
Net Assets (6/30/2004)	$24.61 million

Asset Allocation (as of 6/30/2004)

	Percent of
	Net Assets
Commercial Paper		48.8
U.S. Government and Agency Securities		51.2
Total		100.0

46   2004 Semiannual Report TIAA-CREF Life Funds

Growth Equity Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PREFERRED STOCKS
PRINTING AND PUBLISHING
News Corp Ltd (Spon ADR)		8,022	$	263,763		0.94	%
TOTAL PRINTING AND PUBLISHING				263,763		0.94
TOTAL PREFERRED STOCKS		(Cost $255,013)		263,763		0.94
COMMON STOCKS
APPAREL AND ACCESSORY STORES
Gap, Inc		12,011		291,267		1.04
TOTAL APPAREL AND ACCESSORY STORES				291,267		1.04
APPAREL AND OTHER TEXTILE PRODUCTS				163,465		0.59
BUILDING MATERIALS AND GARDEN SUPPLIES
Lowe’s Cos		8,767		460,706		1.65
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES				460,706		1.65
BUSINESS SERVICES
Microsoft Corp		28,854		824,070		2.95
*  Oracle Corp		25,049		298,835		1.07
SAP AG. (Spon ADR)		9,515		397,822		1.42
*  Symantec Corp		6,525		285,665		1.02
*  Yahoo!, Inc		7,746		281,412		1.01
Other Securities				786,042		2.81
TOTAL BUSINESS SERVICES				2,873,846		10.28
CHEMICALS AND ALLIED PRODUCTS
*  Amgen, Inc		3,736		203,874		0.73
*  Biogen Idec, Inc		3,991		252,431		0.90
*  Forest Laboratories, Inc		6,237		353,201		1.26
*  Genentech, Inc		4,766		267,849		0.96
*  Gilead Sciences, Inc		5,253		351,951		1.26
*  IVAX Corp		8,404		201,612		0.72
Lilly (Eli) & Co		7,185		502,303		1.80
Pfizer, Inc		41,469		1,421,557		5.09
Procter & Gamble Co		20,440		1,112,754		3.98
Other Securities				698,972		2.50
TOTAL CHEMICALS AND ALLIED PRODUCTS				5,366,504		19.20
COMMUNICATIONS				127,544		0.46
DEPOSITORY INSTITUTIONS
Citigroup, Inc		4,427		205,856		0.74
Other Securities				189,969		0.68
TOTAL DEPOSITORY INSTITUTIONS				395,825		1.42
EATING AND DRINKING PLACES				111,607		0.40
EDUCATIONAL SERVICES
*  Apollo Group, Inc (Class A)		3,495		308,574		1.10
TOTAL EDUCATIONAL SERVICES				308,574		1.10

TIAA-CREF Life Funds 2004 Semiannual Report     47

SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
ELECTRIC, GAS, AND SANITARY SERVICES			$	57,162		0.20	%
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
Intel Corp		27,051		746,608		2.67
Maxim Integrated Products, Inc		5,744		301,100		1.08
Motorola, Inc		26,900		490,925		1.76
*  Novellus Systems, Inc		6,869		215,961		0.77
Qualcomm, Inc		7,825		571,069		2.04
Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		50,945		423,353		1.52
Other Securities				322,337		1.15
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				3,071,353		10.99
ENGINEERING AND MANAGEMENT SERVICES
*  Accenture Ltd (Class A)		12,421		341,329		1.22
Monsanto Co		8,960		344,960		1.23
Other Securities				21,173		0.08
TOTAL ENGINEERING AND MANAGEMENT SERVICES				707,462		2.53
FABRICATED METAL PRODUCTS				33,945		0.12
FOOD AND KINDRED PRODUCTS
PepsiCo, Inc		11,568		623,284		2.23
Other Securities				501,251		1.79
TOTAL FOOD AND KINDRED PRODUCTS				1,124,535		4.02
FURNITURE AND FIXTURES				20,795		0.07
FURNITURE AND HOME FURNISHINGS STORES				130,615		0.47
GENERAL MERCHANDISE STORES
Target Corp		8,802		373,821		1.34
Wal-Mart Stores, Inc		9,416		496,788		1.78
Other Securities				181,079		0.65
TOTAL GENERAL MERCHANDISE STORES				1,051,688		3.77
HEALTH SERVICES
*  Express Scripts, Inc		4,323		342,511		1.23
Health Management Associates, Inc (Class A)		9,916		222,317		0.80
TOTAL HEALTH SERVICES				564,828		2.03
HOTELS AND OTHER LODGING PLACES
Starwood Hotels & Resorts Worldwide, Inc		7,618		341,667		1.22
TOTAL HOTELS AND OTHER LODGING PLACES				341,667		1.22
INDUSTRIAL MACHINERY AND EQUIPMENT
3M Co		5,765		518,908		1.86
*  Cisco Systems, Inc		44,010		1,043,037		3.73
*  Dell, Inc		20,353		729,044		2.61
Other Securities				653,345		2.34
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				2,944,334		10.54

48    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
INSTRUMENTS AND RELATED PRODUCTS
Guidant Corp		4,802	$	268,336		0.96	%
Medtronic, Inc		12,041		586,638		2.10
*  St. Jude Medical, Inc		5,664		428,482		1.53
*  Zimmer Holdings, Inc		3,780		333,396		1.19
Other Securities				185,268		0.67
TOTAL INSTRUMENTS AND RELATED PRODUCTS				1,802,120		6.45
INSURANCE AGENTS, BROKERS AND SERVICE				168,904		0.60
INSURANCE CARRIERS
American International Group, Inc		3,871		275,925		0.99
Other Securities				281,465		1.01
TOTAL INSURANCE CARRIERS				557,390		2.00
MISCELLANEOUS MANUFACTURING INDUSTRIES				57,834		0.21
MISCELLANEOUS RETAIL
*  eBay, Inc		4,978		457,727		1.64
Staples, Inc		7,884		231,080		0.83
TOTAL MISCELLANEOUS RETAIL				688,807		2.47
MOTION PICTURES
*  Time Warner, Inc		19,913		350,071		1.25
TOTAL MOTION PICTURES				350,071		1.25
NONDEPOSITORY INSTITUTIONS
American Express Co		13,613		699,436		2.50
Fannie Mae		9,682		690,908		2.47
MBNA Corp		12,282		316,753		1.13
Other Securities				54,628		0.21
TOTAL NONDEPOSITORY INSTITUTIONS				1,761,725		6.31
OIL AND GAS EXTRACTION				100,119		0.36
PERSONAL SERVICES				62,193		0.22
SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc		3,166		298,111		1.07
TOTAL SECURITY AND COMMODITY BROKERS				298,111		1.07
TRANSPORTATION BY AIR				59,265		0.21
TRANSPORTATION EQUIPMENT
United Technologies Corp		5,054		462,340		1.65
Other Securities				95,427		0.34
TOTAL TRANSPORTATION EQUIPMENT				557,767		1.99
TRUCKING AND WAREHOUSING				130,118		0.47
WATER TRANSPORTATION				175,376		0.63

TIAA-CREF Life Funds 2004 Semiannual Report     49

SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

					% of NET
COMPANY	SHARES		VALUE		ASSETS
WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		11,216	$	624,731		2.24	%
TOTAL WHOLESALE TRADE-DURABLE GOODS				624,731		2.24
WHOLESALE TRADE-NONDURABLE GOODS				34,650		0.12
TOTAL COMMON STOCKS	(Cost $30,143,507)			27,576,903		98.70
TOTAL PORTFOLIO	(Cost $30,398,520)			27,840,666		99.64
OTHER ASSETS & LIABILITIES, NET				100,427		0.36
NET ASSETS			$	27,941,093		100.00	%

* Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

50    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PREFERRED STOCKS
ELECTRIC, GAS, AND SANITARY SERVICES			$	272		0.00	%
TOTAL PREFERRED STOCKS		(Cost $217)		272		0.00
COMMON STOCKS
APPAREL AND ACCESSORY STORES				203,700		0.45
BUILDING MATERIALS AND GARDEN SUPPLIES
Lowe’s Cos		9,327		490,134		1.08
Other Securities				232,179		0.51
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES				722,313		1.59
BUSINESS SERVICES
Microsoft Corp		43,291		1,236,391		2.73
*  Oracle Corp		31,208		372,311		0.82
Other Securities				1,049,284		2.31
TOTAL BUSINESS SERVICES				2,657,986		5.86
CHEMICALS AND ALLIED PRODUCTS
*  Amgen, Inc		5,072		276,779		0.61
Lilly (Eli) & Co		6,161		430,716		0.95
Merck & Co, Inc		8,912		423,320		0.93
d  Pfizer, Inc		32,875		1,126,955		2.49
Procter & Gamble Co		19,318		1,051,672		2.32
Other Securities				1,777,015		3.92
TOTAL CHEMICALS AND ALLIED PRODUCTS				5,086,457		11.22
COMMUNICATIONS
*  Comcast Corp (Class A)		9,679		271,302		0.60
SBC Communications, Inc		13,023		315,808		0.70
Verizon Communications, Inc		12,152		439,781		0.97
Other Securities				1,243,435		2.74
TOTAL COMMUNICATIONS				2,270,326		5.01
DEPOSITORY INSTITUTIONS
Bank Of America Corp		8,906		753,626		1.66
Bank One Corp		5,311		270,861		0.60
Citigroup, Inc		20,878		970,827		2.14
J.P. Morgan Chase & Co		8,601		333,461		0.74
U.S. Bancorp		23,102		636,691		1.40
Wells Fargo & Co		11,240		643,265		1.42
Other Securities				901,510		1.99
TOTAL DEPOSITORY INSTITUTIONS				4,510,241		9.95
EATING AND DRINKING PLACES				417,174		0.92
ELECTRIC, GAS, AND SANITARY SERVICES				1,086,983		2.40

TIAA-CREF Life Funds 2004 Semiannual Report     51

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
d  General Electric Co		44,056	$	1,427,414		3.15	%
Intel Corp		26,055		719,118		1.59
Other Securities				1,631,113		3.59
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				3,777,645		8.33
ENGINEERING AND MANAGEMENT SERVICES
Monsanto Co		9,365		360,553		0.80
Other Securities				256,526		0.56
TOTAL ENGINEERING AND MANAGEMENT SERVICES				617,079		1.36
FABRICATED METAL PRODUCTS
Illinois Tool Works, Inc		3,900		373,971		0.82
Other Securities				253,838		0.56
TOTAL FABRICATED METAL PRODUCTS				627,809		1.38
FOOD AND KINDRED PRODUCTS
Coca-Cola Co		10,277		518,783		1.14
*Dean Foods Co		8,475		316,202		0.70
PepsiCo, Inc		12,022		647,745		1.43
Other Securities				247,330		0.55
TOTAL FOOD AND KINDRED PRODUCTS				1,730,060		3.82
FOOD STORES				115,163		0.25
FORESTRY				69,432		0.15
FURNITURE AND FIXTURES				47,000		0.10
FURNITURE AND HOMEFURNISHINGS STORES				311,794		0.69
GENERAL BUILDING CONTRACTORS				97,820		0.22
GENERAL MERCHANDISE STORES
Target Corp		9,500		403,465		0.89
Wal-Mart Stores, Inc		11,982		632,170		1.39
Other Securities				402,122		0.89
TOTAL GENERAL MERCHANDISE STORES				1,437,757		3.17
HEALTH SERVICES				297,576		0.66
HOLDING AND OTHER INVESTMENT OFFICES
SPDR Trust Series 1		5,300		607,009		1.34
Other Securities				213,956		0.47
TOTAL HOLDING AND OTHER INVESTMENT OFFICES				820,965		1.81
HOTELS AND OTHER LODGING PLACES				105,860		0.23

52    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
INDUSTRIAL MACHINERY AND EQUIPMENT
3M Co		4,072	$	366,521		0.81	%
Baker Hughes, Inc		6,987		263,061		0.58
*  Cisco Systems, Inc		30,765		729,131		1.61
*  Dell, Inc		19,154		686,096		1.51
International Business Machines Corp		8,903		784,799		1.73
Other Securities				839,750		1.85
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				3,669,358		8.09
INSTRUMENTS AND RELATED PRODUCTS
Medtronic, Inc		5,600		272,832		0.60
*  St. Jude Medical, Inc		4,646		351,470		0.78
Other Securities				751,218		1.65
TOTAL INSTRUMENTS AND RELATED PRODUCTS				1,375,520		3.03
INSURANCE CARRIERS
American International Group, Inc		11,426		814,445		1.80
*  Anthem, Inc		3,402		304,683		0.67
Safeco Corp		9,376		412,544		0.91
Other Securities				968,972		2.13
TOTAL INSURANCE CARRIERS				2,500,644		5.51
LEATHER AND LEATHER PRODUCTS				129,515		0.29
METAL MINING				204,770		0.45
MISCELLANEOUS MANUFACTURING INDUSTRIES				54,750		0.12
MISCELLANEOUS RETAIL				254,014		0.56
MOTION PICTURES
*  Time Warner, Inc		18,887		332,033		0.73
Other Securities				211,618		0.47
TOTAL MOTION PICTURES				543,651		1.20
NONDEPOSITORY INSTITUTIONS
American Express Co		9,838		505,476		1.11
Fannie Mae		7,851		560,247		1.24
MBNA Corp		15,324		395,206		0.87
Other Securities				63,300		0.14
TOTAL NONDEPOSITORY INSTITUTIONS				1,524,229		3.36
OIL AND GAS EXTRACTION				383,926		0.85
PAPER AND ALLIED PRODUCTS				257,633		0.57
PETROLEUM AND COAL PRODUCTS
ConocoPhillips		4,200		320,418		0.71
ExxonMobil Corp		34,245		1,520,820		3.35
Other Securities				349,215		0.77
TOTAL PETROLEUM AND COAL PRODUCTS				2,190,453		4.83
PRIMARY METAL INDUSTRIES				60,030		0.13

TIAA-CREF Life Funds 2004 Semiannual Report     53

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PRINTING AND PUBLISHING
News Corp Ltd (Spon ADR)		9,231	$	303,515		0.67	%
Other Securities				84,850		0.19
TOTAL PRINTING AND PUBLISHING				388,365		0.86
RAILROAD TRANSPORTATION				70,140		0.16
SECURITY AND COMMODITY BROKERS				856,968		1.89
TOBACCO PRODUCTS
Altria Group, Inc		8,734		437,135		0.96
Other Securities				203,508		0.45
TOTAL TOBACCO PRODUCTS				640,643		1.41
TRANSPORTATION BY AIR				107,333		0.24
TRANSPORTATION EQUIPMENT
United Technologies Corp		6,400		585,472		1.29
Other Securities				830,285		1.83
TOTAL TRANSPORTATION EQUIPMENT				1,415,757		3.12
TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)		6,463		485,824		1.07
TOTAL TRUCKING AND WAREHOUSING				485,824		1.07
WATER TRANSPORTATION
Royal Caribbean Cruises Ltd		6,600		286,506		0.63
TOTAL WATER TRANSPORTATION				286,506		0.63
WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		10,009		557,501		1.23
Other Securities				6,383		0.01
TOTAL WHOLESALE TRADE-DURABLE GOODS				563,884		1.24
WHOLESALE TRADE-NONDURABLE GOODS				68,660		0.15
TOTAL COMMON STOCKS	(Cost $43,703,226)			45,043,713		99.33

54    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

							% of NET
ISSUER		PRINCIPAL		VALUE			ASSETS
SHORT TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Home Loan Banks (FHLB)	1.000%, 07/01/04		$410,000	$	409,986			0.90	%
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					409,986			0.90
TOTAL SHORT TERM INVESTMENTS			(Cost $409,986)		409,986			0.90
TOTAL PORTFOLIO		(Cost $44,113,429)			45,453,971			100.23
OTHER ASSETS & LIABILITIES, NET					(104,962	)		(0.23	)
NET ASSETS				$	45,349,009			100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

TIAA-CREF Life Funds 2004 Semiannual Report     55

SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
ISSUER	SHARES		VALUE		ASSETS
CORPORATE BONDS
INSURANCE CARRIERS			$	3,038		0.01	%
TOTAL CORPORATE BONDS		(Cost $2,026)		3,038		0.01

COMPANY
PREFERRED STOCKS
PRINTING AND PUBLISHING		$	142,854	0.29	%
TOTAL PREFERRED STOCKS	(Cost $116,150)		142,854	0.29
COMMON STOCKS
APPAREL AND ACCESSORY STORES
Fast Retailing Co Ltd	4,200		339,880	0.70
Other Securities			53,860	0.11
TOTAL APPAREL AND ACCESSORY STORES			393,740	0.81
APPAREL AND OTHER TEXTILE PRODUCTS			53,324	0.11
AUTOMOTIVE DEALERS AND SERVICE STATIONS			3,272	0.01
BUILDING MATERIALS AND GARDEN SUPPLIES
Wolseley plc	29,591		458,821	0.95
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES			458,821	0.95
BUSINESS SERVICES
Public Power Corp	13,500		321,926	0.66
Other Securities			1,631,862	3.38
TOTAL BUSINESS SERVICES			1,953,788	4.04
CHEMICALS AND ALLIED PRODUCTS
*  Actelion NV	2,859		328,726	0.68
Givaudan S.A. (Regd)	487		281,919	0.58
GlaxoSmithKline plc	42,991		870,080	1.80
Novartis AG. (Regd)	12,734		561,764	1.16
Reckitt Benckiser plc	39,959		1,131,189	2.35
Sanofi-Synthelabo S.A.	7,528		477,181	0.99
Shin-Etsu Chemical Co Ltd	9,100		325,253	0.67
Takeda Chemical Industries Ltd	6,900		302,901	0.63
Other Securities			792,102	1.64
TOTAL CHEMICALS AND ALLIED PRODUCTS			5,071,115	10.50
COAL MINING			94,833	0.20
COMMUNICATIONS
KDDI Corp	79		451,780	0.93
Telefonica S.A.	27,842		411,569	0.85
Vodafone Group plc	93,545		204,845	0.42
Vodafone Group plc (Spon ADR)	28,476		629,320	1.31
Other Securities			1,510,218	3.13
TOTAL COMMUNICATIONS			3,207,732	6.64

56    2004 Semiannual Report TIAA-CREF Life Funds

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International Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
DEPOSITORY INSTITUTIONS
ABN Amro Holding NV		15,767	$	344,909		0.71	%
Banca Intesa S.p.A		112,162		438,043		0.90
Depfa Bank plc		35,820		520,350		1.08
Deutsche Bank AG. (Regd)		5,279		414,778		0.85
*  HSBC Holdings plc (United Kingdom)		39,443		586,545		1.22
Mitsubishi Tokyo Financial Group, Inc		47		435,046		0.90
Royal Bank Of Scotland Group plc		56,481		1,626,561		3.37
Shinsei Bank Ltd		52,000		331,687		0.69
UBS AG. (Regd)		14,466		1,019,342		2.12
Other Securities				2,307,615		4.78
TOTAL DEPOSITORY INSTITUTIONS				8,024,876		16.62
EATING AND DRINKING PLACES
Compass Group plc		208,634		1,273,174		2.64
Other Securities				23,444		0.05
TOTAL EATING AND DRINKING PLACES				1,296,618		2.69
ELECTRIC, GAS, AND SANITARY SERVICES
E.ON AG		12,601		909,129		1.89
Puma AG. Rudolf Dassler Sport		1,718		436,581		0.90
Other Securities				762,570		1.58
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES				2,108,280		4.37
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
Kyocera Corp		3,600		305,513		0.63
Nokia Oyj		20,695		298,618		0.62
STMicroelectronics NV		33,262		729,642		1.51
Other Securities				1,201,505		2.50
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				2,535,278		5.26
FABRICATED METAL PRODUCTS
Geberit AG. (Regd)		691		460,703		0.95
Other Securities				110,919		0.23
TOTAL FABRICATED METAL PRODUCTS				571,622		1.18
FOOD AND KINDRED PRODUCTS
Groupe Danone		4,614		402,497		0.83
Pernod-Ricard		2,480		317,117		0.66
Other Securities				676,542		1.40
TOTAL FOOD AND KINDRED PRODUCTS				1,396,156		2.89
FOOD STORES
Tesco plc		285,760		1,379,776		2.86
Other Securities				476,358		0.99
TOTAL FOOD STORES				1,856,134		3.85
FURNITURE AND HOMEFURNISHINGS STORES				5,435		0.01
GENERAL BUILDING CONTRACTORS				201,067		0.42
GENERAL MERCHANDISE STORES				258,070		0.53
HEALTH SERVICES				40,993		0.08

TIAA-CREF Life Funds 2004 Semiannual Report     57

SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
HEAVY CONSTRUCTION, EXCEPT BUILDING
Vinci S.A.		8,361	$	842,276		1.74	%
Other Securities				27,853		0.06
TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING				870,129		1.80
HOLDING AND OTHER INVESTMENT OFFICES				872,932		1.81
HOTELS AND OTHER LODGING PLACES				49,254		0.10
INDUSTRIAL MACHINERY AND EQUIPMENT				967,786		2.01
INSTRUMENTS AND RELATED PRODUCTS
The Swatch Group AG. (Regd)		27,094		722,564		1.50
Other Securities				597,543		1.24
TOTAL INSTRUMENTS AND RELATED PRODUCTS				1,320,107		2.74
INSURANCE CARRIERS
Schindler Holding AG. (Pt Cert)		1,046		300,253		0.62
Zurich Financial Services AG		3,923		619,429		1.28
Other Securities				1,391,428		2.89
TOTAL INSURANCE CARRIERS				2,311,110		4.79
LEATHER AND LEATHER PRODUCTS				6,074		0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT				127,501		0.26
LUMBER AND WOOD PRODUCTS				33,295		0.07
METAL MINING				608,305		1.26
MISCELLANEOUS MANUFACTURING INDUSTRIES				14,571		0.03
MISCELLANEOUS RETAIL				99,986		0.21
MOTION PICTURES				11,628		0.02
NONDEPOSITORY INSTITUTIONS
*  Hypo Real Estate Holding		15,895		466,255		0.97
Other Securities				98,113		0.20
TOTAL NONDEPOSITORY INSTITUTIONS				564,368		1.17
NONMETALLIC MINERALS, EXCEPT FUELS				5,930		0.01
OIL AND GAS EXTRACTION
Total S.A.		1,886		359,564		0.75
Other Securities				160,395		0.33
TOTAL OIL AND GAS EXTRACTION				519,959		1.08
PAPER AND ALLIED PRODUCTS				425,426		0.88

58    2004 Semiannual Report TIAA-CREF Life Funds

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International Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PETROLEUM AND COAL PRODUCTS
BHP Billiton Ltd		39,016	$	340,547		0.70	%
BP plc		51,035		450,728		0.94
ENI S.p.A.		22,667		450,070		0.93
Nippon Oil Corp		47,000		295,917		0.61
Royal Dutch Petroleum Co		12,524		642,710		1.33
Other Securities				162,040		0.34
TOTAL PETROLEUM AND COAL PRODUCTS				2,342,012		4.85
PRIMARY METAL INDUSTRIES				22,123		0.05
PRINTING AND PUBLISHING
Reed Elsevier NV		10,590		148,685		0.31
Reed Elsevier plc		106,831		1,038,436		2.16
Other Securities				119,080		0.24
TOTAL PRINTING AND PUBLISHING				1,306,201		2.71
RAILROAD TRANSPORTATION				165,802		0.34
REAL ESTATE				97,368		0.20
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS				7,080		0.01
SECURITY AND COMMODITY BROKERS
Man Group plc		13,044		337,798		0.70
Other Securities				485,855		1.01
TOTAL SECURITY AND COMMODITY BROKERS				823,653		1.71
STONE, CLAY, AND GLASS PRODUCTS
Holcim Ltd (Regd)		20,156		1,095,995		2.27
Other Securities				156,799		0.33
TOTAL STONE, CLAY, AND GLASS PRODUCTS				1,252,794		2.60
TRANSPORTATION BY AIR				71,148		0.15
TRANSPORTATION EQUIPMENT
*  Fiat S.p.A.		55,953		468,358		0.97
Toyota Motor Corp		15,100		611,667		1.27
Other Securities				591,820		1.23
TOTAL TRANSPORTATION EQUIPMENT				1,671,845		3.47
TRUCKING AND WAREHOUSING				127,571		0.26
WATER TRANSPORTATION				100,396		0.21
WHOLESALE TRADE-DURABLE GOODS				303,088		0.63

TIAA-CREF Life Funds 2004 Semiannual Report     59

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International Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

					% of NET
COMPANY	SHARES		VALUE		ASSETS
WHOLESALE TRADE-NONDURABLE GOODS
Celesio AG		8,448	$	504,663		1.04	%
Other Securities				225,900		0.47
TOTAL WHOLESALE TRADE-NONDURABLE GOODS				730,563		1.51
TOTAL COMMON STOCKS	(Cost $44,262,570)			47,361,159		98.11
TOTAL PORTFOLIO	(Cost $44,380,746)			47,507,051		98.41
OTHER ASSETS & LIABILITIES, NET				767,598		1.59
NET ASSETS			$	48,274,649		100.00	%

*  Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

60    2004 Semiannual Report TIAA-CREF Life Funds

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Stock Index Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PREFERRED STOCKS
ELECTRIC, GAS, AND SANITARY SERVICES			$	769		0.00	%
TOTAL PREFERRED STOCKS		(Cost $620)		769		0.00
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS				6,585		0.01
AMUSEMENT AND RECREATION SERVICES				240,153		0.18
APPAREL AND ACCESSORY STORES				809,748		0.61
APPAREL AND OTHER TEXTILE PRODUCTS				256,753		0.19
AUTO REPAIR, SERVICES AND PARKING				45,228		0.03
AUTOMOTIVE DEALERS AND SERVICE STATIONS				236,307		0.18
BUILDING MATERIALS AND GARDEN SUPPLIES
Home Depot, Inc		23,874		840,365		0.63
Other Securities				509,972		0.39
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES				1,350,337		1.02
BUSINESS SERVICES
d  Microsoft Corp		97,510		2,784,886		2.10
*  Oracle Corp		40,272		480,445		0.36
Other Securities				5,979,756		4.52
TOTAL BUSINESS SERVICES				9,245,087		6.98
CHEMICALS AND ALLIED PRODUCTS
Abbott Laboratories		16,631		677,880		0.51
*  Amgen, Inc		13,545		739,151		0.56
Bristol-Myers Squibb Co		20,704		507,248		0.38
Du Pont (E.I.) de Nemours & Co		10,684		474,583		0.36
Lilly (Eli) & Co		10,346		723,289		0.55
Merck & Co, Inc		23,653		1,123,518		0.85
d  Pfizer, Inc		81,167		2,782,405		2.10
Procter & Gamble Co		27,354		1,489,152		1.12
Wyeth		14,179		512,713		0.39
Other Securities				5,474,679		4.13
TOTAL CHEMICALS AND ALLIED PRODUCTS				14,504,618		10.95
COAL MINING				115,119		0.09
COMMUNICATIONS
BellSouth Corp		19,555		512,732		0.39
SBC Communications, Inc		35,267		855,225		0.65
Verizon Communications, Inc		29,350		1,062,177		0.80
Viacom, Inc (Class B)		16,320		582,950		0.44
Other Securities				3,585,700		2.70
TOTAL COMMUNICATIONS				6,598,784		4.98

TIAA-CREF Life Funds 2004 Semiannual Report     61

SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
DEPOSITORY INSTITUTIONS
Bank Of America Corp		21,692	$	1,835,577		1.39	%
Bank One Corp		11,955		609,705		0.46
Citigroup, Inc		54,957		2,555,501		1.93
J.P. Morgan Chase & Co		22,106		857,050		0.65
U.S. Bancorp		20,197		556,629		0.42
Wachovia Corp		13,950		620,775		0.47
Wells Fargo & Co		17,972		1,028,538		0.78
Other Securities				5,177,530		3.89
TOTAL DEPOSITORY INSTITUTIONS				13,241,305		9.99
EATING AND DRINKING PLACES				849,779		0.64
EDUCATIONAL SERVICES				317,094		0.24
ELECTRIC, GAS, AND SANITARY SERVICES				4,532,135		3.42
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
d  General Electric Co		112,178		3,634,567		2.74
Intel Corp		68,816		1,899,322		1.43
Qualcomm, Inc		8,595		627,263		0.47
Other Securities				4,593,057		3.48
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				10,754,209		8.12
ENGINEERING AND MANAGEMENT SERVICES				1,130,475		0.85
FABRICATED METAL PRODUCTS				931,123		0.70
FOOD AND KINDRED PRODUCTS
Coca-Cola Co		22,452		1,133,377		0.86
PepsiCo, Inc		18,173		979,161		0.74
Other Securities				2,244,615		1.69
TOTAL FOOD AND KINDRED PRODUCTS				4,357,153		3.29
FOOD STORES				653,147		0.49
FORESTRY				153,129		0.12
FURNITURE AND FIXTURES				426,216		0.32
FURNITURE AND HOMEFURNISHINGS STORES				448,727		0.34
GENERAL BUILDING CONTRACTORS				451,636		0.34
GENERAL MERCHANDISE STORES
Wal-Mart Stores, Inc		27,292		1,439,926		1.09
Other Securities				1,434,646		1.08
TOTAL GENERAL MERCHANDISE STORES				2,874,572		2.17
HEALTH SERVICES				1,117,187		0.84
HEAVY CONSTRUCTION, EXCEPT BUILDING				8,650		0.01
HOLDING AND OTHER INVESTMENT OFFICES				3,019,426		2.28
HOTELS AND OTHER LODGING PLACES				407,649		0.31

62    2004 Semiannual Report TIAA-CREF Life Funds

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Stock Index Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
INDUSTRIAL MACHINERY AND EQUIPMENT
3M Co		8,328	$	749,603		0.57	%
*  Cisco Systems, Inc		71,946		1,705,120		1.29
*  Dell, Inc		26,880		962,842		0.73
Hewlett-Packard Co		32,507		685,898		0.52
International Business Machines Corp		17,905		1,578,326		1.19
Other Securities				3,736,323		2.81
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				9,418,112		7.11
INSTRUMENTS AND RELATED PRODUCTS
Medtronic, Inc		12,915		629,219		0.47
Other Securities				3,479,871		2.63
TOTAL INSTRUMENTS AND RELATED PRODUCTS				4,109,090		3.10
INSURANCE AGENTS, BROKERS AND SERVICE				546,729		0.41
INSURANCE CARRIERS
American International Group, Inc		24,462		1,743,651		1.32
Other Securities				4,724,285		3.56
TOTAL INSURANCE CARRIERS				6,467,936		4.88
JUSTICE, PUBLIC ORDER AND SAFETY				2,040		0.00
LEATHER AND LEATHER PRODUCTS				133,479		0.10
LEGAL SERVICES				3,932		0.00
LOCAL AND INTERURBAN PASSENGER TRANSIT				14,308		0.01
LUMBER AND WOOD PRODUCTS				149,364		0.11
METAL MINING				328,439		0.25
MISCELLANEOUS MANUFACTURING INDUSTRIES				203,582		0.15
MISCELLANEOUS RETAIL
*  eBay, Inc		5,507		506,369		0.38
Other Securities				1,413,022		1.07
TOTAL MISCELLANEOUS RETAIL				1,919,391		1.45
MOTION PICTURES
*  Time Warner, Inc		46,561		818,542		0.62
Walt Disney Co		21,808		555,886		0.42
Other Securities				333,520		0.25
TOTAL MOTION PICTURES				1,707,948		1.29
NONDEPOSITORY INSTITUTIONS
American Express Co		12,022		617,690		0.47
Fannie Mae		10,322		736,578		0.56
Other Securities				1,664,675		1.25
TOTAL NONDEPOSITORY INSTITUTIONS				3,018,943		2.28
NONMETALLIC MINERALS, EXCEPT FUELS				57,199		0.04
OIL AND GAS EXTRACTION				2,164,450		1.64

TIAA-CREF Life Funds 2004 Semiannual Report     63

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Stock Index Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PAPER AND ALLIED PRODUCTS			$	978,084		0.74	%
PERSONAL SERVICES				236,257		0.18
PETROLEUM AND COAL PRODUCTS
ChevronTexaco Corp		11,391		1,072,007		0.81
ConocoPhillips		7,245		552,721		0.42
d  ExxonMobil Corp		69,564		3,089,337		2.33
Other Securities				439,233		0.33
TOTAL PETROLEUM AND COAL PRODUCTS				5,153,298		3.89
PRIMARY METAL INDUSTRIES				711,876		0.54
PRINTING AND PUBLISHING				1,104,328		0.83
RAILROAD TRANSPORTATION				505,319		0.38
REAL ESTATE				108,145		0.08
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS				296,346		0.22
SECURITY AND COMMODITY BROKERS
Merrill Lynch & Co, Inc		10,163		548,599		0.41
Morgan Stanley		11,662		615,404		0.46
Other Securities				1,384,445		1.05
TOTAL SECURITY AND COMMODITY BROKERS				2,548,448		1.92
SOCIAL SERVICES				6,701		0.01
SPECIAL TRADE CONTRACTORS				44,989		0.03
STONE, CLAY, AND GLASS PRODUCTS				283,779		0.21
TOBACCO PRODUCTS
Altria Group, Inc		21,777		1,089,939		0.82
Other Securities				154,438		0.12
TOTAL TOBACCO PRODUCTS				1,244,377		0.94
TRANSPORTATION BY AIR				537,094		0.41
TRANSPORTATION EQUIPMENT
United Technologies Corp		5,479		501,219		0.38
Other Securities				2,911,750		2.20
TOTAL TRANSPORTATION EQUIPMENT				3,412,969		2.58
TRANSPORTATION SERVICES				171,356		0.13
TRUCKING AND WAREHOUSING				615,335		0.46
WATER TRANSPORTATION				41,847		0.03
WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		31,586		1,759,340		1.33
Other Securities				568,011		0.43
TOTAL WHOLESALE TRADE-DURABLE GOODS				2,327,351		1.76

64    2004 Semiannual Report TIAA-CREF Life Funds

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Stock Index Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

				% of NET
COMPANY	PRINCIPAL	VALUE		ASSETS
WHOLESALE TRADE-NONDURABLE GOODS		$	1,030,361		0.78	%
TOTAL COMMON STOCKS	(Cost  $139,867,105)		130,685,533		98.63

ISSUER
SHORT TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Home Loan Bank (FHLB)	1.000%, 07/01/04		$2,120,000	$	2,119,930		1.60
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					2,119,930		1.60
TOTAL SHORT TERM INVESTMENTS		(Cost  $2,119,926)			2,119,930		1.60
TOTAL PORTFOLIO		(Cost  $141,987,651)			132,806,232		100.23
OTHER ASSETS & LIABILITIES, NET					(309,379	)	(0.23	)
NET ASSETS				$	132,496,853		100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

TIAA-CREF Life Funds 2004 Semiannual Report     65

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Social Choice Equity Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PREFERRED STOCKS
ELECTRIC, GAS, AND SANITARY SERVICES			$	2,119		0.01	%
TOTAL PREFERRED STOCKS		(Cost $1,708)		2,119		0.01
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				6,278		0.02
APPAREL AND ACCESSORY STORES				132,547		0.50
APPAREL AND OTHER TEXTILE PRODUCTS				60,870		0.23
AUTO REPAIR, SERVICES AND PARKING				2,725		0.01
AUTOMOTIVE DEALERS AND SERVICE STATIONS				26,166		0.10
BUILDING MATERIALS AND GARDEN SUPPLIES
Home Depot, Inc		7,028		247,386		0.93
Other Securities				105,100		0.39
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES				352,486		1.32
BUSINESS SERVICES
Microsoft Corp		24,800		708,288		2.65
Other Securities				1,010,103		3.79
TOTAL BUSINESS SERVICES				1,718,391		6.44
CHEMICALS AND ALLIED PRODUCTS
*  Amgen, Inc		3,776		206,056		0.77
Gillette Co		3,814		161,714		0.61
Merck & Co, Inc		8,694		412,965		1.55
Procter & Gamble Co		9,109		495,894		1.86
Other Securities				1,343,191		5.03
TOTAL CHEMICALS AND ALLIED PRODUCTS				2,619,820		9.82
COMMUNICATIONS
BellSouth Corp		5,600		146,832		0.55
SBC Communications, Inc		11,648		282,464		1.06
Verizon Communications, Inc		7,776		281,413		1.05
Other Securities				547,341		2.05
TOTAL COMMUNICATIONS				1,258,050		4.71
DEPOSITORY INSTITUTIONS
Bank One Corp		5,000		255,000		0.96
Fifth Third Bancorp		2,400		129,072		0.48
J.P. Morgan Chase & Co		9,200		356,684		1.34
National City Corp		3,519		123,200		0.46
U.S. Bancorp		9,000		248,040		0.93
Wachovia Corp		6,100		271,450		1.02
Wells Fargo & Co		7,500		429,225		1.61
Other Securities				743,572		2.78
TOTAL DEPOSITORY INSTITUTIONS				2,556,243		9.58

66    2004 Semiannual Report TIAA-CREF Life Funds

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Social Choice Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
EATING AND DRINKING PLACES
McDonald’s Corp		6,066	$	157,716		0.59	%
Other Securities				23,612		0.09
TOTAL EATING AND DRINKING PLACES				181,328		0.68
EDUCATIONAL SERVICES				45,346		0.17
ELECTRIC, GAS, AND SANITARY SERVICES
OGE Energy Corp		4,600		117,162		0.44
Other Securities				1,081,291		4.05
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES				1,198,453		4.49
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
Emerson Electric Co		3,178		201,962		0.76
Intel Corp		17,747		489,817		1.84
Motorola, Inc		6,600		120,450		0.45
Qualcomm, Inc		1,900		138,662		0.52
Texas Instruments, Inc		5,274		127,525		0.48
Other Securities				502,013		1.87
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				1,580,429		5.92
ENGINEERING AND MANAGEMENT SERVICES				153,358		0.58
FABRICATED METAL PRODUCTS
Illinois Tool Works, Inc		1,901		182,287		0.68
Other Securities				133,513		0.50
TOTAL FABRICATED METAL PRODUCTS				315,800		1.18
FOOD AND KINDRED PRODUCTS
Coca-Cola Co		7,900		398,792		1.49
Coca-Cola Enterprises, Inc		762		22,090		0.08
PepsiCo, Inc		6,552		353,022		1.32
Other Securities				314,766		1.19
TOTAL FOOD AND KINDRED PRODUCTS				1,088,670		4.08
FOOD STORES				193,493		0.73
FURNITURE AND FIXTURES				114,372		0.43
FURNITURE AND HOMEFURNISHINGS STORES				90,000		0.34
GENERAL BUILDING CONTRACTORS				73,476		0.28
GENERAL MERCHANDISE STORES
Target Corp		2,700		114,669		0.43
Other Securities				269,894		1.01
TOTAL GENERAL MERCHANDISE STORES				384,563		1.44
HEALTH SERVICES				155,926		0.58
HOLDING AND OTHER INVESTMENT OFFICES
Washington Mutual, Inc		5,100		197,064		0.74
Other Securities				518,685		1.94
TOTAL HOLDING AND OTHER INVESTMENT OFFICES				715,749		2.68

TIAA-CREF Life Funds 2004 Semiannual Report     67

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Social Choice Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
HOTELS AND OTHER LODGING PLACES			$	26,486		0.10	%
INDUSTRIAL MACHINERY AND EQUIPMENT
3M Co		4,166		374,982		1.41
*  Cisco Systems, Inc		17,800		421,860		1.58
*  Dell, Inc		6,300		225,666		0.85
Hewlett-Packard Co		8,819		186,081		0.70
International Business Machines Corp		5,200		458,380		1.72
Other Securities				625,935		2.33
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				2,292,904		8.59
INSTRUMENTS AND RELATED PRODUCTS
Medtronic, Inc		4,766		232,200		0.87
Other Securities				799,148		3.00
TOTAL INSTRUMENTS AND RELATED PRODUCTS				1,031,348		3.87
INSURANCE AGENTS, BROKERS AND SERVICE				204,747		0.77
INSURANCE CARRIERS
American International Group, Inc		7,700		548,856		2.06
UnitedHealth Group, Inc		2,082		129,605		0.49
Other Securities				752,137		2.81
TOTAL INSURANCE CARRIERS				1,430,598		5.36
LEATHER AND LEATHER PRODUCTS				11,388		0.04
LUMBER AND WOOD PRODUCTS				3,672		0.01
METAL MINING				27,809		0.10
MISCELLANEOUS MANUFACTURING INDUSTRIES				38,315		0.14
MISCELLANEOUS RETAIL
Walgreen Co		3,500		126,735		0.47
Other Securities				332,806		1.25
TOTAL MISCELLANEOUS RETAIL				459,541		1.72
MOTION PICTURES
*  Time Warner, Inc		12,764		224,391		0.84
Walt Disney Co		7,767		197,981		0.74
Other Securities				91,071		0.34
TOTAL MOTION PICTURES				513,443		1.92
NONDEPOSITORY INSTITUTIONS
American Express Co		4,753		244,209		0.92
Fannie Mae		4,500		321,120		1.20
Freddie Mac		3,200		202,560		0.76
Other Securities				371,601		1.39
TOTAL NONDEPOSITORY INSTITUTIONS				1,139,490		4.27
NONMETALLIC MINERALS, EXCEPT FUELS				50,340		0.19

68    2004 Semiannual Report TIAA-CREF Life Funds

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Social Choice Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
OIL AND GAS EXTRACTION
Anadarko Petroleum Corp		2,106	$	123,412		0.46	%
Apache Corp		2,702		117,672		0.44
Devon Energy Corp		1,817		119,922		0.45
Other Securities				566,388		2.13
TOTAL OIL AND GAS EXTRACTION				927,394		3.48
PAPER AND ALLIED PRODUCTS
Kimberly-Clark Corp		2,000		131,760		0.49
Other Securities				55,937		0.21
TOTAL PAPER AND ALLIED PRODUCTS				187,697		0.70
PETROLEUM AND COAL PRODUCTS				155,296		0.58
PRIMARY METAL INDUSTRIES				252,836		0.95
PRINTING AND PUBLISHING				274,696		1.03
RAILROAD TRANSPORTATION				84,466		0.32
REAL ESTATE				814		0.00
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS				18,713		0.07
SECURITY AND COMMODITY BROKERS
Merrill Lynch & Co, Inc		3,436		185,475		0.70
Other Securities				297,434		1.11
TOTAL SECURITY AND COMMODITY BROKERS				482,909		1.81
SPECIAL TRADE CONTRACTORS				7,247		0.03
STONE, CLAY, AND GLASS PRODUCTS				55,437		0.21
TRANSPORTATION BY AIR				170,641		0.64
TRANSPORTATION EQUIPMENT				316,697		1.19
TRANSPORTATION SERVICES				25,266		0.09
TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)		2,044		153,647		0.58
TOTAL TRUCKING AND WAREHOUSING				153,647		0.58
WATER TRANSPORTATION				14,154		0.05
WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		11,436		636,985		2.39
Other Securities				110,833		0.41
TOTAL WHOLESALE TRADE-DURABLE GOODS				747,818		2.80

TIAA-CREF Life Funds 2004 Semiannual Report     69

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Social Choice Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

					% of NET
COMPANY	SHARES		VALUE		ASSETS
WHOLESALE TRADE-NONDURABLE GOODS
Cardinal Health, Inc		1,794	$	125,670		0.47	%
Other Securities				197,632		0.74
TOTAL WHOLESALE TRADE-NONDURABLE GOODS				323,302		1.21
TOTAL COMMON STOCKS	(Cost $29,334,636)			26,453,650		99.13
TOTAL PORTFOLIO	(Cost $29,336,344)			26,455,769		99.14
OTHER ASSETS & LIABILITIES, NET				229,756		0.86
NET ASSETS			$	26,685,525		100.00	%

* Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

70    2004 Semiannual Report TIAA-CREF Life Funds

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Large-Cap Value Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
COMPANY	SHARES		VALUE		ASSETS
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES			$	137,340		0.43	%
APPAREL AND ACCESSORY STORES				188,194		0.59
APPAREL AND OTHER TEXTILE PRODUCTS				19,724		0.06
BUSINESS SERVICES
*  Computer Sciences Corp		4,786		222,214		0.69
Microsoft Corp		15,167		433,170		1.35
Other Securities				249,590		0.77
TOTAL BUSINESS SERVICES				904,974		2.81
CHEMICALS AND ALLIED PRODUCTS
Bristol-Myers Squibb Co		10,475		256,638		0.80
Merck & Co, Inc		9,932		471,770		1.47
Other Securities				282,978		0.87
TOTAL CHEMICALS AND ALLIED PRODUCTS				1,011,386		3.14
COMMUNICATIONS
*  Comcast Corp (Class A)		11,525		323,046		1.00
SBC Communications, Inc		22,937		556,222		1.73
Sprint Corp (FON Group)		17,790		313,104		0.97
Verizon Communications, Inc		12,586		455,487		1.42
Viacom, Inc (Class B)		12,562		448,715		1.40
Other Securities				426,264		1.32
TOTAL COMMUNICATIONS				2,522,838		7.84
DEPOSITORY INSTITUTIONS
Bank Of America Corp		13,050		1,104,291		3.43
Bank One Corp		16,681		850,731		2.65
Citigroup, Inc		28,564		1,328,226		4.13
Comerica, Inc		9,299		510,329		1.59
National City Corp		15,892		556,379		1.73
North Fork Bancorp, Inc		7,742		294,583		0.92
Northern Trust Corp		9,526		402,759		1.25
U.S. Bancorp		16,435		452,949		1.41
Wells Fargo & Co		4,891		279,912		0.87
Other Securities				361,463		1.12
TOTAL DEPOSITORY INSTITUTIONS				6,141,622		19.10
EATING AND DRINKING PLACES				168,075		0.53
ELECTRIC, GAS, AND SANITARY SERVICES
Entergy Corp		5,565		311,696		0.97
Exelon Corp		13,061		434,801		1.35
*  PG&E Corp		14,676		410,047		1.28
Waste Management, Inc		11,297		346,253		1.08
Other Securities		15,761		976,606		3.03
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES				2,479,403		7.71

TIAA-CREF Life Funds 2004 Semiannual Report     71

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Large-Cap Value Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
ELECTRONIC & OTHER ELECTRIC EQUIPMENT
General Electric Co		52,028	$	1,685,707		5.24	%
STMicroelectronics NV		10,241		225,404		0.70
Other Securities				187,050		0.58
TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT				2,098,161		6.52
ENGINEERING AND MANAGEMENT SERVICES
Monsanto Co		18,186		700,161		2.18
Other Securities				214,331		0.66
TOTAL ENGINEERING AND MANAGEMENT SERVICES				914,492		2.84
FABRICATED METAL PRODUCTS
Masco Corp		10,045		313,203		0.97
Other Securities				161,423		0.51
TOTAL FABRICATED METAL PRODUCTS				474,626		1.48
FOOD AND KINDRED PRODUCTS
Anheuser-Busch Cos, Inc		4,329		233,766		0.73
Other Securities				118,628		0.37
TOTAL FOOD AND KINDRED PRODUCTS				352,394		1.10
FOOD STORES
*  Safeway, Inc		11,564		293,032		0.91
TOTAL FOOD STORES				293,032		0.91
FORESTRY
Weyerhaeuser Co		9,611		606,646		1.89
TOTAL FORESTRY				606,646		1.89
GENERAL MERCHANDISE STORES
Federated Department Stores, Inc		4,697		230,623		0.72
Other Securities				27,565		0.08
TOTAL GENERAL MERCHANDISE STORES				258,188		0.80
HEALTH SERVICES
*  Tenet Healthcare Corp		25,666		344,181		1.07
TOTAL HEALTH SERVICES				344,181		1.07
HOLDING AND OTHER INVESTMENT OFFICES
iShares Russell 1000 Value Index Fund		8,050		483,483		1.50
Other Securities				884,113		2.75
TOTAL HOLDING AND OTHER INVESTMENT OFFICES				1,367,596		4.25
HOTELS AND OTHER LODGING PLACES				210,914		0.66
INDUSTRIAL MACHINERY AND EQUIPMENT
*  AGCO Corp		11,408		232,381		0.72
Hewlett-Packard Co		16,269		343,276		1.07
International Business Machines Corp		3,250		286,488		0.89
Other Securities				317,503		0.99
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				1,179,648		3.67

72    2004 Semiannual Report TIAA-CREF Life Funds

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Large-Cap Value Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
INSTRUMENTS AND RELATED PRODUCTS			$	119,625		0.37	%
INSURANCE CARRIERS
American International Group, Inc		5,009		357,042		1.11
XL Capital Ltd (Class A)		5,625		424,463		1.32
Other Securities				870,796		2.71
TOTAL INSURANCE CARRIERS				1,652,301		5.14
MISCELLANEOUS RETAIL				173,247		0.54
MOTION PICTURES
*  Time Warner, Inc		47,231		830,321		2.58
TOTAL MOTION PICTURES				830,321		2.58
NONDEPOSITORY INSTITUTIONS
Fannie Mae		3,926		280,159		0.87
Freddie Mac		7,065		447,215		1.39
TOTAL NONDEPOSITORY INSTITUTIONS				727,374		2.26
OIL AND GAS EXTRACTION				394,022		1.23
PETROLEUM AND COAL PRODUCTS
ChevronTexaco Corp		5,959		560,801		1.74
ConocoPhillips		3,635		277,314		0.86
ExxonMobil Corp		35,713		1,586,014		4.93
Lyondell Chemical Co		16,992		295,491		0.92
TOTAL PETROLEUM AND COAL PRODUCTS				2,719,620		8.45
PRINTING AND PUBLISHING
Knight Ridder, Inc		3,328		239,616		0.75
TOTAL PRINTING AND PUBLISHING				239,616		0.75
RAILROAD TRANSPORTATION				145,073		0.45
REAL ESTATE				7,314		0.02
SECURITY AND COMMODITY BROKERS
Janus Capital Group, Inc		15,596		257,178		0.80
Merrill Lynch & Co, Inc		4,855		262,073		0.81
Other Securities				296,171		0.93
TOTAL SECURITY AND COMMODITY BROKERS				815,422		2.54
STONE, CLAY, AND GLASS PRODUCTS				270,557		0.84
TOBACCO PRODUCTS
Altria Group, Inc		24,080		1,205,204		3.75
TOTAL TOBACCO PRODUCTS				1,205,204		3.75
TRANSPORTATION BY AIR				161,077		0.50

TIAA-CREF Life Funds 2004 Semiannual Report     73

SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

						% of NET
COMPANY	SHARES		VALUE			ASSETS
TRANSPORTATION EQUIPMENT
Lockheed Martin Corp		8,618	$	448,825			1.40	%
United Technologies Corp		3,809		348,447			1.08
Other Securities				46,954			0.14
TOTAL TRANSPORTATION EQUIPMENT				844,226			2.62
WHOLESALE TRADE-NONDURABLE GOODS				185,678			0.58
TOTAL COMMON STOCKS	(Cost $29,418,152)			32,164,111			100.02
TOTAL PORTFOLIO	(Cost $29,418,152)		$	32,164,111			100.02
OTHER ASSETS & LIABILITIES				(6,291	)		(0.02	)
NET ASSETS			$	32,157,820			100.00	%

* Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

74    2004 Semiannual Report TIAA-CREF Life Funds

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Small-Cap Equity Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
ISSUER	SHARES		VALUE		ASSETS
CORPORATE BONDS
REAL ESTATE			$	5,163		0.01	%
TOTAL CORPORATE BONDS		(Cost $3,665)		5,163		0.01

COMPANY
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS		32,550	0.09
AGRICULTURAL PRODUCTION-LIVESTOCK		49,795	0.14
AMUSEMENT AND RECREATION SERVICES		284,100	0.76
APPAREL AND ACCESSORY STORES
*  Hot Topic, Inc	9,000	184,410	0.50
Other Securities		368,159	0.99
TOTAL APPAREL AND ACCESSORY STORES		552,569	1.49
APPAREL AND OTHER TEXTILE PRODUCTS
*  Quiksilver, Inc	6,400	152,384	0.41
Other Securities		128,085	0.35
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		280,469	0.76
AUTO REPAIR, SERVICES AND PARKING		61,716	0.17
AUTOMOTIVE DEALERS AND SERVICE STATIONS		88,707	0.24
BUILDING MATERIALS AND GARDEN SUPPLIES		12,591	0.04
BUSINESS SERVICES
*  Earthlink, Inc	25,335	262,217	0.70
*  Internet Security Systems, Inc	13,200	202,488	0.54
*  Keane, Inc	11,500	157,435	0.42
Other Securities		3,009,550	8.09
TOTAL BUSINESS SERVICES		3,631,690	9.75
CHEMICALS AND ALLIED PRODUCTS
*  Abgenix, Inc	12,400	145,328	0.39
Albemarle Corp	4,700	148,755	0.40
*  Enzon, Inc	14,129	180,286	0.48
*  Onyx Pharmaceuticals, Inc	3,900	165,204	0.44
Other Securities		1,401,423	3.77
TOTAL CHEMICALS AND ALLIED PRODUCTS		2,040,996	5.48
COMMUNICATIONS		558,940	1.50
DEPOSITORY INSTITUTIONS
NetBank, Inc	22,341	244,187	0.66
Pacific Capital Bancorp	5,492	154,490	0.41
R & G Financial Corp (Class B)	6,650	219,849	0.59
UMB Financial Corp	2,731	140,974	0.38
Other Securities		2,601,184	6.98
TOTAL DEPOSITORY INSTITUTIONS		3,360,684	9.02

TIAA-CREF Life Funds 2004 Semiannual Report     75

SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
EATING AND DRINKING PLACES
*  P.F. Chang’s China Bistro, Inc		3,300	$	135,795		0.36	%
Other Securities				596,132		1.60
TOTAL EATING AND DRINKING PLACES				731,927		1.96
EDUCATIONAL SERVICES				78,041		0.21
ELECTRIC, GAS, AND SANITARY SERVICES
PNM Resources, Inc		8,850		183,815		0.49
Other Securities				1,181,131		3.17
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES				1,364,946		3.66
ELECTRONIC & OTHER ELECTRIC EQUIPMENT
*  Artesyn Technologies, Inc		19,021		171,189		0.46
*  Micrel, Inc		16,680		202,662		0.54
*  RF Micro Devices, Inc		35,507		266,303		0.71
*  Skyworks Solutions, Inc		18,040		157,489		0.42
*  Sonus Networks, Inc		29,000		138,620		0.37
Other Securities				1,713,777		4.61
TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT				2,650,040		7.11
ENGINEERING AND MANAGEMENT SERVICES
*  Incyte Corp		18,200		139,048		0.37
*  U.S. Oncology, Inc		17,011		250,402		0.67
*  Washington Group International, Inc		4,996		179,306		0.48
Other Securities				584,144		1.57
TOTAL ENGINEERING AND MANAGEMENT SERVICES				1,152,900		3.09
FABRICATED METAL PRODUCTS
*  Crown Holdings, Inc		16,900		168,493		0.45
Other Securities				358,429		0.96
TOTAL FABRICATED METAL PRODUCTS				526,922		1.41
FOOD AND KINDRED PRODUCTS				376,208		1.01
FOOD STORES				83,815		0.22
FURNITURE AND FIXTURES				38,505		0.10
FURNITURE AND HOMEFURNISHINGS STORES				145,598		0.39
GENERAL BUILDING CONTRACTORS				171,515		0.46
GENERAL MERCHANDISE STORES				142,193		0.38
HEALTH SERVICES
*  Inveresk Research Group, Inc		4,400		135,696		0.36
*  LifePoint Hospitals, Inc		3,700		137,714		0.37
*  RehabCare Group, Inc		5,900		157,117		0.42
Other Securities				358,421		0.97
TOTAL HEALTH SERVICES				788,948		2.12
HEAVY CONSTRUCTION, EXCEPT BUILDING				36,715		0.10

76    2004 Semiannual Report TIAA-CREF Life Funds

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Small-Cap Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
HOLDING AND OTHER INVESTMENT OFFICES
Greater Bay Bancorp		5,745	$	166,031		0.45	%
Highwoods Properties, Inc		6,600		155,100		0.42
Home Properties, Inc		3,909		152,373		0.41
iShares Russell 2000 Index Fund		3,407		401,992		1.08
*  La Quinta Corp		20,800		174,720		0.47
Senior Housing Properties Trust		11,500		193,085		0.52
Susquehanna Bancshares, Inc		5,970		150,205		0.40
Other Securities				1,989,924		5.33
TOTAL HOLDING AND OTHER INVESTMENT OFFICES				3,383,430		9.08
HOTELS AND OTHER LODGING PLACES				141,991		0.38
INDUSTRIAL MACHINERY AND EQUIPMENT
*  Flowserve Corp		9,400		234,436		0.63
*  Gateway, Inc		32,500		146,250		0.39
*  InFocus Corp		24,940		211,990		0.57
Other Securities				1,812,911		4.87
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				2,405,587		6.46
INSTRUMENTS AND RELATED PRODUCTS
*  Align Technology, Inc		7,600		144,400		0.39
Mentor Corp		7,900		270,891		0.73
*  Molecular Devices Corp		11,220		199,492		0.54
*  Possis Medical, Inc		4,600		157,090		0.42
*  Ventana Medical Systems, Inc		4,400		209,132		0.56
Other Securities				1,737,059		4.66
TOTAL INSTRUMENTS AND RELATED PRODUCTS				2,718,064		7.30
INSURANCE AGENTS, BROKERS AND SERVICE				194,427		0.52
INSURANCE CARRIERS				1,000,426		2.69
JUSTICE, PUBLIC ORDER AND SAFETY				48,960		0.13
LEATHER AND LEATHER PRODUCTS				94,090		0.25
LEGAL SERVICES				14,298		0.04
LUMBER AND WOOD PRODUCTS				131,796		0.35
METAL MINING				34,031		0.09
MISCELLANEOUS MANUFACTURING INDUSTRIES				183,552		0.49
MISCELLANEOUS RETAIL				333,275		0.89
MOTION PICTURES
*  Hollywood Entertainment Corp		11,100		148,296		0.40
Other Securities				29,502		0.08
TOTAL MOTION PICTURES				177,798		0.48
NONDEPOSITORY INSTITUTIONS				335,940		0.90
NONMETALLIC MINERALS, EXCEPT FUELS				17,055		0.05

TIAA-CREF Life Funds 2004 Semiannual Report     77

SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

					% of NET
COMPANY	SHARES		VALUE		ASSETS
OIL AND GAS EXTRACTION
Vintage Petroleum, Inc		8,800	$	149,336		0.40	%
Other Securities				718,696		1.93
TOTAL OIL AND GAS EXTRACTION				868,032		2.33
PAPER AND ALLIED PRODUCTS				196,284		0.53
PERSONAL SERVICES				149,942		0.40
PETROLEUM AND COAL PRODUCTS				238,345		0.64
PRIMARY METAL INDUSTRIES
Allegheny Technologies, Inc		10,000		180,500		0.48
*  Maverick Tube Corp		5,500		144,430		0.39
Other Securities				562,569		1.51
TOTAL PRIMARY METAL INDUSTRIES				887,499		2.38
PRINTING AND PUBLISHING				269,502		0.72
RAILROAD TRANSPORTATION				16,590		0.04
REAL ESTATE				95,535		0.26
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS
*  Goodyear Tire & Rubber Co		16,400		149,076		0.40
Other Securities				170,954		0.46
TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS				320,030		0.86
SECURITY AND COMMODITY BROKERS				210,954		0.57
SOCIAL SERVICES				23,106		0.06
SPECIAL TRADE CONTRACTORS				157,611		0.42
STONE, CLAY, AND GLASS PRODUCTS				134,409		0.36
TOBACCO PRODUCTS				50,940		0.14
TRANSPORTATION BY AIR
*  Atlantic Coast Airlines Holdings, Inc		30,200		173,348		0.47
Other Securities				444,127		1.19
TOTAL TRANSPORTATION BY AIR				617,475		1.66
TRANSPORTATION EQUIPMENT
Visteon Corp		13,800		161,046		0.43
Other Securities				625,953		1.68
TOTAL TRANSPORTATION EQUIPMENT				786,999		2.11
TRANSPORTATION SERVICES				62,795		0.17
TRUCKING AND WAREHOUSING				200,928		0.54
WATER TRANSPORTATION				85,678		0.23
WHOLESALE TRADE-DURABLE GOODS				535,000		1.44

78    2004 Semiannual Report TIAA-CREF Life Funds

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Small-Cap Equity Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

					% of NET
COMPANY	SHARES		VALUE		ASSETS
WHOLESALE TRADE-NONDURABLE GOODS
*  Chiquita Brands International, Inc		12,100	$	253,125		0.68	%
Other Securities				479,287		1.29
TOTAL WHOLESALE TRADE-NONDURABLE GOODS				732,412		1.97
TOTAL COMMON STOCKS	(Cost $33,456,667)			37,097,866		99.59
TOTAL PORTFOLIO	(Cost $33,460,332)			37,103,029		99.60
OTHER ASSETS & LIABILITIES, NET				148,684		0.40
NET ASSETS			$	37,251,713		100.00	%

* Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

TIAA-CREF Life Funds 2004 Semiannual Report     79

SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund  Top Holdings as of June 30, 2004 (Unaudited)

					% of NET
COMPANY	SHARES		VALUE		ASSETS
PREFERRED STOCKS
HOLDING AND OTHER INVESTMENT OFFICES
*  Host Marriott Corp		15,000	$	375,000		0.93	%
*  IMPAC Mortgage Holdings, Inc		12,500		315,500		0.78
Other Securities				271,785		0.68
TOTAL HOLDING AND OTHER INVESTMENT OFFICES				962,285		2.39
TOTAL PREFERRED STOCKS		Cost ($951,500)		962,285		2.39
COMMON STOCKS
HOLDING AND OTHER INVESTMENT OFFICES
J. E. Robert		25,000		375,000		0.93
Acadia Realty Trust		38,000		522,120		1.29
Affordable Residential Communities		71,386		1,185,008		2.94
Alexandria Real Estate Equities, Inc		13,420		761,988		1.89
AMB Property Corp		11,467		397,102		0.98
Apartment Investment & Management Co (Class A)		8,750		272,388		0.68
Archstone-Smith Trust		15,000		439,950		1.09
Bimini Mortgage Management, Inc		20,000		300,000		0.74
Boston Properties, Inc		15,000		751,200		1.86
*  Capital Lease Funding, Inc		41,932		436,093		1.08
CBL & Associates Properties, Inc		8,500		467,500		1.16
Centerpoint Properties Trust		8,500		652,375		1.62
Developers Diversified Realty Corp		15,435		545,936		1.35
Entertainment Properties Trust		17,100		611,154		1.52
Equity Office Properties Trust		14,000		380,800		0.94
Equity Residential		19,706		585,859		1.45
General Growth Properties, Inc		15,000		443,550		1.10
Glenborough Realty Trust, Inc		30,978		568,446		1.41
Global Signal, Inc		11,902		261,249		0.65
Home Properties, Inc		7,250		282,605		0.70
*  Host Marriott Corp		65,506		809,654		2.01
Kimco Realty Corp		8,600		391,300		0.97
Lexington Corporate Properties Trust		35,000		696,850		1.73
Luminent Mortgage Capital, Inc		52,600		631,200		1.57
Macerich Co		10,300		493,061		1.22
*  Meristar Hospitality Corp		48,609		332,486		0.82
Mills Corp		8,000		373,600		0.93
Monmouth REIT (Class A)		80,000		623,200		1.55
*  New York Mortgage Trust, Inc		74,733		662,134		1.64
Omega Healthcare Investors, Inc		77,357		776,664		1.93
Origen Financial, Inc		56,670		512,027		1.27
Prologis		18,000		592,560		1.47
Rouse Co		23,000		1,092,500		2.71
Simon Property Group, Inc		39,474		2,029,753		5.03
*  Strategic Hotel Capital, Inc		28,872		424,418		1.05
*  Sunset Financial Resources, Inc		60,000		613,800		1.52
Thornburg Mortgage, Inc		10,000		269,500		0.67
U.S. Restaurant Properties, Inc		30,000		455,700		1.13
Ventas, Inc		31,155		727,469		1.80
Vornado Realty Trust		16,000		913,760		2.27
Other Securities				4,970,920		12.34
TOTAL HOLDING AND OTHER INVESTMENT OFFICES				28,632,879		71.01

80    2004 Semiannual Report TIAA-CREF Life Funds

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Real Estate Securities Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

					% of NET
COMPANY	SHARES		VALUE		ASSETS
HOTELS AND OTHER LODGING PLACES
Fairmont Hotels & Resorts		16,500	$	444,675		1.10	%
Hilton Hotels Corp		14,000		261,240		0.65
*  Lodgian, Inc		144,700		1,526,585		3.79
Other Securities				533,025		1.32
TOTAL HOTELS AND OTHER LODGING PLACES				2,765,525		6.86
NONDEPOSITORY INSTITUTIONS
*  Falcon Financial Investment Trust		72,222		563,332		1.40
Municipal Mortgage & Equity LLC		12,233		285,272		0.71
TOTAL NONDEPOSITORY INSTITUTIONS				848,604		2.11
REAL ESTATE
Brookfield Properties Corp		20,000		575,000		1.43
*  CB Richard Ellis Group, Inc		133,820		2,555,962		6.34
TOTAL REAL ESTATE				3,130,962		7.77
TOTAL COMMON STOCKS	(Cost $35,424,781)			35,377,970		87.75

ISSUER		PRINCIPAL
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Home Loan Banks (FHLB)	1.000%, 07/01/04		$2,850,000		2,849,906	7.06
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					2,849,906	7.06
TOTAL SHORT-TERM INVESTMENTS		(Cost $2,849,901)			2,849,906	7.06
TOTAL PORTFOLIO		(Cost $39,226,182)			39,190,161	97.20
OTHER ASSETS & LIABILITIES, NET					1,128,696	2.80
NET ASSETS				$	40,318,857	100.00	%

* Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

TIAA-CREF Life Funds 2004 Semiannual Report     81

SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund  Top Holdings as of June 30, 2004 (Unaudited)

								% OF NET
ISSUER		RATING†		PRINCIPAL		VALUE		ASSETS
CORPORATE BONDS
ASSET BACKED
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777%, 01/25/22		Aaae	$	1,000,000	$	1,003,400		1.86	%
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700%, 02/25/34		Baa2e		500,000		481,900		0.89
TOTAL ASSET BACKED							1,485,300		2.75
COMMUNICATIONS
AT&T Wireless Services, Inc (Sr Note)	8.750%, 03/01/31		Baa2		100,000		123,479		0.23
BellSouth Corp Note	6.875%, 10/15/31		A1		100,000		104,160		0.19
British Telecommunications PLC Bond	8.875%, 12/15/30		Baa1		100,000		123,647		0.23
Comcast Corp	7.050%, 03/15/33		Baa3		100,000		103,705		0.19
Deutsche Telekom International Finance	8.750%, 06/15/30		Baa2		100,000		121,846		0.23
Sprint Capital Corp	8.750%, 03/15/32		Baa3		100,000		116,385		0.22
Verizon Global Funding Corp Note	7.750%, 06/15/32		A2		100,000		112,289		0.21
Vodafone Group PLC Note	6.250%, 11/30/32		A2		100,000		99,141		0.18
TOTAL COMMUNICATIONS							904,652		1.68
DEPOSITORY INSTITUTIONS
Citigroup, Inc (Sub Note)	6.625%, 06/15/32		Aa2		100,000		103,774		0.19
Other Securities							191,775		0.36
TOTAL DEPOSITORY INSTITUTIONS							295,549		0.55
GENERAL BUILDING CONTRACTORS							92,113		0.17
GENERAL MERCHANDISE STORES
Wal-Mart Stores, Inc Note	7.550%, 02/15/30		Aa2		100,000		119,623		0.22
TOTAL GENERAL MERCHANDISE STORES							119,623		0.22
INSURANCE CARRIERS							97,547		0.18
MOTION PICTURES
Time Warner, Inc	7.700%, 05/01/32		Baa1		100,000		109,232		0.20
TOTAL MOTION PICTURES							109,232		0.20
NONDEPOSITORY INSTITUTIONS
Household Finance Corp Note	6.375%, 11/27/12		A1		100,000		106,109		0.20
Trains (Secured Note)	5.940%, 01/25/07		A3		4,460,000		4,743,392		8.79
Trains (Secured Note)	6.962%, 01/15/12		A3		4,260,000		4,737,037		8.78
Other Securities							95,958		0.18
TOTAL NONDEPOSITORY INSTITUTIONS							9,682,496		17.95
OTHER MORTGAGE BACKED SECURITIES
Centex Home Equity Series 2004-C (Class AF5)	5.980%, 06/25/34		Aaae		400,000		399,750		0.74
JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376%, 07/12/37		Aaa		750,000		760,344		1.41
Option One Mortgage Securities Series 2004-1 (Class 1A)	1.510%, 04/26/09		Aaa		205,593		205,593		0.38
TOTAL OTHER MORTGAGE BACKED SECURITIES							1,365,687		2.53
PETROLEUM AND COAL PRODUCTS							96,723		0.18

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Bond Fund  Top Holdings as of June 30, 2004 (Unaudited) continued

								% OF NET
ISSUER		RATING†		PRINCIPAL		VALUE		ASSETS
PRIMARY METAL INDUSTRIES						$	97,355		0.18	%
SECURITY AND COMMODITY BROKERS
Morgan Stanley Note	5.300%, 03/01/13		Aa3	$	100,000		98,438		0.18
Other Securities							92,198		0.17
TOTAL SECURITY AND COMMODITY BROKERS							190,636		0.35
TRANSPORTATION EQUIPMENT
Daimler-Chrysler Na Holding (Guarantee Note)	8.500%, 01/18/31		A3		100,000		114,567		0.21
Other Securities							97,233		0.18
TOTAL TRANSPORTATION EQUIPMENT							211,800		0.39
TOTAL CORPORATE BONDS		(Cost $15,438,709)					14,748,713		27.33
GOVERNMENT BONDS
AGENCY SECURITIES
Federal Home Loan Bank (FHLB)	5.250%, 06/18/14		Aaa		750,000		751,996		1.39
Federal Home Loan Mortgage Corp. (FHLMC)	1.875%, 02/15/06		Aaa		2,250,000		2,218,973		4.11
Federal Home Loan Mortgage Corp. (FHLMC)	5.875%, 03/21/11		Aa2		497,000		522,398		0.97
Federal National Mortgage Assoc. (FNMA)	2.250%, 05/15/06		Aaa		3,400,000		3,360,152		6.23
TOTAL AGENCY SECURITIES							6,853,519		12.70
MORTGAGE BACKED SECURITIES
Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000%, 06/01/18				599,245		601,182		1.11
Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000%, 02/01/19				734,816		736,716		1.36
Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000%, 07/01/33				899,569		871,145		1.61
Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000%, 11/01/33				482,964		467,704		0.87
Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000%, 11/01/33				937,513		958,723		1.78
Federal National Mortgage Assoc. (FNMA)	6.000%, 02/01/18				754,888		787,413		1.46
Federal National Mortgage Assoc. (FNMA)	5.500%, 03/01/18				791,614		811,624		1.50
Federal National Mortgage Assoc. (FNMA)	5.500%, 04/01/18				706,711		724,574		1.34
Federal National Mortgage Assoc. (FNMA)	5.000%, 01/01/19				1,778,468		1,784,798		3.31
Federal National Mortgage Assoc. (FNMA)	5.500%, 03/01/19				969,074		993,449		1.84
Federal National Mortgage Assoc. (FNMA)	6.500%, 03/01/33				924,060		962,853		1.78
Federal National Mortgage Assoc. (FNMA)	5.500%, 07/01/33				938,695		936,916		1.74
Federal National Mortgage Assoc. (FNMA)	6.000%, 10/01/33				992,325		1,014,244		1.88
Federal National Mortgage Assoc. (FNMA)	5.000%, 03/01/34				3,368,115		3,264,226		6.05
Government National Mortgage Asso. (GNMA)	5.500%, 07/20/33				878,091		877,841		1.63
TOTAL MORTGAGE BACKED SECURITIES							15,793,408		29.26

TIAA-CREF Life Funds 2004 Semiannual Report     83

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Bond Fund  Top Holdings as of June 30, 2004 (Unaudited) concluded

							% OF NET
ISSUER			PRINCIPAL		VALUE		ASSETS
U.S. TREASURY SECURITIES
U.S. Treasury Bond	8.000%, 11/15/21		$	1,870,000	$	2,451,271		4.54	%
U.S. Treasury Bond	5.375%, 02/15/31			100,000		100,844		0.19
U.S. Treasury Note	2.625%, 05/15/08			2,500,000		2,422,225		4.49
U.S. Treasury Note	3.375%, 12/15/08			2,215,000		2,187,180		4.05
U.S. Treasury Note	3.125%, 04/15/09			1,000,000		971,690		1.80
U.S. Treasury Note	3.625%, 05/15/13			2,250,000		2,106,067		3.90
U.S. Treasury Note	4.250%, 08/15/13			1,250,000		1,220,075		2.26
k  U.S. Treasury Inflation Indexed Bonds	3.875%, 01/15/09			573,110		638,926		1.18
TOTAL U.S. TREASURY SECURITIES						12,098,278		22.41
TOTAL GOVERNMENT BONDS		(Cost $35,007,185)				34,745,205		64.37
TOTAL BONDS		(Cost $50,445,894)				49,493,918		91.70
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Home Loan Bank (FHLB)	1.000%, 07/01/04			2,080,000		2,079,931		3.85
Federal Home Loan Mortgage Corp. (FHLMC)	1.875%, 01/15/05			2,000,000		1,999,881		3.71
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES						4,079,812		7.56
TOTAL SHORT-TERM INVESTMENTS		(Cost $4,097,350)				4,079,812		7.56
TOTAL PORTFOLIO		(Cost $54,543,244)				53,573,730		99.26
OTHER ASSETS & LIABILITIES, NET						401,012		0.74
NET ASSETS					$	53,974,742		100.00	%

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
†	As provided by Moody’s Investors Service (Unaudited)

For ease of presentation, we have grouped a number of industry classification categories together in the Top Holdings. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

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TIAA-CREF Life Funds 2004 Semiannual Report     85

Statements of Assets and Liabilities (Unaudited)

TIAA-CREF Life Funds

June 30, 2004

		Growth
		Equity
		Fund
ASSETS
Portfolio investments, at cost		$	30,398,520
Portfolio investments, at value			27,840,666
Cash			—
Cash—foreign (cost of $—, $257, $247,736, $—, and $—, respectively)			—
Receivable from securities transactions			322,930
Receivable for variation margin on open futures contracts			—
Receivable from Fund shares sold			7,548
Dividends and interest receivable			24,915
	Total assets		28,196,059
LIABILITIES
Due to investment advisor			7,643
Due to custodian			138,445
Payable for securities transactions			108,878
	Total liabilities		254,966
NET ASSETS		$	27,941,093
NET ASSETS CONSIST OF:
Paid-in-capital		$	67,463,295
Accumulated undistributed net investment income			101,770
Accumulated undistributed net realized loss on total investments			(37,066,118	)
Accumulated appreciation (depreciation) on total investments			(2,557,854	)
NET ASSETS		$	27,941,093
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,124,558
Net asset value per share			$13.15

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Growth &			International			Stock			Social Choice
Income			Equity			Index			Equity
Fund			Fund			Fund			Fund
$	44,113,429		$	44,380,746		$	141,987,651		$	29,336,344
	45,453,971			47,507,051			132,806,232			26,455,769
	7,455			—			35,696			157,762
	287			247,705			—			—
	645,012			896,385			—			16,330
	860			—			14,675			—
	11,583			44,631			1,949			34,538
	53,390			91,297			136,015			23,496
	46,172,558			48,787,069			132,994,567			26,687,895
	8,442			12,473			9,879			2,370
	—			484,669			—			—
	815,107			15,278			487,835			—
	823,549			512,420			497,714			2,370
$	45,349,009		$	48,274,649		$	132,496,853		$	26,685,525
$	62,853,475		$	66,128,975		$	142,084,341		$	29,983,211
	290,829			656,146			987,634			191,785
	(19,137,027	)		(21,635,963	)		(1,414,362	)		(608,896	)
	1,341,732			3,125,491			(9,160,760	)		(2,880,575	)
$	45,349,009		$	48,274,649		$	132,496,853		$	26,685,525
	2,333,783			3,069,932			5,345,143			1,237,822
	$19.43			$15.72			$24.79			$21.56

TIAA-CREF Life Funds 2004 Semiannual Report     87

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Statements of Assets and Liabilities (Unaudited) (continued)

TIAA-CREF Life Funds

June 30, 2004

		Large-Cap
		Value
		Fund
ASSETS
Portfolio investments, at cost		$	29,418,152
Portfolio investments, at value			32,164,111
Cash			133,575
Receivable from securities transactions			564,235
Receivable from Fund shares sold			—
Dividends and interest receivable			49,800
	Total assets		32,911,721
LIABILITIES
Due to investment advisor			6,255
Income distribution payable			—
Payable for securities transactions			736,928
Payable for Fund shares redeemed			10,718
	Total liabilities		753,901
NET ASSETS		$	32,157,820
NET ASSETS CONSIST OF:
Paid-in-capital		$	24,930,923
Accumulated undistributed net investment income			327,951
Accumulated undistributed net realized gain (loss) on total investments			4,152,987
Accumulated appreciation (depreciation) on total investments			2,745,959
NET ASSETS		$	32,157,820
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			968,538
Net asset value per share			$33.20

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Small-Cap		Real Estate						Money
Equity		Securities			Bond			Market
Fund		Fund			Fund			Fund
$	33,460,332	$	39,226,182		$	54,543,244		$	24,627,353
	37,103,029		39,190,161			53,573,730			24,627,353
	459,227		82,335			7,639			817
	—		1,330,835			—			—
	52,069		—			—			—
	39,259		135,415			398,165			848
	37,653,584		40,738,746			53,979,534			24,629,018
	3,045		8,230			4,723			1,342
	—		—			—			21,779
	398,826		351,632			—			—
	—		60,027			69			76
	401,871		419,889			4,792			23,197
$	37,251,713	$	40,318,857		$	53,974,742		$	24,605,821
$	27,954,827	$	34,314,493		$	54,236,546		$	24,605,729
	179,176		970,050			1,003,163			—
	5,475,013		5,070,335			(295,453	)		92
	3,642,697		(36,021	)		(969,514	)		—
$	37,251,713	$	40,318,857		$	53,974,742		$	24,605,821
	1,052,212		1,282,112			2,168,919			24,605,729
	$35.40		$31.45			$24.89			$1.00

TIAA-CREF Life Funds 2004 Semiannual Report     89

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Statements of Operations (Unaudited)

TIAA-CREF Life Funds

For the Six Months Ended June 30, 2004

		Growth
		Equity
		Fund
INVESTMENT INCOME
Interest		$	630
Dividends			136,890
Foreign taxes withheld			(387	)
	Total income		137,133
EXPENSES
Management fee			35,363
Trustee fees and expenses			—
	Net expenses		35,363
Net investment income			101,770
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on:
	Portfolio investments		(1,111,364	)
	Futures transactions		—
	Foreign currency transactions		—
Net realized gain (loss) on total investments			(1,111,364	)
Net change in unrealized appreciation (depreciation) on:
	Portfolio investments		1,580,619
	Futures transactions		—
	Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—
Net change in unrealized appreciation (depreciation) on total investments			1,580,619
Net realized and unrealized gain on total investments			469,255
Net increase in net assets resulting from operations		$	571,025

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Growth &			International			Stock
Income			Equity			Index			Social Choice
Fund			Fund			Fund			Equity
									Fund
$	1,079		$	22,289		$	16,010		$	559
	344,582			724,990			1,009,637			200,505
	(464	)		(59,796	)		(12	)		—
	345,197			687,483			1,025,635			201,064
	51,690			68,866			37,978			9,279
	350			—			23			—
	52,040			68,866			38,001			9,279
	293,157			618,617			987,634			191,785
	2,309,070			6,954,451			485,393			427,839
	—			—			12,987			—
	(5,628	)		(36,774	)		—			—
	2,303,442			6,917,677			498,380			427,839
	(1,414,943	)		(5,106,066	)		2,780,844			588,742
	1,159			—			20,659			—
	2			(4,042	)		—			—
	(1,413,782	)		(5,110,108	)		2,801,503			588,742
	889,660			1,807,569			3,299,883			1,016,581
$	1,182,817		$	2,426,186		$	4,287,517		$	1,208,366

TIAA-CREF Life Funds 2004 Semiannual Report     91

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Statements of Operations (Unaudited) (continued)

TIAA-CREF Life Funds

For the Six Months Ended June 30, 2004

		Large-Cap
		Value
		Fund
INVESTMENT INCOME
Interest		$	—
Dividends			365,871
Foreign taxes withheld			(388	)
	Total income		365,483
EXPENSES
Management fee			37,346
Trustee fees and expenses			186
	Net expenses		37,532
Net investment income			327,951
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on total investments			3,525,473
Net change in unrealized appreciation (depreciation) on total investments			(2,395,980	)
Net realized and unrealized gain (loss) on total investments			1,129,493
Net increase in net assets resulting from operations		$	1,457,444

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Small-Cap			Real Estate						Money
Equity			Securities			Bond			Market
Fund			Fund			Fund			Fund
$	—		$	3,512		$	1,029,891		$	127,011
	197,584			898,669			—			—
	(85	)		(330	)		—			—
	197,499			901,851			1,029,891			127,011
	18,137			49,415			26,013			6,936
	186			256			715			284
	18,323			49,671			26,728			7,220
	179,176			852,180			1,003,163			119,791
	4,623,454			3,447,715			(201,719	)		89
	(2,417,324	)		(2,811,052	)		(533,477	)		—
	2,206,130			636,663			(735,196	)		89
$	2,385,306		$	1,488,843		$	267,967		$	119,880

TIAA-CREF Life Funds 2004 Semiannual Report     93

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Statement of Cash Flows (Unaudited)

Bond Fund

Six Months Ended June 30, 2004

Cash flows from operating activities:
	Net increase in net assets resulting from operations		$	267,967
	Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
		Purchases of long-term securities		(44,416,616	)
		Proceeds from sales of long-term securities		37,561,349
		Purchases of short-term investments—net		2,038,866
		Decrease (increase) in receivables		(144,474	)
		Increase (decrease) in payables		436
		Net realized loss on total investments		201,719
		Unrealized depreciation on total investments		533,477
Net cash used in operating activities				(3,957,276	)
Cash flows from financing activities:
	Proceeds from Fund shares sold			4,010,794
	Payments for Fund shares redeemed			(316,118	)
	Cash distributions paid			—
	Exchanges among the Funds—net			—
	Proceeds from the financing of dollar roll transactions—net			—
Net cash provided by financing activities				3,694,676
Decrease in cash				(262,600	)
CASH
	Beginning of year			270,239
	End of period		$	7,639

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TIAA-CREF Life Funds 2004 Semiannual Report     95

Statements of Changes in Net Assets

TIAA-CREF Life Funds

		Growth Equity Fund
		For the Six
		Months			For the Year
		Ended			Ended
		June 30,			December 31,
		2004			2003
		(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS:
Net investment income		$	101,770		$	298,712
Net realized gain (loss) on total investments			(1,111,364	)		(3,011,676	)
Net change in unrealized appreciation (depreciation) on total investments			1,580,619			12,117,483
	Net increase from operations		571,025			9,404,519
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income			—			(309,532	)
	Total distributions		—			(309,532	)
SHAREHOLDER TRANSACTIONS
Seed money redemptions			—			(23,872,165	)
Subscriptions			2,808,357			7,834,704
Reinvestment of distributions			—			309,532
Redemptions			(3,757,565	)		(5,584,522	)
	Net increase (decrease) from shareholder transactions		(949,208	)		(21,312,451	)
	Net increase (decrease) in net assets		(378,183	)		(12,217,464	)
NET ASSETS
Beginning of year			28,319,276			40,536,740
End of period		$	27,941,093		$	28,319,276
Undistributed (distributions in excess of) net investment income included in net assets		$	101,770		$	—
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period			2,198,997			3,992,282
Seed money shares redeemed			—			(2,025,584	)
Shares sold			214,522			681,988
Shares issued in reinvestment of distributions			—			24,069
Shares redeemed			(288,961	)		(473,758	)
	Net increase (decrease) in shares outstanding		(74,439	)		(1,793,285	)
Shares outstanding, end of period			2,124,558			2,198,997

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Growth & Income Fund						International Equity Fund
For the Six						For the Six
Months			For the Year			Months			For the Year
Ended			Ended			Ended			Ended
June 30,			December 31,			June 30,			December 31,
2004			2003			2004			2003
(Unaudited)						(Unaudited)
$	293,157		$	692,485		$	618,617		$	815,217
	2,303,442			1,872,460			6,917,677			(2,946,846	)
	(1,413,782	)		9,007,423			(5,110,108	)		16,145,552
	1,182,817			11,572,368			2,426,186			14,013,923
	—			(707,416	)		—			(769,654	)
	—			(707,416	)		—			(769,654	)
	(2,524,000	)		(25,362,000	)		(7,629,000	)		(3,682,000	)
	4,605,176			9,070,132			8,837,233			9,822,235
	—			524,163			—			326,567
	(2,318,018	)		(2,247,249	)		(3,238,733	)		(5,570,093	)
	(236,842	)		(18,014,954	)		(2,030,500	)		896,709
	945,975			(7,150,002	)		395,686			14,140,978
	44,403,034			51,553,036			47,878,963			33,737,985
$	45,349,009		$	44,403,034		$	48,274,649		$	47,878,963
$	290,829		$	(2,328	)	$	656,146		$	37,529
	2,346,072			3,388,289			3,206,229			3,136,806
	(130,812	)		(1,477,136	)		(495,595	)		(272,574	)
	238,904			539,500			573,375			775,118
	—			27,763			—			22,260
	(120,381	)		(132,344	)		(214,077	)		(455,381	)
	(12,289	)		(1,042,217	)		(136,297	)		69,423
	2,333,783			2,346,072			3,069,932			3,206,229

TIAA-CREF Life Funds 2004 Semiannual Report     97

SEE NOTES TO FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

TIAA-CREF Life Funds

		Stock Index Fund
		For the Six
		Months
		Ended			For the Year
		June 30,			Ended
		2004			December 31,
					2003
		(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS:
Net investment income		$	987,634		$	1,679,500
Net realized gain on total investments			498,380			4,469,814
Net change in unrealized appreciation (depreciation) on total investments			2,801,503			21,689,745
	Net increase from operations		4,287,517			27,839,059
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income			—			(1,681,722	)
From net realized gain on total investments			—			(1,857,341	)
	Total distributions		—			(3,539,063	)
SHAREHOLDER TRANSACTIONS
Seed money redemptions			—			(23,530,375	)
Subscriptions			14,704,258			29,275,256
Reinvestment of distributions			—			3,539,063
Redemptions			(4,814,559	)		(4,043,776	)
	Net increase (decrease) from shareholder transactions		9,889,699			5,240,168
	Net increase in net assets		14,177,216			29,540,164
NET ASSETS
Beginning of year			118,319,637			88,779,473
End of period		$	132,496,853		$	118,319,637
Undistributed net investment income included in net assets		$	987,634		$	—
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period			4,943,992			4,707,430
Seed money shares redeemed			—			(1,081,660	)
Shares sold			599,459			1,364,764
Shares issued in reinvestment of distributions			—			148,016
Shares redeemed			(198,308	)		(194,558	)
	Net increase (decrease) in shares outstanding		401,151			236,562
Shares outstanding, end of period			5,345,143			4,943,992

98    2004 Semiannual Report TIAA-CREF Life Funds

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Social Choice Equity Fund						Large-Cap Value Fund
For the Six						For the Six
Months			For the Year			Months			For the Year
Ended			Ended			Ended			Ended
June 30,			December 31,			June 30,			December 31,
2004			2003			2004			2003
(Unaudited)						(Unaudited)
$	191,785		$	410,267		$	327,951		$	518,621
	427,839			952,160			3,525,473			2,339,679
	588,742			5,429,449			(2,395,980	)		4,389,287
	1,208,366			6,791,876			1,457,444			7,247,587
	—			(410,397	)		—			(523,580	)
	—			—			—			(829,302	)
	—			(410,397	)		—			(1,352,882	)
	(3,505,000	)		(7,490,000	)		(4,283,000	)		(2,487,000	)
	3,662,171			5,166,249			7,709,730			6,319,612
	—			200,974			—			291,863
	(1,190,154	)		(431,630	)		(2,486,272	)		(437,475	)
	(1,032,983	)		(2,554,407	)		940,458			3,687,000
	175,383			3,827,072			2,397,902			9,581,705
	26,510,142			22,683,070			29,759,918			20,178,213
$	26,685,525		$	26,510,142		$	32,157,820		$	29,759,918
$	191,785		$	—		$	327,951		$	—
	1,287,052			1,410,166			941,061			812,199
	(165,796	)		(395,517	)		(131,739	)		(82,749	)
	173,331			286,832			237,207			217,570
	—			9,761			—			9,268
	(56,765	)		(24,190	)		(77,991	)		(15,227	)
	(49,230	)		(123,114	)		27,477			128,862
	1,237,822			1,287,052			968,538			941,061

TIAA-CREF Life Funds 2004 Semiannual Report     99

SEE NOTES TO FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

TIAA-CREF Life Funds

		Small-Cap Equity Fund
		For the Six
		Months			For the Year
		Ended			Ended
		June 30,			December 31,
		2004			2003
		(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS:
Net investment income		$	179,176		$	348,587
Net realized gain (loss) on total investments			4,623,454			4,961,569
Net change in unrealized appreciation (depreciation) on total investments			(2,417,324	)		5,634,856
	Net increase from operations		2,385,306			10,945,012
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income			—			(357,681	)
From net realized gain on total investments			—			(3,371,317	)
	Total distributions		—			(3,728,998	)
SHAREHOLDER TRANSACTIONS
Seed money subscriptions (redemptions)			(4,755,000	)		(4,740,000	)
Subscriptions			8,682,063			12,154,872
Reinvestment of distributions			—			1,249,000
Redemptions			(3,519,267	)		(1,465,606	)
	Net increase from shareholder transactions		407,796			7,198,266
	Net increase in net assets		2,793,102			14,414,280
NET ASSETS
Beginning of year			34,458,611			20,044,331
End of period		$	37,251,713		$	34,458,611
Undistributed net investment income included in net assets		$	179,176		$	—
CHANGE IN FUND SHARES:
Shares outstanding, beginning of period			1,044,811			813,822
Seed money shares sold (redeemed)			(135,643	)		(143,012	)
Shares sold			247,974			381,305
Shares issued in reinvestment of distributions			—			37,418
Shares redeemed			(104,930	)		(44,722	)
	Net increase in shares outstanding		7,401			230,989
Shares outstanding, end of period			1,052,212			1,044,811

100    2004 Semiannual Report TIAA-CREF Life Funds

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Real Estate Securities Fund						Bond Fund						Money Market Fund
For the Six						For the Six			For the Period			For the Six			For the Period
Months			For the Year			Months			July 8, 2003			Months			July 8, 2003
Ended			Ended			Ended			(commencement			Ended			(commencement
June 30,			December 31,			June 30,			of operations) to			June 30,			of operations) to
2004			2003			2004			December 31, 2003			2004			December 31, 2003
(Unaudited)						(Unaudited)						(Unaudited)
$	852,180		$	1,490,853		$	1,003,163		$	810,074		$	119,791		$	98,162
	3,447,715			5,097,885			(201,719	)		(46,156	)		89			3
	(2,811,052	)		3,081,987			(533,477	)		(436,037	)		—			—
	1,488,843			9,670,725			267,967			327,881			119,880			98,165
	—			(1,546,269	)		—			(813,522	)		(119,791	)		(98,162	)
	—			(3,181,405	)		—			(47,575	)		—			—
	—			(4,727,674	)		—			(861,097	)		(119,791	)		(98,162	)
	—			(4,000,000	)		—			50,000,000			—			20,000,000
	10,397,279			14,216,054			4,004,676			544,869			7,090,129			1,499,170
	—			1,812,532			—			6,795			12,665			309
	(6,878,483	)		(1,854,447	)		(316,187	)		(162	)		(3,320,653	)		(675,891	)
	3,518,796			10,174,139			3,688,489			50,551,502			3,782,141			20,823,588
	5,007,639			15,117,190			3,956,456			50,018,286			3,782,230			20,823,591
	35,311,218			20,194,028			50,018,286			—			20,823,591			—
$	40,318,857		$	35,311,218		$	53,974,742		$	50,018,286		$	24,605,821		$	20,823,591
$	970,050		$	117,870		$	1,003,163		$	—		$	—		$	—
	1,177,222			825,017			2,022,166			—			20,823,588			—
	—			(127,246	)		—			2,000,000			—			20,000,000
	333,764			478,899			159,195			21,899			7,090,205			1,499,170
	—			60,458			—			274			12,666			309
	(228,874	)		(59,906	)		(12,442	)		(7	)		(3,320,730	)		(675,891	)
	104,890			352,205			146,753			2,022,166			3,782,141			20,823,588
	1,282,112			1,177,222			2,168,919			2,022,166			24,605,729			20,823,588

TIAA-CREF Life Funds 2004 Semiannual Report     101

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Financial Highlights

TIAA-CREF Life Funds

		Growth Equity Fund
														For the Period
														April 3, 2000			For the Period
		For the												(effective date			March 1, 2000
		Six Months												of SEC			(commencement of
		Ended			For the Years Ended December 31,									registration) to			operations) to
		June 30,												December 31,			December 31,
		2004(a)			2003			2002			2001			2000(a)			2000(a)
		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period		$	12.88		$	10.15		$	14.60		$	18.97		$	26.17		$	25.00
Gain (loss) from investment operations:
	Net investment income		0.05	(b)		0.09	(b)		0.07	(b)		0.05			0.04			0.05
	Net realized and unrealized gain (loss) on total investments		0.22			2.78			(4.45	)		(4.37	)		(7.19	)		(6.03	)
Total gain (loss) from investment operations			0.27			2.87			(4.38	)		(4.32	)		(7.15	)		(5.98	)
Less distributions from:
	Net investment income		—			(0.14	)		(0.07	)		(0.05	)		(0.05	)		(0.05	)
	In excess of net investment income		—			—			—			—			—			—
	Net realized gains		—			—			—			—			—			—
	Total distributions		—			(0.14	)		(0.07	)		(0.05	)		(0.05	)		(0.05	)
Net asset value, end of period		$	13.15		$	12.88		$	10.15		$	14.60		$	18.97		$	18.97
TOTAL RETURN			2.10%			28.30%			(30.01	)%		(22.81	)%		(27.29	)%		(23.89	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)		$	27,941		$	28,319		$	40,537		$	52,519		$	57,369		$	57,369
Ratio of expenses to average net assets before expense waiver			N/A			N/A			0.43%	(c)		0.46%			0.39%			0.39%
Ratio of expenses to average net assets after expense waiver			0.12%			0.25%			0.25%			0.25%			0.19%			0.21%
Ratio of net investment income to average net assets			0.36%			0.82%			0.61%			0.35%			0.15%			0.25%
Portfolio turnover rate			42.13%			77.79%			54.09%			41.77%			0.00%			35.54%

(a)	The percentages shown for this period are not annualized.
(b)	Based on average shares outstanding.

(c)  Waiver was eliminated effective October 28, 2002.

102    2004 Semiannual Report TIAA-CREF Life Funds

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Growth & Income Fund
												For the Period
												April 3, 2000			For the Period
For the												(effective date			March 1, 2000
Six Months												of SEC			(commencement of
Ended			For the Years Ended December 31,									registration) to			operations) to
June 30,												December 31,			December 31,
2004(a)			2003			2002			2001			2000(a)			2000(a)
(Unaudited)
$	18.93		$	15.22		$	20.28		$	23.57		$	26.82		$	25.00
	0.12	(b)		0.23	(b)		0.21	(b)		0.20			0.18			0.19
	0.38			3.79			(5.07	)		(3.29	)		(3.14	)		(1.33	)
	0.50			4.02			(4.86	)		(3.09	)		(2.96	)		(1.14	)
	—			(0.31	)		(0.20	)		(0.20	)		(0.18	)		(0.18	)
	—			—			—			—			(0.01	)		(0.01	)
	—			—			—			—			(0.10	)		(0.10	)
	—			(0.31	)		(0.20	)		(0.20	)		(0.29	)		(0.29	)
$	19.43		$	18.93		$	15.22		$	20.28		$	23.57		$	23.57
	2.64%			26.39%			(23.95)%			(13.13)%			(11.03)%			(4.55)%
$	45,349		$	44,403		$	51,553		$	62,313		$	60,066		$	60,066
	N/A			N/A			0.41%	(c)		0.44%			0.37%			0.37%
	0.12%			0.23%			0.23%			0.23%			0.17%			0.19%
	0.65%			1.41%			1.18%			1.04%			0.71%			0.84%
	44.90%			137.19%			112.35%			61.92%			0.00%			20.43%

TIAA-CREF Life Funds 2004 Semiannual Report     103

SEE NOTES TO FINANCIAL STATEMENTS

Financial Highlights (continued)

TIAA-CREF Life Funds

		International Equity Fund
														For the Period
														April 3, 2000			For the Period
		For the												(effective date			March 1, 2000
		Six Months												of SEC			(commencement of
		Ended			For the Years Ended December 31,									registration) to			operations) to
		June 30,												December 31,			December 31,
		2004(a)			2003			2002			2001			2000(a)			2000(a)
		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period		$	14.93		$	10.76		$	12.88		$	17.14		$	22.79		$	25.00
Gain (loss) from investment operations:
	Net investment income		0.20	(b)		0.26	(b)		0.20	(b)		0.18			0.12			0.15
	Net realized and unrealized gain (loss) on total investments		0.59			4.15			(2.06	)		(4.26	)		(5.65	)		(7.89	)
Total gain (loss) from investment operations			0.79			4.41			(1.86	)		(4.08	)		(5.53	)		(7.74	)
Less distributions from:
	Net investment income		—			(0.24	)		(0.19	)		(0.18	)		(0.12	)		(0.12	)
	In excess of net investment income		—			—			(0.07	)		—			—			—
	Net realized gains		—			—			—			—			(0.12	)		—
	Total distributions		—			(0.24	)		(0.26	)		(0.18	)		(0.12	)		(0.12	)
Net asset value, end of period		$	15.72		$	14.93		$	10.76		$	12.88		$	17.14		$	17.14
TOTAL RETURN			5.36%			41.06%			(14.40	)%		(23.81	)%		(24.24	)%		(30.94	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)		$	48,275		$	47,879		$	33,738		$	35,014		$	42,006		$	42,006
Ratio of expenses to average net assets before expense waiver			N/A			N/A			0.49%	(c)		0.53%			0.44%			0.44%
Ratio of expenses to average net assets after expense waiver			0.14%			0.29%			0.29%			0.29%			0.22%			0.25%
Ratio of net investment income to average net assets			1.30%			2.15%			1.68%			1.33%			0.63%			0.88%
Portfolio turnover rate			88.86%			139.29%			52.82%			102.48%			0.00%			79.47%

(a)	The percentages shown for this period are not annualized.
(b)	Based on average shares outstanding.

(c)  Waiver was eliminated effective October 28, 2002.

104    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund
For the
Six Months
Ended			For the Years Ended December 31,
June 30,
2004(a)			2003			2002			2001			2000			1999
(Unaudited)
$	23.93		$	18.86		$	24.45		$	27.94		$	31.11		$	26.05
	0.19	(b)		0.35	(b)		0.33	(b)		0.30			0.29			0.26
	0.67			5.47			(5.56	)		(3.50	)		(2.58	)		5.26
	0.86			5.82			(5.23	)		(3.20	)		(2.29	)		5.52
	—			(0.36	)		(0.36	)		(0.23	)		(0.29	)		(0.26	)
	—			—			—			—			—			—
	—			(0.39	)		—			(0.06	)		(0.59	)		(0.20	)
	—			(0.75	)		(0.36	)		(0.29	)		(0.88	)		(0.46	)
$	24.79		$	23.93		$	18.86		$	24.45		$	27.94		$	31.11
	3.59%			30.85%			(21.38	)%		(11.44	)%		(7.38	)%		21.20%
$	132,497		$	118,320		$	88,779		$	94,517		$	89,321		$	54,341
	N/A			N/A			0.26%	(c)		0.30%			0.30%			0.30%
	0.03%			0.06%			0.07%			0.07%			0.07%			0.07%
	0.78%			1.68%			1.56%			1.28%			1.14%			1.28%
	8.42%			26.45%			8.68%			7.85%			16.48%			14.22%

TIAA-CREF Life Funds 2004 Semiannual Report     105

SEE NOTES TO FINANCIAL STATEMENTS

Financial Highlights (continued)

TIAA-CREF Life Funds

		Social Choice Equity Fund
														For the Period
														April 3, 2000			For the Period
		For the Six												(effective date			March 1, 2000
		Months			For the Years Ended									of SEC			(commencement of
		Ended			December 31,									registration) to			operations) to
		June 30,												December 31,			December 31,
		2004(a)			2003			2002			2001			2000(a)			2000(a)
		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period		$	20.60		$	16.09		$	20.61		$	23.90		$	26.71		$	25.00
Gain (loss) from investment operations:
	Net investment income		0.15	(b)		0.29	(b)		0.26	(b)		0.24			0.19			0.23
	Net realized and unrealized gain (loss) on total investments		0.81			4.54			(4.52	)		(3.28	)		(2.60	)		(0.93	)
Total gain (loss) from investment operations			0.96			4.83			(4.26	)		(3.04	)		(2.41	)		(0.70	)
Less distributions from:
	Net investment income		—			(0.32	)		(0.26	)		(0.22	)		(0.23	)		(0.23	)
	Net realized gains		—			—			—			(0.03	)		(0.17	)		(0.17	)
	Total distributions		—			(0.32	)		(0.26	)		(0.25	)		(0.40	)		(0.40	)
Net asset value, end of period		$	21.56		$	20.60		$	16.09		$	20.61		$	23.90		$	23.90
TOTAL RETURN			4.66%			30.03%			(20.68	)%		(12.72	)%		(9.02	)%		(2.80	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)		$	26,686		$	26,510		$	22,683		$	25,333		$	25,977		$	25,977
Ratio of expenses to average net assets before expense waiver			N/A			N/A			0.34%	(c)		0.39%			0.33%			0.33%
Ratio of expenses to average net assets after expense waiver			0.03%			0.07%			0.17%			0.18%			0.14%			0.15%
Ratio of net investment income to average net assets			0.72%			1.64%			1.43%			1.15%			0.63%			0.92%
Portfolio turnover rate			4.33%			15.31%			27.21%			9.83%			0.00%			4.94%

(a)	The percentages shown for this period are not annualized.
(b)	Based on average shares outstanding.

(c)  Waiver was eliminated effective October 28, 2002.

106    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund
						For the Period
						October 28, 2002			For the Period
For the Six						(effective date			September 4, 2002
Months			For the			of SEC			(commencement of
Ended			Year Ended			registration) to			operations) to
June 30,			December 31,			December 31,			December 31,
2004(a)			2003			2002(a)			2002(a)
(Unaudited)
$	31.62		$	24.84		$	24.60		$	25.00
	0.34	(b)		0.60	(b)		0.08	(b)		0.17	(b)
	1.24			7.65			0.32			(0.17	)
	1.58			8.25			0.40			—
	—			(0.57	)		(0.16	)		(0.16	)
	—			(0.90	)		—			—
	—			(1.47	)		(0.16	)		(0.16	)
$	33.20		$	31.62		$	24.84		$	24.84
	5.00%			33.23%			1.63%			0.01%
$	32,158		$	29,760		$	20,178		$	20,178
	N/A			N/A			N/A			N/A
	0.12%			0.24%			0.18%			0.08%
	1.05%			2.19%			0.32%			0.69%
	93.19%			159.36%			69.92%			94.30%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Small-Cap Equity Fund
							For the Period
							October 28, 2002			For the Period
	For the Six						(effective date			September 4, 2002
	Months			For the Year			of SEC			(commencement of
	Ended			Ended			registration) to			operations) to
	June 30,			December 31,			December 31,			December 31,
	2004(a)			2003			2002(a)			2002(a)
-
	(Unaudited)
	$	32.98		$	24.63		$	23.94		$	25.00
		0.17	(b)		0.39	(b)		0.08	(b)		0.13	(b)
		2.25			11.71			0.73			(0.38	)
		2.42			12.10			0.81			(0.25	)
		—			(0.36	)		(0.12	)		(0.12	)
		—			(3.39	)		—			—
		—			(3.75	)		(0.12	)		(0.12	)
	$	35.40		$	32.98		$	24.63		$	24.63
		7.34%			48.95%			3.40%			(0.98)%
	$	37,252		$	34,459		$	20,044		$	20,044
		N/A			N/A			N/A			N/A
		0.05%			0.10%			0.02%			0.03%
		0.49%			1.32%			0.32%			0.55%
		118.27%			237.48%			43.09%			57.41%

TIAA-CREF Life Funds 2004 Semiannual Report     107

SEE NOTES TO FINANCIAL STATEMENTS

Financial Highlights (continued)

TIAA-CREF Life Funds

		Real Estate Securities Fund
								For the Period
								October 28, 2002			For the Period
		For the Six						(effective date			September 4, 2002
		Months			For the Year			of SEC			(commencement of
		Ended			Ended			registration) to			operations) to
		June 30,			December 31,			December 31,			December 31,
		2004(a)			2003			2002(a)			2002(a)
		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period		$	30.00		$	24.48		$	23.67		$	25.00
Gain (loss) from investment operations:
	Net investment income		0.66	(b)		1.54	(b)		0.25	(b)		0.44	(b)
	Net realized and unrealized gain (loss) on total investments		0.79			8.24			0.91			(0.61	)
Total gain (loss) from investment operations			1.45			9.78			1.16			(0.17	)
Less distributions from:
	Net investment income		—			(1.39	)		(0.31	)		(0.31	)
	Net realized gains		—			(2.87	)		(0.04	)		(0.04	)
	Total distributions		—			(4.26	)		(0.35	)		(0.35	)
Net asset value, end of period		$	31.45		$	30.00		$	24.48		$	24.48
TOTAL RETURN			4.83%			39.96%			4.94%			(0.65	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)		$	40,319		$	35,311		$	20,194		$	20,194
Ratio of expenses to average net assets			0.12%			0.25%			0.04%			0.08%
Ratio of net investment income to average net assets			2.14%			5.32%			1.03%			1.80%
Portfolio turnover rate			184.42%			188.87%			100.14%			117.16%

(a)	The percentages shown for this period are not annualized.
(b)	Based on average shares outstanding.

(c)  Waiver was eliminated effective October 28, 2002.

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

108    2004 Semiannual Report TIAA-CREF Life Funds

SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund						Money Market Fund
			For the Period						For the Period
			July 8, 2003						July 8, 2003
			(commencement of						(commencement of
For the			operations/effective			For the Six			operations/effective
Six Months			date of SEC			Months			date of SEC
Ended			registration) to			Ended			registration) to
June 30,			December 31,			June 30,			December 31,
2004(a)			2003(a)			2004(a)			2003(a)
(Unaudited)						(Unaudited)
$	24.74		$	25.00		$	1.00		$	1.00
	0.48	(b)		0.40	(b)		0.01			0.00	(d)
	(0.33	)		(0.24	)		—			—
	0.15			0.16			0.01			0.00	(d)
	—			(0.40	)		(0.01	)		0.00	(d)
	—			(0.02	)		—			0.00
	—			(0.42	)		(0.01	)		0.00	(d)
$	24.89		$	24.74		$	1.00		$	1.00
	0.61%			0.67%			0.52%			0.49%
$	53,975		$	50,018		$	24,606		$	20,824
	0.05%			0.05%			0.03%			0.03%
	1.92%			1.63%			0.51%			0.46%
	74.46%			272.35%			N/A			N/A

TIAA-CREF Life Funds 2004 Semiannual Report     109

SEE NOTES TO FINANCIAL STATEMENTS

Notes to Financial Statements—(Unaudited)

TIAA-CREF Life Funds

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 (“SEC”) under the Investment Company Act of 1940 as an open-end management investment company. The Funds consist of ten series (each referred to as a “Fund”). 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 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. The Bond and the Money Market Funds commenced operations on July 8, 2003 with a seed money investment by TIAA. At June 30, 2004, the Accounts and TIAA held the following amounts in the Funds:

	Investment in Funds Held by:
	Accounts		TIAA
Growth Equity Fund	$	27,941,093	$	—
Growth & Income Fund		36,346,018		9,002,991
International Equity Fund		27,435,733		20,838,916
Stock Index Fund		132,496,853		—
Social Choice Equity Fund		16,244,380		10,441,145
Large-Cap Value Fund		12,545,384		19,612,436
Small-Cap Equity Fund		18,653,596		18,598,117
Real Estate Securities Fund		18,792,550		21,526,307
Bond Fund		4,194,742		49,780,000
Money Market Fund		4,605,821		20,000,000

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States, which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

110    2004 Semiannual Report TIAA-CREF Life Funds

Notes to Financial Statements—(Unaudited) (continued)

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. For the Money Market Fund, investments are valued using the amortized cost method. 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. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. 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.

Dollar Roll Transactions. Certain of the Funds may enter into dollar rolls in which a Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance a Fund’s return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Bond Fund results in borrowing, requiring the presentation of a statement of cash flows.

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

2004 Semiannual Report TIAA-CREF Life Funds      111

Notes to Financial Statements—(Unaudited) (continued)

securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward Foreign Currency Contracts. The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency exchange contracts which is typically limited to the unrealized gain on each open contract.

Futures Contracts. The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts.

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.

112    2004 Semiannual Report TIAA-CREF Life Funds

Notes to Financial Statements—(Unaudited) (continued)

Distributions to Shareholders. Distributions from net investment income, if any, are declared and paid annually for each of the Funds except for the Money Market Fund which are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. 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 (“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 Code requirements. At December 31, 2003, the following Funds had capital loss carryovers:

	Date of Expiration
	12/31/08		12/31/09		12/31/10		12/31/11		Total
Growth Equity Fund	$	212,455	$	12,578,729	$	12,297,132	$	10,153,999	$	35,242,315
Growth & Income Fund		—		5,294,454		8,825,685		5,101,579		19,221,718
International Equity Fund		9,371,612		9,826,544		4,809,564		4,119,901		28,127,621
Social Choice Equity Fund		—		—		1,021,399		—		1,021,399

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

2004 Semiannual Report TIAA-CREF Life Funds      113

Notes to Financial Statements—(Unaudited) (continued)

assets of each Fund. During the six months ended June 30, 2004, Advisors received the following annual percentage of each Fund’s average daily net assets:

	Management Fee
Growth Equity Fund		0.25%
Growth & Income Fund		0.23%
International Equity Fund		0.29%
Stock Index Fund		0.06%
Social Choice Equity Fund		0.07%
Large-Cap Value Fund		0.24%
Small-Cap Equity Fund		0.10%
Real Estate Securities Fund		0.25%
Bond Fund		0.10%
Money Market Fund		0.06%

Note 3—Investments

At June 30, 2004 net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

					Net
	Gross		Gross		Unrealized
	Unrealized		Unrealized		Appreciation
	Appreciation		Depreciation		(Depreciation)
Growth Equity Fund	$	2,063,394	$	4,621,248	$	(2,557,854	)
Growth & Income Fund		3,121,916		1,781,374		1,340,542
International Equity		4,800,619		1,674,314		3,126,305
Stock Index Fund		15,648,405		24,829,824		(9,181,419	)
Social Choice Equity Fund		4,596,153		7,476,728		(2,880,575	)
Large-Cap Value Fund		3,113,462		367,503		2,745,959
Small-Cap Equity Fund		4,173,956		531,259		3,642,697
Real Estate Securities Fund		1,073,299		1,109,320		(36,021	)
Bond Fund		18,133		987,647		(969,514	)

114    2004 Semiannual Report TIAA-CREF Life Funds

Notes to Financial Statements—(Unaudited) (continued)

At June 30, 2004, the Growth & Income and Stock Index Funds, held open futures contracts as follows:

	Futures	Number of		Market				Unrealized
	Contracts	Contracts		Value		Expiration Date		Gain
Growth & Income Fund	E-Mini S&P 500 Index		2	$	114,040		September 2004		$ 1,159
Stock Index Fund	E-Mini S&P 500 Index		25		1,425,500		September 2004		8,247
Stock Index Fund	E-Mini Russell 2000 Index		5		296,175		September 2004		12,412 $20,659

Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Money Market Fund, for the six months ended June 30, 2004 were as follows:

	Non-				Non-
	Government		Government		Government		Government
	Purchases		Purchases		Sales		Sales
Growth Equity Fund	$	11,912,710	$	—	$	12,733,217	$	—
Growth & Income Fund		20,176,033		—		20,182,422		—
International Equity		41,988,720		—		43,980,245		—
Stock Index Fund		20,600,778		—		10,523,110		—
Social Choice Equity Fund		1,145,257		—		2,146,390		—
Large-Cap Value Fund		30,406,862		—		29,026,458		—
Small-Cap Equity Fund		43,472,526		—		42,897,130		—
Real Estate Securities Fund		70,572,606		—		71,139,295		—
Bond Fund		9,119,760		35,296,857		7,191,101		30,370,248

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.

2004 Semiannual Report TIAA-CREF Life Funds      115

Notes to Financial Statements—(Unaudited) (concluded)

Note 5—Distributions to Shareholders

The tax character of distributions paid to shareholders during 2003 were as follows:

	Ordinary		Long-Term
	Income		Capital Gain		Total
Growth Equity Fund	$	309,532	$	—	$	309,532
Growth & Income Fund		707,416		—		707,416
International Equity Fund		769,654		—		769,654
Stock Index Fund		1,928,871		1,610,192		3,539,063
Social Choice Equity Fund		410,397		—		410,397
Large-Cap Value Fund		1,243,154		109,728		1,352,882
Small-Cap Equity Fund		3,452,639		276,359		3,728,998
Real Estate Securities Fund		4,598,954		128,720		4,727,674
Bond Fund		861,097		—		861,097
Money Market Fund		98,162		—		98,162

The tax character of the 2004 distributions will be determined at the end of the year.

Note 6—Line of Credit

Each of the Funds, except the Bond and Money Market Funds, participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility will be charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June 30, 2004, there were no borrowings under this credit facility by the Funds.

116    2004 Semiannual Report TIAA-CREF Life Funds

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2004 Semiannual Report TIAA-CREF Life Funds      117

Management

Current TIAA-CREF Life Funds Board of Trustees and Executive Officers

Disinterested Trustees

			Position(s) Held		Term of Office and
Name and Address	Age		with Fund		Length of Time Served
WILLARD T. CARLETON 4915 Camino Antonio Tucson, AZ 85718-6005		70		Trustee	Indefinite term. Trustee since 2001.
MARTIN J. GRUBER New York University Stern School of Business Henry Kaufman Management Education Center 44 West 4th Street, Suite 988 New York, NY 10012		66	Chairman of the Board of Trustees		Indefinite term. Trustee since 2001.
NANCY L. JACOB Windermere Investment Associates 121 S.W. Morrison Street Suite 925 Portland, OR 97204		61		Trustee	Indefinite term. Trustee since 2001.
BEVIS LONGSTRETH Debevoise & Plimpton 919 Third Avenue New York, NY 10022-6225		70		Trustee	Indefinite term. Trustee since 2001.
BRIDGET A. MACASKILL 160 East 81st Street New York, NY 10028		55		Trustee	Indefinite term. Trustee since 2003.

118    2004 Semiannual Report TIAA-CREF Life Funds

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by		Other Directorships
During Past 5 Years	Trustee		Held by Trustee
Donald R. Diamond Professor of Finance Emeritus, University of Arizona, College of Business and Public Administration. Formerly, Donald R. Diamond Professor of Finance, University of Arizona, 1999- 2001, and Karl L. Eller Professor of Finance, University of Arizona, 1984-1999. Trustee of TIAA, 1984-2003.		53	None
Nomura Professor of Finance, New York University, Stern School of Business. Formerly, Chairman, Department of Finance, New York University, Stern School of Business, and Trustee of TIAA, 1996-2000.		53	Director, Scudder Investments (New York) Funds, Japan Equity Fund, Inc., Singapore Fund, Inc., and the Thai Capital Fund, Inc.
President and Managing Principal, Windermere Investment Associates. Formerly, Chairman and Chief Executive Officer, CTC Consulting, Inc., and Executive Vice President, U.S. Trust of the Pacific Northwest.		53	None
Retired Partner, Debevoise & Plimpton. Formerly, Partner and Of Counsel of Debevoise & Plimpton, Adjunct Professor at Columbia University School of Law and Commissioner of the U.S. Securities and Exchange Commission.		53	Member of the Board of Directors of AMVESCAP, PLC and Chairman of the Finance Committee of the Rockefeller Family Fund.
Formerly, Chairman, Oppenheimer Funds, Inc., 2000-2001. Chief Executive Officer, 1995-2001; President, 1991-2000; and Chief Operating Officer, 1989-1995 of that firm.		53	Director, J Sainsbury plc and Prudential plc. International Advisory Board, British-American Business Council.

2004 Semiannual Report TIAA-CREF Life Funds      119

Disinterested Trustees (continued)

			Position(s) Held		Term of Office and
Name and Address	Age		with Fund		Length of Time Served
STEPHEN A. ROSS Sloan School of Management Massachusetts Institute of Technology 77 Massachusetts Avenue Cambridge, MA 02139		60		Trustee	Indefinite term. Trustee since 2001.
MACEO K. SLOAN NCM Capital Management Group, Inc. 103 West Main Street, Suite 400 Durham, NC 27701-3638		54		Trustee	Indefinite term. Trustee since 2001.
AHMED H. ZEWAIL California Institute of Technology Arthur Amos Noyes Laboratory of Chemical Physics Mail Code 127-72 1200 East California Boulevard Pasadena, CA 91125		58		Trustee	Indefinite Trustee since 2004.

A disinterested trustee is one who is independent, generally with no relationship to TIAA-CREF, the funds, or the accounts they oversee, apart from personal investments they have made as private individuals.

Executive Officers

			Position(s) Held	Term of Office and
Name and Address	Age		with Fund	Length of Time Served
HERBERT M. ALLISON, JR. TIAA-CREF 730 Third Avenue New York, NY 10017-3206		60	President and Chief Executive Officer	Indefinite term. President and Chief Executive Officer since 2002.
GARY CHINERY TIAA-CREF 730 Third Avenue New York, NY 10017-3206		55	Vice President and Treasurer	Indefinite term. Vice President and Treasurer since 2004.

120    2004 Semiannual Report TIAA-CREF Life Funds

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by		Other Directorships
During Past 5 Years	Trustee		Held by Trustee
Franco Modigliani Professor of Finance and Economics, Sloan School of Management, Massachusetts Institute of Technology, Co-Chairman, Roll & Ross Asset Management Corp. Formerly, Sterling Professor of Economics and Finance, Yale School of Management, Yale University.		53	Director, Freddie Mac; Co- Chairman, Roll & Ross Asset Management Corp.; and Principal, IV Capital, Ltd.
Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc., and Chairman and Chief Executive Officer, NCM Capital Management Group, Inc., since 1991.		53	Director, SCANA Corporation and M&F Bancorp, Inc.
Linus Pauling Professor of Chemistry and Professor of Physics, Caltech; and Director, NSF Laboratory for Molecular Sciences (LMS), Caltech		53	None

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by
During Past 5 Years	Officer
Chairman, President and Chief Executive Officer of TIAA. President and Chief Executive Officer of CREF, TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (these funds are collectively referred to as the “TIAA-CREF Funds”). Formerly, President and Chief Executive Officer of Alliance for LifeLong Learning, Inc., 2000-2002. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997-1999.		N/A
Vice President of TIAA and Treasurer of TIAA and the TIAA-CREF Funds.		N/A

2004 Semiannual Report TIAA-CREF Life Funds      121

Executive Officers (continued)

			Position(s) Held		Term of Office and
Name and Address	Age		with Fund		Length of Time Served
SCOTT C. EVANS TIAA-CREF 730 Third Avenue New York, NY 10017-3206		45		Executive Vice President	Indefinite term. Executive Vice President since 1998. Chief Investment Officer since 2004.
I. STEVEN GOLDSTEIN TIAA-CREF 730 Third Avenue New York, NY 10017-3206		51		Executive Vice President	Indefinite term. Executive Vice President since 2003.
E. LAVERNE JONES TIAA-CREF 730 Third Avenue New York, NY 10017-3206		55	Vice President and Corporate Secretary		Indefinite term. Vice President and Corporate Secretary since 1998.
SUSAN S. KOZIK TIAA-CREF 730 Third Avenue New York, NY 10017-3206		46		Executive Vice President	Indefinite term. Executive Vice President since 2003.
GEORGE W. MADISON TIAA-CREF 730 Third Avenue New York, NY 10017-3206		50		Executive Vice President	Indefinite term. Executive Vice President since 2003.
ERWIN W. MARTENS TIAA-CREF 730 Third Avenue New York, NY 10017-3206		48		Executive Vice President	Indefinite term. Executive Vice President since 2003.

122    2004 Semiannual Report TIAA-CREF Life Funds

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by
During Past 5 Years	Officer
Executive Vice President of TIAA and the TIAA-CREF Funds. Executive Vice President of TIAA-CREF Investment Management, LLC (“Investment Management”) and Teachers Advisors, Inc. (“Advisors”) and Director of TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).	N/A
Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds. Formerly, Advisor for McKinsey & Company, 2003; Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal, 2001-2002; and Senior Vice President and Chief Communications Officer for Insurance Information Institute, 1993-2001.	N/A
Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds.	N/A
Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds. Formerly, Vice President of IT Operations and Services, Lucent Technologies, 2000- 2003; and Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company, 1997-2000.	N/A
Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds. Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated.	N/A
Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds. Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1999-2003; and Head and Deputy Head of Global Market Risk Management, 1997-1999.	N/A

2004 Semiannual Report TIAA-CREF Life Funds      123

Officers (continued)

			Position(s) Held		Term of Office and
Name and Address	Age		with Fund		Length of Time Served
ELIZABETH A. MONRAD TIAA-CREF 730 Third Avenue New York, NY 10017-3206		49		Executive Vice President	Indefinite term. Executive Vice President since 2003.
FRANCES NOLAN TIAA-CREF 730 Third Avenue New York, NY 10017-3206		46		Executive Vice President	Indefinite term. Executive Vice President since 2001.
DERMOT J. O’BRIEN TIAA-CREF 730 Third Avenue New York, NY 10017-3206		38		Executive Vice President	Indefinite term. Executive Vice President since 2003.
BERTRAM L. SCOTT TIAA-CREF 730 Third Avenue New York, NY 10017-3206		53		Executive Vice President	Indefinite term. Executive Vice President since 2001.
JOHN A. SOMERS TIAA-CREF 730 Third Avenue New York, NY 10017-3206		59		Executive Vice President	Indefinite term. Executive Vice President since 1998.

The Life Funds’ Statement of Additional Information (SAI) includes additional information about the Life Funds’ directors and is available, without charge, upon request, by calling toll free 877 518-9161.

124    2004 Semiannual Report TIAA-CREF Life Funds

	Number of
	Portfolios in
	Fund Complex
Principal Occupation(s)	Overseen by
During Past 5 Years	Officer
Executive Vice President and Chief Financial Officer of TIAA and the TIAA-CREF Funds. Formerly, Chief Financial Officer and Senior Vice President of General Re (2000- 2003), Chief Financial Officer of its North American Reinsurance Operations (1997-2000) and Corporate Treasurer.	N/A
Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds. Formerly, Executive Vice President, Retirement Services, CREF and TIAA, 2000-2003; Vice President, Eastern Division, 1994-2000.	N/A
Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds. Formerly, First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co., 1999-Feb. 2003; and Vice President and Head of Human Resources—Japan Morgan Stanley, 1998-1999.	N/A
Executive Vice President, Product Management, of TIAA and the TIAA-CREF Funds. Chairman of the Board, President and Chief Executive Officer of TIAA-CREF Life. Formerly, President and Chief Executive Officer, Horizon Mercy, 1996-2000.	N/A
Executive Vice President of TIAA and the TIAA-CREF Funds. Executive Vice President of Investment Management and Advisors and Director of TIAA-CREF Life.	N/A

2004 Semiannual Report TIAA-CREF Life Funds      125

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TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. This report must be accompanied or preceded by a current prospectus. You should consider the investment objectives, risks, charges, and expenses carefully before investing. Please call 800 223-1200 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

©2004 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

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Item 2. Code of Ethics.

     During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

Item 6. Statement of Investments.

TIAA-CREF Life Funds — Growth Equity Fund

TIAA-CREF LIFE FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

SHARES				VALUE
PREFERRED STOCKS - 0.94%
PRINTING AND PUBLISHING - 0.94%
	8,022		News Corp Ltd (Spon ADR)	$	263,763
			TOTAL PRINTING AND PUBLISHING		263,763
			TOTAL PREFERRED STOCKS (Cost $255,013)		263,763
COMMON STOCKS - 98.70%
APPAREL AND ACCESSORY STORES - 1.04%
	12,011		Gap, Inc		291,267
			TOTAL APPAREL AND ACCESSORY STORES		291,267
APPAREL AND OTHER TEXTILE PRODUCTS - 0.59%
	4,745		Polo Ralph Lauren Corp		163,465
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		163,465
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.65%
	8,767		Lowe’s Cos		460,706
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		460,706
BUSINESS SERVICES - 10.28%
	1,145		Adobe Systems, Inc		53,243
	3,720		Automatic Data Processing, Inc		155,794
	3,422	*	DST Systems, Inc		164,564
	1,190		Equifax, Inc		29,453
	4,395	*	Intuit, Inc		169,559
	3,471		Manpower, Inc		176,223
	28,854		Microsoft Corp		824,070
	25,049	*	Oracle Corp		298,835
	9,515		SAP AG. (Spon ADR)		397,822
	44	*	SoftBrands, Inc		54
	6,525	*	Symantec Corp		285,665
	1,561	*	Westwood One, Inc		37,152
	7,746	*	Yahoo!, Inc		281,412
			TOTAL BUSINESS SERVICES		2,873,846
CHEMICALS AND ALLIED PRODUCTS - 19.20%
	330		Abbott Laboratories		13,451
	3,736	*	Amgen, Inc		203,874
	4,428	*	Amylin Pharmaceuticals, Inc		100,958
	3,744		Avon Products, Inc		172,748
	3,991	*	Biogen Idec, Inc		252,431
	792		Colgate-Palmolive Co		46,292
	6,237	*	Forest Laboratories, Inc		353,201
	4,766	*	Genentech, Inc		267,849
	5,253	*	Gilead Sciences, Inc		351,951

1

TIAA-CREF Life Funds — Growth Equity Fund

SHARES				VALUE
	2,688		Gillette Co		113,971
	8,404	*	IVAX Corp		201,612
	7,185		Lilly (Eli) & Co		502,303
	6,601		Mylan Laboratories, Inc		133,670
	41,469		Pfizer, Inc		1,421,557
	20,440		Procter & Gamble Co		1,112,754
	3,260		Wyeth		117,882
			TOTAL CHEMICALS AND ALLIED PRODUCTS		5,366,504
COMMUNICATIONS - 0.46%
	200	*	Comcast Corp (Special Class A)		5,522
	1,059	*	Entercom Communications Corp		39,501
	1,009	*	InterActiveCorp		30,411
	260	*	Level 3 Communications, Inc		923
	1,920	*	Nextel Communications, Inc (Class A)		51,187
			TOTAL COMMUNICATIONS		127,544
DEPOSITORY INSTITUTIONS - 1.42%
	4,427		Citigroup, Inc		205,856
	481		Fifth Third Bancorp		25,868
	5,595		Mellon Financial Corp		164,101
			TOTAL DEPOSITORY INSTITUTIONS		395,825
EATING AND DRINKING PLACES - 0.40%
	3,271	*	Brinker International, Inc		111,607
			TOTAL EATING AND DRINKING PLACES		111,607
EDUCATIONAL SERVICES - 1.10%
	3,495	*	Apollo Group, Inc (Class A)		308,574
			TOTAL EDUCATIONAL SERVICES		308,574
ELECTRIC, GAS, AND SANITARY SERVICES - 0.20%
	1,865		Waste Management, Inc		57,162
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		57,162
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.99%
	5,159	*	Altera Corp		114,633
	480		General Electric Co		15,552
	27,051		Intel Corp		746,608
	5,582	*	Marvell Technology Group Ltd		149,039
	5,744		Maxim Integrated Products, Inc		301,100
	1,759		Maytag Corp		43,113
	26,900		Motorola, Inc		490,925
	6,869	*	Novellus Systems, Inc		215,961
	7,825		Qualcomm, Inc		571,069
	50,945		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		423,353
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,071,353
ENGINEERING AND MANAGEMENT SERVICES - 2.53%
	12,421	*	Accenture Ltd (Class A)		341,329
	2,387	*	BearingPoint, Inc		21,173
	8,960		Monsanto Co		344,960
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		707,462
FABRICATED METAL PRODUCTS - 0.12%
	354		Illinois Tool Works, Inc		33,945
			TOTAL FABRICATED METAL PRODUCTS		33,945

2

TIAA-CREF Life Funds — Growth Equity Fund

SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 4.02%
	2,107		Anheuser-Busch Cos, Inc		113,778
	1,867		Campbell Soup Co		50,185
	3,724		Coca-Cola Co		187,988
	4,021	*	Constellation Brands, Inc (Class A)		149,300
	11,568		PepsiCo, Inc		623,284
			TOTAL FOOD AND KINDRED PRODUCTS		1,124,535
FURNITURE AND FIXTURES - 0.07%
	344		Hillenbrand Industries, Inc		20,795
			TOTAL FURNITURE AND FIXTURES		20,795
FURNITURE AND HOMEFURNISHINGS STORES - 0.47%
	3,397	*	Bed Bath & Beyond, Inc		130,615
			TOTAL FURNITURE AND HOMEFURNISHINGS STORES		130,615
GENERAL MERCHANDISE STORES - 3.77%
	1,172	*	Big Lots, Inc		16,947
	587	*	Dollar Tree Stores, Inc		16,101
	1,058		Family Dollar Stores, Inc		32,184
	2,740	*	Kohl’s Corp		115,847
	8,802		Target Corp		373,821
	9,416		Wal-Mart Stores, Inc		496,788
			TOTAL GENERAL MERCHANDISE STORES		1,051,688
HEALTH SERVICES - 2.03%
	4,323	*	Express Scripts, Inc		342,511
	9,916		Health Management Associates, Inc (Class A)		222,317
			TOTAL HEALTH SERVICES		564,828
HOTELS AND OTHER LODGING PLACES - 1.22%
	7,618		Starwood Hotels & Resorts Worldwide, Inc		341,667
			TOTAL HOTELS AND OTHER LODGING PLACES		341,667
INDUSTRIAL MACHINERY AND EQUIPMENT - 10.54%
	5,765		3M Co		518,908
	2,663		Baker Hughes, Inc		100,262
	218		Caterpillar, Inc		17,318
	44,010	*	Cisco Systems, Inc		1,043,037
	376	*	Cooper Cameron Corp		18,311
	20,353	*	Dell, Inc		729,044
	5,488	*	EMC Corp		62,563
	1,709		International Business Machines Corp		150,648
	4,233		International Game Technology		163,394
	6,542	*	Network Appliance, Inc		140,849
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,944,334
INSTRUMENTS AND RELATED PRODUCTS - 6.45%
	2,941		Biomet, Inc		130,698
	1,275	*	Boston Scientific Corp		54,570
	4,802		Guidant Corp		268,336
	12,041		Medtronic, Inc		586,638
	5,664	*	St. Jude Medical, Inc		428,482
	3,780	*	Zimmer Holdings, Inc		333,396
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,802,120

3

TIAA-CREF Life Funds — Growth Equity Fund

SHARES				VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.60%
	3,722		Marsh & McLennan Cos, Inc		168,904
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		168,904
INSURANCE CARRIERS - 2.00%
	1,576		Aetna, Inc		133,960
	3,871		American International Group, Inc		275,925
	1,647	*	Anthem, Inc		147,505
			TOTAL INSURANCE CARRIERS		557,390
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
	3,169		Mattel, Inc		57,834
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		57,834
MISCELLANEOUS RETAIL - 2.47%
	4,978	*	eBay, Inc		457,727
	7,884		Staples, Inc		231,080
			TOTAL MISCELLANEOUS RETAIL		688,807
MOTION PICTURES - 1.25%
	19,913	*	Time Warner, Inc		350,071
			TOTAL MOTION PICTURES		350,071
NONDEPOSITORY INSTITUTIONS - 6.31%
	13,613		American Express Co		699,436
	9,682		Fannie Mae		690,908
	863		Freddie Mac		54,628
	12,282		MBNA Corp		316,753
			TOTAL NONDEPOSITORY INSTITUTIONS		1,761,725
OIL AND GAS EXTRACTION - 0.36%
	20	*	Magnum Hunter Resources, Inc Wts 03/21/05		10
	779		Pogo Producing Co		38,483
	2,068		Tidewater, Inc		61,626
			TOTAL OIL AND GAS EXTRACTION		100,119
PERSONAL SERVICES - 0.22%
	1,589	*	Weight Watchers International, Inc		62,193
			TOTAL PERSONAL SERVICES		62,193
SECURITY AND COMMODITY BROKERS - 1.07%
	3,166		Goldman Sachs Group, Inc		298,111
			TOTAL SECURITY AND COMMODITY BROKERS		298,111
TRANSPORTATION BY AIR - 0.21%
	3,534		Southwest Airlines Co		59,265
			TOTAL TRANSPORTATION BY AIR		59,265
TRANSPORTATION EQUIPMENT - 1.99%
	961		General Dynamics Corp		95,427
	5,054		United Technologies Corp		462,340
			TOTAL TRANSPORTATION EQUIPMENT		557,767
TRUCKING AND WAREHOUSING - 0.47%
	1,731		United Parcel Service, Inc (Class B)		130,118
			TOTAL TRUCKING AND WAREHOUSING		130,118

4

TIAA-CREF Life Funds — Growth Equity Fund

SHARES				VALUE
WATER TRANSPORTATION - 0.63%
	4,040		Royal Caribbean Cruises Ltd		175,376
			TOTAL WATER TRANSPORTATION		175,376
WHOLESALE TRADE-DURABLE GOODS - 2.24%
	11,216		Johnson & Johnson		624,731
			TOTAL WHOLESALE TRADE-DURABLE GOODS		624,731
WHOLESALE TRADE-NONDURABLE GOODS - 0.12%
	966		Sysco Corp		34,650
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		34,650
			TOTAL COMMON STOCKS (Cost $30,143,507)		27,576,903
			TOTAL PORTFOLIO - 99.64% (Cost $30,398,520)		27,840,666
			OTHER ASSETS & LIABILITIES, NET - 0.36%		100,427
			NET ASSETS - 100.00%	$	27,941,093
		*	Non-income producing
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

5

TIAA-CREF Life Funds — Growth and Income Fund

TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2004

SHARES/
PRINCIPAL				VALUE
PREFERRED STOCKS - 0.00%
ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%
	108	*	NiSource, Inc (Sails)	$	272
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		272
			TOTAL PREFERRED STOCKS (Cost $217)		272
COMMON STOCKS - 99.33%
APPAREL AND ACCESSORY STORES - 0.45%
	8,400		Gap, Inc		203,700
			TOTAL APPAREL AND ACCESSORY STORES		203,700
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.59%
	6,596		Home Depot, Inc		232,179
	9,327		Lowe’s Cos		490,134
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		722,313
BUSINESS SERVICES - 5.86%
	5,200		Automatic Data Processing, Inc		217,776
	10,800	*	BEA Systems, Inc		88,776
	1,400		Computer Associates International, Inc		39,284
	2,000		IMS Health, Inc		46,880
	3,100		Manpower, Inc		157,387
	43,291		Microsoft Corp		1,236,391
	1,000		Omnicom Group, Inc		75,890
	31,208	*	Oracle Corp		372,311
	7,700	*	Siebel Systems, Inc		82,236
	2,000	*	SunGard Data Systems, Inc		52,000
	5,189	*	Veritas Software Corp		143,735
	4,000	*	Yahoo!, Inc		145,320
			TOTAL BUSINESS SERVICES		2,657,986
CHEMICALS AND ALLIED PRODUCTS - 11.22%
	4,000		Abbott Laboratories		163,040
	3,906		Air Products & Chemicals, Inc		204,870
	1,000		Allergan, Inc		89,520
	5,072	*	Amgen, Inc		276,779
	4,491	*	Amylin Pharmaceuticals, Inc		102,395
	9,000		Bristol-Myers Squibb Co		220,500
	3,000		Colgate-Palmolive Co		175,350
	6,100		Dow Chemical Co		248,270
	382		Eastman Chemical Co		17,660
	255	*	Eyetech Pharmaceuticals, Inc		10,945
	1,700	*	Forest Laboratories, Inc		96,271
	423	*	Gilead Sciences, Inc		28,341

6

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL				VALUE
	3,467	*	IVAX Corp		83,173
	4,000	*	King Pharmaceuticals, Inc		45,800
	6,161		Lilly (Eli) & Co		430,716
	8,912		Merck & Co, Inc		423,320
	32,875	d	Pfizer, Inc		1,126,955
	19,318		Procter & Gamble Co		1,051,672
	4,000		Schering-Plough Corp		73,920
	6,000		Wyeth		216,960
			TOTAL CHEMICALS AND ALLIED PRODUCTS		5,086,457
COMMUNICATIONS - 5.01%
	2,000		Alltel Corp		101,240
	3,533		AT&T Corp		51,688
	9,800	*	AT&T Wireless Services, Inc		140,336
	6,319		BellSouth Corp		165,684
	8,000	*	Citadel Broadcasting Corp		116,560
	2,129		Clear Channel Communications, Inc		78,667
	9,679	*	Comcast Corp (Class A)		271,302
	1,200	*	EchoStar Communications Corp (Class A)		36,900
	18,005	*	Lucent Technologies, Inc		68,059
	3,000	*	Nextel Communications, Inc (Class A)		79,980
	25,600	*	Qwest Communications International, Inc		91,904
	13,023		SBC Communications, Inc		315,808
	3,050		Sprint Corp (FON Group)		53,680
	12,152		Verizon Communications, Inc		439,781
	1,614		Viacom, Inc (Class A)		58,669
	5,601		Viacom, Inc (Class B)		200,068
			TOTAL COMMUNICATIONS		2,270,326
DEPOSITORY INSTITUTIONS - 9.95%
	1,093		AmSouth Bancorp		27,839
	8,906		Bank Of America Corp		753,626
	5,311		Bank One Corp		270,861
	600		BB&T Corp		22,182
	20,878		Citigroup, Inc		970,827
	3,200		Comerica, Inc		175,616
	4,500		Greenpoint Financial Corp		178,650
	8,601		J.P. Morgan Chase & Co		333,461
	138		KeyCorp		4,125
	7,500		Mellon Financial Corp		219,975
	1,198		PNC Financial Services Group, Inc		63,590
	2,000		Regions Financial Corp		73,100
	900		Sovereign Bancorp, Inc		19,890
	23,102		U.S. Bancorp		636,691
	503		Union Planters Corp		14,994
	2,282		Wachovia Corp		101,549
	11,240		Wells Fargo & Co		643,265
			TOTAL DEPOSITORY INSTITUTIONS		4,510,241
EATING AND DRINKING PLACES - 0.92%
	2,600	*	Brinker International, Inc		88,712
	5,800		McDonald’s Corp		150,800
	4,465	*	The Cheesecake Factory, Inc		177,662
			TOTAL EATING AND DRINKING PLACES		417,174

7

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL					VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 2.40%
	1,000	*		AES Corp		9,930
	539			Ameren Corp		23,155
	2,000			American Electric Power Co, Inc		64,000
	2,000			Consolidated Edison, Inc		79,520
	1,000			Dominion Resources, Inc		63,080
	2,000			DTE Energy Co		81,080
	2,000			Edison International		51,140
	500			Entergy Corp		28,005
	3,000			Exelon Corp		99,870
	2,000			FirstEnergy Corp		74,820
	1,000			FPL Group, Inc		63,950
	1,961	b	*	Mirant Corp		691
	2,000	*		PG&E Corp		55,880
	2,000			Pinnacle West Capital Corp		80,780
	224	*		Progress Energy, Inc (Cvo)		2
	2,000			Public Service Enterprise Group, Inc		80,060
	2,000			Southern Co		58,300
	2,000			Texas Genco Holdings, Inc		90,180
	2,693			Waste Management, Inc		82,540
				TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,086,983
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.33%
	3,000	*		Altera Corp		66,660
	7,195			American Power Conversion Corp		141,382
	2,340	*		Atheros Communications, Inc		24,664
	1,200	*		Broadcom Corp (Class A)		56,124
	44,056	d		General Electric Co		1,427,414
	26,055			Intel Corp		719,118
	500	*		JDS Uniphase Corp		1,895
	2,000			Linear Technology Corp		78,940
	1,800	*		Marvell Technology Group Ltd		48,060
	3,815			Maxim Integrated Products, Inc		199,982
	189			Maytag Corp		4,632
	5,200			Motorola, Inc		94,900
	4,000	*		Novellus Systems, Inc		125,760
	2,000	*		Nvidia Corp		41,000
	1,940	*		QLogic Corp		51,585
	2,800			Qualcomm, Inc		204,344
	2,000			Rockwell Collins, Inc		66,640
	27,435			Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		227,992
	6,000	*		Tellabs, Inc		52,440
	5,960			Texas Instruments, Inc		144,113
				TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,777,645
ENGINEERING AND MANAGEMENT SERVICES - 1.36%
	9,335	*		Accenture Ltd (Class A)		256,526
	9,365			Monsanto Co		360,553
				TOTAL ENGINEERING AND MANAGEMENT SERVICES		617,079
FABRICATED METAL PRODUCTS - 1.38%
	2,000			Danaher Corp		103,700
	3,900			Illinois Tool Works, Inc		373,971
	4,600			Masco Corp		143,428
	200			Snap-On, Inc		6,710
				TOTAL FABRICATED METAL PRODUCTS		627,809

8

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL				VALUE
FOOD AND KINDRED PRODUCTS - 3.82%
	1,000		Anheuser-Busch Cos, Inc		54,000
	10,277		Coca-Cola Co		518,783
	948		Conagra Foods, Inc		25,672
	8,475	*	Dean Foods Co		316,202
	1,541		General Mills, Inc		73,244
	2,256		Kellogg Co		94,414
	12,022		PepsiCo, Inc		647,745
			TOTAL FOOD AND KINDRED PRODUCTS		1,730,060
FOOD STORES - 0.25%
	1,600		Albertson’s, Inc		42,464
	3,000	*	Kroger Co		54,600
	629	*	Safeway, Inc		15,939
	300	*	Winn-Dixie Stores, Inc		2,160
			TOTAL FOOD STORES		115,163
FORESTRY - 0.15%
	1,100		Weyerhaeuser Co		69,432
			TOTAL FORESTRY		69,432
FURNITURE AND FIXTURES - 0.10%
	2,000		Newell Rubbermaid, Inc		47,000
			TOTAL FURNITURE AND FIXTURES		47,000
FURNITURE AND HOMEFURNISHINGS STORES - 0.69%
	6,800	*	Bed Bath & Beyond, Inc		261,460
	992		Best Buy Co, Inc		50,334
			TOTAL FURNITURE AND HOMEFURNISHINGS STORES		311,794
GENERAL BUILDING CONTRACTORS - 0.22%
	1	*	Cavco Industries, Inc		40
	1,000		Centex Corp		45,750
	1,000		Pulte Homes, Inc		52,030
			TOTAL GENERAL BUILDING CONTRACTORS		97,820
GENERAL MERCHANDISE STORES - 3.17%
	4,780		Costco Wholesale Corp		196,315
	3,000		Dollar General Corp		58,680
	2,000	*	Kohl’s Corp		84,560
	2,276		May Department Stores Co		62,567
	9,500		Target Corp		403,465
	11,982		Wal-Mart Stores, Inc		632,170
			TOTAL GENERAL MERCHANDISE STORES		1,437,757
HEALTH SERVICES - 0.66%
	2,706	*	Express Scripts, Inc		214,396
	2,000		HCA, Inc		83,180
			TOTAL HEALTH SERVICES		297,576
HOLDING AND OTHER INVESTMENT OFFICES - 1.81%
	2,000		Apartment Investment & Management Co (Class A)		62,260
	200		Equity Residential		5,946
	5,300		SPDR Trust Series 1		607,009
	3,772		Washington Mutual, Inc		145,750
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		820,965

9

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL				VALUE
HOTELS AND OTHER LODGING PLACES - 0.23%
	3,000		Hilton Hotels Corp		55,980
	1,000		Marriott International, Inc (Class A)		49,880
			TOTAL HOTELS AND OTHER LODGING PLACES		105,860
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.09%
	4,072		3M Co		366,521
	2,000	*	Applied Materials, Inc		39,240
	6,987		Baker Hughes, Inc		263,061
	1,100		Caterpillar, Inc		87,384
	30,765	*	Cisco Systems, Inc		729,131
	1,040		Deere & Co		72,946
	19,154	*	Dell, Inc		686,096
	11,365		Hewlett-Packard Co		239,802
	8,903		International Business Machines Corp		784,799
	1,000	*	Lexmark International, Inc		96,530
	1,018	*	Network Appliance, Inc		21,918
	9,000	*	Solectron Corp		58,230
	5,000		Tyco International Ltd		165,700
	4,000	*	Xerox Corp		58,000
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,669,358
INSTRUMENTS AND RELATED PRODUCTS - 3.03%
	2,000	*	Agilent Technologies, Inc		58,560
	2,728	*	Boston Scientific Corp		116,758
	2,000		Eastman Kodak Co		53,960
	3,704		Guidant Corp		206,980
	1,000	*	KLA-Tencor Corp		49,380
	5,600		Medtronic, Inc		272,832
	2,000		Raytheon Co		71,540
	4,646	*	St. Jude Medical, Inc		351,470
	2,200	*	Zimmer Holdings, Inc		194,040
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,375,520
INSURANCE CARRIERS - 5.51%
	2,251		Aetna, Inc		191,335
	2,000		Aflac, Inc		81,620
	1,000		Allstate Corp		46,550
	1,000		Ambac Financial Group, Inc		73,440
	11,426		American International Group, Inc		814,445
	3,402	*	Anthem, Inc		304,683
	1,000		Cigna Corp		68,810
	2,000		MetLife, Inc		71,700
	3,000		Prudential Financial, Inc		139,410
	9,376		Safeco Corp		412,544
	2,939		St. Paul Travelers Cos, Inc		119,147
	1,000		Torchmark Corp		53,800
	3,000		UnumProvident Corp		47,700
	1,000		XL Capital Ltd (Class A)		75,460
			TOTAL INSURANCE CARRIERS		2,500,644
LEATHER AND LEATHER PRODUCTS - 0.29%
	2,866	*	Coach, Inc		129,515
			TOTAL LEATHER AND LEATHER PRODUCTS		129,515

10

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL				VALUE
METAL MINING - 0.45%
	3,682	*	Inco Ltd		127,250
	2,000		Newmont Mining Corp		77,520
			TOTAL METAL MINING		204,770
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.12%
	3,000		Mattel, Inc		54,750
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		54,750
MISCELLANEOUS RETAIL - 0.56%
	1,961	*	eBay, Inc		180,314
	2,000		Tiffany & Co		73,700
			TOTAL MISCELLANEOUS RETAIL		254,014
MOTION PICTURES - 1.20%
	18,887	*	Time Warner, Inc		332,033
	8,302		Walt Disney Co		211,618
			TOTAL MOTION PICTURES		543,651
NONDEPOSITORY INSTITUTIONS - 3.36%
	9,838		American Express Co		505,476
	7,851		Fannie Mae		560,247
	1,000		Freddie Mac		63,300
	15,324		MBNA Corp		395,206
			TOTAL NONDEPOSITORY INSTITUTIONS		1,524,229
OIL AND GAS EXTRACTION - 0.85%
	3,116		Apache Corp		135,702
	2,664		Burlington Resources, Inc		96,384
	1,000		Devon Energy Corp		66,000
	183		Kerr-McGee Corp		9,840
	2,000		Unocal Corp		76,000
			TOTAL OIL AND GAS EXTRACTION		383,926
PAPER AND ALLIED PRODUCTS - 0.57%
	263		Boise Cascade Corp		9,899
	2,200		International Paper Co		98,340
	2,000		Kimberly-Clark Corp		131,760
	600		MeadWestvaco Corp		17,634
			TOTAL PAPER AND ALLIED PRODUCTS		257,633
PETROLEUM AND COAL PRODUCTS - 4.83%
	1,752		ChevronTexaco Corp		164,881
	4,200		ConocoPhillips		320,418
	34,245		ExxonMobil Corp		1,520,820
	10,600		Lyondell Chemical Co		184,334
			TOTAL PETROLEUM AND COAL PRODUCTS		2,190,453
PRIMARY METAL INDUSTRIES - 0.13%
	3,000	*	Andrew Corp		60,030
			TOTAL PRIMARY METAL INDUSTRIES		60,030
PRINTING AND PUBLISHING - 0.86%
	1,000		Gannett Co, Inc		84,850
	9,231		News Corp Ltd (Spon ADR)		303,515
			TOTAL PRINTING AND PUBLISHING		388,365

11

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL				VALUE
RAILROAD TRANSPORTATION - 0.16%
	2,000		Burlington Northern Santa Fe Corp		70,140
			TOTAL RAILROAD TRANSPORTATION		70,140
SECURITY AND COMMODITY BROKERS - 1.89%
	1,000		Bear Stearns Cos, Inc		84,310
	6,000		Charles Schwab Corp		57,660
	1,000		Franklin Resources, Inc		50,080
	1,951		Goldman Sachs Group, Inc		183,706
	1,700		Lehman Brothers Holdings, Inc		127,925
	2,000		Merrill Lynch & Co, Inc		107,960
	4,451		Morgan Stanley		234,879
	231	*	Piper Jaffray Cos		10,448
			TOTAL SECURITY AND COMMODITY BROKERS		856,968
TOBACCO PRODUCTS - 1.41%
	8,734		Altria Group, Inc		437,135
	1,200		R.J. Reynolds Tobacco Holdings, Inc		81,108
	3,400		UST, Inc		122,400
			TOTAL TOBACCO PRODUCTS		640,643
TRANSPORTATION BY AIR - 0.24%
	3,300	*	AMR Corp		39,963
	2,600	*	Continental Airlines, Inc (Class B)		29,562
	3,400	*	Northwest Airlines Corp		37,808
			TOTAL TRANSPORTATION BY AIR		107,333
TRANSPORTATION EQUIPMENT - 3.12%
	5,207		Autoliv, Inc		219,735
	4,000		Boeing Co		204,360
	7,000		Ford Motor Co		109,550
	1,000		General Dynamics Corp		99,300
	2,000		General Motors Corp		93,180
	2,000		Lockheed Martin Corp		104,160
	6,400		United Technologies Corp		585,472
			TOTAL TRANSPORTATION EQUIPMENT		1,415,757
TRUCKING AND WAREHOUSING - 1.07%
	6,463		United Parcel Service, Inc (Class B)		485,824
			TOTAL TRUCKING AND WAREHOUSING		485,824
WATER TRANSPORTATION - 0.63%
	6,600		Royal Caribbean Cruises Ltd		286,506
			TOTAL WATER TRANSPORTATION		286,506
WHOLESALE TRADE-DURABLE GOODS - 1.24%
	10,009		Johnson & Johnson		557,501
	111		W.W. Grainger, Inc		6,383
			TOTAL WHOLESALE TRADE-DURABLE GOODS		563,884
WHOLESALE TRADE-NONDURABLE GOODS - 0.15%
	2,000		McKesson Corp		68,660
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		68,660

12

TIAA-CREF Life Funds — Growth and Income Fund

SHARES/
PRINCIPAL				VALUE
			TOTAL COMMON STOCKS (Cost $43,703,226)		45,043,713
SHORT TERM INVESTMENTS- 0.90%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.90%
$	410,000		Federal Home Loan Banks (FHLB) 1.000%, 07/01/04		409,986
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		409,986
			TOTAL SHORT TERM INVESTMENTS (Cost $409,986)		409,986
			TOTAL PORTFOLIO - 100.23% (Cost $44,113,429)		45,453,971
			OTHER ASSETS & LIABILITIES, NET — (0.23%)		(104,962	)
			NET ASSETS - 100.00%	$	45,349,009
		*	Non-income producing
		b	In bankruptcy
		d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

13

TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY BY COUNTRY
June 30, 2004

	VALUE		%
DOMESTIC
UNITED STATES		157,155		0.33
TOTAL DOMESTIC		157,155		0.33
FOREIGN AUSTRALIA		2,346,958		4.94
BELGIUM		52,949		0.11
CHINA		94,833		0.20
DENMARK		123,598		0.26
FINLAND		397,523		0.84
FRANCE		4,523,568		9.52
GERMANY		3,873,026		8.15
GREECE		406,277		0.86
HONG KONG		664,123		1.40
IRELAND		520,350		1.10
ITALY		1,768,836		3.72
JAPAN		11,286,476		23.76
NETHERLANDS		1,907,310		4.01
NEW ZEALAND		45,246		0.10
NORWAY		59,956		0.13
PORTUGAL		62,570		0.13
SINGAPORE		241,463		0.51
SPAIN		659,442		1.39
SWEDEN		818,514		1.72
SWITZERLAND		6,097,911		12.84
TAIWAN		104,788		0.22
UNITED KINGDOM		11,294,179		23.76
TOTAL FOREIGN		47,349,896		99.67
TOTAL PORTFOLIO	$	47,507,051		100.00	%

14

TIAA-CREF Life Funds — International Equity Fund

TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2004

SHARES/
PRINCIPAL				VALUE
CORPORATE BONDS - 0.01%
INSURANCE CARRIERS - 0.01%
$	136	*	AXA	$	3,038
			TOTAL INSURANCE CARRIERS		3,038
			TOTAL CORPORATE BONDS (Cost $2,026)		3,038
PREFERRED STOCKS - 0.29%
PRINTING AND PUBLISHING - 0.29%
	17,453		News Corp Ltd		142,854
			TOTAL PRINTING AND PUBLISHING		142,854
			TOTAL PREFERRED STOCKS (Cost $116,150)		142,854
COMMON STOCKS - 98.11%
APPAREL AND ACCESSORY STORES - 0.81%
	4,200		Fast Retailing Co Ltd		339,880
	2,086		Hennes & Mauritz AB (B Shs)		53,860
			TOTAL APPAREL AND ACCESSORY STORES		393,740
APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%
	300		Aoyama Trading Co Ltd		8,124
	18,000		Toyobo Co Ltd		45,200
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		53,324
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.01%
	100		Autobacs Seven Co Ltd		3,272
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		3,272
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.95%
	29,591		Wolseley plc		458,821
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		458,821
BUSINESS SERVICES - 4.04%
	2	*	Access Co Ltd		52,422
	8	*	Access Co Ltd (When Issued)		197,956
	200		Capcom Co Ltd		2,201
	73		Dentsu, Inc		187,994
	5,600		Diamond Lease Co Ltd		231,462
	120,592		Hays plc		268,446
	500		Konami Corp		12,693
	3,000		Oracle Corp Japan		166,338
	13,500		Public Power Corp		321,926

15

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
	602		Publicis Groupe S.A.		17,820
	1,312		SAP AG.		217,504
	1,729		Securitas AB (B Shs)		21,575
	6,000		Sumisho Lease Co Ltd		235,348
	7,000		Wharf Holdings Ltd		20,103
			TOTAL BUSINESS SERVICES		1,953,788
CHEMICALS AND ALLIED PRODUCTS - 10.50%
	2,859	*	Actelion NV		328,726
	4,492		Akzo Nobel NV		165,213
	2,765		Bayer AG.		79,728
	1,108		Boots Group plc		13,824
	1,703	*	Celltech Group plc		16,955
	11,000		Daicel Chemical Industries Ltd		57,765
	487		Givaudan S.A. (Regd)		281,919
	42,991		GlaxoSmithKline plc		870,080
	12,250	*	Global Bio-Chem Technology Group Co Ltd		801
	2,900		Kao Corp		69,899
	800		Kose Corp		30,793
	1,000		Kyowa Hakko Kogyo Co Ltd		7,213
	1,064		L’Oreal S.A.		84,985
	12,734		Novartis AG. (Regd)		561,764
	39,959		Reckitt Benckiser plc		1,131,189
	7,528		Sanofi-Synthelabo S.A.		477,181
	9,100		Shin-Etsu Chemical Co Ltd		325,253
	3,000		Shiseido Co Ltd		37,804
	6,900		Takeda Chemical Industries Ltd		302,901
	37,000		Teijin Ltd		138,349
	18,000		Tosoh Corp		64,996
	1,161		Wesfarmers Ltd		23,777
			TOTAL CHEMICALS AND ALLIED PRODUCTS		5,071,115
COAL MINING - 0.20%
	32,090		Byd Co Ltd (H Shs)		94,833
			TOTAL COAL MINING		94,833
COMMUNICATIONS - 6.64%
	12,218		BT Group plc		43,982
	14,776	*	Deutsche Telekom AG. (Regd)		259,591
	60,863	*	Ericsson (LM) (B Shs)		179,366
	6,663		France Telecom S.A.		173,642
	1,550		Hellenic Telecommunications Organization S.A.		20,140
	79		KDDI Corp		451,780
	27,943		KPN NV		212,820
	154	*	Marconi Corp plc		95
	5,798		Portugal Telecom SGPS S.A. (Regd)		62,570
	19,916		Seat Pagine Gialle S.p.A.		8,360
	42,000		Singapore Telecommunications Ltd		54,864
	728		Societe Television Francaise 1 (T.F.1)		22,931
	3,804		TDC a/s		123,598
	581		Tele2 AB (B Shs)		25,452
	12,117		Telecom Corp of New Zealand Ltd		45,246
	6,059		Telecom Italia S.p.A.		18,835
	27,842		Telefonica S.A.		411,569
	4,353		Telenor ASA		30,270
	1,000		Television Broadcasts Ltd		4,282

16

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
	10,085		TeliaSonera AB		42,707
	13,940		Telstra Corp Ltd		48,844
	23,392		TIM S.p.A.		132,623
	93,545		Vodafone Group plc		204,845
	28,476		Vodafone Group plc (Spon ADR)		629,320
			TOTAL COMMUNICATIONS		3,207,732
DEPOSITORY INSTITUTIONS - 16.62%
	15,767		ABN Amro Holding NV		344,909
	1,224		Alpha Bank S.A.		31,124
	11,349		Australia & New Zealand Banking Group Ltd		144,516
	1,801		Banca Fideuram S.p.A.		10,101
	112,162		Banca Intesa S.p.A.		438,043
	9,589	*	Banca Nazionale del Lavoro S.p.A.		22,283
	4,622		Banco Bilbao Vizcaya Argentaria S.A.		61,744
	10,105		Banco Santander Central Hispano S.A.		104,870
	8,627		Bank Of East Asia Ltd		24,665
	4,000		Bank Of Fukuoka Ltd		23,718
	1,000	*	Bank Of Yokohama Ltd		6,250
	3,151	*	Bayerische Hypo-und Vereinsbank AG.		56,048
	6,500		BOC Hong Kong Holdings Ltd		11,084
	7,481		Capitalia S.p.A.		23,392
	2,936	*	Commerzbank AG.		51,724
	8,026	*	Commonwealth Bank of Australia		182,152
	1,954		Credit Agricole S.A.		47,547
	12,400		DAH Sing Financial		73,130
	6,019		DBS Group Holdings Ltd		50,320
	35,820		Depfa Bank plc		520,350
	5,279		Deutsche Bank AG. (Regd)		414,778
	10,800		Hang Seng Bank Ltd		138,465
	39,443	*	HSBC Holdings plc (United Kingdom)		586,545
	11,963		Lloyds TSB Group plc		93,668
	47		Mitsubishi Tokyo Financial Group, Inc		435,046
	9,419		National Australia Bank Ltd		195,788
	1,521		National Bank of Greece S.A.		33,087
	12,442		Nordea Bank AB (Sweden)		89,603
	56,481		Royal Bank Of Scotland Group plc		1,626,561
	6,251		Sanpaolo IMI S.p.A.		75,292
	52,000		Shinsei Bank Ltd		331,687
	4,000		Shizuoka Bank Ltd		35,339
	2,101		Skandinaviska Enskilda Banken (A Shs)		30,401
	1,233		St. George Bank Ltd		18,913
	40		Sumitomo Mitsui Financial Group Inc		274,206
	29,000		Sumitomo Trust & Banking Co Ltd		206,507
	2,576		Svenska Handelsbanken AB (A Shs)		51,637
	14,466		UBS AG. (Regd)		1,019,342
	10,000		United Overseas Bank Ltd		77,796
	5,077		Westpac Banking Corp		62,245
			TOTAL DEPOSITORY INSTITUTIONS		8,024,876
EATING AND DRINKING PLACES - 2.69%
	208,634		Compass Group plc		1,273,174
	400		Skylark Co Ltd		8,028
	585		Sodexho Alliance S.A.		15,416
			TOTAL EATING AND DRINKING PLACES		1,296,618

17

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 4.37%
	6,200		Australian Gas Light Co Ltd		52,389
	10,755		BG Group plc		66,265
	12,601		E.ON AG.		909,129
	19,000		Hong Kong & China Gas Co Ltd		31,302
	2,530		Iberdrola S.A.		53,405
	1,000		Kyushu Electric Power Co, Inc		18,650
	41,000		Osaka Gas Co Ltd		113,852
	1,718		Puma AG. Rudolf Dassler Sport		436,581
	2,853		Suez S.A.(France)		59,391
	3,600		Tokyo Electric Power Co, Inc		81,657
	5,093	*	Vivendi Universal S.A.		141,278
	21		West Japan Railway Co		84,681
	134,000	*	Xinao Gas Holdings Ltd		59,700
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,108,280
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.26%
	1,340		Advantest Corp		89,771
	2,941	*	Alcatel S.A.		45,371
	1		ARM Holdings plc		2
	916	*	ASML Holding NV		15,502
	1,235		Electrolux AB Series B		23,690
	3,000	*	Furukawa Electric Co Ltd		12,812
	1,200		Hirose Electric Co Ltd		131,861
	80,500		Johnson Electric Holdings Ltd		82,050
	3,600		Kyocera Corp		305,513
	1,300		Mabuchi Motor Co Ltd		96,385
	18,000		Matsushita Electric Industrial Co Ltd		255,529
	1,000		Matsushita Electric Works Ltd		9,073
	20,695		Nokia Oyj		298,618
	1,000	*	Oki Electric Industry Co Ltd		4,023
	3,000		Sanyo Electric Co Ltd		12,345
	8,000	*	Semiconductor Manufacturing International Corp		1,744
	4,200		Sony Corp		158,200
	1,000		Stanley Electric Co Ltd		16,716
	33,262		STMicroelectronics NV		729,642
	72,832		Taiwan Semiconductor Manufacturing Co Ltd		104,788
	1,470		Thomson		28,991
	28,000		Toshiba Corp		112,652
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,535,278
FABRICATED METAL PRODUCTS - 1.18%
	6,439		Amcor Ltd		31,263
	1,729		European Aeronautic Defense & Space Co		48,130
	691		Geberit AG. (Regd)		460,703
	5,000		NHK Spring Co Ltd		31,526
			TOTAL FABRICATED METAL PRODUCTS		571,622
FOOD AND KINDRED PRODUCTS - 2.89%
	4,000		Ajinomoto Co, Inc		48,169
	1,100		Asahi Breweries Ltd		12,128
	16,505		Coca-Cola Amatil Ltd		79,677
	100		Coca-Cola West Japan Co Ltd		2,474
	98,000		Global Bio-Chem Technology Group Co Ltd		70,989
	4,614		Groupe Danone		402,497
	931		Interbrew S.A.		29,620

18

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
	100		Ito En Ltd		4,738
	7,000		Kirin Brewery Co Ltd		69,221
	7,371		Lion Nathan Ltd		34,813
	1,510		LVMH Moet Hennessy Louis Vuitton S.A.		109,218
	1,000		Meiji Seika Kaisha Ltd		4,454
	57		Nestle S.A. (Regd)		15,201
	19,000		Nisshin Oillio Group Ltd		86,368
	922	*	Numico NV		29,625
	1,186		Orkla ASA		29,686
	33,000		People’s Food Holdings Ltd		21,649
	2,480		Pernod-Ricard		317,117
	1,000		Sapporo Holdings Ltd		3,666
	2,510		Tate & Lyle plc		15,021
	1,000		Yamazaki Baking Co Ltd		9,825
			TOTAL FOOD AND KINDRED PRODUCTS		1,396,156
FOOD STORES - 3.85%
	3,513		Carrefour S.A.		170,451
	17	*	Casino Guichard-Perrachon B Wts 12/15/05		10
	456		Delhaize Group		23,329
	300		FamilyMart Co Ltd		9,788
	300		Lawson, Inc		12,372
	33,184	*	Royal Ahold NV		260,408
	285,760		Tesco plc		1,379,776
			TOTAL FOOD STORES		1,856,134
FURNITURE AND HOMEFURNISHINGS STORES - 0.01%
	200		Shimachu Co Ltd		5,435
			TOTAL FURNITURE AND HOMEFURNISHINGS STORES		5,435
GENERAL BUILDING CONTRACTORS - 0.42%
	2,892		Allgreen Properties Ltd		1,620
	1,236		Bouygues S.A.		41,384
	4,000		Daito Trust Construction Co Ltd		153,966
	1,000		Toda Corp		4,097
			TOTAL GENERAL BUILDING CONTRACTORS		201,067
GENERAL MERCHANDISE STORES - 0.53%
	700		Aeon Co Ltd		28,099
	1,000		Isetan Co Ltd		14,398
	13,667		Kingfisher plc		70,947
	6,282		Marks & Spencer Group plc		41,326
	899		Metro AG.		42,613
	2,000		Mitsukoshi Ltd		11,108
	415		Pinault-Printemps-Redoute S.A.		42,640
	600		Takashimaya Co Ltd		6,939
			TOTAL GENERAL MERCHANDISE STORES		258,070
HEALTH SERVICES - 0.08%
	900		Nichii Gakkan Co		40,993
			TOTAL HEALTH SERVICES		40,993
HEAVY CONSTRUCTION, EXCEPT BUILDING - 1.80%
	669		Grupo Ferrovial S.A.		27,853
	8,361		Vinci S.A.		842,276
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		870,129

19

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 1.81%
	302	*	CapitaCommercial Trust		189
	3,768		Centro Properties Group		10,447
	1,099		iShares MSCI EAFE Index Fund		157,157
	1		Japan Real Estate Investment Corp		6,983
	171		Macquarie Goodman Industrial Trust		200
	28,543		Macquarie Infrastructure Group		65,614
	1		Nippon Building Fund, Inc		7,213
	1,688		Nobel Biocare Holding AG.		264,171
	70,000		Orient Corp		230,307
	18,000		Sumitomo Corp		130,651
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		872,932
HOTELS AND OTHER LODGING PLACES - 0.10%
	1,167		Accor S.A.		49,254
			TOTAL HOTELS AND OTHER LODGING PLACES		49,254
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.01%
	371		Atlas Copco AB (B Shs)		12,682
	12,002		Dixons Group plc		35,968
	106,611		Futuris Corp Ltd		117,339
	2,182	*	Heidelberger Druckmaschinen		72,049
	6,000	*	Ishikawajima-Harima Heavy Industries Co Ltd		9,898
	12,000		Komatsu Ltd		72,694
	5,000		Kubota Corp		26,577
	19,000		Makino Milling Machine Co Ltd		126,765
	1,000		Minebea Co Ltd		4,656
	40,000	*	Mitsubishi Heavy Industries Ltd		108,509
	34,000		NSK Ltd		169,198
	1,303		Sandvik AB		44,454
	2,175	*	Saurer AG.		111,233
	2,491		Wartsila Oyj (B Shs)		55,764
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		967,786
INSTRUMENTS AND RELATED PRODUCTS - 2.74%
	4,000		Canon, Inc		210,787
	1,000		Casio Computer Co Ltd		15,140
	2,000		Citizen Watch Co Ltd		22,655
	34,850	*	Invensys plc		11,376
	100		Keyence Corp		22,811
	2,000		Konica Corp		27,604
	1,000		Nikon Corp		11,254
	481		Nobel Biocare Holding AG. (Stockholm)		75,474
	854		Synthes, Inc		97,340
	27,094		The Swatch Group AG. (Regd)		722,564
	3,000		Tokyo Seimitsu Co Ltd		103,102
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,320,107
INSURANCE CARRIERS - 4.79%
	7,252		Aegon NV		87,437
	22,000		Aioi Insurance Co Ltd		97,383
	2,869		Alleanza Assicurazioni S.p.A.		32,742
	1,120		Allianz AG. (Regd)		121,317
	9,958		AMP Ltd		43,910
	1,624		Assicurazioni Generali S.p.A.		43,804

20

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
	5,213	*	Aviva plc		53,792
	8,570		AXA		188,723
	49,000	*	China Life Insurance Co Ltd (H Shs)		28,898
	10,178		Friends Provident plc		27,087
	5,000		Fuji Fire & Marine Insurance Co Ltd		13,747
	14,813		Insurance Australia Group Ltd		51,594
	13,622		Legal & General Group plc		23,468
	1,557		Mediolanum S.p.A.		9,907
	880		Muenchener Rueckver AG. (Regd)		95,395
	23,966		Promina Group Ltd		66,779
	17,482		Royal & Sun Alliance Insurance Group plc		26,155
	1,046		Schindler Holding AG. (Pt Cert)		300,253
	5,047		Skandia Forsakrings AB		20,904
	2,000		Sompo Japan Insurance, Inc		20,437
	668	*	Swiss Life Holding		93,207
	4,900		T&D Holdings, Inc		244,742
	3,923		Zurich Financial Services AG.		619,429
			TOTAL INSURANCE CARRIERS		2,311,110
LEATHER AND LEATHER PRODUCTS - 0.01%
	2,500		Yue Yuen Industrial Holdings		6,074
			TOTAL LEATHER AND LEATHER PRODUCTS		6,074
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.26%
	19		East Japan Railway Co		106,566
	742		Veolia Environnement		20,935
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		127,501
LUMBER AND WOOD PRODUCTS - 0.07%
	3,000		Sekisui House Ltd		33,295
			TOTAL LUMBER AND WOOD PRODUCTS		33,295
METAL MINING - 1.26%
	20,449		Alumina Ltd		75,212
	96,000		Mitsubishi Materials Corp		215,552
	12,116		Newcrest Mining Ltd		116,303
	1,761	*	Rio Tinto Ltd		44,100
	2,463		Rio Tinto plc		59,228
	28,568		WMC Resources Ltd		97,910
			TOTAL METAL MINING		608,305
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.03%
	200		Aderans Co Ltd		4,307
	800	*	Sega Corp		10,264
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		14,571
MISCELLANEOUS RETAIL - 0.21%
	42,000	*	Pacific Brands Ltd		78,117
	10,532		Signet Group plc		21,869
			TOTAL MISCELLANEOUS RETAIL		99,986
MOTION PICTURES - 0.02%
	800		Toho Co Ltd		11,628
			TOTAL MOTION PICTURES		11,628

21

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
NONDEPOSITORY INSTITUTIONS - 1.17%
	1,750	*	Deutsche Postbank AG.		63,086
	15,895	*	Hypo Real Estate Holding		466,255
	2,879		Mediobanca S.p.A.		35,027
			TOTAL NONDEPOSITORY INSTITUTIONS		564,368
NONMETALLIC MINERALS, EXCEPT FUELS - 0.01%
	1,000		Dowa Mining Co Ltd		5,930
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		5,930
OIL AND GAS EXTRACTION - 1.08%
	8,264		Origin Energy Ltd		32,468
	15,294		Shell Transport & Trading Co plc		112,191
	116		Technip S.A.		15,736
	1,886		Total S.A.		359,564
			TOTAL OIL AND GAS EXTRACTION		519,959
PAPER AND ALLIED PRODUCTS - 0.88%
	7,000		NGK Insulators Ltd		56,518
	14,000		OJI Paper Co Ltd		89,814
	654		Svenska Cellulosa AB (B Shs)		24,830
	5,100		Uni-Charm Corp		254,264
			TOTAL PAPER AND ALLIED PRODUCTS		425,426
PETROLEUM AND COAL PRODUCTS - 4.85%
	39,016		BHP Billiton Ltd		340,547
	51,035		BP plc		450,728
	2,089		BP plc (Spon ADR)		111,908
	22,667		ENI S.p.A.		450,070
	3,377		Fortum Oyj		43,141
	47,000		Nippon Oil Corp		295,917
	12,524		Royal Dutch Petroleum Co		642,710
	602		Woodside Petroleum Ltd		6,991
			TOTAL PETROLEUM AND COAL PRODUCTS		2,342,012
PRIMARY METAL INDUSTRIES - 0.05%
	1,000		NEOMAX Co Ltd		16,212
	5,000		Sumitomo Metal Industries Ltd		5,911
			TOTAL PRIMARY METAL INDUSTRIES		22,123
PRINTING AND PUBLISHING - 2.71%
	773		Lagardere S.C.A.		48,293
	8,014		News Corp Ltd		70,787
	10,590		Reed Elsevier NV		148,685
	106,831		Reed Elsevier plc		1,038,436
			TOTAL PRINTING AND PUBLISHING		1,306,201
RAILROAD TRANSPORTATION - 0.34%
	22,031		Brambles Industries Ltd		92,081
	4,438		Brambles Industries plc		17,143
	2,444		Firstgroup plc		12,432
	7,000		Kintetsu Corp		26,623
	4,000		Tobu Railway Co Ltd		17,523
			TOTAL RAILROAD TRANSPORTATION		165,802
REAL ESTATE - 0.20%
	1,512		CapitaLand Ltd		1,203

22

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
	60	*	City Developments Ltd		102
	600		City Developments Ltd		1,881
	8,391		Commonwealth Property Office Fund		6,722
	347		Hammerson plc		4,383
	7,000		Hang Lung Properties Ltd		9,019
	4,000		Henderson Land Development Co Ltd		17,231
	3,000		Hysan Development Co Ltd		4,462
	4,152		Mirvac Group		12,437
	900		Mitsui Fudosan Co Ltd		10,789
	21,000		New World Development Co Ltd		15,481
	8,000		Sino Land Co Ltd		4,462
	47		Stockland Trust Group		170
	1,100		Sun Hung Kai Properties Ltd		9,026
			TOTAL REAL ESTATE		97,368
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS - 0.01%
	300		Toyoda Gosei Co Ltd		7,080
			TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS		7,080
SECURITY AND COMMODITY BROKERS - 1.71%
	6,000		Daiwa Securities Group, Inc		43,110
	1,409		Deutsche Boerse AG.		71,605
	6,000		Hong Kong Exchanges & Clearing Ltd		12,308
	13,044		Man Group plc		337,798
	7,000		Marubeni Corp		17,193
	14,000		Mitsui & Co Ltd		104,825
	16,000		Nomura Holdings, Inc		236,814
			TOTAL SECURITY AND COMMODITY BROKERS		823,653
STONE, CLAY, AND GLASS PRODUCTS - 2.60%
	3,000		Asahi Glass Co Ltd		31,206
	20,156		Holcim Ltd (Regd)		1,095,995
	1,625		RMC Group plc		17,888
	148		Sika AG.		81,421
	1,000		Sumitomo Osaka Cement Co Ltd		2,749
	1,000		Taiheiyo Cement Corp		2,493
	2,000		Toto Ltd		21,042
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,252,794
TRANSPORTATION BY AIR - 0.15%
	4,000		Japan Airlines System Corp		12,794
	3,000		Singapore Airlines Ltd		19,507
	6,000		Swire Pacific Ltd (A Shs)		38,847
			TOTAL TRANSPORTATION BY AIR		71,148
TRANSPORTATION EQUIPMENT - 3.47%
	16,262		BAE Systems plc		64,659
	55,953	*	Fiat S.p.A.		468,358
	1,000		Hino Motors Ltd		7,240
	7,000		Kawasaki Heavy Industries Ltd		11,291
	32,000		Mazda Motor Corp		112,615
	4,000		Mitsui Engineering & Shipbuilding Co Ltd		7,002
	14,400		Nissan Motor Co Ltd		160,081
	264		Renault S.A.		20,107
	400		Shimano, Inc		9,531
	8,300		Toyota Industries Corp		199,294

23

TIAA-CREF Life Funds — International Equity Fund

SHARES/
PRINCIPAL				VALUE
	15,100		Toyota Motor Corp		611,667
			TOTAL TRANSPORTATION EQUIPMENT		1,671,845
TRUCKING AND WAREHOUSING - 0.26%
	7,000		Sumitomo Warehouse Co Ltd		29,638
	6,000		Yamato Transport Co Ltd		97,933
			TOTAL TRUCKING AND WAREHOUSING		127,571
WATER TRANSPORTATION - 0.21%
	2,000		Kawasaki Kisen Kaisha Ltd		10,099
	8,000		Mitsui OSK Lines Ltd		42,084
	9,000		Neptune Orient Lines Ltd		12,331
	4,000		Nippon Yusen Kabushiki Kaisha		18,439
	4,372		Peninsular & Oriental Steam Navigation Co		17,443
			TOTAL WATER TRANSPORTATION		100,396
WHOLESALE TRADE-DURABLE GOODS - 0.63%
	143		Beru AG.		10,969
	3,000		Fuji Electric Co Ltd		8,111
	500		Mitsumi Electric Co Ltd		5,783
	11,100		Terumo Corp		278,225
			TOTAL WHOLESALE TRADE-DURABLE GOODS		303,088
WHOLESALE TRADE-NONDURABLE GOODS - 1.51%
	3,832		British American Tobacco plc		59,382
	8,448		Celesio AG.		504,663
	534		Ciba Specialty Chemicals AG. (Regd)		38,460
	423		Clariant AG.		6,181
	3,413	*	Oriflame Cosmetics S.A. (SDR)		121,877
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		730,563
			TOTAL COMMON STOCKS
			(Cost $44,262,570)		47,361,159
			TOTAL PORTFOLIO - 98.41% (Cost $44,380,746)		47,507,051
			OTHER ASSETS & LIABILITIES, NET - 1.59%		767,598
			NET ASSETS - 100.00%	$	48,274,649
		*	Non-income producing
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

24

TIAA-CREF Life Funds — Stock Index Fund

TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2004

SHARES/
PRINCIPAL				VALUE
PREFERRED STOCKS - 0.00%
ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%
	305	*	NiSource, Inc (Sails)	$	769
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		769
			TOTAL PREFERRED STOCKS (Cost $620)		769
COMMON STOCKS - 98.63%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
	300		Delta & Pine Land Co		6,585
			TOTAL AGRICULTURAL PRODUCTION-CROPS		6,585
AMUSEMENT AND RECREATION SERVICES - 0.18%
	604	*	Alliance Gaming Corp		10,365
	240	*	Argosy Gaming Co		9,024
	300	*	Aztar Corp		8,400
	300	*	Bally Total Fitness Holding Corp		1,500
	3,269	*	Caesars Entertainment, Inc		49,035
	134		Churchill Downs, Inc		5,454
	70		Dover Downs Gaming & Entertainment, Inc		788
	100		Dover Motorsport, Inc		400
	282	*	Gaylord Entertainment Co		8,852
	1,149		Harrah’s Entertainment, Inc		62,161
	354		International Speedway Corp (Class A)		17,219
	162	*	Isle Of Capri Casinos, Inc		2,827
	500	*	Magna Entertainment Corp (Class A)		2,950
	194	*	MTR Gaming Group, Inc		2,124
	188	*	Multimedia Games, Inc		5,042
	324	*	Penn National Gaming, Inc		10,757
	800	*	Six Flags, Inc		5,808
	100		Speedway Motorsports, Inc		3,344
	451		Station Casinos, Inc		21,828
	400	*	Sunterra Corp		5,040
	200	*	WMS Industries, Inc		5,960
	100		World Wrestling Federation Entertainment, Inc		1,275
			TOTAL AMUSEMENT AND RECREATION SERVICES		240,153
APPAREL AND ACCESSORY STORES - 0.61%
	984		Abercrombie & Fitch Co (Class A)		38,130
	589	*	Aeropostale, Inc		15,850
	615	*	American Eagle Outfitters, Inc		17,780
	840	*	AnnTaylor Stores Corp		24,343
	150	*	Bebe Stores, Inc		3,000

25

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL					VALUE
	65			Buckle, Inc		1,836
	200			Burlington Coat Factory Warehouse Corp		3,860
	318	*		Casual Male Retail Group, Inc		2,321
	100			Cato Corp (Class A)		2,245
	70	*		Charlotte Russe Holding, Inc		1,497
	1,100	*		Charming Shoppes, Inc		9,823
	948	*		Chico’s FAS, Inc		42,812
	100	*		Children’s Place Retail Stores, Inc		2,352
	390			Christopher & Banks Corp		6,907
	978			Claire’s Stores, Inc		21,223
	46			Deb Shops, Inc		1,107
	300	*		Dress Barn, Inc		5,136
	300	*		Finish Line, Inc (Class A)		9,051
	1,591			Foot Locker, Inc		38,725
	200	b	*	Footstar, Inc		1,085
	6,657			Gap, Inc		161,432
	200	*		Genesco, Inc		4,726
	145			Goody’s Family Clothing, Inc		1,504
	277	*		Gymboree Corp		4,255
	450	*		Hot Topic, Inc		9,221
	150	*		Jo-Ann Stores, Inc		4,410
	70	*		JOS A. Bank Clothiers, Inc		2,197
	4,469			Limited Brands, Inc		83,570
	43	*		Mothers Work, Inc		885
	1,119			Nordstrom, Inc		47,681
	100			Oshkosh B’gosh, Inc (Class A)		2,497
	875	*		Pacific Sunwear Of California, Inc		17,124
	600	*		Payless Shoesource, Inc		8,946
	1,650			Ross Stores, Inc		44,154
	66	*		Shoe Carnival, Inc		991
	183	*		Stage Stores, Inc		6,892
	232			Talbots, Inc		9,083
	5,332			TJX Cos, Inc		128,714
	359	*		Too, Inc		5,995
	243	*		Urban Outfitters, Inc		14,801
	229	*		Wet Seal, Inc (Class A)		1,198
	100	*		Wilsons The Leather Experts, Inc		389
				TOTAL APPAREL AND ACCESSORY STORES		809,748
APPAREL AND OTHER TEXTILE PRODUCTS - 0.19%
	182	*		Collins & Aikman Corp		1,017
	165	*		Columbia Sportswear Co		9,012
	217	*		DHB Industries, Inc		3,294
	100	*		Guess?, Inc		1,610
	1,270			Jones Apparel Group, Inc		50,140
	300			Kellwood Co		13,065
	1,180			Liz Claiborne, Inc		42,456
	573	*		Mohawk Industries, Inc		42,018
	200			Oxford Industries, Inc		8,712
	262			Phillips-Van Heusen Corp		5,044
	392			Polo Ralph Lauren Corp		13,504
	571	*		Quiksilver, Inc		13,596
	881			VF Corp		42,905
	488	*		Warnaco Group, Inc		10,380
				TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		256,753

26

TIAA-CREF Life Funds - Stock Index Fund

SHARES/
PRINCIPAL				VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.03%
	300		Central Parking Corp		5,607
	241	*	Dollar Thrifty Automotive Group, Inc		6,613
	187	*	Exide Technologies		3,824
	51	*	Midas, Inc		887
	73	*	Monro Muffler Brake, Inc		1,771
	662		Ryder System, Inc		26,526
			TOTAL AUTO REPAIR, SERVICES AND PARKING		45,228
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
	788	*	Advance Auto Parts		34,814
	43	*	America’s Car Mart, Inc		1,291
	200	*	Asbury Automotive Group, Inc		3,000
	2,039	*	Autonation, Inc		34,867
	666	*	Autozone, Inc		53,347
	1,109	*	Carmax, Inc		24,254
	817	*	Copart, Inc		21,814
	495	*	CSK Auto Corp		8,484
	300	*	Group 1 Automotive, Inc		9,963
	100		Lithia Motors, Inc (Class A)		2,478
	200	*	MarineMax, Inc		5,736
	500	*	O’Reilly Automotive, Inc		22,600
	287		Sonic Automotive, Inc		6,357
	155		United Auto Group, Inc		4,751
	95	*	West Marine, Inc		2,551
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		236,307
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.02%
	100		Building Materials Holding Corp		1,893
	166	*	Central Garden & Pet Co		5,938
	648		Fastenal Co		36,826
	23,874		Home Depot, Inc		840,365
	1,157		Louisiana-Pacific Corp		27,363
	8,334		Lowe’s Cos		437,952
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,350,337
BUSINESS SERVICES - 6.98%
	4,200	*	3Com Corp		26,250
	269		Aaron Rents, Inc		8,915
	347		ABM Industries, Inc		6,756
	369	*	ActivCard Corp		2,679
	1,338	*	Activision, Inc		21,274
	550	*	Actuate Corp		2,173
	750		Acxiom Corp		18,623
	200	*	Administaff, Inc		3,320
	2,500		Adobe Systems, Inc		116,250
	300	*	Advent Software, Inc		5,421
	261		Advo, Inc		8,592
	383	*	Aether Systems, Inc		1,318
	1,281	*	Affiliated Computer Services, Inc (Class A)		67,816
	455	*	Agile Software Corp		3,981
	1,219	*	Akamai Technologies, Inc		21,881
	476	*	Alliance Data Systems Corp		20,111
	221	*	Altiris, Inc		6,102
	190	*	AMN Healthcare Services, Inc		2,905
	68	*	Ansoft Corp		1,038

27

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	207	*	Ansys, Inc		9,729
	287	*	Anteon International Corp		9,362
	200	*	APAC Customer Services, Inc		346
	800	*	Aquantive, Inc		7,904
	280	*	Arbitron, Inc		10,226
	3,427	*	Ariba, Inc		6,785
	304	*	Armor Holdings, Inc		10,336
	562	*	Ascential Software Corp		8,986
	313	*	Asiainfo Holdings, Inc		1,653
	508	*	Ask Jeeves, Inc		19,827
	400	*	Aspect Communications Corp		5,680
	300	*	Aspen Technology, Inc		2,178
	274	*	At Road, Inc		2,096
	140	*	Atari, Inc		337
	294	*	Autobytel, Inc		2,670
	1,249		Autodesk, Inc		53,470
	6,320		Automatic Data Processing, Inc		264,682
	3,915	*	BEA Systems, Inc		32,181
	1,400	*	Bisys Group, Inc		19,684
	95	*	Blue Coat Systems, Inc		3,182
	2,554	*	BMC Software, Inc		47,249
	600	*	Borland Software Corp		5,094
	170		Brady Corp (Class A)		7,837
	596		Brink’s Co		20,413
	270	*	Broadvision, Inc		1,135
	3,295	*	Brocade Communications Systems, Inc		19,704
	250	*	CACI International, Inc (Class A)		10,110
	2,866	*	Cadence Design Systems, Inc		41,930
	554	*	Catalina Marketing Corp		10,133
	113	*	CCC Information Services Group, Inc		1,897
	100		CDI Corp		3,460
	10,899		Cendant Corp		266,808
	1,580	*	Ceridian Corp		35,550
	322	*	Cerner Corp		14,355
	778		Certegy, Inc		30,186
	873	*	Checkfree Corp		26,190
	937	*	ChoicePoint, Inc		42,783
	762	*	Chordiant Software, Inc		3,475
	532	*	Ciber, Inc		4,373
	1,854	*	Citrix Systems, Inc		37,747
	3,885	*	CMGI, Inc		7,576
	1,229	*	CNET Networks, Inc		13,605
	1,366	*	Cognizant Technology Solutions Corp		34,710
	4,989		Computer Associates International, Inc		139,991
	288	*	Computer Horizons Corp		1,149
	65		Computer Programs & Systems, Inc		1,325
	1,965	*	Computer Sciences Corp		91,235
	4,261	*	Compuware Corp		28,123
	146	*	Concord Communications, Inc		1,666
	241	*	Concur Technologies, Inc		2,579
	1,524	*	Convergys Corp		23,470
	140	*	CoStar Group, Inc		6,430
	485	*	CSG Systems International, Inc		10,040
	107	*	Cyberguard Corp		873
	100	*	Datastream Systems, Inc		648
	500		Deluxe Corp		21,750

28

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	500	*	Dendrite International, Inc		9,290
	100	*	Digimarc Corp		1,335
	500	*	Digital Insight Corp		10,365
	339	*	Digital River, Inc		11,062
	1,600	*	DoubleClick, Inc		12,432
	823	*	DST Systems, Inc		39,578
	780	*	Dun & Bradstreet Corp		42,050
	1,050	*	E.piphany, Inc		5,072
	1,405	*	Earthlink, Inc		14,542
	298	*	Echelon Corp		3,335
	318	*	Eclipsys Corp		4,853
	122	*	eCollege.com, Inc		1,952
	375	*	eFunds Corp		6,563
	100		Electro Rent Corp		1,047
	3,152	*	Electronic Arts, Inc		171,942
	5,150		Electronic Data Systems Corp		98,623
	100	*	Embarcadero Technologies, Inc		1,236
	1,737	*	Enterasys Networks, Inc		3,665
	400	*	Entrust, Inc		1,800
	398	*	Epicor Software Corp		5,592
	90	*	EPIQ Systems, Inc		1,305
	1,600		Equifax, Inc		39,600
	103	*	Equinix, Inc		3,496
	248	*	eSpeed, Inc (Class A)		4,377
	1,016	*	Extreme Networks, Inc		5,608
	300	*	F5 Networks, Inc		7,944
	200		Factset Research Systems, Inc		9,454
	782		Fair Isaac Corp		26,103
	400	*	Filenet Corp		12,628
	117	*	FindWhat.com		2,707
	9,306		First Data Corp		414,303
	2,039	*	Fiserv, Inc		79,297
	360	*	Freemarkets, Inc		2,347
	220	*	Gerber Scientific, Inc		1,553
	435	*	Getty Images, Inc		26,100
	252		Gevity HR, Inc		6,600
	9		Grey Global Group, Inc		8,865
	95	*	Group 1 Software, Inc		2,180
	100	*	GSI Commerce, Inc		963
	631		GTECH Holdings Corp		29,222
	340	*	Harris Interactive, Inc		2,285
	128		Healthcare Services Group		1,958
	200	*	Heidrick & Struggles International, Inc		5,936
	800		Henry (Jack) & Associates, Inc		16,080
	600	*	Homestore, Inc		2,394
	63	*	Hudson Highland Group, Inc		1,932
	400	*	Hyperion Solutions Corp		17,488
	200	*	IDX Systems Corp		6,378
	213	*	iGate Corp		848
	400		Imation Corp		17,044
	2,596		IMS Health, Inc		60,850
	674	*	Informatica Corp		5,143
	367	*	Infospace, Inc		13,961
	311	*	infoUSA, Inc		3,154
	100		Integral Systems, Inc		1,608
	390	*	Intellisync Corp		1,119

29

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	275	*	Interactive Data Corp		4,791
	24	*	InterActiveCorp Wts 02/04/09		828
	411	*	Intergraph Corp		10,628
	405	*	Internet Capital Group, Inc		3,135
	452	*	Internet Security Systems, Inc		6,934
	52		Interpool, Inc		878
	4,454	*	Interpublic Group Of Cos, Inc		61,153
	201	*	Interwoven, Inc		2,030
	152	*	Intrado, Inc		2,446
	1,908	*	Intuit, Inc		73,611
	470	*	Ipass, Inc		4,977
	112	*	iPayment, Inc		4,592
	749	*	Iron Mountain, Inc		36,147
	245	*	JDA Software Group, Inc		3,227
	5,634	*	Juniper Networks, Inc		138,427
	243	*	Kana Software, Inc		578
	500	*	Keane, Inc		6,845
	300		Kelly Services, Inc (Class A)		8,940
	200	*	Keynote Systems, Inc		2,750
	271	*	Kforce, Inc		2,558
	264	*	KFX ,Inc		2,012
	263	*	Kinetic Concepts, Inc		13,124
	300	*	Korn/Ferry International		5,811
	456	*	Kroll, Inc		16,817
	298	*	Kronos, Inc		12,278
	350	*	Labor Ready, Inc		5,425
	853	*	Lamar Advertising Co		36,978
	1,000	*	Lawson Software, Inc		7,080
	238	*	Lionbridge Technologies		1,821
	628	*	Looksmart Ltd		1,363
	735	*	Macromedia, Inc		18,044
	524	*	Macrovision Corp		13,116
	170	*	Magma Design Automation, Inc		3,269
	311	*	Manhattan Associates, Inc		9,604
	958		Manpower, Inc		48,638
	139	*	Mantech International Corp (Class A)		2,609
	500	*	Manugistics Group, Inc		1,635
	253	*	MAPICS, Inc		2,672
	215	*	Mapinfo Corp		2,279
	680	*	Matrixone, Inc		4,699
	85		McGrath RentCorp		3,141
	71	*	Medical Staffing Network Holdings, Inc		457
	136	*	MedQuist, Inc		1,557
	100	*	Memberworks, Inc		2,962
	600	*	Mentor Graphics Corp		9,282
	980	*	Mercury Interactive Corp		48,833
	700	*	Micromuse, Inc		4,683
	97,510	d	Microsoft Corp		2,784,886
	100	*	MicroStrategy, Inc		4,270
	300	*	Midway Games, Inc		3,456
	733	*	Mindspeed Technologies, Inc		3,636
	1,073	*	Monster Worldwide, Inc		27,598
	1,117	*	MPS Group, Inc		13,538
	300	*	MRO Software, Inc		4,083
	306	*	MSC.Software Corp		2,739
	142	*	Nassda Corp		588

30

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	450		National Instruments Corp		13,793
	200	*	National Processing, Inc		5,750
	287	*	NCO Group, Inc		7,660
	1,006	*	NCR Corp		49,888
	300		NDCHealth Corp		6,960
	82	*	Neoforma, Inc		995
	146	*	Neoware Systems, Inc		1,207
	247	*	Netegrity, Inc		2,090
	606	*	NETIQ Corp		7,999
	100	*	Netratings, Inc		1,629
	100	*	Netscout Systems, Inc		659
	1,886	*	Network Associates, Inc		34,193
	238	*	Network Equipment Technologies, Inc		1,942
	310	*	NIC, Inc		2,223
	4,067	*	Novell, Inc		34,122
	158	*	Nuance Communications, Inc		720
	200	*	NYFIX, Inc		978
	2,021		Omnicom Group, Inc		153,374
	127	*	Open Solutions, Inc		3,172
	100	*	Opnet Technologies, Inc		1,310
	503	*	Opsware, Inc		3,984
	40,272	*	Oracle Corp		480,445
	500	*	Packeteer, Inc		8,075
	94	*	PalmSource, Inc		1,611
	2,850	*	Parametric Technology Corp		14,250
	207	*	PC-Tel, Inc		2,443
	300	*	PDF Solutions, Inc		2,541
	76	*	PDI, Inc		2,305
	62	*	PEC Solutions, Inc		740
	261	*	Pegasus Solutions, Inc		3,427
	3,476	*	Peoplesoft, Inc		64,306
	808	*	Perot Systems Corp (Class A)		10,722
	230	*	Pixar		15,987
	262	*	Portal Software, Inc		951
	129	*	Portfolio Recovery Associates, Inc		3,557
	200	f*	ProcureNet, Inc		30
	300	*	Progress Software Corp		6,501
	108		QAD, Inc		1,146
	35	*	Quality Systems, Inc		1,718
	529	*	Quest Software, Inc		6,824
	239	*	R.H. Donnelley Corp		10,454
	300	*	Radiant Systems, Inc		1,407
	187	*	Radisys Corp		3,473
	397	*	Raindance Communications, Inc		826
	1,196	*	RealNetworks, Inc		8,181
	1,721	*	Red Hat, Inc		39,531
	16	*	Redback Networks, Inc		103
	171	*	Register.com, Inc		1,019
	100		Renaissance Learning, Inc		2,242
	723	*	Rent-A-Center, Inc		21,639
	200	*	Rent-Way, Inc		1,800
	567	*	Retek, Inc		3,481
	128	*	Rewards Network, Inc		1,152
	713		Reynolds & Reynolds Co (Class A)		16,492
	1,613		Robert Half International, Inc		48,019
	150		Rollins, Inc		3,452

31

TIAA-CREF Life Funds — Stock Index Fund 8

SHARES/
PRINCIPAL				VALUE
	200	*	Roxio, Inc		982
	720	*	RSA Security, Inc		14,738
	900	*	S1 Corp		8,946
	264	*	SafeNet, Inc		7,308
	273	*	SAFLINK Corp		642
	700	*	Sapient Corp		4,207
	632	*	Scansoft, Inc		3,128
	336	*	Secure Computing Corp		3,914
	175	*	Seebeyond Technology Corp		660
	446	*	Serena Software, Inc		8,514
	4,475	*	Siebel Systems, Inc		47,793
	619	*	Sitel Corp		2,612
	128	*	SM&A		1,107
	58	*	SoftBrands, Inc		71
	178	*	Sohu.com, Inc		3,539
	542	*	SonicWALL, Inc		4,661
	375	*	Sotheby’s Holdings, Inc (Class A)		5,985
	122	*	Source Interlink Cos, Inc		1,357
	624	*	Spherion Corp		6,327
	100	*	SPSS, Inc		1,797
	89	*	SRA International, Inc (Class A)		3,766
	108		SS&C Technologies, Inc		2,020
	100		Startek, Inc		3,580
	185	*	Stellent, Inc		1,580
	73	*	Stratasys, Inc		1,807
	35,056	*	Sun Microsystems, Inc		152,143
	3,000	*	SunGard Data Systems, Inc		78,000
	261	*	SupportSoft, Inc		2,265
	1,054	*	Sybase, Inc		18,972
	200	*	Sykes Enterprises, Inc		1,512
	3,400	*	Symantec Corp		148,852
	1,602	*	Synopsys, Inc		45,545
	100	*	Synplicity, Inc		600
	457	*	Take-Two Interactive Software, Inc		14,002
	143		Talx Corp		3,493
	300	*	TeleTech Holdings, Inc		2,631
	525	*	THQ, Inc		12,023
	2,110	*	TIBCO Software, Inc		17,830
	132	*	Tier Technologies, Inc (Class B)		1,286
	1,000	*	Titan Corp		12,980
	300		Total System Services, Inc		6,570
	183	*	TradeStation Group, Inc		1,316
	300	*	Transaction Systems Architects, Inc (Class A)		6,459
	200	*	Trizetto Group, Inc		1,340
	507	*	Tumbleweed Communications Corp		2,160
	296	*	Tyler Technologies, Inc		2,800
	3,451	*	Unisys Corp		47,900
	450	*	United Online, Inc		7,925
	484	*	United Rentals, Inc		8,659
	150	*	Universal Compression Holdings, Inc		4,602
	631	*	Valueclick, Inc		7,559
	236	*	Vastera, Inc		708
	65	*	Verint Systems, Inc		2,224
	2,637	*	VeriSign, Inc		52,476
	4,546	*	Veritas Software Corp		125,924
	236	*	Verity, Inc		3,188

32

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	1,053	*	Viad Corp		28,442
	3,069	*	Vignette Corp		5,095
	328	*	VitalWorks, Inc		1,135
	150	*	Vitria Technology, Inc		461
	100	*	Volt Information Sciences, Inc		3,151
	200	*	WatchGuard Technologies, Inc		1,444
	227	*	WebEx Communications, Inc		4,940
	3,498	*	WebMD Corp		32,601
	481	*	webMethods, Inc		4,122
	282	*	Websense, Inc		10,499
	859	*	Westwood One, Inc		20,444
	592	*	Wind River Systems, Inc		6,962
	218	*	Witness Systems, Inc		2,649
	12,131	*	Yahoo!, Inc		440,719
			TOTAL BUSINESS SERVICES		9,245,087
CHEMICALS AND ALLIED PRODUCTS - 10.95%
	16,631		Abbott Laboratories		677,880
	745	*	Abgenix, Inc		8,731
	139	*	Able Laboratories, Inc		2,858
	139		Aceto Corp		2,446
	309	*	Adolor Corp		3,918
	2,391		Air Products & Chemicals, Inc		125,408
	276	*	Albany Molecular Research, Inc		3,569
	337		Albemarle Corp		10,666
	787		Alberto-Culver Co		39,460
	200	*	Alexion Pharmaceuticals, Inc		3,720
	851	*	Alkermes, Inc		11,574
	1,435		Allergan, Inc		128,461
	334		Alpharma, Inc (Class A)		6,840
	355	*	Alteon, Inc		419
	203	*	American Pharmaceutical Partners, Inc		6,167
	13,545	*	Amgen, Inc		739,151
	1,000	*	Amylin Pharmaceuticals, Inc		22,800
	870	*	Andrx Corp		24,299
	226	*	Aphton Corp		904
	200		Arch Chemicals, Inc		5,764
	111	*	Arena Pharmaceuticals, Inc		606
	383	*	Atherogenics, Inc		7,288
	188	*	Atrix Laboratories, Inc		6,445
	637	*	Avant Immunotherapeutics, Inc		1,694
	1,177		Avery Dennison Corp		75,340
	218	*	AVI BioPharma, Inc		532
	4,988		Avon Products, Inc		230,146
	937	*	Barr Pharmaceuticals, Inc		31,577
	111	*	Benthley Pharmaceuticals, Inc		1,525
	3,590	*	Biogen Idec, Inc		227,068
	667	*	BioMarin Pharmaceutical, Inc		4,002
	321	*	Biopure Corp		225
	100	*	Biosite, Inc		4,492
	100	*	Bone Care International, Inc		2,342
	85	*	Bradley Pharmaceuticals, Inc		2,372
	20,704		Bristol-Myers Squibb Co		507,248
	696		Cabot Corp		28,327
	300		Calgon Carbon Corp		2,010
	206		Cambrex Corp		5,197

33

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	300	*	Cell Genesys, Inc		3,117
	300	*	Cell Therapeutics, Inc		2,211
	596	*	Cephalon, Inc		32,184
	519	*	Charles River Laboratories International, Inc		25,364
	149	*	Chattem, Inc		4,302
	1,165	*	Chiron Corp		52,006
	408		Church & Dwight Co, Inc		18,678
	151	*	Cima Labs, Inc		5,093
	1,617		Clorox Co		86,962
	5,679		Colgate-Palmolive Co		331,938
	81	*	Collagenex Pharmaceuticals, Inc		763
	317	*	Columbia Laboratories, Inc		1,097
	300	*	Connetics Corp		6,060
	400	*	Corixa Corp		1,868
	1,000		Crompton Corp		6,300
	311	*	Cubist Pharmaceuticals, Inc		3,452
	312	*	Cypress Bioscience, Inc		4,284
	500		Cytec Industries, Inc		22,725
	300	*	Cytogen Corp		4,770
	483	*	Dade Behring Holdings, Inc		22,952
	50	*	DEL Laboratories, Inc		1,563
	614	*	Dendreon Corp		7,522
	200		Diagnostic Products Corp		8,788
	131	*	Digene Corp		4,785
	297	*	Discovery Laboratories, Inc		2,848
	110	*	Dov Pharmaceutical, Inc		1,536
	9,921		Dow Chemical Co		403,785
	10,684		Du Pont (E.I.) de Nemours & Co		474,583
	241	*	Durect Corp		841
	900		Eastman Chemical Co		41,607
	2,055		Ecolab, Inc		65,144
	170	*	Elizabeth Arden, Inc		3,577
	300	*	Encysive Pharmaceuticals, Inc		2,550
	400	*	Enzon, Inc		5,104
	268	*	Eon Labs, Inc		10,969
	242	*	EPIX Medical, Inc		5,106
	1,150		Estee Lauder Cos (Class A)		56,097
	73	*	Eyetech Pharmaceuticals, Inc		3,133
	396		Ferro Corp		10,565
	175	*	First Horizon Pharmaceutical		3,308
	377	*	FMC Corp		16,252
	3,888	*	Forest Laboratories, Inc		220,177
	557	*	Genaera Corp		2,339
	936	*	Genelabs Technologies		2,162
	4,691	*	Genentech, Inc		263,634
	494	*	Genta, Inc		1,235
	2,379	*	Genzyme Corp		112,598
	300		Georgia Gulf Corp		10,758
	312	*	Geron Corp		2,524
	2,279	*	Gilead Sciences, Inc		152,693
	10,700		Gillette Co		453,680
	483		Great Lakes Chemical Corp		13,070
	243	*	GTC Biotherapeutics, Inc		382
	158	*	Guilford Pharmaceuticals, Inc		751
	300		H.B. Fuller Co		8,520
	46	*	Hi-Tech Pharmacal Co, Inc		752

34

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	71	*	Hollis-Eden Pharmaceuticals		856
	1,633	*	Hospira, Inc		45,071
	1,379	*	Human Genome Sciences, Inc		16,038
	531	*	ICOS Corp		15,845
	400	*	Idexx Laboratories, Inc		25,176
	344	*	Ilex Oncology, Inc		8,597
	1,231	*	IMC Global, Inc		16,495
	657	*	ImClone Systems, Inc		56,364
	201	*	Immucor, Inc		6,543
	300	*	Immunogen, Inc		1,833
	439	*	Immunomedics, Inc		2,138
	517	*	Impax Laboratories, Inc		10,019
	267	*	Indevus Pharmaceuticals, Inc		1,642
	518	*	Inkine Pharmaceutical Co		2,005
	295	*	Inspire Pharmaceuticals, Inc		4,932
	314	*	InterMune, Inc		4,842
	861		International Flavors & Fragrances, Inc		32,201
	107	*	Inverness Medical Innovations, Inc		2,343
	592	*	Invitrogen Corp		42,618
	400	*	Isis Pharmaceuticals, Inc		2,296
	1,594	*	IVAX Corp		38,240
	2,581	*	King Pharmaceuticals, Inc		29,552
	110	*	Kos Pharmaceuticals, Inc		3,627
	57		Kronos Worldwide, Inc		1,958
	360	*	KV Pharmaceutical Co (Class A)		8,312
	338	*	La Jolla Pharmaceutical Co		821
	62	*	Lannett Co, Inc		931
	699	*	Ligand Pharmaceuticals, Inc (Class B)		12,149
	10,346		Lilly (Eli) & Co		723,289
	287		MacDermid, Inc		9,715
	338	*	Martek Biosciences Corp		18,985
	776	*	Medarex, Inc		5,657
	547	*	Medicines Co		16,689
	596		Medicis Pharmaceutical Corp (Class A)		23,810
	2,715	*	MedImmune, Inc		63,531
	23,653		Merck & Co, Inc		1,123,518
	103		Meridian Bioscience, Inc		1,141
	792	*	MGI Pharma, Inc		21,392
	600	*	Millennium Chemicals, Inc		10,392
	3,194	*	Millennium Pharmaceuticals, Inc		44,077
	246		Minerals Technologies, Inc		14,268
	2,836		Mylan Laboratories, Inc		57,429
	612	*	Nabi Biopharmaceuticals		8,703
	100		Nature’s Sunshine Products, Inc		1,424
	580	*	NBTY, Inc		17,046
	981	*	Nektar Therapeutics		19,581
	100	*	Neose Technologies, Inc		833
	359	*	Neurocrine Biosciences, Inc		18,614
	154	*	NewMarket Corp		3,306
	113		NL Industries, Inc		1,639
	202	*	Northfield Laboratories, Inc		2,881
	200	*	Noven Pharmaceuticals, Inc		4,404
	400	*	NPS Pharmaceuticals, Inc		8,400
	301	*	Nuvelo, Inc		2,896
	90		Octel Corp		2,370
	739		Olin Corp		13,021

35

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL					VALUE
	298	*		OM Group, Inc		9,837
	300	*		Omnova Solutions, Inc		1,830
	450	*		Onyx Pharmaceuticals, Inc		19,062
	360	*		OraSure Technologies, Inc		3,503
	453	*		OSI Pharmaceuticals, Inc		31,909
	100	*		Pain Therapeutics, Inc		806
	440	*		Palatin Technologies, Inc		1,852
	364	*		Par Pharmaceutical Cos, Inc		12,816
	145	*		Penwest Pharmaceuticals Co		1,857
	1,337	*		Peregrine Pharmaceuticals, Inc		1,965
	81,167	d		Pfizer, Inc		2,782,405
	100	*		Pharmacopeia Drug Discovery, Inc		568
	131	*		Pharmion Corp		6,409
	200			PolyMedica Corp		6,208
	965	*		PolyOne Corp		7,180
	200	*		Pozen, Inc		1,368
	1,803			PPG Industries, Inc		112,669
	380	*		Praecis Pharmaceuticals, Inc		1,444
	3,400			Praxair, Inc		135,694
	27,354			Procter & Gamble Co		1,489,152
	100	*		Progenics Pharmaceuticals		1,684
	1,073	*		Protein Design Labs, Inc		20,526
	100			Quaker Chemical Corp		2,762
	235	*		Quidel Corp		1,384
	1,208	*		Revlon, Inc (Class A)		3,564
	1,740			Rohm & Haas Co		72,349
	1,300			RPM International, Inc		19,760
	255	*		Salix Pharmaceuticals Ltd		8,402
	15,862			Schering-Plough Corp		293,130
	395	*		Sciclone Pharmaceuticals, Inc		2,018
	232	*		Scotts Co (Class A)		14,820
	910	*		Sepracor, Inc		48,139
	199	*		Serologicals Corp		3,978
	1,356			Sherwin-Williams Co		56,342
	754			Sigma-Aldrich Corp		44,946
	1,200	b	*	Solutia, Inc		276
	100			Stepan Co		2,615
	200	*		SuperGen, Inc		1,290
	147	*		SurModics, Inc		3,622
	251	*		Tanox, Inc		4,787
	252	*		Third Wave Technologies, Inc		1,131
	400	*		Unifi, Inc		1,172
	183	*		United Therapeutics Corp		4,694
	92	*		USANA Health Sciences, Inc		2,859
	864			USEC, Inc		7,577
	891			Valeant Pharmaceuticals International		17,820
	600			Valspar Corp		30,234
	251	*		Vaxgen, Inc		3,554
	365	*		VCA Antech, Inc		16,359
	695	*		Vertex Pharmaceuticals, Inc		7,534
	734	*		Vicuron Pharmaceuticals, Inc		9,219
	588	*		Vion Pharmaceuticals, Inc		2,446
	1,206	*		Watson Pharmaceuticals, Inc		32,441
	300			Wellman, Inc		2,439
	100			West Pharmaceutical Services, Inc		4,230
	602	*		WR Grace & Co		3,732

36

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	14,179		Wyeth		512,713
	134	*	Zymogenetics, Inc		2,546
			TOTAL CHEMICALS AND ALLIED PRODUCTS		14,504,618
COAL MINING - 0.09%
	581		Arch Coal, Inc		21,259
	920		Consol Energy, Inc		33,120
	758		Massey Energy Co		21,383
	680		Peabody Energy Corp		38,073
	66	*	Westmoreland Coal Co		1,284
			TOTAL COAL MINING		115,119
COMMUNICATIONS - 4.98%
	200	*	Acme Communication, Inc		1,380
	676	*	Alamosa Holdings, Inc		4,969
	3,261		Alltel Corp		165,072
	2,413	*	American Tower Corp (Class A)		36,678
	189	*	Arch Wireless, Inc		5,385
	8,260		AT&T Corp		120,844
	24,146	*	AT&T Wireless Services, Inc		345,771
	4,262	*	Avaya, Inc		67,297
	100	*	Beasley Broadcast Group, Inc (Class A)		1,496
	19,555		BellSouth Corp		512,732
	168	*	Boston Communications Group		1,722
	1,830	*	Cablevision Systems Corp (Class A)		35,960
	100	*	Centennial Communications Corp		715
	1,520		CenturyTel, Inc		45,661
	3,210	*	Charter Communications, Inc (Class A)		12,583
	2,305	*	Cincinnati Bell, Inc		10,234
	575	*	Citadel Broadcasting Corp		8,378
	5,545		Clear Channel Communications, Inc		204,888
	15,350	*	Comcast Corp (Class A)		430,261
	7,459	*	Comcast Corp (Special Class A)		205,943
	230	*	Commonwealth Telephone Enterprises, Inc		10,297
	2,306	*	Cox Communications, Inc (Class A)		64,084
	300	*	Cox Radio, Inc (Class A)		5,214
	1,946	*	Crown Castle International Corp		28,704
	200	*	Crown Media Holdings, Inc (Class A)		1,704
	185		CT Communications, Inc		2,784
	671	*	Cumulus Media, Inc (Class A)		11,280
	135		D&E Communications, Inc		1,812
	6,894	*	DIRECTV Group, Inc		117,887
	1,170	*	Dobson Communications Corp (Class A)		3,814
	2,421	*	EchoStar Communications Corp (Class A)		74,446
	521	*	Emmis Communications Corp (Class A)		10,931
	521	*	Entercom Communications Corp		19,433
	390	*	Entravision Communications Corp (Class A)		2,995
	52	*	Fisher Communications, Inc		2,617
	1,129	*	Foundry Networks, Inc		15,885
	1,889	*	Fox Entertainment Group, Inc (Class A)		50,436
	464	*	General Communication, Inc (Class A)		3,684
	260		Global Payments, Inc		11,705
	100		Golden Telecom, Inc		2,814
	420		Gray Television, Inc		5,834
	327		Hearst-Argyle Television, Inc		8,430
	100		HickoryTech Corp		1,011

37

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	400	*	IDT Corp		7,212
	200	*	IDT Corp (Class B)		3,688
	400	*	Infonet Services Corp (Class B)		700
	500	*	Insight Communications Co, Inc		4,630
	3,617	*	InterActiveCorp		109,016
	2,514	*	Internap Network Services Corp		3,042
	200	*	j2 Global Communications, Inc		5,560
	7,220	*	Level 3 Communications, Inc		25,631
	200		Liberty Corp		9,390
	1,476	*	Liberty Media International, Inc		54,760
	286	*	Lightbridge, Inc		1,602
	281	*	Lin TV Corp (Class A)		5,957
	100	*	Lodgenet Entertainment Corp		1,650
	45,215	*	Lucent Technologies, Inc		170,913
	173	*	Mastec, Inc		939
	245	f*	McLeodUSA, Inc (Class A)		118
	493	*	Mediacom Communications Corp		3,855
	233	*	Metro One Telecommunications, Inc		343
	58	*	Metrocall Holdings, Inc		3,886
	200	*	Net2Phone, Inc		906
	10,865	*	Nextel Communications, Inc (Class A)		289,661
	1,303	*	Nextel Partners, Inc (Class A)		20,744
	606	*	NII Holdings, Inc (Class B)		20,416
	158		North Pittsburgh Systems, Inc		3,168
	196	*	Novatel Wireless, Inc		5,194
	755	*	NTL, Inc		43,503
	300	*	PanAmSat Corp		6,966
	300	*	Paxson Communications Corp		975
	33	*	Pegasus Communications Corp		807
	420	*	Price Communications Corp		6,199
	517	*	Primus Telecommunications Group		2,626
	434	*	PTEK Holdings, Inc		5,004
	15,727	*	Qwest Communications International, Inc		56,460
	400	*	Radio One, Inc (Class A)		6,444
	400	*	Radio One, Inc (Class D)		6,404
	400	b*	RCN Corp		52
	400	*	Regent Communications, Inc		2,476
	125	*	Saga Communications, Inc (Class A)		2,281
	87	*	Salem Communications Corp (Class A)		2,360
	35,267		SBC Communications, Inc		855,225
	58		Shenandoah Telecom Co		1,566
	383		Sinclair Broadcast Group, Inc (Class A)		3,933
	300	*	Spanish Broadcasting System, Inc (Class A)		2,793
	416	*	Spectrasite, Inc		17,980
	15,088		Sprint Corp (FON Group)		265,549
	122		SureWest Communications		3,855
	211	*	Talk America Holdings, Inc		1,618
	514		Telephone & Data Systems, Inc		36,597
	3,191	*	Terremark Worldwide, Inc		2,712
	500	*	Time Warner Telecom, Inc (Class A)		2,095
	332	*	Tivo, Inc		2,354
	179	*	Triton PCS Holdings, Inc (Class A)		780
	100	*	U.S. Cellular Corp		3,855
	748	*	Ubiquitel, Inc		3,157
	3,694	*	UnitedGlobalcom, Inc (Class A)		26,818
	2,412	*	Univision Communications, Inc (Class A)		77,015

38

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	29,350		Verizon Communications, Inc		1,062,177
	16,320		Viacom, Inc (Class B)		582,950
	57		Warwick Valley Telephone Co		1,211
	174	*	West Corp		4,550
	800	*	Western Wireless Corp (Class A)		23,128
	281	*	Wireless Facilities, Inc		2,762
	1,520	*	XM Satellite Radio Holdings, Inc		41,481
	100	*	Young Broadcasting, Inc (Class A)		1,315
			TOTAL COMMUNICATIONS		6,598,784
DEPOSITORY INSTITUTIONS - 9.99%
	110		1st Source Corp		2,748
	90		ABC Bancorp		1,831
	96	*	ACE Cash Express, Inc		2,466
	53		American National Bankshares, Inc		1,154
	106	*	AmericanWest Bancorp		2,043
	3,835		AmSouth Bancorp		97,677
	200		Anchor Bancorp Wisconsin, Inc		5,288
	131		Arrow Financial Corp		3,989
	1,256		Associated Banc-Corp		37,215
	876		Astoria Financial Corp		32,044
	100		Bancfirst Corp		5,975
	823		Bancorpsouth, Inc		18,542
	838		Bank Mutual Corp		9,134
	21,692		Bank Of America Corp		1,835,577
	125		Bank Of Granite Corp		2,614
	600		Bank Of Hawaii Corp		27,132
	8,344		Bank Of New York Co, Inc		245,981
	102		Bank Of The Ozarks, Inc		2,377
	11,955		Bank One Corp		609,705
	452		BankAtlantic Bancorp, Inc (Class A)		8,339
	1,820		Banknorth Group, Inc		59,114
	200	*	BankUnited Financial Corp (Class A)		5,160
	79		Banner Corp		2,296
	5,895		BB&T Corp		217,938
	57		Berkshire Hills Bancorp, Inc		2,115
	112	*	BOK Financial Corp		4,398
	287		Boston Private Financial Holdings, Inc		6,647
	68		Bryn Mawr Bank Corp		1,547
	100		BSB Bancorp, Inc		3,555
	35		C&F Financial Corp		1,174
	79		Camco Financial Corp		1,106
	74		Camden National Corp		2,447
	81		Capital City Bank Group, Inc		3,207
	52		Capital Corp of the West		2,020
	232		Capitol Federal Financial		6,937
	142		Cascade Bancorp		2,624
	209		Cathay General Bancorp		13,940
	33		CB Bancshares, Inc		3,076
	82		Center Bancorp, Inc		918
	81	*	Central Coast Bancorp		1,490
	200		Central Pacific Financial Corp		5,500
	120		CFS Bancorp, Inc		1,590
	36		Charter Financial Corp		1,224
	2,303		Charter One Financial, Inc		101,770
	223		Chemical Financial Corp		8,226

39

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	363		Chittenden Corp		12,759
	54,957		Citigroup, Inc		2,555,501
	400		Citizens Banking Corp		12,420
	83		Citizens First Bancorp, Inc		1,976
	94		Citizens South Banking Corp		1,239
	81		City Bank		2,594
	155		City Holding Co		4,895
	400		City National Corp		26,280
	95		CNB Financial Corp		1,298
	100		Coastal Financial Corp		1,495
	150		CoBiz, Inc		2,075
	1,280		Colonial Bancgroup, Inc		23,258
	53		Columbia Bancorp		1,549
	79		Columbia Bancorp (Oregon)		1,092
	110		Columbia Banking System, Inc		2,448
	1,837		Comerica, Inc		100,815
	710		Commerce Bancorp, Inc		39,057
	648		Commerce Bancshares, Inc		29,802
	45		Commercial Bankshares, Inc		1,196
	338	*	Commercial Capital Bancorp, Inc		5,871
	400		Commercial Federal Corp		10,840
	400		Community Bank System, Inc		9,116
	127		Community Trust Bancorp, Inc		3,892
	1,357		Compass Bancshares, Inc		58,351
	200		Corus Bankshares, Inc		8,222
	600		Cullen/Frost Bankers, Inc		26,850
	359		CVB Financial Corp		7,834
	309		Dime Community Bancshares		5,401
	197		Downey Financial Corp		10,490
	492		East West Bancorp, Inc		15,104
	51		Eastern Virginia Bankshares, Inc		1,004
	75		ESB Financial Corp		938
	331	*	Euronet Worldwide, Inc		7,656
	66		EverTrust Financial Group, Inc		1,678
	43		Exchange National Bancshares, Inc		1,256
	100		Farmers Capital Bank Corp		3,575
	43		FFLC Bancorp, Inc		1,082
	117		Fidelity Bankshares, Inc		4,148
	5,132		Fifth Third Bancorp		275,999
	100		Financial Institutions, Inc		2,470
	67		First Bancorp (North Carolina)		2,240
	366		First Bancorp (Puerto Rico)		14,915
	100		First Busey Corp (Class A)		2,924
	300		First Charter Corp		6,537
	44		First Citizens Banc Corp		909
	55		First Citizens Bancshares, Inc (Class A)		6,710
	500		First Commonwealth Financial Corp		6,485
	130		First Community Bancorp		4,997
	72		First Community Bancshares, Inc		2,432
	159		First Federal Capital Corp		4,425
	315		First Financial Bancorp		5,582
	142		First Financial Bankshares, Inc		5,954
	188		First Financial Corp (Indiana)		5,997
	133		First Financial Holdings, Inc		3,832
	33		First Financial Service Corp		805
	1,347		First Horizon National Corp		61,248

40

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	115		First Merchants Corp		2,997
	445		First Midwest Bancorp, Inc		15,668
	504		First National Bankshares of Florida, Inc		9,565
	58		First Oak Brook Bancshares, Inc		1,757
	36		First Of Long Island Corp		1,662
	110		First Republic Bank		4,739
	200		First Sentinel Bancorp, Inc		4,110
	37		First South Bancorp, Inc		831
	78		First State Bancorp		2,396
	59		Firstbank Corp		1,742
	158	*	FirstFed Financial Corp		6,573
	953		FirstMerit Corp		25,131
	69		Flag Financial Corp		891
	485		Flagstar Bancorp, Inc		9,642
	150		Flushing Financial Corp		2,648
	358		FNB Corp		7,321
	53		FNB Corp (Virginia)		1,527
	52		FNB Corp, Inc (North Carolina)		1,014
	148		Frontier Financial Corp		5,171
	1,477		Fulton Financial Corp		29,762
	58		GB&T Bancshares, Inc		1,386
	235		Glacier Bancorp, Inc		6,623
	400		Gold Banc Corp, Inc		6,200
	1,353		Golden West Financial Corp		143,892
	104		Great Southern Bancorp, Inc		3,042
	62		Greene County Bancshares, Inc		1,395
	1,243		Greenpoint Financial Corp		49,347
	246		Hancock Holding Co		7,149
	192		Hanmi Financial Corp		5,664
	200		Harbor Florida Bancshares, Inc		5,502
	262		Harleysville National Corp		6,707
	57		Heritage Financial Corp		1,063
	1,704		Hibernia Corp (Class A)		41,407
	112		Horizon Financial Corp		2,229
	701		Hudson City Bancorp, Inc		23,441
	320		Hudson River Bancorp, Inc		5,462
	543		Hudson United Bancorp		20,243
	98		Humboldt Bancorp		2,049
	2,410		Huntington Bancshares, Inc		55,189
	100		IberiaBank Corp		5,918
	27		IBT Bancorp, Inc		1,229
	100		Independent Bank Corp (Massachusetts)		2,895
	152		Independent Bank Corp (Michigan)		3,861
	657		IndyMac Bancorp, Inc		20,761
	161		Integra Bank Corp		3,547
	200	*	Intercept, Inc		3,276
	78		Interchange Financial Services Corp		1,941
	331		International Bancshares Corp		13,422
	100		Irwin Financial Corp		2,640
	42	*	Itla Capital Corp		1,704
	22,106		J.P. Morgan Chase & Co		857,050
	4,406		KeyCorp		131,695
	247		KNBT Bancorp, Inc		4,125
	115		Lakeland Bancorp, Inc		1,856
	46		Lakeland Financial Corp		1,541
	77		LSB Bancshares, Inc		1,244

41

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	788		M & T Bank Corp		68,792
	67		Macatawa Bank Corp		1,842
	245		MAF Bancorp, Inc		10,457
	141		Main Street Banks, Inc		3,962
	82		MainSource Financial Group, Inc		1,678
	2,395		Marshall & Ilsley Corp		93,621
	150		MB Financial, Inc		5,522
	200		MBT Financial Corp		3,644
	4,558		Mellon Financial Corp		133,686
	53		Mercantile Bank Corp		1,932
	868		Mercantile Bankshares Corp		40,640
	36		Merchants Bancshares, Inc		945
	200		Mid-State Bancshares		4,702
	85		Midwest Banc Holdings, Inc		1,896
	46		MutualFirst Financial, Inc		995
	186		Nara Bancorp, Inc		3,186
	37		National Bankshares, Inc		1,536
	5,843		National City Corp		204,563
	2,090		National Commerce Financial Corp		67,925
	228		National Penn Bancshares, Inc		6,807
	64		NBC Capital Corp		1,727
	274		NBT Bancorp, Inc		6,121
	505		NetBank, Inc		5,520
	2,702		New York Community Bancorp, Inc		53,040
	954	*	NewAlliance Bancshares, Inc		13,318
	1,878		North Fork Bancorp, Inc		71,458
	2,103		Northern Trust Corp		88,915
	200		Northwest Bancorp, Inc		4,580
	35		Oak Hill Financial, Inc		1,103
	150		OceanFirst Financial Corp		3,593
	300	*	Ocwen Financial Corp		3,612
	630		Old National Bancorp		15,643
	97		Old Second Bancorp, Inc		5,117
	100		Omega Financial Corp		3,443
	428		Pacific Capital Bancorp		12,040
	158		Park National Corp		20,178
	44		Parkvale Financial Corp		1,159
	69		Partners Trust Financial Group, Inc		1,352
	59		Peapack Gladstone Financial Corp		1,895
	45		Pennfed Financial Services, Inc		1,530
	69		Pennrock Financial Services Corp		2,093
	75		Peoples Bancorp, Inc		2,010
	410		People’s Bank		12,772
	130		Peoples Holding Co		4,493
	140		PFF Bancorp, Inc		5,214
	3,059		PNC Financial Services Group, Inc		162,372
	421		Provident Bancorp, Inc		4,799
	283		Provident Bankshares Corp		8,162
	487		Provident Financial Group, Inc		19,217
	54		Provident Financial Holdings		1,277
	775		Provident Financial Services, Inc		13,601
	289		R & G Financial Corp (Class B)		9,554
	2,369		Regions Financial Corp		86,587
	105		Republic Bancorp, Inc (Class A) (Kentucky)		2,120
	572		Republic Bancorp, Inc (Michigan)		7,951
	100		Riggs National Corp		2,112

42

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	45		Royal Bancshares Of Pennsylvania (Class A)		1,138
	300		S & T Bancorp, Inc		9,594
	200		S.Y. Bancorp, Inc		4,682
	110		Santander Bancorp		2,719
	69		SCBT Financial Corp		2,080
	102		Seacoast Banking Corp Of Florida		2,141
	321		Seacoast Financial Services Corp		11,107
	100		Second Bancorp, Inc		3,129
	57		Shore Bancshares, Inc		1,461
	400	*	Silicon Valley Bancshares		15,860
	108		Simmons First National Corp (Class A)		2,811
	1,141		Sky Financial Group, Inc		28,217
	139		Sound Federal Bancorp, Inc		1,865
	700		South Financial Group, Inc		19,838
	94		Southside Bancshares, Inc		1,974
	3,540		SouthTrust Corp		137,387
	334		Southwest Bancorp Of Texas, Inc		14,736
	94		Southwest Bancorp, Inc		1,716
	3,131		Sovereign Bancorp, Inc		69,195
	73		State Bancorp, Inc		1,805
	54		State Financial Services Corp (Class A)		1,602
	3,509		State Street Corp		172,081
	95		Sterling Bancorp		2,624
	400		Sterling Bancshares, Inc		5,676
	256		Sterling Financial Corp (Pennsylvania)		6,664
	171	*	Sterling Financial Corp (Spokane)		5,450
	48		Summit Bancshares, Inc		1,397
	45		Sun Bancorp, Inc (Pennsylvania)		1,008
	2,669		SunTrust Banks, Inc		173,458
	3,316		Synovus Financial Corp		83,961
	773		TCF Financial Corp		44,873
	300	*	Texas Capital Bancshares, Inc		4,980
	291		Texas Regional Bancshares, Inc (Class A)		13,360
	238		TierOne Corp		5,119
	92		Trico Bancshares		1,739
	626		Trustco Bank Corp NY		8,201
	491		Trustmark Corp		14,200
	20,197		U.S. Bancorp		556,629
	115		U.S.B. Holding Co, Inc		2,647
	470		UCBH Holdings, Inc		18,574
	186		UMB Financial Corp		9,601
	297		Umpqua Holdings Corp		6,234
	69		Union Bankshares Corp		2,180
	1,901		Union Planters Corp		56,669
	554		UnionBanCal Corp		31,246
	337		United Bankshares, Inc		10,953
	228		United Community Banks, Inc		5,741
	400		United Community Financial Corp		5,200
	68		United Securities Bancshares		1,356
	36		United Security Bancshares (California)		754
	81		Univest Corp of Pennsylvania		4,131
	232		Unizan Financial Corp		6,055
	1,119		Valley National Bancorp		28,288
	50	*	Virginia Commerce Bancorp		1,476
	67		Virginia Financial Group, Inc		2,301
	763		W Holding Co, Inc		13,115

43

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	13,950		Wachovia Corp		620,775
	33		Warwick Community Bancorp		1,058
	945		Washington Federal, Inc		22,699
	138		Washington Trust Bancorp, Inc		3,584
	629		Webster Financial Corp		29,576
	17,972		Wells Fargo & Co		1,028,538
	200		Wesbanco, Inc		5,826
	169		West Bancorporation		2,956
	200		West Coast Bancorp		4,288
	330		Westamerica Bancorp		17,309
	54	*	Western Sierra Bancorp		1,672
	500		Whitney Holding Corp		22,335
	117		Willow Grove Bancorp, Inc		1,861
	800		Wilmington Trust Corp		29,776
	189		Wintrust Financial Corp		9,546
	100		WSFS Financial Corp		4,867
	82		Yadkin Valley Bank and Trust Co		1,063
	54		Yardville National Bancorp		1,350
	944		Zions Bancorp		58,009
			TOTAL DEPOSITORY INSTITUTIONS		13,241,305
EATING AND DRINKING PLACES - 0.64%
	929		Applebee’s International, Inc		21,386
	1,034		Aramark Corp (Class B)		29,738
	300		Bob Evans Farms, Inc		8,214
	1,025	*	Brinker International, Inc		34,973
	175	*	California Pizza Kitchen, Inc		3,353
	600		CBRL Group, Inc		18,510
	343	*	CEC Entertainment, Inc		10,122
	113	*	Chicago Pizza & Brewery, Inc		1,719
	467	*	CKE Restaurants, Inc		6,225
	1,830		Darden Restaurants, Inc		37,607
	101	*	Dave & Buster’s, Inc		1,898
	182		IHOP Corp		6,508
	339	*	Jack In The Box, Inc		10,068
	587	*	Krispy Kreme Doughnuts, Inc		11,206
	273		Landry’s Restaurants, Inc		8,160
	176		Lone Star Steakhouse & Saloon, Inc		4,785
	13,293		McDonald’s Corp		345,618
	300	*	O’Charley’s, Inc		5,157
	752		Outback Steakhouse, Inc		31,103
	215	*	P.F. Chang’s China Bistro, Inc		8,847
	100	*	Papa John’s International, Inc		2,954
	361	*	Rare Hospitality International, Inc		8,989
	92	*	Red Robin Gourmet Burgers, Inc		2,518
	661		Ruby Tuesday, Inc		18,144
	450	*	Ryan’s Restaurant Group, Inc		7,110
	702	*	Sonic Corp		15,971
	563	*	The Cheesecake Factory, Inc		22,402
	400	*	The Steak N Shake Co		7,288
	100		Triarc Cos (Class A)		1,033
	200		Triarc Cos (Class B)		2,034
	1,141		Wendy’s International, Inc		39,752
	3,127		Yum! Brands, Inc		116,387
			TOTAL EATING AND DRINKING PLACES		849,779

44

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
EDUCATIONAL SERVICES - 0.24%
	1,454	*	Apollo Group, Inc (Class A)		128,374
	185	*	Apollo Group, Inc (University Of Phoenix Online)		16,204
	1,036	*	Career Education Corp		47,200
	942	*	Corinthian Colleges, Inc		23,305
	587	*	DeVry, Inc		16,096
	778	*	Education Management Corp		25,565
	490	*	ITT Educational Services, Inc		18,630
	377	*	Laureate Education, Inc		14,416
	100	*	Learning Tree International, Inc		1,451
	147	*	Princeton Review, Inc		1,113
	168		Strayer Education, Inc		18,744
	150	*	Universal Technical Institute, Inc		5,996
			TOTAL EDUCATIONAL SERVICES		317,094
ELECTRIC, GAS, AND SANITARY SERVICES - 3.42%
	6,775	*	AES Corp		67,276
	700		AGL Resources, Inc		20,335
	1,221	*	Allegheny Energy, Inc		18,816
	1,016		Allete, Inc		33,833
	1,200		Alliant Energy Corp		31,296
	2,872	*	Allied Waste Industries, Inc		37,853
	1,993		Ameren Corp		85,619
	4,294		American Electric Power Co, Inc		137,408
	150		American States Water Co		3,486
	1,133		Aqua America, Inc		22,717
	1,797	*	Aquila, Inc		6,397
	556		Atmos Energy Corp		14,234
	400		Avista Corp		7,368
	446		Black Hills Corp		14,049
	148		California Water Service Group		4,077
	4,712	*	Calpine Corp		20,356
	100		Cascade Natural Gas Corp		2,207
	100	*	Casella Waste Systems, Inc (Class A)		1,315
	3,172		Centerpoint Energy, Inc		36,478
	86		Central Vermont Public Service Corp		1,762
	250		CH Energy Group, Inc		11,610
	59		Chesapeake Utilities Corp		1,339
	1,836		Cinergy Corp		69,768
	3,056	*	Citizens Communications Co		36,978
	82	*	Clean Harbors, Inc		777
	400		Cleco Corp		7,192
	1,655	*	CMS Energy Corp		15,110
	100		Connecticut Water Service, Inc		2,566
	2,529		Consolidated Edison, Inc		100,553
	1,700		Constellation Energy Group, Inc		64,430
	3,451		Dominion Resources, Inc		217,689
	1,483		DPL, Inc		28,800
	1,761		DTE Energy Co		71,391
	9,888		Duke Energy Corp		200,628
	900		Duquesne Light Holdings, Inc		17,379
	2,994	*	Dynegy, Inc (Class A)		12,754
	3,413		Edison International		87,270
	6,351		El Paso Corp		50,046
	400	*	El Paso Electric Co		6,176
	239		Empire District Electric Co		4,806

45

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	359		Energen Corp		17,228
	1,611		Energy East Corp		39,067
	38		EnergySouth, Inc		1,521
	2,496		Entergy Corp		139,801
	700		Equitable Resources, Inc		36,197
	7,052		Exelon Corp		234,761
	3,473		FirstEnergy Corp		129,925
	1,966		FPL Group, Inc		125,726
	700		Great Plains Energy, Inc		20,790
	966		Hawaiian Electric Industries, Inc		25,213
	345		Idacorp, Inc		9,315
	1,600		KeySpan Corp		58,720
	1,044		Kinder Morgan, Inc		61,899
	200		Laclede Group, Inc		5,482
	1,187		MDU Resources Group, Inc		28,524
	187	*	Metal Management, Inc		3,704
	187		MGE Energy, Inc		6,102
	93		Middlesex Water Co		1,802
	860		National Fuel Gas Co		21,500
	300		New Jersey Resources Corp		12,474
	431		Nicor, Inc		14,641
	2,878		NiSource, Inc		59,344
	1,492		Northeast Utilities		29,049
	233		Northwest Natural Gas Co		7,107
	834	*	NRG Energy, Inc		20,683
	552		NSTAR		26,430
	169	*	NUI Corp		2,467
	983		OGE Energy Corp		25,037
	1,000		Oneok, Inc		21,990
	300		Otter Tail Corp		8,058
	426		Peoples Energy Corp		17,956
	1,900		Pepco Holdings, Inc		34,732
	4,286	*	PG&E Corp		119,751
	435		Piedmont Natural Gas Co, Inc		18,575
	986		Pinnacle West Capital Corp		39,825
	553		PNM Resources, Inc		11,486
	1,884		PPL Corp		86,476
	2,586		Progress Energy, Inc		113,913
	600	*	Progress Energy, Inc (Cvo)		6
	2,445		Public Service Enterprise Group, Inc		97,873
	1,170		Puget Energy, Inc		25,635
	945		Questar Corp		36,515
	3,026	*	Reliant Resources, Inc		32,772
	1,593		Republic Services, Inc		46,101
	115		Resource America, Inc (Class A)		2,714
	1,138		SCANA Corp		41,389
	200	*	SEMCO Energy, Inc		1,164
	2,100		Sempra Energy		72,303
	900	*	Sierra Pacific Resources		6,939
	69		SJW Corp		2,346
	130		South Jersey Industries, Inc		5,720
	7,796		Southern Co		227,253
	629	*	Southern Union Co		13,276
	300		Southwest Gas Corp		7,239
	118		Southwest Water Co		1,477
	436	*	Stericycle, Inc		22,559

46

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	2,003		TECO Energy, Inc		24,016
	123		Texas Genco Holdings, Inc		5,546
	3,535		TXU Corp		143,203
	581		UGI Corp		18,650
	100		UIL Holdings Corp		4,869
	270		Unisource Energy Corp		6,710
	807		Vectren Corp		20,248
	450	*	Waste Connections, Inc		13,347
	6,254		Waste Management, Inc		191,685
	1,015		Westar Energy, Inc		20,209
	523		Western Gas Resources, Inc		16,987
	446		WGL Holdings, Inc		12,809
	5,635		Williams Cos, Inc		67,057
	1,298		Wisconsin Energy Corp		42,328
	400		WPS Resources Corp		18,540
	4,263		Xcel Energy, Inc		71,235
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,532,135
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.12%
	200	*	Actel Corp		3,700
	9,078	*	ADC Telecommunications, Inc		25,782
	632		Adtran, Inc		21,090
	218	*	Advanced Energy Industries, Inc		3,427
	867	*	Advanced Fibre Communications, Inc		17,513
	3,955	*	Advanced Micro Devices, Inc		62,885
	950	*	Aeroflex, Inc		13,614
	4,644	*	Agere Systems, Inc (Class A)		10,681
	12,506	*	Agere Systems, Inc (Class B)		26,888
	200	*	Alliance Semiconductor Corp		1,190
	4,042	*	Altera Corp		89,813
	1,773		American Power Conversion Corp		34,839
	259	*	American Superconductor Corp		3,388
	800		Ametek, Inc		24,720
	332	*	AMIS Holdings, Inc		5,617
	1,105	*	Amkor Technology, Inc		9,039
	680	*	Amphenol Corp (Class A)		22,658
	3,968		Analog Devices, Inc		186,813
	200	*	Anaren Microwave, Inc		3,268
	201	*	Applica, Inc		1,789
	3,565	*	Applied Micro Circuits Corp		18,966
	92		Applied Signal Technology, Inc		3,225
	900	*	Arris Group, Inc		5,346
	300	*	Artesyn Technologies, Inc		2,700
	300	*	Artisan Components, Inc		7,740
	4,854	*	Atmel Corp		28,736
	282	*	ATMI, Inc		7,701
	608	*	Avanex Corp		2,365
	484		AVX Corp		6,994
	259		Baldor Electric Co		6,048
	100		Bel Fuse, Inc (Class B)		4,170
	500	*	Benchmark Electronics, Inc		14,550
	2,642	*	Broadcom Corp (Class A)		123,566
	200		C&D Technologies, Inc		3,566
	224	*	California Micro Devices Corp		2,583
	885	*	Capstone Turbine Corp		1,926
	213	*	Carrier Access Corp		2,539

47

TIAA-CREF Life Funds - Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	300	*	C-COR.net Corp		3,087
	308	*	Centillium Communications, Inc		1,180
	111	*	Ceradyne, Inc		3,970
	160	*	Ceva, Inc		1,266
	300	*	Checkpoint Systems, Inc		5,379
	942	*	ChipPAC, Inc		5,906
	5,973	*	CIENA Corp		22,220
	120	*	Comtech Telecommunications		2,707
	2,010	*	Comverse Technology, Inc		40,079
	5,030	*	Conexant Systems, Inc		21,780
	4,138	*	Corvis Corp		5,835
	700	*	Cree, Inc		16,296
	300		CTS Corp		3,618
	100		Cubic Corp		2,093
	1,312	*	Cypress Semiconductor Corp		18,617
	179	*	Digital Theater Systems, Inc		4,681
	66	*	Diodes, Inc		1,564
	273	*	Ditech Communications Corp		6,372
	77	*	Drexler Technology Corp		1,026
	289	*	DSP Group, Inc		7,872
	100	*	Dupont Photomasks, Inc		2,033
	2,008	*	Eagle Broadband, Inc		1,988
	300	*	Electro Scientific Industries, Inc		8,493
	4,431		Emerson Electric Co		281,590
	174	*	Emerson Radio Corp		545
	96	*	EMS Technologies, Inc		1,865
	940	*	Energizer Holdings, Inc		42,300
	178	*	Energy Conversion Devices, Inc		2,004
	494	*	Entegris, Inc		5,716
	300	*	ESS Technology, Inc		3,213
	600	*	Exar Corp		8,796
	1,414	*	Fairchild Semiconductor International, Inc		23,147
	1,100	*	Finisar Corp		2,178
	128		Franklin Electric Co, Inc		4,833
	300	*	FuelCell Energy, Inc		3,504
	3,003	*	Gemstar-TV Guide International, Inc		14,414
	112,178	d	General Electric Co		3,634,567
	280	*	Genesis Microchip, Inc		3,856
	100	*	Genlyte Group, Inc		6,288
	1,200	*	GrafTech International Ltd		12,552
	626		Harman International Industries, Inc		56,966
	508	*	Harmonic, Inc		4,328
	764		Harris Corp		38,773
	275		Helix Technology Corp		5,866
	100	*	Hexcel Corp		1,158
	649		Hubbell, Inc (Class B)		30,315
	378	*	Hutchinson Technology, Inc		9,295
	100	*	Inet Technologies, Inc		1,247
	160	*	Innovex, Inc		731
	879	*	Integrated Circuit Systems, Inc		23,874
	1,000	*	Integrated Device Technology, Inc		13,840
	200	*	Integrated Silicon Solution, Inc		2,442
	68,816		Intel Corp		1,899,322
	500	*	Interdigital Communications Corp		9,405
	735	*	International Rectifier Corp		30,444
	1,490		Intersil Corp (Class A)		32,273

48

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	200		Inter-Tel, Inc		4,994
	359	*	InterVoice, Inc		4,118
	100	*	IXYS Corp		788
	1,812	*	Jabil Circuit, Inc		45,626
	15,063	*	JDS Uniphase Corp		57,089
	789	*	Kemet Corp		9,642
	731	*	Kopin Corp		3,735
	992		L-3 Communications Holdings, Inc		66,266
	800	*	Lattice Semiconductor Corp		5,608
	100	*	Lifeline Systems, Inc		2,366
	3,357		Linear Technology Corp		132,501
	200	*	Littelfuse, Inc		8,482
	131		LSI Industries, Inc		1,507
	4,112	*	LSI Logic Corp		31,333
	593	*	Mattson Technology, Inc		7,128
	3,470		Maxim Integrated Products, Inc		181,897
	894		Maytag Corp		21,912
	781	*	McData Corp (Class A)		4,202
	169	*	Medis Technologies Ltd		2,741
	667	*	MEMC Electronic Materials, Inc		6,590
	223	*	Mercury Computer Systems, Inc		5,530
	300		Methode Electronics, Inc		3,891
	64	*	Metrologic Instruments, Inc		1,276
	560	*	Micrel, Inc		6,804
	2,170		Microchip Technology, Inc		68,442
	6,147	*	Micron Technology, Inc		94,111
	600	*	Microsemi Corp		8,526
	200	*	Microtune, Inc		934
	436	*	MIPS Technologies, Inc		2,668
	1,511		Molex, Inc		48,473
	164	*	Monolithic System Technology, Inc		1,235
	240	*	Moog, Inc (Class A)		8,906
	24,851		Motorola, Inc		453,531
	1,045	*	MRV Communications, Inc		2,863
	338	*	Mykrolis Corp		5,888
	43		National Presto Industries, Inc		1,773
	3,896	*	National Semiconductor Corp		85,673
	494	*	NMS Communications Corp		3,646
	1,615	*	Novellus Systems, Inc		50,776
	1,666	*	Nvidia Corp		34,153
	734	*	Omnivision Technologies, Inc		11,707
	1,279	*	ON Semiconductor Corp		6,421
	513	*	Openwave Systems, Inc		6,515
	865	*	Oplink Communications, Inc		1,661
	136	*	OSI Systems, Inc		2,710
	157		Park Electrochemical Corp		3,964
	262	*	Pemstar, Inc		608
	200	*	Pericom Semiconductor Corp		2,142
	300	*	Photronics, Inc		5,682
	363	*	Pixelworks, Inc		5,561
	472	*	Plantronics, Inc		19,871
	400	*	Plexus Corp		5,400
	515	*	Plug Power, Inc		3,852
	210	*	PLX Technology, Inc		3,625
	1,900	*	PMC-Sierra, Inc		27,265
	1,220	*	Polycom, Inc		27,340

49

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	61	*	Powell Industries, Inc		1,042
	270	*	Power Integrations, Inc		6,723
	500	*	Power-One, Inc		5,490
	1,294	*	Powerwave Technologies, Inc		9,964
	998	*	QLogic Corp		26,537
	8,595		Qualcomm, Inc		627,263
	922	*	Rambus, Inc		16,384
	69		Raven Industries, Inc		2,452
	294	*	Rayovac Corp		8,261
	200		Regal-Beloit Corp		4,452
	535	*	Remec, Inc		3,381
	1,976	*	RF Micro Devices, Inc		14,820
	1,921		Rockwell Collins, Inc		64,008
	200	*	Rogers Corp		13,980
	5,316	*	Sanmina-SCI Corp		48,376
	456	*	SBA Communications Corp		2,029
	100	*	SBS Technologies, Inc		1,607
	1,553		Scientific-Atlanta, Inc		53,579
	200	*	Seachange International, Inc		3,376
	733	*	Semtech Corp		17,255
	212	*	Sigmatel, Inc		6,161
	731	*	Silicon Image, Inc		9,598
	392	*	Silicon Laboratories, Inc		18,169
	700	*	Silicon Storage Technology, Inc		7,210
	53	*	Siliconix, Inc		2,630
	200	*	Sipex Corp		1,140
	13,138	*	Sirius Satellite Radio, Inc		40,465
	1,472	*	Skyworks Solutions, Inc		12,851
	153		Smith (A.O.) Corp		4,864
	2,516	*	Sonus Networks, Inc		12,026
	100		Spectralink Corp		1,490
	100	*	Standard Microsystems Corp		2,332
	100	*	Stoneridge, Inc		1,700
	700	*	Stratex Networks, Inc		2,065
	100	*	Supertex, Inc		1,634
	1,936	*	Sycamore Networks, Inc		8,189
	396	*	Symmetricom, Inc		3,524
	172	*	Synaptics, Inc		3,294
	500	*	Technitrol, Inc		10,950
	400	*	Tekelec		7,268
	4,849	*	Tellabs, Inc		42,380
	500	*	Terayon Communication Systems, Inc		1,170
	187	*	Tessera Technologies, Inc		3,370
	18,503		Texas Instruments, Inc		447,403
	625		Thomas & Betts Corp		17,019
	200	*	Three-Five Systems, Inc		1,020
	143	*	Tollgrade Communications, Inc		1,519
	1,200	*	Transmeta Corp		2,628
	199	*	Trident Microsystems, Inc		2,231
	1,402	*	Triquint Semiconductor, Inc		7,655
	433	*	TTM Technologies, Inc		5,131
	100	*	Ulticom, Inc		1,170
	149	*	Ultralife Batteries, Inc		2,885
	100	*	Universal Display Corp		1,074
	100	*	Universal Electronics, Inc		1,753
	1,002	*	Utstarcom, Inc		30,311

50

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	521	*	Valence Technology, Inc		1,787
	418	*	Varian Semiconductor Equipment Associates, Inc		16,118
	944	*	Verso Technologies, Inc		1,652
	2	*	Vialta, Inc		1
	219	*	Viasat, Inc		5,464
	200	*	Vicor Corp		3,654
	100	*	Virage Logic Corp		910
	1,766	*	Vishay Intertechnology, Inc		32,812
	2,600	*	Vitesse Semiconductor Corp		12,688
	466	*	Westell Technologies, Inc		2,377
	734		Whirlpool Corp		50,352
	161	*	White Electronic Designs Corp		844
	269	*	Wilson Greatbatch Technologies, Inc		7,519
	100		Woodhead Industries, Inc		1,546
	200	*	Xicor, Inc		3,026
	3,666		Xilinx, Inc		122,114
	255	*	Zhone Technologies, Inc		995
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,754,209
ENGINEERING AND MANAGEMENT SERVICES - 0.85%
	150	*	aaiPharma, Inc		813
	200	*	Accelrys, Inc		1,972
	188	*	Advisory Board Co		6,693
	603	*	Affymetrix, Inc		19,736
	478	*	Answerthink, Inc		2,739
	300	*	Antigenics, Inc		2,568
	758	*	Applera Corp (Celera Genomics Group)		8,725
	556	*	Ariad Pharmaceuticals, Inc		4,164
	545	*	Axonyx, Inc		2,856
	1,700	*	BearingPoint, Inc		15,079
	847	*	Celgene Corp		48,499
	854	*	Century Business Services, Inc		3,723
	67	*	Charles River Associates, Inc		2,074
	226	*	Ciphergen Biosystems, Inc		1,654
	120	*	Cornell Cos, Inc		1,632
	392		Corporate Executive Board Co		22,654
	407	*	Corrections Corp Of America		16,072
	667	*	Covance, Inc		25,733
	360	*	CuraGen Corp		2,164
	300	*	CV Therapeutics, Inc		5,028
	328	*	Decode Genetics, Inc		2,788
	571	*	Digitas, Inc		6,298
	188	*	Diversa Corp		1,904
	278	*	Dyax Corp		3,267
	423	*	eResearch Technology, Inc		11,844
	100	*	Exact Sciences Corp		615
	753	*	Exelixis, Inc		7,598
	435	*	Exult, Inc		2,340
	100	*	First Consulting Group, Inc		552
	841		Fluor Corp		40,090
	100	*	Forrester Research, Inc		1,865
	452	*	FTI Consulting, Inc		7,458
	739	*	Gartner, Inc (Class A)		9,770
	91	*	Gartner, Inc (Class B)		1,173
	327	*	Gene Logic, Inc		1,324
	100	*	Genencor International, Inc		1,637

51

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	594	*	Gen-Probe, Inc		28,108
	4,608		Halliburton Co		139,438
	323	*	Hewitt Associates, Inc		8,883
	755	*	Incyte Corp		5,768
	598	*	Jacobs Engineering Group, Inc		23,549
	230	*	Keryx Biopharmaceuticals, Inc		2,912
	100	*	Kosan Biosciences, Inc		790
	84		Landauer, Inc		3,751
	139	*	LECG Corp		2,406
	673	*	Lexicon Genetics, Inc		5,276
	302	*	Lifecell Corp		3,410
	182	*	Luminex Corp		1,831
	301	*	Maxim Pharmaceuticals, Inc		2,905
	141	*	MAXIMUS, Inc		5,000
	317	*	Maxygen, Inc		3,351
	2,798		Monsanto Co		107,723
	1,300		Moody’s Corp		84,058
	60	*	MTC Technologies, Inc		1,549
	284	*	Myriad Genetics, Inc		4,237
	440	*	Navigant Consulting, Inc		9,434
	95	*	Neopharm, Inc		986
	645	*	Oscient Pharmaceuticals Corp		3,296
	270	*	Parexel International Corp		5,346
	3,513		Paychex, Inc		119,020
	300	*	Per-Se Technologies, Inc		4,362
	600	*	Pharmaceutical Product Development, Inc		19,062
	935	*	Pharmos Corp		3,843
	300	*	PRG-Schultz International, Inc		1,641
	834		Quest Diagnostics, Inc		70,848
	245	*	Regeneration Technologies, Inc		2,629
	360	*	Regeneron Pharmaceuticals, Inc		3,791
	288	*	Repligen Corp		708
	100	*	Research Frontiers, Inc		714
	207	*	Resources Connection, Inc		8,096
	100	*	Seattle Genetics, Inc		703
	3,376		Servicemaster Co		41,592
	82	*	SFBC International, Inc		2,569
	160	*	Sourcecorp		4,403
	299	*	Symyx Technologies, Inc		7,212
	100	*	Tejon Ranch Co		3,480
	510	*	Telik, Inc		12,174
	677	*	Tetra Tech, Inc		11,049
	277	*	Transkaryotic Therapies, Inc		4,144
	124	*	TRC Cos, Inc		2,068
	148	*	Trimeris, Inc		2,136
	567	*	Tularik, Inc		14,062
	674	*	U.S. Oncology, Inc		9,921
	300	*	URS Corp		8,220
	196	*	Ventiv Health, Inc		3,034
	263	*	Washington Group International, Inc		9,439
	392		Watson Wyatt & Co Holdings		10,447
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,130,475
FABRICATED METAL PRODUCTS - 0.70%
	437	*	Alliant Techsystems, Inc		27,680
	622		Ball Corp		44,815

52

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	100		CIRCOR International, Inc		2,039
	593		Crane Co		18,614
	1,891	*	Crown Holdings, Inc		18,853
	2,492		Danaher Corp		129,210
	65	*	Drew Industries, Inc		2,646
	1,537		Fortune Brands, Inc		115,936
	220	*	Griffon Corp		4,902
	100		Gulf Island Fabrication, Inc		2,163
	468		Harsco Corp		21,996
	2,802		Illinois Tool Works, Inc		268,684
	173	*	Intermagnetics General Corp		5,887
	792	*	Jacuzzi Brands, Inc		6,384
	4,700		Masco Corp		146,546
	93	*	Material Sciences Corp		990
	100	*	Mobile Mini, Inc		2,841
	200	*	NCI Building Systems, Inc		6,510
	382	*	Raytech Corp		634
	672	*	Shaw Group, Inc		6,807
	100		Silgan Holdings, Inc		4,031
	200		Simpson Manufacturing Co, Inc		11,224
	657		Snap-On, Inc		22,042
	729		Stanley Works		33,228
	200		Sturm Ruger & Co, Inc		2,422
	256	*	Taser International, Inc		11,092
	700	*	Tower Automotive, Inc		2,548
	154		Valmont Industries, Inc		3,527
	255		Watts Water Technologies, Inc (Class A)		6,872
			TOTAL FABRICATED METAL PRODUCTS		931,123
FOOD AND KINDRED PRODUCTS - 3.29%
	200		American Italian Pasta Co (Class A)		6,096
	8,575		Anheuser-Busch Cos, Inc		463,050
	6,113		Archer Daniels Midland Co		102,576
	100	*	Boston Beer Co, Inc (Class A)		2,014
	2,363		Campbell Soup Co		63,517
	22,452		Coca-Cola Co		1,133,377
	2,462		Coca-Cola Enterprises, Inc		71,373
	5,654		Conagra Foods, Inc		153,110
	875	*	Constellation Brands, Inc (Class A)		32,489
	319		Coors (Adolph) Co (Class B)		23,076
	359		Corn Products International, Inc		16,711
	588	*	Darling International, Inc		2,470
	1,743	*	Dean Foods Co		65,031
	2,062	*	Del Monte Foods Co		20,950
	490		Flowers Foods, Inc		12,814
	3,110		General Mills, Inc		147,818
	3,801		H.J. Heinz Co		148,999
	1,169	*	Hercules, Inc		14,250
	1,868		Hershey Foods Corp		86,432
	758		Hormel Foods Corp		23,574
	400	*	Interstate Bakeries Corp		4,340
	156	*	J & J Snack Foods Corp		6,369
	572		J.M. Smucker Co		26,261
	2,603		Kellogg Co		108,936
	2,878		Kraft Foods, Inc (Class A)		91,175
	317		Lancaster Colony Corp		13,200

53

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	200		Lance, Inc		3,080
	107	*	M&F Worldwide Corp		1,466
	1,400		McCormick & Co, Inc (Non-Vote)		47,600
	79	*	Peets Coffee & Tea, Inc		1,974
	1,664		Pepsi Bottling Group, Inc		50,819
	735		PepsiAmericas Inc		15,611
	18,173		PepsiCo, Inc		979,161
	208		Pilgrim’s Pride Corp		6,020
	275	*	Ralcorp Holdings, Inc		9,680
	55		Riviana Foods, Inc		1,439
	86	*	Robert Mondavi Corp (Class A)		3,184
	110		Sanderson Farms, Inc		5,898
	8,347		Sara Lee Corp		191,898
	400		Sensient Technologies Corp		8,592
	859	*	Smithfield Foods, Inc		25,255
	224		Tootsie Roll Industries, Inc		7,280
	300		Topps Co, Inc		2,910
	2,419		Tyson Foods, Inc (Class A)		50,678
	1,659		Wrigley (Wm.) Jr Co		104,600
			TOTAL FOOD AND KINDRED PRODUCTS		4,357,153
FOOD STORES - 0.49%
	240	*	7-Eleven, Inc		4,284
	3,861		Albertson’s, Inc		102,471
	15		Arden Group, Inc (Class A)		1,344
	174	*	Great Atlantic & Pacific Tea Co, Inc		1,333
	100		Ingles Markets, Inc (Class A)		1,117
	7,913	*	Kroger Co		144,017
	276	*	Panera Bread Co (Class A)		9,903
	200	*	Pantry, Inc		4,360
	325	*	Pathmark Stores, Inc		2,477
	300		Ruddick Corp		6,735
	4,746	*	Safeway, Inc		120,264
	4,186	*	Starbucks Corp		182,007
	100		Weis Markets, Inc		3,505
	643		Whole Foods Market, Inc		61,374
	261	*	Wild Oats Markets, Inc		3,672
	595	*	Winn-Dixie Stores, Inc		4,284
			TOTAL FOOD STORES		653,147
FORESTRY - 0.12%
	2,426		Weyerhaeuser Co		153,129
			TOTAL FORESTRY		153,129
FURNITURE AND FIXTURES - 0.32%
	100		Bassett Furniture Industries, Inc		2,176
	291		Ethan Allen Interiors, Inc		10,450
	661		Furniture Brands International, Inc		16,558
	800		Herman Miller, Inc		23,152
	585		Hillenbrand Industries, Inc		35,363
	641		HNI Corp		27,134
	64		Hooker Furniture Corp		1,291
	400	*	Interface, Inc (Class A)		3,492
	1,997		Johnson Controls, Inc		106,600
	300		Kimball International, Inc (Class B)		4,425
	500		La-Z-Boy, Inc		8,990

54

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL					VALUE
	711			Lear Corp		41,942
	1,992			Leggett & Platt, Inc		53,206
	2,907			Newell Rubbermaid, Inc		68,315
	387		*	Select Comfort Corp		10,991
	47			Stanley Furniture Co, Inc		1,979
	525			Steelcase, Inc (Class A)		7,350
	200		*	Tempur-Pedic International, Inc		2,802
				TOTAL FURNITURE AND FIXTURES		426,216
FURNITURE AND HOMEFURN		ISHINGS		STORES - 0.34%
	3,195		*	Bed Bath & Beyond, Inc		122,848
	2,802			Best Buy Co, Inc		142,173
	2,068			Circuit City Stores, Inc (Circuit City Group)		26,781
	227		*	Cost Plus, Inc		7,366
	140		*	Electronics Boutique Holdings Corp		3,688
	166		*	Gamestop Corp (Class A)		2,527
	259		*	Guitar Center, Inc		11,518
	166			Haverty Furniture Cos, Inc		2,902
	113		*	Kirkland’s, Inc		1,348
	600		*	Linens ‘n Things, Inc		17,586
	1,100			Pier 1 Imports, Inc		19,459
	1,755			RadioShack Corp		50,246
	164		*	Restoration Hardware, Inc		1,199
	77		*	Rex Stores Corp		943
	304		*	The Bombay Co, Inc		1,864
	200		*	Trans World Entertainment Corp		2,004
	200		*	Tweeter Home Entertainment Group, Inc		1,080
	101		*	Ultimate Electronics, Inc		499
	992		*	Williams-Sonoma, Inc		32,696
				TOTAL FURNITURE AND HOMEFURNISHINGS STORES		448,727
GENERAL BUILDING CONTRACTORS - 0.34%
	159			Beazer Homes U.S.A., Inc		15,949
	159			Brookfield Homes Corp		4,164
	1,272			Centex Corp		58,194
	2,431			D.R. Horton, Inc		69,040
	39		*	Dominion Homes, Inc		901
	398		*	Hovnanian Enterprises, Inc (Class A)		13,815
	364			KB Home		24,981
	1,332			Lennar Corp (Class A)		59,567
	96			Lennar Corp (Class B)		3,977
	75		*	Levitt Corp (Class A)		1,932
	111			M/I Homes, Inc		4,507
	315			MDC Holdings, Inc		20,037
	132		*	Meritage Corp		9,082
	57		*	NVR, Inc		27,599
	100		*	Palm Harbor Homes, Inc		1,773
	173		*	Perini Corp		1,846
	1,120			Pulte Homes, Inc		58,274
	300			Ryland Group, Inc		23,460
	335			Standard-Pacific Corp		16,516
	509		*	Toll Brothers, Inc		21,541
	264			Walter Industries, Inc		3,596
	302		*	WCI Communities, Inc		6,738
	45		*	William Lyon Homes, Inc		4,147
				TOTAL GENERAL BUILDING CONTRACTORS		451,636

55

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
GENERAL MERCHANDISE STORES - 2.17%
	521	*	99 Cents Only Stores		7,945
	1,248	*	Big Lots, Inc		18,046
	797	*	BJ’s Wholesale Club, Inc		19,925
	172	*	Brookstone, Inc		3,449
	455		Casey’s General Stores, Inc		8,327
	4,849		Costco Wholesale Corp		199,148
	633		Dillard’s, Inc (Class A)		14,116
	3,001		Dollar General Corp		58,700
	1,345	*	Dollar Tree Stores, Inc		36,893
	1,570		Family Dollar Stores, Inc		47,759
	1,947		Federated Department Stores, Inc		95,598
	480		Fred’s, Inc		10,603
	2,624		J.C. Penney Co, Inc		99,082
	483	*	Kmart Holding Corp		34,679
	3,161	*	Kohl’s Corp		133,647
	3,038		May Department Stores Co		83,515
	457		Neiman Marcus Group, Inc (Class A)		25,432
	1,433		Saks, Inc		21,495
	2,296		Sears Roebuck & Co		86,697
	288	*	ShopKo Stores, Inc		4,072
	200	*	Stein Mart, Inc		3,252
	9,787		Target Corp		415,654
	228	*	Tuesday Morning Corp		6,612
	27,292		Wal-Mart Stores, Inc		1,439,926
			TOTAL GENERAL MERCHANDISE STORES		2,874,572
HEALTH SERVICES - 0.84%
	606	*	Accredo Health, Inc		23,604
	116	*	Amedisys, Inc		3,833
	75	*	America Service Group, Inc		2,606
	276	*	American Healthways, Inc		7,347
	282	*	Amsurg Corp		7,087
	575	*	Apria Healthcare Group, Inc		16,503
	900	*	Beverly Enterprises, Inc		7,740
	4,889	*	Caremark Rx, Inc		161,044
	132	*	Chronimed, Inc		1,076
	434	*	Community Health Systems, Inc		11,618
	60	*	Corvel Corp		1,701
	915	*	Coventry Health Care, Inc		44,744
	296	*	Cross Country Healthcare, Inc		5,372
	151	*	CryoLife, Inc		796
	94	*	Curative Health Services, Inc		814
	1,056	*	DaVita, Inc		32,556
	200	*	Dynacq Healthcare, Inc		1,180
	231	*	Enzo Biochem, Inc		3,465
	682	*	Express Scripts, Inc		54,035
	1,109	*	First Health Group Corp		17,311
	128	*	Genesis HealthCare Corp		3,717
	175	*	Gentiva Health Services, Inc		2,846
	4,974		HCA, Inc		206,869
	2,700		Health Management Associates, Inc (Class A)		60,534
	500		Hooper Holmes, Inc		2,870
	65	*	IMPAC Medical Systems, Inc		951
	353	*	Inveresk Research Group, Inc		10,887

56

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	206	*	Kindred Healthcare, Inc		5,428
	181	*	LabOne, Inc		5,752
	1,511	*	Laboratory Corp Of America Holdings		59,987
	109	*	LCA-Vision, Inc		3,175
	384	*	LifePoint Hospitals, Inc		14,292
	1,018	*	Lincare Holdings, Inc		33,451
	286	*	Magellan Health Services, Inc		9,567
	1,022		Manor Care, Inc		33,399
	200	*	Matria Healthcare, Inc		5,014
	210	*	MIM Corp		1,827
	100		National Healthcare Corp		2,801
	399	*	NeighborCare, Inc		12,501
	336	*	Odyssey HealthCare, Inc		6,333
	125		Option Care, Inc		1,908
	358	*	Orthodontic Centers Of America, Inc		2,932
	318	*	Pediatrix Medical Group, Inc		22,212
	675	*	Province Healthcare Co		11,576
	105	*	Psychiatric Solutions, Inc		2,618
	300	*	RehabCare Group, Inc		7,989
	690	*	Renal Care Group, Inc		22,860
	978		Select Medical Corp		13,125
	200	*	Specialty Laboratories, Inc		1,792
	164	*	Sunrise Senior Living, Inc		6,419
	5,068	*	Tenet Healthcare Corp		67,962
	869	*	Triad Hospitals, Inc		32,353
	299	*	United Surgical Partners International, Inc		11,802
	496		Universal Health Services, Inc (Class B)		22,761
	121	*	VistaCare, Inc (Class A)		2,245
			TOTAL HEALTH SERVICES		1,117,187
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
	296		Granite Construction, Inc		5,396
	200	*	Insituform Technologies, Inc (Class A)		3,254
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		8,650
HOLDING AND OTHER INVESTMENT OFFICES - 2.28%
	300	*	4Kids Entertainment, Inc		7,176
	200		Acadia Realty Trust		2,748
	263		Affordable Residential Communities		4,366
	90		Alabama National Bancorp		4,992
	28	*	Alexander’s, Inc		4,697
	200		Alexandria Real Estate Equities, Inc		11,356
	1,450		Allied Capital Corp		35,409
	841		AMB Property Corp		29,124
	200		Amcore Financial, Inc		6,032
	1,166		American Financial Realty Trust		16,662
	369		American Home Mortgage Investment Corp		9,568
	54		American Land Lease, Inc		1,018
	85		American Mortgage Acceptance Co		1,166
	269		AMLI Residential Properties Trust		7,892
	1,134		Annaly Mortgage Management, Inc		19,233
	503		Anthracite Capital, Inc		6,026
	334		Anworth Mortgage Asset Corp		3,968
	964		Apartment Investment & Management Co (Class A)		30,009
	563	*	Apollo Investment Corp		7,753
	2,020		Archstone-Smith Trust		59,247

57

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	696		Arden Realty, Inc		20,469
	100		Associated Estates Realty Corp		805
	723		AvalonBay Communities, Inc		40,864
	199		Bedford Property Investors		5,819
	851		Boston Properties, Inc		42,618
	300	*	Boykin Lodging Co		2,295
	435		Brandywine Realty Trust		11,828
	500		BRE Properties, Inc (Class A)		17,375
	518		Brookline Bancorp, Inc		7,599
	431		Camden Property Trust		19,740
	260		Capital Automotive REIT		7,626
	241	*	Capital Lease Funding, Inc		2,506
	70		Capitol Bancorp Ltd		1,821
	100		Capstead Mortgage Corp		1,345
	603		CarrAmerica Realty Corp		18,229
	286		CBL & Associates Properties, Inc		15,730
	248		Centerpoint Properties Trust		19,034
	387		Chelsea Property Group, Inc		25,240
	65		Cherokee, Inc		1,631
	239		Colonial Properties Trust		9,209
	549		Commercial Net Lease Realty, Inc		9,443
	138		Community Banks, Inc		4,080
	400		Community First Bankshares, Inc		12,876
	575		Cornerstone Realty Income Trust, Inc		5,043
	306		Corporate Office Properties Trust		7,604
	65		Correctional Properties Trust		1,901
	426		Cousins Properties, Inc		14,037
	649		Crescent Real Estate Equities Co		10,462
	1,046		Developers Diversified Realty Corp		36,997
	1,471		Duke Realty Corp		46,793
	161		Eastgroup Properties, Inc		5,421
	300		Entertainment Properties Trust		10,722
	427		Equity Inns, Inc		3,967
	4,197		Equity Office Properties Trust		114,158
	300		Equity One, Inc		5,424
	2,935		Equity Residential		87,258
	232		Essex Property Trust, Inc		15,857
	627		Federal Realty Investment Trust		26,077
	408	*	FelCor Lodging Trust, Inc		4,937
	100		First Defiance Financial Corp		2,210
	125		First Indiana Corp		2,381
	500		First Industrial Realty Trust, Inc		18,440
	1,125		First Niagara Financial Group, Inc		13,500
	100		First Place Financial Corp		1,857
	700		Fremont General Corp		12,355
	1,402		Friedman Billings Ramsey Group, Inc		27,746
	302		Gables Residential Trust		10,262
	2,273		General Growth Properties, Inc		67,213
	115		German American Bancorp		1,940
	81		Gladstone Capital Corp		1,632
	210		Glenborough Realty Trust, Inc		3,854
	511		Glimcher Realty Trust		11,303
	451		Greater Bay Bancorp		13,034
	1,404		Health Care Property Investors, Inc		33,752
	587		Health Care REIT, Inc		19,078
	423		Healthcare Realty Trust, Inc		15,854

58

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	365		Heritage Property Investment Trust		9,877
	368		Highland Hospitality Corp		3,698
	700		Highwoods Properties, Inc		16,450
	381		Home Properties, Inc		14,851
	684		Hospitality Properties Trust		28,933
	3,423	*	Host Marriott Corp		42,308
	2,100		HRPT Properties Trust		21,021
	562		IMPAC Mortgage Holdings, Inc		12,656
	846		Independence Community Bank Corp		30,794
	208		Innkeepers U.S.A. Trust		2,144
	378		Investors Real Estate Trust		3,924
	1,126		iStar Financial, Inc		45,040
	391		Keystone Property Trust		9,396
	254		Kilroy Realty Corp		8,661
	1,050		Kimco Realty Corp		47,775
	378	*	Koger Equity, Inc		8,739
	312		Kramont Realty Trust		4,992
	1,997	*	La Quinta Corp		16,775
	200		LaSalle Hotel Properties		4,880
	576		Lexington Corporate Properties Trust		11,468
	900		Liberty Property Trust		36,189
	129		LTC Properties, Inc		2,141
	388		Luminent Mortgage Capital, Inc		4,656
	650		Macerich Co		31,116
	688		Mack-Cali Realty Corp		28,469
	361		Maguire Properties, Inc		8,942
	198		Manufactured Home Communities, Inc		6,572
	35		MASSBANK Corp		1,211
	924	*	Meristar Hospitality Corp		6,320
	808		MFA Mortgage Investments, Inc		7,191
	161		Mid-America Apartment Communities, Inc		6,100
	542		Mills Corp		25,311
	114		Mission West Properties, Inc		1,381
	200		National Health Investors, Inc		5,438
	54		National Health Realty, Inc		914
	800		Nationwide Health Properties, Inc		15,120
	1,196		New Plan Excel Realty Trust		27,939
	361		Newcastle Investment Corp		10,812
	266		Novastar Financial, Inc		10,097
	493		Omega Healthcare Investors, Inc		4,950
	150		Oriental Financial Group, Inc		4,079
	408		Pan Pacific Retail Properties, Inc		20,612
	100		Parkway Properties, Inc		4,445
	334		Pennsylvania Real Estate Investment Trust		11,440
	1,970		Plum Creek Timber Co, Inc		64,183
	1,333		Popular, Inc		57,012
	500		Post Properties, Inc		14,575
	473		Prentiss Properties Trust		15,855
	150		Price Legacy Corp		2,769
	98		PrivateBancorp, Inc		2,691
	1,889		Prologis		62,186
	101		Prosperity Bancshares, Inc		2,459
	135		PS Business Parks, Inc		5,432
	898		Public Storage, Inc		41,317
	53		Quaker City Bancorp, Inc		2,912
	208		RAIT Investment Trust		5,127

59

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	113		Ramco-Gershenson Properties		2,738
	400		Realty Income Corp		16,692
	661		Reckson Associates Realty Corp		18,151
	133		Redwood Trust, Inc		7,405
	615		Regency Centers Corp		26,384
	1,067		Rouse Co		50,683
	250		Sandy Spring Bancorp, Inc		8,688
	100		Saul Centers, Inc		3,211
	479		Senior Housing Properties Trust		8,042
	587		Shurgard Storage Centers, Inc (Class A)		21,954
	1,662		Simon Property Group, Inc		85,460
	105		Sizeler Property Investors		967
	411		SL Green Realty Corp		19,235
	137		Sovran Self Storage, Inc		5,231
	88		Suffolk Bancorp		2,869
	248		Summit Properties, Inc		6,359
	136		Sun Communities, Inc		5,120
	400		Susquehanna Bancshares, Inc		10,064
	145		Tanger Factory Outlet Centers, Inc		5,670
	700		Taubman Centers, Inc		16,023
	831		Thornburg Mortgage, Inc		22,395
	163		Tompkins Trustco, Inc		7,785
	151		Town & Country Trust		3,811
	827		Trizec Properties, Inc		13,447
	180		U.S. Restaurant Properties, Inc		2,734
	1,487		United Dominion Realty Trust, Inc		29,413
	58		United Mobile Homes, Inc		763
	100		Universal Health Realty Income Trust		2,870
	213		Urstadt Biddle Properties, Inc (Class A)		3,155
	900		Ventas, Inc		21,015
	997		Vornado Realty Trust		56,939
	9,292		Washington Mutual, Inc		359,043
	444		Washington Real Estate Investment Trust		13,045
	321		Waypoint Financial Corp		8,865
	930		Weingarten Realty Investors		29,090
	51		Westfield Financial, Inc		1,037
	100		Winston Hotels, Inc		1,035
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,019,426
HOTELS AND OTHER LODGING PLACES - 0.31%
	113		Ameristar Casinos, Inc		3,795
	300	*	Boca Resorts, Inc (Class A)		5,946
	300		Boyd Gaming Corp		7,971
	215		Choice Hotels International, Inc		10,784
	4,004		Hilton Hotels Corp		74,715
	717		Mandalay Resort Group		49,215
	200		Marcus Corp		3,450
	2,038		Marriott International, Inc (Class A)		101,655
	658	*	MGM Mirage		30,887
	200	*	Pinnacle Entertainment, Inc		2,522
	400	*	Prime Hospitality Corp		4,248
	2,171		Starwood Hotels & Resorts Worldwide, Inc		97,369
	78	*	Vail Resorts, Inc		1,494
	352	*	Wynn Resorts Ltd		13,598
			TOTAL HOTELS AND OTHER LODGING PLACES		407,649

60

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.11%
	8,328		3M Co		749,603
	86	*	Aaon, Inc		1,736
	222	*	Actuant Corp		8,656
	900	*	Adaptec, Inc		7,614
	652	*	Advanced Digital Information Corp		6,324
	1,149	*	AGCO Corp		23,405
	209		Albany International Corp (Class A)		7,014
	2,011	*	American Standard Cos, Inc		81,063
	4,001	*	Apple Computer, Inc		130,193
	17,793	*	Applied Materials, Inc		349,099
	100	*	Astec Industries, Inc		1,883
	70	*	ASV, Inc		2,192
	300	*	Asyst Technologies, Inc		3,102
	307	*	Authentidate Holding Corp		3,356
	484	*	Avocent Corp		17,782
	900	*	Axcelis Technologies, Inc		11,196
	3,474		Baker Hughes, Inc		130,796
	41		BHA Group Holdings, Inc		1,552
	839		Black & Decker Corp		52,127
	243		Black Box Corp		11,484
	239		Briggs & Stratton Corp		21,116
	388	*	Brooks Automation, Inc		7,818
	86		Cascade Corp		2,688
	3,664		Caterpillar, Inc		291,068
	600	*	Cirrus Logic, Inc		3,606
	71,946	*	Cisco Systems, Inc		1,705,120
	300	*	Computer Network Technology Corp		1,797
	546	*	Cooper Cameron Corp		26,590
	688	*	Cray, Inc		4,555
	418		Cummins, Inc		26,125
	200	*	Cuno, Inc		10,670
	400	*	Cymer, Inc		14,976
	2,628		Deere & Co		184,328
	26,880	*	Dell, Inc		962,842
	772		Diebold, Inc		40,816
	818		Donaldson Co, Inc		23,967
	281	*	Dot Hill Systems Corp		3,150
	2,129		Dover Corp		89,631
	59	*	Dril-Quip, Inc		1,103
	1,580		Eaton Corp		102,289
	500	*	Electronics For Imaging, Inc		14,130
	25,399	*	EMC Corp		289,549
	1,000	*	Emulex Corp		14,310
	237		Engineered Support Systems, Inc		13,867
	215	*	EnPro Industries, Inc		4,941
	200	*	Esterline Technologies Corp		5,906
	313	*	FalconStor Software, Inc		2,416
	121	*	Fargo Electronics, Inc		1,344
	500	*	Flowserve Corp		12,470
	715	*	FMC Technologies, Inc		20,592
	600	*	FSI International, Inc		4,686
	169	*	Gardner Denver, Inc		4,715
	2,668	*	Gateway, Inc		12,006
	100	*	General Binding Corp		1,549
	258	*	Global Power Equipment Group, Inc		2,069

61

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	100		Gorman-Rupp Co		2,717
	771		Graco, Inc		23,940
	1,227	*	Grant Prideco, Inc		22,650
	32,507		Hewlett-Packard Co		685,898
	96	*	Hydril		3,024
	310	*	Hypercom Corp		2,620
	533		IDEX Corp		18,309
	300	*	InFocus Corp		2,550
	112	*	Interland, Inc		315
	17,905		International Business Machines Corp		1,578,326
	3,710		International Game Technology		143,206
	420		Iomega Corp		2,344
	1,008		ITT Industries, Inc		83,664
	400		JLG Industries, Inc		5,556
	494		Joy Global, Inc		14,790
	85	*	Kadant, Inc		1,966
	300		Kaydon Corp		9,279
	358		Kennametal, Inc		16,396
	248	*	Komag, Inc		3,465
	400	*	Kulicke & Soffa Industries, Inc		4,384
	1,400	*	Lam Research Corp		37,520
	400		Lennox International, Inc		7,240
	1,368	*	Lexmark International, Inc		132,053
	300		Lincoln Electric Holdings, Inc		10,227
	100		Lindsay Manufacturing Co		2,402
	100		Lufkin Industries, Inc		3,198
	278		Manitowoc Co, Inc		9,410
	2,441	*	Maxtor Corp		16,184
	200	*	Micros Systems, Inc		9,594
	47		Middleby Corp		2,567
	164	*	Milacron, Inc		656
	300		Modine Manufacturing Co		9,555
	65		Nacco Industries, Inc (Class A)		6,175
	870	*	National-Oilwell, Inc		27,396
	400	*	Netgear, Inc		4,296
	3,260	*	Network Appliance, Inc		70,188
	282		Nordson Corp		12,230
	267	*	Oil States International, Inc		4,085
	300	*	Omnicell, Inc		4,383
	69	*	Overland Storage, Inc		917
	1,443		Pall Corp		37,792
	444	*	PalmOne, Inc		15,438
	1,248		Parker Hannifin Corp		74,206
	300	*	Paxar Corp		5,856
	1,026		Pentair, Inc		34,515
	2,519		Pitney Bowes, Inc		111,466
	147	*	Planar Systems, Inc		1,968
	300	*	Presstek, Inc		3,153
	200	*	ProQuest Co		5,450
	1,916	*	Quantum Corp		5,940
	78		Robbins & Myers, Inc		1,751
	1,717	*	Sandisk Corp		37,242
	200		Sauer-Danfoss, Inc		3,414
	100		Schawk, Inc		1,397
	519	*	Scientific Games Corp (Class A)		9,934
	100	*	Semitool, Inc		1,132

62

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	168	*	Sigma Designs, Inc		1,341
	2,775	*	Silicon Graphics, Inc		6,105
	1,110	*	Smith International, Inc		61,894
	8,917	*	Solectron Corp		57,693
	837		SPX Corp		38,870
	100		Standex International Corp		2,720
	400		Stewart & Stevenson Services, Inc		7,168
	1,174	*	Storage Technology Corp		34,046
	2,550		Symbol Technologies, Inc		37,587
	139		Tecumseh Products Co (Class A)		5,725
	100		Tennant Co		4,145
	458	*	Terex Corp		15,632
	100		Thomas Industries, Inc		3,320
	648		Timken Co		17,166
	257		Toro Co		18,008
	91	*	Transact Technologies, Inc		2,877
	200	*	Ultratech, Inc		3,256
	400	*	UNOVA, Inc		8,100
	262	*	Veeco Instruments, Inc		6,762
	2,500	*	Western Digital Corp		21,650
	167		Woodward Governor Co		12,042
	8,420	*	Xerox Corp		122,090
	1,062	*	Xybernaut Corp		1,774
	439		York International Corp		18,030
	400	*	Zebra Technologies Corp (Class A)		34,800
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,418,112
INSTRUMENTS AND RELATED PRODUCTS - 3.10%
	186	*	Abaxis, Inc		3,530
	255	*	Aclara BioSciences, Inc		1,148
	274	*	Advanced Medical Optics, Inc		11,664
	191	*	Advanced Neuromodulation Systems, Inc		6,265
	5,177	*	Agilent Technologies, Inc		151,583
	400	*	Aksys Ltd		2,332
	700	*	Align Technology, Inc		13,300
	290	*	American Medical Systems Holdings, Inc		9,773
	100		Analogic Corp		4,243
	2,207		Applera Corp (Applied Biosystems Group)		48,002
	172		Arrow International, Inc		5,146
	200	*	Arthrocare Corp		5,816
	200	*	Aspect Medical Systems, Inc		3,694
	1,132		Bard (C.R.), Inc		64,128
	542		Bausch & Lomb, Inc		35,268
	6,477		Baxter International, Inc		223,521
	655		Beckman Coulter, Inc		39,955
	2,694		Becton Dickinson & Co		139,549
	80		BEI Technologies, Inc		2,265
	198	*	Biolase Technology, Inc		2,665
	2,766		Biomet, Inc		122,921
	208	*	Bio-Rad Laboratories, Inc (Class A)		12,243
	6,962	*	Boston Scientific Corp		297,974
	104	*	Bruker BioSciences Corp		506
	162	*	Candela Corp		1,588
	61	*	Cantel Medical Corp		1,315
	504	*	Cardiac Science, Inc		1,235
	300	*	Cardiodynamics International Corp		1,515

63

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	609	*	Cepheid, Inc		7,028
	177	*	Cerus Corp		425
	107	*	Cholestech Corp		872
	100	*	Closure Medical Corp		2,511
	459		Cognex Corp		17,662
	265	*	Coherent, Inc		7,910
	200		Cohu, Inc		3,808
	100	*	Cole National Corp		2,335
	200	*	Conceptus, Inc		2,250
	200	*	Concord Camera Corp		660
	450	*	Conmed Corp		12,330
	353		Cooper Cos, Inc		22,299
	1,023	*	Credence Systems Corp		14,117
	331	*	CTI Molecular Imaging, Inc		4,694
	200	*	Cyberonics, Inc		6,672
	1,300	*	Cytyc Corp		32,981
	100		Datascope Corp		3,969
	841		Dentsply International, Inc		43,816
	184	*	Dionex Corp		10,151
	190	*	DJ Orthopedics, Inc		4,370
	263	*	DRS Technologies, Inc		8,390
	2,934		Eastman Kodak Co		79,159
	137		EDO Corp		3,304
	748	*	Edwards Lifesciences Corp		26,068
	400	*	Endocardial Solutions, Inc		4,140
	100	*	ESCO Technologies, Inc		5,336
	62	*	Exactech, Inc		1,345
	81	*	Excel Technology, Inc		2,693
	112	*	Faro Technologies, Inc		2,875
	177	*	FEI Co		4,232
	659	*	Fisher Scientific International, Inc		38,057
	384	*	Flir Systems, Inc		21,082
	295	*	Formfactor, Inc		6,623
	469	*	Fossil, Inc		12,780
	3,315		Guidant Corp		185,242
	151	*	Haemonetics Corp		4,477
	177	*	Hanger Orthopedic Group, Inc		2,074
	109	*	Herley Industries, Inc		2,130
	177	*	Hologic, Inc		4,115
	111	*	ICU Medical, Inc		3,722
	193	*	I-Flow Corp		2,289
	100		II-VI, Inc		3,066
	350	*	Inamed Corp		21,998
	400	*	Input/Output, Inc		3,316
	159	*	Integra LifeSciences Holding		5,608
	356	*	Intuitive Surgical, Inc		6,764
	316		Invacare Corp		14,132
	181	*	Invision Technologies, Inc		9,032
	200	*	Ionics, Inc		5,650
	304	*	Itron, Inc		6,974
	213	*	Ixia		2,096
	100		Keithley Instruments, Inc		2,215
	66	*	Kensey Nash Corp		2,277
	2,062	*	KLA-Tencor Corp		101,822
	102	*	KVH Industries, Inc		1,298
	189	*	Kyphon, Inc		5,326

64

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	137	*	Laserscope		3,774
	561	*	Lexar Media, Inc		3,747
	522	*	LTX Corp		5,643
	114	*	Measurement Specialties, Inc		2,462
	82	*	Medical Action Industries, Inc		1,509
	12,915		Medtronic, Inc		629,219
	465		Mentor Corp		15,945
	187	*	Merit Medical Systems, Inc		2,979
	471	*	Mettler-Toledo International, Inc		23,145
	500	*	Millipore Corp		28,185
	300		Mine Safety Appliances Co		10,110
	429	*	MKS Instruments, Inc		9,790
	100	*	Molecular Devices Corp		1,778
	200		Movado Group, Inc		3,450
	221		MTS Systems Corp		5,182
	407	*	Newport Corp		6,581
	172	*	Novoste Corp		471
	200		Oakley, Inc		2,588
	155	*	Ocular Sciences, Inc		5,890
	485	*	Orbital Sciences Corp		6,698
	293	*	Orthologic Corp		2,540
	161	*	Osteotech, Inc		1,045
	1,291		PerkinElmer, Inc		25,872
	200	*	Photon Dynamics, Inc		7,014
	500	*	Pinnacle Systems, Inc		3,575
	164	*	Possis Medical, Inc		5,601
	4,435		Raytheon Co		158,640
	414	*	Resmed, Inc		21,097
	382	*	Respironics, Inc		22,443
	1,939		Rockwell Automation, Inc		72,732
	122	*	Rofin-Sinar Technologies, Inc		3,098
	367		Roper Industries, Inc		20,882
	100	*	Rudolph Technologies, Inc		1,819
	340	*	Sola International, Inc		5,858
	126	*	Sonic Solutions, Inc		2,678
	150	*	SonoSite, Inc		3,587
	1,920	*	St. Jude Medical, Inc		145,248
	180	*	Staar Surgical Co		1,404
	258	*	Star Scientific, Inc		1,022
	800	*	Steris Corp		18,048
	3,018		Stryker Corp		165,990
	400	*	Sybron Dental Specialties, Inc		11,940
	89	*	Synovis Life Technologies, Inc		957
	500	*	Techne Corp		21,725
	974		Tektronix, Inc		33,135
	358		Teleflex, Inc		17,954
	2,014	*	Teradyne, Inc		45,718
	300	*	Theragenics Corp		1,386
	1,797	*	Thermo Electron Corp		55,240
	483	*	Thoratec Corp		5,183
	499	*	Trimble Navigation Ltd		13,867
	200	*	TriPath Imaging, Inc		1,882
	100		United Industrial Corp		2,335
	742	*	Varian Medical Systems, Inc		58,878
	283	*	Varian, Inc		11,928
	100	*	Ventana Medical Systems, Inc		4,753

65

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	404	*	Viasys Healthcare, Inc		8,448
	600	*	Visx, Inc		16,032
	94	*	Vital Images, Inc		1,166
	61		Vital Signs, Inc		1,771
	302	*	Vivus, Inc		1,099
	1,300	*	Waters Corp		62,114
	282	*	Wright Medical Group, Inc		10,039
	300		X-Rite, Inc		4,362
	43		Young Innovations, Inc		1,092
	2,567	*	Zimmer Holdings, Inc		226,409
	100	*	Zoll Medical Corp		3,508
	100	*	Zygo Corp		1,119
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,109,090
INSURANCE AGENTS, BROKERS AND SERVICE - 0.41%
	3,304		AON Corp		94,065
	544		Brown & Brown, Inc		23,446
	200	*	Clark, Inc		3,710
	245		Crawford & Co (Class B)		1,208
	1,000		Gallagher (Arthur J.) & Co		30,450
	300		Hilb, Rogal & Hamilton Co		10,704
	5,636		Marsh & McLennan Cos, Inc		255,762
	2,845	*	Medco Health Solutions, Inc		106,688
	318		National Financial Partners Corp		11,216
	600	*	USI Holdings Corp		9,480
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		546,729
INSURANCE CARRIERS - 4.88%
	300		21st Century Insurance Group		3,882
	1,605		Aetna, Inc		136,425
	5,441		Aflac, Inc		222,047
	321		Alfa Corp		4,494
	42	*	Alleghany Corp		12,054
	600	*	Allmerica Financial Corp		20,280
	7,499		Allstate Corp		349,078
	1,134		Ambac Financial Group, Inc		83,281
	395		American Financial Group, Inc		12,075
	24,462		American International Group, Inc		1,743,651
	120	*	American Medical Security Group, Inc		3,270
	100		American National Insurance Co		9,233
	87	*	American Physicians Capital, Inc		2,014
	217	*	AMERIGROUP Corp		10,676
	418		AmerUs Group Co		17,305
	1,501	*	Anthem, Inc		134,430
	200	*	Argonaut Group, Inc		3,686
	850		Assurant, Inc		22,423
	125		Baldwin & Lyons, Inc (Class B)		3,355
	758		Berkley (W.R.) Corp		32,556
	161		Bristol West Holdings, Inc		2,929
	154	*	Centene Corp		5,937
	1,998		Chubb Corp		136,224
	1,484		Cigna Corp		102,114
	1,530		Cincinnati Financial Corp		66,586
	246	*	Citizens, Inc		2,018
	303	*	CNA Financial Corp		8,966
	100	*	CNA Surety Corp		1,095

66

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	225		Commerce Group, Inc		11,108
	1,465	*	Conseco, Inc		29,154
	487	*	Danielson Holdings Corp		3,365
	263		Delphi Financial Group, Inc (Class A)		11,704
	168		Direct General Corp		5,420
	32	*	Enstar Group, Inc		1,705
	254		Erie Indemnity Co (Class A)		11,882
	79		FBL Financial Group, Inc (Class A)		2,233
	1,619		Fidelity National Financial, Inc		60,483
	72	*	Financial Industries Corp		668
	800		First American Corp		20,712
	1,541	*	Genworth Financial, Inc		35,366
	68		Great American Financial Resources, Inc		1,081
	316		Harleysville Group, Inc		5,957
	3,086		Hartford Financial Services Group, Inc		212,132
	772		HCC Insurance Holdings, Inc		25,793
	1,325	*	Health Net, Inc		35,113
	100	*	HealthExtras, Inc		1,657
	347		Horace Mann Educators Corp		6,066
	1,800	*	Humana, Inc		30,420
	205		Infinity Property & Casualty Corp		6,765
	1,481		Jefferson-Pilot Corp		75,235
	77		Kansas City Life Insurance Co		3,241
	200		Landamerica Financial Group, Inc		7,786
	581		Leucadia National Corp		28,876
	1,900		Lincoln National Corp		89,775
	1,558		Loews Corp		93,418
	87	*	Markel Corp		24,143
	1,558		MBIA, Inc		88,993
	237		Mercury General Corp		11,767
	4,239		MetLife, Inc		151,968
	1,050		MGIC Investment Corp		79,653
	70		Midland Co		2,076
	110	*	Molina Healthcare, Inc		4,200
	518		MONY Group, Inc		16,213
	19	*	National Western Life Insurance Co (Class A)		2,917
	556		Nationwide Financial Services, Inc (Class A)		20,911
	37	*	Navigators Group, Inc		1,069
	154		Odyssey Re Holdings Corp		3,696
	652	*	Ohio Casualty Corp		13,125
	1,950		Old Republic International Corp		46,254
	900		Oxford Health Plans, Inc		49,536
	900	*	Pacificare Health Systems, Inc		34,794
	203	*	Philadelphia Consolidated Holding Corp		12,194
	922		Phoenix Cos, Inc		11,295
	61	*	Pico Holdings, Inc		1,166
	400	*	PMA Capital Corp (Class A)		3,600
	1,047		PMI Group, Inc		45,565
	200		Presidential Life Corp		3,604
	3,356		Principal Financial Group		116,722
	278	*	ProAssurance Corp		9,483
	2,302		Progressive Corp		196,361
	737		Protective Life Corp		28,500
	5,642		Prudential Financial, Inc		262,184
	1,027		Radian Group, Inc		49,193
	250		Reinsurance Group Of America, Inc		10,163

67

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	200		RLI Corp		7,300
	1,451		Safeco Corp		63,844
	328		Selective Insurance Group, Inc		13,081
	245	*	Sierra Health Services, Inc		10,952
	7,061		St. Paul Travelers Cos, Inc		286,253
	333		Stancorp Financial Group, Inc		22,311
	100		State Auto Financial Corp		3,072
	200		Stewart Information Services Corp		6,754
	1,208		Torchmark Corp		64,990
	250		Transatlantic Holdings, Inc		20,248
	73	*	Triad Guaranty, Inc		4,249
	354	*	UICI		8,429
	67		United Fire & Casualty Co		3,869
	6,526		UnitedHealth Group, Inc		406,244
	500		Unitrin, Inc		21,300
	215	*	Universal American Financial Corp		2,361
	3,000		UnumProvident Corp		47,700
	288	*	WellChoice, Inc		11,923
	1,643	*	Wellpoint Health Networks, Inc		184,032
	10		Wesco Financial Corp		3,620
	100		Zenith National Insurance Corp		4,860
			TOTAL INSURANCE CARRIERS		6,467,936
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%
	100	*	Geo Group, Inc		2,040
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,040
LEATHER AND LEATHER PRODUCTS - 0.10%
	162		Brown Shoe Co, Inc		6,631
	2,001	*	Coach, Inc		90,425
	400		K-Swiss, Inc (Class A)		8,084
	126	*	Maxwell Shoe Co, Inc (Class A)		2,928
	100	*	Steven Madden Ltd		1,997
	184	*	Timberland Co (Class A)		11,885
	30		Weyco Group, Inc		1,029
	400		Wolverine World Wide, Inc		10,500
			TOTAL LEATHER AND LEATHER PRODUCTS		133,479
LEGAL SERVICES - 0.00%
	165	*	Pre-Paid Legal Services, Inc		3,932
			TOTAL LEGAL SERVICES		3,932
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
	1,104	*	Laidlaw International, Inc		14,308
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		14,308
LUMBER AND WOOD PRODUCTS - 0.11%
	40		American Woodmark Corp		2,394
	749	*	Champion Enterprises, Inc		6,876
	100		Deltic Timber Corp		3,840
	2,711		Georgia-Pacific Corp		100,253
	100	*	Modtech Holdings, Inc		772
	556		Rayonier, Inc		24,714
	100		Skyline Corp		4,065
	200		Universal Forest Products, Inc		6,450
			TOTAL LUMBER AND WOOD PRODUCTS		149,364

68

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
METAL MINING - 0.25%
	100	*	Cleveland-Cliffs, Inc		5,639
	2,760	*	Coeur D’alene Mines Corp		11,261
	1,596		Freeport-McMoRan Copper & Gold, Inc (Class A)		52,907
	1,152	*	Hecla Mining Co		6,566
	4,244		Newmont Mining Corp		164,497
	972		Phelps Dodge Corp		75,340
	168		Royal Gold, Inc		2,381
	113		Southern Peru Copper Corp		4,670
	345	*	Stillwater Mining Co		5,178
			TOTAL METAL MINING		328,439
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
	300		Blyth, Inc		10,347
	625		Callaway Golf Co		7,088
	149	*	Daktronics, Inc		3,718
	1,667		Hasbro, Inc		31,673
	1,200	*	Identix, Inc		8,964
	211	*	Jakks Pacific, Inc		4,387
	300	*	K2, Inc		4,710
	256	*	Leapfrog Enterprises, Inc		5,092
	100	*	Lydall, Inc		977
	4,580		Mattel, Inc		83,585
	275		Nautilus Group, Inc		5,365
	200	*	Oneida Ltd		324
	89		Penn Engineering & Manufacturing Corp		1,908
	141	*	RC2 Corp		5,006
	100		Russ Berrie & Co, Inc		1,943
	262	*	Shuffle Master, Inc		9,513
	100	*	Steinway Musical Instruments, Inc		3,509
	529	*	Yankee Candle Co, Inc		15,473
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		203,582
MISCELLANEOUS RETAIL - 1.45%
	198	*	1-800-Flowers.com, Inc (Class A)		1,612
	110	*	AC Moore Arts & Crafts, Inc		3,026
	247	*	Alloy, Inc		1,519
	3,130	*	Amazon.com, Inc		170,272
	565	*	Barnes & Noble, Inc		19,199
	134	*	Big 5 Sporting Goods Corp		3,509
	73		Blair Corp		2,110
	900		Borders Group, Inc		21,096
	200		Cash America International, Inc		4,600
	225	*	Coldwater Creek, Inc		5,956
	4,306		CVS Corp		180,938
	266	*	Dick’s Sporting Goods, Inc		8,871
	333	*	Drugstore.com, Inc		1,162
	265	*	Duane Reade, Inc		4,327
	5,507	*	eBay, Inc		506,369
	178		Friedman’s, Inc (Class A)		564
	95	*	Galyans Trading Co, Inc		1,585
	200		Hancock Fabrics, Inc		2,550
	249	*	Hibbett Sporting Goods, Inc		6,810
	318	*	Jill (J.) Group, Inc		7,502
	300		Longs Drug Stores Corp		7,161

69

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	757	*	Marvel Enterprises, Inc		14,777
	800		Michaels Stores, Inc		44,000
	344		MSC Industrial Direct Co (Class A)		11,297
	3,250	*	Office Depot, Inc		58,208
	1,073		Omnicare, Inc		45,935
	93	*	Overstock.com, Inc		3,634
	106	*	Party City Corp		1,324
	100	*	PC Connection, Inc		658
	438	*	Petco Animal Supplies, Inc		14,108
	1,575		Petsmart, Inc		51,109
	254	*	Priceline.com, Inc		6,840
	5,131	*	Rite Aid Corp		26,784
	99	*	Sharper Image Corp		3,108
	195	*	Sports Authority, Inc		7,001
	192		Stamps.com, Inc		1,956
	5,396		Staples, Inc		158,157
	1,527		Tiffany & Co		56,270
	2,226	*	Toys ‘R’ Us, Inc		35,460
	180	*	Valuevision International, Inc (Class A)		2,344
	10,989		Walgreen Co		397,912
	102	*	Whitehall Jewellers, Inc		763
	81		World Fuel Services Corp		3,651
	490	*	Zale Corp		13,357
			TOTAL MISCELLANEOUS RETAIL		1,919,391
MOTION PICTURES - 1.29%
	300	*	AMC Entertainment, Inc		4,611
	336	*	Avid Technology, Inc		18,336
	400		Blockbuster, Inc (Class A)		6,072
	100		Carmike Cinemas, Inc		3,945
	500	*	Hollywood Entertainment Corp		6,680
	28,825	*	Liberty Media Corp (Class A)		259,137
	708		Metro-Goldwyn-Mayer, Inc		8,567
	255		Movie Gallery, Inc		4,985
	371	*	NetFlix, Inc		13,337
	145	*	Reading International, Inc		1,262
	364		Regal Entertainment Group (Class A)		6,588
	46,561	*	Time Warner, Inc		818,542
	21,808		Walt Disney Co		555,886
			TOTAL MOTION PICTURES		1,707,948
NONDEPOSITORY INSTITUTIONS - 2.28%
	102	*	Accredited Home Lenders Holding Co		2,871
	200		Advanta Corp (Class A)		4,386
	736		American Capital Strategies Ltd		20,623
	12,022		American Express Co		617,690
	1,675	*	AmeriCredit Corp		32,713
	2,549		Capital One Financial Corp		174,301
	628	*	CapitalSource, Inc		15,355
	555		CharterMac		10,911
	2,251		CIT Group, Inc		86,191
	100	*	CompuCredit Corp		1,730
	2,952		Countrywide Financial Corp		207,378
	100	*	Credit Acceptance Corp		1,507
	859		Doral Financial Corp		29,636
	471	*	E-Loan, Inc		1,272

70

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	10,322		Fannie Mae		736,578
	60		Federal Agricultural Mortgage Corp (Class C)		1,436
	183	*	Financial Federal Corp		6,453
	125	*	First Cash Financial Services, Inc		2,660
	187	*	First Marblehead Corp		7,529
	7,341		Freddie Mac		464,685
	12,025		MBNA Corp		310,125
	185		MCG Capital Corp		2,845
	270	*	Metris Cos, Inc		2,346
	350		New Century Financial Corp		16,387
	3,096	*	Providian Financial Corp		45,418
	258	*	Saxon Capital, Inc		5,890
	4,667		SLM Corp		188,780
	29		Student Loan Corp		3,959
	242		Westcorp		10,999
	90	*	WFS Financial, Inc		4,456
	100	*	World Acceptance Corp		1,833
			TOTAL NONDEPOSITORY INSTITUTIONS		3,018,943
NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
	200		Amcol International Corp		3,790
	160		Compass Minerals International, Inc		3,101
	1,058		Vulcan Materials Co		50,308
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		57,199
OIL AND GAS EXTRACTION - 1.64%
	2,682		Anadarko Petroleum Corp		157,165
	3,392		Apache Corp		147,722
	69	*	Atwood Oceanics, Inc		2,881
	200		Berry Petroleum Co (Class A)		5,882
	1,711	*	BJ Services Co		78,432
	4,302		Burlington Resources, Inc		155,646
	350		Cabot Oil & Gas Corp (Class A)		14,805
	500	*	Cal Dive International, Inc		15,160
	201	*	Cheniere Energy, Inc		3,934
	2,575		Chesapeake Energy Corp		37,904
	514	*	Cimarex Energy Co		15,538
	300	*	Comstock Resources, Inc		5,838
	581	*	Denbury Resources, Inc		12,172
	2,551		Devon Energy Corp		168,366
	630		Diamond Offshore Drilling, Inc		15,013
	238	*	Encore Acquisition Co		6,640
	164	*	Energy Partners Ltd		2,509
	1,653		ENSCO International, Inc		48,102
	1,267		EOG Resources, Inc		75,653
	550	*	Evergreen Resources, Inc		22,220
	480	*	Forest Oil Corp		13,114
	500	*	FX Energy, Inc		4,455
	900	*	Global Industries Ltd		5,148
	1,800	*	Grey Wolf, Inc		7,632
	817	*	Hanover Compressor Co		9,722
	318	*	Harvest Natural Resources, Inc		4,741
	586		Helmerich & Payne, Inc		15,324
	278	*	Horizon Offshore, Inc		275
	153	*	Houston Exploration Co		7,932
	358	*	KCS Energy, Inc		4,769

71

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	1,406		Kerr-McGee Corp		75,601
	1,400	*	Key Energy Services, Inc		13,216
	705	*	Magnum Hunter Resources, Inc		7,318
	43	*	Magnum Hunter Resources, Inc Wts 03/21/05		22
	3,637		Marathon Oil Corp		137,624
	124	*	McMoRan Exploration Co		1,932
	371	*	Meridian Resource Corp		2,575
	431	*	Mission Resources Corp		2,457
	600	*	Newfield Exploration Co		33,444
	1,000	*	Newpark Resources, Inc		6,200
	615		Noble Energy, Inc		31,365
	4,149		Occidental Petroleum Corp		200,853
	200	*	Oceaneering International, Inc		6,850
	700	*	Parker Drilling Co		2,674
	750		Patina Oil & Gas Corp		22,403
	900		Patterson-UTI Energy, Inc		30,069
	220		Penn Virginia Corp		7,944
	165	*	Petroleum Development Corp		4,524
	1,277		Pioneer Natural Resources Co		44,797
	819	*	Plains Exploration & Production Co		15,029
	706		Pogo Producing Co		34,876
	1,382	*	Pride International, Inc		23,646
	100	*	Prima Energy Corp		3,957
	157	*	Quicksilver Resources, Inc		10,530
	757		Range Resources Corp		11,052
	219	*	Remington Oil & Gas Corp		5,168
	1,179	*	Rowan Cos, Inc		28,685
	100		RPC, Inc		1,579
	160	*	Seacor Smit, Inc		7,029
	500	*	Southwestern Energy Co		14,335
	260	*	Spinnaker Exploration Co		10,239
	300		St. Mary Land & Exploration Co		10,695
	239	*	Stone Energy Corp		10,918
	400	*	Superior Energy Services, Inc		4,020
	270	*	Swift Energy Co		5,956
	237	*	Tetra Technologies, Inc		6,363
	645		Tidewater, Inc		19,221
	200	*	Transmontaigne, Inc		1,076
	401	*	Unit Corp		12,611
	2,768		Unocal Corp		105,184
	970	*	Varco International, Inc		21,233
	300	*	Veritas DGC, Inc		6,945
	500		Vintage Petroleum, Inc		8,485
	237	*	W-H Energy Services, Inc		4,645
	189	*	Whiting Petroleum Corp		4,753
	2,674		XTO Energy, Inc		79,658
			TOTAL OIL AND GAS EXTRACTION		2,164,450
PAPER AND ALLIED PRODUCTS - 0.74%
	1,090		Bemis Co		30,793
	897		Boise Cascade Corp		33,763
	591		Bowater, Inc		24,580
	200	*	Buckeye Technologies, Inc		2,300
	200	*	Caraustar Industries, Inc		2,822
	151		Chesapeake Corp		4,029
	397		Glatfelter		5,590

72

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	556	*	Graphic Packaging Corp		4,809
	136		Greif, Inc (Class A)		5,746
	5,132		International Paper Co		229,400
	5,350		Kimberly-Clark Corp		352,458
	500	*	Longview Fibre Co		7,365
	2,133		MeadWestvaco Corp		62,689
	600		Packaging Corp Of America		14,340
	1,683	*	Pactiv Corp		41,974
	200	*	Playtex Products, Inc		1,564
	200		Pope & Talbot, Inc		3,954
	300		Potlatch Corp		12,492
	390		Rock-Tenn Co (Class A)		6,611
	136		Schweitzer-Mauduit International, Inc		4,166
	2,686	*	Smurfit-Stone Container Corp		53,586
	1,093		Sonoco Products Co		27,872
	569		Temple-Inland, Inc		39,403
	334		Wausau-Mosinee Paper Corp		5,778
			TOTAL PAPER AND ALLIED PRODUCTS		978,084
PERSONAL SERVICES - 0.18%
	367	*	Alderwoods Group, Inc		4,477
	79		Angelica Corp		1,984
	1,291		Cintas Corp		61,542
	200	*	Coinstar, Inc		4,394
	66		CPI Corp		972
	187		G & K Services, Inc (Class A)		7,516
	1,887		H & R Block, Inc		89,972
	442		Regis Corp		19,709
	3,415	*	Service Corp International		25,169
	100		Unifirst Corp		2,909
	450	*	Weight Watchers International, Inc		17,613
			TOTAL PERSONAL SERVICES		236,257
PETROLEUM AND COAL PRODUCTS - 3.89%
	825		Amerada Hess Corp		65,332
	738		Ashland, Inc		38,974
	11,391		ChevronTexaco Corp		1,072,007
	7,245		ConocoPhillips		552,721
	200		ElkCorp		4,788
	69,564	d	ExxonMobil Corp		3,089,337
	300		Frontier Oil Corp		6,357
	274	*	Headwaters, Inc		7,105
	100		Holly Corp		3,740
	585		Lubrizol Corp		21,423
	1,500		Lyondell Chemical Co		26,085
	876		Murphy Oil Corp		64,561
	465	*	Premcor, Inc		17,438
	846		Sunoco, Inc		53,823
	747	*	Tesoro Petroleum Corp		20,617
	1,407		Valero Energy Corp		103,780
	174		WD-40 Co		5,210
			TOTAL PETROLEUM AND COAL PRODUCTS		5,153,298
PRIMARY METAL INDUSTRIES - 0.54%
	1,000	*	AK Steel Holding Corp		5,270
	9,203		Alcoa, Inc		303,975

73

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	900		Allegheny Technologies, Inc		16,245
	1,708	*	Andrew Corp		34,177
	200		Belden, Inc		4,286
	100	*	Brush Engineered Materials, Inc		1,890
	400	*	Cable Design Technologies Corp		4,240
	200		Carpenter Technology Corp		6,810
	100	*	Century Aluminum Co		2,479
	572	*	CommScope, Inc		12,269
	200		Curtiss-Wright Corp		11,238
	100	*	Encore Wire Corp		2,757
	1,379		Engelhard Corp		44,555
	300	*	General Cable Corp		2,565
	167		Gibraltar Steel Corp		5,481
	181	*	International Steel Group, Inc		5,385
	262	*	Lone Star Technologies, Inc		7,221
	272		Matthews International Corp (Class A)		8,960
	450	*	Maverick Tube Corp		11,817
	372		Mueller Industries, Inc		13,318
	100		NN, Inc		1,271
	200	*	NS Group, Inc		3,288
	817		Nucor Corp		62,713
	282	*	Oregon Steel Mills, Inc		4,157
	651		Precision Castparts Corp		35,603
	224		Quanex Corp		10,909
	200	*	RTI International Metals, Inc		3,190
	200		Ryerson Tull, Inc		3,176
	141		Schnitzer Steel Industries, Inc (Class A)		4,788
	346	*	Steel Dynamics, Inc		9,906
	200		Texas Industries, Inc		8,234
	314		Tredegar Corp		5,065
	1,205		United States Steel Corp		42,320
	600		Worthington Industries, Inc		12,318
			TOTAL PRIMARY METAL INDUSTRIES		711,876
PRINTING AND PUBLISHING - 0.83%
	600	*	American Greetings Corp (Class A)		13,908
	230		Banta Corp		10,214
	1,155		Belo (A.H.) Corp Series A		31,012
	300		Bowne & Co, Inc		4,755
	300	*	Cenveo, Inc		879
	100	*	Consolidated Graphics, Inc		4,405
	49		Courier Corp		2,045
	52		CSS Industries, Inc		1,822
	594		Dow Jones & Co, Inc		26,789
	149		Ennis Business Forms, Inc		2,906
	2,882		Gannett Co, Inc		244,538
	268		Harland (John H.) Co		7,866
	700		Harte-Hanks, Inc		17,087
	621		Hollinger International, Inc		10,427
	112	*	Information Holdings, Inc		3,065
	215		Journal Communications, Inc		4,048
	446	*	Journal Register Co		8,920
	855		Knight Ridder, Inc		61,560
	478		Lee Enterprises, Inc		22,949
	100	*	Martha Stewart Living Omnimedia, Inc (Class A)		900
	169		McClatchy Co (Class A)		11,855

74

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	2,052		McGraw-Hill Cos, Inc		157,122
	232		Media General, Inc (Class A)		14,899
	400		Meredith Corp		21,984
	1,507		New York Times Co (Class A)		67,378
	100	*	Playboy Enterprises, Inc (Class B)		1,161
	1,202	*	Primedia, Inc		3,342
	83		Pulitzer, Inc		4,059
	2,310		R.R. Donnelley & Sons Co		76,276
	973		Reader’s Digest Association, Inc (Class A)		15,558
	300	*	Scholastic Corp		8,985
	309		Scripps (E.W.) Co (Class A)		32,445
	235		Standard Register Co		2,797
	200		Thomas Nelson, Inc		4,548
	2,616		Tribune Co		119,133
	554	*	Valassis Communications, Inc		16,880
	57		Washington Post Co (Class B)		53,011
	400		Wiley (John) & Sons, Inc (Class A)		12,800
			TOTAL PRINTING AND PUBLISHING		1,104,328
RAILROAD TRANSPORTATION - 0.38%
	3,924		Burlington Northern Santa Fe Corp		137,615
	2,242		CSX Corp		73,470
	179		Florida East Coast Industries		6,918
	159	*	Genesee & Wyoming, Inc (Class A)		3,768
	850	*	Kansas City Southern Industries, Inc		13,175
	4,064		Norfolk Southern Corp		107,777
	2,735		Union Pacific Corp		162,596
			TOTAL RAILROAD TRANSPORTATION		505,319
REAL ESTATE - 0.08%
	39	*	Avatar Holdings, Inc		1,622
	1,199		Catellus Development Corp		29,555
	59		Consolidated-Tomoka Land Co		2,228
	330		Forest City Enterprises, Inc (Class A)		17,490
	300	*	Jones Lang LaSalle, Inc		8,130
	200		LNR Property Corp		10,850
	588		St. Joe Co		23,344
	1,142	*	Stewart Enterprises, Inc (Class A)		9,296
	71	*	Tarragon Realty Investors, Inc		1,047
	325	*	Trammell Crow Co		4,583
			TOTAL REAL ESTATE		108,145
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS - 0.22%
	101	*	Applied Films Corp		2,931
	389		Aptargroup, Inc		16,995
	100		Bandag, Inc		4,453
	600		Cooper Tire & Rubber Co		13,800
	100	*	Deckers Outdoor Corp		2,949
	1,909	*	Goodyear Tire & Rubber Co		17,353
	226	*	Jarden Corp		8,134
	151		Myers Industries, Inc		2,129
	1,719		Nike, Inc (Class B)		130,214
	61		Quixote Corp		1,223
	524		Reebok International Ltd		18,854
	353		Schulman (A.), Inc		7,586
	891	*	Sealed Air Corp		47,464

75

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	100	*	Skechers U.S.A., Inc (Class A)		1,300
	267		Spartech Corp		6,926
	60	*	Trex Co, Inc		2,265
	500		Tupperware Corp		9,715
	100	*	Vans, Inc		2,055
			TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS		296,346
SECURITY AND COMMODITY BROKERS - 1.92%
	850		A.G. Edwards, Inc		28,926
	300	*	Affiliated Managers Group, Inc		15,111
	2,446	*	Ameritrade Holding Corp		27,762
	1,086		Bear Stearns Cos, Inc		91,561
	216		Blackrock, Inc		13,787
	10,731		Charles Schwab Corp		103,125
	351		Chicago Mercantile Exchange		50,674
	3,766	*	E*Trade Financial Corp		41,991
	794		Eaton Vance Corp		30,339
	943		Federated Investors, Inc (Class B)		28,611
	70		First Albany Cos, Inc		703
	1,770		Franklin Resources, Inc		88,642
	69		Gabelli Asset Management, Inc (Class A)		2,933
	3,464		Goldman Sachs Group, Inc		326,170
	1,578	*	Instinet Group, Inc		8,332
	452	*	Investment Technology Group, Inc		5,781
	671		Investors Financial Services Corp		29,242
	2,626		Janus Capital Group, Inc		43,303
	498		Jefferies Group, Inc		15,398
	1,234	*	Knight Trading Group, Inc		12,365
	600	*	LaBranche & Co, Inc		5,052
	716		Legg Mason, Inc		65,163
	2,926		Lehman Brothers Holdings, Inc		220,182
	10,163		Merrill Lynch & Co, Inc		548,599
	11,662		Morgan Stanley		615,404
	257		Nuveen Investments, Inc		6,888
	190	*	Piper Jaffray Cos		8,594
	600		Raymond James Financial, Inc		15,870
	680		SEI Investments Co		19,747
	121		SWS Group, Inc		1,851
	1,130		T Rowe Price Group, Inc		56,952
	877		Waddell & Reed Financial, Inc (Class A)		19,390
			TOTAL SECURITY AND COMMODITY BROKERS		2,548,448
SOCIAL SERVICES - 0.01%
	125	*	Bright Horizons Family Solutions, Inc		6,701
			TOTAL SOCIAL SERVICES		6,701
SPECIAL TRADE CONTRACTORS - 0.03%
	591	*	Bookham Technology plc (Spon ADR)		567
	100		Chemed Corp		4,850
	409	*	Comfort Systems U.S.A., Inc		2,614
	650	*	Dycom Industries, Inc		18,200
	136	*	EMCOR Group, Inc		5,981
	333	*	Integrated Electrical Services, Inc		2,681
	168	*	Matrix Service Co		1,537
	1,376	*	Quanta Services, Inc		8,559
			TOTAL SPECIAL TRADE CONTRACTORS		44,989

76

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.21%
	54		Ameron International Corp		1,843
	311		Apogee Enterprises, Inc		3,234
	280	*	Cabot Microelectronics Corp		8,571
	135		CARBO Ceramics, Inc		9,214
	14,483	*	Corning, Inc		189,148
	128		Eagle Materials, Inc		9,091
	94		Eagle Materials, Inc (Class B)		6,510
	273		Florida Rock Industries, Inc		11,512
	300		Lafarge North America, Inc		12,990
	141		Libbey, Inc		3,914
	1,252	*	Owens-Illinois, Inc		20,984
	385	b*	USG Corp		6,768
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		283,779
TOBACCO PRODUCTS - 0.94%
	21,777		Altria Group, Inc		1,089,939
	561		Loews Corp (Carolina Group)		13,773
	912		R.J. Reynolds Tobacco Holdings, Inc		61,642
	241		Universal Corp (Virginia)		12,277
	1,753		UST, Inc		63,108
	231		Vector Group Ltd		3,638
			TOTAL TOBACCO PRODUCTS		1,244,377
TRANSPORTATION BY AIR - 0.41%
	995	*	Airtran Holdings, Inc		14,069
	248	*	Alaska Air Group, Inc		5,920
	313	*	America West Holdings Corp (Class B)		2,842
	1,700	*	AMR Corp		20,587
	438	*	Atlantic Coast Airlines Holdings, Inc		2,514
	620	*	Continental Airlines, Inc (Class B)		7,049
	900	*	Delta Air Lines, Inc		6,408
	276	*	ExpressJet Holdings, Inc		3,351
	3,193		FedEx Corp		260,836
	193	*	Forward Air Corp		7,218
	550	*	Frontier Airlines, Inc		5,984
	1,027	*	JetBlue Airways Corp		30,173
	100	*	MAIR Holdings, Inc		816
	200	*	Mesa Air Group, Inc		1,618
	668	*	Northwest Airlines Corp		7,428
	181	*	Offshore Logistics, Inc		5,090
	38	*	Petroleum Helicopters (Vote)		732
	400	*	Pinnacle Airlines Corp		4,520
	600		Skywest, Inc		10,446
	8,318		Southwest Airlines Co		139,493
			TOTAL TRANSPORTATION BY AIR		537,094
TRANSPORTATION EQUIPMENT - 2.58%
	335	*	AAR Corp		3,802
	148	*	Aftermarket Technology Corp		2,442
	449		American Axle & Manufacturing Holdings, Inc		16,326
	200		Arctic Cat, Inc		5,506
	738		ArvinMeritor, Inc		14,443
	1,039		Autoliv, Inc		43,846
	394	*	BE Aerospace, Inc		2,987

77

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	8,938		Boeing Co		456,642
	975		Brunswick Corp		39,780
	270		Clarcor, Inc		12,366
	200		Coachmen Industries, Inc		3,198
	50		Curtiss-Wright Corp (Class B)		2,689
	1,700		Dana Corp		33,320
	5,341		Delphi Corp		57,042
	63	*	Ducommun, Inc		1,347
	100	*	Dura Automotive Systems, Inc		915
	400		Federal Signal Corp		7,444
	570	*	Fleetwood Enterprises, Inc		8,294
	18,788		Ford Motor Co		294,032
	300		GenCorp, Inc		4,017
	2,103		General Dynamics Corp		208,828
	4,885		General Motors Corp		227,592
	900		Gentex Corp		35,712
	1,900		Genuine Parts Co		75,392
	1,292		Goodrich Corp		41,770
	3,167		Harley-Davidson, Inc		196,164
	401	*	Hayes Lemmerz International, Inc		6,055
	100		Heico Corp		1,825
	10		Heico Corp (Class A)		140
	9,100		Honeywell International, Inc		333,333
	200		Kaman Corp (Class A)		2,798
	3,959		Lockheed Martin Corp		206,185
	220		Monaco Coach Corp		6,197
	654	*	Navistar International Corp		25,349
	3,758		Northrop Grumman Corp		201,805
	350		Oshkosh Truck Corp		20,059
	1,842		Paccar, Inc		106,818
	457		Polaris Industries, Inc		21,936
	89	*	Sequa Corp (Class A)		5,204
	200	*	Sports Resorts International, Inc		760
	100		Standard Motor Products, Inc		1,473
	32	*	Strattec Security Corp		2,190
	200		Superior Industries International, Inc		6,690
	285	*	Teledyne Technologies, Inc		5,706
	347	*	Tenneco Automotive, Inc		4,591
	1,238		Textron, Inc		73,475
	400		Thor Industries, Inc		13,384
	329		Trinity Industries, Inc		10,459
	129	*	Triumph Group, Inc		4,119
	187	*	TRW Automotive Holdings Corp		3,525
	496	*	United Defense Industries, Inc		17,360
	5,479		United Technologies Corp		501,219
	1,203		Visteon Corp		14,039
	270	*	Wabash National Corp		7,439
	304		Wabtec Corp		5,484
	200		Winnebago Industries, Inc		7,456
			TOTAL TRANSPORTATION EQUIPMENT		3,412,969
TRANSPORTATION SERVICES - 0.13%
	52		Ambassadors Group, Inc		1,223
	891		C.H. Robinson Worldwide, Inc		40,843
	300	*	EGL, Inc		7,980
	1,092		Expeditors International Of Washington, Inc		53,956

78

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	438		GATX Corp		11,914
	100	*	Navigant International, Inc		1,779
	130	*	Orbitz, Inc (Class A)		2,811
	400	*	Pacer International, Inc		7,400
	262	*	RailAmerica, Inc		3,825
	1,430		Sabre Holdings Corp		39,625
			TOTAL TRANSPORTATION SERVICES		171,356
TRUCKING AND WAREHOUSING - 0.46%
	200		Arkansas Best Corp		6,584
	612		CNF, Inc		25,435
	100	*	Covenant Transport, Inc (Class A)		1,709
	252		Heartland Express, Inc		6,895
	636		Hunt (J.B.) Transport Services, Inc		24,537
	380	*	Landstar System, Inc		20,091
	175	*	Old Dominion Freight Line		5,159
	253		Overnite Corp		7,438
	60	*	P.A.M. Transportation Services		1,146
	133	*	SCS Transportation, Inc		3,510
	215	*	Sirva, Inc		4,945
	670	*	Swift Transportation Co, Inc		12,027
	200	*	U.S. Xpress Enterprises, Inc (Class A)		3,146
	6,058		United Parcel Service, Inc (Class B)		455,380
	247		USF Corp		8,677
	457		Werner Enterprises, Inc		9,643
	477	*	Yellow Roadway Corp		19,013
			TOTAL TRUCKING AND WAREHOUSING		615,335
WATER TRANSPORTATION - 0.03%
	400		Alexander & Baldwin, Inc		13,380
	200	*	Gulfmark Offshore, Inc		3,156
	256	*	Kirby Corp		9,958
	73		Maritrans, Inc		1,099
	300		Overseas Shipholding Group, Inc		13,239
	123	*	Seabulk International, Inc		1,015
			TOTAL WATER TRANSPORTATION		41,847
WHOLESALE TRADE-DURABLE GOODS - 1.76%
	100	*	1-800 Contacts, Inc		1,484
	162		Action Performance Cos, Inc		2,441
	200		Agilysys, Inc		2,758
	107	*	Alliance Imaging, Inc		489
	356		Anixter International, Inc		12,115
	934	*	Apogent Technologies, Inc		29,888
	200		Applied Industrial Technologies, Inc		6,024
	1,174	*	Arrow Electronics, Inc		31,487
	200	*	Audiovox Corp (Class A)		3,376
	208	*	Aviall, Inc		3,954
	1,339	*	Avnet, Inc		30,395
	100		Barnes Group, Inc		2,898
	186	*	BioVeris Corp		1,548
	592		BorgWarner, Inc		25,912
	164	*	Boyds Collection Ltd		544
	205	*	Brightpoint, Inc		2,819
	309		Carlisle Cos, Inc		19,235
	642		CDW Corp		40,934

79

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	309		Commercial Metals Co		10,027
	300	*	Compucom Systems, Inc		1,362
	101	*	Department 56, Inc		1,555
	256	*	Global Imaging Systems, Inc		9,385
	251		Handleman Co		5,813
	300		Hughes Supply, Inc		17,679
	1,300		IKON Office Solutions, Inc		14,911
	249	*	Imagistics International, Inc		8,815
	1,200	*	Ingram Micro, Inc (Class A)		17,364
	468	*	Insight Enterprises, Inc		8,312
	100	*	Insurance Auto Auctions, Inc		1,700
	31,586		Johnson & Johnson		1,759,340
	94	*	Keystone Automotive Industries, Inc		2,622
	180	*	Knight Transportation, Inc		5,171
	45		Lawson Products, Inc		1,717
	155	*	LKQ Corp		2,872
	483		Martin Marietta Materials, Inc		21,411
	222	*	Navarre Corp		3,195
	300		Owens & Minor, Inc		7,770
	656	*	Patterson Dental Co		50,177
	614		Pep Boys-Manny Moe & Jack		15,565
	100		Pomeroy IT Solutions, Inc		1,192
	600	*	PSS World Medical, Inc		6,720
	300		Reliance Steel & Aluminum Co		12,096
	1,256	*	Safeguard Scientifics, Inc		2,889
	133	*	Scansource, Inc		7,903
	378		SCP Pool Corp		17,010
	200	*	TBC Corp		4,760
	616	*	Tech Data Corp		24,104
	840		W.W. Grainger, Inc		48,300
	200		Watsco, Inc		5,614
	200	*	WESCO International, Inc		3,680
	437	*	Zoran Corp		8,019
			TOTAL WHOLESALE TRADE-DURABLE GOODS		2,327,351
WHOLESALE TRADE-NONDURABLE GOODS - 0.78%
	380		Acuity Brands, Inc		10,260
	100		Advanced Marketing Services, Inc		1,291
	600		Airgas, Inc		14,346
	200	*	Allscripts Healthcare Solutions, Inc		1,568
	1,164		AmerisourceBergen Corp		69,584
	644		Brown-Forman Corp (Class B)		31,086
	4,595		Cardinal Health, Inc		321,880
	109	*	Central European Distribution Corp		2,824
	330	*	Chiquita Brands International, Inc		6,904
	118		D&K Healthcare Resources, Inc		1,416
	437		DIMON, Inc		2,500
	499	*	Endo Pharmaceuticals Holdings, Inc		11,702
	164		Getty Realty Corp		4,126
	217	*	Hain Celestial Group, Inc		3,928
	468	*	Henry Schein, Inc		29,550
	100		Kenneth Cole Productions, Inc (Class A)		3,427
	3,057		McKesson Corp		104,947
	283	*	Men’s Wearhouse, Inc		7,468
	214	*	Metals USA, Inc		3,826
	80		Nash Finch Co		2,002

80

TIAA-CREF Life Funds — Stock Index Fund

SHARES/
PRINCIPAL				VALUE
	559		Nu Skin Enterprises, Inc (Class A)		14,154
	493	*	Performance Food Group Co		13,084
	600		Perrigo Co		11,382
	200	*	Plains Resources, Inc		3,390
	363	*	Priority Healthcare Corp (Class B)		8,331
	277		Russell Corp		4,975
	171	*	School Specialty, Inc		6,209
	100	*	Smart & Final, Inc		1,202
	100		Standard Commercial Corp		1,805
	400		Stride Rite Corp		4,412
	1,397		Supervalu, Inc		42,762
	6,838		Sysco Corp		245,197
	292	*	Tractor Supply Co		12,211
	350	*	United Natural Foods, Inc		10,119
	360	*	United Stationers, Inc		14,299
	193		Valhi, Inc		2,194
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,030,361
			TOTAL COMMON STOCKS (Cost $139,867,105)		130,685,533
SHORT TERM INVESTMENTS- 1.60%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES- 1.60%
$	2,120,000		Federal Home Loan Bank (FHLB)
			1.000%, 07/01/04		2,119,930
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,119,930
			TOTAL SHORT TERM INVESTMENTS (Cost $2,119,926)		2,119,930
			TOTAL PORTFOLIO - 100.23% (Cost $141,987,651)		132,806,232
			OTHER ASSETS & LIABILITIES, NET — (0.23%)		(309,379	)
			NET ASSETS - 100.00%	$	132,496,853
		*	Non-income producing
		b	In bankruptcy
		d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.
		f	Security valued at fair value.
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

81

TIAA-CREF Life Funds — Social Choice Equity Fund

TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

SHARES				VALUE
PREFERRED STOCKS - 0.01%
ELECTRIC, GAS, AND SANITARY SERVICES - 0.01%
	841	*	NiSource, Inc (Sails)	$	2,119
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,119
			TOTAL PREFERRED STOCKS (Cost $1,708)		2,119
COMMON STOCKS - 99.13%
AMUSEMENT AND RECREATION SERVICES - 0.02%
	200	*	Gaylord Entertainment Co		6,278
			TOTAL AMUSEMENT AND RECREATION SERVICES		6,278
APPAREL AND ACCESSORY STORES - 0.50%
	100	*	Charming Shoppes, Inc		893
	400		Foot Locker, Inc		9,736
	2,191		Gap, Inc		53,132
	400		Nordstrom, Inc		17,044
	400		Ross Stores, Inc		10,704
	1,700		TJX Cos, Inc		41,038
			TOTAL APPAREL AND ACCESSORY STORES		132,547
APPAREL AND OTHER TEXTILE PRODUCTS - 0.23%
	900	*	Collins & Aikman Corp		5,031
	300		Liz Claiborne, Inc		10,794
	200		Oxford Industries, Inc		8,712
	200		Phillips-Van Heusen Corp		3,850
	667		VF Corp		32,483
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		60,870
AUTO REPAIR, SERVICES AND PARKING - 0.01%
	68		Ryder System, Inc		2,725
			TOTAL AUTO REPAIR, SERVICES AND PARKING		2,725
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
	200	*	Autozone, Inc		16,020
	228	*	Carmax, Inc		4,986
	400	*	Rush Enterprises, Inc		5,160
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		26,166
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.32%
	7,028		Home Depot, Inc		247,386
	2,000		Lowe’s Cos		105,100
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		352,486

82

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
BUSINESS SERVICES - 6.44%
	300	*	24/7 Real Media, Inc		1,683
	1,900	*	3Com Corp		11,875
	551		Adobe Systems, Inc		25,622
	257	*	Akamai Technologies, Inc		4,613
	100	*	Aspect Communications Corp		1,420
	2,483		Automatic Data Processing, Inc		103,988
	733	*	BEA Systems, Inc		6,025
	271	*	Bisys Group, Inc		3,810
	100	*	Blue Coat Systems, Inc		3,349
	379	*	BMC Software, Inc		7,012
	500	*	Brocade Communications Systems, Inc		2,990
	550	*	Cadence Design Systems, Inc		8,047
	500	*	Ceridian Corp		11,250
	200		Certegy, Inc		7,760
	100	*	Checkfree Corp		3,000
	190	*	Ciber, Inc		1,562
	190	*	Citrix Systems, Inc		3,868
	274	*	CNET Networks, Inc		3,033
	420	*	Cognizant Technology Solutions Corp		10,672
	593	*	Compuware Corp		3,914
	700	*	Convergys Corp		10,780
	100	*	CSG Systems International, Inc		2,070
	400	*	DST Systems, Inc		19,236
	200	*	Dun & Bradstreet Corp		10,782
	600	*	Electronic Arts, Inc		32,730
	2,351		Electronic Data Systems Corp		45,022
	100	*	Equinix, Inc		3,394
	700	*	Fiserv, Inc		27,223
	46	*	Getty Images, Inc		2,760
	200		Henry (Jack) & Associates, Inc		4,020
	850		IMS Health, Inc		19,924
	1,100	*	Innovative Solutions & Support, Inc		21,472
	424	*	Intuit, Inc		16,358
	164	*	Iron Mountain, Inc		7,915
	1,295	*	Juniper Networks, Inc		31,818
	100	*	Keynote Systems, Inc		1,375
	300	*	Lamar Advertising Co		13,005
	100		Manpower, Inc		5,077
	24,800		Microsoft Corp		708,288
	544	*	Monster Worldwide, Inc		13,992
	100	*	National Processing, Inc		2,875
	900	*	Novell, Inc		7,551
	800		Omnicom Group, Inc		60,712
	9,300	*	Oracle Corp		110,949
	500	*	Peoplesoft, Inc		9,250
	300	*	Perot Systems Corp (Class A)		3,981
	100	*	Pixar		6,951
	20	*	Portal Software, Inc		73
	300	*	Red Hat, Inc		6,891
	600		Robert Half International, Inc		17,862
	500	*	Sapient Corp		3,005
	86	*	Scansoft, Inc		426
	1,000	*	Siebel Systems, Inc		10,680
	520	*	Spherion Corp		5,273
	8,700	*	Sun Microsystems, Inc		37,758
	879	*	SunGard Data Systems, Inc		22,854

83

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	554	*	Symantec Corp		24,254
	170	*	Synopsys, Inc		4,833
	700		Total System Services, Inc		15,330
	600	*	Unisys Corp		8,328
	200	*	Universal Compression Holdings, Inc		6,136
	700	*	VeriSign, Inc		13,930
	900	*	Veritas Software Corp		24,930
	2,500	*	Yahoo!, Inc		90,825
			TOTAL BUSINESS SERVICES		1,718,391
CHEMICALS AND ALLIED PRODUCTS - 9.82%
	200	*	Abgenix, Inc		2,344
	71	*	Able Laboratories, Inc		1,460
	100	*	Adolor Corp		1,268
	1,300		Air Products & Chemicals, Inc		68,185
	100	*	Alexion Pharmaceuticals, Inc		1,860
	100	*	Alkermes, Inc		1,360
	900		Allergan, Inc		80,568
	449		Alpharma, Inc (Class A)		9,196
	100	*	American Pharmaceutical Partners, Inc		3,038
	3,776	*	Amgen, Inc		206,056
	200	*	Amylin Pharmaceuticals, Inc		4,560
	100	*	Atherogenics, Inc		1,903
	300	*	Atrix Laboratories, Inc		10,284
	1,000		Avery Dennison Corp		64,010
	1,000		Avon Products, Inc		46,140
	525	*	Barr Pharmaceuticals, Inc		17,693
	600	*	Benthley Pharmaceuticals, Inc		8,244
	200	*	Bioenvision, Inc		1,752
	874	*	Biogen Idec, Inc		55,281
	400	*	BioMarin Pharmaceutical, Inc		2,400
	100	*	Biosite, Inc		4,492
	524	*	Bone Care International, Inc		12,272
	200	*	Bradley Pharmaceuticals, Inc		5,580
	325		Cabot Corp		13,228
	300	*	Cell Therapeutics, Inc		2,211
	100	*	Cephalon, Inc		5,400
	200	*	Chattem, Inc		5,774
	300	*	Cima Labs, Inc		10,119
	639		Clorox Co		34,365
	1,703		Colgate-Palmolive Co		99,540
	200	*	Cubist Pharmaceuticals, Inc		2,220
	200	*	Cytogen Corp		3,180
	100	*	Dendreon Corp		1,225
	474		Diagnostic Products Corp		20,828
	93	*	Digene Corp		3,397
	518	*	Dov Pharmaceutical, Inc		7,231
	3,076	*	Durect Corp		10,735
	200	*	Dusa Pharmaceuticals, Inc		1,900
	1,600		Ecolab, Inc		50,720
	300	*	Encysive Pharmaceuticals, Inc		2,550
	600	*	Eon Labs, Inc		24,558
	200	*	EPIX Medical, Inc		4,220
	532	*	First Horizon Pharmaceutical		10,055
	1,400	*	Forest Laboratories, Inc		79,282
	500	*	Genaera Corp		2,100
	668	*	Genzyme Corp		31,616

84

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	300	*	Geron Corp		2,427
	547	*	Gilead Sciences, Inc		36,649
	3,814		Gillette Co		161,714
	600	*	Guilford Pharmaceuticals, Inc		2,850
	268		H.B. Fuller Co		7,611
	441	*	Hollis-Eden Pharmaceuticals		5,314
	500	*	Human Genome Sciences, Inc		5,815
	200	*	ICOS Corp		5,968
	300	*	Idexx Laboratories, Inc		18,882
	300	*	Ilex Oncology, Inc		7,497
	500	*	Immunogen, Inc		3,055
	392	*	Immunomedics, Inc		1,909
	600	*	Impax Laboratories, Inc		11,628
	100	*	Indevus Pharmaceuticals, Inc		615
	261	*	Inverness Medical Innovations, Inc		5,716
	100	*	Invitrogen Corp		7,199
	435	*	Isis Pharmaceuticals, Inc		2,497
	1,196	*	King Pharmaceuticals, Inc		13,694
	300	*	KV Pharmaceutical Co (Class A)		6,927
	327	*	Lannett Co, Inc		4,912
	234	*	Ligand Pharmaceuticals, Inc (Class B)		4,067
	200		Mannatech, Inc		1,920
	300	*	Martek Biosciences Corp		16,851
	200	*	Medarex, Inc		1,458
	600		Medicis Pharmaceutical Corp (Class A)		23,970
	668	*	MedImmune, Inc		15,631
	8,694		Merck & Co, Inc		412,965
	200	*	MGI Pharma, Inc		5,402
	800	*	Millennium Pharmaceuticals, Inc		11,040
	1,501		Mylan Laboratories, Inc		30,395
	400	*	Nabi Biopharmaceuticals		5,688
	300	*	Nektar Therapeutics		5,988
	300	*	Neose Technologies, Inc		2,499
	442	*	Noven Pharmaceuticals, Inc		9,733
	100	*	NPS Pharmaceuticals, Inc		2,100
	100	*	Nuvelo, Inc		962
	200	*	OraSure Technologies, Inc		1,946
	100	*	OSI Pharmaceuticals, Inc		7,044
	1,100	*	Pain Therapeutics, Inc		8,866
	1,870	*	Palatin Technologies, Inc		7,873
	400	*	Penwest Pharmaceuticals Co		5,124
	1,200	*	Peregrine Pharmaceuticals, Inc		1,764
	200	*	Pozen, Inc		1,368
	800	*	Praecis Pharmaceuticals, Inc		3,040
	1,350		Praxair, Inc		53,879
	9,109		Procter & Gamble Co		495,894
	227	*	Progenics Pharmaceuticals		3,823
	200	*	Protein Design Labs, Inc		3,826
	735		Rohm & Haas Co		30,561
	300	*	Salix Pharmaceuticals Ltd		9,885
	200	*	Sepracor, Inc		10,580
	500		Sigma-Aldrich Corp		29,805
	500	*	SuperGen, Inc		3,225
	200	*	Tanox, Inc		3,814
	58	*	United Therapeutics Corp		1,488
	200	*	Vaxgen, Inc		2,832
	200	*	Vertex Pharmaceuticals, Inc		2,168

85

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	700	*	Vion Pharmaceuticals, Inc		2,912
	600	*	Watson Pharmaceuticals, Inc		16,140
	400	*	Zila, Inc		1,964
	529	*	Zymogenetics, Inc		10,051
			TOTAL CHEMICALS AND ALLIED PRODUCTS		2,619,820
COMMUNICATIONS - 4.71%
	651		Alltel Corp		32,954
	2,391		AT&T Corp		34,980
	4,700	*	AT&T Wireless Services, Inc		67,304
	1,200	*	Avaya, Inc		18,948
	5,600		BellSouth Corp		146,832
	3,929	*	Comcast Corp (Class A)		110,130
	2,200	*	Comcast Corp (Special Class A)		60,742
	100	*	Infonet Services Corp (Class B)		175
	1,088	*	InterActiveCorp		32,792
	424	*	Liberty Media International, Inc		15,730
	11,900	*	Lucent Technologies, Inc		44,982
	1,000	*	Mastec, Inc		5,430
	1,525	*	Nextel Communications, Inc (Class A)		40,657
	200	*	Novatel Wireless, Inc		5,300
	100	*	NTL, Inc		5,762
	350	*	Paxson Communications Corp		1,138
	11,648		SBC Communications, Inc		282,464
	2,877		Sprint Corp (FON Group)		50,635
	200	*	UnitedGlobalcom, Inc (Class A)		1,452
	400	*	Univision Communications, Inc (Class A)		12,772
	7,776		Verizon Communications, Inc		281,413
	200	*	XM Satellite Radio Holdings, Inc		5,458
			TOTAL COMMUNICATIONS		1,258,050
DEPOSITORY INSTITUTIONS - 9.58%
	1,300		AmSouth Bancorp		33,111
	5,000		Bank One Corp		255,000
	3,100		BB&T Corp		114,607
	320		Charter One Financial, Inc		14,141
	800		Comerica, Inc		43,904
	2,400		Fifth Third Bancorp		129,072
	600		Golden West Financial Corp		63,810
	450		Greenpoint Financial Corp		17,865
	300	*	Intercept, Inc		4,914
	9,200		J.P. Morgan Chase & Co		356,684
	2,600		KeyCorp		77,714
	1,500		Mellon Financial Corp		43,995
	3,519		National City Corp		123,200
	577		New York Community Bancorp, Inc		11,327
	100		North Fork Bancorp, Inc		3,805
	500		Northern Trust Corp		21,140
	1,549		PNC Financial Services Group, Inc		82,221
	700		Regions Financial Corp		25,585
	600		Sovereign Bancorp, Inc		13,260
	1,100		State Street Corp		53,944
	1,400		SunTrust Banks, Inc		90,986
	500		Synovus Financial Corp		12,660
	9,000		U.S. Bancorp		248,040
	300		Union Planters Corp		8,943
	100		UnionBanCal Corp		5,640

86

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	6,100		Wachovia Corp		271,450
	7,500		Wells Fargo & Co		429,225
			TOTAL DEPOSITORY INSTITUTIONS		2,556,243
EATING AND DRINKING PLACES - 0.68%
	100	*	CKE Restaurants, Inc		1,333
	493		Darden Restaurants, Inc		10,131
	6,066		McDonald’s Corp		157,716
	41		Outback Steakhouse, Inc		1,696
	300		Wendy’s International, Inc		10,452
			TOTAL EATING AND DRINKING PLACES		181,328
EDUCATIONAL SERVICES - 0.17%
	462	*	Apollo Group, Inc (Class A)		40,790
	100	*	Career Education Corp		4,556
			TOTAL EDUCATIONAL SERVICES		45,346
ELECTRIC, GAS, AND SANITARY SERVICES - 4.49%
	2,650	*	AES Corp		26,315
	696		AGL Resources, Inc		20,219
	1,300		Allete, Inc		43,290
	3,459	*	Aquila, Inc		12,314
	1,728		Avista Corp		31,830
	700		Black Hills Corp		22,050
	400	*	Casella Waste Systems, Inc (Class A)		5,260
	100	*	Citizens Communications Co		1,210
	1,447		Cleco Corp		26,017
	3,007		DPL, Inc		58,396
	1,200		Empire District Electric Co		24,132
	1,400		Equitable Resources, Inc		72,394
	2,200		Hawaiian Electric Industries, Inc		57,420
	1,800		Idacorp, Inc		48,600
	1,845		KeySpan Corp		67,712
	1,115		Kinder Morgan, Inc		66,108
	500		MGE Energy, Inc		16,315
	2,400		National Fuel Gas Co		60,000
	1,092		Nicor, Inc		37,095
	2,583		NiSource, Inc		53,261
	4,600		OGE Energy Corp		117,162
	246		Otter Tail Corp		6,608
	779		Peoples Energy Corp		32,835
	2,600		Pepco Holdings, Inc		47,528
	3,459		Puget Energy, Inc		75,787
	926		Questar Corp		35,781
	200		Resource America, Inc (Class A)		4,720
	2,000	*	Sierra Pacific Resources		15,420
	100	*	Stericycle, Inc		5,174
	200		UGI Corp		6,420
	1,155		Unisource Energy Corp		28,702
	150	*	Waste Connections, Inc		4,449
	600		Western Gas Resources, Inc		19,488
	287		WGL Holdings, Inc		8,243
	3,378		Williams Cos, Inc		40,198
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,198,453
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.92%
	1,800	*	ADC Telecommunications, Inc		5,112

87

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	1,162	*	Advanced Micro Devices, Inc		18,476
	119	*	Agere Systems, Inc (Class A)		274
	2,920	*	Agere Systems, Inc (Class B)		6,278
	1,000	*	Altera Corp		22,220
	700		American Power Conversion Corp		13,755
	512		Ametek, Inc		15,821
	800		Analog Devices, Inc		37,664
	500	*	Artesyn Technologies, Inc		4,500
	700	*	Avanex Corp		2,723
	635		AVX Corp		9,176
	461		Baldor Electric Co		10,764
	600	*	Broadcom Corp (Class A)		28,062
	300	*	Carrier Access Corp		3,576
	240	*	C-COR.net Corp		2,470
	1,400	*	CIENA Corp		5,208
	300	*	Comverse Technology, Inc		5,982
	1,361	*	Corvis Corp		1,919
	100	*	Ditech Communications Corp		2,334
	4,300	*	Eagle Broadband, Inc		4,257
	3,178		Emerson Electric Co		201,962
	1,100	*	Finisar Corp		2,178
	300	*	Harmonic, Inc		2,556
	300		Hubbell, Inc (Class B)		14,013
	17,747		Intel Corp		489,817
	100	*	Interdigital Communications Corp		1,881
	100		Intersil Corp (Class A)		2,166
	389	*	Jabil Circuit, Inc		9,795
	4,657	*	JDS Uniphase Corp		17,650
	142	*	Kemet Corp		1,735
	1,277	*	LSI Logic Corp		9,731
	700		Maxim Integrated Products, Inc		36,694
	155	*	McData Corp (Class A)		834
	200	*	Merix Corp		2,268
	200		Microchip Technology, Inc		6,308
	1,432	*	Micron Technology, Inc		21,924
	700		Molex, Inc		22,456
	6,600		Motorola, Inc		120,450
	1,600	*	MRV Communications, Inc		4,384
	174	*	Mykrolis Corp		3,031
	1,200	*	National Semiconductor Corp		26,388
	200	*	NMS Communications Corp		1,476
	236	*	Novellus Systems, Inc		7,420
	100	*	Openwave Systems, Inc		1,270
	1,800	*	Optical Communication Products, Inc		4,392
	200	*	Power-One, Inc		2,196
	1,900		Qualcomm, Inc		138,662
	252		Scientific-Atlanta, Inc		8,694
	2,892	*	Sirius Satellite Radio, Inc		8,907
	600	*	Sonus Networks, Inc		2,868
	200	*	Stratex Networks, Inc		590
	400	*	Sycamore Networks, Inc		1,692
	1,300	*	Tellabs, Inc		11,362
	900	*	Terayon Communication Systems, Inc		2,106
	5,274		Texas Instruments, Inc		127,525
	538		Thomas & Betts Corp		14,650
	500	*	Tripath Technology, Inc		1,625
	110	*	Utstarcom, Inc		3,328

88

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	600	*	Vishay Intertechnology, Inc		11,148
	541	*	Vitesse Semiconductor Corp		2,640
	800		Xilinx, Inc		26,648
	625	*	Zhone Technologies, Inc		2,438
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,580,429
ENGINEERING AND MANAGEMENT SERVICES - 0.58%
	200	*	Accelrys, Inc		1,972
	100	*	Affymetrix, Inc		3,273
	200	*	Antigenics, Inc		1,712
	200	*	Applera Corp (Celera Genomics Group)		2,302
	200	*	Ariad Pharmaceuticals, Inc		1,498
	300	*	Axonyx, Inc		1,572
	744	*	BearingPoint, Inc		6,599
	360	*	Ciphergen Biosystems, Inc		2,635
	100	*	Covance, Inc		3,858
	300	*	CuraGen Corp		1,803
	100	*	CV Therapeutics, Inc		1,676
	400	*	Decode Genetics, Inc		3,400
	87	*	Digitas, Inc		960
	200	*	Dyax Corp		2,350
	767	*	Incyte Corp		5,860
	100	*	Kosan Biosciences, Inc		790
	100	*	Lexicon Genetics, Inc		784
	200	*	Luminex Corp		2,012
	617		Moody’s Corp		39,895
	300	*	Oscient Pharmaceuticals Corp		1,533
	1,352		Paychex, Inc		45,806
	211	*	Regeneron Pharmaceuticals, Inc		2,222
	500	*	Seattle Genetics, Inc		3,515
	100	*	Symyx Technologies, Inc		2,412
	152	*	TRC Cos, Inc		2,535
	300	*	Tularik, Inc		7,440
	200	*	U.S. Oncology, Inc		2,944
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		153,358
FABRICATED METAL PRODUCTS - 1.18%
	1,600	*	Crown Holdings, Inc		15,952
	100		Gulf Island Fabrication, Inc		2,163
	230		Harsco Corp		10,810
	1,901		Illinois Tool Works, Inc		182,287
	100	*	Jacuzzi Brands, Inc		806
	2,040		Masco Corp		63,607
	147		Snap-On, Inc		4,932
	600		Stanley Works		27,348
	2,169	*	Tower Automotive, Inc		7,895
			TOTAL FABRICATED METAL PRODUCTS		315,800
FOOD AND KINDRED PRODUCTS - 4.08%
	1,303		Campbell Soup Co		35,025
	7,900		Coca-Cola Co		398,792
	762		Coca-Cola Enterprises, Inc		22,090
	1,300		General Mills, Inc		61,789
	1,208		H.J. Heinz Co		47,354
	1,164		Hershey Foods Corp		53,858
	1,064		Kellogg Co		44,528
	300		Pepsi Bottling Group, Inc		9,162

89

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	6,552		PepsiCo, Inc		353,022
	1,000		Wrigley (Wm.) Jr Co		63,050
			TOTAL FOOD AND KINDRED PRODUCTS		1,088,670
FOOD STORES - 0.73%
	1,673		Albertson’s, Inc		44,401
	2,500	*	Kroger Co		45,500
	400	*	Pathmark Stores, Inc		3,048
	1,708	*	Safeway, Inc		43,281
	1,317	*	Starbucks Corp		57,263
			TOTAL FOOD STORES		193,493
FURNITURE AND FIXTURES - 0.43%
	300		Hillenbrand Industries, Inc		18,135
	1,000		Johnson Controls, Inc		53,380
	200		Lear Corp		11,798
	400		Leggett & Platt, Inc		10,684
	867		Newell Rubbermaid, Inc		20,375
			TOTAL FURNITURE AND FIXTURES		114,372
FURNITURE AND HOMEFURNISHINGS STORES - 0.34%
	865	*	Bed Bath & Beyond, Inc		33,259
	700		Best Buy Co, Inc		35,518
	500		Circuit City Stores, Inc (Circuit City Group)		6,475
	400		RadioShack Corp		11,452
	100	*	Williams-Sonoma, Inc		3,296
			TOTAL FURNITURE AND HOMEFURNISHINGS STORES		90,000
GENERAL BUILDING CONTRACTORS - 0.28%
	200		Centex Corp		9,150
	481		D.R. Horton, Inc		13,660
	300		Lennar Corp (Class A)		13,416
	20		Lennar Corp (Class B)		829
	700		Pulte Homes, Inc		36,421
			TOTAL GENERAL BUILDING CONTRACTORS		73,476
GENERAL MERCHANDISE STORES - 1.44%
	100	*	Big Lots, Inc		1,446
	1,300		Costco Wholesale Corp		53,391
	853		Dollar General Corp		16,685
	248	*	Dollar Tree Stores, Inc		6,803
	500		Family Dollar Stores, Inc		15,210
	900		J.C. Penney Co, Inc		33,984
	1,000	*	Kohl’s Corp		42,280
	1,600		May Department Stores Co		43,984
	100		Neiman Marcus Group, Inc (Class A)		5,565
	500		Saks, Inc		7,500
	1,140		Sears Roebuck & Co		43,046
	2,700		Target Corp		114,669
			TOTAL GENERAL MERCHANDISE STORES		384,563
HEALTH SERVICES - 0.58%
	100	*	Apria Healthcare Group, Inc		2,870
	1,087	*	Caremark Rx, Inc		35,806
	150	*	Coventry Health Care, Inc		7,335
	247	*	DaVita, Inc		7,615
	300	*	Express Scripts, Inc		23,769

90

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	100	*	Gentiva Health Services, Inc		1,626
	1,100		Health Management Associates, Inc (Class A)		24,662
	100		Hooper Holmes, Inc		574
	300	*	Lincare Holdings, Inc		9,858
	400		Manor Care, Inc		13,072
	100	*	NeighborCare, Inc		3,133
	100	*	Orthodontic Centers Of America, Inc		819
	80	*	Specialty Laboratories, Inc		717
	400	*	Triad Hospitals, Inc		14,892
	200		Universal Health Services, Inc (Class B)		9,178
			TOTAL HEALTH SERVICES		155,926
HOLDING AND OTHER INVESTMENT OFFICES - 2.68%
	1,040		Allied Capital Corp		25,397
	300		AMB Property Corp		10,389
	917		Archstone-Smith Trust		26,896
	100		AvalonBay Communities, Inc		5,652
	200		Boston Properties, Inc		10,016
	500		Crescent Real Estate Equities Co		8,060
	432		Duke Realty Corp		13,742
	2,846		Equity Office Properties Trust		77,411
	1,718		Equity Residential		51,076
	200		Fremont General Corp		3,530
	400		Friedman Billings Ramsey Group, Inc		7,916
	400	*	Harris & Harris Group, Inc		4,892
	300		iStar Financial, Inc		12,000
	600		Kimco Realty Corp		27,300
	2,000		Plum Creek Timber Co, Inc		65,160
	1,000		Prologis		32,920
	700		Public Storage, Inc		32,207
	97		Rouse Co		4,608
	900		Simon Property Group, Inc		46,278
	500		Vornado Realty Trust		28,555
	5,100		Washington Mutual, Inc		197,064
	789		Weingarten Realty Investors		24,680
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		715,749
HOTELS AND OTHER LODGING PLACES - 0.10%
	500	*	Boca Resorts, Inc (Class A)		9,910
	200		Marcus Corp		3,450
	1,236	*	Prime Hospitality Corp		13,126
			TOTAL HOTELS AND OTHER LODGING PLACES		26,486
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.59%
	4,166		3M Co		374,982
	600	*	American Standard Cos, Inc		24,186
	971	*	Apple Computer, Inc		31,596
	4,100	*	Applied Materials, Inc		80,442
	200	*	Authentidate Holding Corp		2,186
	200		Black & Decker Corp		12,426
	100	*	Cirrus Logic, Inc		601
	17,800	*	Cisco Systems, Inc		421,860
	334		Cummins, Inc		20,875
	900		Deere & Co		63,126
	6,300	*	Dell, Inc		225,666
	200		Diebold, Inc		10,574
	5,641	*	EMC Corp		64,307

91

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	138	*	Emulex Corp		1,975
	600	*	Global Power Equipment Group, Inc		4,812
	583		Graco, Inc		18,102
	990	*	Grant Prideco, Inc		18,275
	8,819		Hewlett-Packard Co		186,081
	355	*	InFocus Corp		3,018
	5,200		International Business Machines Corp		458,380
	74	*	Lam Research Corp		1,983
	300	*	Lexmark International, Inc		28,959
	77		Lincoln Electric Holdings, Inc		2,625
	800	*	Milacron, Inc		3,200
	292		Modine Manufacturing Co		9,300
	400	*	National-Oilwell, Inc		12,596
	1,000	*	Network Appliance, Inc		21,530
	400		Nordson Corp		17,348
	220	*	PalmOne, Inc		7,649
	200		Pentair, Inc		6,728
	1,400		Pitney Bowes, Inc		61,950
	300	*	Sandisk Corp		6,507
	508	*	Semitool, Inc		5,751
	1,000	*	Silicon Graphics, Inc		2,200
	344	*	Smith International, Inc		19,181
	3,788	*	Solectron Corp		24,508
	200		SPX Corp		9,288
	92	*	Storage Technology Corp		2,668
	139	*	Western Digital Corp		1,204
	1,673	*	Xerox Corp		24,259
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,292,904
INSTRUMENTS AND RELATED PRODUCTS - 3.87%
	177	*	Advanced Medical Optics, Inc		7,535
	97	*	Aksys Ltd		566
	1,300		Applera Corp (Applied Biosystems Group)		28,275
	400		Bard (C.R.), Inc		22,660
	283		Bausch & Lomb, Inc		18,415
	2,300		Baxter International, Inc		79,373
	200		Beckman Coulter, Inc		12,200
	1,300		Becton Dickinson & Co		67,340
	800		Biomet, Inc		35,552
	2,320	*	Boston Scientific Corp		99,296
	200	*	Bruker BioSciences Corp		974
	300	*	Cardiac Science, Inc		735
	350	*	Closure Medical Corp		8,789
	100	*	Cytyc Corp		2,537
	300		Dentsply International, Inc		15,630
	100	*	Edwards Lifesciences Corp		3,485
	100	*	Faro Technologies, Inc		2,567
	940		Guidant Corp		52,527
	593	*	Invision Technologies, Inc		29,591
	100	*	Ista Pharmaceuticals, Inc		1,045
	500	*	KLA-Tencor Corp		24,690
	200	*	Lexar Media, Inc		1,336
	4,766		Medtronic, Inc		232,200
	71	*	MKS Instruments, Inc		1,620
	200		Movado Group, Inc		3,450
	500	*	Nanogen, Inc		3,360
	100		Oakley, Inc		1,294

92

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	900		PerkinElmer, Inc		18,036
	700	*	St. Jude Medical, Inc		52,955
	1,400		Stryker Corp		77,000
	200		Teleflex, Inc		10,030
	700	*	Thermo Electron Corp		21,518
	300	*	TriPath Imaging, Inc		2,823
	200	*	Varian Medical Systems, Inc		15,870
	300	*	Waters Corp		14,334
	700	*	Zimmer Holdings, Inc		61,740
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,031,348
INSURANCE AGENTS, BROKERS AND SERVICE - 0.77%
	1,200		AON Corp		34,164
	100		Brown & Brown, Inc		4,310
	300		Gallagher (Arthur J.) & Co		9,135
	2,500		Marsh & McLennan Cos, Inc		113,450
	1,165	*	Medco Health Solutions, Inc		43,688
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		204,747
INSURANCE CARRIERS - 5.36%
	441		Aetna, Inc		37,485
	1,600		Aflac, Inc		65,296
	85	*	Alleghany Corp		24,395
	100		Ambac Financial Group, Inc		7,344
	7,700		American International Group, Inc		548,856
	506	*	Anthem, Inc		45,317
	500		Chubb Corp		34,090
	500		Cigna Corp		34,405
	630		Cincinnati Financial Corp		27,418
	300		Erie Indemnity Co (Class A)		14,034
	69		Fidelity National Financial, Inc		2,576
	649		Hartford Financial Services Group, Inc		44,612
	200	*	Health Net, Inc		5,300
	600	*	Humana, Inc		10,140
	300		Jefferson-Pilot Corp		15,240
	800		Lincoln National Corp		37,800
	300		MBIA, Inc		17,136
	100		MGIC Investment Corp		7,586
	300		Oxford Health Plans, Inc		16,512
	200	*	Pacificare Health Systems, Inc		7,732
	468		Phoenix Cos, Inc		5,733
	100	*	PMA Capital Corp (Class A)		900
	900		Principal Financial Group		31,302
	500		Progressive Corp		42,650
	2,050		Prudential Financial, Inc		95,264
	400		Safeco Corp		17,600
	916		St. Paul Travelers Cos, Inc		37,135
	2,082		UnitedHealth Group, Inc		129,605
	700		UnumProvident Corp		11,130
	500	*	Wellpoint Health Networks, Inc		56,005
			TOTAL INSURANCE CARRIERS		1,430,598
LEATHER AND LEATHER PRODUCTS - 0.04%
	252	*	Coach, Inc		11,388
			TOTAL LEATHER AND LEATHER PRODUCTS		11,388

93

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
LUMBER AND WOOD PRODUCTS - 0.01%
	400	*	Champion Enterprises, Inc		3,672
			TOTAL LUMBER AND WOOD PRODUCTS		3,672
METAL MINING - 0.10%
	267	*	Cleveland-Cliffs, Inc		15,056
	900		Royal Gold, Inc		12,753
			TOTAL METAL MINING		27,809
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
	200		Callaway Golf Co		2,268
	271	*	K2, Inc		4,255
	1,742		Mattel, Inc		31,792
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		38,315
MISCELLANEOUS RETAIL - 1.72%
	486	*	Amazon.com, Inc		26,438
	1,500		CVS Corp		63,030
	1,182	*	eBay, Inc		108,685
	100		Michaels Stores, Inc		5,500
	700	*	Office Depot, Inc		12,537
	300		Omnicare, Inc		12,843
	200		Petsmart, Inc		6,490
	16	*	Priceline.com, Inc		431
	1,307		Staples, Inc		38,308
	300		Tiffany & Co		11,055
	604	*	Toys ‘R’ Us, Inc		9,622
	3,500		Walgreen Co		126,735
	840		World Fuel Services Corp		37,867
			TOTAL MISCELLANEOUS RETAIL		459,541
MOTION PICTURES - 1.92%
	8,496	*	Liberty Media Corp (Class A)		76,379
	915		Metro-Goldwyn-Mayer, Inc		11,072
	200		Regal Entertainment Group (Class A)		3,620
	12,764	*	Time Warner, Inc		224,391
	7,767		Walt Disney Co		197,981
			TOTAL MOTION PICTURES		513,443
NONDEPOSITORY INSTITUTIONS - 4.27%
	200		Advanta Corp (Class A)		4,386
	299		American Capital Strategies Ltd		8,378
	4,753		American Express Co		244,209
	750		Capital One Financial Corp		51,285
	823		CIT Group, Inc		31,513
	750		Countrywide Financial Corp		52,688
	4,500		Fannie Mae		321,120
	3,200		Freddie Mac		202,560
	4,171		MBNA Corp		107,570
	1,723	*	Providian Financial Corp		25,276
	1,900		SLM Corp		76,855
	100		Student Loan Corp		13,650
			TOTAL NONDEPOSITORY INSTITUTIONS		1,139,490
NONMETALLIC MINERALS, EXCEPT FUELS - 0.19%
	900		Amcol International Corp		17,055
	700		Vulcan Materials Co		33,285
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		50,340

94

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
OIL AND GAS EXTRACTION - 3.48%
	2,106		Anadarko Petroleum Corp		123,412
	2,702		Apache Corp		117,672
	600	*	Callon Petroleum Co		8,556
	400	*	Cheniere Energy, Inc		7,828
	1,191		Chesapeake Energy Corp		17,532
	267	*	Cimarex Energy Co		8,071
	174	*	Clayton Williams Energy, Inc		4,159
	200	*	Comstock Resources, Inc		3,892
	300	*	Delta Petroleum Corp		4,035
	600	*	Denbury Resources, Inc		12,570
	1,817		Devon Energy Corp		119,922
	400	*	Edge Petroleum Corp		6,800
	500	*	Energy Partners Ltd		7,650
	800		ENSCO International, Inc		23,280
	1,388		EOG Resources, Inc		82,877
	399	*	Forest Oil Corp		10,901
	500	*	FX Energy, Inc		4,455
	900	*	Global Industries Ltd		5,148
	1,800	*	Grey Wolf, Inc		7,632
	200	*	Harvest Natural Resources, Inc		2,982
	404		Helmerich & Payne, Inc		10,565
	118	*	Houston Exploration Co		6,117
	500	*	KCS Energy, Inc		6,660
	358	*	Magnum Hunter Resources, Inc		3,716
	1,100	*	Meridian Resource Corp		7,634
	1,300	*	Mission Resources Corp		7,410
	300	*	Newfield Exploration Co		16,722
	1,027		Noble Energy, Inc		52,377
	428		Patterson-UTI Energy, Inc		14,299
	200	*	Petroleum Development Corp		5,484
	1,009		Pioneer Natural Resources Co		35,396
	529	*	Plains Exploration & Production Co		9,707
	500		Pogo Producing Co		24,700
	1,100	*	Pride International, Inc		18,821
	400		Range Resources Corp		5,840
	359	*	Rowan Cos, Inc		8,734
	100	*	Stone Energy Corp		4,568
	400	*	Swift Energy Co		8,824
	500		Tidewater, Inc		14,900
	2,991	*	Transmontaigne, Inc		16,092
	100	*	Varco International, Inc		2,189
	500	*	Veritas DGC, Inc		11,575
	731		Vintage Petroleum, Inc		12,405
	1,453		XTO Energy, Inc		43,285
			TOTAL OIL AND GAS EXTRACTION		927,394
PAPER AND ALLIED PRODUCTS - 0.70%
	2,000		Kimberly-Clark Corp		131,760
	800		MeadWestvaco Corp		23,512
	1,000		Sonoco Products Co		25,500
	100		Temple-Inland, Inc		6,925
			TOTAL PAPER AND ALLIED PRODUCTS		187,697
PETROLEUM AND COAL PRODUCTS - 0.58%
	756		Frontier Oil Corp		16,020

95

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	400	*	Giant Industries, Inc		8,800
	548	*	Headwaters, Inc		14,210
	900		Sunoco, Inc		57,258
	800		Valero Energy Corp		59,008
			TOTAL PETROLEUM AND COAL PRODUCTS		155,296
PRIMARY METAL INDUSTRIES - 0.95%
	555	*	Andrew Corp		11,106
	689	*	Century Aluminum Co		17,080
	900		Engelhard Corp		29,079
	100		Gibraltar Steel Corp		3,282
	400	*	Imco Recycling, Inc		5,288
	300	*	International Steel Group, Inc		8,925
	300	*	Lone Star Technologies, Inc		8,268
	100	*	Maverick Tube Corp		2,626
	197		Mueller Industries, Inc		7,053
	500	*	NS Group, Inc		8,220
	540		Nucor Corp		41,450
	1,805		Ryerson Tull, Inc		28,663
	672		Schnitzer Steel Industries, Inc (Class A)		22,821
	259	*	Steel Dynamics, Inc		7,415
	400	*	Wheeling-Pittsburgh Corp		8,344
	2,105		Worthington Industries, Inc		43,216
			TOTAL PRIMARY METAL INDUSTRIES		252,836
PRINTING AND PUBLISHING - 1.03%
	400		Dow Jones & Co, Inc		18,040
	943		McGraw-Hill Cos, Inc		72,206
	522		New York Times Co (Class A)		23,339
	400		R.R. Donnelley & Sons Co		13,208
	100		Scripps (E.W.) Co (Class A)		10,500
	975		Tribune Co		44,402
	100		Washington Post Co (Class B)		93,001
			TOTAL PRINTING AND PUBLISHING		274,696
RAILROAD TRANSPORTATION - 0.32%
	3,185		Norfolk Southern Corp		84,466
			TOTAL RAILROAD TRANSPORTATION		84,466
REAL ESTATE - 0.00%
	100	*	Stewart Enterprises, Inc (Class A)		814
			TOTAL REAL ESTATE		814
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS - 0.07%
	67		Bandag, Inc		2,984
	200		Cooper Tire & Rubber Co		4,600
	100		Reebok International Ltd		3,598
	70	*	Sealed Air Corp		3,729
	185	*	Vans, Inc		3,802
			TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS		18,713
SECURITY AND COMMODITY BROKERS - 1.81%
	300		A.G. Edwards, Inc		10,209
	811	*	Ameritrade Holding Corp		9,205
	3,500		Charles Schwab Corp		33,635
	100		Eaton Vance Corp		3,821
	300		Federated Investors, Inc (Class B)		9,102

96

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
	900		Franklin Resources, Inc		45,072
	1,210		Goldman Sachs Group, Inc		113,934
	1,700	*	Instinet Group, Inc		8,976
	500		Janus Capital Group, Inc		8,245
	200		Legg Mason, Inc		18,202
	3,436		Merrill Lynch & Co, Inc		185,475
	69	*	Piper Jaffray Cos		3,121
	300		SEI Investments Co		8,712
	500		T Rowe Price Group, Inc		25,200
			TOTAL SECURITY AND COMMODITY BROKERS		482,909
SPECIAL TRADE CONTRACTORS - 0.03%
	500	*	Integrated Electrical Services, Inc		4,025
	518	*	Quanta Services, Inc		3,222
			TOTAL SPECIAL TRADE CONTRACTORS		7,247
STONE, CLAY, AND GLASS PRODUCTS - 0.21%
	100		Apogee Enterprises, Inc		1,040
	51	*	Cabot Microelectronics Corp		1,561
	100		CARBO Ceramics, Inc		6,825
	3,427	*	Corning, Inc		44,757
	4		Eagle Materials, Inc		284
	14		Eagle Materials, Inc (Class B)		970
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		55,437
TRANSPORTATION BY AIR - 0.64%
	200	*	Airtran Holdings, Inc		2,828
	945	*	AMR Corp		11,444
	300	*	Atlantic Coast Airlines Holdings, Inc		1,722
	700	*	Continental Airlines, Inc (Class B)		7,959
	800	*	Delta Air Lines, Inc		5,696
	838		FedEx Corp		68,456
	321	*	Frontier Airlines, Inc		3,492
	150	*	JetBlue Airways Corp		4,407
	390	*	Mesa Air Group, Inc		3,155
	267		Skywest, Inc		4,648
	3,389		Southwest Airlines Co		56,834
			TOTAL TRANSPORTATION BY AIR		170,641
TRANSPORTATION EQUIPMENT - 1.19%
	100		ArvinMeritor, Inc		1,957
	800		Autoliv, Inc		33,760
	2,800	*	BE Aerospace, Inc		21,224
	558		Brunswick Corp		22,766
	700		Dana Corp		13,720
	3,600		Delphi Corp		38,448
	904	*	Fleetwood Enterprises, Inc		13,153
	200		Gentex Corp		7,936
	1,400		Genuine Parts Co		55,552
	1,129		Harley-Davidson, Inc		69,930
	300	*	Sports Resorts International, Inc		1,140
	300		Standard Motor Products, Inc		4,419
	800	*	Tenneco Automotive, Inc		10,584
	100	*	TRW Automotive Holdings Corp		1,885
	1,400		Visteon Corp		16,338
	141	*	Wabash National Corp		3,885
			TOTAL TRANSPORTATION EQUIPMENT		316,697

97

TIAA-CREF Life Funds — Social Choice Equity Fund

SHARES				VALUE
TRANSPORTATION SERVICES - 0.09%
	500		GATX Corp		13,600
	421		Sabre Holdings Corp		11,666
			TOTAL TRANSPORTATION SERVICES		25,266
TRUCKING AND WAREHOUSING - 0.58%
	2,044		United Parcel Service, Inc (Class B)		153,647
			TOTAL TRUCKING AND WAREHOUSING		153,647
WATER TRANSPORTATION - 0.05%
	400	*	Gulfmark Offshore, Inc		6,312
	600	*	Hornbeck Offshore Services, Inc		7,842
			TOTAL WATER TRANSPORTATION		14,154
WHOLESALE TRADE-DURABLE GOODS - 2.80%
	100	*	Apogent Technologies, Inc		3,200
	400		Barnes Group, Inc		11,592
	100		CDW Corp		6,376
	80		Commercial Metals Co		2,596
	1,000		IKON Office Solutions, Inc		11,470
	100	*	Ingram Micro, Inc (Class A)		1,447
	11,436		Johnson & Johnson		636,985
	200	*	Patterson Dental Co		15,298
	450		Reliance Steel & Aluminum Co		18,144
	200	*	Safeguard Scientifics, Inc		460
	700		W.W. Grainger, Inc		40,250
			TOTAL WHOLESALE TRADE-DURABLE GOODS		747,818
WHOLESALE TRADE-NONDURABLE GOODS - 1.21%
	600	*	Allscripts Healthcare Solutions, Inc		4,704
	1,794		Cardinal Health, Inc		125,670
	1,500		McKesson Corp		51,495
	400	*	Metals USA, Inc		7,152
	1,206		Perrigo Co		22,878
	1,720	*	Plains Resources, Inc		29,154
	478	*	Priority Healthcare Corp (Class B)		10,955
	100		Russell Corp		1,796
	200		Stride Rite Corp		2,206
	1,876		Sysco Corp		67,292
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		323,302
			TOTAL COMMON STOCKS (Cost $29,334,636)		26,453,650
			TOTAL PORTFOLIO - 99.14% (Cost $29,336,344)		26,455,769
			OTHER ASSETS & LIABILITIES, NET - 0.86%		229,756
			NET ASSETS -100.00%	$	26,685,525
		*	Non-income producing
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

98

TIAA-CREF Life Funds — Large-Cap Value Fund

TIAA-CREF LIFE FUNDS
Large-Cap Value Fund
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

SHARES				VALUE
COMMON STOCKS - 100.02%
AMUSEMENT AND RECREATION SERVICES - 0.43%
	6,540	*	Life Time Fitness, Inc	$	137,340
			TOTAL AMUSEMENT AND RECREATION SERVICES		137,340
APPAREL AND ACCESSORY STORES - 0.59%
	4,807		Talbots, Inc		188,194
			TOTAL APPAREL AND ACCESSORY STORES		188,194
APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
	405		VF Corp		19,724
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		19,724
BUSINESS SERVICES - 2.81%
	4,786	*	Computer Sciences Corp		222,214
	5,515	*	Interpublic Group Of Cos, Inc		75,721
	14,200	*	Manugistics Group, Inc		46,434
	15,167		Microsoft Corp		433,170
	29,363	*	Sun Microsystems, Inc		127,435
			TOTAL BUSINESS SERVICES		904,974
CHEMICALS AND ALLIED PRODUCTS - 3.14%
	10,475		Bristol-Myers Squibb Co		256,638
	3,008		Clorox Co		161,770
	9,932		Merck & Co, Inc		471,770
	3,352		Wyeth		121,208
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,011,386
COMMUNICATIONS - 7.84%
	4,977		AT&T Corp		72,814
	11,525	*	Comcast Corp (Class A)		323,046
	55,455	*	Lucent Technologies, Inc		209,620
	40,064	*	Qwest Communications International, Inc		143,830
	22,937		SBC Communications, Inc		556,222
	17,790		Sprint Corp (FON Group)		313,104
	12,586		Verizon Communications, Inc		455,487
	12,562		Viacom, Inc (Class B)		448,715
			TOTAL COMMUNICATIONS		2,522,838
DEPOSITORY INSTITUTIONS - 19.10%
	13,050		Bank Of America Corp		1,104,291
	16,681		Bank One Corp		850,731
	28,564		Citigroup, Inc		1,328,226
	9,299		Comerica, Inc		510,329
	6		First National Bankshares of Florida, Inc		114
	2,718		J.P. Morgan Chase & Co		105,377
	15,892		National City Corp		556,379
	9,585		New York Community Bancorp, Inc		188,154
	7,742		North Fork Bancorp, Inc		294,583
	9,526		Northern Trust Corp		402,759
	16,435		U.S. Bancorp		452,949
	1,524		Wachovia Corp		67,818
	4,891		Wells Fargo & Co		279,912
			TOTAL DEPOSITORY INSTITUTIONS		6,141,622

99

TIAA-CREF Life Funds — Large-Cap Value Fund

SHARES				VALUE
EATING AND DRINKING PLACES - 0.53%
	4,926	*	Brinker International, Inc		168,075
			TOTAL EATING AND DRINKING PLACES		168,075
ELECTRIC, GAS, AND SANITARY SERVICES - 7.71%
	10,712	*	Allegheny Energy, Inc		165,072
	20,078	*	Calpine Corp		86,737
	2,208		E.ON AG. (Spon ADR)		160,058
	5,565		Entergy Corp		311,696
	371		Equitable Resources, Inc		19,184
	13,061		Exelon Corp		434,801
	364		Kinder Morgan, Inc		21,582
	516		MDU Resources Group, Inc		12,399
	4,746	*	NRG Energy, Inc		117,701
	14,676	*	PG&E Corp		410,047
	5,093		TXU Corp		206,317
	11,297		Waste Management, Inc		346,253
	15,761		Williams Cos, Inc		187,556
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,479,403
ELECTRONIC & OTHER ELECTRIC EQUIPMENT - 6.52%
	52,028		General Electric Co		1,685,707
	12,900		Nintendo Co Ltd		187,050
	10,241		STMicroelectronics NV		225,404
			TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT		2,098,161
ENGINEERING AND MANAGEMENT SERVICES - 2.84%
	18,186		Monsanto Co		700,161
	17,397		Servicemaster Co		214,331
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		914,492
FABRICATED METAL PRODUCTS - 1.48%
	10,045		Masco Corp		313,203
	44,347	*	Tower Automotive, Inc		161,423
			TOTAL FABRICATED METAL PRODUCTS		474,626
FOOD AND KINDRED PRODUCTS - 1.10%
	4,329		Anheuser-Busch Cos, Inc		233,766
	2,350		Coca-Cola Co		118,628
			TOTAL FOOD AND KINDRED PRODUCTS		352,394
FOOD STORES - 0.91%
	11,564	*	Safeway, Inc		293,032
			TOTAL FOOD STORES		293,032
FORESTRY - 1.89%
	9,611		Weyerhaeuser Co		606,646
			TOTAL FORESTRY		606,646
GENERAL MERCHANDISE STORES - 0.80%
	4,697		Federated Department Stores, Inc		230,623
	232	*	Kmart Holding Corp		16,658
	196		Neiman Marcus Group, Inc (Class A)		10,907
			TOTAL GENERAL MERCHANDISE STORES		258,188
HEALTH SERVICES - 1.07%
	25,666	*	Tenet Healthcare Corp		344,181
			TOTAL HEALTH SERVICES		344,181
HOLDING AND OTHER INVESTMENT OFFICES - 4.25%
	2,700		AMB Property Corp		93,501
	4,526		Apartment Investment & Management Co (Class A)		140,894
	2,499		AvalonBay Communities, Inc		141,243
	3,530		Boston Properties, Inc		176,782
	2		Cross Timbers Royalty Trust		55
	8,050		iShares Russell 1000 Value Index Fund		483,483
	4,682		Prologis		154,131

100

TIAA-CREF Life Funds — Large-Cap Value Fund

SHARES				VALUE
	7,602		Ventas, Inc		177,507
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,367,596
HOTELS AND OTHER LODGING PLACES - 0.66%
	11,303		Hilton Hotels Corp		210,914
			TOTAL HOTELS AND OTHER LODGING PLACES		210,914
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.67%
	11,408	*	AGCO Corp		232,381
	7,805	*	Emulex Corp		111,690
	16,269		Hewlett-Packard Co		343,276
	3,250		International Business Machines Corp		286,488
	7,742	*	Maxtor Corp		51,329
	23,877	*	Solectron Corp		154,484
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,179,648
INSTRUMENTS AND RELATED PRODUCTS - 0.37%
	5,500		Applera Corp (Applied Biosystems Group)		119,625
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		119,625
INSURANCE CARRIERS - 5.14%
	5,664		Aegon NV (ARS)		68,648
	2,041		Aetna, Inc		173,485
	2,608		Allstate Corp		121,402
	5,009		American International Group, Inc		357,042
	3,457		Lincoln National Corp		163,343
	2,882		Prudential Financial, Inc		133,927
	13,207		UnumProvident Corp		209,991
	5,625		XL Capital Ltd (Class A)		424,463
			TOTAL INSURANCE CARRIERS		1,652,301
MISCELLANEOUS RETAIL - 0.54%
	8,500	*	Office Depot, Inc		152,235
	584		Liz Claiborne, Inc		21,012
			TOTAL MISCELLANEOUS RETAIL		173,247
MOTION PICTURES - 2.58%
	47,231	*	Time Warner, Inc		830,321
			TOTAL MOTION PICTURES		830,321
NONDEPOSITORY INSTITUTIONS - 2.26%
	3,926		Fannie Mae		280,159
	7,065		Freddie Mac		447,215
			TOTAL NONDEPOSITORY INSTITUTIONS		727,374
OIL AND GAS EXTRACTION - 1.23%
	6,087		Pioneer Natural Resources Co		213,532
	418		Pogo Producing Co		20,649
	7,302	*	Varco International, Inc		159,841
			TOTAL OIL AND GAS EXTRACTION		394,022
PETROLEUM AND COAL PRODUCTS - 8.45%
	5,959		ChevronTexaco Corp		560,801
	3,635		ConocoPhillips		277,314
	35,713		ExxonMobil Corp		1,586,014
	16,992		Lyondell Chemical Co		295,491
			TOTAL PETROLEUM AND COAL PRODUCTS		2,719,620
PRINTING AND PUBLISHING - 0.75%
	3,328		Knight Ridder, Inc		239,616
			TOTAL PRINTING AND PUBLISHING		239,616
RAILROAD TRANSPORTATION - 0.45%
	4,427		CSX Corp		145,073
			TOTAL RAILROAD TRANSPORTATION		145,073
REAL ESTATE - 0.02%
	138		Forest City Enterprises, Inc (Class A)		7,314
			TOTAL REAL ESTATE		7,314

101

TIAA-CREF Life Funds — Large-Cap Value Fund

SHARES				VALUE
SECURITY AND COMMODITY BROKERS - 2.54%
	5,607		A.G. Edwards, Inc		190,806
	1,119		Goldman Sachs Group, Inc		105,365
	15,596		Janus Capital Group, Inc		257,178
	4,855		Merrill Lynch & Co, Inc		262,073
			TOTAL SECURITY AND COMMODITY BROKERS		815,422
STONE, CLAY, AND GLASS PRODUCTS - 0.84%
	5,953	*	Corning, Inc		77,746
	200		Lafarge North America, Inc		8,660
	10,475	b*	USG Corp		184,151
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		270,557
TOBACCO PRODUCTS - 3.75%
	24,080		Altria Group, Inc		1,205,204
			TOTAL TOBACCO PRODUCTS		1,205,204
TRANSPORTATION BY AIR - 0.50%
	3,575	*	Gol Linhas Aereas Inteligentes S.A.		60,775
	9,020	*	Northwest Airlines Corp		100,302
			TOTAL TRANSPORTATION BY AIR		161,077
TRANSPORTATION EQUIPMENT - 2.62%
	867		Boeing Co		44,295
	67		Genuine Parts Co		2,659
	8,618		Lockheed Martin Corp		448,825
	3,809		United Technologies Corp		348,447
			TOTAL TRANSPORTATION EQUIPMENT		844,226
WHOLESALE TRADE-NONDURABLE GOODS - 0.58%
	3,106		AmerisourceBergen Corp		185,678
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		185,678
			TOTAL COMMON STOCKS (Cost $29,418,152)		32,164,111
			TOTAL PORTFOLIO—100.02% (Cost $29,418,152)		32,164,111
			OTHER ASSETS & LIABILITIES, NET—(0.02%)		(6,291	)
			NET ASSETS—100.00%	$	32,157,820
		*	Non-income producing
		b	In bankruptcy
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

102

TIAA-CREF Life Funds — Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS
Small-Cap Equity Fund
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

SHARES/PRINCIPAL				VALUE
CORPORATE BONDS - 0.01%
REAL ESTATE - 0.01%
	5,000	*	Brookfield Homes Corp 12.00%, 06/30/20		5,163
			TOTAL REAL ESTATE		5,163
			TOTAL CORPORATE BONDS (Cost $3,665)		5,163
COMMON STOCKS - 99.59%
AGRICULTURAL PRODUCTION-CROPS - 0.09%
	100		Alico, Inc		4,015
	1,300		Delta & Pine Land Co		28,535
			TOTAL AGRICULTURAL PRODUCTION-CROPS		32,550
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.14%
	100		Seaboard Corp		49,795
			TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		49,795
AMUSEMENT AND RECREATION SERVICES - 0.76%
	1,900	*	Alliance Gaming Corp		32,604
	2,000	*	Argosy Gaming Co		75,200
	1,200	*	Aztar Corp		33,600
	1,100	*	Bally Total Fitness Holding Corp		5,500
	100		Churchill Downs, Inc		4,070
	300		Dover Downs Gaming & Entertainment, Inc		3,375
	500		Dover Motorsport, Inc		2,000
	100	*	Gaylord Entertainment Co		3,139
	600	*	Isle Of Capri Casinos, Inc		10,470
	900	*	MTR Gaming Group, Inc		9,855
	1,134	*	Penn National Gaming, Inc		37,649
	3,300	*	Six Flags, Inc		23,958
	500		Speedway Motorsports, Inc		16,720
	700	*	WMS Industries, Inc		20,860
	400		World Wrestling Federation Entertainment, Inc		5,100
			TOTAL AMUSEMENT AND RECREATION SERVICES		284,100
APPAREL AND ACCESSORY STORES - 1.49%
	50	*	Aeropostale, Inc		1,346
	150	*	Bebe Stores, Inc		3,000
	200		Buckle, Inc		5,650
	600		Burlington Coat Factory Warehouse Corp		11,580
	300		Cato Corp (Class A)		6,735
	266	*	Charlotte Russe Holding, Inc		5,687
	4,100	*	Charming Shoppes, Inc		36,613
	500	*	Children’s Place Retail Stores, Inc		11,760
	1,400		Christopher & Banks Corp		24,794
	100		Deb Shops, Inc		2,406
	200	*	Dress Barn, Inc		3,424
	700	*	Finish Line, Inc (Class A)		21,119
	700	b*	Footstar, Inc		3,798
	2,100	*	Genesco, Inc		49,623
	3,800		Goody’s Family Clothing, Inc		39,406

103

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	200	*	Gymboree Corp		3,072
	9,000	*	Hot Topic, Inc		184,410
	460	*	Jo-Ann Stores, Inc		13,524
	200	*	Mothers Work, Inc		4,114
	2,700	*	Payless Shoesource, Inc		40,257
	200	*	Shoe Carnival, Inc		3,002
	1,385	*	Stage Stores, Inc		52,159
	1,300	*	Too, Inc		21,710
	200	*	Wet Seal, Inc (Class A)		1,046
	600	*	Wilsons The Leather Experts, Inc		2,334
			TOTAL APPAREL AND ACCESSORY STORES		552,569
APPAREL AND OTHER TEXTILE PRODUCTS - 0.76%
	6,400	*	Collins & Aikman Corp		35,776
	300	*	Guess?, Inc		4,830
	100	*	Hampshire Group Ltd		2,899
	1,000		Kellwood Co		43,550
	500		Oxford Industries, Inc		21,780
	1,000		Phillips-Van Heusen Corp		19,250
	6,400	*	Quiksilver, Inc		152,384
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		280,469
AUTO REPAIR, SERVICES AND PARKING - 0.17%
	400		Central Parking Corp		7,476
	900	*	Dollar Thrifty Automotive Group, Inc		24,696
	800	*	Exide Technologies		16,360
	200	*	Midas, Inc		3,480
	400	*	Monro Muffler Brake, Inc		9,704
			TOTAL AUTO REPAIR, SERVICES AND PARKING		61,716
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.24%
	400	*	Asbury Automotive Group, Inc		6,000
	700	*	Group 1 Automotive, Inc		23,247
	300		Lithia Motors, Inc (Class A)		7,434
	200	*	MarineMax, Inc		5,736
	1,000		Sonic Automotive, Inc		22,150
	700		United Auto Group, Inc		21,455
	100	*	West Marine, Inc		2,685
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		88,707
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.04%
	352	*	Central Garden & Pet Co		12,591
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		12,591
BUSINESS SERVICES - 9.75%
	900		Aaron Rents, Inc		29,826
	1,500		ABM Industries, Inc		29,205
	25	*	Activision, Inc		398
	3,300	*	Administaff, Inc		54,780
	6,900	*	Advent Software, Inc		124,683
	1,100		Advo, Inc		36,212
	74	*	Aether Systems, Inc		255
	1,800	*	Agile Software Corp		15,750
	4,933	*	AMN Healthcare Services, Inc		75,426
	300	*	Ansoft Corp		4,578
	526	*	Ansys, Inc		24,722
	1,600	*	APAC Customer Services, Inc		2,768

104

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	300	*	Aquantive, Inc		2,964
	1,200	*	Arbitron, Inc		43,824
	5,777	*	Aspect Communications Corp		82,033
	10,567	*	Aspen Technology, Inc		76,716
	200	*	At Road, Inc		1,530
	20,331	*	Atari, Inc		48,998
	47	*	Autobytel, Inc		427
	1,100	*	CACI International, Inc (Class A)		44,484
	1,100	*	Cerner Corp		49,038
	8,700	*	Ciber, Inc		71,514
	1,215	*	Computer Horizons Corp		4,848
	2,000	*	CSG Systems International, Inc		41,400
	10,000	*	Cyberguard Corp		81,600
	700	*	Datastream Systems, Inc		4,536
	1,104	*	Digital Insight Corp		22,886
	1,100	*	Digital River, Inc		35,893
	25,335	*	Earthlink, Inc		262,217
	1,149	*	Echelon Corp		12,857
	340	*	Eclipsys Corp		5,188
	4,800	*	eFunds Corp		84,000
	700		Electro Rent Corp		7,329
	700	*	Embarcadero Technologies, Inc		8,652
	1,700	*	Epicor Software Corp		23,885
	200	*	eSpeed, Inc (Class A)		3,530
	36	*	Extreme Networks, Inc		199
	1,100	*	F5 Networks, Inc		29,128
	1,400	*	Filenet Corp		44,198
	500	*	Freemarkets, Inc		3,260
	34		Gevity HR, Inc		890
	30		Grey Global Group, Inc		29,550
	400	*	Group 1 Software, Inc		9,180
	500		Healthcare Services Group		7,650
	600	*	Heidrick & Struggles International, Inc		17,808
	1,400	*	Hyperion Solutions Corp		61,208
	200	*	ICT Group, Inc		1,828
	1,214	*	infoUSA, Inc		12,310
	1,600	*	Intelidata Technologies Corp		1,056
	1,448	*	Intergraph Corp		37,445
	13,200	*	Internet Security Systems, Inc		202,488
	500		Interpool, Inc		8,438
	300	*	Intrado, Inc		4,827
	1,600	*	Ipass, Inc		16,944
	1,100	*	JDA Software Group, Inc		14,487
	750	*	Kana Software, Inc		1,785
	11,500	*	Keane, Inc		157,435
	673		Kelly Services, Inc (Class A)		20,055
	600	*	Keynote Systems, Inc		8,250
	500	*	KFX ,Inc		3,810
	1,300	*	Kroll, Inc		47,944
	1,200	*	Kronos, Inc		49,440
	1,500	*	Labor Ready, Inc		23,250
	2,006	*	Lawson Software, Inc		14,202
	3,100	*	Looksmart Ltd		6,727
	500	*	Mantech International Corp (Class A)		9,385
	641	*	Manugistics Group, Inc		2,096
	700	*	MAPICS, Inc		7,392
	300	*	Marketwatch.com, Inc		3,519

105

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	11,000	*	Medical Staffing Network Holdings, Inc		70,840
	400	*	MedQuist, Inc		4,580
	1,764	*	Memberworks, Inc		52,250
	2,600	*	Mentor Graphics Corp		40,222
	400	*	MicroStrategy, Inc		17,080
	1,800	*	Mindspeed Technologies, Inc		8,928
	516	*	Mobius Management Systems, Inc		3,163
	3,700	*	MPS Group, Inc		44,844
	5,300	*	MRO Software, Inc		72,133
	900	*	MSC.Software Corp		8,055
	500	*	Nassda Corp		2,070
	300	*	National Processing, Inc		8,625
	735	*	NCO Group, Inc		19,617
	1,400		NDCHealth Corp		32,480
	100	*	Neoforma, Inc		1,214
	600	*	Neoware Systems, Inc		4,962
	1,600	*	NETIQ Corp		21,120
	100	*	Netratings, Inc		1,629
	800	*	Netscout Systems, Inc		5,272
	1,100	*	NIC, Inc		7,887
	400	*	Opnet Technologies, Inc		5,240
	600	*	PalmSource, Inc		10,284
	300	*	PDI, Inc		9,099
	300	*	PEC Solutions, Inc		3,579
	900	*	Pegasus Solutions, Inc		11,817
	2,900	*	Perot Systems Corp (Class A)		38,483
	500	*	Portfolio Recovery Associates, Inc		13,785
	1,112	*	Progress Software Corp		24,097
	500		QAD, Inc		5,305
	100	*	Quality Systems, Inc		4,909
	1,456	*	Quest Software, Inc		18,782
	800	*	R.H. Donnelley Corp		34,992
	700	*	Radiant Systems, Inc		3,283
	730	*	Radisys Corp		13,556
	1,910	*	Raindance Communications, Inc		3,973
	80	*	Redback Networks, Inc		513
	88	*	Redback Networks, Inc Wts 01/02/11		502
	83	*	Redback Networks, Inc Wts 01/02/11		407
	700	*	Register.com, Inc		4,172
	200		Renaissance Learning, Inc		4,484
	500		Rollins, Inc		11,505
	1,300	*	Roxio, Inc		6,383
	39	*	RSA Security, Inc		798
	13,446	*	S1 Corp		133,653
	800	*	SAFLINK Corp		1,880
	500	*	SM&A		4,325
	700	*	Sohu.com, Inc		13,916
	500	*	SPSS, Inc		8,985
	3,450		SS&C Technologies, Inc		64,515
	1,200	*	SupportSoft, Inc		10,416
	900	*	Sykes Enterprises, Inc		6,804
	800	*	Synplicity, Inc		4,799
	200		Syntel, Inc		3,310
	500		Talx Corp		12,215
	10,076	*	TeleTech Holdings, Inc		88,367
	500	*	TheStreet.com, Inc		1,860
	1,000	*	THQ, Inc		22,900

106

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	500	*	Tier Technologies, Inc (Class B)		4,870
	3,000	*	Titan Corp		38,940
	1,400	*	Transaction Systems Architects, Inc (Class A)		30,142
	500	*	Trizetto Group, Inc		3,350
	7,800	*	Tyler Technologies, Inc		73,788
	2,100	*	United Rentals, Inc		37,569
	700	*	Universal Compression Holdings, Inc		21,476
	800	*	Verity, Inc		10,808
	1,400	*	VitalWorks, Inc		4,844
	300	*	Volt Information Sciences, Inc		9,453
	999	*	WebEx Communications, Inc		21,738
	800	*	Websense, Inc		29,784
	2,800	*	Wind River Systems, Inc		32,928
			TOTAL BUSINESS SERVICES		3,631,690
CHEMICALS AND ALLIED PRODUCTS - 5.48%
	12,400	*	Abgenix, Inc		145,328
	600		Aceto Corp		10,560
	200	*	Adolor Corp		2,536
	5,800	*	Albany Molecular Research, Inc		74,994
	4,700		Albemarle Corp		148,755
	100	*	Alexion Pharmaceuticals, Inc		1,860
	1,600	*	Alkermes, Inc		21,760
	800		Arch Chemicals, Inc		23,056
	700	*	Arena Pharmaceuticals, Inc		3,822
	400	*	AVI BioPharma, Inc		976
	100	*	Benthley Pharmaceuticals, Inc		1,374
	500		Calgon Carbon Corp		3,350
	500	*	Cell Therapeutics, Inc		3,685
	500	*	Chattem, Inc		14,435
	800	*	Columbia Laboratories, Inc		2,768
	200	*	Corixa Corp		934
	105	*	DEL Laboratories, Inc		3,257
	400	*	Dendreon Corp		4,900
	800		Diagnostic Products Corp		35,152
	1,100	*	Durect Corp		3,839
	600	*	Elizabeth Arden, Inc		12,624
	14,129	*	Enzon, Inc		180,286
	748	*	First Horizon Pharmaceutical		14,137
	2,900	*	FMC Corp		125,019
	1,850	*	Genta, Inc		4,625
	3,000		Georgia Gulf Corp		107,580
	600	*	Guilford Pharmaceuticals, Inc		2,850
	1,100		H.B. Fuller Co		31,240
	2,300	*	Human Genome Sciences, Inc		26,749
	400	*	Immucor, Inc		13,020
	100		Inter Parfums, Inc		2,085
	4,002	*	Kos Pharmaceuticals, Inc		131,946
	154		Kronos Worldwide, Inc		5,267
	500	*	Lannett Co, Inc		7,510
	2,280	*	Ligand Pharmaceuticals, Inc (Class B)		39,626
	1,800		MacDermid, Inc		60,930
	1,700	*	Medicines Co		51,867
	2,200	*	Nabi Biopharmaceuticals		31,284
	2,997		Nature’s Sunshine Products, Inc		42,677
	3,600	*	NewMarket Corp		77,292
	4,200		NL Industries, Inc		60,900

107

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	800	*	Noven Pharmaceuticals, Inc		17,616
	400		Octel Corp		10,532
	1,100	*	OM Group, Inc		36,311
	1,300	*	Omnova Solutions, Inc		7,930
	3,900	*	Onyx Pharmaceuticals, Inc		165,204
	900	*	OSI Pharmaceuticals, Inc		63,396
	1,200	*	Palatin Technologies, Inc		5,052
	4,592	*	Peregrine Pharmaceuticals, Inc		6,750
	400	*	Pharmion Corp		19,568
	3,600	*	PolyOne Corp		26,784
	1,400	*	Pozen, Inc		9,576
	300	*	Praecis Pharmaceuticals, Inc		1,140
	25	*	Quidel Corp		147
	300	*	Revlon, Inc (Class A)		885
	700	*	Salix Pharmaceuticals Ltd		23,065
	900	*	Serologicals Corp		17,991
	744	*	Sirna Therapeutics, Inc		2,187
	9,000	b*	Solutia, Inc		2,070
	100		Stepan Co		2,615
	200	*	SuperGen, Inc		1,290
	471	*	SurModics, Inc		11,605
	700	*	Third Wave Technologies, Inc		3,143
	1,600	*	Unifi, Inc		4,688
	200	*	USANA Health Sciences, Inc		6,216
	3,200		USEC, Inc		28,064
	16	*	Vertex Pharmaceuticals, Inc		173
	800	*	Vicuron Pharmaceuticals, Inc		10,048
	300	*	Virbac Corp		795
	2,500	*	WR Grace & Co		15,500
	200	*	Zymogenetics, Inc		3,800
			TOTAL CHEMICALS AND ALLIED PRODUCTS		2,040,996
COMMUNICATIONS - 1.50%
	300	*	Acme Communication, Inc		2,070
	3,700	*	Alaska Communications Systems Group, Inc		22,570
	100	*	Beasley Broadcast Group, Inc (Class A)		1,496
	4,400	*	Boston Communications Group		45,100
	400	*	Centennial Communications Corp		2,860
	10,115	*	Charter Communications, Inc (Class A)		39,651
	800	*	Commonwealth Telephone Enterprises, Inc		35,816
	200	*	Crown Media Holdings, Inc (Class A)		1,704
	700		CT Communications, Inc		10,535
	253		D&E Communications, Inc		3,395
	1,100	*	Digital Generation Systems		1,628
	1,088	*	Dobson Communications Corp (Class A)		3,547
	1,700	*	Emmis Communications Corp (Class A)		35,666
	1,300	*	General Communication, Inc (Class A)		10,322
	1,500		Gray Television, Inc		20,835
	300	*	Hungarian Telephone & Cable		2,910
	2,200	*	Infonet Services Corp (Class B)		3,850
	1,638	*	Insight Communications Co, Inc		15,168
	600	*	j2 Global Communications, Inc		16,680
	1,000		Liberty Corp		46,950
	19	*	Lightbridge, Inc		106
	400	*	Lodgenet Entertainment Corp		6,600
	700	*	Mastec, Inc		3,801
	2,500	*	McLeodUSA, Inc (Class A)		1,200

108

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	2,240	*	Mediacom Communications Corp		17,517
	700	*	Metro One Telecommunications, Inc		1,029
	700	*	Net2Phone, Inc		3,171
	600		North Pittsburgh Systems, Inc		12,030
	168	*	Pegasus Communications Corp		4,109
	8,800	*	Price Communications Corp		129,888
	2,600	*	Primus Telecommunications Group		13,208
	1,769	*	PTEK Holdings, Inc		20,397
	1,500	b*	RCN Corp		195
	30	*	Regent Communications, Inc		186
	200		Shenandoah Telecom Co		5,400
	931	*	Talk America Holdings, Inc		7,141
	1,500	*	Time Warner Telecom, Inc (Class A)		6,285
	900	*	Triton PCS Holdings, Inc (Class A)		3,924
	1,000	f*	Wiltel Communications Escrow Rts		0
			TOTAL COMMUNICATIONS		558,940
DEPOSITORY INSTITUTIONS - 9.02%
	1,200		1st Source Corp		29,976
	400		ABC Bancorp		8,136
	200		American National Bankshares, Inc		4,356
	430	*	AmericanWest Bancorp		8,235
	2,947		Anchor Bancorp Wisconsin, Inc		77,919
	262		Arrow Financial Corp		7,978
	91		Bancfirst Corp		5,437
	400		Bank Of The Ozarks, Inc		9,320
	1,600		BankAtlantic Bancorp, Inc (Class A)		29,520
	900	*	BankUnited Financial Corp (Class A)		23,220
	436		Banner Corp		12,670
	200		Berkshire Hills Bancorp, Inc		7,420
	900		Boston Private Financial Holdings, Inc		20,844
	296		Bryn Mawr Bank Corp		6,734
	100		C&F Financial Corp		3,353
	800		Camden National Corp		26,456
	80		Capital City Bank Group, Inc		3,167
	194		Capital Corp of the West		7,535
	600		Cascade Bancorp		11,088
	128		Cavalry Bancorp, Inc		2,045
	600		CB Bancshares, Inc		55,920
	400		Center Financial Corp		6,060
	410	*	Central Coast Bancorp		7,503
	600		Central Pacific Financial Corp		16,500
	100		Century Bancorp, Inc (Class A)		3,289
	850		Chemical Financial Corp		31,357
	1,500		Citizens Banking Corp		46,575
	300		Citizens First Bancorp, Inc		7,143
	300		City Bank		9,606
	600		City Holding Co		18,948
	50		CNB Financial Corp		683
	352		Coastal Financial Corp		5,262
	300		Columbia Bancorp (Oregon)		4,146
	505		Columbia Banking System, Inc		11,211
	25		Commercial Bankshares, Inc		664
	1,319	*	Commercial Capital Bancorp, Inc		22,911
	3,000		Commercial Federal Corp		81,300
	1,000		Community Bank System, Inc		22,790
	1,368		Community Trust Bancorp, Inc		41,748

109

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	600		Corus Bankshares, Inc		24,666
	1,338		CVB Financial Corp		29,142
	1,150		Dime Community Bancshares		20,102
	200		Eastern Virginia Bankshares, Inc		3,936
	50		Exchange National Bancshares, Inc		1,460
	500		Fidelity Bankshares, Inc		17,725
	59		Fifth Third Bancorp		3,173
	300		First Bancorp (North Carolina)		10,029
	100		First Citizens Banc Corp		2,066
	200		First Citizens Bancshares, Inc (Class A)		24,400
	2,574		First Commonwealth Financial Corp		33,385
	500		First Community Bancorp		19,220
	761		First Federal Capital Corp		21,179
	500		First Financial Bankshares, Inc		20,965
	600		First Financial Corp (Indiana)		19,140
	500		First Financial Holdings, Inc		14,405
	100		First Financial Service Corp		2,440
	100		First M & F Corp		3,114
	700		First Merchants Corp		18,165
	1,600		First National Bankshares of Florida, Inc		30,320
	250		First Oak Brook Bancshares, Inc		7,575
	100		First Of Long Island Corp		4,618
	500		First Republic Bank		21,540
	150		First South Bancorp, Inc		3,368
	183		First State Bancorp		5,622
	200		First United Corp		3,892
	50		Firstbank Corp		1,483
	1,600	*	FirstFed Financial Corp		66,560
	300		Flag Financial Corp		3,876
	1,100		Flagstar Bancorp, Inc		21,868
	650		Flushing Financial Corp		11,473
	100		FMS Financial Corp		1,746
	300		FNB Corp (Virginia)		8,646
	200		FNB Corp, Inc (North Carolina)		3,900
	603		Frontier Financial Corp		21,069
	125		GB&T Bancshares, Inc		2,988
	896		Glacier Bancorp, Inc		25,240
	1,400		Gold Banc Corp, Inc		21,700
	500		Great Southern Bancorp, Inc		14,625
	200		Greater Community Bancorp		2,854
	100		Greene County Bancshares, Inc		2,250
	1,000		Hancock Holding Co		29,060
	800		Harbor Florida Bancshares, Inc		22,008
	900		Harleysville National Corp		23,040
	350		Heartland Financial U.S.A., Inc		6,423
	400		Horizon Financial Corp		7,960
	3,500		Hudson River Bancorp, Inc		59,745
	613		Humboldt Bancorp		12,818
	200		IberiaBank Corp		11,836
	494		Independent Bank Corp (Massachusetts)		14,301
	800		Independent Bank Corp (Michigan)		20,320
	400		Interchange Financial Services Corp		9,952
	187		International Bancshares Corp		7,583
	600		Irwin Financial Corp		15,840
	164	*	Itla Capital Corp		6,653
	200		Lakeland Financial Corp		6,700
	15		Macatawa Bank Corp		412

110

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	1,058		MAF Bancorp, Inc		45,155
	500		Main Street Banks, Inc		14,050
	430		MainSource Financial Group, Inc		8,739
	700		MB Financial, Inc		25,767
	600		MBT Financial Corp		10,932
	815		Mid-State Bancshares		19,161
	800		Nara Bancorp, Inc		13,704
	100		NASB Financial, Inc		4,221
	114		National Bankshares, Inc		4,731
	22,341		NetBank, Inc		244,187
	100		Northern States Financial Corp		2,710
	100		Oak Hill Financial, Inc		3,150
	200		OceanFirst Financial Corp		4,790
	1,500	*	Ocwen Financial Corp		18,060
	200		Old Second Bancorp, Inc		10,550
	150		Oneida Financial Corp		1,545
	300		PAB Bankshares, Inc		3,642
	5,492		Pacific Capital Bancorp		154,490
	300		Partners Trust Financial Group, Inc		5,880
	320		Peapack Gladstone Financial Corp		10,278
	320		Pennrock Financial Services Corp		9,664
	110		Penns Woods Bancorp, Inc		4,896
	420		Peoples Bancorp, Inc		11,168
	350		Peoples Holding Co		12,096
	440		PFF Bancorp, Inc		16,386
	43		Provident Bancorp, Inc		490
	1,163		Provident Bankshares Corp		33,541
	600		Provident Financial Holdings		14,190
	6,650		R & G Financial Corp (Class B)		219,849
	315		Republic Bancorp, Inc (Class A) (Kentucky)		6,360
	10		Republic Bancorp, Inc (Michigan)		139
	2,400		S & T Bancorp, Inc		76,752
	400		S.Y. Bancorp, Inc		9,364
	200		Santander Bancorp		4,944
	300		SCBT Financial Corp		9,045
	400		Seacoast Banking Corp Of Florida		8,372
	1,200		Seacoast Financial Services Corp		41,520
	1,261		Second Bancorp, Inc		39,457
	100		Security Bank Corp		3,475
	122		Sierra Bancorp		1,935
	1,200	*	Silicon Valley Bancshares		47,580
	1,540		Simmons First National Corp (Class A)		40,086
	15		Southside Bancshares, Inc		315
	362		Southwest Bancorp, Inc		6,607
	25		State Bancorp, Inc		629
	200		State Financial Services Corp (Class A)		5,932
	775		Sterling Financial Corp (Pennsylvania)		20,173
	801	*	Sterling Financial Corp (Spokane)		25,528
	15	*	Sun Bancorp, Inc (New Jersey)		324
	100		Taylor Capital Group, Inc		2,175
	800	*	Texas Capital Bancshares, Inc		13,280
	1,000		Texas Regional Bancshares, Inc (Class A)		45,910
	5,200		TierOne Corp		111,852
	400		Trico Bancshares		7,560
	2,600		Trustco Bank Corp NY		34,060
	505		U.S.B. Holding Co, Inc		11,575
	2,731		UMB Financial Corp		140,974

111

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	1,100		Umpqua Holdings Corp		23,089
	300		Union Bankshares Corp		9,480
	1,100		United Community Banks, Inc		27,698
	3,330		United Community Financial Corp		43,290
	762		Unizan Financial Corp		19,888
	294		Virginia Financial Group, Inc		10,099
	12		W Holding Co, Inc		206
	100		Warwick Community Bancorp		3,205
	36		Wayne Bancorp, Inc		1,036
	700		Wesbanco, Inc		20,391
	600		West Coast Bancorp		12,864
	157	*	Western Sierra Bancorp		4,862
	200		WSFS Financial Corp		9,734
	100		Yadkin Valley Bank and Trust Co		1,296
			TOTAL DEPOSITORY INSTITUTIONS		3,360,684
EATING AND DRINKING PLACES - 1.96%
	1,300		Bob Evans Farms, Inc		35,594
	700	*	California Pizza Kitchen, Inc		13,412
	2,550	*	CEC Entertainment, Inc		75,251
	1,800	*	CKE Restaurants, Inc		23,994
	2,500	*	Dave & Buster’s, Inc		46,975
	800		IHOP Corp		28,608
	2,600	*	Jack In The Box, Inc		77,220
	1,900	*	Krispy Kreme Doughnuts, Inc		36,271
	800		Landry’s Restaurants, Inc		23,912
	553		Lone Star Steakhouse & Saloon, Inc		15,036
	200	*	O’Charley’s, Inc		3,438
	3,300	*	P.F. Chang’s China Bistro, Inc		135,795
	1,707	*	Papa John’s International, Inc		50,425
	1,200	*	Rare Hospitality International, Inc		29,880
	3,895	*	Ryan’s Restaurant Group, Inc		61,541
	2,235	*	Sonic Corp		50,846
	800	*	The Steak N Shake Co		14,576
	900		Triarc Cos (Class B)		9,153
			TOTAL EATING AND DRINKING PLACES		731,927
EDUCATIONAL SERVICES - 0.21%
	300	*	Princeton Review, Inc		2,271
	500		Strayer Education, Inc		55,785
	500	*	Universal Technical Institute, Inc		19,985
			TOTAL EDUCATIONAL SERVICES		78,041
ELECTRIC, GAS, AND SANITARY SERVICES - 3.66%
	1,857		Atmos Energy Corp		47,539
	1,900		Avista Corp		34,998
	1,100		Black Hills Corp		34,650
	400		Cascade Natural Gas Corp		8,828
	500	*	Casella Waste Systems, Inc (Class A)		6,575
	3,100		Central Vermont Public Service Corp		63,519
	600		CH Energy Group, Inc		27,864
	100		Chesapeake Utilities Corp		2,270
	200	*	Clean Harbors, Inc		1,896
	1,700		Cleco Corp		30,566
	2,500	*	Duratek, Inc		37,775
	1,900	*	El Paso Electric Co		29,336
	1,400		Energen Corp		67,186

112

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	200		EnergySouth, Inc		8,004
	3,400		Idacorp, Inc		91,800
	800		Laclede Group, Inc		21,928
	700		MGE Energy, Inc		22,841
	1,600		New Jersey Resources Corp		66,528
	1,100		Northwest Natural Gas Co		33,550
	900		Otter Tail Corp		24,174
	8,850		PNM Resources, Inc		183,815
	2,700		Resource America, Inc (Class A)		63,720
	16,000	*	Sierra Pacific Resources		123,360
	2,200	*	Southern Union Co		46,376
	3,500		Southwest Gas Corp		84,455
	1,600		UIL Holdings Corp		77,904
	3,000		Unisource Energy Corp		74,550
	1,650	*	Waste Connections, Inc		48,939
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,364,946
ELECTRONIC & OTHER ELECTRIC EQUIPMENT - 7.11%
	900	*	Actel Corp		16,650
	362	*	Advanced Energy Industries, Inc		5,691
	1,100	*	AMIS Holdings, Inc		18,612
	700	*	Anaren Microwave, Inc		11,438
	700	*	Applica, Inc		6,230
	377		Applied Signal Technology, Inc		13,214
	21	*	Arris Group, Inc		125
	19,021	*	Artesyn Technologies, Inc		171,189
	200	*	ATMI, Inc		5,462
	1,315	*	Avanex Corp		5,115
	400		Bel Fuse, Inc (Class B)		16,680
	1,550	*	Benchmark Electronics, Inc		45,105
	800		C&D Technologies, Inc		14,264
	300	*	Catapult Communications Corp		6,900
	1,522	*	C-COR.net Corp		15,661
	187	*	Celestica, Inc (U.S.)		3,731
	811	*	Centillium Communications, Inc		3,106
	1,500	*	Checkpoint Systems, Inc		26,895
	517	*	Comtech Telecommunications		11,664
	15,954	*	Conexant Systems, Inc		69,081
	2,000	*	Corvis Corp		2,820
	175	*	Diodes, Inc		4,146
	1,100	*	Ditech Communications Corp		25,674
	1,100	*	DSP Group, Inc		29,964
	200	*	Dupont Photomasks, Inc		4,066
	1,000	*	Electro Scientific Industries, Inc		28,310
	600	*	Emerson Radio Corp		1,878
	400	*	EMS Technologies, Inc		7,772
	100	*	Energy Conversion Devices, Inc		1,126
	6,700	*	Entegris, Inc		77,519
	7,100	*	ESS Technology, Inc		76,041
	2,300	*	Finisar Corp		4,554
	42		Franklin Electric Co, Inc		1,586
	1,500	*	FuelCell Energy, Inc		17,520
	449	*	Genlyte Group, Inc		28,233
	6,100	*	Hexcel Corp		70,638
	890	*	Hutchinson Technology, Inc		21,885
	3,480		Inter-Tel, Inc		86,896
	1,400	*	InterVoice, Inc		16,058

113

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	700	*	IXYS Corp		5,516
	3,400	*	Kemet Corp		41,548
	3,870	*	Lattice Semiconductor Corp		27,129
	500	*	Lifeline Systems, Inc		11,830
	635	*	Littelfuse, Inc		26,930
	25		LSI Industries, Inc		288
	1,245	*	Mattson Technology, Inc		14,965
	825	*	Mercury Computer Systems, Inc		20,460
	1,303		Methode Electronics, Inc		16,900
	300	*	Metrologic Instruments, Inc		5,982
	16,680	*	Micrel, Inc		202,662
	1,000	*	Moog, Inc (Class A)		37,110
	500	*	MRV Communications, Inc		1,370
	1,800	*	Omnivision Technologies, Inc		28,710
	600	*	Optical Communication Products, Inc		1,464
	500	*	OSI Systems, Inc		9,965
	700		Park Electrochemical Corp		17,675
	1,100	*	Pemstar, Inc		2,552
	1,056	*	Photronics, Inc		20,001
	1,400	*	Pixelworks, Inc		21,448
	528	*	Plug Power, Inc		3,949
	1,300	*	Proxim Corp (Class A)		1,539
	300		Raven Industries, Inc		10,659
	1,300	*	Rayovac Corp		36,530
	80	b*	Read-Rite Corp		1
	400		Regal-Beloit Corp		8,904
	35,507	*	RF Micro Devices, Inc		266,303
	200		Richardson Electronics Ltd		2,216
	600	*	Rogers Corp		41,940
	5,400	*	SBS Technologies, Inc		86,778
	896	*	Seachange International, Inc		15,124
	2,300	*	Semtech Corp		54,142
	900	*	Sigmatel, Inc		26,154
	2,900	*	Silicon Image, Inc		38,077
	3,100	*	Silicon Storage Technology, Inc		31,930
	202	*	Siliconix, Inc		10,023
	700	*	Sipex Corp		3,990
	18,040	*	Skyworks Solutions, Inc		157,489
	29,000	*	Sonus Networks, Inc		138,620
	650		Spectralink Corp		9,685
	600	*	Standard Microsystems Corp		13,992
	500	*	Stoneridge, Inc		8,500
	1,802	*	Stratex Networks, Inc		5,316
	1,700	*	Superconductor Technologies		2,091
	300	*	Supertex, Inc		4,902
	1,600	*	Technitrol, Inc		35,040
	1,995	*	Tekelec		36,249
	1,000	*	Terayon Communication Systems, Inc		2,340
	900	*	Tessera Technologies, Inc		16,218
	800	*	Three-Five Systems, Inc		4,080
	40	*	Tollgrade Communications, Inc		425
	830	*	Transmeta Corp		1,818
	1,200		Turnstone Systems, Inc		210
	700	*	Universal Electronics, Inc		12,271
	629	*	Valence Technology, Inc		2,157
	6,988	*	Verso Technologies, Inc		12,229
	800	*	Viasat, Inc		19,960

114

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	652	*	Vicor Corp		11,912
	200	*	Virage Logic Corp		1,820
	1,715	*	Westell Technologies, Inc		8,747
	800	*	White Electronic Designs Corp		4,192
	300		Woodhead Industries, Inc		4,638
	200	*	Xicor, Inc		3,026
	1,500	*	Zhone Technologies, Inc		5,850
			TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT		2,650,040
ENGINEERING AND MANAGEMENT SERVICES - 3.09%
	953	*	aaiPharma, Inc		5,165
	500	*	Accelrys, Inc		4,930
	11,737	*	Century Business Services, Inc		51,173
	400	*	Charles River Associates, Inc		12,380
	500	*	Cornell Cos, Inc		6,800
	1,200	*	Corrections Corp Of America		47,388
	400	*	CuraGen Corp		2,404
	800	*	Decode Genetics, Inc		6,800
	6	*	Digitas, Inc		66
	100	*	Diversa Corp		1,013
	1,550	*	eResearch Technology, Inc		43,400
	400	*	Exact Sciences Corp		2,460
	400	*	Exult, Inc		2,152
	3,000	*	Gartner, Inc (Class A)		39,660
	200	*	Gene Logic, Inc		810
	300	*	Genencor International, Inc		4,911
	18	*	Gen-Probe, Inc		852
	18,200	*	Incyte Corp		139,048
	600	*	Kosan Biosciences, Inc		4,740
	200		Landauer, Inc		8,932
	300	*	Lexicon Genetics, Inc		2,352
	200	*	Luminex Corp		2,012
	700	*	MAXIMUS, Inc		24,822
	300	*	MTC Technologies, Inc		7,746
	1,700	*	Navigant Consulting, Inc		36,448
	986	*	Parexel International Corp		19,523
	500	*	PRG-Schultz International, Inc		2,735
	500	*	Regeneration Technologies, Inc		5,365
	700	*	Regeneron Pharmaceuticals, Inc		7,371
	800	*	Resources Connection, Inc		31,288
	2,200	*	Savient Pharmaceuticals, Inc		5,456
	600	*	Seattle Genetics, Inc		4,218
	450	*	SFBC International, Inc		14,099
	2,261	*	Sourcecorp		62,223
	900	*	Symyx Technologies, Inc		21,708
	100	*	Tejon Ranch Co		3,480
	2,100	*	Tetra Tech, Inc		34,272
	600	*	Transkaryotic Therapies, Inc		8,976
	200	*	TRC Cos, Inc		3,336
	100	*	Trimeris, Inc		1,443
	400	*	Tularik, Inc		9,920
	17,011	*	U.S. Oncology, Inc		250,402
	4,996	*	Washington Group International, Inc		179,306
	1,100		Watson Wyatt & Co Holdings		29,315
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,152,900

115

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
FABRICATED METAL PRODUCTS - 1.41%
	500		CIRCOR International, Inc		10,195
	16,900	*	Crown Holdings, Inc		168,493
	200	*	Drew Industries, Inc		8,140
	2,800	*	Griffon Corp		62,384
	300		Gulf Island Fabrication, Inc		6,489
	600	*	Intermagnetics General Corp		20,418
	7,900	*	Jacuzzi Brands, Inc		63,674
	200	*	Mobile Mini, Inc		5,682
	700	*	NCI Building Systems, Inc		22,785
	800	*	Raytech Corp		1,328
	2,400	*	Shaw Group, Inc		24,312
	2,000		Silgan Holdings, Inc		80,620
	600		Simpson Manufacturing Co, Inc		33,672
	2,000	*	Tower Automotive, Inc		7,280
	500		Valmont Industries, Inc		11,450
			TOTAL FABRICATED METAL PRODUCTS		526,922
FOOD AND KINDRED PRODUCTS - 1.01%
	300	*	Boston Beer Co, Inc (Class A)		6,042
	100		Coca-Cola Bottling Co Consolidated		5,789
	2,700		Corn Products International, Inc		125,685
	17,100	*	Darling International, Inc		71,820
	1,200		Flowers Foods, Inc		31,380
	1,200	*	Interstate Bakeries Corp		13,020
	300	*	J & J Snack Foods Corp		12,249
	900		Lance, Inc		13,860
	500	*	M&F Worldwide Corp		6,850
	200		National Beverage Corp		1,986
	1,100	*	Ralcorp Holdings, Inc		38,720
	84		Riviana Foods, Inc		2,198
	400	*	Robert Mondavi Corp (Class A)		14,808
	376		Sanderson Farms, Inc		20,161
	1,200		Topps Co, Inc		11,640
			TOTAL FOOD AND KINDRED PRODUCTS		376,208
FOOD STORES - 0.22%
	500	*	Great Atlantic & Pacific Tea Co, Inc		3,830
	300		Ingles Markets, Inc (Class A)		3,351
	200	*	Pantry, Inc		4,360
	1,000	*	Pathmark Stores, Inc		7,620
	1,200		Ruddick Corp		26,940
	400		Weis Markets, Inc		14,020
	200	*	Wild Oats Markets, Inc		2,814
	2,900	*	Winn-Dixie Stores, Inc		20,880
			TOTAL FOOD STORES		83,815
FURNITURE AND FIXTURES - 0.10%
	400		Bassett Furniture Industries, Inc		8,704
	170		Hooker Furniture Corp		3,429
	1,000		Kimball International, Inc (Class B)		14,750
	276		Stanley Furniture Co, Inc		11,622
			TOTAL FURNITURE AND FIXTURES		38,505
FURNITURE AND HOMEFURNISHINGS STORES - 0.39%
	400	*	Electronics Boutique Holdings Corp		10,536
	400	*	EUniverse, Inc		896
	2,800	*	Gamestop Corp (Class A)		42,616

116

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	200		Haverty Furniture Cos, Inc		3,496
	200	*	Kirkland’s, Inc		2,386
	1,600	*	Linens ‘n Things, Inc		46,896
	200	*	Restoration Hardware, Inc		1,462
	200	*	Rex Stores Corp		2,450
	2,900	*	Trans World Entertainment Corp		29,058
	800	*	Tweeter Home Entertainment Group, Inc		4,320
	300	*	Ultimate Electronics, Inc		1,482
			TOTAL FURNITURE AND HOMEFURNISHINGS STORES		145,598
GENERAL BUILDING CONTRACTORS - 0.46%
	500		Beazer Homes U.S.A., Inc		50,155
	2,400		Brookfield Homes Corp		62,856
	100	*	Dominion Homes, Inc		2,310
	600	*	Levitt Corp (Class A)		15,456
	1,000	*	Palm Harbor Homes, Inc		17,730
	600	*	Perini Corp		6,402
	134		Technical Olympic U.S.A., Inc		2,986
	1,000		Walter Industries, Inc		13,620
			TOTAL GENERAL BUILDING CONTRACTORS		171,515
GENERAL MERCHANDISE STORES - 0.38%
	900	*	99 Cents Only Stores		13,725
	2,300		Bon-Ton Stores, Inc		33,718
	225	*	Brookstone, Inc		4,511
	1,682		Casey’s General Stores, Inc		30,781
	3,400	*	ShopKo Stores, Inc		48,076
	700	*	Stein Mart, Inc		11,382
			TOTAL GENERAL MERCHANDISE STORES		142,193
HEALTH SERVICES - 2.12%
	34	*	Accredo Health, Inc		1,324
	1,056	*	Amsurg Corp		26,537
	3,600	*	Beverly Enterprises, Inc		30,960
	800	*	Cross Country Healthcare, Inc		14,520
	560	*	Genesis HealthCare Corp		16,262
	3,400	*	Gentiva Health Services, Inc		55,284
	200	*	IMPAC Medical Systems, Inc		2,926
	300	b*	Impath, Inc		1,680
	4,400	*	Inveresk Research Group, Inc		135,696
	900	*	Kindred Healthcare, Inc		23,715
	3,700	*	LifePoint Hospitals, Inc		137,714
	600	*	Magellan Health Services, Inc		20,070
	400	*	Matria Healthcare, Inc		10,028
	200		National Healthcare Corp		5,602
	20	*	NeighborCare, Inc		627
	500		Option Care, Inc		7,630
	2,000	*	Orthodontic Centers Of America, Inc		16,380
	900	*	Pediatrix Medical Group, Inc		62,865
	1,800	*	Province Healthcare Co		30,870
	5,900	*	RehabCare Group, Inc		157,117
	600	*	Sunrise Senior Living, Inc		23,484
	100	*	United Surgical Partners International, Inc		3,947
	200	*	VistaCare, Inc (Class A)		3,710
			TOTAL HEALTH SERVICES		788,948

117

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.10%
	1,300		Granite Construction, Inc		23,699
	800	*	Insituform Technologies, Inc (Class A)		13,016
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		36,715
HOLDING AND OTHER INVESTMENT OFFICES - 9.08%
	500		Acadia Realty Trust		6,870
	900		Affordable Residential Communities		14,940
	400		Alabama National Bancorp		22,188
	600		Alexandria Real Estate Equities, Inc		34,068
	3		Amcore Financial, Inc		90
	3,900		American Financial Realty Trust		55,731
	100		American Land Lease, Inc		1,886
	300		American Mortgage Acceptance Co		4,116
	100	*	American Realty Investors, Inc		903
	3,300		AMLI Residential Properties Trust		96,822
	2,000		Anthracite Capital, Inc		23,960
	1,700		Anworth Mortgage Asset Corp		20,196
	2,200	*	Apollo Investment Corp		30,294
	200		Bedford Property Investors		5,848
	100		BRT Realty Trust		1,950
	400		Capitol Bancorp Ltd		10,404
	5,100		Capstead Mortgage Corp		68,595
	200		Cherokee, Inc		5,018
	700		Colonial Properties Trust		26,971
	1,711		Commercial Net Lease Realty, Inc		29,429
	1,377		Community First Bankshares, Inc		44,326
	13,800		Cornerstone Realty Income Trust, Inc		121,026
	1,100		Corporate Office Properties Trust		27,335
	100	*	Criimi MAE, Inc		1,197
	700		Eastgroup Properties, Inc		23,569
	800		Entertainment Properties Trust		28,592
	200		First Defiance Financial Corp		4,420
	1,500		First Industrial Realty Trust, Inc		55,320
	47		First Niagara Financial Group, Inc		564
	500		First Place Financial Corp		9,285
	1,100		Gables Residential Trust		37,378
	300		Gladstone Capital Corp		6,045
	5,745		Greater Bay Bancorp		166,031
	1,200		Highland Hospitality Corp		12,060
	6,600		Highwoods Properties, Inc		155,100
	3,909		Home Properties, Inc		152,373
	2,400		IMPAC Mortgage Holdings, Inc		54,048
	400		Innkeepers U.S.A. Trust		4,124
	3,407		iShares Russell 2000 Index Fund		401,992
	1,000		Keystone Property Trust		24,030
	1,000		Kilroy Realty Corp		34,100
	4,000	*	Koger Equity, Inc		92,480
	900		Kramont Realty Trust		14,400
	20,800	*	La Quinta Corp		174,720
	1,000		LaSalle Hotel Properties		24,400
	1,900		Lexington Corporate Properties Trust		37,829
	500		LTC Properties, Inc		8,300
	1,200		Maguire Properties, Inc		29,724
	700		Manufactured Home Communities, Inc		23,233
	100		MASSBANK Corp		3,461
	2,900		MFA Mortgage Investments, Inc		25,810
	2,400		Mid-America Apartment Communities, Inc		90,936

118

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	500		Mission West Properties, Inc		6,055
	3,400		National Health Investors, Inc		92,446
	100		National Health Realty, Inc		1,692
	2,500		Nationwide Health Properties, Inc		47,250
	3,600		Newcastle Investment Corp		107,820
	800		Novastar Financial, Inc		30,368
	640		Oriental Financial Group, Inc		17,325
	1,074		Pennsylvania Real Estate Investment Trust		36,785
	50		Price Legacy Corp		923
	600		Prosperity Bancshares, Inc		14,610
	500		PS Business Parks, Inc		20,120
	190		Quaker City Bancorp, Inc		10,439
	500		Ramco-Gershenson Properties		12,115
	594		Redwood Trust, Inc		33,074
	600		Sandy Spring Bancorp, Inc		20,850
	200		Saul Centers, Inc		6,422
	11,500		Senior Housing Properties Trust		193,085
	400		Sizeler Property Investors		3,684
	600		Sovran Self Storage, Inc		22,908
	400		Suffolk Bancorp		13,040
	5,970		Susquehanna Bancshares, Inc		150,205
	1,700		Taubman Centers, Inc		38,913
	330		Tompkins Trustco, Inc		15,675
	500		Town & Country Trust		12,620
	100	*	Transcontinental Realty Investors, Inc		1,351
	5,300		U.S. Restaurant Properties, Inc		80,507
	100		United Mobile Homes, Inc		1,315
	400		Universal Health Realty Income Trust		11,480
	1,155		Waypoint Financial Corp		31,866
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,383,430
HOTELS AND OTHER LODGING PLACES - 0.38%
	1,600		Ameristar Casinos, Inc		53,728
	500	*	Boca Resorts, Inc (Class A)		9,910
	1,200		Boyd Gaming Corp		31,884
	800		Marcus Corp		13,800
	500	*	Pinnacle Entertainment, Inc		6,305
	1,400	*	Prime Hospitality Corp		14,868
	600	*	Vail Resorts, Inc		11,496
			TOTAL HOTELS AND OTHER LODGING PLACES		141,991
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.46%
	300	*	Aaon, Inc		6,057
	800	*	Actuant Corp		31,192
	4,200	*	Adaptec, Inc		35,532
	200		Alamo Group, Inc		3,180
	900		Albany International Corp (Class A)		30,204
	200		Ampco-Pittsburgh Corp		2,572
	600	*	Astec Industries, Inc		11,298
	100	*	ASV, Inc		3,131
	200	*	Asyst Technologies, Inc		2,068
	3,800	*	Axcelis Technologies, Inc		47,272
	200		BHA Group Holdings, Inc		7,570
	1,858		Black Box Corp		87,809
	600	*	Blount International, Inc		7,638
	400		Cascade Corp		12,500
	13,600	*	Cirrus Logic, Inc		81,736

119

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	1,950	*	Computer Network Technology Corp		11,681
	2,429	*	Concurrent Computer Corp		4,809
	100	*	Cuno, Inc		5,335
	1,300	*	Cymer, Inc		48,672
	100	*	Dot Hill Systems Corp		1,121
	200	*	Dril-Quip, Inc		3,740
	25	*	Electronics For Imaging, Inc		707
	700		Engineered Support Systems, Inc		40,957
	2,900	*	EnPro Industries, Inc		66,642
	800	*	Esterline Technologies Corp		23,624
	400	*	Fargo Electronics, Inc		4,444
	9,400	*	Flowserve Corp		234,436
	32,500	*	Gateway, Inc		146,250
	200	*	General Binding Corp		3,098
	700	*	Global Power Equipment Group, Inc		5,614
	200		Gorman-Rupp Co		5,434
	600	*	Hydril		18,900
	24,940	*	InFocus Corp		211,990
	1,800		Joy Global, Inc		53,892
	900		Kaydon Corp		27,837
	1,300		Kennametal, Inc		59,540
	5,417	*	Komag, Inc		75,675
	8,100	*	Kulicke & Soffa Industries, Inc		88,776
	1,000		Lennox International, Inc		18,100
	1,200		Lincoln Electric Holdings, Inc		40,908
	100		Lindsay Manufacturing Co		2,402
	100		Lufkin Industries, Inc		3,198
	2,300		Manitowoc Co, Inc		77,855
	100	*	Mestek, Inc		1,661
	700	*	Micros Systems, Inc		33,579
	700		Nacco Industries, Inc (Class A)		66,500
	1,000	*	Oil States International, Inc		15,300
	377	*	Overland Storage, Inc		5,010
	1,489	*	PalmOne, Inc		51,773
	4,800	*	Paxar Corp		93,696
	480	*	Planar Systems, Inc		6,427
	900	*	Presstek, Inc		9,459
	900	*	ProQuest Co		24,525
	5,700	*	Riverstone Networks, Inc		7,296
	400		Robbins & Myers, Inc		8,980
	600		Sauer-Danfoss, Inc		10,242
	300		Schawk, Inc		4,191
	1,950	*	Scientific Games Corp (Class A)		37,323
	600	*	Semitool, Inc		6,792
	1,600	*	Silicon Graphics, Inc		3,520
	2,100		Standex International Corp		57,120
	400		Stewart & Stevenson Services, Inc		7,168
	1,100	b*	Surebeam Corp (Class A)		24
	500		Tecumseh Products Co (Class A)		20,595
	300		Tennant Co		12,435
	1,700	*	Terex Corp		58,021
	900		Toro Co		63,063
	1,800	*	UNOVA, Inc		36,450
	888	*	Veeco Instruments, Inc		22,919
	340		Woodward Governor Co		24,517
	1,500		York International Corp		61,605
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,405,587

120

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
INSTRUMENTS AND RELATED PRODUCTS - 7.30%
	700	*	Aclara BioSciences, Inc		3,150
	1,100	*	Advanced Medical Optics, Inc		46,827
	4,000	*	Aksys Ltd		23,320
	7,600	*	Align Technology, Inc		144,400
	767	*	American Medical Systems Holdings, Inc		25,848
	4,100		Arrow International, Inc		122,672
	400		BEI Technologies, Inc		11,324
	1	*	Britesmile, Inc		11
	278	*	Bruker BioSciences Corp		1,354
	706	*	Candela Corp		6,919
	200	*	Cantel Medical Corp		4,310
	300	*	Cardiac Science, Inc		735
	1,135	*	Cardiodynamics International Corp		5,732
	300	*	Cerus Corp		720
	400	*	Cholestech Corp		3,260
	200	*	Closure Medical Corp		5,022
	500	*	Cole National Corp		11,675
	100	*	Conceptus, Inc		1,125
	800	*	Concord Camera Corp		2,640
	1,100	*	Conmed Corp		30,140
	1,100	*	CTI Molecular Imaging, Inc		15,598
	3,800	*	Cyberonics, Inc		126,768
	400		Datascope Corp		15,876
	700	*	Dionex Corp		38,619
	200	*	DJ Orthopedics, Inc		4,600
	800	*	DRS Technologies, Inc		25,520
	600		EDO Corp		14,472
	500	*	ESCO Technologies, Inc		26,680
	200	*	Exactech, Inc		4,340
	400	*	Excel Technology, Inc		13,300
	1,000	*	Formfactor, Inc		22,450
	2,700	*	Haemonetics Corp		80,055
	200	*	Hanger Orthopedic Group, Inc		2,344
	800	*	Hologic, Inc		18,600
	1,391	*	ICU Medical, Inc		46,640
	400		II-VI, Inc		12,264
	50	*	Inamed Corp		3,143
	400	*	Input/Output, Inc		3,316
	1,000		Invacare Corp		44,720
	2,000	*	Invision Technologies, Inc		99,800
	300	*	Ionics, Inc		8,475
	800	*	Itron, Inc		18,352
	900	*	Ixia		8,856
	300	*	Kensey Nash Corp		10,350
	500	*	Kyphon, Inc		14,090
	600	*	Laserscope		16,530
	38	*	Lexar Media, Inc		254
	390	*	Medical Action Industries, Inc		7,176
	7,900		Mentor Corp		270,891
	764	*	Merit Medical Systems, Inc		12,171
	700		Mine Safety Appliances Co		23,590
	1,000	*	MKS Instruments, Inc		22,820
	11,220	*	Molecular Devices Corp		199,492
	600		Movado Group, Inc		10,350
	3,900		MTS Systems Corp		91,455

121

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	900	*	Novoste Corp		2,466
	700		Oakley, Inc		9,058
	700	*	Ocular Sciences, Inc		26,600
	6,500	*	Orbital Sciences Corp		89,765
	4,600	*	Possis Medical, Inc		157,090
	200	*	Retractable Technologies, Inc		1,236
	600	*	Rofin-Sinar Technologies, Inc		15,234
	200	*	Rudolph Technologies, Inc		3,638
	600	*	Sola International, Inc		10,338
	600	*	Sonic Solutions, Inc		12,750
	700	*	Star Scientific, Inc		2,772
	1,500	*	Sybron Dental Specialties, Inc		44,775
	300	*	Synovis Life Technologies, Inc		3,225
	300		Sypris Solutions, Inc		5,757
	1,457	*	Techne Corp		63,307
	1,900	*	Thoratec Corp		20,387
	1,800	*	Trimble Navigation Ltd		50,022
	3,200		United Industrial Corp		74,720
	1,100	*	Varian, Inc		46,365
	4,400	*	Ventana Medical Systems, Inc		209,132
	1,400		Vital Signs, Inc		40,656
	400	*	Vivus, Inc		1,456
	800		X-Rite, Inc		11,632
	800		Young Innovations, Inc		20,320
	100	*	Zoll Medical Corp		3,508
	600	*	Zygo Corp		6,714
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,718,064
INSURANCE AGENTS, BROKERS AND SERVICE - 0.52%
	2,900	*	Clark, Inc		53,795
	400		Crawford & Co (Class B)		1,972
	2,700		Hilb, Rogal & Hamilton Co		96,336
	1,200		National Financial Partners Corp		42,324
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		194,427
INSURANCE CARRIERS - 2.69%
	5,300		21st Century Insurance Group		68,582
	300	*	American Physicians Capital, Inc		6,945
	1,500		AmerUs Group Co		62,100
	1,000	*	Argonaut Group, Inc		18,430
	300		Baldwin & Lyons, Inc (Class B)		8,052
	740	*	Centene Corp		28,527
	2,500	*	CNA Surety Corp		27,375
	900		Commerce Group, Inc		44,433
	900		Delphi Financial Group, Inc (Class A)		40,050
	200		Donegal Group, Inc		4,008
	100		EMC Insurance Group, Inc		2,336
	100	*	Enstar Group, Inc		5,328
	66		Fidelity National Financial, Inc		2,464
	300	*	Financial Industries Corp		2,784
	300		Great American Financial Resources, Inc		4,770
	600	*	HealthExtras, Inc		9,942
	1,500		Horace Mann Educators Corp		26,220
	100		Independence Holding Co		3,400
	100		Kansas City Life Insurance Co		4,209
	700		Landamerica Financial Group, Inc		27,251
	400	*	Molina Healthcare, Inc		15,272

122

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	100	*	National Western Life Insurance Co (Class A)		15,355
	200	*	Navigators Group, Inc		5,778
	2,170	*	Ohio Casualty Corp		43,682
	400		Penn-America Group, Inc		5,600
	600	*	Philadelphia Consolidated Holding Corp		36,042
	3,700		Phoenix Cos, Inc		45,325
	800		Presidential Life Corp		14,416
	900	*	ProAssurance Corp		30,699
	800		RLI Corp		29,200
	1,300		Safety Insurance Group, Inc		27,846
	971		Selective Insurance Group, Inc		38,723
	2,700	*	Sierra Health Services, Inc		120,690
	500		State Auto Financial Corp		15,360
	1,200		Stewart Information Services Corp		40,524
	300	*	Triad Guaranty, Inc		17,460
	2,300	*	UICI		54,763
	300		United Fire & Casualty Co		17,325
	600		Zenith National Insurance Corp		29,160
			TOTAL INSURANCE CARRIERS		1,000,426
JUSTICE, PUBLIC ORDER AND SAFETY - 0.13%
	2,400	*	Geo Group, Inc		48,960
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		48,960
LEATHER AND LEATHER PRODUCTS - 0.25%
	700		Brown Shoe Co, Inc		28,651
	900		K-Swiss, Inc (Class A)		18,189
	1,800		Wolverine World Wide, Inc		47,250
			TOTAL LEATHER AND LEATHER PRODUCTS		94,090
LEGAL SERVICES - 0.04%
	600	*	Pre-Paid Legal Services, Inc		14,298
			TOTAL LEGAL SERVICES		14,298
LUMBER AND WOOD PRODUCTS - 0.35%
	200		American Woodmark Corp		11,970
	8,900	*	Champion Enterprises, Inc		81,702
	400		Deltic Timber Corp		15,360
	300	*	Modtech Holdings, Inc		2,316
	100		Skyline Corp		4,065
	508		Universal Forest Products, Inc		16,383
			TOTAL LUMBER AND WOOD PRODUCTS		131,796
METAL MINING - 0.09%
	800	*	Hecla Mining Co		4,560
	600		Royal Gold, Inc		8,502
	1,397	*	Stillwater Mining Co		20,969
			TOTAL METAL MINING		34,031
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.49%
	2,400		Callaway Golf Co		27,216
	600	*	Daktronics, Inc		14,970
	600	*	Identix, Inc		4,482
	1,100		Nautilus Group, Inc		21,461
	500	*	Oneida Ltd		810
	300		Penn Engineering & Manufacturing Corp		6,432
	500	*	RC2 Corp		17,750

123

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	751	*	Shuffle Master, Inc		27,269
	1,800	*	Steinway Musical Instruments, Inc		63,162
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		183,552
MISCELLANEOUS RETAIL - 0.89%
	1,100		Cash America International, Inc		25,300
	450	*	Coldwater Creek, Inc		11,912
	800	*	Duane Reade, Inc		13,064
	200	*	Finlay Enterprises, Inc		3,764
	200		Friedman’s, Inc (Class A)		634
	200	*	Galyans Trading Co, Inc		3,336
	200		Hancock Fabrics, Inc		2,550
	1,200		Longs Drug Stores Corp		28,644
	3,200	*	Party City Corp		39,968
	200	*	PC Connection, Inc		1,316
	800	*	Priceline.com, Inc		21,544
	844	*	Sports Authority, Inc		30,300
	50		Stamps.com, Inc		510
	900	*	Systemax, Inc		6,030
	100	*	Whitehall Jewellers, Inc		748
	1,300		World Fuel Services Corp		58,604
	3,120	*	Zale Corp		85,051
			TOTAL MISCELLANEOUS RETAIL		333,275
MOTION PICTURES - 0.48%
	900	*	AMC Entertainment, Inc		13,833
	100		Carmike Cinemas, Inc		3,945
	11,100	*	Hollywood Entertainment Corp		148,296
	400		Movie Gallery, Inc		7,820
	36	*	NetFlix, Inc		1,294
	300	*	Reading International, Inc		2,610
			TOTAL MOTION PICTURES		177,798
NONDEPOSITORY INSTITUTIONS - 0.90%
	796		Advanta Corp (Class A)		17,456
	1,400		CharterMac		27,524
	2,582	*	CompuCredit Corp		44,669
	2,809	*	Credit Acceptance Corp		42,332
	200	b*	DVI, Inc		2
	1,300	*	E-Loan, Inc		3,510
	600	*	Financial Federal Corp		21,156
	1,200		MCG Capital Corp		18,456
	500		Medallion Financial Corp		3,975
	1,820		New Century Financial Corp		85,212
	2,500	*	Saxon Capital, Inc		57,075
	200	*	United PanAm Financial Corp		3,410
	609	*	World Acceptance Corp		11,163
			TOTAL NONDEPOSITORY INSTITUTIONS		335,940
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
	900		Amcol International Corp		17,055
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		17,055
OIL AND GAS EXTRACTION - 2.33%
	600		Berry Petroleum Co (Class A)		17,646
	1,400	*	Cal Dive International, Inc		42,448
	1,500	*	Cimarex Energy Co		45,345

124

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	2,189	*	Clayton Williams Energy, Inc		52,317
	1,200	*	Comstock Resources, Inc		23,352
	100	*	Encore Acquisition Co		2,790
	100	*	Evergreen Resources, Inc		4,040
	100	*	Forest Oil Corp		2,732
	800	*	Grey Wolf, Inc		3,392
	300	*	Horizon Offshore, Inc		297
	500	*	Houston Exploration Co		25,920
	1,700	*	KCS Energy, Inc		22,644
	2,600	*	Magnum Hunter Resources, Inc		26,988
	1,900	*	Meridian Resource Corp		13,186
	900	*	Oceaneering International, Inc		30,825
	600		Penn Virginia Corp		21,666
	553	*	Petroleum Development Corp		15,163
	2,341	*	Plains Exploration & Production Co		42,957
	100	*	Prima Energy Corp		3,957
	500		RPC, Inc		7,895
	1,400	*	Southwestern Energy Co		40,138
	1,000		St. Mary Land & Exploration Co		35,650
	2,300	*	Stone Energy Corp		105,064
	1,800	*	Superior Energy Services, Inc		18,090
	1,000	*	Swift Energy Co		22,060
	800	*	Tetra Technologies, Inc		21,480
	800	*	Transmontaigne, Inc		4,304
	1,300	*	Unit Corp		40,885
	1,100	*	Veritas DGC, Inc		25,465
	8,800		Vintage Petroleum, Inc		149,336
			TOTAL OIL AND GAS EXTRACTION		868,032
PAPER AND ALLIED PRODUCTS - 0.53%
	1,000	*	Buckeye Technologies, Inc		11,500
	1,000	*	Caraustar Industries, Inc		14,110
	700		Chesapeake Corp		18,676
	500		Greif, Inc (Class A)		21,125
	200		Pope & Talbot, Inc		3,954
	2,100		Potlatch Corp		87,444
	900		Rock-Tenn Co (Class A)		15,255
	1,400		Wausau-Mosinee Paper Corp		24,220
			TOTAL PAPER AND ALLIED PRODUCTS		196,284
PERSONAL SERVICES - 0.40%
	4,300	*	Alderwoods Group, Inc		52,460
	300		Angelica Corp		7,533
	2,083	*	Coinstar, Inc		45,764
	300		CPI Corp		4,416
	700		G & K Services, Inc (Class A)		28,133
	400		Unifirst Corp		11,636
			TOTAL PERSONAL SERVICES		149,942
PETROLEUM AND COAL PRODUCTS - 0.64%
	800		ElkCorp		19,152
	1,000		Frontier Oil Corp		21,190
	1,700		Holly Corp		63,580
	4,200	*	Tesoro Petroleum Corp		115,920
	618		WD-40 Co		18,503
			TOTAL PETROLEUM AND COAL PRODUCTS		238,345

125

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
PRIMARY METAL INDUSTRIES - 2.38%
	10,000		Allegheny Technologies, Inc		180,500
	5,600	*	Andrew Corp		112,056
	700		Belden, Inc		15,001
	800		Carpenter Technology Corp		27,240
	5,400	*	Century Aluminum Co		133,866
	2,000	*	CommScope, Inc		42,900
	600		Gibraltar Steel Corp		19,692
	300	*	Liquidmetal Technologies, Inc		426
	1,085		Matthews International Corp (Class A)		35,740
	5,500	*	Maverick Tube Corp		144,430
	1,300		Mueller Industries, Inc		46,540
	100		NN, Inc		1,271
	300	*	NS Group, Inc		4,932
	400		Quanex Corp		19,480
	400		Ryerson Tull, Inc		6,352
	550		Schnitzer Steel Industries, Inc (Class A)		18,678
	1,312	*	Steel Dynamics, Inc		37,563
	600		Texas Industries, Inc		24,702
	1,000		Tredegar Corp		16,130
			TOTAL PRIMARY METAL INDUSTRIES		887,499
PRINTING AND PUBLISHING - 0.72%
	2,400	*	American Greetings Corp (Class A)		55,632
	900		Banta Corp		39,969
	1,300		Bowne & Co, Inc		20,605
	1,200	*	Cenveo, Inc		3,516
	400	*	Consolidated Graphics, Inc		17,620
	150		Courier Corp		6,261
	150		CSS Industries, Inc		5,256
	600		Ennis Business Forms, Inc		11,700
	1,100		Harland (John H.) Co		32,285
	400	*	Information Holdings, Inc		10,948
	4,700	*	Primedia, Inc		13,066
	100		Pulitzer, Inc		4,890
	2,100		Thomas Nelson, Inc		47,754
			TOTAL PRINTING AND PUBLISHING		269,502
RAILROAD TRANSPORTATION - 0.04%
	700	*	Genesee & Wyoming, Inc (Class A)		16,590
			TOTAL RAILROAD TRANSPORTATION		16,590
REAL ESTATE - 0.26%
	200		Consolidated-Tomoka Land Co		7,552
	1,200	*	Jones Lang LaSalle, Inc		32,520
	100	*	Orleans Homebuilders, Inc		1,927
	3,800	*	Stewart Enterprises, Inc (Class A)		30,932
	250	*	Tarragon Realty Investors, Inc		3,688
	1,100	*	Trammell Crow Co		15,510
	200	*	United Capital Corp		3,406
			TOTAL REAL ESTATE		95,535
RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS - 0.86%
	2,500		Cooper Tire & Rubber Co		57,500
	16,400	*	Goodyear Tire & Rubber Co		149,076
	1,000	*	Jarden Corp		35,990
	300		Myers Industries, Inc		4,230

126

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	200		Quixote Corp		4,010
	1,100		Schulman (A.), Inc		23,639
	1,500		Tupperware Corp		29,145
	800	*	Vans, Inc		16,440
			TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS		320,030
SECURITY AND COMMODITY BROKERS - 0.57%
	2,350	*	Affiliated Managers Group, Inc		118,370
	500		First Albany Cos, Inc		5,020
	300		Gabelli Asset Management, Inc (Class A)		12,750
	1,500	*	Investment Technology Group, Inc		19,185
	1,900	*	LaBranche & Co, Inc		15,998
	700	*	Piper Jaffray Cos		31,661
	500		SWS Group, Inc		7,650
	9		Value Line, Inc		320
			TOTAL SECURITY AND COMMODITY BROKERS		210,954
SOCIAL SERVICES - 0.06%
	431	*	Bright Horizons Family Solutions, Inc		23,106
			TOTAL SOCIAL SERVICES		23,106
SPECIAL TRADE CONTRACTORS - 0.42%
	2,282	*	Bookham Technology plc (Spon ADR)		2,191
	1,900	*	Dycom Industries, Inc		53,200
	300	*	EMCOR Group, Inc		13,194
	8,400	*	Integrated Electrical Services, Inc		67,620
	100	*	John B. Sanfilippo & Son		2,672
	348	*	Matrix Service Co		3,184
	2,500	*	Quanta Services, Inc		15,550
			TOTAL SPECIAL TRADE CONTRACTORS		157,611
STONE, CLAY, AND GLASS PRODUCTS - 0.36%
	300		Ameron International Corp		10,239
	1,100		Apogee Enterprises, Inc		11,440
	400		CARBO Ceramics, Inc		27,300
	700		Eagle Materials, Inc		49,714
	400		Libbey, Inc		11,104
	1,400	b*	USG Corp		24,612
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		134,409
TOBACCO PRODUCTS - 0.14%
	1,000		Universal Corp (Virginia)		50,940
			TOTAL TOBACCO PRODUCTS		50,940
TRANSPORTATION BY AIR - 1.66%
	3,000	*	Airtran Holdings, Inc		42,420
	700	*	Alaska Air Group, Inc		16,709
	8,200	*	America West Holdings Corp (Class B)		74,456
	600	*	AMR Corp		7,266
	30,200	*	Atlantic Coast Airlines Holdings, Inc		173,348
	2,600	*	Continental Airlines, Inc (Class B)		29,562
	3,800	*	Delta Air Lines, Inc		27,056
	6,600	*	ExpressJet Holdings, Inc		80,124
	300	*	MAIR Holdings, Inc		2,448
	9,088	*	Mesa Air Group, Inc		73,522
	2,600	*	Northwest Airlines Corp		28,912
	700	*	Offshore Logistics, Inc		19,684

127

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
	100	*	Petroleum Helicopters (Vote)		1,925
	2,300		Skywest, Inc		40,043
			TOTAL TRANSPORTATION BY AIR		617,475
TRANSPORTATION EQUIPMENT - 2.11%
	1,200	*	AAR Corp		13,620
	600	*	Aftermarket Technology Corp		9,900
	2,745		Arctic Cat, Inc		75,570
	1,000		Clarcor, Inc		45,800
	200		Coachmen Industries, Inc		3,198
	2,200	*	Ducommun, Inc		47,036
	500	*	Dura Automotive Systems, Inc		4,575
	1,900	*	Fleetwood Enterprises, Inc		27,645
	1,200		GenCorp, Inc		16,068
	1,300	*	Hayes Lemmerz International, Inc		19,630
	2,600		Heico Corp		47,450
	876		Kaman Corp (Class A)		12,255
	300		Marine Products Corp		5,565
	1,000		Monaco Coach Corp		28,170
	500	*	Sports Resorts International, Inc		1,900
	200		Standard Motor Products, Inc		2,946
	96	*	Strattec Security Corp		6,569
	800		Superior Industries International, Inc		26,760
	1,300	*	Teledyne Technologies, Inc		26,026
	5,700	*	Tenneco Automotive, Inc		75,411
	1,400		Thor Industries, Inc		46,844
	600	*	Triumph Group, Inc		19,158
	13,800		Visteon Corp		161,046
	1,100	*	Wabash National Corp		30,305
	900		Winnebago Industries, Inc		33,552
			TOTAL TRANSPORTATION EQUIPMENT		786,999
TRANSPORTATION SERVICES - 0.17%
	200		Ambassadors Group, Inc		4,702
	200		Ambassadors International, Inc		2,558
	1,197	*	EGL, Inc		31,840
	500	*	Navigant International, Inc		8,895
	800	*	Pacer International, Inc		14,800
			TOTAL TRANSPORTATION SERVICES		62,795
TRUCKING AND WAREHOUSING - 0.54%
	887		Arkansas Best Corp		29,200
	100	*	Covenant Transport, Inc (Class A)		1,709
	1,190		Heartland Express, Inc		32,558
	1,054	*	Landstar System, Inc		55,725
	700	*	Old Dominion Freight Line		20,636
	200	*	P.A.M. Transportation Services		3,820
	587	*	SCS Transportation, Inc		15,491
	200	*	U.S. Xpress Enterprises, Inc (Class A)		3,146
	1,100		USF Corp		38,643
			TOTAL TRUCKING AND WAREHOUSING		200,928
WATER TRANSPORTATION - 0.23%
	1,518		Alexander & Baldwin, Inc		50,777
	200	*	Gulfmark Offshore, Inc		3,156
	700	*	Kirby Corp		27,230
	300		Maritrans, Inc		4,515
			TOTAL WATER TRANSPORTATION		85,678

128

TIAA-CREF Life Funds — Small-Cap Equity Fund

SHARES/PRINCIPAL				VALUE
WHOLESALE TRADE-DURABLE GOODS - 1.44%
	200	*	1-800 Contacts, Inc		2,967
	400	*	Alliance Imaging, Inc		1,828
	1,800		Anixter International, Inc		61,254
	800	*	Aviall, Inc		15,208
	800	*	Boyds Collection Ltd		2,656
	1,000		Commercial Metals Co		32,450
	200	*	Compucom Systems, Inc		908
	3,700	*	Department 56, Inc		56,980
	800		Handleman Co		18,528
	500	*	Imagistics International, Inc		17,700
	1,870	*	Insight Enterprises, Inc		33,211
	300	*	Insurance Auto Auctions, Inc		5,100
	600		Lawson Products, Inc		22,890
	1,400		Owens & Minor, Inc		36,260
	2,445	*	PSS World Medical, Inc		27,384
	1,000		Reliance Steel & Aluminum Co		40,320
	1,200		SCP Pool Corp		54,000
	700	*	TBC Corp		16,660
	800		Watsco, Inc		22,456
	3,600	*	WESCO International, Inc		66,240
			TOTAL WHOLESALE TRADE-DURABLE GOODS		535,000
WHOLESALE TRADE-NONDURABLE GOODS - 1.97%
	1,500		Acuity Brands, Inc		40,500
	12,100	*	Chiquita Brands International, Inc		253,125
	400		D&K Healthcare Resources, Inc		4,800
	900		DIMON, Inc		5,148
	100	*	Green Mountain Coffee, Inc		1,857
	100	*	Maui Land & Pineapple Co		3,400
	1,100	*	Men’s Wearhouse, Inc		29,029
	400		Nash Finch Co		10,012
	2,396		Perrigo Co		45,452
	200	*	Perry Ellis International, Inc		5,052
	700	*	Plains Resources, Inc		11,865
	5,800	*	Priority Healthcare Corp (Class B)		133,110
	1,000		Russell Corp		17,960
	683	*	School Specialty, Inc		24,800
	2,000	*	Smart & Final, Inc		24,040
	400		Standard Commercial Corp		7,220
	1,400		Stride Rite Corp		15,442
	100	*	Tractor Supply Co		4,182
	1,200	*	United Stationers, Inc		47,664
	4,200		Valhi, Inc		47,754
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		732,412
			TOTAL COMMON STOCKS (Cost $33,456,667)		37,097,866
			TOTAL PORTFOLIO—99.60% (Cost $33,460,332)		37,103,029
			OTHER ASSETS & LIABILITIES, NET—0.40%		148,684
			NET ASSETS—100.00%	$	37,251,713
		*	Non-income producing
		b	In bankruptcy
		f	Security valued at fair value.
			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

129

TIAA-CREF Life Funds — Real Estate Securities Fund

TIAA-CREF LIFE FUNDS
Real Estate Securities Fund
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

SHARES/PRINCIPAL				VALUE
PREFERRED STOCKS - 2.39%
HOLDING AND OTHER INVESTMENT OFFICES - 2.39%
	15,000	*	Host Marriott Corp	$	375,000
	12,500	*	IMPAC Mortgage Holdings, Inc		315,500
	3,860	*	LTC Properties, Inc		94,570
	6,700	*	Ramco-Gershenson Properties Trust		177,215
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		962,285
			TOTAL PREFERRED STOCKS Cost ($951,500)		962,285
COMMON STOCK - 87.75%
HOLDING AND OTHER INVESTMENT OFFICES - 71.01%
	25,000		J. E. Robert		375,000
	38,000		Acadia Realty Trust		522,120
	71,386		Affordable Residential Communities		1,185,008
	13,420		Alexandria Real Estate Equities, Inc		761,988
	11,467		AMB Property Corp		397,102
	15,000		American Financial Realty Trust		214,350
	11,867		American Land Lease, Inc		223,812
	13,516		Amerivest Properties, Inc		79,609
	7,500		AMLI Residential Properties Trust		220,050
	15,000		Annaly Mortgage Management, Inc		254,400
	20,648		Anthracite Capital, Inc		247,363
	8,750		Apartment Investment & Management Co (Class A)		272,388
	15,000		Archstone-Smith Trust		439,950
	20,000		Ashford Hospitality Trust, Inc		167,000
	4,000		AvalonBay Communities, Inc		226,080
	20,000		Bimini Mortgage Management, Inc		300,000
	15,000		Boston Properties, Inc		751,200
	4,539		BRE Properties, Inc (Class A)		157,730
	2,107		Camden Property Trust		96,501
	8,741		Capital Automotive REIT		256,374
	41,932	*	Capital Lease Funding, Inc		436,093
	8,500		CBL & Associates Properties, Inc		467,500
	8,500		Centerpoint Properties Trust		652,375
	3,000		Corporate Office Properties Trust		74,550
	5,000		Cousins Properties, Inc		164,750
	15,435		Developers Diversified Realty Corp		545,936
	3,174		Duke Realty Corp		100,965
	17,100		Entertainment Properties Trust		611,154
	14,000		Equity Office Properties Trust		380,800
	19,706		Equity Residential		585,859
	1,914		Federal Realty Investment Trust		79,603
	15,000		General Growth Properties, Inc		443,550
	30,978		Glenborough Realty Trust, Inc		568,446
	11,902		Global Signal, Inc		261,249
	7,250		Home Properties, Inc		282,605
	65,506	*	Host Marriott Corp		809,654
	7,000		Inland Real Estate Corp		91,070

130

TIAA-CREF Life Funds — Real Estate Securities Fund

SHARES/PRINCIPAL				VALUE
	8,600		Kimco Realty Corp		391,300
	35,000		Lexington Corporate Properties Trust		696,850
	52,600		Luminent Mortgage Capital, Inc		631,200
	10,300		Macerich Co		493,061
	4,310		Mack-Cali Realty Corp		178,348
	6,000		Manufactured Home Communities, Inc		199,140
	48,609	*	Meristar Hospitality Corp		332,486
	8,000		Mills Corp		373,600
	80,000		Monmouth REIT (Class A)		623,200
	74,733	*	New York Mortgage Trust, Inc		662,134
	7,496		Newcastle Investment Corp		224,505
	77,357		Omega Healthcare Investors, Inc		776,664
	56,670		Origen Financial, Inc		512,027
	5,177		Parkway Properties, Inc		230,118
	18,000		Prologis		592,560
	4,169		Public Storage, Inc		191,816
	10,000		RAIT Investment Trust		246,500
	1,113		Ramco-Gershenson Properties		26,968
	5,500		Reckson Associates Realty Corp		151,030
	23,000		Rouse Co		1,092,500
	3,500		Shurgard Storage Centers, Inc (Class A)		130,900
	39,474		Simon Property Group, Inc		2,029,753
	25,000		Spirit Financial 144a		250,000
	28,872	*	Strategic Hotel Capital, Inc		424,418
	60,000	*	Sunset Financial Resources, Inc		613,800
	5,491		Taubman Centers, Inc		125,689
	10,000		Thornburg Mortgage, Inc		269,500
	30,000		U.S. Restaurant Properties, Inc		455,700
	31,155		Ventas, Inc		727,469
	16,000		Vornado Realty Trust		913,760
	8,000		Weingarten Realty Investors		250,240
	10,769		Winston Hotels, Inc		111,459
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		28,632,879

131

TIAA-CREF Life Funds — Real Estate Securities Fund

SHARES/PRINCIPAL				VALUE
HOTELS AND OTHER LODGING PLACES - 6.86%
	25,000	*	Diamondrock Hospitality Co		250,000
	16,500		Fairmont Hotels & Resorts		444,675
	14,000		Hilton Hotels Corp		261,240
	30,000	*	Interstate Hotels & Resorts, Inc		161,700
	144,700	*	Lodgian, Inc		1,526,585
	6,471		Orient-Express Hotels Ltd (Class A)		109,619
	261		Starwood Hotels & Resorts Worldwide, Inc		11,706
			TOTAL HOTELS AND OTHER LODGING PLACES		2,765,525
NONDEPOSITORY INSTITUTIONS - 2.11%
	72,222	*	Falcon Financial Investment Trust		563,332
	12,233		Municipal Mortgage & Equity LLC		285,272
			TOTAL NONDEPOSITORY INSTITUTIONS		848,604
REAL ESTATE - 7.77%
	20,000		Brookfield Properties Corp		575,000
	133,820	*	CB Richard Ellis Group, Inc		2,555,962
			TOTAL REAL ESTATE		3,130,962
			TOTAL COMMON STOCKS (Cost $35,424,781)		35,377,970
SHORT TERM INVESTMENTS- 7.06%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES- 7.06%
$	2,850,000		FEDERAL HOME LOAN BANKS
			(FHLB)
			1.000%,07/01/04		2,849,906
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,849,906
			TOTAL SHORT TERM INVESTMENTS (Cost $2,849,901)		2,849,906
			TOTAL PORTFOLIO—97.20% (Cost $39,226,182)		39,190,161
			OTHER ASSETS & LIABILITIES, NET—2.80%		1,128,696
			NET ASSETS—100.00%	$	40,318,857

*	Non-income producing
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds may use more specific industry categories in the following their investment limitations on industry concentration.

132

TIAA-CREF Life Funds — Bond Fund

TIAA-CREF LIFE FUNDS
Bond Fund
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

					Maturity		Moodys
Shares/Principal			Rate		Date		Rating	Value
BONDS - 91.70%
CORPORATE BONDS - 27.33%
ASSET BACKED - 2.75%
$	1,000,000	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)		3.777		01/25/22	Aaae	$	1,003,400
	500,000	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Classs 1B)		5.700		02/25/34	Baa2e		481,900
TOTAL ASSET BACKED									1,485,300
COMMUNICATIONS - 1.68%
	100,000	AT&T Wireless Services, Inc (Sr Note)		8.750		03/01/31	Baa2		123,479
	100,000	BellSouth Corp Note		6.875		10/15/31	A1		104,160
	100,000	British Telecommunications PLC Bond		8.875		12/15/30	Baa1		123,647
	100,000	Comcast Corp		7.050		03/15/33	Baa3		103,705
	100,000	Deutsche Telekom International Finance		8.750		06/15/30	Baa2		121,846
	100,000	Sprint Capital Corp		8.750		03/15/32	Baa3		116,385
	100,000	Verizon Global Funding Corp Note		7.750		06/15/32	A2		112,289
	100,000	Vodafone Group PLC Note		6.250		11/30/32	A2		99,141
TOTAL COMMUNICATIONS									904,652
DEPOSITORY INSTITUTIONS - 0.55%
	100,000	Bank of America Corp		4.750		08/15/13	Aa3		95,373
	100,000	Citigroup, Inc (Sub Note)		6.625		06/15/32	Aa2		103,774
	100,000	Wells Fargo & Co (Sub Note)		5.000		11/15/14	Aa2		96,402
TOTAL DEPOSITORY INSTITUTIONS									295,549
GENERAL BUILDING CONTRACTORS - 0.17%
	100,000	Pultes Homes, Inc		6.375		05/15/33	Baa3		92,113
TOTAL GENERAL BUILDING CONTRACTORS									92,113
GENERAL MERCHANDISE STORES - 0.22%
	100,000	Wal-Mart Stores, Inc Note		7.550		02/15/30	Aa2		119,623
TOTAL GENERAL MERCHANDISE STORES									119,623
INSURANCE CARRIERS - 0.18%
	100,000	Travelers Property Casualty Corp		6.375		03/15/33	A3		97,547
TOTAL INSURANCE CARRIERS									97,547
MOTION PICTURES - 0.20%
	100,000	Time Warner, Inc		7.700		05/01/32	Baa1		109,232
TOTAL MOTION PICTURES									109,232
NONDEPOSITORY INSTITUTIONS - 17.95%
	100,000	Household Finance Corp Note		6.375		11/27/12	A1		106,109
	100,000	Toyota Motor Credit Note		0.029		07/08/08			95,958
	4,460,000	Trains (Secured Note)		5.940		01/25/07	A3		4,743,392
	4,260,000	Trains (Secured Note)		6.962		01/15/12	A3		4,737,037
									9,682,496
TOTAL NONDEPOSITORY INSTITUTIONS
OTHER MORTGAGE BACKED SECURITIES - 2.53%
	400,000	Centex Home Equity Series 2004-C (Class AF5)		5.980		06/25/34	Aaae		399,750
	750,000	JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)		5.376		07/12/37	Aaa		760,344
	205,593	Option One Mortgage Securities Series 2004-1 (Class 1A)		1.510		04/26/09	Aaa		205,593
TOTAL OTHER MORTGAGE BACKED SECURITIES									1,365,687
PETROLEUM AND COAL PRODUCTS - 0.18%
	100,000	ConcoPhillips Note		5.900		10/15/32	A3		96,723
TOTAL PETROLEUM AND COAL PRODUCTS									96,723

133

TIAA-CREF Life Funds — Bond Fund

					Maturity		Moodys
Shares/Principal			Rate		Date		Rating	Value
PRIMARY METAL INDUSTRIES - 0.18%
	100,000	Precisions Castparts Corp		5.600		12/15/13	Baa3		97,355
TOTAL PRIMARY METAL INDUSTRIES									97,355
SECURITY AND COMMODITY BROKERS - 0.35%
	100,000	Morgan Stanley Note		5.300		03/01/13	Aa3		98,438
	100,000	Morgan Stanley Note		4.750		04/01/14	A1		92,198
TOTAL SECURITY AND COMMODITY BROKERS									190,636
TRANSPORTATION EQUIPMENT - 0.39%
	100,000	Boeing Co Note		6.125		02/15/33	A3		97,233
	100,000	Daimler-Chrysler Na Holding (Guarantee Note)		8.500		01/18/31	A3		114,567
TOTAL TRANSPORTATION EQUIPMENT									211,800
TOTAL CORPORATE BONDS
(Cost $15,438,709)									14,748,713
GOVERNMENT BONDS - 64.37%
AGENCY SECURITIES - 12.70%
		Federal Home Loan Bank (FHLB)
	750,000			5.250		06/18/14	Aaa		751,996
		Federal Home Loan Mortgage Corp (FHLMC)
	2,250,000			1.875		02/15/06	Aaa		2,218,973
	497,000			5.875		03/21/11	Aa2		522,398
		Federal National Mortgage Association (FNMA)
	3,400,000			2.250		05/15/06	Aaa		3,360,152
TOTAL AGENCY SECURITIES									6,853,519
MORTGAGE BACKED SECURITIES - 29.26%
		Federal Home Loan Mortgage Corp Gold (FGLMC)
	599,245			5.000		06/01/18			601,182
	734,816			5.000		02/01/19			736,716
	899,569			5.000		07/01/33			871,145
	482,964			5.000		11/01/33			467,704
	937,513			6.000		11/01/33			958,723
		Federal National Mortgage Association (FNMA)
	754,888			6.000		02/01/18			787,413
	791,614			5.500		03/01/18			811,624
	706,711			5.500		04/01/18			724,574
	1,778,468			5.000		01/01/19			1,784,798
	969,074			5.500		03/01/19			993,449
	924,060			6.500		03/01/33			962,853
	938,695			5.500		07/01/33			936,916
	992,325			6.000		10/01/33			1,014,244
	3,368,115			5.000		03/01/34			3,264,226
		Government National Mortgage Association (GNMA)
	878,091			5.500		07/20/33			877,841
TOTAL MORTGAGE BACKED SECURITIES									15,793,408
U.S. TREASURY SECURITIES - 22.41%
		U.S. Treasury Bond
	1,870,000			8.000		11/15/21			2,451,271
	100,000			5.375		02/15/31			100,844
		U.S. Treasury Note
	2,500,000			2.625		05/15/08			2,422,225
	2,215,000			3.375		12/15/08			2,187,180
	1,000,000			3.125		04/15/09			971,690
	2,250,000			3.625		05/15/13			2,106,067
	1,250,000			4.250		08/15/13			1,220,075
		United States Treasury Inflation Indexed Bonds
k	573,110			3.875		01/15/09			638,926
TOTAL U.S. TREASURY SECURITIES									12,098,278

134

TIAA-CREF Life Funds — Bond Fund

					Maturity		Moodys
Shares/Principal			Rate		Date		Rating	Value
TOTAL GOVERNMENT BONDS
(Cost $35,007,185)									34,745,205
TOTAL BONDS
(Cost $50,445,894)									49,493,918
SHORT TERM INVESTMENTS - 7.56%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 7.56%
		Federal Home Loan Bank (FHLB)
	2,080,000			1.000		07/01/04			2,079,931
		Federal Home Loan Mortgage Corp (FHLMC)
	2,000,000			1.875		01/15/05			1,999,881
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES									4,079,812
TOTAL SHORT TERM INVESTMENTS									4,079,812
(Cost $4,097,350)
TOTAL PORTFOLIO -      99.26 %									53,573,730
(Cost $54,543,244)
OTHER ASSETS & LIABILITIES, NET -           0.74 %									401,012
NET ASSETS -    100.00 %								$	53,974,742

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
+	As provided by Moody’s Investors Service (Unaudited)

135

TIAA-CREF Life Funds — Money Market Fund

TIAA-CREF LIFE FUNDS
Money Market Fund
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2004

						Maturity
Principal				Rate		Date		Value
SHORT TERM INVESTMENTS - 100.09%
COMMERCIAL PAPER - 47.26%
$	440,000		ABN Amro North America Finance, Inc		1.060		07/06/04	$	439,936
	800,000		Bank of Nova Scotia		1.300		08/19/04		798,584
	800,000	c	Beta Finance, Inc		1.200		07/15/04		799,627
	340,000	c	CC (USA), Inc		1.080		07/21/04		339,796
	420,000	c	CC (USA), Inc		1.180		07/23/04		419,697
	490,000	c	Corporate Asset Funding Corp, Inc		1.130		07/26/04		489,605
	670,000		Delaware Funding Corp		1.070		07/12/04		669,775
	500,000	c	Dorada Finance, Inc		1.490		09/08/04		498,572
	500,000	c	Fortune Brands		1.300		08/16/04		499,169
	660,000		General Electric Capital Corp		1.080		07/16/04		659,703
	700,000	c	Govco, Inc		1.260		08/05/04		699,129
	530,000		Greenwich Capital Holdings, Inc		1.460		09/15/04		528,372
	800,000		Greyhawk Funding LLC		1.050		07/08/04		799,837
	300,000	c	Links Finance LLC		1.350		09/24/04		299,052
	790,000		Morgan Stanley Capital I (CMBS)		1.280		08/10/04		788,876
	710,000	c	Preferred Receivables Funding Corp		1.070		07/06/04		709,894
	650,000	c	Receivables Capital Corp		1.310		07/29/04		649,338
	270,000		Societe Generale North America, Inc		1.080		09/01/04		269,498
	580,000	c	Variable Funding Capital Corporation		1.470		07/01/04		580,000
	690,000	c	Yorktown Capital, LLC		1.140		07/02/04		689,978
TOTAL COMMERCIAL PAPER									11,628,438
MEDIUM TERM NOTES - 1.63% 400,000 Bank of America Corp (Sr Note)					1.060		07/19/04		400,000
TOTAL MEDIUM TERM NOTES									400,000
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 51.20%
	200,000		Federal Farm Credit Discount (FFCB)		1.080		10/13/04		199,376
	1,707,000		Federal Home Loan Bank (FHLB)		1.020		07/21/04		1,706,004
	209,000		Federal Home Loan Bank (FHLB)		1.060		07/30/04		208,790
	560,000		Federal Home Loan Bank (FHLB)		1.125		08/11/04		559,279
	440,000		Federal Home Loan Bank (FHLB)		1.220		08/18/04		439,387
	710,000		Federal Home Loan Bank (FHLB)		1.110		09/10/04		708,446
	800,000		Federal Home Loan Bank (FHLB)		1.100		09/17/04		798,093
	180,000		Federal Home Loan Bank (FHLB)		1.090		10/08/04		179,371
	40,000		Federal Home Loan Bank (FHLB)		1.140		11/09/04		39,834
	1,530,000		Federal National Mortgage Association (FNMA)		1.080		08/04/04		1,528,248
	910,000		Federal National Mortgage Association (FNMA)		1.430		09/22/04		907,669
	400,000		Federal National Mortgage Association (FNMA)		1.110		11/12/04		398,094
	250,000		Federal National Mortgage Association (FNMA)		1.240		01/07/05		247,884
	150,000		Frederal Home Loan Mortgage Corp (FHLMC)		1.300		07/15/04		149,935
	1,080,000		Frederal Home Loan Mortgage Corp (FHLMC)		1.040		07/22/04		1,079,345
	800,000		Frederal Home Loan Mortgage Corp (FHLMC)		1.160		07/28/04		799,358
	530,000		Frederal Home Loan Mortgage Corp (FHLMC)		1.055		08/12/04		529,348

136

TIAA-CREF Life Funds — Money Market Fund

					Maturity
Principal			Rate		Date		Value
	740,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.240		08/24/04		738,835
	280,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.055		09/07/04		279,281
	300,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.430		11/04/04		298,499
	100,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.450		11/16/04		99,444
	100,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.100		12/02/04		99,435
	310,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.500		12/28/04		307,706
	100,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.210		12/30/04		99,368
	200,000	Frederal Home Loan Mortgage Corp (FHLMC)		1.510		03/10/05		197,886
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES								12,598,915
TOTAL SHORT TERM INVESTMENTS								24,627,353
(Cost $24,627,353)
TOTAL PORTFOLIO    - 100.09%								24,627,353
(Cost $24,627,353)
OTHER ASSETS & LIABILITIES, NET        - (0.09)%								(21,532	)
NET ASSETS       100.00%							$	24,605,821

c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

137

Item 10. 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 11. Exhibits.

11(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

11(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

11(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 30, 2004	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 30, 2004	By:	/s/ Bertram L. Scott
		Bertram L. Scott
		Executive Vice President (principal executive officer)
Date: August 30, 2004	By:	/s/ Bertram L. Scott
		Elizabeth A. Monrad Executive Vice President
		(principal financial officer)

EXHIBIT LIST

Item 11. Exhibits.

11(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

11(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

11(b) Section 906 certification (EX-99.906CERT)