TIAA-CREF LIFE FUNDS

N-CSR 1 dncsr.htm TIAA-CREF LIFE FUNDS TIAA-CREF LIFE FUNDS

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, 2004

Date of reporting period: December 31, 2004

Item 1.

Reports to Stockholders.

2004 ANNUAL REPORT

TIAA-CREF

LIFE FUNDS

DECEMBER 31, 2004

Audited financial statements including summary portfolios of investments


Growth Equity		Large-Cap Value

Growth & Income		Small-Cap Equity

International Equity		Real Estate Securities

Stock Index		Bond

Social Choice Equity		Money Market

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LOGO

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 12/31/2004


		Average annual compound rates of total return
	Inception date	1 year		5 years		Since inception
EQUITIES
Growth Equity Fund	4/3/2000	6.39	%	—		–12.28	%
Growth & Income Fund	4/3/2000	9.94		—		–4.17
International Equity Fund	4/3/2000	17.72		—		–4.08
Stock Index Fund	1/4/1999	11.89		–1.14	%	2.27
Social Choice Equity Fund	4/3/2000	12.39		—		–1.73
Large-Cap Value Fund	10/28/2002	20.76		—		25.22
Small-Cap Equity Fund	10/28/2002	19.83		—		32.35
Real Estate Securities Fund	10/28/2002	32.98		—		35.82

FIXED INCOME
Bond Fund	7/8/2003	4.21		—		3.27
Money Market Fund*	7/8/2003	1.34		—		1.23


NET ANNUALIZED YIELD (30-day period ended 12/31/2004)			NET ANNUALIZED YIELD (7-day period ended 12/28/2004)

	Effective			Current		Effective
Bond Fund	4.17	%	Money Market*	2.17	%	2.19	%

Investments in the TIAA-CREF Life Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. 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.

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, or call 800 223-1200.

A better way to keep track of your investments

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If you did not receive this report electronically, you can sign up for e-delivery at www.tiaa-cref.org/howto/edelivery.html. It takes only a few minutes and will enable you to get future reports as soon as they are completed, rather than waiting for them to be printed, bound and delivered by mail.

We want to remind you that, beginning with the 2004 Semiannual Report, which was published at the end of August, our financial reports list each fund’s 50 largest holdings or any holding that constitutes more than 1% of a fund’s investment portfolio. A complete list of each fund’s holdings is on file with the Securities and Exchange Commission. To obtain this information, please see details on page four. On page six, we have added a risk glossary to help you better understand the risks of each fund.

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

Contents


Report on TIAA-CREF Life Funds		2

More information about the report		4

Special terms		5

Understanding investment risk		6

Important information about expenses		8

Fund performance
Growth Equity Fund		9
Growth & Income Fund		13
International Equity Fund		17
Stock Index Fund		21
Social Choice Equity Fund		25
Large-Cap Value Fund		29
Small-Cap Equity Fund		33
Real Estate Securities Fund		37
Bond Fund		41
Money Market Fund		45

Report of management responsibility		49

Report of the audit committee		50

Summary portfolios of investments		51

Financial statements
Statements of assets and liabilities		88
Statements of operations		92
Statements of changes in net assets		96
Financial highlights		104
Notes to financial statements		113
Report of independent registered public accounting firm		120

Additional information		121

Management		124

How to reach us		Inside back cover

Report on TIAA-CREF Life Funds

Both U.S. and foreign stocks posted double-digit returns during 2004, with most of their advance occurring during a year-end rally. As of December 31, 2004, the Russell 3000^® Index, which tracks the broad U.S. market, was up 11.95%. The MSCI EAFE^® Index, which tracks stocks in 21 developed nations excluding the United States, gained 20.25% in dollar terms.

During the first three quarters of 2004, lofty stock valuations were making investors cautious, while higher interest rates and rising oil prices threatened economic growth in the United States and among its chief trading partners. Inflation fears during the second quarter caused the largest single-quarter decline in the return of 10-year Treasury notes in a decade. As of September 30, 2004, the Russell 3000 had gained only 1.62% and the EAFE 4.27%.

When oil prices backed off their late-October highs and earnings at U.S. companies soared, these encouraging signs set off a vigorous rally. Driven by strong performance in the financial, technology and health care sectors, the Russell 3000 Index returned 10.16% for the fourth quarter and 11.95% for the year, producing gains in consecutive years for the first time since 1999. Bonds rallied too, and 10-year Treasuries ended the year with a return of 5.1%.

The stocks of the Russell 3000 have now produced an average annual return of 12.00% over the last ten years, while the Lehman Brothers U.S. Aggregate Index, which tracks the broad investment-grade bond market, has posted an average return of 7.71% during the same period. But, as the most recent year demonstrated, underlying market movements are far from smooth. In 2004, 85% of the Russell 3000’s return occurred in the fourth quarter.

Such performance underscores the need for a long-term investor to remain fully invested at all times. Money managers who maintained sizable cash holdings during the fourth quarter risked missing the year’s largest gains. TIAA-CREF’s commitment to being fully invested and our consistent approach enabled seven of our ten funds to post returns within one percentage point of their benchmarks.

The following pages provide a detailed explanation of how the TIAA-CREF Life Funds performed during 2004. Our equity funds participated in the fourth quarter’s broad-based advance, with returns ranging from 6.39% for the Growth Equity Fund to 32.98% for the Real Estate Securities Fund. The Bond Fund was also boosted by a year-end rally and returned 4.21%.

2 | 2004 Annual Report TIAA-CREF Life Funds

LOGO

Scott C. Evans

Executive Vice President and

Chief Investment Officer

The Federal Reserve’s five increases in short-term interest rates lifted money market rates during the second half of the year, and the Money Market Fund posted a return of 1.34%.

While our funds benefited by remaining true to their investment objectives during the past year, we have enhanced the methods used to achieve them. In 2004 we conducted a comprehensive strategic review to evaluate the organizational structure of our investment operations. As a result, we made a number of changes to improve the collaboration among our investment managers and with other parts of TIAA-CREF.

We also made several key appointments within the investment area, including the choice of Susan Ulick as head of Equity Investments. She now oversees the management of all equity investments, including research, analysis and trading. Her depth of experience, as previous head of equity research at CREF, enabled us to make further improvements in our fund management process.

Under Ms. Ulick’s guidance, we have seen outstanding returns from a number of our equity funds, including the Life Funds’ Large-Cap Value Fund, which posted a 20.76% return for the year. In addition, the new management team that assumed responsibility for the Growth Equity Fund in 2003 has improved that fund’s performance, relative to its benchmark index.

In our efforts to add value in each of our investment offerings, we will continue to ensure that our investment group has the structure and resources to help meet the demands of today’s complex marketplace.

Scott C. Evans

Executive Vice President and

Chief Investment Officer

TIAA-CREF Life Funds 2004 Annual Report | 3

More information about the report

Portfolio listings

SEC rules intended to provide investors with more meaningful information about fund performance allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings as they did previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

You can obtain a complete list of the TIAA-CREF Life Funds holdings (called “TIAA-CREF Life Funds Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2004) in the following ways:

•

by visiting the TIAA-CREF Web Center at www.tiaa-cref.org; or

•

by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

For the period ended December 31, 2004, and for other reporting periods, you can also obtain a complete listing of TIAA-CREF Life Funds holdings on Form N-CSR (for periods ended either June 30 or December 31) or on Form N-Q (for the most recently completed fiscal quarter, either March 31 or September 30):

•

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

•

at the SEC’s Public Reference Room (call 800 SEC-0330 for more information).

Proxy voting

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

Contacting TIAA-CREF

There are three easy ways to contact us: 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 the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day operations of the funds.

4 | 2004 Annual Report TIAA-CREF Life Funds

Special terms

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

Annuities are designed for retirement savings or for other long-term goals. They offer 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 are bonds backed by loans or by the outstanding amounts owed to a bank, credit card company or other lender.

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, used to compare the performance of an investment.*

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

Expense ratio is 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 is 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 date is the date on which the principal amount of a note, bond or other debt instrument becomes due or payable.

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

Overweight holding refers to a fund’s investment in a security that is larger, in percentage terms, 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 holding.”

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

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

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

Total return is 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 holding refers to a fund’s investment in a security that is smaller, in percentage terms, than that security’s percentage of a benchmark, in terms of market capitalization. Fund managers may underweight those securities they think will produce lower returns than the benchmark. See also “Overweight holding.”

*	Russell 3000 is a trademark and service mark of the Frank Russell Company. S&P 500 Index is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.

TIAA-CREF Life Funds 2004 Annual Report | 5

Understanding investment risk

All investing involves an element of risk. For example, ordinary Treasury bonds, whose principal and interest are guaranteed by the U.S. government, are generally considered among the safest of investments. Even so, in periods of high inflation, owners of these bonds run the risk that the purchasing power of their principal and interest may erode over time.

Some kinds of risk apply to all investments; others affect only particular types of securities. For example, the price of any publicly traded security, such as a stock or a bond, may decline in response to general market and economic conditions or events; this is referred to as “market risk.” On the other hand, the risk that a company may be unable to pay principal and interest on its bonds, which is termed “credit risk,” clearly applies to bonds but not to stocks.

In general, a fund that invests in stocks is subject to market risk and company risk. The parts of the stock market in which an individual fund operates may subject it to additional risks. A fund that invests in bonds is subject to market risk, interest rate risk, credit risk and income risk, and, as with stocks, operating in certain parts of the market may involve special risks. For a full explanation of the funds’ risks, please see the prospectus.

The glossary below describes the general investment risks mentioned above, as well as the special risks noted under the heading “Special investment risks” in the discussion of each fund. We hope it will help you make the investment choices best suited to your financial situation and risk tolerance.

Company risk (often called financial risk) is the risk that the issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the security’s value over short or extended periods of time.

Credit risk (a type of company risk) is the risk that a decline in a company’s overall financial soundness may make it unable to pay principal and interest on bonds when due.

Current income risk is the risk that the income of the fund may fall as a result of a decline in interest rates.

Dividend risk is the risk associated with investments in stocks paying relatively high dividends. These stocks may significantly underperform other stocks during periods of rapid market appreciation.

Foreign investment risks are the risks of investing in securities of foreign issuers, securities or contracts traded on foreign exchanges or in foreign markets, or securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These risks may be magnified when investing in emerging markets.

Growth investing risk is the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. Also, because the value of growth companies is generally a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained.

6 | 2004 Annual Report TIAA-CREF Life Funds

Income risk is the risk that falling interest rates will cause the fund’s income to decline.

Index risk is the risk that the fund’s performance will not match its index for any period of time. Although a fund may attempt to closely track the investment performance of its benchmark index, it may not duplicate the composition of this index. In addition, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses.

Interest rate risk (a type of market risk) is the risk that the value or yield of fixed-income securities may decline if interest rates change.

Large-cap risk is the risk that a fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all.

Market risk is the risk that the price of securities may decline in response to general market and economic conditions or events.

Prepayment and extension risk is the risk of loss arising from changes in duration for certain fixed-income securities that allow for prepayment or extension.

Real estate investing risks are the risks associated with real estate ownership, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability.

Real estate securities risk is the risk that, because this fund concentrates in one industry and holds securities of relatively few issuers, it may experience greater fluctuations in value and may be subject to a greater risk of loss than other mutual funds.

Reorganization risk is the risk that stocks of companies involved in reorganizations and other special situations can experience more volatility than ordinary securities. Accordingly, the fund’s performance is often more volatile than the overall stock market, and it could significantly outperform or underperform the stock market during any particular period.

Small/mid-cap risk is the risk that the securities of smaller companies may experience steeper fluctuations in price than those of larger companies. These securities may also have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities.

Socially screened investing risk is the possibility that, because its social screens exclude some investments, a fund may not be able to take advantage of the same opportunities or market trends as funds that do not use such criteria.

Style risk is the risk that the fund’s growth investing or value investing style falls out of favor with investors for a period of time.

Value investing risks are the risks that (1) the issuer’s potential business prospects are not realized; (2) the securities’ potential values are never recognized by the market; and (3) due to unanticipated problems associated with the issuer or industry, they are appropriately priced (or overpriced) when acquired.

TIAA-CREF Life Funds 2004 Annual Report | 7

Important information about expenses

DISCLOSURE

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

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 July 1, 2004, and held for six months until December 31, 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 six-month 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 the six-month 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 for the six-month period and an assumed annual rate of return of 5% 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.

8 | 2004 Annual Report TIAA-CREF Life Funds

Growth Equity Fund | Large-cap growth stocks

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Growth Equity Fund returned 6.39% for the year, edging the fund’s benchmark, the Russell 1000^® Growth Index, which returned 6.30%, but trailing the 7.64% average return of similar funds, as measured by the Morningstar Large Growth category.

Growth underperforms value

During 2004, U.S. stock investors favored large-cap value stocks over their growth counterparts, marking the fifth consecutive year that value led growth in the large-cap category. The predominantly large-cap Russell 1000 Value Index posted a 16.49% return for the year. Its strong performance relative to the Russell 1000 Growth Index was a sharp contrast to last year, when the 29.75% return of large-cap growth stocks nearly matched the 30.03% return of large-cap value issues.

Most of the year’s gains occurred in the fourth quarter. In fact, the Russell 1000 Growth Index was in negative territory as of September 30. A year-end rally lifted large-cap stocks along with the rest of the market. During the fourth quarter, the Russell 1000 Growth Index jumped 9.17%, while the Russell 1000 Value Index climbed 10.38%.

Among growth stocks, the Russell 1000 Growth Index lagged both the 14.31% return of the small-cap Russell 2000^® Growth Index and the 15.48% return of the Russell Midcap^® Growth Index.

Fund contributors and detractors

Performance relative to the benchmark’s was helped by overweight holdings in many stocks that outperformed the benchmark, including Starwood Hotels & Resorts, eBay, St. Jude Medical and Aetna. A position in agricultural-supply giant Monsanto, a stock not held in the benchmark, was the largest single contributor to fund returns. The fund also benefited from its below-benchmark weightings in stocks such as Merck, Intel and Coca-Cola.

These positive contributions to relative performance were partially offset by returns from a number of stocks that failed to perform as anticipated. These included Novellus Systems, a semiconductor manufacturer; Forest Laboratories, a pharmaceuticals company; and Intuit, a financial software maker. The fund had larger weightings of these stocks than the benchmark. Underweight holdings in several stocks that produced strong returns, such as UnitedHealth Group and American International Group, also detracted from performance.

The fund invested 3.79% of its total invested assets in foreign securities as of December 31, 2004.

TIAA-CREF Life Funds 2004 Annual Report | 9

Growth Equity Fund | Large-cap growth stocks

Investment objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including growth investing risk, large-cap risk, style risk, foreign investment risks and reorganization risk. For a further discussion of risk, please see page six.

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. You cannot invest directly in these indexes.

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Growth Equity Fund	6.39	%	–12.28	%	–46.39	%
Benchmark:
Russell 1000 Growth Index²	6.30		–11.04		–42.68
Peer group:
Morningstar Large Growth	7.64		–9.55		–35.95

¹	Inception date: 4/3/2000

²	Russell 1000 is a trademark and service mark of the Frank Russell Company.

10 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 4/3/2000 inception

LOGO

An investment of $10,000 in this fund on April 3, 2000, would be worth $5,361 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 11

Growth Equity Fund | Large-cap growth stocks

PERFORMANCE

Fund expenses—six months ended December 31, 2004

The expense examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the 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 July 1, 2004, and held for six months until December 31, 2004. Please see page eight 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 (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04- 12/31/04)
Actual return	$	1,000.00	$	1,041.98	$	1.28
5% annual hypothetical return		1,000.00		1,023.72		1.27

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.25%.

Fund facts


Inception date		4/3/2000
Net assets (12/31/2004)		$28.28 million
2004 actual expense ratio*		0.25%

This fund expense ratio does not include the administrative expense and mortality and expense risk charges deducted under variable annuity or variable life insurance contracts that use the TIAA-CREF Life Funds. For more information on fund deductions and expenses, please see the prospectus for the individual product you own.

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		91.84
Middle: $1 billion-$5 billion		8.12
Small: under $1 billion		0.04

Total		100.00

12 | 2004 Annual Report TIAA-CREF Life Funds

Growth & Income Fund | Large-cap, dividend-paying stocks

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Growth & Income Fund returned 9.94% for the year, trailing the fund’s benchmark, the S&P 500^® Index, which advanced 10.88%, and in line with the 9.96% average return of similar funds, as measured by the Morningstar Large Blend category.

Late rally boosts S&P 500

After posting a 28.68% advance in 2003, the S&P 500 Index lost ground during the first nine months of 2004. A broad-based fourth-quarter rally lifted prices for U.S. stocks, enabling the large-cap stocks of the S&P 500 to post a double-digit return for the year. Returns were driven by the energy sector of the index, which was up 28.77%.

Large-cap stocks trailed the overall market, as measured by the Russell 3000^® Index, which posted an 11.95% return for the year, helped by strong performance among small- and mid-cap stocks.

Stock selection hampers results

Detracting from the fund’s return were underperforming stocks including semiconductor manufacturer Novellus, Fannie Mae and Cisco Systems. The fund held larger amounts of these stocks than their index weightings, but they did not perform as anticipated. An underweight in Apple Computer, which posted a positive return, further hindered the fund’s return. In addition, performance was restrained by a position in Taiwan Semiconductor, a stock that was not in the S&P 500.

Relative performance benefited from overweight holdings in many stocks that outperformed the benchmark, including agricultural-supply giant Monsanto (the top individual contributor), Aetna and St. Jude Medical. Positions in several stocks not held by the benchmark, including Lyondell Chemical and Vinci, a French construction and engineering firm, also added value. However, these contributions failed to lift the fund’s return above that of the benchmark.

The fund invested 0.37% of its total invested assets in foreign securities as of December 31, 2004.

TIAA-CREF Life Funds 2004 Annual Report | 13

Growth & Income Fund | Large-cap, dividend-paying stocks

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including foreign investment risks, income risk, large-cap risk and dividend risk. For a further discussion of risk, please see page six.

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. You cannot invest directly in this index.

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Growth & Income Fund	9.94	%	–4.17	%	–18.33	%
Benchmark:
S&P 500 Index²	10.88		–2.88		–12.97
Peer group:
Morningstar Large Blend	9.96		–2.64		–10.79

¹	Inception date: 4/3/2000

²	S&P 500 Index is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.

14 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 4/3/2000 inception

LOGO

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,167 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 15

Growth & Income Fund | Large-cap, dividend-paying stocks

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Growth & Income Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,071.09	$	1.20
5% annual hypothetical return		1,000.00		1,023.82		1.17

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.23%.

Fund facts


Inception date		4/3/2000
Net assets (12/31/2004)		$47.75 million
2004 actual expense ratio*		0.23%

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		89.43
Middle: $1 billion-$5 billion		8.85
Small: under $1 billion		1.72

Total		100.00

16 | 2004 Annual Report TIAA-CREF Life Funds

International Equity Fund | Foreign stocks

DISCUSSION

Performance in the twelve months ended December 31, 2004

The International Equity Fund returned 17.72% for the year. The fund’s benchmark, the MSCI EAFE^® Index, returned 20.25%, versus the 17.59% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Surging foreign currencies magnify returns

Foreign stocks, as measured by the EAFE index, outpaced U.S. stocks for the third consecutive year. The Russell 3000^® Index, a broad measure of the U.S. stock market, returned 11.95% during 2004.

Over the first three quarters, investors worried about rising oil prices, higher interest rates and ongoing geopolitical problems. As of September 30, the EAFE posted a modest year-to-date return of 5.47% in terms of local currencies, but the strength of the dollar reduced this gain to 4.27% for U.S. investors.

Most of the EAFE’s strong advance came in the fourth quarter. The European component of the index, which represents more than two-thirds of its market capitalization, jumped 15.92% in the fourth quarter, while the Japanese component climbed 13.08%.

These returns were bolstered by a surge in the values of the euro, pound and yen versus the dollar. Overall, currency factors more than doubled the EAFE’s fourth-quarter return, from 6.83% in terms of local currencies to 15.32% in dollar terms.

Contributors and detractors

During the first six months of the year, successful stock selections enabled the fund to post a return of 5.36%, topping the benchmark’s 4.56% return. In the year’s second half, stock selections that did not perform as anticipated prevented the fund from keeping pace with the benchmark. The biggest detractors from relative performance overall included overweight holdings in British food service company Compass Group, Swiss semiconductor maker STMicroelectronics and Italian automobile manufacturer Fiat.

The negative effects of these holdings were partly offset by the fund’s greater-than-benchmark weightings in a number of European stocks that performed well, including French construction and engineering firm Vinci, German real estate financing company Hypo Real Estate Holding and German pharmaceutical wholesaler Celesio.

TIAA-CREF Life Funds 2004 Annual Report | 17

International Equity Fund | Foreign stocks

Investment objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including foreign investment risks and small/mid-cap risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Morgan Stanley Capital International EAFE^® (Europe, Australasia, Far East) Index tracks the performance of stocks in 21 developed countries around the world, excluding the United States and Canada. You cannot invest directly in this index.

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
International Equity Fund	17.72	%	–4.08	%	–17.96	%
Benchmark:
Morgan Stanley EAFE Index²	20.25		–1.13		–5.24
Peer group:
Morningstar Foreign Large Blend	17.59		–3.26		–13.48

¹	Inception date: 4/3/2000

From May 31, 2001, through May 31, 2002, MSCI published two versions of this index, a “standard” and a “provisional,” in order to provide a transition to a new way of calculating the index. The fund adopted the “provisional” version on July 1, 2001, and the returns shown above include “provisional” data from July 1, 2001, through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. EAFE is a trademark of Morgan Stanley Capital International, Inc.

18 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 4/3/2000 inception

LOGO

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,204 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 19

International Equity Fund | Foreign stocks

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	International Equity Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,117.29	$	1.54
5% annual hypothetical return		1,000.00		1,023.51		1.48

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.29%.

Diversification among world markets


Country		Percent of invested assets
Japan		21.2
United Kingdom		18.8
Switzerland		12.0
Germany		9.6
France		8.9
Italy		5.9
Australia		5.0
Spain		3.7
13 other nations		14.9

Total		100.0

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of invested assets
Large: over $5 billion		81.20
Middle: $1 billion-$5 billion		14.37
Small: under $1 billion		4.43

Total		100.00

Fund facts


Inception date		4/3/2000
Net assets (12/31/2004)		$52.15 million
2004 actual expense ratio*		0.29%

20 | 2004 Annual Report TIAA-CREF Life Funds

Stock Index Fund | U.S. stocks

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Stock Index Fund returned 11.89% for the year. The fund’s benchmark, the Russell 3000^® Index, returned 11.95% for the period, versus the 9.96% average return of similar funds, as measured by the Morningstar Large Blend category.

Late rally rescues stocks from disappointing year

After posting a 31.06% gain in 2003, the stocks of the Russell 3000 delivered lackluster returns for most of 2004. Mixed economic signals, along with concerns about terrorism and the war in Iraq, constrained equity performance during the first two quarters of the year, and the index was up just 3.59% at mid-year. During the third quarter, soaring oil prices eroded those gains. The Russell 3000 lost 1.90% in the quarter, and, by late October, the market was barely in positive territory year-to-date.

Upward movement returned with a strong rally in November and December that propelled the Russell 3000 to a 10.16% fourth-quarter return and a double-digit gain for the year as a whole. The late surge came as oil prices plunged after topping $55 a barrel in late October.

Small and mid-size value companies perform best

The market’s advance was driven by the 18.33% gain of the small-cap Russell 2000^® Index and the 20.22% rise in the Russell Midcap^® Index. The predominantly large-cap Russell 1000^® Index returned 11.40% for the year.

Value stocks as a group strongly outperformed growth issues during the twelve-month period. The Russell 3000 Value Index, which tracks value stocks of all sizes, climbed 16.94%—more than double the 6.93% return of the Russell 3000 Growth Index.

All industry sectors in the benchmark Russell 3000 had positive returns, led by integrated oils (28.5%) and other energy (41.6%). The strong fourth-quarter rebound enabled technology, the worst-performing sector, to eke out a 1.2% gain for the year.

For the period, the fund’s returns were comparable to those of the benchmark, minus the effect of expenses and of some cash holdings for liquidity. The fund also had a risk profile similar to that of the benchmark.

TIAA-CREF Life Funds 2004 Annual Report | 21

Stock Index Fund | U.S. stocks

Investment objective

The fund 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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including index risk and small/mid-cap risk. For a further discussion of risk, please see page six.

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 total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

Performance as of 12/31/2004


	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception¹		5 years		since inception¹
Stock Index Fund	11.89	%	–1.14	%	2.27	%	–5.59	%	14.43	%
Benchmark:
Russell 3000 Index²	11.95		–1.16		2.21		–5.68		14.03
Peer group:
Morningstar Large Blend	9.96		–1.77		1.52		–8.52		10.85

¹	Inception date: 1/4/1999

²	Russell 3000 is a trademark and service mark of the Frank Russell Company.

22 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 1/4/1999 inception

LOGO

An investment of $10,000 in this fund on January 4, 1999, would have grown to $11,443 as of December 31, 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.

Calendar year total returns

LOGO

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

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

TIAA-CREF Life Funds 2004 Annual Report | 23

Stock Index Fund | U.S. stocks

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Stock Index Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,080.09	$	0.31
5% annual hypothetical return		1,000.00		1,024.68		0.31

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.06%.

Fund facts


Inception date		1/4/1999
Net assets (12/31/2004)		$143.22 million
2004 actual expense ratio*		0.06%

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		80.84
Middle: $1 billion-$5 billion		14.66
Small: under $1 billion		4.50

Total		100.00

24 | 2004 Annual Report TIAA-CREF Life Funds

Social Choice Equity Fund | Socially screened stocks

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Social Choice Equity Fund returned 12.39% for the year, topping the 11.95% return of its benchmark, the Russell 3000^® Index. The fund also outperformed the 9.96% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments according to social criteria as the fund does.

Social screens affect performance

Because of its social screens, the fund did not invest in several stocks that are large components of the benchmark in terms of market capitalization. The social screens can affect the fund’s performance positively or negatively. In 2004, the fund’s exclusion of certain stocks that performed poorly generally boosted returns. For example, the fund did not invest in Citigroup, Eli Lilly, Pfizer or Viacom.

Conversely, the screens also excluded such well-performing stocks as ChevronTexaco, ExxonMobil and General Electric, which reduced fund performance relative to the benchmark. General Electric, the largest holding in the Russell 3000 and the second-largest contributor to the index’s performance, returned 20.7% during the period.

Selected holdings adjusted to control risk

Since the fund cannot invest in some of the stocks within the Russell 3000, the fund’s managers employ statistical techniques to ensure that the portfolio’s risk characteristics resemble those of the index. One method is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

During the period, overweight holdings in such well-performing stocks as Johnson & Johnson, railroad company Norfolk Southern and EOG Resources, an energy company, helped relative performance. Other adjusted holdings, including an underweight in Bank of America and an overweight in Merck, slightly detracted from returns.

TIAA-CREF Life Funds 2004 Annual Report | 25

Social Choice Equity Fund | Socially screened stocks

Investment objective

The fund 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.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to the special risk of socially screened investing and to index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Social Choice Equity Fund	12.39	%	–1.73	%	–7.95	%
Benchmark:
Russell 3000 Index²	11.95		–2.15		–9.80
Peer group:
Morningstar Large Blend	9.96		–2.64		–10.79

¹	Inception date: 4/3/2000

²	Russell 3000 is a trademark and service mark of the Frank Russell Company.

26 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 4/3/2000 inception

LOGO

An investment of $10,000 in this fund on April 3, 2000, would be worth $9,205 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 27

Social Choice Equity Fund | Socially screened stocks

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Social Choice Equity Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,073.80	$	0.36
5% annual hypothetical return		1,000.00		1,024.63		0.36

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.07%.

Fund facts


Inception date		4/3/2000
Net assets (12/31/2004)		$27.61 million
2004 actual expense ratio*		0.07%

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		83.31
Middle: $1 billion-$5 billion		12.09
Small: under $1 billion		4.60

Total		100.00

28 | 2004 Annual Report TIAA-CREF Life Funds

Large-Cap Value Fund | Value stocks of larger companies

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Large-Cap Value Fund returned 20.76%, significantly outperforming the 16.49% return of its benchmark, the Russell 1000^® Value Index, and the 12.91% average return of similar funds, as measured by the Morningstar Large Value category.

Value continues to outpace growth

The large-cap value stocks of the Russell 1000 Value Index not only outpaced their growth counterparts in the Russell 1000 Growth Index for the fifth year in a row, they did so by a greater margin than during 2003. While the spread between the two indexes was less than half a percentage point in 2003, large-cap value stocks rose 16.49% in 2004, while large-cap growth issues gained just 6.30%.

The advance in large-cap value stocks was led by the financial sector, which was up 14.6%, and the integrated oils sector, which climbed 41.4%. The rise in the Russell 1000 Value Index was broad-based, with eleven of the twelve industry sectors posting double-digit gains.

Stock choices boost returns

The fund outpaced its benchmark on the strength of numerous successful stock selections. Among the top performers were agricultural-supply giant Monsanto, utility company TXU and two insurance companies, Aetna and WellPoint (formerly Anthem). Each had returns greater than those of the benchmark, and the fund’s holdings in each stock were larger than their benchmark weightings.

Relative returns were also boosted by positions in building materials manufacturer USG Corp. and specialty chemicals company Rho-dia, two stocks that did not appear in the benchmark as of December 31, 2004. Underweight holdings did not significantly contribute to positive relative performance.

The positive effects of these holdings more than offset the negative effects of stocks that did not perform as anticipated. These included American International Group, Tenet Healthcare and data storage maker Emulex, which were all overweighted in the fund, and Apple Computer and AT&T Wireless, which were underweighted in the fund. Holdings in Tower Automotive, Fannie Mae and business software provider Manugistics, three stocks that did not appear in the benchmark as of December 31, 2004, also detracted slightly from performance.

The fund invested 1.46% of its total invested assets in foreign securities as of December 31, 2004.

TIAA-CREF Life Funds 2004 Annual Report | 29

Large-Cap Value Fund | Value stocks of larger companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including foreign investment risks, style risk and value investing risk. For a further discussion of risk, please see page six.

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. You cannot invest directly in these indexes.

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Large-Cap Value Fund	20.76	%	25.22	%	63.52	%
Benchmark:
Russell 1000 Value Index²	16.49		21.43		52.89
Peer group:
Morningstar Large Value	12.91		19.06		46.55

¹	Inception date: 10/28/2002

²	Russell 1000 is a trademark and service mark of the Frank Russell Company.

30 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 10/28/2002 inception

LOGO

An investment of $10,000 in this fund on October 28, 2002, would have grown to $16,352 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 31

Large-Cap Value Fund | Value stocks of larger companies

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Large-Cap Value Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,150.12	$	1.30
5% annual hypothetical return		1,000.00		1,023.77		1.22

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.24%.

Fund facts


Inception date		10/28/2002
Net assets (12/31/2004)		$42.43 million
2004 actual expense ratio*		0.24%

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		81.27
Middle: $1 billion-$5 billion		16.39
Small: under $1 billion		2.34

Total		100.00

32 | 2004 Annual Report TIAA-CREF Life Funds

Small-Cap Equity Fund | Stocks of smaller companies

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Small-Cap Equity Fund returned 19.83% for the year, topping the 18.33% gain of its benchmark, the Russell 2000^® Index, and outperforming the 18.86% average return of similar funds, as measured by the Morningstar Small Blend Category.

Small caps top large caps

The small-cap Russell 2000 maintained its performance superiority over the predominantly large-cap Russell 1000^® Index, outpacing it for the sixth consecutive year, this time by 18.33% to 11.40%. (However, mid caps, up 20.22%, were the best performers in 2004. In addition, mid caps have topped both large caps and small caps for the three-, five-, seven- and ten-year periods ended December 31, 2004.) Of the twelve industry sectors of the Russell 2000, only technology, which fell 1.8%, failed to generate a double-digit gain. The non-oil energy category was the best-performing sector, increasing 50.5%.

Among small caps, the robust 22.25% surge of the Russell 2000 Value Index easily surpassed the 14.31% advance of the Russell 2000 Growth Index. This marked the fourth time in five years that value topped growth. Clearly, value stocks were driving the small-cap market.

Superior stock selection helps performance

The fund exceeded the strong return of the Russell 2000 because of numerous stock selections that performed well. Top performers included US Oncology, Sierra Health Systems, financial services company UICI and women’s health company Cytyc Corp. Each of these stocks had returns greater than that of the benchmark. Also boosting returns were underweight positions in stocks such as semiconductor manufacturer Omnivision Technologies and Info Space, a diversified technology and Internet services company.

The positive effect of these holdings was partly offset by lower-than-expected returns from stocks that included semiconductor manufacturer ESS Technology; consumer entertainment technology company Cirrus Logic; and telecommunications service provider Talk America. The fund had larger weightings of these stocks than the benchmark, and they did not perform as anticipated.

TIAA-CREF Life Funds 2004 Annual Report | 33

Small-Cap Equity Fund | Stocks of smaller companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including small/mid-cap risk. For a further discussion of risk, please see page six.

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. You cannot invest directly in these indexes.

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Small-Cap Equity Fund	19.83	%	32.35	%	84.56	%
Benchmark:
Russell 2000 Index²	18.33		30.75		79.71
Peer group:
Morningstar Small Blend category	18.86		28.75		74.21

¹	Inception date: 10/28/2002

²	Russell 2000 is a trademark and service mark of the Frank Russell Company.

34 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 10/28/2002 inception

LOGO

An investment of $10,000 in this fund on October 28, 2002, would have grown to $18,456 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 35

Small-Cap Equity Fund | Stocks of smaller companies

PERFORMANCE

Fund expenses—six months ended December 31, 2004


	Small-Cap Equity Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04- 12/31/04)
Actual return	$	1,000.00	$	1,116.38	$	0.53
5% annual hypothetical return		1,000.00		1,024.48		0.51

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.10%.

Fund facts


Inception date		10/28/2002
Net assets (12/31/2004)		$42.19 million
2004 actual expense ratio*		0.10%

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		2.52
Middle: $1 billion-$5 billion		46.65
Small: under $1 billion		50.83

Total		100.00

36 | 2004 Annual Report TIAA-CREF Life Funds

Real Estate Securities Fund | Real estate securities

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Real Estate Securities Fund returned 32.98% for the year, trailing the 34.81% return of its benchmark, the Dow Jones Wilshire Real Estate Securities Index. The average return of similar funds was 31.88%, as measured by the Morningstar Specialty Real Estate category.

Volatility among REITs increases

During the first half of the year, the market for real estate investment trusts (REITs) experienced greater volatility than at any time since 1992. Many yield-oriented investors were moving money from bonds to REITs, and increased demand pushed the fund’s benchmark index up 52.14% for the twelve months ended March 31, 2004.

From April 1 through May 10, the index plummeted 15% before rallying and regaining most of that loss. In fact, the benchmark’s 6.96% advance for the first half of the year was nearly double that of the broad-market Russell 3000^® Index. Retail properties performed best, while apartments were the weakest sector.

In the second half of the year, apartments joined retail properties as market leaders, and the benchmark posted a six-month return of 26.04% to produce a 34.81% advance for the year, far in excess of the 11.95% return of the Russell 3000.

Seeking value while staying defensive

Although REITs performed well through the first quarter, fundamentals remained weak, with vacancy rates relatively high in many sectors. With this in mind, the fund’s managers took defensive positions, which included increased holdings of preferred stocks and investments in properties with shorter lease terms. Our strategy was successful during the downturn that began in April, and the fund’s return led the benchmark’s by two percentage points on May 10.

However, when the market bounced back, this defensive stance resulted in the fund’s lagging the index. Relative performance was also reduced by substantial overweight positions in the mortgage and net lease sectors and by underweights in apartments and offices. In the fourth quarter, we boosted our holdings in retail, apartments and offices, enabling the fund to outperform the benchmark again and improve its relative performance for the year.

Throughout the twelve-month period, the fund’s portfolio remained broadly diversified among nine real estate sectors and across all three cap sizes.

TIAA-CREF Life Funds 2004 Annual Report | 37

Real Estate Securities Fund | Real estate securities

Investment objective

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

Special investment risks

The fund is subject to the special risks of real estate investing and to real estate securities risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Dow Jones 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 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Real Estate Securities Fund	32.98	%	35.82	%	95.31	%
Benchmark:
Dow Jones Wilshire Real Estate Securities Index	34.81		35.79		95.20
Peer group:
Morningstar Specialty Real Estate	31.88		34.05		89.73

¹	Inception date: 10/28/2002

38 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 10/28/2002 inception

LOGO

An investment of $10,000 in this fund on October 28, 2002, would have grown to $19,531 as of December 31, 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.

Calendar year total returns

LOGO

Best quarter: 17.13%, for the quarter ended December 31, 2004 Worst quarter: -6.09%, for the quarter ended June 30, 2004

*	Partial year

TIAA-CREF Life Funds 2004 Annual Report | 39

Real Estate Securities Fund | Real estate securities

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Real Estate Securities Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,268.51	$	1.43
5% annual hypothetical return		1,000.00		1,023.72		1.27

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.25%.

Fund facts


Inception date		10/28/2002
Net assets (12/31/2004)		$63.90 million
2004 actual expense ratio*		0.25%

Portfolio breakdown by company size


Capitalization as of 12/31/2004		Percent of net assets
Large: over $5 billion		19.39
Middle: $1 billion-$5 billion		28.34
Small: under $1 billion		52.27

Total		100.00

40 | 2004 Annual Report TIAA-CREF Life Funds

Bond Fund | Intermediate-term bonds

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Bond Fund returned 4.21%, closely tracking the 4.34% return of its benchmark, the Lehman Brothers U.S. Aggregate Index, and topping the 3.81% average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category.

Despite rate increases, bonds gain

Bonds performed well in 2004, even though the Federal Reserve raised short-term interest rates five times. (Bond prices normally fall when interest rates rise.) Slow jobs growth in the first quarter favored bonds over stocks, but by June, with rate increases looming, bond prices suffered one of their worst single-quarter declines in a decade.

As the economy stalled over the summer, bonds bounced back, and stocks tumbled. During the fourth quarter, with a better jobs outlook and other signs that the economy was recovering, stocks rallied, while bonds again retreated.

Lower-quality corporate issues (triple-B-rated) were the top performers during the year, as investors accepted more risk for higher yields. U.S. Treasury inflation-protected securities also performed well. The 10-year U.S. Treasury note returned a solid 5.1%, reflecting huge investments by Asia’s central banks seeking to keep their exports competitive with American products by shoring up the declining dollar.

Defensive strategies provide mixed results

The fund benefited from its investments in corporate bonds, which generally do well when interest rates are rising. The fund held a higher percentage of corporate bonds than their share of the benchmark, and they outperformed other fixed-income sectors in the second half of 2004.

However, an overweight position in shorter-duration mortgage-backed securities early in the year reduced returns, as did a slight underweight later in the year when these securities performed better than expected.

The fund maintained a duration similar to that of the benchmark index for most of the year rather than shortening it in anticipation of rising interest rates. This strategy boosted returns in the first quarter when long-term interest rates fell. Keeping duration—a measure of the portfolio’s sensitivity to interest-rate changes—close to the benchmark’s helps mitigate the risk that the fund will underperform the index. As of December 31, 2004, the fund’s overall option-adjusted duration was 4.32 years, versus 4.34 years for the benchmark.

TIAA-CREF Life Funds 2004 Annual Report | 41

Bond Fund | Intermediate-term bonds

Investment objective

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

Special investment risks

In addition to the risks of any fixed-income investment, the fund is subject to special risks including prepayment/extension risk and foreign investment risks. For a further discussion of risk, please see page six.

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 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Bond Fund	4.21	%	3.27	%	4.91	%
Benchmark:
Lehman Brothers U.S. Aggregate Index²	4.34		3.38		5.06
Peer group:
Morningstar Intermediate-Term Bond	3.81		3.15		4.73

¹	Inception date: 7/8/2003

²	Lehman Brothers is a trademark of Lehman Brothers, Inc.

42 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 7/8/2003 inception

LOGO

An investment of $10,000 in this fund on July 8, 2003, would have grown to $10,491 as of December 31, 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.

Calendar year total returns

LOGO

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 Annual Report | 43

Bond Fund | Intermediate-term bonds

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Bond Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,035.79	$	0.51
5% annual hypothetical return		1,000.00		1,024.48		0.51

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.10%.

Risk characteristics*

Bond Fund vs. Benchmark (as of 12/31/2004)


	Average maturity (in years)	Option-adjusted duration (in years)
Bond Fund	7.31	4.32
Lehman Brothers U.S. Aggregate Index	7.09	4.34

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

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 average duration of the benchmark.

Holdings by market sector (as of 12/31/2004)


Mortgage-backed securities*	39.0	%
U.S. government securities	36.5
Corporate bonds	24.4
Money market instruments	0.1

Total	100.0

*	Includes U.S. agency, private-label and asset- backed securities

Fund facts


Inception date		7/8/2003
Net assets (12/31/2004)		$58.38 million
2004 actual expense ratio*		0.10%

44 | 2004 Annual Report TIAA-CREF Life Funds

Money Market Fund | Cash equivalents

DISCUSSION

Performance in the twelve months ended December 31, 2004

The Money Market Fund returned 1.34% for the year, surpassing the 0.82% return of the iMoneyNet Money Fund Report Averages^™—All Taxable, a simple average of over 1,000 taxable money market funds.

The year began with historically low short-term interest rates, including a federal funds rate of 1.00%. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) Disappointing economic data forestalled higher rates in the first quarter, but improved jobs growth set the stage for a Federal Reserve rate increase of a quarter percent on June 30.

Although energy prices skyrocketed for much of the second half of the year, labor markets continued to improve, and productivity rates also rose. The Fed responded with four more quarter-percent hikes, leaving the federal funds rate at 2.25% at year-end.

LIBOR curve steepens

During the first quarter, the London Interbank Offered Rate (LIBOR) curve was relatively flat, and the supply of short-term credit instruments was scarce, placing a premium on security selection. Beginning in the second quarter and continuing through year-end, the LIBOR curve steepened. Expectations of higher interest rates also resulted in an increase in the supply of investments.

Asset allocations enhance returns

We adjusted the fund’s asset allocation throughout 2004 to reflect our continuing reassessment of the short-term credit market. Holdings in commercial paper were boosted from 65.8% at the end of 2003 to 80.9% at the close of 2004. We held slightly more asset-backed securities than corporate securities.

Due to the shortage of high-quality offerings in other markets early in the year, we had about 51.2% of the fund’s holdings in government agency securities on June 30; they made up just 14.2% of the portfolio at the end of December. At year’s end, the remaining 4.9% of the portfolio’s holdings were in certificates of deposit.

During the period, the weighted average maturity of the fund fluctuated between 37 and 69 days.

TIAA-CREF Life Funds 2004 Annual Report | 45

Money Market Fund | Cash equivalents

Investment objective

The fund seeks high current income consistent with maintaining liquidity and preserving capital.

Special investment risks

The fund is subject to current income risk. For a further discussion of risk, please see page six.

An investment in the Money Market Fund, like the other funds, 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.

Yield and average maturity


	Net annualized yield (for the 7 days ended 12/28/2004)				Average maturity (as of 12/28/2004)
	Current yield		Effective yield		Days
Money Market Fund	2.17	%	2.19	%	40
iMoneyNet Money Fund
Report Averages–All Taxable	1.60		1.62		38

Performance as of 12/31/2004


	Average annual compound rates of total return*				Cumulative rates of total return*
	1 year		since inception¹		since inception¹
Money Market Fund	1.34	%	1.23	%	1.83	%
iMoneyNet Money Fund
Report Averages–All Taxable	0.82		0.72		1.09

¹	Inception date: 7/8/2003

46 | 2004 Annual Report TIAA-CREF Life Funds

PERFORMANCE

$10,000 since 7/8/2003 inception

LOGO

An investment of $10,000 in this fund on July 8, 2003, would have grown to $10,183 as of December 31, 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.

Calendar year total returns

LOGO

Best quarter: 0.47%, for the quarter ended December 31, 2004

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

*	Partial year

TIAA-CREF Life Funds 2004 Annual Report | 47

Money Market Fund | Cash equivalents

PERFORMANCE

Fund expenses–six months ended December 31, 2004


	Money Market Fund expense example
	Starting fund value (7/1/04)		Ending fund value (12/31/04)		Expenses paid^† (7/1/04-12/31/04)
Actual return	$	1,000.00	$	1,008.19	$	0.30
5% annual hypothetical return		1,000.00		1,024.68		0.31

^†	“Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.06%.

Fund facts


Inception date		7/8/2003
Net assets (12/31/2004)		$26.37 million
2004 actual expense ratio*		0.06%

Asset allocation (as of 12/31/2004)


		Percent of net assets
Commercial paper		80.9
U.S. agencies		14.2
Certificates of deposit		4.9

Total		100.0

48 | 2004 Annual Report TIAA-CREF Life Funds

Report of management responsibility

To the Shareholders of TIAA-CREF Life Funds:

The accompanying financial statements of the TIAA-CREF Life Funds (the “Funds”) are the responsibility of management. They have been prepared in accordance with U.S. generally accepted accounting principles and have been presented fairly and objectively in accordance with such principles.

The Funds have established and maintain a strong system of internal controls and disclosure controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management’s authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, the Funds’ internal audit personnel provide a continuing review of the internal controls and operations of the Funds, and the chief audit executive regularly reports to the Audit Committee of the Funds’ Board of Trustees.

The accompanying financial statements have been audited by the independent registered public accounting firm of Ernst & Young LLP. To maintain auditor independence and avoid any conflict of interest, it continues to be the Funds’ policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The report of the independent registered public accounting firm, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements.

The Audit Committee of the Funds’ Board of Trustees, consisting entirely of trustees who are not officers of TIAA-CREF Life Funds, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of the Funds by the independent registered public accounting firm, the Securities and Exchange Commission performs periodic examinations of the Funds’ operations.

/s/ Bertram L. Scott
---------------------------------------

Bertram L. Scott

President

/s/ Elizabeth A. Monrad
---------------------------------------

Elizabeth A. Monrad

Executive Vice President and

Chief Financial Officer


		TIAA-CREF Life Funds 2004 Annual Report		49

Report of the audit committee

To the Shareholders of TIAA-CREF Life Funds:

The Audit Committee (“Committee”) oversees the financial reporting process of the TIAA-CREF Life Funds (the “Funds”) on behalf of the Funds’ Board of Trustees. The Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies of which are available upon request), which describes the Committee’s responsibilities. All members of the Committee are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for the Funds’ financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in connection with their respective audits of the Funds. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will evaluate rotation of the external financial audit firm whenever circumstances warrant, but in no event will the evaluation be later than between their fifth and tenth years of service.

The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent registered public accounting firm responsible for expressing an opinion on the conformity of these audited financial statements with U.S. generally accepted accounting principles.

The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by the Funds, the clarity and completeness of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors’ independence from management and the Funds, and has received a written disclosure regarding such independence, as required by the Independence Standards Board.

Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities.

Maceo K. Sloan, Audit Committee Chair

Willard T. Carleton, Audit Committee Member

Martin J. Gruber, Audit Committee Member

Bridget A. Macaskill, Audit Committee Member

February 14, 2005


50		2004 Annual Report TIAA-CREF Life Funds

Growth Equity Fund

Summary portfolio of investments

December 31, 2004


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	APPAREL AND OTHER TEXTILE PRODUCTS		$	193,617	0.69	%

	BUILDING MATERIALS AND GARDEN SUPPLIES			190,047	0.67

	BUSINESS SERVICES
	Adobe Systems, Inc	3,887		243,870	0.86
*	Google, Inc (Class A)	1,384		267,250	0.95
	Microsoft Corp	19,029		508,265	1.80
	SAP AG. (Spon ADR)	7,754		342,804	1.21
*	Symantec Corp	9,747		251,083	0.89
*	Yahoo!, Inc	8,663		326,422	1.15
	Other			1,053,166	3.72

				2,992,860	10.58

	CHEMICALS AND ALLIED PRODUCTS
*	Biogen Idec, Inc	5,498		366,222	1.30
*	Forest Laboratories, Inc	6,037		270,820	0.96
	Gillette Co	14,209		636,279	2.25
	Lilly (Eli) & Co	5,603		317,970	1.12
	Pfizer, Inc	24,973		671,524	2.37
	Procter & Gamble Co	16,097		886,623	3.13
	Schering-Plough Corp	21,447		447,813	1.58
	Other			996,952	3.53

				4,594,203	16.24

	COMMUNICATIONS			289,543	1.02

	DEPOSITORY INSTITUTIONS			133,369	0.47

	EATING AND DRINKING PLACES			111,207	0.39

	EDUCATIONAL SERVICES
*	Career Education Corp	8,254		330,160	1.17
	Other			132,122	0.47

				462,282	1.64

	ELECTRIC, GAS, AND SANITARY SERVICES			52,844	0.19

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Intel Corp	22,028		515,235	1.82
	Maxim Integrated Products, Inc	5,544		235,010	0.83
	Motorola, Inc	26,100		448,920	1.59
	National Semiconductor Corp	16,283		292,280	1.03
	Qualcomm, Inc	17,181		728,474	2.58
	Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)	49,145		417,241	1.47
	Xilinx, Inc	8,769		260,001	0.92
	Other			446,514	1.58

				3,343,675	11.82

	ENGINEERING AND MANAGEMENT SERVICES
*	Accenture Ltd (Class A)	11,553		311,931	1.10
	Monsanto Co	5,445		302,470	1.07
	Other			113,130	0.40

				727,531	2.57


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		51

Growth Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	FABRICATED METAL PRODUCTS		$	32,809	0.12	%

	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	11,268		588,189	2.08
	Other			435,679	1.54

				1,023,868	3.62

	FURNITURE AND FIXTURES			19,106	0.07

	FURNITURE AND HOMEFURNISHINGS STORES
*	Bed Bath & Beyond, Inc	10,106		402,522	1.42

				402,522	1.42

	GENERAL MERCHANDISE STORES
*	Kohl’s Corp	8,054		396,015	1.40
	Target Corp	9,483		492,452	1.74
	Wal-Mart Stores, Inc	5,909		312,113	1.11

				1,200,580	4.25

	HEALTH SERVICES
*	Express Scripts, Inc	4,123		315,162	1.11
	Other			216,204	0.77

				531,366	1.88

	HOLDING AND OTHER INVESTMENT OFFICES			96,826	0.34

	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc	7,318		427,371	1.51
	Other			57,984	0.21

				485,355	1.72

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	5,565		456,719	1.62
*	Cisco Systems, Inc	48,773		941,319	3.33
*	Dell, Inc	19,753		832,391	2.94
	Other			457,969	1.62

				2,688,398	9.51

	INSTRUMENTS AND RELATED PRODUCTS
	Guidant Corp	5,014		361,509	1.28
	Medtronic, Inc	10,076		500,475	1.77
*	St. Jude Medical, Inc	12,966		543,664	1.92
*	Zimmer Holdings, Inc	3,680		294,842	1.04
	Other			195,472	0.69

				1,895,962	6.70

	INSURANCE AGENTS, BROKERS AND SERVICE			28,820	0.10

	INSURANCE CARRIERS
	American International Group, Inc	11,205		735,832	2.60
	Other			196,606	0.70

				932,438	3.30


52		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY		SHARES	VALUE		% OF NET ASSETS
	MISCELLANEOUS RETAIL
*	eBay, Inc		4,778	$	555,586	1.97	%
	Staples, Inc		7,584		255,656	0.90

					811,242	2.87

	MOTION PICTURES
	News Corp (Class A)		15,644		291,917	1.03
*	Time Warner, Inc		17,575		341,658	1.21
	Other				147,452	0.52

					781,027	2.76

	NONDEPOSITORY INSTITUTIONS
	American Express Co		13,113		739,180	2.61
	Fannie Mae		4,065		289,469	1.02
	MBNA Corp		11,882		334,953	1.19
	Other				63,603	0.23

					1,427,205	5.05

	OIL AND GAS EXTRACTION				107,861	0.38

	SECURITY AND COMMODITY BROKERS
	Goldman Sachs Group, Inc		3,146		327,310	1.16
	Other				138,855	0.49

					466,165	1.65

	TRANSPORTATION BY AIR				132,324	0.47

	TRANSPORTATION EQUIPMENT
	United Technologies Corp		2,188		226,130	0.80
	Other				235,660	0.83

					461,790	1.63

	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)		2,785		238,006	0.84

					238,006	0.84

	WATER TRANSPORTATION
	Royal Caribbean Cruises Ltd		4,403		239,699	0.85
	Other				73,651	0.26

					313,350	1.11

	WHOLESALE TRADE-DURABLE GOODS
	Johnson & Johnson		13,605		862,829	3.05

					862,829	3.05

	WHOLESALE TRADE-NONDURABLE GOODS				36,872	0.13

	TOTAL COMMON STOCKS	(Cost $28,308,633)			28,067,899	99.25


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		53

Growth Equity Fund

Summary portfolio of investments

December 31, 2004

concluded

ISSUER

VALUE

% OF NET
ASSETS

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

209,962

0.74

TOTAL SHORT-TERM INVESTMENTS

(Cost $209,985)

209,962

0.74

TOTAL PORTFOLIO

(Cost $28,518,618)

28,277,861

99.99

OTHER ASSETS & LIABILITIES, NET

3,791

0.01

NET ASSETS

28,281,652

100.00

*	Non-income producing

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

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $28,669,093. Net unrealized depreciation of portfolio investments aggregated $391,232 of which $3,427,641 related to appreciated portfolio investments and $3,818,873 related to depreciated portfolio investments.


54		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund

Summary portfolio of investments

December 31, 2004


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES		$	202,170	0.42	%

	APPAREL AND OTHER TEXTILE PRODUCTS			166,140	0.35

	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	9,096		388,763	0.82
	Other			110,976	0.23

				499,739	1.05

	BUSINESS SERVICES
	Microsoft Corp	39,570		1,056,915	2.21
	Other			1,806,780	3.79

				2,863,695	6.00

	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc	5,300		339,995	0.71
	Clorox Co	5,000		294,650	0.62
	Gillette Co	7,300		326,894	0.68
	Merck & Co, Inc	13,400		430,676	0.90
d	Pfizer, Inc	31,300		841,657	1.76
	Procter & Gamble Co	15,300		842,724	1.77
	Other			1,499,934	3.14

				4,576,530	9.58

	COMMUNICATIONS
*	Comcast Corp (Class A)	9,679		322,117	0.68
	Sprint Corp	11,350		282,048	0.59
	Verizon Communications, Inc	12,152		492,278	1.03
	Other			1,389,785	2.91

				2,486,228	5.21

	DEPOSITORY INSTITUTIONS
	Bank of America Corp	17,412		818,190	1.71
	Citigroup, Inc	19,678		948,086	1.99
	JPMorgan Chase & Co	15,211		593,381	1.24
	U.S. Bancorp	14,902		466,731	0.98
	Wells Fargo & Co	6,340		394,031	0.83
	Other			1,017,623	2.13

				4,238,042	8.88

	EATING AND DRINKING PLACES			206,990	0.43

	ELECTRIC, GAS, AND SANITARY SERVICES			1,141,812	2.39

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
d	General Electric Co	42,500		1,551,250	3.25
	Intel Corp	32,527		760,807	1.59
	Motorola, Inc	17,200		295,840	0.62
	Other			802,849	1.68

				3,410,746	7.14

	ENGINEERING AND MANAGEMENT SERVICES			272,556	0.57


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		55

Growth & Income Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	FABRICATED METAL PRODUCTS
	Illinois Tool Works, Inc	3,900	$	361,452	0.76	%
	Other			289,730	0.60

				651,182	1.36

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	10,277		427,832	0.89
	PepsiCo, Inc	8,122		423,968	0.89
	Other			820,255	1.72

				1,672,055	3.50

	FOOD STORES			51,989	0.11

	FORESTRY			73,942	0.16

	FURNITURE AND FIXTURES			48,380	0.10

	FURNITURE AND HOMEFURNISHINGS STORES			112,898	0.24

	GENERAL BUILDING CONTRACTORS			153,925	0.32

	GENERAL MERCHANDISE STORES
	Costco Wholesale Corp	6,780		328,220	0.69
	Wal-Mart Stores, Inc	13,835		730,765	1.53
	Other			254,206	0.53

				1,313,191	2.75

	HEALTH SERVICES			145,365	0.30

	HOLDING AND OTHER INVESTMENT OFFICES			388,789	0.81

	HOTELS AND OTHER LODGING PLACES			148,720	0.31

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	4,072		334,189	0.70
*	Cisco Systems, Inc	29,965		578,325	1.21
*	Dell, Inc	13,770		580,268	1.22
	International Business Machines Corp	7,903		779,078	1.63
	Other			1,658,500	3.47

				3,930,360	8.23

	INSTRUMENTS AND RELATED PRODUCTS
	Becton Dickinson & Co	6,000		340,800	0.71
	Medtronic, Inc	6,900		342,723	0.72
	Other			594,454	1.25

				1,277,977	2.68

	INSURANCE CARRIERS
	American International Group, Inc	12,426		816,015	1.71
	Cigna Corp	4,000		326,280	0.68
	Loews Corp	4,000		281,200	0.59
	Principal Financial Group	8,000		327,520	0.69
	Other			1,847,071	3.87

				3,598,086	7.54

	LUMBER AND WOOD PRODUCTS			133,700	0.28


56		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	METAL MINING
	Phelps Dodge Corp	3,000	$	296,760	0.62	%
	Other			224,244	0.47

				521,004	1.09

	MISCELLANEOUS MANUFACTURING INDUSTRIES			116,280	0.24

	MISCELLANEOUS RETAIL			512,195	1.07

	MOTION PICTURES
*	Time Warner, Inc	28,687		557,675	1.17
	Walt Disney Co	13,302		369,796	0.77
	Other			268,844	0.57

				1,196,315	2.51

	NONDEPOSITORY INSTITUTIONS
	American Express Co	9,638		543,294	1.14
	Fannie Mae	7,651		544,828	1.14
	MBNA Corp	11,924		336,138	0.71
	Other			416,980	0.87

				1,841,240	3.86

	OIL AND GAS EXTRACTION			281,069	0.59

	PAPER AND ALLIED PRODUCTS			70,057	0.15

	PETROLEUM AND COAL PRODUCTS
	ConocoPhillips	4,200		364,686	0.76
	ExxonMobil Corp	32,245		1,652,879	3.46
	Other			293,987	0.62

				2,311,552	4.84

	PRIMARY METAL INDUSTRIES			82,470	0.17

	PRINTING AND PUBLISHING			233,800	0.49

	RAILROAD TRANSPORTATION			174,780	0.37

	SECURITY AND COMMODITY BROKERS			464,052	0.97

	SPECIAL TRADE CONTRACTORS			61,040	0.13

	TOBACCO PRODUCTS
	Altria Group, Inc	10,600		647,660	1.36
	Other			131,184	0.27

				778,844	1.63

	TRANSPORTATION BY AIR			438,055	0.92

	TRANSPORTATION EQUIPMENT
	Boeing Co	8,000		414,160	0.87
	United Technologies Corp	4,300		444,405	0.93
	Other			598,730	1.25

				1,457,295	3.05

	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)	7,563		646,334	1.35

				646,334	1.35


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		57

Growth & Income Fund

Summary portfolio of investments

December 31, 2004

concluded


	COMPANY		SHARES		VALUE		% OF NET ASSETS
	WHOLESALE TRADE-DURABLE GOODS
	Johnson & Johnson			15,165	$	961,764	2.01	%
	Other					207,255	0.44

						1,169,019	2.45

	WHOLESALE TRADE-NONDURABLE GOODS
	AmerisourceBergen Corp			5,000		293,400	0.61
	Cardinal Health, Inc			5,000		290,750	0.61
	Other					304,560	0.64

						888,710	1.86

	TOTAL COMMON STOCKS	(Cost $44,803,494)				47,009,318	98.45


	ISSUER		PRINCIPAL
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
d	Federal Home Loan Bank (FHLB) 1.000%, 01/03/05		$	600,000		599,893	1.26

						599,893	1.26

	TOTAL SHORT-TERM INVESTMENTS	(Cost $599,958)				599,893	1.26


	TOTAL PORTFOLIO	(Cost $45,403,452)				47,609,211	99.71	%
	OTHER ASSETS & LIABILITIES, NET					139,198	0.29


	NET ASSETS				$	47,748,409	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.

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $46,133,665. Net unrealized appreciation of portfolio investments aggregated $1,475,546 of which $3,945,216 related to appreciated portfolio investments and $2,469,670 related to depreciated portfolio investments.


58		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund

Summary portfolio of investments

December 31, 2004


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES		$	140,759	0.27	%

	APPAREL AND OTHER TEXTILE PRODUCTS			81,956	0.16

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			49,688	0.10

	BUILDING MATERIALS AND GARDEN SUPPLIES
	Wolseley plc	43,539		813,755	1.56
	Other			5,777	0.01

				819,532	1.57

	BUSINESS SERVICES
v*	Cintra Concesiones de Infraestructuras de Transporte S.A.	31,586		346,901	0.67
	Other			1,614,709	3.09

				1,961,610	3.76

	CHEMICALS AND ALLIED PRODUCTS
	GlaxoSmithKline plc	24,850		583,011	1.12
	Merck KGaA	3,896		268,065	0.51
	Novartis AG. (Regd)	12,299		619,763	1.19
	Reckitt Benckiser plc	32,562		983,999	1.89
	Sanofi-Aventis	9,126		729,385	1.40
	Shin-Etsu Chemical Co Ltd	8,700		356,592	0.68
	Takeda Pharmaceutical Co Ltd	8,400		422,992	0.81
	Other			853,015	1.64

				4,816,822	9.24

	COMMUNICATIONS
	KDDI Corp	77		414,795	0.80
	KPN NV	44,839		426,022	0.82
	Telefonica S.A.	14,862		279,988	0.54
	Vodafone Group plc (Spon ADR)	27,699		758,399	1.45
	Other			894,210	1.71

				2,773,414	5.32

	DEPOSITORY INSTITUTIONS
	Banca Intesa S.p.A.	148,969		716,801	1.37
	Depfa Bank plc	51,743		868,596	1.67
	HSBC Holdings plc (United Kingdom)	42,488		717,025	1.37
	Mitsubishi Tokyo Financial Group, Inc	40		405,972	0.78
	Royal Bank of Scotland Group plc	40,753		1,370,796	2.63
	Shinsei Bank Ltd	69,000		470,011	0.90
	UBS AG. (Regd)	18,989		1,592,297	3.05
	Other			1,760,294	3.38

				7,901,792	15.15

	ELECTRIC, GAS, AND SANITARY SERVICES
	E.ON AG.	12,172		1,109,493	2.13
	Other			644,747	1.23

				1,754,240	3.36


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		59

International Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	ABB Ltd	149,553	$	835,161	1.60	%
	Kyocera Corp	3,700		284,893	0.55
	Nokia Oyj	25,620		404,655	0.77
	STMicroelectronics NV	61,737		1,204,195	2.31
	Other			1,111,631	2.13

				3,840,535	7.36

	FABRICATED METAL PRODUCTS			83,531	0.16

	FOOD AND KINDRED PRODUCTS
	Groupe Danone	4,236		391,241	0.75
	Pernod-Ricard	2,312		354,169	0.68
	Other			666,088	1.28

				1,411,498	2.71

	FOOD STORES
	Tesco plc	220,282		1,360,744	2.61
	Other			5,722	0.01

				1,366,466	2.62

	GENERAL BUILDING CONTRACTORS			315,849	0.61

	GENERAL MERCHANDISE STORES			111,779	0.21

	HEALTH SERVICES			24,082	0.05

	HEAVY CONSTRUCTION, EXCEPT BUILDING
	Vinci S.A.	7,188		965,304	1.85
	Other			80,649	0.16

				1,045,953	2.01

	HOLDING AND OTHER INVESTMENT OFFICES
	iShares MSCI EAFE Index Fund	2,300		368,575	0.71
	Other			202,788	0.39

				571,363	1.10

	HOTELS AND OTHER LODGING PLACES
	Accor S.A.	13,744		601,732	1.15

				601,732	1.15

	INDUSTRIAL MACHINERY AND EQUIPMENT			1,020,029	1.96

	INSTRUMENTS AND RELATED PRODUCTS
	Terumo Corp	10,500		282,814	0.54
	The Swatch Group AG. (Regd)	14,860		441,710	0.85
	Other			269,748	0.52

				994,272	1.91

	INSURANCE CARRIERS
	Zurich Financial Services AG.	4,882		814,024	1.56
	Other			1,452,437	2.79

				2,266,461	4.35

	LOCAL AND INTERURBAN PASSENGER TRANSIT			77,876	0.15

	LUMBER AND WOOD PRODUCTS			9,691	0.02


60		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS
	METAL MINING		$	470,745	0.90	%

	MISCELLANEOUS RETAIL			178,941	0.34

	NONDEPOSITORY INSTITUTIONS
*	Hypo Real Estate Holding	20,457		848,088	1.62
	Other			270,106	0.52

				1,118,194	2.14

	OIL AND GAS EXTRACTION
	Total S.A.	1,524		332,889	0.64
	Other			253,138	0.48

				586,027	1.12

	PAPER AND ALLIED PRODUCTS			511,375	0.98

	PERSONAL SERVICES			9,147	0.02

	PETROLEUM AND COAL PRODUCTS
	BHP Billiton Ltd	33,961		408,382	0.78
	BP plc	51,035		497,749	0.95
	ENI S.p.A.	34,328		859,483	1.65
	Repsol YPF S.A.	11,812		307,623	0.59
	Royal Dutch Petroleum Co	9,663		556,243	1.07
	Other			470,424	0.90

				3,099,904	5.94

	PRIMARY METAL INDUSTRIES			251,556	0.48

	PRINTING AND PUBLISHING
	Reed Elsevier NV	31,564		430,321	0.83
	Reed Elsevier plc	73,566		678,656	1.30
	Other			74,094	0.14

				1,183,071	2.27

	RAILROAD TRANSPORTATION			108,150	0.21

	REAL ESTATE			517,063	0.99

	SECURITY AND COMMODITY BROKERS
	Deutsche Boerse AG.	17,664		1,063,153	2.04
	Other			309,345	0.59

				1,372,498	2.63

	STONE, CLAY, AND GLASS PRODUCTS
	CRH plc	23,823		637,266	1.22
	Holcim Ltd (Regd)	26,133		1,574,277	3.02
	Other			257,117	0.49

				2,468,660	4.73

	TRANSPORTATION BY AIR			185,024	0.36

	TRANSPORTATION EQUIPMENT
*	Fiat S.p.A.	183,712		1,473,292	2.83
	Toyota Motor Corp	17,100		695,882	1.33
	Other			524,187	1.00

				2,693,361	5.16


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		61

International Equity Fund

Summary portfolio of investments

December 31, 2004

concluded


COMPANY		SHARES	VALUE		% OF NET ASSETS
TRANSPORTATION SERVICES			$	22,610	0.04	%

TRUCKING AND WAREHOUSING				162,780	0.31

WATER TRANSPORTATION				280,897	0.54

WHOLESALE TRADE-DURABLE GOODS				187,739	0.36

WHOLESALE TRADE-NONDURABLE GOODS
Celesio AG.		12,789		1,040,225	1.99
Inditex S.A.		33,213		979,641	1.88
Other				72,800	0.14

				2,092,666	4.01

TOTAL COMMON STOCKS	(Cost $45,207,962)			51,541,338	98.83

ISSUER
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				189,966	0.36

TOTAL SHORT-TERM INVESTMENTS	(Cost $189,987)			189,966	0.36


TOTAL PORTFOLIO	(Cost $45,397,949)			51,731,304	99.19	%
OTHER ASSETS & LIABILITIES, NET				419,944	0.81


NET ASSETS			$	52,151,248	100.00	%

*	Non-income producing

v	Security valued at fair value

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $45,953,028. Net unrealized appreciation of portfolio investments aggregated $5,778,276 of which $6,762,003 related to appreciated portfolio investments and $983,727 related to depreciated portfolio investments.


62		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund

Summary portfolio of investments

December 31, 2004


	COMPANY		SHARES	VALUE		% OF NET ASSETS

	PREFERRED STOCKS
	HOLDING AND OTHER INVESTMENT OFFICES			$	6,870	0.01	%

	TOTAL PREFERRED STOCKS	(Cost $3,619)			6,870	0.01

	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS				8,184	0.01

	AMUSEMENT AND RECREATION SERVICES				293,918	0.21

	APPAREL AND ACCESSORY STORES				851,879	0.59

	APPAREL AND OTHER TEXTILE PRODUCTS				240,015	0.17

	AUTO REPAIR, SERVICES AND PARKING				68,549	0.05

	AUTOMOTIVE DEALERS AND SERVICE STATIONS				269,966	0.19

	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc		24,074		1,028,923	0.72
	Other				601,380	0.42

					1,630,303	1.14

	BUSINESS SERVICES
d	Microsoft Corp		98,110		2,620,518	1.83
*	Oracle Corp		40,272		552,532	0.39
	Other				6,586,054	4.59

					9,759,104	6.81

	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		16,631		775,836	0.54
*	Amgen, Inc		13,800		885,270	0.62
	Lilly (Eli) & Co		10,446		592,811	0.41
	Merck & Co, Inc		23,753		763,421	0.53
d	Pfizer, Inc		81,767		2,198,715	1.54
	Procter & Gamble Co		27,554		1,517,674	1.06
	Wyeth		14,379		612,402	0.43
	Other				6,862,077	4.79

					14,208,206	9.92

	COAL MINING				139,926	0.10

	COMMUNICATIONS
	BellSouth Corp		19,555		543,433	0.38
	SBC Communications, Inc		35,467		913,985	0.64
	Verizon Communications, Inc		29,650		1,201,121	0.84
	Viacom, Inc (Class B)		16,089		585,479	0.41
	Other				3,689,752	2.57

					6,933,770	4.84

	DEPOSITORY INSTITUTIONS
	Bank of America Corp		43,584		2,048,012	1.43
	Citigroup, Inc		55,357		2,667,100	1.86
	JPMorgan Chase & Co		37,986		1,481,834	1.04
	U.S. Bancorp		20,197		632,570	0.44
	Wachovia Corp		17,300		909,980	0.64


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		63

Stock Index Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	DEPOSITORY INSTITUTIONS—(continued)
	Wells Fargo & Co	18,072	$	1,123,175	0.78	%
	Other			5,472,922	3.82

				14,335,593	10.01

	EATING AND DRINKING PLACES			1,040,300	0.73

	EDUCATIONAL SERVICES			295,371	0.21

	ELECTRIC, GAS, AND SANITARY SERVICES			5,295,933	3.70

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
d	General Electric Co	113,078		4,127,347	2.88
	Intel Corp	69,216		1,618,962	1.13
	Qualcomm, Inc	17,390		737,336	0.52
	Other			4,609,789	3.22

				11,093,434	7.75

	ENGINEERING AND MANAGEMENT SERVICES			1,314,707	0.92

	FABRICATED METAL PRODUCTS			1,042,598	0.73

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	22,552		938,840	0.65
	PepsiCo, Inc	18,273		953,851	0.67
	Other			2,367,511	1.65

				4,260,202	2.97

	FOOD STORES			691,712	0.48

	FORESTRY			169,798	0.12

	FURNITURE AND FIXTURES			447,507	0.31

	FURNITURE AND HOMEFURNISHINGS STORES			561,750	0.39

	GENERAL BUILDING CONTRACTORS			644,191	0.45

	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	27,392		1,446,845	1.01
	Other			1,681,823	1.17

				3,128,668	2.18

	HEALTH SERVICES			1,198,783	0.84

	HEAVY CONSTRUCTION, EXCEPT BUILDING			12,408	0.01

	HOLDING AND OTHER INVESTMENT OFFICES
	SPDR Trust Series 1	7,450		900,482	0.63
	Other			3,754,451	2.62

				4,654,933	3.25

	HOTELS AND OTHER LODGING PLACES			556,883	0.39

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	8,428		691,686	0.48
*	Cisco Systems, Inc	72,346		1,396,278	0.97
*	Dell, Inc	27,080		1,141,151	0.80
	Hewlett-Packard Co	32,507		681,672	0.48


64		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	INDUSTRIAL MACHINERY AND EQUIPMENT—(continued)
	International Business Machines Corp	18,005	$	1,774,933	1.24	%
	Other			4,259,058	2.97

				9,944,778	6.94

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	13,015		646,455	0.45
	Other			3,674,561	2.57

				4,321,016	3.02

	INSURANCE AGENTS, BROKERS AND SERVICE			478,666	0.33

	INSURANCE CARRIERS
	American International Group, Inc	24,562		1,612,987	1.12
	UnitedHealth Group, Inc	7,098		624,837	0.44
	Other			4,772,157	3.33

				7,009,981	4.89

	JUSTICE, PUBLIC ORDER AND SAFETY			2,658	0.00

	LEATHER AND LEATHER PRODUCTS			156,650	0.11

	LEGAL SERVICES			5,783	0.00

	LOCAL AND INTERURBAN PASSENGER TRANSIT			23,626	0.02

	LUMBER AND WOOD PRODUCTS			189,092	0.13

	METAL MINING			391,346	0.27

	MISCELLANEOUS MANUFACTURING INDUSTRIES			212,276	0.15

	MISCELLANEOUS RETAIL
*	eBay, Inc	5,607		651,982	0.46
	Other			1,470,708	1.02

				2,122,690	1.48

	MOTION PICTURES
*	Time Warner, Inc	46,761		909,034	0.63
	Walt Disney Co	21,908		609,042	0.43
	Other			404,188	0.28

				1,922,264	1.34

	NONDEPOSITORY INSTITUTIONS
	American Express Co	12,122		683,317	0.48
	Fannie Mae	10,322		735,030	0.51
	Freddie Mac	7,341		541,032	0.38
	Other			1,415,212	0.99

				3,374,591	2.36

	NONMETALLIC MINERALS, EXCEPT FUELS			65,672	0.05

	OIL AND GAS EXTRACTION			2,567,153	1.79

	PAPER AND ALLIED PRODUCTS			982,742	0.69

	PERSONAL SERVICES			248,660	0.17

	PETROLEUM AND COAL PRODUCTS
	ChevronTexaco Corp	22,982		1,206,785	0.84
	ConocoPhillips	7,245		629,083	0.44


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		65

Stock Index Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY		SHARES	VALUE		% OF NET ASSETS

	PETROLEUM AND COAL PRODUCTS—(continued)
d	ExxonMobil Corp		69,964	$	3,586,355	2.51	%
	Other				547,012	0.38

					5,969,235	4.17

	PRIMARY METAL INDUSTRIES				827,287	0.58

	PRINTING AND PUBLISHING				1,122,733	0.78

	RAILROAD TRANSPORTATION				677,327	0.47

	REAL ESTATE				145,582	0.10

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				342,496	0.24

	SECURITY AND COMMODITY BROKERS
	Merrill Lynch & Co, Inc		10,363		619,396	0.43
	Morgan Stanley		11,762		653,026	0.46
	Other				1,677,121	1.17

					2,949,543	2.06

	SOCIAL SERVICES				20,271	0.01

	SPECIAL TRADE CONTRACTORS				56,256	0.04

	STONE, CLAY, AND GLASS PRODUCTS				240,940	0.17

	TOBACCO PRODUCTS
	Altria Group, Inc		21,877		1,336,685	0.93
	Other				251,519	0.18

					1,588,204	1.11

	TRANSPORTATION BY AIR				587,835	0.41

	TRANSPORTATION EQUIPMENT
	United Technologies Corp		5,479		566,255	0.40
	Other				3,014,245	2.10

					3,580,500	2.50

	TRANSPORTATION SERVICES				189,528	0.13

	TRUCKING AND WAREHOUSING				733,726	0.51

	WATER TRANSPORTATION				50,833	0.04

	WHOLESALE TRADE-DURABLE GOODS
	Johnson & Johnson		31,786		2,015,868	1.41
	Other				624,195	0.43

					2,640,063	1.84

	WHOLESALE TRADE-NONDURABLE GOODS				1,013,099	0.71

	TOTAL COMMON STOCKS	(Cost $141,456,403)			141,903,693	99.08


66		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Stock Index Fund

Summary portfolio of investments

December 31, 2004

concluded

ISSUER

PRINCIPAL

VALUE

% OF NET
ASSETS

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Home Loan Bank (FHLB) 1.000%, 01/03/05

2,510,000

2,509,550

1.75

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,509,826)

2,509,550

1.75

TOTAL PORTFOLIO

(Cost $143,969,848)

144,420,113

100.84

OTHER ASSETS & LIABILITIES, NET

(1,198,068

)

(0.84

)

NET ASSETS

143,222,045

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.

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $145,831,050. Net unrealized depreciation of portfolio investments aggregated $1,410,937 of which $24,316,817 related to appreciated portfolio investments and $25,727,754 related to depreciated portfolio investments.

Restricted security held by the Fund is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
McLeod (Escrow)	05/14/02	$	—	$	—


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		67

Social Choice Equity Fund

Summary portfolio of investments

December 31, 2004


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES		$	8,306	0.03	%

	APPAREL AND ACCESSORY STORES			130,944	0.47

	APPAREL AND OTHER TEXTILE PRODUCTS			30,247	0.11

	AUTO REPAIR, SERVICES AND PARKING			3,248	0.01

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			32,265	0.12

	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	7,028		300,377	1.09
	Other			115,180	0.42

				415,557	1.51

	BUSINESS SERVICES
	Microsoft Corp	23,700		633,027	2.29
*	Oracle Corp	9,300		127,596	0.46
	Other			969,798	3.52

				1,730,421	6.27

	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc	3,911		250,891	0.91
	Gillette Co	3,814		170,791	0.62
	Merck & Co, Inc	7,294		234,429	0.85
	Procter & Gamble Co	9,109		501,724	1.82
	Other			1,297,671	4.70

				2,455,506	8.90

	COMMUNICATIONS
	BellSouth Corp	5,600		155,624	0.56
*	Comcast Corp (Class A)	3,929		130,757	0.47
	SBC Communications, Inc	11,648		300,169	1.09
	Verizon Communications, Inc	7,776		315,006	1.14
	Other			438,410	1.59

				1,339,966	4.85

	DEPOSITORY INSTITUTIONS
	BB&T Corp	3,100		130,355	0.47
	JPMorgan Chase & Co	15,300		596,853	2.16
	National City Corp	3,583		134,542	0.49
	U.S. Bancorp	9,000		281,880	1.02
	Wachovia Corp	6,100		320,860	1.16
	Wells Fargo & Co	7,500		466,125	1.69
	Other			787,542	2.86

				2,718,157	9.85

	EATING AND DRINKING PLACES
	McDonald’s Corp	6,266		200,888	0.73
	Other			28,782	0.10

				229,670	0.83

	EDUCATIONAL SERVICES			41,288	0.15

	ELECTRIC, GAS, AND SANITARY SERVICES			1,362,792	4.94


68		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Emerson Electric Co	3,178	$	222,778	0.81	%
	Intel Corp	16,947		396,390	1.44
	Qualcomm, Inc	3,800		161,120	0.58
	Texas Instruments, Inc	4,974		122,460	0.44
	Other			579,763	2.10

				1,482,511	5.37

	ENGINEERING AND MANAGEMENT SERVICES			157,043	0.57

	FABRICATED METAL PRODUCTS
	Illinois Tool Works, Inc	1,901		176,185	0.64
	Other			156,052	0.56

				332,237	1.20

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	7,900		328,877	1.19
	PepsiCo, Inc	6,552		342,014	1.24
	Other			356,026	1.29

				1,026,917	3.72

	FOOD STORES			201,969	0.73

	FURNITURE AND FIXTURES			112,447	0.41

	FURNITURE AND HOMEFURNISHINGS STORES			100,523	0.36

	GENERAL BUILDING CONTRACTORS			94,013	0.34

	GENERAL MERCHANDISE STORES
	Target Corp	2,700		140,211	0.51
	Other			310,644	1.12

				450,855	1.63

	HEALTH SERVICES			169,410	0.61

	HOLDING AND OTHER INVESTMENT OFFICES
	Washington Mutual, Inc	5,100		215,628	0.78
	Other			599,959	2.17

				815,587	2.95

	HOTELS AND OTHER LODGING PLACES			10,828	0.04

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	4,166		341,904	1.24
*	Cisco Systems, Inc	17,800		343,540	1.24
*	Dell, Inc	6,300		265,482	0.96
	Hewlett-Packard Co	8,819		184,934	0.67
	International Business Machines Corp	5,200		512,616	1.86
	Other			690,456	2.50

				2,338,932	8.47

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	4,466		221,826	0.80
	Other			773,101	2.80

				994,927	3.60

	INSURANCE AGENTS, BROKERS AND SERVICE			131,659	0.48


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		69

Social Choice Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	INSURANCE CARRIERS
	American International Group, Inc	7,100	$	466,257	1.69	%
	UnitedHealth Group, Inc	2,272		200,004	0.73
	Other			828,980	3.00

				1,495,241	5.42

	LEATHER AND LEATHER PRODUCTS			14,213	0.05

	LUMBER AND WOOD PRODUCTS			4,728	0.02

	METAL MINING			44,147	0.16

	MISCELLANEOUS MANUFACTURING INDUSTRIES			40,955	0.15

	MISCELLANEOUS RETAIL
*	eBay, Inc	1,182		137,443	0.50
	Walgreen Co	3,500		134,295	0.49
	Other			232,991	0.84

				504,729	1.83

	MOTION PICTURES
*	Time Warner, Inc	12,764		248,132	0.90
	Walt Disney Co	7,767		215,923	0.78
	Other			108,306	0.39

				572,361	2.07

	NONDEPOSITORY INSTITUTIONS
	American Express Co	4,753		267,927	0.97
	Fannie Mae	4,300		306,203	1.11
	Freddie Mac	3,200		235,840	0.85
	Other			418,277	1.52

				1,228,247	4.45

	NONMETALLIC MINERALS, EXCEPT FUELS			56,308	0.20

	OIL AND GAS EXTRACTION
	Anadarko Petroleum Corp	2,106		136,490	0.49
	Apache Corp	2,702		136,640	0.50
	Devon Energy Corp	3,634		141,435	0.51
	Other			672,684	2.44

				1,087,249	3.94

	PAPER AND ALLIED PRODUCTS
	Kimberly-Clark Corp	2,000		131,620	0.48
	Other			63,602	0.23

				195,222	0.71

	PETROLEUM AND COAL PRODUCTS			192,556	0.70

	PRIMARY METAL INDUSTRIES			283,251	1.03

	PRINTING AND PUBLISHING			288,004	1.04

	RAILROAD TRANSPORTATION			120,089	0.44

	REAL ESTATE			699	0.00

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			15,776	0.06


70		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund

Summary portfolio of investments

December 31, 2004

concluded


COMPANY		SHARES	VALUE		% OF NET ASSETS

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc		1,210	$	125,888	0.46	%
Merrill Lynch & Co, Inc		3,436		205,370	0.74
Other				230,997	0.84

				562,255	2.04

SPECIAL TRADE CONTRACTORS				6,564	0.02

STONE, CLAY, AND GLASS PRODUCTS				52,145	0.19

TRANSPORTATION BY AIR				181,787	0.66

TRANSPORTATION EQUIPMENT				334,477	1.21

TRANSPORTATION SERVICES				24,109	0.09

TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)		2,044		174,680	0.63

				174,680	0.63

WATER TRANSPORTATION				20,488	0.07

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		10,636		674,535	2.44
Other				140,411	0.51

				814,946	2.95

WHOLESALE TRADE-NONDURABLE GOODS				266,541	0.97

TOTAL COMMON STOCKS	(Cost $28,754,201)			27,499,992	99.62


TOTAL PORTFOLIO	(Cost $28,754,201)			27,499,992	99.62	%
OTHER ASSETS & LIABILITIES, NET				105,133	0.38


NET ASSETS			$	27,605,125	100.00	%

*	Non-income producing

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $28,760,945. Net unrealized depreciation of portfolio investments aggregated $1,260,953 of which $5,929,680 related to appreciated portfolio investments and $7,190,633 related to depreciated portfolio investments.


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		71

Large-Cap Value Fund

Summary portfolio of investments

December 31, 2004


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	COMMON STOCKS
	APPAREL AND OTHER TEXTILE PRODUCTS
	Jones Apparel Group, Inc	11,739	$	429,295	1.01	%
	Other			47,080	0.11

				476,375	1.12

	BUILDING MATERIALS AND GARDEN SUPPLIES
b*	USG Corp	7,910		318,536	0.75
	Other			10,264	0.03

				328,800	0.78

	BUSINESS SERVICES
	Microsoft Corp	15,167		405,111	0.95
	Other			652,953	1.54

				1,058,064	2.49

	CHEMICALS AND ALLIED PRODUCTS
	Du Pont (E.I.) de Nemours & Co	10,081		494,473	1.17
	Merck & Co, Inc	24,800		797,072	1.88
	Other			786,535	1.85

				2,078,080	4.90

	COMMUNICATIONS
	BellSouth Corp	16,252		451,643	1.06
*	Comcast Corp (Class A)	11,525		383,552	0.90
*	Lucent Technologies, Inc	86,566		325,488	0.77
	SBC Communications, Inc	17,095		440,538	1.04
	Sprint Corp	13,738		341,389	0.81
	Verizon Communications, Inc	18,548		751,379	1.77
	Viacom, Inc (Class B)	22,900		833,331	1.96
	Other			316,566	0.75

				3,843,886	9.06

	DEPOSITORY INSTITUTIONS
	Bank of America Corp	26,413		1,241,147	2.93
	Citigroup, Inc	42,093		2,028,041	4.78
	Fifth Third Bancorp	8,551		404,291	0.95
	JPMorgan Chase & Co	26,824		1,046,404	2.47
	Northern Trust Corp	13,240		643,199	1.52
	SunTrust Banks, Inc	4,198		310,148	0.73
	U.S. Bancorp	10,235		320,560	0.75
	Wachovia Corp	8,909		468,613	1.10
	Wells Fargo & Co	4,891		303,976	0.72
	Other			151,258	0.35

				6,917,637	16.30

	EATING AND DRINKING PLACES
*	Brinker International, Inc	13,942		488,946	1.15

				488,946	1.15

	ELECTRIC, GAS, AND SANITARY SERVICES
	Cinergy Corp	9,030		375,919	0.89
*	CMS Energy Corp	28,388		296,655	0.70


72		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	ELECTRIC, GAS, AND SANITARY SERVICES—(continued)
	Dominion Resources, Inc	7,111	$	481,699	1.14	%
*	PG&E Corp	11,567		384,950	0.91
	Waste Management, Inc	14,797		443,022	1.04
	Other			811,513	1.91

				2,793,758	6.59

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	General Electric Co	59,745		2,180,692	5.14
	Other			1,459,505	3.44

				3,640,197	8.58

	ENGINEERING AND MANAGEMENT SERVICES			327,895	0.77

	FOOD AND KINDRED PRODUCTS			701,321	1.65

	FOOD STORES			228,273	0.54

	FURNITURE AND HOMEFURNISHINGS STORES			259,875	0.61

	GENERAL MERCHANDISE STORES
	Sears Roebuck & Co	8,356		426,407	1.01
	Other			36,978	0.08

				463,385	1.09

	HEALTH SERVICES			199,375	0.47

	HOLDING AND OTHER INVESTMENT OFFICES
	iShares Russell 1000 Value Index Fund	21,841		1,449,587	3.42
	Other			1,053,372	2.48

				2,502,959	5.90

	HOTELS AND OTHER LODGING PLACES			479,715	1.13

	INDUSTRIAL MACHINERY AND EQUIPMENT
	Hewlett-Packard Co	19,301		404,742	0.95
	Other			187,768	0.45

				592,510	1.40

	INSTRUMENTS AND RELATED PRODUCTS
	Raytheon Co	7,760		301,321	0.71

				301,321	0.71

	INSURANCE AGENTS, BROKERS AND SERVICE
	AON Corp	12,179		290,591	0.69

				290,591	0.69

	INSURANCE CARRIERS
	American International Group, Inc	11,098		728,806	1.72
	St. Paul Travelers Cos, Inc	15,176		562,574	1.33
*	WellPoint, Inc	2,695		309,925	0.73
	Other			719,951	1.69

				2,321,256	5.47

	MOTION PICTURES
*	Time Warner, Inc	47,231		918,171	2.16

				918,171	2.16


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		73

Large-Cap Value Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY		SHARES	VALUE		% OF NET ASSETS

	NONDEPOSITORY INSTITUTIONS
	Fannie Mae		6,396	$	455,459	1.07	%
	Freddie Mac		4,090		301,433	0.71

					756,892	1.78

	OIL AND GAS EXTRACTION
	Kerr-McGee Corp		5,807		335,587	0.79
	Other				578,912	1.37

					914,499	2.16

	PAPER AND ALLIED PRODUCTS
	International Paper Co		13,088		549,696	1.30
*	Smurfit-Stone Container Corp		16,565		309,434	0.73

					859,130	2.03

	PETROLEUM AND COAL PRODUCTS
	ChevronTexaco Corp		11,918		625,814	1.48
	ConocoPhillips		3,635		315,627	0.74
	ExxonMobil Corp		39,638		2,031,844	4.79

					2,973,285	7.01

	PRINTING AND PUBLISHING				246,138	0.58

	RAILROAD TRANSPORTATION
	CSX Corp		8,058		322,965	0.76

					322,965	0.76

	REAL ESTATE				7,942	0.02

	SECURITY AND COMMODITY BROKERS
	Charles Schwab Corp		28,168		336,889	0.79
	Morgan Stanley		15,864		880,769	2.08
	Other				357,913	0.84

					1,575,571	3.71

	TOBACCO PRODUCTS
	Altria Group, Inc		31,967		1,953,184	4.60

					1,953,184	4.60

	TRANSPORTATION BY AIR				177,219	0.42

	TRANSPORTATION EQUIPMENT				887,014	2.09

	WHOLESALE TRADE-NONDURABLE GOODS
	AmerisourceBergen Corp		5,181	$	304,021	0.72	%

					304,021	0.72

	TOTAL COMMON STOCKS	(Cost $36,623,165)			42,190,250	99.44


	TOTAL PORTFOLIO	(Cost $36,623,165)			42,190,250	99.44	%
	OTHER ASSETS & LIABILITIES, NET				237,610	0.56


	NET ASSETS			$	42,427,860	100.00	%


74		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund

Summary portfolio of investments

December 31, 2004

concluded

*	Non-income producing

b	In bankruptcy

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $36,742,969. Net unrealized appreciation of portfolio investments aggregated $5,447,281 of which $5,826,864 related to appreciated portfolio investments and $379,583 related to depreciated portfolio investments.


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		75

Small-Cap Equity Fund

Summary portfolio of investments

December 31, 2004


	COMPANY		SHARES	VALUE		% OF NET ASSETS

	PREFERRED STOCKS
	HEALTH SERVICES			$	5,220	0.01	%

	TOTAL PREFERRED STOCKS	(Cost $4,507)			5,220	0.01

	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS				41,316	0.10

	AMUSEMENT AND RECREATION SERVICES
*	Sunterra Corp		11,309		158,778	0.38
	Other				340,211	0.80

					498,989	1.18

	APPAREL AND ACCESSORY STORES				476,069	1.13

	APPAREL AND OTHER TEXTILE PRODUCTS
*	Guess?, Inc		8,700		109,185	0.26
	Other				152,945	0.36

					262,130	0.62

	AUTO REPAIR, SERVICES AND PARKING				58,946	0.14

	AUTOMOTIVE DEALERS AND SERVICE STATIONS				146,708	0.35

	BUILDING MATERIALS AND GARDEN SUPPLIES				90,509	0.22

	BUSINESS SERVICES
*	Bisys Group, Inc		5,500		90,475	0.21
*	CACI International, Inc (Class A)		1,300		88,569	0.21
*	CSG Systems International, Inc		6,554		122,560	0.29
*	Earthlink, Inc		6,735		77,587	0.18
*	Hyperion Solutions Corp		1,800		83,916	0.20
*	United Online, Inc		15,410		177,677	0.42
	Other				3,572,266	8.47

					4,213,050	9.98

	CHEMICALS AND ALLIED PRODUCTS
*	FMC Corp		1,900		91,770	0.22
	Georgia Gulf Corp		1,600		79,680	0.19
	Valeant Pharmaceuticals International		3,000		79,050	0.19
	Other				2,310,028	5.47

					2,560,528	6.07

	COMMUNICATIONS				671,211	1.59

	DEPOSITORY INSTITUTIONS
	Anchor Bancorp Wisconsin, Inc		3,047		88,820	0.21
	Corus Bankshares, Inc		1,721		82,625	0.19
	Downey Financial Corp		2,100		119,700	0.28
	TierOne Corp		5,200		129,220	0.31
	Trustmark Corp		2,535		78,762	0.19
	Other				3,417,722	8.10

					3,916,849	9.28


76		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	EATING AND DRINKING PLACES
*	CEC Entertainment, Inc	1,950	$	77,941	0.18	%
*	CKE Restaurants, Inc	6,900		100,119	0.24
	Other			617,994	1.47

				796,054	1.89

	EDUCATIONAL SERVICES			59,989	0.14

	ELECTRIC, GAS, AND SANITARY SERVICES
	UIL Holdings Corp	1,600		82,080	0.20
	Other			1,376,995	3.26

				1,459,075	3.46

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Sigmatel, Inc	3,800		135,014	0.32
	Other			2,391,676	5.67

				2,526,690	5.99

	ENGINEERING AND MANAGEMENT SERVICES			955,748	2.27

	FABRICATED METAL PRODUCTS
*	Crown Holdings, Inc	8,300		114,042	0.27
	Other			476,863	1.13

				590,905	1.40

	FOOD AND KINDRED PRODUCTS
*	Darling International, Inc	37,300		162,628	0.38
	Other			383,295	0.91

				545,923	1.29

	FOOD STORES			158,082	0.37

	FURNITURE AND FIXTURES			195,710	0.46

	FURNITURE AND HOMEFURNISHINGS STORES			160,334	0.38

	GENERAL BUILDING CONTRACTORS			248,615	0.59

	GENERAL MERCHANDISE STORES			140,501	0.33

	HEALTH SERVICES
*	Apria Healthcare Group, Inc	2,500		82,375	0.20
	Other			802,697	1.90

				885,072	2.10

	HEAVY CONSTRUCTION, EXCEPT BUILDING			54,590	0.13

	HOLDING AND OTHER INVESTMENT OFFICES
	Greater Bay Bancorp	3,955		110,265	0.26
	iShares Russell 2000 Index Fund	7,671		993,395	2.36
	New Century Financial Corp	1,420		90,752	0.22
	Omega Healthcare Investors, Inc	8,000		94,400	0.22
	Senior Housing Properties Trust	9,800		185,612	0.44
	Other			2,874,193	6.81

				4,348,617	10.31

	HOTELS AND OTHER LODGING PLACES			168,777	0.40


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		77

Small-Cap Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Emulex Corp	11,300	$	190,292	0.45	%
*	Flowserve Corp	4,000		110,160	0.26
	Joy Global, Inc	1,800		78,174	0.19
*	Terex Corp	2,400		114,360	0.27
	Other			1,842,525	4.37

				2,335,511	5.54

	INSTRUMENTS AND RELATED PRODUCTS
	Invacare Corp	1,700		78,642	0.18
	Mentor Corp	2,600		87,724	0.21
*	Steris Corp	4,100		97,252	0.23
	Other			2,041,772	4.84

				2,305,390	5.46

	INSURANCE AGENTS, BROKERS AND SERVICE			95,736	0.23

	INSURANCE CARRIERS			1,198,124	2.84

	JUSTICE, PUBLIC ORDER AND SAFETY			23,922	0.06

	LEATHER AND LEATHER PRODUCTS			117,659	0.28

	LEGAL SERVICES			14,044	0.03

	LOCAL AND INTERURBAN PASSENGER TRANSIT
*	Laidlaw International, Inc	5,000		107,000	0.25

				107,000	0.25

	LUMBER AND WOOD PRODUCTS			124,757	0.30

	METAL MINING			123,360	0.29

	MISCELLANEOUS MANUFACTURING INDUSTRIES			291,485	0.69

	MISCELLANEOUS RETAIL			384,144	0.91

	MOTION PICTURES			107,435	0.25

	NONDEPOSITORY INSTITUTIONS
*	CompuCredit Corp	3,197		87,406	0.21
	Other			252,375	0.60

				339,781	0.81

	NONMETALLIC MINERALS, EXCEPT FUELS			28,187	0.07

	OIL AND GAS EXTRACTION
	St. Mary Land & Exploration Co	1,900		79,306	0.19
	Vintage Petroleum, Inc	4,200		95,298	0.22
	Other			1,307,240	3.10

				1,481,844	3.51

	PAPER AND ALLIED PRODUCTS			263,685	0.62

	PERSONAL SERVICES			187,010	0.44

	PETROLEUM AND COAL PRODUCTS
*	Tesoro Corp	3,400		108,324	0.26
	Other			149,945	0.35

				258,269	0.61


78		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund

Summary portfolio of investments

December 31, 2004

continued


	COMPANY	SHARES	VALUE		% OF NET ASSETS

	PRIMARY METAL INDUSTRIES
*	Maverick Tube Corp	3,700	$	112,110	0.27	%
	Other			801,702	1.90

				913,812	2.17

	PRINTING AND PUBLISHING
*	Valassis Communications, Inc	2,400		84,024	0.20
	Other			398,735	0.94

				482,759	1.14

	RAILROAD TRANSPORTATION			89,151	0.21

	REAL ESTATE
*	Stewart Enterprises, Inc (Class A)	13,714		95,861	0.23
	Other			101,678	0.24

				197,539	0.47

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
*	Goodyear Tire & Rubber Co	5,500		80,630	0.19
	Other			303,397	0.72

				384,027	0.91

	SECURITY AND COMMODITY BROKERS			264,802	0.63

	SOCIAL SERVICES			37,044	0.09

	SPECIAL TRADE CONTRACTORS
*	Dycom Industries, Inc	2,700		82,404	0.20
	Other			94,054	0.22

				176,458	0.42

	STONE, CLAY, AND GLASS PRODUCTS			168,991	0.40

	TRANSPORTATION BY AIR			327,388	0.78

	TRANSPORTATION EQUIPMENT
	Arctic Cat, Inc	3,044		80,727	0.19
	Winnebago Industries, Inc	4,100		160,146	0.38
	Other			586,620	1.39

				827,493	1.96

	TRANSPORTATION SERVICES			187,419	0.44

	TRUCKING AND WAREHOUSING
*	Landstar System, Inc	1,100		81,004	0.19
*	Swift Transportation Co, Inc	4,616		99,151	0.24
	Other			252,223	0.60

				432,378	1.03

	WATER TRANSPORTATION			101,830	0.24

	WHOLESALE TRADE-DURABLE GOODS
*	Brightpoint, Inc	5,900		115,286	0.27
	Other			688,124	1.63

				803,410	1.90


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		79

Small-Cap Equity Fund

Summary portfolio of investments

December 31, 2004

concluded

COMPANY

VALUE

% OF NET
ASSETS

WHOLESALE TRADE-NONDURABLE GOODS

637,476

1.51

TOTAL COMMON STOCKS

(Cost $35,965,877)

42,050,307

99.66

TOTAL PORTFOLIO

(Cost $35,970,384)

42,055,527

99.67

OTHER ASSETS & LIABILITIES, NET

138,514

0.33

NET ASSETS

42,194,041

100.00

*	Non-income producing

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $36,202,220. Net unrealized appreciation of portfolio investments aggregated $5,853,307 of which $6,624,819 related to appreciated portfolio investments and $771,512 related to depreciated portfolio investments.

Restricted security held by the Fund is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Wiltel Communications (Rts)	11/07/03	$	—	$	—


80		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund

Summary portfolio of investments

December 31, 2004


	COMPANY		SHARES	VALUE		% OF NET ASSETS

	PREFERRED STOCKS
	HOLDING AND OTHER INVESTMENT OFFICES			$	1,815,330	2.84	%

	TOTAL PREFERRED STOCKS	(Cost $1,800,000)			1,815,330	2.84

	COMMON STOCKS
	HOLDING AND OTHER INVESTMENT OFFICES
	Aames Investment Corp		55,000		588,500	0.92
	Affordable Residential Communities		88,000		1,262,800	1.98
	Archstone-Smith Trust		48,000		1,838,400	2.88
	Bimini Mortgage Management, Inc (Class A)		75,000		1,204,500	1.88
	BNP Residential Properties, Inc		36,500		587,650	0.92
	Boston Properties, Inc		15,800		1,021,786	1.60
	Cedar Shopping Centers, Inc		49,968		714,542	1.12
	Corporate Office Properties Trust		28,000		821,800	1.29
	Developers Diversified Realty Corp		18,712		830,251	1.30
	Duke Realty Corp		15,468		528,078	0.83
	Equity Inns, Inc		56,000		657,440	1.03
	Equity Residential		36,000		1,302,480	2.04
	Falcon Financial Investment Trust		98,000		686,000	1.07
*	Feldman Mall Properties, Inc		56,000		728,560	1.14
	General Growth Properties, Inc		41,125		1,487,080	2.33
	Glenborough Realty Trust, Inc		61,000		1,298,080	2.03
	GMH Communities Trust		116,000		1,635,600	2.56
*	Gramercy Capital		50,000		1,030,000	1.61
	HomeBanc Corp		108,000		1,045,440	1.63
	Host Marriott Corp		31,000		536,300	0.84
	IMPAC Mortgage Holdings, Inc		28,500		646,095	1.01
	Kimco Realty Corp		14,000		811,860	1.27
	LaSalle Hotel Properties		37,500		1,193,625	1.87
	Lexington Corporate Properties Trust		23,611		533,136	0.83
	Liberty Property Trust		15,000		648,000	1.01
	LTC Properties, Inc		36,500		726,715	1.14
	Macerich Co		16,300		1,023,640	1.60
	Monmouth REIT (Class A)		89,600		771,456	1.21
	New Century Financial Corp		9,800		626,318	0.98
	Newcastle Investment Corp		24,663		783,790	1.23
	Novastar Financial, Inc		15,142		749,529	1.17
	Omega Healthcare Investors, Inc		100,000		1,180,000	1.85
	Public Storage, Inc		16,600		925,450	1.45
	Reckson Associates Realty Corp		42,000		1,378,020	2.16
	Regency Centers Corp		10,900		603,860	0.94
	Simon Property Group, Inc		22,900		1,480,943	2.32
	SL Green Realty Corp		13,000		787,150	1.23
*	Spirit Finance Corp		111,793		1,414,182	2.21
	Strategic Hotel Capital, Inc		50,000		825,000	1.29
	Sunstone Hotel Investors, Inc		27,300		567,294	0.89
	Trizec Properties, Inc		64,000		1,210,880	1.89
	U-Store-It Trust		49,000		850,150	1.33


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		81

Real Estate Securities Fund

Summary portfolio of investments

December 31, 2004

concluded


	COMPANY		SHARES	VALUE			% OF NET ASSETS

	HOLDING AND OTHER INVESTMENT OFFICES—(continued)
	Vornado Realty Trust		8,500	$	647,105		1.01	%
	Other				14,164,235		22.17

					54,353,720		85.06

	HOTELS AND OTHER LODGING PLACES
*	Fairmont Hotels & Resorts		16,500		571,560		0.89
*	Jameson Inns, Inc		395,000		778,150		1.22
*	Lodgian, Inc		110,700		1,361,610		2.13
	Starwood Hotels & Resorts Worldwide, Inc		11,500		671,600		1.05
	Other				1,051,288		1.65

					4,434,208		6.94

	REAL ESTATE
	Catellus Development Corp		28,000		856,800		1.34
*	Thomas Properties Group, Inc		71,000		904,540		1.42
	Other				350,650		0.55

					2,111,990		3.31

	TOTAL COMMON STOCKS	(Cost $55,133,003)			60,899,918		95.31


	ISSUER		PRINCIPAL
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)1.000%, 01/03/05		$2,260,000		2,259,595		3.53

	TOTAL SHORT-TERM INVESTMENTS	(Cost $2,259,843)			2,259,595		3.53


	TOTAL PORTFOLIO	(Cost $59,192,846)			64,974,843		101.68	%
	OTHER ASSETS & LIABILITIES, NET				(1,076,025	)	(1.68	)


	NET ASSETS			$	63,898,818		100.00	%

*	Non-income producing

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $58,975,635. Net unrealized appreciation of portfolio investments aggregated $5,999,208 of which $6,465,125 related to appreciated portfolio investments and $465,917 related to depreciated portfolio investments.


82		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund

Summary portfolio of investments

December 31, 2004


	ISSUER	RATING†	PRINCIPAL		VALUE		% OF NET ASSETS

	BONDS
	CORPORATE BONDS
	ASSET BACKED
	Chase Funding Mortgage Loan Series 2004-2 (Class 1A2) 3.777%, 01/25/22	Aaa	$	1,000,000	$	995,098	1.71	%
	Chase Funding Mortgage Loan Series 2004-2 (Class 1B2) 5.700%, 02/25/34	Baa2		500,000		485,660	0.83

						1,480,758	2.54

	CHEMICALS AND ALLIED PRODUCTS					204,292	0.35

	COMMUNICATIONS					971,655	1.66

	DEPOSITORY INSTITUTIONS
g	Citigroup, Inc (Sub Note) 5.000%, 09/15/14	Aa2		212,000		212,822	0.36
v	TRAINS (Secured Note) 5.940%, 01/25/07	A3		4,460,000		4,626,804	7.93
v	TRAINS (Sr Note) 6.962%, 01/15/12	A3		4,080,000		4,537,450	7.77
	Other					617,610	1.06

						9,994,686	17.12

	ELECTRIC, GAS, AND SANITARY SERVICES					108,647	0.19

	GENERAL BUILDING CONTRACTORS					201,483	0.34

	GENERAL MERCHANDISE STORES					130,190	0.22

	INSURANCE CARRIERS					200,746	0.34

	METAL MINING					99,659	0.17

	MOTION PICTURES					122,297	0.21

	NONDEPOSITORY INSTITUTIONS
v	Wells Fargo Home Equity Trust 4.450%, 10/26/34	NR		406,166		406,166	0.70
	Other					415,435	0.71

						821,601	1.41

	OIL AND GAS EXTRACTION					109,913	0.19

	OTHER MORTGAGE BACKED SECURITIES
	Bank of America Alternative Loan Trust Series 2004-7 (Class 2A1) 6.000%, 08/25/34	NR		949,542		975,061	1.67
	Centex Home Equity Series 2004-C (Class AF5) 5.980%, 06/25/34	Aaa		400,000		407,560	0.70
	JP Morgan Chase Commercial Mortgage Securities Corp Series 2002—C1 (Class A3) 5.376%, 07/12/37	Aaa		750,000		786,330	1.35
	Merrill Lynch Mortgage Trust Series 2004-BPC1 (Class Aj) 4.922%, 10/12/41	NR		500,000		499,418	0.85
	Other					93,529	0.16

						2,761,898	4.73

	PETROLEUM AND COAL PRODUCTS					307,735	0.53

	PRINTING AND PUBLISHING					116,558	0.20


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		83

Bond Fund

Summary portfolio of investments

December 31, 2004

continued


ISSUER	RATING†	PRINCIPAL		VALUE		% OF NET ASSETS

SECURITY AND COMMODITY BROKERS				$	201,845	0.35	%

TRANSPORTATION EQUIPMENT					429,379	0.74

TOTAL CORPORATE BONDS	(Cost $18,470,386)				18,263,342	31.29

GOVERNMENT BONDS
AGENCY SECURITIES
Federal Home Loan Bank (FHLB) 2.500%, 04/11/06	Aaa	$	2,000,000		1,985,560	3.40
FHLB 2.875%, 05/22/06	Aaa		1,400,000		1,395,526	2.39
Federal Home Loan Mortgage Corp (FHLMC) 1.875%, 02/15/06	Aaa		2,250,000		2,221,282	3.81
FHLMC 7.000%, 03/15/10	Aaa		1,500,000		1,711,914	2.93
FHLMC 5.875%, 03/21/11	Aa2		1,000,000		1,079,649	1.85
Federal National Mortgage Association (FNMA) 3.375%, 12/15/08	Aaa		1,215,000		1,199,347	2.05
FNMA 4.625%, 10/15/14	Aaa		1,000,000		1,000,751	1.72

					10,594,029	18.15

FOREIGN GOVERNMENT BONDS					98,750	0.17

MORTGAGE BACKED SECURITIES
Federal Home Loan Mortgage Corp Gold (FGLMC) 5.000%, 06/01/18			544,748		553,651	0.95
FGLMC 5.000%, 02/01/19			685,039		696,020	1.19
FGLMC 5.000%, 07/01/33			707,319		703,884	1.21
FGLMC 5.000%, 11/01/33			451,240		449,048	0.77
FGLMC 6.000%, 11/01/33			873,875		903,122	1.55
FGLMC 6.500%, 08/01/34			658,531		691,173	1.18
Federal National Mortgage Association (FNMA) 6.292%, 12/01/08			744,527		786,451	1.35
FNMA 6.000%, 02/01/18			607,491		636,908	1.09
FNMA 5.500%, 04/01/18			895,409		926,166	1.59
FNMA 5.500%, 05/01/18			183,882		190,199	0.32
FNMA 5.000%, 01/01/19			1,661,707		1,689,893	2.89
FNMA 5.500%, 02/01/24			437,782		447,836	0.77
FNMA 5.500%, 07/01/24			953,382		975,030	1.67
FNMA 5.500%, 07/01/33			2,214,855		2,250,473	3.86
FNMA 4.500%, 08/01/33			454,656		440,237	0.75
FNMA 6.000%, 10/01/33			915,450		947,023	1.62
FNMA 5.000%, 03/01/34			1,806,862		1,796,264	3.08
FNMA 5.500%, 11/01/34			1,482,830		1,506,268	2.58
Government National Mortgage Association (GNMA) 5.500%, 07/20/33			771,972		788,466	1.35
GNMA 5.000%, 06/15/34			445,382		445,930	0.76
GNMA 5.000%, 11/15/34			446,792		447,342	0.77
Other					107,859	0.18

					18,379,243	31.48


84		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund

Summary portfolio of investments

December 31, 2004

concluded


	ISSUER	RATING†	PRINCIPAL		VALUE			% OF NET ASSETS

	U.S. TREASURY SECURITIES
	U.S. Treasury Bond 8.000% 11/15/21		$	1,870,000	$	2,567,585		4.40	%
	U.S. Treasury Bond 5.375% 02/15/31			690,000		745,952		1.28
k	U.S. Treasury Inflation Indexed Note 3.875%, 01/15/09			581,915		652,600		1.12
	U.S. Treasury Note 2.625% 05/15/08			800,000		782,206		1.34
	U.S. Treasury Note 3.125% 04/15/09			1,000,000		984,820		1.69
	U.S. Treasury Note 4.000% 06/15/09			1,000,000		1,019,050		1.74
	U.S. Treasury Note 3.625% 05/15/13			2,250,000		2,180,270		3.73
	U.S. Treasury Note 4.250% 08/15/13			1,000,000		1,007,700		1.73
	U.S. Treasury Note 4.250% 11/15/14			600,000		601,500		1.03

						10,541,683		18.06

	TOTAL GOVERNMENT BONDS	(Cost $39,457,432)				39,613,705		67.86


	TOTAL BONDS	(Cost $57,927,818)				57,877,047		99.15

	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB) 1.000%, 01/03/05			670,000		669,880		1.14

						669,880		1.14

	TOTAL SHORT-TERM INVESTMENTS	(Cost $669,953)				669,880		1.14


	TOTAL PORTFOLIO	(Cost $58,597,771)				58,546,927		100.29	%
	OTHER ASSETS AND LIABILITIES, NET					(171,502	)	(0.29	)


	NET ASSETS				$	58,375,425		100.00	%

g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.

At December 31, 2004, the value of these securities amounted to $314,722 or 0.54% of net assets.

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

v	Security valued at fair value.

†	As provided by Moody's Investors Service (Unaudited).

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

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $58,681,960. Net unrealized depreciation of portfolio investments aggregated $135,033, of which $377,169 related to appreciated portfolio investments and $512,202 related to depreciated portfolio investments.


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		85

Money Market Fund

Portfolio of investments

December 31, 2004


		PRINCIPAL		VALUE		% OF NET ASSETS
	SHORT-TERM INVESTMENTS
	CERTIFICATE OF DEPOSIT
	Toronto Dominion Bank 2.015%, 03/10/05	$	800,000	$	800,000	3.03	%
	Wells Fargo 2.310%, 01/31/05		490,000		490,000	1.86

					1,290,000	4.89

	COMMERCIAL PAPER
	Abbey National North America LLC 2.250%, 02/02/05		380,000		379,240	1.44
	ABN Amro North America Finance, Inc 1.950%, 01/21/05		470,000		469,501	1.78
	ABN Amro North America Finance, Inc 2.280%, 01/24/05		200,000		199,737	0.76
	American Honda Finance Corp 2.190%, 01/25/05		800,000		798,832	3.03
c	Beta Finance, Inc 2.260%, 02/16/05		380,000		378,908	1.44
c	Beta Finance, Inc 2.400%, 03/15/05		400,000		398,053	1.51
c	BMW US Capital Corp 2.280%, 01/20/05		720,000		719,134	2.73
	Canadian Imperial Bank of Commerce 2.350%, 02/15/05		800,000		797,650	3.02
	Caterpillar Financial Services Corp 2.290%, 01/28/05		800,000		798,672	3.03
c	CC (USA), Inc 2.330%, 03/01/05		800,000		796,945	3.02
c	Corporate Asset Funding Corp, Inc 2.420%, 03/04/05		680,000		677,166	2.57
c	Delaware Funding Co LLC 2.340%, 01/24/05		800,000		798,804	3.03
c	Dorada Finance, Inc 2.120%, 02/08/05		370,000		369,195	1.40
c	Dorada Finance, Inc 2.260%, 02/22/05		400,000		398,694	1.51
c	Edison Asset Securitization, LLC 2.220%, 02/18/05		800,000		797,632	3.02
	FCAR Owner Trust I 2.200%, 01/06/05		520,000		519,858	1.97
c	Fortune Brands 2.060%, 01/11/05		260,000		259,851	0.99
	Goldman Sachs Group, Lp 2.330%, 01/03/05		790,000		789,898	3.00
c	Govco, Inc 2.210%, 01/12/05		785,000		784,515	2.97
c	Greyhawk Funding LLC 2.290%, 01/19/05		700,000		699,199	2.65
c	Kitty Hawk Funding Corp 2.360%, 02/15/05		400,000		398,870	1.51
c	Links Finance LLC 1.980%, 01/12/05		300,000		299,820	1.14
c	Links Finance LLC 2.350%, 03/01/05		500,000		498,074	1.89
	Morgan Stanley Dean Witter 2.170%, 01/04/05		800,000		799,855	3.03
	Paccar Financial Corp 2.100%, 01/27/05		670,000		668,984	2.54
c	Park Avenue Receivables Corp 2.350%, 02/04/05		670,000		668,513	2.53
c	Preferred Receivables Funding Corp 2.280%, 01/14/05		800,000		799,341	3.03
c	Private Export Funding Corporation 2.480%, 04/20/05		800,000		793,993	3.01
	Rabobank USA Financial Corp 2.250%, 01/27/05		225,000		224,634	0.85
c	Ranger Funding Company LLC 2.470%, 03/15/05		330,000		328,414	1.25
c	Ranger Funding Company LLC 2.430%, 03/17/05		450,000		447,722	1.70
	Royal Bank of Scotland plc 2.240%, 02/03/05		760,000		758,439	2.88
c	Sigma Finance, Inc 2.030%, 01/13/05		800,000		799,459	3.03
	Societe Generale North America, Inc 2.450%, 03/28/05		800,000		795,318	3.01
	UBS Finance, (Delaware), Inc 2.290%, 01/24/05		500,000		499,281	1.89
c	Yorktown Capital, LLC 2.440%, 03/17/05		800,000		795,933	3.02

					21,408,134	81.18

	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Farm Credit Bank (FFCB) 1.840%, 02/11/05		100,000		99,790	0.38
	FFCB 1.900%, 02/28/05		130,000		129,602	0.49
	Federal Home Loan Bank (FHLB) 2.190%, 02/16/05		525,000		523,531	1.99
	FHLB 2.520%, 05/06/05		151,000		148,667	0.56


86		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

Money Market Fund

Portfolio of investments

December 31, 2004

concluded


		PRINCIPAL		VALUE			% OF NET ASSETS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES (continued)
Federal Home Loan Mortgage Corp (FHLMC) 2.320%, 02/22/05		$	730,000	$	727,997		2.76	%
FHLMC 1.510%, 03/10/05			200,000		199,430		0.76
FHLMC 2.450%, 03/29/05			155,000		154,082		0.58
Federal National Mortgage Association (FNMA) 1.240%, 01/07/05			250,000		249,933		0.95
FNMA 2.160%, 01/12/05			85,000		84,955		0.32
FNMA 2.250%, 02/01/05			750,000		748,547		2.84
FNMA 2.540%, 05/04/05			700,000		692,824		2.63

					3,759,358		14.26

TOTAL SHORT-TERM INVESTMENTS	(Cost $ 26,457,492)				26,457,492		100.33


TOTAL PORTFOLIO	(Cost $ 26,457,492)				26,457,492		100.33	%
OTHER ASSETS AND LIABILITIES, NET					(86,206	)	(0.33	)


NET ASSETS				$	26,371,286		100.00	%

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

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $26,457,492.


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		87

Statements of assets and liabilities

TIAA-CREF Life Funds

December 31, 2004


	Growth Equity Fund

ASSETS
Portfolio investments, at cost	$	28,518,618
Net unrealized appreciation (depreciation) of portfolio investments		(240,757	)

Portfolio investments, at value		28,277,861
Cash		12,798
Cash—foreign (cost of $—, $275, $134,816, $—, and $—, respectively)		—
Receivable from securities transactions		86,936
Receivable for Fund shares sold		35,474
Dividends and interest receivable		17,482
Receivable for variation margin on open futures contracts		—

Total assets		28,430,551


LIABILITIES
Due to investment advisor		7,859
Income distribution payable		—
Payable for securities transactions		141,040
Payable for Fund shares redeemed		—
Payable for variation margin on open futures contracts		—

Total liabilities		148,899

NET ASSETS	$	28,281,652


NET ASSETS CONSIST OF:
Paid-in-capital	$	66,921,953
Accumulated undistributed (distributions in excess of) net investment income		6,537
Accumulated undistributed net realized loss on total investments		(38,406,081	)
Accumulated appreciation (depreciation) on total investments		(240,757	)

NET ASSETS	$	28,281,652

Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		2,082,237
Net asset value per share		$13.58


88		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS


Growth & Income Fund			International Equity Fund			Stock Index Fund			Social Choice Equity Fund


$	45,403,452		$	45,397,949		$	143,969,848		$	28,754,201
	2,205,759			6,333,355			450,265			(1,254,209	)

	47,609,211			51,731,304			144,420,113			27,499,992
	3,370			8,857			22,383			51,673
	309			135,055			—			—
	94,000			217,017			5,781			—
	—			172,690			50,556			29,186
	53,226			94,416			179,730			26,748
	—			—			1,753			—

	47,760,116			52,359,339			144,680,316			27,607,599



	9,626			13,589			10,596			2,474
	—			2,673			—			—
	—			191,829			1,447,025			—
	1,781			—			—			—
	300			—			650			—

	11,707			208,091			1,458,271			2,474

$	47,748,409		$	52,151,248		$	143,222,045		$	27,605,125



$	62,825,438		$	65,512,627		$	144,743,261		$	29,464,524
	2,612			(30,423	)		395			1,750
	(17,294,280	)		(19,671,456	)		(1,985,389	)		(606,940	)
	2,214,639			6,340,500			463,778			(1,254,209	)

$	47,748,409		$	52,151,248		$	143,222,045		$	27,605,125

	2,330,005			3,023,544			5,442,731			1,213,270
	$20.49			$17.25			$26.31			$22.75


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		89

Statements of assets and liabilities

TIAA-CREF Life Funds

December 31, 2004


	Large-Cap Value Fund

ASSETS
Portfolio investments, at cost	$	36,623,165
Net unrealized appreciation (depreciation) of portfolio investments		5,567,085

Portfolio investments, at value		42,190,250
Cash		44,150
Receivable from securities transactions		148,157
Receivable for Fund shares sold		67,711
Dividends and interest receivable		75,784

Total assets		42,526,052


LIABILITIES
Due to investment advisor		8,588
Income distribution payable		—
Payable for securities transactions		89,604
Payable for Fund shares redeemed		—

Total liabilities		98,192

NET ASSETS	$	42,427,860


NET ASSETS CONSIST OF:
Paid-in-capital	$	35,579,827
Accumulated undistributed net investment income		129
Accumulated undistributed net realized gain (loss) on total investments		1,280,819
Accumulated appreciation (depreciation) on total investments		5,567,085

NET ASSETS	$	42,427,860

Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		1,283,066
Net asset value per share		$33.07


90		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

concluded


Small-Cap Equity Fund	Real Estate Securities Fund		Bond Fund			Money Market Fund


$35,970,384	$	59,192,846	$	58,597,771		$	26,457,492
6,085,143		5,781,997		(50,844	)		—

42,055,527		64,974,843		58,546,927			26,457,492
106,281		6,076		10,023			3,046
1,054,313		2,046,910		65,269			—
21,742		147,196		3,438			—
46,055		351,881		360,144			5,652

43,283,918		67,526,906		58,985,801			26,466,190



3,786		13,152		5,706			1,638
—		—		—			34,131
1,086,091		3,614,936		604,670			—
—		—		—			59,135

1,089,877		3,628,088		610,376			94,904

$42,194,041	$	63,898,818	$	58,375,425		$	26,371,286



$35,124,430	$	55,137,765	$	58,697,848		$	26,371,232
6,274		236,710		19,984			—
978,194		2,742,346		(291,563	)		54
6,085,143		5,781,997		(50,844	)		—

$42,194,041	$	63,898,818	$	58,375,425		$	26,371,286


1,262,248		1,885,376		2,346,067			26,371,232
$33.43		$33.89		$24.88			$1.00


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		91

Statements of operations

TIAA-CREF Life Funds

For the year ended December 31, 2004


	Growth Equity Fund

INVESTMENT INCOME
Interest	$	10,759
Dividends		320,745
Foreign taxes withheld		(2,577	)

Total income		328,927


EXPENSES
Investment management fees		68,771
Trustee fees and expenses		—

Net expenses		68,771

Net investment income		260,156


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		(2,451,353	)
Futures transactions		—
Foreign currency transactions		—

Net realized gain (loss) on total investments		(2,451,353	)

Change in unrealized appreciation (depreciation) on:
Portfolio investments		3,897,716
Futures transactions		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—

Net change in unrealized appreciation (depreciation) on total investments		3,897,716

Net realized and unrealized gain on total investments		1,446,363

Net increase in net assets resulting from operations		$1,706,519


92		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS


Growth & Income Fund			International Equity Fund			Stock Index Fund			Social Choice Equity Fund


$	10,267		$	22,028		$	27,094		$	2,783
	845,045			1,073,812			2,480,974			496,386
	(1,641	)		(72,322	)		(12	)		—

	853,671			1,023,518			2,508,056			499,169



	103,523			137,492			77,701			18,451
	810			—			23			—

	104,333			137,492			77,724			18,451

	749,338			886,026			2,430,332			480,718




	4,126,728			8,909,955			(59,210	)		421,325
	14,696			—			44,954			—
	(5,612	)		(26,848	)		—			—

	4,135,812			8,883,107			(14,256	)		421,325


	(549,726	)		(1,899,016	)		12,412,528			2,215,108
	8,846			—			13,513			—
	5			3,917			—			—

	(540,875	)		(1,895,099	)		12,426,041			2,215,108

	3,594,937			6,988,008			12,411,785			2,636,433

	$4,344,275			$7,874,034			$14,842,117			$3,117,151


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		93

Statements of operations

TIAA-CREF Life Funds

For the year ended December 31, 2004


	Large-Cap Value Fund

INVESTMENT INCOME
Interest	$	499
Dividends		820,761
Foreign taxes withheld		(332	)

Total income		820,928


EXPENSES
Investment management fees		79,877
Trustee fees and expenses		370

Net expenses		80,247

Net investment income		740,681


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on total investments		5,580,090
Net change in unrealized appreciation on total investments		425,146

Net realized and unrealized gain on total investments		6,005,236

Net increase in net assets resulting from operations		$6,745,917


94		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

concluded


Small-Cap Equity Fund	Real Estate Securities Fund			Bond Fund			Money Market Fund


$663	$	27,899		$	2,108,625		$	347,072
450,961		2,034,306			—			—
(85)		(429	)		—			—

451,539		2,061,776			2,108,625			347,072



36,792		110,692			54,311			14,796
370		532			1,175			468

37,162		111,224			55,486			15,264

414,377		1,950,552			2,053,139			331,808



6,246,428		8,795,751			(197,829	)		51
25,122		3,006,966			385,193			—

6,271,550		11,802,717			187,364			51

$6,685,927	$	13,753,269		$	2,240,503		$	331,859


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		95

Statements of changes in net assets

TIAA-CREF Life Funds

December 31, 2004


	Growth Equity Fund
	For the Years Ended December 31,
	2004			2003

CHANGE IN NET ASSETS

OPERATIONS
Net investment income	$	260,156		$	298,712
Net realized gain (loss) on total investments		(2,451,353	)		(3,011,676	)
Net change in unrealized appreciation (depreciation) on total investments		3,897,716			12,117,483

Net increase from operations		1,706,519			9,404,519


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(253,619	)		(309,532	)

Total distributions		(253,619	)		(309,532	)


SHAREHOLDER TRANSACTIONS:
Seed money redemptions		—			(23,872,165	)
Subscriptions		5,599,580			7,834,704
Reinvestment of distributions		253,619			309,532
Redemptions		(7,343,723	)		(5,584,522	)

Net increase (decrease) from shareholder transactions		(1,490,524	)		(21,312,451	)

Net increase (decrease) in net assets		(37,624	)		(12,217,464	)

NET ASSETS
Beginning of year		28,319,276			40,536,740

End of year	$	28,281,652		$	28,319,276

Undistributed (distributions in excess of) net investment income included in net assets	$	6,537		$	—


CHANGE IN FUND SHARES:
Shares outstanding, beginning of year		2,198,997			3,992,282

Seed money shares redeemed		—			(2,025,584	)
Shares sold		432,147			681,988
Shares issued in reinvestment of distributions		18,649			24,069
Shares redeemed		(567,556	)		(473,758	)

Net increase (decrease) in shares outstanding		(116,760	)		(1,793,285	)

Shares outstanding, end of year		2,082,237			2,198,997


96		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS


Growth & Income Fund						International Equity Fund
For the Years Ended December 31,						For the Years Ended December 31,
2004			2003			2004			2003




$	749,338		$	692,485		$	886,026		$	815,217
	4,135,812			1,872,460			8,883,107			(2,946,846	)

	(540,875	)		9,007,423			(1,895,099	)		16,145,552

	4,344,275			11,572,368			7,874,034			14,013,923



	(738,786	)		(707,416	)		(954,901	)		(769,654	)

	(738,786	)		(707,416	)		(954,901	)		(769,654	)



	(2,905,000	)		(25,362,000	)		(12,999,000	)		(3,682,000	)
	6,706,758			9,070,132			17,158,339			9,822,235
	738,786			524,163			954,901			326,567
	(4,800,658	)		(2,247,249	)		(7,761,088	)		(5,570,093	)

	(260,114	)		(18,014,954	)		(2,646,848	)		896,709

	3,345,375			(7,150,002	)		4,272,285			14,140,978


	44,403,034			51,553,036			47,878,963			33,737,985

$	47,748,409		$	44,403,034		$	52,151,248		$	47,878,963


$	2,612		$	(2,328	)	$	(30,423	)	$	37,529



	2,346,072			3,388,289			3,206,229			3,136,806

	(150,073	)		(1,477,136	)		(834,901	)		(272,574	)
	346,567			539,500			1,102,472			775,118
	36,038			27,763			55,777			22,260
	(248,599	)		(132,344	)		(506,033	)		(455,381	)

	(16,067	)		(1,042,217	)		(182,685	)		69,423

	2,330,005			2,346,072			3,023,544			3,206,229


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		97

Statements of changes in net assets

TIAA-CREF Life Funds

December 31, 2004


	Stock Index Fund
	For the Years Ended December 31,
	2004			2003

CHANGE IN NET ASSETS

OPERATIONS
Net investment income	$	2,430,332		$	1,679,500
Net realized gain (loss) on total investments		(14,256	)		4,469,814
Net change in unrealized appreciation on total investments		12,426,041			21,689,745

Net increase from operations		14,842,117			27,839,059


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,428,591	)		(1,681,722	)
From net realized gain on total investments		(66,343	)		(1,857,341	)

Total distributions		(2,494,934	)		(3,539,063	)


SHAREHOLDER TRANSACTIONS:
Seed money redemptions		—			(23,530,375	)
Subscriptions		22,772,138			29,275,256
Reinvestment of distributions		2,494,934			3,539,063
Redemptions		(12,711,847	)		(4,043,776	)

Net increase (decrease) from shareholder transactions		12,555,225			5,240,168

Net increase in net assets		24,902,408			29,540,164

NET ASSETS
Beginning of year		118,319,637			88,779,473

End of year	$	143,222,045		$	118,319,637

Undistributed net investment income included in net assets	$	395		$	—


CHANGE IN FUND SHARES:
Shares outstanding, beginning of year		4,943,992			4,707,430

Seed money shares redeemed		—			(1,081,660	)
Shares sold		945,902			1,364,764
Shares issued in reinvestment of distributions		72,433			148,016
Shares redeemed		(519,596	)		(194,558	)

Net increase (decrease) in shares outstanding		498,739			236,562

Shares outstanding, end of year		5,442,731			4,943,992


98		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

continued


Social Choice Equity Fund						Large-Cap Value Fund
For the Years Ended December 31,						For the Years Ended December 31,
2004			2003			2004			2003




$	480,718		$	410,267		$	740,681		$	518,621
	421,325			952,160			5,580,090			2,339,679

	2,215,108			5,429,449			425,146			4,389,287

	3,117,151			6,791,876			6,745,917			7,247,587



	(479,561	)		(410,397	)		(742,556	)		(523,580	)
	—			—			(4,924,781	)		(829,302	)

	(479,561	)		(410,397	)		(5,667,337	)		(1,352,882	)



	(4,911,000	)		(7,490,000	)		(6,170,000	)		(2,487,000	)
	5,000,362			5,166,249			15,399,815			6,319,612
	479,561			200,974			5,667,337			291,863
	(2,111,530	)		(431,630	)		(3,307,790	)		(437,475	)

	(1,542,607	)		(2,554,407	)		11,589,362			3,687,000

	1,094,983			3,827,072			12,667,942			9,581,705


	26,510,142			22,683,070			29,759,918			20,178,213

$	27,605,125		$	26,510,142		$	42,427,860		$	29,759,918

$	1,750		$	—		$	129		$	—



	1,287,052			1,410,166			941,061			812,199

	(230,717	)		(395,517	)		(169,356	)		(82,749	)
	235,276			286,832			458,018			217,570
	21,070			9,761			171,529			9,268
	(99,411	)		(24,190	)		(118,186	)		(15,227	)

	(73,782	)		(123,114	)		342,005			128,862

	1,213,270			1,287,052			1,283,066			941,061


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		99

Statements of changes in net assets

TIAA-CREF Life Funds

December 31, 2004


	Small-Cap Equity Fund
	For the Years Ended December 31,
	2004			2003

CHANGE IN NET ASSETS

OPERATIONS
Net investment income	$	414,377		$	348,587
Net realized gain (loss) on total investments		6,246,428			4,961,569
Net change in unrealized appreciation (depreciation) on total investments		25,122			5,634,856

Net increase from operations		6,685,927			10,945,012


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(413,082	)		(357,681	)
From net realized gain on total investments		(6,108,574	)		(3,371,317	)

Total distributions		(6,521,656	)		(3,728,998	)


SHAREHOLDER TRANSACTIONS:
Seed money subscriptions (redemptions)		(5,947,000	)		(4,740,000	)
Subscriptions		14,972,109			12,154,872
Reinvestment of distributions		6,521,656			1,249,000
Redemptions		(7,975,606	)		(1,465,606	)

Net increase (decrease) from shareholder transactions		7,571,159			7,198,266

Net increase in net assets		7,735,430			14,414,280

NET ASSETS
Beginning of period		34,458,611			20,044,331

End of period	$	42,194,041		$	34,458,611

Undistributed net investment income included in net assets	$	6,274		$	—


CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		1,044,811			813,822

Seed money shares sold (redeemed)		(168,115	)		(143,012	)
Shares sold		425,239			381,305
Shares issued in reinvestment of distributions		194,444			37,418
Shares redeemed		(234,131	)		(44,722	)

Net increase in shares outstanding		217,437			230,989

Shares outstanding, end of period		1,262,248			1,044,811


100		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

continued


Real Estate Securities Fund						Bond Fund
For the Years Ended December 31,						For the Year Ended December 31, 2004			For the Period July 8, 2003 (commencement of operations) to December 31, 2003
2004			2003			For the Year Ended December 31, 2004




$	1,950,552		$	1,490,853		$	2,053,139		$	810,074
	8,795,751			5,097,885			(197,829	)		(46,156	)

	3,006,966			3,081,987			385,193			(436,037	)

	13,753,269			9,670,725			2,240,503			327,881



	(2,004,206	)		(1,546,269	)		(2,033,155	)		(813,522	)
	(7,497,849	)		(3,181,405	)		—			(47,575	)

	(9,502,055	)		(4,727,674	)		(2,033,155	)		(861,097	)



	—			(4,000,000	)		—			50,000,000
	22,670,218			14,216,054			6,766,072			544,869
	9,502,055			1,812,532			2,033,155			6,795
	(7,835,887	)		(1,854,447	)		(649,436	)		(162	)

	24,336,386			10,174,139			8,149,791			50,551,502

	28,587,600			15,117,190			8,357,139			50,018,286


	35,311,218			20,194,028			50,018,286			—

$	63,898,818		$	35,311,218		$	58,375,425		$	50,018,286

$	236,710		$	117,870		$	19,984		$	—



	1,177,222			825,017			2,022,166			—

	—			(127,246	)		—			2,000,000
	681,828			478,899			267,387			21,899
	282,379			60,458			82,081			274
	(256,053	)		(59,906	)		(25,567	)		(7	)

	708,154			352,205			323,901			2,022,166

	1,885,376			1,177,222			2,346,067			2,022,166


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		101

Statements of changes in net assets

TIAA-CREF Life Funds

December 31, 2004

concluded


	Money Market Fund
	For the Year Ended December 31,			For the Period July 8, 2003 (commencement of operations) to December 31,
	2004			2003

CHANGE IN NET ASSETS

OPERATIONS
Net investment income	$	331,808		$	98,162
Net realized gain on total investments		51			3

Net increase from operations		331,859			98,165


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(331,808	)		(98,162	)

Total distributions		(331,808	)		(98,162	)


SHAREHOLDER TRANSACTIONS:
Seed money subscriptions		—			20,000,000
Subscriptions		20,150,187			1,499,170
Reinvestment of distributions		66,145			309
Redemptions		(14,668,688	)		(675,891	)

Net increase (decrease) from shareholder transactions		5,547,644			20,823,588

Net increase in net assets		5,547,695			20,823,591

NET ASSETS
Beginning of period		20,823,591			—

End of period	$	26,371,286		$	20,823,591

Undistributed net investment income included in net assets	$	—		$	—


CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		20,823,588			—

Seed money shares sold		—			20,000,000
Shares sold		20,150,187			1,499,170
Shares issued in reinvestment of distributions		66,145			309
Shares redeemed		(14,668,688	)		(675,891	)

Net increase in shares outstanding		5,547,644			20,823,588

Shares outstanding, end of period		26,371,232			20,823,588


102		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

[This page intentionally left blank.]


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		103

Financial highlights

TIAA-CREF Life Funds

December 31, 2004


	Growth Equity Fund
	For the Years Ended December 31,												For the Period April 3, 2000 (effective date of SEC registration) to December 31, 2000 (a)			For the Period March 1, 2000 (commencement of operations) to December 31, 2000 (a)
	2004			2003			2002			2001



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		0.12	(b)		0.09	(b)		0.07	(b)		0.05			0.04			0.05
Net realized and unrealized gain (loss) on total investments		0.70			2.78			(4.45	)		(4.37	)		(7.19	)		(6.03	)

Total gain (loss) from investment operations		0.82			2.87			(4.38	)		(4.32	)		(7.15	)		(5.98	)

Less distributions from:
Net investment income		(0.12	)		(0.14	)		(0.07	)		(0.05	)		(0.05	)		(0.05	)
In excess of net investment income		—			—			—			—			—			—
Net realized gains		—			—			—			—			—			—

Total distributions		(0.12	)		(0.14	)		(0.07	)		(0.05	)		(0.05	)		(0.05	)

Net asset value, end of period	$	13.58		$	12.88		$	10.15		$	14.60		$	18.97		$	18.97


TOTAL RETURN		6.39	%		28.30	%		(30.01	)%		(22.81	)%		(27.29	)%		(23.89	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	28,282		$	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		0.25	%		0.25	%		0.25	%		0.25	%		0.19	%		0.21	%
Ratio of net investment income to average net assets		0.95	%		0.82	%		0.61	%		0.35	%		0.15	%		0.25	%
Portfolio turnover rate		78.60	%		77.79	%		54.09	%		41.77	%		37.76	%		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.


104		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS


Growth & Income Fund
For the Years Ended December 31,												For the Period April 3, 2000 (effective date of SEC registration) to December 31, 2000 (a)			For the Period March 1, 2000 (commencement of operations) to December 31, 2000 (a)
2004			2003			2002			2001




$	18.93		$	15.22		$	20.28		$	23.57		$	26.82		$	25.00


	0.32	(b)		0.23	(b)		0.21	(b)		0.20			0.18			0.19
	1.56			3.79			(5.07	)		(3.29	)		(3.14	)		(1.33	)

	1.88			4.02			(4.86	)		(3.09	)		(2.96	)		(1.14	)


	(0.32	)		(0.31	)		(0.20	)		(0.20	)		(0.18	)		(0.18	)
	—			—			—			—			(0.01	)		(0.01	)
	—			—			—			—			(0.10	)		(0.10	)

	(0.32	)		(0.31	)		(0.20	)		(0.20	)		(0.29	)		(0.29	)

$	20.49		$	18.93		$	15.22		$	20.28		$	23.57		$	23.57


	9.94	%		26.39	%		(23.95	)%		(13.13	)%		(11.03	)%		(4.55	)%


$	47,748		$	44,403		$	51,553		$	62,313		$	60,066		$	60,066
	N/A			N/A			0.41	%(c)		0.44	%		0.37	%		0.37	%
	0.23	%		0.23	%		0.23	%		0.23	%		0.17	%		0.19	%
	1.66	%		1.41	%		1.18	%		1.04	%		0.71	%		0.84	%
	85.30	%		137.19	%		112.35	%		61.92	%		22.31	%		20.43	%


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		105

Financial highlights

TIAA-CREF Life Funds

December 31, 2004


	International Equity Fund
	For the Years Ended December 31,												For the Period April 3, 2000 (effective date of SEC registration) to December 31, 2000 (a)			For the Period March 1, 2000 (commencement of operations) to December 31, 2000 (a)
	2004			2003			2002			2001



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		0.29	(b)		0.26	(b)		0.20	(b)		0.18			0.12			0.15
Net realized and unrealized gain (loss) on total investments		2.35			4.15			(2.06	)		(4.26	)		(5.65	)		(7.89	)

Total gain (loss) from investment operations		2.64			4.41			(1.86	)		(4.08	)		(5.53	)		(7.74	)

Less distributions from:
Net investment income		(0.32	)		(0.24	)		(0.19	)		(0.18	)		(0.12	)		(0.12	)
In excess of net investment income		—			—			(0.07	)		—			—			—
Net realized gains		—			—			—			—			—			—

Total distributions		(0.32	)		(0.24	)		(0.26	)		(0.18	)		(0.12	)		(0.12	)

Net asset value, end of period	$	17.25		$	14.93		$	10.76		$	12.88		$	17.14		$	17.14


TOTAL RETURN		17.72	%		41.06	%		(14.40	)%		(23.81	)%		(24.24	)%		(30.94	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	52,151		$	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		0.29	%		0.29	%		0.29	%		0.29	%		0.22	%		0.25	%
Ratio of net investment income to average net assets		1.87	%		2.15	%		1.68	%		1.33	%		0.63	%		0.88	%
Portfolio turnover rate		157.77	%		139.29	%		52.82	%		102.48	%		203.88	%		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.


106		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

continued


Stock Index Fund

For the Years Ended December 31,
2004			2003			2002			2001			2000




$	23.93		$	18.86		$	24.45		$	27.94		$	31.11


	0.46	(b)		0.35	(b)		0.33	(b)		0.30			0.29
	2.38			5.47			(5.56	)		(3.50	)		(2.58	)

	2.84			5.82			(5.23	)		(3.20	)		(2.29	)


	(0.45	)		(0.36	)		(0.36	)		(0.23	)		(0.29	)
	—			—			—			—			—
	(0.01	)		(0.39	)		—			(0.06	)		(0.59	)

	(0.46	)		(0.75	)		(0.36	)		(0.29	)		(0.88	)

$	26.31		$	23.93		$	18.86		$	24.45		$	27.94


	11.89	%		30.85	%		(21.38	)%		(11.44	)%		(7.38	)%


$	143,222		$	118,320		$	88,779		$	94,517		$	89,321
	N/A			N/A			0.26	%(c)		0.30	%		0.30	%
	0.06	%		0.06	%		0.07	%		0.07	%		0.07	%
	1.88	%		1.68	%		1.56	%		1.28	%		1.14	%
	11.91	%		26.45	%		8.68	%		7.85	%		16.48	%


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		107

Financial highlights

TIAA-CREF Life Funds

December 31, 2004


	Social Choice Equity Fund
	For the Years Ended December 31,												For the Period April 3, 2000 (effective date of SEC registration) to December 31, 2000 (a)			For the Period March 1, 2000 (commencement of operations) to December 31, 2000 (a)
	2004			2003			2002			2001



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		0.39	(b)		0.29	(b)		0.26	(b)		0.24			0.19			0.23
Net realized and unrealized gain (loss) on total investments		2.16			4.54			(4.52	)		(3.28	)		(2.60	)		(0.93	)

Total gain (loss) from investment operations		2.55			4.83			(4.26	)		(3.04	)		(2.41	)		(0.70	)

Less distributions from:
Net investment income		(0.40	)		(0.32	)		(0.26	)		(0.22	)		(0.23	)		(0.23	)
Net realized gains		—			—			—			(0.03	)		(0.17	)		(0.17	)

Total distributions		(0.40	)		(0.32	)		(0.26	)		(0.25	)		(0.40	)		(0.40	)

Net asset value, end of period	$	22.75		$	20.60		$	16.09		$	20.61		$	23.90		$	23.90


TOTAL RETURN		12.39	%		30.03	%		(20.68	)%		(12.72	)%		(9.02	)%		(2.80	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	27,605		$	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		0.07	%		0.07	%		0.17	%		0.18	%		0.14	%		0.15	%
Ratio of net investment income to average net assets		1.82	%		1.64	%		1.43	%		1.15	%		0.75	%		0.92	%
Portfolio turnover rate		4.78	%		15.31	%		27.21	%		9.83	%		5.67	%		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.


108		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

continued


Large-Cap Value Fund
For the Years Ended December 31,						For the Period October 28, 2002 (effective date of SEC registration) to December 31, 2002 (a)			For the Period September 4, 2002 (commencement of operations) to December 31, 2002 (a)
2004			2003




$	31.62		$	24.84		$	24.60		$	25.00


	0.74	(b)		0.60	(b)		0.12	(b)		0.17	(b)
	5.82			7.65			0.28			(0.17	)

	6.56			8.25			0.40			—


	(0.67	)		(0.57	)		(0.16	)		(0.16	)
	(4.44	)		(0.90	)		—			—

	(5.11	)		(1.47	)		(0.16	)		(0.16	)

$	33.07		$	31.62		$	24.84		$	24.84


	20.76	%		33.23	%		1.63	%		0.01	%


$	42,428		$	29,760		$	20,178		$	20,178
	N/A			N/A			N/A			N/A
	0.24	%		0.24	%		0.04	%		0.08	%
	2.23	%		2.19	%		0.46	%		0.69	%
	148.81	%		159.36	%		69.92	%		94.30	%


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		109

Financial highlights

TIAA-CREF Life Funds

December 31, 2004


	Small-Cap Equity Fund
	For the Years Ended December 31,						For the Period October 28, 2002 (effective date of SEC registration) to December 31, 2002 (a)			For the Period September 4, 2002 (commencement of operations) to December 31, 2002 (a)
	2004			2003



SELECTED PER SHARE DATA
Net asset value, beginning of period	$	32.98		$	24.63		$	23.94		$	25.00

Gain (loss) from investment operations:
Net investment income (b)		0.39			0.39			0.08			0.13
Net realized and unrealized gain (loss) on total investments		6.17			11.71			0.73			(0.38	)

Total gain (loss) from investment operations		6.56			12.10			0.81			(0.25	)

Less distributions from:
Net investment income		(0.39	)		(0.36	)		(0.12	)		(0.12	)
Net realized gains		(5.72	)		(3.39	)		—			—

Total distributions		(6.11	)		(3.75	)		(0.12	)		(0.12	)

Net asset value, end of period	$	33.43		$	32.98		$	24.63		$	24.63


TOTAL RETURN		19.83	%		48.95	%		3.40	%		(0.98	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	42,194		$	34,459		$	20,044		$	20,044
Ratio of expenses to average net assets		0.10	%		0.10	%		0.02	%		0.03	%
Ratio of net investment income to average net assets		1.13	%		1.32	%		0.32	%		0.55	%
Portfolio turnover rate		220.56	%		237.48	%		43.09	%		57.41	%

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

(b)	Based on average shares outstanding.


110		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS

continued


Real Estate Securities Fund
For the Years Ended December 31,						For the Period October 28, 2002 (effective date of SEC registration) to December 31, 2002 (a)			For the Period September 4, 2002 (commencement of operations) to December 31, 2002 (a)
2004			2003




$	30.00		$	24.48		$	23.67		$	25.00


	1.45			1.54			0.25			0.44

	8.40			8.24			0.91			(0.61	)

	9.85			9.78			1.16			(0.17	)


	(1.26	)		(1.39	)		(0.31	)		(0.31	)
	(4.70	)		(2.87	)		(0.04	)		(0.04	)

	(5.96	)		(4.26	)		(0.35	)		(0.35	)

$	33.89		$	30.00		$	24.48		$	24.48


	32.98	%		39.96	%		4.94	%		(0.65	)%


$	63,899		$	35,311		$	20,194		$	20,194
	0.25	%		0.25	%		0.04	%		0.08	%

	4.41	%		5.32	%		1.03	%		1.80	%
	314.98	%		188.87	%		100.14	%		117.16	%


SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		111

Financial highlights

TIAA-CREF Life Funds

December 31, 2004

concluded


	Bond Fund						Money Market Fund
	For the Year Ended December 31, 2004			For the Period July 8, 2003 (commencement of operations/ effective date of SEC registration) to December 31, 2003 (a)			For the Year Ended December 31, 2004			For the Period July 8, 2003 (commencement of operations/ effective date of SEC registration) to December 31, 2003 (a)



SELECTED PER SHARE DATA
Net asset value, beginning of period	$	24.74		$	25.00		$	1.00		$	1.00

Gain (loss) from investment operations:
Net investment income(b)		0.95			0.40			0.01			0.00	(c)
Net realized and unrealized gain (loss) on total investments		0.09			(0.24	)		—			—

Total gain from investment operations		1.04			0.16			0.01			0.00	(c)

Less distributions from:
Net investment income		(0.90	)		(0.40	)		(0.01	)		0.00	(c)
Net realized gains		—			(0.02	)		—			—

Total distributions		(0.90	)		(0.42	)		(0.01	)		0.00	(c)

Net asset value, end of period	$	24.88		$	24.74		$	1.00		$	1.00


TOTAL RETURN		4.21	%		0.67	%		1.34	%		0.49	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	58,375		$	50,018		$	26,371		$	20,824
Ratio of expenses to average net assets		0.10	%		0.05	%		0.06	%		0.03	%
Ratio of net investment income to average net assets		3.78	%		1.63	%		1.35	%		0.46	%
Portfolio turnover rate		103.41	%		272.35	%		N/A			N/A

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

(b)	Based on average shares outstanding.

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


112		2004 Annual Report TIAA-CREF Life Funds		SEE NOTES TO FINANCIAL STATEMENTS


Notes to financial statements		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 (“Commission”) 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, 1998 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 Money Market Funds commenced operations on July 8, 2003 with a seed money investment by TIAA. At December 31, 2004, the Accounts and TIAA held the following amounts in the Funds:


	Investments in Funds Held By:
	Accounts		TIAA
Growth Equity Fund	$	28,281,652	$	—
Growth & Income Fund		38,504,080		9,244,329
International Equity Fund		33,217,283		18,933,965
Stock Index Fund		143,222,045		—
Social Choice Equity Fund		17,894,891		9,710,234
Large-Cap Value Fund		21,905,268		20,522,592
Small-Cap Equity Fund		22,702,203		19,491,838
Real Estate Securities Fund		36,592,505		27,306,313
Bond Fund		6,810,996		51,564,429
Money Market Fund		6,371,286		20,000,000

The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles 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.

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 based on the most recent bid price or the equivalent


		TIAA-CREF Life Funds 2004 Annual Report		113


Notes to financial statements		continued

quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), 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, all of its 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. Stock and bond index futures which are traded on commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time a Fund’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities’ indices and other appropriate indicators, such as ADRs and futures contracts. Other factors may also be considered in determining fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.

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.

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective


114		2004 Annual Report TIAA-CREF Life Funds


Notes to financial statements		continued

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 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, or if the counterparties do not perform in accordance with contractual provisions.

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.

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. Accumulated undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are


		TIAA-CREF Life Funds 2004 Annual Report		115


Notes to financial statements		continued

generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including Post October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REIT adjustments, foreign currency transactions, distribution reclass, and gains on certain equity securities designated and issued by “passive foreign investment companies”.

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”), and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. At December 31, 2004, the following Funds had capital loss carryovers:


	Date of Expiration
	12/31/08		12/31/09		12/31/10		12/31/11		12/31/12		Total
Growth Equity Fund	$	212,455	$	12,578,729	$	12,297,132	$	10,153,999	$	3,010,380	$	38,252,695
Growth & Income Fund		—		2,627,957		8,825,685		5,101,579		—		16,555,221
International Equity Fund		497,710		9,826,544		4,809,564		4,119,902		—		19,253,720
Social Choice Equity Fund		—		—		600,074		—		—		600,074
Bond Fund		—		—		—		—		115,865		115,865

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 and is also responsible for providing, or obtaining at its own expense, the services reasonably necessary for the ordinary operation of the Funds. Under the terms of the Investment Management Agreement, each Fund pays a fee for investment management services, based on the average daily net assets of each Fund. During the year ended December 31, 2004, Advisors received the following annual percentage of each Fund’s average daily net assets:


	Investment 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	%


116		2004 Annual Report TIAA-CREF Life Funds


Notes to financial statements		continued

Note 3—investments

At December 31, 2004, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:


	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Equity Fund	$	3,427,641	$	3,668,398	$	(240,757	)
Growth & Income Fund		3,945,216		1,739,457		2,205,759
International Equity Fund		6,762,003		428,648		6,333,355
Stock Index Fund		24,316,817		23,866,552		450,265
Social Choice Equity Fund		5,929,680		7,183,889		(1,254,209	)
Large-Cap Value Fund		5,826,864		259,779		5,567,085
Small-Cap Equity Fund		6,624,819		539,676		6,085,143
Real Estate Securities Fund		6,465,125		683,128		5,781,997
Bond Fund		377,169		428,013		(50,844	)

At December 31, 2004, the following Funds held open futures contracts:


	Futures Contracts	Number of Contracts	Market Value		Expiration Date	Unrealized Gain
Growth & Income Fund	E-mini S&P 500 Index	6	$	364,110	March 2005	$	8,846


Stock Index Fund	E-mini Russell 2000 Index	3		196,185	March 2005	$	3,599
	E-mini S&P 500 Index	13		788,905	March 2005		9,914

Total						$	13,513

Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Money Market Fund, for the year ended December 31, 2004 were as follows:


	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
Growth Equity Fund	$	21,563,677	$	—	$	23,134,084	$	—
Growth & Income Fund		38,162,156		—		38,886,139		—
International Equity Fund		74,435,454		—		77,674,651		—
Stock Index Fund		27,482,634		—		15,257,095		—
Social Choice Equity Fund		1,255,915		—		2,832,677		—
Large-Cap Value Fund		56,321,478		—		49,791,051		—
Small-Cap Equity Fund		83,003,044		—		81,512,326		—
Real Estate Securities Fund		150,125,170		—		135,483,073		—
Bond Fund		13,024,940		57,926,617		11,536,464		42,990,629


		TIAA-CREF Life Funds 2004 Annual Report		117


Notes to financial statements		continued

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 of the Funds.

Note 5—distributions to shareholders

The tax character of distributions paid to shareholders during the years ended December 31, 2004 and 2003 was as follows:


	2004						2003
	Ordinary Income		Long-Term Capital Gain		Total		Ordinary Income		Long-Term Capital Gain		Total
Growth Equity Fund	$	253,619	$	—	$	253,619	$	309,532	$	—	$	309,532
Growth & Income Fund		738,786		—		738,786		707,416		—		707,416
International Equity Fund		954,901		—		954,901		769,654		—		769,654
Stock Index Fund		2,494,934		—		2,494,934		1,928,871		1,610,192		3,539,063
Social Choice Equity Fund		479,561		—		479,561		410,397		—		410,397
Large-Cap Value Fund		2,979,131		2,688,206		5,667,337		1,243,154		109,728		1,352,882
Small-Cap Equity Fund		2,822,092		3,699,564		6,521,656		3,452,639		276,359		3,728,998
Real Estate Securities Fund		7,389,081		2,112,974		9,502,055		4,598,954		128,720		4,727,674
Bond Fund		2,033,155		—		2,033,155		861,097		—		861,097
Money Market Fund		331,808		—		331,808		98,162		—		98,162

As of December 31, 2004, the components of accumulated earnings, on a tax basis, were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation (Depreciation)			Capital Loss Carryover			Post- October Losses			Total
Growth Equity Fund	$	6,537	$	—	$	(391,232	)	$	(38,252,695	)	$	(2,911	)	$	(38,640,301	)
Growth & Income Fund		2,612		—		1,475,580			(16,555,221	)		—			(15,077,029	)
International Equity Fund		106,919		—		5,785,422			(19,253,720	)		—			(13,361,379	)
Stock Index Fund		—		—		(1,410,937	)		—			(110,279	)		(1,521,216	)
Social Choice Equity Fund		1,628		—		(1,260,953	)		(600,074	)		—			(1,859,399	)
Large-Cap Value Fund		1,084,043		317,083		5,447,281			—			(374	)		6,848,033
Small-Cap Equity Fund		553,113		663,191		5,853,307			—			—			7,069,611
Real Estate Securities Fund		2,207,405		554,440		5,999,208			—			—			8,761,053
Bond Fund		19,984		—		(135,033	)		(115,865	)		(91,509	)		(322,423	)
Money Market Fund		71		—		—			—			(17	)		54


118		2004 Annual Report TIAA-CREF Life Funds


Notes to financial statements		concluded

The difference between book basis and tax basis net investment income, net realized gains and losses and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on certain forward foreign currency contracts, investments in passive foreign investment companies and the use of capital loss carryforwards.

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. 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. The Funds are not liable for borrowings under the facility by affiliated mutual funds or accounts. For the year ended December 31, 2004, there were no borrowings under this credit facility by the Funds.


		TIAA-CREF Life Funds 2004 Annual Report		119

Report of independent registered public accounting firm

To the Shareholders and Board of Trustees of TIAA-CREF Life Funds:

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Life Funds (comprising, respectively, the Growth Equity, Growth & Income, International Equity, Stock Index, Social Choice Equity, Large-Cap Value, Small-Cap Equity, Real Estate Securities, Bond and Money Market Funds) as of December 31, 2004, and the related statements of operations for the year then ended and the statements of changes in net assets and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2004 by correspondence with the custodian and others. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting TIAA-CREF Life Funds at December 31, 2004, the results of their operations for the year then ended and the changes in their net assets and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP
---------------------------------------

New York, New York

February 25, 2005


120		2004 Annual Report TIAA-CREF Life Funds

Additional information

Mr. William H. Waltrip, a trustee of TIAA, and Professor Stephen A. Ross, a trustee of the TIAA-CREF Life Funds and the other TIAA-CREF registered investment companies (together, the “TIAA-CREF Funds”), resigned from their respective boards on November 30, 2004.

On August 1, 2003, the valuation practice, a non-auditing practice of Ernst & Young, LLP (“E&Y”), the independent auditor to TIAA and the TIAA-CREF Funds, entered into an agreement with a company owned by the two trustees among others, a majority of which was owned by Professor Ross. The business relationship was created to develop intellectual property and related services to value corporate stock options. The aggregate amount paid by E&Y to the company under this agreement was approximately $1.33 million of which Professor Ross received, or will receive, approximately $335,000 (of which $60,000 represented reimbursement of expenses and $25,000 represented repayment of a loan he made to the company). Mr. Waltrip has not received any payment from the company. The agreement and business activity thereunder was terminated on August 20, 2004 and a dissolution agreement was signed as of November 17, 2004.

E&Y informed TIAA and the TIAA-CREF Funds that the business relationship between E&Y and the company owned by the trustees was not in accordance with the auditor independence standards of Regulation S-X and the Public Company Accounting Oversight Board. E&Y also notified the SEC and the Audit Committees of TIAA and the TIAA-CREF Funds of this business relationship. The Audit Committees consist entirely of independent trustees having no business relationships with TIAA, the TIAA-CREF Funds or E&Y.

The Audit Committees of TIAA and the TIAA-CREF Funds, and E&Y, each determined that the trustee’s business relationship with E&Y did not compromise E&Y’s independence from either TIAA or the TIAA-CREF Funds or the integrity or objectivity of the respective audits for 2003 and 2004. This determination was based on, among other things, the fact that the E&Y audit team was not aware of the business relationship when they issued the 2003 audit opinions on the financial statements of TIAA and the TIAA-CREF Funds and the business activity under the agreement was ceased in 2004 upon identification of the matter. Professor Ross and Mr. Waltrip had no other functions or responsibilities as Board members that would have caused them to have direct dealings with the E&Y audit team. Professor Ross and Mr. Waltrip were not members of the Audit Committees.

TIAA and/or the TIAA-CREF Funds have taken steps to ensure that their respective trustees will identify promptly any business relationships that may bring the independence of the outside auditors into question. These steps include revising their officers and trustees questionnaires, improving the questionnaire review process, receiving quarterly auditor independence certifications, and enhancing continuing education for all trustees regarding SEC matters.

In November 2004, TIAA and the TIAA-CREF Funds initiated a request for proposal process to seek accounting firms with the requisite capacity and expertise to perform their respective 2005 audits, which was recently completed. In con -

continued


		TIAA-CREF Life Funds 2004 Annual Report		121


Additional information		concluded

nection with this process, Professor Martin J. Gruber, the Chairman of the TIAA-CREF Funds, informed the Boards of CREF and the TIAA-CREF Funds that in 1999, he entered into a one-year contract to participate in an academic advisory program sponsored by a non-auditing affiliate of E&Y. The purpose of the program was to organize conferences, develop publications, and consult on engagements as an expert in his field. Professor Gruber advised the Boards of CREF and the TIAA-CREF Funds that the program was ended before it was launched and the contract expired in 2000.

Based on the facts described above, the Audit Committees of TIAA, CREF and the TIAA-CREF Funds, and E&Y, determined that Professor Gruber’s contract did not impair the independence of E&Y’s audit work for TIAA-CREF or the integrity or objectivity of the respective audits. But in keeping with TIAA-CREF’s current standards of auditor independence, Professor Gruber resigned from the Boards of CREF and the TIAA-CREF Funds.

On February 28, 2005, TIAA, CREF and the TIAA-CREF Funds determined and E&Y agreed that the audit relationship between E&Y and TIAA, CREF and the TIAA-CREF Funds will cease. E&Y will complete its audit work for TIAA, CREF and the TIAA-CREF Funds for their respective 2004 audits.

At a meeting held on February 28, 2005, the Audit Committees of TIAA, CREF and the TIAA-CREF Funds, along with the respective Boards of Trustees, approved the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for these entities for their 2005 audits, effective upon completion of PricewaterhouseCoopers’ customary client acceptance procedures and execution of an engagement letter.

On December 6, 2004, the staff of the SEC informed TIAA and the TIAA-CREF Funds that it is conducting an informal inquiry into the E&Y auditor independence matter. TIAA and the TIAA-CREF Funds are fully cooperating with the SEC staff in connection with the informal inquiry.


122		2004 Annual Report TIAA-CREF Life Funds

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SEE NOTES TO FINANCIAL STATEMENTS		TIAA-CREF Life Funds 2004 Annual Report		123


Management		Trustees and officers of TIAA-CREF Life Funds

Current TIAA-CREF Life Funds board of trustees and executive officers

DISINTERESTED TRUSTEES


Name, address and age	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorships held by trustee
Willard T. Carleton 4911 E. Parade Ground Loop Tucson, AZ 85712-6623 Age: 70	Trustee	Indefinite term. Trustee since 2001.	Professor of Finance Emeritus, University of Arizona, College of Business and Public Administration, 2001–present. 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.	60	None
Nancy L. Jacob Windermere Investment Associates 121 S.W. Morrison Street Suite 925 Portland, OR 97204 Age: 61	Trustee	Indefinite term. Trustee since 2001.	President and Managing Principal, Windermere Investment Associates, 1997–present. Formerly, Chairman and Chief Executive Officer, CTC Consulting, Inc., 1994–1997 and Executive Vice President, U.S. Trust of the Pacific Northwest, 1993–1998.	60	Director and Chairman of the Investment Committee of the Okabena Company (financial services).
Bevis Longstreth Debevoise & Plimpton 919 Third Avenue New York, NY 10022-6225 Age: 70	Trustee	Indefinite term. Trustee since 2001.	Retired Partner, Debevoise & Plimpton. Formerly, Partner (1970–1981, 1984–1997) and Of Counsel (1998–2001) of Debevoise & Plimpton, Adjunct Professor at Columbia University School of Law, 1994–1999 and Commissioner of the U.S. Securities and Exchange Commission, 1981–1984.	60	Member of the Board of Directors of AMVESCAP, PLC and Chairman of the Finance Committee of the Rockefeller Family Fund.


124		2004 Annual Report TIAA-CREF Life Funds


Bridget A. Macaskill 160 East 81st Street New York, NY 10028 Age: 56	Trustee	Indefinite term. Trustee since 2003.	Independent Consultant for Merrill Lynch, 2003–present. Formerly, Chairman, Oppenheimer Funds, Inc., 2000–2001. Chief Executive Officer, 1995–2001; President, 1991–2000; and Chief Operating Officer, 1989–1995 of that firm.	60	Director, J Sainsbury plc (food retailer) and Prudential plc. International Advisory Board, British-American Business Council.
Maceo K. Sloan NCM Capital Management Group, Inc. 2634 Durham-Chapel Hill Boulevard Suite 206 Durham, NC 27707 Age: 55	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc., 1991–present; Chairman and Chief Executive Officer, NCM Capital Management Group, Inc., since 1999; and Chairman, CEO and CIO, NCM Capital Advisers Inc., 2003–present.	60	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.
Ahmed H. Zewall California Institute of Technology Arthur Amos Noyes Laboratory of Chemical Physics Mail Code 127-72 1200 East California Boulevard Pasadena, CA 91125 Age: 58	Trustee	Indefinite term. Trustee since 2004.	Linus Pauling Chair Professor of Chemistry and Professor of Physics, Caltech, 1996–present; and Director, NSF Laboratory for Molecular Sciences (LMS), Caltech, 1995–present.	60	None


		TIAA-CREF Life Funds 2004 Annual Report		125


Management		Trustees and officers of TIAA-CREF Life Funds		continued

EXECUTIVE OFFICERS


Name, address and age	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Herbert M. Allison, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 61	President and Chief Executive Officer	Indefinite term. President and Chief Executive Officer since 2002.	Chairman, President and Chief Executive Officer of TIAA since 2002. 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”) since 2002. 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. Member of the Board of Directors, New York Stock Exchange.
Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 55	Vice President and Treasurer	Indefinite term. Vice President and Treasurer since 2004.	Vice President and Treasurer of TIAA and the TIAA-CREF Funds since 2004. Vice President and Treasurer of Advisors, TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual and Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”) and TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 45	Executive Vice President and Chief Investment Officer	Indefinite term. Executive Vice President since 1998. Chief Investment Officer since 2004.	Executive Vice President since 1998 and Chief Investment Officer since 2004 of TIAA and the TIAA-CREF Funds since 2003. President and Chief Executive Officer of Investment Management and Advisors and Director of Advisors and TIAA-CREF Life. Formerly, Executive Vice President, CREF Investments.
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 52	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds since 2003. 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.


126		2004 Annual Report TIAA-CREF Life Funds


E. Laverne Jones TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 55	Vice President and Corporate Secretary	Indefinite term. Vice President and Corporate Secretary since 2001.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds since 2001.
Susan S. Kozik TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 47	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds since 2003. 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.
George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 51	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds since 2003. Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated, 1997–2002.
Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 48	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds since 2003. Director of Advisors, Services, TPIS, Tuition Financing and TIAA-CREF Life and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1999–2003; and Head and Deputy Head of Global Market Risk Management, 1997–1999.
Elizabeth A. Monrad TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 50	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President and Chief Financial Officer of TIAA and the TIAA-CREF Funds since 2003. Executive Vice President of TPIS, Services, Advisors, Investment Management and Tuition Financing. Director of Investment Management, Executive Vice President of TPIS, Services and Tuition Financing. Director of Advisors, TPIS, Tuition Financing and TIAA-CREF Life. Manager of Investment Management and Services. Executive Vice President, Finance, Actuarial and Facilities of TIAA-CREF Life. 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. Director, Colgate-Palmolive Company.
Frances Nolan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 47	Executive Vice President	Indefinite term. Executive Vice President since 2001.	Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds since 2001. President, Chief Executive Officer and Manager of Services. Director of TPIS, Tuition Financing and TIAA-CREF Life. Formerly, Executive Vice President, Retirement Services, CREF and TIAA, 2000–2003; Vice President, Eastern Division, 1994–2000.


		TIAA-CREF Life Funds 2004 Annual Report		127


Management		Trustees and officers of TIAA-CREF Life Funds		concluded

EXECUTIVE OFFICERS—continued


Name, address and age	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 38	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds since 2003. Director, TIAA-CREF Life. 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.
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 53	Executive Vice President	Indefinite term. Executive Vice President since 2001.	Executive Vice President, Product Management, of TIAA and the TIAA-CREF Funds since 2001. Chairman of the Board, President and Chief Executive Officer of TIAA-CREF Life. Director of TPIS; Manager of Services; President and Director of Tuition Financing. Formerly, President and Chief Executive Officer, Horizon Mercy, 1996–2000.


128		2004 Annual Report TIAA-CREF Life Funds

HOW TO REACH US

TIAA-CREF WEB CENTER

Account performance, personal account information and transactions, product descriptions and information about investment choices and income options

www.tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums.

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

Retirement saving and planning, income options and payments and tax reporting

800 842-2776

8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF Mutual Funds, after-tax annuities and life insurance

800 223-1200

8 a.m. to 10 p.m. ET, Monday-Friday

FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS

800 842-2755

8 a.m. to 10 p.m. ET, Monday-Friday

9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF TRUST COMPANY, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001

8 a.m. to 5 p.m. CT, Monday-Friday

TIAA-CREF TUITION FINANCING, INC.

Tuition financing programs

888 381-8283

8 a.m. to 11 p.m. ET, Monday-Friday

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800 223-1200 or visit www.tiaa-cref.org 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.

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TIAA-CREF

730 Third Avenue

New York, NY 10017-3206


		A10847

C32866		02/05

Item 2.

Code of Ethics.

The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has a code of ethics for senior financial officers, including its principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002. The code of ethics is filed as an exhibit to this annual report.

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

Item 3.

Audit Committee Financial Expert.

The Board of Trustees of the Registrant has determined that Maceo K. Sloan is qualified and will continue to serve as the audit committee financial expert on the Registrant’s audit committee. Mr. Sloan is an independent trustee – i.e., he is not an interested person of the Registrant as defined in the Investment Company Act of 1940, nor has he accepted directly or indirectly any consulting, advisory or other compensatory fee from the Registrant, other than in his capacity as Trustee.

Item 4.

Principal Accountant Fees and Services.

Ernst & Young performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage Ernst & Young for management advisory or consulting services.

Audit Fees. Ernst & Young’s fees for professional services rendered for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2004 and December 31, 2003 were $193,500 and $158,600, respectively.

Tax Fees. Ernst & Young fees for tax services rendered to the Registrant for the fiscal year ended December 31, 2004 are $57,900, and for the fiscal year ended December 31, 2003, were $34,500.

Other than as set forth above, Ernst & Young had no additional fees with respect to Registrant.

Preapproval Policy. In June of 2003, the Registrant’s audit committee (“Audit Committee”) adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statement audit for the Registrant and certain of its affiliates, including approving the terms of the engagement and (ii) preapprove the audit, audit-related and tax services to be provided by the independent auditor and the fees to be charged for provision of such services from year to year.

Auditor Fees for Related Entities. The aggregate non-audit fees billed by Ernst & Young for services rendered to the Registrant and its adviser or affiliates of the adviser performing on-going services to the Registrant, including TIAA (Service Providers), for the year ended December 31, 2004 are $262,700, and for the year ended December 31, 2003 were $205,500.

Ernst & Young’s aggregate fees for professional services rendered in connection with the audit of financial statements for Teachers Insurance and Annuity Association of America (“TIAA”) and the College Retirement Equities Fund (“CREF”) and their affiliated entities for the year ended December 31, 2004 are $7,703,700 and for the year ended December 31, 2003 were $3,955,300. Ernst & Young’s aggregate fees for audit related-services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2004 are $204,800 and for the year ended December 31, 2003 were $171,000. Ernst & Young’s aggregate fees for tax services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2004 are $250,600 and for the year ended December 31, 2003 were $229,900.

Item 6.

Statement of Investments.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

TIAA-CREF Life Funds

We have audited the statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Life Funds (comprising, respectively, the Growth Equity, Growth & Income, International Equity, Stock Index, Social Choice Equity, Large-Cap Value, Small-Cap Equity, Real Estate Securities, Bond and Money Market Funds) as of December 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein, and have issued our report thereon dated February 25, 2005 (included in Item 1 of this Form N-CSR). Our audits also included the statements of investments filed under Item 6 of this Form N-CSR. These statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion based on our audits.

In our opinion, the statements of investments referred to above, when considered in relation to the financial statements and financial highlights taken as a whole, present fairly in all material respects the information set forth therein.

LOGO

New York, New York

February 25, 2005

TIAA-CREF Life Funds — Growth Equity Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Growth Equity Fund

December 31, 2004


SHARES			VALUE
COMMON STOCKS - 99.25%
APPAREL AND OTHER TEXTILE PRODUCTS - 0.69%
4,545		Polo Ralph Lauren Corp	$	193,617

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		193,617

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.67%
3,300		Lowe’s Cos		190,047

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		190,047

BUSINESS SERVICES - 10.58%
3,887		Adobe Systems, Inc		243,870
4,975		Automatic Data Processing, Inc		220,641
3,322	*	DST Systems, Inc		173,143
2,430	*	Electronic Arts, Inc		149,882
1,190		Equifax, Inc		33,439
1,384	*	Google, Inc (Class A)		267,250
4,316		Manpower, Inc		208,463
2,410	*	Mercury Interactive Corp		109,776
19,029		Microsoft Corp		508,265
8,432	*	Oracle Corp		115,687
7,754		SAP AG. (Spon ADR)		342,804
44	*	SoftBrands, Inc		97
9,747	*	Symantec Corp		251,083
1,561	*	Westwood One, Inc		42,038
8,663	*	Yahoo!, Inc		326,422

		TOTAL BUSINESS SERVICES		2,992,860

CHEMICALS AND ALLIED PRODUCTS - 16.24%
330		Abbott Laboratories		15,395
1,692	*	Amgen, Inc		108,542
5,498	*	Biogen Idec, Inc		366,222
792		Colgate-Palmolive Co		40,519
6,037	*	Forest Laboratories, Inc		270,820
2,549	*	Genentech, Inc		138,768
6,175	*	Gilead Sciences, Inc		216,063
14,209		Gillette Co		636,279
3,379	*	IVAX Corp		53,456
5,603		Lilly (Eli) & Co		317,970
2,997		Merck & Co, Inc		96,324
10,043		Mylan Laboratories, Inc		177,560
24,973		Pfizer, Inc		671,524
16,097		Procter & Gamble Co		886,623
21,447		Schering-Plough Corp		447,813
2,532	*	Sepracor, Inc		150,325

		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,594,203

TIAA-CREF Life Funds — Growth Equity Fund


SHARES			VALUE
COMMUNICATIONS - 1.02%
1,059	*	Entercom Communications Corp	$	38,008
260	*	Level 3 Communications, Inc		881
7,735	*	Lucent Technologies Inc Wts 12/10/07		12,221
1,920	*	Nextel Communications, Inc (Class A)		57,600
7,277		Sprint Corp		180,833
2	v*	Vast Solutions, Inc (Class B1)		—
2	v*	Vast Solutions, Inc (Class B2)		—
2	v*	Vast Solutions, Inc (Class B3)		—

		TOTAL COMMUNICATIONS		289,543

DEPOSITORY INSTITUTIONS - 0.47%
481		Fifth Third Bancorp		22,742
3,556		Mellon Financial Corp		110,627

		TOTAL DEPOSITORY INSTITUTIONS		133,369

EATING AND DRINKING PLACES - 0.39%
3,171	*	Brinker International, Inc		111,207

		TOTAL EATING AND DRINKING PLACES		111,207

EDUCATIONAL SERVICES - 1.64%
1,637	*	Apollo Group, Inc (Class A)		132,122
8,254	*	Career Education Corp		330,160

		TOTAL EDUCATIONAL SERVICES		462,282

ELECTRIC, GAS, AND SANITARY SERVICES - 0.19%
1,765		Waste Management, Inc		52,844

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		52,844

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.82%
480		General Electric Co		17,520
22,028		Intel Corp		515,235
5,883	*	Marvell Technology Group Ltd		208,670
5,544		Maxim Integrated Products, Inc		235,010
1,759		Maytag Corp		37,115
26,100		Motorola, Inc		448,920
16,283		National Semiconductor Corp		292,280
6,569	*	Novellus Systems, Inc		183,209
17,181		Qualcomm, Inc		728,474
49,145		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		417,241
8,769		Xilinx, Inc		260,001

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,343,675

ENGINEERING AND MANAGEMENT SERVICES - 2.57%
11,553	*	Accenture Ltd (Class A)		311,931
2,287	*	BearingPoint, Inc		18,365
2,415		Halliburton Co		94,765
5,445		Monsanto Co		302,470

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		727,531

TIAA-CREF Life Funds — Growth Equity Fund


SHARES			VALUE

FABRICATED METAL PRODUCTS - 0.12%
354		Illinois Tool Works, Inc	$	32,809

		TOTAL FABRICATED METAL PRODUCTS		32,809

FOOD AND KINDRED PRODUCTS - 3.62%
1,070		Anheuser-Busch Cos, Inc		54,281
1,767		Campbell Soup Co		52,816
3,624		Coca-Cola Co		150,867
3,821	*	Constellation Brands, Inc (Class A)		177,715
11,268		PepsiCo, Inc		588,189

		TOTAL FOOD AND KINDRED PRODUCTS		1,023,868

FURNITURE AND FIXTURES - 0.07%
344		Hillenbrand Industries, Inc		19,106

		TOTAL FURNITURE AND FIXTURES		19,106

FURNITURE AND HOMEFURNISHINGS STORES - 1.42%
10,106	*	Bed Bath & Beyond, Inc		402,522

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		402,522

GENERAL MERCHANDISE STORES - 4.25%
8,054	*	Kohl’s Corp		396,015
9,483		Target Corp		492,452
5,909		Wal-Mart Stores, Inc		312,113

		TOTAL GENERAL MERCHANDISE STORES		1,200,580

HEALTH SERVICES - 1.88%
4,123	*	Express Scripts, Inc		315,162
9,516		Health Management Associates, Inc (Class A)		216,204

		TOTAL HEALTH SERVICES		531,366

HOLDING AND OTHER INVESTMENT OFFICES - 0.34%
1,970		iShares Russell 1000 Growth Index Fund		96,826

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		96,826

HOTELS AND OTHER LODGING PLACES- 1.72%
1,208	*	Las Vegas Sands Corp		57,984
7,318		Starwood Hotels & Resorts Worldwide, Inc		427,371

		TOTAL HOTELS AND OTHER LODGING PLACES		485,355

INDUSTRIAL MACHINERY AND EQUIPMENT - 9.51%
5,565		3M Co		456,719
4,865		Baker Hughes, Inc		207,590
218		Caterpillar, Inc		21,257
48,773	*	Cisco Systems, Inc		941,319
376	*	Cooper Cameron Corp		20,232
19,753	*	Dell, Inc		832,391
3,865	*	EMC Corp		57,473
4,558	*	Network Appliance, Inc		151,417

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,688,398

TIAA-CREF Life Funds — Growth Equity Fund


SHARES			VALUE
INSTRUMENTS AND RELATED PRODUCTS - 6.70%
4,505		Biomet, Inc	$	195,472
5,014		Guidant Corp		361,509
10,076		Medtronic, Inc		500,475
12,966	*	St. Jude Medical, Inc		543,664
3,680	*	Zimmer Holdings, Inc		294,842

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,895,962


INSURANCE AGENTS, BROKERS AND SERVICE - 0.10%
876		Marsh & McLennan Cos, Inc		28,820

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		28,820

INSURANCE CARRIERS - 3.30%
1,576		Aetna, Inc		196,606
11,205		American International Group, Inc		735,832

		TOTAL INSURANCE CARRIERS		932,438

MISCELLANEOUS RETAIL - 2.87%
4,778	*	eBay, Inc		555,586
7,584		Staples, Inc		255,656

		TOTAL MISCELLANEOUS RETAIL		811,242

MOTION PICTURES - 2.76%
3,931	*	DreamWorks Animation SKG, Inc (Class A)		147,452
15,644		News Corp (Class A)		291,917
17,575	*	Time Warner, Inc		341,658

		TOTAL MOTION PICTURES		781,027

NONDEPOSITORY INSTITUTIONS - 5.05%
13,113		American Express Co		739,180
4,065		Fannie Mae		289,469
863		Freddie Mac		63,603
11,882		MBNA Corp		334,953

		TOTAL NONDEPOSITORY INSTITUTIONS		1,427,205


OIL AND GAS EXTRACTION - 0.38%
20	*	Magnum Hunter Resources, Inc Wts 03/21/05		7
779		Pogo Producing Co		37,774
1,968		Tidewater, Inc		70,080

		TOTAL OIL AND GAS EXTRACTION		107,861

SECURITY AND COMMODITY BROKERS - 1.65%
3,146		Goldman Sachs Group, Inc		327,310
2,501		Morgan Stanley		138,855

		TOTAL SECURITY AND COMMODITY BROKERS		466,165

TRANSPORTATION BY AIR - 0.47%
8,128		Southwest Airlines Co		132,324

		TOTAL TRANSPORTATION BY AIR		132,324

TIAA-CREF Life Funds — Growth Equity Fund


SHARES		VALUE
TRANSPORTATION EQUIPMENT - 1.63%
961	General Dynamics Corp	$	100,521
2,486	Northrop Grumman Corp		135,139
2,188	United Technologies Corp		226,130

	TOTAL TRANSPORTATION EQUIPMENT		461,790

TRUCKING AND WAREHOUSING - 0.84%
2,785	United Parcel Service, Inc (Class B)		238,006

	TOTAL TRUCKING AND WAREHOUSING		238,006

WATER TRANSPORTATION - 1.11%
1,278	Carnival Corp		73,651
4,403	Royal Caribbean Cruises Ltd		239,699

	TOTAL WATER TRANSPORTATION		313,350

WHOLESALE TRADE-DURABLE GOODS - 3.05%
13,605	Johnson & Johnson		862,829

	TOTAL WHOLESALE TRADE-DURABLE GOODS		862,829

WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
966	Sysco Corp		36,872

	TOTAL WHOLESALE TRADE-NONDURABLE GOODS		36,872

	TOTAL COMMON STOCKS (Cost $28,308,633)		28,067,899

PRINCIPAL
SHORT-TERM INVESTMENTS - 0.74%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.74%
$210,000	Federal Home Loan Bank (FHLB)
	1.000%, 01/03/05		209,962

	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		209,962

	TOTAL SHORT-TERM INVESTMENTS (Cost $209,985)		209,962

	TOTAL PORTFOLIO - 99.99% (Cost $28,518,618)		28,277,861
	OTHER ASSETS & LIABILITIES, NET - 0.01%		3,791

	NET ASSETS - 100.00%	$	28,281,652

*	Non-income producing

v	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 following their investment limitations on industry concentration.

TIAA-CREF Life Funds — Growth and Income Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Growth & Income Fund

December 31, 2004


SHARES			VALUE
COMMON STOCKS - 98.45%
APPAREL AND ACCESSORY STORES - 0.42%
8,000		Gap, Inc	$	168,960
2,700	*	Payless Shoesource, Inc		33,210

		TOTAL APPAREL AND ACCESSORY STORES		202,170

APPAREL AND OTHER TEXTILE PRODUCTS - 0.35%
3,000		VF Corp		166,140

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		166,140

BUILDING MATERIALS AND GARDEN SUPPLIES - 1.05%
9,096		Home Depot, Inc		388,763
1,927		Lowe’s Cos		110,976

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		499,739

BUSINESS SERVICES - 6.00%
4,984	*	Aspect Communications Corp		55,522
700		Automatic Data Processing, Inc		31,045
800	*	BEA Systems, Inc		7,088
11,000		Cendant Corp		257,180
1,400		Computer Associates International, Inc		43,484
4,000	*	Computer Sciences Corp		225,480
10,930	*	Earthlink, Inc		125,914
4,000		Electronic Data Systems Corp		92,400
2,000		IMS Health, Inc		46,420
7,000	*	Ipass, Inc		51,800
39,570		Microsoft Corp		1,056,915
18,150	*	Oracle Corp		249,018
886		SAP AG. (Spon ADR)		39,170
24,000	*	Sun Microsystems, Inc		129,120
2,000	*	SunGard Data Systems, Inc		56,660
6,000	*	Symantec Corp		154,560
10,000	*	Unisys Corp		101,800
5,000	*	United Online, Inc		57,650
249	*	Veritas Software Corp		7,109
2,000	*	Yahoo!, Inc		75,360

		TOTAL BUSINESS SERVICES		2,863,695

CHEMICALS AND ALLIED PRODUCTS - 9.58%
4,000		Abbott Laboratories		186,600
1,000		Allergan, Inc		81,070
5,000		Alpharma, Inc (Class A)		84,750
5,300	*	Amgen, Inc		339,995
753	*	Amylin Pharmaceuticals, Inc		17,590
9,000		Bristol-Myers Squibb Co		230,580
5,000		Clorox Co		294,650
3,000		Colgate-Palmolive Co		153,480
1,000		Dow Chemical Co		49,510

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
382		Eastman Chemical Co	$	22,053
255	*	Eyetech Pharmaceuticals, Inc		11,603
1,700	*	Forest Laboratories, Inc		76,262
4,000		Georgia Gulf Corp		199,200
2,746	*	Gilead Sciences, Inc		96,083
7,300		Gillette Co		326,894
1,133	*	IVAX Corp		17,924
2,000	*	Kos Pharmaceuticals, Inc		75,280
261		Lilly (Eli) & Co		14,812
13,400		Merck & Co, Inc		430,676
31,300	d	Pfizer, Inc		841,657
15,300		Procter & Gamble Co		842,724
4,300		Wyeth		183,137

		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,576,530

COMMUNICATIONS - 5.21%
2,000		Alltel Corp		117,520
12,533		AT&T Corp		238,879
6,319		BellSouth Corp		175,605
2,129		Clear Channel Communications, Inc		71,300
9,679	*	Comcast Corp (Class A)		322,117
1,200		EchoStar Communications Corp (Class A)		39,888
3,044	*	Lucent Technologies Inc Wts 12/10/07		4,810
18,005	*	Lucent Technologies, Inc		67,699
3,000	*	Nextel Communications, Inc (Class A)		90,000
25,600	*	Qwest Communications International, Inc		113,664
8,023		SBC Communications, Inc		206,753
11,350		Sprint Corp		282,048
12,152		Verizon Communications, Inc		492,278
1,614		Viacom, Inc (Class A)		59,847
5,601		Viacom, Inc (Class B)		203,820

		TOTAL COMMUNICATIONS		2,486,228

DEPOSITORY INSTITUTIONS - 8.88%
1,093		AmSouth Bancorp		28,309
17,412		Bank of America Corp		818,190
600		BB&T Corp		25,230
19,678		Citigroup, Inc		948,086
15,211		JPMorgan Chase & Co		593,381
138		KeyCorp		4,678
7,500		Mellon Financial Corp		233,325
7,096		North Fork Bancorp, Inc		204,720
1,198		PNC Financial Services Group, Inc		68,813
2,972		Regions Financial Corp		105,773
900		Sovereign Bancorp, Inc		20,295
1,500		SunTrust Banks, Inc		110,820
14,902		U.S. Bancorp		466,731
4,100		Wachovia Corp		215,660
6,340		Wells Fargo & Co		394,031

		TOTAL DEPOSITORY INSTITUTIONS		4,238,042

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
EATING AND DRINKING PLACES - 0.43%
600	*	Brinker International, Inc	$	21,042
5,800		McDonald’s Corp		185,948

		TOTAL EATING AND DRINKING PLACES		206,990

ELECTRIC, GAS, AND SANITARY SERVICES - 2.39%
1,000	*	AES Corp		13,670
539		Ameren Corp		27,025
2,000		American Electric Power Co, Inc		68,680
800		Cinergy Corp		33,304
2,000		Consolidated Edison, Inc		87,500
1,000		Dominion Resources, Inc		67,740
2,000		DTE Energy Co		86,260
2,000		Edison International		64,060
3,000		Exelon Corp		132,210
2,000		FirstEnergy Corp		79,020
1,000		FPL Group, Inc		74,750
1,961	b*	Mirant Corp		707
13		NiSource, Inc		296
2,000	*	PG&E Corp		66,560
2,000		Pinnacle West Capital Corp		88,820
224	v*	Progress Energy, Inc (Cvo)		2
2,000		Public Service Enterprise Group, Inc		103,540
2,000		Southern Co		67,040
2,693		Waste Management, Inc		80,628

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,141,812

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.14%
932		American Power Conversion Corp		19,945
3,000	*	AMIS Holdings, Inc		49,560
2,340	*	Atheros Communications, Inc		23,985
1,899	*	Freescale Semiconductor, Inc (Class B)		34,866
42,500	d	General Electric Co		1,551,250
32,527		Intel Corp		760,807
500	*	JDS Uniphase Corp		1,585
4,000	*	Marvell Technology Group Ltd		141,880
189		Maytag Corp		3,988
17,200		Motorola, Inc		295,840
4,100		National Semiconductor Corp		73,595
9,000	*	PMC-Sierra, Inc		101,250
2,700		Qualcomm, Inc		114,480
1,000		Rockwell Collins, Inc		39,440
6,000	*	Tellabs, Inc		51,540
5,960		Texas Instruments, Inc		146,735

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,410,746

ENGINEERING AND MANAGEMENT SERVICES - 0.57%
2,000		Halliburton Co		78,480
3,000	*	Hewitt Associates, Inc		96,030
1,765		Monsanto Co		98,046

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		272,556

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
FABRICATED METAL PRODUCTS - 1.36%
2,000		Danaher Corp	$	114,820
3,900		Illinois Tool Works, Inc		361,452
4,600		Masco Corp		168,038
200		Snap-On, Inc		6,872

		TOTAL FABRICATED METAL PRODUCTS		651,182

FOOD AND KINDRED PRODUCTS - 3.50%
1,000		Anheuser-Busch Cos, Inc		50,730
1,000		Archer Daniels Midland Co		22,310
500	*	Boston Beer Co, Inc (Class A)		10,635
10,277		Coca-Cola Co		427,832
3,000		Coca-Cola Enterprises, Inc		62,550
948		Conagra Foods, Inc		27,919
1,541		General Mills, Inc		76,603
2,256		Kellogg Co		100,753
8,122		PepsiCo, Inc		423,968
6,000		Pilgrim’s Pride Corp		184,080
1,901		Sanderson Farms, Inc		82,275
11,000		Tyson Foods, Inc (Class A)		202,400

		TOTAL FOOD AND KINDRED PRODUCTS		1,672,055

FOOD STORES - 0.11%
1,600		Albertson’s, Inc		38,208
629	*	Safeway, Inc		12,416
300	*	Winn-Dixie Stores, Inc		1,365

		TOTAL FOOD STORES		51,989

FORESTRY - 0.16%
1,100		Weyerhaeuser Co		73,942

		TOTAL FORESTRY		73,942

FURNITURE AND FIXTURES - 0.10%
2,000		Newell Rubbermaid, Inc		48,380

		TOTAL FURNITURE AND FIXTURES		48,380

FURNITURE AND HOMEFURNISHINGS STORES - 0.24%
1,900		Best Buy Co, Inc		112,898

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		112,898

GENERAL BUILDING CONTRACTORS - 0.32%
1	*	Cavco Industries, Inc		45
200	*	NVR, Inc		153,880

		TOTAL GENERAL BUILDING CONTRACTORS		153,925

GENERAL MERCHANDISE STORES - 2.75%
2,000	*	BJ’s Wholesale Club, Inc		58,260
6,780		Costco Wholesale Corp		328,220
800		Federated Department Stores, Inc		46,232
2,000		J.C. Penney Co, Inc		82,800
2,276		May Department Stores Co		66,914
13,835		Wal-Mart Stores, Inc		730,765

		TOTAL GENERAL MERCHANDISE STORES		1,313,191

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
HEALTH SERVICES - 0.30%
1,750		HCA, Inc	$	69,930
1,919	*	Magellan Health Services, Inc		65,553
900	*	Tenet Healthcare Corp		9,882

		TOTAL HEALTH SERVICES		145,365

HOLDING AND OTHER INVESTMENT OFFICES - 0.81%
3,000		American Home Mortgage Investment Corp		102,750
700		Apartment Investment & Management Co (Class A)		26,978
200		Equity Residential		7,236
764		SPDR Trust Series 1		92,345
3,772		Washington Mutual, Inc		159,480

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		388,789

HOTELS AND OTHER LODGING PLACES - 0.31%
3,000		Hilton Hotels Corp		68,220
1,000		Marriott International, Inc (Class A)		62,980
300		Starwood Hotels & Resorts Worldwide, Inc		17,520

		TOTAL HOTELS AND OTHER LODGING PLACES		148,720

INDUSTRIAL MACHINERY AND EQUIPMENT - 8.23%
4,072		3M Co		334,189
3,028	*	Apple Computer, Inc		195,003
2,000	*	Applied Materials, Inc		34,200
5,960		Baker Hughes, Inc		254,313
29,965	*	Cisco Systems, Inc		578,325
2,000		Cummins, Inc		167,580
13,770	*	Dell, Inc		580,268
8,469	*	Emulex Corp		142,618
11,365		Hewlett-Packard Co		238,324
7,903		International Business Machines Corp		779,078
621	*	Lexmark International, Inc		52,785
4,018	*	Network Appliance, Inc		133,478
4,800	*	Solectron Corp		25,584
2,900		Toro Co		235,915
5,000		Tyco International Ltd		178,700

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,930,360

INSTRUMENTS AND RELATED PRODUCTS - 2.68%
6,000		Becton Dickinson & Co		340,800
1,000		Biomet, Inc		43,390
2,728	*	Boston Scientific Corp		96,980
2,000		Eastman Kodak Co		64,500
2,704		Guidant Corp		194,958
1,000	*	KLA-Tencor Corp		46,580
6,900		Medtronic, Inc		342,723
3,400		Raytheon Co		132,022
200	*	Zimmer Holdings, Inc		16,024

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,277,977

INSURANCE CARRIERS - 7.54%
251		Aetna, Inc		31,312
2,000		Aflac, Inc		79,680
12,426		American International Group, Inc		816,015

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
1,000		Berkley (W.R.) Corp	$	47,170
1,000		Chubb Corp		76,900
4,000		Cigna Corp		326,280
3,000		Everest Re Group Ltd		268,680
2,000		HCC Insurance Holdings, Inc		66,240
7,000	*	Humana, Inc		207,830
6,000		Lincoln National Corp		280,080
4,000		Loews Corp		281,200
4,000		MetLife, Inc		162,040
8,000		Principal Financial Group		327,520
1,000		Reinsurance Group of America, Inc		48,450
2,768		Safeco Corp		144,600
1,000	*	Sierra Health Services, Inc		55,110
2,939		St. Paul Travelers Cos, Inc		108,949
400		Transatlantic Holdings, Inc		24,732
1,118		UnitedHealth Group, Inc		98,418
602	*	WellPoint, Inc		69,230
1,000		XL Capital Ltd (Class A)		77,650

		TOTAL INSURANCE CARRIERS		3,598,086

LUMBER AND WOOD PRODUCTS - 0.28%
5,000		Louisiana-Pacific Corp		133,700

		TOTAL LUMBER AND WOOD PRODUCTS		133,700

METAL MINING - 1.09%
3,682	*	Inco Ltd		135,424
2,000		Newmont Mining Corp		88,820
3,000		Phelps Dodge Corp		296,760

		TOTAL METAL MINING		521,004

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.24%
6,000		Hasbro, Inc		116,280

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		116,280

MISCELLANEOUS RETAIL - 1.07%
4,000	*	Barnes & Noble, Inc		129,080
961	*	eBay, Inc		111,745
5,000		Michaels Stores, Inc		149,850
7,000	*	Office Depot, Inc		121,520

		TOTAL MISCELLANEOUS RETAIL		512,195

MOTION PICTURES - 2.51%
5,000	*	Hollywood Entertainment Corp		65,450
10,900		News Corp (Class A)		203,394
28,687	*	Time Warner, Inc		557,675
13,302		Walt Disney Co		369,796

		TOTAL MOTION PICTURES		1,196,315

NONDEPOSITORY INSTITUTIONS - 3.86%
9,638		American Express Co		543,294
1,000		Capital One Financial Corp		84,210
7,000		Countrywide Financial Corp		259,070

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
7,651		Fannie Mae	$	544,828
1,000		Freddie Mac		73,700
11,924		MBNA Corp		336,138

		TOTAL NONDEPOSITORY INSTITUTIONS		1,841,240

OIL AND GAS EXTRACTION - 0.59%
2,664		Burlington Resources, Inc		115,884
2,000		Devon Energy Corp		77,840
2,020		Unocal Corp		87,345

		TOTAL OIL AND GAS EXTRACTION		281,069

PAPER AND ALLIED PRODUCTS - 0.15%
600		MeadWestvaco Corp		20,334
263		OfficeMax, Inc		8,253
2,220	*	Smurfit-Stone Container Corp		41,470

		TOTAL PAPER AND ALLIED PRODUCTS		70,057

PETROLEUM AND COAL PRODUCTS - 4.84%
3,504		ChevronTexaco Corp		183,995
4,200		ConocoPhillips		364,686
32,245		ExxonMobil Corp		1,652,879
1,600		Lyondell Chemical Co		46,272
2,000	*	Tesoro Corp		63,720

		TOTAL PETROLEUM AND COAL PRODUCTS		2,311,552

PRIMARY METAL INDUSTRIES - 0.17%
3,000	*	Andrew Corp		40,890
2,200	*	CommScope, Inc		41,580

		TOTAL PRIMARY METAL INDUSTRIES		82,470

PRINTING AND PUBLISHING - 0.49%
6,000		American Greetings Corp (Class A)		152,100
1,000		Gannett Co, Inc		81,700

		TOTAL PRINTING AND PUBLISHING		233,800

RAILROAD TRANSPORTATION - 0.37%
2,000		Burlington Northern Santa Fe Corp		94,620
2,000		CSX Corp		80,160

		TOTAL RAILROAD TRANSPORTATION		174,780

SECURITY AND COMMODITY BROKERS - 0.97%
1,000		Bear Stearns Cos, Inc		102,310
1,000		Franklin Resources, Inc		69,650
3,000		Legg Mason, Inc		219,780
700		Lehman Brothers Holdings, Inc		61,236
231	*	Piper Jaffray Cos		11,076

		TOTAL SECURITY AND COMMODITY BROKERS		464,052

SPECIAL TRADE CONTRACTORS - 0.13%
2,000	*	Dycom Industries, Inc		61,040

		TOTAL SPECIAL TRADE CONTRACTORS		61,040

TIAA-CREF Life Funds — Growth and Income Fund


SHARES			VALUE
TOBACCO PRODUCTS - 1.63%
10,600		Altria Group, Inc	$	647,660
200		Reynolds American, Inc		15,720
2,400		UST, Inc		115,464

		TOTAL TOBACCO PRODUCTS		778,844

TRANSPORTATION BY AIR - 0.92%
4,000	*	Alaska Air Group, Inc		133,960
3,300	*	AMR Corp		36,135
2,600	*	Continental Airlines, Inc (Class B)		35,204
4,000	*	ExpressJet Holdings, Inc		51,520
1,000		FedEx Corp		98,490
3,400	*	Northwest Airlines Corp		37,162
2,800		Southwest Airlines Co		45,584

		TOTAL TRANSPORTATION BY AIR		438,055

TRANSPORTATION EQUIPMENT - 3.05%
2,207		Autoliv, Inc		106,598
8,000		Boeing Co		414,160
7,000		Ford Motor Co		102,480
1,000		General Dynamics Corp		104,600
2,000		Lockheed Martin Corp		111,100
3,200		Northrop Grumman Corp		173,952
4,300		United Technologies Corp		444,405

		TOTAL TRANSPORTATION EQUIPMENT		1,457,295

TRUCKING AND WAREHOUSING - 1.35%
7,563		United Parcel Service, Inc (Class B)		646,334

		TOTAL TRUCKING AND WAREHOUSING		646,334

WHOLESALE TRADE-DURABLE GOODS - 2.45%
15,165		Johnson & Johnson		961,764
3,111		W.W. Grainger, Inc		207,255

		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,169,019

WHOLESALE TRADE-NONDURABLE GOODS - 1.86%
5,000		AmerisourceBergen Corp		293,400
5,000		Cardinal Health, Inc		290,750
2,000		McKesson Corp		62,920
7,000		Supervalu, Inc		241,640

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		888,710

		TOTAL COMMON STOCKS (Cost $44,803,494)		47,009,318

TIAA-CREF Life Funds — Growth and Income Fund


PRINCIPAL			VALUE
SHORT-TERM INVESTMENTS - 1.26%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.26%
$600,000	d	Federal Home Loan Bank (FHLB)
		1.000%, 01/03/05	$	599,893

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		599,893

		TOTAL SHORT-TERM INVESTMENTS (Cost $599,958)		599,893

		TOTAL PORTFOLIO - 99.71% (Cost $45,403,452)		47,609,211
		OTHER ASSETS & LIABILITIES, NET - 0.29%		139,198

		NET ASSETS - 100.00%	$	47,748,409

*	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.

v	Security valued at fair value

Open Futures Contracts:

Number of
Contracts

(Long positions)

Market
Value

Expiration Date

Unrealized
Gain

E-mini S&P 500 Index

364,110

March 2005

8,846

TIAA-CREF Life Funds — International Equity Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life International Equity Fund

December 31, 2004


SHARES			VALUE
COMMON STOCKS - 98.83%
APPAREL AND ACCESSORY STORES - 0.27%
1,300		Fast Retailing Co Ltd	$	98,956
1,200		Hennes & Mauritz AB (B Shs)		41,803

		TOTAL APPAREL AND ACCESSORY STORES		140,759

APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
34,000		Toyobo Co Ltd		81,956

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		81,956

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
1,700		Autobacs Seven Co Ltd		49,688

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		49,688

BUILDING MATERIALS AND GARDEN SUPPLIES - 1.57%
2,000		Cheung Kong Infrastructure Holdings Ltd		5,777
43,539		Wolseley plc		813,755

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		819,532

BUSINESS SERVICES - 3.76%
4	*	Access Co Ltd		112,423
3,798		Capita Group plc		26,670
31,586	v*	Cintra Concesiones de Infraestructuras de Transporte S.A.		346,901
68		Dentsu, Inc		183,156
3,900		Diamond Lease Co Ltd		152,240
9,962		Hays plc		23,764
19,288		Macquarie Infrastructure Group		51,408
3,010		Misys plc		12,092
58,200		Nissin Co Ltd		146,537
3,500		Oracle Corp Japan		181,370
18	*	Rakuten, Inc		20,552
162	*	Rakuten, Inc (When Issued)		145,447
1,194		SAP AG.		213,255
2,000		Secom Co Ltd		80,023
1,729		Securitas AB (B Shs)		29,661
2,495		Serco Group plc		11,496
4,000		Sumisho Lease Co Ltd		163,170
2,000		Tata Consultancy Services Ltd		61,445

		TOTAL BUSINESS SERVICES		1,961,610

CHEMICALS AND ALLIED PRODUCTS - 9.24%
2,861		BOC Group plc		54,571
4,364		Boots Group plc		54,921
11,000		Daicel Chemical Industries Ltd		62,262
24,850		GlaxoSmithKline plc		583,011

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
6,836		Imperial Chemical Industries plc	$	31,630
4,000		Kao Corp		102,274
2,900		Kose Corp		127,354
3,896		Merck KGaA		268,065
12,000		Nippon Paint Co Ltd		50,239
12,299		Novartis AG. (Regd)		619,763
32,562		Reckitt Benckiser plc		983,999
9,126		Sanofi-Aventis		729,385
8,700		Shin-Etsu Chemical Co Ltd		356,592
3,000		Taisho Pharmaceutical Co Ltd		65,287
8,400		Takeda Pharmaceutical Co Ltd		422,992
48,000		Teijin Ltd		208,451
20,000		Tosoh Corp		89,978
864		Zeltia S.A.		6,048

		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,816,822

COMMUNICATIONS - 5.32%
13,709		Cable & Wireless plc		31,387
660		Cosmote Mobile Telecommunications S.A.		13,241
8,024		Deutsche Telekom AG. (Regd)		181,595
2,759		Eircom Group plc		6,488
792	*	Elisa Oyj		12,768
29,695	*	Ericsson (LM) (B Shs)		94,732
1,410		Hellenic Telecommunications Organization S.A.		25,337
77		KDDI Corp		414,795
44,839		KPN NV		426,022
1,035	*	Marconi Corp plc		11,177
154	*	Marconi Corp plc Wts 05/19/07		38
292	*	Modern Times Group AB (B Shs)		7,953
39,000		Singapore Telecommunications Ltd		56,861
572		Tele2 AB (B Shs)		22,465
23,917		Telecom Corp of New Zealand Ltd		106,243
14,862		Telefonica S.A.		279,988
1,084		Telenor ASA		9,844
10,085		TeliaSonera AB		60,400
93,545		Vodafone Group plc		253,681
27,699		Vodafone Group plc (Spon ADR)		758,399

		TOTAL COMMUNICATIONS		2,773,414

DEPOSITORY INSTITUTIONS - 15.15%
9,107		Australia & New Zealand Banking Group Ltd		146,992
148,969		Banca Intesa S.p.A.		716,801
5,822		Bank of Ireland (Dublin)		96,941
290		Commercial Bank of Greece		9,192
9,405		DAH Sing Financial		72,903
8,019		DBS Group Holdings Ltd		79,090
51,743		Depfa Bank plc		868,596
2,809		Deutsche Bank AG. (Regd)		249,400
6,500		Hang Seng Bank Ltd		90,316
42,488		HSBC Holdings plc (United Kingdom)		717,025
40		Mitsubishi Tokyo Financial Group, Inc		405,972
3,022		National Australia Bank Ltd		68,273

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
5,290		National Bank of Greece S.A.	$	174,584
12,442		Nordea Bank AB (Sweden)		125,442
40,753		Royal Bank of Scotland Group plc		1,370,796
69,000		Shinsei Bank Ltd		470,011
2,707		Skandinaviska Enskilda Banken (A Shs)		52,344
19		Sumitomo Mitsui Financial Group Inc		138,138
29,000		Sumitomo Trust & Banking Co Ltd		209,710
3,190		Svenska Handelsbanken AB (A Shs)		83,045
18,989		UBS AG. (Regd)		1,592,297
10,000		United Overseas Bank Ltd		84,538
5,196		Westpac Banking Corp		79,386

		TOTAL DEPOSITORY INSTITUTIONS		7,901,792

ELECTRIC, GAS, AND SANITARY SERVICES - 3.36%
12,524		Australian Gas Light Co Ltd		134,501
1,155		BG Group plc		7,850
1,600		Contact Energy Ltd		7,396
12,172		E.ON AG.		1,109,493
1,000		Hokkaido Electric Power Co, Inc		19,664
19,000		Hong Kong & China Gas Co Ltd		39,233
8,451	*	International Power plc		25,068
2,156		Kelda Group plc		26,181
295		Oest Elektrizitatswirts (A Shs)		65,720
1,984		Severn Trent plc		36,834
5,000		Tata Power Co Ltd		44,922
3,198		United Utilities plc		38,681
1,775		United Utilities plc (A Shs)		15,250
25		West Japan Railway Co		101,005
144,000	*	Xinao Gas Holdings Ltd		82,442

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,754,240

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.36%
149,553	*	ABB Ltd		835,161
1,340		Advantest Corp		114,947
1		ARM Holdings plc		2
1,632		Electrolux AB Series B		37,329
900		Hirose Electric Co Ltd		105,221
6,200		Hitachi Maxell Ltd		84,950
8,000		Johnson Electric Holdings Ltd		7,771
4,828		Kidde plc		15,433
3,200		Kuroda Electric Co Ltd		74,637
3,700		Kyocera Corp		284,893
2,400		Melco Holdings, Inc		45,086
162	*	Mobistar S.A.		15,183
1,100		Murata Manufacturing Co Ltd		61,511
25,620		Nokia Oyj		404,655
1,800		Rohm Co Ltd		186,201
5,000		Satyam Computer Services Ltd		47,147
61,737		STMicroelectronics NV		1,204,195
13,000		Sumitomo Electric Industries Ltd		141,456

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
46,832		Taiwan Semiconductor Manufacturing Co Ltd	$	74,630
3,000		Tokyo Seimitsu Co Ltd		100,127

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,840,535

FABRICATED METAL PRODUCTS - 0.16%
1,691		Assa Abloy AB (B Shs)		28,881
8,000		NHK Spring Co Ltd		54,650

		TOTAL FABRICATED METAL PRODUCTS		83,531

FOOD AND KINDRED PRODUCTS - 2.71%
7,537		Coca-Cola Amatil Ltd		48,034
156,000		Global Bio-Chem Technology Group Co Ltd		102,358
12,250	*	Global Bio-Chem Technology Group Co Ltd Wts 05/31/07		583
4,236		Groupe Danone		391,241
7,806		J. Sainsbury plc		40,539
7,371		Lion Nathan Ltd		49,692
33,000		Nichirei Corp		131,395
33,000		Nisshin Oillio Group Ltd		170,040
69,000		People's Food Holdings Ltd		63,404
2,312		Pernod-Ricard		354,169
4,622		Scottish & Newcastle plc		38,668
2,355		Tate & Lyle plc		21,375

		TOTAL FOOD AND KINDRED PRODUCTS		1,411,498

FOOD STORES - 2.62%
169		Axfood AB		5,722
17	*	Casino Guichard-Perrachon S.A. Wts 12/15/05		—
220,282		Tesco plc		1,360,744

		TOTAL FOOD STORES		1,366,466

GENERAL BUILDING CONTRACTORS - 0.61%
1,717		Amec plc		9,815
1,145		Bouygues S.A.		52,916
2,300		Daito Trust Construction Co Ltd		109,310
180,000		Shanghai Forte Land Co		63,105
11,000		Shimizu Corp		55,177
2,127		Skanska AB (B Shs)		25,526

		TOTAL GENERAL BUILDING CONTRACTORS		315,849

GENERAL MERCHANDISE STORES - 0.21%
23,000		Mitsukoshi Ltd		111,779

		TOTAL GENERAL MERCHANDISE STORES		111,779

HEALTH SERVICES - 0.05%
434	*	Capio AB		5,159
924		Getinge AB (B Shs)		11,506
548		Intertek Group plc		7,417

		TOTAL HEALTH SERVICES		24,082

HEAVY CONSTRUCTION, EXCEPT BUILDING - 2.01%
2,411		Balfour Beatty plc		14,593
15,490		Multiplex Group		66,056

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
7,188		Vinci S.A.	$	965,304

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,045,953

HOLDING AND OTHER INVESTMENT OFFICES - 1.10%
234		Castellum AB		8,381
2,000		Housing Development Finance Corp		35,247
2,300		iShares MSCI EAFE Index Fund		368,575
2,546		Land Securities Group plc		68,433
1,460		London Stock Exchange plc		16,314
299		Nobel Biocare Holding AG.		54,168
713		Schroders plc		10,280
473		Wihlborgs Fastigheter AB		9,965

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		571,363

HOTELS AND OTHER LODGING PLACES - 1.15%
13,744		Accor S.A.		601,732

		TOTAL HOTELS AND OTHER LODGING PLACES		601,732

INDUSTRIAL MACHINERY AND EQUIPMENT - 1.96%
481		Alfa Laval AB		7,781
1,095		Atlas Copco AB (B Shs)		45,725
3,338		FKI plc		7,466
120,004		Futuris Corp Ltd		203,194
21,000		Komatsu Ltd		146,941
2,453		Meggitt plc		12,327
900		Nidec Corp		109,700
34,000		NSK Ltd		170,879
1,303		Sandvik AB		52,548
556	*	Saurer AG.		32,761
549		Scania AB		21,727
537		SKF AB (B Shs)		23,919
8,683		Wartsila Oyj (B Shs)		185,061

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,020,029

INSTRUMENTS AND RELATED PRODUCTS - 1.91%
3,400		Canon, Inc		183,488
1,013		Gambro AB (A Shs)		14,443
540		Gambro AB (B Shs)		7,577
32,640	*	Invensys plc		9,713
100		Keyence Corp		22,407
72		Nobel Biocare Holding AG. (Stockholm)		13,186
10,500		Terumo Corp		282,814
129		The Swatch Group AG. (Br)		18,934
14,860		The Swatch Group AG. (Regd)		441,710

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		994,272

INSURANCE CARRIERS - 4.35%
17,000		Aioi Insurance Co Ltd		78,472
34,850	*	AMP Ltd		198,335
155,000	*	China Life Insurance Co Ltd (H Shs)		103,696
11,415		Friends Provident plc		33,750
15,000		Fuji Fire & Marine Insurance Co Ltd		48,892

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
11,010		Insurance Australia Group Ltd	$	55,496
37,330		Legal & General Group plc		78,837
1,384		Liberty International plc		25,788
11,000		Nipponkoa Insurance Co Ltd		74,822
7,000		Nissay Dowa General Insurance Co Ltd		35,591
28,796		Promina Group Ltd		121,895
13,626		Prudential plc		118,507
16,583		Royal & Sun Alliance Insurance Group plc		24,674
523		Schindler Holding AG. (Pt Cert)		207,434
5,047		Skandia Forsakrings AB		25,139
1,356		Storebrand ASA		13,097
4,350		T&D Holdings, Inc		208,012
4,882		Zurich Financial Services AG.		814,024

		TOTAL INSURANCE CARRIERS		2,266,461

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.15%
14		East Japan Railway Co		77,876

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		77,876

LUMBER AND WOOD PRODUCTS - 0.02%
280		Holmen AB (B Shs)		9,691

		TOTAL LUMBER AND WOOD PRODUCTS		9,691

METAL MINING - 0.90%
1,266		Johnson Matthey plc		24,014
37,000		Mitsubishi Materials Corp		77,632
12,116		Newcrest Mining Ltd		165,735
1,761		Rio Tinto Ltd		54,003
26,390		WMC Resources Ltd		149,361

		TOTAL METAL MINING		470,745

MISCELLANEOUS RETAIL - 0.34%
10,879	*	Cookson Group plc		7,415
68,593		Pacific Brands Ltd		171,526

		TOTAL MISCELLANEOUS RETAIL		178,941

NONDEPOSITORY INSTITUTIONS - 2.14%
1,882		Cattles plc		13,261
20,457	*	Hypo Real Estate Holding		848,088
2,776		ICAP plc		14,483
13,000	*	Industrial Development Bank of India Ltd		32,836
66,000		Orient Corp		190,651
1,463		Provident Financial plc		18,875

		TOTAL NONDEPOSITORY INSTITUTIONS		1,118,194

OIL AND GAS EXTRACTION - 1.12%
64,000		CNOOC Ltd		34,377
183		IHC Caland NV		11,626
938	*	Lundin Petroleum AB		5,378
16,501		Origin Energy Ltd		89,123
62,000		PetroChina Co Ltd (Class H)		33,103
1,163		Shell Transport & Trading Co plc		9,914

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
3,142		Statoil ASA	$	49,283
110		Technip S.A.		20,334
1,524		Total S.A.		332,889

		TOTAL OIL AND GAS EXTRACTION		586,027

PAPER AND ALLIED PRODUCTS - 0.98%
306		Billerud AB		5,457
1,051		De La Rue plc		7,002
11,000		NGK Insulators Ltd		105,202
16,000		OJI Paper Co Ltd		91,812
3,156		Rexam plc		27,842
1,124		Svenska Cellulosa AB (B Shs)		47,951
4,321		TDC a/s		182,984
900		Uni-Charm Corp		43,125

		TOTAL PAPER AND ALLIED PRODUCTS		511,375

PERSONAL SERVICES - 0.02%
1,162		Davis Service Group plc		9,147

		TOTAL PERSONAL SERVICES		9,147

PETROLEUM AND COAL PRODUCTS - 5.94%
33,961		BHP Billiton Ltd		408,382
51,035		BP plc		497,749
3,185		BP plc (Spon ADR)		186,004
34,328		ENI S.p.A.		859,483
610		Hellenic Petroleum S.A.		6,633
40,000		Nippon Oil Corp		256,465
189		Norsk Hydro ASA		14,885
103	*	Petroleum Geo-Services ASA		6,437
11,812		Repsol YPF S.A.		307,623
9,663		Royal Dutch Petroleum Co		556,243

		TOTAL PETROLEUM AND COAL PRODUCTS		3,099,904

PRIMARY METAL INDUSTRIES - 0.48%
22,906	*	Corus Group plc		22,209
7,000		NEOMAX Co Ltd		124,192
35,000		Nippon Steel Corp		85,732
491		Ssab Svenskt Stal AB (Series A)		11,822
447		Trelleborg AB (B Shs)		7,601

		TOTAL PRIMARY METAL INDUSTRIES		251,556

PRINTING AND PUBLISHING - 2.27%
907		Eniro AB		9,281
31,564		Reed Elsevier NV		430,321
73,566		Reed Elsevier plc		678,656
23,000		Singapore Press Holdings Ltd		64,813

		TOTAL PRINTING AND PUBLISHING		1,183,071

RAILROAD TRANSPORTATION - 0.21%
19,851		Brambles Industries Ltd		108,150

		TOTAL RAILROAD TRANSPORTATION		108,150

TIAA-CREF Life Funds — International Equity Fund


SHARES			VALUE
REAL ESTATE - 0.99%
2,973		British Land Co plc	$	51,143
60	*	City Developments Ltd		168
1,587		Hammerson plc		26,462
6,000		Sino Land Co Ltd		5,905
2,404		Slough Estates plc		25,385
9,000		Sumitomo Realty & Development Co Ltd		117,342
1	v	Stockland		5
18,000		Tokyo Tatemono Co Ltd		117,166
13,470	*	Westfield Group		173,487

		TOTAL REAL ESTATE		517,063

SECURITY AND COMMODITY BROKERS - 2.63%
3,521		3i Group plc		45,021
4,186		Amvescap plc		25,778
703		Close Brothers Group plc		9,913
17,664		Deutsche Boerse AG.		1,063,153
1,603		Man Group plc		45,302
1,500		Matsui Securities Co Ltd		52,259
14,000		Mitsui & Co Ltd		125,559
431	*	OMX AB		5,513

		TOTAL SECURITY AND COMMODITY BROKERS		1,372,498

STONE, CLAY, AND GLASS PRODUCTS - 4.73%
23,823		CRH plc		637,266
4,229		Hanson plc		36,313
26,133		Holcim Ltd (Regd)		1,574,277
18,000		Nippon Sheet Glass Co Ltd		74,480
5,906		Pilkington plc		12,473
1,299		RMC Group plc		21,174
46,000		Sumitomo Osaka Cement Co Ltd		112,677

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		2,468,660

TRANSPORTATION BY AIR - 0.36%
30,000	v*	Air China Ltd (Class H)		11,579
3,107	*	British Airways plc		14,018
18,875		Qantas Airways Ltd		54,894
12,500		Swire Pacific Ltd (A Shs)		104,533

		TOTAL TRANSPORTATION BY AIR		185,024

TRANSPORTATION EQUIPMENT - 5.16%
2,589		BBA Group plc		14,204
183,712	*	Fiat S.p.A.		1,473,292
33,000		Fuji Heavy Industries Ltd		161,023
36,000		Mazda Motor Corp		113,126
8,709		Rolls-Royce Group plc		41,299
4,434		Tomkins plc		21,644
4,000		Toyota Industries Corp		99,932
17,100		Toyota Motor Corp		695,882
1,840		Volvo AB (B Shs)		72,959

		TOTAL TRANSPORTATION EQUIPMENT		2,693,361

TIAA-CREF Life Funds — International Equity Fund


SHARES		VALUE
TRANSPORTATION SERVICES - 0.04%
797	National Express Group plc	$	12,632
4,569	Stagecoach Group plc		9,978

	TOTAL TRANSPORTATION SERVICES		22,610

TRUCKING AND WAREHOUSING - 0.31%
8,000	Seino Transportation Co Ltd		74,949
18,000	Sumitomo Warehouse Co Ltd		87,831

	TOTAL TRUCKING AND WAREHOUSING		162,780

WATER TRANSPORTATION - 0.54%
102,000	China Shipping Development Co Ltd		90,548
1,712	Exel plc		23,764
233	Frontline Ltd		10,368
22,000	Mitsui OSK Lines Ltd		132,039
4,233	Peninsular & Oriental Steam Navigation Co		24,178

	TOTAL WATER TRANSPORTATION		280,897

WHOLESALE TRADE-DURABLE GOODS - 0.36%
1,087	SSL International plc		6,574
21,000	Sumitomo Corp		181,165

	TOTAL WHOLESALE TRADE-DURABLE GOODS		187,739

WHOLESALE TRADE-NONDURABLE GOODS - 4.01%
1,430	Alliance Unichem plc		20,715
12,789	Celesio AG.		1,040,225
393	Ciba Specialty Chemicals AG. (Regd)		29,896
33,213	Inditex S.A.		979,641
1,915	Swedish Match AB		22,189

	TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,092,666

	TOTAL COMMON STOCKS (Cost $45,207,962)		51,541,338

PRINCIPAL
SHORT-TERM INVESTMENTS - 0.36%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.36%
$190,000	Federal Home Loan Bank (FHLB)
	1.000%, 01/03/05		189,966

	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		189,966

	TOTAL SHORT-TERM INVESTMENTS (Cost $189,987)		189,966

	TOTAL PORTFOLIO - 99.19% (Cost $45,397,949)		51,731,304
	OTHER ASSETS & LIABILITIES, NET - 0.81%		419,944

	NET ASSETS - 100.00%	$	52,151,248

TIAA-CREF Life Funds — International Equity Fund

*	Non-income producing

v	Security valued at fair value

TIAA-CREF Life Funds — Stock Index Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Stock Index Fund

December 31, 2004


SHARES			VALUE
PREFERRED STOCKS - 0.01%
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
116	*	Simon Property Group, Inc	$	6,870

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,870

		TOTAL PREFERRED STOCKS (Cost $3,619)
				6,870

COMMON STOCKS - 99.08%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
300		Delta & Pine Land Co		8,184

		TOTAL AGRICULTURAL PRODUCTION-CROPS		8,184

AMUSEMENT AND RECREATION SERVICES - 0.21%
604	*	Alliance Gaming Corp		8,341
240	*	Argosy Gaming Co		11,208
300	*	Aztar Corp		10,476
3,269	*	Caesars Entertainment, Inc		65,838
134		Churchill Downs, Inc		5,990
460		Dover Downs Gaming & Entertainment, Inc		6,026
100		Dover Motorsport, Inc		573
282	*	Gaylord Entertainment Co		11,711
1,149		Harrah’s Entertainment, Inc		76,857
354		International Speedway Corp (Class A)		18,691
162	*	Isle of Capri Casinos, Inc		4,155
500	*	Magna Entertainment (Class A)		3,010
194	*	MTR Gaming Group, Inc		2,049
188	*	Multimedia Games, Inc		2,963
324	*	Penn National Gaming, Inc		19,618
800	*	Six Flags, Inc		4,296
100		Speedway Motorsports, Inc		3,918
451		Station Casinos, Inc		24,661
400	*	Sunterra Corp		5,616
200	*	WMS Industries, Inc		6,708
100		World Wrestling Federation Entertainment, Inc		1,213

		TOTAL AMUSEMENT AND RECREATION SERVICES		293,918

APPAREL AND ACCESSORY STORES - 0.59%
984		Abercrombie & Fitch Co (Class A)		46,199
589	*	Aeropostale, Inc		17,334
615		American Eagle Outfitters, Inc		28,967
840	*	AnnTaylor Stores Corp		18,085
225		Bebe Stores, Inc		6,071
65		Buckle, Inc		1,918

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
200		Burlington Coat Factory Warehouse Corp	$	4,540
300	*	Cache, Inc		5,406
318	*	Casual Male Retail Group, Inc		1,733
100		Cato Corp (Class A)		2,882
70	*	Charlotte Russe Holding, Inc		707
1,100	*	Charming Shoppes, Inc		10,307
948	*	Chico’s FAS, Inc		43,162
100	*	Children’s Place Retail Stores, Inc		3,703
390		Christopher & Banks Corp		7,196
978		Claire’s Stores, Inc		20,783
46		Deb Shops, Inc		1,152
300	*	Dress Barn, Inc		5,280
600		Finish Line, Inc (Class A)		10,980
1,591		Foot Locker, Inc		42,846
6,657		Gap, Inc		140,596
200	*	Genesco, Inc		6,228
145		Goody’s Family Clothing, Inc		1,325
577	*	Gymboree Corp		7,397
450	*	Hot Topic, Inc		7,735
150	*	Jo-Ann Stores, Inc		4,131
87	*	JOS A. Bank Clothiers, Inc		2,462
4,114		Limited Brands, Inc		94,704
1,119		Nordstrom, Inc		52,291
100		Oshkosh B’gosh, Inc (Class A)		2,140
875	*	Pacific Sunwear of California, Inc		19,478
600	*	Payless Shoesource, Inc		7,380
1,650		Ross Stores, Inc		47,636
66	*	Shoe Carnival, Inc		858
183	*	Stage Stores, Inc		7,598
232		Talbots, Inc		6,317
5,332		TJX Cos, Inc		133,993
359	*	Too, Inc		8,781
486	*	Urban Outfitters, Inc		21,578

		TOTAL APPAREL AND ACCESSORY STORES		851,879

APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
1,182	*	Collins & Aikman Corp		5,154
165	*	Columbia Sportswear Co		9,836
217	*	DHB Industries, Inc		4,132
100	*	Guess?, Inc		1,255
600	*	Hartmarx Corp		4,662
1,270		Jones Apparel Group, Inc		46,444
300		Kellwood Co		10,350
1,180		Liz Claiborne, Inc		49,808
200		Oxford Industries, Inc		8,260
262		Phillips-Van Heusen Corp		7,074
392		Polo Ralph Lauren Corp		16,699
571	*	Quiksilver, Inc		17,010
881		VF Corp		48,790
488	*	Warnaco Group, Inc		10,541

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		240,015

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.05%
100	*	Amerco, Inc	$	4,598
300		Central Parking Corp		4,545
541	*	Dollar Thrifty Automotive Group, Inc		16,338
187	*	Exide Technologies		2,577
351	*	Midas, Inc		7,020
73	*	Monro Muffler Brake, Inc		1,847
662		Ryder System, Inc		31,624

		TOTAL AUTO REPAIR, SERVICES AND PARKING		68,549

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
788	*	Advance Auto Parts		34,420
43	*	America’s Car Mart, Inc		1,634
200	*	Asbury Automotive Group, Inc		2,756
2,039	*	Autonation, Inc		39,169
666	*	Autozone, Inc		60,812
1,109	*	Carmax, Inc		34,434
817	*	Copart, Inc		21,503
495	*	CSK Auto Corp		8,286
300	*	Group 1 Automotive, Inc		9,450
300		Lithia Motors, Inc (Class A)		8,046
200	*	MarineMax, Inc		5,952
500	*	O’Reilly Automotive, Inc		22,525
400	*	Rush Enterprises, Inc		6,924
287		Sonic Automotive, Inc		7,118
155		United Auto Group, Inc		4,586
95	*	West Marine, Inc		2,351

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		269,966

BUILDING MATERIALS AND GARDEN SUPPLIES - 1.14%
100		Building Materials Holding Corp		3,829
166	*	Central Garden & Pet Co		6,929
648		Fastenal Co		39,891
24,074		Home Depot, Inc		1,028,923
300		Lafarge North America, Inc		15,396
8,534		Lowe’s Cos		491,473
1,252	*	Owens-Illinois, Inc		28,358
385	b*	USG Corp		15,504

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,630,303

BUSINESS SERVICES - 6.81%
274	*	@Road, Inc		1,893
4,200	*	3Com Corp		17,514
403		Aaron Rents, Inc		10,075
347		ABM Industries, Inc		6,843
369	*	ActivCard Corp		3,284
1,338	*	Activision, Inc		27,001
550	*	Actuate Corp		1,403
750		Acxiom Corp		19,725
200	*	Administaff, Inc		2,522
2,700		Adobe Systems, Inc		169,398
300	*	Advent Software, Inc		6,144
261		Advo, Inc		9,305

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
1,281	*	Affiliated Computer Services, Inc (Class A)	$	77,103
455	*	Agile Software Corp		3,717
1,219	*	Akamai Technologies, Inc		15,884
476	*	Alliance Data Systems Corp		22,600
221	*	Altiris, Inc		7,830
190	*	AMN Healthcare Services, Inc		3,023
68	*	Ansoft Corp		1,374
414	*	Ansys, Inc		13,273
287	*	Anteon International Corp		12,014
800	*	Aquantive, Inc		7,152
480	*	Arbitron, Inc		18,806
706	*	Ariba, Inc		11,720
304	*	Armor Holdings, Inc		14,294
562	*	Ascential Software Corp		9,166
313	*	Asiainfo Holdings, Inc		1,865
808	*	Ask Jeeves, Inc		21,614
400	*	Aspect Communications Corp		4,456
300	*	Aspen Technology, Inc		1,863
140	*	Atari, Inc		410
294	*	Autobytel, Inc		1,776
2,498		Autodesk, Inc		94,799
6,320		Automatic Data Processing, Inc		280,292
3,915	*	BEA Systems, Inc		34,687
1,400	*	Bisys Group, Inc		23,030
95	*	Blue Coat Systems, Inc		1,768
2,554	*	BMC Software, Inc		47,504
600	*	Borland Software Corp		7,008
170		Brady Corp (Class A)		10,637
596		Brink’s Co		23,554
3,295	*	Brocade Communications Systems, Inc		25,174
450	*	CACI International, Inc (Class A)		30,659
2,866	*	Cadence Design Systems, Inc		39,579
1,500	*	Captaris, Inc		7,740
1,000	*	Carreker Corp		8,600
554		Catalina Marketing Corp		16,415
63	*	CCC Information Services Group, Inc		1,399
100		CDI Corp		2,138
10,899		Cendant Corp		254,819
1,580	*	Ceridian Corp		28,882
322	*	Cerner Corp		17,121
778		Certegy, Inc		27,642
873	*	Checkfree Corp		33,244
937	*	ChoicePoint, Inc		43,093
762	*	Chordiant Software, Inc		1,737
532	*	Ciber, Inc		5,128
1,854	*	Citrix Systems, Inc		45,479
3,885	*	CMGI, Inc		9,907
1,229	*	CNET Networks, Inc		13,802
200	*	Cogent, Inc		6,600
1,366	*	Cognizant Technology Solutions Corp		57,823
4,989		Computer Associates International, Inc		154,958
65		Computer Programs & Systems, Inc		1,505
1,965	*	Computer Sciences Corp		110,767
4,261	*	Compuware Corp		27,569

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
146	*	Concord Communications, Inc	$	1,618
241	*	Concur Technologies, Inc		2,147
1,524	*	Convergys Corp		22,845
140	*	CoStar Group, Inc		6,465
900	*	Covansys Corp		13,770
485	*	CSG Systems International, Inc		9,070
107	*	Cyberguard Corp		674
1,100	*	Cybersource Corp		7,865
500		Deluxe Corp		18,665
500	*	Dendrite International, Inc		9,700
100	*	Digimarc Corp		932
500	*	Digital Insight Corp		9,200
339	*	Digital River, Inc		14,106
1,600	*	DoubleClick, Inc		12,448
823	*	DST Systems, Inc		42,895
780	*	Dun & Bradstreet Corp		46,527
1,050	*	E.piphany, Inc		5,072
1,405	*	Earthlink, Inc		16,186
298	*	Echelon Corp		2,515
318	*	Eclipsys Corp		6,497
122	*	eCollege.com, Inc		1,386
500	*	Education Lending Group, Inc		7,755
375	*	eFunds Corp		9,004
100		Electro Rent Corp		1,423
3,152	*	Electronic Arts, Inc		194,415
5,550		Electronic Data Systems Corp		128,205
600	*	Embarcadero Technologies, Inc		5,646
1,737	*	Enterasys Networks, Inc		3,127
400	*	Entrust, Inc		1,516
398	*	Epicor Software Corp		5,608
90	*	EPIQ Systems, Inc		1,318
1,600		Equifax, Inc		44,960
103	*	Equinix, Inc		4,402
248	*	eSpeed, Inc (Class A)		3,068
1,016	*	Extreme Networks, Inc		6,655
500	*	F5 Networks, Inc		24,360
200		Factset Research Systems, Inc		11,688
782		Fair Isaac Corp		28,684
400	*	Filenet Corp		10,304
117	*	FindWhat.com		2,074
9,306		First Data Corp		395,877
2,239	*	Fiserv, Inc		89,985
435	*	Getty Images, Inc		29,950
252		Gevity HR, Inc		5,181
200	*	Google, Inc (Class A)		38,620
9		Grey Global Group, Inc		9,900
100	*	GSI Commerce, Inc		1,778
1,262		GTECH Holdings Corp		32,749
340	*	Harris Interactive, Inc		2,686
128		Healthcare Services Group		2,668
200	*	Heidrick & Struggles International, Inc		6,854
800		Henry (Jack) & Associates, Inc		15,928
600	*	Homestore, Inc		1,818

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
63	*	Hudson Highland Group, Inc	$	1,814
400	*	Hyperion Solutions Corp		18,648
24	*	IAC/InterActiveCorp Wts 02/04/09		718
200	*	IDX Systems Corp		6,892
213	*	iGate Corp		863
400		Imation Corp		12,732
2,596		IMS Health, Inc		60,253
700	*	Infocrossing, Inc		11,851
674	*	Informatica Corp		5,473
367	*	Infospace, Inc		17,451
311	*	infoUSA, Inc		3,480
275	*	Interactive Data Corp		5,979
500	*	Interchange Corp		9,070
411	*	Intergraph Corp		11,068
405	*	Internet Capital Group, Inc		3,645
452	*	Internet Security Systems, Inc		10,509
4,454	*	Interpublic Group of Cos, Inc		59,684
401	*	Interwoven, Inc		4,363
152	*	Intrado, Inc		1,839
1,908	*	Intuit, Inc		83,971
470	*	Ipass, Inc		3,478
112	*	iPayment, Inc		5,546
1,123	*	Iron Mountain, Inc		34,240
245	*	JDA Software Group, Inc		3,337
5,634	*	Juniper Networks, Inc		153,188
108	*	Jupitermedia Corp		2,568
500	*	Keane, Inc		7,350
300		Kelly Services, Inc (Class A)		9,054
200	*	Keynote Systems, Inc		2,784
271	*	Kforce, Inc		3,008
764	*	KFX, Inc		11,093
263	*	Kinetic Concepts, Inc		20,067
300	*	Korn/Ferry International		6,225
298	*	Kronos, Inc		15,237
350	*	Labor Ready, Inc		5,922
853	*	Lamar Advertising Co		36,491
1,000	*	Lawson Software, Inc		6,870
238	*	Lionbridge Technologies		1,599
628	*	Looksmart Ltd		1,375
735	*	Macromedia, Inc		22,873
524	*	Macrovision Corp		13,477
170	*	Magma Design Automation, Inc		2,135
311	*	Manhattan Associates, Inc		7,427
958		Manpower, Inc		46,271
139	*	Mantech International Corp (Class A)		3,300
500	*	Manugistics Group, Inc		1,435
253	*	MAPICS, Inc		2,669
215	*	Mapinfo Corp		2,576
680	*	Matrixone, Inc		4,454
1,886	*	McAfee, Inc		54,562
85		McGrath RentCorp		3,707
71	*	Medical Staffing Network Holdings, Inc		581
600	*	Mentor Graphics Corp		9,174
980	*	Mercury Interactive Corp		44,639

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
700	*	Micromuse, Inc	$	3,885
98,110	d	Microsoft Corp		2,620,518
100	*	MicroStrategy, Inc		6,025
300	*	Midway Games, Inc		3,150
733	*	Mindspeed Technologies, Inc		2,038
1,053		MoneyGram International, Inc		22,260
1,073	*	Monster Worldwide, Inc		36,096
1,117	*	MPS Group, Inc		13,694
300	*	MRO Software, Inc		3,906
306	*	MSC.Software Corp		3,204
650		National Instruments Corp		17,713
400	*	NAVTEQ Corp		18,544
287	*	NCO Group, Inc		7,419
1,006	*	NCR Corp		69,645
300		NDCHealth Corp		5,577
82	*	Neoforma, Inc		631
606	*	NETIQ Corp		7,399
100	*	Netratings, Inc		1,917
100	*	Netscout Systems, Inc		698
238	*	Network Equipment Technologies, Inc		2,337
310	*	NIC, Inc		1,575
4,067	*	Novell, Inc		27,452
2,021		Omnicom Group, Inc		170,411
127	*	Open Solutions, Inc		3,297
100	*	Opnet Technologies, Inc		842
503	*	Opsware, Inc		3,692
40,272	*	Oracle Corp		552,532
500	*	Packeteer, Inc		7,225
94	*	PalmSource, Inc		1,198
2,850	*	Parametric Technology Corp		16,787
207	*	PC-Tel, Inc		1,642
300	*	PDF Solutions, Inc		4,833
76	*	PDI, Inc		1,693
62	*	PEC Solutions, Inc		879
261	*	Pegasus Solutions, Inc		3,289
808	*	Perot Systems Corp (Class A)		12,952
230	*	Pixar		19,690
1,000	*	PLATO Learning, Inc		7,450
262	*	Portal Software, Inc		694
129	*	Portfolio Recovery Associates, Inc		5,317
200	*	ProcureNet, Inc		30
300	*	Progress Software Corp		7,005
108		QAD, Inc		963
35	*	Quality Systems, Inc		2,093
529	*	Quest Software, Inc		8,438
239	*	R.H. Donnelley Corp		14,113
187	*	Radisys Corp		3,656
1,196	*	RealNetworks, Inc		7,918
1,721	*	Red Hat, Inc		22,975
16	*	Redback Networks, Inc		86
100		Renaissance Learning, Inc		1,856
723	*	Rent-A-Center, Inc		19,160
200	*	Rent-Way, Inc		1,602
567	*	Retek, Inc		3,487

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
128	*	Rewards Network, Inc	$	896
713		Reynolds & Reynolds Co (Class A)		18,902
1,613		Robert Half International, Inc		47,471
150		Rollins, Inc		3,948
720	*	RSA Security, Inc		14,443
900	*	S1 Corp		8,154
264	*	SafeNet, Inc		9,699
700	*	Sapient Corp		5,537
632	*	Scansoft, Inc		2,648
336	*	Secure Computing Corp		3,353
175	*	Seebeyond Technology Corp		626
446	*	Serena Software, Inc		9,651
4,475	*	Siebel Systems, Inc		46,987
619	*	Sitel Corp		1,523
58	*	SoftBrands, Inc		128
178	*	Sohu.com, Inc		3,152
542	*	SonicWALL, Inc		3,425
375	*	Sotheby’s Holdings, Inc (Class A)		6,810
122	*	Source Interlink Cos, Inc		1,620
624	*	Spherion Corp		5,242
100	*	SPSS, Inc		1,564
89	*	SRA International, Inc (Class A)		5,714
108		SS&C Technologies, Inc		2,230
100		Startek, Inc		2,845
185	*	Stellent, Inc		1,632
73	*	Stratasys, Inc		2,450
35,056	*	Sun Microsystems, Inc		188,601
3,000	*	SunGard Data Systems, Inc		84,990
261	*	SupportSoft, Inc		1,738
1,054	*	Sybase, Inc		21,027
200	*	Sykes Enterprises, Inc		1,390
6,800	*	Symantec Corp		175,168
1,602	*	Synopsys, Inc		31,431
457	*	Take-Two Interactive Software, Inc		15,899
143		Talx Corp		3,688
300	*	TeleTech Holdings, Inc		2,907
525	*	THQ, Inc		12,043
2,110	*	TIBCO Software, Inc		28,147
132	*	Tier Technologies, Inc (Class B)		1,221
1,000	*	Titan Corp		16,200
600		Total System Services, Inc		14,580
183	*	TradeStation Group, Inc		1,285
300	*	Transaction Systems Architects, Inc (Class A)		5,955
200	*	Trizetto Group, Inc		1,900
507	*	Tumbleweed Communications Corp		1,693
296	*	Tyler Technologies, Inc		2,474
3,451	*	Unisys Corp		35,131
450	*	United Online, Inc		5,189
484	*	United Rentals, Inc		9,148
150	*	Universal Compression Holdings, Inc		5,237
1,431	*	Valueclick, Inc		19,075
65	*	Verint Systems, Inc		2,361
2,637	*	VeriSign, Inc		88,392
4,546	*	Veritas Software Corp		129,788

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
236	*	Verity, Inc	$	3,096
100	*	Vertrue, Inc		3,777
263		Viad Corp		7,493
3,069	*	Vignette Corp		4,266
100	*	Volt Information Sciences, Inc		2,939
200	*	WatchGuard Technologies, Inc		886
227	*	WebEx Communications, Inc		5,398
3,498	*	WebMD Corp		28,544
1,281	*	webMethods, Inc		9,236
282	*	Websense, Inc		14,303
859	*	Westwood One, Inc		23,133
592	*	Wind River Systems, Inc		8,022
218	*	Witness Systems, Inc		3,806
12,231	*	Yahoo!, Inc		460,864
900	*	Zix Corp		4,635

		TOTAL BUSINESS SERVICES		9,759,104


CHEMICALS AND ALLIED PRODUCTS - 9.92%
16,631		Abbott Laboratories		775,836
745	*	Abgenix, Inc		7,703
139	*	Able Laboratories, Inc		3,162
139		Aceto Corp		2,647
309	*	Adolor Corp		3,065
2,391		Air Products & Chemicals, Inc		138,606
276	*	Albany Molecular Research, Inc		3,075
337		Albemarle Corp		13,045
787		Alberto-Culver Co		38,225
200	*	Alexion Pharmaceuticals, Inc		5,040
851	*	Alkermes, Inc		11,991
1,435		Allergan, Inc		116,335
334		Alpharma, Inc (Class A)		5,661
203	*	American Pharmaceutical Partners, Inc		7,594
13,800	*	Amgen, Inc		885,270
1,000	*	Amylin Pharmaceuticals, Inc		23,360
870	*	Andrx Corp		18,992
200		Arch Chemicals, Inc		5,756
1,200	*	Array Biopharma, Inc		11,424
383	*	Atherogenics, Inc		9,023
637	*	Avant Immunotherapeutics, Inc		1,280
1,177		Avery Dennison Corp		70,585
5,188		Avon Products, Inc		200,776
937	*	Barr Pharmaceuticals, Inc		42,671
111	*	Benthley Pharmaceuticals, Inc		1,193
800	*	Bioenvision, Inc		7,168
3,590	*	Biogen Idec, Inc		239,130
667	*	BioMarin Pharmaceutical, Inc		4,262
100	*	Biosite, Inc		6,154
100	*	Bone Care International, Inc		2,785
85	*	Bradley Pharmaceuticals, Inc		1,649
21,004		Bristol-Myers Squibb Co		538,122
696		Cabot Corp		26,921
300		Calgon Carbon Corp		2,724
206		Cambrex Corp		5,583

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
300	*	Cell Genesys, Inc	$	2,430
900	*	Cell Therapeutics, Inc		7,326
596	*	Cephalon, Inc		30,324
688	*	Charles River Laboratories International, Inc		31,655
149	*	Chattem, Inc		4,932
1,165	*	Chiron Corp		38,829
612		Church & Dwight Co, Inc		20,575
1,617		Clorox Co		95,290
5,679		Colgate-Palmolive Co		290,538
300	*	Connetics Corp		7,287
400	*	Corixa Corp		1,456
1,000		Crompton Corp		11,800
811	*	Cubist Pharmaceuticals, Inc		9,594
900	*	Curis, Inc		4,698
312	*	Cypress Bioscience, Inc		4,387
500		Cytec Industries, Inc		25,710
300	*	Cytogen Corp		3,456
483	*	Dade Behring Holdings, Inc		27,048
51	*	DEL Laboratories, Inc		1,772
614	*	Dendreon Corp		6,619
200		Diagnostic Products Corp		11,010
131	*	Digene Corp		3,426
297	*	Discovery Laboratories, Inc		2,355
110	*	Dov Pharmaceutical, Inc		1,986
10,121		Dow Chemical Co		501,091
10,684		Du Pont (E.I.) de Nemours & Co		524,050
241	*	Durect Corp		790
900		Eastman Chemical Co		51,957
2,055		Ecolab, Inc		72,192
170	*	Elizabeth Arden, Inc		4,036
600	*	Encysive Pharmaceuticals, Inc		5,958
400	*	Enzon, Inc		5,488
268	*	Eon Labs, Inc		7,236
242	*	EPIX Pharmaceuticals, Inc		4,334
1,150		Estee Lauder Cos (Class A)		52,636
73	*	Eyetech Pharmaceuticals, Inc		3,322
396		Ferro Corp		9,183
175	*	First Horizon Pharmaceutical		4,006
377	*	FMC Corp		18,209
3,888	*	Forest Laboratories, Inc		174,416
557	*	Genaera Corp		1,905
936	*	Genelabs Technologies		1,123
4,791	*	Genentech, Inc		260,822
494	*	Genta, Inc		869
2,740	*	Genzyme Corp		159,112
300		Georgia Gulf Corp		14,940
312	*	Geron Corp		2,487
4,558	*	Gilead Sciences, Inc		159,484
10,700		Gillette Co		479,146
483		Great Lakes Chemical Corp		13,761
158	*	Guilford Pharmaceuticals, Inc		782
300		H.B. Fuller Co		8,553
71	*	Hollis-Eden Pharmaceuticals		669
1,633	*	Hospira, Inc		54,706

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
1,379	*	Human Genome Sciences, Inc	$	16,576
531	*	ICOS Corp		15,017
400	*	Idexx Laboratories, Inc		21,836
657	*	ImClone Systems, Inc		30,275
451	*	Immucor, Inc		10,603
300	*	Immunogen, Inc		2,652
439	*	Immunomedics, Inc		1,335
517	*	Impax Laboratories, Inc		8,210
267	*	Indevus Pharmaceuticals, Inc		1,591
518	*	Inkine Pharmaceutical Co		2,813
295	*	Inspire Pharmaceuticals, Inc		4,947
314	*	InterMune, Inc		4,164
1,061		International Flavors & Fragrances, Inc		45,453
107	*	Inverness Medical Innovations, Inc		2,686
592	*	Invitrogen Corp		39,741
400	*	Isis Pharmaceuticals, Inc		2,360
1,000	*	Isolagen, Inc		7,870
1,992	*	IVAX Corp		31,513
2,581	*	King Pharmaceuticals, Inc		32,004
110	*	Kos Pharmaceuticals, Inc		4,140
56		Kronos Worldwide, Inc		2,313
360	*	KV Pharmaceutical Co (Class A)		7,938
62	*	Lannett Co, Inc		611
699	*	Ligand Pharmaceuticals, Inc (Class B)		8,136
10,446		Lilly (Eli) & Co		592,811
287		MacDermid, Inc		10,361
400		Mannatech, Inc		7,616
338	*	Martek Biosciences Corp		17,306
1,476	*	Medarex, Inc		15,911
547	*	Medicines Co		15,754
596		Medicis Pharmaceutical Corp (Class A)		20,926
2,715	*	MedImmune, Inc		73,604
23,753		Merck & Co, Inc		763,421
792	*	MGI Pharma, Inc		22,184
3,194	*	Millennium Pharmaceuticals, Inc		38,711
246		Minerals Technologies, Inc		16,408
1,231	*	Mosaic Co		20,090
2,836		Mylan Laboratories, Inc		50,140
900	*	Myogen, Inc		7,263
612	*	Nabi Biopharmaceuticals		8,966
500	*	Nalco Holding Co		9,760
95		Nature’s Sunshine Products, Inc		1,934
580	*	NBTY, Inc		13,926
981	*	Nektar Therapeutics		19,855
100	*	Neose Technologies, Inc		672
359	*	Neurocrine Biosciences, Inc		17,699
154	*	NewMarket Corp		3,065
300	*	NitroMed, Inc		7,995
113	*	NL Industries, Inc		2,497
202	*	Northfield Laboratories, Inc		4,555
200	*	Noven Pharmaceuticals, Inc		3,412
400	*	NPS Pharmaceuticals, Inc		7,312
301	*	Nuvelo, Inc		2,965
90		Octel Corp		1,873

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
739		Olin Corp	$	16,273
298	*	OM Group, Inc		9,661
300	*	Omnova Solutions, Inc		1,686
450	*	Onyx Pharmaceuticals, Inc		14,576
360	*	OraSure Technologies, Inc		2,419
553	*	OSI Pharmaceuticals, Inc		41,392
100	*	Pain Therapeutics, Inc		721
440	*	Palatin Technologies, Inc		1,170
364	*	Par Pharmaceutical Cos, Inc		15,062
145	*	Penwest Pharmaceuticals Co		1,734
1,337	*	Peregrine Pharmaceuticals, Inc		1,564
81,767	d	Pfizer, Inc		2,198,715
1,000	*	Pharmacyclics, Inc		10,470
131	*	Pharmion Corp		5,529
200		PolyMedica Corp		7,458
965	*	PolyOne Corp		8,743
200	*	Pozen, Inc		1,454
1,903		PPG Industries, Inc		129,708
380	*	Praecis Pharmaceuticals, Inc		722
3,400		Praxair, Inc		150,110
27,554		Procter & Gamble Co		1,517,674
100	*	Progenics Pharmaceuticals		1,716
1,073	*	Protein Design Labs, Inc		22,168
100		Quaker Chemical Corp		2,484
235	*	Quidel Corp		1,194
1,208	*	Revlon, Inc (Class A)		2,778
1,740		Rohm & Haas Co		76,960
1,300		RPM International, Inc		25,558
382	*	Salix Pharmaceuticals Ltd		6,719
15,862		Schering-Plough Corp		331,199
395	*	Sciclone Pharmaceuticals, Inc		1,462
232	*	Scotts Co (Class A)		17,057
1,110	*	Sepracor, Inc		65,901
199	*	Serologicals Corp		4,402
1,356		Sherwin-Williams Co		60,518
754		Sigma-Aldrich Corp		45,587
100		Stepan Co		2,436
900	*	SuperGen, Inc		6,345
147	*	SurModics, Inc		4,779
251	*	Tanox, Inc		3,815
1,600	*	Terra Industries, Inc		14,208
252	*	Third Wave Technologies, Inc		2,167
500	*	UAP Holding Corp		8,635
183	*	United Therapeutics Corp		8,262
92	*	USANA Health Sciences, Inc		3,146
864		USEC, Inc		8,372
891		Valeant Pharmaceuticals International		23,478
600		Valspar Corp		30,006
730	*	VCA Antech, Inc		14,308
695	*	Vertex Pharmaceuticals, Inc		7,346
734	*	Vicuron Pharmaceuticals, Inc		12,779
588	*	Vion Pharmaceuticals, Inc		2,758
1,206	*	Watson Pharmaceuticals, Inc		39,569
300		Wellman, Inc		3,207

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
200		West Pharmaceutical Services, Inc	$	5,006
300		Westlake Chemical Corp		10,020
602	b*	WR Grace & Co		8,193
14,379		Wyeth		612,402
2,100	*	Zila, Inc		8,988
134	*	Zymogenetics, Inc		3,082

		TOTAL CHEMICALS AND ALLIED PRODUCTS		14,208,206

COAL MINING - 0.10%
581		Arch Coal, Inc		20,649
920		Consol Energy, Inc		37,766
758		Massey Energy Co		26,492
680		Peabody Energy Corp		55,019

		TOTAL COAL MINING		139,926


COMMUNICATIONS - 4.84%
300	*	AirGate PCS, Inc		10,680
676	*	Alamosa Holdings, Inc		8,430
3,461		Alltel Corp		203,368
2,413	*	American Tower Corp (Class A)		44,399
8,760		AT&T Corp		166,966
4,262	*	Avaya, Inc		73,306
100	*	Beasley Broadcast Group, Inc (Class A)		1,753
19,555		BellSouth Corp		543,433
168	*	Boston Communications Group		1,552
1,830	*	Cablevision Systems Corp (Class A)		45,567
100	*	Centennial Communications Corp		793
1,520		CenturyTel, Inc		53,914
3,210	*	Charter Communications, Inc (Class A)		7,190
2,305	*	Cincinnati Bell, Inc		9,566
575	*	Citadel Broadcasting Corp		9,304
5,245		Clear Channel Communications, Inc		175,655
15,650	*	Comcast Corp (Class A)		520,832
7,459	*	Comcast Corp (Special Class A)		244,954
230	*	Commonwealth Telephone Enterprises, Inc		11,422
300	*	Cox Radio, Inc (Class A)		4,944
1,946	*	Crown Castle International Corp		32,381
200	*	Crown Media Holdings, Inc (Class A)		1,720
185		CT Communications, Inc		2,276
671	*	Cumulus Media, Inc (Class A)		10,119
135		D&E Communications, Inc		1,627
6,894	*	DIRECTV Group, Inc		115,406
1,170	*	Dobson Communications Corp (Class A)		2,012
2,421		EchoStar Communications Corp (Class A)		80,474
521	*	Emmis Communications Corp (Class A)		9,998
521	*	Entercom Communications Corp		18,699
390	*	Entravision Communications Corp (Class A)		3,257
52	*	Fisher Communications, Inc		2,542
1,129	*	Foundry Networks, Inc		14,858
1,889	*	Fox Entertainment Group, Inc (Class A)		59,050
464	*	General Communication, Inc (Class A)		5,123
260		Global Payments, Inc		15,220
100		Golden Telecom, Inc		2,642

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
420		Gray Television, Inc	$	6,510
327		Hearst-Argyle Television, Inc		8,626
3,617	*	IAC/InterActiveCorp		99,902
400	*	IDT Corp		5,872
200	*	IDT Corp (Class B)		3,096
400	*	Infonet Services Corp (Class B)		808
500	*	Insight Communications Co, Inc		4,635
2,514	*	Internap Network Services Corp		2,338
400		Iowa Telecommunications Services, Inc		8,628
200	*	j2 Global Communications, Inc		6,900
7,220	*	Level 3 Communications, Inc		24,476
200		Liberty Corp		8,792
1,722	*	Liberty Media International, Inc		79,608
281	*	Lin TV Corp (Class A)		5,367
100	*	Lodgenet Entertainment Corp		1,769
3,254	*	Lucent Technologies Inc Wts 12/10/07		5,141
45,615	*	Lucent Technologies, Inc		171,512
173	*	Mastec, Inc		1,749
4,194	fv*	McLeod (Escrow)		—
245	*	McLeodUSA, Inc (Class A)		176
493	*	Mediacom Communications Corp		3,081
200	*	Net2Phone, Inc		680
300	*	Nexstar Broadcasting Group, Inc		2,766
10,865	*	Nextel Communications, Inc (Class A)		325,950
1,303	*	Nextel Partners, Inc (Class A)		25,461
606	*	NII Holdings, Inc (Class B)		28,755
158		North Pittsburgh Systems, Inc		3,907
596	*	Novatel Wireless, Inc		11,550
755	*	NTL, Inc		55,085
300	*	Paxson Communications Corp		414
420	*	Price Communications Corp		7,808
517	*	Primus Telecommunications Group		1,644
434	*	PTEK Holdings, Inc		4,648
15,727	*	Qwest Communications International, Inc		69,828
400	*	Radio One, Inc (Class A)		6,440
400	*	Radio One, Inc (Class D)		6,448
400	b*	RCN Corp		8
400	*	Regent Communications, Inc		2,120
125	*	Saga Communications, Inc (Class A)		2,106
87	*	Salem Communications Corp (Class A)		2,171
35,467		SBC Communications, Inc		913,985
58		Shenandoah Telecom Co		1,737
383		Sinclair Broadcast Group, Inc (Class A)		3,527
300	*	Spanish Broadcasting System, Inc (Class A)		3,168
416	*	Spectrasite, Inc		24,086
15,088		Sprint Corp		374,937
122		SureWest Communications		3,459
211	*	Talk America Holdings, Inc		1,397
514		Telephone & Data Systems, Inc		39,552
3,191	*	Terremark Worldwide, Inc		2,042
1,400	*	Time Warner Telecom, Inc (Class A)		6,104
932	*	Tivo, Inc		5,471
179	*	Triton PCS Holdings, Inc (Class A)		612
300	*	U.S. Cellular Corp		13,428

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
748	*	Ubiquitel, Inc	$	5,326
3,694	*	UnitedGlobalcom, Inc (Class A)		35,684
2,612	*	Univision Communications, Inc (Class A)		76,453
250	*	USA Mobility, Inc		8,827
29,650		Verizon Communications, Inc		1,201,121
16,089		Viacom, Inc (Class B)		585,479
174	*	West Corp		5,761
800	*	Western Wireless Corp (Class A)		23,440
1,081	*	Wireless Facilities, Inc		10,205
1,720	*	XM Satellite Radio Holdings, Inc		64,706
100	*	Young Broadcasting, Inc (Class A)		1,056

		TOTAL COMMUNICATIONS		6,933,770

DEPOSITORY INSTITUTIONS - 10.01%
110		1st Source Corp		2,806
90		ABC Bancorp		1,890
96	*	ACE Cash Express, Inc		2,847
107	*	AmericanWest Bancorp		2,167
3,835		AmSouth Bancorp		99,327
200		Anchor Bancorp Wisconsin, Inc		5,830
134		Arrow Financial Corp		4,154
1,407		Associated Banc-Corp		46,726
876		Astoria Financial Corp		35,014
100		Bancfirst Corp		7,898
823		Bancorpsouth, Inc		20,057
838		Bank Mutual Corp		10,198
43,584		Bank of America Corp		2,048,012
125		Bank of Granite Corp		2,613
600		Bank of Hawaii Corp		30,444
8,344		Bank of New York Co, Inc		278,856
102		Bank of The Ozarks, Inc		3,471
452		BankAtlantic Bancorp, Inc (Class A)		8,995
1,820		Banknorth Group, Inc		66,612
500	*	BankUnited Financial Corp (Class A)		15,975
79		Banner Corp		2,464
6,095		BB&T Corp		256,295
57		Berkshire Hills Bancorp, Inc		2,118
112	*	BOK Financial Corp		5,461
287		Boston Private Financial Holdings, Inc		8,085
68		Bryn Mawr Bank Corp		1,495
74		Camden National Corp		2,916
81		Capital City Bank Group, Inc		3,386
52		Capital Corp of the West		2,444
232		Capitol Federal Financial		8,352
142		Cascade Bancorp		2,871
418		Cathay General Bancorp		15,675
81	*	Central Coast Bancorp		1,870
311		Central Pacific Financial Corp		11,249
36		Charter Financial Corp		1,579
223		Chemical Financial Corp		9,571
453		Chittenden Corp		13,015
55,357		Citigroup, Inc		2,667,100
400		Citizens Banking Corp		13,740
83		Citizens First Bancorp, Inc		2,007

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
81		City Bank	$	2,928
155		City Holding Co		5,617
400		City National Corp		28,260
110		Coastal Financial Corp		2,108
150		CoBiz, Inc		3,045
1,280		Colonial Bancgroup, Inc		27,174
53		Columbia Bancorp		1,812
110		Columbia Banking System, Inc		2,749
1,837		Comerica, Inc		112,094
710		Commerce Bancorp, Inc		45,724
680		Commerce Bancshares, Inc		34,156
338		Commercial Capital Bancorp, Inc		7,835
400		Commercial Federal Corp		11,884
400		Community Bank System, Inc		11,300
139		Community Trust Bancorp, Inc		4,498
1,357		Compass Bancshares, Inc		66,045
200		Corus Bankshares, Inc		9,602
600		Cullen/Frost Bankers, Inc		29,160
359		CVB Financial Corp		9,535
309		Dime Community Bancshares		5,534
197		Downey Financial Corp		11,229
492		East West Bancorp, Inc		20,644
331	*	Euronet Worldwide, Inc		8,613
100		Farmers Capital Bank Corp		4,120
117		Fidelity Bankshares, Inc		5,003
5,132		Fifth Third Bancorp		242,641
100		Financial Institutions, Inc		2,325
100		First Bancorp (North Carolina)		2,717
366		First Bancorp (Puerto Rico)		23,245
150		First Busey Corp (Class A)		3,131
300		First Charter Corp		7,851
55		First Citizens Bancshares, Inc (Class A)		8,154
500		First Commonwealth Financial Corp		7,695
130		First Community Bancorp		5,551
72		First Community Bancshares, Inc		2,598
315		First Financial Bancorp		5,513
142		First Financial Bankshares, Inc		6,363
188		First Financial Corp (Indiana)		6,586
133		First Financial Holdings, Inc		4,354
1,347		First Horizon National Corp		58,069
415		First Merchants Corp		11,745
445		First Midwest Bancorp, Inc		16,149
508		First National Bankshares of Florida, Inc		12,141
58		First Oak Brook Bancshares, Inc		1,880
36		First of Long Island Corp		1,816
110		First Republic Bank		5,830
78		First State Bancorp		2,867
158	*	FirstFed Financial Corp		8,195
953		FirstMerit Corp		27,151
485		Flagstar Bancorp, Inc		10,961
150		Flushing Financial Corp		3,009
358		FNB Corp		7,289
53		FNB Corp (Virginia)		1,503
148		Frontier Financial Corp		5,714

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
1,477		Fulton Financial Corp	$	34,429
58		GB&T Bancshares, Inc		1,399
235		Glacier Bancorp, Inc		7,999
400		Gold Banc Corp, Inc		5,848
2,706		Golden West Financial Corp		166,203
104		Great Southern Bancorp, Inc		3,640
246		Hancock Holding Co		8,231
192		Hanmi Financial Corp		6,900
200		Harbor Florida Bancshares, Inc		6,922
275		Harleysville National Corp		7,315
1,717		Hibernia Corp (Class A)		50,669
112		Horizon Financial Corp		2,305
701		Hudson City Bancorp, Inc		25,811
320		Hudson River Bancorp, Inc		6,333
543		Hudson United Bancorp		21,383
2,410		Huntington Bancshares, Inc		59,720
100		IberiaBank Corp		6,636
100		Independent Bank Corp (Massachusetts)		3,375
152		Independent Bank Corp (Michigan)		4,534
657		IndyMac Bancorp, Inc		22,634
161		Integra Bank Corp		3,721
78		Interchange Financial Services Corp		2,022
331		International Bancshares Corp		13,035
400		Irwin Financial Corp		11,356
42	*	Itla Capital Corp		2,469
37,986		JPMorgan Chase & Co		1,481,834
4,606		KeyCorp		156,143
247		KNBT Bancorp, Inc		4,174
115		Lakeland Bancorp, Inc		2,018
46		Lakeland Financial Corp		1,826
888		M & T Bank Corp		95,762
67		Macatawa Bank Corp		2,163
445		MAF Bancorp, Inc		19,945
141		Main Street Banks, Inc		4,925
86		MainSource Financial Group, Inc		2,054
2,395		Marshall & Ilsley Corp		105,859
150		MB Financial, Inc		6,323
200		MBT Financial Corp		4,654
4,558		Mellon Financial Corp		141,799
53		Mercantile Bank Corp		2,094
868		Mercantile Bankshares Corp		45,310
200		Mid-State Bancshares		5,730
85		Midwest Banc Holdings, Inc		1,859
186		Nara Bancorp, Inc		3,956
6,511		National City Corp		244,488
285		National Penn Bancshares, Inc		7,895
64		NBC Capital Corp		1,700
274		NBT Bancorp, Inc		7,047
505		NetBank, Inc		5,257
2,702		New York Community Bancorp, Inc		55,580
954		NewAlliance Bancshares, Inc		14,596
4,776		North Fork Bancorp, Inc		137,788
2,103		Northern Trust Corp		102,164
200		Northwest Bancorp, Inc		5,018

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
35		Oak Hill Financial, Inc	$	1,358
150		OceanFirst Financial Corp		3,698
300	*	Ocwen Financial Corp		2,868
638		Old National Bancorp		16,499
194		Old Second Bancorp, Inc		6,185
100		Omega Financial Corp		3,428
428		Pacific Capital Bancorp		14,548
165		Park National Corp		22,358
206		Partners Trust Financial Group, Inc		2,400
64		Peapack Gladstone Financial Corp		2,019
90		Pennfed Financial Services, Inc		1,447
69		Pennrock Financial Services Corp		2,685
75		Peoples Bancorp, Inc		2,057
410		People’s Bank		15,945
130		Peoples Holding Co		4,303
140		PFF Bancorp, Inc		6,486
3,059		PNC Financial Services Group, Inc		175,709
421		Provident Bancorp, Inc		5,553
283		Provident Bankshares Corp		10,293
54		Provident Financial Holdings		1,558
854		Provident Financial Services, Inc		16,542
289		R & G Financial Corp (Class B)		11,236
5,025		Regions Financial Corp		178,840
105		Republic Bancorp, Inc (Class A) (Kentucky)		2,698
629		Republic Bancorp, Inc (Michigan)		9,611
100	*	Riggs National Corp		2,126
45		Royal Bancshares of Pennsylvania (Class A)		1,216
300		S & T Bancorp, Inc		11,307
200		S.Y. Bancorp, Inc		4,820
121		Santander Bancorp		3,649
72		SCBT Financial Corp		2,417
102		Seacoast Banking Corp of Florida		2,270
400	*	Silicon Valley Bancshares		17,928
108		Simmons First National Corp (Class A)		3,127
1,267		Sky Financial Group, Inc		36,325
200		Smithtown Bancorp, Inc		6,350
700		South Financial Group, Inc		22,771
99		Southside Bancshares, Inc		2,262
668		Southwest Bancorp of Texas, Inc		15,558
94		Southwest Bancorp, Inc		2,301
3,440		Sovereign Bancorp, Inc		77,572
73		State Bancorp, Inc		2,008
54		State Financial Services Corp (Class A)		1,625
3,709		State Street Corp		182,186
114		Sterling Bancorp		3,221
400		Sterling Bancshares, Inc		5,708
256		Sterling Financial Corp (Pennsylvania)		7,340
171	*	Sterling Financial Corp (Spokane)		6,713
3,569		SunTrust Banks, Inc		263,678
3,316		Synovus Financial Corp		94,771
1,546		TCF Financial Corp		49,688
300	*	Texas Capital Bancshares, Inc		6,486
436		Texas Regional Bancshares, Inc (Class A)		14,248
238		TierOne Corp		5,914

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
92		Trico Bancshares	$	2,153
626		Trustco Bank Corp NY		8,633
491		Trustmark Corp		15,255
20,197		U.S. Bancorp		632,570
120		U.S.B. Holding Co, Inc		2,988
470		UCBH Holdings, Inc		21,535
186		UMB Financial Corp		10,539
395		Umpqua Holdings Corp		9,958
69		Union Bankshares Corp		2,652
754		UnionBanCal Corp		48,618
337		United Bankshares, Inc		12,856
228		United Community Banks, Inc		6,140
400		United Community Financial Corp		4,480
81		Univest Corp of Pennsylvania		3,728
232		Unizan Financial Corp		6,113
1,119		Valley National Bancorp		30,940
62	*	Virginia Commerce Bancorp		1,756
67		Virginia Financial Group, Inc		2,456
778		W Holding Co, Inc		17,847
17,300		Wachovia Corp		909,980
945		Washington Federal, Inc		25,080
138		Washington Trust Bancorp, Inc		4,045
629		Webster Financial Corp		31,852
18,072		Wells Fargo & Co		1,123,175
200		Wesbanco, Inc		6,394
177		West Bancorporation		3,117
200		West Coast Bancorp		5,082
330		Westamerica Bancorp		19,242
54	*	Western Sierra Bancorp		2,071
500		Whitney Holding Corp		22,495
800		Wilmington Trust Corp		28,920
189		Wintrust Financial Corp		10,765
100		WSFS Financial Corp		6,032
54		Yardville National Bancorp		1,850
944		Zions Bancorp		64,220

		TOTAL DEPOSITORY INSTITUTIONS		14,335,593

EATING AND DRINKING PLACES - 0.73%
929		Applebee’s International, Inc		24,572
1,034		Aramark Corp (Class B)		27,411
113	*	BJ’s Restaurants, Inc		1,582
300		Bob Evans Farms, Inc		7,842
1,025	*	Brinker International, Inc		35,947
175	*	California Pizza Kitchen, Inc		4,025
600		CBRL Group, Inc		25,110
343	*	CEC Entertainment, Inc		13,710
467	*	CKE Restaurants, Inc		6,776
1,830		Darden Restaurants, Inc		50,764
101	*	Dave & Buster’s, Inc		2,040
400		Domino’s Pizza, Inc		7,120
182		IHOP Corp		7,624
339	*	Jack In The Box, Inc		12,499
587	*	Krispy Kreme Doughnuts, Inc		7,396
273		Landry’s Restaurants, Inc		7,933

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
176		Lone Star Steakhouse & Saloon, Inc	$	4,928
13,593		McDonald’s Corp		435,792
300	*	O’Charley’s, Inc		5,865
752		Outback Steakhouse, Inc		34,427
215	*	P.F. Chang’s China Bistro, Inc		12,115
100	*	Papa John’s International, Inc		3,444
361	*	Rare Hospitality International, Inc		11,501
92	*	Red Robin Gourmet Burgers, Inc		4,919
661		Ruby Tuesday, Inc		17,239
450	*	Ryan’s Restaurant Group, Inc		6,939
702	*	Sonic Corp		21,411
844	*	The Cheesecake Factory, Inc		27,405
400	*	The Steak N Shake Co		8,032
100		Triarc Cos (Class A)		1,300
200		Triarc Cos (Class B)		2,452
1,341		Wendy’s International, Inc		52,648
3,127		Yum! Brands, Inc		147,532

		TOTAL EATING AND DRINKING PLACES		1,040,300


EDUCATIONAL SERVICES - 0.21%
1,660	*	Apollo Group, Inc (Class A)		133,979
1,036	*	Career Education Corp		41,440
942	*	Corinthian Colleges, Inc		17,752
587	*	DeVry, Inc		10,190
778	*	Education Management Corp		25,682
490	*	ITT Educational Services, Inc		23,299
377	*	Laureate Education, Inc		16,622
100	*	Learning Tree International, Inc		1,340
147	*	Princeton Review, Inc		904
168		Strayer Education, Inc		18,445
150	*	Universal Technical Institute, Inc		5,718

		TOTAL EDUCATIONAL SERVICES		295,371


ELECTRIC, GAS, AND SANITARY SERVICES - 3.70%
6,775	*	AES Corp		92,614
700		AGL Resources, Inc		23,268
1,221	*	Allegheny Energy, Inc		24,066
338		Allete, Inc		12,422
1,200		Alliant Energy Corp		34,320
2,872	*	Allied Waste Industries, Inc		26,652
2,193		Ameren Corp		109,957
4,294		American Electric Power Co, Inc		147,456
150		American States Water Co		3,900
1,133		Aqua America, Inc		27,860
1,797	*	Aquila, Inc		6,631
756		Atmos Energy Corp		20,677
400		Avista Corp		7,068
446		Black Hills Corp		13,683
148		California Water Service Group		5,572
4,712	*	Calpine Corp		18,565
100		Cascade Natural Gas Corp		2,120
100	*	Casella Waste Systems, Inc (Class A)		1,464
3,172		Centerpoint Energy, Inc		35,844

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
86		Central Vermont Public Service Corp	$	2,000
250		CH Energy Group, Inc		12,013
2,036		Cinergy Corp		84,759
3,456		Citizens Communications Co		47,658
400		Cleco Corp		8,104
1,655	*	CMS Energy Corp		17,295
100		Connecticut Water Service, Inc		2,649
2,629		Consolidated Edison, Inc		115,019
1,900		Constellation Energy Group, Inc		83,049
3,451		Dominion Resources, Inc		233,771
1,483		DPL, Inc		37,238
1,961		DTE Energy Co		84,578
9,888		Duke Energy Corp		250,463
900		Duquesne Light Holdings, Inc		16,965
2,994	*	Dynegy, Inc (Class A)		13,832
3,413		Edison International		109,318
7,051		El Paso Corp		73,330
400	*	El Paso Electric Co		7,576
239		Empire District Electric Co		5,421
359		Energen Corp		21,163
1,611		Energy East Corp		42,981
57		EnergySouth, Inc		1,598
2,496		Entergy Corp		168,705
700		Equitable Resources, Inc		42,462
7,052		Exelon Corp		310,782
3,673		FirstEnergy Corp		145,120
1,966		FPL Group, Inc		146,959
700		Great Plains Energy, Inc		21,196
966		Hawaiian Electric Industries, Inc		28,159
345		Idacorp, Inc		10,547
1,600		KeySpan Corp		63,120
1,044		Kinder Morgan, Inc		76,348
200		Laclede Group, Inc		6,230
1,187		MDU Resources Group, Inc		31,669
187		MGE Energy, Inc		6,738
93		Middlesex Water Co		1,761
860		National Fuel Gas Co		24,372
300		New Jersey Resources Corp		13,002
431		Nicor, Inc		15,921
2,915		NiSource, Inc		66,404
1,492		Northeast Utilities		28,124
233		Northwest Natural Gas Co		7,861
834	*	NRG Energy, Inc		30,066
552		NSTAR		29,963
983		OGE Energy Corp		26,059
1,000		Oneok, Inc		28,420
300		Otter Tail Corp		7,659
426		Peoples Energy Corp		18,723
1,900		Pepco Holdings, Inc		40,508
4,286	*	PG&E Corp		142,638
888		Piedmont Natural Gas Co, Inc		20,637
986		Pinnacle West Capital Corp		43,788
553		PNM Resources, Inc		13,985
1,884		PPL Corp		100,379

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
2,586		Progress Energy, Inc	$	116,991
600	v*	Progress Energy, Inc (Cvo)		6
2,545		Public Service Enterprise Group, Inc		131,755
1,170		Puget Energy, Inc		28,899
945		Questar Corp		48,157
3,026	*	Reliant Resources, Inc		41,305
1,893		Republic Services, Inc		63,491
115		Resource America, Inc (Class A)		3,737
1,138		SCANA Corp		44,837
2,300		Sempra Energy		84,364
900	*	Sierra Pacific Resources		9,450
69		SJW Corp		2,511
130		South Jersey Industries, Inc		6,833
8,096		Southern Co		271,378
660	*	Southern Union Co		15,827
300		Southwest Gas Corp		7,620
123		Southwest Water Co		1,666
636	*	Stericycle, Inc		29,224
2,003		TECO Energy, Inc		30,726
3,235		TXU Corp		208,851
581		UGI Corp		23,769
100		UIL Holdings Corp		5,130
270		Unisource Energy Corp		6,510
807		Vectren Corp		21,628
450	*	Waste Connections, Inc		15,412
6,254		Waste Management, Inc		187,245
1,015		Westar Energy, Inc		23,213
523		Western Gas Resources, Inc		15,298
446		WGL Holdings, Inc		13,755
5,635		Williams Cos, Inc		91,794
1,298		Wisconsin Energy Corp		43,756
400		WPS Resources Corp		19,984
4,263		Xcel Energy, Inc		77,587

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,295,933

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.75%
200	*	Actel Corp		3,508
632		Adtran, Inc		12,096
218	*	Advanced Energy Industries, Inc		1,990
3,955	*	Advanced Micro Devices, Inc		87,089
950	*	Aeroflex, Inc		11,514
4,644	*	Agere Systems, Inc (Class A)		6,362
12,506	*	Agere Systems, Inc (Class B)		16,883
200	*	Alliance Semiconductor Corp		740
4,042	*	Altera Corp		83,669
1,773		American Power Conversion Corp		37,942
259	*	American Superconductor Corp		3,857
800		Ametek, Inc		28,536
332	*	AMIS Holdings, Inc		5,485
1,105	*	Amkor Technology, Inc		7,381
680	*	Amphenol Corp (Class A)		24,983
3,968		Analog Devices, Inc		146,499
200	*	Anaren Microwave, Inc		2,592
1,201	*	Applica, Inc		7,266

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
3,565	*	Applied Micro Circuits Corp	$	15,009
92		Applied Signal Technology, Inc		3,243
900	*	Arris Group, Inc		6,336
300	*	Artesyn Technologies, Inc		3,390
4,854	*	Atmel Corp		19,028
282	*	ATMI, Inc		6,353
608	*	Avanex Corp		2,012
484		AVX Corp		6,098
259		Baldor Electric Co		7,130
100		Bel Fuse, Inc (Class B)		3,379
500	*	Benchmark Electronics, Inc		17,050
2,642	*	Broadcom Corp (Class A)		85,284
412	*	Broadwing Corp		3,753
200		C&D Technologies, Inc		3,408
224	*	California Micro Devices Corp		1,588
885	*	Capstone Turbine Corp		1,620
213	*	Carrier Access Corp		2,275
300	*	C-COR, Inc		2,790
311	*	Ceradyne, Inc		17,792
300	*	Checkpoint Systems, Inc		5,415
5,973	*	CIENA Corp		19,950
120	*	Comtech Telecommunications		4,513
2,010	*	Comverse Technology, Inc		49,145
5,030	*	Conexant Systems, Inc		10,010
900	*	Cree, Inc		36,072
300		CTS Corp		3,987
100		Cubic Corp		2,517
1,312	*	Cypress Semiconductor Corp		15,390
179	*	Digital Theater Systems, Inc		3,603
66	*	Diodes, Inc		1,494
273	*	Ditech Communications Corp		4,081
289	*	DSP Group, Inc		6,453
100	*	Dupont Photomasks, Inc		2,641
2,008	*	Eagle Broadband, Inc		1,325
300	*	Electro Scientific Industries, Inc		5,928
4,531		Emerson Electric Co		317,623
96	*	EMS Technologies, Inc		1,596
940	*	Energizer Holdings, Inc		46,709
178	*	Energy Conversion Devices, Inc		3,439
494	*	Entegris, Inc		4,915
300	*	ESS Technology, Inc		2,133
600	*	Exar Corp		8,514
1,414	*	Fairchild Semiconductor International, Inc		22,992
1,100	*	Finisar Corp		2,508
128		Franklin Electric Co, Inc		5,409
352	*	Freescale Semiconductor, Inc		6,273
4,013	*	Freescale Semiconductor, Inc (Class B)		73,679
300	*	FuelCell Energy, Inc		2,970
3,003	*	Gemstar-TV Guide International, Inc		17,778
113,078	d	General Electric Co		4,127,347
280	*	Genesis Microchip, Inc		4,542
100	*	Genlyte Group, Inc		8,568
1,200	*	GrafTech International Ltd		11,352
626		Harman International Industries, Inc		79,502

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
508	*	Harmonic, Inc	$	4,237
764		Harris Corp		47,208
275		Helix Technology Corp		4,782
600	*	Hexcel Corp		8,700
649		Hubbell, Inc (Class B)		33,943
378	*	Hutchinson Technology, Inc		13,067
879	*	Integrated Circuit Systems, Inc		18,389
1,000	*	Integrated Device Technology, Inc		11,560
200	*	Integrated Silicon Solution, Inc		1,640
69,216		Intel Corp		1,618,962
500	*	Interdigital Communications Corp		11,050
735	*	International Rectifier Corp		32,759
1,490		Intersil Corp (Class A)		24,943
200		Inter-Tel, Inc		5,476
359	*	InterVoice, Inc		4,793
100	*	IXYS Corp		1,032
1,812	*	Jabil Circuit, Inc		46,351
15,063	*	JDS Uniphase Corp		47,750
789	*	Kemet Corp		7,062
731	*	Kopin Corp		2,829
1,092		L-3 Communications Holdings, Inc		79,978
77	*	LaserCard Corp		808
800	*	Lattice Semiconductor Corp		4,560
100	*	Lifeline Systems, Inc		2,576
3,357		Linear Technology Corp		130,117
200	*	Littelfuse, Inc		6,832
131		LSI Industries, Inc		1,500
4,112	*	LSI Logic Corp		22,534
593	*	Mattson Technology, Inc		6,677
3,470		Maxim Integrated Products, Inc		147,093
894		Maytag Corp		18,863
1,045	*	McData Corp (Class A)		6,228
169	*	Medis Technologies Ltd		3,101
667	*	MEMC Electronic Materials, Inc		8,838
223	*	Mercury Computer Systems, Inc		6,619
300		Methode Electronics, Inc		3,855
64	*	Metrologic Instruments, Inc		1,360
560	*	Micrel, Inc		6,171
2,370		Microchip Technology, Inc		63,184
6,147	*	Micron Technology, Inc		75,915
600	*	Microsemi Corp		10,416
1,000	*	Microtune, Inc		6,110
700	*	Microvision, Inc		4,900
436	*	MIPS Technologies, Inc		4,295
1,200	*	Mobility Electronics, Inc		10,296
1,511		Molex, Inc		45,330
164	*	Monolithic System Technology, Inc		1,022
240	*	Moog, Inc (Class A)		10,884
25,351		Motorola, Inc		436,037
1,045	*	MRV Communications, Inc		3,835
338	*	Mykrolis Corp		4,789
43		National Presto Industries, Inc		1,957
3,896		National Semiconductor Corp		69,933
494	*	NMS Communications Corp		3,117

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
1,615	*	Novellus Systems, Inc	$	45,042
1,666	*	Nvidia Corp		39,251
734	*	Omnivision Technologies, Inc		13,469
1,279	*	ON Semiconductor Corp		5,807
513	*	Openwave Systems, Inc		7,931
865	*	Oplink Communications, Inc		1,704
136	*	OSI Systems, Inc		3,089
1,900	*	Paradyne Networks, Inc		6,821
157		Park Electrochemical Corp		3,404
200	*	Pericom Semiconductor Corp		1,886
300	*	Photronics, Inc		4,950
363	*	Pixelworks, Inc		4,116
472		Plantronics, Inc		19,574
400	*	Plexus Corp		5,204
515	*	Plug Power, Inc		3,147
210	*	PLX Technology, Inc		2,184
1,900	*	PMC-Sierra, Inc		21,375
1,220	*	Polycom, Inc		28,450
61	*	Powell Industries, Inc		1,128
270	*	Power Integrations, Inc		5,341
500	*	Power-One, Inc		4,460
1,294	*	Powerwave Technologies, Inc		10,973
998	*	QLogic Corp		36,657
17,390		Qualcomm, Inc		737,336
922	*	Rambus, Inc		21,206
138		Raven Industries, Inc		2,941
294	*	Rayovac Corp		8,985
200		Regal-Beloit Corp		5,720
535	*	Remec, Inc		3,857
1,976	*	RF Micro Devices, Inc		13,516
1,921		Rockwell Collins, Inc		75,764
200	*	Rogers Corp		8,620
5,316	*	Sanmina-SCI Corp		45,026
456	*	SBA Communications Corp		4,232
100	*	SBS Technologies, Inc		1,396
1,753		Scientific-Atlanta, Inc		57,867
200	*	Seachange International, Inc		3,488
733	*	Semtech Corp		16,031
383	*	Sigmatel, Inc		13,608
731	*	Silicon Image, Inc		12,032
392	*	Silicon Laboratories, Inc		13,841
700	*	Silicon Storage Technology, Inc		4,165
53	*	Siliconix, Inc		1,934
1,000	*	Sipex Corp		4,680
13,138	*	Sirius Satellite Radio, Inc		100,506
1,472	*	Skyworks Solutions, Inc		13,881
153		Smith (A.O.) Corp		4,581
800	*	Spatialight, Inc		7,160
100		Spectralink Corp		1,418
500	*	Standard Microsystems Corp		8,915
100	*	Stoneridge, Inc		1,513
700	*	Stratex Networks, Inc		1,582
100	*	Supertex, Inc		2,170
1,936	*	Sycamore Networks, Inc		7,860

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
396	*	Symmetricom, Inc	$	3,845
172	*	Synaptics, Inc		5,260
500	*	Technitrol, Inc		9,100
400	*	Tekelec		8,176
5,285	*	Tellabs, Inc		45,398
500	*	Terayon Communication Systems, Inc		1,355
187	*	Tessera Technologies, Inc		6,958
18,503		Texas Instruments, Inc		455,544
625	*	Thomas & Betts Corp		19,219
1,200	*	Transmeta Corp		1,956
199	*	Trident Microsystems, Inc		3,327
1,402	*	Triquint Semiconductor, Inc		6,239
433	*	TTM Technologies, Inc		5,109
100	*	Ulticom, Inc		1,603
149	*	Ultralife Batteries, Inc		2,898
100	*	Universal Display Corp		900
100	*	Universal Electronics, Inc		1,760
1,002	*	Utstarcom, Inc		22,194
521	*	Valence Technology, Inc		1,620
418	*	Varian Semiconductor Equipment Associates, Inc		15,403
944	*	Verso Technologies, Inc		680
2	*	Vialta, Inc		—
219	*	Viasat, Inc		5,315
200		Vicor Corp		2,622
1,766	*	Vishay Intertechnology, Inc		26,525
2,600	*	Vitesse Semiconductor Corp		9,178
466	*	Westell Technologies, Inc		3,169
734		Whirlpool Corp		50,800
269	*	Wilson Greatbatch Technologies, Inc		6,031
100		Woodhead Industries, Inc		1,603
3,866		Xilinx, Inc		114,627
255	*	Zhone Technologies, Inc		660

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,093,434


ENGINEERING AND MANAGEMENT SERVICES - 0.92%
200	*	Accelrys, Inc		1,560
188	*	Advisory Board Co		6,933
603	*	Affymetrix, Inc		22,040
478	*	Answerthink, Inc		2,227
300	*	Antigenics, Inc		3,036
758	*	Applera Corp (Celera Genomics Group)		10,423
556	*	Ariad Pharmaceuticals, Inc		4,131
545	*	Axonyx, Inc		3,379
1,700	*	BearingPoint, Inc		13,651
1,894	*	Celgene Corp		50,248
854	*	Century Business Services, Inc		3,723
67	*	Charles River Associates, Inc		3,134
226	*	Ciphergen Biosystems, Inc		972
120	*	Cornell Cos, Inc		1,822
392		Corporate Executive Board Co		26,240
407	*	Corrections Corp of America		16,463
667	*	Covance, Inc		25,846
360	*	CuraGen Corp		2,578
300	*	CV Therapeutics, Inc		6,900

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
328	*	Decode Genetics, Inc	$	2,562
300	*	DiamondCluster International, Inc		4,299
571	*	Digitas, Inc		5,453
188	*	Diversa Corp		1,643
278	*	Dyax Corp		2,007
423	*	eResearch Technology, Inc		6,705
753	*	Exelixis, Inc		7,154
841		Fluor Corp		45,843
100	*	Forrester Research, Inc		1,794
452	*	FTI Consulting, Inc		9,524
739	*	Gartner, Inc (Class A)		9,208
91	*	Gartner, Inc (Class B)		1,118
100	*	Genencor International, Inc		1,640
594	*	Gen-Probe, Inc		26,855
4,608		Halliburton Co		180,818
410	*	Hewitt Associates, Inc		13,124
755	*	Incyte Corp		7,542
598	*	Jacobs Engineering Group, Inc		28,578
230	*	Keryx Biopharmaceuticals, Inc		2,661
100	*	Kosan Biosciences, Inc		693
84		Landauer, Inc		3,839
139	*	LECG Corp		2,592
673	*	Lexicon Genetics, Inc		5,219
302	*	Lifecell Corp		3,086
182	*	Luminex Corp		1,616
301	*	Maxim Pharmaceuticals, Inc		909
141	*	MAXIMUS, Inc		4,388
317	*	Maxygen, Inc		4,054
2,998		Monsanto Co		166,539
1,400		Moody’s Corp		121,590
60	*	MTC Technologies, Inc		2,014
284	*	Myriad Genetics, Inc		6,393
440	*	Navigant Consulting, Inc		11,704
595	*	Neopharm, Inc		7,443
645	*	Oscient Pharmaceuticals Corp		2,354
270	*	Parexel International Corp		5,481
3,813		Paychex, Inc		129,947
300	*	Per-Se Technologies, Inc		4,749
600	*	Pharmaceutical Product Development, Inc		24,774
935	*	Pharmos Corp		1,328
300	*	PRG-Schultz International, Inc		1,509
834		Quest Diagnostics, Inc		79,689
245	*	Regeneration Technologies, Inc		2,568
360	*	Regeneron Pharmaceuticals, Inc		3,316
207	*	Resources Connection, Inc		11,242
100	*	Seattle Genetics, Inc		653
3,376		Servicemaster Co		46,555
282	*	SFBC International, Inc		11,139
160	*	Sourcecorp		3,058
299	*	Symyx Technologies, Inc		8,994
100	*	Tejon Ranch Co		4,080
510	*	Telik, Inc		9,761
677	*	Tetra Tech, Inc		11,333
277	*	Transkaryotic Therapies, Inc		7,033

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
124	*	TRC Cos, Inc	$	2,108
148	*	Trimeris, Inc		2,097
300	*	URS Corp		9,630
196	*	Ventiv Health, Inc		3,983
263	*	Washington Group International, Inc		10,849
392		Watson Wyatt & Co Holdings		10,564

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,314,707

FABRICATED METAL PRODUCTS - 0.73%
437	*	Alliant Techsystems, Inc		28,571
1,244		Ball Corp		54,711
100		CIRCOR International, Inc		2,316
309		Commercial Metals Co		15,623
593		Crane Co		17,102
1,891	*	Crown Holdings, Inc		25,982
2,492		Danaher Corp		143,066
65	*	Drew Industries, Inc		2,351
1,637		Fortune Brands, Inc		126,344
220	*	Griffon Corp		5,940
100		Gulf Island Fabrication, Inc		2,183
468		Harsco Corp		26,086
2,902		Illinois Tool Works, Inc		268,957
259	*	Intermagnetics General Corp		6,581
792	*	Jacuzzi Brands, Inc		6,890
4,700		Masco Corp		171,691
100	*	Mobile Mini, Inc		3,304
200	*	NCI Building Systems, Inc		7,500
672	*	Shaw Group, Inc		11,995
100		Silgan Holdings, Inc		6,096
400		Simpson Manufacturing Co, Inc		13,960
657		Snap-On, Inc		22,575
729		Stanley Works		35,714
200		Sturm Ruger & Co, Inc		1,806
512	*	Taser International, Inc		16,174
700	*	Tower Automotive, Inc		1,673
154		Valmont Industries, Inc		3,867
300	*	Water Pik Technologies, Inc		5,319
255		Watts Water Technologies, Inc (Class A)		8,221

		TOTAL FABRICATED METAL PRODUCTS		1,042,598

FOOD AND KINDRED PRODUCTS - 2.97%
200		American Italian Pasta Co (Class A)		4,650
8,575		Anheuser-Busch Cos, Inc		435,010
6,113		Archer Daniels Midland Co		136,381
100	*	Boston Beer Co, Inc (Class A)		2,127
600		Cal-Maine Foods, Inc		7,254
2,663		Campbell Soup Co		79,597
77		Coca-Cola Bottling Co Consolidated		4,394
22,552		Coca-Cola Co		938,840
2,462		Coca-Cola Enterprises, Inc		51,333
5,654		Conagra Foods, Inc		166,510
875	*	Constellation Brands, Inc (Class A)		40,696
319		Coors (Adolph) Co (Class B)		24,139
359		Corn Products International, Inc		19,228

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
588	*	Darling International, Inc	$	2,564
1,743	*	Dean Foods Co		57,432
2,062	*	Del Monte Foods Co		22,723
490		Flowers Foods, Inc		15,474
3,110		General Mills, Inc		154,598
3,801		H.J. Heinz Co		148,201
1,169	*	Hercules, Inc		17,360
1,868		Hershey Foods Corp		103,749
758		Hormel Foods Corp		23,763
156		J & J Snack Foods Corp		7,649
572		J.M. Smucker Co		26,924
2,603		Kellogg Co		116,250
2,878		Kraft Foods, Inc (Class A)		102,485
317		Lancaster Colony Corp		13,590
200		Lance, Inc		3,806
107	*	M&F Worldwide Corp		1,457
1,600		McCormick & Co, Inc (Non-Vote)		61,760
79	*	Peets Coffee & Tea, Inc		2,091
1,664		Pepsi Bottling Group, Inc		44,994
735		PepsiAmericas Inc		15,611
18,273		PepsiCo, Inc		953,851
208		Pilgrim’s Pride Corp		6,381
275		Ralcorp Holdings, Inc		11,531
110		Sanderson Farms, Inc		4,761
8,647		Sara Lee Corp		208,738
400		Sensient Technologies Corp		9,596
859	*	Smithfield Foods, Inc		25,418
524		Tootsie Roll Industries, Inc		18,146
300		Topps Co, Inc		2,925
2,419		Tyson Foods, Inc (Class A)		44,510
1,759		Wrigley (Wm.) Jr Co		121,705

		TOTAL FOOD AND KINDRED PRODUCTS		4,260,202

FOOD STORES - 0.48%
240	*	7-Eleven, Inc		5,748
3,861		Albertson’s, Inc		92,201
15		Arden Group, Inc (Class A)		1,507
174	*	Great Atlantic & Pacific Tea Co, Inc		1,784
100		Ingles Markets, Inc (Class A)		1,239
7,913	*	Kroger Co		138,794
276	*	Panera Bread Co (Class A)		11,128
200	*	Pantry, Inc		6,018
325	*	Pathmark Stores, Inc		1,888
300		Ruddick Corp		6,507
4,746	*	Safeway, Inc		93,686
4,186	*	Starbucks Corp		261,039
100		Weis Markets, Inc		3,857
643		Whole Foods Market, Inc		61,310
261	*	Wild Oats Markets, Inc		2,299
595	*	Winn-Dixie Stores, Inc		2,707

		TOTAL FOOD STORES		691,712

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
FORESTRY - 0.12%
2,526		Weyerhaeuser Co	$	169,798

		TOTAL FORESTRY		169,798

FURNITURE AND FIXTURES - 0.31%
100		Bassett Furniture Industries, Inc		1,962
291		Ethan Allen Interiors, Inc		11,646
661		Furniture Brands International, Inc		16,558
800		Herman Miller, Inc		22,104
585		Hillenbrand Industries, Inc		32,491
641		HNI Corp		27,595
64		Hooker Furniture Corp		1,453
400	*	Interface, Inc (Class A)		3,988
1,997		Johnson Controls, Inc		126,690
300		Kimball International, Inc (Class B)		4,443
500		La-Z-Boy, Inc		7,685
711		Lear Corp		43,378
1,992		Leggett & Platt, Inc		56,632
2,907		Newell Rubbermaid, Inc		70,320
387	*	Select Comfort Corp		6,943
47		Stanley Furniture Co, Inc		2,113
525		Steelcase, Inc (Class A)		7,266
200	*	Tempur-Pedic International, Inc		4,240

		TOTAL FURNITURE AND FIXTURES		447,507

FURNITURE AND HOMEFURNISHINGS STORES - 0.39%
3,395	*	Bed Bath & Beyond, Inc		135,223
2,802		Best Buy Co, Inc		166,495
2,068		Circuit City Stores, Inc (Circuit City Group)		32,344
227	*	Cost Plus, Inc		7,293
140	*	Electronics Boutique Holdings Corp		6,012
440	*	GameStop Corp (Class B)		9,860
259	*	Guitar Center, Inc		13,647
166		Haverty Furniture Cos, Inc		3,071
113	*	Kirkland’s, Inc		1,389
600	*	Linens’n Things, Inc		14,880
573	*	Mohawk Industries, Inc		52,286
1,100		Pier 1 Imports, Inc		21,670
1,755		RadioShack Corp		57,704
164	*	Restoration Hardware, Inc		941
304	*	The Bombay Co, Inc		1,681
200	*	Trans World Entertainment Corp		2,494
992	*	Williams-Sonoma, Inc		34,760

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		561,750

GENERAL BUILDING CONTRACTORS - 0.45%
159		Beazer Homes U.S.A., Inc		23,247
159		Brookfield Homes Corp		5,390
1,272		Centex Corp		75,786
2,631		D.R. Horton, Inc		106,056
39	*	Dominion Homes, Inc		984
398	*	Hovnanian Enterprises, Inc (Class A)		19,709
364		KB Home		38,002
1,332		Lennar Corp (Class A)		75,498

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
96		Lennar Corp (Class B)	$	5,012
475		Levitt Corp (Class A)		14,521
111		M/I Homes, Inc		6,117
315		MDC Holdings, Inc		27,228
132	*	Meritage Homes Corp		14,876
57	*	NVR, Inc		43,856
100	*	Palm Harbor Homes, Inc		1,688
173	*	Perini Corp		2,887
1,120		Pulte Homes, Inc		71,456
600		Ryland Group, Inc		34,524
335		Standard-Pacific Corp		21,487
509	*	Toll Brothers, Inc		34,922
264		Walter Industries, Inc		8,905
302	*	WCI Communities, Inc		8,879
45	*	William Lyon Homes, Inc		3,161

		TOTAL GENERAL BUILDING CONTRACTORS		644,191

GENERAL MERCHANDISE STORES - 2.18%
521	*	99 Cents Only Stores		8,419
1,248	*	Big Lots, Inc		15,138
797	*	BJ’s Wholesale Club, Inc		23,217
172	*	Brookstone, Inc		3,362
455		Casey’s General Stores, Inc		8,258
4,849		Costco Wholesale Corp		234,740
633		Dillard’s, Inc (Class A)		17,009
3,001		Dollar General Corp		62,331
1,345	*	Dollar Tree Stores, Inc		38,575
1,570		Family Dollar Stores, Inc		49,031
1,947		Federated Department Stores, Inc		112,517
480		Fred’s, Inc		8,352
2,624		J.C. Penney Co, Inc		108,634
483	*	Kmart Holding Corp		47,793
3,161	*	Kohl’s Corp		155,426
3,238		May Department Stores Co		95,197
457		Neiman Marcus Group, Inc (Class A)		32,694
600	*	Retail Ventures, Inc		4,260
1,433		Saks, Inc		20,793
2,196		Sears Roebuck & Co		112,062
288	*	ShopKo Stores, Inc		5,380
200	*	Stein Mart, Inc		3,412
9,787		Target Corp		508,239
228	*	Tuesday Morning Corp		6,984
27,392		Wal-Mart Stores, Inc		1,446,845

		TOTAL GENERAL MERCHANDISE STORES		3,128,668

HEALTH SERVICES - 0.84%
606	*	Accredo Health, Inc		16,798
116	*	Amedisys, Inc		3,757
112	*	America Service Group, Inc		2,998
276	*	American Healthways, Inc		9,119
282	*	Amsurg Corp		8,330
575	*	Apria Healthcare Group, Inc		18,946
900	*	Beverly Enterprises, Inc		8,235
4,889	*	Caremark Rx, Inc		192,773

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
734	*	Community Health Systems, Inc	$	20,464
60	*	Corvel Corp		1,607
915	*	Coventry Health Care, Inc		48,568
296	*	Cross Country Healthcare, Inc		5,352
1,056	*	DaVita, Inc		41,744
242	*	Enzo Biochem, Inc		4,712
782	*	Express Scripts, Inc		59,776
1,109	*	First Health Group Corp		20,749
128	*	Genesis HealthCare Corp		4,484
175	*	Gentiva Health Services, Inc		2,926
5,074		HCA, Inc		202,757
2,700		Health Management Associates, Inc (Class A)		61,344
500		Hooper Holmes, Inc		2,960
206	*	Kindred Healthcare, Inc		6,170
181	*	LabOne, Inc		5,799
1,511	*	Laboratory Corp of America Holdings		75,278
163		LCA-Vision, Inc		3,813
384	*	LifePoint Hospitals, Inc		13,371
1,018	*	Lincare Holdings, Inc		43,418
286	*	Magellan Health Services, Inc		9,770
1,022		Manor Care, Inc		36,209
200	*	Matria Healthcare, Inc		7,814
400	*	Medcath Corp		9,856
100		National Healthcare Corp		3,530
399	*	NeighborCare, Inc		12,257
358	*	OCA, Inc		2,273
336	*	Odyssey HealthCare, Inc		4,596
125		Option Care, Inc		2,149
318	*	Pediatrix Medical Group, Inc		20,368
675	*	Province Healthcare Co		15,086
105	*	Psychiatric Solutions, Inc		3,839
300	*	RehabCare Group, Inc		8,397
690	*	Renal Care Group, Inc		24,833
978		Select Medical Corp		17,213
200	*	Specialty Laboratories, Inc		2,208
164	*	Sunrise Senior Living, Inc		7,603
5,068	*	Tenet Healthcare Corp		55,647
869	*	Triad Hospitals, Inc		32,335
299	*	United Surgical Partners International, Inc		12,468
496		Universal Health Services, Inc (Class B)		22,072
121	*	VistaCare, Inc (Class A)		2,012

		TOTAL HEALTH SERVICES		1,198,783

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
296		Granite Construction, Inc		7,874
200	*	Insituform Technologies, Inc (Class A)		4,534

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		12,408

HOLDING AND OTHER INVESTMENT OFFICES - 3.25%
300	*	4Kids Entertainment, Inc		6,306
700		Aames Investment Corp		7,490
200		Acadia Realty Trust		3,260
263		Affordable Residential Communities		3,774
127		Alabama National Bancorp		8,192

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
28	*	Alexander’s, Inc	$	6,020
200		Alexandria Real Estate Equities, Inc		14,884
1,450		Allied Capital Corp		37,468
841		AMB Property Corp		33,968
200		Amcore Financial, Inc		6,436
1,166		American Financial Realty Trust		18,866
369		American Home Mortgage Investment Corp		12,638
269		AMLI Residential Properties Trust		8,608
1,134		Annaly Mortgage Management, Inc		22,249
503		Anthracite Capital, Inc		6,217
1,034		Anworth Mortgage Asset Corp		11,074
964		Apartment Investment & Management Co (Class A)		37,153
563		Apollo Investment Corp		8,501
2,220		Archstone-Smith Trust		85,026
696		Arden Realty, Inc		26,253
823		AvalonBay Communities, Inc		61,972
199		Bedford Property Investors		5,654
851		Boston Properties, Inc		55,034
435		Brandywine Realty Trust		12,785
500		BRE Properties, Inc (Class A)		20,155
518		Brookline Bancorp, Inc		8,454
431		Camden Property Trust		21,981
260		Capital Automotive REIT		9,237
241		Capital Lease Funding, Inc		3,013
87		Capital Southwest Corp		6,831
70		Capitol Bancorp Ltd		2,465
100		Capstead Mortgage Corp		1,054
603		CarrAmerica Realty Corp		19,899
286		CBL & Associates Properties, Inc		21,836
700		Cedar Shopping Centers, Inc		10,010
496		Centerpoint Properties Trust		23,753
65		Cherokee, Inc		2,293
239		Colonial Properties Trust		9,386
568		Commercial Net Lease Realty, Inc		11,701
138		Community Banks, Inc		3,886
575	*	Cornerstone Realty Income Trust, Inc		5,739
306		Corporate Office Properties Trust		8,981
65		Correctional Properties Trust		1,877
426		Cousins Properties, Inc		12,895
649		Crescent Real Estate Equities Co		11,851
378		CRT Properties, Inc		9,019
1,046		Developers Diversified Realty Corp		46,411
1,511		Duke Realty Corp		51,586
161		Eastgroup Properties, Inc		6,170
32	*	Enstar Group, Inc		2,000
300		Entertainment Properties Trust		13,365
427		Equity Inns, Inc		5,013
198		Equity Lifestyle Properties, Inc		7,079
4,497		Equity Office Properties Trust		130,953
300		Equity One, Inc		7,119
3,135		Equity Residential		113,424
232		Essex Property Trust, Inc		19,442
627		Federal Realty Investment Trust		32,385
408	*	FelCor Lodging Trust, Inc		5,977

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
117		First Indiana Corp	$	2,634
500		First Industrial Realty Trust, Inc		20,365
1,125		First Niagara Financial Group, Inc		15,694
100		First Place Financial Corp		2,239
700		Fremont General Corp		17,626
1,402		Friedman Billings Ramsey Group, Inc		27,185
302		Gables Residential Trust		10,809
2,500		General Growth Properties, Inc		90,400
115		German American Bancorp		1,852
81		Gladstone Capital Corp		1,920
210		Glenborough Realty Trust, Inc		4,469
511		Glimcher Realty Trust		14,160
900		Government Properties Trust, Inc		8,874
451		Greater Bay Bancorp		12,574
600		Harris & Harris Group, Inc		9,828
1,404		Health Care Property Investors, Inc		38,877
608		Health Care REIT, Inc		23,195
423		Healthcare Realty Trust, Inc		17,216
365		Heritage Property Investment Trust		11,713
368		Highland Hospitality Corp		4,136
700		Highwoods Properties, Inc		19,390
393		Home Properties, Inc		16,899
800		HomeBanc Corp		7,744
684		Hospitality Properties Trust		31,464
3,423		Host Marriott Corp		59,218
2,100		HRPT Properties Trust		26,943
562		IMPAC Mortgage Holdings, Inc		12,741
846		Independence Community Bank Corp		36,023
208		Innkeepers U.S.A. Trust		2,954
1,078		Investors Real Estate Trust		11,308
870		iShares Russell 2000 Index Fund		112,665
1,126		iStar Financial, Inc		50,963
254		Kilroy Realty Corp		10,859
1,050		Kimco Realty Corp		60,890
312		Kramont Realty Trust		7,301
1,997	*	La Quinta Corp		18,153
200		LaSalle Hotel Properties		6,366
576		Lexington Corporate Properties Trust		13,006
900		Liberty Property Trust		38,880
129		LTC Properties, Inc		2,568
388		Luminent Mortgage Capital, Inc		4,617
650		Macerich Co		40,820
688		Mack-Cali Realty Corp		31,669
361		Maguire Properties, Inc		9,913
1,724	*	Meristar Hospitality Corp		14,395
808		MFA Mortgage Investments, Inc		7,127
161		Mid-America Apartment Communities, Inc		6,636
542		Mills Corp		34,558
114		Mission West Properties, Inc		1,213
400		MortgageIT Holdings, Inc		7,180
200		National Health Investors, Inc		5,836
800		Nationwide Health Properties, Inc		19,000
350		New Century Financial Corp		22,369
1,216		New Plan Excel Realty Trust		32,929

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
361		Newcastle Investment Corp	$	11,473
266		Novastar Financial, Inc		13,167
493		Omega Healthcare Investors, Inc		5,817
165		Oriental Financial Group, Inc		4,671
408		Pan Pacific Retail Properties, Inc		25,582
100		Parkway Properties, Inc		5,075
334		Pennsylvania Real Estate Investment Trust		14,295
1,970		Plum Creek Timber Co, Inc		75,727
2,870		Popular, Inc		82,742
500		Post Properties, Inc		17,450
473		Prentiss Properties Trust		18,069
398		PrivateBancorp, Inc		12,828
1,889		Prologis		81,850
101		Prosperity Bancshares, Inc		2,950
135		PS Business Parks, Inc		6,089
898		Public Storage, Inc		50,064
208		RAIT Investment Trust		5,818
113		Ramco-Gershenson Properties		3,644
400		Realty Income Corp		20,232
661		Reckson Associates Realty Corp		21,687
133		Redwood Trust, Inc		8,258
615		Regency Centers Corp		34,071
250		Sandy Spring Bancorp, Inc		9,583
100		Saul Centers, Inc		3,825
500		Saxon Capital, Inc		11,995
479		Senior Housing Properties Trust		9,072
587		Shurgard Storage Centers, Inc (Class A)		25,834
1,775		Simon Property Group, Inc		114,789
411		SL Green Realty Corp		24,886
137		Sovran Self Storage, Inc		5,773
7,450		SPDR Trust Series 1		900,482
300		Strategic Hotel Capital, Inc		4,950
88		Suffolk Bancorp		3,065
248		Summit Properties, Inc		8,075
136		Sun Communities, Inc		5,474
400		Sunstone Hotel Investors, Inc		8,312
400		Susquehanna Bancshares, Inc		9,980
290		Tanger Factory Outlet Centers, Inc		7,673
71	*	Tarragon Realty Investors, Inc		1,267
700		Taubman Centers, Inc		20,965
871		Thornburg Mortgage, Inc		25,224
163		Tompkins Trustco, Inc		8,719
151		Town & Country Trust		4,172
827		Trizec Properties, Inc		15,647
180		U.S. Restaurant Properties, Inc		3,251
1,487		United Dominion Realty Trust, Inc		36,878
100		Universal Health Realty Income Trust		3,213
213		Urstadt Biddle Properties, Inc (Class A)		3,632
900		Ventas, Inc		24,669
1,097		Vornado Realty Trust		83,515
9,392		Washington Mutual, Inc		397,094
444		Washington Real Estate Investment Trust		15,038
321		Waypoint Financial Corp		9,100
930		Weingarten Realty Investors		37,293

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
51		Westfield Financial, Inc	$	1,317
100		Winston Hotels, Inc		1,181

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,654,933

HOTELS AND OTHER LODGING PLACES - 0.39%
113		Ameristar Casinos, Inc		4,871
700	*	Bluegreen Corp		13,881
300		Boyd Gaming Corp		12,495
215		Choice Hotels International, Inc		12,470
4,304		Hilton Hotels Corp		97,873
717	*	Mandalay Resort Group		50,498
200		Marcus Corp		5,028
2,038		Marriott International, Inc (Class A)		128,353
658	*	MGM Mirage		47,863
1,000	*	Pinnacle Entertainment, Inc		19,780
2,371		Starwood Hotels & Resorts Worldwide, Inc		138,466
78	*	Vail Resorts, Inc		1,749
352	*	Wynn Resorts Ltd		23,556

		TOTAL HOTELS AND OTHER LODGING PLACES		556,883

INDUSTRIAL MACHINERY AND EQUIPMENT - 6.94%
8,428		3M Co		691,686
86	*	Aaon, Inc		1,382
222	*	Actuant Corp		11,577
900	*	Adaptec, Inc		6,831
652	*	Advanced Digital Information Corp		6,533
1,149	*	AGCO Corp		25,152
209		Albany International Corp (Class A)		7,348
2,011	*	American Standard Cos, Inc		83,095
4,401	*	Apple Computer, Inc		283,424
18,293	*	Applied Materials, Inc		312,810
100	*	Astec Industries, Inc		1,721
70	*	ASV, Inc		3,353
1,100	*	Asyst Technologies, Inc		5,599
307	*	Authentidate Holding Corp		1,900
484	*	Avocent Corp		19,612
900	*	Axcelis Technologies, Inc		7,317
3,674		Baker Hughes, Inc		156,770
839		Black & Decker Corp		74,109
243		Black Box Corp		11,669
478		Briggs & Stratton Corp		19,875
388	*	Brooks Automation, Inc		6,681
200		Bucyrus International, Inc (Class A)		8,128
86		Cascade Corp		3,436
3,664		Caterpillar, Inc		357,277
600	*	Cirrus Logic, Inc		3,306
72,346	*	Cisco Systems, Inc		1,396,278
546	*	Cooper Cameron Corp		29,380
688	*	Cray, Inc		3,206
418		Cummins, Inc		35,024
200	*	Cuno, Inc		11,880
400	*	Cymer, Inc		11,816
2,628		Deere & Co		195,523
27,080	*	Dell, Inc		1,141,151

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
772		Diebold, Inc	$	43,024
818		Donaldson Co, Inc		26,650
281	*	Dot Hill Systems Corp		2,203
2,329		Dover Corp		97,678
59	*	Dril-Quip, Inc		1,431
1,680		Eaton Corp		121,565
500	*	Electronics For Imaging, Inc		8,705
25,799	*	EMC Corp		383,631
1,000	*	Emulex Corp		16,840
237		Engineered Support Systems, Inc		14,035
215	*	EnPro Industries, Inc		6,358
200	*	Esterline Technologies Corp		6,530
313	*	FalconStor Software, Inc		2,995
500	*	Flowserve Corp		13,770
715	*	FMC Technologies, Inc		23,023
600	*	FSI International, Inc		2,802
169	*	Gardner Denver, Inc		6,133
2,668	*	Gateway, Inc		16,035
100	*	General Binding Corp		1,314
258	*	Global Power Equipment Group, Inc		2,539
125		Gorman-Rupp Co		2,875
771		Graco, Inc		28,797
1,227	*	Grant Prideco, Inc		24,601
32,507		Hewlett-Packard Co		681,672
96	*	Hydril		4,369
310	*	Hypercom Corp		1,835
533		IDEX Corp		21,587
300	*	InFocus Corp		2,748
18,005		International Business Machines Corp		1,774,933
3,710		International Game Technology		127,550
420	*	Iomega Corp		2,327
1,008		ITT Industries, Inc		85,126
400		JLG Industries, Inc		7,852
494		Joy Global, Inc		21,454
85	*	Kadant, Inc		1,743
300		Kaydon Corp		9,906
358		Kennametal, Inc		17,818
248	*	Komag, Inc		4,657
400	*	Kulicke & Soffa Industries, Inc		3,448
1,400	*	Lam Research Corp		40,474
400		Lennox International, Inc		8,140
1,368	*	Lexmark International, Inc		116,280
300		Lincoln Electric Holdings, Inc		10,362
100		Lindsay Manufacturing Co		2,588
100		Lufkin Industries, Inc		3,991
278		Manitowoc Co, Inc		10,467
2,441	*	Maxtor Corp		12,937
200	*	Micros Systems, Inc		15,612
47		Middleby Corp		2,384
239	*	Milacron, Inc		810
300		Modine Manufacturing Co		10,131
65		Nacco Industries, Inc (Class A)		6,851
870	*	National-Oilwell, Inc		30,702
400	*	Netgear, Inc		7,276

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
3,260	*	Network Appliance, Inc	$	108,297
282		Nordson Corp		11,300
267	*	Oil States International, Inc		5,150
300	*	Omnicell, Inc		3,300
69	*	Overland Storage, Inc		1,152
1,443		Pall Corp		41,775
444	*	PalmOne, Inc		14,008
1,348		Parker Hannifin Corp		102,097
300	*	Paxar Corp		6,651
1,026		Pentair, Inc		44,693
2,519		Pitney Bowes, Inc		116,579
147	*	Planar Systems, Inc		1,651
300	*	Presstek, Inc		2,904
200	*	ProQuest Co		5,940
1,916	*	Quantum Corp		5,020
78		Robbins & Myers, Inc		1,859
1,717	*	Sandisk Corp		42,873
200		Sauer-Danfoss, Inc		4,362
100		Schawk, Inc		1,818
819	*	Scientific Games Corp (Class A)		19,525
100	*	Semitool, Inc		928
2,775	*	Silicon Graphics, Inc		4,801
1,110	*	Smith International, Inc		60,395
8,917	*	Solectron Corp		47,528
837		SPX Corp		33,530
100		Standex International Corp		2,849
400		Stewart & Stevenson Services, Inc		8,092
1,174	*	Storage Technology Corp		37,110
2,550		Symbol Technologies, Inc		44,115
139		Tecumseh Products Co (Class A)		6,644
100		Tennant Co		3,965
458	*	Terex Corp		21,824
100		Thomas Industries, Inc		3,992
648		Timken Co		16,861
257		Toro Co		20,907
91	*	Transact Technologies, Inc		1,944
200	*	Ultratech, Inc		3,770
400	*	UNOVA, Inc		10,116
262	*	Veeco Instruments, Inc		5,520
2,500	*	Western Digital Corp		27,100
167		Woodward Governor Co		11,959
8,420	*	Xerox Corp		143,224
1,062	*	Xybernaut Corp		1,306
439		York International Corp		15,163
600	*	Zebra Technologies Corp (Class A)		33,768

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,944,778

INSTRUMENTS AND RELATED PRODUCTS - 3.02%
186	*	Abaxis, Inc		2,695
400	*	ADE Corp		7,488
274	*	Advanced Medical Optics, Inc		11,272
191	*	Advanced Neuromodulation Systems, Inc		7,537
5,177	*	Agilent Technologies, Inc		124,766
400	*	Aksys Ltd		2,224

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
700	*	Align Technology, Inc	$	7,525
290	*	American Medical Systems Holdings, Inc		12,125
100		Analogic Corp		4,479
2,207		Applera Corp (Applied Biosystems Group)		46,148
172		Arrow International, Inc		5,330
200	*	Arthrocare Corp		6,412
200	*	Aspect Medical Systems, Inc		4,892
800	*	August Technology Corp		8,424
1,132		Bard (C.R.), Inc		72,425
542		Bausch & Lomb, Inc		34,937
6,777		Baxter International, Inc		234,078
655		Beckman Coulter, Inc		43,878
2,694		Becton Dickinson & Co		153,019
80		BEI Technologies, Inc		2,470
198		Biolase Technology, Inc		2,152
2,766		Biomet, Inc		120,017
208	*	Bio-Rad Laboratories, Inc (Class A)		11,933
7,162	*	Boston Scientific Corp		254,609
104	*	Bruker BioSciences Corp		419
162	*	Candela Corp		1,840
504	*	Cardiac Science, Inc		1,079
300	*	Cardiodynamics International Corp		1,551
609	*	Cepheid, Inc		6,053
100	*	Closure Medical Corp		1,950
459		Cognex Corp		12,806
265	*	Coherent, Inc		8,067
200		Cohu, Inc		3,712
200	*	Conceptus, Inc		1,623
450	*	Conmed Corp		12,789
353		Cooper Cos, Inc		24,918
1,023	*	Credence Systems Corp		9,360
331	*	CTI Molecular Imaging, Inc		4,697
200	*	Cyberonics, Inc		4,144
1,300	*	Cytyc Corp		35,841
100		Datascope Corp		3,969
841		Dentsply International, Inc		47,264
184	*	Dionex Corp		10,427
190	*	DJ Orthopedics, Inc		4,070
263	*	DRS Technologies, Inc		11,233
2,934		Eastman Kodak Co		94,622
137		EDO Corp		4,350
748	*	Edwards Lifesciences Corp		30,862
1,600	*	Encore Medical Corp		10,864
400	*	Endocardial Solutions, Inc		4,680
100	*	ESCO Technologies, Inc		7,665
62	*	Exactech, Inc		1,134
81	*	Excel Technology, Inc		2,106
112	*	Faro Technologies, Inc		3,492
177	*	FEI Co		3,717
1,182	*	Fisher Scientific International, Inc		73,733
384	*	Flir Systems, Inc		24,495
295	*	Formfactor, Inc		8,006
469	*	Fossil, Inc		12,025
3,315		Guidant Corp		239,012

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
151	*	Haemonetics Corp	$	5,468
177	*	Hanger Orthopedic Group, Inc		1,434
409	*	Herley Industries, Inc		8,319
177	*	Hologic, Inc		4,862
111	*	ICU Medical, Inc		3,035
193	*	I-Flow Corp		3,518
100		II-VI, Inc		4,249
350	*	Inamed Corp		22,138
400	*	Input/Output, Inc		3,536
159	*	Integra LifeSciences Holding		5,872
356	*	Intuitive Surgical, Inc		14,247
316		Invacare Corp		14,618
200	*	Ionics, Inc		8,668
304	*	Itron, Inc		7,269
213	*	Ixia		3,581
100		Keithley Instruments, Inc		1,970
66	*	Kensey Nash Corp		2,279
2,062	*	KLA-Tencor Corp		96,048
102	*	KVH Industries, Inc		1,000
189	*	Kyphon, Inc		4,869
137	*	Laserscope		4,920
561	*	Lexar Media, Inc		4,398
522	*	LTX Corp		4,014
114	*	Measurement Specialties, Inc		2,902
82	*	Medical Action Industries, Inc		1,615
13,015		Medtronic, Inc		646,455
465		Mentor Corp		15,689
187	*	Merit Medical Systems, Inc		2,857
471	*	Mettler-Toledo International, Inc		24,167
500	*	Millipore Corp		24,905
300		Mine Safety Appliances Co		15,210
429	*	MKS Instruments, Inc		7,958
100	*	Molecular Devices Corp		2,010
200		Movado Group, Inc		3,730
221		MTS Systems Corp		7,472
1,500	*	Nanogen, Inc		11,040
407	*	Newport Corp		5,739
200		Oakley, Inc		2,550
155	*	Ocular Sciences, Inc		7,597
485	*	Orbital Sciences Corp		5,738
293	*	Orthologic Corp		1,831
1,900	*	Orthovita, Inc		7,961
100	*	Palomar Medical Technologies, Inc		2,607
1,291		PerkinElmer, Inc		29,035
200	*	Photon Dynamics, Inc		4,856
1,500	*	Pinnacle Systems, Inc		9,150
164	*	Possis Medical, Inc		2,211
4,735		Raytheon Co		183,860
414	*	Resmed, Inc		21,155
382	*	Respironics, Inc		20,766
2,139		Rockwell Automation, Inc		105,987
122	*	Rofin-Sinar Technologies, Inc		5,179
567		Roper Industries, Inc		34,457
100	*	Rudolph Technologies, Inc		1,717

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
340	*	Sola International, Inc	$	9,364
900	*	Sonic Innovations, Inc		3,753
126	*	Sonic Solutions, Inc		2,827
150	*	SonoSite, Inc		5,093
3,840	*	St. Jude Medical, Inc		161,011
258	*	Star Scientific, Inc		1,312
800	*	Steris Corp		18,976
3,018		Stryker Corp		145,619
400	*	Sybron Dental Specialties, Inc		14,152
500	*	Techne Corp		19,450
993		Tektronix, Inc		29,999
358		Teleflex, Inc		18,595
2,014	*	Teradyne, Inc		34,379
1,797	*	Thermo Electron Corp		54,251
2,000	*	Thermogenesis		12,680
483	*	Thoratec Corp		5,033
499	*	Trimble Navigation Ltd		16,487
200	*	TriPath Imaging, Inc		1,794
100		United Industrial Corp		3,874
600	*	Urologix, Inc		3,882
1,484	*	Varian Medical Systems, Inc		64,168
283	*	Varian, Inc		11,606
100	*	Ventana Medical Systems, Inc		6,399
404	*	Viasys Healthcare, Inc		7,676
800	*	Viisage Technology, Inc		7,208
600	*	Visx, Inc		15,522
61		Vital Signs, Inc		2,374
1,300	*	Waters Corp		60,827
282	*	Wright Medical Group, Inc		8,037
300		X-Rite, Inc		4,803
43		Young Innovations, Inc		1,450
2,567	*	Zimmer Holdings, Inc		205,668
100	*	Zoll Medical Corp		3,440
100	*	Zygo Corp		1,179

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,321,016

INSURANCE AGENTS, BROKERS AND SERVICE - 0.33%
3,504		AON Corp		83,605
544		Brown & Brown, Inc		23,691
200	*	Clark, Inc		3,104
245		Crawford & Co (Class B)		1,838
1,000		Gallagher (Arthur J.) & Co		32,500
300		Hilb, Rogal & Hamilton Co		10,872
5,636		Marsh & McLennan Cos, Inc		185,424
2,845	*	Medco Health Solutions, Inc		118,352
318		National Financial Partners Corp		12,338
600	*	USI Holdings Corp		6,942

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		478,666

INSURANCE CARRIERS - 4.89%
300		21st Century Insurance Group		4,080
1,605		Aetna, Inc		200,224
5,441		Aflac, Inc		216,769
321		Alfa Corp		4,874

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
42	*	Alleghany Corp	$	11,981
600	*	Allmerica Financial Corp		19,698
7,499		Allstate Corp		387,848
1,134		Ambac Financial Group, Inc		93,135
1,000		American Equity Investment Life Holding Co		10,770
395		American Financial Group, Inc		12,367
24,562		American International Group, Inc		1,612,987
100		American National Insurance Co		10,416
87	*	American Physicians Capital, Inc		3,134
217	*	AMERIGROUP Corp		16,418
418		AmerUs Group Co		18,935
200	*	Argonaut Group, Inc		4,226
850		Assurant, Inc		25,968
125		Baldwin & Lyons, Inc (Class B)		3,349
758		Berkley (W.R.) Corp		35,755
161		Bristol West Holdings, Inc		3,220
308	*	Centene Corp		8,732
1,998		Chubb Corp		153,646
1,584		Cigna Corp		129,207
1,730		Cincinnati Financial Corp		76,570
264	*	Citizens, Inc		1,682
303	*	CNA Financial Corp		8,093
100	*	CNA Surety Corp		1,335
225		Commerce Group, Inc		13,734
1,465	*	Conseco, Inc		29,227
487	*	Danielson Holdings Corp		4,115
263		Delphi Financial Group, Inc (Class A)		12,137
168		Direct General Corp		5,393
254		Erie Indemnity Co (Class A)		13,353
79		FBL Financial Group, Inc (Class A)		2,255
1,819		Fidelity National Financial, Inc		83,074
800		First American Corp		28,112
210	*	FPIC Insurance Group, Inc		7,430
1,541		Genworth Financial, Inc		41,607
68		Great American Financial Resources, Inc		1,181
316		Harleysville Group, Inc		7,543
3,086		Hartford Financial Services Group, Inc		213,891
772		HCC Insurance Holdings, Inc		25,569
1,125	*	Health Net, Inc		32,479
100	*	HealthExtras, Inc		1,630
347		Horace Mann Educators Corp		6,621
1,800	*	Humana, Inc		53,442
205		Infinity Property & Casualty Corp		7,216
1,681		Jefferson-Pilot Corp		87,345
77		Kansas City Life Insurance Co		3,642
200		Landamerica Financial Group, Inc		10,786
581		Leucadia National Corp		40,368
1,900		Lincoln National Corp		88,692
1,658		Loews Corp		116,557
87	*	Markel Corp		31,668
1,558		MBIA, Inc		98,590
237		Mercury General Corp		14,201
4,239		MetLife, Inc		171,722
1,050		MGIC Investment Corp		72,356

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
70		Midland Co	$	2,189
110	*	Molina Healthcare, Inc		5,102
19	*	National Western Life Insurance Co (Class A)		3,166
556		Nationwide Financial Services, Inc (Class A)		21,256
37	*	Navigators Group, Inc		1,114
154		Odyssey Re Holdings Corp		3,882
652	*	Ohio Casualty Corp		15,133
1,950		Old Republic International Corp		49,335
900	*	Pacificare Health Systems, Inc		50,868
203	*	Philadelphia Consolidated Holding Corp		13,426
922		Phoenix Cos, Inc		11,525
61	*	Pico Holdings, Inc		1,267
400	*	PMA Capital Corp (Class A)		4,140
1,047		PMI Group, Inc		43,712
200		Presidential Life Corp		3,392
3,556		Principal Financial Group		145,583
278	*	ProAssurance Corp		10,873
2,172		Progressive Corp		184,272
737		Protective Life Corp		31,463
5,642		Prudential Financial, Inc		310,084
1,027		Radian Group, Inc		54,677
250		Reinsurance Group of America, Inc		12,112
200		RLI Corp		8,314
1,451		Safeco Corp		75,800
400		Safety Insurance Group, Inc		12,460
328		Selective Insurance Group, Inc		14,511
245	*	Sierra Health Services, Inc		13,502
7,061		St. Paul Travelers Cos, Inc		261,751
333		Stancorp Financial Group, Inc		27,472
100		State Auto Financial Corp		2,585
200		Stewart Information Services Corp		8,330
1,208		Torchmark Corp		69,025
312		Transatlantic Holdings, Inc		19,291
73	*	Triad Guaranty, Inc		4,415
354		UICI		12,001
134		United Fire & Casualty Co		4,517
7,098		UnitedHealth Group, Inc		624,837
500		Unitrin, Inc		22,725
215	*	Universal American Financial Corp		3,326
3,000		UnumProvident Corp		53,820
1,500	*	Vesta Insurance Group, Inc		5,520
288	*	WellChoice, Inc		15,379
3,144	*	WellPoint, Inc		361,560
10		Wesco Financial Corp		3,930
100		Zenith National Insurance Corp		4,984

		TOTAL INSURANCE CARRIERS		7,009,981

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%
100	*	Geo Group, Inc		2,658

		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,658

LEATHER AND LEATHER PRODUCTS - 0.11%
162		Brown Shoe Co, Inc		4,832
2,001	*	Coach, Inc		112,856

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
400		K-Swiss, Inc (Class A)	$	11,648
100	*	Steven Madden Ltd		1,886
184	*	Timberland Co (Class A)		11,531
30		Weyco Group, Inc		1,329
400		Wolverine World Wide, Inc		12,568

		TOTAL LEATHER AND LEATHER PRODUCTS		156,650

LEGAL SERVICES - 0.00%
154		Pre-Paid Legal Services, Inc		5,783

		TOTAL LEGAL SERVICES		5,783

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,104	*	Laidlaw International, Inc		23,626

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		23,626

LUMBER AND WOOD PRODUCTS - 0.13%
80		American Woodmark Corp		3,494
749	*	Champion Enterprises, Inc		8,853
100		Deltic Timber Corp		4,245
2,711		Georgia-Pacific Corp		101,608
1,157		Louisiana-Pacific Corp		30,938
556		Rayonier, Inc		27,194
100		Skyline Corp		4,080
200		Universal Forest Products, Inc		8,680

		TOTAL LUMBER AND WOOD PRODUCTS		189,092

METAL MINING - 0.27%
100		Cleveland-Cliffs, Inc		10,386
2,760	*	Coeur D'alene Mines Corp		10,847
1,596		Freeport-McMoRan Copper & Gold, Inc (Class A)		61,015
1,152	*	Hecla Mining Co		6,716
4,244		Newmont Mining Corp		188,476
972		Phelps Dodge Corp		96,150
468		Royal Gold, Inc		8,536
113		Southern Peru Copper Corp		5,335
345	*	Stillwater Mining Co		3,885

		TOTAL METAL MINING		391,346

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
300		Blyth, Inc		8,868
625		Callaway Golf Co		8,437
149	*	Daktronics, Inc		3,709
1,667		Hasbro, Inc		32,306
1,200	*	Identix, Inc		8,856
211	*	Jakks Pacific, Inc		4,665
300	*	K2, Inc		4,764
256	*	Leapfrog Enterprises, Inc		3,482
4,580		Mattel, Inc		89,264
275		Nautilus Group, Inc		6,647
89		Penn Engineering & Manufacturing Corp		1,611
141	*	RC2 Corp		4,597
100		Russ Berrie & Co, Inc		2,284
262	*	Shuffle Master, Inc		12,340
100	*	Steinway Musical Instruments, Inc		2,894

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
529	*	Yankee Candle Co, Inc	$	17,552

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		212,276

MISCELLANEOUS RETAIL - 1.48%
198	*	1-800-Flowers.com, Inc (Class A)		1,665
110	*	AC Moore Arts & Crafts, Inc		3,169
247	*	Alloy, Inc		1,993
3,230	*	Amazon.com, Inc		143,057
565	*	Barnes & Noble, Inc		18,233
434		Big 5 Sporting Goods Corp		12,647
73		Blair Corp		2,603
79		Blockbuster, Inc (Class B)		696
900		Borders Group, Inc		22,860
200	*	Build-A-Bear Workshop, Inc		7,030
200		Cash America International, Inc		5,946
337	*	Coldwater Creek, Inc		10,403
4,306		CVS Corp		194,071
266	*	Dick's Sporting Goods, Inc		9,350
333	*	Drugstore.com, Inc		1,132
5,607	*	eBay, Inc		651,982
200		Hancock Fabrics, Inc		2,074
249	*	Hibbett Sporting Goods, Inc		6,626
318	*	Jill (J.) Group, Inc		4,735
300		Longs Drug Stores Corp		8,271
757	*	Marvel Enterprises, Inc		15,503
1,600		Michaels Stores, Inc		47,952
344		MSC Industrial Direct Co (Class A)		12,377
3,250	*	Office Depot, Inc		56,420
1,073		Omnicare, Inc		37,147
93	*	Overstock.com, Inc		6,417
106	*	Party City Corp		1,371
100	*	PC Connection, Inc		952
400	*	PC Mall, Inc		8,952
438	*	Petco Animal Supplies, Inc		17,292
1,575		Petsmart, Inc		55,960
254	*	Priceline.com, Inc		5,992
5,131	*	Rite Aid Corp		18,779
99	*	Sharper Image Corp		1,866
195	*	Sports Authority, Inc		5,021
192		Stamps.com, Inc		3,041
5,396		Staples, Inc		181,899
1,527		Tiffany & Co		48,818
2,226	*	Toys 'R' Us, Inc		45,566
180	*	Valuevision International, Inc (Class A)		2,504
10,989		Walgreen Co		421,648
81		World Fuel Services Corp		4,034
490	*	Zale Corp		14,636

		TOTAL MISCELLANEOUS RETAIL		2,122,690

MOTION PICTURES - 1.34%
336	*	Avid Technology, Inc		20,748
1,979		Blockbuster, Inc (Class A)		18,880
100		Carmike Cinemas, Inc		3,650
300	*	DreamWorks Animation SKG, Inc (Class A)		11,253

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
500	*	Hollywood Entertainment Corp	$	6,545
28,825	*	Liberty Media Corp (Class A)		316,499
708		Metro-Goldwyn-Mayer, Inc		8,411
255		Movie Gallery, Inc		4,863
371	*	NetFlix, Inc		4,574
145	*	Reading International, Inc		1,212
364		Regal Entertainment Group (Class A)		7,553
46,761	*	Time Warner, Inc		909,034
21,908		Walt Disney Co		609,042

		TOTAL MOTION PICTURES		1,922,264

NONDEPOSITORY INSTITUTIONS - 2.36%
302	*	Accredited Home Lenders Holding Co		15,003
200		Advanta Corp (Class A)		4,524
300		Advanta Corp (Class B)		7,281
736		American Capital Strategies Ltd		24,545
12,122		American Express Co		683,317
1,675	*	AmeriCredit Corp		40,954
2,549		Capital One Financial Corp		214,651
628	*	CapitalSource, Inc		16,121
555		CharterMac		13,564
2,251		CIT Group, Inc		103,141
100	*	CompuCredit Corp		2,734
6,145		Countrywide Financial Corp		227,426
100	*	Credit Acceptance Corp		2,545
859		Doral Financial Corp		42,306
10,322		Fannie Mae		735,030
60		Federal Agricultural Mortgage Corp (Class C)		1,398
183		Financial Federal Corp		7,174
125	*	First Cash Financial Services, Inc		3,339
187	*	First Marblehead Corp		10,519
7,341		Freddie Mac		541,032
12,325		MBNA Corp		347,442
185		MCG Capital Corp		3,169
270	*	Metris Cos, Inc		3,442
3,096	*	Providian Financial Corp		50,991
4,667		SLM Corp		249,171
29		Student Loan Corp		5,336
242		Westcorp		11,115
90	*	WFS Financial, Inc		4,570
100	*	World Acceptance Corp		2,751

		TOTAL NONDEPOSITORY INSTITUTIONS		3,374,591

NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
200		Amcol International Corp		4,018
160		Compass Minerals International, Inc		3,877
1,058		Vulcan Materials Co		57,777

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		65,672

OIL AND GAS EXTRACTION - 1.79%
2,682		Anadarko Petroleum Corp		173,820
3,392		Apache Corp		171,533
69	*	Atwood Oceanics, Inc		3,595
200		Berry Petroleum Co (Class A)		9,540

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
1,711		BJ Services Co	$	79,630
1,000	*	Brigham Exploration Co		9,000
4,302		Burlington Resources, Inc		187,137
350		Cabot Oil & Gas Corp (Class A)		15,488
500	*	Cal Dive International, Inc		20,375
400	*	Callon Petroleum Co		5,784
401	*	Cheniere Energy, Inc		25,544
2,575		Chesapeake Energy Corp		42,488
514	*	Cimarex Energy Co		19,481
200	*	Clayton Williams Energy, Inc		4,580
300	*	Comstock Resources, Inc		6,615
700	*	Delta Petroleum Corp		10,976
581	*	Denbury Resources, Inc		15,948
5,102		Devon Energy Corp		198,570
630		Diamond Offshore Drilling, Inc		25,232
500	*	Edge Petroleum Corp		7,290
238	*	Encore Acquisition Co		8,309
464	*	Energy Partners Ltd		9,405
1,653		ENSCO International, Inc		52,466
1,267		EOG Resources, Inc		90,413
480	*	Forest Oil Corp		15,226
500	*	FX Energy, Inc		5,840
900	*	Global Industries Ltd		7,461
1,800	*	Grey Wolf, Inc		9,486
817	*	Hanover Compressor Co		11,544
318	*	Harvest Natural Resources, Inc		5,492
586		Helmerich & Payne, Inc		19,947
153	*	Houston Exploration Co		8,615
858	b*	KCS Energy, Inc		12,681
1,405		Kerr-McGee Corp		81,195
1,400	*	Key Energy Services, Inc		16,520
705	*	Magnum Hunter Resources, Inc		9,095
43	*	Magnum Hunter Resources, Inc Wts 03/21/05		14
3,637		Marathon Oil Corp		136,788
124	*	McMoRan Exploration Co		2,319
371	*	Meridian Resource Corp		2,245
1,131	*	Mission Resources Corp		6,605
600	*	Newfield Exploration Co		35,430
1,000	*	Newpark Resources, Inc		5,150
615		Noble Energy, Inc		37,921
4,149		Occidental Petroleum Corp		242,136
200	*	Oceaneering International, Inc		7,464
700	*	Parker Drilling Co		2,751
750		Patina Oil & Gas Corp		28,125
1,800		Patterson-UTI Energy, Inc		35,010
220		Penn Virginia Corp		8,925
165	*	Petroleum Development Corp		6,364
1,596		Pioneer Natural Resources Co		56,020
819	*	Plains Exploration & Production Co		21,294
506		Pogo Producing Co		24,536
1,382	*	Pride International, Inc		28,386
314	*	Quicksilver Resources, Inc		11,549
757		Range Resources Corp		15,488
219	*	Remington Oil & Gas Corp		5,968

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
1,179		Rowan Cos, Inc	$	30,536
100		RPC, Inc		2,512
160	*	Seacor Smit, Inc		8,544
500	*	Southwestern Energy Co		25,345
260	*	Spinnaker Exploration Co		9,118
300		St. Mary Land & Exploration Co		12,522
239	*	Stone Energy Corp		10,776
400	*	Superior Energy Services, Inc		6,164
270	*	Swift Energy Co		7,814
237	*	Tetra Technologies, Inc		6,707
845		Tidewater, Inc		30,090
200	*	Todco		3,684
200	*	Transmontaigne, Inc		1,226
401	*	Unit Corp		15,322
2,797		Unocal Corp		120,942
970	*	Varco International, Inc		28,276
300	*	Veritas DGC, Inc		6,723
500		Vintage Petroleum, Inc		11,345
237	*	W-H Energy Services, Inc		5,299
189	*	Whiting Petroleum Corp		5,717
2,874		XTO Energy, Inc		101,682

		TOTAL OIL AND GAS EXTRACTION		2,567,153


PAPER AND ALLIED PRODUCTS - 0.69%
1,090		Bemis Co		31,708
591		Bowater, Inc		25,986
200	*	Buckeye Technologies, Inc		2,602
200	*	Caraustar Industries, Inc		3,364
151		Chesapeake Corp		4,101
397		Glatfelter		6,066
556	*	Graphic Packaging Corp		4,003
136		Greif, Inc (Class A)		7,616
5,132		International Paper Co		215,544
5,350		Kimberly-Clark Corp		352,084
500		Longview Fibre Co		9,070
2,133		MeadWestvaco Corp		72,287
162		Neenah Paper, Inc		5,281
897		OfficeMax, Inc		28,148
600		Packaging Corp of America		14,130
1,683	*	Pactiv Corp		42,563
200	*	Playtex Products, Inc		1,598
200		Pope & Talbot, Inc		3,422
300		Potlatch Corp		15,174
390		Rock-Tenn Co (Class A)		5,912
136		Schweitzer-Mauduit International, Inc		4,617
2,686	*	Smurfit-Stone Container Corp		50,174
1,093		Sonoco Products Co		32,407
569		Temple-Inland, Inc		38,920
334		Wausau-Mosinee Paper Corp		5,965

		TOTAL PAPER AND ALLIED PRODUCTS		982,742


PERSONAL SERVICES - 0.17%
367	b*	Alderwoods Group, Inc		4,176

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
79		Angelica Corp	$	2,137
1,291		Cintas Corp		56,623
200	*	Coinstar, Inc		5,366
187		G & K Services, Inc (Class A)		8,120
1,887		H & R Block, Inc		92,463
500		Jackson Hewitt Tax Service, Inc		12,625
442		Regis Corp		20,398
3,415	*	Service Corp International		25,442
100		Unifirst Corp		2,828
450	*	Weight Watchers International, Inc		18,482

		TOTAL PERSONAL SERVICES		248,660

PETROLEUM AND COAL PRODUCTS - 4.17%
825		Amerada Hess Corp		67,964
738		Ashland, Inc		43,084
22,982		ChevronTexaco Corp		1,206,785
7,245		ConocoPhillips		629,083
200		ElkCorp		6,844
69,964	d	ExxonMobil Corp		3,586,355
300		Frontier Oil Corp		7,998
400	*	Giant Industries, Inc		10,604
274	*	Headwaters, Inc		7,809
200		Holly Corp		5,574
585		Lubrizol Corp		21,563
2,070		Lyondell Chemical Co		59,864
876		Murphy Oil Corp		70,474
465		Premcor, Inc		19,609
846		Sunoco, Inc		69,127
747	*	Tesoro Corp		23,799
2,814		Valero Energy Corp		127,756
174		WD-40 Co		4,943

		TOTAL PETROLEUM AND COAL PRODUCTS		5,969,235


PRIMARY METAL INDUSTRIES - 0.58%
1,000	*	AK Steel Holding Corp		14,470
9,503		Alcoa, Inc		298,584
700	*	Aleris International, Inc		11,844
900		Allegheny Technologies, Inc		19,503
1,708	*	Andrew Corp		23,280
400		Belden CDT, Inc		9,280
100	*	Brush Engineered Materials, Inc		1,850
200		Carpenter Technology Corp		11,692
100	*	Century Aluminum Co		2,626
572	*	CommScope, Inc		10,811
200		Curtiss-Wright Corp		11,482
150	*	Encore Wire Corp		2,000
1,379		Engelhard Corp		42,294
300	*	General Cable Corp		4,155
250		Gibraltar Industries, Inc		5,905
181	*	International Steel Group, Inc		7,341
262	*	Lone Star Technologies, Inc		8,767
272		Matthews International Corp (Class A)		10,010
450	*	Maverick Tube Corp		13,635

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
372		Mueller Industries, Inc	$	11,978
100		NN, Inc		1,321
200	*	NS Group, Inc		5,560
1,734		Nucor Corp		90,757
682	*	Oregon Steel Mills, Inc		13,838
651		Precision Castparts Corp		42,758
224		Quanex Corp		15,360
200	*	RTI International Metals, Inc		4,108
200		Ryerson Tull, Inc		3,150
141		Schnitzer Steel Industries, Inc (Class A)		4,784
346		Steel Dynamics, Inc		13,106
400		Steel Technologies, Inc		11,004
200		Texas Industries, Inc		12,476
314		Tredegar Corp		6,346
1,205		United States Steel Corp		61,756
200	*	Wheeling-Pittsburgh Corp		7,708
600		Worthington Industries, Inc		11,748

		TOTAL PRIMARY METAL INDUSTRIES		827,287


PRINTING AND PUBLISHING - 0.78%
600		American Greetings Corp (Class A)		15,210
230		Banta Corp		10,295
1,155		Belo (A.H.) Corp Series A		30,307
300		Bowne & Co, Inc		4,878
100	*	Consolidated Graphics, Inc		4,590
49		Courier Corp		2,544
52		CSS Industries, Inc		1,652
500		Dex Media, Inc		12,480
594		Dow Jones & Co, Inc		25,578
149		Ennis, Inc		2,868
618		EW Scripps Co		29,837
2,782		Gannett Co, Inc		227,289
268		Harland (John H.) Co		9,675
700		Harte-Hanks, Inc		18,186
621		Hollinger International, Inc		9,737
215		Journal Communications, Inc		3,885
446	*	Journal Register Co		8,621
855		Knight Ridder, Inc		57,234
478		Lee Enterprises, Inc		22,026
100	*	Martha Stewart Living Omnimedia, Inc (Class A)		2,902
169		McClatchy Co (Class A)		12,136
2,052		McGraw-Hill Cos, Inc		187,840
232		Media General, Inc (Class A)		15,036
400		Meredith Corp		21,680
1,507		New York Times Co (Class A)		61,486
100	*	Playboy Enterprises, Inc (Class B)		1,229
1,202	*	Primedia, Inc		4,568
83		Pulitzer, Inc		5,383
2,310		R.R. Donnelley & Sons Co		81,520
973		Reader’s Digest Association, Inc (Class A)		13,534
300	*	Scholastic Corp		11,088
235		Standard Register Co		3,318
200		Thomas Nelson, Inc		4,520

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
2,616		Tribune Co	$	110,238
554	*	Valassis Communications, Inc		19,395
57		Washington Post Co (Class B)		56,032
400		Wiley (John) & Sons, Inc (Class A)		13,936

		TOTAL PRINTING AND PUBLISHING		1,122,733


RAILROAD TRANSPORTATION - 0.47%
9,078	*	ADC Telecommunications, Inc		24,329
3,924		Burlington Northern Santa Fe Corp		185,644
2,442		CSX Corp		97,875
179		Florida East Coast Industries		8,073
159	*	Genesee & Wyoming, Inc (Class A)		4,473
850	*	Kansas City Southern Industries, Inc		15,071
4,364		Norfolk Southern Corp		157,933
2,735		Union Pacific Corp		183,929

		TOTAL RAILROAD TRANSPORTATION		677,327


REAL ESTATE - 0.10%
39	*	Avatar Holdings, Inc		1,876
1,199		Catellus Development Corp		36,689
300	*	CB Richard Ellis Group, Inc		10,065
59		Consolidated-Tomoka Land Co		2,537
330		Forest City Enterprises, Inc (Class A)		18,991
300	*	Jones Lang LaSalle, Inc		11,223
200		LNR Property Corp		12,582
588		St. Joe Co		37,750
1,142	*	Stewart Enterprises, Inc (Class A)		7,983
325	*	Trammell Crow Co		5,886

		TOTAL REAL ESTATE		145,582


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.24%
101	*	Applied Films Corp		2,178
389		Aptargroup, Inc		20,531
100		Bandag, Inc		4,981
600		Cooper Tire & Rubber Co		12,930
100	*	Deckers Outdoor Corp		4,699
1,909	*	Goodyear Tire & Rubber Co		27,986
226	*	Jarden Corp		9,817
166		Myers Industries, Inc		2,125
1,719		Nike, Inc (Class B)		155,896
61		Quixote Corp		1,240
524		Reebok International Ltd		23,056
353		Schulman (A.), Inc		7,558
891	*	Sealed Air Corp		47,464
100	*	Skechers U.S.A., Inc (Class A)		1,296
267		Spartech Corp		7,233
60	*	Trex Co, Inc		3,146
500		Tupperware Corp		10,360

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		342,496

SECURITY AND COMMODITY BROKERS - 2.06%
850		A.G. Edwards, Inc		36,729

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
300	*	Affiliated Managers Group, Inc	$	20,322
2,446	*	Ameritrade Holding Corp		34,782
1,086		Bear Stearns Cos, Inc		111,109
216		Blackrock, Inc		16,688
200		Calamos Asset Management, Inc (Class A)		5,400
10,731		Charles Schwab Corp		128,343
351		Chicago Mercantile Exchange		80,274
3,766	*	E*Trade Financial Corp		56,302
794		Eaton Vance Corp		41,407
943		Federated Investors, Inc (Class B)		28,667
1,770		Franklin Resources, Inc		123,281
69		Gabelli Asset Management, Inc (Class A)		3,348
3,464		Goldman Sachs Group, Inc		360,395
1,578	*	Instinet Group, Inc		9,515
452	*	Investment Technology Group, Inc		9,040
671		Investors Financial Services Corp		33,537
2,626		Janus Capital Group, Inc		44,143
498		Jefferies Group, Inc		20,059
1,234	*	Knight Trading Group, Inc		13,512
600	*	LaBranche & Co, Inc		5,376
1,074		Legg Mason, Inc		78,681
2,926		Lehman Brothers Holdings, Inc		255,966
10,363		Merrill Lynch & Co, Inc		619,396
11,762		Morgan Stanley		653,026
257		Nuveen Investments, Inc		10,144
190	*	Piper Jaffray Cos		9,111
600		Raymond James Financial, Inc		18,588
680		SEI Investments Co		28,512
121		SWS Group, Inc		2,652
1,130		T Rowe Price Group, Inc		70,286
877		Waddell & Reed Financial, Inc (Class A)		20,952

		TOTAL SECURITY AND COMMODITY BROKERS		2,949,543


SOCIAL SERVICES - 0.01%
125	*	Bright Horizons Family Solutions, Inc		8,095
800	*	Res-Care, Inc		12,176

		TOTAL SOCIAL SERVICES		20,271


SPECIAL TRADE CONTRACTORS - 0.04%
100		Chemed Corp		6,711
409	*	Comfort Systems U.S.A., Inc		3,141
650	*	Dycom Industries, Inc		19,838
136	*	EMCOR Group, Inc		6,144
333	*	Integrated Electrical Services, Inc		1,612
968	*	Matrix Service Co		7,802
1,376	*	Quanta Services, Inc		11,008

		TOTAL SPECIAL TRADE CONTRACTORS		56,256


STONE, CLAY, AND GLASS PRODUCTS - 0.17%
54		Ameron International Corp		2,046
311		Apogee Enterprises, Inc		4,170

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
280	*	Cabot Microelectronics Corp	$	11,214
135		CARBO Ceramics, Inc		9,315
14,483	*	Corning, Inc		170,465
128		Eagle Materials, Inc		11,053
94		Eagle Materials, Inc (Class B)		7,924
273		Florida Rock Industries, Inc		16,252
141		Libbey, Inc		3,132
700	*	U.S. Concrete, Inc		5,369

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		240,940


TOBACCO PRODUCTS - 1.11%
21,877		Altria Group, Inc		1,336,685
861		Loews Corp (Carolina Group)		24,926
1,612		Reynolds American, Inc		126,703
241		Universal Corp (Virginia)		11,529
1,753		UST, Inc		84,337
242		Vector Group Ltd		4,024

		TOTAL TOBACCO PRODUCTS		1,588,204

TRANSPORTATION BY AIR - 0.41%
995	*	Airtran Holdings, Inc		10,646
248	*	Alaska Air Group, Inc		8,305
313	*	America West Holdings Corp (Class B)		2,060
1,700	*	AMR Corp		18,615
620	*	Continental Airlines, Inc (Class B)		8,395
900	*	Delta Air Lines, Inc		6,732
876	*	ExpressJet Holdings, Inc		11,283
3,193		FedEx Corp		314,479
438	*	FLYi, Inc		775
193	*	Forward Air Corp		8,627
550	*	Frontier Airlines, Inc		6,276
1,027	*	JetBlue Airways Corp		23,847
200	*	Mesa Air Group, Inc		1,588
668	*	Northwest Airlines Corp		7,301
181	*	Offshore Logistics, Inc		5,877
400	*	Pinnacle Airlines Corp		5,576
600		Skywest, Inc		12,036
8,318		Southwest Airlines Co		135,417

		TOTAL TRANSPORTATION BY AIR		587,835


TRANSPORTATION EQUIPMENT - 2.50%
335	*	AAR Corp		4,563
148	*	Aftermarket Technology Corp		2,383
449		American Axle & Manufacturing Holdings, Inc		13,766
200		Arctic Cat, Inc		5,304
738		ArvinMeritor, Inc		16,509
1,039		Autoliv, Inc		50,184
1,094	*	BE Aerospace, Inc		12,734
9,138		Boeing Co		473,074
975		Brunswick Corp		48,263
270		Clarcor, Inc		14,788
200		Coachmen Industries, Inc		3,472

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
50		Curtiss-Wright Corp (Class B)	$	2,813
1,700		Dana Corp		29,461
5,341		Delphi Corp		48,176
63	*	Ducommun, Inc		1,314
400		Federal Signal Corp		7,064
570	*	Fleetwood Enterprises, Inc		7,672
18,888		Ford Motor Co		276,520
300	*	GenCorp, Inc		5,571
2,103		General Dynamics Corp		219,974
4,885		General Motors Corp		195,693
900		Gentex Corp		33,318
1,900		Genuine Parts Co		83,714
1,292		Goodrich Corp		42,171
3,167		Harley-Davidson, Inc		192,395
801	*	Hayes Lemmerz International, Inc		7,073
100		Heico Corp		2,259
10		Heico Corp (Class A)		173
9,100		Honeywell International, Inc		322,231
200		Kaman Corp (Class A)		2,530
3,959		Lockheed Martin Corp		219,922
220		Monaco Coach Corp		4,525
654	*	Navistar International Corp		28,763
3,758		Northrop Grumman Corp		204,285
350		Oshkosh Truck Corp		23,933
1,942		Paccar, Inc		156,292
457		Polaris Industries, Inc		31,085
89	*	Sequa Corp (Class A)		5,442
200	*	Sports Resorts International, Inc		576
100		Standard Motor Products, Inc		1,580
32	*	Strattec Security Corp		2,004
200		Superior Industries International, Inc		5,810
285	*	Teledyne Technologies, Inc		8,388
347	*	Tenneco Automotive, Inc		5,982
1,338		Textron, Inc		98,744
400		Thor Industries, Inc		14,820
329		Trinity Industries, Inc		11,212
129	*	Triumph Group, Inc		5,096
187	*	TRW Automotive Holdings Corp		3,871
496	*	United Defense Industries, Inc		23,436
5,479		United Technologies Corp		566,255
1,203		Visteon Corp		11,753
270	*	Wabash National Corp		7,271
304		Westinghouse Air Brake Technologies Corp		6,481
200		Winnebago Industries, Inc		7,812

		TOTAL TRANSPORTATION EQUIPMENT		3,580,500

TRANSPORTATION SERVICES - 0.13%
52		Ambassadors Group, Inc		1,852
891		C.H. Robinson Worldwide, Inc		49,468
300	*	EGL, Inc		8,967
1,092		Expeditors International of Washington, Inc		61,021
438		GATX Corp		12,947
200	*	HUB Group, Inc		10,444
100	*	Navigant International, Inc		1,217

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
400	*	Pacer International, Inc	$	8,504
262	*	RailAmerica, Inc		3,419
1,430		Sabre Holdings Corp		31,689

		TOTAL TRANSPORTATION SERVICES		189,528

TRUCKING AND WAREHOUSING - 0.51%
200		Arkansas Best Corp		8,978
700	*	Central Freight Lines, Inc		4,410
612		CNF, Inc		30,661
100	*	Covenant Transport, Inc (Class A)		2,082
378		Heartland Express, Inc		8,494
636		Hunt (J.B.) Transport Services, Inc		28,524
380	*	Landstar System, Inc		27,983
175	*	Old Dominion Freight Line		6,090
253		Overnite Corp		9,422
60	*	P.A.M. Transportation Services		1,125
700	*	Quality Distribution, Inc		5,908
133	*	SCS Transportation, Inc		3,108
215	*	Sirva, Inc		4,132
670	*	Swift Transportation Co, Inc		14,392
200	*	U.S. Xpress Enterprises, Inc (Class A)		5,860
6,158		United Parcel Service, Inc (Class B)		526,263
247		USF Corp		9,374
457		Werner Enterprises, Inc		10,346
477	*	Yellow Roadway Corp		26,574

		TOTAL TRUCKING AND WAREHOUSING		733,726

WATER TRANSPORTATION - 0.04%
400		Alexander & Baldwin, Inc		16,968
200	*	Gulfmark Offshore, Inc		4,454
256	*	Kirby Corp		11,361
300		Overseas Shipholding Group, Inc		16,560
123	*	Seabulk International, Inc		1,490

		TOTAL WATER TRANSPORTATION		50,833

WHOLESALE TRADE-DURABLE GOODS - 1.84%
100	*	1-800 Contacts, Inc		2,200
162		Action Performance Cos, Inc		1,780
1,016		Adesa, Inc		21,560
200		Agilysys, Inc		3,428
107	*	Alliance Imaging, Inc		1,204
356		Anixter International, Inc		12,812
300		Applied Industrial Technologies, Inc		8,220
1,174	*	Arrow Electronics, Inc		28,528
200	*	Audiovox Corp (Class A)		3,156
208	*	Aviall, Inc		4,778
1,339	*	Avnet, Inc		24,423
400		Barnes Group, Inc		10,604
186	*	BioVeris Corp		1,360
592		BorgWarner, Inc		32,069
205	*	Brightpoint, Inc		4,006
309		Carlisle Cos, Inc		20,060
642		CDW Corp		42,597
101	*	Department 56, Inc		1,682

TIAA-CREF Life Funds — Stock Index Fund


SHARES			VALUE
400	*	Digi International, Inc	$	6,876
256	*	Global Imaging Systems, Inc		10,112
251		Handleman Co		5,391
600		Hughes Supply, Inc		19,410
1,300		IKON Office Solutions, Inc		15,028
249	*	Imagistics International, Inc		8,381
1,200	*	Ingram Micro, Inc (Class A)		24,960
468	*	Insight Enterprises, Inc		9,603
100	*	Insurance Auto Auctions, Inc		2,242
31,786		Johnson & Johnson		2,015,868
94	*	Keystone Automotive Industries, Inc		2,186
270		Knight Transportation, Inc		6,696
45		Lawson Products, Inc		2,269
155	*	LKQ Corp		3,111
483		Martin Marietta Materials, Inc		25,918
400	*	Merge Technologies, Inc		8,900
187		Metal Management, Inc		5,025
2,000	*	Microtek Medical Holdings, Inc		8,120
222	*	Navarre Corp		3,907
300		Owens & Minor, Inc		8,451
1,312	*	Patterson Cos, Inc		56,928
614		Pep Boys-Manny Moe & Jack		10,481
600	*	PSS World Medical, Inc		7,509
300		Reliance Steel & Aluminum Co		11,688
1,256	*	Safeguard Scientifics, Inc		2,663
133	*	Scansource, Inc		8,267
567		SCP Pool Corp		18,087
200	*	TBC Corp		5,560
616	*	Tech Data Corp		27,966
840		W.W. Grainger, Inc		55,961
200		Watsco, Inc		7,044
200	*	WESCO International, Inc		5,928
437	*	Zoran Corp		5,060

		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,640,063


WHOLESALE TRADE-NONDURABLE GOODS - 0.71%
380		Acuity Brands, Inc		12,084
100		Advanced Marketing Services, Inc		1,006
600		Airgas, Inc		15,906
200	*	Allscripts Healthcare Solutions, Inc		2,134
1,164		AmerisourceBergen Corp		68,304
644		Brown-Forman Corp (Class B)		31,350
4,595		Cardinal Health, Inc		267,199
110	*	Central European Distribution Corp		3,249
330		Chiquita Brands International, Inc		7,280
1,137		DIMON, Inc		7,641
499	*	Endo Pharmaceuticals Holdings, Inc		10,489
164		Getty Realty Corp		4,712
217	*	Hain Celestial Group, Inc		4,485
468	*	Henry Schein, Inc		32,592
100		Kenneth Cole Productions, Inc (Class A)		3,086
3,257		McKesson Corp		102,465
283	*	Men’s Wearhouse, Inc		9,045

TIAA-CREF Life Funds — Stock Index Fund


SHARES				VALUE
	214	*	Metals USA, Inc	$	3,970
	80		Nash Finch Co		3,021
	559		Nu Skin Enterprises, Inc (Class A)		14,187
	493	*	Performance Food Group Co		13,267
	600		Perrigo Co		10,362
	200	*	Perry Ellis International, Inc		4,070
	363	*	Priority Healthcare Corp (Class B)		7,902
	277		Russell Corp		5,396
	171	*	School Specialty, Inc		6,594
	100	*	Smart & Final, Inc		1,439
	400		Standard Commercial Corp		7,784
	400		Stride Rite Corp		4,468
	1,397		Supervalu, Inc		48,224
	6,838		Sysco Corp		261,006
	292	*	Tractor Supply Co		10,865
	350	*	United Natural Foods, Inc		10,885
	360	*	United Stationers, Inc		16,632

			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,013,099

			TOTAL COMMON STOCKS (Cost $141,456,403)		141,903,693

PRINCIPAL
	SHORT-TERM INVESTMENTS - 1.75%

	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.75%
$	2,510,000	d	Federal Home Loan Bank (FHLB)
			1.000%, 01/03/05		2,509,550

			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,509,550

			TOTAL SHORT-TERM INVESTMENTS (Cost $2,509,826)		2,509,550

			TOTAL PORTFOLIO - 100.84% (Cost $143,969,848)		144,420,113
			OTHER ASSETS & LIABILITIES, NET - (0.84%)		(1,198,068	)

			NET ASSETS - 100.00%	$	143,222,045

*	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	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted to $0 or 0.00% of net assets.

v	Security valued at fair value

TIAA-CREF Life Funds — Stock Index Fund

Restricted security held by the Fund is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
McLeod (Escrow)	05/14/02	$	—	$	—

Open Futures Contracts:


	Number of Contracts (Long positions)	Market Value		Expiration Date	Unrealized Gain
E-mini Russell 2000 Index	3	$	196,185	March 2005	$	3,599
E-mini S&P 500 Index	13		788,905	March 2005		9,914

Total					$	13,513

TIAA-CREF Life Funds — Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Social Choice Equity Fund

December 31, 2004


SHARES			VALUE
COMMON STOCKS - 99.62%
AMUSEMENT AND RECREATION SERVICES - 0.03%
200	*	Gaylord Entertainment Co	$	8,306

		TOTAL AMUSEMENT AND RECREATION SERVICES		8,306


APPAREL AND ACCESSORY STORES - 0.47%
100	*	Charming Shoppes, Inc		937
400		Foot Locker, Inc		10,772
2,191		Gap, Inc		46,274
400		Nordstrom, Inc		18,692
400		Ross Stores, Inc		11,548
1,700		TJX Cos, Inc		42,721

		TOTAL APPAREL AND ACCESSORY STORES		130,944


APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%
900	*	Collins & Aikman Corp		3,924
300		Liz Claiborne, Inc		12,663
200		Oxford Industries, Inc		8,260
200		Phillips-Van Heusen Corp		5,400

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		30,247


AUTO REPAIR, SERVICES AND PARKING - 0.01%
68		Ryder System, Inc		3,248

		TOTAL AUTO REPAIR, SERVICES AND PARKING		3,248


AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%
200	*	Autozone, Inc		18,262
228	*	Carmax, Inc		7,079
400	*	Rush Enterprises, Inc		6,924

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		32,265


BUILDING MATERIALS AND GARDEN SUPPLIES - 1.51%
7,028		Home Depot, Inc		300,377
2,000		Lowe’s Cos		115,180

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		415,557


BUSINESS SERVICES - 6.27%
300	*	24/7 Real Media, Inc		1,299
1,900	*	3Com Corp		7,923
551		Adobe Systems, Inc		34,570

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
257	*	Akamai Technologies, Inc	$	3,349
100	*	Aspect Communications Corp		1,114
2,483		Automatic Data Processing, Inc		110,121
733	*	BEA Systems, Inc		6,494
271	*	Bisys Group, Inc		4,458
100	*	Blue Coat Systems, Inc		1,861
379	*	BMC Software, Inc		7,049
500	*	Brocade Communications Systems, Inc		3,820
550	*	Cadence Design Systems, Inc		7,596
500	*	Ceridian Corp		9,140
100	*	Checkfree Corp		3,808
190	*	Ciber, Inc		1,832
190	*	Citrix Systems, Inc		4,661
274	*	CNET Networks, Inc		3,077
420	*	Cognizant Technology Solutions Corp		17,779
593	*	Compuware Corp		3,837
700	*	Convergys Corp		10,493
100	*	CSG Systems International, Inc		1,870
400	*	DST Systems, Inc		20,848
200	*	Dun & Bradstreet Corp		11,930
600	*	Electronic Arts, Inc		37,008
2,351		Electronic Data Systems Corp		54,308
100	*	Equinix, Inc		4,274
700	*	Fiserv, Inc		28,133
46	*	Getty Images, Inc		3,167
200		Henry (Jack) & Associates, Inc		3,982
850		IMS Health, Inc		19,729
1,100	*	Innovative Solutions & Support, Inc		36,696
424	*	Intuit, Inc		18,660
246	*	Iron Mountain, Inc		7,501
1,295	*	Juniper Networks, Inc		35,211
100	*	Keynote Systems, Inc		1,392
300	*	Lamar Advertising Co		12,834
100		Manpower, Inc		4,830
23,700		Microsoft Corp		633,027
544	*	Monster Worldwide, Inc		18,300
900	*	Novell, Inc		6,075
800		Omnicom Group, Inc		67,456
9,300	*	Oracle Corp		127,596
300	*	Perot Systems Corp (Class A)		4,809
100	*	Pixar		8,561
20	*	Portal Software, Inc		53
300	*	Red Hat, Inc		4,005
600		Robert Half International, Inc		17,658
500	*	Sapient Corp		3,955
86	*	Scansoft, Inc		360
1,000	*	Siebel Systems, Inc		10,500
520	*	Spherion Corp		4,368
8,700	*	Sun Microsystems, Inc		46,806
879	*	SunGard Data Systems, Inc		24,902
1,108	*	Symantec Corp		28,542
170	*	Synopsys, Inc		3,335
700		Total System Services, Inc		17,010

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
600	*	Unisys Corp	$	6,108
200	*	Universal Compression Holdings, Inc		6,982
700	*	VeriSign, Inc		23,464
900	*	Veritas Software Corp		25,695
2,500	*	Yahoo!, Inc		94,200

		TOTAL BUSINESS SERVICES		1,730,421


CHEMICALS AND ALLIED PRODUCTS - 8.90%
200	*	Abgenix, Inc		2,068
71	*	Able Laboratories, Inc		1,615
100	*	Adolor Corp		992
1,300		Air Products & Chemicals, Inc		75,361
100	*	Alexion Pharmaceuticals, Inc		2,520
100	*	Alkermes, Inc		1,409
900		Allergan, Inc		72,963
100	*	American Pharmaceutical Partners, Inc		3,741
3,911	*	Amgen, Inc		250,891
200	*	Amylin Pharmaceuticals, Inc		4,672
100	*	Atherogenics, Inc		2,356
1,000		Avery Dennison Corp		59,970
1,000		Avon Products, Inc		38,700
525	*	Barr Pharmaceuticals, Inc		23,909
600	*	Benthley Pharmaceuticals, Inc		6,450
200	*	Bioenvision, Inc		1,792
874	*	Biogen Idec, Inc		58,217
400	*	BioMarin Pharmaceutical, Inc		2,556
100	*	Biosite, Inc		6,154
524	*	Bone Care International, Inc		14,593
200	*	Bradley Pharmaceuticals, Inc		3,880
325		Cabot Corp		12,571
300	*	Cell Therapeutics, Inc		2,442
100	*	Cephalon, Inc		5,088
200	*	Chattem, Inc		6,620
639		Clorox Co		37,656
1,703		Colgate-Palmolive Co		87,125
200	*	Cubist Pharmaceuticals, Inc		2,366
200	*	Cytogen Corp		2,304
100	*	Dendreon Corp		1,078
474		Diagnostic Products Corp		26,094
93	*	Digene Corp		2,432
518	*	Dov Pharmaceutical, Inc		9,350
3,076	*	Durect Corp		10,089
200	*	Dusa Pharmaceuticals, Inc		2,860
1,600		Ecolab, Inc		56,208
300	*	Encysive Pharmaceuticals, Inc		2,979
600	*	Eon Labs, Inc		16,200
200	*	EPIX Pharmaceuticals, Inc		3,582
532	*	First Horizon Pharmaceutical		12,177
1,400	*	Forest Laboratories, Inc		62,804
500	*	Genaera Corp		1,710
808	*	Genzyme Corp		46,921
300	*	Geron Corp		2,391

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
1,094	*	Gilead Sciences, Inc	$	38,279
3,814		Gillette Co		170,791
600	*	Guilford Pharmaceuticals, Inc		2,970
268		H.B. Fuller Co		7,641
441	*	Hollis-Eden Pharmaceuticals		4,154
500	*	Human Genome Sciences, Inc		6,010
200	*	ICOS Corp		5,656
300	*	Idexx Laboratories, Inc		16,377
500	*	Immunogen, Inc		4,420
392	*	Immunomedics, Inc		1,192
600	*	Impax Laboratories, Inc		9,528
100	*	Indevus Pharmaceuticals, Inc		596
261	*	Inverness Medical Innovations, Inc		6,551
100	*	Invitrogen Corp		6,713
435	*	Isis Pharmaceuticals, Inc		2,567
1,196	*	King Pharmaceuticals, Inc		14,830
300	*	KV Pharmaceutical Co (Class A)		6,615
327	*	Lannett Co, Inc		3,221
234	*	Ligand Pharmaceuticals, Inc (Class B)		2,724
200		Mannatech, Inc		3,808
300	*	Martek Biosciences Corp		15,360
200	*	Medarex, Inc		2,156
600		Medicis Pharmaceutical Corp (Class A)		21,066
668	*	MedImmune, Inc		18,109
7,294		Merck & Co, Inc		234,429
200	*	MGI Pharma, Inc		5,602
800	*	Millennium Pharmaceuticals, Inc		9,696
1,501		Mylan Laboratories, Inc		26,538
400	*	Nabi Biopharmaceuticals		5,860
300	*	Nektar Therapeutics		6,072
300	*	Neose Technologies, Inc		2,016
442	*	Noven Pharmaceuticals, Inc		7,541
100	*	NPS Pharmaceuticals, Inc		1,828
100	*	Nuvelo, Inc		985
200	*	OraSure Technologies, Inc		1,344
100	*	OSI Pharmaceuticals, Inc		7,485
1,100	*	Pain Therapeutics, Inc		7,931
1,870	*	Palatin Technologies, Inc		4,974
400	*	Penwest Pharmaceuticals Co		4,784
1,200	*	Peregrine Pharmaceuticals, Inc		1,404
200	*	Pozen, Inc		1,454
800	*	Praecis Pharmaceuticals, Inc		1,520
1,350		Praxair, Inc		59,603
9,109		Procter & Gamble Co		501,724
227	*	Progenics Pharmaceuticals		3,895
200	*	Protein Design Labs, Inc		4,132
300	*	QLT, Inc		4,824
735		Rohm & Haas Co		32,509
450	*	Salix Pharmaceuticals Ltd		7,916
200	*	Sepracor, Inc		11,874
500		Sigma-Aldrich Corp		30,230
500	*	SuperGen, Inc		3,525
200	*	Tanox, Inc		3,040

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
58	*	United Therapeutics Corp	$	2,619
200	*	Vertex Pharmaceuticals, Inc		2,114
700	*	Vion Pharmaceuticals, Inc		3,283
600	*	Watson Pharmaceuticals, Inc		19,686
400	*	Zila, Inc		1,712
529	*	Zymogenetics, Inc		12,167

		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,455,506

COMMUNICATIONS - 4.85%
651		Alltel Corp		38,253
2,391		AT&T Corp		45,572
1,200	*	Avaya, Inc		20,640
5,600		BellSouth Corp		155,624
3,929	*	Comcast Corp (Class A)		130,757
2,200	*	Comcast Corp (Special Class A)		72,248
1,088	*	IAC/InterActiveCorp		30,051
100	*	Infonet Services Corp (Class B)		202
509	*	Liberty Media International, Inc		23,531
1,897	*	Lucent Technologies Inc Wts 12/10/07		2,997
11,900	*	Lucent Technologies, Inc		44,744
1,000	*	Mastec, Inc		10,110
1,525	*	Nextel Communications, Inc (Class A)		45,750
200	*	Novatel Wireless, Inc		3,876
100	*	NTL, Inc		7,296
350	*	Paxson Communications Corp		483
11,648		SBC Communications, Inc		300,169
2,877		Sprint Corp		71,493
200	*	UnitedGlobalcom, Inc (Class A)		1,932
400	*	Univision Communications, Inc (Class A)		11,708
7,776		Verizon Communications, Inc		315,006
200	*	XM Satellite Radio Holdings, Inc		7,524

		TOTAL COMMUNICATIONS		1,339,966

DEPOSITORY INSTITUTIONS - 9.85%
1,300		AmSouth Bancorp		33,670
3,100		BB&T Corp		130,355
800		Comerica, Inc		48,816
2,400		Fifth Third Bancorp		113,472
1,200		Golden West Financial Corp		73,704
15,300		JPMorgan Chase & Co		596,853
2,600		KeyCorp		88,140
1,500		Mellon Financial Corp		46,665
3,583		National City Corp		134,542
577		New York Community Bancorp, Inc		11,869
859		North Fork Bancorp, Inc		24,782
500		Northern Trust Corp		24,290
1,549		PNC Financial Services Group, Inc		88,975
1,164		Regions Financial Corp		41,427
600		Sovereign Bancorp, Inc		13,530
1,100		State Street Corp		54,032
1,400		SunTrust Banks, Inc		103,432
500		Synovus Financial Corp		14,290
9,000		U.S. Bancorp		281,880

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
100		UnionBanCal Corp	$	6,448
6,100		Wachovia Corp		320,860
7,500		Wells Fargo & Co		466,125

		TOTAL DEPOSITORY INSTITUTIONS		2,718,157

EATING AND DRINKING PLACES - 0.83%
100	*	CKE Restaurants, Inc		1,451
493		Darden Restaurants, Inc		13,676
6,266		McDonald's Corp		200,888
41		Outback Steakhouse, Inc		1,877
300		Wendy’s International, Inc		11,778

		TOTAL EATING AND DRINKING PLACES		229,670

EDUCATIONAL SERVICES - 0.15%
462	*	Apollo Group, Inc (Class A)		37,288
100	*	Career Education Corp		4,000

		TOTAL EDUCATIONAL SERVICES		41,288

ELECTRIC, GAS, AND SANITARY SERVICES - 4.94%
2,650	*	AES Corp		36,226
696		AGL Resources, Inc		23,135
633		Allete, Inc		23,263
3,459	*	Aquila, Inc		12,764
1,728		Avista Corp		30,534
700		Black Hills Corp		21,476
400	*	Casella Waste Systems, Inc (Class A)		5,856
100		Citizens Communications Co		1,379
1,447		Cleco Corp		29,316
3,007		DPL, Inc		75,506
2,300		Empire District Electric Co		52,164
1,400		Equitable Resources, Inc		84,924
2,200		Hawaiian Electric Industries, Inc		64,130
1,800		Idacorp, Inc		55,026
1,845		KeySpan Corp		72,785
1,115		Kinder Morgan, Inc		81,540
500		MGE Energy, Inc		18,015
2,400		National Fuel Gas Co		68,016
1,092		Nicor, Inc		40,338
2,686		NiSource, Inc		61,187
4,600		OGE Energy Corp		121,946
246		Otter Tail Corp		6,280
779		Peoples Energy Corp		34,237
2,600		Pepco Holdings, Inc		55,432
3,459		Puget Energy, Inc		85,437
926		Questar Corp		47,189
200		Resource America, Inc (Class A)		6,500
2,000	*	Sierra Pacific Resources		21,000
100	*	Stericycle, Inc		4,595
200		UGI Corp		8,182
1,155		Unisource Energy Corp		27,847
150	*	Waste Connections, Inc		5,138
600		Western Gas Resources, Inc		17,550

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
287		WGL Holdings, Inc	$	8,851
3,378		Williams Cos, Inc		55,028

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,362,792

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.37%
1,162	*	Advanced Micro Devices, Inc		25,587
119	*	Agere Systems, Inc (Class A)		163
2,920	*	Agere Systems, Inc (Class B)		3,942
1,000	*	Altera Corp		20,700
700		American Power Conversion Corp		14,980
512		Ametek, Inc		18,263
800		Analog Devices, Inc		29,536
500	*	Artesyn Technologies, Inc		5,650
700	*	Avanex Corp		2,317
635		AVX Corp		8,001
461		Baldor Electric Co		12,691
600	*	Broadcom Corp (Class A)		19,368
136	*	Broadwing Corp		1,239
300	*	Carrier Access Corp		3,204
240	*	C-COR, Inc		2,232
1,400	*	CIENA Corp		4,676
300	*	Comverse Technology, Inc		7,335
100	*	Ditech Communications Corp		1,495
4,300	*	Eagle Broadband, Inc		2,838
3,178		Emerson Electric Co		222,778
1,100	*	Finisar Corp		2,508
300	*	Harmonic, Inc		2,502
300		Hubbell, Inc (Class B)		15,690
16,947		Intel Corp		396,390
100	*	Interdigital Communications Corp		2,210
100		Intersil Corp (Class A)		1,674
389	*	Jabil Circuit, Inc		9,951
4,657	*	JDS Uniphase Corp		14,763
142	*	Kemet Corp		1,271
1,277	*	LSI Logic Corp		6,998
700		Maxim Integrated Products, Inc		29,673
155	*	McData Corp (Class A)		924
200	*	Merix Corp		2,304
200		Microchip Technology, Inc		5,332
1,432	*	Micron Technology, Inc		17,685
700		Molex, Inc		21,000
6,600		Motorola, Inc		113,520
1,600	*	MRV Communications, Inc		5,872
174	*	Mykrolis Corp		2,465
1,200		National Semiconductor Corp		21,540
200	*	NMS Communications Corp		1,262
236	*	Novellus Systems, Inc		6,582
100	*	Openwave Systems, Inc		1,546
1,800	*	Optical Communication Products, Inc		4,500
200	*	Power-One, Inc		1,784
3,800		Qualcomm, Inc		161,120
252		Scientific-Atlanta, Inc		8,318
2,892	*	Sirius Satellite Radio, Inc		22,124

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
200	*	Stratex Networks, Inc	$	452
400	*	Sycamore Networks, Inc		1,624
1,300	*	Tellabs, Inc		11,167
900	*	Terayon Communication Systems, Inc		2,439
4,974		Texas Instruments, Inc		122,460
538	*	Thomas & Betts Corp		16,543
500	*	Tripath Technology, Inc		625
110	*	Utstarcom, Inc		2,437
600	*	Vishay Intertechnology, Inc		9,012
541	*	Vitesse Semiconductor Corp		1,910
800		Xilinx, Inc		23,720
625	*	Zhone Technologies, Inc		1,619

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,482,511

ENGINEERING AND MANAGEMENT SERVICES - 0.57%
200	*	Accelrys, Inc		1,560
100	*	Affymetrix, Inc		3,655
200	*	Antigenics, Inc		2,024
200	*	Applera Corp (Celera Genomics Group)		2,750
200	*	Ariad Pharmaceuticals, Inc		1,486
300	*	Axonyx, Inc		1,860
744	*	BearingPoint, Inc		5,974
360	*	Ciphergen Biosystems, Inc		1,548
100	*	Covance, Inc		3,875
300	*	CuraGen Corp		2,148
100	*	CV Therapeutics, Inc		2,300
400	*	Decode Genetics, Inc		3,124
87	*	Digitas, Inc		831
200	*	Dyax Corp		1,444
767	*	Incyte Corp		7,662
100	*	Kosan Biosciences, Inc		693
100	*	Lexicon Genetics, Inc		776
200	*	Luminex Corp		1,776
617		Moody's Corp		53,586
300	*	Oscient Pharmaceuticals Corp		1,095
1,352		Paychex, Inc		46,076
211	*	Regeneron Pharmaceuticals, Inc		1,943
500	*	Seattle Genetics, Inc		3,265
100	*	Symyx Technologies, Inc		3,008
152	*	TRC Cos, Inc		2,584

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		157,043

FABRICATED METAL PRODUCTS - 1.20%
80		Commercial Metals Co		4,045
1,600	*	Crown Holdings, Inc		21,984
100		Gulf Island Fabrication, Inc		2,183
230		Harsco Corp		12,820
1,901		Illinois Tool Works, Inc		176,185
100	*	Jacuzzi Brands, Inc		870
2,040		Masco Corp		74,521
147		Snap-On, Inc		5,051
600		Stanley Works		29,394
2,169	*	Tower Automotive, Inc		5,184

		TOTAL FABRICATED METAL PRODUCTS		332,237

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
FOOD AND KINDRED PRODUCTS - 3.72%
1,303		Campbell Soup Co	$	38,947
7,900		Coca-Cola Co		328,877
762		Coca-Cola Enterprises, Inc		15,888
1,300		General Mills, Inc		64,623
1,208		H.J. Heinz Co		47,100
1,164		Hershey Foods Corp		64,648
1,064		Kellogg Co		47,518
300		Pepsi Bottling Group, Inc		8,112
6,552		PepsiCo, Inc		342,014
1,000		Wrigley (Wm.) Jr Co		69,190

		TOTAL FOOD AND KINDRED PRODUCTS		1,026,917

FOOD STORES - 0.73%
1,673		Albertson’s, Inc		39,951
2,500	*	Kroger Co		43,850
400	*	Pathmark Stores, Inc		2,324
1,708	*	Safeway, Inc		33,716
1,317	*	Starbucks Corp		82,128

		TOTAL FOOD STORES		201,969

FURNITURE AND FIXTURES - 0.41%
300		Hillenbrand Industries, Inc		16,662
1,000		Johnson Controls, Inc		63,440
400		Leggett & Platt, Inc		11,372
867		Newell Rubbermaid, Inc		20,973

		TOTAL FURNITURE AND FIXTURES		112,447

FURNITURE AND HOMEFURNISHINGS STORES - 0.36%
865	*	Bed Bath & Beyond, Inc		34,453
700		Best Buy Co, Inc		41,594
500		Circuit City Stores, Inc (Circuit City Group)		7,820
400		RadioShack Corp		13,152
100	*	Williams-Sonoma, Inc		3,504

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		100,523

GENERAL BUILDING CONTRACTORS - 0.34%
200		Centex Corp		11,916
481		D.R. Horton, Inc		19,389
300		Lennar Corp (Class A)		17,004
20		Lennar Corp (Class B)		1,044
700		Pulte Homes, Inc		44,660

		TOTAL GENERAL BUILDING CONTRACTORS		94,013

GENERAL MERCHANDISE STORES - 1.63%
100	*	Big Lots, Inc		1,213
1,300		Costco Wholesale Corp		62,933
853		Dollar General Corp		17,717
248	*	Dollar Tree Stores, Inc		7,113
500		Family Dollar Stores, Inc		15,615
900		J.C. Penney Co, Inc		37,260
1,000	*	Kohl’s Corp		49,170
1,600		May Department Stores Co		47,040

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
100		Neiman Marcus Group, Inc (Class A)	$	7,154
500		Saks, Inc		7,255
1,140		Sears Roebuck & Co		58,174
2,700		Target Corp		140,211

		TOTAL GENERAL MERCHANDISE STORES		450,855

HEALTH SERVICES - 0.61%
100	*	Apria Healthcare Group, Inc		3,295
1,087	*	Caremark Rx, Inc		42,860
150	*	Coventry Health Care, Inc		7,962
247	*	DaVita, Inc		9,764
300	*	Express Scripts, Inc		22,932
100	*	Gentiva Health Services, Inc		1,672
1,100		Health Management Associates, Inc (Class A)		24,992
100		Hooper Holmes, Inc		592
300	*	Lincare Holdings, Inc		12,795
400		Manor Care, Inc		14,172
100	*	NeighborCare, Inc		3,072
100	*	OCA, Inc		635
80	*	Specialty Laboratories, Inc		883
400	*	Triad Hospitals, Inc		14,884
200		Universal Health Services, Inc (Class B)		8,900

		TOTAL HEALTH SERVICES		169,410

HOLDING AND OTHER INVESTMENT OFFICES - 2.95%
1,040		Allied Capital Corp		26,874
300		AMB Property Corp		12,117
917		Archstone-Smith Trust		35,121
100		AvalonBay Communities, Inc		7,530
300		Boston Properties, Inc		19,401
500		Crescent Real Estate Equities Co		9,130
442		Duke Realty Corp		15,090
3,446		Equity Office Properties Trust		100,347
1,718		Equity Residential		62,157
200		Fremont General Corp		5,036
400		Friedman Billings Ramsey Group, Inc		7,756
400		Harris & Harris Group, Inc		6,552
800		iStar Financial, Inc		36,208
600		Kimco Realty Corp		34,794
1,000		Prologis		43,330
700		Public Storage, Inc		39,025
900		Simon Property Group, Inc		58,203
400		Thornburg Mortgage, Inc		11,584
500		Vornado Realty Trust		38,065
5,100		Washington Mutual, Inc		215,628
789		Weingarten Realty Investors		31,639

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		815,587

HOTELS AND OTHER LODGING PLACES - 0.04%
100		Choice Hotels International, Inc		5,800
200		Marcus Corp		5,028

		TOTAL HOTELS AND OTHER LODGING PLACES		10,828

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.47%
4,166		3M Co	$	341,904
600	*	American Standard Cos, Inc		24,792
971	*	Apple Computer, Inc		62,532
4,100	*	Applied Materials, Inc		70,110
200	*	Authentidate Holding Corp		1,238
200		Black & Decker Corp		17,666
100	*	Cirrus Logic, Inc		551
17,800	*	Cisco Systems, Inc		343,540
334		Cummins, Inc		27,986
900		Deere & Co		66,960
6,300	*	Dell, Inc		265,482
5,641	*	EMC Corp		83,882
138	*	Emulex Corp		2,324
600	*	Global Power Equipment Group, Inc		5,904
583		Graco, Inc		21,775
990	*	Grant Prideco, Inc		19,850
8,819		Hewlett-Packard Co		184,934
355	*	InFocus Corp		3,252
5,200		International Business Machines Corp		512,616
74	*	Lam Research Corp		2,139
300	*	Lexmark International, Inc		25,500
77		Lincoln Electric Holdings, Inc		2,659
1,162	*	Milacron, Inc		3,939
292		Modine Manufacturing Co		9,861
400	*	National-Oilwell, Inc		14,116
1,000	*	Network Appliance, Inc		33,220
400		Nordson Corp		16,028
220	*	PalmOne, Inc		6,941
200		Pentair, Inc		8,712
1,400		Pitney Bowes, Inc		64,792
300	*	Sandisk Corp		7,491
508	*	Semitool, Inc		4,714
1,000	*	Silicon Graphics, Inc		1,730
344	*	Smith International, Inc		18,717
3,788	*	Solectron Corp		20,190
200		SPX Corp		8,012
92	*	Storage Technology Corp		2,908
139	*	Western Digital Corp		1,507
1,673	*	Xerox Corp		28,458

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,338,932

INSTRUMENTS AND RELATED PRODUCTS - 3.60%
177	*	Advanced Medical Optics, Inc		7,282
97	*	Aksys Ltd		539
1,300		Applera Corp (Applied Biosystems Group)		27,183
400		Bard (C.R.), Inc		25,592
283		Bausch & Lomb, Inc		18,242
2,300		Baxter International, Inc		79,442
200		Beckman Coulter, Inc		13,398
1,300		Becton Dickinson & Co		73,840
800		Biomet, Inc		34,712
2,320	*	Boston Scientific Corp		82,476

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
200	*	Bruker BioSciences Corp	$	806
300	*	Cardiac Science, Inc		642
350	*	Closure Medical Corp		6,825
100	*	Cytyc Corp		2,757
300		Dentsply International, Inc		16,860
100	*	Edwards Lifesciences Corp		4,126
100	*	Faro Technologies, Inc		3,118
56	*	Fisher Scientific International, Inc		3,493
940		Guidant Corp		67,774
100	*	Ista Pharmaceuticals, Inc		1,012
500	*	KLA-Tencor Corp		23,290
200	*	Lexar Media, Inc		1,568
4,466		Medtronic, Inc		221,826
71	*	MKS Instruments, Inc		1,317
200		Movado Group, Inc		3,730
500	*	Nanogen, Inc		3,680
100		Oakley, Inc		1,275
900		PerkinElmer, Inc		20,241
1,400	*	St. Jude Medical, Inc		58,702
1,400		Stryker Corp		67,550
200		Teleflex, Inc		10,388
700	*	Thermo Electron Corp		21,133
300	*	TriPath Imaging, Inc		2,691
400	*	Varian Medical Systems, Inc		17,296
300	*	Waters Corp		14,037
700	*	Zimmer Holdings, Inc		56,084

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		994,927

INSURANCE AGENTS, BROKERS AND SERVICE - 0.48%
100		Brown & Brown, Inc		4,355
300		Gallagher (Arthur J.) & Co		9,750
2,100		Marsh & McLennan Cos, Inc		69,090
1,165	*	Medco Health Solutions, Inc		48,464

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		131,659

INSURANCE CARRIERS - 5.42%
441		Aetna, Inc		55,015
1,600		Aflac, Inc		63,744
85	*	Alleghany Corp		24,246
100		Ambac Financial Group, Inc		8,213
7,100		American International Group, Inc		466,257
500		Chubb Corp		38,450
500		Cigna Corp		40,785
630		Cincinnati Financial Corp		27,884
300		Erie Indemnity Co (Class A)		15,771
69		Fidelity National Financial, Inc		3,151
649		Hartford Financial Services Group, Inc		44,982
200	*	Health Net, Inc		5,774
600	*	Humana, Inc		17,814
300		Jefferson-Pilot Corp		15,588
800		Lincoln National Corp		37,344
300		MBIA, Inc		18,984
100		MGIC Investment Corp		6,891

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
200	*	Pacificare Health Systems, Inc	$	11,304
468		Phoenix Cos, Inc		5,850
100	*	PMA Capital Corp (Class A)		1,035
900		Principal Financial Group		36,846
500		Progressive Corp		42,420
2,050		Prudential Financial, Inc		112,668
400		Safeco Corp		20,896
1,216		St. Paul Travelers Cos, Inc		45,077
2,272		UnitedHealth Group, Inc		200,004
700		UnumProvident Corp		12,558
1,006	*	WellPoint, Inc		115,690

		TOTAL INSURANCE CARRIERS		1,495,241

LEATHER AND LEATHER PRODUCTS - 0.05%
252	*	Coach, Inc		14,213

		TOTAL LEATHER AND LEATHER PRODUCTS		14,213

LUMBER AND WOOD PRODUCTS - 0.02%
400	*	Champion Enterprises, Inc		4,728

		TOTAL LUMBER AND WOOD PRODUCTS		4,728

METAL MINING - 0.16%
267		Cleveland-Cliffs, Inc		27,731
900		Royal Gold, Inc		16,416

		TOTAL METAL MINING		44,147

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
200		Callaway Golf Co		2,700
271	*	K2, Inc		4,303
1,742		Mattel, Inc		33,952

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		40,955

MISCELLANEOUS RETAIL - 1.83%
486	*	Amazon.com, Inc		21,525
1,500		CVS Corp		67,605
1,182	*	eBay, Inc		137,443
200		Michaels Stores, Inc		5,994
700	*	Office Depot, Inc		12,152
300		Omnicare, Inc		10,386
200		Petsmart, Inc		7,106
16	*	Priceline.com, Inc		377
1,307		Staples, Inc		44,059
300		Tiffany & Co		9,591
604	*	Toys ‘R’ Us, Inc		12,364
3,500		Walgreen Co		134,295
840		World Fuel Services Corp		41,832

		TOTAL MISCELLANEOUS RETAIL		504,729

MOTION PICTURES - 2.07%
8,496	*	Liberty Media Corp (Class A)		93,286
915		Metro-Goldwyn-Mayer, Inc		10,870
200		Regal Entertainment Group (Class A)		4,150
12,764	*	Time Warner, Inc		248,132
7,767		Walt Disney Co		215,923

		TOTAL MOTION PICTURES		572,361

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
NONDEPOSITORY INSTITUTIONS - 4.45%
200		Advanta Corp (Class A)	$	4,524
299		American Capital Strategies Ltd		9,972
4,753		American Express Co		267,927
750		Capital One Financial Corp		63,157
823		CIT Group, Inc		37,710
1,500		Countrywide Financial Corp		55,515
4,300		Fannie Mae		306,203
3,200		Freddie Mac		235,840
4,171		MBNA Corp		117,580
1,723	*	Providian Financial Corp		28,378
1,900		SLM Corp		101,441

		TOTAL NONDEPOSITORY INSTITUTIONS		1,228,247

NONMETALLIC MINERALS, EXCEPT FUELS - 0.20%
900		Amcol International Corp		18,081
700		Vulcan Materials Co		38,227

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		56,308

OIL AND GAS EXTRACTION - 3.94%
2,106		Anadarko Petroleum Corp		136,490
2,702		Apache Corp		136,640
600	*	Callon Petroleum Co		8,676
400	*	Cheniere Energy, Inc		25,480
1,191		Chesapeake Energy Corp		19,652
267	*	Cimarex Energy Co		10,119
174	*	Clayton Williams Energy, Inc		3,985
200	*	Comstock Resources, Inc		4,410
300	*	Delta Petroleum Corp		4,704
600	*	Denbury Resources, Inc		16,470
3,634		Devon Energy Corp		141,435
400	*	Edge Petroleum Corp		5,832
500	*	Energy Partners Ltd		10,135
800		ENSCO International, Inc		25,392
1,388		EOG Resources, Inc		99,048
399	*	Forest Oil Corp		12,656
500	*	FX Energy, Inc		5,840
900	*	Global Industries Ltd		7,461
1,800	*	Grey Wolf, Inc		9,486
200	*	Harvest Natural Resources, Inc		3,454
404		Helmerich & Payne, Inc		13,752
118	*	Houston Exploration Co		6,645
500	b*	KCS Energy, Inc		7,390
358	*	Magnum Hunter Resources, Inc		4,618
1,100	*	Meridian Resource Corp		6,655
1,300	*	Mission Resources Corp		7,592
300	*	Newfield Exploration Co		17,715
1,027		Noble Energy, Inc		63,325
856		Patterson-UTI Energy, Inc		16,649
200	*	Petroleum Development Corp		7,714
1,009		Pioneer Natural Resources Co		35,416
529	*	Plains Exploration & Production Co		13,754
500		Pogo Producing Co		24,245

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
1,100	*	Pride International, Inc	$	22,594
400		Range Resources Corp		8,184
359		Rowan Cos, Inc		9,298
100	*	Stone Energy Corp		4,509
400	*	Swift Energy Co		11,576
500		Tidewater, Inc		17,805
2,991	*	Transmontaigne, Inc		18,335
100	*	Varco International, Inc		2,915
500	*	Veritas DGC, Inc		11,205
731		Vintage Petroleum, Inc		16,586
1,453		XTO Energy, Inc		51,407

		TOTAL OIL AND GAS EXTRACTION		1,087,249

PAPER AND ALLIED PRODUCTS - 0.71%
2,000		Kimberly-Clark Corp		131,620
800		MeadWestvaco Corp		27,112
1,000		Sonoco Products Co		29,650
100		Temple-Inland, Inc		6,840

		TOTAL PAPER AND ALLIED PRODUCTS		195,222

PETROLEUM AND COAL PRODUCTS - 0.70%
756		Frontier Oil Corp		20,155
400	*	Giant Industries, Inc		10,604
548	*	Headwaters, Inc		15,618
900		Sunoco, Inc		73,539
1,600		Valero Energy Corp		72,640

		TOTAL PETROLEUM AND COAL PRODUCTS		192,556

PRIMARY METAL INDUSTRIES - 1.03%
400	*	Aleris International, Inc		6,768
555	*	Andrew Corp		7,565
689	*	Century Aluminum Co		18,093
900		Engelhard Corp		27,603
150		Gibraltar Industries, Inc		3,543
300	*	International Steel Group, Inc		12,168
300	*	Lone Star Technologies, Inc		10,038
100	*	Maverick Tube Corp		3,030
197		Mueller Industries, Inc		6,343
500	*	NS Group, Inc		13,900
1,080		Nucor Corp		56,527
1,805		Ryerson Tull, Inc		28,429
672		Schnitzer Steel Industries, Inc (Class A)		22,801
259		Steel Dynamics, Inc		9,811
400	*	Wheeling-Pittsburgh Corp		15,416
2,105		Worthington Industries, Inc		41,216

		TOTAL PRIMARY METAL INDUSTRIES		283,251

PRINTING AND PUBLISHING - 1.04%
400		Dow Jones & Co, Inc		17,224
200		EW Scripps Co		9,656
943		McGraw-Hill Cos, Inc		86,322
522		New York Times Co (Class A)		21,298
400		R.R. Donnelley & Sons Co		14,116

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
975		Tribune Co	$	41,086
100		Washington Post Co (Class B)		98,302

		TOTAL PRINTING AND PUBLISHING		288,004

RAILROAD TRANSPORTATION - 0.44%
1,800	*	ADC Telecommunications, Inc		4,824
3,185		Norfolk Southern Corp		115,265

		TOTAL RAILROAD TRANSPORTATION		120,089

REAL ESTATE - 0.00%
100	*	Stewart Enterprises, Inc (Class A)		699

		TOTAL REAL ESTATE		699

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.06%
67		Bandag, Inc		3,337
200		Cooper Tire & Rubber Co		4,310
100		Reebok International Ltd		4,400
70	*	Sealed Air Corp		3,729

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		15,776

SECURITY AND COMMODITY BROKERS - 2.04%
300		A.G. Edwards, Inc		12,963
811	*	Ameritrade Holding Corp		11,532
3,500		Charles Schwab Corp		41,860
100		Eaton Vance Corp		5,215
300		Federated Investors, Inc (Class B)		9,120
900		Franklin Resources, Inc		62,685
1,210		Goldman Sachs Group, Inc		125,888
1,700	*	Instinet Group, Inc		10,251
500		Janus Capital Group, Inc		8,405
300		Legg Mason, Inc		21,978
3,436		Merrill Lynch & Co, Inc		205,370
69	*	Piper Jaffray Cos		3,309
300		SEI Investments Co		12,579
500		T Rowe Price Group, Inc		31,100

		TOTAL SECURITY AND COMMODITY BROKERS		562,255

SPECIAL TRADE CONTRACTORS - 0.02%
500	*	Integrated Electrical Services, Inc		2,420
518	*	Quanta Services, Inc		4,144

		TOTAL SPECIAL TRADE CONTRACTORS		6,564

STONE, CLAY, AND GLASS PRODUCTS - 0.19%
100		Apogee Enterprises, Inc		1,341
51	*	Cabot Microelectronics Corp		2,043
100		CARBO Ceramics, Inc		6,900
3,427	*	Corning, Inc		40,336
4		Eagle Materials, Inc		345
14		Eagle Materials, Inc (Class B)		1,180

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		52,145

TRANSPORTATION BY AIR - 0.66%
200	*	Airtran Holdings, Inc		2,140
945	*	AMR Corp		10,348

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
700	*	Continental Airlines, Inc (Class B)	$	9,478
800	*	Delta Air Lines, Inc		5,984
838		FedEx Corp		82,535
300	*	FLYi, Inc		531
321	*	Frontier Airlines, Inc		3,663
150	*	JetBlue Airways Corp		3,483
390	*	Mesa Air Group, Inc		3,096
267		Skywest, Inc		5,356
3,389		Southwest Airlines Co		55,173

		TOTAL TRANSPORTATION BY AIR		181,787

TRANSPORTATION EQUIPMENT - 1.21%
100		ArvinMeritor, Inc		2,237
800		Autoliv, Inc		38,640
2,800	*	BE Aerospace, Inc		32,592
558		Brunswick Corp		27,621
700		Dana Corp		12,131
3,600		Delphi Corp		32,472
904	*	Fleetwood Enterprises, Inc		12,168
200		Gentex Corp		7,404
1,400		Genuine Parts Co		61,684
1,129		Harley-Davidson, Inc		68,587
300	*	Sports Resorts International, Inc		864
300		Standard Motor Products, Inc		4,740
800	*	Tenneco Automotive, Inc		13,792
100	*	TRW Automotive Holdings Corp		2,070
1,400		Visteon Corp		13,678
141	*	Wabash National Corp		3,797

		TOTAL TRANSPORTATION EQUIPMENT		334,477

TRANSPORTATION SERVICES - 0.09%
500		GATX Corp		14,780
421		Sabre Holdings Corp		9,329

		TOTAL TRANSPORTATION SERVICES		24,109

TRUCKING AND WAREHOUSING - 0.63%
2,044		United Parcel Service, Inc (Class B)		174,680

		TOTAL TRUCKING AND WAREHOUSING		174,680

WATER TRANSPORTATION - 0.07%
400	*	Gulfmark Offshore, Inc		8,908
600	*	Hornbeck Offshore Services, Inc		11,580

		TOTAL WATER TRANSPORTATION		20,488

WHOLESALE TRADE-DURABLE GOODS - 2.95%
1,300		Adesa, Inc		27,586
400		Barnes Group, Inc		10,604
100		CDW Corp		6,635

TIAA-CREF Life Funds — Social Choice Equity Fund


SHARES			VALUE
1,000		IKON Office Solutions, Inc	$	11,560
100	*	Ingram Micro, Inc (Class A)		2,080
10,636		Johnson & Johnson		674,535
400	*	Patterson Cos, Inc		17,356
450		Reliance Steel & Aluminum Co		17,532
200	*	Safeguard Scientifics, Inc		424
700		W.W. Grainger, Inc		46,634

		TOTAL WHOLESALE TRADE-DURABLE GOODS		814,946

WHOLESALE TRADE-NONDURABLE GOODS - 0.97%
600	*	Allscripts Healthcare Solutions, Inc		6,402
1,694		Cardinal Health, Inc		98,506
1,500		McKesson Corp		47,190
400	*	Metals USA, Inc		7,420
1,206		Perrigo Co		20,828
478	*	Priority Healthcare Corp (Class B)		10,406
100		Russell Corp		1,948
200		Stride Rite Corp		2,234
1,876		Sysco Corp		71,607

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		266,541

		TOTAL COMMON STOCKS
		(Cost $28,754,201)		27,499,992

		TOTAL PORTFOLIO - 99.62%
		(Cost $28,754,201)		27,499,992
		OTHER ASSETS & LIABILITIES, NET - 0.38%		105,133

		NET ASSETS - 100.00%	$	27,605,125

*	Non-income producing

b	In bankruptcy

100

TIAA-CREF Life Funds — Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Large-Cap Value Fund

December 31, 2004


SHARES			VALUE
COMMON STOCKS - 99.44%
APPAREL AND OTHER TEXTILE PRODUCTS - 1.12%
11,739		Jones Apparel Group, Inc	$	429,295
584		Liz Claiborne, Inc		24,651
405		VF Corp		22,429

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		476,375

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.78%
200		Lafarge North America, Inc		10,264
7,910	b*	USG Corp		318,536

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		328,800

BUSINESS SERVICES - 2.49%
3,630		Automatic Data Processing, Inc		160,991
55,000	*	Manugistics Group, Inc		157,850
15,167		Microsoft Corp		405,111
27,755	*	NYFIX, Inc		171,803
15,458	*	Siebel Systems, Inc		162,309

		TOTAL BUSINESS SERVICES		1,058,064

CHEMICALS AND ALLIED PRODUCTS - 4.90%
5,500	*	Andrx Corp		120,065
8,475		Bristol-Myers Squibb Co		217,130
10,081		Du Pont (E.I.) de Nemours & Co		494,473
24,800		Merck & Co, Inc		797,072
2,814	*	OSI Pharmaceuticals, Inc		210,628
88,412		Rhodia S.A. (Spon ADR)		238,712

		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,078,080

COMMUNICATIONS - 9.06%
4,977		AT&T Corp		94,862
16,252		BellSouth Corp		451,643
6,620		Clear Channel Communications, Inc		221,704
11,525	*	Comcast Corp (Class A)		383,552
86,566	*	Lucent Technologies, Inc		325,488
17,095		SBC Communications, Inc		440,538
13,738		Sprint Corp		341,389
18,548		Verizon Communications, Inc		751,379
22,900		Viacom, Inc (Class B)		833,331

		TOTAL COMMUNICATIONS		3,843,886

DEPOSITORY INSTITUTIONS - 16.30%
26,413		Bank of America Corp		1,241,147
42,093		Citigroup, Inc		2,028,041
8,551		Fifth Third Bancorp		404,291
26,824		JPMorgan Chase & Co		1,046,404
86		National City Corp		3,229
5,131		North Fork Bancorp, Inc		148,029

101

TIAA-CREF Life Funds — Large-Cap Value Fund


SHARES			VALUE
13,240		Northern Trust Corp	$	643,199
4,198		SunTrust Banks, Inc		310,148
10,235		U.S. Bancorp		320,560
8,909		Wachovia Corp		468,613
4,891		Wells Fargo & Co		303,976

		TOTAL DEPOSITORY INSTITUTIONS		6,917,637

EATING AND DRINKING PLACES - 1.15%
13,942	*	Brinker International, Inc		488,946

		TOTAL EATING AND DRINKING PLACES		488,946

ELECTRIC, GAS, AND SANITARY SERVICES - 6.59%
13,712	*	Allegheny Energy, Inc		270,264
48,078	*	Calpine Corp		189,427
9,030		Cinergy Corp		375,919
28,388	*	CMS Energy Corp		296,655
7,111		Dominion Resources, Inc		481,699
371		Equitable Resources, Inc		22,505
364		Kinder Morgan, Inc		26,619
516		MDU Resources Group, Inc		13,767
4,632	*	NRG Energy, Inc		166,984
11,567	*	PG&E Corp		384,950
14,797		Waste Management, Inc		443,022
7,486		Williams Cos, Inc		121,947

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		2,793,758

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.58%
9,850		Adtran, Inc		188,529
316,339	*	Alstom		240,791
59,745		General Electric Co		2,180,692
49,778	*	JDS Uniphase Corp		157,796
12,900		Nintendo Co Ltd		203,175
8,776	*	Novellus Systems, Inc		244,763
22,546	*	PMC-Sierra, Inc		253,643
8,841		STMicroelectronics NV		170,808

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,640,197

ENGINEERING AND MANAGEMENT SERVICES - 0.77%
4,197	*	Jacobs Engineering Group, Inc		200,575
2,292		Monsanto Co		127,320

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		327,895

FOOD AND KINDRED PRODUCTS - 1.65%
11,326		Archer Daniels Midland Co		252,683
12,572		Coca-Cola Enterprises, Inc		262,126
3,752		General Mills, Inc		186,512

		TOTAL FOOD AND KINDRED PRODUCTS		701,321

FOOD STORES - 0.54%
11,564	*	Safeway, Inc		228,273

		TOTAL FOOD STORES		228,273

FURNITURE AND HOMEFURNISHINGS STORES - 0.61%
14,850	*	Knoll, Inc		259,875

102

TIAA-CREF Life Funds — Large-Cap Value Fund


SHARES			VALUE
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	$	259,875

GENERAL MERCHANDISE STORES - 1.09%
232	*	Kmart Holding Corp		22,956
196		Neiman Marcus Group, Inc (Class A)		14,022
8,356		Sears Roebuck & Co		426,407

		TOTAL GENERAL MERCHANDISE STORES		463,385

HEALTH SERVICES - 0.47%
18,158	*	Tenet Healthcare Corp		199,375

		TOTAL HEALTH SERVICES		199,375

HOLDING AND OTHER INVESTMENT OFFICES - 5.90%
2,700		AMB Property Corp		109,053
4,526		Apartment Investment & Management Co (Class A)		174,432
2,499		AvalonBay Communities, Inc		188,175
3,530		Boston Properties, Inc		228,285
2		Cross Timbers Royalty Trust		80
5,200		Greater Bay Bancorp		144,976
21,841		iShares Russell 1000 Value Index Fund		1,449,587
7,602		Ventas, Inc		208,371

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,502,959

HOTELS AND OTHER LODGING PLACES - 1.13%
9,968	*	Great Wolf Resorts, Inc		222,685
11,303		Hilton Hotels Corp		257,030

		TOTAL HOTELS AND OTHER LODGING PLACES		479,715

INDUSTRIAL MACHINERY AND EQUIPMENT - 1.40%
5,583	*	AGCO Corp		122,212
19,301		Hewlett-Packard Co		404,742
665		International Business Machines Corp		65,556

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		592,510

INSTRUMENTS AND RELATED PRODUCTS - 0.71%
7,760		Raytheon Co		301,321

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		301,321

INSURANCE AGENTS, BROKERS AND SERVICE - 0.69%
12,179		AON Corp		290,591

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		290,591

INSURANCE CARRIERS - 5.47%
182		Aegon NV (ARS)		2,495
2,608		Allstate Corp		134,886
11,098		American International Group, Inc		728,806
2,393		MGIC Investment Corp		164,902
2,882		Prudential Financial, Inc		158,395
15,176		St. Paul Travelers Cos, Inc		562,574
2,695	*	WellPoint, Inc		309,925
3,339		XL Capital Ltd (Class A)		259,273

		TOTAL INSURANCE CARRIERS		2,321,256

103

TIAA-CREF Life Funds — Large-Cap Value Fund


SHARES			VALUE
MOTION PICTURES - 2.16%
47,231	*	Time Warner, Inc	$	918,171

		TOTAL MOTION PICTURES		918,171

NONDEPOSITORY INSTITUTIONS - 1.78%
6,396		Fannie Mae		455,459
4,090		Freddie Mac		301,433

		TOTAL NONDEPOSITORY INSTITUTIONS		756,892

OIL AND GAS EXTRACTION - 2.16%
2,700	*	Bill Barrett Corp		86,373
6,000		Devon Energy Corp		233,520
5,807		Kerr-McGee Corp		335,587
6,802		Pioneer Natural Resources Co		238,750
418		Pogo Producing Co		20,269

		TOTAL OIL AND GAS EXTRACTION		914,499

PAPER AND ALLIED PRODUCTS - 2.03%
13,088		International Paper Co		549,696
16,565	*	Smurfit-Stone Container Corp		309,434

		TOTAL PAPER AND ALLIED PRODUCTS		859,130

PETROLEUM AND COAL PRODUCTS - 7.01%
11,918		ChevronTexaco Corp		625,814
3,635		ConocoPhillips		315,627
39,638		ExxonMobil Corp		2,031,844

		TOTAL PETROLEUM AND COAL PRODUCTS		2,973,285

PRINTING AND PUBLISHING - 0.58%
3,677		Knight Ridder, Inc		246,138

		TOTAL PRINTING AND PUBLISHING		246,138

RAILROAD TRANSPORTATION - 0.76%
8,058		CSX Corp		322,965

		TOTAL RAILROAD TRANSPORTATION		322,965

REAL ESTATE - 0.02%
138		Forest City Enterprises, Inc (Class A)		7,942

		TOTAL REAL ESTATE		7,942

SECURITY AND COMMODITY BROKERS - 3.71%
28,168		Charles Schwab Corp		336,889
651		Goldman Sachs Group, Inc		67,730
4,855		Merrill Lynch & Co, Inc		290,183
15,864		Morgan Stanley		880,769

		TOTAL SECURITY AND COMMODITY BROKERS		1,575,571

TOBACCO PRODUCTS - 4.60%
31,967		Altria Group, Inc		1,953,184

		TOTAL TOBACCO PRODUCTS		1,953,184

104

TIAA-CREF Life Funds — Large-Cap Value Fund


SHARES			VALUE
TRANSPORTATION BY AIR - 0.42%
16,214	*	Northwest Airlines Corp	$	177,219

		TOTAL TRANSPORTATION BY AIR		177,219

TRANSPORTATION EQUIPMENT - 2.09%
6,900		General Motors Corp		276,414
67		Genuine Parts Co		2,952
7,474		Honeywell International, Inc		264,654
4,097	*	Navistar International Corp		180,186
2,995		Northrop Grumman Corp		162,808

		TOTAL TRANSPORTATION EQUIPMENT		887,014

WHOLESALE TRADE-NONDURABLE GOODS - 0.72%
5,181		AmerisourceBergen Corp		304,021

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		304,021

		TOTAL COMMON STOCKS (Cost $36,623,165)		42,190,250

		TOTAL PORTFOLIO - 99.44% (Cost $36,623,165)		42,190,250
		OTHER ASSETS & LIABILITIES, NET - 0.56%		237,610

		NET ASSETS - 100.00%	$	42,427,860

*	Non-income producing

b	In bankruptcy

105

TIAA-CREF Life Funds — Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Small-Cap Equity Fund

December 31, 2004


SHARES			VALUE
PREFERRED STOCKS - 0.01%
HEALTH SERVICES - 0.01%
300	*	Bio-Reference Labs, Inc	$	5,220

		TOTAL HEALTH SERVICES		5,220

		TOTAL PREFERRED STOCKS (Cost $4,507)		5,220

COMMON STOCKS - 99.66%
AGRICULTURAL PRODUCTION-CROPS - 0.10%
100	*	Alico, Inc		5,852
1,300		Delta & Pine Land Co		35,464

		TOTAL AGRICULTURAL PRODUCTION-CROPS		41,316

AMUSEMENT AND RECREATION SERVICES - 1.18%
1,800	*	Alliance Gaming Corp		24,858
1,500	*	Argosy Gaming Co		70,050
1,200	*	Aztar Corp		41,904
300		Churchill Downs, Inc		13,410
392		Dover Downs Gaming & Entertainment, Inc		5,135
500	*	Gaylord Entertainment Co		20,765
500	*	Isle of Capri Casinos, Inc		12,825
400	*	Life Time Fitness, Inc		10,352
1,300	*	Magna Entertainment (Class A)		7,826
800	*	MTR Gaming Group, Inc		8,448
800	*	Multimedia Games, Inc		12,608
1,234	*	Penn National Gaming, Inc		74,719
3,300	*	Six Flags, Inc		17,721
500		Speedway Motorsports, Inc		19,590
11,309	*	Sunterra Corp		158,778

		TOTAL AMUSEMENT AND RECREATION SERVICES		498,989

APPAREL AND ACCESSORY STORES - 1.13%
1,950	*	Aeropostale, Inc		57,389
225		Bebe Stores, Inc		6,071
300		Buckle, Inc		8,850
700		Burlington Coat Factory Warehouse Corp		15,890
940	*	Casual Male Retail Group, Inc		5,123
700		Cato Corp (Class A)		20,174
366	*	Charlotte Russe Holding, Inc		3,697
4,100	*	Charming Shoppes, Inc		38,417
600	*	Children’s Place Retail Stores, Inc		22,218
1,300		Christopher & Banks Corp		23,985
200		Deb Shops, Inc		5,008
612	*	Dress Barn, Inc		10,771
1,300		Finish Line, Inc (Class A)		23,790
700	b*	Footstar, Inc		3,290

106

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
800	*	Genesco, Inc	$	24,912
700		Goody’s Family Clothing, Inc		6,398
1,100	*	Gymboree Corp		14,102
1,700	*	Hot Topic, Inc		29,223
660	*	Jo-Ann Stores, Inc		18,176
400	*	JOS A. Bank Clothiers, Inc		11,320
400	*	New York & Co, Inc		6,608
200		Oshkosh B’gosh, Inc (Class A)		4,280
2,400	*	Payless Shoesource, Inc		29,520
1,385	*	Stage Stores, Inc		57,505
1,200	*	Too, Inc		29,352

		TOTAL APPAREL AND ACCESSORY STORES		476,069

APPAREL AND OTHER TEXTILE PRODUCTS - 0.62%
1,400	*	Collins & Aikman Corp		6,104
700	*	DHB Industries, Inc		13,328
8,700	*	Guess?, Inc		109,185
3,900	*	Hartmarx Corp		30,303
1,000		Kellwood Co		34,500
500		Oxford Industries, Inc		20,650
900		Phillips-Van Heusen Corp		24,300
1,100	*	Warnaco Group, Inc		23,760

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		262,130

AUTO REPAIR, SERVICES AND PARKING - 0.14%
900	*	Dollar Thrifty Automotive Group, Inc		27,180
700	*	Exide Technologies		9,646
600	*	Midas, Inc		12,000
400	*	Monro Muffler Brake, Inc		10,120

		TOTAL AUTO REPAIR, SERVICES AND PARKING		58,946

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.35%
200	*	America’s Car Mart, Inc		7,600
400	*	Asbury Automotive Group, Inc		5,512
1,700	*	CSK Auto Corp		28,458
700	*	Group 1 Automotive, Inc		22,050
500		Lithia Motors, Inc (Class A)		13,410
400	*	MarineMax, Inc		11,904
215	*	Rush Enterprises, Inc		3,722
1,000		Sonic Automotive, Inc		24,800
700		United Auto Group, Inc		20,713
345	*	West Marine, Inc		8,539

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		146,708

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.22%
500		Building Materials Holding Corp		19,145
552	*	Central Garden & Pet Co		23,040
1,200	b*	USG Corp		48,324

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		90,509

BUSINESS SERVICES - 9.98%
1,200	*	@Road, Inc		8,292
1,000	*	24/7 Real Media, Inc		4,330
1,300		ABM Industries, Inc		25,636

107

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
1,500	*	ActivCard Corp	$	13,350
1,800	*	Actuate Corp		4,590
3,300	*	Administaff, Inc		41,613
828	*	Advent Software, Inc		16,957
1,100		Advo, Inc		39,215
700	*	Altiris, Inc		24,801
433	*	AMN Healthcare Services, Inc		6,889
200	*	Ansoft Corp		4,040
1,152	*	Ansys, Inc		36,933
1,000	*	Anteon International Corp		41,860
1,650	*	Aquantive, Inc		14,751
1,100	*	Arbitron, Inc		43,098
1,000	*	Armor Holdings, Inc		47,020
2,100	*	Ascential Software Corp		34,251
1,300	*	Asiainfo Holdings, Inc		7,748
6,410	*	Aspect Communications Corp		71,407
1,468	*	Aspen Technology, Inc		9,116
300	*	Asset Acceptance Capital Corp		6,390
1,447	*	Autobytel, Inc		8,740
5,500	*	Bisys Group, Inc		90,475
300	*	Blackbaud, Inc		4,392
200	*	Blackboard, Inc		2,962
294	*	Blue Coat Systems, Inc		5,471
2,899	*	Borland Software Corp		33,860
600		Brady Corp (Class A)		37,542
9,400	*	Brocade Communications Systems, Inc		71,816
1,300	*	CACI International, Inc (Class A)		88,569
1,100	*	Captaris, Inc		5,676
1,900		Catalina Marketing Corp		56,297
300	*	CCC Information Services Group, Inc		6,663
1,000	*	Cerner Corp		53,170
2,600	*	Chordiant Software, Inc		5,928
3,900	*	Ciber, Inc		37,596
200		Computer Programs & Systems, Inc		4,630
825	*	Concur Technologies, Inc		7,351
1,195	*	Corillian Corp		5,879
700	*	Covansys Corp		10,710
6,554	*	CSG Systems International, Inc		122,560
1,000	*	Cybersource Corp		7,150
1,300	*	Dendrite International, Inc		25,220
1,304	*	Digital Insight Corp		23,994
1,100	*	Digital River, Inc		45,771
3,961	*	DoubleClick, Inc		30,817
6,735	*	Earthlink, Inc		77,587
1,000	*	Echelon Corp		8,440
1,340	*	Eclipsys Corp		27,376
1,700	*	eFunds Corp		40,817
398		Electro Rent Corp		5,664
800	*	Embarcadero Technologies, Inc		7,528
7,500	*	Enterasys Networks, Inc		13,500
2,300	*	Entrust, Inc		8,717
1,500	*	Epicor Software Corp		21,135
500	*	EPIQ Systems, Inc		7,320
300	*	Equinix, Inc		12,822

108

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
900	*	eSpeed, Inc (Class A)	$	11,133
3,800	*	Extreme Networks, Inc		24,890
1,200	*	F5 Networks, Inc		58,464
700		Factset Research Systems, Inc		40,908
1,400	*	Filenet Corp		36,064
834		Gevity HR, Inc		17,147
30		Grey Global Group, Inc		33,000
600		Healthcare Services Group		12,504
600	*	Heidrick & Struggles International, Inc		20,562
4,000	*	Homestore, Inc		12,120
400	*	Hudson Highland Group, Inc		11,520
1,800	*	Hyperion Solutions Corp		83,916
1,300		Imation Corp		41,379
600	*	Infocrossing, Inc		10,158
1,100	*	Infospace, Inc		52,305
1,214	*	infoUSA, Inc		13,585
200	*	Innovative Solutions & Support, Inc		6,672
1,300	*	Interactive Data Corp		28,262
1,948	*	Intergraph Corp		52,460
1,400	*	Internet Capital Group, Inc		12,600
1,500	*	Internet Security Systems, Inc		34,875
500		Interpool, Inc		11,875
300	*	Intersections, Inc		5,175
600	*	Intrado, Inc		7,260
1,600	*	Ipass, Inc		11,840
800	*	iPayment, Inc		39,616
1,110	*	iVillage, Inc		6,860
900	*	JDA Software Group, Inc		12,258
600	*	Jupitermedia Corp		14,268
287	*	Kanbay International, Inc		8,983
3,000	*	Keane, Inc		44,100
500	*	Keynote Systems, Inc		6,960
900	*	Kforce, Inc		9,990
1,600	*	KFX, Inc		23,232
1,100	*	Korn/Ferry International		22,825
1,100	*	Kronos, Inc		56,243
1,500	*	Labor Ready, Inc		25,380
300	*	Lawson Software, Inc		2,061
1,800	*	Macrovision Corp		46,296
900	*	Magma Design Automation, Inc		11,304
1,100	*	Manhattan Associates, Inc		26,268
400	*	Mantech International Corp (Class A)		9,496
2,041	*	Manugistics Group, Inc		5,858
895	*	MAPICS, Inc		9,442
605	*	Mapinfo Corp		7,248
400	*	MarketWatch, Inc		7,200
654	*	Marlin Business Services, Inc		12,426
300		McGrath RentCorp		13,083
650	*	Medical Staffing Network Holdings, Inc		5,324
400	*	MedQuist, Inc		5,920
2,670	*	Mentor Graphics Corp		40,824
2,800	*	Micromuse, Inc		15,540
400	*	MicroStrategy, Inc		24,100
1,700	*	Midway Games, Inc		17,850

109

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
3,500	*	Mindspeed Technologies, Inc	$	9,730
3,700	*	MPS Group, Inc		45,362
748	*	MRO Software, Inc		9,739
1,000	*	MSC.Software Corp		10,470
1,035	*	NCO Group, Inc		26,755
1,300		NDCHealth Corp		24,167
500	*	Ness Technologies, Inc		7,450
2,039	*	NETIQ Corp		24,896
400	*	Netratings, Inc		7,668
500	*	Open Solutions, Inc		12,980
1,200	*	Packeteer, Inc		17,340
500	*	PalmSource, Inc		6,370
13,000	*	Parametric Technology Corp		76,570
700	*	PC-Tel, Inc		5,551
1,100	*	PDI, Inc		24,508
400	*	PEC Solutions, Inc		5,668
2,480	*	Pegasus Solutions, Inc		31,248
2,700	*	Perot Systems Corp (Class A)		43,281
800	*	PLATO Learning, Inc		5,960
500	*	Portfolio Recovery Associates, Inc		20,610
300	*	PRA International		7,434
1,112	*	Progress Software Corp		25,965
500		QAD, Inc		4,460
100	*	Quality Systems, Inc		5,980
1,756	*	Quest Software, Inc		28,008
800	*	R.H. Donnelley Corp		47,240
730	*	Radisys Corp		14,272
980	*	Redback Networks, Inc		5,253
88	*	Redback Networks, Inc Wts 01/02/11		207
83	*	Redback Networks, Inc Wts 01/02/11		216
900	*	Rent-Way, Inc		7,209
200	*	RightNow Technologies, Inc		3,230
700		Rollins, Inc		18,424
2,439	*	RSA Security, Inc		48,926
2,535	*	S1 Corp		22,967
400	*	Salesforce.com, Inc		6,776
2,800	*	Sapient Corp		22,148
1,300	*	Secure Computing Corp		12,974
900	*	Serena Software, Inc		19,476
200	*	SI International, Inc		6,152
2,100	*	Sitel Corp		5,166
800	*	Sohu.com, Inc		14,168
1,600	*	Sotheby’s Holdings, Inc (Class A)		29,056
500	*	SPSS, Inc		7,820
500	*	SRA International, Inc (Class A)		32,100
450		SS&C Technologies, Inc		9,293
400		Startek, Inc		11,380
300	*	Stratasys, Inc		10,068
1,300	*	SupportSoft, Inc		8,658
900	*	Sykes Enterprises, Inc		6,255
200	*	SYNNEX Corp		4,812
300		Syntel, Inc		5,262
1,600	*	Take-Two Interactive Software, Inc		55,664

110

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
500		Talx Corp	$	12,895
2,376	*	TeleTech Holdings, Inc		23,023
1,400	*	THQ, Inc		32,116
600	*	Tier Technologies, Inc (Class B)		5,550
3,000	*	Titan Corp		48,600
1,300	*	Transaction Systems Architects, Inc (Class A)		25,805
100	*	Travelzoo, Inc		9,543
1,100	*	Trizetto Group, Inc		10,450
1,300	*	Tyler Technologies, Inc		10,868
15,410	*	United Online, Inc		177,677
1,500	*	United Rentals, Inc		28,350
600	*	Universal Compression Holdings, Inc		20,946
360	*	Verint Systems, Inc		13,079
1,100	*	Verity, Inc		14,432
264	*	Vertrue, Inc		9,971
300	*	Volt Information Sciences, Inc		8,817
1,099	*	WebEx Communications, Inc		26,134
1,700	*	webMethods, Inc		12,257
800	*	Websense, Inc		40,576
2,500	*	Wind River Systems, Inc		33,875
749	*	Witness Systems, Inc		13,078
700	*	Zix Corp		3,605

		TOTAL BUSINESS SERVICES		4,213,050

CHEMICALS AND ALLIED PRODUCTS - 6.07%
2,909	*	Abgenix, Inc		30,079
600	*	Able Laboratories, Inc		13,650
300		Aceto Corp		5,712
1,400	*	Adolor Corp		13,888
800	*	Albany Molecular Research, Inc		8,912
1,100		Albemarle Corp		42,581
1,000	*	Alexion Pharmaceuticals, Inc		25,200
3,200	*	Alkermes, Inc		45,088
1,400		Alpharma, Inc (Class A)		23,730
800		Arch Chemicals, Inc		23,024
820	*	Array Biopharma, Inc		7,806
1,300	*	Atherogenics, Inc		30,628
800	*	Bioenvision, Inc		7,168
2,300	*	BioMarin Pharmaceutical, Inc		14,697
500	*	Biosite, Inc		30,770
600	*	Bone Care International, Inc		16,710
500	*	Bradley Pharmaceuticals, Inc		9,700
1,200		Calgon Carbon Corp		10,896
600	*	CancerVax Corp		6,510
4,700	*	Caraco Pharmaceutical Laboratories Ltd		44,885
2,200	*	Cell Therapeutics, Inc		17,908
660	*	Chattem, Inc		21,846
1,100	*	Connetics Corp		26,719
2,100	*	Corixa Corp		7,644
1,400	*	Cubist Pharmaceuticals, Inc		16,562
1,700	*	Curis, Inc		8,874
1,002	*	Cypress Bioscience, Inc		14,088
1,400		Cytec Industries, Inc		71,988
600	*	Cytogen Corp		6,912
205	*	DEL Laboratories, Inc		7,124

111

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
800		Diagnostic Products Corp	$	44,040
200	*	Digene Corp		5,230
1,700	*	Discovery Laboratories, Inc		13,481
500	*	Dov Pharmaceutical, Inc		9,025
500	*	Dusa Pharmaceuticals, Inc		7,150
721	*	Elizabeth Arden, Inc		17,117
4,041	*	Enzon, Inc		55,443
800	*	EPIX Pharmaceuticals, Inc		14,328
2,448	*	First Horizon Pharmaceutical		56,035
1,900	*	FMC Corp		91,770
1,900	*	Genaera Corp		6,498
1,600		Georgia Gulf Corp		79,680
1,600	*	Geron Corp		12,752
1,600	*	Guilford Pharmaceuticals, Inc		7,920
1,000		H.B. Fuller Co		28,510
3,700	*	Human Genome Sciences, Inc		44,474
200	*	Idenix Pharmaceuticals, Inc		3,430
1,650	*	Immucor, Inc		38,792
1,300	*	Immunogen, Inc		11,492
1,600	*	Immunomedics, Inc		4,864
1,700	*	Impax Laboratories, Inc		26,996
1,497	*	Indevus Pharmaceuticals, Inc		8,922
1,700	*	Inkine Pharmaceutical Co		9,231
1,500	*	Inspire Pharmaceuticals, Inc		25,155
1,000	*	InterMune, Inc		13,260
500	*	Inverness Medical Innovations, Inc		12,550
1,870	*	Isis Pharmaceuticals, Inc		11,033
800	*	Isolagen, Inc		6,296
452	*	Kos Pharmaceuticals, Inc		17,013
120		Kronos Worldwide, Inc		4,890
1,300	*	KV Pharmaceutical Co (Class A)		28,665
2,700	*	Ligand Pharmaceuticals, Inc (Class B)		31,428
1,000		MacDermid, Inc		36,100
500		Mannatech, Inc		9,520
500	*	MannKind Corp		7,875
2,800	*	Medarex, Inc		30,184
1,700	*	Medicines Co		48,960
700		Minerals Technologies, Inc		46,690
4,100	*	Mosaic Co		66,912
700	*	Myogen, Inc		5,649
2,100	*	Nabi Biopharmaceuticals		30,765
1,730		Nature’s Sunshine Products, Inc		35,223
700	*	Neose Technologies, Inc		4,704
600	*	Neurogen Corp		5,616
2,100	*	NewMarket Corp		41,790
400	*	NitroMed, Inc		10,660
300	*	NL Industries, Inc		6,630
800	*	Noven Pharmaceuticals, Inc		13,648
1,000	*	NPS Pharmaceuticals, Inc		18,280
1,841	*	Nutraceutical International Corp		28,370
1,000	*	Nuvelo, Inc		9,850
400		Octel Corp		8,324
1,000		Olin Corp		22,020
1,000	*	OM Group, Inc		32,420

112

TIAA-CREF Life Funds — Small Cap Equity Fund


SHARES			VALUE
1,600	*	Omnova Solutions, Inc	$	8,992
1,400	*	OraSure Technologies, Inc		9,408
1,100	*	Pain Therapeutics, Inc		7,931
1,900	*	Palatin Technologies, Inc		5,054
1,200	*	Par Pharmaceutical Cos, Inc		49,656
600	*	Penwest Pharmaceuticals Co		7,176
4,500	*	Peregrine Pharmaceuticals, Inc		5,265
700	*	Pharmacyclics, Inc		7,329
500	*	Pharmion Corp		21,105
200		PolyMedica Corp		7,458
3,300	*	PolyOne Corp		29,898
500	*	Pozen, Inc		3,635
400	*	Progenics Pharmaceuticals		6,864
800	*	QLT, Inc		12,864
1,045	*	Quidel Corp		5,309
5,200	*	Revlon, Inc (Class A)		11,960
1,250	*	Salix Pharmaceuticals Ltd		21,988
1,576	*	Sciclone Pharmaceuticals, Inc		5,831
1,100	*	Serologicals Corp		24,332
9,000	b*	Solutia, Inc		10,530
200		Stepan Co		4,872
1,800	*	SuperGen, Inc		12,690
471	*	SurModics, Inc		15,312
900	*	Tanox, Inc		13,680
5,300	*	Terra Industries, Inc		47,064
1,000	*	Third Wave Technologies, Inc		8,600
1,000	*	UAP Holding Corp		17,270
700	*	United Therapeutics Corp		31,605
400	*	USANA Health Sciences, Inc		13,680
800		USEC, Inc		7,752
3,000		Valeant Pharmaceuticals International		79,050
2,760	*	Vertex Pharmaceuticals, Inc		29,173
1,800	*	Vicuron Pharmaceuticals, Inc		31,338
2,000	*	Vion Pharmaceuticals, Inc		9,380
300	*	Virbac Corp		1,013
1,100		West Pharmaceutical Services, Inc		27,533
400		Westlake Chemical Corp		13,360
2,400	b*	WR Grace & Co		32,664
1,600	*	Zila, Inc		6,848
700	*	Zymogenetics, Inc		16,100

		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,560,528

COMMUNICATIONS - 1.59%
400	*	AirGate PCS, Inc		14,240
1,090	*	Airspan Networks, Inc		5,919
1,700	*	Alamosa Holdings, Inc		21,199
2,900	*	Boston Communications Group		26,796
2,095	*	Centennial Communications Corp		16,613
9,615	*	Charter Communications, Inc (Class A)		21,538
8,800	*	Cincinnati Bell, Inc		36,520
800	*	Commonwealth Telephone Enterprises, Inc		39,728
500	*	Crown Media Holdings, Inc (Class A)		4,300
700		CT Communications, Inc		8,610
1,800	*	Cumulus Media, Inc (Class A)		27,144

113

TIAA-CREF Life Funds — Small Cap Equity Fund


SHARES			VALUE
453		D&E Communications, Inc	$	5,459
4,000	*	Dobson Communications Corp (Class A)		6,880
1,700	*	Emmis Communications Corp (Class A)		32,623
1,600	*	General Communication, Inc (Class A)		17,664
500		Golden Telecom, Inc		13,210
1,600		Gray Television, Inc		24,800
2,200	*	Infonet Services Corp (Class B)		4,444
300	*	InPhonic, Inc		8,244
8,400	*	Internap Network Services Corp		7,812
700		Iowa Telecommunications Services, Inc		15,099
700	*	j2 Global Communications, Inc		24,150
600		Liberty Corp		26,376
1,000	*	Lin TV Corp (Class A)		19,100
500	*	Lodgenet Entertainment Corp		8,845
800	*	Mastec, Inc		8,088
2,440	*	Mediacom Communications Corp		15,250
500		North Pittsburgh Systems, Inc		12,365
745	*	Novatel Wireless, Inc		14,438
1,400	*	Price Communications Corp		26,026
2,600	*	Primus Telecommunications Group		8,268
2,169	*	PTEK Holdings, Inc		23,230
1,500	b*	RCN Corp		29
1,130	*	Regent Communications, Inc		5,989
600	*	Saga Communications, Inc (Class A)		10,110
200		Shenandoah Telecom Co		5,990
1,600		Sinclair Broadcast Group, Inc (Class A)		14,736
500		SureWest Communications		14,175
1,031	*	Talk America Holdings, Inc		6,825
5,000	*	Terremark Worldwide, Inc		3,200
1,600	*	Tivo, Inc		9,392
2,496	*	Ubiquitel, Inc		17,772
836	*	USA Mobility, Inc		29,519
1,000	f,v*	Wiltel Communications (Rts)		—
900	*	Wireless Facilities, Inc		8,496

		TOTAL COMMUNICATIONS		671,211

DEPOSITORY INSTITUTIONS - 9.28%
1,400		1st Source Corp		35,714
900		ABC Bancorp		18,900
251	*	ACE Cash Express, Inc		7,445
860	*	AmericanWest Bancorp		17,415
3,047		Anchor Bancorp Wisconsin, Inc		88,820
269		Arrow Financial Corp		8,339
25		Associated Banc-Corp		830
391		Bancfirst Corp		30,881
2,700		Bancorpsouth, Inc		65,799
2,800		Bank Mutual Corp		34,076
500		Bank of Granite Corp		10,450
400		Bank of The Ozarks, Inc		13,612
1,500		BankAtlantic Bancorp, Inc (Class A)		29,850
900	*	BankUnited Financial Corp (Class A)		28,755
400		Banner Corp		12,476
200		Berkshire Hills Bancorp, Inc		7,430
1,000		Boston Private Financial Holdings, Inc		28,170

114

TIAA-CREF Life Funds — Small Cap Equity Fund


SHARES			VALUE
296		Bryn Mawr Bank Corp	$	6,509
20		C&F Financial Corp		803
1,000		Camden National Corp		39,410
280		Capital City Bank Group, Inc		11,704
194		Capital Corp of the West		9,118
700	*	Capital Crossing Bank		21,483
600		Cascade Bancorp		12,132
1,500		Cathay General Bancorp		56,250
310	*	Central Coast Bancorp		7,158
1,031		Central Pacific Financial Corp		37,291
850		Chemical Financial Corp		36,482
1,600		Chittenden Corp		45,968
300		Citizens First Bancorp, Inc		7,254
600		City Holding Co		21,744
487		Coastal Financial Corp		9,335
200		Columbia Bancorp		6,838
605		Columbia Banking System, Inc		15,119
1,300		Commercial Capital Bancorp, Inc		30,134
2,300		Commercial Federal Corp		68,333
1,000		Community Bank System, Inc		28,250
1,006		Community Trust Bancorp, Inc		32,554
1,721		Corus Bankshares, Inc		82,625
1,338		CVB Financial Corp		35,537
1,150		Dime Community Bancshares		20,597
2,100		Downey Financial Corp		119,700
1,556		East West Bancorp, Inc		65,290
300	*	EuroBancshares, Inc		6,300
50		Exchange National Bancshares, Inc		1,444
500		Fidelity Bankshares, Inc		21,380
300		Financial Institutions, Inc		6,975
450		First Bancorp (North Carolina)		12,227
1,200		First Bancorp (Puerto Rico)		76,212
200		First Citizens Bancshares, Inc (Class A)		29,650
1,100		First Community Bancorp		46,970
390		First Community Bancshares, Inc		14,071
1,300		First Financial Bancorp		22,750
500		First Financial Bankshares, Inc		22,405
500		First Financial Corp (Indiana)		17,515
500		First Financial Holdings, Inc		16,370
1		First Financial Service Corp		26
700		First Merchants Corp		19,810
1,666		First Midwest Bancorp, Inc		60,459
1,648		First National Bankshares of Florida, Inc		39,387
250		First Oak Brook Bancshares, Inc		8,103
100		First of Long Island Corp		5,045
500		First Republic Bank		26,500
283		First State Bancorp		10,403
1,200	*	FirstFed Financial Corp		62,244
1,100		Flagstar Bancorp, Inc		24,860
650		Flushing Financial Corp		13,039
300		FNB Corp (Virginia)		8,508
400	*	Franklin Bank Corp		7,300
603		Frontier Financial Corp		23,282
425		GB&T Bancshares, Inc		10,251

115

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
896		Glacier Bancorp, Inc	$	30,500
400		Great Southern Bancorp, Inc		14,000
1,000		Hancock Holding Co		33,460
700		Harbor Florida Bancshares, Inc		24,227
900		Harleysville National Corp		23,940
350		Heartland Financial U.S.A., Inc		7,039
400		Horizon Financial Corp		8,232
1,100		Hudson River Bancorp, Inc		21,769
200		IberiaBank Corp		13,272
494		Independent Bank Corp (Massachusetts)		16,673
700		Independent Bank Corp (Michigan)		20,881
400		Interchange Financial Services Corp		10,368
187		International Bancshares Corp		7,364
600		Irwin Financial Corp		17,034
564	*	Itla Capital Corp		33,158
200		Lakeland Financial Corp		7,940
958		MAF Bancorp, Inc		42,938
451		MainSource Financial Group, Inc		10,770
700		MB Financial, Inc		29,505
1,300		MBT Financial Corp		30,251
815		Mid-State Bancshares		23,350
700		Nara Bancorp, Inc		14,889
100		NASB Financial, Inc		3,996
114		National Bankshares, Inc		6,101
200		NBC Capital Corp		5,314
1,200		NBT Bancorp, Inc		30,864
4,158		NetBank, Inc		43,285
700		Northwest Bancorp, Inc		17,563
500		Oak Hill Financial, Inc		19,395
300		OceanFirst Financial Corp		7,395
1,900	*	Ocwen Financial Corp		18,164
500		Old Second Bancorp, Inc		15,940
400		Omega Financial Corp		13,712
1,558		Pacific Capital Bancorp		52,956
525		Park National Corp		71,138
1,085		Partners Trust Financial Group, Inc		12,640
252		Peapack Gladstone Financial Corp		7,951
300		Pennfed Financial Services, Inc		4,824
320		Pennrock Financial Services Corp		12,451
420		Peoples Bancorp, Inc		11,521
350		Peoples Holding Co		11,585
440		PFF Bancorp, Inc		20,385
200		Placer Sierra Bancshares		5,688
1,163		Provident Bankshares Corp		42,298
1,000		Provident Financial Holdings		28,850
1,750		R & G Financial Corp (Class B)		68,040
315		Republic Bancorp, Inc (Class A) (Kentucky)		8,096
2,556		Republic Bancorp, Inc (Michigan)		39,056
600	*	Riggs National Corp		12,756
204		Royal Bancshares of Pennsylvania (Class A)		5,512
789		S & T Bancorp, Inc		29,737
400		S.Y. Bancorp, Inc		9,640
220		Santander Bancorp		6,635
315		SCBT Financial Corp		10,575

116

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
400		Seacoast Banking Corp of Florida	$	8,900
200		Security Bank Corp		8,000
200	*	Signature Bank		6,472
900	*	Silicon Valley Bancshares		40,338
540		Simmons First National Corp (Class A)		15,633
200		Smithtown Bancorp, Inc		6,350
500		Southern Community Financial Corp		5,175
2,400		Southwest Bancorp of Texas, Inc		55,896
1,162		Southwest Bancorp, Inc		28,446
325		State Bancorp, Inc		8,937
700		State Financial Services Corp (Class A)		21,070
100		Sterling Bancorp		2,825
775		Sterling Financial Corp (Pennsylvania)		22,219
801	*	Sterling Financial Corp (Spokane)		31,447
100		Taylor Capital Group, Inc		3,350
1,500		Texas Regional Bancshares, Inc (Class A)		49,020
5,200		TierOne Corp		129,220
400		Trico Bancshares		9,360
2,600		Trustco Bank Corp NY		35,854
2,535		Trustmark Corp		78,762
200		U.S.B. Holding Co, Inc		4,980
531		UMB Financial Corp		30,086
1,613		Umpqua Holdings Corp		40,664
300		Union Bankshares Corp		11,529
1,300		United Bankshares, Inc		49,595
1,000		United Community Banks, Inc		26,930
1,030		United Community Financial Corp		11,536
300		Univest Corp of Pennsylvania		13,806
762		Unizan Financial Corp		20,079
294		Virginia Financial Group, Inc		10,778
700		Wesbanco, Inc		22,379
610		West Bancorporation		10,742
600		West Coast Bancorp		15,246
1,125		Westamerica Bancorp		65,599
200	*	Western Sierra Bancorp		7,671
600	*	Wilshire Bancorp, Inc		9,924
200		WSFS Financial Corp		12,064
300		Yardville National Bancorp		10,278

		TOTAL DEPOSITORY INSTITUTIONS		3,916,849

EATING AND DRINKING PLACES - 1.89%
1,300		Bob Evans Farms, Inc		33,982
200	*	Buffalo Wild Wings, Inc		6,962
700	*	California Pizza Kitchen, Inc		16,100
1,800		CBRL Group, Inc		75,330
1,950	*	CEC Entertainment, Inc		77,941
6,900	*	CKE Restaurants, Inc		100,119
700	*	Cosi, Inc		4,235
400	*	Dave & Buster’s, Inc		8,080
900		Domino’s Pizza, Inc		16,020
700		IHOP Corp		29,323
2,100	*	Jack In The Box, Inc		77,427
2,000	*	Krispy Kreme Doughnuts, Inc		25,200
800		Landry’s Restaurants, Inc		23,248

117

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
553		Lone Star Steakhouse & Saloon, Inc	$	15,484
756	*	O'Charley’s, Inc		14,780
900	*	P.F. Chang's China Bistro, Inc		50,715
1,107	*	Papa John’s International, Inc		38,125
1,200	*	Rare Hospitality International, Inc		38,232
3,295	*	Ryan’s Restaurant Group, Inc		50,809
2,100	*	Sonic Corp		64,050
400	*	Texas Roadhouse, Inc (Class A)		11,820
900	*	The Steak N Shake Co		18,072

		TOTAL EATING AND DRINKING PLACES		796,054

EDUCATIONAL SERVICES - 0.14%
300	*	Educate, Inc		3,972
300	*	Learning Tree International, Inc		4,020
300		Strayer Education, Inc		32,937
500	*	Universal Technical Institute, Inc		19,060

		TOTAL EDUCATIONAL SERVICES		59,989

ELECTRIC, GAS, AND SANITARY SERVICES - 3.46%
600		American States Water Co		15,600
8,400	*	Aquila, Inc		30,996
2,657		Atmos Energy Corp		72,669
1,700		Avista Corp		30,039
1,200		Black Hills Corp		36,816
400		Cascade Natural Gas Corp		8,480
700	*	Casella Waste Systems, Inc (Class A)		10,248
400		Central Vermont Public Service Corp		9,304
1,400		CH Energy Group, Inc		67,270
1,700		Cleco Corp		34,442
6,900	*	CMS Energy Corp		72,105
2,700		Duquesne Light Holdings, Inc		50,895
1,559	*	Duratek, Inc		38,835
1,900	*	El Paso Electric Co		35,986
1,300		Energen Corp		76,635
300		EnergySouth, Inc		8,412
2,500		Idacorp, Inc		76,425
700		Laclede Group, Inc		21,805
700		MGE Energy, Inc		25,221
1,000		New Jersey Resources Corp		43,340
1,600		Nicor, Inc		59,104
300	*	Ormat Technologies, Inc		4,884
900		Otter Tail Corp		22,977
1,300		Peoples Energy Corp		57,135
1,200		Piedmont Natural Gas Co, Inc		27,888
2,150		PNM Resources, Inc		54,373
546		Resource America, Inc (Class A)		17,745
4,200	*	Sierra Pacific Resources		44,100
100		SJW Corp		3,640
500		South Jersey Industries, Inc		26,280
2,310	*	Southern Union Co		55,394
2,300		Southwest Gas Corp		58,420
1,600		UIL Holdings Corp		82,080
2,800		Unisource Energy Corp		67,508
1,650	*	Waste Connections, Inc		56,512

118

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
1,800		WGL Holdings, Inc	$	55,512

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,459,075

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.99%
900	*	Actel Corp		15,786
2,279	*	Aeroflex, Inc		27,621
900	*	American Superconductor Corp		13,401
4,100	*	AMIS Holdings, Inc		67,732
700	*	Anaren Microwave, Inc		9,072
277		Applied Signal Technology, Inc		9,764
3,100	*	Arris Group, Inc		21,824
1,230	*	Artesyn Technologies, Inc		13,899
1,100	*	ATMI, Inc		24,783
2,815	*	Avanex Corp		9,318
1,200		Baldor Electric Co		33,036
1,100		Bel Fuse, Inc (Class B)		37,169
1,550	*	Benchmark Electronics, Inc		52,855
1,700	*	Broadwing Corp		15,487
900		C&D Technologies, Inc		15,336
700	*	California Micro Devices Corp		4,963
3,000	*	Capstone Turbine Corp		5,490
1,100	*	Catapult Communications Corp		26,576
1,486	*	C-COR, Inc		13,820
187	*	Celestica, Inc (U.S.)		2,639
600	*	Ceradyne, Inc		34,326
1,300	*	Checkpoint Systems, Inc		23,465
517	*	Comtech Telecommunications		19,444
1,300		CTS Corp		17,277
400		Cubic Corp		10,068
275	*	Diodes, Inc		6,223
2,500	*	Ditech Communications Corp		37,375
2,100	*	DSP Group, Inc		46,893
500	*	Dupont Photomasks, Inc		13,205
7,200	*	Eagle Broadband, Inc		4,752
1,000	*	Electro Scientific Industries, Inc		19,760
700	*	Energy Conversion Devices, Inc		13,524
400	*	EnerSys		6,100
1,600	*	Entegris, Inc		15,920
5,900	*	Finisar Corp		13,452
642		Franklin Electric Co, Inc		27,131
1,500	*	FuelCell Energy, Inc		14,850
449	*	Genlyte Group, Inc		38,470
3,500	*	GrafTech International Ltd		33,110
2,600	*	Harmonic, Inc		21,684
900		Helix Technology Corp		15,651
700	*	Hexcel Corp		10,150
890	*	Hutchinson Technology, Inc		30,767
3,662	*	Integrated Device Technology, Inc		42,333
2,000	*	Interdigital Communications Corp		44,200
1,493		Inter-Tel, Inc		40,878
1,300	*	InterVoice, Inc		17,355
700	*	IXYS Corp		7,224
4,070	*	Lattice Semiconductor Corp		23,199
400	*	Lifeline Systems, Inc		10,304

119

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
835	*	Littelfuse, Inc	$	28,524
700		LSI Industries, Inc		8,015
1,445	*	Mattson Technology, Inc		16,271
4,339	*	McData Corp (Class A)		25,860
825	*	Mercury Computer Systems, Inc		24,486
1,303		Methode Electronics, Inc		16,744
5,900	*	Micrel, Inc		65,018
2,100	*	Microsemi Corp		36,456
1,800	*	Microtune, Inc		10,998
700	*	Microvision, Inc		4,900
1,515	*	MIPS Technologies, Inc		14,923
900	*	Mobility Electronics, Inc		7,722
1,500	*	Moog, Inc (Class A)		68,025
3,800	*	MRV Communications, Inc		13,946
1,500	*	Mykrolis Corp		21,255
2,000	*	Omnivision Technologies, Inc		36,700
4,300	*	ON Semiconductor Corp		19,522
600		Park Electrochemical Corp		13,008
1,158	*	Photronics, Inc		19,107
1,500	*	Pixelworks, Inc		17,010
1,628	*	Plug Power, Inc		9,947
800	*	PLX Technology, Inc		8,320
200	*	Portalplayer, Inc		4,936
1,000	*	Power Integrations, Inc		19,780
2,300	*	Power-One, Inc		20,516
3,700	*	Powerwave Technologies, Inc		31,376
600		Raven Industries, Inc		12,786
1,200	*	Rayovac Corp		36,672
80	b*	Read-Rite Corp		1
900		Regal-Beloit Corp		25,740
2,200	*	Remec, Inc		15,862
6,607	*	RF Micro Devices, Inc		45,192
500	*	SBS Technologies, Inc		6,980
896	*	Seachange International, Inc		15,626
3,800	*	Sigmatel, Inc		135,014
2,600	*	Silicon Image, Inc		42,796
2,900	*	Silicon Storage Technology, Inc		17,255
802	*	Siliconix, Inc		29,265
5,300	*	Skyworks Solutions, Inc		49,979
700		Spectralink Corp		9,926
700	*	Standard Microsystems Corp		12,481
600	*	Stoneridge, Inc		9,078
3,000	*	Stratex Networks, Inc		6,780
300	*	Supertex, Inc		6,510
1,600	*	Symmetricom, Inc		15,536
842	*	Synaptics, Inc		25,748
1,400	*	Technitrol, Inc		25,480
1,800	*	Tekelec		36,792
2,400	*	Terayon Communication Systems, Inc		6,504
900	*	Tessera Technologies, Inc		33,489
2,100	*	Thomas & Betts Corp		64,575
5,700	*	Transmeta Corp		9,291
4,900	*	Triquint Semiconductor, Inc		21,805
1,387	*	TTM Technologies, Inc		16,367

120

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
1,200		Turnstone Systems, Inc	$	17
400	*	Ulticom, Inc		6,412
700	*	Universal Display Corp		6,300
861	*	Universal Electronics, Inc		15,154
2,129	*	Valence Technology, Inc		6,621
1,300	*	Varian Semiconductor Equipment Associates, Inc		47,905
691	*	Viasat, Inc		16,770
7,728	*	Vitesse Semiconductor Corp		27,280
1,815	*	Westell Technologies, Inc		12,342
400		Woodhead Industries, Inc		6,412
1,900	*	Zhone Technologies, Inc		4,921

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,526,690

ENGINEERING AND MANAGEMENT SERVICES - 2.27%
900	*	Accelrys, Inc		7,020
1,314	*	Answerthink, Inc		6,123
900	*	Antigenics, Inc		9,108
1,900	*	Applera Corp (Celera Genomics Group)		26,125
1,900	*	Ariad Pharmaceuticals, Inc		14,117
1,800	*	Axonyx, Inc		11,160
2,256	*	Century Business Services, Inc		9,836
500	*	Cornell Cos, Inc		7,590
1,300	*	Corrections Corp of America		52,585
1,500	*	CuraGen Corp		10,740
1,067	*	CV Therapeutics, Inc		24,541
1,700	*	Decode Genetics, Inc		13,277
2,200	*	DiamondCluster International, Inc		31,526
2,492	*	Digitas, Inc		23,799
800	*	Diversa Corp		6,992
900	*	Dyax Corp		6,498
1,550	*	eResearch Technology, Inc		24,567
2,300	*	Exelixis, Inc		21,850
200	*	Exponent, Inc		5,498
500	*	Forrester Research, Inc		8,970
1,500	*	FTI Consulting, Inc		31,605
2,300	*	Gartner, Inc (Class A)		28,658
300	*	Genencor International, Inc		4,920
200	*	Greenfield Online, Inc		4,398
200	*	Huron Consulting Group, Inc		4,440
2,450	*	Incyte Corp		24,476
800	*	Kosan Biosciences, Inc		5,544
300		Landauer, Inc		13,710
2,300	*	Lexicon Genetics, Inc		17,836
1,000	*	Lifecell Corp		10,220
700	*	Luminex Corp		6,216
700	*	MAXIMUS, Inc		21,784
800	*	Maxygen, Inc		10,232
1,100	*	Myriad Genetics, Inc		24,761
1,600	*	Navigant Consulting, Inc		42,560
600	*	Neopharm, Inc		7,506
2,200	*	Oscient Pharmaceuticals Corp		8,030
886	*	Parexel International Corp		17,986
2,300	*	Per-Se Technologies, Inc		36,409
1,500	*	PRG-Schultz International, Inc		7,545

121

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
800	*	Regeneration Technologies, Inc	$	8,384
800	*	Resources Connection, Inc		43,448
400	*	Rigel Pharmaceuticals, Inc		9,768
1,100	*	Seattle Genetics, Inc		7,183
1,150	*	SFBC International, Inc		45,425
661	*	Sourcecorp		12,632
1,000	*	Symyx Technologies, Inc		30,080
300	*	TRC Cos, Inc		5,100
600	*	Trimeris, Inc		8,502
1,100	*	URS Corp		35,310
700	*	Ventiv Health, Inc		14,224
883	*	Washington Group International, Inc		36,424
1,800		Watson Wyatt & Co Holdings		48,510

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		955,748

FABRICATED METAL PRODUCTS - 1.40%
200		CIRCOR International, Inc		4,632
1,000		Commercial Metals Co		50,560
300	*	Commercial Vehicle Group, Inc		6,549
8,300	*	Crown Holdings, Inc		114,042
2,800	*	Griffon Corp		75,600
1,600		Gulf Island Fabrication, Inc		34,928
1,000	*	Intermagnetics General Corp		25,410
2,700	*	Jacuzzi Brands, Inc		23,490
700	*	NCI Building Systems, Inc		26,250
2,200	*	Shaw Group, Inc		39,270
1,000		Silgan Holdings, Inc		60,960
1,300		Simpson Manufacturing Co, Inc		45,370
1,700	*	Taser International, Inc		53,703
1,700	*	Water Pik Technologies, Inc		30,141

		TOTAL FABRICATED METAL PRODUCTS		590,905

FOOD AND KINDRED PRODUCTS - 1.29%
300	*	Boston Beer Co, Inc (Class A)		6,381
500		Cal-Maine Foods, Inc		6,045
300		Coca-Cola Bottling Co Consolidated		17,118
1,300		Corn Products International, Inc		69,628
37,300	*	Darling International, Inc		162,628
1,300		Flowers Foods, Inc		41,054
500	*	Gold Kist, Inc		6,810
200	*	Hansen Natural Corp		7,282
1,200	*	Interstate Bakeries Corp		7,680
200		J & J Snack Foods Corp		9,806
1,000		Lancaster Colony Corp		42,870
900		Lance, Inc		17,127
400	*	M&F Worldwide Corp		5,448
318	*	Peets Coffee & Tea, Inc		8,417
1,000		Ralcorp Holdings, Inc		41,930
976		Sanderson Farms, Inc		42,241
1,700		Sensient Technologies Corp		40,783
1,300		Topps Co, Inc		12,675

		TOTAL FOOD AND KINDRED PRODUCTS		545,923

122

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
FOOD STORES - 0.37%
600	*	Great Atlantic & Pacific Tea Co, Inc	$	6,150
1,600		Ingles Markets, Inc (Class A)		19,824
600	*	Panera Bread Co (Class A)		24,192
400	*	Pantry, Inc		12,036
1,100	*	Pathmark Stores, Inc		6,391
2,400		Ruddick Corp		52,056
400		Weis Markets, Inc		15,428
1,000	*	Wild Oats Markets, Inc		8,810
2,900	*	Winn-Dixie Stores, Inc		13,195

		TOTAL FOOD STORES		158,082

FURNITURE AND FIXTURES - 0.46%
400		Bassett Furniture Industries, Inc		7,850
1,200		Ethan Allen Interiors, Inc		48,024
2,700		Furniture Brands International, Inc		67,635
370		Hooker Furniture Corp		8,399
800		Kimball International, Inc (Class B)		11,848
1,900		La-Z-Boy, Inc		29,203
176		Stanley Furniture Co, Inc		7,911
700	*	Tempur-Pedic International, Inc		14,840

		TOTAL FURNITURE AND FIXTURES		195,710

FURNITURE AND HOMEFURNISHINGS STORES - 0.38%
195	*	Cost Plus, Inc		6,265
400	*	Electronics Boutique Holdings Corp		17,176
1,300	*	GameStop Corp (Class B)		29,133
870	*	Guitar Center, Inc		45,840
700		Haverty Furniture Cos, Inc		12,950
1,600	*	Linens’n Things, Inc		39,680
745	*	Trans World Entertainment Corp		9,290

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		160,334

GENERAL BUILDING CONTRACTORS - 0.59%
500		Beazer Homes U.S.A., Inc		73,105
500		Brookfield Homes Corp		16,950
400	*	Meritage Homes Corp		45,080
100	*	Palm Harbor Homes, Inc		1,688
2,200	*	Perini Corp		36,718
300		Technical Olympic U.S.A., Inc		7,614
2,000		Walter Industries, Inc		67,460

		TOTAL GENERAL BUILDING CONTRACTORS		248,615

GENERAL MERCHANDISE STORES - 0.33%
900	*	99 Cents Only Stores		14,544
200		Bon-Ton Stores, Inc		3,150
625	*	Brookstone, Inc		12,219
1,782		Casey’s General Stores, Inc		32,343
200	*	Conn’s, Inc		3,364
600		Fred’s, Inc		10,440
400	*	Retail Ventures, Inc		2,840
1,000	*	ShopKo Stores, Inc		18,680
900	*	Stein Mart, Inc		15,354

123

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
900	*	Tuesday Morning Corp	$	27,567

		TOTAL GENERAL MERCHANDISE STORES		140,501

HEALTH SERVICES - 2.10%
500	*	Amedisys, Inc		16,195
450	*	America Service Group, Inc		12,047
1,056	*	Amsurg Corp		31,194
2,500	*	Apria Healthcare Group, Inc		82,375
3,800	*	Beverly Enterprises, Inc		34,770
200	*	Corvel Corp		5,356
800	*	Cross Country Healthcare, Inc		14,464
900	*	Enzo Biochem, Inc		17,523
3,317	*	First Health Group Corp		62,061
1,360	*	Genesis HealthCare Corp		47,641
2,100	*	Gentiva Health Services, Inc		35,112
300	b*	Impath, Inc		1,368
900	*	Kindred Healthcare, Inc		26,955
600	*	LabOne, Inc		19,224
600		LCA-Vision, Inc		14,034
1,400	*	LifePoint Hospitals, Inc		48,748
1,500	*	Magellan Health Services, Inc		51,240
200	*	Medcath Corp		4,928
200		National Healthcare Corp		7,060
1,320	*	NeighborCare, Inc		40,550
1,500	*	OCA, Inc		9,525
1,300	*	Odyssey HealthCare, Inc		17,784
500		Option Care, Inc		8,595
1,100	*	Pediatrix Medical Group, Inc		70,455
1,800	*	Province Healthcare Co		40,230
400	*	Psychiatric Solutions, Inc		14,624
600	*	RehabCare Group, Inc		16,794
3,300		Select Medical Corp		58,080
600	*	Sunrise Senior Living, Inc		27,816
300	*	Symbion, Inc		6,624
1,000	*	United Surgical Partners International, Inc		41,700

		TOTAL HEALTH SERVICES		885,072

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.13%
1,200		Granite Construction, Inc		31,920
1,000	*	Insituform Technologies, Inc (Class A)		22,670

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		54,590

HOLDING AND OTHER INVESTMENT OFFICES - 10.31%
500	*	4Kids Entertainment, Inc		10,510
1,300		Aames Investment Corp		13,910
900		Affordable Residential Communities		12,915
500		Alabama National Bancorp		32,250
700		Alexandria Real Estate Equities, Inc		52,094
903		Amcore Financial, Inc		29,059
1,200		American Home Mortgage Investment Corp		41,100
900		AMLI Residential Properties Trust		28,800
4,200		Anthracite Capital, Inc		51,912
1,600		Anworth Mortgage Asset Corp		17,136
2,200		Apollo Investment Corp		33,220

124

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
300		Arbor Realty Trust, Inc	$	7,362
700		Ashford Hospitality Trust, Inc		7,609
230	*	Bancorp, Inc		3,680
500		Bedford Property Investors		14,205
600		Bimini Mortgage Management, Inc (Class A)		9,636
1,100		BioMed Realty Trust, Inc		24,431
1,700		Brandywine Realty Trust		49,963
1,900		Brookline Bancorp, Inc		31,008
1,200		Capital Automotive REIT		42,630
100		Capital Southwest Corp		7,852
400		Capital Trust, Inc		12,284
600		Capstead Mortgage Corp		6,324
1,900		CarrAmerica Realty Corp		62,700
600		Cedar Shopping Centers, Inc		8,580
200		Cherokee, Inc		7,056
300		Cohen & Steers, Inc		4,875
700		Colonial Properties Trust		27,489
1,600		Commercial Net Lease Realty, Inc		32,960
400		Community Banks, Inc		11,264
1,800	*	Cornerstone Realty Income Trust, Inc		17,964
1,300		Corporate Office Properties Trust		38,155
800		Correctional Properties Trust		23,104
1,300		Cousins Properties, Inc		39,351
100	*	Criimi MAE, Inc		1,610
100	*	Enstar Group, Inc		6,250
900		Entertainment Properties Trust		40,095
1,800		Equity Inns, Inc		21,132
1,200		Equity One, Inc		28,476
800		Essex Property Trust, Inc		67,040
1,800	*	FelCor Lodging Trust, Inc		26,370
375		First Indiana Corp		8,441
1,500		First Industrial Realty Trust, Inc		61,095
3,047		First Niagara Financial Group, Inc		42,506
500		First Place Financial Corp		11,195
1,000		Gables Residential Trust		35,790
300		Gladstone Capital Corp		7,110
1,300		Glimcher Realty Trust		36,023
300		Gramercy Capital Corp		6,180
3,955		Greater Bay Bancorp		110,265
600		Harris & Harris Group, Inc		9,828
1,500		Healthcare Realty Trust, Inc		61,050
1,200		Highland Hospitality Corp		13,488
1,900		Highwoods Properties, Inc		52,630
17		Home Properties, Inc		731
2,600		IMPAC Mortgage Holdings, Inc		58,942
1,200		Innkeepers U.S.A. Trust		17,040
1,450		Investors Real Estate Trust		15,211
7,671		iShares Russell 2000 Index Fund		993,395
1,000		Kilroy Realty Corp		42,750
900		Kramont Realty Trust		21,060
6,700	*	La Quinta Corp		60,903
1,000		LaSalle Hotel Properties		31,830
2,900		Lexington Corporate Properties Trust		65,482
500		LTC Properties, Inc		9,955

125

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
5,700		Luminent Mortgage Capital, Inc	$	67,830
2,900		MFA Mortgage Investments, Inc		25,578
600		Mid-America Apartment Communities, Inc		24,732
3,600		Mission West Properties, Inc		38,304
2,300		National Health Investors, Inc		67,114
2,400		Nationwide Health Properties, Inc		57,000
1,420		New Century Financial Corp		90,752
1,300		Newcastle Investment Corp		41,314
1,000		Novastar Financial, Inc		49,500
8,000		Omega Healthcare Investors, Inc		94,400
704		Oriental Financial Group, Inc		19,930
400		Parkway Properties, Inc		20,300
1,600		Prentiss Properties Trust		61,120
600		Prosperity Bancshares, Inc		17,526
600		PS Business Parks, Inc		27,060
900		RAIT Investment Trust		25,173
1,400		Realty Income Corp		70,812
665		Redwood Trust, Inc		41,290
400		Saul Centers, Inc		15,300
1,800		Saxon Capital, Inc		43,182
9,800		Senior Housing Properties Trust		185,612
600		Sovran Self Storage, Inc		25,284
400		Suffolk Bancorp		13,932
1,000		Summit Properties, Inc		32,560
600		Sun Communities, Inc		24,150
800		Sunstone Hotel Investors, Inc		16,624
1,570		Susquehanna Bancshares, Inc		39,171
1,000		Tanger Factory Outlet Centers, Inc		26,460
1,800		Taubman Centers, Inc		53,910
630		Tompkins Trustco, Inc		33,699
600		Town & Country Trust		16,578
800		U.S. Restaurant Properties, Inc		14,448
1,300		Universal Health Realty Income Trust		41,769
800		Urstadt Biddle Properties, Inc (Class A)		13,640
900		U-Store-It Trust		15,615
1,500		Washington Real Estate Investment Trust		50,805
1,055		Waypoint Financial Corp		29,909
3,300		Winston Hotels, Inc		38,973

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,348,617

HOTELS AND OTHER LODGING PLACES - 0.40%
401		Ameristar Casinos, Inc		17,287
2,600	*	Bluegreen Corp		51,558
1,600		Boyd Gaming Corp		66,640
700		Marcus Corp		17,598
700	*	Vail Resorts, Inc		15,694

		TOTAL HOTELS AND OTHER LODGING PLACES		168,777

INDUSTRIAL MACHINERY AND EQUIPMENT - 5.54%
800	*	Actuant Corp		41,720
3,900	*	Adaptec, Inc		29,601
2,300	*	Advanced Digital Information Corp		23,046
900		Albany International Corp (Class A)		31,644
3,920	*	Astec Industries, Inc		67,463

126

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
100	*	ASV, Inc	$	4,790
1,700	*	Asyst Technologies, Inc		8,653
1,000	*	Authentidate Holding Corp		6,190
6,600	*	Axcelis Technologies, Inc		53,658
958		Black Box Corp		46,003
1,581	*	Brooks Automation, Inc		27,225
400		Bucyrus International, Inc (Class A)		16,256
400		Cascade Corp		15,980
2,976	*	Cirrus Logic, Inc		16,398
3,000	*	Cray, Inc		13,980
600	*	Cuno, Inc		35,640
1,300	*	Cymer, Inc		38,402
1,500	*	Dot Hill Systems Corp		11,760
200	*	Dril-Quip, Inc		4,852
3,325	*	Electronics For Imaging, Inc		57,888
11,300	*	Emulex Corp		190,292
800		Engineered Support Systems, Inc		47,376
1,690	*	EnPro Industries, Inc		49,973
900	*	Esterline Technologies Corp		29,385
500	*	Flanders Corp		4,800
4,000	*	Flowserve Corp		110,160
1,100	*	FSI International, Inc		5,137
7,900	*	Gateway, Inc		47,479
600	*	Hydril		27,306
1,800	*	Hypercom Corp		10,656
1,800		IDEX Corp		72,900
1,412	*	InFocus Corp		12,934
1,500		JLG Industries, Inc		29,445
1,800		Joy Global, Inc		78,174
100	*	Kadant, Inc		2,050
1,000		Kaydon Corp		33,020
1,300		Kennametal, Inc		64,701
1,015	*	Komag, Inc		19,062
1,838	*	Kulicke & Soffa Industries, Inc		15,844
1,600		Lennox International, Inc		32,560
1,200		Lincoln Electric Holdings, Inc		41,448
300		Lufkin Industries, Inc		11,972
1,000		Manitowoc Co, Inc		37,650
600	*	Micros Systems, Inc		46,836
194		Middleby Corp		9,840
800		Modine Manufacturing Co		27,016
200		Nacco Industries, Inc (Class A)		21,080
750	*	Netgear, Inc		13,643
876		Nordson Corp		35,101
2,500	*	Oil States International, Inc		48,225
477	*	Overland Storage, Inc		7,961
1,489	*	PalmOne, Inc		46,978
2,200	*	Paxar Corp		48,774
480	*	Planar Systems, Inc		5,390
900	*	Presstek, Inc		8,712
900	*	ProQuest Co		26,730
5,700	*	Riverstone Networks, Inc		6,185
400		Robbins & Myers, Inc		9,532
1,300		Sauer-Danfoss, Inc		28,353

127

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
300		Schawk, Inc	$	5,454
2,642	*	Scientific Games Corp (Class A)		62,985
600	*	Semitool, Inc		5,568
9,300	*	Silicon Graphics, Inc		16,089
400		Standex International Corp		11,396
1,000		Stewart & Stevenson Services, Inc		20,230
1,100	b*	Surebeam Corp (Class A)		7
600		Tecumseh Products Co (Class A)		28,680
300		Tennant Co		11,895
2,400	*	Terex Corp		114,360
800		Toro Co		65,080
300	*	Transact Technologies, Inc		6,408
888	*	Veeco Instruments, Inc		18,710
340		Woodward Governor Co		24,347
6,300	*	Xybernaut Corp		7,749
600		York International Corp		20,724

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,335,511

INSTRUMENTS AND RELATED PRODUCTS - 5.46%
600	*	Abaxis, Inc		8,694
500	*	Abiomed, Inc		7,720
300	*	ADE Corp		5,616
1,300	*	Advanced Medical Optics, Inc		53,482
700	*	Advanced Neuromodulation Systems, Inc		27,622
1,885	*	Align Technology, Inc		20,264
867	*	American Medical Systems Holdings, Inc		36,249
400		Analogic Corp		17,916
1,850		Arrow International, Inc		57,332
769	*	Arthrocare Corp		24,654
400	*	Aspect Medical Systems, Inc		9,784
350		BEI Technologies, Inc		10,808
600	*	Bio-Rad Laboratories, Inc (Class A)		34,422
1	*	Britesmile, Inc		7
706	*	Candela Corp		8,020
2,600	*	Cardiac Science, Inc		5,564
1,335	*	Cardiodynamics International Corp		6,902
1,500	*	Cepheid, Inc		14,910
200	*	Closure Medical Corp		3,900
1,359		Cognex Corp		37,916
1,100	*	Coherent, Inc		33,484
800		Cohu, Inc		14,848
900	*	Conceptus, Inc		7,304
1,100	*	Conmed Corp		31,262
3,500	*	Credence Systems Corp		32,025
1,100	*	CTI Molecular Imaging, Inc		15,609
2,200	*	Cyberoptics Corp		32,714
1,154		Datascope Corp		45,802
700	*	Dionex Corp		39,669
600	*	DJ Orthopedics, Inc		12,852
1,400	*	DRS Technologies, Inc		59,794
600		EDO Corp		19,050
1,064	*	Encore Medical Corp		7,225
726	*	Endocardial Solutions, Inc		8,494
500	*	ESCO Technologies, Inc		38,325

128

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
200	*	Exactech, Inc	$	3,658
400	*	Excel Technology, Inc		10,400
400		E-Z-Em-Inc		5,840
791	*	FEI Co		16,611
200	*	Foxhollow Technologies, Inc		4,918
1,500	*	Haemonetics Corp		54,315
800	*	Hanger Orthopedic Group, Inc		6,480
400	*	Herley Industries, Inc		8,136
700	*	Hologic, Inc		19,229
391	*	ICU Medical, Inc		10,690
400		II-VI, Inc		16,996
700	*	Integra LifeSciences Holding		25,851
300	*	Intralase Corp		7,044
1,200	*	Intuitive Surgical, Inc		48,024
1,700		Invacare Corp		78,642
700	*	Itron, Inc		16,737
900	*	Ixia		15,129
400		Keithley Instruments, Inc		7,880
900	*	Kensey Nash Corp		31,077
799	*	Kyphon, Inc		20,582
600	*	Laserscope		21,546
300	*	LeCroy Corp		7,002
400	*	Measurement Specialties, Inc		10,184
330	*	Medical Action Industries, Inc		6,501
2,600		Mentor Corp		87,724
800	*	Merit Medical Systems, Inc		12,224
1,236	*	MKS Instruments, Inc		22,928
820	*	Molecular Devices Corp		16,482
500		Movado Group, Inc		9,325
1,516		MTS Systems Corp		51,256
1,150	*	Nanogen, Inc		8,464
700		Oakley, Inc		8,925
700	*	Ocular Sciences, Inc		34,307
2,900	*	Orbital Sciences Corp		34,307
1,400	*	Orthologic Corp		8,750
1,700	*	Orthovita, Inc		7,123
415	*	Palomar Medical Technologies, Inc		10,819
2,553	*	Possis Medical, Inc		34,414
1,200	*	RAE Systems, Inc		8,760
500	*	Rofin-Sinar Technologies, Inc		21,225
400	*	Sirf Technology Holdings, Inc		5,088
1,100	*	Sola International, Inc		30,294
700	*	Sonic Solutions, Inc		15,708
500	*	SonoSite, Inc		16,975
4,100	*	Steris Corp		97,252
1,400	*	Sybron Dental Specialties, Inc		49,532
1,457	*	Techne Corp		56,677
153		Tektronix, Inc		4,622
1,600	*	Thermogenesis		10,144
1,600	*	Thoratec Corp		16,672
1,800	*	Trimble Navigation Ltd		59,472
900		United Industrial Corp		34,866
500	*	Urologix, Inc		3,235
1,800	*	Varian, Inc		73,818

129

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
563	*	Ventana Medical Systems, Inc	$	36,026
1,100	*	Viasys Healthcare, Inc		20,900
1,000	*	Viisage Technology, Inc		9,010
1,700	*	Visx, Inc		43,979
700		Vital Signs, Inc		27,244
1,000	*	Wright Medical Group, Inc		28,500
700		X-Rite, Inc		11,207
685		Young Innovations, Inc		23,105
300	*	Zoll Medical Corp		10,320

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,305,390

INSURANCE AGENTS, BROKERS AND SERVICE - 0.23%
600	*	Clark, Inc		9,312
1,100		Hilb, Rogal & Hamilton Co		39,864
1,200		National Financial Partners Corp		46,560

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		95,736

INSURANCE CARRIERS - 2.84%
800		21st Century Insurance Group		10,880
300		Affirmative Insurance Holdings, Inc		5,052
1,200		Alfa Corp		18,222
2,600		American Equity Investment Life Holding Co		28,002
300	*	American Physicians Capital, Inc		10,806
900	*	AMERIGROUP Corp		68,094
1,700		AmerUs Group Co		77,010
300		Baldwin & Lyons, Inc (Class B)		8,037
500		Bristol West Holdings, Inc		10,000
1,480	*	Centene Corp		41,958
1,136	*	Ceres Group, Inc		5,861
1,070	*	Citizens, Inc		6,816
1,700	*	CNA Surety Corp		22,695
900		Commerce Group, Inc		54,936
1,600	*	Danielson Holdings Corp		13,520
600		Delphi Financial Group, Inc (Class A)		27,690
545		Direct General Corp		17,494
200		Donegal Group, Inc		4,586
200		EMC Insurance Group, Inc		4,328
200		FBL Financial Group, Inc (Class A)		5,710
300	*	Financial Industries Corp		2,400
600		Great American Financial Resources, Inc		10,422
300		Harleysville Group, Inc		7,161
600	*	HealthExtras, Inc		9,780
680		Independence Holding Co		12,546
759		Infinity Property & Casualty Corp		26,717
100		Kansas City Life Insurance Co		4,730
1,100		Landamerica Financial Group, Inc		59,323
400	*	Molina Healthcare, Inc		18,552
100	*	National Western Life Insurance Co (Class A)		16,661
1,000	*	Navigators Group, Inc		30,110
100		NYMAGIC, Inc		2,530
2,170	*	Ohio Casualty Corp		50,366
1,600		Penn-America Group, Inc		24,160
600	*	Philadelphia Consolidated Holding Corp		39,684
3,400		Phoenix Cos, Inc		42,500

130

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
300	*	Pico Holdings, Inc	$	6,231
1,000	*	PMA Capital Corp (Class A)		10,350
800		Presidential Life Corp		13,568
900	*	ProAssurance Corp		35,199
800		RLI Corp		33,256
425		Safety Insurance Group, Inc		13,239
971		Selective Insurance Group, Inc		42,957
1,200	*	Sierra Health Services, Inc		66,132
500		State Auto Financial Corp		12,925
1,000		Stewart Information Services Corp		41,650
500		Tower Group, Inc		6,000
300	*	Triad Guaranty, Inc		18,144
1,300		UICI		44,070
600		United Fire & Casualty Co		20,226
1,400	*	Vesta Insurance Group, Inc		5,152
300	*	WellCare Health Plans, Inc		9,750
400		Zenith National Insurance Corp		19,936

		TOTAL INSURANCE CARRIERS		1,198,124


JUSTICE, PUBLIC ORDER AND SAFETY - 0.06%
900	*	Geo Group, Inc		23,922

		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		23,922


LEATHER AND LEATHER PRODUCTS - 0.28%
600		Brown Shoe Co, Inc		17,898
900		K-Swiss, Inc (Class A)		26,208
100		Weyco Group, Inc		4,429
2,200		Wolverine World Wide, Inc		69,124

		TOTAL LEATHER AND LEATHER PRODUCTS		117,659


LEGAL SERVICES - 0.03%
374		Pre-Paid Legal Services, Inc		14,044

		TOTAL LEGAL SERVICES		14,044


LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.25%
5,000	*	Laidlaw International, Inc		107,000

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		107,000


LUMBER AND WOOD PRODUCTS - 0.30%
1,000		American Woodmark Corp		43,680
2,500	*	Champion Enterprises, Inc		29,550
400		Deltic Timber Corp		16,980
200		Skyline Corp		8,160
608		Universal Forest Products, Inc		26,387

		TOTAL LUMBER AND WOOD PRODUCTS		124,757


METAL MINING - 0.29%
400		Cleveland-Cliffs, Inc		41,544
8,600	*	Coeur D’alene Mines Corp		33,798

131

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
3,800	*	Hecla Mining Co	$	22,154
2,297	*	Stillwater Mining Co		25,864

		TOTAL METAL MINING		123,360


MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.69%
1,100		Blyth, Inc		32,516
500	*	Daktronics, Inc		12,445
800		Escalade, Inc		10,688
900	*	Jakks Pacific, Inc		19,899
1,200	*	K2, Inc		19,056
1,000	*	Leapfrog Enterprises, Inc		13,600
1,100		Nautilus Group, Inc		26,587
500	*	Oneida Ltd		1,530
400		Penn Engineering & Manufacturing Corp		7,240
600	*	RC2 Corp		19,560
720	*	Shuffle Master, Inc		33,912
1,200	*	Steinway Musical Instruments, Inc		34,728
1,800	*	Yankee Candle Co, Inc		59,724

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		291,485


MISCELLANEOUS RETAIL - 0.91%
800	*	1-800-Flowers.com, Inc (Class A)		6,728
1,200	*	Alloy, Inc		9,684
700		Big 5 Sporting Goods Corp		20,398
300		Blair Corp		10,698
100	*	Blue Nile, Inc		2,762
300	*	Build-A-Bear Workshop, Inc		10,545
1,100		Cash America International, Inc		32,703
675	*	Coldwater Creek, Inc		20,837
1,100	*	Dick’s Sporting Goods, Inc		38,665
1,600	*	Drugstore.com, Inc		5,440
200	*	Friedman’s, Inc (Class A)		258
800	*	Hibbett Sporting Goods, Inc		21,288
600	*	Jill (J.) Group, Inc		8,934
1,100		Longs Drug Stores Corp		30,327
400	*	Overstock.com, Inc		27,600
435	*	Party City Corp		5,625
300	*	PC Connection, Inc		2,856
898	*	Priceline.com, Inc		21,184
400	*	Sharper Image Corp		7,540
800	*	Sports Authority, Inc		20,600
300	*	Systemax, Inc		2,202
400		World Fuel Services Corp		19,920
1,920	*	Zale Corp		57,350

		TOTAL MISCELLANEOUS RETAIL		384,144


MOTION PICTURES - 0.25%
300		Carmike Cinemas, Inc		10,950
4,010	*	Hollywood Entertainment Corp		52,491
2,307		Movie Gallery, Inc		43,994

		TOTAL MOTION PICTURES		107,435

132

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE

NONDEPOSITORY INSTITUTIONS - 0.81%
600	*	Accredited Home Lenders Holding Co	$	29,808
796		Advanta Corp (Class A)		18,005
300		Asta Funding, Inc		8,052
500		Beverly Hills Bancorp, Inc		5,050
1,600		CharterMac		39,104
300	*	Collegiate Funding Services LLC		4,227
3,197	*	CompuCredit Corp		87,406
409	*	Credit Acceptance Corp		10,409
200	b*	DVI, Inc		—
400	*	Encore Capital Group, Inc		9,512
1,100		Federal Agricultural Mortgage Corp (Class C)		25,630
600		Financial Federal Corp		23,520
400	*	First Cash Financial Services, Inc		10,684
1,200		MCG Capital Corp		20,556
1,200	*	Metris Cos, Inc		15,300
300	*	Nelnet, Inc		8,079
500	*	NGP Capital Resources Co		7,685
609	*	World Acceptance Corp		16,754

		TOTAL NONDEPOSITORY INSTITUTIONS		339,781


NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
800		Amcol International Corp		16,072
500		Compass Minerals International, Inc		12,115

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		28,187

OIL AND GAS EXTRACTION - 3.51%
400	*	Atwood Oceanics, Inc		20,840
600		Berry Petroleum Co (Class A)		28,620
1,200		Cabot Oil & Gas Corp (Class A)		53,100
1,400	*	Cal Dive International, Inc		57,050
400	*	Callon Petroleum Co		5,784
700	*	Cheniere Energy, Inc		44,590
1,500	*	Cimarex Energy Co		56,850
1,200	*	Comstock Resources, Inc		26,460
500	*	Edge Petroleum Corp		7,290
900	*	Energy Partners Ltd		18,243
1,800	*	Forest Oil Corp		57,096
1,000	*	FX Energy, Inc		11,680
2,000	*	Global Industries Ltd		16,580
1,300	*	Harvest Natural Resources, Inc		22,451
1,800		Helmerich & Payne, Inc		61,272
1,000	*	Houston Exploration Co		56,310
1,500	b*	KCS Energy, Inc		22,170
4,600	*	Key Energy Services, Inc		54,280
3,100	*	Magnum Hunter Resources, Inc		39,990
600	*	McMoRan Exploration Co		11,220
2,200	*	Meridian Resource Corp		13,310
1,400	*	Mission Resources Corp		8,176
900	*	Oceaneering International, Inc		33,588
3,400	*	Parker Drilling Co		13,362
700		Penn Virginia Corp		28,399
200	v*	PetroCorp, Inc (Escrow)		—

133

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
1,253	*	Petroleum Development Corp	$	48,328
2,100	*	Plains Exploration & Production Co		54,600
600	*	Quicksilver Resources, Inc		22,068
2,400		Range Resources Corp		49,104
800	*	Remington Oil & Gas Corp		21,800
500		RPC, Inc		12,560
1,300	*	Southwestern Energy Co		65,897
1,900		St. Mary Land & Exploration Co		79,306
800	*	Stone Energy Corp		36,072
1,900	*	Superior Energy Services, Inc		29,279
1,000	*	Swift Energy Co		28,940
1,000	*	Syntroleum Corp		8,030
800	*	Tetra Technologies, Inc		22,640
400	*	Todco		7,368
800	*	Transmontaigne, Inc		4,904
1,300	*	Unit Corp		49,673
1,200	*	Veritas DGC, Inc		26,892
4,200		Vintage Petroleum, Inc		95,298
900	*	W-H Energy Services, Inc		20,124
1,000	*	Whiting Petroleum Corp		30,250

		TOTAL OIL AND GAS EXTRACTION		1,481,844


PAPER AND ALLIED PRODUCTS - 0.62%
1,000	*	Buckeye Technologies, Inc		13,010
400	*	Caraustar Industries, Inc		6,728
700		Chesapeake Corp		19,012
3,900	*	Graphic Packaging Corp		28,080
500		Greif, Inc (Class A)		28,000
1,800		Longview Fibre Co		32,652
1,200	*	Playtex Products, Inc		9,588
600		Pope & Talbot, Inc		10,266
1,100		Potlatch Corp		55,638
1,000		Rock-Tenn Co (Class A)		15,160
500		Schweitzer-Mauduit International, Inc		16,975
1,600		Wausau-Mosinee Paper Corp		28,576

		TOTAL PAPER AND ALLIED PRODUCTS		263,685


PERSONAL SERVICES - 0.44%
1,412	b*	Alderwoods Group, Inc		16,068
1,100		Angelica Corp		29,755
783	*	Coinstar, Inc		21,008
1,100		G & K Services, Inc (Class A)		47,762
1,300		Jackson Hewitt Tax Service, Inc		32,825
1,400		Unifirst Corp		39,592

		TOTAL PERSONAL SERVICES		187,010


PETROLEUM AND COAL PRODUCTS - 0.61%
900		Frontier Oil Corp		23,994
400	*	Giant Industries, Inc		10,604
1,200	*	Headwaters, Inc		34,200
2,300		Holly Corp		64,101

134

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
3,400	*	Tesoro Corp	$	108,324
600		WD-40 Co		17,046

		TOTAL PETROLEUM AND COAL PRODUCTS		258,269

PRIMARY METAL INDUSTRIES - 2.17%
3,900	*	AK Steel Holding Corp		56,433
500	*	Aleris International, Inc		8,460
3,400		Allegheny Technologies, Inc		73,678
1,700		Belden CDT, Inc		39,440
600	*	Brush Engineered Materials, Inc		11,100
800		Carpenter Technology Corp		46,768
700	*	Century Aluminum Co		18,382
3,100	*	CommScope, Inc		58,590
700		Curtiss-Wright Corp		40,187
600	*	Encore Wire Corp		7,998
800		Gibraltar Industries, Inc		18,896
300	*	Liquidmetal Technologies, Inc		690
1,000	*	Lone Star Technologies, Inc		33,460
1,200		Matthews International Corp (Class A)		44,160
3,700	*	Maverick Tube Corp		112,110
1,200		Mueller Industries, Inc		38,640
607		NN, Inc		8,018
700	*	NS Group, Inc		19,460
1,200	*	Oregon Steel Mills, Inc		24,348
600		Quanex Corp		41,142
800		Ryerson Tull, Inc		12,600
700		Schnitzer Steel Industries, Inc (Class A)		23,751
1,312		Steel Dynamics, Inc		49,699
400		Steel Technologies, Inc		11,004
800		Texas Industries, Inc		49,904
200	*	Titanium Metals Corp		4,828
2,400		Tredegar Corp		48,504
300	*	Wheeling-Pittsburgh Corp		11,562

		TOTAL PRIMARY METAL INDUSTRIES		913,812

PRINTING AND PUBLISHING - 1.14%
2,300		American Greetings Corp (Class A)		58,305
900		Banta Corp		40,284
800	*	Consolidated Graphics, Inc		36,720
250		Courier Corp		12,980
450		CSS Industries, Inc		14,292
600		Ennis, Inc		11,550
1,500		Harland (John H.) Co		54,150
700		Journal Communications, Inc		12,649
1,500	*	Journal Register Co		28,995
400	*	Martha Stewart Living Omnimedia, Inc (Class A)		11,608
4,700	*	Primedia, Inc		17,860
3,500		Reader’s Digest Association, Inc (Class A)		48,685
1,126	*	Scholastic Corp		41,617
400		Thomas Nelson, Inc		9,040
2,400	*	Valassis Communications, Inc		84,024

		TOTAL PRINTING AND PUBLISHING		482,759

135

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
RAILROAD TRANSPORTATION - 0.21%
800		Florida East Coast Industries	$	36,080
500	*	Genesee & Wyoming, Inc (Class A)		14,065
2,200	*	Kansas City Southern Industries, Inc		39,006

		TOTAL RAILROAD TRANSPORTATION		89,151

REAL ESTATE - 0.47%
900	*	CB Richard Ellis Group, Inc		30,195
200		Consolidated-Tomoka Land Co		8,600
1,100	*	Jones Lang LaSalle, Inc		41,151
13,714	*	Stewart Enterprises, Inc (Class A)		95,861
1,200	*	Trammell Crow Co		21,732

		TOTAL REAL ESTATE		197,539

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.91%
1,300		Aptargroup, Inc		68,614
400		Bandag, Inc		19,924
2,400		Cooper Tire & Rubber Co		51,720
300	*	Deckers Outdoor Corp		14,097
5,500	*	Goodyear Tire & Rubber Co		80,630
980		Myers Industries, Inc		12,544
200		Quixote Corp		4,066
1,100		Schulman (A.), Inc		23,551
2,700	*	Skechers U.S.A., Inc (Class A)		34,992
500		Spartech Corp		13,545
400	*	Trex Co, Inc		20,976
1,900		Tupperware Corp		39,368

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		384,027

SECURITY AND COMMODITY BROKERS - 0.63%
950	*	Affiliated Managers Group, Inc		64,353
200		BKF Capital Group, Inc		7,580
700		Calamos Asset Management, Inc (Class A)		18,900
200		Gabelli Asset Management, Inc (Class A)		9,704
200		Greenhill & Co, Inc		5,740
1,600	*	Investment Technology Group, Inc		32,000
4,100	*	Knight Trading Group, Inc		44,895
1,900	*	LaBranche & Co, Inc		17,024
700	*	Piper Jaffray Cos		33,565
1,400		SWS Group, Inc		30,688
9		Value Line, Inc		353

		TOTAL SECURITY AND COMMODITY BROKERS		264,802

SOCIAL SERVICES - 0.09%
431	*	Bright Horizons Family Solutions, Inc		27,912
600	*	Res-Care, Inc		9,132

		TOTAL SOCIAL SERVICES		37,044

SPECIAL TRADE CONTRACTORS - 0.42%
400		Chemed Corp		26,844
1,400	*	Comfort Systems U.S.A., Inc		10,752
2,700	*	Dycom Industries, Inc		82,404
500	*	EMCOR Group, Inc		22,590
1,200	*	Integrated Electrical Services, Inc		5,808

136

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
400	*	Layne Christensen Co	$	7,260
2,600	*	Quanta Services, Inc		20,800

		TOTAL SPECIAL TRADE CONTRACTORS		176,458

STONE, CLAY, AND GLASS PRODUCTS - 0.40%
300		Ameron International Corp		11,370
1,000		Apogee Enterprises, Inc		13,410
900	*	Cabot Microelectronics Corp		36,045
500		CARBO Ceramics, Inc		34,500
700		Eagle Materials, Inc		60,445
300		Libbey, Inc		6,663
855	*	U.S. Concrete, Inc		6,558

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		168,991

TRANSPORTATION BY AIR - 0.78%
1,100	*	Alaska Air Group, Inc		36,839
1,300	*	America West Holdings Corp (Class B)		8,554
2,400	*	Continental Airlines, Inc (Class B)		32,496
3,800	*	Delta Air Lines, Inc		28,424
3,300	*	ExpressJet Holdings, Inc		42,504
800	*	Forward Air Corp		35,760
1,104	*	Mesa Air Group, Inc		8,765
1,500	*	Offshore Logistics, Inc		48,705
100	*	Petroleum Helicopters (Vote)		2,578
2,800	*	Pinnacle Airlines Corp		39,032
2,180		Skywest, Inc		43,731

		TOTAL TRANSPORTATION BY AIR		327,388

TRANSPORTATION EQUIPMENT - 1.96%
1,100	*	AAR Corp		14,982
1,000	*	Aftermarket Technology Corp		16,100
3,044		Arctic Cat, Inc		80,727
2,200		ArvinMeritor, Inc		49,214
900		Clarcor, Inc		49,293
1,200	*	Ducommun, Inc		25,020
1,700	*	GenCorp, Inc		31,569
1,300	*	Hayes Lemmerz International, Inc		11,479
700		Heico Corp		15,813
776		Kaman Corp (Class A)		9,816
600		Marine Products Corp		15,666
900		Monaco Coach Corp		18,513
200		Noble International Ltd		4,078
700		Standard Motor Products, Inc		11,060
196	*	Strattec Security Corp		12,274
800		Superior Industries International, Inc		23,240
1,900	*	Teledyne Technologies, Inc		55,917
1,500	*	Tenneco Automotive, Inc		25,860
1,300		Thor Industries, Inc		48,165
600		Trinity Industries, Inc		20,448
600	*	Triumph Group, Inc		23,700
4,600		Visteon Corp		44,942
1,100	*	Wabash National Corp		29,623

137

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
1,400		Westinghouse Air Brake Technologies Corp	$	29,848
4,100		Winnebago Industries, Inc		160,146

		TOTAL TRANSPORTATION EQUIPMENT		827,493

TRANSPORTATION SERVICES - 0.44%
886		Ambassadors Group, Inc		31,550
1,300	*	EGL, Inc		38,857
1,800		GATX Corp		53,208
302	*	HUB Group, Inc		15,770
2,200	*	Navigant International, Inc		26,774
1,000	*	Pacer International, Inc		21,260

		TOTAL TRANSPORTATION SERVICES		187,419

TRUCKING AND WAREHOUSING - 1.03%
1,200		Arkansas Best Corp		53,868
300	*	Covenant Transport, Inc (Class A)		6,246
1,600		Heartland Express, Inc		35,952
1,100	*	Landstar System, Inc		81,004
600	*	Old Dominion Freight Line		20,880
1,000		Overnite Corp		37,240
200	*	P.A.M. Transportation Services		3,750
513	*	SCS Transportation, Inc		11,989
4,616	*	Swift Transportation Co, Inc		99,151
200	*	U.S. Xpress Enterprises, Inc (Class A)		5,860
1,000		USF Corp		37,950
1,700		Werner Enterprises, Inc		38,488

		TOTAL TRUCKING AND WAREHOUSING		432,378

WATER TRANSPORTATION - 0.24%
200	*	Hornbeck Offshore Services, Inc		3,860
800	*	Kirby Corp		35,504
1,000		Overseas Shipholding Group, Inc		55,200
600	*	Seabulk International, Inc		7,266

		TOTAL WATER TRANSPORTATION		101,830

WHOLESALE TRADE-DURABLE GOODS - 1.90%
200	*	1-800 Contacts, Inc		4,400
1,000		Agilysys, Inc		17,140
1,000	*	Alliance Imaging, Inc		11,250
1,100		Anixter International, Inc		39,589
900		Applied Industrial Technologies, Inc		24,660
1,800	*	Aviall, Inc		41,346
500		Barnes Group, Inc		13,255
500	*	Beacon Roofing Supply, Inc		9,930
700	*	BioVeris Corp		5,117
5,900	*	Brightpoint, Inc		115,286
400		Compx International, Inc		6,612
1,900	*	Department 56, Inc		31,635
800	*	Digi International, Inc		13,752
800	*	Global Imaging Systems, Inc		31,600
800		Handleman Co		17,184
600	*	Imagistics International, Inc		20,196
1,770	*	Insight Enterprises, Inc		36,320
300	*	Insurance Auto Auctions, Inc		6,726

138

TIAA-CREF Life Funds — Small-Cap Equity Fund


SHARES			VALUE
500	*	Keystone Automotive Industries, Inc	$	11,625
1,300		Knight Transportation, Inc		32,240
200		Lawson Products, Inc		10,086
600		Metal Management, Inc		16,122
1,500	*	Microtek Medical Holdings, Inc		6,090
1,400		Owens & Minor, Inc		39,438
2,400	*	PSS World Medical, Inc		30,036
1,000		Reliance Steel & Aluminum Co		38,960
4,300	*	Safeguard Scientifics, Inc		9,116
1,950		SCP Pool Corp		62,205
200	*	TBC Corp		5,560
800		Watsco, Inc		28,176
1,700	*	WESCO International, Inc		50,388
1,500	*	Zoran Corp		17,370

		TOTAL WHOLESALE TRADE-DURABLE GOODS		803,410

WHOLESALE TRADE-NONDURABLE GOODS - 1.51%
1,500		Acuity Brands, Inc		47,700
500		Advanced Marketing Services, Inc		5,030
2,100		Airgas, Inc		55,671
1,000	*	Allscripts Healthcare Solutions, Inc		10,670
1,400		Chiquita Brands International, Inc		30,884
1,600		DIMON, Inc		10,752
600		Getty Realty Corp		17,238
1,900	*	Men's Wearhouse, Inc		60,724
700	*	Metals USA, Inc		12,985
1,200		Nash Finch Co		45,312
1,900		Nu Skin Enterprises, Inc (Class A)		48,222
1,700	*	Performance Food Group Co		45,747
2,398		Perrigo Co		41,413
1,000	*	Priority Healthcare Corp (Class B)		21,770
200	*	Provide Commerce, Inc		7,430
1,000		Russell Corp		19,480
2,100	*	Smart & Final, Inc		30,219
400		Standard Commercial Corp		7,784
1,400		Stride Rite Corp		15,638
1,100	*	Tractor Supply Co		40,931
1,200	*	United Stationers, Inc		55,440
400		Valhi, Inc		6,436

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		637,476

		TOTAL COMMON STOCKS (Cost $35,965,877)		42,050,307

		TOTAL PORTFOLIO – 99.67% (Cost $35,970,384)		42,055,527
		OTHER ASSETS & LIABILITIES, NET - 0.33%		138,514

		NET ASSETS - 100.00%	$	42,194,041

*	Non-income producing

b	In bankruptcy

139

TIAA-CREF Life Funds — Small-Cap Equity Fund

f	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted to $0 or 0.00% of net assets.

v	Security valued at fair value

Restricted security held by the Fund is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Wiltel Communications (Rts)	11/07/03	$	—	$	—

140

TIAA-CREF Life Funds — Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Real Estate Securities Fund

December 31, 2004


SHARES			VALUE
PREFERRED STOCKS - 2.84%
HOLDING AND OTHER INVESTMENT OFFICES - 2.84%
19,000	*	American Home Mortgage Investment Corp	$	486,400
19,000	*	CBL & Associates Properties, Inc		472,150
19,000	*	Cousins Properties, Inc		477,280
15,000	*	IMPAC Mortgage Holdings, Inc		379,500

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,815,330

		TOTAL PREFERRED STOCKS (Cost $1,800,000)		1,815,330

COMMON STOCKS - 95.31%
HOLDING AND OTHER INVESTMENT OFFICES - 85.06%
55,000		Aames Investment Corp		588,500
18,587		Acadia Realty Trust		302,968
88,000		Affordable Residential Communities		1,262,800
12,300		AMB Property Corp		496,797
8,000		American Land Lease, Inc		180,320
7,500		AMLI Residential Properties Trust		240,000
11,250		Anthracite Capital, Inc		139,050
48,000		Archstone-Smith Trust		1,838,400
20,000	v*	Bimini Mortgage		321,200
75,000		Bimini Mortgage Management, Inc (Class A)		1,204,500
36,500		BNP Residential Properties, Inc		587,650
15,800		Boston Properties, Inc		1,021,786
6,000		Brandywine Realty Trust		176,340
9,700		BRE Properties, Inc (Class A)		391,007
8,200		Camden Property Trust		418,200
18,500		Capital Lease Funding, Inc		231,250
5,027		Capital Trust, Inc		154,379
49,968		Cedar Shopping Centers, Inc		714,542
5,600		Centerpoint Properties Trust		268,184
28,000		Corporate Office Properties Trust		821,800
15,000		Correctional Properties Trust		433,200
14,000		Cousins Properties, Inc		423,780
25,000	*	Deerfield Triarc Capital		375,000
18,712		Developers Diversified Realty Corp		830,251
25,354		Digital Realty Trust, Inc		341,518
15,468		Duke Realty Corp		528,078
35,000		Eagle Hospitality Properties Trust, Inc		360,500
56,000		Equity Inns, Inc		657,440
4,900		Equity Lifestyle Properties, Inc		175,175
9,901		Equity Office Properties Trust		288,317
36,000		Equity Residential		1,302,480
4,704		Essex Property Trust, Inc		394,195
24,500		Extra Space Storage, Inc		326,585
98,000		Falcon Financial Investment Trust		686,000

141

TIAA-CREF Life Funds — Real Estate Securities Fund


SHARES			VALUE
3,400		Federal Realty Investment Trust	$	175,610
56,000	*	Feldman Mall Properties, Inc		728,560
41,125		General Growth Properties, Inc		1,487,080
61,000		Glenborough Realty Trust, Inc		1,298,080
116,000		GMH Communities Trust		1,635,600
50,000	*	Gramercy Capital		1,030,000
5,000		Healthcare Realty Trust, Inc		203,500
31,000		Hersha Hospitality Trust		354,950
11,800		Home Properties, Inc		507,400
108,000		HomeBanc Corp		1,045,440
31,000		Host Marriott Corp		536,300
28,500		IMPAC Mortgage Holdings, Inc		646,095
6,000		iStar Financial, Inc		271,560
25,000	v*	JER Investors Trust, Inc		375,000
14,000		Kimco Realty Corp		811,860
15,173		Kite Realty Group Trust		231,844
31,220	*	La Quinta Corp		283,790
37,500		LaSalle Hotel Properties		1,193,625
23,611		Lexington Corporate Properties Trust		533,136
15,000		Liberty Property Trust		648,000
36,500		LTC Properties, Inc		726,715
31,600		Luminent Mortgage Capital, Inc		376,040
16,300		Macerich Co		1,023,640
9,300		Mack-Cali Realty Corp		428,079
28,000	*	Meristar Hospitality Corp		233,800
5,300		Mills Corp		337,928
89,600		Monmouth REIT (Class A)		771,456
9,800		New Century Financial Corp		626,318
10,253		New York Mortgage Trust, Inc		114,834
24,663		Newcastle Investment Corp		783,790
10,000	*	NorthStar Realty Finance Corp		114,500
15,142		Novastar Financial, Inc		749,529
100,000		Omega Healthcare Investors, Inc		1,180,000
30,000	v*	Origen Financial Co		300,000
42,225		Origen Financial, Inc		315,843
7,000		Pan Pacific Retail Properties, Inc		438,900
7,000		Parkway Properties, Inc		355,250
30,000	v*	People's Choice Financial		300,000
11,900		Prologis		515,627
16,600		Public Storage, Inc		925,450
42,000		Reckson Associates Realty Corp		1,378,020
10,900		Regency Centers Corp		603,860
22,900		Simon Property Group, Inc		1,480,943
13,000		SL Green Realty Corp		787,150
111,793	*	Spirit Finance Corp		1,414,182
25,000	*	Spirit Financial Corp		316,250
50,000		Strategic Hotel Capital, Inc		825,000
45,683		Sunset Financial Resources, Inc		475,560
27,300		Sunstone Hotel Investors, Inc		567,294
64,000		Trizec Properties, Inc		1,210,880
12,200		United Dominion Realty Trust, Inc		302,560
49,000		U-Store-It Trust		850,150

142

TIAA-CREF Life Funds — Real Estate Securities Fund


SHARES				VALUE
	14,500		Ventas, Inc	$	397,445
	8,500		Vornado Realty Trust		647,105

			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		54,353,720

	HOTELS AND OTHER LODGING PLACES - 6.94%
	25,000	*	Diamondrock Hospitality Co		250,000
	16,500	*	Fairmont Hotels & Resorts		571,560
	14,063	*	Great Wolf Resorts, Inc		314,168
	16,000		Hilton Hotels Corp		363,840
	23,000	*	Interstate Hotels & Resorts, Inc		123,280
	395,000	*	Jameson Inns, Inc		778,150
	110,700	*	Lodgian, Inc		1,361,610
	11,500		Starwood Hotels & Resorts Worldwide, Inc		671,600

			TOTAL HOTELS AND OTHER LODGING PLACES		4,434,208

	REAL ESTATE - 3.31%
	28,000		Catellus Development Corp		856,800
	3,000	*	CB Richard Ellis Group, Inc		100,650
	25,000	*	KKR Financial Corp		250,000
	71,000	*	Thomas Properties Group, Inc		904,540

			TOTAL REAL ESTATE		2,111,990

			TOTAL COMMON STOCKS (Cost $55,133,003)		60,899,918

PRINCIPAL
	SHORT-TERM INVESTMENTS - 3.53%
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.53%
$	2,260,000		Federal Home Loan Bank (FHLB)
			1.000%, 01/03/05		2,259,595

			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,259,595

			TOTAL SHORT-TERM INVESTMENTS (Cost $2,259,843)		2,259,595

			TOTAL PORTFOLIO - 101.68% (Cost $59,192,846)		64,974,843
			OTHER ASSETS & LIABILITIES, NET - (1.68%)		(1,076,025	)

			NET ASSETS - 100.00%	$	63,898,818

*	Non-income producing

v	Security valued at fair value

143

TIAA-CREF Life Funds — Bond Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF Life Bond Fund

December 31, 2004


PRINCIPAL				RATE	MATURITY DATE	RATING +	VALUE
	BONDS - 99.15%
	CORPORATE BONDS - 31.29%
	ASSET BACKED - 2.54%
	$1,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa	$	995,098
	500,000		Chase Funding Mortgage Loan Series 2004-2 (Class 1B2)	5.700	02/25/34	Baa2		485,660

			TOTAL ASSET BACKED					1,480,758

	CHEMICALS AND ALLIED PRODUCTS - 0.35%
	100,000	g	Clorox Co Note	5.000	01/15/15	A3		101,900
	100,000		Procter & Gamble Co Note	4.950	08/15/14	Aa3		102,392

			TOTAL CHEMICALS AND ALLIED PRODUCTS					204,292

	COMMUNICATIONS - 1.66%
	100,000		AT&T Wireless Services, Inc (Sr Note)	8.750	03/01/31	Baa2		134,817
	100,000		BellSouth Corp Note	6.875	10/15/31	A1		112,810
	100,000		British Telecommunications plc Bond	8.875	12/15/30	Baa1		133,569
	100,000		Comcast Corp Bond	7.050	03/15/33	Baa3		114,256
	100,000		Deutsche Telekom International Finance BV (Guarantee Note)	8.750	06/15/30	Baa1		131,720
	100,000		SBC Communications, Inc Note	6.150	09/15/34	A2		102,839
	100,000		Sprint Capital Corp (Guarantee Note)	8.750	03/15/32	Baa3		133,053
	100,000		Vodafone Group plc Note	6.250	11/30/32	A2		108,591

			TOTAL COMMUNICATIONS					971,655

	DEPOSITORY INSTITUTIONS - 17.12%
	100,000		Bank of America Corp (Sub Note)	4.750	08/15/13	Aa3		100,218
	212,000	g	Citigroup, Inc (Sub Note)	5.000	09/15/14	Aa2		212,822
	100,000		Citigroup, Inc (Sub Note)	6.625	06/15/32	Aa2		111,777
	100,000		JPMorgan Chase & Co (Sub Note)	5.125	09/15/14	A1		100,652
	100,000		Marshall & Ilsley Corp Note	4.375	08/01/09	A1		101,105
	4,460,000	v	TRAINS (Secured Note)	5.940	01/25/07	A3		4,626,804
	4,080,000	v	TRAINS (Sr Note)	6.962	01/15/12	A3		4,537,450
	100,000		Wachovia Corp (Sub Note)	5.250	08/01/14	A1		102,429
	100,000		Wells Fargo & Co (Sub Note)	4.950	10/16/13	Aa2		101,429

			TOTAL DEPOSITORY INSTITUTIONS					9,994,686

	ELECTRIC, GAS, AND SANITARY SERVICES - 0.19%
	100,000		FirstEnergy Corp Note	6.450	11/15/11	Baa3		108,647

			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					108,647

	GENERAL BUILDING CONTRACTORS - 0.34%
	100,000		MDC Holdings, Inc (Guarantee Note)	5.500	05/15/13	Baa3		101,885
	100,000		Pulte Homes, Inc (Sr Note)	6.375	05/15/33	Baa3		99,598

			TOTAL GENERAL BUILDING CONTRACTORS					201,483

144

TIAA-CREF Life Funds — Bond Fund


PRINCIPAL			RATE	MATURITY DATE	RATING +	VALUE
GENERAL MERCHANDISE STORES - 0.22%
$100,000		Wal-Mart Stores, Inc Note	7.550	02/15/30	Aa2	$	130,190

		TOTAL GENERAL MERCHANDISE STORES					130,190

INSURANCE CARRIERS - 0.34%
100,000		Anthem, Inc Note	3.500	09/01/07	Baa1		99,446
100,000		Travelers Property Casualty Corp (Sr Note)	6.375	03/15/33	A3		101,300

		TOTAL INSURANCE CARRIERS					200,746

METAL MINING - 0.17%
100,000		Barrick Gold Finance Co Note	4.875	11/15/14	Baa1		99,659

		TOTAL METAL MINING					99,659

MOTION PICTURES - 0.21%
100,000		AOL Time Warner, Inc (Guarantee Note)	7.700	05/01/32	Baa1		122,297

		TOTAL MOTION PICTURES					122,297

NONDEPOSITORY INSTITUTIONS - 1.41%
100,000		General Electric Capital Corp Note	5.875	02/15/12	Aaa		108,242
100,000		Household Finance Corp Note	6.375	11/27/12	A1		110,336
100,000		HSBC Finance Corp	4.125	11/16/09	A1		99,464
100,000		Toyota Motor Credit Corp Note	0.029	07/08/08	Aaa		97,393
406,166	v	Wells Fargo Home Equity Trust	4.450	10/26/34	NR		406,166

		TOTAL NONDEPOSITORY INSTITUTIONS					821,601

OIL AND GAS EXTRACTION - 0.19%
100,000		EnCana Corp Bond	6.500	08/15/34	Baa2		109,913

		TOTAL OIL AND GAS EXTRACTION					109,913

OTHER MORTGAGE BACKED SECURITIES - 4.73%
949,542		Bank of America Alternative Loan Trust Series 2004-7 (Class 2A1)	6.000	08/25/34	NR		975,061
400,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		407,560
750,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2002 - C1 (Class A3)	5.376	07/12/37	Aaa		786,330
500,000		Merrill Lynch Mortgage Trust Series 2004-BPC1 (Class Aj)	4.922	10/12/41	NR		499,418
93,528	v	Option One Mortgage Securities Corp NIM Trust Series 2004-1A (Class A)	2.608	04/26/09	Aaa		93,529

		TOTAL OTHER MORTGAGE BACKED SECURITIES					2,761,898

PETROLEUM AND COAL PRODUCTS - 0.53%
100,000		ConocoPhillips (Guarantee Note)	5.900	10/15/32	A3		104,552
100,000		Enterprise Products Operating LP (Sr Note)	4.000	10/15/07	Baa3		99,756
100,000		Enterprise Products Operating LP (Sr Note)	6.650	10/15/34	Baa3		103,427

		TOTAL PETROLEUM AND COAL PRODUCTS					307,735

PRINTING AND PUBLISHING - 0.20%
100,000		Viacom, Inc (Guarantee Note)	7.700	07/30/10	A3		116,558

		TOTAL PRINTING AND PUBLISHING					116,558

145

TIAA-CREF Life Funds — Bond Fund


PRINCIPAL			RATE	MATURITY DATE	RATING +	VALUE
	SECURITY AND COMMODITY BROKERS - 0.35%
	$100,000	Lehman Brothers Holdings, Inc Note	4.800	03/13/14	A1	$	98,835
	100,000	Morgan Stanley Note	5.300	03/01/13	Aa3		103,010

		TOTAL SECURITY AND COMMODITY BROKERS					201,845

	TRANSPORTATION EQUIPMENT - 0.74%
	100,000	Boeing Co/The Note	6.125	02/15/33	A3		108,052
	100,000	DaimlerChrysler NA Holding Corp (Guarantee Note)	8.500	01/18/31	A3		124,133
	100,000	General Dynamics Corp Note	3.000	05/15/08	A2		97,620
	100,000	General Motors Acceptance Corp Note	6.750	12/01/14	Baa1		99,574

		TOTAL TRANSPORTATION EQUIPMENT					429,379

		TOTAL CORPORATE BONDS (Cost $18,470,386)					18,263,342


	GOVERNMENT BONDS - 67.86%
	AGENCY SECURITIES - 18.15%
	2,000,000	Federal Home Loan Bank (FHLB)	2.500	04/11/06	Aaa		1,985,560
	1,400,000	FHLB	2.875	05/22/06	Aaa		1,395,526
	2,250,000	Federal Home Loan Mortgage Corp (FHLMC)	1.875	02/15/06	Aaa		2,221,282
	1,500,000	FHLMC	7.000	03/15/10	Aaa		1,711,914
	1,000,000	FHLMC	5.875	03/21/11	Aa2		1,079,649
	1,215,000	Federal National Mortgage Association (FNMA)	3.375	12/15/08	Aaa		1,199,347
	1,000,000	FNMA	4.625	10/15/14	Aaa		1,000,751

		TOTAL AGENCY SECURITIES					10,594,029

	FOREIGN GOVERNMENT BONDS - 0.17%
	100,000	Mexico Government International Bond Note	6.750	09/27/34	Baa2		98,750

		TOTAL FOREIGN GOVERNMENT BONDS					98,750

	MORTGAGE BACKED SECURITIES - 31.48%
	544,748	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	06/01/18			553,651
	685,039	FGLMC	5.000	02/01/19			696,020
	707,319	FGLMC	5.000	07/01/33			703,884
	451,240	FGLMC	5.000	11/01/33			449,048
	873,875	FGLMC	6.000	11/01/33			903,122
	658,531	FGLMC	6.500	08/01/34			691,173
	744,527	Federal National Mortgage Association (FNMA)	6.292	12/01/08			786,451
	607,491	FNMA	6.000	02/01/18			636,908
	264,061	FNMA	5.500	04/01/18			273,132
	631,348	FNMA	5.500	04/01/18			653,034
	183,882	FNMA	5.500	05/01/18			190,199
	1,661,707	FNMA	5.000	01/01/19			1,689,893
	437,782	FNMA	5.500	02/01/24			447,836
	953,382	FNMA	5.500	07/01/24			975,030
	905,563	FNMA	5.500	07/01/33			920,126
	1,309,292	FNMA	5.500	07/01/33			1,330,347
	454,656	FNMA	4.500	08/01/33			440,237
	915,450	FNMA	6.000	10/01/33			947,023
	1,806,862	FNMA	5.000	03/01/34			1,796,264
	1,482,830	FNMA	5.500	11/01/34			1,506,268
	771,972	Government National Mortgage Association (GNMA)	5.500	07/20/33			788,466
	107,726	GNMA	5.000	03/15/34			107,859

146

TIAA-CREF Life Funds — Bond Fund


PRINCIPAL			RATE	MATURITY DATE	VALUE
$445,382		GNMA	5.000	06/15/34	$	445,930
446,792		GNMA	5.000	11/15/34		447,342

		TOTAL MORTGAGE BACKED SECURITIES				18,379,243


U.S. TREASURY SECURITIES - 18.06%
1,870,000		U.S. Treasury Bond	8.000	11/15/21		2,567,585
690,000		U.S. Treasury Bond	5.375	02/15/31		745,952
581,915	k	U.S. Treasury Inflation Indexed Note	3.875	01/15/09		652,600
800,000		U.S. Treasury Note	2.625	05/15/08		782,206
1,000,000		U.S. Treasury Note	3.125	04/15/09		984,820
1,000,000		U.S. Treasury Note	4.000	06/15/09		1,019,050
2,250,000		U.S. Treasury Note	3.625	05/15/13		2,180,270
1,000,000		U.S. Treasury Note	4.250	08/15/13		1,007,700
600,000		U.S. Treasury Note	4.250	11/15/14		601,500

		TOTAL U.S. TREASURY SECURITIES				10,541,683

		TOTAL GOVERNMENT BONDS (Cost $39,457,432)				39,613,705

		TOTAL BONDS (Cost $57,927,818)				57,877,047

SHORT-TERM INVESTMENTS - 1.14%
U.S. GOVERNMENT AND AGENCY DISCOUNT NOTES - 1.14%
670,000		Federal Home Loan Bank (FHLB)	1.000	01/03/05		669,880

		TOTAL U.S. GOVERNMENT AND AGENCY DISCOUNT NOTES				669,880

		TOTAL SHORT-TERM INVESTMENTS (Cost $669,953)				669,880

		TOTAL PORTFOLIO - 100.29% (Cost $58,597,771)				58,546,927
		OTHER ASSETS AND LIABILITIES, NET - (0.29%)				(171,502	)

		NET ASSETS - 100.00%			$	58,375,425

g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2004, the value of these securities amounted to $314,722 or 0.54% of net assets.

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

v	Security valued at fair value.

+	As provided by Moody’s Investors Service (Unaudited)

147

TIAA-CREF Life Funds — Bond Fund

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

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $58,681,960. Net unrealized depreciation of portfolio investments aggregated $135,033, of which $377,169 related to appreciation portfolio investments and $512,202 related to depreciated portfolio investments.

148

TIAA-CREF Life Funds — Money Market Fund

TIAA-CREF LIFE FUNDS

STATEMENT OF INVESTMENTS

TIAA-CREF LIFE Money Market Fund

December 31, 2004


PRINCIPAL			RATE	MATURITY DATE	VALUE
SHORT-TERM INVESTMENTS - 100.33%
CERTIFICATE OF DEPOSIT - 4.89%
$800,000		Toronto Dominion Bank	2.015	03/10/05	$	800,000
490,000		Wells Fargo	2.310	01/31/05		490,000

		TOTAL CERTIFICATE OF DEPOSIT				1,290,000


COMMERCIAL PAPER - 81.18%
380,000		Abbey National North America LLC	2.250	02/02/05		379,240
470,000		ABN Amro North America Finance, Inc	1.950	01/21/05		469,501
200,000		ABN Amro North America Finance, Inc	2.280	01/24/05		199,737
800,000		American Honda Finance Corp	2.190	01/25/05		798,832
380,000	c	Beta Finance, Inc	2.260	02/16/05		378,908
400,000	c	Beta Finance, Inc	2.400	03/15/05		398,053
720,000	c	BMW US Capital Corp	2.280	01/20/05		719,134
800,000		Canadian Imperial Bank of Commerce	2.350	02/15/05		797,650
800,000		Caterpillar Financial Services Corp	2.290	01/28/05		798,672
800,000	c	CC (USA), Inc	2.330	03/01/05		796,945
680,000	c	Corporate Asset Funding Corp, Inc	2.420	03/04/05		677,166
800,000	c	Delaware Funding Co LLC	2.340	01/24/05		798,804
370,000	c	Dorada Finance, Inc	2.120	02/08/05		369,195
400,000	c	Dorada Finance, Inc	2.260	02/22/05		398,694
800,000	c	Edison Asset Securitization, LLC	2.220	02/18/05		797,632
520,000		FCAR Owner Trust I	2.200	01/06/05		519,858
260,000	c	Fortune Brands	2.060	01/11/05		259,851
790,000		Goldman Sachs Group, Lp	2.330	01/03/05		789,898
785,000	c	Govco, Inc	2.210	01/12/05		784,515
700,000	c	Greyhawk Funding LLC	2.290	01/19/05		699,199
400,000	c	Kitty Hawk Funding Corp	2.360	02/15/05		398,870
300,000	c	Links Finance LLC	1.980	01/12/05		299,820
500,000	c	Links Finance LLC	2.350	03/01/05		498,074
800,000		Morgan Stanley Dean Witter	2.170	01/04/05		799,855
670,000		Paccar Financial Corp	2.100	01/27/05		668,984
670,000	c	Park Avenue Receivables Corp	2.350	02/04/05		668,513
800,000	c	Preferred Receivables Funding Corp	2.280	01/14/05		799,341
800,000	c	Private Export Funding Corporation	2.480	04/20/05		793,993
225,000		Rabobank USA Financial Corp	2.250	01/27/05		224,634
330,000	c	Ranger Funding Company LLC	2.470	03/15/05		328,414
450,000	c	Ranger Funding Company LLC	2.430	03/17/05		447,722
760,000		Royal Bank of Scotland plc	2.240	02/03/05		758,439
800,000	c	Sigma Finance, Inc	2.030	01/13/05		799,459
800,000		Societe Generale North America, Inc	2.450	03/28/05		795,318
500,000		UBS Finance, (Delaware), Inc	2.290	01/24/05		499,281
800,000	c	Yorktown Capital, LLC	2.440	03/17/05		795,933

		TOTAL COMMERCIAL PAPER				21,408,134

149

TIAA-CREF Life Funds — Money Market Fund


PRINCIPAL		RATE	MATURITY DATE	VALUE

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 14.26%
$100,000	Federal Farm Credit Bank (FFCB)	1.840	02/11/05	$	99,790
130,000	FFCB	1.900	02/28/05		129,602
525,000	Federal Home Loan Bank (FHLB)	2.190	02/16/05		523,531
151,000	FHLB	2.520	05/06/05		148,667
730,000	Federal Home Loan Mortgage Corp (FHLMC)	2.320	02/22/05		727,997
200,000	FHLMC	1.510	03/10/05		199,430
155,000	FHLMC	2.450	03/29/05		154,082
250,000	Federal National Mortgage Association (FNMA)	1.240	01/07/05		249,933
85,000	FNMA	2.160	01/12/05		84,955
750,000	FNMA	2.250	02/01/05		748,547
700,000	FNMA	2.540	05/04/05		692,824

	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				3,759,358

	TOTAL SHORT-TERM INVESTMENTS (Cost $ 26,457,492)				26,457,492

	TOTAL PORTFOLIO - 100.33% (Cost $ 26,457,492)				26,457,492
	OTHER ASSETS AND LIABILITIES, NET - ( 0.33)%				(86,206	)

	NET ASSETS - 100.00%			$	26,371,286

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

At December 31, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $26,457,492.

150

Item 11.

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 annual reporting period.

(b) Changes in internal controls. During the fourth quarter of 2004, certain policies, procedures and controls were implemented in TIAA-CREF’s information technology areas. These changes involved improved documentation, communication, training, and compliance monitoring over IT general controls and are intended to enhance IT processes, including those that support preparation of the financial statements. Efforts to ensure compliance with these policies are currently underway.

Item 12.

Exhibits.

12(a)(1) Code of Ethics (EX-99.CODE ETH)

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

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

12(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: March 7, 2005	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: March 7, 2005	By:	/s/ Bertram L. Scott
		Bertram L. Scott Executive Vice President (principal executive officer)



Date: March 7, 2005	By:	/s/ Elizabeth A. Monrad
		Elizabeth A. Monrad Executive Vice President (principal financial officer)

EXHIBIT LIST

Item 12.

Exhibits.



12	(a)(1)	Code of Ethics (EX-99.CODE ETH)

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

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

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