UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2011

Item 1. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.5%
21,133		Johnson Controls, Inc	$	557,277
		TOTAL AUTOMOBILES & COMPONENTS		557,277
BANKS - 0.4%
5,443		Wells Fargo & Co		131,285
		TOTAL BANKS		131,285
CAPITAL GOODS - 9.3%
13,350		Boeing Co		807,808
6,659		Caterpillar, Inc		491,701
7,623		Danaher Corp		319,709
2,026		Empresa Brasileira de Aeronautica S.A. (ADR)		51,400
8,668		European Aeronautic Defence and Space Co		243,648
1,610		Goodrich Corp		194,295
2,492		Honeywell International, Inc		109,424
5,193		Precision Castparts Corp		807,303
6,031		Roper Industries, Inc		415,596
		TOTAL CAPITAL GOODS		3,440,884
CONSUMER DURABLES & APPAREL - 2.7%
5,465		Burberry Group plc		99,241
421	*	Fossil, Inc		34,126
5,690		Jarden Corp		160,799
6,787		Nike, Inc (Class B)		580,356
2,401		Tupperware Corp		129,030
		TOTAL CONSUMER DURABLES & APPAREL		1,003,552
CONSUMER SERVICES - 5.9%
11,870		Carnival Corp		359,661
1,246	*	Chipotle Mexican Grill, Inc (Class A)		377,476
14,631	*	Las Vegas Sands Corp		560,953
14,735	*	MGM Mirage		136,888
9,534	*	Orient-Express Hotels Ltd (Class A)		65,880
18,265		Starbucks Corp		681,101
		TOTAL CONSUMER SERVICES		2,181,959
DIVERSIFIED FINANCIALS - 2.7%
1,281		BlackRock, Inc		189,601
8,829		Blackstone Group LP		105,771
421		CME Group, Inc		103,734
5,053	*	IntercontinentalExchange, Inc		597,568
		TOTAL DIVERSIFIED FINANCIALS		996,674
ENERGY - 6.1%
3,634		Anadarko Petroleum Corp		229,124
10,416		Cenovus Energy, Inc		319,875
4,884	*	Concho Resources, Inc		347,448
6,607	e	Crescent Point Energy Corp		248,732
8,076		National Oilwell Varco, Inc		413,653
11,911		Schlumberger Ltd		711,444
		TOTAL ENERGY		2,270,276
FOOD & STAPLES RETAILING - 1.7%
7,671		Costco Wholesale Corp		629,943
		TOTAL FOOD & STAPLES RETAILING		629,943
FOOD, BEVERAGE & TOBACCO - 1.8%
15,990		Coca-Cola Enterprises, Inc		397,831
3,853		Mead Johnson Nutrition Co		265,202
		TOTAL FOOD, BEVERAGE & TOBACCO		663,033

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 3.4%
6,907	*	Cerner Corp	$	473,268
3,504	*	Edwards Lifesciences Corp		249,765
1,510	*	Intuitive Surgical, Inc		550,063
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,273,096
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
6,973		Estee Lauder Cos (Class A)		612,508
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		612,508
MATERIALS - 3.8%
4,991		Celanese Corp (Series A)		162,357
20,685		Monsanto Co		1,241,928
		TOTAL MATERIALS		1,404,285
MEDIA - 1.8%
14,105		Interpublic Group of Cos, Inc		101,556
18,482		Walt Disney Co		557,417
		TOTAL MEDIA		658,973
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.7%
10,984	*	Agilent Technologies, Inc		343,250
5,515	*	Alexion Pharmaceuticals, Inc		353,291
10,863		Allergan, Inc		894,894
2,757	*	Biogen Idec, Inc		256,815
9,953	*	Celgene Corp		616,289
1,767	*	Illumina, Inc		72,306
975	*	Mettler-Toledo International, Inc		136,461
1,571		Perrigo Co		152,560
19,352		Pfizer, Inc		342,143
2,651		Shire plc (ADR)		249,008
3,356	*	Vertex Pharmaceuticals, Inc		149,476
11,545	*	Watson Pharmaceuticals, Inc		787,946
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,354,439
RETAILING - 6.7%
8,650	*	Amazon.com, Inc		1,870,390
6,609	*	Bed Bath & Beyond, Inc		378,762
3,623		Petsmart, Inc		154,521
1,899		Target Corp		93,127
		TOTAL RETAILING		2,496,800
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
8,305		Avago Technologies Ltd		272,155
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		272,155
SOFTWARE & SERVICES - 23.2%
2,640		Accenture plc		139,075
4,405	*	Akamai Technologies, Inc		87,571
5,537	*	Autodesk, Inc		153,818
6,310	*	Check Point Software Technologies		332,916
2,701	*	Gartner, Inc		94,184
4,138	*	Google, Inc (Class A)		2,128,505
30,239	*	Intuit, Inc		1,434,537
1,149		Mastercard, Inc (Class A)		364,417
1,329	e	Mercadolibre, Inc		71,434
13,324	*	Nuance Communications, Inc		271,277
31,157		Oracle Corp		895,452
19,826	*	Red Hat, Inc		837,847
3,058	*	Salesforce.com, Inc		349,468
12,005		Visa, Inc (Class A)		1,029,069
4,737	*	VMware, Inc (Class A)		380,760
		TOTAL SOFTWARE & SERVICES		8,570,330
TECHNOLOGY HARDWARE & EQUIPMENT - 10.7%
5,219	*	Apple, Inc		1,989,378
15,661	*	EMC Corp		328,724
5,331	*	Juniper Networks, Inc		92,013
13,880	*	NetApp, Inc		471,087
18,500		Qualcomm, Inc		899,655
4,167	*	SanDisk Corp		168,138
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,948,995

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
TELECOMMUNICATION SERVICES - 2.5%
9,519	*	American Tower Corp (Class A)	$	512,122
11,017		Verizon Communications, Inc		405,426
		TOTAL TELECOMMUNICATION SERVICES		917,548
TRANSPORTATION - 1.0%
7,590	*	Kansas City Southern Industries, Inc		379,196
		TOTAL TRANSPORTATION		379,196
		TOTAL COMMON STOCKS (Cost $37,160,886)		36,763,208
SHORT-TERM INVESTMENTS - 0.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
324,486	x	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		324,486
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		324,486
		TOTAL SHORT-TERM INVESTMENTS (Cost $324,486)		324,486
		TOTAL INVESTMENTS - 100.2% (Cost $37,485,372)		37,087,694
		OTHER ASSETS & LIABILITIES, NET - (0.2)%		(88,166	)
		NET ASSETS - 100.0%	$	36,999,528

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing.

e All or a portion of these securities are out on loan.

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

3

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.3%
4,289	*	Visteon Corp	$	184,427
		TOTAL AUTOMOBILES & COMPONENTS		184,427
BANKS - 3.6%
20,202		Fifth Third Bancorp		204,040
5,755	*	First Republic Bank		133,286
32,315		US Bancorp		760,695
56,304		Wells Fargo & Co		1,358,053
		TOTAL BANKS		2,456,074
CAPITAL GOODS - 7.3%
3,413		Ametek, Inc		112,527
6,328		Caterpillar, Inc		467,259
7,344		Dover Corp		342,230
10,392		Eaton Corp		368,916
57,206		General Electric Co		871,819
4,925		Goodrich Corp		594,349
15,661		Honeywell International, Inc		687,675
4,283		KBR, Inc		101,207
3,422		Precision Castparts Corp		531,984
4,538		Roper Industries, Inc		312,713
4,165		Stanley Works		204,502
3,742	*	Teledyne Technologies, Inc		182,834
6,426		Tyco International Ltd		261,860
		TOTAL CAPITAL GOODS		5,039,875
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
920	*	Acacia Research (Acacia Technologies)		33,111
6,454	*	Stericycle, Inc		520,967
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		554,078
CONSUMER DURABLES & APPAREL - 1.5%
2,541	*	Deckers Outdoor Corp		236,974
1,587	*	Fossil, Inc		128,642
9,391		Jarden Corp		265,390
2,321		Phillips-Van Heusen Corp		135,175
7,467	*,e	Prada S.p.A		31,498
4,461	*	Tempur-Pedic International, Inc		234,693
		TOTAL CONSUMER DURABLES & APPAREL		1,032,372
CONSUMER SERVICES - 2.1%
830	*	Chipotle Mexican Grill, Inc (Class A)		251,449
3,430	*	Las Vegas Sands Corp		131,506
3,545		McDonald’s Corp		311,322
15,381	*	Orient-Express Hotels Ltd (Class A)		106,283
12,275		Starbucks Corp		457,734
1,913	e	Weight Watchers International, Inc		111,432
		TOTAL CONSUMER SERVICES		1,369,726
DIVERSIFIED FINANCIALS - 5.5%
5,828		American Express Co		261,677
34,345		Bank of America Corp		210,191
23,217		Blackstone Group LP		278,140
23,628		Citigroup, Inc		605,349
1,614		CME Group, Inc		397,690
23,895		Discover Financial Services		548,152
1,861		Franklin Resources, Inc		177,986
17,712		Invesco Ltd		274,713
17,384		JPMorgan Chase & Co		523,606
20,036		Morgan Stanley		270,486
13,000		SLM Corp		161,850
		TOTAL DIVERSIFIED FINANCIALS		3,709,840

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
ENERGY - 10.2%
11,000		Anadarko Petroleum Corp	$	693,550
7,122		Baker Hughes, Inc		328,752
6,929	*	Cameron International Corp		287,831
7,541		Cenovus Energy, Inc		231,584
15,934		Chevron Corp		1,474,214
2,428	*	Concho Resources, Inc		172,728
18,225		El Paso Corp		318,573
28,124		Exxon Mobil Corp		2,042,645
15,507		Halliburton Co		473,273
9,864		Marathon Oil Corp		212,865
9,814		Occidental Petroleum Corp		701,701
		TOTAL ENERGY		6,937,716
FOOD & STAPLES RETAILING - 1.3%
6,160		Costco Wholesale Corp		505,859
5,962		Whole Foods Market, Inc		389,378
		TOTAL FOOD & STAPLES RETAILING		895,237
FOOD, BEVERAGE & TOBACCO - 8.4%
24,065		Coca-Cola Co		1,625,831
11,225		Coca-Cola Enterprises, Inc		279,278
6,321		Corn Products International, Inc		248,036
3,120	e	Diamond Foods, Inc		248,945
5,439		Groupe Danone		334,353
5,206	*	Hansen Natural Corp		454,432
7,092		Hershey Co		420,130
5,510		Lorillard, Inc		609,957
19,375		Philip Morris International, Inc		1,208,613
1,454		Remy Cointreau S.A.		100,237
5,148		Unilever plc		161,257
		TOTAL FOOD, BEVERAGE & TOBACCO		5,691,069
HEALTH CARE EQUIPMENT & SERVICES - 4.1%
8,658		Baxter International, Inc		486,060
13,706		Cardinal Health, Inc		574,006
6,676	*	Cerner Corp		457,440
2,913		Cooper Cos, Inc		230,564
7,022	*	Coventry Health Care, Inc		202,304
3,450	*	Express Scripts, Inc		127,892
3,915	*	Healthspring, Inc		142,741
7,249		Humana, Inc		527,220
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,748,227
HOUSEHOLD & PERSONAL PRODUCTS - 3.3%
5,459		Colgate-Palmolive Co		484,104
5,753		Estee Lauder Cos (Class A)		505,344
4,630		Herbalife Ltd		248,168
16,384		Procter & Gamble Co		1,035,141
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,272,757
INSURANCE - 2.9%
12,047		ACE Ltd		730,049
4,034		Hartford Financial Services Group, Inc		65,109
9,322		Marsh & McLennan Cos, Inc		247,406
13,105		Prudential Financial, Inc		614,100
5,043		RenaissanceRe Holdings Ltd		321,743
		TOTAL INSURANCE		1,978,407
MATERIALS - 3.1%
7,879		Barrick Gold Corp		367,555
16,738		Du Pont (E.I.) de Nemours & Co		669,017
4,977		Ecolab, Inc		243,326
5,547		LyondellBasell Industries AF S.C.A		135,513
8,167		Monsanto Co		490,347
4,591		Potash Corp of Saskatchewan		198,423
		TOTAL MATERIALS		2,104,181

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
MEDIA - 2.9%
5,586	*	AMC Networks, Inc	$	178,473
13,041		CBS Corp (Class B)		265,776
19,160		Comcast Corp (Class A)		400,444
9,618		DISH Network Corp (Class A)		241,027
10,682		Time Warner, Inc		320,140
15,407		Viacom, Inc (Class B)		596,866
		TOTAL MEDIA		2,002,726
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
2,583	*	Alexion Pharmaceuticals, Inc		165,467
6,255		Allergan, Inc		515,287
3,891	*	AVEO Pharmaceuticals, Inc		59,882
3,361	*	Biogen Idec, Inc		313,077
3,925	*	BioMarin Pharmaceuticals, Inc		125,090
10,981		Biovail Corp		407,615
28,691		Bristol-Myers Squibb Co		900,323
6,320		Johnson & Johnson		402,647
2,083	*	Mettler-Toledo International, Inc		291,537
21,339	*	Mylan Laboratories, Inc		362,763
88,487		Pfizer, Inc		1,564,449
5,731	*	Pharmasset, Inc		472,063
10,130		Shire Ltd		315,900
2,421	*	Waters Corp		182,761
11,322	*	Watson Pharmaceuticals, Inc		772,727
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,851,588
RETAILING - 4.9%
3,130	*	Amazon.com, Inc		676,800
19,568		Foot Locker, Inc		393,121
11,469	*,e	GameStop Corp (Class A)		264,934
21,294		Home Depot, Inc		699,934
1,853	*	HomeAway, Inc		62,298
15,326		Macy’s, Inc		403,380
3,571		Tiffany & Co		217,188
7,224		TJX Companies, Inc		400,715
3,462		Tractor Supply Co		216,548
		TOTAL RETAILING		3,334,918
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
22,900		ARM Holdings plc		195,832
8,600		Avago Technologies Ltd		281,822
39,502		Intel Corp		842,578
13,264	*	ON Semiconductor Corp		95,103
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,415,335
SOFTWARE & SERVICES - 9.5%
4,130		Accenture plc		217,568
9,117	*	Amdocs Ltd		247,253
1,630	*	Baidu, Inc (ADR)		174,263
6,381	*	BMC Software, Inc		246,051
11,377	*	Electronic Arts, Inc		232,660
1,631	*	Google, Inc (Class A)		838,954
7,655	*	IAC/InterActiveCorp		302,755
3,704		International Business Machines Corp		648,311
870	*,e	LinkedIn Corp		67,930
4,771	*	Micros Systems, Inc		209,495
36,215		Microsoft Corp		901,391
28,310		Oracle Corp		813,629
3,972	*	Red Hat, Inc		167,857
42,717	*	Symantec Corp		696,287
6,620	*	Teradata Corp		354,369
4,833	*	VeriFone Systems, Inc		169,252
2,862	*	VMware, Inc (Class A)		230,048
		TOTAL SOFTWARE & SERVICES		6,518,073

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 8.4%
33,926	*,e	Alcatel-Lucent (ADR)	$	96,011
7,633	*	Apple, Inc		2,909,547
40,396		Cisco Systems, Inc		625,734
12,990	*	EMC Corp		272,660
6,579		Hewlett-Packard Co		147,699
33,150	*	JDS Uniphase Corp		330,506
7,719	*	Polycom, Inc		141,798
21,060		Qualcomm, Inc		1,024,147
3,660	*	SanDisk Corp		147,681
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,695,783
TELECOMMUNICATION SERVICES - 2.9%
7,984	*	American Tower Corp (Class A)		429,539
13,750		CenturyTel, Inc		455,400
29,537		Verizon Communications, Inc		1,086,962
		TOTAL TELECOMMUNICATION SERVICES		1,971,901
TRANSPORTATION - 2.1%
44,547	*	JetBlue Airways Corp		182,643
8,925	*	Kansas City Southern Industries, Inc		445,893
12,245		United Parcel Service, Inc (Class B)		773,272
		TOTAL TRANSPORTATION		1,401,808
UTILITIES - 2.3%
4,603		American Water Works Co, Inc		138,919
7,099		Edison International		271,537
7,107		Exelon Corp		302,829
2,884		ITC Holdings Corp		223,308
11,610		NiSource, Inc		248,222
22,545		NV Energy, Inc		331,637
		TOTAL UTILITIES		1,516,452
		TOTAL COMMON STOCKS (Cost $69,159,899)		67,682,570
SHORT-TERM INVESTMENTS - 1.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%
807,143	x	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		807,143
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		807,143
		TOTAL SHORT-TERM INVESTMENTS (Cost $807,143)		807,143
		TOTAL INVESTMENTS - 100.8% (Cost $69,967,042)		68,489,713
		OTHER ASSETS & LIABILITIES, NET - (0.8)%		(534,566	)
		NET ASSETS - 100.0%	$	67,955,147

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing.

e All or a portion of these securities are out on loan.

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

7

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 97.8%
FINLAND - 1.2%
167,741		Nokia Oyj	$	948,536
		TOTAL FINLAND		948,536
FRANCE - 1.2%
18,263		BNP Paribas		719,975
10,061		Peugeot S.A.		214,036
330		Societe Generale		8,639
		TOTAL FRANCE		942,650
GERMANY - 23.2%
103,391		Bayer AG.		5,705,511
75,657		Henkel KGaA (Preference)		4,022,841
83,413		Lanxess AG.		4,001,313
25,693		Merck KGaA		2,104,477
31,685		Rheinmetall AG.		1,486,213
51,576		ThyssenKrupp AG.		1,267,294
		TOTAL GERMANY		18,587,649
HONG KONG - 0.4%
388,000		Trinity Ltd		306,399
		TOTAL HONG KONG		306,399
INDIA - 4.0%
338,939		HDFC Bank Ltd		3,206,270
		TOTAL INDIA		3,206,270
IRELAND - 0.3%
43,195	*	Smurfit Kappa Group plc		258,065
		TOTAL IRELAND		258,065
ITALY - 0.3%
7,894		Saipem S.p.A.		277,059
		TOTAL ITALY		277,059
JAPAN - 17.1%
1,970	e	Canon, Inc		89,450
500	e	Daikin Industries Ltd		14,321
972	e	Denso Corp		31,247
850	*,e	Fanuc Ltd		117,084
5,300		Fast Retailing Co Ltd		949,214
234,000	e	Hitachi Ltd		1,161,591
19,600	e	JS Group Corp		548,699
41,500		JTEKT Corp		496,589
38,600	e	Kakaku.com, Inc		1,584,454
3,303	e	Kao Corp		92,003
2,680	e	Komatsu Ltd		57,781
2,843		Mitsubishi Corp		57,882
20,016		Mitsubishi Electric Corp		177,299
121,000	e	Mitsubishi Heavy Industries Ltd		510,329
106,753	e	Mitsubishi UFJ Financial Group, Inc		489,959
5,190		Mitsubishi UFJ Lease & Finance Co Ltd		207,182
7,000	e	Mitsui Trust Holdings, Inc		23,169
850	e	Nitto Denko Corp		33,453
2,650	*	NOK Corp		47,942
5,453	*,e	Nomura Holdings, Inc		19,887
104,000		NTN Corp		487,734
2,152	*,e	ORIX Corp		168,905
20,300	e	Sega Sammy Holdings, Inc		473,615
58,100	e	Shin-Etsu Chemical Co Ltd		2,850,014

8

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
2,450	*,e	Sony Corp	$	46,898
6,350	e	Sumitomo Corp		78,573
3,200		Sumitomo Metal Mining Co Ltd		42,369
3,000	e	Suruga Bank Ltd		29,227
514,000	e	Teijin Ltd		1,847,800
4,400		United Arrows Ltd		83,592
59,100		Ushio, Inc		899,748
		TOTAL JAPAN		13,718,010
MACAU - 4.5%
1,528,609	*	Sands China Ltd		3,576,448
		TOTAL MACAU		3,576,448
NETHERLANDS - 0.1%
1,553		Royal Dutch Shell plc (A Shares)		47,983
		TOTAL NETHERLANDS		47,983
SWEDEN - 5.4%
65,600		Assa Abloy AB (Class B)		1,349,684
157,184		SKF AB (B Shares)		2,961,670
		TOTAL SWEDEN		4,311,354
SWITZERLAND - 17.8%
99,201		Adecco S.A.		3,909,960
4,239		Burckhardt Compression Holding AG.		834,700
252,217	*	Clariant AG.		2,278,772
6,113		Credit Suisse Group		159,924
2,122		Givaudan S.A.		1,654,934
23,720		Swatch Group AG. Reg		1,413,741
32,148		Tecan Group AG.		2,304,123
145,221	*	UBS AG. (Switzerland)		1,661,119
		TOTAL SWITZERLAND		14,217,273
TAIWAN - 1.0%
297,000		Formosa Plastics Corp		782,937
		TOTAL TAIWAN		782,937
UNITED KINGDOM - 21.3%
11,875	*	Afren plc		14,897
660,242		Barclays plc		1,619,149
125,308		Filtrona plc		677,106
383,177		ICAP plc		2,442,413
822,455		Man Group plc		2,127,499
33,636		Pearson plc		593,310
108,963		Reckitt Benckiser Group plc		5,520,940
5,169	*	Rockhopper Exploration plc		15,557
228,135		Smiths Group plc		3,520,689
31,032		Tullow Oil plc		627,595
		TOTAL UNITED KINGDOM		17,159,155
		TOTAL COMMON STOCKS (Cost $95,545,211)		78,339,788
SHORT-TERM INVESTMENTS - 11.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 11.3%
9,047,926	x	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		9,047,926
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		9,047,926
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,047,926)
		TOTAL INVESTMENTS - 109.1% (Cost $104,593,137)		87,387,714
		OTHER ASSETS & LIABILITIES, NET - (9.1)%		(7,304,818	)
		NET ASSETS - 100.0%	$	80,082,896

* Non-income producing.

e All or a portion of these securities are out on loan.

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

9

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (Unaudited)

September 30, 2011

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	17,508,955			21.9	%
MATERIALS		15,694,057			19.6
FINANCIALS		12,883,317			16.1
HEALTH CARE		10,114,111			12.6
CONSUMER STAPLES		9,635,784			12.0
SHORT-TERM INVESTMENTS		9,047,926			11.3
CONSUMER DISCRETIONARY		7,736,442			9.7
INFORMATION TECHNOLOGY		3,784,031			4.7
ENERGY		983,091			1.2
OTHER ASSETS & LIABILITIES, NET		(7,304,818	)		(9.1	)
NET ASSETS	$	80,082,896			100.0	%

10

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.2%
AUTOMOBILES & COMPONENTS - 1.1%
32,593	*	American Axle & Manufacturing Holdings, Inc	$	248,685
19,973	*	Ford Motor Co		193,139
3,487	*	Visteon Corp		149,941
		TOTAL AUTOMOBILES & COMPONENTS		591,765
BANKS - 5.7%
12,903		Fifth Third Bancorp		130,320
36,077		First Horizon National Corp		215,019
56,881		Huntington Bancshares, Inc		273,029
2,333		PNC Financial Services Group, Inc		112,427
30,400		US Bancorp		715,616
66,011		Wells Fargo & Co		1,592,186
		TOTAL BANKS		3,038,597
CAPITAL GOODS - 6.5%
8,994		Boeing Co		544,228
15,253	e	CAE, Inc		143,083
78,462		General Electric Co		1,195,760
8,598		Honeywell International, Inc		377,538
1,755		L-3 Communications Holdings, Inc		108,757
31,482		Masco Corp		224,152
3,829		SPX Corp		173,492
11,634		Textron, Inc		205,224
10,714		Tyco International Ltd		436,596
7,342	*,e	United Rentals, Inc		123,639
		TOTAL CAPITAL GOODS		3,532,469
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
8,888		Edenred		211,737
17,327		Republic Services, Inc		486,196
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		697,933
CONSUMER DURABLES & APPAREL - 1.2%
8,553		Jarden Corp		241,708
11,755		Newell Rubbermaid, Inc		139,532
70,428	*	Pulte Homes, Inc		278,190
		TOTAL CONSUMER DURABLES & APPAREL		659,430
CONSUMER SERVICES - 2.0%
7,762		Darden Restaurants, Inc		331,825
7,735	*	Las Vegas Sands Corp		296,560
12,779	*	MGM Mirage		118,717
26,233	*	Orient-Express Hotels Ltd (Class A)		181,270
66,000		Wynn Macau Ltd		156,078
		TOTAL CONSUMER SERVICES		1,084,450
DIVERSIFIED FINANCIALS - 7.6%
9,942		Apollo Management LP		101,806
83,103		Bank of America Corp		508,590
2,544		Bank of New York Mellon Corp		47,293
379		BlackRock, Inc		56,096
22,022		Blackstone Group LP		263,824
36,442		Citigroup, Inc		933,644
625		CME Group, Inc		154,000
9,638		Discover Financial Services		221,096
11,493	*	E*Trade Financial Corp		104,701
3,047		Goldman Sachs Group, Inc		288,093
39,293		Janus Capital Group, Inc		235,758
28,072		JPMorgan Chase & Co		845,529
14,847		Morgan Stanley		200,435
4,232		State Street Corp		136,101
		TOTAL DIVERSIFIED FINANCIALS		4,096,966

11

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
ENERGY - 10.2%
5,785		Anadarko Petroleum Corp	$	364,744
1,924		Apache Corp		154,382
1,305		Baker Hughes, Inc		60,239
623	*,e	C&J Energy Services, Inc		10,242
2,251		Cabot Oil & Gas Corp		139,359
6,915		Cenovus Energy, Inc		212,360
15,708		Chevron Corp		1,453,305
14,262	*	Cobalt International Energy, Inc		109,960
1,766	*	Concho Resources, Inc		125,633
3,353		ConocoPhillips		212,312
5,483	e	Crescent Point Energy Corp		206,417
1,329	*	Devon Energy Corp		73,680
10,481		El Paso Corp		183,208
9,398		Ensco International plc (ADR)		379,961
1,134		Equitable Resources, Inc		60,510
2,416		Exxon Mobil Corp		175,474
7,774		Marathon Oil Corp		167,763
3,887		Marathon Petroleum Corp		105,182
7,736		Occidental Petroleum Corp		553,124
2,576		Petroleo Brasileiro S.A. (ADR)		57,831
5,077	*	Southwestern Energy Co		169,216
308		Spectra Energy Corp		7,555
24,422	*	Weatherford International Ltd		298,193
6,458		Williams Cos, Inc		157,188
		TOTAL ENERGY		5,437,838
FOOD & STAPLES RETAILING - 1.4%
22,516		CVS Corp		756,087
		TOTAL FOOD & STAPLES RETAILING		756,087
FOOD, BEVERAGE & TOBACCO - 4.8%
14,221		Altria Group, Inc		381,265
6,402		General Mills, Inc		246,285
17,997		Kraft Foods, Inc (Class A)		604,339
2,429		Lorillard, Inc		268,890
9,208		PepsiCo, Inc		569,975
2,877	*	Ralcorp Holdings, Inc		220,695
2,608		Remy Cointreau S.A.		179,793
5,700	*	Smithfield Foods, Inc		111,150
		TOTAL FOOD, BEVERAGE & TOBACCO		2,582,392
HEALTH CARE EQUIPMENT & SERVICES - 3.5%
4,002		Aetna, Inc		145,473
3,494		Baxter International, Inc		196,153
29,610	*	Boston Scientific Corp		174,995
12,957	*	Hologic, Inc		197,076
1,483		Quest Diagnostics, Inc		73,201
15,971		UnitedHealth Group, Inc		736,582
5,143		WellPoint, Inc		335,735
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,859,215
HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
23,202		Procter & Gamble Co		1,465,902
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,465,902
INSURANCE - 5.9%
8,173		ACE Ltd		495,283
4,743		Aflac, Inc		165,768
7,114		Allstate Corp		168,531
4,587		Axis Capital Holdings Ltd		118,987
4,608		Chubb Corp		276,434
2,083		Everest Re Group Ltd		165,349
12,435		Hartford Financial Services Group, Inc		200,701
2,835		Lincoln National Corp		44,311
11,724		Marsh & McLennan Cos, Inc		311,155
1,919		Max Capital Group Ltd		36,403
16,463		Metlife, Inc		461,129
1,808		PartnerRe Ltd		94,504
9,895		Prudential Financial, Inc		463,680
2,079		RenaissanceRe Holdings Ltd		132,640
		TOTAL INSURANCE		3,134,875

12

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
MATERIALS - 1.7%
2,881		Ashland, Inc	$	127,167
4,102		Celanese Corp (Series A)		133,438
9,527		Dow Chemical Co		213,977
6,905	*	Ferro Corp		42,466
7,971	*	Georgia Gulf Corp		110,239
8,871		PolyOne Corp		95,008
12,000		Teijin Ltd		43,139
2,313		Walter Energy, Inc		138,803
		TOTAL MATERIALS		904,237
MEDIA - 2.1%
14,482		DISH Network Corp (Class A)		362,919
11,078		News Corp (Class A)		171,377
1,958		Scripps Networks Interactive (Class A)		72,779
18,010		Walt Disney Co		543,181
		TOTAL MEDIA		1,150,256
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.9%
6,510		Amgen, Inc		357,725
56,761	*	Biovitrum AB		134,430
12,351		Bristol-Myers Squibb Co		387,574
14,068		Johnson & Johnson		896,272
15,810		Merck & Co, Inc		517,145
9,350	*	Mylan Laboratories, Inc		158,950
104,100		Pfizer, Inc		1,840,489
10,360		Teva Pharmaceutical Industries Ltd (ADR)		385,599
9,622	*	Vanda Pharmaceuticals, Inc		47,629
8,242		Warner Chilcott plc		117,861
6,053	*	Watson Pharmaceuticals, Inc		413,117
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,256,791
REAL ESTATE - 1.7%
1,091		Boston Properties, Inc		97,208
38,055		Chimera Investment Corp		105,412
3,695		General Growth Properties, Inc		44,710
17,375		Kimco Realty Corp		261,146
3,230		Rayonier, Inc		118,832
2,745		SL Green Realty Corp		159,622
5,200		Starwood Property Trust, Inc		89,232
603		Vornado Realty Trust		44,996
		TOTAL REAL ESTATE		921,158
RETAILING - 3.9%
2,747	*	Children’s Place Retail Stores, Inc		127,818
5,827	*,e	GameStop Corp (Class A)		134,604
4,241		Kohl’s Corp		208,233
31,240		Lowe’s Cos, Inc		604,181
7,474		Macy’s, Inc		196,716
5,555	*,e	Talbots, Inc		14,999
12,358		Target Corp		606,036
7,583	*	Urban Outfitters, Inc		169,252
		TOTAL RETAILING		2,061,839
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8%
3,419		Avago Technologies Ltd		112,041
14,269	*	Freescale Semiconductor Holdings Ltd		157,387
32,993		Intel Corp		703,741
7,976	*	Lam Research Corp		302,928
7,306	*	Marvell Technology Group Ltd		106,156
25,888	*	Micron Technology, Inc		130,476
28,789	*	ON Semiconductor Corp		206,417
38,310	*	RF Micro Devices, Inc		242,885
432,266		Solomon Systech International Ltd		8,612
6,925	*	Spansion, Inc		84,624
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,055,267

13

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
SOFTWARE & SERVICES - 4.7%
2,006	*	Alliance Data Systems Corp	$	185,956
28,979	*	AOL, Inc		347,748
3,219		DST Systems, Inc		141,089
17,967	*	eBay, Inc		529,847
3,827	*	Electronic Arts, Inc		78,262
5,522		Microsoft Corp		137,443
9,585		Oracle Corp		275,473
6,604		Visa, Inc (Class A)		566,095
19,646	*	Yahoo!, Inc		258,541
		TOTAL SOFTWARE & SERVICES		2,520,454
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%
54,030		Cisco Systems, Inc		836,924
20,438		Corning, Inc		252,614
19,001		Hewlett-Packard Co		426,573
15,000	e	Hitachi Ltd		74,461
23,299	*	JDS Uniphase Corp		232,291
7,742	*	Juniper Networks, Inc		133,627
39		Qualcomm, Inc		1,897
2,649	*	SanDisk Corp		106,887
6,871		Seagate Technology, Inc		70,634
8,772	*	Smart Technologies, Inc (Class A)		36,842
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,172,750
TELECOMMUNICATION SERVICES - 4.9%
43,841		AT&T, Inc		1,250,345
13,125		CenturyTel, Inc		434,700
65,248	*,e	Level 3 Communications, Inc		97,220
23,539		Verizon Communications, Inc		866,235
		TOTAL TELECOMMUNICATION SERVICES		2,648,500
TRANSPORTATION - 1.1%
10,074	*	Swift Transportation Co, Inc		64,877
10,080	*	UAL Corp		195,350
1,476		Union Pacific Corp		120,544
15,422		UTI Worldwide, Inc		201,103
		TOTAL TRANSPORTATION		581,874
UTILITIES - 7.5%
3,342		American Electric Power Co, Inc		127,063
7,304	*	Calpine Corp		102,840
16,425		Centerpoint Energy, Inc		322,258
665		Entergy Corp		44,083
24,199		Exelon Corp		1,031,119
6,173		FirstEnergy Corp		277,229
3,706		NextEra Energy, Inc		200,198
8,246		NV Energy, Inc		121,299
7,465		PG&E Corp		315,844
10,504		PPL Corp		299,784
19,189		Public Service Enterprise Group, Inc		640,336
105,232	*	RRI Energy, Inc		292,545
1,261		Sempra Energy		64,942
4,868	e	Utilities Select Sector SPDR Fund		163,760
1,853		Xcel Energy, Inc		45,751
		TOTAL UTILITIES		4,049,051
		TOTAL COMMON STOCKS (Cost $61,854,303)		53,260,096
SHORT-TERM INVESTMENTS - 1.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.9%
1,004,744	x	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		1,004,744
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,004,744
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,004,744)		1,004,744
		TOTAL INVESTMENTS - 101.1% (Cost $62,859,047)		54,264,840
		OTHER ASSETS & LIABILITIES, NET - (1.1)%		(595,148	)
		NET ASSETS - 100.0%	$	53,669,692

Abbreviation(s):

ADR American Depositary Receipt

SPDR Standard & Poor’s Depository Receipts

* Non-income producing.

e All or a portion of these securities are out on a loan.

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

14

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.1%
11,200	*	American Axle & Manufacturing Holdings, Inc	$	85,456
4,267		Cooper Tire & Rubber Co		46,468
23,769	*	Dana Holding Corp		249,574
9,031	*	Exide Technologies		36,124
5,336		Superior Industries International, Inc		82,441
4,094	*	Tower International, Inc		42,209
		TOTAL AUTOMOBILES & COMPONENTS		542,272
BANKS - 5.9%
1,090		1st Source Corp		22,705
12,036		Astoria Financial Corp		92,557
1,320		Berkshire Hills Bancorp, Inc		24,380
9,394		Brookline Bancorp, Inc		72,428
580		Century Bancorp, Inc		13,468
2,200		Chemical Financial Corp		33,682
700	e	City Holding Co		18,893
5,527		Columbia Banking System, Inc		79,147
1,792		Community Bank System, Inc		40,660
944	e	CVB Financial Corp		7,259
3,160		Dime Community Bancshares		32,011
10,142		East West Bancorp, Inc		151,217
1,840	e	Federal Agricultural Mortgage Corp (Class C)		35,015
670	*	First Defiance Financial Corp		8,978
8,515		First Financial Bancorp		117,507
3,612	e	First Financial Bankshares, Inc		94,490
1,500		First Interstate Bancsystem, Inc		16,065
370		First Merchants Corp		2,609
7,039		FirstMerit Corp		79,963
3,030		FNB Corp		25,967
3,941		Hancock Holding Co		105,540
590		IBERIABANK Corp		27,765
302	e	Independent Bank Corp		6,565
4,563		International Bancshares Corp		60,003
4,643		National Penn Bancshares, Inc		32,547
2,612		NBT Bancorp, Inc		48,635
2,646		Northwest Bancshares, Inc		31,514
7,100		Oritani Financial Corp		91,306
7,040		PrivateBancorp, Inc		52,941
4,712		Prosperity Bancshares, Inc		153,988
11,160		Provident Financial Services, Inc		119,969
861		Republic Bancorp, Inc (Class A)		15,248
441		SCBT Financial Corp		10,884
859	*	Signature Bank		41,000
1,640		Simmons First National Corp (Class A)		35,588
1,077		Sterling Bancorp		7,819
760	*	Sun Bancorp, Inc		2,014
6,754	*	SVB Financial Group		249,899
1,730	*	The Bancorp, Inc		12,387
910	e	Trico Bancshares		11,166
5,485		UMB Financial Corp		175,959
17,900		Umpqua Holdings Corp		157,341
410		Union Bankshares Corp		4,395
1,100	e	United Bankshares, Inc		22,099
2,182		United Financial Bancorp, Inc		29,872
6,140		Webster Financial Corp		93,942
510		WesBanco, Inc		8,828
15,908	*	Western Alliance Bancorp		87,176
5,375	e	Wintrust Financial Corp		138,729
		TOTAL BANKS		2,804,120

15

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
CAPITAL GOODS - 8.2%
13,170		Actuant Corp (Class A)	$	260,109
1,860		Alamo Group, Inc		38,669
3,650	*	Altra Holdings, Inc		42,231
2,036		Ampco-Pittsburgh Corp		41,636
84		Applied Industrial Technologies, Inc		2,281
3,173	*	Astec Industries, Inc		92,905
8,897		Barnes Group, Inc		171,267
5,911	*	Beacon Roofing Supply, Inc		94,517
5,931		Belden CDT, Inc		152,960
5,583	*	Blount International, Inc		74,589
1,779		Briggs & Stratton Corp		24,034
3,852		Cascade Corp		128,618
2,640	*	Ceradyne, Inc		70,990
3,200	*,e	Colfax Corp		64,832
2,021		Cubic Corp		78,960
8,426		Curtiss-Wright Corp		242,922
2,063		Ducommun, Inc		30,904
1,700	*	DXP Enterprises, Inc		32,011
10,330	*	EMCOR Group, Inc		210,009
6,022	*	EnPro Industries, Inc		178,734
18,864	*	Force Protection, Inc		72,626
2,700		Franklin Electric Co, Inc		97,956
12,165	*,e	GenCorp, Inc		54,621
3,500		Granite Construction, Inc		65,695
2,736		Great Lakes Dredge & Dock Corp		11,136
5,133	e	Heico Corp		252,749
4,395	*	Kadant, Inc		78,055
2,590	*	Layne Christensen Co		59,829
1,470		LB Foster Co (Class A)		32,678
1,970		Lindsay Manufacturing Co		105,986
8,600	*	Mastec, Inc		151,446
348		Mueller Industries, Inc		13,429
1,800	*	MYR Group, Inc		31,752
1,581		Nacco Industries, Inc (Class A)		100,235
5,405	*	NCI Building Systems, Inc		40,862
4,628	*	Orbital Sciences Corp		59,238
2,270	*	Powell Industries, Inc		70,302
1,200		Primoris Services Corp		12,552
3,700	*	Sauer-Danfoss, Inc		106,930
49		Seaboard Corp		88,298
2,494		Standex International Corp		77,638
3,695	*	Sterling Construction Co, Inc		41,273
5,810		Triumph Group, Inc		283,179
900		Watts Water Technologies, Inc (Class A)		23,985
		TOTAL CAPITAL GOODS		3,965,628
COMMERCIAL & PROFESSIONAL SERVICES - 3.3%
7,281	*	Acacia Research (Acacia Technologies)		262,043
5,816		Administaff, Inc		129,406
1,886	*	Advisory Board Co		121,704
10,777		Brink’s Co		251,211
1,600	*	Clean Harbors, Inc		82,080
2,650	*	Consolidated Graphics, Inc		96,805
3,791		Corporate Executive Board Co		112,972
2,310	*,e	EnerNOC, Inc		20,790
1,694	*	Exponent, Inc		70,013
4,350	*	Metalico, Inc		16,965
14,954		Steelcase, Inc (Class A)		94,360
6,931	*	SYKES Enterprises, Inc		103,618
7,617	*	Tetra Tech, Inc		142,743
5,253	*	TrueBlue, Inc		59,516
635		VSE Corp		16,434
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,580,660
CONSUMER DURABLES & APPAREL - 2.9%
4,535	*	Arctic Cat, Inc		65,712
5,460	*	Ascena Retail Group, Inc		147,802
1,236		Blyth, Inc		68,536

16

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,860		Brunswick Corp	$	26,114
12,267	*	CROCS, Inc		290,360
4,181	*	Helen of Troy Ltd		105,027
4,957	*,e	iRobot Corp		124,718
5,727		Jakks Pacific, Inc		108,527
3,007	*	Kenneth Cole Productions, Inc (Class A)		32,265
5,500	*	La-Z-Boy, Inc		40,755
11,400	*,e	Liz Claiborne, Inc		57,000
1,350		Pool Corp		35,343
10,700	*	Quiksilver, Inc		32,635
2,391	e	Sturm Ruger & Co, Inc		62,118
6,740	*	True Religion Apparel, Inc		181,710
439	*	Warnaco Group, Inc		20,234
		TOTAL CONSUMER DURABLES & APPAREL		1,398,856
CONSUMER SERVICES - 3.2%
2,013	*	American Public Education, Inc		68,442
11,961		Ameristar Casinos, Inc		191,974
4,900	*,e	Bridgepoint Education, Inc		85,456
2,560	*	Buffalo Wild Wings, Inc		153,088
1,265	*	Capella Education Co		35,901
2,628		CEC Entertainment, Inc		74,819
7,836	*	Cheesecake Factory		193,157
3,450	*,e	Coinstar, Inc		138,000
3,050	*	Papa John’s International, Inc		92,720
4,958	e	PF Chang’s China Bistro, Inc		135,056
6,960		Sotheby’s (Class A)		191,887
163	*	Steak N Shake Co		48,312
5,400		Texas Roadhouse, Inc (Class A)		71,388
4,895		Universal Technical Institute, Inc		66,523
		TOTAL CONSUMER SERVICES		1,546,723
DIVERSIFIED FINANCIALS - 2.3%
10,420		BGC Partners, Inc (Class A)		62,833
4,024		Calamos Asset Management, Inc (Class A)		40,280
281		Cash America International, Inc		14,376
8,600	*	Dollar Financial Corp		187,910
200	*	DVI, Inc		0
7,158		Evercore Partners, Inc (Class A)		163,203
7,550	e	FXCM, Inc		105,851
1,000		GAMCO Investors, Inc (Class A)		39,390
1,700		Hercules Technology Growth Capital, Inc		14,484
7,560	*	Investment Technology Group, Inc		74,012
18,271	*	MF Global Holdings Ltd		75,459
4,578		Nelnet, Inc (Class A)		85,975
2,547		New Mountain Finance Corp		32,372
5,205	*	PHH Corp		83,697
3,484	*	Piper Jaffray Cos		62,468
3,807	e	Triangle Capital Corp		57,943
		TOTAL DIVERSIFIED FINANCIALS		1,100,253
ENERGY - 6.2%
11,637		Alon USA Energy, Inc		71,335
8,563	*	Basic Energy Services, Inc		121,252
7,650	*	Bill Barrett Corp		277,236
23,486	*	Callon Petroleum Co		90,891
9,300	*	Cloud Peak Energy, Inc		157,635
4,504	*	Complete Production Services, Inc		84,900
5,000	*	CVR Energy, Inc		105,700
1,370	*,e	Dawson Geophysical Co		32,305
7,707		Delek US Holdings, Inc		86,858
1,711	*	Energy Partners Ltd		18,941
1,846	*,e	Energy XXI Bermuda Ltd		39,597
5,868	*,e	Green Plains Renewable Energy, Inc		54,748
7,000	*	Helix Energy Solutions Group, Inc		91,700
19,420	*	ION Geophysical Corp		91,857
16,860	*	Key Energy Services, Inc		160,001
8,800	*,e	McMoRan Exploration Co		87,384
2,300	*	Mitcham Industries, Inc		25,760
31,840	*	Newpark Resources, Inc		193,905
968	*	OYO Geospace Corp		54,489

17

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
13,000	*	Parker Drilling Co	$	57,070
2,540	*,e	Patriot Coal Corp		21,488
15,275	*	Pioneer Drilling Co		109,675
4,163	*	Rosetta Resources, Inc		142,458
10,216	*	Stone Energy Corp		165,601
910	*	Swift Energy Co		22,149
2,366		Targa Resources Investments, Inc		70,389
20,529	*	Vaalco Energy, Inc		99,771
11,415	e	W&T Offshore, Inc		157,070
5,500	*,e	Western Refining, Inc		68,530
137	*	Westmoreland Coal Co		1,063
6,700		World Fuel Services Corp		218,755
		TOTAL ENERGY		2,980,513
FOOD & STAPLES RETAILING - 2.0%
1,785		Andersons, Inc		60,083
6,273	*	Pantry, Inc		76,091
161,210	*,e	Rite Aid Corp		157,986
7,731		Ruddick Corp		301,432
2,800		Spartan Stores, Inc		43,344
3,720	*	United Natural Foods, Inc		137,789
370		Village Super Market (Class A)		8,858
1,958		Weis Markets, Inc		72,563
14,300	*	Winn-Dixie Stores, Inc		84,656
		TOTAL FOOD & STAPLES RETAILING		942,802
FOOD, BEVERAGE & TOBACCO - 1.1%
8,791	*	Alliance One International, Inc		21,450
1,530	e	Cal-Maine Foods, Inc		48,088
7,985	*	Chiquita Brands International, Inc		66,595
300		Coca-Cola Bottling Co Consolidated		16,638
3,915	*	Darling International, Inc		49,290
3,500	*	Hain Celestial Group, Inc		106,925
1,344		J&J Snack Foods Corp		64,579
7,990	*	Omega Protein Corp		72,549
5,402	*	Smart Balance, Inc		31,872
2,390		Universal Corp		85,705
		TOTAL FOOD, BEVERAGE & TOBACCO		563,691
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
4,457	*	Align Technology, Inc		67,613
2,511	*,e	Almost Family, Inc		41,758
4,155	*	Arthrocare Corp		119,539
1,800	*,e	athenahealth, Inc		107,190
3,819		Cantel Medical Corp		80,657
2,854		Computer Programs & Systems, Inc		188,792
1,500	*	Conmed Corp		34,515
9,872	*	Continucare Corp		62,983
3,048	*	DynaVox, Inc		10,973
9,941	*	Five Star Quality Care, Inc		24,853
6,153	*	Greatbatch, Inc		123,122
1,500	*	Haemonetics Corp		87,720
9,000	*	Hansen Medical, Inc		29,880
6,484		Invacare Corp		149,391
2,033	*	Kensey Nash Corp		49,809
11,348	*	Kindred Healthcare, Inc		97,820
5,061	*	Medidata Solutions, Inc		83,203
11,507	*	Molina Healthcare, Inc		177,668
1,850	*	MWI Veterinary Supply, Inc		127,317
12,125	*	NxStage Medical, Inc		252,928
5,752	*	Omnicell, Inc		79,263
5,566	*	OraSure Technologies, Inc		44,305
2,609	*	Orthofix International NV		90,037
2,033		Owens & Minor, Inc		57,900
1,917	*	Providence Service Corp		20,416
8,562	*	RTI Biologics, Inc		28,169
964	*	Sirona Dental Systems, Inc		40,883
2,674	*	SonoSite, Inc		81,129
3,200		STERIS Corp		93,664
9,837	*	Team Health Holdings, Inc		161,524
1,981	*	Triple-S Management Corp (Class B)		33,182
7,280	*	WellCare Health Plans, Inc		276,493
7,415	*	Wright Medical Group, Inc		132,580
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,057,276

18

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
3,000	*	Elizabeth Arden, Inc	$	85,320
2,753		Inter Parfums, Inc		42,534
10,215	*,e	Medifast, Inc		164,972
3,064		Nu Skin Enterprises, Inc (Class A)		124,153
4,130	*	Revlon, Inc (Class A)		50,882
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		467,861
INSURANCE - 3.5%
13,380	e	American Equity Investment Life Holding Co		117,075
2,087	*	American Safety Insurance Holdings Ltd		38,401
46,769	*	Conseco, Inc		253,020
5,180	e	Crawford & Co (Class B)		27,765
4,567		FBL Financial Group, Inc (Class A)		121,574
15,898		First American Financial Corp		203,494
10,130		Horace Mann Educators Corp		115,583
692		Max Capital Group Ltd		13,127
4,395		Meadowbrook Insurance Group, Inc		39,159
8,357	*	National Financial Partners Corp		91,426
6,790		OneBeacon Insurance Group Ltd (Class A)		92,616
5,120		ProAssurance Corp		368,743
2,663		Selective Insurance Group, Inc		34,752
14,080		Symetra Financial Corp		114,752
3,100		Tower Group, Inc		70,866
		TOTAL INSURANCE		1,702,353
MATERIALS - 4.8%
6,385	*	Brush Engineered Materials, Inc		144,812
9,709		Buckeye Technologies, Inc		234,084
11,380	*	Chemtura		114,141
5,100	*	Clearwater Paper Corp		173,298
7,700	*	Coeur d’Alene Mines Corp		165,087
257	*,e	Contango ORE, Inc		3,791
3,900		H.B. Fuller Co		71,058
2,700		Haynes International, Inc		117,315
7,266	*	Hecla Mining Co		38,946
3,000	*	Innospec, Inc		72,630
600		Kaiser Aluminum Corp		26,568
2,100	*	LSB Industries, Inc		60,207
3,260	*	Metals USA Holdings Corp		29,177
3,624		Minerals Technologies, Inc		178,554
8,990		Olin Corp		161,910
700		Olympic Steel, Inc		11,858
8,246	*	OM Group, Inc		214,149
4,050		PAN American Silver Corp		108,419
22,858		PolyOne Corp		244,809
1,392		Stepan Co		93,515
900	*	Universal Stainless & Alloy		22,878
12,700	*	US Gold Corp		50,927
		TOTAL MATERIALS		2,338,133
MEDIA - 0.7%
1,530		AH Belo Corp (Class A)		6,426
3,536	*	EW Scripps Co (Class A)		24,752
10,149	*	Journal Communications, Inc (Class A)		30,143
5,700		National CineMedia, Inc		82,707
13,600	*,e	New York Times Co (Class A)		79,016
4,108		Scholastic Corp		115,147
		TOTAL MEDIA		338,191
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
2,620	*	Acorda Therapeutics, Inc		52,295
4,000	*	Affymax, Inc		17,920
15,768	*	Akorn, Inc		123,148
13,127	*	Alkermes PLC		200,318
5,815	*	AMAG Pharmaceuticals, Inc		85,829
8,700	*,e	Ariad Pharmaceuticals, Inc		76,473
8,575	*	Arqule, Inc		43,304
7,612	*	Astex Pharmaceuticals		14,615
7,700	*,e	AVEO Pharmaceuticals, Inc		118,503

19

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,634	*	Caliper Life Sciences, Inc	$	58,988
5,700	*	Cepheid, Inc		221,331
14,500	*,e	Combinatorx, Inc		14,219
1,920	*	Cornerstone Therapeutics, Inc		12,288
8,772	*	Cubist Pharmaceuticals, Inc		309,827
3,154	*	Dendreon Corp		28,386
2,511	*	Dusa Pharmaceuticals, Inc		9,291
4,280	*	Emergent Biosolutions, Inc		66,040
4,800	*	Enzon Pharmaceuticals, Inc		33,792
5,000	*	InterMune, Inc		101,000
6,627	*	Jazz Pharmaceuticals, Inc		275,153
15,514	*	Medicines Co		230,848
4,667		Medicis Pharmaceutical Corp (Class A)		170,252
7,025	*	Momenta Pharmaceuticals, Inc		80,788
13,187	*	Neurocrine Biosciences, Inc		78,858
2,734	*	NPS Pharmaceuticals, Inc		17,798
1,500	*	Onyx Pharmaceuticals, Inc		45,015
3,420	*,e	Optimer Pharmaceuticals, Inc		47,333
5,111	*	Par Pharmaceutical Cos, Inc		136,055
7,466	*	Questcor Pharmaceuticals, Inc		203,523
2,110	*	Salix Pharmaceuticals Ltd		62,456
11,590	*	Santarus, Inc		32,336
4,970	*	Sciclone Pharmaceuticals, Inc		18,936
11,000	*,e	Sequenom, Inc		55,990
23,811	*	Spectrum Pharmaceuticals, Inc		181,678
4,197	*	Targacept, Inc		62,955
1,100	*,e	Theravance, Inc		22,154
8,181	*	Vanda Pharmaceuticals, Inc		40,496
16,722	*	Viropharma, Inc		302,167
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,652,358
REAL ESTATE - 9.0%
2,512		Agree Realty Corp		54,711
140		Alexander’s, Inc		50,543
6,591		Associated Estates Realty Corp		101,897
17,182		CBL & Associates Properties, Inc		195,188
5,249		Colony Financial, Inc		67,817
12,340		DuPont Fabros Technology, Inc		242,975
5,030		Entertainment Properties Trust		196,069
4,521		Equity Lifestyle Properties, Inc		283,467
13,852		Equity One, Inc		219,693
15,020		Extra Space Storage, Inc		279,823
1,178		Getty Realty Corp		16,987
6,978		Highwoods Properties, Inc		197,198
1,378		Home Properties, Inc		78,215
6,274		LTC Properties, Inc		158,858
1,160		Mid-America Apartment Communities, Inc		69,855
3,876		National Health Investors, Inc		163,296
13,873		National Retail Properties, Inc		372,767
25,173		Newcastle Investment Corp		102,454
16,773		NorthStar Realty Finance Corp		55,351
8,697		Omega Healthcare Investors, Inc		138,543
2,595		Parkway Properties, Inc		28,571
6,596		Pennymac Mortgage Investment Trust		104,876
5,535		Potlatch Corp		174,463
3,850		PS Business Parks, Inc		190,729
1,917		Saul Centers, Inc		64,814
4,309		Sovran Self Storage, Inc		160,166
3,150		STAG Industrial, Inc		32,130
2,400		Sun Communities, Inc		84,456
13,118		Tanger Factory Outlet Centers, Inc		341,199
3,400		Urstadt Biddle Properties, Inc (Class A)		54,298
		TOTAL REAL ESTATE		4,281,409
RETAILING - 3.9%
8,300	*	Ann Taylor Stores Corp		189,572
6,100		Bebe Stores, Inc		40,992
3,286	e	Bon-Ton Stores, Inc		16,331
5,428		Cato Corp (Class A)		122,456
2,470	*,e	Children’s Place Retail Stores, Inc		114,929

20

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,514	*	Core-Mark Holding Co, Inc	$	46,374
9,130		Express Parent LLC		185,248
10,817		Finish Line, Inc (Class A)		216,232
4,760	*	Hibbett Sports, Inc		161,316
9,418		Hot Topic, Inc		71,859
3,380	*	HSN, Inc		111,979
3,415	*,e	Overstock.com, Inc		31,657
24,413	*	Pier 1 Imports, Inc		238,759
6,500	*	Select Comfort Corp		90,805
2,958	*	Shutterfly, Inc		121,811
33,583	*	Wet Seal, Inc (Class A)		150,452
		TOTAL RETAILING		1,910,772
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
9,061	*,e	Amkor Technology, Inc		39,506
2,280	*,e	Amtech Systems, Inc		18,240
4,539	*	Ceva, Inc		110,343
8,284	*	Cirrus Logic, Inc		122,106
23,792	*	Entegris, Inc		151,793
23,240	*	Entropic Communications, Inc		95,981
19,212	*	FSI International, Inc		36,311
22,164	*,e	GT Solar International, Inc		155,591
26,827	*	Kulicke & Soffa Industries, Inc		200,128
30,282	*	Lattice Semiconductor Corp		158,981
7,833	*	LTX-Credence Corp		41,437
19,014	*	Mindspeed Technologies, Inc		98,873
10,700	*	MIPS Technologies, Inc		51,788
5,179		MKS Instruments, Inc		112,436
2,086	*	Nanometrics, Inc		30,247
8,300	*	Omnivision Technologies, Inc		116,532
22,300	*	Photronics, Inc		111,054
13,614	*	RF Micro Devices, Inc		86,313
23,302	*	Silicon Image, Inc		136,783
4,828	*	Tessera Technologies, Inc		57,646
2,400	*	Ultratech, Inc		41,160
4,204	*,e	Veeco Instruments, Inc		102,578
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,075,827
SOFTWARE & SERVICES - 9.1%
4,900	*	ACI Worldwide, Inc		134,946
2,500	*,e	Active Network, Inc		36,875
5,500	*,e	Ancestry.com, Inc		129,250
10,000	*	Aspen Technology, Inc		152,700
4,797		Blackbaud, Inc		106,829
5,810	*,e	BroadSoft, Inc		176,334
2,350	*	CACI International, Inc (Class A)		117,359
7,666	*	Cardtronics, Inc		175,705
8,534	*	Commvault Systems, Inc		316,270
6,161	*	CSG Systems International, Inc		77,875
17,400		Earthlink, Inc		113,622
6,731	*	Euronet Worldwide, Inc		105,946
1,590		Forrester Research, Inc		51,691
8,200	*,e	Glu Mobile, Inc		17,302
4,500		Heartland Payment Systems, Inc		88,740
3,805	e	iGate Corp		43,910
5,200	*	Infospace, Inc		43,472
3,799	*	Interactive Intelligence, Inc		103,143
4,327		j2 Global Communications, Inc		116,396
6,726	*	Liveperson, Inc		66,924
3,560	*	LogMeIn, Inc		118,228
19,000	*	Magma Design Automation, Inc		86,450
4,392	*	Manhattan Associates, Inc		145,287
7,898		MAXIMUS, Inc		275,640
1,986	*	MicroStrategy, Inc (Class A)		226,543
23,187	*	MoneyGram International, Inc		54,026
1,900	*,e	OpenTable, Inc		87,419
2,695		Opnet Technologies, Inc		94,082
6,500	*	Progress Software Corp		114,075
5,111	*	RightNow Technologies, Inc		168,919
8,313	*	SolarWinds, Inc		183,052

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
500	*,e	Sourcefire, Inc	$	13,380
6,050	*	TeleNav, Inc		53,664
5,868	*	TeleTech Holdings, Inc		89,428
8,286	*	Unisys Corp		130,007
12,600		United Online, Inc		65,898
11,484	*	Valueclick, Inc		178,690
4,831	*	Websense, Inc		83,576
		TOTAL SOFTWARE & SERVICES		4,343,653
TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
4,377	*	Agilysys, Inc		31,208
13,028	*	Arris Group, Inc		134,188
11,050	*	Blue Coat Systems, Inc		153,374
18,770	*	Brightpoint, Inc		172,872
8,708		Cognex Corp		236,074
3,190	*	Coherent, Inc		137,042
6,849		Comtech Telecommunications Corp		192,389
3,000	*	Electro Scientific Industries, Inc		35,670
13,408	*	Extreme Networks, Inc		35,531
3,174	*	Fabrinet		59,354
4,306	*	FEI Co		129,008
5,800	*	Finisar Corp		101,732
4,200	*	Insight Enterprises, Inc		63,588
800	e	InterDigital, Inc		37,264
13,240	*	Kemet Corp		94,666
3,580	*	Netgear, Inc		92,686
9,773	*	Newport Corp		105,646
2,902	*	Oplink Communications, Inc		43,936
4,310	*	OSI Systems, Inc		144,471
4,940		Plantronics, Inc		140,543
55,260	*	Quantum Corp		100,021
4,937	*,e	Synaptics, Inc		117,994
1,300	*,e	Universal Display Corp		62,322
1,355	*	Westell Technologies, Inc		2,927
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,424,506
TELECOMMUNICATION SERVICES - 1.4%
44,770	*	Cincinnati Bell, Inc		138,339
8,440	*	Cogent Communications Group, Inc		113,518
4,924		IDT Corp (Class B)		100,450
7,050	*	Neutral Tandem, Inc		68,244
6,061		USA Mobility, Inc		80,005
62,780	*	Vonage Holdings Corp		163,228
		TOTAL TELECOMMUNICATION SERVICES		663,784
TRANSPORTATION - 2.9%
5,987	*	Alaska Air Group, Inc		337,008
1,975	*	Amerco, Inc		123,339
5,400		Arkansas Best Corp		87,210
3,582	*	Atlas Air Worldwide Holdings, Inc		119,245
13,300	*	Avis Budget Group, Inc		128,611
7,362		Celadon Group, Inc		65,375
2,453	*	Dollar Thrifty Automotive Group, Inc		138,104
8,300	*,e	Excel Maritime Carriers Ltd		17,264
5,043	*,e	JetBlue Airways Corp		20,676
2,300		Marten Transport Ltd		39,652
5,800	*	Old Dominion Freight Line		168,025
23,791	*	US Airways Group, Inc		130,851
3,660		Werner Enterprises, Inc		76,238
		TOTAL TRANSPORTATION		1,451,598
UTILITIES - 4.3%
12,631		Avista Corp		301,249
3,900	e	Black Hills Corp		119,496
1,884		Chesapeake Utilities Corp		75,567
4,300		Cleco Corp		146,802
12,303	e	Empire District Electric Co		238,432
723		Idacorp, Inc		27,315
3,995		Laclede Group, Inc		154,806
380		MGE Energy, Inc		15,455
9,040		PNM Resources, Inc		148,527

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
13,761		Portland General Electric Co	$	325,998
7,620		Southwest Gas Corp		275,616
2,860		UIL Holdings Corp		94,180
790		Unisource Energy Corp		28,511
3,640		WGL Holdings, Inc		142,215
		TOTAL UTILITIES		2,094,169
		TOTAL COMMON STOCKS (Cost $56,094,824)		48,227,408
SHORT-TERM INVESTMENTS - 9.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 9.0%
4,345,340	x	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		4,345,340
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		4,345,340
		TOTAL SHORT-TERM INVESTMENTS (Cost $4,345,340)		4,345,340
		TOTAL INVESTMENTS - 108.9% (Cost $60,440,164)		52,572,748
		OTHER ASSETS & LIABILITIES, NET - (8.9)%		(4,299,640	)
		NET ASSETS - 100.0%	$	48,273,108

* Non-income producing.

e All or a portion of these securities are out on loan.

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

23

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 0.9%
839	*	American Axle & Manufacturing Holdings, Inc	$	6,402
234	*	Amerigon, Inc (Class A)		2,979
1,100		Autoliv, Inc		53,350
1,361	*	BorgWarner, Inc		82,381
700		Cooper Tire & Rubber Co		7,623
1,719	*	Dana Holding Corp		18,050
133	*	Dorman Products, Inc		4,400
290		Drew Industries, Inc		5,794
816	*	Exide Technologies		3,264
261	*	Federal Mogul Corp (Class A)		3,850
46,101	*	Ford Motor Co		445,796
280	*	Fuel Systems Solutions, Inc		5,379
9,171	*	General Motors Co		185,071
1,773		Gentex Corp		42,641
3,033	*	Goodyear Tire & Rubber Co		30,603
2,938		Harley-Davidson, Inc		100,862
8,463		Johnson Controls, Inc		223,169
1,306		Lear Corp		56,027
500	*	Modine Manufacturing Co		4,530
147	*	Motorcar Parts of America, Inc		1,210
355		Spartan Motors, Inc		1,466
188		Standard Motor Products, Inc		2,438
173	*	Stoneridge, Inc		903
280		Superior Industries International, Inc		4,326
743	*	Tenneco, Inc		19,028
639	*,e	Tesla Motors, Inc		15,585
552		Thor Industries, Inc		12,227
1,265	*	TRW Automotive Holdings Corp		41,403
635	*	Visteon Corp		27,305
353	*,e	Winnebago Industries, Inc		2,443
		TOTAL AUTOMOBILES & COMPONENTS		1,410,505
BANKS - 2.9%
180		1st Source Corp		3,749
266	*	1st United Bancorp, Inc		1,311
278		Abington Bancorp, Inc		2,002
51		Alliance Financial Corp		1,431
283	*	Ameris Bancorp		2,465
77	e	Ames National Corp		1,204
109		Arrow Financial Corp		2,429
2,146		Associated Banc-Corp		19,958
951		Astoria Financial Corp		7,313
130	e	Bancfirst Corp		4,311
298		Banco Latinoamericano de Exportaciones S.A. (Class E)		4,539
46		Bancorp Rhode Island, Inc		1,950
1,007	e	Bancorpsouth, Inc		8,841
838		Bank Mutual Corp		2,187
762		Bank of Hawaii Corp		27,737
70	e	Bank of Kentucky Financial Corp		1,418
61		Bank of Marin Bancorp		2,015
442	e	Bank of the Ozarks, Inc		9,251
300		BankFinancial Corp		1,992
415		BankUnited		8,615
203		Banner Corp		2,596
8,698		BB&T Corp		185,527
392	*	Beneficial Mutual Bancorp, Inc		2,920
165		Berkshire Hills Bancorp, Inc		3,048
87	*	BofI Holding, Inc		1,171
457		BOK Financial Corp		21,429
826		Boston Private Financial Holdings, Inc		4,857
75		Bridge Bancorp, Inc		1,373
668		Brookline Bancorp, Inc		5,150

24

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
86		Bryn Mawr Bank Corp	$	1,425
87		Camden National Corp		2,369
140	*	Cape Bancorp, Inc		990
101	e	Capital City Bank Group, Inc		1,050
3,675		CapitalSource, Inc		22,565
2,084		Capitol Federal Financial		22,007
286		Cardinal Financial Corp		2,465
1,028		Cathay General Bancorp		11,699
150	e	Center Bancorp, Inc		1,448
431	*	Center Financial		2,021
261		Centerstate Banks of Florida, Inc		1,365
188	*	Central Pacific Financial Corp		1,940
168		Century Bancorp, Inc		3,901
294		Chemical Financial Corp		4,501
2,490	*	CIT Group, Inc		75,621
101		Citizens & Northern Corp		1,501
262		City Holding Co		7,071
710		City National Corp		26,810
112		Clifton Savings Bancorp, Inc		1,026
105		CNB Financial Corp		1,346
395		CoBiz, Inc		1,766
490		Columbia Banking System, Inc		7,017
2,498		Comerica, Inc		57,379
1,008		Commerce Bancshares, Inc		35,028
400		Community Bank System, Inc		9,076
182	e	Community Trust Bancorp, Inc		4,239
732		Cullen/Frost Bankers, Inc		33,570
933	e	CVB Financial Corp		7,175
309		Dime Community Bancshares		3,130
1,571	*	Doral Financial Corp		1,712
118	*,e	Eagle Bancorp, Inc		1,389
1,835		East West Bancorp, Inc		27,360
90		Enterprise Financial Services Corp		1,223
132		ESB Financial Corp		1,447
197		ESSA Bancorp, Inc		2,070
115		Federal Agricultural Mortgage Corp (Class C)		2,188
11,412		Fifth Third Bancorp		115,261
126		Financial Institutions, Inc		1,797
174		First Bancorp (NC)		1,747
107	e	First Bancorp, Inc		1,347
625		First Busey Corp		2,719
70		First Citizens Bancshares, Inc (Class A)		10,048
1,229		First Commonwealth Financial Corp		4,547
189		First Community Bancshares, Inc		1,928
120	*	First Defiance Financial Corp		1,608
747		First Financial Bancorp		10,309
448	e	First Financial Bankshares, Inc		11,720
188		First Financial Corp		5,172
133		First Financial Holdings, Inc		533
3,240		First Horizon National Corp		19,310
149		First Interstate Bancsystem, Inc		1,596
557		First Merchants Corp		3,927
893		First Midwest Bancorp, Inc		6,537
3,812		First Niagara Financial Group, Inc		34,880
66		First of Long Island Corp		1,496
110		First Pactrust Bancorp, Inc		1,246
915	*	First Republic Bank		21,191
1,352		FirstMerit Corp		15,359
2,443	*	Flagstar Bancorp, Inc		1,197
358		Flushing Financial Corp		3,866
1,572		FNB Corp		13,472
185		Fox Chase Bancorp, Inc		2,346
170	*	Franklin Financial Corp		1,877
2,887		Fulton Financial Corp		22,086
133	e	German American Bancorp, Inc		2,144
860		Glacier Bancorp, Inc		8,058
135		Great Southern Bancorp, Inc		2,265
120	*	Hampton Roads Bankshares, Inc		564
949		Hancock Holding Co		25,414
158		Heartland Financial USA, Inc		2,240

25

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
121		Heritage Financial Corp	$	1,336
266		Home Bancshares, Inc		5,645
199		Home Federal Bancorp, Inc		1,556
5,693		Hudson City Bancorp, Inc		32,222
156		Hudson Valley Holding Corp		2,719
10,738		Huntington Bancshares, Inc		51,542
323		IBERIABANK Corp		15,200
252	e	Independent Bank Corp		5,478
674		International Bancshares Corp		8,863
579	*	Investors Bancorp, Inc		7,313
227		Kearny Financial Corp		2,007
11,623		Keycorp		68,924
261		Lakeland Bancorp, Inc		2,041
147		Lakeland Financial Corp		3,037
1,560		M&T Bank Corp		109,044
216		MainSource Financial Group, Inc		1,884
661		MB Financial, Inc		9,730
60		Merchants Bancshares, Inc		1,607
119	*	Meridian Interstate Bancorp, Inc		1,298
2,499	*	MGIC Investment Corp		4,673
56		Midsouth Bancorp, Inc		602
460	*	Nara Bancorp, Inc		2,792
84	e	National Bankshares, Inc		2,027
1,529		National Penn Bancshares, Inc		10,718
374		NBT Bancorp, Inc		6,964
5,439		New York Community Bancorp, Inc		64,725
227	e	Northfield Bancorp, Inc		3,005
1,214		Northwest Bancshares, Inc		14,459
97		OceanFirst Financial Corp		1,132
892	*	Ocwen Financial Corp		11,783
1,045		Old National Bancorp		9,739
148	*	OmniAmerican Bancorp, Inc		2,020
458		Oriental Financial Group, Inc		4,429
670		Oritani Financial Corp		8,616
60	e	Orrstown Financial Services, Inc		771
50	*	Pacific Capital Bancorp		1,276
154		Pacific Continental Corp		1,092
369		PacWest Bancorp		5,144
165	e	Park National Corp		8,725
360	*	Park Sterling Bank		1,231
47	e	Penns Woods Bancorp, Inc		1,539
164	*	Pennsylvania Commerce Bancorp, Inc		1,419
75		Peoples Bancorp, Inc		825
4,770		People’s United Financial, Inc		54,378
400	*,e	Pinnacle Financial Partners, Inc		4,376
1,998	*,e	PMI Group, Inc		400
6,541		PNC Financial Services Group, Inc		315,210
12,307	*	Popular, Inc		18,461
630		PrivateBancorp, Inc		4,738
555		Prosperity Bancshares, Inc		18,137
753		Provident Financial Services, Inc		8,095
421		Provident New York Bancorp		2,450
2,812		Radian Group, Inc		6,158
15,720		Regions Financial Corp		52,348
195	e	Renasant Corp		2,482
120		Republic Bancorp, Inc (Class A)		2,125
147		Rockville Financial, Inc		1,394
100		Roma Financial Corp		815
300	e	S&T Bancorp, Inc		4,848
210	e	S.Y. Bancorp, Inc		3,910
250		Sandy Spring Bancorp, Inc		3,658
151		SCBT Financial Corp		3,727
900	*	Seacoast Banking Corp of Florida		1,323
87		Sierra Bancorp		796
475	*	Signature Bank		22,672
207		Simmons First National Corp (Class A)		4,492
197		Southside Bancshares, Inc		3,548
383	*	Southwest Bancorp, Inc		1,616

26

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
163		State Bancorp, Inc	$	1,723
397	*	State Bank & Trust Co		5,010
256		StellarOne Corp		2,547
318		Sterling Bancorp		2,309
335	*	Sterling Financial Corp		4,147
88		Suffolk Bancorp		732
470	*,e	Sun Bancorp, Inc		1,246
6,731		SunTrust Banks, Inc		120,821
1,616	e	Susquehanna Bancshares, Inc		8,840
520	*	SVB Financial Group		19,240
9,246	e	Synovus Financial Corp		9,893
118	*,e	Taylor Capital Group, Inc		758
1,924		TCF Financial Corp		17,624
150		Territorial Bancorp, Inc		2,873
429	*	Texas Capital Bancshares, Inc		9,803
956	*	TFS Financial Corp		7,772
265	*	The Bancorp, Inc		1,897
130	e	Tompkins Trustco, Inc		4,651
130		Tower Bancorp, Inc		2,722
232	e	TowneBank		2,638
171		Trico Bancshares		2,098
852		Trustco Bank Corp NY		3,800
774	e	Trustmark Corp		14,048
403		UMB Financial Corp		12,928
1,383		Umpqua Holdings Corp		12,157
167		Union Bankshares Corp		1,790
543	e	United Bankshares, Inc		10,909
281	*,e	United Community Banks, Inc		2,386
201		United Financial Bancorp, Inc		2,752
198		Univest Corp of Pennsylvania		2,639
23,945		US Bancorp		563,664
2,688		Valley National Bancorp		28,466
426		ViewPoint Financial Group		4,878
253	*	Virginia Commerce Bancorp		1,485
113		Washington Banking Co		1,099
1,416		Washington Federal, Inc		18,040
138		Washington Trust Bancorp, Inc		2,730
900		Webster Financial Corp		13,770
61,156		Wells Fargo & Co		1,475,082
301		WesBanco, Inc		5,210
189		West Bancorporation, Inc		1,603
225	*	West Coast Bancorp		3,150
390		Westamerica Bancorporation		14,945
712	*	Western Alliance Bancorp		3,902
366		Westfield Financial, Inc		2,412
167	*	Wilshire Bancorp, Inc		458
375		Wintrust Financial Corp		9,679
100		WSFS Financial Corp		3,157
2,222		Zions Bancorporation		31,264
		TOTAL BANKS		4,612,542
CAPITAL GOODS - 7.8%
852	*,e	3D Systems Corp		11,919
8,832		3M Co		634,049
429		A.O. Smith Corp		13,741
2,099	*,e	A123 Systems, Inc		7,221
193	e	Aaon, Inc		3,040
468		AAR Corp		7,802
503	*	Accuride Corp		2,575
282		Aceto Corp		1,492
1,022	*,e	Active Power, Inc		1,318
878		Actuant Corp (Class A)		17,341
572		Acuity Brands, Inc		20,615
1,483	*	Aecom Technology Corp		26,205
484	*,e	Aerovironment, Inc		13,625
1,180	*	AGCO Corp		40,793
433	*	Air Lease Corp		8,314
718		Aircastle Ltd		6,835
78		Alamo Group, Inc		1,622
301		Albany International Corp (Class A)		5,493

27

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
434		Alliant Techsystems, Inc	$	23,657
296	*	Altra Holdings, Inc		3,425
224	*,e	Ameresco, Inc		2,276
90	*	American Railcar Industries, Inc		1,384
140		American Science & Engineering, Inc		8,547
544	*,e	American Superconductor Corp		2,138
125		American Woodmark Corp		1,514
105		Ameron International Corp		8,919
1,997		Ametek, Inc		65,841
79		Ampco-Pittsburgh Corp		1,616
311		Apogee Enterprises, Inc		2,671
508		Applied Industrial Technologies, Inc		13,797
89	*	Argan, Inc		906
297		Armstrong World Industries, Inc		10,229
1,176	*	ArvinMeritor, Inc		8,303
237	*	Astec Industries, Inc		6,939
122	*	Astronics Corp		3,449
129		AZZ, Inc		5,001
1,463	*	Babcock & Wilcox Co		28,602
258		Badger Meter, Inc		7,464
677		Barnes Group, Inc		13,032
1,206	*	BE Aerospace, Inc		39,931
825	*	Beacon Roofing Supply, Inc		13,192
565		Belden CDT, Inc		14,571
570	*	Blount International, Inc		7,615
9,175		Boeing Co		555,179
586		Brady Corp (Class A)		15,488
600		Briggs & Stratton Corp		8,106
4,337	*,e	Broadwind Energy, Inc		1,388
1,363	*,e	Builders FirstSource, Inc		1,731
232	*	CAI International, Inc		2,719
7,608	*,e	Capstone Turbine Corp		7,608
741		Carlisle Cos, Inc		23,623
126		Cascade Corp		4,207
7,961		Caterpillar, Inc		587,840
321	*	Ceradyne, Inc		8,632
405	*	Chart Industries, Inc		17,079
1,217		Chicago Bridge & Iron Co NV		34,843
170		CIRCOR International, Inc		4,993
615		Clarcor, Inc		25,449
311	*	CNH Global NV		8,161
242	*,e	Colfax Corp		4,903
196	*	Columbus McKinnon Corp		2,148
409		Comfort Systems USA, Inc		3,403
301	*	Commercial Vehicle Group, Inc		1,978
2,017		Cooper Industries plc		93,024
593		Crane Co		21,164
170		Cubic Corp		6,642
2,439		Cummins, Inc		199,169
554		Curtiss-Wright Corp		15,972
6,711		Danaher Corp		281,459
5,217		Deere & Co		336,862
434	*	DigitalGlobe, Inc		8,433
944		Donaldson Co, Inc		51,731
141		Douglas Dynamics, Inc		1,802
2,320		Dover Corp		108,112
121		Ducommun, Inc		1,813
82	*	DXP Enterprises, Inc		1,544
596	*	Dycom Industries, Inc		9,119
270		Dynamic Materials Corp		4,253
4,212		Eaton Corp		149,526
923	*	EMCOR Group, Inc		18,765
9,343		Emerson Electric Co		385,959
255		Encore Wire Corp		5,248
583	*,e	Ener1, Inc		80
404	*,e	Energy Recovery, Inc		1,216
579	*	EnerSys		11,592
215	*	EnPro Industries, Inc		6,381
317		ESCO Technologies, Inc		8,084
210	*	Essex Rental Corp		517
359	*	Esterline Technologies Corp		18,611

28

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,644	e	Fastenal Co	$	121,273
743		Federal Signal Corp		3,284
413	*	Flow International Corp		913
686		Flowserve Corp		50,764
2,167		Fluor Corp		100,873
1,262	*	Force Protection, Inc		4,859
277		Franklin Electric Co, Inc		10,050
227	*	Freightcar America, Inc		3,271
6,474	*,e	FuelCell Energy, Inc		5,438
408	*	Furmanite Corp		2,207
655		Gardner Denver, Inc		41,625
538		GATX Corp		16,673
575	*	GenCorp, Inc		2,582
233	*	Generac Holdings, Inc		4,383
640	*	General Cable Corp		14,944
4,130		General Dynamics Corp		234,956
131,816		General Electric Co		2,008,876
264	*	GeoEye, Inc		7,484
916	*	Gibraltar Industries, Inc		7,438
199	*	Global Power Equipment Group, Inc		4,631
1,565		Goodrich Corp		188,864
242		Gorman-Rupp Co		5,975
730		Graco, Inc		24,922
1,560	*	GrafTech International Ltd		19,812
128		Graham Corp		2,130
466		Granite Construction, Inc		8,747
670		Great Lakes Dredge & Dock Corp		2,727
231	*	Greenbrier Cos, Inc		2,691
686	*	Griffon Corp		5,611
334	*	H&E Equipment Services, Inc		2,756
969		Harsco Corp		18,789
517	e	Heico Corp		25,457
1,161	*	Hexcel Corp		25,728
9,629		Honeywell International, Inc		422,809
186		Houston Wire & Cable Co		2,137
728		Hubbell, Inc (Class B)		36,065
604	*	Huntington Ingalls		14,695
78	*	Hurco Cos, Inc		1,583
1,031		IDEX Corp		32,126
646	*	II-VI, Inc		11,305
5,571		Illinois Tool Works, Inc		231,754
4,055		Ingersoll-Rand plc		113,905
466	*	Insituform Technologies, Inc (Class A)		5,396
155		Insteel Industries, Inc		1,561
392	*	Interline Brands, Inc		5,045
2,210		ITT Industries, Inc		92,820
1,535	*	Jacobs Engineering Group, Inc		49,565
308		John Bean Technologies Corp		4,392
1,303		Joy Global, Inc		81,281
148	*	Kadant, Inc		2,628
380		Kaman Corp		10,583
428		Kaydon Corp		12,275
1,895		KBR, Inc		44,779
983		Kennametal, Inc		32,183
128	*,e	KEYW Holding Corp		910
294	*	Kratos Defense & Security Solutions, Inc		1,976
1,319		L-3 Communications Holdings, Inc		81,738
45		Lawson Products, Inc		608
220	*	Layne Christensen Co		5,082
111		LB Foster Co (Class A)		2,468
702		Lennox International, Inc		18,098
1,026		Lincoln Electric Holdings, Inc		29,764
136		Lindsay Manufacturing Co		7,317
101	*	LMI Aerospace, Inc		1,723
3,558		Lockheed Martin Corp		258,453
131		LSI Industries, Inc		816
201	*	Lydall, Inc		1,789

29

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,601	e	Manitowoc Co, Inc	$	10,743
4,339		Masco Corp		30,893
894	*	Mastec, Inc		15,743
171		Met-Pro Corp		1,467
80	*	Michael Baker Corp		1,530
218	*	Middleby Corp		15,360
115		Miller Industries, Inc		1,995
548	*	Moog, Inc (Class A)		17,876
556		MSC Industrial Direct Co (Class A)		31,392
447		Mueller Industries, Inc		17,250
2,364		Mueller Water Products, Inc (Class A)		5,863
209	*	MYR Group, Inc		3,687
66		Nacco Industries, Inc (Class A)		4,184
58	e	National Presto Industries, Inc		5,041
900	*	Navistar International Corp		28,908
222	*	NCI Building Systems, Inc		1,678
202	*	NN, Inc		1,020
814		Nordson Corp		32,348
3,446		Northrop Grumman Corp		179,743
96	*	Northwest Pipe Co		1,948
706	*	Orbital Sciences Corp		9,037
434	*	Orion Marine Group, Inc		2,504
1,078	*	Oshkosh Truck Corp		16,968
1,391	*	Owens Corning, Inc		30,156
4,586		Paccar, Inc		155,099
1,415		Pall Corp		59,996
1,937		Parker Hannifin Corp		122,283
1,234		Pentair, Inc		39,500
313		Perini Corp		3,596
200	*	Pike Electric Corp		1,354
144	*,e	PMFG, Inc		2,271
484	*	Polypore International, Inc		27,356
94	*	Powell Industries, Inc		2,911
222	*	PowerSecure International, Inc		1,050
1,787		Precision Castparts Corp		277,807
28		Preformed Line Products Co		1,282
237		Primoris Services Corp		2,479
450		Quanex Building Products Corp		4,928
2,673	*	Quanta Services, Inc		50,226
192		Raven Industries, Inc		9,254
4,428		Raytheon Co		180,972
262	*	RBC Bearings, Inc		8,905
464		Regal-Beloit Corp		21,056
596		Robbins & Myers, Inc		20,687
1,820		Rockwell Automation, Inc		101,920
1,914		Rockwell Collins, Inc		100,983
1,193		Roper Industries, Inc		82,210
820	*	RSC Holdings, Inc		5,847
333	*	Rush Enterprises, Inc (Class A)		4,715
2,251	*,e	SatCon Technology Corp		2,138
200	*	Sauer-Danfoss, Inc		5,780
4		Seaboard Corp		7,208
134		SeaCube Container Leasing Ltd		1,625
919	*	Shaw Group, Inc		19,979
459		Simpson Manufacturing Co, Inc		11,443
694		Snap-On, Inc		30,814
1,447	*	Spirit Aerosystems Holdings, Inc (Class A)		23,080
608		SPX Corp		27,548
151		Standex International Corp		4,701
1,944		Stanley Works		95,450
133	*	Sterling Construction Co, Inc		1,486
183		Sun Hydraulics Corp		3,730
200		TAL International Group, Inc		4,988
812	*	Taser International, Inc		3,500
208	*	Tecumseh Products Co (Class A)		1,516
433	*	Teledyne Technologies, Inc		21,156
200		Tennant Co		7,074
1,362	*	Terex Corp		13,974
112		Textainer Group Holdings Ltd		2,271
3,436		Textron, Inc		60,611

30

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
120	*	Thermon Group Holdings	$	1,658
645	*	Thomas & Betts Corp		25,742
1,085		Timken Co		35,610
512	e	Titan International, Inc		7,680
282	*	Titan Machinery, Inc		5,048
419		Toro Co		20,644
626	*	TransDigm Group, Inc		51,125
314		Tredegar Corp		4,657
189	*	Trex Co, Inc		3,030
321	*	Trimas Corp		4,767
964		Trinity Industries, Inc		20,639
468		Triumph Group, Inc		22,810
100		Twin Disc, Inc		2,667
5,828		Tyco International Ltd		237,491
747	*	United Rentals, Inc		12,579
11,375		United Technologies Corp		800,344
233		Universal Forest Products, Inc		5,604
1,020	*	URS Corp		30,253
813	*,e	USG Corp		5,471
282		Valmont Industries, Inc		21,979
200		Vicor Corp		1,750
710		W.W. Grainger, Inc		106,173
1,287	*	Wabash National Corp		6,139
870	*	WABCO Holdings, Inc		32,938
424		Watsco, Inc		21,666
573		Watts Water Technologies, Inc (Class A)		15,270
516	*	WESCO International, Inc		17,312
577		Westinghouse Air Brake Technologies Corp		30,506
728		Woodward Governor Co		19,947
95	*,e	Xerium Technologies, Inc		995
		TOTAL CAPITAL GOODS		12,464,524
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
655		ABM Industries, Inc		12,484
611	*	Acacia Research (Acacia Technologies)		21,990
684	*	ACCO Brands Corp		3,263
335		Administaff, Inc		7,454
188	*	Advisory Board Co		12,132
200		American Ecology Corp		3,094
412	*	American Reprographics Co		1,384
318	*	APAC Customer Services, Inc		2,709
120	*	AT Cross Co		1,354
1,360		Avery Dennison Corp		34,109
97		Barrett Business Services, Inc		1,352
550		Brink’s Co		12,821
297	*	Casella Waste Systems, Inc (Class A)		1,562
854	*,e	CBIZ, Inc		5,628
100		CDI Corp		1,068
676	*	Cenveo, Inc		2,035
1,569		Cintas Corp		44,152
583	*	Clean Harbors, Inc		29,908
100	*	Consolidated Graphics, Inc		3,653
1,065	*,e	Coolbrands International, Inc		4,313
792	*	Copart, Inc		30,983
387		Corporate Executive Board Co		11,533
1,411	*	Corrections Corp of America		32,016
313	*	CoStar Group, Inc		16,267
73		Courier Corp		477
1,513		Covanta Holding Corp		22,982
167	*	CRA International, Inc		3,342
567		Deluxe Corp		10,546
365	*	Dolan Media Co		3,281
647		Dun & Bradstreet Corp		39,635
904	*	EnergySolutions, Inc		3,191
236	*,e	EnerNOC, Inc		2,124
269		Ennis, Inc		3,513
1,500		Equifax, Inc		46,110
172	*	Exponent, Inc		7,109
148	*	Franklin Covey Co		1,125
571	*,e	FTI Consulting, Inc		21,019
190	*	Fuel Tech, Inc		1,106

31

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
387		G & K Services, Inc (Class A)	$	9,884
772	*	Geo Group, Inc		14,328
191	*	GP Strategies Corp		1,908
825		Healthcare Services Group		13,316
200		Heidrick & Struggles International, Inc		3,290
700		Herman Miller, Inc		12,502
384	*,e	Higher One Holdings, Inc		6,248
270	*	Hill International, Inc		1,264
567		HNI Corp		10,847
376	*	Hudson Highland Group, Inc		1,286
279	*	Huron Consulting Group, Inc		8,685
209	*	ICF International, Inc		3,931
1,150	*	ICO Global Communications Holdings Ltd		2,588
675	*	IHS, Inc (Class A)		50,497
259	*,e	Innerworkings, Inc		2,031
597		Interface, Inc (Class A)		7,080
110		Intersections, Inc		1,414
2,177		Iron Mountain, Inc		68,836
343	*	KAR Auction Services, Inc		4,154
300		Kelly Services, Inc (Class A)		3,420
366	*	Kforce, Inc		3,590
300		Kimball International, Inc (Class B)		1,458
546		Knoll, Inc		7,480
500	*	Korn/Ferry International		6,095
107	*	M&F Worldwide Corp		2,634
1,074		Manpower, Inc		36,108
274		McGrath RentCorp		6,518
802	*	Metalico, Inc		3,128
352		Mine Safety Appliances Co		9,490
172	*	Mistras Group, Inc		3,020
400	*	Mobile Mini, Inc		6,576
105		Multi-Color Corp		2,372
631	*	Navigant Consulting, Inc		5,849
1,006	*	Nielsen Holdings NV		26,236
817	*,e	Odyssey Marine Exploration, Inc		2,010
282	*	On Assignment, Inc		1,994
2,321	e	Pitney Bowes, Inc		43,635
313	e	Quad		5,656
2,582		R.R. Donnelley & Sons Co		36,458
3,913		Republic Services, Inc		109,798
514		Resources Connection, Inc		5,027
1,798		Robert Half International, Inc		38,154
772		Rollins, Inc		14,444
120	*	RPX Corp		2,485
100		Schawk, Inc (Class A)		987
241	*	School Specialty, Inc		1,718
189	*	Standard Parking Corp		2,956
838		Steelcase, Inc (Class A)		5,288
1,066	*	Stericycle, Inc		86,047
460	*	SYKES Enterprises, Inc		6,877
390	*	Team, Inc		8,182
728	*	Tetra Tech, Inc		13,643
159	*	TMS International Corp		1,158
712		Towers Watson & Co		42,563
220	*	TRC Cos, Inc		662
550	*	TrueBlue, Inc		6,232
330		Unifirst Corp		14,946
612		United Stationers, Inc		16,677
1,477	*	Verisk Analytics, Inc		51,354
263		Viad Corp		4,466
48		VSE Corp		1,242
1,413		Waste Connections, Inc		47,788
5,893		Waste Management, Inc		191,875
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,575,209
CONSUMER DURABLES & APPAREL - 1.4%
479		American Greetings Corp (Class A)		8,862
148	*	Arctic Cat, Inc		2,145
719	*	Ascena Retail Group, Inc		19,463
1,108	*	Beazer Homes USA, Inc		1,673

32

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
75		Blyth, Inc	$	4,159
1,127		Brunswick Corp		15,823
806		Callaway Golf Co		4,167
695	*	Carter’s, Inc		21,225
72	*	Cavco Industries, Inc		2,480
65	e	Cherokee, Inc		835
3,650		Coach, Inc		189,180
137	e	Columbia Sportswear Co		6,357
1,032	*	CROCS, Inc		24,427
46		CSS Industries, Inc		767
474	*	Deckers Outdoor Corp		44,205
67	*	Delta Apparel, Inc		1,055
3,350		DR Horton, Inc		30,284
3,150	*,e	Eastman Kodak Co		2,457
279	e	Ethan Allen Interiors, Inc		3,797
1,922		Fortune Brands, Inc		103,941
633	*	Fossil, Inc		51,311
642	*	Furniture Brands International, Inc		1,323
1,360	e	Garmin Ltd		43,207
205	*	G-III Apparel Group Ltd		4,686
1,141	*	Hanesbrands, Inc		28,536
852		Harman International Industries, Inc		24,350
1,546		Hasbro, Inc		50,415
334	*	Helen of Troy Ltd		8,390
988	*,e	Hovnanian Enterprises, Inc (Class A)		1,205
870	*	Iconix Brand Group, Inc		13,746
231	*,e	iRobot Corp		5,812
311		Jakks Pacific, Inc		5,893
1,231		Jarden Corp		34,788
1,084		Jones Apparel Group, Inc		9,984
919	e	KB Home		5,385
100	*	Kenneth Cole Productions, Inc (Class A)		1,073
330	*,e	K-Swiss, Inc (Class A)		1,403
628	*	La-Z-Boy, Inc		4,653
256	*	Leapfrog Enterprises, Inc		863
1,780		Leggett & Platt, Inc		35,226
1,951		Lennar Corp (Class A)		26,417
193	*	Libbey, Inc		2,034
112		Lifetime Brands, Inc		1,080
1,307	*,e	Liz Claiborne, Inc		6,535
385	*	M/I Homes, Inc		2,314
300	*	Maidenform Brands, Inc		7,023
4,516		Mattel, Inc		116,920
441	e	MDC Holdings, Inc		7,471
377	*	Meritage Homes Corp		5,708
664	*	Mohawk Industries, Inc		28,492
200		Movado Group, Inc		2,436
3,613		Newell Rubbermaid, Inc		42,886
4,437		Nike, Inc (Class B)		379,408
74	*	NVR, Inc		44,695
200		Oxford Industries, Inc		6,860
161	*	Perry Ellis International, Inc		3,027
741		Phillips-Van Heusen Corp		43,156
804		Polaris Industries, Inc		40,176
567		Pool Corp		14,844
4,066	*	Pulte Homes, Inc		16,061
1,598	*	Quiksilver, Inc		4,874
770		Ralph Lauren Corp		99,869
101		RG Barry Corp		1,071
506	e	Ryland Group, Inc		5,389
1,213	*,e	Sealy Corp		1,795
403	*	Skechers U.S.A., Inc (Class A)		5,654
100		Skyline Corp		955
635	*	Smith & Wesson Holding Corp		1,600
1,250	*,e	Standard-Pacific Corp		3,088
100	*	Steinway Musical Instruments, Inc		2,156
420	*	Steven Madden Ltd		12,642
228		Sturm Ruger & Co, Inc		5,923
875	*	Tempur-Pedic International, Inc		46,034
1,740	*	Toll Brothers, Inc		25,108

33

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
304	*	True Religion Apparel, Inc	$	8,196
822		Tupperware Corp		44,174
502	*,e	Under Armour, Inc (Class A)		33,338
340	*	Unifi, Inc		2,778
166	*	Universal Electronics, Inc		2,721
246	*,e	Vera Bradley, Inc		8,868
1,068		VF Corp		129,783
515	*	Warnaco Group, Inc		23,736
60		Weyco Group, Inc		1,338
946		Whirlpool Corp		47,215
600		Wolverine World Wide, Inc		19,950
247	*	Zagg, Inc		2,450
		TOTAL CONSUMER DURABLES & APPAREL		2,157,799
CONSUMER SERVICES - 2.3%
208	*	AFC Enterprises		2,461
184		Ambassadors Group, Inc		1,054
224	*	American Public Education, Inc		7,616
320		Ameristar Casinos, Inc		5,136
1,498	*	Apollo Group, Inc (Class A)		59,335
146	*	Archipelago Learning, Inc		1,226
159	*	Ascent Media Corp (Series A)		6,252
701	*	Bally Technologies, Inc		18,913
170	*	Benihana, Inc		1,464
298	*	BJ’s Restaurants, Inc		13,145
379		Bob Evans Farms, Inc		10,809
704	*,e	Boyd Gaming Corp		3,450
141	*	Bravo Brio Restaurant Group, Inc		2,346
234	*,e	Bridgepoint Education, Inc		4,081
1,103		Brinker International, Inc		23,075
218	*	Buffalo Wild Wings, Inc		13,036
202	*	Capella Education Co		5,733
812	*	Career Education Corp		10,597
5,332		Carnival Corp		161,560
288		CBRL Group, Inc		11,543
272		CEC Entertainment, Inc		7,744
746	*	Cheesecake Factory		18,389
385	*	Chipotle Mexican Grill, Inc (Class A)		116,636
370		Choice Hotels International, Inc		10,996
155		Churchill Downs, Inc		6,050
364	*,e	Coinstar, Inc		14,560
1,059	*,e	Corinthian Colleges, Inc		1,652
1,697		Darden Restaurants, Inc		72,547
949	*	Denny’s Corp		3,160
854		DeVry, Inc		31,564
223	*	DineEquity, Inc		8,583
767	*	Domino’s Pizza, Inc		20,901
296	*	Dunkin Brands Group, Inc		8,199
519	*,e	Education Management Corp		7,702
424	*,e	Gaylord Entertainment Co		8,200
374	*	Grand Canyon Education, Inc		6,040
3,964		H&R Block, Inc		52,760
1,071		Hillenbrand, Inc		19,706
540	*	Hyatt Hotels Corp		16,940
3,723		International Game Technology		54,095
548		International Speedway Corp (Class A)		12,516
474	*	Interval Leisure Group, Inc		6,314
244	*	Isle of Capri Casinos, Inc		1,181
351	*,e	ITT Educational Services, Inc		20,211
678	*	Jack in the Box, Inc		13,506
738	*	Jamba, Inc		952
310	*,e	K12, Inc		7,893
587	*	Krispy Kreme Doughnuts, Inc		4,003
4,873	*	Las Vegas Sands Corp		186,831
484	*,e	Life Time Fitness, Inc		17,835
288		Lincoln Educational Services Corp		2,330
140		Mac-Gray Corp		1,807
200		Marcus Corp		1,990
3,456		Marriott International, Inc (Class A)		94,141
367		Matthews International Corp (Class A)		11,289

34

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
188	*	McCormick & Schmick’s Seafood Restaurants, Inc	$	1,301
12,897		McDonald’s Corp		1,132,614
4,384	*	MGM Mirage		40,727
200	*	Monarch Casino & Resort, Inc		1,956
510	*	Morgans Hotel Group Co		3,055
322	*	Multimedia Games, Inc		1,301
300	*,e	O’Charleys, Inc		1,782
1,101	*	Orient-Express Hotels Ltd (Class A)		7,608
360	*	Panera Bread Co (Class A)		37,418
263	*	Papa John’s International, Inc		7,995
149	*	Peet’s Coffee & Tea, Inc		8,290
929	*	Penn National Gaming, Inc		30,926
277	e	PF Chang’s China Bistro, Inc		7,545
793	*	Pinnacle Entertainment, Inc		7,200
150	*	Red Robin Gourmet Burgers, Inc		3,614
674		Regis Corp		9,497
1,667		Royal Caribbean Cruises Ltd		36,074
779	*	Ruby Tuesday, Inc		5,578
200	*	Ruth’s Chris Steak House, Inc		858
774	*	Scientific Games Corp (Class A)		5,511
2,964		Service Corp International		27,150
646	*	Shuffle Master, Inc		5,433
468	e	Six Flags Entertainment Corp		12,973
729	*	Sonic Corp		5,154
810		Sotheby’s (Class A)		22,332
164		Speedway Motorsports, Inc		1,981
9,364		Starbucks Corp		349,184
2,434		Starwood Hotels & Resorts Worldwide, Inc		94,488
20	*	Steak N Shake Co		5,928
185	*	Steiner Leisure Ltd		7,542
1,142		Stewart Enterprises, Inc (Class A)		6,795
171	e	Strayer Education, Inc		13,111
687		Texas Roadhouse, Inc (Class A)		9,082
250	*	Town Sports International Holdings, Inc		1,815
228		Universal Technical Institute, Inc		3,099
437		Vail Resorts, Inc		16,514
406	e	Weight Watchers International, Inc		23,650
3,949		Wendy’s		18,126
698	*	WMS Industries, Inc		12,278
2,126		Wyndham Worldwide Corp		60,612
970		Wynn Resorts Ltd		111,628
5,786		Yum! Brands, Inc		285,771
		TOTAL CONSUMER SERVICES		3,677,551
DIVERSIFIED FINANCIALS - 5.7%
700		Advance America Cash Advance Centers, Inc		5,152
647	*	Affiliated Managers Group, Inc		50,498
4,393	*	American Capital Ltd		29,960
13,059		American Express Co		586,349
3,011		Ameriprise Financial, Inc		118,513
2,330		Apollo Investment Corp		17,522
2,546		Ares Capital Corp		35,058
341	e	Artio Global Investors, Inc		2,714
126,086		Bank of America Corp		771,646
15,436		Bank of New York Mellon Corp		286,955
949		BGC Partners, Inc (Class A)		5,722
678	e	BlackRock Kelso Capital Corp		4,949
1,064		BlackRock, Inc		157,483
945	*	Broadpoint Securities Group, Inc		1,125
200		Calamos Asset Management, Inc (Class A)		2,002
5,708		Capital One Financial Corp		226,208
47		Capital Southwest Corp		3,478
400		Cash America International, Inc		20,464
656		CBOE Holdings, Inc		16,052
13,201		Charles Schwab Corp		148,775
35,969		Citigroup, Inc		921,526
841		CME Group, Inc		207,222
207	e	Cohen & Steers, Inc		5,951
398		Compass Diversified Trust		4,848
888	*	Cowen Group, Inc		2,406
82	*	Credit Acceptance Corp		5,278

35

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
22		Diamond Hill Investment Group, Inc	$	1,527
6,777		Discover Financial Services		155,464
450	*	Dollar Financial Corp		9,833
332		Duff & Phelps Corp		3,539
3,332	*	E*Trade Financial Corp		30,355
1,406		Eaton Vance Corp		31,312
161	*	Encore Capital Group, Inc		3,518
160		Epoch Holding Corp		2,171
186		Evercore Partners, Inc (Class A)		4,241
545	*	Ezcorp, Inc (Class A)		15,554
653	*	FBR Capital Markets Corp		1,554
1,409	e	Federated Investors, Inc (Class B)		24,700
834	e	Fifth Street Finance Corp		7,773
474	*,e	Financial Engines, Inc		8,584
363	*	First Cash Financial Services, Inc		15,228
641	*,e	First Marblehead Corp		654
1,800		Franklin Resources, Inc		172,152
80	e	Friedman Billings Ramsey Group, Inc (Class A)		1,924
215		FXCM, Inc		3,014
69		GAMCO Investors, Inc (Class A)		2,718
704		GFI Group, Inc		2,830
239		Gladstone Capital Corp		1,640
252		Gladstone Investment Corp		1,714
6,435		Goldman Sachs Group, Inc		608,429
92	e	Golub Capital BDC, Inc		1,366
276	*,e	Green Dot Corp		8,644
354	e	Greenhill & Co, Inc		10,121
322	*,e	Harris & Harris Group, Inc		1,143
426		Hercules Technology Growth Capital, Inc		3,630
225	*	HFF, Inc (Class A)		1,967
441		Interactive Brokers Group, Inc (Class A)		6,143
960	*	IntercontinentalExchange, Inc		113,530
153	*	International Assets Holding Corp		3,176
405	*	Internet Capital Group, Inc		3,730
5,995		Invesco Ltd		92,982
524	*	Investment Technology Group, Inc		5,130
16,069		iShares Russell 3000 Index Fund		1,072,285
2,289		Janus Capital Group, Inc		13,734
1,634		Jefferies Group, Inc		20,278
173		JMP Group, Inc		1,005
49,391		JPMorgan Chase & Co		1,487,657
422		KBW, Inc		5,819
1,888	*	Knight Capital Group, Inc (Class A)		22,958
240		Kohlberg Capital Corp		1,404
1,144	*,e	Ladenburg Thalmann Financial Services, Inc		1,773
1,377		Lazard Ltd (Class A)		29,055
1,957		Legg Mason, Inc		50,314
2,393		Leucadia National Corp		54,273
425	*	LPL Investment Holdings, Inc		10,804
250		Main Street Capital Corp		4,440
383		MarketAxess Holdings, Inc		9,966
102	*	Marlin Business Services Corp		1,081
778		MCG Capital Corp		3,081
175		Medallion Financial Corp		1,628
2,044	*	MF Global Holdings Ltd		8,442
2,471		Moody’s Corp		75,242
19,195		Morgan Stanley		259,133
1,492	*	MSCI, Inc (Class A)		45,252
407		MVC Capital, Inc		4,261
1,637	*	Nasdaq Stock Market, Inc		37,880
320		Nelnet, Inc (Class A)		6,010
370	*,e	Netspend Holdings, Inc		1,902
341	*	NewStar Financial, Inc		3,185
300		NGP Capital Resources Co		1,962
120	e	Nicholas Financial, Inc		1,172
2,854		Northern Trust Corp		99,833
3,386		NYSE Euronext		78,691
116		Oppenheimer Holdings, Inc		1,861
385		PennantPark Investment Corp		3,434
639	*	PHH Corp		10,275
272	*	Pico Holdings, Inc		5,579

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
236	*	Piper Jaffray Cos	$	4,231
205	*	Portfolio Recovery Associates, Inc		12,755
499	*	Primus Guaranty Ltd		2,630
1,269	e	Prospect Capital Corp		10,672
90		Pzena Investment Management, Inc (Class A)		295
1,266		Raymond James Financial, Inc		32,865
219	*	Safeguard Scientifics, Inc		3,285
209		Sanders Morris Harris Group, Inc		1,350
1,802		SEI Investments Co		27,715
6,449		SLM Corp		80,290
456		Solar Capital Ltd		9,179
6,265		State Street Corp		201,482
676	*	Stifel Financial Corp		17,955
289		SWS Group, Inc		1,355
3,302		T Rowe Price Group, Inc		157,737
2,921		TD Ameritrade Holding Corp		42,953
104		THL Credit, Inc		1,136
330		TICC Capital Corp		2,696
227		Triangle Capital Corp		3,455
56	*	Virtus Investment Partners, Inc		3,003
1,037		Waddell & Reed Financial, Inc (Class A)		25,935
287		Walter Investment Management Corp		6,581
61		Westwood Holdings Group, Inc		2,108
199	*	World Acceptance Corp		11,134
		TOTAL DIVERSIFIED FINANCIALS		9,098,312
ENERGY - 10.5%
2,642	*,e	Abraxas Petroleum Corp		6,975
142		Alon USA Energy, Inc		870
2,853	*	Alpha Natural Resources, Inc		50,470
218	*,e	Amyris Biotechnologies, Inc		4,412
6,185		Anadarko Petroleum Corp		389,964
4,765		Apache Corp		382,344
180		APCO Argentina, Inc		13,396
284	*,e	Approach Resources, Inc		4,825
2,629		Arch Coal, Inc		38,331
643	*,e	ATP Oil & Gas Corp		4,958
675	*	Atwood Oceanics, Inc		23,193
5,392		Baker Hughes, Inc		248,895
369	*	Basic Energy Services, Inc		5,225
617		Berry Petroleum Co (Class A)		21,829
553	*	Bill Barrett Corp		20,041
1,271	*,e	BPZ Energy, Inc		3,521
1,428	*	Brigham Exploration Co		36,071
433		Bristow Group, Inc		18,372
144	*	C&J Energy Services, Inc		2,367
1,290		Cabot Oil & Gas Corp		79,864
1,143	*	Cal Dive International, Inc		2,183
354	*	Callon Petroleum Co		1,370
3,069	*	Cameron International Corp		127,486
235		CARBO Ceramics, Inc		24,095
483	*	Carrizo Oil & Gas, Inc		10,409
882	*	Cheniere Energy, Inc		4,542
8,173		Chesapeake Energy Corp		208,820
24,986		Chevron Corp		2,311,704
1,064		Cimarex Energy Co		59,265
90	*,e	Clayton Williams Energy, Inc		3,853
485	*,e	Clean Energy Fuels Corp		5,393
755	*	Cloud Peak Energy, Inc		12,797
1,471	*	Cobalt International Energy, Inc		11,341
935	*	Complete Production Services, Inc		17,625
599	*,e	Comstock Resources, Inc		9,261
1,248	*	Concho Resources, Inc		88,783
17,570		ConocoPhillips		1,112,531
2,815		Consol Energy, Inc		95,513
151	*	Contango Oil & Gas Co		8,261
365	*,e	Continental Resources, Inc		17,655
598		Core Laboratories NV		53,718
456		Crosstex Energy, Inc		6,147
1,093	*	CVR Energy, Inc		23,106
80	*	Dawson Geophysical Co		1,886

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
69		Delek US Holdings, Inc	$	778
4,935	*	Denbury Resources, Inc		56,753
5,257	*	Devon Energy Corp		291,448
449		DHT Maritime, Inc		916
829	e	Diamond Offshore Drilling, Inc		45,379
994	*	Dresser-Rand Group, Inc		40,287
416	*	Dril-Quip, Inc		22,427
9,620		El Paso Corp		168,158
780	*	Endeavour International Corp		6,224
866		Energen Corp		35,411
354	*	Energy Partners Ltd		3,919
938	*	Energy XXI Bermuda Ltd		20,120
3,337		EOG Resources, Inc		236,960
1,668		Equitable Resources, Inc		89,004
1,767	e	EXCO Resources, Inc		18,942
747	*,e	Exterran Holdings, Inc		7,261
61,227	d	Exxon Mobil Corp		4,446,916
2,987	*	FMC Technologies, Inc		112,311
1,348	*	Forest Oil Corp		19,411
623	e	Frontline Ltd		3,022
386	*,e	FX Energy, Inc		1,594
1,809	*	Gastar Exploration Ltd		5,427
570	e	General Maritime Corp		148
153	*,e	Georesources, Inc		2,722
690	*	Global Geophysical Services, Inc		5,499
1,315	*	Global Industries Ltd		10,415
1,500	*,e	GMX Resources, Inc		3,405
457		Golar LNG Ltd		14,523
321	*	Goodrich Petroleum Corp		3,794
143	*,e	Green Plains Renewable Energy, Inc		1,334
190		Gulf Island Fabrication, Inc		3,929
287	*	Gulfmark Offshore, Inc		10,430
484	*	Gulfport Energy Corp		11,703
11,419		Halliburton Co		348,508
978	*,e	Harvest Natural Resources, Inc		8,381
1,341	*	Helix Energy Solutions Group, Inc		17,567
1,186		Helmerich & Payne, Inc		48,152
1,501	*	Hercules Offshore, Inc		4,383
3,751		Hess Corp		196,777
2,322		Holly Corp		60,883
301	*,e	Hornbeck Offshore Services, Inc		7,498
220	e	Houston American Energy Corp		3,027
1,947	*,e	Hyperdynamics Corp		7,204
1,704	*	ION Geophysical Corp		8,060
13	*	Isramco, Inc		751
420	*,e	James River Coal Co		2,675
1,861	*	Key Energy Services, Inc		17,661
2,124	e	Kinder Morgan, Inc		54,990
134	*	KiOR, Inc (Class A)		2,779
185		Knightsbridge Tankers Ltd		3,062
2,999	*,e	Kodiak Oil & Gas Corp		15,625
409	*	Kosmos Energy LLC		4,789
192	*,e	L&L Energy, Inc		518
400		Lufkin Industries, Inc		21,284
1,790	*,e	Magnum Hunter Resources Corp		5,925
8,852		Marathon Oil Corp		191,026
4,426		Marathon Petroleum Corp		119,768
440	*	Matrix Service Co		3,744
2,913	*	McDermott International, Inc		31,344
1,294	*,e	McMoRan Exploration Co		12,849
1,226	*,e	Miller Petroleum, Inc		3,237
120	*	Mitcham Industries, Inc		1,344
2,424		Murphy Oil Corp		107,044
3,568	*	Nabors Industries Ltd		43,744
5,266		National Oilwell Varco, Inc		269,725
136	*	Natural Gas Services Group, Inc		1,745
1,672	*	Newfield Exploration Co		66,362
1,250	*	Newpark Resources, Inc		7,613
2,197		Noble Energy, Inc		155,548
562		Nordic American Tanker Shipping		7,924
746	*,e	Northern Oil And Gas, Inc		14,465

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
743	*,e	Oasis Petroleum, Inc	$	16,591
10,104		Occidental Petroleum Corp		722,436
1,326		Oceaneering International, Inc		46,861
637	*	Oil States International, Inc		32,436
443	e	Overseas Shipholding Group, Inc		6,087
42	*	OYO Geospace Corp		2,364
4,228	*,e	Pacific Asia Petroleum, Inc		2,537
85		Panhandle Oil and Gas, Inc (Class A)		2,411
1,722	*	Parker Drilling Co		7,560
1,236	*,e	Patriot Coal Corp		10,457
1,923		Patterson-UTI Energy, Inc		33,345
3,378		Peabody Energy Corp		114,447
551		Penn Virginia Corp		3,069
229	*	Petroleum Development Corp		4,440
815	*,e	Petroquest Energy, Inc		4,483
149	*	PHI, Inc		2,852
568	*	Pioneer Drilling Co		4,078
1,462		Pioneer Natural Resources Co		96,156
1,680	*	Plains Exploration & Production Co		38,153
2,161		Questar Market Resources, Inc		58,498
1,420	*,e	Quicksilver Resources, Inc		10,764
1,969		Range Resources Corp		115,108
2,606	*	Rentech, Inc		2,033
460	*,e	Resolute Energy Corp		5,226
494	*	Rex Energy Corp		6,249
92	*	Rex Stores Corp		1,553
657	*	Rosetta Resources, Inc		22,483
1,533	*	Rowan Cos, Inc		46,281
505		RPC, Inc		8,242
5,100	*,e	SandRidge Energy, Inc		28,356
16,866		Schlumberger Ltd		1,007,406
156	*	Scorpio Tankers, Inc		824
272		SEACOR Holdings, Inc		21,817
517	*	SemGroup Corp		10,319
482	e	Ship Finance International Ltd		6,266
135	*	Solazyme, Inc		1,297
1,550		Southern Union Co		62,884
4,325	*	Southwestern Energy Co		144,152
8,242		Spectra Energy Corp		202,176
754		St. Mary Land & Exploration Co		45,730
539	*	Stone Energy Corp		8,737
1,505		Sunoco, Inc		46,670
943	*	Superior Energy Services		24,744
514	*	Swift Energy Co		12,511
5,451	*,e	Syntroleum Corp		4,688
200		Targa Resources Investments, Inc		5,950
480	e	Teekay Corp		10,853
320	e	Teekay Tankers Ltd (Class A)		1,472
364	*	Tesco Corp		4,222
1,783	*	Tesoro Corp		34,715
974	*	Tetra Technologies, Inc		7,519
645		Tidewater, Inc		27,122
522	*	Triangle Petroleum Corp		1,874
1,944	*	Ultra Petroleum Corp		53,888
300	*	Union Drilling, Inc		1,410
488	*	Unit Corp		18,017
797	*,e	Uranerz Energy Corp		1,092
1,254	*,e	Uranium Energy Corp		3,436
1,160	*,e	Uranium Resources, Inc		791
1,290	*	Ur-Energy, Inc		1,161
1,472	*,e	USEC, Inc		2,370
621	*	Vaalco Energy, Inc		3,018
7,139		Valero Energy Corp		126,931
5,036	*	Vantage Drilling Co		6,295
231	*	Venoco, Inc		2,035
580	*,e	Voyager Oil & Gas, Inc		1,218
414		W&T Offshore, Inc		5,697
580	*	Warren Resources, Inc		1,392
925	*,e	Western Refining, Inc		11,526
125	*	Westmoreland Coal Co		970
1,408	*	Whiting Petroleum Corp		49,393

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,032	*	Willbros Group, Inc	$	4,303
7,343		Williams Cos, Inc		178,729
874		World Fuel Services Corp		28,536
310	*,e	Zion Oil & Gas, Inc		608
		TOTAL ENERGY		16,804,538
FOOD & STAPLES RETAILING - 2.0%
207		Andersons, Inc		6,968
15		Arden Group, Inc (Class A)		1,193
650	*	BJ’s Wholesale Club, Inc		33,306
496		Casey’s General Stores, Inc		21,650
5,431		Costco Wholesale Corp		445,994
16,853		CVS Corp		565,924
350	*,e	Fresh Market, Inc		13,356
100		Ingles Markets, Inc (Class A)		1,424
7,540		Kroger Co		165,578
180		Nash Finch Co		4,847
248	*	Pantry, Inc		3,008
187		Pricesmart, Inc		11,654
7,015	*,e	Rite Aid Corp		6,875
610		Ruddick Corp		23,784
4,400		Safeway, Inc		73,172
217		Spartan Stores, Inc		3,359
2,554	e	Supervalu, Inc		17,010
91	*	Susser Holdings Corp		1,814
7,360		Sysco Corp		190,624
668	*	United Natural Foods, Inc		24,743
77		Village Super Market (Class A)		1,843
11,377		Walgreen Co		374,190
22,057		Wal-Mart Stores, Inc		1,144,757
133		Weis Markets, Inc		4,929
1,912		Whole Foods Market, Inc		124,873
610	*	Winn-Dixie Stores, Inc		3,611
		TOTAL FOOD & STAPLES RETAILING		3,270,486
FOOD, BEVERAGE & TOBACCO - 5.6%
100		Alico, Inc		1,964
1,062	*	Alliance One International, Inc		2,591
26,022		Altria Group, Inc		697,650
8,352		Archer Daniels Midland Co		207,213
571		B&G Foods, Inc (Class A)		9,524
100	*,e	Boston Beer Co, Inc (Class A)		7,270
1,312		Brown-Forman Corp (Class B)		92,024
1,858		Bunge Ltd		108,303
125	e	Calavo Growers, Inc		2,565
200	e	Cal-Maine Foods, Inc		6,286
2,226		Campbell Soup Co		72,056
841	*,e	Central European Distribution Corp		5,895
536	*	Chiquita Brands International, Inc		4,470
77		Coca-Cola Bottling Co Consolidated		4,270
24,557		Coca-Cola Co		1,659,072
4,042		Coca-Cola Enterprises, Inc		100,565
5,228		ConAgra Foods, Inc		126,622
2,181	*	Constellation Brands, Inc (Class A)		39,258
949		Corn Products International, Inc		37,239
1,454	*	Darling International, Inc		18,306
2,171	*	Dean Foods Co		19,257
262	e	Diamond Foods, Inc		20,905
433	*,e	Dole Food Co, Inc		4,330
2,800		Dr Pepper Snapple Group, Inc		108,584
200		Farmer Bros Co		1,102
1,420		Flowers Foods, Inc		27,633
476		Fresh Del Monte Produce, Inc		11,043
7,937		General Mills, Inc		305,336
1,528	*	Green Mountain Coffee Roasters, Inc		142,012
38		Griffin Land & Nurseries, Inc (Class A)		976
3,984		H.J. Heinz Co		201,112
490	*	Hain Celestial Group, Inc		14,970
870	*	Hansen Natural Corp		75,942
954	*,e	Heckmann Corp		5,047
1,934		Hershey Co		114,570
1,690		Hormel Foods Corp		45,664
125	e	Imperial Sugar Co		805
192		J&J Snack Foods Corp		9,226

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,442		J.M. Smucker Co	$	105,107
3,059		Kellogg Co		162,708
20,275		Kraft Foods, Inc (Class A)		680,835
260	e	Lancaster Colony Corp		15,863
591		Lance, Inc		12,322
101	e	Limoneira Co		1,442
1,787		Lorillard, Inc		197,821
1,734		McCormick & Co, Inc		80,041
2,541		Mead Johnson Nutrition Co		174,897
1,727		Molson Coors Brewing Co (Class B)		68,406
129		National Beverage Corp		1,956
245	*	Omega Protein Corp		2,225
19,647		PepsiCo, Inc		1,216,149
22,104		Philip Morris International, Inc		1,378,847
586	*,e	Pilgrim’s Pride Corp		2,502
751	*	Ralcorp Holdings, Inc		57,609
4,046		Reynolds American, Inc		151,644
272	e	Sanderson Farms, Inc		12,920
7,390		Sara Lee Corp		120,827
77	*	Seneca Foods Corp		1,525
718	*	Smart Balance, Inc		4,236
2,062	*	Smithfield Foods, Inc		40,209
1,331	*,e	Star Scientific, Inc		3,075
215	*,e	Synutra International, Inc		1,144
390	e	Tootsie Roll Industries, Inc		9,407
417	*	TreeHouse Foods, Inc		25,787
3,645		Tyson Foods, Inc (Class A)		63,277
302		Universal Corp		10,830
798	e	Vector Group Ltd		13,710
		TOTAL FOOD, BEVERAGE & TOBACCO		8,928,978
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
247	*	Abaxis, Inc		5,659
400	*	Abiomed, Inc		4,412
501	*,e	Accretive Health, Inc		10,636
682	*,e	Accuray, Inc		2,742
4,718		Aetna, Inc		171,499
114	*	Air Methods Corp		7,258
700	*	Align Technology, Inc		10,619
312	*	Alliance Imaging, Inc		356
2,366	*	Allscripts Healthcare Solutions, Inc		42,635
72	*	Almost Family, Inc		1,197
620	*	Alphatec Holdings, Inc		1,308
341	*	Amedisys, Inc		5,054
155	*	American Dental Partners, Inc		1,497
546	*	Amerigroup Corp		21,299
3,407		AmerisourceBergen Corp		126,979
357	*	AMN Healthcare Services, Inc		1,432
451	*	Amsurg Corp		10,148
150		Analogic Corp		6,812
275	*	Angiodynamics, Inc		3,614
844	*	Antares Pharma, Inc		1,958
325	*	Arthrocare Corp		9,350
264		Assisted Living Concepts, Inc (A Shares)		3,345
404	*,e	athenahealth, Inc		24,058
170	*	AtriCure, Inc		1,656
18		Atrion Corp		3,733
1,156		Bard (C.R.), Inc		101,196
7,088		Baxter International, Inc		397,920
2,719		Becton Dickinson & Co		199,357
354	*,e	Biolase Technology, Inc		1,061
412	*,e	Bio-Reference Labs, Inc		7,585
496	*	BioScrip, Inc		3,155
18,988	*	Boston Scientific Corp		112,219
1,200	*	Brookdale Senior Living, Inc		15,048
146		Cantel Medical Corp		3,084
236	*	Capital Senior Living Corp		1,456
4,480		Cardinal Health, Inc		187,622
291	*	CardioNet, Inc		873
160	*,e	Cardiovascular Systems, Inc		1,822
2,778	*	CareFusion Corp		66,533

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
560	*	Catalyst Health Solutions, Inc	$	32,306
390	*,e	CBaySystems Holdings Ltd		2,948
593	*	Centene Corp		17,001
1,766	*	Cerner Corp		121,006
449	*	Cerus Corp		952
281		Chemed Corp		15,444
128	*	Chindex International, Inc		1,128
3,363		Cigna Corp		141,044
1,183	*	Community Health Systems, Inc		19,685
185		Computer Programs & Systems, Inc		12,238
342	*	Conceptus, Inc		3,581
450	*	Conmed Corp		10,355
370	*	Continucare Corp		2,361
574		Cooper Cos, Inc		45,432
90	*	Corvel Corp		3,825
1,774	*	Coventry Health Care, Inc		51,109
6,161		Covidien plc		271,700
296	*	Cross Country Healthcare, Inc		1,237
253	*	CryoLife, Inc		1,136
327	*	Cyberonics, Inc		9,254
85	*	Cynosure, Inc (Class A)		858
1,187	*	DaVita, Inc		74,389
545	*,e	Delcath Systems, Inc		1,820
1,806		Dentsply International, Inc		55,426
689	*	DexCom, Inc		8,268
112	*	DynaVox, Inc		403
1,386	*	Edwards Lifesciences Corp		98,794
340	*,e	Emdeon, Inc		6,389
280	*,e	Emeritus Corp		3,948
536	*	Endologix, Inc		5,381
270		Ensign Group, Inc		6,240
78	*	Exactech, Inc		1,098
338	*	EXamWorks, Inc		3,441
6,072	*	Express Scripts, Inc		225,089
374	*	Five Star Quality Care, Inc		935
645	*	Gen-Probe, Inc		36,926
376	*	Gentiva Health Services, Inc		2,076
269	*	Greatbatch, Inc		5,383
360	*	Haemonetics Corp		21,053
414	*	Hanger Orthopedic Group, Inc		7,820
191	*,e	Hansen Medical, Inc		634
1,625	*	HCA Holdings, Inc		32,760
3,008	*	Health Management Associates, Inc (Class A)		20,815
1,131	*	Health Net, Inc		26,816
1,191	*	Healthsouth Corp		17,782
851	*	Healthspring, Inc		31,027
190	*	HealthStream, Inc		2,438
402	*	Healthways, Inc		3,952
149	*,e	HeartWare International, Inc		9,597
1,245	*	Henry Schein, Inc		77,202
759		Hill-Rom Holdings, Inc		22,785
1,005	*	HMS Holdings Corp		24,512
3,249	*	Hologic, Inc		49,417
2,092		Humana, Inc		152,151
154	*	ICU Medical, Inc		5,667
720	*	Idexx Laboratories, Inc		49,658
573	*,e	Insulet Corp		8,744
289	*	Integra LifeSciences Holdings Corp		10,338
492	*	Intuitive Surgical, Inc		179,226
316		Invacare Corp		7,281
1,041	*	Inverness Medical Innovations, Inc		20,456
220	*	IPC The Hospitalist Co, Inc		7,852
205	*	IRIS International, Inc		1,839
66	*	Kensey Nash Corp		1,617
613	*	Kindred Healthcare, Inc		5,284
794	*	Kinetic Concepts, Inc		52,317
1,245	*	Laboratory Corp of America Holdings		98,417
174		Landauer, Inc		8,620
267	*	LHC Group, Inc		4,555
654	*	LifePoint Hospitals, Inc		23,963

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,219		Lincare Holdings, Inc	$	27,428
430	*	Magellan Health Services, Inc		20,769
397	*,e	MAKO Surgical Corp		13,585
611		Masimo Corp		13,228
3,133		McKesson Corp		227,769
486	*	MedAssets, Inc		4,670
4,971	*	Medco Health Solutions, Inc		233,090
147	*	Medical Action Industries, Inc		742
231	*	Medidata Solutions, Inc		3,798
13,302		Medtronic, Inc		442,157
314	*	Merge Healthcare, Inc		1,912
489		Meridian Bioscience, Inc		7,697
387	*	Merit Medical Systems, Inc		5,085
478	*	Metropolitan Health Networks, Inc		2,170
349	*	Molina Healthcare, Inc		5,389
131	*	MWI Veterinary Supply, Inc		9,015
100		National Healthcare Corp		3,230
316	*	Natus Medical, Inc		3,005
250	*	Neogen Corp		8,680
1,084	*,e	Neoprobe Corp		3,209
472	*,e	NuVasive, Inc		8,057
452	*	NxStage Medical, Inc		9,429
1,451		Omnicare, Inc		36,899
387	*	Omnicell, Inc		5,333
360	*	OraSure Technologies, Inc		2,866
181	*	Orthofix International NV		6,246
754		Owens & Minor, Inc		21,474
200	*	Palomar Medical Technologies, Inc		1,576
1,289		Patterson Cos, Inc		36,904
598	*	Pediatrix Medical Group, Inc		37,459
373	*	PharMerica Corp		5,323
97	*	Providence Service Corp		1,033
731	*	PSS World Medical, Inc		14,393
226	e	Quality Systems, Inc		21,922
1,841		Quest Diagnostics, Inc		90,872
333	*,e	Quidel Corp		5,451
380	*,e	RadNet, Inc		927
1,903	*	Resmed, Inc		54,787
198	*,e	Rockwell Medical Technologies, Inc		1,616
611	*	RTI Biologics, Inc		2,010
599	*,e	Select Medical Holdings Corp		3,995
694	*	Sirona Dental Systems, Inc		29,433
246	*	Skilled Healthcare Group, Inc (Class A)		888
685	*	Solta Medical, Inc		856
166	*	SonoSite, Inc		5,036
330	*	Spectranetics Corp		2,356
4,088		St. Jude Medical, Inc		147,945
407	*	Staar Surgical Co		3,175
300	*,e	Stereotaxis, Inc		333
745		STERIS Corp		21,806
3,896		Stryker Corp		183,618
199	*,e	Sun Healthcare Group, Inc		537
1,257	*,e	Sunrise Senior Living, Inc		5,820
147	*	SurModics, Inc		1,338
738	*	SXC Health Solutions Corp		41,107
376	*	Symmetry Medical, Inc		2,903
280	*	Synergetics USA, Inc		1,509
146	*	Synovis Life Technologies, Inc		2,438
332	*	Team Health Holdings, Inc		5,451
484		Teleflex, Inc		26,025
5,785	*	Tenet Healthcare Corp		23,892
682	*	Thoratec Corp		22,260
128	*	Tornier BV		2,623
76	*	Transcend Services, Inc		1,713
246	*	Triple-S Management Corp (Class B)		4,121
584	*,e	Unilife Corp		2,453
13,465		UnitedHealth Group, Inc		621,007
417		Universal American Corp		4,195
1,112		Universal Health Services, Inc (Class B)		37,808
260	*,e	Uroplasty, Inc		1,261
133		US Physical Therapy, Inc		2,463

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
376	*	Vanguard Health Systems, Inc	$	3,820
1,505	*	Varian Medical Systems, Inc		78,501
200	*	Vascular Solutions, Inc		2,290
1,033	*	VCA Antech, Inc		16,507
603	*	Volcano Corp		17,867
530	*	WellCare Health Plans, Inc		20,129
4,565		WellPoint, Inc		298,004
397		West Pharmaceutical Services, Inc		14,729
456	*	Wright Medical Group, Inc		8,153
68		Young Innovations, Inc		1,938
2,443	*	Zimmer Holdings, Inc		130,701
255	*	Zoll Medical Corp		9,624
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		7,079,221
HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
5,392		Avon Products, Inc		105,683
798	*	Central Garden and Pet Co (Class A)		5,650
1,786		Church & Dwight Co, Inc		78,941
1,657		Clorox Co		109,909
6,076		Colgate-Palmolive Co		538,820
350	*	Elizabeth Arden, Inc		9,954
867	*	Energizer Holdings, Inc		57,603
1,327		Estee Lauder Cos (Class A)		116,564
204	e	Female Health Co		832
1,488		Herbalife Ltd		79,757
140		Inter Parfums, Inc		2,163
4,882		Kimberly-Clark Corp		346,671
152	*,e	Medifast, Inc		2,455
140	*	Nature’s Sunshine Products, Inc		1,971
679		Nu Skin Enterprises, Inc (Class A)		27,513
127	*	Nutraceutical International Corp		1,623
63	e	Oil-Dri Corp of America		1,171
621	*	Prestige Brands Holdings, Inc		5,620
34,694		Procter & Gamble Co		2,191,966
238	*	Revlon, Inc (Class A)		2,932
217	*	Spectrum Brands, Inc		5,126
92	*,e	USANA Health Sciences, Inc		2,530
314		WD-40 Co		12,510
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		3,707,964
INSURANCE - 3.6%
4,194		ACE Ltd		254,157
5,812		Aflac, Inc		203,129
70	*	Alleghany Corp		20,195
599		Allied World Assurance Co Holdings Ltd		32,172
6,498		Allstate Corp		153,938
629		American Equity Investment Life Holding Co		5,504
1,036		American Financial Group, Inc		32,189
5,461	*	American International Group, Inc		119,869
85		American National Insurance Co		5,886
118	*	American Safety Insurance Holdings Ltd		2,171
202	*	Amerisafe, Inc		3,719
294		Amtrust Financial Services, Inc		6,544
4,185		AON Corp		175,686
1,780	*	Arch Capital Group Ltd		58,162
374		Argo Group International Holdings Ltd		10,610
1,551		Arthur J. Gallagher & Co		40,791
961		Aspen Insurance Holdings Ltd		22,141
1,198		Assurant, Inc		42,888
2,211		Assured Guaranty Ltd		24,299
1,609		Axis Capital Holdings Ltd		41,737
125		Baldwin & Lyons, Inc (Class B)		2,671
21,735	*	Berkshire Hathaway, Inc (Class B)		1,544,055
1,536		Brown & Brown, Inc		27,341
3,636		Chubb Corp		218,124
1,758	e	Cincinnati Financial Corp		46,288
387	*,e	Citizens, Inc (Class A)		2,481
303		CNA Financial Corp		6,808
2,903	*	Conseco, Inc		15,705
245		Crawford & Co (Class B)		1,313
571		Delphi Financial Group, Inc (Class A)		12,288

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
143		Donegal Group, Inc (Class A)	$	1,722
280	*	eHealth, Inc		3,825
60		EMC Insurance Group, Inc		1,104
620		Employers Holdings, Inc		7,911
551		Endurance Specialty Holdings Ltd		18,817
76	*	Enstar Group Ltd		7,237
363		Erie Indemnity Co (Class A)		25,838
631		Everest Re Group Ltd		50,089
155		FBL Financial Group, Inc (Class A)		4,126
2,808		Fidelity National Title Group, Inc (Class A)		42,625
1,253		First American Financial Corp		16,038
472		Flagstone Reinsurance Holdings Ltd		3,658
118	*	Fpic Insurance Group, Inc		4,937
5,894	*	Genworth Financial, Inc (Class A)		33,832
327	*	Greenlight Capital Re Ltd (Class A)		6,782
136	*	Hallmark Financial Services		1,002
539		Hanover Insurance Group, Inc		19,135
168		Harleysville Group, Inc		9,888
5,508		Hartford Financial Services Group, Inc		88,899
1,378		HCC Insurance Holdings, Inc		37,275
525	*	Hilltop Holdings, Inc		3,785
467		Horace Mann Educators Corp		5,328
205		Infinity Property & Casualty Corp		10,758
77		Kansas City Life Insurance Co		2,377
614		Kemper Corp		14,711
3,894		Lincoln National Corp		60,863
3,940		Loews Corp		136,127
553		Maiden Holdings Ltd		4,087
121	*	Markel Corp		43,213
6,815		Marsh & McLennan Cos, Inc		180,870
1,052		Max Capital Group Ltd		19,956
1,717	*	MBIA, Inc		12,483
694		Meadowbrook Insurance Group, Inc		6,184
303		Mercury General Corp		11,620
10,195		Metlife, Inc		285,563
855		Montpelier Re Holdings Ltd		15,116
667	*	National Financial Partners Corp		7,297
173		National Interstate Corp		3,803
27		National Western Life Insurance Co (Class A)		3,659
149	*	Navigators Group, Inc		6,437
3,022		Old Republic International Corp		26,956
313		OneBeacon Insurance Group Ltd (Class A)		4,269
896		PartnerRe Ltd		46,834
1,675	*	Phoenix Cos, Inc		2,044
543		Platinum Underwriters Holdings Ltd		16,697
200		Presidential Life Corp		1,644
424		Primerica, Inc		9,141
4,126		Principal Financial Group		93,536
400		ProAssurance Corp		28,808
8,090		Progressive Corp		143,678
1,036		Protective Life Corp		16,193
5,979		Prudential Financial, Inc		280,177
912		Reinsurance Group of America, Inc (Class A)		41,906
697		RenaissanceRe Holdings Ltd		44,469
224		RLI Corp		14,242
200		Safety Insurance Group, Inc		7,566
257		SeaBright Insurance Holdings, Inc		1,850
656		Selective Insurance Group, Inc		8,561
628		Stancorp Financial Group, Inc		17,314
200		State Auto Financial Corp		2,630
200		Stewart Information Services Corp		1,768
839		Symetra Financial Corp		6,838
1,489		Torchmark Corp		51,907
503		Tower Group, Inc		11,499
713		Transatlantic Holdings, Inc		34,595
5,206		Travelers Cos, Inc		253,688
257	*	United America Indemnity Ltd		4,390
234		United Fire & Casualty Co		4,139
4,006		UnumProvident Corp		83,966
962		Validus Holdings Ltd		23,973
1,419		W.R. Berkley Corp		42,130
92		White Mountains Insurance Group Ltd		37,329
3,842		XL Capital Ltd		72,230
		TOTAL INSURANCE		5,788,805

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
MATERIALS - 3.9%
412		A. Schulman, Inc	$	7,000
78	*	AEP Industries, Inc		1,732
2,633		Air Products & Chemicals, Inc		201,082
1,071		Airgas, Inc		68,351
1,349	e	AK Steel Holding Corp		8,822
1,140		Albemarle Corp		46,056
12,862		Alcoa, Inc		123,089
1,325		Allegheny Technologies, Inc		49,012
1,107	*	Allied Nevada Gold Corp		39,642
292		AMCOL International Corp		7,005
241	e	American Vanguard Corp		2,690
816		Aptargroup, Inc		36,451
297		Arch Chemicals, Inc		13,935
983		Ashland, Inc		43,390
331		Balchem Corp		12,350
2,222		Ball Corp		68,926
1,312		Bemis Co, Inc		38,455
1,302		Boise, Inc		6,731
300	*	Brush Engineered Materials, Inc		6,804
520		Buckeye Technologies, Inc		12,537
793		Cabot Corp		19,651
730	*	Calgon Carbon Corp		10,636
574		Carpenter Technology Corp		25,767
200	*	Castle (A.M.) & Co		2,188
1,861		Celanese Corp (Series A)		60,538
742	*	Century Aluminum Co		6,633
890		CF Industries Holdings, Inc		109,817
1,194	*	Chemtura		11,976
516	*	Clearwater Paper Corp		17,534
1,700		Cleveland-Cliffs, Inc		86,989
1,061	*	Coeur d’Alene Mines Corp		22,748
1,329		Commercial Metals Co		12,639
404		Compass Minerals International, Inc		26,979
2,027	*	Crown Holdings, Inc		62,046
584		Cytec Industries, Inc		20,522
127		Deltic Timber Corp		7,579
508		Domtar Corp		34,630
14,514		Dow Chemical Co		325,984
11,424		Du Pont (E.I.) de Nemours & Co		456,616
525		Eagle Materials, Inc		8,741
868		Eastman Chemical Co		59,484
2,980		Ecolab, Inc		145,692
1,134	*	Ferro Corp		6,974
630	*,e	Flotek Industries, Inc		2,942
876		FMC Corp		60,584
11,813		Freeport-McMoRan Copper & Gold, Inc (Class B)		359,707
235	e	FutureFuel Corp		2,444
1,260	*,e	General Moly, Inc		3,654
403	*	Georgia Gulf Corp		5,573
553		Glatfelter		7,305
743		Globe Specialty Metals, Inc		10,788
351		Gold Resource Corp		5,844
152	*,e	Golden Minerals Co		1,131
3,083	*	Golden Star Resources Ltd		5,734
1,659	*	Graphic Packaging Holding Co		5,724
475		Greif, Inc (Class A)		20,373
605		H.B. Fuller Co		11,023
107		Hawkins, Inc		3,407
128		Haynes International, Inc		5,562
760	*	Headwaters, Inc		1,094
3,881	*,e	Hecla Mining Co		20,802
716	*	Horsehead Holding Corp		5,313
2,580		Huntsman Corp		24,949
229		Innophos Holdings, Inc		9,130
293	*	Innospec, Inc		7,094
1,000		International Flavors & Fragrances, Inc		56,220
5,257		International Paper Co		122,226
650	*	Intrepid Potash, Inc		16,166
1,794	*,e	Jaguar Mining, Inc		8,432
162	e	Kaiser Aluminum Corp		7,173

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
460	*	Kapstone Paper and Packaging Corp	$	6,389
75		KMG Chemicals, Inc		924
239		Koppers Holdings, Inc		6,121
396	*	Kraton Polymers LLC		6,407
274	e	Kronos Worldwide, Inc		4,406
230	*	Landec Corp		1,224
1,562	*	Louisiana-Pacific Corp		7,966
229	*	LSB Industries, Inc		6,565
3,892		LyondellBasell Industries AF S.C.A		95,082
547	e	Martin Marietta Materials, Inc		34,581
2,129		MeadWestvaco Corp		52,289
135	*	Metals USA Holdings Corp		1,208
990	*	Midway Gold Corp		1,990
246		Minerals Technologies, Inc		12,120
698	*,e	Molycorp, Inc		22,943
6,661		Monsanto Co		399,926
3,413		Mosaic Co		167,135
426		Myers Industries, Inc		4,324
1,723		Nalco Holding Co		60,271
162		Neenah Paper, Inc		2,297
125	e	NewMarket Corp		18,984
5,984		Newmont Mining Corp		376,395
113		NL Industries, Inc		1,416
133	*	Noranda Aluminium Holding Corp		1,111
3,989		Nucor Corp		126,212
943		Olin Corp		16,983
89		Olympic Steel, Inc		1,508
346	*	OM Group, Inc		8,986
511	*	Omnova Solutions, Inc		1,829
1,985	*	Owens-Illinois, Inc		30,013
1,223		Packaging Corp of America		28,496
1,476	*,e	Paramount Gold and Silver Corp		3,483
1,112		PolyOne Corp		11,910
1,966		PPG Industries, Inc		138,918
3,771		Praxair, Inc		352,513
116		Quaker Chemical Corp		3,007
928		Reliance Steel & Aluminum Co		31,561
843		Rock-Tenn Co (Class A)		41,037
850	*	Rockwood Holdings, Inc		28,637
686	e	Royal Gold, Inc		43,945
1,552		RPM International, Inc		29,022
362	*	RTI International Metals, Inc		8,442
246		Schnitzer Steel Industries, Inc (Class A)		9,053
221		Schweitzer-Mauduit International, Inc		12,347
554	e	Scotts Miracle-Gro Co (Class A)		24,708
1,913		Sealed Air Corp		31,947
479	*	Senomyx, Inc		1,681
600		Sensient Technologies Corp		19,530
1,157		Sherwin-Williams Co		85,988
1,590		Sigma-Aldrich Corp		98,246
650		Silgan Holdings, Inc		23,881
1,458	*	Solutia, Inc		18,735
1,203		Sonoco Products Co		33,961
2,115		Southern Copper Corp (NY)		52,854
370	*	Spartech Corp		1,184
2,595		Steel Dynamics, Inc		25,742
100		Stepan Co		6,718
1,282	*	Stillwater Mining Co		10,897
345	*	STR Holdings, Inc		2,798
1,260		Temple-Inland, Inc		39,526
298	e	Texas Industries, Inc		9,459
164	*	Texas Petrochemicals, Inc		3,293
2,060	*	Thompson Creek Metals Co, Inc		12,504
1,028	e	Titanium Metals Corp		15,399
30	*	United States Lime & Minerals, Inc		1,197
1,738	e	United States Steel Corp		38,253
72	*	Universal Stainless & Alloy		1,830
334	*,e	US Energy Corp Wyoming		772
1,134	*	US Gold Corp		4,547
1,208		Valspar Corp		37,702
851	*,e	Vista Gold Corp		2,842

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,590	e	Vulcan Materials Co	$	43,821
786		Walter Energy, Inc		47,168
784		Wausau Paper Corp		5,010
220		Westlake Chemical Corp		7,542
735		Worthington Industries, Inc		10,268
878	*	WR Grace & Co		29,237
260		Zep, Inc		3,905
350	*	Zoltek Cos, Inc		2,251
		TOTAL MATERIALS		6,102,189
MEDIA - 3.1%
210		AH Belo Corp (Class A)		882
675	*	AMC Networks, Inc		21,566
361		Arbitron, Inc		11,942
946		Belo (A.H.) Corp (Class A)		4,626
2,700		Cablevision Systems Corp (Class A)		42,471
8,315		CBS Corp (Class B)		169,460
463	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		3,616
686	*,e	Charter Communications, Inc		32,132
1,151		Cinemark Holdings, Inc		21,731
400	*	Clear Channel Outdoor Holdings, Inc (Class A)		3,744
34,282		Comcast Corp (Class A)		716,493
200	*,e	Crown Media Holdings, Inc (Class A)		286
9,544	*	DIRECTV		403,234
3,487	*	Discovery Communications, Inc (Class A)		131,181
2,532		DISH Network Corp (Class A)		63,452
943	*	DreamWorks Animation SKG, Inc (Class A)		17,144
285	*,e	Entercom Communications Corp (Class A)		1,496
599	*	Entravision Communications Corp (Class A)		611
354	*	EW Scripps Co (Class A)		2,478
52	*	Fisher Communications, Inc		1,162
2,876		Gannett Co, Inc		27,408
137	*	Global Sources Ltd		927
591	*,e	Gray Television, Inc		922
700		Harte-Hanks, Inc		5,936
250	*	interCLICK, Inc		1,388
6,067		Interpublic Group of Cos, Inc		43,682
542		John Wiley & Sons, Inc (Class A)		24,076
474	*	Journal Communications, Inc (Class A)		1,408
284	*	Knology, Inc		3,686
736	*,e	Lamar Advertising Co (Class A)		12,534
3,446	*	Liberty Global, Inc (Class A)		124,676
878	*	Liberty Interactive LLC		58,053
638	*	Liberty Media Corp-Liberty Starz		40,551
341	*	Lin TV Corp (Class A)		743
823	*,e	Lions Gate Entertainment Corp		5,679
1,699	*	Live Nation, Inc		13,609
715	*	Madison Square Garden, Inc		16,302
239	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		746
732	*,e	McClatchy Co (Class A)		981
3,953		McGraw-Hill Cos, Inc		162,073
317		MDC Partners, Inc		4,571
426	e	Meredith Corp		9,645
303		Morningstar, Inc		17,101
760		National CineMedia, Inc		11,028
1,565	*,e	New York Times Co (Class A)		9,093
28,529		News Corp (Class A)		441,344
3,510		Omnicom Group, Inc		129,308
183		Outdoor Channel Holdings, Inc		1,047
202	*	Pandora Media, Inc		2,959
120	*,e	ReachLocal, Inc		1,304
1,035	e	Regal Entertainment Group (Class A)		12,151
114	*	Rentrak Corp		1,435
40	*	Saga Communications, Inc		1,180
365		Scholastic Corp		10,231
1,200		Scripps Networks Interactive (Class A)		44,604
540		Sinclair Broadcast Group, Inc (Class A)		3,872
50,576	*,e	Sirius XM Radio, Inc		76,370
4,730		Thomson Corp		127,899
4,180		Time Warner Cable, Inc		261,961
13,311		Time Warner, Inc		398,931
601	*,e	Valassis Communications, Inc		11,263

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
7,271		Viacom, Inc (Class B)	$	281,679
3,996		Virgin Media, Inc		97,303
23,495		Walt Disney Co		708,609
62	e	Washington Post Co (Class B)		20,272
251	e	World Wrestling Entertainment, Inc (Class A)		2,236
		TOTAL MEDIA		4,882,483
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
19,318		Abbott Laboratories		987,923
488	*,e	Achillion Pharmaceuticals, Inc		2,303
457	*	Acorda Therapeutics, Inc		9,122
166	*	Affymax, Inc		744
766	*	Affymetrix, Inc		3,753
4,326	*	Agilent Technologies, Inc		135,187
1,200	*	Akorn, Inc		9,372
276	*	Albany Molecular Research, Inc		778
2,344	*	Alexion Pharmaceuticals, Inc		150,157
1,288	*	Alkermes PLC		19,655
3,788		Allergan, Inc		312,055
955	*	Allos Therapeutics, Inc		1,757
434	*	Alnylam Pharmaceuticals, Inc		2,851
252	*	AMAG Pharmaceuticals, Inc		3,720
11,556		Amgen, Inc		635,001
250	*,e	Ampio Pharmaceuticals, Inc		1,663
1,697	*	Amylin Pharmaceuticals, Inc		15,663
249	*	Ardea Biosciences, Inc		3,889
955	*,e	Arena Pharmaceuticals, Inc		1,385
1,643	*,e	Ariad Pharmaceuticals, Inc		14,442
364	*	Arqule, Inc		1,838
600	*	Array Biopharma, Inc		1,176
703	*	Astex Pharmaceuticals		1,350
567	*	Auxilium Pharmaceuticals, Inc		8,499
1,563	*,e	AVANIR Pharmaceuticals, Inc		4,470
330	*	AVEO Pharmaceuticals, Inc		5,079
937	*,e	AVI BioPharma, Inc		1,049
572	*	BioCryst Pharmaceuticals, Inc		1,579
3,004	*	Biogen Idec, Inc		279,822
1,375	*	BioMarin Pharmaceuticals, Inc		43,821
528	*	BioMimetic Therapeutics, Inc		1,742
247	*	Bio-Rad Laboratories, Inc (Class A)		22,420
794	*,e	Biosante Pharmaceuticals, Inc		1,810
45	*,e	Biospecifics Technologies Corp		726
252	*,e	Biotime, Inc		1,111
21,207		Bristol-Myers Squibb Co		665,476
1,049	*	Bruker BioSciences Corp		14,193
480	*,e	Cadence Pharmaceuticals, Inc		3,144
539	*	Caliper Life Sciences, Inc		5,643
206	*	Cambrex Corp		1,038
5,753	*	Celgene Corp		356,225
2,078	*,e	Cell Therapeutics, Inc		2,203
175	*,e	Celldex Therapeutics, Inc		400
947	*,e	Cephalon, Inc		76,423
712	*	Cepheid, Inc		27,647
716	*	Charles River Laboratories International, Inc		20,492
1,587	*	Chelsea Therapeutics International, Inc		5,793
313	*	Codexis, Inc		1,430
916	*,e	Columbia Laboratories, Inc		1,786
804	*,e	Combinatorx, Inc		788
492	*,e	Corcept Therapeutics, Inc		1,525
772	*	Covance, Inc		35,087
805	*	Cubist Pharmaceuticals, Inc		28,433
754	*	Curis, Inc		2,383
335	*	Cytori Therapeutics, Inc		988
1,787	*	Dendreon Corp		16,083
567	*	Depomed, Inc		3,062
698	*	Durect Corp		1,124
300	*	Dusa Pharmaceuticals, Inc		1,110
1,197	*	Dyax Corp		1,508
4,132	*,e	Dynavax Technologies Corp		7,686
12,707		Eli Lilly & Co		469,778
220	*	Emergent Biosolutions, Inc		3,395

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,415	*	Endo Pharmaceuticals Holdings, Inc	$	39,606
242	*	Enzo Biochem, Inc		622
551	*	Enzon Pharmaceuticals, Inc		3,879
723	*	eResearch Technology, Inc		3,225
422	*	Exact Sciences Corp		2,798
2,025	*	Exelixis, Inc		11,057
3,617	*	Forest Laboratories, Inc		111,367
104	*	Furiex Pharmaceuticals Inc		1,480
270	*	Genomic Health, Inc		5,935
1,585	*,e	Geron Corp		3,360
9,783	*	Gilead Sciences, Inc		379,579
867	*	Halozyme Therapeutics, Inc		5,323
290	*	Harvard Bioscience, Inc		1,224
118	*	Hi-Tech Pharmacal Co, Inc		3,965
2,098	*	Hospira, Inc		77,626
2,356	*	Human Genome Sciences, Inc		29,898
431	*,e	Idenix Pharmaceuticals, Inc		2,151
1,556	*	Illumina, Inc		63,672
811	*,e	Immunogen, Inc		8,889
1,809	*,e	Immunomedics, Inc		5,789
738	*	Impax Laboratories, Inc		13,218
1,128	*,e	Incyte Corp		15,758
224	*	Infinity Pharmaceuticals, Inc		1,579
620	*	Inhibitex, Inc		1,525
312	*,e	Insmed, Inc		1,591
614	*	InterMune, Inc		12,403
622	*	Ironwood Pharmaceuticals, Inc		6,718
1,170	*	Isis Pharmaceuticals, Inc		7,933
322	*	ISTA Pharmaceuticals, Inc		1,111
273	*	Jazz Pharmaceuticals, Inc		11,335
34,072		Johnson & Johnson		2,170,726
618	*,e	Keryx Biopharmaceuticals, Inc		1,854
640	*,e	KV Pharmaceutical Co (Class A)		864
2,404	*	Lexicon Pharmaceuticals, Inc		2,211
2,313	*	Life Technologies Corp		88,889
230	*	Ligand Pharmaceuticals, Inc (Class B)		3,146
588	*	Luminex Corp		13,036
641	*,e	MannKind Corp		2,429
269	*	MAP Pharmaceuticals, Inc		3,933
317	e	Maxygen, Inc		1,734
547	*	Medicines Co		8,139
767		Medicis Pharmaceutical Corp (Class A)		27,980
668	*,e	Medivation, Inc		11,343
90		Medtox Scientific, Inc		1,178
38,362		Merck & Co, Inc		1,254,821
431	*,e	Metabolix, Inc		1,888
437	*	Mettler-Toledo International, Inc		61,163
964	*,e	Micromet, Inc		4,627
571	*,e	Momenta Pharmaceuticals, Inc		6,567
5,458	*	Mylan Laboratories, Inc		92,786
1,132	*	Myriad Genetics, Inc		21,214
612	*	Nabi Biopharmaceuticals		1,028
1,670	*	Nektar Therapeutics		8,100
559	*	Neurocrine Biosciences, Inc		3,343
765	*,e	Novavax, Inc		1,232
1,652	*	NPS Pharmaceuticals, Inc		10,755
203	*	Obagi Medical Products, Inc		1,841
120	*,e	OncoGenex Pharmaceutical, Inc		1,176
517	*,e	Oncothyreon, Inc		3,092
797	*	Onyx Pharmaceuticals, Inc		23,918
2,882	*,e	Opko Health, Inc		12,479
571	*,e	Optimer Pharmaceuticals, Inc		7,903
224	*,e	Orexigen Therapeutics, Inc		446
170	*	Osiris Therapeutics, Inc		870
424	*	Pacific Biosciences of California, Inc		1,361
300	e	Pain Therapeutics, Inc		1,428
424	*	Par Pharmaceutical Cos, Inc		11,287
647	*	Parexel International Corp		12,248
1,837		PDL BioPharma, Inc		10,195
617	*,e	Peregrine Pharmaceuticals, Inc		673
1,408		PerkinElmer, Inc		27,048

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,060		Perrigo Co	$	102,937
98,203		Pfizer, Inc		1,736,228
1,248		Pharmaceutical Product Development, Inc		32,024
468	*,e	Pharmacyclics, Inc		5,536
926	*	Pharmasset, Inc		76,275
322	*	Pozen, Inc		776
300	*	Progenics Pharmaceuticals, Inc		1,722
2,905	*,e	Qiagen N.V. (NASDAQ)		40,176
891	*	Questcor Pharmaceuticals, Inc		24,289
401	*,e	Raptor Pharmaceutical Corp		1,809
904	*	Regeneron Pharmaceuticals, Inc		52,613
854	*	Rigel Pharmaceuticals, Inc		6,285
85	*,e	Sagent Pharmaceuticals		1,720
722	*	Salix Pharmaceuticals Ltd		21,371
410	*,e	Sangamo Biosciences, Inc		1,784
630	*	Santarus, Inc		1,758
739	*,e	Savient Pharmaceuticals, Inc		3,030
450	*	Sciclone Pharmaceuticals, Inc		1,715
1,200	*,e	Seattle Genetics, Inc		22,872
1,228	*,e	Sequenom, Inc		6,251
310	*	SIGA Technologies, Inc		1,014
394	*	Spectrum Pharmaceuticals, Inc		3,006
271	*,e	Synta Pharmaceuticals Corp		881
286	*	Targacept, Inc		4,290
580		Techne Corp		39,446
853	*,e	Theravance, Inc		17,179
4,763	*	Thermo Electron Corp		241,197
686	*	United Therapeutics Corp		25,718
317	*	Vanda Pharmaceuticals, Inc		1,569
2,562	*	Vertex Pharmaceuticals, Inc		114,111
423	*	Vical, Inc		1,049
931	*	Viropharma, Inc		16,823
979	*,e	Vivus, Inc		7,901
2,109		Warner Chilcott plc		30,159
1,221	*	Waters Corp		92,173
1,573	*	Watson Pharmaceuticals, Inc		107,357
288	*	Xenoport, Inc		1,699
599	*,e	ZIOPHARM Oncology, Inc		2,642
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		12,047,707
REAL ESTATE - 3.0%
483		Acadia Realty Trust		9,032
79		Agree Realty Corp		1,721
24		Alexander’s, Inc		8,664
749		Alexandria Real Estate Equities, Inc		45,981
5,703		AMB Property Corp		138,298
393		American Assets Trust,Inc		7,054
786		American Campus Communities, Inc		29,247
2,179		American Capital Agency Corp		59,051
11,714		Annaly Capital Management, Inc		194,803
1,428		Anworth Mortgage Asset Corp		9,710
1,446		Apartment Investment & Management Co (Class A)		31,986
131		Apollo Commercial Real Estate Finance, Inc		1,725
619		ARMOUR Residential REIT, Inc		4,209
1,263		Ashford Hospitality Trust, Inc		8,866
672		Associated Estates Realty Corp		10,389
1,169		AvalonBay Communities, Inc		133,324
110	*,e	Avatar Holdings, Inc		900
1,747		BioMed Realty Trust, Inc		28,948
1,810		Boston Properties, Inc		161,271
1,550		Brandywine Realty Trust		12,416
940		BRE Properties, Inc (Class A)		39,800
806		Camden Property Trust		44,540
373		Campus Crest Communities, Inc		4,058
1,088		Capital Lease Funding, Inc		3,928
838		Capstead Mortgage Corp		9,671
1,729		CBL & Associates Properties, Inc		19,641
3,513	*	CBRE Group, Inc		47,284
1,018		Cedar Shopping Centers, Inc		3,166
105		Chatham Lodging Trust		1,042
462		Chesapeake Lodging Trust		5,576

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
12,294		Chimera Investment Corp	$	34,054
509		Cogdell Spencer, Inc		1,919
1,235		Colonial Properties Trust		22,428
666		Colony Financial, Inc		8,605
59	e	Consolidated-Tomoka Land Co		1,549
238		Coresite Realty		3,415
851		Corporate Office Properties Trust		18,535
1,084		Cousins Properties, Inc		6,341
715		CreXus Investment Corp		6,349
1,389	*	CubeSmart		11,848
1,094		CYS Investments, Inc		13,226
3,066		DCT Industrial Trust, Inc		13,460
2,398		DDR Corp		26,138
2,598		DiamondRock Hospitality Co		18,160
1,185		Digital Realty Trust, Inc		65,365
1,549		Douglas Emmett, Inc		26,488
2,789		Duke Realty Corp		29,285
734		DuPont Fabros Technology, Inc		14,452
1,055		Dynex Capital, Inc		8,503
305		EastGroup Properties, Inc		11,633
684		Education Realty Trust, Inc		5,876
580		Entertainment Properties Trust		22,608
365		Equity Lifestyle Properties, Inc		22,886
589		Equity One, Inc		9,342
3,664		Equity Residential		190,051
405		Essex Property Trust, Inc		48,616
183		Excel Trust, Inc		1,760
1,451		Extra Space Storage, Inc		27,032
774		Federal Realty Investment Trust		63,785
2,088	*	FelCor Lodging Trust, Inc		4,865
1,135	*	First Industrial Realty Trust, Inc		9,080
627		First Potomac Realty Trust		7,819
1,703	*	Forest City Enterprises, Inc (Class A)		18,154
498	*	Forestar Real Estate Group, Inc		5,433
839		Franklin Street Properties Corp		9,489
7,003		General Growth Properties, Inc		84,736
404		Getty Realty Corp		5,826
579		Gladstone Commercial Corp		9,079
1,568		Glimcher Realty Trust		11,101
625		Government Properties Income Trust		13,444
929		Hatteras Financial Corp		23,374
4,900		HCP, Inc		171,793
2,226		Health Care REIT, Inc		104,177
901		Healthcare Realty Trust, Inc		15,182
3,082		Hersha Hospitality Trust		10,664
856		Highwoods Properties, Inc		24,191
486		Home Properties, Inc		27,585
1,473		Hospitality Properties Trust		31,272
8,534		Host Marriott Corp		93,362
276	*	Howard Hughes Corp		11,620
898		HRPT Properties Trust		17,035
467		Hudson Pacific Properties		5,431
843		Inland Real Estate Corp		6,154
1,001		Invesco Mortgage Capital, Inc		14,144
895		Investors Real Estate Trust		6,444
1,264	*	iStar Financial, Inc		7,356
533		Jones Lang LaSalle, Inc		27,615
255	e	Kennedy-Wilson Holdings, Inc		2,703
707		Kilroy Realty Corp		22,129
5,056		Kimco Realty Corp		75,992
715		Kite Realty Group Trust		2,617
1,057		LaSalle Hotel Properties		20,294
2,104		Lexington Corporate Properties Trust		13,760
1,338		Liberty Property Trust		38,949
376		LTC Properties, Inc		9,520
1,628		Macerich Co		69,402
1,019		Mack-Cali Realty Corp		27,258
642	*	Maguire Properties, Inc		1,355
1,859		Medical Properties Trust, Inc		16,638
3,878		MFA Mortgage Investments, Inc		27,224
474		Mid-America Apartment Communities, Inc		28,544

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
220		Mission West Properties, Inc	$	1,670
237		Monmouth Real Estate Investment Corp (Class A)		1,879
478		National Health Investors, Inc		20,138
1,060		National Retail Properties, Inc		28,482
1,580		Newcastle Investment Corp		6,431
2,419		NorthStar Realty Finance Corp		7,983
499		NRDC Acquisition Corp		5,529
1,261		Omega Healthcare Investors, Inc		20,088
498		One Liberty Properties, Inc		7,301
259		Parkway Properties, Inc		2,852
650		Pebblebrook Hotel Trust		10,173
759		Pennsylvania Real Estate Investment Trust		5,867
342		Pennymac Mortgage Investment Trust		5,438
2,149		Piedmont Office Realty Trust, Inc		34,749
1,962		Plum Creek Timber Co, Inc		68,101
588		Post Properties, Inc		20,427
481		Potlatch Corp		15,161
235		PS Business Parks, Inc		11,642
1,745		Public Storage, Inc		194,305
1,095		RAIT Investment Trust		3,712
459		Ramco-Gershenson Properties		3,764
1,446		Rayonier, Inc		53,198
1,494		Realty Income Corp		48,167
936		Redwood Trust, Inc		10,455
1,068		Regency Centers Corp		37,732
897		Resource Capital Corp		4,485
302		RLJ Lodging Trust		3,857
199		Sabra Healthcare REIT, Inc		1,898
133		Saul Centers, Inc		4,497
1,732		Senior Housing Properties Trust		37,307
3,651		Simon Property Group, Inc		401,536
1,006		SL Green Realty Corp		58,499
311		Sovran Self Storage, Inc		11,560
810	*,e	St. Joe Co		12,142
204		STAG Industrial, Inc		2,081
1,129		Starwood Property Trust, Inc		19,374
1,873	*	Strategic Hotels & Resorts, Inc		8,073
346		Summit Hotel Properties, Inc		2,443
236		Sun Communities, Inc		8,305
1,531	*	Sunstone Hotel Investors, Inc		8,711
1,058		Tanger Factory Outlet Centers, Inc		27,519
659		Taubman Centers, Inc		33,154
156	*	Tejon Ranch Co		3,724
108		Terreno Realty Corp		1,386
1,167		Two Harbors Investment Corp		10,305
2,700		UDR, Inc		59,778
120		UMH Properties, Inc		1,091
200		Universal Health Realty Income Trust		6,722
213		Urstadt Biddle Properties, Inc (Class A)		3,402
3,128		Ventas, Inc		154,523
2,228		Vornado Realty Trust		166,253
820		Washington Real Estate Investment Trust		23,108
1,502		Weingarten Realty Investors		31,797
6,692		Weyerhaeuser Co		104,061
242		Winthrop Realty Trust		2,103
		TOTAL REAL ESTATE		4,781,758
RETAILING - 4.0%
3,078	*	1-800-FLOWERS.COM, Inc (Class A)		7,141
521	*	99 Cents Only Stores		9,597
998		Aaron’s, Inc		25,200
1,092		Abercrombie & Fitch Co (Class A)		67,224
968		Advance Auto Parts, Inc		56,241
1,127	*,e	Aeropostale, Inc		12,183
4,517	*	Amazon.com, Inc		976,710
2,498		American Eagle Outfitters, Inc		29,277
122	*	America’s Car-Mart, Inc		3,540
671	*	Ann Taylor Stores Corp		15,326
359	*	Asbury Automotive Group, Inc		5,920
200	*	Audiovox Corp (Class A)		1,098
508	*,e	Autonation, Inc		16,652

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
332	*	Autozone, Inc	$	105,971
477		Barnes & Noble, Inc		5,643
380		Bebe Stores, Inc		2,554
3,095	*	Bed Bath & Beyond, Inc		177,373
3,933	e	Best Buy Co, Inc		91,639
334		Big 5 Sporting Goods Corp		2,031
961	*	Big Lots, Inc		33,472
158	*,e	Blue Nile, Inc		5,574
142	*	Body Central Corp		2,579
142	e	Bon-Ton Stores, Inc		706
482	e	Brown Shoe Co, Inc		3,432
310	e	Buckle, Inc		11,923
200	*,e	Build-A-Bear Workshop, Inc		1,020
535	*	Cabela’s, Inc		10,962
2,810	*	Carmax, Inc		67,019
514	*	Casual Male Retail Group, Inc		1,933
525		Cato Corp (Class A)		11,844
2,840	*	Charming Shoppes, Inc		7,384
2,122		Chico’s FAS, Inc		24,254
335	*,e	Children’s Place Retail Stores, Inc		15,588
390		Christopher & Banks Corp		1,377
243	*	Citi Trends, Inc		2,860
657	*	Coldwater Creek, Inc		821
922	*,e	Collective Brands, Inc		11,949
142	*,e	Conn’s, Inc		1,020
108	*	Core-Mark Holding Co, Inc		3,308
234	*,e	Cost Plus, Inc		1,474
118	e	Destination Maternity Corp		1,519
1,171	*	Dick’s Sporting Goods, Inc		39,182
433	e	Dillard’s, Inc (Class A)		18,827
1,189	*	Dollar General Corp		44,897
1,531	*	Dollar Tree, Inc		114,993
329		DSW, Inc (Class A)		15,193
2,472		Expedia, Inc		63,654
683		Express Parent LLC		13,858
1,521		Family Dollar Stores, Inc		77,358
681		Finish Line, Inc (Class A)		13,613
1,993		Foot Locker, Inc		40,039
480		Fred’s, Inc (Class A)		5,117
1,759	*,e	GameStop Corp (Class A)		40,633
5,018		Gap, Inc		81,492
349	*	Genesco, Inc		17,984
1,955		Genuine Parts Co		99,314
280	*	GNC Holdings, Inc		5,634
300	e	Group 1 Automotive, Inc		10,665
756		Guess?, Inc		21,538
166		Haverty Furniture Cos, Inc		1,658
176	*,e	hhgregg, Inc		1,716
373	*	Hibbett Sports, Inc		12,641
19,862		Home Depot, Inc		652,863
107	*	HomeAway, Inc		3,597
450		Hot Topic, Inc		3,434
475	*	HSN, Inc		15,737
2,054	e	JC Penney Co, Inc		55,006
349	*	JOS A Bank Clothiers, Inc		16,274
145	*	Kirkland’s, Inc		1,330
3,611		Kohl’s Corp		177,299
7,419	*	Liberty Media Holding Corp (Interactive A)		109,579
3,240		Limited Brands, Inc		124,771
205	e	Lithia Motors, Inc (Class A)		2,948
1,960	*	LKQ Corp		47,354
16,182		Lowe’s Cos, Inc		312,959
278	*,e	Lumber Liquidators, Inc		4,198
5,081		Macy’s, Inc		133,732
257	*	MarineMax, Inc		1,663
593		Men’s Wearhouse, Inc		15,465
361		Monro Muffler, Inc		11,902
647	*	NetFlix, Inc		73,215
512	*	New York & Co, Inc		1,633
1,992		Nordstrom, Inc		90,995
414		Nutri/System, Inc		5,014

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,305	*	Office Depot, Inc	$	6,808
1,103	*	OfficeMax, Inc		5,350
482	*	Orbitz Worldwide, Inc		1,046
1,737	*	O’Reilly Automotive, Inc		115,736
176	*	Overstock.com, Inc		1,632
886	*,e	Pacific Sunwear Of California, Inc		1,063
500		Penske Auto Group, Inc		8,000
614		PEP Boys - Manny Moe & Jack		6,060
278	e	PetMed Express, Inc		2,502
1,427		Petsmart, Inc		60,862
1,378	*	Pier 1 Imports, Inc		13,477
617	*	Priceline.com, Inc		277,316
1,485		RadioShack Corp		17,256
793		Rent-A-Center, Inc		21,768
1,475		Ross Stores, Inc		116,067
180	*,e	Rue21, Inc		4,084
1,641	*,e	Saks, Inc		14,359
1,125	*	Sally Beauty Holdings, Inc		18,675
481	*,e	Sears Holdings Corp		27,667
907	*	Select Comfort Corp		12,671
66	*	Shoe Carnival, Inc		1,558
369	*	Shutterfly, Inc		15,195
1,056	*	Signet Jewelers Ltd		35,693
481	e	Sonic Automotive, Inc (Class A)		5,190
411		Stage Stores, Inc		5,701
8,866		Staples, Inc		117,917
200		Stein Mart, Inc		1,250
151		Systemax, Inc		1,921
846	*,e	Talbots, Inc		2,284
8,567		Target Corp		420,125
1,588		Tiffany & Co		96,582
4,798		TJX Companies, Inc		266,144
898		Tractor Supply Co		56,170
228	*	Tuesday Morning Corp		803
564	*	Ulta Salon Cosmetics & Fragrance, Inc		35,098
1,468	*	Urban Outfitters, Inc		32,766
150	*	US Auto Parts Network, Inc		761
517	*	Valuevision International, Inc (Class A)		1,220
310	*	Vitamin Shoppe, Inc		11,606
178	*	West Marine, Inc		1,371
1,045	*	Wet Seal, Inc (Class A)		4,682
1,307		Williams-Sonoma, Inc		40,243
400	*,e	Zale Corp		1,140
245	*,e	Zumiez, Inc		4,290
		TOTAL RETAILING		6,326,421
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
395	*	Advanced Analogic Technologies, Inc		1,710
504	*	Advanced Energy Industries, Inc		4,344
7,126	*	Advanced Micro Devices, Inc		36,200
183	*	Alpha & Omega Semiconductor Lt		1,502
3,907		Altera Corp		123,188
1,245	*,e	Amkor Technology, Inc		5,428
118	*	Amtech Systems, Inc		944
891	*	Anadigics, Inc		1,925
3,619		Analog Devices, Inc		113,094
16,389		Applied Materials, Inc		169,626
891	*	Applied Micro Circuits Corp		4,785
5,710	*	Atmel Corp		46,080
395	*	ATMI, Inc		6,249
2,377		Avago Technologies Ltd		77,894
6,246	*	Axcelis Technologies, Inc		7,495
1,188	*	AXT, Inc		5,988
6,662		Broadcom Corp (Class A)		221,778
831		Brooks Automation, Inc		6,773
285	*	Cabot Microelectronics Corp		9,801
664	*	Cavium Networks, Inc		17,935
234	*	Ceva, Inc		5,689
821	*	Cirrus Logic, Inc		12,102
280		Cohu, Inc		2,766
1,347	*,e	Cree, Inc		34,995
91	*	CSR plc (ADR)		1,214

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
364	*	Cymer, Inc	$	13,534
2,072		Cypress Semiconductor Corp		31,018
395	*	Diodes, Inc		7,078
289	*	DSP Group, Inc		1,705
1,676	*	Entegris, Inc		10,693
903	*	Entropic Communications, Inc		3,729
520	*	Exar Corp		2,969
1,583	*	Fairchild Semiconductor International, Inc		17,096
737	*,e	First Solar, Inc		46,586
593	*	Formfactor, Inc		3,694
537	*	Freescale Semiconductor Holdings Ltd		5,923
1,943	*	FSI International, Inc		3,672
234	*	GSI Technology, Inc		1,151
1,568	*,e	GT Solar International, Inc		11,007
459	*	Hittite Microwave Corp		22,353
252	*	Inphi Corp		2,210
1,945	*	Integrated Device Technology, Inc		10,017
306	*	Integrated Silicon Solution, Inc		2,390
65,896		Intel Corp		1,405,561
853	*	International Rectifier Corp		15,883
1,411		Intersil Corp (Class A)		14,519
257	*	IXYS Corp		2,796
2,049		Kla-Tencor Corp		78,436
800	*	Kopin Corp		2,744
848	*	Kulicke & Soffa Industries, Inc		6,326
1,524	*	Lam Research Corp		57,882
1,300	*	Lattice Semiconductor Corp		6,825
2,843		Linear Technology Corp		78,609
7,838	*	LSI Logic Corp		40,601
584	*	LTX-Credence Corp		3,089
6,576	*	Marvell Technology Group Ltd		95,549
3,678		Maxim Integrated Products, Inc		85,808
87	*	MaxLinear, Inc		562
2,748	*	MEMC Electronic Materials, Inc		14,400
797		Micrel, Inc		7,548
2,393	e	Microchip Technology, Inc		74,446
11,037	*	Micron Technology, Inc		55,626
1,063	*	Microsemi Corp		16,987
378	*	Mindspeed Technologies, Inc		1,966
766	*	MIPS Technologies, Inc		3,707
604		MKS Instruments, Inc		13,113
407	*	Monolithic Power Systems, Inc		4,143
316	*,e	MoSys, Inc		1,157
214	*	Nanometrics, Inc		3,103
935	*	Netlogic Microsystems, Inc		44,983
1,139	*	Novellus Systems, Inc		31,049
55	*	NVE Corp		3,336
7,224	*	Nvidia Corp		90,300
721	*	Omnivision Technologies, Inc		10,123
5,369	*	ON Semiconductor Corp		38,496
268	*,e	PDF Solutions, Inc		1,093
304	*	Pericom Semiconductor Corp		2,253
666	*	Photronics, Inc		3,317
410	*	PLX Technology, Inc		1,234
2,763	*	PMC - Sierra, Inc		16,523
358		Power Integrations, Inc		10,958
1,317	*,e	Rambus, Inc		18,438
3,137	*	RF Micro Devices, Inc		19,889
149	*,e	Rubicon Technology, Inc		1,629
351	*	Rudolph Technologies, Inc		2,348
936	*	Semtech Corp		19,750
373	*	Sigma Designs, Inc		2,924
1,131	*	Silicon Image, Inc		6,639
618	*	Silicon Laboratories, Inc		20,709
2,390	*	Skyworks Solutions, Inc		42,877
622	*	Spansion, Inc		7,601
300	*	Standard Microsystems Corp		5,820
1,213	*,e	Sunpower Corp (Class A)		9,813
100	*	Supertex, Inc		1,730
2,167	*	Teradyne, Inc		23,859
605	*	Tessera Technologies, Inc		7,224
14,435		Texas Instruments, Inc		384,692
1,986	*	Triquint Semiconductor, Inc		9,970
267	*	Ultra Clean Holdings		1,145

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
283	*	Ultratech, Inc	$	4,853
938	*	Varian Semiconductor Equipment Associates, Inc		57,359
512	*,e	Veeco Instruments, Inc		12,493
288	*	Volterra Semiconductor Corp		5,538
3,271		Xilinx, Inc		89,756
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,218,437
SOFTWARE & SERVICES - 9.3%
552	*	Accelrys, Inc		3,345
8,024		Accenture plc		422,704
400	*	ACI Worldwide, Inc		11,016
149	*,e	Active Network, Inc		2,198
5,714		Activision Blizzard, Inc		67,997
620	*	Actuate Corp		3,422
1,008	*	Acxiom Corp		10,725
6,395	*	Adobe Systems, Inc		154,567
374	*	Advent Software, Inc		7,798
2,323	*	Akamai Technologies, Inc		46,181
664	*	Alliance Data Systems Corp		61,553
2,552	*	Amdocs Ltd		69,210
276		American Software, Inc (Class A)		2,001
395	*	Ancestry.com, Inc		9,283
1,142	*	Ansys, Inc		56,004
1,288	*	AOL, Inc		15,456
1,201	*	Ariba, Inc		33,280
1,054	*	Aspen Technology, Inc		16,095
2,855	*	Autodesk, Inc		79,312
6,211		Automatic Data Processing, Inc		292,849
280	*	Bankrate, Inc		4,259
538		Blackbaud, Inc		11,981
426	*,e	Blackboard, Inc		19,025
2,295	*	BMC Software, Inc		88,495
294	*	Booz Allen Hamilton Holding Co		4,372
421	*	Bottomline Technologies, Inc		8,479
1,693		Broadridge Financial Solutions, Inc		34,097
281	*,e	BroadSoft, Inc		8,528
4,795		CA, Inc		93,071
372	*	CACI International, Inc (Class A)		18,578
3,247	*	Cadence Design Systems, Inc		30,002
370	*	Callidus Software, Inc		1,706
531	*	Cardtronics, Inc		12,171
75		Cass Information Systems, Inc		2,329
834	*	Ciber, Inc		2,527
2,344	*	Citrix Systems, Inc		127,818
118	*,m	Clinical Data, Inc		112
3,779	*	Cognizant Technology Solutions Corp (Class A)		236,943
547	*	Commvault Systems, Inc		20,272
1,926		Computer Sciences Corp		51,713
174	*	Computer Task Group, Inc		1,944
2,948	*	Compuware Corp		22,582
399	*	comScore, Inc		6,731
555	*,e	Concur Technologies, Inc		20,657
342	*	Constant Contact, Inc		5,913
1,260	*	Convergys Corp		11,819
142	*,e	Cornerstone OnDemand, Inc		1,781
485	*	CSG Systems International, Inc		6,130
485	*	DealerTrack Holdings, Inc		7,600
235	*	Deltek, Inc		1,412
229	*	DemandTec, Inc		1,498
606	*	Dice Holdings, Inc		4,739
453	*	Digital River, Inc		9,391
85	*	DMRC Corp		2,157
426		DST Systems, Inc		18,672
110	*	Dynamics Research Corp		981
1,405		Earthlink, Inc		9,175
14,326	*	eBay, Inc		422,473
322	*,e	Ebix, Inc		4,733
134	*,e	Echo Global Logistics, Inc		1,782
4,129	*	Electronic Arts, Inc		84,438
94	*	Envestnet, Inc		940
405		EPIQ Systems, Inc		5,075

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
583	*	Equinix, Inc	$	51,788
589	*	Euronet Worldwide, Inc		9,271
250	*	ExlService Holdings, Inc		5,500
586		Factset Research Systems, Inc		52,136
602		Fair Isaac Corp		13,142
313	*	FalconStor Software, Inc		914
3,263		Fidelity National Information Services, Inc		79,356
1,223	*	First American Corp		13,049
1,804	*	Fiserv, Inc		91,589
178	*	FleetCor Technologies, Inc		4,674
178		Forrester Research, Inc		5,787
1,487	*	Fortinet, Inc		24,982
1,208	*	Gartner, Inc		42,123
1,564	*	Genpact Ltd		22,506
299	*,m,e	Gerber Scientific, Inc		0
483	*	Global Cash Access, Inc		1,236
998		Global Payments, Inc		40,309
531	*,e	Glu Mobile, Inc		1,120
3,121	*	Google, Inc (Class A)		1,605,379
476	*	Hackett Group, Inc		1,775
451		Heartland Payment Systems, Inc		8,894
1,091	*	IAC/InterActiveCorp		43,149
384	e	iGate Corp		4,431
1,333	*	Informatica Corp		54,586
367	*	Infospace, Inc		3,068
144	*	Interactive Intelligence, Inc		3,910
538	*	Internap Network Services Corp		2,647
15,055		International Business Machines Corp		2,635,078
3,760	*	Intuit, Inc		178,374
544		j2 Global Communications, Inc		14,634
1,014		Jack Henry & Associates, Inc		29,386
480	*	JDA Software Group, Inc		11,251
276	*	Kenexa Corp		4,317
168		Keynote Systems, Inc		3,550
444	*,e	KIT Digital, Inc		3,730
298	*	Knot, Inc		2,435
1,154		Lender Processing Services, Inc		15,798
884	*,e	Limelight Networks, Inc		2,086
111	*,e	LinkedIn Corp		8,667
704	*	Lionbridge Technologies		1,732
163	*	Liquidity Services, Inc		5,227
493	*	Liveperson, Inc		4,905
252	*	LogMeIn, Inc		8,369
297	*	LoopNet, Inc		5,088
629	*	Magma Design Automation, Inc		2,862
311	*	Manhattan Associates, Inc		10,288
292		Mantech International Corp (Class A)		9,163
206	e	Marchex, Inc (Class B)		1,751
1,326		Mastercard, Inc (Class A)		420,554
482		MAXIMUS, Inc		16,822
1,291	*	Mentor Graphics Corp		12,419
1,140	*	Micros Systems, Inc		50,057
92,235		Microsoft Corp		2,295,729
100	*	MicroStrategy, Inc (Class A)		11,407
529		ModusLink Global Solutions, Inc		1,846
991	*	MoneyGram International, Inc		2,309
443	*	Monotype Imaging Holdings, Inc		5,374
1,517	*	Monster Worldwide, Inc		10,892
453	*,e	Motricity, Inc		766
2,786	*	Move, Inc		4,040
74	*	NCI, Inc (Class A)		883
411	*	Ness Technologies, Inc		3,148
467	*	Netscout Systems, Inc		5,333
340	*	NetSuite, Inc		9,183
874	*	NeuStar, Inc (Class A)		21,972
789		NIC, Inc		9,034
2,965	*	Nuance Communications, Inc		60,367
293	*,e	OpenTable, Inc		13,481
1,006	*	Openwave Systems, Inc		1,569
155		Opnet Technologies, Inc		5,411
47,742		Oracle Corp		1,372,105

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,404	*	Parametric Technology Corp	$	21,594
4,043		Paychex, Inc		106,614
162	e	Pegasystems, Inc		4,959
320	*	Perficient, Inc		2,342
240	*	PRG-Schultz International, Inc		1,133
831	*	Progress Software Corp		14,584
147	*	PROS Holdings, Inc		1,895
43	*	QAD, Inc (Class A)		460
873	*	QLIK Technologies, Inc		18,909
719	*	Quest Software, Inc		11,418
335	*	QuinStreet, Inc		3,467
1,281	*	Rackspace Hosting, Inc		43,733
485	*	RealD, Inc		4,535
299		RealNetworks, Inc		2,521
379	*	RealPage, Inc		7,751
2,400	*	Red Hat, Inc		101,424
100		Renaissance Learning, Inc		1,678
120	*	Responsys, Inc		1,294
307	*	RightNow Technologies, Inc		10,146
127	*,e	Rosetta Stone, Inc		1,162
1,436	*	Rovi Corp		61,719
792	*	S1 Corp		7,263
286	*	Saba Software, Inc		1,647
3,586	*	SAIC, Inc		42,351
1,657	*	Salesforce.com, Inc		189,362
1,239		Sapient Corp		12,563
150	*	Sciquest, Inc		2,241
334	*	Seachange International, Inc		2,572
121	*,e	ServiceSource International LLC		1,598
527	*,e	Smith Micro Software, Inc		801
705	*	SolarWinds, Inc		15,524
1,004		Solera Holdings, Inc		50,702
328	*,e	Sourcefire, Inc		8,777
132	*	SRS Labs, Inc		945
317	*	SS&C Technologies Holdings, Inc		4,530
192		Stamps.com, Inc		3,924
979	*	SuccessFactors, Inc		22,507
513	*	SupportSoft, Inc		1,016
9,527	*	Symantec Corp		155,290
328	*	Synchronoss Technologies, Inc		8,170
1,849	*	Synopsys, Inc		45,042
190		Syntel, Inc		8,206
402	*	TA Indigo Holding Corp		3,019
925	*	Take-Two Interactive Software, Inc		11,766
481	*	Taleo Corp (Class A)		12,371
132	*	TechTarget, Inc		754
370	*	TeleCommunication Systems, Inc (Class A)		1,277
205	*	TeleNav, Inc		1,818
455	*	TeleTech Holdings, Inc		6,934
2,098	*	Teradata Corp		112,306
787	*,e	THQ, Inc		1,362
2,110	*	TIBCO Software, Inc		47,243
1,671	*	TiVo, Inc		15,607
303	*	TNS, Inc		5,696
1,957		Total System Services, Inc		33,132
174	*,e	Travelzoo, Inc		3,826
432	*,e	Tyler Technologies, Inc		10,921
295	*	Ultimate Software Group, Inc		13,782
586	*	Unisys Corp		9,194
1,056		United Online, Inc		5,523
1,094	*	Valueclick, Inc		17,023
248	*	Vasco Data Security International		1,267
1,233	*	VeriFone Systems, Inc		43,180
264	*	Verint Systems, Inc		6,941
2,200		VeriSign, Inc		62,942
628	e	VirnetX Holding Corp		9,414
156	*	Virtusa Corp		2,059
6,463		Visa, Inc (Class A)		554,009
527	*	VistaPrint Ltd		14,245
1,036	*	VMware, Inc (Class A)		83,274
202	*	Vocus, Inc		3,386

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
947	*,e	Wave Systems Corp	$	2,216
807	*	WebMD Health Corp (Class A)		24,331
564	*	Websense, Inc		9,757
367	*,e	Website Pros, Inc		2,562
8,141		Western Union Co		124,476
465	*	Wright Express Corp		17,689
16,381	*	Yahoo!, Inc		215,573
743	*	Zix Corp		1,984
		TOTAL SOFTWARE & SERVICES		14,776,038
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
639	*	Acme Packet, Inc		27,215
806		Adtran, Inc		21,327
400	*	Agilysys, Inc		2,852
2,190		Amphenol Corp (Class A)		89,286
200	*	Anaren, Inc		3,830
356		Anixter International, Inc		16,889
11,494	*	Apple, Inc		4,381,283
1,549	*	Arris Group, Inc		15,955
1,424	*	Arrow Electronics, Inc		39,559
1,062	*,e	Aruba Networks, Inc		22,206
424	*	Avid Technology, Inc		3,282
1,830	*	Avnet, Inc		47,726
583		AVX Corp		6,920
245	*	AX Holding Corp		2,230
100		Bel Fuse, Inc (Class B)		1,559
750	*	Benchmark Electronics, Inc		9,758
386	*	BigBand Networks, Inc		494
226		Black Box Corp		4,825
479	*	Blue Coat Systems, Inc		6,649
1,360	*,e	Bookham, Inc		4,950
840	*	Brightpoint, Inc		7,736
5,865	*	Brocade Communications Systems, Inc		25,337
469	*,e	Calix Networks, Inc		3,658
500	*	Checkpoint Systems, Inc		6,790
1,099	*,e	Ciena Corp		12,309
68,364		Cisco Systems, Inc		1,058,957
459		Cognex Corp		12,443
306	*	Coherent, Inc		13,146
80		Communications Systems, Inc		1,040
330		Comtech Telecommunications Corp		9,270
19,614		Corning, Inc		242,429
347	*	Cray, Inc		1,843
409		CTS Corp		3,325
423		Daktronics, Inc		3,629
160		DDi Corp		1,158
20,368	*	Dell, Inc		288,207
300	*	DG FastChannel, Inc		5,085
772		Diebold, Inc		21,238
400	*	Digi International, Inc		4,400
633	*	Dolby Laboratories, Inc (Class A)		17,370
700	*	Dot Hill Systems Corp		1,057
179	*	DTS, Inc		4,445
330	*,e	Echelon Corp		2,313
485	*	EchoStar Corp (Class A)		10,966
248		Electro Rent Corp		3,425
300	*	Electro Scientific Industries, Inc		3,567
630	*	Electronics for Imaging, Inc		8,486
25,573	*	EMC Corp		536,777
1,120	*,e	EMCORE Corp		1,109
1,000	*	Emulex Corp		6,400
1,016	*	Extreme Networks, Inc		2,692
1,009	*	F5 Networks, Inc		71,689
252	*	Fabrinet		4,712
163	*	FARO Technologies, Inc		5,143
451	*	FEI Co		13,512
1,138	*	Finisar Corp		19,961
1,984		Flir Systems, Inc		49,699
208	*	Fusion-io, Inc		3,952
228	*	Globecomm Systems, Inc		3,080
327	*	GSI Group, Inc		2,511

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,150	*	Harmonic, Inc	$	4,899
1,563	e	Harris Corp		53,408
670	*	Harris Stratex Networks, Inc (Class A)		1,575
24,729		Hewlett-Packard Co		555,166
400	*	Imation Corp		2,924
289	*	Immersion Corp		1,728
1,220	*,e	Infinera Corp		9,418
2,058	*	Ingram Micro, Inc (Class A)		33,196
655	*	Insight Enterprises, Inc		9,917
564	e	InterDigital, Inc		26,271
745	*	Intermec, Inc		4,857
278	*	Intevac, Inc		1,943
314	*	IPG Photonics Corp		13,640
477	*	Itron, Inc		14,072
345	*	Ixia		2,646
2,392		Jabil Circuit, Inc		42,554
2,820	*	JDS Uniphase Corp		28,115
6,612	*	Juniper Networks, Inc		114,123
548	*	Kemet Corp		3,918
172	*	KVH Industries, Inc		1,361
210	*	LeCroy Corp		1,659
972	*	Lexmark International, Inc (Class A)		26,273
261		Littelfuse, Inc		10,495
124	*	Loral Space & Communications, Inc		6,212
315	*,e	Maxwell Technologies, Inc		5,799
187	*	Measurement Specialties, Inc		4,855
375	*	Mercury Computer Systems, Inc		4,313
447		Methode Electronics, Inc		3,321
1,076	*,e	Microvision, Inc		732
1,677	e	Molex, Inc		34,160
3,325	*	Motorola Mobility Holdings, Inc		125,619
3,751		Motorola, Inc		157,167
221		MTS Systems Corp		6,771
160	*	Multi-Fineline Electronix, Inc		3,190
1,200		National Instruments Corp		27,432
2,098	*	NCR Corp		35,435
4,572	*	NetApp, Inc		155,174
454	*	Netgear, Inc		11,754
407	*	Newport Corp		4,400
435	*,e	Novatel Wireless, Inc		1,314
630	*,e	OCZ Technology Group, Inc		3,056
252	*	Oplink Communications, Inc		3,815
2,205	*	OpNext, Inc		2,756
430	*	Orbcomm, Inc		1,097
185	*	OSI Systems, Inc		6,201
232		Park Electrochemical Corp		4,958
554		Plantronics, Inc		15,761
511	*	Plexus Corp		11,559
2,192	*	Polycom, Inc		40,267
851	*	Power-One, Inc		3,830
3,137	*	Powerwave Technologies, Inc		5,396
140	*	Procera Networks, Inc		1,344
1,437	*	QLogic Corp		18,221
20,737		Qualcomm, Inc		1,008,440
4,721	*	Quantum Corp		8,545
301	*,e	Rackable Systems, Inc		3,588
187	*	Radisys Corp		1,144
181		Richardson Electronics Ltd		2,463
113		Rimage Corp		1,429
1,908	*	Riverbed Technology, Inc		38,084
383	*	Rofin-Sinar Technologies, Inc		7,354
200	*	Rogers Corp		7,826
2,948	*	SanDisk Corp		118,952
958	*	Sanmina-SCI Corp		6,399
321	*	Scansource, Inc		9,489
495	*	ShoreTel, Inc		2,465
3,028	*	Sonus Networks, Inc		6,571
488	*,e	STEC, Inc		4,948
234	*,e	Stratasys, Inc		4,338
258	*	Super Micro Computer, Inc		3,233
234		Sycamore Networks, Inc		4,224

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
396	*	Symmetricom, Inc	$	1,719
424	*,e	Synaptics, Inc		10,134
313	*	SYNNEX Corp		8,201
616	*	Tech Data Corp		26,630
579	e	Technitrol, Inc		1,656
806	*	Tekelec		4,868
4,811		Tellabs, Inc		20,639
1,525	*	Trimble Navigation Ltd		51,164
971	*	TTM Technologies, Inc		9,234
527	*,e	Universal Display Corp		25,264
399	*	Viasat, Inc		13,291
1,895	*	Vishay Intertechnology, Inc		15,842
161	*	Vishay Precision Group, Inc		2,122
662	*	Westell Technologies, Inc		1,430
2,890	*	Western Digital Corp		74,331
17,439		Xerox Corp		121,550
391	*	X-Rite, Inc		1,458
359	e	Xyratex Ltd		3,328
721	*	Zebra Technologies Corp (Class A)		22,308
198	*	Zygo Corp		2,289
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		10,530,678
TELECOMMUNICATION SERVICES - 2.9%
754	*,e	8x8, Inc		3,069
407		AboveNet, Inc		21,815
463	e	Alaska Communications Systems Group, Inc		3,037
4,930	*	American Tower Corp (Class A)		265,233
73,609		AT&T, Inc		2,099,329
105		Atlantic Tele-Network, Inc		3,452
277	*	Cbeyond Communications, Inc		1,956
7,549		CenturyTel, Inc		250,023
3,005	*	Cincinnati Bell, Inc		9,285
1,803	*,e	Clearwire Corp (Class A)		4,201
706	*	Cogent Communications Group, Inc		9,496
305		Consolidated Communications Holdings, Inc		5,505
3,627	*	Crown Castle International Corp		147,510
269	*,e	Fairpoint Communications, Inc		1,157
13,108	e	Frontier Communications Corp		80,090
464	*	General Communication, Inc (Class A)		3,805
358	*	Global Crossing Ltd		8,560
869	*	Globalstar, Inc		355
170		HickoryTech Corp		1,635
164		IDT Corp (Class B)		3,346
380	*	inContact, Inc		1,311
406	*	Iridium Communications, Inc		2,517
710	*,e	Leap Wireless International, Inc		4,899
21,207	*,e	Level 3 Communications, Inc		31,598
3,453	*	MetroPCS Communications, Inc		30,076
391	*	Neutral Tandem, Inc		3,785
2,115	*	NII Holdings, Inc (Class B)		56,999
363		NTELOS Holdings Corp		6,436
1,409	*	PAETEC Holding Corp		7,454
762	*	Premiere Global Services, Inc		4,892
1,524	*	SBA Communications Corp (Class A)		52,548
364		Shenandoah Telecom Co		4,055
37,374	*	Sprint Nextel Corp		113,617
180		SureWest Communications		1,885
1,124		Telephone & Data Systems, Inc		23,885
420	*,e	Towerstream Corp		1,075
1,772	*	tw telecom inc (Class A)		29,273
200	*	US Cellular Corp		7,930
250		USA Mobility, Inc		3,300
35,165		Verizon Communications, Inc		1,294,072
1,236	*	Vonage Holdings Corp		3,214
6,520	e	Windstream Corp		76,023
		TOTAL TELECOMMUNICATION SERVICES		4,683,703
TRANSPORTATION - 1.8%
776	*	Air Transport Services Group, Inc		3,360
445	*	Alaska Air Group, Inc		25,049
519		Alexander & Baldwin, Inc		18,959

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
191	e	Allegiant Travel Co	$	9,002
100	*	Amerco, Inc		6,245
4,021	*,e	AMR Corp		11,902
300		Arkansas Best Corp		4,845
331	*	Atlas Air Worldwide Holdings, Inc		11,019
1,259	*	Avis Budget Group, Inc		12,175
198	e	Baltic Trading Ltd		921
250		Celadon Group, Inc		2,220
2,041		CH Robinson Worldwide, Inc		139,747
648		Con-Way, Inc		14,340
371		Copa Holdings S.A. (Class A)		22,731
13,707		CSX Corp		255,910
10,646	*	Delta Air Lines, Inc		79,845
347	*	Dollar Thrifty Automotive Group, Inc		19,536
930	*,e	Eagle Bulk Shipping, Inc		1,460
469	*,e	Excel Maritime Carriers Ltd		976
2,624		Expeditors International Washington, Inc		106,403
3,943		FedEx Corp		266,862
548		Forward Air Corp		13,947
344	*,e	Genco Shipping & Trading Ltd		2,687
480	*	Genesee & Wyoming, Inc (Class A)		22,330
633	*	Hawaiian Holdings, Inc		2,665
666		Heartland Express, Inc		9,031
3,035	*	Hertz Global Holdings, Inc		27,012
500	*	Hub Group, Inc (Class A)		14,135
64		International Shipholding Corp		1,183
1,134		J.B. Hunt Transport Services, Inc		40,960
2,933	*	JetBlue Airways Corp		12,025
1,405	*	Kansas City Southern Industries, Inc		70,194
708	*	Kirby Corp		37,268
691		Knight Transportation, Inc		9,197
644		Landstar System, Inc		25,477
384		Marten Transport Ltd		6,620
4,390		Norfolk Southern Corp		267,878
733	*	Old Dominion Freight Line		21,235
443	*	Pacer International, Inc		1,661
96	*	Park-Ohio Holdings Corp		1,153
48	*	Patriot Transportation Holding, Inc		970
772	*	Quality Distribution, Inc		6,925
308	*	RailAmerica, Inc		4,013
421	*,e	Republic Airways Holdings, Inc		1,191
125	*	Roadrunner Transportation Services Holdings, Inc		1,715
655		Ryder System, Inc		24,569
133	*	Saia, Inc		1,399
692		Skywest, Inc		7,965
9,836		Southwest Airlines Co		79,081
190	*	Spirit Airlines, Inc		2,375
985	*	Swift Transportation Co, Inc		6,343
4,194	*	UAL Corp		81,280
833	*,e	Ultrapetrol Bahamas Ltd		1,891
6,096		Union Pacific Corp		497,860
9,135		United Parcel Service, Inc (Class B)		576,876
68		Universal Truckload Services, Inc		884
2,013	*	US Airways Group, Inc		11,072
1,203		UTI Worldwide, Inc		15,687
511		Werner Enterprises, Inc		10,644
239	*	Wesco Aircraft Holdings, Inc		2,612
126	*,e	Zipcar, Inc		2,268
		TOTAL TRANSPORTATION		2,937,785
UTILITIES - 4.0%
8,046	*	AES Corp		78,529
972		AGL Resources, Inc		39,599
597		Allete, Inc		21,868
1,335		Alliant Energy Corp		51,638
2,870		Ameren Corp		85,440
6,018		American Electric Power Co, Inc		228,804
225		American States Water Co		7,634
2,151		American Water Works Co, Inc		64,918
1,685		Aqua America, Inc		36,345
77		Artesian Resources Corp		1,348

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
847	e	Atlantic Power Corp	$	12,019
1,066		Atmos Energy Corp		34,592
658		Avista Corp		15,693
446	e	Black Hills Corp		13,665
130	*,e	Cadiz, Inc		1,028
468		California Water Service Group		8,288
4,146	*	Calpine Corp		58,376
5,061		Centerpoint Energy, Inc		99,297
110		Central Vermont Public Service Corp		3,873
250		CH Energy Group, Inc		13,043
107		Chesapeake Utilities Corp		4,292
757		Cleco Corp		25,844
3,237		CMS Energy Corp		64,060
98		Connecticut Water Service, Inc		2,452
3,530		Consolidated Edison, Inc		201,281
160	e	Consolidated Water Co, Inc		1,261
2,226		Constellation Energy Group, Inc		84,721
7,159		Dominion Resources, Inc		363,461
1,728		DPL, Inc		52,082
2,106		DTE Energy Co		103,236
16,453		Duke Energy Corp		328,895
1,127	*,e	Dynegy, Inc (Class A)		4,643
4,052		Edison International		154,989
600		El Paso Electric Co		19,254
648	e	Empire District Electric Co		12,558
2,213		Entergy Corp		146,700
8,234		Exelon Corp		350,851
5,213		FirstEnergy Corp		234,116
1,927		Great Plains Energy, Inc		37,191
1,196		Hawaiian Electric Industries, Inc		29,039
604		Idacorp, Inc		22,819
972		Integrys Energy Group, Inc		47,259
695		ITC Holdings Corp		53,814
400		Laclede Group, Inc		15,500
2,284		MDU Resources Group, Inc		43,830
287		MGE Energy, Inc		11,672
155		Middlesex Water Co		2,646
1,027		National Fuel Gas Co		49,994
646		New Jersey Resources Corp		27,500
5,211		NextEra Energy, Inc		281,498
545		Nicor, Inc		29,980
3,472		NiSource, Inc		74,231
2,119		Northeast Utilities		71,304
333		Northwest Natural Gas Co		14,685
435		NorthWestern Corp		13,894
2,998	*	NRG Energy, Inc		63,588
1,328		NSTAR		59,508
2,932		NV Energy, Inc		43,130
1,291		OGE Energy Corp		61,697
1,332		Oneok, Inc		87,966
240		Ormat Technologies, Inc		3,859
540		Otter Tail Corp		9,882
60		Pennichuck Corp		1,679
2,810		Pepco Holdings, Inc		53,165
4,955		PG&E Corp		209,646
912		Piedmont Natural Gas Co, Inc		26,348
1,280		Pinnacle West Capital Corp		54,963
1,049		PNM Resources, Inc		17,235
1,142		Portland General Electric Co		27,054
7,253		PPL Corp		207,001
3,645		Progress Energy, Inc		188,519
6,289		Public Service Enterprise Group, Inc		209,864
2,092		Questar Corp		37,049
9,167	*	RRI Energy, Inc		25,484
1,360		SCANA Corp		55,012
2,977		Sempra Energy		153,316
138		SJW Corp		3,004
377		South Jersey Industries, Inc		18,756
10,482		Southern Co		444,123
542		Southwest Gas Corp		19,604
2,675		TECO Energy, Inc		45,823
1,315		UGI Corp		34,545
895		UIL Holdings Corp		29,472
432		Unisource Energy Corp		15,591
126		Unitil Corp		3,236

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
980		Vectren Corp	$	26,538
1,530	e	Westar Energy, Inc		40,423
637		WGL Holdings, Inc		24,888
2,903		Wisconsin Energy Corp		90,835
5,904		Xcel Energy, Inc		145,770
142		York Water Co		2,298
		TOTAL UTILITIES		6,398,420
		TOTAL COMMON STOCKS (Cost $163,749,718)		158,262,053
SHORT-TERM INVESTMENTS - 2.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES. - 2.5%
3,931,245	x	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		3,931,245
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		3,931,245
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,931,245)		3,931,245
		TOTAL INVESTMENTS - 101.6% (Cost $167,680,963)		162,193,298
		OTHER ASSETS & LIABILITIES, NET - (1.6)%		(2,517,548	)
		NET ASSETS - 100.0%	$	159,675,750

Abbreviation(s):

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing.

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

e All or a portion of these securities are out on loan.

m Indicates a security that has been deemed illiquid.

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

65

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 1.5%
749	*	American Axle & Manufacturing Holdings, Inc	$	5,715
424	*	BorgWarner, Inc		25,665
22,523	*	Ford Motor Co		217,798
64	*	Fuel Systems Solutions, Inc		1,229
1,570		Harley-Davidson, Inc		53,898
6,183		Johnson Controls, Inc		163,045
292	*	Modine Manufacturing Co		2,646
77		Spartan Motors, Inc		318
339		Superior Industries International, Inc		5,238
890	*	Tenneco, Inc		22,793
		TOTAL AUTOMOBILES & COMPONENTS		498,345
BANKS - 3.0%
125		Bank of Hawaii Corp		4,550
7,676		BB&T Corp		163,729
312	*	Citizens Republic Bancorp, Inc		2,159
1,100		Comerica, Inc		25,267
9,856		Fifth Third Bancorp		99,546
1,250		First Horizon National Corp		7,450
1,717		Hudson City Bancorp, Inc		9,718
8,429		Keycorp		49,984
1,146		M&T Bank Corp		80,105
125		MainSource Financial Group, Inc		1,090
1,471		New York Community Bancorp, Inc		17,505
145		Old National Bancorp		1,351
189		People’s United Financial, Inc		2,155
200	*	PMI Group, Inc		40
4,180		PNC Financial Services Group, Inc		201,434
14,830	*	Popular, Inc		22,245
355		Provident Financial Services, Inc		3,816
220		Radian Group, Inc		482
8,499		Regions Financial Corp		28,302
172	*	SVB Financial Group		6,364
11,230		US Bancorp		264,355
100		Zions Bancorporation		1,407
		TOTAL BANKS		993,054
CAPITAL GOODS - 8.0%
3,689		3M Co		264,834
40		A.O. Smith Corp		1,281
19	*	American Superconductor Corp		75
3,345		Ametek, Inc		110,285
100		Apogee Enterprises, Inc		859
400	*	ArvinMeritor, Inc		2,824
90	*	Astec Industries, Inc		2,635
854		Barnes Group, Inc		16,440
200		Briggs & Stratton Corp		2,702
515	*	Builders FirstSource, Inc		654
3,355		Caterpillar, Inc		247,734
201		Cooper Industries plc		9,270
1,775		Cummins, Inc		144,947
4,977		Danaher Corp		208,735
3,044		Deere & Co		196,551
217		Dover Corp		10,112
2,502		Eaton Corp		88,821
5,415		Emerson Electric Co		223,693
358	*	Energy Recovery, Inc		1,078
260		Fastenal Co		8,653
288		Fluor Corp		13,406
312	*	FuelCell Energy, Inc		262
17		Gardner Denver, Inc		1,080
350	*	Gibraltar Industries, Inc		2,842
500		Graco, Inc		17,070
377	*	GrafTech International Ltd		4,788

66

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
4,645		Illinois Tool Works, Inc	$	193,232
472		Ingersoll-Rand plc		13,258
80	*	Layne Christensen Co		1,848
301		LB Foster Co (Class A)		6,691
176		Lincoln Electric Holdings, Inc		5,106
2,605		Masco Corp		18,548
905	*	NCI Building Systems, Inc		6,842
1,050		Nordson Corp		41,727
974	*	Owens Corning, Inc		21,116
2,143		Paccar, Inc		72,476
380		Pall Corp		16,112
316		Pentair, Inc		10,115
178	*	Polypore International, Inc		10,061
1,359		Precision Castparts Corp		211,270
240		Quanex Building Products Corp		2,628
653	*	Quanta Services, Inc		12,270
515		Rockwell Automation, Inc		28,840
308		Roper Industries, Inc		21,224
671	*	Sensata Technologies Holding BV		17,755
147		Snap-On, Inc		6,527
1,547	*	Spirit Aerosystems Holdings, Inc (Class A)		24,675
760		Tennant Co		26,881
500		Tredegar Corp		7,415
2,876		Tyco International Ltd		117,197
906		W.W. Grainger, Inc		135,483
326	*	WABCO Holdings, Inc		12,342
128	*	WESCO International, Inc		4,294
348		Westinghouse Air Brake Technologies Corp		18,399
		TOTAL CAPITAL GOODS		2,645,963
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
1,334		Avery Dennison Corp		33,457
42		Corporate Executive Board Co		1,252
160		Deluxe Corp		2,976
583		Dun & Bradstreet Corp		35,714
68		Herman Miller, Inc		1,214
168		HNI Corp		3,214
498		Iron Mountain, Inc		15,747
308		Manpower, Inc		10,355
266		Pitney Bowes, Inc		5,001
600		R.R. Donnelley & Sons Co		8,472
1,033		Robert Half International, Inc		21,920
318	*	Tetra Tech, Inc		5,959
1,586		Waste Management, Inc		51,640
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		196,921
CONSUMER DURABLES & APPAREL - 1.5%
200		Callaway Golf Co		1,034
1,369		Coach, Inc		70,955
14	*	Deckers Outdoor Corp		1,306
30	*	K-Swiss, Inc (Class A)		128
4,067		Mattel, Inc		105,295
200		Movado Group, Inc		2,436
2,746		Nike, Inc (Class B)		234,810
200		Oxford Industries, Inc		6,860
235		Phillips-Van Heusen Corp		13,686
71	*	Tempur-Pedic International, Inc		3,735
170		Tupperware Corp		9,136
310		VF Corp		37,671
82		Whirlpool Corp		4,093
		TOTAL CONSUMER DURABLES & APPAREL		491,145
CONSUMER SERVICES - 2.5%
521	*	AFC Enterprises		6,163
55		Bob Evans Farms, Inc		1,569
739		Choice Hotels International, Inc		21,963
850		Darden Restaurants, Inc		36,338
13	*	DineEquity, Inc		500
500	*	Gaylord Entertainment Co		9,670
2,335		Marriott International, Inc (Class A)		63,605
4,573		McDonald’s Corp		401,601
177	*	Sonic Corp		1,251

67

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
5,543		Starbucks Corp	$	206,698
907		Starwood Hotels & Resorts Worldwide, Inc		35,210
40		Weight Watchers International, Inc		2,330
460		Wyndham Worldwide Corp		13,115
758		Yum! Brands, Inc		37,438
		TOTAL CONSUMER SERVICES		837,451
DIVERSIFIED FINANCIALS - 5.8%
2,493	*	American Capital Ltd		17,002
6,078		American Express Co		272,903
1,319		Ameriprise Financial, Inc		51,916
10,178		Bank of New York Mellon Corp		189,210
1,072		BlackRock, Inc		158,667
4,148		Capital One Financial Corp		164,385
11,761		Charles Schwab Corp		132,546
448		CME Group, Inc		110,387
4,545		Discover Financial Services		104,262
226		Eaton Vance Corp		5,033
363		Evercore Partners, Inc (Class A)		8,276
1,845		Franklin Resources, Inc		176,456
676	*	IntercontinentalExchange, Inc		79,944
3,158		Invesco Ltd		48,981
709		Legg Mason, Inc		18,228
3,709	*	MF Global Holdings Ltd		15,318
672	*	Nasdaq Stock Market, Inc		15,550
1,392	*	NewStar Financial, Inc		13,001
1,730		Northern Trust Corp		60,515
2,140		NYSE Euronext		49,734
55	*	PHH Corp		884
743		SEI Investments Co		11,427
4,011		State Street Corp		128,994
2,079		T Rowe Price Group, Inc		99,314
		TOTAL DIVERSIFIED FINANCIALS		1,932,933
ENERGY - 9.0%
128		Alon USA Energy, Inc		785
2,522		Apache Corp		202,364
1,749	*	ATP Oil & Gas Corp		13,485
32	*	Atwood Oceanics, Inc		1,100
878		Cabot Oil & Gas Corp		54,357
1,569	*	Cameron International Corp		65,176
173		CARBO Ceramics, Inc		17,738
40	*	Carrizo Oil & Gas, Inc		862
5,853		Chesapeake Energy Corp		149,544
807		Cimarex Energy Co		44,950
1,962	*	Clean Energy Fuels Corp		21,817
355	*	Complete Production Services, Inc		6,692
47	*	Concho Resources, Inc		3,344
325	*	Contango Oil & Gas Co		17,781
1,646		Crosstex Energy, Inc		22,188
980	*	CVR Energy, Inc		20,717
112	*	Dawson Geophysical Co		2,641
3,493	*	Denbury Resources, Inc		40,170
3,313	*	Devon Energy Corp		183,672
1,646		Diamond Offshore Drilling, Inc		90,102
6,687		El Paso Corp		116,889
2,307		EOG Resources, Inc		163,820
2,734		Equitable Resources, Inc		145,886
49	*	Exterran Holdings, Inc		476
1,793	*	FMC Technologies, Inc		67,417
1,275	*	Global Industries Ltd		10,098
92	*	GMX Resources, Inc		209
369	*	Goodrich Petroleum Corp		4,362
166		Gulf Island Fabrication, Inc		3,433
473	*	Gulfmark Offshore, Inc		17,189
1,203	*	Hercules Offshore, Inc		3,513
3,172		Hess Corp		166,403
1,128	*	Hornbeck Offshore Services, Inc		28,098
564	*	ION Geophysical Corp		2,668
89	*	Kinder Morgan Management LLC		5,223
110		Lufkin Industries, Inc		5,853
5,818		Marathon Oil Corp		125,552

68

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
159	*	Matrix Service Co	$	1,353
3,480		National Oilwell Varco, Inc		178,245
1,087	*	Newfield Exploration Co		43,143
905		Noble Corp		26,562
2,364		Noble Energy, Inc		167,371
99	*	Northern Oil And Gas, Inc		1,920
156		Oceaneering International, Inc		5,513
115	*	Oil States International, Inc		5,856
753	*	Parker Drilling Co		3,306
268	*	Petroleum Development Corp		5,197
415	*	Petroquest Energy, Inc		2,283
697	*	Pioneer Drilling Co		5,004
1,292		Pioneer Natural Resources Co		84,975
2,241		Questar Market Resources, Inc		60,664
846	*	Quicksilver Resources, Inc		6,413
715		Range Resources Corp		41,799
6,716	*	Rentech, Inc		5,240
233	*	Rex Energy Corp		2,947
84	*	Rosetta Resources, Inc		2,874
248		RPC, Inc		4,047
1,719	*	Southwestern Energy Co		57,294
8,091		Spectra Energy Corp		198,471
677		St. Mary Land & Exploration Co		41,060
425		Sunoco, Inc		13,179
986	*	Ultra Petroleum Corp		27,332
300	*	Unit Corp		11,076
6,481	*	Weatherford International Ltd		79,133
2,362	*	Western Refining, Inc		29,431
771	*	Whiting Petroleum Corp		27,047
		TOTAL ENERGY		2,965,309
FOOD & STAPLES RETAILING - 1.0%
2,499		Kroger Co		54,878
3,234		Safeway, Inc		53,781
128		Spartan Stores, Inc		1,981
6,968		Sysco Corp		180,472
432		Whole Foods Market, Inc		28,214
		TOTAL FOOD & STAPLES RETAILING		319,326
FOOD, BEVERAGE & TOBACCO - 4.7%
2,696		Campbell Soup Co		87,270
615		ConAgra Foods, Inc		14,895
5,757		General Mills, Inc		221,472
853	*	Green Mountain Coffee Roasters, Inc		79,278
2,713		H.J. Heinz Co		136,952
94	*	Hansen Natural Corp		8,205
34		Hormel Foods Corp		919
273		J.M. Smucker Co		19,899
3,405		Kellogg Co		181,112
8,860		Kraft Foods, Inc (Class A)		297,518
51		Lancaster Colony Corp		3,112
146		McCormick & Co, Inc		6,739
6,676		PepsiCo, Inc		413,245
11	*	Ralcorp Holdings, Inc		844
4,532		Sara Lee Corp		74,098
80		Tootsie Roll Industries, Inc		1,930
		TOTAL FOOD, BEVERAGE & TOBACCO		1,547,488
HEALTH CARE EQUIPMENT & SERVICES - 4.2%
3,783		Aetna, Inc		137,512
55	*	Amsurg Corp		1,238
4,424		Baxter International, Inc		248,363
2,493		Becton Dickinson & Co		182,787
263	*	Centene Corp		7,540
75		Chemed Corp		4,122
1,202		Cigna Corp		50,412
12	*	Gen-Probe, Inc		687
85	*	Greatbatch, Inc		1,701
105	*	Henry Schein, Inc		6,511
570		Hill-Rom Holdings, Inc		17,111
737		Humana, Inc		53,602

69

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
308	*	Idexx Laboratories, Inc	$	21,243
33		Invacare Corp		760
341	*	Inverness Medical Innovations, Inc		6,701
200	*	Kinetic Concepts, Inc		13,178
386	*	LifePoint Hospitals, Inc		14,143
1,994	*	Medco Health Solutions, Inc		93,499
7,310		Medtronic, Inc		242,984
301	*	Molina Healthcare, Inc		4,647
104	*	MWI Veterinary Supply, Inc		7,157
61		Owens & Minor, Inc		1,737
639		Patterson Cos, Inc		18,295
164	*	Resmed, Inc		4,722
293		STERIS Corp		8,576
3,433		WellPoint, Inc		224,106
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,373,334
HOUSEHOLD & PERSONAL PRODUCTS - 3.8%
2,091		Avon Products, Inc		40,984
521		Clorox Co		34,558
2,789		Colgate-Palmolive Co		247,329
276		Estee Lauder Cos (Class A)		24,244
739		Herbalife Ltd		39,610
3,324		Kimberly-Clark Corp		236,037
9,878		Procter & Gamble Co		624,092
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,246,854
INSURANCE - 5.8%
2,267		ACE Ltd		137,380
4,684		Aflac, Inc		163,706
5	*	Alleghany Corp		1,443
360	*	Arch Capital Group Ltd		11,763
903		Aspen Insurance Holdings Ltd		20,805
809		Assurant, Inc		28,962
133		Axis Capital Holdings Ltd		3,450
6,550	*	Berkshire Hathaway, Inc (Class B)		465,311
3,341		Chubb Corp		200,426
3,301		Cincinnati Financial Corp		86,915
332		Endurance Specialty Holdings Ltd		11,338
32		Everest Re Group Ltd		2,540
5,432	*	Genworth Financial, Inc (Class A)		31,180
2,897		Lincoln National Corp		45,280
41	*	Markel Corp		14,642
839		Montpelier Re Holdings Ltd		14,834
436	*	National Financial Partners Corp		4,770
28		PartnerRe Ltd		1,464
6,686	*	Phoenix Cos, Inc		8,157
414		Platinum Underwriters Holdings Ltd		12,731
2,759		Principal Financial Group		62,547
7,333		Progressive Corp		130,234
300		Protective Life Corp		4,689
4,152		Prudential Financial, Inc		194,562
36		Stancorp Financial Group, Inc		993
3,921		Travelers Cos, Inc		191,070
1,068		W.R. Berkley Corp		31,709
1,754		XL Capital Ltd		32,975
		TOTAL INSURANCE		1,915,876
MATERIALS - 4.8%
2,316		Air Products & Chemicals, Inc		176,873
45		Airgas, Inc		2,872
8,717		Alcoa, Inc		83,421
546		Allegheny Technologies, Inc		20,197
1,459	*	Allied Nevada Gold Corp		52,247
949		AMCOL International Corp		22,767
157		Aptargroup, Inc		7,013
293		Ball Corp		9,089
711		Bemis Co, Inc		20,839
327		Buckeye Technologies, Inc		7,884
18	*	Clearwater Paper Corp		612
1,180		Cleveland-Cliffs, Inc		60,381
844	*	Coeur d’Alene Mines Corp		18,095
805		Commercial Metals Co		7,656

70

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
68		Compass Minerals International, Inc	$	4,541
103		Domtar Corp		7,022
3,160		Ecolab, Inc		154,492
682		H.B. Fuller Co		12,426
182		Innophos Holdings, Inc		7,256
1,828		International Paper Co		42,500
898	*	Louisiana-Pacific Corp		4,580
4,902		LyondellBasell Industries AF S.C.A		119,756
1,778		MeadWestvaco Corp		43,667
196		Minerals Technologies, Inc		9,657
343		Nalco Holding Co		11,998
3,399		Nucor Corp		107,543
253	*	Owens-Illinois, Inc		3,825
2,409		Praxair, Inc		225,194
114		Rock-Tenn Co (Class A)		5,550
1,068		Royal Gold, Inc		68,416
382		Sealed Air Corp		6,379
1,610		Sigma-Aldrich Corp		99,482
869		Sonoco Products Co		24,533
297	*	Stillwater Mining Co		2,525
496		Titanium Metals Corp		7,430
2,932		United States Steel Corp		64,533
153	*	US Gold Corp		614
363		Valspar Corp		11,329
872		Vulcan Materials Co		24,032
79		Wausau Paper Corp		505
2,099		Worthington Industries, Inc		29,323
		TOTAL MATERIALS		1,589,054
MEDIA - 1.8%
1,705		Cablevision Systems Corp (Class A)		26,820
3,290	*	Discovery Communications, Inc (Class A)		123,770
423	*	Discovery Communications, Inc (Class C)		14,868
327	*	DreamWorks Animation SKG, Inc (Class A)		5,945
100	*	Fisher Communications, Inc		2,234
83		John Wiley & Sons, Inc (Class A)		3,687
2,109	*	Journal Communications, Inc (Class A)		6,264
2,214	*	Liberty Global, Inc (Class A)		80,103
1,421	*	New York Times Co (Class A)		8,256
3,100		Time Warner Cable, Inc		194,276
339	*	Valassis Communications, Inc		6,353
2,451		Virgin Media, Inc		59,682
153		Washington Post Co (Class B)		50,026
		TOTAL MEDIA		582,284
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
7,190		Abbott Laboratories		367,697
100	*	Affymetrix, Inc		490
2,425	*	Agilent Technologies, Inc		75,781
1,090	*	Akorn, Inc		8,513
2,635		Allergan, Inc		217,071
200	*	Amylin Pharmaceuticals, Inc		1,846
792	*	Ariad Pharmaceuticals, Inc		6,962
101	*	Auxilium Pharmaceuticals, Inc		1,514
2,265	*	Biogen Idec, Inc		210,985
10,254		Bristol-Myers Squibb Co		321,771
365	*	Cepheid, Inc		14,173
771	*	Endo Pharmaceuticals Holdings, Inc		21,580
300	*	Geron Corp		636
6,296	*	Gilead Sciences, Inc		244,284
767	*	Incyte Corp		10,715
9,653		Johnson & Johnson		614,992
1,049	*	Life Technologies Corp		40,313
12,713		Merck & Co, Inc		415,842
1,668	*	Nektar Therapeutics		8,090
377	*	Neurocrine Biosciences, Inc		2,254
1,904		PDL BioPharma, Inc		10,567
650	*	Pharmasset, Inc		53,541
852	*	Pozen, Inc		2,053
227	*	Progenics Pharmaceuticals, Inc		1,303
527	*	Salix Pharmaceuticals Ltd		15,599
311	*	SIGA Technologies, Inc		1,017

71

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
70		Techne Corp	$	4,761
88	*	United Therapeutics Corp		3,299
636	*	Vivus, Inc		5,133
487	*	Waters Corp		36,764
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,719,546
REAL ESTATE - 3.0%
2,267		AMB Property Corp		54,975
9,532		Annaly Capital Management, Inc		158,516
756		Boston Properties, Inc		67,360
1,107	*	CBRE Group, Inc		14,900
200		Digital Realty Trust, Inc		11,032
1,443		Duke Realty Corp		15,152
80		Federal Realty Investment Trust		6,593
2,120	*	First Industrial Realty Trust, Inc		16,960
5,039		General Growth Properties, Inc		60,972
3,425		HCP, Inc		120,080
567		Health Care REIT, Inc		26,536
5,067		Host Marriott Corp		55,433
15		Jones Lang LaSalle, Inc		777
325		Liberty Property Trust		9,461
292		Macerich Co		12,448
107		Mid-America Apartment Communities, Inc		6,444
38		Post Properties, Inc		1,320
2,100		RAIT Investment Trust		7,119
78		Regency Centers Corp		2,756
2,140		Simon Property Group, Inc		235,356
292		Ventas, Inc		14,425
1,139		Vornado Realty Trust		84,992
		TOTAL REAL ESTATE		983,607
RETAILING - 4.4%
15		Advance Auto Parts, Inc		872
692		American Eagle Outfitters, Inc		8,110
89	*	Ann Taylor Stores Corp		2,033
367	*	Autozone, Inc		117,143
1,379	*	Bed Bath & Beyond, Inc		79,030
2,412		Best Buy Co, Inc		56,200
215		Bon-Ton Stores, Inc		1,069
456	*	Carmax, Inc		10,876
400		Chico’s FAS, Inc		4,572
400		Foot Locker, Inc		8,036
246	*	GameStop Corp (Class A)		5,683
3,845		Gap, Inc		62,443
2,380		Genuine Parts Co		120,904
248	*	HSN, Inc		8,216
1,010		JC Penney Co, Inc		27,048
2,407		Kohl’s Corp		118,184
3,219	*	Liberty Media Holding Corp (Interactive A)		47,545
9,648		Lowe’s Cos, Inc		186,591
800		Macy’s, Inc		21,056
772		Nordstrom, Inc		35,265
700	*	Office Depot, Inc		1,442
404	*	Orbitz Worldwide, Inc		877
251		Petsmart, Inc		10,705
200		RadioShack Corp		2,324
4,764		Staples, Inc		63,361
5,186		Target Corp		254,320
300		Tiffany & Co		18,246
3,270		TJX Companies, Inc		181,387
100		Williams-Sonoma, Inc		3,079
		TOTAL RETAILING		1,456,617
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
873	*	Advanced Energy Industries, Inc		7,525
6,315	*	Advanced Micro Devices, Inc		32,080
711		Analog Devices, Inc		22,219
15,899		Applied Materials, Inc		164,555
51	*	Cabot Microelectronics Corp		1,754
1,595	*	Entegris, Inc		10,176
21,136		Intel Corp		450,830
499	*	Lattice Semiconductor Corp		2,620

72

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
654	*	LTX-Credence Corp	$	3,460
88		MKS Instruments, Inc		1,910
3,706	*	Nvidia Corp		46,325
3,532	*	ON Semiconductor Corp		25,324
706	*	RF Micro Devices, Inc		4,476
210	*	Sigma Designs, Inc		1,646
487	*	Skyworks Solutions, Inc		8,737
689	*	Sunpower Corp (Class A)		5,574
248	*	Sunpower Corp (Class B)		1,823
50	*	Teradyne, Inc		551
8,680		Texas Instruments, Inc		231,322
170	*	Ultratech, Inc		2,916
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,025,823
SOFTWARE & SERVICES - 8.9%
4,635		Accenture plc		244,172
3,627	*	Adobe Systems, Inc		87,665
33	*	Ansys, Inc		1,618
1,192	*	Autodesk, Inc		33,114
61	*	Blackboard, Inc		2,724
848		Broadridge Financial Solutions, Inc		17,079
3,288		CA, Inc		63,820
2,956	*	Cognizant Technology Solutions Corp (Class A)		185,341
696	*	Compuware Corp		5,331
710		Earthlink, Inc		4,636
204	*	Equinix, Inc		18,121
130	*	Fortinet, Inc		2,184
958	*	Google, Inc (Class A)		492,776
584	*	Informatica Corp		23,915
4,106		International Business Machines Corp		718,673
2,504	*	Intuit, Inc		118,790
205	*	Liquidity Services, Inc		6,574
249		Marchex, Inc (Class B)		2,117
120	*	NeuStar, Inc (Class A)		3,017
1,258		NIC, Inc		14,404
15,337		Oracle Corp		440,786
1,293	*	Rackspace Hosting, Inc		44,143
1,143	*	Salesforce.com, Inc		130,622
6,397	*	Symantec Corp		104,271
146	*	Ultimate Software Group, Inc		6,821
13,961	*	Yahoo!, Inc		183,727
		TOTAL SOFTWARE & SERVICES		2,956,441
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
495	*	Acme Packet, Inc		21,082
660	*	Aruba Networks, Inc		13,801
97	*	Avid Technology, Inc		751
147	*	Benchmark Electronics, Inc		1,912
553	*	Bookham, Inc		2,013
24,881		Cisco Systems, Inc		385,407
1,082	*	Cray, Inc		5,745
14,229	*	Dell, Inc		201,340
24	*	DG FastChannel, Inc		407
11,842	*	EMC Corp		248,564
602	*	Finisar Corp		10,559
11,307		Hewlett-Packard Co		253,842
169		InterDigital, Inc		7,872
124	*	Intevac, Inc		867
185	*	IPG Photonics Corp		8,036
14	*	Itron, Inc		413
361	*	Lexmark International, Inc (Class A)		9,758
719	*	Motorola Mobility Holdings, Inc		27,164
3,196		Motorola, Inc		133,912
645	*	Oplink Communications, Inc		9,765
293		Plantronics, Inc		8,336
885	*	Polycom, Inc		16,257
1,566	*	Power-One, Inc		7,047
6,042	*	Quantum Corp		10,936
975	*	Radisys Corp		5,967
406	*	STEC, Inc		4,117
172	*	Super Micro Computer, Inc		2,155
40		Sycamore Networks, Inc		722

73

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
141	*	Synaptics, Inc	$	3,370
26	*	Tech Data Corp		1,124
1,492		Tellabs, Inc		6,401
281	*	Trimble Navigation Ltd		9,428
184	*	TTM Technologies, Inc		1,750
18,393		Xerox Corp		128,199
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,549,019
TELECOMMUNICATION SERVICES - 2.3%
3,876	*	American Tower Corp (Class A)		208,530
5,654		CenturyTel, Inc		187,261
1,541	*	Cincinnati Bell, Inc		4,762
1,248	*	Crown Castle International Corp		50,756
13,625		Frontier Communications Corp		83,249
2,464	*	MetroPCS Communications, Inc		21,461
1,573	*	NII Holdings, Inc (Class B)		42,392
90	*	SBA Communications Corp (Class A)		3,103
28,752	*	Sprint Nextel Corp		87,406
443	*	tw telecom inc (Class A)		7,318
18	*	US Cellular Corp		714
6,455		Windstream Corp		75,265
		TOTAL TELECOMMUNICATION SERVICES		772,217
TRANSPORTATION - 2.2%
215		CH Robinson Worldwide, Inc		14,721
9,117		CSX Corp		170,214
199		Expeditors International Washington, Inc		8,069
34	*	Genesee & Wyoming, Inc (Class A)		1,582
500	*	Kansas City Southern Industries, Inc		24,980
3,232		Norfolk Southern Corp		197,216
68		Ryder System, Inc		2,551
6,097		Southwest Airlines Co		49,020
4,112		United Parcel Service, Inc (Class B)		259,673
		TOTAL TRANSPORTATION		728,026
UTILITIES - 5.0%
1,194		Alliant Energy Corp		46,184
1,154		Atmos Energy Corp		37,447
1,511	*	Calpine Corp		21,275
1,918		Centerpoint Energy, Inc		37,631
167		CH Energy Group, Inc		8,712
3,108		Cleco Corp		106,107
3,449		Consolidated Edison, Inc		196,662
175		DTE Energy Co		8,579
2,625		Idacorp, Inc		99,173
87		ITC Holdings Corp		6,736
222		Laclede Group, Inc		8,603
500		MGE Energy, Inc		20,335
197		New Jersey Resources Corp		8,386
3,805		NextEra Energy, Inc		205,546
844		Nicor, Inc		46,428
4,938		NiSource, Inc		105,574
1,508		Northeast Utilities		50,744
162		Northwest Natural Gas Co		7,144
819		NSTAR		36,699
3,663		NV Energy, Inc		53,883
665		Oneok, Inc		43,917
6,477		Pepco Holdings, Inc		122,545
2,342		PG&E Corp		99,090
1,489		Piedmont Natural Gas Co, Inc		43,017
2,949		PPL Corp		84,164
1,493		Sempra Energy		76,890
211		SJW Corp		4,593
560		South Jersey Industries, Inc		27,860
524		WGL Holdings, Inc		20,473
250		Wisconsin Energy Corp		7,823
368		Xcel Energy, Inc		9,086
		TOTAL UTILITIES		1,651,306
		TOTAL COMMON STOCKS (Cost $34,165,237)		32,977,939
		TOTAL INVESTMENTS - 99.8% (Cost $34,165,237)		32,977,939
		OTHER ASSETS & LIABILITIES, NET - 0.2%		77,863
		NET ASSETS - 100.0%	$	33,055,802

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing.

74

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

SHARES		COMPANY	VALUE
COMMON STOCKS - 97.0%
ASSET MANAGEMENT & CUSTODY BANKS - 0.2%
2,500		iShares Cohen & Steers Realty Majors Index Fund	$	153,400
		TOTAL ASSET MANAGEMENT & CUSTODY BANKS		153,400
DIVERSIFIED CAPITAL MARKETS - 0.8%
59,000	*	HFF, Inc (Class A)		515,660
		TOTAL DIVERSIFIED CAPITAL MARKETS		515,660
DIVERSIFIED REITS - 4.5%
41,500		Vornado Realty Trust		3,096,730
		TOTAL DIVERSIFIED REITS		3,096,730
GOLD - 2.2%
5,500		Agnico-Eagle Mines Ltd		327,360
6,500		Goldcorp, Inc		296,660
12,000		Market Vectors Junior Gold Miners ETF		337,800
9,000		Newmont Mining Corp		566,100
		TOTAL GOLD		1,527,920
HOMEBUILDING - 1.0%
30,000		KB Home		175,800
90,000		PDG Realty S.A.		293,418
50,000	*	Pulte Homes, Inc		197,500
		TOTAL HOMEBUILDING		666,718
HOTELS, RESORTS & CRUISE LINES - 0.3%
5,000		Starwood Hotels & Resorts Worldwide, Inc		194,100
		TOTAL HOTELS, RESORTS & CRUISE LINES		194,100
INDUSTRIAL REITS - 3.3%
56,784		AMB Property Corp		1,377,012
19,000		EastGroup Properties, Inc		724,660
18,000	*	First Industrial Realty Trust, Inc		144,000
		TOTAL INDUSTRIAL REITS		2,245,672
MORTGAGE REITS - 0.6%
25,000		Starwood Property Trust, Inc		429,000
		TOTAL MORTGAGE REITS		429,000
OFFICE REITS - 13.8%
12,500		Alexandria Real Estate Equities, Inc		767,375
51,000		BioMed Realty Trust, Inc		845,070
41,000		Boston Properties, Inc		3,653,100
21,500		Digital Realty Trust, Inc		1,185,940
18,000		Mack-Cali Realty Corp		481,500
35,000		Mission West Properties, Inc		265,650
39,000		SL Green Realty Corp		2,267,850
		TOTAL OFFICE REITS		9,466,485
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
28,800	*,g,m	People’s Choice Financial Corp		0
		TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
PRECIOUS METALS & MINERALS - 0.3%
8,000	*	Coeur d’Alene Mines Corp		171,520
		TOTAL PRECIOUS METALS & MINERALS		171,520
REAL ESTATE OPERATING COMPANIES - 1.3%
407,000	*	Thomas Properties Group, Inc		927,960
		TOTAL REAL ESTATE OPERATING COMPANIES		927,960
REAL ESTATE SERVICES - 0.6%
7,500		Vanguard REIT ETF		381,525
		TOTAL REAL ESTATE SERVICES		381,525
RESIDENTIAL REITS - 17.9%
34,000		American Campus Communities, Inc		1,265,140
20,000		Associated Estates Realty Corp		309,200

75

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
22,500		AvalonBay Communities, Inc	$	2,566,125
7,000		BRE Properties, Inc (Class A)		296,380
20,000		Camden Property Trust		1,105,200
70,000		Equity Residential		3,630,900
16,500		Essex Property Trust, Inc		1,980,660
20,000		Post Properties, Inc		694,800
20,000		UDR, Inc		442,800
		TOTAL RESIDENTIAL REITS		12,291,205
RETAIL REITS - 24.4%
160,000		DDR Corp		1,744,000
5,500		Federal Realty Investment Trust		453,255
120,000		General Growth Properties, Inc		1,452,000
38,000		Glimcher Realty Trust		269,040
55,000		Kimco Realty Corp		826,650
37,000		Macerich Co		1,577,310
5,000		Realty Income Corp		161,200
17,000		Regency Centers Corp		600,610
72,000		Simon Property Group, Inc		7,918,560
34,000		Tanger Factory Outlet Centers, Inc		884,340
6,500		Taubman Centers, Inc		327,015
75,000		Westfield Group		556,178
		TOTAL RETAIL REITS		16,770,158
SECURITY & ALARM SERVICES - 0.3%
10,614	*	Geo Group, Inc		196,996
		TOTAL SECURITY & ALARM SERVICES		196,996
SPECIALIZED REITS - 25.5%
15,000		Ashford Hospitality Trust, Inc		105,300
28,000		CubeSmart		238,840
15,000		DiamondRock Hospitality Co		104,850
22,812		Entertainment Properties Trust		889,212
20,000		Extra Space Storage, Inc		372,600
25,000	*	FelCor Lodging Trust, Inc		58,250
80,000		HCP, Inc		2,804,800
39,000		Health Care REIT, Inc		1,825,200
15,000		Healthcare Realty Trust, Inc		252,750
120,000		Hersha Hospitality Trust		415,200
155,000		Host Marriott Corp		1,695,700
19,000		Plum Creek Timber Co, Inc		659,490
25,000		Public Storage, Inc		2,783,750
6,000		Rayonier, Inc		220,740
5,000		Sovran Self Storage, Inc		185,850
25,000	*	Sunstone Hotel Investors, Inc		142,250
62,000		Ventas, Inc		3,062,800
105,000		Weyerhaeuser Co		1,632,750
		TOTAL SPECIALIZED REITS		17,450,332
		TOTAL COMMON STOCKS (Cost $70,134,330)		66,485,381
		TOTAL INVESTMENTS - 97.0% (Cost $70,134,330)		66,485,381
		OTHER ASSETS & LIABILITIES, NET - 3.0%		2,034,115
		NET ASSETS - 100.0%	$	68,519,496

Abbreviation(s):

ETF Exchange Traded Fund

REIT Real Estate Investment Trust

* Non-income producing.

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 September 30, 2011, the value of these securities amounted to $0 or 0.0% of net assets.

m Indicates a security that has been deemed illiquid.

76

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
BONDS - 98.6%
CORPORATE BONDS - 32.2%
AUTOMOBILES & COMPONENTS - 0.1%
$132,000	g	Delphi Corp		5.880	%		05/15/19	$	122,760
32,000		Ford Motor Co		7.450			07/16/31		36,124
		TOTAL AUTOMOBILES & COMPONENTS							158,884
BANKS - 5.3%
100,000	g	Banco de Credito del Peru		4.750			03/16/16		96,500
100,000	g	BanColombia S.A.		4.250			01/12/16		98,000
110,000	g	BanColombia S.A.		5.950			06/03/21		106,425
185,000		Bank of America Corp		3.630			03/17/16		168,408
200,000		Bank of America Corp		3.750			07/12/16		181,962
200,000		Bank of America Corp		5.300			03/15/17		180,632
75,000		Bank of America Corp		5.750			12/01/17		70,340
50,000		Bank of America Corp		5.000			05/13/21		44,608
50,000		Bank of New York Mellon Corp		4.300			05/15/14		53,948
500,000		Bank of New York Mellon Corp		2.300			07/28/16		503,679
50,000		Bank of New York Mellon Corp		5.450			05/15/19		57,771
750,000	g	Bank of Nova Scotia		1.650			10/29/15		755,589
900,000	g	Bank of Nova Scotia		2.150			08/03/16		915,413
75,000		BB&T Corp		3.850			07/27/27		76,701
150,000	g	BBVA Bancomer S.A.		4.500			03/10/16		139,500
50,000		Capital One Bank USA NA		8.800			07/15/19		58,906
50,000		Capital One Capital V		8.880			05/15/40		50,737
50,000		Capital One Financial Corp		3.150			07/15/16		49,499
100,000		Citigroup, Inc		6.000			12/13/13		105,037
50,000		Citigroup, Inc		5.000			09/15/14		49,038
350,000		Citigroup, Inc		3.950			06/15/16		349,167
75,000		Citigroup, Inc		6.130			05/15/18		80,445
75,000		Citigroup, Inc		5.380			08/09/20		77,701
75,000		Citigroup, Inc		6.880			03/05/38		81,429
50,000		Citigroup, Inc		8.130			07/15/39		59,935
900,000	g	Depfa ACS Bank		5.130			03/16/37		687,721
100,000		Deutsche Bank AG		3.880			08/18/14		102,060
50,000		Discover Bank		7.000			04/15/20		52,997
50,000		First Horizon National Corp		5.380			12/15/15		50,607
100,000	g	HSBC Bank plc		3.500			06/28/15		101,473
150,000	g	HSBC Bank plc		4.130			08/12/20		148,535
100,000	g	ICICI Bank Ltd		5.500			03/25/15		99,599
60,000		JPMorgan Chase & Co		5.130			09/15/14		63,189
75,000		JPMorgan Chase & Co		3.450			03/01/16		75,309
200,000		JPMorgan Chase & Co		3.150			07/05/16		198,701
275,000		JPMorgan Chase & Co		4.250			10/15/20		275,652
100,000		JPMorgan Chase & Co		5.500			10/15/40		105,709
175,000		Northern Trust Corp		4.630			05/01/14		188,664
100,000		PNC Funding Corp		5.130			02/08/20		110,687
200,000	g	Shinhan Bank		4.130			10/04/16		194,886
100,000	g	Sumitomo Mitsui Banking Corp		3.150			07/22/15		103,126
250,000	g	Toronto-Dominion Bank		1.630			09/14/16		249,138
150,000		Union Bank of California NA		5.950			05/11/16		165,162
25,000		USB Capital XIII Trust		6.630			12/15/39		25,108
25,000		Wachovia Bank NA		4.800			11/01/14		26,676
100,000		Wachovia Bank NA		5.850			02/01/37		103,906
150,000		Wells Fargo & Co		3.680			06/15/16		156,094
100,000		Wells Fargo Bank NA		4.750			02/09/15		104,204
50,000		Westpac Banking Corp		3.000			08/04/15		50,910
40,000		Zions Bancorporation		7.750			09/23/14		42,169
		TOTAL BANKS							7,893,652
CAPITAL GOODS - 1.5%
25,000		Black & Decker Corp		8.950			04/15/14		29,317
200,000		Caterpillar, Inc		1.380			05/27/14		201,335
130,000		Caterpillar, Inc		5.200			05/27/41		151,918
50,000		CRH America, Inc		4.130			01/15/16		50,343

77

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  250,000		Danaher Corp		1.300	%		06/23/14	$	252,893
250,000		Danaher Corp		2.300			06/23/16		256,104
55,000		Goodrich Corp		6.130			03/01/19		66,223
32,000	g	Huntington Ingalls		6.880			03/15/18		29,760
100,000	g	Illinois Tool Works, Inc		3.380			09/15/21		102,473
200,000	g	Illinois Tool Works, Inc		4.880			09/15/41		222,677
50,000		ITT Corp		4.900			05/01/14		54,661
50,000		Lockheed Martin Corp		3.350			09/15/21		49,506
100,000	g	Myriad International Holding BV		6.380			07/28/17		103,750
100,000		Pentair, Inc		5.000			05/15/21		104,433
111,000	g	Sealed Air Corp		8.130			09/15/19		112,110
111,000	g	Sealed Air Corp		8.380			09/15/21		112,110
150,000	g	Sigma Alimentos S.A.		5.630			04/14/18		146,250
120,000		SPX Corp		6.880			09/01/17		123,000
50,000		Tyco International Finance S.A.		6.000			11/15/13		54,741
25,000		Tyco International Finance S.A.		4.130			10/15/14		26,577
25,000		United Technologies Corp		5.700			04/15/40		30,485
		TOTAL CAPITAL GOODS							2,280,666
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
100,000	g	National Agricultural Cooperative Federation		4.250			01/28/16		100,590
75,000		Republic Services, Inc		3.800			05/15/18		77,987
40,000		Republic Services, Inc		6.200			03/01/40		48,067
250,000		Waste Management, Inc		2.600			09/01/16		250,593
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							477,237
CONSUMER DURABLES & APPAREL - 0.3%
100,000	g	Harley-Davidson Financial Services, Inc		3.880			03/15/16		102,908
100,000		Phillips-Van Heusen Corp		7.380			05/15/20		104,250
75,000		Whirlpool Corp		8.000			05/01/12		77,884
25,000		Xerox Corp		8.250			05/15/14		28,462
25,000		Xerox Corp		4.500			05/15/21		25,003
		TOTAL CONSUMER DURABLES & APPAREL							338,507
CONSUMER SERVICES - 0.2%
200,000	g	Transnet Ltd		4.500			02/10/16		205,510
100,000		Walt Disney Co		4.500			12/15/13		108,023
		TOTAL CONSUMER SERVICES							313,533
DIVERSIFIED FINANCIALS - 5.1%
80,000		Abbey National Treasury Services plc		4.000			04/27/16		73,851
25,000		American Express Co		7.000			03/19/18		29,576
125,000		American Express Co		8.130			05/20/19		157,764
50,000		Ameriprise Financial, Inc		5.300			03/15/20		55,267
100,000	g	Banco Mercantil del Norte S.A.		4.380			07/19/15		99,500
100,000	g	Bangkok Bank PCL		4.800			10/18/20		95,223
100,000	g	Banque PSA Finance		3.380			04/04/14		96,871
50,000		Barclays Bank plc		5.200			07/10/14		51,134
50,000		BlackRock, Inc		3.500			12/10/14		53,129
150,000		BlackRock, Inc		4.250			05/24/21		156,284
100,000	g	BM&FBOVESPA S.A.		5.500			07/16/20		98,375
150,000		Credit Suisse		5.000			05/15/13		155,029
100,000		Credit Suisse		5.500			05/01/14		105,715
25,000		Credit Suisse		4.380			08/05/20		24,192
25,000		Credit Suisse AG.		5.400			01/14/20		24,018
135,000		Eaton Vance Corp		6.500			10/02/17		153,995
200,000		Ford Motor Credit Co LLC		5.880			08/02/21		198,937
25,000		General Electric Capital Corp		2.800			01/08/13		25,430
200,000		General Electric Capital Corp		1.880			09/16/13		200,919
375,000		General Electric Capital Corp		5.500			06/04/14		406,552
150,000		General Electric Capital Corp		2.950			05/09/16		150,331
405,000		General Electric Capital Corp		4.380			09/16/20		412,108
100,000		General Electric Capital Corp		5.300			02/11/21		103,740
100,000	i	Goldman Sachs Capital II		5.790			12/30/49		62,000
100,000		Goldman Sachs Group, Inc		4.750			07/15/13		102,909
100,000		Goldman Sachs Group, Inc		3.700			08/01/15		97,908
240,000		Goldman Sachs Group, Inc		3.630			02/07/16		233,658
50,000		Goldman Sachs Group, Inc		7.500			02/15/19		55,796
25,000		Goldman Sachs Group, Inc		6.750			10/01/37		22,869
50,000		Goldman Sachs Group, Inc		6.250			02/01/41		48,621
165,000		HSBC Finance Corp		4.750			07/15/13		170,582

78

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  100,000	g	Hyundai Capital America		3.750	%		04/06/16	$	98,784
35,000	g	International Lease Finance Corp		6.500			09/01/14		35,000
25,000		International Lease Finance Corp		8.630			09/15/15		24,813
180,000		International Lease Finance Corp		5.750			05/15/16		159,987
100,000	g	Inversiones CMPC S.A.		4.750			01/19/18		101,088
500,000		Jefferies Group, Inc		5.130			04/13/18		468,251
50,000		Jefferies Group, Inc		6.250			01/15/36		45,357
200,000		John Deere Capital Corp		2.250			06/07/16		203,131
100,000	n	Lehman Brothers Holdings Capital Trust V		5.860			12/30/49		10
50,000		Lloyds TSB Bank plc		6.380			01/21/21		49,296
100,000		MBNA Corp		6.130			03/01/13		100,101
300,000		Merrill Lynch & Co, Inc		5.450			02/05/13		297,308
200,000		Merrill Lynch & Co, Inc		6.400			08/28/17		193,909
100,000		MF Global Holdings Ltd		6.250			08/08/16		94,449
175,000		Morgan Stanley		6.000			05/13/14		177,221
250,000		Morgan Stanley		2.880			07/28/14		238,234
50,000		Morgan Stanley		6.000			04/28/15		49,764
150,000		Morgan Stanley		3.800			04/29/16		138,290
100,000		Morgan Stanley		5.450			01/09/17		96,458
150,000		Morgan Stanley		7.300			05/13/19		154,579
60,000		Morgan Stanley		5.630			09/23/19		56,284
200,000		Morgan Stanley		5.750			01/25/21		184,013
50,000		NASDAQ OMX Group, Inc		4.000			01/15/15		50,955
35,000		NASDAQ OMX Group, Inc		5.550			01/15/20		35,047
55,000		National Rural Utilities Cooperative Finance Corp		2.610			09/16/12		55,996
50,000		National Rural Utilities Cooperative Finance Corp		10.380			11/01/18		71,843
65,000		Nomura Holdings, Inc		4.130			01/19/16		65,960
100,000	g	PTTEP Australia International Finance Pty Ltd		4.150			07/19/15		105,732
140,000	g,i	Rabobank Nederland NV		11.000			12/30/49		168,350
70,000	g	RCI Banque S.A.		3.400			04/11/14		67,834
75,000		State Street Corp		4.300			05/30/14		80,913
50,000		Toronto-Dominion Bank		2.500			07/14/16		51,321
75,000		UBS AG.		4.880			08/04/20		72,217
90,000	g	Waha Aerospace BV		3.930			07/28/20		92,475
25,000	g	WT Finance Aust Pty Ltd		5.130			11/15/14		26,296
		TOTAL DIVERSIFIED FINANCIALS							7,633,549
ENERGY - 3.3%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		54,690
30,000		Anadarko Petroleum Corp		6.950			06/15/19		34,801
45,000		Anadarko Petroleum Corp		6.450			09/15/36		47,601
100,000		Apache Corp		5.100			09/01/40		111,559
55,000	g	Arch Coal, Inc		7.000			06/15/19		52,250
100,000		Baker Hughes, Inc		5.130			09/15/40		114,491
100,000		BP Capital Markets plc		3.130			03/10/12		100,925
310,000		BP Capital Markets plc		3.200			03/11/16		323,182
100,000		Burlington Resources Finance Co		7.200			08/15/31		136,493
32,000		Chesapeake Energy Corp		6.630			08/15/20		32,960
100,000		Chesapeake Energy Corp		6.880			11/15/20		104,500
100,000		Cloud Peak Energy Resources LLC		8.250			12/15/17		103,750
125,000		ConocoPhillips		4.600			01/15/15		136,934
100,000		ConocoPhillips		6.500			02/01/39		132,605
50,000		Devon Energy Corp		5.600			07/15/41		57,640
88,360		Dolphin Energy Ltd		5.890			06/15/19		94,545
100,000	g	Empresa Nacional del Petroleo		5.250			08/10/20		103,374
25,000		Enbridge Energy Partners LP		5.200			03/15/20		26,600
25,000		EnCana Corp		6.630			08/15/37		28,854
75,000		Enterprise Products Operating LLC		4.600			08/01/12		76,958
25,000		Enterprise Products Operating LLC		5.000			03/01/15		27,157
45,000		Enterprise Products Operating LLC		6.130			10/15/39		48,995
55,000		Enterprise Products Operating LLC		5.950			02/01/41		58,998
50,000		Enterprise Products Operating LLC		5.700			02/15/42		52,610
75,000		EOG Resources, Inc		4.100			02/01/21		80,226
25,000		Hess Corp		8.130			02/15/19		32,223
75,000		Hess Corp		5.600			02/15/41		80,912
50,000	g	Marathon Petroleum Corp		3.500			03/01/16		51,549
50,000	g	Marathon Petroleum Corp		5.130			03/01/21		52,069
25,000		Noble Holding International Ltd		3.450			08/01/15		26,282
75,000		Noble Holding International Ltd		4.900			08/01/20		80,677
100,000		Occidental Petroleum Corp		1.750			02/15/17		99,248
100,000		Occidental Petroleum Corp		4.100			02/01/21		108,478

79

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  85,000		Pemex Project Funding Master Trust		6.630	%		06/15/35	$	91,163
25,000		Pemex Project Funding Master Trust		6.630			06/15/38		26,875
200,000	g	Pertamina PT		5.250			05/23/21		192,000
100,000		Petrobras International Finance Co		3.880			01/27/16		99,200
60,000		Petrobras International Finance Co		7.880			03/15/19		69,600
59,000		Petrobras International Finance Co		6.880			01/20/40		62,245
50,000		Petroleos Mexicanos		4.880			03/15/15		52,375
20,000		Petroleos Mexicanos		8.000			05/03/19		24,400
90,000		Petroleos Mexicanos		5.500			01/21/21		94,500
100,000		Petroleos Mexicanos		6.500			06/02/41		103,500
100,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750			08/14/19		118,250
100,000		Plains All American Pipeline LP		5.000			02/01/21		105,418
45,000	g	Precision Drilling Corp		6.500			12/15/21		44,325
100,000	g	Reliance Holdings USA		4.500			10/19/20		91,758
50,000	g	Rockies Express Pipeline LLC		6.250			07/15/13		53,209
130,000	g	SandRidge Energy, Inc		8.000			06/01/18		122,200
265,000	g	Schlumberger Investment S.A.		3.300			09/14/21		265,264
50,000		SEACOR Holdings, Inc		7.380			10/01/19		54,056
75,000		Shell International Finance BV		4.300			09/22/19		84,244
25,000		Shell International Finance BV		6.380			12/15/38		34,066
25,000		Statoil ASA		2.900			10/15/14		26,307
100,000		TransCanada Pipelines Ltd		5.850			03/15/36		119,888
25,000		Vale Overseas Ltd		6.250			01/23/17		27,100
25,000		Vale Overseas Ltd		6.880			11/21/36		26,965
60,000		Vale Overseas Ltd		6.880			11/10/39		64,500
50,000		Valero Energy Corp		4.500			02/01/15		53,385
55,000		Weatherford Bermuda Holdings Ltd		5.130			09/15/20		55,974
100,000		XTO Energy, Inc		6.250			04/15/13		108,314
50,000		XTO Energy, Inc		4.630			06/15/13		53,291
		TOTAL ENERGY							4,998,508
FOOD & STAPLES RETAILING - 0.1%
50,000		CVS Caremark Corp		3.250			05/18/15		52,622
50,000		Delhaize Group S.A.		5.880			02/01/14		54,483
50,000		Delhaize Group S.A.		6.500			06/15/17		58,445
		TOTAL FOOD & STAPLES RETAILING							165,550
FOOD, BEVERAGE & TOBACCO - 1.1%
200,000		Anheuser-Busch InBev Worldwide, Inc		2.880			02/15/16		209,424
75,000		Anheuser-Busch InBev Worldwide, Inc		5.000			04/15/20		85,799
25,000		Anheuser-Busch InBev Worldwide, Inc		6.380			01/15/40		33,189
50,000	g	Coca-Cola Co		1.800			09/01/16		50,145
100,000		Coca-Cola Co		3.150			11/15/20		103,219
165,000	g	Coca-Cola Co		3.300			09/01/21		172,116
25,000		Dr Pepper Snapple Group, Inc		6.120			05/01/13		26,826
55,000		General Mills, Inc		5.200			03/17/15		61,663
200,000	g	Grupo Bimbo SAB de C.V.		4.880			06/30/20		200,999
100,000	g	HJ Heinz Finance Co		7.130			08/01/39		139,395
25,000		Kraft Foods, Inc		6.130			02/01/18		29,345
50,000		Kraft Foods, Inc		5.380			02/10/20		56,586
135,000		Kraft Foods, Inc		6.500			02/09/40		165,027
100,000		PepsiCo, Inc		0.880			10/25/13		100,074
5,000		PepsiCo, Inc		7.900			11/01/18		6,653
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		35,074
100,000		Philip Morris International, Inc		6.880			03/17/14		113,483
100,000		TreeHouse Foods, Inc		7.750			03/01/18		103,500
		TOTAL FOOD, BEVERAGE & TOBACCO							1,692,517
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
50,000		Boston Scientific Corp		4.500			01/15/15		52,246
130,000	g	Fresenius Medical Care Capital Trust		5.750			02/15/21		125,450
50,000	g	Fresenius Medical Care US Finance, Inc		6.500			09/15/18		50,750
40,000		HCA, Inc		6.500			02/15/20		39,100
97,000		HCA, Inc		7.880			02/15/20		100,394
44,000		McKesson Corp		3.250			03/01/16		46,388
100,000		Medtronic, Inc		4.750			09/15/15		112,328
50,000		Medtronic, Inc		4.450			03/15/20		56,615
100,000		Quest Diagnostics, Inc		6.400			07/01/17		118,098
95,000		Thermo Fisher Scientific, Inc		3.200			03/01/16		99,792
75,000		Thermo Fisher Scientific, Inc		2.250			08/15/16		76,045
15,000		Thermo Fisher Scientific, Inc		4.700			05/01/20		16,821
125,000		Thermo Fisher Scientific, Inc		3.600			08/15/21		129,754
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							1,023,781

80

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
$  65,000		Procter & Gamble Co		5.550	%		03/05/37	$	83,684
50,000		Unilever Capital Corp		4.800			02/15/19		58,169
50,000		Unilever Capital Corp		4.250			02/10/21		56,859
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							198,712
INSURANCE - 1.3%
50,000		ACE INA Holdings, Inc		5.880			06/15/14		55,323
75,000		Allstate Corp		7.450			05/16/19		91,681
150,000		American International Group, Inc		3.650			01/15/14		146,255
100,000		Chubb Corp		6.000			05/11/37		118,066
20,000		CIGNA Corp		5.130			06/15/20		21,748
100,000		CIGNA Corp		4.500			03/15/21		103,596
50,000		Genworth Financial, Inc		7.200			02/15/21		42,493
75,000		Hartford Financial Services Group, Inc		4.000			03/30/15		75,446
75,000		Hartford Financial Services Group, Inc		5.500			03/30/20		73,126
50,000		Hartford Financial Services Group, Inc		6.630			03/30/40		46,824
25,000		Lincoln National Corp		7.000			06/15/40		25,785
250,000		Markel Corp		5.350			06/01/21		255,121
50,000		Metlife, Inc		5.000			06/15/15		54,776
100,000		Metlife, Inc		6.750			06/01/16		115,013
100,000	g	Principal Life Global Funding I		5.130			10/15/13		106,583
150,000		Progressive Corp		3.750			08/23/21		153,005
150,000		Prudential Financial, Inc		6.200			11/15/40		154,093
100,000	g	Prudential Funding LLC		6.750			09/15/23		115,938
25,000		Travelers Cos, Inc		5.800			05/15/18		28,800
25,000		Travelers Cos, Inc		5.900			06/02/19		29,130
20,000		Unum Group		5.630			09/15/20		22,031
150,000		Willis Group Holdings plc		4.130			03/15/16		152,477
25,000		WR Berkley Corp		5.380			09/15/20		25,654
		TOTAL INSURANCE							2,012,964
MATERIALS - 1.9%
125,000		3M Co		5.700			03/15/37		163,514
100,000		Air Products & Chemicals, Inc		4.150			02/01/13		104,459
35,000		Air Products & Chemicals, Inc		4.380			08/21/19		38,539
10,000		Airgas, Inc		4.500			09/15/14		10,662
250,000		Alcoa, Inc		5.400			04/15/21		242,256
25,000	g	Anglo American Capital plc		4.450			09/27/20		25,040
220,000		AngloGold Ashanti Holdings plc		5.380			04/15/20		215,538
35,000		ArcelorMittal		3.750			08/05/15		32,680
100,000		ArcelorMittal		3.750			02/01/16		91,950
30,000		ArcelorMittal		7.000			10/15/39		26,756
100,000		ArcelorMittal		6.750			03/01/41		86,420
32,000		Ball Corp		6.750			09/15/20		33,120
125,000		Barrick North America Finance LLC		4.400			05/30/21		128,180
150,000		CF Industries, Inc		6.880			05/01/18		167,437
100,000		Cliffs Natural Resources, Inc		6.250			10/01/40		97,391
100,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750			11/04/20		99,412
32,000	g	Crown Americas LLC		6.250			02/01/21		32,000
50,000		EI Du Pont de Nemours & Co		3.250			01/15/15		53,204
32,000		Graphic Packaging International, Inc		9.500			06/15/17		34,240
200,000	g	Hyundai Steel Co		4.630			04/21/16		200,051
50,000		International Paper Co		7.300			11/15/39		56,185
25,000		Martin Marietta Materials, Inc		6.600			04/15/18		28,188
33,000	g	Polymer Group, Inc		7.750			02/01/19		32,918
140,000	g	POSCO		4.250			10/28/20		130,322
200,000	g	POSCO		5.250			04/14/21		198,076
50,000		Praxair, Inc		5.250			11/15/14		56,163
50,000		Rio Tinto Finance USA Ltd		2.250			09/20/16		49,888
115,000		Rio Tinto Finance USA Ltd		3.500			11/02/20		113,082
100,000	g	Sinochem Corp		6.300			11/12/40		92,503
100,000	g	Sociedad Quimica y Minera de Chile S.A.		5.500			04/21/20		104,664
130,000		Solutia, Inc		7.880			03/15/20		136,824
25,000		Teck Resources Ltd		6.000			08/15/40		25,730
		TOTAL MATERIALS							2,907,392
MEDIA - 1.2%
50,000		CBS Corp		4.300			02/15/21		50,274
75,000		Comcast Corp		5.650			06/15/35		78,512
50,000		Comcast Corp		6.400			03/01/40		58,189
50,000		DIRECTV Holdings LLC		3.500			03/01/16		51,591
250,000		Interpublic Group of Cos, Inc		6.250			11/15/14		263,750
350,000		Lamar Media Corp		9.750			04/01/14		385,874
127,000		Lamar Media Corp		6.630			08/15/15		124,778
25,000		NBCUniversal Media LLC		5.150			04/30/20		27,415

81

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  350,000		NBCUniversal Media LLC		4.380	%		04/01/21	$	359,497
25,000		News America, Inc		7.250			05/18/18		29,086
50,000		News America, Inc		6.200			12/15/34		53,525
50,000		News America, Inc		6.900			08/15/39		56,943
35,000		Nielsen Finance LLC		7.750			10/15/18		35,700
100,000		Time Warner Cable, Inc		8.750			02/14/19		127,967
125,000		Time Warner Cable, Inc		8.250			04/01/19		156,528
50,000		Time Warner, Inc		3.150			07/15/15		51,716
50,000		Time Warner, Inc		6.500			11/15/36		56,760
25,000		Viacom, Inc		4.380			09/15/14		26,713
		TOTAL MEDIA							1,994,818
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.1%
75,000		Amgen, Inc		3.450			10/01/20		77,295
75,000		Amgen, Inc		4.100			06/15/21		80,729
65,000		Eli Lilly & Co		3.550			03/06/12		65,821
70,000	g	Endo Pharmaceuticals Holdings, Inc		7.000			07/15/19		70,263
250,000		Gilead Sciences, Inc		4.500			04/01/21		269,450
25,000		GlaxoSmithKline Capital, Inc		5.650			05/15/18		30,231
150,000		Johnson & Johnson		2.150			05/15/16		154,815
50,000		Johnson & Johnson		5.850			07/15/38		66,311
65,000		Life Technologies Corp		3.500			01/15/16		66,168
50,000		Mead Johnson Nutrition Co		5.900			11/01/39		59,124
200,000		Merck & Co, Inc		3.880			01/15/21		217,488
97,000	g	Mylan, Inc		7.880			07/15/20		101,365
35,000		Novartis Capital Corp		4.130			02/10/14		37,634
200,000		Novartis Capital Corp		2.900			04/24/15		211,661
35,000		Novartis Capital Corp		4.400			04/24/20		39,551
35,000		Pfizer, Inc		5.350			03/15/15		39,875
250,000		Sanofi-Aventis S.A.		2.630			03/29/16		258,649
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,846,430
REAL ESTATE - 0.6%
15,000		AMB Property LP		7.630			08/15/14		16,342
30,000		AMB Property LP		4.500			08/15/17		28,228
25,000		Brandywine Operating Partnership LP		7.500			05/15/15		27,084
150,000		Brandywine Operating Partnership LP		4.950			04/15/18		144,911
35,000		Camden Property Trust		4.630			06/15/21		34,800
100,000		Developers Diversified Realty Corp		4.750			04/15/18		91,215
40,000		Developers Diversified Realty Corp		7.880			09/01/20		42,373
50,000		HCP, Inc		3.750			02/01/16		49,412
65,000		Health Care REIT, Inc		3.630			03/15/16		63,374
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		24,457
147,000	g	Host Hotels & Resorts LP		5.880			06/15/19		140,386
25,000		Kilroy Realty Corp		5.000			11/03/15		25,952
10,000		Kimco Realty Corp		5.700			05/01/17		10,688
50,000		National Retail Properties, Inc		5.500			07/15/21		50,820
25,000		Nationwide Health Properties, Inc		6.250			02/01/13		26,310
25,000		Simon Property Group LP		5.250			12/01/16		27,233
40,000		Simon Property Group LP		10.350			04/01/19		53,504
50,000		Washington Real Estate Investment Trust		4.950			10/01/20		53,060
		TOTAL REAL ESTATE							910,149
RETAILING - 0.8%
130,000		AmeriGas Partners LP		6.250			08/20/19		124,475
130,000		Hanesbrands, Inc		6.380			12/15/20		126,100
150,000		Home Depot, Inc		5.950			04/01/41		178,402
132,000		Limited Brands, Inc		6.630			04/01/21		132,990
150,000		Macy’s Retail Holdings, Inc		5.900			12/01/16		164,629
55,000		O’Reilly Automotive, Inc		4.630			09/15/21		55,545
160,000	g	QVC Inc		7.380			10/15/20		170,400
100,000	g	QVC, Inc		7.500			10/01/19		106,500
25,000		Staples, Inc		9.750			01/15/14		28,976
75,000		Wal-Mart Stores, Inc		5.000			10/25/40		85,702
		TOTAL RETAILING							1,173,719
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
50,000		Analog Devices, Inc		5.000			07/01/14		54,651
50,000		Broadcom Corp		1.500			11/01/13		50,098
50,000		Broadcom Corp		2.380			11/01/15		50,450
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							155,199

82

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SOFTWARE & SERVICES - 0.4%
$  75,000		International Business Machines Corp		1.000	%		08/05/13	$	75,541
250,000		International Business Machines Corp		1.950			07/22/16		252,196
35,000		Microsoft Corp		0.880			09/27/13		35,228
125,000		Microsoft Corp		1.630			09/25/15		127,406
50,000		Oracle Corp		3.750			07/08/14		53,848
25,000		Oracle Corp		5.750			04/15/18		29,786
65,000	g	Oracle Corp		3.880			07/15/20		69,007
		TOTAL SOFTWARE & SERVICES							643,012
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
50,000		Amphenol Corp		4.750			11/15/14		53,010
130,000		Brocade Communications Systems, Inc		6.880			01/15/20		132,762
75,000		Hewlett-Packard Co		4.250			02/24/12		76,004
35,000		Hewlett-Packard Co		4.500			03/01/13		36,512
25,000		Hewlett-Packard Co		4.750			06/02/14		26,860
115,000		Hewlett-Packard Co		2.650			06/01/16		114,858
50,000		Hewlett-Packard Co		3.000			09/15/16		50,417
132,000		Jabil Circuit, Inc		5.630			12/15/20		128,700
50,000		L-3 Communications Corp		6.380			10/15/15		51,063
35,000		L-3 Communications Corp		5.200			10/15/19		36,929
100,000		L-3 Communications Corp		4.950			02/15/21		104,349
100,000		Scientific Games Corp		8.130			09/15/18		98,250
32,000		Scientific Games Corp		9.250			06/15/19		32,240
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							941,954
TELECOMMUNICATION SERVICES - 2.0%
40,000		America Movil SAB de C.V.		5.000			03/30/20		42,240
100,000		AT&T, Inc		6.150			09/15/34		111,919
125,000		AT&T, Inc		6.300			01/15/38		143,191
92,000		AT&T, Inc		5.350			09/01/40		96,168
100,000		BellSouth Corp		6.880			10/15/31		124,575
25,000		BellSouth Corp		6.550			06/15/34		28,985
175,000		Cellco Partnership		8.500			11/15/18		233,194
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		133,381
50,000		France Telecom S.A.		2.130			09/16/15		49,489
110,000	g	Qtel International Finance		4.750			02/16/21		109,863
100,000		Sprint Capital Corp		8.750			03/15/32		86,875
50,000		Telecom Italia Capital S.A.		6.180			06/18/14		49,758
25,000		Telecom Italia Capital S.A.		7.000			06/04/18		25,051
200,000		Telecom Italia Capital S.A.		7.180			06/18/19		200,519
150,000		Telefonica Emisiones SAU		3.990			02/16/16		142,729
135,000		Telefonica Emisiones SAU		5.130			04/27/20		125,732
250,000		Telefonica Emisiones SAU		5.460			02/16/21		237,394
100,000	g	Telefonica Moviles Chile S.A.		2.880			11/09/15		95,613
100,000		Telefonos de Mexico SAB de C.V.		5.500			11/15/19		107,000
100,000	g	Telemar Norte Leste S.A.		5.500			10/23/20		95,000
95,000		Verizon Communications, Inc		5.250			04/15/13		100,995
40,000		Verizon Communications, Inc		8.750			11/01/18		53,565
25,000		Verizon Communications, Inc		8.950			03/01/39		38,611
100,000		Verizon Communications, Inc		6.000			04/01/41		121,547
200,000	g	Vimpelcom Holdings		6.250			03/01/17		172,000
150,000		Virgin Media Finance plc		9.500			08/15/16		162,000
100,000		Virgin Media Secured Finance plc		5.250			01/15/21		107,611
		TOTAL TELECOMMUNICATION SERVICES							2,995,005
TRANSPORTATION - 1.1%
165,000	g	Asciano Finance		5.000			04/07/18		168,709
100,000		Boeing Co		6.130			02/15/33		124,685
75,000		Burlington Northern Santa Fe Corp		5.750			05/01/40		88,234
150,000		Burlington Northern Santa Fe LLC		3.450			09/15/21		152,749
100,000		Burlington Northern Santa Fe LLC		5.050			03/01/41		107,210
150,000		Burlington Northern Santa Fe LLC		4.950			09/15/41		159,161
250,000		Delta Air Lines, Inc		5.300			04/15/19		245,000
25,000		Embraer Overseas Ltd		6.380			01/15/20		27,125
100,000	g	Kazakhstan Temir Zholy Finance BV		6.380			10/06/20		98,250
50,000		Norfolk Southern Corp		5.750			04/01/18		58,606
100,000		Norfolk Southern Corp		5.590			05/17/25		115,108
65,000	g	Union Pacific Corp		4.160			07/15/22		69,368
75,000		Union Pacific Corp		4.750			09/15/41		77,041
100,000		United Parcel Service, Inc		3.130			01/15/21		104,402
		TOTAL TRANSPORTATION							1,595,648

83

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
UTILITIES - 2.9%
$  100,000	g	AES Corp		7.380	%		07/01/21	$	94,500
35,000	g	AES Gener S.A.		5.250			08/15/21		33,879
50,000		AGL Capital Corp		5.250			08/15/19		56,302
75,000		Alliant Energy Corp		4.000			10/15/14		78,109
75,000		Atmos Energy Corp		8.500			03/15/19		101,274
195,000	g	Calpine Corp		7.500			02/15/21		186,225
200,000		Carolina Power & Light Co		5.300			01/15/19		235,907
50,000		CenterPoint Energy Houston Electric LLC		7.000			03/01/14		56,323
100,000		CenterPoint Energy Resources Corp		5.850			01/15/41		108,913
100,000	g	Comision Federal Electricidad		4.880			05/26/21		100,500
150,000		Commonwealth Edison Co		4.000			08/01/20		158,233
25,000		Connecticut Light & Power Co		5.500			02/01/19		29,480
35,000		Consolidated Edison Co of New York, Inc		5.700			06/15/40		42,700
50,000		Dominion Resources, Inc		4.450			03/15/21		54,387
50,000		Dominion Resources, Inc		4.900			08/01/41		51,756
100,000		Duke Energy Carolinas LLC		5.750			11/15/13		109,667
15,000		Duke Energy Carolinas LLC		4.300			06/15/20		16,569
100,000	g	Empresa Electrica del Norte Grande S.A.		5.630			01/15/21		104,382
165,000		Great Plains Energy, Inc		4.850			06/01/21		173,726
50,000		Indiana Michigan Power Co		7.000			03/15/19		61,720
25,000		Integrys Energy Group, Inc		4.170			11/01/20		25,746
100,000		Kinder Morgan Energy Partners LP		3.500			03/01/16		102,596
100,000	g	Korea Hydro & Nuclear Power Co Ltd		3.130			09/16/15		97,732
100,000		LG&E and KU Energy LLC		3.750			11/15/20		96,781
50,000		Midamerican Energy Holdings Co		5.950			05/15/37		58,833
100,000		Nevada Power Co		6.650			04/01/36		132,612
50,000		Nevada Power Co		5.380			09/15/40		57,935
165,000		Nevada Power Co		5.450			05/15/41		193,514
75,000		Pacific Gas & Electric Co		8.250			10/15/18		99,905
50,000		PacifiCorp		6.000			01/15/39		63,098
75,000		Pepco Holdings, Inc		2.700			10/01/15		76,000
50,000		PG&E Corp		5.750			04/01/14		54,827
250,000		PPL Electric Utilities Corp		3.000			09/15/21		249,393
50,000		Progress Energy, Inc		7.050			03/15/19		62,181
75,000		Public Service Co of Colorado		3.200			11/15/20		76,319
80,000		Public Service Co of Colorado		4.750			08/15/41		88,903
100,000		Public Service Co of Oklahoma		5.150			12/01/19		111,030
32,000		Questar Market Resources, Inc		6.880			03/01/21		33,440
75,000		San Diego Gas & Electric Co		3.000			08/15/21		75,779
25,000		San Diego Gas & Electric Co		5.350			05/15/40		30,719
50,000		Sempra Energy		6.000			10/15/39		60,513
80,000		Southern California Edison Co		3.880			06/01/21		86,679
25,000		Veolia Environnement		5.250			06/03/13		26,298
100,000		Virginia Electric and Power Co		4.750			03/01/13		105,171
50,000		Williams Partners LP		3.800			02/15/15		52,167
75,000		Williams Partners LP		5.250			03/15/20		80,670
75,000		Williams Partners LP		6.300			04/15/40		83,007
50,000		Xcel Energy, Inc		4.800			09/15/41		52,878
200,000	g	Xinao Gas Holdings Ltd		6.000			05/13/21		193,365
		TOTAL UTILITIES							4,382,643
		TOTAL CORPORATE BONDS (Cost $47,416,716)							48,734,029
GOVERNMENT BONDS - 60.4%
AGENCY SECURITIES - 7.9%
		Federal Farm Credit Bank (FFCB)
500,000		FFCB		1.380			06/25/13		508,871
		Federal Home Loan Bank (FHLB)
1,000,000		FHLB		1.880			06/21/13		1,025,529
		Federal Home Loan Mortgage Corp (FHLMC)
1,000,000		FHLMC		0.750			03/28/13		1,005,791
200,000		FHLMC		2.500			04/23/14		209,968
1,500,000		FHLMC		5.130			10/18/16		1,776,335
		Federal National Mortgage Association (FNMA)
100,000		FNMA		1.250			08/20/13		101,440
1,000,000		FNMA		3.000			09/16/14		1,069,476
1,000,000		Citigroup, Inc		2.130			04/30/12		1,011,050
500,000	g,j	FDIC Structured Sale Guarantee		0.000			10/25/12		493,805
500,000		General Electric Capital Corp		2.250			03/12/12		504,694
200,000		General Electric Capital Corp		2.200			06/08/12		202,726

84

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  200,000		General Electric Capital Corp		2.130	%		12/21/12	$	204,350
450,000		GMAC, Inc		1.750			10/30/12		456,992
1,700,000		GMAC, Inc		2.200			12/19/12		1,737,506
250,000		New York Community Bank		3.000			12/16/11		251,502
250,000		Private Export Funding Corp		3.050			10/15/14		266,487
500,000		Sovereign Bancorp, Inc		2.750			01/17/12		503,540
350,000		State Street Corp		2.150			04/30/12		353,899
265,625		Totem Ocean Trailer Express, Inc		4.510			12/18/19		288,049
		TOTAL AGENCY SECURITIES							11,972,010
FOREIGN GOVERNMENT BONDS - 7.0%
500,000	g	Bank of Montreal		2.850			06/09/15		527,710
250,000	g	Bank of Montreal		2.630			01/25/16		261,051
100,000		Brazilian Government International Bond		4.880			01/22/21		106,900
25,000		Brazilian Government International Bond		7.130			01/20/37		31,938
100,000		Brazilian Government International Bond		5.630			01/07/41		107,750
150,000		Canada Government International Bond		2.380			09/10/14		157,866
200,000	g	Canadian Imperial Bank of Commerce		2.600			07/02/15		208,321
150,000		Chile Government International Bond		3.880			08/05/20		156,375
200,000		Colombia Government International Bond		4.380			07/12/21		204,000
100,000	g	Croatia Government International Bond		6.630			07/14/20		95,250
100,000	g	Dominican Republic International Bond		7.500			05/06/21		97,500
100,000		Eksportfinans ASA		5.000			02/14/12		101,550
132,000		Eksportfinans ASA		2.000			09/15/15		134,732
200,000	g	Eskom Holdings Ltd		5.750			01/26/21		202,000
100,000		European Investment Bank		4.880			02/15/36		116,978
250,000		Export Development Canada		2.250			05/28/15		262,754
100,000		Export-Import Bank of Korea		5.130			06/29/20		101,384
200,000		Export-Import Bank of Korea		4.380			09/15/21		188,391
175,000		Federative Republic of Brazil		6.000			01/17/17		199,763
66,000		Hungary Government International Bond		6.380			03/29/21		64,218
130,000		Hungary Government International Bond		7.630			03/29/41		126,750
35,000		Italy Government International Bond		6.880			09/27/23		34,484
100,000		Landwirtschaftliche Rentenbank		5.250			07/02/12		103,526
100,000	g	Lithuania Government International Bond		5.130			09/14/17		97,000
250,000	g	National Bank of Canada		1.650			01/30/14		253,988
25,000		Peruvian Government International Bond		7.350			07/21/25		31,125
80,000		Poland Government International Bond		3.880			07/16/15		81,080
30,000		Poland Government International Bond		6.380			07/15/19		33,000
200,000		Poland Government International Bond		5.130			04/21/21		199,500
175,000		Province of British Columbia Canada		2.850			06/15/15		186,590
500,000		Province of Manitoba Canada		2.130			04/22/13		512,475
500,000		Province of New Brunswick Canada		2.750			06/15/18		522,836
500,000		Province of Nova Scotia Canada		2.380			07/21/15		520,816
300,000		Province of Ontario Canada		4.100			06/16/14		324,609
300,000		Province of Ontario Canada		2.950			02/05/15		317,122
400,000		Province of Ontario Canada		2.700			06/16/15		420,336
300,000		Province of Ontario Canada		1.600			09/21/16		299,316
500,000		Province of Ontario Canada		4.400			04/14/20		569,318
110,000		Province of Quebec Canada		4.630			05/14/18		127,564
500,000		Province of Quebec Canada		3.500			07/29/20		534,099
750,000		Province of Quebec Canada		2.750			08/25/21		743,052
100,000		Qatar Government International Bond		5.250			01/20/20		110,000
100,000	g	Republic of Ghana		8.500			10/04/17		104,500
30,000		Republic of Hungary		6.250			01/29/20		29,100
100,000	g	Russian Foreign Bond - Eurobond		3.630			04/29/15		98,250
100,000		South Africa Government International Bond		6.880			05/27/19		119,000
100,000		South Africa Government International Bond		6.250			03/08/41		111,500
200,000	g	Sri Lanka Government International Bond		6.250			07/27/21		192,301
300,000	g	Toronto-Dominion Bank		2.200			07/29/15		309,343
100,000		Turkey Government International Bond		5.630			03/30/21		102,250
52,000		United Mexican States		5.880			02/17/14		56,264
50,000		United Mexican States		5.950			03/19/19		56,750
100,000		United Mexican States		5.130			01/15/20		108,250
		TOTAL FOREIGN GOVERNMENT BONDS							10,762,525
MORTGAGE BACKED - 28.2%
		Federal Home Loan Mortgage Corp (FHLMC)
270,588		FHLMC		4.000			06/15/34		32,020
52,696	i	FHLMC		2.500			02/01/36		55,392
171,867	i	FHLMC		2.500			07/01/36		180,351
98,639	i	FHLMC		2.420			09/01/36		104,759

85

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  39,145	i	FHLMC		2.740	%		09/01/36	$	41,080
32,297	i	FHLMC		5.280			09/01/36		33,668
95,366	i	FHLMC		4.700			03/01/37		100,371
166,691	i	FHLMC		5.930			04/01/37		181,039
47,023	i	FHLMC		5.740			05/01/37		50,829
		Federal Home Loan Mortgage Corp Gold (FGLMC)
193,976		FGLMC		5.000			02/01/19		211,089
30,812		FGLMC		4.500			01/01/20		32,957
130,759		FGLMC		4.500			07/01/20		141,414
31,496		FGLMC		5.000			04/01/23		33,841
113,280		FGLMC		4.000			07/01/24		119,325
42,206		FGLMC		4.500			09/01/24		44,841
18,579		FGLMC		6.000			03/01/33		20,597
195,440		FGLMC		5.000			11/01/33		210,741
325,372		FGLMC		6.000			11/01/33		360,726
76,159		FGLMC		5.000			05/01/34		82,098
51,507		FGLMC		6.000			09/01/34		57,039
16,203		FGLMC		6.000			04/01/35		17,878
29,744		FGLMC		5.000			02/01/36		32,045
16,574		FGLMC		6.500			05/01/36		18,498
232,770		FGLMC		5.500			04/01/37		252,642
270,411		FGLMC		5.500			05/01/37		293,497
191,857		FGLMC		6.000			08/01/37		213,183
16,404		FGLMC		6.000			08/01/37		18,227
63,875		FGLMC		6.500			09/01/37		71,050
47,870		FGLMC		6.500			11/01/37		53,247
156,498		FGLMC		5.000			04/01/38		169,754
49,097		FGLMC		6.500			05/01/38		54,906
61,757		FGLMC		5.500			01/01/39		66,923
171,671		FGLMC		4.000			06/01/39		180,022
93,116		FGLMC		5.000			07/01/39		100,014
123,132		FGLMC		5.000			01/01/40		132,252
645,513		FGLMC		4.500			07/01/40		688,365
		Federal National Mortgage Association (FNMA)
4,479		FNMA		5.000			06/01/13		4,693
1,483,243		FNMA		4.560			01/01/15		1,590,144
56,427		FNMA		5.500			04/01/18		60,930
53,219		FNMA		5.500			05/01/18		57,881
150,000		FNMA		4.000			02/25/19		159,319
55,110		FNMA		4.500			03/01/19		59,051
28,241		FNMA		4.500			06/01/19		30,260
165,296		FNMA		5.500			07/01/20		180,912
13,524		FNMA		4.500			11/01/20		14,491
108,955		FNMA		4.500			12/01/20		118,210
39,018		FNMA		5.000			12/01/20		42,192
36,355		FNMA		4.500			03/01/23		38,761
118,412		FNMA		5.000			04/01/23		127,600
82,443		FNMA		4.500			06/01/23		87,900
80,191		FNMA		5.000			07/01/23		86,263
81,947		FNMA		5.000			07/01/23		88,152
108,038		FNMA		5.500			02/01/24		118,393
248,240		FNMA		4.500			04/01/24		264,361
116,755		FNMA		4.000			05/01/24		123,225
242,306		FNMA		5.500			07/01/24		265,227
8,725		FNMA		5.500			09/01/24		9,550
446,555		FNMA		4.000			02/01/25		471,578
46,686		FNMA		6.500			07/01/32		52,533
57,725		FNMA		5.500			01/01/33		63,077
96,885		FNMA		5.500			07/01/33		105,899
590,503		FNMA		5.500			07/01/33		645,438
249,682		FNMA		5.500			07/01/33		272,910
302,490		FNMA		6.000			10/01/33		335,782
148,360		FNMA		5.000			11/01/33		160,341
584,018		FNMA		5.500			11/01/33		638,350
329,057		FNMA		5.000			03/01/34		355,631
577,464		FNMA		5.000			03/01/34		624,100
88,507		FNMA		5.500			04/01/34		97,432
48,523		FNMA		5.000			08/01/34		52,428
1,232,452		FNMA		5.000			09/01/34		1,331,601
56,378		FNMA		5.000			11/01/34		60,931
42,582		FNMA		6.500			02/01/35		48,049
147,861		FNMA		5.500			04/01/35		161,524
19,085		FNMA		7.500			06/01/35		22,272

86

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  32,875		FNMA		5.500	%		07/01/35	$	36,190
17,768		FNMA		7.500			07/01/35		20,736
56,538		FNMA		4.500			08/01/35		60,269
81,862		FNMA		5.000			08/01/35		88,383
198,235		FNMA		5.500			09/01/35		216,677
77,660		FNMA		5.500			10/01/35		84,788
86,757		FNMA		5.000			02/01/36		93,668
265,657		FNMA		6.000			04/01/36		292,571
162,486		FNMA		6.000			06/01/36		180,776
75,844	i	FNMA		2.390			07/01/36		79,185
47,201		FNMA		6.500			09/01/36		52,523
61,913		FNMA		6.000			12/01/36		68,185
41,381		FNMA		5.000			02/01/37		44,594
217,855		FNMA		5.500			02/01/37		237,407
40,554		FNMA		7.000			02/01/37		46,575
120,567		FNMA		5.500			03/01/37		131,181
102,480		FNMA		7.000			04/01/37		117,693
40,388		FNMA		5.500			06/01/37		43,943
26,600		FNMA		6.500			08/01/37		29,716
243,360		FNMA		6.000			09/01/37		267,483
45,019		FNMA		6.000			11/01/37		49,481
21,812		FNMA		7.000			11/01/37		25,050
88,058		FNMA		5.500			01/01/38		95,810
8,744		FNMA		6.500			01/01/38		9,697
691,256		FNMA		5.500			02/01/38		751,244
185,728		FNMA		5.500			02/01/38		201,846
3,623		FNMA		6.500			02/01/38		4,024
6,075		FNMA		6.500			03/01/38		6,730
18,104		FNMA		6.500			03/01/38		20,054
259,433		FNMA		5.000			04/01/38		279,372
215,047		FNMA		5.000			04/01/38		231,574
135,482		FNMA		6.000			04/01/38		148,827
314,747		FNMA		5.500			05/01/38		342,061
316,759		FNMA		5.500			06/01/38		344,248
709,068		FNMA		6.000			07/01/38		779,354
713,274		FNMA		6.000			10/01/38		783,978
297,599		FNMA		4.000			01/01/39		312,367
101,832		FNMA		4.500			01/01/39		108,234
64,247		FNMA		5.500			01/01/39		69,822
69,584		FNMA		6.000			01/01/39		76,438
52,643		FNMA		6.000			01/01/39		57,829
119,489		FNMA		4.000			02/01/39		125,624
104,946		FNMA		4.500			02/01/39		111,544
641,036		FNMA		4.500			02/01/39		681,335
55,004		FNMA		5.500			02/01/39		59,778
1,468,457		FNMA		4.500			04/01/39		1,559,854
86,543		FNMA		5.000			04/01/39		93,194
490,594		FNMA		4.000			05/01/39		517,470
404,231		FNMA		4.500			06/01/39		429,390
686,190		FNMA		4.000			07/01/39		720,243
384,101		FNMA		6.500			07/01/39		423,571
453,118		FNMA		4.000			08/01/39		475,604
454,595		FNMA		4.500			08/01/39		482,888
641,364		FNMA		6.000			09/01/39		703,937
287,485		FNMA		4.500			10/01/39		305,378
314,068		FNMA		4.500			11/01/39		333,615
317,582		FNMA		4.500			11/01/39		337,349
210,851		FNMA		5.000			11/01/39		227,056
500,000		FNMA		4.000			02/25/40		533,349
450,928		FNMA		5.000			06/01/40		488,543
403,191		FNMA		4.500			07/01/40		428,286
399,051		FNMA		4.500			07/01/40		423,888
453,952		FNMA		5.500			07/01/40		493,062
387,706		FNMA		4.500			11/01/40		411,837
242,936		FNMA		4.000			12/01/40		254,954
474,379		FNMA		4.500			12/01/40		503,904
486,081		FNMA		3.500			01/01/41		499,874
976,567		FNMA		4.000			02/01/41		1,024,876
488,369		FNMA		3.500			03/01/41		502,226
245,760		FNMA		4.000			04/01/41		258,685
490,250		FNMA		4.000			04/01/41		517,107
563,093		FNMA		4.500			04/01/41		598,139
594,173		FNMA		4.000			08/01/41		623,381
248,390		FNMA		4.000			08/01/41		260,600

87

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
		Government National Mortgage Association (GNMA)
$  30,431		GNMA		5.500	%		07/15/33	$	33,817
198,147		GNMA		5.500			07/20/33		220,955
23,454		GNMA		5.000			03/15/34		25,906
181,061		GNMA		5.000			06/15/34		200,793
255,625		GNMA		5.500			02/15/37		282,713
202,294		GNMA		5.000			01/15/38		222,379
79,162		GNMA		5.000			04/15/38		87,022
155,581		GNMA		5.500			05/15/38		172,019
30,170		GNMA		6.000			08/15/38		33,673
31,217		GNMA		6.000			08/20/38		34,821
381,023		GNMA		5.500			07/15/39		421,281
150,098		GNMA		4.500			07/20/39		163,047
50,950		GNMA		5.000			07/20/39		56,068
65,205		GNMA		4.000			08/15/39		69,855
643,604		GNMA		4.500			03/15/40		700,339
229,539		GNMA		4.500			04/15/40		249,773
167,175		GNMA		5.000			04/15/40		183,774
397,973		GNMA		5.000			04/15/40		437,487
993,231		GNMA		4.500			04/20/40		1,078,303
515,015		GNMA		5.000			05/20/40		566,430
466,555		GNMA		4.500			06/15/40		507,682
432,475		GNMA		5.000			06/15/40		475,415
563,463		GNMA		4.000			07/15/40		603,647
195,025		GNMA		6.230			09/15/43		205,775
		TOTAL MORTGAGE BACKED							42,818,169
MUNICIPAL BONDS - 0.4%
150,000		Grant County Public Utility District No 2		5.630			01/01/27		169,452
150,000		State of California		7.630			03/01/40		184,908
175,000		State of Illinois		6.730			04/01/35		185,511
		TOTAL MUNICIPAL BONDS
									539,871
U.S. TREASURY SECURITIES - 16.9%
842,500		United States Treasury Bond		5.250			02/15/29		1,150,670
500,000		United States Treasury Bond		5.380			02/15/31		703,360
1,182,000		United States Treasury Bond		4.380			05/15/41		1,527,001
200,000		United States Treasury Note		1.000			12/31/11		200,461
55,000		United States Treasury Note		0.630			06/30/12		55,189
48,000		United States Treasury Note		1.380			10/15/12		48,587
1,695,000		United States Treasury Note		0.630			01/31/13		1,704,270
50,000		United States Treasury Note		0.130			08/31/13		49,877
50,000		United States Treasury Note		0.500			10/15/13		50,195
4,377,000		United States Treasury Note		1.880			04/30/14		4,543,531
913,000		United States Treasury Note		2.250			05/31/14		957,509
1,570,000		United States Treasury Note		0.630			07/15/14		1,579,561
449,000		United States Treasury Note		2.380			08/31/14		474,221
1,180,000		United States Treasury Note		2.380			10/31/14		1,249,049
762,000		United States Treasury Note		2.250			03/31/16		810,044
3,721,000		United States Treasury Note		1.000			08/31/16		3,730,303
315,000		United States Treasury Note		2.880			03/31/18		345,762
3,000,000		United States Treasury Note		2.250			07/31/18		3,165,936
930,000		United States Treasury Note		1.500			08/31/18		934,505
1,098,900		United States Treasury Note		2.130			08/15/21		1,118,307
675,000		United States Treasury Note		3.750			08/15/41		785,849
500,000	j	United States Treasury Strip Principal		0.000			08/15/27		322,494
		TOTAL U.S. TREASURY SECURITIES							25,506,681
		TOTAL GOVERNMENT BONDS (Cost $87,201,875)							91,599,256
STRUCTURED ASSETS - 6.0%
ASSET BACKED - 1.6%
50,000		AmeriCredit Automobile Receivables Trust		3.340			04/08/16		50,877
		Series - 2010 3 (Class C)
100,000	g	Avis Budget Rental Car Funding AESOP LLC		3.150			03/20/17		103,025
		Series - 2010 5A (Class A)
364,434		Centex Home Equity		5.540			01/25/32		359,018
		Series - 2002 A (Class AF6)
337,182	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700			02/25/35		74,986
		Series - 2004 2 (Class 1B)

88

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  341,152		CIT Group Home Equity Loan Trust		6.390	%		12/25/30	$	56,735
		Series - 2002 2 (Class MF2)
58,307	i	Countrywide Asset-Backed Certificates		5.680			10/25/46		56,371
		Series - 2006 15 (Class A2)
592,097	g	Flagstar Home Equity Loan Trust		5.780			01/25/35		550,464
		Series - 2007 1A (Class AF3)
75,000		Ford Credit Auto Owner Trust		3.210			07/15/17		77,399
		Series - 2011 A (Class D)
38,403		GMAC Commercial Mortgage Securities, Inc		5.590			10/25/29		38,021
		Series - 2006 HLTV (Class A3)
250,000		GMAC Commercial Mortgage Securities, Inc		5.810			10/25/29		198,561
		Series - 2006 HLTV (Class A4)
251,104		Lehman XS Trust		6.500			06/25/46		139,705
		Series - 2006 13 (Class 2A1)
61,305	i	Long Beach Mortgage Loan Trust		0.690			02/25/35		60,381
		Series - 2005 1 (Class M1)
13,824	i	Morgan Stanley ABS Capital I		0.270			01/25/37		13,464
		Series - 2007 HE2 (Class A2A)
310,000		Renaissance Home Equity Loan Trust		5.590			11/25/36		131,133
		Series - 2006 3 (Class AF3)
30,000	i	Residential Asset Securities Corp		0.660			04/25/35		25,873
		Series - 2005 KS3 (Class M3)
42,026		Residential Funding Mortgage Securities II, Inc		5.520			04/25/21		41,540
		Series - 2006 HI5 (Class A2)
100,000		Residential Funding Mortgage Securities II, Inc		6.060			02/25/36		75,331
		Series - 2006 HI1 (Class M2)
26,494	i	Securitized Asset Backed Receivables LLC Trust		0.380			03/25/36		24,839
		Series - 2006 NC2 (Class A2)
100,000	g	SLM Student Loan Trust		4.370			04/17/28		105,923
		Series - 2011 A (Class A2)
60,000	g	SLM Student Loan Trust		3.740			02/15/29		60,339
		Series - 2011 B (Class A2)
75,371	i	Soundview Home Equity Loan Trust		0.340			10/25/36		73,574
		Series - 2006 EQ1 (Class A2)
48,207	i	Structured Asset Investment Loan Trust		0.630			05/25/35		45,853
		Series - 2005 4 (Class M1)
127,831	g,m	Wachovia Amortization Controlled Heloc NIM		5.680			08/12/47		105,460
		Series - 2006 N1 (Class N1)
32,642	i	Wells Fargo Home Equity Trust		0.370			07/25/36		28,105
		Series - 2006 2 (Class A3)
		TOTAL ASSET BACKED							2,496,977
OTHER MORTGAGE BACKED - 4.4%
45,000	i	Banc of America Commercial Mortgage, Inc		4.770			07/10/43		39,929
		Series - 2005 3 (Class AJ)
110,000		Banc of America Commercial Mortgage, Inc		5.680			07/10/46		102,626
		Series - 2006 4 (Class AM)
51,405		Bear Stearns Asset Backed Securities Trust		5.250			04/25/35		46,391
		Series - 2005 AC2 (Class 1A)
25,000		Bear Stearns Commercial Mortgage Securities		5.200			12/11/38		27,026
		Series - 2006 PW14 (Class A4)
80,000	i	Bear Stearns Commercial Mortgage Securities		5.580			09/11/41		78,765
		Series - 2006 PW13 (Class AM)
50,000	i	Bear Stearns Commercial Mortgage Securities		5.570			10/12/41		49,341
		Series - 2006 T24 (Class AM)
75,000	i	Bear Stearns Commercial Mortgage Securities		4.750			02/13/46		79,892
		Series - 2004 T16 (Class A6)
20,000	i	Bear Stearns Commercial Mortgage Securities		5.690			06/11/50		21,281
		Series - 2007 PW17 (Class A4)
335,000	i	Commercial Mortgage Pass Through Certificates		5.650			12/10/49		301,883
		Series - 2007 C9 (Class AM)
67,437		Countrywide Alternative Loan Trust		5.500			08/25/16		68,076
		Series - 2004 30CB (Class 1A15)
33,762		Countrywide Home Loan Mortgage Pass Through Trust		5.250			05/25/35		32,823
		Series - 2005 12 (Class 1A5)
21,807		Countrywide Home Loan Mortgage Pass Through Trust		5.500			09/25/35		21,501
		Series - 2005 J3 (Class 1A1)
100,000	g	Credit Suisse Mortgage Capital Certificates		5.380			02/15/40		92,719
		Series - 2009 RR1 (Class A3C)
50,000		CS First Boston Mortgage Securities Corp		4.050			05/15/38		49,423
		Series - 2003 C3 (Class B)

89

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  175,000	g,i	DB/UBS Mortgage Trust		5.730	%		11/10/46	$	154,626
		Series - 2011 LC1A (Class C)
31,232		First Horizon Asset Securities, Inc		5.500			11/25/33		31,314
		Series - 2003 9 (Class 1A4)
65,167	i	GMAC Mortgage Corp Loan Trust		4.560			10/19/33		66,555
		Series - 2003 AR1 (Class A5)
710,000	i	Greenwich Capital Commercial Funding Corp		5.890			07/10/38		663,901
		Series - 2006 GG7 (Class AM)
100,000	g	GS Mortgage Securities Corp II		5.150			08/10/43		94,739
		Series - 2010 C1 (Class B)
120,000	g,i	GS Mortgage Securities Corp II		5.400			12/10/43		102,174
		Series - 2010 C2 (Class C)
70,000	g,i	GS Mortgage Securities Corp II		5.400			12/10/43		66,377
		Series - 2010 C2 (Class B)
25,573	i	GSR Mortgage Loan Trust		2.790			01/25/36		23,969
		Series - 2006 AR1 (Class 2A2)
15,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.070			11/15/43		14,237
		Series - 2010 C2 (Class B)
30,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.720			11/15/43		27,804
		Series - 2010 C2 (Class C)
140,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440			05/15/45		135,203
		Series - 2006 LDP8 (Class AM)
100,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp		5.430			07/15/46		86,572
		Series - 2011 C4 (Class C)
150,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.340			05/15/47		154,892
		Series - 2006 LDP9 (Class A3)
200,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		5.820			06/15/49		209,006
		Series - 2007 LD11 (Class A4)
30,487	i	JP Morgan Mortgage Trust		4.300			04/25/35		30,357
		Series - 2005 A2 (Class 5A1)
50,000	i	LB-UBS Commercial Mortgage Trust		5.150			04/15/30		54,037
		Series - 2005 C2 (Class A5)
220,000		LB-UBS Commercial Mortgage Trust		5.420			02/15/40		232,190
		Series - 2007 C1 (Class A4)
50,000		LB-UBS Commercial Mortgage Trust		5.430			02/15/40		51,349
		Series - 2007 C2 (Class A3)
145,000		LB-UBS Commercial Mortgage Trust		5.460			02/15/40		128,201
		Series - 2007 C1 (Class AM)
75,000	i	LB-UBS Commercial Mortgage Trust		5.860			07/15/40		80,261
		Series - 2007 C6 (Class A4)
42,595		MASTR Asset Securitization Trust		5.000			05/25/35		42,568
		Series - 2005 1 (Class 2A5)
41,024	i	Merrill Lynch Mortgage Trust		5.110			07/12/38		40,429
		Series - 2005 CIP1 (Class AM)
75,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.610			02/12/39		82,023
		Series - 2006 1 (Class A4)
130,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust		5.170			12/12/49		138,633
		Series - 2006 4 (Class A3)
270,000	i	Morgan Stanley Capital I		5.450			02/12/44		289,545
		Series - 2007 HQ11 (Class A4)
85,000		Morgan Stanley Capital I		5.360			03/15/44		90,236
		Series - 2007 IQ13 (Class A4)
290,000	g,i	Morgan Stanley Capital I		5.420			09/15/47		245,221
		Series - 2011 C1 (Class C)
60,000	g,i	Morgan Stanley Capital I		5.420			09/15/47		46,372
		Series - 2011 C1 (Class D)
30,000	i	Morgan Stanley Capital I		5.540			11/12/49		29,025
		Series - 2007 T25 (Class AM)
75,000	g,i	RBSCF Trust		4.830			04/15/24		67,553
		Series - 2010 MB1 (Class D)
94,391		Residential Accredit Loans, Inc		6.000			06/25/36		56,592
		Series - 2006 QS7 (Class A3)
209,762	i	Residential Accredit Loans, Inc		0.420			05/25/46		118,638
		Series - 2006 QO5 (Class 2A1)
96,592	i	Residential Funding Mortgage Securities I, Inc		2.910			08/25/35		82,700
		Series - 2005 SA3 (Class 2A1)
17,320	i	Structured Adjustable Rate Mortgage Loan Trust		0.610			03/25/35		16,301
		Series - 2005 6XS (Class A3)
100,000	g	Vornado DP LLC		5.280			09/13/28		89,193
		Series - 2010 VNO (Class C)

90

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  195,000		Wachovia Bank Commercial Mortgage Trust		5.380	%		12/15/43	$	155,941
		Series - 2007 C30 (Class AM)
290,000	i	Wachovia Bank Commercial Mortgage Trust		6.170			06/15/45		274,797
		Series - 2006 C26 (Class AM)
35,000	i	Wachovia Bank Commercial Mortgage Trust		5.820			05/15/46		29,935
		Series - 2007 C34 (Class AM)
85,000		Wachovia Bank Commercial Mortgage Trust		5.500			04/15/47		87,958
		Series - 2007 C31 (Class A5)
540,000		Wachovia Bank Commercial Mortgage Trust		5.340			11/15/48		491,969
		Series - 2006 C29 (Class AM)
720,000	i	Wachovia Bank Commercial Mortgage Trust		5.370			11/15/48		443,472
		Series - 2006 C29 (Class AJ)
50,000	i	Wachovia Bank Commercial Mortgage Trust		6.100			02/15/51		52,656
		Series - 2007 C33 (Class A4)
67,409		Wells Fargo Mortgage Backed Securities Trust		5.500			04/25/35		68,011
		Series - 2005 2 (Class 1A1)
9,508	i	Wells Fargo Mortgage Backed Securities Trust		5.390			03/25/36		9,460
		Series - 2006 AR1 (Class 2A2)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.280			10/15/57		49,648
		Series - 2010 C1 (Class B)
		TOTAL OTHER MORTGAGE BACKED							6,518,316
		TOTAL STRUCTURED ASSETS (Cost $10,337,650)							9,015,293
		TOTAL BONDS							149,348,578
		(Cost $144,956,241)
SHARES		COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
5,517		Federal Home Loan Mortgage Corp		8.380			12/30/49		11,034
17,265		Federal National Mortgage Association		8.250			12/30/49		32,804
		TOTAL BANKS							43,838
		TOTAL PREFERRED STOCKS (Cost $569,550)							43,838
		TOTAL INVESTMENTS - 98.6% (Cost $145,525,791)							149,392,416
		OTHER ASSETS & LIABILITIES, NET - 1.4%							2,046,321
		NET ASSETS - 100.0%							$151,438,737

Abbreviation(s):

REIT Real Estate Investment Trust

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 September 30, 2011, the value of these securities amounted to $16,480,787 or 10.9% of net assets.

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

j Zero coupon.

m Indicates a security that has been deemed illiquid.

n In default.

91

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2011

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 100.1%
BANKERS’ ACCEPTANCES - 2.5%
$  161,000	JPMorgan Chase Bank NA		0.260	%		10/06/11	$	160,994
131,000	JPMorgan Chase Bank NA		0.180			10/18/11		130,989
132,000	JPMorgan Chase Bank NA		0.210			11/02/11		131,975
125,000	JPMorgan Chase Bank NA		0.260			11/07/11		124,967
181,000	JPMorgan Chase Bank NA		0.240			11/14/11		180,947
138,000	JPMorgan Chase Bank NA		0.235			12/05/11		137,941
308,000	JPMorgan Chase Bank NA		0.240-0.260			12/12/11		307,845
406,000	JPMorgan Chase Bank NA		0.255-0.270			01/19/12		405,677
	TOTAL BANKERS’ ACCEPTANCES							1,581,335
CERTIFICATE OF DEPOSIT - 3.8%
500,000	Bank of Nova Scotia		0.280			12/06/11		500,000
400,000	Barclays Bank PLC		0.410			12/13/11		400,000
315,000	BNP Paribas		0.470			11/01/11		315,014
500,000	Toronto-Dominion Bank		0.170			10/19/11		500,000
250,000	Toronto-Dominion Bank		0.200			11/10/11		250,000
440,000	Toronto-Dominion Bank		0.210			01/10/12		440,000
	TOTAL CERTIFICATE OF DEPOSIT							2,405,014
COMMERCIAL PAPER - 39.8%
585,000	Australia & New Zealand Banking Group Ltd		0.270			12/21/11		584,645
325,000	Australia & New Zealand Banking Group Ltd		0.320			01/17/12		324,688
960,000	Bank of Nova Scotia		0.200-0.280			11/29/11		959,633
430,000	Bank of Nova Scotia		0.270			12/02/11		429,800
500,000	BNP Paribas Finance, Inc		0.230			10/03/11		499,994
400,000	Coca-Cola Co		0.100			11/04/11		399,962
800,000	Coca-Cola Co		0.130			12/09/11		799,801
475,000	Coca-Cola Co		0.260			05/01/12		474,269
500,000	Commonwealth Bank of Australia		0.275			12/02/11		499,764
390,000	Commonwealth Bank of Australia		0.275			12/07/11		389,800
250,000	Commonwealth Bank of Australia		0.420			02/13/12		249,606
351,000	Fairway Finance LLC		0.160			10/12/11		350,983
500,000	Fairway Finance LLC		0.170			10/25/11		499,943
500,000	Fairway Finance LLC		0.170			10/28/11		499,936
514,000	Falcon Asset Securitization Co LLC		0.170			10/05/11		513,989
300,000	Falcon Asset Securitization Co LLC		0.180			10/06/11		299,993
265,000	Falcon Asset Securitization Co LLC		0.150			10/14/11		264,986
250,000	General Electric Capital Corp		0.190			10/11/11		249,987
200,000	General Electric Capital Corp		0.230			12/06/11		199,916
850,000	General Electric Capital Corp		0.300			02/27/12		848,944
650,000	General Electric Capital Corp		0.300			02/29/12		649,182
250,000	Johnson & Johnson		0.050			10/20/11		249,993
265,000	Jupiter Securitization Co LLC		0.200			11/04/11		264,950
500,000	Jupiter Securitization Co LLC		0.200			11/07/11		499,897
380,000	Jupiter Securitization Co LLC		0.210			12/19/11		379,825
300,000	National Australia Funding (Delaware)		0.150			10/03/11		299,998
250,000	National Australia Funding (Delaware)		0.200			12/19/11		249,890
500,000	National Australia Funding (Delaware)		0.310			01/03/12		499,595
500,000	Nestle Capital Corp		0.150			11/09/11		499,918
400,000	Nestle Capital Corp		0.185			02/28/12		399,692
295,000	Nestle Capital Corp		0.250			05/15/12		294,535
380,000	Old Line Funding LLC		0.170			10/17/11		379,971
250,000	Old Line Funding LLC		0.190			10/26/11		249,967
500,000	Old Line Funding LLC		0.190			12/08/11		499,821
500,000	Private Export Funding Corp		0.165			10/04/11		499,992
500,000	Private Export Funding Corp		0.150			10/27/11		499,946
500,000	Private Export Funding Corp		0.150			11/07/11		499,923
250,000	Private Export Funding Corp		0.230			02/21/12		249,772
1,040,000	Procter & Gamble Co		0.110-0.120			11/02/11		1,039,894
325,000	Procter & Gamble Co		0.165			12/12/11		324,893
500,000	Province of Ontario Canada		0.100			11/30/11		499,917
315,000	Province of Ontario Canada		0.110			12/02/11		314,940

92

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
$  250,000	Royal Bank of Canada		0.160	%		10/17/11	$	249,982
400,000	Royal Bank of Canada		0.190			11/23/11		399,889
250,000	Royal Bank of Canada		0.150			12/27/11		249,909
669,000	Sheffield Receivables Corp		0.180			10/12/11		668,963
650,000	Straight-A Funding LLC		0.160			10/04/11		649,991
450,000	Straight-A Funding LLC		0.190			11/08/11		449,910
568,000	Straight-A Funding LLC		0.190			11/08/11		567,886
300,000	Straight-A Funding LLC		0.190			11/14/11		299,930
390,000	Toronto-Dominion Holdings USA, Inc		0.180			10/17/11		389,969
300,000	Toronto-Dominion Holdings USA, Inc		0.210			12/20/11		299,860
250,000	Variable Funding Capital Co LLC		0.170			10/20/11		249,978
500,000	Variable Funding Capital Co LLC		0.210			12/16/11		499,778
625,000	Westpac Banking Corp		0.200			10/05/11		624,986
250,000	Westpac Banking Corp		0.225			11/07/11		249,942
360,000	Westpac Banking Corp		0.375			02/10/12		359,505
	TOTAL COMMERCIAL PAPER							24,897,628
FOREIGN GOVERNMENT BONDS - 0.6%
400,000	Province of Ontario Canada		2.625			01/20/12		402,610
	TOTAL FOREIGN GOVERNMENT BONDS							402,610
GOVERNMENT AGENCY DEBT - 27.4%
217,000	Federal Farm Credit Bank (FFCB)		0.320			12/30/11		216,826
849,000	Federal Home Loan Bank (FHLB)		0.060			10/07/11		848,992
1,677,000	FHLB		0.200			10/21/11		1,676,814
2,249,000	FHLB		0.170			10/24/11		2,248,756
500,000	FHLB		0.011			11/03/11		499,995
145,000	FHLB		0.050			11/04/11		144,993
700,000	FHLB		0.040			11/14/11		699,966
700,000	FHLB		0.025-0.030			11/16/11		699,974
800,000	FHLB		0.030			11/18/11		799,968
300,000	FHLB		0.040			12/02/11		299,979
500,000	FHLB		0.050			12/12/11		499,950
100,000	FHLB		0.110			01/06/12		99,970
100,000	FHLB		0.150			02/17/12		99,942
300,000	Federal Home Loan Mortgage Corp (FHLMC)		0.100			10/03/11		299,998
600,000	FHLMC		0.170			10/04/11		599,992
275,000	FHLMC		0.070			10/19/11		274,990
260,000	FHLMC		0.070			11/02/11		259,984
250,000	FHLMC		0.050			11/04/11		249,988
250,000	FHLMC		0.060			11/14/11		249,982
125,000	FHLMC		0.070			11/18/11		124,988
200,000	FHLMC		0.040			11/22/11		199,988
300,000	FHLMC		0.120			12/20/11		299,920
240,000	FHLMC		0.100			02/21/12		239,905
610,000	Federal National Mortgage Association (FNMA)		0.050			10/03/11		609,998
500,000	FNMA		0.050			10/06/11		499,997
240,000	FNMA		0.050			10/11/11		239,997
400,000	FNMA		0.060			10/12/11		399,993
75,000	FNMA		0.060			10/19/11		74,998
766,000	FNMA		0.080-0.155			10/26/11		765,927
455,000	FNMA		0.025			11/15/11		454,986
287,000	FNMA		0.035-0.090			12/01/11		286,970
1,300,000	FNMA		0.060-0.125			12/07/11		1,299,746
440,000	FNMA		0.020			12/28/11		439,978
160,000	FNMA		0.120			01/18/12		159,942
135,000	FNMA		0.130			02/17/12		134,932
96,000	FNMA		0.160			03/30/12		95,923
59,000	FNMA		0.150			04/18/12		58,951
	TOTAL GOVERNMENT AGENCY DEBT							17,158,198
TREASURY DEBT - 14.9%
500,000	United States Treasury Bill		0.059			10/06/11		499,996
500,000	United States Treasury Bill		0.025-0.028			10/13/11		499,996
775,000	United States Treasury Bill		0.110-0.156			10/20/11		774,946
1,680,000	United States Treasury Bill		0.091-0.096			11/17/11		1,679,792
110,000	United States Treasury Bill		0.098			11/25/11		109,984
250,000	United States Treasury Bill		0.095			12/01/11		249,960
250,000	United States Treasury Bill		0.065			12/08/11		249,969
300,000	United States Treasury Bill		0.100			12/29/11		299,926

93

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  1,385,000		United States Treasury Note		1.000	%		10/31/11	$	1,385,922
1,300,000		United States Treasury Note		0.750			11/30/11		1,301,159
525,000		United States Treasury Note		1.125			12/15/11		526,016
365,000		United States Treasury Note		0.875			01/31/12		365,804
155,000		United States Treasury Note		1.375			05/15/12		156,225
495,000		United States Treasury Note		0.750			05/31/12		496,787
134,000		United States Treasury Note		1.875			06/15/12		135,645
500,000		United States Treasury Note		0.625			06/30/12		501,964
99,000		United States Treasury Note		0.625			07/31/12		99,412
		TOTAL TREASURY DEBT							9,333,503
VARIABLE RATE SECURITY - 11.1%
300,000	i	Federal Farm Credit Bank (FFCB)		0.150			02/13/12		299,994
200,000	i	FFCB		0.225			03/28/13		200,000
350,000	i	FFCB		0.235			06/12/13		350,062
250,000	i	FFCB		0.320			08/19/13		249,763
200,000	i	FFCB		0.220			08/26/13		199,810
310,000	i	FFCB		0.280			08/26/13		309,941
300,000	i	FFCB		0.300			09/23/13		299,976
400,000	i	Federal Home Loan Bank (FHLB)		0.160			01/13/12		399,994
500,000	i	FHLB		0.145			07/02/12		500,000
500,000	i	FHLB		0.270			08/16/13		500,000
1,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.070			11/09/11		1,499,881
500,000	i	FHLMC		0.172			02/04/13		499,730
830,000	i	FHLMC		0.172			05/06/13		829,332
300,000	i	Federal National Mortgage Association (FNMA)		0.180			03/14/13		299,875
500,000	i	Royal Bank of Canada		0.290			07/11/12		500,000
		TOTAL VARIABLE RATE SECURITY							6,938,358
		TOTAL SHORT-TERM INVESTMENTS (Cost $62,716,646)							62,716,646
		TOTAL PORTFOLIO - 100.1% (Cost $62,716,646)							62,716,646
		OTHER ASSETS & LIABILITIES, NET - (0.1)%							(56,985	)
		NET ASSETS - 100.0%						$	62,659,661

Abbreviation(s):

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

94

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that was organized on August 13, 1998, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of ten series (the “Funds” or individually the “Fund”). The Funds are currently available only through the purchase of variable annuity contracts or variable life insurance policies issued by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).

The accompanying schedules of investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

Accounting for investments: Securities transactions are accounted for as of the trade date for financial reporting purposes.

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

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 2—valuation of investments

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

• Level 1—quoted prices in active markets for identical securities

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

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

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

95

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended September 30, 2011, there were no significant transfers between levels by the Funds.

As of September 30, 2011, 100% of the value of investments in the Small Cap Equity Fund, Stock Index Fund, and the Social Choice Equity Fund was valued based on Level 1 inputs.

As of September 30, 2011, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Funds’ investments as of September 30, 2011:

Fund	Level 1		Level 2		Level 3		Total
Growth Equity
Consumer discretionary	$	6,799,320	$	99,241	$	—	$	6,898,561
Consumer staples		1,905,484		—		—		1,905,484
Energy		2,021,544		248,732		—		2,270,276
Financials		1,127,958		—		—		1,127,958
Health care*		5,627,535		—		—		5,627,535
Industrials*		3,576,432		243,648		—		3,820,080
Information technology		12,791,481		—		—		12,791,481
Materials		1,404,285		—		—		1,404,285
Short term investments		324,486		—		—		324,486
Telecommunication services		917,548		—		—		917,548
Total	$	36,496,073	$	591,621	$	—	$	37,087,694
Growth and Income
Consumer discretionary	$	7,892,672	$	31,498	$	—	$	7,924,170
Consumer staples		8,263,216		595,847		—		8,859,063
Energy		6,937,716		—		—		6,937,716
Financials		8,144,320		—		—		8,144,320
Health care		9,283,916		315,900		—		9,599,816
Industrials		6,995,761		—		—		6,995,761
Information technology*		13,433,358		195,832		—		13,629,190
Materials		2,104,181		—		—		2,104,181
Short term investments		807,143		—		—		807,143
Telecommunication services		1,971,901		—		—		1,971,901
Utilities		1,516,452		—		—		1,516,452
Total	$	67,350,636	$	1,139,077	$	—	$	68,489,713

96

Fund	Level 1		Level 2		Level 3		Total
International Equity
Germany	$	—	$	18,587,649	$	—	$	18,587,649
India		—		3,206,270		—		3,206,270
Japan		—		13,718,010		—		13,718,010
Macau		—		3,576,448		—		3,576,448
Sweden		—		4,311,354		—		4,311,354
Switzerland		—		14,217,273		—		14,217,273
United Kingdom		—		17,159,155		—		17,159,155
Short term investments		9,047,926		—		—		9,047,926
Other		—		3,563,629		—		3,563,629
Total	$	9,047,926	$	78,339,788	$	—	$	87,387,714
Large-Cap Value
Consumer discretionary	$	5,391,663	$	156,078	$	—	$	5,547,741
Consumer staples		4,624,589		179,793		—		4,804,382
Energy*		5,231,421		206,417		—		5,437,838
Financials		11,191,595		—		—		11,191,595
Health care*		6,981,576		134,430		—		7,116,006
Industrials		4,457,456		354,820		—		4,812,276
Information technology		6,665,397		83,073		—		6,748,470
Materials		861,098		43,139		—		904,237
Short term investments		1,004,744		—		—		1,004,744
Telecommunication services		2,648,500		—		—		2,648,500
Utilities		4,049,051		—		—		4,049,051
Total	$	53,107,090	$	1,157,750	$	—	$	54,264,840
Real Estate Securities
Asset management & custody banks	$	153,400	$	—	$	—	$	153,400
Diversified capital markets		515,660		—		—		515,660
Diversified REITs		3,096,730		—		—		3,096,730
Gold		1,527,920		—		—		1,527,920
Homebuilding		373,300		293,418		—		666,718
Hotels, resorts & cruise lines		194,100		—		—		194,100
Industrial REITs		2,245,672		—		—		2,245,672
Mortgage REITs		429,000		—		—		429,000
Office REITs		9,466,485		—		—		9,466,485
Precious metals & minerals		171,520		—		—		171,520
Real estate operating companies		927,960		—		—		927,960
Real estate services		381,525		—		—		381,525
Residential REITs		12,291,205		—		—		12,291,205
Retail REITs		16,213,980		556,178		—		16,770,158
Security & alarm services		196,996		—		—		196,996
Specialized REITs		17,450,332		—		—		17,450,332
Total	$	65,635,785	$	849,596	$	—	$	66,485,381
Bond
Corporate bonds	$	—	$	48,734,029	$	—	$	48,734,029
Government bonds		—		91,599,256		—		91,599,256
Structured assets		—		9,015,293		—		9,015,293
Preferred stocks		43,838		—		—		43,838
Total	$	43,838	$	149,348,578	$	—	$	149,392,416

* Includes American Depositary Receipts in Level 1.

Note 3—derivative instruments

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

97

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale 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. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default.

At September 30, 2011, the Funds held the following open futures contracts:

Fund	Future	Number of contracts		Market value		Expiration date		Unrealized appreciation/ (depreciation)
Stock Index	Russell 2000 Mini Index		2	$	128,300		December 2011	$	(8,760	)
	CME E-Mini Standard & Poor’s 500 Index		17		957,100		December 2011		(29,793	)
	CME E-Mini Standard & Poor’s 400 Index		1		77,890		December 2011		(1,132	)

Note 4—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities, or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan. Cash collateral received by a Fund will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral. The Funds bear the market risk with respect to the collateral investment, securities loaned, and the risk that the counterparty may default on its obligations to the Funds.

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

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

At September 30, 2011, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation / (depreciation)
Growth Equity	$	37,485,372	$	2,745,140	$	(3,142,818	)	$	(397,678	)
Growth & Income		69,967,042		5,621,455		(7,098,784	)		(1,477,329	)
International Equity		104,593,137		431,597		(17,637,020	)		(17,205,423	)
Large-Cap Value		62,859,047		2,025,040		(10,619,247	)		(8,594,207	)
Small-Cap Equity		60,440,164		1,960,556		(9,827,972	)		(7,867,416	)
Stock Index		167,680,963		36,316,007		(41,803,672	)		(5,487,665	)
Social Choice Equity		34,165,237		5,326,512		(6,513,810	)		(1,187,298	)
Real Estate Securities		70,134,330		6,053,713		(9,702,662	)		(3,648,949	)
Bond		145,525,791		6,914,713		(3,048,088	)		3,866,625

98

Item 2. Controls and Procedures.

(a) An evaluation was performed within 90 days of 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 quarterly reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF LIFE FUNDS

Date: November 15, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer

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

Date: November 15, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)

Date: November 15, 2011	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal executive officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer