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)

John M. McCann, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: March 31, 2015

Item 1. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.7%
1,283	*	Mobileye NV	$	53,925
2,746	*,e	Tesla Motors, Inc		518,362
		TOTAL AUTOMOBILES & COMPONENTS		572,287
CAPITAL GOODS - 2.0%
1,614	*	Middleby Corp		165,677
4,195		Roper Industries, Inc		721,540
2,985	e	W.W. Grainger, Inc		703,893
		TOTAL CAPITAL GOODS		1,591,110
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
13,165	*	Verisk Analytics, Inc		939,981
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		939,981
CONSUMER DURABLES & APPAREL - 2.5%
15,460		Nike, Inc (Class B)		1,551,102
5,304		VF Corp		399,444
		TOTAL CONSUMER DURABLES & APPAREL		1,950,546
CONSUMER SERVICES - 4.5%
9,411		ARAMARK Holdings Corp		297,670
3,272		Marriott International, Inc (Class A)		262,807
14,589	*	MGM Mirage		306,806
14,954	*	Norwegian Cruise Line Holdings Ltd		807,666
3,292		Restaurant Brands International, Inc		126,446
17,662		Starbucks Corp		1,672,591
		TOTAL CONSUMER SERVICES		3,473,986
DIVERSIFIED FINANCIALS - 5.3%
5,676		Ameriprise Financial, Inc		742,648
26,914		Charles Schwab Corp		819,262
3,670		IntercontinentalExchange Group, Inc		856,101
7,498		McGraw-Hill Financial, Inc		775,293
8,426		Moody’s Corp		874,619
		TOTAL DIVERSIFIED FINANCIALS		4,067,923
ENERGY - 2.5%
6,070	*	Cheniere Energy, Inc		469,818
5,883	*	Concho Resources, Inc		681,957
7,680		EOG Resources, Inc		704,179
521		Pioneer Natural Resources Co		85,189
		TOTAL ENERGY		1,941,143
FOOD & STAPLES RETAILING - 1.0%
7,312		CVS Corp		754,672
		TOTAL FOOD & STAPLES RETAILING		754,672
FOOD, BEVERAGE & TOBACCO - 2.5%
2,109		Keurig Green Mountain, Inc		235,639
6,544		Mead Johnson Nutrition Co		657,868
6,154	*	Monster Beverage Corp		851,683
2,050		Pinnacle Foods, Inc		83,660
2,141	*	WhiteWave Foods Co (Class A)		94,932
		TOTAL FOOD, BEVERAGE & TOBACCO		1,923,782

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 2.9%
11,776	*	Cerner Corp	$	862,710
2,988	*	Idexx Laboratories, Inc		461,586
3,845	*	Inovalon Holdings, Inc		116,157
1,530	*	Intuitive Surgical, Inc		772,696
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,213,149
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
19,527		Estee Lauder Cos (Class A)		1,623,865
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,623,865
MATERIALS - 4.1%
11,475		Monsanto Co		1,291,396
3,791		PPG Industries, Inc		855,022
3,463		Sherwin-Williams Co		985,224
		TOTAL MATERIALS		3,131,642
MEDIA - 4.9%
11,188		CBS Corp (Class B)		678,328
12,806		Comcast Corp (Class A)		723,155
9,557		Time Warner, Inc		806,993
15,099		Walt Disney Co		1,583,734
		TOTAL MEDIA		3,792,210
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 16.4%
11,834		AbbVie, Inc		692,762
6,032	*	Actavis plc		1,795,244
6,533	*	Alexion Pharmaceuticals, Inc		1,132,169
2,889	*	Alkermes plc		176,142
3,544	*	BioMarin Pharmaceuticals, Inc		441,653
18,346		Bristol-Myers Squibb Co		1,183,317
19,447	*	Celgene Corp		2,241,850
15,015	*	Gilead Sciences, Inc		1,473,422
2,455	*	Illumina, Inc		455,746
7,449		Novartis AG. (ADR)		734,546
7,058		Perrigo Co plc		1,168,452
476	*	Regeneron Pharmaceuticals, Inc		214,905
6,899		Thermo Electron Corp		926,812
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		12,637,020
REAL ESTATE - 0.8%
15,815	*	CBRE Group, Inc		612,199
		TOTAL REAL ESTATE		612,199
RETAILING - 7.0%
6,116	*	Amazon.com, Inc		2,275,764
8,369		Expedia, Inc		787,774
46,085	*	Groupon, Inc		332,273
15,702		Home Depot, Inc		1,783,904
2,542		Tiffany & Co		223,721
		TOTAL RETAILING		5,403,436
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
28,784		Applied Materials, Inc		649,367
9,242		ARM Holdings plc (ADR)		455,631
1,793		Avago Technologies Ltd		227,675
4,953		Broadcom Corp (Class A)		214,440
2,976		Lam Research Corp		209,019
5,682	*	NXP Semiconductors NV		570,246
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,326,378

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
SOFTWARE & SERVICES - 25.9%
28,492	*	Adobe Systems, Inc	$	2,106,698
1,741	*	Alliance Data Systems Corp		515,771
12,254	*	Autodesk, Inc		718,575
9,919	*	eBay, Inc		572,128
23,978	*	Facebook, Inc		1,971,351
3,245	*	Google, Inc		1,778,260
2,519	*	Google, Inc (Class A)		1,397,289
22,934		Intuit, Inc		2,223,681
1,846	*	LinkedIn Corp		461,242
21,333		Mastercard, Inc (Class A)		1,842,958
15,757	*	Red Hat, Inc		1,193,593
6,673	e	Sabre Corp		162,154
22,446	*	Salesforce.com, Inc		1,499,617
2,036	*	ServiceNow, Inc		160,396
16,300		Tencent Holdings Ltd		309,535
25,460		Visa, Inc (Class A)		1,665,339
31,552	*	Yahoo!, Inc		1,402,013
		TOTAL SOFTWARE & SERVICES		19,980,600
TECHNOLOGY HARDWARE & EQUIPMENT - 7.6%
161,265		Alcatel-Lucent (ADR)		601,519
31,560		Apple, Inc		3,927,011
44,875		Cisco Systems, Inc		1,235,184
691	*	Palo Alto Networks, Inc		100,941
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,864,655
TELECOMMUNICATION SERVICES - 0.8%
11,768	*	Level 3 Communications, Inc		633,589
		TOTAL TELECOMMUNICATION SERVICES		633,589
TRANSPORTATION - 1.9%
9,480		Delta Air Lines, Inc		426,221
4,708	*	Hertz Global Holdings, Inc		102,070
2,454		Ryder System, Inc		232,860
6,378		Union Pacific Corp		690,801
		TOTAL TRANSPORTATION		1,451,952
		TOTAL COMMON STOCKS (Cost $59,067,818)		76,886,125
SHORT-TERM INVESTMENTS - 1.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.6%
1,285,026	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		1,285,026
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,285,026
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,285,026)		1,285,026
		TOTAL INVESTMENTS - 101.2% (Cost $60,352,844)		78,171,151
		OTHER ASSETS & LIABILITIES, NET - (1.2)%		(941,862	)
		NET ASSETS - 100.0%	$	77,229,289

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,249,260.

3

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.1%
11,273		Delphi Automotive plc	$	898,909
15,383		General Motors Co		576,862
2,379	*	Visteon Corp		229,336
		TOTAL AUTOMOBILES & COMPONENTS		1,705,107
BANKS - 5.3%
98,103		Bank of America Corp		1,509,805
47,283		Citigroup, Inc		2,436,020
12,633		East West Bancorp, Inc		511,131
22,869		JPMorgan Chase & Co		1,385,404
38,866		Wells Fargo & Co		2,114,311
5,727		Zions Bancorporation		154,629
		TOTAL BANKS		8,111,300
CAPITAL GOODS - 6.0%
1,938	p	Acuity Brands, Inc		325,894
8,902		Caesarstone Sdot-Yam Ltd		540,440
11,218		Eaton Corp		762,151
5,722		General Dynamics Corp		776,647
63,767		General Electric Co		1,582,059
16,960		Honeywell International, Inc		1,769,098
9,433		Illinois Tool Works, Inc		916,322
12,618		ITT Corp		503,584
5,037		Northrop Grumman Corp		810,756
7,633		Rockwell Collins, Inc		736,966
3,916	*	WABCO Holdings, Inc		481,198
		TOTAL CAPITAL GOODS		9,205,115
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
2,472		Equifax, Inc		229,896
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		229,896
CONSUMER DURABLES & APPAREL - 4.5%
9,421	*	GoPro, Inc		408,966
11,764		Hanesbrands, Inc		394,212
4,565	p	Harman International Industries, Inc		610,021
19,592	*	Jarden Corp		1,036,417
14,946	*	Kate Spade & Co		499,047
4,683		Lennar Corp (Class A)		242,626
5,522	*	Lululemon Athletica, Inc		353,518
13,265		Mattel, Inc		303,105
3,078	*	Mohawk Industries, Inc		571,738
27,654		Newell Rubbermaid, Inc		1,080,442
8,670		Nike, Inc (Class B)		869,861
30	e	Prada S.p.A		182
6,513		VF Corp		490,494
		TOTAL CONSUMER DURABLES & APPAREL		6,860,629
CONSUMER SERVICES - 1.4%
23,598	*	Hilton Worldwide Holdings, Inc		698,973
7,522	*	Norwegian Cruise Line Holdings Ltd		406,263
14,113		Restaurant Brands International, Inc		542,080
16,455	p	Sonic Corp		521,624
		TOTAL CONSUMER SERVICES		2,168,940

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
DIVERSIFIED FINANCIALS - 4.0%
7,558		Ameriprise Financial, Inc	$	988,889
40,407	*	ING Groep NV		591,881
12,454		Lazard Ltd (Class A)		654,956
9,711		Legg Mason, Inc		536,047
11,392		Moody’s Corp		1,182,489
34,501		Morgan Stanley		1,231,341
18,269		Voya Financial, Inc		787,576
		TOTAL DIVERSIFIED FINANCIALS		5,973,179
ENERGY - 6.4%
11,493		Baker Hughes, Inc		730,725
4,141	*	Cheniere Energy, Inc		320,513
11,113		Chevron Corp		1,166,643
6,478	*	Columbia Pipeline Partners LP		179,376
8,324	*	Concho Resources, Inc		964,918
21,408	*	Continental Resources, Inc		934,887
9,181	*	Diamondback Energy, Inc		705,468
8,664		Energen Corp		571,824
12,742		EOG Resources, Inc		1,168,314
15,734		Exxon Mobil Corp		1,337,390
2,084	p	HollyFrontier Corp		83,923
5,653		Marathon Petroleum Corp		578,811
15,570		Valero Energy Corp		990,563
		TOTAL ENERGY		9,733,355
FOOD & STAPLES RETAILING - 2.8%
6,589		Costco Wholesale Corp		998,201
12,992		CVS Corp		1,340,904
6,683	*	Diplomat Pharmacy, Inc		231,098
21,171		Kroger Co		1,622,969
		TOTAL FOOD & STAPLES RETAILING		4,193,172
FOOD, BEVERAGE & TOBACCO - 5.6%
58,029		Britvic plc		629,998
5,418		Brown-Forman Corp (Class B)		489,516
10,278		Coca-Cola Enterprises, Inc		454,288
12,814	*	Constellation Brands, Inc (Class A)		1,489,115
8,466	*	Diamond Foods, Inc		275,738
5,515		Mead Johnson Nutrition Co		554,423
20,048		Mondelez International, Inc		723,532
3,261	*	Monster Beverage Corp		451,306
21,687		PepsiCo, Inc		2,073,711
9,816		SABMiller plc		514,179
10,403		Tyson Foods, Inc (Class A)		398,435
11,725	*	WhiteWave Foods Co (Class A)		519,886
		TOTAL FOOD, BEVERAGE & TOBACCO		8,574,127
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
4,151		Becton Dickinson & Co		596,042
3,390	*	Edwards Lifesciences Corp		482,940
19,592	*	Hologic, Inc		647,026
7,708		Humana, Inc		1,372,178
1,150	*	Idexx Laboratories, Inc		177,652
6,006	*	Inovalon Holdings, Inc		181,441
11,526	*	Insulet Corp		384,392
4,125		McKesson Corp		933,075
5,677		STERIS Corp		398,923
7,396		Universal Health Services, Inc (Class B)		870,583
7,060		Zimmer Holdings, Inc		829,691
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		6,873,943
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
4,109		Estee Lauder Cos (Class A)		341,705
2,288		L’Oreal S.A.		421,428
24,504		Procter & Gamble Co		2,007,858
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,770,991

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
INSURANCE - 2.2%
9,390		ACE Ltd	$	1,046,891
27,862		Hartford Financial Services Group, Inc		1,165,189
8,796		Metlife, Inc		444,638
19,778		XL Capital Ltd		727,830
		TOTAL INSURANCE		3,384,548
MATERIALS - 2.9%
8,926		Akzo Nobel NV		674,892
46,530		Alcoa, Inc		601,168
4,050		Ashland, Inc		515,606
17,431		Dow Chemical Co		836,339
4,197		PPG Industries, Inc		946,591
19,322		Sealed Air Corp		880,310
		TOTAL MATERIALS		4,454,906
MEDIA - 4.3%
10,944	*	AMC Networks, Inc		838,748
4,948		CBS Corp (Class B)		299,997
16,268		Comcast Corp (Class A)		918,654
5,211	*	DISH Network Corp (Class A)		365,083
16,231		Lions Gate Entertainment Corp		550,556
14,727		Time Warner, Inc		1,243,548
22,024		Walt Disney Co		2,310,097
		TOTAL MEDIA		6,526,683
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.1%
21,907		AbbVie, Inc		1,282,436
5,821	*	Actavis plc		1,732,446
6,443		Amgen, Inc		1,029,914
5,001	*	BioMarin Pharmaceuticals, Inc		623,224
15,562		Bristol-Myers Squibb Co		1,003,749
12,618	*	Celgene Corp		1,454,603
19,395	*	Gilead Sciences, Inc		1,903,231
9,433		H Lundbeck AS		198,708
3,542	*	Illumina, Inc		657,537
4,841		Ipsen		229,059
4,194	*	Jazz Pharmaceuticals plc		724,681
15,798		Johnson & Johnson		1,589,279
27,600		Merck & Co, Inc		1,586,448
11,133	*,p	Mylan NV		660,743
6,324		Novartis AG.		624,182
31,062		Pfizer, Inc		1,080,647
7,179		Shire Ltd		572,332
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		16,953,219
REAL ESTATE - 0.8%
14,265		Brixmor Property Group, Inc		378,736
10,420		Crown Castle International Corp		860,067
		TOTAL REAL ESTATE		1,238,803
RETAILING - 6.2%
3,227	*	Amazon.com, Inc		1,200,766
1,186	*	AutoZone, Inc		809,042
15,486		Best Buy Co, Inc		585,216
21,741		Home Depot, Inc		2,469,995
3,414		HSN, Inc		232,937
65,632	*,e	JC Penney Co, Inc		551,965
1,542	*,p	NetFlix, Inc		642,536
2,912	*	O’Reilly Automotive, Inc		629,691
830	*,p	Restoration Hardware Holdings, Inc		82,328
7,086	*	Sally Beauty Holdings, Inc		243,546
7,043		Target Corp		578,019

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
6,289		Tiffany & Co	$	553,495
2,239	*	Ulta Salon Cosmetics & Fragrance, Inc		337,753
6,813		Williams-Sonoma, Inc		543,064
		TOTAL RETAILING		9,460,353
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
3,866		Analog Devices, Inc		243,558
8,138		Avago Technologies Ltd		1,033,363
13,995		Broadcom Corp (Class A)		605,914
5,598	*,p	Cavium Networks, Inc		396,450
40,152	p	Intel Corp		1,255,553
23,413	*,p	Micron Technology, Inc		635,195
10,958	*,p	NXP Semiconductors NV		1,099,745
15,027		Texas Instruments, Inc		859,319
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		6,129,097
SOFTWARE & SERVICES - 11.8%
2,556	*	Alliance Data Systems Corp		757,215
6,167	*	Autodesk, Inc		361,633
6,969	*	Check Point Software Technologies		571,249
6,965	*	Citrix Systems, Inc		444,854
4,456		Dassault Systemes S.A.		301,557
7,922	*	Electronic Arts, Inc		465,932
24,262	*	Facebook, Inc		1,994,700
6,307	*,e	FireEye, Inc		247,550
16,208	*	Fortinet, Inc		566,470
4,829	*,p	Google, Inc		2,646,292
5,548	*	GrubHub, Inc		251,824
12,422	*,e	LendingClub Corp		244,092
1,234	*	LinkedIn Corp		308,327
6,115	*	Manhattan Associates, Inc		309,480
15,228		Mastercard, Inc (Class A)		1,315,547
58,835		Microsoft Corp		2,391,937
2,699	*	MicroStrategy, Inc (Class A)		456,644
32,873		Oracle Corp		1,418,470
14,349	*	Salesforce.com, Inc		958,657
18,106	*	Take-Two Interactive Software, Inc		460,888
18,150		Tencent Holdings Ltd		344,667
13,961	*	VeriFone Systems, Inc		487,099
15,039	*	Yahoo!, Inc		668,258
		TOTAL SOFTWARE & SERVICES		17,973,342
TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%
57,000		Apple, Inc		7,092,510
26,034	*	Ciena Corp		502,717
62,821		Cisco Systems, Inc		1,729,148
9,158	*	F5 Networks, Inc		1,052,620
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		10,376,995
TELECOMMUNICATION SERVICES - 1.9%
14,205	*	Level 3 Communications, Inc		764,797
21,858		T-Mobile US, Inc		692,680
29,648		Verizon Communications, Inc		1,441,782
		TOTAL TELECOMMUNICATION SERVICES		2,899,259
TRANSPORTATION - 2.2%
16,951		CSX Corp		561,417
24,767		Delta Air Lines, Inc		1,113,525
4,378		FedEx Corp		724,340
2,598	*	Old Dominion Freight Line		200,825
7,822		Ryder System, Inc		742,230
		TOTAL TRANSPORTATION		3,342,337

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
UTILITIES - 2.1%
13,812		American Electric Power Co, Inc	$	776,925
9,493		American Water Works Co, Inc		514,616
11,914		NextEra Energy, Inc		1,239,651
6,759		Sempra Energy		736,866
		TOTAL UTILITIES		3,268,058
		TOTAL COMMON STOCKS (Cost $119,196,153)		152,407,354
PURCHASED OPTIONS - 0.0%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
2,100		Micron Technology, Inc		693
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		693
		TOTAL PURCHASED OPTIONS (Cost $546)		693
SHORT-TERM INVESTMENTS - 0.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
939,881	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		939,881
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		939,881
		TOTAL SHORT-TERM INVESTMENTS (Cost $939,881)		939,881
		TOTAL INVESTMENTS - 100.5% (Cost $120,136,580)		153,347,928
		OTHER ASSETS & LIABILITIES, NET - (0.5)%		(762,759	)
		NET ASSETS - 100.0%	$	152,585,169

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $956,539.

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

8

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.4%
AUTOMOBILES & COMPONENTS - 0.5%
8,261	*	American Axle & Manufacturing Holdings, Inc	$	213,382
8,682		General Motors Co		325,575
		TOTAL AUTOMOBILES & COMPONENTS		538,957
BANKS - 10.6%
186,371		Bank of America Corp		2,868,250
27,191		Citigroup, Inc		1,400,880
14,490	*	Hilltop Holdings, Inc		281,686
46,491		Huntington Bancshares, Inc		513,725
27,735		Investors Bancorp, Inc		325,054
26,893		JPMorgan Chase & Co		1,629,178
49,802		Keycorp		705,196
53,798		Regions Financial Corp		508,391
25,262		TCF Financial Corp		397,119
2,482		US Bancorp		108,389
55,360		Wells Fargo & Co		3,011,584
8,360		Zions Bancorporation		225,720
		TOTAL BANKS		11,975,172
CAPITAL GOODS - 6.5%
10,522		Allegion plc		643,631
2,195		General Dynamics Corp		297,927
87,145		General Electric Co		2,162,068
1,355		Hubbell, Inc (Class B)		148,535
4,621		Joy Global, Inc		181,051
1,184		L-3 Communications Holdings, Inc		148,935
17,971		Masco Corp		479,826
14,279		SPX Corp		1,212,287
30,910		Terex Corp		821,897
84,000		Toshiba Corp		351,965
6,084		United Technologies Corp		713,045
7,120	*,e	USG Corp		190,104
		TOTAL CAPITAL GOODS		7,351,271
CONSUMER DURABLES & APPAREL - 2.5%
4,049	*	Deckers Outdoor Corp		295,051
21,001	*	Jarden Corp		1,110,953
19,346		Mattel, Inc		442,056
27,698		Pulte Homes, Inc		615,727
14,703	*	Sony Corp (ADR)		393,746
		TOTAL CONSUMER DURABLES & APPAREL		2,857,533
CONSUMER SERVICES - 2.8%
24,367		ARAMARK Holdings Corp		770,728
4,204	*	Belmond Ltd.		51,625
6,634		Carnival Corp		317,371
4,069		Darden Restaurants, Inc		282,145
27,536		Extended Stay America, Inc		537,778
8,014		Interval Leisure Group, Inc		210,047
14,872	*	MGM Mirage		312,758
181		Restaurant Brands International LP		6,724
18,079		Restaurant Brands International, Inc		694,414
		TOTAL CONSUMER SERVICES		3,183,590

9

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
DIVERSIFIED FINANCIALS - 6.1%
2,150	*	Ally Financial, Inc	$	45,107
2,682		Capital One Financial Corp		211,395
42,072	*	E*Trade Financial Corp		1,201,366
2,533		Goldman Sachs Group, Inc		476,128
29,977	*	ING Groep NV (ADR)		437,964
13,666		Legg Mason, Inc		754,363
34,076		Morgan Stanley		1,216,172
17,769		State Street Corp		1,306,555
38,408	*	Synchrony Financial		1,165,683
		TOTAL DIVERSIFIED FINANCIALS		6,814,733
ENERGY - 9.9%
2,772		Anadarko Petroleum Corp		229,549
18,672		Apache Corp		1,126,482
3,676		Baker Hughes, Inc		233,720
19,857		Chevron Corp		2,084,588
2,498		Cimarex Energy Co		287,495
3,651	*	Columbia Pipeline Partners LP		101,096
5,139	*	Concho Resources, Inc		595,713
11,667	*	Diamondback Energy, Inc		896,492
6,253		EOG Resources, Inc		573,338
20,068		Exxon Mobil Corp		1,705,780
9,592	*,e	Laredo Petroleum Holdings, Inc		125,080
22,166	*	Matador Resources Co		485,879
24,791		Nabors Industries Ltd		338,397
4,958		Pioneer Natural Resources Co		810,683
24,865	*	RSP Permian, Inc		626,349
1	*	Seventy Seven Energy, Inc		4
163		Valero Energy Corp		10,370
35,898	*	Weatherford International Ltd		441,545
8,959		Williams Cos, Inc		453,236
		TOTAL ENERGY		11,125,796
FOOD & STAPLES RETAILING - 1.0%
8,309		CVS Corp		857,572
3,461		Walgreens Boots Alliance, Inc		293,077
		TOTAL FOOD & STAPLES RETAILING		1,150,649
FOOD, BEVERAGE & TOBACCO - 3.2%
16,755		ConAgra Foods, Inc		612,060
8,971		Kraft Foods Group, Inc		781,509
15,224		Mondelez International, Inc		549,434
23,926		Pinnacle Foods, Inc		976,420
12,893		SABMiller plc		675,358
		TOTAL FOOD, BEVERAGE & TOBACCO		3,594,781
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
1,165		Anthem, Inc		179,888
2,267		Baxter International, Inc		155,290
63,205	*	Boston Scientific Corp		1,121,889
14,241	*	Hologic, Inc		470,309
6,419		Medtronic plc		500,618
11,900	*	Olympus Corp		441,199
13,201		UnitedHealth Group, Inc		1,561,546
5,955	*	WellCare Health Plans, Inc		544,644
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,975,383
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
27,832		Procter & Gamble Co		2,280,554
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,280,554

10

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
INSURANCE - 6.9%
8,399		ACE Ltd	$	936,405
12,196		Allstate Corp		867,989
14,562		American International Group, Inc		797,852
8,385	*	Berkshire Hathaway, Inc (Class B)		1,210,123
19,610		Hartford Financial Services Group, Inc		820,090
9,294		Marsh & McLennan Cos, Inc		521,301
11,682		Metlife, Inc		590,525
10,526		Principal Financial Group		540,721
5,459		Prudential Financial, Inc		438,412
4,542		Travelers Cos, Inc		491,126
13,660		XL Capital Ltd		502,688
		TOTAL INSURANCE		7,717,232
MATERIALS - 3.9%
19,423		Acerinox S.A.		326,701
2,719		Akzo Nobel NV		205,583
4,372		Albemarle Corp		231,017
10,532		Axiall Corp		494,372
39,584	*	Cemex SAB de C.V. (ADR)		374,861
14,479	*	Constellium NV		294,213
3,333		Freeport-McMoRan Copper & Gold, Inc (Class B)		63,160
81,245	*	Louisiana-Pacific Corp		1,341,355
15,651		Sealed Air Corp		713,059
3,180	e	Southern Copper Corp (NY)		92,792
4,677	*	Trinseo S.A.		92,605
1,699	e	Wacker Chemie AG.		196,113
		TOTAL MATERIALS		4,425,831
MEDIA - 1.0%
1,585		Naspers Ltd (N Shares)		243,124
5,498		Time Warner, Inc		464,251
6,076	*	Tribune Co		369,482
		TOTAL MEDIA		1,076,857
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.9%
10,223		AbbVie, Inc		598,454
1,069	*	Actavis plc		318,156
11,647		Agilent Technologies, Inc		483,933
18,649	*	Biovitrum AB		196,655
5,009		Bristol-Myers Squibb Co		323,080
14,959		Eli Lilly & Co		1,086,771
12,076	*	Endo International plc		1,083,217
102	*,e	Foundation Medicine, Inc		4,907
4,514	*,e	Insys Therapeutics, Inc		262,399
17,316		Johnson & Johnson		1,741,990
5,344	*	Mallinckrodt plc		676,818
22,041		Merck & Co, Inc		1,266,917
75,975		Pfizer, Inc		2,643,170
6,164	*	Qiagen NV (NASDAQ)		155,333
7,756		Zoetis Inc		359,025
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		11,200,825
REAL ESTATE - 2.8%
23,558		Brixmor Property Group, Inc		625,465
9,563	*	Forest City Enterprises, Inc (Class A)		244,048
4,774		Home Properties, Inc		330,790
11,086		Mack-Cali Realty Corp		213,738
6,276		Paramount Group, Inc		121,127
4,973		Post Properties, Inc		283,113
3,354		Potlatch Corp		134,294
7,347	*	Realogy Holdings Corp		334,142
18,934		Starwood Property Trust, Inc		460,096
965		Vornado Realty Trust		108,080
16,190		WP GLIMCHER, Inc		269,240
		TOTAL REAL ESTATE		3,124,133

11

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
RETAILING - 3.5%
2,188		American Eagle Outfitters, Inc	$	37,371
16,833		Best Buy Co, Inc		636,119
4,354		Dick’s Sporting Goods, Inc		248,134
19,533		DSW, Inc (Class A)		720,377
3,106		Expedia, Inc		292,368
69,001	*	Groupon, Inc		497,497
251,050	e	Hengdeli Holdings Ltd		46,631
287,371	*	Intime Retail Group Co Ltd		199,869
68,739	*,e	JC Penney Co, Inc		578,095
2,325	*,e	Lifestyle Properties Development Ltd		570
8,693		Target Corp		713,435
		TOTAL RETAILING		3,970,466
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
9,701		Applied Materials, Inc		218,855
32,982		Atmel Corp		271,442
20,681		Broadcom Corp (Class A)		895,384
14,094		Intel Corp		440,719
9,118	*	Mellanox Technologies Ltd		413,410
45,707	*	ON Semiconductor Corp		553,512
27,825		Teradyne, Inc		524,501
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,317,823
SOFTWARE & SERVICES - 4.7%
7,959	*	Autodesk, Inc		466,716
2,960	*	Cimpress NV		249,765
2,194	*	Citrix Systems, Inc		140,131
10,752	*	eBay, Inc		620,175
13,074	*	Fortinet, Inc		456,936
26,132		Microsoft Corp		1,062,396
8,356	*	PTC, Inc		302,237
5,781	*	Rackspace Hosting, Inc		298,242
30,803	*	Yahoo!, Inc		1,368,731
117,732	*	Zynga, Inc		335,536
		TOTAL SOFTWARE & SERVICES		5,300,865
TECHNOLOGY HARDWARE & EQUIPMENT - 4.4%
98,940		Alcatel-Lucent (ADR)		369,046
6,598	*	Ciena Corp		127,407
51,803		Cisco Systems, Inc		1,425,878
9,377		Corning, Inc		212,670
23,744		EMC Corp		606,897
17,482		Hewlett-Packard Co		544,739
41,428	*	JDS Uniphase Corp		543,535
10,597		Juniper Networks, Inc		239,280
5,823	*	Keysight Technologies, Inc		216,325
4,672	*,e	Knowles Corp		90,030
44,178		Nokia Corp		334,869
4,015		Seagate Technology, Inc		208,901
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		4,919,577
TELECOMMUNICATION SERVICES - 2.3%
38,679		AT&T, Inc		1,262,869
19,465	*	Level 3 Communications, Inc		1,047,996
10,889		Telephone & Data Systems, Inc		271,136
		TOTAL TELECOMMUNICATION SERVICES		2,582,001
TRANSPORTATION - 2.8%
13,283		American Airlines Group, Inc		701,077
15,994	*,b,m	AMR Corp (Escrow)		160
17,281		Con-Way, Inc		762,610
9,236		CSX Corp		305,896
2,517		FedEx Corp		416,438

12

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
30,737	*	Hertz Global Holdings, Inc	$	666,378
3,700	*	UAL Corp		248,825
7,536	e	UTI Worldwide, Inc		92,693
		TOTAL TRANSPORTATION		3,194,077
UTILITIES - 3.7%
20,564		Centerpoint Energy, Inc		419,711
6,054		Duke Energy Corp		464,826
4,582		Edison International		286,238
7,440		Exelon Corp		250,059
10,536		FirstEnergy Corp		369,392
13,246		NextEra Energy, Inc		1,378,246
19,852		NRG Energy, Inc		500,072
5,032		PG&E Corp		267,048
2,461		Sempra Energy		268,298
		TOTAL UTILITIES		4,203,890
		TOTAL COMMON STOCKS (Cost $92,456,271)		110,881,996
SHORT-TERM INVESTMENTS - 1.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.3%
1,498,802	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		1,498,802
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,498,802
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,498,802)		1,498,802
		TOTAL INVESTMENTS - 99.7% (Cost $93,955,073)		112,380,798
		OTHER ASSETS & LIABILITIES, NET - 0.3%		311,553
		NET ASSETS - 100.0%	$	112,692,351

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

b In bankruptcy

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,497,529.

m Indicates a security that has been deemed illiquid.

13

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.5%
ASSET MANAGEMENT & CUSTODY BANKS - 1.1%
60,000		NorthStar Asset Management Group, Inc	$	1,400,400
		TOTAL ASSET MANAGEMENT & CUSTODY BANKS		1,400,400
DIVERSIFIED CAPITAL MARKETS - 0.8%
30,000		HFF, Inc (Class A)		1,126,200
		TOTAL DIVERSIFIED CAPITAL MARKETS		1,126,200
DIVERSIFIED REITS - 4.7%
20,000		American Assets Trust,Inc		865,600
55,000		Excel Trust, Inc		771,100
50,000		Retail Opportunities Investment Corp		915,000
195,000		Spirit Realty Capital, Inc		2,355,600
65,000		STORE Capital Corp		1,517,750
		TOTAL DIVERSIFIED REITS		6,425,050
HOTELS, RESORTS & CRUISE LINES - 0.9%
15,000		Starwood Hotels & Resorts Worldwide, Inc		1,252,500
		TOTAL HOTELS, RESORTS & CRUISE LINES		1,252,500
INDUSTRIAL REIT’S - 8.6%
127,500		Prologis, Inc		5,553,899
224,020		Rexford Industrial Realty, Inc		3,541,756
28,929		STAG Industrial, Inc		680,410
90,000		Terreno Realty Corp		2,052,000
		TOTAL INDUSTRIAL REIT’S		11,828,065
INTERNET SOFTWARE & SERVICES - 1.2%
7,000		Equinix, Inc		1,629,950
		TOTAL INTERNET SOFTWARE & SERVICES		1,629,950
MORTGAGE REIT’S - 2.7%
25,000		Blackstone Mortgage Trust, Inc		709,250
110,000		NorthStar Realty Finance Corp		1,993,200
40,000		Starwood Property Trust, Inc		972,000
		TOTAL MORTGAGE REIT’S		3,674,450
OFFICE REITS - 15.2%
42,500		Boston Properties, Inc		5,970,400
58,750		Gramercy Property Trust, Inc		1,649,113
70,000		Hudson Pacific Properties		2,323,300
35,000		Kilroy Realty Corp		2,665,950
30,000		SL Green Realty Corp		3,851,400
37,500		Vornado Realty Trust		4,200,000
		TOTAL OFFICE REITS		20,660,163
OTHER DIVERSIFIED FINANCIAL SERVICES - 0.0%
28,800	*,b,m	People’s Choice Financial Corp		0
		TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		0
REAL ESTATE OPERATING COMPANIES - 0.9%
55,000	*	Forest City Enterprises, Inc (Class A)		1,403,600
		TOTAL REAL ESTATE OPERATING COMPANIES		1,403,600

14

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY	VALUE
REAL ESTATE SERVICES - 2.6%
20,000	*	CBRE Group, Inc	$	774,200
50,000		Kennedy-Wilson Holdings, Inc		1,307,000
35,000	*	Marcus & Millichap, Inc		1,311,800
		TOTAL REAL ESTATE SERVICES		3,393,000
RESIDENTIAL REITS - 16.0%
50,000		Apartment Investment & Management Co (Class A)		1,968,000
32,500		AvalonBay Communities, Inc		5,663,125
30,589		Education Realty Trust, Inc		1,082,239
30,000		Equity Lifestyle Properties, Inc		1,648,500
65,000		Equity Residential		5,060,900
17,500		Essex Property Trust, Inc		4,023,250
22,407		Post Properties, Inc		1,275,631
17,500		Sun Communities, Inc		1,167,600
		TOTAL RESIDENTIAL REITS		21,889,245
RETAIL REITS - 21.5%
32,500		Acadia Realty Trust		1,133,600
20,000		DDR Corp		372,400
50,000		Equity One, Inc		1,334,500
20,000		Federal Realty Investment Trust		2,944,200
155,000		General Growth Properties, Inc		4,580,250
20,000		Macerich Co		1,686,600
35,000		Pennsylvania REIT		813,050
42,500		Regency Centers Corp		2,891,700
60,000		Simon Property Group, Inc		11,738,400
22,500		Taubman Centers, Inc		1,735,425
		TOTAL RETAIL REITS		29,230,125
SPECIALIZED REITS - 23.3%
40,000		American Tower Corp		3,766,000
50,000		Chatham Lodging Trust		1,470,500
80,000		CubeSmart		1,932,000
85,000		DiamondRock Hospitality Co		1,201,050
30,000		Extra Space Storage, Inc		2,027,100
15,000		HCP, Inc		648,150
54,137		Health Care REIT, Inc		4,188,038
60,000		Healthcare Trust of America, Inc		1,671,600
72,500		Host Marriott Corp		1,463,050
15,000		Public Storage, Inc		2,957,100
25,000		RLJ Lodging Trust		782,750
180,000	*	Strategic Hotels & Resorts, Inc		2,237,400
136,074		Sunstone Hotel Investors, Inc		2,268,354
70,000		Ventas, Inc		5,111,400
		TOTAL SPECIALIZED REITS		31,724,492
		TOTAL COMMON STOCKS (Cost $103,267,918)		135,637,240
		TOTAL INVESTMENTS - 99.5% (Cost $103,267,918)		135,637,240
		OTHER ASSETS & LIABILITIES, NET - 0.5%		665,585
		NET ASSETS - 100.0%	$	136,302,825

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

b In bankruptcy

m Indicates a security that has been deemed illiquid.

15

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.9%
AUTOMOBILES & COMPONENTS - 1.5%
8,200	*	American Axle & Manufacturing Holdings, Inc	$	211,806
1,920		Dana Holding Corp		40,627
3,500	*	Gentherm, Inc		176,785
6,629	*	Tenneco, Inc		380,637
		TOTAL AUTOMOBILES & COMPONENTS		809,855
BANKS - 8.8%
3,909		Banner Corp		179,423
14,630		Brookline Bancorp, Inc		147,031
18,881		Capitol Federal Financial		236,013
14,382		Cathay General Bancorp		409,168
6,300		Columbia Banking System, Inc		182,511
10,930		First Commonwealth Financial Corp		98,370
13,049		FirstMerit Corp		248,714
7,700	*	Hilltop Holdings, Inc		149,688
26,724		Investors Bancorp, Inc		313,205
43,662	*	MGIC Investment Corp		420,465
24,642		National Penn Bancshares, Inc		265,394
8,513		Oritani Financial Corp		123,864
10,669		PrivateBancorp, Inc		375,229
5,825		Prosperity Bancshares, Inc		305,696
13,890		Provident Financial Services, Inc		259,049
7,191		Sterling Bancorp/DE		96,431
17,600		Umpqua Holdings Corp		302,368
9,034		Webster Financial Corp		334,710
10,500	*	Western Alliance Bancorp		311,220
		TOTAL BANKS		4,758,549
CAPITAL GOODS - 7.9%
2,230		Acuity Brands, Inc		374,997
3,851	*	Aerovironment, Inc		102,090
4,079	*	American Woodmark Corp		223,244
5,683		Applied Industrial Technologies, Inc		257,667
2,750		Clarcor, Inc		181,665
6,189		Comfort Systems USA, Inc		130,217
2,100		Cubic Corp		108,717
2,393		Curtiss-Wright Corp		176,938
2,175	*	DXP Enterprises, Inc		95,896
6,897		EMCOR Group, Inc		320,503
3,590		Hexcel Corp		184,598
8,328	*	II-VI, Inc		153,735
4,387		John Bean Technologies Corp		156,704
5,255		Mueller Industries, Inc		189,863
1,626		Orbital ATK, Inc		124,600
1,315	*,e	Proto Labs, Inc		92,050
5,791	*,e	Taser International, Inc		139,621
2,490	*	Teledyne Technologies, Inc		265,758
2,708		Tennant Co		177,022
7,391	*	Thermon Group Holdings		177,901
2,200		Toro Co		154,264
2,500		Universal Forest Products, Inc		138,700
2,660	*	WABCO Holdings, Inc		326,861
		TOTAL CAPITAL GOODS		4,253,611

16

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 4.9%
6,811		ABM Industries, Inc	$	216,998
3,600		Administaff, Inc		188,244
1,483		Exponent, Inc		131,839
4,899		HNI Corp		270,278
3,122	*	Huron Consulting Group, Inc		206,520
7,232		Korn/Ferry International		237,716
4,600		Mobile Mini, Inc		196,144
6,679		Resources Connection, Inc		116,882
13,341		Rollins, Inc		329,923
10,476	*	RPX Corp		150,750
10,413	*	TrueBlue, Inc		253,557
3,536		Viad Corp		98,371
4,202	*	WageWorks, Inc		224,093
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,621,315
CONSUMER DURABLES & APPAREL - 2.0%
8,590		Brunswick Corp		441,955
2,350		Columbia Sportswear Co		143,115
1,360	*	G-III Apparel Group Ltd		153,204
5,220		La-Z-Boy, Inc		146,734
686		Oxford Industries, Inc		51,759
3,271	*	Steven Madden Ltd		124,298
		TOTAL CONSUMER DURABLES & APPAREL		1,061,065
CONSUMER SERVICES - 5.2%
12,702	*	Belmond Ltd.		155,981
1,200	*	Buffalo Wild Wings, Inc		217,488
2,622		DineEquity, Inc		280,580
1,679		Domino’s Pizza, Inc		168,823
6,045	*	Grand Canyon Education, Inc		261,749
4,545	*	Hyatt Hotels Corp		269,155
3,300		Jack in the Box, Inc		316,536
5,859	*	K12, Inc		92,103
3,113		Marriott Vacations Worldwide Corp		252,309
1,720	*	Popeyes Louisiana Kitchen, Inc		102,890
12,087		Service Corp International		314,867
3,700		Vail Resorts, Inc		382,654
		TOTAL CONSUMER SERVICES		2,815,135
DIVERSIFIED FINANCIALS - 1.6%
12,211		BGC Partners, Inc (Class A)		115,394
4,690	*	Enova International, Inc		92,346
6,038		Evercore Partners, Inc (Class A)		311,923
1,400	e	iShares Russell 2000 Index Fund		174,090
7,500		WisdomTree Investments, Inc		160,950
		TOTAL DIVERSIFIED FINANCIALS		854,703
ENERGY - 3.8%
2,800		Atwood Oceanics, Inc		78,708
7,600	*	C&J Energy Services Ltd		84,588
6,227		Delek US Holdings, Inc		247,523
6,900		Green Plains Renewable Energy, Inc		196,995
14,215	*	Kosmos Energy LLC		112,441
7,497	*	Matrix Service Co		131,647
13,284	*	Newpark Resources, Inc		121,017
19,968	*	Pioneer Energy Services Corp		108,227
12,108	*	Renewable Energy Group, Inc		111,636
800	*	Rex Stores Corp		48,648
3,280	*	Rosetta Resources, Inc		55,826
2,140		St. Mary Land & Exploration Co		110,595
1,339		Targa Resources Investments, Inc		128,263
3,520	e	US Silica Holdings Inc		125,347
9,099	*	Vaalco Energy, Inc		22,292
5,280		Western Refining, Inc		260,779
8,000	*	WPX Energy, Inc		87,440
		TOTAL ENERGY		2,031,972

17

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
FOOD & STAPLES RETAILING - 0.6%
23,100	*	Supervalu, Inc	$	268,653
958		Weis Markets, Inc		47,670
		TOTAL FOOD & STAPLES RETAILING		316,323
FOOD, BEVERAGE & TOBACCO - 1.0%
988		J&J Snack Foods Corp		105,420
2,150		Lancaster Colony Corp		204,615
2,080	e	Sanderson Farms, Inc		165,672
429	*	TreeHouse Foods, Inc		36,474
		TOTAL FOOD, BEVERAGE & TOBACCO		512,181
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
2,440	*	Abiomed, Inc		174,655
3,620	*	Align Technology, Inc		194,702
10,018	*	AMN Healthcare Services, Inc		231,115
3,660	*	Angiodynamics, Inc		65,112
2,008	*	Anika Therapeutics, Inc		82,669
7,454	*	Cynosure, Inc (Class A)		228,614
18,832	*	Five Star Quality Care, Inc		83,614
5,432	*	Globus Medical, Inc		137,104
6,622	*	HealthStream, Inc		166,874
4,100		Hill-Rom Holdings, Inc		200,900
2,660	*	ICU Medical, Inc		247,752
5,800		Kindred Healthcare, Inc		137,982
9,281	*	MedAssets, Inc		174,669
4,741	*	Natus Medical, Inc		187,127
5,330	*	NuVasive, Inc		245,127
4,246	*	Omnicell, Inc		149,035
13,069	*	OraSure Technologies, Inc		85,471
5,181	*	PharMerica Corp		146,052
4,573	*	Premier, Inc		171,853
12,077		Quality Systems, Inc		192,991
3,409	*	Thoratec Corp		142,803
1,769	*	WellCare Health Plans, Inc		161,793
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,608,014
INSURANCE - 3.2%
5,063		Aspen Insurance Holdings Ltd		239,125
4,000		Assured Guaranty Ltd		105,560
5,594		HCI Group, Inc		256,597
16,275		Maiden Holdings Ltd		241,358
18,030	*	MBIA, Inc		167,679
5,183		Montpelier Re Holdings Ltd		199,235
5,500		Selective Insurance Group, Inc		159,775
9,401	*	Third Point Reinsurance Ltd		133,024
5,193		Validus Holdings Ltd		218,625
		TOTAL INSURANCE		1,720,978
MATERIALS - 3.9%
4,756		A. Schulman, Inc		229,239
9,700	*	Berry Plastics Group, Inc		351,043
14,300	*,e	Coeur d’Alene Mines Corp		67,353
12,051		Commercial Metals Co		195,106
4,971	*,e	Horsehead Holding Corp		62,933
4,240		Innospec, Inc		196,694
4,988		Minerals Technologies, Inc		364,623
4,911		OM Group, Inc		147,477
11,566	*	Resolute Forest Products		199,513
6,389		Schnitzer Steel Industries, Inc (Class A)		101,329
2,687		Sensient Technologies Corp		185,081
		TOTAL MATERIALS		2,100,391

18

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
MEDIA - 1.0%
10,419	*	Journal Communications, Inc (Class A)	$	154,410
10,560	*	Live Nation, Inc		266,429
6,260		Time, Inc		140,474
		TOTAL MEDIA		561,313
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
4,160	*	Acadia Pharmaceuticals, Inc		135,574
891	*,e	Acceleron Pharma, Inc		33,912
5,450	*,e	Achillion Pharmaceuticals, Inc		53,737
4,430	*	Acorda Therapeutics, Inc		147,430
2,200	*,e	Aegerion Pharmaceuticals, Inc		57,574
10,782	*,e	Affymetrix, Inc		135,422
1,800	*	Alder Biopharmaceuticals, Inc		51,948
1,100	*,e	ANI Pharmaceuticals, Inc		68,805
10,030	*,e	Arena Pharmaceuticals, Inc		43,831
3,140	*,e	Arrowhead Research Corp		21,242
1,100	*	Bluebird Bio, Inc		132,847
7,255	*	Cambrex Corp		287,516
2,234	*	Cara Therapeutics Inc		22,452
7,168	*	Catalent, Inc		223,283
3,510	*,e	Celldex Therapeutics, Inc		97,824
2,926	*	Cepheid, Inc		166,489
14,831	*,e	CTI BioPharma Corp		26,844
8,161	*	Cytokinetics, Inc		55,332
7,271	*	Depomed, Inc		162,943
2,884	*	Dyax Corp		48,321
1,811	*	Genomic Health, Inc		55,326
2,999	*	Hyperion Therapeutics, Inc		137,654
2,543	*	Impax Laboratories, Inc		119,190
3,322	*	INC Research Holdings, Inc		108,729
7,400	*	Infinity Pharmaceuticals, Inc		103,452
3,790	*	Insmed, Inc		78,832
3,860	*,e	Isis Pharmaceuticals, Inc		245,766
1,010	*,e	Karyopharm Therapeutics, Inc		30,916
3,750	*	Lannett Co, Inc		253,913
2,000	*	MacroGenics, Inc		62,740
5,779	*	Medicines Co		161,928
6,000	*,e	Merrimack Pharmaceuticals, Inc		71,280
3,326	*	Momenta Pharmaceuticals, Inc		50,555
3,700	*	Neurocrine Biosciences, Inc		146,927
3,160	*	Parexel International Corp		218,008
5,562	*	PRA Health Sciences, Inc		160,408
4,620	*	Prestige Brands Holdings, Inc		198,152
2,767	*	Prothena Corp plc		105,533
790	*,e	Puma Biotechnology, Inc		186,527
840	*	Receptos, Inc		138,508
2,935	*	Sagent Pharmaceuticals		68,239
4,675	*	Sangamo Biosciences, Inc		73,304
789	*,e	Spark Therapeutics, Inc		61,148
8,700	*,e	Spectrum Pharmaceuticals, Inc		52,809
1,690	*	TESARO, Inc		97,006
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,960,176
REAL ESTATE - 8.2%
3,200		American Assets Trust,Inc		138,496
28,084		Cousins Properties, Inc		297,690
13,657		CubeSmart		329,817
25,878		DiamondRock Hospitality Co		365,656
9,340		DuPont Fabros Technology, Inc		305,231
2,680		EastGroup Properties, Inc		161,175
6,200		Entertainment Properties Trust		372,186
4,640		Extra Space Storage, Inc		313,525
20,168		FelCor Lodging Trust, Inc		231,730
6,500		LaSalle Hotel Properties		252,590

19

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,124		LTC Properties, Inc	$	143,704
2,309		PS Business Parks, Inc		191,739
10,110		Retail Opportunities Investment Corp		185,013
2,500		Ryman Hospitality Properties		152,275
1,882		Saul Centers, Inc		107,650
4,007		Sovran Self Storage, Inc		376,418
14,735		Summit Hotel Properties, Inc		207,322
10,190		Sunstone Hotel Investors, Inc		169,867
2,186		Universal Health Realty Income Trust		122,963
		TOTAL REAL ESTATE		4,425,047
RETAILING - 4.2%
8,900		American Eagle Outfitters, Inc		152,012
1,757	*	America’s Car-Mart, Inc		95,317
2,120	*	Asbury Automotive Group, Inc		176,172
3,000	*	Burlington Stores, Inc		178,260
3,600		DSW, Inc (Class A)		132,768
15,120	*	Express Parent LLC		249,934
5,400	*	Francesca’s Holdings Corp		96,120
3,800	*	MarineMax, Inc		100,738
14,100	*	Office Depot, Inc		129,720
14,050	*	Orbitz Worldwide, Inc		163,823
4,798		Penske Auto Group, Inc		247,049
6,600	*	Select Comfort Corp		227,502
4,890		Stage Stores, Inc		112,079
5,012	*	Zumiez, Inc		201,733
		TOTAL RETAILING		2,263,227
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
6,300	*	Advanced Energy Industries, Inc		161,658
8,300	*	Amkor Technology, Inc		73,330
1,820	*	Cabot Microelectronics Corp		90,945
6,100	*	Cirrus Logic, Inc		202,886
7,600	*	Inphi Corp		135,508
9,363	*	Integrated Device Technology, Inc		187,447
10,305		Intersil Corp (Class A)		147,568
26,523	*	Lattice Semiconductor Corp		168,156
2,950		Monolithic Power Systems, Inc		155,318
8,462	*	Photronics, Inc		71,927
26,028	*	PMC - Sierra, Inc		241,540
4,990	*	Qorvo, Inc		397,703
7,343	*	Rudolph Technologies, Inc		80,920
5,800		Tessera Technologies, Inc		233,624
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,348,530
SOFTWARE & SERVICES - 9.1%
7,290	*	Aspen Technology, Inc		280,592
4,300	*	BroadSoft, Inc		143,878
1,536	*	Cardtronics, Inc		57,753
6,294	*	Constant Contact, Inc		240,494
4,486	*	EPAM Systems, Inc		274,947
6,923	*	Everyday Health, Inc		89,030
2,937	*	ExlService Holdings, Inc		109,256
2,900	*	GrubHub, Inc		131,631
6,607	*	Infoblox, Inc		157,709
14,869	*	Liveperson, Inc		152,184
3,028	*	LogMeIn, Inc		169,538
3,000	*	Luxoft Holding, Inc		155,220
3,370	*	Manhattan Associates, Inc		170,556
5,039		MAXIMUS, Inc		336,404
1,468	*	MicroStrategy, Inc (Class A)		248,371
9,237		NIC, Inc		163,218
5,366		Pegasystems, Inc		116,710
10,530	*	Progress Software Corp		286,100

20

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,030	*	QLIK Technologies, Inc	$	156,584
2,800	*	SolarWinds, Inc		143,472
3,592		Solera Holdings, Inc		185,563
1,700	*	SPS Commerce, Inc		114,070
3,651		SS&C Technologies Holdings, Inc		227,457
3,800	*	Synchronoss Technologies, Inc		180,348
15,344	*	TA Indigo Holding Corp		158,657
800	*	Tableau Software, Inc		74,016
3,002	*	Tyler Technologies, Inc		361,831
		TOTAL SOFTWARE & SERVICES		4,885,589
TECHNOLOGY HARDWARE & EQUIPMENT - 5.1%
4,344		Alliance Fiber Optic Products, Inc		75,672
6,290	*	Aruba Networks, Inc		154,042
7,549	*	Benchmark Electronics, Inc		181,402
5,880	*	Ciena Corp		113,543
2,284	*	Coherent, Inc		148,369
9,727	*	Immersion Corp		89,294
4,000		InterDigital, Inc		202,960
10,088	*	Ixia		122,367
5,361	*	Plexus Corp		218,568
20,800	*	QLogic Corp		306,592
18,900	*	Ruckus Wireless, Inc		243,243
14,367	*	Sanmina Corp		347,538
6,510	*	Super Micro Computer, Inc		216,197
3,018		SYNNEX Corp		233,141
2,500	*,e	Universal Display Corp		116,875
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,769,803
TELECOMMUNICATION SERVICES - 1.7%
34,689	*	8x8, Inc		291,388
14,226		Inteliquent, Inc		223,917
10,252	*	Premiere Global Services, Inc		98,009
55,815	*	Vonage Holdings Corp		274,052
		TOTAL TELECOMMUNICATION SERVICES		887,366
TRANSPORTATION - 1.9%
5,469	*	Echo Global Logistics, Inc		149,085
527		Landstar System, Inc		34,940
8,204		Matson, Inc		345,881
11,111		Skywest, Inc		162,332
2,100	*	Swift Transportation Co, Inc		54,642
10,800	e	UTI Worldwide, Inc		132,840
7,990	*	YRC Worldwide, Inc		143,500
		TOTAL TRANSPORTATION		1,023,220
UTILITIES - 3.0%
3,900		Allete, Inc		205,764
6,890		American States Water Co		274,842
8,583		Avista Corp		293,367
5,754		Black Hills Corp		290,232
7,413		California Water Service Group		181,693
4,800		New Jersey Resources Corp		149,088
4,103		Southwest Gas Corp		238,671
		TOTAL UTILITIES		1,633,657
		TOTAL COMMON STOCKS (Cost $44,551,248)		53,222,020

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
SHORT-TERM INVESTMENTS - 4.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.0%
2,138,128	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	2,138,128
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,138,128
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,138,128)		2,138,128
		TOTAL INVESTMENTS - 102.9% (Cost $46,689,376)		55,360,148
		OTHER ASSETS & LIABILITIES, NET - (2.9)%		(1,557,338	)
		NET ASSETS - 100.0%	$	53,802,810

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,067,287.

22

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 1.8%
229		BorgWarner, Inc	$	13,850
70		Delphi Automotive plc		5,582
30,738		Ford Motor Co		496,111
2,462		Harley-Davidson, Inc		149,542
8,297		Johnson Controls, Inc		418,500
292	*	Modine Manufacturing Co		3,933
247	*	Tenneco, Inc		14,183
1,097	*	Tesla Motors, Inc		207,081
		TOTAL AUTOMOBILES & COMPONENTS		1,308,782
BANKS - 3.6%
470		Associated Banc-Corp		8,742
196		Bank of Hawaii Corp		11,997
9,729		BB&T Corp		379,334
200		Boston Private Financial Holdings, Inc		2,430
207		Camden National Corp		8,247
38		Capitol Federal Financial		475
72		Centerstate Banks of Florida, Inc		857
1,091		CIT Group, Inc		49,226
1,775		Comerica, Inc		80,106
22		Community Bank System, Inc		779
69		Cullen/Frost Bankers, Inc		4,766
290		Federal Agricultural Mortgage Corp (Class C)		8,175
2,712		First Community Bancshares, Inc		47,541
414		HomeStreet, Inc		7,584
581	*	HomeTrust Bancshares, Inc		9,279
88		IBERIABANK Corp		5,547
17,438		Keycorp		246,922
2,896		M&T Bank Corp		367,792
528	*	MGIC Investment Corp		5,085
1,477		New York Community Bancorp, Inc		24,710
333		OFG Bancorp		5,435
145		Old National Bancorp		2,058
199		PacWest Bancorp		9,331
18		Peoples Bancorp, Inc		426
189		People’s United Financial, Inc		2,873
5,268		PNC Financial Services Group, Inc		491,188
1,276	*	Popular, Inc		43,882
188		PrivateBancorp, Inc		6,612
355		Provident Financial Services, Inc		6,621
6,255		Radian Group, Inc		105,021
35	*	Signature Bank		4,535
160		Susquehanna Bancshares, Inc		2,194
269	*	SVB Financial Group		34,174
31		TCF Financial Corp		487
50		UMB Financial Corp		2,644
102		United Bankshares, Inc		3,833
13,037		US Bancorp		569,326
107		Webster Financial Corp		3,964
49		Westamerica Bancorporation		2,117
169		Wilshire Bancorp, Inc		1,685
290		Zions Bancorporation		7,830
		TOTAL BANKS		2,575,830

23

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
CAPITAL GOODS - 6.5%
4,120		3M Co	$	679,594
178		A.O. Smith Corp		11,687
39		Acuity Brands, Inc		6,558
4,742		Ametek, Inc		249,145
17		Applied Industrial Technologies, Inc		771
400	*	ArvinMeritor, Inc		5,044
90		Astec Industries, Inc		3,859
1,187		Barnes Group, Inc		48,062
200		Briggs & Stratton Corp		4,108
1,027	*	Builders FirstSource, Inc		6,850
174		Caterpillar, Inc		13,925
33	*	Chart Industries, Inc		1,157
81	*	Colfax Corp		3,866
2,265		Cummins, Inc		314,020
5,946		Danaher Corp		504,816
3,808		Deere & Co		333,924
644		Dover Corp		44,513
3,579		Eaton Corp		243,157
72		EnerSys		4,625
509	*	Enphase Energy, Inc		6,714
139	*	Esterline Technologies Corp		15,904
1,660		Fastenal Co		68,782
123		Fluor Corp		7,031
100		Fortune Brands Home & Security, Inc		4,748
710		Graco, Inc		51,234
117		Hexcel Corp		6,016
4,581		Illinois Tool Works, Inc		444,998
1,368		Ingersoll-Rand plc		93,133
245		Lincoln Electric Holdings, Inc		16,021
4,981		Masco Corp		132,993
1,227		Nordson Corp		96,123
1,724		Owens Corning, Inc		74,822
2,930		Paccar, Inc		185,000
313		Pall Corp		31,422
361		Parker Hannifin Corp		42,880
1,081		Pentair plc		67,984
457	*	Polypore International, Inc		26,917
1,788		Precision Castparts Corp		375,480
1,131	*	Quanta Services, Inc		32,267
990		Rockwell Automation, Inc		114,830
205		Rockwell Collins, Inc		19,793
400		Roper Industries, Inc		68,800
55		TAL International Group, Inc		2,240
818		Tennant Co		53,473
355	*	The ExOne Company		4,846
143		Timken Co		6,026
377	*	United Rentals, Inc		34,367
23		Valmont Industries, Inc		2,826
44		W.W. Grainger, Inc		10,376
391	*	WABCO Holdings, Inc		48,046
179		Woodward Governor Co		9,131
86		Xylem, Inc		3,012
		TOTAL CAPITAL GOODS		4,637,916
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
302		Acacia Research (Acacia Technologies)		3,231
2,963	*	ACCO Brands Corp		24,622
297		CDI Corp		4,173
93		Corporate Executive Board Co		7,427
245		Deluxe Corp		16,974
837		Dun & Bradstreet Corp		107,437
217		Equifax, Inc		20,181
507		Heidrick & Struggles International, Inc		12,462

24

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
168		HNI Corp	$	9,269
73	*	IHS, Inc (Class A)		8,304
190		Interface, Inc		3,948
291		Manpower, Inc		25,070
1,111		R.R. Donnelley & Sons Co		21,320
1,573		Robert Half International, Inc		95,198
160	*	RPX Corp		2,302
282		Tetra Tech, Inc		6,774
1,816		Waste Management, Inc		98,482
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		467,174
CONSUMER DURABLES & APPAREL - 1.1%
200		Callaway Golf Co		1,906
10		Columbia Sportswear Co		609
14	*	Deckers Outdoor Corp		1,020
13		Hasbro, Inc		822
16	*	Iconix Brand Group, Inc		539
5,425		Mattel, Inc		123,961
72	*	Meritage Homes Corp		3,502
95	*	Mohawk Industries, Inc		17,646
200		Movado Group, Inc		5,704
5,443		Nike, Inc (Class B)		546,096
152		Oxford Industries, Inc		11,468
270		Ryland Group, Inc		13,160
71	*	Tempur-Pedic International, Inc		4,100
2		Tupperware Corp		138
366	*	Under Armour, Inc (Class A)		29,555
323		VF Corp		24,325
92		Whirlpool Corp		18,590
		TOTAL CONSUMER DURABLES & APPAREL		803,141
CONSUMER SERVICES - 2.8%
55		Bob Evans Farms, Inc		2,544
200		Brinker International, Inc		12,312
75	*	Chipotle Mexican Grill, Inc (Class A)		48,791
1,063		Choice Hotels International, Inc		68,106
932		Darden Restaurants, Inc		64,625
13		DineEquity, Inc		1,391
128		Domino’s Pizza, Inc		12,870
60		Dunkin Brands Group, Inc		2,854
3,895		Marriott International, Inc (Class A)		312,846
6,259		McDonald’s Corp		609,877
4,705	*	MGM Mirage		98,946
111	*	Popeyes Louisiana Kitchen, Inc		6,640
333		Royal Caribbean Cruises Ltd		27,256
1,081	*	Ruby Tuesday, Inc		6,497
177		Sonic Corp		5,611
6,116		Starbucks Corp		579,185
1,429		Starwood Hotels & Resorts Worldwide, Inc		119,322
6		Vail Resorts, Inc		621
91	*	Weight Watchers International, Inc		636
		TOTAL CONSUMER SERVICES		1,980,930
DIVERSIFIED FINANCIALS - 6.3%
6,453		American Express Co		504,108
12,051		Bank of New York Mellon Corp		484,932
1,332		BlackRock, Inc		487,299
12,098		Charles Schwab Corp		368,263
3,291		CME Group, Inc		311,691
34	*	Credit Acceptance Corp		6,630
6,202		Discover Financial Services		349,483
6,458		Franklin Resources, Inc		331,425
221	*	Green Dot Corp		3,518

25

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,429		IntercontinentalExchange Group, Inc	$	333,343
5,317		Invesco Ltd		211,032
466		Janus Capital Group, Inc		8,010
566		Legg Mason, Inc		31,243
785		NASDAQ OMX Group, Inc		39,988
5,396		Northern Trust Corp		375,831
176	*	PHH Corp		4,254
5,352		State Street Corp		393,533
2,930		T Rowe Price Group, Inc		237,271
		TOTAL DIVERSIFIED FINANCIALS		4,481,854
ENERGY - 7.2%
3,448		Apache Corp		208,018
767		Baker Hughes, Inc		48,766
1,540	*	Callon Petroleum Co		11,504
1,826	*	Cameron International Corp		82,389
56		CARBO Ceramics, Inc		1,709
136	*	Carrizo Oil & Gas, Inc		6,752
1,640	*	Cheniere Energy, Inc		126,936
1,000		Cimarex Energy Co		115,090
2,376	*	Clean Energy Fuels Corp		12,676
299	*	Concho Resources, Inc		34,660
433	*	Contango Oil & Gas Co		9,526
3,008	*	Continental Resources, Inc		131,359
4,666	*	Devon Energy Corp		281,406
4,762		EOG Resources, Inc		436,628
2,342		EQT Corp		194,082
49		Exterran Holdings, Inc		1,645
25	*	FMC Technologies, Inc		925
66	*	Geospace Technologies Corp		1,090
3,941		Hess Corp		267,476
2,038	*	ION Geophysical Corp		4,422
344	*	Key Energy Services, Inc		626
8,202		Marathon Oil Corp		214,154
3,562		Marathon Petroleum Corp		364,713
22	*	Matrix Service Co		386
5,023		National Oilwell Varco, Inc		251,100
347	*	Natural Gas Services Group, Inc		6,669
2,152		Noble Corp plc		30,731
3,833		Noble Energy, Inc		187,434
230	*	Northern Oil And Gas, Inc		1,773
4,516		Occidental Petroleum Corp		329,668
4		Oceaneering International, Inc		216
2	*	Oil States International, Inc		80
1,573		Oneok, Inc		75,882
3	*	PDC Energy, Inc		162
415	*	Petroquest Energy, Inc		955
4,571		Phillips 66		359,281
1,740		Pioneer Natural Resources Co		284,507
1,028		Questar Market Resources, Inc		21,434
12		Range Resources Corp		624
233	*	Rex Energy Corp		867
5	*	SEACOR Holdings, Inc		348
1,768	*	Southwestern Energy Co		41,000
9,859		Spectra Energy Corp		356,600
731		St. Mary Land & Exploration Co		37,778
893		Superior Energy Services		19,950
81		Tesoro Corp		7,394
377	*	Ultra Petroleum Corp		5,893
278	*	Unit Corp		7,778
10,354	*	Weatherford International Ltd		127,354
3,337		Western Refining, Inc		164,814
866	*	Whiting Petroleum Corp		26,759
4,686		Williams Cos, Inc		237,065
		TOTAL ENERGY		5,141,054

26

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.0%
3,726		Kroger Co	$	285,635
128		Spartan Stores, Inc		4,040
8,404		Sysco Corp		317,083
1,847		Whole Foods Market, Inc		96,192
		TOTAL FOOD & STAPLES RETAILING		702,950
FOOD, BEVERAGE & TOBACCO - 3.6%
286		Bunge Ltd		23,555
2,696		Campbell Soup Co		125,499
1,284		ConAgra Foods, Inc		46,904
151	*	Darling International, Inc		2,115
302		Dr Pepper Snapple Group, Inc		23,701
127		Flowers Foods, Inc		2,888
7,720		General Mills, Inc		436,952
41		Hormel Foods Corp		2,331
413		J.M. Smucker Co		47,796
5,263		Kellogg Co		347,095
801		Keurig Green Mountain, Inc		89,496
1,534		Kraft Foods Group, Inc		133,634
97	*	Landec Corp		1,353
771		Mead Johnson Nutrition Co		77,509
12,385		Mondelez International, Inc		446,975
8,238		PepsiCo, Inc		787,718
89		Tootsie Roll Industries, Inc		3,005
		TOTAL FOOD, BEVERAGE & TOBACCO		2,598,526
HEALTH CARE EQUIPMENT & SERVICES - 4.7%
12,216		Abbott Laboratories		565,967
4,397		Aetna, Inc		468,413
79	*	Align Technology, Inc		4,249
648	*	Amedisys, Inc		17,353
1,455		AmerisourceBergen Corp		165,390
55	*	Amsurg Corp		3,384
142	*	athenahealth, Inc		16,953
3,027		Becton Dickinson & Co		434,647
1,906	*	BioScrip, Inc		8,444
386	*	Brookdale Senior Living, Inc		14,575
809	*	Capital Senior Living Corp		20,985
1,016		Cardinal Health, Inc		91,714
1,158	*	Centene Corp		81,859
275	*	Cerner Corp		20,146
2,506	*	Cerus Corp		10,450
41		Chemed Corp		4,895
1,981		Cigna Corp		256,421
111	*	DaVita, Inc		9,022
55		Dentsply International, Inc		2,799
121	*	Edwards Lifesciences Corp		17,238
434	*	ExamWorks Group, Inc		18,063
85	*	Greatbatch, Inc		4,917
875	*	Healthways, Inc		17,238
147	*	Henry Schein, Inc		20,524
84	*	HMS Holdings Corp		1,298
1,316		Humana, Inc		234,274
418	*	Idexx Laboratories, Inc		64,573
599	*	Inverness Medical Innovations, Inc		29,291
132	*	LHC Group, Inc		4,360
548	*	LifePoint Hospitals, Inc		40,251
7,696		Medtronic plc		600,211
534	*	Molina Healthcare, Inc		35,933
1,080	*	OraSure Technologies, Inc		7,063
61		Owens & Minor, Inc		2,064
905		Patterson Cos, Inc		44,155
321	*	Providence Service Corp		17,052

27

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
35	*	Sirona Dental Systems, Inc	$	3,150
1,177		Universal American Corp		12,570
340		US Physical Therapy, Inc		16,150
425	*	Vocera Communications, Inc		4,216
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,392,257
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
171		Avon Products, Inc		1,366
5		Clorox Co		552
7,350		Colgate-Palmolive Co		509,649
2,118		Estee Lauder Cos (Class A)		176,133
1,864		Kimberly-Clark Corp		199,653
350	*	Medifast, Inc		10,490
10,806		Procter & Gamble Co		885,443
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,783,286
INSURANCE - 5.5%
3,692		ACE Ltd		411,621
6,079		Aflac, Inc		389,117
105		Arthur J. Gallagher & Co		4,909
959		Aspen Insurance Holdings Ltd		45,294
239		Axis Capital Holdings Ltd		12,328
7,983	*	Berkshire Hathaway, Inc (Class B)		1,152,106
3,650		Chubb Corp		369,015
2,825		Hartford Financial Services Group, Inc		118,141
1,559		Marsh & McLennan Cos, Inc		87,444
161		PartnerRe Ltd		18,407
3,647		Principal Financial Group		187,346
14		ProAssurance Corp		643
9,489		Progressive Corp		258,101
5,132		Prudential Financial, Inc		412,151
156		RenaissanceRe Holdings Ltd		15,558
124		Stewart Information Services Corp		5,039
4,337		Travelers Cos, Inc		468,960
104		Willis Group Holdings plc		5,011
		TOTAL INSURANCE		3,961,191
MATERIALS - 4.4%
2,960		Air Products & Chemicals, Inc		447,789
59		Albemarle Corp		3,118
47		Aptargroup, Inc		2,985
1,830		Avery Dennison Corp		96,825
611		Ball Corp		43,161
6		Bemis Co, Inc		278
64		Carpenter Technology Corp		2,488
456		Celanese Corp (Series A)		25,472
699	*	Century Aluminum Co		9,646
18	*	Clearwater Paper Corp		1,175
1,284		Commercial Metals Co		20,788
110		Compass Minerals International, Inc		10,253
344		Eastman Chemical Co		23,825
3,569		Ecolab, Inc		408,222
265	*	Flotek Industries, Inc		3,906
695		H.B. Fuller Co		29,795
182		Innophos Holdings, Inc		10,258
72		International Flavors & Fragrances, Inc		8,453
2,624		International Paper Co		145,606
1,627	*	Louisiana-Pacific Corp		26,862
4,212		LyondellBasell Industries AF S.C.A		369,814
2,132		MeadWestvaco Corp		106,323
394		Minerals Technologies, Inc		28,801
1,185		Mosaic Co		54,581
5,754		Nucor Corp		273,488

28

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
634	*	Owens-Illinois, Inc	$	14,785
121		PolyOne Corp		4,519
3,153		Praxair, Inc		380,693
102		Reliance Steel & Aluminum Co		6,230
394	*	Resolute Forest Products		6,797
108		Rock-Tenn Co (Class A)		6,966
1,512		Royal Gold, Inc		95,422
157		Sealed Air Corp		7,153
209		Sherwin-Williams Co		59,461
2,186		Sigma-Aldrich Corp		302,215
586	*	Stillwater Mining Co		7,571
580		Valspar Corp		48,737
79		Wausau Paper Corp		753
2,846	*	Worthington Industries, Inc		75,732
		TOTAL MATERIALS		3,170,946
MEDIA - 3.0%
1,779		Cablevision Systems Corp (Class A)		32,556
156		Cinemark Holdings, Inc		7,031
1,162		Clear Channel Outdoor Holdings, Inc (Class A)		11,759
1,337	*	DIRECTV		113,779
3,202	*	Discovery Communications, Inc (Class A)		98,493
5,307	*	Discovery Communications, Inc (Class C)		156,424
496	*	DreamWorks Animation SKG, Inc (Class A)		12,003
1,222		Entravision Communications Corp (Class A)		7,735
83		John Wiley & Sons, Inc (Class A)		5,075
2,567	*	Journal Communications, Inc (Class A)		38,043
5,661	*	Liberty Global plc		281,974
4,948	*	Liberty Global plc (Class A)		254,674
33,875	*	McClatchy Co (Class A)		62,330
2,180		New York Times Co (Class A)		29,997
149		Scripps Networks Interactive (Class A)		10,215
610		Sinclair Broadcast Group, Inc (Class A)		19,160
2,909		Time Warner Cable, Inc		436,001
6,619		Time Warner, Inc		558,909
		TOTAL MEDIA		2,136,158
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.4%
702	*	Affymetrix, Inc		8,817
3,910		Agilent Technologies, Inc		162,461
1,737	*	Akorn, Inc		82,525
936	*	Alexion Pharmaceuticals, Inc		162,209
4,504		Amgen, Inc		719,964
882	*	Aratana Therapeutics, Inc		14,121
521	*	Ariad Pharmaceuticals, Inc		4,293
1,483	*	Biogen Idec, Inc		626,182
24		Bio-Techne Corp		2,407
688	*	Bluebird Bio, Inc		83,090
10,497		Bristol-Myers Squibb Co		677,056
853	*	Cambrex Corp		33,804
555	*	Cepheid, Inc		31,580
1,912	*	Depomed, Inc		42,848
2,805	*	Endo International plc		251,609
8,103	*	Gilead Sciences, Inc		795,147
379	*	Hyperion Therapeutics, Inc		17,396
2,304	*	Immunomedics, Inc		8,824
12,123		Johnson & Johnson		1,219,574
6,614	*	MannKind Corp		34,393
14,922		Merck & Co, Inc		857,717
23	*	Mettler-Toledo International, Inc		7,559
1,266	*	MiMedx Group, Inc		13,166
2,535	*	Nektar Therapeutics		27,885
2,037	*	Opko Health, Inc		28,864
7,568	*	Orexigen Therapeutics, Inc		59,257

29

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
122	*	PerkinElmer, Inc	$	6,239
1,256	*	Sangamo Biosciences, Inc		19,694
1,223	*	Sarepta Therapeutics, Inc		16,241
1,486		Thermo Electron Corp		199,629
165	*	United Therapeutics Corp		28,452
1,658	*	Vertex Pharmaceuticals, Inc		195,594
8,649	*	Vivus, Inc		21,277
640	*	Waters Corp		79,565
4,482	*	Xenoport, Inc		31,912
3,032		Zoetis Inc		140,351
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,711,702
REAL ESTATE - 4.3%
203		American Campus Communities, Inc		8,703
4,626		American Tower Corp		435,538
16,129		Annaly Capital Management, Inc		167,742
1,224		Boston Properties, Inc		171,948
1,999	*	CBRE Group, Inc		77,381
183		Coresite Realty		8,908
3,476		Crown Castle International Corp		286,909
64		Digital Realty Trust, Inc		4,221
165		Douglas Emmett, Inc		4,919
1,687		Duke Realty Corp		36,726
29		Equity One, Inc		774
1,322		Equity Residential		102,931
3,064		First Industrial Realty Trust, Inc		65,662
5,733		HCP, Inc		247,723
1,097		Health Care REIT, Inc		84,864
89		Healthcare Realty Trust, Inc		2,472
7,799		Host Marriott Corp		157,384
1,389		Iron Mountain, Inc		50,671
15		Jones Lang LaSalle, Inc		2,556
14		Kilroy Realty Corp		1,066
325		Liberty Property Trust		11,602
554		Macerich Co		46,719
213		Mid-America Apartment Communities, Inc		16,459
5,524		Prologis, Inc		240,625
930		Ryman Hospitality Properties		56,646
2,660		Simon Property Group, Inc		520,402
988		Ventas, Inc		72,144
1,458		Vornado Realty Trust		163,296
17		Washington REIT		470
149		Weyerhaeuser Co		4,939
		TOTAL REAL ESTATE		3,052,400
RETAILING - 4.6%
4,156	*	1-800-FLOWERS.COM, Inc (Class A)		49,166
77		Aaron’s, Inc		2,180
1,224		American Eagle Outfitters, Inc		20,906
316	*	Ann Taylor Stores Corp		12,966
473	*	AutoZone, Inc		322,662
149	*	Barnes & Noble, Inc		3,539
1,702	*	Bed Bath & Beyond, Inc		130,671
1,355		Best Buy Co, Inc		51,205
62	*	Cabela’s, Inc		3,471
852	*	Carmax, Inc		58,797
8		Chico’s FAS, Inc		142
244	*	FTD Cos, Inc		7,305
6		GameStop Corp (Class A)		228
5,233		Gap, Inc		226,746
45	*	Genesco, Inc		3,205
2,715		Genuine Parts Co		253,011
259		GNC Holdings, Inc		12,709
270		HSN, Inc		18,422

30

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,402		Kohl’s Corp	$	187,957
7,799	*	Liberty Interactive Corp		227,653
202	*	LKQ Corp		5,163
7,995		Lowe’s Companies, Inc		594,748
2,077		Macy’s, Inc		134,818
16		Men’s Wearhouse, Inc		835
206	*	NetFlix, Inc		85,838
701		Nordstrom, Inc		56,304
1,890	*	Office Depot, Inc		17,388
1,437	*	Orbitz Worldwide, Inc		16,755
69		Outerwall, Inc		4,562
278		Pier 1 Imports, Inc		3,886
160		Ross Stores, Inc		16,858
503	*	Shutterfly, Inc		22,756
5,903		Staples, Inc		96,130
135		Tiffany & Co		11,881
7,208		TJX Companies, Inc		504,920
1,078	*	TripAdvisor, Inc		89,657
7		Williams-Sonoma, Inc		558
		TOTAL RETAILING		3,255,998
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
652	*	Advanced Micro Devices, Inc		1,747
9		Analog Devices, Inc		567
18,076		Applied Materials, Inc		407,795
125	*	Cirrus Logic, Inc		4,157
24,969		Intel Corp		780,781
227		Lam Research Corp		15,943
111		Microchip Technology, Inc		5,428
5,688	*	ON Semiconductor Corp		68,882
324		Skyworks Solutions, Inc		31,846
1,075	*	SunPower Corp		33,658
315		Teradyne, Inc		5,938
9,405		Texas Instruments, Inc		537,825
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,894,567
SOFTWARE & SERVICES - 11.1%
5,723		Accenture plc		536,188
1,147	*	Actua Corp		17,767
5,822	*	Adobe Systems, Inc		430,479
882	*	Angie’s List, Inc		5,177
2,386	*	AOL, Inc		94,509
2,129	*	Autodesk, Inc		124,845
1,228		Broadridge Financial Solutions, Inc		67,552
5,119		CA, Inc		166,931
191	*	Cadence Design Systems, Inc		3,522
7,626	*	Cognizant Technology Solutions Corp (Class A)		475,786
918	*	comScore, Inc		47,002
155		Convergys Corp		3,545
388	*	Ellie Mae, Inc		21,460
49		Factset Research Systems, Inc		7,801
54		Fair Isaac Corp		4,791
111	*	FireEye, Inc		4,357
239	*	Fortinet, Inc		8,353
3,848	*	Glu Mobile, Inc		19,278
1,504	*	Google, Inc		824,192
1,484	*	Google, Inc (Class A)		823,175
515	*	HomeAway, Inc		15,538
883	*	Informatica Corp		38,724
1,513	*	Internap Network Services Corp		15,478
5,006		International Business Machines Corp		803,463
4,177		Intuit, Inc		405,002
162		j2 Global, Inc		10,640
533	*	Liquidity Services, Inc		5,266

31

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
675	*	Marketo, Inc	$	17,293
4,829		Mastercard, Inc (Class A)		417,177
399		Mercadolibre, Inc		48,885
1,680	*	Monster Worldwide, Inc		10,651
55	*	NetSuite, Inc		5,102
189	*	NeuStar, Inc (Class A)		4,653
18,055		Oracle Corp		779,073
656	*	Rackspace Hosting, Inc		33,843
1,014	*	Rally Software Development Corp		15,910
6,804	*	Salesforce.com, Inc		454,575
1,102	*	ServiceSource International LLC		3,416
123	*	SolarWinds, Inc		6,303
396	*	Stamps.com, Inc		26,647
10,112		Symantec Corp		236,267
118	*	Syntel, Inc		6,104
214	*	Teradata Corp		9,446
67	*	Ultimate Software Group, Inc		11,387
150	*	Unisys Corp		3,482
337	*	Vasco Data Security International		7,259
441	*	Workday, Inc		37,225
28,005		Xerox Corp		359,864
10,178	*	Yahoo!, Inc		452,259
		TOTAL SOFTWARE & SERVICES		7,927,642
TECHNOLOGY HARDWARE & EQUIPMENT - 4.3%
1,143	*	Aruba Networks, Inc		27,992
41		Belden CDT, Inc		3,836
147	*	Benchmark Electronics, Inc		3,532
2,407		Black Box Corp		50,379
786		Checkpoint Systems, Inc		8,505
27,875		Cisco Systems, Inc		767,260
42	*	Cognex Corp		2,083
3,600		Corning, Inc		81,648
2,104	*	Cray, Inc		59,080
9	*	DTS, Inc		307
17,937		EMC Corp		458,470
1,050	*	Finisar Corp		22,407
707	*	Flextronics International Ltd		8,961
14,683		Hewlett-Packard Co		457,522
550	*	Ingram Micro, Inc (Class A)		13,816
169		InterDigital, Inc		8,575
306	*	IPG Photonics Corp		28,366
14	*	Itron, Inc		511
462		Jabil Circuit, Inc		10,802
554		Lexmark International, Inc (Class A)		23,456
2,042		Motorola, Inc		136,140
60	*	Netgear, Inc		1,973
18		Plantronics, Inc		953
494	*	QLogic Corp		7,282
9,257		Qualcomm, Inc		641,880
227	*	RealD, Inc		2,903
1,061		SanDisk Corp		67,501
2,713		Seagate Technology, Inc		141,157
963	*	Silicon Graphics International Corp		8,368
172	*	Super Micro Computer, Inc		5,712
26	*	Tech Data Corp		1,502
184	*	TTM Technologies, Inc		1,658
87	*	Universal Display Corp		4,067
250	*	Vishay Precision Group, Inc		3,983
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,062,587
TELECOMMUNICATION SERVICES - 2.0%
4,057	*	Boingo Wireless, Inc		30,590
9,478		CenturyTel, Inc		327,465

32

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,541	*	Cincinnati Bell, Inc	$	5,439
469		IDT Corp (Class B)		8,325
705	*	Level 3 Communications, Inc		37,957
16,804	*	Sprint Corp		79,651
19,699		Verizon Communications, Inc		957,962
1,213	*	Vonage Holdings Corp		5,956
		TOTAL TELECOMMUNICATION SERVICES		1,453,345
TRANSPORTATION - 2.8%
8		Allegiant Travel Co		1,538
903	*	Avis Budget Group, Inc		53,291
6		CH Robinson Worldwide, Inc		439
10,193		CSX Corp		337,592
2,704		Norfolk Southern Corp		278,296
6		Ryder System, Inc		569
8,610		Southwest Airlines Co		381,423
330	*	Spirit Airlines, Inc		25,529
3,531		Union Pacific Corp		382,443
5,255		United Parcel Service, Inc (Class B)		509,419
		TOTAL TRANSPORTATION		1,970,539
UTILITIES - 3.6%
184		American States Water Co		7,340
102		American Water Works Co, Inc		5,530
2,528	*	Calpine Corp		57,815
2,497		Centerpoint Energy, Inc		50,964
3,637		Cleco Corp		198,289
4,677		Consolidated Edison, Inc		285,297
2,949		Duke Energy Corp		226,424
3,345		Eversource Energy		168,989
57		Integrys Energy Group, Inc		4,105
4		ITC Holdings Corp		150
103		MDU Resources Group, Inc		2,198
886		MGE Energy, Inc		39,268
220		New Jersey Resources Corp		6,833
4,575		NextEra Energy, Inc		476,029
6,329		NiSource, Inc		279,489
8,717		Pepco Holdings, Inc		233,877
2,060		Piedmont Natural Gas Co, Inc		76,035
3		Pinnacle West Capital Corp		191
326		Public Service Enterprise Group, Inc		13,666
2,619		Sempra Energy		285,523
211		SJW Corp		6,522
478		South Jersey Industries, Inc		25,946
926		TECO Energy, Inc		17,964
280		WGL Holdings, Inc		15,792
414		Wisconsin Energy Corp		20,493
1,100		Xcel Energy, Inc		38,291
		TOTAL UTILITIES		2,543,020
		TOTAL COMMON STOCKS (Cost $47,485,138)		71,013,795
		TOTAL INVESTMENTS - 99.4% (Cost $47,485,138)		71,013,795
		OTHER ASSETS & LIABILITIES, NET - 0.6%		445,750
		NET ASSETS - 100.0%	$	71,459,545

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

33

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 1.2%
1,089	*	American Axle & Manufacturing Holdings, Inc	$	28,129
3,214		BorgWarner, Inc		194,383
852		Cooper Tire & Rubber Co		36,500
183	*	Cooper-Standard Holding, Inc		10,834
2,343		Dana Holding Corp		49,578
376	*,e	Dorman Products, Inc		18,706
317		Drew Industries, Inc		19,508
732	*	Federal Mogul Corp (Class A)		9,743
56,228		Ford Motor Co		907,520
150	*	Fox Factory Holding Corp		2,301
280	*	Fuel Systems Solutions, Inc		3,091
23,187		General Motors Co		869,512
4,344		Gentex Corp		79,495
607	*	Gentherm, Inc		30,660
3,952		Goodyear Tire & Rubber Co		107,020
3,203		Harley-Davidson, Inc		194,550
9,607		Johnson Controls, Inc		484,577
1,159		Lear Corp		128,440
671	*	Modine Manufacturing Co		9,038
364	*	Motorcar Parts of America, Inc		10,116
398		Remy International, Inc		8,840
113	*	Shiloh Industries, Inc		1,586
355		Spartan Motors, Inc		1,722
260		Standard Motor Products, Inc		10,988
449	*	Stoneridge, Inc		5,069
47		Strattec Security Corp		3,470
280		Superior Industries International, Inc		5,300
817	*	Tenneco, Inc		46,912
1,368	*,e	Tesla Motors, Inc		258,237
632		Thor Industries, Inc		39,949
428	*	Tower International, Inc		11,385
1,599	*	TRW Automotive Holdings Corp		167,655
654	*	Visteon Corp		63,046
510	e	Winnebago Industries, Inc		10,843
		TOTAL AUTOMOBILES & COMPONENTS		3,828,703
BANKS - 5.8%
180		1st Source Corp		5,783
98		American National Bankshares, Inc		2,213
337		Ameris Bancorp		8,893
77	e	Ames National Corp		1,913
430		Apollo Residential Mortgage		6,859
114		Arrow Financial Corp		3,095
2,146		Associated Banc-Corp		39,916
1,174		Astoria Financial Corp		15,203
110		Banc of California, Inc		1,354
130		Bancfirst Corp		7,927
541		Banco Latinoamericano de Exportaciones S.A. (Class E)		17,739
1,288		Bancorpsouth, Inc		29,907
838		Bank Mutual Corp		6,134
152,663		Bank of America Corp		2,349,484
868	e	Bank of Hawaii Corp		53,130
70		Bank of Kentucky Financial Corp		3,434
61		Bank of Marin Bancorp		3,105
1,349		Bank of the Ozarks, Inc		49,819

34

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
300		BankFinancial Corp	$	3,942
1,410		BankUnited		46,163
263		Banner Corp		12,072
10,354		BB&T Corp		403,702
982		BBCN Bancorp, Inc		14,210
115	*,e	BBX Capital Corp		2,139
1,312	*	Beneficial Bancorp, Inc		14,813
337		Berkshire Hills Bancorp, Inc		9,335
303	*	Blue Hills Bancorp, Inc		4,006
233		BNC Bancorp		4,217
190	*	BofI Holding, Inc		17,678
606	e	BOK Financial Corp		37,099
1,073		Boston Private Financial Holdings, Inc		13,037
156		Bridge Bancorp, Inc		4,030
132	*	Bridge Capital Holdings		3,447
771		Brookline Bancorp, Inc		7,749
86		Bryn Mawr Bank Corp		2,615
87		Camden National Corp		3,466
321	*	Capital Bank Financial Corp		8,863
101		Capital City Bank Group, Inc		1,641
3,240		Capitol Federal Financial		40,500
286		Cardinal Financial Corp		5,714
333	*	Cascade Bancorp		1,598
1,068		Cathay General Bancorp		30,385
477		Centerstate Banks of Florida, Inc		5,681
188		Central Pacific Financial Corp		4,318
47		Century Bancorp, Inc		1,866
301		Charter Financial Corp		3,462
401		Chemical Financial Corp		12,575
2,768		CIT Group, Inc		124,892
44,107		Citigroup, Inc		2,272,393
167		Citizens & Northern Corp		3,370
2,337		Citizens Financial Group, Inc		56,392
211	e	City Holding Co		9,923
647		City National Corp		57,635
623		Clifton Bancorp, Inc		8,791
194		CNB Financial Corp		3,302
395		CoBiz, Inc		4,866
674		Columbia Banking System, Inc		19,526
2,437		Comerica, Inc		109,982
1,536		Commerce Bancshares, Inc		65,004
628		Community Bank System, Inc		22,225
200		Community Trust Bancorp, Inc		6,632
130	*	CommunityOne Bancorp		1,279
295		ConnectOne Bancorp, Inc		5,741
134	*	CU Bancorp		3,049
922		Cullen/Frost Bankers, Inc		63,692
342	*	Customers Bancorp, Inc		8,331
1,421		CVB Financial Corp		22,651
808		Dime Community Bancshares		13,009
288	*	Eagle Bancorp, Inc		11,059
1,924		East West Bancorp, Inc		77,845
100		Enterprise Bancorp, Inc		2,125
265		Enterprise Financial Services Corp		5,475
559	*	Essent Group Ltd		13,366
1,564		EverBank Financial Corp		28,199
115		Federal Agricultural Mortgage Corp (Class C)		3,242
222		Fidelity Southern Corp		3,747
12,242		Fifth Third Bancorp		230,762
126		Financial Institutions, Inc		2,889
264		First Bancorp (NC)		4,636
1,398	*	First Bancorp (Puerto Rico)		8,668
107		First Bancorp, Inc		1,867
972		First Busey Corp		6,503
204		First Business Financial Services, Inc		8,821

35

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
154		First Citizens Bancshares, Inc (Class A)	$	39,992
1,229		First Commonwealth Financial Corp		11,061
189		First Community Bancshares, Inc		3,313
406		First Connecticut Bancorp		6,240
120		First Defiance Financial Corp		3,938
747		First Financial Bancorp		13,304
1,236	e	First Financial Bankshares, Inc		34,163
188		First Financial Corp		6,747
200		First Financial Northwest, Inc		2,470
3,378		First Horizon National Corp		48,272
243		First Interstate Bancsystem, Inc		6,760
557		First Merchants Corp		13,112
1,128		First Midwest Bancorp, Inc		19,593
200	*	First NBC Bank Holding Co		6,596
4,768		First Niagara Financial Group, Inc		42,149
162		First of Long Island Corp		4,131
2,002		First Republic Bank		114,294
2,172		FirstMerit Corp		41,398
255	*	Flagstar Bancorp, Inc		3,700
358		Flushing Financial Corp		7,185
2,437		FNB Corp		32,022
185		Fox Chase Bancorp, Inc		3,114
2,742		Fulton Financial Corp		33,836
177		German American Bancorp, Inc		5,209
999		Glacier Bancorp, Inc		25,125
135		Great Southern Bancorp, Inc		5,318
427		Great Western Bancorp, Inc		9,398
185		Guaranty Bancorp		3,138
222	*	Hampton Roads Bankshares, Inc		420
1,231		Hancock Holding Co		36,758
554		Hanmi Financial Corp		11,717
211		Heartland Financial USA, Inc		6,885
279		Heritage Commerce Corp		2,547
221		Heritage Financial Corp		3,757
260		Heritage Oaks Bancorp		2,161
980	*	Hilltop Holdings, Inc		19,051
726		Home Bancshares, Inc		24,604
1,224	e	Home Loan Servicing Solutions Ltd		20,245
108		HomeStreet, Inc		1,979
265	*	HomeTrust Bancshares, Inc		4,232
123		Horizon Bancorp		2,877
7,093		Hudson City Bancorp, Inc		74,335
171		Hudson Valley Holding Corp		4,371
12,006		Huntington Bancshares, Inc		132,666
463		IBERIABANK Corp		29,183
321		Independent Bank Corp (MA)		14,082
308		Independent Bank Corp (MI)		3,952
123		Independent Bank Group, Inc		4,786
730		International Bancshares Corp		19,002
4,963		Investors Bancorp, Inc		58,166
55,002		JPMorgan Chase & Co		3,332,021
227	*	Kearny Financial Corp		3,083
12,832		Keycorp		181,701
204	*	Ladder Capital Corp		3,776
509		Lakeland Bancorp, Inc		5,854
350		Lakeland Financial Corp		14,203
426		LegacyTexas Financial Group, Inc		9,683
80	*	LendingTree, Inc		4,481
2,011		M&T Bank Corp		255,397
351		Macatawa Bank Corp		1,878
216		MainSource Financial Group, Inc		4,242
891		MB Financial, Inc		27,897
226		Mercantile Bank Corp		4,418
60		Merchants Bancshares, Inc		1,750
291	*	Meridian Bancorp, Inc		3,832

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,541	*	MGIC Investment Corp	$	43,730
112		Midsouth Bancorp, Inc		1,652
90		MidWestOne Financial Group, Inc		2,595
684		National Bank Holdings Corp		12,866
84	e	National Bankshares, Inc		2,507
1,529		National Penn Bancshares, Inc		16,467
422	*	Nationstar Mortgage Holdings, Inc		10,453
586		NBT Bancorp, Inc		14,685
6,269	e	New York Community Bancorp, Inc		104,880
451		NewBridge Bancorp		4,023
644	*	NMI Holdings, Inc		4,824
1,196		Northfield Bancorp, Inc		17,725
80		Northrim BanCorp, Inc		1,963
1,214		Northwest Bancshares, Inc		14,386
180		OceanFirst Financial Corp		3,109
1,434	*,e	Ocwen Financial Corp		11,831
596		OFG Bancorp		9,727
112		Old Line Bancshares, Inc		1,770
1,471		Old National Bancorp		20,874
670		Oritani Financial Corp		9,749
241		Pacific Continental Corp		3,186
208	*	Pacific Premier Bancorp, Inc		3,368
1,617		PacWest Bancorp		75,821
275	e	Park National Corp		23,529
360		Park Sterling Bank		2,556
139		Peapack Gladstone Financial Corp		3,002
47		Penns Woods Bancorp, Inc		2,299
164		Pennsylvania Commerce Bancorp, Inc		4,521
165	*	PennyMac Financial Services, Inc		2,800
146		Peoples Bancorp, Inc		3,451
101	e	Peoples Financial Services Corp		4,532
4,161		People’s United Financial, Inc		63,247
477		Pinnacle Financial Partners, Inc		21,207
7,811		PNC Financial Services Group, Inc		728,298
1,355	*	Popular, Inc		46,598
147		Preferred Bank		4,038
961		PrivateBancorp, Inc		33,798
935		Prosperity Bancshares, Inc		49,069
753		Provident Financial Services, Inc		14,043
2,562	e	Radian Group, Inc		43,016
20,192		Regions Financial Corp		190,814
323		Renasant Corp		9,706
120		Republic Bancorp, Inc (Class A)		2,968
415	*,e	Republic First Bancorp, Inc		1,506
300		S&T Bancorp, Inc		8,514
336		Sandy Spring Bancorp, Inc		8,813
180	*	Seacoast Banking Corp of Florida		2,569
163		Sierra Bancorp		2,722
719	*	Signature Bank		93,168
207		Simmons First National Corp (Class A)		9,412
337		South State Corp		23,047
291		Southside Bancshares, Inc		8,349
265		Southwest Bancorp, Inc		4,714
397		State Bank & Trust Co		8,337
822		Sterling Bancorp/DE		11,023
210		Stock Yards Bancorp, Inc		7,230
134		Stonegate Bank		4,045
192	*,e	Stonegate Mortgage Corp		2,077
155		Suffolk Bancorp		3,683
94	*	Sun Bancorp, Inc		1,778
7,724		SunTrust Banks, Inc		317,379
2,517		Susquehanna Bancshares, Inc		34,508
747	*	SVB Financial Group		94,899
2,602		Synovus Financial Corp		72,882
240		Talmer Bancorp Inc		3,676

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,235		TCF Financial Corp	$	35,134
150		Territorial Bancorp, Inc		3,564
578	*	Texas Capital Bancshares, Inc		28,120
2,132		TFS Financial Corp		31,298
434	*	The Bancorp, Inc		3,919
199		Tompkins Trustco, Inc		10,716
634	e	TowneBank		10,195
171		Trico Bancshares		4,126
296	*	Tristate Capital Holdings, Inc		3,099
1,974		Trustco Bank Corp NY		13,581
885		Trustmark Corp		21,488
493		UMB Financial Corp		26,075
2,456		Umpqua Holdings Corp		42,194
621		Union Bankshares Corp		13,792
1,404	e	United Bankshares, Inc		52,762
671		United Community Banks, Inc		12,668
707		United Financial Bancorp, Inc (New)		8,788
198		Univest Corp of Pennsylvania		3,918
25,025		US Bancorp		1,092,842
3,310		Valley National Bancorp		31,246
249	*	Walker & Dunlop, Inc		4,415
1,359		Washington Federal, Inc		29,633
138		Washington Trust Bancorp, Inc		5,270
486		Waterstone Financial, Inc		6,240
1,184		Webster Financial Corp		43,867
69,446		Wells Fargo & Co		3,777,862
431		WesBanco, Inc		14,042
189		West Bancorporation, Inc		3,759
667	e	Westamerica Bancorporation		28,821
1,012	*	Western Alliance Bancorp		29,996
1,094		Wilshire Bancorp, Inc		10,907
624		Wintrust Financial Corp		29,752
120		WSFS Financial Corp		9,076
277	*	Yadkin Financial Corp		5,623
2,937		Zions Bancorporation		79,299
		TOTAL BANKS		19,393,791
CAPITAL GOODS - 7.8%
9,472		3M Co		1,562,406
1,014		A.O. Smith Corp		66,579
829		Aaon, Inc		20,335
690		AAR Corp		21,183
654	*	Accuride Corp		3,048
956		Actuant Corp (Class A)		22,695
637		Acuity Brands, Inc		107,118
216		Advanced Drainage Systems, Inc		6,467
2,307	*	Aecom Technology Corp		71,102
466	*	Aegion Corp		8,411
288	*	Aerovironment, Inc		7,635
1,366	e	AGCO Corp		65,076
1,500		Air Lease Corp		56,610
892		Aircastle Ltd		20,034
78		Alamo Group, Inc		4,924
401		Albany International Corp (Class A)		15,940
1,314		Allegion plc		80,377
1,932		Allison Transmission Holdings, Inc		61,708
296		Altra Holdings, Inc		8,181
224	*	Ameresco, Inc		1,658
127	e	American Railcar Industries, Inc		6,316
105		American Science & Engineering, Inc		5,130
125	*	American Woodmark Corp		6,841
3,589		Ametek, Inc		188,566
390		Apogee Enterprises, Inc		16,848
560		Applied Industrial Technologies, Inc		25,390

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
250		Argan, Inc	$	9,042
656	*	Armstrong World Industries, Inc		37,700
1,769	*	ArvinMeritor, Inc		22,307
261		Astec Industries, Inc		11,192
301	*	Astronics Corp		22,184
343		AZZ, Inc		15,980
1,648		Babcock & Wilcox Co		52,884
677		Barnes Group, Inc		27,412
1,469		BE Aerospace, Inc		93,458
752	*	Beacon Roofing Supply, Inc		23,538
799	*	Blount International, Inc		10,291
10,593		Boeing Co		1,589,798
600		Briggs & Stratton Corp		12,324
673	*	Builders FirstSource, Inc		4,489
232	*	CAI International, Inc		5,700
7,608	*,e	Capstone Turbine Corp		4,945
902		Carlisle Cos, Inc		83,552
9,046		Caterpillar, Inc		723,951
405	*	Chart Industries, Inc		14,205
1,410	e	Chicago Bridge & Iron Co NV		69,457
308		CIRCOR International, Inc		16,848
775		Clarcor, Inc		51,196
1,363	*	Colfax Corp		65,056
262		Columbus McKinnon Corp		7,058
409		Comfort Systems USA, Inc		8,605
876	*	Commercial Vehicle Group, Inc		5,641
157	*	Continental Building Products Inc		3,547
636		Crane Co		39,693
262		Cubic Corp		13,564
2,630		Cummins, Inc		364,623
654		Curtiss-Wright Corp		48,357
8,756		Danaher Corp		743,384
4,939		Deere & Co		433,101
979	*	DigitalGlobe, Inc		33,355
2,079		Donaldson Co, Inc		78,399
296		Douglas Dynamics, Inc		6,761
2,356		Dover Corp		162,847
139	*	Ducommun, Inc		3,600
174	*	DXP Enterprises, Inc		7,672
654	*	Dycom Industries, Inc		31,941
225		Dynamic Materials Corp		2,873
6,904		Eaton Corp		469,058
923		EMCOR Group, Inc		42,892
10,121		Emerson Electric Co		573,051
278		Encore Wire Corp		10,531
1,316	*,e	Energy Recovery, Inc		3,408
629		EnerSys		40,407
236		Engility Holdings, Inc		7,089
558	*,e	Enphase Energy, Inc		7,360
360		EnPro Industries, Inc		23,742
81	*,e	Erickson Air-Crane, Inc		350
317		ESCO Technologies, Inc		12,357
462	*	Esterline Technologies Corp		52,862
2,823		Exelis, Inc		68,797
4,328	e	Fastenal Co		179,331
743		Federal Signal Corp		11,732
1,937		Flowserve Corp		109,421
2,227		Fluor Corp		127,295
2,373		Fortune Brands Home & Security, Inc		112,670
640		Franklin Electric Co, Inc		24,410
165		Freightcar America, Inc		5,186
5,190	*,e	FuelCell Energy, Inc		6,488
505	*	Furmanite Corp		3,984
618		GATX Corp		35,832
794	*,e	GenCorp, Inc		18,413

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,052	e	Generac Holdings, Inc	$	51,222
937		General Cable Corp		16,145
4,445		General Dynamics Corp		603,320
145,690		General Electric Co		3,614,569
472	*	Gibraltar Industries, Inc		7,746
278		Global Brass & Copper Holdings, Inc		4,295
199		Global Power Equipment Group, Inc		2,627
253		Gorman-Rupp Co		7,577
825		Graco, Inc		59,532
2,274	*	GrafTech International Ltd		8,846
128		Graham Corp		3,068
466		Granite Construction, Inc		16,375
670	*	Great Lakes Dredge & Dock Corp		4,027
454	e	Greenbrier Cos, Inc		26,332
686		Griffon Corp		11,957
410		H&E Equipment Services, Inc		10,246
1,086		Harsco Corp		18,744
1,423	*	HD Supply Holdings, Inc		44,334
1,045		Heico Corp		63,818
1,310		Hexcel Corp		67,360
856		Hillenbrand, Inc		26,425
11,395		Honeywell International, Inc		1,188,612
186		Houston Wire & Cable Co		1,810
847		Hubbell, Inc (Class B)		92,848
715		Huntington Ingalls		100,207
78		Hurco Cos, Inc		2,569
199		Hyster-Yale Materials Handling, Inc		14,585
1,208		IDEX Corp		91,603
646	*	II-VI, Inc		11,925
4,786		Illinois Tool Works, Inc		464,912
3,850		Ingersoll-Rand plc		262,108
225		Insteel Industries, Inc		4,867
1,435		ITT Corp		57,271
1,819	*	Jacobs Engineering Group, Inc		82,146
372		John Bean Technologies Corp		13,288
1,431		Joy Global, Inc		56,067
148		Kadant, Inc		7,786
380		Kaman Corp		16,123
2,250		KBR, Inc		32,580
1,135		Kennametal, Inc		38,238
424	*,e	KEYW Holding Corp		3,490
734	*	KLX, Inc		28,288
600	*	Kratos Defense & Security Solutions, Inc		3,318
1,335		L-3 Communications Holdings, Inc		167,930
777	*,e	Layne Christensen Co		3,893
111		LB Foster Co (Class A)		5,270
726		Lennox International, Inc		81,087
1,128		Lincoln Electric Holdings, Inc		73,760
241	e	Lindsay Manufacturing Co		18,376
101	*	LMI Aerospace, Inc		1,233
3,920		Lockheed Martin Corp		795,603
289		LSI Industries, Inc		2,355
201	*	Lydall, Inc		6,376
185	*,e	Manitex International, Inc		1,800
2,025		Manitowoc Co, Inc		43,659
5,104		Masco Corp		136,277
395	*	Masonite International Corp		26,568
844	*	Mastec, Inc		16,289
820	*	Middleby Corp		84,173
115		Miller Industries, Inc		2,818
595	*	Moog, Inc (Class A)		44,655
1,441	*,e	MRC Global, Inc		17,076
703		MSC Industrial Direct Co (Class A)		50,757
803		Mueller Industries, Inc		29,012
2,137		Mueller Water Products, Inc (Class A)		21,049

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
209	*	MYR Group, Inc	$	6,550
58	e	National Presto Industries, Inc		3,677
755	*,e	Navistar International Corp		22,273
446	*	NCI Building Systems, Inc		7,707
202		NN, Inc		5,066
100	*	Norcraft Cos, Inc		2,557
910		Nordson Corp		71,289
184	*	Nortek, Inc		16,238
2,937		Northrop Grumman Corp		472,740
128	*	Northwest Pipe Co		2,938
1,463	*,e	NOW, Inc		31,659
829		Orbital ATK, Inc		63,526
434	*	Orion Marine Group, Inc		3,845
1,154		Oshkosh Truck Corp		56,304
1,580		Owens Corning, Inc		68,572
5,107		Paccar, Inc		322,456
1,562		Pall Corp		156,809
2,101		Parker Hannifin Corp		249,557
89	*	Patrick Industries, Inc		5,542
2,810		Pentair plc		176,721
702	*	Perini Corp		16,392
634	*	Pgt, Inc		7,085
2,919	*,e	Plug Power, Inc		7,560
440	*	Ply Gem Holdings, Inc		5,720
743	*	Polypore International, Inc		43,763
125		Powell Industries, Inc		4,221
139	*,e	Power Solutions International, Inc		8,936
584	*,e	PowerSecure International, Inc		7,685
2,092		Precision Castparts Corp		439,320
28		Preformed Line Products Co		1,180
509		Primoris Services Corp		8,750
318	*,e	Proto Labs, Inc		22,260
450		Quanex Building Products Corp		8,883
3,031	*	Quanta Services, Inc		86,474
460		Raven Industries, Inc		9,412
4,532		Raytheon Co		495,121
312		RBC Bearings, Inc		23,880
605		Regal-Beloit Corp		48,352
3,010	*,e	Revolution Lighting Technologies, Inc		3,341
1,140	*	Rexnord Corp		30,427
2,020		Rockwell Automation, Inc		234,300
2,132		Rockwell Collins, Inc		205,845
1,463		Roper Industries, Inc		251,636
626	*	Rush Enterprises, Inc (Class A)		17,127
33		SIFCO Industries, Inc		719
554		Simpson Manufacturing Co, Inc		20,703
870		Snap-On, Inc		127,942
655	*,e	SolarCity Corp		33,588
136	*	Sparton Corp		3,332
1,759	*	Spirit Aerosystems Holdings, Inc (Class A)		91,837
588		SPX Corp		49,921
231		Standex International Corp		18,972
2,199		Stanley Works		209,697
3,741	*	Sterling Construction Co, Inc		16,909
290	*	Stock Building Supply Holdings, Inc		5,237
279		Sun Hydraulics Corp		11,539
444		TAL International Group, Inc		18,084
723	*,e	Taser International, Inc		17,432
528	*	Teledyne Technologies, Inc		56,353
247		Tennant Co		16,146
1,653		Terex Corp		43,953
401		Textainer Group Holdings Ltd		12,026
3,916		Textron, Inc		173,596
267	*,e	The ExOne Company		3,645
428	*	Thermon Group Holdings		10,302

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,085		Timken Co	$	45,722
591	e	Titan International, Inc		5,532
282	*,e	Titan Machinery, Inc		3,765
852		Toro Co		59,742
764		TransDigm Group, Inc		167,102
477	*	Trex Co, Inc		26,011
609	*	Trimas Corp		18,751
2,205		Trinity Industries, Inc		78,300
767		Triumph Group, Inc		45,805
100		Twin Disc, Inc		1,767
1,358	*	United Rentals, Inc		123,795
13,334		United Technologies Corp		1,562,745
261		Universal Forest Products, Inc		14,480
1,455	*,e	USG Corp		38,849
361		Valmont Industries, Inc		44,360
156	*	Vectrus, Inc		3,976
112	*	Veritiv Corp		4,943
200	*	Vicor Corp		3,040
880	e	W.W. Grainger, Inc		207,513
1,340	*	Wabash National Corp		18,894
811	*	WABCO Holdings, Inc		99,656
405		Watsco, Inc		50,909
382		Watts Water Technologies, Inc (Class A)		21,021
596	*,e	WESCO International, Inc		41,654
1,403		Westinghouse Air Brake Technologies Corp		133,299
880		Woodward Governor Co		44,889
147	*	Xerium Technologies, Inc		2,384
2,717		Xylem, Inc		95,149
		TOTAL CAPITAL GOODS		25,882,678
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
749		ABM Industries, Inc		23,863
611	e	Acacia Research (Acacia Technologies)		6,538
1,951	*	ACCO Brands Corp		16,213
335		Administaff, Inc		17,517
2,417	e	ADT Corp		100,354
661	*	Advisory Board Co		35,218
393		American Ecology Corp		19,638
412	*	ARC Document Solutions, Inc		3,803
97		Barrett Business Services, Inc		4,155
644		Brady Corp (Class A)		18,219
650		Brink’s Co		17,959
524	*	Casella Waste Systems, Inc (Class A)		2,882
557	*,e	CBIZ, Inc		5,197
189		CDI Corp		2,655
282	e	Ceco Environmental Corp		2,992
2,697	*,e	Cenveo, Inc		5,772
1,520		Cintas Corp		124,078
1,580		Civeo Corp		4,013
909	*	Clean Harbors, Inc		51,613
1,769	*	Copart, Inc		66,461
451		Corporate Executive Board Co		36,017
1,921		Corrections Corp of America		77,339
1,616		Covanta Holding Corp		36,247
167	*	CRA International, Inc		5,197
749		Deluxe Corp		51,891
550		Dun & Bradstreet Corp		70,598
351		Ennis, Inc		4,956
1,789		Equifax, Inc		166,377
228		Exponent, Inc		20,269
148	*	Franklin Covey Co		2,850
571	*	FTI Consulting, Inc		21,390
268		G & K Services, Inc (Class A)		19,438
191	*	GP Strategies Corp		7,067

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
943		Healthcare Services Group	$	30,299
200		Heidrick & Struggles International, Inc		4,916
458	*	Heritage-Crystal Clean, Inc		5,359
842		Herman Miller, Inc		23,374
315	*	Hill International, Inc		1,131
748		HNI Corp		41,267
306	*	Huron Consulting Group, Inc		20,242
261	*	ICF International, Inc		10,662
2,113	*	ICO Global Communications Holdings Ltd		2,747
1,005	*	IHS, Inc (Class A)		114,329
491	*	Innerworkings, Inc		3,300
897		Interface, Inc		18,640
1,926		KAR Auction Services, Inc		73,053
367		Kelly Services, Inc (Class A)		6,400
366		Kforce, Inc		8,165
460		Kimball International, Inc (Class B)		4,821
669		Knoll, Inc		15,675
641		Korn/Ferry International		21,070
1,183		Manpower, Inc		101,915
398		Matthews International Corp (Class A)		20,501
347		McGrath RentCorp		11,420
220	*	Mistras Group, Inc		4,237
627		Mobile Mini, Inc		26,735
396		MSA Safety, Inc		19,752
167		Multi-Color Corp		11,578
631	*	Navigant Consulting, Inc		8,178
4,166		Nielsen Holdings NV		185,679
113		NL Industries, Inc		876
725	*	On Assignment, Inc		27,818
110	*	Paylocity Holding Corp		3,150
295	*	Performant Financial Corp		1,003
2,976		Pitney Bowes, Inc		69,400
313		Quad		7,193
2,519		R.R. Donnelley & Sons Co		48,340
3,498		Republic Services, Inc		141,879
514		Resources Connection, Inc		8,995
2,068		Robert Half International, Inc		125,155
2,068		Rollins, Inc		51,142
711	*	RPX Corp		10,231
189	*	SP Plus Corp		4,130
1,106		Steelcase, Inc (Class A)		20,948
1,290	*	Stericycle, Inc		181,155
294	*	Team, Inc		11,460
1,018		Tetra Tech, Inc		24,452
930		Towers Watson & Co		122,932
183	*	TriNet Group, Inc		6,447
550	*	TrueBlue, Inc		13,392
6,134		Tyco International plc		264,130
202		Unifirst Corp		23,773
528		United Stationers, Inc		21,643
2,442	*	Verisk Analytics, Inc		174,359
263		Viad Corp		7,317
48		VSE Corp		3,930
633	*	WageWorks, Inc		33,758
1,837		Waste Connections, Inc		88,433
6,738		Waste Management, Inc		365,402
866		West Corp		29,210
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,736,274
CONSUMER DURABLES & APPAREL - 1.6%
148		Arctic Cat, Inc		5,375
641	*	Beazer Homes USA, Inc		11,359
271	*	Black Diamond, Inc		2,561
1,325		Brunswick Corp		68,171
806		Callaway Golf Co		7,681

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
770		Carter’s, Inc	$	71,202
119	*	Cavco Industries, Inc		8,932
3,854		Coach, Inc		159,671
492		Columbia Sportswear Co		29,963
1,231	*	CROCS, Inc		14,538
125		CSS Industries, Inc		3,769
110		Culp, Inc		2,943
474	*	Deckers Outdoor Corp		34,540
201	*,e	Dixie Group, Inc		1,819
4,675		DR Horton, Inc		133,144
279		Ethan Allen Interiors, Inc		7,712
60		Flexsteel Industries, Inc		1,877
625	*	Fossil Group, Inc		51,531
1,834	*,e	Garmin Ltd		87,152
314	*	G-III Apparel Group Ltd		35,372
309	*,e	GoPro, Inc		13,414
5,732		Hanesbrands, Inc		192,079
966		Harman International Industries, Inc		129,087
1,637	e	Hasbro, Inc		103,524
481	*	Helen of Troy Ltd		39,197
2,741	*,e	Hovnanian Enterprises, Inc (Class A)		9,758
753	*	Iconix Brand Group, Inc		25,354
115	*	Installed Building Products Inc		2,502
429	*,e	iRobot Corp		13,998
257	*,e	Jakks Pacific, Inc		1,758
2,737	*	Jarden Corp		144,787
1,827	*	Kate Spade & Co		61,004
1,135	e	KB Home		17,729
702		La-Z-Boy, Inc		19,733
636	*	Leapfrog Enterprises, Inc		1,386
2,077		Leggett & Platt, Inc		95,729
2,552		Lennar Corp (Class A)		132,219
192	*,e	LGI Homes, Inc		3,199
193		Libbey, Inc		7,703
112		Lifetime Brands, Inc		1,711
385	*	M/I Homes, Inc		9,178
4,714		Mattel, Inc		107,715
524	e	MDC Holdings, Inc		14,934
525	*	Meritage Homes Corp		25,536
2,914	*	Michael Kors Holdings Ltd		191,595
852	*	Mohawk Industries, Inc		158,259
200		Movado Group, Inc		5,704
66		Nacco Industries, Inc (Class A)		3,497
398	*	Nautilus, Inc		6,077
112	*	New Home Co Inc		1,786
3,912		Newell Rubbermaid, Inc		152,842
10,149		Nike, Inc (Class B)		1,018,249
64	*	NVR, Inc		85,034
200		Oxford Industries, Inc		15,090
161	*	Perry Ellis International, Inc		3,729
1,159		Phillips-Van Heusen Corp		123,503
929		Polaris Industries, Inc		131,082
672		Pool Corp		46,879
5,424		Pulte Homes, Inc		120,576
2,135	*,e	Quiksilver, Inc		3,950
828		Ralph Lauren Corp		108,882
790		Ryland Group, Inc		38,505
386	*,e	Sequential Brands Group, Inc		4,130
589	*	Skechers U.S.A., Inc (Class A)		42,355
208	*	Skullcandy, Inc		2,350
1,151	*,e	Smith & Wesson Holding Corp		14,652
1,997	*	Standard-Pacific Corp		17,973
798	*	Steven Madden Ltd		30,324
272	e	Sturm Ruger & Co, Inc		13,499
767	*	Taylor Morrison Home Corp		15,992

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
899	*	Tempur-Pedic International, Inc	$	51,908
2,628	*	Toll Brothers, Inc		103,386
2,065	*	TRI Pointe Homes, Inc		31,863
647	*	Tumi Holdings, Inc		15,826
748		Tupperware Corp		51,627
105	*	UCP, Inc (Class A)		914
2,479	*	Under Armour, Inc (Class A)		200,179
226	*	Unifi, Inc		8,156
213	*	Universal Electronics, Inc		12,022
246	*,e	Vera Bradley, Inc		3,993
4,928		VF Corp		371,128
315	*	Vince Holding Corp		5,843
954	*	Vista Outdoor, Inc		40,850
157	*	WCI Communities, Inc		3,760
219		Weyco Group, Inc		6,548
1,097		Whirlpool Corp		221,660
428	*	William Lyon Homes, Inc		11,051
1,589	e	Wolverine World Wide, Inc		53,152
		TOTAL CONSUMER DURABLES & APPAREL		5,462,926
CONSUMER SERVICES - 2.2%
138	*	2U, Inc		3,530
224	*	American Public Education, Inc		6,715
1,296	*	Apollo Group, Inc (Class A)		24,520
625		ARAMARK Holdings Corp		19,769
159	*	Ascent Media Corp (Series A)		6,330
1,433	*	Belmond Ltd.		17,597
298	*	BJ’s Restaurants, Inc		15,034
1,103		Bloomin’ Brands, Inc		26,836
331	e	Bob Evans Farms, Inc		15,312
1,534	*	Boyd Gaming Corp		21,783
246	*	Bravo Brio Restaurant Group, Inc		3,614
192	*	Bridgepoint Education, Inc		1,853
412	*	Bright Horizons Family Solutions		21,123
942		Brinker International, Inc		57,989
271	*	Buffalo Wild Wings, Inc		49,116
1,110	*	Caesars Acquisition Co		7,548
945	*,e	Caesars Entertainment Corp		9,951
164		Capella Education Co		10,640
2,037	*	Career Education Corp		10,246
6,079		Carnival Corp		290,819
200		Carriage Services, Inc		4,774
358	*	Carrols Restaurant Group, Inc		2,968
316	e	CBRL Group, Inc		48,076
670		Cheesecake Factory		33,051
988	*,e	Chegg, Inc		7,855
465	*	Chipotle Mexican Grill, Inc (Class A)		302,501
591		Choice Hotels International, Inc		37,865
246		Churchill Downs, Inc		28,283
215	*	Chuy’s Holdings, Inc		4,844
294		ClubCorp Holdings, Inc		5,692
92		Collectors Universe		2,075
1,879		Darden Restaurants, Inc		130,290
250	*	Del Frisco’s Restaurant Group, Inc		5,037
1,168	*	Denny’s Corp		13,315
854		DeVry, Inc		28,489
475	*	Diamond Resorts International, Inc		15,879
223		DineEquity, Inc		23,863
828		Domino’s Pizza, Inc		83,255
1,398		Dunkin Brands Group, Inc		66,489
117	*,e	El Pollo Loco Holdings, Inc		2,996
366	*	Fiesta Restaurant Group, Inc		22,326
63		Graham Holdings Co		66,127
626	*	Grand Canyon Education, Inc		27,106

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,029		H&R Block, Inc	$	129,210
2,065	*	Hilton Worldwide Holdings, Inc		61,165
1,731	*	Houghton Mifflin Harcourt Co		40,644
587	*	Hyatt Hotels Corp		34,762
80	*,e	Ignite Restaurant Group, Inc		388
373		International Speedway Corp (Class A)		12,164
474		Interval Leisure Group, Inc		12,424
180	*	Intrawest Resorts Holdings Inc		1,570
1,031	*	Isle of Capri Casinos, Inc		14,486
590		Jack in the Box, Inc		56,593
147	*,e	Jamba, Inc		2,162
461	*	K12, Inc		7,247
865	*	Krispy Kreme Doughnuts, Inc		17,291
594	*	La Quinta Holdings, Inc		14,066
5,271		Las Vegas Sands Corp		290,116
51	*	Liberty Tax, Inc		1,419
545	*	Life Time Fitness, Inc		38,673
1,136	*	LifeLock, Inc		16,029
200		Marcus Corp		4,258
3,119		Marriott International, Inc (Class A)		250,518
483		Marriott Vacations Worldwide Corp		39,147
14,338		McDonald’s Corp		1,397,095
5,251	*	MGM Mirage		110,429
200	*	Monarch Casino & Resort, Inc		3,828
706	*	Morgans Hotel Group Co		5,471
86		Nathan’s Famous, Inc		4,657
279	*,e	Noodles & Co		4,866
1,337	*	Norwegian Cruise Line Holdings Ltd		72,211
419	*	Panera Bread Co (Class A)		67,038
492		Papa John’s International, Inc		30,411
1,054	*	Penn National Gaming, Inc		16,506
1,029	*	Pinnacle Entertainment, Inc		37,137
306	*	Popeyes Louisiana Kitchen, Inc		18,305
175	*,e	Potbelly Corp		2,397
170	*	Red Robin Gourmet Burgers, Inc		14,790
674	*	Regis Corp		11,027
3,048		Restaurant Brands International, Inc		117,074
2,393		Royal Caribbean Cruises Ltd		195,867
779	*	Ruby Tuesday, Inc		4,682
473		Ruth’s Chris Steak House, Inc		7,511
850	*,e	Scientific Games Corp (Class A)		8,899
956		SeaWorld Entertainment, Inc		18,432
3,153		Service Corp International		82,136
584	*	ServiceMaster Global Holdings, Inc		19,710
1,042		Six Flags Entertainment Corp		50,443
729		Sonic Corp		23,109
897	e	Sotheby’s (Class A)		37,907
164		Speedway Motorsports, Inc		3,731
10,921		Starbucks Corp		1,034,219
2,709		Starwood Hotels & Resorts Worldwide, Inc		226,201
22	*	Steak N Shake Co		9,110
185	*	Steiner Leisure Ltd		8,769
149	*	Strayer Education, Inc		7,958
997		Texas Roadhouse, Inc (Class A)		36,321
228		Universal Technical Institute, Inc		2,189
514		Vail Resorts, Inc		53,158
541	*,e	Weight Watchers International, Inc		3,782
3,688		Wendy’s		40,199
1,708		Wyndham Worldwide Corp		154,523
1,127		Wynn Resorts Ltd		141,867
6,372		Yum! Brands, Inc		501,604
78	*,e	Zoe’s Kitchen, Inc		2,597
		TOTAL CONSUMER SERVICES		7,215,979

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
DIVERSIFIED FINANCIALS - 3.6%
804	*	Affiliated Managers Group, Inc	$	172,683
3,867	*	Ally Financial, Inc		81,130
13,178		American Express Co		1,029,465
2,747		Ameriprise Financial, Inc		359,417
359	e	Arlington Asset Investment Corp (Class A)		8,638
368		Artisan Partners Asset Management, Inc		16,729
10	*	Ashford, Inc		1,188
16,122		Bank of New York Mellon Corp		648,749
2,417		BGC Partners, Inc (Class A)		22,841
1,861		BlackRock, Inc		680,828
200		Calamos Asset Management, Inc (Class A)		2,690
8,301		Capital One Financial Corp		654,285
400		Cash America International, Inc		9,320
1,294		CBOE Holdings, Inc		74,282
16,249		Charles Schwab Corp		494,620
4,647		CME Group, Inc		440,117
260		Cohen & Steers, Inc		10,647
265	*	Consumer Portfolio Services, Inc		1,852
1,548	*	Cowen Group, Inc		8,050
98	*	Credit Acceptance Corp		19,110
38		Diamond Hill Investment Group, Inc		6,080
6,755		Discover Financial Services		380,644
3,871	*	E*Trade Financial Corp		110,536
1,765		Eaton Vance Corp		73,495
345	*,e	Encore Capital Group, Inc		14,349
366	*	Enova International, Inc		7,207
444		Evercore Partners, Inc (Class A)		22,937
690	*,e	Ezcorp, Inc (Class A)		6,300
163	*	FBR & Co		3,767
1,318	e	Federated Investors, Inc (Class B)		44,667
690	e	Financial Engines, Inc		28,863
388	*	First Cash Financial Services, Inc		18,050
1,222	*	FNFV Group		17,230
5,754		Franklin Resources, Inc		295,295
310		Gain Capital Holdings, Inc		3,029
86		GAMCO Investors, Inc (Class A)		6,752
6,497		Goldman Sachs Group, Inc		1,221,241
418	*	Green Dot Corp		6,655
379		Greenhill & Co, Inc		15,027
440		HFF, Inc (Class A)		16,518
724		Interactive Brokers Group, Inc (Class A)		24,630
1,673		IntercontinentalExchange Group, Inc		390,261
153	*	INTL FCStone, Inc		4,549
6,271		Invesco Ltd		248,896
524	*	Investment Technology Group, Inc		15,882
1,500		iShares Russell 3000 Index Fund		185,775
2,141		Janus Capital Group, Inc		36,804
158	*	JG Wentworth Co		1,642
767	*	KCG Holdings, Inc		9,403
1,144	*	Ladenburg Thalmann Financial Services, Inc		4,416
1,836		Lazard Ltd (Class A)		96,555
1,574		Legg Mason, Inc		86,885
5,205		Leucadia National Corp		116,019
1,173		LPL Financial Holdings, Inc		51,448
175		Manning & Napier, Inc		2,277
506		MarketAxess Holdings, Inc		41,947
102		Marlin Business Services Corp		2,043
3,941		McGraw-Hill Financial, Inc		407,499
99		Moelis & Co		2,982
2,682		Moody’s Corp		278,392
22,241		Morgan Stanley		793,781
1,743		MSCI, Inc (Class A)		106,863
1,567		NASDAQ OMX Group, Inc		79,823
6,009		Navient Corp		122,163

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
279		Nelnet, Inc (Class A)	$	13,202
341	*	NewStar Financial, Inc		4,000
120		Nicholas Financial, Inc		1,681
3,590		Northern Trust Corp		250,043
2,454		NorthStar Asset Management Group, Inc		57,276
116		Oppenheimer Holdings, Inc		2,721
717	*	PHH Corp		17,330
272	*	Pico Holdings, Inc		4,409
236	*	Piper Jaffray Cos		12,381
754	*,e	PRA Group, Inc		40,957
90		Pzena Investment Management, Inc (Class A)		825
1,939		Raymond James Financial, Inc		110,096
143	*	Regional Management Corp		2,111
150		Resource America, Inc (Class A)		1,365
219	*	Safeguard Scientifics, Inc		3,960
1,164		Santander Consumer USA Holdings, Inc		26,935
1,985		SEI Investments Co		87,519
6,344		SLM Corp		58,872
332	*,e	Springleaf Holdings, Inc		17,188
6,202		State Street Corp		456,033
878	*	Stifel Financial Corp		48,949
1,815	*	Synchrony Financial		55,085
3,817		T Rowe Price Group, Inc		309,101
3,896		TD Ameritrade Holding Corp		145,165
95		Virtus Investment Partners, Inc		12,423
2,015		Voya Financial, Inc		86,867
1,207		Waddell & Reed Financial, Inc (Class A)		59,795
743	*,e	Walter Investment Management Corp		11,999
61		Westwood Holdings Group, Inc		3,678
1,867		WisdomTree Investments, Inc		40,066
124	*,e	World Acceptance Corp		9,042
		TOTAL DIVERSIFIED FINANCIALS		12,097,292
ENERGY - 7.2%
1,818	*	Abraxas Petroleum Corp		5,909
30		Adams Resources & Energy, Inc		2,016
351		Alon USA Energy, Inc		5,816
1,963	*,e	Amyris Biotechnologies, Inc		4,711
7,243		Anadarko Petroleum Corp		599,793
685	*	Antero Resources Corp		24,194
5,439		Apache Corp		328,135
833	*,e	Approach Resources, Inc		5,489
242	e	Ardmore Shipping Corp		2,437
929		Atwood Oceanics, Inc		26,114
6,353		Baker Hughes, Inc		403,924
612	*	Basic Energy Services, Inc		4,241
901	*,e	Bill Barrett Corp		7,478
870	*	Bonanza Creek Energy, Inc		21,454
562		Bristow Group, Inc		30,601
800	*	C&J Energy Services Ltd		8,904
6,133		Cabot Oil & Gas Corp		181,108
4,418	e	California Resources Corp		33,621
1,042	*	Callon Petroleum Co		7,784
2,876	*	Cameron International Corp		129,765
343	e	CARBO Ceramics, Inc		10,465
610	*	Carrizo Oil & Gas, Inc		30,287
3,465	*	Cheniere Energy, Inc		268,191
7,553	e	Chesapeake Energy Corp		106,951
27,642		Chevron Corp		2,901,857
1,232		Cimarex Energy Co		141,791
90	*,e	Clayton Williams Energy, Inc		4,557
941	*,e	Clean Energy Fuels Corp		5,020
817	*	Cloud Peak Energy, Inc		4,755
5,120	*	Cobalt International Energy, Inc		48,179
870	e	Comstock Resources, Inc		3,106

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,649	*	Concho Resources, Inc	$	191,152
17,793		ConocoPhillips		1,107,792
3,293		Consol Energy, Inc		91,842
368	*	Contango Oil & Gas Co		8,096
1,246	*	Continental Resources, Inc		54,413
212	e	CVR Energy, Inc		9,023
1,037		Delek US Holdings, Inc		41,221
5,212		Denbury Resources, Inc		37,995
5,778	*	Devon Energy Corp		348,471
889		DHT Holdings, Inc		6,205
904		Diamond Offshore Drilling, Inc		24,218
649	*	Diamondback Energy, Inc		49,869
98	*	Dorian LPG Ltd		1,277
1,131	*	Dresser-Rand Group, Inc		90,876
548	*	Dril-Quip, Inc		37,478
387	*,e	Eclipse Resources Corp		2,175
8,888	*,e	Emerald Oil, Inc		6,577
1,009		Energen Corp		66,594
7,909		EOG Resources, Inc		725,176
910	*,e	EP Energy Corp		9,537
2,146		EQT Corp		177,839
272	*	Era Group, Inc		5,668
468		Evolution Petroleum Corp		2,785
3,099	e	EXCO Resources, Inc		5,671
747		Exterran Holdings, Inc		25,077
62,420		Exxon Mobil Corp		5,305,700
3,313	*	FMC Technologies, Inc		122,614
691	*,e	FMSA Holdings, Inc		5,003
782	*	Forum Energy Technologies, Inc		15,327
467		Frank’s International NV		8,733
2,777	*,e	Frontline Ltd		6,221
2,423	*,e	FX Energy, Inc		3,029
690	e	GasLog Ltd		13,400
1,444	*	Gastar Exploration, Inc		3,783
310	*,e	Geospace Technologies Corp		5,118
1,340	*,e	Glori Energy, Inc		2,854
808	e	Golar LNG Ltd		26,890
569		Green Plains Renewable Energy, Inc		16,245
190		Gulf Island Fabrication, Inc		2,823
359	e	Gulfmark Offshore, Inc		4,681
1,251	*	Gulfport Energy Corp		57,433
4,307	*,e	Halcon Resources Corp		6,633
649		Hallador Petroleum Co		7,587
12,113		Halliburton Co		531,518
1,325	*,e	Harvest Natural Resources, Inc		592
1,588	*	Helix Energy Solutions Group, Inc		23,756
1,306	e	Helmerich & Payne, Inc		88,899
3,915		Hess Corp		265,711
2,837		Holly Corp		114,246
615	*	Hornbeck Offshore Services, Inc		11,568
1,960	*	ION Geophysical Corp		4,253
13	*	Isramco, Inc		1,635
150	*,e	Jones Energy, Inc (Class A)		1,347
2,420	*	Key Energy Services, Inc		4,404
19,700		Kinder Morgan, Inc		828,582
1,636	*	Kosmos Energy LLC		12,941
1,489	*,e	Laredo Petroleum Holdings, Inc		19,417
3,396	*,e	Magnum Hunter Resources Corp		9,067
9,699		Marathon Oil Corp		253,241
3,652		Marathon Petroleum Corp		373,928
1,143	*	Matador Resources Co		25,055
383	*	Matrix Service Co		6,725
4,521	*,e	McDermott International, Inc		17,361
716	*	Memorial Resource Development Corp		12,702
883	*,e	Miller Petroleum, Inc		552
120	*	Mitcham Industries, Inc		552

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,463		Murphy Oil Corp	$	114,776
4,564		Nabors Industries Ltd		62,299
6,135		National Oilwell Varco, Inc		306,689
180	*	Natural Gas Services Group, Inc		3,460
764		Navios Maritime Acq Corp		2,705
2,360	*	Newfield Exploration Co		82,812
1,616	*	Newpark Resources, Inc		14,722
5,545		Noble Energy, Inc		271,151
430	e	Nordic American Offshore Ltd		3,939
1,193		Nordic American Tanker Shipping		14,209
1,478	e	North Atlantic Drilling Ltd		1,715
911	*,e	Northern Oil And Gas, Inc		7,024
2,329	*,e	Oasis Petroleum, Inc		33,118
11,371		Occidental Petroleum Corp		830,083
1,449		Oceaneering International, Inc		78,145
724	*	Oil States International, Inc		28,793
2,933		Oneok, Inc		141,488
627	*,e	Pacific Ethanol, Inc		6,765
355		Panhandle Oil and Gas, Inc (Class A)		7,025
2,539	*	Parker Drilling Co		8,861
671	*	Parsley Energy, Inc		10,723
1,923		Patterson-UTI Energy, Inc		36,104
1,166		PBF Energy, Inc		39,551
540	*	PDC Energy, Inc		29,182
4,087	e	Peabody Energy Corp		20,108
998	*,e	Penn Virginia Corp		6,467
1,754	*	Petroquest Energy, Inc		4,034
149	*	PHI, Inc		4,482
8,223		Phillips 66		646,328
1,182	*	Pioneer Energy Services Corp		6,406
2,074		Pioneer Natural Resources Co		339,120
1,436	*	Profire Energy, Inc		1,939
2,504		Questar Market Resources, Inc		52,208
2,345	e	Range Resources Corp		122,034
901	*	Renewable Energy Group, Inc		8,307
727	*,e	Rex Energy Corp		2,704
92	*	Rex Stores Corp		5,595
739	*,e	Rice Energy, Inc		16,081
159	*	RigNet, Inc		4,546
707	*,e	Ring Energy, Inc		7,508
1,024	*	Rosetta Resources, Inc		17,428
1,813		Rowan Cos plc		32,108
849		RPC, Inc		10,876
312	*	RSP Permian, Inc		7,859
1,246	*,e	Sanchez Energy Corp		16,210
7,671	*,e	SandRidge Energy, Inc		13,654
18,856		Schlumberger Ltd		1,573,345
2,658	e	Scorpio Tankers, Inc		25,038
346	*	SEACOR Holdings, Inc		24,106
5,319	e	Seadrill Ltd		49,733
633		SemGroup Corp		51,488
774	*	Seventy Seven Energy, Inc		3,212
1,032	e	Ship Finance International Ltd		15,274
5,474	*	Southwestern Energy Co		126,942
9,730		Spectra Energy Corp		351,934
1,025		St. Mary Land & Exploration Co		52,972
864	*	Stone Energy Corp		12,684
2,173		Superior Energy Services		48,545
652	*,e	Swift Energy Co		1,408
1,246	*	Synergy Resources Corp		14,765
530		Targa Resources Investments, Inc		50,769
693		Teekay Corp		32,273
2,206	e	Teekay Tankers Ltd (Class A)		12,662
465		Tesco Corp		5,287
1,827		Tesoro Corp		166,787

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,747	*	Tetra Technologies, Inc	$	10,796
645	e	Tidewater, Inc		12,345
304	*	TransAtlantic Petroleum Ltd		1,623
1,272	*,e	Triangle Petroleum Corp		6,398
2,216	*,e	Ultra Petroleum Corp		34,636
665	*	Unit Corp		18,607
822	e	US Silica Holdings Inc		29,271
1,262	*	Vaalco Energy, Inc		3,092
7,655		Valero Energy Corp		487,011
5,788	*,e	Vantage Drilling Co		1,896
1,305	*,e	Vertex Energy, Inc		4,829
923	e	W&T Offshore, Inc		4,717
1,981	*	Warren Resources, Inc		1,763
833		Western Refining, Inc		41,142
295	*	Westmoreland Coal Co		7,894
2,403	*	Whiting Petroleum Corp		74,253
10,692		Williams Cos, Inc		540,908
997		World Fuel Services Corp		57,308
3,165	*	WPX Energy, Inc		34,593
		TOTAL ENERGY		24,181,453
FOOD & STAPLES RETAILING - 2.2%
418		Andersons, Inc		17,293
546		Casey’s General Stores, Inc		49,195
300	*	Chefs’ Warehouse Holdings, Inc		6,729
6,401		Costco Wholesale Corp		969,719
17,009		CVS Corp		1,755,499
215	*	Diplomat Pharmacy, Inc		7,435
1,496	*,e	Fairway Group Holdings Corp		10,128
638	*,e	Fresh Market, Inc		25,928
100		Ingles Markets, Inc (Class A)		4,948
7,412		Kroger Co		568,204
423		Liberator Medical Holdings, Inc		1,481
95	*	Natural Grocers by Vitamin C		2,623
278		Pricesmart, Inc		23,624
13,929	*	Rite Aid Corp		121,043
371	*,e	Roundy’s, Inc		1,814
506		Spartan Stores, Inc		15,969
1,419	*	Sprouts Farmers Market, Inc		49,991
2,809	*	Supervalu, Inc		32,669
8,467		Sysco Corp		319,460
759	*	United Natural Foods, Inc		58,473
77		Village Super Market (Class A)		2,421
13,854		Walgreens Boots Alliance, Inc		1,173,157
22,933		Wal-Mart Stores, Inc		1,886,239
148		Weis Markets, Inc		7,364
5,285		Whole Foods Market, Inc		275,243
		TOTAL FOOD & STAPLES RETAILING		7,386,649
FOOD, BEVERAGE & TOBACCO - 4.5%
398	*,e	22nd Century Group, Inc		342
100		Alico, Inc		5,126
28,890		Altria Group, Inc		1,445,078
9,479		Archer Daniels Midland Co		449,305
743		B&G Foods, Inc (Class A)		21,867
130	*,e	Boston Beer Co, Inc (Class A)		34,762
817	*	Boulder Brands, Inc		7,786
2,211		Brown-Forman Corp (Class B)		199,764
2,123		Bunge Ltd		174,850
271		Calavo Growers, Inc		13,935
560	e	Cal-Maine Foods, Inc		21,874
2,561	e	Campbell Soup Co		119,215
62		Coca-Cola Bottling Co Consolidated		7,010

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
57,736		Coca-Cola Co	$	2,341,195
3,555		Coca-Cola Enterprises, Inc		157,131
6,023		ConAgra Foods, Inc		220,020
2,282	*	Constellation Brands, Inc (Class A)		265,191
2,248	*	Darling International, Inc		31,494
1,254		Dean Foods Co		20,729
262	*	Diamond Foods, Inc		8,533
2,894		Dr Pepper Snapple Group, Inc		227,121
200	*	Farmer Bros Co		4,950
2,611		Flowers Foods, Inc		59,374
559	e	Fresh Del Monte Produce, Inc		21,751
8,973		General Mills, Inc		507,872
1,478	*	Hain Celestial Group, Inc		94,666
2,140		Hershey Co		215,947
1,917		Hormel Foods Corp		108,981
1,101		Ingredion, Inc		85,680
170	*	Inventure Foods, Inc		1,902
209		J&J Snack Foods Corp		22,300
1,465		J.M. Smucker Co		169,544
100		John B. Sanfilippo & Son, Inc		4,310
3,771		Kellogg Co		248,697
2,084		Keurig Green Mountain, Inc		232,845
8,589		Kraft Foods Group, Inc		748,231
259		Lancaster Colony Corp		24,649
689		Lance, Inc		22,020
359	*	Landec Corp		5,008
244		Lifeway Foods, Inc		5,219
150	e	Limoneira Co		3,270
5,275		Lorillard, Inc		344,721
1,877		McCormick & Co, Inc		144,735
2,859		Mead Johnson Nutrition Co		287,415
1,922		Molson Coors Brewing Co (Class B)		143,093
24,549		Mondelez International, Inc		885,973
2,081	*	Monster Beverage Corp		288,000
129	*	National Beverage Corp		3,149
245	*	Omega Protein Corp		3,354
22,024		PepsiCo, Inc		2,105,935
22,836		Philip Morris International, Inc		1,720,236
849	e	Pilgrim’s Pride Corp		19,179
918		Pinnacle Foods, Inc		37,464
752	*,e	Post Holdings, Inc		35,224
4,366		Reynolds American, Inc		300,861
320	e	Sanderson Farms, Inc		25,488
4	*	Seaboard Corp		16,528
134	*	Seneca Foods Corp		3,995
215	*,e	Synutra International, Inc		1,376
349	e	Tootsie Roll Industries, Inc		11,844
590	*	TreeHouse Foods, Inc		50,162
4,135		Tyson Foods, Inc (Class A)		158,371
419	e	Universal Corp		19,760
1,130	e	Vector Group Ltd		24,826
2,520	*	WhiteWave Foods Co (Class A)		111,737
		TOTAL FOOD, BEVERAGE & TOBACCO		15,102,970
HEALTH CARE EQUIPMENT & SERVICES - 5.2%
301	e	Abaxis, Inc		19,297
21,834		Abbott Laboratories		1,011,569
536	*	Abiomed, Inc		38,367
630	*	Acadia Healthcare Co, Inc		45,108
1,030	*,e	Accuray, Inc		9,579
385		Aceto Corp		8,470
85	*	Addus HomeCare Corp		1,957
157	*,e	Adeptus Health, Inc		7,885
5,204		Aetna, Inc		554,382

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
601	*	Air Methods Corp	$	28,001
1,095	*	Align Technology, Inc		58,895
67	*	Alliance HealthCare Services, Inc		1,486
2,366	*	Allscripts Healthcare Solutions, Inc		28,297
72	*	Almost Family, Inc		3,219
341	*	Amedisys, Inc		9,132
3,234		AmerisourceBergen Corp		367,609
602	*	AMN Healthcare Services, Inc		13,888
593	*	Amsurg Corp		36,481
150		Analogic Corp		13,635
275	*	Angiodynamics, Inc		4,892
188	*	Anika Therapeutics, Inc		7,740
2,094	*,e	Antares Pharma, Inc		5,675
4,077		Anthem, Inc		629,530
581	*,e	athenahealth, Inc		69,366
368	*	AtriCure, Inc		7,540
29		Atrion Corp		10,020
1,091		Bard (C.R.), Inc		182,579
7,901		Baxter International, Inc		541,218
3,024		Becton Dickinson & Co		434,216
412	*,e	Bio-Reference Labs, Inc		14,519
918	*,e	BioScrip, Inc		4,067
354	*	BioTelemetry, Inc		3,133
19,149	*	Boston Scientific Corp		339,895
2,398	*	Brookdale Senior Living, Inc		90,548
484		Cantel Medical Corp		22,990
442	*	Capital Senior Living Corp		11,465
4,929		Cardinal Health, Inc		444,941
371	*	Cardiovascular Systems, Inc		14,484
174	*,e	Castlight Health, Inc		1,350
3,097	*	Catamaran Corp		184,395
1,650	*	Centene Corp		116,638
4,296	*	Cerner Corp		314,725
973	*,e	Cerus Corp		4,057
289	e	Chemed Corp		34,507
3,910		Cigna Corp		506,110
1,664	*	Community Health Systems, Inc		86,994
168		Computer Programs & Systems, Inc		9,116
397		Conmed Corp		20,044
730		Cooper Cos, Inc		136,817
180	*	Corvel Corp		6,194
296	*	Cross Country Healthcare, Inc		3,511
377		CryoLife, Inc		3,909
360	*	Cyberonics, Inc		23,371
319	*	Cynosure, Inc (Class A)		9,784
2,552	*	DaVita, Inc		207,427
2,151		Dentsply International, Inc		109,464
120	*,e	Derma Sciences, Inc		1,016
1,102	*	DexCom, Inc		68,699
1,494	*	Edwards Lifesciences Corp		212,835
859	*,e	Endologix, Inc		14,663
367		Ensign Group, Inc		17,198
1,236	*	Envision Healthcare Holdings, Inc		47,401
131	*	Exactech, Inc		3,357
465	*	ExamWorks Group, Inc		19,353
10,654	*	Express Scripts Holding Co		924,448
374	*	Five Star Quality Care, Inc		1,661
246	*	Genesis Health Care, Inc		1,751
665	*	GenMark Diagnostics, Inc		8,632
1,078	*	Globus Medical, Inc		27,209
334	*	Greatbatch, Inc		19,322
720	*	Haemonetics Corp		32,342
786	*,e	Halyard Health, Inc		38,671
472	*	Hanger Orthopedic Group, Inc		10,710
4,666	*	HCA Holdings, Inc		351,023

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,147	*	Health Net, Inc	$	69,382
215	*	HealthEquity, Inc		5,373
1,351		Healthsouth Corp		59,930
284	*	HealthStream, Inc		7,157
402	*,e	Healthways, Inc		7,919
241	*,e	HeartWare International, Inc		21,153
1,326	*	Henry Schein, Inc		185,136
836		Hill-Rom Holdings, Inc		40,964
1,170	*	HMS Holdings Corp		18,076
3,307	*	Hologic, Inc		109,214
2,213		Humana, Inc		393,958
239	*	ICU Medical, Inc		22,260
752	*	Idexx Laboratories, Inc		116,169
1,034	*	IMS Health Holdings, Inc		27,990
69	*	Inogen Inc		2,207
893	*	Insulet Corp		29,782
335	*	Integra LifeSciences Holdings Corp		20,653
515	*	Intuitive Surgical, Inc		260,090
316		Invacare Corp		6,134
1,108	*	Inverness Medical Innovations, Inc		54,181
220	*	IPC The Hospitalist Co, Inc		10,261
118	*	K2M Group Holdings, Inc		2,602
1,162		Kindred Healthcare, Inc		27,644
1,463	*	Laboratory Corp of America Holdings		184,470
128		Landauer, Inc		4,498
223	*	LDR Holding Corp		8,171
267	*	LHC Group, Inc		8,819
658	*	LifePoint Hospitals, Inc		48,330
405	*	Magellan Health Services, Inc		28,682
611	*	Masimo Corp		20,151
3,323		McKesson Corp		751,663
746	*	MedAssets, Inc		14,040
698	*	Medidata Solutions, Inc		34,230
20,641		Medtronic plc		1,609,792
1,254	*	Merge Healthcare, Inc		5,605
557		Meridian Bioscience, Inc		10,628
538	*	Merit Medical Systems, Inc		10,356
484	*	Molina Healthcare, Inc		32,568
138		National Healthcare Corp		8,792
133		National Research Corp		1,915
431	*	Natus Medical, Inc		17,012
594	*	Neogen Corp		27,758
116	*	Nevro Corp		5,560
625	*	NuVasive, Inc		28,744
824	*	NxStage Medical, Inc		14,255
1,432		Omnicare, Inc		110,350
543	*	Omnicell, Inc		19,059
749	*	OraSure Technologies, Inc		4,898
239	*	Orthofix International NV		8,578
1,257		Owens & Minor, Inc		42,537
174	*,e	Oxford Immunotec Global plc		2,450
1,289		Patterson Cos, Inc		62,890
1,412	*	Pediatrix Medical Group, Inc		102,384
373	*	PharMerica Corp		10,515
164	*,e	PhotoMedex, Inc		330
561	*	Premier, Inc		21,082
155	*	Providence Service Corp		8,234
668		Quality Systems, Inc		10,675
2,146		Quest Diagnostics, Inc		164,920
382	*	Quidel Corp		10,306
415	*	RadNet, Inc		3,486
2,040	e	Resmed, Inc		146,431
629	*,e	Rockwell Medical Technologies, Inc		6,875
1,003	*,e	Roka Bioscience, Inc		3,210
611	*	RTI Biologics, Inc		3,018

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,073		Select Medical Holdings Corp	$	15,913
289	*	Sientra, Inc		5,546
946	*	Sirona Dental Systems, Inc		85,131
526	*,e	Spectranetics Corp		18,284
4,067		St. Jude Medical, Inc		265,982
515	*,e	Staar Surgical Co		3,826
793		STERIS Corp		55,724
4,858		Stryker Corp		448,150
169	*	Surgical Care Affiliates, Inc		5,802
332	*	SurModics, Inc		8,642
125	*	Symmetry Surgical, Inc		916
112	*	Tandem Diabetes Care, Inc		1,413
929	*	Team Health Holdings, Inc		54,356
578		Teleflex, Inc		69,840
1,416	*	Tenet Healthcare Corp		70,106
748	*	Thoratec Corp		31,334
773	*	Tornier BV		20,268
385	*,e	TransEnterix, Inc		1,128
334	*	Triple-S Management Corp (Class B)		6,640
100	*,e	TriVascular Technologies, Inc		1,049
1,379	*,e	Unilife Corp		5,530
14,255		UnitedHealth Group, Inc		1,686,224
567		Universal American Corp		6,056
1,252		Universal Health Services, Inc (Class B)		147,373
164		US Physical Therapy, Inc		7,790
40		Utah Medical Products, Inc		2,394
1,634	*	Varian Medical Systems, Inc		153,743
200	*	Vascular Solutions, Inc		6,064
1,290	*	VCA Antech, Inc		70,718
508	*,e	Veeva Systems, Inc		12,969
87	*,e	Veracyte, Inc		633
275	*	Vocera Communications, Inc		2,728
705	*	WellCare Health Plans, Inc		64,479
1,077		West Pharmaceutical Services, Inc		64,846
750	*	Wright Medical Group, Inc		19,350
390	*,e	Zeltiq Aesthetics, Inc		12,024
2,447		Zimmer Holdings, Inc		287,571
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		17,511,823
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
5,788	e	Avon Products, Inc		46,246
580	*	Central Garden and Pet Co (Class A)		6,160
1,951		Church & Dwight Co, Inc		166,655
1,921		Clorox Co		212,059
13,310		Colgate-Palmolive Co		922,915
1,117		Coty, Inc		27,110
280	*,e	Elizabeth Arden, Inc		4,368
922		Energizer Holdings, Inc		127,282
3,268		Estee Lauder Cos (Class A)		271,767
204	e	Female Health Co		577
1,140	*,e	Herbalife Ltd		48,746
1,236	*	HRG Group, Inc		15,425
223		Inter Parfums, Inc		7,274
5,518		Kimberly-Clark Corp		591,033
152	*	Medifast, Inc		4,556
140		Nature’s Sunshine Products, Inc		1,837
873	e	Nu Skin Enterprises, Inc (Class A)		52,563
127	*	Nutraceutical International Corp		2,502
63		Oil-Dri Corp of America		2,120
108		Orchids Paper Products Co		2,912
39,372		Procter & Gamble Co		3,226,142
302	*	Revlon, Inc (Class A)		12,442
334		Spectrum Brands, Inc		29,913
92	*,e	USANA Health Sciences, Inc		10,223
208		WD-40 Co		18,416
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		5,811,243

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
INSURANCE - 4.1%
4,902		ACE Ltd	$	546,524
6,628		Aflac, Inc		424,258
231	*	Alleghany Corp		112,497
1,487		Allied World Assurance Co Holdings Ltd		60,075
6,189		Allstate Corp		440,471
587	*	AMBAC Financial Group, Inc		14,205
836		American Equity Investment Life Holding Co		24,353
972		American Financial Group, Inc		62,354
19,847		American International Group, Inc		1,087,417
130		American National Insurance Co		12,791
202		Amerisafe, Inc		9,342
523	e	Amtrust Financial Services, Inc		29,803
4,166		Aon plc		400,436
1,907	*	Arch Capital Group Ltd		117,471
386		Argo Group International Holdings Ltd		19,358
2,447		Arthur J. Gallagher & Co		114,397
878		Aspen Insurance Holdings Ltd		41,468
961		Assurant, Inc		59,015
2,410		Assured Guaranty Ltd		63,600
154	*	Atlas Financial Holdings, Inc		2,721
1,577		Axis Capital Holdings Ltd		81,342
125		Baldwin & Lyons, Inc (Class B)		2,932
26,623	*	Berkshire Hathaway, Inc (Class B)		3,842,232
1,753		Brown & Brown, Inc		58,042
3,555		Chubb Corp		359,411
2,559		Cincinnati Financial Corp		136,344
590	*,e	Citizens, Inc (Class A)		3,634
303		CNA Financial Corp		12,553
2,903		Conseco, Inc		49,990
375		Crawford & Co (Class B)		3,240
143		Donegal Group, Inc (Class A)		2,248
60		EMC Insurance Group, Inc		2,028
421		Employers Holdings, Inc		11,363
666	e	Endurance Specialty Holdings Ltd		40,719
148	*	Enstar Group Ltd		20,995
458		Erie Indemnity Co (Class A)		39,965
708		Everest Re Group Ltd		123,192
130		FBL Financial Group, Inc (Class A)		8,061
152		Federated National Holding Co		4,651
1,423		First American Financial Corp		50,773
3,879		FNF Group		142,592
7,337	*	Genworth Financial, Inc (Class A)		53,633
327	*	Greenlight Capital Re Ltd (Class A)		10,399
136	*	Hallmark Financial Services		1,442
539		Hanover Insurance Group, Inc		39,121
6,198		Hartford Financial Services Group, Inc		259,200
1,340		HCC Insurance Holdings, Inc		75,938
121		HCI Group, Inc		5,550
467		Horace Mann Educators Corp		15,971
935		Independence Holding Co		12,707
154		Infinity Property & Casualty Corp		12,636
51		Kansas City Life Insurance Co		2,342
614		Kemper Corp		23,921
3,512		Lincoln National Corp		201,800
4,751		Loews Corp		193,983
553		Maiden Holdings Ltd		8,201
207	*	Markel Corp		159,175
8,072		Marsh & McLennan Cos, Inc		452,758
1,899	*	MBIA, Inc		17,661
694		Meadowbrook Insurance Group, Inc		5,899
611		Mercury General Corp		35,285
13,572		Metlife, Inc		686,065
525		Montpelier Re Holdings Ltd		20,181
415		National General Holdings Corp		7,761

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
95		National Interstate Corp	$	2,668
92		National Western Life Insurance Co (Class A)		23,396
149	*	Navigators Group, Inc		11,598
3,288		Old Republic International Corp		49,123
313		OneBeacon Insurance Group Ltd (Class A)		4,761
733		PartnerRe Ltd		83,804
83	*	Phoenix Cos, Inc		4,149
1,068		Primerica, Inc		54,361
4,349		Principal Financial Group		223,408
1,060		ProAssurance Corp		48,665
8,761		Progressive Corp		238,299
6,653		Prudential Financial, Inc		534,302
1,117		Reinsurance Group of America, Inc (Class A)		104,093
692		RenaissanceRe Holdings Ltd		69,013
786		RLI Corp		41,194
174		Safety Insurance Group, Inc		10,397
656		Selective Insurance Group, Inc		19,057
587		Stancorp Financial Group, Inc		40,268
200		State Auto Financial Corp		4,858
288		Stewart Information Services Corp		11,704
1,030		Symetra Financial Corp		24,164
598	*	Third Point Reinsurance Ltd		8,462
2,148		Torchmark Corp		117,968
4,762		Travelers Cos, Inc		514,915
110	*	United America Indemnity Ltd		3,052
234		United Fire & Casualty Co		7,434
144		United Insurance Holdings Corp		3,240
384		Universal Insurance Holdings, Inc		9,827
3,453		UnumProvident Corp		116,470
1,218		Validus Holdings Ltd		51,278
1,346		W.R. Berkley Corp		67,986
102		White Mountains Insurance Group Ltd		69,821
3,854		XL Capital Ltd		141,827
		TOTAL INSURANCE		13,656,054
MATERIALS - 3.6%
412		A. Schulman, Inc		19,858
78	*	AEP Industries, Inc		4,293
3,078		Air Products & Chemicals, Inc		465,640
1,095		Airgas, Inc		116,190
3,026	*,e	AK Steel Holding Corp		13,526
1,557		Albemarle Corp		82,272
16,751		Alcoa, Inc		216,423
1,456		Allegheny Technologies, Inc		43,695
350		American Vanguard Corp		3,717
79		Ampco-Pittsburgh Corp		1,379
1,019		Aptargroup, Inc		64,727
1,097		Ashland, Inc		139,659
1,450		Avery Dennison Corp		76,719
787	*	Axalta Coating Systems Ltd		21,737
1,085		Axiall Corp		50,930
437		Balchem Corp		24,201
1,993		Ball Corp		140,785
1,495		Bemis Co, Inc		69,233
1,377	*	Berry Plastics Group, Inc		49,834
511	*	Boise Cascade Co		19,142
300		Brush Engineered Materials, Inc		11,529
989		Cabot Corp		44,505
730		Calgon Carbon Corp		15,381
806		Carpenter Technology Corp		31,337
866	*,e	Castle (A.M.) & Co		3,161
2,200		Celanese Corp (Series A)		122,892
742	*	Century Aluminum Co		10,240
708		CF Industries Holdings, Inc		200,845

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
90		Chase Corp	$	3,936
1,559	*	Chemtura		42,545
372	*	Clearwater Paper Corp		24,292
1,010	e	Cliffs Natural Resources, Inc		4,858
2,077	*	Coeur d’Alene Mines Corp		9,783
1,538		Commercial Metals Co		24,900
452		Compass Minerals International, Inc		42,131
1,975	*	Crown Holdings, Inc		106,689
962		Cytec Industries, Inc		51,986
127		Deltic Timber Corp		8,414
1,029		Domtar Corp		47,560
17,437		Dow Chemical Co		836,627
13,219		Du Pont (E.I.) de Nemours & Co		944,762
671		Eagle Materials, Inc		56,069
2,151		Eastman Chemical Co		148,978
3,881		Ecolab, Inc		443,909
962	*	Ferro Corp		12,073
835	*,e	Flotek Industries, Inc		12,308
1,884		FMC Corp		107,859
14,684		Freeport-McMoRan Copper & Gold, Inc (Class B)		278,262
235		FutureFuel Corp		2,413
553		Glatfelter		15,224
856		Globe Specialty Metals, Inc		16,196
1,463	*,e	Gold Resource Corp		4,667
4,682		Graphic Packaging Holding Co		68,076
417		Greif, Inc (Class A)		16,376
672		H.B. Fuller Co		28,809
142		Hawkins, Inc		5,395
166		Haynes International, Inc		7,405
1,533	*	Headwaters, Inc		28,115
6,348	e	Hecla Mining Co		18,917
716	*,e	Horsehead Holding Corp		9,065
2,705		Huntsman Corp		59,970
294		Innophos Holdings, Inc		16,570
327		Innospec, Inc		15,170
1,133		International Flavors & Fragrances, Inc		133,014
6,115		International Paper Co		339,321
748	*,e	Intrepid Potash, Inc		8,639
245		Kaiser Aluminum Corp		18,838
1,315		Kapstone Paper and Packaging Corp		43,185
75		KMG Chemicals, Inc		2,005
239		Koppers Holdings, Inc		4,704
396	*	Kraton Polymers LLC		8,003
274		Kronos Worldwide, Inc		3,466
2,147	*	Louisiana-Pacific Corp		35,447
229	*	LSB Industries, Inc		9,465
6,065		LyondellBasell Industries AF S.C.A		532,507
1,429	*,e	Marrone Bio Innovations, Inc		5,530
866		Martin Marietta Materials, Inc		121,067
2,307		MeadWestvaco Corp		115,050
492		Minerals Technologies, Inc		35,965
6,981		Monsanto Co		785,642
4,716		Mosaic Co		217,219
371		Myers Industries, Inc		6,504
208		Neenah Paper, Inc		13,008
129		NewMarket Corp		61,636
7,364		Newmont Mining Corp		159,872
707		Noranda Aluminium Holding Corp		2,100
4,629		Nucor Corp		220,016
1,054	e	Olin Corp		33,770
170		Olympic Steel, Inc		2,288
431		OM Group, Inc		12,943
1,204	*	Omnova Solutions, Inc		10,270
2,590	*	Owens-Illinois, Inc		60,399
1,392		Packaging Corp of America		108,840

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,204	*	Platform Specialty Products Corp	$	30,895
1,369		PolyOne Corp		51,132
1,998		PPG Industries, Inc		450,629
4,228		Praxair, Inc		510,489
166		Quaker Chemical Corp		14,216
593	e	Rayonier Advanced Materials, Inc		8,836
1,164		Reliance Steel & Aluminum Co		71,097
5,516	*	Rentech, Inc		6,178
875	*	Resolute Forest Products		15,094
2,040		Rock-Tenn Co (Class A)		131,580
968		Royal Gold, Inc		61,090
1,857		RPM International, Inc		89,117
412	*	RTI International Metals, Inc		14,795
337	*,e	Ryerson Holding Corp		2,147
486		Schnitzer Steel Industries, Inc (Class A)		7,708
409		Schweitzer-Mauduit International, Inc		18,863
601		Scotts Miracle-Gro Co (Class A)		40,369
2,998		Sealed Air Corp		136,589
570	*,e	Senomyx, Inc		2,514
694		Sensient Technologies Corp		47,803
1,288		Sherwin-Williams Co		366,436
1,734		Sigma-Aldrich Corp		239,725
698		Silgan Holdings, Inc		40,575
1,506		Sonoco Products Co		68,463
2,091	e	Southern Copper Corp (NY)		61,015
3,403		Steel Dynamics, Inc		68,400
258		Stepan Co		10,748
1,919	*	Stillwater Mining Co		24,793
936		SunCoke Energy, Inc		13,984
1,355		Tahoe Resources, Inc		14,851
542		TimkenSteel Corp		14,347
254	*	Trecora Resources		3,099
333		Tredegar Corp		6,697
283	*	Trinseo S.A.		5,603
929		Tronox Ltd		18,887
70	*	UFP Technologies, Inc		1,595
30		United States Lime & Minerals, Inc		1,935
2,110	e	United States Steel Corp		51,484
72	*	Universal Stainless & Alloy		1,888
179	*	US Concrete, Inc		6,065
1,192		Valspar Corp		100,164
1,817		Vulcan Materials Co		153,173
624		Wausau Paper Corp		5,947
546		Westlake Chemical Corp		39,279
100	*	WHX Corp		4,106
708	*	Worthington Industries, Inc		18,840
1,091	*	WR Grace & Co		107,867
260		Zep, Inc		4,428
		TOTAL MATERIALS		11,860,407
MEDIA - 3.5%
252		AH Belo Corp (Class A)		2,074
171		AMC Entertainment Holdings, Inc		6,069
790	*	AMC Networks, Inc		60,546
2,816	e	Cablevision Systems Corp (Class A)		51,533
409	*	Carmike Cinemas, Inc		13,742
7,397		CBS Corp (Class B)		448,480
3,129	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		8,323
1,135	*	Charter Communications, Inc		219,180
952	*	Cinedigm Corp		1,542
1,629		Cinemark Holdings, Inc		73,419
566		Clear Channel Outdoor Holdings, Inc (Class A)		5,728
37,585		Comcast Corp (Class A)		2,122,425
465	*	Crown Media Holdings, Inc (Class A)		1,860

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,076	*	Cumulus Media, Inc (Class A)	$	7,598
45	*,e	Daily Journal Corp		8,244
219	*,e	Dex Media, Inc		918
6,702	*	DIRECTV		570,340
3,462	*	Discovery Communications, Inc (Class A)		106,491
3,328	*	Discovery Communications, Inc (Class C)		98,093
3,045	*	DISH Network Corp (Class A)		213,333
1,127	*,e	DreamWorks Animation SKG, Inc (Class A)		27,273
285	*	Entercom Communications Corp (Class A)		3,463
776		Entravision Communications Corp (Class A)		4,912
219	*	Eros International plc		3,826
414	*	EW Scripps Co (Class A)		11,774
3,145		Gannett Co, Inc		116,617
512	*,e	Global Eagle Entertainment, Inc		6,815
966	*	Gray Television, Inc		13,350
700		Harte-Hanks, Inc		5,460
6,163		Interpublic Group of Cos, Inc		136,325
670		John Wiley & Sons, Inc (Class A)		40,964
601	*	Journal Communications, Inc (Class A)		8,907
719	*,e	Lee Enterprises, Inc		2,279
329	*	Liberty Broadband Corp (Class A)		18,582
1,082	*	Liberty Broadband Corp (Class C)		61,241
1,318	*	Liberty Media Corp		50,809
2,846	*	Liberty Media Corp (Class C)		108,717
1,198		Lions Gate Entertainment Corp		40,636
2,089	*	Live Nation, Inc		52,705
175	*	Loral Space & Communications, Inc		11,977
895	*	Madison Square Garden, Inc		75,762
239	*	Martha Stewart Living Omnimedia, Inc (Class A)		1,553
1,856	*	McClatchy Co (Class A)		3,415
554		MDC Partners, Inc		15,706
1,283	*	Media General, Inc		21,157
465		Meredith Corp		25,933
279		Morningstar, Inc		20,900
760		National CineMedia, Inc		11,476
683		New Media Investment Group, Inc		16,344
1,789		New York Times Co (Class A)		24,617
7,014	*	News Corp		112,294
512		Nexstar Broadcasting Group, Inc (Class A)		29,297
3,778		Omnicom Group, Inc		294,608
3,113	*,e	Radio One, Inc		9,588
120	*	ReachLocal, Inc		349
444	*	Reading International, Inc		5,972
1,106	e	Regal Entertainment Group (Class A)		25,261
114	*	Rentrak Corp		6,334
51		Saga Communications, Inc		2,271
130		Salem Communications		801
365		Scholastic Corp		14,943
1,540		Scripps Networks Interactive (Class A)		105,582
1,237	*,e	SFX Entertainment, Inc		5,059
899	e	Sinclair Broadcast Group, Inc (Class A)		28,238
37,275	*	Sirius XM Holdings, Inc		142,390
300	*	Sizmek, Inc		2,178
1,255	*	Starz-Liberty Capital		43,184
5,082		Thomson Corp		206,126
4,017		Time Warner Cable, Inc		602,068
12,029		Time Warner, Inc		1,015,729
1,479		Time, Inc		33,189
27,596		Twenty-First Century Fox, Inc		933,849
5,909		Viacom, Inc (Class B)		403,585
25,153		Walt Disney Co		2,638,298
583	e	World Wrestling Entertainment, Inc (Class A)		8,168
		TOTAL MEDIA		11,632,794

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%
23,088		AbbVie, Inc	$	1,351,572
1,057	*,e	Acadia Pharmaceuticals, Inc		34,448
305	*,e	Accelerate Diagnostics, Inc		6,862
221	*,e	Acceleron Pharma, Inc		8,411
332	*,e	AcelRx Pharmaceuticals, Inc		1,281
93	*	Achaogen, Inc		908
1,630	*,e	Achillion Pharmaceuticals, Inc		16,072
533	*	Acorda Therapeutics, Inc		17,738
5,280	*	Actavis plc		1,571,434
266	*,e	Actinium Pharmaceuticals, Inc		657
373	*,e	Aegerion Pharmaceuticals, Inc		9,761
141	*	Aerie Pharmaceuticals, Inc		4,419
970	*,e	Affymetrix, Inc		12,183
834	*,e	Agenus, Inc		4,278
4,701		Agilent Technologies, Inc		195,327
215	*	Agios Pharmaceuticals, Inc		20,274
105	*,e	Akebia Therapeutics, Inc		1,167
902	*	Akorn, Inc		42,854
309	*,e	Albany Molecular Research, Inc		5,438
107	*	Alder Biopharmaceuticals, Inc		3,088
2,875	*	Alexion Pharmaceuticals, Inc		498,237
352	*,e	Alimera Sciences, Inc		1,763
2,066	*	Alkermes plc		125,964
1,018	*	Alnylam Pharmaceuticals, Inc		106,300
348	*	AMAG Pharmaceuticals, Inc		19,022
11,001		Amgen, Inc		1,758,510
549	*,e	Ampio Pharmaceuticals, Inc		4,134
442	*	Anacor Pharmaceuticals, Inc		25,570
92	*,e	ANI Pharmaceuticals, Inc		5,755
65	*	Applied Genetic Technologies Corp		1,299
328	*	Aratana Therapeutics, Inc		5,251
3,077	*,e	Arena Pharmaceuticals, Inc		13,446
2,277	*,e	Ariad Pharmaceuticals, Inc		18,762
2,652	*,e	Array Biopharma, Inc		19,545
1,397	*,e	Arrowhead Research Corp		9,451
280	*	Atara Biotherapeutics, Inc		11,640
208	*	Auspex Pharmaceuticals Inc		20,856
99	*	Avalanche Biotechnologies, Inc		4,011
915	*,e	BioCryst Pharmaceuticals, Inc		8,262
561	*,e	BioDelivery Sciences International, Inc		5,890
3,446	*	Biogen Idec, Inc		1,455,039
2,242	*	BioMarin Pharmaceuticals, Inc		279,398
984	*,e	Bio-Path Holdings, Inc		1,771
291	*	Bio-Rad Laboratories, Inc (Class A)		39,337
49	*	Biospecifics Technologies Corp		1,918
590		Bio-Techne Corp		59,171
252	*,e	BioTime, Inc		1,252
384	*	Bluebird Bio, Inc		46,376
24,098		Bristol-Myers Squibb Co		1,554,321
1,477	*	Bruker BioSciences Corp		27,280
186	*,e	Calithera Biosciences, Inc		3,054
396	*	Cambrex Corp		15,693
72	*	Cara Therapeutics Inc		724
647	*	Catalent, Inc		20,154
11,630	*	Celgene Corp		1,340,706
1,630	*,e	Celldex Therapeutics, Inc		45,428
130	*	Cellular Dynamics International, Inc		2,136
526	*	Cempra, Inc		18,047
1,011	*	Cepheid, Inc		57,526
740	*	Charles River Laboratories International, Inc		58,675
316	*,e	ChemoCentryx, Inc		2,386
467	*	Chimerix, Inc		17,601
372	*,e	Clovis Oncology, Inc		27,614
215	*,e	Coherus Biosciences, Inc		6,575

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
492	*,e	Corcept Therapeutics, Inc	$	2,755
1,800	*,e	CTI BioPharma Corp		3,258
327	*	Cytokinetics, Inc		2,217
8,854	*,e	Cytori Therapeutics, Inc		10,448
748	*,e	CytRx Corp		2,521
778	*	Depomed, Inc		17,435
1,822	*	Dyax Corp		30,528
352	*,e	Dynavax Technologies Corp		7,895
14,326		Eli Lilly & Co		1,040,784
392	*	Emergent Biosolutions, Inc		11,274
135	*,e	Enanta Pharmaceuticals, Inc		4,134
2,443	*	Endo International plc		219,137
379	*,e	Endocyte, Inc		2,373
458	*	Enzo Biochem, Inc		1,351
172	*,e	Epizyme, Inc		3,230
89	*,e	Esperion Thereapeutics, Inc		8,241
1,411	*,e	Exact Sciences Corp		31,070
4,058	*,e	Exelixis, Inc		10,429
134	*	FibroGen, Inc		4,205
231	*	Five Prime Therapeutics, Inc		5,278
376	*,e	Fluidigm Corp		15,830
187	*,e	Foundation Medicine, Inc		8,997
242	*,e	Galectin Therapeutics, Inc		811
1,383	*,e	Galena Biopharma, Inc		1,922
52	*	Genocea Biosciences Inc		617
270	*	Genomic Health, Inc		8,248
2,105	*,e	Geron Corp		7,936
22,310	*	Gilead Sciences, Inc		2,189,280
1,375	*	Halozyme Therapeutics, Inc		19,635
261	*	Heron Therapeutics, Inc		3,798
1,190	*	Horizon Pharma plc		30,904
2,364	*	Hospira, Inc		207,654
183	*	Hyperion Therapeutics, Inc		8,400
2,731	*,e	Idera Pharmaceuticals, Inc		10,132
1,011	*,e	IGI Laboratories, Inc		8,250
2,042	*	Illumina, Inc		379,077
1,151	*,e	Immunogen, Inc		10,301
1,305	*,e	Immunomedics, Inc		4,998
940	*	Impax Laboratories, Inc		44,058
298	*	INC Research Holdings, Inc		9,754
2,108	*	Incyte Corp		193,219
629	*	Infinity Pharmaceuticals, Inc		8,793
807	*,e	Inovio Pharmaceuticals, Inc		6,585
527	*	Insmed, Inc		10,962
143	*,e	Insys Therapeutics, Inc		8,313
192	*,e	Intercept Pharmaceuticals, Inc		54,148
229	*	Intra-Cellular Therapies, Inc		5,468
625	*,e	Intrexon Corp		28,356
1,617	*	Ironwood Pharmaceuticals, Inc		25,872
1,777	*,e	Isis Pharmaceuticals, Inc		113,142
860	*	Jazz Pharmaceuticals plc		148,599
41,144		Johnson & Johnson		4,139,086
198	*	Juno Therapeutics, Inc		12,011
180	*,e	Karyopharm Therapeutics, Inc		5,510
1,264	*,e	Keryx Biopharmaceuticals, Inc		16,091
141	*,e	Kindred Biosciences Inc		1,007
124	*,e	Kite Pharma, Inc		7,152
252	*,e	KYTHERA Biopharmaceuticals, Inc		12,638
345	*	Lannett Co, Inc		23,360
3,446	*,e	Lexicon Pharmaceuticals, Inc		3,254
278	*,e	Ligand Pharmaceuticals, Inc (Class B)		21,437
588	*	Luminex Corp		9,408
268	*	MacroGenics, Inc		8,407

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,618	*	Mallinckrodt plc	$	204,920
3,038	*,e	MannKind Corp		15,798
828	*	Medicines Co		23,201
1,096	*	Medivation, Inc		141,461
42,492		Merck & Co, Inc		2,442,440
1,422	*,e	Merrimack Pharmaceuticals, Inc		16,893
447	*	Mettler-Toledo International, Inc		146,907
1,119	*,e	MiMedx Group, Inc		11,638
96	*,e	Mirati Therapeutics, Inc		2,815
571	*	Momenta Pharmaceuticals, Inc		8,679
5,467	*	Mylan NV		324,466
1,155	*,e	Myriad Genetics, Inc		40,887
135	*	NanoString Technologies, Inc		1,376
538	*,e	NanoViricides, Inc		1,210
2,022	*,e	Navidea Biopharmceuticals, Inc		3,215
1,670	*	Nektar Therapeutics		18,370
317	*,e	NeoStem, Inc		805
922	*,e	Neuralstem, Inc		1,752
1,193	*	Neurocrine Biosciences, Inc		47,374
266	*,e	NewLink Genetics Corp		14,553
476	*,e	Northwest Biotherapeutics, Inc		3,508
3,560	*,e	Novavax, Inc		29,441
282	*,e	Ohr Pharmaceutical, Inc		716
447	*,e	Omeros Corp		9,847
170	*,e	OncoMed Pharmaceuticals, Inc		4,383
949	*	Oncothyreon, Inc		1,547
186	*	Ophthotech Corp		8,655
2,678	*,e	Opko Health, Inc		37,947
2,250	*,e	Orexigen Therapeutics, Inc		17,617
838	*,e	Organovo Holdings, Inc		2,967
254	*,e	Osiris Therapeutics, Inc		4,465
170	*	Otonomy, Inc		6,011
356	*,e	OvaScience, Inc		12,364
772	*	Pacific Biosciences of California, Inc		4,508
506	*,e	Pacira Pharmaceuticals, Inc		44,958
510	*	Pain Therapeutics, Inc		964
900	*	Parexel International Corp		62,091
3,105	e	PDL BioPharma, Inc		21,844
1,810	*,e	Peregrine Pharmaceuticals, Inc		2,443
1,713	*	PerkinElmer, Inc		87,603
708	*,e	Pernix Therapeutics Holdings, Inc		7,569
2,055		Perrigo Co plc		340,205
92,722		Pfizer, Inc		3,225,798
868	*	Pharmacyclics, Inc		222,165
197		Phibro Animal Health Corp		6,976
677	*	Portola Pharmaceuticals, Inc		25,699
322		Pozen, Inc		2,486
241	*	PRA Health Sciences, Inc		6,950
795	*	Prestige Brands Holdings, Inc		34,098
933	*	Progenics Pharmaceuticals, Inc		5,579
294	*	Prothena Corp plc		11,213
406	*	PTC Therapeutics, Inc		24,705
334	*,e	Puma Biotechnology, Inc		78,861
3,176	*	Qiagen NV (NASDAQ)		80,035
785	*	Quintiles Transnational Holdings, Inc		52,571
112	*	Radius Health, Inc		4,610
840	*,e	Raptor Pharmaceutical Corp		9,131
310	*	Receptos, Inc		51,116
207	*,e	Regado Biosciences, Inc		253
1,143	*	Regeneron Pharmaceuticals, Inc		516,042
184	*,e	Regulus Therapeutics, Inc		3,117
227	*	Relypsa, Inc		8,188
390	*	Repligen Corp		11,840
955	*,e	Repros Therapeutics, Inc		8,203
782	*	Retrophin, Inc		18,737

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
93	*,e	Revance Therapeutics, Inc	$	1,928
854	*	Rigel Pharmaceuticals, Inc		3,049
340	*	Sagent Pharmaceuticals		7,905
951	*,e	Salix Pharmaceuticals Ltd		164,342
912	*	Sangamo Biosciences, Inc		14,300
552	*,e	Sarepta Therapeutics, Inc		7,331
716	*	Sciclone Pharmaceuticals, Inc		6,344
1,356	*,e	Seattle Genetics, Inc		47,935
1,561	*,e	Sequenom, Inc		6,166
162	*	Spark Therapeutics, Inc		12,555
823	*,e	Spectrum Pharmaceuticals, Inc		4,996
119	*	Stemline Therapeutics, Inc		1,722
238	*,e	Sucampo Pharmaceuticals, Inc (Class A)		3,703
696	*	Sunesis Pharmaceuticals, Inc		1,705
393	*	Supernus Pharmaceuticals, Inc		4,751
375	*,e	Synageva BioPharma Corp		36,574
1,430	*,e	Synergy Pharmaceuticals, Inc		6,607
2,144	*,e	Synta Pharmaceuticals Corp		4,159
259	*	TESARO, Inc		14,867
413	*	Tetraphase Pharmaceuticals, Inc		15,132
315	*,e	TG Therapeutics, Inc		4,876
1,599	*,e	TherapeuticsMD, Inc		9,674
316	*,e	Theravance Biopharma, Inc		5,483
1,105	e	Theravance, Inc		17,371
5,749		Thermo Electron Corp		772,321
582	*,e	Threshold Pharmaceuticals, Inc		2,363
89	*	Ultragenyx Pharmaceutical, Inc		5,526
734	*	United Therapeutics Corp		126,567
454	*,e	Vanda Pharmaceuticals, Inc		4,222
708	*	Verastem, Inc		7,200
93	*,e	Versartis, Inc		1,708
3,429	*	Vertex Pharmaceuticals, Inc		404,519
69	*,e	Vital Therapies, Inc		1,726
1,259	*,e	Vivus, Inc		3,097
390	*,e	VWR Corp		10,136
1,258	*	Waters Corp		156,395
196	*	Xencor Inc		3,003
827	*	Xenoport, Inc		5,888
1,173	*,e	XOMA Corp		4,270
181	*,e	Zafgen, Inc		7,169
1,762	*,e	ZIOPHARM Oncology, Inc		18,977
7,138		Zoetis Inc		330,418
1,610	*,e	Zogenix, Inc		2,206
127	*	ZS Pharma, Inc		5,344
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		31,171,321
REAL ESTATE - 4.0%
770		Acadia Realty Trust		26,858
587		AG Mortgage Investment Trust		11,059
171		Agree Realty Corp		5,638
1,053		Alexander & Baldwin, Inc		45,469
28		Alexander’s, Inc		12,784
1,010		Alexandria Real Estate Equities, Inc		99,020
19	*,e	Altisource Asset Management Corp		3,517
196	*	Altisource Portfolio Solutions S.A.		2,523
766		Altisource Residential Corp		15,979
684		American Assets Trust,Inc		29,604
1,407		American Campus Communities, Inc		60,318
5,242		American Capital Agency Corp		111,812
1,068		American Capital Mortgage, Inc		19,181
2,594		American Homes 4 Rent		42,931
11,261	*	American Realty Capital Properties, Inc		110,921
432	*	American Residential Properties, Inc		7,772
5,711		American Tower Corp		537,691

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
14,550		Annaly Capital Management, Inc	$	151,320
1,733		Anworth Mortgage Asset Corp		8,821
1,960		Apartment Investment & Management Co (Class A)		77,146
619		Apollo Commercial Real Estate Finance, Inc		10,634
100		Ares Commercial Real Estate Corp		1,105
244		Armada Hoffler Properties, Inc		2,601
4,902	*	ARMOUR Residential REIT, Inc		15,539
252		Ashford Hospitality Prime, Inc		4,226
940		Ashford Hospitality Trust, Inc		9,043
1,057		Associated Estates Realty Corp		26,087
110	*	AV Homes, Inc		1,756
1,827		AvalonBay Communities, Inc		318,355
264		Aviv REIT, Inc		9,636
2,582		BioMed Realty Trust, Inc		58,508
2,224		Boston Properties, Inc		312,428
2,048		Brandywine Realty Trust		32,727
678		Brixmor Property Group, Inc		18,001
1,148		Camden Property Trust		89,693
868		Campus Crest Communities, Inc		6,215
2,122		Capstead Mortgage Corp		24,976
363		CareTrust REIT, Inc		4,922
162		CatchMark Timber Trust Inc		1,899
2,180		CBL & Associates Properties, Inc		43,164
3,818	*	CBRE Group, Inc		147,795
1,018		Cedar Shopping Centers, Inc		7,625
3,262		Chambers Street Properties		25,705
814		Chatham Lodging Trust		23,940
691		Chesapeake Lodging Trust		23,377
16,411		Chimera Investment Corp		51,531
1,513		Colony Financial, Inc		39,217
1,730		Columbia Property Trust, Inc		46,745
77		Consolidated-Tomoka Land Co		4,594
282		Coresite Realty		13,728
1,194		Corporate Office Properties Trust		35,080
3,372		Cousins Properties, Inc		35,743
4,775		Crown Castle International Corp		394,128
2,326		CubeSmart		56,173
481		CyrusOne, Inc		14,969
2,918		CYS Investments, Inc		25,999
1,403		DCT Industrial Trust, Inc		48,628
4,170		DDR Corp		77,645
2,598		DiamondRock Hospitality Co		36,710
2,169		Digital Realty Trust, Inc		143,067
1,927		Douglas Emmett, Inc		57,444
4,573		Duke Realty Corp		99,554
1,063		DuPont Fabros Technology, Inc		34,739
1,055		Dynex Capital, Inc		8,936
570		EastGroup Properties, Inc		34,280
693		Education Realty Trust, Inc		24,518
1,208		Empire State Realty Trust, Inc		22,722
888		Entertainment Properties Trust		53,307
1,973	*	Equity Commonwealth		52,383
1,120		Equity Lifestyle Properties, Inc		61,544
824		Equity One, Inc		21,993
5,093		Equity Residential		396,541
934		Essex Property Trust, Inc		214,727
629		Excel Trust, Inc		8,819
1,788		Extra Space Storage, Inc		120,815
1,053		Federal Realty Investment Trust		155,012
1,666		FelCor Lodging Trust, Inc		19,142
1,477		First Industrial Realty Trust, Inc		31,652
788		First Potomac Realty Trust		9,369
2,206	*	Forest City Enterprises, Inc (Class A)		56,297
498	*	Forestar Real Estate Group, Inc		7,853
1,181		Franklin Street Properties Corp		15,140

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
48	*	FRP Holdings, Inc	$	1,747
1,131		Gaming and Leisure Properties, Inc		41,700
8,128		General Growth Properties, Inc		240,182
1,122		Geo Group, Inc		49,076
343		Getty Realty Corp		6,243
475		Gladstone Commercial Corp		8,840
734		Government Properties Income Trust		16,772
718		Gramercy Property Trust, Inc		20,154
292		Hannon Armstrong Sustainable Infrastructure Capital, Inc		5,338
1,505		Hatteras Financial Corp		27,331
6,814		HCP, Inc		294,433
4,731		Health Care REIT, Inc		365,990
1,288		Healthcare Realty Trust, Inc		35,781
1,941		Healthcare Trust of America, Inc		54,076
2,705		Hersha Hospitality Trust		17,501
1,490		Highwoods Properties, Inc		68,212
804		Home Properties, Inc		55,709
2,009		Hospitality Properties Trust		66,277
11,248		Host Marriott Corp		226,985
595	*	Howard Hughes Corp		92,237
1,029		Hudson Pacific Properties		34,153
1,113		Inland Real Estate Corp		11,898
1,651		Invesco Mortgage Capital, Inc		25,640
1,430		Investors Real Estate Trust		10,725
2,652		Iron Mountain, Inc		96,745
1,138	*	iStar Financial, Inc		14,794
698		Jones Lang LaSalle, Inc		118,939
1,127		Kennedy-Wilson Holdings, Inc		29,460
1,156		Kilroy Realty Corp		88,053
5,803		Kimco Realty Corp		155,811
542		Kite Realty Group Trust		15,268
1,066		Lamar Advertising Co		63,182
1,396		LaSalle Hotel Properties		54,249
2,758		Lexington Corporate Properties Trust		27,111
1,981		Liberty Property Trust		70,722
458		LTC Properties, Inc		21,068
2,303		Macerich Co		194,212
1,487		Mack-Cali Realty Corp		28,669
107	*	Marcus & Millichap, Inc		4,010
3,006		Medical Properties Trust, Inc		44,308
5,647		MFA Mortgage Investments, Inc		44,385
1,004		Mid-America Apartment Communities, Inc		77,579
750		Monmouth Real Estate Investment Corp (Class A)		8,332
577		National Health Investors, Inc		40,973
2,064		National Retail Properties, Inc		84,562
2,439		New Residential Investment Corp		36,658
1,822		New York Mortgage Trust, Inc		14,139
1,236	*	New York REIT, Inc		12,953
3,199		NorthStar Realty Finance Corp		57,966
2,006		Omega Healthcare Investors, Inc		81,383
251		One Liberty Properties, Inc		6,129
1,874		Outfront Media, Inc		56,070
562		Owens Realty Mortgage, Inc		8,419
3,025		Paramount Group, Inc		58,382
955		Parkway Properties, Inc		16,569
1,026		Pebblebrook Hotel Trust		47,781
892		Pennsylvania REIT		20,721
1,022		Pennymac Mortgage Investment Trust		21,758
1,096		Physicians Realty Trust		19,301
2,149		Piedmont Office Realty Trust, Inc		39,993
2,713		Plum Creek Timber Co, Inc		117,880
905		Post Properties, Inc		51,522
659		Potlatch Corp		26,386
6,920		Prologis, Inc		301,435
373		PS Business Parks, Inc		30,974

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,113		Public Storage, Inc	$	416,557
369		QTS Realty Trust, Inc		13,435
1,095		RAIT Investment Trust		7,512
917		Ramco-Gershenson Properties		17,056
1,780		Rayonier, Inc		47,989
143		Re/Max Holdings, Inc		4,749
2,169	*	Realogy Holdings Corp		98,646
3,064		Realty Income Corp		158,102
1,075		Redwood Trust, Inc		19,210
1,537		Regency Centers Corp		104,577
1,691		Resource Capital Corp		7,677
1,382		Retail Opportunities Investment Corp		25,291
4,003		Retail Properties of America, Inc		64,168
656		Rexford Industrial Realty, Inc		10,371
1,756		RLJ Lodging Trust		54,980
262		Rouse Properties, Inc		4,968
580		Ryman Hospitality Properties		35,328
929		Sabra Healthcare REIT, Inc		30,796
133		Saul Centers, Inc		7,608
494		Select Income REIT		12,345
3,548		Senior Housing Properties Trust		78,730
516		Silver Bay Realty Trust Corp		8,339
4,473		Simon Property Group, Inc		875,098
1,382		SL Green Realty Corp		177,421
592		Sovran Self Storage, Inc		55,612
5,445		Spirit Realty Capital, Inc		65,776
810	*,e	St. Joe Co		15,034
696		STAG Industrial, Inc		16,370
3,073		Starwood Property Trust, Inc		74,674
534		Starwood Waypoint Residential Trust		13,804
661		STORE Capital Corp		15,434
4,015	*	Strategic Hotels & Resorts, Inc		49,906
1,404		Summit Hotel Properties, Inc		19,754
688		Sun Communities, Inc		45,903
2,482		Sunstone Hotel Investors, Inc		41,375
1,512		Tanger Factory Outlet Centers, Inc		53,177
971		Taubman Centers, Inc		74,893
156	*	Tejon Ranch Co		4,126
444		Terreno Realty Corp		10,123
893		Trade Street Residential, Inc		6,394
5,486		Two Harbors Investment Corp		58,261
4,035		UDR, Inc		137,311
258		UMH Properties, Inc		2,598
302		Universal Health Realty Income Trust		16,987
1,349		Urban Edge Properties		31,971
335		Urstadt Biddle Properties, Inc (Class A)		7,725
4,628		Ventas, Inc		337,937
2,699		Vornado Realty Trust		302,288
1,572		Washington REIT		43,434
1,639		Weingarten Realty Investors		58,971
614		Western Asset Mortgage Capital Corp		9,259
7,318		Weyerhaeuser Co		242,592
550		Whitestone REIT		8,734
1,613		WP Carey, Inc		109,684
2,574		WP GLIMCHER, Inc		42,806
		TOTAL REAL ESTATE		13,470,782
RETAILING - 4.7%
752	*	1-800-FLOWERS.COM, Inc (Class A)		8,896
998		Aaron’s, Inc		28,253
976	e	Abercrombie & Fitch Co (Class A)		21,511
1,062		Advance Auto Parts, Inc		158,971
2,209	*,e	Aeropostale, Inc		7,665
5,460	*	Amazon.com, Inc		2,031,666

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,498		American Eagle Outfitters, Inc	$	42,666
122	*	America’s Car-Mart, Inc		6,618
627	*	Ann Taylor Stores Corp		25,726
411	*	Asbury Automotive Group, Inc		34,154
1,725	*	Ascena Retail Group, Inc		25,030
1,043	*	Autonation, Inc		67,096
480	*	AutoZone, Inc		327,437
550	*	Barnes & Noble, Inc		13,062
380		Bebe Stores, Inc		1,379
2,689	*	Bed Bath & Beyond, Inc		206,448
4,046		Best Buy Co, Inc		152,898
334		Big 5 Sporting Goods Corp		4,432
897		Big Lots, Inc		43,083
158	*	Blue Nile, Inc		5,031
196	e	Bon-Ton Stores, Inc		1,364
379	*	Boot Barn Holdings, Inc		9,066
657		Brown Shoe Co, Inc		21,550
378	e	Buckle, Inc		19,312
165	*	Build-A-Bear Workshop, Inc		3,242
384	*	Burlington Stores, Inc		22,817
671	*,e	Cabela’s, Inc		37,563
3,259	*	Carmax, Inc		224,904
368		Cato Corp (Class A)		14,573
2,056		Chico’s FAS, Inc		36,371
316		Children’s Place Retail Stores, Inc		20,284
469	*	Christopher & Banks Corp		2,608
243	*	Citi Trends, Inc		6,561
490	*,e	Conn’s, Inc		14,837
231	*,e	Container Store Group, Inc		4,401
340		Core-Mark Holding Co, Inc		21,869
1,226		CST Brands, Inc		53,736
184		Destination Maternity Corp		2,771
514	*	Destination XL Group, Inc		2,539
1,304		Dick’s Sporting Goods, Inc		74,315
394		Dillard’s, Inc (Class A)		53,785
4,445	*	Dollar General Corp		335,064
3,037	*	Dollar Tree, Inc		246,437
1,144		DSW, Inc (Class A)		42,191
512	*	EVINE Live, Inc		3,436
1,458		Expedia, Inc		137,242
1,489	*	Express Parent LLC		24,613
1,359		Family Dollar Stores, Inc		107,687
647		Finish Line, Inc (Class A)		15,864
728	*,e	Five Below, Inc		25,895
2,043		Foot Locker, Inc		128,709
979	*	Francesca’s Holdings Corp		17,426
480		Fred’s, Inc (Class A)		8,203
254	*	FTD Cos, Inc		7,605
201	*	Gaiam, Inc (Class A)		1,465
1,673	e	GameStop Corp (Class A)		63,507
3,743		Gap, Inc		162,184
385	*	Genesco, Inc		27,424
2,237		Genuine Parts Co		208,466
1,273		GNC Holdings, Inc		62,466
396		Group 1 Automotive, Inc		34,187
6,454	*	Groupon, Inc		46,533
822		Guess?, Inc		15,281
270		Haverty Furniture Cos, Inc		6,718
176	*,e	HHgregg, Inc		1,079
444	*,e	Hibbett Sports, Inc		21,783
19,867		Home Depot, Inc		2,257,090
475		HSN, Inc		32,409
4,629	*,e	JC Penney Co, Inc		38,930
145	*	Kirkland’s, Inc		3,444
2,981		Kohl’s Corp		233,263

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,478		L Brands, Inc	$	327,941
221	*,e	Lands’ End, Inc		7,929
6,931	*	Liberty Interactive Corp		202,316
1,061	*	Liberty TripAdvisor Holdings, Inc		33,729
2,046	*	Liberty Ventures		85,952
373		Lithia Motors, Inc (Class A)		37,080
4,272	*	LKQ Corp		109,192
14,787		Lowe’s Companies, Inc		1,100,005
368	*	Lumber Liquidators, Inc		11,327
4,863		Macy’s, Inc		315,657
333	*	MarineMax, Inc		8,828
209	*,e	Mattress Firm Holding Corp		14,555
661		Men’s Wearhouse, Inc		34,504
393	*	Michaels Cos, Inc		10,635
412		Monro Muffler, Inc		26,801
760	*	Murphy USA, Inc		55,001
879	*	NetFlix, Inc		366,270
512	*	New York & Co, Inc		1,280
1,959		Nordstrom, Inc		157,347
414		Nutri/System, Inc		8,272
8,386	*	Office Depot, Inc		77,151
692	*	Orbitz Worldwide, Inc		8,069
1,539	*	O’Reilly Automotive, Inc		332,793
275	e	Outerwall, Inc		18,183
176	*,e	Overstock.com, Inc		4,263
667	*	Pacific Sunwear Of California, Inc		1,841
627		Penske Auto Group, Inc		32,284
614	*	PEP Boys - Manny Moe & Jack		5,907
278	e	PetMed Express, Inc		4,593
1,228	e	Pier 1 Imports, Inc		17,167
749	*	Priceline.com, Inc		871,948
793		Rent-A-Center, Inc		21,760
484	*	Restoration Hardware Holdings, Inc		48,008
3,082		Ross Stores, Inc		324,720
2,313	*	Sally Beauty Holdings, Inc		79,498
475	*,e	Sears Holdings Corp		19,655
159	*,e	Sears Hometown and Outlet Stores, Inc		1,227
1,037	*	Select Comfort Corp		35,745
203		Shoe Carnival, Inc		5,976
497	*	Shutterfly, Inc		22,484
1,147		Signet Jewelers Ltd		159,192
864		Sonic Automotive, Inc (Class A)		21,514
131	*	Sportsman’s Warehouse Holdings, Inc		1,047
411		Stage Stores, Inc		9,420
9,245		Staples, Inc		150,555
372		Stein Mart, Inc		4,631
151	*	Systemax, Inc		1,845
9,113		Target Corp		747,904
1,678		Tiffany & Co		147,681
376	*,e	Tile Shop Holdings, Inc		4,553
850	*	Tilly’s, Inc		13,302
10,140		TJX Companies, Inc		710,307
2,061		Tractor Supply Co		175,309
401	e	Travelport Worldwide Ltd		6,697
1,570	*	TripAdvisor, Inc		130,577
567	*	Tuesday Morning Corp		9,129
974	*	Ulta Salon Cosmetics & Fragrance, Inc		146,928
1,435	*	Urban Outfitters, Inc		65,508
432	*	Vitamin Shoppe, Inc		17,794
286	*	VOXX International Corp (Class A)		2,620
189	*,e	Wayfair, Inc		6,071
178	*	West Marine, Inc		1,650
1,346		Williams-Sonoma, Inc		107,290
32		Winmark Corp		2,802
181	*,e	zulily, Inc		2,351
362	*	Zumiez, Inc		14,570
		TOTAL RETAILING		15,686,231

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
738	*	Advanced Energy Industries, Inc	$	18,937
9,659	*,e	Advanced Micro Devices, Inc		25,886
183	*	Alpha & Omega Semiconductor Ltd		1,631
4,407		Altera Corp		189,104
485	*,e	Ambarella, Inc		36,719
1,245	*	Amkor Technology, Inc		11,000
4,566		Analog Devices, Inc		287,658
17,409		Applied Materials, Inc		392,747
1,648	*,e	Applied Micro Circuits Corp		8,405
5,910		Atmel Corp		48,639
1,261	*,e	Audience, Inc		5,725
3,641		Avago Technologies Ltd		462,334
2,300	*	Axcelis Technologies, Inc		5,474
7,651		Broadcom Corp (Class A)		331,250
831		Brooks Automation, Inc		9,665
324	*	Cabot Microelectronics Corp		16,190
171	*	Cascade Microtech, Inc		2,322
742	*	Cavium Networks, Inc		52,548
234	*	Ceva, Inc		4,989
1,096	*	Cirrus Logic, Inc		36,453
280		Cohu, Inc		3,063
1,762	*,e	Cree, Inc		62,533
4,337		Cypress Semiconductor Corp		61,195
489	*	Diodes, Inc		13,966
289	*	DSP Group, Inc		3,462
1,867	*	Entegris, Inc		25,559
2,673	*	Entropic Communications, Inc		7,912
520	*	Exar Corp		5,226
1,676	*	Fairchild Semiconductor International, Inc		30,470
1,092	*	First Solar, Inc		65,291
593	*	Formfactor, Inc		5,260
1,725	*	Freescale Semiconductor Holdings Ltd		70,311
694	*	Inphi Corp		12,374
1,945	*	Integrated Device Technology, Inc		38,939
405		Integrated Silicon Solution, Inc		7,245
72,351		Intel Corp		2,262,416
1,727		Intersil Corp (Class A)		24,731
257		IXYS Corp		3,166
2,373		Kla-Tencor Corp		138,322
800	*	Kopin Corp		2,816
2,320		Lam Research Corp		162,945
1,579	*	Lattice Semiconductor Corp		10,011
3,463		Linear Technology Corp		162,068
161	*,e	MA-COM Technology Solutions		5,999
6,087		Marvell Technology Group Ltd		89,479
4,037		Maxim Integrated Products, Inc		140,528
374	*	MaxLinear, Inc		3,041
598		Micrel, Inc		9,018
2,851	e	Microchip Technology, Inc		139,414
15,639	*	Micron Technology, Inc		424,286
1,274	*	Microsemi Corp		45,100
698		MKS Instruments, Inc		23,599
598		Monolithic Power Systems, Inc		31,485
321	*	Nanometrics, Inc		5,399
55		NVE Corp		3,791
7,861		Nvidia Corp		164,491
868	*	Omnivision Technologies, Inc		22,889
6,316	*	ON Semiconductor Corp		76,487
409	*	PDF Solutions, Inc		7,329
304		Pericom Semiconductor Corp		4,703
666	*	Photronics, Inc		5,661
2,326	*	PMC - Sierra, Inc		21,585
408		Power Integrations, Inc		21,249
2,160	*	Qorvo, Inc		172,152

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,475	*,e	QuickLogic Corp	$	4,777
1,707	*	Rambus, Inc		21,466
1,284	*,e	Rubicon Technology, Inc		5,059
351	*	Rudolph Technologies, Inc		3,868
936	*	Semtech Corp		24,940
618	*	Silicon Laboratories, Inc		31,376
2,739		Skyworks Solutions, Inc		269,216
3,893	*,e	SunEdison, Inc		93,432
750	*,e	SunPower Corp		23,483
2,891		Teradyne, Inc		54,495
717		Tessera Technologies, Inc		28,881
15,694		Texas Instruments, Inc		897,461
395	*	Ultra Clean Holdings		2,824
367	*	Ultratech, Inc		6,364
512	*	Veeco Instruments, Inc		15,642
646	*	Vitesse Semiconductor Corp		3,430
584	*	Xcerra Corp		5,192
3,784		Xilinx, Inc		160,063
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		8,196,611
SOFTWARE & SERVICES - 10.3%
171	*,e	A10 Networks, Inc		740
9,113		Accenture plc		853,797
1,509	*	ACI Worldwide, Inc		32,685
6,991		Activision Blizzard, Inc		158,871
552	*	Actua Corp		8,551
1,008	*	Acxiom Corp		18,638
7,180	*	Adobe Systems, Inc		530,889
824		Advent Software, Inc		36,347
2,544	*	Akamai Technologies, Inc		180,739
837	*	Alliance Data Systems Corp		247,961
120	*,e	Amber Road, Inc		1,110
2,341		Amdocs Ltd		127,350
276	*	American Software, Inc (Class A)		2,821
555	*,e	Angie’s List, Inc		3,258
1,434	*	Ansys, Inc		126,464
1,104	*	AOL, Inc		43,729
1,235	*	Aspen Technology, Inc		47,535
3,320	*	Autodesk, Inc		194,685
7,020		Automatic Data Processing, Inc		601,193
454	*	AVG Technologies NV		9,829
899	*	Bankrate, Inc		10,195
106	*	Barracuda Networks, Inc		4,078
636	*,e	Bazaarvoice, Inc		3,593
66	*,e	Benefitfocus, Inc		2,428
735		Blackbaud, Inc		34,824
689	*,e	Blackhawk Network Holdings, Inc		24,646
540	*	Blucora, Inc		7,376
942		Booz Allen Hamilton Holding Co		27,262
80	*,e	Borderfree, Inc		481
528	*	Bottomline Technologies, Inc		14,451
1,343	*	Brightcove, Inc		9,844
1,849		Broadridge Financial Solutions, Inc		101,714
383	*	BroadSoft, Inc		12,815
4,657		CA, Inc		151,865
462	*	CACI International, Inc (Class A)		41,543
3,884	*	Cadence Design Systems, Inc		71,621
617	*	Callidus Software, Inc		7,824
238	*	Carbonite, Inc		3,403
574	*	Cardtronics, Inc		21,582
88	*,e	Care.com, Inc		667
155		Cass Information Systems, Inc		8,702
2,292		CDK Global, Inc		107,174
278	*,e	ChannelAdvisor Corp		2,694

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,042	*	Ciber, Inc	$	4,293
503	*	Cimpress NV		42,443
2,344	*	Citrix Systems, Inc		149,711
8,772	*	Cognizant Technology Solutions Corp (Class A)		547,285
633	*	Commvault Systems, Inc		27,662
2,093		Computer Sciences Corp		136,631
174		Computer Task Group, Inc		1,272
465	*	comScore, Inc		23,808
276	*	Comverse, Inc		5,437
418	*	Constant Contact, Inc		15,972
1,361		Convergys Corp		31,126
713	*	Cornerstone OnDemand, Inc		20,599
482	*	CoStar Group, Inc		95,354
162	*,e	Coupons.com, Inc		1,902
413	*	Covisint Corp		838
485	e	CSG Systems International, Inc		14,739
241	*	Cvent, Inc		6,758
185	*	Datalink Corp		2,227
715	*	DealerTrack Holdings, Inc		27,542
75	*	Demand Media, Inc		429
403	*,e	Demandware, Inc		24,543
606	*	Dice Holdings, Inc		5,406
85		DMRC Corp		1,866
406		DST Systems, Inc		44,948
1,405		EarthLink Holdings Corp		6,238
18,427	*	eBay, Inc		1,062,869
405	e	Ebix, Inc		12,304
4,519	*	Electronic Arts, Inc		265,785
372	*	Ellie Mae, Inc		20,575
500	*,e	Endurance International Group Holdings, Inc		9,530
236	*,e	EnerNOC, Inc		2,690
457	*	Envestnet, Inc		25,629
468	*	EPAM Systems, Inc		28,684
405		EPIQ Systems, Inc		7,262
51	*	ePlus, Inc		4,433
779		Equinix, Inc		181,390
677	*	Euronet Worldwide, Inc		39,774
1,110		EVERTEC, Inc		24,265
101	*	Everyday Health, Inc		1,299
430	*	ExlService Holdings, Inc		15,996
28,694	*	Facebook, Inc		2,359,077
623		Factset Research Systems, Inc		99,182
460		Fair Isaac Corp		40,811
4,180		Fidelity National Information Services, Inc		284,491
1,297	*,e	FireEye, Inc		50,907
1,499	*	First American Corp		52,870
3,720	*	Fiserv, Inc		295,368
164	*	Five9, Inc		912
1,207	*	FleetCor Technologies, Inc		182,160
501	*	FleetMatics Group plc		22,470
178		Forrester Research, Inc		6,547
1,839	*	Fortinet, Inc		64,273
1,334	*	Gartner, Inc		111,856
2,209	*	Genpact Ltd		51,359
571	*	Gigamon, Inc		12,128
824	*	Global Cash Access, Inc		6,279
1,011		Global Payments, Inc		92,688
134	*	Global Sources Ltd		785
1,206	*,e	Glu Mobile, Inc		6,042
750	*,e	Gogo, Inc		14,295
4,129	*	Google, Inc		2,262,692
4,081	*	Google, Inc (Class A)		2,263,731
120	*	GrubHub, Inc		5,447
239	*	Guidance Software, Inc		1,293

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
911	*	Guidewire Software, Inc	$	47,928
476		Hackett Group, Inc		4,255
451		Heartland Payment Systems, Inc		21,129
2,044	*	Higher One Holdings, Inc		4,946
1,254	*	HomeAway, Inc		37,833
1,028		IAC/InterActiveCorp		69,359
454	*	iGate Corp		19,368
492	*	Imperva, Inc		21,008
1,034	*	Infoblox, Inc		24,682
1,684	*	Informatica Corp		73,852
426		Information Services Group, Inc		1,700
225	*,e	Interactive Intelligence, Inc		9,266
729	*	Internap Network Services Corp		7,458
13,754		International Business Machines Corp		2,207,517
4,115		Intuit, Inc		398,990
745		j2 Global, Inc		48,932
1,354		Jack Henry & Associates, Inc		94,631
522	*	Jive Software, Inc		2,678
298	*	Knot, Inc		5,266
995	*	Kofax Ltd		10,895
861		Leidos Holdings, Inc		36,128
859	*	LendingClub Corp		16,879
884	*	Limelight Networks, Inc		3,209
1,502	*	LinkedIn Corp		375,290
704	*	Lionbridge Technologies		4,027
325	*,e	Liquidity Services, Inc		3,211
697	*	Liveperson, Inc		7,134
326	*	LogMeIn, Inc		18,253
105	*	Luxoft Holding, Inc		5,433
647	*,e	magicJack VocalTec Ltd		4,426
1,297	*	Manhattan Associates, Inc		65,641
292		Mantech International Corp (Class A)		9,910
441		Marchex, Inc (Class B)		1,799
353	*	Marin Software, Inc		2,220
344	*	Marketo, Inc		8,813
14,613		Mastercard, Inc (Class A)		1,262,417
130	*	Mavenir Systems, Inc		2,306
908		MAXIMUS, Inc		60,618
1,291		Mentor Graphics Corp		31,023
120,045		Microsoft Corp		4,880,429
122	*	MicroStrategy, Inc (Class A)		20,641
1,780	*,e	Millennial Media, Inc		2,581
259	*	Model N, Inc		3,098
529	*	ModusLink Global Solutions, Inc		2,037
445	*	MoneyGram International, Inc		3,845
530		Monotype Imaging Holdings, Inc		17,299
1,321	*,e	Monster Worldwide, Inc		8,375
467	*	Netscout Systems, Inc		20,478
653	*,e	NetSuite, Inc		60,572
808	*,e	NeuStar, Inc (Class A)		19,893
990		NIC, Inc		17,493
4,065	*	Nuance Communications, Inc		58,333
104	*,e	OPOWER, Inc		1,054
47,728		Oracle Corp		2,059,463
2,958	*,e	Pandora Media, Inc		47,949
128	*,e	Park City Group, Inc		1,764
4,926		Paychex, Inc		244,404
87	*	Paycom Software, Inc		2,789
476		Pegasystems, Inc		10,353
464	*	Perficient, Inc		9,600
404	*	PRGX Global, Inc		1,624
1,217	*	Progress Software Corp		33,066
484	*	Proofpoint, Inc		28,662
283	*	PROS Holdings, Inc		6,993
1,589	*	PTC, Inc		57,474

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
133	*	Q2 Holdings, Inc	$	2,812
43		QAD, Inc (Class A)		1,041
1,203	*	QLIK Technologies, Inc		37,449
270	*	Qualys, Inc		12,550
335	*	QuinStreet, Inc		1,993
1,699	*	Rackspace Hosting, Inc		87,651
334	*	Rally Software Development Corp		5,240
299	*	RealNetworks, Inc		2,012
695	*	RealPage, Inc		13,997
2,803	*	Red Hat, Inc		212,327
111		Reis, Inc		2,846
413	*,e	RetailMeNot, Inc		7,438
75	*	Rightside Group Ltd		761
246	*,e	Rocket Fuel, Inc		2,263
127	*	Rosetta Stone, Inc		966
1,271	*	Rovi Corp		23,145
106	*	Rubicon Project, Inc		1,900
576		Sabre Corp		13,997
8,916	*	Salesforce.com, Inc		595,678
329	*	Sapiens International Corp NV		2,698
547		Science Applications International Corp		28,088
368	*	Sciquest, Inc		6,230
334	*	Seachange International, Inc		2,622
2,039	*	ServiceNow, Inc		160,632
1,318	*,e	ServiceSource International LLC		4,086
200	*,e	Shutterstock, Inc		13,734
904	*,e	Silver Spring Networks, Inc		8,082
860	*	SolarWinds, Inc		44,066
923		Solera Holdings, Inc		47,682
1,693	*	Splunk, Inc		100,226
235	*	SPS Commerce, Inc		15,769
1,045		SS&C Technologies Holdings, Inc		65,104
192	*	Stamps.com, Inc		12,920
460	*	Sykes Enterprises, Inc		11,431
10,477		Symantec Corp		244,795
472	*	Synchronoss Technologies, Inc		22,401
2,546	*	Synopsys, Inc		117,931
547	*	Syntel, Inc		28,296
527	*	TA Indigo Holding Corp		5,449
535	*	Tableau Software, Inc		49,498
1,302	*	Take-Two Interactive Software, Inc		33,142
519	*	Tangoe, Inc		7,162
222	*	TechTarget, Inc		2,560
646	*	TeleCommunication Systems, Inc (Class A)		2,474
205	*	TeleNav, Inc		1,624
235		TeleTech Holdings, Inc		5,981
2,303	*	Teradata Corp		101,654
250	*,e	Textura Corp		6,795
1,541	*	TiVo, Inc		16,350
2,490		Total System Services, Inc		94,994
174	*	Travelzoo, Inc		1,677
2,286	*,e	Tremor Video, Inc		5,349
104	*,e	TrueCar, Inc		1,856
7,528	*	Twitter, Inc		377,002
473	*	Tyler Technologies, Inc		57,011
380	*	Ultimate Software Group, Inc		64,583
686	*	Unisys Corp		15,922
1,081	*	Unwired Planet, Inc		618
1,633	*	Vantiv, Inc		61,564
71	*	Varonis Systems, Inc		1,822
395	*,e	Vasco Data Security International		8,508
1,621	*	VeriFone Systems, Inc		56,557
843	*	Verint Systems, Inc		52,207
1,782	*,e	VeriSign, Inc		119,341
1,347	*,e	VirnetX Holding Corp		8,203

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
348	*	Virtusa Corp	$	14,400
29,180		Visa, Inc (Class A)		1,908,664
1,394	*	VMware, Inc (Class A)		114,322
852	*,e	Vringo, Inc		554
510	*,e	WebMD Health Corp (Class A)		22,356
695	*	Website Pros, Inc		13,170
7,819	e	Western Union Co		162,713
524	*	WEX, Inc		56,257
260	*	Wix.com Ltd		4,982
1,346	*	Workday, Inc		113,616
16,252		Xerox Corp		208,838
415	*,e	Xoom Corp		6,096
13,778	*	Yahoo!, Inc		612,225
757	*,e	Yelp, Inc		35,844
243	*,e	YuMe, Inc		1,261
137	*	Zendesk, Inc		3,109
679	*,e	Zillow Group, Inc		68,104
743	*	Zix Corp		2,920
9,691	*	Zynga, Inc		27,619
		TOTAL SOFTWARE & SERVICES		34,277,662
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
1,599	*,e	3D Systems Corp		43,845
806		Adtran, Inc		15,048
128	*,e	Aerohive Networks, Inc		571
400	*	Agilysys, Inc		3,936
211		Alliance Fiber Optic Products, Inc		3,676
4,596		Amphenol Corp (Class A)		270,842
356		Anixter International, Inc		27,102
87,464		Apple, Inc		10,883,146
470	*,e	Applied Optoelectronics, Inc		6,524
78	*	Arista Networks, Inc		5,501
1,841	*	ARRIS Group, Inc		53,196
1,425	*	Arrow Electronics, Inc		87,139
1,423	*	Aruba Networks, Inc		34,849
1,923		Avnet, Inc		85,573
583		AVX Corp		8,319
194		Badger Meter, Inc		11,628
100		Bel Fuse, Inc (Class B)		1,903
688		Belden CDT, Inc		64,369
750	*	Benchmark Electronics, Inc		18,023
226		Black Box Corp		4,730
6,230		Brocade Communications Systems, Inc		73,919
482	*	CalAmp Corp		7,804
469	*	Calix Networks, Inc		3,935
1,367		CDW Corp		50,907
500		Checkpoint Systems, Inc		5,410
1,409	*	Ciena Corp		27,208
74,367		Cisco Systems, Inc		2,046,952
153	*,e	Clearfield, Inc		2,267
1,165	*	Cognex Corp		57,772
334	*	Coherent, Inc		21,697
836	*	CommScope Holding Co, Inc		23,859
206		Comtech Telecommunications Corp		5,964
153	*,e	Control4 Corp		1,833
18,919		Corning, Inc		429,083
518	*	Cray, Inc		14,545
409		CTS Corp		7,358
277	*,e	CUI Global, Inc		1,623
423		Daktronics, Inc		4,573
867		Diebold, Inc		30,744
400	*	Digi International, Inc		3,992
671		Dolby Laboratories, Inc (Class A)		25,605
805	*	Dot Hill Systems Corp		4,267

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
196	*	DTS, Inc	$	6,678
487	*	Eastman Kodak Co		9,248
578	*	EchoStar Corp (Class A)		29,894
248		Electro Rent Corp		2,812
300		Electro Scientific Industries, Inc		1,854
630	*	Electronics for Imaging, Inc		26,303
29,489		EMC Corp		753,739
1,000	*	Emulex Corp		7,970
1,016	*	Extreme Networks, Inc		3,211
1,071	*	F5 Networks, Inc		123,101
471	*	Fabrinet		8,944
215	*	FARO Technologies, Inc		13,358
574		FEI Co		43,819
1,298	*,e	Finisar Corp		27,699
2,138		Flir Systems, Inc		66,877
407	*	GSI Group, Inc		5,421
1,150	*	Harmonic, Inc		8,522
1,633		Harris Corp		128,615
27,476		Hewlett-Packard Co		856,152
289	*	Immersion Corp		2,653
1,797	*	Infinera Corp		35,347
2,058	*	Ingram Micro, Inc (Class A)		51,697
620	*	Insight Enterprises, Inc		17,682
564		InterDigital, Inc		28,617
321	*	Intevac, Inc		1,971
1,144	*,e	InvenSense, Inc		17,400
446	*,e	IPG Photonics Corp		41,344
653	*	Itron, Inc		23,841
743	*	Ixia		9,013
2,873		Jabil Circuit, Inc		67,171
3,054	*	JDS Uniphase Corp		40,068
6,351		Juniper Networks, Inc		143,406
779	*	Kemet Corp		3,225
2,350	*	Keysight Technologies, Inc		87,303
345	*	Kimball Electronics, Inc		4,878
1,122	*,e	Knowles Corp		21,621
172	*	KVH Industries, Inc		2,601
1,140		Lexmark International, Inc (Class A)		48,268
302		Littelfuse, Inc		30,016
402	*,e	Maxwell Technologies, Inc		3,240
375	*	Mercury Computer Systems, Inc		5,831
30		Mesa Laboratories, Inc		2,166
657		Methode Electronics, Inc		30,905
2,929		Motorola, Inc		195,276
221		MTS Systems Corp		16,719
160	*	Multi-Fineline Electronix, Inc		2,923
1,374		National Instruments Corp		44,023
2,356	*	NCR Corp		69,526
4,641		NetApp, Inc		164,570
454	*	Netgear, Inc		14,928
535	*	Newport Corp		10,197
124	*,e	Nimble Storage, Inc		2,766
196	*	Numerex Corp		2,234
3,996	*,e	Oclaro, Inc		7,912
268	*	OSI Systems, Inc		19,902
790	*	Palo Alto Networks, Inc		115,403
232		Park Electrochemical Corp		5,002
5,017	*,e	Parkervision, Inc		4,164
196		PC Connection, Inc		5,114
554		Plantronics, Inc		29,334
511	*	Plexus Corp		20,833
2,014	*	Polycom, Inc		26,988
248	*	Procera Networks, Inc		2,329
1,170	*	QLogic Corp		17,246
24,525		Qualcomm, Inc		1,700,563

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
4,721	*	Quantum Corp	$	7,554
485	*	RealD, Inc		6,203
2,347	*	Riverbed Technology, Inc		49,076
383	*	Rofin-Sinar Technologies, Inc		9,280
243	*	Rogers Corp		19,977
1,772	*	Ruckus Wireless, Inc		22,806
3,205		SanDisk Corp		203,902
1,104	*	Sanmina Corp		26,706
438	*	Scansource, Inc		17,805
839	*	ShoreTel, Inc		5,722
435	*,e	Silicon Graphics International Corp		3,780
605	*	Sonus Networks, Inc		4,767
654	*	Speed Commerce, Inc		418
703	*,e	Stratasys Ltd		37,104
463	*	Super Micro Computer, Inc		15,376
529	*,e	Synaptics, Inc		43,010
382		SYNNEX Corp		29,510
512	*	Tech Data Corp		29,578
70		Tessco Technologies, Inc		1,726
3,730	*	Trimble Navigation Ltd		93,996
726	*,e	TTM Technologies, Inc		6,541
399	e	Ubiquiti Networks, Inc		11,790
527	*,e	Universal Display Corp		24,637
555	*	Viasat, Inc		33,084
1,934	*,e	Violin Memory, Inc		7,291
1,815		Vishay Intertechnology, Inc		25,083
161	*	Vishay Precision Group, Inc		2,565
3,238		Western Digital Corp		294,690
730	*	Zebra Technologies Corp (Class A)		66,222
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		20,903,869
TELECOMMUNICATION SERVICES - 2.0%
1,188	*	8x8, Inc		9,979
75,500		AT&T, Inc		2,465,075
105		Atlantic Tele-Network, Inc		7,268
201	*,e	Boingo Wireless, Inc		1,515
8,190		CenturyTel, Inc		282,964
3,005	*	Cincinnati Bell, Inc		10,608
675		Cogent Communications Group, Inc		23,848
984		Consolidated Communications Holdings, Inc		20,074
808	*	Fairpoint Communications, Inc		14,221
14,179		Frontier Communications Corp		99,962
464	*	General Communication, Inc (Class A)		7,313
4,738	*,e	Globalstar, Inc		15,778
126	*	Hawaiian Telcom Holdco, Inc		3,355
164		IDT Corp (Class B)		2,911
814	*,e	inContact, Inc		8,873
391		Inteliquent, Inc		6,154
367	*,e	Intelsat S.A.		4,404
1,082	*,e	Iridium Communications, Inc		10,506
4,056	*	Level 3 Communications, Inc		218,375
252		Lumos Networks Corp		3,845
181		NTELOS Holdings Corp		869
597	*	Orbcomm, Inc		3,564
762	*	Premiere Global Services, Inc		7,285
372	*	RingCentral, Inc		5,703
1,900	*	SBA Communications Corp (Class A)		222,490
364		Shenandoah Telecom Co		11,342
250		Spok Holdings, Inc		4,792
10,684	*	Sprint Corp		50,642
1,155		Telephone & Data Systems, Inc		28,759
3,812		T-Mobile US, Inc		120,802
200		US Cellular Corp		7,144
60,222		Verizon Communications, Inc		2,928,596

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,337	*	Vonage Holdings Corp	$	11,475
8,454		Windstream Holdings, Inc		62,560
334	*	Zayo Group Holdings, Inc		9,339
		TOTAL TELECOMMUNICATION SERVICES		6,692,390
TRANSPORTATION - 2.4%
776	*	Air Transport Services Group, Inc		7,155
2,084		Alaska Air Group, Inc		137,919
215		Allegiant Travel Co		41,342
100		Amerco, Inc		33,040
10,330		American Airlines Group, Inc		545,217
300		Arkansas Best Corp		11,367
331	*	Atlas Air Worldwide Holdings, Inc		14,240
1,503	*	Avis Budget Group, Inc		88,700
1,664	e	Baltic Trading Ltd		2,479
250		Celadon Group, Inc		6,805
2,096	e	CH Robinson Worldwide, Inc		153,469
765		Con-Way, Inc		33,759
490	e	Copa Holdings S.A. (Class A)		49,475
14,483		CSX Corp		479,677
12,320		Delta Air Lines, Inc		553,907
315	*	Echo Global Logistics, Inc		8,587
2,906		Expeditors International of Washington, Inc		140,011
4,298		FedEx Corp		711,104
419		Forward Air Corp		22,752
756	*	Genesee & Wyoming, Inc (Class A)		72,909
633	*,e	Hawaiian Holdings, Inc		13,942
666		Heartland Express, Inc		15,824
6,347	*	Hertz Global Holdings, Inc		137,603
500	*	Hub Group, Inc (Class A)		19,645
64		International Shipholding Corp		775
1,359		J.B. Hunt Transport Services, Inc		116,052
4,004	*	JetBlue Airways Corp		77,077
1,610		Kansas City Southern Industries, Inc		164,349
791	*	Kirby Corp		59,365
937		Knight Transportation, Inc		30,218
408	e	Knightsbridge Tankers Ltd		2,040
644		Landstar System, Inc		42,697
319		Marten Transport Ltd		7,401
519		Matson, Inc		21,881
1,614		Navios Maritime Holdings, Inc		6,746
4,437		Norfolk Southern Corp		456,656
900	*	Old Dominion Freight Line		69,570
118		Park-Ohio Holdings Corp		6,215
16	*	Patriot Transportation Holding, Inc		400
772	*	Quality Distribution, Inc		7,975
908	*	Republic Airways Holdings, Inc		12,485
313	*	Roadrunner Transportation Services Holdings, Inc		7,909
713		Ryder System, Inc		67,657
1,151		Safe Bulkers, Inc		4,132
331	*	Saia, Inc		14,663
5,331	*,e	Scorpio Bulkers, Inc		12,634
692		Skywest, Inc		10,110
9,898		Southwest Airlines Co		438,481
1,033	*	Spirit Airlines, Inc		79,913
1,289	*	Swift Transportation Co, Inc		33,540
5,476	*	UAL Corp		368,261
13,199		Union Pacific Corp		1,429,584
10,285		United Parcel Service, Inc (Class B)		997,028
68		Universal Truckload Services, Inc		1,712
84	*,e	USA Truck, Inc		2,326
1,203	e	UTI Worldwide, Inc		14,797
407	*	Virgin America, Inc		12,373
627		Werner Enterprises, Inc		19,694

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
849	*	Wesco Aircraft Holdings, Inc	$	13,007
810	*,e	XPO Logistics, Inc		36,831
521	*	YRC Worldwide, Inc		9,357
		TOTAL TRANSPORTATION		7,956,839
UTILITIES - 3.1%
590		Abengoa Yield plc		19,930
10,217		AES Corp		131,288
1,710		AGL Resources, Inc		84,901
719		Allete, Inc		37,934
1,725		Alliant Energy Corp		108,675
3,432		Ameren Corp		144,830
7,002		American Electric Power Co, Inc		393,863
671		American States Water Co		26,766
2,584		American Water Works Co, Inc		140,079
2,349		Aqua America, Inc		61,896
77		Artesian Resources Corp		1,647
1,866	e	Atlantic Power Corp		5,243
1,407		Atmos Energy Corp		77,807
912		Avista Corp		31,172
656		Black Hills Corp		33,089
641		California Water Service Group		15,711
5,965	*	Calpine Corp		136,420
5,931		Centerpoint Energy, Inc		121,052
160		Chesapeake Utilities Corp		8,098
937		Cleco Corp		51,085
3,809		CMS Energy Corp		132,972
146		Connecticut Water Service, Inc		5,304
4,295		Consolidated Edison, Inc		261,995
8,473		Dominion Resources, Inc		600,482
2,613		DTE Energy Co		210,843
10,262		Duke Energy Corp		787,916
1,744	*	Dynegy, Inc		54,814
4,658		Edison International		290,985
600		El Paso Electric Co		23,184
864		Empire District Electric Co		21,444
2,533		Entergy Corp		196,282
4,467		Eversource Energy		225,673
12,104		Exelon Corp		406,815
6,034		FirstEnergy Corp		211,552
2,066		Great Plains Energy, Inc		55,121
1,618		Hawaiian Electric Industries, Inc		51,970
750		Idacorp, Inc		47,153
1,109		Integrys Energy Group, Inc		79,870
2,281		ITC Holdings Corp		85,378
609		Laclede Group, Inc		31,193
2,660		MDU Resources Group, Inc		56,764
840		MGE Energy, Inc		37,229
214		Middlesex Water Co		4,871
1,140		National Fuel Gas Co		68,776
1,342		New Jersey Resources Corp		41,683
6,331		NextEra Energy, Inc		658,741
4,449		NiSource, Inc		196,468
744		Northwest Natural Gas Co		35,675
691		NorthWestern Corp		37,169
4,874		NRG Energy, Inc		122,776
402	e	NRG Yield, Inc		20,393
2,807		OGE Energy Corp		88,729
697	e	ONE Gas, Inc		30,131
513	e	Ormat Technologies, Inc		19,504
489		Otter Tail Corp		15,731
860		Pattern Energy Group, Inc		24,355
3,547		Pepco Holdings, Inc		95,166
6,567		PG&E Corp		348,511

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,201		Piedmont Natural Gas Co, Inc	$	44,329
1,829		Pinnacle West Capital Corp		116,599
1,241		PNM Resources, Inc		36,237
1,142		Portland General Electric Co		42,357
9,654		PPL Corp		324,954
7,128		Public Service Enterprise Group, Inc		298,806
3,138		Questar Corp		74,873
2,025		SCANA Corp		111,355
3,523		Sempra Energy		384,077
210		SJW Corp		6,491
442		South Jersey Industries, Inc		23,992
12,960		Southern Co		573,869
701		Southwest Gas Corp		40,777
3,273		TECO Energy, Inc		63,496
346		TerraForm Power, Inc		12,632
2,418		UGI Corp		78,803
895		UIL Holdings Corp		46,021
126		Unitil Corp		4,381
1,293		Vectren Corp		57,073
840	*,e	Vivint Solar, Inc		10,198
1,868		Westar Energy, Inc		72,404
691		WGL Holdings, Inc		38,972
3,224		Wisconsin Energy Corp		159,588
7,268		Xcel Energy, Inc		252,999
142		York Water Co		3,448
		TOTAL UTILITIES		10,193,835
		TOTAL COMMON STOCKS (Cost $196,828,484)		333,310,576
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
303	e,m	Magnum Hunter Resources Corp		0
		TOTAL ENERGY		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
118	*,m	Forest Laboratories, Inc CVR		112
104	*,m	Furiex Pharmaceuticals, Inc		1,016
499	m	Trius Therapeutics, Inc		65
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,193
SOFTWARE & SERVICES - 0.0%
299	*,m	Gerber Scientific, Inc		0
		TOTAL SOFTWARE & SERVICES		0
TELECOMMUNICATION SERVICES - 0.0%
710	m	Leap Wireless International, Inc		1,789
		TOTAL TELECOMMUNICATION SERVICES		1,789
		TOTAL RIGHTS / WARRANTS (Cost $2,813)		2,982
SHORT-TERM INVESTMENTS - 2.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.6%
8,726,484	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		8,726,484
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		8,726,484
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,726,484)		8,726,484
		TOTAL INVESTMENTS - 102.5% (Cost $205,557,781)		342,040,042
		OTHER ASSETS & LIABILITIES, NET - (2.5)%		(8,261,765	)
		NET ASSETS - 100.0%	$	333,778,277

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,439,683.

m Indicates a security that has been deemed illiquid.

80

TIAA-CREF LIFE FUNDS- International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.0%
AUSTRALIA - 0.6%
24,075		BHP Billiton Ltd	$	559,600
		TOTAL AUSTRALIA		559,600
BELGIUM - 0.2%
6,016		Fagron NV		234,253
		TOTAL BELGIUM		234,253
CHINA - 0.5%
682,000	*	Intime Retail Group Co Ltd		474,338
		TOTAL CHINA		474,338
FRANCE - 20.6%
107,423		Accor S.A.		5,601,688
4,615		Aeroports de Paris		551,604
7,338		BNP Paribas		446,488
43,848		Compagnie de Saint-Gobain		1,925,247
1,960		Eiffage S.A.		116,650
32,721		Essilor International S.A.		3,756,866
1,219		Nexity		50,978
51,346		Renault S.A.		4,663,759
118,692		Rexel S.A.		2,238,030
18,264		Vinci S.A.		1,043,490
		TOTAL FRANCE		20,394,800
GERMANY - 14.1%
68,603	e	Adidas-Salomon AG.		5,417,117
167,417	*	Commerzbank AG.		2,300,510
15,446		Henkel KGaA (Preference)		1,814,308
21,706		Linde AG.		4,413,898
		TOTAL GERMANY		13,945,833
HONG KONG - 0.0%
508		Hong Kong Exchanges and Clearing Ltd		12,452
		TOTAL HONG KONG		12,452
INDIA - 9.9%
58,464		Ceat Ltd		751,698
8,972		Eicher Motors Ltd		2,282,363
158,064		HDFC Bank Ltd		2,586,203
140,221		IndusInd Bank Ltd		1,987,812
80,711		Larsen & Toubro Ltd		2,217,510
		TOTAL INDIA		9,825,586
INDONESIA - 0.6%
976,500		PT Indofood Sukses Makmur Tbk		556,080
		TOTAL INDONESIA		556,080
JAPAN - 16.8%
1,600		Daikin Industries Ltd		106,966
15,900		Don Quijote Co Ltd		1,292,482
550	*	Fanuc Ltd		120,073
3,000		Fast Retailing Co Ltd		1,159,974

81

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
36,700	*	Hoya Corp	$	1,469,259
1,103		Kao Corp		55,077
980		Komatsu Ltd		19,211
109,800		Mazda Motor Corp		2,224,749
993		Mitsubishi Corp		19,953
8,016		Mitsubishi Electric Corp		95,162
11,000		Mitsubishi Heavy Industries Ltd		60,525
29,153		Mitsubishi UFJ Financial Group, Inc		180,557
5,000		Mitsui Trust Holdings, Inc		20,770
9,500		Murata Manufacturing Co Ltd		1,304,722
31,000		NGK Insulators Ltd		660,503
550		Nitto Denko Corp		36,726
15,800		NKSJ Holdings, Inc		491,196
1,050	e	NOK Corp		31,571
1,453	*	Nomura Holdings, Inc		8,534
84,425	*	Olympus Corp		3,130,104
110,850	*	Sony Corp		2,964,528
1,750	e	Sumitomo Corp		18,674
2,200		Sumitomo Metal Mining Co Ltd		32,155
2,000		Suruga Bank Ltd		41,533
12,300	*	Toyota Motor Corp		858,586
27,800	e	Yumeshin Holdings Co Ltd		206,637
		TOTAL JAPAN		16,610,227
MEXICO - 0.4%
8,500	e	Grupo Financiero Banorte S.A. de C.V.		49,328
175,000		Qualitas Controladora SAB de C.V.		312,977
		TOTAL MEXICO		362,305
NETHERLANDS - 6.0%
1,572		ASML Holding NV		159,369
40,061	*,g	GrandVision NV		943,140
29,166		Heineken NV		2,226,144
178,367	*	ING Groep NV		2,612,716
64		Royal Dutch Shell plc (A Shares)		1,903
		TOTAL NETHERLANDS		5,943,272
SPAIN - 0.6%
31,958		Endesa S.A.		616,944
		TOTAL SPAIN		616,944
SWEDEN - 5.3%
81,798	e	SKF AB (B Shares)		2,112,105
260,939	e	Volvo AB (B Shares)		3,157,942
		TOTAL SWEDEN		5,270,047
SWITZERLAND - 7.5%
17,419		Adecco S.A.		1,447,927
3,572		Burckhardt Compression Holding AG.		1,374,822
2,318		Geberit AG.		867,432
21		Givaudan S.A.		37,939
11,753		Holcim Ltd		875,627
14,934		Swatch Group AG. (Registered)		1,251,665
7,040	*	UBS AG.		132,008
4,167		Zurich Financial Services AG.		1,408,455
		TOTAL SWITZERLAND		7,395,875
UNITED KINGDOM - 15.9%
7,719		ARM Holdings plc		125,366
24,747		Associated British Foods plc		1,032,769
11,074		Barclays plc		39,972
410,667		Sky plc		6,041,727

82

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
91,815		Essentra plc	$	1,349,656
947,364		Group 4 Securicor plc		4,152,699
8,913	*	Indivior plc		25,121
692,054		Man Group plc		2,087,480
4,035		Reckitt Benckiser Group plc		346,629
16,992		Reed Elsevier plc		292,227
4,264		Rio Tinto plc		175,834
		TOTAL UNITED KINGDOM		15,669,480
		TOTAL COMMON STOCKS (Cost $88,828,673)		97,871,092
SHORT-TERM INVESTMENTS - 7.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 7.2%
7,143,197	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		7,143,197
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		7,143,197
		TOTAL SHORT-TERM INVESTMENTS (Cost $7,143,197)		7,143,197
		TOTAL INVESTMENTS - 106.2% (Cost $95,971,870)		105,014,289
		OTHER ASSETS & LIABILITIES, NET - (6.2)%		(6,181,499	)
		NET ASSETS - 100.0%	$	98,832,790

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $6,744,959.

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 March 31, 2015, the total value of these securities amounted to $943,140 or 1.0% of net assets.

83

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

March 31, 2015

SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	33,969,249			34.4	%
INDUSTRIALS		24,795,525			25.1
FINANCIALS		14,769,969			14.9
MATERIALS		7,481,435			7.6
HEALTH CARE		7,146,344			7.2
CONSUMER STAPLES		6,031,007			6.1
INFORMATION TECHNOLOGY		3,058,716			3.1
UTILITIES		616,944			0.6
ENERGY		1,903			0.0
SHORT-TERM INVESTMENTS		7,143,197			7.2
OTHER ASSETS & LIABILITIES, NET		(6,181,499	)		(6.2	)
NET ASSETS	$	98,832,790			100.0	%

84

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
BANK LOAN OBLIGATIONS - 1.4%
AUTOMOBILES & COMPONENTS - 0.1%
$    49,875	i	Dealer Tire LLC		5.500	%		12/22/21	$	50,530
74,625	i	Gates Global LLC		4.250			07/05/21		74,299
135,000	i	INA Beteiligungsgesellschaft mbH		4.250			05/15/20		135,863
		TOTAL AUTOMOBILES & COMPONENTS							260,692
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
159,952	i	AECOM Technology Corp		3.750			10/17/21		161,310
90,429	i	Capital Safety North America		3.750			03/29/21		88,846
59,850	i	Creative Artists Agency LLC		5.500			12/17/21		60,449
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							310,605
CONSUMER DURABLES & APPAREL - 0.1%
148,875	i	Libbey Glass, Inc		3.750			04/09/21		147,945
99,250	i	Otter Products LLC		5.750			06/03/20		98,588
		TOTAL CONSUMER DURABLES & APPAREL							246,533
CONSUMER SERVICES - 0.1%
133,912	i	Spin Holdco, Inc		4.250			11/14/19		133,354
		TOTAL CONSUMER SERVICES							133,354
DIVERSIFIED FINANCIALS - 0.1%
99,248	i	TransUnion LLC		4.000			04/09/21		99,187
		TOTAL DIVERSIFIED FINANCIALS							99,187
ENERGY - 0.0%
2,950	i	Granite Acquisition, Inc		5.000			12/19/21		2,985
66,882	i	Granite Acquisition, Inc		5.000			12/19/21		67,663
		TOTAL ENERGY							70,648
FOOD & STAPLES RETAILING - 0.0%
100,000	i	Albertson’s Holdings LLC		5.500			08/25/21		100,792
		TOTAL FOOD & STAPLES RETAILING							100,792
FOOD, BEVERAGE & TOBACCO - 0.0%
46,322	i	HJ Heinz Co		3.250			06/05/20		46,379
54,724	i	Post Holdings, Inc		3.750			06/02/21		54,808
		TOTAL FOOD, BEVERAGE & TOBACCO							101,187
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
88,146	i	Capsugel Holdings US, Inc		3.500			08/01/18		87,969
69,647	i	CHS/Community Health Systems		4.250			01/27/21		69,971
99,437	i	DaVita HealthCare Partners, Inc		3.500			06/24/21		99,573
99,246	i	Kinetic Concepts, Inc		4.000			11/04/16		99,147
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							356,660
MATERIALS - 0.2%
120,000	i	Crown Americas LLC		4.000			10/24/21		121,007
69,825	i	Eco Services Operations LLC		4.750			12/04/21		70,000

85

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    96,129		Minerals Technologies, Inc		4.000	%		05/09/21	$	96,489
165,185	i	Signode Industrial Group US, Inc		3.750			05/01/21		163,998
40,000	i	Solenis International LP		7.750			07/31/22		38,675
		TOTAL MATERIALS							490,169
MEDIA - 0.1%
146,626	i	CSC Holdings LLC		2.678			04/17/20		145,893
90,510	i	MTL Publishing LLC		3.750			06/29/18		90,346
97,981	i	Univision Communications, Inc		4.000			03/01/20		97,736
		TOTAL MEDIA							333,975
RETAILING - 0.0%
83,395	i	Stater Bros Markets		4.750			05/12/21		83,187
		TOTAL RETAILING							83,187
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
142,480	i	Avago Technologies Ltd		3.750			05/06/21		142,685
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							142,685
SOFTWARE & SERVICES - 0.2%
155,000	i	Evergreen Skills Lux S.a.r.l.		9.250			04/28/22		145,312
69,648	i	IMS Health, Inc		3.500			03/17/21		69,339
49,874	i	Mitchell International, Inc		4.500			10/12/20		49,864
45,913	i	P2 Lower Acquisition LLC		5.500			10/22/20		45,798
74,813	i	ProQuest LLC		5.250			10/24/21		74,883
		TOTAL SOFTWARE & SERVICES							385,196
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
69,650	i	Sensata Technologies BV		3.500			10/08/21		69,987
19,545	i	Zebra Technologies Corp		4.750			10/27/21		19,756
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							89,743
TELECOMMUNICATION SERVICES - 0.1%
195,500	i	Windstream Corp		3.500			01/23/20		195,297
		TOTAL TELECOMMUNICATION SERVICES							195,297
		TOTAL BANK LOAN OBLIGATIONS (Cost $3,395,428)							3,399,910
BONDS - 95.0%
CORPORATE BONDS - 41.8%
AUTOMOBILES & COMPONENTS - 0.2%
75,000	g	Gates Global LLC		6.000			07/15/22		70,781
300,000		Johnson Controls, Inc		4.625			07/02/44		321,793
175,000		Magna International, Inc		3.625			06/15/24		178,294
		TOTAL AUTOMOBILES & COMPONENTS							570,868
BANKS - 5.9%
200,000	g	Akbank TAS		5.125			03/31/25		196,500
200,000		Bank of America Corp		5.300			03/15/17		213,567
1,000,000		Bank of America Corp		2.600			01/15/19		1,017,792
500,000		Bank of America Corp		2.650			04/01/19		509,467
500,000		Bank of America Corp		4.000			01/22/25		506,488
50,000		Bank of America Corp		4.875			04/01/44		56,283
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			02/23/17		152,724
225,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			09/08/19		227,124
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250			09/08/24		154,559
200,000		Barclays plc		2.750			11/08/19		201,970
325,000		Barclays plc		3.650			03/16/25		325,992
250,000		Branch Banking & Trust Co		2.300			10/15/18		255,803
1,025,000		Capital One Bank USA NA		2.950			07/23/21		1,039,580
60,000		Capital One Bank USA NA		3.375			02/15/23		60,768

86

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    100,000		Citigroup, Inc		2.550	%		04/08/19	$	101,945
200,000		Citigroup, Inc		3.750			06/16/24		209,521
200,000		Citigroup, Inc		5.300			05/06/44		224,831
100,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950			11/09/22		103,520
125,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625			12/01/23		135,132
300,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		5.750			12/01/43		372,900
175,000	g	Credit Agricole S.A.		4.375			03/17/25		176,952
200,000	g	DBS Group Holdings Ltd		2.246			07/16/19		202,268
305,000		Deutsche Bank AG		3.700			05/30/24		312,636
200,000	g	Export Credit Bank of Turkey		5.000			09/23/21		200,500
200,000		Fifth Third Bancorp		2.375			04/25/19		202,912
200,000	g	Hana Bank		4.375			09/30/24		213,115
200,000	g	HSBC Bank plc		1.500			05/15/18		199,883
150,000	g	HSBC Bank plc		4.125			08/12/20		163,531
450,000		HSBC Holdings plc		4.250			03/14/24		472,206
150,000		HSBC USA, Inc		2.250			06/23/19		151,192
250,000		HSBC USA, Inc		2.375			11/13/19		252,221
300,000		HSBC USA, Inc		2.350			03/05/20		301,779
500,000		JPMorgan Chase & Co		3.875			02/01/24		528,924
100,000	i	JPMorgan Chase & Co		5.150			12/30/49		97,625
205,000		KeyBank NA		2.500			12/15/19		208,948
150,000		KeyBank NA		2.250			03/16/20		151,035
100,000	g	Macquarie Bank Ltd		2.600			06/24/19		101,416
225,000		Manufacturers & Traders Trust Co		2.100			02/06/20		225,445
175,000		PNC Bank NA		2.200			01/28/19		177,248
225,000		PNC Bank NA		2.250			07/02/19		228,115
150,000		PNC Bank NA		2.700			11/01/22		149,294
600,000		PNC Bank NA		2.950			01/30/23		602,090
140,000	g,i	Rabobank Nederland NV		11.000			12/30/49		180,250
500,000		Royal Bank of Canada		1.200			09/19/17		500,156
175,000		Royal Bank of Canada		2.200			07/27/18		178,743
100,000	g	Sumitomo Mitsui Banking Corp		3.150			07/22/15		100,770
75,000		Sumitomo Mitsui Banking Corp		2.500			07/19/18		76,639
150,000		Sumitomo Mitsui Banking Corp		2.450			01/16/20		151,834
100,000		SunTrust Bank		2.750			05/01/23		99,360
50,000		Toronto-Dominion Bank		2.500			07/14/16		51,136
200,000	g	Turkiye Garanti Bankasi AS.		4.750			10/17/19		201,404
150,000		Union Bank NA		2.125			06/16/17		152,176
125,000		UnionBanCal Corp		3.500			06/18/22		130,631
200,000		US Bancorp		1.650			05/15/17		202,713
370,000		US Bank NA		2.800			01/27/25		369,859
50,000		Westpac Banking Corp		3.000			08/04/15		50,432
200,000		Westpac Banking Corp		2.250			01/17/19		203,849
200,000	g	Zenith Bank plc		6.250			04/22/19		183,000
		TOTAL BANKS							14,218,753
CAPITAL GOODS - 1.3%
150,000		Caterpillar Financial Services Corp		2.250			12/01/19		152,247
125,000		Caterpillar Financial Services Corp		3.250			12/01/24		129,520
250,000		Caterpillar, Inc		1.500			06/26/17		253,226
100,000	g	EADS Finance BV		2.700			04/17/23		100,437
100,000		Eaton Corp		4.000			11/02/32		105,138
125,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550			11/01/24		127,096
925,000		John Deere Capital Corp		1.950			03/04/19		934,173
100,000		Raytheon Co		4.200			12/15/44		107,149
125,000		Rockwell Automation, Inc		2.050			03/01/20		126,228
115,000		Rockwell Automation, Inc		2.875			03/01/25		115,926
100,000	g	Schaeffler Finance BV		4.750			05/15/21		101,000
70,000	g	Sealed Air Corp		5.250			04/01/23		72,975
100,000	g	Stena AB		7.000			02/01/24		97,000
425,000	g	Timken Co		3.875			09/01/24		432,743
125,000		United Technologies Corp		1.800			06/01/17		127,280
50,000		United Technologies Corp		4.500			06/01/42		55,463
		TOTAL CAPITAL GOODS							3,037,601

87

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
$    100,000		ADT Corp		6.250	%		10/15/21	$	106,500
25,000	g	AECOM Technology Corp		5.750			10/15/22		25,875
50,000	g	AECOM Technology Corp		5.875			10/15/24		52,500
250,000		Air Lease Corp		3.875			04/01/21		257,500
150,000		Fluor Corp		3.500			12/15/24		154,643
200,000	g	HPHT Finance 15 Ltd		2.250			03/17/18		200,646
75,000		Republic Services, Inc		3.800			05/15/18		79,504
250,000		Republic Services, Inc		3.550			06/01/22		261,588
150,000		Republic Services, Inc		3.200			03/15/25		150,643
75,000		United Rentals North America, Inc		5.500			07/15/25		76,500
250,000		Waste Management, Inc		2.600			09/01/16		254,547
100,000		Waste Management, Inc		2.900			09/15/22		100,718
50,000		Waste Management, Inc		3.900			03/01/35		51,251
50,000		Waste Management, Inc		4.100			03/01/45		51,097
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,823,512
CONSUMER DURABLES & APPAREL - 0.1%
135,000		DR Horton, Inc		4.750			05/15/17		141,075
100,000		PVH Corp		4.500			12/15/22		101,500
100,000		Whirlpool Corp		3.700			03/01/23		103,156
		TOTAL CONSUMER DURABLES & APPAREL							345,731
CONSUMER SERVICES - 0.2%
200,000	g	1011778 BC / New Red Fin		6.000			04/01/22		207,250
100,000		ARAMARK Corp		5.750			03/15/20		104,500
50,000		GLP Capital LP		4.375			11/01/18		51,375
150,000	g	SABMiller Holdings, Inc		3.750			01/15/22		157,794
43,000	g	Six Flags Entertainment Corp		5.250			01/15/21		44,182
70,000	g	Speedway Motorsports, Inc		5.125			02/01/23		71,050
		TOTAL CONSUMER SERVICES							636,151
DIVERSIFIED FINANCIALS - 5.4%
40,000		Abbey National Treasury Services plc		4.000			04/27/16		41,244
125,000		American Express Centurion Bank		6.000			09/13/17		138,686
1,325,000		American Express Credit Corp		1.300			07/29/16		1,332,476
350,000		American Express Credit Corp		2.125			07/27/18		356,757
725,000		American Express Credit Corp		2.250			08/15/19		735,505
750,000	g,i	Armor Re Ltd		4.015			12/15/16		744,975
50,000		Bank of New York Mellon Corp		5.450			05/15/19		56,952
225,000	g	Bayer US Finance LLC		2.375			10/08/19		228,893
200,000	g	Bayer US Finance LLC		3.375			10/08/24		208,363
200,000	g,i	BBVA Bancomer S.A.		5.350			11/12/29		198,960
125,000		BlackRock, Inc		3.500			03/18/24		132,349
75,000		Capital One Financial Corp		1.000			11/06/15		75,090
200,000	g	Comcel Trust		6.875			02/06/24		213,100
125,000		Credit Suisse		2.300			05/28/19		126,275
125,000		Credit Suisse		3.000			10/29/21		127,322
65,000		Ford Motor Credit Co LLC		4.250			02/03/17		68,245
250,000		Ford Motor Credit Co LLC		3.000			06/12/17		257,602
35,000		Ford Motor Credit Co LLC		6.625			08/15/17		38,863
750,000		Ford Motor Credit Co LLC		2.597			11/04/19		759,888
100,000		General Electric Capital Corp		2.200			01/09/20		101,103
750,000		General Electric Capital Corp		3.100			01/09/23		772,487
40,000		General Motors Financial Co, Inc		4.375			09/25/21		42,610
150,000		Goldman Sachs Group, Inc		3.300			05/03/15		150,254
500,000		Goldman Sachs Group, Inc		2.625			01/31/19		510,833
200,000		Goldman Sachs Group, Inc		2.600			04/23/20		202,128
200,000		Goldman Sachs Group, Inc		3.625			01/22/23		206,875
525,000		Goldman Sachs Group, Inc		3.500			01/23/25		535,296
25,000		Goldman Sachs Group, Inc		6.750			10/01/37		32,829
250,000		Goldman Sachs Group, Inc		4.800			07/08/44		277,679
100,000	g	Hyundai Capital America		2.600			03/19/20		101,060
100,000		Icahn Enterprises LP		4.875			03/15/19		101,875

88

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    200,000	g	ICICI Bank Ltd		3.500	%		03/18/20	$	205,665
130,000		International Lease Finance Corp		5.750			05/15/16		135,135
100,000		International Lease Finance Corp		3.875			04/15/18		101,500
100,000		International Lease Finance Corp		5.875			08/15/22		111,000
100,000		Legg Mason, Inc		2.700			07/15/19		101,858
100,000		Legg Mason, Inc		3.950			07/15/24		104,346
325,000		Morgan Stanley		1.750			02/25/16		327,096
325,000		Morgan Stanley		1.875			01/05/18		327,177
225,000		Morgan Stanley		2.650			01/27/20		228,543
475,000		Morgan Stanley		3.700			10/23/24		495,226
250,000		Morgan Stanley		6.375			07/24/42		333,464
50,000		National Rural Utilities Cooperative Finance Corp		10.375			11/01/18		64,782
100,000	g	SUAM Finance BV		4.875			04/17/24		103,500
100,000		Textron, Inc		3.875			03/01/25		103,305
100,000		Toyota Motor Credit Corp		1.375			01/10/18		100,326
375,000		Toyota Motor Credit Corp		2.150			03/12/20		378,478
175,000		Unilever Capital Corp		2.200			03/06/19		178,761
50,000		Unilever Capital Corp		4.250			02/10/21		56,111
350,000		Wells Fargo & Co		1.500			07/01/15		350,920
200,000		Wells Fargo & Co		4.100			06/03/26		210,730
		TOTAL DIVERSIFIED FINANCIALS							12,894,497
ENERGY - 3.7%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		53,333
30,000		Anadarko Petroleum Corp		6.950			06/15/19		35,393
100,000		Apache Corp		1.750			04/15/17		100,782
375,000		Ashland, Inc		3.875			04/15/18		384,375
250,000		BP Capital Markets plc		1.375			05/10/18		248,839
300,000		BP Capital Markets plc		2.315			02/13/20		302,518
50,000	g	California Resources Corp		5.000			01/15/20		45,125
165,000	g	Calumet Specialty Products Partners LP		6.500			04/15/21		160,050
50,000	i	Chesapeake Energy Corp		3.503			04/15/19		48,125
250,000		Chevron Corp		2.355			12/05/22		246,979
150,000		Concho Resources, Inc		5.500			04/01/23		151,125
200,000		ConocoPhillips Co		3.350			11/15/24		206,100
105,000		Continental Resources, Inc		5.000			09/15/22		103,556
50,000		Devon Energy Corp		4.750			05/15/42		53,481
100,000		Ecopetrol S.A.		4.125			01/16/25		95,738
100,000		Ecopetrol S.A.		5.875			05/28/45		93,750
25,000		Enbridge Energy Partners LP		5.200			03/15/20		27,551
200,000		Enterprise Products Operating LLC		3.750			02/15/25		206,871
250,000		Enterprise Products Operating LLC		5.100			02/15/45		280,116
75,000		EOG Resources, Inc		2.625			03/15/23		74,923
175,000		EOG Resources, Inc		3.150			04/01/25		178,473
75,000		Exterran Partners LP		6.000			10/01/22		68,250
275,000		Exxon Mobil Corp		1.912			03/06/20		277,672
75,000		Exxon Mobil Corp		2.709			03/06/25		75,764
375,000		Exxon Mobil Corp		3.567			03/06/45		388,881
100,000		Husky Energy, Inc		3.950			04/15/22		101,600
250,000	g	Indo Energy Finance II BV		6.375			01/24/23		165,000
50,000		Marathon Petroleum Corp		3.500			03/01/16		51,088
100,000		Marathon Petroleum Corp		3.625			09/15/24		101,140
100,000		Noble Energy, Inc		3.900			11/15/24		101,734
25,000		Noble Energy, Inc		5.250			11/15/43		26,129
25,000		Noble Energy, Inc		5.050			11/15/44		26,235
25,000		Noble Holding International Ltd		3.450			08/01/15		25,105
100,000		Noble Holding International Ltd		4.000			03/16/18		100,539
75,000		Noble Holding International Ltd		4.900			08/01/20		72,653
200,000		ONE Gas, Inc		2.070			02/01/19		202,636
100,000		ONE Gas, Inc		3.610			02/01/24		107,148
100,000	i	Petrobras Global Finance BV		1.881			05/20/16		94,510
50,000		Petrobras Global Finance BV		2.000			05/20/16		47,825
50,000		Petrobras Global Finance BV		3.250			03/17/17		46,125
100,000	i	Petrobras Global Finance BV		2.393			01/15/19		86,625

89

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      50,000		Petrobras International Finance Co		3.875	%		01/27/16	$	49,044
50,000		Petrobras International Finance Co		3.500			02/06/17		46,792
50,000		Petroleos Mexicanos		3.500			07/18/18		52,000
20,000		Petroleos Mexicanos		8.000			05/03/19		23,925
100,000	g	Petroleos Mexicanos		3.500			07/23/20		102,250
30,000	g	Petroleos Mexicanos		4.250			01/15/25		30,407
100,000	g	Petroleos Mexicanos		4.500			01/23/26		101,900
40,000		Petroleos Mexicanos		5.500			06/27/44		40,350
187,500	g	Petroleum Co of Trinidad & Tobago Ltd		6.000			05/08/22		194,438
200,000	g	Petronas Capital Ltd		3.125			03/18/22		201,497
125,000		Phillips 66		4.875			11/15/44		133,881
45,000		Pioneer Natural Resources Co		7.500			01/15/20		53,439
575,000		Plains All American Pipeline LP		3.600			11/01/24		577,298
45,000		Precision Drilling Corp		6.500			12/15/21		41,738
32,000		Questar Market Resources, Inc		6.875			03/01/21		34,000
17,000		Regency Energy Partners LP		5.875			03/01/22		18,445
250,000	g	Reliance Industries Ltd		4.125			01/28/25		252,115
100,000		Rosetta Resources, Inc		5.625			05/01/21		94,000
75,000		Shell International Finance BV		2.375			08/21/22		74,726
125,000		Southwestern Energy Co		4.050			01/23/20		129,169
100,000		Southwestern Energy Co		4.100			03/15/22		98,398
100,000		Statoil ASA		1.200			01/17/18		99,703
200,000		Statoil ASA		2.450			01/17/23		196,796
125,000		Statoil ASA		4.250			11/23/41		133,981
125,000		Suncor Energy, Inc		3.600			12/01/24		127,713
50,000		Talisman Energy, Inc		3.750			02/01/21		49,197
50,000	g	Targa Resources Partners LP		5.000			01/15/18		51,500
150,000		Total Capital International S.A.		1.500			02/17/17		151,835
100,000		TransCanada PipeLines Ltd		5.850			03/15/36		120,050
55,000	g	Ultra Petroleum Corp		6.125			10/01/24		47,163
85,000		Vale Overseas Ltd		4.375			01/11/22		81,708
25,000		Vale Overseas Ltd		6.875			11/21/36		24,180
		TOTAL ENERGY							8,697,500
FOOD & STAPLES RETAILING - 0.3%
50,000		CVS Caremark Corp		3.250			05/18/15		50,168
125,000		CVS Caremark Corp		4.000			12/05/23		135,499
175,000		CVS Caremark Corp		3.375			08/12/24		181,476
140,000		Ingles Markets, Inc		5.750			06/15/23		145,250
150,000		Kroger Co		2.950			11/01/21		152,919
		TOTAL FOOD & STAPLES RETAILING							665,312
FOOD, BEVERAGE & TOBACCO - 1.3%
400,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375			11/01/22		355,800
200,000		Anheuser-Busch InBev Worldwide, Inc		2.875			02/15/16		203,957
200,000		Anheuser-Busch InBev Worldwide, Inc		1.375			07/15/17		201,200
125,000		Anheuser-Busch InBev Worldwide, Inc		2.500			07/15/22		123,322
100,000		Constellation Brands, Inc		3.875			11/15/19		103,000
150,000		Diageo Capital plc		2.625			04/29/23		149,197
150,000		Fomento Economico Mexicano SAB de C.V.		2.875			05/10/23		143,865
100,000		General Mills, Inc		2.200			10/21/19		100,838
200,000	g	Gruma SAB de C.V.		4.875			12/01/24		211,250
85,000	g	JM Smucker Co		3.500			03/15/25		87,381
100,000		Kraft Foods Group, Inc		5.000			06/04/42		111,188
100,000		Mondelez International, Inc		4.125			02/09/16		102,689
300,000		Mondelez International, Inc		4.000			02/01/24		325,847
5,000		PepsiCo, Inc		7.900			11/01/18		6,060
100,000		PepsiCo, Inc		4.250			10/22/44		106,635
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		37,135
175,000	g	Pernod-Ricard S.A.		4.250			07/15/22		188,611
200,000		Philip Morris International, Inc		3.250			11/10/24		205,329
75,000		Tyson Foods, Inc		3.950			08/15/24		79,236
100,000		Tyson Foods, Inc		4.875			08/15/34		112,747
		TOTAL FOOD, BEVERAGE & TOBACCO							2,955,287

90

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.6%
$    110,000		Baxter International, Inc		3.200	%		06/15/23	$	111,589
50,000		Becton Dickinson & Co		1.750			11/08/16		50,540
100,000		Becton Dickinson & Co		3.734			12/15/24		104,743
125,000		Becton Dickinson & Co		4.685			12/15/44		136,639
100,000		CHS/Community Health Systems		6.875			02/01/22		106,375
100,000		Covidien International Finance S.A.		1.350			05/29/15		100,139
100,000		Covidien International Finance S.A.		3.200			06/15/22		103,849
100,000		Express Scripts Holding Co		3.900			02/15/22		106,181
130,000	g	Fresenius Medical Care Capital Trust		5.750			02/15/21		142,350
40,000		HCA, Inc		6.500			02/15/20		45,040
150,000		HCA, Inc		5.875			03/15/22		165,750
100,000		Laboratory Corp of America Holdings		2.625			02/01/20		100,626
100,000		Laboratory Corp of America Holdings		3.600			02/01/25		100,408
100,000		Mallinckrodt International Finance S.A.		3.500			04/15/18		98,500
375,000		McKesson Corp		4.883			03/15/44		430,403
225,000	g	Medtronic, Inc		2.500			03/15/20		229,875
200,000	g	Medtronic, Inc		3.500			03/15/25		209,254
200,000	g	Medtronic, Inc		4.625			03/15/45		226,722
200,000		Quest Diagnostics, Inc		3.500			03/30/25		200,339
75,000		Thermo Fisher Scientific, Inc		2.250			08/15/16		76,278
100,000		Thermo Fisher Scientific, Inc		2.400			02/01/19		101,404
100,000		Thermo Fisher Scientific, Inc		3.300			02/15/22		102,537
125,000		Thermo Fisher Scientific, Inc		3.150			01/15/23		126,685
250,000		Zimmer Holdings, Inc		2.700			04/01/20		253,487
275,000		Zimmer Holdings, Inc		3.550			04/01/25		280,474
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							3,710,187
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
75,000		Clorox Co		3.800			11/15/21		80,972
125,000		Clorox Co		3.500			12/15/24		127,224
225,000		Ecolab, Inc		2.250			01/12/20		226,407
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							434,603
INSURANCE - 2.1%
125,000		Aetna, Inc		1.500			11/15/17		125,582
100,000		Allstate Corp		3.150			06/15/23		103,291
100,000		Allstate Corp		4.500			06/15/43		113,780
200,000		American International Group, Inc		2.300			07/16/19		202,966
300,000		American International Group, Inc		4.500			07/16/44		322,063
200,000		Children’s Hospital Medic		4.268			05/15/44		212,638
100,000		Chubb Corp		6.000			05/11/37		134,003
20,000		Cigna Corp		5.125			06/15/20		22,863
100,000		Cigna Corp		4.500			03/15/21		112,272
125,000		Cigna Corp		3.250			04/15/25		127,532
100,000	g	Five Corners Funding Trust		4.419			11/15/23		107,282
100,000		Hartford Financial Services Group, Inc		4.000			10/15/17		106,465
25,000		Lincoln National Corp		7.000			06/15/40		34,608
250,000	g,i	Merna Reinsurance IV Ltd		2.520			04/08/16		250,850
50,000	g	MetLife Institutional Funding II		1.625			04/02/15		50,000
100,000		MetLife, Inc		6.750			06/01/16		106,719
300,000		MetLife, Inc		4.368			09/15/23		333,125
225,000		MetLife, Inc		3.000			03/01/25		225,491
100,000		Principal Financial Group, Inc		1.850			11/15/17		100,848
150,000		Progressive Corp		3.750			08/23/21		162,786
175,000		Prudential Financial, Inc		5.400			06/13/35		206,223
100,000		Prudential Financial, Inc		5.100			08/15/43		112,365
475,000	i	Prudential Financial, Inc		5.200			03/15/44		483,550
100,000	g	Prudential Funding LLC		6.750			09/15/23		124,543
100,000	g	Swiss Re Treasury US Corp		2.875			12/06/22		99,832
125,000	g	Swiss Re Treasury US Corp		4.250			12/06/42		133,734
25,000		Travelers Cos, Inc		5.800			05/15/18		28,229
125,000		UnitedHealth Group, Inc		0.850			10/15/15		125,248
100,000		UnitedHealth Group, Inc		1.400			10/15/17		100,952

91

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    250,000		WellPoint, Inc		3.125	%		05/15/22	$	253,437
150,000		WellPoint, Inc		4.625			05/15/42		162,612
150,000		Willis Group Holdings plc		4.125			03/15/16		153,893
25,000		WR Berkley Corp		5.375			09/15/20		28,266
		TOTAL INSURANCE							4,968,048
MATERIALS - 2.3%
35,000		Air Products & Chemicals, Inc		4.375			08/21/19		38,442
50,000		Alcoa, Inc		5.125			10/01/24		53,516
60,000		ArcelorMittal		5.250			02/25/17		62,400
200,000		Barrick North America Finance LLC		4.400			05/30/21		205,393
75,000	g	Cascades, Inc		5.500			07/15/22		76,125
200,000		Celulosa Arauco y Constitucion S.A.		4.500			08/01/24		204,799
200,000	g	Cemex Finance LLC		6.000			04/01/24		199,500
100,000		Corning, Inc		1.450			11/15/17		100,418
107,000		Crown Americas LLC		6.250			02/01/21		112,751
105,000		Crown Americas LLC		4.500			01/15/23		105,919
425,000		Dow Chemical Co		3.500			10/01/24		431,587
100,000		Eastman Chemical Co		3.800			03/15/25		103,706
200,000	g	Georgia-Pacific LLC		2.539			11/15/19		202,768
450,000	g	Glencore Funding LLC		2.500			01/15/19		450,217
125,000	g	Glencore Funding LLC		4.625			04/29/24		129,614
100,000		Hexion US Finance Corp		6.625			04/15/20		91,500
725,000		International Paper Co		4.750			02/15/22		801,495
50,000		International Paper Co		4.800			06/15/44		51,439
200,000	g	Israel Chemicals Ltd		4.500			12/02/24		203,240
200,000	g	Klabin Finance S.A.		5.250			07/16/24		194,000
150,000		LyondellBasell Industries NV		4.625			02/26/55		148,308
100,000		Monsanto Co		2.200			07/15/22		97,043
100,000		Monsanto Co		4.200			07/15/34		107,174
125,000		Nucor Corp		4.000			08/01/23		131,161
200,000	g	OCP S.A.		5.625			04/25/24		217,500
150,000		Packaging Corp of America		3.650			09/15/24		150,827
50,000		Rio Tinto Finance USA Ltd		2.250			09/20/16		50,978
85,000		Rio Tinto Finance USA plc		2.250			12/14/18		86,391
225,000		Sherwin-Williams Co		1.350			12/15/17		225,288
25,000	g	Steel Dynamics, Inc		5.125			10/01/21		25,156
100,000		Teck Resources Ltd		2.500			02/01/18		99,622
100,000		Teck Resources Ltd		3.750			02/01/23		93,656
25,000		Teck Resources Ltd		6.000			08/15/40		23,789
25,000		Teck Resources Ltd		5.200			03/01/42		22,080
225,000	g	Union Andina de Cementos SAA		5.875			10/30/21		227,475
		TOTAL MATERIALS							5,525,277
MEDIA - 2.2%
100,000		AMC Entertainment, Inc		5.875			02/15/22		103,750
175,000	g	British Sky Broadcasting Group plc		2.625			09/16/19		177,717
150,000		CBS Corp		2.300			08/15/19		150,023
50,000		CBS Corp		4.600			01/15/45		50,948
100,000		CCOH Safari LLC		5.750			12/01/24		103,000
100,000		Cinemark USA, Inc		4.875			06/01/23		99,500
475,000		Comcast Corp		4.250			01/15/33		512,162
175,000		DIRECTV Holdings LLC		4.450			04/01/24		186,898
175,000		DISH DBS Corp		4.250			04/01/18		175,875
15,000	g	Gannett Co, Inc		4.875			09/15/21		15,300
80,000	g	Gannett Co, Inc		5.500			09/15/24		83,700
200,000		Grupo Televisa SAB		5.000			05/13/45		208,204
100,000		Lamar Media Corp		5.875			02/01/22		105,250
100,000	g	NBC Universal Enterprise, Inc		1.662			04/15/18		100,634
125,000	g	NBC Universal Enterprise, Inc		1.974			04/15/19		125,784
500,000		News America, Inc		3.000			09/15/22		506,024
50,000		News America, Inc		6.900			08/15/39		69,148
50,000	g	Nielsen Finance LLC		5.000			04/15/22		50,312
120,000	g	Numericable Group S.A.		6.000			05/15/22		121,800

92

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    200,000		Outfront Media Capital LLC		5.250	%		02/15/22	$	209,500
200,000		Time Warner Cable, Inc		4.000			09/01/21		214,074
75,000		Time Warner Cable, Inc		5.875			11/15/40		89,710
100,000		Time Warner Cable, Inc		4.500			09/15/42		103,405
50,000		Time Warner, Inc		3.150			07/15/15		50,380
450,000		Time Warner, Inc		2.100			06/01/19		452,286
50,000		Time Warner, Inc		6.500			11/15/36		64,895
250,000		Time Warner, Inc		4.900			06/15/42		276,567
150,000		Time Warner, Inc		4.650			06/01/44		161,607
104,000	g	Time, Inc		5.750			04/15/22		101,660
200,000	g	Univision Communications, Inc		5.125			05/15/23		203,000
115,000		Viacom, Inc		2.500			12/15/16		117,565
125,000		Viacom, Inc		5.850			09/01/43		140,731
		TOTAL MEDIA							5,131,409
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
375,000		Abbott Laboratories		2.000			03/15/20		377,434
375,000		Abbott Laboratories		2.950			03/15/25		379,454
100,000		Actavis Funding SCS		3.000			03/12/20		102,447
150,000		Actavis Funding SCS		3.800			03/15/25		154,679
275,000		Amgen, Inc		2.200			05/22/19		278,553
170,000	g	Endo Finance LLC & Endo Finco, Inc		7.000			07/15/19		177,225
100,000		Gilead Sciences, Inc		2.350			02/01/20		102,750
275,000		Gilead Sciences, Inc		3.700			04/01/24		293,646
65,000		Life Technologies Corp		3.500			01/15/16		66,274
250,000		Merck & Co, Inc		1.850			02/10/20		251,366
75,000		Mylan, Inc		2.550			03/28/19		75,393
172,000	g	Mylan, Inc		7.875			07/15/20		181,720
100,000		Perrigo Co plc		4.000			11/15/23		104,488
100,000		Perrigo Finance plc		4.900			12/15/44		107,176
275,000	g	Roche Holdings, Inc		2.250			09/30/19		279,026
225,000	g	Roche Holdings, Inc		3.350			09/30/24		235,961
100,000	g	Valeant Pharmaceuticals International, Inc		6.375			10/15/20		103,875
100,000	g	Valeant Pharmaceuticals International, Inc		5.625			12/01/21		101,500
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,372,967
REAL ESTATE - 0.9%
30,000		AMB Property LP		4.500			08/15/17		32,113
150,000		Brandywine Operating Partnership LP		4.100			10/01/24		152,555
35,000		Camden Property Trust		4.625			06/15/21		38,371
100,000		Camden Property Trust		2.950			12/15/22		97,975
100,000		DCT Industrial Operating Partnership LP		4.500			10/15/23		106,400
100,000		Developers Diversified Realty Corp		4.750			04/15/18		107,638
40,000		Developers Diversified Realty Corp		7.875			09/01/20		49,852
100,000		Equity One, Inc		3.750			11/15/22		101,485
75,000		Essex Portfolio LP		3.375			01/15/23		75,825
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		28,244
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		100,175
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		100,178
225,000		Kilroy Realty LP		3.800			01/15/23		230,490
100,000		Mid-America Apartments LP		4.300			10/15/23		106,825
125,000		Mid-America Apartments LP		3.750			06/15/24		128,064
50,000		National Retail Properties, Inc		3.800			10/15/22		51,839
100,000		National Retail Properties, Inc		3.300			04/15/23		99,865
100,000		Simon Property Group LP		2.800			01/30/17		102,865
40,000		Simon Property Group LP		10.350			04/01/19		51,848
15,000		Ventas Realty LP		3.125			11/30/15		15,213
50,000		Ventas Realty LP		3.750			05/01/24		51,366
50,000		Weingarten Realty Investors		3.375			10/15/22		49,909
100,000		Weingarten Realty Investors		3.500			04/15/23		100,482
100,000		Weingarten Realty Investors		4.450			01/15/24		106,542
		TOTAL REAL ESTATE							2,086,119

93

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
RETAILING - 1.1%
$    15,000	g	Family Tree Escrow LLC		5.750	%		03/01/23	$	15,750
125,000		Home Depot, Inc		2.250			09/10/18		129,106
275,000		Home Depot, Inc		2.000			06/15/19		279,832
132,000		Limited Brands, Inc		6.625			04/01/21		151,207
125,000		Macy’s Retail Holdings, Inc		2.875			02/15/23		124,264
70,000	g	Men’s Wearhouse, Inc		7.000			07/01/22		73,675
35,000		O’Reilly Automotive, Inc		4.625			09/15/21		38,680
725,000		O’Reilly Automotive, Inc		3.800			09/01/22		757,376
175,000		Priceline Group, Inc		3.650			03/15/25		178,092
510,000	g	QVC, Inc		7.375			10/15/20		529,125
100,000		QVC, Inc		5.125			07/02/22		106,299
100,000		Sally Holdings LLC		5.750			06/01/22		106,375
100,000	g	Tiffany & Co		3.800			10/01/24		101,647
		TOTAL RETAILING							2,591,428
SOFTWARE & SERVICES - 0.8%
175,000		Adobe Systems, Inc		3.250			02/01/25		176,735
100,000		Equinix, Inc		4.875			04/01/20		103,250
1,170,000		Fidelity National Information Services, Inc		5.000			03/15/22		1,240,547
150,000		Microsoft Corp		3.500			02/12/35		149,620
100,000		NCR Corp		5.875			12/15/21		104,250
50,000	g	Open Text Corp		5.625			01/15/23		51,875
		TOTAL SOFTWARE & SERVICES							1,826,277
TECHNOLOGY HARDWARE & EQUIPMENT - 1.2%
200,000		Amphenol Corp		3.125			09/15/21		204,985
100,000		CC Holdings GS V LLC		2.381			12/15/17		100,817
82,000		Flextronics International Ltd		4.625			02/15/20		85,997
500,000		General Electric Co		0.850			10/09/15		501,570
100,000		General Electric Co		4.125			10/09/42		105,558
175,000		General Electric Co		4.500			03/11/44		196,462
200,000		Hewlett-Packard Co		2.750			01/14/19		205,041
100,000		Hewlett-Packard Co		3.750			12/01/20		104,869
275,000	g	Keysight Technologies, Inc		4.550			10/30/24		277,097
100,000		L-3 Communications Corp		4.950			02/15/21		110,598
200,000	g	Millicom International Cellular S.A.		6.000			03/15/25		199,250
150,000	g	NXP BV		3.750			06/01/18		153,000
50,000		Seagate HDD Cayman		4.750			06/01/23		52,552
150,000	g	Seagate HDD Cayman		4.750			01/01/25		155,324
100,000		Tyco Electronics Group S.A.		2.375			12/17/18		101,865
150,000		Tyco Electronics Group S.A.		3.500			02/03/22		156,485
50,000	g	Zebra Technologies Corp		7.250			10/15/22		53,875
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,765,345
TELECOMMUNICATION SERVICES - 2.8%
200,000	g	Alibaba Group Holding Ltd		2.500			11/28/19		200,069
50,000		American Tower Corp		3.500			01/31/23		49,562
125,000		AT&T, Inc		1.400			12/01/17		124,314
150,000		AT&T, Inc		2.625			12/01/22		146,083
200,000	g	Bharti Airtel International Netherlands BV		5.350			05/20/24		220,250
75,000	g	CommScope Holding Co, Inc		5.000			06/15/21		74,906
75,000	g	CommScope Holding Co, Inc		5.500			06/15/24		75,000
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		152,120
75,000	g	Deutsche Telekom International Finance BV		4.875			03/06/42		84,583
200,000	g	ENTEL Chile S.A.		4.750			08/01/26		205,098
125,000		Intelsat Jackson Holdings S.A.		5.500			08/01/23		118,125
50,000		Orange S.A.		5.500			02/06/44		59,369
200,000	g	Qtel International Finance Ltd		3.875			01/31/28		197,019
100,000	g	SES		3.600			04/04/23		104,670
100,000	g	SES Global Americas Holdings GP		2.500			03/25/19		100,316
100,000		Sprint Corp		7.250			09/15/21		100,500

94

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    150,000		Telefonica Emisiones SAU		3.992	%		02/16/16	$	153,808
200,000		Telefonica Emisiones SAU		4.570			04/27/23		220,081
100,000		T-Mobile USA, Inc		6.731			04/28/22		105,250
50,000		T-Mobile USA, Inc		6.375			03/01/25		51,595
600,000		Verizon Communications, Inc		0.700			11/02/15		600,017
1,045,000		Verizon Communications, Inc		2.625			02/21/20		1,063,869
675,000		Verizon Communications, Inc		3.450			03/15/21		705,946
400,000		Verizon Communications, Inc		4.150			03/15/24		429,688
425,000		Verizon Communications, Inc		4.400			11/01/34		432,968
433,000	g	Verizon Communications, Inc		4.272			01/15/36		429,732
237,000		Verizon Communications, Inc		5.012			08/21/54		245,939
200,000	g	VimpelCom Holdings BV		5.950			02/13/23		172,000
100,000		Windstream Corp		6.375			08/01/23		90,181
		TOTAL TELECOMMUNICATION SERVICES							6,713,058
TRANSPORTATION - 1.7%
275,000	g	AP Moeller-Maersk A.S.		2.550			09/22/19		279,516
250,000	g	AP Moeller-Maersk A.S.		3.750			09/22/24		259,095
165,000	g	Asciano Finance Ltd		5.000			04/07/18		177,404
175,000		Boeing Co		3.300			03/01/35		173,916
100,000		Boeing Co		3.500			03/01/45		99,214
100,000	g	Bombardier, Inc		5.500			09/15/18		99,875
150,000		Burlington Northern Santa Fe LLC		3.400			09/01/24		156,554
225,000		Canadian Pacific Railway Co		2.900			02/01/25		224,437
100,000	g	Embraer Overseas Ltd		5.696			09/16/23		106,865
100,000	g	ERAC USA Finance LLC		3.300			10/15/22		101,675
100,000	g	ERAC USA Finance LLC		5.625			03/15/42		116,634
125,000		FedEx Corp		2.300			02/01/20		126,299
125,000		FedEx Corp		3.200			02/01/25		126,689
100,000		FedEx Corp		4.100			02/01/45		99,862
221,000		GATX Corp		1.250			03/04/17		220,059
200,000		GATX Corp		2.500			07/30/19		201,542
125,000		GATX Corp		3.250			03/30/25		123,631
200,000		GATX Corp		5.200			03/15/44		224,324
150,000		GATX Corp		4.500			03/30/45		152,252
400,000		Kansas City Southern de Mexico S.A. de C.V.		2.350			05/15/20		393,992
100,000		Southwest Airlines Co		2.750			11/06/19		102,276
250,000	g	TTX Co		3.600			01/15/25		259,398
75,000		Union Pacific Corp		3.375			02/01/35		73,270
100,000		United Parcel Service, Inc		3.125			01/15/21		106,264
100,000		United Parcel Service, Inc		3.625			10/01/42		100,737
		TOTAL TRANSPORTATION							4,105,780
UTILITIES - 4.3%
25,000	i	AES Corp		3.262			06/01/19		24,875
100,000		AES Corp		7.375			07/01/21		112,000
100,000		AES Corp		4.875			05/15/23		96,625
100,000		AGL Capital Corp		4.400			06/01/43		108,452
100,000		Alabama Power Co		3.550			12/01/23		107,002
100,000		Alabama Power Co		4.150			08/15/44		108,246
130,000		AmeriGas Partners LP		6.250			08/20/19		134,875
100,000	g	Argos Merger Sub, Inc		7.125			03/15/23		103,625
75,000		Atmos Energy Corp		8.500			03/15/19		93,163
200,000		Atmos Energy Corp		4.125			10/15/44		213,781
100,000		Berkshire Hathaway Energy Co		3.500			02/01/25		104,137
100,000		Berkshire Hathaway Energy Co		5.150			11/15/43		119,148
125,000		Berkshire Hathaway Energy Co		4.500			02/01/45		136,096
200,000		Black Hills Corp		4.250			11/30/23		215,294
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		200,164
200,000		Carolina Power & Light Co		5.300			01/15/19		226,263

95

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    65,000	g	Cleopatra Finance Ltd		5.625	%		02/15/20	$	63,505
200,000	g	Colbun S.A.		4.500			07/10/24		206,114
150,000		Commonwealth Edison Co		4.000			08/01/20		163,940
150,000		Commonwealth Edison Co		3.700			03/01/45		152,243
25,000		Connecticut Light & Power Co		5.500			02/01/19		28,466
200,000		Connecticut Light & Power Co		4.300			04/15/44		224,211
150,000		Consolidated Edison Co of New York, Inc		3.950			03/01/43		154,826
150,000	g	Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		151,629
100,000		Dominion Gas Holdings LLC		3.600			12/15/24		104,931
125,000		Dominion Gas Holdings LLC		4.600			12/15/44		134,932
15,000		Duke Energy Carolinas LLC		4.300			06/15/20		16,705
75,000		Duke Energy Ohio, Inc		3.800			09/01/23		81,374
150,000		Duke Energy Progress, Inc		4.150			12/01/44		163,867
150,000	g,i	Electricite de France		5.625			12/30/49		159,750
200,000	g	Empresa Electrica Angamos S.A.		4.875			05/25/29		197,800
25,000		Empresa Nacional de Electricidad S.A.		4.250			04/15/24		25,907
200,000	g	Eskom Holdings Ltd		5.750			01/26/21		193,040
200,000	g	Eskom Holdings SOC Ltd		7.125			02/11/25		201,500
225,000		Exelon Generation Co LLC		2.950			01/15/20		228,796
50,000		Ferrellgas LP		6.750			01/15/22		50,870
150,000	g	FirstEnergy Transmission LLC		4.350			01/15/25		158,444
50,000		Indiana Michigan Power Co		7.000			03/15/19		59,573
25,000		Integrys Energy Group, Inc		4.170			11/01/20		26,991
200,000	g	Israel Electric Corp Ltd		5.000			11/12/24		207,000
200,000	g	KazMunayGas National Co JSC		4.875			05/07/25		172,500
100,000		LG&E and KU Energy LLC		3.750			11/15/20		105,827
200,000	g	MTN Mauritius Investments Ltd		4.755			11/11/24		200,900
50,000		NiSource Finance Corp		4.800			02/15/44		56,217
100,000		Northeast Utilities		1.450			05/01/18		99,293
150,000		Northeast Utilities		3.150			01/15/25		151,488
100,000		NRG Energy, Inc		6.250			05/01/24		100,750
250,000		NSTAR Electric Co		4.400			03/01/44		282,452
200,000		NTPC Ltd		5.625			07/14/21		225,444
125,000		Oncor Electric Delivery Co LLC		2.150			06/01/19		125,936
100,000	g	Oncor Electric Delivery Co LLC		3.750			04/01/45		100,220
150,000		ONEOK Partners LP		3.800			03/15/20		152,942
150,000		ONEOK Partners LP		3.375			10/01/22		142,313
125,000		Pacific Gas & Electric Co		4.300			03/15/45		134,533
75,000		Pepco Holdings, Inc		2.700			10/01/15		75,596
300,000		PPL Capital Funding, Inc		4.200			06/15/22		326,784
250,000		PPL Electric Utilities Corp		3.000			09/15/21		260,546
50,000		Progress Energy, Inc		7.050			03/15/19		59,665
75,000		Public Service Co of Colorado		3.200			11/15/20		79,811
80,000		Public Service Co of Colorado		4.750			08/15/41		95,610
100,000		Public Service Co of Oklahoma		5.150			12/01/19		112,908
250,000		Republic of Angola Via Northern Lights III BV		7.000			08/16/19		249,582
75,000		San Diego Gas & Electric Co		3.000			08/15/21		78,470
125,000		Sempra Energy		2.875			10/01/22		124,964
300,000		Southern California Edison Co		3.600			02/01/45		301,208
150,000		Spectra Energy Partners LP		4.500			03/15/45		152,268
100,000		Tampa Electric Co		4.100			06/15/42		108,031
55,000		Virginia Electric and Power Co		2.950			01/15/22		56,717
225,000		Walgreens Boots Alliance, Inc		2.700			11/18/19		229,860
250,000		Walgreens Boots Alliance, Inc		3.800			11/18/24		258,488
75,000		Williams Partners LP		4.000			11/15/21		76,989
100,000		Williams Partners LP		4.500			11/15/23		103,687
75,000		Williams Partners LP		4.900			01/15/45		70,338
35,000		Xcel Energy, Inc		4.800			09/15/41		40,564
		TOTAL UTILITIES							10,173,061
		TOTAL CORPORATE BONDS (Cost $96,253,475)							99,248,771

96

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
GOVERNMENT BONDS - 33.0%
AGENCY SECURITIES - 0.2%
$    400,000		Private Export Funding Corp (PEFCO)		2.250	%		03/15/20	$	408,947
156,250		Totem Ocean Trailer Express, Inc		4.514			12/18/19		165,907
		TOTAL AGENCY SECURITIES							574,854
FOREIGN GOVERNMENT BONDS - 3.2%
200,000	g	Banque Centrale de Tunisie S.A.		5.750			01/30/25		201,750
100,000		Brazilian Government International Bond		2.625			01/05/23		89,850
25,000		Brazilian Government International Bond		7.125			01/20/37		29,687
55,000		Brazilian Government International Bond		5.000			01/27/45		50,875
100,000	g	Caisse d’Amortissement de la Dette Sociale		3.375			03/20/24		109,749
250,000		Canada Government International Bond		0.875			02/14/17		251,229
200,000		Colombia Government International Bond		2.625			03/15/23		188,400
200,000		Colombia Government International Bond		4.000			02/26/24		206,200
200,000		Colombia Government International Bond		5.625			02/26/44		223,500
200,000	g	Costa Rica Government International Bond		7.158			03/12/45		206,000
200,000	g	Croatia Government International Bond		6.250			04/27/17		212,500
DOP 4,500,000	g	Dominican Republic International Bond		10.000			01/05/17		101,826
$ 200,000	g	Dominican Republic International Bond		5.500			01/27/25		206,500
200,000	g	El Salvador Government International Bond		6.375			01/18/27		200,000
100,000		European Investment Bank		4.875			02/15/36		134,580
200,000		Export-Import Bank of Korea		1.250			11/20/15		200,577
200,000		Export-Import Bank of Korea		1.750			02/27/18		199,793
200,000		Export-Import Bank of Korea		2.250			01/21/20		201,926
250,000		Federative Republic of Brazil		12.500			01/05/16		78,489
175,000		Federative Republic of Brazil		6.000			01/17/17		187,469
EUR 330,000	g	Hellenic Republic Government Bond		4.750			04/17/19		234,537
$ 100,000		Hungary Government International Bond		5.375			03/25/24		112,125
200,000	g	Indonesia Government International Bond		4.125			01/15/25		205,250
35,000		Italy Government International Bond		6.875			09/27/23		45,238
200,000	g	Kazakhstan Government International Bond		3.875			10/14/24		184,780
200,000	g	Kenya Government International Bond		5.875			06/24/19		205,850
200,000	g	Kenya Government International Bond		6.875			06/24/24		208,850
200,000	g,i	Kommunalbanken AS.		0.441			02/20/18		200,511
100,000		Korea Development Bank		2.500			03/11/20		101,760
250,000	g	Korea Housing Finance Corp		1.625			09/15/18		246,468
200,000		Mexico Government International Bond		4.600			01/23/46		205,000
200,000		Panama Government International Bond		4.000			09/22/24		209,500
200,000		Philippine Government International Bond		4.200			01/21/24		224,000
200,000		Philippine Government International Bond		3.950			01/20/40		212,250
175,000		Poland Government International Bond		4.000			01/22/24		192,150
200,000	g	Republic of Azerbaijan International Bond		4.750			03/18/24		199,150
ZAR 2,952,000		South Africa Government Bond		8.250			09/15/17		250,892
$ 200,000		South Africa Government International Bond		5.375			07/24/44		214,920
100,000		Turkey Government International Bond		5.625			03/30/21		109,375
200,000		Turkey Government International Bond		3.250			03/23/23		189,178
200,000		Turkey Government International Bond		5.750			03/22/24		222,420
100,000		United Mexican States		5.125			01/15/20		112,100
70,000		Uruguay Government International Bond		5.100			06/18/50		72,800
200,000	g	Vietnam Government International Bond		4.800			11/19/24		208,250
		TOTAL FOREIGN GOVERNMENT BONDS							7,648,254
MORTGAGE BACKED - 20.7%
396,399		Federal Home Loan Mortgage Corp (FHLMC)		4.000			10/15/23		429,433
79,301		Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000			02/01/19		84,034
7,020		FGLMC		4.500			01/01/20		7,373
33,379		FGLMC		4.500			07/01/20		35,745
7,836		FGLMC		5.000			04/01/23		8,526
26,427		FGLMC		4.000			07/01/24		28,117
9,371		FGLMC		4.500			09/01/24		10,103
1,674		FGLMC		6.000			03/01/33		1,902
108,259		FGLMC		5.000			11/01/33		121,410
153,052		FGLMC		6.000			11/01/33		176,101

97

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
$    24,834	FGLMC		5.000	%		05/01/34	$	27,652
18,534	FGLMC		6.000			09/01/34		21,323
15,043	FGLMC		6.000			04/01/35		17,101
6,848	FGLMC		5.000			02/01/36		7,607
1,289	FGLMC		6.500			05/01/36		1,477
56,844	FGLMC		6.000			08/01/37		64,729
17,305	FGLMC		6.500			09/01/37		21,176
11,590	FGLMC		6.500			11/01/37		13,281
40,699	FGLMC		5.000			04/01/38		45,527
9,062	FGLMC		6.500			05/01/38		10,384
547,884	FGLMC		5.000			09/01/38		606,794
9,414	FGLMC		5.500			01/01/39		10,558
32,330	FGLMC		5.000			07/01/39		35,828
506,711	FGLMC		4.500			12/01/39		561,046
62,990	FGLMC		5.000			01/01/40		69,901
917,255	FGLMC		3.500			09/01/42		963,568
4,836,175	FGLMC		3.500			04/01/44		5,114,800
1,160,372	FGLMC		3.500			05/01/44		1,226,072
286,658	FGLMC		4.000			08/01/44		311,482
15,049	Federal National Mortgage Association (FNMA)		5.500			04/01/18		15,814
13,279	FNMA		5.500			05/01/18		13,955
15,388	FNMA		4.500			03/01/19		16,154
6,495	FNMA		4.500			06/01/19		6,823
79,838	FNMA		5.500			07/01/20		86,717
3,527	FNMA		4.500			11/01/20		3,706
29,601	FNMA		4.500			12/01/20		31,481
7,884	FNMA		5.000			12/01/20		8,527
109,847	FNMA		6.000			08/01/21		119,435
91,016	FNMA		2.500			03/01/23		94,344
6,662	FNMA		4.500			03/01/23		7,141
27,289	FNMA		5.000			04/01/23		29,666
13,247	FNMA		4.500			06/01/23		14,203
6,274	FNMA		5.000			07/01/23		6,594
20,394	FNMA		5.000			07/01/23		22,164
20,062	FNMA		4.500			04/01/24		21,524
14,556	FNMA		4.000			05/01/24		15,405
2,814	FNMA		5.500			09/01/24		3,167
106,383	FNMA		4.000			02/01/25		112,608
211,112	FNMA		3.500			01/01/26		225,435
328,726	FNMA		2.500			01/01/27		338,386
170,132	FNMA		3.000			01/01/27		178,636
431,107	FNMA		3.000			01/01/27		452,598
992,674	FNMA		2.500			10/01/27		1,021,926
792,551	FNMA		3.000			03/01/28		836,171
401,372	FNMA		2.500			04/01/28		413,092
324,953	FNMA		3.500			12/01/28		344,920
491,267	FNMA		2.500			01/01/30		504,967
385,311	FNMA		3.500			06/01/32		411,394
17,208	FNMA		6.500			07/01/32		20,214
424,250	FNMA		5.500			03/01/34		480,622
985,684	FNMA		3.000			01/01/35		1,021,778
26,603	FNMA		6.500			02/01/35		30,545
11,659	FNMA		7.500			06/01/35		12,663
16,661	FNMA		7.500			07/01/35		17,477
6,577	FNMA		6.500			09/01/36		7,552
20,279	FNMA		7.000			02/01/37		23,700
31,174	FNMA		7.000			04/01/37		34,538
5,470	FNMA		6.500			08/01/37		6,281
7,402	FNMA		7.000			11/01/37		9,093
1,181	FNMA		6.500			02/01/38		1,356
3,584	FNMA		6.500			03/01/38		4,116
152,518	FNMA		6.500			07/01/39		175,120
308,213	FNMA		4.500			09/01/39		342,800
269,438	FNMA		4.500			10/01/39		299,675
129,029	FNMA		5.000			03/01/40		145,855

98

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
$    1,378,004	FNMA		5.500	%		07/01/40	$	1,554,917
677,934	FNMA		6.000			10/01/40		774,039
1,918,578	FNMA		4.500			11/01/40		2,101,296
1,053,836	FNMA		5.000			11/01/40		1,170,413
686,296	FNMA		4.000			12/01/40		742,443
225,565	FNMA		5.000			02/01/41		257,068
838,862	FNMA		4.000			05/01/42		915,289
393,615	FNMA		3.000			07/01/42		404,475
4,138,843	FNMA		3.000			02/01/43		4,241,814
1,565,649	FNMA		3.000			05/01/43		1,603,354
2,482,778	FNMA		4.000			11/01/43		2,685,349
1,395,621	FNMA		4.000			07/01/44		1,517,865
306,476	FNMA		4.500			08/01/44		343,240
341,136	FNMA		3.500			10/01/44		361,996
347,063	FNMA		3.500			10/01/44		368,324
893,556	FNMA		4.000			10/01/44		974,934
496,029	FNMA		4.500			10/01/44		555,565
994,254	FNMA		4.500			11/01/44		1,113,630
994,347	FNMA		4.000			12/01/44		1,084,936
996,006	FNMA		4.000			01/01/45		1,086,933
9,923	Government National Mortgage Association (GNMA)		5.500			07/15/33		11,200
83,492	GNMA		5.500			07/20/33		95,542
13,312	GNMA		5.000			03/15/34		14,846
103,608	GNMA		5.000			06/15/34		115,545
54,750	GNMA		5.500			02/15/37		62,060
28,948	GNMA		5.000			01/15/38		32,304
14,061	GNMA		5.000			04/15/38		15,681
36,832	GNMA		5.500			05/15/38		41,574
8,993	GNMA		6.000			08/15/38		10,254
7,895	GNMA		6.000			08/20/38		8,954
148,078	GNMA		5.500			07/15/39		167,199
20,625	GNMA		5.000			07/20/39		23,135
63,220	GNMA		4.500			04/15/40		69,858
142,485	GNMA		5.000			04/15/40		160,081
28,797	GNMA		5.000			04/15/40		32,114
210,946	GNMA		5.000			05/20/40		236,565
142,145	GNMA		5.000			06/15/40		158,521
667,591	GNMA		4.000			09/15/41		718,828
883,917	GNMA		3.000			09/15/42		916,457
1,674,570	GNMA		3.500			11/15/42		1,794,236
889,872	GNMA		3.000			02/20/43		923,259
395,789	GNMA		3.500			09/20/44		422,595
286,377	GNMA		4.000			10/20/44		307,051
517,396	GNMA		4.500			10/20/44		563,585
501,831	GNMA		3.500			02/15/45		534,786
	TOTAL MORTGAGE BACKED							49,317,498
MUNICIPAL BONDS - 0.7%
250,000	Florida Hurricane Catastrophe Fund Finance Corp		1.298			07/01/16		251,550
200,000	New York State Urban Development Corp		1.350			03/15/18		199,654
100,000	State of California		5.450			04/01/15		100,000
200,000	State of California		1.050			02/01/16		200,840
100,000	State of California		5.950			04/01/16		105,203
590,000	State of Illinois		3.860			04/01/21		606,868
200,000	University of Massachusetts Building Authority		0.770			11/01/16		198,994
	TOTAL MUNICIPAL BONDS							1,663,109
U.S. TREASURY SECURITIES - 8.2%
255,000	United States Treasury Bond		5.250			11/15/28		348,055
1,255,000	United States Treasury Bond		5.375			02/15/31		1,781,609
750,000	United States Treasury Bond		4.750			02/15/37		1,056,387
385,000	United States Treasury Bond		2.875			05/15/43		410,476
3,490,000	United States Treasury Bond		3.000			11/15/44		3,824,548

99

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$  2,500,000		United States Treasury Note		0.125	%		04/30/15	$	2,499,415
2,115,000		United States Treasury Note		0.250			05/31/15		2,115,000
430,000		United States Treasury Note		0.250			10/31/15		430,134
1,000,000		United States Treasury Note		0.375			03/31/16		1,000,859
186,000		United States Treasury Note		0.500			02/28/17		185,855
400,000		United States Treasury Note		1.000			03/15/18		401,407
750,000		United States Treasury Note		1.375			02/29/20		750,234
1,234,000		United States Treasury Note		2.750			02/15/24		1,322,405
3,448,400		United States Treasury Note		2.000			02/15/25		3,470,221
		TOTAL U.S. TREASURY SECURITIES							19,596,605
		TOTAL GOVERNMENT BONDS (Cost $77,344,527)							78,800,320
STRUCTURED ASSETS - 20.2%
ASSET BACKED - 8.2%
230,765	i	ACE Securities Corp Home Equity Loan Trust		0.664			08/25/35		227,339
		Series - 2005 HE5 (Class M2)
250,000	g	Ally Master Owner Trust		4.250			04/15/17		250,356
		Series - 2010 2 (Class A)
250,000	g	Ally Master Owner Trust		4.590			04/15/17		250,351
		Series - 2010 2 (Class B)
500,000		AmeriCredit Automobile Receivables Trust		2.420			05/08/18		505,689
		Series - 2012 3 (Class C)
1,500,000		AmeriCredit Automobile Receivables Trust		1.930			08/08/18		1,510,137
		Series - 2012 4 (Class C)
200,000		AmeriCredit Automobile Receivables Trust		1.790			03/08/19		199,991
		Series - 2013 2 (Class C)
300,000		AmeriCredit Automobile Receivables Trust		1.270			07/08/19		300,319
		Series - 2014 4 (Class A3)
162,554	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635			07/25/35		161,724
		Series - 2005 HE7 (Class M2)
83,333	g	Avis Budget Rental Car Funding AESOP LLC		4.640			05/20/16		83,620
		Series - 2010 3A (Class A)
83,333	g	Avis Budget Rental Car Funding AESOP LLC		2.054			08/20/16		83,568
		Series - 2012 1A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110			03/20/17		205,410
		Series - 2010 5A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740			11/20/17		208,169
		Series - 2011 3A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802			05/20/18		205,872
		Series - 2012 2A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040			03/20/19		199,280
		Series - 2012 3A (Class B)
23,639	i	Bear Stearns Asset Backed Securities Trust		0.914			11/25/39		23,423
		Series - 2005 SD3 (Class 2A1)
349,403		Capital Auto Receivables Asset Trust		1.040			11/21/16		349,762
		Series - 2013 3 (Class A2)
200,000		Capital Auto Receivables Asset Trust		0.790			06/20/17		200,079
		Series - 2013 1 (Class A3)
192,139	g	Capital Automotive REIT		4.700			07/15/42		198,512
		Series - 2012 1A (Class A)
1,000,000	g	Capital Automotive REIT		3.660			10/15/44		1,011,557
		Series - 2014 1A (Class A)
270,343	g,i	CBRE Realty Finance CDO		0.554			04/07/52		102,730
		Series - 2007 1A (Class A2)
203,787	i,m	CCR, Inc		0.620			07/10/17		198,816
		Series - 2010 CX (Class C)
86,066		Centex Home Equity		5.540			01/25/32		85,924
		Series - 2002 A (Class AF6)

100

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    500,000	g	DB Master Finance LLC		3.262	%		02/20/45	$	504,778
		Series - 2015 1A (Class A2I)
175,000	g,i	DB/UBS Mortgage Trust		5.558			11/10/46		198,583
		Series - 2011 LC1A (Class C)
1,642,625	g	Dominos Pizza Master Issuer LLC		5.216			01/25/42		1,707,791
		Series - 2012 1A (Class A2)
75,000		Ford Credit Auto Owner Trust		3.210			07/15/17		75,209
		Series - 2011 A (Class D)
200,000		Ford Credit Auto Owner Trust		2.930			10/15/18		204,848
		Series - 2012 B (Class D)
200,000		Ford Credit Auto Owner Trust		2.430			01/15/19		203,149
		Series - 2012 C (Class D)
260,000		Ford Credit Auto Owner Trust		1.860			08/15/19		262,324
		Series - 2013 A (Class D)
500,000		Ford Credit Auto Owner Trust		1.560			02/15/20		502,814
		Series - 2014 C (Class A4)
700,000		Ford Credit Floorplan Master Owner Trust		1.140			06/15/17		700,967
		Series - 2013 3 (Class B)
1,500,000		Ford Credit Floorplan Master Owner Trust		1.740			06/15/17		1,502,187
		Series - 2013 3 (Class D)
200,000	g	Hertz Vehicle Financing LLC		3.740			02/25/17		203,898
		Series - 2010 1A (Class A2)
158,505	i	Lehman XS Trust		6.500			06/25/46		123,869
		Series - 2006 13 (Class 2A1)
166,261	g	Orange Lake Timeshare Trust		3.030			07/09/29		166,815
		Series - 2014 AA (Class B)
6,326	i	Residential Asset Securities Corp		0.819			04/25/35		6,329
		Series - 2005 KS3 (Class M3)
100,000	i	Residential Funding Mortgage Securities II, Inc		6.060			02/25/36		103,870
		Series - 2006 HI1 (Class M2)
1,361,056		Santander Drive Auto Receivables Trust		0.540			08/15/17		1,360,275
		Series - 2014 3 (Class A2A)
625,000		Santander Drive Auto Receivables Trust		4.740			09/15/17		643,684
		Series - 2011 4 (Class D)
250,000		Santander Drive Auto Receivables Trust		3.870			02/15/18		256,679
		Series - 2012 2 (Class D)
625,000		Santander Drive Auto Receivables Trust		1.590			10/15/18		627,002
		Series - 2014 1 (Class B)
31,595	i	Securitized Asset Backed Receivables LLC		0.474			10/25/35		31,163
		Series - 2006 OP1 (Class A2C)
46,560	g	Sierra Receivables Funding Co LLC		3.350			04/20/26		47,459
		Series - 2011 1A (Class A)
54,063	g	Sierra Receivables Funding Co LLC		4.250			05/20/28		55,161
		Series - 2011 2A (Class B)
48,701	g	Sierra Receivables Funding Co LLC		3.420			03/20/29		49,448
		Series - 2012 2A (Class B)
80,095	g	Sierra Receivables Funding Co LLC		1.590			11/20/29		79,992
		Series - 2013 1A (Class A)
128,153	g	Sierra Receivables Funding Co LLC		2.390			11/20/29		128,456
		Series - 2013 1A (Class B)
415,000	g	SLM Student Loan Trust		4.370			04/17/28		443,717
		Series - 2011 A (Class A2)
105,000	g	SLM Student Loan Trust		3.740			02/15/29		110,631
		Series - 2011 B (Class A2)
400,000	g	SLM Student Loan Trust		3.830			01/17/45		422,807
		Series - 2012 A (Class A2)
195,497	g	SolarCity LMC		4.020			07/20/44		199,284
		Series - 2014 2 (Class A)
28,839	i	Soundview Home Equity Loan Trust		0.474			11/25/35		28,653
		Series - 2005 OPT3 (Class A4)
620,495	g	SpringCastle America Funding LLC		2.700			05/25/23		622,050
		Series - 2014 AA (Class A)
87,543	g,i	Structured Asset Securities Corp		0.394			10/25/36		86,678
		Series - 2006 GEL4 (Class A2)

101

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    200,000	g,i	Vitality Re IV Ltd		2.770	%		01/09/17	$	203,980
		Series - 2013 IV B (Class )
99,984	g	Volvo Financial Equipment LLC		0.740			03/15/17		99,985
		Series - 2013 1A (Class A3)
73,224	g,m	Wachovia Amortization Controlled Heloc NIM		5.683			08/12/47		74,506
		Series - 2006 N1 (Class N1)
6,984	i	Wells Fargo Home Equity Trust		0.314			07/25/36		6,956
		Series - 2006 2 (Class A3)
400,000		World Financial Network Credit Card Master Trust		3.960			04/15/19		402,744
		Series - 2010 A (Class A)
1,000,000		World Financial Network Credit Card Master Trust		2.150			04/17/23		1,005,473
		Series - 2012 D (Class A)
		TOTAL ASSET BACKED							20,016,842
OTHER MORTGAGE BACKED - 12.0%
2,000,000	i	Banc of America Commercial Mortgage Trust		5.954			05/10/45		2,084,926
		Series - 2006 2 (Class AJ)
200,000	g	Banc of America Commercial Mortgage Trust		5.416			01/15/49		209,884
		Series - 2007 1 (Class AM)
235,000	i	Banc of America Commercial Mortgage Trust		5.482			01/15/49		244,877
		Series - 2007 1 (Class AMFX)
500,000	g,i	Banc of America Commercial Mortgage Trust		5.821			02/10/51		455,559
		Series - 2007 4 (Class E)
1,175,000	i	Bear Stearns Commercial Mortgage Securities		5.954			09/11/42		1,269,536
		Series - 2007 T28 (Class AJ)
238,522	i	CHL Mortgage Pass-Through Trust		2.467			02/20/35		234,898
		Series - 2004 HYB9 (Class 1A1)
401,686	i	Citigroup Commercial Mortgage Trust		5.713			12/10/49		413,531
		Series - 2007 C6 (Class ASB)
1,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771			05/15/46		1,561,770
		Series - 2007 C3 (Class AJ)
1,235,000	i	COBALT CMBS Commercial Mortgage Trust		5.771			05/15/46		1,332,960
		Series - 2007 C3 (Class AM)
320,000	i	COBALT CMBS Commercial Mortgage Trust		5.526			04/15/47		342,236
		Series - 2007 C2 (Class AMFX)
400,000	i	Commercial Mortgage Trust		5.238			04/10/37		402,527
		Series - 2005 GG5 (Class AJ)
21,063		Countrywide Alternative Loan Trust		5.500			08/25/16		21,521
		Series - 2004 30CB (Class 1A15)
500,000	i	Credit Suisse Commercial Mortgage Trust		5.625			01/15/49		524,991
		Series - 2007 C2 (Class AJ)
250,000		Credit Suisse First Boston Mortgage Securities Corp		4.771			07/15/37		250,289
		Series - 2005 C3 (Class AJ)
60,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100			08/15/38		60,732
		Series - 2005 C5 (Class C)
200,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100			08/15/38		201,528
		Series - 2005 C5 (Class AM)
485,000		Credit Suisse Mortgage Capital Certificates		5.509			09/15/39		511,029
		Series - 2006 C4 (Class AM)
75,000	g	Credit Suisse Mortgage Capital Certificates		5.383			02/15/40		77,254
		Series - 2009 RR1 (Class A3C)
135,000	i	GE Commercial Mortgage Corp		5.606			12/10/49		141,875
		Series - 2007 C1 (Class AM)
52,554	i	Harborview Mortgage Loan Trust		0.398			07/19/47		43,826
		Series - 2007 4 (Class 2A1)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.277			07/15/46		111,643
		Series - 2011 C4 (Class C)
370,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911			07/15/42		371,444
		Series - 2005 LDP2 (Class C)
364,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.568			02/15/46		405,493
		Series - 2011 C3 (Class D)
200,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.568			02/15/46		218,477
		Series - 2011 C3 (Class E)

102

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$    330,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192	%		02/15/51	$	358,573
		Series - 2007 LD12 (Class AM)
200,000	i	LB-UBS Commercial Mortgage Trust		6.049			06/15/38		207,601
		Series - 2006 C4 (Class B)
400,000	i	LB-UBS Commercial Mortgage Trust		5.533			02/15/40		404,492
		Series - 2007 C1 (Class C)
250,000	i	LB-UBS Commercial Mortgage Trust		5.563			02/15/40		245,636
		Series - 2007 C1 (Class D)
1,000,000	i	LB-UBS Commercial Mortgage Trust		6.114			07/15/40		1,082,370
		Series - 2007 C6 (Class AM)
275,000	i	LB-UBS Commercial Mortgage Trust		5.057			09/15/40		278,091
		Series - 2005 C5 (Class AJ)
170,000	i	Merrill Lynch Mortgage Trust		6.267			02/12/51		186,687
		Series - 0 C1 (Class AJA)
300,000	i	ML-CFC Commercial Mortgage Trust		5.526			03/12/51		311,420
		Series - 2007 6 (Class AM)
90,000	g,i	Morgan Stanley Capital I Trust		5.877			08/12/41		93,598
		Series - 2006 T23 (Class B)
1,200,000	i	Morgan Stanley Capital I Trust		5.389			11/12/41		1,238,170
		Series - 2006 HQ10 (Class AJ)
560,000	i	Morgan Stanley Capital I Trust		5.378			01/14/42		559,830
		Series - 2005 HQ5 (Class E)
55,000	i	Morgan Stanley Capital I Trust		5.832			07/12/44		56,926
		Series - 2006 HQ9 (Class B)
100,000	i	Morgan Stanley Capital I Trust		5.842			07/12/44		103,104
		Series - 2006 HQ9 (Class C)
22,000	g,i	Morgan Stanley Capital I Trust		5.252			09/15/47		24,180
		Series - 2011 C1 (Class D)
400,000	i	Morgan Stanley Capital I Trust		5.907			06/11/49		396,464
		Series - 2007 IQ15 (Class AJ)
22,247		Residential Accredit Loans, Inc		4.350			03/25/34		22,510
		Series - 2004 QS4 (Class A1)
29,716	g,i	Springleaf Mortgage Loan Trust		2.667			09/25/57		30,099
		Series - 2012 1A (Class A)
40,627	g,i	Springleaf Mortgage Loan Trust		2.220			10/25/57		40,753
		Series - 0 2A (Class A)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.374			09/25/24		248,728
		Series - 2014 HQ2 (Class M2)
246,948	i	Structured Agency Credit Risk Debt Note (STACR)		1.424			01/25/25		247,452
		Series - 2015 DN1 (Class M1)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.574			01/25/25		253,566
		Series - 2015 DN1 (Class M2)
1,000,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.373			03/25/25		1,001,250
		Series - 2015 HQ1 (Class M2)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		3.973			03/25/25		249,063
		Series - 2015 HQ1 (Class M3)
200,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.377			12/15/43		192,730
		Series - 2007 C30 (Class AMFL)
1,250,000		Wachovia Bank Commercial Mortgage Trust		5.383			12/15/43		1,325,572
		Series - 2007 C30 (Class AM)
980,000	i	Wachovia Bank Commercial Mortgage Trust		5.818			05/15/46		1,061,903
		Series - 2007 C34 (Class AM)
1,200,000	i	Wachovia Bank Commercial Mortgage Trust		5.947			05/15/46		1,264,868
		Series - 2007 C34 (Class AJ)
2,150,000	i	Wachovia Bank Commercial Mortgage Trust		5.591			04/15/47		2,295,301
		Series - 2007 C31 (Class AM)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.668			04/15/47		197,006
		Series - 2007 C31 (Class C)
1,500,000	g	Wachovia Bank Commercial Mortgage Trust		5.703			06/15/49		1,612,630
		Series - 2007 C32 (Class AMFX)
1,260,000	i	Wachovia Bank Commercial Mortgage Trust		5.750			06/15/49		1,285,509
		Series - 2007 C32 (Class AJ)
70,000	i	Wachovia Bank Commercial Mortgage Trust		5.953			02/15/51		75,841
		Series - 2007 C33 (Class AM)
92,613	i	WaMu Mortgage Pass-Through Certificates		0.524			12/25/45		84,977
		Series - 2005 AR19 (Class A1B3)

103

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$      50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276	%		11/15/43	$	56,336
		Series - 2010 C1 (Class B)
168,645		WF-RBS Commercial Mortgage Trust		0.735			03/15/48		168,173
		Series - 2013 C12 (Class A1)
		TOTAL OTHER MORTGAGE BACKED							28,754,215
		TOTAL STRUCTURED ASSETS (Cost $48,494,594)							48,771,057
		TOTAL BONDS (Cost $222,092,596)							226,820,148
SHARES		COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
5,517	*	Federal Home Loan Mortgage Corp		8.375			12/30/49		22,951
17,265	*	Federal National Mortgage Association		8.250			12/30/49		71,822
		TOTAL BANKS							94,773
		TOTAL PREFERRED STOCKS (Cost $569,550)							94,773
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 2.5%
TREASURY DEBT - 2.5%
4,000,000	j	United States Treasury Bill		0.000			04/23/15		3,999,956
1,900,000		United States Treasury Bill		0.065			08/27/15		1,899,394
		TOTAL TREASURY DEBT							5,899,350
		TOTAL SHORT-TERM INVESTMENTS (Cost $5,899,370)							5,899,350
		TOTAL INVESTMENTS - 98.9% (Cost $231,956,944)							236,214,181
		OTHER ASSETS & LIABILITIES, NET - 1.1%							2,624,095
		NET ASSETS - 100.0%						$	238,838,276

Abbreviation(s):

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 March 31, 2015, the total value of these securities amounted to $35,940,420 or 15.0% 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.

104

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 99.0%
CERTIFICATE OF DEPOSIT - 1.6%
$500,000		Banco Del Estado De Chile		0.200	%		04/08/15	$	500,000
500,000		Banco Del Estado De Chile		0.210			04/20/15		500,000
		TOTAL CERTIFICATE OF DEPOSIT							1,000,000
COMMERCIAL PAPER - 46.2%
500,000	y	Apple, Inc		0.095			04/07/15		499,992
300,000	y	Apple, Inc		0.095			05/11/15		299,968
500,000	y	Australia & New Zealand Banking Group Ltd		0.145			04/13/15		499,976
500,000	y	Australia & New Zealand Banking Group Ltd		0.160			04/16/15		499,967
300,000	y	Australia & New Zealand Banking Group Ltd		0.200			05/20/15		299,918
250,000	y	Bank of Nova Scotia		0.180			06/19/15		249,901
400,000	y	Bedford Row Funding Corp		0.245			06/15/15		399,796
250,000	y	Bedford Row Funding Corp		0.260			08/03/15		249,776
335,000	y	Ciesco LLC		0.200			06/04/15		334,881
331,000	y	Coca-Cola Co		0.130			04/02/15		330,999
415,000	y	Coca-Cola Co		0.110			04/28/15		414,965
275,000	y	Coca-Cola Co		0.110			05/20/15		274,959
250,000	y	Commonwealth Bank of Australia		0.195			04/08/15		249,991
530,000	y	DBS Bank Ltd		0.170			04/06/15		529,987
500,000	y	DBS Bank Ltd		0.165			04/14/15		499,970
400,000	y	DBS Bank Ltd		0.185			05/01/15		399,938
250,000	y	DBS Bank Ltd		0.230			06/09/15		249,890
1,500,000	y	Emerson Electric Co		0.110			04/09/15		1,499,963
1,000,000		Exxon Mobil Corp		0.090			05/11/15		999,900
500,000		General Electric Capital Corp		0.120			05/14/15		499,928
670,000		General Electric Capital Corp		0.240			08/04/15		669,442
338,000		JPMorgan Chase Bank NA		0.190			04/07/15		337,989
152,000		JPMorgan Chase Bank NA		0.190			04/20/15		151,985
105,000		JPMorgan Chase Bank NA		0.200			06/22/15		104,952
132,000		JPMorgan Chase Bank NA		0.300			07/29/15		131,869
275,000		Korea Development Bank		0.210			05/05/15		274,945
700,000		Korea Development Bank		0.205			06/17/15		699,693
500,000	y	Liberty Street Funding LLC		0.190			04/20/15		499,950
500,000	y	Microsoft Corp		0.095			04/15/15		499,982
1,000,000	y	Nestle Capital Corp		0.140			07/08/15		999,619
500,000	y	Novartis Finance Corp		0.110			04/08/15		499,989
500,000	y	Old Line Funding LLC		0.200			07/15/15		499,708
500,000		PACCAR Financial Corp		0.125			06/18/15		499,865
1,000,000	y	Pfizer, Inc		0.115 - 0.130			04/09/15		999,973
625,000	y	Procter & Gamble Co		0.100			05/14/15		624,925
1,000,000	y	Procter & Gamble Co		0.100			06/02/15		999,828
1,300,000		Province of British Columbia		0.110 - 0.125			04/16/15		1,299,938
300,000		Province of Ontario Canada		0.090			04/27/15		299,980
450,000		Province of Ontario Canada		0.120			04/28/15		449,960
760,000		Province of Ontario Canada		0.100 - 0.110			04/30/15		759,937
200,000		Province of Ontario Canada		0.120			05/07/15		199,976
1,000,000	y	Province of Quebec Canada		0.130			05/28/15		999,794
500,000	y	Province of Quebec Canada		0.100			06/08/15		499,906
250,000	y	PSP Capital, Inc		0.170			04/06/15		249,994
905,000	y	PSP Capital, Inc		0.165 - 0.170			04/10/15		904,962
480,000	y	PSP Capital, Inc		0.160			07/06/15		479,795
800,000	y	Toronto-Dominion Holdings USA, Inc		0.170			06/01/15		799,770
500,000	y	Toronto-Dominion Holdings USA, Inc		0.175			07/02/15		499,776
310,000	y	Toronto-Dominion Holdings USA, Inc		0.200			07/13/15		309,823
500,000		Toyota Motor Credit Corp		0.150			04/21/15		499,958
300,000		Toyota Motor Credit Corp		0.150			05/21/15		299,938

105

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$       500,000		Toyota Motor Credit Corp		0.150	%		05/26/15	$	499,885
300,000	y	Unilever Capital Corp		0.095			05/04/15		299,974
1,000,000	y	Unilever Capital Corp		0.100			05/26/15		999,847
470,000	y	United Overseas Bank Ltd		0.200			04/13/15		469,969
410,000	y	Wal-Mart Stores, Inc		0.100			04/13/15		409,987
270,000	y	Wal-Mart Stores, Inc		0.060			04/27/15		269,988
500,000	y	Westpac Banking Corp		0.180			05/01/15		499,925
		TOTAL COMMERCIAL PAPER							29,782,461
GOVERNMENT AGENCY DEBT - 25.8%
295,000		Federal Home Loan Bank (FHLB)		0.066			04/10/15		294,995
500,000		FHLB		0.070			04/15/15		499,986
910,000		FHLB		0.060 - 0.105			04/17/15		909,966
500,000		FHLB		0.060 - 0.120			04/20/15		499,981
1,000,000		FHLB		0.095			04/24/15		999,939
100,000		FHLB		0.075			04/27/15		99,995
500,000		FHLB		0.062			04/28/15		499,977
706,000		FHLB		0.057 - 0.100			04/29/15		705,958
400,000		FHLB		0.062			05/01/15		399,979
700,000		FHLB		0.060			05/04/15		699,962
200,000		FHLB		0.110			05/05/15		199,979
200,000		FHLB		0.060			05/06/15		199,988
1,000,000		FHLB		0.058 - 0.065			05/08/15		999,937
500,000		FHLB		0.075			05/12/15		499,957
1,000,000		FHLB		0.064 - 0.073			05/13/15		999,920
530,000		FHLB		0.080			05/15/15		529,948
1,030,000		FHLB		0.070 - 0.140			05/18/15		1,029,885
1,150,000		FHLB		0.065 - 0.097			05/20/15		1,149,874
800,000		FHLB		0.100 - 0.105			05/27/15		799,874
300,000		FHLB		0.065			05/29/15		299,969
490,000		FHLB		0.085			06/01/15		489,930
500,000		FHLB		0.067			06/03/15		499,941
500,000		FHLB		0.080			06/05/15		499,928
275,000		FHLB		0.110			06/10/15		274,941
113,000		Federal Home Loan Mortgage Corp (FHLMC)		0.075			04/23/15		112,995
460,000		FHLMC		0.080			05/04/15		459,967
780,000		FHLMC		0.080			06/09/15		779,881
300,000		FHLMC		0.100			07/07/15		299,919
125,000		FHLMC		0.155			07/21/15		124,940
200,000		Federal National Mortgage Association (FNMA)		0.175			04/22/15		199,979
500,000		FNMA		0.060			06/16/15		499,937
		TOTAL GOVERNMENT AGENCY DEBT							16,562,427
TREASURY DEBT - 18.4%
300,000		United States Treasury Bill		0.036			04/09/15		299,998
650,000		United States Treasury Bill		0.041 - 0.050			04/16/15		649,987
688,000		United States Treasury Bill		0.050 - 0.052			04/23/15		687,979
198,000		United States Treasury Bill		0.060 - 0.062			05/07/15		197,988
150,000		United States Treasury Bill		0.061			05/14/15		149,989
500,000		United States Treasury Bill		0.036			06/04/15		499,968
500,000		United States Treasury Bill		0.069			06/18/15		499,925
185,000		United States Treasury Bill		0.061 - 0.081			06/25/15		184,972
165,000		United States Treasury Bill		0.061			07/23/15		164,968
423,000		United States Treasury Bill		0.056 - 0.081			08/06/15		422,903
110,000		United States Treasury Bill		0.081			08/13/15		109,967
664,000		United States Treasury Bill		0.060 - 0.101			08/20/15		663,777
500,000		United States Treasury Bill		0.071			08/27/15		499,854
200,000		United States Treasury Bill		0.113			09/24/15		199,890
64,000		United States Treasury Bill		0.160			11/12/15		63,936
67,000		United States Treasury Bill		0.135			12/10/15		66,937
173,000		United States Treasury Bill		0.196 - 0.198			02/04/16		172,707
565,000		United States Treasury Note		0.375			04/15/15		565,070
450,000		United States Treasury Note		0.125			04/30/15		450,022
220,000		United States Treasury Note		0.250			05/15/15		220,050

106

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$       750,000		United States Treasury Note		0.375	%		06/15/15	$	750,385
420,000		United States Treasury Note		0.375			06/30/15		420,294
1,050,000		United States Treasury Note		0.250			07/15/15		1,050,340
400,000		United States Treasury Note		0.250			07/31/15		400,240
790,000		United States Treasury Note		0.375			08/31/15		790,769
525,000		United States Treasury Note		0.250			09/15/15		525,295
200,000		United States Treasury Note		0.250			09/30/15		200,113
665,000		United States Treasury Note		0.250			10/15/15		665,210
140,000		United States Treasury Note		0.250			11/30/15		140,070
100,000		United States Treasury Note		0.250			12/31/15		100,023
		TOTAL TREASURY DEBT							11,813,626
VARIABLE RATE SECURITIES - 7.0%
500,000	i	Federal Farm Credit Bank (FFCB)		0.160			04/01/15		500,000
500,000	i	FFCB		0.180			05/27/15		499,992
500,000	i	FFCB		0.200			08/10/15		500,045
500,000	i	FFCB		0.140			03/29/16		499,798
500,000	i	FFCB		0.172			03/02/17		500,003
500,000	i	Federal Home Loan Bank (FHLB)		0.220			08/14/15		500,065
500,000	i	FHLB		0.200			08/19/15		500,000
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.181			01/13/17		499,910
500,000	i	Wells Fargo Bank NA		0.310			03/10/16		500,000
		TOTAL VARIABLE RATE SECURITIES							4,499,813
		TOTAL SHORT-TERM INVESTMENTS (Cost $63,658,327)							63,658,327
		TOTAL PORTFOLIO - 99.0% (Cost $63,658,327)							63,658,327
		OTHER ASSETS & LIABILITIES, NET - 1.0%							641,176
		NET ASSETS - 100.0%						$	64,299,503

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

y Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 03/31/2015, the aggregate value of these securities was $21,102,321 or 32.8% of net assets.

107

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2015

SHARES	SECURITY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 50.2%
859,701	TIAA-CREF Life Bond Fund	$	22,369,421
	TOTAL FIXED INCOME		22,369,421
INTERNATIONAL EQUITY - 10.0%
226,454	TIAA-CREF Life International Equity Fund		4,452,086
	TOTAL INTERNATIONAL EQUITY		4,452,086
U.S. EQUITY - 39.7%
145,535	TIAA-CREF Life Growth Equity Fund		4,109,897
114,571	TIAA-CREF Life Growth & Income Fund		4,425,863
102,748	TIAA-CREF Life Large-Cap Value Fund		3,830,459
23,028	TIAA-CREF Life Real Estate Securities Fund		886,561
25,225	TIAA-CREF Life Small-Cap Equity Fund		890,694
76,482	TIAA-CREF Life Stock Index Fund		3,536,519
	TOTAL U.S. EQUITY		17,679,993
	TOTAL TIAA-CREF FUNDS (Cost $43,486,523)		44,501,500
	TOTAL INVESTMENTS - 99.9% (Cost $43,486,523)		44,501,500
	OTHER ASSETS & LIABILITIES, NET - 0.1%		30,233
	NET ASSETS - 100.0%	$	44,531,733

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

108

TIAA-CREF LIFE FUNDS - Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund and Balanced Fund (collectively the “Funds” or individually, the “Fund”). The Funds are currently available only through the purchase of variable annuity contracts or variable life insurance policies issued by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).

The accompanying 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 Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

Investment transactions: Security 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.

New accounting pronouncement: In June 2014, the FASB issued Accounting Standards Update No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures (the “Update”). The Update will require, amongst other items, additional disclosures for transactions that are accounted for as secured borrowings, such as loaned securities. The Update is effective for annual reporting periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Accounts expect to adopt the Update for the June 30, 2015 semiannual report.

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

Note 2—valuation of investments

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

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

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

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

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

109

TIAA-CREF LIFE FUNDS - Notes to Schedules of Investments (unaudited)

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. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities, including equity-linked notes, 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, including 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.

The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized in Level 2 of the fair value hierarchy.

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

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

Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

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 March 31, 2015, there were no material transfers between levels by the Funds.

As of March 31, 2015, 100% of the value of investments in the Small-Cap Equity Fund, Social Choice Equity Fund and Balanced Fund were valued based on Level 1 inputs. The Real Estate Securities Fund held a Level 3 security valued at zero. All other investments were valued based on Level 1 inputs.

As of March 31, 2015, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs.

110

TIAA-CREF LIFE FUNDS - Notes to Schedules of Investments (unaudited)

The following table summarizes the market value of the Funds’ investments as of March 31, 2015, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth Equity
Equity investments:
Information Technology	$	27,862,097		$	309,535	$	—	$	28,171,632
All other equity investments*		48,714,493			—		—		48,714,493
Short-term investments		1,285,026			—		—		1,285,026
Total	$	77,861,616		$	309,535	$	—	$	78,171,151
Growth & Income
Equity investments:
Consumer discretionary	$	26,721,530		$	182	$	—	$	26,721,712
Consumer staples		13,972,683			1,565,605		—		15,538,288
Financials		18,115,949			591,881		—		18,707,830
Health care		22,202,882			1,624,280		—		23,827,162
Information Technology		33,833,211			646,224		—		34,479,435
Materials		3,780,014			674,892		—		4,454,906
All other equity investments*		28,678,021			—		—		28,678,021
Short-term investments		939,881			—		—		939,881
Purchased options**		693			—		—		693
Written options**		(5,585	)		—		—		(5,585	)
Total	$	148,239,279		$	5,103,064	$	—	$	153,342,343
Large-Cap Value
Equity investments:
Consumer discretionary	$	11,137,208		$	490,194	$	—	$	11,627,402
Consumer staples		6,350,627			675,358		—		7,025,985
Health care		15,538,354			637,854		—		16,176,208
Industrials		10,193,223			351,965		160		10,545,348
Materials		3,697,434			728,397		—		4,425,831
All other equity investments*		61,081,222			—		—		61,081,222
Short-term investments		1,498,802			—		—		1,498,802
Total	$	109,496,870		$	2,883,768	$	160	$	112,380,798
Stock Index
Equity investments:
Health care	$	48,683,144		$	—	$	1,193	$	48,684,337
Telecommunication services		6,692,390			—		1,789		6,694,179
All other equity investments*		277,935,042			—		—		277,935,042
Short-term investments		8,726,484			—		—		8,726,484
Futures**		(600	)		—		—		(600	)
Total	$	342,036,460		$	—	$	2,982	$	342,039,442
International Equity
Equity investments:
Asia	$	—		$	26,435,813	$	—	$	26,435,813
Australasia		—			559,600		—		559,600
Europe		—			69,236,251		—		69,236,251
All other equity investments*		—			1,639,428		—		1,639,428
Short-term investments		7,143,197			—		—		7,143,197
Total	$	7,143,197		$	97,871,092	$	—	$	105,014,289
Bond
Bank loan obligations	$	—		$	3,399,910	$	—	$	3,399,910
Corporate bonds		—			99,248,771		—		99,248,771
Government bonds		—			78,800,320		—		78,800,320
Structured assets		—			48,771,057		—		48,771,057
Preferred stocks		94,773			—		—		94,773
Short-term investments		—			5,899,350		—		5,899,350
Total	$	94,773		$	236,119,408	$	—	$	236,214,181

* For detailed categories, see the accompanying Schedule of investments.

** Derivative instruments, excluding purchased options, are not reflected in the Schedule of investments.

111

TIAA-CREF LIFE FUNDS - Notes to Schedules of Investments (unaudited)

Note 3—derivative instruments

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

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default.

At March 31, 2015, the Funds held the following open futures contracts:

Fund	Futures	Number of contracts		Settlement value		Expiration date	Unrealized gain (loss)
Small-Cap Equity	Russell 2000 Mini Index		4	$	499,560	June 2015	$	(1,491	)
Stock Index	S&P 500 E Mini Index		2		206,080	June 2015		(600	)

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets and price movements in underlying security values.

Purchased options outstanding as of March 31, 2015 were as follows:

	Number of contracts		Value
Growth & Income Fund
Micron Technology Inc., Put, 4/2/15 at $25.5		21	$	693

Written options outstanding as of March 31, 2015 were as follows:

	Number of contracts		Value
Growth & Income Fund
Acuity Brands, Inc., Call, 4/17/15 at $185		3	$	(420	)
Acuity Brands, Inc., Put, 4/17/15 at $155		3		(675	)
Cavium, Inc., Put, 4/17/15 at $65		6		(330	)
Google, Inc., Put, 4/2/15 at $535		2		(68	)
Harman International Industries, Call, 4/17/15 at $145		3		(128	)
HollyFrontier Corp., Call, 4/2/15 at $40.5		18		(900	)
Intel Corp., Put, 4/10/15 at $29		31		(248	)
Micron Technology, Inc., Call, 4/2/15 at $30		21		(189	)
Micron Technology, Inc., Put, 4/2/15 at $24		21		(231	)
Mylan NV, Put, 4/17/15 at $57.5		9		(1,080	)
Netflix, Inc., Call, 4/2/15 at $425		1		(80	)
NXP Semiconductors NV, Call, 4/17/15 at $110		9		(576	)
Restoration Hardware Holdings, Call, 4/17/15 at $105		6		(372	)
Sonic Corp, Put, 4/17/15 at $30		9		(288	)
Total		142	$	(5,585	)

112

TIAA-CREF LIFE FUNDS - Notes to Schedules of Investments (unaudited)

Note 4—affiliates

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

Issue	Value at December 31, 2014	Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at March 31, 2015
TIAA-CREF Life Balanced Fund
TIAA-CREF Life Growth Equity	$3,379,374	$	696,180	$	136,014	$	(3,848	)	$	—	$	4,109,897
TIAA-CREF Life Growth & Income	3,705,141		674,485		72,572		(4,933	)		—		4,425,863
TIAA-CREF Life Large-Cap Value	3,290,586		607,737		120,460		(7,183	)		—		3,830,459
TIAA-CREF Life Real Estate Securities	738,902		158,603		49,141		389			—		886,561
TIAA-CREF Life Small Cap Equity	742,402		138,578		33,915		(3,140	)		—		890,694
TIAA-CREF Life Stock Index	2,962,068		590,316		74,793		(379	)		—		3,536,519
TIAA-CREF Life International Equity	3,597,330		676,697		115,895		(5,194	)		—		4,452,086
TIAA-CREF Life Bond	18,481,266		4,033,644		518,200		(5,613	)		4		22,369,421
	$36,897,069	$	7,576,240	$	1,120,990	$	(29,901	)	$	4	$	44,501,500

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

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

Net unrealized appreciation (depreciation): At March 31, 2015, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Growth Equity	$	60,352,844	$	18,198,260	$	(379,953	)	$	17,818,307
Growth & Income		120,136,580		34,154,722		(943,374	)		33,211,348
Large-Cap Value		93,955,073		20,381,509		(1,955,784	)		18,425,725
Real Estate Securities		103,267,918		33,107,505		(738,183	)		32,369,322
Small-Cap Equity		46,689,376		9,975,360		(1,304,588	)		8,670,772
Social Choice Equity		47,485,138		25,151,064		(1,622,407	)		23,528,657
Stock Index		205,557,781		146,611,506		(10,129,245	)		136,482,261
International Equity		95,971,870		12,295,043		(3,252,624	)		9,042,419
Bond		231,956,944		5,574,697		(1,317,460	)		4,257,237
Balanced		43,486,523		1,017,555		(2,578	)		1,014,977

113

Item 2. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this 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: May 19, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer

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

Date: May 19, 2015	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Date: May 19, 2015	By:	/s/ Philip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial 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